Skip to main content

Full text of "Financial Times , 1978, UK, English"

See other formats





Top (quality 
ventilation m 

Vent-Jbaa 

the fug fighter 



riNANCIALTIMHS 


No. 27,621 


Thursday July 27 1978 


lop 


& 


NINE 

connosseurs’ 
cognac 


CONTI MENTAL SELLING PRICES; AUSTRIA Sch 15; BEUSCUM Fr 25; DENMARK Kr 3.5; FRANCE Fr 3.0; GERMANY DM 2.0; ITALY L 50fl; NETHERLANDS FI 2.B: NORWAY Kr 3.5; PORTUGAL E*r 20; SPAIN Pta 40; SWEDEN Kr 3.25; SWITZEHLANP Fr 2.0; EIRE ISp 



ii‘ all-out 

strike 
threat 


i\' 


i t 


ix. * 


sr-Vv. 





The Polaris dispute may worsen 
today when shop stewards from 
the Faslane dockyard on Clyde- 
side call for a national strike by 
industrial civil servants in all 
UK defence establishments: 

. .Yesterday the Royal Navy 
moved into Faslane to load sup- 
plies aboard the Polaris sub- 
marine HMS Revenge so that it 
can relieve HMS Resolution at 
sea. The Revenge had been 
blacked in pusuit of a pay claim. 

The call Tor a national stop- 
page will be put *.n a national 
representative meeting m York. 
Workers at other yards have 
already said they win black 
material bound for Faslane. 

Back Page 

Britain expels 
Iraq envoys 

Britain has ordered 11 Iraqis 
directly or indirectly connected 
with Iraq's London embassy to 
leave the country or riot return 
to it if they arc already abroad. 

The Iraqis include five senior 
diplomats. The Foreign Office 
said the move followed “ increas- 
ing concern at the threat posed 
by terrorist activities in 
London." 

Light sentence 

Mrs. Maria Slepak. wife of the 
exiled Jewish dissident Vladimir 
Slcpuk. was Eiven a suspended 
three-year sentence in Moscow 
for “ malicious hooliganism." It 
is the first sign of leniency in 
the recent run nf dissident trials. 
Page 3 

Israeli claim 

Mr. Menahem Begin. Israel’s 
Prime Minister, sard an Israeli 
military delegation hart been 
ordered out of Egypt after «ix 
month* in the country. Mr. 
Begin gave no explanation for 
the move, which he said ‘was 
iinmmmicatoil by Egypt's War 
Minister. Page 4 

Armed crime up 

The number nf crimes in 
England and Wales in which 
firearms were used rose by 14 
per cenl. in 1977— to 5.300. There 
were fewer homicides (432) 
than for four years but other 
serious crimes rose by 15 per 
cent. 

Baby film row 

A row began over a film of the 
world's first test lube baby, born 
to Mrs. Lesley Brown in Oldham. 
Associated "Newspapers have 
world rights on the birth and a 
solicitor for (Ik* com pi* says the 
Central Ollier of Information, 
.which marie the film, must not 
release it for 2$ days. 

MP’s damages 

Mr. Andrew Kaulds. Labour IIP 
for Warley East, has accepted 
“ substantial damages" for libel 
from the publishers and editor 
nf the Crossruan Diaries, which 
had suggested Mr. Paulas was 
frequently drunk in the House 
of Commons. 

Bomb defused 

A parcel bomb delivered to Con- 
servative Central Office in Smith 
Square, Westminster, was de- 
fused by the bomb squad. About 
100 people were evacuated from 
the building. 

Killer jailed 

A boy died or internal injuries 
aTtcr being kicked and punched 
bv his mother's lover because he 
ran in front of a television set 
oq which the mun was watching 
' n darts match. RU-hard Wood- 
ward. 32. was jailed for three 
years for manslaughter at St 
Albans. Herts. 

Briefly. - . 

1 Yves St. Laurent's latest creation 
! for brides is a Spanish bult- 
7 fighter’s outfit with black velvet 
pants and a bolero. 

Nigeria will boyrotl nest month's 
CmnmnnweaUh Games in Edmon- 
ton as a protest against apart- 
heid. 

Two Britons loft Newfoundland 
in an attempt to make the first 
balloon crossing of the Atlantia 
Harcli the -elephant was back in 
Windsor Safari Park lfi hours 
after escaping into the nearby 
forest 


Pound 

falls; 

equities 

drift 


• STERLING fell sharply fol- 
lowing the TUCs rejection of 
tiic Government’s pay guide- 
lines, and closed 1.45 cents 
down at $1.9120 after a low of 
SI. 9085. Its trade- weigh ted 


63r 


62 


61 H 


71 1 tOO tan'Wl 

IbtfaaT 

1 1 

- STERLD 

■ ■ 

Trade -wagfated inder 
L_ Smithsonian central 
t agamst 20 other corr 

l 1 J: 

!G- 

from 

utes 

wens 


60 


1978 | 

MAR APR MAY JUNJUL 


index closed 0.5 down at 62.5. 
The dollar improved against 
most currencies except the yen, 
but its depreciation widened to 
S.7 per cent (8J5). 

9 EQUITIES drifted as the 
market awaited the Commons 
vote on dividend control and 
the FT ordinary index Sell 3.4 
to 482.0. 

O GILTS were easier as profit- 
taking and other selling brought 
quotations down between } and 
l. The Government Securities 
index fell 0.19 to 70.88. 

© GOLD remained at 8194) in 
London and in New York the 
Com ex July settlement price 
fell 0.40 to S194JJQ. 

• WALL STREET closed 7.62 

-up at 847X ' 

® U.S. TRADE deficit fell 
sharply in June to $1.8bn from 
Sc’.lSbn in May, bringing the first 
half deficit to $16J>bn. Back 
Page 

• FORD MOTOR earnings in- 
creased in the second quarter of 
1978 by only IB per cent to 
$539.Sin ($530_4-m). 

Renault has reached a tentative 
agreement with Mack Trucks For 
the ' marketing of Renault 
medium-duty diesel trucks in the 
U.S. Page 26 

• S15M SUIT for breach of 
warranty has been filed in a 
Federal court in Maryland 
against BL. formerly British Ley- 
land. the Centre for Auto 
SaFery. a Washington-based con- 
sumer group said. 

O ENERGY Minister wants 
in boost the coal industry, in- 
cluding a subsidy on the price of 
coal to power stations and 
greater Government control of 
the CEGB’s choice of fuel for 
electricity generation. 

0 Ml CRO-ELECTKONlCS in- 
dustry is to receive £70xn Govern- 
ment investment over the next 
five years. Back Page 

• OIL PRODUCTION from the 
UK sector of the North Sea 
reached a new record of l.llbn 
barrels a day in June. 

9 IRAN has raised its stake in 
the German engineering, steel 
and shipbuilding group Fried, 
Krupp to 25.01 per cent bringing 
its total investment to DM SiOm. 
Page 27 

• A CHANGEOVER showing UK 
companies’ net dividends 
adjusted for the recent reduction 
in tax to 33 per cent was not 
made in yesterday’s Financial 
Times, for technical reasons. The 
amended figures appear m 
today’s issue. 

LABOUR 

O L INWOOD dispute talks 
herween Chrysler management. 
Ministers and national union 
officials broke down last nignr. 
Further talks will be held to- 
morrow. Page 9 

0 NEWSPAPER PUBLISHERS 

Association chairman 

Richard Marsh, has ®55«ni«Ate 
ploymeut Secretary to discuss the 

journalists’ dispute vihith i has 
prevented publication of The Sun 
newspaper this week, rage 


TUC line on wages 



upsets poll accord 


BY PHILIP RAWSTORNE AND CHRISTIAN TYLER 


A PRE-ELECTrON show of 
solidarity by the TUC and 
Labour Government was clouded 
yesterday by an unexpectedly 
aggresive rebuttal of the Govern- 
ment’s pay restraint plans by 
union leaders. 

Mr. .Tames Callaghan. Tresb 
from his victory over Mrs. 
Margaret Thatcher in the Com- 
mons on Tuesday night, looked 
embarrassed and angry when 
asked about the TUCs 
rejection of his S per cent policy 
at the launching of a TUC- 
Labour Party document which is 
likaly to form the basis of 
Labour's election manifesto. 

He and Mr. Leu Murray. TUC 
general secretary’, both said the 
differences between unions and 
the Labour Party were com- 
patible v.-ith the document Into 
the Eighties: an Agreement, in- 
cluding its reference to an 
annual review of the economy 
and social policies, and a “ broad 
understanding " on pay. 

But Mr. Murray said -that 
although the unions wanted to 
heat inflation “we believe that 
the Government's way of going 
about it is the wrong way.” 

This prompted Mr. Callaghan 
to interject: " We certainly don't 
regard the 5 per cent as an 
objective. The objective is not 5 
per cent, hut how inflation can 
be cut to single figures.' 1 

Mr. Callaghan said the agree- 
ment represented “a sense of 


common commitment " rather 
than an election programme. 

But the policies outlined in the 
document have been purged of 
the more extreme Left-wing 
ideas and should find prominent 
positions in the manifesto. 

Among key points are a change 
in the Bank of England role, 
expansion of the National Enter- 
prise Board and an annual weal'll 
tax. Planning agreements are 

Leading industrialists decided 
yesterday against staging a 
major confrontation with the 
Government over the decision 
to continne enforcing its pay 
limits through public sector 
contracts. Instead the CBI Is 
to draw up a “ scheme of pro- 
tection " to help any company 
.that may be penalised. Page fi 

revived, but demands for 
nationalisation of banks and 
financial institutions are rejected. 

The Prime Minister, who must 
have been hoping for gentler 
treatment from the TUC general 
council, was yesterday invited to 
address September's Congress, 
where be must hope that yester- 
day’s rift on his counter-inflation 
strategy will be patched over. 

Evidence of the support be 
can expect came after the 
general council when Mr. David 
BasnetL TUC chairman, and six 


other union leaders — including 
some fierce opponents of incomes 
policy — decided to set up a 
“trade union committee for v 
Labour victory." 

While TUC leaders were 
toughening up a statement re- 
jecting the 5 per cent — it was 
carried with only Mr. Tom Jack- 
son of the Post Office Workers 
against — there was uproar in 
a simultaneous meeting of the 
Labour Party national 'executive* 
committee. 

Mr. Alex Kltson nf the Trans- 
port and General Workers tried 
to move an emergency resolu- 
tion against the 5 per cent pay 
limit and was- -ruled out or order 
by Miss Joan Lcstor, the -chair- 
man. When he then moved a 
resolution to remove Miss Lcstor 
from the chair, be lost by lfa» 
surprisingly narrow margin of 13 
votes to eight. 

In what was described as a 
meeting of some bitterness about 
the pay policy, mitigated only by 
the imminence of an election, 
TUC leaders spent a long time 
amending a prepared statement 
on the Phase Four White Paper. 

Several moderates argued that 
if the TUC had negotiated on 
Phase Four it might have raised 
the limit and took the view that 
the TUC-Labour Party liaison 
committee’s statement would 
prevail over yesterday’s rejection. 
But those on the Left saw the 


changes as a significant tactical 
victory. 

A whole paragraph, seen hy 
the Left as suggesting that Phase 
Three’s success could be repealed 
in Phase Four, was removed. A 
reference- to pay as one of the 
items in any “broad undemand- 
ing’’ was also removed, while 
statements opposing the use of 
sanctions against private sector 
employers, and the use of cash 
limits to restrict the pay of public 
sector employees, were added. 

Reaction io the Government’s 
unencouraging line on reducing 
the working week — the subject of 
a separate TUC document in 
favour of a 35-hour week — was 
also stiffened. 

Restating the policy of an 
orderly return to collective 
bargaining, the statement says 
the general council ” is con- 
vinced that continued central 
determination of pay will make 
much more difficult the resolu- 
tion of anomalies and other 
collective bargaining problems. ' 

It *• notes " the White Paper's 
reference to the need for a 
longer-term approach and says 
that the TUC “does not see the 
future in terms of the continua- 
tion of restrictive policies on 
current lines." 

Of the restoration of tradi- 
tional bargaining, it says: “This 
is quite compatible with a 
thorough discussion of all factors 


Thomson plan 
for Canadian 

group 



Details of document. Page 10 


Continued on Back Page 

Editorial comment. Page 20 


Devolution Bill defeat over 


measures 



BY IVOR OWEN, PARLIAMENTARY STAFF 


\ REVOLT by Government back 
benchers led to a one-vote 
Government defeat in the Com- 
mons lafet night and added 
further constitutional problems 
associated with the post-devolu- 
tion role of Scottish MPs at 
Westminster. 

By 276 votes to 275 the Com- 
mons accepted a Lord amend- 
ment to the Scotland Bill intro- 
ducing a new procedure which 
may he invoked when the votes 
of Scottish MPs provide the 
majority for the second reading 
of Bills relating solely to English 
matters which, because of devo- 
lution. are no looger^ within 
their responsibilities. 

The new procedure — which 
must first be activated by a 
special vote of the Commons — 


requires, that such second read- 
ing votes must be rerun after a 
14^ay cooling off. -period. 

The Government defeat poses 
no threat to the Bill itself, which 
is expected to receive the Royal 
Assent next week, out it is likely 
to have the effect of constantly 
highlighting the impact which 
the votes of the 71 Scottish MPs 
have on major issues relating 
only to England. 

This central constitutional 
problem has been dubbed the 
“ West Lothian question " and is 
identified with Mr. Tam Dalyeli 
(Lab.. W. Lothian) who has 
remorsely pursued the implica- 
tions of grafting a quasi-federal 
institution on to a unitary state. 

He was joined by Mr. George 
Cunningham (Lab. Islington S. 


and firV’-Vand- cue or twu 
other LahOHr backbenchers- in 
voting for the Lords amendment. 

But for the absence of Mr. 
John.- Mackintosh (Lab, Berwick 
and' E. Lothian), a. staunch 
devolurionist who is seriously 
ill, there could well have been 
n tie as there was when the issue 
was last discussed in the Com- 
mons 10 days ago and the Govern- 
ment was saved from defeat by 
the Deputy . Speaker's casting 
vote. 

The Government suffered a 
second defeat when a Lords 
amendment removing forestry 
from the devolved matters placed 
under the control of the Scottish 
Assembly was approved 2S6 
votes to 266. 

Parliament, Page 10 


BBC concern over White Paper 


SNP backs 
dividend 
control Bill 

By Philip Rawstome 

THE Scutlisli Nationalists last 
night decided lo tote in sup- 
port or the Government’s divi- 
dend control Bill in the 
Commons today. 

The move should give the 
Government a comfortable 
majority and enable it to push 
the legislation through all its 
stages in one day. 

After the withdrawal of 
Liberal support Tor the Bill, 
the Government’s chances or 
enacting the legislation, which 
it considers to be a vital part 
of its counter-inflation policy, 
had appeared slim. 

But after a meeting of the 
Scottish Nationalist MPs last 
night, Mr. Andrew Welsh, the 
party’s chief whip, said: “ Now 
that Parliament has agreed lo 
Phase Four of pay restraint 
the SNP has agreed with the 
Government that there shonld 
be a corresponding restraint 
over the question of 
dividends.” 

Economic Viewpoint Page 21 


BY CHRISTINE MOIR 

THE ENTIRE Thomson Organisa- 
tion. including the whole of its 
North Sea nil interests and The 
Times and Sunday Times news- 
papers. is in become a wholly- 
uwneri Mthsuliory of a Canadian 
holding company. 

Thomson's -.hares wore sus- 
pended last Friday pending a 
scheme or arrangement involving 
its option to take up 90 per cent 
of the Thomson family’s North 
Sea oil in lo res Is. 

Yesterday, the company issued 
a 50-page document outlining one 
of the most complex deals seen 
in the City and one which goes 
considerably hoynnd just the 
exercise of the option. 

Under the schi-me, which has 
yet lo be formally approved hy 
shareholders. the Thomson 
family will also relinquish its 
remaining 10 per cent oil interest 
in a new company, (merrmtinnal 
Thomson Organisation. This will 
he formed in Canada ns the hold- 
ing company for I he group's total 
publishing, travel and oil busi- 
nesses. 

Behind the deal lies the group’s 
belief that the UK is not a suit- 
able base for .in organisation 
poised lo accumulate big capital 
surpluses and with plans for 
equally big— and international- 
capital spending. 

This year alone the group 
forecasts pre-tax profits ot 
£l26m (£90m from oil and 
£36m from ihc publishing and 
travel side). Post-tax earnings 
will amount to £45m for the new 
company, which has about £l00m 
of cash assets. 

Over the next few years the 
group will be generating capital 
surpluses amounting to “many 
hundreds of millions of pounds," 
the company said yesterday. 

Equally large sums are already 
earmarked for development and 
acquisitions. The publishing and 
travel sides alone are to have 
£100m spent on it to turn it into 
“ the most modem regional 
newspaper group in the world." 


The entire chain of regional 
newspapers Is to bevomputerixed. 

New presses will he in? tailed 
where necessary ami the Belfast 
newspaper plant rebuilt. On the 
travel side the group oxix-lIs *■» 
buy two Boeing aimat't (iii-.ye:.r < 
and more in following years. The 
ml fields wilt need j tin: liter 
£7(Iut or so. 

The group will still havp 
have further surpluses, though, 
which il will not he able to use 
up entirely on acquisitions :n 
the UK. largely because nf \tunu- • 
polios Cmmuissinn re strict inns 
in bnth its mam fields. 

U it remained a UK company, 
exchange control regulations 
would prevent n moving this 

Details Page 23 
Le\ Bach Page 

money nut into international 
acquisitions. 

The move In I'aii.ul.i foii.iv.s 
from nil tins. Not only ;s the 
mam sbarehidiler lihe Thomson 
family) already resident :n 
Canada and therefore able ij» 
gam from receiving dividends 
directly from a Canadian com- 
pany. hut Canada also has no 
exchange conlrol regulations, and 
no dividend restraint. 

An intrinsic part uf the deal, 
however, is lhal the niinnniv 
shareholders in the UK remain. 

They will be getting a ^lightly 
diluted stake in the new cninpanv 
through a complex combination 
nf ordinary shares t which will 
rank as foreign currency securi- 
ties on the London market i, { 
convertible preference shares. ’ 

Cost is one nf the main factor* 
behind the complexity of Ihe 
equity mix. The ordinary share 
element of the scheme alone ha* / 
involved the company in buying ^ 
S35m (flSm) through the dollar 
premium market— one nf the 
biggest single premium deals 
ever mounted. 


Camden £15m fixed rate 
stock issue attracts £lbn 


BY TERRY GARRETT 

A £15m fixed rale seven-year 
stock issue by the London 
Borough of Camden has attracted 
more would-be investors than 
the Treasury can often secure 
for a “tap" issue. As much as 
£lbn appears to have been sub- 
scribed by the public. 

Camden council announced a 
double issue last Friday of a 
variable rale stock and a 125 P*r 
cent fixed rate stock to raise a 
total of £25m. 

When application lists closed 
yesterday morning, one minute 
after opening, both issues were 
oversubscribed, although the 
interest has been focused over- 


whelmingly on the fixed coupon 
slock. 

At the issue price or £99', per 
cent, the running yield of 12.59 
per cent and redemption yield 
of 12.66 per cent were well above 
slocks in the market. 

Details Page 22 


£ in New York 


JulrlT 


?*i«ii 

I in-intli 

.1 III, ‘III II- ' 
12 III, ill! li-> 


FI.S»lo0‘*toi 
O.-'t u.rJ .H- 
1.31 l.jr.li. 
1.40-1. Jli « 1 1- 


l‘n-» mw 


M.3.j -J.'-.- 
f.-IrC-.s: .li- 
l.'-'f .IrC-.l- 

,|i. 


BY ARTHUR 5ANDLE5 

GOVERNMENT proposals for a 
new line of middle management 
control for the BBC. with an un- 
specified number of direct Home 
Office appointees, provoked a 
sharp response from the corpora- 
tion last night. 

::The suggestions could cause 
more bureaucracy and executive 
confusion and raised the pros- 
pect of Government intervention 
in, programmes, says the BBC. 

The proposals are contained 
in the much delayed White 
Paper on the future of broad- 
casting, produced in the. wake of 
the Annan report and com- 
pleted only after a series of 
arguments within the Labour 
leadership. 

The White Paper, as expected, 
plumps for a fourth television 
channel run by a new Open 
Broadcasting Authority. It gives 
the go-ahead for more local 
radio stations to be run by the 
BBC and the Independent Broafr 
casting Authority, and says BBC 
finance must continue to come 
from licence fees. It proposes 
that the iBA should take 
responsibility for cable tele- 
vision. inducting pay-TV. 


The White Paper says there 
have been criticisms of the BBC 
for being “too monolithic, too 
impervious to criticism and too 
bureau era tic. and that the old 
loyalty to the concept of public 
service broadcasting has been 
overlaid by loyalty to the 
concept of professionalism " 

It suggests service manage- 
ment Boards for television, radio 
and external services. M By 
delegating to these Boards many 
of the management functions 
which now rest with them, the 
Board of governors will be 

Details Page 8 
Parliament Page 10 
Editorial comment Page 20 

enabled to concentrate on their 
supervisory and public account- 
ability role." 

Each Board would be 
responsible to the governors 
collectively for supervising 
programme strategy and manage- 
ment of its service. 

The chairman of each Board 
will be a member of the Board 
of governors but ‘‘■about half 


of the members of each service 
management Board will be 
people appointed by the Home 
Secretary, after consultation 
with the chairman of the Board 
of governors drawn from outside 
the professional staff of the BBC, 
of standing and independence 
with experience or qualifications 
which fit them to make a positive 
and distinctive contribution to 
the work of the Boards.” 

The BBC said: “The public 
must ask whether the Govern- 
ment's proponds are the right 
way of creating more account- 
ability and diversity while safe- 
guarding the BBC’s 

independence.” 

In the Commons, Mr. William 
Wbiteiaw, Shadow Home Secre- 
tary, rejected the Government’s 
plan for an Open Broadcasting 
Authority as a “ totally unneces- 
sary burden on the taxpayer." 

The Independent Television 
Companies Association said yes- 
terday that it regretted that the 
White Paper .rejected the “ for- 
midable case for ITV2 and 
instead opts for the speculative 
alternative ot an Open Broad 
casting Authority." 


CONTENTS OF TODAY'S ISSUE 


European news 

Overseas news \ 

World trade news .... ■ 

Home news — general '■* 

— labour — - » 

— Parliament ... 10 


Technical page 11 

Marketing Seene 17 

Arts page 19 

Leader page 20 

UK Companies — — 22-45 
Mining 24 


Inti. Companies and Euro- 
markets 29-28 

Honey and Exchanges 28 

World Markets 29 

Farming, raw materials ... 33 

UK stock market 34 


CHIEF PRICE CHANGES YESTERDAY 

Stothert and Pitt - Z« J ' 

Vosper T ,2 

LASMO “Ops" T | 5 

Conzinc Riotinto - aH T B 


(Prices jri pence unless otherwise 

indicated) 


RISES 

Albion ..; » + * 

Caledonia In vs. "T 

Caskct (S.l * 

Cenlrcivny -**•» + 

Dawson Intnl Wj* "r ‘ 

Fairbaim Lawson ... 7 •* 

FamcU Elect. SM + 

Ladbroke + 

ML lltilKS Tib + 

Miicarthvs Pharm ... W T i 

PM A (Hfdqs.) 

Photo-Mr Iritnl. — — "T 

Ransom HVm.) »= + 


FAUS „„ , , 

Excheq. DIpc ^ “ A 

Bourne Hollingsworth . i-f 

Davy inml jg _ * 

i!“ rabros SS5 - fi 

Inchcape ^ - 44 

Ingrain lH.) -fg ^ 

Laurence Scott _ s 

Taylor Woodrow ■— *» _ ?, 

Jtoyal Dutch _ \ l 

Western Hldgs ■ E '°* * 


Mr. Wedgwood Benn stands 
up for coal 

Economic Viewpoint; Divi- 
dend control 21 

Marketing’s missing factor 17 


FEATURES 

Business and the Courts; 

Determining the status of 
the union 18 


Soviet Dissent 
- Trials 


after the 


Spanish Constitution and 
the Basques 3 

FT SURVEY 

Direct Marketing and 
Hail Order 13-16 


Anwi»l®M« M 

A up ointments AdvlS- 30-32 


Books 

Cmowfont — ■ 

Economic Indicate** 

Enter tai nment Guide 

EonMfflteB* 

FTAcuartcs indices 

Jobs Cotnmn 

Lenars — 


Lombard 

Man and Manat'* _ 

UteiflS — 

Saleroom 


38 

U 

20 

U 

7 


Share lamentation .34-51 

Tod M'S Events a 

tv and Radio — . u 

Unit Trials 35 

Base LawHos Rates 29 

Weather 38 


INTERIM STATEMENTS 

Gillette Bros. 24 

Laurie Plant. Hldn. 35 

ASCI 2fl 

Manchester Garages 27 

Vosper » 

ANNUAL STATEMENTS 
E. Austin & Sms ... 24 

BtiL & Com. Shipp. B 

Caledonia invests. ... 25 


Coalite Cbem, Prod*. M 

EerranU 25 

Haslemere Epaiftc 22 

Johnson Mattees Co. 24 

Leopold Joseph Son 23 

L’Ortal 2 

Ptosn 23 

' H. Samuel 22 

Sdilasiuor Trust ... 27 

Laurence Scott 25 

J. W. spear Sens .- M 


For latest Share Index "phone 01-246 S 026 



albP^S^al 


wSsss’’' 






A\ 


i 


* h *r 




'CUP th<! D ft h fl ‘ 









JV.VJ 1 



- qr 


y 









Financial Times Thursday Jn&.27 : 3$79t 


Ifyou make our 
HjOO flight to New York 
youll arrive in time 
to catch the dosing prices 
on Wall Street 


Ifvou catch our 


rvo 

1330 flight to NewYork 
yoi/ll arrive in time 
for afternoon tea 
at the Plaza. 

Andifyoutakeour 
1630 flight to NewYork 
you'll get to Broadway 
in time to see 

"On theTwentieth Century." 


Only Ran Am 
can give you three daily 
747s to NewYork. 
RanAnYs People. 
Theirexperience makes 
the difference. 


EU RQPEAN NEWS ] 


EEC agrees plan to 
reform wine production 


Non-aligned Eanes prepares to 

^L b on° ld dismiss Soares, 
strategy call new elections 


BY MARGARET VAN HATTEM BRUSSELS, July 26. 311 J VhH livfl WvV ■ . ■. 

THE EEC Commission today between France and Italy French may ^ ry our OWN CORRESPONDENT 

agreed on a major plan to reform hardened to such an extent that allow tins in exchange for P fSS&h 0 Ministers’ con- BY OUR OKR US80N; July 28 

European wine production. the Council decided, in the posals rahmg tfe quota of ^estenUy w discuss * ° 

It includes a seven - year Merest of settling the prices alcohol set aside for damiaiion Middle East situation and try PRESIDENT Antonio Ramalho Christian Dcmoew*— the CDS. 
proerJSmSwplLeSufthekS “ sue ' t0 P«wtpom! the wine m times of- excess £ ™ e work out a «, mmon strategy . is P«fr He sMMMM the CDs, 

successful low - quality wine d* 8 ** 1 ** until September. and extending tins obhgat on Reuler reports from Bjjjsrajk- ticallv certain to dismiss Prime junior partners lh fttt •IHanc.:, 

nroSs in southern Italy aJd Although the measures .n the certain Italian producers the first meeting smee irte"Mario SoareaV mixed had pirileii their 4&s*i mhivtera 

Franc? wfich wfl^ c?st the P lafl approved today attempted previously exempt last November to bru« together ggg . SrisUan Amocrat out of the Obtain an attend 

Community an estimated 50m meet ®!, C T. s J de h3 The structurai V*** ot SSned * d Rejectionist Front, government shortly. and to ewrt then <f P . 

units of account a year, measures It ® 1 F. a f e .|? 2C f?* ct " l t ? package is designed to onposed to President Anwar announce early general elections, flounced the accord on wh ich the 

to boost consumption (possibly muc h ^ initially and a gjyj reduce production in the e_j a +’ s Middle East peace mw~ pmcMent wan reliably Government was . fcoued last 

iSeludteg a cu™«?tee l dades), ft* » * Z*** TO deVel ° P 2 " ra hectaxes , 111 , BBS- tow™ Israel. wSSedSto to bSe SditaX ^nuary,^ 

and the establishment in lat ®L on **“» *"*. France and Italy where table The . meeting formed an ambaa- oartaSs f hj a d ! Cls ion, The CDS tturtimie to be 

principle of a floor price for * J* 1 ? bas on ? *"g2 wine is produced. sadorial committee to discuss the Jai+Sllini to 1 tea? the <WHiri«tte that e now agreement, 

winp to establish a floor price to block ^ Palestinian issue, and to try to and _ W Wl«ng to near inv uW aceouttt of 4h(dr dteliko 

iQe ' imports of cheap Italian red It is planned to give the more woffc out common Arab strategy opinion of the Revolimonaijr Agriculture and Health 

The plan will be passed on to wine into the country, is likely successful producers at ^ conference and in future Council, a constitutional watch- MlnistM's.- can -be wnrtceii rmt 

the Council of Ministers this to fight for a more specific com- aid to modernise their holdings moves towards finding a Middle dag body, before making it tha Socialist*. 'It 'ma 

week for discussion and detailed mitraent. The Commission has and improve the quality of them solution, Arab officials said, public. with rh<C*wjS 

proposals are expected to go suggested that the necessary wines. Those assessed as tm- Middle East diplomats said the § r j wo CJomes. the Socialist pursued bv these two maneriital 

before ministers when they next legal framework for a floor price likely to benefit ^sSXhS! “?*££« ^ Information -Minister, also today Fe^fSia 

meet in September. be set up. but that the actual be offered financial incentives initiatives aimed at restoring ... foreign journalists id nr>q u;ni*t«rc fr™*. * 

The plan is said to follow fixing of a price be deferred, to retire early or to switch to Arab unity. iSSon that ^elections 

fairly closely the Commission's This, if adopted, would do other crops. It is estimated that . . ■ ' Turned Inevitable. 

earlier proposals, originally virtually nothing to solve the vineyards covering about t lm Danish Output nses ~ s ■ , l5t . Sr Gome , . 0 J? e Ss^Government Is S 
included in this year’s farm price French problem. hectares fall onto the second Da nish industrial output increased r^ntrv facine missed latdSrnTn Thl 

review. At the lime, antagonism However, it fa hoped the cetegory. Mt'^nSSTtatoSS Semite » SSSnS? fcmf SiS “ Th^^den 1 ! Si 

_ JmmMbuitoa Butotu 1 «racy. this time from the right appoint « caretaker ^ovenment 

T7I-, _ • •j !«.-«- T T 7TT - -i of Statistics survey, writes HOary and were prepared to take to the —whose composition is not yet 

irriTflrPfl riV I J l\ H I mT|](16 Barnes in Copenhagen. Forthe streets to defend constitutional dear— recall the Bcpublicaa 
JL X W'MH.Vd'M M. Ul.ll'UwV/U M T ' Am. second quarter 21 per cent more liberties. Assembly currently prorogued 

companies reported an increase He said developments virtually until October, end; schedule elec- 

BY ROBERT MAUTHNER PARIS, July 26. in output than a decrease, but made any other solution but new Hons as soon as possible,.-.. 

the excess of positive replies from elections impossible. Because a new electoral law 

THE FRENCH are . showing should be linked to an agree- away in the forthcoming negotia- companies was only 3 per cent The Socialists appear to be has still to be. approved and 


included in this year’s farm price French problem. hectares fall onto the second 

review. At the time, antagonism However, it is hoped the category. 

French irritated by UK attitude 


BY ROBERT MAUTHNER 


PARIS. July 26. 


dash between the two countries The Brussels correspondent growers, who have long com- P* ' 

in the autumn has become a of the Paris paper, Le Monde, plained about cheap Italian 

distinct possibility, according to heaped fuel on the fire with imports, are even more worried t» 0 i_: Qn i 

observers here. an article today emphasising that about the competition they will DeigiRIl I 


ruling alliance. the CDS have, both publicly 

Sr. Gomes said the blame for acknowledged that the collapse 
the disintegration of the Govern- of their alliance wrH have Inter- 
ment. which most observers national repercussions cspreiaJJv 


distinct possioiuty, accoromg to heaped fuel on the fire witn imports, are ™ ore . . wom *“ Holman honlr rsto the disintegration of the Govern- of their Alliance wiH have Inler- 

observers here. an article today emphasising that about the com petition they will Belgian uaiuv rate ment. which mart observeis nat tonal xepwcu»ions especial]? 

For the moment, French Britain and France were at odds face from Span isn producers oi Belgium wxfl raise its panic rate thought was stable enough and on negotiations to join the EEC. 

officials are tending to play down over the majority of issues cur- Mediterranean products. would last until the elections due due to start in October, and on 

the many disagreements which rently being discussed in the In talks with President Giscard today. HeutK rapom ftom ^ l9 gQ should be laid entirely contimrinj; financial * aid and 
have arisen between the two Community’s Council of Minis- dEstaing yesterday, the farmers’ gj“*|*2* N^uotai Banx «ua #t ^ ^ o{ ^ conservative foreign investxnem. - - 
countries over the Community’s ters. The British, he said, would leaders were given an assurance SLJ2?HSL-5i.« 

agricultural and fishing policies, do eveiythlng in their power to that their interests would be g*®"®*" -JtJ* 1 !- centfrom • 

European monetary co-operation divide their Common Market protected by the Government and t tradidonally T“*i 1 n • 1 j 1 

and British participation in the partners, and. in particular, to that the shock of competition tQ k s i m ii ar spread |H fill F- (151 V SH^MKh UPf rill 
Airbus consortium. But the undermine the Franco-German from new members would be its interest rates and ”**■■■ ^■■•*■3' iJMfllUloII UCil vIJl 

State-controlled radio and partnership. cushioned by long transitional those in neighbouring Holland. , , • . ^ . -m 

television, as well as some The French, who have always periods . , , , GrS)llATl ClTIuP ihrAQTAIIAn 

newspapers, are beginning to considered the Common Agri- Tbe Government clearly fears chnnnprc 7 frin ijlttllUil Oil JUVt LUX vcllCUCll 

adopt a noticeably hostile cultural Policy to be tbe un- that Britain will use the oppor- . “X 

attitude ■ towards Britain's touchable centre - piece of tumty given to it by the enlarge- The Bntih-o^ned floating BY ]IMMY BURNS MADRID, July 116. 

European policies. European co-operation, are even ment negotiations to revamp the supermarket Aquamart yester- 

A statement bv Dr. David mare sensitive nn this issue than entire Common Agricultural day set off on its third round trip SPAIN^S two most powerful The employers claim that (he 

Owen, the UK Foreign Secretary, normally. Policy. Given the strength of J® S!51l!^v VI ^mithirt Ser ^ rS tte ^ nions -* tbe Coi 5? u 5|f 51 2P ,on demand is In excess of The 

calling for a radical overhaul of The Government is already the farmers’ lobby in this n° mber who sailed on^ts maiden nr^IIfn^Lf^oiW^ n * 

tbe EEC’s Common Agricultural under heavy pressure from the country, this is something no JJJ yase r two 6 days ago, Reuter oin nSiti™ - a .K d 

Policy and British suggestions powerful fanners’ oganisa lions French Government could ever re p§rts from Ostend. The Idea of J n i[] c 

that a reform of the fa rm poUcy oot .0 s iv. aorthin; ersonttal oreepL T&TtS&flSSrZ ^ 

Channel has proved a money- from Friday, unless employers The divergence Is due to riis- 
1 • a a spinner for tbe port authorities in agree to a substantial collective agreement ahout whether . the 

I ^ormoiic fllCPHCC iQY PlITC extend, but not the shoppers. The pay increase, and improved total to which the guideline 

• VjTCJLllimK) L vL^rk. ^'LL L/i3 Shoppers have not been able to working conditions. applies does or does tint include 

get off at Dunkirk as planned, and Miaistrv of Labour officials sDciaI security payments. 

BY ADRIAN DICKS BONN, July 26. Belgian Finance Minister Gaston wU1 tom g ht roeet employers and ' UntU . nQW finion representa- 

. _ . . .... . . • • Geens personally ordered (Mend lininn -Sresentatives In » final &«ve mBintained that 


that a reform of the farm policy not to give anything essential accept 

W. Germans discuss tax cuts 


BY ADRIAN DICKS 


BONN. July 26. 


THE WEST GERMAN Cabinet the Cabinet has heard from its cause. It appeared tonight that customs officers to levy Value “,T P “nt tn workers at privatdv-dwncd 

was reported tonight to be experts that tax revenues in 1978 the remaining differences be- Added Taxon all goods bought on JJJJJJgJ diaSirtltm oPsnrtft petrol stations fall into a special 
closing its remaining differences and 1979 together will be nearly tween them and the Social board. S3k hoK reasom which category, as their minimum wage 

on precisely how to fulfil the DM 7bn more than had been Democrats over the issue are beeins this weekeni was fixed for the first tune ordy 

pledge it made at last week’s expected. more about timing than about Italian rent lavf Degins ^ weexeno. lasr year 13 

world economic summit to inject This development was seen substance. A five-year rent freeze that has Three weeks ago the unions Their average Milan* is onlv 

up to DM 13bn into the domestic here today as lifljnjr^ome of the Against the background of the driven Italian landlords to leave notice of their intention half that earned by workers in 
economy. political pressure Against higher Cabinet deliberations here, the tens 0 f thousands of flats empty to press for an increase ■ of ^e country’s 34 nationalised 

The Government spokesman, P«*>Uc spending. Dr. Otmar Munich-based IFO economic ended yesterday with the passing Ptas 8,190 over the workers’ petror stations, and wiice* lft thls 
Herr Klaus Boelline declined to Emmuiger, president of the research institute today reported of a much-amended National Rent present monthly minimum salary sector are between °'lj and *'S 
give details of the Cabinet dis- Bundesbank, gave bis estimate a further recovery in business Act, Reuter reports from Rome, of Ptas 21.700. p er cent below the average f^r 

cussions. However, it was of ^ prospects for financing confidence. On tbe basis of its It was voted into law by the Accompanying this is a demand industrial workers 
believed this evening that the higher public borrowing through montiily survey of business Senate to * hart-fought : ded that employers introduce greater if the sUlke goes ahead. It is 
main emphasis of the package to the capital market, mid accord opmion. earned^ out in June .the jjwjen £• - measure * ^ *he petrol expected to be most effective 

be announced tomorrow or on mg to some reports, is no longer institute reported that the SSn® oddosS stat,on ?r a n““her Of which have in areas in and around Madrid. 

Friday would be on tax reduc- as concerned as he was a month weak phase has been overcome.” K STfm lifLwhich ^dataed ? een attacked by anaed nibbera and on the, motorways leading 

tions, rather than on additional ago that this might push up Companies reported both j» penalised the poor. Under the in recent months. from here towards the south. It 

public spending. interest rates. increased optimism for the next act, all rents in towns and cities Employers are offering an ia in this area that boTh socialist 

Despite this reported emphasis, „ „ S six months and a more positive will be worked out as a percentage award of not more than and Communist control of the 

it was also regarded as virtually f*- err . f? a r tI ? oeI 5 r 1351 , D18 IT view of current conditions than of the value of a flat, based mainly Ptas 3.000 on the present mini- country’s 25,000 petrol stations 
certain this evening that the 1 ^ te< L t ^ t _ h l they had expressed in May. on original building costs, y mum wage. workers is strongest. ” 

measures will include an HZ A — . - -- : 


meastues^wSr^nclude an reform rather “creased 
ScreS?in (Xild allowances aid on Sro^ds of 

in funds made available to 
smaller companies by the SJrlHS^ 

Research and Technology be,1 ®™£ the ??“??,. J 1 Daand 
Ministry would be more immediate. 

Herr Boelling indicated that . Although the Free Democrats, 
the 1979 budget might be decided junior partners in the coalition, 
by late tonight. iWth a draft for bave been trying hard to make 
total outlays of some DM 201bn t 3 * reform their own particular 
presented to it by Herr Hans 
Matthoefer, the Finance Minister, 


Karlens 


ABqflkeNale$6aaHgbemsoU,tMs mumt emai^feaa aaan m a vtfreaoritmfy 


4tUalAB7S 





ANNUAL GENERAL MEETING 
30th June, 1978 

The Annual General Meeting of shareholders was held on June 30, 
197S under the chairmanship of Mr. Francois Dalle and approved the 
accounts for the 1977 financial year. 

Tn Frs. million 1974 1975 1976 • 1977 


Consolidated sales 3,208.4 3.63S.1 4,220.2 4,810.1 

Net profits 105.4 150.8 195.2 134.7 

— -Investment provisions' +6.1 +7.1 +6.2 '+4.2 

— Capital gain on assignments —9.2 —3.6 —2.2 +1.3 

— Exceptional taxes ” +13.7 

Group profits 116.0 154.3 199.2 140.2 

Profits per share (in Frs.) 36.49 49.13 68.31 48.55 

At the Board Meeting of April 26, 1978, it was decided to increase the 
capital from Frs.252, 164,800 to Frs.315,206,000 through the incorpora- 
tion of reserves and distribution of bonus shares at the rate of one new 
share for evezy four old shares. 

These shares will bear effect as from January 1, 1977, and will go 
ex-coupon as from July 10, 1978. It was decided at the meeting, at the 
Board’s suggestion, to maintain the dividend at Frs.10.65 on the 
increased capital. This represents a 25% increase of the total dividends 
paid over the previous financial year. 

Because of L’ORfiAL’s . heavy financial commitments in s ci e ntific 
research during the year 1977, the importance of the financial invest- 
ments made in 1977 for the launching of numerous products, and 
finally the increased international development of the Group, results 
for the year 1978 should show a marked progression over the year 
1977. 

Copies of the 1977 annual report , in French or in English, may be 
obtained from : 

L’OREAL, Information Finandere, 

14, rue Royale - 75008 Paris (France) 


Policy confuses 

Italy’s 

Communists 

By Dominick J. Coyle 

ROME, July 26. 

CRITICISM of the Image and 
some of the policy of the 
Italian Communist Party bas 
come fro ma number of dele- 
gates attending the party's 
central committee meeting which 
ends in Rome tonight 
It reflects tensions within the 
party, particularly between the 
leadership and the rank and file, 
over the Communists’ limited 
alliance. 

The party’s parliamentary 
association with the governing 
majority is puzzling some of its 
supporters who have been 
nurtured on the principle of out- 
right opposition to tbe Christian 
Democrats. One delegate told 
the leaders that at a time when 
the party bad reached Its highest 
political and electoral weight, 
there was a risk that 4 the social 
‘foundations of our strength may 
weaken.” Another suggested 
publicly that the party’s recent 
setback in locai elections could 
be traced to confusion created 
by the party’s shift from its 
traditional role. 

It has also been suggested that 
the image of the party as a mass 
party is in danger of being 
eroded. A delegate said there 
was difficulty in recruiting new 
members. The party was faced 
with responsibilities proper to a 
majority party without holding 
the 'reins of executive power. 

Sig. Enrico Berlinguer. the 
| party leader, has invited self- 
i criticism within the party, but 
I some of the comments made this 
I week indicate that a closing of 
! ranks will be necessary if the 
party is to present a united 
national congress next spring. 

Sig. Geriinguer will have by 
then to point to definite Govern- 
ment measures influenced by the 
party and reflecting its policy 
objectives. But many right-of- 
ceatre elements ia the ruling 
Christian Democratic Party will 
be working strongly against any 
such accommodation with the 
Communists. 


FiKAMfr^L Ti».t* publiibed daily neepr Sun. 

U - S - ^tytK-rWhem SM.no 
rtir frciehil SVrfl.OO i D lr iru.Ii per annum 

Second dH pause cud oi New Voik. N.V. 


Banque Nationals 
de Paris 


Banque Intemationale 

pour l’Afnque Occidental 

US$20,000,000 

Floating Rate Notes 1978-1983 


Unka Bank of Switzerland (Securities) 
limited 


Credit Commercial 
de Prance 


Banco do Brasil SA. 


S.G. ‘Warfare & Co. lid. 


N o m ur a Europe N-V. 


Awf r Bgqdk 


Banca CoinaMRcUo BaEm 


Afegras Bank Nederiand N.V. AJ5. Amts & Co. Axaex Bask limited + Banca Cosmmciab 

ZiflM 

Baaca Nazfonale dd Isran» Rank of America International Limited Bask CMztriOe^ Vm* Bmgewr (Overseas) limited 
Bank Mees & Hope N.Y. BalMXm lto i fin riliBiWl Braqae Brsxriks Lambert SjL 

Basque de ITsdodune et de Suez Banque Bo rqpeame de Tokyo S A. Basque Fcansafee da Commerce r ilfiinm 

BanqneFranyaisede Credit irtenatiiaal lid Baoqee Loms-Drejins Banque Be Nsilfize, ScHwahaucr, Mallet 

Basque de Paris et des Pays-Bas Baoqpe XothsdiDd Banque de la Sociiie Knaodara Eartp&nae 

Banqne de FUmoa Enropeeone Banque Vernes et C mum er ci ate ' Basque Wonns Bardaj®, KoJ & Co. N.V, 

Bayerische Hypotbefceo- nad WedBet-Baak Baycrisdie Landrabmk Gfroaaatrale Bafina Handels- ond Frankfurter Bank 
Caisse Central c dcs Basques PopoWres Chisse des Depots et Consignations Credit Agricole (CiN.CX) 

Ceatrala Rabobank Citicorp In tern a tional Group Chase Manhattan limited - Connfy WanV jjnitcd 

Creditansah-Baakrereat CeWt Industrie! et C ro me reM Credit lyoanaa: Crtdft da Nbsrd Credfto halhno 

Dai-Idii Eaz^yo Paribas Limited Duma Europe N.V. Dean Wtter fiepudfc htc. Den nonke Creffitbank 

__DG Bank, JtostoaJ tt 

Fust Bavarian Capital Corporation Inst Boston (Europe) CfenssEncbaffliete Zeatralbwk AG 

IjotM Yuspa 

CinKatnfl. ma Bmfc te Otteradcaim Sfafasaa GoWmn SkIk Mmfafmal Cora. Hffl Samd i fit TJmihJ 


Cestnle Rabobank Citicorp Tn fwu ntitmnT Group 

CrriliMKhlUbnlrwHiBi Ccid it ladastnd et 

DaiJdi Eaz^yo Paribas limited Dahra Europe N.V* 

DG Bank Dwsdnar Bank 

BEaUe&aowkNWl fllnlun nlTpiwn 

First Bavarian Capital Corporation Fast Bosto 


Grrwenmue und Ostm ^isriigi Sparimsnn Goldmm Sachs MtttimriCorp. Hffl Samnd & Cot 

EF. Hntfoq & Co. N.V. Kfc&nrtrt, Bern limited MUM SJL lasemboagcfifitb 

Irard Brothers & Ok, Ltd, Lazaid Frires & Qe 

Lloyds Bank Intena&xul limited loA Rhoades, HoroWower Xntematuna] limited Lombard, OJkr lolmatimml SJL 
Manuiactaw Hanover United Meirffl Lynch fetenmUomd & Co. Ssnari Montagu & Co. Limited 

Morgan -Grenfell St Co. limited Tie NDdco (Laxemboorg) SA. NiH>ou European Bank 5A. Orion Bank Iinited 

Pan Asm finance limited Pierson, Heldring & Pierson N.V. Salomon fatttimlfamil limited 

Sam Bank (Uadawrtea) limited Schroder, Mfinctencycr, Hengst & Co. Bank J. Henry jScbroder Vt$gg St Co. r»na*^ 
Skandinavska Bn&Qda Banken Smith Barney, Hacria Intern & Co. jEocmyonted - • Socftfi Cbrtrafc de Batumi 

Sodfte Bancalre Barcbjs (Boise) SA. SociftS Gen&rfe G£*erale ABackame de Bnqw 

Soddte G&erala de Basque Sodetf Siqnauise de Banqne Straws, TtaribU & Co. SntniW Fnahre Bitmmtioiial 
Swmska HandeHanken Swiss Bank Corporatioa (Onrsoas) Limited Taiyo Kobe Finance Hong Kong limited 

Yemns- and Weslhaek Aktiragesellsdaft Wood Gundy Limited PanmkM Intenatkmal (NcderiwO ^Y. 













U 




Financial Times Thursday July 27 1978 


K '!!K 



ROPEAN 


' V SPAIN’S CONSTITUTION: ‘PARLIAMENTARY KINGDOM’! SOVIET DISSENT AFTER THE TRIALS 


Form of government: “The 
' political form Of the Spanish 
stale is that of a parliamentary 
monarchy.” The King is const!- 
■ tntionaUy entitled to propose a 
candidate to the Presidency, 
convene and dissolve Parlia- 
ment, give the royal assent to 
laws, and exercise the royal 
pardon -in Individual cases. He 
is also (he supreme commander 
of the 1 armed forces. 

The Cortes "represent the 
Spanish people.” Both the 
lower bouse and upper (the 
Senate) can introduce legisla- 
tion, and censure actions taken 
by the Government. 

The armed forces (not 
including the Civil Guard or 
the Police) “have as their 
mission to guarantee of the 
soveriegnty and independence 
of Spain and to defend the 
unity of Spain and the 
Constitution.” 

Religion: Religious freedom 
is guaranteed. There is no 
official State religion, but the 


” a dminis tration will take into 
account the religious beliefs of 
Spanish society and maintain 
the consequent relation with 
the Cathode church and the 
other demonlnations 

Torture and ■ the death 
penalty: “Under no circum- 
stances can a person he 
submitted to torture. The death 
penalty is abolished except for 
those members of the armed 
forces who fall under military 
jurisdiction.’ 1 ' 

Workers rights: the Consti- 
tution guarantees the right to 
form trade unions, the right to 
strike (though this may he 
regulated by law In strikes by 
workers belonging to 
“ essentia] services.”) 

The regions: “The Constitu- 
tion is based on the - indis- 
soluble unify of the- Spanish 
nation ... and guarantees the 
right of autonomy of the 
various nationalities and 
regions whieh form part of it.” 

The Spanish flag and the 


Spanish language are the 
official flag and language of the 
State, but ■ the Constitution 
recognises the Tight of the 
regions to use their own 
languages and their own tfag g- 

The Spanish slate is 
responsible for Justice and the 
police in the regions but 
“ opens the possibility for the 
setting np of a local police 
force.” 

The Constitution proscribes 
federations and self-determina- 
tion in the regions. 

Economy: The Constitution 
recognises " public initiative in 
the economy. Legislation can 
reserve for the public secior 
resources and essential services 
especially in cases of 
monopolies, and at the same 
time permit State intervention 
whenever this is judged to be 
in the common good.” Private 
property Is defined as a tight, 
and also the activity of com- 
panies within a free market 
economy. 


Shaken, hut ready to rise again 


BY DAVID SATTER IN MOSCOW 


Basque party remains aloof 
from a hard-won consensus 


BY JIMMY BURNS IN 'MADRID 

LATE LAST Friday, as the para- 
mi Jitary civil guard combed a : 
village near Madrid for the - 
kilters of the first military : 
officers to be assassinated in 
Spain since the Civil War. the i 
Cortes took appropriate action. : 
Communists, Socialists and mem- < 
bers of the UCD, the Government : 
party, suspended the bickering 
and politicking that had charac- ; 
terlsed the three-week long : 
debate, and voted unanimously < 
for Spain's first democratic con- i 
stirution in over 40 years. In , 
doing so, they took one step 
nearer that Western-style demo- i 
. cracy which the killers of Gen. i 
Juan Sanchez Ramos and Lieut- -i 
CoL Perez Rodriguez would like i 
. to see wrecked. 

- After the vote. Communist ] 
•■Socialist and UCD deputies sat 1 
in a nearby bar, toasting the ! 
passing of the Constitution in ' 
champagne, temporarily forget- 1 
ting that at that very moment : 
army officers were talking of the 1 
urgent need for the military to ] 
take a more active role in the ! 
fight against terrorism. j 

To some extent the celebration 
was justified. Since the day, over < 
IS months ago, when the first ; 
tentative draft of the Constitu- i 
tion was considered, observers i 
had doubted the ability of Spain’s < 
main political parties to bury i 
their ideological differences over ( 
it At one stage in the discus- 
sions of -the- final text, the ; 
Socialists abandoned the debate, i 
arguing against what then they ; 
called “ the most reactionary con- i 
stitution in Europe.’* 

Yet in the end the text 1 
reflected the spirit or “ consensus l 
politics/' 3 coinmonsensical i 
approach based on the idea that 1 
"if the Constitution wc have is i 
not quite what we want, it is 
certainly belter than not having 
one at all.” 

With this in mind, the parties ; 
have backed down on issues : 
which carried considerable 
emotional weight with their 
members. The Socialists have 
accepted (with reluctance) the 


definition of * parliamentary 
monarchy” as ' the form of 
government, rather Chan a 
Republic. 

The Communist Party has 
argued successfully for the 
recognition of the Catholic 
Church in the Constitution. In 
the original draft the absence of 
mention of the Church led to 
public protests by the Spanish 
bishops and many of the 
country's Catholics. The abolition 
of the- death penalty, originally 
judged to be a matter of con- 
science and therefore excluded 
from the Constitution, was in- 
cluded in the final text, again 
through agreement between the 
main parties. 

"Consensus politics” will in all 
probability, ensure that the bulk 
of the text is approved by the 
Senate next month. Legally the 
Upper House Is entitled to amend 
the text in the same way as the 
Lower House did. But. major 
changes are believed to be un- 
likely, as UCD and Socialist 
Senators form a substantial 
majority. 

Consensus politics has not 
embraced the Basques however, 
and it is here that the is little 
room for celebration. Members 
of the Partido Nacional Vasco 
(PNV>, the main Basque parlia- 
mentary party, walked out of the 
Cortes just before last Friday's 
voting, arguing, as they had done 
all along, that the Constitution 
did not define sufficiently the 
autonomous status of the Basque 
country. 

There are signs that the PNVs 
withdrawal from the Cortes, on 
Friday will not necessarilymean 
that it advises its supporters to 
vote against the Constitution in 
next autumn's referendum. “We 
do not wanl to be pushed into a' 
final decision yet. That is why we 
withdrew rather than vote for or 
against," Sr. Xabier Arza H ub, the 
leading P.MV deputy said. 

For the moment, the argu- 
ments remain the same. The 
Government and the main 
opposition parties maintain that 


4 


ATLANTIC 

* IBM Systems Leasing 

-*• IBM Computer Brokerage 

* Industrial Leasing 

* Telecommunications Leasing 


The Directors of Atlantic Computer Leasing Ltd. are 


J/1/7S-30/6/78: 

1978 

1977 


first half 

the year 

Group Turnover 

£4,661,730 

£6,684,535 

Trading Profit 

£606,550 

£723,285 

Investment Income 

£55,920 

£14,614 

Gross Profit 

£662,470 

£738,795 

NeUAssets 

£1,897,662 

£1,289,074 


— re ntinuing strong demand for 3 70 Flcxtease leasing program—- . 

availability of second-user systems much impro vett — improvea 1 

profits picture due in the mam to greater productivity within. he 
Sales Organisation and the availability of reasonably pn.vd secMd-uscr 
370. systems for lease — continued growth through I97S expected 
■with forecast turnover of at least £lOm. 

— extract from Managing Director's imerim report 

Copies or the Interin Results are available on request 

Atlantic Computer Leasing Ltd. 27 Chancery Lane London WC2A 1 NF 
Td: 01-405 8238 Telex: 26S344 


the Constitution has gone far 
enough on the question of \ 
autonomy, and that any further 
amendment would carry with it 
the danger of creating a “state i 
within the state.” Moreover they 
have warned the PNV that if it 
fails to endorse the Constitution, 
the Basque country could become 
a focus of political militancy and ' 
violence in the referendum, 
leaving the region open to i 
manipulation by ETA, the 
Basque terrorist organisation. i 

Last Thursday there were signs j 
that the PNV might be prepared 
to accept the amendments to the . 
text proposed by the Govern- , 
merit and the Socialists. These ; 
provided that the recognition of > 
the autonomous rights of the ] 
various Spanish regions should j 
be extended to include a more ' 
specific reference to the Basque : 
region. What in the end led to a i 
breakdown in the negotiations < 
was the insistence by the Govern- : 
ment at the last minute that the 
PNV should publicly declare 1 
both its allegiance to the “ unity i 
of Spain” and its total rejec- ; 
tion of self-determination far ; 
the Basque country. 

To the PNV. a party that has i 
always been keenly aware of its i 
nationalist roots, both declara- 
tions were politically inadmis- 
sable. For a long time now the ; 
hulk of its support as, particu- i 
larly among young people, have ' 
been hesitating between the~ 
PNV and the more extreme left 
wing Basque parties. In the 
PWs view both declarations 
would push much of its support 
into the ETA camp. 

This belief is not shared by 
the Spanish armed forces, who 
are believed to have played an 
influential role in causing the 
• Government to make these two 
demands. 

For the Spanish military, 
moulded by 40 years of 
Francoism. the unity of Spain 
remains, as it was during the 
Spanish Civil War, an almost 
sacred precept. 

' Spanish steel 
plants to close 

By' Jimmy Burns 

MADRID, July 26. 

AS PART of an overall restruc- 
turing of Spain’s depressed steel 
industry, management at 
Ensidesa, the largest integrated 
steel company in the country, 
has announced a short-terra plan 
to help reduce excess capacity 
This will involve shutting down 
antiquated machinery, including 
two synthesising machines and 
coke batteriPs at its three 
factories in Asturias, in North- 
west Spain. 

Although the measures include 
building a new industrial com- 
plex capable of creating alter- 
native employment. Ensidesa's 
management as yet remain vague 
concerning the reduction of its 
28.000 workforce. According to 
officials at the Ministry of 
Industry, the shut downs would 
immediately ■ affect some 700 
workers, though it is expected 
that these will be found alters 
native employment. 

Ensidesa. which is 88 per cent 
owned by INI, the State holriins 
company, hr»d a deficit of Pi as 
I0.9m in 1977. Its problems arc ’ 
similar lo those faciDg. the two 
other integrated steel companies. 
Altos Homos de Vizcaya (AHVl 
and Altos Hornos del M*di- 
terraneo fAHMl. AHM together 
with Ensidesa accounts for 75 
per cent of the integrated sector. 


WITH THE sentencing of Dr. 
Yuri Orlov, Alexander Ginzburg 
and Anatoly Shcharansky, an 
; uneasy sense of ideological calm 
has settled over Moscow. The. 
Soviet authorities’ bid to destroy 
the groups set up to monitor the 
J975 Helsinki accords has shaken 
the dissident movement, which 
never, in any case, contained 
more tb an a few hundred acti- 
vists, and it will need time to 
reorganise. 

However, it is virtually certain 
that the authorities' attempt to 
crush dissent through long 
prison and exile sentences, but 
without full recourse to Stalin's 
bloody methods, will fail. 

With each wave of arrests and 
trials since the trial of the 
writers Andrei Sinyavsky and 
Yuli Daniel in 1966. the end of 
the dissidents has been predicted. 
On each occasion, they have re- 
surfaced with renewed energy. 

I The resilience of Soviet dissent 
lies in the facts that it is both 
an inevitable response to the 
complete lack of individual poli- 
tical rights, and a specific sub- 
culture which, because its mem- 
bers have chosen to join it. fully 
aware of the risks they run, is 
ineradicable under present cir- 
cumstances. 

The Soviet Union, although 
more tolerant than It was in 
Stalin’s time, employs intensive 
police surveillance, ubiquitous 
informers, eavesdropping and 
letter opening. The Soviet citizen 
has in practice no right to free 
speech or assembly, no ability to 
form independent organisations 
or to publish opposing opinions. 
As the trials of the dissidents 
demonstrated, there is no 
guarantee of due process of law. 

The dissident movement has 
various elements— democratic 
dissidents, nationalists. the 
religious rights movement. Jews 
seeking to emigrate — but in 
general consists of people who 
have dedicated themselves to 
working for the creation of 
reliable political rights as the 
only means through which their 
other goals can be effectively 
realised. 

The dissidents are. self-selected. 
They know their activities will 
end their careers and could 
mean that they go to prison. The 
need to be prepared to accept 
the grim consequences is why the 
dissident movement is so small 
numerically, but also so wide in 
influence - (almost everyone in 
the Soviet Union is aware of it) 
and so difficult to suppress. Any 
dissident gathering is peopled by 
those who have been to the 


labour camps or are soon to go,, 
and they are bard to intimidate. 

The present campaign against 
dissent, which is only the latest 
of a aeries dating from the 
bate 1960s, began with the 
seizure of Alexander Ginzburg 
in February 1077 .outside a pay 
telephone booth near his wife's 
apartment It grew out of a 
basic feature of Soviet life, the 
Soviet desire to make solemn 
international human rights com- 
mitments without loosening the 
State’s total control. 

The Soviet authorities signed 
the Helsinki accords aware that 
they could not honour them. 
With their formation of the 
Helsinki agreement monitoring 
group in May 1976. the dissidents 
accepted the implicit challenge 
to bold the authorities to their 
word. 

The arrest of more than 20 
members of "Helsinki" groups 
in Moscow. the Ukraine, 
Lithuania, Georgia, and Armenia 
in the last year and a half and 
the sentencing of 16 of them has 
deprived the movement of its 
most effective leaders bid; has 
far from destroyed it 

On July 16, the day after 
Anatoly Shcharansky was sen- 
tenced, remaining Moscow dissi- 
dents crowded into the apart- 
ment of Dr. Andrei Sakharov, 
the Nobel Peace Prize winner, 
to reiterate their determination 
and announce the appointment 
of a new member of the Moscow- 
based Helsinki Group, Professor 
Sergei Pnlikanoff, a nuclear 
physicist and corresponding 
member of -the Soviet Academy 
of Sciences. Professor PoJikanoff 
said he was joining the group in 


light of recent "significant 
losses” and would contribute to 
its work in any way he could. 

The disparity between the 
freedoms the Government pro- 
fesses to guarantee and those it 
actually grants is typical of the 
Soviet Union. The authorities 
make human rights commitments 
because they want to attribute 
the apparent unanimity of Soviet 
society to Marxist development 
rather than to the absence of 
freedom. Unanimity in the 
Soviet Union, exemplified per- 
haps in the Supreme Soviet, 
which may be the world's only 
parliament never to have voted 
no, is always held to be 
voluntary. 

Soviet authorities may thus 
ignore ostensible rights and free- 
doms but can never disavow 
them. When two dissidents went 
to the Moscow City Council last 
year to say that they planned 
to hold a demonstration in 
Pushkin Square to mark United 
Nations Human Rights Day, they 
were not told that such a 
demonstration would be illegal, 
but merely advised that if 
hooligans from nearby cafes 
decided to beat them up, it 
would be exclusively their fault. 

The atmosphere of unreality 
which this situation creates is 
part of the life here and limits 
the extent to which the dissi- 
dents. who always attempt to 
take human rights commitments 
literally, can pressure the 
authorities to honour the rights 
the authorities have themselves 
promulgated. 

When, however, the Soviet 
Union signed the Helsinki agree- 
ments in which it derived 
tangible benefits such as Western 


agreement to the European 
territorial status quo in exchange 
for specific Soviet undertaking 
on human rights, the situation 
changed. If the West was serious 
about compliance, the Western 
powers would need information 
about Soviet violations which 
only the dissidents could supply 
and. for the first time, the 
dissidents would have a directly 
concerned external ally. 

The crackdown on dissent, 
which has been unprece- 
dentedly thorough has often 
been depicted as a response to 
President Carter's human rights 
campaign. In fact, the interroga- 
tions and searches which are 
normal preparations for arrest, 
began before President Carter 
assumed office and the author- 
ities would have almost certainly 
acted to suppress the Helsinki 
group regardless of who had 
been in the White House 

The Soviet Union was born of 
a successful conspiracy and per- 
haps acting out of unconscious 
memory, the authorities im- 
mediately suppress any form of 
independent organisation. This 
is no way surprising. The Com- 
munist Party's dominance of all 
organisational life — political, 
religious or cultural — means 
there is a social vacuum in the 
Soviet Union which would im- 
mediately draw in a wide range 
of discontented elements were it 
allowed to be utilised. 

The Helsinki group, in the 
eight months during which it 
operated freely, established u 
network of contacts all over the 
country, and began receiving an 
enormous volume of mail. If 
allowed to exist, it could have 



Suspended sentence for Jewish activist 


BY OUR OWN CORRESPONDENT 


MSS. MARIA SLEPAK, the 
wife of Mr. Vladimir Slepak. a 
recently exiled Jewish activist, 
was today given a suspended 
three-year labour camp sen- 
tence after being convicted of 
malicious hooliganism. 

The unexpectedly light sen- 
tence meant that she was 
released from custody and is 
now able lo join her husband 
In Siberian exile while main- 
taining their Moscow residence. 

The Steps ks were arrested on 
June 1 for hanging a banner 
from the window of their 
central Moscow apartment 
reading: “Let ns leave to join 


our son in Israel.” They have 
been trying to emigrate to 
Israel for more than eight 
years. 

Mr. Slepak, a member of the 
dissident Helsinki agreement i 
monitoring group, was con- 
victed of hooliganism last 
month and sentenced to five 
years' Internal exile, but the 
prosecutor recommended 

leniency in Mrs. Slepak’s case 
because she was a pensioner 
and had never been tried 
before. 

Under the terms of her sen- 
tence, Mrs. Slepak can be sent 
to a labour camp to complete 
the balance of her term If she 


MOSCOW, July 26. 

commits a punishable offence 
during the three-year period. 
If Mrs. Slepak does not commit 
a punishable offence during 
that time, the conviction Is 
expunged. 

This is the first show of 
leniency in the recent rnn of 
dissident trials. Mr. Ler Lukya- 
nenko. a founder member of 
the Ukrainian Helsinki group, 
was sentenced last week lo the 
maximum penalty or ten years 
in a special regime labour camp 
and five years' exile after being 
convicted by a court in the 
Ukrainian town or Gorodnya 
of anti-Soviet agitation. 


Anatoly Shcharansky 


become an institutionalised in- 
ternal opposition with wide 
sources of information and im- 
portant foreign contacts. 

President Carter's human 
rights campaign far from in- 
spiring the arrests, may actually 
have helped the dissidents in the 
long run. by emphasising to the 
Soviet leader the continuing out- 
side interest in the dissidents’ 
fate. 

The international reaction to 
persecution of dissidents for 
attempting to exercise rights 
officially endorsed by the Soviet 
•Government and generally 
acknowledged to be basic to 
human dignity, sets limits on 
Soviet behaviour the system 
would never generate itself. 
There will be no protest demon- 
strations in Red Square if Dr. 
Sakharov is arrested hut the 
Soviet nulhoriiie*; must consider 
.what would happen outside the 
country and lo the Soviet Union's 
prestige. 

Part »f the reason jhe Soviet 
Union signs international human 
rights agreements in the first 
place is because it wants inter- 
national respectability. The 
Soviets will probably continue tn 
sign siu-h doc union is if. fur no 
other reason, out of a reluetjr.cp 
iii disqualify themselves as 
suitable sigria to ries. 

What lhe Soviet authoritiei 
may not fully realise is that the 
rest uf the world which does not 
accept the Soviet definition of 
the individual as without 
political rights before the State, 
will probably continue to react. 
The continuance of mendacious 
political trials backed by ihc full 
aulhnrity of the Soviet State is 
likely, therefore, to he a sourer 
of tension between Russia and 
the West Tor years to come. 

It may be hoped, however, that 
the dissidents' selfless activities 
—so apparently fruitless-may 
over time and with the help of 
this Western reaction be a source 
of pressure on the Soviet Union 
to become less closed and rigid 

U.S. rebuffs Russia Page 4 


International financing 

with a global clientele highlights 
another successful year. 


Balance Sheet as at 31st March, 1978 


ASSETS 


LIABILITIES 


Francs 


Liquid assets and balances 
with banks at sight 
Balances wifh banks for 
agreed periods • 

Balances with financial institutions 
Secured advances 
Unsecured advances 
Securities 

Other Assets 


Tola) Assets 


5,81 4,443,802.- Liabilities to fins 

Liabilities to noi 
1 4,301 ,923,376.- Other liabilities 

7,563,005,178.- Provision for co 

2,593,1 mi 35.- Capital and res 

1 3,082,869,920.- Profit brought fc 

1 639,777, 88a- profit for 197; 
1,919,473,534.- 


61 ,664.61 1 ,827.- Total Liabilities 


Liabilities fo banks 
Liabilities to financial institutions 
Liabilities to non-banks 
Other liabilities 
Provision for contingencies 
Capital and reserves 
Profit brought forward and 
profit for 1977/78 


Francs 

53,998,899,410.- 

558,335,000.- 

1.916,333,087.- 

2,449,307,778.- 

1,163,936,776.- 

1,321,000,000.- 

256,799.77a- 


61,664,611,827.- 


Notiee of Redemption 

Clark Equipment Overseas Finance Corporation 

4% % Guaranteed Debentarea Due 19S1 

NOTICE IS HEREBY GIVEN (hat pnreuant to the provisions of the Indenture fated las i of March 1, 
1966 as supplemented, under which the above-dcscnbcd Debenture are issued. Citibank, N-A. as 
successor Trustee has selected $35,000 principal amount of such Debentures for redemption on 
September 1 , 1978 therein sometimes referred to as the Redemption Date) through the f operatKm_ of 
the Sinking Fond at the redemption price of 100% of the pnnopal amount thereof, together with 

accrued interest to said date as follows; 

31,000 COUPON DEBENTURES BEARING THE TB SPEC XEUSEtt K 

Hie Debentures specified above are to he tedcawrf.for the arid ng ^4 (a) attiie Corporate 

Trust Department oTMorgan Guaranty Trust Company. of New York, 25 Wall Steed, New V ork, 

■», Vnrk 10015 or the Corporate Trust Department of Enropean-Ametican Bank & Trust Com- 
Ncw 1 «k lOWo ortneuOT^a^ a pw ^ ^ regulations 

SEjlSSST Guaranty Trust Company of New York in 

applicable thereto, at tne prmowxom^ Aratcrdam-Rotterdam Bank N - v - “ Amsterdam, 
liuidon andPam P in Broads. Deutsche Bank AktiengeseDBchaft in Frankfurt, Banque 

faSgi *£*25^%^ a bank 50 N^Ytok Ofy. On the Ration 

ISf ^SSSSS^SnSSS Iteand payable itthe Bcdeqptm Pnct, and on and ate: 
such date interest on lhe said to ^ 


Gearing ife expansion to the steady 
development of the Euromarket, DGZ 
International continued to strengthen its 
position in interbank money activities, 
serving a worldwide clientele of first ad- 
dresses. Expert foreign exchange and 
money dealing in connection with its 
extensive international financing comp- 
lement the Bank’s services. 

The Bank again achieved good 
results for the financial year ending 
31st March, 1978. Total assets rose /LJi 
to Flux 61.665 billion, a growth of //* 


neariy Rux 7 billion (128%) over the 
previous yean 

DGZ international in Luxembourg 
is a wholly-owned subsidiary of one of 
Germany's major banks, the Frankfurt- 
based Deutsche Girozentrale - Deutsche 
Kommunaibank - (DGZ), the member 
institute on the federal level of the German 
savings banks organization. 

For more information about 
DGZ International and its 
SC\\ specialized services just get 
iatu in touch. 


Deutsche Girozentrale International SA 

1, Race d’Armes, R.C. Luxembourg B9462, Luxembourg-ViHe 
Telephone: 42471,-Telex: 2257 and 2607 


in lhe ugial manner. 


CLARK EQUIPMENT OVERSEAS 
FINANCE CORPORATION 


JtfyStilW* 



Financial Times Thursday July 27 197$ 


AMERICAN NEWS 


OVERSEAS NEWS 


New rebuff for Russia but Cs f er haik 

Schlesinger to visit China Turkey 

BY DAVID BUCHAN WASHINGTON, July 26. arms ban 


Rhodesia ready for UN 
to watch December poll 


WASHINGTON, July 26. 


THE DIVERGENCE in the would be reviewed on a caseJby- held - in Prising. The Energy 
Administration's attitudes to case basis until “we perceive a Secretary’s talks in Peking are 
Moscow and Peking has become better atmosphere on various expected to concentrate on 
more marked with the announce- issues affecting our relationship." China’s hopes of U.S. techno* 
meat today that Mr. James He repeated a point made by logical aid and expertise to 
Schlesinger. the Energv Secre- a “ Administration officials from develop offshore oil reserves, 
tary, is likely to visit China soon, toe President down— that arms Four U.S. oil companies. Exxon. 


By Our Own Correspondent 

WASHINGTON'. July 26. 
PRESIDENT CARTER has 


SALISBURY. July 26. 

BY TONY HAWKINS . ! 

RHODESIA WOULD wricomj ot Rh'odSinj 

"2K. S£U t ^ # SSTS Parliament** vflth it, '« JSf“.SS ! 


and ' the cancellations vesterdav control negotiations such as Union Oil of California, Phillips, E ress Imposed on the export wum- ^ ■ • . j u»e k m|, » « - i 

of ^anothe^offirial trip to the SALT w ° u ! d not be affected. But and Penzoil of Houston, have of arms to Turkey nearly four A . a news conference Mr. The new coiuditution. jndwito . Bw;ause 0 ( time pressure * 
Soviet Union P “d Administration runs the risk been invited to Peking for talks. »«®t aft «r the Turkish Cronje and Gibson Magara- It an end to SS yean of white therc w ju be no rtgtttraUoa.or 

oavier cnio . that the freeze on what it con- waa.mhiia i. invasion of Cvtinit wi» r*nve mtnonlv rule in Rhodesia. Will r n * th* <.nuntrvfi -first I 


welcomed as “constructive and cne-voie elections which will be 100-seat Parliament ^ lhe giecfeons. Come; 

statesmanlike" the Senate vote, held over three days m Decern- blacks, must vote tor a rresiwni and lhl! pMp i e decide, 
by 57 to 42 votes last night, h cr. Mr. Rowan Cronje, Minister along with the ind d0 not en deavuur to. impose | 

to lift the embargo which con* 0 f Manpower and Social Affairs, presidency will not be an cxecu your w jjj ihroush the barrel Of r 
gress Imposed on the export said today. tive P Dst - . , ... the gun," he said. } 



that the freeze on what it con- Meanwhile, unease in Congress invasion of Cyprus. 


mom be, his co*ciinistcr. eaves minority rule in 


voters for the country's -first I 


Department of Energy officials S iders'lcs S essenUal trips to the that the momentum of the Tlle c * rter administration, de ”Sls of what thev admitted come into effect at midnight on un j versa j franchise elections, 
today confirmed that air. soviet union could affect other Administration’s nm^him. nnitrv and that of President Ford 3 «imi»tnb!e leading up December 31. • Voters wil! have to provide proof 


Schlesinger had been invited by areas. might lead it to scran nrecinf- 

the Chinese Government and The Schlesinger- visit will bo'tately the 1954 UJS ? defence 
that he hoped to go to Peking the second to Peking by a mem- treaty with Taiwan wak reflected 
next month or in October. In p er of the Carter Cabinet Mr. m th e Senate yesterday By 94 
contrast, the cancellation of a Cyrus Vance, the Secretary of votes to nil. the Senate passed a 
trip -to Moscow by Mr. Lawrence state went to China a year ago. resolution which does not bind 
Simons, the Assistant Housing The Schlesinger visit pomes aFter th e President ealline for it to 

CitnvnlofM- nomor ennn nftaar* hone U U H ..... 6 • . 


Administration’s pn>China policy to* 1 of Presidect was a tight timetable leading up December 31. • Voters will have to provide proof 

might lead it to scrap precipl- smugly opposed the arms ban, t0 handover to majority rule Mr. Cronje announced that an 0 f ape a n d citizenship— with IS 

,nc ’ ” * J -' arguing that Jt was not produc- fln oecemher 3L Before the electoral supervisory commission, being the quaUftihg age for 

“TP of concessions from Tui^ elections the constitution, which to be headed either by. a High voters. 

key over Cyprus, and that it ^ stUl being dra f te d, must be court judge or. a former High Mr. Cronje estimated that 

t?®***®*?®' the integrity of approved at a referendum of the Court judge, would be appointed there would be. between -1,500 

the NATO alliance. S5 00Q white, coloured and asian as an Internal watchdog to over- and 2.000 polling booths through- 

But, for Mr. Carter, who has vo j ers and musl a i s0 be enacted see the electoral process. The out the country and these would 


Secretary, comes soon after bans trips b y Mr. Zbigniew Brzezinski. be consulted before any changes only 1(1111 S™* 1 diffic u,1 y ™ a two-thirds majoritv by the Government would M-elcome guarded by'security forces tn 

«« nl.nnari f-rinc Kv c»mnp IIS f' ; v-t , - . . ... J ^ fnn trrocciAnnl for ' wiuJ “ J i .... . <• 1 1 nw, .1 . h-.-L,.:. 


on planned trips by senior U^. president Carter’s National i n the treaty, are made, 
scientific and environmental Security Adviser in May and by Peking insists that the US 
officials. It is intended to demon- or. Frank Press, the White must abrogate the Taiwan treaty 


Congressional approval for 
other foreign policy initiatives, 
such as the Panama Canal 


Chad peace 


streie U.S. distaste of Soviet House Scientific Adviser earlier before establishing diplomatic treaties add the sale of air ; 

t nf r \ i rc irlontc o nri * v . ... — . r “ . I rmft tn run# <.n>l CoTirli 


existing Rhodesian Parliament, observers from all sides. "We prevent Ihe Patriotic Front 
Bv December3 approximately have nothing to hide, ihc Minis- u ^ C h has promised to disrupt 
3m black voters and S5.000 white ter said. . the poll, from destroying them. 


By Andrew • 
rtCtndy in N'Olomana 


treatment of dissidents and thj s month. relations with Peking The Presi- 

American reporters working in The relatively hawkish views dent has a constitutional duty to 
the Russian capiial. about the Soviet Union for which secure Senate approval for" all 

Mr. Hoddins Carter, the State Mr. Schlesinger was known dur- treaties, but the Senate resolu- 


craft to Egypt and Saudi 
Arabia, success an the Turkish 
arms embargo is not yet com- 
plete. He stilt faces a tough 


Department spokesman, said that ins his tenure as Defence Secre- tioa underlines the concern of/ iTU? 

ail future trips by Government tary in the previous Administra- those who do not want to see Jj reek the House oi 

officials to the Soviet Union tion will accord well with those Taiwan ditched abruptly. Kcpreseniatives, whldb is due 


voters must receive ballot papers me irnnsiuuiiiu xnvic »uum uc nuu, 

for the elections which will be was determined to show that the one while polling officer In each j 
held from December 4-6. The elections were free, fair and of 100 districts drawn from._1hej 
election result will be announced impartial, he said. civil service and the African 

on December 13 Mr. Cronje said this was vital teaching service. 

Mr Cronje said that by because Air. David Owen, the Mr. Cronje, who with Mr. 
December IS the 28 white MPs British Foreign Secretary, had Magaramnntbc. is joint chairman 


uii uALf rtttnaR meeting in 
Khartuma came when Presi- 
dent ' Fobs MaUOum of Chad 
launched a. virulent attack on 


RnnrPcAntaliiroe i_ i c j..- D0CCinO6r 15 UQe -O WlUil? 1UT9 Dilil3ti &' ui ci^u du-iciai;. unu umniiiuv. jvuu nnwi iiium . Libya for itS^aUczed'irivolve- 

tova?aat I Sb ssibn and the 72 black ilPs along with already conceded hint if free and of the special Cabinet committee; ment on the stdeolrebel* who 

WH S Th? Se Council of Chiefs must meet fair elections were held. Britain established to oi?ani» =the have effecUvely paittUoned Wa 

to elect 30 senators for an Upper would have no choice other than elections claimed that recently ^Country. • 

nn House In terms of the constitu- to abide by the result - the Government had achieved a The aununit ended, With the 

“A , asas‘£i t *». , ^T^ereaTfobalOsenntors TheMinistorsaidhcfcU.M breakthr ough _l. _.Hs_ .piferts __U» ..yffiSf ■ fi 

major teht of his southern elected bv whiles. 10 by blacks per cent poll, that is about l^ra secure a ceasefixain the SBernUa 

Africa policy, in that Senators and 10 by the traditional chiefs, voters, would be enough to satisfy war. 

are to debate whether to lift — — — ■■ ■ 

the boycott imposed 12 years ^ - 

Beirut’s war of attrition spreads 

now would undermine the cur- * 

rent. U.S.-UK initiative to B y ,hc an hHAZI BEIRUT, July 26. 

bring about a negotiated 

settlement between the THE WAR of attrition between The Voice of Lebanon pressing for the Syrians to leave 

Interim Government in Syrian troops of the Arab peace- radio station of the right-wing Lebanon, if not immediately, 

Salisbury and the Patriotic keeping force and Christian Phalange Party, said 30 people then when the mandate of the 

Front guerrillas. militias has sDilied over to had been killed and 65 wounded Arab force expires at the end or 

Before the Senate are two Beirut’s south-eastern districts in 24 hours. September. But Syria is deter* 

amendments— one proposed by a f ter intensifying last night in President Elias Sarkis today mined to break the militias mili- 
«*— - lhe Christian suburb of Ai held urgent talks with the Uabi- tary and politically. - 

Hadass. net to discuss ways of defusing There is now an Identifiable 

Shelling and rocket attacks the situation. However, prospects change in tactics by both sides, 

were heavy, and a Palestinian for an early end to the conflict The Syrians, under Israeli and 

refugee camp, Borj Brajnch, near look bleak as the Syrians, on Ihe U.S. pressure during the fierce 


Bank of 
Canada 
raises rate 


First Union bank plans 
to open London branch 


BY JOHN WYUES 


NEW YORK, July 26. 


ONE OF the first London branch persuaded to open in London by considers that any such step 
8y Victor Maekje offices to be established by a some of its clients, particularly now would undermine the cur- 

GTTAWA, July 26. U.S. regional bank for several Mid- Western multi-nationals in- rent. ILS.-UK initiative to 

THE BANK of Canada today years is to be opened in about eluding Caterpillar, John Deere, bring about a negotiated 

raised its bank rate from Si per six months by the First Union Monsanto and International settlement between the 

cent to 9 per cent. The rate had Bank Corporation, the SL Louis- Harvester. “They told us that, “1®™” Government _ in 
been SJ per cent since April 4. based bank holding company. if we open in London, we shall &aUsbury and the Patriotic 
Mr. Gerald Bouey. governor of First Union’s initiative is more business to 2 * we are f™ 0 * fiuemlliu. 
the bank, said that in recent significant because itromes at 1 doing now ’ said Mr - Ford wto Bef 5 re S<natc are 
months there has been a further fJme whin ■ numbed tj s added that his bank would seek * mendme ? ts -° ne Proposed by 
significant upward movement of J e m 0 nalbanks areknown t oh e co rporate business in Europe -Senator Jesse Helms lo lift 
interest rates" in the U.S. .Under SSStafid ^wST tSTZSJS. “ore aggressiveiv than some of ^ctlons.mmediately and ontil 


Beirut’s war of attrition spreads 


interest rates in tne u.o. unuer dise ncbanted with the perform- , t , c rival c 
current circumstances, it was nf r« n HnTi hnnohoc nn , n «H 115 u - s - rJvals - 


current circumstances, it was ance of branch „ opened 

important to keep Canadian in- in ear i v 10705 Moreover First Union, which has assets 


important to Keep v,ou*uidn m- j n Jjjg earl igyos. Moreover l ' irst union, which has assets 
terest rates related to those u s banks in general and ^ of close to S3bn, plans to estab- 
a broad, in a manner that did not ^ ew Yor k monev banks in nar- ,ish its London branch with an 
prejudice Canada s external are finding that their asse t base of about $50m. The 

,h. international profits are being »««■ whjch wlU be in Throg. 


ment on the stdenirebelxwho 
have effectively. puttlioped his 
Country. . . 


BY IHSAN HIJAZI 


BEIRUT, July 26. 


Arab force expires at the end or j n the LHnfair Covern- 

September. But Syria is deters r ment, recently had talks with 

m innH fft hranlr thp miiitlflfi mill- t/aUra 3 


the end of the year, without 
conditions; and a compromise 
one from liberal Republican 
Senators Clifford Case and 
Jacob Javits which would lift 
sanctions once a negotiated 


Beirut’s international airport, one hand, and. the Fhalanglsts fighting earlier this month,- have 
was hit. The airport’s eastern and the National Liberal Parly been exercising some restraint. 


The governor noted that the ^^VedTy narrowiii interest morion SUeet. will employ 
L'T i S?.S f ,l e Lliw me. treads id the European “.Professional 


runwav was hit by bullets but of the former president. Mr. They maintain the shelling for a Earlier -this year, forces iff -.the 

- P ... — . B . l_ V f „ I V* ua . 1 


settlement had _niade free j airport continued to function. Camille Chamoun on the other few hours and then ease up to 


the bank rate reflected the view 

that it was desirable to act be- ^ 

fore the offer of ihe forthcoming 


bankers. The First Union group. 


fore the offer of the forthcoming h ?^ e however. / J U Lou ls^ 'the St. 3 Louis tlul proposed by Mr. Helms, a 

Canada*aecuriUe^ 0TarnraeI1 ^ * Sg brancl i .ST2S ^^ZnT^I uT^«5BS!1m!«S 

.. Mr -,Eon'y “Id th.at_ assn with ^rate busfnVs lloue'aud lt°.Q growing °U.S. regional KricSS 


elections possible in Rhodesia. 

The Administration prefers 
the CaseJavits amendment to 


Militia reinforcements moved seem to be set on their collision pre-empt whatever -outside reac- 


into pine woods near the presi- course. 


tion there may be. Later they 


dential palace. 


The Right-wing militias Are resume their bombardment. 


rebel group Frollrat advanced 
rapidly southward from their 
bases In the northern moun- 


tains. lo February they took 
prisoner nearly on a -third of 


Canada securities. Drofltehl a nnth e ha ^is of mZ bajlks - is amon 2 toe top 20 

Mr. Bouey said that even with j^te busfness alone and* it is S rowin e U.S. regional 

the higher rate, the rate of | esa interested in scrambling for banfcs 

monetary expansion In Canada, a share of loans to individual According to Mr. Ford, the 
which was 81 per cent over the countries which are an important London Branch would be 
an part of man y U.S. banks’ in ter- expected initially to yield a 

remain within an acceptable na tj 0 na] portfolios. return on assets of 0.5 per cent 


Hint of Tunisia change 


BY ANTHONY McDERMOTT AND TANYA MATTHEWS 


Richard 


nv. „ * m.w. First and in time to approach the 

infnio f xrinfrtftp C Mr D ri n Union’s president said yesterday bankVnormal return of 0.75 per 


Finance Minister, Mr. Gene 
Chretien, said he does not expect 
the rise in the rate to affect 
significantly the target of 4.5-5 
per cent real growth in Canadian 
gross national product this year. 


been partially cent. 


tactical mistake in that it 
would reduce the pressure on 
Mr. Ian Smith, the Rhodesian 

S i a.“Lff OUt F0R toe first time in 21 years the Important position .of 

The Spnaie has; mad p the President Bourguiba was absent Minister responsible to the 

IimS of foe Tnridsh^mbareJ irom celebrations in Tunisia on Prime Minister.’ 

e T “_ h Mondav markins the anniversary A number of Tunisian 


Chilean air force crisis 


BY ROBERT LINDLEY BUENOS AIRES. July 26 . 

f'T A * I nfil tr a f pH GENERAL Gustavo Leigh has The 19 forced retirements or 
lutiAiAtti.t'tA forecast “difficult moments for resignations left only one other 
i i i Chile." after ho was expelled on serving air force general, besides 

DV LUDED SDV Monday from IN? ruling Chilean Gen. Matthei. He Is Gen. Javier. - , 

J “ ^ military junta by its other three Lopetegui. who has been pro- total of $l«om which Turkey 

HAVANA, July 26. members, and from his post as nioted from the post of air 
A CUBAN spy inflltraied the air force commandeHn-chief. attache in the Chilean embassy 

U.S. Central Intelligence Agency * 

fCIA) in the 1960's and worked 
for it for eight years, the official 
Cuban newspaper Granina has 

reported. resigneu my puau jne saia taai Msuiurny iu uie sur mite. ««**# v«* «».* ™«i 

The man Sr Manuel Hevia he wil * appeal against the Gen. Matthei denies reports the action, ** despite the limlU- 

Consulluuela, worked his way up “ W*® 211 expulsion” to the that some colonels have resigned, tions and conditions Imposed,” 

tn a* senior CIA nost and served courts. or will do so, in sympathy with was bound to contribute to a 

as chief of security at a meeting Eight other air force generals Gen. Leigh, In his first news hardening of “Turkish bi- 


conditional on progress 
towards a settlement . on 
Cyprus. Specifically, the 
administration must report to 
Congress every two months on 
any progress. ’ 1 ' 

Two factors In the vote yes- 
terday were the provision of an 
extra S-lSm in military sales 
credits to Greece— a step which 
brings the level -of C.S. 
military aid to it up to the 


Japan industry 
production 
may level off 

By Charles Smith 

TOKYO, July 26. 


prisoner nearly ona-thlm of 
the Chad army— some 1JW0 
men— at the garrison town, of 
Faya Largeau. 

Ignoring in agreement, reached 
In March with thie. Chad 
Government in Libya; Frolmat 
men advanced about 600 miles 
Into central Chad but were 
finally stopped in late May by 
L200 or more, haslily- 
summoned French troops in 
fierce battles at Ati and 


members' and from his post as nioted “from the post of air] already gels. 


attache in the Chilean embassy 


nrn-re« Monday marking the anniversary A number of Tunisian Tokyo, JUiy jo. « Brce battles at Ati and 

Of the proclamation of the ministers who resigned. . Jasr JAPAN'S INDUSTRIAL’ produc- n iJJldah * 
f tJJ Republic. Instead he was in December in the wake of U* ti^b Self by 0.7 per cent fo June . ceasefire Hne 

’ C Paris with his wife Madame unexpected dismissal of Mr. from Its May level, according to Wretches across th^ cduntry 
Wassila Bourguiba, stimulating Tahar Belkhodja, lhe _ Interior preliminary - and incomplete - fram Biitine in the east 
again a wave of gossip about her Minister, and before the nots findings announced today by the through Abeche and Ati to Bol 
political influence over him. and »n January, have exiled tliem- Ministry of International Trade — , on x^ilce Chad, only about 100 
the possibility of extensive selves to Paris. Among the most and Industry. tMITI). miles north, of the capital, 

changes in the Government ® e, “ 1 l° d J i a The fall, if ’ confirmed, would Since May there luw been tittle 


whenever he returns. toe first in eight months and fighting, but each day French 

Instead Mr. Bourguiba ex- Tbe f ®™' has added to suspicion that electronic surveillance aircraft 
changed telegrams of good . ^ ” put ® d Japan may be in for a period Hy over Frolmat positions* 

wishes with Mr. Hedi Nouira, l?Srt oftiio of economic stagnation in the The conflict originates In what 

the Prune Minister, who is his . Z"** ' 0 v,,,!m middle of the year. tlte Moslem northerner see as 

constitutional sucressor and who ®f m P®htion build- figure published the t domination of Chad by tho 


Our Nicosia Correspondent constitutional successor and who J®J s '* taDdj ”S f l f m J5Sh 0 ! n i ,u j£ 
... „u. j yesterday conducted the tradi- i Q E u j? so much for the 


in 1970 of governors of the Inter- were f° rcetl °o to the retired conference as air force com- transigence ” on Cyprus. 
American ° Development Bank, list - a l° n S with Gen. Leigh, mander-in-chieF, he also denied Metin Munir adds 


the paper said yesterday. 


because the President. Army a suggestion that bis promotion Ankara 


According to the report, he General Augusto Pinochet, of nine colonels to fill some of Minister, Mr. Bulent a Ecevit, jthe last six months. 


vears'and who had gone to Paris particular represent the more of production in July (down .0.3 

hardening of “ Turkish in- officially “ for a week’s ordinary riffitl school of thought which has per wsll sud August (up 0.1 

ansigence ” on Cyprus. medical examination” would be ®?*“ ped > , do '!T 0 , on th e country 

Metin Munir adds from staying on with bte wife who bad ““ce the January riots and A further sign JSS’S*' 

□ kara: The Turldsh Prime been in the French capital for beUeves that the PSD _ contains economy may be _ slackening 


sufficient political varieties to | comes from a comparison of Amt 


joined the CIA in Havana' in named a general junior to them, the vacancies left by the victims today was non-committal to- 

. ^ . ■ — ■ CAWtmnrYn Bf n ft hoi nf tkn AnA Miff nnn nvn f r "l flfUrffe f hn Sp til f b Pflfp C^IVlfllT 


196° and later went abroad to Feniando Matthei. to succeed of the ^ massacre of generals" 

work for it. while taking orders Gen - Leigh as air force will affect the efficiency of the 

from Cuban security head- commander-w-chief and junta air force. "I have no fear at 

Quarters member. all about the efficiency of the 

Yesterday, ten more air force Institution.” said Gen. Matthei. 


wards the Senate vote, saying rated to 
that the conditions attached to political 


Madame Bourguiba is generally provide an outlet. But if the and second quarter growth rates 
ted to have considerable President were to fall in with in the industrial production, 
litical leverage and is fa i s wife’s supposed machinations, index. Jn the January-March 


the repeal could have draw- rumoured to have refused to he would effectively be cutting period, production picked up by 


backs and advantages- 
If Greece, the Greek-Cypriot 


return to Tunis unless her hus- toe ground from under the feet 2.9 per cent but in the second 
band made some important of Mr. Nouira. quarter growth was reduced to 


The paper gave no other generals resigned in solidarity After the jettisoning of Gen. administration and the Greek changes in the Cabinet. The At the same time, such changes 1.5 per cent • * 

details, but said _ that a book with Gen: Leigh in hi s call-in Leigh by the other members of lobby in the U.S. exploited ministers most usually singled would open the way to more • The Japanese Government will 


about his experiences, called an interview with the Corriere the junta. Gen. Pinochet said. 
Passport 113.13 — bight Years de j| a s era newspaper of Milan, referring to the call fora return 
with the CIA. would ne published published last week — for a to democracy within five years: 


these conditions, “the Cyprus out for removal are Mr. Abdallah liberalism, and to such men as decide by ..September 2 


problem can drag on and Farhat, the Defence Minister, Mr. Ahmed Mestiri, a former measures to fulfil pledges by Mr. 


soon. 

Reuter 


Turklsh-Greck 


Turkish- 


return to democracy in Chile “Aims are important, not a time- U.S. relations mav be adversely 


within five years. 


affected,” he said. 


and Mr. Mohammed Sayah. who Interior Minister, who 
is both head of the single Destour attempted to challenge 
Socialist Party (PSD) and holds domination of the PSD. 


has Takeo Fukuda, the Prime Mini- 
the ster, at the recent seven-nation 
economic summit in Bonn. . 


Nancy Dunne reports on Baltimore's dollar-a-house renewal scheme 


ART GALLERIES 


ACHIM MOELLER GALLERY. 6. GKK- 
venar Sired. OR Bond Street. W.l. Tel. 


*93 7611. Selection or T5 Mincings tn 

KAOINSKY and SOth CENTURY ■ 

Monani« ErnSt *mi"o. Nwe*.’ pIcSmo T* 1 ® BALTIMORE currently more is a thriving metropolis terest loans to private renovators make their homes habitable and repaves streets, instate new light- gramme cai’ed " sb opsteading.' 

».q. wirouan July. being sung about by American with gleaming new downtown to rehabilitate the bouses and must live in them for IS mouths ing, and landscapes the area, the city i6 selling some of its - jpg* Htese in* H r>h wh n hiv-a 

browse * darby. 15 cart sir«t wji. pop singer Randy Newman, is a buildings, a major theatre, new Jive in them. Loans, ranging before the city hands over the There has been some criticism 500 vacant city-owned buildings famous as the ruthless lailer of 

MMt”-Fri. io.oo-5.oo. sSr n> io.aao2!3S: city which — with some imagi- hotels and restaurants, sports from 1-7 per cent, are available deeds. of the cost of the area improve- to _ would-be businessmen_ for French areha«oiorisc 

cmande gallery. 5-6 cork StfMtl w.i . native urban renewal effor.ts — and coaventioa centres, a world from city and Federal agencies The dollar house programme meats — which are made in all S100. Shopsteaders can get finan- Madame Claustre . T* 

GREGORY 6a FiNK Exhl M t d!I"F” ,,,t io5s3o' is f ast shedding its seedy “hard trade building, museums and a under a variety of programmes, is only one of several city pro- the homesteaded areas — but city dal help to renovate and operate op Ce t ^ e Government has been 
*■*»- io-i. " ' town" image. And, "if there lovely redeveloped inner harbour The programme proved so jects designed to save the more officiate say the revenues pro- their businesses - tlirongh the changed to reflect thenumeri- 

ain’t nothing there for free” area. popular that for the first 100 than century-old homes. In the duced by new taxes collected in Business Administration, cal superiority Of the Moslems, 

precisely, *it has instituted o-ne Baltimore is known as a work- homes offered, 700 would-be rehab-sales programme, the city the rebuilt neighbourhoods more or they can borrow up to S50.000 if ^ calculated it should 

— — — ^ programme which offers city- ! ncmjm ' S town a eitv of widely taker s appeared. A draw was itself fixes up individual houses than pay for the improvement P e ]*. structure from the city. j n a strOil n fer position to 

*5B6 Q mocl owned hom^* for sale f0 r an “^ S e S |reu% and 300 ! costs ^ ^ l ££F££' ^ ^otiate wifo'Freli^t. 

iA.NqscAPts.by rk; 1 . AUBemitaw. initial investment of $l. neighbourhoods 6 Wave after , Talk to the homesteaders and - vear ? do ^ n pwment According to various source* 

Ten years ago Brttaii. JK tathStaS Hard times in the City they wil! freely discuss the tribu- 2?or ^noJ^n £ S d ,° Ver in N^jaSenl Government 

seemed a classic example of here f rom Europe — Poles. Id a hard town bv the sea lations of rebuilding and the joys a ^f f .? ll i2 r ®i' 0 I " l* co . mplele - changes- may he near and 

urban blight and suburban Italians. Ukrainians, Greeks, a hartt town Dy the sea of accomplishment. Much of the h “ uc 5° f ®.£ ra a«» PresWent Mailoum told me: " l 

flight. Founded by the Calvert Lithuanians. GermaSs, Irish— Ain t nowhere to run to work is done by individual S^mlnlSrS tln?nf can assure you a government 

family in Ii29 on the Chesapeake of them settled here Therp ain't nothin 0, here for free owners or groups of home- n nn _i , c-h&ofA,. ■ Viliam of national unity will be 

Bay and settled first by English HT terraced hoSes About half ® 1 n0 ,? stcaders who band together on ?S aef 5 ; , a. no-nonsense 

Cattoiics. it has turned to its Se noStion^y is bteck Oh, Baltimore, man it’s hard just to live a job in the spirit of the Old- Still lives in the 

roots for rejuvenation with a me P°P u ‘ anon loaa y 15 °‘ acK - Qh Baltimorp man ft * s hard * 0 Uvc 1ust to Iive . time bam raisings. One couple If n rra ?® d , w ^ crc r he grew WMI 

pioneering - type programme At the beginning of the decade * oaiumore, man its nara just ’ J exhibited their home to reporters state '"9 dc famous for But Frolinat has its Own Internal 

called “ Homesteading.” the neighbourhoods which had — Pandv Neuman, / Baltimore at a recent city-sponsored picnic 1 i**fS ,Dle cr » ,■ corrfi Pt unity problems.' Its •“third’ 

"The nli«ht of the citiec" a« ^ een 50 ffluc ^ a P art Balti- i T01tl ! Little Cfimmcte nlburn. f qr homesteaders at which the „ , I ' 5, ,? ®?.to inor . e Sun army," under Abaker Abder 

it traopM “ the media more ’ s attractiveness and ** cil 7 warded ownership of he {HgJ 1 « l h W«u with . no Rahman, has broken away from 

diversity, were on the decline. Hightrce Music, 19, .. 500th .. dollar house » K «- anrt ^dS.ng, “as pure as the driven C,onkknni and launched irtde- 


Homesteading with a little help from the city 


anlmist and. ’ " Christian 
southerners ever since France 
gave this artificial country 
independence - IS years oao. 
More than lialf Chad's 4rt 
people are Moslems, and 
Moslems control business,- but 
the Government is Jn the hands 
of -southerners. - \ ” . 

The.Moslems want more goycro- 
flierit affd official posts and an 
Arabic— rather than French- 

1 based-education system. The 
southerners argue that the 
educational standards of the 
Moslems are not high enough 
to justify their getting more 

' jobs -and say they do not send 
their children to school. 

Major Jalloud’s trip to -Paris 
followed a meeting in Tripoli, 
the Libyan capital, of" Govern- 
ment . .representatives and 
the Frolinat leader; the 34- 
year-old .Goukkouni Woddeye. 
Frolinat demanded the vim- 
mediate withdrawal of French 
troops from Cbad and w;as un- 
willing to give anything in 
return, so ' the - talks broke 

- down. . 

Sncfa talks with Frolinat may be 
premature. The French would 
first . like to see an internal 
settlement between the govern- 
ment, of President Felix Mai- 
loum, various exiled civilian 
politicians and . some disillu- ■ 
sioned Frolinat leaders, includ- 
ing Hisseln Habrf, who became 
famous as the ruthless jailer of 


Grove, st. John's wood. 586 3800. owned homes * for saie lor an ■varying ethnic groups and 300 

initial investment of $i_ neighbourhoods. 6 Wave after 
lumlcy cazalet, »* i<a ^t.. w.i. Ten years isammore wave of immigrants have landed 


01-499 SO 58. MATISSE — Orawlnosl | seemed a ClaSSIC example of h*ro trnm Fiimn# Pnlp. 

Prints and Illustrated Books. Until 28 I lr0 ™. . Europe _ roles. 


urban blight ami suburban Italians. Ukrainians, Greeks! 

flight. Founded by the Calvert Lithuanians. Germans, Irish — 

foroily in 1/29 on the Chesapeake ^ man y of them settled here 

Bay and settiwl firet by English j n terraced houses. About half 

, B?v.r , ais! i aaBi.. , Si,ssH population tod, y , s suck. 

and graphics bv interejiting intormtlonal TOOtS IOC rejUVeoailOn wnth a 

iooo.soo M sSE^iffeC?® Tues ■■' !r, ■ pioneering - type programme At the beginning of the decade 
THE market place gallery. coLY- called “ Homesteading.” the neighbourhoods which bad 

E& “The plight of the cities," as » »■" «* Ba ‘ n tl , 

*c»p« »nd sraswoes— on pjmtmss bv ,h trumpeted in the media mor ® 8 attractiveness and 
Tnitram Hinicr. r.a. ana watrrcoiuurs " “ ‘v; "- li: 1 . diversitv were OQ the declinp 

bv Charles KmgM, r.w.s., *"^’9 other became part of the American SL; 15 . 7 ’ I ■u j 6 ' 

rnVTi ^ G cffl consciousness in the 1960s when ™5_ cn i£! Ta * ! as h ‘i b and s ? 


Sundays all day and Wednesday after- ghettiOs 

noons ■ I a 


500th "dollar house." Mr. and ^ P « QnvC r 

Mrs. Don Wilson had lived in l n °*L H|s commissioner of 
their plflpant yAhahilifn+afl hOUSUlg UOtll last JfMf W8S Mr. 


THE PARKER GALLERY. 3. Albemarle toe eXOdUS «• 
Street. Pieeadillv. w.i . Exhibition ol Old owners to t 
marine, militant and snorting and tone- r _j,. 

graphical pnnta and paintings and ships Slflea. L«aa> 
models. " ’ - ‘ Jm — * s_ 


11 beautification " efforLs hnd mn tion in the central city, officials successful schemes yet devised have become eyesores through a t 7 per cent interest from the fplL “ c * cb0ic ® _ as . an 
d JSd wtle “ore to c»E be ? an a dete rmin«d rebuUdSI for .. American downtown neglect and abandonment. The “tv. .ZSl* Secretary of Housing 


nt ine AIM* hn „ ___■ I auuruiarjr ui XIULISIHE 

H5VS;S riS/'SS d " v >- Homesteiding^e ™ revitaUsation. city lowers the price, ‘makes worker, and “she S J® * pttSffii 

nei*bour- tviic attm* offers ore- purchase counselline. them. 2^2S r iSf*? •««W ned '"come 1 M^^befo^prora^te? 6 ?^^' dpnnnKAnra ‘ nn t.ihom nrmc 


in N'Djamena, Government 
chan gey may be near and 
President Mailoum told me: " I 
can assure you a government 
of national unity will be 
farmed and subjstantial changac 
in the Chad administration 

Will take place.” 

But Frolinat has its. Own internal, 
unity problems. Its “third 
army,'* under Abaker Abder 
Rahman, has broken away from 
Goakkoni and launched inde- 
pendent attacks in the Lake 
Chad arei This could be 
significant because this is 
where Chevron is drilling for 
oil in a programme which has 
already cost SBOm though 
apparently without yet finding 
fill in commercial ouantiiics. 


PUBLIC NOTICES 


hwds, ^President Jobes' P art of tois effort. Jl r ^i 1Ur . C |Sf Se « elling. them. 

- societv DrosnniMac _. , .. mvestigates Uie finance pro- In another progi 

fn^ehaos U w«d2?ihS The conc ® pt of homesteading grammes available, matches pur- historic Fells Point 

iygSoon^'Sfu^Sh juK nc i 57 b 5° 5t was spurred on by President chasers with neighbourhoods and harbour, the citv 

LA ~tcvh* fVfnhnr 1*1711. ar I tie Federally-inspired urban Richard Nixon's 1973 moratorium arftnf'P An i>nnii^irttnpF <inr4 m _ ktJ 


being ' promoted on & dependence on Libyan arms 


they Chicago. Boston and Wilmington, ; 


i 


improvemente. It commercial areas. Under a pro- siderably above $1. 


ranee, has to" pay many of' the 
impecunious Government's day- 
to-day expenses— the state 
budget , was; only SB7m last 
year, and ran' out before the 
year was over,, so Um French 
had to step in- with more cash. 
If .France could nurse the ..two 
sides to a settlement .it would 
at least be able ta reduce- its 
very expensivemilitary -inviilv* 
meat, • ' a ' 







and Libya s counter-claim urn 
: the Chat Goverinaentlsrclylbg 
oa . French “ coiqnlal ” forces 
to repress * popular uprising 
using' rgenocidal nv methods; 
But .despise foe ferocity of the 
- accusations - on - each. .. side, 
there . are Indications that 
Libya would like to ■«* * 
'settlement - or :-. ; tito. Chad 
problem. Major Abdul Salam 
Jalioud. the second most senior 


President Valery r Gfseard 
d’Eataing in Paris-“for- it 
stferas clear that v ^France, 
through its poweffuLbifiuahto- 
on the Chad Government, 
could hold the key to wiving 
the conflict, which -haa' Lasted 
for ia years. r 


6* Sf-I? 

Ci*'. • 
i -J-. ? 




V^-*. 

•-»r \ 


.J 




’« \V 

H 

\'Tk 


v 






pfnandail Tliiirsttay Jffiy ^ T.078 



Road works may be things of the 
past. Ali that noise, nuisance and 
pollution may vanish when gas and 
water mains are made in non- 

corrodible, hardwearing polyethylene 
and won’t need so much attention. 

When? The day is closer than 

YOU BP Chemicals have already developed 
grades of Rigidex high density polyethy- 
lene that meet the gasmens 

requirements for gas mams (they re _ 



BP Chemicals are one of the founders 
of the European petrochemicals industry. 
Our direct access to the raw materials 
from within the BP Group provides security 

of supply. 

This, together with our continuing 

frontiers of plastics technology, are in the investment in resources, service and 
business of producing raw materials to product range, ensures that we continue 
meet the changing demands of the ' to meet the needs of industry today, and 

modern world - materials that are more the demands of the world tomorrow. 

Sn&SofTe ^' 6 BP chemicals-making it ail happen 


the only UK company to have done so). 
And they’ve done the same for the high 
pressure requirements of the water 
boards (the only UK company to have 
done that, too). 

BP Chemicals, working on the 












6 


Financial' TCnes- TRttrsday *3W Zti&tS' 



b H Ty* 3 /? 


T! ~ ~WQt 

l : h 

viilii ( 


ich talks on Australian 
ium enrichment plant 


BY DAVID CURRY 

PRELIMINARY discussions have 
::>j.cn place over the past two 
v.ccks between France and 
Australia on the possibility of 
French purchases of natural 
uiamum and of participating in 
ihv construction of a uranium 
enrichment plant in Australia. 

French mission led by a 
senior civil servant in the 
Energy Directorate. M. Paul 
Tw-tn’re. was in Australia last 
v. eoli and bad discussions with 
c-.-r-ior ministers, including the 
P.ir.io Minister, on various 
envcy questions ranging from 
uranium to coal. 

This week the Australian de- 
rm y Prime Minister and Trade 
Resources Minister Mr. 
Riui-jias Anthony has been in 
Paris to have talks with the In- 
dustry Minister. M. Andre 
• Irr.-fiirt and the head of the 
French Atomic Energy Coramis- 

sii.rt. M. Michel Pecqiieur. He 
the site of the Eurodif 
r.;.--iius diffusion enrichment 
project at Tricasian, the Phenix 
f;.=t breeder reactor and the 
T'larcnule vitrification plant to 
treat nuclear waste. 

The French are anxious to 
mvcr.-ify their nuclear supplies 
in rhe medium term. At the 
moment, about halE their needs 
are supplied by French mines 
and most of the remainder comes 
i.-Mu Africa. The Atomic Energy 
'> , nnmsit>n has a wholly-owned 
«:;h«U!iar>. Afmeco. active in the 
it •.■id of uranium exploration as 
■ao!! a< links with Australian 
c. no: panics 

Jn 1972 a joint feasibility 
study of a gaseous diffusion plant 


was called off as an Australian 
protest against French nuclear 
tests in the Pacific. The Austra- 
lians are now talking with a 
number of countries including 
the British-German-Dutch Ureneo 
consortium, Japan, the U.S., and 
the French about an enrichment 
plant as part of the policy of 
increasing the value of nuclear 

exports. 

However, the Australian 
priority at the moment is to open 
up new mines for the sale of raw 
materials which could start pro- 
ducing in tbe early 1980s. (The 
Canberra Government is insist- 
ing that potential purchasers 
must sign a safeguard agreement 
defining the use and destination 
of uranium supplied before 
deliveries can be negotiated. 
Finland has just become the first 


PARIS. July 26. 

European country to sign such 
an agreement and negotiations 
are well advanced with the U.K. 

The Australian Labour Gov- 
ernment banned nuclear exports 
in 1972 but some countries 
inclu ding the U.K. and Japan are 
still receiving supplies on the 
basis of contracts negotiated 
before then. 

The French have traditionally 
been very prickly about permit 
ting strings to be attached to 
uranium supplies, though they j 
have just agreed that Euratom i 
can explore a safeguard deal ■ 
covering American supplies ofi 
enriched materials after a long’ 
period of refusal. The 
Australians have made it clear 
that France would have to sub- 
scribe to a safeguard agreement 
before deliveries could begin. 


Airbus wing order 
for Fokker-VFW 


ASEA-Atom in U.S. talks 


BY WILLIAM DULLFORCE 

ASEA-ATOM, the Swedish 
nuclear power company, con- 
firmed today that it is negotiat- 
ing an agreement with General 
Electric (GE) of the U.S. for 
the joint development of boiling 
water reactors. The company 
would give no further details 
until talks are completed. 

ASEA-Atom has been called 
into the negotiations, according 
■to Swedish press reports from 
Tokyo, at the request of the 
Japanese, who have not been 
satisfied with the performance of 
their existing nuclear power 
plants. The Tokyo Denrioku 


STOCKHOLM. July 26. 

Electricity Company, which is 
negotiating new power station 
contracts with GE, has asked 
that ASEA-Atom join the 
development group, according to 
these reports. 

For the Swedish company, 
which is owned half by the 
Swedish state and balf by the 
ASEA heavy electrical engineer- 
ing group, an agreement with 
GE and the Japanese would 
open up new markets at a time 
when domestic controversy over 
nuclear power appears to be 
limiting its prospects. 


BY CHARLES BATCHELOR 

AIRBUS INDUSTRIE has de- 
cided to award the contract for 
the construction of the wing- 
frame for the new B-10 version 
of the A-300 .Airbus to the 
Dutch-German group Fokker- 
VFW. 

This further reduces the like- 
lihood that British Aerospace 
will be involved in the new 
generation of European pas- 
senger aircraft The construc- 
tion of the wing-frame and 
final assembly will be carried 
out by the German side of the 
Fokker concern, VFW-Fokker 
in Bremen. 

The UK Government has 
been delaying a decision on 
whether it Joins In the new Air- 
bus programme or whether it 
opts for a partnership with an 
American manufacturer. The 
UK at present builds the 
wings for the larger E-2 and 
B-4 versions of the Airbus. 

While the UK Government 
has not yet taken a final de- 
cision on whether to go for 
European or American co- 
operation. its chances of taking 
part in the B-10 become less 
as time goes by. Substantial 
British participation would 
require a redistribution of the 
shares in the new aircraft, a 
Fokker spokesman said here. 
The 200-seat B-10 was formally 
given the godhead by the 
French and West German 
governments earlier this 
month. 

The decision to award the 
design contract and Ibe con- 
struction of the wings to VFW- 
Fokker strengthens the West 
German role in the partner- 
ship. 


AMSTERDAM. July 26. 

The new, thicker wing, which 
Is meant to cut fuel consump- 
tion by 15 per cent compared 
with 'the Airbus's easting 
wings, has been designed with 
the help of the German 
Ministry of Technology. 

While Fokker is still for- 
mally a joint German-Dutch 
venture, talks are currently 
being held aimed at merging 
the German part of the com- 
pany with Messcrschmltt- 
Boelkow-Blohm (MBS). Fokker 
would retain a shareholding in 
the German production com- 
pany through its central bold- 
ing company in Dusseldorf. 

Fokker is still awaiting a 
decision by the Dutch Govern- 
ment. whose financial backing 
it requires, on whether Hol- 
land should join in the new 
Airbus project. 

Fokker is an associate in the 
present gronp supplying the 
movable parts of the air- 
craft's wings. N’o decision can 
be expected nntil the second 
half of August at the earliest 
on Dutch participation because 
of the holiday period, an 
Economics Ministry spokesman 
said today. 


EEC anti-dumping 

The provisional anti-dumping 
duty imposed by the EEC Com- 
mission on imports into the EEC 
of ferrochromium originating in 
South Africa and Sweden has 
been extended with effect from 
July 19, 1978 to cover also ferro- 
ebromium manufactured by 
Ferrolegeringar Trollhatteverken 
AB. Sweden. 


ECGD 

backs 

$200m loan 

(THE Export Credits Guarantee 
| Department has guaranteed the 
repayment aod funding far a 
S200m loan arranged by S. G. 
Warburg on behalf of a syndicate 
. of ten banks to Empresas 
i N u clear es Braslleiras (NUCLE- 
BRAS), Brazil. The loan will 
help finance the S235m UK por- 
tion of a contract awarded by 
Nuelebras to Ureneo for nuclear 
fuel enrichment services. 

Ureneo is an Anglo-Dutch* 
German consortium in which 
British Nuclear Fuels Is a 
partner. Finance from the loan 
will be drawn down during the 
period 19S2-19S7. 

Australian car imports 

Imports of assembled new Mrs 
into Australia in fiscal 19< #-78 
were well below quota, accord- 
ing to preliminary figures from 
the Australian Statistics Office. 

The Federal Government set 
the quota at an annual rate of 
90.000 cars for the first six 
months of fiscal 1977-78 and 
lifted it to 94.000 for the second 

six months. 

Only 83,947 vehicles were 
imported during the year, down 
19.8 per cent from imports In 
Iiaj sixodun asonedef ii-9i6i 
from 6S.277 to SS.340, and those 
from Britain fell from 2,352 to 
2,270. 

^Village’ for Kuwait 

International System Build- 
ings. of Wyllie. Gwent, have been 
awarded a £750,000 contract for 
the construction and supply of a 
complete, portable labour camp 
“village” outside Kuwait City. 


EEC textile plan 
accepted by UK 

BY GUY DE JONQUIERES, COMMON MARKET CORRESPONDENT 

BRUSSELS. July 23, 


BRITAIN HAS lined its four- 
month-old reserve on the 
EEC’s proposed textiles imports 
arrangements with Portugal after 
receiving assurances that the 
Brussels Commission would act 
promptly if imports from Medi- 
terranean countries threatened 
to disrupt the UK market. 

5fr. Edmund Dell, the Trade 
Secretary, said after an EEC 
Foreign Ministers’ meeting here 
that the assurances helped to 
remove the “ outstanding doubts 
and ambiguities " about the way 
in which the Community’s, textile 
imports arrangements operated. 

He claimed th3t the conces- 
sions which he had obtained, to- 
gether with the bilateral agree- 
ments already concluded by the 
Community with other low-cost 
supplier countries, would pro- 
duce the climate of confidence 
which the British textile indus- 
try said that it needed; 

He said that Herr Wilhelm 
Haferkump, the External Affairs 
Commissioner, had promised 
that the Commission would take 
action in future if there was an 
* imminent threat " of Mediter- 
ranean textile imports reaching 
their UK ceilings, rather than 


waiting until after this had 
occurred. ; - 

It was agreed that if the UR 
could show, on the basis of it-, 
national trade figures, that there 
was a danger of tho ceilings liv- 
ing exceeded. : the Government 
could appeal to the Commis- 
sioner to take action. '. 

Britain also obtained a farther 
safeguard In the form of a pro- 
mise by the Commission to ex- 
tend the principle of the so- 
called ** basket extractor " mech- 
anism contained to . bilateral 
agreements . . to fmports from 
Mediterranean -countries. 

This would permit the Cnm- 
munity to impose quantitative 
restrictions -on exports tn the 
UK of products in categories not 
previously covered by quotas. 

Mr. Dell made it clear that he 
expected the Commission's assur- 
ances to apply to imports iwt 
only from Portugal, but also from 
Greece, Spain. Malta and Cyprus. 
. The Commission recently im- 
posed quotas on textiles Im- 
ports from Greece, after It had 
been found that the import 
levels contained in the bilateral 
“ understanding " reached with 
the Athens Government last 
December had been exceeded. 


Wool exports in May the 
best for nearly a year 

BY RHYS DAVID, TEXTILES CORRESPONDENT 


“Without ECGD ’s insurance we could not have developed as 
we have. Two years ago we began a programme of exploring new 
markets which has taken us into areas as diverse as Eastern Europe 
and South America. 

“In a period of rapid change and growth ECGD have backed 
us all the way. 

“From simply supplying glass work plant we have expanded 
into the provision of complete back-up services to glass manu- 
facture.That is why we have made use of ECGD’s special Services 
policies and performance bond guarantees^ as well as the basic 
policy to insure payment for the goods”. 

Stuart Johnson is Chairman of Penelectro International Ltd. 
of Leigh-on-Sea., whose exports of glasswork furnaces account for 
85 per cent of their turnover. 


ECGD insures from daze of cataract or despatch of goods. Cover is available for contracts in sterling or other approved currencies for: Cominuous sales worldwide of raw and processed materials, con- 

niRiw ponds and nm rfucrian -line enejneeriflfi! goods PI Sales tn and Tw overseas subsidiaries of UiC firms I f Sales rh mu TTTC ermfirmint* hnusee and twTTSf tnwrhanta I I Cinrrla mlu> nfraniMi 


equipw-ui* | | — Yiw- vjnui miiuj vowj umrumuft i-AinJi l in irttiuT, uiLcii at. lavuuraaic raies or lnreresr, lnou airic 

project loans and lines of credit to overseas borrowers Q Guarantees for performance bonds □ Guarantees for pre-shipment finance Q'Consortium contingency insurance □ Cost «*graiari m cover 
available: Cover for investments overseas □ For full details call at your local ECGD office. 


To mritc an appointment or forimbnn Jiion contact the Information Officer, Export CraSts Guarantee Department -quoting reference FTR - at da^oWfBdfastvIjeeils^h&ndxster.Binmzigliam. 

^' irti biidgCj Bristol, London west End, Croydon or lo TTrnhnm offices; or Joan Swaiics. IaTonrouran Section, ECGD,' Al iierm^n hujy' House, London F flap aFJ- {Tel r er-Av; 

INSURANCE FOR BRITISH EXPORTERS, 


WOOL TEXTILE exports, which 
have been affected in recent 
months by continued weak 
demand for textiles worldwide, 
picked up again in May reaching 
their highest level for almost a 
year. 

The industry, one of Britain's 
top overseas earners, sold goods 
worth £35-3m overseas in May, 
an increase of £3.6m on The pre- 
vious month, though still £700.000 
dawn on the same month last 
year. 

The increase in sales in May 
has enabled the industry to catch 
up with the first five months of 
last year in the total value of 
sales— roughly £164m— though in 


real terms it is still behind be- 
cause of the effect or inflation. 

Sales of woollen cloth tn the 
first five months of this year 
totalled 11.2m square metres 
compared with 12.7m square 
metres in the same period last 
year. Worsted cloth sales row-, 
however, from 6.6m square 
metres to 8.1m square metres.. 

Yarn exports in the first five 
months at £31. 2m were down 7 
per cent over 1977 (14 per cent 
less in volume) and raw wool at 
£20.1m was down 10 per cent (7 
per cent in volume). Earnings 
from tops (combed wool) were 
down 23 per cent to £2IAm. and 
were 2 per cent less in volume. 


Courtaulds to sell 
carbon fibre in U.S. 

BY KEVIN DONE, CHEMICALS CORRESPONDENT 


COURTAULDS is moving into 
the U.S. market for carbon fibre, 
the speciality engineering 
material, which it had pioneered 
in -Western Europe. . 

The fast-growing U.S. market, 
which accounts for about 50 per 
cent of world demand, has pre- 
viously been the preserve of 
Hercules- the U.S. chemicals com- 
pany. following a licensing agree- 
ment it reached with Courtaulds 
in 1969. 

That agreement gave Hercules 
an exclusive licence to manu- 
facture and sell Courtaulds' car- 
bon fibres in the U.S. Since then 
both companies have been build- 
ing up their respective markets 
to develop applications for this 
sophisticated new' engineering 
material, invented in the UK in 
the early 1960s. 

The two companies now 
believe that the market has 
grown sufficiently for the condi- 
tions of the present licence to be 
changed to make it non-exclusive. 
This will take effect . from 
December this year. / 

Hercules and Courtaulds are 
the leading manufacturers in 
their respective markets, with 


the main competition coining 
from Toray in Japan. A patents 
dispute is still unresolved with 
this company. 

Courtaulds will continue lo 
supply Hercules with the special 
acrylic fibre, which is the raw 
material for carbon fibre. 

Courtaulds recently announced 
an expansion of its present 100 
tonnes a year manufacturing 
plan! at Coventry to an annual 
capacity of 250 • tonnes. The 
expansion is understood to cost 
in the region of £4tn and the 
new plant should be in produc- 
tion next year. 

Carbon fibre has special 
properties of rigidity, lightness 
and high strength. It has been 
developed for uses in the air- 
craft industry— in making air- 
frame and helicopter blades — iu 
the motor industry and some 
sports goods, such as golf clubs, 
tennis and badminton rackets 
and racing boats. 

The world market of 300400 
tonnes a year is still small but 
it is expected to grow at more 
than 40 per cent a year well into 
the 1980s. Carbon fibres sell at 
between £25 and £75 a kilo. 


Slowdown in imports helps 
to reduce Greek deficit 


BY OUR OWN CORRESPONDENT 


A SHARP decline in imports in 
June helped cover a standstill 
in exports and reduce Greece’s 
trade deficit in the first half of 
this year. 

According to figures released 
by the Bank of Greece, -imports 
in the first balf of 1978 rose by 
7 per cent to S3.5bn. They had 
increased by 10 per cent in 
January to May, causing the 
Government to slow down Im- 
port procedures. Exports, which 
increased by 26 per cent in 
January to June 1977, rose by 
only 2.4 per cent in the first 
half of this year to 51.4bn, result- 
ing in a trade deficit of $2Jbn 
(compared with a trade deficit 
of SL9bn in January to June 
1977). ' 

Invisible earnings increased 
by 12.5 per cent to a total of 
Sl.7bn (they had increased by 
23 per cent in January to 
June 2977). Invisible payments 
totalled S492m. leaving a deficit 
on current account of S892m. an 
increase of S.5 per cent over the 
same period of 1977. 

Government sources have 
forecast that the current account 
deficit for the whole year will 
reach $1.5bn. This would com- 


ATHENS, July 28. 


pare with a difleit of $l.3bn in 
1977. 

Mr. G. Avramidis, president of 
the- Panhellenic .Association - of 
Exporters, said in a recent 
article that the small size of the 
majority of Greek exporting 
companies was one of the majur 
problems which hindered the 
effort made to boost exports.- " 

Mr. Avramidis pointed out 
that there were 13210 registered 
export companies in Greece and 
that according to official data 
about 200 of them <or 1.5 por 
cent) handled 54.3 per cent of 
the country's total exports. The 
remaining 45.7 per cent of total 
fgports was distributed among 
13,000 other companies, most of 
which had an annual export turn- 
over not exceeding $20,000. 

Mr. Avramidis stressed the 
need to set up companies to 
handle exports on a large scale. 
He said small-sized export com- 
panies did not win the confidence 
of foreign buyers, could . not 
handle large orders, did not 
ensure the speedy and correct 
completion of an - order, could 
not meet high quality standards 
and did not make for competitive 
prices. 


French wine link for UK 


BY KENNETH GOODING 

TWO MAJOR French wine pro- 
ducers have joined forces to 
market their products in the 
U.K. 

The companies are Cordier. 
one of France's biggest exporters 
of wine and certainly the major 
privately-owned business In the 
Bordeaux region, and Laurent 
Perrier, the largest privatelv- 
controlled group in the Cham- 
pagne area and one which has 
the fourth best-selling brand of 
Champagne in the world. 

The two set up a similar mar- 
keting-distribution arrangement 
in France itself three years ago, 
handling not only their own 
brands but the agencies for pro- 
ducts such as Vat 6a Scotch, the 
Antiquary Scotch, Nicholson's 
gin and Cockburn’s Ports. 


Last month Ihe French, busi- 
ness was joined by a third . parti 
ner. Benedictine.'. 

Vicomto Berpard de la 
Giraudiere, a director of Laurent 
Perrier, made . It dear in lotH 
don yesterday that his group 
hud decided to do Its own roar* 
ketlng in the U.K. because of the 
changes in the structure of the 
trade. 41 Sri many companies 
have changed ownership because 
otherwise they could not -sue* 
vivo." 

Cordier has been marketing ..an 
its own account iu Britain for 
three years during which \W»t> 
turnover has • .increased- -front 
£250.000 to an esfunateij?#®: 
tins year. ' * 







'■ \ 
O 








Financial" Times Thursday- July 27 197S 


HOME -'NEWS 



it!,!. 
*i til' 

i ■! •, t ? 


Revenue’s 
plan 
to curb 
leasing 
of cars 


BY DAVID FREUD 

l lE INLAND REVE.NH.nS made 
italic for the first time yester- 
iy the way it intends to curb 
fringe" car-leasing operations. 
These are regarded as abusing 
e lax allowances available in 
e Iasi three years for car 
&ses. The Inland Revenue has 
ade known its views to 
terested bodies in the past and 
sterday’s Press announcement 
in line with such warnings. 
The leasing arrangements the 
ivenue objects to arise when 
c car is sold after the leasing 
■riod to. typically, the company 
ecutive who used it at a value 
r below its true worth in the 
cond-hand market. - 
Such schemes will be dealt 
,ih in four different -ways, de- 
ciding on circumstances. 

The car may be regarded, as 
, r as the lessor is concerned, as 
' jck in trade, rather than as an 
1 : set qualifying for capital allow- 
rces. Second, if capital allow- 
ices are given, the open market 
• lue of the car may be brought 
"to the taxation computation at 
. e end of the lease, rather than 
e sale proceeds. 

Third, the lessee's rental pay. 
ents may not be allowed as an 
fset against corporation - tax 
•cause they were not m3de 
.•holly or exclusively for the 
irposes of the business” or be- 
usc they were in part capital 
rpenditure. 

Fourth, the person connected 
ith the lessee — the company 
;ecutive — who acquires the 
r, may he liable under 
hedule E on any benefit he 
rtains. 


Beecham chief attacks 
Tory ‘ambiguity’ 


BY KEVIN DONE 
BEECHAM GROUP, one of the 

Conservative Party’s biggest 
financial supporters, yesterday 

- attacked the Tories for failing 
to define tbbir position on 
economic and industrial policy. 

Mr. Graham Wilkins, chair- 
man of Bee cham’s, told the 

- company’s annual meeting 
.yesterday that (be party was 

endangering Us chances of 
success at a forthcoming elec- 
tion because of the ambiguity 
of Us position on several issues. 

He questioned bow the Con- 
servatives would deal with the 
trades unions. “Nearly every 
speech by a Conservative 
spokesman pointing in one 
direction is followed by a 


speech by a different spokes- 
man pointing in another. 

“ One can understand the 
party’s desire to make a broad 
appeal to the electorate, but 
there is a difference between 
(hat and trying to be all things 
to ail men. 

“ The risk of taking that 
course is that they may find In 
the end that they appeal to 
very few.” 

Last year Beecham paid 
£30.000 into Conservative Party 
funds and donated £1,000 to 
the party’s Centre for Policy 
Studies. But Mr. Wilkins said 
yesterday: . ’* There is nothing 
automatic abont our support. 
We weigh the question care- 
fully every year." 


Expressing his disenchant- 
ment with ihe party’s perform- 
ance, he recalled how quickly 
the last Tory Government 
changed direction over state 
intervention in Industry. 

“I do not pretend to know 
whether the next Conservative 
Government will -be as inter- 
ventionist as the last one. 
What is worse 1 suspect that 
the party does not know 

either.” 

Mr. Wilkins suggested, how- 
ever, that a Conservative 
Government would at least be 
preferable to the present 
Labour administration. “ it Is 
hard to imagine a more de- 
pressing prospect than that.” 


Injunction 
sought in 
airport row 

1 ' By Michael Donne, 

Aerospace Correspondent 

• HE British Airways Authority, 
i hich owns and runs Heathrow 
" rport .is seeking an interim 
junction in (he High Court 
’ ■straining any airline from hbII- 
g cheap-fare Stand-By tickets 
Heathrow. 

The authority, announcing this 
vcision last night, said it 
reeled ihe application for the 
i junction to he heard within a 
cek. 

It had lakcn this legal step 
realise some airlines had 
•fused ti» respond to tis earlier 
•quest lo stop selling cheap 
ekets at the airport, thereby 
itislng major congestion and 
nuet lines even chans in 
erminai Three, where long-haul 
issengcrs check-in for their 
chis. 

The undoubted success nf the 
leap- Cure Sland-By flights, 
bore passengers queue often 
/emighi in the hope of getting 
it-price seats nn the next day’s 
ights to the U.S.. has brought 
;any headaches for the airports 
Jtbority — not least the conges- 
on which often prevents other 
assengers from reaching the 
leck-m desks. 

The authority some time ago 
•«ked the airlines to stop selling 
leap tickets at Heathrow, and 
inline their sales to their lown 
ckei offices. Some airlines 
nniediatcly agreed, hut others, 
lcludine TWA, persisted in sell- 
12 at Heathrow. 

The congestion has grown 
orsc in the past few . weeks, 
illi the summer peak travel 
eriod. and last weekend and 
arher this week there were 
■mie Merry scenes as passengers 
■hu had queued for hours were 
nalh turned away empty- 
anded. 


Winding-up 
order for 
life company 

i COMPULSORY order for the 
mding-up uf Capital Annuities, 
be rnrmer life company sub- 
idiary of London and County 
ecurities, was made yesterday 
y Mr. Justice Slade. A petition 
or liquidation was originally 
lade bv the company itself in 
.pril. 1976. 

A rescue scheme produced in 
>opeiation with the PoLicy- 
oldors Protecting Board was 
ejected by the judge in March. 
Ir. David Oliver, counsel for the 
■nard. told the judge yesterday 
lat the Board had decided that 
ftcr considering this judgment 
revised rescue scheme was 
11 practicable. 

Policyholders with the com- 
any wore already receiving 
iteriru payments nf 70 per cent 
T iheir contractual benefits and 
rrungonieni!* had been made to 
im-ase these payments to 90 
•or cent and top up previous 
aymcnls. 


Private housing ‘starts’ up 
30% in first half of year 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT 

THE CONTINUING improvement there have been indications that rather than a further rise in out- 
in private house building output the rate of new starts is likely put. 
during 1978 was confirmed to fall in the second half of. the prj-ato hn,.« h..iiri a « 
yesterday by figures from, the year.” . Pnva , le bouse builders have 

National House-Building Council. For 1978 as a whole, private b een pleased with the~way the 
The figures provide more up- house builders expect to start market this year has been per- 
to-daie information than those of something in the region of forming. Demand has remained 
the Department of the Environ- 155.000 against the 1977 total of strong costs have stabilised and. 
ment and show that the number 135.000. Completions this year with prices rising quite slgnifi- 
of private housing starts achieved should rise to about 160.000 after cantly in many areas over the 
the first six months of 1978 the 1977 figure of 140.000. The first half of the year, their 


The Rolls-Royce look 


reached 83,093. The figure repre- outlook beyond this year, bow- operations have become more 
sents a 30 per cent increase over ever, remains uncertain, although profitable than has been the case 
the comparable total for 1977 and most forecasts suggest a decline since 1972-73. 
is 10 per cent above the first-half 
average established over the last 
five years. 

According to the council, the 
consumer watchdog for the 
private housing sector, the 
number of homes completed in 
the January-June period also 
rose. A total of 75,138 homes 
was finished by contractors 

during the six months, against ROLLS-ROYCE MOTORS may is based on the Rolls-Royce 
just under 69.000 a year earlier, seek an injunction against a Silver Shadow desigo with coacb- 
a rise of 9 per cent company now planning to con- building by Italians. 

Commenting on the figures, vert Us cars into exclusive The Panache is expected to be 
which confirm that private vehicles with the Rolls-Royce sold at about £50.000, compared 
housing remains one of the most look. with a price for the Corniche 

buoyant areas within the con- The car. the Panache, is due of £38J579. In the second-hand 
st ruction sector, Mr. Andrew Tait,' to be launched soon by a Kent market the Corniche. Rolls- 
di rector-general of the council company, Townley Cross Country Royce’s most exclusive model 
said: “These are good figures, but Vehicles. A four-door saloon, it changes hands at up to £48,000. 


FINANCIAL TIMES REPORTER 


Private grocery group to open 
Huddersfield hypermarket 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


\ HUDDERSFIELD privately- ICFC has provided a £lm over which last year stood at 
owned «roccrv company joins the financial package for the new just under £Sm. It will sell both 
™ B k . nl Rritain^ TvLnnarket hypermarket in the form of an foods and non-foods, initially in 
ranks of Britain » by pen £800.000 secured loan, -a leasing a trading area of about 50.000 
operators next week when it f aC jm y of £200.000. and a small sq fL TOis will then be extended 
opens a 86.000 sq ft store on an e q U j t y stake. . to 86.000 sq ft, which will make 

old mill site- , «_ it one of the country's largest 

The store, which . is large even the £ore?y busine« as m£ket trudin i, fur 

by the standards of ■ public JJalteoIdere before' tftewarfand Hypeimarket trading 'to tar 
groups like Tesco. and is probably gjw {£7 laree super ™ )r f developed in the : North 1 of 

the largest independently-owned mar ketTfive small ones and five llgjjjj 1 tik£ 

sanssys “nM siops in ae swraasrsys 

Lodge, with funds provided partly . , active in Yorkshire, they do not 

hy the Industrial and Commercial The hypennarket is- expected have branches in 
Financial Corporation. to double the company s turn- itself. 


