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! MDON 


. , Telephone: 0i'4370404 . 
■ , MmbenjFTfeUrxsq^ 


Nol 27,596 


Wednesday June 28 1978 


Js* 

# 



CONTINENTAL SELUNG FRtCESz. AUSTRIA Sefi.15; «&£«»* Fn2S; DENMARK KrJ.J; FRANCE Fr-J.fl: GERMANT DM2.0; ITAIY L.500: NETHERLANDS FU.O; NOR WAV Kr.3 5.' PORTUGAL EjeJO? SPAIN P tas.40j SWEDEN KrJ.25: SWITZERLAND Fi-J.Of EIRE 7Sp 


NEWS SUMMARY 


23ft 


(t5u«! 


20 Doi 


- Four Rhodesian United African 
Council officials were, killed last 
week while setting up peace 
■ talks in the hush. - 
' The UANC did not give 
details of how the officials died 
i or who was responsible. Un- 
i official reports reaching London 
1 said that they had been shot by 
guerrillas .when they arrived at 
l a prearranged venue near Fort 
[ Victoria to. make peace over- 
i lures. 

At the same time the Govern- 
« . meat announced that a further 
37 people, including 19 black 
civilians, 'had died in the war. in 
the previous 48 hours. Yester- 
day’s casualty figures follow the 
mission massacre last Friday of 
12 Britons. 

Tory anger 


-In London, the Conservative 
j Party is pressing for a Commons 

! motion censuring Dr. David 

( Owen. the. Foreign Secretory, for 
hi? Rhodesian policy. The Tories 
are also seeking a major debate 
on Rhodesia before the summer 
recess. . . 

<- Mrs. Thatcher, the Tory leader, 

. "is considering sending a personal 
envoy to- Rhodesia on a fact- 
finding mission. Back and 

. Page 18 

Repatriation 
: policy denial • 

.v Mr; 'william ■ Wbitelaw. Tory* 
V Home Affairs spokesman, said 
£ that a Conservative government 
would not adopt enforced repat- 
zfation of immigranis. Neither 
'••■•would" it seek to introduce 
\' m i .^entity cards as a way of check- 
j~p- fog {Regal immigration. - Page 12 

y- Yemen meeting 

rt-Arah League foreign ministers 
Tvwill meet in Cairo on Saturday 
" - to discuss recent events in North 
<fj> and South Yemen. Page 5, 
r„ v Editorial comment, Page IS 

’■ Prison report 

r? The: Advisory Council on the 
[V 'Penal System has ^proposed big 
> cuts in prison sentences, in a 
report to the Home Secretary. 
Rhcommenda lions include maxi- 
r-muro-- seven-year sentences for 
rape, kidnapping and hijacking. 

; Slander charges 

t Soviet authorities have released 
U.S. businessman Mr. Francis 
[ Crawford from a KGB jail -but 
‘ have ordered two reporters-—, 
from the -New. York Tlmrs and 
the Baltimore Sun — to i*»wer 
dander charges. Page 3 

S Vietnam battles 

l .Vietnam forces claim to have 
5 ■ wiped out two . Cambodian army 
^/.'battalions, during a week of 
! y. ■ border battles inside Vietnam. 

■J* Page 3 

•' Peace talks 

. The Israeli Cabinet has author- 
ised Mr.. Ezer Weizman to try to 
resume peace talks with Egypt. 

■ Ah lsraeli-Egyptian military 
; alliance may be . proposed, news- 
paper. reports said.. . . 


• EQUITIES rallied in oversold 
conditions, generally closing at 
the day’s best. FT 30-share index 
closed 3.3 up at 456.3. Gold 
mines index fell 0.5 to 157.6.' 

• GILTS staged a technical 
rally, with gains to 2. Govern- 
ment Securities Index rose.0.37 
to 69.25. 

• GOLD lost $J to ?184J. 

• STERLING fell 20 points to 
$1.8475. Its trade-weighted Index 
was 61.3 (unchanged). Dollars 
average "depreciation stayed, at 
6.8 per cent In London dealing 
the yen eased slightly but later, 
in sporadic trading in New York. 



Briefly... 

Virginia Wade.' opened her 
defence of her Wimbledon 
women's singles title with a 6-1, 
6-2 wm over Elizabeth Ekblom. 
Sweden. 

Fiji’s Prime Minister has opposed 
Russian requests for an embassy 
-In .Sava because be fears the 
Russians-- might try to depose 

hiflv 

- Americans and- Britons will not' 
be able to understand each 
other's English in 200 years, says 
Mr, : Robert Birchfield, chief 
editor .of the Oxford English 
Dictionaries. 

Britain will not use nuclear 
weapon*! against countries which 
do": not have them. Dr. David 
<■ Owen;; Foreign Secretary', said. 

;A father and son were charged 
in. London with conspiring to kid- 
nap Dr. Mahmoud Suleiman 
■ Maghrib i, a former Libyan Prime 
Minister. . 

Two Swedish tourists were killed 
and one injured when a young 
Hussiartwent berserk with an axe 
outside Moscow's In tourist hotel. 
Page* . . 


‘ renewed its climb -to a new higfr 
of Y2Q4JJ7 against the dollar. - 

• WALL STREET dosed up 

5.63 at 817.31. V 

• • m .'m 

• U.$. had its smallest .trade 

deficit since September. . .May. 
shortfall was §23bn against the 
f 647.6m deficit in May Iasi year.. . 
Back Page . j 

• WEST GERMANY* s trade sur- 
plus dropped sharply in May. 
Accumulated surplus for the first 
five months is lower than a. year i 
ago. French retail price index 
rose sharply again in May. 

Back and Page. 3 

• BRITISH insurance companies 
recorded a £20in loss on their 
motor account last • year, the 
British -Insurance / Association 
says. ■’ ■ 

Back Page . 

UK tops lm 
barrels a day 

"• CRUDE OIL production from 
the UK sector of the North Sea 
has topped lm barrels a day for 
the first time. 

Baek Page 

O GOVERNMENT has decided 
to extend for a' further 12 
months the 665 per cent reduced 
rate of development land tax 
which was to have applied only 
until the . end of the present 
financial year. 

• GOVERNMENT may offer 
grants of up to £10m towards a 
sports car assembly plant in 
Northern Ireland. 

Back Page . . 

• BARCLAYS BANE is to open 
its branch at Brent Cross shop; 
ping centre- on Saturdays. NUBL 
believes Barclays will suggest 
Saturday opening at other 
selected branches. 

Page 8 

+ DECISION is near on whether 
Britain will build the world s 
first commercial plant making oil 
by distilling old car tyres. 

Page 9 

COMPANIES 

• STANDARD Chartered Bank, 
pre-tax profit rose to £13B-3n 
(£L09.9m), including associated 
companies' £18Sm (£13-9m) for, 
the year to March 31. . — 

Page 28 and Lex 

• BAT lXDUSTMS forecast 

lower earnings for vT 

fleeting- heavier tax and interest. 

Page .29 and Lex 

• RENAULT ended last year 
wittiTFr 1 2m (51.45m) net profit,, 
against FFr 610.7m (173.5m) the 
previous year. 

Page' 33 


BSC chief warns 
of danger to UK’s 
bulk steel output 

BY CHRISTIAN TYLER, LABOUR EDITOR 

Britain might cease to be a bulk steelmaker unless there was a very 
big improvement in the British Steel Corporation’s performance, Sir Charles 
Villiers, the chairman, warned yesterday. 

He told delegates to the annual Although the conference is Bd- let this international competition 
conference in Scarborough of the visory only, Mr. Bill Sirs, the in on our home front any further, 
biggest union in the industry, the general secretary, made it plain they will swamp us. so look out. 
Iron and Steel Trades Ccnfedera- thai be wanted the conference “This is no empty warning i 
tion. that Governments of neither to decide how further closures nor the Gipsy's warnin' 3 Th?si 
party would go on pouring in should be resisted. is for real.” 

money indefinitely. The corpora- “J don’t want to engage in a He ur „ ed the union to accept 1 
had to reach viability by wholesale strike, but if you pass the bulk of a blueprint for indus- 
1980 °, r ,th. ere would be pressure this you are giving us leave Id democracy to be discussed 
on politicians to divert public do so. But we do not want to at top level next month and 
funds elsewhere— into schools, jeopardise the chances of a wa rned that the offer from the 
hospitals or defence. Labour Government.” he said. Government of six trade union ; 

But Sir Charles’ appeal and He and other speakers, includ- seats on the main Board, which 1 
warning to the workers to ing Mr. John Donovan from East Mr. Varley said could be 
co-operate or die, the strongest Moors, warned that whatever achieved by the end of July.! 
statement he has made since the union said, workers might he should not lead to politics or sec- 
taking the job, almost tempted out by high severance tionalism at the top. , 

immediately met rebuff from the payments, as they had been He urged the workers to devote 
140 delegates after an explosion already at Clyde ’Iron, Hartle- all their energies to the product, 
of feeling about the closure of pool, East Moors and Ebbw Vale, both in terms of quality andj 
older steelworks. Even at Shelton, where steel- delivery. i 

With Sir Charles still in the making shut down on Friday, But his speech was over- 
ball and Mr. Eric Varley, and despite an eight-year cam- shadowed by the delegates'! 
Industry Secretary, on the plat- paign by stewards, manv workers anxiety. Mr. Sirs tnM Sir Charles 
form, they voted with only one had asked to go. * as he save him a statuette of the . 

against for a militant resolution All these plants, however, . “Stetf Man of Shelton'' that the! 
from the Bilston plant in were given temporary reprieve closure marked “a breakdown in ■ 
Staffordshire, which is the latest by Beswick. but were known to relationships.” I 

to face the axe. have limited life. Mr. Varley, relying hard on ' 

The emergency resolution said gir Charles had told the dele- the union's fear of a Conserva- 
that the closure of plants not on g^ xes ; “ i am sa yin* as seriously tive Government, not only 
the list drawn up by former as j can th at un j es 7 we improve escaped approbrium but received 
Industry Minister Lord Beswick. performance all through BSC as a standing ovation for his speech, 
should not be allowed, and that we have already done in some He, too, asked for co-operation 
unions everywhere should not vital areas, and become com peti- 3nd promised consultation with 
handle materials or orders tive in every way tbp future of th e unions at every' turn, 
switched frdm Bilston or other bulk steelmaking in this country Behind the angry words is the 
“ non-Eeswick ” plants. j s in danger, doubt and conviction of many .shop 

According to Bilston stewards jeopardy.” stewards that BSCs strategy of 

the TUC is being asked to agree He did not include special concentration on big coastal sites 
to closure of steelmaking on steels in his warning. Pointing is wrong, and that older works 
October 30 and of rolling mills by out that the corporation’s share can be made into flexible’ 
March 1979, with Joss \of -.400 of the home market bad dropped modern mini-mills to emuJaie 
jobs. to 55 per cent, he said : ** If we those in the private sector. 

Senate passes amended 
tax treaty with Britain 


BY JURE* MARTIN. U.S. EDITOR 


THE U.S. Senate today ratified 
the Anglo-American Double Tax- 
ation Treaty shorn of its most 
controversial element — clause 
8.4 exempting British companies 
from the need to pay the state 
i unitary taxes levied in Cali- 
fornia, Oregon and Alaska. 

Today’s vote was an over- 
whelming S2 in favour and five 
against Last Friday, the Senate 
had failed to give the treaty the 
necessary two-thirds majority by 
five votes, largely because of 
objections that the right of 
States to tax in any way they 
think fit was being contravened. 

- The unitary tax system uses a 
formula based on a company’s 
world-wide income and not 
merely on business generated 
inside the state. . 

The next move is now' squarely 
up to the British Government, 
since' Parliament has already 
passed the treaty In its original 
form, as drafted at the end of 
1975.- The British options are 
either to renegotiate the treaty, 
which contains 'significant con- 
cessions to American investors 
from the obligations of advanced 
corporation tax or to submit to 


Parliament a protocol to the 
treaty along the lines of the U.S. 
Senate version. 

Senator Jacob Javlts. the New 
York Republican, expressed the 
hope during this morning’s per- 
functory debate that British MPs 
“ will see it as we see it. I hope 
they will approve this treaty or 
negotiate another treaty, or a 
protocol to the treaty." 

Today’s passage was assured 
once the U.S. Treasury had said 
last Friday that it would not 
object if the unitary tax exemp- 
tion clause were deleted. , 

British officials here said the 
Treasury had been “contrite” 
about this but had argued that 
“it was better to have half a 
loaf than nothing at all.” 

In- bowing to political reality, 
the Treasury was also clearly 
weighing the importance of the 
treaty as a general model for 
subsequent conventions. 

The Anglo-American pact is 
considered something of a 
pioneer in its field and resembles 
closely the OECD's model double 
taxation convention on iacome 
and capital published last year. 

On the Senate floor this morn- 
ing, Senator Alan Cranston, the 


WASHINGTON. June 27. 

assistant Democratic leader who 
represents California, held out 
the hope that the State itself 
might pass legislation mitigating 
the impact on foreign companies 
of unitary taxation. 

But two such Bills have died 
in the California Assembly in the 
last month and, cannot be re- 
vived until next year. Moreover, 
it is strongly felt in California 
that there is next to no chance 
far any Bill which further cuts 
State revenues and benefits cor- 
porations. 

David Freud writes: In the 
UK there were Immediate calls 
for the whole treaty to be 
renegotiated. 

The Confederation of British 
Industry said this was “ a matter 
on which a stand must be taken." 
The Senate’s action, it said, was 
an open invitation to other 
countries to adopt similar 
policies. 

The’CBI's tax committee was 
seeking an immediate meeting 
with the Inland Revenue in 
which it would press for a 
renegotiation of the treaty, 
regardless of the delays this 
would involva 

Editorial comment Page 18 


New U.S. 
bid for 
Lloyd’s 
broker 


BY JOHN MOORE 

FRANK B. HALL, the third 
largest quoted U.S. insurance 
broker, has devised a £24m take- 
over bid for a Lloyd's broker, 
Leslie and Godwin, which will 
§3 in Lloyd's of London approval. 
An announcement is expected on 
Thursday. 

The latest move comes over 
two months after Hall's original 
bid for Leslie — which promised 
a cash offer at a significant 
premium to the then suspension 
price of 93p — was blocked by the 
Committee of Lloyd’s. 

In a controversial ruling much 
criticised in insurance markets 
both sides of the Atlantic, tbe 
committee said that “ no outside 
insurance interest may normally 
hold more than 20 per cent of 
the equity seeking recognition 
at Lloyd's." 

Latest 

Outside insurance interests 
wc-re defined as "an insurance 
company, an underwriting 
agency. or a non-Lloyd’s 
broker." 

A possible framework for the 
latest bid to be acceptable to the 
Committee of Lloyd's is for Hall 
to make a full bid for Leslie, 
then to put the Lloyd's broking 
interests into a subsidiary and 
sell that off to a party vetted by 
the committee. 

If that were to happen, 
Lloyd’s might agree to Hall hold- 
ing a 25 per cent stake in the 
new- subsidiary, with possibly 
Rothschild Investment Trust 
which holds 10.5 per cent of 
Leslie’s equity and has had an 
association with the group for 
several years, bolding some of 
the balance. But final detaits of 
the proposed Hall bid have yet 
to be worked out. 

Whatever happens. Lloyd's is 
determined not to change its 
ruling, and would nnt need to 
under the new arrangement 
The only relaxation that might 
be possible is to allow Hall to 
own 5 per cent more than the 
permitted levels ir. the Lloyd’s 
broking interests. At all costs 
Lloyd's is determined that these 
should remaiD U.K. controlled. 

Statement 

Mr. Ian Findlay. Lloyd’s 
chairman, said in his annual 
statement last week that “it is 
necessary that the control of 
firm? operating in the Lloyd’s 
market should rest firmly in the 
[ hands of people who have long 
I experience with tbe workings of 
the Lloyd's market. 

“If control passes to groups 
outside the community then the 
effectiveness of the market's 
self regulatory powers might be 
eroded." 

E in New Vnrk _______ 


I M.£1f0-?5£0 ; S1.UTM4E5 
1 month t 1 — -U -0.44 ,|tv j 0.4l-U.5fi 'li» 
3iTir.nth4 I (,<2 l-'S >(i- ' i 1,55 i<i» 
1! I 5. oO-E’.l'J it* 1 5. 10-4 .90 .11* 


rift before 
EEC summit 

BY GUY DE JQNQUIERES, COMMON MARKET CORRESPONDENT 


EEC EFFORTS to define a com- 
prehensive common strategy for 
economic recovery before nest 
month's Bremen and Bonn sum- 
mits were clouded today by 
sudden emergence of disagree- 
ments between Britain and other 
governments over energy policy. 

The differences, about oil 
refinery policy, are essentially 
technical. But they were serious 
enough to prevent Foreign 
Ministers of the Nine from agree- 
ing here on the text of a state- 
ment on energy to be submitted 
to EEC Heads of Government 
when they meet in Bremen on 
July 6 and 7. 

Unless the dispute can be 
resolved by then the EEC will 
be hard put to preserve an out- 
ward appearance of unity on 
energy' questions to the U.S. 
when President Carter meets 
leaders of five Western nations 
and Japan in Bonn in mid-July. 


Problems 


In other respects tbe Nine 
were able to agree on broad 
statements on the objectives of 
higher economic growth, stabilis- 
ing currencies, combating unem- 
ployment and protectionism 
restoring industrial competitive- 
ness. and improving relations 
with the develottfng world. 

Though the aim of 4.5 per cent 
average annual -growth rate by 
mid-1979 has been formally re- 
tained. West Germany has made 
no secret of her doubts about the 
value of such objectives, and has 
stoutlv resisted attempts to fix 
individual growth targets for 
each of the nine economies. 

Mr. Roy Jenkins. President of 
the European Commission, told 
the Ministers that more progress 
had been made so far in discus- 
sing ways of stabilising curren- 
cies than in stimulating economic 
growth. 

The dispute over energy policy 


LUXEMBOURG, June 27. 

centres on the precise wording 
of a reference to the refining 
sector. 

Italy, and to a lesser extent 
France, have insisted that the 
text explicitly link the level of 
EEC refinery capacity with the 
level of demand for oil products. 

This proposal has been strongly 
resisted by the UK. which clearly 
sees it as a tactic aimed at giv- 
ing the Community power over 
its refinery sector. 

Britain is angered hy Italian 
attempts to link demands for 
EEC aid to her troubled 
refineries to a Community pro- 
posal to provide almost £200m 
in financing for EEC steam coal 
production in the next three 
years. 

Dr. David Owen, the Foreign 
Secretary- came close today to 
saying that the UK would block 
all further attempts to reach an 
EEC energy policy unless the 
steam-coal financing scheme was 
approved. 

The other elements of the 
energy policy paper have been 
generally agreed by the Nine. 

Dr Owen delivered a strong 
attack today on the way in which 
the EEC’s competition policy was 
applied by. the European Com- 
mission, and renewed criticism 
of tbe protectionist charac- 
teristics of tbe Common Agricul- 
tural Policy. 

He said that a fairer balance 
should be drawn between 
enforcement of competition laws 
and EEC efforts to combat un- 
employment. 

Claiming that the EEC com- 
petition rules were based on ont- 
dated economic realities, he said: 
“Tbe idea that this is a laissez- 
faire Community is total non- 
sense. 

“ There is apprehension in the 
trade union movement that the 
Community is insensitive to un- 
employment If the Community 
gives that image, it will be 
severely damaged." 


Company law move 


BY MICHAEL LAFFERTY 

EEC FOREIGN Ministers in 
Luxembourg last night approved 
a new directive on company law 
which will have a substantial 
impact on the way UK and Euro- 
pean companies present their 
annual accounts. 

The measure is known as the 
fourth directive and is intended 
to go some way towards harmo- 
nising company accounting prac- 
tice throughout the European 
Community. 

It lays down standard formats 
for company balance sheets and 
profit and loss accounts, allowing 
bat not requiring member states 
to have less demanding rules for 
small and medium-sized com- 
panies. 

Small companies, for example. 


are exempted from haring to 
have an audit or publish a profit 
and loss account, while medium- 
sixed companies need not dis- 
close their turnover. Both cate- 
gories are permitted to publish 
abbreviated balance sheets. 

The directive will have to go 

News Analysis, Page 30 
Lex, Back Page 

into British company law with- 
in two years. Although the 
directive is only meant to cover 
individual company accounts it 
is thought likely that it will be 
implemented in the U.K. as 
applicable to consolidated 
accounts. 


Three may beat dividend curb 


FINANCIAL TIMES REPORTER 

THREE PUBLIC companies 
decided yesterday not to wait for 
Government guidance on future 
dividend policy by announcing 
their intention of paying share- 
holders substantially more. 

So far the Government has 
refused -to give a clear decision 
on whether dividend ocntrol will 
he extended after the present 
legislation expires on July 31. 

Most companies have - been 
assuming, that they will be 
allowpd to increase their divi- 
dends by up to 10 per cent and 
say that if ocntrols are lifted, 
they will top up the payout. 

Now, Imperial Continental aGs 
Association, Tecalemit and Halma 
have derided \o assume that con- 


trols will be lifted. If they are 
not, resolutions will have to be 
passed cutting the payment by 
the required amount. 

1C Gas said it intended to pay 
50 per cent more, while Tecale- 
mit plans to increase its pay- 
ment by 70 per cent and Halma 
by 100 per cent 

In each case, the annual meet- 
ings are being held early in 
August 

The guessing game over the 
future of dividend controls has 
been going on for some months. 
The Government made a state- 
ment in Parliament last Thurs- 
day when the subject was raised 
by the Conservatives, 


Mr. Michael Foot Leader of 
the House, said : " I don’t believe 
there will be any necessity for 
fresh legislation. The Govern- 
ment is still considering the 
matter. 

“A number of factors have to 
be carefuly considered as nart 
of the Government’s general 
approach to counter inflation. A 
statement will be made at tbe 
appropriate time.” 

The main question is whether 
the lapsing of the controls will 
be acceptable to unions wben 
Ministers are exhorting them to 
restrain wage demands over tbe 
coming year. 

Results, Page 28 


CONTENTS OF TODAY’S ISSUE 



European news 2-3 

American news 4 

Overseas news 5 

World trade news 6 

Home hews— genera! ... W-10 

—labour U 

—Parliament 12 


The Rhodesia . massacre; 

Gloom in Salisbury 18 

Changing patterns in 
employment for women 27 
Cable and Wireless in post 
imperial age 15 


APMlnunetila — ... 
Bids. see. Rates ... 
Cmsword 

gntertafamont Guide 
European Opts. . .. 
FT-Aeniaries indices 

Gardenias - 

Home CnMrBCta 


Technical page 

14 

Xnll. Companies ...... 31-33-34 

m 



Euromarkets 

. 31 

Arts page 

17 

Money and Exchanges .... 

. 35 

Ib^i 

Leader page 

18 

World markets 

. 36 


UK Companies 

Mining 

.... 28410 
30 

Fanning, raw materials . 
U2L stock market 

. 37 
. 38 

: 


FEATURES 

EEC case pinpoints clash on 

principles 32 

Spain moves against 

extreme Right 2 

Foreign banks face more 
controls in U\S 4 


u 

Letters 

27 

39 

LM 

O 

16 

Lombard 

16 

U 

Hen and Matters ... 

18 

36 

Racing 

16 

38 

Saleroom 

S 

16 

. Share information ... 

am 

10 

Today's Events 

37 


TV and Katfla .... 

Unit Trusts 

Weather 


Base Lcodles Rites 


MnMMiiM'I SHU 'UTERI* statement 

oday’s Events 37 5GB Group 29 

For Infest Share Index ’phone 01-246 8026 


Niger’s uranium reserves: 
Key to improved economy 5 

FT SURVEY 

Brazilian banking and in- 
surance 19-26 


16 ANNUAL STATEMENTS 
y> B anion Hill Grotto 29 

C Chmbr. or Mtau sa JO 

U> FRAB Bank IntL ... 2 

GEI lift I. 26 

ENT Pro pony Hdn. * | n v. 30 

29 Standard Chartd. Bk. 28 





Prestige Entrance Hall [ 
4Automatic 
Passenger Lifts 
Full air conditioning 
Basement Car Parking 
and Storage 
Maximum flexibility 
of layout 

Male and Female Toilets 
on each floor l 


Richard Ellis, 

Chartered Surveyors 
64 ComhilL London EC3V3PS 
Telephone: 01-283 3090 

London Wl, Scotia rtf, Belgium, 
France, HoOand. Span^ South Africa. 
AixAralo, USA. Canada, Singapore, 
Hong Kong, 


Richard Ellis 



5 











. > 
Financial Times Wednesday June 28 1§7% 




Spain begins to move against the extreme Right 


BY ROBERT GRAHAM IN MADRID 


SY DAVID WHITE 


! THE EXTREME Right appears to organisms gatherings where the on fascist meetings which cause in a ceremony laying flowers cessively cautious approach hv Alianza Popular s electoral pros- 

•' ha 1 , <? a near monopoly of daub- fascist salute is given and calls disturbances. at Franco's tomb — an act the Government to those persons peels, is uoing ius best to remove. 

■ ires and graffiti in central are made for a return to authori- There is also evidence that the deliberately timed to coincide who were associated wrtn the himself from any connection. 
; The fasces, the tradi- tanao rule. Bands of fascists lenient treatment by the courts with the celebration of Armed ideals of the former regime. As with t he extreme Right and by 

I liouai fascist symbol, is sprayed have got away with bombing of fascists for offences against Forces Day in Madrid. the democratic process has con- so doing woo away members of 

ion many a wall alongside left wing bookshops, and lesser the Deft is beginning to end. Interpretations differ widely of solidated in Spain this fear has the ruung Union de Centro 

'patriotic slogans or sometimes incidents, such as molesting a Fuerza Nueva, sympathiser in the significance of all this. One been gradually reduced particu- democratic who have been 

I Mmibiisfuous rhymes denouncing persons carrying left wing Alicante who last year threw a view is that having suffered a larJy as it has become apparent disillusioned by the policies of 

j tile Left. publications in the streets, have brick killing a communist putting resounding rejection in the that the armed forces, albeit the centre and centre-Left 

! I" the more fashionable parts gone unnoticed. up posters to celebrate Andalit- elections in Jane. 1977, the kicking, are accepting a pama- adopted by Sr._ Adolfo. Suarez, 

[ r,i Madrid, there is a certain Within the last month, how- cian Day was given 32 years in extreme Right is reorganising znentary democracy, in other the Prime Minister. -This too 

' type of youth who deliberately ever a number of pointers have 


PARIS. June 27. 
PRESIDENT VALERY G1S 
GASH d'ESTAING tomorrow 
becomes Jhe first major 
Western leader to visit Spain 
since its return to democratic 
government. 

Dunes a i lire e-day visit, the 
French President will have 
separate talks with King Juan 
'lari os and Sr. Adolfo Suarez, 
the Prime Minister. Since 
death of General Franco 


. . . .. out to ensure that he is suggested that things are 
{ trim tilled with the extreme changing a little. A photographer 
i P.uht, especial I v the main group, f° r the liberal daily, El Pais, 
i Hurra Nueva.’ and its more while photographing a demon- 
| m ili lan ♦ arm, the Guerriileros de stration organised by the ex- 
: Cnsin Rev i Guerrillas of Christ treme Right in Madrid, was 
I the King). Thcv wear centre- beaten up by demonstrators in 
j parted hair. 3930s style, and sight Of a Police patrol. The 
■ prominently displayed golden P atro1 did nothin 3- When the 
crucifixes. photographer went to the nearest 


The authorities are starting to take off their 
kid gloves in dealing with the Right — a move 
apparently backed by the King. 


words the spectre of military tends to isolate farther the 
support for opposition ta demo- extreme Right AI Alcazar, a 
cratic change has begun to ea- daily newspaper which normally 
pose the extreme Right for what speaks for the extreme Bight, 
it is — a vociferous minority itself appears none too happy 
increasingly out of tune with the with the thuggish image of 
rest of the country. Fuerza Neuva, and recently even 

Fortified by this realisation, went so far as to publish on its 
the authorities began to take uff front page a big photograph of 


Dutch MPs 
cleared of 
tax law 
accusations 


prison plus a Pts 1.5m (£100,000) round Fuerza Nuev a and begin- ™ some five weeta the supposed TWSST oT tfi 

photographer went to the nearesr fine. Earlier this month a court Oing to flex its muscles, to force the mo gloves some nve weeas E[ pais „ faotoeTapher ^ „ eff0rt 

Tn.-ie ore the more obviously P 0,ice station to report the ruled that leading members of the Government to respond; and ago. Mup> i* to trace them. P 

p’ic^nt suopoiters of a srouDine incident, the police officer the extreme' Right, including Sr.' further that the tactics are to dence that this coincided with jj owever ifc e jp ac t that three 

,, v ! i ' hi hevi vS Showed no interest in following Pinar and Sr. Sanchez Covisa, the provoke the Government Mo insults .shouted at the King by no * ever lQe * act 

, ili- rum of Spain and of Church U P matter. Such incidents leader of the Guerriileros de some action which might bring guests invited h'’ the army to_ a 
e the , und c v , re thn v-iupo W hiPh were not uncommon in the past. Cristo Rey, must give evidence Fuerza Nueva more potential ceremony Of ooruj^e to me at t a<l i. ers havp vm in hi nicked 

flS novelty was that after pro- in a civil «fh»' brought by supporters. While it « true that nauona SKSSSttfflt 1 



attitude :o Spain as a future 
cc-gsrfner in fire EEC. The 
French Government has always 
hacked Spanish entry. But 
President Giscard. in an inter- 
view with the Spanish news 
agency EFE. made clear lhat 
- the candidature or a great 
country like Spain poses 
serious and delicate problems.” 

Negotiations, he said, would 
ha\p to -‘avoid anything that 
could disturb sensitive econo- 
mic sectors in Frence and 
Spain.” 

On bilateral issues, be said 
there were no problems on 
which the two countries had 
fun da mentally different points 
of view. The visit has been 
preceded by the successful 
coaci'Jsion of a military' air- 
craft rteai, in which Spain will 
pari I y co-produce 48 Mirage 
interceptor jets for its Air 
Force. 

A statement by the Ely See 
Palace spokesman carefully 
hedged around the question oF 
Spanish entry . •* For 
member of the European 
dually.” the spokes 
Pierre Hunt, said, 
will provide an opportunity 
mark democratic Spain*! 
tial contribution to the build- 
in?; of Europe.” 

The kernel of the entry 
problem- the prospect of 


men: treated them with kid yellow and orange national flay members of the aimed forces The Alianza Nacional. a loose democratic course to*?* in their cautioUs and circumspect. For 

plov*«. almost ton anxious not mI S ht not be used by political a nd the police from partlcipat- alliance of the main Franquist h t in ‘ ter ^ t and that of the ^stance no one— Left or Right— 

to oicrfere with their activities parties^ a f. tbe .‘£ r * n /\J_ n Jj tsc j s ^, d e m ojist ration s. personalities and Fascist ^group- count f V- Therefore those who cou,d rea,lj ' fau,t the banning 


avoid disturbing the delicate This measure was alined 
transition from dictatorship to cially at the extreme _ 

democracy. Little effort was insist on using the national _ _ . 

maciT* :.i prevent meetings which as though they are the true heirs who had allegedly played a part Alianza Popular, obtained 

.souchT to mv homage to Franco, of the Spanish colours. 3nd who in a demonstration. The Defence 8 per cent of the vote. 1 &»««=*.* mov ; n , against «,,= „ ueH| _ . 

Fo- instance* Sr Bias Pinar the have a penchant for attending Ministry is understood to be because it seemed he was tarred 3 tional talks. Sr. Suarez has made 

ve' '“•an political figure ’ and demonstrations in para-military investigating an incident on with a Franquist brush. Since • * 0 th _ t . a beginning towards removing 

lo-idcr of Fuerza Nueva has uniforms. The authorities have May 27 when a senior General then the influence of the Fascists “ la 3150 interesting pat i»r. the remnants of Francoism, be 

been prevented front also begun to impose heavy fines in the Foreign Legion took part has depended on a perhaps ex- Fraga. anxious to improve still has a long way to go. 


imed espe- At the end of May publicity was ings. got 0.47 per cent of the vote <fa nnr'nne^t thic view are bein? of the national flag as a party 
Right who given to the transfer of nine a t the elections last June. Sr. pa « d 0 ut of imoortant positions *»mboI: the authorities argued 
ational flag gendarmes from San Sebastian Manuel Fraga. the leader of 5T nr p nv er the Government now il W3S ^ a S of all 

»d only tD r havp roval hackin'’ fnr Spaniards a principle agreed to 

>«*«!> nmSng 0 agafnsf 0 ’ theelrtreme ^ 


never 


xQ 


Sv ’115 


irdiarge on Barcelona cargoes! IMF negotiations on 

Rome credit open 


5Y DAVID GARDNER 

Gti-SLOW by dockers in the heavy industry like Bilbao 
j port of Barcelona has led to a Valencia. It is. however. 


BARCELONA. June 27. 


or side, none of the main trade 
a unions has won control over | 
in ’ c-r cent surcharge being principal outlet for mami- Barcelona's 1.800 dockers, who) 
impi'-vd bv two international lactured and semi-finished goods, conduct their affairs byj 

lines ilrKS mSvTe “Th^fhave beer, smopa-e. at I A TEAM from the International number of special factor,, inch* 


BY DOMINICK J. COYLE 


ROME. June 27. 


m xwp^jss 


The d activity, levels, arrived at by The Barcelona dispiUc Vs p rovm si Italian Govemments letter matalF as a i result of a canttW' 



Iberian conference lines have In addition, they insist on mini- 

introduced the 10 per cent sur- mum manning levels, and an end p f v r e,, 0 ol h-nJa r!ofrr*if- 

charco and the West Coast con- to the practice of crews doing JCuriugjM irauc usiiui 

K-renc? is reported to be con- the work of dockers. showed a^ trade deficit 

i templ.iling similar action. The The situation was soured when ™ K^2nt jn thefirs, f-un- monyhs 


Mediterranean farm produce i si.mwi «uun. a..c i W miu«u V u|.uo . n . rpas . t . r „ r 

Scodiag info Franco's captive ; measures are expected to acceler- a docker was killed by a falling ^ n , ' v 'e r thT Srne period S5t 
markets, wiil h e discussed bv ate the tendency to reroute traffic bale two weeks ago. and a solu- J; Jz *!, > jo v , inTti 

through neighbouring ports to non is made difficult by the J ‘ft vestSSy ip-DUenorts 
| avoid Barcelona's prohibitive structure of industrial relations J- rom Lls ' bcirj Remittances^ by 
1 costs. in Spanish ports. Ultimate emigrant workers abroad in- 


M. ?i<’rr*» Mehaigncrie, the 
Agriculture Minister, who is 
accompanying the President 
2 long with yi. Louis de Guirin- 
gaud. the Foreign Minister, 
and M. Andre Girand, the new 
Industry Minister. 