Huddersfield 


Shipping and oil companies 
be asked to help raise £30i 


ay 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


a CABINET committee is to merits would not be met until A number of options were 

a commmec o almost the end of The century, being considered by an inter- 

consider tallin* for ' h gaid rn, e original estimate departmental wo rking group to 

contributions from shipping and h ad“Seen see^ how the civil hfd^graphic 

oil companies in fund * *995 as a result of requirements could be funded, 

program me for six ships, needed P Ministry of Defence The group is chaired by Mr. Clive 
urgently to upgrade Britain's extra Ministry or uc e ce whi g Iorei of ^ cabinet office, 

seriously depleted hydrographic re ^.^f m t urvevs y^ T Q needed and comprises the hydrograpber 
survey fleet. Slv-us^ shipping and. offi cuds from the Defence 

This bad seven ships too few ] | Tbe s ’ ullom V oe North Ministry, the Treasury and the 

to meet the backlog of 100 - ship- ^ oi , (ermiDa 1 and its Departments of Energy, Trade 
years” of civil work on top or approaches in the Shetlands were aDd iransport. 
the 284 ship-years of work areas which had not _been Treasury officials said they 
required by the Navy, a Commons adequately surveyed. Trade favoured contributions from non- 
committee was told yesterday Department witnesses said. government sources, 

bv Rear Admiral David Hasfam, The dou bii n g in draught of The group will report its con- 
the official hvdrograpber to the deep-sea tankers and the need for clnsions in September to Lord 
Navy. The MPs are investigating detailed exploration of the sea Peart, Lord Privy Seal, who is 
ways of preventing oil tanker ^ed called for more survey work, resp onsib le for co-ordinating 
collisions and strandings. nut there was a continuing prob- Government maritime policies. 

extra ships, the lem of funding the new vessels He will report to the Cabinet 
require- which were needed. committee. 


Without the 
Navy’s hydrographic 


Player may cut sponsorship 


BY DAVID CHURCHILL 

THE FIERCE price war among 

major cigarette manufacturers 

may force John Player and Sons. 
Ihe Imperial Group subsidiary, 
lo curlai! its Sponsorship of im- 
portant sportine events. 

The company said yesterday 
that a number nf its main spon- 


sures on its marketing budget games. It also sponsored Lotus 
from the price war. meant it was cars in motor racing as well as 
having to reconsider maintaining a major tennis tournament, 
its involvement in sport sponsor- There is little doubt in market- 
ship. ing circles that the company has 

John Player, believed to be the benefited from its heavy sponsor- 
largesi industrial sponsor of ship, especially in crickeL But 


sport la the UK, is estimated lo 
£lm and £1.5m 
the Royal 


sorship contracts, including those spwd between 
for moiw racing .nd tennis, were j‘ n ^ Uo ^ 6u ^ r 5 s show iai 

the Sunday limited-over cricket 


coming up for renewal and pres-. 


Our chauffeurs drivesome 
eminent people to drink. 

Some of our duutfetir driven cars have cocktiil 
cabinets. Some wen have T.V. AU have 

K t vou an he driven in the lap ofluxury. In some 
nf the finest limousines ever made... 



the trend in recent years has 
been towards a more .price- 
sensitive market rather than one 
where smokers stay with one 
brand for other, factors. 


Heath 

leads 

road 

campaign 

BY RUPERT CORNWELL 

MR. EDWARD HEATH. Tory 
MP for Bexley-Sidcup and 
former Prime Minister, is lead- 
ing a campaign to secure com- 
pensation for householders 
affected by the improvement of 
the Rochester Way A2 road run- 
ning through bis constituency. 

Mr. Heath and Mr. Cyril Towns- 
end, residents in whose con- 
stituency of Bexley-Bexfeybeath 
have suffered similarly, are to 
have talks with Mr. William 
Rodgers, the Transport Secre- 
tary. The outcome is likely to 
set an important precedent for 
other such compensation cases 
pending. 

The move follows failure by 
Sir ldwal Pugb. Ombudsman, to 
sway the department from its 
view that the circumstances were 
not exceptional enough to justify 
extra-statutory payments to the 
400-odd people involved, who bad 
not submitted their claim for 
compensation by the latest pos- 
sible date of June, 1975. 

In a report issued yesterday. 
Sir ldwal said that the depart- 
ment could have decided to make 
a special case of the claims, but 
did not. “In my view, the com- 
plainants have sustained injus- 
tice which has not and will not be 
remedied.” 

The case revolves around 
whether the department took all 
the proper steps to ensure that 
the 1.100 people who might have 
been affected were aware of 
tbeir rights under the 1973 Land 
Compensation Act. passed under 
the Heath administration. 

In fact 700 did apply. 

The Ombudsman concludes 
that there was “a degree of 
defective administration . ■ ■ 
Relatively small though it might 
have been, it had the major effect 
of frustrating the intention of 
the Act and of Ministers that 
such claims should be admitted.” 

The two MPs first tried to 
raise the affair during the 
adjournment debate at the end 
of this session. But this is 
nominally related to the Consoli- 
dated Funds, and Commons table 
clerks had ruled the subject in- 
eligible since the payments at 
Issue were ex gratia and not 
statutory. 

Their chances of success look 
reasonable. 

Mr. Denis Healey. Chancellor, 
has told Mr. Heath and Mr. 
Townsend that if there iB a 
Treasury interest his Ministers 
will be ready Jo discuss it 

More freight 
carried 
on canals 

Financial Times Reporter 

MORE FREIGHT W3S carried on 
Britain’s canals in Ihe first six 
months of this year titan in the 
corresponding period in 1977. the 
British Waterways Board said 
yesterday. . 

The Board also said that longer 
journeys were being made. 

In the period to the end of 
Jane, traffic increased by 6.6 per 
cent in terms of tons carried. 
The number of tonnes-kilometres 
rose by 17.6 per cent. 

Traffic in coal and coal pro- 
ducts- liquids and general cargoes 
bad Increased on the Aire and 
Cslder Navigation, the Gloucester 
and Sharpness Canal, the River 
Severe and the Grin an Canal. 
Scotland. But on the Sheffield 
and South Yorkshire Navigation, 
total traffic bad declined, as fore- 
cast by the Board. 

This decline could be arrested 
and an extra 1.5m tonnes of 
freight could be carried on the 
waterway if the Transport 
Department gave the go-abead 
for a proposed • improvement 
scheme, the Board said. 

Sir Frank Price, chairman, said: 
“This would be the first major 
canal Improvement for 60 years 
in Britain.” ft could bring jobs 
and great environmental improve- 
ments to the Yorkshire and 
Humberside region. 


£220,000 aid 
to move plant 

By Our Welsh- Correspondent 

THE WELSH Development 
Agency has announced a £220,000 
deal to help Alf Parkmah, the 
Bristol-based supplier of con- 
tinuous -stationery: for computers, 
to move its works to a 10.000 
sq ft factory at Usk,' GwenL 
The aid is in the form of a 
shares and : loan agreement. 
Some of the money will be used 
for buying ' new premises and 
£117.000 of It for an additional 
printing machine. 

The development agency also 
announced a £98.000 loan for 
Rodell Chimneys, of Brecon: and 

£60,000 for E. c. Evans (Hen- 
flan). agricultural machinery 
suppliers, of - Denbigh. 


Ex-Leyland man 
testifies on 

bribes gossip 

A FORMER British Ley land as showing that backhanders 
executive told the Old Bailey were being paid, 
yesterday of an idle gossip which Mr. Howard: “ Did you say 
could be interpreted as showing something to this effect — that 
that backhanders were being the payments were getting very 
paid. large, that they worried you and 

Mr. Clive Strowger. the execu- >’°u wanted to know what it was 
tive. was being questioned by about because it must be. got 
Mr. William Howard, QC. for the «wg®r control?” 
defence at the trial of Mr. . Mr. Strowger: “ I cannot 
Graham Barton and his Turkish- imagine 1 did because I had no 

idea what the size of tne amounts 
were at that time.” 

Then Mr. Sirnwger was ques- 
tioned about £350.000 he had 
sanctioned for payment to 


born wife Fauna. 

Mr. and Mrs. Barton, of Houns- 
low, Middlesex, together deny a 

total OF five charges arising from c4i „ iti _„ twi 

the alleged forging of copies of Lausanne. He said he recalled 

a large sum like that having in 
be paid, but could not recall tbc 
reason. 

Mr. Howard suggested it was 
an unusual payment because the 
beneficiary was to bp paid before 
Leyland had received the money 
on the contract. 

Mr. Strowger: “ l cannot recall 
the precise detail, hut certainly 
there was a stage payment relat- 
ing lo various stages of payment 
under contract and delivery-" 


two letters to Leyland — one pur- 
porting lo be from Lord Ryder 
and the other from the Bank of 
England — and using them to dis- 
honestly obtain £5.000 from the 
Daily Mail newspaper. 

Mrs. Barton is not charged in 
connection with forging the Bank 
of England letter. 

Mr. Strowger said that in 
1975 be was finance director of 
British Leyland International 
and Mr. Barton was a senior 
analyst in the 
markets and overseas project 
department of the financial con- 
troller's area. 

In December of that year he 
asked Mr. Barton to undertake 
a special study and bis conversa- 
tion may have included an ex- 
planation that the companies 
within Leyland had for many 
years been paying confidential 
commissions in certain terri- 
tories. 

Mr. Strowger had asked Mr. 


distribution t p j 

eas oroiect informed 


Earlier. Lord Ryder, former 
chairman of the National Enter- 
prise Board, told the jury that 
he would have told the Govern- 
ment immediately if he had dis- 
covered that millions of pounds 
were being paid improperly by 
British Leyland. 


Mr. Howard asked Lord Ryder I cirri ricily cnsi. 


Cheshire 
uranium 
plant to 
get more 
work 

By David Fishlock. Science Editor 

BRITISH NUCLEAR FUELS is 
to start recycling depleted 
uranium — fuel which has passed 
ihrouci a reactor — at its old 
enrichment plant at CapenhursL 
Cheshire, to extract more of the 
fissile compnnpnL 
This • operation, undertaken 
with the collaboration of the 
elect ricily hoards as owners of 
the depleted fuel, will restore 
Ihe uranium in 11s natural level 
of the fissile uranium-235 com- 
ponent. 

The plan l" enrich further 
the uranium by ihe new gas cen- 
trifuge process, under a contract 
with Urento. the Anglo-German- 
Dutch enrichment company, of 
which Nuclear Fuels is one-ihirtl 
shareholder. 

Sir John Hill, chairman of 
Nuclear Fuels, said last night 
that rising uranium costs made 
good economic sense to strip 
more of the fissile material from 
depleted uranium, reducing iu 
uranium-235 level from 0.35 to 
0.25 per rent. 

The capital cost of the 
diffusion plant at Capenhursl hail 
largely been written off and the 
cost involved was essentially the 


if he would have expected to 
have been informed if Mr. Alex 

Park. 0 former chief executive 

Barton to look at financial trans- Leyland, had found th:ii such 


payments were being made. 

Lord Ryder: “ 1 would most 

overseas certainty expect to have been 
informed. I would mo^t cer- 
tainly have taken action. 1 would 
most certainly have informed 
the Goevrnment." 

Lord Ryder emphatically 
denied having ever seen a memo 
randum headed “ Commissions 
irregularities he and retentions.” 

After a visit to Mr. Howard said it had been 


actions which were non- routine 
and which included commission 
arrangements for 
agents. 

Refused 

He said it was possible, 
although he could not recall it. 
that he asked Mr. Barton to tell 
him of any 
heard about. 

Rover at Solihull he asked bow given in evidence that it was 
the assignment was going. Mr. written in 1974 and attached to a 
Barton replied that Mr. Don letter signed by Mr. John Cham- 
Rogers. the credit controller at pion. the Treasury Manager at 
Rover, bad refused to show him British Leyland. dated August, 
original documents. 2975. and addressed to Lord 

Mr. Barton said be bad had to Stokes. Mr. Barber. Mr. Alex 
rely on what he was told from Park and other Leyland execu- 
various divisions within the com- tives. 

pany. He had also told him of Mr. Howard said it contained 
hearsay matters he had picked the sentence: “The main prob- 
up Jems caused by the illegality of 

Mr. Howard; “You told him many of these transactions lo the 
you wanted to hear that pro- territory concerned. . . .” He 
vided he told you tts source and said it went on then to make 
how reliable he thought it was?" recommendations. 

Mr. Sirowger: ** Yes." Lord Ryder, at first glance at 

Mr. Barton had told him of the document, said he thought it 
a rumour that company per- most unlikely he had ever seen 
son n el were getting themselves it before. Asked whether, if he 
written in by intermediaries who thought it was a genuine British 
prepared bank account payments Leyland document, he would 
in certain territories. have taken some action. Lord 

Mr. Strowger said he con- Ryder said he would, 
sidered it to be idle gossip, but The trial was adjourned until 
agreed it could be interpreted today. 


Church Commissioners 
block Park West sale 

BY JOHN BRENNAN, PROPERTY CORRESPONDENT 

THE Church Commissioners company “because of the diffi- 
yesterday blocked the £9.9m sale, cullies in holding such lessees 
of Peaebey Property Corpora- lo the terms of covenants in the 
lion’s Park West apartment block lease.” 

in London’s West End. Mr. Justice Walton ruled 

The Commissioners, who hold against Peachey's submission 
the freehold of the 542-ffat block, that the Commissioners were un- 
objected in the High court to reasonably withholding their 
The sale of Peachey’s 117-year ronsent to the sale. When 
lease on the building to Mr. Peachey started proceedings on 
Murbarek AI-Hasawai one of July 11. the company formed by 
Kuwait's richest businessmen. Mr. Al-Hassawai to control the 
The Commissioners did not block, the Liechtenstein-based 
want the building to be Intelec Investment Corporation, 
administered by a foreign-based had not been formed. 


The company more than 
doubled its export earning- !;i>t 
year, to total l'23.2in, out of sales 
of rifilm. 

Pre-tax profits reached .1 
record film, compared with 
£7.5m the previous year. 

On a net profit nf £5.1 111. 
Nuclear Fuels is 10 pay a divi- 
dend of 4 per rent — £1.3in — 
to the government through its 
sole shareholder, the UK Atomic 
Energy Authority. 

The principle nr paying a divi- 
dend was established for the first 
lime lart year on the recommend- 
ation of a Parliamentary select 
commit lee in spile of the heavv 
invesl merits which Nuclear Fuels 
expects to be making. 

€500m contracts 

The biggest investment is an 
estimated £600m for a new re- 
processing facility for spent 
nuclear fuel at Windscale. for 
which the company ohtained 
Government approval in May. 

Contracts estimated to he 
worth nearly £500m for fuel to 
he reprocessed in this plant have 
been siened since approval was 
given says Sir John in the com- 
pany's annual report. 

In addition, the companv has a 
programme or capital expendi- 
ture srnding at £333m. 

The new project had been 
approved after a “ uniquely 
searching public examination 
of the company’s activities and 
plan«= and their tcchnifal. 
environmental and economic 
implications." said Sir John. 

Reviewing the company’s per- 
formance. Sir John said that he 
was encouraged by the signs 
indicating that “ public apprecia- 
tion of the need for and advan- 
tages of nuclear energy is 
growing." 

As a one-tbird shareholder in 
Urenco Nuclear Fuels shares 
orders worth about £lbn for 
enrichment services. 

• The Export Credits Guarantee 
Department said yesterday that 
it had guaranteed the repayment 
and funding of a 8200m loan 
arranged by S. G. Warburg on 
behalf nf a syndicate of in bunks, 
to Nuclehras. the Brazilian 
nuclear group. The loan will 
help finance the 8235m UK 
portion of a contract awarded by 
Nuclebras to Urenco. for the 
supply of enrichment for two 
reactors under construction near 
Rid de Janeiro. 


Chemicals output recovers, but 
high imports disturb industry 


by 

in 

the 

low 


BY KEVIN DONE,. CHEMICALS CORRESPONDENT 

PRODUCTION OF cbemicals iu Stock levels were still rather This was partly explained 
the first four mouths of the year high, however, and this was the high level of sterling 
showed some signs of recovery likely to restrain any dramatic January and February and 
from the very low levels recorded improvement in home demand continuing overcapacity, 
at the end of last year. fur chemicals later this year. prices and poor sales throughout 

Bat output- was still only mar- The association predicts a rise the rest of Western Europe, 
ginally above the average for ip chemicals production this which was making the UK a 
tiie whole of last year while year of only 2J-3 per cent, which relatively attractive market for 
imports bad reached a “dis- jg roughly ia line with the level importers. 

turbingly high leveL"_the Chemi- of growth expected generally The prices of materials and 
cal industries Association said from the industry in Western fuels bought by the cbemicals 
yesterday in its latest economic Europe. 

The recent rise in the value oF -Paboyf 7"^® first time this bas happened' si nee 

sterling, however, could begin to "*** srow at anout * per May 1S77 


industry rose strongly in the 
three months March to May. tiie 


have a serious effect again on *~ e ^ r i ***** r!f ear ' 
chemicals exports. export performance in the first 

According to the avociation, heen overcome and 

many plants, particularly in the the latest figures suggested lhai a 
petrochemicals sectors, were still Positive upward ^ trend was 
working well below capacity, but “ nder . ?. y , the firsl Ume since 
the general improvement in * asl ,Y® ar - . . 

sales had been sustained in May These hopes could be hit how- 
and June. ever, if sterling remained at its 

Short-term prospects looked a present high level. The volume 
tittle more hopeful now that con- of exports over the first five K ia| 
sunaer spending was picking up months was up 45 per cent on 


again and manufacturing output last year's average, 
was at last beginning to rise. 


Chemical prices as a whole 
rose by sqmq 2 per cent in ihe 
March-May period and the prices 
of haric petrochemicals and 
plastics appear to have bottomed 
out. 

Average earnings in tlic 
chemicals industry in the first 
quarter wore 13 per cent higher 
than a >ear earlier. Meanwhile, 
capital expenditure amounted Id 
in Hie first Ibrec months. 


Christie’s top month for jewellery 


_ . The industry predicted earlier 

By comparison the volume of this year that capital spending 
imports bad been disturbingly for the whole of 197S would rise 
high at about 15 per cent above to some Il.OTbn, a 14 per 
the average for last year. volume increase over 1977. 


cent 


A CUT-CORNERED rectangular for a ruby and diamond neck- pigskin was bought by Quaritch of Chateau Margaux 1945. 
single-stone- diamond ring weigh- lace, which was under the at £32,000 — way above the record £195 was paid for a dozen 
ing some 19.96 carats went to estimates. 

Graff ' Diamonds, ' the London 


Pledge on dangerous loads law 

BY KEVIN DONE. CHEMICALS CORRESPONDENT 


SALEROOM 

BY PAMELA JUDGE 


•estimated figure. . Chateau Grill et 2976. A bottle of ___ ^ , 

At C3iri$tie!s South Kensington, MarcobntnaerTrockenbeereuaus- GOVERNMENT is to Mr. William Rodgers, Trans* 
-furniture, carpets; objects of art lese Cabinet 1959 was sold at tighten up enforcement of exist- port Secretary, said in a Partia- 

and clocks totaHed £58341. The £56, a jereboam of Bollinger >ng regulations Tor the move- mentary written answer yester- 

top price was £2300 For a Vic- 1959 made £76 and a bottle of ment of dangerous chemicals by day that he proposed to have 

torian walnut side cabinet with cognac Louis de Salignac, Grande wad an d I s hoping to issue a tanker labelling regulations on 
ormolu mounts and a serpentine Champagne Reserve 1914, fetched draft of new laws by October. the Statute Bonk before the end 

r top* A French bleu-de-roi poree- £105. After the recent tragedy in of , * 3e >' ear - vear - 

Christies auction of 19lh and lain and ormolu. mounted clock Paintings from the last three Spain ip which more than 200 Comprehensive regulations 

,, - century printed books set. the clock iu a lyre-shaped centuries fetched- £43.295 at the people were killed when a chemi- covering the design Of vehicles 

Music, the London dealer, paid amounted to £47,727. A copy of case, fetched £L250. same house. A portrait or Henry cal tanker crashed and exploded carrying dangerous substances 

£17,000 for an emerald and tbc works of Chaucer published Wines, spirits and cigars Atherton by Benjamin West went at a crowded camp site, the should be issued bv the Health 

diamond brooch, ..£2,000 above by the Kelmscott Press in 1896 realised £124,183- at Sotheby's. A to Vails. London, for £1400 and Government has sought to speed and Safety Commission in the 

the best estimate. Seymour, an- aha bound by Cobden-Sandereon high price, £800— possibly a Cbelsea Galleries was successful up the introduction of new regu- form of a consultative document 

other London dealer, gave £15,000 of the Doves Bindery in cream record — was paid far six bottles as £1,050 for a work by Ross. lations in the UK. by October. 


dealer, .for £26.000- at Christies 
sale of jewellery yesterday. 

The total at the auction was 
£227,193 — less than one per cent 
was unsold — bringing the house's 
sales of jewellery this month to 
just under £lm at £985,472, the 
best In tb.e history of Christie's. 


-X 






i 

I 


i 


I 


t 




) 


r 

a 

c 

i 

a 

L 

1 

I* 

•I 

a 

u 

r 

t 

1 

'I 

r 

n 


.‘1 

1 

!l 

l 

L 


il: 

\i 

U 

«• 

n 

a 

'i 


i 


i 

f 

h 


V. 

!i 

U‘ 

n 

A 


.V 

»n 

3t 

s 

r l 

?r 

9 


Financial Tunes Thursday My 2T 1§7& 


HOME NEWS 


MPs urge more aid for 
forces in W. Germany 


BY MICHAEL DONNE, DEFENCE CORRESPONDENT 


URGENT MEASURES by the 
Government to halt the deterio- 
rating situation of forces in West 
Germany are called for in a new 
report by an all-party committee 
of MPs. 

The report, probably the most 
serious indictment of how pro- 
gressive cuts in defence spending 
in recent years have reduced not 
only morale but also the standards 
ot equipment of UK forces there, 
ranges widely in Its criticisms 
and comments over such matters 
as disgruntlement over pay. lack 
of adequate training facilities, 
lack of up-to-date weapons to 
match those of the Warsaw Pact 
and a high level of wastage of 
personnel. 

•' We have been left in no doubt 
whatever of the present depth of 
dissatisfaction over Service con- 
ditions felt amongst all ranks 
within the British Army of the 
Rhine and RAF Germany,” says 
the report from the defence and 
external affairs sub-committee of 
the Commons expenditure com- 
mittee. 

“That the sense of grievance 
has gone well beyond mere words 
is demonstrated by the latest 
figures for wastage. These show 
that applications for premature 
voluntary release by officers of 
all three Services have jumped 
sharply in 1977-78 compared with 
the previous year and that in the 
Army the figure has nearly 
doubled. 

The committee quotes the 

Comniander-in-Cbief. RAF Ger- 
many. as saying that “there is a 
large number of people of high 
quality, irreplaceable people 
some of them, who are leaving 
in mid-career. 

" They are seeking every oppor- 
tunity they can to get out We 
have people queueing up for 
premature voluntary release." 

The committee says that the 
effect of this accelerating drain 
on manpower is not merely dis- 
ruptive. and therefore operation- 
ally damaging, but also represents 
a highly wasteful dissipation of 
the taxpayers' investment in 
lengthy training and costly equip- 
ment. “To train a fast jet pilot 
to full operational standard can 
cost as much as £lm." 

The committee says that much 
of this situation could be put 


right with relatively little 
expenditure and it urges the 
Government to take .immediate 
action, by legislation if necessary. 

The report has harsh comments 
on the equipment front, especially 
in view of the Warsaw Pact 
forces' substantial advantage over 
NATO in manpower and equip- 
ment- 

It says, for example, that the 
low numbers of anti-aircraft and 
anti-armour missiles held by 
operational units is profoundly 
disturbing and it recommends 
immediate action to increase 
them. 

The heavy artillery regiments 
in BAOR are equipped with 
pitifully few anti-artillery rockets. 
“ There seems to us to be a real 
danger that without an effective 
counter-battery capability, our 
gunners could be in serious 
difficulty." 

It adds that “ our general 
impression of the equipment in 
RAF Germany is that many air- 
craft types are ageing and 
increasingly vulnerable to air-to- 
air attack." The Tornado replace- 
ment for the Phantom, Lightning 
and Buccaneer is “urgently 
needed." 

Moreover, there are a number 
of deficiencies in existing air- 
craft. “ The Jaguar, Harrier and 
Buccaneer lack an up-to-date 
self-defence capability, being 
equipped only with cannon,” 
while the performance of the 
Jaguar's radio is deficient. 

Fifth airfield 

There are problems with find- 
ing adequate training areas for 
iow flying, with the opportunities 
over the years progressively 
reduced to a point close to the 
minimum. The committee 
strongly urges the Ministry to 
give consideration to solving this 
problem since, with the introduc- 
tion of the Tornado, an even 
higher premium- will be placed 
on proper training facilities. 

There is also the question of 
the RAF's needing a fifth opera- 
tional airfield in West Germany, 
in addition to Laarbruch, Wilden- 
rath, Bruggen and Gutersloh, to 
improve its capability. 

Saying that the BAOR is over- 
stretched, the committee urges 


that at least 1,000 of the extra 
1.900 Army personnel planned by 
the Ministry of Defence should 
be sent to BAOR. “This is the 
minimum for which the C-in-C 
is hoping, and probably the 
minimum which the Army can 
get by with." 

The committee says that in 
spite of the problems, it was 
“greatly impressed by the con- 
tinued dedication and pro- 
fessionalism exhibited by both 
BAOR and RAF Germany at a 
time of considerable stress and 
difficulty. 

“We were under ub illusions 
about the strain felt by the Ser- 
vices but we were struck none 
the less by the sober assessment 
of C-in-C Germany." 

He toid the committee: “We 
continue to get an absolutely 
superb performance out of every- 
body. that is all ranks at- all 
levels. They are still doing their 
job. But how long that will last 
I think is a matter for some 
considerable concern.” 

Pay Is not necessarily the most 
vital factor, but “it must none 
the less be put right on grounds 
of simple justice and in order to 
stem the drain of skilled man- 
power." says the committee. 

"We have mentioned a 
number of smaller irritants, par- 
ticularly in the field of social 
benefits, which combine to make 
Servicemen feel resentful and 
badly treated." 

The committee says that what 
is needed is a period of calm and 
consolidation for the forces in 
West Germany, and some 
assurance that the present 
arrangements are set for the 
foreseeable future. 

“We believe this to be vital 
not only because the forces are 
entitled to know where they 
stand and what is expected of 
them: it matters also in the sense 
that only a confident and settled 
Army, RAF and Navy, properly 
equipped, can play their full part 
in confronting and deterring the 
Soviet threat, whose relentless 
growth was so starkly impressed 
upon us during the course of 
our visit” 

Tenth Report from the Expen- 
diture Committee , Session 2977- 
1978: British Forces Germany; 
Commons Paper 593-1; SO; 80p. 


Fire costs 
still rising 
steadily 

By Eric Short 

FIRE DAMAGE costs in Britain 
are still rising steadily, according 
to figures issued yesterday by the 
British Insurance Association. 

The estimated cost in June 
rose by more than £3m to £25.9m 
—the third successive monthly 
increase— bringing the total fire 
damage cost during the first six 
months of this year to £146.7m. 
This compares with £1 14.4m in 
Ibe corresponding period last 
year. 

Nearly £20m of the six-months’ 
increase came in January, a 



There -were several big fires 
during June. One, involving 
several premises in an industrial 
area of the North West, resulted 
in damage in excess of £6m. 
Another fire at a manufacturer 
of plastic covered cable in the 
same region cost nearly £2m, 
while a third at a building con- 
tractors in Greater London 
caused damage of £llm. 

Overall, there were 13 fires 
with damage in excess of £250.000 
during the month and a further 
54 fires where damage cost at 
least £35,000. Included in the 
latter were 25 fires in places used 
by the public such as cinemas, 
schools, shops, social clubs and 
theatres. 


£1,000 award 
for journalist 

By Jason Crisp 

THE £1.000 award for Manage- 
ment Journalist of the Year. 
1977, was presented last night 
to Mr Rodney Cowton who, until 
May this year, was management 
and features editor of The Times 
Business News. 


Higher oil tax would 
offer ‘negligible’ gain 


BY RAY DAFTER, ENERGY CORRESPONDENT 


GOVERNMENT PROPOSALS to 
increase North Sea oil tax may 
result in only a negligible benefit 
to the Exchequer- according to 
a study conducted for the Trade 
Policy Research Centre. 

Professor Colin Robinson of 
Surrey University, co-author of 
a report on North Sea oil policies, 
yesterday urged that Petroleum 
Revenue Tax should be scrapped. 
The tax was so complicated, he 
said, that its effect could be 
analysed only by computer. 

Such analysis, undertaken by 
Prof. Robinson and his co-author. 
Dr. Jon Morgan, showed that the 
Government's reported plan to 
increase the basic rate of the. 
tax from 45 per cent to nearer 
60 per cent would make very 
little difference to the amount 
of revenue collected. 

The tax incorporated a number 
of allowances, and only by 
changing the conditions of the 
tax could a substantially greater 
amount be collected from oil 
companies. 

Concessions 

It is expected that the Treasury 
and the Department of Energy 
will announce proposed ebanges 
in Petroleum Revenue Tax early 
next week. Apart from increas- 
ing Lbe basic rate, the Govern- 
ment might well endeavour to 
reduce the effect of concessions. 

The authors argue that Govern- 
ment control in the North Sea 
should be reduced. “It is not 
obvious that the regulatory 
system has arisen from public 
demand or from economic logic," 
says the report 

It concludes that “ better 
results are likely to flow from a 


system of diffused .power which 
channels personal self-interests 
in desirable directions rather 
than from a system of central 
direction which concentrates 
power in the hands of a few 
people who can plead pursuit of 
the national interest for any of 
their actions.'' 

Instead of petroleum revenue 
tax, the authors call for the 
return of auctioned licences. 
They want the rate of oil extrac- 
tion to be determined more by 
market forces than by Govern- 
ment-directed depletion controls. 

And they want British Gas 
Corporation's position as a 
monopoly buyer to be halted. Gas 
producers should be free to sell 
gas to industrial users or even 
to Continental consumers. Prof. 
Robinson said yesterday. This 
would make British Gas more 
competitive. 

The study does not evaluate 
the extent to which a free 
market environment would bring 
greater benefits to the Exchequer 
and the trade balance than 
existing Government policies. 

It is critical of the Government 
for failing to publicise the 
degree of uncertainty surround- 
ing balance of payments predic- 
tions. 

Prof. Robinson and Dr. 
Morgan say that the benefit of 
the North Sea to the current and 
long-term capital account in 1985 
might be between - £6bn and 
£15bn. The exact amount would 
depend on oil output and crude 
price movements. 

North Sea Oil in the Future; 
Macmillan for the Trade Policy 
Research Centre. 1, Gough 
Square, Fleet Street, London 
EC4A 3DE; £10 hard cover, £435 
paperback. 


New company to produce 
twin-engined aircraft 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


AN Isle of Wight aircraft com- 
pany, Aircraft Designs (Bem- 
bridge) has been formed to 
undertake' the development and 
prototype production of a email 
twin-engined aircraft, called the 
Sheriff. • 

Chairman of Aircraft Designs 
(Bembridge) is Mr. Robin 
Britten, brother of the late Mr. 
John Britten, who began the 
design of tbe Sheriff. 

The company will use several 
technical staff now also em- 
ployed by Britten-Norman 
(Bembridge), the Isle of Wight 
company which builds the 


Islander and Trislander light 
aircraft, but which has no con- 
nection with the new organisa- 
tion. 

Aircraft Designs (Bembridge) 
hopes to complete the manufac- 
ture of tbe prototype Sheriff in 
about a year from now, and then 
to offer other countries the 
chance of building the aircraft 
under licence. 

To complete prototype manu- 
facture, the company is seeking 
an injection of £150,000 capital to 
supplement £100,000 already 
raised by Mr. Robin Britten, his 
family and friends. 


New BR 

safety 

measures 

after 

tragedy 

BY PAUL TAYLOR 


SAFETY MEASURES to be 
Incorporated to British Rail’s 
new sleep lug cars are being 
reviewed following the blaze 
on the Penzance to London 
night train In which XI people 
died. 

Design of the new Mark 3 
sleeping cars began in British 
Rail's research and develop- 
ment centre ax Derby several 
years ago. Prior to the acci- 
dent at Taunton on July 6* BR 
planned to introduce safety 
measures including smoke 
detectors, emergency exits 
through double-glazed win- 
dows and better fire-resistant 
materials. 

However, without anticipat- 
ing the results and findings of 
the inquiry which has recently 
been completed, BR is con- 
sidering introducing other 
measures such as special 
facilities for storing bedding 

inj Htiwn. 

Consdous of its fine safety 
record — the Taunton deaths 
were the first caused by fire 
on British Ball since 1950 — 
BR has already completed a 
review 'of safety precautions 
on existing sleeping cars. 

British RaiTs 363 sleeping 
cars are all between 18 and 20 
years old and although 
refurbished, the Inquiry into 
the disaster has revealed some 
of their shortcomings. 

Yesterday BR confirmed an 
announcement made by >lr. 
Alec Bath, Its acting chief 
operations manager, made at 
the end of the inquiry. He 
had said a package or safety 
proposals had already, or 
would be. Introduced on exist- 
ing rolling stock. These in- 
cluded restating instruction to 
sleeping car attendants that 
external and internal doors 
must not be loeked, windows 
must be checked and staff 
must remain vigilant at all 
times. 

Sleeping car attendants on 
the Penzance-London train told 
the inquiry they "inherited” 
the practice of locking doors 
on sleeping carriages. This 
was “fairly widespread" and 
the reasons given by attend- 
ants Included the need to 
keep vagrants oat of the car- 
riages. 

Accident 

Other measured to be intro- 
duced by BR In the after- 
math of the accident Indude 
the posting of notices in three 
languages in every sleeping car 
detailing fire precautions and 
emergency proceedures, and 
fire extinguishers are to be 
positioned at each end of the 
cars. Attendants have been 
issued with fire extinguishers 
and hand daxon alarm. 

In addition, British Rail Is 
to build a new safety training 
module for sleeping-car staff. 
Fire chiefs believe the most 
probable cause of the Taunton 
fire was bedding linen stocked 
against a wall heater at the 
end of the car. 

BR hopes to begin construc- 
tion of the new sleeping-car 
rolling stock next year 
although ' the number of 
new units, and the timing of 
their introduction' depends on 
several factors. 

The construction of a new 
fleet of sleeping-car stock 
requires Government approval 
and, because fewer sleeping 
cars are needed as trains 
become faster, British Bail 
will want to hear the Govern- 
ment’s response to requests 
for increased electrification 
and more advanced passenger 
trains before deciding on the 
number of new sleeping-cars to 
build. 

• Sir Peter Parker, British 
Rail chairman, writing in the 
National Coal Board magazine 
“Coal and Energy Quarterly”, 
published today calls on the 
Government to examine the 
possibility of using North Sea 
oil revenue to launch a massive 
3, OOO-mile electrification pro- 
gramme over the next 20 years. 

Sir Peter says such a pro- 
gramme is vital to the nation's 
future and argues that despite 
the early high cost energy 
shortage will make the sums 
“ look different.” 

Elsewhere in the article, 
which concentrates on rail 
freight. Sir Peter says the 
performance of BR in the 
freight transport sector is very 
vulnerable because 90 per cent 
of freight tonnage comes from 
the five basic Industries of 
coal, iron, steel, petroleum and 
construction materials; 

He warns that the current 
problems of the steel industry 
"have inevitable consequences” 
on rail freight and that any 
further reduction in steel 
transportation could have a 
significant impact on the 
economies of rail transport. 
Last year’s 170m tonnes of rail 
freight was the lowest figure 
this century, he says. 


Call to counteract Arab boycott 


BY MAURICE SAMUELSON 

PRESSURE for legislation and 
other measures to counteract the 
Arab boycott In Britain will con- 
tinue regardless of the short- 
term fate of a Bill now before a 
Lords select committee, say tbe 
authors of a book on the history 
of the boycott to be published 
next Monday. 

Mr. Terence Prittie and air. 
Walter Nelson were commenting 
on the Foreign Boycotts Bill, 
sponsored by Lord Byers, the 
Liberal peer Yesterday, the 
committee, headed by Lord 


Redudiff e-Maud, was working on 
Its draft report, which Is due to 
be published towards the end of 
next month. 

The Americam edition of the 
book, “ The Economic War 
Against the Jews," was part of 
the evidence considered by the 
committee, and its authors, who 
act as advisers to the Anglo- 
Israei Chamber of Commerce, 
were among its first witnesses. 

Among administrative 
measures favoured by Prittie and 
Nelson are a change in the guid- 


ance which the Department of 
Trade gives regarding the boy- 
cott. Although the Government 
has frequently deplored the 
boycott, it has left Individual 
companies to deal witb it “on 
the basis of their own commer- 
cial judgment” 

In future, they suggest, the 
Department should advise com- 
panies to be guided by the 
Government’s unequivocal con- 
demnation. In addition, British 
overseas missions should no 
longer act as - conscious agents " 


of the boycott by disseminating 
business opportunities contain- 
ing boycott requests. The 
Foreign Office, too. should stop 
authenticating “negative certifi- 
cates of origin” required by 
some Arab states. 

They also want companies 
which discriminate against other 
British companies in furtherance 
of a foreign boycott to be 
deprived of official facilities on 
the grounds that they are acting 
in restraint of trade and engage 
in unfair competitive practices. 


White 



New authority will run 
fourth television channel 



FINANCIAL TIMES REPORTER 

A FOURTH television channel 
run by a new Open Broadcasting 
Authority; an immediate start on 
more IBA and BBC local radio 
stations; an additional line of 
middle management control rf 
the BBC by boards half of whose 
members might be appointed 
by tbe Home Secretary; and the 
extension of Independent Broad- 
casing Authority supervision *o 
cable television. These are the 
main recommendations of the 
White Paper on Broadcasting 
published yesterday. 

The Government’s principal 
conclusion is that broadcasting 
services should continue to be 
provided as public services and 
should continue lo be tbe res- 
ponsibility' of public authorities. 
Hie concepts of the broadcasting 
authority and of public service 

breadcasting have stood the test 

of time. They should form the 
foundation for the future. 

The Government accepts the 
four requisites for good broad- 
casting identified by the Annan 
Committee — flexibility, diversity, 
editorial independence and 
public accountability. 

The White Paper says that a 
unique opportunity will bo 
missed if the fourth channel ie 
not used to explore the possi- 
bilities of programmes which say 
something new in new ways. The 
aim will be to widen the choice 
available -to viewers by providing 
programmes which are interest- 
ing and worthwhile in their own 
right but are not intended to 
compete with programmes an the 
evisting channels for mass 
audiences. 

The talent exists in this 
country to respond to the chal- 
lenge which this opportunity 
offers. The Government shares 
the Annan Committee's view that 
the service should include 
educational programmes, includ- 
ing some additional programmes 
for the Open University, and also 
programmes which cater for 
minority tastes and interests, 
particularly those which are not 
adequately catered for on the 
existing three television services. 

Tbe fourth channel will also 
provide a significant new outlet 
for programmes which reflect the 
diversity of cultures in this 
country, including the cultures 
of the ethnic minorities and of 
newcomers to this country. It 
will be important to ensure that 
some of the educational and 
minority interest programmes on 
the fourth channel are broadcast 
at peak viewing times. 

It is also desirable that the 
fourth channel should develop 
a distinctive news service, 
although news gathering is an 
expensive operation and the 
Government recognises that at 
any rate in the shorter term the 
channel will need to look to 
existing sources for its news 
service. 

The Government agrees with 
the Annan Committee that a 
different kind of service requires 
a new authority. Its forthcoming 
broadcasting legislation wlu 
therefore contain proposals for 
the establishment of an Open 
Broadcasting Authority (OBA). 
Zt will be the new Authority's 
function to provide and super- 
vise a television service of high 
quality which informs, educates 
and entertains, and also fulfils 
the objectives outlined in the 
preceding paragraphs — that is, a 
service in which priority is 


given to: educational pro- 
grammes; programmes catering 
particularly for tastes and in- 
terests which are not. adequately 

catered for on tbe existing three 
services; and programmes pro* 
duced outside the existing broad- 
casting organisations. 

It will be the Authority’s duty 
to commission, purchase or 
otherwise acquire programmes 
for the fourth channel service, 
and to exercise overall super- 
vision of the service as a public 
service conducted in the public 
interest. It will nor itself make 
programmes; nor will it engineer 
the channel or transmit the 
service. This means that the 
OBA will need only a relatively 
small organisation. 

The OBA will have a special 
obligation to seek programmes 
from a wide variety of sources 
and to provide programmes 
which cater for minority testes 
and interests. It would be in- 
consistent. therefore, to require 
the Authority (as the BBC and 
the IBA are required) to secure 
a “ proper balance " in terms of 
channel service and for its own 
administrative purposes. 

The OBA will necessarily incur 
expenditure (eg. on commission- 
ing programmes) before the 
service comes on the air and 
before receipts (e.g. from sales 
of advertising time) come in. 
Provision for general financial 
assistance to tbe OBA will there- 
fore be included in the Govern- 
ment’s forthcoming legislation. 
For some special programmes 
(e.g. some educational, including 
Open University, programmes) 
the requirement for Government 
assistance will continue. 

However, as the fourth channel 
service becomes an established 
part of broadcasting in this 
country and gains a regular 
following among viewers, tbe 
Government will expect the OBA 
to look to advertising revenues 
of various kinds to provide, 
directly and indirectly, an 
important and increasing source 
of finance for its other opera- 
tions. The financial position of 
the OBA will therefore be kept 
under review as the service 
develops. 

Sponsorship might produce, 
either directly or indirectly* a 
source of finance for the channel: 
commercial and industrial con- 
cerns may be prepared. In 
return for having their, names 


associated with particular pro- 
ductions. to pay some share or 
the cost of those productions. 
Block advertising (Lc. advertise- 
ments in breaks of perhaps 10 or 
25 minutes) may also generate 
some revenue. 

Ir seems unlikely, however, 
that sponsorship and Nock adver- 
tising by themselves could pro- 
vide a substantial pan of the 
finance which will have to be 
found from advertising, and the 
legislation will therefore enable 



Lord Annan, chairman, of the 
committee on broadcasting 
on which tbe White Paper is 
based. 

not only these forms of adver- 
tising but also spot advertising 
(i.e. advertisements in breaks of 
only a couple of minutes) to be 
sold on thq fourth channel. 

It will be for the OBA taking 
account of the financial resources 
available to it, to make Us own 
arrangements for the supply of 
programmes and for the sale of 
advertising time, and the Govern- 
ment proposes that the legisla- 
tion should give it considerable 
flexibility In these matters. Thus 
the legislation will enable the 
OBA to make contracts for the 
supply of programmes suitable 
for the fourth channel services 
and for the right to sell adver- 
tisements of particular kinds or 
at particular times on the 
channel. 

The OBA will also be em- 
powered to negotiate contracts 


under which, in fop the 
payment of a r Motel, its ntguhr 
programme uu&ea would have 
the right to jkQ nfortHng time 
during tha .fUtigratusnet they 
supply and «ft-< emderafrodlng 
about how thttf. . reftenmmes 
would be : • 

The ORA-willbe free to com- 
mission Programme* tram any 
source— mf, the BBC or free, 
fence, its TC«wtar. programme 
sources will, of course, include 
The- existing independent, tele- 
vision system,- 7 - 

The OBA wfli be responsible 
for deciding the arrangements 
For the allocation of time to, and 
the- provision of programmes -by, 
the independent Television 
system. • 

These decisions will have 

financial consequences: so long, 
Umrerore, as the OBA is receiv- 
ing or to -liable to need a Gov- 
ernment grant, the Government 
will need to be consulted about 
them. Because the decisions 
could also affect The' quality and 
balance of programmes provided 
by the independent television 
companies tor the existing ITV 
channel, -for -which the IBA is 
responsible, the .OBA will need 
to consult the IBA about the 
need fife, and the went of; the 
involvement of the IBA- in the 
arrangements between the OBA 
and the independent television 
system. 

There, will in any case need 
to be discussions ' about the 
question of scheduling and the 
OBA may wish to consider with 
the IBA the possibility of some 
complementary scheduling be- 
tween the ITV channel and tbe 
fourth channel. These* organisa- 
tional and operational matters 
will need to be considered 
further, taking account of com- 
ments .received on this .White 
Paper. 

The IBA estimates that to pro- 
vide a network of transmitters 
for the fourth channel, with a 
population coverage, of 80 per 
cent of tbe population in ^ach of 
the existing ITV franchise. areas 
would cost some JOASw (at 
current prices) over lour and a 
half years. 

The aim will be, however (as 
for the existing UHF television 
services), to extend the coverage 
to just over 99 per cent of the 
population- ot the _UK, This 
would cost an additional 03.5m 
and take a further four and a 
half years- 


More local radio stations 


ON RADIO policy, as an immed- 
iate start, the Government pro- 
poses to authorise the IBA a»l 
the BBC each to establish a 
number of additional local radio 
stations, taking account of the 
factors listed in the preceding 
paragraph. The locations of these 
stations will be discussed 
urgently in a working party 
under Home Office chairmanship, 
on which the BBC and the IBA 
will be represented. 

Once decisions about the loca- 
tion of BBC and independent 
local radio stations have been 
reached, it will be for the. BBC 
and the IBA to expand their 
services In accordance with them. 
For the IBA, this will mean 
inviting applications for fran- 
chises. The procedure for award- 
ing a new local radio franchise 
will include a public hearing. 


The rate at which BBC and 
independent local radio will be 
able to expand will depend 
largely on the availability of 
finance. It will be for the BBC to 
decide for itself, having regard 
to the money available to it from 
time to time out of the licence 
fee revenud, what priority to 
accord to the expansion of its 
local , radio services. 

Independent local radio 
stations will continue to be 
financed principally by spot 
advertising. However. this 
method, which has demonstrated 
its viability in the larger urban 
areas, is unlikely to be adequate 
for stations in the more remote, 
rural areas, partly because trans-. 
mission costs are likely to. be 
relatively high in these areas' 
and partly because advertising 
revenue is likely to be relatively 


low corresponding with the rela- 
tively small populations which 
such stations would serve? • 
This raises the question how 
independent local radio ran fas 
ir is "desirable it should) be 
brought to these areas; Among 
the Annan Committee's ideas 
were that a profitable' station 
might be required to.' provide an 
affiliate service In a contiguous 
area; and that there' might he 
some cross-subsidisation through 
the rental . system. - - ' • 

Some - element of cross- 
subsidisation, through the USA's 
system hf primary and secondary 
rentals will play an 'important 
part , in; the expansion of inde- 
pendent. local radio. The .White 
Paper talks of experiments in 
other ways of financing smaller 
localities. For profitable stations 
the prospect .of a new Levy hr 
raised. 


BBC governors should be less 
involved in detailed management 


WITH PARTICULAR reference 
to the BBC the Paper says tbe 
Government considers that the 
changes in tbe internal structure 
of the BBC are required to 
distance tbe Governors from 
detailed involvement in manage- 
ment so as to enable them to 
concentrate more on their super- 
visory and regulatory functions. 

At the same time, while the 
essential unity of the BBC 
should be preserved, there would 
be advantage in a measure of 
decentralisation for each of tbe 
BBC's three services (television, 
radio and the external services). 

The Governors will continue, 
therefore, to be the governing 
body of the BBC. They will have 
overall responsibility far secur- 
ing compliance with the require- 
ments constitutionally laid upoo 
the BBC; they will be the 
guardians of the public interest 
in relation to programmes and 
management; they will continue 
to decide priorities— e.g. capital 
expenditure and use of frequen- 
cies assigned to the BBC — and 
allocate the Corporation's funds 
between the various services and 
various parts of the country; 
they will continue to decide the 
top staff appointments; and they 
will . continue to speak for the 
organisation as a whole. 

The Director-General, as Chief 
Executive, with tbe support of 
a committee of senior staff mem- 
bers, very much on the lines of 
the present Board of Manage- 
ment, will be responsible to the 
Board of Governors for the co- 
ordination of policy on matters 
affecting the BBC as a whole 
and the overall management of 
the Corporation. 

The Government proposes, 
however, that there sbould be 
separate Service Management 
Boards for each of the three 
swices — a Television Service 
Management Board, a Radio 
Service Management Board, and 
an External Services Manage- 
ment Board. 

By delegating to these Boards 
many of the management func- 
tions which now rest with them, 
the Board of Governors will be 
enabled to concentrate on their 
supervisory and public account- 
ability role, a role which will 
give them a function and person- 


ality distinct from that of the 
Service Management Boards. 

Each Service Management 
Board will be responsible to the 
Board of Governors collectively 
for supervising the programme 
strategy and management of its 
service. News gathering, engin- 
eering,' personnel management 
and finance will continue to be 
provided as common services, but 
the new arrangement will bring 
about the conditions for greater 
diversity between services as 
regards programme making and 
the approach to news and cur- 
rent affairs. 

The Annan Committee recom- 
mended that a new Telecommuni- 
cations Advisory Committee 
should be established to advise 
the Government on the prospects 
for, and Implications of, tech- 
nical developments for all tele- 
communications, including broad- 
casting. 

They envisaged that the com- 
mittee would subsume the 
functions formerly carried out by 
tbe Television Advisory Com- 
mittee. 

The Government considers, 
however, that a remit covering 
the whole field of telecommuni- 
cations would be much too wide 
for a single body, and that in 
any event broadcasting, which 
possesses the unique quality of 
addressing simultaneously the 
greater part of the population in 
their 20m homes, is too import- 
ant to be treated simply as one 
facet of telecommunications. 

However, the Government 
believes that it sbould have an 
independent source of advice on 
the Implications of technological 
developments for broadcasting, 
and the Home Secretary wiB 
therefore establish a Broadcast- 
ing Technical Advisory Com- 
mittee. 

As the Annan Committee 
observed, the Government's 
power of veto is the one which 
poses the greatest threat to the 
independence of the broadcast- 
ing authorities. It has not been 
used to prevent a particular pro- 
gramme or series of programmes 
from being broadcast though it 
has been used on five occasions 
to prevent the authorities from 
broadcasting particular classes 
of programme. 


Successive committees which 
have considered the matter have 
concluded that the power oE veto 
should be retained, and tbe 
Annan Committee believed that 
the existence of the. power gave 
the broadcasters greater security 
froth undue pressure than they 
would have if it were removed. 

The Government agrees but 
considers that any exercise of 
the power should be open to 
public scrutiny. 

As far. as violence is concerned 
tiie Government is in r no doubt 
that tbe only safe course is for 
the broadcasting authorities to 
assume undesirable effects unless 
convincing evidence to the con- 
trary emerges. This means that 
the anthorities must be cautious 
in broadcasting programmes, par. 
ticularly programmes in which 
violence is portrayed, if these 
might have effects on susceptible 
people, especially young people 
and children. 

The BBC and the IBA are alert 
to the dangers, but the Govern- 
ment believes that they should 
both review their codes and guid- 
ance on the portrayal of violence 
In the light of the comments 
made in this White Paper, and 
should then publish these, if 
possible with their next annual 
reports. 

The Annan Committee recom- 
mended that party political 


broadcasts need not -be trans- 
mitted simultaneously on all 
tele vision channels except duj> 
ing General Election campaigns, 
and that local radio ' stations 
should reflect the political life 
of their localities by c ar r ying 
some party political broadcasts. 

The Annan Committee recom- 
mended that the BBC should be 
relieved of its obligation to 
broadcast -Ministerial statements 
on non-controversial issues. Tbe 
Government does not accept this 
recommendation.---- - - 

Like the Annan Committee, the 
Government has reached the con- 
clusion that tbe BBC should con- 
tinue to be financed principally, 
from -the revenue of the -broad- 
cast receiving licence. - 

The Government inclines to 
the view that a newspaper, com- 
pany should not normally be 
represented : on the Board of an 
ITV or £LR. company in -which it 
has a shareholding. - 

As a basis fofr- further discus- 
sion it proposed that joint dir- 
ectorships might -be prohibited 
except where the. IBA is of tbe 
opinion that there arc special 
circumstances which warrant the 
representation o£ a. shareholding 
newspaper company ' on the 
Board of-, ap ITV or - ILR 
company. ' . 

White -Paper on Broadens#? «7- 
HMSO, Cmnd 7£H price £125, . 


Welsh language service 


ON WELSH language broadcast 
ing the White Paper says existing 
broadcasting organisations have 
considerable experience of the 
special problems of broadcasting 
in Wales and ere the only, pro- 
ducers of substantial quantities 
of Welsh -language programmes 
at the present time. 

While it is possible that other 
sources of Welsh language pro- 
grammes might In due course -be 
found by the OBA, it has always 
been, assumed that much the 
greater part of a regular Welsh 
language television service would 
need to be provided by the BBC 
and the ITV programme company 
for Walea< ... . 

For these reasons, the Govern- 


ment considers that it would hot 
be appropriate to treat the Welsh 
language television service on the ,, 
fourth channel as a service te be ; 
provided and supervised ? exclu- 
sively by the OBA; it should- be - 
treated as e national service fori- 
Wales to which -all three "broad* ,- 
casting organisations will -have m£ 
identifiable contribution to make;-. 

Provision, will: therefore.'- tie 
made for tbe BBC -and the IBA/ 
to provide-, the fourth channel; 
service with a given number ;6F- r . 
hours, of. Welsh -language ptiKr 
grammes which will ” stimulate •: - 
and maintain interest in thc'lan-7 
guage as well a$> for the ;OBA‘C 
to provide programmes in Jhei". 
Welsh -language, which -'it ’will-: : 
have, commissioned, . v. ; 



i r- • 

f *, 


w 

do 


me 


Y\ 


Vs 





d 


!i h 


|T~ LABOUR N EWS M 


m* 

“HiSfV 


Peace talks break 
down at Chrysler 


BY PHILIP BASSETT, LABOUR $TAFF 


TALKS TO try to settle a dispute 
it Chrysler's Lin wood plant, 
■vbich were held yesterday in 
LoodoD between Ministers, 
nanagement and national union 
iIRcials against a background of 
loubts over the future of 
Cbrysler’s operation in the UK, 
oroke down last nighL 

Ministers were disappointed 
that their initiative to bring the 
two sides together had failed to 
aroduce a formula for settle* 
nent Further talks, again in- 
volving Ministers, will be held 
:omorrow. 

Mr. Eric Varley, Secretary of 
Slate for Industry, Mr. Harold 
Walker, Minister of State for 
Employment, and Mr. Bruce 
Millan, Secretary of Slate for 
Scotland, met Chrysler manage- 
ment and national union officials 
ind LI n wood shop stewards 
separately yesterday. A further 
attempt by Ministers was made 
(0 reach a settlement after a day 
-rf talks hetween the two sides 
lad not reached an agreement 


Mr. Grenville Hawley, national 
automotive secretary . of the 
Transport and General Workers’ 
Union, said after the meeting 
that the talks had been very 
difficult. “We have at this stage 
not made sufficient progress to 
say that we are optimistic.** 

He said closure of the Linwood 
plant had not been specifically 
discussed in the talks, but that in 
discussions on Chrysler or 6L 
that possibility was always 
present. Profit levels had to be 
taken into account, and it was 
profit levels that would deter- 
mine whether or not Chrysler 
stayed in Britain. 

There can be little doubt that 
the strike at Linwood and at 
Byton earlier this month have 
put Chrysler UK back Into tbe 
red after a profitable first quarter 
of this year. The company’s 
reported profit target of Elm for 
the current year will be more 
difficult to achieve. 

Mr. Millan said the failure of 
the ■ talks was a “‘disappoint- 


ment" Ministers bad expressed 
“ serious concern " about the 
problems at Linwood. Both sides 
had strong feelings on the dis- 
pute, but both expressed their 
willingness to carry on with 
discussions. 

Ministers had made themselves 
available for more talks last 
night, but Mr. Millan said after 
the meeting broke up that no 
further progress could have been 
made yesterday. 

The dispute at the Linwood 
plant, which began at the start 
of this month, centres on 
management attempts to speed 
up production by new proposals 
for determining temperatures in 
hoi areas of ihe paintshop. 

Some 560 paintshop workers 
are resisting attempts to change 
iheir system of rest breaks in the 
hut areas. 

More than 4,000 Linwood 
workers have been laid off. and 
production at the plant cannot 
resume until at least mid-August 
at the end of the factory's three- 
week annual holiday. 


NPA leader sees Booth 


BY ALAN PIKE, LABOUR CORRESPONDENT 


SUt RICHARD MARSH, chair- 
man of the Newspaper Pub- 
lishers Association, met Mr. 
Albert Booth, Employment 
Secretary, yesterday to dis- 
mss the journalists' dispute 
which has prevented publica- 
tion of the Sun newspaper so 
far this week. 

The NPA later said that Mr. 
Booth had iold Sir Richard that 
Department of Employment 
officials would be available to 
advise on (be validity of any 
productivity proposals in tbe 
context of Government poliey. 

Son journalists are in dispute 
over their annual pay agree- 
ment, which includes a produc- 
tivity claim. 


. The council of the NPA met 
yesterday evening and was told 
that, the TUC printing indus- 
tries committee would try its 
best to resolve (lie dispute. 

Earlier yesterday Sir Rirnard 
had asked Mr. Bill Keys, 
chairman of the committee, for 
a formal meeting and it is 
possible that this will take 
place today. 

Sir Richard said (be NPA 
would be asking Ihe committee 
to apply ** some sense of 
nrgency to the problem” 

NPA representatives met 
officials of the National Union 
of Journalists on Tuesday 
night and asked for assurances 
that the union was prepared to 


honour the disputes procedure. 
The union, however, has 
replied that a response must 
await a meeting or its execu- 
tive tomorrow. 

** f cannot believe that it is 
iu the interests of the union 
to sil hack until tbe weekend 
while a major newspaper is 
bleeding to death and dearly 
haring to begin to think how 
long it can go on incurring 
these costs,** said Sir Richard. 

Services or the Press Assocl- 
tion national newsagency are 
likely to become increasingly 
disrupted by a decision by NUJ 
members to step up action in 
support of a pay claim. 


Working days lost by strikes 
down by 18 % this year 


BY OUR LABOUR STAFF 

THE NUMBER of working days 
nst by strikes in the first half iff 
his year fell by ninre than IS 
>cr cent cbm pored with The first 
.i\ monlbs uf 1977. according l«» 
he laiest figures from the 
Department of Employment. 

During the same iwo periods, 
hr fall in the number or actual 
itoppjges was slightly lower at 


1.139 hetween January and. June 
this, year compared with 1,358 
previously. 

The strike figure for last month 
alone at 139 was well down on the 
June 1977 figure of 170 and also 
compared with 191 stoppages in 
May this year and 20fi in ApriL 

The pattern was similar for the 
number of working days lost with 


‘Disturbing’ apathy about 
inequality, says report 


BY OUR LABOUR STAFF 

MOST EMPLOYERS appear to 
he complying with the provisions 
nr the Equal Pay Act hut Icgisla- 
linn has done little lo inftnence 
traditional attitudes towards 
women and work. 

In some cases, these altitudes 
= include the intention lo continue 
i ; ‘disiTinitnaiing against women. 

These are the findings of a 
i * rceem independent study or 26 
organisations liv a team from the 
London School' of Economics. Its 
, rcsulis were published yesterday 
< r f'K ,n lh|1 lalesl Department of 
’ ’ L tllVEmpluymenl C.aaelie. 

=**> * ' Mr. John Grant. Employment 
Under-Secretary, called for l *a 
great deal more work” on the 
problem, and commented that 
there was a "disturbing” decree 
of complacency about inequal ity. 

The research describes how 
employers have implemented 
equal pay. and their response, 
from 1974 to 1977, to the Sex 
Discrimination Act. 

The team Found that most 
employers, had carried out the 
provisions of the equal pay legis- 
lation for most of their 
employees, although 15 of the 
organisations had groups of 
women who fell outside its scope. 

A considerable narrowing of 
differentials between the basic 
rates of pay for men and women 
was indicated hut women were 
more likely to be paid an 
appropriate rate where job 
evaluation was used and where 
they were supported by trade 
union pressure. 


Most of the organisations 
seemed to have stopped overt 
discrimination, such as in 
recruitment and advertisements, 
hut the effects of the Act were 
found to be limited Few changes 
were seen in employers’ 
personnel practices and in the 
kinds of jobs done by men and 
women. 

*' There was widespread 
acceptance of job segregation 
in manual jobs and strong views 
on the .suitability of certain 
jobs for men (those involving 
lifting nr mechanical tasksl and 
for 'women (those involving 
dexterity or monotonous work.)” 

Men seemed to believe that 
women should not be asked to 
do dirty, heavy or potentially 
dangerous work. It was also 
often assumed that women did 
not want responsibility or a 
career, though snme women in 
every organisation said they 
wanted more responsibility or 
wiH nr opportunities. 

The outlook for Increased 
opportunities for women seemed 
poor. The report said that 
in most organisations. line 
managers nr supervisors had the 
final say on selecting staff. 

“Given the attitudes expressed 
by many of them, their stilt-low 
appreciation of what constitutes 
discrimination and the fact that 
a personnel department’s role is 
often only advisory, both inten- 
tional and unintentional dis- 
crimination seems likely to occur 
in the future.” 


a total 421.000 recorded for June 
this year against 514.000 in the 
same month of last year. This 
also compares with 4S2.00D last 
Myy and 592,000 in April. 

In the current climate of wage 
restraint, pay issues remained 
the leading cause of stoppages in 
June. The Department of Employ, 
mem Gazette published yesterday- 
showed 62 stoppages over wage 
rates and earnings levels and 
another eight over extra wage 
and fringe benefits. 

Industrial action over manning 
and work allocution was res- 
ponsible for 23 of the stoppages, 
dismissal and other disciplinary 
measures for 19 and working 
conditions and supervision for 
14. Trade union matters caused 
another ten but there were only 
two strikes over redundancy 
questions. 

For the whole six month 
period, the number of workers 
involved in stoppages fell by less 
than 3 per cent to 462J100 com- 
pared with the same period last 
year 

In June the number was esti- 
mated at S2.500 of which 59.100 
were invnlvr-d in stoppages which 
hegan in June and 23.400 in 
stoppages earned over from tbe 
previous month. 


Engineering 


YMCA scheme approved 


A NEW Elm training scheme lo 
help unemployed school-leavers 
in thr Greater Manchester. 
Merseyside and Cheshire areas 
has hocn approved bv the Man- 
power Services Commission. 

The scheme, organised by the 
nnrih'wrs'l region of l be Young 
Men’s Christian Association and 



JJ Ventilation Limited 
13 Dowry Square, Brbiol BSS 45L 
Tri. Bristol 291 286 


supported by Government money, 
will -give 540 young people 
between 16 and IS a years 
experience of industrial anu 
community service jobs. 

The scheme, expected in s\ 1,rt 
nn October 1. will he »he first 
large-seal*; integrated project In 
be. set up under ihe Govern- 
ment’:; Youth Opportunities 
Programme. 

Participants will he paid ,u 
a week, and it is hoped the 
scheme will lead to national 
YMCA involvement 

Livernool docks 
halted again 

THE PORT of Liverpool was 
baited again yesterday on ijy - 
hours after it had reopened 
following a four-day unofficial 
strike by 300 lock ea»e 
Ancillary workers. ! * 

men and shore jtaww Wo ® 
meeting in the city's b ww 

81 'The "dispute is over the black- 

ssi 

ing imported butter. 


Among main stoppages during 
last month, the Gazelle draws 
afteniion ro an eight-week strike 
hv 280 finishers at a Belfast tyre 
plant ended nn June 15. This led 
in 2,000 layoffs in the dispute 
over a shop steward being dis- 
missed for allegedly damaging 
companv properly. 

It also mentions a walkout by 
80 transport delivery drivers on 
June 8 which resulted in 6.000 
other workers being eventually 
laid off and the stoppage caused 
hv a hlastfurnacenien's dispute 
ai a British Steel Corporation 
plant in South Wales. About 
4.700 steel workers were laid 
off during the dispute. 

The engineering industry suf- 
fered from the most numher of 
strikes in the first six months, 
with coal mining coming a close 
second. The figures were 1S1 and 
161 respectively compared with 
22R and 124 in the same period 
or 1977. . 

There were 91 stoppages in the 
motor industry compared with 
too previously and 99 in con- 
struction compared with 15S. 


Industrial 

tribunal 

changes 

THE GOVERNMENT yesterday 
announced changes in industrial 
tribunal procedures which it 
hopes to introduce from 
August 21. . . . . 

The changes, introduced IP the 
light of experience, will Rive 
tribunals powers similar to 
county courts to authorise a 
party tn a hearing to take copies 
of documents held by the other 

P Tribunals will be able tn ask 
Tor more details from applicants 
or repsondonts before a hearing 
and in future parties will be 
asked to set out fuller details of 
their cases before hearings. It 
will alsn be possible for tribunals 
to dismiss cases when applicants 
fall to attend without explana- 
tion. 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE RECOMMENDED TO TAKE APPROPRIATE PRO FESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


Finance 
for Growing 
Companies 

3t you are a shareholder in an established and 
growing company and you, or your company, 
require between -€*50,000 and *1,00U,U0U tor any 
purpose, ring David Wills, Charterhouse Development. 

. Invesringin medium size companies ns 
minority shareholders has been our exclusive 
business for over fort)' years. We arc prepared to 
invest in both quoted and unquoted companies 
A currently making over ^‘50,000 per annum 
pre tax profits. 


m CHARTERHOUSE 

Charterhouse Development. 1 Paternoster Row. St. Paul*, 
London EC iM TDH.Tdephnnc M-248 


NORTH AMERICAN 
REPRESENTATIVE 

If you require assistance in any of the following situations, perhaps 
I can be of service: 

* Acquisition Feasibility Studies 

* Divestitures 

* Subsidiary monitoring and reporting to Board level 

* Market feasibility studies 

* Marketing of unique financial services 

* Private investment ventures 

* Key man evaluation 

U^.. resident and citizen. Ex-Chief Executive Officer, entrepreneur, 
well connected across broad U.S. and Canada Industry spectrum: 
available commencing in September for challenging assignment — 
either on consulting fee basis, or preferably, where applicable, on 
contingency arrangement. 

You can be assured of complete confidentiality. Drop a note on your 
company letterhead to: 

Dept. RY 35, Box 609, Times Square Station. 

New York. N.Y. 10036 U.S.A. 


VENTURE CAPITAL 

There has been much recent debate about die' apparent lack of venture 
capital for {achno logical products. 

Having got the capital we are having difficulty finding the prod oca. perhaps 
we have been looking in the wrong place. 

We are a large company deeply involved in development and manufacture oF 
high technology producu. 

Our interests lie mainly in the "imtiuraont” areas, electronic, electromechanical, 
precision moulding, because this it what we know about. 

Financial arrangements aro flexible. From equity to complete acquisition 
requiring now or later from £10u,000 to £S. 000. 000. 

Apart from the capita/ are have design, production engineering, manufacturing 
and world wide marketing facilities immediately available. 

If you could use any or all of these facilities and make money for you and 
ut. please write. We r-emiic chat negotiations will be carried out by 
engineers who understand finance. 

Write Sox G2331. Financial Timet, 10 Cannon Street, E C4F 4BY 


Credit Aid Limited 

WHAT CAN WE DO FOR YOU? 

By reducing debtor days, we increase your cash flow. 


thereby improving your working capital; 

THUS INCREASING YOUR PROFIT 

Contact tu Urines confidence ■ 

Vk for Commercial Cellcciion l> Business Inrormatlms 
A B Badenurb. A C-A D. W. Clarirf*A C.A. 


B Badonorfc. A C-A 


D. W. Clarirf*A C.A. 


'\T' Credit Aid Limited 


4 New Bmlqr Slice'. London EC*V BAA. T-leohone: 01 353 7/77 


BUSINESSES FOR SALE 


YORKSHIRE 

CIVIL ENGINEERING 
CONTRACTORS 

Old established family company specialising in general 
groundwork and sewers. Generally local authority and direct 
contracts. Turnover restricted lo approximately £jm. on 
profitable contracts. Prime ft echo Id centra! yard and 
maintenance depot. Sale due to retirement. Principals only 
reply to Box G-2335, Financial Times. 10. Cannon Street, 
EC4P 4BY. 


GENERAL WHOLESALERS 
FOR SALE 

Old-established London wholesalers for sale. Housewares, 
general goods, etc. Turnover in excess of £1 million. Excellent 
management. 

Principals only apply to Box G.2328. Financial Times, 10, 
Cannon Street, EG4P 4BY. 


FARMING ENTERPRISE 

IN SUSSEX 

To be sold as going concern 

600 acres, modem buildings. Georgian house, 7. other dwellings. 
Pedigree dairy herd. Present management available. Freehold 

CLIFFORD DANN & PARTNERS 
Albion House, Lewes. Tel. (07916) 4375 


FREEHOLD 
CAR SALES/SERVICE 
BUSINESS 

Well established completely re- 
developed 1.7 aeru un on major 
crunk road and excuNonc trading peti- 
tion in E. Midland* within easy reach 
of 3 major utius- Situ includes thaw, 
rooms, workshops, ■ all ancilbaries. 
Urge frontage, large house, self con- 
tained Bat and boatyard. Ham dealers 
for 2 leading franchises, turnover cur- 
rently £2Qm plus and profitable. 
Ample scope For increase. An excep- 
tional opportunity to acquire a unique 
freehold going concern Pusincit cus- 
tom built for a wide range of 
activities with low operational costs. 
Price £225.000 for business property 
and equipment. 5.A.V. is required. 

Principals only Ploato 
Write So* G23D0, Ffnondol Times 
tO Can iron Street. EC4P 4BY 


JONG ESTABLISHED CLUB AND CASINO , 
In the North, with excellent balance j 
snoots. Price £425.000. Enquiries in 
unhSeiKe to Boa G2315. Financial 
Time?, 10, Carman Street. EGJP AST. 

CUERNSET C.t. Comuanv tor safe. Oufv 
«»i 1975 ao rt sea-qoing G.R.p. 

T S-O vauu tPreeeni aav value 
iSS-OnO). CDuioanv lor sale at 
£42 4300. w nu to* GJi25. Financial 
Times. 10. Cannon Street. £Cap 48V. 


HOTELS AND LICENSED 
PREMISES 


SALE BY AUCTION. RUSHOEN, North- 
anti Oct. 4th S o.m. Laroe imaotinq 
Hotel oremtses. Fall details. Ref. CM C 
SwmdaU Pandered and Atkins. 18. 
Cam or Woe Street. WellinBBorouoli. Tel. 
(09351 78822. 


SHEET METAL 
FABRICATION COMPANY 
FOR SALE 

ESTA&L 15HED OYER 20 YEARS 
HERTFORDSHIRE BASED 
Turnover £1 .500,000 p.a. Net assets 
£250.000. Current order book 
£1.000.000. T» losses circa £250,000. 
Company trad mg profitably, own 
product -ange. owners retiring, offers 
invited In once a of L 250,000 

Principals only need apply eo 
Baa G 2 321 7 Financial Times 
10 Cannon Street. EC4P 4BY 


THRIVING 
FOUR COURT 
SQUASH CLUB. 

FOR. SALE 

IN THE LONDON AREA 

Enquiries by principal* only plena to 
Bo* 6231 J, financial Times 
10 Camion Street, E&4P 4 BY 


PLANT AND 
MACHINERY 


EXCLUSIVE REPRESENTATIVE 
FOR SEVERAL 

FOREIGN BANKS 

seeking QUALIFIED 

BUSINESS 

BORROWERS 

Brokers protected. Local representatives 
wanted. Write Swiss-American Combine, 
P.O. “Box 6S0 Panama 1, Panama. 


Hi 


WANTED 

AGGRESSIVE DISTRIBUTORS 

Hivont Engineering already acknowledged (by their 
Competitors) as one of the country's leading manufacturers 
of unit dusr control equipment are seeking aggressive 
distributors throughout the United Kingdom. 

DESCRIPTION 

The ideal candidates should have ventilation or sheet metal 
capabilities and have established contacts with all types 
of industry. 

REWARDS 

The United Kingdom market for Hivcnt equipment is in 
excess of 

£6,000,000 PER ANNUM 

For your share of this exciting growth market contact: 
Steve Mongan, Director 
HIVENT ENGINEERING LIMITED 
24 & 25 Wear Estate. Washington 
Tyne and Wear, NE37 1NA 
Telephone (0632) 466204 - Telex 53155 HIVENT G 


STOCKBROKERS 

Medium sized London firm would like an associated member or 
small team to join them. We are expansion minded and will offer 
every facility and assistance. 

Those interested in discussions please write to: 

The Senior Partner, Box G2322 
Financial Times, 10 Cannon Street, EC4P 4BY 


Can you cope with 

TALISMAN ? 

If you are a small firm concerned about tbe ramifications of 
Talisman you are invited lo contact London stockbrokers 
with throughput capability and knowledgeable staff. 

Reply: Tbe Senior Partner, Box G.2323, Financial Times. 10. 
Cannon Street. EC4P 4BY. 


ESTABLISHED PUBLISHING 
COMPANY 

la the OFFSHORE 
OIL TECHNOLOGY F'ELO 
requirn additional capital (£20.000) 
for expansion, either sleeping or active 
partierpanis. Accountants / Solicitors 
refs, given and required. 

Write Boa C2319. Financial Times 
JO Cannon Street, EC*P 4BY 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30 Crty Road. ECJ 
01-1,29 5434/ S/ 7 361. 9936 


UNREALISED 
CAPITAL GAINS 
TAX LOSS 
FOR SALE 

. resultant loss approx. 
£485.000 

Write Box G2329. Financial Tunes 
10 Cannon Street, EC4P 4 BY 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy. save up to 40 p.e. 

Lease 3 years from £370 weekly 
Rent from £29 Per month 

Phone: 01-441 2365 


BUSINESSES WANTED 


PUBLIC COMPANY 

based in the Midlands 

seeks sendee orientated businesses Reiterating 
pre-tax profits in the range 

£50.000 to £100,000 per annum 

ideally with established management. 

Please respond in confidence to: 

Box G.2330. Financial Times, 

10. Cannon Street, EC4P 4BY. 


VILLA COMPANY REQUIRED 

We want to purchase a villa holiday tour operator to complement 
our existing tour operating activity. Either outright purchase or a 
majority shareholding is desired. Funds are available immediately 
and we can undertake a speedy appraisal of propositions put to 
us in, of course, the very strictest confidence, in addition other 
specialist tour operating activiry could be of interesr on the 
same basis. Please contact: 

TONY MOY, PAGE AND MOY LIMITED 
136-138 London Rood. Leicester LE2 fEN - Tel: £0533 ) 542000 


ESTABLISHED BUSINESSES 
WANTED 

Quoted public company ts interested 
in acquiring established businesses 
currently earning profits before tu in 
the region of £50.00D-£150.0DD Pei 
annum- Purchase consideration can be 
satisfied in either cash or shares. All 
replies will be treated in strictest 
confidence. 

Write with full details to: 

Box G22B8. Financial Time* 

10 Cannon Street. EC4P 48* 


WANTED 

Company with agreed 
capital losses of 
£600,000-£750,000. 

Wnie Rex n.2530. Financial Times. 
10. Cannon Sireei. EC4P 4BY. 


GENERATORS ELECTRONICS 


PRECAST CONCRETE 
AND ALLIED TRADES 

Our clients seek to Purchase a com- 
pany or companies who are manufac- 
turers in these fields and they will also 
consider any businesses chat arc in. 
volved In the engineering field. 

Our clients have substantial cash avail- 
able and interested parties should 
please communicate with us tn the 
first instance: 

Lawrence, Rogers ft Co.. 

Chartered Accountant!. 

The Manor House. 50 Chigwcli Hold, 
South Woodford, London El 8 US 


Over 400 sets in stock 
lkVA-700kVA 

Buy wisely Irani she manufacturers 
with hill after sale* terviqe 

CLARKE GROUP 
01-786 8231 
Telex 897784 


Electronics Division of substantial 
Public Company seeks to expand its 
activities by acquiring first clan 
c o m p i rue t widi good crack records. 
Ample funds available For outright 
purchase. 

Write Bor C2314, Financial Times 
Iff Cannon Street.' EC4P 4BY 


NATIONAL RETAIL 
GROUP 

INTERESTED IN ACQUIRING 
INTEREST IN A 
MAIL ORDER COMPANY. 
Write Box G.2297. Financial 
Times, 10. Cannon Street, 
EC4P 4BY. 


ACQUISITION OF 
INSURANCE 
BROKERAGE 

Small Lloyd's Pr.iL. rn Mu in 
inwirancv hraberjm ur'h t-i; 
balaoriNl pariinlin — nrunv 
mn l«s than «-ai.inin— nx* -t Ln:i i'>". 
ur H«iu* Coumu-s pivi-rrahh — cwi* 
isnuiiy of pri vni rnanj,;rnK-nr d-.'iir- 
lhii- mu nm ew.-nnai. 

Pfcvui* whiI ri fniirif d. 

-In. -I roulriii*»<*C »«■ H ** ' il-'Vn. 

fmiir/rtnJ Timi-i. in rnunnn Strii'I. 
LT4l‘ 4UY. 


ENGINEERING 

GROUP 

with precision engineering (jcilitivs 
will invest m SWrt-up a» I!* com- 
panies wish.ng to dc»c-op 
products and requiring da*<faB-n.‘n< 
and/or working capital. 7 hr maim, 
factoring capacity ol the C r -OvP 
be made available, and apura.ialv *•!. 
be carried out by evPrnenced cng.n. 
ccrs and choir fmant.al advisors. 

Details or projects m Iir.cmi 

con Mo (too to 

The Chairman. Bai GUIS 
Financial Times 
TO Cannon Street, £ C4P *BY 


PRESTIGE CARS WANTED 
TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 

Are you obtaining the best price h:r 
your tow- mi f race preitigc matar-cn ’ 
Wc urgently require Rolls- Ro«ae. 
Mercedes, Daimler, jaguar. Vj-wfcn 
Plat. BMW, Porsche. Ferrari. Maseru., 
Lambouigruni. Jrnsen Convert ble, 

Rover, Triumph and Volvo can. 
Open 7 days a week. 
CaHeCiton anywhere in U K. Cash or 
Bankers* draft available. Telephone us 
for a firm price or our buyer will call. 

ROMANS OF WOKING LTD. 
Brookwood (04867 ) 4567 


THE GROWTH POTENTIAL 
OF OUR CUENT 

The U.K. subsidiary ot an ovenris 
Public Company, oflurs f ou the great 
opportunity to imreju- you' sj>h 
through ns mail ord,- lac-lt-n. 
especially to garden owners They hav r 
the capaeity ■! you have the product 
—let's put fh.-m io.-.-ihp- 

Writp m the first iCitance :a — 

Security Manager, 

Shipway Communications Ltd., 
Western House, 

Small brook Queensway, 
Birmingham B5 4HD. 

Cen AJenriof Reply Service • Appj.cot nm 
are acknoh Jrdyed b, return and 
forironfrtf direct to our rfmnr 


For Sale 

RECLAMATION SITE 
APPROX. 35 ACRES 
WEST MIDLANDS AREA 

Liccnied for tipping o I B-ji'dert* 
Watte. Foundry Sand. etc. 
Estimated 1.000.000 tons ol tand still 
available (or extraction, thereby in- 
creasing tipping volume. 

Write Bov G23IP. Financial Timet 
10 Cannon Street, EC4P 4B* 


MARINE INVESTMENT 

Boatbuilding company with good sales 
but lack of capital offers tor sale and 
leaseback. Master Moulds. Name and 
World Marketing Hi jilts for a popular 
sea going 20 foot sailing cruiser. 
Return an investment by way o' 
licence lee per boat sold. Range (0. 
30% P.a. For deoils write: 

Bo« G2317. Financial Times 
Iff Cannon 5treel, EC4P 48 1 




For (urUier mlormahon contact: 

K. Dean, 

ARBUTHNOT FACTORS LTD, 
Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424-430824 


FOUNDER « MANAGING DIRECTOR 
of successful plastics group w.ch 
unusually high profits record I now 
pan of a larger group) with vapr.i. 
cnee extending over 25 yc*-i. pjrcicu- 
larly in rotational and inivction 
moulding, will haw lom, time at the 
conclusion ol his contract in Decemnn 
1978 to act as consultant or part 
time Director. 

Write Box G228J. Financial 7ime» 

10 Cannon Street, EC4P 43V 


AGENTS 

Hi^h calihre .i-.ms inr UK anrl orey. 
Si-as rctinir'-d »•» fir.miQn- ■ v-Iims. 
luxury haihruom rati--,- UK .u.-m-. 
muni Ik- i-urn-mly ullinc on .irvhi- 
iirl< InliTiur il- J-iun.-Tv. >-U* hv*..- 

•srih- u-iiii fuIU-si rt.uiis including 
area' eni«.r.-il lo: 

Box ti .'.IN. Finisu.-i.il Tim. -, 
in. Cannon Sirtvi. U.i'lf IKY. 


Pest Control 

A major international group, wholly 
engaged in the services industry, wishes 
to purchase a pest ■ control company 
to expand its in scrota In that field. 
Principals only please reply to 
Boa G23Z7. Financial Times 
>0 Cannon Street, EC4P 4BY 


(SLE OF MAN 

OFFSHORE TAX SAFEGUARD 

Grain the oooorlunitir-s in a lev, i., 

aiea V.'e saecialise in ihe formation 
Ol co.-nnanies including nominee 
auDOIrtment. sccrcian.il service-, 
orn-rai agency work, irlr* ana ncnernl 
consultancy Including commercial 
placements. 

F.- • act ills from P A drown. BROWN 
BROTHER' LIMITED, VkIotv House. 
Pros t.l Hill. Oouqlam. Isle of Man. 
Tnl. D&24 25661. Telex B28JS. 


LESSORS WITH 
SUBSTANTIAL FUNDS 

Sought by well established Leasing 
Management Company. Minimum 
tranches £50.000. Currently placing 
i million monthly fa- (etsart 

Principals or thvir advisors 
please write ro 
Boa G2306. Financial Timrt 
TO Cannon Street. E.C4P TBV 


WANTED 

A Sill.MJ. 

IMPORT/ EX PORT 
- BUSINESS 
London or Sukkpx 
W rite Box G.2333- Financial 
Times. 10. Cannon Street. 
EC4P 4BY. 


FINANCIAL 

DEVELOPMENT 

We an? a firm of IniiTnannnal 
MaRaceincni Consultant*, •.tx-eiutisinu 
in DijrReunc. Wn aftiT rapir.il io 
suiiahk- unliTjins. s h-tK-n* i a xpai:5lnn. 
nr (level upturn i nt «n-« products i> 
brjond iIk* Itmiiv nl existing caah 
Hob or financial n-souro's 

Wrtlr to Po* GJSC. Kmancial Times. 
(A Cnunnn <Hnv». El.'TP 4 BY. 


HAVE YOU A SMALL company ,ind nef-n 

^2SS , ’.« w 5. lllf ■«* OJS36. FitunTii 

Times. 10. Cannon Street, 6C4P day. 

OVER 40.000 SCHOOLS AND EDUCA- 
TION ESTABLISHMENTS can oe rwched 
or mail. Thr -oucanonal Addressing ana 
mailing 5frvt«. Derby Hpvm. ftedtaiiL 
furrev RH1 3DM. Mersilum 222?. ^ 

START AN IMPORTfEXPORT AGENCY. 

No eaaital rcouirtrd. Established ornr 
i w i r * Clients in 62 countries. Send 
JffB-.SAt. — WJc Dept. F„ P.O. Box 
l 9, Marlborough, Wilts. 


i 




















10 


“Financial Times Thursday July 2TTX979 


var- 


PARLIAMENT AND POLITICS 



MPs insist on Scots 
power to recruit 


BY IVOR OWEN, PARLIAMENTARY STAFF 


Whitelaw objects 
to White Paper 
on broadcasting 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


LABOUR PLANS ITS ELECTION MANIFESTO 

Callaghan wants 
family reading 



THE LATEST and probably final men is were kept at justifiable 
session of constitutional “ping levels, 
pong” between the Lords and He also pointed 
Commons over file Scotland Bill House of Lords 
opened last night with the agreed not to persist 

Government urging MPs to insist similar amendment 

that when the Scottish Executive sought to include i r- — -.v- — v ’,u.* 

is established it has a free hand Bill. In the Commons earlier. Mr. broadcasting. and a direct financial conmbu- earlier this = 

in recruiting civil servants. juj, Leon Rrittan, a Conserva- George Reid (SNP, Stirling E. Mr. Merlyn Rees, Home Secre- Jjon from the Goverument. If course. M - 
By a majority of 33. 301-2&S. tive soo kesman on devolution, and Clackmannan) said this tary. announcing the Govern- fourth channel was under Tnoumte 

MPs ' * ' ' ~ J ' ' ' 

desi 

mate power 


choose skirmishes 


BY RUPERT CORN WBA 

are of special military spending *Ko«M ; bt 
For them the reduced to a proportion of GN? 



Heffcr. ~ h mechanics of the *»«™w the title of ' the .Labour 
nf - ^ ******* niav into Mr Calta"ban** W0I * ,n S group that baa long been 

K&SStLA amendment "JJBTB I^TSTSS Stt&WTES? * 'TT ifiSTS EST 'aW- wikta, “W^W^gBSS 

,0 give whuehn 11 Ulu- n f ht 10 rHurn the iHue the fourth channel. to net up an Open » estra cost to the taxpayer. undone of^the parto iolntly sel lip by the SlThave 

ait* power to deride the size of Q 0mmons because the similar Mr. Rees said he recognised Broadcasting Authority fOBA) The Onnasifinn u-as also “ verv r 


member 
Executive 


The Opposition was also “very * Q the Government benches in Cabinet and 


NEC, are sions to the- Left, and many of 


the initial service establjshtnent amendn , ent defeated earlier by the problem, but increased use !£__??? h lel 25f^“ dubious 1 about the proposals j^e Commons. current Iv '‘if tins through possible the group’s proposals are sup. 

for each of the new Scottish nine vQles had never been dts- of UHF should So some way to for restructuring the BBC. While in M Heffer - S reply! and indeed fur inclusion in Ported by otherswtionsof the 

Departments *et up m Edin- cassed hy MPs because of the help. Later, Mr. Reid, a former commission programmes from accepting some of the Annao Callaghan followed CdndtUuUb lur inem.wn in r ^ possible sop might 

bU air fa Han-v Enin- Scottish Office °^ raIinn of t,ie S H lllotine - T television journalist, gave the ™ Committee's criticism of the his observa tion with The 'rIS'SSi Manifesto^ «*tiedMbr •*>* infusion of the recommend 

Mr. Harry twine., bcouisnumte At issue was the crucial re- White Paper a “ general wel- “ nancetl advertising, in aaui bureaucracy and lack of control 'JL-ct rradirional muttered But tnc Mamtestu is Scuiea otuy . , . . _w 0 i[ji 0n 0 ■ 

Minister of Stale maintained that lat jo nship between the civil come" uon 1° receivln * Government in ^ BBC . he lhought that a bo” the ^possibility of hy the full Cabinet and [the g* 2!2t£ a oie£l 

to make the Minister for the Civil servantJ! j n Edinburgh and Lon- jjr Reid welcomed especially support. these were matters which could * car i y retirement to the Executive at thetr traditional . . i , Committee system 

Service responsible for the over- d e on a and th e relationship between the propped increase inGaelic , An^er major P r °P^ was be solved internally. nFeasure/ of IffaK farm) is “ Clause Five” joint session. The £ “j* tb^Commmee sysiem 

all size of the Civil Service the Governments in Edin- coverage. particularly for * or l be introduction of outside The Dew boards would mean unrecorded But the exchange Jjfft *Jia\ bold a slight Mlge On - a m*thinB about Civil Service 
recrutced for the new devolved bursh and London. The Opposi- children, and called for a local P e °P Ie 10 h f*P supervise the an i ncre ase in bureaucracy and SSwSms up the state of play the NEC. but is clearly out- JJgJ™* * Bout uw service 
regime would be equivalent to tion believed that the relation- rad io station for Stornoway on str f te Sj! ? f . e ! c _ h T ?/ a proliferation of “quangos,'' the ”*J h f n the Ubour party, as it numbered when the Wo groups * rnu hle that none of 

placing Ministers in the Scottish ship between the two Govern- *be island of Lewis. But he called the BBC s main divisions-^TV, quasi-autonomous non-Govem- o 0 es throu n h its rilual military are com hl n<fd- <h T h * P* 

ments had never been thought for ^ Scottish Assembly to ex I ex ?? 1 ff I 22S ™ n ' al organisations which have £Zl!m before an election ffiySfytJtlffaSffii ta 

the contents of the Cptflp#! a campaign - that already 

kjLtiicu threatens to draw most o/ its 



Executive in a “strail jacket’ uiuiusu /Mpt _ iuui 

The Minister argued that the ou , f u [|y an d properly. “ have more'say^over broadcasting *? alf m ^ m bers of these come in for criticism for provid- “yp 1 !." 

Lords amendment — in similar Mr. Britt an questioned whether uj Scotland three new service management ing jobs for trade union leaders Manifesto 

terms to one rejected by the the Government's proposal that Scottish Tories had a special boards would be independent and others connected with the Mr . Callaghan is determined to R . Nm , k iM n 

Commons by a nine majority the civil Service needs of the mee tins on the White Paper and P e °P le appointed by the Home Labour Party. ensure that the document will Nor is that all. Mr. Ccaff Bisft. ititcrest from personamip and 

earlier m the month -- carried Scottish Executive should be met unanimously opposed the plan Secretary. Mr. Whitelaw was worried SC!ire no one . .\nd SUC h is his the Left-leaning head Ot not „ D .'“ ; j 

wilh it the implication that there f roin t he ranks of the home Civil f or a f ourtb channel. According to Mr. Rees, the about bow this would affect the ascendanev over the Pariiamcn- research at Transport House may every Labour Mr s mind fas ibtq, 

was a desire at Westminster to Service would prove workable in They said the BBC did not vet proposals would “provide a independence of the BBC. and * arv p ar t' Vf and such is the produce his draft for the meet- Y- rL, ,n W c I s sn ows 

frustrate the policies of the practice. provide a fully adequate service structure for the next decade, was particularly alarmed at the aw i re ncss' that his personal ing. But the prospect is that the disturbing slmilanti«3M|Vith 1973 

devolved administration He su-jeesred that conflicts of ifor arMS in ScoUand which, in the public interest, suggestion that half the board appe ai offers Labour its best (if Prime Minister will have another --when tne party toupir a com- 

Whitchall had no control over lovaltv might arise in cases because of shortaee of money wMl accommodate technological members should be appointed n0l on j y) chance of winning in prepared bv his staff at No. 10. Placeot toothless oatue, ana 

* * u ~ - 1 — J " u " TT ** * ' - - - ‘ “ * k r<.» nimccivwv lOSt. 

reason (and to tiven 
threatens to be a pretty 
document) some leading 
are urging that the 
should dwell on the 

fact that over-recruitment of Civil over Civil Service appointments right deet« on w« d hwe areof bmre oF spawned under previous Conser- purred with pleasure at being resolved The Left mav be at** by Mrs. Thatcher. 

Servants would eat into the in Edinburgh it would be been to allocate the diannel to « w » posstbiuty of TaliV(f admin i Strations . described as Britain's best Con- w 1 fhh nnJ " vSiSSLS. of '****& ir tlw Co™“»ons debate 

&irSTr^d, u “.s?““ Gi^ h »srta t s7 ,, ssss nov,™s. r 1 *. wsk um !£»££ iS&Jssssi 

“■ ° ... have sources to provide a service to the changes. With only a leader, was coined about the in- Stanley Baldwin in the 1930s. central consideration— Hiiiiy have / L th-it 

- ^ — - -- - - J - One may ot course wonder been pre-empted by the pay uomg jusi inai. 

“ ' Others want a big pile* for the 

youth vote, a field where the 

o Conservatives must make up lost 

Mr. Whitelaw made it clear responsible for over 100 appoint- NEC on subjects as varied as to have the terms of Mr. Cal tag- ground, by stressing such things 

that the Opposition considered meats connected with broad- national defence and foxhunting, ban's peacemaking letter to the as the environment, animal care 

that the DBA would be a waste easting and wanted to know how Manifestos, after all, arc rarely NEC last autumn enshrined In (bloodsports?) and so onr But 

of public money. They believe many -new “quangos' 1 would be read by the general public (who the Manifesto, promising tough none of this is Ihc stuff of 

that the fourth channel should created. actually do most- of the voting); safeguards on national political crusade and it really 

be administered by the exist- immediately after the but by Ministers, committed sovereignty. Some would go fur- does look as though Mr. 
ing Independent Broadcasting exchanges. Mr. Archie Hamilton activists, journalists and, of ther and attempt to secure a Callaghan's Manifest o, w ill ' be 

Authority (IBA) with a separate (C.. Epsom and Ewell) was given course, civil servants, who do commitment to amend the good family reading. But aa fur 

programme planning Board on leave to bring a Bill for the have to have some idea of what original 1972 European Corn- Mr. Michael Foots promise of 

which the existing ITV companies setting-up of another 21 local the other lot will do if it gets munities Act in that direction. “another 10 -or 15 years of 
rsr cpttp of further nrntpets Th»» news was less eood how- . would have a majority. radio stations. But. in fact, the in. Defence is another snag: what exciting polities rf you have the 

IN brirt. ur i urtner protests Mrg s Maureen A BAN on foxhunting and other "The plans as outlined would Bill has no opportunity oE becom- But for Labour — and above all to do about the neutron booth, nerve and courage to stay With 


S-iSfiS sss^ssa^Ls'rs jlts-tss swts 

numbers in the Scottish Depart- home Civil service as a wnoie. xaxpayer. ^ ^ wa]t tin the organisation of the BBC. He why policy documents have been likely over the Common Market, jro 

autumn. said that Ministers were already flowing thick and fast from the as the anti-EEC faction presses Ct 

Jimmy Reid cleared Foxhunting 
to stand at Dundee 


BY RUPERT CORN WHX, LOBBY STAFF 


ban sought 
by Labour 

By Rupert Cornwell 


National "Executive Commits SIqnhoun“‘the emhattled La“^ur P ' a “ * lotaJy “ nDe “ ssar * ™ Jaw - 

yesterday approved the selection MP for Northampton North, who °,SSi'!5j5Lp*f^Tr 

of former Communist Mr. Jimyiy has already survived on a tech- {JJ P f r1 Li?S!w«? e fhS ,hfj! 

Reid to be the partj-’s Dundee nicality one attempt by the con- } S! LJf e /5 

East candidate in the forthcom- stituency to oust her from the 

ins General Election. high l v marginal seat p 1 * 1 Qext fi^ nera l election mam- 

Critics of the choice, led hy After a renori from Mr. Reg . 

Mrs. Shirley Williams. Education ' -lerhill, the National Agent However the exact fate of the 
Secretary, argued once more that who has attended preliminary proposal after yesterday s meet- 
although they were delighted meetings in Northampton, the t°g t of the policy-making 
that the Upper Clyde Ship- local party has been given the National Executive meeting 
builders leader had joined go-ahead to restart the process, remains uncertain. Mr. Callaghan 
Labour, the informal “two-year in time to pick a new candidate told the NEC that the future of 
rule" should still apply. for the General Election. the five sports— beagling, fox- 

This is the stipulation, which Meanwhile, the Ewcutive as hunting, hare coursing and stag 
may now be included in party expected rati&ed the recom- and deer hunting “would be 
rules, that anvnne joining the mendation of the Organisation considered later." 

Labour Party should wait two Committee that no sitting MP The Prime Minister warmly 
vears before being picked as a after the General Election could welcomed the derision not to 
candidate for a Parliamentary be approved as a candidate for tamper with angling and shoot- 
election. However, a move to the directly elected European ing, by far the most popular of 
block the endorsement of Mr. Assembly. This in effect rules such pursuits. “There is no 
Reid was defeated by 14 votes out the “dual mandate" for case for banning them or for 
to six. Labour MPs. 


moderates. 


Labour's ever. 


its Left-wing — the well-rehearsed and the old chestnut of whether us,” that's another matter. 


Labour-TUC team charts agreed 
path back to full employment 


THE TUC-Labour Party liaison committee's document “Into 
the Eighties” was published yesterday. It provides the broad 
basis of an agreement between the unions and government 
and makes a substantial contribution to Labour's election 
manifesto: 


interfering with them," he said. 


Bow Group seeks UK 
citizenship changes 


BY MAURICE SAMUELSON 


1 pa trial " has 


zenship are proposed today 

a plan intended io help a future the title . snorts hochw 

Conservative Government reform ™pnf'« deSCnbed 

immigration procedures. Calling for a clear distinction * 

between nationality and citizen- sports 
The plan published by tne shjp^ M r . piender, a barrister sadistic 
Tory Bow Group, would replace and | aw lecturer, argues that lookers, 
the present categories of British although the two generally co- 
subject and Commonwealth incide. they do not always do so. 
citizens by two new ,.ones— j n the U.S., for example, one can 
citizen of the United Kingdom be an American national without 
and national of the United necessarily being a citizen. 

Kingdom. An effect of the new plan 

The 
indiv 


The joint understandings and export markets; 

t programmes worked out through (iiil Ensure that the public 

Bloodsports form a passage in Liaison Committee over the sector, including public ser- 
a four-page document ou a policy last five y eaxs have a vice s “d the nationalised 

package on the care and treat- significant contribution to the industries, adopts a positive 

ment of animals, dealing with ex- nation 's economic recovery; and policy of buying British; and 

periments on live animals, their fuJ ^ er development of this (iv) Use public purchasing to 
transport and export, and understanding will stand us in help develop better designed 
endangered species; this will be ?££? as we move "? t0 ^ products so that UK industries 
unveiled in detail today. 1980s. we have come through are able to compete more 

Mr. Callaghan regretted at the a P eriod of gr^t economic dim- effectively in export markets. 

NEC yesterday that the parts ? ult T during which it has been The Government needs to be 

hard to maintain living stan- ready to use selective and tern- 

import controls if these 

, ^ .a be necessary. Neither 

been given to the proposals on blood- ^ 7 A ste ^“ en L7 b VX^L Thr ? e , ** UK nor any of the other 


<ii> 


SWEEPING REFORMS involving can vote, serve in the armed dealing with experiments on live dards and h jg b levels of employ- nnrarv^f 

abolition of Commonwealth citi- forces or diplomatic service, and, y t . wou1 ^.. menL But as we predicted in our prove* to 

zenshin are proposed today in for the purpose of immigration, oye^ afiowed OThiSS 1976 statement “The Next Three the UK 

rts. described in the docu- a « d tbe f robleni of industria 

nt as “barbarous and cruel * we • have come to resist protectionist pressures 

orts’,” designed to giv^a tlir0u 3 h that Penod with our j n their countries if the growth 

istic thrill to blS ol world trade continues to be 


human on- intact, j n this statement, our depressed 

purpose is to build upon the New arra n genlents are needed 

Surin? t Mi?^ft^Pw aV v<«n C and for 1116 systematic consideration 
during the past few years And qc inward and outward invest- 
which have been set out in sue- ^enT^he task fiSt to aSe 

hofh V nonvrp« ei and 3 ?^mfe«*npe on the ^tesorisation of different 
both Congress and Conference ty pes investment and to draw 

io former would denote the would be to discourage plural 311 0Ur W8y U P criteria to meet the national 

id uar" domestic richtt nationality and citizenship much S ie £°,Y? I Si I ? NT « x P ec ^ t0 ahea±mt0 tbe ^ interest in the tight of the in- 

Q c " 15 more forcefully than the UK P“ bl « h e Bin l ham on Progress in the economy ... - 


Rhodesia petrol 
report soon 


and duties regarding his own 


country; the latter would denote does at present, 
his standing for the purpose of UK citizen who became regis 
international affairs. 

Mr. Richard Piender. 


The need is to set ourselves to review all important cases on 
a credible growth path to a continuing basis; and, thirdly. 


the supply of petroleum products 

_ to Rhodesia within the next _ „ 

tered or naturalised as a citizen n « r ' . Rowlands, achieve* a re turn" to fulf employ- to collect Information’ on the 

. of another country, by his own 5 A n ^ mce wmister or Mate, ln e ^ ^ — this implies a rate activities of the multinationals, 
author voluntary act. would forfeit his oF growth well above 3 per cent This could best be achieved by a 


as a whole is sustained. 

(iv) We see great merit in 
putting the supervision of 
the securities markets on a 
proper legal footing, with 
greater public account- 
ability. 

(v) We think there is a need to 
regroup existing institutions 
notably GIRO and the 
National Savings Bank, so 
that a new publicly owned 
bank can compete on equal (tm 
terms with the big four 
clearing banks, and improve 
standards of service. 

(vi) The Co-Operative Develop- 
ment Agency roust be given 
further opportunities to 
expand as it becomes better 
established, and have 
adequate resources not only 
to encourage improvements 
in existing enterprises, but tn) 
to help promote new 
developments in manufac- 
turing. 

dustrial strategy; "and, secondly, (vii) We will provide for the ^ 


lisbment of an Investment We shall also mount a prices policy, which will play * 
Reserve Fund — although sustained attack on the tax part in this. There is no. reason 
we recognise that the avoidance practices which enable why such a policy need be 
method and timing of its those with tbe cleverest accoun- incompatible with proper levels 
introduction would have to tants to escape from paying their of profiilabllity in British 
be carefully considered so fair share of tax, and against tax industry— which are in any 
as to ensure that investment evasion. event mainly influenced by the 


A Social Programme for the 1980s general level of activity in the 
(i) The Liaison Committee economy. 

welcomes the introduction The Price Commission is now 
of the child benefit scheme able to investigate the prices and 
and the increase in child profit margins of individual corn- 
benefit to £4 from next panics and inquire into the pric- 
Aprii. ing of particular' products or 

We must provide a gener* sectors. We will: 
ous level of benefit for tbe (i) Further strength the Price 
unemployed without re~ 


of industrial countries will be able 


nf the scheme, says the changes oid"“‘ei'tizensbi'p7'''' , 'ri’us.'''' an Rowlands rejected allega- pe r“annum in tbe years ihead. tripartite Foreign 

presom 0d ^aws CC "- S * : "----* r l rai?r . a . nt fro . m B r itain who takes Shorter working time, by such Review Agency. 


as 


Investment 

lullh uiiiam w u t a mr aiwsi v.aaii^~ ■# lt£Vl©W A°GDCy 

Parliament has Canadian citizenship would cease (Lab.. Warley E) that the report measures as a shorter woriting Planning agreements must plav development of an integrated 
rolling Iimnigra- j 0 be a UK citizen. n . eca “ s ? £ week, longer holidays, sabbati- a key role in ensuring that prob- national energy policy by estab- 

tion without excluding hundreds Defining n Nation — -The Need, for implicate certain British «ilc anil aarlv retirement could Jems such as investment ami lishine an Rnarmr Cnmmleeinn nn 


joint regulation of pension 
funds through agreed 
systems of workers’ repre- 
sentation. 

ENERGY 
The Government has adopted 
its prime objective the 
an 


(vi) 


_ — — - — .. ^ rx> „ — cals and early retirement could Jems such as investment and 1 ishi ng an Energy Commission on 

of thousands who possess this a New Nationality, by Richard 0, V5° m £“J, c a s ri 3r ♦», * raahe a sguifleant contribution at import substitution are tackled which Government, the fuel in- 

country s nationality. Piender; Bow Publications. 240, a t* me when technological at the level of the individual dustries, the trade unions and 

Different eritena are apptied to High Hotbom. London. WC2V Sr change is making many jobs firm. the consumers are represented. 

have toe rennrf nnblMwdSithh? obsoIete - But we recognise that At the Jevel of the individual Devolution and Regional Policy 
Se nSSS P * e i!f^ »«ji for aa The Liaison Committee has 


— V Iivkuuirt, 

determine wnerher an Individual 7DT ; price 40p. 


moving the incentive to 
work. 

Progress made in the last 
four years in improving 
the real value of tbe 
national insurance pension 
means tbat the target of 
a married couple's pension 
of one-balf of gross average (ii) 
earnings and a single 
person's pension of one- 
third average earnings 
now in sight. 

A selective approach to 
earlier retirement Is 
needed, as agreed through 
the TUC-Labour Party (iii) 
Working Party. 

Extra help is needed for 
one-parent families through 
a new n on-means-tested 
benefit. . • 

Facilities for the under- 
fives must be planned to 
develop an expanded .and. 
integrated service, provid- 
ing for the education and 
welfare needs of young 
children and - at the ~ same 
time meeting tbe needs of 
working parents, for day _ 
priority being 


Commission . rad ensure 
that its powers are not un- 
necessarily hampered; the 
“safeguard” clauses on 
profits and . the rate of 
return on capital should be 
modified and simplified to 
prevent firms being able to 
abuse them; 

Take a continued 'firm line 
in EEC farm price negotia- 
tions to limit price rises 
.and protect those, arrange- 
ments which benefit the 
housewife and the farmer 
such as the Milk Marketing 
Board; and 

Take more vigorous action 
lo bring; about a funda- 
mental reform of the 
ConunoD Agricultural 
Policy . itself so that farm 
surpluses and real prices of 
food products, especially 
those in structural surplus, 
are reduced and competi- 
tive imports from abroad 
are allowed into the UK. 
We will seek a reduction of 
intervention prices and a 
return to national aid for 
agriculture. 


Tories ‘ill-informed’ on 
embassy man-Minister 


UK sea rights 
designated 


given Wt to ‘“'handicapped pa ? policy dr policy for collet 
could carry some of these effective forum "TovoTvim consistenQ^ldvocaier^e children and children in bargaining has always been 

~ Scotland* P °aM MO STST “nad - “ 

£Ss“Li 5ss si 

integrate fee-pay mg schools th e pr i ya t e sector is one of the 
into a fully comprehensive key elements In the thi nking of 
system. the trade union movement and 


They could SX; i0 ^ ud ‘ H ng al ! toe questions Committee looks forward to the 

wtl^n the framework of a high under consideration at sector fruition of tbe Government's 
productivity, high investment, tove . This will include such plans The establishment of 
innT _, muT o lr . o high wage economy. vestment plans, elected assemblies in Scotland 

A MINISTER firmly denied in different view of Mr. O'Keeffe’s ADDITIONAL 3,473 square „ . * ake °e ers ’ ex P a °s»on or and Wales is a major step 

the Commons yesterday that Mr. dismissal." kilometres of the Continental nTrainmC . e stablishments forward ia widening and 

Peter O'Keeffe. Chief Informa- Mr. Adlev said that when Mr. ““ e ‘* have been designated by a 1 1 (llUlllg ma I° r organisational changes strengthening democracy . in 

tion Officer at the British Peter Jay, 'Britain's ambassador Government order as areas in nn ,i n „ a i pmninvment and Sn.wSr,.®?". f l uestion s under Britain. 

Embassy in Washington, had to the United States and the son- w kich the UK's rights to the ^5f_" a ^“ a i 1 ces P J r °| v ^ aI "n hSS ? a L- Sect0r leveL W e Taxation 

been sacked. in-law of the Prime Minister, seabed and sub-soil and their . a . J e J eve that this key priority Reform of our taxation and 

Mr. Nicholas Ridley <C, Ciren- finished the Round-Britain yacht " atura ' rR^ourees are exercisable *“ r goai or employment cannot be met without the social benefit system must go 

cesler 3nd Tewkesbury) claimed race, he should be told there was Dr - . Dickson Mahon, Energy “Pf?™!,' , iri na r»;i- « 2J I0 S ( a,I ' ba ck rights set out hand in hand with Industrial re- 

he had been dismissed and called widespread concern about the Minister of State told the Com- j rfii The Wh,l e Paper on Industrial generation. Over the past two 

for his reinstatement. way Mr O'Keeffe's dismissal has “ on s m a written reply. planning and industrial demo- Democracy. £ ears taJC cuis and H benefit 

He said Mr. O'Keeffe had heen been handled. . The newly designated area is cr «y- h nw« V,L.* elcome u the P romise o f increases have played a major fix) Cash 

sacked on the grounds of not “ will the minister tell our m South western approaches n .: e °, a 1 J iaer “Pp roacn Jesislation in the coming session role in particularly protecting 
putting out Labour Party propa- ambassador io Washington that and is n «> w available to holders 10 Of import of Parliament so that we can the worst off, and over the last 

panda. The Government wanted his behaviour is an abuse of his of petroleum exploration Pt netratl ° n , ln Br,tl sh industry, build on the proposals contained year tax cuts alone have been 
a “Dr Gocbbels rather than an power, whomsoever his father-in- licences. I nis must be part of a far more io the White Paper. worth over £3 per week to the 

®?* tive f Presentation of the pur- Finance and Investment married man on average wages 

More °Drecfsion dU fi ri ni»MA { I? eS ?n ;fhe financing of investment with two children. 

“I CS"®" ne ^ d “ must be an integral part of the , 

studies. Action at industrial strategy so that funds AunrnQph 

the level of the individual firm are channelled into priority **ypiU<lvfl 

it — - essential. areas and that the financial in- . ■ , 

PLANS TO speed up regulations T ^ ere father require- stitutions become more publicly Britain ^c^if^vprv^ht^Mv^ m 

covering transport of dangerous “ ents . n .® eaed . t0 acbieve our accountable. The following pr l E2KJ? , Sl I ir W S. h, *5SL*!S" 


O'Keeffe.” he added. 
Mr. Frank Judd. 


Air. r ranK judo. Foreign «»i- «•*««* «i. «uiey ne y»i . j 

Office Minister of State accused should get his facts right. There K ISinS tO SOGPO 
Mr. Ridley of being singularly wa s no question of a dismissal. “ 

_ A . transport rules 

Cost of state 

visit flagpoles 


„ father-in- 

law may be ? 

Mr. Judd told Mr. Adley he 


ill-informed. 

'The officer was in no way 


had k shnply C b^n d moved, as^ften - n ^ covering transport of dangerous “:^_ TS {f““ “ acoieve our accountable. The following pro- centvated* half the nrivatelv 

happened in overseas appoint- VlSIl iISSOOIGS eoods by road were Outlined by “ ' W 1 ‘ r . Posals aim at integrating the Q^ned wealth bein^ owned hv 

merits. « bF . 3 M r - William Rodgers, Transport <*> Give priority to systematic financial institutions with the Jf®™ °. e JP3 owned by 

afr. Douglas Hfurd, an Opposi- S 0ST t , of Putting up flag Secretary, in a Commons written agreements between UK users strategy; Moi™? *Si l ?h th LS° p, Sf tl0n ' 

tion foreign affairs spokesman, P?»f f ®F Romanian state reply yesterday. ' - Moreover, for th- 


said proposals to impose Press Kln er x?i?r vear r. wa ? £29.000. Mr. Rodgers said he had told 
censorship on bulletins from the ^ der K |" cr J|^' ffji' 00 ?™ 1 chaiman of tbe Heaita rad 
embassy had been widely ^nder becretar>. said in a Com- safety Commission that he ex- 
reported. mons rtreen reply yesterday, pected tanker iabelline reeula- 

Mr. Judd replied that Mr. Hurd Hosaid the poles had been tions to be produced “verv 
was also ill-m formed and should erected and dismantled five quicklv - ’ and for them to be 

□nt believe everything he read times to dale th( 5 year. But a made law bSfore JheeTd 3 the 

in the newspapers. There ts no study showed that the cost of year 

question of censorship” he said, permanent poles would not be "f have again stressed the 

„ Mib , » n ,?f r ajssssS 

pe'rmracnt 3 polls we?f ? r “?ted! pSSE3S!? f tSe *&£ “oE^clw. 


and UK manufacturers on 
what needs to be done to avoid 
imports exceeding agreed 
market shares. On average SO 
por cent of our imports are 
not by final consumers but 
are by UK manufacturers or 
intermediaries 

(li) Promote maker-user agree- 
ments on new design and tech- 
nology requirements with 
including links to financial 
institutions under Department 
of Industry auspices, to meet 


... . .... Moreover, for the rop one per 

U) as a publicly accountable cent about three-quarters of the 
ftOtolte Bmk of England wealth is inherited, as opposed 
should aot on behalf of the to being accumulated through a 
t.avemment in monetary person's own savings. These facts 
anairs and not as an in- are the essential background lo 


(vtii)We will actively promote in particular the need to ensure 
equal opportunity policies Giat there is no disciimlnatioti 
for the ethnic minorities, against either sector, 
especially in empiovmenL toave still lo reach a 

and work to eliminate "ational ronsensus on the ovwall 
unlawful discrimination. distribution of income, including 
. ^ income from top employment. . 

.i cui . beDefiI * *? r We welcome the coaciusioft of 
disabled should be the third report of the Royal 
improved and extended by Commission on the Distribution 
making the mobility allow, of Income and Wealth, that 
ance payable over pension there needs- to be such a con-- 
age and introducing a new sensus covering the whole span 
disablement costs allow* of incomes. Against this bade* 
ance. ground, there should be some 

(x) This year is the 30th f^ategic objectives about low 
anniversary of the l!! C0 “ffu i f Clu<li i!£ k ? 0 r r pay * 
National Health Service £* 2SS *5^^51^*228 

and it is vital that as the Silty Hi' SSPnFi 
NHS moves into it* fourth unity -as part of a- move to 
decade we "25 ens J irc that the contribution to 

imDrove our stSrric society and the economy is the 
iSKJ ? a n 5 u ^i2S?t P !!» t 0 { criterion for standards of living 
health and personal social a t higher level rather, than 
services which are of equal inheritedwealth, 

i^SSvta? 1 tn We d0 not 8ee ttew answers in. 

benefits) to roups such as terms of completely new tnstltu- 
tne disabled. tions, such as Parliamentary 


(ii) The 


dependent body in its own the caVlorT comprebeiuive PriC€s ^SSiSI^S^} ^ 

n3b ' DpmrtTnont f system of capital taxation, and Reducing the rale of inflation to 

Department of this will ennhfi* ns tn ha«.-a a has hAsn anrf wiii iwntin.iA t*. . ne a psifCrh oi pay* 


is* ^2?™“ OF this will enable us to have a has been and will continue to w« dShSie mSJ? 

SESirr ssta JK 

;£s5 ^ 

iu,^v«„r^sub. as&jr net s 


attack on inflation by a vigorous national economic tifei 



r\ft 



Times Y&urstiay 27 1978 


METALWORKING 




Laser unit gives 
tool position 

PUT ON the market by Herbert Two kinds of reflection unit 
Sigma is the Metrilas laser inter* are available, one for measuring 
jermometer made by SORO in displacement and velocity and 


France, able to perform remote 

positional measurements of. Tor 
example, machine tool cutting 
heads without direct mechanical 
connection end with great 
accuracy. 

A helium neon laser unit con- 


the other to deal with angles 
and surface flatness. 

Setting up of the' Metrilas 
M100 -is not difficult because *tae 
light beams and optical com- 
ponents bave a misalignment 
tolerance of plus or minus 2 min. 


■ netted to a control and calculator No complicated alignments call- 
module. produces a beam which ' n S for trained personnel nre 
is split so that part of the light involved, so that a machine tool 
is directed at a remote mirror fan be thoroughly checked and 
on the moving machine com- calibrated in very little time. To 
poneat while the other strikes a m *k® a linear displacement 
fixed reflector. measurement takes about ten 

The two reflected fluxes are . , 

beamed into a detection system 

located in the laser and motion iff" JESS 

of the mobile with respect to the “JV* ° r on a fauilt ' in thermaI 

The * linear measurement 
accuracy j s about three microns 
while angles can be determined 

Sfihridh^rot micrin” t0 about one second of -arc. The 
length shift of 0.3 micron. machine can be activated by an 

The detector signal is con- external signal if desired and can 
■verted to impulses and a subse- aiso be equipped to provide a 
.quest computer unit samples the parallel binary coded digital out- 
accumulated value every 40 milli- pm so as to feed data elsewhere, 
seconds: traversed distance is More from the company at 
displayed after allowing for the SprinR Road. Letch worth. Hert- 
wavelength and the air index. fordshin? SG6 4AJ 104826 3841). 



• TRANSPORT 


Refrigerated van 

A HEAVY DUTY refrigerated function as both roof how* and 
van designed to withstand the inner posts, 
rigours of roll-on/roll-off opera- The floor of the van is 
rioas. while providing for a very of seam welded alloy corrugated 
low tare weight, has been intro- profile and terminates at either 
duced by Craven Tasker end in a ribbed kick panel exlru- 
( Sheffield). Stani forth Road, si on, also welded, thus forming 
Damall, Sheffield S9 4LL (0742 an effective pan precluding any .. 

49301). possibility' of water penetration nr overall system price. Ai- 

A competitive weight of only to the foam insulation beneath, though performance is software 

S.2 tonnes for a 12 metre van A fibrous heat arresting web dependent, the '' 

with five meat rails has been is riveted to provide a 4 inch that -2 per cent 



GENERATING SETS 

For prime poweg 
standby and the 
construction industry. 

Dole Electric of Gran: Britain Ltd 
Electricity Buildings. Filey, 

. Yorks. YOW9PJ.UK. 1 

yTef; 0723-51 4141 Telex: 52153/ 


provide 

achieved, says the company, in deep cavity for insulation be- 
spite of the decision to provide tween Die inner and outer alloy 
for a hanging load of up to 25 side post extrusions. The front 
tonnes, as a provision for higher bulkhead is similarly constructed 
gross vehicle weights. but heavily reinforced with steel 

It features a machine riveted members to accommodate the 
alloy outer shell which, with its weight of the nose-mono led 
inherent strength, is particularly refrigeration units, 
vital in vehicles where side An internal width of 7 feet 
doors are frequently required 5} inches is achieved with a full 
and when stresses at the top and 4 inch thickness of polyurethane 
bottom members of the structure foamed insula linn in the walls uf 
and at the corners of the door- the van. Wilhin an overall 
way aperture are of a very high height of 4 meires, an inside 
order. Another advantage pro- of 7 feet 3! inches still gives a 
mised by this approach is that full 7 feet OJ inches beneath the 
repairs can be easily made with- meat rails, 
out losing the integrity of the Running gear plated at ISL5 
unitary construction. tonnes on close coupled mono- 

Areas where GRP materials leaf suspension is available, plus 
are incorporated in the range, as multi-leaf suspension where load 
an alternative to conventional sensing is called for. and the 
materials, occur in the floor structure will accommodate 
loaded models where a series of gross trailer weights of up to 
specially developed onc-piece 36 tonnes, with or without a 
reinforced moulded GRP profiles side-door facility. 


company slates 
increases have 
been achieved on several units 
already in the field. 

Tlie 920/flM buffers the entire 
CPU main memory. The modi; to 
can he installed in nuntiics uttti 
no hardware or software changes, 
and I lie cycle /access lime i* soft 
nan «ei-i olds. The mm i* nperab-d 
from the exist ins CPU power 
supply. 

More from the cmn army at 5'1 
Mnurhriri-ic Road. M.i'rieniirad, 
Berks SL6 SBN i062S 37321). 


• AVIATION 

Pinpoints 
the runwav 


• ELECTRONICS 

A compact 
micro 


This, technician at Electronic Instruments, 
Cfiertsey, Surrey, Is using a work presentation 
unit based on Swiss watch production techniques 
to assemble pH electrochemical sensors under 
dean conditions. The equipment presents her 


AVAILABLE 

Semiconduct 


and four sockets for up to 4,000 
bytes of programmable read-only 
memory (PROM). Two of the 
ROM sockets may be used for an . 

optional system monitor for load- tnent. The Maxi-store is expand- 
ing, debugging and executing able, to 1024k words, 
programs. The monitor permits Using a three wire three 
reading and punching of tape, dimensional organisation, the 
FROM National display and change of memory basic unit is on a self-sufficient 
is a low-profile register contents, and program card, with the address, data 


with the required component for the correct 
sequence of assembly -and she undertakes the 
whole task' herself, including the filling operation 
seen- above. A dust-free endless conveyor belt at 
the rear delivers components to the carousel unit 
at the front 


MATERIALS 


Making it stick 


Cleans off 
cement 

DEVELOPED specifically for the 
removal of cement residues from 
vehicles and construction plant 
are two chemical cleaning agents 
from Pyroclense. Ridgeway. Iver. 
Bucks SLO 9JJ fiver 651 SI2). 


• COMPUTERS 

Throughput 
boost for 
a mini 

A HIGH speed memory enhance- 
ment for the Digital Equipment 
When used for regular valet- Company's PDP 11 rompulers 
mg. a working solution of a‘ has been announced by 


Semiconductors is a low-profile ing. a working solution of a 1 has been announced by Fabri- n... n .. ni 7 

M'"or” f"m“N°3o,.l Semicon- | r n?" ! V‘Solo Ic a op 5 r S te'7n A SERIES of . .dHn( m for smooths compom.4 «fll araept ££*&■ S^heST"' ( -' ompo " en “ “ f 
» ffi»' » a S*™ »*. JW! jead/rostore clear/write and jSSUH^SSTtASS SSlSVSltt ?£&! SaSl2SSJG! C “ “ '« '» ■ 


ductors 'Limited. 301, 

Centre. Horne Lane, Bedford 
MK40 1TR. Tel. No. 0234 211262. 



ne * dl< = foa ®- «?»_■.«? r. h ' n « 


floor 


4 , _ . . W4 uvoult1 iVWJ , U1U UUV1 waler - memory in bipolar technology, without using 

mountable chassis. The chassis jute, latex etc. or flooring covering is taken up. For the removal of accum- Fabri-Tck believes that the lions, 

also contains a powersupply materials like PVC. linoleum - Its Lino paste is for bonding all cement which may have unit offers PDP 11 users the More from 


3j inches of panel space 
standard 19-inch rack. 

Based on the 1NS8080A micro- 
processor. the rack-mounted com- 
puter model RMCSO/14 micro- 
computer incorporates program- 
mable serial and parallel input/ 
nutpul, complete busing, power 
supply, fans and three expansion- 
board slots. 

The microprocessor has six 
general purpose 8-bit regi- 
sters. an accumulator, 
program counter and 

stack pointer. The registers may called Maxi-store having a 325 wiring 

be used singly or in pairs for nanosecond access time and 750 word 

double precision operations, and nanosecond cycle time. “daisy-chaining'* of two chassis Lavbnnd 

the 16-bit program counter allows Cost is in the (Upper bit for expansion to 1024k by IS bit SiSSS «35T* me« multiple S 

direct addressing of 64,000 bytes range -for OEM quantities, and capacity. . use on concrete, under! ay ments. and Resilient Floor Coverings " ing requirements and should be 

of memory. the module is designed for mini -More from Dataproducts cementitious screeds and wooden has been published by the com- appropriate for the interior 

Contained in. the central pro- and “midi” computer appbca- (Dublin), Greencastle Road, sub-floors is Laybond ATA. pany“-Tride nines of 102 car- cleaning of tankers -- especially 

The company says its latex pets from 31 manufacturers, and for the removal of edible oils 


A MONITOR panel ha:! recent ly 

omiL' miu avti'Hi .■! Silnp.it 

Airpurl s iMiiirol tower v. Iiu-b 
maki'N iim» uf plastic nplir.il fibre 
l.‘i shim- winch runway nitil laXl- 
wav hyliis .uv swilchcil nr, 

The licht point:: on tin- panel 
— roprcM-Mlalii-ns uf the actual 
lamps on the run .1 ays — arc 
irrnmij linns ni‘ Ktiylii.s of Hu 
I’nnt •■Cronin" 1 -f nun 
■liameirr lihiv. of v.l nc!t some 
him nieirtv have i»»*i*n it.<nl * r : 
cunjiinrimn v. o'i mitiulnic 
hulhs. mhik- v. till ti'ieij. M-run^ 
as liqhl :.'Uro- . I:t all llte:v 
arc* mhiii* b-liv li;;h; »1ui> on tiie 
panel. 

Accord me to tli.* nukcr uf 
rabri- |) l( . pani-l. Alrtv Elcklronii-.i n£ 
in Tin* .Vi* (lie ri.i this, 
ilotn in Uroinii ha.- ii>sf 
only nne-lifih uf ;1»: vsiimited 


• PERIPHERALS 

Cheap core 

memory ext i a slot * Star*ind wric tiies W, to *various typ« Of W lin^leum floorcovennos become heavily ingrained, the opportunity to increase signiii- Nemours International S .V 

. w , self- lest car do r a custom inter- substrates is called Laybond to concrete wood, chipboard, operation is stated to prove cantly throughput at a fraction F.O. Box CH-lLMl, (iereva 24. 

INTRODUCED into the U.K. by face card. A memory protect X371. . uuu : r a ^ 


>pccial tcrnitra 

I’*»nt 


111! 


do 


a l£bit Dataproducts (Dublin) is a 128k circuit provides data saving upon backed 
a 16-bit 18 bit word core memory module loss of power. Optional chassis carpets 


Primarily for bonding un- hardboard, plywood and most particularly effective by varying 
and fibrous' backed smoothing compounds. This is a the strength of the solution to 
. .. to concrete, wood, water-based adhesive and may the manufacturer’s specifications 

penuits 36 bit double asphalt, hardboard. chipboard be used where an underfloor and b Y prolonging the time 
configurations or the an d 8moothing compounds is heating system is installed. allowed for chemical penetration. 

48. A solvent-based a six-page brochure “Recoin- Product 1170 has been 


cessor are 4000 bytes of on-board tions where 
random-access memory (RAM) storage is a 


high speed large Cooloch, 
principal require- 31166). 


Dublin 5 (Dublin 


NOTICE OF REDEMPTION 

To the Holders of 

ENTE NAZIONALE IDROCARBURI 

E.N.L 

(National Hydrocarbons Authority) 

6Yz% Sinking Fund Debentures due September 1, 1981 

NOTICE 15 HEREBY GIVEN that, pursuant to, die provisions of the' Sinking Fond for the Deben- 
tures of the above-described issue, Morgan Guaranty Trust Company of New York, as Fiscal Agent, 
has selected by lot for redemption on September 1, 1978 at the principal amodnt thereof $1,107,000 
principal amount of said Debentures bearing the following serial numbers: 

DEBENTURES OF U.S. $2,000 EACH 

1U7 
44 
57 
33B 
278 


303 

414 

418 

442 

519 


557 

*74 

767 


841 

1048 

1047 

10S4 

1058 

USB 

1=40 

1249 

1255 

12SS 

1281 

1S62 

3204 

3975 

1981 

1M5 

3026 

2102 

2137 

2170 

2180 

2181 

2182 

218* 

2192 

2221 

2223 

2228 

22S2 

2271 

2280 

2300 

2323 

2427 

2433 

2444 


23rt7 

3331 


543* 6065 

0735 

7527 

8286 

2536 


*793 

5481 

6076 

0743 

7528 

8322 

5S4T 

3497 

4800 

5484 

6085 

6757 

75*6 

8828 

2555 

S498 

*802 

5485 

6107 

6778 

7556 

8835 

2607 


4803 

5494 

0108 

6W5 


8J82 

2622 

3S32 

*834 

3517 

6118 

6804 

7576 

*337 



4896 

5519 

6119 

6823 

7577 

8389 

2834 


4869 

6M5 

6132 

682* 

7801 


2648 

3712 

*893 

3540 

■6131 

6827 

7829 

8417 

2BS2 

3775 

4897 

8347 -814* 


7830 

8441 

2653 

3904 

*904 

55*8 

6149 

ewsu 

7659 

8443 

2563 

3912 

*907 

5557 

6163 

6877 

7875 

8444 

2664 


*926 

5560 

6X73 

0878 

7878 

845/ 


FTT71 


Ena 

tUtl 

«88U 

FV^rl 


2711 


cSrl 

r-rfti 

HL-J 

B»0U 



£716 

3960 

*932 

£582 

6188 

6917 

7723 

8307 

2723 


4838 

•5825 

6198 

6918 

7730 

8321 

2729 

3975 

4<M5 

6648 

6205 


.7731 

8338 



4956 

585* 

6108 

6941 

77*8 

8342 

2743 

3903 

4958 

5657 

6224 

6850 

TIM 

8&o7 

2746 


*988 

5660 

6244 

6958 

7781 

8558 

2V53 

404 4 

4P75 

MRS 

6257 

6357 

7766 

8887 

2757 

4047 

45*78 

5678 

6265 

7001 

7773 

8590 

2763 

4071 

4982 

3B80 

627% 

7002 

777* 

W11S 

2769 

4075 

*990 

9687 

6279 

7009 

TIBS 

8625 

f777d 

E5J 

ry,yi 

FTT'XT 

| l 

ESI 

luJ 

La 


r-Ti 


l£r*l 




F j] 

27W 

4091 

5010 

5726 

6311 

7035 

7810 

8645 


4096 

5018 

5728 

6815 

7049 

7841 

8848 

2802 

4106 

5040 

5748 

6319 

7065 

7854 

8QG0 


4113 

5047 

3752 

6335 

7068 

7868 

8858 

2871 


5080 

5753 

6238 

7075 

7878 

88?1 

2605 

4120 

5105 

5768 

6331 

7081 

7886 

8894 


4125 

5108 

3775 

635* 

7102 


8 i\j2L 



5126 

57 BE 

6370 

7117 

7896 

8718 

2979 

4178 

5130 

B793 

637* 

7123 

7907 

8733 

2980 

4101 

5131 

5796 

6416 

7138 

•ms. 

8748 




5821 

6423 

7149 

7961 

9/71 

2995 

4197 

5153 

5825 

6423 

716* 

7975 

8 a 75 

3002 

4202 

5169 

3844 

6431 

7 s ?? 

WI6 


3003 

4204 

5131 

3851 

6*5* 

Till 

7980 

8818 

BOOT 

4209 

5185 

5880 

6461 

722* 

7981 

8832 

3088 

4215 

5209 

5881 

6470 

722« 

8009 


3093 

4231 

5210 

3882 

6483 

7231 

8013 


3101 

4247 

5229 

588* 

6409 

7243 

BO 13 

$589 

3107 

4 250 

9233 

5891 

6493 

7287 

8017 

8875 



9235 

5893 

6495 

7276 

SOBS 

8883 

3148 

4261 

5267 

Mill 

6300 

rail 

8086 

8887 

3194 

4285 

5268 

5915 

6526 

7293 

8092 

8899 


4411 

5272 

3819 

6b34 

7341 

BXJ.T 

8901 



MM 

5839 

fi36i 

73$9 

9110 

8908 

3231 

4415 

5288 

5833 

63TT1 

7^66 


8688 

n?M 


5289 

583* 

'6584 

7383 


$999 

3237 

4421 

5303 

3339 

6368 

*736S 

9X30 

8948 

3239 

4441 

5318 

5848 

6508 

7«W 

8140 

8979 


4521 

5334 

5958 

o50s 

74^S> 

8147 

8694 



5373 

5884 

fifl09 

7438 

8150 

8695 

3254 

4515 

5378 

5993 

6619 

7437 

S1B6 

-9000 



6383. 

5994 


7443 



T hi 


5393 

6001 


7483 

^ai7 

son 



5400 

6007 

fidSl 

7488 

RSSS 

9023 


r fiTi 

IT^Ti 

g.Vl'.J 


74V* 


1,'AJ 


rlrT 


iUI 

l:;J 

IV'l 

EFTTl 


3305 

C Tvl 




8^,' 1 

U-l 

irtti 


4756 

5418 

8054 


7*9* 


WHO 

3314 

4772 

5453 

6058 

6724 

7526. 

828* 



9061 10130 10919 12143 14360 36483 16006 59491 

9115 10138 10943 12180 14388 16497 18014 1B317 

9122 10149 10948 12168 142J0 1 6331 MOOT 19530 

9130 10157 18050 12855 14381 16570 18023 1S539 

9138 10184 11033 12873 14382 16580 18050 19561 

9137 10167 11076 12912 14388 16590 18063 18368 

9139 10187 11138 12920 14410 1 660 2 1808S J9M9 

9148 1019* 11136 12928 14413 JB935 18089 19374 

9152 10193 11168 12990 14429 16943 18094 19563 

9158 10202 31177 13011 14441 16845 38104 19394 

9186 30213 11181 130 16 14445 16971 18266 19599 

9130 10225 11218 13023 14483 16390 18268 19609 

92M 10251 11222 13008 14821 36992 18271 19612 

9206 10252 11OT7 13072 H BK 1MM 1£72 IMS 

9233 10270 11242 13079 14828 16995 18273 19631 

9249 10272 11271 13103 14SZ5 170 17 18278 19683 

9257 10279 11377 13105 14981 1 70 23 18402 19686 

9284 10800 11284 13118 14 983 17035 18319 19690 

9266 10308 11286 13131 15028 17044 18529 1969S 

9170 10315 11290 13152 15083 17049 18531 19698 

9272 10321 11297 13155 15042 17D71 18543 1S70Z 

9392 10349 11309 13238 15068 17086 18553 19733 

9359 10380 31STC XOT11 15078 17105 18561 1978* 

9370 10382 11332 13315 15080 17123 18591 19787 

9376 10374 11333 13357 15107 17143 15593 19750 

9388 10390 1133B 13380 15114 1TL54 18678 lg763 

9396 10396 11349 13364 15118 17153 13718 19771 

9403 10402 11809 13387 15403 17172 18734 19784 

94ns 10412 11378 13401 15416 17197 18735 1978B 

9412 1<M19 11413 13411 15436 iraz 18747 19791 

8438 10423 11428 13424 1542S 17223 18749 

9470 10423 31*46 33*8* 13432 37257 38731 IgSCJ 

9471 10437 11453 12437 15433 1 7379 18 754 19819 

9474 10442 11463 13444 15437 17280 38779 19827 

9479 10454 1149* 18456 15439 17305 18783 19833 

S4H1 10482 11531 13467 15485 17308 18803 19825 

S48Z IO«K 31533 33460 JS501 17310 38022 19656 

9312 10490 11545 13480 15514 17325 18938 

9533 10499 11547 13497 25324 17330 18337 

9537 10521 13548 33505 13527 17335 18938 

9541 10572 11534 1 356 E 15528 17375 18999 

SS47 10574 11560 13373 15329 27373 39157 

9350 10579 11366 18574 15M4 17363 19144 

9553 10583 11570 13599 13590 17385 19148 

9368 10585 11582 18708 15513 17400 39153 

9579 10558 11008 13781 IB 879 17814 19171 

14 10625 11736 33287 158S0 I78S9 2917* 

jgg !S8 as its 31 BBS 

USD loros Hal 1S805 U7n iraa lag USn 

II M Hffi sH 555 IWi ^ 


SI 


HE IS™ HS? HaS &S K8t jgg 
gg iSn! HS li« IBS 
^ }8ffi Hit 3St i|S im iH 
g| 5SE ® JiS iSJ i?S8 SS 

108OT 12034 1«S1 2^5 17930 10442 

H SBS iSI 188 as 
» S W VB& iSS MS 


On September 1. 1978, iheie will become and be due and payable upon each iMnnin the 


nasasas: 

incipKce of Banci Nariotale del Lavoro in Rome or the principal office of Banc^Commcrmsle 
inlinua in Milan or lhe main 


principal office of Banca Narionale « e V“:°™ rf' NmYnk in London, 

fmlinua in Milan or the main offices of Morgan Guaran i , jUedprTand N V. in Amsterdam or 

Brussels, Paris or Frankfurt or lire mam office of AJgcaxcno Nederland N.X. » Amsmroam or 

Ki office of KrcdiChanl &A. 


1C mam office ot Mrornnm. . all coupoim appurtenant 

fc F7om u, oocru. oo .ho Dotorara. horoio doego^od 

foe redemption. NAZIONALE IDHOCAKBURI 

By: MORGAN GUARANTY TRUST COMPANY 

orxswTGBKfFacddgeBt 


July 27, 1978 


NOTICE 

Tho Dobeaunes preciously railed for 1 *" 

DEBENTURES OF U.S. SLOW EACH 

bp b wi s ss s ffi is if BSSlIfi iS 

2s 3 Hog KM Soto *agl 4JOT 4 « W* ^ lg?8 13»* 1^ 14^ lg» 1*121 


=648 

S648 


iiSS5Si^S^^S^5 43»4 CU 


14388 14438 

14OT1 14446 

14352 15035 16093 
2439? U038 ISOM 
14*11 13040 13102 


Very tWn 
chipboard 

SAID TO be eminently suitable 
for any application which 
requires a substrate for use in 
conjunction with the new super- 
thin pvc foils Which are 
becoming increasingly popular 
on the UK market, is a high 
density ultra-fine surfaced chip- 
board made in Finland ' and 
marketed here by Thomas 
Sira son. Langley House. West 
Hill, Otrted, Surrey (Oxted 7551). 

It is intended primarily for 
the TV, radio and bi-fidelity 
cabinet manufacturing trades, 
and comes in thicknesses of 
6 mra. 8 mm, 9 mm and 10 mm. 
and in press sizes of 6020 mm 
and 2530 nun. This allows one 
centre length cut with two cross- 
cuts or, alternatively, four cross- 
cuts, all at the standard price. 
Cut sines are also available. The 
Sasmoboard is also said to be 
ideal for normal painted or wood 
veneered finishes, 

Repaired in 
one go 

A HIGH boild epoxy mortar for 
fast and permanent repairs to 
damaged concrete -structures is 
available from Chemical Build- 
ing- Products, Cleveland Road. 
Kernel Hempstead, Herts. HP2 
7DL 10442 42101). 

Called Nitomortar Hb. it .is 
specifically designed, says the 
company, to give excellent high 
build “hanging” properties. It 
is trowel applied 'and repairs to 
concrete column, soffit and beam 
faces can be carried out in a 
single application instead of the 
usual two or three coat build-up. 

The product cores to a natural 
colour which is said to match 
most concretes. It will also 
harden under damp conditions, 
and the finished surface is com- 
pletely impermeable to water 
and unaffected by a wide range 
of adds, alkalis and industrial 
chemicals. 

• PACKAGING 

Quick wrap 
around 

DEVELOPED by United Packag- 
ing Industries (UK),, the Kirk- 
wood Pallet Stretch Wrapper 
functions by -movement of the 
machine around the stationary 
pallet, rather than the more 
usual method , of rotating the 
pallet on a stationary wrapping 
machine. . 

Main advantage is that an 
unstable load ean be wrapped 
before moving. 

Two models are available. In 
one an operator moves the 
machine round the pallet by 
hand while the other is 
motorised and powered by a 
battety. 

The. machine • has been 
designed to accommodate a wide 
range of products and the com- 
pany says that sales bre already 
being made to companies in the 
fbod and chemical industries. 1 

More . from llie company at 
Gomersal, . .Cleckbeaton, West 
Yorkshire BD19 4Q W . (0274 
S725U), * - 


80 resilient floor coverings from and light petroleum oils. Its 
20 manufacturers are listed wider applications are in such 
alongside the recommended areas as the steam cleaning of 
Laybond adhesive. This is avail- chassis, paintwork, upholstery 
able free. and other hard surfaces. 


electrical wire &C£ab? 


•NO MINIMUM 
ORDER 



o tia MlNftlUM 
LENGTH 


Thousands of typesandsizesin stock for immediate delivery 

LONDON 01-561 8Tf8 AEERDEEN(GZ2l)32355/2 

MANCHESTER 067-872-49T5 

TRANSFER CALL CHARGES GLADLY ACCEPTED 
24Hr. EMERGENCY NUMBER 01 6 ^ 3567 E -’.JO? 


2iev-Iaaa» 


^wrtw^Bnnffiftarlm been MfcL tto 



it anpeas os asuttex of reewd only- 



Ltd. 


Izumiya Co., 

Osaka, Japan 

DM50,000,000 

3%% Convertible Bonds of 1978/1586 

Bayerische Vereinshank Daiwa Europe N.V. 

Basque Nafiouale de Paris First Boston. (Europe) Lunifeg 

Mitsui Finance Europe limited S.G. Warburg & Co. Ltd* 


Algaueaa Bank Nederland NX A. E. Ames Sl Cv. Limited 

BraaOmmerdaleltaSana Rraca del Gvttsrda 

BamdlSflna Bank of America lotenatiooal limited 

Bwk fe Gwtantlrlsdngnfiatndliglaft Bank Lea Xrienafionailid. 

BmbctiiBtliitenBfiwJLkiari Baaqwe Bnocefies Lambert S.A. 

BntMGdnfntednL«enbo«gS.A. Baggne da rindodnne et de Suez 

Baggie deNrofiae, SeMaaberees Mallet Banqae de Paris et des Fays-Bas 

Bagw»PspdanSai 8 SeS^.L«n 3 BlMtBg Baoqne RoUrwhild 

Baspe Warns Bating Cfc, Lifted 


Baye riariiB la m aaaa Bfc G ItBm it n ite 

J*- 

BhrASastiaan Dflkndb Co. InjerBaffiaadUaifad 
CsamdCB. 

CSfleaqi JbfanaGcBd Cko9 
CrMtladcCrtrietOagnagoiI 
CreffiSinssa'WMte WcU LimUed 
DriweSeckrifies (H.K.).LiBfited 
DG Bgk Deateche Genogeus rti a fb hank 
Emv»aaa Banking Cotapaay f.haHfd 


Bgyexisdie'VadBadianklhfaiiafionriS.A. 
BedharHanMs - mM F nwltbri er n*wk 

Odsse des Ddpdts CoorignafioBS 

OaaF>grieMoa^asqiK de Banqne 
Credit LjtHiaais 
CreffitamfaU^BaBkmvis 
DBSDahni Securities Inleraatfawal Linked 
Doomdoii Securities Limited 
First Bavarian Capital Corporation 


Amsterdno-Boticrdanx Bank N.V. 
Bancs Naziomle del Latoro 
Bank JnUns Baer Interuatioaal Limited 
The Beak of Tokyo (Holimdl W. 
Baoqne Frascaise da Coauaercc Esreriiur 
Banqnc JUtteniafionale St Lmembourg S.A. 
Banqae de Paris ct des Pajs-Bas (Suisse) S. A. 

Banqoe de PUnioa Earvpccano 
Bayarische Hypolbeken- nnd M'ecbsel-Gank 
Job. Bereabeigv Gossler & Co. 
Bankfaans GebrSder Bctlmacu 
James Capet & Co. 
Christiania Bank og SrcdSlkasso 
Credit Commercial de Franco 
Credit da Nord 
Daiwa Enropc (Deutschland) GoblC 
Deutsche Girozcntialc-Dentsche Konununalbank- 
Bffectcnhank-TYarinux AtaScngcsrilschafl: 

Robert Fleming & Co. Limited 


Geiaa^BSeiafilkhe Zoitcxlbxiik AG, 'Vlemm Antasy Gibbs Htdfiogs Ltd. Ginzentrale aid Bask derostcrtricfaischcnSpariassen Aktiengcsellselsa 


Gojdauu Sachs latentatiwl Cbty. 
CwqBocfcdSabi 


QMfeant des Bampriers Privcs Cenerois S.A. 
Tfesascbe Infabuk-Gimotnlr - 

latennioa-BaBqpa 

Slcunrort, Benson Limited 

Lazard Brothers & Civ Limited 
t hraftifa w i H me ter LMl ed 
Motill Lyudrlatcmatiosai & Col 
Moi^h Grcnfidi & Co. Limited 

T^e Nlkko Securities C«^ (Europe) Lt(L 
Nonmra Europe N.V. 


Jardtae Flealag &, Company Limited 
Bnh» Laeh LAua Brathers Aria 

IjtrfcSnHirf ra iulM i n l r.fmltrf 

Meict, Fia±*Co. 

Simael Moriaga* Col Lushed 
Mcw^ J^mSeenrififS Europe limited 
The tSfgm ffiapt TTil iraiwnr Seanffltt Co, Ltd. 

DmaonfaCre^ftmt; 

Otita Bank Limited Osakxya Securities Co^ lid. 

Pkmao, HeUcng &PJecsoa N.Y. PEtaftm 

NJtlbflbtHd Sc S—I2MM tagmnnBnifaishfarMfi— JlMfed 

SanyoSeaBifiesCa^Idd. iHmrySehrofcr'Vfteg&CmLSniited 

Sffi*du tABIa paffiJJ e h ujiu rf ih nwhii 

SociltdCdnficde ■ . Sodctc G^rale de Banqae S^. 

iSnmltiiina Fbaace BdewafiimaT SveuabiHandphhmikea 

Taiyo Kobe Finance Hong Kong Limited D.W. Taylor* Company limited 


Hatnbros Bank Limited 
Rill Samocl & Co. Limited 
1st Unto Bantrario San Paolo £i Torino 
KrodictbankS.A. Lvwmhocrgeoise 
Lozard Fri-res e: Cie 
McLeod, Tonne. Weir Infernatirna! Limited 
B. Mdzlcr serf. Sohn & Co. 
Morgan Stanley International Limited. 
Nippon European Bank S.A. 
hiorddenfsche Landetank Girozenirala 
SaL Oppcahcsm ja & Gc, 
Peteihroect, Yan Campcnbcnt, Kan pen S, A. 

Rothsddld Bank AG 
Sanua Bank (Underwriters) Ltd; 
Sriffoden, Mnachmcver, Hengst & Col 
S mith Barney, Hams U{dmm & Co. Incorporated 
Strata 5 . Turnbull & Co. 
Swiss Bank Corporaikm (Oicrw.) Limilcd 
Tokai Kjowa Morgan Grcnfrtl Limited. 


HAaas&Bnihhai* Ilmen Bant of SirihedaBd (Securities) limited Union deBaoqnesAiabes et Enrapeecncs S.A.-U.B.A,£. 

Yenea^-Ad Tfe auJcAMatg ewfceiaft Ykfcm da Costa Totematiboal Lofted TTako Securities Company Limited 

M.BL'Vtehai&BriadUMBnj'ffiris&Cft, Yflrisdmfis-nndBriTatlmnlE Dean Witter Re> oolds International 

"Wood Gundy Iianied. 2&mfclu International (FnmjH-) Umiirf 



rP 





Financial Times Thursday July 27 1978 


rT^i^r.;' v'*;S£jr* 

wm^&zg *■=* : : 


BOOKS 

Poet’s double life 





'*■'•- _ 


BY RACHEL BILUNGTON 


Andrew Manell: His Life and 

Writings by John Dixon 

Hunt. Eiek, £8.95. 206 pages 

John Dixon Hunt admits at 
the start of Andrew Marvell: His 
Life and Writings that, although 
" . . . Marvells poetry is richly, 
densely packed with meaning, 
by contrast his life is rather 
barren of absorbing detail." 
Nevertheless. Mr. Dixon Hunt 
has managed to make this 
illustrated biography so full of 
history, horticulture, topography, 
geography, natural history, social 
and literary allusions that its 
texture seems to reflect the 
poetry rati ter than the life. 

He is helped in this by the 
stirring times in which Marvell 
lived. He was a young man 
under Charles I. youngish when 
Cromwell became Protector, and 
still in the prime of liFe when 
Charles Ii returned triumphantly 
from Holland. Moreover, during 
much of this time, he was close 
to the sources of power. 

He became a tutor to a 
proiegfc of Cromwell's in 1653. 
the Latin Secretary to the Crom- 
wellian Government in 1657. and 
from 1659 to bis death was 
Member of Parliament for Hull. 
During his later years, he was 
part of what would now be 
called a pressure group to fight 
against religious intolerance and 
get through Parliament the 
“ Declaration or Indulgence." He 
also travelled abroad, spending 
several years in Europe when a 
youth, and as Latin Secretary 
going on a diplomatic mission to 
countries as far afield as Russi.v 

Meanwhile, he was. of course, 
writing poetry. Before becoming 
actively engaged in politics, he 
was tutor to the daughter of the 
retired General Fairfax in York- 
shire. It was there he wrote the 
beautiful poem “ Upon Appleton 


Fiction 


House, to My Lord Fairfax.” 
which uses the 17th century con- 
ceit Of the “garden world” 
where ** all things' were com- 
posed ” to explore bdth the poet's 
concern and the political and 
social issues which had affected 
the life of his patron. In yet 
another sense, the house and 
gardens are an expression of 
Fairfax and his family, which 
Marvel! can read for us: 

A stately frontispiece oF poor 
Adorns without the open door: 

Nor less the rooms within 

commends 

Daily new furniture of 

friends. 

Marvell’s writing, as was true 
nf most poets of his age, always 
mirrored his occupation, so that 
after his entry into public life 
the more romantic and lyrical 
elements took second place to 
the didactic. Thus, in 1672. be 
became famous with the publica- 
tion of The Rehearsal Trans- 
pros' d a prose work which 
attacks Parker, the Archdeacon 
of Canterbury and fierce 
opponent of "The Declaration 
of Indulgence." Marvell’s 
poetry also (particularly if one 
assumes he was author of the 
sequence of satirical poems 
based on Waller’s Instructions 
to a Painter ). became politically 
engaged. 

It is this integration of poet 
and public man which makes 
Marvell especially fascinating In 
a modern context. For ever 
since the 19th century, the poet 
has been generally segregated— 
whether by his own choice or by 
convention — from an active role 
in the country's body politic. 

Indeed, this aspect of Marvell’s 
life is so interesting that it was 
only towards the end of Mr. 
Dixon Hunt's biography that 
I began to suffer from a very 
definite lack of personal informa- 
tion. It is hard not to be given 


even a shred of romantic gossip 
about the man who in “To His 
Coy Mistress” probably wrote 
one of the best-known love poems 
of all time. Mr. Dixon Hunt 
takes the liberty of guessing the 
gardens which Marvell may have 
visited in Europe, but resists the 
temptation of' guessing the direc- 
tion of his heart. Is it just 
possible, for instance, that he 
had a special relationship with 
Mary Fairfax, his young pupil 
at Nun Appleton? It would be 
nice to envisage a childhood 
idyll, since she later had the 
misfortune to he married to ihe 
notorious rake, the Duke of 
Buckingham. 

A “ Mrs. Marvell ” does appear, 
after Marvell’s death. It was she 
who collected the manuscripts of 

his poetry and had them pub- 
lished for the first time. But it 
appears she was wife only in 
name, so that she could legally 
benefit from the proceeds of 
publication. The money, even 
more mysteriously, went to two 
bankrupts living in Marvell's 
house, about whom little more 
than their names is known. 

In spite of all this lack of 
evidence, the British Library at 
the British Museum has managed 
to put together an interesting 
exhibition to commemorate the 
300th anniversary of Marvell’s 
death. They have also produced 
a detailed catalogue compiled by 
Hilton Kelliher. Andre if Morrell 
Poet and Politician. Many of the 
pictures are reproduced in Mr. 
Dixon Hunt's well illustrated 
book. It is exciting to see the 
actual letter in which John 
Milton recommended Marvell to 
the Lord President of the Council 
of State. 

In Restoration days, Marvell 
was to repay this favour by 
pleading Milton's cause in the 
House of Commons. Also in the 
exhibition are some of the 


Ruthless Richard 


raa 


' f . 






B il 

mm 




General Fairfax, Marvell’s patron, from a contemporary engraving— - 
one of die illustrations in John Dixon Hunt’s book marking the 
tercentenary of the poet’s death 


voluminous reports on the state 
of Parliament, which Marvell 
wrote conscientiously and Mr. 
Dixon Hunt suggests, with 
great enjoyment, to his con- 
stituents in Hull It is. on the 
other hand, sad to look at the 
first edition of his poetry, which 
“ Mrs. Marvell ” published in 
1681, and to realise that be never 
held this not-so-slim volume 
himself. 

Or maybe Marvell would have 
agreed with the people of Hull, 
who in the 19th century erected 
a statue to the memory nf “ An 
Uncorruptible Patriot and Wise 
Statesman ” — with no mention 


•of the poet at all. Perhaps he 
really did want to be remem- 
bered for his prose tracts and 
bis politicking rather than his 
poetry- The weight of material 
at present available points that 
way. Yet in the end the poetry- 
lives uniquely and dominates 
the rest: 

My love is uf a birth as rare 
As “tis for object strange and 
high. 

It was begotten by Despair 
1’pon Impossibility. 

The Complete Poems of 
Andrew itanell edited by 
Elizabeth Story Donno are pub- 
lished by Penguin at £1.25. 


Almaver arrives 


BY MARTIN SEYMOUR-SMITH 


A Heavy Feather by A. L. Barker. 
The Hogarth Press, £5.50. 234 
pages 

The Bad Sister by Emma Ten- 
nant. GoHancz. £4.95. 223 pages 

Men on White Horses by Pamela 
Haines. Collins, £4.95. 290 

pages 

Perclval and the Presence of God 


by Jim Hunter. Faber, £4.95. 
141 pages 

The Beast by Hugh Fleetwood. 
Hamish Hamilton. £4.95. 200 
pages 

Since she published her first 
book in 1947 A L. Barker has 
had the reputation of being a 
subtle and yet earthy writer: 
one, as a critic pul it (and the 
cliche is for ouce apt) “to 


UK ECONOMIC INDICATORS 

ECONOMIC ACTIVITY— Indices of industrial production, manu- 
facturing output engineering orders, retail sales volume 11970— 
100t: retail sales value (1971=100); registered unemployment 
(excluding school leavers) and unfilled vacancies (000s). AH 
seasonally adjusted. 


output order 


Retail Unem- 
value ployed 


c 

1977 
1st qtr. 

103“ 

103.3 

109 

103.3 

216.4 

1,330 

na 


2nd qtr. 

101.9 

103.0 

106 

102.5 

222.0 

1,330 

163 


3rd qtr. 

102.8 

103.8 

106 

104.3 

234.2 

1.418 

151 


4lh qtr. 

102.3 

103.3 

106 

104.4 

239.4 

1,431 

157 

!1 

1978 

1st qtr. 

103.3 

104.2 

98 

106.3 

246.0 

1,409 

188 

i 

Jan. 

102.9 

103.6 

106 

104.9 

2-11.0 

1.419 

180 

: 

Feb. 

103.6 

104.1 

116 

100.fi 

246.5 

1.409 

187 

\ 

March 

103.4 

104.8 

103 

107.0 

249.8 

1.400 

196 

'I 

.April 

103.9 

106.6 

104 

106.7 

250.3 

1.387 

204 


May 

105.9 

104 j 


108.4 

255.2 

1,366 

210 


June 

July 




109.0 


1,365 

1,371 

217 

211 


OUTPUT — By market sector: consumer goods investment goods, 
intermediate goods (materials and fuels); engineering output, 
metal manufacture, textiles, leather and clothing ( 1970 = 100 » ; 
bousing starts (000s. monthly average). 


i 


Consumer 

Invst. 

Intmd. 

'Eng. 

Metal 

Textile Housg. 


1977 

goods 

goods 

goods 

output 

mofg. 

etc. 

starts* 


1st qtr. 

115.9 

99.4 

106.1 

100.4 

83.9 

104.4 

19.9 


2nd qtr. 

113.4 

97.5 

105.2 

98.8 

80.5 

100.2 

25.1 


3rd qtr. 

113.1 

98.0 

104.7 

99.6 

83.3 

100.7 

25.4 

i 

4th qtr. 

117.2 

97.5 

101.9 

99.1 

74.8 

100.0 

20.7 

L 

Dec. 

1978 

11S.0 

9S.0 

102.0 

100.0 

79.0 

101.0 

16.1 


1st qtr. 

116.9 

99.2 

104.9 

100.7 

76.8 

99.7 

17J? 


Jan. 

llfi.n 

99.0 

104.0 

100.0 

75.0 

99.0 

17.4 


Fclv 

117.0 

99.0 

106.0 

100.0 

78.0 

100.0 

15.3 


March 

118.0 

100.0 

104.0 

101.0 

78.0 

100.0 

20.6 


April 

119.0 

100.0 

109.0 

102.0 

85.0 

105.0 

25.4 

• 

May 

117.0 

99.0 

106.0 

lfll.0 

85.0 

99.0 

24.9 


EXTERNAL TRADE — Indices of export and import volume 







- 



Export 

Import 

Visible 

Current 

OU 

Terras 

Rcsv. 


volume volume 

balance 

balance balance 

trade USSbn* 

1977 

1st qtr. 

115.7 

109.1 

-947 

-493 

-800 

99.0 

10.5 

2nd qtr. 

118.0 

109.8 

-794 

-365 

— 745 

100.3 

14.9 

3rd qtr. 

121.1 

106.4 

+ 54 

+ 357 

-602 

101.0 

13.4 

4rh qtr. 

117.9 

102.6 

+ 45 

+486 

-657 

102.4 

20.39 

1978 

1st qtr. 

120.3 

114.3 

-574 

-305 

-646 

105.1 

20.63 

Jan. 

112.2 

114.6 

-338 

-248 

—234 

105.5 

20.87 

Feb. 

127.4 

111.3 

+ 43 

+132 

-203 

104.8 

20.7 

March 

121.4 

116.9 

-279 

-189 

-209 

■ 104.8 

20.32 

April 

126.1 

104.3 

+ 188 

+ 308 

-151 

104.0 

17.04 

May 

120.1 

114.3 

-218 

- 98 

-156 

105.1 

16.66 

June 

122.1 

112.0 

-106 

+ 14 

-117 

104.1 

16.54 


treasure." Nothing substantial 
(so far as I knowj has been 
written about her work, and this 
makes criticism look silly: but 
then she speaks for herself in a 
chilling and disturbingly original 
way. She has remained resolutely 
true to her tragi-comic vision of 
Woman as the exploited, suffer- 
ing and yet superior sex. Not 
that she is complacent about 
this: her horribly lucid and not 
unloving accounts of men con- 
vince us of it 

A Heavy Feather records nine 
episodes in the life of Almayer 
Jenkin— called Almayer because 
her mother, who had never heard 
of Conrad but had seen the book, 
wanted to call her Folly. Almayer 
is knocked about by life, but is 
always in charge of herself, as 
her own narrative proves. The 
essence of the book— its theme 
aod its style — is summed up in 
a retrospective remark made by 
Almayer while recalling the time 
when she was in the charge of 
some pretentious, unhappy people 
when she was a child: ** I did not 
dream that love, and the lack 
of it, could drive people right 
out of the other end of them- 
selves." This is really a novel 
about love, but one written by a 
character who has been numbed 
from childhood. 

Emma Tc-nnant's new novel is 
(candidly) a variation and an 
updating of James Hogg's The 
Private Memoirs and Confessions 
of a Justified Sinner. The author 
may also have been influenced 
hy Michel Foucault’s recent re- 
examination of the case of 
an early 19th-century French 
peasant Pierre Riviere, who 
killed three members of his 
family. But The Bad Sister. 
which is only as recondite as 
madness has to be, is really 
about the writer and morality. 
It Is difficult to understand it 
unless we understand that the 
fundamental question which lies 
behind it is the simple but 
alarming and surely pertinent 
one: what kind of responsibility 


does a novelist have for the lies 
he (or she) is impelled to teil? 
This is certainly sophisticated: 
but then we live in an over- 
sophisticated- age. and we must 
have writers who will, instead 
of trying to ingratiate them- 
selves. risk being found unintel- 
ligible. 

Emma Tennant Is such a one. 
and if the reader will bear in 
mind that she is haunted by this 
question, then he will start to 
find her lucid and intelligible. 
The Bad Sister is about the life 
and death, hv murder, of a 
wealthy young Scottish land- 
owner, Michael Dalzell; the case, 
unsolved, belongs to the present 
— but it is reopened by the 
“editor” (as Foucault reopened 
the case of Riviere) in July 
1986. The book consists of the 
editor's “ narrative.” the newly 
discovered Journal of Jane Wild 
— Dalzell's illegitimate daughter 
—and a final editor's “ note.” 

The Journal, in which the 
factual and the imaginary fnot 
the real and the unreal: 
imagination is real) tangle, 
seems to point to Jane as thu 
insane murderess— and so ihe 
editor affects to think. But my 
reading is that the editor is 
guilty, and that the whole per- 
formance has been arranged to 
cover this up. Thi*. however, is 
only one reading, and doubtless 
a preposterous one at that. At 
all events. The Bad Sister 
combines the excitement of a 
thriller with some very good 
writing — and it gives us cause 
to reflect on the nature of the 
“reality” we inhabit. 

Men on White Horses, by 
Pamela Haines, the author of 
the ihighly successful Tea at 
Gunter's, js a well written novel 
set in the early part of this 
century. It traces the fortunes 
and feelings of a Yorkshire girl 
from the age of eight until, as 
a young woman, she experiences 
disaster in Italy. Both the York- 
shire and the Italian back- 
grounds are well done, and so 



The Princes in the Tower by 
Elizabeth Jenkins. Hamisn 
Hamilton. £6.9 5. 33S pages 

The Traitors of Bosworth by 
Robert Farrington. Chatto and 
Windus, £4.95. 251 pages 

The Hundred Years War by 
Desmond Seward. Constable, 
£ 6.95. 296 pages 

The mystery about Richard IH 
is not whether he killed his 
nephews the voung boys Edward 
V and the Duke of York, but why 
a fair number of people should 
be so determined to believe that 
he didn't. Good, kind, affec- 
tionate Richard, they tell us. he 
wouldn’t have hurt a «>'• « is 

the strangest of modern cults. He 
was a good soldier, like bis 
brother Edward IV and plenty 
of his Plantagenct ancestors. He 
seems to have been a competent 
administrator, given his few 
opportunities to perform. He 
was literate, and wrote a neat 
and beautiful hand, with a motto 
which may have given simple 
pleasure to some deceased and 
eliminated friends. LoyauLte me 
lie 

He might have very well have 
proved a decisive and successful 
•king. iE only he could have 
gathered some popular support, 
which was desirable for any late 
medieval monarch, and essential 
for one who had got there via a 
stream of defunct relatives. Eos- 
worth Field showed that he had 
no such support, and he went out 
to a brave and fighting death. 

He wasn't much like the hero 
of Shakespeare’s play, so far as 
can be told from the little, evi- 
dence that has come down. He 
hadn’t that humour of the devil, 
which Shakespeare, as Elizabeth 
Jenkins suggests. probably 
Simply thought would make a 
better acting part On the other 
hand. Shakespeare knew more 
about Renaissance princes than 
we do. being (a) several hundred 
rears closer, and (b) an uniltu- 
sioned and unsqueamish judge 
of the human scene. 

The followers of the cult of 
gentle and humanitarian Richard 


might recall that he was. first and 
forem'V’i. a Renaissance prince. 
He had lived a till* as remote 
from the domestic niceties as that 
of his Italian contemporaries. Iti* 
father’s head had been stuck on 
the Miefclwate at York. He had 
been within touching distance «'t 
the killing of tfcc previous king 
(Henry VI > and of his own 
brother Clarence. Menlo Machia- 
vellt would within a few years 
of Boswnrth be writing The 
Prince. If Richard had lived a 
little longer, be might have read 
it with interest and profit. He 
wanted the crown. Otherwise he 
would not have got it- There 
might he unfortunate impedi- 
ments. In that world, impedi- 
ments were removed. 

Elizabeth Jenkins understands 
this without fuss. Perhaps she 
would have liked to be 
beglatmmred by Richard. Sho 
docs indulge in one or two bits 
of special pleading, which arc 
not necessary. But her mind is 
too clear, her sense of fact a 
good deal too strong, to let her 
succumb. She is not so impatient 
with human credulity as some 
of us would have been. Hence 
she has written the best examina- 
tion of the Richard story, and 
the case put up by the Richard 
cult, that we are likely to have. 
It will save a lot uf argument 
just to be able to refer wide-eyed 
believers in spotless Richard to 
this book. 

Elizabeth Jenkins is, it 
shouldn’t need saying, a very 
good writer. Her later books 
haven’t had the recognition they 
deserve, but it is slightly dis- 
tressing to sec Chat she does 
not include Harriet in her Ust 
of publications. It is an occupa- 
tional chagrin of writers to see 
too much praise lavished on 
their best-known child. She must 
have become tired of hearing 
people mention Harriet and not 
her other books. 

Mr. Robert Farrington appears 
to be a devotee of Richard HI, 
and has a hero, Henry Morane. 
who in two previous novels— 
which I haven’t been able to get 
hold of— has been a faithful 


BY C. P. SNOW 

follower. After RfcbaW^Mth, 
Morane keeps referring to 
Richard mournfully is Dickon. 
Farrington is a beautifully in- 
v entice writer of thrillers who 
ought m attract many readers, 
anil Morane is a lively and 
origin ai creation, a kind of 
renaissance private 1 eye, 
adventurous, amorous, resource- 
ful with his wits and his 
weapons. In The Traitors of 
It oximrth. Morane, white still not 
denying his devotion tn Richard, 
has become loyal To Henry VII 
and is employed by tom. -There 
is a pleasant pwture of that 
stircwd and underestimated 
peroOnagiY 

Finally, The Hundred Years 
tt’ur is an account of the English 
exploits m France, 1330—1453, 
which gives much Ulununatmn 
upon these Plunlaganet fighting 
men. 

The hook is written as lucidly 
us Elizabeth Jenkins’s, which :s 
real praise, and is sharp with 
political and military sense. 
England had only one quarter of 
the population of France daring 
those hundred or so years, and 
was . much poorer. Yet the 
English managed to accomplish 
devastation decade after dorado. 

This seems to have been partly 
because of technical superiority 
(.the longbow and primitive 
artillery meant that heavy 
armed cavalry was becoming 
obsolescent), partly because the 
English state had become cen- 
tralised e.arlier, - and partly 
because uf sheer blinding ruth- 
less ness. Tbo favourite English 
tactic was the cheraudu*c. which 
was nothing more nor less than 
a raid in force on unprotected 
territory, " sacking the towns, 
burning the villages, raping the 
women and then massacring 
them along with the rest of the 
population. This was regarded 
as a normal operation nf war, 
and didn't mierfere with 
chivalric banquets Riven to 
armicerotis prisoners. -The 
French had a good deal to for- 
give. If they had been Irish, 
they wouldn’t have forgiven uS 
yeL 


What is money': 


BY TIM CONGDON 


Pamela Haines: Yorkshire heroine 

is the difficult task of recaptur- 
ing a now almost remote past. 
It is decent, sensitive, scrupulous 
writing — competent in all 
respects, but most successful in 
its evocations of time and .place. 

In Perctral and the Presence 
of God. his seventh novel. Jim 
Hunter abandons the present 
day for the world of Arthurian 
romance. H» also abandons his 
realistic style for a hopefully 
poetic one. Bnth these are risky 
enterprises, and the result i; 
embarrassing. The young knight 
Perc:vat> narrative is best pre- 
cisely when it is realistic: but 
for m'St or the time it reads 
like a l-ad parody of Malory. 

The Beast contains seven 
fundamentally interconnected 
stories by Hugh Fleetwood, who 
h3s established himself as a 
truly distinctive ’* herror " 
writer. His theme here is the 
beast in man. and in each of 
the tales he achieves the 
required fritton. He writes well 
the has learned in particular 
from Poe), and he enjoys being 
gruesome — as the sinister photo- 
graph of him displayed oo the 
back Bap demonstrates. The 
last story. “Sketch of a Dead 
Girl," has satirical over- and 
undertones that quite transcend 
the category of entertainment 
It is a highly intelligent 
examination of wicked pre- 
tentiousness. 


Money: Two Philosophies by S. 

Herbert Frankel. Blackwell. 

£6.50. 163 pages 

Debates about monetary policy 
have become both more pub- 
licised and more lively in recent 
years. But the emphasis has 
been on the technical aspects. 
While there has been a flood of 
high-powered econometric tests 
from academics and rigorously 
numerate circulars from stock- 
brokers, more wide-ranging dis- 
cussion of the role of money 
in society has been infrequent 
and scanL 1 

The omission is unfortunate. 
Without doubt, much of the con- 


uuvciaj “ 1 7.- . .7 . 

policy reflects implicit political^ 


Red SF 

BY RAY LARSEN 


preferences: it would both clariry 
and improve discussion if they 
were made explicit. Professor 
Frankel’s new book on Money: 
Tiro Philosophies is welcome 
because it helps fill the gap in 
this area. By alerting participants 
in the debate to the ultimate 
roots of their disagreements, it 
will Increase their self-awareness 
and. perhaps, make them more 
tolerant of opponents. 

But Professor Frankel is by no 
means an impartial bystander. In 
bis contrast of two attitudes 
towards money he makes it quite 
obvious which side has his sym- 
pathies. In the first attitude 
money is "a tool of state action '- 


f Alexander’s father 


FINANCIAL — Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months’ growth at annual 
rale \ : domestic credit expansion f£m): building societies’ net 
inflow; HP. new credit: all seasonally adjusted. Minimum 


:> 

O 

i.« 

lending 

rate (end period). 

Bank 

Ml M3 advances DCE 

% % ■ % £m 

BS 

inflow 

HP 

lending 

MLR 

% 

i\ 

1977 







c- 

l.si qtr. 

1.5 

- 8.8 

5.3 

- 74 

492 

1.008 

in* 

a 

2nd qtr. 

24.8 

14.9 

5.5 

+769 

1.290 

1,047 

8 

M 

3rd qtr. 

2S.0 

10.4 

20.3 

+ 365 

1.0S4 

1,149 

7 


4lh qtr. 


12.6 

8.8 

+698 

1363 

1J89 

7 


I97S 









1st qtr. 

24.7 

24.0 

17.5 

+ 1.818 

1.049 

1.260 

Si 


Jan. 

o 

17.3 

13.9 

+ 258 

388 

429 

6i 


Feb 

26J? 

25.5 

17.9 

+963 

353 

418 

6* 

•i 

March 

24.7 

24.0 

17.5 

+597 

308 

413 

6J 

: 

April 

19.1 

24.7 

12.6 

+ 1.432 

335 

463 

7 

f 

May 

13.2 

17.4 

18.3 

+ 1,124 

212 

471 

9 

r, 

June 

8.7 

15.9 

24.8 

+337 

147 


10 


INFLATION— Indices Of 

earnings (Jan. 1976 

= 100); 

basic 


materials ana rueis. wnoiesaie prices oi inanuiacmrea prouucts 
(1970 = 100); -retail prices and food prices (1974 = 1001: FT 
commodity index (July 1952=100): trade weighted value of 
sterling (Dec 1971 = 100). 

Earn- Basic Whsale. FT* 



ings* 

mails. ” 


R PI* 

Foods* comdty. 

Strl ? . 

1977 

1st qtr. 

112.5 

341.5 

248.0 

174.1 

184.7 

276.4 

61:8 

•Jndqtr. 

114.5 

347.7 

259.2 

181.9 

191.1 

250.0 

61.6 

3rd qtr. 

116.1 

34U 

267.7 

184.7 

192.1 

239.9 

61.8 

4lhqfT. 

119.9 

330.6 

272.1 

187.4 

193.3 

234.2 

63.3 

1978 

1st qtr. 

123.1 

326.7 

279.0 

190.6 

197-3 

238.61 

64.6 

Jan. 

121.5 

324.9 

277.1 

189.5 

196.1 

226.41 

66.0 

Feb. 

122.7 

324.2 

279.2 

190.6 

197.3 

224.86 

66.0 

March 

125.0 

331.0 

280.6 

191.8 

1SS.4 

238.61 

64.1 

April 

127.2 

337.4 

282.7 

194.6 

201.6 

238.94 

61.8 

Mav 

129.3 

241.5 

284,6 

195.7 

2U&2 

250.67 

613 

Junc^ 


342.9 

2862 

1972 

206.7 

242.27 

61.5 


BY ROBIN LANE FOX 

Philip or Macedon by George E. 

Cawkwell. Faber. £7.50. 214 

pages 

Who was Philip of Macedon? 
Father of Alexander and foe to 
Demosthenes. He has long owed 
his fame to bis son and his 
enemy. Even after this book, 
there may still be those who 
respect Demosthenes's judgment 
There will certainly be many 
more who still believe that the 
new royal tomb in Macedon was 
indeed designed for Philip. Mr. 
Cawkwell has added more than 
any living Englishman to the 
scholarly literature of the politics 
and famous Greek names of the 
fourth century EC. But his 
book, ironically, was in proof 
before the tomb burst on the 
world. I suspect that his acute 
eye would have questioned it. I 
doubt very much that it is 
Philip’s, though a second tomb 
is likely to emerge this summer 
from the bulldozers and tu ay- 
throw a new light. 

One text, emhedded most 
oddly in the Alexander-Rnmance. 
implies that somebody. in 
antiquity, believed the excava- 
tor’s suggestion. Myself. 1 share 
the growing suspicions of 
scholars who are troubled hy- 
po tie ry-daTes. painters’ style, a 
royal <1i adorn and the ivory" busts 
of Philip's family (apparently) 
which would imply, most natur- 
ally. that they. too. were already 
dead and being worshipped. So 
this book, long pondered, ha-* 
probably not missed a ngw 
trump-card at the last moment. 

If you want to know about 
Philip's career, you can read it 
with confidence. It moves as 
briskly as its subject. Disputed 
ground is remarked, then crossed 



L 


quite plausibly. There are pro- 
vocative touches in the back- 
ground. not least on warfare. 
But flights of fancy, biography, 
cultural and social insight, these 
are all kept in the back seat 
which the oblique ancient 
sources require at first sight. 
Less Borld, it is slightly less 
engaged than the volume on 
Demosthenes which headed, so 
reveallngly, a series called 
“Heroes of the Nation" fifty 
years ago. But it is far more 
restrained io its view of the 
Greek orator. Eventually, in 
Cawkwell's judgment, he spoke 
up for a noble end. But he never 
came out with a practical state- 
ment of ways and means. At 
times, then, this hook is melan- 
choly, and says so. 

On Philip’s aims, its stand is 
traditional and may well be 
correct Philip was planning in 
detail for a Persian invasion by 
346 He did not intend tq con- 
quer all Asia. His Greek League 
did not rest on proportional 
representation. His army, by and 
large, was the key to Alexander's 
success. Our major blind-spot 
is Philip’s work in the north 
Balkans and Central Europe. 
This. I feel, was Philip’s tour-de- 
.force, filling 12 of his 23 years. 
Yet the Greek sources obscure it. 
a point which could, perhaps, 
have been rammed home harder. 
1 also believe Philip to have been 
far more similar to Alexander 
than we now suspect. No doubt 
he, too. would have entered India 
if he could. In his mid-forties, 
he spoilt it all by falling for 
another girl. Despite Cawkwell. 
I would still hold to the existence 
of two habies by this woman at 
his death, one of whom was a 
boy, as the sources say. For who 
knows what might have been 




started, out of wedlock, on the 
night after Philip’s victory at 
Chaeronea? Pregnant, the girl 
was perhaps forced on Philip by 
a powerful family in the follow- 
ing spring. There was time. then, 
for a boy before his murder. 
The point is not trivial. It cost 
him his life. 

The “ man without parallel in 
Europe." Philip had charm, 
toughness aod a stronger head 
for politics and wine than for 
women. He spoke well, bad good 
looks and a good memory. 

On tlie vexed points. Cawk- 
welCs opinion is seldom mine, the 
dates in Euboea, the dates of the 
Philippics, the dates and authors 
of the* embassies round Greece, 
the motives for peace and 
alliance, the events at Chaeronea 
and so forth. These are hardy 
perennials, nothing more. But 
we must not forget the one great 
argument for doing something, 
however Demosthenic. An Inch 
further and the bolt from an 
arrow catapult would have killed 
Philip early on. 

True, Demosthenes was slow to 
see the danger and vague, too. 
about how to meet it. Any 
Athenian knew the vital import- 
ance of the corn route from the 
Black Sea. 

But at Olynthus, especially, 
Demosthenes's call to arms might 
have- been right. An earlier force 
might have stopped the port’s 
betrayal. Better to have a go, 
surely, when Philip could so 
easily be killed. Given the Mace- 
donian monarchy, his death would 
have turned Macedon in on 
herself. Was it Philip's charm or 
Demosthenes's btiDdness, but 
should not the orator have died 
for the king's murder when 
lodged in his court as an envoy 
eight years before Chaeronea ? 


Roadside Picnic by Arkaduy and 

Boris Strugatsky, Gollancz. 

£3.95. 145 pages 

Readers in the West may be 
surprised to learn that science 
fiction is alive and flourishing on 
the other side of the Iron 
Curtain. The Strugatsky brothers 
of the Soviet Union certainly 
deserve wider recognition for 
the body of highly sophisticated 
work which they have produced 
over the past decade. 

Their latest offering is a 
fascinating and original novel set 
in Canada. Alien spaceships have 
briefly descended on a small 
town leaving behind mysterious 
debris much as bumans might 
scatter litter at a picnic. An 
enterprising band of smugglers 
risks death from unknown radia- 
tion in order to sneak out these 
valuable artefacts in defiance of 
a government ban. 

A further Strugatsky novel is 
promised for later this year. It 
will be awaited with eager 
anticipation. 


Altered Stales by Paddy 
Chayefskv, Hutchinson. £3.95.' 
160 pages • 


It is a sign of the current boom ■ 
in science fiction that script- 
writer Paddy Chavefsky of Marty 
and Network fame should choose 
this medium for bis debut as a 
novelist. He takes inner space 
— the human mind — as his 
theme with the story of a ‘ 
scientist’s attempts to discover 
the source of human conscious- 
ness by means of an isolation 
tank and hallucinogenic drugs. 
The style gets somewhat 
muddled, gothic horror rubbing 
shoulders witb the paranormal 
and soundly researched science. 
Nevertheless, he tells a swift 
moving and entertaining tale. 


Lifeboat by Harry Harrison and 
Gordon R. Dickson, Dobson, 
£4.25. 1 81 pages 


Back in the 1930s a favourite 
device of Hollywood screen- 
writers was to take a motley 
collection of characters, set them 
adrift in a lifeboat and then 
record their struggles for sur- 
vival. Harrison and Dickson 
revive this old theme with a 
group of human space tarvellers 
trapped on an interstellar life- 
craft. The snag is that it is 
navigated by aliens who deem It 
the greatest honour to die in 
space rather than survive. Need- 
less to say the humans outwit 
the kamikaze pilots. 


S(arga(e by Stephen Robinett. 
Robert Halo. £3.75. 21S pages 


Giant corporations are locked 
in a battle to recover precious 
minerals from distant planets. 
The trouble comes to a head 
when a mad corporate boss tries 
to hijack a neutron star. At 
least It makes a change from the 
traditional mad scientist! 


social trust.” Frankel favours 
[the second and devotes much 
'space to an indictment of the 
alternative, functional approach. 

This Functional approach is 
identified with Keynes. Chapter 
five, on “The Keynesian morality 
of money." argues that the 
manipulation ul monetary puliry 
tools to achieve economic objec- 
lives, as recommended by Keynes 
throughout his life, relies on 
deceit. In particular. Frankel 
points a critical finger .it Keynes’ 
idea that a deliberate inflation, 
by raising prices without affect- 
ing money wages, could lower 
real wages and stimulate employ- 
ment. 

To Frankel. the idea raises an 
ethical problem. It rests on a 
“ morality of initiating monetary 
policies the consequences of 
which will appear to others to be 
d i fferent f rom what they are 
known or expected to be to those 
responsible for them.” As -a 
morality, it can be defended only 
on the assumption .that those who 
conduct monetary policy are the 
repositories of “public wisdom’’ 
and will always serve the 
interests of the state rather than 
themselves. 

Experience in the past 30 
years has undermined faith in 
this assumption. Governments 
and central banks who regulate 
the monetary levers to influence 
output and employment are 
sooner or later caught out The 
bluff is uncovered: confidence in 
money is destroyed; and the free 
monetary economy is threatened. 

For these, and other reasons 
which Frankel develops' else- 
where in his book, he supports 
a more traditional interpretation 
of what’ money’s role is and 
should be. Money is regarded 
as a creation of society not the 
state; as an Institution which 
evolved gradually and without 


central direction; or, to use one 
nr Havek’s favourite quotations, 
as “a result of human action 
but not of human design.” 

Its convenience depends on 
Its acceptability for completing 
transactions; and its acceptabi- 
lity depends, particularly ns a 
standard of deferred pajment, 
on trust that it will retain its 
value over long periods of time. 
Once that trust has been abro- 
gated. the credibility of the state 
and the mutual respect citizens 
hold for each other arc ques- 
tioned. Money should not be 
tampered with by the State. Only 
then can monetary policy form 
part of “a condition of civility. 




viour. an Ideal— the pursuit of 
trust." 

This traditional view of money 
Frankel associates with tho Ger- 
man sociologist. Georg Simmcl, 
whose work Pie Philosophic ties 
Grilles, published in 1900. fore- 
shadowed many nf the later dis- 
putes on money’s place in society 
and the economy. Until now, 
Sunniel has been neglected and 
it is refreshing to have a new 
name io add to the panthenn nf 
monetary greats. The recitation 
of “ Keynes vs. Friedman." 
“ Hayek vs. Keynes " and so on 
has become rather stale. 

However. Frenkel's book Is un- 
likely to have much influence 
outside professional economic 
circles. It is short: indeed, its 
hundred and sixty- three pages 
makes It little longer than an 
essay. Although it raises im- 
portant issues its treatment of 
them is far from exhaustive: 
Moreover, Frenkel's style is 
often .mystical, even opaque, and 
bis meaning tends to become elu- 
sive. 

But perhaps this was inevit- 
able in a work which crosses the 
boundaries between economics, 
sociology and political philo- 
sophy and it would be wrong 
to end on a critical note. There 
are connections between atti- 
tudes towards monetary policy 
and more general philosophical 
beliefs. More specifically, there 
Is a definite tendency for sup- 
porters of sound money to be 
politically conservative and eco- 
nomically ' liberal. Frankel’s 
comparison of the two dominant 
philosophies df money helps tn 
understanding these connections. 
It is a valuable contribution to 
a branch of monetary economics 
which, in the hurly-burly of re- 
cent debates between “ practical 
men." has been unjustifiably 
overlooked. 







13 






faucial Times Thursday -July; 27 1978 


FINANCIAL TIMES SURVEY 


Thursday July 27 1978 




i'i h\ N A a 


T 



ill 


MAIL 


Tin ij a u 




Facing 

a 

golden 

future 

By Michael 
Thompson-N oel 


THOSE INVOLVED in the fast, 
moving, fast-growing, poten- 
tially massive business of direct 
marketing know the sort of 
powder keg they are sitting on. 
The wonder is that its potential 
still needs spelling out — an 
irony that did not escape David 
Ogilvy, founder and creative 
head of Ogilvy and Mather 
International, when addressing 
the British Direct Mai] Market, 
ing Association’s first UK Direct 
Marketing Day in London last 
autumn. 

He reminded his audience 
that the rest of the advertising 
and marketing world still 
thought of them as second-class 
citizens, before moving smoothly 
to explain why be thought it 
didn’t matter: “ Your oppor- 
tunities for further expansion 
are colossal." he said. “You 
have come into the direct 
response business at the right 
time. For 40 years I have been 


The concept of direct marketing and mail order is growing and 
people in the business see considerable potential for further expansion. Techniques 
too are becoming more sophisticated as new companies enter the field. 


a voice, crying in the wilderness, 
trying to get my fellow adver- 
tising practitioners to' take 
direct response seriously. . . . 
You face a golden future." 

Put simply, direct marketing 
is any system that oiTors 
products or services to existing 
or potential customers via any 
promotional medium — direct 
malL mail order, TV, radio. 
Press, magazines, “take-ones.” 
even matchbook covers — in 
Order to effect a direct response 
by mail, telephone or personal 
visit In the U.S., direct response 
is so sophisticated and huge 
that total sales of goods and 
services are approaching (may 
even have exceeded)' SlOObn, 
accounting .for in excess of 12 
per cent of all consumer pur- 
chases. 

There are several reasons, 
notably geographic, to account 
for this remarkable growth of 
business, but it is beginning 
to be reflected in Britain. 

According to Len Ford, 
director of the British TMrect 
Mail Marketing Association, 
writing in the July issue of 
Admap: "The explosion m mail 
order is a phenomenon common 
to the West. In the U.S. they 
have coined the descriptive title 
■ of ‘direct marketing' for what 
is. in effect, a posher form of 
mail order. It is the sort of 
operation huge corporations are 
now interesting themselves in 
as an alternative or supple- 
mentary method of distribution 
or investment. 

“We have yet to see what 
happens to traditional, entre- 
preneurial and individualistic 
mail order traders when the 
corporations move in. - . In. the 
States the markets are widen- 
ing out so fast that, there is 


room for everybody. It may be 
that it will be the same here, 
for everybody is convinced that 
the market for Twaii order goods 
will continue to expand. New 
customers are flocking in, many 
of them using their Barclaycard 
and Access credit cards, which 
is a most significant pointer to 
the conversion of the middle 
classes to mail order buying.” 

In order to grasp the full 
potential of direct marketing in 
Britain, says Mr. Ford, it is 
necessary to note the extra- 
ordinary shape of the present 
system of what is called mail 
order, no less than 90 per cent 
of which is accounted for by 
credit trading, via the cata- 
logues of the mail order Big 
Six: Great Universal Stores, 
Littlewoods, Freemans. Grattan, 
Empire Stores and John Myers. 

The other two streams in mail 
order are the speciality houses 
and the book and record clubs. 
According tn Mr. Ford, UK mail 
order alone now accounts for 
at least £1.5bn worth of con- 
sumer sales and at least £3 Om 
worth of advertising. Between 
1971 and 1976, he says, mail 
order’s cumulative annual 
volume growth was 18.5 per 
cent. In 1977 it was 20 per 
cent. The predicted annual 
growth rate between now and 
1980 is put at a minimum of 16 
per cent, which would provide 
a total mail order sales figure 
of £2.75bn by 1980. 

"Mail order i s the distribu- 
tion method most likely to bene- 
fit from present demographic 
and social life-style trends," 
says Mr. Ford. "The primary 
factor is the increase in the 
number of working women. 
They have less time to shop and 
more money to spend." Indeed, 
direct response experts reckon 











mm 





'Q&i A* 


. rrr 

i .-**■ -M- fC. 

I* "* • : • 





t w 




k -. ■ . - c. .*>• - *. - VfVafUr....: ./.™. 

Direct response experts reckon there is no product or service that cannot in some 
way benefit from their techniques. 


there is no product or service 
that cannot in some way benefit 
from their techniques, whether 
it be Rice Krispies, toasters, 
power tools, furniture, in- 
surance. holidays or cars. 

Before so .very long, the 
marketing ' community will 
almost certainly be obliged to 
come to grips with electronic 
mail order whereby customers 


will use their phones as a com- 
puter link to order- goods 
straight off the TV screen, 
which is all the more reason 
why they should get to grips 
with the direct response tech- 
niques that are already 
available. 

According to Leslie Sheppard, 
who runs. Ogilvy Benson and 
Mather's direct response group 


in London: “The real future 
for direct response lies in 
adopting the arsenal of proven 
response techniques to the 
world of ‘normal’ consumer 
and industrial advertising. Most 
marketing and advertising 
executives start with the same 
objective of trying to reach 
effectively a target group of 
people, to convert them to a 


product or service or at least 
increase their awareness. Yet 
many advertisers fail to get 
close enough to their prospects: 
they fail to find them efficiently. 
Direct response has few real 
secrets. Anyone can join in and 
do a fairly good job. You 
simply have to change your way 
of looking at problems — 
become consumer-oriented both 
in your media evaluation and 
creativity, starting from the 
customer's point of view and 
working backwards." 

Mr. Sheppard quotes the 
example of one major UK com- 
pany whose £7 -25m advertising 
and promotional plan for 1977, 
targeted at home freezer 
owners, included 50 per cent 
theme advertising with nine 
different TV campaigns (as well 
as heavy use of local radio in 
four key areas) accounting -for 
the bulk, plus a greatly 
expanded programme of con- 
sumer on-pack promotions. 

“To a direct response execu- 
tive that sounds like a bit of 
overkill," says Mr. Sheppard. 
Only 37 per cent of UK homes 
have freezers. For a mere 
£110,000 to £190.000, a leaflet 
with price-off coupons and other 
details could be distributed to 
almost every home with a 
freezer. Imagine the wastage 
using TV and radio. As a bonus, 
for the same £110,000 to 
£190,000, the exact address of 
the freezer owner would be 
recorded for future activity. 
Shouldn’t this £7 .25m advertiser 
be developing a direct link with 
its customers, at least in a test 
market?” 

Undoubtedly it should. In 
time, direct response will come 
fully into its own. It is already 
widely used, but its scope for 


expansion is literally unlimited. 
Some of the businesses that 
should be moving much mare 
quickly to harness the tech- 
niques of direct response were 
itemised — quite brutally — by 
David Ogilvy in his talk in 
London. 

How about insurance com- 
panies ? “I have three life 
insurance policies. Do roy 
insurance companies ever write 
to me and sell me more 
insurance? Never. All they 
send me are notices that my 
premiums are overdue. And yet 
we have demonstrated that life 
insurances can be sold at lower 
cost by mail than by salesmen.'* 

Or the banks ? “ Do they ever 
write me a letter offering to 
lend me money ? Not on your 
life. Stupid.” 

The car makers ? “I own two 
cars. Do the manufacturers of 
these cars ever use the mail to 
sell me a new model ? Never.” 

The travel companies ? 
** Every year I cross the Atlantic 
in the QE2. Do Cunard ever 
send me a mailing about their 
winter cruises? They do not 
Maybe they never heard of 
direct mail.” 

Charities ? “ Recently I went 
to work for a famous charity. 
Do they use direct marketing to 
raise money? They do now. 
because I am on their Board of 
trustees. But they never did 
before. There ought to be a 
direct response professional on 
the Board of every charity.” 

Mr. Ogilvy knows a thing or 
two about direct response; the 
real surprise is that too big a 
majority of his advertising and 
marketing colleagues, par- 
ticularly on this side of the 
Atlantic, haven’t even thought 
of catching up. 



CAf vC _ v \ 




py 










mi snt\ 

S » Stj Iff: 


/ ^ao^ 

Fine Art Developments 

Limited 

Specialised mail order in 12 countries. 

The largest greeting card producers 
outside the USA, with distribution 

in 33 countries. 

Fine Art Developments Limited, Queen Street, Burton uponTrent, Staffordshire DEM 31 J? 





.4 


3 compelling 
reasons... - 

ma why you should attend 
the IT" International Direct 



1. Contact with colleagues. At the Symposium 
there is plenty of time to meetthe industry 
leaders from ail overthe world, to exchange 
ideas and to do business. 

2. Millions of pounds of new product and 
service ideas are licensed atthe Interna- 
tional Mail Order Merchandise Mait 

3. A stimulating and practical programme 
of major speeches and small seminars 
and round tables is designed to make an 
immediate and lasting contribution to 
your business. 


is ' ' 

lr- ' 








sViO” 




•V919 

pjpttt 


-1919 

M* 4 




A ef)9 

n 




rs** 


VSfedn^ 


11 th International 
Direct Marketing& 
Mail Order Symposium 

The No 1 Meeting Place of 
Direct Marketers in Europe 


Ask for more information at International 
Direct Marketing&Mail Order Symposiums, 
Forchstrasse 84, CH-8032 Zurich 
Telephone 01/53 40 01, Telex 5S896 




The Post Office 
opens new doors 

NIGEL WALMSLEY was made 
director of postal marketing at 
tbe Post Office just over a year 
ago. One of his concents is the 
fact that the direct marketing 
industry — his phrase — has. no 
real statistics to go on. But he 
produces some guesstimates: 
possibly some £70m is spent via 
the Post Office in direct mail 
advertising; it seems likely that 
direct mail accounts for be- 
tween 7 per cent and 8 per cent 
of the total national spending 
on advertising; and between 70 
per cent and 80 per cent of 
direct mail is done - in the 
house” and not through adver- 
tising agencies. 

For starters Mr. Walmsley is 
very keen to help the industry 
develop a statistics base. So 
far this consists of the Post 
Office's own research, discus- 
sions with the Advertising Asso- 
ciation and various other trade £ 
associations, talks with in- £ 
terested individuals plus some 
work with the CAM Foundation 
anfl Cranfield. Defining the job 
is the most difficult part let 
alone finding an organisation 
capable of doing the work. Mr. Nigel Walmsley, head, of postal marketing at the Post Office. 

After all. many businesses will 

S * nd _£ Ut \ s esser ltially an what is a v competitive field, laser's bill. This would have Incidentally direct mail costs 

!?!!!»rrt!nt 0 n D f S ir« The countrywide sales force two advantages to the Post have risen 8 per cent in three 

and never flunk at it as direct ^ direct mail as a product Office— it should interest the years against a 40 per cent rise 

ThereTvXe sem P «“iS direct mariatog men and raise (or Press and TV. 
w? S quantity discounts on a pub- the packagecarrying business There is also a series of con- 
just how much direct mail it scale <if ymj are very big which ^ a big area for growth ferences. workshops and case 

carries. you can negot j ate yonr own con . an d ^ a t present worth over studies as part of the plan to 

n # tract); there is a deposit scheme £200mayear. encourage users. And in order 

Service which is really forward buying Another development begin- to raise recognition of import- 

for shots; and there is the ning to get under way is export ance of creativity in direct mail 
But it can, and does, have a ve ry popular first day cover servicing, or fostering direct the PO has been sponsoring an 
view of its role. First of all, service. An area for expansion marketing export promotions. It award at the Designers and Art 
says Mr. Walmsley, it sees itself might be more quantity dis- is — or was — a complex area in Directors' annual show, 
as a proprietor of one of the ad- counting with a close look at that until recently it was diffi- The Post Office has built up 

vertising media (in this parti cu- marginal pricing opportunities, cult for an exporter to link with a mailing list of consistent 

lar context). It must therefore But Mr. Walmsley is very keen his agent over a direct response users of direct marketing which 
give a service, be cost effective to sell direct marketing as the card. Now with the accelerated now numbers 16,000. The out- 
and be a supplement in many concept — this covers the mail surface post and changes in the look as Mr. Walmsley sees it is 
cases to other forms of adver- out, fhe response and the dis- regulations it is possible to set of being price competitive in 
tising. For example the Free- tribution (whether to retailer or up a local response facility the short term but in the long 
post link between Press adver- customer). After all, the Post from the U.K. term it depends on the sophis- 

tisements and direct mail is office has a pretty good distri- In Mr. Walmsley s view there tication of advertisers, 
now worth £2m a year in turn- button system. is one barrier to the use of As well as doling out advice 

over. If direct mail, mail order New facilities on the horizon direct marketing as far as the Post Office takes its own 

and direct response advertising include the use of telecommuni- agencies are concerned — few medicine. Respondents to its 
are put together then the spend- cations in a similar way to see it as a creative opportunity, direct mail shots get an enur- 
ing through the Post Office is the Freepost An advertiser Not much attention, he thinks, mous tear-off note pad. And at 
some £130m. a year. could invite a response from, is paid to the subject simply the Advertising Association’s 

There are several services on say, Padstow, to Liverpool, and because it is seen as “ light on conference earlier this year 
offer through the Post Office, the equipment would recognise excitement” To counter this a breakthrough in rock teeh- 
Household leaflets will reach the prefix so that the cost of the PO has given presentations nology was made: instead of 
some 10m items this year in the call would go on the adver- to 200 agencies. having lettering all through the 

" ' — Fostering an understanding of stack of rock what all the dele- 

the advertising opportunities in ga t es read as they munched 

£ direct marketing is part of the awa y was the Post Offices’ telc- 

Hi | PO’s programme. It has just phone number. Now that is 

^ ■■■ 1 1 finished a campaign on the price ^ally number crunching. 

fUll Ivr. I 'llsoo^ 6 responses! Pamela Judge 







DO YOU GET 
BOTTLES TO 
STOCKPORT? 


Impact of 
technology 




w • 



feli 


UlTIOIffiL CARRIERS 
KMIWHOW 


If you wantto move wines or spirits 
quickly and reliably National Carriers can help. 

Our Medallion service has full manifests 
for all stages of thejoumey which enables us 
to keep a constant check on valuable 
drink consignments.' 

Homeward homedefiveriesareidealfor 
doorstep distribution to mail order customers. 

Contract services can betailored to 


your exact transport needs, with your own 
livery painted on our vehicles. 

And National Carriers Offer bonded 
warehousefadlities. 

For full details of all National Carriers 
distribution skills, come and see our float at 
the World Wine Festival. 

Or call your nearest branch. 


1st ff 

[GEas?H5 

3L. $F" Wti*. 


U0mract5ervice5canuerairoreura a member OFTHENOTONALraEEHTCMPOftfiTKJft. 

NATIONAL CARRIERS LTD, GROUP HEAD OFFICE, NATIONAL CARRIERS HOUSE, 2 BISHOPS BRIDGE ROAD, LONDON W23JR 




i v jaspat^B I 


A GOOD deal of ink has been simply and routinely updated, 
spilt in recent weeks in a ritual Naturally, this vastly improved 
condemnation of the lack of productivity aids faster 
attention British industry pays expansion both in terms of 
to new technology. The matter commodities offered and in 
is a serious one: but it is terms of customers served, 
possible that in the service More evolutionary, however, 
sector, less odium than other- is the potential impact of a 
wise might be appropriate. new, UK developed technology, 
For those who operate named Viewdata Prestel, which 
directly in the marketplace, now stands fair to becoming a 
selling goods to consumers, the source of market information 
benefits of a certain kind of within tbe home, allowing 
technology have always been customers to make. choices and 
obvious. There are two to order from one TV screen, 
immediate and good reasons for Viewdata’s history is a rare 
this. first for the British electronics 

First, the most effective industry, and a considerable 
marketing is done when the achievement an behalf of the 
seller can identify his market Post Office, which is its main 
Classically, this may be a hit developer. The programme of 
and miss- affair: he demonstrates development has been going on 
his product as best he can, and for the past three years, and 
waits to see what the market market trials are now under 
will bear. In fact, such a classic way. Already, the system has 
model is rarely followed except been sold to Germany, and 
by the very small trader. At further orders for the crucial 
the top end of the market, “ software package,” which con- 
customer profiles, computerised trols the system, are expected, 
stock control, use of address _ .... 

lists which are themselves jVI QQJJI£fl ■ 
computerised and matched 

against a range of data are now outline, what happens is 
in common use, especially by toat tbe conventional television 
the large direct mail houses. . s ®t is modified so that it can be 
Second, the major constraint linked through the ordinary 
suffered by industry — a large telephone network to a series of 
workforce, efficiently unionised 0® ce computers. The TV 
in most cases — is absent, or screen then displays, at the 
largely absent, from most direct touch of a variety of buttons, a 
marketers (and from many ran S e of information stored on 
large retailers). The consider- these computers just as if it was 
able dislocation which* new ai ^ ordinary computer visual 
technology brings to a display unit, 
workforce, and the correspond- The original idea was to 
ing need to ensure equable crea te a large computerised 
arrangements if industrial store of information including 
disputes are to be avoided, are toat contained in encyclo- 
thus generally not problems in paedias, financial information, 
the service sector. Hence the timetables and reference 
introduction of new technology materials which viewers ■ could 
of a certain kind can generally U P on their screens when- 
proceed smoothly. ever they wanted to. 

Computerisation of stock and However, it is now being 
records aids direct mail houses realised, by the Post Office and 
enormously, both by cutting hy potential subscribers to the 
down on their records in new medium, that the implica- 
physical terms and in allowing tions are rather wider than that 
them to effect rapid matches Put simply, Viewdata could 
between the customers' desires become more than just a static 
and fulfilling their orders. The information store because of the 
use of appropriate computer ability of the system to receive 
numbers on the ordering information as well as to store 
catalogues means that the order it and supply it 
is simply checked against a Thus, for example, much of 
stock number and sent out, the present classified advertising 
while - easterner files can be could go on to' Viewdata/ 
CONTINUED ON NEXT PAGE 


YoutsEREE 

and wiihoutobBgafeHi 

-atleastlO simple, proves^ 
wavs to improve response* 

YOUR advertising. 

.. . _ • 


prof5tsatTioca.no 

Of tout direct respt 

wfUprcparc.indivi 


successful!) p\ u* ■„.i-.;rr.r«: inrjcst and most'* r." 


inairreii-rataadiio r.S;:' 


U--— SSposnoo-w 

I Please prepare, especially for ip . : . 1 I |fil 

I techniques which we arenot ciintfntK*OMnBJB4»hpgjJg 
iScuntlyimprorethcrespowelonucn^N^I^ 
I \itocre tliefcuges 1 directresponse adveitjangagengrta 

| HURRY! Offer must end within 7 ttogs 

| NAME. - sM 

I position 

! COMPANY. — " 

j ADDRESS "V 

1 — " 

I Pn\xite and Confident uii for f lira* reni »on ofreter DcnO^m^ : 

1 ROYDS MANCHESTER LIMITED % 

| P. O. Box 28. Bonis Hall. Pfestbury, CheshntB _^^ 
-iVTelephone Prestbiiry 4S274 




There will be an envelope irom § 
John Dickinson Stationery in : 'Mfi 
most of Britain’s letter-boxes : ; ; 
next week. 


— Brifain’s biggest and .’ •>• 

Red List best ran 9 e of commercial: _ 

J envelopes Red List. 

Available from most.stockists. 


DRG) JohnDidciiison Stationer 

i A menihc r of Ac riifL > m>a H.+imon Group 

ABLW, HEM EL HEMPSTTAD. HERTS IfM VS* 
Telephone; Hcrnci HonjonriJ (0*C) 4212 * Telex 824U . 


Kompass Industrial 
Information Services® 


Direct Mail - Sales Leads - Market Rese^clit t 

UK & European companies classified by 

size and location. : 

’ - 

Contact names available on labels, lists or 

cards. .'\rS.k~ 


For Broc)mre and full details 
Ring MIKE SUTCLIFFE 0444 5&188 

Kompass Publishers Ltd. 

Stuart House 
41/43 Perrymonnt Road 
Haywards Heath, Sussex RH16 3D A 








r -- -- — • — *i 
J Only one " 

i direct marketing 
I ad agency M 
j offers its dientt 

I O A talented, experienced direct marketing team V’ 
with an outstanding track record. S < 

■ □ The best ideas/concepts copy in the business - 
| L so our rivals say). '•! * 

| DA Ion S-standing track record in financial advertising 

I lf K ou,d Htoto look at possibilities . 

I without obligation, phone Mike Leigh 01-229 *$40 % • ’ 

® n Tf 16 N W Walter Skinner 

Im tan ^ s ^edan Place London W2 A 

in Brussels 

Paul Maskens €%■ 

& Associes 

bd. Auguste Reyers 154 

1040 Bruxelles^-Tel: 733.79.12 : ' 

T o e . D i rect K^Ponsa Markotinff 

Ass0oi: * u »“. WS;. Credit Cart : : ;i 
You may call tomorrow too. 











15 



Financial Times Thursday July 27 1978 

DIRECT MARKETING IH 





tennis 

5 ™%l\ 

=-3A t ssi= ; | 


the concise. 

Actionary 






Choose any three of these beautiful books for just 
£1.00 (plus p. & p.*) as your introduction to • 
Britain's leading quarterly book club. 

Make the most of this exceptional offer as 
your introduction to Readers Choice . Novels and 
biographies, non-fiction and reference books.. . an 
hard-cover publishers* editions for at least ,*o 
sometimes as much as 50% — off publishers prices. 

'' A 'Quarterly’ Book Club. . 

. This means your free club magazine Review comes 

h to you once every three months, unl^e most pther . 

v book club magazines wHch are montuy. In 

A words vou have much more tune m which to make 

0 vour selection and won't have to choose your next 

V book when you're still in the middle ofyour prevrous 
one. i 

A vast selection - a varied choice. 

Each club magazine will feature more 


best-selling titles carefully selected from current 
publishers’ lists. Prom a total of 200 fascinating . - 
books brought to your attention each year, we ask 
you to choose at least one book each quarter, for a 
jninimum of one year. 

Post the Coupon today. 

Whichever three books you choose, they are yours 
for only £1-00 plus 85p towards p. & p.* And if, once 
you've received them, they are not up to your 
expectations, simply return them within 10 days and 
that will end the matter. 


cnoici 


^P.O.Box 19, 
i Swindon. SN1 5 AX. 


Tour only 
commitment is to 
choose at least one book 
per quarter fora 
minimum of one year. 

And your assurance of 
good service. Should 
you ever have any 
genuine cause for 
complaint about the 
Club’s goods or services, 
you are invited to write 
to: Book Club | 

Associates, P.O- Bos 1, . 
Swindon SN33LD. f 


AWppOUELED^^^ 

Quarterly 


To: Readers- Choice. P.O. Box 19, Swindon SNl 5 AX. 

Please accept my application to enrol as a member of Readers Choice 
and send me the three introductory volumes whose numbers I have 
printed in the boxes provided. For these you will charge me £1.00. plus 
85p post and packing*. If 1 am not completely satisfied, I may return the 
books within 10 days, my membership will then be cancelled and I will 
owe nothing. As a member I will regularly receive the club’s free 
magazine, 'Readers Choice Review’, in which aro described a wide 
choice of books, all offered at 25% or more off published prices (plus 
postage and packing). I agree to take at least one hook per quarter for a 
minimum of one year. I am over IS years of age.* 


Air/Mrs/Miss. 


Address. 


BLOCK LETTERS 


Offer limited to one per household. Overseas send for details, 

i — *— SEND NO MONEY WITH THIS COUPON. , 


Ways to pinpoint th 
potential customer 


THERE ARE still basically two 
ways of earning a living in the 
direct marketing world. A 
company can either concentrate 
on devising imaginative new 
ideas to tap previously un- 
responsive markets. . or it can 
look after the bread and butter, 
V rather mechanical, leaflets-into- 
envelopes side of the business. 
Very few firms manage to com- 
bine both services, and increas- 
ingly the industry divides. 

Fortunately there are always 
fresh concepts to keep direct 
marketing moving forward. The 
underlying trend is to reduce 
the uncertainty and thus the 
cost, to move away, where 
possible, from the shot-gun 
method, contacting unknown 
■milli ons cold, to the sniper 
., effect pinpointing potential 
customers who are known 
buyers of the product or service, 
and timing an approach when 
. they are most likely to re- 
purchase. There is also more 
interest in isolating groups 
with a known, and marketable, 
affinity. 

For example there has 
recently been a rapid extension 
in the formation of clubs. Mar- 
i’ Vt !« ket research revealed that there 
A ; j are 10m people in the UK with 
% relatives in a Commonwealth 
country or the U.S. For British 
Airways. Q ant as, and other 
relevant airlines, this group, 
and their overseas connections, 
offer an enormous potential for 
airline travel. So clubs have 
grown up, such as the British 
Airways Club, where, through 
advertisements, in excess of 
100.000 people have been 
brought together and provided 
with regular information about 
travel to the particular coun- 
tries they are interested in. The 
Club does not attempt to offer 
cut rate travel so much as hand 
holding, and a feeling of 
security. A similar operation 
binds together executives, offer- 
ing them the use of VIP lounges 
at airports and other incentives 
for joining— and travelling BA. 

Of course, once people arc 
gathered together they provide 
an ideal market for other goods. 
Christian Brann, the direct mar- 


keting firm which has devised 
the British Airways Club, has 
already added luggage and 
calendars to the direct mail that 
goes to Club members. Pan Am, 
with its Six Continents Club, 
ties in with the Inter- 
Continental Hotel group. The 
Clubs make use of the “club- 
babRity" of the British and 
combine a service with se lling 
Insurance companies, for 
example, are starting operations 
like the Over Fifties Club which 
helps sometimes lonely people 
to cope with the approach of 
retirement and dispenses ideas 
on new starts while at the same 
time selling relevant Insurance 
policies. 

Another new area attracting 
much interest among the 
more adventurous marketing 
specialists is linking the selling 
of goods through the direct 
approach with the growing 
popularity of credit cards. There 
are well over a million credit 
cards in existence, with more 
companies, like the Trustee 
Savings Bank, introducing a 
card and widening the market. 
For direct marketing any con- 
nection with buying by credit 
which can be encouraged 
through a mailing shot is 
advantageous because it means 
that the marketing company, 
on behalf of its client, can 
concentrate on selling the 
merchandise, or service, while 
leaving the rate of payment to 
the customer and the collection 
of the debts to another body — 
the credit card operators. 

Within the last decade the 
advantages of using direct 
marketing for selling cars has 
become more and more 
apparent After a house a car 
is probably the biggest purchase 
in the average householder's 
life and it is one that is 
repeated every two or three 
years. Car distributors have 
have the names and addresses 
of previous customers and also 
anyone who has made an 
enquiry about a certain make 
of car. British Leyland is just 
one company to compile a list 
of its purchasers and, through 
direct marketing .keeping 


contact with them by offering 
services, but also, at an appro- 
priate time, trying to enterest 
them in the purchase of another 
British Leyland car. In the 
same way the best direct mail 
companies can work for many 
small local car salerooms, and 
garages, offering savings 
through economies of scale by 
producing basic literature 
relevant to all customers, and 
timed to arrive when they 
should be considering buying 
a new car or servicing an old 
one. 

The idea of a direct marketing 
company over-seeing the selling 
of many small and non-competi- 
tive operators' scattered through- 
out the country serving local 
markets and unable to finance 
costly campaigns on their own 
initiative can be extended to 
other groups, such as travel 
agents. Once again it is mainly 
a case of maintaining contact 
with existing customers, the 
direct marketing company 
offering a computer service as 
well as a design and mailing 
facility which enables, say, the 
keen skier to be prompted by 
his local travel agent in gjod 
time for booking his next holi- 
day. But at the national level 
both the car manufacturers and 
the major holiday firms have 
been reluctant to go in for large 
scale direct marketing because 
of their commitment to their 
local dealer network. However, 
Butlins has been successfully 
using direct mail for repeat 
business. 

Another new and growing 
area for direct selling is the 
industrial field- It casts up to 
£20 for a salesman to call on a 
customer in the industrial sector 
while a well aimed maiing shot 
might be 20p. The telephone is 
also being increasingly used In 
industrial selling but as with 
mailing it is perhaps better for 
repeat, routine, buying rather 
than trying to get new 
customers from scratch. Apart 
from the telephone television 
is proving a useful medium for 
direct selling. Thames TV, in 
London, has sold wine through 
the direct approach but it is in 
the cheap, off-peak, spots offered 


by the regional contractors, such 
as Border TV, that the low costs 
expected by direct marketing 
companies can be achieved. 
Record compilation and recipe 
cards are two areas which have 
sales success stories through the 
use- of television — and direct 
marketing. 

Many of the Innovations in 
direct marketing are in the 
media used, as much as in fresh 
market areas: it must be ad- 
mitted that for many companies 
a list of clients would show few 
changes from, a decade ago with 
publishers and book clubs, 
finance, and credit cards, still 
featuring prominently. Apart 
from the telephone, and tele- 
vision, loose inserts is another 
area that companies like the 
direct response side of OBM, 
probably, with Wundermans, 
the largest advertising agency. 


in this field, are Interesting 
clients. There is also greater 
attention being paid to more 
precise, and accurate lists — 
rising postal charges have made 
unproductive mailings too 
costly — and also to joint mar- 
keting shots, and to interna- 
tional campaigns. 

One other industry which is 
just starting to appreciate 
direct marketing is charities. 
Few have taken the possibilities 
further than the World Wild- 
life Fund which offers a wide 
range of merchandise, from 
bedspreads to clothes, bearing 
its motif. The customers know 
they are helping a favoured 
charity which benefits from the 
discounts it can squeeze from 
manufacturers. The latest tie 
up is with SpUlers, offering 
Safaris In Africa for winners of 
an on-pack competition, but 


with tbe charity benefiting 
according to the size of the 
popular response. 

Because it is hard work and 
the margins are traditionally 
low direct marketing has failed 
to attract some of the “whizz 
kids” who enjoy making a for- 
tune from advertising. But now 
the agencies cannot afford to 
ignore this arm of selling. They 
might not all like it, because it 
links effort to results, in a way 
which imprecise advertising 
effectiveness is rarely able to 
do, but the successes of com- 
panies choosing the direct 
approach are too frequent to be 
ignored. As the agencies set 
up larger direct marketing de- 
partments so many more fresh 
ideas and new clients enter this 
so long overlooked field. 


HOW LEADING 
COMPANIES HAVE 
TRANSFORMED 
THEIR BUSINESS 
BY EFFECTIVE 
DIRECT MAIL 

Successful direct mail depends on getting 
your message to the right people at the 
right time, with the right* creative 
approach. 


At Christian Brann Limited we have been advising 
major national and international companies on direct 
mail for II years — and we do not stop at good advice. 
We write, design, computerise, address, mail and even 
fulfil the orders from your direct mail if you wish. 


Antony Thomcrom THE RESULTS? 


Technology 

CONTINUED FROM PREVIOUS PAGE 


PresteL The viewer at home sees 
something he wants, and presses 
a button to indicate that he 
wishes to purchase it The item 
could then be removed from the 
screen and the purchase nego- 
tiated. If it is not successfully- 
concluded. it reappears until 
there is a finished sale. 

Further sophistications are 
well within the system's com- 
petence. The viewer could in- 
dicate his creditworthiness by 
punching in his credit card 
number. Or by pressing another 
pre-set button, he can arrange 
for bis name and address to be 
sent to the* advertiser so that 
further details can be sent on. 
Or he might enter into a com- 
puterised form of barter. 

A number of trades are now 
beginning to react, with a mix- 
ture of alarm and excitement. 
Car dealers, publishers, even 
travel agents all see possibilities 
and problems inherent in the 
system — assuming it- is widely 
used — and are trying to get in 
on the act. For the customer. 


there are certain to be at least 
speed advantages (though its 
adoption will certainly add to 
cost). 

For the direct mail and 
marketing houses, the implica- 
tions are perhaps the most far- 
reaching of all. At the moment, 
they market through the means 
of catalogues and news- 
paper advertisements. View- 
data/Prestel offers a much 
more Instant medium. A poten- 
tial customer i may feel like 
buying something. With View- 
data/Prestel, he will simply be 
required to translate his idea 
desire into the flick of a switch, 
and what he wishes to purchase 
will be displayed on his screen. 

Assuming that two-way com- 
munications — or interaction, 
as it will no doubt be called — 
is possible, then he will be able 
to “talk” directly to the com- 
puter-stored information pro- 
vided by the direct-mail house. 
Possibly* he will- wish to zero in 
on one commodity — ask for 


more information, hire pur- 
chase rates where applicable, 
guarantees and so forth. If he 
then wishes to order it, he can 
send the appropriate signal, 
possibly specifying whether he 
wishes to make an outright 
purchase or to receive it on 
trial 

The further advantage for the 
seller is that he will very 
rapidly be able to tell the most 
popular commodities he has on 
offer, and thus be able to stock 
up. However, the initial outlay 
on his part will be large. He 
must first “access” into the 
system — and there may be a 
large fee for doing so — then 
he must provide the infor- 
mation stored on his computer 
on an acceptable form for the 
Viewdata / Prestel network. 
Since it wall be administered by 
the Post Office, the standards 
will be stringent Yet the bene- 
fits can be seen as being 
enormous. 


One client has built an entirely new £20 million a year 
business through direct mail promotion. 

Another who came to us a few months ago has already 
achieved a 30 per cent increase in conversion of coupon 
enquiries to sales. 

“Christian Brann Limited are very exciting people to 
work with, with cm intelligent and creative approach to 
problem solving.’' says Tony Wright, Marketing 
Director of Button's. 

It's not surprising that our client list looks like a Wh o”s 
JITio of the most dynamic companies in Britain. 

If you want to add your success story to theirs, phone 
Andrew Orme on 0285 5944 
or write to: 

CHRISTIAN BRANN LIMITED 


Blackjack Street, 
Cirencester, 
Gloucestershire 
GL7 2BZ 


vm 


Jobn Lloyd 


If you like reading good 


books, then here’s a 


better way to buy them 


\ 

j 











16 


Financial Times Thursday My .27 1978 


The Post Office Is publishing free of charge copies of a series of specially 
commissioned articles by independent experts on small freight and parcels 
distribution. Here is a precis of the second, by Edward McFadyen, Editor, 
Retail and Distribution Management. 


iJlIljj* 


the renm ran hum. mobs in he ik. 


MaQ order sets the pace 
Against a background of the closure of 
medium sized multiple High Street units* 
the success of the suburban convenience 
shop and the emergence of the super- 
store, catalogue moil order is doing 

remarkably well. 

The mail order business share of the 
total retail trade stood at 4.7% in 
1976 and, as the graph below shows, at 
8.9% if the food side of retail sales is 
discounted. In terms of turnover, 
■mail order looks even better with 
a 150% increase between 1971 and 
1976. And that represents an average 
annual increase of 19.5%, as compared 
with 14.6% for non food shops. In 
volume terms, performance was also 
impressive: mail order houses put on 
over 36%siace 1971 compared wiUiJcss 


than 15% for non food shops. 

puring Che first quarter of 1977 maii 
order really set the pace for the retail 
trade, with sales up 20% on 1976 and, in 
April, up as much as 30% compared 
with rises of only 13% and 11% for all 
non food shops overthis period. 

From the customers' point of view, 
then, mail order with its army of 
housewife catalogue agents— 4.2 million 
in J976 - fits in successfully with 
today’s pressured life style. ; 


Computers improve profits 
But it is with the use of data processing 
techniques and computers m areas such 
as order processing, stock control' and 
accounting that mail order companies 
have been able to improve their profits/ 
sales ratios significantly. 


Mai! order house volume 
compared with that of 
tion-f ood shops 
% (Index: 7971—1 00) 


140 •> 

135-1 

130 

125-1 

1Z0 

1 

no Af 


105 




Mailorder 

houses 


% ..fir 




Non-food 

shops 


1972 1973 1974 1975 1976 

(Same? Ocp*nmcr*tflnduXryfniElUa£m*tBz} 


Mail order houses' turnover as a percentage of 
or non-food retail turnover, 1 971 -76 


9.0, 


7.0, 


6.54 


6.0 



^“iBiniui, 


’""•nuiaifcuPJ" 1 


1971 1972 1973 1974 

(ScmeeDtjuitmem of Industry and EIU esUmtas) 


1975 


1976 


A bright future for mail order 
In view of lhe recent improvement in 
the economic climate, with falls in both 
Interest and inflation rates, an optimistic 
forecast for the mail order business 
be made with some confidence. Scott 
Goff Hancock Investment analysts, for 
e.\ampk% predict an annual average 
growth rule of 1G% between now and 
1950, giving total mail order sales of 
around £2 7 50 milli on. 


[to Jackie WilJbourne, Room 434, 

I FREEPOST*, Postal Headquarters, 
1st. Marti n's-le-G rand, 
j LONDON EO 8 I HQ. 

| Please send me copies of the 


{ full article '.The future for mail order in 
| (he UK fay Edward McFadyen, Editor, 
i Retail & Distribution Management. 

| Please send me copies of the' 


article: Own ve/acie fleet costs versus 


carriers' prices by J. R. Kelly. 


/name 


TmE 


[ COM PA .W 


I ADDRESS 


r 


j POSTCODE 

I FTZ7.7 


‘You Ain't neerf a sump, f 



Your customers 


Is your company spending thousands of pounds ro 
explore un-charted new markets while neglecting the 
most profitable marketplace you have . . . your present 
customer list? 

Most customer lists contain loyal, trusting friends 
who are waiting for your ad vice on how to nuke their 
lives easier, more secure and mure enjoyable. - 
All you have to do is tell them. 

AL Group Plans Marketing, we ve been doing 
just that For years we've strengthened consumer 
relations and built internal profit centres 
for major U.K. organisations 
We listen. We learn 
through structured research, 
then we create direct purchase 
marketing programmes that 
transform > our customer list 



from an administrative problem into a profit centre. \ 

Group Plans Marketing Limited has the people 
and the experience to handle all phases of your direct 
marketing programme . . . from research to creative 
execution, from test strategy to unravelling the 
mysteries of your computer. 

But more important . . . we know how to get results 
. . . and are willing to be compensated on the basis of 
our results. 


So if you're a Bank . . . Department 
store . . . Insurance Company . . . 
don't wait for your competitors 
to advise your customers who 
you've spent years to get. 
Strengthen your customer ties 
and build greater profits at the 
same time. 



rW^'u*- 


DIRECT MARKETING IV 



Mr. Alex Reid, of Vieivdata, zehich may have a major impact on direct marketing. 


Mail order still 


the major sector 


It Is largely because of this 


DESPITE THE growth of other 
forms of direct marketing, the offer of credit that the myth has. 
agency mail order companies grown up that mail order does 
remain the grand daddies of the best when the rest of retailing 
business. One in three adults is in the doldrums. The argu- 
buy from a mail order catalogue ment goes that when consumers 
tiding a network of close to 4m are short of cash, they are more 
igents who arc paid 10 per cent likely to buy on credit than in 
commission on everything they times when money is a bit 
sell. Every day. according to easier. To some extent 'this 
the Mail Order Traders’ Asso- may be true, but as all the mail 
nation, which represents the order companies point out, no 
big mail order houses, 600,000 trader does really well out of 
sales are made from a catalogue. a recession. Certainly the mail 
As the goods are all delivered order houses may have been less 
to the home, the companies are affected by the price war than 
I some of the Post Office’s most high street traders but at the 
important clients. Though the en d 0 f the day consumers only 
biggest companies. like have so much money to spend 
Littlewoods and Great Universal an dt h e mail order companies 
Stores, have built up their own have t0 fight with every h i gh 
distribution services to avoid street t0 make sure a,, 
ever being caught short again get that money, 
as they were in the early 1970s _ . .. _ 

by a combination of a postal . Even so. the mau order sec- 
strike and escalating postal tor has b®® 0 less badly hit m 
costs, Littlewoods alone still terms of sales than some other 
send 90m letters through the ^ cCOrs retailing. The Picture 
post each year. does no* look quite as bright for 

the mail companies as it did 
F Inimiri before the Department of Trade 

U UlLJUC an( j industry admitted that it 

To an outsider, mail order is ma de a serious statistical error 
a world apart from the rest of with the figures. But even after 
retailing. The companies own this error had been corrected, 
no shops and sell very little the a*®* 1 order sales wer « found 
| for cash. Their labour and fixed to have outstripped those of 
costs are lower than for High most other shops last year, 

1 Street retailers, and while other Mail order sales ended up 
traders may tinker with their 1977 10 per cent up on the pre- 
profit mix by adjusting the odd vious year in 'terms of value, 
price, the mail order companies Tins was a. far bigger increase 
have to set their prices and than recorded by department 
stick to them up to nine stores — tihe shops which sell 
mop Js ahead of the date on ^ ^ of 

nrexdhandiaH^ durable goods 
The agency mail order *njj S was despite the fact 

'srs Si-* 

.distinguishes them from the dld not as much 

smaller companies which only High Street shops from 

use advertisements as a means ™ ie GUnstmas spending spree 
of building sales. For the kooause shoppers did not really 
agency -companies vast glossy && ante lire spending mood 
catalogues sent out twice a year unt ^ December when most the 
are both their shops and their Christmas mail order goods have 
shop windows. No amount of already been sold. 

Customers ^ can C °explore ^e £ ‘2? "T. 

range of goods on offer at their “ 
own leisure, and, perhaps most 

importantly of all in their own 5® ^ tad J®*?* 1 €aJfie .* h *° *** 
homes. It is this convenience ******* 

(actor which , the companies **“■««* f sales, -test .year 
say, is one of their main *** cam * o1ose 10 overtakbn « 
advantages over the High Street ^ department stones with a 
trader. share of about 4.8 per cent 

Equally important are the Around 90 per cent of this 
armies of agents who collect business was done by the six 
tiie orders. Though the agent big companies— Great Universal 
is not liable by law for a cus- Stores, which operates the five 
Itomer's debt, the agency system, British Mail Order Company 
'which is built largely on friend- catalogues- and Kays of 
ship. can. when it works well, Worcester, Littlewoods. Grattan, 
provide a highly personal credit Freemans, UDS and Empire 
1 vetung system which no other Stores. Because Littlewoods is 
large retailer could imitate. Not a private company (probably 
that today an agent’s evaluation Britain’s largest) and GUS does 
'of a customers’ creditworthiness not break down their figures in 
is enough for the bis companies: any great detail, it is difficult 
all now have sophisticated com- to be precise about market 
puter checking facilities. shares within the mail order 
Nevertheless, the agents still sector but what is clear is that 
perform a vital function and last year it was Littlewoods 
the companies are constantly which was setting the pace, 
trying to maimise sales through 
individual agents. The attrac- inflation 
lion to the agent is primarily * u11 ***avii 
lihe discount she gets on the . Mail order sales can be 
! goods she orders for herself. “ bought * by heaw advertising 
She is paid no salary or social and recruitment, in 1974 most 
security benefits and. since very of the big companies put on the 
few have a really sieable net- brakes because, with higher 
work of customers, makes very postal costs and interest charges 
Mtic on commission. and - rocketing inflation, it 

The other unusual aspect of simply was not worth chasing 
mail order is. of course, credit growth. But last year, Ltttle- 
or. to be more precise, what the woods was selling hard with 
companieh like to Empire and Freemans also push- 
call - free credit” The vast ing strongly for sales too. 
majority of goods bought Littlewoods managed to notch 
through catalogues are sold on up a very respectable volume 
credit. The cost of the credit increase in sales despite the 
is built into the prices, and the depressed state of retail sales 
sire of the weekly instalments as a whole- 
can be more important to cus- Sales this year have been en- 
itomers than the final total. couraging so far. While other 


retailers complained that de- 
mand tailed off again in Febru- 
ary, the mail order companies 
seemed to be pleased about the 
way it had started, and the City 
at least seems to be looking for 
volume gains in the sector for 
the whole of the year. 


One duud on the horizon is 
the EEC’s proposal for control- 
ling doorstep selling. Though 
the industry would survive if 


the proposal became law, tt 
would . necessitate major 
changes., in ..its traditional 
method of operation. The 
British mall order lobby has 
fought a strong campaign to 
fend off such legislation in 
Brussels and the signs, at least 
in Westminster, are that it has 
succeeded in getting, its esc* 
across. 

Elinor Goodman 


TK FASTEST 



\ 


111 


ATOMS 


A bedroom suite? 
Binoculars? A golf bag? 

A garden shed? Pyjamas of 
a chest expander? Anything 
goes in the Maii Order 
and Postal Bargains pages 
of Mirror Group Newspapers. 
With oyer 43 million 
readers the massive MGN 
market is the outstanding ; 
cost-efficient bargain 
of today, x 


Daily Mirror Sunday Mirror 
Sunday People Daily Record 
Sunday Mail Reveille The Sporting Life 


Contact John Lane on 01-822 3713 


TMS CARD WILL ADDRESS YOUR MAI* 
FOR LESS MONEY THAN ANY 
OTHER SYSTEM! 



Addressing Mastns 
prepared in your own 
typewriter. 


Low initial inve stm ent 
and operating toads. 


Compact;claan,fuHy 

automatic, desk-top sfw’. 

machine s 


Fast-t/ptoS.fiOO 
pieces par hour. ; 


Factory Authortarf- 
SalesandSewica. 


•cwwnttln* us. Ml tempt puiou, aud MO pMdlftft. 


Scrip tomatic Limited 
Scriptomatic House 
Torrington Park ' 
LONDON N12 9FU 
Tel: 01 445 5222 


' '. . . 
- *i 














n 5 ■-» 

- * l * : . 









EDITED BY MICHAEL THOMPSON -NOEL ■' 



iS%=£f 






TV R EVEN UES/ Harold Lind 

^Clearing the picture 

INFLATION IS NOT only a was no increase at all between We could raise many more 
tjijef, it is a liar. As well as the latter pair of years. historical points, but .the -prac- 

leaking us poorer, it confuses To the historically minded, the tical advertising man has evolved 
«id' misleads us until we become figures must raise a number of with a massively short memory 
' incapable of perceiving real highly interesting questions. Con- and is rightly more interested 
■ j values. Since our ability to com- trary U> general belief, 2974-75 in the present as a guide to the 
prebend the present and plan was not the worst period on immediate future. The speed I 
the future depends on onr record for TV — in real terms with which television statistics 
"' sepse ' of perspective, we must 2870 was the worst -year of tine are produced means that we can 
find a way of looking at economic series, which raises, the fascin- already look at the first two 


Current US. theory holds that profound changes in women 9 s lives may he 
the single most important missing factor in most marketing programmes . 
MICHAEL THOMPSON-NOEL reports 

Misunderstanding women 






r>.j. .V- /..indicators as they are, not as 
k fj- v -“inflation makes ( tbeni appear. ' ' ' ' -- 

£■. /' * “■ "■* ‘5 For anyone with an interest; rwieiruu 

r? r ■ a - professional or academic, in TELEVISION 

zr T---';;'!/:/.'-/ /■ trends in advertising revenue, *rw/roTi«nui- 

. .. ~ ty: the most important Investor to nuvtmiomw 

Vr^Tvatt* is that for TV advertising ■ . Ae4inf smmbbIIi 

, > ^-revenue. There are two reasons revenue. adjusted ir 

^ ^;.for tills. First accurate monttly AA definition SJ5pric« 

siti iy- **“«• . of revenue for the ITCA (£m) (£m) 

.companies appear within about — — — 

three weeks of the end of the 1SW 1? S , 

• month — as opposed, for instance, 

-j . , »r_- to the Press, where similarly ** ”*r 

;‘ k accurate figures may not appear n — . 

for six months or more. 19711 26 26.4 

-•‘Y - - v The- second reason is that tele- 29 2B.4 

-• -T vision. advertising is one Df the 23 28.4 

r * -.rVeBilier movers in the advertising “ _ZS-6 

■ .r. trade cycle. We may- not' know T971 ' 33 30 J 

■ ..r- exactly when or exactly to what 32 28.6 

.. ' '■ '*? extent other areas of advertising 26 29.1 

: T- ^ will follow the lead of television. 37 292) 

'■*«%. T'but we can be reasonably certain jpjj M ■ 34 Jl 

v . ffaat before long, and to some 39 33jl 

extent they wilL This makes it 31 32J. 

all the mare important to get a - 50 35^ 

clear understanding of the real r— r . — 

, position of TV advertising, un- ,YT * ZL f2"2: 

V corrupted by the excrescences of „V 

; t inflation. 21 

V ‘ i ■ The attached table presents — — 

„ I ■ ' one means of doing this. It 1 * 7 ’ 2c 

- i» . ■■ shows the quarterly figures for Ir ' irX 

TV revenue since 1989. adjusted 2? 

for inflation (using the retail ./■ — 

price index as the base) and also 1775 42 2EL5 

seasonally adjusted. There are 50 272) 

x. a number of methods of adjust- . 46 28.0 

f r . ing figures for inflation, each 70 292) 

• * .* ’■ producing something slightly dif- ]p76 55 302) 

\ { i \ ferent. By using the retail price 72 . 322! 

"*&j i * ; index, we show the amount of 56 3T21 

9 v. real resources or buying power 86 3T.5 

going Into TV advertising each 3977 75 ! 343 

quarter, and in this way can 90 345 

judge how good or bad a quarter 7i 343 

really is. n4 37.3 

By comparing the first and r=r — 

second columns in the table, the ” #s 5*“ 

former showing actual TV 1U * ■**•* 

advertising figures (on AA 

definitions) and the second the . 

same series adjusted seasonally question as to_ «hy the 


quarters of 1978, and a most 
interesting exercise this proves 
to be. Everyone believed the 
first quarter of 1978 to have been 
a very good one .for television 
advertising; these figures demon- 
strate just how good it was. 

Adjusted for inflation and 
seasonally adjusted, it proves to 


. revenue ixi the entire series — 
322) indeed the best by a very con- 
32.1 eiderable margin. The next best 

30.3 quarter, quarter two of 1973, was j 

29.0 almost 9 per cent lower. j 

26.4 Appreciating the quite excep-, 

28.4 tional nature of the figure for 1 

28.4 the first quarter of 1978 helps 1 

28.6 - Put the second quarter figure in. 

j — some sort of perspective. 1 

os’! Two points must be made about) 
29 this figure. First, the fall in real, 
29 n terms between the first and 

- — — » second quarters of 1978 is the ! 

34-2 second biggest on record, 

332) exceeded only by that from the 

last quarter of 1973 into the 
”4 quarter of the three day week. 

362) This appears to be rather a 

37.7 devastating statistic, but is made 

37.5 less so when we actually look at 

36 ^ the amount of advertising 

285 revenue for the second quarter. 

30.0 In spite of the fall from the first 

3121 quarter, it is still the fifth best of 

29 j) the series, exceeded only by the 

” — previous two quarters plus two 

quarters In 1973. 

rrjj This leaves us with a pretty 
rr}! question. Can we expect the next 

.ft — set of television figures to 

302) continue the quarterly rate of 

325 decline of the last one, in which 

3121 case we would have a figure on 

3T5 AA definitions of under £70m 

34.5 for the quarter (under £60m on 

34^ the ITCA's net basis), or do we 

34J expect the comfortable annual 

37j increase shown in the second 

— quarter on a year earlier (almost 
6 per cent) to continue into the 
third quarter, in which case we 
would get a figure on the AA’s 
basis in excess of £80m ? 
ty the The answer is likely to havel 


IT WAS THEODORE LEVITT. 

rushing to defend the house- 
wife's redundant accumulation of 
over-advertised, undistinguished 
floor waxes that work faster than 
fast, last longer than long and 
clean easier than easy, who 
observed that she needed pre- 
cisely the miracles that the 
adman promises. Her endless, 
repetitive, awful routine, he 
thought, contrasted violently with 
that of her sporty spouse trip- 
ping gaily home from work after 
a restful day at a sedentary job 
in an air-coDditioned office 
surrounded by efficient secre- 
taries and other paid performers. 

No wonder Mr. Clean, the 
muscular Turkish eunuch of 
televisionland. was so eagerly 
welcomed into the house, wrote 
Mr. Levitt. No wonder Mr. Clean's 
multi-armed, ambidextrous com- 

S etitor, Handy Andy, was such a 
ear attraction. The harried 
housewife needed more than 
help. She needed miracles. 

But who. today, is the house- 
wife ? There is a growing 
realisation in the U.S. that what 
every marketeer should know 
about women needs drastic up- 
dating — that the profound rise 
in the number of working women 
has not yet been absorbed by 
marketing men, despite their 
trend charts and sales info, their 
inexhaustible research data and 
lust for demographics. According 
to current U.S. thinking, pro- 
found changes in women's lives 
may be the single most important 
missing factor in the majority 
of marketing programmes, simply 
because marketing departments 
are still under-estimating the 
number of working women, over- 
estimating the number of full- 
time housewives, and failing to 
distinguish the qualitative 
changes that have occurred 
among both. 

What holds good in the U.S. 
does not always hold good in 
Britain, hut in this case there is 
no evidence to suggest that it 
does not. In other words. 


marketeers on both sides of the 
Atlantic are almost certainly still 
clutching to outmoded assump- 
tions about the fairer sex. 

According to Rena Bartos, a 
senior vice-president at the J. 
Walter Thompson Company in 
New York, the current, unspoken 
assumptions on which many 
marketing plans are based 
represent a static, monolithic 
view of society that “ assumes 
that everyone Is cut out of one 
of a few cookie-cutter patterns 
and that nothing really changes. 
Marketing programmes built on 
this kind of perspective cannot 
reflect the diversity of different 
life-style groups. ..." 

Writing in the Harvard Busi- 
ness Review. Ms. Bartos lists the 
following cookie-cutler target 
groups; A np housewife. 78 lo 49 
fthe key customer for a/i house- 
hold products and roods; her 
motivations include winning her 
husband's/chiidren’s approval of 
her competent housewifery). Any 
male head, of household, 24 to 
49 (the key customer for aft big- 
ticket items— cars. business 
travel, financial services. His 
motivation? Status, achievement 
and protection of his depend- 
ents). Any pirZ. IS to 25 (the 
key customer for cosmetics, 
perfume, fashion. Her motiva- 
tion is to get a man). „4np man, 
18 to 34 (the key customer for 
sports cars. beer. liquor, 
toiletries. His motivation ? To 
have fun, win girls). 

Ms. Bartos does not at ail care 
for these brutally arrived at 
targets. “ The one characteristic 
that all these marketing targets 
have in common is that no one 
is ever over 49 years of age. In 
addition, marketers take for 
granted the conventional wisdom 
that brand choices are formed 
early and that younger families 
represent higher volume 
potential." 

To illustrate her contention 
that any practical-minded 
marketer can challenge the 
assumptions on which past 
market definitions are based and 


then re-align his or her market- 
ing procedures with reality. Ms. 
Bartos concentrates on the tra- 
ditional target group, anu house- 
mfo 18 to 49. Consulting Bureau 
of Labor Statistics as at June. 
1977, Ms. Bartos concludes that 
even well-informed marketers 
consistently understate the num- 
ber of women at work. “ In 1976, 
only 39 per cent of U.S. women 
were full-time housewives: Once 
we remove the schoolgirls and 
the grandmothers from the 
picture, we see that the ratio of 
working women to housewives is 
55 per cent to 45 per cent ” 

Conirariwise, the housewife 
market is “ far greater than the 
«ize assumed by marketers who 
define housewives only as full 
lime housekeepers ... It in- 
cludes another 31 per cent uf 
American women who are work- 
ing and married; it also includes 
the 13 per cent of women, un- 
married and working, who are 
household heads." 

Without worrying ourselves to 
pieces with the demographics, we 
can look at how Ms Bartos sub- 
divides housewives and working 
women into what she regards as 
four perfectly distinct segments, 
each worthy of highly indivi- 
dualistic marketing attention. 
Using official statistics as well 
as the research findings of the 
Yankeiovich Monitor, Ms. Bartos 
says the following sub-groups 
can be identified, none of whose 
members can be described as 
sisters-under-the-skio when it 
comes to buying products; slay- 
at-home housewives (30 per 
cent), “ plan-i o-work “ house- 
wives (15 per cent). “ just-a-joh " 
working women (36 per cent) 
and career women tl9 per cent). 

These groups shop differently 
and buy different brands. They 
use the media differently. They 
are motivated differently and 
given to different life-sy styles. 

In looking at their differences. 
Ms. Bartos examines three of 
marketing’s most cherished 
cliches. 


‘We can no longer 
assume that every 
bride automatically 
becomes a full-time 
Housewife. Living 
happily ever after 
does not necessarily 
mean staying 
barefoot and 
pregnant 
Rena Bartos 


The first is that the traditional 
housewife j s house proud while 
the working woman wants con- 
venience. But the facts challenge 
the assumptions. The data shows 
that the stay-at-home housewife 
is slightly be/ntc the norm in her 
use of fluor wax and rug shunt] ton 
and barely above the norm in 
her use of furniture polish. 

The second cliche ;•> that 
women may pick the coluur of 
the upholstery but that it is men 
who make car-purchase decisions. 

An examination nr the facts 
shows that while women arc nnl, 
as yet. equal to men in their 
importance 10 auto makers, their 
importance is growing fast. They 
now account for ahnut 40 per 
cent o( (all) automotive pur- 
chase decisions . . . the career- 
.orientated working woman 
emerges as the heroine of ihe 
car advertiser. She is far more 
likely to have shared in the 
purchase decision than ihe 
average woman in any of the 
other three groups.” 

Cliche No. 3 is Ihe assumption 
that the business traveller is a 
man. “This assumption holds up 
if business travel is analysed Dn 
sex alone; for example, 17 per 
cent of all men us compared with 
only 5 per cent of women have 
travelled on business in the 
United States. But the assump- 
tion does not hold up if career 
women are distinguished from 
other women. As travel cus- 
tomers. career women are some- 
where belween 70 per ceni and 
94 per cent as important as men 
in their business travel activi- 
ties." 



(As it happens, a survey 
recently i-ancd out for U’C 
Women's Magazines in Bril.nu 
has confirmed the major 
influence now exerted by women 
in the holiday travel market: 75 
per cent uf married women in 
this country now say they are 
directly involved in deciding 
where a holiday should he 
taken.) 

Ms. Barm-: stresses that keep- 
ing up with changes in the* mai- 
kciplacc k u«»i particular.:- 
onerous. The process, she sug- 
gests. is simple; tl) Re-examine 
the assumed target. “Dues :» 
review of both the hard and v*f! 
data .suggest that smile groups 
within our society are chang- 
ing nr represent departures 
from the monolithic nor m? In 
the ease of women the afP-tecr 
□ resounding Yes." t-> Evaluate 
the market potential nf new tar- 
get groups. (3) Dei elop a fresh 
persruteti v ‘*- t41 Explore the atti- 
tudes and needs of the new 
groups. (5) Re-d clinv the market 
targe lx. 

It really isn't ditlienlr. 
although as M<. Bartos says, the 
first marketers who rise >o the 
challenge of rinsing the gap 
belween the realities of social 
change and their own marketing 
procedures are invariably the 
ones who reap the benefits of 
uew opportunities 

According to Byron: "There is 
a tide in the affairs of women. 
Which, taken at the Hood, leads 
— God knows where." We can 
presume, however, that not many 
marketing men have read Dim 
Jiutn. 


and for inflation, we can see slump beginning in far-reaching implications both 

•Iww misleading the former can affected television less f or television advertising and for 

be. To give just one example. “«avily than the much milder res t 0 f the advertising 
between the first quarters of 006 1970-71. Probably the industry. At present I am in the 

1971 and 1972. advertising answer has something to do with process of producing the next 

expenditure rose by £5m or 15 the wider base of product cate- Advertising Association forecast, 

per rent, while belween the first gories now using TV advertising and I do not intend to prejudge 

quarters of 1974 and 1975. than was the case at the begin- it by giving my guess at the 

expenditures rose by £7m or 20 hang of the 1970s; if this is so, answer. But it is worth empbasis- 

- .per cent. But looking a* the It affects significantly estimates ing that the real, seasonally 

o second column we find ti&t the of the future progress of TV adjusted figures shown here make 

£i '7tt increase in real terms between advertising, to say nothing of it much easier to ask sensible 

; l the first two years was more the viability of a second com- questions When forecasting likely 

v £| than 10 per cent, while there tnercial channel. advertising expenditure levels. 


v £*'-? increase in real terms betwet 

- T - l ' the first two years was mo; 

: ' 1 : T. £| than 10 per cent, while the; 

/fi* .v iff ! 

^. ;f/ ;^More Tesco 
money . 

& * £«■ & for McCann 


Heater wars 


31 


tffr * *il 


r. j; ; j r x r- 6 l 


Paraffn wt mthe 

tti the cheapest heat 
you can buy. 


? , :♦ v- 

■ v •- 


mifUVj . YOU'D HAVE THOUGHT by 

" now that Star Wars had burnt 

|\/J n| ^ntin Itself out and that advertising 
IUI It J Ll^>dllll and sales promotion agencies 

were busy scanning new galaxies 

TF'cro HAq checked its £lro ^ or sa I e ® ideas, On the contrary: 

HAb checked its tim Wflrs lives. The original. 

Home and Wear TV account out a doi]ar . n ova if ever there was 
of Interlink and into McCann- one. is still doing record business. 

Erickson, which means the while work on Star Wars 2 is 
McCann group is now responsible now in progress, 
for Tesco's total ad budget, Thus it came to pass that a 
expected to be worth ffim.-plus Heater Wars theme featuring 
this vear Cheap-Heatio and Mighty Warm 

. . ... , „ j has just won an unusual panel 

McCann chairman Nigel Grand- competition to choose an agency 
field said last night that group by Valor which this 

hillings in the current year are autumn Is running a £300,000 
well on course for £75m. TV and Press campaign for 

The Tesco account ranges paraffin heaters, 
across the supermarket chain's Seven agencies, ranging from 
day-to-day local and national big to small, were invited to 
Press advertising. TV. the open- pitch, none of which was allowed 
ing of new stores as well as staff to reveal its identity to the 
recruitment. McCann's was first selection panel of ten. The 

brought in to advise Tesco daring agencies nor only bad to win economist, a hardware magazine 
the period last summer when it across Valor chairman Michael editor, an outside PR consultant, 
dropped Green Shield stamps Montague and managing director 3 hardware wholesaler, two 
and launched -the High Street Bob Ing. but had to convince a export men and a retailer with 
into its price war. man from Esso, a home 3 000 shops. 

’ ’ ” Yet the pitch progressed 

• White Paper on Broadcasting: P. 8 H^waS 

... -- — - — — — - — * theme, presented by Charles 

Barker, Blank and Gross of 
Birmingham, was regarded as 
"completely outstanding." In 
the course of the campaign, 
Cheap-Heatio and Mighty Warm 
will be dispatched to Eartb to 
banish low temperatures and 
high heating costs. 

Well . . - how would you sell 
paraffin heaters? 


An opportunity 
to re-arrange 

your prejudices. 

\ 

Recently Campaign carried a survey of 110 dient companies showing 
how they rated the top advertising agencies. 

Under the heading which asked them to rate the ones they believed to 
be fast growmg,Dorland came 11th out of 33. 

The fact is Doriand was the fastest growing of the top 20 agencies in 1977. 


Tackling the American 
market? 

Then you should advertise in 
The Wall Street Journal. 

One of Europe's leading 
banks tells why. 

BanqueBruxdles Lambert 

banking, a matter of people 

“Banque Bruxelles Lambert is Belgium’s second 
largest bank. 

Wc arc active in all fields of international trade and 
finance, including the floating of international loans, 
financing oi Idclory construction on the “t urn-key" 
bcLM.s, listing nf stuck* and shares on stock exchanges in 
Belgium and die Common Market Countries, etc. . - - 

Wc have more than 1000 offices, branches and agencies 
throughout Belgium. Abroad wc have a worldwide 
network through subsidiaries, affiliated aud associated 
banks, as well as representative and joint representative 
j offices in several countries, in particular with our 
£ ABECOR partners the Associated Bants of Europe. 

J Jtt 1977 we started oaf fast iatme^nalmp^adtiertism^ 
campaign, one of the main objectives of which is to make (wnw/Kf 
/warn in leading business and financial decks throughout the 
United States. 

In viea> of the wide dradedott enjoyed by The Wall Street _ _ 
Journal at tap txtnikelezcls, tee chose it as oar sole adctrlismg 
medium in the United States.^ 

The Wall Street Journal. 

The all-America business daily- 

- Represented by DJIMS.toLondon.oU IRay . 


Life Savers 
looks for 
£14m bubble 

By Pamela Judge 

LIFE SAVERS UK is hoping to 
attract the ie-io-30-year-olds with 
the introduction of Bubble Yum 
Spearmint alongside Bubble Yum 
iruit flavour. According to the 
company. Bubble Yum is now the 
country's leading bubble gum. It 
was launched in May. backed by a 
£lm TV budget, 

■ The company, a subsidiary of 
Life Savers Inc- part of the 
Squibb Corporation, is predicting 
a 100 per cent increase in UK 
bubble gum sales this year to 
£14m and expects this to rise to 
£30m by the end of next year. 

• NET TV advertising revenue 
in June was £23.7m compared 
with £20m in the same month 
last year, a rise of 18.5 per cent. 

• HOWELL JONES Schneider 
Weaver is to handle advertising 
for Vingresor UK, the Swedish 
SAS-owned direct selling holiday 
company which is entering the 
British market. 

• FISHER-PRICE is raising its 
Christmas TV spend by over 
£200,000 to £478,000. Agency; 
FGA-Kenyon and Eckhardt, 

• BOOTS COMPANY’S indus- 
trial division has appointed Roe 
Down ton to undertake an area of 
new product development. 


MEAL Top 20 Agencies for 1977 

j. Doriand 

2. McCann Erickson 
(including Harrison McCann) 

5. Collett Dickenson Pearce 

4. Greys 

5. Lintas 

6. Masius W^nne Williams 

7. Davidson Pearce Berry & Spottiswoode 

8. Leo Burnett 

9. Wfesey Campbell Ewald 

10. Saatchi & Saatchi Garland Compton 


1 L Ogilvy Benson & Mather 


12. Benton & Bowles 


13. J.'W^ter Thompson 


14. French Gold Abbott Kenyon & Eckhart 


1 5. Doyle Dane Bembach 


16, Ted Bates 


•17. Young & Rubicam 


18. Allen Brady & Marsh 


1 9. Foote Cone & Belding 

20. Boase Massimi Pollltt 


Source: Media Expenditure Analysis Limited. 


% Change on 
1976 

+58.6 

+47.8 

+40.0 

+57.9 

+329 

+29.1 

+27.6 

+27.4 

+26.6 



+121 


+ 02 
- 5.7 


And so far this year waYe added another £4 millioa So our respectful 
message to the dient companies in question is this: could you be wrong about 
some of the other ratings too? 

Why don’t you telephone Jack Rubins, Chief Executive, and askhim to 
re-arrange your prejudices! 


Doriand 


01-262 5077 

Doriand Advertising limited, 121441TOstboumeTemc% London W2 6JR. 






18 

LOMBARD 


Financial Times Thursday July 27 IS /S' 



a punt 
on the snake 


BY ANTHONY HARRIS 

EUPHORIC IS the word for it resultant tangle would be a task 
Dublin has suddenly become a for several years. Britain pro- 
centre of the rosiest optimism, vides employment for upwards of 
Speculation That the fault which a million Irishmen, who are 
contains BP’s rumoured Atlantic accustomed to spending their pay- 
oil field extends as far south as packets indifferently in either 
Galway Bay is part of iL Oil can country. The currencies circulate 
be a bonanza for the Irish in freely on the other side of the 
more ways than one. In Baptry water (though anyone who has 
Bay, for example, they only tried to spend an Irish pound in 
refine the stuff: but when there London— except at a Moodies’ 
was a spill there two or three p U b — may understand a certain 
years ago, the biggest fishing amount of Irish chauvinism). 


fleet seen in the hay for many 
a year appeared as if by magic, 
as* every available boat rushed 
to dip its nets in the blessed 
slick. The Irish, as the auth- 
orities in Belfast well know, 
have a quick eye for compensa- 
tion. 


Indeed, at the time of the two 
prolonged Irish bank strikes the 
acceptability of English pounds, 
brought over by the million, did 
a good deal to keep the Irish 

economy running. 

Rather more seriously, the 


„• ir ra unity of the two economies has 
n hir/ir, o a f h ' t n^Yn nk enabled Ireland to run a balance 


Budget deficit whicb would 


r>ne 

Britain in the eye as an oil pro 

nlMd even J mare^'se’dunWe npidly~wj»«n Mlg Hair lit 
ihoughts wilh his talk of sup- 
porting Chancellor Schmidt's 
snake proposals whatever the 


British decide to do about it. 
This is not looking Britain in 
the eye. but spitting in her eye. 
and it has gone down big. The 
trade unions are reportedly in- 
terested in the possibility of 
reduced inflation. Dublin brokers 
ring their London counterparts 
wilh conspiratorial offers of 
D-mark securities at sterling 


central banker in a country 
which was not in effect a region 
in a much larger economy. It is 
bard to imagine that arrange- 
ments within a European snake 
would be quite so lackadaisical, 
let alone virtually automatic: and 
despite British interest rates — 
and sometimes worse-than- 
British inflation rates — the Irish 
economy has done very well 
tinder the combined blessings of 
the EEC farm policy and open 


interest rates, aod development access to London finance. As a 
authorities from Cork to Shan- loophole in sterling monetary 
non are no doubt dreaming up poUcy. Jreland ts small raough 
new brochures offering currency to be tolerated with good humour, 
stability as an added attraction As a loophole in exchange con- 


fer investors. 


Agricultural 


trol — however mistaken that 
control may be in itself — Ireland 
would pose much more serious 
questions to the British authori- 
ties. 

However, whether all the talk 
results in anything or not, and 
the Irish are great talkers, it is 
a worthwhile reminder of one 
or two facts about that attrac- 


There are certainly some 
obvious attractions in cutting off 
the Irish pound — or the punt, as 
it is known if you have the Irish 
—from the sterling variety. 

Ireland is still predominantly an incomnrehensible 

agricultural exporter and under J™ EEC Membership 

the existin* EEC rules a stran* h been tremendous success 
currency attracts subsidies for over ^ere (apart from fishing 
farmers, and a weak one for poHcyu _j ohD silkin ^ easily ^ 
consumers The butter-smuggling £ ■ popll]ar Englishman in Ire- 

land along the coast). They take 
the border with Ulster (butter- ver y seriously, and feel and 


smuggling has always been a 
hazard of EEC farm rules, and 
used to cause a lot of skulduggery 
along the Dutch-Belgian border) 
would no doubt blossom into 
huge cross-border shopping 
expeditions, like a French raid 


think European with an 
enthusiasm we cannot even 
imagine here. They see a lot of 
the Europeans, especially visit- 
ing fishing boats, and it is prob- 
ably easier to spend say Dutch 
florins in a place as remote as 


on Marks and Spencaire, to the Ban try or Baltimore than in any 
great benefit of mutual under- t own on the English coast. And 
standing. And there may indeed they are being successful— even 
be something in the argument attracting back old emigrants, 
that European investors are put The Irish population has been 
off by the fear of falling currency growing for the first time since 
values. the potato famine. Mr. Lynch's 

At the same time, the practical gesture may not result in action, 
difficulties are. to put it mildly, but it is a useful reminder that 
forhidding. The British and the republic is now a great deal 
Irish economies are so closely more than the southern end of 
intertwined that unwinding the the Ulster problem. 


Determining the status of the union 


was clear that it was not binding on Ltd. In a judgment of 26 1 June. m^nber^nd "awanled attached* such Tmpi-ri.-mce la 

employers unless 3978, the Employment Appeal a unjimnicm^cr anu ^ ^ pau| fhp ^ of ftUf 

consequences that it should not one meeting between a trade they had made separate agree- Tribunal d t « * lover’s by the union. He then ankcd an ^muSt 

and merits with their own workers, tive state of the employers , ,„ hlllinf fn v:iV that ployec. the twirl .'f ->PUM I 


UNION 

ployers 


recognition by em- The first question 
involves such serious whether correspondence 


and individual 

they had mane separate ; -roviincpp'g hv the union. He then uskcu an nm*« ' 

ments with their own workers, tive state of the * industrial tribunal to say that ployec. tht 

The Court of Appeal held that ta«W» hi! diShUl was unfair bna.i* 

fair he was in fact a union member similar 
at the time, even though Hoover pinjers 

3t me nrac^t he was M*x-*!*stTi«tnaiiwi nue. II Jipr..'/ 

genuinely believed that he was ^ ^ ^ Mr ; ^ 


the direct 


d nf a SoiUrJvbat 

tolerance to -an' *ip- 


he held to be established unless onion’ representative 
the evidence is clear, said Lord employers, which did not lead 

Denning, Master of the Balls, to any agreement, was enough neither — — --- . fftiP ne was in iat-t a «.*»•». ■««■•■■— , . . . - 

when dismissing the appeal by to constitute “ recognition." It between Albury Brothers and whether the at the time, even though Hoover ptoyer-s suhjat \ - a i ude in a ■ 

the National Union of Gold, was of some significance that 
Silver and Allied Trades last not one of the 55 employees in 
Monday. the company bad been a union 

, . , . tt member until two days before 

Leave to appeal to the House ^ Shakeshaft, the union's 
of Lords was refused and unless distric£ sec ^ y> mtt 


to 




BUSINESS AND THE COURTS 

BY A. H. HERMANN, Legal Correspondent 


not. 


the long drawn out dispute t0 ynses 

bstwaM Albury Broilers. Bir- Tbe 

ffilogham jewellery maiers, aod ™, etin g was Mr . 

umon has ended. It pro- and Mr. Shakeshaft and 

mi+r; ** P -mX^ they discussed the wages of one 

* r of 20 trainees of the firm but 

bindtngmtopremrion of Section fgiled to ^ agreement 

11 (2) of A Tbe courts held that this did not 


and 


amount to a recognition of the 


Protection Act 1975, according 

or ; ■ss -r by Mb 7 sr 

union by an employer, or two secont * Question 


was 


The industrial tribunal Fletcher whu asked Gl^ C^sr. 

decided thSt Hoover had done ***"*> W 

deemed tfmi u {he same higher wage given to 

IZ ?hTSSS « ■* ^ 

-- - circumstances, even though the The employer's Uefowe wfts 
Act was perhaps not Quite clear ihat it never iuteiided aay dri» : : 
the union, nor the company's according to the Trade Union on this point. The Employment cn minab(vn but that l&e‘ only, 
membership of the Association and Labour Relations Act, I9i4, Appeal Tribunal confirmed this j^ a ble applicant \& --'.answer. - f ., 

constituted an actual or implied This soys in paragraph 6(5) of decision but criticised the advertisement would not ■ 
agreement on recognition. To tbe First Schedule that where industrial tribunal for attempt* . . at fhc wane oatd : ; 

make it possible to say: “The there is a closed shop, it is fair inR t0 W wnte the Act Such Jl J 

trade union and the employer to dismiss a worker who is not activities should be left to ti*e 10 Mr& 1 letclier ^nu_ auotlar, 

have mutually recognised each a member of the union. Court of Appeal and to the woman, both doing the xaiac 

other for the purpose of collec- Mr. Lakhani was expelled House of Lords, it said. The work. The Employment Appeal ; 

tive bargaining.'’ the company from the National Union of industrial tribunal could have Tribunal thought the issue tie- ■ 


tive bargaining 

uiuoa uy iu<. eui^ivfci, ui mu . , ... l.j WOUld have to usuem ««« ,uu—».r- suopty ipiivh v« 

or more associated employers, whether Aiiro*y Brothere na expressed its inten- after withholding his dues over definition 

to any extent, for the purposes «hieh tion by conduct or otherwise, a grievance he wanted the union t j, e dismissal of 

r '" " ' ‘ to investigate. In consequence a ^ of facia — , ^ ^ , 

he was dismissed by Hoover, who emp j 0 ,. er or juay be of Fletcher. But the (.ourt of 
operated a closed shop. But the M f e£ £ ^ by him, which Appeal reinstated it. Then; was 


of collective bargaining. 
There has been 


Jewellers Association, which 
belonged to the British 
rare Jewellery and Giftware Federa- 


wouM have to have dearly and General and Municipal Workers s i mp i y re ucd on Lord Justice pended un the emp.nycr's state 1 

Calms 1 definition: A reason for of mind and rewrsea the In. 

an employee is dusiriaJ inbnnnlV decision. _ ■ 
facto known to the which was m favour • i Mrs. ” 


unanimity between the indus- tion — “ automatically'’ recog- AN EMPLOYERS’ erroneous - . there. Mr — „ 

trial tribunal which decided the nised the union. There was a belief that anempoyee is no ««« d* cause him to dismiss 

dilute in the first instance, the written agreement between the longer ., member^nf jhe unton 7 h 7i u "n£ Tnvah- 


tbe ni> ” material differonrn" bi 1 - 
tween Ihc lobs; All that mat- 
tered was the. qualification and 
^kill of the emptoyeos and ni*t 


Employment Appeal Tribunal Federation and the union pro- justifies his dismissal by . r . , - rourt when 

and the three appeal judges, riding guidelines for wagesand <£ c X?o*of itS touJto that the union had INTENTIONS, however, do not ihe slate of the labour market 

They all smd no to the two conditions Q£ en | p f oym ^|lf f h p ’ Emotovrnent Anoeal acted in excess of its powers, count so much as beliefs. On and the circumstances in which 

ST* STSSu SST5 qmte Trlbunta^SS v. kZer The court declnred that Mr. July 11. shortly after the Em- they came to he employed.: 


Young Generation looks 
best of young generation 


JUDGED by the way he ran Two furlongs from home 
away with tbe Richmond Stakes Moulin was finding nothing 
at Goodwood yesterday. Young under bard driving from Edward 
Generation. Guy Harwood's Hide (and looking none too 
Balidar colt, could well now be enthusiastic) and only a few 

the leading juvenile in tbe strides later the man of the 

country. moment Greville Starkey brought 

There have certainly been few Young Generation with an 
easier winners of the Richmond; apparently, effortless run to the 

stands side of the leading trio. 

Lengthening his stride with 
the hallmarks of a really ^ood 
colt. Young Generation, a 9.000 

gns. yearling purchase out of 

that, valuable Shantung mare, 
— "rig O’Doon (already responsible 
for Beldale Record) quickly 


RACING 

BY DOMINIC WIGAN 


the locally trained bay’s manner 


GOODWOOD 

1.45— Anthony Janies 
2.15 — Buckland* 

2.50— Kerkorian** 

3.20 — Arapahos 

3.50— Music Maestro*** 
4 JO — The Goldstone 

RED CAR 
2.30— Nad wa 

3.00 — -Flying Empress 

4.00 — Brae more 
DONCASTER 

6.45 — Olympic Loser 

7.10— Senator Sam 

5.10 — Wharton Manor 


bit as much style as last year's A fast improving sort whose Maestro, who goes for 
un lucky-in-running hero Persian previous success came io a George Stakes, both ; 

Bold. modest maiden affair at likely winners. 1 feel sure we 

Slowest out of the stalls. Sandown, Young Generation have yet to see the best of Music 

Young Generation (an April 29 should provp difficult to contain Maestro this season, and even 

foal) and the youngest member ll ever company he takes m jf Anthony James fails, the King 
of the five-runer* field, quickly in the remainder of the Stand Stakes third should give 
got on terms with the uneasy campaign. Starkey his 50th home win this 

favourite. Moulin, and the pair Turning to today's programme season. 

proceeded to race on the heels on the Sussex course, it may well In a tricky race for the Lanson 
of Historian Nocturnal Boy and again be another good day for Campagne Stakes. 1 margin- 
Sander's Lad who all fought for Starkey. The pair trained by ally prefer Buckland 


ENTERTAINMENT GUIDE 


CC — These thojtrea accent certain credit 
cards by Mtftttonc or at the Boa OQkc. 


OPERA & BALLET 

COLISEUM. Credit Cards 01-240 52SB. 

Reservations D1-93E 3!B1 
ENGLISH NATIONAL OPERA 
1970-79 season opens Tomor, at . 
with The Manic Fhrtc. also Auff. V 3 A 
S at 7.30: Sat. 7.20: La Scheme, also 
Aug. 2 A B. 104 balcony seats avail- 
able from to.oo on d>v of perl. 
IMPORTANT NOTICE: Production of 
CARMEN postponed due to contractual 
difficulties and replaced by new pro- 
duction Of Me no til's THE CONSUL first 
night August 12. There will be no 
Performance on Aug. 4. For further 
details ring 01.240 S2S0. 


to 


the early initiative. 


Michael Stoute. Anthony James. Historian's stable-mate Troy. 



i Indicates programmes in 
black and white 

BBC 1 

7.03 am Open University (Ultra 
High Frequency only). 9-55 
Magic Roundabout. 10.00 Jack- 
anory. 10.15 Pink Panther. tlO.35 
Belle and Sebastian. 11.25 Cricket: 
First Test— Cornhiil Insurance 
Test Series. England v New 
Zealand. 1-10 pm Mister Men. 
1.45 News. 2.00 On the Move. 2.10 
Cricket: First Test/Glorious Good- 
wood. 4. IS Regional News for 


5.55 Nationwide (London 
South-East only) 

6.20 Nationwide 
6.50 Holiday Report 
7.00 Dr. Who 
7J5 Top of the Pops 
8.05 Wildlife on One 
8.30 Citizen Smith 
■9.00 News 


and land. 1L40 News and Weather 
for Scotland. 

Northern Ireland — L18 pm 
Northern Ireland News. SJ5S 
Scene Around Six. 1L40 News 
and Weather for Northern 
. Ireland. 

Englan d 6.55 pm Look East 
(Norwich): Look North (Leeds, 


Feel the Width" 
John Bluthal 
9.30 Great Expectations 
10.00 News 
10.30 Miss Universe 


Starring Town. 2JK women Only. SSO Beryl's 
Uol 4 JO Cue Club. 4.45 The FUmstones 
5.20 Crossroads. 6.00 Report West. 622 
Report Wales. Survival. 10JS What 
Ah our The Workers. HAS Law Centre. 
MTV Cym rv /Wales — Vs HTV General 


9.25 The Songwriters (The story Manchester, Newcastle); Midlands 


of Lennon and McCartney) Today (Birmingham); Points West except at the following times:— 


12.00 What the Papers Say Service except: USi2S pm Penawdan 

12J5 amCtan- XanUii Gardner »«•'*>*■■ * «•» V Cl at Gath 

Ya PWi- 4JM.45 WsUbethna. 6.00- 
r 68 ?? 1716 Propbet y Dydd. IOJS-UJB Royal Welsh 

by Kahil Gibran shou- ists. 

All IBA Regions as London HTV West— A s HTV General Service 


10^0 I. Claudius 
11.10 Revolution 
11.40 Weather/Regional News 
All Regions as BBC-1 except at 


England (except London). 4.20 the lOliowutg times: 

Play School. 4.45 Laff-a-Lympics Wales — 5.55 pm Wales Today, 
i cartoon i. 3.05 We're Going 7.00 Heddiw. 11.10 Ar Glawr. 11.40 
Places. 5.35 The Wombles. News and Weather for Wales. 

5.40 News Scotland — 5.55 Reporting Scot- 


F.T. CROSSWORD PUZZLE No. 3,729 



ACROSS 

I The exam is irrilating to the 
ear (6) 

4 The start of Communism gels 
journalists lo concentrate (S) 

9 Monster concealed in an 
exotic flower iti) 

10 Conifers somehow connected 
with the courts (S> 

12 Easy nr unopposed victory 

(+-U 

13 One is to found at Lords, 
and there is one in town (6) 

15 Sound direction for a cere- 
mony (4) 

16 “ Pipe to the spirit — of no 
lone" (Keats) i7) 

20 A favour, first or second, 
scores if uoreturned (7) 


5 There is nothing in order for 
this instrument (4) 

6 Ready homework for 
Russian (S) 

7 No old hat festival (6 j 

8 Timely support (6) 

11 Release from duty for 

steward about fifty-one (7) 

14 Label for one wbo perseveres 
(7) 

17 Unusual exercise for copper 
and story-teller (8) 

1$ Given half a start an upset 
lone Indian appears (Si 
19 Flawlessly carried out — not a 
drop of ink. please (S) 

22 Looks open-mouthed about the 
right fruit (6) 

23 A king from Borneo (6) 


21 Authoritative prohibition 24 Take the girl in lo get the 


means nothing lo a member 
of the R.C.V.S. tiJ 

25 A dilemma abroad we must 
get rid of (3. 3) 

26 A number before a town show 
stubbornness (Si 

28 The right scores if nearly all 
from Wagner (S) 

29 Entirely understood by Caesar 

(2, 4) 

30 Odd tiitie things of solar 
desiccation <S) 

31 Swift dash — l he bare essentia) 
(6) 

DOWN 

1 Beetle not affected by power 
cm (4-4) 

2 Let a case possibly increase 
in intensity (S) 

3 Like 1 across but of tighter 

colour l6) 


bird (6) 

27 Sounds just the food for the 
table (4 > 

SOLUTION TO PUZZLE 
No. 3,728 



1 

esehheqI 

s 


( Bristol ) : South Today 

(Southampton); Spotlight South 
West (Plymouth). 

BBC 2 

S.40 am Open University 


pm) 

2.00 pm Glorious Goodwood 
■430 Cricket: First Test, England 

v New Zealand 
6.35 Open University 

7.00 News on 2 Headlines 

7.05 The British Connection? 
7.30 News on 2 

7.40 Gardeners’ World 

8.05 Top Gear 

&30 BC: The Archaeology 
(he Bible Lands 


of 


except: UOUO pm Report West Head- 
lines. L22~6 jE Sport West. 

ANGLIA SCOTTISH 

W-» am Animated Classic. 1 U 0 Space _ a _ 

1999 US mb Anslta News 1 Jo The _ 10JD ara v »uer of the Dinosaurs. 10A5 
Entertainers with Alan Price. iM Women 
Only. 9JB Solo On*. Afl5 Westw. 505 

Briones. *J» AbOat An«Ua. 635 Arena. W“ rW ^ 

MJQ ufestyle. n ■* What Murat the 0nly ^ Island of Advcntpre. 535 

11.00 Play School (as BBC-1 430 woriten. U30 Chopper Squad. 1235 am IS rfS 

The Livlnn Word. Today. oJu weirs way. tjarnocK 

yu ** . Way. 1030 Something Special— Gordon 

AIV Hooercomhe. 1US Late Call. 1130 

1039 nni Mode at Harewood. IOjS Emergeflcr. 

Battle Ground, l l. l fl Spidentian. 1X30 CATITUUDW 

Sun od Ice. 1135 Adventures of Parsley. bUU 1 tic KIN 

U0 pm ATV Newsdeslc. LuO England 1039 am Woody Woodpecker. 

Their England: Here To Slay. 339 Quick Chopper Sqnad. U9 pm Soothern News. 

On The Draw. <30 Solo One. 0.45 Three 130 Reason (Or Lit rag. 2.00 Women 

For The Road. 6.00 ATV Today. 1030 Only. 439 Dynorautt— The Dog Wonder. 
Gardening Today. n« Dan August. 4.45 The Loci Islands. 535 Srahad Junior. 

DnnnrD 5 - 20 Crossroads. 630 pay by Day. 645 

BUKUtK University Challenge. 1030 The Electric 

1039 am Certain Women. U30 Clapper- Theatre Show (Sarah Milesi. 1LM Voor 

board. 1135 Wildlife Cinema. YL29 pm Wesntunsfer. 1138 Sombern Sewn Extra. 
t9.00 Midweek Cinema:. “ Gas- codf R . 5J5 So^ ' TVNF TFFS 

lip-hf" ctarrin*r Anfnn Wal- ° nc - **°° “round Thursday. 1039 1 CEO 

JffiL 5ELJ.fi W* Glhbsville. U35 Border MS am The Good Word followed by 

brook and Diana Wynyard. nows Summary. North Earn News Headlines. 1030 

IOJS Jorge Luis Borges, long- fHATVNFT Morning Movie: “Run Wild. Run Free 1 

rtmi* favourite for the , V^nAlUllLL starring John MilJs and Mark Leater. 

SrtL, W Ptn ChanneJ Lmchtime News and l2o pm North Bast News and Lookaround. 

,, __ NOpei prize What's On Where. ,420 The Hole House «jo Thursday Mathxee: "Gunivers 

11.05 Late News on 2 on the Prairie. 535 The Fllntsrones. 630 Travels." 630 Northern Life. 17-M 

1135 Cricket: First Test high- Channel News. AID Island of Adventure. Epilogue. 

lights 5lnnin er Diary. UL28 Channel Late tit cTpn 

12.45 Closedown, reading VLJS^ am* ActuSues^MProJecowui. Sil0w ‘ mjd an Morning Movie: “.Man in the 

T astti/tst /— n i unr A (vr Moon” starring Keaneth More. UO 

■LONDON GRAMPIAN Lunchtime. <39 Ulster News Headlines. 

^ 935 am First Thin*. 1030 Cash and <39 Clue Cloh. <*5 The Gene Machine. 

9J0 am A Place in History. 9J55 Company, mos The Company Men. 535 Tbe Adventures or Black Beauty. 
Paint Along with Nancy. 1020 UO Grampian News Headlines. <30 630 Ulster Television News. 6.05 Cross- 
The Undersea Adventures of ^ ^nle souse an the Prairie. 535 roads. *30 Reports. 6.45 Want a Job. 
Canf-in Nemo 1 030 S n an Aedohoo— Wlldllle Theatre. 600 Grampian 7J9 Cartoon Time. UL30 Garde mag 

in mu, b P iae ” nan ; Today. 619 Fanning News. 635 Flair. Today. 1LOO Hogan s Heroes. 1LS Bed- 

l«35 National Film Board of o tn mi Reflections. ^ Grampian 

Canada presents “Castieguard Late Night HeadUaes. WFSTWaRD 

gK' C SSy“ Tta ?-- ?-°® GRANADA , U -TuSSid Tree 

™ . "*■»? P m Rain DOW. 1039 am Renm to die Planet of the Top Tales. 113)0 Clapperboard. 1139 

12^0 Doctor! LOO News plus FT Apes. 1640 The Lost Islands. 1LS5 The The Cene Machine. 1237 pm Cus Honey- 

index. 1J!0 Help! 130 Younc Beaties. 1135 SMppy. 1135 Kathy’s ban's Birthdays. 130 Westward News 

Rarnsev 2 *»<! Rarinn frnm Bail Qoi *- P m This U Your Right. 430 Headlines. 4.20 The Little House on the 

rar 150 Thacin. Unle a °^? °° ,hc Prairie. 530 What's Prairie S.15 The FI. nt stones. 69o w«t- 

^ r - , 3 -f° The Sullivans. 430 New. 535 Crossroads. 6 ng Granada ward DUry. 1038 Westward Late News 

Children s Film Matinee: ‘Bugles Reports. 639 On Site. IflJD What's On 12M Tbe Andy tt'UUaais Show. IV vc — 

in the Afternoon.’ Special, mo What The Papers Say. Faith for Life. 

5.45 News HJO The Law Centre. 1230 A Little VnDfcmnr 

6 00 Thampc ar fi Night Music. 1 ORK.SHIRE 

i n . es 6 HTV U,JD “*» Power Wimoot Glory n m 

MS Cartoon Time . . „ * v The White stone 113S The Wood V Wnnl- 

7^ i£Si ?S Charlie "iKiffl 

7.45 “Never Mind the Quality. R«oi? ra w& rt He^ibL Hea ^^... 1 ^ Behnont 


247m England I97S <lalk> and i.na 


RADIO 1 

(S) SWreophonlc broadcast WorW^jjM p'ronw , Tji'“^T i‘"« J?. 1- " Archers. 7JB Let’s Get This Settled. 7.0 

t Medium Wave <raly 1 S 1 soriS^emHi? EISSA: Storv of mobile entertainmenr In 

5.00 am As Ratlin Z. 7 M Dave Lee 'ir^y (talk in S World War II. 830 Ray GosUhk with the 

Travis. 4.00 Simon Bates. 1U0 Ed m BEiG SoumJ Archives. 8.« The SO Year 

Siewart with the Radio 1 Roadshow from mao Charter Rn-akJ'iiZ' n^V**** Foreca * ,: How accuraie arc weattu-r fore- 

Easi Mersea Camp Site. Esse*. 1230 pm S™ ’ "Sg ,^. p JJ? a °“ e casts? 430 Kaleidoscope. 939 Weather. 
NvwsbeaL 12JG Paul Burnett. 230 Tony S._ «“?'• VUS 10JO World ToniBhl. 1039 Happiness 

431 Kid Jensen iodttUog Pbolowanh v n ai w Bernard Falk. 1655 My 

5.30 Newjbcat. 730 Sports Desk iJotna T wnirS yKi.^i.^.'fS- N,? e 5 ' ■ U ‘ 5a ‘ U ' 3 Delndir with Jonathan Raban. lLttl A 

Radio 5i. 1032 John Peel iS>. 1230- lSl - Boot al Bedtime. 11.15 Tbe Fraaodal 

232 am As Radio i , .' - *‘ 8J ' 7 ' 00 am Open University. World Tonigbi. U3B Today in Parilament. 