Barcelona is not, Spain's main responsibility for the ports js creased to S422m frnm S2B5m in 
port in terms of volume, since divided up between the Mini- the same period. ■« Receipts from 
it has no refineries, like the stries of Labour and Transport, tourism rose shandy to $23.5m 
smalier Paragon a nearby, nor and the navy. On the labour from £3m. 




ready indicated that Italy hopes % . .. . ,, . . 

Ito negotiate new facilities with Additionally, there has oeen 
both the IMF and the European a useful improvement in the 
Economic Community, the com- t erm s of trade together with a 
bined amount being, “it is under- sharp rise in earnings on the 
stood, some 821 bn. invisibles account. mainly 

The country is in no immediate tourism and emigrant remit- 
need of international loans after tances. Nonetheless, the boost 
the marked improvement in the Italian export competitiveness 
balance of payments account last °. f tfle *£' 8 . devaluation, snows 
year, a trend which has con- signs of having worked its way 
tinned in the first months of this througn the system, j gme 
year. Italy has met on schedule Italian wage levels are coaraiu- 
its repayment commitments on ing to rise in real terms— by an 
earlier EEC and West German estimated 7 per cent last year. 
Bundesbank fundings, and the The minority Christian Demo- 
country's gold and foreign cur- C rat Government of Sig. Giuiio 


renev reserves at the end of May Andrectti. which depends for its 
were in excess of S21bn. survival on the parliamentary 

The improvement in the par backing of the Communists and 
ments account results from a other opposition parties, is com- 

the 


More tourists 
in Switzerland 
last winter 

By John Wicks 


ZURICH, June 27. 
11V SPITE, of the higb Swiss 
franc exchange rate, tourist 
traffic Increased in Switzerland 
last winter. Hotel Bednights, 
which had recorded a 2 per 
cent upturn in the previous 
winter, rose by 5 per cent in 
the 1977/78 winter season to 
some 13.5m. There was a 7 per 
cent growth in hotel occupation 
by foreign visitors, with above- 
average Increases of 26 per 
cent on the part of West 
German tourists and 12 per 
cent for visitors from the 
UJK. 

The good showing is 
attributed largely to the 
generally favourable winter. 
sports conditions daring the 
season and to the large degree 
of stability In hotel prices. 
However, the profitability of 
Swiss hotels is said in a Gov- 
ernment report to be “ unsatis- 
factory.” This is doubtless in 
view of the necessity to stop 
Swiss franc prices from rising. 


By CFiaries Batchelor 

AMSTERDAM, Jude 27. ' 

POLITICIANS in . the Lower 
House of the Dutch Parliament 
did not use Inside information 
of a change in the tax laws to 
gain on unfair advantage, accord- 
ing lo a special investigative 
commission. 

Three MPs in the last govern- 
ment and one . former Minister 
admitted taking out “ single 
premium " insurance policies in 
the year before the law was 
changed to. reduce the tax 
benefit. But none misused fore- 
knowledge of the change in .the 
law which took effect on Novem- 
ber 15, 1975. None of the other 
182 politicians who co-operated 
with the three-man commission 
enjoyed any tax- advantage from 
sucb a policy, the report, con- 
cluded. 

Four politicians refused to co- 
operate with the commission and 
one was unable to because of ill- 
ness. Tbe politicians who took 
out tbe Insurance policies were 
Mr. Tjerk Westerterp,' the then 
Transport Minister, Mrs. Ton 
Lueckers-Bergraans, Mr. Joop 
van Else a ^ and .Mr. Hans de 
Foster. All were members of tbe 
Christian Democratic Party, 
which is now the senior govern- 
ment coalition partner. 

Only Mr. Westerterp and Mr, 
van Elsen took out tbe policies 
with the main aim of gaining tbe 
tax benefit, the commission said. 
It will now continue its investi- 
gations among members of the 
Upper House of Parliament. 

The decision . to Investigate 
was taken in February after 
senior tax inspectors claimed in 
a letter to Parliament that 46 
MPs and members of the 
previous government had acted 
improperly, although l not 
illegally, in taking out tbe insur- 
ance policies. The tax inspectors 
based their claim on a report m 
a Dutch newspaper. 

Mr. Wim Aantjes. leader of the 
Christian Democrats in the 
Lower House, said the Com- 
mission report showed that the 
accusations had been untrue. 
The Christian Democrats viewed 
the accusaton as- an attempt to 
blacken tbe parly's name before 
tbe provincial elections last 
March. 


Holland suspended minimum 
fares for charter flights between 
Amsterdam and the US. until 
September 14, when they will be 
reviewed, the Dutch Transport 
Ministry told Reuter in Amster- 
dam. 

A Ministry spokesman said the 
move followed protests by tour 
operators and aircraft charter 
companies aganst the introduc- 
tion To new low fares betweeen 
Amsterdam and Boston earlier 
this month. 


FRAB BANK 
INTERNATIONAL 




m 










When you want to do business/ 
we don't keep banker's hours. 


On June 12th. 1978. Frab- 
H oldin g and FRAB - BANK 
INTERNATIONAL Ordinary 
General Meetings were held to 
approve the accounts for tbe 
financial year 1977. These 
accounts show a net profit after 
tax of FF 10.385.674 for FRAB- 
IBANK as compared with 
FF 214,529 in 1976. The dividend 
was set at FF 900 per share, to 
which a tax-credit of FF 450 is 
to be added. 

On the occasion of these 
[meetings, and the subsequent 
I respective Board of Directors 
(Meetings. Mr. Yves Bernard 
General Management Adviser of 
Soci^tc Generate and Head of 
Middle-East Department in this 
Bank, was appointed Chairman 
General Manager of FRAB- 
BANK INTERNATIONAL and 
Vice-Cbairtuan General Manager 
of Frab-Holding. In these posi- 
tions. he succeeds Mr. Gerard 
Madelin. entrusted with new 
duties within the Societe 
G'enerale Group. 

Mr. Heinz Beldi, Vice-Piesi- 
Ident of Swiss Bank Corporation, 
i was seconded by this Institution 
|as General Manager of FRAB- 
BANK INTERNATIONAL and 
Frab-Holding. in place of 
resigning Dr. Abdul Wabab 
Khayata. 

Mr. Roger Sabot, Manager of 
Socicte Generate, was appointed 
Director by Frab-Holding Board 
of Directors. 

Lastly. Mr. Abdulaziz Hamad 
| al Sagar was reappointed 
Chairman of Frab-Holding and 
| Vice-Chairman of FRAB-BANK 
and Mr. Walter Frey General 
Manager of Swiss Bank Corpora- 
tion. was reappointed Vice- 
Chairman of Frab-Holding and 
FRAB-BANK 


mitted to getting tbe economy 
growing by the last quarter of 
this year as an annualised rate 
of 41 per cent. This could result 
in major restocking, a sharp 
widening of the trade deficit and 
resulting strains on the exchange 
rate sometime next year. It is 
with this possibility in mind that 
the authorities are seeking to 
negotiate new stand-by facilities. 

Tbe IMF team will be looking 
carefully at such a risk, but of 
more immediate concern to the 
mission, beaded by Mr. Alan 
Whittome, are indications that 
the enlarged public sector deficit 
in the current year will be far 
above tbe level set in April, 1977. 
at tbe time of a further Italian 
drawing from tbe fund of 3530m 

The letter of intent at that 
time contained an undertaking 
to limit the enlarged deficit this 
year to L14,500bn (£9bn) but 
the likely 1978 outturn has been 
progressively increased, first to 
LI9.000bn and most recently to 
L24,000bn. On the basis of un- 
changed policies— and Sig 
Pandolfi is tD introduce a sup- 
plementary Budget soon — the 
enlarged defleit is understood to 
be running in excess of 
L30,000bn (about £20bn). 

The preliminary indications 
for 1979 are a great deal worse 
tbe latest private Treasury esti 
males being as high as L43.5bn 
on tbe basis of what officials 
describe as the most pessimistic 
assumption. 




‘‘Ay C*?-!!**" 


xi 

:\1 V 


„ /w.’Wf 




Our eans don’t close when the doors shut. 

Alter iill. our oi licvr* cjro nlxml your lubiness 
almost a< n melt as you do.' They cui c enough lo .learn 
il iho) oii» |»]y. They taieeuou^li tnleai n your 
lmHUess luu^uu^e - iusluud "l Ijjixiii” \ on to talk 
luiukoe. 

So nahuxi Hv ll jey ul>« > t.uv eiu u ml i lo-work 
lute tviien you h;u c pr< iblems i«.< w< u k uu! . 

\Vc take the time to tailor each solution. 

Jlecuise wc try to understand yi air business 
heller, sve can oiler yon better linowiyl scilutionx. A 
M'Uuion thut is custom-made to lilvour specific pro- 
blem. Katlier than the standard, olf-thc-rack soluuoa 
llut any bank cun give. 

Our international network is alivays open 
to you too. 

\fe have mmvihnn just IiW retail brunches 
hi Belgium. We also iwt ru u’orldu-ide network 


Kiiough subs idiai'ies. representative offices, affiliat- 
ed and associated banks. corrcsponcfeiHs and through 
menibej^bips in banking cwimiinities likeSJl'Ji and 
-.Associated Bunks of tarr-pe ( ABKCOR). 

'il i js i ntemalioi ml i irtwor k can ol I e r yi u i !'■ <i ig 
distance relief for your intern a tional business pi< >- 
bletiis. An well as provide you with the v/tne j an"i* i if 
MJ^kos us anv major ii iiernaliojial hunk- 

Jlul wj ml makes us different from these nlhcf 
hunVx ism ir individual attention l<* eai h clieiil's 
individual needs: otirrehtctance to slick b m(u« mujc 
old answer: aodoiu'w-illiuguess lo do a Little CMimlar 
our clients. 

Like, occasionally missing the last train hom o . 



WASHINGTON, D.C. 

A Renaissance of 
Cjraciousness 


A luxury hold in ihc great 
European tradition. Secant, quiet, 
unruffledr— ne\-er a-convention. 



Banque Bruxelles Lambert 

banking, a matter of people 


THE MADISON 

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or sec your travel agent 
Marshall 3. C<7«. Proprietor 


Hi are the ABECOR think in Belgium, \fjniixfoan24. 1050 Brussel. Tel. Q2. jt5.81. 81. Telex 26392 BBUN 


Mr* 



Fisancui. Ti"rs nM<M aailv ucept sun- 
[ dir. and hoti&u*. U.S. mt+r.auoa szoq.iv 
(air Inicbii 5- l *i- n “ 'air mam per annum. 
Sca-ood tUas paalJtt *1 New Xgilt, N.Y, 


THE AL-HARAMAIN 
COMMERCE & CONTRACTING 


COMPANY 


Wish to announce they are now 
available on telex at 


Jeddah and Riyadh , Saudi Arabia 


Telex No. Jeddah 40 1 404 ZIRWAH SJ 

Telex No. Riyadh 201551 ZIRWAH SJ 





Confirmed Reservations • Choose any 
flight any day • Stay between:? and 
60 days • Book only 21 days ahead ; 

Can your travel agent and ask about TWA’s new Super-Apex fares toAmeraja- , 

EHective 2 5thJ uly. 


TWA carries more 














f. 



Financial ' times Wednesday" June 2S 1978 


* 

-Cl « ■ 
i‘ . 


*Zr 




Retail price index climbs 
sharply again in France 


BY ©AYH> CURRY , 

THE FRENCH retail price index 
moved sharply upwards again in 
May- following the Government 1 s 
derision to increase a wide range 
of public sector tariffs to limit 
the need for state subsidies. 

The 1 per cent rise in May was. 
in fact, more modest than had 
been expected, and was not as 
severe ' a s .the l.Z per cent 
recorded in April. The next few 
months will, however, continue 
t or witness severe increases as 
the policy of setting industrial 
prices free from control and 
recent or imminent price rises 
for petrol, rents, coal and the 
Paris regional transport system 
take their toll. 


a 

The Prime Minister, if. Ray- 
mond Barre. has warned jhat the 
index over the next fevr.months 
will make painful ’reading 
because of the “corrections” to 
industrial and public-, sector 
prices decided by the Govern- 
ment. He is expecting a$‘ll per 
cent rise this year in the index, 
but argues that the underlying 
trend will be nearer 8 per 
if the public sector tariff 'rises 
and increases due to adjustment 
of Common Market exchange 
rates for agricultural products 
are discounted. >:• 

. In fact, on this definition the 
underlying rate for Mayiwas 0.6 
per cent Over the pas£ three 


EEC shipbuilding probe 

BY MARGARET VAN H ATT EM BRUSSELS. June 27. 

THE EEC COMMISSION has fund was set up last year to 
launched a formal investigation allow British shipyards to tender 


to see whether State aid to ship- 
builders by the French, British 
and Dutch governments is com- 


compelitively with foreign yards 
and was largely responsible for 
Britain’s winning the / major 


patible with the Community's Polish ship order for its own 


competition ruies. 


yards. 

By subsidising production. 


it 


The aid in question is the first. . ~ Vrc* 

to be introduced since the fourth “ SllSS'Ser 

directive on competition policy J ar ^. s aD un ^ a jf. ad van ^S® 0 Jf J 
was approved in March. It laid ggj? 

the ground rules for aid to ship- J®9 “J 10 countries such 

, . The French project : under 

The Commission has given the investigation is a FFr 55m aid 
governments concerned one f 0r s hjp j-e pairs, a sector not 
month to supply information provided for in the fourth 
which would demonstrate that directive. The Dutch project 
State support for shipyards is invo ives a FI 950m fund 'to pro- 
in hoe with this directive and ^ for loaQS t0 aDd Sta£a par- 
does not cut across Community ticipation in, shipbuilding and 

plan £j£ r a E^i^ nt reductl ?, tl repair firms threatened' with 
in EEC shipbuilding capacity dosure 

and workforces. This means a at The commission also stressed 

State aid should be directed £Qgay that the investigation is 
mainly, towards restructuring basically a fact-finding exercise 
and providing permanent jobs, and t b a t S o far, no counter- 
rather than temporary supports measures are envisaged/'. The 
and subsidies. . Commission is mainly concerned 

The British Government’s £90 m. with • getting governments to 
“ special intervention fund ” specify where and how they 
does not appear to meet these plan to scale down capacity in 
requirements. The initial £65m the industry as a whole. 

Proposal on European MPs’ pay 

LUXEMBOURG, June 27. 

present parliament, which con- 
sists of MPs nominated from 
national legislatures. 

The proposal will form the 
basis of discussions by the 
Council of Ministers. But the 
Ministers maintain that they have 
the right to amend it and_ to 
take the final decision 
Dr. David Owen, the British 
oreign Secretary, claimed after 
the meeting that all nine Mims' 
ters had agreed that The salaries 
questio oshould be settled by the 
start of next year at the latesL 


BY GUY DE JONQU1ERES 

EEC OREIGN Ministers today 
took a first step towards deter- 
mining the pay of directly- 
elected MPs in the future by 
agreeing to invite the current 
European parliament to submit 
a formal proposal on salary 
levels. 

The request will be made next 
week by Herr Hans-Dietrieh 
Genscher. the West German 
oreign Minister and incoming 
president of the EEC Council of 
Ministers, when he. meets Sig. 
Emilio Colombo, president of the 


PARIS. June 27. 

months the inflation rate has 
reached an annual rate of in- 
crease of 12.4 per cent. 

The Immediate consequence of 
the latest rise will be an increase 
in the national minimum wage 
to count from July 1. Normally 
in July the minimum wage is 
adjusted to take account not 
merely of price rises but of the 
average rise in industrial earn- 
ings, while M. Barre has 
promised that the lowest paid 
will be granted an increase in 
purchasing power to keep them 
ahead of price increases. 

It is expected that the Govern- 
ment will be reluctant to permit 
too great an increase in the 
minimum wage, however, and a 
rise of around 2.2 per cent is 
expected to FFr. 10.6S an hour. 

This arithmetic will be 
watched with some apprehension 
hy the members of the Govern- 
ment’s parliamentary coalition 
who believe that the Govern- 
ment’s hard-headed pursuit of 
economic recovery is giving it an 
uncompassionate image in the 
face of increasing unemployment 
and difficulty in several sectors 
of industry. 

This discontent has been 
simmering within the ranks of 
the Gaullists for some time, and 
M. Jacques Chirac, the party’s 
leader, has added fuel to it by 
ctilling for a clear policy of 
reflation even if it means 
jeopardising the return to 
economic equilibrium. • 

But now there arc the first 
signs of disquiet from the DDF- 
centre grouping which looks to 
President Giscard d’Estaing for 
leadership. It is disappointed 
that there has not been a more 
vigorous pursuit of social goals 
and reform. 

Both groups are clearly wor- 
ried about the present wave of 
industrial unrest in France, 
though this unrest is still 
unco-ordi nated. 

The conflict at Renault drags 
on. the naval dockyards are well 
into their second week of strike, 
the Moulinex electrical appliance 
company is crippled by wide- 
spread strike action and bas bad 
to call in police to clear its 
factories of strikers, and the fate 
of the Boussac textile empire 
remains uncertain. 

It is hard to see M. Barre 
being seriously threatened in 
the short term by this discontent 
so soon after the President's 
unequivocal endorsement of his 
economic policy. However, if 
the Gaullists take their opposi 
tion to the point of opposing 
some of the measures of reform 
proposed by the President him- 
self, the Government could find 
itself in increasing, difficulty in 
Parliament 


Journalists accused as Moscow releases businessman 


by our own correspondent 


SOVIET AUTHORITIES today 
released Mr. Francis Crawford, 
a U.S. businessman, from 
custody in Lefortovo prison, 
where he bad been held since 
June 12 accused of currency 
violations. 

Hr. Crawford's release came 
as the U.S. freed two Soviet 
United Nations employees 
accused of spying, in return 
for Air. Crawford’s release. 

The three men are tech- 
nically tn the custody of their 
own countries diplomatic 
representatives. Mr. Crawford, 
Parts Manager for Inter- 
national Harvester, was taken 
by the KGB to his room at tbe 
Intourist Hotel, where he has 
lived for two years. Mr. 
Crawford has been told Jo be 
on call by Soviet authoritites 


investigating the alleged 
currency violations. Tass, the 
Soviet nevVs agency, has 
accused him /Of “systematical ” 
speculation In large amounts 
of foreign currency. Three 
Soviets, unidentified, are said 
to have been bis accomplices. 

Meanwhile, the State tele- 
vision-radio monopoly has 
brought an action for slander 
in a Moscow court against two 
American reporters. Mr. Craig 
Whitney of the New York 
Times and Mr. Harold Piper of 
the Baltimore Sun. The two 
men were summoned to appear 
tomorrow as defendants in an 
action brought by Gostetc- 
radio. 

The two said they had been 
informed by officials at the 
foreign press department of the 


Soviet Ministry of Foreign 
Affairs that the complaint has 
been lodged against them for 
at least one article each of 
them sent to their papers. Far- 
ther details of the complaint 
were withheld. 

Mr, Whitney and Mr. Piper 
late last month filed articles 
from Yerevan, the capita] or 
Soviet Armenia, in which they 
quoted dissident sources in 
neighbouring Georgia as disput- 
ing a televised confession 
shown recently on Soviet tele- 
vision. The confession was 
given by Mr. Zviad Gamsak- 
hurdfa, a Georgian human 
rights activist, who was re- 
cently brought to trial on 
charges of anti-Soviet propa- 
ganda and confessed guilt. 
After the trial, the national 


television news programme 
"Vremya” (“Time”), broad- 
cast scenes of Mr. Gamsakbnrdla 
expressing regret lor his 
actions. The dissidents quoted 
in the two reporters’ articles 
said they donbted the anthen- 
ticlty of Mr. Gamsakhurdia’s 
remarks as portrayed on the 
programme. They said the 
scenes had been spliced to- 
gether, taking his words out of 
context. 

In Washington, officials said 
that Mr. Cyrus Vance, the U.S. 

Secretary of State, wiil ask 

Mr. Anatoly Dobrynin, the 
Soviet ambassador, to explain 
the action of the Moseow 
authorities. Mr. Dobrynin’s 
call at the State Department 
was arranged before today's 
action. 


MOSCOW, June 27. 

• A young Russian ran amok 
with an axe outside central 
Moscow's Inionrist Hotel today, 
killing two Swedish tourists 
and injuring another, hotel 
staff said. 

A Russian eyewitness said 
the man, aged 24, attacked the 
three elderly tourists, a woman 
and two men, as they were 
leaving the hotel . on the 
capital's crowded Gorky Street 
at midday. 

• A group of seven Soviet 
Pentecosialists rushed past 
police guards into the U.S. 
Embassy in Moscow today and 
said they would not leave the 
building until they were 
allowed to emigrate, Reuter 
reports. 1 


Executions 
postponed 
in Cyprus 

By Our Own Correspondent 
NICOSIA, June 27. 
TWO ARAB terrorists sentenced 
to bang for the murder of a 
prominent Egyptian newspaper 
editor did not go to the gallows 
today as scheduled. It looks as 
if they will be staying in the 
island for some months to come, 
locked in a special cell of the 
Nicosia Central Prison. 

Samir Mohammed Khadar <2S) 
aDd Zayed Hussein ai Ali (26), 
were found guilty on April 4 of 
the premeditated murder of 
Yousef el Sibai, a close friend 
of President Anwar Sadat, the 
Egyptian leader, and editor of 
the Cairo newspaper Al Abram. 
He was shot at close range in a 
corridor of the Nicosia Hilton 
Hotel on February 18. 

The date set provisionally for 
their execution was June 1, hut 
this was later put off to June 27, 
while the island's Supreme 
Court spent several days hear- 
ing their appeal. The court has 
now announced it will deliver 
its verdict on July 31. and has 
postponed their execution to 
August 22. 

The reason given for the delay 
in announcing the judgment was 
the “complex and delicate ** 
legal points raised by the 
defence counsel, Mr. Lefkos 
derides. If the court finally 
confirms the death sentence, 
Mr. Clerides is certain to 
appeal for clemency to President 
Kyprianou. 

It is thought likely he will 
have to commute the sentence to 
life imprisonment. 

From the legal point of view, 
the death penalty in Cyprus is 
almost extinct in practice as it 
has not been carried out for 
more than ten years. 


W. Berlin election role criticised 


BY LESLIE COUTT 

THE Soviet Union’s ambassador 
to East Germany. Mr. Pyotr 
Abrassimov, who was one of the 
negotiators of the 1971 Four- 
Power Berfin Agreement, has 
warned against "West Berlin tak- 
ing part in next year’s elections 
for the European Parliament. 

Moscow’s envoy in East Berlin 
said that West Berlin’s participa- 
tion in the elections, direct or 
indirect, could not be allowed “in 
the interests of stability in the 
area.” as it would be an “attempt 
to revise the situation” in West 
Berlin. 

This, he Doted, would be 
“incompatible" with the Four- 
Power Agreement. 

The three Western powers 


responsible for West Berlin — 
Britain. France and the United 
States — are permitting the city 
to delegate representatives to the 
European Parliament, but not to 
elect them. This is the same pro- 
cedure used to send West Berlin’s 
non-voting representatives to 
West Germany’s Bundestag. 

Mr. Abrassimov, in an inter- 
view with West German tele- 
vision, also- said the Four-Power 
Agreement would be violated if 
West Berlin’s Governing Mayor, 
Herr Dietrich Stobbe. takes over 
this autumn as President of the 
BundesraL the upper chamber In 
Bonn. This post revolves each 
year among the heads of the 10 
West German states and West 


BERLIN. June 27. 

Berlin. Its occupant deputises 
for the Federal President 

The Soviet ambassador said 
tbat the “illegality" of such a 
step must be evident “ irrespec- 
tive of the explanations accom- 
panying it." 

Mr. Abrassimov also struck 
out against the presence of the 
West German Chancellor, Herr 
Helmut Schmidt, in West Berlin 
during the visit here last month 
of Queen Elizabeth. 

Reuter adds from Bonn: The 
West German Government today 
rejected Soviet charges that West 
Berlin’s participation in direct 
elections to the European Parlia- 
ment would violate the Four- 
Power Agreement. 


Belgrade and Sofia in conflict 


BY PAUL LENDVAI 

TENSION between Yugoslavia 
and Bulgaria has sharply 
increased following mutual 
accusations over territorial 
claims. 

The Bulgarians are parti- 
cularly angry that a recent 
conciliatory offer by the 
Bulgarian President and Com- 
munist Party chief, Mr. Todor 
Zhivkov, bas not only been 
ignored but even used for a 
further escalation of criticism 
from the Yugoslav side. Mr. 
Zhivkov offered to go immedi- 
ately to Belgrade to sign with 
Marshal Tito a joint declaration 
about the renunciation of 
territorial claims and the 
inviolability of frontiers. 

However, the final resolution 
of the Yugoslav Communist 
Party Congress last week once 
again accused the Bulgarians of 
territorial claims since the 
Bulgarians continue to ignore 


both the existence of a Mace- 
donian nation and of a Mace- 
donian minority in Bulgaria 
itself. Macedonia is one of the six 
constituent republics of Yugo- 
slavia. 

On his return from Belgrade, 
Mr. Dim iter Stanishev. a secre- 
tary of the Bulgarian Communist 
Party’s Central Committee and 
leader of the Bulgarian delega- 
tion at the Yugoslav party 
congress, hastened to reject 
what he called “absurd theses, 
unfounded accusations and 
attempts at pressure and inter- 
ference in Bulgaria's internal 
affairs." 

The Yugoslav party document 
specifically accused Bulgaria of 
violating both the UN Charter 
and the Helsinki Final Act on 
European Security and Co-opera- 
tion by not respecting the' rights 
of the Macedonian minority in 
Bulgaria. However, Mr. Stanishev 


VIENNA, June 27. 

refuted these accusations and 
even asserted that “there has 
never been and there is not at 
prsent a Macedonian national 
minority in Bulgaria.” An 
authoritative statement issued 
by BTA, the Bulgarian .News 
Agency, went even as far as to 
charge Yugoslavia with terri- 
torial claims on Bulgaria. 

These attacks, in turn, were 
sharply condemned this week by 
the official Yugoslav news 
agency, TaDjug. which reminded 
Mr. Stanishev tbat Bulgarian 
official statistics in the past 
issued precise figures about the 
number of Macedonians living in 
Bulgaria.- Thus, in 1956 the 
Bulgarian census revealed a 
Macedonian minority of 187.000. 
However, by 1965 their number 
was given onlv as about S,000. In 
1975 the Bulgarian census com- 
pletely ignored the existence of 
any Macedonians. 


Austrian 
discount 
rate cut 

By Our Own Correspondent 
VIENNA. June 27 
THE AUSTRIAN central bank 
tomorrow will announce a lons- 
awaited but controversial 1 per 
cent reduction of the discount 
rate from 5,5 per cent to 4.5 per 
cent, it was reliably learned here 
today. 

It is now taken for granted 
that, as of July 1. the so-called 
basic rate on savings deposits 
(not subject to notice! will be 
reduced from 4.5 per cent to 4 
per cent. Interest rates on credits 
should drop on average by 1 per 
cent. The latest federal bond 
issue — a Scb500m loan floated 
by the state electricity concern 
— carries only a 7} per cent 
coupon. 

The last change in the bank 
rate occurred in JuDe. 1977, 
when it was raised from 4 per 
cent to 5.5 per cent. Dr. Hanses 
Androscb, the Austrian Finance 
Minister, repeatedly pressed pub- 
licly for a reduction of interest 
rates and has even reproached 
the credit institutes for being 
what he called “over-cautious." 

But the reduction of interest 
rates is being received with 
mixed feelings by financial ob- 
servers. They point out that the 
budget deficit, which will be 
Sch 47bn this year, lies at the 
heart of the problem. 

The growth rate this year has 
been put at 1-5 per cent, against 
3.5 per cent last year by the 
Institute for Economic Research, 
but it may well be even lower. 
Latest forecasts are understood 
to put it at 0.7 per cent. 

A spokesman for the Federal 
Chamber of Economy also said 
that changes were necessary in 
the general thrust of economic 
policy. 


1 I.T 

; ‘ • ~ ~ - y‘r{'\ 


: i 


■ \ 



at the 




ou’d pay 


ton,we’ll makeyou 




Not knocking the Hilton. 

At0)6 anightforadoubleroom,itofiers 

alot of people exactly what they want from 

aLondon Hotel. -GO) 

Ifsjust that,for some, the Ladbroke *** 

SBelgraviamaybe offers alittle more. 

• gV The faetthatitfs only around^f2 anightfo 
4 V double is merely peripheral. ^ 

• : :: Its real charm is that 


doesn’t only remember people’s 
L names, he remembers the 
’re. newspapers they take.) - 

:c You go to your room 



Smalifaendlyand 


V excee.._.. 0 v . 

: Itfs out ofthe hubbub, 
nestleddiscreetly amongst 
the embassies ofBelgr ave 
Square, not a stone’s throw 
fcomHarrods. . 

Y)uwalkin and they don’tjust 

greetyou, they talk toyou. (The 



0- andyoufindlittle 
fe touches like a 

_ needle and thread. 

And a telephone in the bathroom (think 
aboutitr, it’s invaluable). 

Y>u go to Plunk bar for a drink 
anditdoeshtcomeinanordinary glass, 

■ J.t comes in cut crystal. 

Y)u go back to your room 
andyou find a choc- 
olate mint onyour 
pillow. Canyou / 

think ofanicer 
"J way to say . 

goodnight? 




(One that’s decent anyway?) 

02 anight?Sometimes it 
even surprises us how we do it. 



I LADBROKE BELGRAVIA HOTEL 20 CHESHAM PLACE LONDON SW1X 3HQ. 


LADBR0KEHAVE27 H0THSTHR0UGH0UTTHE C0UN7W; miJDINGTHEFAMOUS DRAG0NARAS IN BR5ST0L; LEEDS, AND MIDDLESBROUGH. All prices qiioiedareirdusive QfWandaervicft, 






F&ahcial' fiSes'tf Safest Jwfe 



Canadian 

financial 

interest 

Bill 


building on Grand 
Central Station 


Tribute to Callaghan’s ‘wise advice 

NEW YORK, June 27. 

BY JOHN WYLES 

FULSOME TRIBUTES to Mr. Mr. Callaghan of the Srst Hubert Haring ilwjr heard that 

_ ... TTumnhrov in lomihnns 1 atvarri. Huoert Humunrev WiOUia UOL cl UJ, .„ nffiivc 


By Victor Mackic 


■ BY OUR OWN CORRESPONDENT NEW YORK, June 27. relaxed and intimate' than at any his long record as an inter- Jog risen id tae *« “ “*v n r“flid tfie fact that the pro* 

1 tu 4 . , I time since th<- Kennedy- national statesman, his contribu- minute speech on world attain wor ^ boyc otted by Jttr. 

(DIAN Members of Parlia-;THE UK. Supreme Court has lha air sp.-tv aoove the te™in»}| Macmillan era tion t0 world' peace and the ittwtaCh he developed ^the items h " Cw*y. New York’s 

could he barred from hold-, prohibited the construction of a ,l,3r *-’ynipens«i!it>n. Buts ■ . . development of a better social of Europe and America must Hug • count for ranch. 

?nior positions in corpora-! j^ torv office buildLrig above tn, justice «imprised thj| As then, the fukrumufthe ^ ^ ^ frimework oE a work together.” SSr Cart vds running for re- 

and keeping secret from the! G ran d' Central Station in New m a J° rlt -' ’T 1 .. 10 !’' ^3 i u 1 an* found relationship, iu wh.ih Lilt vvord derooera tj c society.” 3Ir. Callaghan assumed some- ^ v * ear and his many 

■ the nature of their.*. . . , , , - ny merit the company s “special" is diplomatically not Flushed with the Vice- thing of the mantle of Europe 5 elect o m P nd with Irish 

:;,. 1 L JrL ( .r a con-i' ork : by wa >' of * landmark argument that the . financial ' H:|W , is lhe ."‘“L ambassador to America, fences _ to • ™ 


cunnrm mat me u.o.-u^ fhe Natioaal committee on bears ng ms name , *r. ih is counted for nothing 

relationship is no* ™o « e *3y, American Foreign Policy, “ for was generally credited with hav- tions b t 

relaxed and intimate than at any his lone record as an inter- log risen to the occasion in a -o- last nu that '.the' pro- 


CAN ADI AN Members of Parlia-: THE UK. Supreme Court has lhe air spjti- auove the terminals ' “ tion to world' pea 

ment could be barred from hold-, prohibited the construction of a without .»u*i oynipensniion. Butj ■ . . development of a I 

™ c senior p OS iUo DS in corpora-: oBce blUWLng above ^ i«*« '^VnT.f.n.lo. SaLw- «b ’ TTSAS in «*• *•■» 

SZc“ d WJr* t .Wr;^ d S “ i « nn. 

sums — s;-- % ™ 

?n C Parliament tudaj property development through- posed on individual landmarks ’ p ffearfs^MSremtncnr In a concerned know v 

ln „~r en[ S?' incindin,;^™^ ^ I .ftT'gS&SW «u, in a prob. 


^ n *<S U n^v 0 iw«rrSSftri« an* rheiri sion is lnat il endorses thy rights The dissenting rail 

{ES'uf local authorities to designate that the constituti 


constitution require 


ij«rn urhich mem- uncertainty ot me law citizens wno w« 
L“ b ^r' U „ n,> f h “ W1 'vP.'‘ h ^.lnnn fear of costly legal ch.l- benefit fro,,, ,t. 


corporations 


involved with, but also how many 
snares they hold and how 
wealthy they are. 


Menses are said to have inhibited 


many municipalities from iry- 
ina to preserve commercial 


• nun inuuudie jjihh -r - — — — , -r - , ,, .. ■ .. nc;^ici,>r nr lircat oriiaiu onauv; 

ighi: "There is no leader o£ Tribute to Hubert Huraporev The Callaghan Governments Min sltr -oi urcat N hera lre . 
nothcr country io whom the Dinner at New York’s Waldorf close ties with the Carter Admim- o . . surprise, 

resident turns mo.-e frequently Astoria Hotel where 500 people station wore established by the land evokM lira urp^s> 
id trusts more completely than had paid 3250 a plate. The funds British embassy under Sir Peter 

rime Minister Caliaghan. He is are earmarked for the Hubert H. Ramsbotham, the Previous as mailw ot c £ ab6ur 

source continuously of wise Humphrey. Institute of Public ambassador, even b efaraMr. s iu& tS war <o 

rul principled aduee.” Affairs which is being established Larter moved mt0 rl^+he worthless and 


w-u . > prrtoerties. -\>w \nrl: the preservation oi 

The legislation was p M. j renn Central Transportation which is legally protected. A 

& u rf-if. ars *h wtnitEr ! Company, which owns the 67- year after the de^anatinn. 60 per j 

Trudeau | vear-old Grand Central terminal, cent of the air rights above the; 



Mr. -Watteac Mondaie 


during the 1974 election. 


{hc m -a puiuber of SriM S | rUlClgU UOU1VS lUtt li WU tUUU VW *** 

which prominent members of the j a t . r0 p 0Sed skyscraper, on the company. United Grand Proper - 1 

i „mTi;nf e nf a i!f.«rA-'f is rounds that it would represent ties, which subsequently sold out! BY STEWART FLEMING IN NEW YORK 

involved in conmet ot tmere?! ., Qd unconstitutional seizure of ils interest at a loss of 11.7m. 

situauons have stirred up prate t, [FOREIGN BANKS operating in "mark up” on the proposed act legislation is needed. Mr. Miller making httle, if 

combined opposition, 1^ t , s are once asa j n facing to determine lhe final shape of touched on some of them when evidence that backs up the 

p Mr Trudeau finally bowed to' n j • v « £* Lj_ , 9 : the prospect that Congress will the legislation. If the process in bis testimony be remarked: ^fL^v^cStStleiiS? 

itr. l ruaeau nnauv oowea to a ' ^ ■»-*«« www a-v rvv-iai «r* i.„.„ ,oiii fnroipn rnoc cmnnrhlv iHp Sonatf nawfs *■ Thu urrmth in the number 2nd led the way in cutuifK icnuaio 


Foreign banks face fresh controls in U.S, 


BY STEWART FLEMING IN NEW; YORK 


-■«, -a a j •Li » : thc prospect titat Congress will the legislation. If the process in bis testimony he remarked: 

9 mumnidirv CF??' V , pa^ new laws which will, foreign goes smoothly, the Senate passes "The growth in the number and 

Vr JUI1I.HU U.1. E / Jr i v i9B,dAV hankers believe, unfairly restrict the legislation and it does not size of foreign 'banking opera- 

w ’ rtiFTov tf.r. mu^v. frftin -A-wit has tions thpir pver increasing im- 


from the combined opposition, — 

parties. 1 

Mr. Trudeau finally bowed to! Jii*- 

the pressure and agreed to bring! L, OIHIHO UllV Cill£^ 
forward a conrttct of interest Bill; •/ 

to meet the complaints. It was; DAVID LA5CELLES N 

introduced by Mr. Alan. 

MacEachen, Deputy Prime jjjR. DAVID GARTNER, vice- said today 
Minister. 'chairman of the Commodity not intend 

“The rules will provide pretty: F { Trading rommission v - as f,n L v 

clear guidelines ot Members and , ] / 3dm? ^mmisswa ^ , :on ' ni 
assurance to the publii: that con-; tCt Ic». who is embroiled 10 a na tion of 3 
flict of interest is dealt with"! controversy over some shares there has 
said Mr. MauEachen. [given 10 hia children by a large for the *7 


NEW YORK. June 27. 


bankers believe, unfairly restrict the legislation and it does not size of foreign 'banking opera- rau? s - - . ■ 

their operations. differ too much from wsat has tions. their ever increasing im- But , * ■ 

Even three months ago. as the already come out of the House porfance to the s^w of the ® 2^4* 


r atV. I I, r. • U * liT'. ico Iiimiued to the new legislation If not. then foreign banking He pointed out that at the end ptictry ot 

K^bcen^ n, vfd^ n nuhlici^ ' ^ ^ chi^icv ut becoming iegisiation cOuid well be shelved of 1973 when the Fed developed systems at the national level 

S 7 J .000 worth of Rh:.n*« • ,!,w - Congress, thev said, had too : : — — — 

pl i9T5 fo a r n a h,s is7r hll f™i:’, '“Buc'^en c!Tmo" 1 .-nJ > "Snounce- The recent flurry of foreign acquisitions in U.S. flanks is one of the main 

lanieis-Midiand company, mom of a series of proposed reasons why Congress is now in a hurry to pass new foreign DanKing 

if the publicity is t!u» ;it f»rei;n acquisitions of major U.S. IppicIaHnn 

t nr. f-mi m-.t i.nii. ih.. hunk* ivith aaureeate assets of IcglaldUUU- 


sible all the time, or practical. in ittee tomorrow. Senate and the House of Rcpru- :, h!iu»t -■'201m. Among them is — — - ■■ - • “ .. 

A coo/lk-c of interest is being} Hmvever. a spokesman for the sent a lives have been d+buitnu ‘ l1 ‘ m <lcaJ under which Honykung for sev eral years since the House legislative proposals tbere-were through the Federal Reserve, uie 

defined as a situation in which j CFTC. which is the government Ivgislalinn to exteud the lire of and Shanghai Bank i.s seeking a w m p robab i v be reluctant to 60 foreign banks with offices in Comptroller and the FDIC and 

a parliamentarian has personal [ a ., encv responsible for policing the CFTC. whose mandate is due coni rolling interv-t in Marine deVQle ev en'morc time to the the UK. holding aggregate locally through state supervisors, 

financial interests sufficient toj^ commodity futures business, to expire in September. Midland Banks, the 13th largest j 55ue assets of S37bn. By April of this foreign hanking offices come 

influence or appear to influence 1 U.5. commercial bank. '1 corat» ■.»«!«« at year, the figure had risen to under state supervision alone for 

bis public duties and responsi-j The deal gave uew impetus to i-«t InriiSied that there is a 122 banki with assets ot'^SOhn. the most part. Thus Mr. Miller 

bilities.lt is also a situation, said* T T c . . _ , . Hu- proposed act. Tn* legislation nnSkJSSS ' SSrpaf in Thte eom Pares with assets of remarked: “It is incongrnous 

Mr. MacEachen. where a parl.o-j U.Jj. SCIClltlflC IT11SS10U tO Chlfia clc-..redthe House uf Re presents- ? b j k ,ub?ecl P Mr G William arou ° d S600b ° < ia Marclx 19781 that institutions sueh as these 

mentarian uses or passes on to Uv ..,- W nh an nv-rwlielmine ^ i. for large banks that report can operate on such a scale in 

someone else confidential in for- 1 BY JUREK MARTIN WASHINGTON. June 27. ; maj'unty once crucial ammend- i e Lr% r e Board aoneared weekJ - v 10 ^ Fed - The weekly this country without being 

million whii'D could be used forj 1 — J ..ri n ,., “C aera| rve.er\e xsoara, appearea wnnrI { nff hsntc sm tho -main c <,h{ A »» fn Fmlanl P*»t»r»lafrnrr n F 

financial gain. I THE U.S. is to send a delegation seen here as 

This action would be pro-i of prominent scientists to China manifestations 


U.S. scientific mission to China 


BY JUREK MARTIN 


WASHINGTON. June 27. 


hibtied under the proposed law. early next month, the While ine its "China card"— a policy; . ‘ * more than four jews), and so 

which received first reading but Hou^e announced today. which induced lhe eniical wrath- week, a ..ue iijnKin P Mr. John Htemann, the .... , , .. .. , . , 

wilt now die on the Order Uaper The mission, which will be of Mr. Leonid Brezhnev, the subcommii tec once again held Comptroller of the Currency, and H st * te ? The lack on the national ievfil 

because the House of Commons headed by President Carter's Soviet President, in a speech at hearings on the proposed foreign .Mr. George LcMaistre. the Chair- of supervision and regulation for 

is due to recess for the summer science adviser. Dr. Frank Press, the weekend. : banking la***- H ** « 5 thc fb ' fd man of Lhe Federal Deposit The foreign banks asseta »e£on- wbat are essentially the foreign 

on Juno 30. The Bill will have, constitutes a U.S. initiative tu The Administration has indi- ! l,lrte since iHioth.it congress has insurance Cucporation (FDIC). cen t rated m New YorlwUucaoO oE international 


on Juno 30. The Bill will have. I constitutes a U.S. initiative tu The Administration has indi- ! l ,lrte * ince . 19,8 J h ;“ '-hmirtss has insurance Corporation (FDIC). ce h tr * le v d , m - ew K ' 0r *fc < ^ l jSs 0 offices of giant international 
to be reintroduced at the next improve the level of technology rated recently that it is wuh- ! considered such k'.islation and representatives of the Instifuie and California v 'j e ^ e v, n >.„ Qnp gi u = of' concern ' 

session in October. cal exchange.? between the two drawing if 5 previous ban ..n the ! h '-’ ctH ' t,nd " rac * h .i! ,),e Ho V se or Ffrreign Bankers, the British considerable market influent*, banks is one source of concern.. 

1 . 0 countries. sale of certain sophisticated tech- ' has aPI'ruved .it. Tne quesuon Bankers Association, and the In New York and California * ot only 15 11 felt “ at fitate 

U.S. COMPANY NEwS Dr. Zbigniew Brzezinski. the nology (including computers! i,i'5"*’„ is whether the senate will Banking Federation of the EEC they account for around one- regulators do not have the 

<ttrn 'fnnrth U.S. National Security Adviser. China. The Administration has ) finally act. also appeared. ihJrd of total commercial' and expertise effectively to monitor 

AiwiJ T« TvUnL *■ ■ \ • ’ discussed broader scientific and also said that it will no longer; The answer may become Apart from the recent flurry industrial loans: Their portfolios the operations (with one or two 

Aineria i*as ■Tank une raises technical co-operation during object to Chinese purchases or ; clearer by Hie end of July. On of foreign acquisitions there is have been growing rapidly at a exceptions.- such as the New 

stake in Husky Oil; Setback in talks in Peking last month defensive military equipment the ifiili or the month the Senate a variety of reasons why the time when, in New York - in York State banking authorities), 
gaming stocks— page 31 The dispatch of the mission Is from Western Europe. > Banking Committee will hold a U.S. feels new foreign hanking particular, local hanks have been It'is also argued that the state* 


[have little interest in: lhe taslf 
since the foreign bank offices 
not for the "moat part take retail 
deposits from the general, public* 
The main exceptions are- .the 
foreign bank subsidiaries ■‘Jfa 
California, and Ne,w Yodt*Wi; 
increasingly some bank branches 
that attract deposits froni : ilBciJ 
ethnic groups such' «S| v '4Si6'- 
Chinese, Irish or Jews; 'C" 

Thus - the legisiqtibn now 
be Core Congress' has two .YiLain. 
objectives: to bring the fprel^i 
banks under " some forth L of 
federal regulation ' And . super- 
vision: and to develop a for eign 
banking law -which, will giye 
foreign hanks national' treat- 
ment — that ‘is .make, than • 
subject to the .same disciplines' 
and give them flimlar privSeg^i - 
to U.S. banks. , "J v ,“ 

But .the question Of 
branching is one of the inasLew-L 
troverslal issues in the proposed ^ 
act The Federal ; Keserve .ind.' 
the Carter adminiatratlqn;is:caH-o 
ing for an end to siihh privilege* 
whereas the states want them* 10 
be retained. • • •. •'•f.v 

So far the states' have ' wifi. • 
They have argued that if for^spar 
banks are not allowed to. brana£ J 
across state lines they will xxt 1 - 
centrate alinOst " exclusively V-tit : 
money centres such as Uew Ymfcii 
Chicago and Catiforhia. Th^e-v 
fore, they say, other states' ifpl 
not benefit from The presence^/ 
foreign banks which nan attract : 
and stimulate . international: 
business. . The Federal Dfepbat : 
Insurance Corporation iff 
the states' position and:tH*%». 
as proposed wilL allow int mflffi 
branching to continne. 


IsVstWC' ' S:' 





House hunting is always a 
headache, but the Greater 
London Council has a bigger job 
than most. Its Housing Scheme 
involves allocating council 
houses and flats as fairly as pos- 
sible amongst thousands ot 
people who need homes lugently. 
People like teachers or transport 
workers, essential to the capital, 
as well as others whose growing 
families, illness, change of work 
or adaptation problems oblige 
them to move. The council 
currently receives about 1500 
requests a week for urgent accom- 
modation.^ 

The fact that the council 
can cope, is largely due to an 
IBM computer system, installed 
in 1974. Housed at the GLC s s 
headquarters in Central London, 
the computer is connected by 
Post Ofoce lines to terminals in 
8 district offices. Into the com- 
puter are fed details and personal 
needs of families seeking re- 
location. This data is stored by 
the computer, and updated 
regularly. Based on me GLC’s 
allocation policy and each 
family’s situation, the computer 
helps establish a priority order It 
then searches through its data 011 
all the ^houses and flats available, 
matching families* requirements 
to property characteristics in 
accordance with the priority 
scheme. The computer even 
helps communicate the solution 
to the applicant. It automatically 


prints out a letter inviting the 
family to visit the suggested 
location. Following tins, it keeps 
track of whether or not the 


be matched again. 

Sometimes two families 
seeking help are ideal for each 
others' houses. The computer is 
also programmed to recognise 
this, and print letters making the 
suggestion for a mutual exchange. 

The GLC says the number 


Council 

of allocations they can deal with 
has doubled thanks to this 
system. And since the computer 
provides a more scientific 
matching process, there is now a 
higher acceptance rate of the 
allocations made. 

Plans are in hand to extend 
tile system for lettings enquiries 
to ten more districts. And just 
recently, the system won the 
British Computer Society’s 
award for the UK system of the 
“Greatest benefitto Society”. 



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in Europe 


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is 90^)00 Europeans. 

There a re over 90.000 IBM with, local umversiti es), 14 manu- 
employees in Europe. They work lacturing plants, 26 support 
at 7 research and development centres, over 150 computer cen- 

laboratories, / scientitic centres tres and over 300 sales locations, 

(which are usually associated throughout Europe. 


Antwerp is one of the 
busiest ports m Europe. When 

the Antwerp council' acquired an 
IBM computer, the port became 
one of the system’s main areas r 
of activity. 

The computer is used for 
the entire port administration. 
This induaes the control of 18 
warehouses containing equip- 
ment and spare parts needed to 
keep the port in operation The 
computer produces invoices for 

iBMemployees benefit 
from our fullymployment prac- . 
tice: when skill or work load- 
requirements change, employees 
are retrained so they can move 
to different sectors of our busi- 
ness. All IBM employees in ! 
Europe are salaried... and all share ! 
excellent benefits plans. This 
advertisement, “IBM Reports” is 
designed to help you better 
understand how the products . • 
and services these employees 
produce are used in the United 
Kingdom and throu^iputEurope. 


* all port services, such as the tSe 5 ' 
of tugs and .cranes, apd the 
renting of space in the^ware- 
houses. It alsocheckson aHitt"- 7 

anapli^loadiri^^c^^^ih^ 

, - . ; Bady on c&y ^ land, the same 
system is helping to 'keehfhe 


calculates the salanesytaxes arid' 

. pensions : of all 

abbut!2,50Qpeo|^e.'-It cqtr^rit^ 
thepiivatepe 
. ^OOu others a 


sany. census, 
tion of 


their changes 
teeps track 


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council’s boofckeepmg. Itfssues- 
aridharidles;all adhtibistiatiotift • 







: : .W&fresflay June 28 1&78 


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Record Japanese surplus I z .™ b ). an 


NIGER’S URANIUM RESERVES 




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. gjr-Jfte n Jflja zf ‘ June 11. 
"m^fy&SKSISTS- In South 
r^meri today -set out to eon- 

- >oKoate their victory in wake 
of .the. overthrow and execu- 
tion yesterday of President 

i *_ Salem Rubai All, the conflict 
J beingseen as an outright 
< P&wer struggle rather' than the 
t-diimgreement over policy which 
j .flie. 'victois were trying to 
' ^.‘present it as^ 
i They said Mr. Rubai AlJ, who 
l ytqs. -executed >fiy a firing squad 
T- last night along with two of his 
£ . comrades,' wanted- to coo- 
deutrate power into Mils own 
- hands by depending on. support 
f£frqni loyal -elements in the 
cjhnied' f orces, and by lessening 
pftei4“flMnceof the leadership 
' ?5ttF the rulln g -National Libera- 
tion Front (NLF). 

Mr. Ali Nasser Mohammed, 
the Prime Minister, was named 
as the new President. He is a 
dose associate of Mr, Abdel 
Fattah Ismail, the secretary 
general of the NLF and its 
Marxist-Lenlnist ideologue. 

A leftist newspaper here, A1 
Saflr. quoted diplomatic 
v ; sources as saying Oat the NLF 
*■ leadership had discovered that 
!■ Mr. Rubai Ali was in. secret 

- contact with tbeSandls through 

* a number of his aides. When i 
-* he was confronted with the 

evidence, he dismissed the 
exchange as Insignificant, the j 
newspaper said. 

? Diplomatic sources reported i 
that there was sporadic shoot- | 
Ing in Aden today as the 
“Peoples Militias” of Mr. 

; Ismail carried out mopping-up 
operations against the 
followers of the ousted 
r president. 

They added that the Presi- 
dential palace received direct 
.hit in attacks by fighter planes, 
casualties were believed to be 
; high, but no figures have been 
' reported. 

The sources said that the 

* Defence Minister, LtrCoL Ali 
An tar, hitherto considered 

?• r loyal to the late President, had 
fc ■ tipped the scales in favour of 
- -the NLF leadership when he 
4* carried out its orders to crush 

* the coup attempt by Jtahai Ali 
and his supporters. 

■ Roger Matthews reports from 
Cairo: Preparations are going 
'■ ahead for a meeting of Arab 
.. League Foreign. Ministers in 
... Cairo next Saturday to discuss 
the latest events in North and 
South Yemen. The meeting 
was .called for yesterday by 
•, '• North Yemen, following the 
assassination of its President in 
San ana. 

, However, -it is not yet clear 
.. how many of the 22 members of 
■a - - the Arab League will accept 
4 the invitation. 


SY ROBERT WOOD f 

THE Japan Economic Research 
Centre expects a recordJapanese 
current account surplus of 
S17.6bn this fiscal year, its 
economists said today.. ?: . 

The projection came in : an 18- 
month forecast which also pre- 
dicted Japan's domestic economic 
growth would slow doVa again 
later this year if the government 
follows • currently expected 
policies. 

Export price increases due to 
increases in- the yen’s value 
would account for the. whole 
increase in Japan’s surplus. The 
j projection indicated the- volume 
of Japan’s exports would decline 
1-5 per cent and the volume of 
imports would rise 5 per cent. 

The projection does not 
include any of the emergency 
accelerated imports the. 'Govern- 
ment now plans. But Mr.Masasbl 
Kato, senior researcher, at the 
centre, said it was otherwise con- 
servative. He noted the centre 
has underestimated 'Japan's 
exports and current accounts 
surpluses several times before. 

The projection indicated 
growth would be 5.2 per cent for 
the current fiscal year;- which 


ends on March 31. 1979. This is f 
significantly below the Govern* y 
mentis targeted rate of 7 per a 
cent The sluggish growth was r 
projected to continue throughout L 
the term of the forecast, which a 
extends to September 1979. 

The Japanese economy’s large . c 
“demand gap” — its lack of F 
sufficient domestic demand for \ 
all the goods the economy can 1 
supply— would persist throughout \ 
the period, given current Govern- i 
ment policies, according to the J 
Centre. However, the projection J 
is more optimistic than the 1 
Centre’s last report in December, f 
which predicted a 4.6 per cent 1 
growth rate for the fiscal year. v 

A decline in Japan’s inflation 0 
rate is said to have caused the j 
difference betwen the two pro- £ 
jection^, The decline permits 
greater optimism about real con- 6 
sumption and some other sectors, . 
but the report anticipates only j, 
slight effects from this, because - 
lower inflation helped keep wage £ 
settlements below 6 per cent in i 
ibis year’s “ spring labour „ 
tie es’ne ,* niv ETAO HRDL j 
offensive.” S; 

The centre expects consumer * 


TOKYO, June 27, 

prices will rise faster later this 
year due to higher produce prices 
and utility charges. Consumers’ 
real incomes would thus rise 
little, and consumption would 
also rise little. 

The projection is also based 
on the assumption that housing 
investment will actually decline 
in the second half, that the 
Government wx9 not cut taxes, 
and that its supplementary 
budget this year will be less than 
half the level of last year's. In 
the past projections like the 
Centre’s have often led to 
adoption of policies that have 
invalidated the assumptions on 
which the assumptions are based. 

Separately today the Ministry 
of International Trade and 
Industry (MITT) released statis- 
tics indicating that Japan’s 
domestic expansion might be 
slowing down. The seasonally 
adjusted index of manufactur- 
ing and mining output rose 0.3 
per cent in May, the second con- 
secutive small monthly increase. 
In April the index had risen 0.1 
per cent after a 2.1 per cent 
jump fin March. MITT officials 
said they expedted continued 
weakness in June and July. 


Ethiopian troops said to have 
launched Eritrean attack 


ETHIOPIAN troops have 
launched a major three-pronged 
attack on Eritrean guerrillas^ the 
Eritrean News Agency reported 
last night. The Damascus based 
agency said the new offensive 
followed the failure of Ethiopia's 
first attack last month. •; J 

The agency, run by one of the 
two main guerrilla organisations, 
the Eritrean Liberation. Front 
Revolutionary Council (ElJf-RCj. 
said the offensive was launched 
from the south, south-east and 
south-west of Eritrea. 

Heavy fighting was taking 
place between the gxierriilasand 
Ethiopian troops in the Adwa 
area, “ where the Ethiopian 
regime is massing military units 
supported by tanks for- the 
attacks,” it said. 

“Ethiopian occupation forces 
also moved from the Rashiri 
sector with -the aim of surround- 
ing guerrilla forces from the 
south-east and heavy fighting is 
now going on between the -two 
sides,” it added. Ethiopian 
planes were “ carrying out 
continuous daily raids On liber- 
ated Eritrean regions and 
towns,” the agency said. 


DAMASCUS, June 27, 

In Bonn, an ELF-RC leader It could signal a new 
said Ethiopian planes yesterday impatience with the guerrillas, i 
bombarded two towns on the who have claimed increasing; 
Adwa-Asmara road in a build up successes against Cuban and 1 
for a drive northwards. Dr. Ethiopian troops stationed in the I 
Habte Tesfamaxiam told a Press vast semi-desert area and with | 
conference that according to their moral and material backer 
information received by phone Somalia. Reuter 

today from Khartoum, the 

Ethiopian Air Force was bomb- T . T j 

ing Mandefara and Adiquala. LORD IOT Indonesia 

•KrrS i aartfifi 

Ggaden region by sending troops ? 

on search missions to remote I^n_, w Wch Woy^ Bank 


on search missions to remote 
villages, according to reports on 


International has made available 


mnnitnrart ^ the department of Finance of 
AWisAbaba radio monitored in i a a musi j' tD help finance a 310m 

ivairooj . contract awarded by the Depart- 

wrp ment o£ Education and Culture to 

Units Of the People S Militia were pu,r; n tr., rr ,- c fTntAmatinnnli 
sent to villages within 

- d J Jif ° f l ri Jl « f laboratory equipment for the 
of J psa on the northern edge of physics bioIogy and civil and 

the Ogaden to search for what it £ echar ; ical engineering faculties I 
called Somali bandits 0 f 10 Indonesian universities. 

The report was the first 1 

official mention of military action 

BS? ffinSTSS. “Z Mitsubishi cars 

country's Marxist military' leader Mitsubishi is to export its cars 
Lt.-Col. Mengistu Haile Mariam to France at the end of this year, 
toured the Ogaden after the end Reuter reports from Paris. They 
of the eight-mouth' conventional will be distributed by the Porsche , 
war against Somali forces. subsidiary Sonauto 


the Invitation. | towns,” the agency said. war against Somali forces. subsidiary 

Swedish nursery 


aid talks 
attended 
by Saudis 

fiy David White 
7 PARIS, June 27. 

A MEETING on emergency 
aid for Zambia began here 
today with the unusual pre- 
sence of Saadi Arabia along- 
side a dozen other donor 
countries. Saadi interest in 
reinforcing- the international 

aid contribution is seen as 

reflecting the Saudi Arabian 
Government’s growing concern 
with political developments in 
Africa and the spread of 
Soviet influence In the con- 
tinent 

The Saudi Arabian Fond for 
Development Is taking part In 
the consultative meeting along 

with Zambia’s traditional aid 
donors — the U3., Canada, 
Japan and eight Western 
European .countries including 
Britain — and international 
institutions. Among these is 
the IMF. which recently 
granted Zambia a two-year 
credit package of $390m. 

Yugoslavia is also par- 
ticipating In the meeting, held 
under the . auspices of the 
World Bank, with another 
interesting newcomer — 
Romania — as an observer, 

Vietnam rejects 
Cambodia claim 

HONG KONG, June 27. 
VIETNAM today dismissed as 
a ridiculous fabrication 
Cambodia’s claim last Sunday 
that it had thwarted a Viet- 
namese-organised plot to 
topple the Phnom Penh leader- 
ship. 

The Vietnam News Agency 
quoted an editorial in the 
official dally Mini Dan as say- 
ing: - Have the Kampuehean 
authorities gone crazy? Their 
fabrication is so ridiculous that 
people could not help but 
laugh openly.” 

The Phnom Penh Radio 
report, quoting an Information 
Ministry spokesman, said the 
alleged plot was foiled last 
month. It named six Viet- 
namese accused of organising 
frequent secret meetings in 
Eastern Cambodia. Renter 

Iranian oil 
output up 

TEHRAN, Juue 27. 
Iranian oil production rose 
7 per cent in the month ended 
May 20, the National Ir anian 
OK Corporation said today. 

Production between April 21 
and May '20 totalled 5.91m 
barrels a day compared with 
5.51m in the previous month, 
an NIOC spokesman said. 
Reuter 


The key to an improv 
economic future 

Br A SPECIAL CORRESPONDENT, RECENTLY IN NIAMEY 



THE LANDLOCKED Republic of 
Niger ranks among the world's 25 
poorest countries in a recent 
United Nations survey. Its already 
weak economy was probably the 
hardest hit of ail the African 
nations by the Sahel drought of 
the early 1970s This gloomy 
picture is gradually starting to 
be altered by growing uranium 
production and the prospect of 
the continued high prices for 
this strategic metal. 

Niger’s commercially viable 
uranium reserves, generally esti- 
mated at over 100.000 tonnes, are 
found in the remote moun- 
tainous Air region in the north. 
The -open-east Arlit mining site 
was developed by and for the 
French Atomic Energy Agency, 
through a multinational corpora- 
tion called Somair. with German 
and Italian capital. Since mining 
began in 1971. production 
increased from 410 tonnes to a 
record 1,800 tonnes last year. 
Niger currently occupies the 
fifth spot among uranium 
exporters with approximately 
5 per cent of total world output 

Jn 1975, the military regime 
headed by Col. Seyni Kountche, 
achieved a revision of the 1961 
co-operation agreement which 
permitted France unilaterally to 
set the price it would pay for 
uranium. Long drawn out negotia- 
tions led to an agreement under 
which Niger's share in Somair's 
equity rose from 17 to 33 per 
cent Now the Government in 
Niamey sets taxes and prices. The 
quintupling of the price of 
uranium since the energy crisis 
in 1974 and increased output has 
caused Niger's earning to rise 16- 
fold to 16bn CFA francs (about 
£3Sm) in 1977. This covers 40 
per cent of the current national 
budget 

Plans are going ahead for the 
opening, in 1978, of a second 
mine at Akouta. Jointly owned by 
the state (31 per cent) and 
French, Japanese, -and Spanish 
interests, the Cominak mine is 
to produce 2,000 tonnes by 1980. 
The Government’s uranium plan 
foresees another doubling of total 
production by 19S2 to around 
S,000 tonnes when Niger should 
be black Africa's top producer 
and the second or third largest 
exporter in the world. Talks are 
currently progressing for the con- 
stitution of £ third company to 
open up another mine in the 
Arlit region at Imouradan. 

Senior government officials are 
a bit wary of excessively 
rapid development of this sector 
for fear of killing “the goose 
that laid the gold egg.” 


The minister of mines, M. 
Arouma Mounkeila, has let it 

be known that the Government 
intends to go cautiously in order 
to husband reserves. This 
attitude is also reflected in the 
use of uramum revenues. 
Instead of rushing into prestige 
projects and expanded expen- 
ditures like other mineral-rich 
African countries, Niger 
channels almost all uranium 
receipts into a special national 
investment fund. 

A key problem hampering 
uranium operations is the lack 

l0 MILES SCO •. 


ALGERIA r ; L l BTA 


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NIGER J « 

.^v" NIAMEY r 

UPPEBY* y-~V n 

VDLTA^VN b 

.-..or x:, 

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^COTONOU 


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of transport facilities. The min- 
ing centre is over 1,200 miles 
from the port of Cotonou, in 
Benin, where the uranium con- 
centrate is loaded for Europe. 
During the rainy season the 350 
specially designed 25-tonne 
lorries have great difficult:/ In 
covering the Agadez-Tahoua 
stretch. In order to assure 
steady year round deliveries, a 
400-mile tarmac " uranium 
road ” is being built from Arlit 
to the capital. It will be financed 
by foreign companies through a 
special export tax on uranium. 

Niger's uranium resources not 
only save it from a dismal 
economic future, but also 
greatly add to its strategic 
importance for the West, and 
especially France. Given the 
decision of the French Govern- 
ment to embark on a big pro- 
gramme of nuclear energy, it is 
not surprising that the French 
are particularly sensitive to any 
political change in its former 
colonies (Chad and Gabon as 
well as Niger) where uranium is 
present French military 
strategists are worried about the 


possibility of “destabilisation" 
in Niger. 

This concern was echoed by 
the foreign minister, M Louis de 
Guirangaud, at a meeting of the 
French Foreign Nuclear Policy 
Committee in December. In a 
confidential report be stressed 
the “important risks" of a 
possible breakdown of supplies 
from Niger, France’s largest 
supplier. France, he said, "could 
lose FFrlOm (about £1.2m.) i£ 
mining tin Niger) were to stop 
for only three days." He went 
on to add that “ the purchase of 
substitutes from other markets 
would mean payment in foreign 
currency rather than francs. 1 ' 

President Koimtclie seems to 
be aware of both the precarious 
position which dependency on 
uranium exports puts the 
counrry and the dangers it faces 
on a continent increasingly 
beset by great power rivalry. At 
the recent Franco-African Sum- 
mit Conference in Paris, be was 
one of the heads of state roost 
criticial of the proposed pan- 
African intervention force. 

Niger maintains excellent 
relations with all its neighbours 
and has played a leading role 
in attempting to negotiate a 
settlement in Chad. A minor 
territorial dispute with Libya is 
now being resolved. 

The slate-owned mining com- 
pany. Onarex wants tu find new 
clients for its uranium. Last 
year, for instance. 175-tonnes 
was flown to Manchester airport 
for British Nuclear Fuels, Ltd. 
It is believed that Britain may- 
be developing its “Niger con- 
nection ” in coming years. 

To avoid putting all its eggs 
in one basket Niger is also 
trying to exploit other mineral 
resources. A coal mine at 
Anou-Anem, whose reserves are 
pegged at 5ui tonnes, should 
enter into production in 1982. 
The production is earmarked to 
supply energy for the uranium 
mines thus reducing oil imports. 
Another mining venture on the 
agenda is the opening up of a 
phosphate deposit, put at 250m 
tonnes, near the southern 
border with Benin and Upper 
Volta. 

Hopes of discovering exploit- 
able oil also exist. Texaco has 
found oil at Madama-Termit 
about 300-kilometres north of 
Lake Chad. Other oil companies 
including the French Elf-Ernp, 
are perservering with explora- 
tion. The results are still 
unreported, but economic plan- 
ners in Niamey have finally 
begun to smile. 


•'v ' ’• ^ ■■ 





IBM Reports, t 




more time for children. 


T 


Since the nursery staff of 
the municipality ofTaby have 
been relieved of most of their ad- 
ministrative work, they have more 
time to spend with, the children. 


. The change came about 
becauseTaby municipality asked 
IBM to help improve their 
administrative routines. Nowthe 
IBM Datacentre deals with the 


; **>*^*«' *i 

? • i 





MS 





calculating of fees, the billing and 
record keeping; Practically the 
only administrative work left for 
the nursery staff is to fill out and 
send in a simple attendance 
record. 

Everyone seems to be 
content with the new system. 
Parents pay to the municipality 
through the post; so their rela- 
tionship with nursery staff is 
happily fiee of money problems. 
The staff themselves say they are 
more relaxed and have more 
time forthe children, who in ' 
their turn get more and better 
care. The system also gives the . 
municipality a dearer picture of 
expenses and attendance at the 
nurseries. 

In other words; grown-ups 
and children alike benefit from 
having a computer system take- 
care or as much aspossible of 
the nursery adminmation. 



IBM UK and the future, 



Luxembourg’s water 
problem cleaned up. 

A new computerized water the treatment stations, the five 
resource system in Luxembourg treatment phases, pumping to the 


IBM UK is growing. And 
so are its headquarters. Opened 
in 1976 at North Harbour; 
Portsmouth, these occupy a 125- 
acre site on land reclaimed from 
the sea by IBM as a majorpait 
of the Portsmouth Harbour 
reclamation scheme. Already a 
second major office building is 
planned which will double the 
space available. 

North Harbour is just one 
example of IBM’s rapidly raid- 
ing investment in BntaimTnere '■ 
have been large extensions to 


14,000 people, nearly all of whom 
are British. Their activities have 
introduced new technology and 
associated skills into the United 
Kingdom. Among the 48 loca- 
tions they work at is the largest 


helped significantly in 1976*5 

severe s umm er drought The 

system was able to help plan a 
_L:i r oo non ^3 


Sure dam instead of Luxem- 
bourg’s traditional underground 
source. This allowed the region 
to cope with the extra demands 
the wells couldn’t meet 


receiving reservoir, and distribu- 
tion of the water; which provides 
over half of Luxembourg's daily 
needsjlt also has built-in alarms 
to control reservoir levels and 
water quality. It keeps day to day 
data on consumption in different 
areas and produces graphs to 
illustrate these. 