RADIO 2 VHF Moslems,. ^ ggrJB a- t 3 

530 am News Summary. 532 Richard ??!?. 1 ' S1 - Lw Newa - ^ BBC RadlO London 

Vaughan with The Early Show »S> mclod- S*™ 1 * Midday Prom, part 3 (Si. 1.45 20K _ Oda 

In* 618 Pause for Thought. 732 Terry SET* 1 138 Ia “2" s» am As Radio t i a hSF 

Wogan (SI incZadlng Racing Balkan “ Co ? ce / l ,u C,ub ' .SHF, 2 MlJtaLih UB *5m 

and S33 Pause for Thought. 1032 Jimmy H5 and s niIJvaQ f ''Patience”., off S^wcave fits nSL^nnym v 2-03 

Young (Si. 1235 pm WasEonere’ Walk S* Northern University Concert, part 1 T V?. J? fl V*5 C o. Run ’ i** 2 
1230 Pete Murray’s 0p« House lSl (S> - «° Words . . . (talk). 435 1 U ' C ;. I I J " BIa * Londoners. 830 Soul 

Including 1.45 Sports Desk. 230 Darid r^'2? 1 ,, UniT , E P, ,fy pan ! <S). ** 

Hamilton >«• including Rados r*mn i4S ‘ 7 ‘ 38 °« n UnJver811J - 7-* With WW. ^ ° ^^_^ n ^ e3ti 1 °S-3? c tro , m 

Coodwudd and 2.45 a ltd 3.45 Spdrts Desk. R^din 3 Coimno ®- As 

439 Waggoners' walk. 4.45 Scoria Desk. RADIO 4 

‘SJSSSS/SJSB 330m, 285m and yhf London Broadcasting 

JSSyg* ti® «®S2SL «m News Briefing, .619 Farming — - - 261ra and 97 -3 VHF 

Deal: 

Extra. 

Round MidniRbi. Including 12.00 Km. «Sl. UA News 
236232 am News Summary. 



fs?yt : nS"j2vsr D ss 


1S35 Krom'ou/ftim 430 LBC Reports (conUnucs). 609 
CormpondcnL 1030 Dally Service. U35 i n ‘iT. ,,W Nigh time. LM am 

Moraine Slnrc. 11 HI ne r. flight Extra. 


Overture IS 
Concert ISi. 930 
Week’s Comnoser: 


_ „ „ News. 735 News. 1232 pm You and Ynurs. 1227 
830 Nwf. 685 Morning Many A Slip. 1235 Weather: programme 
2? WB - «•«"» U 8 The aXTs. 645 
Morley (Si, 935 Woman's Hour mduding 6 M-:.K News. 


Capital Radio 


IS4m and 95B VHF 

630 am Graham Dene's Breakfast Show 

Academy of Si MartfeMteffeiS MTiSwi*w7fli r.’j, Mjr i n ,s i Dave 

dumber Eusnmble concert, pan 1 <s> Questions id rtu pnmi mlili rJ Cash ISi. 330 pm finger Seort .Si, 7.00 
1625 miurvil Readmn^ UJQ Conoen', from the Hoiu^nf ConUnf lii & fs. 

hill insurance Se'nesV E^t*iw“ST%J P^ou^l^ 0 a^ltarv^lra^Mi "imm? Lovc’sOOcn Line (Si. 9.00 Nicky Homo's 

Zealand T W*S£ 

wogramme news. 630 News. 639 Br&m Duncan Johnson'B Sight F light <5;. 


COVENT GARDEN. CC. 240 IQ 66 . 

CGantencnarge credit cards 936 6903 
THE ROYAL OPERA 

Tonight al 7.00: Norma. (Bumbry replace* 
Caballe. Lavlrgen replace* Craig. i Seat 
price* for this eerf. reduced to schedule 
Si — rebate* avail, after pert. 

THE ROYAL BALLET 

Tomor. at 7.30: Anastasia. Sat. at 2.00 
A 7.30: Four Schumann pieces, the Fire- 
bird . the Concert. 65 Amphi' seats avail. 
tor all ports, tram 10 am on day of peri. 

GLYN DEBOURNE FESTIVAL OPERA Until 
Aug. 7 with the London Philharmonic 
Orchestra. Tonight 6 Mon, next at 
6 . IS: La B abeme. Tomor.. Sun. d Tue. 
next at S.30: Cost fan tune. Sat. A 
Wed. next at S.3Q: The Rake's Progress. 
Possibly return* oMv Bov office Glvnoc- 
bourne Lewes E. Sussex <0273 012411 ). 
nj. The curtain for Cosi will nj? at 
5A0 Sharp: There IS no possibility of 
admittance for latecomers. 

ROYAL FESTIVAL HALL. 928 3191. 
Until Aug. 3. Eve*. 7.30 (Frl at 7| Sun. 
3 and 7.30 ino pert. Sat.i. The 
sensational 

BATSHEVA DANCE CO. with 
GALINA AND VALERY PANOV 
nancing at every performance. 

SADLER'S WELLS THEATRE Rosebery 
Are.. EC 1 . 637 1 672. Mon. to Aug. 26 
Evenings 7.30 Mats. Sats. 2.30. 

MARCEL MARCEAU 
with PIERRE VtRRY. 

THEATRES 

AQELPHI THEATRE. CC 01-83S 7611. 
Evas. 7.30. Mats. Thui*. S.Q. Sat. 4.0. 
IRENE IRENE IRENE 

THE BEST MUSICAL 
of 1976. 1977 and 19781 

IRENE IRENE IRENE 

"LONDON S BEST NIGHT OUT." 

CREDIT CAR 5 D nl &5o)UNGS 838 7611. 

ALRCRY. 836 3878. Credit card bkgs. 
836 1971-3 from 8.30 am. Party Rates 
Mon., Tues.. Wed. and Frl. 745 p.m. 
Tburt. and Sat. 4.30 and 6 . 00 . 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

OLIVER! 

"MIRACULOUS MUSICAL.” Fin. Time*. 
With ROY HUDO and JOAN TURNER- 
" CONSIDER^ YOURSELF LUCKY TO BE 
ABLE TO SEE fT AGAIN." Dally Mirror. 

AJLDWYCH. 836 6404. Info, 836 5332. 
Fully air CODdWoncd. ROYAL SHAKE- 
SPEARE company in rapcrtofra. Tonight 
Tomor. Sat. 7.10 Red. once previews 
Premiere Scot* Goocb’i THE WOMEN- 
PIRATES ANN BONNET AND MARY 
READ. Press Night Mon. 7-00. With: 
Strindberg's THE DANCE OF DEATH 
>hext pert. 3 Aug.i RSc ai&o at 1 HE 
WAREHOUSE >see under W, and at the 
PiccadWy Theatre In last 2 weeks Peter 
NiChOfe' PRIVATES ON 7 ARA UK. 




®1 *437 2663. Evenings a.oo. 

“ d hdo - 

SHUT YOUR EYES AND 
,.™»NK OF ENCLANb 
wickedly tunny.” Time*. 

ARTS intxinE. 01-836 2132 

TOM STOPPARD'S 
_ DIRTY LINEN 

'rL ’ 2** I- - ' Sunday Time*, 
c to Thursday B.30. Friday and 

Saturdays at 7.00 and 9. is. 


PPM 

CHI cuts 1 IK. 0243 8T31Z 

Tonight Julv 28. 29 at 7.00. July 27 
. _ at 2 .oo 
„ LOOK AFTER LULU 

Julv 27 at 7.00. July 29 at 2-00. 

THE ASPERN PAPER® 

jl|§§jj 

. 5 30 3716 CC- 836 1071-3. 

8 . Sats. S.3o. 8.30. Thurs. 3.00. 
NOW IN ITS SECOND YEAR 

LESLIE PHILLIPS 
a .... _ . '2 SIX OF ONE 

A LAUGHS A MINUTE 

SECOfigJ HIIABIWS YEAR 
•■V««Y FUNNY.” Sun. T«. 

D ?¥ R I -t** 1 !®- .01*836 9108. Mon. to 
Sat. 8.00. M»*'"-« »— i Sat. 3 . 00 . 

A CHORUS LINE 

A rare, devactatmg. |ovo„c acton'thlnq 
ilurmer. S. Times. 3rd GREAT YEAR. 

□ncitrss. 8 S 6 R24S Men. to TW». 
Evenings 8.00. Frl.. Sat. 6.15 and 9.00. 
OH* CPICITTA' 

"The nuiflry Is rtunnino." Bally Trt 
9th Sensational Year. - 

DUKE OF YORK'S. m-O’K 5122. 

Evenings 8-00. Mats. Wr«j.. Set S.Pfl. 
Lmltcd Season M»ct end August 26. 

JOHN GlELG|i n 

In Julia MI‘rt,eil'f 

HALF.LIFE 

A NAT-r>NA» THCATPt PPOnUCTlON 
Rrllllantlv VrHty . . . na- one thnuld 
miss It." Harold HobSon fDrama). Instant 
credit rwa s. ri'nner and 

Ton oriee teats £7.00. 


THEATRES 


THEATRES 


G4.DU THEATRE. DI.437 1 S«. ■ SHAFTESBURY- 

tiev B.is Wed. 3 0. Sar. G.o. 640. J snafMHiury A**-. 
PAUL EOOlN&tON. JULIA MvKEN^IL. 

BENJAMIN WHITROW in 
ALAN AYCKBOURNS New Cixncdv 
TEN TIMES TABLE 
This must he the hapuioi laughter, 
maker in Lonnoo." O. Tet. "An (rrettKihty 
cnloyaMc cvemn s.” -Sunday Time * _ 

01 -S59 7765. 


CC. tri-aia &6t>6. 
... .Hrtrti NoMrarn end). 
FANTASTIC 
Goospru 
"BURSTING WITH INJGYMENT D 7N 
Pnun U to E5- Bett wan t_->0 ..jiour 
oelore Uiow at Be« Craice Uon.-Thilr. 
ef.rs. Fri « Sat. 5 JO S £-30. 


QREENWICN THEATRE. . . 

WILLIAM DOUGLAS HOME’S 
Newest dUy 

THE EDITOR REGRETS 
Reduced v-cr nrevs. Aim. * A 2. Oners 
An. 3 at 7.0 suns. tops. 60. Sau. 
S.O & B.O. 


HAYMARKET. 9 JO 9832. Engs. B.QO. 
Wednesdays 2 30. Saturday 4. so and 600. 
PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR TREVOR 

BRON PEACOCK 

and IRENE HANDL in 
A FAMILY 

A n«w play bv RONALD HARWOOD 
Directed by CASPER WREOE 
"An admirable niav. honest, welt con- 
ceived. omoeriv worVcd out . iresmv ano 
ARIngiy written— «c«fr satisfy* ng — Pent 
Scofield at tus best.* B. Lc*»n. S. Times. 


STRAND. Q1-BT6 76*0. Evenings 3.00. 
Mat, Thors. 6tW- 5ar S SO and h 30- 
Nb SEX PLEASE— . - 

WE’RE BRITISH 
THE WORLDS GREATEST 
LAUGHTER MAKER 
GOOD SEATS L4.UO-LI.OO. 


HER MAJESTY’S 


CC 


ng ToiKpht at 7.00 
Mats. Wed . Sat. 


01-930 bfaOB 
3.00. 


Subs a o .. 

JAMES EARL JONES as 
PAUL ROBESON 

A New Ptay by Phi no Hayes Dean. 


KING'S ROAD THEATRE. 3S2 74 BS. 
Mon- to Tnur. 9.0. Frl_ Sat. 7.30. 9.30 
THE ROCKY HORROR SHOW 
DON’T DREAM IT. SEE ITI 


LONDON PALLADIUM. CC. 01.437 7373. 
NOW UNTIL AUGUST 19 
Mon. Tues.. Thurs and Fn at 8 . 
Wea. ana Sac. at 6.10 and 8.50. 
THE TWO RONNIES 
in a Spectacular Comedv Revue. 
Book now on hot line 01-437 20SS. 


LONDON PALLADIUM. Sunday. Julv 30 
at 8.30 pm. LAST LONDON CONCERT 
OF THE LEGENDARY FAIROUZ. Seats 
from L 2 . available at ClwpoeU’s Box 
Office. 50 New Bond St.. W 679 34 S3. 


LYRIC THEATRE. Q1-M7~363G. E«S. 8.0. 
Mat. Thur. 3.0. Sat. 5-0 and 8.30. 
FILUM ENA 

with Elizabeth Archer and Trevor Grinuhs 

Directed* ^“frANCO^Z^iTIRELLI 
•TOTAL TRIUMPH." EV News 
“AN EVENT TO TREASURE," D. Mirror. 
••MAY IT FILL THE LYRIC FOR A 
HUNDRED YEARS.” Sunday Tlmca. 


MAYFAIR. S2Q 3056. Evs. 8 . Srt. 5.30 
and 8.30. wed. Mat. at 3.0 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 


MERMAID. 2<8 76S6 Restaurant 24S 
2B35- Evenings 7.30 and 9.15. 
EVERY GOOD ROY 
. . DESERVES FAVOUR 

Aplay for actors and orchestra by TOM 
STOPPARD and ANDRE PREVIN. Seal* 
£4. ts and £ 2 . " NO ONE WHO LOVES 
TTIE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC ART CAN POSSIBLY 
MISS THIS PLAY." S Times 


ST. MARTIN'S- CC. R3F. 1443 -CvUt PO" 
Mahnces Tuos. 2 45. Shturdavi 5- and . 8 . 
AGATHA CHRISTIf’S 
IKE MOUSETRAP 
WORLD’S LONGSST-tVTR RUN - 
26th YEAR . ,, 


TALK OF THE TOWN. CC. 744 50S1. 
B.00 Dinlen Dancmo (Bars own T.tS). 
9.30 Su^er Hiw 
RASELC DA2ZLS 
and at VI mn 

LOS REALES DEL PARAGUAY 


THEATRE UPSTAIRS. 730 2554. 

EfCniPT’. 7,30 pn 

IRISH EYES AND ENGLISH TEARS 
- by Niget Baldwin. 

VAUDCVfLLS. B36 9986 CC. Evs. 8.00. 
Mat. Tuea. 2.45 5a!. s anj a 
Dinah SHERIDAN. Oulc.t- GRAY 
A MURDER IS ANNOUNCLD 
The' newest whucunni: by Agarns LUrr.rir, 
" Re-enter ABA I* a with another vann. 
dunnit hit. Anal ha Chvi-d.c la mikmi tno 
Wear End ret again with anwi rr at s-v 
ftendlvhlv Inacmcus muracr niv*ltr)C5i.'’ 

Felix Barker. Lvenmu News. 

AIM CONDITIONED THEATRE 


VICTORI.T PALACE. 

BOOk KuW. 828 4735-6. 834 1 3>7. 

STRATFORD JOHN* 

SHEILA HANCOCK 
ANNIE 

Evenings 7.30. Mats. • Wed. and Sat 2. 45. 


WAREHOUSE. Dornnar T-watre Cove.* 
Garden 636 6803. Royal bhjl«-»pe»re 
Company. Ton.gl,t 8.00 new Ciat'uttvv 
Peto Atwn'n A & R. All scav. u]»hC. 
Adv. bkui -Aldwvch. iiucn-nr M.,ndbr El. 


WHITEHALL. 01-9>0 Go9,*-776S. 

Evgv 8.30. Fft. and S->: 6.45 .-mui 9.0A 
Paul Ravmmid pcricnit uic Sanatnul 
Sen Revue oi the Century 
DEEP THROAT 
6th GREAT MONTH 


WINDMILL THEATRE. CC 01-437 6312. 
Twee N:gn-.N h.oo and TO.OO. 
Slmoavv 6.30 and 8 00. 

PAUL RAYMOND Present i 

Tne EROTIC EkPERieNCG OF THE 
MODERN ERA 

•’Takes to nnprccedcmcd limits what i» 
permissible on our suie.'' Ey. News. 
3rd GREAT YEAR. 


MERMAID. 01.248 7656. -Rest. 24« 
2B3SL LUNCHTIMES This week <1.05 
P«n- t.SS pmi MY SHAKESPEARE 
JOHN WOODVINE 
51 7. _,P«mand Miles DiustratM 
Leery -g " EllzaOcchan London and tti 
Theatres, thrice 50o tor eacn even:. 


St*. $.00 and $.00.' 

Murlal P4VIOW as MISS MARPLE in 

* 8gVU, e.ja,e-,y.* 

MUBorv AT the VICAPAGE 
FOURTH GREAT YEAR 


"‘"■ir* TMFATBE. CC 01-836 4601. 
Evn*. h.O. Mar w-d j o. eat. 5 «i 8.30. 
TIMOTHY W FCT. FCNUt JONES. 
MICHAEL KITCHEN 
in HAROLD PINTER'S 
THE HOMtCnwipr 

BRILLIANT — A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION." D. Td. 
•- AN INFVMAIISTI* 1 V oiru WORK ” 
Gdn. •' NOT TO BE MISSED.*' Times. 


™ EATRE \ 928 2252. 

OUVIER losen stage): Today z.4S ired 
nr m it) 6. TlO MA CBBTH. Tomor. 7.30 

^VTTiLTON wroscenium srape): Ton’f A 
rnrnci n, Sunder by Ben Travers. 
COTTE5LOE (small auditorium): Ton't A 

»M* 8 met AMER,CAM BUFFAL ° 

M srusr 

928 2033. Credit card bkBs. 923 3052 


OLD VIC. 
PROSPECT 


“An 


at 928 761G 

. THE OLD VIC 

Ju jc-Set >t ■ season 
TWELFTH NIGHT 

TnH>. e l wS ai ui l i? The TlmeL 

LH?Sl-7 ,s, kJ El'A*" At i lns -, Brenda Bruce. 
THe h * e i ArSS2 s<> L«, D *i5! : Jacobi in 

"tLi. l ^5 r 5 NOT FOR burning 

Da, '» Telegraph. 
Fn. 7.30. Sat. 2.30 and 7.30. 


WYNDHAM’S. 0 :.BJ 6 3023. Credit Card 
Bkgs 8 36 1071-3 Iron. 6 in am Men - 
Tnur. 8.00. Fn. and Sat. 5.15 and 8 JO. 
ENORMOUSLY RICH. 

VERY FUNNY,' Evening Now*. 
Mary O'Malley's snusn-nit comedy. 

„ ONCE A CATHOLIC 
" Supreme comedy_on sea and rebg’an." 
Oallv Tdvoraph 
" MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. . 


YOUNG VIC 

Last Peris. Ben Johnson’s Ba 

MEW FAIR. Eves. 7.46. " A rip-roaring 
production •' S. Times. 


SZB 6 SD 6 
5AHTHOLO- 


CiNEMAS. 

ABC 1 * t Shaftesbury Ave. 336 BSbl. 
Sep Periv All Seats Bktle. 

It 3001; A SPACE OOK&aEY !UJ. 70 mitt 
film. Wk. & Sun.: 2 2S, 7^5. Late Show 
Fn. & Sat.. Vi- 05- 

2s THE SWARM (AX WL 6 Son. 2.00. 
5.15. 8-15. ’ ' 


OPEN AIR. Regent's Park. Td. 486 2431 . 

flJuSC? DESTINY and dark 

DREAM.Tonlflbt 7.45. SaL 2 JO & 7.45 

&Wr. ¥.,f BT BURaAGE - 


PALAC 6 CC 0 1417 cBTa 

Mon.-Thurs. 60. Fr i. A &L 6 A 640. - 

ti J ^i ,S CHRIST SUPERSTAR 
by Tim like and Andrew Lloyd-Webber. 


PHt Fnd& ,27 S? a***: Eycnmgs 8.1 S. 

f.™V 5-00 and 8.40. 

GARDFn T AY 9?.- GRAEME 

GARDEN rake us laugh." D. MalL to 
THE UNVARNtSHEO TRUTH 
H# Comedy^ b^^SOYCE RYTON. 


The 


^UGH WHY I THOUGHT I WOULD 
DELirwr ^ e» s S2?*» Times. ■■ SHEER 


4 l” c -^- M 8.a rd sr 

4 ^o a °w« v ? ed - mat3 - 

PR IVATES ONMrVdE 

»tr. c 3zss'& nrasM 


l JSJ!JS| S^ARO. CC i formerly Casino) 
Slzf’J ® 8 ”v %T forn ^J c *? ■ T ' , J 5 week. 

B. Q . MaL Thur. 3.0. Sfct. 5-fl. 8^40. 
c CWA**GE SAT. p^FS 

5 i 5*”’ 3 ' 00 and 8 - 4 0 

ana from SEPT. 2 Sars. 3.0c and 8 . 0 Q. 

. _ EVTT4 

bv Tim Rtce ana Andrew Llovd Wehbc>. 


■nihce OF WALES. CC. 01-930 8681 

***** Vhe^MSo hi 0 and * A * 

BROADWAYyCCajFD^^MUSICAL 

scarring ROBiN ASKWITH 
Diverted by GENE SAKS 
CARO BOOKINGS 93Q 0846. 


CREDIT 


JUREN-s THEATRE. CC. 734 ilG6 

FAITH BROOK. MICHAEL AIDRIDGE 
an<* RACHEL KEMPSOn 
I n ALAN BENNETT'S 
__ THE QLO COUNTRY 
BEST PLAY OF THE YEAR 

and Plavers London Crltlci Award 

LAST 2 WILI IAMS 

l *» T z WEEKS ENDS AUG S. 


CAMDEN PLAZA (OHO. Canwwn Town 
Tube), aas 2443. TananVs ALLON- 
SAMFAN :AA;. tBr the- director or 
PADRE PADRONE.} 4 .49, -6.50. 9 BO. 


CLASSIC 1 . 2 . 3. «. Ovford Street. toPP. 

Tottenham Court Rd. Tube!. 636 0310. 
U and A progs- Children t»K-pri?c. 
t, ‘ Walt DiSney’F HEROIC GOES TO 
MONTE CARLO lU). ProoF 1.30. -3 40. 
SJS. 8.05. La to Uiow THE GODFATHER 
Part II 1 DJ 0 am. 

2- Doug McClure WARLOPDS OF 
ATLANTIS IAJ. Proov 1.10. J 3.30. SJ5. 
8-30. Late show THE ROCKY HORROR 
PICTURE SHOW <AA) THE PLANK (UI 

L roE LAST WALTZ rill Progs. 1.2a 
3.45. S IO- 8.35.- Late ^how it pm 
4 DAYS IN LONDON- IA I Arabic Dl*.' 
looue. ProgK Z OO. 4.1CL 6.25. B.35. 
Late thpw 10 55 pm. 


CURZON. Carzon Street. W-K 499 37 S7. 
ifhfiy Air Conditioned j. DERSU UZALA 
fU) In 70 jim lEnunsh sus-iiU* i A 

Olm hy AKIRA KUR05AWA "MASTER 

PIECE" Times. ’ MASTER WORK " Oh- 


"MASTERPIECE. '■ EvgV News. 

4 H o’a5d7'o 3-45 *“ 0 20 Sund;lv * ** 


THEATRE <930 £2521 

Richard Burton. Roqer Moore. RKhard 
_ K rugrr‘ In THE WHO 
i* A i- Seo. nnw Wk*. 1 .00. 
4,22- S “"t 1 30 Z.45. Late ihnn 

Weds- Thura. Fr>*, * Tin, u | 5 

bonk»d «n advance lor H TO 

8> 111 prog*. Sat. A Sun. 


Sean mav b*. _ 

onio. Mnn.-Fri _ ... _ 

PvcL late "i<ihr Ninw*. 


SLJ.SKffVSZ STMIAPE '°>n 41ll» 
REVEWK* OF THE PINK PAKTNCR iA». 

S T°- °T2 g 3- D^-r* e^en. mor-.rvj 

Show 11.00 am INnt Sun.). y«l rn-a, 
Drl «- 4-30. Eve prog. 7.45. 
Late nlehl vhow Mon .tiL. door* co-n 
ii is om. ah *ea:* hkbie. e*repr morn. 

*1)2* and Mon life Hght show, at 

Br, Office or ov Poit ’ 


cc ’ . 81-754 1166. 

■wTHrif- ^ cam.** 

and RICHAPD VERwOn 
_____ with 

GEOftGe CMAKPlS as DRACULA 

THE PASSION "of DRACULA 


A! y „57h U ' otn." Ooam 

PAUL RAYMOND presenN 
THE FESTIVAL OF EROTICA 

! , „ f °s!e ,, «^ST25'l d "^e 


Sum. 


YEAR 


'Isgi T, cc. i Ovid. Circ Tube * 01 .S 37 
W**-*,J p*"- THUR. & SAT.. 
7 and 9.0a Provs. from 3rd Aug. Box 
„ Omee ouen 

THE^GSTAT^AMERJCAI? ” 
CREDIT CARD BKGS. 01.637 9862-3. 


ROYAL COURT. 


. id premiere 
Jackson. 


730 T745. Air Ctmd. 
_ d Jt " 

01 ECLIPSE by Leigh 


at 8 . Open*~Aug'u« 2 nd at 7 pm. 


ROYALTY. Credit Cards. 01-405 8004. 
Manday-Thunday ' Evenings 8.00. Friday 
S 30 and 8.45. Saturdays 3.00 and a. on 
London critics vote BILLY DANIELS In 
BUWLING BROWN SUGAR 
„ , Beil Musical 01 1977 

Buoklngs accepted. Major credit cards. 


SAVOY THEATRE. 01-B3G BB8B 

TOM CONTI In ■ 

WHOSE LIFE IS IT ANYWAY? 

"A MOMESM^^RGfi YOU 
_ TD Sfi£ rr."GlU/4>ap. 

Cvg. at a.0. Fn. and SaL 5-45 and BAS. 


°? EON HAYMARKET (930 2738-27711. 
Jane Fonda Vaimua Redgrave -In a 
Fred zinnemann' him JULIA »Ai Si^- 
nroos D»v J 30 IMtl S-l». r. S.iT. 

F-ature Dlv J.4S Iiwf Sun I. 6.00 9.00. 
All f a»* hlrhie. af_ Theatre 

onpv>N ma>to7p &®m wr lijfsBii-n 
CJ.C!? , r NCf'i>NTp®4 n* t*H w»n 
KI M D t Al 4en.- prgnt. DW. D-wi own. 
1 05 4.15: 7 44 Late t 1 ™*: Fn A -Rat.- 
Onort oa»n 11.15 fim. Alt «earj hkoh>. 


pw-m’cr n»,i,|r« I L .ir c« J 3 y viur- 

MEL BtinOKt HI*TH 4HVISTY -Al. Tl~n 

oeri*. di,, Sun.i 2.45 , g.i^, 4 Jin. 
ilw, l"- a,, i 11 . 4 s. . Seats 
bkble Lit d bar. 


CLASSIFIED 

ADVERTISEMENT 

RATES 


Per 

bite 

e 


A'ftidia 
totouis 
fit- 
t . 


CommereUi & indostriai 
PruPrrts 4.31) 14.40 

Rrtlduntial Property S4H»’ «W8 ''' 

ApnoiniRhinla - 1 , so. Hid - 

Bittiness & Hitewmcw . .. 

Oppoiihililier,. C't>naurallOo ... 

Loans. PtodncBon 

Capicliy. Huvarwci ..’ 

I'orSalu. Kahled . . . ifi.ua. . 

EUiKALlon, Mirinrs 
Cpwracte & TVndrrs, 

Purnnai, Gflrdenms -’ 411 jliM 
Hhiels and Travel ’ 17J tiij>o - 

fiDflk PUhUfilUTfi - 7.W 

- Pvemtom pooNten* available 
(Minimum aln » column Cm*) 

(050 per #logk- <*!*«* cm cvtroj 
In htrUirr ilu Mil* teritv ^ . 

Classified Advertisement 
Manager, 

Fioanelai Times. 

10. Cannon Street, £T4I* 4BY, 


■tx*- 


'cypj-’tF 




FA® 


l 


Guild: 



h,’ 


; S ' - 



4 









19 


S : 

M)J1. 





Financial Times Thursday July 27 1978 

Wigmore Hall 

Borodin Trio 

by DOMINIC GILL 


Record Review 


Tuesday'* evening's recital at 
tbs . Wigmore Hall's summer 
estival of chamber music 

marked the first appearance in 
this country of the Borodin Piano 
Trio— although their violinist, 

Kostislar Dubinsky, js well 
known to us already as the dis- 
tinguished leader'for more than 
30 vears. until he left the Soviet 
lijuon in 1976. of the Borodin 
String Quartet. 

It was not. however, a greatly 
distinguished evening. The very 
Flow and deliberate tempo the 
Borodin chose for the opening 
movement of Chaikovsky’s A 
minor trio kept the romance 
and the soaring of the music 
firmly earth bound. The pianist. 
Luba Edlina, was especially dis- 
appointing: the attack was 
nervous, tentative, inclined to 
hang, often inaccurate: the 
sonority itself lacked depth and 
sparkle. There was everywhere 
a tendency to turn risoluto to 
inaestoso: the dark anguish of 

Guildhall, EaC-2 


the last movement's coda lost all 
of its impetus at such a pon- 
derous pace. Mr. Dubinsky ‘s 
intonation, generally impeccable, 
was also capable of sudden, wild, 
and unpredictable lapses. 

In Brahms's C minor trio the 
Borodin's fondness for weighty 
declamation at slow tempi made 
heavy going of the enerptco first 
movement, and of the finale’s 
magical headlong flight. Strange 
performance — a tired one. I 
guessed, without anger or fierce- 
ness. delicacy or poise. Their 
account of ' Beethoven’s op. 70 
No. 1 was more stylish: once the 

ensemble took it into their 
hearts to play arazioso e vivace 
they did so very nicely — in the 
last movement, at one or two 
revealing moments, there was 
even a trace of real gaiety. They 
gave all of the repeats, including 
both of the important first- 
movement returns: good to hear 
for a change. 



Nat, J.J. and Jake 

by KEVIN HENRIQUES 


Carl Flesch Crimpetition Half Moon 


Maggie Jordan and Jane Lee 


L.mmml Hurt 


ARTHUR JACOBS 


A well-aimed grenade, meta- 
phorically speaking, has stirred 
. the calm waters of the Carl 
Flesch Competition for Violin. It 
: . was flung by none other than the 
’director of the .competition. 
Yfrab N earn an of the Guildhall 
School of Music. 

Having jost returned from 
nerving on the jury of the Chai- 
kovsky Violin Competition in 
Moscow. Mr. Neaman declared in 
an interview in last Saturday's 
Times that such competitions 
could be a disservice to art. They 
could exalt “ technique and flair” 
at the expense of deeper musical 
qualities. He confessed a dis- 
taste for both the joint winners 
in Moscow — a Russian and an 
American — and claimed that 
some of the jury had been 
“ forced " to give awards to those 
of whom they did not approve. 

This raises the question 
whether Mr. Neaman should not 
have resigned from the Moscow 
jury on the spot rather - than 
complain afterwards. It also 
suggests the need for a keen 
.scrutiny of the standards and 
procedure of the London com- 
petition — named after Carl 
Flesch. a German violin peda- 
gogue who found refuge here 
from the Nazis. Last night and 
tonight the six finalists— accom- 


panied by the Royal Liverpool 
Philharmonic Orchestra under 
David Atherton — are competing 
for the £2,500 first prize and 
other awards. 

Due emphasis is placed on the 
requirement to play Bach and 
Mozart at the earlier eliminating 
rounds. In the final round, a 
choice of concertos is confined 
to Beethoven, Mendelssohn and 
Brahms— I suppose with the idea 
of barring more “ showy ” pieces. 
But much must depend on the 
jury itself which fas at Moscow, 
I believe! always seems, to be 
chosen almost wholly from violin 
teachers. No music critics. I am 
immodest enough to remark. 

Of last night’s finalists { two 
Bulgarians and a Pole) all satis? 
tied the demand for thinking 
musicianship, and two were out- 
standing. Vanyo Milanova (who 
outstripped her compatriot 
Valentin Stefanov) played Men- 
delssohn's concerto with a com- 
bination of tenderness and bril- 
liance which would have won her 
an ovation from the most sophi- 
sticated of audiences. To follow 
this with the more ponderous 
Brahms concerto was hard, but 
Krzysztof Smietana di so with 
admirable artistic skill. Either 
could be a first prizewinner to- 
night. 


Tigers in the Snow 

by MICHAEL COVENEY 


| A piece about four recalcitrant 
'female inmates of a mental insti- 
tution would have to be strong 
stuff to come across in any 
circumstances, but on a warm 
July evening, and in Dave 
Marson’s static dramatic confec- 
tion. the upshot is difficult to 
recommend. Apparently based on 
the real case of one Vera Bell, an 
| antagonistic Glaswegian alcoholic 
prostitute with a criminal record, 
the play sets out to show how 
! social victims are conditioned 
I into unthinking obeisance under 
a restrictive medical system of 
party games, false flattery and 
empty promises. 


Albert Hall/Radio 3 


The theatre has been trans- 
formed into an antiseptically 
white chamber whose everyday 
routine buzz is threatened by the 
irruption of Vera, played by 
Maggie Jordan with a stroqg line 
in dismissive contempt Her 
companions include an incon- 
tinent middle-aged snob (Elaine 
Ives-Cameron): a stage-struck 
remnant ' of Vanessa's Loonies 
whose father has apparently 
hounded her with private detec- 
tives (Eve Bland): and a sharp- 
featured waif (Lizza Aiken) who 
removes, her nightgown in front 
of the male nurse with the 


pathetic demand to be treated 
as a woman, not as an object 
Mr Marson has • previously 
written with real imagination 
about the enclosed worlds of 
dissenting schoolboys and Gov- 
ernment Instructional Camps of 
the 1930s. But his sense of theatre 
has deserted him here, as one 
painfully contrived scene follows 
another. Only when the frustrated 
actress's mother visits her with 
an embarrassing lack of suitable 
vocabulary does the evening come 
remotely alive. Eve Bland is a 
husky new voice with statuesque 
presence to match. The director 
is Sue Parrish. 


Macbeth 


by ANDREW PORTER 


Guildhall School of Music and Drama 

The Return of Ulysses 

by NICHOLAS KENYON' 


The curtain rises on Botticelli’s 
Birth of Venus, without Venus. 
The two halves of the painting 
have been distorted and pushed 
aside. leaving Venus’ shell as the 
iris in a giant eye which stares 
at us through the whole evening: 
a Pop Art portrait nf All- 
Seeing Fate. On the left, the 
inetrlwined winds billow, aptly 
representing the buffeting which 
Ulysses receives on his home- 
ward journey. In the centre, the 
shell, lowered like a drawbridge, 
provides a plalform from which 
the gods can emerge to help or 
hinder the mortals below. 

So far, so good. The Return of 
(.'{psses is the last of Monte- 
verdi’s three extant operas 
lo be staged by Kent Opera, 
and it looked as if this design 
by Roger Butlin was going 
to provide a parallel with their 
earlier account of Or/eo, in 
which Poussin’s paintings pro- 
vided Jonathan Miller with a 
complete vocabulary Tor his pro- 
duction-posture and movement as 
well as scenery. But here, 
Botticelli remains in the back- 
ground. Digby Howard’s cos- 
tumes are pompous, garish, 
heavy creations with no Bolti- 
• eilian grace, conceived in the 
most appalling colours (both 
Ulysses’ uniform and his pea- 
sant disguise — which looks like 
a tailor’s sample book — are 
topped by a single, inenogruous 
bright blue feather). 

Norman Platt’s production is 
adequate, but has no special 
coherence, no special stylistic 
framework. There are some 
mistakes (Penelope’s suitors 
should display “ gioventute 
suporba." not caricatured middle 
age) and Hr. Platt's original 
ideas tend to be odd: why treat 
Melanio's impassioned speech to 
Penelope as a rehearsal which 
ihc queen interrupts? The great 
central episode of the bending of 
Ulysses' bow, followed by his 
slaughter of the suitors, was 
staged with no more conviction 
than a village archery match. 

if the visual side of this 
l 'lasses is somewhat confused, 
the musical side is absolutely 
clear in its aims. Roger Norring- 
tnn conduce and has prepared 
the edition of the score. He has 
reinforced his determination 
(already seen in his version of 
Popped ) in move away from both 
a tush. 20th-century elaboration 
of the score, full of muted strings 
and harps (such as Raymond 
Leppard provided in his famous 
Glyndebourne Ulissc) and from 
a pVeiido-17th-century recreation 
of high renaissance sonorities 
(such as has been attempted with 
typical * idiosyncratic brilliance 
by Nikolaus Harnoncourt, in his 
t'lisse which will be seen in the 
Edinburgh Fesival). There can 
he no doubt that Norrington is 
right; a handful of strings and a 
substantial group of continun 
instruments is what Monteverdi 
would have had in Venice in 
1641. The problem is to make 
such an austere combination 
work. 

And in this Ulysses it does 
work, superbly. The strings are 
kept in reserve for their tiny 
ritornello5 and sinfonias. which 
they play with ideal liveliness 
and" precision. The contfnuo 
department of keyboards, chitar- 
rones and basses sustain all (he 
rest. Norrington seems to yearn 
after the occasional change of 
timbre, and so contrasts the 
ai-rntnpanyins instruments or 
different characters (in the 


Prologue, Love has- a harpsichord. 
Fortune an organ, and Time a 
..regal. which is pretty but dis- 
tracting). In the long stretches 
of recitative which move in an 
out of measured time, the 
diversity of plncked instruments 
can respond ro the vocal line, 
intensify a cadence or build to 
a climax, and generally follow 
the sense of the words far more 
flexibly than- could any full 
band plaving written-out added 
parts. The effects have been 
carefully calculated (perhaps too 
much so) and Norrington is in 
■firm control of the drama's pro- 
gress; occasionally be hurries the 
end of the scene, but this aids 
the powerful sense of forward 
movement in the music. 

The singing is lesa distin- 
guished-— inevitably. for the re- 
creation of baroque vocal style 
has barely begun. In tbc role 
of Penelope, which Janet Baker 
made so much her own at 
Glydn debourne. Sarah Walker 
sings powerfully and poignantly, 
and provides the strongest char- 
acterisation of the evening. Neil 
Jenkins cannot quite find the 
strength of voice for Ulysses. , 
though the lines are admirably 
clean and well-shaped. Eirianl 
James makes an effectively pertj 
Melanto, and her lover Euri-; 
machus (Michael Goldtborpe) i 
deserves more than being indis- 
criminately- slaughtered along I 
with the suitors. They, however, i 
meet their jnst deserts: John 
Winfield {who also gets the 
opera off to a bad start with a 
ridiculously frail Human 
Frailty), David Johnston andj 
Thomas Lawlor are a bumbling 
trio 'of growlers and shooters 
who provide no serious tempta- 
tion to Periclope’s fidelity. Sally 
Bradshaw is the best of the gods. 
Wynford Evans a clear, light-, 
voiced Enmae.ns, and Jack Irons 
a not desperately fUnny Irus. 

The opera is cut (but still 
lasts three hours with intervals). 
Instead of many small cuts a 
whole section has been lopped 
off Act Two, Ingeniously joining 
together two court scenes, but 
thereby depriving us a Pene- 
lope's reunion with her son 
Telemachus. This latter part thus 
becomes a cipher— all the more 
absurd that hfe chariot ride wiUj 
Minerva is made into a grand 
coup de theatre, complete with 
an insane slide-projector belch- 
ing smoke and flashing lights 
at us: quite inappropriate 
for l his minor scene. 

The impossible challenge or 
making an English translation 
has been taken up by Anne 
Ridler, and the result deserves 
another review to llseiL it 
matches the rhythms of the 
Italian well, and sometimes even 
catches its rhyming structures 
nicely- But at what cost! 
Penelope’s wonderful cry Torn a. 
deh torna UUsse” « rendered 
** Homeward, ah homeward 
Ulysses but then the obsessive 
repeats of “Toim" in berrem- 
tative “ toma il zeffiro al prato, 
and so on are rendered as «■ 
turn." Time and again the 
euphony of the Italian is re- 
placed by nasty English phrases, 
nowhere more noticeably than 
at the end, where “Si, vita, si: si 
core, si ” becomes “Yes. yes, my 
dearest; yes, yes. beloved- The 
English would be more wel- 
come if eveiy word could be 
heard, but it can't- . This new 
Kent Opera production win *>e 
seen on their autumn tour this 
year, which opens in Eastbourne 
on November 7. 


The first prom of the season 
was devoted to Verdi’s Requiem, 
and the fourth, on Tuesday, to his 
Macbeth — in the original, 1B47 
version. At the time of its com- 
position. Verdi deemed this work 
“dearer to me than all my other 
operas." and it is one of the most 
coherent and the -least conven- 
tional he ever composed. In 
1865. after La forsa del destino. 
he revised it for Paris; he 
replaced two bravura arias by 
“La luce langue" and the duet 
“Ora di morte.” rewrote the 
exiles’ chorus aod the final 
scene, and strengthened some 
other episodes. The 1847 Macbeth 
had been frequently performed; 
I he 1S65 Macbeth had to wait 
until this century to be admired. 

The revision, as Julian Sudden 
pointed out in the Prom pro- 
gramme note, was concerned 
chiclly with modernisation for a 
contemporary, and specifically a 
Paris, audience. In 1865. people 
wanted to attend new operas 
composed in a new manner and 
no longpr expected to hear 
coloratura employed as “ a 
vehicle for forceful dramatic 
expression.” But in our day -of 
Ottocento riemmazione, when 
old operas are preferred to new, 
and coloratura— however imper- 
fectly executed — has become 
l commonplace, even the “old- 
fashioned ” passages of the 1847 
score can be heard as notable 
advances on Donizetti and 
earlier Verdi. Unrevised. Macbeth 
was staged by University College 
in 1976, and again last year in 
Danville. Kentucky, as the 
centrepiece of the Fifth Inter- 
national Congress or Verdi 
Studies. Both productions were 
praised. The Prom performance, 
more strongly cast than either of 
them, was also warmly acclaimed. 

John Matheson conducted. He 
is a cogent advocate for un- 
familiar Verdi, and the playing 
oF the BBC Concert Orchestra 
had the colour, force, and 
eloquence that also distin- 
guished the nnrevised Don 
Carlos and the unrevised Bocca- 
negra presented by the BBC 
under his baton. He commanded 
the energy, the boldness, but 
strangeness, and the delicacy of 
the score. His rhythms were 
keen. andJiis tempi well chosen. 
The long scenes — Macbeth is the 


most “consecutive" of Verdi's 
early operas— cohered. The 
spaces of the Albert Hall were 
used to lend dramatic depth to 
the sound: distant apparitions, 
music welling up from below to 
accompany the “shew of kings." 
trumpets fanfaronading from 
opposed balconies to picture the 
battle. It was an exciting even- 
ing. 

His cast showed a welcome 
appreciation of legato. But he 
bad not persuaded them to pay 
detailed attention to Verdi's 

Book Reviews appear on 
Page 12 

careful dynamic markings. Ken- 
neth Collins, as Macduff, was the 
worst offender. His *' Ah. la 
paterna mano ” made its effect 
as a big. clean sing, smoothly 
and fully executed. But it would 
have been twice as moving if 
Verdi’s piano and then pianis- 
simo at the move into F-flat, if 
his two or three different -kinds 
of accent, if his delaying of any 
forte until almost the end had 
also been observed. 

Peter GJossop, in the title role, 
boldly essayed the variously 
dark, hollow, and stifled voices 
that the composer asks for. (In 
the first nine bars of “ Due 
vaticini." Macbeth has six verbal 
instructions about contrasts of 
timbre: there are others in a 
letter of Verdi's to Felice Varesi, 
who first sang the role.) When 
it came to a voce aperta or con 
forza , Mr. Glossnp tended to 
force beyond the limits of 
acceptable tone. He gave a 
serious hut uneven performance 
— sometimes detailed, imagina- 
tive, and powerfully executed, 
sometimes rough-and-ready in 
effect. 

His Lady. Rita Hunter, was 
also uneven, yet on the whole 
she sang the taxing music as well 
as any 'soprano (or mezzo) I 
have heard in recent years, and 
more securely than most Her 
coloratura was massive and 
brilliant, if' not always precisely 
finished. Into the reprise nf 
“ Trionfai,” the florid soprano 
aria discarded in 1865. she threw 
a shining and successful high D. 
As ever, she joined note to note 
to make phrases. There were a 


few moments of unsteadiness 
and some moments of steeliness 
— but also passages of uncommon 
power and passages of fine-spun 
beauty. 

For John Tomlinson's Banquo, 
‘praise unqualified: long, broad 
phrasing, tone in firm Focus, a 
fine command of Verdian swell 
and also of Verdian diminuendo. 
The chorus of BBC Singers was 
first rate. Otherwise — apart 
from Mr. Matheson’s compelling 
conduct of the whole— it was not 
the sort of performance one 
would want preserved on a 
record; there was loo much im- 
perfect vocalism. A rehearing 
of Acts 3 and 4 — the broadcast 
went out 90 minutes after the 
live event— made that doubly 
clear. But “ in action " this 
account of Verdi's opera proved 
pretty well irresistible. 

Macbeth himself dominates the 
1847 Macbeth. Act 3 is in effect 
an immense solo scena. with 
witeby support. His "arm’d 
rhinoceros, or the Hyrcan tiger ” 
outburst at the Act 2 banquet Is 
bigger. In tbe’Iast scene, he is 
not eclipsed by a spectacular 
Paris finale. In the Paris 
version, however. Lady Macbeth 
claimed most of the limelight 
and in Act 3 the ballet took 
much of the rest The new music 
is greater than what it replaced. 
The patchwork Macbeth, like the 
patchwork Bocamegro. Forza. 
and Carlos (and. for that matter, 
the patchwork Fidelia and j 
Gioconda. the revised Butter-flu. « 
Tnbarro. and Billy Rudd l is the 
one for regular use. To the' 
1865 Marbefli. the 1847 death | 
.scene. "Mai per me." has often j 
been added; it should then he 
followed by the swift 1S47 close, 
not the big tableau of troops, 
bards, and populace. 

From time to time, it Is good 
to bear a major composer’s i 
initial conception in its integrity. 
The Ur-Macbeth, like the 
Ur-Boccanegra and the UrCarlos. 
has proved well worth doing in 
its own right— different From its 
successor, lesser, maybe; but 
also more shapely. As Budden 
once said, by revision "the sky- 
line was altered." .The great 
things common to both versions 
are even more impressive — and 
the occasional -pretty banalities 
are less disturbing-— when set in 
{he earlier perspective. 


The Yokohama Concert. J. J. 
Johnson and Nat Adderley. 
Pablo Live (2 LP set) 2820 
109 

Jake Walk Blues. Slash ST-110 
Milesian Source. Louis Stewart. 
Pye NSPL 1SS55 

There Comes a Time. Gil Evans 
and his Orchestra. RCA PL 
11057 

Yonty Solomon plays the George 
Gershwin Song Book. Criterion 
CR 252 

The Day of the Dead. Graham 
Collier. Mosaic GCMD 7S3/4 

The small groups co-lcd for 
many years by the Adderley 
brothers, altoisi Julian “Cannon- 
ball" and trumpeter Nat. pro- 
duced insistent, bard-driving, 
groovy sounds. Since Cannon- 
ball's untimely death in 1975. 
Nat has not found a compatible, 
full-time musical partner. On 
the aural evidence of their 
recent Pablo double-album 
trombonist J. J. Johnson would, 
if bis commitments allowed, 
clearly be among the most suit- 
able. The concert in Japan 
brought together these two vastly 
experienced po&t-Bop musicians 
with a much younger, almost 
totally unknown, rhythm sec- 
tion. 

Most of the tunes are by 
Johnson or Adderley, including 
the latter's hit. “Work Song.'* 
and there is plenty of variety 
in moods and tempi. Johnson 
has a pretty, brooding set-piece 
to himself. “Lament,” with only 
keyboard accompaniment Else- 
where he blows with customaty 
speed and stamina, his harmonie 
inventiveness as commanding as 
ever. Adderley bristles on 
cornet, the fasr flurries or notes 
effortlessly spurting out. Yet he 
contrasts this, as io “Melodee." 
with muted playing of .warmth. 
The rhythm section supports the 
two horn men with understand- 
ing and application. 

■k 

During the past couple of years 
of so the small independent label 
Stash has produced some ont-of- 
the-ordioary releases devoted to 
diverse themes ranging from 
songs about sex to a double 
album featuring women instru- 
mentalists. Now comes a 
release containing 15 songs which 
commemorates (if that is the 
right word!) jake. an adulterated 
Jamaica ginger extract which was 
an illicit drink taken in the 
southern and midwestern U S. 
around 1930. Victims of the 
ensuing illness were said to have 
“jake leg" or jake walk." 

The tracks are split among 
white and black artists. The 
former, such as cowboy/film star 


Questors, Ealing 


Gene Autry, tend to be nasally 
hillbilly singers not averse to 
throwing in excruciating yodels. 
Far more bearable and. indeed, 
moving, are .Negroes such as 
Willie Lofton on “Jake Leg 
Blocs" or Ishman Bracey on "Jake 
Liquor Blues," though the sur- 
face quality of this is extremely 
poor. 

There arc some instrumental 
tracks one of which. “Jake Leg 

Wobble" by a fiddle-guitar duo, 
purparts to give an impres- 
sionistic portrayal of the gait 

impairment resulting from haring 
the illness. Blues guitar addicts 
will find the bottleneck playing 
of Lemuel Turner on "Jake 
Bottle Blues" the highspot of this 
disc. 

* 

Irish guitarist Louis Stewart 
has gained a lot of admirers in 
this country, notably at Ronnie 
Scott’s Club in London, where 
he often leads, nr plays in. the 
supporting group of the evening. 
He has a sure, fleet technique 
which seems geared to fast 
tempo tunes. Not surprisingly 
these predominate on Milcsinn 
Source. 

Even on the gentle paced "A 
Little Cloud." Stewart's fingers 
pluck the phrases rapidly and 
it is only on his fine arrange- 
ment or Gabriel Faure's 
“ Pavanne " (sic) that he exhibits 
delicacy and restraint. For me 
this is the most appealing and 
memorable truck of the seven: 
acoustic and electronic instru- 
ments are. for once, sensibly 
mixed and controlled, there is 
a notable piano solo by Martin 
Blackwell and the entire piece 
is played with taste and. more 
importantly, exquisite musician- 
ship. Stewart arranged it and 
also wrote the four com positions 
on Side 1. Excellently recorded, 
the LP is very much his triumph. 
But deserved praise must he 
handed to the accompanying 
musicians. 

■k 

The arrival, long after he had 
left these shores, oF Gil Evans's 
latest available record gave me 
a chance lo reconsider from a 
distance my lukewarm reaction 
to his 13-piece band -at its 
Festival Hal! concert in February. 
Though there arc many mnre 
musicians on the record the 
effect is to make Evans's com- 
positions even more overpower- 
ing than in London. Electronics 
and the wide scope of the modern 
recording studio obviously obsess 
him at present. This would he 
acceptable if the writing and 
textures were anything other than 
ordinary. The title track for 
instance, opens with a lot of 
sci-fi noises, a reverberant 
declamation of some banal lyrics, 
some Jimi Hendrix-style guitar 


playing, a screeching tenor solo 
and a repetitive phrase done to 
death by all concerned. The 
result is a sprawling Quatermass 
mess. 

* 

Exactly who would want In 
rush out to buy a record of 
Yonty Solomon, well-regarded as 
o classical pianist, playing the 
George Gershwin Song Book is a 
fascinating question. Certainly 
not jazz listeners who would 
much prefer lo hear Earl Hines 
play “ Fascinating Rhythm." 
Probably not lovers of classical 
piano who, perhaps feelingly, 
rcnieuibcr Art Tatum's treat- 
ments nf Dvorak’s " Humor- 
esque ’’ and Massenet's " ElOgie." 

But for the pleasure or a 
minority somewhere, Solomon 
accurately and coldly pounds 
through Gershwin’s transcrip- 
tions uf IS of his songs — 
admittedly managing to get some 
of ihe sadness from "The Man I 
Love.* but generally bringing no 
character into the other tunes. 
He applies similar treatment in 
jiiz/. “classics" by Fat* Waller. 
James P. Johnson and Meade Lux 
Lewis with only slightly better 

results: remarkably Mime of ihe 
tunes’ innate rhythmic qualities 
are revealed. 

Maybe it is not strange that 
best of ail 1 liked Solomon's 
interpretation of pieces by 
Granados and Montpoit which 
comprise most of Side 2 of this 
curious, inexplicable disc. 

★ 

My colleague Alan Forrest 
has twice written glowingly 
about Graham Collier’s extended 
work The Dtitj of the Dead, 
premiered :<t last year's Uklcy 
Literature Festival. Now the 
record is nut and for someone 
approac'lung it cold and from a 
jii rt. rather than literary, view- 
point Collier's concept can only 
be described as a huge revela- 
tion 

Though it needs several listen- 
ings to appreciate all Ihc com- 
poser's nuances one is immedi- 
ately captivated hy the cold, 
haunting, sometimes despair- 
filled voice of narrator John 
Carhcry reading the words of 
novelist Malcolm Lowry against 
the constantly moving and some- 
time- frenzied background uf 
Collier’s music, some of it 
written, some improvised. 

Unlike (he attempted jazz and 
poetry fusions of some years ago 
this is a genuine mixing or 
music with words. The playing 
of the jazz musicians emphasise*, 
underlines and matches the 
mood and meaning of Lowry's 
prose. The alcoholic fantasies, 
the frenzies are illumined by the 
sounds of the various instru- 
ments. together and alone. 
Altogether it is an hour of inten- 
sive but rewarding listening. 


Faust 


by MICHAEL COVENEY 


We have countless subsidised 
studio theatres in the country 
but 1 do not recall one of them 
ever tackling Goethe's fascinating 
Urfausl, a powerful chamber 
piece and the basis of the first 
pan of the poet's mammoth life- 
long undertaking. The amateurs 
at Ealing, with a fine disregard 
for English insularity in these 
matters, have cojne up with a 
very serviceable version oF 
the short play, written between 
1773-75. It contains the whole 
of Faust’s involvement with 
Gretcben, the scene of Mephi- 
stopheles and tbe Student, the 
Leipzig beer cellar revels. 

The Gretchen saga comes 
across with real force in David 
Emmet's admirably turned trans- 
lation (no rhymes or Alexand- 
rines), a ba re-bones, sensibly 
literal job ideal for what is. of 




necessity, a modest production. 
The audience is seated on firiy 
seats around a sunken arena in 
the studio theatre and. although 
tbe JS87 Gorhhausen edition con- 
tains no display or Faust's 
diabolic pact, the liaison is 
successfully established in the 
acting of Mike Langridge 
(Faust) and the upright, black- 
garbed. slightly sneering figure 
of Alan Chisholm as Mcphisto- 
pheles. 

It is enthralling to witness the 
development of Faust's doomed 
passion for the country girt and, 
as the play shifts, in its later 
stages, into a moving examina- 
tion of the doctor's impact on 
a rustic community with its 
religious rites and simple 
morals, it makes sense for Mr. 
Emmet to incorporate tbe 
tnorder of Vaientio from, (he 
longer play. The plot to murder 


> » ■ ■ V ■ 


Grctchen's mother, the appear- 
ance of an Evil Spirit to haunt 
the pregnant girl, the final fare- 
well as Faust is torn away from 
the scene of bis "crime" — all 
this is staged with simple 
dignity. 

A slight air of forced expert- 
mentaiism (black leotards tor 
stage-managing extras and plink- 
plonk percussive effects for the 
elements) is a small price to pay 
for the chance of seeing a piece 
that should not be beyond some 
of our more prestigious com- 
panies. Christine Curran docs 
remarkably well with Gretchen's 
extraordinary final speeches, and 
the company go about their 
business throughout with pur- 
pose and integrity. It is a 
rewarding evening, a consider- 
able feather in the Questors' cap. 
Mr. Emmet is also tbe director. 






TKE OUEtur’S AWARD KIR 
EXPORT ACHIEVEMENT 


THE QUEEN'S AWARD SOB 
- - ■ TECHDHHOOtCAt ACHIEVEMENT 
1B7& 


York 


Hovingham Festival Opera 


JOHN WARRACK 


Such was the success of the 
York Early Music Week last 
year that it has now become a 
Festival and spread to cover 
three weeks and to find homes 
outside York itself. Ripon and 
Gilling Castle have had events; 
and last weekend included opera 
at Hovingham Hall. The fine 
' riding school is no stranger to 
I music — there was a 19th century 
Festival of some enterprise, and 
more recent series of meetings 
that included opera — and it 
made an agreeable setting for 
Telemann's Pimptrume and 
Handel's Ads anl Galatea in 
productions hy the so-called 
Hovingham Festival Opera. 

This is really a 'group oF 
enthusiastic young musicians run 
by Peter Seymour, conductor and 
former organist of Selby Abbey 
ant) an energising force of the 
Festival, and his wife Yvonne, 
soprano and. to judge by her 
work with the chorus, a teacher 
of striking gifts. Resplendent in 
a wig and a brocade coat that 
would have done Justice to- the 
Tailor of Gloucester. Mr. Sey- 
mour conducted a band of some 
dozen players also costume 
and .using period instruments. 
The strings had period bows and 
modified violins; there was the 


charming, soft burr of baroque 
oboes, doubting with some vir- 
tuoso recorder playing: as con- 
tinuo' there was a beautiful 
Haward harpsichord of 1683 
which the Worsley family had 
found neglected in the Hoving- 
ham attics. 

If Pimpinone is really needed 
as a curtain-raiser to the riches 
of Acis and it is slim stuff, this 
is the way to do it An apron 
stage makes sense. *for with 
singers as deft as Stephen Var- 
coe and Yvonne Seymour at judg- 
ing the contact with their 
audience, the comedy has an 
immediacy- which would have 
been lost in the old arrangement 
with the stage at the far end of 
the long building. 

With Acts, tbe problems are 
rather different, in that the 
formality of the convention, not 
10 mention the nobility ana the 
emotional energy of the music, 
in vi re a greater distancing. 
William Royston. the producer, 
was not afraid lo use the 
audience space, for a powerful 
entrance by the Monster Poly- 
pheme. and for a grave 
procession of mourning for Aeis: 
but he exacted even here formal 
movements and, on the stage, 


partly stylised gestures and 
stances which gave Handel’s 
music its due respect (and did 
not betray tbe naive conventions 
of Gay's text into banality). 

Yvonne Seymour’s firm, cleanly 
projected voice and her accurate 
judgement of the acoustic, to- 
gether with her dignified stage 
presence, were an excellent foil 
to Richard Morton’s lyrical Acis: 
and Stephen Varcoe raged and 
melted and burned to splendid 
effect as a lithe but still menac- 
ing Polypheme. Julian Pike was 
an elegant young Dam on. 

The final murder of Acis and 
his metamorphosis Into a stream 
was ingeniously contrived; but it 
was not contrivance in solving 
problems which was the domi- 
nant impression. Understanding 
of baroque conventions, on the 
stage as well as with tbe music, 
has advanced to the- point wbpre 
it is natural to a whole genera- 
tion of young musicians as a 
result of the early music move- 
ment. The costumed nrcbestra 
miiv be a conceit; but the music 
Itself is made with the un- 
miestioned ' conviction that 
Handd is most himself when 
played with a proper technical 
carp for the resources he himself 
knew. 


Royal recognition. 

What greater honour 
could your firm have? 


The Queen's Awards for Export- 
and Technology are amon§ the most 
coveted industrial awards m Britain. If 
your company has made an outstanding 
contribution in either field, it could 
well qualify 

Think whatan award like this could 
do for your firms prestige. And what 
valuable publicity it would afford you. 


Holders of The Queen's Award, 
■which is valid for five years, are entitled 
to display the emblem on their firms 
stationery, packaging and products. 

Use it in their advertising and 
promotion. And fly the distinctive 
Queens Award flag. 

Its an emblem which could bring 
you national and international renown. 


Be in the running. Post the coupon today for your, application form. 


To: The Secretary, The Queen s Awards Office, Williams National House. . 
IMS Holbom Viaduct London EC1A ILL 

Yes, pi ease send me an application form with £uU details or ihc W79 Aw x rds. 

Name 

Position in Company _ 

NamcorCuinnunv 


1 am interested in nick I Export Cl Technology D Both □ 

Please note: The dosing date for return of applications is 5t October. 197S. ! 


7 


L 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Finantimo. London FS4. Telex: 886341/2, 883897 
Telephone: 01-248 SQQO 

Thursday July 2/ L97b 


Wedgwood Benn 
dies in for coal 


Financial Times Thursday .Tuly 27 I 97 S 

** . -- •» ” r “5J| 


.. • . 








BY JOHN LLOYD 

S m DEREK EZRA made encounters of the unfruitful out of theii ■difficuldw would 

certain that everyone knew kind with the European Com- have cancelled oat the benefits The Mi 

he was worried about the mission. In May, a meeting of from a steam J} P °«in the case of coal burn, you 

immediate future of the coal the EEC Energy Ministers con- market where the IS CB expected In areuimr about 

industry when he announced sidered a series of measures to sell, at most 4m tonnes of f J «,.i a 2r«te imnorted 


THE DOCUMENT published and the lack of investment: 



He is not making a fuss about largely through 


sues <111 uie wa_> auiusb inr jiariy horanw* thp inrins. thp cepQn/I largest nrnducer UOO — Whv not burn ltnerer ***" 

spectrum from Mr. Ian Mikardo obstacle the njJUtty of £"«■ Q f But ?he ph£ ’foundered Thus the idea of subsidising « * broad ener^pohey^rgu; 

wmmmc on 1 til* r!lht ani ?r economic »Towth- never mind dr °PP ed hy 4m to 5m tonnes a because an attempt was made to the coal burn in the UK’S power ld 

\ViHiams on the right, and it : Partv «^Jl > ear from its "normal" level of link it with French and Italian stations became a firm one in CEGB “oUnwnt >OU coma 

also included Mr. James again, the Labour Party will around 20m tonnes< partly demands for aid in the closure the Department of Energy. Mr. argue in a certa in \.a> mat 

Callaghan and Mr. Denis Healey, make the legislation even jj ecause the smaller markets of excess oil refinery capacity. Wedgwood Benn has the powers imported oil for the new 

The report cannot be dismissed tighter. There may have been j|, dus + r j a i domestic export— For Mr Wedgwood Benn, that already to do so: under the 1973 fired stations that are n 
therefore as an aberration, talk about lower taxes and the picking up mu^ i? at was faJ too bS a price to pay ^ Industry Act, he may pay coming into service is cheaper 

There may be some differences, need for incentives, but it can „ . important of all for a coal subsidy, Jargelv out £50m for this purpose, and than domestic coal, 

as Mr. (7a (Ian h» n cairf ar Hip he disregarded: the Labour . ’ ana unpori3.nl oi au io y, _ <.»„ „„ Zh D i,^ na n f “ But if you take costs overall 


u *J&L, 


' • 






because the electricity industrv because control over refinery a further £50m on the laying 

** _ * . n »■ _ * ^ ___ AiuIa* Tnflac 


authentic voice of the Labour cut in income tax. But what Sir Derek has not 

Movement, at least in so far as Most of the other old sa * d tiiaj bas aQ extremely 

io movment 

Back to form 

In the document s own words. ,ko .,r «h Q ketmg problems will never be 


But what Sir Derek has not oil eomoaS which are the ^cii caSs" of Scots and i>orted coal and oil and that 

d working irSTSM" Welsf^wefStionrlo far reduces your balance of pay- 

i powerful ally in bis struggle to , , » m«ntc sim> us nr increases \ our 


In the document's own words. the abolition of the direct grant „ ngr J pro ? ems w neve L_ be 
the aim is twofold: both the sys tem: the reduction of 8 the S° w -! d Jr b . eC T e a ^V. te - 
creation of a stronger economy Bank of England to a body 

and of a fairer, more just which would simolv “reinforce “ enn ' Energy Secretary, 

society. To achieve the objec- policies which Government and ?^ n ?J{ e 5 h i n J?i e i 

tive, it says, it will be necessary parliament have decided upon," ,h»i d 

to have a growth rate of “ well and not least the abolition of feL.“ atches ^ at of S,f 

above. 3 per cent per annum in the Rouse of Lords without any k ", , n . - „ nnt 

the years ahead. The crucial , nnar pnf thought as to what if Mr ' Wed 8wood Benn did not 

question is thus whether such St replace if draw up the Plan for Coa1 ’ 

a rate of growth is likely to be an> ‘ hIU =’ ^ p which sets ambitious targets 


See ffi Vm^fZre in retrospect, Mr. Wed^ood ^ have been spent under 

coal, and one who will try to Benn thinks that he pushed the the scheme. aencit men . ou oeb » 

keting problems will neJer be UK PRIMARY FUEL CONSUMPTION 

allowed to become acute. That 800 |^, r " — = — 

ally is Mr. Anthony Wedgwood 




attained under the sort of 11 is ,rue lhat one or . twn f or both production and mar- 
pnheies outlined, and the fibers, such as the outright keting up to 1985 (and further, 
answer is very' probably nnf. in- nationalisaiion of the clearing up to the century's end, in the 
deed there is one very telling b an ^ s and t * ie insurance Plan's supplementary document, 
passage which frankly admits industry, have gone, and that •* Coal for the Future "1. But 

the size of the problem. Refer- one or Wu novelties have been he has gladly inherited it and 

ring to what it calls the “job added: for instance, however it pursues it enthusiastically. As 
saving interventions " of the m j-ht work, the creation of a he wrote in his foreword to 
government and the NEB in the tripartite Foreign Investment -caal for the Future”: 
affairs of companies such as BL, Review Agency for the .... . , cn ._:_i imnortancp 

Chrysler and British Ship- “ systematic consideration of tQ make sure ^ the ^ ndustry 
builders, the document docs on: inward and outward invert- i§ kept pQiating in tte 
‘But in spite of a programme But m general it is the directioilSf that i t preserves the 

unequalled in the western in- mixture as before and the es$ential produc tion basis with- 

dustrialised world we acknow- "f,”* 8 ® a policy ha.s out wh i ch f u ture expansion can- 

ledge that the problem of re- f a,led . it again. not take place, that it maintains 

storing full employment within A/tQnifesto the cutting edge of its present 

an acceptable period of time is •* competitive position, and that it 


TOTAL INDIGENOUS 
PRODUCTION 


"NATURAL GAS_ 


NUCLEAR 
& HYDRO 


-SmcYGAP. 


.■aohuct ■ oon. g iwnwr 


'95 2000 

Projected 


ledge that the problem of re- failed, try it again, 
storing full employment within 
an acceptable period of time is Miimjesiu 
daunting." What is so dis- In the end, ha 


The Department of Energy's projection for primary fuels consumption in the UK: the 
non-energy and banker category relates to petrochemicals industry processing and usage 

by shipping. 


daunting." What is so dis- In the end, however, what is able t0 plan and i mp ] eme nt coal plan too late: “We went However, at the same time as urtroduce some real figures into 

cou raging about that sentence comes through most Is that Mr. j b good time the developments along in March of last year with this was developing as a it. It seems to me that the best 

is the readiness to boast about Callaghan's period as leader has ^ a j secure for the country the extension of the coking coal perspective within the Depart- national deal is lo regard your 
how much public money is made very little difference to ||j e productive force it will need arrangements which benefited ment, the CEGB was planning indigenous coal as a base and 
being spent, the partial recog- the Labour Movement. He may and re jy on j n longer the German steel jndustry and its future. Its corporate plan, your imported coal or imported 
nit ion that it is not achieving have been a good Prime term.” mining industry. We went along released to the Press last oil as a residual — a very general 

as much as is desired and, at Minister, but he has not changed j t is c i ause in that state- with the Euratom loan which month, made it clear that it proposition — but that is 
the same time, the absolute the parly. Tne Bourbous of the ment read j ng •* th a t jj maintains was very helpful to the French thought it would bum between, actually the best economic deal 

refusal to contemplate alter- movement remain rooted in the th e cutting edge of its present and the Italians. We pushed 65m and 75m tonnes of and can be done if the pay- 

native approaches. sterile past Britain still has no conipe tlt:ive position ” which is the case for coal, as a prime coal in the mid-1980s, as against ments are made in the right 

It is this theme of “ more of Social Democrat party. The now very mucb a t issue. For it steam coal producer. I was an NCB target of over 80m way without increasing the cost 

the same ’ which runs through- election manifesto. w hen it is no j 0n g er possible for- coal persuaded that even though we tonnes— the latter target of electricity for the domestic 

out the document. There may comes, may be better, bu.. it t0 CO ntinue to do so, at least didn’t get coal at that time we echoed in the Green Paper on consumer." 

be concern, ror example, about wul have to be read against Into w - lth j ts biggest customer, the were sensible to help in areas Energy published earlier this Thus it seems that the out- 

the low level of, company profits the Eighties. Central Electricity Generating which benefited our neigh- year. The CEGB also said that come of the discussions will be 

Board. Oil has improved its hours. Looking back on that if domestic coal went up in that the CEGB will be “bribed" 

Tpv • a position relative to coal, both now. it would have been better price. It would buy from abroad, iq t a ke more coal. Mr. Benn is 

I because of the fall in the value if coal had been made part of This was a direct challenge, careful to underline that if he 

jL^i V Cl i3JLl Y of the U.S. dollar and the OPEC the package long before not just to the Coal Board, but takes this option, he will be 

V price freeze. In the longer term, refineries came up." also to the Government Sir following what is a well-trodden 

the CEGB says, nuclear power Agreement at the May meet- Derek reacted by writing to Mr. route in Europe. Subsidies to 
-■ wn . j 1 r> j-iwi jl -a ^ will be cheaper and more effi- mg was made more difficult by Glyn England, he CEGB chair- the Belgian, French and Ger- 

1 iBlHK* fiPIill Ip iaC" 1 ft® cient Coal is thus looking for a demand from the Germans— man, asking for a meeting. Two man CD aI industries greatly 

more help — and it seems cer- who were in broad support of weeks ago, the first of what will exceed those presently given to 

tain that Mr. Wedgwood Benn the UK— that subsidies on its be a series of meetings between aie jfcB, with Belgian coal 

THE POWER of television and of information services by TV is about to give it some. coking coal should be extended. Sir Derek Mr. England andMr. r^vimr £20.72 aid per tonne 

radio can be considerable. Some and telephone. He reached his present posi- It became clear that the cost to Wedgwood Benn, were held to tonne and 

would say that broadcasting has cm this longer perspective, tion in part throu Sh recent the UK of helping the Germans discuss ways in which the CEGB French £13.11 aid per tonne and 

more potential power than the the next step must clearly be mmm m**— mm — mwm ■— mmm 
Press. But access to broadcast tb e one which the Annan com- 

programmes is necessarUy more m ittee recommended and which B m BE1&I M Rfl Vb ■ ■ flft 

limited than access to news- the Government has now come m RJj faQRHRS Blfl ll I I 

papers because, in the present mund to accepting. This is to If i fcll MEtSI? Ivin I I fcllW 

slate of the technology, the fh e award of the fourth tele- " * * ® , . 

number of television channels vision channel to a new broad- Wrtrri ni»rfp'P‘t and there “ a lot o£ P ressur ® lb® 1 makes the dolls’ headgear, has been reduced to putting out 

and radio frequencies on which easting aThorit^. independent W ° rd P erfeCt around here for a much wider shapes its boaters out of *xaw = no r^erence to its 

different programmes can be of both BBC and the IBA. and j n Wales use of Welsh." said a company *°° n ds imported from ctanuj that news comes first 

broadcast simultaneously • is to allow the BBC and thp IB \ to 1,1 * wc,,w ^ Fm>nch\ »„* Taiwan. A “e dispute is over claims i or 

limited. In the early days of expand their network of local 1° recent years there has been ap . .. . - f 111 ® n ? 0D ^ . for ext ™ work 

Ihe new medium, the public in- radio stat ions. The ITV com- much agitation for firms to use 'L 0 ™ 3 , S' Thfmana!? 

lerest may well have been pa nies may be able to broaden more Welsh in their operations Kelland (Plant Sales) Ltd. was Lgg-J bOLHICG mont SL?' m TJit t n ^ho’ 

sen-ed by the concept of public the balance of their programmes in Wales. Urgings by successive surprised by my news. It did ment refuses to talk to the 

service broadcasting developed jf they were given control governments have led to all the not know of the existence of Businessmen in Zambia are mu rn axis is unm tney re ™ r ° 

by John Keith, the BBC’s first the fourth channel, but at this nationalised industries, the the leaflet, but would immedi- wary these days about which 7? 

director-general. But those days stage priority should go to BBC. and other public bodies. ateIy telephone the Coventry ministries they deal with— be- me manaBe ‘ 

have gone, rne BBC s mono- widening the range uf choice producing letter-heads, reports headquarters of Massey-Fer- cause government cheques have e 10 

poly was broken a generation both for viewers and for the and the like in both English guson t 0 ge t a few said the been bouncing. It is a new way Meanwhile, stations all over 

a ~°- programme makers. and Welsh. But private com- ^mpany spokesman (Welsh, of controlling the country’s in- Britain that rely on the IRN 

Opportunities But, while a broad .welcome P anies haTe been slow t0 but English speaking). flation, explains the Finance ser Y ic ® ^® ei ? cobbling up 

c f .. f . . can thus be given to the pro- res P° nd - T a i^ n ,nnke tn Coventry John Mwanakatwe. makeshift bulletins— including 

Since then the safeguard for =_ ... . . . Ma«c»v.Pprpii«nn has nmv * also Spoke to W entry- u;i, a . , minietn, thp. pnnri npunt ahnut thp PTnan- 


German p”74 aid per tonne — wants that puwpr curbed. The" 
compared " with the UK's 3lp White Paper ; natioDalwed 
aid per tonne. industries published , tariter.; 

The CEGB has already suf- this year will, if implemorted. 
fered one major setback to its give Ministers powers of 
oil-firin-’ plans. Some weeks ago specific direction (amt- U r duty 
—quite unnoticed— Mr. Benn compensate fur the financial 
turned down the CEGB's appli- effects of these interventions >- 
cation to build Insuork Point and will put civil servants oil 
which was to have been an oil- thr nationalised industries’ 
fired power station near Ply- boards. 

mouth The CEGB is now eon- Thus — the argument runs— 

side rim: two alternatives: the CEGB must be curbed, be- 
brlngina in power from the cause its particularly crucial 
National Grid or buildms a position means that it inliu- 
nuclear station west of Exeter, cures every other sector of the 
A coalfired station is thought energy scone, ir it is allowed 
to be out of the question: if f« stick to a c/nse reading- of 
would nut he economic to bring its Matutnjv - duty 1 to provide 
it i n . power as cheaply and efficiently 

Mr. Benn justifies his tied- as possible,' thou it may do sn 
sion on Insuork Point by refer- at the expense of what Mr. 
ring to past mistakes: Wedgwood Benn sees as the 

••Due to our pursing this lons ter “ *gl* r *rt* of the 
cheap oil polio- just before ^Mvy. Tt wiU certainly do 
1973. a whole host of oil-fired expense of the coal id- 

stations — luce, Isle of Grain. and the Government has 

Invcrkip. Peterhead — were Identified coal as its most 
approved, and the result is that floured energy source. Mr. 
we are going to have a lot of linn's argument ^nclufcJL 
oil-fired station!; built on the '? h * n » that Gm-iyrnment “must 
basis that it is the duty of the intervene to assert the public 
CEGB to eo for the cheapest interest even against a public 
fuel now regardless of what corporation, precisely because 
lone-term forecasts are going to it i parttw Jtl j 1 ® v ‘ cw - 
be. We do have to pay heed to . r think I detect ± cumnmn 
our own forecasts which sug- interest which has not yet been 
rest that the price of oil in real made explicit, tor example, 
terms will be twice what it was when electricity chiefs talk 
before the end of Inswork Point about gas thpy do nor take the 
so that one would be building view of what is good for the 
in high cost from the outset." csonsumers. They say— tax gas. 

fhnf So wh'af you must do Is detect 

noihlm what is a cummon inter<,st ftntl 
flSw is meaningful only ■«* “ 

TOI^isllielheart o? the^matt”' u>erc *« appl >‘ *' mpW T,,ar . krT 
h il ftSirrhe^OEGB Principles to any sector they- 

mifst be’foreed n^.he oil route tsi 

‘° la s !“" a a breeder nnw^ There len t one. 

the Bo/rd' S corporate 

plan makes al dear that the oil ? n ? S * , S ^ it L .here 
burn will increase from around lt W lher0 

10m tonnes now to around 30m ' vb ! p rejected the iU". 

tonnes in the mid-eighties: in ' ^ Se^hat he was like 

25,2“ ='° n ?: ™‘ D b r cenf = ““of ftall’SlSS 
■. ,pn q 0 surronnded by • over - powerful 
Whl . e w i n ? e S.r°h£ff batons (or rather, one over- 

P P QW ' erf ul baron). He sa>-s he 

so favourable. will not, like a monarch, operate 

Thus for the CEGB — and by flat: he will seek to get 
for Mr. Wedgwood Benn — the consent The task which faces 
implications ore broader than a him is to get tlie CEGB to sign 
mere temporary, or perhaps not a latter-day Magna Carta, not 
so temporary, subsidy on coal. limiting the central power as 
Mr. Benn thiliks that the CEGB the original did, but extending 
wields far too much power: he it. 


MAHERS 


and there is a lot of pressure that makes the dolls’ headgear, has been reduced to putting out 

around here for a much wider shapes its boaters out oE straw music, with no reference to its 

around nereior a muen wiaer * j mported from claims that "news comes first" 

use of Welsh," said a company Tbe cUspute |s over clajjns fop 

spokesman (in English). But extra money for extra work— 


Tbe dispute is over claims for 
extra money for extra work- 
known in TV and radio circles 
as “acting up." The manage- 
ment refuses to talk to the 



Opportunities But. while a broad .welcome P anies have been slow to but English speaking). 

Since then the safeguard for t0 . ** P™* ^““sey-Ferguson has now 1 also s J )oke t0 Coventry, 

the public ;.int.rea hasluin in ^ r s !tolen a Iead ^ »™ dudn S > 


When a ministry overspends its *be good news about the expan- 


s - KaM“ as « * bs» S SSSs ^ 

in giving viewers and listeners ^ ^ Dractica m V n f the digger-loader in Welsh, trans- “fJL a J?J* T i™ honour the cheque. 

judsm“ut‘ >f andYn e si?infb t roa5‘ Proposedfortl.c '“J “mtH’TSIISS’ttS PumP disc mewnoel”? “Ohwe Last year the Zambian budget No COVer UP ■ 

Jesters, writers and programme ^^0- « would be SSed tends i4eS easily^ modem have one or two Welshmeu here estates were exceeded by 10 West Germauy-a leading poputer 

srs ans-“to°« SHSSSSS So“ s « is sm =?- st 
ff " e r eo sar r -as 1 y - 

diversify, rather than in the re- r^auts as well as by advertisin'' ciTihj-rehu 89 BHP wrth y fly- fc for a to which. ten prominent women, 

creation nf a single, all-powerful it a wouJd 'alM be emected ”(0 wheel. **£*. ^ as among them actresses Inge 

monopoly, just as it is the mnsull with the IB a lw hich The North Wales agent. Hat tricks rowSe d ed domei,t3C bor ' Keyset and Erika Pluhar. the 

answer tn those who are con- wnu i d engineer and transmit Heron Tracrorv of A<;anh wnter Luise Rinser and 

corned with the power of news- 0BA pror-rao^es) about com . is de ]i g bted with the Jeaf]et, P oi Thlrteen Ja P ane se MPs will be At the end of the June the psychoanalyst Margarete 


w er *‘ .... . . ploraentarj- programme schedul- which '1,000 have been printed.®::;'" v. aoi,S w wearing qua ” er - som<? hard-pressed Miiscnerncn, naa taxen rienn 

It is or soon will be tech- ins arrangements might “ Many of our buyers are Welsh ?? ters when they go to ministries began issuing Nannen, Stern’s editor-in-chief, 

nically possible tu provide a ^ niad(? WO ri^ h u t the Luton today. This somewhat odd cheques on the expectation of A few weeks ago Stem had 


pottery 


wearing quarter. 


. IUZ UUUC UCdULICti UU ID I 

“J Thte was the ruling yesterday 
?u. q AS 7 allo ?.^ ons: ? ne 01 by the Hamburg Superior Court. 
i™^ T.I^-. C0ndl , 0 r nS J or a •« which. ten prominent women. 
5«90m credit in March was among them actresses Inge 
sharply reduced domestic bor- Meysel and Erika Pluhar. the 
rowing. writer Luise Rinser and 

At the end of the June the psychoanalyst Margarete 


hard-pressed Mitscherlieh, had taken Henri 


fourth television channel and c hances cannot be considered 
two local radm sen-ices tin 
addition to the existing BBC * 
national radio services) over . . , 
much oF the country. By the Kent- VtSli 
mid-1980s, two more 625-line Even more dangerous are the 
television channels could be White Paper’s proposal for the 
made available by re-engineer- appointment by the Home See- 
ing the present VHF channels, retary of subsidiary boards to 
Later still, there could be five run the BBCs television, radio, 
further national channels pro- and external services. The BBC 
vided by satellite and even more may be monolithic and bureau- 
by cable, while the number of cratic, but this would make the 
radio services could be doubled situation far worse as well as 
if the public were prepared to raise a real risk of political 
buy and use VHF radio sets, intervention in programme 
How fast we would want to making. The right answer must 
take advantage of these oppor- be to maintain the dual role of 
tunities would be mainly a the BBC governors, as trustees 
matter of judging the balance for the public and as the pro- 
between the benefits of greater gramme makers’ protector 
diversity and the availability of against outside interference, 
resources, finance, and especially and to encourage greater mana- 
human talent and experience, gerial decentralisation. Editorial 
It cuuld also depend upon the independence must be protected 
pace of technological change in against encroachment by poll- 
such areas as the transmission Ucians. 



gesture by the civic fathers funds in the next quarter. The shown a couple engaged in what 
merely adds a further touch of Bank of Zambia refused to most observers felt was more 
mystery to the whole visit. Wild oblige and the payees had to than a joyride. Nannen, who 
iocaJ rumours that the Japanese sit and wait had been on holiday, stopped 

were coming to buy up -the Diplomats in Zambia are production of the magazine on 
Chrysler truck division in staged by the resolve of his return and Ranged the 
n0W , Jf* Mwanakatwe and the Bank of cover durin Z thc 

tnwn ball Zambia governor, Luke Mwan- But female protest was loud. 

Luton was tife **5 pSe^in “slukiMspecially there The o£ ten wanted Stern 


Rrjfam up, are general and presidential ordered to stop insulting them 

— on a iroria tour to studf eleca »“ “ ue “ » !? y „ 5h ° , ™ s women on its covers 


“ I wasn’t worried about NATO 
until I knew lt was a TGWU 
finger on the nuclear button." 


— on a world tour to study 

housing and cultural facilities. ■■■ 

"Of course thev nicked us creating the impression that 

because Luton Ts the p™ Acting Up ^°. map J! s at «U»p«l 

-ressive town in the cnimtrv" ® H and could be dominated at will." 

he added rhetorically ^ Yeste rday’s White Paper on the The court accepted the 
rru T y ‘ future of broadcasting proposes “justified request” of the 

The straw-hatted dolls are ex- more local radio stations, both claimants; but it found that they 
plained by Luton’s undoubted commercial and BBC. But the could not speak In the name of 
pre-eminence in making this one station not spreading these all women. It also adjudged it 
musm ball headgear (pace Eton tidings yesterday was LBC. the a matter of personal taste 
and sundiy ^^Sjdubs) . But hub of independent Radio News, whether somebody considered a 
if «he Japanese ar g s0 entbu- Sa1 , lrriflV th e n?N woman to be a sexual object in 

siastic that they start buying ” mce ““ o*™ W. the 1^ a picture, 
full-size boaters, it will be rather journalists have been taking 
like taking coals to Newcastle, industrial action — bolding con- 

The firm — K. R. Snoxeli — tinuous union meetings, LBC vWovi OUl 


Observer 


-and the 


MM 


CRUISCR 

This month’s Yachting World contains, in addition to a 
preview of the world’s most colourful regatta, an account 
of how a Waarschip 570 cruiser is taking shape in a Swanage 
back garden! It’s Part 1 of a stage- by- stage descript fon. 
Also in the liveliest of holiday issues: fuQ details of our' 
big-prize photo contest, with free entry forms; a 
refreshingly different look at Greece— its small but thriving 
racing fleet and traditional repair yard where they (quite: 
literally) work like Trojans; and the latest on four major ■ 
racing events— the British Level Rating Championships, 
tho Onion Patch, Three-QuarferTon Cup and Rotmd the . 

Island. Plus, of course, pages oi boats for sale. 

AH in the August 


maMmi 


World 



55pOutnow 





'Zb’L&ZJ*' 












Financial Times Thursday July 27 1978 


ECONOMIC VIEWPOINT 




The silly nonsense 





f THERE is any economist of 
my school o£ thought who 
■egards rising dividends as a 
ource of inflation, he has been 
l -emarfcabiy silent If there Is 
; . n y serious social reformer who 
ielieves that dividend control 
$ a good method of redistribut- 
o° the national income in 
favour of the poor, he too has 
.$* «en remarkably silent. 

^ Ihe case for dividend control 
s a different one. It is one 
rgued by superior people who 
■elieve that trade unionists are 
oo ignorant to understand the 
ruth and need, to be bribed by 
lividend control if they are to 
w erase wage restraint — even 
Sough that bribe is worthless 
Ind even harrofui to the sup- 
■osed beneficiaries. 

No one politicial parly has a 
lonopoly of insulting behaviour 
Dwards the intelligence ot its 
itizens. The present apparatus 
t dividend (and price) control 
.as initially introduced by the 
tonservative Government in 
972 and it is this legislation 
-hich Mr. Callaghan is now 
Peking to renew. 

The extraordinary thing is the 
etrogression that has taken 
lace in public policy over the 
ears. Sir Harold Wilson was 
riginally opposed to dividend 
ontrols because they would 
ossify” the structure of the 
conomy. In the early days of 
ay policy under Mr. Maudllng 
nd Lord George-Brown, all the 
olicy documents and Budget 
peeches emphasised that 
icome from investment needed 
} be controlled in a different 
-ay from wages. The pledge 
-as given that if profit income 
hot ahead of wages (over a 
u sin ess cycle) eompany 
nation would be increased so 
iat workers did not lose from 
-age restraint. 

The argument was that, in a 


healthy economy, profits— and 
therefore dividends— of differ- 
ent companies would grow at 
very different rates and a uni- 
form limit was entirely unsuit- 
able. Far preferable was an 
overall control of the profit total 
within which companies would 
compete for relative shares. 

In fact even this overall 
control proved unnecessary. The 
share of gross trading profits 
(after deducting; stock apprecia- 
tion) in total final output fell 
from about 13 per cent in the 
1930s to 9.5 per cent in 1988 
and then plunged to 4.5 per cent 
in 1976. So far from worrying 
about a profits explosion 
Ministers; and officials have been 
desperately concerned with the 
low profitability of British 

industry- 


Squeeze 


Nor have changes in distribu- 
tion policy enabled investors to 
escape the profits squeeze. 
Equity income; adjusted for 
inflation, has according to the 
de Zoete Index fallen by 50 per 
cent from its peak in 1966 and 
is now no higher than in the 
early 1950s. Share prices have 
fallen even more severely . in 
real terms. Even after their 
recovery from the 1974 slump, 
they are still 65 per cent below 
their previous peak. 

But policy has developed in 
complete disregard of the 
evidence. Dividend ceilings were 
instituted in 1066-69 and again 
from 1972 onwards. This hap- 
pened despite the introduction 
of price controls in the latter 
year and despite Mr. Healey’s 
raising of the top tax rate on 
investment income to 98 per 
cent in 1974. This is a policy of 
belt, braces, suspenders and zip- 
fasteners, all together. 


Who are the shareholders 
who have to be squeezed at all 
costs? The share of individuals 
in the ownership of quoted 
companies fell from 59 per 
cent in 1963 to 37* per cent in 
1975 and has since certainly 
fallen further. Pension funds 
and insurance companies in 
1975 held some 33 per cent of 
the 1 total. Investment and unit 
trusts held 10 per cent; and the 
remainder were held by the 
public sector. Industrial com- 
panies. charities and overseas 
holders. 

There were in 1972-73 some 
2.1m individual stock and share- 
holders amounting to 9 per 
cent of all taxpayers. About 
four-fifths of the total of divi- 
dends and taxed interest went 
to people earning above £ 2 , 000 . 
which was then just above the 
median income for taxpayers 
generally. The effect of tax 
was to bring down the average 
net dividend income of share- 
holders in the top category 
(incomes above £20.000) from 
£11,884 to £2,365. This reduc- 
tion was achieved long before 
the top marginal rate on invest- 
ment income reached 98 per 
cent — thus underlining that a 
separate control on distribution 
is unnecessary. The difference 
between dividend restraint and 
the tax weapon is that the 
former tends to freeze the rela- 
tive share of different com- 
panies, while the latter does 
not. 

The Diamond Commission 
pointed out that between 
1963 and 1973 pre-tax dividends 
received by persons grew in 
money terms at an average rate 
of about one third as fast as 
earned incomes. Iu real terms 
dividends declined by 20 per 
cent over the decade. 

The Diamond Commission 
Report of 1975 went out of its 
way to emphasise the distortions 


imposed by dividend control. 
Again and again it stressed the 
role of dividends in raising 

equity finance and the import- 
ance of equity finance as a basis 
for other forms of finance. 
Indeed retained profits were 
seen as a postponement of divi- 
dend payments. 

Although new issues 


dend policies of company 
management may hamper this 
allocative process." 

Its final warning was that “In 
the longer term the return to 
equity holding must be competi- 
tive with the return which 
investors can obtain on alterna- 
tive investments. If they are not 
it is unlikely that the past level 


The position could well be dif- 
ferent if companies were -com- 
pelled hy external constraints 
to retain funds which left to 
their own judgment, the would 
have distributed." 

In other words companies 
which have been forced to 
retain foods against their will 
will be tempted to look for in- 


WAGES, DIVIDENDS & SHARE PRIGES 


Equity Income Adjusted for Inflation 

J I Source: de Zoete & Be van 


Wages Adjusted for Inflation 

Source: C SO St 


SL 


accounted for only 6.5 per cent 
of total corporate investment 
funds in the period 1950-72, 
they were the major source of 
external funds. In its final para- 
graph the Report stressed that 
a prospect of increased future 
dividends led to share .prices 
and facilitated equity issues. 
"We think that differing divi- 
dend yields between companies 
enable the return to equity to 
reflect the differential risks 
involved iu different industries 
and companies. External con- 
straints which distort the divi- 


Equity Prices Adjusted for Inflation. 

Source-, de Zoete & Sevan 

1 

1946=100 


of savings for equity investment 
will be maintained " 

The Diamond Commission 
had difficulty in making up its 
mind whether recycled funds 
— i.e. sums paid out in divi- 
dends and then reinvested — 
resulted in more profitable in- 
vestment than pure retentions. 
In the end it concluded that 
"companies which are efficient 
will use funds efficiently what- 
ever their source." But it added 
that this conclusion Tests on 
the assumption that "the deci- 
sion to distribute is made solely 
for commercial considerations. 


Letters to the Editor 


Textile 




•». *££& x l hveraee i 

N i T-? * | | Industry. 

q £ i 1 , su Pf 

is:, tf. ’.cnileme 


pay 

ront die General Secretary, 
ational Union oj Dyers, 
leach ers and Textile Workers 
Sir.— At a meeting of the 
ational Association of Unions 
l the Textile Trade held on July 
1. the whole philosophy of the 
ay policy was rejected unani- 
lously, especially bearing in 
jind the attitude towards 
special cases.” The Govern- 
wnt was already aware of the 
roblems facing the textile 
idustry. indeed the NEDO 
ndustrial Strategy Report laid 
mphasis on the poor wages 
rev ailing in the industry (13-15 
er cent below national manu- 
teturing average). The associa- 
on was concerned that on each 
ccasion during the whole pay 
olicy period claims put forward 
nder anomalies had been 
ompletely rejected arguing that 
srtiles could not be considered 
special case. 

The National Union of Dyers, 
;!eachers and Textile Workers 
f totally opposed to the con- 
i nuance of any form of pay 
olicy. We appreciate the 
conomic problems facing the 
ountry and do not wish to turn 
he clock back towards rapid in- 
lation hut it appears to us that 
he policies designed to rednee 
__--mfintinn and protect the low paid 
■.'orkem have only worked one 
*-*'vay i that is reduc^ inflation. 

* Regarding the political argu- 
tfAnems on differentials, we agree 
general ha sis that incentive 
/rSe nust be there to encourage 
Sjj? @1 corkers to accept responsibility. 
B? £ This criteria should not however 
used in isolation — that is for 
' ^ortnin sections of the com- 
r ntinUy at the expense of raem- 
? ,er,: °f unions like ours 
resenting workers receiving 
i-P Yvae.es a creat deal less than 
& j hvorace wages for manufacturing 


I W 


r- ;-f * e 


isr-fiz? 3 
?* %as r 


, : ^ 

** - 


1 I suggest that the learned 
tcMicmen who advance these 
inlicics should rectify the situa- 
inn hy introducing a national 
itinimum wacc which should he 
n excess of the subsistence level 
herehv getting rid Df the poverty 
rap or. indeed, practice what 
giber preach— tighten their belts 
[find even if they consider it not 
Aiossible to live off wages similar 
■ (o the ones being received bv our 
I in embers at least they would sit 
.hark during the pay policy period 
»md be satisfied that at least 
~ hey are living comfortable off 
he wages prevailing. 

Perhaps they could explain to 
up how I convince my members 
hai while other individuals in 
he community can have wage 
ncreascs between £2.000 to 
: 12.900 per annum why they 
?ould accept 5 per cent of a 
*agc which is already in the 
;«»iprty trap. 

K. Dyson. 

iona! House. 

Sun bridge Road. Bradford. 

Microelectronic 
chip engineering 

From Mr. R. Toeman 

Sir.— The Department of Indus- 
try is reported (July 22) to be 
taking steps to fund a “ British " 
effort in very large scale 
integrated circuits, currently 
defined as 64K RAM chips. Since 
GEC. Plessey, STC. etc. appear 
Incapable of offering even a 
united effort to solve the problem 
nf modern UK telephone systems, 
the Government seems now to be 
interested in starting from square 
one, with one Briton and two U.S. 
vhip experts. 

What is obvious in this kite 
flying is that no “all British" com- 
pany exists with global market- 
ing ’organisation, experience, and 
Technical ability remotely like 
the capability of the handful of 
firms existing in the field. These 
are of U.S., Japanese and Dutch 


origin. To work in this difficult 
field requires a track record of 
worldwide success in a well 
established industry. With no 
real understanding of the world 
market the Government could be 
doing another Concorde; spend- 
ing, say £lbn Of taxpayers’ money 
for a product that has no secure 
basis commercially. 

The Government, Rational 
Enterprise Board, etc. have been 
talking - for months while 
Japanese, Dutch and U.S. com- 
panies have been forging ahead 
fbr years. The issue of who will 
win in this enormously complex 
field is almost settled. Judging 
by past effort Government has 
all the time in the world while 
opportunity comes and vanishes. 
The semiconductor business is the 
fastest moving industry that 
exists anywhere. Development 
and research on a colossal scale, 
unknown to those outside the 
industry, are continuous. 

We have in this country two 
companies with world wide cap- 
ability in marketing, in R and D, 
prep reduction, mass production; 
Philips an$ Texas Instruments. 
They have a first class record of 
success, of commercial and tech- 
nical capability, provide employ- 
ment for thousands of Britons, 
they stand well in the world 
league. The Government, accord- 
ing to the Financial Times, seems 
to take its cue from Mackintosh 
Consultants. What successful 
product makes this firm worthy 
of acting as Government advisers? 
Can the Minister at the Depart- 
ment of Industry name sucb 
products? Current information 
points to ivory tower philosophy; 
as always this can only end in 
missing yet another . opportunity 
and squandering taxpayers' 
money. 

No companies other than those 
mentioned are worth considering. 
Is the Government cold shoulder- 
ing them? Could this be yet 
another case of the parochialism 
of our commercial “non savoir 
faire?" The rhetoric of the “ all 
British " chip gives me a feeling 
of listening to barber shop trivia. 
R. Toeman. 

21, Avondale Avenue, 

Hazel Grove, Stockport. 

Liability for 
products 

From Mr. A. McMfnn. 

Sir, — Sorely Mr. Tye (July 
16) is not suggesting that "pro- 
duct loss control " however 
superbly exercised, would have 
prevented the American lady 
from using her micro-wave oven 
to dry her dog and then ensured 
that she would lose her case 
when claiming the liability of 
the manufacturer. 

I e»n assure him that extreme 
care is exercised in most manu- 
facturing companies and product 
liability is uppermost in 131051 
responsible companies' thoughts, 
but the American scene he de- 
picts as about to " pick up our 
Industrial system between thumb 
and forefinger and quietly 
squeeze it" is hardly included 
as normal and acceptable pro- 
duct liability. 

What insurance company 
would offer you cover to meet 
such ridiculous claims? A risk 
can be insured if it can be de- 
fined and quantified, but otner- 

W Why don't we bend our efforts 
to ensure that the laws 
land are sensibly drawo. instead 
of trying to cope with Uwtie^ 
tort ! mm of the truth of liability. 
A. J. MeMinn. 

Rohan, Spring Meaapw, 

Ptayford. Ipswich- 

Insider 

dealing 

From Mr. S. Penwfll 

Sir.— If, intending, to sell * 
shareholding, I 
lion not generaJy 
causes me 10 change my mmo, ao 


I become an insider non-dealer 
and bow will legislation cover 
such a situation? Who will know 
but myself? 

How is it to be decided that the 
Information in any event is such 
as would materially affect the 
market price of shares, when in 
many cases the market price is 
based on hope or rumour? There 
are many examples of higher dis- 
closed profits resulting in a fall 
in market prices and vice versa. 
S. W. Pen will. 

158, Fenchurch Street, EC3. 


Saving 


energy 

From Mr. J. Millar 
Sir, — The President of France 
urges America to cut its imports 
of oil. This could be achieved if 
waste could be avoided In beat- 
ing and cooling public and 
private buildings. 

The UJi. as well as the U.S., 
France and all Ibe free world, 
urgently need to reduce their 
consumption of energy for the 
heating and cooling of buildings. 
All, repeat ail, buildings, public 
and private, must have double 
glazed windows and roofs in- 
sulated on the inside with a 
thickness of insulation at least 
double that regarded as neces- 
sary by any expert 
The present heat loss could be 
substantially lowered, resulting 
in a massive reduction in energy 
consumption and power station 
loads — also in the number of 
unemployed, who could be used 
for a crash programme to carry 
out the work. 

J. H. Miliar. 

49. Avenue Hector Otto. 

Monaco. 

Don’t shoot 
the pianist 

From Mr. R. G. Humphreys - 
Sir, — 1 find myself in consider- 
able agreement with James 
Morrell's letter (July 14) about 
forecasts; with its apposite cai> 
tion: " Don't shoot the pianist.” 
And the recent problems with 
the Treasury's forecast of un- 
employment and those of other 
departments lie in the same field. 

Mr. Morrell refers to the fore- 
caster putting the odds on the 
different possible scenarios; also 
to the difficulties of correctly 
determining the trend incon- 
sistent past data. The difficulty 
is that most forecasters present 
their results with considerable 
precision (e.g.. three significant 
figures! which is deceptive to 
the layman, so that the pianist 
unnecessarily draws fire upon 
himself. 

Can I offer a suggestion, at 
least for putting into operation 
on a trial basis, which may help 
the forecasters and their readers. 
It is to preface each forecast 
with a note on the following 
lines; — . 

“This forecast shows the 
most likely trend, in our view, 
resulting from historical trends 
and changes of policy before 
(date). The chances of the 
actual result being exactly the 
same as the forecast are 
virtually nil: the result is 
about equally likely to fall 
below or above the forecast, 
unless otherwise stated in the 
notes. The lower limit (above 
which we believe the result is 
virtually certain to foil 1 ? n , d 
the upper limit (below which, 
etc.) are also indicated in toe 
notes." 

Which will help to cover the 
(statistical • problem. - There is 
one more note to add: — 

“ This forecast does not take 
Into account any changes of 
trend caused by decisions 
made as a result of reading it 
(this forecast). If. action is 
taken, the forecast is no longer 
valid.” 

Which - will help to stop lime 
wasting arguments after the 


event about whether forecasts professionals, and wonder if it 
were “right” or not. The only xs as simple as that, 
way for an influential forecaster jn the issue of July 22 
to be right is to lock up his fore- emphasis is placed on about a 
casts in his safe until after com- quarter of the contracts coming 
pletion date, in which case he from one covered writer. I 
will not be Influential any more, wonder if the same picture 
This leads to another aspect— Would emerge if one looked at 
the purpose of forecasts and the the number of people involved, 
confusion between targets (for be they individuals or croups? 
aiming at) and plans (for keep- _ „ . r . 

ing on the right side of the £ f ee iL m 
situation) and budgets (for a 

monitoring datum point): but ,! nv ^S «« nn 

space forbids suggestions about 

how to cope with that Z 

Gordon Humphreys. Vtf J® 

Binder Hamlyn Fry and Co. 

227-2 28 .Strand. WC2. to m . ove ^? ng Jejniz3g curv ® 

— — o u nu, much quicker because be gets 

-r* • -i more practice in a week than I 

Pensions and win s et in a y** r - Hen ce he has 

r ' . my authority to get on with the 

inflation ^ ob- 

„ ,, » D v. . t As for the level of commission, 

From Mr. R. Bankes-Jones the amount of technical equip- 

Sir.—Mr. Rutherford (July 71. ment needed is much greater 
visualised that nationalised than for ordinary dealings, and 
industries could fall back from therefore attracts a higher level 
funded to pay as you go indexed Df overheads. If one uses a ser- 
pensions because (unlike in the vice one must pay for it— vide 
private sector) they could be •* charges on Page 19." 
underwritten by the taxpayer. _ 

Mr. Townsend ‘July 21) very ZL A ; 
properly rounds on this with a 32.' Gre en Lane, 
volley of cogent comm erase nse. Middlesbrough. 

to the effect that public money — 

should be used for maintaining TlplilVC III 
the real value of public and 111 

private sector pensions equally. i.r Q 
not public sector pensions only. Hit. Ill *111 

*jg From die managing director 
not make the point that public Coss Electronic* 

and private sector pension . , . r „ . , 

increases could be on an equal 

but less than indexed basis; or d ® llver ?^ ,s “ 0 ™ ns 
that, short of recourse to the shows Uiat only 63 per cent of 
taxpayer for maintenance of ® rst cl ®ss letters arrived on 
nationalised industry pensions, the day alter posting: 3< per 
it is still the' consumer, as cent 10014 foui ^ ^ a >' s - 
customer instead of taxpayer. The performance of second 
who foots the bill; or that addi- class mail was even worse — 9 per 
tional component state pension cent of the letters received took 
(or equivalent) wiU gradually one week. 28 per cent — six days, 
index all pensions up to a modest 9 per cent — five days and 43 
limit Nor does he encompass per cent took four days. This 
the possibility that it may be deterioration in postal services 
eating the cake and having it fo of great concern to us as. a 
for the common objective (for company, especially as we pride 
private and public sector alike) ourselves on answering corres- 
to be a good initial level of pondence on the day received, 
pension which is also indexed. E v Cass 

ev^Mr-T^Ties 11 ^ ^ 

fair point in the abstract in that T T 1 . 1 

be does noi toneb on bow to LJ HCOOUltlOlltfli 
right the wrong which he points. m m 

In support of him perhaps one rtfcpiiCClftn 
approach might be (in respect Uistuasiim 
of public and private sectors From Mr, G. Fokuchaner. 
equally and alike) J 0: r^ro e pt Sir. — In your leading article 

that funding forward for both on Middle East intransigence 
initial pension and indexed in- <Jul y 21 j your views reflect a 
creases in retirement is hkely p 0 j Dt 0 [ view which seems to 
to continue to he unreasonably jj ave ignored one basic con- 
expensive; and therefore to fund siderat i 0 n. 
for initial level of 'pension only Israel would m, t0 con Unue 
° n **«?*;* the discussions, without pre- 

0 r at ' 0n c ^,i * fhu, 510 ; n conditions and H is only by 
hp an add hack ti ihP let means of an unconditional dis- 
a PAYE on d th^tmc'retuni CU6Sion that 5eri °us progress can 
f FtC !L P .„ “SJ" 1 w*?LIJ5!ta be made in this particularly 

for the year ended. For CXAlDple. /jifftdiii slace of a npentiated 
say. occupational pension of iJSSment. negot,ated 
£2.500 gross, tax £500, £2.000 net. P B “ ce ajroement. 

10 per cent inflation equals £250 To ask for concrete territorial 
add-hack. That add-hack would concessions as a pre-condition 
be a revenue charge against the to the continuation of the talks 
former employer for the same themselves puts a question mark 
tax vear: or failing that to a on the declared sincerity of 
central Department of Health Egypt's intentions in this matter, 
and Social Security sub-head. G, Fokschaner. 

The individual would have the 2. London Wail Buildmfls, 
add-back knocked off the gross EC2. 

in coding for the next year (in 

the same way as were, before pnfprpnHlIltl in 
retirement his pension contri- IV C It I LIlulUll 111 

buttons). The arrangement r __ J_ n 
would be analogous to indexed JL/UUUUII 
personal allowances. From the Member of 

The equal result for all citizens c^r LoiS^ricii for 
of our single democratic society ^ Nor n. ■ }V ^ 

is partial funding, plus partial f 

K Sf’ P,US underaTllins d£< o?£np?« 

hl’tSSSVSTswu ' ■ ® “ S2SS IXTSi 

lo4, raiewe u- far*, a nn iggg game5 A feasibiIity study 

rri • is to be carried out by Sir 

trading U1 MaIbv Croff ? a - Wien he has 

, ® completed his work, would it 

ATktinTIC not be a Eood to ask 

Londoners as a whole through 
From Mr. J. EUis. a referendum .whether they wish 


ferior investment projects or 
engage in takeover projects not 
justified by efficiency considera- 
tions and which tend to increase 
industrial concentration quite 
unnecessarily. 

A great deal is made in offi- 
cial apologias of the possibility 
of gaining permission to rai»e 
dividends when this is neces- 
sary to facilitate a rights issue. 
This does not remove all deter- 
rents, as the attractiveness or an 
issue — and therefore its cost 
to the company — depends 
directly on the future dividend 
prospect. In any case the con- 


GENERAL 

Labour Parly home policy com- 
mittee meets. 

British Airways annual report. 

Electricity Council and Central 
Electricity Generating Board 
annual reports. 

Railway Staff National Tribunal 
hearing on business performance 
plan. Connaught Rooms, WC2. 
PARLIAMENTARY BUSINESS 

House of Commons: Proceed- 
ings on Dividends Control Bill. 

House of Lords: Scotland and 
Wales BiUs, consideration of 
Commons reasons for rejecting 
Lords reasons. Debate on oil 
pollution. Motion to approve 
■Shipbuilding (Redundancy Pay- 
ments Scheme) (Great Britain) 
Order 1978. 


cession is irrelevant to a com- 
pany with the opposite problem 
of sitting on a mountain of cash. 

The Treasury’s own assess- 
ment given to the Wilson Com- 
mittee un June 9. 1977, was that 
** even with the rights issue 
relaxation. Ihere van bv little 
doubt that dividend control has 
tended to distort the equity 
market, making it less attractive 
to private investors, and has 
thus to some extent increased 
ihe cost of raising new capital." 

One aspect of the corporate 
crisis of 1974 was- the drying up 
of the new issue marker, and the 
throat of severe overgearing, as 
companies heroine alarmingly 
dependent un hank finance. 
Following Mr. Healey's raising 
nf the limit on dividend increase 
from 5 per cent to 12? per cent 
in 1974 land other measures 10 
revive the equity market I indus- 
trial and commercial companies 
raided a record £lbn in new 
issues of Ordinary shares in 
1975. 

In that year the dividend 
limit w as put hack to per cent 
as part uf the new pay policy. 
By 1977 new issues were down 
to just over £700in and 
accounted for 3.9 per cent of 
corporate funds compared ivuh 
S.I per cent in 1975. The latest 
concessions relating to cover 
and profits growth are nf a 
limited kind. According l<> 
Phillips and Drew only 3u per 
cent of quoted companies will 
he a hie to raise their dividends 
as a result. 

How much damage dividend 
controls do is difficult tn judge. 
It Is one of a long list nf policies 
tending to ossify the existing 
industrial structure and inhihit 
new developments. Of course, 
some people with financial know- 
how may to some extent get 
round dividend controls as they 


Today’s Events 

Select Committee: Race Rela- 
tions and Immigration. Subject: 
Effect of UK membership of EEC 
on race relations and immigration. 
Witnesses: EEC migrant workers 
1 4 pm. Room 6). 

OFFICIAL STATISTICS 
Car and commercial vehicle pro- 
duction (June, final!. Energy 
Trends publication from Depart- 
ment of Energy. 

COMPANV RESULTS 
Final dividends: Ca woods Hold- 
ing?: Denbywnre; Fitch Lovell; 
Hillard?; Inchcapc: Rcdland. 
Interim dividends: Barclays Bank: 
Beaumont Properties: Cardinal 
Investment Trust: Jacob? (John 


can get round S3 per cent 
marginal taxes on earned 
mi-nmc or tite constrictions of a 
uniform pay norm. But all these 
avoidance techniques impose a 
cost — above all in talent which 
could be used more productively. 

For whnsv benefit is all this 
done? it is extraordinarily 
difficult to meet anyone who in 
private conversation really 
wants dividend control. It is 
always " trade unionists." ** my 
members " nr " public opinion.’* 
A thorough going opponent of 
private capitalism could argue 
in favour of turning over the 
equity to the state or to the 
workers themselves. But to 
maintain a substantial privately 
owned sector and prevent its 
proper functioning is the kind 
of stupidity into which other- 
wise sensible people are led by 
the obsession with pay controls. 

The tragedy is ihai the Prime 
Minister has become so per- 
sonally and passionately con- 
vinced that the future of this 
country depends 011 a permanent 
income? policy that he ts pre- 
pared to accept other policies 
he know? to he damaging — if he 
thinks that there is a 0.1 per 
cent chance that they will help 
the climate fur pay controls. 
Although no doubt Mr. Cal- 
laghan hopes lhat the general 
appeal of pay restraint will help 
him in the election, he is pre- 
pared to lake electoral risks by 
going fur a specific norm which 
may turn out to be not all lhar 
popular. What a pity it is that 
this very genuine patriotism 
could noi be put to a better 
cause. He dues not lack advice 
on the very limited and 
tempurary role of incomes 
policy: if only he would turn 
to it. 

Samuel Brittan 


l.l: Prestige Group; Yorkshire 
Chemicals. 

COMPANY MEETINGS 
Ambrose Investment Trust. In- 
stitute of Chartered Accountants, 
EC. 12.30. Beerhwood Construc- 
tion. Swansea. 12. British Steam 
Specialities. Leicester, 12. Caffyns, 
Eastbourne. Carlton Industries. 
Bristol, 12.30. Combon. Bristol. 12. 
Cohen tA.). S. Waterloo Place. 
SW. 12. Exchange Telegraph, 
Extcl House. EC. 12. Leigh 
Interests, Edgbaston, Birmingham, 
12. Lyons tJ.L Cumberland 
Hotel. \W. 10.20. Plysu, 100. Old 
Broad Street. EC, 11. Press tWm.). 
Inn on ihc Park, \V. 1130. Sangers, 
Connaught Rooms. W’C, 12. Sheep- 
bridge Engineering. Grosvenor 
House. W, t2.no. Whcway Watson. 
Glasgow, 12.15. 










m 


• v »' fL:* 





-V, V: 


111 

M-i J 






>V^V’V ; V .‘ W V-' 


,. -• :*■' • .*0 


WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


bv the state ui?ymc u»t» .urat viymyivs 

H »r Bankes-Jones ■ 22) referred ro the possi- 

154 rSSSltpSS 5 W 14 hi lily Of London hosting the 

Jo4, Faiewe tt farts, iggg game5 A feasibiIjty fitudy 

n-i • is to be carried out by Sir 

i radios 111 MaIbv Cnttm. When he has 

, ® completed his work, would it 

ATktinTIC not be a Eood to ask 

Londoners as a whole through 
From Mr, J. EUis. a referendum .whether they wish 

Sir,— For the second time is a to hold the 1988 Games in London 
few weeks I have read a com- .or not? 
ment on traded options saying Bryan Cassidy, 
that the market is dominated by County Hall, SHI* 


Denmark is yet another of the 60 Standard Chartered countries. 
Here at Gammel Strand 34, Copenhagen "we can transact your business 
direct with any of our 1500 Group branches and offices across the 
world — and thereby save you time and money. 

To hear in detail how we can help you in Denmark, ring Keith 
Skinner today on 01-623 7500. 




Bank Limited 

helps you throughout the woiid 

Head Office 10 Clsmenis Lane, London EC4N TAB - Assets csceedJESjMG million 






Financial Times Thursday July 27 1978 




22 


COMPANY NEWS 


HIGHLIGHTS 

-Ts.'wrss sswssr-ra 


Rediffnsion changes auditors 
despite some opposition 


North Sea interests of Thomson Scottish W. a *w 
International Thomson Organisation, winch is incorporated ana 


Vosper starts negotiations 
over compensation claims 


l 



BY JAMES BARTHOLOMEW 


the second half while borrowings are 
reduced. On the issue front the Camden ^ Corporation Jam 
issue brought in applications for -Ibnofstoct 


THE MEMBERS or Redlffuslon 
voted overwhelmingly to change 
auditors at the aGM yesterday 
despite \ncal opposition from Mr. 
Jack Clayton, a farmer director, 
and Mr. Shiner, a representative 
of the Post Office Pension Fund. 

Mr. Clayton alleged that the 
change wan “wrong in principle" 
and that he had previousy had 
*' experiences of the subordination 
or the interests of RedifTusion to 
those of British Electric Traction." 
B.E.T. owns 57.66 per cent of 
Rediffusion. 

The motion befure the meeting 
was to appoint Deloitte, Haskins 
and Sells as auditors of the com- 
pany in place of the existing joint 
auditors Binder Hamlyn and 
Fryer Whitehii!. Delaine is the 
auditor to the parent company 
BET. 

The Board unanimously recom- 
mended the resolution on the 
grounds that it would simplify 
[he audit. The chairman. Sir Jnhn 
Wills, said that effort and money 
was currently being wasted since 
the joint auditors had to check 
on the work done by other audi- 
tors who were responsible for cer- 
tain subsidiary companies. 

Mr. Clayton accepted the vali- 
dity of this argument but sug- 
gested that the loci cal conclu- 
sion was that the present audi- 
tors should continue in office and 
additionally take on the audit of 
those subsidiaries. 

Sir John's view, as expressed 
in a joint statement in the annua] 
report, was that *'If there were to 
be a change to a single firm, it 
seemed to your Board sensible to 
ask shareholders to invite Deloitte 
ITaskins and Sells to undertake 
the task. As auditors of Redif- 
fu.sicn’s parent company, BET, 
Deloitte. Haskins and Sells 
already have to review the Redrf- 
fusinn audit." 

Mr. Clayton, in the course of a 
Ions speech, said that he believed 
that the chance nF auditors went 
hack to a qualification of the 



Sir John Spencer Wills — 
effort and money being 
wasted. 


accounts of a subsidiary, Second 
Premier, back in 1966. Mr. Clayton 
said. “Mr. Fryer, I believe, was 
never forgiven for his qualifica- 
tion." The late Mr. Fryer was a 
partner of one of the joint 
:■ minor s. Fryer, Whitehii]. 

Phis' claim was denied by Sir 
John later yesterday. He said it 
was “ absolute twaddle " and that 
the incident had happened years 
ago. 

Mr. Clnyton described ttvo 
occasions on which he alleged 
that Rediffusion's interests were 
subordinated to those of BET. In 
one case he alleged that Sir John 
had capitulated to an attack on 
Rediffusinn regarding shares in 
Second Premier partly because 
the attack might be switched to 
BET. 


Secondly he alleged that Sir 
John, who is chairman of both 
BET and Rediffusion, had secured 
50 per cent of Associated Rediffu- 
sion for BET “to the detriment 
of Rediffuslon." 

Sir John said later yesterday 
that it was “absolutely untrue” 
that he had at any time subordi- 
nated the Interests of Rediffusion 
to those of BET. 

Sir John did not comment on a 
suggestion by Mr. Clayton that 
BET should make an offer to buy 
out the minority shareholders of 
Rediffusion. 

Mr. Shiner of the Post Office 
Pension Fund asked several 
detailed questions about the 
accounts and requested that one 
of the non-executive directors 
should expand on how the account- 
ing would be simplified by the 
change of auditor. 

Sir John answered the question 
himself, saying that it would be 
“ unorthodox and perhaps im- 
proper” for a non-executive to 
reply. He said that the duplication 
and waste described before was 
due to the fact that guidelines 
for auditors introduced some two 
years ago meant that one reput- 
able firm of accountants could not 
take tbe word of another. This 
meant that parent company 
auditors had to check the work 
of auditors of subsidiaries. 


PMA improves to 
£173,000 


peak 


Criticising the delay. Sir John 
■ Rix, the chairman, says The 

effect on the company would havo ... _ . 

been less damaging if reasonable | "J - v ‘Xi* 15 "-'-, -. ’i 
and prompt progress had been * - 

made, but to date only a paltry 
£650.000 has . been received on 
account of the £25m of tangible 
assets which were vesied in 
British shipbuilders on July 1, 

1977.” 

He adds that the directors are 
, determined to press for fair 
15 compensation to the limit the pro- 


from IQJNoVa JSo^lfSoOO Mready looking to the current cesses ^jawpermit, Jut^thc ^ck 

is reported by PMA Holdings, the year. 

for the 


furniture manufacturer, 
year to March 31, 197S. Turnover 
was higher aL £7.5 9 m against 
£6 84m. ^ „ 

When announcing first-halt 


Centreway 
in excess 
of £lm 


profits of £10,000 (£28.000 loss), 
the directors anticipated a con- 
tinuing trading improvement 
with the full-year result being 
substantially better ihan for 
1076-77. 

quarter AS EXPECTED - profits before tax 

year show sales, profits and of Cen '^j ay { T !l° r 3 r e 

order intake all substantially year ended March 31, 19.8, are 

ESTe.?’” ^ ^ Su ' «h£Ld.“ previous 

Attributable profit at the year- year- Sa*J es increased 

iH pmoropH ah pari from £p.'6m IO -43171. 


of progress to date is inevitably 
inhibiting efforts to rebuild the 
company. . 

Profits before tax expanded 
from £304,372 to £918.608 Tor the 
six months to April 30, 1978, on 
turnover of £S.35m against 
X5.46m. 

Tax took £362,192 (£23.216) and 
after minorities, and a revaluation 
of investments of £ 116 . 68 * 

(£453 562], atiribulable profits £t«*4.i — 
were down from £779.849 to Comparisons 



exclude figures t*t Those cat* I 
panics which wore tu&otuHjwi i 
on July l, tt*7T. J 

Stain! earnings arc sjh 
(5.4lp> per 2S> share, and th» 
interim dividend b raised from 
2,26Sl25p to 2.5p net—tho dtrefr. 
tors intend to pay. a. final of net 
less than the present interim ! 
Last year's final vas 2J4S8p paid ■ 
from £2. 18m taxable profits. 

Trading result!} of Vospw 
Private, Singapore, wsttoued to 1 
improve, while the- Implementa- 
tion of tho plan, referred to in - 
the last annual report, to develop 
its potential to scry* world mar- 
ket*. is now proeMdum. 

The chairman says he ronfl. 
dc-ntly expects there wHl be a 
furl her improvement tn group 
trading results at the year-end, 1 

Sht BHUIti \ 

M7.-7S *!|;«4T 

r t 

Tunnvrr (.WAIS- Mm . 


M>.M1 

• 78.S8* 
17.985 

4iiA3 


Sir John Rix— further pro gr 
expected tn current year. 


W.M* 

36? II? 
. 1.818 
1IU« 
«74.W! 


are adjusted 


Trading 

Prpii-citiian . .. 

tnuvnt parable 

lnvrcnoem income 

stun- vf Hmctaica' km 
NatMathaed cm. diw 
rrtnt hhn our 

Tm ... *. 

from mmornir* 

RevatnaiiH «f. WwiB. 

Atmnnnbir rwflu . . . . 

* Adjusted io rxrturi*- daurr-s id ihm l 
mnwrun *&*-)) >crr naiunakieil m ' 
to July 1. 1977. tTo minorities. 


:<un , 

HM 1 

MM 

34.7M 
158. ttT 

I 

w *u ! 

'UWI 

i- 

s* 




from 


Laurence Scott sees downturn 


end emerged ahead from — - - - faT 

£ >lO AHA flflrt nfini* tor III tfafi uTSt SIX UlOQUlS, piG 13a • 

nf iio mSi <117 0001 ore- profits had risen from £217,000 to « nrrmvINC M AINTAINED to £139.600 against £123,400 after mainly due fa better .figures in 1 

E wr sop share .are S"'" £S &T"‘ 01 £1Hlra 8? X*5E7 SSL"® ' 


Sdtaa^rdJuS! 0 (£I3,000> eXtra ' Sive? as SUp (35£p) and, a .final {JggSy and” “'cant ref sear The interim dividend ..is currency stability, the director* 


,J- J.L^_ zneu da / ouu o anfl COnljOl Rear I lie IIUU uiumchu k.Mi i Viiwy PI8MM4IV! ure UUWtvtP J 

eSSc! b bSore extraordinary dividend of 6.167p makes a “Skw Sports pre-w5 profits of maintained at Mp net per 25p say. The trade also appeared 
Si maximum permitted 12.16SP ’ri? thTrea r ended March share-last year's final was 0.6p short of stock and mIm for 


The vote on changing auditors 
was passed on a show of hands 
with four opposing. Sir John said 
that the proxy votes, excluding the 
votes of BET, were 924 per cent in 
favour of the change. He said that 
this showed the vast majority of 
shareholders, most of whom had 
business experience, were in 
favour of it. This figure of 921 
per cent was exclusive of the 
voting power of BET itself. But 
in any case he did not accept the 
suggestion that BET would have 
been morally obliged not to vote 
if the motion had gone to a poll. 


items are shown as 6.4p (2.5p) per 
25p share, and after as 6.1p (L9p). a 3 amst 10 - 896 *»- 
As forecast dividends are 

restored, with a payment of Ip _ t 

net— the last were in respect of \^3."Dll3J. 
1972-73 when 3.0525 p was paid. r 

For the current year, the A nninfinc 

directors anticipate paying both jr\JLLtlllillt.o 
an interim and a final dividend. 

They say the improvement in 
the group's liquidity has been con- 




repayment plan 


h?vT*iSi^2d flam™' negatfv^e The foraai winding-up «rd«r 7lS.74pr 'and a "final 

97,000 in March. 3976 ^ into dividend of 3p makes the forecast 


t^ 7 R^Te‘a{ l aSQOO for insurance company which ran into 5 “p "compared with 302p. 

rhie voir uihilo Kant hnrrnuinoc difficulties over two years ago. was N . „ cl M va iue per share is 


Stock Conversion expands £1.2m 


this year, whfle bank borrowings i.' - rta whh rn ,rt ve'sto7- Ncl 

have been reduced. b > ^ High. Court yester 17 j p 

The only asset remaining aa ”: . . .. s _ Turnover 


year in- 


Somportex 
turns in 
record result 


\VTTH THE share oT associate 
companies' taxable earnings up 
from £793.000 to £1.26m. Stock 
(inversion and Investment Trust 
lifted profit from £4.17m to £5.:t6m 
for [he year to March 31. 197S. 

Tax took £2.73m (£2.04mi leav- 
ing earnings per 25p share higher 
.ir S.7Sp l7.1p) basic and 7.91 p 
(R.47pl fully diluted. A net final 
dividend or 1.02175p takes the 
total to 2.011 «.>p (l.S025p) which 
absorbs £602.000 i £339.000). 

There were extraordinary credits 
1 his time of IC0S.000 (debits 
£15,000 ». 


The interim dividend is fi.7p 
(6.6p» net per £1 share — last year's 
final payment was S.58p. 


Midterm 
progress by 
Leda Trust 


Mr. P. J. Dodd, the managing 
director, anticipates that profits 
and rebate distributions for 1978 
will show a substantial increase 
on the records achieved for 1977. 




19TT-7S 

1970-77 



OWltl 

two 


tlevr-nnc 

s.:v 

4.349 


To minnrittes 

1.141 

977 


Sli.tr-.- nf a*.nciau-s . 

1 . 2 m 

T9’ 


Revenue before lax 

5,355 

4.115 


Tax 

2.r:s 

2.040 


Net rev -.-mi-.- 

2.C.29 

2.125 


E’ctrj.ird credils . ... 

iWS 

•IS 


MnkMR 

T..Z-.T 

2.107 


Til fOPII.ll (VRtfTYC .... 

HIS 

9 


rrri. dividends ... 

IU12 

S3D 


Re!. mu d 

2.5J7 

l,5«i 


Debits, t from rapttal reserve. 

See Lex 


Gillett Bros, 
sharply down 
so far 


After tax of 138,166 against 
£34,572. revenue of Leda Invest- 
ment Trust advanced from £63,032 
to £73,056 for the first six months 
of 1978. For all the previous year, 
the figure was £140,317. 

Gross revenue at the half-year 
amounted to £138,272 (£124.634), 
which included a subsidiary's 
profit on dealing of £4,434 t£608). 

Earnings per 20p income share 
are L47p cl.29pi and the interim 
dividend is stepped up from 0.9flp 
to I.139p net— last year’s final was 
1.7S2p. 

At June 30. 1978, net asset value 
per 5p capital share, after allow- 
ing for conversion of the remain- 
ing convertible loan stock, is 
shown at 52.7p t.42.Sp). 


Albion back 
to profit 
in first half 


The directors of Gillett Brothers 
Discount Company state that as 
a result nt rising Interest rates, 
discount market business has been 
unprofitable with the result that 
group profits, so far. are sharply 
down from the exceptional levels 
reached at this time last year. 

They add that in the light of 
the prevailing economic uncer- 
tainties. no forecast can be made 
nf results for the full year to 
January 31 1979. 

For the 1977-7S year group 
profit and transfer to con- 
tingencies was Il.Olm (£0.47mj. 


UniChem 
ahead 59% 
in first half 


Turnover for the first half of 
1978 of UniChem, the independent 
pharmaceutical wholesaler, rose 
by 34.6 per cent to £44.Dlm and 
pre-tax profits by 59.2 per cent 
from £1.32m to £2.11m. For all 
1977. the figures were £T2.18m 
and £3.29m respectively. 

Margin of profit on sales for 
the hair-year was 4.7 per cent (4 
percent). Distributions amounted 
to £366,000 (£392.000). 


A recovery from losses of 
£42,000 to a pre-tax profit of 
£208.000 has bpen achieved by 
Albion, maker and wholesaler of 
menswear, for the half year ended 
March 31. 1978. 

Orders on hand at present show 
an improvement on ihe previous 
year and the directors are satis- 
fied (hat tbe second half will show 
a similar level of profit to that 
of (he first six months. 

For tho year to September 30, 
1977, the group reported a loss 
of £39,000 against profits of 
£100.954 previously 

After a two-year absence, the 
group is returning to dividends 
with an interim payment of O.Bp 
net The last dividends totalled 
2.068p in 1974-73. 

Tax charge in the half year is 
£10S,000 (nil). Attributable profit 
is £94,000 against a loss or £217.000 
after minorities £6,000 (£5.000). 
and an exceptional debit last time 
of ' £170,000. Retained profit 
amounts to £71,500. 

The board states thaf the turn- 
round from the previous year’s 
results has been mainly due to 
increased activity in the manu- 
facturing units. However, the 
reorganisation of the activities in 
the Republic of Ireland and the 
amalgamation of the two wholly- 
owned wholesale subsidiaries in 
the north of England have also 
materially contributed to the half- 
year’s figures. 


Easter this year were higher. t 

•OV.O.IM.V Six months to* rook £82,700 Since the year-end, daily line* 

The director*! say general pro- compared with £60.100 leaving not have been pressed by heavy 
-ress should be achieved although revenue down at £56^00 (£63.300). competition but it la too early to 
6 cures for the first half of the .Net asset value per share is given judge how this will affect the 
current year are likely to be sub- as 53 ip as at June 30 compared year’s total sales, 
slant i ally lower than those for the with 42p as at December 31, Ifl.> Earnings per ,25p share sre 
comparable period last year. shown at IMop (S.7Sp). The 

due to Phasing on contract recommendation of . a dividend 

enmnieiions CAmn/u-fnr 1,35 beeo adjourned until August 

Eantings per 23p share are given bO HI DO ITCX 2. but the director* have decided 

* . . r that Ihe dividend should nor m 

any case be . such as to reduce 
cover below its highest since 
dividend curbs began tn 1972. 

Tax charge for the year fat 
£101.090 (£36,397) leaving not 

Following record results in the profit at £136.184 against £40.329. 

Somportex Holdings. The directors say hard work 
l-*. groceries and has been put Into the delicatessen 
distributor turned in sector which offers, the possibility 

nrnnertv anrfwUI*dlsnnse of it^as ^ "PoUcyhoidcre of awS (£»“000 debit)! peii“ prefix profils of £237.234 of a higher growth rate. The 1 

Protection board intends to secure gfSJirlsoM arc reslated. compared wilh £76.726 previously, group moved to a larger office 

soon as market .conditions permit, pavment to cac h policyholder of T P c h ar v e is £644.000 (£1 JWm) Turnover was also at a record block and warehouse last month, 
the directors add. certain amounts due under any . , h ” re extraordinary £3.ii2ni (£2.fi6m>. The results arc doubling its capacity. 

■ . policy at the date of the winding- „r mono aralnst £42.000. . 

• comment up order. It also intends to secure dcblts 01 k > — — - 

Two years ago when Malcolm ** continuity or certain benefits 
Meredith and his colleagues moved under existing policies. 

in to head up PMA the company n o Growth at Laurence Scott is being 

was losing £60.000 a month. Now Policyholders ^ Protection hoard sliflled by a scarcity or orders for 

it is producing profits— in the last £}JJ^SJL Ca J f a J ~ rff 0 the electrical motors, which account 

six months PMA made £163.000 hol ?®£ *5L I £ Ihe for around GO per cent or group 

pre-tax— but there is still a long bSi mi^Dotides 5 th sales. Static first-half profits .have 

way to go. The return on net °n®£ .JSSSSlSf £?;!S es - _ pf been followed by a second-half 
capital employed was 8.7 per cent The protccDon board was set < j ownturn of a fifth, and the shares 
last year, not impressive for the up under the Polic^miders dropped 5P to I03p. The order 
furniture trade, on the _ pre-tax 1 i , *.? il ad ?5 l5t Jh£h potion is particularly acute at 


comment 


margin was just 2.2 per cent. the ' heavy end ’of the market 

However the . most ^profitable *5SSflSi2"JS where industrial activity is at- a 


operation. Bridge Upholstery, l 5?"iS5 90 * 1 Der n «nt W of low’ebb. leaving factories operat- 

."WSS Snefits- undJr iLronc? con- ing at only two-thirds of capacity. 


traditional furniture. Is an ideal compared with around SO per cent 

base from which PMA can get In SSes by ^ ^ * The previous year. Fortunately, 

its other furniture activities up ° n insurance companies. | he 'ompanv can depend on its 

to a reasonable return on capital. sophisticated control gear in- 

TRIBUNE INVEST. terests tn partly sustain it through 
from £lm to £Jm (shareholders difficult times. Increased demand 

funds were just under tbe lira Tribune Investment Trust is here from nationalised industries 
mark a year ago ). negotiating currency swap arrange- (j n sp jte nf public expenditure 

PMA has come back from the ments of US52m against an CUIS ) an( j t he paper and printing 

brink of disaster, and, still work- equivalent amount or sterling for se cior helped lift volume sales by 
ing from a low base, profits three years at an interest about a fifth, and this trend is 
growth this year should be irn- differential in favour of the apparent in the current year, 
pressive— it would not be surpris- company. However, overall, there are no 

ing if profits doubled this year In the interim, a loan of S2m major contract completions until 
given the better demand profile has been arranged with Baring September this year, so the first- 
for the whole sector. On a nil Brothers and Company for a half performance will look a little 
(ax charge the p/e is 6.4 after maximum period of six months at flat. Nevertheless, the several 

yesterday s 5p jump to 42p and a rate linked (o the London inter- large orders that are in the pipe- 


the yield is 3.6 per cent which bank offered rate. 



Ernest Jones starts well 


line from the CEGB and North 
Sea customers, plus a first-time 
profit from the telephone answer- 
ing machine company, puts LS on 
target for around JESra this year. 
But the shares, yielding 7.6 per 
cent and on the p/e of just over 
5. indicates a cautious line in the 
market 


The H.Samuel Group 
of Companies 


Profits exceed £10 million 


Results for the 52 weeks ended 31st January 1978 


1978 

1977 

Turnover 

£59,414,000 

£51,229,000 

Profit before tax 

£10,396,000 

£9,015,000 

Earnings per share 

34.72p 

25.40p 

Dividends per share 

lO.OOp 

7.50p 


• Proposed one-for-one Capitalisation Issue for holders of 
Ordinary and r A’ Ordinary shares. 

• A good start to the current year with turnover showing an 
increase of nearly 20 per cent. 

• Expansion continues with estimated capital expenditure in 
excess of £3 million. 

Robert R. Edgar 
Chairman 



H.Samuel Limited 


Copies of the Annual Report 
may be obtained from the Secretary, 
H.Samuel Limited, 

Hunters Road, Birmingham B19 IDS 



rJT^U” 


Dealings in Ernest Jones 
(Jewellers) got off to a good start 
yesterday with around one-tbird 
of the 1.5m lOp shares changing 
hands. 

. The offer for saie priced the 
shares at I15p and tbe issue was 
over-subscribed by 84 times. At 
144p the opening price offered a 
premium of 29 p. During the day 
the shares rose to about 148p but 
later fell back to close at 14Ip. 

At this level the market value 
is £7.05m. On the forecast £L2m 
profit, the prospective p/e Is 12.2 
(Full taxed) and the yield 5.8 per 
cent 

Market dealers said most of the 
shares traded were small holdings. 

Hill Samuel was the issuing 
house and Fielding Newson-Smith 
the broker. 


all applications for less than 
£50,000 have been alloted in full; 
larger applications will receive 
approximately 82.9 per cent. 

The £15 issue of fixed rate stock; 
applications for up to and includ- 
ing £300 in full, applications for 
£400 to £40,000 will not get any 
stock at all and applications for 
£45.000 and above will receive 
1.813 per cent of the amount 
applied for. 


Drayton Far 
Eastern first 
half £139,600 


First half 1978 gross Income of 
Drayton Far Eastern Trust .rose 
from £139,600 to £156.000 and 
pre-tax revenue was up slightly 


Britain's First 
International Newsweekly 


World Times 


Brings the whole world to you every Thursday 
. This Week's Issue 



S pecial Reports: 

Middle East Talks m an English Castle 
• China-Soviet Conflict in S.E. Asia 
• Living in iron Age Style 


Ask your newsagent tor this week’s copy — NOW! 

OrContact . ' 

World Times 68 Fleet St. London E.C.4. (01) 353 7262 


til 4 ! 


FERRANTI QUOTE 
NEXT SEPTEMBER 


CAMDEN SUCCESS 


The List of applications for the 
issues by London Borough or 
Camden of £10m of Variable Rate 
Redeemable Stock 1983 at £992 
per cent and £l5m of 12} per cent 
Redeemable Stock 1985 at £991 per 
cent, closed yesterday morning, 
the issues being oversubscribed. 

The basis of allotment is as 
follows. Tbe £10ra variable stock: 


At Ferranti's annual meeting 
yesterday the chairman. Mr. 
Sebastian de Ferranti, told share- 
holders that an extraordinary 
meeting wilj be held in September 
to seek shareholders’ approval for 
a listing for the company. ‘The 
proposed Stock Exchange flotation 
is planned for the last week in 
September. 