Luxembourg’s Water Re- 


The IBM computer controls sources Management say the 
water feeding from the dam to system means that they can now 

. answer the differing demands of 
evejy area with water of consis- 
tently high quality. 


development laboratory at 
Hursley, near Winchester: The 
first phase of a new marketing 
centre at Warwick has been 
completed, and the second phase 
is well under way. Work has 
begun on extensions to the 
manufacturing plant at Havant 
in Hampshire. And a technical 
centre is under development at ' 
Greenford Green in west 
London. 

Since 195% TBMVmtei 
Kingdom has grown from one 
office with less than 100 em- 
ployees, to an employer of over 


In 1977, IBM UK’s tax pro- 
vision was 53 million pounds. 
Profit -after tax was 57 million 
pounds, and capital investment 
was 89 million pounds. 

IBM is working in the 
United Kingdom to provide data 
processing systems, office equip- 
ment and related services which 
offer commerce, industry aid 
government new, more effective 
ways to increase their produc- 
tivity. 








FuianaaT -nines Wednesday 28 



FRADE NEWS 




VFW makes firm Eximbank approval Sharp rise in cargo traffic 
er to Japan’s TDA f° r S240m handled by Chinese ports 


BY CHARLES SMITH TOKYO, June 27. 

FiiKKER-VFW fee Dutch-West BAG One-Eleven in terms of seat British Aerospace submitted a 
Herman aircraft manufacturer kilometre cost The development firm offer for the 61O version of 
which * competing -nth British of the Mark 6600 from Four’s fee BAC One • £ 


likely for $240m 
loan to Algeria 


BY COJJNA MatDOUGALL 

CHINA'S SEAPORTS b»irfM qiista ttaUt ffttarcfiSE.r 


CHINA j afiATUJ'^‘5 Uflouicu nun lbs hfin" Goanese 

i 50 p " ■ AffftitH vo ‘Snrtf’to^S*' the same standard 


WASHINGTON, June 27. ™ Wf of = ^ 

Sonatrach obtained «*ier in the . same Permd o i Wl anfintand watotran^ ' £2* fraction •• 


sonarmen onrainea valuer ^ • - • . , *»a « fraction of 

credits from the Eximbank to There was a marked increase in. Muc b still remains to be done modernisation are : a irajuuu « 
help finance its first LNG pro- the volume of eoaL ore, iron and fei this field* ■- however, . and. the tovesto^t reqrarea ro “tu 


i/DtllvSiiL .A I l it din, iyviH* umuk ia jmhj-' *«>o — _ ■ • , i y«A«ua uuvtil " — ■ “ 

fonnal sales offer to TDA The fuselage to accommodate ao European offers are regarded as gonatrach, Algeria's State* 
offer was presented to the presi- additional IS passengers (giving a the main contenders for an order 0WIW1 | oU ^ ^ monopoly 
dent of TDA bv the sales director total capacity of 300), Mr. Buley which may start with only three ta help finance construction of 

nf Fokkt-r-VFW International, Mr. said. to five aircraft but is expected to a liquefied natural gas plant. 

A. R. Buley. He declined to reveal how reach at least 12 aircraft and Eximbank has advised 

Its terms', including price and ma0 y Mark 6600s Fokker would possibly as many as -0. Congressional leaders feat 

the number of aircraft covered, } 13ve t 0 build for the new version A proposal put forward last this project at Arzew wiU be 

are being kept secret. Mr. Buley ‘ aircraft to be a viable pro- week by McDonnell Douglas for Sonalrach's second plant to 
did sav. however, feat tlie com- 01 l . . „ W i'Jr”® * ° the development of a revised ver- liquefy natural gas from the 

pa ay was guaranteeing a fixed position. However, Fokker had s j 0D 0 f tb e DC9 carrying 126 huge Hassi R’njel gas fields for 
price to be paid on delivery of undertaken to launch the project passengers is regarded as being export to various countries, 
the first aircraft in 1981. He also with an order for fewer aircraft wide of the mark because the air- Total cost of the LNG plant 
claimed that the Fokker F-2S than TDA was ultimately ex- craft would be too large for W |H be about Sl.Tbn. 

Mark 6600. the version developed pected ro need. TDA's estimated needs and would The U.S. export credit 

ro meet TDA's needs, was 19 per Flicker's formal offer to TDA also probably take too long to agency said that it will require 

cent cheaper to operate than the comes more than six months after develop. about $360m in U.S. equipment 


help finance its first ENG pro- the volume of coal, ore, iron and; fei this Mdf.- however, and. the **««“*“■ 5r mSSu A t the J 
cessing plant at Arzew. That ^eel, and ott handled/ fee New Peking's plwj- f»;-topo « lf»e a ^Sin SoatH" - 

SA News rep ; ri3 offi :-. SJ? £3iSr '£■" 

now nearing completion and In the absence . of <«cial. Shanghai is stfll about 1^ to 20 already being in«^ea ««u 

Will be a maior xas supplier figures, this is some guide to the years bebind Western develop- plenty of space has been left for $ 


to fee ILS. market. raw at «uwu .«■**»« mem » wi^«rui«itu.ins. i : ■ tu U"- , i '‘'TZlTrzz . '«,»*= iaw «w 

Mr. Moore said the arrange- trade is growing. While the: Two Chinese delegations, one So far Chine^-ports rave iew 


rate at * which China's foreign ment in cargo-handiing. .; 


future constxuctioru 


liquefy natural gas from the 
hoge Hassi R’njel gas fields for 
export to various countries. 
Total cost of the LNG plant 
will be about Sl.Tbn. 

The U.S. export credit 


Mr. Moore said me arrange- eraae « s'^s- two umrew uwc^uuua, uud r~" -nVitorfriw-a. 

men is have not been com- volume of trade in the first half a group from the important facilities for handling container^ 
Srtedfw theSeofSsfrom of last year was ^^Iow ^n led , by Ku Wng; ^ ^ .. 

the second LNG processing because of the polmcal - troubles tainese vice-minister, ot traffic. The. Chinese mj^aoasw., 
center but this gas also may which followed Chairman Mao's sfruction. recently , visited the Britain showed 
be exported to ihTu^. or to death, the current Stitt British Transport Docks Boards tnterest_ji^mobtte :gj 


Western European markets or represents an impressive" rise;. ,: ports 0 f Hull and Imttingham the - transporter crane^Ma . 
a- :j ~c ,h.Hv British- success in straddle carriers m ■ use-ai.tnc 


to both, 

Algeria, Mr. Moore said 


The rapid expansion of cargo- to 


KLM-Iraq airline deal s?SsrJS s, s ! Si 

^ -L-5 J£~L* 


BY CHARLES BATCHELOR 


.AMSTERDAM. June 27. 


Mr. Buley stressed today that and engineering sen ices to be 
e F2S is a “European aircraft” provided mainly by the 
tli a targe British component. Pullman Kellogg division of 
ie wings are built by Short Pullman of Houston Texas 
'others and the aircraft is and by Air Prod acts and 
luipped with RoilSrRoyce Chemicals of Allentown, 


about $3 60m in U.5. equipment 41 already has sufficient sales 
and engineering sen ices to be contracts” to use the output 
provided mainly by the of both of the processing 
Pullman Kellogg division of facilities. 

Pullman of Houston Texas In addition to the S240m 
and by Air Products and direct Eximbank loan the 
Chemicals of Allentown, agency said Sonatrach would 
Pennsylvania. cover about 15 per cent of the 


o^afeo^nd 4 ^ i =5tt~ar'a2ffTf 

rather than the Introduction, ot director of . the BTDB, ,teho cranes ^from Britain in the 
new equipment. The '. .NiCNA yiited China last January, esti- early 1970s.. ....... ... . 


Hull container terminal. ,QHua 


KLM s computer-controlled auto- - — - - — -—7-- — - , n c ( y,„ jeer 10 review ny me ouuae 

matic reservations system. ordered two flight simulators, for niet senior officers of the Senate banking committees 

„ . , Douglas DC-lOs and Boeing 747s Japanese ground defence forces aeoaie naiuung conumiieea 

The system known as cORDA {rnm CaQadian Aviation Elec- to try to interest them in buying JjJjJ* JJ* BC3Xd **“**'* 
(Computerised Reservations fCAEi of Montreal for Britain's Harrier jumpjet fighter, approval. 

Royal Dutch Airlines) will unk ^0^ ( s9 mi . A spokesman for the company 

Iraqi Airways offices in Baghdad. alreadv has one DC-19 said the nine-member sales ib-f 

Basra and Mosul as well as in aa( , tnset her with Swissair and mission would make a presents- I fl ITTI 

other Middle East countries and SA g a Boeing 747 simulator. \ion to Japanese aircraft industry C-A CUil 

Europe, with hUl s computer fiut recent orders for more r4”s leaders tomorrow. The export gY MARK WEBSTER 

t-entre in Amstelveen. south nf and ^ transfer of crews to price of a Harrier is about Y2bn 


Pennsylvania. 

The Eximbank loan at 8.5 
per cent annual interest is .sub* 


KLM also announced it has British aerospace mission roday £ t ^ reriew by the Hou» 
> In, rvi/>t fipninr ftffic-prc nf Ihe 10 review Dy me nuuse 


before its Board can give final 
approval. 


cost of U.S. equipment and 
engineering services with 
S48m in cash payments and 
would borrow another $32 m 
from private lenders. 

AP-DJ 


High level of 
Soviet debts 
‘may lead to 
imports curb’ 


EEC’s boycott evidence 

BY MAURICE SAMUEtSON . ; 1. 

ItEPRESENTATTVES OF the' kbvtover, pressiure was^grow^ 
European CommlBSloa "are ex-. Log among European: ^ MPg and 


£10m credit for Ghana 


■entre in Amstelveen. south nf 


Amsterdam, from Apnl 1. 19<»- 0fhpr aircrafr make the extra t$9.7ml he added. GHANA is to have a £ium credit bad to worse in recent years with r this was the burden of a report monetarT^m^iIttee" said chatrinaiKbip bf Lord Reddiffd- 

U will allow immediate con- equipment necessary. Its train- However, the chances of sales line to cover selected imports, increasing receipts from cocoa j to-dav by the planning and ^^ erdav .there was a Maud.. - " r. 

firmation nf re?ervatinns. hire- ine centre at Schiphol will be are thought to he low as Japan the Export Credit Guarantee sales not covering an ever-j evaiuation unit at th e oiianisa- ^ nTia desire inside the Parlia- Mr. 'Ncmnantotf, 1 .a .-"ftnanfic.-... 
car and hotel bookings. KLM considerably expanded in the has just agreed to buy the Department announced yester- growing budgetary deficit. tion for Economic Cooperation and European Commission presideiat pf tSe -British Tfeiftile. 

has alreadv signed sioiiiar agree- next few months. American F-15 fighter. day. The credit line wil! be pro- in July, 2977, the Ghanaian and Development (OECD) vhlcir fn firni EEC resistance to dig-- Etnploy.er^ ^Association^- . VeK - 

vided by the Standard Chartered authorities announced a series estimated that the Soviet Union !. r j m j 0 atorv nractices. But the edmeff the -BflV - 

Merchant Bank. It will be the 0 f measures designed to correct and its allies owe about $47bn to rouDcil of Ministers, represent- Lord Byers, despite .critidafl . of - 

■w-w- T a ® a J| JJ first significant life line of credit the budgetary imbalance, absorb international banks and western inp member governments, lacked it by-, ■ft®': Liverpool. -Gattpn. ;• 

&Q : AH rrnnp liraPtil e ^u d f dto ^\ Gban ^ n n « n i n n ^ ccss « Uq J“^ and fiet ^governments. • Se political will to issue a Exchange, .who inured ■■#obW;:. 

VV C'SS.C’All Uflally vil Cl. ilUV UIJbCU The loan will be conditional on domestic banking system more 6 ^ debts stem from imports unanimous directive. harm their, interests. 

of the repajtnent of some ti.6m of actively involved in financing the from western countries, chiefly of " .< 

. „ outstanding short term debt productive sectors of the ennhUticated manufactured : : — — : T * — " * ■■■ 

BY REGINALD DALE. European editor insured by the ECGD. Tbe terms economy. goods, which were worth nearijr i i . A tlt 4|4n • 

THE WEST should join forces for longer, more favourable to avoid tbe dangers or retiilia- trie repayment have stili to be Budget proposals for 1977-78 s2Sbn, compared with fewer than w iaf |U<IY 3SSCHID1C III AUStlW 
to meet th» problems posed by crediti from developing countries, tion. , 1TOAn ,w the sb ° wcd . 3 deficit of Cedis 520m g4bn in 197«. The Soviet Uttion, •> . . T ,:'I w v - 

low-cost imports from newly in- Today s terms would have been Western governments would ln 5v ha °^ S t o Restore ite compared to an which also imported significant BY PAUL LENDVAI . - VIENNA, June. ; 27. # 

diistria lisrd countries iNICs), Mr. unthinkable a few years ago. have to accept that in five to 10 m?ma?ional crediSorthiness or;|jnally esnmated d^cn of amounts of foodgravns. accomtod raE PRESIDENT of Fiat, Mr. from Italy. Mr. Agnelli also jand ■ 

Jacques Grcothaert, Director- Secondly. Mr. Groothaert said years they would no longer be Snl?e?°1971 and 1976 ECGD C484m (m2m> for 19*^ which fo r almost hall the total, OECD G iovanni Agnelli, today for the that the project, which is.Stffl.> 

General- at the Belgian Ministry the Western nations should able to base ‘their economies or withdrew all cover for exports ^ actua ^ I deficit statistics show. •_* W/ first time officially confirmed being rtadied, wdtiltf .inyoIye- 

of Foreign Affairs and Trade, said understand That they could no their export industries on items from Britain because of Sana’s ^triSiin tn reonen since . abou J 1970 ' mT? here that his company and Steyr- investmente of ahout ; $12to .to . - 

in London yesterday. longer ail produce everything, like steel and textiles. If the {iSrtabS deWli sen-iciDg prob- E PP, S exports ^ beeD t0 ^ p Daimler-Puch, the leading $150m. 

Mr Grooihuert who is remon- Some ^ rD j ects in the Wor]d WesI did Dor he, P Third eS d “ P credit to Ghana reflects toe pace with imports, thus eregfe^ Austrian motor concern, art The idea has - long. 

siblV for external economic were ° r sUch SC0 P e that the >' World to industrialise it would It hoped th at the new line country s effortsto improve a trade defiat with seriously negotiating about a rumoured in informed circles 

noliev in Brussels told the Bel- could r ' Dly be undertaken by joint be playing into the hands of Mos- of credit vrill be the first step f ® veTlue . collection and coun tries which reached major project Involving the after the failure of negotiation* 

SiM Chimb !? ol Commerce tiiat efforts - cow and Peking, who wanted to "wSS reSuhltaWng Ghana oS cIam P do ^ 19 S. “ dis - ndW at d b0U L ? & SSmbUbg of Lancia cits in conducted by OIAG, the hotel 

Wester n*Gov« r mnen ts^m ust put Tbe Western countries would see the capitalist system fail, he the inter^tional monev markets, corruption. 3 °7 0 ased , re ^® ip ^ The deficits have been Austria. 8 company for nationalifiecT^p^ .. 

ini to ,he m,”“t SrM »av» » «™Pt they were erwin, the new *™« “SJgS J «■» *™!fg “nan initial phaie, ttere wnnW Viti irtth 

mmn«aiiri/,n )n emorr on competitors by helping new couth Reuter adds from Geneva: credit will be used for spare e*? 0 * 1 ««y are expectea to pro and many of the loans-:. are bg annual output of 15,000 Porsdaefirm. 7. r--.- . 

<3les vt. Third World markets irie5 t° industrialise. The West World trade negotiators have parts, tyres and agricultural d “ ce ^ coming due for repaymentlh the ^roe-litre Lancia thodela.- As a result of Austriao-^^te 

Such competition was exrremelv wcm!d J ««st partially called a special meeting next Equipment illustrates the con- ^ound 45 per cent for 1977- early 1980s- „ n1ikph ,^ t Mr. AgneULwas speaking at a mtentibh to ^ up a,m oti>^^ . ; ^ 

dan-emus Js -It some point reconi ' ert lts industries to more Monday to hear the views of some cern of the lenders that the new . aW41 I* * most va3Xk etT »aX festive me€t inE here today com- try, most Western., prpd^&s v 

Sf» WP« 4" 0 bJ iei! h »plii«iated technologies and 30 developing countires which cred it should be nsed for Ghana's *;*“*£?_ P " inSatiS ^ff erx, * e ?? ; SISd memoratiog tbe 30th anniversary hastened to place ‘ttogg&SP* ' 

oointed out would have i0 d0 lt 3omt,y - f cel left out of the multi-oaitona! m nst pressing needs. unpredictable i nternationaL Wl[1 suffice to pern it contiged q[ ^ M ■. for components, in Au^^uv 

* e u ‘ Mr. Groothaert said he was trade talks. Tbe secretariat of The loan is of considerable marked and other measures growth of OECD -exports atfgast During ^jg period, some Fiat also purchased tas&^ete 

Mr. Groothaert said the in- not suggesting that the Western tbe General Agreement on Tariffs psychological importance to the have been introduced ny me rates/ said the report, pubflgwa; w pqq fiat cars were assembled components worth Sf£wfriuas 
dustrialisod countries were likely steel and textile industries and Trade (GATTi confirmed it Goveroraent of General Ignattos Loverament to raise revenue in- | a the - bi-monthly Austria lii addition to ah against exports of Scb/SOtortb ' 

to face extreme difficulties in should he dismantled overnight, had scheduled a session of its Aeheampong. The Ghanaian eluding higher ^uty _ on observer. s' S aggregate import of 300.000 units Austria. .. . * . : 

linancing their exports in view Any protective action, however, trade negotiations committee, economy has been going from cigarettes, beer, wheat and salt “Some levelling off seem 8 . ;—— _ — — . . - — T-^ T C ' 


BY MARK WEBSTER 

GHANA is to have a £10m credit bad to worse in recent years with 


***** j w European uonumssion ure ex-, mg among nmropean ••-jbjtjs- 

„,._L5 . nected to give their views about he .believes it could lead To 

imports curt) '-measures 8 & ^ counteract -fee some form.^ ^of .directive by the 

r _ : 'j Arab boycott, when % House- of GotiBeR' within -fee. -U6Xt aye 

' Lords Select Committee trans- years.' The XEe- WouJd also be 

THE SOVIET Onion and other c er _ ^ hearings to Brussels, the .strongly -.influenced' by recent 
European Communist nations. wee t after next Mr. Ttmj. AimeriimhMtlrboycottlegislatioiu. 
are so deep in debt to the ; west jj orinan ton Conservative MPfor^d by .the British Foreign Boy- 
feat they may soon have to curb cheadle and a member of the cotts Bili. being studied, by the 
imports of goods. s . wurooean Parliaments economic Lords* committee .under the. ; 

This was the burden of a report , mn nt>tarv committee said; chairmanship of Lord ReddrffC- 


U will allow immediate con- equipment necessary. Its train- However, tbe chances of sales line to cover selected imports, increasing receipts from cocoa i to-day by the planning - and ?JJ eri fe| V that -there was a Maui, 
mat ion nf reservations, hire- inc centre at Schiphol will be are thought 10 he low as Japan the Export Credit Guarantee sales not covering an ever-' evaluat J 0n unit at the Oreanlsa- .4«re inside the Parlia-' Mr. 


firmation nf reservations, hire- inc centre at Schiphol will be are thought to he low as Japan the Export Credit Guarantee sales not covering an 

>’ar and hotel bookings. KLM considerably expanded in the has just agreed to buy the I Department announced yester- growing budgetary deficit, 

has alreadv signed similar agree- next few months. American F-15 fighter. day. The credit line will be pro- in July, 2977, the Gh 


Western unity on trade urged 


vided by the Standard Chartered authorities announced a series) estimated that the Soviet TJnitm criminatory practices. But 
LhJL?* pf measures deseed to correct | and its allies owe about .347bnto council of Ministers, rep re 


fir REGINALD DALE. EUROPEAN EDITOR 


- - — IUUUUI.UII, ~ I SODDlaUtcllCU mauw a a vtmw r . - : 

isurcd by the ECGD. Tbe terms economy. goods, which were worth nearly UW 1*. - 

r the repayment have stiU to be Blxdget proposals for 1977-78 | 2 Sbn, compared with fewer than Fiat mSLV aSSCHlDlC Ifl AllSfTKl - 
aabsed. showed a deficit of Cedis S20m | S4bn in 197«. The Soviet Union, * ; '^l^Lvv... 

Ghana urgently needs the f£241m> compared to an 1 W hich also imported significant by PAUL LENDVAI * - VIENNA, June. 27. 


competitors by helping new coun 


there were <*oin'' to be losers he sophisticated technologies and 30 developing countires which credit should be nsed for Ghana's But cocoa pnces nave oeeu , gasiern exports un borxo^ng — mo , 
ooiated 'out" " would have to do it jointly. feel left out of the multi-naitona! most pressing needs. unpredictable on lnternatiOMLj w ,u s^ce to permit conti&ed q[ 

* 1 e u ' Mr. Groothaert said he was trade talks. Tbe secretariat of The loan is of considerable markets and other . Ia ® asu ”f growth of OECD -exports a£pa*J D Ur j 


of the ever-increasin? demands must only be temporary, so as which is expected to last one day 1 






likely at fee high end of fee 
(• range and, on plausible assum- 

CBI finance conference Toi™ ss 

Europe is quite possible," 

The report defines Soviet bloc 

ot the Asian Development Bank, the ™»W» *»}? iS 


: v V'' 


BY MARY CAMPBELL The report defines Soviet bloc 

THE CONFEDERATION of the Asian Development Bank, the l^S^Sloueinz to'tiie Grand! I 
British Industry- i'3I) is organis- WorW IBank Fund togefee? with for Mutual Economic Assistance, 
ing a conference in London *0 known in ^B west as CO^CON. 

inform British industrialists on ^ ave had ^ experience of » re thc ls ?EJJ t fSSJhSl 

how three of the major multi- worldDg wit h them. Mr. John East Germany. 
national lending agencies func- Tomlinson. MP, Parliamentary Slovakia. Hungary, Komama. 
tion. It is felt that British UQder secretary at Uie Ministry Bulgaria, Cuba ^Mongolia. 


companies nave not been getting of overseas Development, will The Ho ^ p f e _ I ? th . 

their fair share of projects funded aiso attend the con f e renee. It is several emanations for the sud- 
by these institutions. being held ou July 6 at tbe Cafe Jeu Wp ?£*LiJE2 

There will be speefcers £rem Royal. 


wmm 



BY OUR OWN CORRESPONDENT 


LAGOS, June 27. 


M **' v ‘* utriu% uciu vu v at uit ” — - , . *1.* Mo/fiTwaoc 

There will be speakers £rom Royal. 

* finance their deficits by borrqw- 

m . iog— bad haivests in the Soviet 

Nigerian imports warning 

C7 * western companies to seek new 

BY OUR OWN CORRESPONDENT LAGOS, June 27. markets for their goods and left 

„ „ international banks, with avail- 

NIGERIA’S MONTHLY import be called a nation of importers. able funds; a deliberate decision 
bill in recent years of about he said. i D communist countries to raise 

N730m compared with average General Oluleye said that growth rates by importing high- 

~ monthly earnings, mostly from following fee glut in fee world tec jjnoIogy equipment; a corres- 

■ • crude oil exports* of aboul oil market, Nigeria, s revenue j.A n j; n a increase in western 

iservations • Ch00S6 aiW N4W)m, the Federal Finance was declining It was therefore jjjjj* „{!««. wiUuigness by 

, _ 2 Commissioner. Major General imperative feat Nigenang should w ^ tem banke re to lend to fee 

LV ■ Stay between 7 and z**Jg 

nk rinlv 91 riavci nhpari s “ ch a " imbilb "“' ■ - KE Twi y dSin!u“ money j- —«» re “ ms io “ w war 

ok only zi days aneaa ^ jkSb sts safisi ‘SEJrss »« h n r 7 S 

ik about TVVA's new Super-Apex fares to Araenca. this country, from shirts and economy which is agriculture. £***• ..iffSL 

Eftwlive^athlulv other clothing to motor vehicles. We sh(Mild ^ve to increase Is 5hS 

Gttu.mc -oinjuiy. from . machinery and building agncuUurai production not only $ *“£1 tocludwg [ ^.5bnworfe 

T\v.\« nrriti mot>- v hedulnd passangt-rs across (h»» (unlit.- thun .in-.- iMii-'r aiitin>\ materials to raw materials an to be able to feed ourselves but j mu. s n 1095 

food items, he told bankers and a] so our manufacturing indus- un °" *»nn m jl»w. 


Company with a stake 
in Britain's vital 


Confirmed Reservations • Choose any 
flight any day ■ Stay between 7 and 
60 days • Book only 21 days ahead 


for security reasons in cold war 
days. 

Although they have not kept 


Call your travel agent and ask about TVVA's new Super-Apex fares to America. 

Kfteclive 25th July. 







— i — a—n—m — i — mmrnrnm 



HraKHBHH 



insurance 

reception. 


executives 


a tries," he said. 


But, fee OECD economists 


He added feat fee Federal Jff ”2£? 


cross the Atlantic. 


Government was determfeed to are unlikely to continue growing. 
He said it was regretuble feat ik reSS budgS because of rising demand wifein| 

Nigeria bad been running down JjSJJP qq non essential fee So vtet Union and fee expense 
its foreign exchange reservesin and ^anne! ^ invest- anddifficuUy of developing new 

order to finance current cotwump- me ^ t ^ productive sectors in Jf 'ds. Some .^eperts even 
Hod of foreign imports. “We order to ensure adequate supply feat, by the early 1980s, 

therefore justly but shamefully services. declining - production and 


Iakra was founded in 1946. paring the last 32 years, fee ;• 
organisation has become the largest Electronics Company in, 
Yugoslavia, and fee number of employees has .risen bom V'\. % 
800 to almost 30,000. . .. v : ..V, r- 

As a modern electro-industrial multinational, Isfcrahas -■ ~ 
trading subsidiaries, representatives and production facilities! / . 
around fee world. There are no fewer than 66 Iskra factories, 
with manufacturing divided into seven major areas;: : : • ; j ;• • 

telecommunications; automation; components; aiitofeothto 
. components: consumer pmdurts; wiatal anH 
products; and capacitors. •' s-~- 

In 1977 alone, output increased by a massive 20% , and • ' : 
exports exceeded 30 million dollars. These figured reflect 
Iskra's commitment to technological progress, and the pursuit . . 
o£ quality related to competitive pricing policies in every jarsa- 
of the Company's diverse activities. With 1,600 techriologiste .' 
engaged in research and development, Iskra'sfnture isfirnily . 
grounded in a forward -thinking policy, ready for the 
challenges of changing world tedwology and commercial . 
innovation. 

Basedat Coulsdon, in Surrey, Iskta Limited is theBritish - 
tradingsubsidiary of fee Parent organisation. As well as selling 
a range of Iskra products in fee United Kingdom, Iskra lamited 
has an impressive record of exporting raw materials and other- 


AEG-TELEFUNKEN 


Oil barter 
negotiations 


chilli- 


Summarized Consolidated Balance Sheet 
as of December 31, 1977 


1977 
Millions 
◦f DM 


1976 
Millions 
of DM 


Liabilities 


Fi* ed ass ets — 

Financial assets 


Fhed and tmancial assels 


Differences arising on consolidation 


Invento rie s and work in progiess 
Receivables 


Liquid assets 

Cm rent assets 

Consoiidaled loss 


Issued share capital 

Reserves 

Minority interests 


Equity 


Liabilities 

long-term 


medium- and short-form 
Tola! liabilities 


1977 
Millions 
of DM 


930 


61O 

73 


3 


1976 
Millions 
of DM 
930 
^ 613 

7f 

~ 1,617 


Copies of the Annual Report may be obtained free of charge from 
AEG-TELEFUNKEN, AM. Z 212, Theodor-Stern-K3i 1, CF6000 Frank- 
turi 70. 


Berlin and FrankfurL’M.. in June 1978 


ALLGEMEINE ELEKTR1CITATS-GESELLSCHAFT 
AEG-TELEFUNKEN 


Board of Management 


By Our Own Correspondent 

LAGOS, June 27 
NIGERIA IS renegotiating coo- 
tracts worth 176m naira with 
Yugoslavian and South Korean 
shipbuilders, in which payment 
will be made In crude oil, accord- 
ing to tbe Business Times, a 
Logos newspaper Jn which the 
Niqerian Government has a 
majority stake. 

The report said fee shipping 
contracts were among several 
which were being reviewed fol- 
lowing a shortfall in Nigeria s 
revenue from oil exports. 

In terms of fee contracts, 
awarded last year, Split of Yugo- 
slavia was to build eight multi- 
purpose vessels for NS5ra, while 
the order from Hyundai of South 
Korea was for 11 cargo ships 
costing N91m. 

The Business Times said the 
Yugoslav shipyard had accepted 
the barter arrangement, but fee 
Koreans were baring reserva- 
tions because" feeir refineries 
process cheaper heavy erode oil, 
imported from, the Gulf states, 
which are comparatively closer. 

Although Nigeria is committed 
to substantial capital develop' 
ment projects.- the Government 
has placed a temporary embargo 
on the award of heavy contracts. 
Some foreign imports have been 
banned while internal tax 
machinery has been strengthened. 


domestic needs will force a 
reduction,” they addled. 

Other traditional eastern 
European exports — Textiles, 
clothing, shoes and furniture— 
also are unlikely to rise, because 
they remain what fee report 
called “relatively , unsopMsti- 


ahd other export markets. _■ ; 0 

F or more information ahoii t Iskra and its products, contact: 



Badlands, Cpulsdon..Sjuir^y .CR3 2HTT*l:0l-S687l« Tate*946e«) 


crated products.* 


AP-DJ, 


IF YOU WANT TO ENLARGE YOUR BUSINESS 

POssffinjnEsm 

The Euro-Asia Trade Oi^nization (EATO) is a non-profit organisation 
set up in 1975 to help promote- trade between Taiwan and European 
countries. We presently, ha# some .80 members who are ieaderfe bf 
industry and business in i&n -;and steel, machinery, cemeat ? plastic, 
textiles, canned food, electronics, electrical appliances^ plywood, 
glasses, rubber products, -ete^ ?. ; ‘ ; v . 

EATO is willing to beljp you .. ./ ^ . 

to explore business possibility in TaiWau 
to get In contart’ witti trade partners ^ • s _ 

to gather brade information . '! ,-;i: ,• V 

to arrange busliie^ vfeits to Taiwan^ &’/;.* • : 

to resolve trado ^rdblems - - V - ’1 ' 

All these seitic^s are provided free. • ' ^ 


EURO-AStt:^ 

4th ff, 1 HsaivCapw-Boad, Taipei. Taiwan/' " ‘ 
Cable: EATO- TAIPEL /Tel; 393^21X5. • : . V i 



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Who says difficult for smaller businesses 

to raise money at the moment? 


The fact is, weve offered over £70 million to 
more than 650 businesses in the last nine months 
alone. 

That’s about £fid million a week.Or £375,000 
a day. Or £50,000 even 7 working hour. 

And there’s plenty more where that came from. 

If you’re running a business that could use 
between £5,000 and £2 million (pr even more), 

whyhaventwemet? 

We can provide equity finance, fixed-interest 
loan finance or a combination of both. 

And give you between seven and twenty years 
topaybaektheloan. 


Meanwhile, we won’t appoint one of our staff 
to your board 

And we certainly wont lean onyou to sellout, 
even if were one of your shareholders. 

Because our business is, simply and solely, to 
help Britain's smaller businesses do more business. 

\Xe were set up in 1945 by the Clearing Banks 
and the Bank of England for that specific purpose. 

And given the rather forbidding title of the 
Industrial and Commercial Finance Corporation. 

Our track record runs to over £550 million 
invested in more than 4,500 companies.'With £58 
million currently invested in72o companies as 


equity finance. 

All over die country there are companies that 
hare extended factories and installed newplant 
witlilCFChelp. 

Financed sales at home and abroad with ICFC 
help. 

Increased their share capital base and prepared 
for CTTwith ICFC help. 

We doubt if they’ve got any tiling you haven't. 
Apart from our money. 


ICFC 


The smaller business’s biggest source of 
long-term money. 


, nl PTD(/1I COMMERCIAL FINANCE CORPORATION LIMITED. ABERDEEN 0224 53023. BIRMINGHAM 021-236 9531. BRIGHTON 0273 24391. BRISTOL 0272 252 W! CAMBRIDGE 0223 52126. CARDIFF 0222 ?4 021. EDINBURGH 03121 6 3385. GLA5GGW 04] 221 4456. 

l£EDS 0^32 3051L LEICESTER 0533 26854. UVU^P06L051-236-2944. LONDO'N 01-923 7822. MANCHESTER 061-S33 95U. NEWCASTLE 0632 cOFCEL NOTTI i JG l'IAlvl 0&02 47501. READli-lG 0734 £61943. SHEFFIELD 0742 6*54561. jOiJIHAiMPTOM u/OS 32044. 

WE DO NOT REVEAL iNrORMATlON ABOUT OUR CUSTOMERS WITHOUT THEIR PERMISSION. WE'RE THEREFORE GRaTEFUL TO THE COMPANIES ABOVE FURTHER HELP IN PRODUCING THIS ADVERTISEMENT; 




. " r !'•: K-CJm jrf 






. .FinaBcial Times 



MEWS' 







BY LYHTON McLAIN 

PLANS BY British Shipbuilders 
to build hydrofoils in under-used 
shipyards have been undermined 
by "the Government only days 
before the Royal Navy places a 
£10ni order for a Boeing Jetfoil 
craft. 

Mr. Michael Casey, chief 
executive oF British Shipbuilders, 
said last month that hydrofoil 
manufacture was one of the 
options open to the corporation in 
its moves to diversify from 

traditional shipbuilding and to 
provide more jobs. 

This course appears to have 
been ruled out lor the lime being 
by a Ministry of Defence decision 
to buy the first hydrofoil for the 
Royal Navy off the shelf from 
Boeing, which has rejected the 
idea oF building its hydrofoils 
in partnership with Britain. Such 
a scheme could, however, became 
“negotiable" in the future. 
Boeing said. 

Last night the company said a 


decision was only two or three 
days away. The Royal Navy said 
it was "reasonably close." 

By opting for Boeing, the 
Ministry of Defence will have 
robbed British Shipbuilders of 
t'ne chance to have a majority 
stake in building hydrofoils, in 
partnership with another U.S. 
aerospace corporation. 

Invitation 

The Grumman Corporation of 
New York had invited Vosper 
Th'imyeroft, part of British 
Shipbuilders, to build at least 50 
per cent of its Flagstaff hydro- 
foils. These have been in pro- 
duction since 1968. and are in 
service with the U.S. Coastguard. 

Gnumnan said that Vosper 
could build the hull, sub-systems, 
and provide engines and other 
equipment for the first hydrofoil 
for the Royal Navy if the Flag- 
staff was chosen. 


j m 


• Mr. Charles Rabel. marketing j 
[ director for hydrofoils in the 

Grumman Corporation, said last 
: night that the next generation 
i of" fast patrol craft, which could 
: be hydrofoils, would be needed 

■ at a rate of 40 a year within 
i 15 years. 

. “ Once our production was 

established in the U.K.. this 
could become our base for sell- 
ing hydrofoils to the world,” he 
said. 

F But the Ministry of Defence 
' is understood to have only a 
i sbort-texm interest in hydrofoils, 

• for trial purposes. The seven 

- island class offshore protection 

■ vessels, whose role will be simu- 
i lated by the Jetfoil, will not 
. need replacing for ten to 15 

■ years. 

. Boeing has also bad talks with 

■ Vosper Thornycroft, but these 
1 have not involved the partial 

- manufacture of the first Jetfoil 
for the Royal Navy. 

! Industrial 


rateg; 



BY NICK GARNETT AND MICHAEL SLANDEN 


A BRANCH of Barclays Bank 
will next month become the first 
clearing bank branch with full 
services at weekends since Satur- 
day morning opening was 
abolished nine years ago. 

The move follows agreement 
with the bank's staff association 
and the National Union of Bank 
Employees — which generally 
oppose Saturday and evening 
opening. 

The Branch at the Brent Cross 
chopping centre. North London 
will open from 9.30 a.rn. until 
S p.m. weekdays and 9 ajn. to 6 
p.m. on Saturdays, generally in 
line with shop hours. 

The bank and the union em- 
phasised yesterday that the 
branch was a special case and 
:be new arrangements would not 
be a precedent for changes at 
other branches. 

The union believes, however, 
fhat Barclays will erentually 
suggest Saturday opening at a 
?mal! number of other selected 
••ites. The bank has assured the 
,'nions that it will not propose 
•Srailar arrangements for other 
branches for at least 12 months. 

Barclays, which has been 
under pressure from retailing in- 
terests to extend hours at Brent 
Gross, operates the only branch 
'n the complex which is largely 
isolated from other shopping 
facilities. 

Mr. Leif Mills, the NOTE 
general secretary, said yesterday 
that Barclays were also aware 
that the Bank of International 
Credit and Commerce had been 
•prepared to come into the cora- 
-dex with a branch operating 
-imilar banking hours. 

The union and the staff asso- 
ciation have negotiated an 


average working week of about, 
34 hours for the Brent Cross, 
staff. 

Ne'v shift payments will in-! 
vo I vc rises of between £321 and ; 
£1.065 a year which will bej 
further boosted in the annual 
pay settlement also due in July.) 
The new payments represent a 
rise of about 21 per cent on 
salary. 

The agreement for Brent Cross 
comes at a time when the major 
banks are closely assessing the 
structure of their branch net - 1 
works. I 

Barclays recently announced] 
a programme which will involve! 
a total of 130 branch closures i 
over the next 12 years while i 
Midland is experimenting with) 
a form of satellite banking in 
a number of areas. ! 

Yesterday the other bi? three 
banks said that they had no 
immediate plans to explore the 
possibility of Saturday opening 
at their branches. 

At present all of the banks 
have extended opening hours 
during the week at a limited 
number oF branches while 
Lloyds, through its Lewis's 
Bank subsidiary, has special 
arrangements for in-store 
banking. 

Tyneside fire 
fund £74,000 

A FUND set up to help the 
dependents of eight men who 
died in a fire nn board the war- 
ship Glasgow at Swan Hunter's 
Neptune Yard on Tyneside two 
years ago closed yesterday at 
£74.000. 


"does siot 


aio growm 

By Our industrial Editor 

THE GOVERNMENT'S industrial 
strategy will not contribute “ one 
iota " to the profitability or 
growth of chemical companies 
according to Dr. D. 31. Bell, 
president of the Society of the 
Chemical Industry. 

Speaking at a debate 
organised by the society in 
London yesterday, he said that 
its only " somewhat cynical 
advantage " was that it •* kept the 
Left-wing of the Labour Party 
from interfering too much." 

*A good team' 

He thought that Mr. Eric 
Varlev, Secretary for Industry, 
and Sir Peter Carey, the Depart- 
ment of Industry's permanent 
secretary, were a “good team” 
because el the way that they 
“ kept the rest of the Govern- 
ment and Whitehall from damag- 
ing industry." 

Answering Dr. Bell, Mr. John 
Warne, an under-secretary in the 
Department, said the industrial 
strategy " creates an enviroD- 
ment-in which you can make the 
Government work for you." 
There was a new degree of 
Government accessibility and ac- 
countability- ro industry which 
now had the chance itself to help 
shape policies. 


Public ‘must pay 
more to insure 

l 

home contents 

BY ERIC SHORT 

A WARNING that the public 
would have to pay significantly 
higher premiums for insuring the 
contents of their homes was given 
yesterday by a leading insurance 
executive. 

Blr. Pat H. Bartram, general 
manager of the home division of 
Sun Alliance Group, speaking at 
the annual Press conference of 
the British Insurance Association 
said that UK insurance com- 
panies were experiencing severe 
financial pressure on their domes- 
tic accounts, primarily from 
house contents insurance. 

In the past few years, the num- 
ber of claims bas risen shaiply 
on this type of insurance. Crime 
losses had risen very steeply and \J 
people in general were mating 
claims for quite minor damage j £ . 
on their contents policies. !j£ v 

In addition, the general level “ ^ pfft 

of premiums remained low. R0N PEET 

despite all efforts by the insur- The new chairman of the 
ance companies to encourage British Insurance Association, 
policyholders to index-link con- 
tacts, with th e average premium. am0Ufl{ of under-insurance, in 

l® 5 * year, o' 0 !* ^h 15 , me „ cases where the sum insured was 

that administration costs for con- -gpossic inadequate." 
tracts were rising wiu inflation Leading insurance executives 
and not being fully offset by in- a j so re / U f e( j tbe recent criticism 
creases in premiums- levelled against the UK insur- 

Rates to rise aTJce industry by insurance 

Mr Bartram forecast that the managers of British Ley land and 
‘Sgr.2 1 r ““,V have to Guest KeeD and Nettlefolds. The 

baMc premium 1 rate "for contorts i? its attitude to new insurance 
i nsurance-- 1 at ^resen t 25p.per ^ ******** in meeting 

f^h3Ji^v«50% r ^s the BIA meeting 

He 3 considered theorem would pointed out that insurer s charged 
rise to 37ip per cent An excess what they considered was the 
provision might be introduced correct premium for the risk 
wherebv the policyholder paid bemg insured, with the aim of 
the first part ofeach claim, there- not making underwriting losses 
by cutting the administratively overall. They were not going to 
expensive small claims. involved m a price-cutting 

Other insurance executives war with overseas insurers, 
present at the meeting were, had complained that it 

however, less dogmatic on the ®®rtd not get adequate products 


Wales 
Gas bid 
to boost 


Call to 


to ^m a BY DAY® CHURCHILL ^ 

I the PRICE COMMISSION urged sold in the UK w4s -^Mpcr cent' _ . 
g/vvrkjv/ publishers yesterday - to. according to this survey;, 

- limit price rises for technical On the book 2£™ a 3LJ& 
ra-a-m-afelistr* books “for a considerable general, the Price Commissions . 
dlfYflllr^SS period *' - - report says that competition is 

SWJFaWJLViJ follows discovery in a strong for publishers of fiction . 

_ sector report on the book, and general books, though Jess 
By Our Welsh Correspondent industry, published yesterday by strong for technical publisberS. 

■ the commission* that profit mar- There' is considerable ertfer- 
w at.es GAS is seeking * gins on technical books were prise and innovation in publish- 
approval from the British Gas twice those for other types or it -adds, suggesting that 
Corporation for a £43m invest-, books. , . - “ there.may be scope for further , 

ment programme over the next The commission decioea improvement-'*'. 
five years to boost transmission against recommending blanket ..innovation' includes 

«W*W- . "*5*5! iiSlS idenUfytoE , special mwWts. 

The programme, part of ha* 'increased their mar- such. -as gift books, orjntrodnc* 


programme, part 


UK domestic accounts were in the UK compared with certain Impressionist pictures . at 
causing problems, they did not overseas insurers. Sotheby's, Christie's seized the 

feel that it was imperative to The UK insurance executives opportunity to sell Impressionist 
take such drastic action and were content at this stage to and modern paintings yesterday 
thought that more effort should await developments. They for £2,485,600. 

be made to get the public to pointed out that if they were The top price was £350,000 

insure adequately their home making excessive profits on their f rom the New York dealer 
contents. underwriting there would be a Stephen Hahn for Nu dons Team 

There were hints that the case for cutting rates. But they bv Renoir. This picture Of a 

principle of averaging may be are still working hard to break female nude, painted in .1888, 

reintroduced whereby claims are even. is related to his large canvas 

scaled down in proportion to the Hen and Hatters Page 18 Les grandes baigneuses now in 


reintroduced whereby claims are even. is related to his large canvas 

scaled down in proportion to the Hen and Hatters Page 18 l es grandes baigneuses now ; iu 

the Philadelphia Museum of- Art 

It was the property of the late 
. ^ Baron Hatvany. 

Case for equal pension jsrss 

being the £185.000 paid by the 

ftrrAf1 isnflnw w/wtiawt ^ Fevre Gallery of London for 

ages under review * °f p ** ^ 

**&'*'^ an ci Tower Bridge by Andre-, 

CHANGES in State retirement The document examines the Derain. A similar picture is in , 
pension ages were among topics case for an dqual retirement age the Tate Gallery. The previous . 
out forward for debate yesterdav for 111611 and women, to bring best for the artist was the 
hr to a disc,,'*- men nearer e 9 uaU S' and deals £93.600 set at Sotheby Parice ■ 

sm^doSmenTmT problem? 5 ^ the problems of Introducing Bernet in 1970. AU lots carry v 
**, 3r ll ,5? ciim * nt ° pnK3iems change. It stresses that the im- an addition a 1. 10 per cent buyers • 


particnlariy from industry. Hs investigations, into the book ushers might profitably. Adopt . 

Major schemes are planned industry showed that seven of 29 ^uch' as ..positive marketing 
for Cardiff, Newport and" large publishers accounted -tor approach, widening the,. Whole ... 
Swansea where demand is 84 per cent of te( *v lca L nn^ket for books .and ;W*fbg 
approaching the - iMTiwmm sales in 1977. The other Z2 solo beyond the implicit assumption 
supply capacity, hot all parts few technical books. that readers, of necessity t >epre- 

of Wales are Included in the The seven technical publishers sent a limited clientele, _ . the - 
programme. . . . bad pr0 fit margins in J.975 report says. 

Most gas pipelines in Wales similar to those of the general . . - 

were laid in the 1950s and can book publishers. ■ iLXpenmeilt ' . 

no longer cope with an increas- ■ But in 1976 they had net pront r - - - • - - _ ' 

ing demand. • inmlns of 15.4 per cent, twice In the technical field, .-.there 

The £43m outlay is the big- that of the other 22 companies, rnay . be scope for e^enmenta- 

the total tevesaaent to trans.^ ffiedUttte change. . . , 

mission capacity planned over mu. report emphasises the ■- JS® 0 - :■ - • r 

the five-year period. mission's concern “that The report opposes greater 

When completed in 1983, it {^KteS books SSSSSd to have uniformity ^ m trade _ di^oun^ 
will have added 250 miles to. contributed disproportionately to -relying instead^ on the forces 
Wales* gas transmission mains the recent increase in profits- of. competitio n. , • ■ 

-making a total of W00 miles gfity of the seven firms.". . - . - ■ Mr. Roy 

—and will provide a- 40 per • The Publishers* Association Secretary, -intends to con^ilt 
cent increase in the gas carry- ^ys that an independent survey interested parties about Hie- 
ing capacity. of n r i C es of technical books sold report s findings, thougly no. 

Modern gas pipelines are shows that while prices have immediate action is P\ a nn«i- : 
being deliberately bout risen by 49 per cent, the retail * P 1 "** 1 ®?* ®osts a nd -m argfitg tn 
slightly larger than necessary price index rose by 68 per cent die pu olimsng. , priaunp ram 
for storage as well as trans-' over the same period. ' - . binding, and autrio-uaon oj 
mission purposes. Th e average price of all books boofes, SO. pric e £1-50.*; 

Five records for modem artists 
in Christie’s auction 

been so active daring .the von 
Hirsch sales, paid.' £21,000 jfor/a r 
rare “Augustus Rex” jFcnwlle} 
verte vase and cover of 1725-30. 

Sotheby's also sold important; 
Continental porcelain from the 
collections of Baroness Eugene 
' de Rothschild, and others, for 
£25&620, with a small fill per- 
cent bought in. Two “Augustas 
Rex” Meissen bird cage vases, 
made around 1731 .ana once the. 
property of the Rings of Italy,. 

■ each sold for £14,000. 

A Swiss dealer gave £12,300 
for a Capodimonte snuff box bf - 
around 1748 and two Meissen 



old age. 


plications of changes in pension premium, 
age would require much further The Sw: 
Study. Art naid 




I The Swiss dealers. Forum Fine 
.Art. paid £160.000 for Cezanne's 


The £25OiO0O:Rehoif 


SALEROOM 

BY ANTONY THORN CROFT 


figures modelled by Kaendler, of 
Harlequin and an actor, realised 
£10,000 each. 

Sotheby’s Belgravia had ;h 
good, solid, auction of Victorian 
paintings which realised £303,975 
with only 9 per cent unsold. The 
top price was the £9,500 paid by . 
Roy Miles • for An Embroidery 
by Albert Moore. A similar 
work by Moore entitled A Palm ~ 


sourees P for '°5d ownle* "the rii* 1 if* 0J * ledan \ Pointed 1WB £35,000 from Forum Fine Art for J°y .Mj le s for An Embroidery 

?n«inn Anenmen ? u tfhen ^ 3x1 ^ visited the Monefs Scene a Port Villez; and fa y .-^bert Moore. A similar. 

ls tIiere novelist Emile Zola there. A sunt- t b e £70,000 from Beyeler. the w ork by Moore entitled A Palm ~ 

,ar view is m the National Swiss dealer, for a Degas pastel fan sold for £6^00 to another ' 

Ga,ler y of Scotland. of. dancers. > London dealer, Owen Edgar, ' . 

more preferable to provide more amraymoosbnyer, bidding Meanwhile at Sotiiebys yes- wij iJs ..S'- 

services for the very oid’" I on behalf of a Canadian checL terday morning, eight items of fSr n,*?- as agmnst . 

C A pledge' SUTafrer the in- *** Chaim Soutine’s SEgSa PoSnfiSm the «m ^ 

teres ts of the old was made ves- Page Eo V at Maasros. This was Hirsch collection sold for r ® salerDOm "72. *n d 
terday by Mr Eric Deakins another artists’ record, beating £170,500, bringing the total for , ®ave £7,500 for - 

Parliamentary UndeEsecSta^r at ^ set ' m New York 1381 Recollection tomore than £3 6m. “h. cJ'SS 

the Department of Health and year - . even before the important even- 


me uepartment or Heaitn and even neiwre «« for Choosina bv^ Jnhn 

Social Security. Five works from the collection ing sale of Impressionist water lorunooswio py John Godward. 

** Speaking for the Government of the late Dowager Duchess of colours'- . auction of 

I want to say that we are deter- Marlborough^ who died at the age A new -auction record for a colours Lid *d55lM ' 
mined to ensure a happier old of 96 in November, sold for n f European porcelain was V 9 Q 7 din wmgs^ made.-. 



raeli deals 



mined to ensure a happier old gj 96 in Novpiber. sold for p i ece 0 f European porcelain was £297.430, with tnn ' 

age for our senior citizens,’* be £219.000. They included a Degas with the £105,000 paid by a £32 ooo for a t2£.« pi 1 0#b jJ?*-' 

said at the launch of the Open Pastel, Danseuses for £70.000; Cologne museum for an Femme 2 ortmSS . 

University’s course on the aging another Degas Trots Danseuses extremely rare- Meissen white the Marlbormjeb^^nn^ 0 fr0I ®I 

population. for £65,000; and a Toulouse- perceiajn figure of a macaw, £ 24,000 for a ' e ^ l0a v a P. < ^~ 

Lautrec Femme asstsesur on from ground 1725. It was teJaU, ^ U Lutte \ 

canape rouge for £58.000. This mo deUecl by Kaendler and made At Christie’s qiw.+v, v 
T ^ newly-discovered work was 7*?- th* Tmnnesp Palace at R e s . South Kensinsr- 

bought by toe Piccadilly Gallery. {,Lsctoi.of J Augiistus the Strong. Sula aphic ***- 

a f Other notable prices were the record Was £78.750 v. » ea *’"^42 With a portrait' 

C^nPIYIP fnr £SS,000 from the Los Angeles The. Previous record wjs ^ Roger Fenton of a NuSam ’ 

M.!IvS8aC 1IJI dealer Ansley Graham for & por- A ? fi » e reclining taken in the' 

T trait of a girl by Modigliani vase with English birds, dat- 1850s. selling f 0r £ 5,400 

1 01*110 which was sold by the Gordon ing from 1765, rold for C27.WIO. auction record for a photoeraDh 

Ijdrne Small Charitable Trust; the and Zeltz, the dealer who bas on paper. p lograpC 

DETAILS OF a £3.5ra expan- ; ‘ ’ — 

sioo programme at Larne ..'I 

Harbour, Northern Ireland, -- - ■■ ■ — 

were outlined yesterday by f * - 

Mr. Keith Wickcnden, chair- 
man of European Ferries, 
which owns the port. 

Mr. Wickenden, speaking 

arter the opening of the port's . r ... . . v .. 

£lm Chaine Quay and two-tier ’ v v • — < v- ' " f^i,) nT j i'i, ;■ 

ferry ramp, said a contract had .*•. ; : ' n@§kU ' 1 , ' 

been placed for a second ramp. 

Plans were also advanced for ,*•** . - - -A a4bk- 

a new passenger terminal to Go& IS Ciean, COntrbilable. ' ’ t 

serve Townsend Tboreseo and 1 

Sealink services to Cairn ryan VeTSatlle Alld CCOIlOtlllCM— ' 

and Stranraer. . -• - • v.v 

the ideal domestic fiaefeir'-.i / 5 

New liner ... TJmts whyneafl^#- -'‘j / \J - $; 

for p & n . - .miliion customers < J & 

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..Gas-is’clean, ccn^^lifefe/ • 
versatile, and econo^dje^r ■ 




Cruises 


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P & 0 CRUISES has bought a 
12-year-old. 27.000-too liner, the 
Kungsholm. from the New York- 
based Flagship Cruises. 

The company would not dis- 
close the price. The ship was 
built in the John Brown yard, 
Clydeside, for the Swedish- 
America Line. 

Mr. H. F. Spanton, chairman 
of P St 0 Cruises, said the expan- 
sion of the cruising fleet 
reflected confidence in the 
passenger cruise sector, in 
which the company increased its 
pre-tax profits last year to £6.1m 

The ship will he re-named 
within P & O's Princess series 
before starling Australian 
cruises early next year. She 
will undergo a refit, increasing 
cabin space from 400 to 482 
units. Tenders are to be 
invited. 

A second outdoor swimming 
pool will be added to what is 
described as the vessel's other- 
wise luxury class facilities. 


imilioh customexs ^Lv| 'f&j < j 

clipsen-ga's to heat,tij^| ?w Jr X ^ 

hpjnes' 


should he used ydadjjel^j 
Whavea bcxikiefr'&S : 
can. help you. ^ 




What to do if ^ti' suspect a gas leak. ■ 


a How to have yoar a; 
and regularly serviced. 


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’It* : : ''vL» ^ : 






itra arti 




fflls* 1 


s 1 


Oil-from-tvres plEDt I Closure of ethykne Store in Commercial radios 

J V : . Mr -w A 1 • a a' Jl _ _ ^ iMkAVA 


• -© 


plant hits output women 


BrpAVHJ F1SHL0CK, SCIENCE EDITOR 


A DECISION is close on whether 
Britain will build what may be 
the' world's first commercial plant 
making oil by. distilling old car 
tyre*... 

Batchelor Robinson Metals and 
Chemicals, the Birmingham 
specialists in recycling materials, 
said yesterday that by October it 
expected to decide whether to 
build a plant for recycling 50,000 
tonnes of tyres a year, at a 
capital cost: estimated at. £2 -5m. 

. Results from a pilot plant that 
distils 6-12 tonnes of tyres a day. 
built and operated by. a Depart- 
ment of Industry laboratory, 
were looking V extremely 
encouraging," Mr. Peter 
Kavanagh, a director of Batchelor 
Robinson, said yesterday. 

He estimated that since 1975 
his company had invested about 
£500,000 in the process, known as 
pyrolysis, which converts the 
rubber directly into a light fuel 
oil by low-temperature destruc- 
tive distillation. 

The fuel oil, low in sulphur but 
otherwise very similar in quality 
to its counterpart from the 


refinery, is produced’; at ■ about 
450-500 degrees Centigrade with 
an air-free atmosphere in the 
chemical reactor. 

What remains is mainly a 
coke-tike char and a tangle of 
steel wire "akin to a giant Brillo 
pad.” Mr. Kavanagh said. 

Once they have bee* separated 
magnetically, the char, will be 
sold as pulverised solid fuel, for 
example to a cement maker, and 
the 7,000 tonnes of steel wire a 
year as scrap steel, a- business 
in which Batchelor Robinson is 
already engaged. 

Ultimate 

“We see the plant as the ulti- 
mate hole in the ground for 
people who have , to get rid of 
lyres, namely the. remainders." 
Mr. Kavanagh said. Because of 
the- concentration of tyre 
remoulding activities in. Lon don 
and the Home Counties, that 
seems the likely area for the first 
plant. 

According to Mr. Kavanagh, 
the 50,000 tonnes of tyres would 
re-emerge as 20,000 tonnes of 


refined oif, 15.000 tonnes of char 
and about 7.000 tonnes of steel 
wire. 

Destruction of car tyres by 
pyrolysis is a technology that 
has engaged several large 
chemical groups, ■ including the 
lyre-makers, at considerable 
expense for several years. 

The essence of the process 
operating at the Department of 
Industry’s Warren Spring 
Laboratory, under the direction 
nf Dr. A. J. Robinson, is its 
simplicity. Mr. Kavanagh says. 

The laboratory designed, built 
and subsequently modified th? 
pilot plant for Batchelor -Robin- 
son. although the technology 
belongs to the company. 

For the past few months the 
plant has been running with 
yields nf oil in excess of 40 per 
cent. Dr. Robinson believes its 
early difficulties, mainly in 
mechanical handling of tb» Tyres 
through the plant, have been 
overcome. - Badger, the engineer- 
ing contractors, have produced 
initial designs for a commercial 
plant. 


BY SUE CAMERON 

THE CLOSURE of ICl's ethylene 
plant at Wilton, Teesside. Iasi 
week has started to hit the com- 
pany's output of polyethylene, 
IC1 said yesterday that it had 
had to shut sonic individual 
polyethylene '‘streams” at 
Wilton although production at 
other sites was not affected. 

It stressed that supplies to out- 
side customers would not be 
affected because stocks would last 
for several months. 

The company said the closures 
would not lead to employees 
being laid off in Uie Immediate 
future. Those affected would be 
given alternative jobs. 

When these ended they would 
still be subject to one week’s 
notice. 


ICI closed the ethylene plant] 
because of a shortage or skilled ■ 
instrument artificers and a , 
dispute with trade unions over a! 
proposed .retraining programme, j 

Managers from Wilton hold a] 
meeting with convenors of the| 
.Amalgamated Union of Engineer- 1 
ing Workers and the Electrical! 
and. Plumbing Trades Union to 
discuss the. situation vis a vis the 
'instrument artificers. 

But a company spokesman said 
later that "nr* further progress" 
had been made. 

Ethylene is one of the so-called 
building blocks or the chemical! 
industry, and is used in making! 
polyethylene, poly vinyl chloride,/ 
ethanol and polystyrene. 


# | BY CHRISTOPHER DUNN 

; THE LONG-RUNNING Audience rial radio had increased its 
LI CUii 1 Research dispute between the brand leadership position by 

l BBC and commercial radio three percentage points since the 
■ ilared again yesterday with Iasi survey in April, 1977. 

: figures claiming that indepen- But the BBC. survey showed 
iBHasSBr* Ident radio now accounted for that Radio One. accounted for » 

SJ7J. ! nearly a third of all listeners in per cent nf all listening time 

'the areas where it operates. May. closely followed by Radio 

" AMIENNE 6UB0M i JS2J& 2Hg% , KS jg? Sri 

DEBENH^S and th, En“ f . j ^ and t'Acjo them- 


Opportunities Commission are to 


co-operate in 


study of the ArconimB 


onminorri'il se,ve * n0 snotl by drawing atien- 

cnmmercjdi tlon l0 ir ~ said Mr _ cordon. 


Avon to boost cosmetics 
output in Midlands 


Oil industry ‘should retain 
bigger share of profits’ 


FINANCIAL TIMES REPORTER 

GOVERNMENT MUST allow the 
oil industry to retain. a greater 
share of. its profits if steep 
petrol price rises are to be 
avoided, said Mr. John Winger, 
vice-president of Chase Man- 
hattan Bank, yesterday. 

Energy use had consistently 
kept pace with the rise of Gross 
National Product in- Western in- 
dustrial countries. Future growth 
' depended upon a great expansion 
of energy sources. Including 
petroleum, Mr. Winger told the 
Financial Times conference on 
Scottish finance and- industry. 

The capital costs of discover- 
ing new resources were, however, 
likely to be enormous: “Com- 
pared . with the actual capital 
expenditures of the past decade, 
the required investment fn the 
1975-1985 period is likely to be 
three limes greater," be said. 

Some of these funds— about a 
quarter — could be obtained from 
the' capital market, and a fur- 
ther quarter from depreciation 
and from other, capital recovery 
provisions. But one half of the 
industry’s capital requirements 
to 1985 — estimated at S660bn.— 
would have to be provided out of 
profits. 

That in turn would require 
the. amount of profit to be taken 
by the oil companies to rise^from 
S0.S6 per barrel at present to 
S236 by 1985; Since that target 
was politically unrealistic, an 
energy shortage would result. 

“Although the gross revenue 
of the industry has risen sub- 
stantially in recent years as a 
consequence of the higher con- 
sumer prices, most of the. incre- 
ment has flowed fo various 
'governments rather than to in- 
dustry. And. therefore, too little 
money has become available to 
support the capital investment 
needed to accommodate^ expand- 
ing petroleum markets." 

The only solution possible, 
therefore, was a cut in the 
amount of money levied by 
"governments as taxes. 

Mr. D. W. A. Donald, general 
manager of the Standard Life 
Assurance Company, said that 
total wealth in Scotland had not 
kept pace with the population 
wishing to share it nor the 
resources available to produce it. 

The prosperity of Scotland in 
the 19th-century was narrowly 
based on jnter-dependent heavy 
industries which were now 
declining. However, that historic 
prosperity was also partly due to 
the propensity of the Scots 
people to save. Deposits per head 
had greatly exceeded those in 
England, and it was in the. -19th 
century that the Scottish life 


assurance companies had grown 
to be the largest in the country. 

These companies were now 
concerned, however, at the future 
course of devolution and 
specifically over the possible re- 
quirement to cover domestic 
liabilities with domestic :a$sets. 

‘ It may -be taken as a- reason- 
able assumption that, under 
devolution, the currency in 
Scotland will not he other than 
the pound sterling; but even 
granted this, how does one decide 
tile Scottish content of the in- 
vestments one normally .makes 
in order to determine. whether 
Scottish savings are - being 
reinvested in Scottish prosperity? 
There is no way of splitting UK 


FINANCIAL 


SCOTTISH FINANCE 
AND INDUSTRY 


CONFERENCE 


Government borrowing, for 
example, between England and 
Scotland and hardly any way of 
similarly splitting shareholdings 
of large industrial companies." 

The difficulties facing the com- 
panies in an independent Scot- 
land would be so severe that 
many would be forced to leave 
to protect the larger pari of their 
business. 

Mr. Dennis ■ Kirby, deputy 
director of the European Invest- 
ment Bank, said that Scotland 
had benefited greatly from UK 
membership • of the Common 
Market. 

Scotland had rereived £400m 
of the £lbn worth of ELB loans 
to.the UK since accession in 1972. 
Taking other EEC sources into 
account — such as the European 
Coal and Steel Community and 
the European Regional Develop- 
ment Fund — aid to Scotland from 
EEC sources totalled around 
£600m. 

The EIB was created to im- 
prove the prosperity of the 
poorer regions of Europe, to 
modernise some industries and 
to assist improvement in com- 
munications. 

“ In a community of 250in with 
economically strong areas such 


as Germany and the Low 
Countries can obviously channel 
a far greater volume of help to 
needy regions than :>ny com- 
ponent government. Thus there 
may be a better chance for 
community regional policies act- 
ing in concert with national 
policies than for the latter 
alone.” 

Scottish banks had grown at a 
rapid rate over the past six years 
and future growth would be 
found on the international 
scene, said Mr. James Young, 
general manager of the inter- 
national division of tbe Bank of 
Scotland. 

Scots banks had pioneered the 
overdraft, had anticipated the 
International Monetary Fund's 
Special Drawing Rights scheme, 
and were the first commercial 
banks to -be organised on tbe 
principle of limited liability. Yet 
they had consistently turned 
away from possibilities of growth 
in the 19th and 20lh centuries. 

However, the banks had always 
kept '-.substantial overseas 
interests : and now counted a 
number of multi-national com- 
panies among their clients. All 
three clearing banks — the Clydes- 
dale, the Royal and the Bank of 
Scotland— bad recently opened 
overseas branches. 

International development had 
been most marked in the growth 
of non-sterling lending, and a 
concomitant growth in deposits. 

“In 1971 the three Scottish 
banks’ total foreign currency- 
deposits amounted to less than 
£21m. By 1976 the total had 
risen to nearly £622m. In April 
1978 the total or currency 
deposits had risen still further 
to some £1.44bn. 

“On the asset side or the 
ballance sheet, the position is 
even more astonishing. In March 
19 72 total loans in foreign 
currency amounted to £29m. In 
September 1976. only 4 a years 
later, it. had risen to £5Slra, over 
20 times as high. And this 
growth has continued. By April 
1978, the total had risen to 
£954.6m," he said. 

Oil was not the major reason 
why a large number of foreign 
hanks had come to Scotland in 
the past 10 years, said Mr. J. C. 
Kearney, senior vice-president. 
Bank of America. 

The reason why ?n many 
foreign banks bad come to 
Scotland was that Edinburgh was 
the largest UK financial centre 
after London and that a higher 
proportion of industrial output 
(18 per cent agaiDSt 15 per cent) 
was exported from Scotland com- 
pared with tbe rest of the UK. 


Confirmed Reservations • Choose any 

flight any day ■ Stay between 7 and 
60 days • Book only 21 days ahead 

Call your travel agent and ask about TVVA's neiv Super-Apex fares to Los Angeles and 

■ San Francisco. Effective 2oth July. 


■HVA rafnVs mure yJirdaled pdssrngers across ILb Atlantic than any other airiin» 



the Atlantic 


FINANCIAL TIMES REPORTER 

AVON, the U.S. direct-selling 
cosmetics multinational, is to 
expand its UK base at Northamp- 
ton by building a new plant on a 
nine-acre site. 

Mr. Brian Crosby, managing 
director of Avon in the UK. 
refused to give any further 
details on tbe value of the new 
investment yesterday. 

But the planning application 
showed that total jobs at the site 
would remain rougbly unchanged 
at 900. according to Northampton 
Borough Council. Planning per- 
mission to build a new factory 
had been granted last November. 

Work on the new site will 


begin immediately, and the new 
premises should be operating by! 
m id-1980. Avon plans to increase) 
production to meet growing 
demand for its cosmetics in the | 
UK and on the Continent. In! 
last year's annual report, it fore-! 
cast an average growth rale of ; 
10 per cent for Europe. 

In April, Avon, which com-1 
mined itself Jasi year to newi 
investment in Europe of 5530m. j 
said it was undecided whether, 
to base its extra manulacturing | 
capacity in England or Ireland.) 
It is understood that Avon i 
decided on Northampton in spite, 
of keen competition from the 
Irish Government. | 


stores group’s credit | jjfm ‘lriMn- “corairnttee 'for 

with particular reference iOj Radio Audience Research the msSesl w h lie t he . om mercia t 

equality of treatment for married I (JTCRAR) last April, Britain s 19 radif) slat j st j t . s were produced by 
women. independent stations accounted an independent research nrgani- 

Thf* fi n rfin«N will nrohablv he * or ^oure P er in sation lo a specification agreed 

listening " f * lm . hours b% an independent body, 

pu 01 isnen in a report vuu» return brnadcasl hy aH the stations. The rrc sa j<] that, t he dis- 

hSeiSlbe ukS « "uidXnes BBC’s Radio One came next crepancy between the two sets 
for the whole retail sector with 146m hours of listening, or 0 f figures might be explained by 

for toe wnoie retail sector. 25 per ccnl of aUdiences . fo!- different sampling methods. 

borne SO per cent of Dehen- j ow - e d by Radio Two with 20 per The jBBC measured 'its 
hams’ customers are women. The ven t an d Radio Four with 13 audience on a daily basis, while 
group sa >s it has not and would per cenl .TICRAR took a ihree-wcek 

not wittingly have discriminated Mr j ames (Jordon, chairman sample once a year. Moves have 

against them m provision of f tf)(? * ssoc j aI i on 0 f ] n depen- been made for the two bodies to 

credit. But tile Commission is denl Radifl contractors, which pool their research effort but so 
applying itself to the problem of CCimm i 5S i 0 ned th- JICRAR far no firm decisions have heen 

«J£ | survey, claimed ,h.» ~- 

panies recently in setting outi 


their credit requirements. 