LEVEX/87% 


Levex’s rights issue of 3.6m 
ordinary shares has been taken 
up as to 87.12 per cent or the 
issue representing 3,136,180 shares. 


DIVIDENDS ANNOUNCED 


Albion 

Badulipar Tea 
Centreway 


Laurence Scott 
Leda Investment 
P.M.A. Holdings 
Stock Conversion 
Vantage Secs. ., 


•Equivalent 
increased by rig 
final anticipated. 



Date 

Co nr- 

Total 

Total 

Current 

of sponding 

for 

last 

payment 

payment 

div. 

year 

year 


Sept. 20 

Nil 



Nil 



3 

3 

3 


Oct. 6 

5.32 

12.17 

10.9 


Aug. 25 

0.3 



0.9 

..2nd int 2.93 

Sept. 15 

— 

1 

4.51* 

s ...inti 2.3 

SepL 15 

1.7 

2.3 

1.7 


Aug. 23 

6.6 

— 

15.15 


— 

2.22 

5 

3.02 

1.14 

Aug. 31 

0.99 

j— 

2.77 

1 

— 

Nil 

1 

Nil 

1.02 

Aug. 31 

0.99 

2.01 

1.8 


Oct. 2 

0.15 

_ 

0.5 


SCPL 21 

2.27 

— 

4.62 

pence per share net except where otherwise stated. 

after allowing 

for scrip 

issue. 

TOn 

capital 

its and/or- acquisition issues, j At 

least 

3.76S75p 

9 For 1976. 






Dividend amendments 


Following -confirmation of the 
reduction in ACT from 34 per cent 
to 33 per cent, the following com- 
panies have amended their divi- 
dends: 

Caledonia Investments: Final 
dividend on account of the year 
to March 31, 197S. 0.0709ip to be 
paid at the same time as the 
interim dividend for the 1978-79 
year. 

Airred Dunhlll: Has declared a 
second interim dividend of 
0.09 173 p tor year to March 31, 
1978. This would brine the total 
tn 8-S0824p, the maximum per- 
mitted by current dividend con- 


trols. 

British and Commonwealth 
Shipping Co.: Final dividend on 
account 1977 of Q.07587p to be 
paid at same time as the interim 
dividend for 1978. 


Property Holding and Invest- 
ment Trust: Supplementary final 
dividend of O.Ofilp io be paid at 
tho same time as the imerim divi- 
dend in respect of the year to 
March 31, 1979. 

Sterling Industries: Final O.I3flp 
in respect of vear to March 31, 
1979. to be paid ar the same time 
ns the interim dividend in respect 
of year .ending March 31, 1979, 




Hu-'’ 











Financial Times Thursday July 27 1978 

# THOMSON— THE DETAILS 



Growth plans force Thomson abroad-^ 
UK minority holders to remain 



BY CHRISTINE MOIR 

vav - 50 -page document released 
bv the Thomson Organisation 
yesterday as a curtain raiser to 
restoration of market dealing in 
thf . shares today, amounts to a 
merger of the existing UK com- 
pany with the Thomson family 
interests, under a new company 
to be set up in Canada. 

'At the centre of the deal is the 
Exercise by TO of its option to 
buy out 90 per cent of the family's 
20 per cent interest in the Piper 
apd Claymore oil fields In the 
North -Sea. But the deal goes 

much further. 

■ The company believed that if It 
merely exercised the option it 
would be in a position, not unlike 
CEO- with cash pifhsg up and no 
way of getting it oat Into new 
Invest merits. In the UK, Monopoly 
restrictions would soon put a stop 
to - new acquisitions and internal 
moves would have been ruled out 
ay the prohibitive cost of going 
,-hrough exchange control regula- 
tions. 

■ .For this reason, -the company 
tas opted for a new company, 
international Thomson Organisa- 
jon, s et up in Canada where there 
ire no exchange controls. 

The Thomson Organisation in 
he UK thereby becomes a wholly- 
wned subsidiary of TTO but the 
ninorffy UK shareholders do not 

, Disappear. 

, The Thomson family could not 
n any case afford to ’buy them 

u'Jsiut on terms which would com- 
pensate for loss of future earri- 
ngs. But in any case. It lays 
-onsiderable importance on re- 
aining the minority and its Lon- 
lon quote. 

So 1 shareholders wilT receive for 
■vdy four shares they currently 
-wit: 

One common share in TTO 
which will be quoted in London 
rid rank as a foreign currency 
ecurity) and, 

' Three sterling/dollar convert- 
We redeemable preference shares 
o TTO. . 



FUTURE ORGANISATION 
OF THE GROUP 





1 BOARD MEETINGS 

- The following canmiUra hare notified 

IB 1 1 B " dales of Board meclinsB to The Siocfc 

v Exchange. Such meebngx are usually 

bcid for .the purposes of eonstdLving 
dividends. Official Indications are noi 
available Whether dividends ennwraed are 
interims or finals and the snh-dm&JoRs 
shown bcimv are hared mainly on last 
year's timetable. 

TODAY 

Inert ms: Barclays BanK. Beaumont Pro* 

. . _ , . . pe rules, Cardinal lnvcxcncnt Trust. Colo. 

company intends to plough these aial Secvruios Trust. Dnuian Gonca-Rui 
back in major development and investment, ini’, and Smaft. Jrtin l. Jambs, 
acquisitions programmes both in T. orl ^!! rc „ . , 

the UK and abroad Finals: Cawoods. Conmetrial Ban* of 

. ■ ... Atasualia. Dcnlu war* Edinbureh *mrn- 

une Of the first acquisitions on can Assets Trust. Fftch Lovell Hillards, 
the publishing side wi JJ be the U.S Jochcaw. J. Jan Js, Internal I mmJ. 

textbook publisher, Wadsworth, U7 5 IOB BMna ’ *■ aTBl J * Pullman, K m 
which TTO intends to buy from Re ‘ Uan,L future bates ““ 

the Thomson family for around interims— 

£17m. But there will also be major Bibby u.i ....... ..... Aug. S 

publishing buys to the UK to 2SZ*™jzrs j ." — 

addition to a £100m modernisation. S*Ste rort BenBOn lo « d ^ =5 

expansion and rebuilding pro- vu£aa“ ..'.'7 "1 V. aZ s At the Annual Genera! Meeting 

pTp^Tcfaato* ** " ews ‘ rgUZ-*' — A “ 5 on July 26th the Chairman 

No acquisitions are planned for 01 jr oodOT 4 tav. t«. am- a sir W. Nicholas Cayzer. Bt., made 
Uie travel side at present but the 5L C r>Sii a m the fnllnwina remarks which are 


THE BRITISH & 
COMMONWEALTH 
SHIPPING COMPANY 





fleet of aircraft will be increased. 

In short the company intends to 
become M a leading international 
publishing, communications and 
information business with strong 
interests in leisure and natural 
resources.” 

The documents also contain 
detailed information about the 
Piper and Claymore oil fiJelds in 
which ITO will cow have a direct 
20 per cent stake. 

Piper is now approaching peak 


STcrting Credit 


Ingram 
slumps- 
no final 


July si the following remarks which are 
■mb supplementary to his statement 

which accompanied the Accounts: 


* approximate 

t tnduOtta lASOASI stuns (1 4 tm ant) wwd by tho Thornton torOy. 

Ja* shares in Intenwttonal Thomson OrgonMOon limned wO hove rataad to them shares 
in Ttexnsan British Holdings Umtai _ 

§ including 4.000.000 shares (2-87 per cent.) to be transferred by Thomson Equitable Corporation 
Limited to the Thomson tardy ImnedtBtety after the Schema becomes effective, 

AB die above companies aremrarposaied jnttie United Kingdom, except tor Thomson Equitable 
Corporation United aruflmemationei Thomson Organisation United which are incorporated in 
Canada. • ■ 


outstanding. Basic full-year’s earnings per 

It had been widely believed that lOp share are shown as 3.3p (5_3p) 
Thomson would only exercise its and 32p (5p) fully diluted. The 


WT ICUCVIUAUIC bll<U CS f _ 117— Mtft thn Thnmirnn lnf A «reitf>ti A nre1 >rti»»reieAw W* uwa ucui uau l^OU, ucrng LUC UJLCI I1U UiU'UieilL, ; — 'i' . , . . 

d no: . . w ln .. a separate ?? ents \ InternatioDal Thomson repaid. compared with 2.Slp last year, levels, wuh which free enterprise shipping 

The convertible shares will be ESSth 110,1 ls - polsed for massive The documents now reveal that when a L52p fin a) was paid. cannot compete. The Russians earn needed 

^changeable for common shares A® on KrowtfL the company will gain by not Sales were down from £8. 04m to foreinn currency this wav and in doinq so 

* a one-for-one basis up until This year profits before tax are repaying at least £77m of the £7.86m, of which exports °el kfin the W«a 's Shiomno Indus ^ - andlher 

m At that point they wflJ be fields to ITO, in return for shares. forecast at jfofiin t£90m £rom oU £i2« m outstanding. This sum accounted for £1.61m (£1.17m), JJ® 5 KJ" JELTfS ifHEKiira 

ubject to exchange control The result wmUd be to merewe ^ £36m from TO). Net assets, relates to loans made on very and tax took £114,156 f£249,320) of their aims. It .is an interesting fact that in this 


ose the benefits of the associated son Britisb and Its nil companies, j n tota i borrowings of except as and when actual sales (£110,677). rinina in our Trades theirs heino laraelv 

ax credit which they now have to 81* per cent aSiS?£i8to g of petroleum from the fields cover Commenting on results Mr. ?°' n ® P J ^ uJS 5? p 2 

•n their UK company's dividends. Because the family remaining Aj e d r, u hlishinE and n ‘~«\ . .. Harold Ingram, chairman, states re f erve d .or their own flag. Here is an area 

ioth the common and convertible 10 per cent in the North Sea is SL-I^^JrJSSrafiS TO has de ^ ]ared ■" ordinary t h a t the overall results are much where the Governments of the EEC should act 

hares in ITO will be offered with encumbered by a £10.45ra loan, ^. h5rh ^ dividend of S^Sp per share gross mor e disappointing than hn had in concert to protect their shipping. 

0 «>S? = S5 ««*- t ip SO « *«;. M . suddeo ^ Next year we take deliveryof two products 

foldings. , The ITO shares and dilution of ITO’s net assets ? u fieIds » which are just approach- through the payment for each f^hion knitwear to dresses and carriers, and I am not without hope that in time, 
. .... ”■ be created by its assuming the debt, mg peak production, will generate common share will be 10 cents blouses, which meant the group these Specialised ships can be employed at 


heir UK 
□separable. 


mirrors 


The purpose is to TWs will be cash of 7Jp per ®t least £40m surplus over and initially. 


preference I incurred stock losses of some reasonably profitable rates. If Governments 


***** w ' ar a--- .t _ l * ... ~ . 1 . un.ui uti uwwn Juaau v& ovujc IC05U1 idUIV ulUHiOUIC IOIC9. II uuvcimiiciiia 

lermil shareholders to take their share or S per cent of the middle above m heavy capital spending shares will at^act 10.5p a share. £soo r 000. The group has would aaree to sensible shiobuildina raiional- 
ividends in sterling (with tax market price of TO’s shares on commitments. So the gross dividend income to redesigned its ranges to meet the iq - t : nn | heiieve there wnulri hp a 9 far hptter 

redits) or dollars from a the day the offer doses. (The Over toe next few years, very the holder of each current TO changed market conditions but. he i £ 

jnadfan company, which would level is pitched so as to avoid substantial capital surpluses will share would be I3.7p— just over Myc thi. win take time to show chance of a return to profitable shipping. If 


the day the offer doses. (The 


‘.anadian company, which would level is pitched so as to avoid substantial 


t~iot be subject to UK dividend- capita] gains tax.) 


continue to flow through and the a fourfold increase. 


Mercury Securities in strong position 


APITAL 


of panles. Including inner reserves to result in a smaller volume this trading and refining group was imposed on Imports from Greece. 


itself. they, for reasons of their own, flood the market 

Also, directors have been forced with cheap ships then i fear for the future of 
to reconsider their T-shirt opera- shipping in the Free World. To meet the loss of 

employment that shipbuilding rationalisation 
groups comwtoiven J. bCt quSl would bring we have to develop other and new 
restrictions, which have now been skills, which 1 am quite sure is well within our 


1 niercnry Securities are now over stood at £498-72m against £374.6m. year. £729,000. compared with £3,244,000 “ can only help us in the future.” and a greater realisation in Schools and 

“Bam, excluding inner reserves of For the year to March 31, 1878. The continued expansion of for the previous year. In addition. Also, start-up losses were ex- Universities is required of the importance of the 

be banking companies and net profits of toe group amounted management of international £3m has been released to reserves P^en'^atthegroup sGennan right s ^;|, s nol on | y f or industry but for the 

s 

jBKrvsft-sa b? aa* 4 - - aSPS ffS S peop,e ,mo ,ndU5t " " th8y are 

^Ueport.. y reserves. ' The dividend is -3.7S48p rrlwMA hnr hnAn •« Tiu4linF t cr in tbn R i g+ tlirn m/intRc nf I ■ 


£729,000. compared with £3,244.000 
of for the previous year. In addition. 


capabilities. Training and re-training is essential, 
and a greater realisation in Schools and 
Universities is required of the importance of the 



Germany 


Jjttinirman . says , in “his annual of assets and transfer to inner 
™eport,. v . reserves. ' The dividend is -3.7S48p 

^ottofisets of the group have (S^894p). . ■ • . . .•> 


There has been a further 
increase in the volume of insti- 


associated 


about prospects except that 
trading in the first two months of 
company, th e current year shows an 


creation of useful and satisfactory Jives after 
school is over. We must do all we can to attract 
the most able people into Industry — they are 
badly needed. 


i S OT: ; A^^825.6m.to WarW had another successful M»tth«n Wrightson Holdtogs, ^cou^ingimprovement." 

ta^T_ balances : were £5S.6m year in the Internationa capital {JJ cds under n^nageme^ pens ion produced pre-tax profits before A re vaFuation of properties pro- 



. uu i J*" m u ‘ c fucds unde,, management, pension prooucea pre-rax pronxs oeiore A revaluation of properties pro- 

OW. l»nk. certificates of market .say s the chanman. The continuing to be the action and extraordinary items dueed a surplus of £198.169 over 

dU “ U ? t *i total volume of mong# raised in ^ ^vestment of £8.414.000 compared with book value, and has been credited 

92.6m (I9SJ4m^money at short the toternationaT capital market JSSSSStiStlvIties in Jersey £>-230.000 for the previous year. t o reserves, 
otice, miJto: (£44.6m) and loans increased again last-year; but toe nwr seax areas have Mainly because of a reduction 

dvances etc,-£l37 J 0am f£142^4m). present more difficult conditions. . ' in extraordinary items the CfT A frtLtln<r 

Curmnv-' deposit and other reflecting rising iiderest rates and . ... ^.profit after taxation increased iJAtlvuitY 

ccouqts • erf the banking com- currency tmeerteinties. are- likely Profit before taxauon of tbe metal and the amount attributable to _ . , “ 




Iso expanded. *» extraordinary items the 

iso expanaea. profit after taxation increased 

Profit before taxauon of tbe metal gjicl the amount attributable to 

— S. G. Warburg and Company rase 

from £861,000 to £910.000. 

, Sir Siegmund G. Warburg, has 

expressed a wish to reduce his 
commitments and has decided to 


Sketchley 
ahead in 
first quarter 

Mr. G. Wight™ an. chairman and 


relinquish bis position as a presi- chief executive of. Sketchley, said 
dent of the group. He wiTl, how- at the AGM that his remarks 
ever, continue to be available for concerning toe first two months 
advice and assistance as chair- of the group’s current year, that 
man of a newly-established sales were on target both in 
advisory council of S. G. Warburg matching budgeted expectations 
and Company. and were showing a satisfactory 

improvement on tbe comDarative 
Meeting. 80 Gresham Street, period, were still valid after toe 
E.C., August 22 at noon. first quarter. 


Extracts from the Statement by the Chainran, Mr. C.S.J. Summerlin. 


Years ending 31 March 

Turnover 
-Profit before tax 
Earnings per share 
Dividends per share 


£11,060,000 £9,423,000. 
1 £750,000 £811.000 


11.8p 

1.3836P 


13.9p 

1.2387P 


A disappointing year in 
terms of profits with the 
benefits of our major capital 
expenditure programme 
not showing in time to 
affect results. 

Containers continue to 
‘ be the major growth area 
with turnovertwice the level 
' achieved two years ago. 


We shall shortly have completed 
our factory extensions and believe 
we have reached the point where 
profits should start to reflect the 
investment of the last 18 months. 


For a copy of the Report and Accounts post 

the coupon below. 





- Y 


| To: The Secrelary. Plysu Limited. 

5 l 20 Slation Road. Woburn Sands. 

S Milton Keynes, Buckinghamshire MK 17 oot. 

Please send me a copy of the 
178 Report and Accounts. 


LIMITED 

Extracts from the Interim Statement for the 
six months ended 30th April 1978 


LEOPOLD JOSEPH HOLDINGS 
LIMITED 

At the Annual General Meeting Sir Hugh Weeks, the retir- 
ing Chairman, reported on the growth of the company since 
going public in 1971. Disclosed net tangible assets had risen 
over 4 times in total and 2J. times as an amount per share. 
Published taxed profits (after allowing for corporation tax 
changes) had increased 5-fold. He added that these increases 
would be higher if undisclosed inner reserves were included. 


Turnover 
Trading Profit 
Dividends from 
Nationalised Companies 
Profit before Tax 
Profit after Tax 
Revaluation of Investments 
Bantings per Share 
Dividend per Share 


Six months ended Year to 31st 
30ih April 30th April October 
1378 1377 7977 

£•000 £'000 £'000 

8.347 5,485 13358 

950 242 1,287 

— ■ 159 890 

919 304 2.189 

556 328 1.586 

117 454 790 

A26p 5.41 p 26J3p 
2.5 p Z3p 4.65p 


The Comparative figures have been adjusted to exclude those of the 

Companies which were nationalised on 1st July, 1977. 

1. It is now more than a year since your Company's UX Shipbuilding 
and Shiprepairing undertakings were nationalised, yet it is only within 
the fast few weeks that the Department of Industry has offered to start 
negotiations to settle compensation. This delay is inexcusable and 
indicates the unreal world in which Government operates. The effect 
on your Company would have been less damaging if reasonable and 
prompt progress payments had been made, but to date wa have 
received only a paltry £650,000 on account of the £25 million of 
tangible assets which vested in British Shipbuilders on 1st July. 1 977, 
as a result of an Act of Parliament which became law on 17th March, 
1977. Your Board is determined to press for fair compensation to the 
limit die processes of law permit, but the lack of progress to date is 
inevitably inhibiting your Board's efforts to rebuild the Company. 

2. It is very pleasing to be able to report continued improvement in tbe . 
trading results of Vesper Private Limited. Singapore. Implementation 
of the plan referred to in the last Annual Report to develop the potential 
of this Company to serve world markets is now proceeding. 

3. The present unsatisfactory state of the compensation negotiations 
makes it more than usually difficult to forecast the future, but I 
confidently expect there wifi be a further improvement in trading 
results to report at the year-end: In the absence of unforeseen 
circumstances it would be your Directors' intention to recommend a 
Final Dividend of not lessthan the present Interim. 

feR ASUBSIDIARYOFD/WID brown holdings lmted 


OTHER ACTIVITIES 

Turning to the other aspects of our operating 
profit, Bristow Helicopters have again turned 
up trumps and produced a very good result In 
days when industrial indiscipline mars far too 
much of our economy it is stimulating to witness 
the keenness and success of this activity. I have 
mentioned, and the figures speak for them- 
selves. the progress we have made in Airwork 
Services, our Office Equipment Company and 
Solent Canners. and I see no reason why we 
should not achieve greater profits in these 
businesses. Our aim, as always, must be to 
scrap unsuccessful enterprises and to press on 
with those that show promise. 

Over the years we have changed as circum- 
stances have changed. This has given a better 
balance to our Company, and thereby we are 
better able to withstand the present difficult 
conditions which beset the shipping industry. 

CURRENT TRADING 

Now I must say something regarding our 
likely result ior 1 978, as I see it at this time of the 
year. Consolidating our share of Associated 
Companies makes it less easy to give an 
accurate forecast for, obviously, we are 
dependent on the accuracy of others for that 
section of our Profit and Loss Account. More- 
over there are so many uncertainties in the 
World today. I have already said that we must 
anticipate a bad resuft from our remaining 
shipping activity, but I am confident that some 
of our other activities will come to the rescue, 
and overall 1 am hopeful that we shall not end 
the year with a sharp reverse in our profits. 

On this occasion it always gives me pleasure 
on your behalf to thank everyone in the Group 
for their support over the past year. I know how 
much they contribute to our success. 

At the end of this meeting Mr. Geoffrey 
Bedford retires from his executive duties, but I 
am very pleased to say is remaining a member of 
this Board, and I shall welcome his continuing 
support and advice. 

THE NATION'S ECONOMY 

So much has been said and written about the 
state of our economy. The fact is we are not 
paying our way as a Nation and simply cannot 
afford to go on giving ourselves more than we 
earn. I am sure in responsible quarters there is an 
awareness of just how important a thriving 
economy is to the well-being of the country. 
Nevertheless, there are people and practices 
that make its realisation very difficult. Socialist 
aims have run up against the facts of life, and 
the need for this country to .pay its way. 
Although some of their leaders are seized with 
the need -for a less dogmatic approach, the 
strong Marxist influence both in Parliament and 
the country make change lo wiser and more 
realistic policies very difficult to achieve. 
Socialist Party policy, in spite of Mr. Gaitskell's 
valiant efforts, still enshrines Clause 4. Mr. 
Gaitskell’s premature death was a tragedy not 
only for his Party but for the country. 

If the Socialists are returned to power again rt 
would be quite unrealistic to expect other than 
further nationalisation of Industry and a further 
march towards a Corporate or Centralised 
State. It would be as well to keep this in mind 
whatever appearances may be for the moment, 

THE COUNTRY'S DIFFICULTIES 

Even with the right (ead I have no illusions in 
regard to the hard struggle and difficulties that 


Financial Highlights 

£'000 

Year ended 31st December 1377 1970 

Revenue 

238.1 DO 

21 8.1 DO 

Profit before Taxation 

29,312 

27,273 

Profit before extraordinary 



items 

11.181 

8,360 

Earnings per Ordinary 



Stock Unit of 50p 

34.5p 

23. 9p 

Dividends per Ordinary 



Stock Unit of 50p (net) 

9.257&P 

B.3545p 


All in all ! hope you feel that the results for 


I 1 production of around 3oo.ooo 1977 are acceptable, showing as they do an 

barrels a day. Thereafter ito Sr °inw*«e to improvement on 1 976. The presentation in the 

2i T 2X. en t . rec< ? vera ? > , , , e . resorv ® s . Of Xm-ETSSKTio Eure^ faUed Accounts I think clearly shows wheie profits 
Si?? W ga^ore P S,S a poor perforSSnce at arise, and illustrates the broader base of our 

™ ££■£«£?£ horn,. Pro-ta ,roHU for tte activities. 
an expected life of 23 vpirc April SO, 1B7S year fell fr°® 

J should reach its maximum output £415,669 to a depressed £218,200. SHIPPING 

of 130.000 barrels a day early next wh *ch included £SO,6aO surplus on The sharp decline in our shipping fortunes is, 

c — year. sale of fixed assets against £34.iOn Q f coursef 0 f great concern to us. As l have said 

So far the Thomson family’s « M i iHi w Sterf* up 15 pa “‘ >n my Chairman's Statement, some of this fall 

bv ths Ttaracm tvr^v b^n ti^TthS committed At th^toSrto Lge. profits can be accounted for by the ending of our South 

by a further f43m for immediate were £319.646. which included African shipping activity and ns transfer to 

limited wa have reirad » them chores expansion and there is a further £86,312 profit on sale of machinery. Overseas Containers Limited. Nevertheless, the 

£22m related to interest on loans, compared with £305392. Directors weakness in bulker rates affects us severely, and 

incfarrad by Thomson Equitabl* Corporation A total of £173m of borrowings then said that the stagnant trading as we believe it may lake some little lime lor the 
» Schema become* ofleoiva nave been raised to cover these conditions to the UK. and the market to recover we thounht it onlv orudentio 

commitments, of which £47m has rise in exports, were both expected ‘° r *‘ ^ 1 ” “5 J”? 

rad Kingdom. tor Thomson Eqidubio already been repaid, leaving £126m to continue in toe second half. reduce the number ot bulkers we own and have 

misadon umted which arc incorporated in outstanding. Basic full-year’s earnings per accordingly sold the KING JAMES. 

__ It had been widely believed that lOp share are shown as 3.3p (5.3P) i have also mentioned the incursion oF 

Thomson would only exercise its and 32p (5p) fully diluted. The R.Li/n fnnn^nP ^n mir Uner Trld^ Ir ml el 

option over the oil interests when total dividend for the year is Russian tonnage into cur Liner Trades, it tokej, 

Acrorduig to yesterdays docu- ^ blllk of debt had ligp being interim payment, the form of cutting freight rates to uneconomic 


confront our country in breaking through to a 
situation where we have a satisfactory and 
sustainable economy and a greater stability -tiid 
confidence in life for all of us. We arc haunted by 
our failure to maintain a high standard of law 
and order, and the feeling of conlidonce and 
pride that springs from a well-led and under- 
standing society. The menace of inflation 
coupled with high taxation threatens life's 
stability and the ability to be able to look ahead 
and plan our lives. 

Not only the Nationalised Industries but the 
Social Services pose a problem. Together they 
absorb a major part of our Gross National 
Product — at present more ihan we con afford. 
Moie and more people are being taught to look, 
lo the State for everything. Those who wont to 
stand on their own feet are penalised bv a 
battery of taxes. The whole question of 
allocation of resources poses political deci- 
sions. which aie not mode any easier by the 
present sharp division between the two main 
political Parties. Over recent years they have 
drifted further and further apart in ideologv. 
This has been brought about by the sharp left 
turn Socialism has taken, particularly in the last 
few years. 1 am afraid it is too muchio hope, but 
if only the two main Parties could came nearer 
together in common purpose, how much easier 
it would be to solve some of our problems. 
Constant change in Government policy makes it 
very hard for successful industrial planning. 

Our national decline and State intervention in 
our lives has I believe made us re-act too much 
from the disciplines that are so vital to success 
for, after all, freedom does depend on discipline 
and on appreciating how interdependent we 
are as a community. Advantage taken by any 
one group can be clearly to the disadvantage of 
another. Wages, prices and productivity are 
related, and any attempt to overlook this ends in 
disaster. To get bur economy and country on 
course again requires a real effort and under - 
standing from each of us, and there can be no 
opting out; but there is a special responsibility 
for those who aspire to lead, whether in 
Government Industry or the Unions. 

THE WAY AHEAD 

1 believe the lines of a forward-looking 
democracy could be drawn and the authority of 
those involved more clearly defined. One of my 
fears is the almost unlimited power of a 
Government once returned to oflice. They can 
override both the House of Lords and the 
Legislature if they so desire. We have no written 
Constitution, and are therefore very vulnerable 
to arbitrary power. I am very much in favour of 
the sharing of responsibility, and totally against- 
the State - or, for that matter, any part of the 
community - that aspires to grab too much 
power to itself on the bogus pretext of caring 
for the people and knowing best. I think a 
safeguard against the abuse of power is diver- 
sity. Each of us should want to shoulder respon- 
sibility as far as possible; this is very important. 
The more we can do for ourselves and for the 
community the better, since it leads to a sense 
of pride and confidence. 

Shortly we must be approaching a General 
Election, and in the forefront of the electors' 
minds should be the question of the defence of 
the country. This is an absolute priority without 
which all aspirations fall to the ground. Also of 
great importance is law and older — which 
should begin in family and school — and the 
need for a return to a disciplined and self- 
respecting attitude not only in Industry but 
throughout the whole country is vital, for 
without them we cannot hope to meet and 
compete with our trading partners. 

1 believe our present Government have in the 
last few yeais divided the country more than I 
ever remember in my lifetime. It is sad that the 
more moderate and sensible element of ihe 
Socialist Party in Parliament and outside of it 
has found it so difficult to stand up to the strong 
Left Wing that is set on changing this country in 
so many ways, and with no evidence that 
change would be for the better. I find it hard to 
believe that anyone who believes in Free 
Enterprise can have anything in common with 
the probable course that Socialism is likely to 
take if once more returned to power. 

Perhaps some of you feel that I go on too 
much about politics; but the fact remains that 
they affect all our lives and the future of our 
country, and I do not believe, particularly as the 
World is today, that anyone who lias thought 
about the future can opt out and say. as some 
do.thatthey are not interested in politics. If they 
do, then they must not complain if things hap- 
pen that they do not like. Moreover, such an 
attitude in my opinion is totally irresponsible. 

1 want a Government at Westminster which 
will guard our freedom, restore our economy 
and give each of us not only the chance to use 
such talents as we possess but also to enjoy a 
fair share of iheir fruits. We still have much to 
offer io the World, and we must stop our intro- 
spection. So much depends on the quality and 
integrity of the Government that next takes 
office. It will face a hard task. 

No-one can foretell the future, but it must be 
obvious to any thinking person that if we want a 
free and happy society to live in we must be 
prepared to work for it, and change as it comes 
must not be allowed to disrupt the work of the 
country. There must be better ways of settling 
disputes than Strikes and Sit-Ins, or disruptiohs 
of one sort or another. Everyone stands to lose 
unless we meet change in a responsible way. 
Good working relations throughout Industry is 
an aim we should all desire and work for. 

As a Group our units are comparatively small, 
and I believe this is a good pattern to follow. 
Let me conclude by saying that there is no com- 
placency in our attitude. We know how difficult 
the times are, but we are confident and 
determined to meet the challenge. 


TENDiMUS (the B & C motto) — We press forward 

For a copy of the Report and Accounts telephone 01 -283 4343 (Ext. 235) or 
wnte to the Company at Cayzer House. 2-4 St. Mary Axe. London EC3A 8BP. 





•COALITE 

GROUP 


Sharp increase in 
Schlesinger funds 


MINING NEWS 


Salient Points from Statement by Chairman, 
Lord VfdrdofWUles at 
BlsL Annual General Meeting. 


* Notable Year in Group development, 
particularly the acquisition of 
Charringtons Industrial Holdings Ltd. 


# Improved overall performance from 
o riginal activities and newly acquired 
interests. 


* Broader base established for continued 
development 


* Group results include Charringtons 
from acquisition date, I4th.October 
1977. 


TURNOVER: 


£1 68.3m 


PRE-TAX PROFIT: £16.3m 

PROFIT AFTER TAX: £8.5m 


FUNDS UNDER the management 
or the Schlesinger group of unit 
trusts rose sharply last year. Over 
a period when net sales of the 
industry as a whole were de- 
pressed by a very high level of 
repurchases, Schleslngers achieved 
net sales of authorised unit trusts 
of £13.7nt, to increase the value of 
the authorised trusts under its 
management to £4Q.lm at the end 
of March. None of the rise in the 
12 months to that date was 
attributable to the capital per- 
formance, which was depressed 
by the sluggishness of the 
American market 
By the end of June this year, 
the value of funds invested in 
the group’s authorised unit trusts 
had increased by a further £8m, 
bringing the total value of 
uniUsed funds under manage- 
ment (including the £KJm in- 
vested through the offshore funds) 
to £37 m. In 1974 they were only 
£4m. Schlesingers attributes this 
extremely rapid rale of growth 
to the range of services which it 
offers to its clients; but these, in 
turn, have prompted suspicions 
amongst the group's competitors 
that it was taking losses while Jt 
built up its business. Schlesingers’ 
directors, however, insist that the 
management of its unit trusts — 
thanks in part to a high average 
unitholding, and in part to the 
rate at which new business has 
been coming in — is profitable: and 
profits of the Investment Manage- 
ment Services group as a whole, 
though unquantified, are said to 
have been into six figures last 
year. 


dealer, expanded from £204257 to 
£350,745 for the first half of 197S. 
Profit for the whole of 3977 was a 
record £464,100. 

As known, Manchester and its 
BL counterpart Oliver Rix. is 
merging Into a new company with 
forecast figures of some £40nt 
turnover and profits of not less 
than £lm. 


Cominco hit by 
zinc weakness 


BY KENNETH MAR5TON, MINING EDITOR 


In the event of the merger 
becoming unconditional directors 
of Manchester announce an 
interim dividend of G.844SP 
(0.425P) net per lQp share. But 
the payment' will be left in 
abeyance until the result of the 
deal in known. Final payment 
last year was 0fi€5p. 

Commenting on first-half figures, 
directors say the truck dealership 
at Gorton Lane is now making a 
substantial contribution to group’s 
profits, and should continue to 
improve, thereby, justifying the 
substantial capital investment 

The property at Woodford has 
been disposed of at a price above 
book value, and Carefree Car Hire 
continues to contribute to profits. 
And it is expanding rapidly with 
the increased interest which is 
currently being shown in leasing 
transactions. 


Sales ahead 
at Remploy 


DIVIDENDS: 


£2.0m 


Manchester 

Garages 


CAPITAL EMPLOYED: £58.0m 


ON SALES well ahead from £3.71 Sm 
to £8m pre-tax profits of .Man- 
chester Ganges, Ford main 


Record sales levels are reported 
by Remploy with the figure for 
the first 12 weeks of the current 
year ahead by 21.97 per cent to 
£6.64m. 

The increase was split as to: 
leather and textile product 44.4 
per cent, furniture 13.54 per cent 
and packaging and assembly 16J.4 
per cent- 

The directors are confident that 
the full year will show a sub- 
stantial advance in sales. 



Good performance in j WW'M 
difficult year 3 

Second highest profit everJmBj£% 

Continued high level (IPf T\i 
of investment f<| 

Company reserves increased' t 1 


Extracts from the report by Lord Robens 

to the Annual General Meeting on 26th July 1978 


£ Although the profit before tax fortha 12 months ended 31st March was the 
w second highest on record it was 10 per cent lower than the previous year. 


w second highest on record it was 10 per cent lower than the previous year. 
The two main reasons forthe drop were that world trading conditions showed 
a marked downward trend in the second half of 1 377 and that for partof 
the period we did not have the boost from the Silver Jubilee celebrations 
experienced in the previous year. 

The first sot months followed the pattern set in 1 976 and showed a 

steady improvement in line with previous forecasts, but the changes In 

the economic situation were then already becoming evident, and in 

the second six months the trend was reversed. I n these more difficult 

trading conditions . . . wesoughtto increase our market shares, 

to reduce expenses and to increase efficiency of operations. wg 

.The Refining and Chemicals group of companies and the JtSj 

Banking, Dealing andTrading group showed improvements in WM 

their results fortheyearcompared with the previous year, but •• 

otherwise poorertradfng results were fairly general, with 

Australia and parts of Europe, particularly Sweden, being 

the hardest hit. 

Our group continuesto grow and develop. With the large capital 
investmentschedule we have in hand, and the support of a . . 

substantial research and development programme, we will K 

be readyto take advantage in the future of any opportunities A ■ I 

which arise from a general resurgence of business. JF T '•'& \ 



YEAR ENDED 31st MARCH 1978 



Total sales (excluding JM Bankers) 
Exports* 

Group pre-tax profits 
Taxation 

Ordinary share dividend 
Retained 


£427.01 2 million 
£115.751 million 
£18.865 million 
£9.844 million 
13.6183 pence 
£4.686 million 




PRODUCTS AND SERVICES 

Notes on a selection from our range 


Refining 

Two major capital projects 
approved — modernisation 
of melting works and 
expansion of eutocatalyat 
manufacture- 


* Johnson Metthey is one of Britain's top 50 exporters 

5 YEARS' COMPARISON OP RESULTS 



1978 

rooo 

1977 

rooo 

1976 

rooo 

1975 

rooo 

1974' 

rooo 

Group Profit 
before tax 

18,865 

21.015 

15.041 

17,139 

15,200 

Group Profit 
aftertax 

9,021 

10,489 

7,314 

8,578 

7,231 

Shareholders 

distribution 

2,339 

2,079 

1,891 

1,745 

1,605 

Retained 

4,686 

10,574 

6,291 

6,034 

7,063 

Capita! 

employed 

116.796 

113.872 

99.864 

88.783 

% 

72.561 


Copies of the Directors’ Report and Statement of Accounts ere 
available from the Company Secretary 



Platinum metals 
Depressed during first half- 
year; growing demand 
since summer Jn some 
overseas markets 


Chemical 
operations 
Busy year far spedalhad 
chemicals ; expanding 
autocatalyst sales and pro- 
duction in USA 


Electronics 
Bigger sales of new special 
.equipment for television; 
promising start for new 
temperature sensors 


Mechanical 

products 

High demand from jewellers 
and silversmiths during first 
’nine month b; slow-down 
in last quarter 


WORLD WIDE ACTIVITIES 

—profit breakdown by area 


United 
Kingdom 36% 


Americas 25% 


Europe 21% 

'(other than UR) 



Africa 7%' 


Asia 6% 
Australasia 5% 



Eeressax; 


Europe — Continued increase in 
market penetration. Expanded 
sales in Switzerland, Belgium and 
Eastern Europe. 

Japan — Increased demand for 
jewellery platinum; growing 
profits from specialised products. 
Americas — Good year for 
mechanical production ; excellent 
results for autocatalyst operations. 


Australasia — Goad results in 
New Zealand; Australian results 
disappointing; recent signs of 
improvement. 

South Africa - increased 
esmings from platinum gauze 
manufacture: high activity in 
jewellery and medals. 

We currently operate in 
Twemy countries 


KIRKPATRICK AWARD 

for high technology in chemical engineering 

One of the highlights of the year was the award to Johnson 
Matthey, with Davy Powergas Lid. and Union Carbide 
Corporation, of the 1977 Kirkpatrick Chemical Engineering 
Achievement Award, widely regarded as the premier award m 
process technology. 

Our achievement in this field is an' example of the many 
Johnson Matthey contributions to the development of the 
advanced technology that is so vital to the progress of the many 
industries we serve. 



Johnson, Matthey & Co., Limited 

100 HIGH STREET SOUTHGATE LONDON Ml 4 6ET 




IN THE LATEST half-year results 
issued by the transatlantic natural 
resource . companies, Canadas 
Cominco has turned in net 
earnings of CS26.lm l£12m) 
compared with C$37 Sm in the 
first half of 1977. A major adverse 
factor in the latest results was. 
of course, the weakness of 
markets for zinc. 

Cominco says that its zinc 
operations have been reduced in 
order to control the level or 
stocks, but no details of the 
cutbacks have been disclosed. 
However, the past half-year has 
seen a continued strong demand 
for lead and lead concentrate. 

The weakness of zinc prices has 
also hit Cominco's Pine Point 
Mines which produces zinc and 
lead in Canada's Northwest 
Territories. The latter’s profits 
for the first half of this year hav C 
dropped 31 per cent to CS&Lm 
from csG.om a year ago. 

Pine Point’s president Mr. R. P. 
Douglas, says that lead prices are 
expected to hold at recent levels 
and there are signs of a recovery 
in zinc with consumption and 
supply of the metal approaching 
a more balanced position follow- 
ing a declining trend in world 
zinc stocks. 

Uranium producers, on the 
other hand, remain in a strong 
position. Canada’s Denison Mines 
has earned a record first-half net 
profit of CS26m compared with 
only CS13.2ro in the same period 
of last year. Latest earnings 
equal C$5.70 per share against 
CS2J90 per share. 

Apart from uranium. Denison's 
latest good results reflect the sale 
of an interest in a coal property 
and higher revenue from oil and 
gas. Looking ahead the chair- 
man, Mr. Stephen Raman, says 
that the mast significant event 
This voar was the Canadian 
Government’s approval of a long- 
term uranium contract with 
Ontario Hydro which assures 
Denison of a high level of pro- 
duction to the year 2011. 


tonnes but Ihe si* months' total 
of 9S£93 tonnes compares with 
Si,67S tonnes a year ago. bilver 
output for the past sue months, 
amounts to 25,255 kgs against j 
21,038 kgs. 


Amax earnings 
recover in 
second quarter 


Geevor has a 
good year 


BOUGAINVILLE'S 
GOLD OUTPUT 

Gold production was again 
higher last quarter at the Rio 
Tlnto-Zinc group’s Bougainville 
copper-gold mine in Papua New 
Guinea. A modest increase in the 
gold grade offset the effects of 
a lower tonnage of ore milled 
with the result' that the quarter’s 
gold output amounted to 5,978 
kilograms. 

This made a total for the half- 
year of 1I.S09 kgs compared with 
D.S31 kgs in the same period of 
1977. Copoer production was a 
little less last quarter at 48,566 


CORNWALL'S tin-producing 
Geevor is declaring a second 
interim dividend for the year to 
March 31 last of 2JU223p net 
which together with the interim 
of S.41op paid before the threc- 
for-one scrip issue is the maxi- 
mum permissible distribution 
under existing legislation. Pay- 
ment of a final dividend not 
exceeding 3.76S75p will be con- 
sidered once tbe position becomes 
dearer, it is stated. 

Thanks to higher tin prices and 
increased production of tin con- 
centrates Geevor’s pre-tax profit 
for the past year has climbed to 
fl.0G9.S93 from £606,279 in 1976-77. 
On tbe latest occasion, however, 
there is a charge of £306.420 for 
deferred taxation which is likely 
to be pavablc within three years. 
Geevor shares were I35p yester- 
day. 


Bellair sees 
profit in 
second half 


The directors of Bellair 
Cosmetics announce a reduced 
deficit of £34.000 for tile half-year 
to April 30. 197S, against £89.000, 
on turnover up from £0.95m to 
11.24m. 

They say that while the increase 
in turnover has not been sufficient 
for the company to have traded 
profitably, they -however, antici- 
pate that the second half, which 
incorporates Christmas business. 


should result in profits being 
made. 

Bellair has slipped from a 
£112,000 profit for 18 mbnths in 
1974-75 to 143,000 for the 16 
months to the end of October 
1976. and for the 1976-77 year the 
company incurred a loss of 
£259.000. Commenting on the 
results for 1976-77. directors 
believed that the current year 
would show a marked improve- 
ment in the company's 
performance. 

As for the comparative six 
months there was no tax charge 
and no interim dividend— tbe last 
payment being a third interim of 
1.09p for 1974-75. 



GillettBrothers Discount 
Company Limited 


Colours and 

transfers 

Increased demand from 
the ceramics industry; 
pigments for plastics 
depressed; high transfers 
sales oversees 


The Directors of Giilett Brothers Discount Co. Ltd. 
have declared an interim dividend payable on 25th 
August 1978, of 6.7% on the £2.728,088 issued ordinary 
Share capital (1977 6.6% on £2,046,086), both being 
equivalent with tax credit at the appropriate rate to a 
gross dividend of 10%. 

As tbe result of rising interest rates discount market 
business has been unprofitable and therefore group 
profits are sharply down from the exceptional levels 
reached at this time last year. In the light of the 
prevailing economic uncertainties no forecast can be 
made of the final result for the year. 

The company is not a close company under the 
Income and Corporation Taxes Act 1970. 


Banking and 
dealing ~ 

High levs! of earnings; 
good year in foreign 
exchange: best year yet 
In general banking 


E. AUSTIN &S0NS 


(LONDON) LIMITED 


Satisfactory increase in 
turnover and profit" 


reports Mr. D. J. R. Austin 


■JrThs improvement forecast at the interim stage was 
maintained, and turnover and profit before tax both 
increased to £4,449,000 and £404,973 respectively: 
The maximum permitted increase in dividend is 
recommended. 


1 &The Materials Handling and Warehousing Division 
experienced a busy year with a continuing demand for 
our services. During the year we took on a distributorship 
for LINDE Fork Lift Trucks, which are made by the 
largestfork lift truck manufacturer in Europe. 


•“•The Cleaning Materials Division successfully increased 
its sales at home and abroad. 


rThe Oil Division expanded its activities to meet increased 
demand and made a satisfactory contribution to Group 
profits. 


E ussm & SDHS OONMIO ITD_ STMST&IO ABBfltS. WARE KEflTFCRflSHWE. 
OLD FORD. LONDON EL 0S5ETT ft REDCAR [YORKS J AND DENNY {STIRLINGSHIRE} 


Financial Times Mursda? Juiy^ 


A EC l LIMITED 

(incorporated ift the Republic of South AlrireV 


Directon: H. F. Oppcnheimer ( iTidirmtfn K Or. A- Sptefcs C&4S. 
(Deputy chairman), Alternate: O. C. Ihfawt^D. ft Ucrrih 

rSfon aging Director}. R. A. Webb (Deputy ^ Director}, 
Sir Keith Acuit K-B.E, Alternate P*. 

< i G, Anderson, G. C. Fletcher J£C, R. AJhmwtr 

Dr* P. J. P- Roberts. G. W. H. Kelly. S. J. Smplfc W. R. 
Stephens, G. M. Thomas, J. OgiWe ThompMn, 

Byl, J. P- Wapenaax. W. H. WJtftwt, D. J, Wood. . 


interim report for the h&u p tfaa t ; 

ENDED 30th JUNE 1078 ■; ' .■ r : ^ . 


THE EXPECTED recovery at 
Amax. the diversified U5. 
minerals group, is reflected in 
high second-quarter net earnings 
of 838.7m (£20.1mi. equal lo $1.01 
per share. In the first quarter, 
earnings dropped to $l62xn, 
largely as a result of the u.b. coal 
strike. 

The latest half-year total of 
S54.9m is equivalent to SI. IK) cents 
per share. It compares with 
$G0.2m in the same period of 1977 
when second-quarter earnings 
amounted to $27.7 m. 

Mr. Pierre Gousseland. the 
Amax chairman, says that in the 
past quarter there was a con- 
tinued improvement in profits 
from' molybdenum together with 
a “significant" recovery in iron 
ore and coal. The UTS earnings 
include those of Canada Tungsten. 

“These gains more than com- 
pensated for current weaknesses 
in nickel and base metal opera-: 
tions." he said and added that 
Amax anticipates a continued 
improvement in results for the 
current half-year as compared 
with 1977. 


L Trading result# 7- 

The Directors announce tbe unaudited, Sredtag tf 
the Group for the six months ended Soft Jout-lfi&ju 
follows:— ■ 

1277 

year Vital half Pin*- halt 

R millions ' ■ -7 mHUew 


590-2 

275.9 

64.5 

!t3.S 

9.9 


54.7 

16.1 

17.5 

2.6 

26.4 

2.1 

1.1 

0.5 

37.2 

13fi 

25.1c 

9.1c 

2. Dividends 


Group sales 


Net Income before taxation 7 48.1 

Less: Taxation \ - 


Net Income 
Loss: 

Tax savings arising from 
investment allowances 
transferred to non- 
distributable reserves 
Attributable to: ' 
Preference shareholders 
and minority . 
shareholders of 
subsidiaries 
Attributable ta AECI 
ordinary shareholders - 



Earnings per ordinary 
share 


Preference dividend No. SO at. .the rate of 5.5 per cent 
per annum for the six months ended 15th June 1878 bag been 
declared and paid. 

The board has declared an interim ordinary dividend of 
10 cents per share (1977—8 cents). 


3. Comments 

Group sales for the six months ended 30th June 1973 
totalled R332.7 million an increase of 20.6 per cent over the 
corresponding period of 1977. Export sales included in the 
above totalled R22.6 minion (1877— R 17-8 million), Group- 
Income before taxation for the half year at R4QJ. mil lion 
showed an increase of 69.9 per cent over the corresponding 
figure for 2977. Earnings per share increased from 9.1 cents 
to 15.2 cents. 


The volume or local sales for the first half of 1978 
exceeded that for the first half of 1977 by 11 per cent, increases 
-were achieved in all areas of operation the most noteworthy 
being in synthetic filament yarns where sales were more than 
25 per cent higher. 

.The improved rate of profit reflects the substantial benefits 
which accrue from these volume increases on the Group's 
capital intensive plants, in particular the Bellville and Ham- 
marsdale filament yam plants, together with improved 
-operating efficiencies on the ModflerfOnteih NStregatf Complex. 

^ All plants in the Coalplex joint venture *fr$a$olbnrg 
operated satisfactorily daring the period and design perfor- 
mance has been achieved on most units. As previously 
indicated however local : demand for the products from the 
. complex is well below plant capacity. Substantial export orders 
have been secured but at depressed selling prices because of 
the large over capacity that exists worldwide. In accordance 
with AECI's normal accounting- policy the plants were all 
treated as fully operational as from 1st April 1978 and depre- 
ciation charges of approximately R1 million per month started 
from that date. 


Provided the improved level of economic activity' experi- 
enced in the Republic in the first six months is sustained, 
profits for the second half year should be at least in line with 
those achieved in the first half year, ootwtttyftaadipg the 
higher depreciation charge on Coalplex. 


Transfer Secretaries: 

Consolidated Share Registrars limited. 
62 Marshall Street, ' 

Johannesburg 2001 
Republic of South Africa 
and . 


On behalf of the -Board 
H. F. OPPENHEIMER 
D. N. MARVIN 
' Directors 


Charter Consolidated Limited, 

P.O. Box 102, Charier House, 
Park Street, Ashford, Kent 
TN24 SEQ, England 
27th July 1978 ' 


J Registered Office: 
16th FI oor. -Office Tower, 
- Carlton Centre, 
JObannesburg'^OftL 
Republic of South- Africa 


J. W. Spear & Soils Ltd. 

(Manufacturers of Games and Educational Toft) 

CENTENARY YEAR 1578-1978 


The Chairman, Mr. J. R. 15 pear, 

reports on 1977 Group results* 


1977 
£ 

Turnover 6,959,697 

profit before tax 2,342,788 

Profit after tax 1 ,385,648 

attributable to 

ordinary shareholders 1 ,341 ,347 
Gross dividend 1 14,568 


1976, ". 

’£ 

5 . 851 . 764 - 

2.268,113. 

1.118,468 


: 1,1 71,061 
104*153 


a TRADING RESULTS. Sales Increased in 1977 by 
19%. but higher costs restricted Increase fn 'profit 
before tax to 3%. Exports accounted for 42£% of 
turnover. 


• DIVIDENDS. The Directors propose maximum 
permissible payment, they are concerned that share- 
holders should benefit from increased prosperity of 
Company and policy will hfr reviewed Jn tight of 
Government regulations. 

• OUTLOOK. Nome market order book is similar fix 
last year, but average overseas demand somewhat 
lower, it is difficult to see an improvement at present 


SPEAR’S GAMES 




'b-: 











Clu 

4 


. . . ;; 
s ; - ■■■ 


financial Times Thursday, July 27 1978 



Spillers defends delay 
in closing bakeries 


BIDS AND DEALS 


ICI takes up Ladbroke option 


SHAREHOLDERS gave . the 
SpOlere Board a mixed reception 
st yesterday's AGM over the 
group’s decision, earlier this year, 
to dose its Joss-making bakery 
business. However M and G unit 
trust group, which has a 5 per 
fflwt stake in- Spillers, con- 
gratulated the directors on their 
Handling of the closures. 

Mr. David Hopktnaon, chairman 
of ‘ investment managers, for 
jf and G, added, however, that 
what was now needed was a 
consistent dividend policy— par- 
ticularly as he envisaged that 
Spillers would m> doubt come 
bade to members for a further 
capital injection. \ . 

Other shareholders were critical 
of the length of time taken before, 
the group announced the closures 
— particularly as the bakery side 
had made losses of £28xn over, six 
years. There was also criticism of 
management for hot investing 
sufficiently in baking. 

Mr. William Vernon. Spillers 
chairman, explained that the 
group had not had the resources 
of its larger competitors. Although 
It had spent a great deal on 
rationalising the bakery business 
the situation had become acute 
early in 1978 — as a result of 
Government moves on prices and 
a slump hi bread consumption. 

He said that until the industry 
had reached such a low ebb it 
bad not been possible to negoti- 
ate a withdrawal from the 
industry which would not have 
had disastrous effects for 
employees, shareholders and the 
group’s flour milling operations. 

Earlier this month the group 
unveiled the terms by which 
Associated British Foods and 
Bank Hovis McDougaT are to 
take over IS of Spillers’ 36 
bakeries. The deal increased 
guaranteed outlets for Spillers 
flour mills. 

Mr. Vernon said that 80 per 
cent of the 13,000 workers made 
redundant— around 5,000 jobs 
were saved— had now found new 
jobs. He said that the group now 
planned to strengthen manage- 
ment with appointment of 
further non-executive - directors 
and -that profits --in -the current 
year were expected to be well in 
excess of those for last year — 
despite a further £3§m loss from 
bakeries in the first half. 

British & . 

Commonwealth 

Though a bad result is antici- 
pated in 1978 from the remaining 
shipping activity at British and 
Commonwealth Shipping Com- 
pany Sir Nicholas Cajzer. the 
.chairman, told the .annua! meet- 


ing that he was confident that 
some of the group’s other activi- 
ties would come to the rescue and 
prevent a sharp reverse in profits. 

The steep decline fn the com- 
pany's shipping fortunes was of 
great concern to the directors. 
As he had already said some of 

this faH can be accounted for by 

the ending of the group’* South 
African shipping activity and its 
transfer to Overseas Containers. 

Sir Nicholas went on: “Never- 
theless the weakness in, bulker 
rates affects us severely And as 
we believe, tt may take some little 
time for the market to recover, 
we thought it only prudent to re- 
duce the number of bulkers we 
own- and have accordlngy sold 
the King James." 

Next year the company takes 
delivery of two products carriers 
and the chairman . said he was 
not without hope that, in time, 
these specialised ships could be 
employed at reasonably profitable 
rates. 

The incursion of Russian 
tonnage into the company’s liner 
trades took the form of cutting 
freight rates to uneconomic levels 
with which free enterprise snip- 
ping cannot compete, he said: 
“They — the Russians — would not 
for a moment allow us tb do what 
they are doing to bur trades, 
theirs being largely reserved for 
their own fiag. Here is an area 
where the governments of the 
EEC should act in concert to pro- 
tect their shipping." 

Later at the annual meeting 
of Caledonia Investments, of 
which he is also chairman, and 
which is mainly an investment 
holding company, with its largest 
investment in British and Com- 
monwealth, Sir Nicholas said it is 
still too early in the year to be 
able to make any reliable forecast 
of the profits likely to be earned 
by the group's trading sub- 
sidiaries. Amber Industrial Hold- 
ings and Urquhart Engineering. 
In both cases the. results to date 
had been satisfactory and, given 
the right economic cliinate. he 
believed they could continue to 
grow. 

Nor is the Board averse to 
further industrial involvement of 
the right kind, with the object of 
widening the trading base, he 
added. 


De La Rue 

Operating results up to the; end 
of June at De La Rue are .ahead 
of last year and ahead of budget 
Sir Arthur Norman, the chairman, 
told the AGM. 

“The business as a whole is in 
a confident mood and provided 


GALEDONIA INVESTMENTS 
LIMITED 

Sir Nicholas Gayzer’s Statement 

The. 49th Annual-General Meeting -or Caledonia invest- 
ments was held on July 26th in London. The following Is the 
circulated statement of Sir Nicholas Cayxer, Bt, the Chairman: 

The profit for the year ended 31st March, 1978 of £3,162.000 
Is tittle different from that of the previous year. . 

The principal reason for the modest improvement of only 
some £90.000 at the pretax level lies in the nature of the 
dividends received from bur principal investment The British 
& Commonwealth Shipping Co. Ltd. (B & O during the 
respective years. Dividends from this source are normally 
received in January and August each year;- the increase In 
B Sc C’s interim dividend received in January, 1978 utilised 
only 025 pence out of a permitted maximum increase of 
0.903 pence whereas, in the previous year, virtually the whole 
of the increase available for that year was dealt with by an 
Increase in the interim .dividend paid J n January. 1977. Thus 
we have the inevitable distortion of one year with the next 
brought about by the division of such statutory increases 
between interim' and final dividends. 

The trading results of our subsidiaries again show an 
increase, although, this year there has been no benefit from 
any disposal oT the remaining holding of copper bars which 
continues to be held by a subsidiary. Amber Industrial Hold- 
ings Ltd. has bad a particularly good year and has reported 
record pre-tax profits of £361.000. compared with £228,000 in 
the previous year. All Its three principal subsidiaries have 
achieved good results with the most significant contribution 
coming from Ambersil Ltd. which is engaged in tbe industrial 
aerosol and lubricants market. Urquhart Engineering Co. Ltd., 
In which we have increased our interest consequent upon tbe 
retirement of Dr. W. H. Wheeler from executive duties, has 
again bad a good year despite difficult market conditions in 
its own particular field of combustion equipment 

Our thanks are due again to all those people who work for 
the various companies within these two trading groups for the 
considerable efforts which they have made during the year in 
order to achieve such creditable results. 

As a result of a. normal tax charge this year, the profit 
after taxation of £1,981,000 compares well with the figure of 
£L729,000 earned in the previous year. Last year, taxation 
took a larger slice as the result of a dividend from an overseas - 
subsidiary being brought into charge for United Kingdom 
taxation. 

The overall asset position of the Group at 31st March. 
1978 continued to improve particularly as a result of the 
increased market value of investments. 

Tbe report and accounts were adopted. 


there are no In term ptions to 
production or unforeseen 
additions to costs the Board 
remains confident of a good year 
of progress he reported. 

Staveley Inds. 

Although Staveley Industries 
made a slower start to the current 
year than the directors originally 
expected, they still believe that 
the outcome for the full year will 
be in line with earlier expecta- 
tions, Sir Harry Moore, the chair- 
man, told the AGM. 

Regarding the acquisition of the 
EJectro scale Corporation in Santa 
Rosa, California, he said that in 
addition to the existing business 
of the company the directors 
expected, in due course, consider- 
able additional benefits. They 
should accrue both to Electroscale 
and to the group’s XJK operations, 
particularly the Salter Group, 
from the exchange of technology, 
the pooling of resources, and by a 
more effective attack on their 
markets. 

The deal will absorb only a 
small portion of the resources the 
group had available for that 
purpose, he added. 

Powell Duffryn 

A steady start to the year has 
been made by Powell Duffryn with 
group profits for first three 
months running at a slightly 
higher level than those for the 
first quarter of last year. Sir Alec 
Ogilvfe. retiring chairman, told 
the annnai meeting. 

Engineering * continued to do 
well and the building services con- 
tracting divisions results were 
showing an improvement, he said, 
adding: “ The group is in good 
heart and nothing has arisen at 
this early stage in tbe year to 
make me qualify in any way the 
quiet optimism which 1 expressed 
in my statement’’ 

Favourable 
conditions for 
English Card 

The generally favourable con- 
ditions enjoyed by English Card 
Clothing in the last quarter of the 
1977-7S year, are continuing, if 
somewhat patchily, says Mr. Simon. 
Rothery, the chairman in his 
annual statement 
Capital commitments at the year- 
end totalled £2.l9m (£0-26m) of 
which fl.Som (£0.25m) is con- 
tracted for. 

As reported on July 6. although 
turnover rose from £17.6m to 
Iiy.lm, pre-tax profit fell from 
£2.S6m to £2.76m in the April 1, 
1978 year, and earnings per 25p 
share are down to 18.5p (22p). The 
dividend is stepped up to 2.9Sp 
(2.62 p) net 

The group’s two main divisions, 
card clothing, and wire and wire 
products, were little changed in 
their sales and pre-tax profit con- 
tribution, being: card clothing 
£12.7m (£11.93m) and £2.1Sm 

(££23m) and wire and wire 
products, £B-39m (£5.87m) and 
£0.63m (samej, respectively. 

The Continental companies 
recorded a £300,000 decline in 
profits to £124,000. Belgium was 
the problem area, the ch a irman 
says, although losses at the interim 
stage were not materially in- 
creased in the second half. Tbe 
French and Belgium companies 
were also influenced by the 
malaise affecting original equip- 
ment manufacturers. 

Mr. Rotbery adds that the 
Indian Card Clothing Company 
again achieved increased- profits 
and bad a successful year. 

Net liquid funds of the group 
decreased by £1.17m compared 
with £0J)6m. 

Ur. Joe Hyman and his associates 
hold 35.3 per cent of the equity 
and Carclo Engineering Group 22.9 
per cent 

Meeting, Huddersfield, August 18 
at 2.30 pm. 

Badulipar 
rises to 
£0.42m 

Pr»tax profit of BaduBpar Tea 
Company increased from £103,056 
to £419,8S7 for 1976 and directors 
announce an unchanged dividend, 
of 3p net per £1 share; Badulipar 
is still waiting to pay the dividend 
for 1975. 

Net profit was £130.503 (£39,697) 
after tax of £2S9,384 against 
£63^59 The amount retained 
come out at £121,593 compared 
with £30.137. 


Imperial Chemical Industries 
pension funds, through Pension 
Funds Securities, are subscribing 
for 2,156,158 ' Ladbroke shares 
under a share option arrangement. 
The purchase price is 90.6p per 
share compared with a dosing 
price of lG5p. 

The option was acquired in 1073 
and extended until 1983. It bad 
not been exercised until now 
because of the high returns which 
have been available on alternative 
investments, such as gilts. 
Evidently, ICI feels that the Lad- 
broke dividend ' has risen to an 
appropriate level at which to take 
advantage of the option. 

| Ladbroke's chairman, Mr. Cyril 
Stein said " we take it as a com- 
pliment to our company that the 
option has been exercised. This 
increases still further the institu- 
tional holdings of our shares." 

The new shares have been 
allotted and rank pari passu 
in all respects with the existing 
issued fully paid Ladbroke shares. 

ALPINE SELLS 
OMAGLASS STAKE 

Alpine Holdings, the double 
glazing manufacturer, is selling its 
40 per cent stake in a Northern 
Irish based associate Omaglass. 

Tbe sale forms part of a deal 
whereby Campbell Brothers 
(Glass and Paint) a wholly owned 
subsidiary of Doulton Glass 
I Industries; has acquired 75 per 
cent of Omaglass together with 
the right to buy tbe outstanding 
shares. 

i Alpine is being paid £120.000 
cash for its stake which, in' the 
lyear to January 31. 1978, contri- 
buted £46,447 to Alpine’s pre-tax 
profits of £930,000. 

The deal follows the sale by 
Alpine? beaded by Mr. James 
Gulliver— of substantial share- 
holdings In Century Aluminium 
and its former subsidiary Alpin- 
air. 


TRIDANT 

The four - indepeodent “ direc- 
tors of Trident Group Printers 
opposed to the takeover bid from 
Starwest Investment Holdings — 
the master company of former 
property man Mr. Remo Dipre — 
have written to shareholders ask- 
ing them to ignore the 63p cash 
a share offer. 

Mr. Dipre is chair man of 
Trident by virtue of his current 
29 per cent stake in the com- 
pany. Three other directors of 
Tridant hove not become involved 
in the bid because of their links 


with' Starwest, a private company 
owned by Mr. Dipre and his wife. 

Mr. A_ M_ Carey, deputy chair- 
man of Tridant, one of the four 
independents says in his letter 
to shareholders that the four 
supported by merchant bank 
advisers hazard Brothers believe 
the offep-^whieh values Tridant 
at £2.75m — to be totally inade- 
quate and wholly unacceptable. 

BELHAVEN BUYS 
SCOTTISH HOTELS 

Belluven Brewery Group which 
has already made three share 
plaeings this year in a bid to 
recover tbe group's financial posi- 
tion has .bought three licensed 
Scottish hotels by the issue of a 
further 700, 000 shares. 

The deal is worth £302.000 with 
the shares sold on behalf of the 
vendors to institutional investors. 

The result of the earlier share 
plaeings has been to reduce the 
group's net borrowings from 
around £Sm to just under £1.3m. 
while shareholders’ funds now 
stand £5.4m. 

In the year to April 2. 1978 
the group's net losses fell to 
£87,000 compared with £647,000 
the previous year. 

ICFC FINANCE 
FOR HYPERMARKET 

The Industrial and Commercial 
Finance Corporation has provided 
a £Lzn financial package for the 
new hypermarket developed by 
F and A. E. Lodge at Birkby, Hud- 
dersfield- The finance was 
arranged through I CPC’s Leeds 
office. 

The hypermarket, which opens 
on August 5 has an initial floor 
area of 86,000 square feet. 

DCM /AURORA 

The complete reorganisation 
and integration of the Aurora 
Products subsidiaries, acquired by 
Dunbee - Combei - Marx from 
Nabisco Inc. in April, will put an 
end to the losses recorded by the 
subsidiaries fn recent years 
according to Lord Westwood, 
Drmbee’s chairman. 

In a letter to shareholders he 
said it is estimated that Aurora 
should return to profitability in 
the current year. Prior to the 
acquisition. Aurora discontinued 
tbe model hobby kits, games and 
toys which were loss making and 
Dunbee directors have decided to 
concentrate the remaining 
resources of the subsidiaries on 
the manufacture and marketing of 


model motor racing products. 

“The impact of Aurora may 
well increase the seasonal 
emphasis of DOM's profits in 197S. 
However, tatting the year as a 
whole the Board is encouraged by 
a significant rise in order intake 
and anticipates a year id keeping 
with DOM’s past profits perform- 
ance." 

The letter also gives notice of 
an EGM to be held on August 10 
to discuss a revision of the terms 
of an equity share capital transfer 
scheme involving Mr. R- P. Butler. 
A DCM director. The original 
scheme was approved by share- 
holders in 1976 and it enables Mr. 
Butler to acquire a 2 per cent 
equity in the U.S.-based Louis 
Marx subsidiary. 

DERBYSHIRE TIMES 
CHANGES HANDS 

F. Johnston and Company of 
Falkirk, publishers of the Falkirk 
Herald and a number of other 
Scottish weekly newspapers, has 
acquired Wilfred Edmunds, of 
Chesterfield, publishers of tbe 
Derbyshire Times. Buxton Adver- 
tiser and Hucknall and Buhvell 
Dispatch. 

TTie Derbyshire Times is one 
of the largest weekly newspapers 
in England and the total circula- 
tion of the three newspapers is 
around 75.000. Johnston intends to 
maintain Wilfred Edmunds as a 
separate company and it is 
envisaged that it will keep a 
large measure of autonomy. 

LAWRIE PLANTATION 

Duncan Lowne announces on 
behalf of the Board of Lawrie 
Plantation Holdings that the 
scheme dated May 26, which pro- 
vides for the merger of Jokai 
Tea Holdings and Lon" bourne 
Holdings is now fully effective 
and that dealings in the ordinary 
shares of Laurie Plantations wfll 
commence today. 

ALCAN 

Alcan Aluminium (UK) 
announces that, following its 
acquisition of tbe minority share- 
holding in Aiean Booth Industries 
(which now becomes a wholly- 
owned subsidiary! and subject to 
the completion of aH relevant 
formalities, tax clearances and 
consents, it proposes to cancel 
the £6^28,000 8 per cent deben- 
ture stock, 19S1-S6. of Alcan Booth 
and to issue in exchange an identi- 
cal amount of stock of Alcan 
Aluminium (UK) with interest at 
8} per cent. 


Lonrbo talks start on 
Tanzania position 

Lonrfao has opened talks with Group, due to recent tacreae fa 
the Taru-anian National Develop- capital, interest bas fallen DOMm 
ment Corporation following the 5 per cent _ 

announcement last month that Davies and Metcalfe 
Taraania had given the group in holdings previously ww™ 
three months to wind up its busi- were by The directors of Dara® 
ness interests in the country: and Metcalfe— not by . roe 

Mr. “Tiny” Rnwland Lnnrhn’s directors of Manchester Nommee* 
chief executive mel the NDC in A discretionary 
Dar es Saianm on Tuesday and a client managed by a isub ofLaard 
spokesman for Lonrho aid yes- 

trrd&y that “the atmosphere of 15,000 Robert McBride (BOddle- 
the meeting was cordial." * on ' at -Wp. v 

Under the expulsion order 
signed by President Nyerere the OPTION MARKET 
NDC is to buy Lonrho's 18 Tan- storks to be added to the ten 
zanlan companies “at a fair and already trading on the London 
acceptable price.*’ Further talks options markets are not expected 
on this price is expected to take to bp rt |e as ed until next week at 

place between both sides early earliest. 

nest month. Although a short list has been 

Earlier this month Lonrho d raw n up by the Stock Exchange 
announced that it agreed a traded -options committee letters 
iXlk>4m compensation figure with ting ibe companies 1 approval 
the Tanzanian government fol- h av e only just been sent out. 
lowing the nationalisation of the jf the companies give their 
problrt Central Line Sisal Estates approval dealings in the new 
in 196i. shares could start In the Autumn. 

Trading in the original ten 
pu ipr cTiiTe stocks on ihe options market has 

jMAKc MAhtb been steadily increasing since the 

Levex — On July 21 Mr. C. R. market opened three months ago 
Harris acauired 280,000 shares and and last week a daily peak of 
Mr. K. Maharajh 30,000 shares. 1,249 contracts traded was 
In addition Mr. Maharajh agreed reached. 

to acquire a further 250,000 

shares and Miss V. Jones agreed A r ‘ 1 
Stock Conversion and Invest- /\rlvl StcS 
meat Trust — -The trustee interests _ 
of Mr A. R. Macmillan, Mr. S. flPlTPr VP SIT 
Krendel and Mr. J. W. Wishart ucllcl J* 7 " 1 
have been reduced by 269.602 Prospects for the current year 
shares. The trustee holding of at Ariel Industries, are once again 
Mr. J. Levy has been reduced very dependent upon levels of 

by 170.000 shares. This disposal demand. says Mr. Kenneth 

by Mr. Levy as a trustee is Edwards, the chairman, in his 

included in the disposals as annua! statement, 

trustees by the other three major Signs are now that there is some 
shareholdings referred to. Mr. improvement in demand for group 
.1. \V. Wishart. as truster, dis- products, he adds, and if this is 
posed of £1.500 51 per cent con- maintained Ariel will have a more 
vertihle loan stock on July 19. rewarding year. 

1978. As known pre-tax profits for the 

Mariey — J. E. Aisher. P. A. March 31, 1978, year advanced 
Aisher and R. B. Aisher, director?, from £0.76 m to I0.7Sm on turnover 
have each disposed of 121,325 just ahead at £6.23m (£6.lm). The 
shares non-bencficial. dividend total was 2.1 34 p (l.E£5p), 

Jove Investment Trust — Moor- per share, 
side Trust has sold 400,210 canitul Mr. Edwards says the group will 
shares Thereby reducing holding continue its high level of invest- 
to 575.000 fles? than 5 per cent), ment, but if real prospects of 
Federated Land and Bnildlng — growth are not seen by directors 
Mr. j. R. Harris, director, has sold soon, in existing lines, Ariel will 
150.230 shares. have to widen its base by divert- 

Crossley Bonding Products — ing investment, he says, into areas 
Bowater Building Products and where there are natural spin-offs 
furniture holds 585,000 shares from existing products. 

(8.69 per cent). “ The coming year should deter- 

Steinbcrg Group— Jove Invest- mine which way use ned to go," 
ment Trust with its subsidiary he states. 

Kingside Investment holds 750, U00 Future capital expenditure as at 
shares <5.74 per cent). March 31 was £241.000 (£160.0001 

Selection Trust— A. Chester of which £219,000 (£149.000) is 

Beatty, director of Seltrutf contracted for. 

Investments disposed of 25,000 Bank and cash balances 
Selection Trust shares at 4!$p decreased by £373,130 (£90,501). 
on July 14. Meeting, Leicester, August 18 at 

Sangers Group— Norwich Union noon. 











-mmm 

WT 








i 


Laurence Scott 

Limited 

Manufac turers of electric motors and control equipment 

Preliminary results for the year to March 31st, 1978 





Tbmover 
Profit before tax 
Profit aftertax 

Dividends per share 
Earnings per share 
Net Asset Value per share 


1977/78 

1976/77 

(restated) 

£’000. 

£’000 

33,486 

28,613 

2,402 

2,758. 

1,758 

1,529 

5.00p 

3.02p 

I9.64p 

J8.74p 

171p 

163p 


Financial Summary 

Turnover 

Profit before taxation 
Capital employed 

Slmr<»Tin1dpre ’ funds 

Return on shareholders' funds <i - 

Eamings per ordinary stock unit 

Number of employees at 31st March 


1977/78 


1976/77 


£156,861,000 £125,359,000 
£9,123,000 £6,136,000 

£72,327,000 £51,850,000 

£48,196,000 £43, 182,000 
18.9% 14.2% 


76.1 6p 
17,360 


45.42p 

16,786 




Powering the Future 


Ferranti limited, Hollinwood, Lancashire OL9 7JS. 


. . . another excellent performance from 
Ferranti with a49% increase in profits- 
£9. Imillion on turnover of £1 57 million. It is a 
financial success story with a solid base in 
marketing achievement and it has meant that 
we have been able to create 600 new jobs in the 
past twelve months. 

We have just delivered our 1 00th airborne 
laser system and our 1000th Argus computet 
OurCOMED cockpit display system has been 
ordered for the United States Navy's A18 
Hornet aircraft. Ferranti equipment is going into 
every major warship being built for the Royal 
Navy. And the container carriers we are now 
making have a major share of their world market. 

Exports from die U.K. are running at about 
a third of turnover In Europe computer systems 
from our Belgian and German subsidiaries are 
controlling power stations and public utilities. 
Power equipment from our Cana dian company 
is selling throughout North America and we are 
attacking the key integrated circuit market as 
the first U.K. semiconductor company to set up 
a manufacturingfacility in the USA. 

Ferranti technology is a selling success 
world-wide. 


FERRANTI 

Selling technology 


Gothic Works. Norwich NRl lJD 


t 



Financial Times Thursday July 2ri975 ~ [ v 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 



NORTH AMERICAN NEWS 


Food groups maintain 
earnings improvement 


BY OUR OWN CORRESPONDENT 


TWO LEADING U.S. food 
companies, General Foods and 
Nabisco, have maintained the 
earnings improvement which 
became apparent in the first 
quarter of this year. 

Aided by falling coffee raw- 
mate rial prices. General Foods, 
which owns the Maxwell House 
brand name, has followed up a 
21 per cent first quarter profits 
increase with a 12 per cent 
improvement in the second three 
months of the year. Sales rose by 
7 per cent from S1.26bn to 
£1.35 bn leading to a net profit 
figure of S56.79m ($1.14 u share ) 
compared with S50.74m ($1.02 
per share). 

This is the first quarter of the 
company's financial year which 
should continue to benefit by a 
turnround in its coffee business. 
General Foods first half profits 


last year were cut by 35 cents 
a share because of an inventory 
write-down, but this year, green 
coffee costs have been Tailing and 
in the process improving the 
profit margin on General Foods’ 
charge for the roasted product. 

This was acknowledged by Mr. 
James Ferguson. General Foods* 
chairman and chief executive, 
who added that other segments 
of the business were continuing 
to meet expectations. Packaged 
convenience food earnings were 
“tempered somewhat” by addi- 
tional advertising and marketing 
costs — General Foods spent 
8300m on advertising in fiscal 
1977. 

air.- Ferguson added that 
although there may be a wider 
than normal fluctuation in 
quarterly earnings because of 

some remaining instability in the 
world coffee market', the current 
financial year would show an 


improvement over last year when 
earnings fell from the 1976 total. 

Reported net earnings today of 
$22.4m (70 cents «er share I . 

Last year's figures were dis- 
torted by gains and fosses from 
discontinued operations and 
after adjusting for these, the 
company's second quarter net 
earning's would have been in the 
region of S19-6m. 

Nabisco’s second quarter sales 
were S515.9m compared with 
$497m in the six month period 
net earnings were $43.3 m ($1.35 
per share) compared with $25.8m 
(SI cents a share; including a 
9249m loss from discontinued 
operations and a S11.5m gain 
from the termination of an over- 
seas sales subsidiary. Year sales 
were $1.03bn compared with 
$99d.4m. Abiseo predicted record 
sales and earnings for the full 
year which analysts are project- 
ing at $102m or S3.20 per share. 


Citicorp cuts note to $200m 


BY OUR OWN CORRESPONDENT 


UNDERWRITERS FOR Citicorp's 
proposed $250m floating rate note 
issued confirmed today that the 
borrowing had been reduced to 
S200m. According to First 
Boston, which is managing the 
issue, this was because the V.S. 
investing public was unfamiliar 
with floating rate notes and had. 
needed a greater amount of 
education than expected. 

However, as of mid-day today. 
First Boston proclaimed itself 
satisfied with the way the 
reduced issue was going. About 
90 per cent had been sold, it said. 


This issue by New York’s 
largest commercial banking con- 
cern, is unusual in at least two 
ways. Apart from its size, which 
matches the largest issues ever 
made by any other U.S. bank, 
the floating rate has seldom been 
seen before on comparable debt 
in the U.S. capital market. 

Citicorp opted for this type of 
issue mainly to match its floating 
rate assets. However, it is also 
following European banks who 
have recently made several float- 
ing rate issues on the Euro- 
markets. 


NEW YORK, July 26. 

The yield on Citicorp's 20-year 
notes was set today at 9 per cent, 
equal to 120 basis points above 
the yield equivalent of the six- 
month Treasury bill market rate 
average over the last two weeks. 
After five years this will drop to 
100 basis points, reaching 75 
basis points for the last 10 years. 
After the initial sale, terms will 
be set every six months. 

Minimum rates will be 7.5 per 
cent for the first five years. 7 per 
cent for the next five, and 6.5 per 
cent for the last 10. 


Goodyear 
Tire more 
optimistic 
on outlook 

AKRON. July 26, 

GOODYEAR TIKE and Robber 
has revised upward its outlook 
for the second hair of 1978 
and now looks forward (o (he 
next six months with increased 
optimism. 

The company said it had 
expected a very respectable 
showing this year bat it 
revised its outlook dae to “no 
sign yet of a slackening in the 
second quarter's momentum. 
No specific earnings forecast 
was made. 

Earlier Goodyear, the largest 
tyre manufacturers in the U-S- 
had reported an increase in 
second quarter profits but 
lower half-year figures. 

Net earnings for the second 
quarter totalled $72.3tn, or SI 
a share, compared with S70.7m 
or 98 cents a share for the cor- 
responding period of 1977. 
Sales totalled $L9bn against 
$1.7bn. 

For the half-year, net earn- 
ings amounted to S109m or 
SI .51 a share, against 5129 -9 m 
or SL80 a share previously. 
Sales were $3.56bn against 
$3-31bn. Foreign earnings for 
the six months were about 

$ 28 m — approximately the 

same as in 1977. 

The company said the half- 
year earnings were hurt by 
the severe weather and coal 
strike of the first quarter. On 
the seeond quarter’s results, 
these were stronger than 
earlier forecast with the 
truck, tyre, rubber and chemi- 
cal and Goodyear aerospace 
units all putting up strong per- 
formances. 

Renter 


U.S. Steel confirms recovery trend 


BY JOHN WYUS 

THE STRONG second-quarter 
recovery by many leading 
American steel producers was 
confirmed today when U.S. Steel 
Corporation reported a 53 per 
cent increase in net earnings 
over the same period last year. 

Higher and firmer prices, 
increased production, and strong 
domestic demand have helped 
put U.S. steel, the industry 
leader, back into profit after a 
first-quarter loss of S5S.7m. The 
recovery trend was indicated 
yesterday when National Steel, 
number three in the industry, 
disclosed a 26 per cent increase 
in net profits. The performance 
of some of the country’s smaller 
companies has, however, been 
patchier, with Republic Steel 
posting a modest 4 per cent 
increase in second-quarter earn- 
ings, Inland Steel 15 per cent 
and Wheeling Pittsburgh a hefty 
218 per cent. 

None of the companies is yet 


satisfied with the extent of the 
recoverv, and Mr. Edgar Speer, 
U.S. Steel’s chairman, spoke for 
his industry colleagues when he 
said today that profits “ must he 
further improved to ^eep our 
steel manufacturing facilities 
modern and efficient." Showing 
again his irritation at Govern- 
ment pressure to restrain steel 
price rises this year, Mr. Speer 
added that pressure from Wash- 
ington at a time when markets 
are strong “ is a deterrent to 
realising the profits necessary for 
further productivity improve- 
ments." 

Most steel companies have 
raised their list prices by close 
to 10 per cent this year, and Die 
Administration is anxious that 
they should go no higher. The 
increases, coupled with less dis- 
counting, helped U.S. Steel jraiw 
second quarter sales by 11.5 per 
cent over last year to $2.£»bn and 
earnings from 876.3ro or 91 cents 
a share to $ll?.3m or SL3S a 


share. Shipments in the second 
quarter were about the same as 
a year ago at 5.4m tons, but with 
th"e companv’s plants running at 
close to 90 per cent capacity Uhe 
highest rale since 1974) raw si eel 
production increased from 8.2m 
tons to S.4m. 

For the half year, U.S. Steel 
reported net earnings of $5$.8m 
or 59 cents a share on sales of 
SS^TTbn, compared With 8103.7m 
or $1-24 a share on sate? or 
$4JK>bn. Shipments in the six 
moatbe rose from 10.1m tons to 
10.4m and production from l4.Sm 
tons to 15.4m. 

Mr. Speer was optimistic about 
the outlook for the rest of the 
year, and noted that the order 
flow was still strong. Be thought 
that domestic steel shipments 
would now exceed 95m tons com- 
pared with last year's 92m. pro- 
viding that the Government's 
trigger price system significantly 
reduced " unfairly priced im- 
ports." 


NEW YORK. JityF jNfc: 

Elsewhere in the industry. 
Arnica Steel today announced a 
71 per cent rise in $*003 quarter 
net e:trnings from 529,9m ; to 
851.3m. Sales rose from $9n&n 
to Sl.lbn. First half.nrt income 
was $31 -5m earn pared ..wifjj ' 
$30. lm on sales fO‘82,05btr com- 
pared with $1.7bn. 

Allegheny Ludlura,, -which 
despite a diversification .strategy 
stili drawn more than halt of its 
sale s from special steete manu- 
facturing. also, reported a second 
quarter profits increase' today, 
from S7.8m or 87 eeftts. pfif share- 
to SlL2in on 81 cents per share. 
Final net income was reduced to • 
SS.Tm on 57 Cents a share; after, 
taking into account a S’iSm loss 
from discontinued operations, . . . 

Net earnings, for the half riaar 
were $M4m. nr GS cents a snare 
ana lost $10-9*0 or SI 09 per. share. 
Sates fur the second quarter rose 
Ivnm $534. Am to S33lu». and for 
the half year from S46lm to 
87142m. 


Oil companies moving ahead 


Morale problems at Kennecott Copper 


BY OUR FINANCIAL STAFF 

SEVERAL LEADING U.S. oil 
companies reported higher 
second quarter results yesterday, 
Jed by Jiobil Corporation with a 
21 per cent increase to $295iu 
and earnings per share of S2.7S 
against $2.30 a year ago. 

Mobil's revenues for the period 
moved uo from SS.4bn to SS.9bo. 
For the first h3’J, they totalled 
S17.6bn against Slt5.5bn, with net 
profits of 8536m, up 16 per cent 
from S463m. Earnings per share 
of S5.06 compared with S4^7. 

At Shell Oil. part of the Anglo- 
Dutch concern. Det profits edged 
forward by only just over 2 per 
cent in the second quarter to 
SL79m from SITom. Earnings per 
share were Sl-21 against S1.22 on 
revenues of $2.Sbn compared 
with $2.5bn. 


Marathon Oil announced 
second quarter net earnings of 
$1.68 against $1.65 a share. Total 
net profits of $5S.5m compare 
with $49.6ra and sales of $1.15bn 
with Sl.lObn. 

For the halF year, net earnings 
per sh3re totalled $3.34 against 
$3.00. Total net was SlOO.Sm 
against 892.3m, while revenues 
rose to S2.3Sbn from S2-26bn. 

Golf Oil said its seeond 
quarter earnings were "adversely 
affected by a squeeze on profit 
margins in wotldwide refining 
and marketing operations and 
by higher net financial charges 
resulting from a decline in 
interest income on investment 
portfolio coupled with increased 
debt-service charges." 

Vnlon Oil Company of 
California announced net profits 


NEW YORK, July 26. 


KENNECOTT Copper Corpora- acquired Carborundum was that ken have become close friends, executives "in very specific 

non completed its take-over of he d be stepping down and lett- It is not unusual for big areas where everybody m henne- 9 

Carborundum Company a little ing them run the company." said changes to result when a large cott realises we need manage- gy OUR FINANCIAL STAFF 

over six months ago. but now a disgruntled Kennecott division company such as Kennecott — ment help.” 

people are wondering who took executive. 1977 revenues $976.8m — takes When Kennecott took over Car- The cash tender offer 

over whom. Since last February, when over a smaller company like borundum. some predicted that Chicago Bridge and Iron 

The reason is that Carborun- Kennecott restructed its top Carborundum — 1977 revenues the two concerns would quickly Rowan Companies is to 

dum's aggressive managers have management former Carborun- about S710m — but It is unusual disagree over operating philoso- terminated, and Chicago Bi 

taken over important posts at dum executives have been in con- for an acquired company to effect phies. What few people predicred is seeking dismissals of all 

Kennecott and are malting trol of the company’s finances, such swift and far-reaching was the friendship that was proceedings relating to 

sweeping changes within the employer relations, public rela- changes in its parent and. in die quickly established between Mr. offer, 

company. tions, and shareholder relations, process, to create turbulence and Wendel and Kennecott's Mr. Chicacn Bridge, which ir 


Chicago Bridge drops bid 


for the first six months of S186m, 
or $3.73 a shore, against ?15Sm. 
or S3.49. Revenues of $3.1bn 
compare with SSbn. 

Higher earnings were due to 
several factors, including better 
refinery yields improved market- 
ing margins, successful explora- 
tory operations in the Gulf of 
Mexico and improved earnings 
of its chemical division. 

Partially offsetting these gains 
were lower investment tax 
credits and lower domestic oil 
and gas production. 

Getty (HI revealed that net 
earnings for the second quarter 
totalled only $S3.7m or 65 cents 
a share compared with last year's 
second quarter figure of $75.Sm 
or 92 cents a share. Revenues 
edged up from 8S79.Sm to 
$SS0.6m. 


EUROBONDS 


Barnes Group 
sees upturn 
in earnings 

BRISTOL. Conn, July 28. 
THE BARNES group expects 
to report that a rise of 24 per 
cent in earn iiws, and a 27 per 
Cent increase in sales took place 
in ihe second quarter. The rest 
of the year should be "strong," 
Based on preliminary result*, 
earnings in the second quarter 
rose about 24 per cent from the 
$3,3m. or 74 rents a share, 
reported a year earlier. Sales, 
gained about 27- per cent over the 
$75.6ra a year ago. 

The Barnes Group today raised 
its quarterly dividend . to 25 
cents from 22* cents. 

For the six months increase* 
are expected of shout 21 per 
cent in earnings and some 24 per 
cent in sales. AP-DJ 


Chase coupon set at 6% 


by S24.50, at which level the bid BY FRANCIS GHILK 
for valued Rowan at some S250m. 

be The reduction was made as a AFTER A quiet start prices of year tranche with an interest rate 
ige result of the announcement of a jjeursche Mark denominated of 6 per' cent was priced at US. 
gal deal between Rowan and Armco f . VMt - td , v ^ i n holh cases as expected. 

Ihe Steel, under which Rowan was to bonds 1 , asain >esleraj *- l *J* Deutsche Bank, which arranged 
acquire Annco's 50 per cent was partly a response to the *7 L ■. 


Company insiders note company, he says, is using a Kennecott director. 
"Wendel and Mr. Mi Hi- handful of former Carborundum AP-DJ 


sweeping cnanges wumn me employer relations, puouc reia- cnanges in 115 parent ana. m me qiuc&jy esiaousnea Derweec -»ir. offer. acquire Armco s 50 per cent was partly a response to me .. — : • — - • — 

company. tions, and shareholder relations, process, to create turbulence and Wendel and Kennecott's Mr. Chicago Bridge, which manu- interest in two Rowan drilling weakness in the West German SSH f * 

Financial management is being One of Kennecott s three new a degree of lowered moral among MUUken. A lot of people doubted faetures steel plate structures, affiliates. domestic bond market, where the t « nVhorrowrr u h ,ehThe ,ri ~ 

centralised- division managers executive vice-presidents is a employees. that the two men could work ma de its original offer of S°6 a Last week it was announced « j , . . " ? . uie same oorrower, wnicn is ftein, 

are being introduced, and all of former Carborundum man, and Mr. MUtiken, however, mini- together very well after running share June? and then early that Schlumberger had acquired Buades had T I?, in i5J vene ' bu *’ nS c syndicated among West German 

this is being done with the bless- the company’s president is Wil- mises the effects of the up- their own shows for so long, but this month reduced the Drice to IS per cent of Rowan. '• up a6out 25° m worth of basks and is understood to carry 
ing of Kennecott's 64-year-old liam H. WendeL the 63-year-old heavaL “Morale is very good they’ve become real alter egos," P P Wan * bonds. an Interest rate of 6.40 per cent. 

chairman, Mr. Frank R. Milliken. former president of Carborun- at Kennecott," he insists. The says Mr. T. Vincent Learson, a Despite this weakness. West- Bayensche Vere insoan fc and 

“ The only thing our chairman dum. Company insiders note company, he says, is using a Kennecott director. ~ . . _ . i deutsche Landeshank announced Nomura arc arrnn-imr irDW *!OnK 

forgot to tell us when we that Mr. Wendel and Mr. Milli- handful of former Carborundum AP-DJ Solid UrOTlf ^ fll 1 1\ A ihe terms of the DM 100m bond Private placement for Muntu 

" ■"" 1 1 1 1 „ 1 1 1 1 : 1 . . . " : 1 1 ~ 1 ’ 1 1 ~ P for Chase Manhattan Bank. The Manufacturing, a small Japanese 

PHIL ADELPHIA Julv maturity will be 15 years with electronics company. Tenns are 

RULAiyg.M'fUA, July -0. an averape life of 10 75 - years ex oected early next month. 

A SOUND increase in half-year of S3.9m in the same period last and an vindicated coupon of 6 per The dollar sector of -the mar- 

results is reported by L\A Cor- year. Revenue totalled Slbn, cent. Pricing will be on August 7. ket was quiet, , with very little 

poration. the insurance holding against S926.4m. The World Bank’s two tranche turnover, tlraugh float ittg rate 

group. Second quarter earnings Net earnings for the six bond was priced late on Monday notes out on a quarter of a point.. 
r iH ■ r i “ir-i-m M “ W'U \ A r ■ yri amounted to S6S.2Sm. equal to months were S122_27m or S4.S6 night: the DM200m six-year in many cases. TIip S35rn FRN 

I H 8^ wi \/l 8 A 1 SH ^ S2-T1 a share, against S45.48m or a share, against S79.82m or S3^0 tranche which carries an interest for Banqne Exterieure d’Algcrie 

B I I I ; 1 7 1 v I 1 l\ / ~1 a I A I $1.82 a share, after including a a share previously, on revenues rate of 5J per cent was priced was priced at par with conditions 

loss on discontinued operations of $2bn against $1-Sbn. Reuter at 99 J, while the DM 206m ten- otherwise unchanged. 


THE EMIRATES 
TELECOMMUNICATIONS 
CORPORATION LIMITED 
U.S. $100,000,000 

MEDIUM TERM LOAN 

Managed by 

Abu Dhabi Investment Company National Bank of Abn Dhabi 
The Arab and Morgan Grenfell Finance Company Limited 
Bankers Thist International Limited Chase Manhattan Limited 
Chemical Bank International Limited Grindiay Brandts Limited 
Gulf International BankB.S.C. Kuwait International Investment Co. s.a.k. 
Lloyds Bank International Limited Standard Chartered Bank Limited 

Union Bank of Switzerland 

Provided by 


Abn Dhabi Investment Company 

Arab Bank for Investment and ForeignTtade, Abu Dhabi 

Bahrainlnvestment Company B.S.C. 1 

Bankers Trust Company 

The Bank of Yokohama Limited 

The British Bank of the Middle East 

The Chase Manhattan Bank,N.A. 

The Commercial Bank of Australia 
Creditanstalt-Bankvereia 
European Arab Bank 
Golf international Bank B.S.C. 

Iran Overseas Investment Bank Limited 
Lloyds Bank International Limited (pubai Branch) 

The Mitsubishi Bank, Limited 
Morgan Grenfell ( Jersey) Limited 
TheNational Commercial Bank 

Saudi Arabia. 

Nederiansche Middensfcmdsbank NV 
The Royal Bank of Canada,Dubai Branch 
Societe Generale 
Standard Chartered Bank Lim ited 
United International Bank Limited 


Arab African Bank -Cairo 
Arab Bank Limited 
Banco XJrquijo - AbuDhabi Branch 
Bank of Scotland 
Banque Nationale de Paris 

The Chartered Bank, Offshore Banking Unit, Bahrain 
Chemical Bank (.Bahrain Branch) 

Credit Suisse 

The DaiwaBank Limited ' 

Grindlays Bank (Jersey) Limited 
International Resources and Finance Bank SA. 
Kuwait International Investment Co. & a k 
Merrill Lynch International Bank Ltd * 

The Mitsui Trust and Banking Company Limited 
National Bank of Abu Dhabi 
National Westminster Bank Limited 
Oesterreicbische Laenderbank 
Saudi In temational Bank 
Al-Bonk Ai-Suudi Al-Alami Limited 
Societe Generale deBanqueSA* 

Union Bank of Switzerland 


Agent 

Aba Dhabi Investment Company 


KihMar.1578 


U.S. QUARTERLIES 

AMERICAN PETROFINA 

Second Quarter 

1978 

1977 


s 

s 

Revenue 

2S5.0m 

271.0m 

Net profits 

6.46m 

6.84ra 

Net per share... 

0.61 

0.64 

Six Months 



Revenue 

545.7m 

545.5m 

Net profits 

7.55 m 

15.0m 

Net per share... 

0.71 

1.40 

CAPITAL CITIES 

Second Quarter 

197* 

1977 


S 

S 

Revenue 

95.8m 

SO.Sm 

Net profits ....... 

16.2m 

12.0m 

Net per share... 

1.13 

0.81 

Six Months 



Revenue 

175.4m 

143.8m 

Net profits 

28.9m 

204ra 

Net per share... 

1.S8 

1.36 

EASTERN AIRLINES 

Second Quarter 

1978 

1977 


S 

S 

Revenue 

599.9m 

498.8m 

Net profits ...... 

24.2m 

l.63m 

Net per share... 

1.13 

0.08 

She Months 



Revenue 

l.lSbn 

1.02bn 

Net profits 

43.7m 

18.5m 

Net per share... 

2.06 

0.93 

It INTERNATIONAL 

Second Quarter 

197* 

1977 


s 

S 

Revenue 

628.7m 

561.5m 

Net profits 

14.4m 

10.0m 

Net per share... 

0.43 

0.30 

5tx Mouths 



Revenue 

1.25bn 

l.llbn 

Net profits 

37.2m 

313m 

Net per share... 

1.12 

0.94 

J OHNS-M ANVILLE 

Second Quarter 

1978 

1977 


S 

s 

Revenue 

434.8m 

375.9m 

Net profits 

34-5ra 

27.Sra 

Net per share... 

1-60 

1.30 

Six Months 



Revenue 

773^m 

6S2.6m 

Net profits 

59.9m 

49.9m 

Net per share... 

2.78 

2.33 

PABST BREWLVG ] 

Second Quarter 

1978 

197T 


5 

5 

Revenue 

215.6m 

220.9m 

Net profits 

3.Sm 

10 . 1 m 

Net per share... 

0.45 

1.19 

Six Mouths 



Revenue 

372.4m 

393.3m 

Net profits ...... 

6.1m 

17.0m 

Net per share... 

0.71 

1.99 

WARNER-LAMBERT | 

Second QuhrUr 

1978 

1977 


s 

S 

Revenue 

696.0m 

632.4m 

Net profits 

55.0m 

51.0m 

Net per share... 

0.69 

0.64 

Six Months 



Revenue 

1.34bn 

l-21bn 

Net profits 

107.2m 

98.5m 

Net per share... 

1.35 

1.24 

1C INDUSTRIES 

Second Quarter 

1978 

1977 I 


BRIEFLY 


Heublein raises share earnings by 37% 


NEW YORK, July 26. 


turer Heublein Incorporated 99 cents. level were the wood and vreldlni 

had net earnings for the first ^ The Canadian i metal fabricator equipment company Pacific 

>ix ““tt; *he current Ssraj "" tr ° m Mttai ” "ptent 

year of SL.66 a share compared Declines in earnings at the six manufacturer Rausch and Lomb, 

with $1.94. Further rises at the month’s level were reported by op from $1.10 to $1.31. 
six months level were reported Hershey F°od^ dpv.Ti tern SUB tv q companies reported falls 
by perfumes maker Faberge, Sl-20, utility American for the second quarter, the 


Two companies reported Tails 
for the second quarter, the 


to $2.45, and Freeport Minerals, 


Flex! - Van 


ing company St, Joe Minerals, 
down from 63 cents to 60 cents. 


company Sterling Drug, ahead Marietta Corporation rose from Copeland Corporation, :with 
from 67 cents to 74 cents. S1.31 to $154, while the publish- interests in refrigeration, moved 

Also reporting rises in per ing organisation Macmillan up from 78 cents to 82 cents for 
share earnings for the first half Incorporated moved ahead from third quarter, and also for 
were electrical equipment manu- 26 cents to 30 cents. Harvey the third quarter Yarlan Assn- 
fa ctu re r Thomas and Betts, up HubbeiL, which makes electrical dates, the electrical company. 


distributor 


rom 56 94 cents, Southern Railway cents. 

srsifled moved • up from $2.51 to $2.94, Blue Bell Incorporated, cluth- 
Alaska and the engineering and wood ing manufacturer, slipped from 


environment from 78 cents to 84- cents. . 


nine months. 


to $3.19 for the 


orgainsation Johnson Other companies to announce Agencies 


United States Copper Mine 

and 

Integrated Metallurgical Plant 

FOR SALE 


Heda M i nin g Company’s undivided one-half interest in the Lakodiore Aline 
and Metailur gical Plant located on the Papsgo Indian Heaervatioru 30 zuilea south 
of Casa Grande, Arizona, 

Sealed bids must Be submitted prior to September 16, 1978. 

. Qualified parties may obtain detailed information regarding tliis facility and 
its pro auction history by writing or calling; 

"W. EL Love 
or 

"William A. Griffith 
Heda M in ing Company 
P.O.Box 320 
Wallace. Idaho 83873 


Phone: (208) 752-1251 


Teles: 326476HedaCo Wale 


Revenue 564.9m 492.9m 

Net profits 29.2m 24.1ro 

Net per share... 1.62 US 


There arc no preestablished terms of any offer, but the Company reserves the 
right to refuse any and all bids for any reason. All proposals will be kept in the 
strictest confidence. 


Principals only 




















£gbszm& 1 TO«s Thursday My 27 1978 


INTERNATIONAL FINANCIAL AM) COMPANY NEWS 


( f Refinancing 
of medium 
term loans 

By Francis GhBfcs 

A NUMBS® of borrowers are 
repaying loans early and 
refin ancing them on much lower 
tertna; at ibe moment this is the 
case of Iraq, Italy and Mexico. 
The latter is expected to 
refinance the 5176.6m floating 
n te tranche of the S210m loan 
w hich National Fjnanciera raised 
to August 1976. The borrower 
then paid a spread of 15 per 
cent for seven years, but today 
has been offered a spread of 
{ per cent on a three-year bullet 
The first two-year period has 
just expired/ Tn 1S76. the loan 
was led by Libya and Morgan 
Guaranty, with about 10 other 
banks in the managing group. 
The same managers are expected 
to retain their position in the 
loan now being negotiated. 

Meanwhile, Society Fin an afire 
pour les Tfilfico annunciations et 
I’Electrpplq ue, a subsidiary of 
the Italian STET, is refinancing 
the S35m five-year loan arranged 
In January 1976, on which it paid 
a spread of lfc per cent. That 
- ' loan agreement carried a prepay- 
ment penalty clause of & per cent 
per annum. However, even taking 
that into account, the- new terms 
agreed by Banque Europfifinne de 
Crfidit and Kredietbank NV 
(which also arranged the loan in 
1976) for the borrower, means 
that it has succeeded in raising 
nach cheaper money. The new 
loan is for five years and carries 
i spread of i per cent * 

The Central Bank of Iraq is 
refinancing part of the $500m 
ive-year loan which it raised in 
1975 on a spread of li per cent 
The new loan, amounting to 
5180m for three years, will carry 
i spread of i per cent The lead 
manager of the new loan is 


Iran completes Krupp purchase 


BY ADRIAN DICKS 

FRIED. KRUPP GMBH, the West 
German engineering, steel and 
shipbuilding group still smarting 
from the effects of recession, is 
now a quarter owned by Iran 
following the completion of a 
DM 870m (5424m) deal this 
week. 

In the final stage of the. agree- 
ment reached in October, 1976, 
Iran lifted its stake from 16.9 
per cent to 25.01 per cent 
representing DM 175.07m of a 
Capital base now raised to 
DM 700m. The remainder is In 
the hands of the Alfried Krupp 
von Bohlen und Haibach 
foundation. . 

However, Herr Heinz Petry, 
the executive chairman, revealed 
here that the Iranian Govern- 


ment had paid a " premium ’’ of 
400 per cent on top of the nomi- 
nal value of the capita] to which 
it has subscribed, so that its 
total investment In the West 
German company appears to be 
somewhere between DM 870m 
and DM 875m. 

The finance director, Herr 
Alfred Lukac, said the group’s 
free reserves currently stood at 
DM S96m, slightly more than the 
□et Iranian investment Al- 
though Herr Lukac stressed that 
it was not part of the group’s 
strategy to hold such large sums 
of cash, the board was able to 
report that Krupp is, financially, 
in an enviable solid position. 

As for its current business, 
however, Krupp has still been 


feeling the cold draught of re- 
cession. In the first six months 
of 1978, total sales rose by only 
1 per cent to DM 5.3bn, with the 
more buoyant sectors such as 
mechanical engineering, plant 
construction and trading sub- 
stantially offset by those in diffi- 
culties, like shipbuilding 
The main emphasis of the 
group’s DM 325m investment 
programme this year (after 
DM 361m in 1977) will again be 
the preservation of its competi- 
tive position. According to plans 
already announced, Krupp will 
reduce its workforce by some 
2400 during 1978. of which 1,700 
will be in the steel sector. Herr 
Petry emphasised that this re- 
duction would be achieved 


ESSEN, July 26. • 

through non-replacement and 
optional early retirement rather 
than mass lay-offs. This would 
cut Kropp’s worldwide total 
manpower to about 84,500 by the 
end of 1978. 

Short-time working at the end 
of last month affected 2,270 
people, concentrated, mainly in 
steelmaking and shipbuilding. 

Herr Petty predicted that an 
announcement would be made, 
irithin the next few months 
about the group's participation 
in the Soviet Union's giant Kursk 
steelmaking complex. He said 
'that aH essential details ofi 
Krupp’s share had been agreed i 
and initialled, and that final 
agreement was awaiting only the ' 
1 ending of the “holiday pause.” 


SEAT may make record loss this year 


BY DAVID GARDNER 

LOSSES OF SEAT, the largest 
| saloon car manufacturer - in 
Spain and the only one with a 
significant local holding, could 
total between PtaSbn and 3bn 
(826.5m to 539.5m) this year on 
the evidence of the poor showing 
in the first half. 

This would be tbe heaviest 
shortfall ever suffered by SEAT, 
which managed to produce a 
profit of Pta406m last year. 

SEAT, in which the two major 
stakes are. held by Fiat of Italy 
with 35 per cent and the Spanish 
state holding company INI with 
36 per cent, began the year in 
serious trouble, having seen its 
borne market share plummet 
from over 60 per cent -at the 
start of the decade to under 30 
per cent last year. 

Its lead has been taken over 
by Fasa-Renault closely followed 
by Chrysler and Citroen. The 


advent of Ford in 2976, although 
of limited impact due to curbs 
on its sales volume,, nevertheless 

took up any slack on the home 
market that could have benefited 
SEAT. 

Last year, SEAT produced 

353.000 cars, selling 68.000 abroad 
(12.1 per cent down on 1976) and 

242.000 at home (17.2 per cent 
less). In Jannary, SEAT applied 
to the Employment Ministry to 
put its workers on a three-day 
week for three months tn -try to 
reduce stocks. 

The decision was held up until 
the end of March, mainly because 
of its political sensitivity. With 
plants in Pamplona, Martorell 
(Catalonia). but principally 
Barcelona, SEAT is the country's 
third largest employer. 

Strong nnion pressure cut the 
number of lost working days from 
24 to 16, but by then the company 
had accumulated stocks of 85,000 


cars, or nearly three months’ 
normal production. SEAT reduced 
its output estimate for the year to 
250,000 units, but even is 
now seen as unreachable. During 
the first five months of this year, 
SEAT produced 115,000 cars 
against 163,000 in the same 
period last year. . 

Exports have risen to 30,000 
cars during the first four months, 
but this is not enough to offset 
the continued stagnation at 
home, where SEATs share of 
the market continues to 
decrease. 

The company's main problem 
is the decreasing public appeal 
of its standard models. In the 
past SEAT, in which Spanish 
banks also own 15 per cent was 
able to benefit from Fiat’s tech- 
nology, while catering to a prac- 
tically captive local market 
'With tbe establishment of its 
multinational competitors in 


BARCELONA, July 26. 

Spain, however, it is dependant 
on Fiat’s innovation to make its 
own models more attractive, at 
the Same time that it loses any 
economies of scale that would 
come from its being part of a 
multi-national. 

SEAT’S management is back- 
ing a solution based on increased 
participation by Fiat, while the 
unions maintain an ambiguous 
attitude. The Spanish Com- 
munist Party, which dominates 
the Workers’ Commissions— the 
union which won the SEAT fac- 
tory council elections — privately 
favours the Fiat solution, and 
has already sent a delegation to 
Turin for talks, with its Italian 
colleagues. 

But the influential radical 
minority inside the SEAT 
Workers’ Commission, in 
alliance with other anions, is 
likely to press for absorption by 
INI. 


Setback 
for Nordic 
companies 

By William Dullforee 

STOCKHOLM. July 26. 
THE AVERAGE profitability of 
the 500 largest Nordic companies 
plunged to 6 per cent in 1977. 
Corporate earnings, measured by 
net operating profit plus interest 
charges as a percentage of total 
assets, did not even match bank 
interest rates. 

This Is one of tbe more sig- 
nificant findings in tbe compila- 
tion of Nordic business results 
published today by a Stockholm 
business weekly. It confirms 
tough year for the five Nordic 
countries with the international 
in several branches eroding 
profits. 

Worst hit were tbe big Swedish 
and Finnish corporations. Onej 
in three of these made a loss I 
last year, while one in six of! 
the major Norwegian concerns 
and one in 16 Danish businesses 
turned in losses. Returns on; 
capital employed averaged 4.7 
per cent in Finland, 5 per cent 
in Sweden. 6.3 per cent in' 
Norway and 9.6 per qent in 
Denmark. : 

Tbe most profitable business in 
the area was Oy Alfeo, the i 
Finnish state alcohol monopoly., 
which achieved a return of 32.7 
per cent. The only other com- 
pan yto yield more than 30 per 
cent was Rank Jerox’s Swedish 
subsidiary. 

These two were followed by 
10 Danish concerns, most of 
which produce and market food- 
stuffs. One reason for this 
Danish profits supremacy, accord- 
ing to Mr. Arne Pilegaard, chair- 
man of the Danish Agricultural 
Council, is Denmark’s member- 
ship of the EEC, which has given 
Danish farmers a much larger 
“ home market.” 


Triad agrees 
on SPP offer 


BY ANTHONY ROWLEY 

TRIAD HOLDINGS has reached 
agreement with Southern Pacific 
Properties (SPP) on an offer of 
80 HK cents a share for the 70B 
per cent of SPP which it does 
not already own, or which has 
not already been pledged to it. 
Tbe transaction has a value of 
HKS121m (UR526m). 

Southern Pacific Properties 
was heavily involved through a 
subsidiary in the Pyramids Oasis 
Resort project at Giza, in Egypt, 
which was cancelled recently by 
tbe Egyptian Government, 
threatening the Interests in- 
volved with substantial financial 
losses. 

After that, there were doubts 
about whether Arab financier, 
Mr. Adnan Kbashoggi’s Triad 
would proceed with previously- 
mooted takeover plans for SPP, 
though these were resolved last 
month. The offer is to be made 
through a Triad subsidiary. Bar- 
rick Investments. Holdings in 
SPP by Peninsular and Oriental 
P Ss O), Trust Houses Forte 
and J. G. Boswell — all OK groups 


HONG KONG, July 26. 

—have already been pledged to 
Triad, it is understood. 

The offer of SO cents a share 
compares with the market price 
of S2 cents a share when SPP 
shares were suspended here on 
May 17. after the Cairo decision 

was announced, and with a net 
asset backing of 56 cents a share 
as at the end of 1977. 

The subsidiary is understood 
to have invested around HKSlBm 
in tbe US$5 00m Pyramids Oasis 
project before it was cancelled. 
Compensation in relation to the 
investment has been under 
negotiation. 

SPP is being advised over the 
offer by BT Asia, a Hong Kong 
subsidiary of the Bankers Trust 
group, and Barrick is being 
advised by Wiardley, the mer- 
chant-banking arm or the 
Hongkong and Shanghai Banking 
group. SPP shares were 
scheduled to be re-quoted on the 
stock exchanges here today, but 
an approaching tropical storm 

put an early end to the day's 
trading. 


Profits up in Australia 


TRADING and profit conditions 
in Australia improved substanti- 
ally in the June quarter, accord- 
ing to the latest business survey 
by the Australian Chamber of 
Commerce and the National 
Bank. 

The survey found that 65 per 
cent of the firms experienced 
good or satisfactory trading in 
the June quarter, compared with 
54 per cent in the March 
quarter, while 55 per cent had 


Manchester Garages Ltd 

(Ford Main Dealers) 

Six months ended 30th June, 1978 
Record Trading Profit 


30/6/7S 30/6/77 31/12 

(Unaudited) (Unaudited) 12 Mon 
£ £ 


5,776,534 11,573,743 
257,572 553378 


Group Sales 8,000,864 


Group Trading Front 
(before interest) 


Group Net Profit 
(before tax) 


45 204,257 464,109 


"Trading profit increased fey 49%” 

"Turnover increased by 38%” 

"Truck dealership making substantial profits 1 ' 
"Directors strongly recommend Oliver Six merger offer" 
B, A. Stoodley Chairman and Managing Director, 


STRAIGHTS 

Alcan Australia 8jpc 1389 

AMEV Spc 1987 ...» 

Australia 81 pc 1992 . 

Australian it. & S. 91pc Te 
Barclays Bank 8 ‘pc 1992... 

Bowater Sipc 199* 

Can. N. Railway Sipc 1988 
Credit National 9}pc 1386... 

Denmark 84 pc 1984 

ECS Spc 1983 

ECS 8}pc 1887 .. 

EIB 81 pc 1992 ._ 

EMI Sipc 1833 

Ericsson 84 pc 1 B 88 

Esso 8nc 1988 NOV 

Gl Lakes Paper Sine 1984 

Hamersley 9} pc 1392 

Hydro Qnebec 9 pc 1892 ... 

ICI Sipc 1387 

ISE Canada 8} pc 1956 

Macmillan Blocdcl 9pc 1992 
Massey Ferguson 94 pc VI 

Micbelln 9ipc 1988 

Midland Int. Fin. BIpc V3 
National Coal Bd.' 8pc 1387 
National Wstmnstr. 9pc *86 
Natl. WsimostT. 9 b c *86 *3’ 
Newfoundland 9 pc 1989 . . 
Nordic Inv. Bank 8ipc 1988 
N urges Kora. Bk. 8inc 1992 

Norplpc 8ipc 1989 

Nor® Hydra 84 pc 1992 ... 

Oslo 9pc ISSS 

Ports Ainonomes 9pc 1991 


SELECTED EURODOLLAR BOND PRICES 
MID-BAY INDICATIONS 


Prov. Quebec 9pc 1995 Mi 

Pm. Saskatcbvm. Blpc *88 97 

Reed International Spc 1987 93 

RHU 9nc 1993 95 

Selection Trust Sipc USB... Ki 
Shell Inti. FbL 84pc 1990... 954 

Stand. Bnsfcflda 9pc 199L.. * 98 

SKF SPC 1987 .... ... .. 91 . 

Sweden 'ICdoin) 8|pc 1187 944 

UnMed Biscuits Spc 1989 M 
Volvo Spc 1987 March 934 

NOTES 

Australia 71pc 1984 934 

Beti Canada 7ipc 1987 96 

Br. Columbia Hyd. 7inc *85 93 

Can. Pac. 84 pc 1884 971 

Dow Chemical Spc 1986 ~ 974 

ECS 7} pc 1982 944 

ECS Sipc 1989 94 

EEC 74PC 1983 851 

EEC 7jpr 1984 94 

Enso Guraeit Sipc 1984 96 

Cotaverten 71 pc 1382 944 

Kockums Spc 1983 B8* 

Michelin 84pc 1983 984 

Montreal Urban 81pe 1981 984 

New Brunswick Spc 2984 . . 98t 

New Bruns. Prov. Sloe ’SS 99 


New Zealand 84PC 1986 ... 95 

Nordic Inv. Bk. ?{pc 1364 934 

Norsk Hydra 7tpc 1983 .... 951 

Norway 71 pe 1982 S3} 

Ontario Hydra Spc M67 ... *34 

Singer 8|pe 198! 994 

S. of Scot. Elec. Sipc 1881 98 

Sweden fK'dom) 7}pc 1982 941 

Swedub Stale Co. 7ipe *82 95 

Tetmex 9tPC 1984 99 

Teimeco 7Jpc 1967 May ... 914 

Volkswagen 71pc 1887 944 

STERLING BONDS 

Allied Breweries lOipc '89 894 

Citicorp UK 1983 824 

Conrunlds 9!pC 1989 904 

ECS fllpc U69 944 

EIB Upe 1988 964 

EIB 9|pc 1982 894 

Finance tar Jnd. Mae 1987 914 
Finance for Ind. lOpc 1988 94 

Flsona 1B4DC 1987 . — 974 

Gesietner llpc 1988 ...— 82 

INA lBpc 1988 834 

Rowntree IDiPC 1988 90 

Sean lOtac 2988 92 

Total Oil 94pc 1984 904 


DM BONDS 

Aslan Dev. Bank 5i pc 1988 

BNDE Si DC 1986 

Canada 41 pc 1983 

Den Karate id. Bk. epc vo 
Deutsche Bank 4ftpc 1983 -. 

ECS 51 pc 1990 

BIB Mpc 1998 

an Aquitaine 54pe 1988 — 
En raram 5 lac 1937 ....... 

Finland S|pc 1988 .. 

Fo remarks Blpc 1M — . 

Mexico 6 pc 1963 

.No reran sipc 1988 ......... 

Norway 4ipc 1983 

Norway 4] pc 1933 

PK Banken 5ipc 1983 ..... 
Prov. Qnebec 6 pc 1990 .... 

Raatarnakkl Sipc 1988 

Spain (pc 1988 — 

Trondheim 51 pc 1988 ....... 

TVO Power Co. 6pe 19S8 - 

Venezuela 6pc 188S 

World Bank Sipc 1890 

FLOATING RATE NOTES 
Bank at Tokyo 1984 sipc ... 

BFCE 1984 8*PC 

BNP 1983 Sljfipc 


EQE Worms 18S5 Spc 971 

CCK 1985 Sipc .. 9S4 

Chase Manhrrn. *33 95ispc 984 

Creditanstalt 1884 Si PC 984 

DC Bank 1982 Spc 89* 

CZB 1981 BlMPC 991 

Inti. Westminster 1984 Bpc 9S| 

Lloyds 198$ 8 15 16 pc 994 

LTCB 1983 Spc 994 

Midland lot. FS '87 SSjbpc 9SI 
Midland lor. FS *83 B7«pc 984 
NaL Westmlnstr. '80 8&upc 9S| 

OKB 1983 Stipe 994 

SNCF 1983 Sloe »4 

Stand, and Chtrd. *54 81 dc 981 
Source: White Weld Securities. 

CONVERTIBLES 

American Express 4i pc *87 814 

Ashland Spc 1988 964 

Babcock 4c Wilcox 6it>c -97 11U 
Beatrice Foods 4} pc 1992... 97 

Beatrice Foods 4Ipc 1692... 107} 
Bcecham 64 PC 1992 ....... 1044 

Borden 5M 1992 99 

Broadway Hale 4 1 PC 1987... 754 

Carnation 4pe 1997 784 

Chevron Spc 1958 1294 

Dan 42 pc 1987 SI 

Eastman Kodak 4}pc 1988 544 

Economic Labs. 44uc 1987 774 

Firestone 5pc 1988 791 

Ford 5pc 1988 794 

General Electric 4iDC 1987 61 

Gillette 4}pc 1987 77 


CANBERRA, July 26. 

good or satisfactory profit, up 
from 50 per cent, in the March 
quarter. 

Expectations for the Septem- 
ber quarter are that 63 per cent, 
will have good or satisfactory 
trading results, and 57 per cent, 
good or satisfactory profits. 

A significant reduction is re- 
ported in the growth of labour 
costs, while purchase costs eased 
marginally. A further reduction 
in cost pressures is expected in 
the September quarter, 

The demand for labour 
weakened in the June quarter, 
and is not expected to improve 
in the current three montlis. 
AP-DJ. 

Slight gain at 
Indian bank 

By Our Own Correspondent 

CALCUTTA, July 2*. 
UNITED COMMERCIAL Bank, 
one of the big five of the Indian 
banking system increased its net 
profit slightly to Rs 21.29m in 
1977. from Its 20.98m in 1976. 

Advances, however, rose more 
sharply, to Rs 2.56bn, from 
Rs 1.96bn. 

The bank’s deposits increased 
by 25.3 per cent, from Rs 75Sbn 
to Rs 9.S7bn. The deposits figures 
for 1977 comprised Rs $.9Sbn of 
internal deposits and Rs S90-9m 
outside India. 


Management 

Services Limited 

* 

.Funds managed nowexceed £110 million, 
...profits continued to growstrongly” 

M. D. Moross, Chairman 


£lllm 



funds under management 
□ non-resident funds 
E3 unit trusts 
US other portfolios 

£35m 


mm 







-*•_« s’ -*V ij- 


• V. 

, r . -►* » 



Chairman’s Comments 

The companies which form the 
investment arm of Schlesinger 
European Investments Limited-had 
another successful year. Funds- 
managed nowexceed £110 million,, 
and profits continued to grow 
strongly. The companies involved are 
Schlesinger Investment Management 
Services Limited, responsible tor 
ail funds under management in. 
the U.K. and for providing advice to 
the Boards of the non-resident 
investment companies, Schlesinger 
Trust Managers Limited under 
whose aegis the Schlesinger PIMS 
range of 14 authorised unit trusts is 
managed and marketed, and 
Schlesinger International 
Management Limited, based in 
Jersey, the management company 
for the 6 non-resident funds. 

Gross sales of authorised unit , 

trusts exceeded budgets, totalling 
almost £20 million during the year 
with substantial investments arising 
from the recommendations of 
professional advisers. A feature 


during the year was the introduction 
of seven new authorised unit trusts 
designed to achieve a full range of 
specialist investment funds. The 
Schlesinger Extra Income Trust (now 
£10 million) has attracted a great 
deal of support, as has the Schlesinger 
Preference and Gilt Trust (now £3 
million), while the rally in Wall 
Street earlier in the year 
re-established support for the 
Schlesinger American Growth Trust, 
now valued at £14 million. 

We opened our own office in 
Jersey’, with a resident director and 
supporting staff, and funds under 
management have rapidly increased 
to over £10 million. New Funds were 
introduced investing in the Far East 
and; through SchiesingerGflt Fund 
Limited, in British Government 
Securities. .... 

Total umbsed funds under 
management now exceed £57 
million. 

Good progress has been made 
in attracting investment portfolios 
for management from pension. 


fund trustees and private clients. 

We have developed two specialist 
divisions which concern themselves 
exclusively with these activities. 

Relations with our sister 
companies in the Trident-Insurance 
Group, for whom we act as 
investment advisers, are very close. 
During the year we strengthened our 
resources to satisfy the requirements 
of this rapidly growing insurance 
group. 

In this, the Company's fifth 
year, we have achieved the original 
objectives of building an investment 
ofhigh calibre and of creating a 
broad range of investment services. 
The Company has been profitable 
since its inception and at no stage will 
the investmeutin the future be made 
at the expense of current profitability. 

I am satisfied that our 
management team is well equipped to 
meet the demands and challenges of 
the times and that the nextfew years 
will see a solid continuation of the 
profitable growth that the Company 
has achieved in its first five years. 


19 Hanover Square, London W.I., 01-409 3100 


This announcement appears as a matter of record only. 


UNION CEMENT COMPANY 

HAS AL-KHAIMAH, UNITED ARAB EMIRATES 


K.D. 11,700,000 

and 

U.S. $25,000,000 
Medium-Term Loan Facility 


The Industrial Bank 
of Kuwait, K.S.C. 


Managed by 

Kuwait Foreign Trading Contracting 
& Investment Co. (SAK) 


Co-managed by 

The National Bank of Kuwait, S.A.K. 

Abu Dhabi Investment Company Arab Bank Limited 
Grindlay Brandts Limited National Bank of Abu Dhabi 

The National Bank of Has AI-Khaimah (P.S.C.) 


Provided by **&**«?' 

The Industrial Bank of Kuwait, K.S.C. The National Bank of Kuwait, S A.K 

Kuwait Foreign Trading Contracting & Investment Co. (SAK) 

Kuwait Real Estate Bank K.S.C. Burgan Bank S A.K. — -Kuwait 

Abu Dhabi Investment Company National Bank of Abu Dhabi 

Arab-Malaysian Development Bank Berhard Grindlays Bank (Jersey) Limited 

Alahli Bank of Kuwait (K.S.C.) The Commercial Bank of Kuwait S.A.K 

Arab Ranir Ltd. (OBU —Bahrain) The National Bank of Ras Al-Khaimah (P.S.C.) 

Kuwait International Finance Co. SAK. 'KEFCO* 

Banco Arabe Espanol S A Den norske Creditbank (Luxembourg) S.A. 

Financial Group of Kuwait, K.S.C. Union de Banques Arabes et Frangaises — U.BAF. 


Bahrain Branch 


Agent 


THE INDUSTRIAL BANK OF KUWAIT, K.S.C. 


June, 1978 














28 


Financial Times Thursday « 


JNTL. FINANCIAL AND COMPANY NEWS 


Recovery maintained at 
AECI in first six months 


BY RICHARD ROLFE 

THE AECI group, which is 
mainly engaged in the manufac- 
ture of chemicals, fertilisers, 
explosives and synthetic 
polymers, maintained the 
recovery in profits shown in the 
last half of 1977 during the 
latest six mouths to June 30. 
Compared with the poor first 
half of 1977. pre-tax profits are 
up from R23.6m to R4Q.lm 
($46.1m) on turnover up from 
R276‘m to K333m (S383m). ICI 
and De Beers Industrial Corpor- 
ation are the largest shareholders 
in AECI. 

The latest profits are slightly 
down on the second half of 1977. 
when the pre-tax level was R41m 
on sales of R314m. But the 
second half is traditionally the 
more buoyant, and a new factor 
in the six-month period just 
ended is that the group's Coal- 


plex project became operational 
from April 1. So the latest 
figures include additional depre- 
ciation costs of Rim per month, 
as well as unspecified start-up 
losses. 

Earnings per share were 15.2 
cents for the latest six months 
against 9.1 cents for the previous 
comparable period and 16 cents 
in the second half of 1977. The 
interim dividend has been raised 
1 cent to 10 cents and assuming 
a 20 cents total for the year, 
against the previous 18 cents, the 
shares at 290 cents yield 6.9 per 
cent 

The Board forecasts profits H at 
least in line" with those of the 
first half during the second half, 
despite the additional Coalplex 
provisions and subject to main- 
taining the present “ improved 
level of economic activity." 


JOHANNESBURG, July 26. 

Sales volume improved by an 
average 11 per cent in the six 
months to end-June, with the 
group's synthetic polymers arm, 
SA Nylon Spinners, showing 25 
per cent growth. SA Nylon 
Spinners broke even last year on 
RSQm of turnover, and is now 
malting profits. Exports showed a 
rise from Rl7-8ra to R22J5m, 
mainly reflecting PVC sales from 
Coalplex, but selling prices are 
described as 11 depressed.” 

As a market leader, the shares 
have performed well this year, 
with the current price compar- 
ing to tiie 1977-78 low of 180 
cents. Even more impressive has 
been the performance of the 
warrants which* were issued as 
part of the group’s fund-raising 
for Coalplex. They are now 65 
cents against a low of 18 cents. 


Consolidated profits up at TDK 


TDK ELECTRONICS Company's 
consolidated net earnings In the 
half-year ended May 31 rose <L3 
per cent to a record Y5.81bn 
(U.S.S30m) from Y5.57bn in tbe 
same period of tbe previous year. 
Oa an annual basis, earnings per 
share rose to Y 127.29 from 
Y122.10. 

Consolidated half-year sales 
also reached a peak, rising 16.5 
per cent to Y59-25bn (U.S.$304m), 
from Y50.SSbn. 

Increases in the sales of audio 
and video tapes was the primary 


factor behind the improvement 
in the six months, tbe company 
said. Magnetic recording tape 
sales gained 47.7 per cent to 
Y24bn or 40.5 per cent of sales, 
against 31.9 per cent a year 
earlier. 

The company expects to 
achieve better sales results in the 
second half, compared with tbe 
first, by placing emphasis on 
tapes, ferrite magnets and com- 
ponents for video tape recorders. 

The company reports a 7A per 
cent increase in overseas sales 
on a consolidated basis to 


Malaysian Airline refinancing 


BY WON(j SULONG 

MALAYSIAN Airline System, 
has secured a loan for 36m 
ringgits, which it will use to 
repay a more expensive loan 
taken from American banks last 
year for the purebase of its 
second DC10 aircraft 
The new loam provided by 
Malayan Banking Bertaard, tbe 
biggest Malaysian bank, is r or 
five years, at an undisclosed fixed 
interest rate. 

A MAS spokesman said the air- 
line's second DC10, costing 
USSoOm. was financed by Exim 


KUALA LUMPUR. July 26. 

Bank, 40 per cent MAS 10 per 
cent, and American Banks, 50 
per cent 

He said that as a result of 
cheaper interest rates prevailing 
In Malaysia, and the more 
favourable exchange rate of the 
ringgit the airline had taken 
advantage of the situation to 
repay its loan to the American 
banks. 

He added that the airline was 
now negotiating for a second 
loan in the Malaysian market to 
finance a USS&m Boeing 737 
which it recently ordered. 


GOSS 


THE SOUTH AFRICAN LAND AND 
EXPLORATION COMPANY LIMITED 

'Incorporated in the Republic of South Africa ) 

EXPLORATORY DRILLING PROGRAMME 

In respect of the drilling programme in the area to the 
south and south west of the mine workings, the results of 
the fourth and fifth defiections of borehole SWP l are 
announced. The results of the other intersections, previously 
published, are repeated below for information. 

Borehole SWP 1 is situated in the claim area on the farm 
Witpoortje 117 I.R., approximately 3 300 metres west north 
west of the south west corner of the mining lease. Drilling has 
now been discontinued. 


Main Reef Leader 


Depth Corrected 


Gold 


Uranium 


1st Intersection 

Metres 

3065 

Width 

cm 

71.3 

s/t 

0.S3 

cm.g/t 

59 

kg/t 

0.05 

cm.kg/t 

3.68 

2nd Intersection 
(1st Deflection) 

3064 

83.9 

0.45 

38 

0.07 

6.29 

3rd Intersection 
(2nd Deflection i 

3 065 

90.9 

0.55 

50 

0.02 

2.24 

4th Intersection 
(3rd Deflection) 

3 044 

110.4 

1.57 

173 

0.07 

7.39 

5th Intersection 
(4th Deflection) 

3 044 

106.5 

1.80 

192 

0.01 

1^8 

fith Intersection 
(5 th Deflection) 

3044 

104.4 

1.23 

128 

0.05 

. 5.71 


Core recovery was complete in all cases but the base of 
the reef was disturbed by minor faulting in the 2nd Deflection. 

In regard to the other borehole SRK 1, which was also 
started in the latter part of 1976, drilling is continuing, and it 
is expected that tbe reef, if present, wili be intersected daring 
August 197S. SRK 1 , on portion 10 of the farm Rooikraal 156 
I.R., the mineral rights of which are held by the company is 
situated approximately 3 700 metres south west of the south 
west corner of the mining lease. 

Johannesburg 
July 27 1978 


The Bank of Tokyo, Ltd, 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Series A Maturity date 
30 July 1980 




In accordance with the provisions of the Certificates 
of Deposit notice is hereby given that for the 
six month interest period from 27 July 1978 
to 29 January 1979 the Certificates will carry an 
Interest Rate of 97i..% per annum. 

Agent Bank 

The Chase Manhattan Bank, N.A., 
London 


TOKYO. July 26. 

Y15-08bo. but the share of such 
sales in the total declined to 25.5 
per cent from 27.7 per cent a 
year earlier. 

Sales of ferrite cores and 
magnets showed a gain of 0.1 
per cent to Y18.9bn. with the 
share of total sales lowered to 
31.9 per cent from 37.1 per cent, 
ranking it second in product 
sales for the first time. 

Sales of coil components and 
memory devices were up 2 J. per 
cent to y&99ba. and sales of coil 
ceramic capacitors 2.6 per cent 
to Y6.619bn. 

As reported ' earlier parent 
company net earnings in the 
half-year increased 13.1 per cent 
to Y5.54bn. from Y4J9bn. Sales 
gained 18.5 per cent to Y56.18bn 
from Y47.92bn. 

* * ¥ 

Kajima Corporation, the Japanese 
construction concern, raised its 
after-tar profit by Z per cent, to 
Y6.52bu ($33. 4m) in the first-half, 
ended May 31, from Y6.45bn in 
tbe first six months of the pre- 
vious year, reports Reuter from 
Tokyo. 

Sales rose 11.6 per cent to 
Y284.91bn from Y255.36bn. 

The interim dividend is un- 
changed at Y4J. 

♦ * * 

Ishikawajima-Hariioa Heavy In- 
dustries Company has turned in 
consolidated net income of 

Y3.83bn (S19.64rn) for the year 
to March 31 on sales of Y905.01bn 
(S4.64bu). Earnings per share 
come to Y 3.03. Results are con- 
solidated for the first time. 

* * * 

Consolidated net profit of Japan 
Air Lines Company reached 
Y8.56bn (S43.9m) for the year 
ended March 31 on sales of 
Y46S.22bn fS2.4hn). Earnings 

per share were Y86.9S. There 
are no comparatives as results 
are consolidated for the first 
time. 

Agencies 


Internatnl. 

Wood 

earnings 

down 

BY H. F. LEE 

SINGAPORE. July 2b. 

A SHARP FALL in earnings at 
International Wood Products, a 
joint venture between the Mitsui 
Company Dantani Plywood 
Company, of Japan, and Singa- 
pore shareholders, has been 
reported for the year to 
February. 

Net earnings In 1978 fell by 
69 per cent to S81.64m, from the 
record SS5.2m of the previous 
year. 

The company currently enjoys 
pioneer status and is therefore 
exempted from tax on earnings. 

International Wood, which is 
involved in the manufacture of 
wood veneer, plywood and block- 
board gave no reason for the 
sharp decline. 

However, at the half-year stage, 
the company warned share- 
holders that the plywood market 
at that time was weakening and 
that its sales prices were declin- 
ing significantly, particularly 
after the exhaustion of the 
generalised system of pre- 
ference’s quota for the UK 
market. 

The company’s profits for the 
full year were a shade lower than 
earnings reported in the first six 
months. 

The company is almost totally 
dependent on export sales. 

Despite the downturn in profit, 
the Board has deddpd to recom- 
mend an unchanged first and 
final dividend of 10 per cent tax 
exempt 


Currency, Money and Gold Markets 


Dollar firms on 
trade figures 




■y "T 


THE POUND SPOT j FORWA RD 

Hu* uirotb 


■ " " fhnt. 

Jqlritt nUr» f*«v' 
J ■ t , Sew*-* 




The UR. dollar showed a marked scate. Sterling S®*™"** 1 ^hclmst 
improvement against most cur- 152 S 0 whig was real y the acst 
rendes in yesterday’s foreign Jevdfor the da>- By n«>n « nau 
exchange market on news of a eased to SlfiSaO-lJBWbefore i 
557 Om expected U.S. trade ing sharply » 

deficit for June. Most market worst point of the da>. However, 
predictions had fallen between with a little official assistance, the 
S2bn and 62* bn and when the. pound recovered slightly at roe 
June figure showed a deficit of c i ose to B1.M15-IAL* a raj* 
si.ebn, its lowest for over a year. 1 . 45 c. Using Bank of E nganq 
the dollar reacted strongly. Prior figures, sterling's trade-weighted 
to tbe announcement market index reflected the overall weaie- 
conditions saw the dollar improve ncss by falling to 6i3 from 62.8 
very slightly , „ on Tuesday, having stood it OS 

Against the marie the dollar 3 j noon and in early dealings, 
improved to DM 2.0555 from Forward sterling showed a weaker 

tendency 


Grace Bros, 
buys J. B. 
Young stake 

By Our Own Correspondent 

SYDNEY. July 26. 
GRACE BROS HOLDINGS has 
purchased a 20 per cent 
equity in the New South Wales 
country retail chain, J. B. Young 
Holdings. Grace bought the 
19.89 per cent stake in Young 
held by the diversified group, 
Burns Philp and Co., and 
acquired a few more shares on 
the market, to take the holding 16 
20 per cent, at which level Grace 
Bros could equity account 
The purchase cost Grace 
AS4.38m (U.S 55 m. but the 
directors said that there was no 
present intention to increase the 
shareholding. The parcel had 
been obtained as an investment 
Burns Philp had held tbe Young 
shares for two years, having 
obtained the interest through 
selling some of its former Mates 
retail chain to the country 
retailer. Bums Philp had made 
it known about two weeks ago 
that it no longer considered the 
parcel a strategic holding, and 
that it was prepared to sell, 
to Invest the funds elsew 
Grace Bros was approached 
bought the shares. 



African Development Bank 

U.S. $40,000,000 
Floating Bate Notes due 1 983 

For the six months 

27th July 1 978 to 29th January 1 979 

.In accordance with the provisions of the Note, 
notice is hereby given that the rate of interest 
has been fixed at 9-fc per cent and that the interest 
payable on the relevant interest payment date, 29th 
January 1979 against Coupon No. 1 will be U.S. $48.76 

By: Morgan Guaranty Trust Company of New York, London Agent Bank. 


| 

Ju.y 26 j Sterunc 

Csnaalisii 

Diiilar 

U.S. Uollsr 

Ihiirh UmMei 

S»'NK Preui- 

nilmrt leroi lHs-12 

i alav- OKW . 10Ji-lU4 

71- eia 

7s b 8 

678-914 

75* a 
7 ;«^Ir 
71-75* 
81,4:1a 

87b - 9 Is 
991* 

4 4U 

41- -43* 

45* 5 
65a-o’8 

65, FS, 

65* -7 

13b U: 

Z‘* 25, 

S6, 13* 

13*. 17, 

i-cl, 

2 A 2 \ 

Pin* month. lOiy JO^a 

':x rivmtti' 11-1 lie 

l.'ne vrer... , 1I5« 1 13 4 


US$150OTOTD 

CHASE MANHATTAN OVERSEAS 
BANKING CORPORATION 

FLOATING RATE NOTES DUE 1993 

For the six months 

27th July, 1978 to 29th January, 1979 

In accordance wfo the provisions of the Notes 
ntxice is hereby given that the rate of interest’ 
has been fixed at 95-ie per cenL and that the interest 
payable on the relevant interest payment date. 29th 
January 1 979 against Coupon No.1 will be U.S. 548.11. 

Aganfe Bank: Morgan Guaranty Trust Company of New Ybrk, London 


rn 


Weekly net asset value 
on July 17. 1978 

Tokyo Pacific Holdings N.V. 

U.S. $61 .22 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $44.60 • 

Listed on the Amsterdam Stock Exchange 

Informaium: Pierson. Hearing & Pierson N.V. Herangracht 214. Amsterdam 


PRICE INDEX 
DM Beads 
HFL Bends S Non 
U.S. S Sot. Bends 
Can- Dollar Bonds 


V ONTO BEL EUROBOND INDICES 
143.76=100% 

IS. 7.78 AVERAGE YIELD 


18.7.78 

105.44 

103.81 

98.73 

100.00 


I04.CS 

102.84 

98.98 

100.33 


DM Bonds 
HFL Bonds 3 Noses 
U.S. S Sere. Bonds 
Cm -Do liar Bonds 


18.7.78 

6.502 

7.592 

8.963 

9.291 


25.7.78 

5.718 

7.758 

8.922 

9.214 



M’| 


Elsewhere the Canadian dollar 
improved slightly against the U.S. 
dollar to 89.03$ UA cents from 
89 00} U.S. cents, being helped by 
a rise in the Canadian discount 
rate to 9 per cent from St per 
cent. Similarly the Belgians in- 
creased their discount and Lom- 
bard rate to 6 per cent, although 
the franc was once again below 
its lowest permitted level against 
the mark within the European 
“snake.” 

FRANKFURT— Trading ahead 
of US trade figures for June was 
extremely nervous and the dollar 
was fixed at DM2.0502 compared 
with the previous fixing of 
DM2.0470 and the Bundesbank did 
not intervene at the fixing. Prior 
to the figures being announced, 
market sentiment was not ot>ti- 
D.M 2.0465 on Tuesday while the mis tic and news of the SL6bn 
Swiss franc also eased in dollar trade deficit came as a pleasant 
terms to SWFr 1.7850 against surprise and was also its lowest 



SWISS-] 

FRANC! 


1977 j i '1978! j 


dMgtffSKnLhn 


AS QNOJ FMAMJJ 


SwFr l.«i i a. 


point in more than a yean Most 


The one notable exception was “had expected a figure between 
the Japanese ven which touched S2bn and $24 bn. Following the 
Y193J at one point before closing release, the dollar was quoted at 
at Y 194.1, a post war record and DM 2.0o<5 up from DM 2.0515 
compared with Y195.55 previously, shortly before. Against 22 other 
Of the S1.6bn deficit, the US. ran currencies, the Bundesbank trade 
a Slbn deficit with Japan in June weighted mark revaluation Index 
and S632btj in the first six months eased sliffttJy to 14a. 1 from 24aJ 
of this year. Using Morgan which was up 0.4 per cent from 
Guaranty figures at noon in New the end Of 1977. 

York, the dollar’s trade weighted PARIS— The U.S. dollar rose 

average depreciation was slightly against the French franc after the 
wider at 8.7 per cent from 8.6 per u.S. trade figures for June, but 
cent which again reflected the only slightly. The market is stfl] 
strength of the yen. bearing in mind the overall un- 

Sterling suffered more than certainty surrounding the UA 
most on the dollar’s improvement, economy. Towards the close, me 
About the same time as the U.S. dollar was quoted at FFr 4.4070 
trade figures were announced, the compared with FFr 4.397a m. the 
TUC anounced a flat rejection of morning and FFr 4.398 5 on Tues- 
the Government’s 5 per cent pay day- _ Sterling mil sharply to 
proposals and the pound's subse- FFr S.4330 from FFr S.4690 
quent decline prompted a little TOKYO — The UA dollar fell to 
support from the Bank of England a post-war record low of Y1ML5 
although not on any sizeable during the afternoon. 


L'.ti. s 

Cknwltaa 1* 

Uuili«" 
Hrteun V>. 
Uknr-A K f ~ 
»■«***< 
ISirt. K'C- 
Spin, IV* 
Lire 

X:wC". hr.' 
Pirnr-li , 

imwticbhr. 

You 

AnMrw S’!) 
Stria FT. 


3 1.T4M t M70 «•'*■*! 

s'" elite S 48 1 "5 ' 

; sums > 

'» 87. B ■■“7-8 ' 17 .28' 7 -M . 
147.64 1-w.M .WJ.fa MMt 


U.87MX^ptt> 
-.«■«. BO 
2 !; I«a r-T-*" 
» rt f. I'm 

1 1 -o? 

iCi'j ini 
« 148 ■-. J** 


IPs I.BIS 1.rS7 
7 W.30 IU.SI 

SI* 8 41-8.50 
fl* 8 £5 8.78 
Hr 488 JK 
41;' 28. Bfr 98.80 
I S.4fli-J.444 


1.6th 1*1*4 | 
i 10 JO Ml 
8.41* 1.42* 
B6S*B.B£* 
ATW-aTU 
38J8 
IS. 42 


rmr 

-4-0* Wf£0v4iF-£2Sr 

i4 ir.fi- 

35 


flJM :« tat Ain-: 



"BirMan raw K 'loVcunwHiDte trues. | 
Fiiundul fmoc <J.9MU0. 


THE DOLLAR-SPOT 


July 26 

Canad'n $* 

Rudder 
Bclfcinn FT 
Danish Kr 
D-Marfc 
Port, li? 

Lira 

Xrwcn. Kr 
Kreni B t r 
Swedish Kr 
Yen 

Austria Si* 
Swiss Kr 

• L'4. 


oiy^ 

twrad < 1* — 

TSSSZi 89AM9.K 

2.71VMJ2H JOB 

ssno-sm sbimjw 

lon^^SSS USB40K 

HUS44UA MJB44UV 
5.3TTO-5JVB5 uae-s.nK j 
4J41S4AQ7S OBJSA4B1S j 
«.SSMS» U3S4SZIS 

gSSSL 

3.77S5-L7R5 Z.7W54.7H5 

cents Canadian S. 


FORWARD AG AlNST s 



UkOep*’ 
e.fttite rm 
M-dicem 



CURRENCY RATES 



SrerCUl 

ShM-OMM 


Dravrtnf 

link of 



Actxnrt 


t> s dollar 

Canadian doIUr 
An.«rt.m scfaiUmR 
Belslan franc 
nanisti krone 
Oi'uiwhe Mark -. 
RuiMrr ....... 

Krrm-n frffir ... 

Uri - 

Ven 

Xorwecian krone 

Peseta 

Swertisb krona ... 
Swiss franc ........ 


L2SM 

L4UN 

ULS22S 

41.(722 

8.44531 

2J44M 

2.38246 

S-S23S0 

MS4A4 

J45.T46 

«.»ZZf 

3LC3TW 

2J20015 


IMUI 

uom 

UL4T12 

«.S 2 «T 

ijsn* 

2W 

2JBJ5T7 

SJ3052 

1041 5t 

mm 

»JN*f 

T7JT7* 

5.72971 

2JS4N 


.- " - - 

CURRENCY MOVEI&tirs 


toMf Note 

jnly H 


srrrUns 

UX.'.HU " 

vs. Jyilar .. .» 

i» -« 

ronMUao dollar 

ms -aa 

AtHlrun scjuuina .« 

s-ura 

tu-igian franc ... ^ .. 

MW ... -Mil 

Danish law — 

1KH >U 

Cr macho Mark .. — 

«« 

Swiss franc MawN 

1*7 Jt -+BU 

Guilder 



mw -u- 

Lira 

SU» -teJ--. : 

Yen ..... „ 

15Lte +5A2 


Based on mute 
Washlnstan asm. 
iBank of Eiudwd ItteRW, 


OTHER MARKETS 


Jm\ 16 


... • C 

UteteJ tMw 


Atscaiina l'w. , 

Aunipi.m Ikiiliir.—.; 
Mu-in.) Mnnkks... } 

Ltu/rin- 1 

i, ,vi- llRii’l-nm....' 
||nll“ K-IIC Ik* Isr.; 

jin 

kiiu-.il l , .nni iKU: 

k| i.»|-« in I Mint 1 

\t w /r*l.ilhl [h.|la>! 
ih-i.Ii Anl'is Kiyn -J 
*CMisH*>rC Iktilnr ...; 
■nli (frfcwn Hnn-<| 


1,536 1.540 ! 
1 .6520 > rS80| 
7.99OO.7.B990- 
d4.65»5.65 : 
69.7. 9 71 4191 
8.981? 0 Bl»t 
1,(2 U8 
0.519 0 39 
61 90 t2 OO 
a *7 5 49 
i 8225 1.1 305; 

6 51 €>61 
4.54r, 4 363. 
1.6654 1.6B25I 


803 45 W8 A4j 

0A67O 1 Br?enim 
4.1705 4 l805dVnimrfc..^_ 

18 IB lfc 64 ;yrnmw 

36.45 47 35 li-i«mni-„ w 
4.€4te) 4.653t>lt*'V. . nmm, 
69 04- ,8.17 Llaiwii ..^..^., 
0^714 0 .ld 767 i.H«la-rin«>i 1 . 

34 49 3=41 IXnrttaT.^ 

2-5400 *d.442C l .fVirtua < 

0 9588 0.05511*1 sun.. 

4 40 4.45 Sw'l«ec!«*t 

2.2730 2.£74ti( ! tiiitil spun*.,. 
O.bTIO Q.BBOOil-^i-Uv^....,.. 


rJ 


Rate Riven tor AnwmlRt la frt* rate. 


EXCHANGE CROSS-RATES 


-Inly 26 

PlKIR.i Oil -111 Hi 

La laaiai 

LVul~-li._-.Marl. 

Jt|«tiM- Van 

Cftll l| M*ll* 

twi 

Uuu-n Uui- ici 

lUl'MUl Lira 

LaiMi-i' 1 U>**-ar 

lignin £ren« 
- ■ 


I. 

1.9X2 

5.433 

.*7X8 

ti.420 

3.415 

4.255 

1624. 

a. 148 i 61.93 

r.s. (war 

0 523 

*• 

2 057 

194.4 

4404 

1.786 

2.284 

844.1 

1.1*3 ... 

32.40 


0.21-4 


1 . 

94.53 

X. 141 

• 0.668 

l.OBl 

4*0 4 



TaranevYco t.OOC 

2.690 


10.58 

1000 . 

22 65 

9.186 

11.44 

4348. 



t'rvnc-b tiVnc lu 

1.188 

2.271 

4.670 

441.6 

10 . • 

4.066 

6.060 

1917 

2.560 - ' 

75.67 

J-nor 

0.2*3 

0.560 

1.152 

108.9 

2.466 

1 . 

1.245 

_ .. . 

478 6 

0.689 

18-14 

Dutch Ciuibier 

0.236 

0.4S0 

0.9-6 

87.42 

1.980 

' 0.803 

* 

379,5 

0.8T5 

14.67 

Italian Lin 1.00. 

0 .c20 

1.165 

2.936 

2r0.3 

XV 17 

2.116 

2.635 

l.r 0. 

1.331 

58.38 

Jxmtian DniAr 

0.^66 

0.P90 

1.C31 

173.1 

3.921 ! 

1.590 

1.980 

761.8 

1 1 

' 88.86 

wiin Fiarn- I"«' 

1.614 

*.086 

6.348 

600.1 

1* 59 

6.513 

*,*■64 

2605 

3.467 

lik-. 


EURO-CURRENCY INTEREST RATES* 


(■ermnn 

Mur* 


4 5 it 
3»g ii* 
4A ai,. 

ISIS 

4-4 l« 


Kreocli Freiv j liniinn Lire 


73» 

S8U 

105r- 10V| 


2125 
14 i B 154 
laiff 1*4 

i3 14 
1313-144 
142s -161a 


Ann I 


Jioanw* Xm 


7:i-e,fc 
#4 64 


-1* 

Htlf\ 

B4*31g 


The toncnrtnB nominal rates were emoted for London dollar certificates of deposit: One month S B5-S.15 per cent: three months 833-835 par cant: six month* S.7fc 
S.SO per cent: one year 355-9.65 per cent. 

Long-term Eurodollar deposits: two years W-H per cent: three years 9i-W per cent: four years I'm49k per cent: five years 9MI per cent. • Rates am nominal 
cIosies rates. 

Short-term rates are call for sterUos. U.S. dollars and Canadian dollars; two dare’ notice for guilders and Swiss francs. Aslan rates are ckwmn rates in Singapore. 


INTERNATIONAL MONEY MARKET 

Canada and Belgium lift rates 


Fears about the future of the 
U.S. economy are leading to 
widespread repercussions on 
interest rates around the world. 
Denmark recently reduced its 
central bank discount rate, and 
on occasions it has been suggested 
chat the Bank of England may 
move Minimum Lending Rate in 
a similar direction, but any such 
move would be very much against 
the general trend. 

The Netherlands Bank raised 
its discount rate by } per cent to 
4i per cent earlier this week, and 
yesterday similar rises were 
announced by Canada and 
Belgium. 

Problems with the U.S. economy 
have led to higher interest rates 
in New York, and heavy pressure 
on the dollar, which in turn has 
caused difficulty for some 
members of the European 
currency snake, notably the 
Dutch guilder and Belgian franc 
against the German D-mark. 

The rise in the Belgian discount 
rate and Lombard rate to 6 per 


cent came as something of a 
surprise however, since pressure 
on tbe Belgian franc has not been 
as great recently, but the move 
was apparently prompted by the 
increase in the Dutch discount 
rate. 

In Canada the rise to 9 per cent 
from 8$ per cent in the Bank of 
Canada discount rate was seen as 
a move to keep pace with firmer 
U.S. interest rates. This is the 
rate at which the central bank 
makes loans to commercial banks, 
and is now at Its highest level 
since November, J.976. 

ZURICH — The big Swiss banks 
announced the expected cut of £ 
per cent in fixed deposit interest 
rates, following plans by the 
Swiss National Bank to increase 
liquidity by releasing SwFr 450m 
from Federal funds. Rates were 
increased by £ per cent on July 
20. Bates for three to 11 -month 
deposits now stand at 1£ per 
cent, and 12-month deposits at 
1J per cent. 


NEW YORK— Interest rates 
we slightly easier, with federal 
funds trading at 7} per cent, com- 
pared with 78 per cent previ- 
ously, while 13-week Treasury 
bills fell to $JM> per cent from 
6.93 per cent, with 26-week bills 
at .7.40 per cent against 7.44 per 
cent, and one-year at 7.S0 per 
cent compared with 7.82 per cent. 

PARIS — Day-to-day money was 
unchanged at 71 per cent, while 
one-month funds were slightly 
firmer at 7,V7ft per cent, com- 
pared with 7J-7J per cent previ- 
ously. The three-month rate was 
quoted at 7A-7H per cent, com- 
pared with 7-S-7I per cent, and 
six-month was unchanged at Sfr 
per cent, with 22-montfa easing to 
SJ-Sf} per cent from 8} per cent. 

FRANKFURT — Call money 
eased to 3.4 per cent from 3-5 
per cent, with the period rates 
steady, except for six-months, 
which rose to 4.15 per cent from 
4J0 per cent. 


UK MONEY MARKET. 


Large shortage 


Bank of England Minimum 
Lending Rate 10 per cent 
(since June 8, 1978) 

Day-to-day credit remained in 
short supply in the London money 
market yesterday, and the authori- 
ties gave large assistance once 
again. They bought a moderate 
amount of Treasury bills, and a 
small number of eligible bank 
bills. Some of the bills were pur- 
chased for resale to the market 
at an agreed future date. The 


LONDON MONEY RATES 


Bank of England also lent a small 
amount until Friday to five or six 
discount houses, at Minimum 
Lending Rate of 10 per cent. 

Banks brought forward slight 
surplus balances, and the market 
was also helped by a slight fall in 
the note circulation. On the other 
hand repayment was made of 
money advanced to the market 
last Friday, settlement was made 
of moderate gilt-edged sales, and 
there was a slight net take-up of 
Treasury bills to finance. 


Discount houses paid 9HQ per 
cent for secure call loans in early 
trading, and closing balances were 
taken at 9-10 per cent. 

In the interbank market over- 
night loans opened at 10 J -11 per 
cent, and eased to 10J per cent, 
before rising to 13 per cent 
shortly after lunch, Rates eased 
again, to around 10 per cent, 
before rising sharply to 15 per 
cent near the close, and finishing 
within a wide range of HH5 per 
cent. 


July £6 
197* 

.iierllnu 
Cenlrtcate 
Of rtpprait*. 

IntertmoK 

UHl 1 
AuUmrlty ' 
■leprKita 

Local Audi, 
negotiable 
bonili- 

T'l nance 
Butiso 
Deposits 

Company 

Dapt'hio. 

D'v-ount 
mariMil 
-lopoait ! 

1 

JTtwniy 
Bill* 6 

Wi*ibie 

Hill* 4 

PlAfii ra (p 
Bill.* 


! ids, iQi* 
*01* 101, 
101, 9ii 

} it 

10,5, -9+i 

1 *-9,* 

10 15 

105* ill* 

fen-lOSt 
l^i-lOlj 
l.l,-I 1« 

1 U Id* 
101,-103, 
III 1,-105, 

107, 111, 

107, 111, 
105*11 

101* 

101* lud, | 

101*105, 
107, 11 

107, 1 01* 
It'S, 10 
93* -9 1 9 

9 -i -aig 

t-3* 01o 

; 87, 91, 

U-lli* 
105* -HI, 
IlS, 11 
10a, i05* 
10a, '0-»* 
105* 
105* 

Hi, 

1H, 

107, 

- 103* 

9 10 | 

95. 10 I 
93* -10 
9k 95* 
95,-95* 

W* 

ib 

Wi-97, 

I5_1s 

iOS, 
lOi, 
103* 
108, ' 

!<lay» nocwc.. 
i rtav- or 
.’ -i*y- notice.. 

Dae month 

two ITWllfa 
Hiree month-, 
ns luonth...... 

Vine month--. . 
One v*»r | 


Local authority and finance houses .sotoi days* notice, others seven days Used. “ Louscr-iem local authority roortzara 
“r* MlU-llt Per cent: four years IIM=» oer cent; five years llEl»» memoSSttanSm 
IW CWL ^ tC f prlme PMer - Blffl “ rat “ for lonr-montii bank bOIs per cent: four-month trade Ml'. ]qi 

Approximate wiling rates for ooe-monUi Treasury bills 9 'i«-b*u per cent: ciro-montb 91-84- ocr cent- and rtimHmnnth 

FInanca House Bass 
Deposit Ratos (For small 
Treasury BJn*r ATETaaa 



GOLD 


Little 

change 


Quirt Bill I mo in fill,- 
. mince) 

HI, ■•*... •••MM., 

UimiiU-M........ 

Vlumtiu: fixtnc J 


July £6 i July 86 


: V 

154 1 

UH IS 1341* -1961 
5194JD . ;SI?4tK 
iiriP)JZ3) I, CIDB ,6»i 


AtiernoMi fixiiw..'.. AlfCS j«T<2M 
. . . ,t£lD1.488i Iri.-108a.-BSl 

<hHIW>fMlllv I 1 

Krugerrand — .....j 5204 -200 ittOSi-SQSl 


New Sovereign-!.,.;. S B}-693 
jit 293 cOj> 

Old Sovereigns SiOi 8j 

k£2 J SLJi 

Oold &>■!*!.... 

' internal Mm* 1 ly 

Krugerrand 


n 69 107? l(t> 64-106*) 


New S'seen-nTM.—- ' 
Old 3orMei*B>_ ln| 
saiitamwa 


sia 9 soil 

|IC1 108* 
sfiBj-Sjg 
.£* i-toii 

ItiHfli 

89784-JM 


SW K«i:le»^._...„...'s|J0 UJ 
Srt U*,»lir- ....... ....... I sir 8 - i( 8 


(•37U-684 

8 S 8 I 4 HU 
(£» 4-401) 


5200 802 

i£IU} iMfi 

S57;-f9) 

i£VBa-aM' 

3564>6na 

(£28J-2H1 

S2#8|'2Mi 

'R 1491-104 
-1»MW-XI4 


ing of New York markets and 
trading was moderately active 
with an afternoon fixing of $194.30.. 
Conditions after the trade figures 
were announced became- slightly 
confused while most people kept 
a watchful eye on the porformaace 
of the dollar. Hie metal did touch 
S195M96 at one point whHo the 
low* for the day was around 
$193*494}. Gold finally closed 
unchanged' from' the previous day 
at frlWrlMf* 

mm rates . 


NEW YORK. 

Prime 

Vvd Fondi 

Treaeary Bills OS-w*ekl 
Treaeory Bma 

GERMANY 

Dtsraonr Kata. 

Overntebt 

One monih 

Three months"!..... - 

Six mamas 

FRANCE 

Dlseouar Raw 

nverfilBW 

One month 

Three- months ....... 

stx months - 


ft 

' r, 
£ 



tiiovxon 

2. - u V. I'tu 
Ij i«l7dll-;ilU> 

3. fr-Z.n yptfi 

ir-7gm|)« ! 

4-te.pnr 

Siiwvnh fnrwanl dodw 134(^95^ 


ajB.L 8W. mr ; 

km 

MfMirm. ut 


B 


Gold .was fixed at $194.70 per 
ounce at the morning fixing in 
yesterday's London bullion market 
after opening at $1944495}. 
Activity during the early part of 
the day was generally quiet ahead 
of the UJS. trade figures. However, 
business picked up with the open- 


JAPAN - J. 

Discount - Rate 
Call lUnwRulUkmal' 
BQli JUnuit £bua 
























































I 



'S 





^«i Times Thursday Jal'y 27 1978 



29 


AVOR LD STOCK MARKETS 




•r 5 .' ^ r-*>4i.*4rs.^y.-te'" < - ' 


a; 


Trade figures lift Dow 7 in heavy volume 


Indices 

NEW YORK -mw jQSEs 


T »II|IV 11 


INVESTMENT DOLLAR week on the June consumer price Toronto Composite Index was Bank added DM 2.80. while Motors V40 to YL290, Yokogawa Bridge Its rise to close 30 cents higher 
** PREMIUM index. . .. . . ^ “Ww a -° down at 1,181.8. while had BMW DM 1.50 firmer. Works Y38 to YB3S and Kasho Y35 at AS9.5Q on the stronger Gold. 

m <ui «n n— (uiatA Airlines continued their market Golds, strong of late, retreated public Authority Bonds, how- to Y475. price. 

- a, a | go— 45% 1471011 leadership. Pan American AJr* 25.4 to 1^44,4. Metals and ever, showed renewed marked On the oilier hand. Kaken Coal and Allied moved ahead 10 

atJykd BY bet ter-than -expected ways, in heavy trading, added i ^nerals declined 9B to 977.4. weakness, sustaining falls ranging Chemical receded Y90 to Y 1,800, cents in a new high for the year 

^jsss SSk itarBStiJf sss-j ass ssrwr,? ss aaMfaK* 
r r 1rr vo,J/m - i ssssss ru s s& or,d 0,b “ d G - ™ :ar DM 3jm p “ ^jsassir’s is iss^f^rs£^ 
sc s susses. *~J£p jSJJrxH! Tok, ° srasy Ym ^. do ss 

Pans -tts--.-. 

JSFSTLi , .0 C$.3, £SU* t d ( S'S ta ^ffijSS^BSS 

lo S653m shares, compared . with slipped i to $14i in hnw tra e. Ptae Polnt Mlnes j lo and yen continued its advance against Brokers remarked that the Despite a fall in the London 

-Tuesday’* figure of 25.40m. Polaroid, still on.tne raisea Kerr Addison “ A ” 1 to CS 12 after the U.S. dollar. market was holding the upward daily sugar pric e. S ugar _iBj» 


Itklunin*! ...• B47:i9 039X7. 851.W'B3i.43 B30.62 B*0.70| IML»1 
87.90 1 87.20; . 87.10’ 87.30; SU.Itti 


HTiB-n’rM^': B7.29’ 87. IS 


08.73 

i i ; ; i .it. ; .11 /. 

1mcn*in... | 2B.M 253.05 229.W, 22* -W 229.5O.223.0i; 9».M ; la .41 


S47.19. The NYSE All Common w received S? V*“* J?F_ l 

Index was finally 34 cents firmer ahead 21 to «7|-4t lws ro«uv n nonunion Qtrns 
at 835.61. after reaching *55.74. an offer C?l« on a divid, 


CS12* 


while advances 


Hong Kong 

There was no stock exchance 
trading yesterday due to an 
Peugeot? approaching severe tropical storm 

Johannesburg 

Gold shares were inclined to 


improved ■ results! to 420.67. Volume equalled lues- been the case in recent sessions. 

A - gained 1 to day’s figure of 230m. there were no market-affecting 

— . , r wva un a dividend increase. Motors and Electronics recorded developments yesterday, 

nutscored losses buy its wholly-owned yfrgMa some sizeable. losses, Toyota Motor CIC, Euraf ranee, Mlcbclia, 

^ tun f n472 Iron Coal and Coke unit for *05m declining Y16 to Y8T1, Nissan Guy enoe, Legrand. _ 

b> Thp Comintrcp Department said in cash and notes. Ixermany Motors Y22 to Y765, Matsushita Citroen, Maisons Phenlx, Generate 

I^on r £ £Ud The market's advance continued Sd^ny^^Yl^ “ ^ t^StSL. lES Bl 2 

fro ra a SSSm JS bS S? IS SfSts^slSre from 80 cents, yesterday, Uftmg the Co mm era- How^r, Public Works issues. Generate deyEara and Europe 1 harden in line with the Bullion 

S rEn .S item NnaidSd ft£ fcetty OIL which reported -ra- **** index 3.0 higher to a new such ^ Constructions. Road were among the day’s best per- price. 

^hich^i^v^ Mid lent duced second-quarter results, fen .Peak for the year of 816.0. Pavings and Cements, improved, formers, but FinesteL BSN. Mining Financials were sen erj 

dollar, wmen analysis sam mv- e* white ri nm .ni- nnmM Atari. Bore l, Sfgnamc, ally at previous levels and 

and CFR, unresponsive to the gain in gold 

producers. Elsewhere, De Beers 
put on 5 cents to R7.10. 

Australia Platinums were a few cents 

non. nov ever, we™ „ 1?S Nip^n'^Yeieeominunlcations . ' # . easier in a small trade, but 

stimuli 1 naSIaJ/ Construction put on Y90 lo Y3.500, Markets continued to gain Coppers held steady. 

. , nf nn K. Ha (fori Y7D to Y1 100 Seklsoi ground in a moderately active The Industrial market was 

£ ,n ^? r rS A d .SL t r « ^ChairiTiSn News of an increase In Bank to* Prefab Y19 to Y899, Arabian OU trading session, although BHPja 

^ «iri d M imorovemem Prime nrte thwarted an opening ° M 6,50 d Y6 ° t0 Y1.5I0. darioo Y5fl ro Y738. recent strong spot on the good 

sd,ul 5? r !^ d of ?he SSrTZvSS fresh rise in stock prices yester- Horten DM 3.00. Nippon Bodo Y50 to Y1330. Toyo annurf results, came back 4 cents 

ov % l J ,e ufflltinn day and markets finished with Chemicals were also well Chemical Y49 to Y242, House Food to AS7.84. 

CoitfiBion about lnflaUon may JJ 1 - tendency on balance favoured, with Bayer rising DM 4 Y4fl to YU 00. Nippon Shin pan Y73 Retailers remained active, 

he cleared up somewhat when the easier The and H oechst DM 3JS0. Deutsche to YBBO.Kvishn Electric Power C. J. Coles, after Tuesday’s la 

Government reports 


_ _ __ but 

further streneth to . the stock *2 lo *355. „ , The Stores sector was especially while domestic market-related Dmne*. AtepL 

market, recently sensitive to dollar THE AMERICAN SE Market Value strong, on expectations of favour- were also in firmer vein. Pompey, Usmor 

fluctuations. Index advanced 0.62 more to 152-® able tax measures being agreed at ,® lis ( continued t° advance, declined. 

Conflicting forecasts on infla- in active trading. Volume 4.49m West German Cabinet meet- 50 me l^PBf'Pulps and 

however, were somewhat shares (356m). mgs presently being held to con- ir £, e rtouses. 

worrying. The Congressional sider Chancellor Helmut Schmidt’s ** ™ Maptl 

Budget Office predicted inflation Canada proponed . stimulus __ Package, r H^ri ^0 t? Y1?00. mS ground 


Amsterdam 

prices were narrowly 


NEW YORK 

I July 
Srwh I 


Jn't 

25 


Al'tov l ua» I 

A+hWYJWph • I 
Aefnfl Lile&l£>---| 

Air r , it>Iurl!< J 

AlianAiuaiinium:- 

AKi* I 

. Allc-K. I^uliuni ... 
jUlcgbenT IVww 
AincH-hcraiaii.- 

Alltel 

AlUf OiAiwert... 

A-tUX 

AuimOu Hess.— 
Anier. Airline-... 
Amcr. Bruit-. 
Antw. Bnoilnct-i 

Amt*. Can. — 

Acrw- l.'vs n*in 1,1 
Aiiier. Dm. I* 1 - 
Amur. Wee. R ,,n 
Anwr. Kx|»c».... 

Amt-t.H 

Amer. Ali-nc*!.... 

Amrr. Alut'-r- 

Anii-i. Niu. tin*.. 
Auur- ?mn*iiii'i. 

Amu. ■store- 

Airier. ■>!. A lei 

AUlOOh 

A’lr- 

AMI’ 

k Aui|«a 

Aul-Oiit H.c-Uui|j 

Anliee-fJ Uutl-Ii 

Arn ii" alrtM 

A .-.A 

A-*nnunt Ui»...~..l 

Abur' - [ 

A-liJin.l 

All. Uli-LlieM J 

Auli.lMLfl Pru.... 

AtC I 

Am*— I 

A$un PuMut-l*.... 
BeilCItt- hied .... 
Bunt .Vnumea.—I- 
Bmikci • Ii. N.Y.i 

B»n«ji On I 

Hurler J.rvrmjk" 
Iknirt v ti—i ' 

Be- lunhieneii— ii 

Belli Howen i 

Bl-U'Iia 

” Bfll^lUl lA'Ii- *1i'j 
U* till, .III III .■#t»l-l. 
Bi.'»a I'lrkci...! 

II. -. -IV 

ii.™- 1 jiimte.... I 

' 

IU; \l XI . ...t 

II; -null till 

I!:.-' un' I' 

Hn i.« Mm 

hiii. jm. \m:...- 

III. rkHii U'H' ..I 

Hum n.i-U I 

III), \«H- I.IU . .. 

hll.nl H Unla-ll 

Hiii I'lieii-n Mini. 

Uni ... mill- 

V4llli|<l < Vli >”ii| - 
i niMilwn S*ii.-il». 

■ "mini |:kii.ii.U'Ii..i 

I'pllUII'l-ll 

.« miir* luii-mi. 

Hi.\' ii \ ... 
• mi. qumii 1 mi-l-. 

1 

i. i-iaimt*. t-V’i t 1 * i 
l A S-.'V ....| 


I'.-i i.miK-ei | 

IV mm Aip.tbii . ; 
i lm- MiiniMii-ni 
l Im IHKnl liu. X \l 
i ii. *. i».|*ii i , . i. 
tlli'-ll •» VII n» 
t.lui'ijT' Hi i i$jv. 

I ll*l'H*l 

Oliii'ntlilH 

' t hi--. Mi wei> hi... j 

i iii.T'ji. 

ClUmBeiibv ... •. 

t ir.$ inie-niia...j 

Um Lwn I 

Ifii-vle Hniin | 

Li'inni' Ui Uii- ...I 
tululu.-Li I U-I....I 
l i-in. I ii-i. 11.1H Vii.j 
t ini'-tiMlmi Kiit.: 

I- m >111.111111 hu..J 
I 'm'n'll. K- 
I'm'. 

I ■•Him. 

I • m.riilrr^'lt'in- 

l .mil I -Hi" III-.... 
t • ll-ii.- 

x.t 

I -Miuil r >«vh .... 

» ■illl'l \lil. Ill* 

t ’' ii- mill i IVtii' 

i •iiilini ilirfi I 
i i-ni iiii-iii <i| nil. 

ItiMiiilCiihil Trh-, 

' ■•iiliol 1 Hitu 

Crni*r llitlii-. 


-"tli | hi Bell 

ii. mi'lilu .1 


AB&a 

591b 

KB In 

894 

44 

nil 

lUl£ 

S47g 

2376 
Mi* 
it 
274 
153s * 
49 *a | 
514 
414 I 
504 
44 I 
i4 j 
374 | 

as 

yla 

421). 

46ig 

A4^B 

Ol 

A2Sa 

194 

afi 

liig 

3t4. 

l'5nt 

30?b 

244 

1&4 

X5>a 

57 

401v 

52ie 

la 

aWs 

56bs 

261a 

i«3« 

o6tz 

i.6 

4513 

" B~ 

20- I 
,81b] 

i.4>* ! 
19S« 
62in 
..9*. 

SW2 
i61b 
144 
a5'.„ 
loin 
5-i 4 

16lj 
lb'4 . 
fii, 
4ul>i 
/ 6-C 
S4I; 
17’4 
114 
30i a 
to:-* 

!• •to 

56 

574 

4iii 

lcic 

191} 

45 

SB 

ifilR 

-0 

tils 

iOn 

Hau 

51 

£4Bs 

471; 

154 

414 

2U4 

A14 

2-4 
22ta 
It 4 
40 ."b 
161; 

•I 1 ; 


Stoeli 


Jl.lv 

K 


J11 v 


541 B 

224 

59 

2iS 4 

£91] 

4U4 

16ofl 

lfiJs 

356s 

236; 

544 

374 

277a 

i4’a 

491 Z 

306b 

42 

3U 3g 

AlU 

254, 

57tg 

29m 

L7i» 

Til* 

42>b 

4Q3B 

-54>j 

t-uia 

Sl»H 

204 

a4a* 

1-rin 

30*8 

LS4 

30ie 

-4!fl 

Ibis 

151 B 

36 

494 

SUz 

124 

BY 4, 

564s 

264s 

241; 

364 

2b 

444 

204, 

1<>4« 
37i, 
flia 
MSB 
19 >8 
btT» 
1.9 
4.83 b 
3uIr 
154 

lit B 

s5<0 
ibSB 
35 
Ibsa 
lbJfl 
B 4 
39: s 
l4<2 
541 = 

10 
Ills 
29 j, 
1U 8 
IB's 
oV4 
o5'i 
4U, 

11 li 

19>, 
42 
5*' 5a 
= 81] 
M 

504 4 

■5Sla 

11 

45b 

a0&fl 

24 1 B 
4ia, 
131« 
411; 

2U4s 

114 

1.71; 

£.2 6g 

Ida 

4v5a 

15Va 

27* 

2i:> 

J25j 


l-irnine UiA- ..... 
l'KC Ini'n'ttonutj 
Onure... — 
L'rnchcn XbI -....] 
t'ntiwn ZeilertinciJ 
Cura mm- Kniritfj 
Cuitiv Wnsbi—t 

Ihm ... 1 

Dan Iniluntrtra..; 

Deere — j 

Dei Monte~....~-.; 

Del lorn | 

Dentopl.v loier._| 
Udrait Kdu-n...-| 
Diamond hhamrfc j 

Dietnpheoe I 

Digits Bquil- 1 ; 

tW.ll) ! 


c67b 
4b6fl 
273a 
874, 
dr SB 
071s 
ltsla 

ai«i 

454 
3P», 
2B3e 
10 
234 
16 
26 
lrbB 
474 
404 
434, 
24 SB 
267 b 
434 


Disney 

UviverCurpn 

Dim j 

Dmvn —...• 

Urwcr.— . — 

Uil|- Hit I 11412 

1iin-< liKiii'-inrt'i don 

Imu'c Hii-iier ..... 

Eh- I All tinea.. — 
KaalHian Ki-iak.. 

b«auii 


214 

>44 

Bose 

5dZ 


h. 1 1 . A li 1 27ia 

Ki Huo Nai. IH>| 

Hiii* - j 

Lmeivui hleOnt. 
t miT.r AtrK'r i«lii| 
hurimri ! 

boRL-'kaml 

L'idmM. 

bthv !...._ 

1.NXIHJ 

* amtli ini i amm ; 

«''eii. iie|it.biiin> 
Rmuntie Ttie— 

Ku. Nbi. tinslnn. 

Kleai Van 

Finn lude 

Ktomla Putter... 

Fluor. 


32ift 
a7'4 
254 
594 
a*, 
225 b 
291« 
214a 
461- 
3 17a 
57 
153s 
284 
215a 
304a 
52 Sb 
543b 


K'.ILC. 

hei M.diii ...... 

r'lirrll.iel Ml- I, ) 

.-CXtailTi i 

franKiHi -31 mi.... | 
K«w|.-l Mi 1 11.1 a 

r'lui'tiatii 

Mutin' Inn- 

CJ.X.t ; 



liiHi. A mvr . Ini... 



lien, i.'di.ic : 

Den. Dv nan ih." ..I 
Dell. Kin'inea....] 

ii-li.'K.iil. ' 

i.enem. Mm-....-' 

■ at'IH'lIK Mnli'l 
lien. Put 1 . L It'...' 

lwn. j 

lien. Tn. Kiwi...: 
4 gu. JHe ] 

liniM". 

liivri'M Its'llM'. '' 
itjtir Dm 

tiilietic : 

Hell 8. Y — J 

Uia.irtyuei lne.„. 

| 

(inke W. N 1 

Ui. Alwn I'auTrti j 
Un. X'ihIIi Inai.' 

U'e.vimrtir j 

Hull A Wrii«,nn.' 

Unit Oil— 

Haul am on 

Ham ia Mniliifi— | 
Hu iiim.- 1 iIcui. , i — • 
llirur l ..nil™ 

llelll. H. J — 

. Icilin-rii 

Hmie hi'MM.. 

Huihia.r Iihw 1 

rtunmisne.. 

, I'.tH’.l at 1 .’..— . 

Ht- ini iK]i Aim*i 
HiHWliMI Xnl.Ua- 
Himl il'U-A) Chili 
lintimi iK.K.1.. — 1 
l.t , I initial M«*« 

l.\A 

Il4.-W“.'i‘ KalB. — ; 
lii. ami Steel——, 
itiaiuai...— ......... 


25S, 

444, 

214. 

dbSfl 

264 

294 

104, 

1ST, 

464j 

Id 

79ie 

034, 

325* 

31; B 

Ol'* 

tbl, 

30 


o5aa 

494 

276e 

264, 

39>b 

374 

IblB 

377a 

45 
d2 
273, 

BS, 

224* 

137 B 

854, 

131 B 

46 

407 B 

434 

24ia 

27 

43 
1134 

aUu 

814 

142; 

094 

aU4t 

277 fl 

loss 

a3 

361b 

Ml; 

5U1b 

2*1 

224 

2878 

2138 

45 

516b 

364 

1348 

afiij 

214 

314 

3258 

55 

e3s» 

44 :>8 
»1 .» 
ifilB 

A 

29T B 

104 

154* 

46l« 

27 

I64 

'iBh* 

o34h 

5*i* 

Alia 

60*1 

lbl, 

30 


Jutana Manvtne... 
John mo JobnacHi 
JnhnBon L’omioi.' 
J oy llsuntootur'c 
K. Mu L'orfi...... 

(imuei Aluiaimra 
Kataer hkiuslnea 
halnu ckeel— — 

K-y 


KennecuU.— — 
Ken McGee...— 1 
■x elite Waite 
KimtwHyC'a k„ 

K uppers ] 

Min — 1 


^94 L 


li 


27 
6 "j 

2b>2 
i57 e I 

504 | 
21?, ! 
IbTg . 

5bl; ■ 
26*8 j 
74, j 
3t>4 ] 
W»4 
14 I 
k37 B I 
62 1 
oats , 

16Sa '■ 
61 I 
Hi 

-7 1 

636a I 
183 b 
584 

p47j 

H4 

374 

a&4 

11 

1658 
■-Bti 
•nBlB 
SB 4 
3Y7B 
HU 


26J* 
a At 
2BI S 
37 IB 

304 
22 
lb 7a 
5u4 
abbs 

7ia 

265, 

1270 

14 

24 

621 S 

525fi 

157s 

601; 

-1 

2ti* 

837a 

JB4 

374 

64 

ns* 

354 

2b 

11 

164 

271; 

421b 

au 

384 

H4 


UjdcbtCo. 

LeoaevrayTranr. 
Um fliniui 1 

ULihyOwTcssI — 

Uj^n Q.uup — 

Lilli ilflyi 

Linnn luduai ! 

bwkhecd A»nf n 
UnirMlar Iniln*. 
LainK lataul LM.j 
UhiUihob La 1 til. 

4ii nao. - 

Uu-i) ekiiie* 

L'ke yuiusMeii. 

MdcMiltau. 

Hun K. R 

Mll». Hnihive. .... 

U«|«i 

Mantbix On 

Uanne MuJUuni. 
\| us Lull Kiel. I ... 

flay Ucid- stiw 

MCA 

MoDermutt , 

MeDounen Dno^ 
llrGmw Hilt.... 

Uemnei 

.Meld. — 

Merrill Lynch.. 
Mne PeiMeun 

A1UAI» 

Miuu JIiuk iMtj: 
MflW< U-rp,. — .. 

Uomauu- 

Miitkh*i 4.P 

UiMOS'lB... 
ltur] >1 ■> On — 
Xate-cu-.i. — • 
Xa<\i CnefflliD' 
.\nUynmi Can. — 

.NaLlllUIIK'ir | 

Aal I ml. 1 

.\Himnai 1 

Xah'iim- [ 

At I.' 

NVi linii' Imp.. .. 
Xi-ii hiiKti*"" b - 
Ai-n Kiikwii-i "I >'■' 
Vm^Bia Muliitn W 1 

.Niagara Mikio....| 
X.L. IwIii-Iiuk. 
AmiuiliAtV. - k-iii 
V ultli Xil. (ill. . 
Mini, st.itci Pw 1 ‘ 

.\lli«l-l Ml'llie-I 
%ltiwi.-t Hallo ii) . 
■\uiiiiu 

.id iiti-Hia- lie* 1* -■ 
Ud-t.vMsiliCi.— : 

1 ibi* I'jti-nn | 

OHd I 


555, 

494 

227 B 
271, 
215a ; 
ie. ? 

2 1 4 
401, 

JbU 
7s V 

•*24 
344 : 
*14 , 
h 5'. 8 
14-b j 
L17» I 

24 V g 

514 
2£>3c 
374 
244 
454 
684 
IV 4 
314 
384 
0b4 
627b 
504 
•*74 

H84 

..381a 

.41, 

264 

16 

2 Ha • 

1 st-. 

33 

hzsb • 
:63a 
20f« 
224 
33 1, ' 

14 

11 

204 

4.1 3, 

361- 

2 -i, 
3176 
*44 
164 
205; 
OC>, . 
ltt, . 
145, I 


Jll tt 

J.. \ 


*6 

26 


US7 B 

29 

Kevkwi 

621; 

62* 

fternnlite Meta Ik. 

2'i'b 

271* 

K+tikiIiIb K. J. ... 

3i*e 

345a 

Uteb'ano M >■ rr *- . 

261; 

251+ 

Krr IcweJi Inier... 

531 a 

33 

Kobm A Bui .. 

2 , 8 

*>a 


251b 

24t b 

Kuv»> Dulcb 

12Tb 

13 

urE„ 

at sb 
44J, 

217b 

441* 

Ku*- Lop 

ifyder -v-lem.... 

44 

5SIs 

‘iatewnv store-... 

45Sb 

451a 

si. Ji« Mineral.. 

21>a 

215b 

au Hera' Paper... 
wncaFe iDite 

471a 

46Tb 

3458 

54l« 

-am lovert. ...... 

331; 

335a 

in xi ra (nil 

537b 

351* 

ScbniF fiiL-wiiiy.. 

2q1 4 

2b l* 

k+iuimbervei’ .... 


Efi 


Jim 

S£> 


l nil.— ....— .1 273.5 
tnl i. r . a r. iur- .— I *54 




IllLI. iiflrttt KM ... 

aB!z 



tnl.. Mm.tt. t ln'or 

a.i* 


lbt 3 

lilt*. Mllltilml-.. 

fcOie 

23'; 

23'j 


lot. 


25 is 

Inti. I‘«|»i 

415« 


581, 

till 

-61* 



Il«| , Ijll'l 1 tlfl "1 

ij5a 

L9\, 

19'; 

Il'i.'li*. A ll- 

50 

't6 


luvmi 



]3), 

li'BH hrci 

3fSB 


57 

tL InUTUainras 

12 

5b 5 b 

bbbs 

JiBI 1 \UIDk..». 

ia 



ilverewi obipt... 
Oneu» L'oriilnj; ..; 

OndU Him as 

1*1.111 Car 1 

ISsujiL Llibiine. 
Pan Pwr.sii LnU 
Pali AmWnr-i An! 
Israel Hbiiiiiiiu.| 
I'tBi-riv im.i ... ; 
l*ei». I'v* . A L ... j 

IVum J. I" 1 

1 Vim*. 'ii-.- ....... 

Pennies Ihuf .... 

I'eupie* ins 

I V|«-h.ii-— 

lUratn KlmiT— 
HW 

I'lla'i 

1’Ih'iib 1 »i*i*;t-.-. 
I'nila h'll III* Klc. 

I'fulif Mmri* 

ruouii- l*euo'm. 

l*u«jHirv 

[Si nr v Bo*.". 

ISI t-n -ii 

Hlnioi Lin A1*H 

I', .lull '»1 1 

I'iHi.itvii- hln - ..■[ 
I'Pl.i lirliiMIler. I 
l*ini.-lerl.Hin 'ii' .! 
I’m -fill- I'.in'l.; 

fun um' 

l'i> res 1 

giwkei-Oats J 

Ua fill Aiiicriinii. 1 

Ilm tlm-n i 

m. a ;■ 

Kniu'-iid'H-ci 

Hewn? Inti — -I 


243, j 
521 b ' 
4.05b j 
a4ia 

lvl B ; 

■ e>« 

B I 
,7 | 

453, , 
2>4 ■ 
374 1 
ifcig : 
I2I4 

34 I 

304 I 

26 

OHlg 

34U 

221z 

r.bfl 

724 

= 24 
■124 
254 
,43a 
liie 

H7ig 
1-4 
B73, 
8 m t 8 
*34 
394 
" 1 74 
i37 fi 
111; 
614 
. .84 
L43, 
75t; 


3" 4 
494 
221. 
258a 

2 j 4 

187 8 
in 4 
404 
lbl* 
Jm 
114 

413, 

35 

317* 

47 4 

lo 

215, 

241; 

523s 

25»a 

36U 

231; 

42 

581; 

174 

524 

39la 

out, 

63 

5usa 

H84 
394- 
aHS t 
294 
17 -a 

2118 

153, 

324 

h25* 

= 64 
2u- 

,17j 
30 4 
H4 
114 
201; 

36t 6 

•iOU 

503, 

,4 

18 

21 

054 

164 

144 

24 
313, 
.0?, 
*4 
Ule 
624 
73, 
,6.4 
2t 58 
214 
37i; 
27 4 
li 4 
34 Is 
30 

257 8 
OH. 
335, 
22 1; 

I ri t 

71 

321s 

424 

2*t-« 

L4: a 

1 , 1 ; 

464 
iji-. 
27-’, 
Bale 
2. 4 
-9 
I7I-: 
24 4 
1136 
01 
.8 
1*5, 
785e 


l M 

->.i>tl Ha|w 

xi-vii Mik 

Oetnlilei Lluu. Ca|i 

-tn Ci id I inner, ,..1 
ItHidBin— ...... 



-tmi l(i ri iid.... | 

uliUUI 

■Hid. t-ll ' 

ulieil I mu-tun I ... 
•HlKiial 

■Myli.rlel HIT 

11 ni|n n-ii v I'm... 

siDuei 

-niin, K-iue.— 

oonmm • 

MJUIhrlt'WQ , 

-null Uic-mCn:. bit 

■vuiliera Co ! 

3'lbn.Xat Ker ■ 

jouihero PicitiiJ 
swiUieniliailwiiil 

.■xmlbiaml.. 

ywi Ban' barer.-! 

sjiem Uuii'b 

•(miry baun 

9I1UIU.— 

aiauitain Hiwi. 1: . 
M>i.i.iilC«lilonibi 
SLI. I Ml IDiLUUM. 

si.i. uii ubto 

M«ud Chemical-, 
siernnu .. 

7'nnteNKet j 

1111 Ui. — — [ 

sun t-uiini | 

'.inlet 

iMimecm* i 

ICklrmi'X 

u-tniTiie 

telex 



IrM-rv I Vi 1 nl el 1 in] 

lexa.i,. | 

lexamuti j 

1 1".»- K.atltn 

trie- Inrl'ni .. . 
lrs«i'.'H x I-,'.. 
I«\M> I Itllller...., 

I line* lid 

I tine- Miner.. ..' 

I miUen 

turn 

I lallrlnell- a 

InD.ni— ' 

lwn- l- 11 mi........ 

Iian uav lull'll.' 
Ii»n* Worn 1 An. 

LnueiM'i , 

in Comineniai -I 


1 .K.W ; 

yj|b Ltnlurv Fra: 

u.A.L. ] 

i' A HCU : 

Util - i 

•. m e« ei I 

L nl f» ei X V .. • 

I in. ra Lurne-Hi-.. 

1. 11 11 hi CaitO iv. . 

!_■ iiiou Lmuiiieii.> 
i-lllnn Ui. Lam...] 
CiiK'n Paetlie .... | 

■ u'rniB 

1. illicit Umfw 

is Lull, mi 

i 3 O.i |r mil.... 

if 9l»« 

i o j 

l_S Tn.'llll-H'BK.- .1 
L \ JiMrnDrie*.... 
tiiemn Kteei—J 

tVal^reen 

IVuniertWPirt..! 
M nmer- Ia,ni»e , i1 -J 
It, ip-Meii'hlelil 

V\en-K'aiK‘ 

tie-lent limi.-ret. 
tv* leiti X. tnwi 

vt e-lei'i •- nli'ii... 
tVe inia'i'* 6 n 

tVi-mii. : 

It rl el tiutilnl .... 
tt 111! 

it hue Li n. Iini...- 
tr uium ia 1 

tt IBCODtlD fc.lKX-t.-l 


50 

303, 

56 
264 
33Sb 
33 ?B 

614 

143* 

111 2 

VB 

431b 

*3Tb 

t9 

33 
66a 
L»e 

134 

675b 

204 

154 

21=4 

84 

ZbS, 

1.434 

144 

23l a 
3'»1; 
31se 
4* jg 
484 
3b 

15 
191; 
9D7 fl 

ot B 

34 
.2-?, 

16 4 

36 4 

404 

oyi, 

273a 

254 

191. 

n44 

34 

274 

41&fl 

504 

a5Sa 

H 3”a 

,6-4 

664 

jj 

504 * 
304 1 
124 ‘ 
42'; 
1054 ; 
54 
314 

iU4 

K64 

194 

38'; 

c5 

i44 

cl 

4.5b 

31 5j 

hi 

a 9 :* . 
16=4 
20ta I 
3 !■• 
*6 " 
*41* 
i67j 

,9 1 




.84 
-94 
-6 Sb 
1 34 
2 ia 

40 

iS 

264 

3L ?T 

l'i 

-174 

h44 

*4 

104 

3. 

t Bl B 

241, 

L'8'4 
'54 
1953 
> '1 
<8>« 
H74 
305B 
.44 
r7*B 
40 'b 
3Ua 
8 

22 ?, 

.6 

2853 

i.l=8 

ai.s« 

204 

afc't 


497 8 

30 

4 

ie64 

33 

534 

614 

H5a 

113« 

237 8 

42=8 

431, 

kB4 

334 

61, 

b»« 

l3ia 

tBJa 

204 

16 

22 

.4 

30 

<.44 

la4 

L'34 

374 

315; 

42 

474 

364 

13 

19 

921* 

3lg 

333, 

JS7 8 

164 
36 7g 
30S, 
32 

«74 

254 

184 

434 

344 

274 

41=8 

494 

HO 4 
I7i 6 
tS 
435; 
494 
3L4 
tt5a 
414 
It 6 
■ 4 

31 sa 

104 

*64 

194 

aB'; 

c3.’> 

US'- 

■JD.'c 

4,4 

3D 4 

464 

38 4 

164 

2U 

obis 

bOaa 

241; 

= 6=4 
lbl, 

»Bl, 
=94 
=54 
' ,35b 
! 20i, 

1 401, 

33 

. <5 
594 

47 

44=4 

/ 

104 

29-i 

hi-! 
at 4 
284 
-51* 
194 
i- : . 
i7>, 
464 
301, 

Ch'l 

aU 4 
40 
CM 4 
175; 
i.-2't 

f*!* '5 
275* 
414 
2i i; 
201; 
dc=e 


■In 1 


tVouiu'nrrh— 

A'yly 

Urm. 

5&t«La 

Aemrh Kmlto 

U.S.Tn*.- ,56 IJW 
UsTiwdi^T&.V- 
IT.s. M .tie NH-. 

CANADA 

* mi ibi bu|*r_. 

VpKu ha^ie..... 
A kauiAiuminiinr 

Abrnna Meel 

A-hesio- 

dank cC UnmrM 
dam. Kim -din 
bs-ie Kftbiite- 
de< ■ 'le'efhime.J 
do* Vaiiet'lnri...' 


1 87 B 
34 
053, 
lrlg 

154 

rOHie 

t7P7 B 

6.BB- 


J11 v 
?5 


cents rise on the increased profits 
and the K Mart deal, closed 2 
cents firmer ar A$2.19. J. B. 
Young, up 8 cents the previous 


di* L JUiniH...— .. 

lira iaiL— ......... 

di mill — 

kiom Hikoi .. 
Branow Miner.. 

.. inn. la Lniiri'i. 
ijinnila A\V l*in 
L, it. Imp UK .Con ■ 
.HIM u> I111I1/-I .. 

Lull. PMi-Ibi- 

■.An IV «lh: Inw. 
Cmi, **ii|m-i Uii.. 
Dll nil” Ll'Kwfli 
.astiaj AilierUr 

, oirllam 

kbitum.” 

CtlOr. iMthlir-i... 
,'<Hitunier liar.... 
v'o-nka KeHjwn.'V 

.« mu 

Da on Dm el 

Dtritivtiti Miner... 

Doni Mini* 

unme Pnroieuiii 
Uniiuoion Bndpii 

Uomur. 

Dti|,nn — 

finrun'ise X whe 
Font M.noi L au 


-JCllDldJ 

u imui SVi’u min..' 
111111 L»ll L iiunla.. 

H mixer shI.Liii. 

Hm 11 1 1 sei 

Hi.iue Ull 'A* 

H >1.1.1111 Bat Mnt:' 
ri.iii‘*m bar ' 

Hm Im jiiI M .1 In., 

I.A.L 

inni’i I 

iDiiwnal Uii 

ini'. 

In' <m — ' 

min 11 .' .mi. 1 ii- . 

Inl'b-v l*i|i*1.!ii« 

iMiufi l.e~,n f 
Imnn bin. Lorp'-- 

L. 'Mnu Li.il 11. 'L3‘. 

n biiM-’i. 

iln w) benium'iii 

M. luitie..— 

Mi. .re L iiit'ii 

j U.MinlHiiiblnli'Un. 

I Miirii* E-.pIo Lid; 

I ... .ii . .Mine-... 

J Al'l .wi tutiv.1 ... 
Mb n. lent. mo ... 
xunini Uii A U.r 
•.taklltMl Pel I 4" ill; 
t*ii'iiii>L'a,iiier II.! 

rVi'itn FeiiteeunM 
i’bii. Can. Fel'n».| 

fan mi i 

re. pm Uni >.. 
I'ul.l'UMllA Ll! .. ! 
I'm •wrDcielil'lii'! 
fowei 1.1*1 .ml n| 

l*n.r 

jiiet* - ' riiiie^"' 

iCmutei Hi 

lieen Stx-nLini e 

liu'Antulli 

li'V.I. HK.i, Lull, 
ili iv*' Ini'Ll — 
•«.e|*n:K'-Mine 

Xapninr-.; 

.•In.* Lmiia M 

ilieinll I*. Mini* 

il.lM.-ll' LI. la. 

-mi|K«j 

•KVl *0 L-H1U.IM. 
mi^j ll*x'K I mu 

11'XMll. lAIIM lH... 
Hwniwbnii'.^i.i 
mil C«nFi|*Lu| 
I tin- Mminl • *|" , 

j 

4. iiii.ii In I 

III. -I1M.XX' tl.iu- [ 

ita.hei U'lam... j 
A «.( Cm* .1 Imu 
»» f-innUe'1 


144 

6 

;B7 B 

224 

H24 

23 
2178 
4 60 
=77 # 

:4 

16 

>57 B 

3.75 

3.«e 

1 65B 
104 
I* 4 
264 
,14 
2 . 

2 ‘ 4 

c3i* 

H.lO 

104 

*84 

e6ie 

XV 

I9i| 

cse 

124 

64 

Y7J, 

93 

c64 

,47b 

194 

15 

254 

734 

"3D 

144 

arm 

7T„ 

40’, 

424 

175b 

624 

H54 

l 3 i, 

3.1=6 

194 

164 


It IB 
12 
1S>| 
Hi, 
el; 
4.30 
19‘B 
li*a 
241; 
375a 
3.70 

30" •! 

*■ is 1 
34S, 
=5^, I 
h.70 I 
2 22 : 

405e * 

3 -a, 

it 4 1 
04 I 
0.95 1 

d. if 

151, 
*- 4 
1.47 
31i, 
104 
34=, 
344 
184 
e 4 
274 
i35j 
5-e 
S4l, 

6 

20i, 

2 65 
n3i, 
dxie 
151, 

8 4 
1=. 
111, 
81; 
iiTg 

124 

lc4 


19 
37b 
= 64 
lo 
154 
taiie 
f tele 
6.9H 


14 

61, 

334 

225b 

431a. 

23 

a 16a 

4.7j 

58 

53>, 

id, 

15t b 

t4.i.. 

if 4 
164 
ID?* 
124 
2b5, 
til4 
2u4 
214 
c34 
4.7o 
104 

285, 

27 

29 

19 
03, 

l-,7g 

94 

7858 

94 

e4 

264 

194 

MBs 

254 

734 

3 d 4 

147a 
Kfcsa 
' 77 b 
4U4 
H2M 
17 J; 
225a 
H54 

20 

*•»=•; 

194 

184 

13', 
iim 
154 
»H3b 
; e 4 
I 4.20 
2U4 
12 

. 244 
376a 
, t =-75 

: 1.8O 
: o04 
1 11 4 

344 
I a44 
I 4.43 

: 1.95 


Share 
mixed. 

KLM, after an initial rise 
more than FI 4. came back 
FI 160.0 for a net loss of FI 0. 
the 1978-79 first-quarler figures 


dZrtn Grace Bros.' purchaseof « -m «o 1 ^announced today 
a 20 per cent interest, reacted S . u Else JS^ ere * Nli| W ,pst more 
cents to AS152. Grace Bros, held “S", , . 

Ann at AS220 despite the Indus- State Loans 
trial dispute in the warehouses. and *|f llBe » es,endurc 

Breweries, Tobaccos and » FI Lo occurred. 

Builders were firm, but there were .... 
some sort spots among Building JVlliafl 

Material Supplier. Bourse prices mainly reacted in 

9 ^ranM Sa nPi4 quieter trading on profit-takmc 

with an advance of 15 cents to . .■.» _• •■.. flaw’s lowest foliow- 
AS2.94 on a rumour that there }° cl °“ ll}?* 
has been a diamond find at the ,n8 tte recent adrance. 

Ashton prospect in the north- Cniifoarlan/I 
western part of Western Austro- uwiucrijuiu 
lia. Other Diamond hopefuls Marginally higher in thin 
moved up in sympathy. Northern trading, supported by a more 
Mining, which holds a 5 per cent stable dollar, 
interest m Ashton, rose 20 cents Nestle Bearer pur on 20 to 
to AS1.40. SwFr 3.425. OerlEkon Buehrle 30 

Central Norseman, after Tues- to SwFr 2,560 and Swissair 6 to 
day's reaction of 20 cents, resumed SwFr 835. 


MOTES : nverteu& prices snow a nrtow ana /or acne issue, e Fer sbare. 1 brama 
.■xcludf I Dremium. Reiman dividends a Gross dtv %■ >> Assumed oividena jfiei 
•ire alter umhhuiauiB' jbx sene and ar neltli issue fe Alter lun 

4 OMSlI. Menora unlett oilierwiae staled, taxes, m % lax Im n Kranca- lndMUim 
vieW> baaed on nei lUvidefuts nlos lax. Unilar die. t> Xnrn a Snare spin, t Die 
V Fus 500 deiiom unless oiherwue staled, and yield exclude special payment, r Indi 
4b Kr loo denom uni .-us otherwise stated, rated div a Unofficial irwlinji e &llnonr> 
® Frs am dermm and Bearer shares hMdent only u Menur pending * Ashn, 
uiless otherwise stated, tt Yen SO denom. * Bid. t Traded 1 Seller r Assumed 
unletH niherwlse mated. S Price ai time rr Ex nnhls. «t B* dividend. reft 
at tinmens ion. n t-'lurms h Schillings serto issue xa Ex all. * Interim slnre 

Cents tftHvMi'nii stier o*ndine rtahM Incmased. 


July 


July 


J nIv 


July 

ai 


jt»i\ 


Jill, 

13 


Hi x h I-nr H«K" 


I 


f 41.12 


t-,n.ti». : I05.B6 1 105.85- 105.5B IIB.07 106.28,105^6' 


l III .as 
, ^'1' 

r aSff VW ! 5S.83B; 25.400 23.280; 26.0801 65.440.30,850; - 


102.34 

P3«i 


: ioai.it 

27S.S3 
{7*2 ryf< 
165.32 


51.22 

iS.'V.o-i 


I3.2i 

ic'V -o-'t 

Ifl.rS 
Ci i«i 


* H»-i> is irulc'. ubangpl Irwm Aa^u^t M 


JrKt. div. .rteirt 

— 

July 21 ; 

July M ; 

Ju.> i ; lYirjr iuju ■|.(/n , tt.i 

_[ 

5.62' i 

5.66 

b.75 4.81 

STABDASD AND POORS 

i i i 

t . ; 

197s piliit'n 

;jnlv Jn-v ■ 
J ce : » ! 

JuLv i Ji ,! \ | 
24 f 21 ! 

24 : 19 * 

Hiafc i« ,,v ; R'-’' 1 • L,, ' ir 

; luiluKUrtai:. — . 103. B2 

107.39' 109.04 108.5ttl0a.44 

IU.SS ; 9o.it • 1S4.B* S.h2 

l^.'TI 1 U*i9» ) ll-l.li' 'S'.’ '-.'-I 

JCwn^tU — : SB.44, 

87.72* 

i 

98.03, 98,1V 

i 

10(1.32 1 6 a. dll 12 j.»'j 4.40 

fe*>i , .n ut lll-l.'-.a' 1 1 “ 1 



July 1-' 

Juitt* a J 

Jump i Vrenu?" 

toil. dtv. yield % 


5.07 

a. ia 1 

9.11 4.45 

Inti. P.L ICmII* - 

9.12 

&9d J 

9.04 10. IK 

Lmig Uni*. UoiMi yu.'M 


8.69 

0.62 j 

8.57 J 7.59 

N.Y.S.E. ALL COMMON 



Rise* nnri Falls 

• .lultt' D* Juli Ju'i' ' J 



1S»T'- 

- 1-Kiu-. lin.lfi 1.8B7 . 1.860 1.879 

M. ; 2b 2J' • 21 ! 

Hut. | Um 

lll-r* 

472 525 82a 

55.81! 55.27' M.BBj M.3l| 

lit! 

n.Ai «.s* 
idiM t h ‘5i 

i'll tiuuuct 434 433 4bl 

X'ra, Hi K Ii- 118 74 44 

MONTREAL f« I 


1 ! 

Jittv Jute 
y* ' .'1 

n; j 

" I 


.e ; a,' 1 

Htali 

!n>ltt+tnxl | 

i.'iiniittiin-i > 

1S0.I1' 190.17' 
13B.D1 1B9.03I 

JOT. 01 190.04 
IS3.8H 193.b2 

130. 17 i— 7\ lcS.rii 

1S».09 ' • im.ES uj t- 

TORONTO 

1181.0' IIB2.& 

1179,5 11HI.3 

1182.6 ■»* ;’ y ' 

JOHAN NE3B0KW 

lillttl 

In- !u-l rail 

254. E ! 252.4 | 
250.3 1 251.4 . 

257.0^ 252.5 
252.7; 252.2 

257.0 i'J.7* Hi.U .. 

252.7 1-4 «i 1 1?4.+ .!S" 

. Jim , I'n*- 
2h i k*i* 

1+it i H.r 

High 1 to.« 

i jute : Putt. 1 !■■■ * 

> • II...I- H I-"tt 


Atutraiu.'* • .l-9.1i wM* 
Belgium « u i- »j.l 1 
Oetunark'*"' 


96.K 


France '!'■ ii-2. 

Germany!:: 1 KltM' 
Holland i»i 
Bong Konp 
luuy (ll' 

Japan im 

Suumpore 


74.2 


IM' 


ttaTfl • Ml. la 
i>;2) , 1 1.31 
! 16.46 Ui.lc ' M.t.13 
■ tefrl | t'JAOt 
96.K1 > *U6 ' H4.W 
> Itfrlj j tr.il 
i5.t> i »l.n 
*:-4 ii 13.11 
‘15.0 B16J) 1=9.4 

i I i2ti'7l I (li.Oj 
54J! \ 67.0 ! IbJJ 
i iniOl ! (4<4) 

, S7V.0C : scjA'J ! 5C3.44 
If/ij , il.'.lt 
64 All tMJJ I 03.43 

• |19i7t ■ ;U'il) 
BSLBi ' 42i».76 - 4^ufl aM.04 
(19//i H.Li't 
33L66 : 505.06 ! =» jJ \ ac.1' 
fki/O : ilti-i 


Spain i.f U— * « t 
Sweden ir>' ib.is it'.U 

Swil.erl'ilii; ?AV> 


ui.c • .1- 

u.r i !■ 




63.55 : 


l 


WEDNESDAY'S ACTIVE STOCKS 

Chin hi- 
st ■u.'lf. ciir-m*; on 
irjiii'tl pru.; tl.r. 

Pan- Am< r. Ami'jj.s i-1'i..'nn - — ! 

Polaruitl 44 1. .tun ir; — . 

UAL J.VOVII 3.. 4. 1 

KaMttiaii Kodak >U'I t.', 4 li 

M'snnRhV EKnnc >7.wt - :• 

CltliipuliT Scii-nn-s 2'ii.httil 14. -* 

Kasir-m Air Lmi". 'jHi.Iiei 14: - 1 

Ur imii r-wl l». -rl 

Rm-bucli .. LVI.i:n'i -'•! - i 

, ... ;iijwin =.-i Tti 


luau.-o Hid baoe- Ilai» ••![ MM- ana- 
lun except NYSE AU ConumKi - 5u »'drs 
Si andante and Pnom - 10 and Toronto KO ' vjn 
«o— i.uoo. the las* named Based on iWSt. . 

» Kxclnnnac dodos. i 4on indusmais 

? «ihi Industrials. 40 UttltnrS. 40 Kiumcc !97u Uaim Si-un U4iih Min in Milan 
and to Transport u Sydney AU UMinary. 2/1/73. a TokVD New SE VLUs u Straits 
•i Belgian SE 31/12/ffl. ** CottenitaRen SE Turn* 19M. Ultima. ’ '.ladnil SE 
I >1/73 r* Pans Boone U»] HtCommeTT SW'12/Tr. r Srnckhulm Indusin.il i'l'iM. 
nuith Dec.. !Ba3 U Amsterdam Industrial ' Swiss Rank Oorunrannn •> l in j callable. 


GERMANY • 


July '6 

I'm* 

I'm. 


LJli. 

% 

AbtU...... .... 

Muan, Verweh... 

ilMW. 

BASF 

91 

499 

266.5 

136.30 

+ 10.5 
+ 29 
+ 1.5 
+ 1.8 

51_2 

J8X* 

ia.it 


391. 

«'t 

*16 

5.62 

0.96 

235b 

41 5q 

Wl 8 

1.49 

32 

1U5* 

35 

541, 

left 

bt, 

27te 

13S„ 

6l S 

3aU 

5>t 

2=5, 

2.fl 

43S; 

11 5a 
165fl 

9 

:io 

in, 

aa* 

a**i s 

12 
la 


t Bid. : Asked 1 Traded, 
f New stock 



LONDON TRADED OPTIONS 


(Motor 


January 


April 


— 


Ckifllnifi 

L'kMlux 

— 

V,J. 

Equity 

ITUW 

• *|+ Ml 

Jirt«+i 

nBi-r 

VoL 

offer 

Vi*. 

offer * 



138 


lv9 

— 


— 

t67|. 


800 

90 

5 

llfl 

— 

138 

— 

•• 


850 

58 

1 

86 

10 

105 





33 

1 

57 

5 

. 78 

— 

I4B|. 


140 

17 


10 

a 

25 

— 


IrO 

6 


101; 

5 

15 

— 

187p 


160 

35 

3 

34 

1 

42 



180 

17 

40 

21 

l 

30 

10 


tVjjir. ftulil 

200 

S 

. 1.. 

12 - 

— 

17 

— 

118(1 


1UG 

2ZI; 

— 

*4 


— 



110 

14 

— 

1 6*9 

— 

201; 

— 


i '■'iirtauiit* 

120 

7 

— 

101a 


1513 




130 

3t; 

4 

6 


10 


Z75(i 

MX' 

ZcO 

60 


67 


— 

— 

l. Ki 

MO 

42 

— 

51 

— 

ss 

— 


i. IV 

aeo 

Z61; 

- 

37 

— 

43 

■ — 


;.i<r 

limit 11.+ . 

Ue.0 

100 

1513 

171; 

4 

16 

2U? 

8 

32 

25 

5 

ll4(i 

1.1,11 1 ttli-i 

110 

e:-; 

40 

14 

3 

161; 

1 


• •ran.', lli't. 
li 1 

ICO 

43, 

65 

5 

0 

68 

s 

5 

11 

69 

2 

386p 

IU 

abO 

35 

B 

46 

2 

52 

— 


ll'l 

390 

18 

22 

29 

■w- 

dd 


■ - 

Ul 

Uii-t f*iv+. 

4JQ 

1BU 

6 

44 

a?- 

,4 . 
47 

6 

19 

51 


221p 

»l l S>C4+s. 

200 

»-4t; 

2 

301; 

— 

36 




■•■'n 

11 

16 

|7 

— 


~~ 

•* 

to 1 1.1 SHtt+u 

240 

4 

47 

30 

9 

48 

: - 

14 

51 

- 

lisp 


14U 

27 

9 

30 


35 

“ rJ ‘ 

" 

'1 rl,. tt -.. 

1-0 

11 

35 

16'a 

9 

?? 



lUmk-.ii ftji. 

180 

6 

75 

3 

8 

85 


11 

90 


560p 

>!» ll 

550 

37 


50 


S2 

- 


>ti. 1; 
l.ilnta 

bOO 

121» 

10 

272 

26 

« 

55 

45 



base lending rates 

B ank 10 Tn 


A.B.N. Bank ■■■■■• 10 re 

Allied Irish Banks I^d. 10 % 

American Express BK. 10 % 

A P Bank Ltd. 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit &Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of NS-W. Jg % 

Ranque Beige Ltd. ... 10^ 

Bannue du Rhone 

Barclays Bank ^ 

Barnett Chnsbe Ltd.... ll % 

Bremar Holdings Ltd. ll % 

Brit. Bank of Mid. Bast 10 % 

■ Brown Shipley ----- }® % 

Canada Perm t. Trust 10 ^ 

Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd }J % 

Gedar Holdings }0*% 

■ Charterhouse Japhet— iu 

Choulartons 

C. E. Coates 
Consolidated Credits.. 

Co-operative Bank_ ■■ 

Corinthian Securities 
Credit Lyonnais 

“ Cyprus Popular Bk. ]{J ^ 

Duncan Lawrie j 

Eagil Trust JO % 

English Transcont ... 11 Jo 
First Nat. Fin. Corpn. 12 % 

First Nat. Secs. Ltd. ... 1- % 7-day w 

■ Antony Gibbs JO % T ^ dp to cs.ooe. ii.4. 

Greyhound Guaranty... 10 % and over csJ»° fin. 

Grindlays Bank tlO % : exu «««« ! 

■ GuinnS Mahon 10 % t Dcnmj ^ dcp - ' _1 


10 % 
11 % 
10 % 
e 10 % 
10 % 
10 % 


-•inibros -- — -- 

Hill Samuel S10 % 

C. Hoare St Co iJO % 

Julian S. Hodge .—.... 11 % 
Hongkong & Shanghai 10 % 
Industrial Bk. of ScoL 10 % 
Keyser Ullmann --- jo % 
Knowsley & Co. Ltd.... 12 % 

Lloyds Bank JJ % 

London Mercantile ... 10 % 
Edward Manson & Co. lli% 

Midland Bank 10 % 

Samuel Montagu 10 

Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
p. S. Refson & Co. ... 10 % 
Rossminster Ltd.^..... JO % 
Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab HsJVi 

Security Trust Cd. Ltd. 11 % 
Shenley Trust............ 11 % 

Standard Chartered ... JO £ 
Trade Dev. Bank ...... JO % 

Trustee Savings Bank 10 % 
Twentieth Cenlury ok. U.% 
United Bank of Kuwait 10 % 
Whi teaway Laidlaw ... 10i% 

Williams & Glyn's JO % 

Yorkshire Bank 10% 
of me Acceptlos House* 


dHiei-liviu..—. 

tteViT-Vi'ixipriik. 

<.1tol1t1.X9t.Mit. 

... iinmpr/l«nli_... 

l'.hii (Hintinl ' 

Dianici lien* 

Uf-.l|'V4l 

t train: - 

itotLMluf Hint... 
Diviner HmiiK"..... 
I)\ ckprlK'D Zrntl. 

Tiiteluiiliiiin. 

l.iitil 

dnr|'C7iL'r....w j 

HrW l»-l \ 

IKw'li I 

Hurreii 

K4'l 1 1 It. 1 -ui/ 

KHIt-lHltl 

kattllinl 

ivuv'kiirr DMK>'. 

hHl» I 

till* i 

LiiHie. ! 

U.iMetilin<ii I0U.."! 

LuilUan-m I 

■1 AX 

tianne-inauii.^... 
Mnall);er 

IlllU-llflll'I KlU-'k 

.iK-Kei 

i-iouk.-ai: I'M K^j 
Kbriti MV«Lfiie> 

clieMHi! 

iciueiiK 

U I Zlt'kl'l 

1 hvwii A.Ci 

ertm 

1 Hi! A 

/[trim, " i'<4 111. 
VtiikrUKKUt- 


293 

339 

tba 

233 

82 

324 

409.0 

166 


+r 

4 11 

+0 
+ 1.3 
-1 

+ 1.S 
:+ 1.5 
305.6 + 2.3 
443.5' + 0.1 
202.5 + 8.3 
210 *+0.5 
125al -r 4 
316 +1 


38. Ii| 

18 


26^11.3 


Ym. 


at.n 

it 

w 

38. 1C 
38. U 
9.3t 
12 


4.3 
3 3 

4.2 

4.6 

3.7 

2.3 

2.y 


TOKYO 1 


Jul.i SB 


•Price* j 

1 Ven 


♦ « 


Utv. l ..t, 

T I t 


AnDiI libo-M 320 

Cttncwi «... 446 

L4»Ip , 679 

L'UltlDD 401 

mi Miijmit Pnm 1 5b3 

cull Phi it* 535 

HlCu'bt i a46 

Him. in Untiim...... 22® 

MmiwFrtni* !l.20j 

..lioh I a-*l 

1 1 i>-l ufc ii iln... ; 1.430 


14.1*4! 3.7 
_ . 1+I8-/2 3.1 

131.5 +3.2 . io-<d; 7.1 

48.2 + 0.4 ; 4 ,4.2 

145.5 + 3.0 . +.3t ' o.2 

14B —1.8 ,l4.u4i 4.7 

339 +8.0 143.44, 3.5 

B46.5 +4.3 lia.f.; 3.8 

94.2 + D7; - - 

191 +4 il8./e| 5.D 

97 : - 

271.5 +3.0 2D ! -*-6 
1.480 + 30 ■ 2D I 8.5 
107.8 +1.3 1 e.oe| 4 4 

: 4. 7.8 -r 1.8 i 12 1 4-9 

174.2 +0.2 '1/.I6' 4.9 

238 +2 10 • 20 

588 '-2 18 

,11.8.5+6 5 — 

125.6 + 2.5 ■ — 
179.5-1.21 2D 
284.5 + 1.5 '2b. Ikl 4.9 

289.7 +0.1 | lo f c . 7 

850.2 -1.2 v-a 

124.3 + l.4il/.le[ 

186 : + 0.a r 14 
128.7+0.2; 12 
294 +1 I 18 

236.3 +0.1 1 25 


l+w>.. ....... 

I.A.L 

Mimi Elect Pw 

hiiltHKU 

ntiLvlM 

MiImi-Liii lit '.. 

.Uiteiiliivtii Unui.. 
Ull Mil '1-1 r I HtHl I 

MllruM-lii t'.-rj'-i 

MlLeu; .\ L'k. 



,\lfl|«ITI 

Xlpfaili ■'-}iiii;rtii. 

IINMI' M.ilIU'- ... 

■ Imi-rei 

'lUVu lilivlih... 
-ehinn PietMb... 

;biH*i.io 

utiv 

laulu.' Uuriiic... 
takpin Lbeiuu.-H 


660 
12.650 
1.200 
1 331 

2C0 


-3 ; 14 
!— 5 12 

• 1 26 

! — 7 j 20 

'+& I 18 

♦ 14 ' 15 

L ; is 

h* 18 

i+40 35 
!+ 1 18 
(-10 ! 30 
13 


15 


69 


AMSTERDAM 


| Members 

Committee. _ . ^ _ 

• May deposits TA, T-tnontlt 4 epos its 

”'+jay dondk o* 1 


sums of no.DOO 


Jiitt 56 J 

ui.ii.1 iKi.J.1' 

\V/.‘ i+'i.LVi 

\ ra-'in UnkiF'-'W- 
tt 11 bV it .Uo. — 
ttnii' imnb iF . tt't 

Pilvnkiin 

u-lkH Will'll l.f 'Ll 
dul* mi Teltemlr 
hbvviei V fl- -.JOi 
.•. iiiniiX.V.Ueirei 
Eun- I'niiil’-ilfrui 
ji.i bu»»iii+ if *■ ■ 

. Irmi'kun i F '.Lbl.. 
rinouiM'Ciu-lFl.it. i 
limiter Ll.iFl.luOi 
■i.Llt. iFl.liUr... 

Uii. Mullet' Iddi... 

Xiuiilcu iFI.L/i — J 
Xdt.Xe iIiik-iFII-. 
NeOU'redfiklFI-ftJ, 
X'tetM M BwiFljC, 

. ILV i !■ I. 

U S iui. 

■ an umui'erali... 

PkkUm-l Fl- -Li 
r-Ulllla I PL till.... 
ilju»i-liVenPLlUJ)| 

■■■4<evi. .Pi.coi | 

1,'ulluUI iP’i. Ull — | 
■mwbiiUmPi, rot... 
ibiymUiUi-bi Pi»L, 
'ImreiilMiri.... 

-IcviiiUr, 1 • P'1.4'1 
InttyPllL'. Ul'tob 
i. uiiprei iFi.'!A , l-! 

tt tMII|!ll-**.l«llfli 

We-tl.Uu.Hyt*k 



COPENHAGEN * 


July 26 

Pnra 

kmmr 

T W 

Div. 

* 

Jfwt. 

4 

Auileldtonkeu.— 

JS7U 

+ 1* 

11 

8.0 

Dnn»keHank.j. u . 


+ *4 

12 

d.6 

fcd>iA-.inn L+i 

16514 

-1 

12 


PimnMuiiieD— 

130 

+ Li 

13 

10.0 


5/lla 

-te 

12 

3.2 


,7f'z 

+*s 

— 

— 




12 

8.7 

u. Mil'll H.iKra 

266 


12 

4.1 

Aoi.i Knbo — ..... 

»a 

—Is 

12 

b,l 

Uiielxlintt 

Bli* 

+ 1 

— 

— 

['rvnitonb..™-. 

130*, 

+ 12 

— 

9.2 

Hihvid-i»iiK»™. 

138 1+ 

+*a 

Ll 

o 0 

>^ih, Berenreo—. 

410 

+ 1 

12 

2.9 

'upenct..^.™.-— 

181 

+ J 4 

12 

b.v 


698 
278 
130 
463 
525 
=87 
1.450 
690 
765 
1.700 
<.49 
899 
l.ilJ 
1.590 
259 
417 

■ LIK...A. 8,i9j 

Leum i 112 

tub hi Mamie. • 489 

tvlcio Kux't Kim'i 1.080 

i r<3 

i.HMtt ! 138 

I Osbilm L'l-rp j 1 45 

i.'tt- ii l- 1 . —i 871 


+20 * 

_ 

-!0 ; 

10 

i—2 | 

18 


13 

— 10 | 

36 

— 12 

30 

-2 

10 

+ 1 

12 

1-2 

13 


14 

... 

SiO 

'-10 

Is 

|+13 

12 

. - 2 J 

lb 

I— 2D 

+B 

‘-1 

12 

i + 19 

30 

|-40 

JO 

:-20 

40 

-1 

1 1 

I- 1 

lb 


30 

1-1 

10 

-1 

11 

+ 10 

t) 

—a 

12 

!-l 

10 

:-2 

10 


AUSTRALIA 


July 26 


'-16 


3.2 

1.3 
1.8 

2.5 

1.6 

1.4 

2.4 
l.b 

1.5 

2.5 
1X1 
1.0 

4^2 
2.7 
a. i 

0. 4 

1.1 

1. t 

4.6 
1.4 

2.2 
l.i 
0.5 
O.* 
.1.0 


l.b 

O.'r 

4.2 

1.1 

3.7 

l-i. 

3.4 


Aim. 5 


+o ; i.i 


Simn.1 - m untu +-»nnti<.ji l«vn 

BRUSSELS/LUXEMBOURG 





On-. 



1‘rii'e 

+ in l 


[> • 

• 

Fr«. 

- 

Xt-i 



2.380 

— 5 

- 

_ 




IIP 

s.7 

i..fi.K. LViii+iiu... 

L104 


100 

9.1 


426 

—4 


— 

tfib- 

2.265 

-10 ] 

m 

7.8 


2.796 


l/U 

0.1 

U.D.Iiiiiiv- Bui 

3.230 

+ BO 

lo- 

6.6 

■ levnrii 

1.6 10 



or 


Drpc Urux.toinli. 

1.550 


164, 

10.5 

riiH.+i'ii 

2.300 

—35 

—15 

1 1- 
144 
Jtto 

7.4 

ax 

■•.3 

iiilerrniii *.'!■ 

■ttnemiMtoiis. |6,830 


-70 

04, 

-.7 


2.670 

+ 45 

sf.:? 

-.y 

me lieu rmii.iue.. 

2.960 

-23 

JOS 

D.to 


1.940 

3.180 

-5 

1+J 

7.2 

sufiua - 


J Is 

o.B 


2.650 

+ 35 

17i- 

O/l 


940 

+ 20 

__ 



2d 10. 

t lelih.* Ui<fl»uiie 




1,476 

t-6__ 



SWITZERLAND ® 





Price 

+ « 

Div 

I*? 

July SB 

Fra. 


t 


1.260 

+ 10 

8 

5.8 


L.x.0 

1.D55 



Uito UeiKtt tPt-iUL 

+ 5 


2.1 

Liu. P*n. Lurt. 

805 

+ 5 

aa 

2.7 

3.8 

CrRiH -UU+..+.. 

2.170 

+ 10 

lb i.j.i 


1.79J 

—10 

li- 

J.8 

Piquet llieoivei- 

b70 

+ 10 

6 

3-7 

UiXmxuPl Cell-. 

70.750 

+.500 

1100 

l.b 


7,07s 

3,900 

+ 25 

110 

1.6 


-90 

20 

2.6 

Ijimull tPr. llXlv. 

1 415 

+5 

cl 

1 s 


,3.425 

+ 20 

i .aJ 

a. 3 

UUb UM. ... 

2,235 

+5 

4 «b.l 

4.8 

uemtumD. (F.Xauid.^60 

+ 30 

is 

1.7 

Pirelli fiiPlPUn 

282 

-1 

15 

B.J 

SjUkIoe (Fr.'iflOj.... 

5.775 

-w. 

2b 

1.7 





3.0 

turn net Ut FltW 

510 


12 

a.9 


558 

+ 8 

14 

3.9 

wImoji iP^a0)._ 

835 

+ 6 

lo 

+.2 


368- 

+ 2 

10 

2.7 

WIH (KtriFyj»L..;4.700 

+ 20 

4U 

2.1 


3.088 

-6 

20 

3J 

Zurich' lnc„„_ .. 

11 200 j + 50 

44 

2.0 


vl MIL i^o-ati.^ 

'um# Au-tmiM | 

A:ued Mile. TMk. Iu l».3li 

Amimt Kxplnmllaio...^ 

\nif»ii PiHtrueiini • 

A *nc. IUinent>_ .'.....'..j 

Wie. Finn IN per SI 

V'-ric. Cnn. In lnump* ] 

Ln-l.Pnun.iMl Inn Invr+t.... 

V..N.I 

Au-link.li. 

ttii-t. ».»i. A On- 

[hmilHd- Liwh tkwi 

bun- Menu In- 1 

iV ii'iHini'iiie L'-ui-in 

iltmiilupd I n.lii -I rie- « 

iii-iki'ii H'H P»ui+'ii4«r\....l 
nH -with ; 

• m ll. -ii I'mim Bmen....j 

■ . .1. t int* i 

v*l{ iMi j 

■.•■.'tilnun lien nut ; 

..i.ii . tinHitieu'd Au*t | 

i >4121111.- Hire int i ..,._..._.. 

n- IhIii An .trail* 

t iiiiili if. liuh/ipr lil - 

t-*L UW 

.-.i.i«r-ami|ii .... 

lii.li.- 1 

•••'li. Fti'iwu I PI *1.. ....... 

•lHtllei • '!■» 

• l>.d>kbl .................. 

IL'I A li-l rnlln. 

Iiiier-L'iililiei 

Jen im u; InriUi.tim- . ......... 

ii.iu> lUavall 

•A'liiuinl 

•Kiai* bx,iinnitnn._........| 

HIM 

ttlttci bin|<niuin — ... 

I 

ttii+H'Inr lureriMtiiuwi...... 

a. hiii UniKenfi'dlrve« rro- 

jiKlirulse. ............ 

v*a'li 

Ilihh txjilunu uti 

rt'ilkiT LimCrele 

litvKil, i. L— ilium 

H, C. .Meiiili.^ 

'I mi bln ml Mining.. 

'l«U|joe Exr4<mili<n 

"HHli iSi 

tViUl'HIr 

'■V'.«ittn Mm ini; iti'cenl. ; 
%tt t.lwnrihn ' 


t0.65 

*0^6 

>2.14 

11.30 

t0.B5 

11.30 
11.25 

11.63 
11.00 
tl-49 
10.40 
10.58 

10.30 
tl.18 
11.36 
11.82 

17.64 
11.20 
11.70 

12.19 
13.17 

11.25 

13.20 
12.45 
12.94 
=1.65 
11.33 
=0.92 

12.25 

13.75 
11.62 
12.25 
10.74 
t2.25 
tO.15 
T1.16 

fl.la 

t0. 26 
10.52 
12.23 
11.68 
,2.26 
10.86 
tl.37 

11.89 
10.14 
t0.43 

11.64 
(2.95 

10.76 
f0.37 
10.40 

11.90 
tO.BB 
tl.53 
,1.60 




BRAZIL 


Jiutt 23 


Ltli. 1*1. 

tl.tt s 


1+3.113 

-1.05 

+ 8.01 

+0-05 

+0.U2 

1 

j+0.01 

i+»’.ii2 

:+o.K 

;-o2 

+0.K 

-0.W 

I 

- 0.01 

2 

+0.09 

i+o'.ii* 

1+0.05 

+0.16 

i ;; 

I+0.D2 
1+0.02 
+0.05 
erD.OT 
:-n.05 
'+0.01 
:+o.m 


j+i-02 

r-O.Ul 

-0.03 

1+0X1 

l+6!oi 

1 + 0.02 

5+o.m 

1+o!r 


1+0X1 
1+ . 1 
'+0.03 

1+0X5 

j+0.02 

1 - 0.01 


%«*-HrUH 1.03 to' 11.86 

Uhiiim .in ttai/i , 2.00 J. 1.8.50 

UaiH.v I tan F.\ . 1.A4 J.J". 27.61 

Bclpi Mtiii'tra Ol*. 1.65 +0.07 0.084.84 
M'fi Ainu. Ul ,.50 + . 3 .... O. <1 

•Ttroiira'- PI' 3.47 ' -0.05 J.li 5.74 

1.60 -0.04 j.ii lu.DO 

5.HI24 Crux UP .... 2.92 + . 3 J.cs 7.87 

PE I 0.68 — . 2 J.+l 4.40 

F* •_!< •_ii , h+ H i . 1.+0 -0X5 J.lt 15.00 
Turn over Cr. 111. Tin. Votunir: :: ilm. 
Source: Rio de Janeiro SE. 

OSLO 


Jim •» 


| Prici. 
i hi -in. i 


+ ..i 


"ill nil UHlIh I 

• iTViOuiri ; 

.re-ii tom. 

itti+r.vi".^..._ j 

i\re ■ 

tt.ir-x H»- Irutti.e j 
•ii+viinii I I 


95.0 

64.U 

110.5 +0.5. 
227.5- T 7.5 

1D6.0 

185.51x5.5 

86.25,-1.25. 


U'l.'l.O. 

1- 

9 . 9.5 


• 9.1 
8.8 
.10.4 
. 5.2 
.10.4 


JOHANNESBURG 

MINES 


PARIS 


MILAN 



Price 

+ r " 

Div. ;V 

Jute 2fi 

Ure 


Lire | t- 


VIENNA 


Juiv 26 


Ure uun -biit.— 
Kern* lover - — 
at-'Wta 

xmiiwril ...H...H 

nevr Dimmer., 
Veit Mxitoe-U. 


342. 

279 

617 

91 

2*1 

420 


+4 


lu j 3.9 
*1.5.2 
5b ! 7.9 


3.6 

4.8 


.tt.MC 1 

thuUuO . — 

Ft« 

Dll. Prtv 

r insider j 

Imicenienil _. 
i mincer. 

Medw rre«.. ...... 

AImMMUsM, 

Uitvscri Prtv 

Pirelli'* L'n. 

Pirelli Sp» 

sals VUooss — 


130.25-18.751 
480-18 
1.774:— 24 
1.481-19 , 
154.5-7.5 
12 060—90 
310.25!- 18.75^ 
A3 101-3991 
159 — 6 
1,005 i— 12 
■1.640 ‘—10 , 
S80aI:-lE.ftj 
815 .—28 


150 8.4 
16- 1 10.1 

6D0; 5.0 

l-KOb; 3.6 


130| 7.9 
80; 9.1 



Price 

♦ id 

t>i\ .1 

1 

Jui.tt 28 

Kr-. 

- 

K i . 


Ki'iii.- i( 

73B.0 

-2.1 

41,1 0.6 

unquHi Uo+.i'1'i 

4-6 

-1 

; 1.16 

4.7 

An Liqu'.-c.. 

329 

+ 2 

lo.t- 

b.O 

tti|iuti|iiie 

677 

+ 2 


4.b 

L'll 

496 


13. C 

2.8 

• 

895 

+ 15 

42 

4.8 

.. .X. lii'rv,+„ 

=32 

-10 

40.3 

7.b 

u Hneimn„„ 

1.680 

-20 

/ D 

4.6 



380.5 

+ 6.5 

31.3 

8.1 

i. .1.1. tt mr-.... 

1.099 

+ 2 

16JA 

7.0 

.. U'J*siHiiirp„ 

369.9 + 1.9 

i a 

5.5 

(.'lull Mi-htei 

420X1,+ 1.5 


2.7 

1. rent Onn Pr'n 

133|+1 

12 

0.0 

LiwiM* Lure 

74.5.— 0.9 

— 


Uiimei... 

746rt!-15 

16./= 

4.5 

M. P«iniea„ 

142.3- + 2^ 

14.10 

9.S 

Uea. U.eiiienla.i 

194.3 


a/c 

4.2 

imetMl 

39.0 

+ 0.9 


9.5 

1+ iiuti 

158 

-3 

— 


La In ran ............. 


+ 2 

Id.//. 8.5 

Leuraitil 

X.705| 

+ 24 


2.2 

•tot una 1'brmt. 

535 n 

t 20 

39. 

7.8 

ilichelln 

1.355 

+ 9 

32. W> 

2.4 

duel Hnuiewev 

495 

-8 

Ifi.t 

2.5 




3 


I'+niua. 

181 

+ 1 

L:. t> (1.0 

PerBliwy 

89.S 

+ 2 

7.S 

8.3 

Pemtt.i-Kl upt. ... 

280.6 

+ 2.6 i Lai 2.7 

I’eui:ei4-Uiltrarii. 

446 

+ 7 

l/./b 

3.B 

I'utMIU 

228 

+ 5.1 

— 

— 

•L,Uo le hmque. 

448 

+ lb 

50 

6.0 

■•piiciutq. 

560 

-2 

3D 

6.4 

Klimic Pouteuc — 

104.7 

O.b 

a 

8.b 






xu UieetcnD-.,.. 

1.709 

-11 

39 

2.2 

•UCX ........ 

279 

-1 

36X' 9.1 

lelemcvaniqiie.... 

777 

-3 

2bX 

3.3 

i tomwn Uran-M. 

2363 

+ 7J9I16.1&. 6.4 

""rmr 

21.5 

-0.4 

- 

— 

STOCKHOLM 


Pmcc 

* «»r 

Otv. 

< 

Juiy Efl 

Knine 

— 

fair. 

j 

MiA All (III. OH)... 

233 

+ i 

o.b 

2.4 

\ in Leva- 8<lttrHr 

161 


0 

3.J 

\sKAlKr,s(S...... 

87.5. + j.o 

A 

S.7 


128 


6 

4.7 


66 

+i 


6.1 


115 

— i 


3.5 


198 

+ i 

fi.ft 

■2.9 

Jellulow 

236 

+ 2 

m 

4.2 

Bianlus'li’iKrtl 

151 

+ 3 

6.3 

4 A 

Hneron ‘b 1 throi. 

143 

-1 

a 

4.4 


301 

O 

9.6 

2.7 


106 

+ 1 


3.7 

dreei,.... 

58 




ilftU-t'c*lMnupn... 

S6€T 

+ 2 

16 

4.3 






Mo Ut+i Ih -ra-lu.. 

67.B 

+ 5.5 



MD-lVItt 

270 


3-/3 

2.1 

%h'.P. ‘b’ Era.... 

72.0 


4.5 

6.3 

jtout-i KiiukiI-Ix... 

171 

— i 

8 

4.7 

llBral>rifc -u' Km" 

7S.B 


s 

6.9 


59 




Volvo iKr. 

7B 

+ 2 

6 

7.7 


July 2G 

Rond 

+0T- 

AseIo Amencin Curpo. .. 

O.ll'l 


Charter Consolidated .. . 

S.tf3 


Earn Drtetoineia 

13.50 

Tfl^j 

Elsburs 

I? l'7 

+ 0.« 

Harmony 

7 30 

+0 03 

Kuaush 

7.70 

+U U3 

Klool 

11.20 

+ ll. 4) 

Rustenbun: Plarinnrn 

1.50 

— 0.1)4 

St. Heliisa 

15.73 


South Vaal 

9 SO 

+ 0.J) 

Uofit Fields S.\ 

I2e.ih» 


Union Corporation 

5.2 j 

-tttt'5 

De Boers Deferred 

T.m 

+ u uj 

Blytt-nonntzirht 

5.M) 

+ i)Hj 

East Rand Pty 


+ 0. 1 j 

Free State Codutd 

3, >1 

■*■•».» 

President Brand 

ir on 

—it 15 

President Steyn 


-1.33 

Sulloniein 

j.bl) 

+-IJ.II7 

WetKoin 

& Vfl 

-»-n IR 

West Dne/ontefn 

T40 M 

-0 5ii 

Westum HoKltmra 

a- jn 

•^11 

Western Deep 

ti6.iW 

■*0 10 

INDUSTRIALS 


AEC1 

. 2.0.1 


Angto-Ainer. Indus trial 

. m jii 

-11.10 

Barlmr Rand 

. 4 -11 

-n.oi 

CNA Invysiments ...... 

. i rn 


Come Finance 

0 W) 

Do Beers Industrial .. .. 

. 710.75 


Edcara Consolidated Inr.. 

. 2 no 


Edcars Stores 

. t:>.iw 


Ett-er Ready SA .... 

. 2 III 

+0.33 

Federate VolksDpIeREincs 

. 1.70 


Creatcrmans Stores 

L a 

+ 0.0S 

Guardi on Assurance iSr 

1 L' Dj 


Hnleits 

] fiu 


LTA 

. 1 30 

+0 03 

McCarthy Rod way 

. 1)00 


NedBat* 

. t2 Til 

— 0.U3 

OK Bazaars 

. 7.70 

-0.10 

Premier Milltns — ... 

tj 73 

+|| u5 

Pretoria Cement 

. 

— n.u5 

Protea Holduuts 

1.50 


Rand Mines Praperii^s .. 2.'J5 

-0.U5 

Rembrandt Croup 

3.7ii 


Retco 

IMI) 


Sane Hold Inc s 

.. +1.3(1 

+0.02 

SAPPI 

.. 2 30 

+ 0.11* 

C. G. Smith Stqur ..... .. 

. 4 .V» 

-0.10 

SA Brettivn-rs 

.. 1.40 


1 Tiger Oats and Nat. MIr. 1U.«h 


Uniscc 

.. I J.' 

—o.os 

Securities Rand 

U.S.S0.702 

(Discount of 38.5?n 


SPAIN V 



iJuty :c Perivii! 


Asiand - 

ua 

+ 2 

Banco Bilbao 

303 

— 

nanco ADainico d.iiOOi 

231 

— 

Banco Central 

3M 


Banco Exiertor 

775 

re^i 

Banco General 

2M 

— 

Banco Granada (l.Mdi 

150 


Banco Hlwano 

237 

— 

Banco Ind. Cai. nJfflij 

U7 

+ 1 

B ind. Mediiemmco .. 

206 

fm 

Banco Ponalar 

2» 

+ 4 

Bancu SBi.ilan.lur CSOi . 

380 

— 

Banco Uranljo il.BWt... 

258 


Banco Vizcaya ...... 

241 

— 

Bauco Zb razors no 

273 


Banh union 

152 

« 

Banus AudJlucta 

205 





CIC 

22 


Drasados 

m 

- 4 

Inmobadi/ 

70 

- 2 

E. L ArosOtleau 

. 52XD 

- 0J0 

Espanolb Zinc 

102 



expi. Rio nmo 

8b 

- 150 

FecSa 11.009) 

66 

+ LSO 

Fenosa (1.0001 

72.75 


Cal. Preciadou; 

75 


Crupo Valezqucz (4QD 

IU 

— 

Utdrola 

7A50 

- 0X8 

Iberduera 

E3.V) 

+ 1 

■Hurra 

113 

- 2 

Papuleras Rotmldas ... 

m 

- 1 

Peurlitier 

lir 


Petrolfcos 

202 

- 3 

Surrtu PapalL-ra 

51 

- 1 

Snlace 

M 


Socchsa 

124 


Telefonica 

88 

+ 1 

Toi+ns Hootcnch 

W 


Tnbaecs 

QB 

- 1 

Uninn Ek-c. 

69 

+ 3.75 


1 


30 

THE JOBS COLUMN 


SSnaraSat Times IWnsaay JUty Sf- JBS»: 


Good results from universities’ sales force 


BY MICHAEL DIXON 

THE UNIVERSITIES’ main 
“sales force"— their careers and 
appointments staff — deserve 
congratulations. Their collective 
performance from 1975 to 1977 
is summarised in the table along- 
side, which I have calculated 
from the latest figures issued 
by the Association of Graduate 
Careers Advisory Services. No 
one. surely, could deny that the 
progress is generally good. 

One of higher education’s 
more questionable results, for 
instance, is to disseminate 
among its students a somewhat 
inward-looking attitude to the 
choice of a career. Put roughly, 
the priorities of this choice are 
as follows: 

1 — Stay at university until 
you are dead, or longer if 
possible. 

2 — Transfer to some other 
form of full-time education or 
training where the things you 
are called on to do, and by 
which you will be judged, are 
not for real. 

3 — Find a job whose emphasis 
is on taking care of folk who 
are deemed to be “ disad- 
vantaged" in some way. rather 
than on competing for results 
with people who could be 
classed as your equals. 

From the table, however, it 
appears that the first two means 
of avoiding exposure to com- 
petition outside the groves of 
academe, are declining in use 
if not in popularity. It may 
well he, therefore, that full-time 


WHERis THE 1 NEW UNIVERSITY GRADUATES WENT 


1975 


1976 


1977 


Number graduated at bachelor level 

Whereabouts unknown at December 31 
Overseas graduates returned home, . 

entered jobs abroad, etc 
Research and further academic study 
Vocational training for teaching, law, etc. 
Entered UJC. employment in: 

Management of general kind 
Scientific research and development 
Environmental planning 
Routine scientific work 
Production 

Buying, marketing and selling 
Management, services 
Financial Work 
Legal work 
Information work 
Personnel and welfare 
Teaching 

Other kinds of - permanent ” work 
Temporary jobs 

Believed unemployed at December 31 


Arts- 

SfcJence- 

Arts- 

Science- 

Arts- 

Sdenee- 

side 

side 

side . 

side 

side 

jide 

28,785 

24,850 

29,268 

24,314 

31,024 

24,835 

% 

' % 

% 

% 

% 

% 

12.9 

.. 8.8 

11.7 

73 

115 

8.0 

9.0 

8-8 

8.7 

95 

9.4 

10.5 

8JB 

77.7 

8.7 

18.1 

8.1 

16.4 

293 

10.8 

29.0 

10.7 

26.1 

9.0 

45 

3.2 

43 

3.0 

4.4 

2.6 

02 

9.1 

0.2 

9.1 

0.2 

12.4 

0.8 

5.6 

0.4 

5.4 

0.4 

4.6 

0.1 

‘ 3-5 . 

0.1 

3.7 

0.1 

3.4 

05 

6.8 

0.6 

7.0 

* 05 

6.0 

1.7 

1.4 

2.9 

1.6 

3.7 

2.1 

0.7 

45 

05 

4.9 

1.1 

5.6 

6.4 

45 

7.4 

4.2 

- 8.7 

3.9 

Z5 

0.1 

2.9 

0.1 

3.1 

0.1 

2.1 

0.6 

15 

0.6 

U 

05 

45 

4J) 

43 

42 

4.2 

45 

2.6 

0.9 

2.1 

0.7 • 

1.9 

05 

1.8 

05 

22 

0.7 

2.6 

05 

5.5 

3.6 

5.7 

3.7 

62 

3.9 

5.7 

55 

6.2 

55 

5.7 

5.1 


postgraduate study for master’s 
degrees and doctorates will soon 
lose the character of a growth 
industry which between 1969 
and 1975 raised the annual, out- 
put of higher degrees by 19 per 
cent to 4.902 in the sciences, 
by 36 per cent to 2.969 in 
engineering and technology, by 
50 per cent to 2,133 in the arts, 
and by 127 per cent to 4,828 in 
social studies. 

On both the arts-side (which 
includes social studies) and the 
science-side (which includes 
engineering and technology, but 


excludes medicine and associa- 
ted subjects) smaller propor- 
tions of the graduates followed 
the 16 years of full-time study 
which led to their bachelor’s 
degree, with several more years’ 
worth of the same. 

Part of the cause of this de- 
cline is no doubt a reduced 
availability of finance for higher- 
degree studies. But I feel sure 
that the careers' advisers de- 
serve a good deal of the credit 
for their efforts to persuade 
academically bright youngsters 
to think carefully before com- 


mitting themselves lo a further 
long course which, far from ad- 
vancing their career, might well 
restrict it by keeping them at 
university until they are too old 
for a range of- promising jobs 
which would have been open to 
them at bachelor level. 

The main reasons for the simi- 
lar falls in the proportions 
transferring to vocational train- 
ing are likely to be the currently 
declining prospects in school- 
teaching and, I fervently hope, 
in social work. 

Also going .down, also 


encouragingly, are the propor- 
tions “believed unemployed” 
and simply not known about. 

Where the different kinds of 
work in the United Kingdom 
are concerned, I find the move- 
ments indicated by the table 
equally cheering m general. 
True the science-side's rate of 
input into production work 
dropped last year. But that is 
probably accounted for by the 
jump in the input into research 
and development which in itself 
seems good news indeed. 

Look, too, at the increased 
flow from both sides into the 
essential work of buying, and 
more especially marketing and 
selling. 

In view of the evidence that 
sales success is associated with 
a poor rather than a good show- 
ing in higher academic 
examinations, the enlarged 
recruitment of graduates into 
this area may prove to be a 
dubious benefit to the 
employers concerned. 

But the reverse connection is 
far from proved, and in any 
case it is not the business of 
university careers and appoint- 
ments staff. 

Their job is to sell graduates 
to employers, and to do so by 
persuading the graduates to 
look realistically for the start 
of their careers in the places 
where demand for their services 
is greatesL And last year the 
university advisers were on the 
whole doing their job well. 

Remembering the career 


prejudices among the many 
graduates I have met, I would 
say that anyone who can sell 
selling lo students is some 
salesman! 

Consultants 

LEN BROOKS, managing 
director of Inbucon in London, 
is looking for a number of 
“ highly presentable, articulate, 
creative and ambitious” men 
and women aged between 28 
and 34 to join his company as 
putative consultants. 

Candidates could currently be 
working in engineering, 
accountancy. economies, 
psychology or other behavioural 
“sciences” or the computer t 
field. Experience in industry i 
an d commerce is needed, and ‘ 
fluency in a second language 
would be an advantage. 

“At any one time we are con- 
ducting programmes in some 30 
countries overseas.” Mr. Brooks 
says, “so there is plenty of 
opportunity to work abroad if 
that is desired.” 

Salaries up to £9,000. depend- 
ing on experience. Perks in- 
clude company car. Applications 
including brief outline of career 
to Joan Wild, lnbucon/AIC 
Management Consultants, 

Knightsbridge House. 197, 
Knightsbridgc. London, SW7 
1RN. 

THE JOBS COLUMN is now 
going on holiday. It is due 
back, twice weekly, starling on 
Thursday, September 14. 


y. 

kr* 


Internal Auditor 

Expanding International Merchant Bank 

Our Client is a Consortium Bank of the highest standing with substantial 
development plans for the future. 

To meet the bank's projected growth, the immediate requirement is for an 
Internal Auditor whose primary task will beto initiateanddevelopan audit 
programme forthe bank in London.There will be additional responsibility 
for its overseas subsidiaries, and the potential exists for considerable 
personal development in the shortterm. 

Ideal candidates, probably in their early 30's, will be Bankers with strong 
international audit and accounting experience or, alternatively. 
Chartered Accountants with City experience. 

This represents a challenging and progressive career opportunity with a 
highly competitive salary and benefits to match. 

Contact Norman Phi I pot In confidence 
on Of- 248 3812 


NR\ Recruitment Services Ltd 

V. : ^y: : : : ■ 60-Cheapside ■ London EC2 • Telephone: 01-248 3812/3/4/5 


Finance 



£9,000 + p.a. plus car 

The Steetley Company Limited with 
worldwide sales approaching £240 million 
p.a. wishes to appoint a Finance Director to 
its Construction Materials Division, which is 
shortly to become a separate subsidiary 
company. The new company will encompass 
activities both in the UK and overseas 
and the appointment will be based at iLs 
Head Office, near Sheffield. 

The successful candidate will play a vital 
role in'lhe carrying out of detailed financial 
investigations into and appraisal of, existing 
and potential business, integrating and 
developing financial and management 
accounting procedures and the overall 
management of the company, including the 
formulation of development plans. 


Applicants, probably 35 +, must hold a 
professional accountancy qualification, 
C.A., A.C.M.A. or A.C.C.A., and have had 
substantial experience at senior 
management level, ideally within the 
construction materials or an allied field. 

Write giving brief details of background, or 
telephone for an application form to: 

MrH. A. M. Edwards, Managing Director, 
Steetley Construction Materials, 

Kiveton Lane, Kiveton Park, 

Nr. Sheffield S3J 8NN. 

Tel ; Worksop (0909) 770581 


m 


Non-Marine 

Underwriter 

C. T. Bowring Underwriting 
Services [English & American 

Substantial salary with fringe benefits 
commensurate with responsibility 


As part of the re-organisation and planned expansion of their 
underwriting activities, which coincides with the normal retire- 
ment of their senior facultative Underwriter, our clients are 
looking for an experienced Underwriter to take full respon- 
sibility for their Facultative Non-Marine Account written jointly 
for C. T. Bowring Underwriting Services and the English & 
American. 

The existing account is relatively small, with the present 
emphasis on North American property damage business. The 
subordinate underwriting team is well-tried and effective and 
know about this advertisement. 

This appointment is an ideal opportunity for someone seeking 
independent Underwriting responsibilities who can put forward 
and then implement ideas as to how the very considerable 
potential capacity could be used in the development of a profit- 
able and widely based account. 

For further information (in strict mutual confidence) please 
contact our Managing Director, Mr. D. R. Whately, who himself 
possesses a London Market background. Quote Ref. 437. 
WHATELY PETRE LIMITED, Executive Selection, 

6 Martin lane, London, EC4R ODL. Tel: 01-623 9227. v 


International Banking 

Corporate Lending 

from £9,000 


A major US bank wishes to recruit a small ■ 
number of LENDING OFFICERS to provide 
for high calibre management succession into 
the 1980s. Successful candidates will assume 
responsibility for domestic and multi-national 
client accounts and for marketing the Bank's 
complete range of international financial 
services. 

Applicants — graduates or MBAs 7 - must 
have a rra'nimum of 5 years tending experience 
tn wholesale banking or a related profession 
and have demonstrated superior financial 
analysis, marketing and negotiating skills. 
Initial assignments will be in the UK — the City 
or outside London. Longer term career 


prospects — perhaps overseas — are 
excellent. Salary will reflect qualifications and 
experience, and other conditions of 
employment are in fine with best banking 
practice. 

Ref: S37161FT 

REPLIES will be forwarded direct, 
unopened and in confidence lo the client 
unless addressed to the Security Manager 
listing companies to which they may not be 
sent. They should include comprehensive 
career details , not refer to previous 
correspondence with PA and quote the 
reference on the envelope. 


PA Advertising 

Hyde Park House, 60a Knighlsbridgc, London SWI X 7LE. Tel: Ot -235 6060 Telex: 27874 



Bills and Foreign 
Exchange Manager 

Booker Merchants International, a company in the Booker 
McConnell Group, provides, as part of its business, a complete 
export service for overseas clients. 

The Export Services Division, based in Uxbridge.- requires a Bills 
and Foreign Exchange Manager to provide an efficient service in 
respect to Bills, Foreign Exchange and Credit Control and 
generally to contribute to the effective management of the 
Division. The position will shortly be vacant due to the internal 
transfer of the present job holder. 

The job would involve maintaining credit control systems, ECGD 
procedures, supervising foreign exchange transactions and 
ensuring Bills of Exchange are drawn. The manager will 
maintain day-to-day relationships with banks and finance houses 
and from time to time would undertake special projects. 

Candidates should ideally have experience of managing a small 
section or department. Knowledge of computerised systems is 
desirable since the present manual operating procedures in the 
department are currently being transferred to a new computer- 
based system. The successful candidate is likely to have had 
previous experience in a bank or export house or department and 
be familiar with export finance procedures, documentation and 
foreign currency payments. 

Commencing salary will be in the region of £6,000. 

In the first instance please send curriculum vitae to: 

Johanna May, Personnel Department, 

Booker Merchants International Ltd., 

The Adelphi, John Adam Street, London WC2 6DN. 

or telephone her for a Personal History form on 01-930 4041 
ext. 270. 



Banker 

c.£L5,000-£L8,000 

j-tritii offices 



services of an experienced intrr^ondbahl^ 

a-red he£weca35-f 5 v. - 

FarEisU • 

Post service with afrfacita a tBa gfc or an . 
International ConuneraalBankw^ 
in project devdopmentsmdinsbractarin^ ^ 
negotiating and eating credits iscssentiaL' 

The salary and benefits -roll be commensmatc ' 
with experience in. the range 
£18,000. • ; ' 

Initial xntcrricwsxvill be 
Please give a. comprehensive personal and 
business history, inducing home telephone 
number: All replies will be treatalin strictest 
confidence and should be addressed co:- 
Thc Advertiser, 46/47 Bloomsbury Square, 
London, 'WCIA.2RU 


!v 


LEASING AND 
LEASE BROKING 

We are a medium-sized, financially-orientated 
group of companies. 

We are looking for an experienced person, 
preferably already in a senior position with a 
company involved in leasing and lease broking, to 
take charge of and expand our Group’s involve- 
ment in leasing. 

The successful applicant will be responsible for 
supervising the existing leasing book, arranging 
new leases, organising block discount facilities 
and setting up a lease broking division. 

The successful applicant will be appointed 
Managing Director after an initial period and will 
be eligible to share in profitability. Salary will 
be by negotiation. Full administrative and 
financial support will be provided. 

Please reply with full details of past experience 
to Box A.6340, Financial Times, 10, Cannon Street, 
EC4P 4BY. All replies will be treated in the 
strictest confidence. 


£10,000 TO £20,000 

(BASE SALARY + USUAL BENEFITS AND INCENTIVES) 

TECHNICAL DIRECTOR 
OR DIRECTOR -RESEARCH AND 
DEVELOPMENT 

A growing international company of U5. nationality seeks a technical 
director or director of research and development for its North 
Italian subsidiary. Executives with solid manufacturing and/or 
research background in the plastics or ceramic (anisotropic) areas 
will find this opportunity most attractive. 

If your track record as a manager of small professional teams is 
outstanding, if you are a results-orientated manager who responds 
well to challenge, relaces well to peopled and would enjoy residing 
near the Lake district of northern Italy, please forward your resume 
including salary history and the telephone number at which you can 
be reached in early August to: 

Box F.I0J9, Financial Times, 

10, Cannon Street. EC4f* 4BY. 

As the professional consultants retained to assist ; management in 
filling this important post, we assure all respondents that, their 
resumes will be promptly -acknowledged. --The, credentials, of a. 
qualified executive will only be presented to our client after an 
interview with' a member of our professional staff and by mutual 
agreement. 


Ireland : 

WESTERN HEALTH BOARD 

WEST OF IRELAND APPOINTMENT AS 
WORK STUDY OFFICER 

To be based at the Board’s Headquarters at Merlin Park 
Regional Hospital, Galway. 

ASSIGNMENTS will arise in relation to the Board’s Hospitals 
and Homes in the counties of Galway, Mayo and Roscommon. 
Tbe person to be appointed should: 

(a) be a Member of the Institute of Ir.dusrial Engineers 

or - 

(b) be a Member of the Institute of Work Study Practitioners 

or 

(c) have a Diploma from the Organisation and Methods 
Society 

and 

(d) have three years’ experience in Work Study/Qrgaaxsaiionnl 
Methods. 

THE PAY is on a scale of £5,180 rising by- annual increments 
to £5.878. 

A successful candidate for the office of Work Study Officer 
■with special qualifications or experience may be allowed to 
enter the scale at a point above the minimum. 

Application forms and further particulars may be obtained 
from the Personnel Officer. Western Health Board, Media 
Park Regional Hospital Galway. 

Latest date for receipt of completed applications is 5,00 p.m. 
on ith September, 1978. 


SENIOR LECTURER IN 
EXPORT MARKETING 

£6,051 - £7,572 

M1LLBANK COLLEGE OF COMMERCE, 
Bankfield Road, Liverpool, L13 0BQ. 

The person appointed to this post will be temporary for one year 
in the first instance and will ho responsible for -the organisation ’ 
of a new Manpower Services Commission sponsored Export 
Marketing Technicians Course and win be expected to' teach 
Export Marketing. Trans porta cion and Documentation, and 
Finance of Overseas Trade. A. varied experience in export 
marketing is essential together with a professional qualification 
in Exporting or Marketing. Duties to 
commence 1st September or as soon 
as possible thereafter. Further details 

■T _ "*1T S 811(1 *PPl*«tioh forms obtainable from 

LlWHlllM *"<* returnable by 14 th August to the: 
■- . Principal at the College. 











:••;••= ^ TAf 

■• '•■ ».• • L *4, 


a | + •■*’*' 

.IM 


ORD MENNETT 

MEMBERS OF 

THE, SYDNEY STOCK EXCHANGE LIMITED 

A vacancy exists in our . London office for 
a senior institutional adviser/dealer in 
Australian securities. 

Applicants should have experience in 
dealing in Australian equity investments 
and possess a “background knowledge of 
Australian companies and economic 
conditions. A working knowledge of the 
Austr alian fixed .interest market would be 
an added advantage. ■ 

Prospects are excellent for the right person 
seeking a permanent position. 

An attractive salary will be negotiated 
commensurate - with -experience and 
potential. 

Application in writing in confidence to:— 

B. J. Gallerv 
Ord Minnett 

One College Hill . . 

London EC4R 2RA 



Regional Accountant 

We are a c International Service organisation seeking a 
Regional Accountant (based in London!, for our European 
Operations. This is a key senior position reporting to the 
Regional Controller. 

The successful candidate will meet most of these criteria; 

( 1 ) Be a qualified accountant. 

(2) Be within the likely age parameters of 2S-39. 

(3) Have commercial experience in a hard-working 
environment. 

{4) Have substantial experience in all aspects of dealing 
with staff. x 

(5) Proven experience of the production of comprehensive 
management and corporate accounts to a tight schedule. 

(6) Ability to relate to and understand the requirements 
of a performance-orientated line operation. 

(7) Have an energy level and ambition to succeed with 
responsibility. 

A remuneration package in the order of £8,000 P-&- is 
envisaged which, besides normal fringe benefits, could 
include a company car. The job offers the opportunity for 
real commercial experience in a. lively results-orientated 
environment Prospects in the medium term include; 
growth in the advertised job through our rapid expansion; 
a move into a financial planntng/liaison role; or a move 
into controllership. 

Interested applicants should telephone Mrs. D. Knight on 
01-437 6800 to obtain an application form. 


ACTUARIAL OPPORTUNITY IN 
INVESTMENT MANAGEMENT; 

The Royal London Mutual Insurance Society has 
created a new post within its small but active 
investment management team for an Actuarial 
Student, aged in the. early twenties, who is making 
good progress in the examinations. As a member 
of this team the successful applicant would be 
engaged, after a short period of training, in both 
research and dealing in connection with a -large 
portfolio of Stock Exchange securities. 

This opening offers a competitive salary, interesting 
and varied work and the prospect of an attractive 
career to the right person, who,, although initially 
working in London, must be prepared to live within 
easily commutable distance of Colchester, where the 
Royal London aims to be relocated in approximately 
four years’ time. 

Apply in writing to: 

The Controller, Personnel Administration, 
Royal London Mutual Insurance Society Limited, 
Wellington House, 90-92 Butt Road, 
Colchester, Essex. 


Director of 
Industrial Relations 

The National Federation of Building Trades Employers invites 
applications for the post of Director of Industrial Relations 
which Is to be separated from the post of Deputy Director- 
General. The holder of the post will be responsible to the 
Director-General for the industrial relations work of the 
Federation — industry-wide negotiations, conciliation and 
handling of disputes, employment legislation, advice and 
assistance to members, training policy for operatives' skills, 
safety policy. 

Applicants should hold a degree or professional qualification 
and/or have experience in the personnel or industrial relations 
work of a company or employers' organisation. They should 
be able to show evidence of their ability to work in a team 
and to develop sound relationships with senior managers in 
companies of all sizes and with trade union leaders 
An appointment under the age of 40 is unlikely. Salary by 
negotiation. 

Applications should be addressed to the Director-General. 
NFBTE, 82 New Cavendish Street, London WIM SAD and 
marked ** Director of Industrial Relations.” Closing date for 
applications is Friday, 2Sth August, 1978. 


MILLER/BUYER 

Long established independent millers situated in a pleasant 
country -town, wish to recruit a Miller/Buyer who will be 
expected to accept responsibility for the buying and milling 
operation. The mill is modem and produces a range of branded 
flour products and animal feeds. 

Prefessional/technical qualifications, experience' and ability in 
man-management are important considerations. The age range is 
30-50 years. 

-The salary offered reflects the responsibilities in the job, as 
do pension, holiday arrangements, etc. There are further 
promotion prospects for the right. parson in the future. 

Apply in confidence to Box A. 6426. 

Financial Times, 10, Cannon Street, EC4P 48/ 


EUftQBOND DEALER 

To Initiate wroao* , In Boating rate notes and C-D.’s, Highly negotiable and 
ranpnUtire salary. 

LOANS ADMINISTRATION AND CREDIT ANALYSTS 

Excellent prMpccu lor candMSam wttb experience, Chbh an advantage. 

Salary f&tto. 

MANAGEMENT ACCOUNTANT 

Qualified or with good banking tartgrouitd for EC* Bank. Act H-90, 
Salary CT.0W. 

TRAINEE FOR PORTFOLIO MANAGEMENT 
Far large stockbrokers. Most bare nocfcbroMn* expcrtcncc. not neensarur 
in portfolio management. Age 5M0. Competitive 1 salary. 

L-J C, BANKING APPOINTMENTS— 81-288 »5S 



CONFERENCES 


COMPUTER FRAUD 
ON THE QE2 

Wfe first infenuifonai conference m Computer Fraud is to hr twJd 
Ufe QE2, on her K&tdukq Atlantic crossing, on a»n beptemner to 
sag September 18TR 

Senior Uanaconvrii on both sides of tbc ' Atlantic ore being Inviusd to 
ai(L-nd. The conference wfJ] dumomtraie in a practice manner, now 
ami when me risks of croud can occur, and bow they can “ aerretep 
and cuUBurn-d. 

Tbc roAferenct Is bora* organised by 2#tb Century Sccnxl'Y fidurati 1 ® L ^; 
e-vw Road, Leatberbcad, Surrey. Should you wish w be port w unx 
unique conference, contact Peter Reims on Leathcrbcad 


Fixed-Interest Sales 

Leading Firm of Stockbrokers 

Our Client is a distinguished and highly-respected firm of stockbrokers 
which enjoys a worid-wide reputation fbrthe quality of its services. 

A most attractive opportunity has now arisen for an experienced execu- 
tive To assume responsibility for institutional business in fixed-interest 
securities. Candidates should have a sound stockbroking background 
including at least three years' involvement in the fixed-interest market 
together with a range of esta Wished institutional contacts. 4 

Strong communicative skills are regarded as essential, as are qualifies of 
initiative and self-motivation. The successful applicant will be rewarded 
with a competitive remuneration package coupled with excellent career 
prospects. 

Contact A. J. Tucker fin confidence 
on 01-2483812 


NPA Recruitment Services Ltd 

ol) Cneap>;de • London F.L2 1 elephor.e: 01-248 3812 3 ; 4.'5 


Director & 
General Manager 


Midlands 


c. £14,000 


This appointment is with an Engineering Subsidiary Company 
of a major public group. Turnover is in excess of £10 million 
and there has been a history of growth and profitability. The 
Company is a market leader for its range of precision engin- 
eering products. . 

The Director & General Manager will have total responsibility 
for the management of the business to achieve agreed levels 
of sales, production and profitability. 

It is essential to have had several years general management 
experience in precision engineering, successful man manage- 
ment and the achievement of positive financial results. Candi- 
dates, of either sex, should have a technical qualification. 
Salary is negotiable around £14,000 plus car. 

Please apply in confidence for application form to: 

D. G. de Beider, Knight Wegenstein Ltd., 75 Mosley Street, 
Manchester M2 3HR, tel. 061-236 0987, quoting ref. no. 68155. 

Y|7 Knight Wegenstein Limited 

w Executive Recruitment Consultants . 

V Management Consultants and Consulting Engineers. 

London ■ Manchester ■ Zurich ■ Dussakkxf • Madrid 
Paris - Stockholm -Vienna - Chicago 



OFFICER 


London 


c £8500 


Our Client is a major Trade 
Association representing manu- 
facturers in a vital section of the 
consumer goods industry. The 
appointment, therefore, requires 
outstanding skills and experience 
in communications that will 
ensure the effective presentation 
of their policy to a wide and influ- 
ential audience. He/she will have 
the experience and intellectual 
capacity to understand and to 
contribute to the formulation of 
the Association's policy. 

The successful candidate, male, 
or female, will be a member of 
the senior management ream, 
supported by specialist; execu- 
tives and secretarial staff in the 
co-ordination, initiation, and 
monitoring of important corp- 
orate projects. 


Salary by negotiation around 
£8500. Age is of less importance 
than personality, combined with 
a background of varied interests 
and journalistic experience with 
National and/or Trade Press. 
Alternatively, a senior appoint- 
ment in a major P.R. agency 
would be relevant. 

Please telephone for an appli- 
cation form and job specification, 
or write in confidence to: 


ERIC JAMESON 

PERSONNEL 

SELECTION. 

Pjnronrh*} Selection Limited 
46 Vrvr/Lsnz S-Sihul'.Vfei Mrifeids F.9! ?13 
Siphon* 021-705 73>?cru21-704 3*51. 


GENERAL MANAGER 
FUNDS 


This is a key job and a new appointment within the treasury 
function of a major British business of international standing 1 
and reputation. Turnover is comfortably above £1 billion and 
assets exceed £900 m. 

Two tasks predominate: the efficient management and 
utilisation of generated funds and the provision, of funds to 
sustain growth. 

S ubstantial experience and record of attainment is required 
in all aspects of cash management and funding with emphasis 
oil funds control and investment, foreign exchange deal in g, 
finance raising including leasing, and capital structures. 

Broadly based experience will have been at the centre of 
large international business operating in the commercial, 
‘banking, industrial or public sectors. Professional qualifications, 
preferably in accountancy, and a degree would be ideal. 

Age: mid-late 30's. The initial salary will be in the range 
£10,000-£12,000 with attractive conditions of service including 
car provided. Location; Outer London. 

Letters from suitably qualified men or women, should include 
a curriculum vitae including salary progression to date which, 
will be handled in. confidence by Dr A G Roach. 




AG ROACH & PARTNERS, 

8 BALLAM STREET, LONDON WIN 6DJ 


•4 


CREDIT 

MANAGER 

FOR INTERNATIONAL BANK 
IN LONDON 

Reporting to the Managing Director 


The ideal candidate will have a degree in 
ECONOMICS, membership of one of the 
ACCOUNTANCY bodies and good BANKING 
EXPERIENCE. 

Preferred age range 3040. 

Salary by negotiation is unlikely to be a problem 
for this key appointment which involves 
analysing the creditworthiness of banks, companies 
and countries and carries with it membership of 
the bank’s credit and management committees. 

Write in confidence, enclosing a curriculum vitae 
to me: — 


Jack A. G. Wilson, 

Managing Director, 

Hungarian International Bank Ltd., 
95, Gresham Street, 

London EC2V 7LU. 



EXPERIENCED 
SETTLEMENTS CLERK 

Age mid-twenties. Experience 
of Institutional . Bank Settle- 
ments, Country Brokers, Pri- 
vate Nominee Accounts, etc. 
Salary to £5,000 plus bonus 
and fringe benefits. 

EVANS EMPLOYMENT 
AGENCY LIMITED 
01-628 0985, Mrs.* P. Dudley 


INVESTMENT ANALYST 

INVESTMENT COMPANY seeks qualified Investment Analyst 
aged 25-30 to investigate both quoted and unquoted situations. 
Good in-depth company analysis and ability to write short, 
concise reports essential. Salary negotiable according to age and 
experience, plus bonus and usual fringe benefits. 

Reply in strict confidence to Box A 6427 
Financial Times, 10 Cannon Street, EC4P 4BY 


General Manager 

Saudi Arabia 

The Directors of a leading Saudi Arabian desirable and the preferred age raip is 35-«. 

hi house with wide-ranging interests in Accommodation, car, family and educational 

SSSS reSSrtnpreve te benefits wiH equate pgrtionatd there 

alreadysignificant maiket position by the ■ e k 

nf a General Manaoer. accumulation m adtftion to salary. The post is 

KSSnUdeds^S^terrnined "^^^tosomeoneinaneaming 
business approach wrtn an^fabiSly position of ElSSOkm the U.K. 
management style and conditions and a feel Her.Aww.i-i 

for the effective motivation of a REPLIES will be forwarded direct, 

h. iciness manaoemeni background in unopened arid in confidence to theclient 
t unless addressed to the Secunty Manager 

substanbsJ me v^th at least five listing companies to which they may not be 

compa ^ sent They should include comprehensive 

career details, not refer to previous 

JlSSS^wSSaSbnSSin^^ correspondence with PA a nd quotethe 

reference on the envelope. 


PA Advertising 

Part HO.*, Mia fcnighbbrid y. LonJ-tSWIX rit 7.1: 01033 6060 Tfc 27*74 


cagJi 

A .Wift’ u’ FA Inter u^. *t 


Jonathan Wren * Banking Appointments 

PqW The personnel consultancy dealing exclusively with the banking profession 


Currently we can offer over 300 merchant and international 
banking vacancies , including the following : — 

SYNDICATE LENDING, HONG KONG 5-fig. salary 

FINANCIAL ANALYSTS, MIDDLE EAST ....5-fig. salary 
MARKETING.OFF1CER -TRADE FINANCE. . . ,c. £6,000 

CREDIT ANALYSTS £5,500/£8,000 

LOAN ADMINISTRATION to £5,000 

CLEARING BANKER (Grade III Securities) c. £4,000 

A.C.A. - EU ROPEAN AU DIT 

(London based) £6,000-fexp.' 

INTERBANK/COMMERCIAL/L.A. BROKERS ..£negot 

F.X. SETTLEM ENTS/POSITIONS 
(dealing prospects) c . £3,500 

INVESTMENT ADMINISTRATION £4,000 

SECURITIES/CONTRACTS. £4,000 

COMPUTER PROGRAMMER (RPG2) to £6,500 

For further details, please contact: 

NORMA GIVEN or KEN ANDERSON (Directors) 


170 Bi shopsgate London EC2M 4LX 01r623 1266/7/8/9 


> 


•I 






Ni : £, 

Financial Management 1 

A rare chance to invest your f 

business flair. 

Leicestershire -up to £13,000. 

With a turnover in excess of £200m and subsidiaries of intemationaT -;Vi 
repute, SP Industries is one of Europe’s fastest growing specialist engineering £»£ 

groups. I?-.. 

Business interests are diverse, and objectives well delegated. With an &ji 
unparalleled growth rate the company is already a major force in the construe- JsJ 

tion equipment commercial refrigeration, and mechanical handling industries, 
and further expansion (organic and by acquisition) is planned. £3 

As the company’s Controller, you will report to the Finance Director, and T# 

provide a major influence in the formulation of business strategy, including the & 

assessment of acquisition prospects and new business opportunities. ^ 

Supported by a small team of professionals you will also be responsible for 
the co-ordination of group reviews, consolidation and monitoring of subsidiary * 

company plans and performance reporting, to ensure the achievement of :> ■ 

optimum profitability. f%. 

The man or woman we seek will . almost certainly be holding a senior : /i 
position in a manufacturing profit centre with demonstrated experience and ; f 

skill, not only in the interpretation of company performance appraisals, but also ■ 

in the formulation and implementation of -the future business plans. A ’pure !!’* 

accountant’ would therefore be inappropriate, as the successful candidate will ■ 

require not only sound qualifications (degree plus ACA/ACMA) but also broad- 
based commercial experience. An MBA would be ideal. 

The benefits package includes a salary negotiable to £13,000, a Rover 3.5, 

‘top h at’ pension. B.U.PA. and generous relocation expenses. I'* 

If you are attracted by this opportunity and the potential of further advance- 
menl into a general management role then write, giving full career and salary 
details to A. R. Chapman. Management Resourcing Co-ordinator, who is advis- 
ing on this appointment. Sysonby Lodge, Nottingham Road, Melton Mowbray, £ 

Leics. LE13 OPA. Telephone: Melton Mowbray (0664) 4166. .>& 

. M , . x.*.- Vaatt' - . ... Jfv x a t.^V 

SP Industries Limited 


Director & 
General Manager 


Foundry 


£14,000 p.a. 


This Board appointment is for total responsibility for an 
autonomous foundry complex within a major Public Group. 

Turnover is in excess of £6 million and there has been a history 
of profitability whilst the Board has given considerable financial 
capital support. 

It is essential to have had several years in a senior executive 
appointment preferably In a successful iron foundry company. 

Salary is negotiable around £14,000 p.a. plus car. 

The above appointment is open to male and female applicants. 

Please apply In confidence for application form to: D. G. de Beider, 
Knight Wegenstein Ltd., 75 Mosley Street, Manchester M2 3HR, 
tel. 051-236 0937, quoting ref. no. 68154. 

• XJJ Knight Wegenstein Limited 

W Executive Recruitment Consultants 
V Management Consultants and Consulting Engineers 

London ■ Manchester ■ tunch ■ Dusseldorf ■ Madrid 
Paris - Stockholm - Vienna ■ Chicago 
Foundry Appointments - International 





TREASURY ACCOUNTANT 


CITY 


to £12,000 + Car 


The Company A large quoted International U.K. group 
with substantial overseas investments. 

Tiie Job Monitoring and forecasting group cash 

resources. Appraising group banking 
facilities, requirements and collateral. 
Provision of advice on funding and initiation 
of improvements to the group cash reporting 
systems. 

The Candidate A qualified accountant aged 2S-35 with 
relevant cash management experience, 
ambition, personality and commercial 
awareness. 

Applications in strict confidence to: E. S. Moore. 

Reginald Welsh & Partners Limited . 

Accountancy £ Executive Recruitment Consultants 
123/4 Newgate Street. London EC1A TAA Tel: 01-600 S3S7 




FINANCIAL CONTROLLER 

BAHRAIN 

c. £18.000 tax free 

! nn-rn.it ion ;il flnppins & transport srtmp require a qualified 
Financial Controller to administer the . Group'd Middle East 
si) iwiri janes. 

Heal applicant will he tinder 40 and have a gnud knowledge 
or Kalian. Free houstns. car, etc. 

Replies in confidence R*’f. C.J.L., 

ChrisioptKr LIUlc Consult anu Ltd. 

49 , Queen Victoria Street. 

London EC 4 N « 5 A- 

01 -Z 36 53 U. Telex 883966 HEADS 


BULLION DEALER 
A major multinational com- 
pany invites applications from 
experienced dealers who wish 
to he considered for appoint- 
ment to its precious metal 
department. 

Salary is negotiable and will 
reflect the importance of this 
appointment. 

Please write in confidence to 
Box A.642S, Financial Times. 
10. Cannon Street. EC4P 4BY. 




Financial Times Thursday July '?? 


RECRUITMENT advertise 

35 New Broad Street, London EC21Vt INr 
Tel: G1-5SS 35SS or OI-SSS 3S7S 
Telex I\Io-SS'737<3' 


£1 1 ,000 neg. 
FRANCE 

You will have respon- 
sibility for Finance, 
Administration and 
Secretarial services for 
the rapidly expanding 
operations in France of a 
major U.S. Multinational 
Corporation. 

You will be under 
age 35, qualified, and 
have experience of 
International /• European 
operations- 

For an initial exchange 
of information contact 
Robert Miles on 01-24S 
6321. 

Personnel Resources 
Limited 

Recruitment Consultants 


HERSOT-WATT M 
UNIVERSITY ! ! 

Department of Accountancy ' ! 

and Finance ! j 

LECTURESHIPS 

- £3660— £7303 ; 

Applications are invited for a : i 
pose of Lecturer specialising in i 
one of the following areas: • 1 
Accounting Theory. Financial . 
Accounting. Managerial Account- ‘ 
ing. Business. Financ*. Account- , 
ing in the Public Sector. 1 j 

Farther particulars are availzNe frem I 
The Staff ORiccr '■ 

HERIOT.WATT UNIVERSITY , 

Cham bars 5 erect. EJ-naurgh ■ 

to whom completed application form 
thou Id ba lent 


COMPANY SECRETARY’S DEPARTMENT 


GENEROUS SALARY, LOW TAX 
HONGKONG . 

The Company Secretary's Department of f "oarf^nTdCP^rrmcrTt. 'thi* i jwrmwiwt; 



*££££ £3^355 Sngand other fnngc benefit. A*** «• ^ 

full particulars, should be addressed to: ;;;• 

D N. MACDONALD. MATHESON fir CO M LIMITED. MINORIES. LONDON, EC3N IQL 


International Investment Bankii 

New Business Development Executive 


An opportunity to join a r jpidf y enuring new (unities* . 
group, to solicit, negotiate and iranuLt mandates in 
the ;oilouiag areas: 

■K- Currency exchanges and parallel loans -where we are 
one of the market leaders. 

International Securiiio/I-unu Raking -to 
Lvmplement our established team ot prolossinn.il 
market makers and Jevclop our new issue business. 