Such discrimination might, for 
example, take the form of requir- 
ing two years’ tenure of the same 
job, a condition not easily met by 
married women of child-bearing 
age. Or it might require the' 
applicant lo be a houseowner or; 
principal tenant, again a require- j 


UDT car warranty 
plans extended 


FINANCIAL TIMES REPORTER 


ment which most married women j y jN - JTED DOMINIONS TRUST wholly-owned subsidiary. The 
could n-n meet. ; extended the range of its Continental Guaranty Cnrpora- 

Debenhams pleads guilty \o. mnt(tr w ' nlv Dlan(f for ne w ll0n - a ? d insurance covers two 
having applied the first form of: , . * . categories— standard warranties 

unwitting discrimination, but: 3 "? “fjj La l ; d j and executive warranties. Both 

says its decision to co-operate im J** f . r / >m ^ t i iw provide cover against meth- 
with the EcuaJ Opportunities, select tho ? e be . st sul{ ed lo their an j caI defects, baggage and per- 
Com mission is evidence of its i cuslomers neetK *onal effects, towing fees and 


firm desire fur amendment. 







Summing up another successfulYear 




Pi® 


In 1977 DG BANK, both an internationally orient- 
ed German commercial bank and the liquidity 

manager for a system comprising some 4,800 
local and ten regional banks in the Federal Republic, ' 
continued to expand the scope of its business 
and services. Our total assets increased by 20 
percent to DM 29.8 billion (US S14.2 billion). From 
the net profit for the year, DM 30 million have been 
transferred to reserves. Regarding our consolidated 
balance sheet, total assets have grown by 21 per- 
cent to DM 43.3 billion (US S20.6 billion) and share- 
holders' equity to DM 1.1 billion. The whole banking 
system we head commands consolidated total 
assets approaching DM240 billion (US SH4bHlionj. 

DG BANK Deutsche Genossenscheftsbank, 
P.O. Box 2628, WiesenniittenstraGe 10, D-6000 
Frankfurt am Mam 1, West Germany, Phone: (0611) 
26 80-1, Telex: 0412291. 


■*The complete financial statement, !o t>? published In the 
Bundesanzeiger (Federal Gazette), was e-:amned <i r -U certified 
wiihout quaibcaiion b/ TREUaRBSIT AHierges^'ischalt'V.'ft- 
5chaftspnifung$gese«£cna(r SreueiDeraiur.gsgeieiisclhi'f, puhkc 
accountants, Frankfurt am Main. • 


Condensed* Balance Sheet as at December 31, 1977 (DM million) 

Liabilities and Snart-nolctefs' Equity 


Cash 

Bills recHvabie 

Due from regional moprotarG banks . . 

Due irom oiiivr banks 

Treasury lulls 

Bonds arid riC'l-ss 

Due from non-banL cusloniers 

Enudlisalic-n claims on pubic .-njifioritos 
invr-simenl j in suDsidiares arid alhlial^i 

Premises arirl equfanent 

Oilv.-f asst Is 


16J.0 

61 1.8 

4270.4 
11.700 9 

1.259.4 

3.733.1 

5.750.2 
75.9 

539.0 
47.1 
535 8 
29.814 4 


Due to regional cooperative banks 14.05? 5 

Due lo other bants 8.762.t> 

Due lo non-bai.k customeis - . 2.445 

Bonds and notes issued 2,963 4 


Provisions and global valuation reserves 

Other liabilities 

Research and alional funds .... 

Capital and Ksriiv. s 

Profit alter liaualcr lo i curves 


1S4 4- 
430 A 
30 
082 O 
17 B 

;7Q.y ] 4 J** 


E-penses 


lnt-"- r i?st paid and related expenses 

Staff expenses 

Operating expenses 

Taxes 

Other expenses 

Net income for the year * . . 


2 9.814 4 Ennor'-^.rnpnt |i.;l,il;li^“ 3516 

Guarantees 3.4-554 

Co ndensed’ Statement of Income for 1977 (DM million) Income 

rises 1,361.6 Interest earned and related income horn lending 

59.6 and money market eclivihes 1,343.5 

4 7.6 C uneni income iiom securities and 

61.1 investments 201.0 

29.4 Other income 62.5 

■ ■ 4/6 1 FiO i . 1 


... 1,343.5 


1.607 l 


DGB4NK& 

L-suGci r;* G3ne5j£f.Knan .-oar,;. 

The broadly based Bank 


t: 


l 








10 


- - I.iiitu— r’ 


HOME 





hints at cash 


airliner plans 


Amoco Cadiz crew 
criticised by board 


BY PAUL TAYLOR 


BY MICHAEL', DONNE. AEROSPACE CORRESPONDENT 

< 

hel 


Ip the Airbus Industrie A-300 Air- innovation and flexibility oll^auiz uwuaier. mnieu inn* Mr Vaudb 

nm civil aircraft bus m all versions, including the services, improve efficiency and -that he thought the “* w 2® » T think n aV J ’ ' 


T!iE EEC may able to 

v.ith financing .... .. 

development programmes in proposed smaller B-10 model, and lower prices to consumers 
Europe, which is likely to cost ibe " Joint Europtsan Tramoort 11 On finance, the Commission 
h? much as Sibn (more than (JETi scries of a ®j£ ra ”- seating says t jj e magnitude of the pro- 
i'lbni. " between 136 and ISS passengers, posed outlays an launching new 

The Commission, in a new It also sees the Airbus Indus- programmes and the importance 
>hidy on future European air- trie consortium as the focus of of the programmes in the long 
Ir.jfi. .emphasises that it is not those programmes, modified to term “may justify the provision 
its responsibility to intervene take account or additional of Community resources in forms 
directly in determining which responsibilities. to be determined within existing 

aircraft should be developed. It financing machinery, perhaps 

-unjiders that primarily a mat- Y&rCS CUtS using the new financial mst ru- 
ler for the manufacturers and . . . ment to be employed on re- 

wiOi the airlines. The Commission is Jess structuring. or the budget aids. 

■- rtU , p..„r ihat there are enthusiastic about the develop- or the European Investment! 

cam nu repeat 
industry, especially lor 
craft. 


i SIR GORDON w ii-T-M KR. chair- whether it could be repaired, 
man of the Liberian hoard «f Asked whether it would have 
inquiry investigating the Amoco. been a “sensible P re “^°? 
Cadiz disaster, hinted yesterday radio for assistance immediately 


tanker did “ too little, too late.” . said: " I think not’ 

In the first explicit indication _ , 

of bow the board is thinking. Sir rOTt JUlCnOr 
Gordon, a former High Court The sec ond mate 


a former Hign Court The sec o D( j mate told the 

Admiralty judge, suggested to a hQajd tbat whea port anchor 
witness that as soon as Die was dropped at 8.25 that 

tanker's steering gear failed at eveni it was -impossible to 
9.45 am on Mareh 16. tw ***£ drop the second anchor because 

should have called tor iug v.»rt Aivwl 4Tifl 


IVewsanALyIP^ 

■ " ■ 




to 

IBY DAVID CHURCHILL . . 

' ' * • v infia- because- thepepa rtre'.ent .h .as^hot 

BRITAIN'S 10.000 High .Street :.worriJi of allowed a sufficiently high return - ^ 

Akanirta vnrtni-riair nntiril'v Hfln .111(1 3 -SaFlnitiDg paoilal. 


chemists yesterday angrily tion arid a snri & ^ repo rt on capital. .... 
demanded that a two-year dead- capital a0 1 accountants Mr. Ennals. however, believes; ., 

lock in negotiations over from the .« ^ that the prescription fee issue 

National Health Service re- Coopers a™ ’ e p 0ti ators, should be decided; after the net*, 

muneration should go to arbltra- for the , c !£™ t TL*. return on method of remuneration distriv 
tion. The chemists backed their concluded t a Ue DHSS for button has . been- giymi tene ta 

demand with a lobby of MPs -at ied*io rise by work. This system— which basu- T o 

Westminster and a pedtioa jheimstejjo \ ' present level ally means that larger cbetaufe 

signed by more than lm 10 per cent from .* > v ^ NHS get. a. smaller; presmption: *h> 

lor a -.swift of M LiL^wnJkviaSe. ' &an grnaR shop^was pui ; fpjv : vr 


by more 

customers calling tor a swiu work viable. - » , . - 

decision- by Mr: David .Ennals. prescnption w P ck v ^ ward by. the chemists themselv^^ 

— - tane »,,KciftnoTitiiT nriontprt hv thoor. 


assistance and prepared 
anchors for dropping. 


both 


Hindsight 


SUCH as dij*iom a .yii^useu no-i-to 
aerospace feeder-hner. The EEC study says Relationship 
r civil air- Ihe recent cancellation of the “ 

‘ w-’pcf Herman VFW-614. an air. The studv ad 


West German VFW-614, an air- The study adds that the 
liner designed to fit that category Community as a whole can play 
should M provide food for an important role in supporting 
. thought about the chances of European • aircraft producers’ 
measures economic success in the small efforts to sell outside Europe, as 
in create a bigger -internal Euro- Jet aircraft sector.” it is in Japan, 

pean marker for airliners: Means by which the Commis- "Efforts of this kind, if made 
measures to help defray the costs si on might help development of on a Community basis, could 
' neu programmes: and adjust- new aircraft .include reductions have an immense effect in our 


TarHis 

Possibilities include 


ms: i a riffs on. imported aircraft. j n air fares in Europe to overall relationship with other 
especially from the United Stales, stimulate competition and a industrialised countries and help 
The Commission clearly sees a bigger market for airliners. “A to give the European aircraft 
Eu l-i mean aircraft strategy evolv- more enmoetitive domestic Euro- industry a reasonable position 
mg round the development of pe3n market should lead to again in the world.” 


Canal freight tonnage 
has dropped-Howell 


BY LYNTON McLAIN, industrial staff 


London office 
for Eurobank 


By John Lloyd 
THE 


EUROPEAN Investment 
MR DENIS HOWELL. Environ- MPs. published yesterday. The ! Bank (EIB). based in Luxem- 
menl Minister, yesterday accused MPs bad called for the transfer j bo urg. is tn open an office in 
a Commons select ronimitte of of the British Waterways Board | London for an experimental one- 


ignoring “factual evidence" 
i hi h it Britain's canals in a report 
ir. the British Waterways Board 
published in March. 

He said it was astonishing that 
the select committee on 
nationalised industries bad 
ignored the “ dramatic drop in 
freight tonnage on the canals 
and the increasing share of the 
board's income which comes 


from iMr. Howell's Environment jyear peri© d. Because of “in- 
Department to the Transport !]• ceased activity in Britain and 
Department. I a need for closer day-to-day con- 

He said that this was based on | nection between banks. Govern- 
the mistaken belie L that freight ment and potential clients.” The 
was a major factor in Britain's! only other EIB branch is in 
canals system. Out of the -.000 1 Rome. 

miles of canals in Britain, only; since 1972 the EIB has lent 
300 miles were suitable for ! n{, n t0 projects in the UK. The 
freight. The rest had to be used 1 Government has paid in £S0m 
for recreation. over the period. Last week, the 

Mr. Howell's reply was 1 EIB's subscribed capital was 


from Government subsidy." 

Mr. Howell w as commenting criticised as ** disturbing ” by Sir I doubled to £4.5bn. bringing its 
mi the Govern in enl'a official Frank Price, chairman of the 1 , loan and guarantee limit to 
reply to the accusations by the British Waterways Board. 1 £11.2bn. 


the weather bad worsened arid 
the deck around the starboard 
anchor was awash.” • 

Support for the tanker crew 
came yesterday from Captain 
Sir Gordon asked Mr. Cosmo.. Maynard!-- an independent 
Vaudo. second mate on the sa f e ty officer on board the Amoco 
Amoco Cadiz, if he had ever cad^ a t the timejjf Uie disaster, 
heard of the phrase "too little. Captain Maynard described 
too late." Mr. Vaudo replied he captain Pasquale Bardari, master 
had not of the Amoco Cadiz, as a M good 

Sir Gordon then asked Mr. captain " who did the best he 
Vaudo to look back on the could do in the circumstances, 
casualty with the benefit of hind- However, Mr. Sidney Kent- 
sight and say whether lie thought ridge, counsel for the German 
it would have been “ sensible ” tus that went to the floundering 
to take some “drastic steps" tanker's assistance, questioned 
when the steering scar first crucial evidence given by 
failed, instead of waiting about Captain Maynard on the wrangle 
one and a-half hours until an between the tog master and 
examination of the steering gear tanker captain over the salvage 
revealed it was beyond repair. contract. He queried whether 
Mr. Vaudo answered: "At that Captain Maynard was justified in 
moment — No.” This was because believing that for much of the 
the crew did not know what was time the tug had a line aboard 
wrong with the steering gear aDd the tanker it was Dot towing. 


Big UK companies plan 
more sub-contracting 


BIG BRITISH companies plan a to take on extra staff than they 
sharp increase in the amount of were 12 months ago: 19B per cent 

■r k ** ■” SMSSSJESAiSS 

September, according to Man- cpnt last summer . 
power, the international work However> more companies are 
contracting group. increasing their level . of sub- 

The group's latest quarterly contract work. Now 14.1‘ per cent 
survey of employment prospects, say they will use subcontractors 
based on reports from 1,368 of more in July-Septemher, com- 
the biggest British companies, pared with only 8 per. cent last 
suggests that rather than take on year. 

additional labour to handle any Earlier Slirve ys found that 
increased workload, companies between January and June, 
intend to contract the work out. employers’ intentions to take on 
The survey shows that more labour were well up on the 
employers are no more willing same period last year. 


Secretary of State f°r 


>r Health and- Such a vise had “ of and subsequently adopted by the.^v 

Social Services. * • ■ ' — -.account the fact ^ a t the Departaei]t a s a way ef helping- $ 

itiftorinn for drugs :5 prweiiuj. . nne-man chemists. •: -• 


Mr. Ennals has already' .made Inflation a yeS- ™* ** .onfrman chemiati^ 

clear that he is unwUin&to go to the national Chemists ' i 

arbitration until the rftsurts '" tion •® f - sSL**:?- 

■ recent change in the dnrtribu-' ,ttfla ^ c r ‘ de ‘ -- — »«*»« from the disouts -•* 


tion' of chemists’ remuneration . Because over P? fit marina arisang from, 

has been given a longer trial. The to make sufficient profit XT re ^ uce( j stock levels. ‘ . 


. . separate issue from . the dispute -• 
unapie margins arisanp .from • 


given 


retail chemists, hoover, claim their . prescription^ work v ^ they all0 point Jut totwift 


l, u ami uicil — - i ... , , 

that the Government’s intransi- have been fpreed^to ^cu ^ fewer chemists dispensing 


gence will further accelerate the which. > turn has ^ led to tt number of prescript! ons .. ;. 

decline of the small chemist shop reduction ,n . P res r l ' u -every year, the Govetnmept i*. ...• 

—a decline that makes It harder remuneration. . ... .. reaping the benefits of 1 lubstaq. ; 

for the sick or elderly to find a The effect of this spiral tial productivity saving at no- 
convenient chemist, to '. get a shown by the drop. in cash .re-, extra cosL c 


prescription, dispensed. _ . .. turn expressed as a percentage This dispute is exacerbat^_by . 

some MOO ’ctenri<* 'of. 1oa ^ eta > vro>>iem ^- tor -^ ’ 


SSI ^ 


They include * 


as many..' - . '** 


“ft Sou, % TtT ” at * -Kirs. a am- . 

rate of about -00 a year. n«r*m>nt m 1964 to 21. tunarmarkpis: . In Addition 


te 0 ' a b out -00 a year. _ . from 3” per-cent in 1964 r© 2i. by supermarket; In Addition, 

St per cent at presort/ _ Net' profit the drop in the oumber oT doc-, . 


S/1SS S? — 1116 


tors’ surgeries 


has meant . a_ f 

attitude towards them ah in- .provide the capita! required for At present the chemists htf^e 
creasingly bitter pill to swallow, cbem is Ls expansion. However, ruled out any form. of lndustrial,-. 

The (hsnute which- sparked^ ^ 1115 chemists point out that since action as beiog against tte 
nffthi* dxSSJ-the . Government “.buys” drugs iDt erests of the community toy , 

Sr^Mr Jnd^stratioa atV?^** 11 chemists' at' historic cost seek to' serve. But if petitions 

price, rather than current value. and appeals continue .In make ao 


fo-5 Sl 'l r hen^he rd DHj a r^ 1 lc? S'eniy" way SirnisU i ’can main- j^rcSfloi on the , JOB* 
Sort thp Srm.Tiann which tain slock levels Is if profits at chemists may eventually come 
lated the formulaonwhicb . p viruhinfiation. to the conclusion that -drastic 

The Department contended. JJJJJ „ t a he chemists claim,- tion. 

that since chemists were boldmg 1 ■ au 1 — — ■ — 

smaller stocks of drugs, the fee; 


for prescriptions filled.-, whidi' 
took account of ..stock.' levels, 
should be reduced accordingly/'- 
Chemists, estimate that this 
move has- • reduced their . total 
income by some £17m r "Since 
1975— a loss that' has severely 
hit cash flow for many .'chemists 
who were already making ah' in*: 
adequate business return. ,V 
In .fact chemists point out that 
the reason they were forced ..to. 
reduce their stocks of drugs — 
most chemists. held about £5,000 



Tether 
he 

dispute QTer coli 




iin 


in 


COMPANY ANNOUNCEMENT 



Time to marshal 
South Africa’s economic 


MR c. GORDON TETHER, the before deciding to dismiss ^ him 
Financial Times writer sacked to ask the union at national level 
after a dispute about the editor’s whether it saw the procedure as 
. control oF his column, told a being over. ,' ' 

OF THE CHAMBER OF MINES OF SOUTH AFRICA London industrial; tribunal ©n its But the only person consulted 


88th ANNUAL GENERAL MEETING 


resources 


The fallowing is an abridged 
version of the address by 
Mr. L. W. P. van den Bosch. 
President of the Chamber of 
Mines of South Africa, at the 88th 
annual general meeting of the 
Chamber in Johannesburg on 
27 ch June. 1978: 


and the platinum group metals, 
plus a steady expansion in coal 
exports and the start of exports 
of rutile, zircon, titanium dioxide 
slag, and iron through Richards 
Bay. should ensure further growth 
in the value of exports in 1978. 


In the past year gold mining 
benefited from an increase in the 
average gold price and from the 
ready availability of Black labour. 
The mineral industries generally 
made a substantial contribution to 
:lie growth in exports, thereby 
playing 3 prime rofe in the 
spectacular improvement in this 
country's balance of payments. 

The singular performance of the 
mining industry, despite critical 
problems arising From the high 
rate of escalation of working 
costs, was the major force behind 
the economy's slow movement 
out of the trough of this country's 
worst post-war recession. In 
consequence the Government 
lir.s recently been able to take 
steps towards stimulating growth 
cn a selective basis. With the 
possibility of a return to somewhat 
higner growth rates, it is as 
well that there are signs of a more 
p.-2*ma tic approach br the 
Government to internal political 
problems, particularly in the 
direction of the progressive 
remevai cf racial barriers ro 
employment. 


Coal is .currently being 
exported through Richards Bay at 
the rate of 12 million tons per 
annum. In some 15 months time 
the capacity of the railway line 
and harbour will be increased to 
20 million tons and investigations 
are in hand to determine the 
means by which coal exports can 
be further increased. 



central banks ro use gold freely 
in international transactions, to 
use gold as collateral for 
borrowings, as a basis for domestic 
monetary expansion, as a means 
of holding international reserves 
and as backing for bills, bonds 
and contracts. 


The strength of the world 
demand for uranium, and plans by 
Chamber members to increase 
productive capacity to satisfy this 
favourable market have been 
features of the past three years. 
The industry's uranium production 
rose once again last year, 
exceeding the previous year's total 
by 25 per cent. 


The combined value of long 
term and spot sales is considerable. 
On the basis of the present price 
of uranium, new business 
concluded during the past 
12 months is of the order of 
R! 300 million. 


GOLD MARKETS 


MINERAL PRODUCTION 
AND TRENDS 


The value of South African 
mineral sales in 1977 amounted to 
R5 551 million, an increase of 
23.1 per cent over I97fi‘s record ' 
ratal. This increase was achieved 
at 1 time when prices for a 
number of b3Se minerals were 
depressed as a reside of 
disappointing growth races, slack - 
le.-J: of capital investment and _ 
,’enerai ccanomic uncertainty in 
mast of the world 5 leading 
industrial countries. 


The market continued to be 
dominated by the industrial 
offtake for gold with jewellery 
demand growing in mosc of the 
developed world and with a high 
level of jewellery demand being 
maintained in the Middle and 
Far East. The last four months 
of 1977 were, ho w ever, 
characterised by a large increase 
in short-term investment or 
speculative demand brought about 
by the decline of the US dollar 
vis-a-vis other major currencies 
in foreign exchange markets. 


Despite these difficulties 1978 
looks se: for a further expansion 
,n earnings from South Africa's 
mineral exports. The higher 
prices being received for exports 
cf r.pld. uranium, copper, diamonds 


The additional investment 
demand for gold continued to 
dominate the market in early 1978, 
at one stage pushing-the price up 
to over 190 U5 dollars per ounce. 
The market i: at present more 
stable due to the relatively quiet 
conditions in Foreign exchange 
markets, but the potential exists 
for further substantial investment 
in gold. The continued 
deterioration of the international 


Mr. L. W. P. van den Bosch 

economic situation, sustained 
worldwide inflationary pressures, 
plus the possibility of further 
uncertainties in exchange rates, 
have undermined investor 
confidence in a number of assets 
competing with gold. 

MARKETING AND 
PROMOTION OF GOLD 

Sales of uncirculated 
Krugerrand coins improved 
substantially in the second half of 
1977 and cnis ;r«nd has continued 
into 1978. In January sales 
reached a new monthly record of 
669 000. Sales for the first five 
months of 1978 of 2.5 million 
coins represent 74 per cent of 
the total 1977 figure of 3.3 million. 

The upsurge in Krugerrand 
sales over the past nine monchs 
'-Meets ehe increasing investment 
interest in gold. The marketing 
effort by the International Gold 
Corporation (Intergold) has also 
Contributed to this substantial 
success. 

World consumption of gold for 
the manufacture of jewellery 
showed an estimated increase of 
3.0 per cenc from 932 metric tons 
in 1976 to 97? metric tons in 
1977. a level comparable with the 
record years of 1 970. 197 1 and 
1972. which was achieved in spite 
of a gold price which was. on 
average, over four times that of 
those years. 

It is encouraging to note that 
in countries in which Inxergold 
is active in the promotion field. 
recall sales cf gold jewellery rose 
at a much faster rate in 1976 
and 1977 than in those countries 
in which no work was undertaken. 


Over the past decade the 
monetary role of gold has gone 
full circle from official recognition 
ro demonetization, resulting 
from the implementation of the 
two-tier gold market in 1968. 
back to the present effective 
remonetization of official gold 
holdings. 


In my view, the removal of 
restriction on official gold dealings 
will lead to increasing central 
bank participation in the gold 
market which should ultimately 
improve its depth and stability. 


The average price received by 
gold mines in 1977 was estimated 
at R4 022 per kg < US SI44 per 
fine ounce 1 compared with 
R3 336 per kg (US SI 19 per fine 
ounce) in 1976. an increase of 
20.6 per cent. Unfortunately 
working costs on gold mines 
continued to escalate at a faster 
rate than the gold price. In 
the last four years the costs per 
ton milled have increased by 

25.4 per cent. 26.8 per cent. 

15.5 per cent and 23.7 per cent 
respectively or by more than 
100 per cent in total. The 
consequence Has been that aver 
this period che increase io working 
costs has neutralized the benefit 
of the higher gold price. 


No problem facing the industry 
i> more critical than this 
sustained dramatic rise in mining 
costs which ha; resulted from 
the high general infia cion rates, the 
rapid increase in the wage bill, 
and exceptional increases in 
certain administered prices. 


productivity-orientated wage 
agreements but without sustained 
success. 

!• Fortunately, the urgent need to 
.make full use of the country^ 

. manpower potential coincides with 
widespread acceptance embracing 
all political groupings in • • 

South Africa that job reservation 
based on racial discrimination 
is longer defensible or practical. 

The Chamber submitted 
detailed evidence to the Wiehahn 
Commission of Enquiry into 
labour legislation and the Riekert 
Commission of Enquiry into 
legislation affecting the 
untiiization of manpower. In 
company with the rest of private 
enterprise it welcomes these 
urgent enquiries aimed at the 
removal of discrimination in the 
workplace. To meet current and 
projected demands for skilled 
labour as well as to create the 
required job opportunities for 
the expanding population, rapidly 
increasing numbers of non-White 
workers must be absorbed into 
' the skilled labour pool. 

The Government has declared 
its belief that all persons have 
an equal right to be trained and 
to qualify for any positron. 

This policy should be expressed 
- in legislation as soon as possible. 
The education system must be 
geared to meet the demand for 
educated people, and the law 
must be so administered as to 
ensure equal opportunity for 
training and employment of all 
those with the necessary 
educational qualification, the 
urgent needs of the time pose a 
crucial challenge to the State, the 
employer and the trade unions 
who must in concert bring about 
change in a pragmatic and 
non-disruptive manner. 

Despite prevailing restrictions 
the industry has placed 
increasing emphasis on the 
development of existing avenues 
of mining employment open to 
Black workers and seeks a 
progressive increase in the labour 
force permanently housed 
on the mines. 


current account of the balance 
of payments remains an area of. 
major concern. The- massive ' 
turnaround Sn the current accpuijfL 
from a substantial deficit, in 1976 « 
ttf a Comfortable surplus. Iff 1.977,- 
whicb' has continued Into the 
current year, is highly satisfactory, 
but -this was achieved during a 
period of 'economic recession 
and falling domestic demand. .The 
surplus on current account will, 
come under intense pressure if 
the economy moves into a more 
vigorous growth- phase and 
imports start rising accordingly. 
For-this reason every effort 
should be' made to* promote furthe 
growth in exports in order to 
maintain the- current account 
surplus for as Icmg as possible, 
bearing in mind that South Africa 
can no longer rely on an. 
accommodating inflow of foreign 
capital to protect its reserves. 


MONETARY ROLE OF 
GOLD 

The ratification of the Second 
Amendment w the IMF Articles 
oi Asrcemem on 31st March. 1978. 
ha; important implications for 
gold as a monetary asset. 

The ratification will enable 


In addition, despite the 
containment of wage- and salary 
increases in 1977 to between 
5 and 6 per cent, a large number 
of mines have reported that the 

introduction of the eleven-shift 
fortnight has pushed up working 
costs. To maintain production 
many mines had to increase their 
underground labour force and to 
step up overtime payments. 

As a result the total wage bilf last 
year increased by 15 per cent. 

Unhappily static or declining 
labour productivity has been a 
feature of recent years. The 
industry has attempted to meet 
this challenge by entering into 


The industry is endeavouring, 
too, to encourage the migratory 
worker to return regularly to 
the job for which he is trained 
and to adopt mining as full-time 
employment. Some success has 
been attained in this area and 
there is a greater degree of 
stability within. the total labour 
force. 

THE SOUTH AFRICAN 
ECONOMY 

At this moment of time the 
South African economy appears to 
have turned the corner at last 
and entered an upward phase- of 
the growth cyde. . 

The vulnerable position of the 


THE OUTLOOK 

Despite improved prospects of 
acceptable political solutions in 
Rhodesia and South West.Africa, 
the outlook for Africa is darkened 
by the apparent poweriessness 
of the West to thwart Soviet 
inspired programmes of violence, 
instability and unrest. Ir Is 
realistic to expect that South 
Africa will continue to be exposed 
in che year ahead to international 
hostility, reflected in a continued 
decline in the availability of 
foreign capital, mounting pressure 
for economic sanctions and 
support for terroristaciivity. 

Against this threatening world 
background. South Africa needs to 
marshall its economic resources. 
The country feces a watershed 
in political, economic and social 
development. The -key .to future 
prosperity and peace Ties in growth 
adequate to meef-the material .- 
needs of all its peoples and Co 
enable the country to meet the 
pressures likely to be ... 
imposed on it. 

•- But South Africa. cannot 
marshal its resources to the best 
advantage while controls on 
prices, labour utilization, the 
monetary system, foreign exchange 
markets, and all other aspects 
of economic life constrain the . 
economy. No more urgent taik 
feces the nation than to allow full 
rein for market forces to 
determine the optimum allocation 
and utilization of all resources, 
to allow greater scope for the 
motivation of economic incentive 
and to open the full' ben efitsof the 
free market system to all. 


The full text of this address 
may obtained from the 
General Manager. 

Chamber of Mines of South Africa, 
5 Hoi lard Street. , 

Johannesburg, 2001, 


43rd day vesterday of bis belief was Mr. Mark- Van De Weyer, 
that by' publicising the row in the father of the union’s office 
the vear before hi6 dismissal, he chapel, and, as Mr. van De 
would make it more difficult for Weyer had told the tribunal, by. 
the newspaper do the -dirty " the time he was called into 
on him. • discussions with the . manage- 

- fjr r Tptfcpr G4 whn wrote the meat, Mr. Fisher had decided 
Lombard ^coSti^s te Tether’s -^column was 

was ^dismissed \20.jnd8tixs. ago. soing to _en<L 
He seeks reinstatement and com- The Finaimul Tunes had 
pensation and claims that he was attaehed^signfficance to Che view 
unfairly dismissed. ° f ***- Van De- Weyer that the 

; Times ..’into- ^r-San himselfT 
h'^Sifd^Snp' He thought that the Financial 
nr whv°25 Times " beit the pistol” because 

hr tSp tb*-. procedure could not be said 

to have been exhausted until the 
n? uoSon ’ 5 natl00al executive met to 
of press freedom, were involved- d^s vhat- had happened 

IVOJnileS Amuchmorcimportaattiues- 

r '. ' lion arose from the events of 

It 'had been suggested that by the disputes procedure: whether 
arranging. ..for aj-ticles. banned the Financial Times could reason- 
by Mr- Fredy. Fisher, the editor, ably have taken the view that bis 
to be published, in other journals, unwillingness to attend a working 
he was Hoofing" the. rules- of/ the relationship meeting in - the 
National Union of Journalists, editor's office meant that he was 
But ffle evidence of Mr. Robert not willing to collaborate In 
Norris,- -the union’s, national efforts to establish such a relation- 
organiser, ’ 'showed there was ship. 

nothing In the union's rule book He bad made it plain that he 
which' stated - that • -members was wilting to meet the editor In 
should: -not '.make public state- the offices of the Newspapers 
ments* while a dispute affecting publishers Association, having 
them was. 'being considered by received legal advice not' to 
the national disputes. procedure, attend a meeting in the editor’s 
Mr* Tether said it was' unfair office- 
to suggest' that be was trying to Tmnerafivp * 

frighten the' newspaper by pub- 1 , . - - 

lfcising the dispute, although by ■ The Financial Times had taken 
then 'he hid become greatly con- . a ?- astonishingly inflexible 
trerned about "had faith on the attiuide to the venae of the- 
part of- the Financial Times, ™ orluI1 S. relationship meeting/ 

His correspondence with pub- 

lie figures at that time would t0 “J® 1 editor It 

show his strong suspicions that Xf r “ D,lMe becaUSB 

the ultimate iptention _ was J?* . n ? w spaper con- 

force him nut of the paper., He h,m - 

believed that "publicity would i° ensu t f e , th ^ t 

make it more difficnlt for the f f c C „TS? n £ 1 t00 ( 1 ' place wbal ? ver 
paper lo “do the dirty'-’ on him. *.*■£ : "g; ■ . ' - 

.. J .... ■ - . . * alleged that the Financial 

Mr. Tether, added : It did not Times exploited the finding of 
>eem to me reprehensible when the disputes committee to find an 
faced . with a situation in which excuse tn dismiss him- '= •: ih 

I saw my. whole career, stature, Mr. Tether said that the Finan-' . . 
reputation and; Wes work being rial Times counsel -hari devoted' ■ 
threatened by people with un- a. substantial part of hi* cross- ' J - 
*°°ti9es, to take steps to examination to suggesting That 
do whatever I reasonably- could be .was exploiting every angle 
lo defeat that threat. for his own purposes^ thitlihe’'- 


,;ur 






Mr. William Wells, QC, the was trying to frighten the hewi- 
tribunal chairman, asked : “What paper by publicising, the dispute 


are the- Unworthy motives ydd and that he was changing but - 
ascribe to ■ the ' management of line.when things were ndtreoing.:: 
the Financial Times?” his way: 

Mr.' tether-} “To drive, me- out . Ba } .* hcse allegations- were, aH-. 
of, the '^aper: to silence- iny bnse . on documents which were' - 
voice.” - . notin Qie hands of jhe Firigncjfct 

Describing .the M THTefur-day8 TT ^ J ^ at of. his .ab- 


i ttimed is tel y before his dismissal 


It . was plain that tile Financial - 
Times was trying ".to -use .these 


Mr.- Tether olfeged that the _ 

Financial- Ttinejr -dtd -not -have *9 .*** .these , 

reasonable grounds for. consider- ■’*® r the - purpose , -of . r 

ing ‘that the final finding of the **rJ ° , besml . rt * ]^ 5 

three-a-side hatwnat. disputes ^ ' to 

conualttce^that. the - establish- J ^ at fae 
mom ' of an acceptable working • llnr ^ ona ^ le 

relationship, between ihe parties . i n-esumaWy 

was uaattaiuable /throng its 

members, .aganht 


procedure to: an" end’ . 

7t was the newspaper’s duty unS todLy” lBS : adjourned 


HOME ^CONTRACTS 


.j.. 

% 


,, flflm. contrtet -to supply the FINN CONSTRUPTIOrs: tiac ■ 
■-P»p r «Wl '.;>»« contract 'from'. GaoulouR TCV* for 
ooiygthylvne ■ pipe has been won the redevelomsent- of Trevnr 
by smart* -«m ixovps: Place, Kn^JlSridge: ValSd at 

C.5m. the work includes con^truc- 
RteelCorporabons tubes division, tion of 22 house? amTan Sder* 
The contract.' which wdl. last ground car nark. ■ 

for’ tiiree years, 'ts 'tire -largoit 
cvtnr awarded' to the Huntingdon- ■-•••..- * 

- - <? S n ^E;J rhe M , i, 2 r,eli,yJeDC The Jilond Division of icr has 
pjpe ar^ fitimgs will be used to awarded HUMPHREYS AlVD 
supply natural gas to consumers GLASGOW' a *£*£+** Vi 
In the Nort^Eat. W«t Mldtanfi, SStiSf, 

and North Thames 

The bulk -of ..-the 


Midlands <Jesi 

service pipe «»f 
and 63**, outside 


k 




ir: 


. v> .. 


J?r.. lyiifcj -t ■ 9. 



- •• V. 

- , :51i3ancia5;Times iWednesdajr. June 28 l|78 .. 


LABOUR NEWS 




11 



ds anion 
to seek consultation law 


BY ALAM-PIKE^tABOUR COWt£SPOND£NT 


* 


A MOVE "to -give trade no ions a 
legal right to consultation on' 
company takeovers -was - launched 
yesterday, by the Association of 
Scientific,. Technical’ - and 
.Managerial Staffs in. the wake of 
the. Tenneco bid for Albright and 
‘Wilson. . 

Mr. Roger Lyons, a national 
officer of ASTMS, said after a 
meeting of union, representatives 
from Albright and Wilson plants 
throughout the country that his 
members . would be asking the 
ASTMS parliamentary committee 
to seek, legislation which would 
guarantee trade union consulta- 
tion. At present Stock Exchange 
rules inhibited companies from 
providing unions with proper 
information on takeovers, he said. 

The union, which was initially 
hostile to the American group's 


. V-' 

bid for Albright: and^Wilson 
agreed to withdraw pressure .on 
the Government for a Terence 
to the Monopolies Commission 
provided Tenneco can gtife assur- 
ances on the f ature >of the 
company. . . . 

Unanimous '.$:l 

Mr. 'Lyons said ; thatj ASTMS 
representatives - from. && 12 
Albright and Wilson site? were 
unanimous in. their support for 
this course of action. ^Jfo-one 
was .“cheering or, -• t vrildly 
enthusiastic ” about the.tSkeover, 
but They had to take account of 
the fact that Tenneco already had 
a substantial . holding the 
British company. 

The Department of Industry is 
awaiting a reply from Tenneco 


on a series of undertakings about 
its plans for future control of 
Albright and Wilson. 

These include assurances that 
it will maintain a majority of 
British directors on the board, 
expand employment with special 
regard to regional balances, con- 
sult the Government on the 
development of the company and 
before disposing of “any signi- 
ficant part of It and consult fully 
with the unions “including the 
fullest possible sharing of 
information.” 

If satisfactory assurances are 
received unions representing 
Albright and Wilson manual 
workers can be expected to 
follow the ASTMS tine and with- 
draw from opposition to the bid, 
■which shareholders are being 
recommended to accept, 


APPOINTMENTS 


Two new main Board members at Samuel Montagu 


Mr. Frauds Hamilton and Mr. 
Ian Hendriks have been appointed 
directors of SAMUEL MONTAGU 
AND CO.' from July 1. 

* 

Mr. D. M. Lean has become 
chairman of the RUBBER AND 
PLASTICS RESEARCH ASSOCIA- 
TION OP GREAT BRITAIN suc- 
ceeding Mr. P. Falharly, who is 
taking up residence in Australia. 
★ 

■ Mr. Tom McGrath has been 
appointed personnel director, and 
Mr. Dong Giimonr devel opme nt 
director of SMITH BROTHERS 
(WHITEHAVEN) from July 1. 
The parent concern is Mardon 
Packaging International. 

ir 

Mr. Roger James has been 


appointed a director of CONTACT 
DKPLAYS. He was previously 
production controller and remains 
responsible . Tor production 
matters. 

* 

Mr. Norman Nibloe has been 
appointed managing director of 
COUNTRYSIDE BUILD 

(SOUTHERN), a subsidiary of 
Countryside Properties formed to 
expand private residential housing 
development into the southern 
parts of Greater London. Mr. 
Nibloe has spent 14 years with 
the Bo vis Group Housing Division. 

Mr. R. W. D. Macintosh nf 
Monsanto has been elected chair- 
man of the BRITISH SHIPPERS’ 
COUNCIL in place of Mr. R. J. C 
Hill who retires on completion 


of his three-year term appoint- 
ment. 

* 

Bridon states that Mr. John 
Ashton, previously managing 
director, has been appointed chair- 
man of ASHLOW STEEL AND 
ENGINEERING COMPANY, the 
group's major UK engineering 
subsidiary, in succession lo Mr. 
Douglas Smith who remains on 
the Ashtow Board. Mr. C K. 
Gray, previously technical direc- 
tor. has been made managing 
director. 

★ 

Mr. Donald A. Cameron has 
been appomted secretary of the 
ROYAL BANK from July 1. Mr. 
Alexander McAndrew has become 
general manager (administration! 


in- place of Mr. Robert N. Forbes, 
who retires on June 30. 

Mr. M. Norvworlhy has been 
appointed to the Board of ANGLO 
SCOTTISH INVESTMENT TRUST. 

Sir Carl Aarrold has been 
formally appointed chairman of 
the RAC at the first meeting of 
its new Board and committee. 
Three years ago. Sir Carl, who Is 
also president of the Lawn Tennis 
Association, was elected one of 
the stewards of the RAC, motor 
sport's final court of appeal in 
this country. 

Mr. Sidney L. Lesser, a Loudon 
solicitor and chairman of the 
working committee which drew 
Up the restructuring proposals, is 
the RAC’s new vice-chairman and. 


at Sir Carl's request, is acting as 
executive chairman for carryhL. 
out the restructure of the organi- 
sation into three separate com- 
panies covering motoring services, 
the club houses at Pall Man and 
IVoodcote Park, and motor sport 
activities. 

Sir Carl was Common Serjeant 
of the City of London (19.wjH> 
and the Recorder of London 
(1064-75;. ’ 

★ 

Mr. John Mann, a member of 
the British Institute of Manage- 
ment, has been appointed secre- 
tary of the SCHOOLS COUNCIL, 
which supervises the curricula 
and examinations for schools in 
England and Wales. He will take 
up the £13,000 post on October 1. 


Rover dispute man 
fined £50 for theft? 


BY OUR OWN CORRESPONDENT 


THE dismissed shop steward at 
the centre of a dispute which 
has. halted production at the 
Rover works at Solihull, 
Warwickshire, costing - an 
estimated £30m in lost produc- 
tion - and the lay-off ■ of 20,000 
workers - appeared in court at 
Solihull yesterday. . • • 

Transport workers* shop 
steward Anthony Robert Tombes, 
aged 41, of Cbclmsley Wood, 
hear .Birmingham, admitted 
stealing a tax disc for a motor 
car belonging to British 
Ley land and- was fined £50. He 
also admitted six -related motors 
jng offences for wbfch he was 
fined a further £70. 

The company dismissed Sir. 
Tombes after he was stopped by 
police- and the 'strike began 
when SO colleagues walked out 
demanding his reinstatement 
Chief Inspector Alan Marriott, 
prosecuting, said that when first 
seen by; police the Rover car bad 
been displaying a tax disc but 
by -thg time it stopped the disc 


■was no - longer on - -the -.-/wind- 
screen. . . 

After questioning Mr. ^Tombes 
produced a tax disc which had 
been reported missing from an 
MG owned by BL on February 19. 

Mr. Roger Richards, defending, 
said that Mr. Tomber bad-found 
the disc on the ground 1 at the 
Rover factory. He had Intended 
to band it -in but beiogabusy 
man bad overlooked doing so. ' 

After the bearing Mr. Tombes 
said be would be discussing the 
situation with the drivers' com- 
mittee which represents: the 80 
men who are on unofficial ^strike 
over his sacking. 

He refused to be drawn on 
whether the strike would,- con- 
tinue but many of his colleagues 
who packed the court- for the 
hearing were adamant that the 
dispute would go on. • '. 

“I have been victimised. 1 
could name several incidents 
where, people have committed 
more serious offences and not 
been fired,” said Mr, Tombes. 


Industry ‘must change 
to solve its problems’ 


BY OUR LABOUR STAFF . 

KITISH INDUSTRY requires a 
impletrty new approach to its 
robierns, Mrs. Marie, Patterson. 
Iiairahan of the Confederation of 
lap-building and ■ Engineering 
nions; told the confederation’s 
nnual conference at Eastbourne 
estprday. ^ ; . - • 

A shorter working week, m- 
rcased leisure and a ■ secure 
age were necessary. 

Mrs. Patterson attacked Mrs. 
batcher's policies towards trade 
nions. She said the interests of 
ade ’unionists and their families 
ould get short shrift if .Mrs. 
hatcher were to ■gain control ip 
General Election. - ; 

•Trade unionists would be faced 
ith" “ a planned campaign of 
•liberately staged confrontation 
id industrial warfare such as no 
revious politicians would have 
lowed to be contemplated.” 
ationalised industries were, 
ader particular threat. 

The engineering industry was 
lying for the long period -of iu- 
Eective management. lack_ of in- 
jvation and low level of invest- 
cut. Managerial Ideas . of 
Britney Tor the industry were 
i stick-and-camrt lines to ■ in- 
'Case-t.be tempo of work. 


The aerospace Industry was 
“'buoyant any fonrardjfooking," 
she said, with trading^ profits of 
£65m. The. shipbuilding industry, 
which was ' in its death throes 
when .the- Government took it 
over was on ly now receiving 
constructive proposals. 

North Sea oil . was not perhaps 
as great a saviour as some had 
seen it, -and its bounty .should 
be used, constructively. The 
job of the .trade unions was to 
make’ sure that unemployment 
did not grow while the profit pf 
multinational companies • was 
swelledby the oil. 

The ' ' Government’s - recent 
White Paper on industrial' demo- 
cracy were "the first steps 
along the road.”. The wind of 
change would not blow itself out 
until problems covering rights 
of -capital ownership, managerial 
prerogative and workers 1 rights 
Were resolvedl. ■ 

’ Mrs. Patterson, a former TUC 
president, noted, ber . ■ own 
achievement -as the first woman 
president of' the confederation 
and warned that the trade union 
movement -must not be guilty of 
“apartheid between the sexes. 


Talks fail in Scottish 
bakers’ pay dispute 

BY NICK GARNETT. LABOUR STAFF 


STING between employers 
lion representatives under 
ispices of the Advisory, 
lation and Arbitration 
? yesterday failed to reach 
ion in the Scottish bakers’ 
■ which has been affecting 
supplies. 

dispute, which has resulted 
work-Io-rule in major 
>s in Glasgow and Ayr is 
uoday attendance bonuses 
onsolidation of £6 still 
olidated front pay sup- 
its. 

lokesman for the Scottish 
employers said they had 
I to consolidate £4 of the 
tnents as soon as normal 
g resinned and to con- 
e the remaining £2. at the 


next annual wage negotiations. 

This was in return for extra 
productivity achieved after the 
Spfliers-Frencb bakery closures 
and for extra flexibility m exist- 
ing working agreements. It naa 
been agreed at the national joint 
committee for the Scottish bak- 
ing industry. *' 

The employers said, however, 
that at the ACAS meeting wyon 
representatives insisted that the 
extra consolidation should be 
applied by the smaller bakenes. 
although the . employers had 
already made it clear that ihe 
offer applied solely to the large 
bakeries. Only in those bakery 

bad there been increased pro 
ductivity-to cover consolidation. 


TASS says 
BL car 
output must 
be doubled 

By Philip Bassett, Labour Staff 


BL CARS, formerly British Ley- 
land, must more than double its 
annual production if it is to 
avoid “ a slow but certain 
death,” the white-collar section 
of the engineering workers 
union argues in a new blueprint 
for the company’s future. 

Tbc plan, drawn up by the 
Technical, Administrative and 
Supervisory Section (TASS) of 
the Amalgamated • Union of 
Engineering Workers, calls for 
BL to expand, setting an annual 
target of 1.5m vehicles, with lm 
vehicles this year. Last year 
650,000 vehicles were produced. 

The union has circulated the 
plan, called Collapse or Growth 
an Alternative to Edwardes, to 
all unions attending this week’s 
conference of the Confederation 
of Shipbuilding and Engineering 
Unions. It will be sent to all 
MPs and presented to Mr. 
Michael Edwardes. BL's chair- 
man. at the conference in 
Eastbourne todav. 

The confederation will to 
morrow debate a TASS motion 
on Leyland. 

- TXSS, which has 5,000 mem- 
bers In BL Cars, sees failure to 
invest as the key to Leyland’s 
difficulties. Lack of investment 
in new models has meant that 
BL Cars* market share has con 
sistently fallen since 1971 while 
Ford, its major rival, has main 
talned its share. 

TASS considers that BL needs 
investment- of about £1-S5bn, 
similar to that spent by Volks- 
wagen on modernisation in four 
years and Renault’s plans to 
Spend £2.47bn in four years. 

The union admits that indus- 
trial disputes in Leyland have 
harmed sales, but suggests that 
the root causes of disputes in 
BL would be remedied by an 
immediate return to “genuine 
free collective bargaining." 

It* argues that the Speke No. 2 
plant - in Liverpool, closed last 
month, should be reopened, pos- 
siblyfor specialist cars, and that 
production of greatly sought 
vehicles such as the Land Rover 
and Range Rover should be in- 
creased at the Canley plant in 
Coventry. 

The document describes the 
Edwards plan for saving Leyland 
as' “ a strategy for British 
Leyland's slow death.*' It sees 
as the only limg-term solution to 
Leyland’s problems the public 
take-over 1 of Ford of Britain. 
Chrysler UK and Vauxhall. 

Mr. Ken Gill. Communist 
general secretary of TASS, said 
the union was convinced BL 
Cars could survive and prosper 
through expansion. The union’s 
alternatives to the ' Edwardes 
plan offered expansion, job 
security and a vital contribution 
♦o Britain's industrial regenera- 
tion. 


Walk-out hits 
Perkins 

SIXTY WORKERS in the fuel 
injection, department at the 
Perkins ‘ diesel engine plant in 
Peterborough went on strike 
yesterday after a colleague was 
disciplined for refusing a 
transfer. They are demanding 
his reinstatement without loss of 
earnings. 

Production in other areas has 
not been affected, but a dispute 
by maintenance men earlier this 
month lasted for 30 days and 
resulted in more than 3,000 men 
being laid off fdr a week.. 


Law ‘has not cut recruitment’ 


LABOUR CORRESPONDENT 
no evidence that said. It £oot.d no. evidence Uiat 
jlovment protection the legislation was signmeanuy 
'h as generally a ff e£r ting recruitment *here 
idageroents from tak- employers were recruiting fewer 
labour, according- to peop i e it was primarily because 
r the Policy Studies ^ e y h’ad increased productivity 
iblished yesterday. or had spare capacity. 

rt was immediately institute discovered that 

y Mr; Albert Boot* ™ mstmii of * 

)r Employment. Be untaira^ni^ v ^ the .most 
oyraent. protection on employers. Their 

»ad been the subject hid be ca to. encou£ 

read attacks .,*5! a'-e reforms, of disciplinary and 
who said ’t placed dTcmissals procedures, and 
burdens on hid become more 

l from this Study Car ® fu! ab0Ut ** qUaUty ° l 
Sr 5 te 000 C in P K rt ^wJ n evid C ncethatungr 


particularly in plants where the 
dismissal rate bad been very 
high; but no indication that 
managements 'were being in- 
hibited from taking on new staff 
■when they would otherwise have 
done so. 

Managements the report said, 
wCre evenly divided over whether 
they believed the employment 
protection legislation had. proved 
advantageous to them. Critics 
said It had imposed a time- 
consuming burden on companies 
and led to undue protection of 
inadequate employees. Sup- 
porters felt it had made manage- 
ments pay more attention to 
personnel and manpower issues 
and had improved labour 
relations. *■ - 


l.C.I. INTERNATIONAL FINANCE LIMITED 

8 per cent. Sterling/Deutsche Mark Guaranteed Bonds 1978/86 

S. G. WARBURG & CO. LTD., announce that Bonds in the pnncipal amount of £1,500,000 have been drawn in the presence of a Notary Public for the mandatory redemption 
instalment due on 1st August 1 978. The numbers of the Bonds drawn are as follows : — 


G 

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29756 

29766 

29776 

29786 

23796 

14806 

14816 

14826 

14826 

14846 

1485$ 

1486$ 

14876 

1468$ 

14696 

29806 

29816 

2982$ 

29E36 

2384$ 

29856 

23860 

29876 

29686 

29896 

14906 

14916 

74926 

14936 

74946 

1*956 . 

14566 

1497$ 

149S6 

14996 

2990$ 

29916 

29926 

20336 

29946 

29956 

2996 6 

23376 

29986 

29996 


The following Bonds drawn for redemption on 1st August, 1977 have not yet been presented for payment : — 

654 . 9234 , 11024 , 12094 , 12104 , 13764 . 19084 , 23864 , 26164 . 

Holders of the remaining outstanding Bonds are reminded that, in accordance with the Notice of Early Redemption published on 12th June, 1 978, the Company 
has elected to redeem all such Bonds at 101$ per cent, of the principal amount thereof on 1st August. 1978. 

Payments of principal and premium (if applicable) in respect of Bonds to be redeemed on 1st August, 1 978 and payments of interest in respect of coupons maturing on that date will 
bfi madeagainst surrender of the relevant Bonds and coupons on and after 1 st August, 1 97B at the of lice of : — 

S. G. WARBURG & CO. LTD., 30 Gresham Street London EC2P 2EB 

or at i he office of ons of the other Paying Agents specified am he reverse of the Bonds. Interest on such Bonds will cease to accrue from 1st August. 1378. Bonds should be presenled for 
redemption tog a (her with all unmatured coupons, failing which the face value ot missing unrualuied coupons will be deducted from the sum due for payment. 

Payments of principal and premium (if applicable) in respect of Bonds to be redeemed on 1 si August. 1 978 and payments ol interest in respect of coupons maturing on that date will 
be made in Sterling unless the option to receive Deuische Mark at the fixed rate of DM 8 36 47 :o fl is exercised on or before i Slh July, 1 978. In order to exercise such option !he relevant 
Bonds, or coupons must be deposited on or before 1 8th July, 1 973, with the Paying Agent I tom whom payment is required together with written instructions that the payment is to be made in 
Deutsche Merk. 

Holders are advised that it would be prejudicial to them not to elect to receive Deutsche Mark, 

28ih June, 1978 


S.G. WARBURG SCO. LTD. 
As Principal Paying Agent 


A, 



12 


PARLIAMENT AND POLITICS 



warned on Labour 





unrest over top pay 


BY JOHN HUNT, Parliamentary Correspondent 


THERE WERE elear signs in The 
Commons yesterday that the 
Government will face severe 
troubJe from its own back- 
benches if it tries to implement 
the Boyle Committee proposal 
That the general level of salaries 
for chairmen of nationalised 
industries should be raised to 
£40.000. 

The reticence o£ Mr. Michael 
Foot, Leader of the House, 
underlined the Government's 
embarrassment over the recom- 
mendation. which comes at a 
crucial stage in the negotiation 
of a new pay agreement with the 
unions. 

Mr. Foot, who was taking 
questions to the Prime Minister 
in the absence of Mr. Callaghan, 
was given an ominous warning 
from Mr. John Evans (Lab, 
Newton), an AUEW-spon sored 
member. 

Mr. Evans said that the Leader 
of the House should make it 
clear to the Prime Minister “ that 
many of us on this side of the 
House are concerned at the sug- 
gestion that this Government may 
implement the Boyle Committee 
report on top people's pay.” 

He added: “WMl you .point out 
to The Prime Minister that, if 
the Government implements this 
report, there is no chance what- 
ever of them enjoying a further 
round of pay restraint from the 
trade union movement." 

Mr. Foot discreetly replied that 
ho took note of Mr. Evans's re- 
marks but had nothing to say on 
that particular subject at the 
moment. 

From the Conservative benches, 
Mr. Peter Bottomiey ("Woolwich 
TV > wanted to know how the 
prime Minister intended to recon- 
cile the Government’s difficulties 
over pay policy. “The present 
policy runs out in a few weeks’ 
time." he said. “When is the 
Government going to speak on 
this matter? " 

Once again. Mr. Foot was un- 
forthcoming. He merely reminded 





Mr. John Evans 


Mr. Peter Bottomiey 


the House that the Prime 
Minister bad promised a state- 
ment before the Commons rises 
for the summer recess. 

Labour backbencher Mr. 
Arthur Lewis (Newham NW) 
said it was disgusting that top 
civil servants should get a 20 
per cent increase and that there 
should be rumours of a 20 to 30 
per cent increase for the boards 
of nationalised industries — all 
without a murmur from the 
Government 

This came at a time when the 
Prime Minister had said that he 
could do nothing to improve MPs’ 
salaries, even though MPs should 
now be receiving £11,000 a year, 
had their wages kept pace with 
inflation since 1965. 

“If be can do it for the one. 
why doesn't be do it for the 
other?" he protested 

During other exchanges, Mr. 
Foot and Labour backbenchers 
ridiculed a suggestion made the 
previous day by Sir Geoffrey 


Howe, shadow Chancellor, that 
special ** enterprise zones " 
should be set up in selected 
industrial regions, where con- 
trols would be relaxed and free 
enterprise encouraged. 

Mr. Robert Kilroy-Silk (Lab., 
Ormskirk) drew attention to the 
large number of redundancies on 
Merseyside and the 600 redun- 
dancies pending at Kirby. Only 
a bold new Government initiative 
could deal with these problems. 

He called on Mr. Foot to 
repudiate the Tory proposal for 
“ enterprise zones." which, he 
believed, would make areas like 
Merseyside “ safe havens for 
spivs, racketeers, speculators, 
ponces, exploiters and Tory 
crooks.” 

“Wc are having none of it," 
lie added — a proposition with 
which Mr. Foot readily agreed. 

Left-winger Mr. Dennis Cana- 
van i Lab., Stirlingshire W.) 
suggested that the Conservative 


scheme would create tax-free 
havens on Clydeside and Mersey- 
side, where there would be 
little protection for workers. It 
would increase deprivation and 
create lawless ghelloes where 
workers would have little pro- 
tection under the law concern- 
ing their health and job security. 

“If this idea is typical of the 
Tory think-tank, isn't it clear 
that it has become rather 
septic? ” be demanded. 

Mr. Foot pointed out that Sir 
Geoffrey's proposal had come at 
a particularly apposite moment. 
For Mr. Peter Walker, the former 
Tory Cabinet Minister, had also 
made a speech in which he said 
that the problem of the inner 
urban areas could not be solved 
by the easy- application of free- 
market forces. 

Mr. Walker had said that Prof. 
Milton Friedman liad only to 
take a short cab ride from the 
University of Chicago to see 
what free-market forces had 
done to parts of that city. 

Mr. Foot thought that this was 
the best speech that Mr. Walker 
had made for some time. All of 
these matters now seemed to be 
the subiect of intense discussion 
in the Tory party and the sooner 
they announced the results the 
better. 

The pre-election atmosphere 
continued with Mr. Bruce 
Grocott (Lab, Lichfield and 
Tamworth) complaining that the 
Tory party was including 
" extremists," such as Mr. George 
Ward of Grunwick on its list of 
candidates. 

The Tories retaliated by shout- 
ing the na me of Jimmv Reid, the 
former Clydeside Communist, 
who has been selected as 
prospective Labour candidate for 
Dundee East 

Mr; Foot blandly' observed 
that some of the extremists on 
the Conservative candidates* list 
could not be worse than some 
of those already sitting on the 
Conservative benches. 


Disabled 
exempted 
from £50 
car tax 


.v.itig.'SraJ&r 


relations. 


BY RUPERT CORNWELL, LOBBY STAFF 



OVER 


MR. WILLIAM WHITE LAW, 
Conservative home affairs spokes- 
man. reiterated 1 last night that 
his party would not adop t th e 
enforced repatriation of immi- 
grants under its new tougher 
programme unveiled last April." 

The Tory deputy leader also 
flatly denied reports that, one* 
100.000 disabled car in goveramenL.me Conservative 
in receipt of mobility would seek to introduce identitr 


By Ivor Owen, Parliamentary 
Staff 


aijowance will no.longer have to jfi, 





Mr. Whttel&w ... attacked 
4 malicious stories ’ . ' 


The Tory deputy -reader 
demned tier Nalion&l 1 
its - immigration; pojisr.;. 

Front, be -rsdd,. was: .-an.-, ranti^ - r 
Intel lectual^; . i=antHieQwcra^c • 
movement: wlrose^sote. . 

policy is to- exacerbate- racial- - 
1603100.“ ; / •' " ■; /. ■ 

' The Tories would ; do their . - 
utmost to reduce support for that 
body, he pledged. •/ . ? 

The target was to . provide: 
stability in the UK, ending ; 
substantial nfew Inflows *iom' any ■ 
source. This would secure equal . /• 
treatment for immigrants under 
British law, while the 'entire .-, ;; 
population' ° f the -UK could be - •? 
shown, that the Government * 
knew, through a register .of , 
dependahts,, a revised nationality 
law, and an across<(3ie*board -S' 
quota system, that there was a 
defined limit to the number of , 
those entitled to entry. •- 
“fn this way, we can. allay the 
undoubted fears and anxieties, 
that there is no prospect of an 
end to tilt influx from overseas 
of new people,” Mr. Whitelaw 


„ Fimd licence illegal immigration. “There Is 

™ a 4iSlt of a ta conSon not one shred of truth in this 
^o“«ei by the Go“Snt allegation,” he told a Bow Group 
last night. * meeting m London last mght 

Mr Robert Sheldon, Financial , The proposals, which will be a. 

Secretary to the Treasury, told key Part of the Conservative 
the Commons Standing Commit- manifesto' for the nevt general 

S^Tart of* SE twS. 

;«^K h heipVt a s 

This relief, urged by MPs of en g t 0 immigration “ on the scale 
all parties, will cost the Inland we have seen it in post-war 
Revenue about £3.5ro a year, ris- years." 

in* to £5m when the mobility _ VP tone 

ta 

1976, is tuny poasea in. t0 the increasing specticism .at 

The mobility allowance is now the practical effect of the pro- 
£7 a week, and will rise to £10 gramme, which was made public -, QroV ide- assisted • passages for said, 
a week from July 5. shortly after recommendations ^ w ho- wished . to , return 7 

Mr. Sheldon suggested that the issued by an alHiarty_ Select ^ome. .'|L,V:V“ v. ■ . . 
concession would help more dis- Committee or Mi's ax, wesx- -. ^. r whitelaw- suggested that 
abJed people to run a car, and minster. • q, b terms of these might be 

improeve their prospects of find- There Is every sign that improved where necessary, 

ing employment. immigration will be a prominent »* g ut beyond that we- will hot 

Government assurances that, theme in the. ..go," be declared. , 

under the terms of a new clause ® u J Q ?^^ e C r ! ^t^^,bsSw-‘ challenge Mr. Ron, Hayward, 
announced in May. redundancy riid™ wh^f 5 Mrs general secretary of the Labour 

payments up to £19,000 will be Shatchl^fir^ D?btic£ h Ssed ft to repudiate publicly the 

free of tax failed to satisfy Tory ^ her now S5 telSiSon malicious stories about the^Con- 

MPs and led to a tied vote- serve Lives seeking to send all 

15-15. year ™ coloured peoplehome; apparently Aj * u .]«t year, the Registrar of 

Mr. John Pardoe (lib North ' On repatriation, the Conserva- coming from Transport House, 1 has served notices on 

Cornwall) and Mr. Enoch PoweU tives were already committed, tell him again.- tnat tnese are overseas companies carrying 
(ULT Down S) voted for a Con- under the 1971 Immigration Act, - totally untrue. -- 
servative amendment which 
would have raised the new 
£10,000 limit for tax-free redun- 
dancy payments — embodied in 
the Government new clause — to 
£17,000. 

In accordance with precedent 

Mrs. Joyce Butler (Lab, Wood .... „ , „ 

Green), chairman of the com- TORY PEERS, pressing for the Lord Murray 
mittee, voted against the amend- speedy return to the Chilean (Lab) said that the action of 


Names of 79 

companies 

‘undesirable* 


SINCE NEW Companies Act 


Tory peersseek return 
of Chilean engines 


of . Gravesend 


pn business in this country under 
a name he considered -undesir- 
able, Mr. Clinton Dalis, Trade 
Under-Secretary, - told the 
Commons last night 
In a written answer, Mr. Davis 
said 49 of these companies were 
■using the- word bank * in their 
names, and most of the 
remainder had names thought to 
be over-similar to those of other 


umicc, vulcu uiu eiucuu- w-***.**- i - - — vi 4ni | :4_ uc m o* wmivi 

ment aud the Government new Government of four Rolls-Royce the Chilean Government : ana .its cMn p ail j es already registered 
ntn » m 4>n n inH hpM in Scot tand. attitude towards political 


GEC strikers 
face dismissal 


COMPUTER STAFF on strike at 
the GEC Telecommunications 
factory in Coventry were warned 
yesterday that unless they 
resume normal work next 
Monday they will lose their jobs. 

A second warning went to 100 
contract engineers, saying they 
would not receive their full 
money unless they worked 
normally from today. 

Twenty employees in the com- 
puter room have been on strike 
for several weeks over a pay 
claim. A letter from the 
management told them to accept 
the wage offer or be dismissed. 

The other group of workers 
walked out on Monday over their 
pay grievance. Today they joined 
the computer staff in a protest 
picket, of the plant. 

A third group of GEC 
employees is also demonstrating 
against what they claim are pay 
anomalies at the company- They 
are 200 foremen and supervisors 
from all departments who yester- 
day carried out a one-day 
stoppage over the breakdown in 
their pay talks. 


Hestair to cut 
80 jobs 


EIGHTY PRODUCTION workers, 
staff and senior management 
employed by Hestair, the agri- 
cultural machinery manufac- 
turers. at Peterborough are to 
lose their jobs. 

The group plans to move trailer 
production to its Leeds factory. 

“ Hestarr manufactures farm 
equipment in six different 
locations and this is being 
reduced to five," said Mr. Ian 
Ross, the managing director. 


HOME CONTRACTS 


A £500.000 order for anti-pollution 
incineration plant has been 
awarded to MYGROTHERM 
ENGINEERING. Manchester, by 
Woodall-Duckham. on behalf of 
the British Steel Corporation. The 
order covers desisn, installation 
and commissioning of two 
incinerators to destroy a mixture 
of gases and vapours containing a 
hish proportion of ammonia, as 
well as associated control equip- 
ment and a free-standing stack 
76.2 metres high, at Ravenscraig, 
near Glasgow. 

•*c 

JAMES DREWnT AND SON has 
a £195,000 contract for extension 
to the RNLI Depot — Phase II. j 
Poole, Dorset. Work has started | 
and should be finished by I 
February. 1979. 1 


MPs’ catering halted 
by three-hour strike 


Oil workers 
Bill backed 


clause was added to the Bill in aero-engines held in Scotland, attitude - . 

its original form. were told yesterday by Goyern-.pnsoners brought it into dis- 

Lord Winter- repute with people who believed 


from 


BY RUPERT CORNWELL LOBBY STAFF 


MINISTERS and MPs endured a 
dry and hungry evening last night 
as catering workers at the Palace 
of Westminster carried out a 
three hour strike to press their 
demands for pension rights and 
improved allowances. 

From 6.30 p.ra. the dispute 
closed bars, restaurants and 
cafeterias, which normally teem 
with customers during the peak 
evening period. All functions 
were cancelled and no refresh- 
ment was available for con- 
stituents visiting their MPs. 

The 250 strikers have two main 
grievances on which they say 
the committee of MPs which 
handles catering has refused to 
negoiate; the complete lack of 
a pensions scheme and their 
request for better holiday 


allowances to make up for 
forfeited days off. 

Mr. Bernie PrendergasL branch 
secretary of the General and 
Municipal Workers, threatened 
further stoppages last night if 
the demands were not met. In 
the Commons, Dr. Reginald 
Bennett, Tory MP for Fareham 
and the catering sub-committee’s 
chairman, promised discussions to 
try to resolve the impasse. 

Underlying the trouble is the 
peculiar system of management 
of such facilities at Wesminster. 
The job is done by MPs them- 
selves. And they are currently 
engaged in a protracted dispute 
with the Treasury over how the 
enormous accumulated catering 
deficit, now exceeding £Im should 
be covered. 


A BILL designed to give em- 
ployment rights to those 
working in oil fields on the Con- 
tinental Shelf was given an un- 
opposed third reading in the 
Commons yesterday. 

The Employment (Continental 
Shelf) Bill extends the Employ- 
ment Protection. Sex Discrimina- 
tion and Race Relations Acts to 
those working in a foreign sec- 
tor or cross-boundary oil field of 
the Continetal Shelf. 









BP plans ‘will 
protect jobs’ 


Owen gives assurance 
on nuclear weapons 


MR. JOEL BARNETT. Chief 
Secretary to the Treasury, told 
the Commons last .night that the 
Government had received assur- 
ances from British Petroleum 
that their investment plans for 
the UK would not be affected by 
proposed acquisitions in Ger- 
many and the Netherlands. 

BP considered that their pro- 
posals sbould protect jobs in this 
country which might otherwise be 
at risk, Mr. Barnett said in a 
Commons written answer. 


BY REGINALD DALE 

BRITAIN IS ready to give new 
assurances that it will not use 
nuclear weapons against countries 
that do not have them. Dr. David 
Owen, Foreign Secretary, 
announced yesterday. 

The decision follows similar 
undertakings by .the U.S. and the 
Soviet Union at the United 
Nations special session on dis- 
armament in New York. 

Dr. Owen’s assurance, in a 
written Commons reply to Mr. 
David Ginsberg (Lab, Dewsbury), 
goes further than an earlier 
British undertaking only to use 
nuclear weapons in self-defence. 

The Government is now speci- 
fically saying that it will never 
use nuclear weapons against non- 
nuclear states provided they do 
not launch an attack in alliance 
with a nuclear power. 

The hope is that countries that 
do not possess nuclear weapons 
wiU be less inclined to develop 
or acquire them if they know 
they are safe from nuclear attack. 

The British undertaking would 
apply to all non-nuclear weapon 
stales provided they had signed 
the 1968 Nuclear Non-Prolifera- 
tion • Treaty or " other hindioe 
international commitments nnt to 


manufacture or acquire nuclear 
explosive devices" 

France and China are still some 
way short of giving similar 
specific undertakings. China's 
position is simply that it will 
never be the first to use nuclear 
weapons. 


Forces strength 
to stabilise 


Bill on appeal 
by patients 


THE NUMBER r>f servicemen is 
likely to stabilise this year. Dr. 
John Gilbert, Derence Minister 
of State, predicted jn the 
Commons yesterday. 