* Corpora teFina ncial Counselling — prime r; ly to .sen ice 
major corner ale eiiettls of Continental Bank. 

Some international travel w ill be involved. 


Candidates. male or female; may be Graduates. Rankmir 
Lawvert or Chartered Accvuiiuaats with at leisi 5 yean*’ - 
relevant Mcrvlunc/I nvcsimcni banking experience or have 
an MBA w ith 3 years’ relevant Corpuralc i*inatce ‘ 
background. 

\\V ot ser a com pe:itivc five- figure salary a nd a £en«nuj 

benefits package, 

IMe.ise v. t itc. in strict confidence, go ing details of '■> ■ 

experience and sjlaiy history, to: 

TiioC.IJs J. Cello, 

IVrsonncl Representative-- Europe, - 

Continental Bank House, 

loJ Queen Victoria Street, London I;C4V 4BS. - . 



CONTINENTAL ILLINOIS LIMITED 

subsidiary of Continental Illinois Corporation. 


Investment 

Assistant 

Fro .ifenl Mutual is * ■ r, • ' ?= ?"*:•* •‘,-ri j 

e - -':er.>of£300mar.'3<::i 

An 0 |)|>Tfunilyha-: j - ; £ 0 : JL Jc -if - : 

investment team in L-.:i ' . 

Ttieiobiiivoi.iessuppv-.T- - - Av-i ■■■ - ‘h\ •' "j- • 
sr.-e^-iniiri*. oi fixe ! m** • ; n- i- a*; : • : ; .. i- r. 1 -. i j- 
oltei ' an-.! providing 1 -: : . 0 ; ca? sv~\ 

.Xpplicai it i eiLher w. iiu r.y , •: lice : :.r ■ : og* s . w ■. • 

e/ ammaliona and h *■:* ■. v: scaiacc ••• ri;'io". r-u •••:. ,c 

should bavs a good 3 -sg ec i:u V;.: v.s* :.v: . s.e: :■ 

investment eapenc :i.v. 

AiLiifino ialaryof o. ien?: 5C ' ne - a'r a e- ' >3-.; v d ; ,iK3 
r.ubsUn;ia'' fringe b-: ;• hi j" : 

n.:.n-contnc'u:on/ s^porannuaic t : are: "erc-,.a 

pi.r-rnasc'criPTio. 

Piease apply gi ving age and delsits 0 : c-<- tr . : ? -pore:' 

Mr c.’iounri Persc. vteu.ij- 

P'- vJentf VA'oi! Lire -ssLra: a :-;, •, 

Mooicate. Lon J:*ri HO- 7 -; •: 5 A. 

Telephone i ic: G1-62S 3232. 

PROVIDEHTmUlUBLi 

UFE ASSl'KANCE ASSOCIATION -FOUNDED 1840 


ASSISTANT FOR U.K. 
REPRESENTATIVE 


London based + car 


Salary negotiable 


We are a major French group dealing in forwarding, 
shipping and land transportaUon world wide. 

The position offered covers more specifically our 
automotive activities between the Continent and 
U.K. as well as within the U.K. 

We are .looking for a first class 25 to 35-year-old 
candidate with knowledge and experience of the 
automobile industry, preferably within the fields of 
distribution, storage and shipping. 

Must be willing to travel extensively in the United 
Kingdom and overseas and have good knowledge of 
French (additional languages would be an asset). 

Please send full particulars to: 

..;a. t. a. walon s.a.. 

Airwork House, 35 Piccadilly, 

London, W.l. 

Tel: 01-734 72 82 (Ext 23). 


ROYAL NATIONAL INSTITUTE FOR THE BUND 

Chief Accountant 

Our Chief Accounnnc is retiring and we invite applications 
from professionally qualified financial accountants (male or 
female), preferably aged 30-45, with some years of profes- 
sional, commercial or charitable experience, for this very 
important pose. 

A practical knowledge of modem accounting methods and 
techniques together with the capacity for leadership and 
control of a staff of 24 is essential. Salary negotiable with 
excellent future prospects. Good pension scheme with 
transferability. 

Applications, marked “ Private and Confidential— Chief 
Accountant " should give full curriculum vitae together 
with details of present post and salary, and be sent to; 
The Finance Secretary. RN1B, 224 Great Portland Street. 
London, WIN AAA. Closing date 8th September 1978. 
Candidates placed on shore list for interview w ill be advised 
by the end of that month. 


ECOMMISTS/STmSTICIANS 
Up to £7,500 p.a. 

Barclays Rank has vacancies for EcnnomUts/Statisridans in an established team 
which makes an important contribution to the financial management of Barclays -UK 
business. Based in the City, rhe team provides adviec to senior management on bath 
policy problems, and day-to-day decision making. It is closely involved in the control of 
tfic Bank’s balance sheet, and in money market operations. 

Specific responsibilities are tn report on developments in the UK economy, parti- 
cularly the financial sector, and to produce detailed forecasts of the markets for bank 
deposits and lending. There is a strong emphasis on econometric methods and 
. computer models, and the ability to communicate results to non-specialists, and 
develop practical solutions to management problems is essential There is considerable 
scope for initiative und-innnvation. - • ’?'*■-* ' 

We have immediate vacancies for people* probably aged under 2S, with «p6ri- 
cncc in providing economic advice or forecasting, preferably in the financial sector; 
Some knowledge of computer applications would be an advantage. Successful appli- 
cants will probably have a degree in economics or statistics, and possibly a post 
graduate qualification, although the degree subject is not so important as relevant 
experience. 

The starting salary will be up to .£7,500 p.a. (including London Allowance), 
depending on qualifications and experience, and there is scope for further promotion 
within the section. Other benefits include a non-contributory pension and profit 
sharing schemes. 

All applications will be treated in strictest confidence. Please write for an appli- 
cation form to: 

CFBadcockEsq., 

Meager (Graduate Recruitment), 

Barclays Bank Limited, 

Staff Department, 

54 Lombard Street, 

London EC3P 3 AH 


BARCLAYS 


Guinness Mahon 

& Co. Ltd. 

PORTFOLIO MANAGER 


We are seeking an experienced Portfolio Manager 
for a number of substantial private customer 
portfolios. 

Applicants must have had wide investment 
experience in this field and will be required to 
contribute to the formulation of investment policy 
and stock selection. 

Remuneration with the usual fringe benefits wifi 
be subject to age and experience. 

Please send curriculum vitae with application in 
strict confidence to: — 

Sir David Hill-Wood, 

32 St. Mary-al-Hill, 

London EC3R 8 DH. 

Tel: 01-236 .0333. 


EXECUTIVES 

I Over £10.000 

- .Jfynuaraifithejohiriarkat 
. rarwwa are (hereto hrfp. 

- Our clients don't wait foflbat-.- 
mqgicaduertisemefitlo - 
appear - with the aid of 
experienced counselling and 
the use of our promotional 
services they get there first - 

Invest in yuur own future. 

Percy COUTTS &Ca 

I 01-8392271 I 

■ 140 Grand Buildings Trafalgar ■ 

H Square, London WC2, ■ - ■ 

fl Notari agency but Europe's I 
■ most experienced job search ■ 
organisation. _M 

~ WANTED- 


THE. OUTDOOR LIFE - 

Active t&ycji-oul cturniy officer irlffi 
imi’ uT uiuUiUir paranr* tuilina. UsB- 
Inc. uraiihoUtey. *.’lc.» alHeU to wJJuLv 
varii'd Tnanatirrul rxn.-nt'BW Muuld 
IIKi- ui H>'«r from anyone who retiW 

«»8i-r an j&feivtfiHK pwiiiwr. whom 

to dLScuw flHy.»urihwhllH pr«M»!ltion. 
Hl'pIiuk -piuaw . to ftnr. A.WUli 

Financial Time*, rot. riamd SIml 
ECU*- 4HV. 


Investment 

Analyst 

Overseas 

Trading Companies 


A leading, medium-si 2 ed firm of City Stockbrokers 
requires an Analyst to advise clients on investment in 
overseas trading companies. Clients range from the 
major institutional investors to private individuals. 

The job calls for an expert Investment Analyst, pre- 
ferably aged over 30, with experience of analysis of the 
overseas trading sector. Ideally candidates will have a 
stockbmking background or will have worked in the 
finance or corporate planning sector of a major 
overseas trading organisation. 


The firm will also consider high calibre Analysts from 
^closely related sectors who wish to extend their 
experience. 

Negotiating an acceptable salary will not be a problem 
for suitably qualified candidates. 

Applications, which will be treated in strict confidence, 
should contain relevant details of career and salary 
progression, age, education and qualifications. 

Plea se write to Dr. I. Bowers quoting reference 
723/FT on both envelope and letter. 


ation and qualifications. O tfi! 

'pe B andL rS tte q r UOtin9 T *~ WCSOillfi 

Haskins Sells 

Management Consultants 

1 128 Queen Victoria Street, London EC4P 4JX , 


QUALIFIED ACCOUNTANT 

- LONDON 

An expanding and profitable trading company, part of an 
international group dOLrUng in chnnlcals. " requires V 
qualified and experienced accountant in mid ■ or hue 
thirties. 

The person appointed will report to the genr-nil manager-, 
and will take responsibility for the preparation of monthly 
and annual financial accounts, the day-to-day control of 
the financial and co.st functions arid have the ability "u» 
communicate and integrate in a sm&H team. - Convcraational ’ 
Spanish or French is essential. ...f. 

The salary' and coudiiions of employment are cftmmiwtiiratV 
with the responsibility of Uris -position and prospects of - 
promotion are excellent 

Please apply in writing, giving full career .delaUsL 

1C/RT1L l , 

35 Woodford Avenue. Gants Hill, - 
Ilford, JCsspx. 



L 


rjrr^'cF 









sets ; ; 

sugar 
export rate 

8y Our Commodities Staff 
THE EEC Commission yesterday 
authorised sales of 31^50 tonnes 
white sugar at its first weekly 
export tender for tbe 1978-79 
season. The sugar cannot, how- 
ever, be exported until mid- 
September. 

Maximum export rebate Riven 
•was raised to -6.505 units of 
account per 100 kilos following 
the recent fall in world market 
values. At the last export tender 
for sugar from the 1B77-78 crop 
two weeks ago. sales of 25,800 
tonnes were authorised with a 
maximum rebate of 26.493 units. 

News that the U.S. had 
imposed a countervailing levy of 
10.8 cents a pound on imports of 
subsidised EEC sugar had no 
effect on the tender, since the 
quantity involved is only a 
special shipment of 50.000 tonnes 
made earlier this year, a small 
amount out of the 3.5m tonnes 
exported by the EEC last season. 

There was little or no reaction 
oii the world sugar market to the 
U.S. move or the EEC tender 
result. Values were steadier in 
quiet trading, hut this was 
thought to reflect mainly a 
reaction to the recent sharp fails. ! 

Wool supply 
drop forecast 

PRETORIA, July 26. 

A DROP of 3.5 per cent in 
world-wide supply of wool in the 
1978/79 season is expected in 
spite of a slight revival in 
demand. South African Wool 
Board chairman Gideon Joubert 
said here. 

Addressing the National Con- 
gress of the National Wool 
Growers Association. Mr. Joubert 
said in those circumstances wool 
producing countries can main- 
tain higher price levels in the 
coming season by' means of 
supply control of their stabili- 
sation stocks. 

He said synthetic fibre manu- 
facturers still have over-capacity 
and sustained heavy losses as a 
result of under-utilisation. 

International textile industries 
are now aware of the advantage 
of stable wool prices and these 
have brought about a change in 
their attitude towards wool. 
Reuter. 

INDIAN SILVER 
EXPORTS 

NEW DELHI, July 26. 
THE INDIAN State Trading Cor- 
poration exported 275 tonnes of 
silver in April-Jnne, 1978, earn- 
ing Rs 400m (£26m). 

The corporation has a target 
or 1.000 tonnes this year com- 
pared with 6S8 tonnes exported 
in 1977. 

Reuter 


Coffee rallies strongly 
after £50 a tonne fall 


BY RICHARD MOONEY 

COFFEE FUTURES prices 
staged' a sharp rally on the 
London market yesterday after * 
noon with the nearby positions 
j gaining nearly £140 a tonne. 

I - September delivery coffee fell 
by about £50 a tonne soon after 
the opening, influenced by news 
that the Mexican Coffee Insti- 
tute had reduced its minimum 
export price from $126 to $110 
per 100 lb. The move, which 
| reflected a similar fan in market 
I prices from 121 cents a lb late 
last week to about 109 cents a lb, 
depressed the New York market 
overnight and this decline was 
transmitted to the London 
market • * 

As prices approached -the 
psychologically important £1.000 


a tonne level, however, specu- 
lators who had sold the market 
“short” started to become 
nervous. And this nervousness 
was quickly translated into posi- 
tive action as the afternoon 
session, began with widespread 
covering of previous sales and 
stop-loss buying reversing tbe 
" bearish" market trend. 

The upturn quickly developed 
into a major rise and by the 
close September coffee was 
quoted at JE1JL83.5 a tonne. £91.5 
above Tuesday’s close and £138.5 
higher than the low reached in 
the morning. 

The late rise was encouraged 
by the strength of the dollar 
against sterling which followed 
the announcement of unexpec- 


tedly good U£, trade figures. 

Another factor which may 
have encouraged a stronger 
tone io the coffee market was 
further consideration of an over- 
night announcement that Sr 

Baltasar Ferreiro. president of 
the Salvadorean Coffee Growers’ 
Association, had urged producers 
to withdraw from - the inter- 
national market prices. 

Speaking in San Salvador, Sr. 
Ferreiro said it ought to be pos- 
sible to make contacts with other 
exporters, such as Brazil, Mexico. 
Colombia and the Ivory Coast, to 
arrange a co-ordinated with- 
drawal from the market. The 
statement was evidently made 
before Mexico's decision to lower 
its export price. 


‘Bumper’ Chinese harvest 


BY COLINA MacDOUG ALL- 

CHINA'S SUMMER harvest has 
been a success in spite of ’serious 
drought, the People’s Daily 
claimed yesterday. Calling it a 
"bumper" harvest, however, it 
said that purchasing targets had 
been exceeded and rations for. 
commune members increased. 

While this is encouraging news 
for the Chinese, it Is less signi- 
ficant than it might appear -since 
the summer grain harvest is only 
a small proportion of the year’s 
total. Summer grains include 
winter-sown wheat, barley, peas 
and beans, but not the important 
early rice crop. 

Although tbe Chinese seldom ’ 
publish hard figures for crop 


totals, this year two official state- 
ments indirectly reveal the 
summer grain figure to be 55m 
tonnes. The New China News 
Agency said recently in two 
separate news items, first, that 
the harvest was up by 5m tonnes, 
and, second, that the increase 
over last year’s figure was 10 per 
cent. 

That figure indicates that the 
summer harvest probably forms 
less than a fifth of an average 
year’s total. The estimated whole- 
year figure for each of the last 
two years was about 280m tonnes. 
Not until this year's vitally 
important rice crops, the spring- 
sown wheat and the coarse 
grains such as millet are 
gathered in will it be possible 


to assess the true degree of 
progress over 1977. 

Last year's summer harvest 
was hit by a severe drought, so 
the claimed increase partly 
represents a return to a more 1 
normal size of crop. The wording I 
oF the People's Daily report 
suggests little more tbaD that, 
since the Chinese describe most 
harvests as “ bumper,” while 
exceeding purchasing targets 
may mean only that these were 
set rather low. 

However, it is clear that 
disaster has so far been averted. 
Further foreign gram purchases 
for the current year seem 
unlikely since already over Sm 
tonnes are due for delivery 
during 1978. 


Potato plantings cut by 8% 


BY JOHN EDWARDS, COMMODITIES EDITOR 


BRITAIN’S POTATO growers 
have cut back plantings this year 
by S per cent to 183,400 hectares, 
16,000 hectares less than in 2977. 
the Potato Marketing Board said 
yesterday. But the plantings are 
still well in excess of the target 
of 172,000 hectares recommended 
by the Government after last 
year's big surplus production, 
which cost the taxpayer- an 
estimated £17m to provide a 
guaranteed minimum price to 
growers. 

Last vear the Government set 
a plantings target of 185,000 
hectares, but producers exceeded 
that by 14,000 hectares and pro- 
duced a total crop of nearly 
62m tonnes excluding output by 
unregistered producers. 


In an effort to stop prices col- 
lapsing in the face of a big 
surplus of supplies over poor 
demand, the board bought up 
550,000 tonnes of main-crop 
potatoes and eventually had to 
“rot down” 190,000 tonnes of 
these. The remainder were sold 
as stockfeed (140,000); at low 
prices to processors (80.000) and 
return to tbe trade (140,000). 
Tbe net cost of this support buy- 
ing operation was around £14.5m, 
of which the board contributed 
nearly £5m out of funds pro- 
vided by the levy on producers. 

The Government paid the rest. 
It will also have to pay a 
“deficiency payment” to 
growers in Britain and Northern 
Ireland since the average 
market price after August 1 fell 


short of the guaranteed minimum I 
price for growers of £45.77p a| 
tonne by around £3 a tonne.: 
Final figures have yet to be cal- 
culated but the additional amount 
to be paid by the Government 
will be between £9m to £10.5m. 

Very favourable growing con- 
ditions this year suggest Hie 
yield from the crop might even 
exceed the high figure of 12 
tonnes an acre achieved from the 
1977 plantings. But it can be 
expected that demand will be 
stimulated by the lower prices. 
At the same time the guaranteed 
minimum price to growers has 
been cut by 4 per cent to £43-94p 
a tonne to take account of tbe 
steep fall 'in the cost of seed 
potatoes compared wtih the pre- 
vious season. 


New U.S. 
move on 
tin sales 

By Our Commodities Editor 
ANOTHER step towards the 
release of surplus Hu from the 
ILS. strategic stockpile was 
takea yesterday. The Bouse 
rules committee cleared for 
floor debate a BUI to authorise 
the use of 5,000 long tons of 
stockpile tin as (he US. con- 
tribution to tbe buffer slock of 

tbe International Tin Council. 

The Bill would also approve 
the release of another 20.000 
long loos of stockpile tin for 
sale. However, farther 
measures. Including the pos- 
sible authorisation of 
purchases of copper for the 
stockpile, are expected to be 
“attached” when the Bill is 
debated on the floor. 

This means that the Bill may 
still have a long way to go 
before It is finaliv approved by 
the Senate and House of 
Representatives, if additions 
are attached which are 
unacceptable to tbe 
Administration. 

Tin values closed higher on 
the London Metal Exchange 
yesterday, reflecting a tighten- 
ing supply which forced the 
cash price up by £112.5 to 
£6.547.5 a tonne. But the 
market eased in after-hours 
trading. The three-month 
quotation, which closed £72.5 
up at £6,4372, was trading 
after Honrs as low as £6^50. 

In the copper market, one 
of tbe small Chilean pro- 
ducers, Compania Miner* 
Disputada dc las Condes, 
yesterday declared force 
majeure on shipments of con- 
centrates from its Los Brontes 
mine at Disputada because an 
avalanche damaged the con- 
centrator there. Some 8,000 
tonnes of concentrates are 
shipped each year. 

At the same time shipments 
or blister copper from the com- 
pany's Shagres smelter, which 
normally produces abont 
284)00 tonnes annually, are 
also to be cut. probably by 
abont 50 per cent. 

Turkey lifts 
cotton price 

By Our Own Correspondent 
ANKARA. July 26. 
THE TURKISH Government has 
announced minimum domestic 
purchase prices for four 
important agricultural commodi- 
ties including cotton of which 
Turkey' is a prominent producer. 

The minimum prices for 
Aegean and Antalya cotton have 
been fixed at 55 cents a kilo and 
Adana at 53 cents. The first two 
categories are 272 per cent 
higher than the previous year's 
minimum prices and the latter 
29.2. according to a Government 
statement issued here.- 


DAIRY MARKET 


Why cheese prices 
must rise 


THE BELEAGUERED English 
cheese industry will be putting 
up its list prices by about £60 a 
tonne at the start of next month 
and more and bigger price in- 
creases later in the year seem 
inevitable, dairy trade sources 
said yesterday. 

Retail prices will also rise 
sharply after a long period of 
stability as pipeline stocks of 
cheap Cheddar held by merchants, 
wholesalers and retailers dry up 
bringing an end to the heavy 
price cutting among the retail 
chains. 

The Dairy Trades Federation 
said yesterday that further 
pressure on prices was coming 
from the Milk Marketing Board 
which was demanding a substan- 
tial increase in the price cheese 
makers pay for their milk. 

Pricing practices of the UK 
milk boards have come under 
close scrutiny in tbe EEC Com- 
mission lately, and there are 
moves aroot in the dairy manage- 
ment committee in Brussels to 
ensure that British dairy manu- 
facturers pay the equivalent of 
the intervention price for their 
raw materials. 

There is considerable sympathy 
in Brussels for charges that 
heavy premiums earned in the 


BY CHRISTOPHER PARKES 

British liquid milk market effect- 
ively subsidise tbe milk used for 
manufacturing. 

Critics nf the UK. price system 
say (hat this “ subsidy ” makes it 
difficult for tbera to compete in 
ihe British cheese market. 

The difficulties oF the UK 
cheese market started in 1W4 
when New Zealand diverted large 
tonnages of cheese from Britain 
to the U-S. British makers 
stepped up output and built new 
dairies and EEC producers fol- 
lowed suit. 

For the past two years the 
market here has been plagued 
by surpluses. Last year, for 
example, imports of cbeddartype 
cheese were around 33.000 tonnes 
compared with around 21.000 
tonnes in a “ normal ” year. 

Since cheese keeps well. re. 
tailers stocked up with supplier 
bought at cut-throat prices, and 
many have been selling out of 
their own stockpiles for many 
months. 

Mr. Roger Mathews, executive 
director of Express Creameries, 
one of the biggest cheese makers 
in the country, said he was con- 
cerned because the UK market 
Tor cbeddar effectively stopped 
growing last year. 

He felt tbat as irade stocks 
aged and lost quality, consumers 


were put off. Mr. Roger Metcalf 
ot ihe Dairy Trades Federation 
commented that the stronger the 
cheese the less people could eat. 

Mr. Maibcws expected better 
balance in the UK market this 
year. Home production was Fail* 
‘ing with cheese works operating 
a I around 55 per cent of capacity. 
He also expected exports to rise 
to around 12.000 tonnes com- 
pared with 4.000 tonnes on 
average. 

The Irish and olher EEC 
makers were also holding back 
from the UK market because 
prices were nol high enough for 
them. 

Price increases were essential, 
he added, because at present 
i-bre»e makers were making a 
profit between nil and 5 per cent 
at the innst. 

He i bought the last or Ihe pipe- 
line s' neks would he cleared by 
the end of the year and the in- 
dustry could start 1979 "with a 
clean slate” 

At present, makers arc still 
cutting prices in their artempts 
to keep slock moving. The cur- 
rent list price for Cheddar is 
around £1,170 a tonne, but most 
buvers can obtain supplies for 
£1.050 to £1.0S0. Two months 
ago the most makers could hope 

for was £1.000 a lunne. 


Sharp fall in sheep prices 


BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


THE CLOSING or the French 
sheep market to UR imports on 
Tuesday has been followed by a 
substantial fall in market prices. 
The price of sheep marketed on 
Tuesday fell by &7p a kilo on 
the previous week, according to 
tbe Meat and Livestock Commis- 
sion. One trader said he had 
already reduced the buying price 
for export quality lamb substan- 
tially over the last three days. 

Trade sources, however, do not 
attribute tbis sudden ~ market 
fall to the closure. It is believed 
that there have been few 
English lambs on the Paris mar- 
ket at Rungis over the last few 
weeks. Exports have been sold 
to French provincial centres and 
particularly to Belgium and 
Germany, from where they can 
be re-exported to France quite 
legally and without tbe levy. 

Irish exports, which enter 
France levy-free, have been 
buoyant But in spite of strong 
rumours to the contrary there is 
no evidence that some of these 


Irish lambs are in fact smuggled 
in from the UK mainland. 

The most significant item is 
that the UK lamb trade this year 
has been at a very high price, 
about 20p a kilo above that of 
last year. This is partly due to 
the export market but more 
particularly to the fact that 
fewer lambs tban normal have 
been offered for sale. 

Until the last two weeks, 
slaughterings have been about 
15-20,000 fewer than in similar 


weeks last year anil this must be 
the principal cause of higher 
prices, it is unly recently that 
the slaughter numbers have 
risen to normal levels and lhis 
has coincided with the fall in 
prices. 

Such a seasonal fall occurs 
every year. The fact that it has 
coincided this year with the 
closing of the French market is 
probably because the cool, sun- 
less summer has delayed the fat- 
tening of the lambs. 


Indian iron ore export target 


COMMODITY MARKET REPORTS 

n 1 cr MITTATC forward me) a) advanced from £73LS to 

DAdt NIJl, IALo 1737 before easing to £733.5 *j itu- dollar 


.COPPER— Higher on the London Mcial 
Exchange afirr an erratic day's trading, 
following the rh» In New York overnight. 

i ni'PBK l " m - nn ’ _ l*-*!»- lH-* 1 *' 

‘ n * rBK Oiftial — | ITiwflleW — . 


: £ £ £ 
Wirebar«l 

Cash | 715 .5 ’+B.5 71^6 

.S mouths. 718-5-7 +8.75 736-3-7 
Setirni'ur 715.5 '+B.5 - 

Cathodes.' I 

Uili i 711.5-2 +8.75 711-2 ' 

3 month... 738.5-3 1+ B.S 7323-3 | 
.Serrl'm’nr; 712 +8.6 — 

C.S. Smt .• — ! 63-64 


forward metal advanced from £73LS to 
£737 before easing to £733.5 as tin- dollar 
strengthened after the UA. trade figures. 
Then there was a rally- to- £738. - Helping 
the firmness was the force nudeure 
declaration. of l* Disputada. but Asarvo'a 
price rise bad title effect. The dose 
on the Kerti was £738. Turnover 17.250 
mines. 

Amalgamated Metal Trading reported 
that in the morning cash wirebars traded 
at £715.3. three mamba £733, 35-5. SB. 36.3. 
Cathodes, throe months £733. Kerbs: 
Wtrebars. three wombs £736.5. 37. 37.3. 
37. Afternoon: wirebara. cash £713.6, 
tlwce months 1739. 38, 37.3. 37. 37.3. 3S. 
37.5. 37. 315. Kerbs: Wirehar*. three 
months OSS, sa.38J.3S. 37j. 3S. 

TIN — Coined area ad although morning 


I.G. Index Limited 01-251 3466. Jan.-Mar. Rubber 592-60.0 

29 Lamont Road, London, SW10 OHS. 

L Tax-free trading on commodity futures. 

2. The commodity futures market for tbe smaller investor. 


LEGAL NOTICES 


In [be HIGH COURT OP JUSTICE 
ebanu-rr Divlxtun Companies Court. In 
Ibi- Mailers of: 

No. Q0B211 of 197S 

IUBUHY i CONTRACTORS i LIMITED 
NO. 002212 of 3875 

HAMM EH TON BUILDERS LIMITED 
and in the Hatter of Ihe Companies 
Act. 1M». 

NOTICE JS HEREBY GIVEN that 
Trillions for the Winding-Up «f the above- 
named Com panics bp the High Court 
of Justice were, on ibe UUi day of July 
19TB. presented to the. said Conn to 
THE COMMISSIONERS OP CUSTOMS 
AND EXCISE of King's Seam Honor.. 
3841, Mark Lane, London EC3R THE. 
and that the said Petitions are directed 
to be heard before the Court sitting ai 
the Royal Count of Justice. Strand. 
London WC2A ILL. on the lib day of 
October 1878, and any creditor or rontri. 
butorv or any of the said 
desirous ro support or oppose the making 
of ao Order on any of the said Pi-Uilom 
may appear at the tfane of bearing tn 
prrson or by his Counsel for that purpose: 
and a copy of the Petition win be 
furnished by the . undersigned to any 
creditor or contributory of any of tbe 
said Companies requiring such copy on. 
Payment of the regulated charge for 
the same. ■ ■ 

C. V. GLOAJC. 

King's Beam House. 

3841. Mark Lam*. 

London EC3R THE. 

Solicitor for the Petitioners. 

NOTE.— Any person who Intends tp 
appear on the bearing of any of the 
and Petitions most serve on. or wend by 
post to me anmc -named, nonce In writing 
of bta Intention so to do. The notice 
must stale ibe name and addrexa Of the 
Person, or, ll a firm, the name atm 
address of the firm, and most be signed 
by tbe person or Ann, or hii or their 
Solicitor iif anyi. and most be nerved' 
or. if posted, in PSt be sent by post la 
sufficient time to reach (he above-tunm 
not later tban four o'clock Iq ttre after* 
no on of ibe mb day of October 1B7&. 


COMPANY 

NOTICES 


TOT BANK O* YOKOHAMA. LTD. 
LONDON . 

tto ,n assess? 2*9SSJttSg£ 

hereto nlven that for the iaJtui siv-monih 
period *nxn 28th Jib. isnta 
*** Certificates wlf? 
carrv an Interest rate ol B'jfi per annum. 

citibank! SlS 

London 


CLUBS 

EVE. IBS. Regent Vreet. 7SJ OS 57. A la 
Carte or All-In Menu. Ttoec Spectautter 
Haw snow* teas, ta.as mo i.«s mu 
music Ot Johnny HawkcfworOi ft Friends. 

GARGOYLE ,64. Dean Stmt. London W.l. 
NEW STRIPTEASE FLOORSMOW 
TOT GREAT BRITISH STWF 
snow at MUMOK and T a.m. 
Mtok-frb Doted Saturday*. 01-437 5455. 


NO. 0B5333 Of 1S7K 

to Ac HIGH COURT OF JUSTICE 
Chancery Division Computes Conn, in tbe 
Ma tter of u C. PEARCE < HAULAGE) 
UMTTBD and bt (be Matter of Tbe 
Comparne* Am, tbe*. 

NOTICE IS HEREBY GIVEN, that a 
Petition (or the Winding up or Ihe above- 
named Company by the High Court of 
Justice was on (he 21st day of Joty 
187S. Presented to tbe said Court by 
FRANK G_ GATES LIMITED whose 
resist-rod office it situate at *2. High 
Road, B.VSi In Greater London — a creditor, 
aad rtrax the said Petition is directed 
to be hoard before the Conn sitting at 
the Royal Coons of Justice. Si rand. 
London WC2A 2LL, on A? 9th day or 
October 1B7S. and any creditor or coutri* 
omotT of ibe aald Company desirous 
io support or oppose the Bukins or an 
Order on tbe said Petition may appear 
at the time of hearing, tn person or hr 
hu counsel, for that purpose: and a copy 
or Ac Petition will be furnished by the 
unde rsigned io any creditor or couiribu- i 
torr of ibe said Company requiring such 
mot on payment of tbe regulated charge 
lor the same. 

J. E. BARING £ CO.. 

74. Chancery Lane, 

London WC2A 1AA. 

Re/* JAB< 

SoBcttow for the Petitioners. 

NOTE. — Any person who intends to 
appea r on the bearing of I he said Petition 
mint serve on, or send to post to. the 
above-named notice In writing of his 
luumuou so to do. Tbe noikv must stale 
the name and addrus or ibe person, or. 
ir a ana (be name and add re -as of the 
firm and must bo 'signed to Ac person . 
or firm, or Us or their solicitor nf any* 
and must be tmred, or. if posted, must 
be sent by post U sufficient time to 
ibe above-named not later than 
nwr o dock In the afternoon of the i 
ah day of October 1978 . j 

~ I No. 0eS3Mof IK* _ 

In the HJCH COURT OF JUSTICE ! 
Chancery Division Corapauc. Court. In , 
At' Matter Of JUDGE TRANSPORT 
LIMITED anil in tbe Matter of Ttu* 
Companie* Act. tws. 

NOTICE IS HEREBY GIVEN, ihai a 
Petition for the Wipdine up or ihi- above- 
oaa*rd. company br iiu- Ruth Court a I 
Justice was on the 21si day or July 
I WIS. n resented to ihe mid Conn to 
! CHANNELPORTS FORWARDERS 'PTC* 
LIMITED whose rcKistm'd office U ai 
Sh'CS. Emerson Street. 5-E.I. fl» UnuSW 
London— o creditor, and Utat Ibe .said 
Petition 19 directed to he heard before 
the Court sitting at the Royal Coarts 
of Justice, Strand, London WC2A 2LL, 
on ibe 9th day of October J9JS. and any 
rroditor or cbntntoiory of ‘he sold 
Company desman to eupdoti or oppose 
ehe «» aWT of . an Order on ihe said 
Petition may appear a< the time of 
hearing. In person or to his cwuHp. 
for that purpose: and a eOBt vw 
Petition win be furnished by the mder- 
signed to any creditor or co ntributory 
of the mm Company rrouirins such ctmr 
so payment of tbr wwtiiled charge xor 
the same 

J. E. BARING & CO.. 

74. Chancery Lanr, 

London WC2A 1A V 

Sri: JAR. .. . _ 

Solicitor* for »he .. 

NOTXL— Ami person JS. Prtttau 

appear on UR- hearing id ^ 

Trust nerve on. or send to ft 
al»yr-uain>-d ponce in * fl * tl !5, ( .. 
intention so lo do- The mwto- 
Ac name and address me- 

If a STO the tun* «nd address «^nc 

fins and must to |uSy" 

or firm, or Ua or tbe* “ ££* 

and must he nerved. »*■ " LfE? time to i 
to- sew to w« ■» ****”L£ t 
reach Ac above-pawn d , J? _ ^ me 
four o'etoc* in ito- afternoon « w 
nh day of October IB7S - j 


AND PRICES 

trading was qoiet as forward mcial 
advanced from M;:70 to £8.400 follow-ins 
steadiness in the Easi ovemlgbi and on 
bear covering with a technical usbraess 
qf nearby metal causing a widening of 
Ibe backwardation. The stronger dollar 
fuelled a further rise io £6,440 but when 
came through on the las! mmuics 
of the Kerb of I imho r UA Consress 
moves on ITC mm rl bnl ions. Acre was 
a fall to a close of £6.400. Turnover 
L2S5 tonnes. 

i "a.m. ~i+ ■»! ivni. | + iul 
TIN j Ofto-uil J — Uiw’IDem . — 

_i , ■- — 

High. Grade £ ! £ ti l: 

Cast! : 6480-5 |+65 : t>5*5 50 +-II2J 

5 iii"Utli* .,'6410-20 :+46 ; 6450 60 WO 

£etllrnri.| 6486 +65, - 

Standard' 1 • 1 

f+f|. | 6480-5 >+6516545 50 +)>2i 

3 n inntli* .'6395 400|+45 I 6435 40 +70 
a*pt(iem’l.j 6485 ;-r6fi| - 

Snultv E... HZBB6 +1 : - ! 

New York. i — I 

Morning; Standard, cash £6.499. three 
tatmuis £6.380. 85. Op, 95. 00. 95. 16,400. 
Kerb: standard, three uiooili £6.390. 
Afternoon: Standard, cash three 

mamhs £6.410. 2fU 35. Kerb: Standard, 
three months £9.440, 25. 

LEAD — Steady w»b forward metal 
moving in a narrow range, bolding 
i between 131S and U21. helped by Physical 
Inquiry from the continent and the tight- 
IKSS of scrap supplies. The close on 
the Kerb was £319.73. Tnmover 0.200 
! tonnes. 

i ; a.ml i + ->r p-m. + ■■ r 

I LEAP ! onk-ial I — ilnidllclnl — 


India has set an iron ore ex- 
port target of 23.2m tonnes for 
1978-79. Arif Baig, Minister of 
State for Commerce, told 
Parliament. 

The Minerals and Metals 
Trading Corporation intend to 
export 13.2m tonnes, and private 
exporters in Goa 10m tonnes, 
he said. 


Business done— Wheat: Sept. S4.S3-54 GO. July 25. GB cattle 69S5p per Kg. Lvr. Internallanat Sugar Agreement fU-S. PRICE CHANGES 
Nov. 57^0-87.33. Jan. 90.3fl-80.2S. March t-1 j6u UK sbeep 133.4p per kg. esL cenu ncr pound i fob and stowed Carlb- 

X3O42.90. May 95 76-95. 40. Sales: 49. d.c.»r. i-S.4i. GB pig.*. OS.Op per kg. J.W. bean p art. pnccs tor July 34: Dally SJ7 Price per tonne unless oAerwtte stated 

Earley: Sept. 79.45-73.40. Nov. 83^42.23, t-0.S». Eagtund and Wilis: Cattle i6-16i; 13-day average «J9 1 8.441. 'Nominal, t New cron. * Unquoted. Tto • 

Jan. S4.90.M.80. May SOJO-M.iO. Sales: 25. numbers up 27.4 per cwiL average price „, AA . rrFnmrr • - - Ul«AAl/\9Bn 

IMPORTED— Wheal~CWRS No. One 134 G8.45p .- 2 . 0 H: Sheep up 5.7 per am. WOOL FUTURES . I • ± ICLIUIIN 

per cent July and Aug. £9L73 Tilbury; average 133.7p (-8.0): Pigs up 6.0 per K V, . J.ilt 26 +**r . M.h.Hi VVAVMU 

U.S. Dart" JVonhen) Spring No. Two 14 eenL average «2.0p Scotland: LON DOM— There was no Particular 147* ~ **■> 

per vent .Uus. £78.00, Sept. £78.50. Oct. Cattie down 6.5 per eenL average 71.44p tc»«nr m the markeL reports a ache — 

ISO. 00 Lranshlpmem Easi Coast sellers. i -O.lTi; Sheep down 19.1 per cent. Halsey suiarr. • fMArfllC 

HGCA— Location et-ramt spot prices; averme I2S.7p Pigs down 25 8 ‘ Pence per tdioi j j 

Feed wheat- Hertford BS.OO. Feed barley per cent, average C3p C+2Ji. Aurtmltan iye»ienly , a.+ vr'. Bminrom Metals ' 

— Hertford 80J0. COVE NT GARDEN (pric e s ftl sfertfng OwstyWi*™ Ouse j — J Done Aluminium.... .*1.680 — ..,,£680 

The UK monetary coefficient for Moq- Dpr nackage except where stated'— Itro — — ' Fveemark«t*t-ii»UMWs! S10S0-40 • 

day. July 3t. I* expeeted to decrease to Sorted ^wSdopT:^ orM j&nnwr i Copporcruh W.Bw £715.51+5.0 £578.76 DQCIUr 

1.343. On Tuesday August t It Is ex- 4 00-5.10: Brazilian- 4.SM.30: Julv l22B.O-aB.O +8J1, — 3 mouths do. «ta. d756 IB +5.0 £717.6 CddlCi 

peavd to decrease further to 1J41. Californian': 6.004.50. Lemon*— Italian: Ortuher BSaJl-OLO I .I....! — Ua-h Cathode^ £711.5 |+4.76:£6fl8.5 

COCOA SS3^rSi2S jt±5 r 

International Cocoa OrgankaliOB tU^S. 4.50-5.80. Grapefrutt-S. African: 27/72 Ala.V J240.U-4I.C |+O^I — Leo-1 CeJi CSTI.TO ,+1.875 £J07.2b PRECIOUS niviaL* u-ed »n ypeculaiiv* 

wM* PM pound'— Dally Price July 25. 3.4H.50: Jafia: 40s 4.40. Maadwdae*- July .04001.50.0 +8.0, — i rnonth- - [Lizn.|rt|+3.5 Aaifl.jfS Imuidation after a smalhr than expected 

14A.S8 (140281. Indicator prices July » Brazlltao: 4.1SMJ0. Apples — French: October Ba7.+-5L0 ,+ X.O! — MtW -566 1 £2.566 o.S. kilantv of iradi- defiui. Coflec 

J«lay average 142.16 1 141.63 1 : 22-day q olden Delirious 28 A 84* 4.30. 72a 4.50: December .-P49.0-MJI ;+2.0 — Pree llarz«.ieif)(lii)l *1.70 S1.B5 lim-JjoiJ Ijniil up nn i'hiuu/muhi Umi*e 

average 142.40 1142.03). W. AuztraJJan: Granny SmlA S20-6.M: sales- Nil null lots of 1.500 kn. ~ * 1-83 r ~° “ 2 l - 95 anh trade buying folluwlng uiiceriainty )n 

Heavy bean arrivals Io Brazfl kept Tasmanian: Stunner Pippins BJC4.0B. SYDNEY GREASY — (la order hover I Brarilian weatluT Su^jt rallied i*n 

prices on Ac defensive throogh ibe day. croftons 11.00. Domocrats U.M: S. g^upr. sales) Micron contract- Pterlnum twvy nt.. £188 £133 renewed indu-lrial price % Using white 

GiU and Doflus reported. African: Granny Smith 8.40. Golden Do- oct. 344.5. 345J untraded: Dec. 853 o’ SUrtei. C133.05 + 1.8 £132.4 fvvorded -moll decline an irade 

leneniai V'+i'T f Bu*im+* Unous 8JMJB Chltean : Cran py itTOA jg-.g. SS3.S-SXL7. ' S: March 333 J. ssf '.a. Vulekallrer /7sih.i rtaO.JOl <5 728 ’50 arbitrage scllins following u cak-r sierlmg. 

CClfti.V . tli«e — • Done S59.M58A 18: May 361.5. 383.0, 362.0- stiver Itoyoj^. 285ABpl + 2.85'289.6ii Cocoa— Si*pi . 147 Ml t HS.jji, Dec. 143.i»o 

— : 1M 9 M ' r' •?: »-5. 10: Juts Sfl6^. S«7.0. 3665-366J. «; S month* 293.35p' + 2.561267.4)1 U43.S3*. Marrii 139-5. Mav IMS*. July 

\,..i.r.«itrV I Granny SmlA 8.8W.S0. Dalian. Rome ©cl. 371.8. 371,1, 371 ^-3 70 j. 29: Dec. «n Ltota ;■» 647.6 +118.6X6.7 IB 134 SB. Sept. 122.75. Dec. 130 Hales- 


The Minister said exports last 
year were 21. 4m tonnes. 2.9m 
tonnes short of target because 
buyers built up large stocks 
following a recession in the 
world steei indust ry. 

He added efforts to locate new 
markets are being made and 
said these efforts had “yielded 
some success,” Reuter 



B.0-4B.0 +341, 
341-424) .I... 


Price por forme onieaa oAerwtte stated 
• Nominal, t New crop, t Unquoted. 


Jnl\ 2S | + «‘r M milti 
M7- ~ ay 


Metals j I 

Aluminium..... C68Q — ...,£680 

Fvremark« t*i«i!»LIMM&! K10M-40 

Coppertuh W.Bar £715.5 1+5.0 £878.76 
3 monihi do. do. £736 IB +5.0 £717.6 

Ga«h Cathode C711.5 +4.76 £692.6 

3 inooUir *to .fix £732.76 +4.5 ,£7125 
Gold .Trov o*. SI86J76 


Precious 

metals 

easier 


NEW VOIfK. July 2S. 


, PR ^ ,0US nwaflanv. 

wSfl 1 "*” 'hi gl?! 43 ’ 5 H i'l? liquidation afli-r a uiialk-r than expected 

1 £2.566 O.S. bulaniv of ifjdi- defiui. Cufli-c 


Free Uirceticiftflii) *1.70 
1.85 


81.85 

-O.m: 1.95 


lim-Jiod hnul ui> nn i'>tniui\iinn Hint* i» 
and irade buying rulluwlng uiicOTiainiy in 
Brarilian weatluT Su^jt rallied i*n 
renewed tndu-trial pruv-. Using u-lute 


arbitrage nulling following u i-ak-r sterling. 

Cocoa— S l*pi. 147 Ml iMS.Jji, Dec. J43.no 
1 143.33 >. March 139 Mav I3ii>5. July 
134SB. Sopt. 122.75. Dee. 130 si. Sales: 


rirti.' 16S2.0 6S41 1670.0^ VZj HJDE5— Leedov, Finn 3j-35f X* per Oils • i 

"Sales: 3,437 «L7i8; hit* of 10 tonnes. Spanish: 5 kilos Santa Rosa 1.89-2W. Uoeonot i l*btn I650j> ;_io.OS670 

rAi:rc r iSrtoohs l so -2. oit Italian: FlorcnUas P ^ Wtosnunme. (i TO uoitn u t_ tie 48 ! £704 

COFFEE 20 lb =.50. GoMen per pound o.lWt.u. ‘ ^ 0 c ' . *?"“*• ,T1, £152 

■» i-™» »™ kjsj 3 ss rLgryj^jajg-sg <*».«»» «»«««, - 5M6 f 

?°irj ^25?- ; nn^aXjd^Arabteas tewwwfr-Jamalcan: ” per pound 0.13. falr - Prices at ship's ride lunprocessefli 

JS?asu«US£SL6 SSSfnSSS S, .«o, U.™ 

gsssjpjJSS-'-Si "USS » Z&^S&.'Vl’SS SSSS 

irjffisH'tekSS sa?« I , | : 

reversed sharply earty_ this afternoon A =.w: tato: ~ nJHUZM. Home Puairro....; £82^5 +0.10 £52.05 

Mud volume. Drexel Burnham Lambert Yellow 8 / ISb — 5j6~S0. Canary. 6/10* -2W- Maize 

reports. Bowtvcr. fresh dealer ahon sell- 2.40. Wate rmeteac— spy ith. _9 re u^l T _ • * » Kreocft A'o.i Am '£2U2 ! £203.5 

ing inspired by a limU down NY C contract S.OO-3JO. Swectcore— Spanish; per box I .QQCinn flpQ I M hna i I 

then eroded values br UP lotto. And ft 25 x f*- 00 - -BP _. r nrr « utal Au. I K«d vpnnc £91.75/! £93.5 

was not until the close that Chartist buying ^ agio* produces Fotajofci-per se m .WHardWinUa! . 

and trade short covering took U» market flJO-Lai. UAUices — pe r L. l.w. ura. onv/DC flAPI/C Kneitah II ntinet, £91.25 ■ £105 


I — J l'ni*iilcla) COFFEE 


pound Cypriot: Cardinal 0.20-0.23. Sultana 
0.25: Spanish: Cardinal 2.W. Plums — 
Spanish: 5 kilos Santa Rosa 1.80*2 to. 
Burbanks l 60 -2. 00: Italian: Florentlas 
20 lb 5.50, GoMen per pound o.lWi.t*, 


No calf offered. 


I £ I £ £ , £ 

C»*U... ':310.7b- 11 ->-5.5; i 311.5-2 +2.8 J 

5 nmut Ut*..!3I9.7S-20j tS.7S{»20.75-1 +3.5 

SeK'lni'nil all :+3,5i — 

C.s. Spui j — { il*?. 3 . 

' Morning; Cash Oll. three mohuv. OlO. 
20.5, 20 . Kerb: Three moitths CCD. 19 j, 
20. .vfternoun; Cavh £311. three months 
£320. 20.73. 20.3, =0.75. 21. Kerb: Three 
j months 020.3. 20. 19.S. 19. 

ZINC— Lillie changed after a day of 
routine trading when forward mviai moved 
between £318 and iXL The steadiness 
was helped by the higher trend ol copper. 
The close on the Kerb was 020. Turn- 


ICO Indicator prices for July 23 «U3- Bartanbt ver omtod 
c+nis per pound'. Colombian Mild Spanish, a kilos 3.00. Hungarian. 3.W. 


/.INC 

II. III. 

QltUriftl 


tum7"'1+or 
I'mifllual — 

Cash 

109,5-20 : + .£5 

31D-.5 t .875 


320 .5 

+ 1 

520-.5 *.576 


a 10 

' ....... 

- . .. .... 

rim. Wen 


- 



Muslim- per pound 0.90. roeaium oesi oman Kije-it.&o: 

sh: 150.X30: Maltese: 2.58- togfish 'large! 19.00. medium 

**— Dmch- 2.00: Cucrtwey: J* lemon soles £6.90 i large), medium I . 

csrsffss &M: 

Leasine deal rfs- ! 

i dace: Foia.m»-per 56 n, V’ 5 ' - a,3 : - s 

t fUmbar^per^ ‘'poundf'Jou^ SHV0S docks LVxiw pbifjaacm^'KLSOS —ji.b £1^1 


£203.6 


ColTee— ■■ 0 “ Cunira*-i: Svi*t. t!7.00- 
117£3 i lOo.lHi*. Dvc. 106 OH iliU.lkl*. Mar. h 
101.75. Mai 90. ju. July S<37. Svpi. 97 35. 
Dec. 97.UD. sales: 790 l*u>. 

Copper— July *2.2, iCJi*. AUg. 02.23 
*62.491. Sept. KJ.M. Dec. 64.S0, Jan. 65 to, 
March Ufe-50, May r.r.u. July ks m). Sent, 
Sfl.O), Dec. 71.15. Jan. 71.70. March rj.73. 
May 73.75. Sales: 4 . 1)110 Inis. 

Cettpn— Nn. 'J; On. 59.9P-3& 93 159.431, 
Dec. fil.5Wl.S5 ■ El. 41 1 . March 63.45, May 
04.35-04 45, Jub 40-*:. 4.50. Oct. 64.40-65.00. 
Dec. B4.9ILdj.fHI. SaK*>: 1.950 lul'. 

*G»ld— July 194.SU *',93 20*. Aug. 193.IHI 
'IBS. SOI. Sept. 19V.HO, tut. /SS 10. Dec. 
201.2U. Feb. 2M.4n. \prtl ■-■07.70 June 
211.00. Aug. 214.40, tin. ■-■17 Sal. Dec. 221 20. 
Fvb. — 4.bo, April ”s.ue. Sates; i4,uwt 
lilts. 

tLam—cit/cauu to..-,- unavailable 
122.501. PTi - prime »U‘ani 2J.75. 

tNalze—Svpi. 230-2101 '227.*. Dec. 23oj. 
2361 i'.'XUi, Marrll 243-215i, May 2301. July 
■■."■-"■a t..n, n-J* 


• Only per pound, t on previous 
official dose t SM oer tong. . 

Morning: Three months £321. Xj, 20_p. 
Kerb: Three months £320. Afte rnoon: 
Three mnaibs SOL -0 -*- Kerb - Three 
monlto CHI. 20.3. 

SILVER 

Silver wa- Used 2.#3ti an mine* Mgher 
i lor -ipni delivery in ito ^l.ondrn hulhon 
1 market yeeierday at 29 *IGp. ivut 

cauiralcnis vf ihe tolng levels were. Sp**t 
auk“» 4.4c: threc-mon l h Wfc • 
4.4c. Six-monih 373.2c. up a sv. and a» ti. 
up 5A. The itteial opened at SfciOW.P 
iSDoKri and closed at 
1 349- 5 50 lc*. . 

SlLVKIt ' Ktillnw + *.r L.M.F. '+**'■ 
Iter , liM'to ; "* \ . ' 

1 fr»y •‘t. I pncilB i i _____ 

Sir*. ...' 286.951* +2.65 S86.5i* +0-2 

3 mnniii«., | £93.35|. -rUS Z93.9S P +0.2 
fitunulh*.. i 301:1* ,+AS 

I2uumtli»i317^5|. -2-76 . - ... 

"lME— T urnover 156 *1471 lots nf IO® 
ounces. Morning: Three 
3X, 3.7, 3.6. Kerbs: Three rooni^ ms . 
a.5. XT, 2A, i. 3.8. 4. Cl. C2. AUerooun. 
Three months 294^. 4.4. 4.3- ; “■ 

Kcrts: Three months 295.9* 9L 4— 4-" 
4.4. 4 3. 4.B. 

GRAINS 

LONDON FUTURES iGAFTA i-— Wheat 
and barley opened unchanged jm 'J 1 “ 
ralriy featureless mar lew wheal vilifc’t 
increased doe to lack of sc flef* Of Jimer 
levels to close ISJNp higher anti harito 
in very thin trading conditions gamed top 
on the day, ACLI reports. 


not until the dose that Charrisl buying Eagimi prrnacr: t-otaiota— per n u> No.^HirtYuiiM 1 ■ — j*.mi. --u-.ju: *--• . iwr, 

and irade short covering took the market ^>-20. r'^ooun?' oujl C9VPC Hfiptc Kn«ii*b Mnn.ietiC91.25 "!”!”! £105 ‘ ,U,F 

up to til.2W basis iSepti. Final valura Webbs WO nobart -per MVtS IIULKS LVx^ abijim C «....;l!l,803 -ILD£1.9DA " 

were £90 higher on balance alter a very door 0.8S4I.6 6. Cucunto crg— p»*r rrMf Lteiy Kuuire soia. 1 1 " 1.737.6 — l&_5'i21 8 IG.b f Platinum— i)i-T. i-^.30-23c.J*o i237.Tfli. 

hectic dai 1 . 0.89-LM. Mpshrooma-pc^poimd FOUR OF the drvdocks at Hull Ooffee Kutam. \ ' : Jan. aco.Tno .2iii :n.. April jtu.so-^.To, 

' ‘ 5l?» r (u« fflSSLfiSWt owned by the Sftiah Transport J - 

(.uKFKK ■ U, ^._ +-1 -ST aibfiL-SA. >M SeS. rstlve^nb- 34fi_’0 Aug. 

'£ivrtobne' ! EfiLusZSrVft 6 Ctok «lglam and COWSD (Hull) 3 £*r lK*W! t81 X96 .551.h9». Sefl. 230-70. Dec. .ivT.fri. Jau. 

' — i — — : iSJjh! Broad from July 31 on a long-term " Kim -I _ 283. ■ 2S3|. 3fi7.U0. March W3.-W. Mav 3S4.10, July 

July 1150 1170 +1U' ' 140 i080 , u .., ^ ll>r pound a ij.o.12. Pea* — per basis, fcAuEUBL m Jum-Autoci a i„ic s.ni aKl.Ou, N**pi. iiiri.uu. Dei. U13.TU. .tail. 

^emtter..! 1182 llte+ 9^.6 i 200 oag 4 ,j fl . Cberetos-pcr pound The drydocks have been under pJuIs-Aur. usept. u August-Seoi r Per vtaS' Im^llanily aiid llannan^snirt 

threat of Closure for some time. 100 ' ^ce ot/. mt io *u«. £SSL l 3fe a i ^ 

Mauch.'. „ loss t06o + B5.o[ 1D65 sS »s ai i.oo-Lto. carmu— per Involved are the two drydockis soyabeans— \uc iia+n.i! hl-j*. smt. 

Mat 1055 1040 + 85-0(1040 915 L to-iJ*. capshams-per wind j n King George V Dock and the uvinirrc 

Jul > .1010.1020+689,1020 900 CamOTOa^ Oer pmrnd BUck/ ^ drydocks ^ Queen Alex . INDICES 

; Red currants— pel pound 11-30. unions— . ^ 

-sil^^SAsaTTjffl' tots of s tonnes per b , 8 3 . 00 - 2 A 8 . andra Dock. 

ARABICAS— Alig I3i«-41J«: '>«*. M LC forecast rales ef UK monetary Until now. Brigham and Other _ 

12 ( 1 . 80 - 26 . 00 : Dec. in_.»-17.M. 114.M: April eompcnsaiorr amounts for weeb be ginning users of the docks have had tO FINANCIAL, TIMES 

1II3.N>13.3«: June 10. -3O-13.D0: Aur. 106.00. J||ly 31 .previous week's figures In .. rirvdo -. KDac _ frnm r u p - _ 

12.80. Sales 2 c4* tois of l'Ja* Wins. brackevai: Fresh or dulled beef carearos; OryaOCK Space irom tne July 361 July 26' Moutli sgte Yrer ug** 

Set per it*. < JL»f: green bacon sides docks board on a ship-by-ship basts 1 _zJ — ___ 

RUBREK £isi.-G per lonne (283.89'. and thus have not always been j4.6 4ivj2.a 3 j <47.17 | 02.49 

steady opening on the London . nr . w ur . . able to give owners the guaran- (Baaet Jaly L TUStsiW) 

physical nurkti. Good imerftj throw: tv SOYAotAiT IWcAL. tees of drydock avaUabilily that • - - 

..ul ihe dui, litarwe tom-Jjemb™* rt , ^ undMOwd in rtuo they require. REUTER’S I Oil. fi.li-6.J7 u».liii. Jau March 

««S- -JufraaVuiv-aiMmitbWYS^v.. 


RUBBER 


phyiical market- Good huereai thmoglti SOYABEAN MEAL 

TOTiScSsw jsrwTftssa-i* 

■if _od I. 34» cents a Kg „ sterling weakened in foreign exchange 

market, on the day prices remained 
\„.l Yr-i'nbv's l*revl«u* • Bii»iiie«a ln a narrow trading ruse dosing on 
K»j*. L'lnse 'i'll** : ■t*«e Ibe ttigha. SNW CnoimodlOcs n-poned. 


INDICES 

financial times 

July 26| July Sh'Moutir agnj Yeiir ug*< 

j4.6 4|»j 2.43 i _d47.17 | 42.49 
(Base: July L IflSfsitt) 


in a narrow trading ruse dosing on PT P orOTlf fnr 
the blgha. SMW Commodities rrponed. Ilf l il v alii lUx 

! abbey work 


Aug s 66 M 56. ID ASVM.W, 5B.M-5S.05 't, TF 

:?itb7.S rfSSS 57.4rs6.1e *«■•■• — SWK-r-atlftSSg A CHEQUE far £125.000 tovrards 
ju-UnrMBO.a.Tu Mj-joj g-gg-g iSStortiw"” iiISSj + aS iu.7 •- hob the restoration of the stonework 
A|ir-Jnv BissBifi. &b.wjoo|i Fehn mrj-..- 1 1 s.jB i4.o -o.67ii1s.60 of Westminster Abbey has been 

g £‘! f -JKij 1 £££» Apn* JfJW to'ft - Presented by Mr. Horace Catler. 

Sa-Sto, »?u« 7 Jr 6 - 2 . 2 HtS;S nS 43 :oto!n - leader of the Greater London 

Aur-jD^.si^tS^ SBMhM ^SiiSdL Council, to Sir John Davis, chair- 

"Sal&: 563 iMSi luts of 15 tonnes aftd SUGAR man of the Abbey’s trust fund- 


REUTEfrS 

July 26' J iily - 2f» Month - agi*j YSr fie** 

1412.7 1 ld ll.lj T4B8J I 1522.2 
{Bibo: September igT iBft=tOB> 

DOW JONES 

“bow'f July” I July '| Jl.*t£TrYrtir” 

Junes I ££ ! 2b i uki 


Dow | July I July j Uuotli Yvnr 
Junes | 26 ! 8b i sgu agu 

Spot ....BCt 05,049. 2B!»69. 14*36 1.69 
Punirrt33fl.65l3d3.6llJ45.7jjj37.69 
(Avwjae WM4&Z8‘=ia0)' w ‘ 

MOODY'S 

, j July | Juiy [MutnUfYear 
Mcvu.V a 1 26 j 25 j agn 1 ago 


'ptoLcal dosing pric« LONDON DAILY ^ PR ICE tnw smart ra #° g >1Bl , nf S pin Cto nwySillO a07JfM5L7gB.fi rif . Sr - ^ 

jot 5i.23p ( 52.75 1 : Sept. ^Aiap ($CJ5i. ^ (£821 a tonne df lor allooneM. *hiie The money IS the first half Of i nS+mtw“vi — urn - - -' n ■ tv P*» «« 

a. 57p. sugar da Hr price was fixed at 04.50 i£Mi. a £30,000 GLC grant. ‘ unless otherwise 

__ -. — - ounce— too ouiio- 

MEAT/ VEGETABLES J ■ — ■ * 5^“^ 

uiithFIELD ip«ec per poundi— Beef: (imini.j Ck “ Mqxxt rnrinivrnr lank care. ; Ci-n 

smu-ti killed iidcs 54.0 lu 56.0: Elre lunn. j ] IN GW FCCGIVCF . COTTON warthwme, 5.0W 

hiadauarwra W.O to 68.D. Inr «u-neirs , .37.0 

t„ 39.9. Veto: English lllsCI to *6-0- 


lllismwr 

JJnnt* 


COTTON 


SffL JaSfS«a«S „ Mr ’ A,aD - “rt* Chester has liyenj-ool cotton. No spor „ SSI SS 

&L£|)>uH 5S.0 f» CJ-rntthtoB Sts.io _ | 2 . M LN alJO.f.flfi, .2.90 I.OB beeD appointed assistant Official S’ 1 " 1 ?"”, « «**■ baiMj cnmract in Ss □ short tun for balk te 


Soyabeans— Aug icu-o.il ■ dili >. Seui. 
6i£i-6i3 it»5;i. Nuv. mi-iit::. Jan. tou. 
«»:. Marih hiw;.tii7, Mjv <quMai. July 
624. AllR. *22. 

ISaysbcan Meaf — .lug. lbt.7U-W.jg 
i IK3.M >. Si-pi. loJ.Mt-ir^l 7il 1 1 1 - 2 .90 1 , Out 
1 62. fi0-l IC.SU. Dec. )tt3.(W-U12.50. Jan. 1G4.W. 
March Ififi.jO. Mav IbljU. July 169.00. 
169.51) 

Seyabean Oil— Ami. 22 *7+2.1.70 L23J7i, 
Sopt. 22.0i-.-3.lU * 22.70 * . «H-|. 22. M. D**u. 
21. SB-21 65. Juii. 21.M-2158. March 21*11, 
May 21.75. Julv 21 75. \u«. 21.S0. 

Sugar— Nn. II: M-|>|. li.u+B.Oj iS.BSi, 
l Del. fi.lj-6.J7 ih.lfii. Jan «2;5.fi..l3. March 

l fi.6i-6.C6. Mjv H.TS-fi 79. Ju!*' 6.9+U.95. Sept 
7.09. nn. 72*1. SaU-;.- 2 .h“i luls. 

Tin — 5CA-572 nnm i jiiO-ifis unm.i, 
"•Wheat— Sept. 314. -3151 >311 1*. Dirv. 

aiMlii 1315*. March 31Si-.11i5i. May Jls- 
3151. July 3DA. 

WINNIPEG. July 2ii. ■ (Rye— July B4JS0 
<94.40 bull. Oct. 95.20 htd <94 36 tnd«. Nu*. 
95.96. until.. Dec, 9LM a.*J>ed, May 97^9 
bid. 

* ■ Oats— July TO) bid (70216 bid). Oci, 
71.00 ashed •Tf.TOi. Dee. 71.18 asked, 
March 70.90 a+ked- May 70.70. 

ttOwtey— -inly 71.50 bid 1.72.40 bid), 
Oct. 71.50-71 .70 i71.fi0-7l.ndi. Dec. 72^0 ■ 
bid. Marrii 7i.fl asked. May 72.M asked, 
5! Flaxseed— July 227.50 bid 1 22^.70 btdi. 
Oil. 22s JO i22H.7u bid i. Nuv. '22830 asked, 
Dec. 230.70 asked Mar '234. jfl asked. 

-'.Wheat— sc Wits vi. j per cent protein 
conreni dr Sr. Lavrenev itil.U *iGi^9t. 

Afl . cents per pound ex -ware bouse 
unless otherwise stated. * Ss per troy 
ounce— too ouno- loin. : Chicago loose 
Ss per too lhs — Dent, of .Ail prices pre- 
vious day. Prfm.- si.;uui fob XY huUr 
lank care. 2 Cents p,-r 3d lb bushel **. 
warthmistf, s.ow bushel lots, ; j? p«r 
troy autKx* for 5ii or units of W ,9 rv. r 
cent purity deUvered NY, « Cents per 

fIVHv Vkfill.'., — r, .. . _ 11 


i'eficnbj V + **r -Ymrnfi.v'' + ,,r 
■■fu*e j — , eh** — 

»4^5 '+0^6 T9 AS +0.19 

87.30 +OJ0 a 2.25 -0. 10 

80.50 + 0. » 85.00 ♦ O.W 
83.00 i+O JO 87.50 -0.10 

95.70 1—0.70' +0.09 


at representative markets 


lots. : r Sc per tonne. 


. TV 


34 


FTnancfaT Times- Thursday July 27VIS7SQ 


STOCK EXCHANGE REPORT 



Equities drift back awaiting outcome of dividend vote 

Gilts also tend easier— E. Jones established 26p premium 


Account Dealing Dates 
Option 


Julv 10 Julv ISO 
July 24 Aug. :t 
Aug. 7 Aug. 17 


Yesterday saw a further con- 
traction of business in Traded 
option Options as interest in tbe equity 

'First Declare- Last Account mar |;pt waned. The total number 
Dealings tions Dealings Day of contracts completed decreased 
Julv 21 Aug. I to 37 0 compared with the previ- 

Vue 4 \u- 15 ous day’s 46S and the record 1.349 

js \u« 30 achieved just over a week ago. 

■ u '" 1 v Nenriv 40 per cent of yesterday's 

-■•new Ume " dealings ma» lake plate tr3( j e «as transacted in tWO 

rrgm 9J0 a.m. iwe biit.mst day* earlier. srocks _ CrawJ Met, 76, and JCI. 

Equity markets took stuck or <5. A statement is expected soon 
their recent rise and cased only as to which new slocks will join 
marginally in the lirsl hour of the existing ten. 
business but became a' litrle _ . JT . 
appreheitrirc ahead of todays GrilialayS Deiter 
voio on the dividend control Dill. Thc n);|jor clearing banks 
The lone .Yuftcncd c\«t further n|OUfd carrot, ly in thin trading 
hde following the TEG General d c | use< j easier for choice. In 
Councils opposition to the front Df l0liay - s inWriw results, 


Governments l/rouoswl 5 per cent ^ rela%s clr , se j unaltered at 330|», 
hum on pay increases in Ehase wb jj e Midland, which conclude 

°. ur -. , . , the inlerim dividend season 

lasmm.onaf operators rarely { omArr0Wi cheapened 3 to 162p. 
isplayed interest in either lead- ended a like amount 

ig or good-class secondary ( ower ; i t zTfip fo flowing comment 


3 more to 200p. while Albion 
jumped 4 to 19p in response to 
the return to profitability in the 
first half year. Reflecting the 
sharp profits recovery. Kosgil] 
gained li to I8p. 

In Electricals, Philips' Lamp 
closed 20 cheaper at 900p in 
sympathy with the decline of the 
dollar premium. Laurence Scott 
shed a to 103 p on disappointment 
with the preliminary figures, but 
small buying in a thin market 
lifted Fame 11 Electronics 10 to 
320p. 

The previous day's pattern was 
repeated in Engineerings with 
secondary’ stocks providing the 
features. M.L. Holdings touched 
153p on persistent speculative 
support before dosing 10 to the 
good at 148 p and Stothert Pitt 
continued to reflect recent pro- 
perty revaluation news with a 


Hotels and Caterers, rising 6 to 
I65p for a two-day gain of 10 in 
further response to the chairman s 
statement on the company's pros- 

E ects; Pension Funds Securities 
ave exercised their option on 
behalf of the ICI Pension Funds to 
subscribe for 2,156,15$ ordinary 
shares at 90.6p per share. 
Jlyddleton rose 10 to 270p In a 
restricted market, but profit* 
taking following the results left 
Wheeler's Restaurants 5 cheaper 
at 3o5p. 

Miscellaneous Industrials 

marked time yesterday awaiting 
the outcome of today's vote on 
rhe Government's dividend Bill. 
Prices generally traded around 
overnight levels but. an easier 
inclination became apparent on 
the afternoon announcement of 
the TUC's strong opposition to 
l he Government's proposed 5 per 


.stocks* thus an attempted midday h un j ns pirmg tirst-hair 

rally faltered to leave closing ™ ;ind Uoyds also 

losses generally /inured to Jour- r Ji, nciU istied 3 to 2«0p. Elsewhere, 
pence. Situation and speculative c rin dl a vs were notable Tor a 
issues failed similarly to attract fresb „aj n 0 f 4 to a 1D7S peak of 
any worthwhile support, a move ^7p in response to comment on 


reflected 


u reduction in the 


■icnnecl -ome So times on 

lies (ion. (he shares opened at , c f^llowln*’ a 

' and. in relation to the size «« T ffi-"’' «f 

>"» u» « 


nT the loan talks with the 
Norwegian Guarantee Institute, 
ilambrns gave up 6 to KHp. 

Insurances plotted an irregular 
course. An unsettled market of 
Press revelation 
London is to 
investigate Ifie company's involve- 
ment in events which led to a 
between the Sasse 


Trading announcement* 
bnnsted a few companies includ- 
ing luidbruke. up 6 .it IlJ5p in 
response io the forecast of 


. , , , . the sharply higher half-yearly 

"«!"»**«■ bargains marked, at p ro /if S -_ still awaiting the outcome 

— r «1wi I n tnlkc Idifh tho 

Newcomer Ernest Junes 
t Jewellers), however, staged a 
highly satisfactory debut: over- 
subscribed some S3 limes on 
application 
144 p 
of ! 

between 14iip and 14Up before 
settling at 14 lp for a premium T'"' ' 

of 2«P on the issue price of Hop. “y n ‘ d j‘. : ,te am i a Brazilian 

a ' i<1 insurance group. Brent nail Beard 
picked up 2 to 34p. 

Breweries dosed marginally 
, .. easier. while Amalgamated 

increased pn.HK and }«sper. , )isink . d Products lost 2 to 33|» 
which rose I.) to I.i_p following dcs||j|| . lbe trading recovery, 
news of i he sharply higher Comment on the previous day's 
interim earnings and the en- jlm results left Taylor Wood* 
couraging statement on prospect*. g klWer at while a lack 
The recent mne-day firmness in J sulJ|1 „ Pt 1eft othC r Building 

KSkkKf Jrf 


usually oy ; io me near-.snon ■■■- - — 

tap Exchequer 10 per eent lfiS:;. «*«» * P™"* lo 14 *£- b “ l 
act i\ a ted by the iui ho rif.es on HAT Group round support and 
^ Tuesday at 45,’*. eased fractionally improved lj to .-P- 
to -4.1: the final call of £50 on the >majl selling left ICI 6 easier at 
slock is due tnnmrrow. tJSop. but Fisons held steady at 

Corporations registered liltle 3'iop Dividend considerations 
surprise with the oversubscription lifted b ^' nt Chemical J to 18ap 
of the £33 ni Camden issues; the y nd William Ransom 12 to —12 p. 
I2. 1 per cent 15IS5 .slock is tfi e latter in 3 thin market, 
expected to command a premium Carless Cupel improved 2 lo 34 p 
of around J when dealing'' begin on speculative interest, 
today, while the Variable rate VJS3 . Gp *>•"> ihe previous day follow - 
is likely to start at 1 premium. inc news or bid approaches. 

Investment currency was again Bourne and Hollingsworth on- 
sold hcaril v and the premium countered profit-taking and shed 
fell to fl6 per cent be hi re revived 12 to ISSp as the market awaited 
support provoked a brisk two- further news of the discussions, 
wav trade and a rally to 971 per Elsewhere in Stores speculative 
cent. This represented a fresh support was still forthcoming for 
loss of over two points on the other secondary issues such as 
day and of over ten points in the Waring and Gillow. which rose 4 
past three trading days. Yestcr- more to 121p. and Grant Bros., up 
day's SE conversion factor was 2 further to 92p. S. Casket put 
OrtSSii (0.67SS). on 4 to 45p and Wallis improved 



fresh advance of 7 to 214p. Porter 
Cbadburn gained 5 to HOp as did 
Simon, to 237p, white Butterfield 
Harvey added 4 at 71 p. Davy 
International, however, shed 7 
more to 255p following comment 
on the annual results which fell 
nearly £2m short of market expec- 
tations. Howard .Machinery gave 
up 2 to 24p on further considera- 
tion of the reduced interim divi- 
dend and first-half profits. Sup- 
ported of late on the belief that 
the group will be able to benefit 
from the Government’s new 
dividend proposals, John Brown 
softened 4 to 41tip. 

Vos per featured Shipbuildings 
with a rise of 15 to l!)2p in 
response to the encouraging 
interim statement 

Awaiting today's preliminary 
figures. Fitch Lovell became an 
unsettled market and reacted 3 to 
6Dp. Elsewhere in Foods, light 
profit-taking clipped 3 from 
Bernard Matthews. 164p, arfil 
Bluebird Con feet ionery. 80p. 
Somportex. however, edged for- 
ward 3 more to 73p on the sub- 
stantially improved earnings. 
Spillers closed without alteration 
at 32Ip following the annual 
general meeting. 

Ladbrokc continued firmly In 


cent pay limit. Glaxo closed 4 
lower at 3S5p and Reckitt and 
Coiman ended 2 off at 4$Sp. Else- 
where, reflecting the sharply 
higher annual profits and the re- 
turn to the dividend list. WIA 
rose 5 to 42 p. while Ccmreway. 
15 higher at 'JHUp, also benefited 
from beuer-than-expecied results. 
Awaiting further news of the bid 
approach. Peerage of Birmingham 
edged forward a penny mure to 
lj3p. after B5p. and Thomas Witter 
hardened a penny to 49p follow- 
ing news that a large sharehold- 
ing has changed hands. Kairbairn 
Lawson hardened 3 to ii2p-on an 
investment recommendation and 
comment on the preliminary re- 
sults helped Maearlbys Pharma- 
ceuticals to put on 7 more to 
imp. Pholo-Me jumped 27 to 325p 
on revived demand and lloovcr 
A improved 5 to 3U0p; the latter'* 
interim figures are due on 
August 3. Among firm furniture 
issues, Parker Knoll A rose 5 to 
ll3p. Investment currency influ- 
ences prompted a fresh fall of 2; 
10 £66c in Schlumberger. 

Noteworthy price movements 
were few and far between in 
Motors and Distributor*. Lucas 
Industries finished 4 ea>icr at 31(lp, 
white Harold Perry, at 119p. gave 
up 3 of the previous day's rise 


of p. On the bid front, Man- 
chester Garages closed a shade 
harder at 35p on the increased 
firsi-haff profits. 

On a smaller turnover. Asso- 
ciated Newspapers, 18 ip, an “ 
United Newspapers, 342p. found 
support and firmed 3 and 4 re- 
spectively. while Pearson L°P£- 
man. subject to an offer from 
S. Pearson, held steady ac 24$ p. 
The rejection of the offer oF 63p 
from Starves! Investment by the 
independent directors of T ridant 
stimulated little interest and the 
close was unchanged at 69p. 

Dealings in ThomMin Organisa- 
tion arc expected to be resumed 
today following details which were 
released well after the market's 
dose of the proposed reorganisa- 
tion through a new Canadian- 
based parent holding company. 

Following the previous day's 
fall of ‘J on ihc new* of the* 
breakdown nf hid discu.^ions. 
English Property improved a 
penny to 3Sp in her Properties 
barely moved from overnight 
levels. Stock Conversion how- 
cwr. standing 4 higher at 2(Wp 
awaiting- the annual results, 
reacted immediately on the 
anouncement to finish a couple 
of pence lower on balance at 2(»flp. 
Elsewhere. Jermvn Investment 
gave back 2 of the previous day s 
gain of 4 at 3Sp. but Regional 
closed that much io the good at 
76p. 

Oils quietly dull 

British Pen-oleum. quietly 
traded, shed S to 864|> in late deal- 
ings following a lower opening 
on Wall Street, hut Shell main- 
tained the overnight level iff 3fi0p. 
Lasnm ~Ops“ alt rac» cd _ further 
small buying and firmed 15 to 3ii5p 
for a iwo-duy improvement of 30. 
In contrast. Sicbens tL'K) 

cheanencd 6 to 394n <>n a lime 
profit-taking and Royal Dutch 
cased II points to £4f»,- on dollar 
premium influences. 

Awaiting lodaj's preliminary 
figure.*. InchcaiM? declined 7 to 
3!Wp. Other dull spots in Over- 
seas Traders included Great 

Northern. 2' point* off at Did. and 
•sime Darby. 4 cheaper at 10>p. 

Invcstmcni Trusts were 

cone rally quiet and little changed. 
Cuiledonla Investments proved an 
exception at 231p. up 12. on small 
buying ;r a restricted market. 
Japanese issue* continued firmly 
in the wake of Pros comment 
with Jardinc Japan closing :» 
better at lfi2p. Currency influ- 

ence.-. however, clipped li from 
Rolineo at £46 > and 2 points from 
Robevo at £59. 

Furness Withy became an 
erratic market in idle Shippings, 
briefly touching l’49p before 
easing to close 3 better on balance 
at 24 6p. James Fisher firmed 5 to 
1 H.?p as did Hunting Gibson, to 
I Lip. 

SOI ! reflecting the dividend 
omission and profits setback, 
Harold Ingram reacted 41 to 29 p 
for a tv.o-dav loss of 9. Courtaulds 
ended 2 off at 1 !Sp. while similar 


falls were seen in RIchanIs. 2lp. 
and Cawdaw, 30p. Against the 
trend, Dawson International rose 
7 more to I49p on revived specula- 
tive interest. 

Plantations, had an easier bjtw. 
Following the recent good rise, 
Guthrie came on offer and gave 
up 6 io 3fi7p. Losses ol ■> were 
seen in Castlefield. 240p. H ,,{1 
Williamson. l7Sp. while 
Luuipur Kcpong shaded J to .op. 
Jokai mid Longboiirne. which 
following the merger will no 
traded from today as Lawne 
Plantations, were quoted at oj»P 
and 375p respectively: the prices 
shown in yesterday's issue were 
incorrect. 

Golds give ground 

The further decline m tile in- 
vestment dollar premium aneclcd 
all oversea* mining markets, 
exacerbating price reactions in 
generally .subdued trading. 

South .\rrican Gold* lost their 
early firmness, with prices drift- 
ing off after ihe announcement 
of the latest L'S trade vlelicit, hut 
they closed oil the bo l torn. The 
Gold Mines Index retreated -»•» 
more to l7ti.fi. 

The market was given little 
guidance by the movements of 
the bullion which eventually 
closed unchanged at $194,375* an 
ounce. 

West Dries and Western Hold- 
ings both fell ; to £21 s - and £20$ 
respectively. while HartebcCritt 
were -I easier at £f3f. U'ilnfecl* 
hank lost 30 to S01p and Buffels- 
fonlein declined 25 to 9filp. 

A slightly lower trend was also 
widen! among the South African 
Financials w«h Anglo American 
4 softer at »24p on .small Gape 
selling despite the encouraging 
picture painted in the annual re- 
port. I>e Beers were again easier 
in slcrling terms, down 4 at 3S0p, 
but they held *teady hi New York. 

With a strong performance in 
Sydney overnight, Australians 
had a firm undertone and falls, 
as in Pan co n linen la 1. which was 
i easier at £131. an d in Pcko* 
Wallsend. which lost 7 to 530p. 
were caused by the lower pre- 
mium. 

But there were advances for 
some of the participants in the 
Ashton diamond venture. Conzinc 
Hint in to of Australia were S 
harder at 23Sp and Northern 
Mining gained 2 to 115p. 

Some of the smaller speculat- 
ive stocks came over strongly 
from Sydney and ihis allowed 
North West Mining to hold a gain 
Of 4 to 3fip. 

Among the London Financials. 
Consolidated Gold Fields were 
the feature, appearing in the list 
of active slocks. After holding at 
ISSp. the share eventually slipped 
to (Sop for a loss of 3. in line 
with the gold share market. 

Among Tins. Geevor were un- 
changed at 135p after ihcir higher 
profits and dividend announce- 
ment but trading through the 
whole sector was light. 


FINANCIAL TIMES STOCK INDICES 

- -- Julv Jim . Job iA« 


Ifiivrminrfll 

Turd . — . — 

!n>iim r W 

lirV.I Miiip* 

On!. Pi*. Vim 1 . 

Ennuiii">Y'*I'Sltu ,: i:* 
P. k 


7Q BS Vt O? 
IS 21 73 35 
ABS.Q 4$5 4 
170 6 ITS. 4 
5.91 »47 

16.71 16.60 
799 8.03; 


~Jvb "i A tmf; 

Ia : : ;hb - 

tow ~7D.?a TO.tff 7a3T~e?.$& 

72.03 71-70 71.BT 7UWJ 

435 9 479.9 «TOA 4fi7.T 4J4J1 

180.5 173.0 l?V.T 194.V UftA 

5.30 S 64 5.64 B.«F- V.ft« 

16.68 16.81 17.14.. *7.63; • 18.48. 
8 0L 7M Tis IW -|.ij 


0.»9 8.430= 4.03a 4.4» *.*«• «I*'C Hi 

~ '■ 04 51 ^ «■<•_ 
... w^.n-tes- 

Mia li am 4St I* :;-on *^ 1 -- l ** <“4* 

J JKII ««* J. 5 DIP 4^ t- 

Latest OX-tMMN. ^ 

* R,«a 7? ai-r cr(*r iwpursiiwi ! J * t N2— 7.NX v. ... . . 

vSiKil 17.0 jA Sk A(4vuV JuiS L's*. I9C- ....... •. .. 

s.e ACTivmr 


highs and lows 

Sinn- t< uqillaKn* 


li*i3 


tinrt. Hwm— 
Fim»1 Ibi.»- 

In i. OM 

Mint*. 


B«k 

!w 

i Dish 

! low 

78.3B 

li 

68.79 

ICO 

127.4 

AO 18 

f.> ] 'ii* 

81.27 

i8l< 

70.75 

;ri rii 

150.4 

■iY i !.*',= 

80.53 

W » .3! 

497.3 

455.4 

;, J it 

549.2 
.la :i.;h 

49.4 

1BO 3 

• . ' j . 

150.5 

•42.3 

4J.5 


, Jnty. *. JiBy 

; a -i; . a 


. -Many 

itM-Lugwt^i lur mt 
Iiuiualras.... I93.S .194,9 
i ^prrw'etlvc... - K| 

Al 7.6 ; U4.Q 

Mm Wmst ' 

liLU^Kt... 1(11.3 i 13*4 
, irsIiMlre.^.., 1K9.S , HUt.7 
- 44.0 ’ .4941 


OPTIONS 


First 

Deal- 

ings 

July IS 


DEALING DATES 
t^ist Last For 
Deal- Declara.- Settle- 
fugs lion incut 

July 31 OcLl2 Oct 24 
Aug. 7 Aug, 14 OcC.28 Nov. 7 
Aug. 15 Aug. 23 Nov. 9 Nov. 21 
For role indications see end of 
Shore Injormnliun Service 

Money was given for the call in 
Burraah OU, Cora! Leisure, 


English Property, l Cl, Mohan* 
(UK), W. G. Frith, Let Service, 
KCA IntcrnatloiuiL ConsoHdetcd 
Gold Fields SiKermftws, Nor- 
west Holst and Lonrho. A -put 
was done <R Booker Bros^. w-hil* 
doubles were arranged ul. B ooker 
Bros.. British Land, Bumah -Oil. 
Hong Kong Land and EngUsh 
Properly. A .short-dated call- and 
double were transacted in iRter- 
nalional Computers. 


EUROPEAN OPTIONS EXCHANGE 



Series 

Vht. 

Vll). I AM , 

Wl. 

Jail. 

I«>t 

*V.!. 

A;r. 

. Ia*X 

;. sum* 

AKA 

KZ7.50 

10 

4 





P30.30 


130 

108 

2.50 

50 

- 3.50 

IB 

4.20 

4 • _ 

Ak/. 

F32.5D 

JO 

1.20 

59 

z.io 

2 

2.70 

■pibIso 

\i:H 

1-80 

_ 




3 

. 1 90 

EK 

S45 

2 

15 

4 

15i; 


— 

SBO*i 

KK 

6S0 

17 

10)0 

2 

, lOli 

26 

8*1 

It 

Kk 

SbO 

42 

4 

IB 

5 : 

- | 

KM! 

■v"5 ' 

8 

i’-i : 


' 



*241? 

»•> 

>■32.50 '■ 

11 

3.20 



6 

• 8 

.736 40 

Hu 

K35 

10 

. 5.30 

5 

4.20 


-- 

• a . 

)(•» 

K37.50 | 

10 

1.40 ; 

20 

. 2.50 ■ 

._ 

i — 

.• 

1HM 

5240 : 

s 

j 34 ; 


. — f 

— 

' — 

: 8873*t 

HIM 

N2bO 

1 

■ 17-4 1 




•- 

i. 

HIM 

N280 

1 

. 6-h. 

Z 

10 ‘ i '• 

10 

141, 

1 rjoi.po - 

kf.U 

1*140 

6 

24.50 

5 

26 : 


-■ 

KI.U 

riso 

4 

17 

5 

19 ; 

— 

\ w— 

1 M 

kl.M 

KlbO 1 

56 

10.50 ■ 

7 

15 • 


* — 

i 

hi.n 

FI 70 

28 

5.50 

18 

9 

— 

— 

„ 

kl.M 

K 180 

48 

• 4.50 ' 

10 

B.JD . 

— 

: 

! - 

kl.M 

F190 

. _ 


IS 

5 


— 

i§ 

Kl.M 

F200 


1 _ 

51 

2 90 : 

-- 

1 


kl.M 

1-220 

2 

. 0.70 

52 

, 2 50 • 




N\ 

F9S.90 

4 

i 7.50 ■ 

. - 



- 

• >105 

>\ 

yi io ; 

. - 

; — 

— 

; - / 

6 

; 5.50 

: 

PHI 

F22.50 1 

__ 



! — .i 

1 

t 5.40 

ra6 3o 

PHI 

>27.30 1 

J 

; o.6o i 

61 

i i.20 : 

6 

: 1.7& 

84741 ■ 

('(.*(• 

540 

- 

■j*; 

2 

1 81, { 

-» 

' — 

t'ISD 

S45 i 

1 





kh 

>120 : 

7 

16.40 ' 

13 

, 16.50 

— 


1 135-80 

en 

Ft JO ! 

3 I 

' 6.80 

7 

, 7.80 

* 4. 

1 w- 

.. 

i:d 

K140 1 

50 

' 1.70 l 

11 

1 2.20 • 

3 

4.00 


> 

525 ! 



' - • 



‘ 

‘A 

2 

M3A» 

1 M 

pi io , 

7 

. 12.70 J 

_ 

> 



rizs-so 

I M 

>'120 ! 

1 

; 4.60 



j 

2 

8.50 

1 %l 

l M 

>130: 

.tiijc. ; 

Xm. ; 

1 

: 2.20 
Feb. 

•• 

nw 

520 

2- 

.- llj 1 

5 

i 2S * 

— 

i 

520*, 

t»\V 

525 

_ . 




17 

IU 


M.« 

£90 . 


1 

1 

! a ; 

~ 


888’; 


APPOINTMENTS 


C. Aston heads Powell Duffryn 


Mr. Chistophor Aston has 
become chairman of POWELL 
DUFFRYN following the retire- 
ment of Sir Alec Ogilvie. Mr. 
Aston, whu is 57. joined the board 
of Powell Duffryn as a non- 
executive director in December, 
1977. and was appointed a deputy 
chairman. He continues as a non- 
■ executive director of Ready Mixed 
Concrete and of Rolls-Royce 
Motors. 

For reasons of ill health Sir Max 
Aflkcn has resigned from the 
Board of TRAFALGAR HOUSE. 

★ 

Mr. A. W. Clements will join the 
Board of GILLETT BROTHERS 
DISCOUNT COMPANY on August 
J, as a non -executive director. 

Mr. P. M. MrGahey. Mr. P. C. 
Pul lock and Mr. D. J. Nolan 
(upon his return from Bahraini 
have been appointed assistant 
general managers of the UNITED 
BANK OF KUWAIT. 

★ 

Mr. J. Spindler has been 
appointed a director of PRESSAC 

holdings. 

* 

Mr. Jeffrey S. Howies has been 
appointed chier operating execu- 
tive of the revenllv formed World 
Investment Banking Group of 
AMERICAN EXPRESS INTER- 
NATIONAL RANKING CORPOR- 
ATION. He also becomes 
managing director of Aniex Bank. 
The new group will be based at 
Amex Bank in London. Mr. 
Howie* wa.-> formerly president of 
Wobaco Holding Company, SA. 

■* 

Mr. Jude Spruce has been 
appointed chief executive oF 
S J LENTA! I G I IT CABINETS. He 
w.is formerly sales director with 
Ihe company. 

■k 

IVoTessor P, G. Sammcs has 
been appointed to the chair of 
organic chemistry at LEEDS 
UNIVERSITY from April 1. 1979. 
Ho was appointed the first pro- 
fessor in Organic Lhemisiry at 
City University in 1975. 

k 

Briti?.h Rail Shipping and lnlcr- 
naiiona! .Scmce.-i Division has 
atipiiimcd Sir. Derek Roberts as 
chief traffic manager. CONTI N- 
EYI'AL A .YD Ct LINN EL ISLANDS 
EF.K VICKS, from August J. He 
wa< previously chief traffic 
manager of Irish and Isle of 
Wig lit Services. 

■a- 

Mr. J. B. Davis has been 
appointed to the Board of 
ASSOCIATED LEAD MANUFAC- 
TURERS from September 1. 

* 

Mr. Gordon Amery is to take up 
- the appointment of general 
■manager, ccnlraf laboratories, of 
the CO-OPERATIVE WHOLE- 
SALE Society in Manchester from 
early September. He is at present 
with Cadbury Typhoo. Mr. 
Amery, who will report to Mr. 
Maurice Bromilow, ‘food con- 
troller. will also become managing 
director of Pesloxin, a CWS sub* 
sidiary. 

* 

Mr. T. D. Mitchell has become 
a partner in G1TTINS AND CO., 
stockbrokers. 

+ 

Mr. Kenneth Dibben has been 
appointed to the Board of Ihe 
KALAMAZOO GROUP, as a non- 
exevutnc director from August 1. 


Mr. Dibben. who was a director of 
Hambros Bank, left that bank 
earlier this year to devote more 
lime to his private business 
consultancy interests. He is 
chairman of Bowcom Electronics 
and H3ntscon International. 

* 

Mr. Roger L. AnindaJe has been 
appointed a director of the 
CHESHIRE BUILDING SOCIETY. 
He is financial controller of 
London Scottish Finance Corpora- 
tion and a director or London 
Scottish Banking Corporation. 

* 

NATIONAL WESTMINSTER 
BANK has appointed a marketing 
manager for each of its eight 
regions as a further move in Ihe 
development of marketing activi- 
ties. They are Mr, A. D. Phillips 
(Cityj, Mr. F. W. iXurcross (West 
Endi. Mr. G. W. Brown (Outer 
London), Mr. 1). Blount lEastern). 
Mr. J. B. Cross ( North l, Mr. D. C. 
Griffiths [South-East t. Mr. M. J. 
Godsiand I South-West l and Mr. 
F. Griffiths (West Midlands and 
Wale-si. 

k 

Mr. J. 1). F. Drum, group 
secretary. SIME DARBY HOLD- 
INGS, has transferred his depart- 
ment from Singapore to Ku3la 
Lumpur. Mr. F. C. Whiting will 
join the company in Kuala 
Lumpur on September 1 as group 
.secretary (designate) and will 
take over as group secretary early 
next year when Air. Drum returns 
to the UK. 

+ 

Mr. Michael Cranston, group 
management accountant in P & O 
since May. 1977, has been 
appointed financial director of 
member companies BISHOPS- 
GATE INSURANCE and LEADEN- 
HALL INSURANCE. 

*■ 

Mr. G. W. P. Gamble has been 
appointed by the ROYAL TRUST 
COMPANY. Montreal, as assistant 
vice-president. European region. 
He will be based in the London 
offices of its UK subsidiary, the 
Royal Trust Company of Canada. 
k 

The Secretary for E dues lion 
has appointed Sir Frederick 
Dninton ns chairman of the 
BRITISH LIBRARY BOARD for 
four years from December 3. 197S. 
He vi ill succeed Viscount Ecelcs. 
Sir Frederick is at present chair- 
man of the University Grants 
Committee and his term of office 
ends on September 30. 

* 

Mr. J. S. Martin has been appoin- 
ted to the Board of the ATHOLL 
ASBESTOS AND RUBBER COM- 
PANY from August 1. 

* * 

Mr. F. C. Judge is to become 
manaftins director of ARGOSY 
FENTON from July 31. Mr. L. D. 
Salmon has been made Commer- 
cial director. The parent concern 
is Halma. 

* 

Mr. B. E, Colton has resigned .is 
executive chairman and ehief 
executive of SAMUEL QSBuR.N 
AND CO , and as a director of its 
subsidiaries and has been appoin- 
ted president of Osborn. Mr. A. 4. 
Wait. Mr. A. L. Wallis and Mr. 
A- J- Lb ugh land have joined the 
Boards of Osborn. Osborn Steels. 
Usborn-Mushet Tools, and Samuel 
Osborn Overseas. Mr. Watt re- 
mains managing director of 
Aurora but as an interim measure. 
Mr. R. Atkinson has assumed 


direct responsibility for Osborn 
and its subsidiaries. Mr. P. B. 
Spark and Mr. P. Baring have 
resigned from the Board of 
Osborn. 

Aurora Holdings acquired a 
majority share in Samuel Osborn 
and Co. on May 15. 1978. and now 
holds approximaely 98 per cent of 
Osborn's jssued share capital. 

k 

Mr. Eric Dancer, deputy chair- 
man of the furniture division of 
CHI INDUSTRIES (UK), has 
joined the main Board. Mr. Ian 
Moorcock, sales director of Blue- 
stone Furniture, becomes director 
of sales of the furniture division 
and Mr. Jack Warren, sales direc- 
tor of Evans Bellhouse, is now 
deputy director of sales of that 
division. Sir. Christopher Bolton, 
managing director of Evans Boll- 
house. takes additional responsi- 
bility os managinc director of 
Bovvker Brothers (Clitheroe) and 
Mr. Arnie Kosky is now director 
of marketing of the furniture divi- 
sion. Sir. Peter Ireland has re- 
signed as managing director of 
Bowker Brothers (Clitheroe) and 
Mr. Paul Tehbutt has resigned as 
sales director. 

★ 

HOVER1NGHAM GROUP has 
made the following internal pro- 
motions: Mr. K. A. Pitchford and 
Mr. P. H. Ward as members of the 
group management committee. 
Mr. G. Wilson and Mr. A- D. 
Tunbridge become alternative 
members and will respectively 
deputise for Mr. W. J- Sheppard 
and Mr. R. Whiteside in their 
absence. Mr. Pitcfaford has been 
made chairman of Hoveringham 
Gravels (Midlands) in addition to 
his position of managing director. 
Mr, Ward is now chairman of 
Hoveringham Gravels (Northern). 
He also becomes a director or 
Hoveringham Stone and will tajte 
over as chairman on April 1, 1979. 
Mr. Wilson has been appointed 
managing director of Topmig. 


Caledonian 

plans 

new head office 

BRITISH CALEDONIAN Airways 
is seeking planning consent 
from Crawley Borough Council 
to build a nine-storey office block 
at the County Oak roundabout 
near Galwick Airport. 

The 5J-acre site Tor th e air- 
line’s new headquarters is close 
to the London-Rrighton road. 
Part of it used to be Crawley’s 
coach station. 

Work on the air-conditioned 
building is expected to start in 
ihe auiuinn of next year, and 
be completed early in 1981. 


RISES AND FALLS 
YESTERDAY 


British Fund* 

Up Dawn Same 
4 U JU 

Corpus.. Dom. and 

Foreign Bond* 

IS 

i 

Si 

Industrial, 

289 

385 

944 

Financial and Prop. 

106 

97 

312 

Oils 

4 


U 

Plantation 

2 



Minor 

15 

>2 

31 

Recent 1 truer 

7 

5 

30 

Total* 

®7 

579 UK 


NEW HIGHS AND LOWS FOR 1978 


The following fccuritie* ousted in :he 
Share Iniormation Service vesterday 
attained new Highs and Lows lor 1978. 

NEW mens (128) • 

BRITISH FUNDS (1) 

BANKS <3) 

BEERS '11 
BUILDINGS iS) 

CHEMICALS 15) 

DRAPERY & STORES (101 
ELECTRICALS 161 
ENGINEERING i9» 

FOODS I*. 

MOTELS »Z) 

INDUSTRIALS <20* 


HanimcK 


NEWSPAPERS 121 
PAPER A PRINTING ill 
PROPERTY «. 
SHIPBUILDERS il> 
SHIPPING C1J 
SHOES IZ) 

SOUTH AFRICANS >11 
TEXTILES IS/ 
TRUSTS 1*4 1 
MINES 13) 

NEW LOWS (2) 

INDUSTRIALS i1> 
SOUTH AFRICANS O) 


ACTIVE STOCKS 

No. 


Denomina- 

of 

Closing 

Change 

1978 

15)78 

Stock 

tion 

marks price ip) 

on day 

high 

low 

'ICI 

£1 

13 

385 

- 6 

396 

328 

IBATs Defd 

23p 

n 

277 

- 1 

296 

227 

Distillers 

o0p 

9 

192 

- 1 

193 

163 

Ladbroke 

lop 

9 

1H5 

+ 6 

215 

155 

iBeecham 

25p 

8 

67S 

o 

680 

583 

Jones (Ernest). ... 

lOp 

S 

141 

— 

146 

140 

Metal Box 

£1 

8 

33S 

— 

338 

288 

Shell Transport... 


8 

550 

— 

5S6 

484 

Burmah Oil 

II 

7 

72 

- 1 

73 

42 

Lucas Inds 

£1 

7 

310 

— 4 

31S 

240 

Boots 

23p 

6 

213 

- 1 

231 

1S4 

Cons. Gold Fields 

23p 

6 

1S5 

- 3 

204 

163 

Gulhrie 

£1 

6 

367 

- 6 

373 

211 ' 

Nat West 

£1 

6 

270 

- 3 

298 

250 

Royal Insurance 

23p 

6 

3S0 

— 

423 

343 


RECENT ISSUES 


EQUITIES 


Ixyue 

(Tirt- 


1978 


J- i«s-f 

■ [ “ ‘ BLeh i lavr | 


Stock 






75 

l K.P. | 

! 30/61 X* 

rS> 

'bniin/J lUb.. 

, BSlj - ly 

/4.5 3-1 

7.7 4.7 

55 

| K.I*. | 

31/8! 75 

71 

'Cnrtier* rfur^rfinit? .... 

75 

. -1*2.41 3.1 

4.9 6.7 






12 


_ 

100 

! Kiel 

1 S/7 j Ifll ■ 

13L' 

,'biimr'liern' 

165 

. -.2.64 3.0 

2.5 15.5 

85 

1 F-f- 

24i8| 91 ; 

83 

H mu In- LVtr. irt-* 

86 —1 

4.65 3.0 

8.2 6.1 

1X5 

; F.l\ 

-1 1*5 ! 

140 

Junes (E.) iJe>r Ira*rl0|i 

141 

*5.5 2. 1 

5.8 12-2 

V*4 

, K.I*.! 

- 1 it. | 

Ji 

:Vln<iiiir- l*lv»"*»i 

35 

. 2.3. 

8.7; 7.6 


FIXED INTEREST STOCKS 


J 

Is is! 1978 1 

it i 

- 




leHQnnsa 



» ■ i _ 

• * ' v. r\ 

■ • , r.r. 
E98 l£S0 
£99.4) K.P. 

sioo F.r. 

n 1*10 
100f.r K.H. 

£ioo ! p.i*. 

ItlST.’SS V. 

i; . f.i> 

■ * i M\ 
•» KI-. 

* * : y.v. 

I F.!\ 
K.l'. 


r _ I 951*1 
128/7 i 
1818 

22(9 Mlji 
! — ! *»'«( 
SHlUi 


I 1 19 
16/& 


** 


109 •' r.v. 

£99 K.l* 

C98Um£45 .20i 10' 

B99 1^0 .91.7 i 
<100 t.l 


I0r 3 
lL>*|/ 

«ij 
105 1*> 

■ — 

21. 7 lOsi,. 

— . as : 

9)8 • •*>! 

*1- 

llW ■ 
4* ia. 

&02; 


1*28/7 

. «2a.-a 

21.7 


21.7 


94jrAirfl.ur streamline, 10“ rn 94pj „.... 

e«(JAiiicii Lmliiei k*r« &8j4 ....„ 

9 1(/ .Vi heal J.-rtnilen Vi Kret I 92pl 

4" I Oantvt lL; IhM. lari - 5Ha| 

89 !(lirmm>.lMfii Vnr Kale ti-tS 98 lj. 

SU7lj IW.*bj^l..iit. B.1-. 1984 ..._ S97t,l _.... 

lija-ilai-l Wal.;r 1% Ked. l*t«. 19i3 LO^I 

la~.‘ini(.vlCVti^rlJailCumPrrl. 205 f* 1 — ... 

9i4fl')UliMbiiieh Vnr. IUtf 1.4£4 ■ 99!*j 

**iii t-M/i Watt,*! lleii. t'rei. tlft’o....— 98lt ..... 

93ij Ksinit-ir K*i*. 15.cOJ. L'et>, , 98^, + >t 

W||--IK N>aMiiiji- 10s I’rei..... 97|* 

r'i|. Vlan-hiriel Kiel - 89iai..+ la 

lOlj. Miiiii l ► l llt,Kt«fl 101(", 

co U.«.;».vn l'4» Iknir I'ihii'. I ii\ 8S j 

5i4|. \|iin-0'Ki.u*l« lu^kinl Luui. I*irl 94|- 

97i.; )V-lL.«* 10g l*»( , 98|. fl 

iOiii.1!.— t.n». 11^ l'i«v J07|. 

*rt)4. • elh hi V«r. Kill I(e*i. liA-v 99 U 

43 'S«a.l lHrn.l-m-.oe* Lf* Itflil. )9*7 44 

49 -smith, (yucrple li.J'i, !£«•(- 4fli< 

SStJU'Tlinrn lull. Km. 7% (a<n\. UKt S98L 


£S9i ( ' K.l*. 
i3&t-'i:25 

: — • ^j- 1 ! WStjj'VuniirtBrtirtli \ amblir vAo 

15, -9! 26i,i 24 '«Vt Kmii H’nt-r lr% (Jo !■. ItHH 

995 B 

24tj ! 









' 

u RIGHTS ” OFFERS 



Issue 

ITiue 

pr 

S5 1 ; 

i — | 

U \ 

1 LMtni > 

Keiium-. I 1978 

lteu? 1 i Slwk 

« l • jRitib 1 low j 

•Ci(>'inu 
: Hncu 

, f- 

+ or 


SA2.76 Nil 


6 

28 

15 


Nil 
F.K ; 
F.H.j 


141a, F.i'.i 
35 i Nil 
K.l*. 


108 

73 

70 

30 

JO 

110 


Nil I 
Nil | 
Nil ! 
Ml I 
Ntl i 


16/81 
88,7 
18)7| 
26,71 
26/7! 
2/8' 
14/7 
4/B' 
10/8 
a. a 
28-7 


13/8; Slpm| 25pm 1 \S7. 

18/8)4 15 imi'ilj (an'8rMaeiid Pn censer*.. 
18/8] JKl£. itlnjBrrrikeTrr.! Knft 


18/0|l(4pmjUj4fim;L)«nmovitii Invj.; 

16/8 l^|ari|Inqiiii:hfsn u-L.Hnp(«>r 

1/9 17[)iiij Mm* i LncCW*. 

4fB| li? |u-: Honlye 

2/9 12j.in; i)|oi L.t , .l' 

21.9 Hum Sii/n Lws-li iWm.i 

1.9 |4'|iin I5J a |_»i 1 1 N.iriiHi iW. K.i 

8'9'jOV.fii -*|vnLninii 

— • 25|.iu 2t|im Tcnalt-ntiT 


1 2Qpm|~l 

j 3 la I.lii- 

37 i 

1 9pm) + 13 

18|nu 

' 16nm' 

124 i_I 5 

18[iRl- „ .. 

' 14|imj 4- £ 

13u t -i» — if 

'30»3l*ii'f+ »s 

24|.nl— I 


Kr/ unainrm Ojie usually Iasi oa* In t rtraUntl Ifvr ol nrarns 4urv. n Hgtir^S 
nasi.-n un uniFiiaciiis ruinui-. u 4<tsnmed dividend aBl1 yle j rt . u i.„ recast divii) e ivv 
cover baBi_*n am i/rpvnmis Fear's eaminta * Oividenrl an>1 *i-M iMSml on onlSmxUiA 
111 Olhei Milieu ' eaimiaiev »f>. 1S"^ o f7ro« incurs aaaiim« J • I>ae-r jifnw.* 
lor umversion or shar.is nor now rarKine Tor dividend or r/inkliiE only fflr cflstrlcted 
divide/ uls. ' FlaL'iuu unvL- io inirihc v 7 Hence «iHv orh.-rw/w inmc.il ad. 1 Issued 
ny lender. i| on.-r-n 10 hnlflcr* ol Ordinary shares an 1 " risn's " - • i*s-i -d 
bT uay of caDliallsaiion. rr Mwumum lender orlcc SS Rnintrortiiced. SS hailed 
in conoecuan with rcorsan Isa lion m.jreer or take-over UP InirftducUnn. n Issued 
in former Preference holders. ■ Allointeni tetters (or fully-paid i. • Provisional 
or partiy-paid atlounenr tellers. * With warrants. 


FT-ACTUARIES SHAKE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

CROUPS & SUB-SECTIONS 

Figures in parentheses show number at 
stocks per section 


Wed., July 26, 1978 


Index 

Sio. 


Dot's 

Change 

% 


CAPITAL G00HSI17Z). 
Building Materials (28).. 


Contracting-Constniction (2 a)- 
Electricals (15) 


Engineering Contractors (141_ 
Mechamcal Engineering^ — 
Metals and Metal FoRningdS)- 
CON SUMER GOODS 
[DURABLE) (52) 


LL Electronics. Radio T\ r (15). 
Household Goods (12) 


Motors and Distributors (25) . 
CONSUMER GOODS 

(NON-DUKABLEX174) 

Breweries 1 14> 

Wines and Spiritsi'6). 


Entertainment. Catering (17). 
Food Manufacturing (21)— J- 
Food Retailing fl5)_ 


Newspapers. Publishing 03). 
Packaging and Paper (1 5) — 

St ores (38)- 

Textiles (25) — . 


Tobaccos (3) — 

Toys and Games (©— . 
OTHER GROUPS (93). 
Chemicals (19). 


Pharmaceutical Products (7)- 

Office Equipment® 

Shipping(lO) 

MisceUaneousfSS)- 


1NPPSTK1AL GROUP (tfSI. 


22234 


201.71 
353.03 
475.22 
328.21 
179.01 
167 J3 


204.22 

243.85 

183.02 

12630 


209.63 

22923 

271.42 

257.94 

20035 


21636 


417.65 

13663 


195.97 

17731 

252.05 

11036 


20290 

288.90 

26539 


12937 

41725 

214.02 


21730 


-03 

+03 

-0.2 

+03 

-02 

—03 

+0.1 

+02 

+0.6 

+0.7 

-03 

-03 
-0.4 
-03 
-03 
—02 
-03 
+02- 
-0.1 
-0.2 
-0.6 
-0.6 
-0.7 
-03 
-L0 
-03 
-0.7 
+0.7 
— OL 


-03 


Est 


Yield 

(Mwt) 

Corp. 

TtxSSa 


Grot 

Ohr. 

Yield %| 
(ACT 
at 33%) 


17L2 

17.22 

19.77 
1430 
18.28 
1627 
17L0 

1694 

3533 

16.12 

19.66 

3531 

14.90 

35.77 
1526 
18.86 
14.05 

9.65 

19.15 

10.98 

18.69 

21.77 
18.43 
35,82 
17J1 
10.87 
18.49 
1737 

16.77 


1608 


531 
530 
4.19 
3.90 
629 
601 

8.42 

5L4 

4L8 

620 

640 

5.73 

5.94 

533 

673 

532 
4.77 
3.00 

7.76 
4.60 
730 

7.43 

5.76 
5.71 
605 
3.85 
537 
-734 
619 


533 


Est 

P/E- 

Ratio 

(Net) 

Carp. 

TbSR 


&08 

621 

735 

■9.75 

728 

734 

7.97 

8.26 

*17 

656 

7.09 

674 

935 

9.62 

939 

7.01 

9.88 

14.80 

689 

1339 

694 

5.42 

663 

62V 

7.94 

1L45 

.640 

7.09 

7.96 


642 


Tub*. 

July 

25 


Index 

No. 


Mon. 

July 

34 


Index 

No. 


m 

July 

31 


Index 

No* 


Thun. 
• July 
- 20 


Index 

No. 


22249 

MISS' 


353.79 

4MJ2 

32831 

17937 

167.02 

20335 


242.48 

ML® 

127.16 

21030 

23012 

272.67 

258.70 

20033 

217.46 

41675 

13678 

19642 

17838 

25352 

UU1 

28335 

2fL88 

26680 

130.44 

41452 

21622 


22L28 
19634 
34934 
473 J* 
32644 


178.76 

16629 

203.91 

24333 

179L4 

127.00 

20144 

228.62 

271.45 

257.41 

19936 

21539 

41672 

23600 

195.70 

179.07 

253.02 

11L04 

20235 


29L74 

26339 

12939 

41136 

212.20 


21838 I 21735 


21926 

19632 

34437 

47034 

32627 

177.14 

365.68 

292-78 

24LB5 

17685 

12664 

20652 

224.95 

265.18 

254.77 
197.42 
215.00 
41339 
23530 
MM2 
17810 

247.77 
11L44 


20032 

290.01 

26226 

X2833 

40533 

20938 


21530 


22605 

19417 

34L49 

46039 

32239 

17431 

16458 

39862 

23536 


17562 

324.48 


20238 

219.55 

258.79 

250.60 

197.74 
208.88 

482.75 
1KC3 
18501 
177.40 
24678 
107.69 
198.44 
285.96- 

259.76 
12736 
40164 
20699 


SUM 


Y«tt 

ago 

(ipfiw) 


lodes 

■Ncl 


27618 

34587 

240.06 

559.05 

25185 

157.01 

144.65 

U4M 

19131' 

15637 

105.41 

U2J2 

16913 

19696 

2U36 

16897 

26MB. 

29641 

2»« 

L&49 

15125 

20119 

.9948 

17SJ3 

245.94 

600 

103.64 

47626 

mat 


Oils (5), 


500 SHARE INDEX- 


EgpEjlSi33[gl>a^SlE3gE3aKSEaC3a 


175.46 


FINANCIAL GBOUPfl 09)- 
Baaksf© — ■ 


Ifiscount Booses (10 
Hire Purchase (51. 
Insurance i Life) Cl0j_ 


Insurance (Composite) (7)_ 
Insurance Brokers (10)-— 
merchant Banks (141— 

Property (31) — . 

Miaceflaneous (77——— 


Investment Trusts (50) . 

Mining Finance (4) 

Overseas Traders f 19). 


ALL-SHARE 1NDEX(673). 


240.76 


16733 


287JL5 


20641 

15668 


14034 

128.91 

34830 

79.96 

241.89 


109.01 


22524 

101.18 

324.23 


222.01 


-OJ2 
-0.7 
+13 
— L7 
+ 0.6 
-0.4 
- 0.2 
-0.4 
+ 0.2 
+ 0-2 


- 0.1 

-0.7 

- 0.8 


-03 


15.91 


24.42 

12.60 

1331 

2.93 

23.29 


3.08 

17.44 

16.15 


539 


5.71 

611 

838 

526 

646 

662 

431 

612 

3.09 

7.66 


432 

688 

658 


5.4S 


8*22 


620 

13.74 

10.60 

67.68 

539 


32.43 

690 

7.60 


3JL48 


16731 

288.42 

203.85 


159.47 

14036 

129.40 

34933 

1031 

24133 

108.74 


225.41 

282.92 

32672 


22236 


240*1 


16726 

38877 

203.45 

15932 

14032 

32850 

34643 

86S 

24242 

107.76 


223.98 

10122 

324.68 


22173 


238.36 


■1*5.65 

20808 

20480 


15738 

13855 

12713 

34535 

1117 

237.75 

10532 


22327 

202.32 

31190 


219.86 


23454 


164.90 

18US 

204.49 

35737 

33722 

325.74 

34835 

79« 

23547 

104*2 


220.44 

99.65 

31135 


21687 


13431. 

15330 

363.47 

324.49 

30897 

109.27 

29869 

64K 

17886 

M 


&2S 

26751 


W.» 


FIXED INTEREST PRICE INDICES 


British Government ! 

Wed. 

July. 

X 

i 

change 

xd *dj. 
Today 

xd adi 
1878 

to dale 

1 | 

Under 5 years.— 

10559 

>0.06 

— 

4.91 

2 

5-)5 years — - . ...» 

114.75 

-021 

' — 

794 

3 

Overlayears.— — 1 

KL04. 

’ -024 

050 

821 

4 

Irredeemables—^. 

127.49 

—0.43 

— 

724 

5 

All stocks. „ . 

11333 

-0.16 

0.19 

636 


FIXED INTEREST 
YIELDS 

Br. Govt. Av. Gross Red ' 

Wed. 

July 

26 

Timm, 

July 

, SS- - 

Year 
.ago ■ 
tartrexJ 

1 

Low 

5 years.-. 

8.70 

. 0.69 

..ru 

2 

Coupons 

15 years...... 

- 10JI 

■ 10.77 

2L4S 

_3 


25 years^.....^. 

1152 

11.47 

1210 

4 

Medium 

5 years. 

. 1125 

1U7 

1011 

5 

Coupons 

15 years. 

12.03 

1L90 


6 


25 years 

2204 

2ZJ4 

1293 

7 

High 

5 yuan. 

nil 

1L45 

UM 

8 

Coupons 

15 years..., 

2AH 

22J2. 


J. 


25 yesra^. 

12.70 

12J5 


10 

IrredeemablM. 

JUL 

3i52 





VH.. July, » 


! XtiiU.r 
| Julv 

1 21 

1 1 

Tlmre. j Writ. 1 
July ! July , 
3u i 

r • I • ; 

Tut*. ! Men. 
July ■ Jul>- 

• M ■ 11 j 

m,- 

Index ; YifUl 
N... 1 

fgaEif 

15 

-0-yr. Bed. Deb A Loans (15) 

57.17 1(12.98 

57.16 ' 57.00 

58.91 ; 

56. BS 

67.02 

56.99 1 55.94 

r 

16 

Investment Trust Prefs. (15) 

51. BO i 13.64 

51.80 j 50.82 

50.82 . 

50.77 

51.04 

81.55 51.31 

1 Offttl’- 

17 

Coinl. and Indl. Prefs. (30) 

70.01 ; 13.23 

69.94, 69.79 

69.50 i 

69.50 j 

59.99 

70.04 ; 70.04 



t Redemption yield. Hlshy ud lows record, bm dale* and values amt constituent Changes m 














• Jj r.ir- > v*. . * ■ . - 




s ; i \r 


1 


financial Times p ilffifip Juft 27 - 137 * 


tuaw:*: 


TiOciT 


AUTHORISED UNIT TRUSTS OFFSHORE 


S 5 S 5 S 











il 


'■ML.™ 


4 f- r^ 3 i 


ra 


OFFSHORE AND 
OVERSEAS FUNDS 


mmm i 


Alexander Fund 
37. nic Notre Dame. LnxembourK, 
Alexander Fund— I VS695 1+0.091 — 

Nr-t asset Value July ML 


Keyselcx HngL. Jersey Lid. . 

TV Bok SB. SL Hrtfer. Jrrwy.. iKns.D!^WWnft 
Konirlrx |Fnd J» U2U 1 =-« 


J-g Srt asset VaJuu Jul* M. Bond 4 efe:t_ v _^i_ UU£j • — -1 — 

, 377 Artmthnot Securities (CJ.j Limited qw 3?! 

“W P.O. Rax 2B*. St- ! Iclirr. Jcrsrr. 053472177 {KKSSjSS! 1 " 041? ■ i?5| ~ 

g| H _.J 545 King * sho«on Mgrs. ■ 

, _ H.7iannsCrow.SC. Hclicr.J«T*T.f(534?75TJl 

fvVci Australian Selection Fund NY valley tiw. sl pww Pan. ernsy. .ksm z-stk 

■ n U-irliH nnm.1iinidm. rM lrtdi Viainl A 1 TT^lDlflS Sllieel- DoUEiu.LOAL _ l062J'4K58 




wiwp 



















Baoqiie Bruxelles Lambert 




wm 


j j ' j ' iM' i j: 





’*m£' 


R . - />.! ■ " v 


r ■ T‘ I Maw i 


gaaaes 


Australian Selection Fund NY Valley Hm>. sl Pwrr Pan. crasy. .oisn 247011 

93 Market Opportunities, no Irtih Young * m - 

OnlhwoitoTl??. Kent Ki_ Rwlucjr. • , . *? JiTST'-RmS 

USSl Shores 1 SU515* I . — J — It^rL “wOloaS 

Net Asset Value July at ”‘‘ l t “ d - ® ,CT,, « n * 

Bank of America International SJL Slit s!wii ^ c *‘T^cul» U3t| — 

® 35 Boulevard Royal. Luxembourg (IS.. First Inti. ,. ... ..{$ 18 * 2 4 18*J9{"— l — » 

5 WldinvestJneome 1SI^U9» 1«M| -1 7.74 Ti-itaJ 

3 IViccs at Julr 20. Next sotx day July 58. KleUtWOR BenSOU Limited . 
r.\ For Bob. of Lnrin. & K. America Ltd. see 20.FeBrhurcb5t.EC3 oi«3SOaO 

m Alexander Fd- . nirlnirtt Uu. F. WW„. *3 J.2J 

7 * Guernsey Inr .. — M.4 (U . III 

1 Banqne Bruxelles Lambert raftSEiw — "snsua-w 1 ! — iu 

• 2. Rue Do la Reeence B 1000 Hrarsrlp krj^jj" Kbad ^Sfs u S f 1.98 

17 Renta Fund LF 1 1.895 1.954) +9} 7.75 KB Jinan Fund 5US35.7* 0.73 

Barclays Unicorn lot ICh. Is.) Ltd. hHH Jg 

l.Chnrjnc Cross. S l Holier. Jrx,v. 063473741 ■UnifondsiDUi 1940 20 40) ..._ BJB 

CTrersea* Income ... Wi 4 48_Bcf • 12 JW 'KB act aa Laurioa payinc OErala oaV- 

i Ur IdeUar Trust— brail* UAl *0 Jrt » 00- . „ 

1 Uuhntxi Trust „ .. ftinMBi Mic] ... . | Boo Uoyds Bk. (Cl) vfT Hgrs. 

'Subject to fee and vichholdlnn taxes P.O. Box 195, St Heller. Jersey 0534 275*1 

Barclays Unicorn Int. (l.O. Maul Ltd. u«iia , rn.o'ar0s r .|S7 2 MR ..... | in- 

1 Thomas SL. IXrUBlaa. 1 oJVJ. OfCJ -MBS N " 1 •*"* Un S Aagau 15. 

rv?*^ 0 ^ Rv f n ,Ew ' {l 4 'Q 5 s?3 — MS U®yds Intertmranal M grant. &A. 

Do Gnr. Pacif ic.— M l -70 S +L1 — 7 Rue du Rbooe. P O. Box 179. 12t L Genr»» IX 

Do. loll. Income.... 365" 41.3} B40 Uoydl lnLGitnrth.Wg.jO MJJB-JS0I I» 

Tta.l ofMaoTst— «5 49 o3. 900 Uffljlh IrL JncMpe.[ffMJO *.40 

. Do Manx Mutual. ..J26A . 2»4| 3.40 

Bish^ale Commodity Ser. LUL JJJ ir.n dob sbq ot«s «m' 

0K4-S39U ^UanflcJuliiS^tST^W jS ._ I - 

ARMAC ■Julfl^-B.'iaai »M| — .Sutl El Julv 2C — ,llVj_J4J — 

C.\NR«10**Julr3. [O-0J7 lAHj J — ii.ili) Kj. J uli uajlM — 

COirNT-'Julr:f _|a.40O ■ ajffl 1 2M KBK.“ _R3a iSh3])« 

Originally iraued at 110 and "ILOO. (A ecu in UmUl., llBaJ! IWl] +L^ J3 l« 

Bridge Management Ltd. Samuel Montagu Lta. Arts. 

* Y^rb' nn | l 'mSi C Tl - nSldBloSSS-2. flUHMK 

l “' Aj>JlofUJt0yl8_}»2k» JJ1 


.TOS.2i 1836] — 

_{SlSB2t 1»J9{- 1 — , 


SLSUhl l.W 

5LTS35.7* ..... 0.73 

SUSU77 17b 

SUSA 94 *0S& 1 C 

1940 20 40} ..T_| «A3 

wb payinc ajeenta oflif. 


Do. Irir. Income... 385 ■■ 41.31 | B40 Uoydl llrt.Gitnrth.Wg.jO MJH-UOI 2.00 

tta.i oTMaDTst — ksS 490d. .900 Uo«<h IrL JnconJe [^»M JJ2M[-200) *.40 

Do Manx Mutual... 




“ SS 8 K 3 H 

„ W _ , 317 Jersey July 12— 0.12 5A|J 0.15 

Britannia TsL Mugmt. (Cl) Ltd. 3 i 7 Jnyt/iJufr i2_|uLa7 124^ — | — 

30 Bath SL. SL HeDer, Jrrser- 053473114 Haray JofanstoIM , |lav . Ad**** 

3644—1 3.00 « H ^? r cl «7 f £= . «U= l «H 

aUl i“ ■«u5uyFu , n*i__.l ,.*^ 1 s *®’ fc l ~“1. — • 

I'mr&L STst Stc,. ■ K2.22 2jij _... ! lm -NAV July 15. 


lHSHSs 






i ! » ..y i 0,(^2 5 23 




egj&a&ai: 












r*rrf~rrmm 


J hKt> w 


I nic&L STst St|L- ■ K2.22 2J4 _.... 100 ■».» jEiy «, 

2 Hmh InLStlc.Tst— Sff97 toy __J 12.00 . - 

VS. Dollar Dr BUmJ Baled Fk «egu SKA. .. . 

UnivcI.STst IHAvSA 5i4) | — lfla Don Ir lord Royal. Luxembourg 

iBLMtcb lBLT«L~.pL‘M92 HO) 90 3J W July 21 ) 5U51U0 l .\ — 

Value July 21. Next dealing July 2 L \eglt * ,A 
Brown Shipley Tst. Co. (Jersey! Ltd. ‘tu, nk « Bermuda Rldgx. Hurntoa. Bnoda.' 

r.O IL.X 58C. St Met ier. Jersey. 053474777. N4V July 14. |iS*0 — I ..._J — 

Ti,”* Pbaenix lutenatioual 

Butterfield Management Co. Ltd. ro uox tt. sl nkt por, uoerasce. * 

P.O. Box lift, Hamilton. Bcrmudn. Inter-Dollar Rim 1 IB M 252! | . 

RURrect EQBily (230 23H 1 1.7i _ _ _ , 1 J* 

RuoresL income — | l97 . 204) .....1 7jb Quest Fuad Mngumt. (Jersey) Ltd. : 

Prices at July 17. Next taih. day August ja y.u. Boi 1 M.SL HHicr. Jersey. 05542744^ 


L v H 




sasi gg 




I Capita) luhtraatloual SJV. 

37 rue Sotre-Dome, Luxemboorg. 

I Capital InLFund-..l SUS17.B1 J 1 — 

*** Charter house Japhet 

. 1. Paternoster Row, ET4. 01-24830 

1 Adnopn -ipiUlW 3JMJ *0.1(4 5J 

Adi verbs DU5M0 5u3*0?fl SB 

FDndat DKXJ St 53+030 5.i 

Fondle DU22J0 24M+DJ!0 54 

1 Emperor Fund ... rVSJOO 3181 — 

Hlspano. — — |R , S3?a oUj . 2.4 

Clive Investments (Jersey Ltd. 

P.O Box 320. SL Heller. Jersey. 053437* 


Quest Stic F-.d.lnt~) U . . 

Quest Inti Sees. ..( SIS1 J . .. i — 

. Quest Inti Ril _ ..I SUS1 1 . ... | — * 

~ — 1 — Pnrei at July I- Next deal leg July IB. 

Bichmoad Ufe Abb. Ltd. 

*0. Athol Street. D oobUkLOJI. 002429014 

*2-13 Im ixThrKileerTrusl.pW? 11131 * 1 1 1 — 
TSv 9 IS Rtcbnioud Bond 07. [l?7.5 3B6vl *0.3] 10. M' 


FT? Do. Platinum Bd.— [124-2 130 71 eL3 — 

5« Do. Gold Ed. .(IBB 7 11*« -Ojj — . 

Do , Em. BT.tC Bd 1 1760 MSjj -OJ) 1L13 

Rothschild Asset Management (CX ) 1 





V-! , lr'.\ J 





f J ''i I!!' 1 • t?W 





= 



ml 

^fe-jrS 





r~TTii.-TTvlME-.rv 











■+T 









Clh-e Cilt Fd. IC.LI . 110 20 .. . ___ 

C1hvGUtF<L(Jsy.l.|l024 lOJSj+RU] 11 DO 

Cornhlll Ins. (Guernsey) lid. 

P.O. Box 357. SL Poser Port. Guernsey 

Intnl.Uan.Fd. [UU 1785) | -. 

Delta Group 

P.O. Box 3012. Nassau. Bahamas. 

Delta Inr. July TB.-pUO 1891 l — 

Deutscber Investment-Trust 

Postfach 3083 Biabuione 8-10 S000 Frankfurt, 




. os34373ffL PVI.BoraB. SLJul loss CL Guernsey. 0481 26331 : 

10331*0 AM lino O C Eq.Fr. June 30 .02 J HI 294- 

loS+oiu 11 W O.CJnr Fd.July 3— 152.* 1 * 2 J .„... 121: 

1UVH-HLUJ LLUO OC j nl i F(tT ;^’ SU1 JJ9 -.... L2*« 

y) Lid. OCSmCoFdJnSO 1459 1552 325- 

l-nnn.TT O.C. Commodity* 13*J 144 4 447 1 

. GUorHM7 O.C Ulr.Comdty.t- 526.01 7Tm\ ..._ 073 

•Prices on July IL Next dealing July 31 • 
! Prices on July 21. Next deniiHg An gust 7. ! 


Royal Trust (CD Fd. Mgt. Ltd. 

P.O. Box l»l. Royal TkL Hse, Jersey. 053427441. 

R.T. InlTLFd KUSIJZ ini I 100 

RT IoPLiJjt. i Fd..|91 95) — 1 321 

P rices at July 14 Next dealing August 1. 


SSQ 2 SH- 


\wmXX i 


ipaasIS I 




-rjE^raii 







V^n ^ < r-W. v : 7 1 ' t L* r 

WTWf 



y* ^T? r^ v'" 


ssKearac 



iyulm # ■■Li f ‘ j 



ConccotTU JDM2&3I 23MJ ._...! — _ ^ 

inLRenten/oods— | dbuo 23 7o3sj | — Save ft Prosper International 

Dree f ns Intercontinental Inc Fd. Dealing to: 

TFBt S&^SLHeUer.Je mcy m 

NAV July JB WSMA iSSSJo “.TW+Ot 

Enrson ft Dudley TstMgt.Jrsy.Ud. . (niernat.ur.-t Tja . jm _.. 

P.O Box -n.SLHelVcr. Jersey. O534205S1 NwraMaMteSSf 17? “* 4 “ 

EJJJ.C.T. 1 MU 1338J+L81 3J0 159o| Z 


EJJir.T. J1WJ 13UJ] +X.8J 3-00 Sepro--; -_._:_|1455 

Eurobond Holdings K.V. . fterthtgeenoainql ed F M; 

*10 Eandelskode 24. Willemstad. Cuncss / cSS SSStatl SS 
239 London Aerate Intel. IS Christopher SL, EC2. Comrtwd.-*; mi 


I 11*1 

'July XL 


jwiifili 51 f mV 


a 


rs rfcg 


gTOgjf 



UiWiiiiMK ■; I 




a g rr ggpy yg 




1 . ■ «► ■! ■ 




32353 


mzm . SJ i 


rt.-r'.'.n.jniM 


Target Life Assurance Co. Ltd. 
Target Bouse, Geiabouse Rd- Ayl asb mr. 
BUCSS. Aylesbury 00296) 6041 




I lUM. MTT- Bmvt 





Schlesinger International HngL Ltdj 
41. La Mode SL.SLUeUcr, Jersey. 03347338&C 

SAJJ* 182 m 103: 

S.VOJ. 087 • • 0.92 ___ *a»; 

Gill Fd Z30 23— — 0J nasi 

IntLFd. Jersey 100 _ . Ill +1 305; 

lntnLF d l.xm brg.— HD.98 * 115* e(U0 — 1 

•FnrEast Fund— IB U3I *.«: 

•Next sub. day August 2 . 




mm 


4.92 TeL #1^47 »«. Trier: 8814488. St Krrcl—* .EEil U9^ 11*1 

4.« -NAV per stare July 21 5US2R20 - -Pri£ « JuF^Iulf 19. ~J^ SBL 

F. ft a MgmL Ltd. Inv. Advisers . JWeeUy ******- ■ 

1 - 2 . Laurence Pouutney Hiu. EC4 R ora. Schlesinger International HngL ltd.' 

CfcWLFdJulyW — I SUS5S9 J .] — '* 1 ^i M ° I1 «SL - s t.Mghcr.Jeney. Q3347M8B 

Fidelity MgmL & Res. (Bda.) Ltd. SjVox 01 ff • • ^2 oj; 

P.O. Box 670. Hamilton. Bermuda. 1 S 1 vT S=~ " mb U3 +1 3L§ 

Fidel iti’/Un. Ass l+ftS3 — lntnLFdJjxmnrg-_ HD.9B * 115* +(U0 — 

Fidelity Ibl Fond- SDS22.47 [ | — -Far East Fund Jfi ls 8 2.91 

Fidel IQ" Pne. Fd 1US5C89 . . J — •Nmm "day AUgUtt ST ^ 

Fidelity Wild Fd ... I 5US155& 1+4U>| — ™ ^ 

Fidelity MgmL Research Ueroey) Ltd. f c “ ro T erIJfc ■ 

WatertraH^SUSLHellor.JerS! Emerpr^H^.l^mimUh. 0705217733 

0534 27SGI International Funds 

Series A Ontnl.1 . w l 0.95 I I— tEqutq- 0173 M4^-12| — 

BSWS 5 W as y=. ISISH ilai E 

First Vildog Commodity Treats uianoccd isu in s + 0 ? — 

S.SL George ’a Sl. Douglas, LoAL • Miaiiaged P19B +oij _ 

aPaii^u^ildOT' swwSh.* ^oj.ibo^b 57 He *“y Schroder Wagg ft Go. Ltd. 

FtL Vlk.Cm.TsL ..„B4 jO 35-Bj I 310 m Cbrapude. E.C 2 . 01-588 «<» 

.«a_j 180 ^asstSsdJBBa ra 


Fleming Japan Fund SLA. 

37. rue Notrc-Damr, Luxembourg 
Fleming July 10 l SUS5L75 | J 

Free World Fond Ltd. 

Butlorficld Bldg.. Hamilhsn. Bonnudo. 

NAV June 30 J SUSIE. 76 | | 

G.T. Management Ltd. 


Pork Hxe.. 16 Ftcsbury Cirrus, London EC2. 20 . Cannon SL.EC4 

Tel: 01 +at 813L TLX: 888100 Dekalouds 

London Agents lor Tokyo Til July 3 i 

Aorbor 'B" unit' — W 95 lOri ..„ .1 23* . w 

Anchor dit Edge -E?. 75 9^3 -cjsI 12.95 Stronghold Max 


Asian Fd.July 10 

Darting Pnd. 

Japan Fd.July IX— 

Sentry Assurance International Ltd. 

P.O. Box 328. Hamilton X Bermuda * • 

Managed Fund pUSUM UWj | — 

Singer ft Frfedlander Ldn. Agents' - 

20.CaoxumSL.EC4. 01-348984* 


Dekalouda IZHOU7 27.7tt+(L10f 413 1 

Tokyo TsL July 3_| 5USJ7.00 1.711 LU> 


CT ggCTrgg 


all *« 
1.0 29- 

susaans 
Loo 3151 
on 45 94 

4.9* UD 


G.T. Bond Fund $USX317ri l+n ( 


IGT Dollar Fd. 

[G.TJPaciCrFd 


5US738 
$0515.09 J-OC 


[«» 




iliS 




-r r T * ^ ¥' .^ ' 

u* 


3-23 TgL Special Sits. 

Target TsL Mg re. (Seotiand) (aMb) 

IS. Athol CreoceoL Edln.X 031-22988Z 


Japan Fd. SPSliiUS DJ 

N. Amencao TaL _ HSU3C H 1 
Inti. Bond Fund iSPaiOU II 


WSSMU^m I “So 7°**° Pawlfic ® d «*' <S«*»«rd) N.F. 

„ . ™_7^rVL „ 7... Inlimi* Manogeawnt Co. N-V^Curacao. .» 

Hambro Pacific Fund MgmL Ltd. NAV per dure July 24 $US45.6B. 

2110. Connaught Centre. Hong Kang . T . , . ... Pr .„. . . 

Far East July 19 IU1U246 UMI I — T>uiiaU Group 

Japan Fund ^V3823. TSj ...... — PJ3. Bax 125* HxmUtoa S. Benutaa, 22790 • 


This advertisement is Issued'Kjnvw 
requirements of the Council of The Z 
not constitute an Invitation to the pubtiCR 
to purchase any shares ?l 


a with the 
vge. It does 
feribeforor 


LAWRIE PLANTAnpN 
HOLDINGS LIMHlD 

(incorporate** under (he Companies Acts 1848(01976) 

Share Capita! 

in Ordinary Stares of £1 

^ Hoi din os Limited following the merger of 

Jf WBb 5 ^i£ SmaSS of a Scheme of Arrangement 
S Sn ^ ofl^panies Ac. W which hrn 
now become effective. 

Exchange. _ been circulated in Extel 

SwSSio? Services . Lim ^ a f^ 1 ^h^^n P 8^w^ 

1978, from:- de Zoete & Bevan, 

25 Finsbury Circus, 

London EC2M 7EE 
and The Stock Exchange. 








irrij-m 



ii ■■rviM 


*§ wm * 


■tvrrsras July 19 |R'SU7 

i A: cam Units- 5TSU5 

S-WayloLJuh'SO^ X05U* 






mwm 




r i 

J- I I 4W ^0 







- ^rrr 




Anchor Gilt EMge- L9.75 98U -ws 12.95 Strong held ManagPBient Limited 
Anchor ItiLFd 9MU *4lc IM 7.D. BmMS. SL Udier. Jentr imun iwi 

^ 777777 VZ Snriarert a«nw> Ltd. (*>' 7 

O.T. Asia sterling- 04.9* 1*94 L24 Queens Hse. Doa.Rd St Hell er.Jcy. 0534 2734B’ 

G.T. Bond Fund $LS1317ri *0 05 5.71 American ImLTst-.lrf 99 &15HUM — • 

CT Dollar Fd. 5US7J8 ... . 065 Copper Tnua Sl.D7 2lS3*fllS * 

G.TJaclCrW 5US15.09 -006) LD3 Jap. Index TcL 10210 32^-aU| — 

Gartmore Invest. Ltd. Ldn. A gts. TSB Unit Trust Managers (CL) Ltd.' 

2. SL Mary Axe. London. GC3. 01-2833531 Bagatelle R(L.5L Saviour. Jersey. 093473484! 

SMTcK H.HOU* SKSSfer-iHI ' ISs -H \& 

ijastRiiL-Ka »a-i hs 

n American txlI:&mi345 H9s 9 777777J 150 Tokyo Pacific Holdings N.V. 

^ S7D tJSSL^JTSJSum. 

M 062423811 NAV ,h ^ Juiy =* ^56280- 

7 & I Ts 7°^ paclfic md<w - <S«*(«rd) N.V. 

***■» ■■••■ I Inllta* Management Co. N.V. Curacao. . I 
r<awi.t Hambro Pacific Fond MgmL Ltd. NAV per share July 24 $11543.68. 

*oj lajioi 2110 . Coonnupbt Centre. Hoag Kong . T . r _. . . 

031C9aEDfi For Eaal July 19 HUU244 UUI I lynaalt ureup 

Japan Fund |SVS82J. TSJ 7777:71 — PX3. Bax 123* HmnUto* S. Benmria. 24S790 • 

Hambros (Guernsey l LtdV Sa.^E ”H l M 

Hambro Fund Mgrs. (CL) -Ltd. s-WariDLJuh'ro^posu* 2M( 77j _ 
PO. Box 80. Guernsey 0481-28521 2 New St, sl BeUer. 

CJ.Faud 146.0 15551 .^..1 3.70 TpFSLJuJy90_ 

lcinl. Bond JUS 106.17 1MU B50 ( Aceum. Stanwl 

Iru. Equity Sirs 11-25 1L6H 250 Amencun Ju[v20 

Ibl Svgs. 'A* 5USL03 laS rjo « Aecum _staret>„ 

Inc Sigs. *B* SUSP- 13 E3 258 J£T*yFd. July », 

Prices on JulT 38. Next dealing .August 2. JlfjWjr- Ace. U&j 
ms _ . , , wuirniwJulyBI 

Henderson Baring Fond Mgrs. Ltd. iAecum.starcsj. 

805. Common House, Hong Koag. VlcMey Moose. Pmmtaa l«lml w~ tiim.i * 

Japan Fd.July l»_|IPS!e* SW | — Managed July 20 __77 ^m72 137J1 

tariiu; ReroL Bond Fd. July 20 5US10.M9*. tt M • 

, m "Exclusive of any prelim, charges. ^JUl. lDtnL MngBUtL (CX) Ltd. • . 

*.« HiU-Samnel ft On (Guernsey) Ltd. L “*?■ * - 

ti 8 U-Febvre au Peter Port Guexu-ey. CX ^ V>*» MLUJ _j. gj*. 

Guernsey tsl J1553 16 L 2 J ISO L’nited States Tst Infl. Adr. Co. 

Hill Samuel Overseas Fund SJL. JJ- "f* Aidriuser. tuxembours. . "* 

37, Rue Notre-Dna*. Luxembourg " U-S ‘ X * t ~ ^ -.L. W* . - I — «I 0.94 

R13 Itvsna »w*owi'~ Net omet July a*. 

623 International Pacific Inv. MugL Ltd. Warburg & Co. Lid. 

PO Box KOT. 56. Pitt SL Sydney. A usL , 01-8004538 

JarehnEqoUyTxL jSAiM 219^ | - . g™ “ ‘ 

J.E.T. Managers (Jersey l Lid. Lt*.-?. 1 ^ 57 - 08 J™J* — ”1 

PO Box 104. Royal Ttt. Hse, JorseyOKM 27441 MereEbd ™“J?'l».lSSlUl aaj ...qojjjj 1 
Jersey ExtmLTa_.fl74D 18SQ . ... I _■ Warburg InvesL Mart. h» i.j . 
U7 J* - J “^ Ncxi^h. ^ W3L 

Jardine Fleming ft Co. Ltd. cT.iFLtd.jum- an. m ra*W74i 

— Floor - Connaught Centre. Hong Rone -JtauikTsL jSwSf^ao “*■ — I 

7.74 Jardiiwnm.TSL^. SHE293.94 I j 2S0 — - — I 

j m 'SS&S - S.S iM- z-\ 

ii! = w-w wide c™«h ■ 

_ NAV July 14. * Equivalent $027500. 10»- BoaiOvard RoysL Luxembaure. ■ 

S.« ■ Next sub July 3L ' Worldwide -Cth Fdl nisnsm 


- 2.00 
777 1 750 
777 uTis: 


sub July 3L 


Worldwide Cth WJ 5US15J0 ^ 


usbrogb Pensions limited 

-O Maddox St,lrtn.WiRW*A 01-«9«E3 




■ r - i 

liwwwTi 





- i ? * , * 1 ' - *T f t*? 


II | ‘ I I iris', ' I 


aiam 




1 w IN\'EST5tENTS LIMITED 

1 Royal Estcnange Ave., London EC3V 3LU. TeL- 01-2R3 t 
***** Guide as at ISth July, i 978 (Base ^ “ g L 1 

C i Ve Fixed Interest Capital 

Clive Fixed Interest Income ift^Q 

CORAL INDEX: Close 479-484 


INSURANCE base rates 

t Property Growth 

\Yi nbrug . h Guaranteed ^5 

r Address shtmTi under Imuxwi« 













































MXVUUt 'CHOKE* 


forjimnerkafiy controM madMies. 

Warfkiti Machine Te*l,. W.nl«k Way Leieottar LEA 7HU. 
Telephone: .0533' 769561. Tain: 34T1S1. 




High \A* 


Bpptricft 


ndiMW*pc-»r-9lti 


Treasury Httpi* CHS 



3<P« Consols 4pc 32kxd -% 3243 — | 

29% War Loan Mt 31% -% 1140 - j 

33 C<wr.3Lpc«AIL — 35% -% 1022 - 

23% Treasury 3pc 08 Aft — 24J, -% 1259 - 

19% ConsoUSa* 20% -% 1213 _ . 

IWi rrreasuiyftpc 20* -% 1253 — j 

INTERNATIONAL BANE 

| SZ% |Spe Slock 77-82 | 84 | I 5.95 1 9.B7 1 

CORPORATION LOANS 


201 , 
471, 20% 
32% 22 
26% 17% 
40 28% 

12U b70p 
IffU 11% 
32% 20k 
411* 26H 

2514 16% 

445, 29% 
24*2 15% 

50 

Ski 

5214 

217, 

976p 
28 

32 at 
411, 20% 
17% 22 
18% 13% 
21% 14% 
27% 15% 
30% 16% 
17% 11 
22% 14% 
576p 255p 

51 1 ft 

36% 22% 
53% 18% 
27% 18% 
161 131 
975p 505p 
22 16$ 
40 22% 

13% 86 5p 
381, 21 % 
24*2 17% 
17 Ut 
46 ZB£ 

w a 

SJS. List 




wan: run, v axs-ro 
Morgan (JPIUSSZ.5 
^r,m Simon loc.SL 
iwwts-m.53125.-, 

Quaker Oats USSt.. 

BeliartreSOK. — 

Rep.NW.Corp. S3 _ 

RexnordSo 

Richdsn. Mrrllil '4 

SanliRFjSl 

Shell Oil Si 

StnceriSlOi 

SperrvRandSJiO.. 

TRWfnc.Sl% 

renneco 

Da.lOMn.Slk.9ias. 

Tes 0 roft.USW.lP 1 _ 

Texaco 8125 

IT me Inc. ... 

TransamericaSI ■ 

Utd.Tech.WS5~ 

ITS. Steel U ‘ 

WoohrartbsS3%__ 

Xerox CorpL SI 

Xonicsloc. 10e___ 

Zapata Corp.2Sc _ 

Premium 45% (baaed on US$1.9140 
Con version factor 0.6886 (0-6788) 

CANADIANS 


BUILDING INI 
AND 


93% B inn-ham 9J<pcT!Wl_ 

88 % Bristol 7%pc «M1 

100 1 4 G LC 12*jpc"Bi 

100% Do. liUnc 1963 

90% Glassow9%pcKWC — 
90% JfeteS,pe7WD — 
97% Liverpool 5l«pc 76-78 . 

90% Do.^ilK.'aOftl 

25% Da3%pclnwi 

91 Lon. Corp, 9%pc TH-85 . 
94% LCf.ferTK* 

8412 Do Myx 77-81 

76% Do5t2pc-82« 

65% DaPjpe ^OT 

66 DoffiipeTSHW 

22% Da.3pr-20.Ml 

91 . Middx .V 4 PCIS 8 O- — 
94% Venca5tleS%pr7880. 
100% Warwick 12%*» 1980 


94%ri 

89 

'102% 

lOlbid - ... 

92 +L 

93% 

99% 

94% 

26% 

93 

95% +% 
85 +% 
79i 2 

ST 1 

231’ 

92 

95% 

102 


16A 10% BkMontreal S2. 

16 % 10 S Bt Nova Scot — 

42% 30% BdJ Canada 525 — 

23 12 BowValleyg 

.12% 825p Braranfl 

*21, i 14 Canimp.Bk.S2~_ 

14a 955p C 6 n.Farific S5 

37 30% Ho.4pcDeb.000_ 

21% 16% Gulf OilCanJl 

630p 315p Hawker Sid. Canj|. 

28% 16% HolIin^erO 

16% 11% Hudson's Bay II 

32% 24% Hud. B.Otl '!£!%__ 

14% 11% Imperial Oilll 

15% 945p Into 

S30p 585plnJ.NaLGasSl .__ 

IO 3 610p Massey For- 1 

28% 21% Pacific Pet SI 

74p 50p Place GasSI 

25 15 Rio Atom 

24 ft 14 ft Rc 4 -alBk.Can.S 2 _. 
20ft 13% SeajramCo.CSl — 
14% 955p Tor Dom.BkSl.__ 
11 % 880prTransCan.ftpe — 

S.E. List Preminm 459t 


15% -% 5112 

± X 

22% 12ijc 

10%x3 -% SLiO 


22% 12%c 

iovd -% silo 

MAtf -A $144 
13\W -% 97c 

32%h 1 +i’ 4% 

l9% -% SL14 
52flp -10 40c 

* 27% 5206 

15 , { -% 69c 

31% -% SUO 

12% 86.4c 

12% 80c 

780p -30 80c 
790p -20 - 

9 i 6c 

23^ -% S108 
23% -ft $1.50 
1*S 92c 

13', ltd .. .. 80c 

li -% 103c 
(based on $2.1497 


— 22 

- 3.0 

- 2.3 

- 0.0 

- 4.4 

per £> 


COMMONWEALTH & AFRICAN LOANS BANKS AND HIRE PURCHASE 


100% 95% AwLSljpf 73-18 100% .. . 

■95% 92% Da 5%pc 77-80 93% ~% 

88 1 4 82% Da5%pc8l« 84 

99% 96% NZ4pcTM8 98% 

46% 92% DatocTWO 95 

8774 81% Da Ttyc 8M6 82% 

95% 91 Sth. Africa StipcTML 95 

70 50 S 1 h.Rhod. 33 pc 85-70- 53 -1 

96 80 Do.6peT8*l 80 -2 

LOANS 

Pnblic Board and Ind. 


555 10.50 
5.91 10.73 
669 1153 
4.09 10.02 
648 1191 
9.18 10.03 
10.24 12.19 


64% 58% 
90% 80% | 
33% 281’ 
139 107 
95% 87 

107% 101 1 
111 ) 102 
114% 102% 
85 79% 

81% 73%. 
99 89% | 

99% 90%' 
101% 90% 
71% 621.’ 
71% 62 
84% 73% 
81% 68 1 


Aerie. ML 5pc "3089 -« 61 

Alcan IOIjpcTO-W — 83 +% 

Met.Wlr.apc'B' 29 

l*SJlC.9pc 1K2. 137 

Da without Warrants- 90% 

Financial 

IFFI 13pcl981 1 102)4id I 

[» 14pc79 104% I 


D.3 14k 

RPCPyrDeh.-ftLC. 
Do 6%pcDh. '81-84. - 
Do UV:pc Ins Ln. " 86 - 
Do. UpcUrsLn.'W — 
Du II*4pol'MLn. , 90. 
DaT%pc.Uieb.WC_. 
lM.7%pr.\ lib. "9I-W - 
HoPr-A M. ..... 
Dn8%p-Ln.-a:-7r._- 


106% 

82% +% 
77 +% 

93 ! 

93 ... : 

95% 

65% ■*■% 
65% +% 
77% +1 
70*d +% 


FOREIGN BONDS & RAILS 


W8 I I Price 

nigh Law [ Suck I £ 

24 17 Aniolnsma Hly 24 

49 33 Iwip-Prel 40 

«8 93 Clnlein Miwd 98* 

415 350 iJerman \nj -(ly*.- 410 

54 46 1 1 reck Tw- Aft 54 

51 40 nofipcS.^ah Li- - 51 

44 40 Pn-fpc lined V*. 43 


Price |+ •rJWv. 11 Red. 


4% _ 

3% (6.48 
6 T6.00 

4 (4.65 


19B 

tSgb Lew | 

286 184 | 
293 210 
£135 £90% 
334 269 
205 150 
165 150 I 
£20% 03% 
405 315 I 
£181 £137| 
21 15 

170 150 
575 380 
315 255 | 
£32% £21% 
358 2% 
230 200 
273 232 

82 67 

•230 171 1 
*£19 £12% 
£18% £15 
25 18 

£24 £13%, 
46 7 

£123 £90 

83 58 

3*4 1% 

1 % , 
12% $%! 
196 157 
50 37 

255 195 
29 19 

127 % 

260 185 

217 155 
100 81 
600 325 
347 2 03 
69 52 

215 160 


1+ er| Di» Fid 
Price | - | Net Cfr Gc's P/E 


ANZSlAI 273 

Alexanders D.£l 245 
Alfemene FL100 £123% 
Allen Haney £1. 300 

.Allied Irish 205 

.ArtnrthnotLEl- 155 
BvkAwr.Sl.SGS. £18% 
BK Ireland £1.~ 405 
DalOpcConv.. £181 
Bk.Leuml l£l_. IB 
BkXeumiiUE£l 160 
Bk. NJS.W SA2 — 545 
Bank Scotland £l 278 
Bankers N.Y510. £27% 

BatelaysEl 330 

Brown -Shipley £L_ 230 
Cater Ryder El _ 255 
Cine Dent3)p.. 78. 

CamlAiK-ISAli. 204 
awrrbkDWOf. H7i’ 
Chnn.Hbk.KrWo Q7i 3 
i"orinlhian 10p^ 24 

Crod France FT5 E2V< 
DawesiG.R. 1 .._ 17 

DwiakctenU’.teG £114 

F C. Finan-.-e 75 

First Nat lOp - 2% 

Do Write *83. % 

KYaser Ans. ll)p_ 9% 

'X-rranl Naud.... 179 

Glhbs i.A ) 48 

GiOeltBm* Cl... 225 
i lOodcD't Miy.Tp 21 

'--rindlajf 127 

Guinness Peat — 238 

HanilirOf 164 id 

HillSaranel ._ 93 

Lia Warrants.. 375 
Hnnq.SftfiiSUQ. 325 
Jesscl Toynbee.. 58 
Joseph il «>:£1.. 215 
Keyuc Ullmann. 51 


I- 3.7 — 

I - 8.9 - 
25 4.7 8JI 

— 9.7 - i 
~ 55 - 

! — 9.9 — 

— 2.9 — 

— 5.6—1 

— £5.6 — 
I- 2.9 — 

15 7.1 14.0 

— 3.4 - 

3.6 5.9 7.1| 

i - 62 - 

5J 6.0 5.6 

— 61 — 

— 10.0 — 

1 - 97 — 

2.6 4.B 7.9 

- 2.7 - 

- 6.7 — 
7J 4.4 4.1 

- 28 — 

- 20 - 
25 4 0 143 


- 6.9 - 

- 6.9 

; — lo.s — 

- 0.9 - 
2&1S3 35 44 

- 6.4 — 

, - 8.9 — 

- 8.0 - 

21 - 

- 8 .5 - 
I - 61 - 

— . 2.0 - 


FINANCIAL TIMES 

BRACKED HOUSE, 10. CANNON STREET. LONDON. EC4P 4BT 
Telex: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: F t n an t im o, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summaiy in London, Birmingham, 

Liverpool and Manchester. Tel: 246 8026 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.D. Bex 1296, Amsterdam- C. 

Telex 12171 Tel: 240 555 
Binninjrhatn G corse House. Genrse Road. 

Telex 338650 Td. 021-454 0922 
Bonn. Prewhaus II.'IO* Hcussallce 2-10. 

Tele* 8808542 Tel. 210039 
Brussel*- 39 Rue Ducalv. 

Telex 23283 Tel 5(2-8007 
Cairp- P.U Box 2040. 

Tel 938510 

T'ublin: 8 FilzwiUiam Square. 

Telex 5414 Tel. 785321 
Edinburgh. 37 George StreeL 
Telca: 724*4 Tel- 031-226 4120 

Frankfurt: Itn Sachsen Liner 13. 

Telex: 416263 Tel 555730 
Johannesburg. P.U. Bo* 2128 
Telex 8-6257 Tel: 838-7545 
Lisbon: Praca da AJegria 5C-1D. Lisbon X 
Telex 12533 Tel: 362 508 
Madrid: BsprtJnceda 32, Madrid 3. 

Tel: 441 6772 

ADVERTISEMENT OFFICES 


Manchester: Queen's House. Queen Street. 

Telex 686813 Tel: 061-834 9381 
Moscow: Sadovo-Samoteehiwya 12-24. Apt 15. 

Telex 7900 Tel: 204 3748 
New York: 75 Rockefeller Plara. X.Y. 10019. 

Telex 86390 Tel: idlZi 541 4623 

Paris- 36 Rue du Sender. 75002. 

TeJex 220044 Tel: 23657 43 
Rio de Janeiro: A ten i da Pres. Vargas 41610, 

Tel: 253 4848 

Rome: Via della Merced* 55. 

Telex 61032 Tel: G78 3314 

Stockholm: c o Svenska Dagbladet. Raalambsvagen 7. 

Telex 17003 Tel: 50 60 88 
Tehran: PA Bor 11-1879. 

Telex 212634 Tel: 682SS8 
Tdki<r. 8 th Floor. .Vihon Keiui KhtmbuB 
Building. 19-5 Otemachi, Chiyoda-ku. 

Telex J 27104 Tel: 241 2920 
Washington: 2 nd Floor. 1325 E. Street, 

N.W_ Washington D.C. 20004 
Telex 440225 Tefc (202i 347 88 W 


95 81 

164- 138 
17 13 

76 59 

251 203 


t 51 44 

028 98 

28 20% 
31 15 

57 ■ 47 

69 60 

78 64 

272 220 
75 61 

108 75 

41 21 

156 24 

62% 48% 

58 36 
204 153 
190 170 

40 22 
26 2D 

48 40 

58 40 

83 68% | 

38 27 ' 
2 DO 157 

46 31 

104 62 

99 80 

73 65 

105 84 
233 200 

94 53 

99 69 

95 63 

26 13 

> 79 60 

26 19 

25 19 1 

47 34 

35 21 , 

17 11% 

47 40. 

35% 26 
66> 2 52% 
31 25 

49 38% 

68 48 

86 69 
38% 30 

41 21 , 

81 59 

210 138 

59 41 

£310 £220 
130 64 

92 72 

83 66 

78 55 

33 22 

118 104 
178 125 
136 108 
65% 41% 

30 22 

197 162 
123 90 

134' 79 

17 10 

45 31 
£37 08% 

189 121 

138 110 

104 88 

-84 70 

79% 57 

79 61 

76% 61 
90 74 

59 38 

207 170 
53% 42% 

105 84 
160 109% 

93 73 
121 88 

81 57 

31 13 

48 33 

87 73 

56% 32% 
14 9 

68 52 

39 35 

103 79 

190 108 

185 138 
108 70 

230 210 

57% 40 
113 97 

175 138 

147 82 

139 107 

148 116 

86 70 

100 94 
112 80 
110 80 

41 29>’ 

40 30 

89 66 

162 135 
38 31% 

43 30% 

55 40 

9 6 

38 20 

162 124 
412 330 
297 233 
144 129 
300 225 

77% 64 

32 24 

177 155 

39 32 

54 35 

119 «5 
49% 30 

116 56 

46 40 

45 28 

32 22 

143 99 


Aberdeen i 'on-t_ 
Abenkaw Cera. _ 
Allied Plant I Op. 
AnmraseSfcafc 

BPBInds jup 

EapsendteBrW. 
Buie; Ben I0p_ 

BambenMrs 

BairattDei. lOp- 
Beeclnrood lOp- 

Benlox20n 

Bcnlord 31 lOp— 

BettBros20p 

BloddeysUto — 
Blue Circle tl — 
Blundell Penn— 
Breed on lime 

Bril Dredcins-. 
Brown Jltsn. 2Dp 

Brownlee 

Efcyant iflda 

Burnett iH 

Bun Boulton £1- 
C Robc. '.V 10p_ 
CaftK*T' , JlfiIQp- 
CafTOnhau 

iJamiti- 

Cement RwiaoM 
CombenGp.lDp.. 

Cwtam R. 

Cotmrrv^Kle 5p_ 
CrossleiBldg — 
Crouch iD. ‘^Dp- 
Crouch Graup — 
DiMKlasRoht M 

rrwmngG.H.fflp 

Econa l f ip. 

DlwA-Everard- 

Eruh 

FPACoasx'n— 
Faircloo^h Cons. 
Feh. Imi. I9p — , 

fo.'A' 10p 

Fed. Lind L Bid 
P-abu 

FTn.-KiiPkr.inp- 

FTiMii-lRiiup. 

French Kier 

GailifordBr.ap. 
ijibbsDdr A JMp 
OleesonilOiirjp- 
CIOKOpW &J - 
r7chCcjper20p.. 
HAT Grp 10p_ 

HeJical Bar 

HeoTsn.-A' l0p_ 
BMai«ion(J.W.L 
HewdenStlOp.. 

I Da7ncConv._ 
Nested WtanOp- 

HiggsAHUl 

Hoseringham — 
Do.ReiVtg.-_ 
Howard Shut iOp 

LDC.20p 

IbstockJoimsen- 

LnL Haber 

J.B. Holdings 10p_ 

J.CEH 

Jarvis (J./ 

JetmiregsSAO 50_ 
Jote50o-It-li3rri6- 
JonesBdwd. lOp. 
Kent'M.pilOp_ 
i Lafarge S.\J«0 
LamgiJolnifA''. 
Latham (J.)£I — 

ijwrcotetW i._ 

LewhiWm.i20p- 
leyland Paint — 

Ulley FJ.C 

L/JOifon Brick 

Lovell i3".J 1 

MrSeillGroap ._ 
MafnetiSlhns- 
Malhnson-Denny 
Maodefsi Hldsj.. 
! MarchwieL — - 

Martey 

MarshallsiHfxi- 
MavbHaMrU — 
Wears Bros 

Melville D i VI . 

MejeriMom. L»- 

, aoihury 

Miller iStanilOp. 

MLn-oncrete 

Mod. Eocmeen- . 

MookiAi 

MowlemUi 

NenarthiH £1 — 
Norwest Hols — 
NotL Brick 50p _ 
Onne Devs. lOp- 
ParkerTunhcr . 
PhoenKTimfer. 

Pochinj 

R-M.C„ 

Redland 

RVh'ds. Wall lOp 
Roberts AiflarcL 

Rohan Group 

Rowlinson 13^_ 

: RoycoihtHip — 

Rubcreid 

Ruabv-p.Ceracm 

Si JB Group 

! SdbihTnnferlOp. 
1 Sharpe 4 Fi>hei'. 
Smani-l.i I0p.._ 
Southern Con. 5p 
Sta-cter-lhp. .. 

Taorat 50p 

Taylor Woodrow 
TiltvOstl— 
ThivisiAnu-.ld, 
Tunnel BTflp — 
I BMiJn.up _ . 
I'niiiSlow lop 
VibrotHunt. — . 
Wart HldiS. IMP . 

Wamnston_ 

Walls Blake 
Westhrirk Ptwts 
Wnnern Bros.. _ 
Wlullincs2apl_ 
Whiftih m 12*34- 
WicynsCnn. lup 
KKsoniOmnntJv'i 

Wimpcyi'jecn 


Financial Times Thursday July 27. JSSR 
FOOD, GROCERIES-Ciai 

i ftfce M §5;{cwi« 




7.7 27 SB 


84 
118 
38 
65 * 
30% 
1M ' 
119 
64% 

. - 59 . 

V ".on i49: ri; 


97 
42 
45 
45 
37 
39% 
107 
1Z7 
33 

--.19% 
13 
12 % 

13 Z 56 
8-41228 


70 35 

52 36 

82 61 
IDO BL 


0.99 3. 

0.63 L 
3 88 1.0 10.: 

6.36 2.ol 5i 
d!59 1H12.' 


T207 15 81 
2118 44 7 
3 42 7 3 3 

329 37 4 

tlO.18 9.4 0. 


165 
104% 
45 
30 
21% 
2(P« 
72 
41 
65 
£309 

76 
■20 

*31^ 

265 34 

77 

* 1 45 
158 
140 
35 


iWll"! --."dlv 


V 
27 

87 
43% 1 
M . 

983 
72 

46 

u 
146 
102 
36 
108 
: w 
w 
81 

m 

27 
49 
16% 
55% 
127 
403- 
2U 


;re Milletu lira i 51 


289 6 

h0.21 4 
0.43 4 

338 * 

1.61 3. 

2.90 4. 

U.19 0. 


& 

23 
53 

24 
55 
23 

. 49% 

69 59 

87 65% 
144 106 

92 67 J 4 

63 47 

65 48 

24% 21 
69 57 

38 29 

77 64 

20% 14% 
19% 13% 

88 74% 


63 
68 
44 
92 
52 
54 
21 

Ley's Foundries. | 61 
37 

69 


Tasi"wrR4L20ji 


Rrorl Vkdlicf jp 


5aBhW.H.A50p 


v.T)S'3nmp- 


t2.09 

ssr 

7.73 
6.60 
H6 74 <5 
3.76 3. 

234 4. 

3.23 3.‘ 

3.95 3.' 


Midland Inds-Sp. 


BtesEmT, 


iRatctiOslGA). 


ELECTRICAL AND RADIO 


Best & May Kip_ 
BowttorpelOp- 


DemtronlOp — 
DewhursfA lOp 
DowdinsAMSp. 


ec Rentals 10p[ 


Laurence 


31 
93 
*135 
70 

£ 10 % 

24 I 17 
90 I 72 
336 


86 
29 
281’ 
69 
237 
90% 
13% 

Spear 1- Jackson. 1 124 
SpenverCIkDOp | 30 

174 
93 
84 
292 
120 

§ykesiHeniyi_^l 99 
25 
93 

134 tr 
65 td 
910 

Tomkins FJLap. | 23 
87 
370 

72 
23 
50 
27 
64 

173 
142 
106 
130 
130 
325 

73 
59 


35 6 K 7.3 
U 10.8 112 

SJ3 

18 6.7 6.1 

2.6 9.5 4.9 

38 50 59 
* 62 * 

* 54 4> 

36 72 46 

18 77 93 
35 59 73 

09 “* 5”o 

27 6.1 88 

30 7.41 5.0 
40 73 4.0 

31 66 62 
28104 5.1 

31 S2 44 
12 11410.9 

32 35134 
2.2 9.7 7 0 

39 8.7 7« 
13 10 J 17.9 

3.0 12.0 133 

4.0 64 57: 

3.4 4.7 9.6 

3.0 6.2 &2 

* 9.2 * 
LO 13.1 111 

5.7 28 -94 

5.7 41 4.5 
35 72 61 
08 tl&H 

* .9.0 « 

35 42 94 

23 8.1 72 
£2 49 59 
81 2.3 80 
23113 (5 2» 

* 8.3 * 

3 4 5.7 78 

3.5 4.4 (7 » 

1.4 10.2 10.7 

HiliU 

1.710.7 85 

24 32 10.3 
21 117 64 
3S 7 5 6.9 
30 75 67 
6 8.6 * 

37 4.0 3114 

* 5 35 32 
30 4610.0 

2.6 B5 6 .8 

5.4 Zfl 9.8 

5.1 3.4 £4 

H HA 

is & i„ 

1.9 8.1 9.9 

2.2 9.6 73 

hut. 
ISiS B 

* 3110.1 

3.2 7.1 63 

4.0 7 3 52 

2.0 10.4 ISO) 
23 9 5 6.9 

14 10.6 106 

1.9 10^ 8J 

2.010.6 72 

2.9 S3 4i 

4> 105 * 

8.7 3-2 5.0 

2310.0 74' 

5.8 4.7 4.0 
15116173. 
44 72 4ii 

17114 8.0 
34 £7 6.7 
73 Zb 6.8 
17105 7.6 

19 9.2 8.7 

2.8 7.1 73 

17115 83 
25100 5.9 

1614.0 6.8 
17 93 93 
46 50 64 
Z9 6.8 7.7 

3.9 i - 
10115016. 


42 i. 

% 43 AiTfr\l't»l' S 8 » 

73 36 .IfprtiPtlMjsap 

J3D 268 Anul Mrttl.il 1 
67 50 \cvr \m V pnah- 

70 34 Aro:i:Kv..V iOn. 

65l» 44% A;-m- le'- croSp- 
4 S' 27 .tuJMnhW- 
15’ 4 4i, \QN;mFilf>'Wi. 
219 17-1 WimRnhfiwo, 
63 45 RB\'.nWv_ — 

114 95 HUT Hrid - __ 

76 h3 R’k'jBtnl 

310 15B \m ... 

180 145 fturt.Wat.lil_ 
?S 25 iiarcecill — . 

*238 180 Rariuw Rd. RlDc. 
113 60 BarrAW.V.T.'.V 

52 27 Barrow Hi-pbarn 

83 62 Rathli PontubL. 

L38t* £32 RavJerTratwrt. 
203 152- Rcarfinaark_ 
680 583 Pwiian. _ .... 

1M> 12tj HriLitrCos.Wp- 

Sftt, 24 Bcnimtn 

62 54 BnudanU . 

57 46 Berwick Tinipo- 

166 141 He-robelL 

93 79 DthficHWk... 

53 45 HliuratedEM:.. 

46 37% Btllamii.llOp - 

41 26 BUck.VnowSOp. 

119 9t» Hack Urtn Sflp 


155 125 Black {ftfilita- 
72 58 Rodyt«*el!ttC> 

36 28 BrcdM A‘ki?_ 

MB 127 Hooker McC. Sup. 
212 165 Raffiw&IUkrs. 
161 125 Koutiffcftfy'KJp. 
231 184 Boots— -~- 
£27 £17% Borc-W .U8SU0. 

205 163 Eowaiertl 

98 79 Braby Leslie lOp. 

74 50 fftalrla*. „ .. 

149 110 BndBKT'Riay- 
- 12 % 8 % nro%endPnie sp_ 
120 91) Bridrai 

39 29 ISidpoitAiaOp - 

65 56 0BAKI - 

60 45 BntlVirT BPjp. 

2% 2% BntSwuCwM. 
65 52 Bnt Srhwi 20 p. 

100 621. RnushVtta 

29% 23 fttttans 

705 585 RH.PrnpS.A2-. 

72 M Brook a,*. 

38 28% Brooks WjL20p_ 
•59 39>, Brown Bov. Kmc 
109 101 BnrattwMMttstf- 

81 59 Burp (Man 

18>2 13% Bmmdcneap 

40 32 Burns Amis nWp_ 

35 26 l*.H. Indls L0p_ 

Q35 99 Cjouanaop — 

022 90 PoU 

73 60 Onrex3to 

67 56 CannlnqlW'- 

126 108 Cape Industries - 
100 62 ftpLwPM Jto. 

% 66 Caravans I tt. Sup 

205 146 Carltnnltxh. — 
142 107 Crowds 

37 30 Celestionlnd Op 

59% 50 Central JlffrlOp. 

68 41 tAsL Sheered. 5p. 

264 180 Centrcway'SQp— 
56 44 Chamberlain tin. 

49 36 lliMib-bn Pli. Bp- 

47 17 Change Wares 10p- 

23% 18 DaCwCanJPUft- 
77)2 65 iliristie-T.lOp - 
LIS 70 Chn^HeslaLlOp 

L46 111 Chubb 2Dp 

73 58 nsrkciCfaneut) 

130 103 ColeiRIU 

38 25 CnjptnWebb20p. 

£28% £20% Conti Qp.Jl.__ 

40 33 CoHStatioo-yl'.ip. 

65 53 Cope:\ilman5p.. 

33 27 Copydexlup_.__ 

144 93 Coral L«s.lOp_ 

60 40*2 Cosalt 

70 55 ConrmyIVme20p, 

78 58 CewandeGrt-lOp- 

172 140 Creaat7.|50a.__| 


70 

35 

S3 3 24 

68 ...... 253 

330 .:... 16.05 

55 -- Ti* 
70- .... W197 
604 ... 307 
4t +1 

10% tO 56 

210 .. .. 941 
5b .. .. 2« 
109 -1 t*27 

73 .— f?M 

310 IiBG 

170 .... 9.42 

29 . . . - 

216 -2 (02Be 
118 t2 0378 
29 -X 140 

74 . ... 1335 

£35% +1% Q»5e 

188 +3 
678 -2 1B.76 
Ui 3 — -. 
» ..._. 1.74 
57 td _ -. 12.49 

56 4-1 104 

156 966 

92 ..... ri677 
46 305 

42 119 

40 +2 1.83 

£ iif f 

I 

f : ?.r 

% i*. 

U52 ; 623 < 

I, - 

5» *1 3J5 
MO -IS NWf 

iii 

77 -1 t3.78 

Jjg 

»-5fe 


«• 


32 93 

7.1 1 * 


205 +1 

140 

32% 

if 4 


CHEMICALS, PLASTICS 


Birmirtehant- Gearce House, tieoree Road. Manchester Queen a House. Queen Street. 

Telex 338850 Tel: 021-454 0922 Telex 666813 Tel: 081-834 8381 

Edinburgh: 37 Georce Street Nets York: 7a Rockefeller Plaza. N.Y. 10019 

Telex 70184 Tel: 03L-U26 4139 Telex 423025 Tel: (212) 489 8340 

Frankfurt- Itn SactisoaUj'er 13. Taris: 38 Rue du Rentier. 75002. 

Telex 18263 Tel. 554887 Telex 220W4 Tel- 2388801 

Leeds. Permanent Hou^e. The Headta*. Tokio: Kasahara Buildinu. 1-6-10 Lchifcanda. 

Td. 0532 454989 Chiyodo-lcu. Telex J -7101 Tel. 2S5 4050 

Overseas advertisement rcprexeniatives in 
L'entroi sad South America. Africa, Hu? Middle East. Asia and the Far East. 

For further details pleat* contact 
Oversea* Advertisement Department. 

Financial Times. Bracken House. 10. Cannon Street. London EC4P -JBY 

SUBSCRIPTIONS 

Copies obtainable- from newxsxpnbi and bookstalls worldwide or on rep 11 Ur subsnriptton from 
bntacnpUoc Di-partmcnL Financial Times, London 


New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 423025 Tel: |212> 489 8340 
Taris: 38 Rue du Rentier. 75002. 

Telex 220W4 Tel- 2368601 
Tokjo: Kaxahara Buildinc. 1 - 6-10 l' chi lean da, 
Chiyodo-loi. Telex J 27104 Tel: 295 4050 


OI% 600 
188 B 6 
295 253 
97 84 

90 61 

79 60 

£57 £401? 
254 122 
*191 134 
25 19 

'60 45 

14 10% 
41 27 

49 44 

£05 EP .1 
£99 £89% 

£98% £391; 
79 M 
75 59 

74 57 

37 14% 

60% 43% 
•31% 16 

57 42 

58 36 


[AK3U 

AlhriuhtWlMiru 
Al-dnjiielnd. ._ 

tliib Pack Kip .. 
.-Ml’il i.'nlloiri lup. 
Anchor Thom 

BjjwrAti roi 9 ) 

BlacdenXcflkes. 
Erenl •Hwnh ltrp 
Rm Rearol Uip_ 
HntTarlTri. hip 
Burooll Ap 
1 iri« i.Vhc! '.up_ 
i.jtiiin. _ . 
rih.il;-.; 7 'i*»Ln 
r». -riW 
D-'KLVrr. Ki'.tv 

».ailui?'"h‘-in .. 

1 Knr 

lx- .ViV_ . 

f'..r,f|..rj.Miip 

i r>«L In* !U|i _ . 
i r>--ui3t« , sp _ 
Erailmi 'lasiics.. 

Fjrmlcal 


31 
2 J 
2 .! 

6 

V 

V 
l 1 
6.1 
51 
21 
0< 

4. 41 

2 90 I 19 °l 
Q7*« j 4. f8. 
" 4 19. 

•b rt 
47 6 
3E 4 
38 4 
5 3 ? 
31 f-. 
62 3 
1.0 16 . 
* I-' 


2.8 3.9133 

3 A 4 3 9.7 
43 bJ 5.6 
45 4.7 6 0 

4.8 4.6 5.4 
3.7 4.9 85 

3.9 7.6 42 

3.4 73 60 
53 6.2 73 
« 7.0 « 

3.0 32 31,4 

« 6.4 6 

* 83 * 
25 83 (451 

52 50 42 

32 B.4 53 

2.6 6.7 8.5 

33 8.2 5.6 
2311.2 6.1 

2.7 8.6 63 

4.0 3.ZIL7 
23 83 6.7 

3.7 6.8 49 

2.1 83 8.8 

4.0 73 52 

2.1 as 8.6 

36 6.8 4.9- 
19 3.3 20.4 

4.7 64 3 6 

37 6.4 53 

4 7.6 4 

53 51 51 

10 : il8.4i 

* si 4 

38 49 40 
3.0 7.8 53 

* 37 * 
45 7.1 4Z 
4 9 4.2 7.3 
76 2.3 8.8 
38 5.2 7.6 

2.9 8.5 6.2 
- 163 - 
0 . 6 12J-J7H 


90 64 Crest NirhollOp. 

170 125 Crosby House £l. 
19 10% Crosby Spr'RlOp. 

140 10B Danes* N'mMi. 

375 230 DeLatole 

87 68 fJCttbvware 

£87t 2 £80 Dmfc|iyS&ft.’9lK 
24 16 DracaHKlSteiOp 

11 6 DUtIdeHeel5p— 

182 128 Diphuaalnvs — 
-201 67 DcSwuParklOpL 


GROCERIES, 


ENGINEERING 


MACHINE TOOLS 


?A-cba«r..| 107 

24Q 


R.m 

TVtrl 

Bun 

Ran 

Ba- 

rtel 

Ron 


HihbyiJ i£l _.. 
Bl’IiopsSt'in-s 
IVi.- .V N Vs 
Bluehini Cunf 


db.73 [ 24 8.11 7.8 


131 
75 
68 
242 
47 
44% 

74 

82 

65 
127 

66 
74 

246 
ISO 
120 
SOu: 

115 
31 
47 
57 
52 
54 
46 
122 
120 
112 

153 |-2 1 13. 


221 76 
36 6.4 
4.0 52 
19.4 05 


43 4 0 
1.7 20.5 
<t> 6.8 

* 84 
40 3D 
67 41 
39 2.6 
39 3.3 

45 39 
49 63 
75 25 
3.3 8“ 
19 81 
38 77 
4 6 5J 

46 63 
10 5 4 
10 5.5 
34 90 

.44 [ « 3.4 


182 128 Diptomlnvs — 
-201 67 Do&xraParkiopi 
84 63 Dom RIdgs. 10p- 

£38% £24t z DwcrCorp. lSJl_ 
4212 30 Diwms Surcl Wp 
37 Zfli DafayBitwn.tOp 
152 122 DnnheeCom. Wp 
55 42 Daniotttan20)).. 

17% 12 Duple lnL5p_. — 

135 93 Durapine 

10 B% threk Group 1 to. 

31% & D}iesU> 

63 54 fwamiLtli 

61 49 Da ’A' 

18 12 E.C Cases Kip — 

109 80 Eastern Pwd.Mp_ 

275 ' 220 HbartadxSQju. 
16% 12i> EJhirito 
441, 391’ Hecoidp_“T 
52% 36 Elect Ind. Sec 
23 15 EOwttn-re.lOp- 

93 69 Eaion i Robbins. 

•21 17 EbwiritH'pMfSp 

£311| £18% Emharl rm 51 . 
14 11 EmprcssSov !Dp_ 

33 «Ji? Elis * Rut's lOp 

84 72 Enc China (Taj's 

163 122 Esperann L5;p 
137% 99 EnroFerri«.._ 

43 ?4 EvwkHldfis.3>P 

41% 24% EwertkwrselOp 

116 90 Esicl S7.. 

63 S3 . Futtaim IriUvUii. 

34 28 KenlcvliHt ... 

155 127 KotmrfU.il.'..,., 
126 87 Fersuamlud __ 

3B ?4 i’lrtlcm.inSIp... 
46 25 f-’indid*iA.R'. . 

51 37 Find Castle Wjk- 

46lj 39 KitratUna. . - 
W 48 HwolloCitf... 

146 53 PueartjlEl. 

172 128 FroecoMimep-. 
104 81 KdinteUllatrey.. 

960 485 Franklin MiatiL- 
70 61 French Thus. 10p 

102 R5 KnodbadlW- 

595 A10 GJLlHdffi*tapL- 
203 149 nedctoer'A' 

86 53 lahNHK Dudley. 

190 160 UlMhlft 

104 80 l'4evestiruun.._. 

6b 4b Gib spur mp - 
75 58 lau'iMrtdWp. 

510 515 tilaxoSto 

43 40 tinmupphotultte 

24% 17 linldmuiilHJto. 
86 65 liamK-Hhis. 

60 50 Grampian fUrt. 

109 84 tiraHiki'V. . 

54 37 w irit'pctTrthi 5 Op 

42 IS lirmrlidHIp 5p 
34 19 ibllsR Sketch lup 

73. 50 iuinw l(H> . 

29 17 IhmilHi-rnr 12->p . 

104 81 Ibniitmi'u^c 

154 124 ilunwaTruH . - 
t89 £77 PrS.nc rnrl^B 

61 51 !i.uvrejvr’3fei 

85 65 HamsiPhilMp. 

6^ 43 Ham-’iSbclih-o.. 

76% 66 Uaukins&T:|Mi3 . 


77ri ..... 

m 


98 +2 | 
56 +1 

a. ± 

*84 +l’j 

160 

18*2 

127 

375 +3-, 



05 +1 ! 
24d 

* -2” 

** ± 

* a 
144 -2 
50 +1 
17% 

135 

■«% 

28 *•% 

62 

61 . — 

•14% 

2 S s: 
■Sfi 
S 2L 

n 

£29^ 

76 

237 -1 
137% +1% 

38 

41% 

116 

62 *1 | 
31 ... J 

255 

226 

24 .... 
4S +2 j 
39. ..... 
4i 

56. 

142 

272' 

101- 

670 -40 

62% 

102 

595 

16M +1 1 
8b 4-1 

172 

90 +1 
58 -1 
75 

585 -4 

.43 ...... 

17 .. 

75 -1 1 


4 02 3.0 
338 23 

El 

II 


& a tx 

2J7 ^ 
tO.41 - 
0,6 

4.82 * 

332. 3J 

3.93 3J 
219 3J 
3.77 53 

,1.90'. 24 

S 22 B - 

256 

t330 34 
227 1> 

6.09 21 

333 . E 


gg 13 
ffi 1 ii 

7.41 0.9 

1005 4.4 
532 02 

09*6124 
dlOO .* 
hD26 4.8 
3.50 5.0 

M 06 271 

d4.71 * 


137 ...: 
£83 .... 

57 

85id . 
55 ... 

71 +1 


2.36, 16 
tOA3 1.9 ^ 

5.66 *. -6.01 4 

216 11 6. 

TO M 42 Sol * 
424 3J 4.6 
0.20 9.0 22 

1335 26 RB 
t3.65 26 8.9 1 

442 84 Tl l 

&12 5.4 4,7 

L15 * 11-0 * 

Wl-78 25 

IS 

t3,18 4.1 5 2 7 
0.00- « 8.6 ♦ 
CO - 3.8 - 

d0.2 - 2.5 - 

M.36 - 1.9 
13 97 22 7B ‘ 
t5W 30 “■ 

2.84 53 

hi 16 4.7 4.M 1 . 
1 « 21 86 
550 2.1 mSl '~ A 

115.06 2.4 
140 33 , 

16. W 

6.09 14 > ' 

0.41. « 2il. 

2 * 0 ? - 17 ir ■ 
35 || ; 

WS9 9.6 271 
4.65 27 t 

6.30 . 1.8 «. 

BO c - 2.S 

W 33 42 

n?a 55 M ; 
t4.01 75 33- 
257 Si C5 
135 33 2? 

4.54 34 7: 

-2 * 
108 4,7 i 

no.« 4-7 _ 

in v s 

in 

♦197 w 

240 14 

I0? T 27 4^1' 
:%» 93 12 
■4140 91 2S - 
hB.85 33 4.4 : 

Trf n |! - 

434 4>. .Jj 

3.01 -21 «La 
4.0S 29 IS 



la'- 


























































































371 





I 


m 


1 


e 


■iSfeaiKifsa 

®®USTRIAIS— Contiaaed 


INSURANCE 


PROPERTY— Contiimed 


RwtfaSB 

U-- HvOteEs^Bl 
fia ■ Ray’sWtarfELT 

MepwotthCn*. 

. Resiair ._ 

HcwirtfJ.iSp ^ 

itsssst & 

BSSSSJiti 

Kullisfkoi ~ 

; JWtUm.1lm.wp 
IMer.V ' 

H-Tiryn 5p 
IMtmvAllijpJ 
H.waMTfi-rns. 

Hum inr Avoc 

HuwiM = hlnn' 
Wi'SVlwsflK 

Hiv.mil i j ,sp 
f j ^ iM'tastnesi, 

!®r ''raLGasU 
iis.iiiiijfc ifl»_ 

'nHialSwvfett.- 
llUOt-f.1lv20p 

Limes liofanv 
June* ill i lads jfln 

■iardincM-Sma 

: JcaUquc 

Inhiuanfc Barnet. 

: Johnson CJnr 

Johnson MUjy. £1 

Iranian (T.)iOp 
Kalamazoo 10a 

Kcfvtf Inrii 

Kennedy 5m. IOp 
KWn-E-Ze HMiyLI] 

l^p. 

LX lodl 1ms 

. ULC.Intlto 

[JWrt wt- 

Leadlnfc.nop„ 
f eaten tall S tfrlnr 
I*BasnQ1i_Zr 
WwffFobeliflp 

Letous Harris 

LeiCbIntR.ap._. 
Leisure Ojimop. 

Lepilrrwpi(jp_ 

Lesnej-Prodn.5ti 
UtasetlO p. . 

laden l«p 

Lindsay & Ware. 
Lindustrie* ... 
[oB.4.\'^m.Cn 
Ipih; 'HB itity.ii. 

iMsdakWrenL, 
fflw* Sonar 50n, 
ttY.Datt.10p_!!. 
UacanieLin. I0p_ 
lfr’nhyPh.3Dp_ 
MacfarlaneGp. 
McBndeRhtion 
McOeeryL' t 
MarLeUaafp.Sir. 

MwphersontD.1 . 
Uaznriia Group. 

MW5nt Ap-H IOp 
Man. Slip Cm £i 

KfiEWi 

Marshal) 'jUnir. 
Martm-Blac fc, 
MaUiesonsT^pc. 


—1224 1-2 


Mpnlmnw nn_i_ 

Metal Bax fj. 

Metal Closure*— 

UitCotti.Tr; 
tf»nU)Spc! 
Monument Ufa __ 
JtorcacCmrthle 
Harrell I Abell 

Mo5siRobL)H)p_ 

HoviiexlOp _ 

My5onGp.lOp_ 
NvSh'J.F.lSere.. 
NMhanfRil>„ 
NKA'rtj'i 

Ni'R 4*0 

Nationwide liw. 
Nerretti fcianhra 

Neil&Sp oreriop 
New Equip J0pf_ 

Norerns — _ 

Norton A fftUOp.. 
Nmvic Sec*. IOp . 

. — No-Swift Sp 

■£99i;}£91 0« Finance Cv_ 
Office* elect 

Wrc\3Jp- 

Ovenstonel2i>c_ 
P..MA/BoJdioo>J 
Farter Knoll W. 
Ranis 4 Whites— 

Peerage I 

Pent land IOp 

Pent os IOp_ — 
DMS?iC«.lAlS85| 
ftetrocon 12Up_ 

Phillips Patents 
PhaaxiLnnj 
Footo-MeStt 
PilkiDFtonw.n 
1‘itn‘y Howes La 
PiaACOnSLlOp-l 
Piexnnunadp— 
Jtotrni.iri iOp-_. 

IiirtaS — 

Powell Huff. 50p 
rrpwiWnv)5p — 
Prestige Group _ 
Ptili-himl S«.5p 
Pm Lamvfe j 
Pullman RAJ. 
RF.n 

15*2 rtlh! , 

RjujuI till _ 
Rainfalls ..._. 
Ranknipeu. 
ReddUCol.5 
Redfeam Glass- 
ReedExetSp^ 
Reedlntl £]„ 
rMronPBWS — 
Renown Inr.YSft 
Koawick Group- 

Kcslawr 

Remote 

RihTi£J.MOp- 

R.vkwure 1 

r.««.CT Hlife — 
Uft'.V. 

Jiriapru 

fn^-ani 

jRm-al Aotc?, — : 
jllussrlliAjlDp— 
Rjani'L.»Sp_— 
Scja holidays — , 
» tWnmJKMOJ 

Sale Til nev ( 

Samflrana SbWJ 
Sanger; Grp,..-. 

Srana Group 

■£W«£« ScMmnhcrgcrSl 

05 Scot cros 

S-oL Heritable. 
Scot-&'fn.lnrs- 

Se.irs Hides. 

So-unrorGp. — 
P.i 1 V N-Y~ — 
Steeuriiy Smites J 
Do. ".I’.V-V. — 
ShamaWareaip 
__ Slebi’ttorman— 
«S«4 SiU-niniAtiOp-l 
-- •flfKWen^ va)p_| 
SiU rUH'mn tod- 
SuBrw'niS.i'.V- 

Siietchley 

Srrilh.tNrpli.lop 
Snuihslnds-Mp. 
Solic. laiwlMp — 
So sue 

SUl.ob} P.B 

IMunwiG 'K'OSp 

SI*?ariJ.W.l 

Jttffs Polls- 

L«’5lt%>'nr.Ln. 
i&alleslnt- — 
:aas Furniture-. 
Scvllev.. ... 
tsicfax tout UES 

SuamerlF.l lOp - 
SaniietaSrtv. lop-] 

Solcliifeipeat- 
Lswed»h HaichKS 
tWirePacHicWc 
iSMtone _ 
jTalbci5p. 

JTebbitt ion... 
iTnermnlSjud — 
m Times Vn. 5p 
htiiniMilelnv— 
TillinpT.Snp — 
IjonUiillRW 

3^3 jTioc ■ - 

'337 hyyaJrwH lOp- 
LH»rm-ansl'ii.VS5l- 
iTrBrppiirl Pei _ 
[TtaowoodGpSp 
iTaraerJ.Ntw^l. 
rramff Cun. 5p( 
,1’KOWI 

Vu''*ml B dii3l 

'< *mfles 10p 

I'luliAW 

|li n vN villi- 

ll'td Camws ]0p 

irmtcdGasInds.. 
lUiHsrantccSp- 
i.'m«hrome- 

Val.*r. 

(\ mers I0p_ 
Yinicnt;rp.a»p.. 
WRiMmwliV- 
WjrieFi^talOp* 
Walker Hmr.Sp-. 

Waterford Sp — 

Wat? ham's 

HiiwuRK IOpf-4 
Vledi?B"d--- r - 
Wetfn.Fiuni ir 
WstmuLftCty 
jvi-| lK k. EIHXJL 

WhaTrotiKAiuJ 1 !. 

White iluUSR. 

WTiitccroh Vp- 
V,MclcvHSlV... 
VllbfJ-' — ~ 
Rilkins Mitchell 
Wtlk*n.Mlf hit 
IV. lOpaitn — 
(WilliiuiKiJA — 
jBTJIsH^oiTTi - 

iWilsonWalira Wp 
ttTnnfytki.'np - 
WiUeniTh.'W- 
■Sgoditicisfip- 
Wnodi.*Thur'Sp 

_ Wood M l 

44>^ iZestertT 


Mi-Vl 

S 


64 


***’ l-l- 

3-05 
t5.02 
*335 
ti.99 
105 




+1 


+1 


1183 


7J1 

15.04 

M5.73 

535 

1.71 

2.99 

239 


*'Z 


3 


T J Q67e 
— 1h2.03 


3.95 

1183 

193 

fif 

#LM 

tUJ.- 

439 

436 

t&64 

123 

295 

7.48 

4.15 
L85 
L79 
332 
14.43 
4.55 

13.15 
(CL94-! 
b5.47 

3.05 

914 

203’ 

Bi.M 

14.70 

1L05 

1237 

203 

4.40 

3.90 

Sa 

132 

12X8 

d274 




-2 


+1 


+1 


+*a 


+1 


-2 


g!03 

d253 


T1H5 
d0.93 
1530 

Q^19^f4.4) 


-2 


+1 


+3 


-2 


-2 


*1 


+1 


L M 


'+2 

i+r. 

5 


+5- 


127 4 


-...I t6X5 


h0.91 
737 
1 bL31 
1234 
t2S4 
1335 
1335 
d244 
537 
h271 
332 

rH ?? 

3.87 

15.49 

d247 

236 
b837 
218 
L90 
7360, 


661 

Q54c 

1.29 

261 

dS.09 

b0.7Z 

136 

t266 


til 36 


1.00 

439 


til 67 

0.73 

8.93 

536 

d279 

32.69 


0.18 

d0.49 

237 

0.96 

036 

5335 

iii-12 

d0.91 

QJ.75 

ftW 

240 

h3.W 

3.76 


>1 


d4.47 

[13,60 

331 

d025 

010*4 

t279 


7.4} 4.8 


imj: 


24| 


33} 


7.6} 33} 6.4 


M 




h 


431 


331 


8 2 


5.4 


li 


*y» 


3.4(195 
Z4| 6.6 


83 


w Seek ] 

' |BD*rfne(CTJ__ 

I Brentrafl6AJ0p_ 
l BrrtanaicSp — 

i fmnbtnedAm.Sl_. 

I I'nnrm. Union 

! Eagle Sar—- 

L B£il ftCaLlafJOp- 
f! Pteria Ukyni jr... 

I Spiff*- Lawap. 

i (jfsi. Accident 

! tdardianRvaU 

1 HaffliwoLife , 

1 Hesthictiaip. 

I H«sg Rabinfon.. 

[ leigHLUenSp.^ 
i . Les-fiUdwri Sop 

I I«l 4Man.5p__ 

! Ltsdoaln.1cif3fi 

’ . MflflbewWr.iip 

. Mi«tHld®.2up. 
r StefraiCirisiajp. 

, j Peurlap 

1 232 Phoenix. 

120 PtwrideBl-A" 

120 Dn.*B"— 

337 Prudeohalsp 

125 Rriuaeap 

343 ResaLi 

310 Seda Forties lop. 

94 fiathouse 

504 Saa Alliance LI. 

91 StmLtfeSp- 

679 ThtehrMatEDR 
155 Trade ladenmiiy 
.0.7^ Era»tosS250_ 
(247 SRDis Fiber 


Price 

+ m 

120 


34 

+7 

166 

+2 

03% 


149 

-1 

346 

-z 

73 


016 


166 

+2 

za 



-2 

348 


m 

-2 

1HM 

-2 

166 

-1 

164 

41 

i??n 


140 


130 


1R2 


204 

-2 

60 


234 


254 


128 


1?B 


154 

+i 

140 


380 


437 


99 


MO 


107 

+1 

937 

-16 

179 



-L 

265 

+3 


- Net 


\& 



TK 


Ctr 

0's 


53, 

47 

7.1 

3 A 

51 

7.9 


r,n 




47 




7 1 



— 

b.4 

— 


174 



61 



5.6 



6fl 



87 


SJ 

2.6 

105 

♦ 

4.9 

♦ 

2.S 

h.i 

9.1 



?J 


21 

56 

133 


7fr 


43 

37 

i(Tb 

23 

7X 

86 

41 

26 

17 5 

2S 

9 7 

66 


*? 



67 




97 





97 




66 



88 




66 


3J 

9 A 

Vi 9 

2.7 

hi 

74 


6 6 



48 



ns 




73 




3.5 



2X| 

5J] 

12.1 


MOTORS, AIRCRAFT TRADES 

- - Motors and Cycles 

! K Staid 

’ Lotos Car rap 

■ MjBRMtr.5p.„, 

. — lj afcRo?TcVttrsJ 
[762 [VoIwBjW- 

Cttnffiercial Vehicles 

! ERF-lHIdgs^.-. 
f RjfenSfMp i._„ 

1 Peak Invests. ll>p 

'■2 Plartons- 

i lYort Trailer lOp. 



-4 


s Sts* } Price 

Imc-'P»pertr_ 1 
I mem rope n Iflp 
j Jemr.'nlmai — 

Larid Incest 

Landhccs »p... 

5 Jm STPfCD.fflL £175 — 
5 T»n ff AoCnnv 15. ' 

5 Dn IfFbCiKit.TIo 

I jts Land 3)p 

Lnd Leaa-Mie- 
\vr. Pniv Shp lOp 
l/m-Shnj)Pr<»D-. 
I.vntonH4a.20!i 

MtPC 

Marier Estate?— 

Mefnenwy IOp - 
S>KaiSecs.30p. 

* UnUnfi-a Wh. IfljL 
Mcmnlrww.ip— 
MuridowiA-4Jj 

Noltrm. 

PSaehn- 

Pmp Hide, k ll>v 
Pmp Pari 'ship.. 

Prop, i Rev -a‘_. 

Pmp.Ser.lnr Aip. 

Raglan Prop. Sp. 

Regaliaa ' 

Regional Prop— . 

Deu'A' 

Rocfi t Tompkins 
Samel Props — 
ScoLMetrrip.S'p 
> S«oodCityUlp. 

' Slouch Ests 

9 Dain f U'onv.'90 
Slock Cojwersn- 

SonleviBiliu 

i 5*ire Propenies 
rownCeume — . 

, Town* Curl Op,. 

Trafford Part 

UX-Propeny 

ITd.RraJPmp- 
WoniwEsJatr — 

WshJtrdlm yp. 

WcHb/Josi.ip -- 
ft'tmreJorP 20p. 

Winston Esis—— 


TU? 

CNrICr*MP(E} 

2.01 0.712*231 
D51 — 
13 6-4bU 
12 251517 
15 3j6jZ7.3 
5.7 D.fl - 

IlCKwl 5 7 <7.lJ ~ 


+2 


tss 


—.129 


b.X 3 7 -5.9 
lfl 3in27,7| 
04] 661472.91 

2$ aSSol 

Ul 2^3551. 


INV. TSUSIS— Continued 

Wee |*^1 N* ICvt 


FINANCE, LAND-Continued- 


Lfl ZO 166.4- 

S 24rS6i 

2jj 3.7 015- 
JT1Q5 
1 a 27 48.7 





SHIPBUILDERS, REPAIRERS 


Componenis 


Rawthcam L 30p. 
SwanHutuerll. 

Vosper 

Yarrow 5Up 


-1 — 

. ... 6.96 
+25 15.0 
t« 68 


[Abbey Prads— | 

UMiwrSiTeam- 


arrant Bros. IDp. 
DartaOon* 


iHramSmith lop. 
W-aEadgs-iapL 

jLuasInds. D 

[Sopra Group i0p. 

htoerlDg. 

wnnut Breeden. 
jWaodheadfJ.) — 
|Zenlih'A'50p 


89 




+1 


8246 
1207 
1556 
hl-38 
3.73 
0.03 
|Ctl24d 3Jj 3J1 


3B 7.7 5.2 
4J 8X 3.4 
35 4.9 8.2 j 
3X 7.4 63 - 
8.0 24 8.1 5 
16 83 fcJ i 
LE 6.7 13J i 


4.4 29117 
23107 4.9 
4.4 2514.0 
10 3.6 47.7 
33 24137 
43 4X 8.8 
4.0 4.515.6 
53 47 55 
33 7.41*5 
49 65 47 
* 75 + 


SHIPPING 


10.7] 


Bnt & Cam. SOp . 
CammuBmSljp. 

FisheriJi 

Ferness Withy £l 
Bnmn£iHb5n.£l. 
Jacobs ul Li20p_ 
Loa.n'Sefls-Frin.. 
We Shipping— 
Man. Doers 20p. 
i Mersey Dk. Units 
UilforaDocbEl. 


+1 


104 Ocean TrnnsBort IDS 

83in P. A a Defill- 87 ■*■!» 
60 Reardon SulSOd 62 12 


' (Reardon S blSOp 

IDo 'A'SO p 

|Rnnfirmm(W.l . 


il f 628 




3.91 5.01 7J 
-Ti- 
ll 14 9.7 
40 5.D 62 

- 6.9 
12 8.4 143 

M 6/9 418 
23 3516.1 

- — 11 

6 5,6 * 

26 116 i39i 
19114 f57i 
3.9 } 69 

3.9 I 3.4 
21172 42 


Garages and Distributors 

j AdavsQbb y— ( 77 |, |4.42 

iOn* 

. - _ Motor. 

344, BSGfiLlOp 

35»j BraWGnwpop 
40 BritCHrAnc.lOp 

19 C.G5R10P 

84 CaflynsSfti 

29>2 Cdwwelnrt. — 

35 DnwielTJ^i 

74 Davis Godfrey — , 

68 Dtrada 1 80 1-1 

39 Dutton Foistew. 

VPi Gates (F.GJ 

29 G5tnflebiLawr_ __ — 

*100 1 74^2 Hartwefli- 
*128(112 HenJys20p 

Heron Mtr.Grp.. 


88 

028 DalOpcCm-.— 
72 Hurst (Owriesi- 
31. PnsuwU^- — 

65 Kan^lfir. 

64^2 LBSeryieeGip- 
48 lookers. 

73*2 Imn61 

5V NetaaDavidS. 

4 Pennine ttr.lOp 
77 PemfHJlBrs.- 
* 

^4 nzxxuijver/'jp — 

43 Me of Leeds 

33 WadtanSr.Mp. 
68 


r# 


a 


SHOES AND LEATHER 


361, AflebonelOp}.— 23 
52 Booth ilntnli — 53 
56 Fbotwearlms— 57 
93 GamarScotblair 98 
30 HeatHmSmSpl 52 
64 ffiboasOp— __ 96 

47 K Shoes 69 

36 LaSmRtiaiul 41 
38 NewfwU&BmtDl -5012 

4D COjTH-fGJ'A' 48 

46^ PmaniCrp 53 

33 Stead&Sim'A'- 39 
54. Strong 6 Fisher. 57 

41 StyioSboes 60^ 

1»4 nmerW&Efflp_ 32i 2 

661; Ward White 92 

24 |Wwrralop_ — 29ni 


il»2|1.02 
1+2 


-2 


SOUTH AFRICANS 


AbetotnROTQ— 

AndnAm.In.Rl 

Ang.1ViInd.50c 

BdMrtslOr 

Gold Fids. P.3jc 
Grtmns’A'aDe.- 

HnletfsCpa-RL 

|C« Bazaars 50e_ 

mse lOrts— 


1 'Aw 175 


5ABrews20c_l 

riser Oat* R1 

□msec. 1 


-2 


NEWSPAPERS, PUBUSHESS 


TEXTILES 


Assoc. Neuju — rm 

Bem&irtiien. 

Btack(A4C0- 

atWdPost 

CoUins\mUam_ 
Da“A“ 

DaibMtfl-A'sjp- 

eTmW. Allied "A' 
Lkntkm&Gotcb- 
HomeCounttes- 



5.90 

4X8 

291 

2.41 

d4.97 

6.52 

4.75 

4.75 

13.10 

hZIO 

e* 

t560 

737 

4.43 

UP 

d2.49 

411 

Hd3.«| 

2X0 

1419 

156 

L42 


39 4.91 8.0 
75 26 72 
24 8.4 65 

* 48 4 
3.1 6.2 7.9 

21 61 87 
29 5.5 7.0 
2.9 5.6 69 
1.4 5.9182 
33 5.4 5X 

* 4.7 

22 85 
26 66 
24 &4 
2X23J 
5.0 51 

3.7 U)2 

li 7li 

i7 . 
1X562 
6 2 68 
3.7 9.6} 

Ml * 


PAPER, PRINTING 
• ADVERTISING ■ 


{Assoc Paper — 
Dafl**cConv._ 
lAnaiWibwE— 



I Do.Restnc\l| 
htamlPuljw 

}^^mMBal.50p- 

|n»mkhardj_ 
CdktlDsonMp 
tesHer Guard— , 
«aip- 

Ei»Lancsppr_ 
EnraJyptns. 

Perry ™ iO*— 

FlnlasHoJfiMS- 
Geers Gross ll^i- 
Ran-israfcSons. 

ipg wets. — 
ln»erestiiu.5B 
L*P. Poster; 
UrGruuofeieE 

Mel wb 1 Mills 

Ifills £ Allen 50p 
More OTerr. lOp 
OphyiltSL-. 
OUvesP. BdHajp 
Oriey fttat Qjx_ 

Satin fcSMcfi-l 1 
SadUnlrtvtJ 
SaufitfJeBs . 
Transparent Ppt 
Tridaait Group— 

.. Usher Walker iC^_ 
30 Wace&oupOOp. 
186 WaddinghmUi. 


, 4,4 7,4 64 
2%U4J f82 
24 7.9 8L2 
20 83 93 
3.0 5X14X1 
33 7.7 
33 9.0 
45 72 
31 65 


+1 


m 




lAIHedTestik.— 

Se!dM0ja)p_ 

SecfananAMp. 

Blackwood kfaft 

[Bond St. Fah. 1 Op 

1 Bright Gohai- 

BrigroyGrpSp- 

BnLEnfcdon — 
Bnt Mohair— 

BulaxrL'mb 2Pp 

hrstidiDundeei. 

CarpetsItf-SOa 

karVgtnViydS 

|oafc, Patous — 

Xurt 

DaTCDebfS.7 

jftuwtbenj.l — 
ttfawsralnfl.- 

Do. 'A 1 

jDironfDavidi. 

to5ytCJ4M.Mri 

ffteterUoim)— 

pMpsa.iwp- 

(SmngPsLot^. 

TOeWBros-fip— 

U4 chains— 

iaaiasGrp5p— 

p^ttiisop' 

J Da*A'aop 

(liignntR)lOp.. 

(TDdgj.i- 


PROPERTV 


M7T 

if* 


Ail'd Loudon 10p 
.Allnatt Loodon- 
lUsigsnstcd 6uinii 
Apex Props. lOp. 
z Aqias.Secs.5p.- 
ArenuenheiJOp 
Beaumont Props. 
BeueriC.RiWp- 

1 SSgKr. 

BllumtPercyi — 
BradfordPr™.— 

? BrlLAnzamop— 

British Laud — . 

B 5» KprCm.3XEL 043 
Bruton Estate — **" 

, Cap. & Counties. 

Da Warrants— 
i Canliag Group fip- 
CarringMalm 50p 

CTKTOinciaJ20p 
rmCsaaip — 
Cbeaetrieta — , 

CTOTnSeri. 

CSurrhb'rrEst— . 

, City Office* 

1 ChrteNietoUs- . 

, control Secs IOp - 
aatsEsdongclOp 
CVarr.NnrT.lta- 
rntyiDist W- 
DaeJaniHkigsi— 

. Dares Estates H)p- 
DorrinElan IOp— 

Eng. Prop. 50p— 
DoSa^Cnv.— i 

Da U?pr Cnv — ! 
Erts-ftAseun’— 
Ests.8Geu.afp~ 

Ests.rrop.lnt-. 

Eavts Leeds — 
fillrifwEsfa.Wp. 

GilgstelOlx . 

libuCcldSecs — 

GT. Rutland 5BP- - 
Green i R-* IOp.— 
Li«ll«st5p_- 
Hamneisnn-A-. ' 

■ tenter toiTuiffp . 
HasJemerejnp.- ; 

HKljart.HKw- • 


liXXB 

437 

355 

0X9 

1.65 

M327, 

td*,06 

t29l 

327 

6.27 

691 


I QX2-J JfM - 
28 .2731 

42 261 


+l 8 


L94^ 

L73 


210 1 IX} 3.4 


m 


.16 10.4 7.8 g 

• 10.6 « S 

20103 (60) 2, 
3X 3.8 72 2 
23 Ip (481 2 
22} 85 65 

8.0 56 
47 7.7 
-17 85 
61 83 
19131 
9X 93 

6.0 26 
■32 9.7 
3.8 9.0 

,55105 
113 91 
1^ 7 2 15.9 


2« 5XT12X 


16 24(39-9 
12 5.H24.9 

12 3.5®.3 346 

13 66)142 
ill 92 

67! 

12} 4512671 


— ..|4.0S } 22119 36 A 

46 221 
4.4 1&6 
3.6028) 


3.4Ltsi 


52 
&45 

* 

47U 

46U 

1813031106 


i 50 
l|{35iL40 


U: 

7.4 17.6 
1X26X 
22 169 
7X tbij 

6D189 
22 30.5 

5.4 9.9 

15(610 
4 0 06 
21 4 > 
Z7 *’ 



|Mtckinzxre Scutf 

Martin (Al20p _ 

Miner (F.i IOp— 

Mondort 

Notts. Manfg — 
NovaJtnejaop. 
Patiand'A’ — . 

Pickles W. ifc Co. 

Da'A'NVlOp- 
|2KT.lte_ 

toy FasMoas 

Reedlffnii- , 

■BSC 

fe£2.T.20p 

KcotjRoberbon- 
tSelarsInLlOp — 

yaauoQ apsnrn 

[Sidtelndtaip- 

pnaTI AUrtnnw] 
Sn. YIscce L12S5_ 
DaPriv.U2n_ 
icer(G«..'L- 

dard'A' 

Stroud RflayWdJ 
rmtGonailae. 

rexrtdJrsy.lOp. 

TcmMnstms 

44ia Tootal 

ZI 2 rro^ardCarpeto 

Trieorilla Mp 

Vito-TEtSOp 

Ycrts.FlDOK.aip. 
fVougbal — 


— 246 


-1 


3 


+1 


+1 




-2 


Lfl i 3.4 
24 6.7 62 
110.0 4 

62 if. 4 

id V 

83 66 

9.1 ^6 

87 d> 
5.4 46 
92 82 


559! 35 6.6 66 
24114 55 
6X 5.8 32 
1910 2 8.0 


276 

326 


3|l3.S 32 
12|12X| 5.6 
42 

, 3.7l 69j 4.7 
|.3.9 7.7 SB 

26 42iMX 

Mlt 

3.7 7X 42 
131 9.7 iU.«i 


Hr 


t? 


*- 67 
3.6 Ob 
52 35 73 
28 93 5.9 


0.7D 

070 

,94.76, 

|td4.00} 

4.49 

293 

tios, 

naa 


0.9 IL2 152 
5.4 5J 63 
42 5.7 42 
35 54 60 
22 -7.7 87 
42 32 7.0 
L9 * 
6.5 32 
6.910.4 
2X 9.9 72 
53 7.7 5.6 

Lo2 

3 £ 93 67 
92 43 35 
25 83(5 Xj 

4 52j 4 
♦_ ♦ 


4$ lfl 42 
l2i0.4] 8.9 


TOBACCOS 


iBATIndi 

DoMd. 

hmfiUrA.!iap_ . 

Impena! 

Rothmans Ql?p. 
ptemsse&RiLlfip. 


tl321 

ais 

5.75 

207 

283 


U 93] 82 
.4.0 72 53 

f.O 42 tl 

1310211Z 
3 8.7 60 
10 20514 

* 9.6 « 
62 42 53 

* ID . 6 
02 72 — 

69 — 


83 62 5.6 
— - 4.9 
53 38 72 
1810.9(62) 
q65 5.4 22 
29 62 72 


TRUSTS, FINANCE, LAND 
Investment Trusts 




Aberdeen Invs._ 
Aberdeen TroS_ 

AtUalnr 

Afliaurelm — 
Alliance Tnet—. 
Aifrmnd Enc. SOp. 
Do. Capitd 5(^i_ : 

.AabroselKltt. 

Do. Op 

. Amen can Trust- 
.AacricasIhL'B' 
AsstoAmSecs- 

DftAsetSht— 

Afl)tl*S«Llm-.. 

• Arebfflwjeslnt. 
Do,Op50p — 
Arco tav.RAlj— 

Atlanta SaiL igp 
Allaatie Asets _ 

. .ulaeBert— .. 
.tet.Ahfl.iafa;. : 

fianfims lnv. ‘ 

: BenylliK 

BltbcjwpatePrep.. 
RistxnsgateTst- : 
> BmderiaHmtDp 
i teedlFhaaOSl : 
Brerillm-.CiSl- : 
BreuurTft— _ 
Bridgewater — 

• BTiL.lis.6Gei}— 
BcnAaatt— 


+i 


l-i 


-l 


N 


239 

6523 

1428 

3X5 

721 

8.43 

643 

457 


7.1 20.7 
5.3 264 
12 5X253 
10 4.4 317 
10 4X|. 

10 


lioffil 


+^2 1 137 |L1| 43333 

43 318 
113 23 J) 

54 219 
12X125 

4219X 
4.7 273 
13 67.9 


M 


d634| 
,2 52 . 
Q50 44 1 

W 


60 


-1 


4*1 


*'Z 


11 


-1 


+1 


r+ : z 

+i" 


Steel 

3HL Stop Seer 5p. 
FriLlnd.i-Gen- 

Brit. Invest. 

nrondrtbneCOpi 

RrunpeTlm 

Brxcouri S)p 

C LHP Ins 

(.'alwloma Inv^_ 
i CdferfoiUunTa- 


Canthrunarwlien 
Cgmelluintf.lup. 
Cdn.iroreija_ 

'.aula! t Nat ^ 

Ito -FT - 

rankul Md— . 

CarlloJ Inr 

Cedar 1m 

Chan I K bic. El . 
r^rap 

, 'TianerTnw_ 

Off A Com Inc.. 

Da Cap. if 1; 

i Cilv AhT-Im 

Ciff tlntornVi- 

Off ol Cnfarri 

i CJarertwuwrOp. 

' Cliftrm bits Hip.. 

i ChtiesdalelDC.. 

iM.-r 

CWafliaJSecs W4. 

1 160 ContinemlAIsd 
94 CwmnesnUnwu. 

116 Cres'ffl Japan »P- 19712 

67 Crosririars 76 

24 UunuluiTuv 26' 

38>2 DmueilDC-iitOp) 42> 

Vx Do.iCap.ilOp 4 

56 DebenliireCMU. 65i 

200 Derby TsL Inc. u ZL9a 

140 DaCapSOp 144 

172 Dommiou&Gea 198 
106 Drayton Corn'd- 3351 
123 Daltons. — — 152 
27 Dp.FarFnSern 43 
155 Do. Premier. .. 199 
60 Duakc« Inc 50 p 62> 

- . - , ,163 Do. Capital Q— 224 

5.l}20.4} 65 I 55 Dutate-eilrH — 65 
SWi Edinbunh MnTst 129 
194 Edin. Inv DC £1- 232 
Wi Oftrralnr.TiL. 118 

60 Heel & tton — BO 

74 Sue. L InieraalL 92 
63 Em A N Y Trtsi- 791 

58 EM.XSrot-tnv- 7B 
91 Equiff Cnns1£l_ 112i 
L02 Du £v>.-rdEOp_ 142i 
[70 Fqulli'lni- 50p— 211 

59 VjuieDutto-. 86 

37 F.4C EnrotruA 511 
70 Familj Inv 1>L- 94 

7&fj FirnScol. Am. — 1001 
130 Foreign* Col 175 

37 F.L'iLITjROJSi. 48 
35*> Fundin'. est Inc.. 36 

49 Do. 'top. 65 

984 GT. Japan 163 

120 Gen-iComracl.. 147 
73 Geo. CunsoldnL. 861 

125 General Funds.. I661 
DaCr.rrv IOp - 124 
Gen. Investors — 109 
Gen.. Scottish— 92 
Gn.Srhlrfn.l33> 118 
Gbfiure-ahhla- 105 
Glenttoron bit — 1001 

Da“B‘ 77 

6<Pj Glermumaylnr.. 75J 

"• Do.-B'Ord. 72 

Globe inv 122 

Gorett Europe— 67 

&anp?7rnst 78i 

GL North'n Iuv_ 1041 
Greenfriarlnt — 90 

Gresham Inr 65 

Gamp Investors. 65 
Guzman lilt. Ts!_ 84 

Hambtos 78 

160 Hill 1 Philip) 186 

69 Rmneradt-A”- 84 

68 Da-r 82 

J8h MaaHSi J9f 

700' Do i£) 775 

423| Industrial A Geo. 55 

1 imenMt'JlBv— 79 
fur. in Success— 156 
; Investors' Cap— 88 
. . lnvttttfl.Tfl.Crp.. 282 

DQ3 far>iix>eJ«naii 162 

VW! lanUnrSec.HKB_ 134 

103 lmeyErt.Pf.lp 166 
228 Jersey Gea.£l,_ 248 

41i 2 Ids Holdings 49 

44 Jmelnv.Inc.10p 45 

4 DaCap.2p 5 

125 ErcowtaSOp- 138 

75 Laic Vlearlnv 97 

38 lAnc.ALon.liiv. 42 
87h IjwDebe»are- 1X9 
EUti LanrdStteRolp Ol^ 

33 la^fa lnr . IncXOp 37 

2X- DaCap.Sp 26 

26 Le Vallonetlnv- 37 

6 LmA Abrfn PkBp 14 
55 I/m Atlantic— 69 

97 

to LflCQ. S HOtJTOOa. uu 

40i 2 Lon. k Lennox— 57 
" Lou.41iv.10p- 25 
. . i Lon.AUB»nd_ 78 

, Lon-ASrivcto.- 44 
112 861a Unx-Tfl.Dfd._- 106 

53 I 48 Urobndlnv 53 

198 (178 NACDualtacNp 
DaCaa- 
Dotodl 

1 16* DaCaadp — 

70 HEB.4lttiT0p.lBV. 

Mel drum lev, 

Mercantile h»_ 
MerttantsTst— 

Mcnb Invest — 

Ho*. Button IOp 

DaWrrts.£L_ 

. For Mooloya j 

tefe 

..- KegitSARJSl- 
1 17i 2 NeurThnjf.lflC- 

70 DatopJl 

II DaJfiesrlftTta. 

314 N.Y.kGartmore. 

61 WSSInresfl 

Nth. Atlantic Sec 

77 1 ? NttaLAsttrican. 

9 5t a Northern Secs— 

51 0ilAAss6c.lnv_ 

47 Dntwichln* 

99 Pmttanrilnf— 

. 67 Proe.5cs. Inv. 50p 
234 PrwiBdalCilks 

104 Raetan 

I 36 Berinpoklnv— 

B 22 Rights A Isa. Chp 

River A Merc 

HiverHateDel- 
Ii ftobeeo fBr.) FISO 
DaSohSb'sn5 
,tM RolincoNVFH). 

[325 Da Sub. 3ft re- 

73 Romney 1 Trust _ 

52 RM^riiray ^ (up 

48 Da Cap 

159 RoctaetaldIn.»p- : 

67 SdMtordlnd— 
tlOl St AadrewTsL _ 

74lj SrrtAaiEv.50p_ 

4312 Scot kCtaa. lev. J 

fin Scoi. Ottos 'A'_ 

114 Sccx.Enfl.lnv- — 

34 Scsfl. European- 
82^2 Scoaisblar 

1£U*2 1 94 (SrotMcrt tTst.j 

157fe 119 Sax. Natkmal — 

— 86 Sett- Northern— ! 

553* SroLOetario 

58 Scot IM. Inr 

721’ Scot Western — 

. 69 SroLWettaV- , 

1161 Sec Alliance Tfl— ; 

65 Sec. Great Mhn.. 

60 Da “8" 

1541? Securities T.5e_ : 

SetertakfatRS. . 

[118 Shires Inv. SOp — ' 

58 SrieweHlOp-— 

&50 KniKUml : 

|145 

76 ^ockhoHeislDT— 

80 Tec hnol ogy — 

Slto Temple Bar 

2Wi ItoiwGrowth— 

86 Da cap. a 

64 mrogwate. — 

£105 Do. SA Loan— 

71 rnr. Invest Inc— 

. 95 Dalton 

|142 Tmsv Orearac— 

56 Tribune Invest— 

59i 2 

. 91 

1120 misteesCorp— 

94 TVnesutolnv—— 

53 Updownlnv. __ 

1061? Dtd. Brit Secs— 135al|-l 

IB Dtd. Calais 

ao«a USDeb-Garp 

“ UXAGrariW. : 

US Trial Fund 51— J 

VdangResosnes- 

J59*a fl,Oa.ATmsWp ...._ 
1278 Wejnysjnv.£l_ 310 1+3 
1171 Wlnterbcttoni— 

69tj' iTitanto 

J 65 Da“B" 

ll<8 Feoramte. 

Vorts.ALate*_ 
i'ortgraenlOp— 
youn^Do'diJviL 


(lh244 

tl3X3 


4.18 


(W0.05) 11 


+‘2 


-3 


3.3 S5J25.81 


4 3|28.8 


4.5 Z70 
4.7 325 

52 280. 


1433 

335 

3X6 

two I 


m 


ItH 44t 


ia 

69 


6a 
. 4 -3( 

1(J33_ 
iS 6.8(113 
iriio.v 


11.03 
591 , 
13X1 
4.77 

4.06 

340 

tl.73 

1244 

11X9 


-...1.73 20 3.4 453 


5.08 

LB3 

1213 

13.931 

pLB5f 

W 1 

3. 81 
8.02 , 
13.77 


0.86 

tQ47c 

QB.O 

rh?na 

3^ 


«JL52 52) 6.X| 




237 , 
3.05. 

£\ 

060 

244 

ffl 

ss 

.tBfULnl 


5J4 ♦ 94 * 


gWPfrt 


3.0(45.8 


- ,24 5 
5X1265 


3.2)41.7 


as 


1^ 54 




12 62^; 

25 4.1 

13 41 


221 
25.8 

a ,333 
5.6124.6 

20} 4g29X 
2« 5i|255 


5.0 263} 
LI 2849.9 
23 28 

20 3.6 
12 0.8 

21 4.1229 

21 52 


UU 6.6 20.7 
3.8382 


20U171125 




a 


1978 

Hitfi Ln 


Sack 

|Gri.iB'nau^aip_ 
Haahuv-Tnj-n — 
HaBMnnTS-fp. 
H:cFar S. Sl- 
im lirr.TsTJar. tl 
tiroes! meat Cd — 

KatainlwS-. 

KoXc-TariwiCp 1 

Fivraliuinp 

LaiK-ji: rfld.- Jdpv 
!x>a. EatM-Grp— 

faflL Mcn-han) — 
u&rJliiKaE 
Ma.tnrolni.-.iiip— J 
iMartm 'Rt 1 '5|>, 
"Kr..tor A R iff 

M'AluTailli 

NALtilmx !2i?p 
\'PpnnF1 Mj.ppj 

IFurtHariito-.-.— 
FTir»ni5iSS*a_| 
Kelabl-P. FffSfl. 
S.GwwIOp— 
Scot. A Merc '.V. 
ji£ iQtjK Ann— 

SnuthBnis. 

Sthn.ItocHK3ne 

SaeiFin-NFlOO. 

DmMtisLlp 

Wmijieleetafo 

WcstofEndapc. 
YutoCattnlOp 


Price 

25 
Z7 
30 
54 

215 

18 

US 

741* 

22 

17 

26 
92 

118 

66 

50 

£101? 

62 

18 id 
400 

12 

33 

230 

£70*4 

TOZ’ 


» 

*£ b - 

# 


+ tnf 


+2>d 


-b 




Dir 

Net 

1266 


K74.0 
40.95 
rtjlSOi: 
102 
7 67 
03 
Oil 
1L27 
351 
Da 1 * 
:578 
QSl.to 

145 


11 02 

64] 

Q9 4-c 

0.49 

3X7 

0425 

1498 


^3 

aw 

51.91 


(tor 


M 


a 

'is, 

471 

4 

13 

11 , 


21 


9 4 


a 

20 } 
113 4 
21 
29 
1.9 
44 
IX 

6;i 

112.0 


3W 46 
4 5 


63 


ts 


273 

5.7 
4 
32 

10.4 

* 

9.8 
133 

8.5 
385 

7.6 


73 

<&- 


23 2 


4.5)19.6 
83 

li 

1 * 

am 

110.7 
92 


OILS 




l '*Wb 


66 


92 





134 


152 


AW 

15 

67 

7?n 

BnL PHrorotU 

864 

-8 

Zi4i 

42 

39 

65 

DnS^iPi.il- 

65 


5X**d 

5119 

13.7 

«:> 


17 

-1 

>ia 



f.51 

DulCjLnPtlJtl- 






elSE 

750 

ntTTVtti Sea£|. 

800 


— 



— 

49 

•.'Mtorcinn- . 

60 


267 

3.1 

b.6 

71 

I'harterholi 5p 

21 

-'3 

— 





f.17* 

.‘.c F: Wrote* F. 



«l41 J r. 

1.9 

7.6 

350 

rtChdiOiI£! _... 

400 


— 





114 

ntTvde Pwrol Li 

126 


102 

8.6 

1.2 

s 

EiuJciiour2(k:_ 

23'2 


— 




Kt*\ 

27 

-1 

0.1 


OX 

134 

LASSIU 

146 

-2 

— 




t97 

LV c Slt»11M98:4D 

E99 

+G 

Q14°iJ 



PM 

LXSMtf.ipv'Wp 

365 

+15 






13 

tfa cne*. Metals :o». 

21 

-1 

— 




178 

MEipl ’Op — 

1 a 

-2 

214 

30 

24 

IT? 


w 2 






fI4r- 

ttancvTi ij| 

£22 

+ >4 










— 





G5S f 

R»L DuirhFLSO. 

£46^ 

-1 J 4 


2 4| 

5.8 

455 

SreptieRe* -... 
Shell Trims. Rec 

555 






484 

560 


1594 

41 

4? 

57 

lX».7T«Pf Cl 

59 


4 9“J 

UK, 

23.1 

??t> 

ftSirbensil'XJtl 

394 

-6 

— 




f.y5 

Tctaroft+vCni. 

tMlj 


sr- 

— 

135 

130 


ISO 

-? 

5.S 

21 

18? 


262 

-7 

— 



170 


146 

-1 

7% 

245 

64 

86 

VeefcNaUOcts. 

1/5 

-5 




— 

86 

Do Pfd Qrd JBc- 

380 


«lE»c 



5.0 

57 

V\oodsdeA50c. 

67 

-2 


— 

— 


246 

93 


58 

553 

102 

110 


31.5 


16.4 

8.7 


233 

27.0 

■UBA 

m b i 


OVERSEAS TRADERS 


509,-. • 

BP 


African Lakes — 

Auk. Acne 50c . 

hervlon'c.’i&V'. 
EoRtffvk /Thus 'SOp 
Bonfleadiltfai— 
Finlayiia-osPp- 
GJl&Duffpr — 
Gt.Nihn.£in — 

irn&RXttoD'. £1. 
HotiiuiitfiS.* — 

inchcapeO 

Jacks Wm.- 

J nmaica Sugar— 

LDurbo. 


Mitchell CtoUs — 
N)oe run Elec £1 

Ocean Wises. 2Dp 

Pat’^m Zach. Wp . 
Do ■A'N 'V IOp— 
SanceriJ-E.) IOp. 
S«uSu!ar50p 
iiSiiDe Darby IOp) 

Steel Bros. 

Tojer Kens. Dip. 
. Do. SpcCnv. "31 

[l/. City Hero. IOp. 

Do.i0peLn.i8p 


280 

116 

149 

52 

53 
355 
146 
£60 

5 & ; 

398 

26 

S 

28 ’= 

92 


2ff 2 

5>2 

107 

240 

57 

£93 

64 

64- 



RUBBERS AND SISALS 


Stock 

|Ani5g-Indones‘a— 
[Bertam Coos. 10p_ 


U 1 ; [Bird (Africa) 



23li CcwsHanb 
8t> Grand Central IOp. 

211 GathrieD , 

65 ‘ RnmsonskBT.Ert.a)pJ 
56*2 HSghlands®Oc_— 
4H2 KaalaKewngMSl. 

29 tTKutimM50e 

69 Lan.SmnairalOp- 

36 MalakofilSl 

3012 Muar River IOp — 
55 FHoctflicn Hides. IOp 

37 Sungei Brian lDp ■ 






Price 

+ atj 

Net 

CtT 

95d 


2.79 

47 

127 


355 

25 

16 




57 


173 

20 

240 

-5 

5784 

10 

43 

-h 

M40 

2? 

43 

10 

-h 

S* 

12 

♦ 

367 

-6 

1573 

26 

116 

-7 

♦14(16 

_ 

m 

-3 

-3 


25 

54 

-3 


08 

160 


44 Ofr 

21 

76 

48 

-1 

-b 

hQ15c 

WM4 

1.9 

3.1 

753Cd 

70 

-2 

Sx2 

2.0 

291 


VW 

Grs 

4.4 


43 


63^22.4; 


TEAS 

India and Bangladesh 


+3 - - - - 


+>2 


+>2 


+nd 


♦4.82 

Qlle 

L56 


_ , 6.7 212 
20 7. 11221 
0.fll522 


110 


Assam Doran £1 — 
Assam Frontier £1_ 

(Assam lnvy,LL. 

20 '2 jEmpire Hants lOp. 
1215 (Jotoi70p — . 


5tnglo BUgs. IOp - 
Barren Plaint... 
WHliamaraO 


245 

305 

118 

2ff2 

350 

375 

230 

370 

25 

.214 

178 


-1 


1.65 


7.11 

♦201 , , 
♦12.1fl 3fl 52 


10.15| 

U3.70 

1531, 

♦fX75 

14.09 

934 


5.9} 5.9 


A 9 650} 4.9} 03 


3.7| 9.0 
1U103 


6.8 4.0 
27 8.9 

4.9 6.2 
32 10.8 
4.4 10.4 
4J 7.7 


210 1 123 }Uoniva£l 



Sri Lanka 

.205 J 15.58 | 25} 43 


50.76} *112.4 

— 1320 1 2.4110.9 


. MINES 
CENTRAL RAND 



, 41 
ItrflU 


i 1 * 

73193 
55 295 

43 353 

2.4 47X 

7.4 283 
4X34.7 

5.5 24X 
3X37.7 
4237.0 
33422 
4.8327 

42 34X 
2.9 526 
32 505 

afy 

if 2 

95155 
2.9 «26 
41332 
9 J 185 

44 A 
35 50 J 
4X * 

, 74 193 
4122135 

93 165} 
176 
10.3123 
0.8 

43 333 
2X433 

105 M5| 


EASTERN RAND 




OKASAN 

SECURITIES CQ.13TD. 

London Branch: Mi: 1 at EldriJ., H3 MlnCifig 
Lane. Lr-ruJcti LOIR 7LE_7L‘-:?*!1131 A, 3 
01 A-SAit LOKL-C i-J 7ci: et 7 




MINES— Continued 


1977 

ffign Low 


CENTRAL AFRICAN 

l*ii 


210 
24 
80 
175 
9D 
-11 
16 l i 


H55 

15 

52 

12? 

78 

32 

10 


SKk • 

IFil.tfaBhSV- 

Iftondnii'ro li-ip. 
Roan 1' uni tii . 
[Tjn-:aro ikj 30|i — 

Dn.[toriOH> 

Wanlioiol.Jim.. 

iZanU.jtf.SSW^l.. 


rtice | — 


168 

161; 

65 

163 

37 

36 

13 : ; 


-5 


..... = 'Aid 
v; jC'vr|fir' 4 r | 

13I2S4 
73 51 


«5Qc 

fi.57 

Qiao 
<39>, 
7Q7 ly 


15 
132- 
125 
£20 ' 
258 

72 

46 

140 

» 

220 

39 

3$ 

16 
36 

178 

50 

£14J* 

40 
M3 
300 
160 
70 


AUSTRALIAN 


10 


14 





tA 

frUiiflir.rXfrtTucj 

118 

-5 

M3c 

24 

hi 

mi south st. ..._ 

107 




150 

< cntral Pacific . . 

550 





146 

.'■■nnik-Ririin: 

258 

+8 

<?uv 

2Z. 

45 

1; M halreuriii'tl. 

56 

-1 



Ut 

ILwunuiinlilM.... 

46 



— 

81 

liamnii Area; 'P- 
■JpLjU Es. jiv." 

133 

-1 

13 55 

20 

10 

29 1’ 


— 



175' 

11 LM lilil-J-. SC 

193 

-4 

<7*: 


10 

Mown l.-.ell Sc . 

29 



— 

!«• 

VeunieiiJ irv 

4*4 

•*'4 

— 


79 

\onhE lliflMV . 

120 


Q3c 

15 


Mh.Kalcurli 

131; 





I? 

Mh Wv.-t .Minin: 

36 

14 

— 


117 

itikleiilcp&M . . 

167 

-1 

tQllv 

1.V 

^0 

ftorlflrfnpper 

PjIH'llrf 1 -v . 

50 





750 

' £13'j 




— 

i:» 

Kirmi-j Mi Fa '.ji . 

28!j 

+ lv 

— . 



110 

IVl.ivWaiiicnil.4ic. 

530 

-13 

lilSe 

40 

51) 

SuBfhten Pj> iiv 

22S 

v5 



84 

Mean Mining 5«c_ 

136 



14 

35 

RTun Crock a*v 

50 



— 

— 


12 6.1 

163 S i 
14)17.3 


42. 


24 


4 ft 

23- 


4.1 


4Jt 


28 


TINS 


30 

400 

60 

300 

145 

in 

300 

165 

43 

11 

77 
510 
415 

73 

62 

235 

61 

61 

220 

330 

228 

78 
100 
IDO 
233 


?■» 

1240 

45 

1200 

111 

S 

130 

78 

9 

6B 

<50 

280 

40 

50 

lb5 

49 

47 

140 

230 
134 
55 
85 
. 74 
[148 


■Ural X iVeri.1 

AvcrllitamSMl 

BeroltTm. 

to-ounLnSMl . 

lliL-ClftT 

irt'M t Rxrf- I2 l ;p.. 

'"■p*-nn Can*- 

Hf.n^knDK 

idns top 

pjnur I2v|i . 
hamimiincSMtiNi 
ISillinctiail .. 
|lLla»hvd’ini:SMl. 
sFahnnc . . 

!vn ‘-.tiii'ii Hip 

iFclahncSMI 

Sxnt Firin . — 
JSuuthiT.iftj l»p 
ISuuUi Kinin 3Mi> -VI 
SltnMaljjJiiS’.n . 
SiiniTi&-:iSM! - 
Supn.-mc 1 inp Jill 
jTatiMr-c I5p . 

(Tun jzk.ii liri>r SMI 
}Tn) nuh SMI 


24 
360 
52 
280 
135 
9>; 
290 
160 
85 uf 
9 
74 
470 
39S 
68 
58 
230 
54 
51 
205 
305 
205 
78 
BE Hi 
92 
220 


-5 


-1 


-3 


'255 
relate 
? fil 
QllOc 
64 58 

2523 

:«bv 

Q125, 

6bQ 

» 
i 19 
,'CmBc 1 
|.jj! i 
Utk- 
"VflCc 
beO 
bjbt 
2Q8& 


7.9 


COPPER 

100 [ 70 |Mes5inaR050 } 85 }-3 I^J30f| 1.9} t ' 


MISCELLANEOUS 


61 

IT 

1300 

465 

234 

, w 
£12 
45 
180 


35 

9 

Eat 

1164 

30 

(750 

43 

120 


Bnmntn 

Burma Wine. !7Lp. 
ICons, Murch 10c... 

Nurthcalc CSl 

RTZ 

Sobin.1 Indr. 'tol 

min&vpULSl . 

Tetwh- MmenL' IOp J 
[Ynknn Cons. CS1_ 


52 

14 

215 

375 

221 

55 

850 

45 

171 


-1 

—4 

+31 


+5 


iQ30c 

9.64 


135 

Q7c 


26 J 
28 LS 


45 

20 


NOTES 


I’nlpn Mhnriw indlnmL prim and wn dividend* are In 
pence and dctwnlnivton* ire J5p. Estimator! prtcc.toirnlnitt 
male bawd an latow annul reports and Becomes 


and. where possible, are updated n toU^ttHy (ipm. Mkais. 
nlenlaled an tbe basis of net distrT button: bnrtetad !i|m 
laelKrt. 10 per cne. or mare dittereare U nlctdmfl on -all'* 
disuUmilmi. Covers are based on reminui” dUtibalkti 
lleids are based an mUdle prim, nre mn. adlnsied to ACT oC 
34 per cent, aod allow (or value of declared dtstribu lions pad 
rtfpis. SecnrlUes sritb denominations other than rndlap arsf 
onmed lord noire of ibe ioiestmcni daOsr premium. . 

& ’Sieriinc denominaled securities which include investmnaC 
dollar premium. 

“Tip" Slock. 1 

High* and Lows marked thus have been adjusted to allow| 
tor rights Issues tor cash, 
t Interim since inert aved or mumed. , 

t Interim since reduced, passed or delermL 
tt Tss-frce to non-residents on application. . 

* Fi cures or report awaited. 

TT Unlisted *reuniy. 

* Pnec at time of suspension. 

Indicated dividend after prndlnc scrip and'or richts inuoa 
rover relates to previous dividend-, or forecdsu. 

4 Mercer bid nr reorjpuisauoa to proctess. . 

4 Not comparable 

Same iniertm; reduced Tiaal and/or reduced ca mines, 
indicated. , 

Forecast dividend; eorer on earnings updated fey latest, 

interim statement. ■ 

Cover allows lor conversion of shares not n"w ranking lor,, 
dividends or ranklnc only for restricted dividend. ■ 

Cover does not allow for share* wbirti ran.'' also ran* fwj 
dividend at a future date, hfft PE ratio usually pnnideiLj 
Excluding a Hnol dividend dcclarauan. . 1 

Regional price, 
value 



>lanevafeRO50 — 
S. African Id- 35c _ 
VlakfonieraSOc — 
ffinkefbaa* R»— . 
WiLiCigelSc 


721; 

373 

104 

414 

47 
63 

48 
•47i 2 
801 

48 


-lij 

♦b 

-10 

-16, 

-3 

ts 

-2 




FAR WEST RAND 

Q63c 
Q170c 


Bffvoor25 

BafitHs 

Deeftraaf ffliaj — 
DoamfanteiAiU — 

EastDrieRl , 

Handsrand Qd. JBc •} 

EIsbargRl 

RartebeestRI — 

KlorfGcJdRl 

UbanoaRl — 

Sonthva*l50c 

SritfnnTein SlI r 

Vasl Reels 60c — 
Veuuagpofl Rl .. — 

DrieRJ- 

Western Areas Rl_ 
Western Deep KZ- 


244 {263 iZaafpraRl, 


320 

961 

92 

283 

723 

241 
224 
£13*, 
595- 
546 
520 
301 
£W b 

242 
£21h 
278 
867 
230 



fll No par v 

a TR« free, b Flcares based on prospectus «r other offieiaf 
esUmate. c Cents, d Dividend rale paid or payable on part 
of capital: cover baaed on dividend on full capital^ 
le Redemption yield, f Flat yield g .\ssniaeU dividend andf 
(yield, b Assumed dividend and >-ield after scrip issaeF 
H Payment, from capital sou rcos. k Kenya, m liKcnm higbed 
jlhnn previous total, a Rights issue pending q Earning^ 
bused on preliminary figures « Dividend and yield rsclndc q 
kpecial payment. 1 Indicated dividend; cover relates id* 
previous dividend. PE ratio based on lurst annual 
learnings, o Forecam dividend: covnr baaed on previous jour's* 
ennungs. r Tax free up to 30p In the £. w Yield allows fop. 
leurrenmr clause, y Dividend and yield based on Piergcr tonne. i' 
I* Dividend and yield inrlude a v pec Lai paymenL Cover docs not 
apply to special payment. A Net dividend uml yield. A 
Prcirrenct dividend passed or dulerml. C Cnnadlae. E tsmufl . 
'prlre. F Dividend and yie/d boud on prospectus or other} 
official estimates for 197fMK). G iVmnxd dividend and peh) 
after pending ncnp and/or rights irauu H Dividend and yielcj 
based on prospectus or oibcr uflicial evu motes, ton 
1978-7® E Figures b.i*ed on pro*peclu.>. or other olfirio^ 
lestimaiev lor 1P78. Ill Dividend and jield based on prospect™ 
i jd'hl k t'* r n<her otiinal esimalc* for 1978 S Dividend and yield! 
“ ■ £U - 6 ,hn»-d on prospectus or oiher nflinal esiimates [or 1979* r 
22 — • Flares based on prospeetus or other all trial estimate 9 foj» 

— 80 1P78-7P. Q Greara T Figures auimnL Z LViv-idend total Iq 
1.8 116 date ft Yield based on assumption Treasury BUI Rale suy* 
28 4.9 unehanged until maturity ol stock. 

12 3.8. . ^ 

20 62X- 'Vhbroviatloos w c X dividend. «.e». tenp issue; * ex rights; wen 
_ all; d ex capital Distribution. 

0.4 324 : 

17 6.4 1 « Recent Issues n and u Rights n Page 34 . 

* ’ Intis service is araBablp to every GompKip dealt in od 
[Stock Exchanges throughout the United Kingdom for a[ 

12.4 r fee of £400 per znnum for .each security 

10.4 


O.FJ5. 


2D] 


^ t-, tJj, EffhEgo 


ul 


4.7 302 

52 
5J27J 

3330.7 
5.0 * , 
6^2312 
5.4ZT3' 

4.7 28.6 

0.7 

17 72.9 

25 69.4 

53 258 
3.4 433 

3.6 4flii 

V5 23 

6.7 222 


Ld 63I23J 


£21i 2 | 


630 

340 

£1812 


Flee State Dev. 50c 
2 FXXednldNte — 

P&SuijdaasfU- 

Hanno«i50r 

Lorau)eRl„ 

Pres Brand 50c — 
Pre«.aejTiS0e — 
Si. Helena Rl_— 
Unwd 


WtUomaOr— _ 
£13>slVJlaldjiigs50c — 


90 : 
nsi2 

399 

oS 12 

951 

810 

857 

185 

309 

£20% 



M 


FINANCE 


L9 78.8 


24X I 


034.4] 


• Rnance, land, etc. 

AkrojdSmftfceft 
ArmoarTsL tQp, 

> ATflhDriJjlii*.a)Pv. 

> Rmanma Arrow. 

i.TBddesJey 

Chill eneeiinSl 
ChartertBuseGp 

1 Coranson WkLlp. 

DaJeefyCl 

■ DannayDn- 

ttPofcHwella. — 

Edialrefl l2Lp 
EIOmHiBiM PSJ 
ErAine House- 

Ei Lands IOp 

£tp]pnnmil« 5p. 

Fakhiun (la-nip,, 

FaaurefciBlj^i. 

Filirof Invest— 


233 

+3 

2030 '4J 

142 

8lz 




— 

48 


— — 

— 

$ 


♦— - 

— 

144 

-3 

Q12ic 3.0 

49 

' 66 

-1 

13.41 24 

77 

£13 


Q423 ♦ 

3.3 

276 


til 94 20 

65 

43 

-2 

tL02 3.7 

3_5 

26 


— 

— 

13 


^m _ 



56 


(1200 M 

2.7 

40 


275 2.1 

6X 

14i ? 


214 ♦ 

11.7 

25 


050 63 

3.0 

IS 

+5 

5 01 22 

60 

18 


202 25 

89 

23 

+i 

— — 

r-. 


18 » 

“'I 


Anp. .Am. Coal .iOc- 
Aryln Amer. 10c— 
t tag. Am. Gold RI- 

AEE-Vaa)5flr 

Cliartef Ohb..— . 
Cok Gold Fields- 
East Rand Con. IOp 
Gen. IfioinE R2— 


8 mutu 1 

fptpre Co nsign 
Middle Will 



Patino N\F1 ad— 
Rind London 15c.. 

SekctionTrast 

Sentrud 10c— 1 

Stivemanes3rp— 
rVailLConj I4JU J 
G.C.lmtstRI— . 
UnimCorpaBSe. 
VpgelsSJic 


• 4 7 82 
05 3.6 
ZX t 
9.9 1.5 
25 3.0 

29 68 
15 8.D 


Albany Inr. 20p 
LAsh Spinning .. 

Berta m. 

Bdg'wu. Est. SOp 
Clover Crolt 
Craig* Rose €1 
Dyson 'R A.l A, 
(Ellis Si McHdj 
Ercre-I.. 

File Forge 

Finlay Pkc 5p 
GraigShip. £1. 
Higsons Brow.., 
I.O.Af Stm. £1 .. 
Holt (Jos. i25p 
Nthn iVildsmiih; 
PMKi'iC H.i.... 
Fuel Mills .... 
Sheffield Brick 


580 . 
324 

-20 

-4 

SSL 

3.fl 

♦ 

£173s 

780 

% 

TOlifir 

21 

* 

14Z. 

-1 

843 

U 

■OS 

-3 

t9.39 

107 

Q7 

-OP* 


yi2Sc 

(fUOc 

u 

12 

: £13^4 


8170c 

22 

175 - 


u35p 


35 



1127 

13 

186 

-2 

012c 

015c 

14 

128 

-2 

OX 

£10*4 
53 
.. *24 


W10C 

14.21 

u 

29 

207 
. 49 

—4 

+2 

E* 

?7 

£J3«4 

-J4 

tgwff 

3.4 

234 

284 

-6 

-4 

1*0c 

Q&c 

QP4C 

12 

16 

. v> 


20j 


DIAMOND AND PLATINUM 


li 

tO .4 
83 


.InehKlm.ImJifc. 
Biflwuient HrJ 

De Beers W. 5c 

Dn 4(Jjx- Pf Ra 
L'dcnliurs 32‘^__ 
RttiFliLlOc. 


£41 


8600c 

11 

85 

-1 

t«71r 

1.0 

380 

-4 

05? 5c 

3 J 

£11- 


QZOOc 

390X 

67 


»2.7c 

10 

83 

-1 

W2‘2P 

24) 


88 

5.0 

83 

10-9 


REGIONAL MARKETS 

(The following is a roloetion nf Lavndon quotations otsl 

previously fisted only in regional markets. Prices of 

issuer, roost of which are nut officially listed in London 
[are. as quoted on tbe Irish exc^ang^ ■ 


24 


42 



21 


290 


26 


4S0 


38 


61 


1£J? 


50 


22 


120 

-10 

75 


154 


263 

... .. 

56 


132 



20 


45 



_ mu.! 

SuidoU tWm.)— 


58x1 
105 } 


IRISH 


Conv.9»4-ao)8a.! 

Alliance Gas 

■A matt 

Carroll 1PJ.1 

'.'lonrialkin 

Conereie Prods.. 
HeitoniHldcs 1 

I rts. Corp .. 

Irish Ropes 

Jacob.. 

■Sunbeam 

T.M.G 

L' airfare 


CTOs 

66 

350 

103 

100 

140 

46 

1X0 

130 

67 

301: 

185 

95 


a 


+2 


+2 ; 


OPTIONS 

3-month Call Rates 


Indnstoial* ' 

A. Brew - 

A. F. cement- 

70 B.SJL 

a'u Babcock 

77 Barclays Bank. 

iJ SOMhBID 

Boots Drue — | 

Bowaten 1 

BAT 


7.0|British Ovygcn 


grown iJ 
{Bunon 'A' — 

fCadbtu^-6 

Icouruulds 
Debcnharns— 
Distillers ....... 

Dunlop. 

Cagle Star— . 

B.MJ. ..... 

Gen. Accident 
Gen. Elertnc.. 

Glaxo ... 

Grand Met 

G.I/.S.-A* 

Uuaniian J 

G.K.N.. . . . 
Hawker Sind . 
Bouse ufFrivtur. 


-i.cfr— 1. 



LyonsiJ.j 

“Mams". 

Mrto. 9, Spncr 
Midland Hurt 

NJE.L 

Nat. West Eank . 

. Do. Warrants 
P&ODfd....^, 
PlesRey.— — 

R.HXL 

Rank Org 'A' 

Reed Intnf 

Spillem 

Tcsen - 

Thorn 

Tnisi Houses 



Property 

Bnt Land 

Cap. Counties. 

Intreuropean 
i^ndSecs. — 

ME PC 

Pearbey 

Samuel Props- 
Towb k 

Mis 

&Tt-PrlmIet2m_ 

Burmah Oil . 

ChancrhalU 

Shell 

ntnunar. J 

Mines 

Charter Con*..} 

Cons. Hnid ja. 

Riw T. Zinc. .._.j J4 


4 . 
16. 
12 , 
8 

9 . 

V* 


43 

5 

3 

28 

20 . 


A select Jun ul Uptiuna iraded is riven n . , h -. 
London stock Excuse R^Sit ^ “*• 


•- V 









3T 


JEROME’S 


m, JEK 0 J 3 

eiEMTWIST 
^0^ SUITINGS 

A.C umnlrrl hr 



hnanoaltimes 


Thursday July 27 1978 





Butlers 


■a I WPWWwf 
jMMMaaHvrtM 



Microelectronics to 


receive £70m aid 


BY JOHN LLOYD 


THE GOVERNMENT is to NEB'S plans would not conflict panies to build up production of 
invest £7Qm over the next five with the present investment. ‘‘We standard design microelectronic 
years to assist companies which need a substantial capacity, both circuits (at present there is no 
plan to develao and manufacture private and public, if we axe to volume production of standard 
microelectronic products. This compete successfully in this circuits in the UK), 
follows v £15m support scheme, _ held- a suMort comoanies which are 

announced earlier this month. Studies by the Central Policy a ir ea Hv the specialised cin- 
aimed at encouraging the use of Review Staff and the Govern- mar ket These would in- 
microprocessors in industry. merit's Advisory Council for cUlde number of UK olec- 
It also follows last week's Applied Research and Develop- ^nta companies- 
announcement that the National mer.t were under way to assess q support companies supplying 
Enterprise Board is to invest what the social and empiojraent e q U i« ment ^ services to the 
£50m in a new company, called implications of microelectronics microelectronic manufacturing 
INMOS, which would mauufac- would be. sector 

ture computer memories and Mr. Varley said that he had . ' deoartment will h P 

microprocessors. Thus in the talked to “ one or two very large * * Jg , SejSSSitment of 

past month, £135m has been companies” about plans they industry, to be raUedttie Elect 
committed by the Government to had for mvesung m microelec- tronics Anolications Division. It 
a variety 0 f initiatives in micro- tronic production. He said that ^Ht^mpt to make BriJisb 
electronics. he approved of links between UK industry aware of the competitive 

The support will be available companies and foreign companies advantages inherent in the adop- 
to companies, both UK-owned for microelectronic production tion of microelectronic tech- 
and multinationals with a UK of the kind now being negotiated tuques. 

subsidiary, which can demon- between General Electric and Mr. Varley said that he expected 
$ crate that they have plans for Fairchild of the U.S. that some £250m worth of 

“viable projects which contribute The strategy behind the in- investment would be encouraged 
to the strategy of strengthening vestment closely follows the by the support scheme, and that 
the UK microelectronics industry recommendations produced by thousands of new jobs would be 
as a whole." the Electronic Components Sec- created. If £70ro proved to be 

Mr. Eric Varley, the Industry tor Working Party. It is to: too small an amount, then more 

Secretarv. said yesterday that the • encourage established com- would be provided- 


Britain will fight American 
move on Arab trade boycott 


BY MAURICE SAMUELSON 


THE GOVERNMENT declared Trade Department officials headed by Lord Redcliff e-Maud, 
yesrerdav that it would fight the said yesterday's moves were con- had been told in advance of Mr. 
effects in Britain of America’s nected with amendments to the Dell’s statement But Lord 
anti-Arab boycott legislation two U.S. Export Administration Act Byers, sponsor of the Foreign 
Trade Department officials are which come into force next Boycotts Bill, s^id last night that 
to be sent to Washington for Tuesday. They require U.S.- no mention of it had been made 
urgent talks on the issne. , controlled companies to report at yesterday's committee meet- 

Mr Fdrmind DpII Trade Sec- receipt of requests to comply ing. 
retary. said the Government was with the Arab boycott of Israeli The Department of Trade has 
concerned at extraterritorial S°°f . Th ® ^. regulations itS elf frequently deplored the 
aspects of the U.S. regulations. ?PP*>‘ ?u rt 2?.wSP1S 1 S Arab boycott and says it has no 

which infringed the jurisdiction *" " hlch _ sjiareholdera ^ve objections to American legisla- 
of the UK and could harm UK stakes of 25 per cent ormore.^ tion. However, it did object to 
trade and employment. 


The statement by Mr. Dell us. justice Department “stick- 
coincides with discussions on ing its nose int0 our affairs." 
Any UK company which be- similar British anti-boycott similar protests had been 
lieved it may be affected, by the legislation by a House of Lords to the U.S. over the 

S,f‘T^Si» a te^nt d f n clfrfn *? lect “““if 8 - Although the attempts to secure information 
the Trade Department as soon Government does not support from Er jtish concerns in connec- 
as possible, he added. UK legislation, officials denied Uoo with the Rio Tinto-Zinc 

The Department has also that yesterday’s move was in- manmm cartel investigations, 
circulated a lengthy note to tended to influence the commit- _ „ A 4 ^ . , . 

British companies, explaining tee's discussions. Call to counteract Arab boycott 

the American regulations. They said that the committee, Page 8 


EEC doubts over fibres cartel 


BY GUY DE JONQU1ERE5, COMMON MARKET CORRESPONDENT 

“crisis Commissioner who 


BRUSSELS. July 28. 


en- 

the 


at analysing closely the funda- 
mental reasons for the fibres 
industry's problems and seeking 
suitable solutions. 

Though recourse to a cartel 
has not been totally ruled out. 


THE FUTURE of the “crisis Commissioner who active!; 
cartel” recently concluded couraged the formation o 
between Europe’s major syn- cartel. 

p " dl »■» «■* He consented today to the 
thrown into renewed uncertainty « provlsiona i., withdrawal from 
today, when the Brussels Com - consideration of a oronosed 

mission decided to postpone until reeSation intended to legitimise is a growing body of 

October further discussion of a thl carte? by exSotine it ftiS opinion that other measures to 
proposal to exempt the arrange- Se r™ Trea^nomal com- J el P„ th# Wjmry 
ment from EEC competition Jaw. De Hti OD rules. ^ ferable. These might include 

Officially, the delay is attri- H . ‘ special aid from the EEC 

buted to the need to give the rbf draft regulation had been regional and social funds to 
matter further study. But pri- reluctantly ^ prepared by the cushion the impact of jredundan- 
vately a number of EEC officials Commission s competition de- deg, 

believe that it will be increas- Pertinent which strongly doubted The bulk of such aid would 
ingly difficult for the cartel to • lh ? t cartel could be auto- probably be intended for Italy, 
survive and that other less ?. nsed under the normal rules, which has engaged in wide 
radical way* may have to be approved by the Commission, spread price cutting, 
found to alleviate excess capa- “** proposed exemption would a number of senior o /fit cals 
city and price cutting in the nave to win the unanimous point out that * the recent 
industry. backing of the EEC Council of arrangements between the pro- 

The latest turn of events is Mlnisters - ducers do not provide for price 

viewed here as an important It was agreed today that the fixing but only for market shar- 
pcrsonal setback for Viscount Commission would bold a broad ing and concerted capacity 
Etienne Davignon, the Industry ranging debate in October aimed reductions. 


All-out strike 
call at UK 
defence bases 


BY PHIUP BASSETT, LABOUR STAFF 


SHOP STEWARDS from the 
Clydeside dockyard taken over 
yesterday by the Navy to free 
the Polaris submarine Revenge 
will today call for an all-ont 
strike by industrial civil ser- 
vants at UK defence bases. 

Supplies to the Clyde sub- 
marine bases will be blacked 
by Other industrial civil ser- 
vants. Dockyard workers at a 
NATO training base in Dorset 
yesterday banned refuelling 
Portland-based Navy vessels at 
sea and called for a ban on 
refuelling all ships at sea and 
outside normal hours. 

A mass meeting of more 
than 1,000 workers at the 
Fas lane yard on the Clyde 
decided to urge today's York 
meeting of shop stewards of 
183,000 industrial civil ser- 
vants to call the strike. 

They have already been 
t akin a aeiion In support or a 
pay dalm. Revenge bus been 
blacked as part or a camoaign 
against the Government's 10 
per cent pay offer made under 
Phase Three of the pay policy. 


Undertaking 


Mr. Jim Diamond, chairman 
of the Faslane shop stewards’ 
committee, said after the meet- 
ing that an all-ont strike was 
the only response left to the 
unions now that the Navy had 
been called in to break the 
blacking of Revenge. 

Workers at naval dockyards 
Portsmouth. Devonport, 


in 


Rosyth and Chatham have 
given undertakings that sup- 
plies for the Clyde submarine 
base would be blacked. Lorries 
already in transit would be 
turned back when they reached 
the Clyde. 

Some trade union officials 
believe, though, that an all-out 
strike by civilian defence 
workers Mould not have as 
great an effect as tbe wide- 
spread one-day stoppages and 
blackings for the pay claim 
that have already hit dock- 


yards, Ministries and the 
House of Commons. 

Dockyard workers at Rosyth, 
where Britain’s two other 
nuclear submarines, the 
Repulse and the Renown, have 
been able to leave because of 
industrial action, made U clear 
yesterday that an all-ont strike 
would cause too mucb hard- 
ship to already low-paid 
workers. A national overtime 
ban was more suitable. 

Naval workers moved in 
yesterday to load supplies into 
ihc Revenge to allow it to 
relieve Resolution, which is 
still at sea. Picketing at the 
base was not possible, though, 
because of the amount of Navy 
personnel and the remote locu- 
tion of the base. 

Special buses which norm- 
ally take the workers in were 
not running because the 
base was closed to all but 
specialist Navy staff. 

Sbips which usually refuel 
Irora Royal Fleet auxiliaries 
offshore at Portland will have 
to seek refuelling facilities 
elsewhere. HMS Folkestone, 
which is undertaking trials for 
the underwater weapons estab- 
lishment at Portland, has been 
blacked by Portland dock 
workers. 

The industrial civil servants, 
including all the dockyard 
workers, arc pressing for “sub- 
stantial" increases' in basic 
pay, consolidation of earlier 
pay policy supplements, a 
minimum of four weeks’ holi- 
dav and a commitment on pay 
comparisons with private 
industry. 

Two forms of the Govern- 
ment’s 10 per cent pay offer 
have been rejected. 

The non-industrial Society 
of Civil and Public Servants 
vesterdav gave its full backing 
to the' industrial workers’ 
claim for parity. Members of 
the society working In the 
Ministry of Defence have been 
advised not to do any or the 
work of TGWU members tak- 
ing industrial action. 


U.S. half-year trade 
deficit now $16bn 


BY DAVID BUCHAN 


WASHINGTON. July 26. 


Double tax concession sought 


BY DAVID FREUD 


THE UK Government is seeking The amended treaty requires tion on profits arising in the 
a U.S. concession in the Anglo- Parliamentary approval and state. 

American double taxation treaty' there will not be time for this The signs are that the UK 
to compensate for the deletion before the recess, which begins Government is resigned to tbe 
by the Senate of a key cluase. next week. ^ ^ ^ j oss controversial clause 


ln ff nat ® and is not prepared to jettison 



talks with the U.S. 


Mr. Donzil Davies. Minister of 
State 

yesterday 

tary answer . _ *- 

useful exchange of views, but states abilities to tax British 

certain aspects require further companies on a unitary basis. The ... .. . . 

explanation and discussions will which taxes multinationals on a Treasury probably are directed 
be resumed.” proportion of their worldwide towards finding a compensating 

The talks — between the Inland income. . 2““?“?* 0 S 1 P tS 

Revenue and the U.S. Treasury— The main effect will be in through the Senate without too 

mean that the treaty, the nego- California, where it is estimated much difficulty 
tiations over which becan in UK companies will have to pay Before Die treaty can start 
1972 cannot be finally approved in total as much as S30m more operating the same text must be 

before November at tbe earliest, than under conventional taxa- approved by the Senate and 


THE U.S. trade deficit fell But imports of machinery and 
sharply in June to S1.6bn cars rose slightly in June and 
(£83Sm) — the first time it has oil imports increased by nearly 
been below S2bn since Septem- 10 per cent from May. In the 
ber. The result compares with first six months overall, however, 
$l25bn the month before and purchases of foreign oil were 12 
brings the overall trade deficit per cent down because of in- 
for the first half of 1978 to creased Alaskan oil production. 
S16.5bn. At an annual rate this Wall Street and the foreign ex- 
is still well above last year’s changes bad braced themselves 
‘ ' for a- larger deficit in June. 

Share prices and the dollar 


record S26.5bn deficit 
June was the 25th consecutive 
month in which U.S. imports 


rate improved somewhat after 


Bit". the Department 

r announced the figure. 


Weather 


UK TODAY 


CLOUDY, some rain. 

London, S-E. England, East 
Anglia 

Rain or drizzle. Max. 20C 
(QBF). 

Cent. S. and S.W. England. 
K, NX and Cent N. England, 
South Wales 

Outbreaks of rain. Max. ISC 
t6 £?N.E. and Cent England, 


BUSINESS CENTRES 


I 


— 

Y*daV 

. 


■\ M doy 





midday 




"C 

21 

*F 



•c 

P 



C 

70 

London 

F 

19 

(W 



s 

29 

Si 

Lnxcinb'R 

C 

21 

70 



s 

27 

SI 

Madrid 

« 

H 

fS 

> 


F 

27 

81 

Mancticsir. C 

13 

59 

r 


F 

17 

£i 

Mexico C. 

S 

21 

70 

■ 

BclWUtlc 

S 

23 

47 

Milan 

5 

SV 

81 


Beriin 

fi 

2S 

83 

Moscow 

c 

14 



BrnuJun. 

r 

IS 

64 

Munich 

s 

26 

79 


Bnnol 

s 

IS 

84 

Newcastle 

e 

14 

57 


Borders. Edinburgh and Dundee. 
Aberdeen 

N. Wales, N-W. England. 
Lake District, Isle of Man, 
S.W. Scotland, Glasgow, Argyll, 
Northern Ireland 
Scattered showers. Max. 17C 
(63F). 

N.W. Scotland 

Outbreaks of rain. Max. 14C 
(57F). 

Orkney, Shetlands 
Becoming cloudy. Max 13C 

(55F). 

Outlook: Unsettled- 


HOUDAY RESORTS 


Biarritz 


Y’fluri 
midday 
“C -F 
53 77 
3S IDO 
23 73 
13 59 
21 75 
I* KI 


Brussels 

Budapest 

Cardiff 

Colosoe 


can 
F 25 77 
C 17 S3 
F 2S 79 
Copotaap)- S 2 d ss 
nubhn C is 64 
EdiDhuicti RUE 
FranKfurt F » St 
fiencra C 24 . 

aiascow C S3 1 Warsaw 
ITeWnki s 21 7D mirk'll 
LlaboO ® -* 1,1 


Oslo 
Pam 
PnWUfr 
RoyHJavlft 
Rome 
Stock holm 
Stnshrc. 
TV! Aviv 
Vienna 


19 _ 

17 aj Cortu S 
•7 g| Dubrovnik s 


.3 


14 37 E®™ 

2S s2 rton'nre 
fig Funchal 
53 SB fjlbraiiar 
nj gj Guernsey 
S 27 SI Inrabrucfc 
V -4 73 Inverness 
F 24 79 Istanbul 


19 SI 

n si 

S 29 M 
F M 96 
F 23 73 
S 29 S4 
P 11 B3 
F 27 SI 
C 16 fit 
S Jf. 7V 


Jersey 

Las Pints. 

Locarno 

Uuwr 

Majorca 

Malaga 

Malta 

Naples 

Nice 

Oporto 

Rhodes 

Salzburg 

Tangier 

Tenerife 

Turns 

Valencia 

Venice 


Y'day 

midday 

8 C a F 
F IS W 
s s a 
F 23 n 
X 37 99 
P 31 88 
S 28 32 
S 77 SI 
S 27 St 
F 23 77 
C. 22 72 
F 27 SI 
S S 85 
S S3 77 
S 25 77 
S 50 K 
S 29 SI 

S 27 SI 


C— Clouds-. F— Fair. R— Rain. 5— Sunny. 


Parliament. 


to bear out Administration pre- 
dictions that the trade balance 
would improve in the last six 
months of this year. 

The Commerce Department is 
reported to have prepared for 
President Jimmy Carter a 12- 
polnt plan for a national export 
drive. It would apparently 
include an increase of S5CK)m in 
the level of export credit that 
the U.S. Export-Import Bank pro 
vides, a $20m increase in the 
export promotion budgets of the 
Commerce and State Depart- 
ments, and Government guaran- 
tees on private credits to small 
exporting companies. 

Administration economists pin 
their hopes on the likelihood that 
as growth slows in the second 
half of 197S, so the economy will 
suck in fewer imports. 

Trade figures for the first half 
of the year, they claim, were dis- 
torted by a combination of tbe 
national coal strike and cold ! 
weather, which disrupted export 
shipments, and the introduction 
of minimum steel prices in mid- 
February which led to a surge 
in steel imports before that date. 

The improvement in the June 
deficit was due to a 3.2 per cent 
rise in exports to S12.1bn — 
mainly in the field of aircraft, 
food and raw materials — and to 
a L9 per cent decline in imports. 


THE LEX COLUMN 


Adding up 



r *7*-. - • 


Thomson 



The first, and trickiest, ™ n 

question that arises from the fadex fell 3*4 tO 482.U 
proposed reorganisation of tne 


Thomson Organisation and* Its 
nil interests is what the share 
price will he when dealings 
resume this morning. The 
answer, probably, is less than 
the 295p suspension level. The 
shares had jumped from around 
260p since the beginning of 
July, and the package is not 
quite what the bulls had been 
counting on. Initially only a 
quarter of each Thomson 
ordinary share is going w rate 
as a foreign currency security 
and attract the premium, 
whereas the rumour had been 
that the whole lot was going to 
get this benefit. Jobbers last 
night were talking about an 
opening price of 250p to 2B0p. 

This broadly squares with tbe 


£m THOMSON CHL CROUP 


NET CXS8 BEQCSEMSff 
/SURPLUS 

.VuraKMMiMtyafM 


6? 


50 


m 




enough imrwtsttttsr araenftr to 
cover the is*t» to 0& faftMs 
of common ,.sw«/lit rv &tep/ 
national Thomsen, ‘ „ :• K 
From its now- bw^ ftBer- 
nnrional Thotaso vriS. i&b to 
invest around The worid— find 
especially in the tLS.-— in com- 
munications. leisure xoti natural 
resources- Tlw-heipe. ir that It 
will be able to Sift, substantial 
new sources of eatategfcto.d&ftt 
declining oS revenues. Attr&ut- 
abie earnings ctxtid rise by 
perhaps a third m.tnery wmghly 
i'SOiu next year, bur tbo sroup 
will be running' hard to main- 
tain this figure thereafter. 

The final questlon ls why the 
minority a being left in, -.'and 
whether -It is ~ being trained 
fairly. Buying out the outstand- 
ing TO per cent would have Cut 
at least £100m, And. fire group 
the would be 51 per cent and the says It’ wants to keep a; quote 


100 


tots *15’ i %~ f rr 


financial information in — - ---- ,, . , — , , - 

scheme of arrangement. What current year p/e would be & in case it everjMeds to issue 
is happening is that Thomson The reason for organising paper In the UK. TBie .requisi- 
te exercising its option to take the scheme in this way is that tion of the remaining 10, ; per 
on 90 per cent of the oil the group is now generating a cent of the family, tdl fnterestH 


interests held by the Thomson substantial cash surplus which lias been carried- not «i -what 
family, and is then in turn it believes can be deployed looks like a fair basil. And put- 
being absorbed by a new quoted most effectively from a Cana- side shareholders art left with 
Canadian holding company. In- dian as opposed to a UK base, what they had to Start off with. 
tematiOnal Thomson Organisa- Despite substantial tax pay- plus a Mt of premium, currency, 
tion which will also acquire the ments and further capital They may have hoped far more, 
outstanding 10 per cent of the investment, tbe oil side could but that would havn represented 
oil interests. The enlarged generate spare cash of as much ^ substantial cost to the 
company will have attributable as £50m next year and the rest Thomson family, 
earnings this year of £45ni of the business could produce The bulls m*y grumble a bit, 
(equivalent to 32.3p per share) another £l0m to £I5m. The and the shares will -pever be 
of which the oil group will con- group currently has cash In Sll ch fun again now that every* 
tribute £3im. The dividend 0 f just over £100m, of thing Is known. But the Initial 
payable in 1979 will in the wh j ch on iy about a third is reaction to what is ldmfttfdly 
hands of UK residents amount being held in reserve for un- a highly complex schema Is that 
to 13.7p gross per share, which f orseen contingencies in the \i } s fair enough. 
is more than four times tne jyj or th Sea. 

current year payment of the By going to Canada, Thomson CfruAr Cnnwnann 

Thomson Organisation. ; f rees itself from exchange con- •JiQCK LOutcuWB 

_ , trois and dividend restraint. Stock Conversion and Invert- 

Present value And it is also a much more ment Trust has not had. much 

The new information on the tax efficient base for its difficulty in beating its forecast 
oil interests is ':i line with majority shareholders. that pre-tax revenue for -the 

market expectations. Revenues other UK companies may well y® 1 * to. March would exccm_ 

and earnings are expected to j ook ] ong ingly at this type of £4jm. T^e actual ' 

neak next vear as Claymore gut Tho mso n £o-3m — som* ^ per 


thereafter. On a present value 
basis, the oil interests on some 
estimates are worth about 160p 
per share. 

Meanwhile the non-oil busi- 
ness is shooting ahead. Interim 
pre-tax profits have trebled and. 


pv mrvrra 

reaches 'maximum production. aptwau^uT^e iTunique^oSe* cent brtter ^ 
and in the absence of new finds J se till be in a P^indiMl 

W,U trail baCk Pn,!:rcS5 ' te,y P0sm»«0f0U 0 w 

rariJSd'at MoTSd' tte last March, prefeably 

equity overseas through the more m ^ ye * r ' / - 
premium would have been pro- In a recent circular hrekfrrs 
hibitive — even if the authorities W. GreenweU estimated, that by 

would have been prepared to the early 1980’s reversions 

with tbe travel side doing permit it. But four-fifths of the should add £4.7m to Stock Con- 
especially well, profits for 1978 shares are already held by non- verxioa*s pre-tax profits, while 
as a whole are forecast to rise residents, and payment of three- in their view an up-to-date 
from £I9.6m to £36m pre-tax. quarters of the premium on rite valuation of the group’s pro- 
That produces earnings of remaining minority will be party interests would increase 
around 10p per share and makes deferred for up to ten years by the fully diluted net asset value 
the business worth, say, 70p or' issuing to them convertible pro- per. share from 252p . to 2 
80p to the current share price, ference shares which wtiT rank That may be a little on the high 
On top of this comes the as sterling securities ■ prior to side, and with tbe share price -at 
premium element, worth a bit conversion. Despite all this, the 2fi0p. the stock market seems to 
under 30p per share. At 260p, group has still incurred an be settling fora figure between 
the yield on 1979’s dividend expense of 19.2m in ; buying 330p and 340p. 


Benn plans bigger 

*. 

role for coal power 


BY JOHN LLOYD 


an 


THE GOVERNMENT is pre- a CEGB request, to build 
pared to give a major boost to oil-fired power station at Inswork 
the coal industry in its efforts Point, near Plymouth. The board 
to win greater markets, accord- is now considering alternative 
ing to Mr. Anthony Wedgwood plans, including tbe building or 
Benn, the Energy Secretary. a nuclear station near Exeter._ 

At the same time. Mr. Benn Mr. Berm is also continuing 
wants to counter what he regards to. press the National Union of 
as the over-powerful influence of Mine workers to accept the right 
the Centra] Electricity Generat* of veto” over pit closures, 
ing Board in determining tbe against the wishes of tbe 
country’s energy policy. National Coal Board. 

While no final decisions have Tbe NUM leadership is 
vet been taken, Mr. Benn reluctant to accept the respon 
favours: sibility for closures, fearing 

• Subsidising tbe price of coal divisions between national and 

to power stations throughout the area leaderships. 

country. Mr- Bean, who has clarified his 

• Bringing the electricity indus- position on coal subsidies, is 

try more firmly under Govern- holding discussions with Mr. 
ment control, and making it Glyn England, chairman of the 
clear that the Energy Secretary, CEGB and Sir Derek Ezra- ebair- 
not tbe CEGB, determines the man of tbe National Coal Board, 
broad mix of fuel in power on ways to increase the coal 
stations. burn in power stations. 

He has already turned down Benn stands up for coal Page 20 


Continued from Page 1 


TUC line upsets accord 


in Britain’s economic and social select committees to look at pay with all the major companies. 

dhi,Hnn h..t Si 1 n«..i I* r . 


situation, but it is not compatible questions, or new national 
with policies that concentrate on Boards to determine a pattern 
restricting pay and constricting of pay. 
collective bargaining." «W e do, however, believe that 

Mr. Murray said afterwards there must be, each year, a 
that the council's stand did not thorough discussion with the 


On taxation, the document says 
investment, that a further sustained attack 


On finance and 

Left-wing demands for whole- should be made on tax avoidance 
sale nationalisation of banks practices and evasion to help lift 
and financial institutions have the burden on tbe ordinary tax- 
been rejected. payer. 

Instead, the document pro- 


mean automatic support for any trade union movement so that Poses that the Bank of England’s proposes the introduction 

1, .u IV. tknn. I. . V. J i . J- mta ahnxIJ t. r... OT A 


Union that tried to breach the tiiere is a broad understanding ^ should be to reinforce Gov- „ r a “? ua ‘ ™ 

5 per cent Nor woolfl there be in this, as in the other areas of lament policies approved by n ^ wea i in or “mro than £150.000. 
a " TUG nanny standing around ” our national economic life,” Parliament rather than act inde- "wument Skirts the con- 

telling negotiators to act Qj, industrial «trafi»»xv Pendently or as representative ? ue !^ on national 

inausm ai strategy, u, e of , hp Rnsrt "> hnn««« isatiou of the construction 


responsibly- - Negotiators docmae^orom ise ^ ^ of liie Gfl ance houses, 

remembered the spiralling iufla- abl^xtension^ fn II loofci 10 the WiI son Com- 

tion of a few years ago. ie Natio^ Lternri^ miUee t0 serious considera- 

The liaison committee’s state- * » tan ffing facility 

Ira proven track record for Industry, through which In- 


ment says that free collective : J.S r raven track record ror industry, througii which In- aiQ s or pumic procur 
bargaining is a “flexible instru- i'f , es , greased funds ... of surance companies and other in- Among the targets 
ment ” and vital to the trade ^ S T ■ a .' vear ‘” Says, stitutiorrs could provide long- social programme for 


isatiou of the 
industpr. Lt calls merely for an 
extension of die public sector’s 
capability and improved plan- 
ning of public procurement. 

for the 


wu LUC T* u i . — — ’ •• ~ • • — — — (/iu^;aunuc IUI~ tllfi lSSOs 

union function. At the same i 1 * SD0UI « assist in the creation term risk capital for industry the document includes imnrov^ 

new JOds. new nnrf while fp n irarfiinn >>*/> into ract? u .l.u 


- J-I _ . 7 . , lUblUUCd iujpruv& 

time, national settlements, par- new lndusrrie^ W Jnvei!tflient and LhQ in ?e rests ments in child benefits, pensions 


of their investors. and "a generous level of benefit 

are Instead of nationalising the for the unemployed without 
recommends the re- removing tbe incentive to work.” 
of GIRO and the Finally, pledging the 


ticulayly in the public sector, are 

part of a pattern where the _ u asree ™ ents _ , 

Government is directly or ^ i ed 35 ke 5 l instruments of banks, it 

indirectly lie employer Government policy In tackling grouping 

P « r - problems of investaem M d NoOonol Sayings Bank 10 create wid« dornwrocric 

tiiere- a new publicj-Kjwned bank that document adds: “W#* innt 


move- 


ioT^°f7omp| e ctcll W n“ a ns e t? " U S 6 - >t=ere- a oe>» publicjMnrped book that document odds: “We look 

tutions. such as Parliamentary speodi^MsslbleTgre'Seaw SSStSSS." 01 ^ ^ f0U ‘ So™V of^rts. al>l>Uli “ W ““ 


FINANCIAL 
EXECUTIVES OF 
OUTSTANDING 
ABILITY 

Currentlv earning 
£7,000-£25,000 p.a. , 


Odgers and Co. are Management 
ConsititantsypeciaJising inExecuttve Re- 
cruitment. We are extendi ngour contacts 
with young executives of outstanding 
ability and ambition in the field of finance. 

We would like to bear from people 
aged 26 to 45 who feel that in developing 
their careers over the next few years they 
should not rule out the possibility of a 
move to a bigger job in another company. 
We are interested particularly in those 
who are happy in their present positions 
and arc doing well, but who nevertheless 
wish to keep in touch with the market so 
that if an outstanding opportunity comes 
along, they will be in a position to learn 
moreaboutit. 

As a first step, p/easc . write., to Ian 
ILD. Odgers, Managing Director.giving a 
brief summary of your experience^ quali- 
fications. age and saJaiyrAlttTTwtiveijv.' 
write asking for more information about . 
Odgers and Co., at our new address. I, Old 
Bond Street JLomlon WJL 


Any approadtvAH be treated htflivay 
strictest confidence. V- - " - ' 



MANAGEMENT CONSULtANTS -. 

Odgers arid Co. Ltd., * 

One Old Bond St., LmdmW&gtm ':•** 
Telephone 01 - 49 $ 88 l. f ; 


Resistor^ at n» Post Cdce.- Prtntrq by St. Cowint*# for 
by ihe {toandal Tunes Lut, Pnckea Uousr, Cuumn' Street, 1 ****** 

© The tiaiHckl.Tttsw; xS«