Figures he gave showed a fall 
1976 io 318.< 1 9 in April this year, 
in the total strength of the 
armed forces from 334.519 in 

Dr. Gilbert argued: "Numbers 
are only pari of a capability. 
Equipment and training are 
very important elements.” 


imm meant that, for married earlier ^ Hamilton Sheriff 'be very few countries 

HSjrSpjyH tSTEiP 0 Court ruX ' mg 11131 **&*** wi?pm we could trade ^ ■ 

£19,000 would be free of tax. sbouJd be returned was:.;*! 

matter between Rolls-Royce 
SUppOrt Limited and the Chilean Govetp- 

Tory MPs disputed Ms ealeu- „ Ie 

lation and argued that there f 0 ” 1 Carrington, . Oppps 
would be more certainty if the JS^er, Lord Wnterbottom said , 
figure of £17.000 were written £ were straightforward.^ It 
into the new clause. They tried would not have taken so long, 
to enlist the suport of Mr. Robert ngton : “^VTtry is it 

Cant (Lab. Stoke Cent) who. for ^ aT1 rt 

SS t enT“fte 1, “ lo^o^.he thm PS 

Shelton steelworks, which effec- 

hrety went out o f nroduetton ^ * 3 

„ . , ‘ . people have very strong views 

He insisted that there must “Consideration has been going 
be no room for doubt that the 0I) and the strong views of this 
redundancy payments made to House will I hope, accelerate the 
steelworkers from Shelton decision" 
escape tax. Lord Winterbottom made it 

Mr. Barnett stated that, apart clear that the Gbverament’s only 
from possibly one or two excep- role was the consideration of an 
tions. redundancy payments to export licence, without which 
steelworkers were unlikely to the engines could not leave the 
exceed £16.000. But he assured UK- 

Mr. Cant that through the opera- The engines, which were je- 
tton of the “top slicing” pro- turned to Britain for overhaul 
vision, payments to married men '? nfve been held at East 
of up to £19.000 would be free Kilbride since 1974, having been 
of tax. Should any uncertainty declared black” by unions 
arise after further checking, the opposed to the Chilean regime. 

Government would put the issue . an ^ Fer * 

beyond doubt at the report stage re 11 * C^) said: It is not a very 
of the Bill sood advertisement for our 

. . ...... export trade if we deny our 

Mr. Cant joined with other customers their property, pre- 
Govemment supporters in voting SU mably because their politics 
agamsr tae amendment. are nof sufficiently Marxist to 

A Conservative attempt to please the unions involved, 
relax a further provision in the “When is the Government 
new clause designed to counter going to realise that they are 
tax avoidance through conrmuta- the Government of this country, 
tion of pension rights was the whole country and not just 
defeated by 17 votes to 13. the lap dog of the unions?” 


a few cases, 
pursued, the 
notices have 
in this 

_ or are 

with in the process of adopting, names 
acceptable to the department”- 


A MEASURE aimed at giving 
mental patients a better chaDcc 
of appealing against compulsory 
admission was given an 
unopposed first reading in the 
Commons yesterday. 

Mr. Geoffrey Pattie (C Chert- 
sey and Walton), the Bill's spon- 
sor, said that at present only 10 
per cent of those compulsorily 
admitted to mental hospitals hud 
the right to appeal to a tribunal. 

Only 12 per cent of those with 
the right of appeal did so. “Such 
a low t3ke-up suggests something 
is wrong." he said. 

Under his Bill, referral to a 
tribunal would be mandatory 
within three months of admis- 
sion. Tbe tribunal procedure 
would also be improved. 


Westland plant 
mass meeting 


Wives free to campaign 
on Service pay-Mulley 


By Our Labour Staff 


SHOP STEWARDS have called a 
mass meeting of workers at 
Westland Aircraft's Yeovil heli- 
copter plant today to put forward 
their proposals on the Iooe- 
running argument with the com- 
pany over piece-work. 

Last weekend. Westland, which 
has been trying to end piece- 
work at the factory, sent letters 
to all the workers threatening 
them with dismissal. 


MR. FRED MULLEY, .Defence Press or contact their MPs. 
Secretary, denied in the Com- "Any anxieties about possible 
mons yesterday that pressure had ^compUw'y ' 
been pur on servicemen to stop added. 

their wives lobbying Parliament Mr. James Larnond (Lab.. Old- 
over pay. ham E.) and Mr. Ron Thomas 

Mr. Patrick Wall <C., Haliem- (Lab„ Bristol N.W.) suggested 
price) claimed: "Wives allege that the problem would not 
that pressure was put on their arise if the armed services were 
husbands to advise them not to encouraged to join trade unions, 
attend.” Mr. Mu Hey said he did not 

Mr. Mulley replied that the think tbe problems would be so 
Ministry of Defence had issued easily resolved. “One of the 
no such advice. " I should like difficulties is that I am not at ail 
to make it clear that service sure that the armed forces, at 
wives are completely free to the moment, ore anxious to join 
speak in public, write to the trade unions” 


worst.,, 
wounds ... 



It used-tobe called shellshock. Now we know more. We know tint there 
are limitations to the human mind. 

Soldiers, Sailors and Airmen all risk mental breakdown from over- e xpo sure 
to' death and violence w/uist-in the service of our Country. Service... in 
keeping the peace no less than in nuking war. 

\Ve devote our efforts solely to the welfare of these men and women from alt 
die Services. Menund women who have tried to give more than, they could. 
Some.are only 19. a few are nearly AO years cf age. * 

Wc help them at lmmc and in hospital. We run our own Convalescent Home. 
For some, we provide work in a sheltered- industry, so that thev can live 
without dtnrity; For otliers, a Veterans' Home where they can see out their 
days iapcace. 

These men and women have given their minds to their Country. If we are 
to help than, wc must have funds. Do please help -to repay this vast debt. It 
is -owed by all of us. 


“TheyVfe given more then they could — 
please give as much as you can". 


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^Morris Marina^P 

With Supercover. 

We haven’t lost our sense of values. 


Marina prices from £2537.73 including car tax, VAT and front seat belts. Delivery and number plates extra. 


t 







Financial Times Wednesday 





EDfTKS BY ARTHUR BENNETT AMD TED SCHGETffiS 


• COMPONENTS 

High rise windows 


made safer 


A NEW safety catch could 
dramatically cut the number of 
deaths caused by falls from the 
windows of high-rise blocks. The 
new catch, which can he fitted 
simply and cheaply to existing 
window frames, is the brainchild 
of Ted Langston, managing 
director of Monk Metal Windows 
of Hansons Bridge Road, Erding- 
ton, Birmingham, a subsidiary 
of Thorn Lighting. It will be a 
boon to young mothers and old 
people, since children are 
particularly at risk. 

The new catch allows swivel 
windows to be opened in the 
normal way to a gap of four 
inches, but they can only be fully 
opened, for cleaning, by use of 
a special key. Once the catcb has 
been unlocked to allow the 
window to be swung fully round, 
the key cannot be removed from 
tbe lock. The safety catch auto- 
matically engages and locks in 
the safe position when the 
window is pushed back, and the 
key can then be removed. 

The new safety catch was 
developed following an approach 
to Thom by the Department of 
tbe Environment in December 
1977. 


Monk Metal Window's safety 
catch provides local councils with 
a reasonably cheap and quick 
means of making the windows In 
high-rise fiats safe the company 
asserts. Unit cost of the catches 
is around £3.70, although it will 
vary a little according to the 
type of surround into which the 
window is fitted, and fixing takes 
an average 20 minutes per 
window. 

A similar catch which can be 
fitted to side-hung windows is 
under development 

Although the safety catch is 
primarily intended for instal- 
lation by councils in high-rise 
fiats, it will also be of value to 
the private householder, for use 
on bedroom windows for example. 
An additional advantage for tbe 
householder is that windows 
fitted with the catch can be 
safely left ajar while the owner 
is out. 

Initially, priority for these 
catches will be given to local 
authorities, although they should 
be available for householders 
early in 1979. 

Thom Lighting, Thom House, 
Upper St Martin’s Lane, London 
WC2H 9ED. 01-836 2444. 



_ INSTRUMENTS 

Gauges tiny currents 

' v •— Aat 1+ Tl 





For Industry 


^ ir- 


TO MAKE USE of the abilities ls.tte a 

of Wera semiconductor w 

cuits other components Involved ^ CIt ^ miaIlce ^ In the moddE 
need to have wmmensorate to force 

performance and the msutetaoa 4S0, f eed ™ ^ low leyel 
leakage of capacitors, printed the drop J® TJJj* 
boaSI, switches, and connectors- of 200 mLcr0 ^: . 

has to be kept down. . Able t0 

To check such minute cur- TOlta ™ overload of Luw -vuu^ 
rente, Keithley Instruments, has far three seconds, the 
introduced the model 480 pieo- /display settling 
ammeter which has second, 

between 1 nanoamp and l.mllli- ^ a normal mode rejecura 
am™ Readings a« presents on * 50 to 70®. Measor^r 
0.3 inch high LED. characters 27S by 235 by 85. mm, the unit, 
in a “1999 * format Accuracy we | B hs 1.7 kg. 
is never worse tbaft plus or M from the company; at- 
minus OB per cent of the read, . - toD Roai Reading RG2 

ing plus four digits. ^ f 01 " ociooti: 

A difficulty with any ammeter QN1 (0734 SbUSi). 


C o„r.' ®HfWe“ e , d 


Cass Electronics Limited 
Phone fgham B2SB fsrMtonrieiisr- 


m 





‘ JT L 


Close check on fuel use 


THOSE needing to make accurate 
measurements of foe specific fuel, 
consumption of diesel or petrol 
engines will be interested in- the 
FM3A system developed by Hird- 
Brown Instrumentation of 
Bolton. 

Fundamental measuring com- 
ponent is a vertical fuel measur- 
ing tube with precision bore 
which is equipped at its base 
with a pressure transducer. The 
weight of the fuel in the tube is 
then proportional to the pres- 
sure, R gg iiming that the bore is 
unaffected by temperature 
change. 

The system first of all fills the 
tube at the same time feeding- 


the running engine. ^On Vitia- 
tion of the test rtm, fuel is fed 
only from the cylinder; a pres- 
sure reading is automatically 
taken by the electronics unit ana 
; timing (pre-set) is stafrtj 
Another pressure reading at the 
end of tbe elapsed time gives the 

fuel used. • 

The control anit also, takes in 
rpm data from a toothed wheel 
•counter on the engine and. dis- 
plays it together with total reyo- 
lutions performed, . time, fuel 
used and fuel consumption rate. 

More from the company ^-at 
Lev er street, Bolton BLS 6BJ 
Lancs (0204 27311). 


micro , 

•' ':-r vivSC;' • . 

INTEL ~ ptannmig ^ o iie^ay: 
seminars on .very Jugb "per- 
formance Bueroconiputs^.aiat 
month, in Glasgow; Manchester 

and Londdm;VYenues wi&be-tiie - 

Albany Hote^. -PM^admy Hotel - 
and .the Cavendish Conference' 
Centre.' respectively.'-', and- .'-the-; 
dates are July. 10* 12 and- 14. 

’ : Most- of the time-win be-SpeBi' 
on - tiie new 8086 16-htiL device^ 
and the company - stresses. 
the- seminars will he mtenshre : 
—they are aimed,- r at; engineers 
and the technical coptMt will be; 
high: : v ,’.-’ : ' • ’ 

Do cum entatioit ( -Nsfll . jorfeufo. ' 
complete design informationrfca‘.- 

the 8086 including instruction - 
set and interface detafls^ \ “;- 
- Tickets .at' £13.59 - 

Corporation (UK), 

Towns Hoad, Oxford QX43NB, . 


“V:.-: 




Keeps lieat controlled 


Final boring of the whitemetal lining of a large bush bearing at the new factory of Micbell 
Bearings, Newcastle upon Tyne. A new quarter-mile long factory and a £4im redevelopment 
scheme has given Michell Bearings, a Vickers operation at Newcastle upon Tyne, greatly 
Improved capacity and production capability for Its specialised products. 


MATERIALS 


TWO FURTHER devices aimed 
at improving the control of heat- 
based processes have come on to 
the market, from Torvac, of 
Histon, and Controls and Auto- 
mation, of Hitchin. 

Loads up to 3 kW can be 
switched/controlled directly 
using the latter's model 6103 
which is intended for use by 
machinery manufacturers. It is 
available to order in various 
temperature ranges from 0 to 
1600 deg. C and has a plus or 
minus 1 per cent accuracy under 
steady load conditions. 

For panel mounting with a 
DIN 48 mm bezel, the unit uses 
proportional control to avoid 
temperature “hunting.” More on 
0462 56391. 

Torvac, tbe high vacuum 
engineering company, is offering 
more subtle control of the 
vacuum furnaces used by metal- 


lurgists with its Torvac/Euro- 
therm unit, intended for use with 
its 7801 programmer. 

It gets over the problem of 
dealing with the difference 
between the process tempera- 
ture and the actual control tem- 
perature. 

In the rise part of the cycle 
the control thermocouple leads, 
demanding power to meet the 
pre-set rate of rise. When the 
work temperature catches up, the 
subsequent dwell is controlled by 
a thermocouple on the work. 
After tbe dwell the programmer 
will move to a further rise or fall 
condition with the control 
thermocouple again leading. 
More on 022023 2646. 


Controlling 
by air 


© B11 agreement between the tiwAonnyrk 
Financial. Times and the BBC. IffTvoSllX C 
hiiormation pom The Technical mt 
P age is ararlable for use by the 
Corporation’s External Services 
as source material for its over- 
seas broadcasts. 


A PNEUMATIC sequence con- 
troller from Pneumethods of 
Cumbria has the advantage that 
it can be widely applied and 


installed by technicians who need 
not be too familiar with pneu- 
matic circuit design. 

The makers also claim that a 
typical installation will incur 
only about half tbe cost of the 
equivalent electrical system. 
Furthermore, whereas most pro- 
cess control sequence systems 
need the attention of both elec- 
trical and mechanical staff, the 
purely pneumatic system needs 
no electrical work. Such equip- 
ment is also intrinsically safe. 

PSC-177 is a self-contained 
pneumatic block produced as a 
rack module for chassis or 
machine mounting and can have 
six, eight or 10 stages. Air 
pressures up to 120 psi can be 
used. 

Each of the stages has input 
and output lines; an input to 
stage one gives an output to 
controlled device number one 
which feeds a signal back to 
the block to form the input to 
stage two. and so on. Delays 
can be introduced, also pneu- 
matically. at the activated devices 
if necessary. Tbe block measures 
8 by 3 by II ins. 

More from PO Box 3. Cumbria, 
CA14 2BD (0900 5303). 


6 WATER SUPPLY 

Reduces the bills 


Speeds up 


NEW CHARGES for the in- 
dustrial use of water in the 
Bradford/Shipley area are run- 
ning at 74J>lp per thousand 
gallons*. . . companies like S. 
Jerome and Sons, fine worsted 
manufacturers, at Shipley, use 
millions of gallons a year due to 
their six-day production cycle. 

Like them, Jerome would face 
a horrific water bill if it were 
not for the installation of its own 
independent water supply. 

The acquisition of a licence 
from the Yorkshire Water 
Authority allows the company to 
extract water under a £50,000 
svstem Installed by Farrods 
(UK) which means it will pay 
for its water at only 2p per 
thousand gallons. This suggests 
a cut in the company’s water bill 
from £40,000 a year to £1.000. 

The system comprises a bore- 
hole, borehole pump, storage 


tank, filtration and water soften- 
ing equipment, together with a 
plant for recycling cooling water. 

Sunk to a depth of 50 metres, 
the 250 mm bore is capable of 
supplying 19.S50 gallons an hour. 
The water is brought to the 
surface by a 25 hp Jacuzzi pump 
supplied by Jacuzzi-Farrods 
(UK). 

Once on the surface, the water 
passes through filtering and 
softening plants before being 
stored in a tank with a capacity 
of 95.000 gallons. Automatic 
sensors in the tank are linked 
with the bore pump to ensure 
that the water level never falls 
below a certain point. The 
whole system is automatically 
regulated and requires the mini- 
mum of maintenance. 

Further from Farrods (UK). 
Dellamires Lane, Rtpon, North 
Yorkshire. 0765 4455. 


- This particular kiln wai 
designed for J. E. Heath, °f 
1 Burslem, and takes- two car s eac h 
.1 r»* • J . holding 3,000 cups. Reaching 

fhp Tinner - • k • tzo 0 degrees C in six hours, ft 
LUC -1X1 XLftg shows gas savings of 45 per cent 

THOUGHT UT of a tradfltional compared with its predecessor,, 
brick kiln for firing ungl&zed More on 051 334 4030. 


Focus on 
Telecoms 






pottery has been nearly trebled >r 


CONTRACTS & TENDERS 


INTERVENTION BOARD FOR 
AGRICULTURAL PRODUCE 


INVITATION TO TENDER 


Tenders are invited for the urgent supply and delivery cJJ. 
from any EEC port of 1.000 tonnes of bagged sorghum 
destined as United Kingdom national food aid to the 
Government of Gambia. Each new or good quality second- 
hand jute bag shall contain no more than 50 kgs of sorghum 
and be marked in characters of no less than five centimetres 
in height; “ Food Aid Gift of the United Kingdom.” The 
sorghum is to be loaded in one vessel and delivered without 
delay to the port of Banjul. 

The allotvance for the supply and transportation costs of the 
grain will he determined on examination of the tenders. 
Delivery terms embodied in a Notice of Invitation to Tender 
together with Tendering Forms may be obtained from 
Branch B (Cereals). Internal Market Division. Intervention 
Eoard for Agricultural Produce, 2 West Mall. Reading. (Tel: 
Reading 5S3626.) Tenders must be submitted by 12 noon, 
Wednesday, 5th July, 1978. to: 


HOSIE GROWN CEREALS AUTHORITY 
Hamlyn House, Higbgate Hill 
London N19 5PR 


INTERVENTION BOARD FOR 
AGRICULTURAL PRODUCE 


INVITATION TO TENDER 


Tenders are invited for the urgent supply and delivery fo.b. 
to any EEC port capable of loading the required quantity of 
IO.iWO toones’ of soft wheat into one vessel. The soft wheat 
shall be delivered in bulk together with 200.000 empty spare 
sacks marked “Food Aid Gift of the United Kingdom” with 
sufficient needles and thread for hogging at the ultimate 
destination. Loading shall commence as soon as possible but 
no earlier than 23 days after submission of the tender and the 
tenderer shall select a loading period of at least 15 days’ 
duration. 


The allowance for the supply and transporation costs of the 
grain will be determined on examination ui the tenders. 
Delivery terms embodied in a Notice of Invitation to Tender 
together with Tendering Forms may be obtained from 
Branch B (Cereals). Internal Market Division. Intervention 
Beard for Agricultural Produce, 2 West Mall. Reading. (Tel: 
Reading 5S3626.) Tenders must be submitted by 12 noon, 
Wednesday, 5th July, 1978. to: 


HOME GROWN CEREAL AUTHORITY 
Hamlyn House, Higbgate Hill 
London N19 5PR 


DRAWING 

At drj*in;i mid* in June 1978. in the presence of a Notary Public in 
Steel- holm, peposit Certificates in respect of Bonds of 

Th’E GERMAN REICH 4% (FORMERLY 6%) EXTERNAL LOAN OF 
1930 (the “ Match Loan ”) 

totalKn- US 56 1 5. ICO we'e drawn for redemption as at the !7:h July 1978. 

Lisa of certificates drawn can be obtained at Luird Brothers & Co.. 
Li.-nri-rd. 21. MiarScids, London. LC2P 2HT. 

7 h} eortifica:?* are payable on the condition given in the certificates is 
from the i 7th July 1978 at any of the offices of -Skandinaviska Enskilda Bi-ikon 
and Cotabankcn as wcM as as the offices of the other Paying Agents. 

No sntcresc will be paid as from ISth-July 1978 on certificates drawn. 
Certificates presented for redemption shall be accompanied by all the interest 
coupons which are no: yet due for payment as well a: by the talon. Otherwise, 
an air.cunc equivalent to the missing coupons will be withheld. 

The holder of a certificate whkh has been drawn will recciy* on hs 
redemption a voucher in respect oF the right attaching to the certificate to 
receive “ Funding Bonds " when issued, 

Ar.y of the drawn certificates held on behalf of residents In the United 
Kingdom should be lodged between the hours of 1 1 a.m. and 2 p.m. ( Saturdays 
cKCcpted ) for payment through an Authorised Depositary in London with 
La 3rd Brothers St Co., limited, 21, Moorflelds, London EC2P 2HT, from whom 
listing forms may be obtained. Certificates cannot be accepted through the post. 


COMPANY NOTICES 


PORTUGUESE GOVERNMENT 3% 
EXTERNAL DEBT 1902 


In accordance with the Law ol the 

1 «th May 1 902 and the Decree of . the 
9th August of Uie same year the Sinking 
Fund Instalments due 1st July 1978 have 
been ejected by the Junta do Cref * 
Publico In Lisbon as follows:— 

1st Scries Bonds 
Purchases In the market consisted ot 

2 bonds of £20.00 each and 7 bonds of 
£100.00 each, totalling £7-10.00- 

The Balance of the Instalment was made 
UP by drawing In Lisbon of 1.SOO bonds 
or £20.00 each and 120 bonds ol £ 100.00 
each, totalling £42.000.00 

2nd Series Bonds 
The enure Instalment has been met by 
purchases in the market ol 244 bonds ol 
£19 18s Od each totalling £4.855 12s Od 
•Decimal equivalent £4.855.60). 

3rd Series Bonds 

The entire insta.irK-r.: has been met bv 
the drawing In Lisbon of 2.T05 interest 
bearing bonds of £19 1 3s Od each and 
152 Interest bearing bonds of £99 10s Od 
totalling £70.943 10s Od ’Decimal couiva- 
lent £70. 943.50i. leg ether w.th an eoual 
number el non-interest bearing bones o! 
£6 12s 3d and £33 3s 4d respectively, of 
Identical number:, totalling £23.647 16s 8d. 
(Decimal equivalent £23.6J7.53». 


The a foremen Honed drawn bonds are 
repayable at oar from 1st Julv 1978 
to 30th June 1963 and those stamped 
bv the Pyr;u.jij^zr r i n w ■ i a I Delegate for 
oavmeit in sterling miv he presented 
for repayment at the Securities Deoan 
men* Counter o’- BARING BROTHERS & 
CO. Limited, a a Leaden hail Street. Lon- 
don ELSA 5DT where lists o: the nun 
bers ot the bonds and lodgement listing 
forms may bo obtained. 


INTERNATIONAL DEPOSITARY 
RECEIPTS UDR) 

Issued by Ma*;an Guaranty Trust Cy ol 
New York represenring Ordinary Convertible 
Class C shares of 
BRASCAN LIMITED 


A dis! r 1 1 --.I- j - e‘ L-S O "5 oer depositor, 

share «er» a nr a saleable ’.j-es and tee w :i 
be parable an am a:;er julv 31. 197 3 
I upon c-csersatich c: touooo no. 6 at any 
c! the tolloN.nn ?3i.« ot Morgan Guarant 
Trust Cv o: Nc« Yo-k 

— New TcrV ’USA i ADR Sec non. 

15. Broad Street 
■— hr.ts' -. it .-!• •••-.no des Arts 
— Antwerp. 82. Frankmviei 

Lor den. 33. Lombard Sireet 

— Parij. tj. Place Vo.-.djw« 

— FranLijrt. Zockenheimer 
•v»'; ;r.-vi- m 
—2-j S»o:5 erstrasse 38 


and at Eiacj; GOnercIc du Luxembourg. 
1*. rue Ali-.iger. Luacmocurg. 


To the holders of 
EUROPEAN DEFOSITARY RECEIPTS 
• cDK’sl IN 

KOMATSU LTD., TOKYO 
we are ofcarcl to conhrm that 
ccp.es Cr. -he Annual- Resort as ol 
December 31 . : 977 and 1976 01 

fcnu..-j Ltd.. T;-..vo and Consol. da-ed 
£ , jK2.' ar * J - irc ' ,ow mibelc to EDR 
Noiccrs oro.-i aonticarlon to the (allow - 
ing conversion ager.'v 
C.t-barS E'jnires m- Amsterdam. 
Franiriurt Pans and Milan, ane at. 
tffclfl.arni s A — Brussels 
Citibank iLuvcmaDgra) S. A. 
bouro 

Krer'etbank 5 a. Lovem bourgeon 
Luaembaurg. 


Luxcm. 


Citibank NJk. 

335 Strand 
Lcndc- Y/C2R 1 HB 
Depositary 


CJTT OF LIMA 

(The Honourable Provincial Council 
of Lima) 


1 F "”7 MORTGAGE BONDS 191 1 

isss.'WTaas: °3?t n 


announce that ;cuoor>s duo’ 1st jii'v. 1978 
9f the Citv of Lima >The HaricuraDl* 


.. — - Citv 01 Lima .The nui 
Provinc.dl Count,! cl Llir.-J 5- 

Ec ’?' 0 19,, ‘ m.i v be “ lodg'd 

for payment bu: m uv; be loll an ajmra- 

wr!i‘nn- DC hnH-v ar . Cauoono 

will no, be accepted through the oosr. 


LEGAL NOTICE 


THE HIGH COURT 


CLUBS 


PUBLIC NOTICES 


EVC. to?. Kc-iont Vireet. 734 0557. A la 
Car!4 or A 1 Menu Three Soectacular 
flour ShOMO 10 —a .12.45 and US and 
uttiS'C af Johrvir hji*V«ww:h & Friends. 


GARGOYLE. tJO Dean Street. London W.l. 
NtlV STRIFTEASE FLOORSHOW 
THE CHEAT BRITISH STRIP 
S.i]« at Midnight and 1 a.m. 
Mor.-Frt. Closed Saturdays. 01-437 645 5. 

MICHELLE'S Cabaret Club. Superb load. 
6. Ormond Yard. S.W.1. 93D 284213. 


Dancing partners. 


' NOTICE IS HEREBY GIVEN that Ebrahim t 
I Yuscoi 9av.a ot IS Strinon Road. Giou- i 
res ter. is apclvitg to tnr Home Secretary 
lor naturalisation and that any person who i 
knows anv reason whv naturalisation should [ 
not be granted snould send a written and 1 
signed statement a f the «acts to the Under 
Secretary of 5t ate. Home Diuce • Nation- 
ality Division). Lunar House. Wcllcslev 
Road, Croydon CR? 23 r. 


BANKRUPTCY 

JOHN WHELAN tormeriv ot Klldonan 
Stun. Cooisarngan. Naas. County KlUarc 
ano Pineweoo Lawn, hiieeck, count, k.i- 
nare. Gentle-nan was on the 20tri oav of 
February 1978 adiudqcd Banl.ruat. 

CrrtiMrs sntjulu send iht-ir daims. and 
all persons hanng In tnc.r possession anv 
oroeer:. ol '.he Ban. -uot should deli-ur It. 

ant an o»s;s 3m to me Etuvr-.n; srouid 
bs pud to Sean S. O’Dannauhnard. Cfhcial 
Ass.gn« Four Coer*'.. Dubun 7. Irelmd. 

A Summarrs v.aa isjuen lor the atten- 
dance ot :h? Er.nirrupr at the Stetuter-- 
Pnbi-c Sittings -ju: nit served, he having 
absion-Jed This rirl're recilres »t>.- 
John .Vhcun to attend a: th; aiiiu'r.c.-t 
S Itr.sg ‘cr vsur OT.-umnaticn .1: tt-e HiCh 
Courr. O.b'.n at tg.vg am on Frljav tnr 
T th aa* c* July 1978 and herein to *.ii! 
no: a: sour peril. 

DAVID ML'NRO. 

_ Dcai-inawit Oinccr. 

EUGENE 7. COLLINS A SON. 

Solicitors. 

61 Fitawi!i:am Squaro. 

Dublin 2. 


COMPUTING 


id 4 dew design by um , > 

Refractories that employs Triton I riCTQ TIT 11 Cl 1 
Kaowool from . Morganite- Uv5v 
Ceramic Fibres, a material 

low thermal mass and excep- I ri yyIITIQT^C 
tional tolerance to thermal IdiJ IllKliV^J 
shock. . . : ’.-..FOR EASY use in kitchens^. 

Use of this material is. mainly shopfitting, as buffet counters ore 
responsible for reduction of the tops - is a pre-finished 

previous 23-bour processing' with a choice : ' of 

cycle (13 for firing and 10 'for laminate surfaces, from Norsk 
cooling) to nine hours cri'afld aydro (UK),- Concord House, 
1* hours respectively). The Centre. Hi^i Street, 

In addition, however, the kSIn Feltham, Middlesex TWl3'4BQ. 
has seals which swing up to Made from 30 mm chipboard, 
prevent heat loss round the. sides in a standard size 3 metres by 
of the kiln cars after loading. 60 cm, the surfaces are covered 
Under the seals the kiln is open in Respatex laminate and the 
to tbe atmosphere to : allow long sides are edged in teat Tbe 
entry of large volumes of -air jedging is available Jn - . two 
when the former are opened .up.:"different profiles— one doped and 
The seals, together with two b$g the other grooved— but special 
hinged dampers in the roof, are edging can be supplied, says foe 
controlled electronically by$a company, to a Tnintmnm order, 
programmer which also decides .,The customer, also has a foQice of : 
the gas/air ratio settings of* the 'any. laminate colour, pattern or 
four burners. -J ’• surface finish. 


A TWO : day ^ conferenoe - r ^ to 
review . and • assess” Post-Office^ 
Telec'ommuhicatiohsrf '-is/- 3 befog 
organised by * 1SL. : Ihfoaanatton 
StadiW— with foe 'foti/ CdopeRh 
tion-of Pqgt Office Telfecomiimnii 
cations — and is to beiiidd L ai .tiie 
Cumberland Hotel od 56pteqfoer - 
25 t and 26. . " >v 

The organisurs hope 1 to“ strike 
foe right 1 balance- 1 -feat- the 
conference wilL be jietther •’ ^a 
sales pitifi) for "the .Post' Office 
nor* a session aimed- at M knodc* 
ing" iL - „ ; ' • y Jy _ ", - J’:. 

.- ‘ An .. unusual feature is' foat 
those xe glstering _ f or ^ the con- 
ference are to b e a^ed-. before 1 
hand; for iheir views, about- foe - 
content. Responses win . he ixaed 
to “ tune. ** the prograinme. 

Speaker Jine-up so fer teclodes 
foe director of marketing at tiie 
P.O-, Freddie Phillips, com- 
municatioDs chiefs from Ford, 
Unilever; and Massey- Fergnsoav-. 
and a number of consultants. 


' ; The conference .fee is' £225 
ex VAT and registration forms’ 
vrith farther. details can be 
obtained- horn foe Organisers at 
Regal . ’' Houses Ijower ' Boad, 
Gborleywood, Rickmatiswarfo, 
Herts. (Chorleywood 4244). - 


Tape maker 
has many 
functions 


IN ADDITION to performing all 
routine punching, reading, con- 
verting and editing of numerical 
control data, a new Ultronic tape 
machine incorporates the UDS- 
Ricob RP40 “double daisy wheel” 
high speed printer. 

A CC1TT V24 Interface is avail- 
able which can provide data 
transmission and time sharing 
facilities as well as connection 
to additional equipment 

The UDS 7000NC series is built 
in the UK, and UDS owns the 
world-wide marketing rights. It 
is designed for the preparation 
of tape but also provides a highly, 
flexible system for general data 
preparation, repetitive typing 
systems and data handling. 

An electronic keyboard with 
line buffer allows for error cor- 
rection before punching, and 
the infra-red optical tape reader 
and heaw duty but quiet punch 
are capable of handling aft NC 
tapes.. 

Ultronic Data Systems, UDS 
House. 3. J«fT'rson Wav, Thame. 
Hvon 0X9 3SU. Thame (084421) 
3151. 


through seven service centres. 
Although each centre functions 
as a separate company, all 
accounting is centralised through 
the London head office. But its 
mixture of manual and com- 
puter systems based on the ICL 
2903 was becoming cumbersome 
and the company needed a 
means of integrating the overall 
arrangements which would pro- 
vide more sophisticated financial 
and management control infor- 
mation as it continued to grow. 

Fact is made up of four 
modules — sales ledger, purchase 
ledger, nominal ledger, and 
management information. They 
are fully integrated so that 
transactions need only be 
entered once from source docu- 
ments. The system is then able 
to process data through to trial 
balance and final accounts. 

Further on Fact from CMG 
on 01-686 8251. 


Accounting 
on a small 
machine 


FACT — an international financial 
accntiniing and management 
infurmation package system by 
CMG — is now available to run 
on the ICL 2903 series following 
its conversion by CMG Computer 
Management Group (Southern), 
for Strategic Vending Services. 

SVS specialises in operating, 
supplying and maintaining vend- 
ing machines in the U.K., 



'fm? 'Jq£> 


1 




-the world’s larqest manufacturer 

of Industrial Suction Cleaners 
Bury St. Edmunds, Suffolk 0284 65163] 



If you are planning to buy a small 
business computer sy stem you must 
read WHICH COMPUTER? 


In the July issue we have a special Suppliers’ 
Guide to systems on the market. We describe 
what they can do 3 how much they cost, and list 
suppliers’ names and addresses. _ 

For a copy of our July issue, ring Annabel 
Hunt on 01-278 95 17, o r write to 
WHICH COMPUTER? 2 Duncan Terrace, 
London, N.l. 


WHICH COM PUTER? -the monthly magazine whidi makes buying 
compuk-rs, equipment and services much easier. 


■r, — 




• ' >y 

I*. :'?*** - •- 


. :.v = .. 


ROYAL LANCASTER HOTEL, LONDON 
AUGUST 30-31 1978 


. *T '; 

" -i r >?.■■’ • ’ 


.- . • 







-“i". v: • 




. Sr 




• Aerospace Industrie^ now at a crossroads/ 
make decisions that willdictate the shape bf aviationr 
for decades to come.' V 


Decisions about aurliiier. de~$igns> fares and hoise ..v 


• Decisions about reorganising airportsib cope with 
increasing traffic ... _ ; 


• Decisions based on strategic arms limitation 
agreements ... . ^ : . :?V; : 


Before the decisions, the debate. The Fjn an dal Ti m es 
Conference will be gu ided by speakers" of i ntetn ational * 7 - 
reputatron, representing Europ^n and . American manufacturers; 
consumers, planners andothtefpoints of vieyir, Th ey wi I f; j 
prescribe on present problems and suggest strategies for the 
future.. ' • -■ 


On the eve of the Farnborough Air Show, this conference will 
equip delegates with thecontacts and the ideas they neetf to - 

meet the challenges aheadi : v : ‘ " ‘ 


To The Financial Times Limited, Conference Organic tion/Snacken House, \ 
10 Cannon Street, London EC4P4BY. Tel: 01-236'4382. Telex: OT^. FTCONF C. 


Please send me further details of ihe WpRLD AEROSPACE CGNFERevK^ ^ ^ 


c^;r/,, T : 


NAME (Block Capitals Please) 


1TTTLE l 


COMPANY. 




ADDRESS — 








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WE&ancIai Times . W^nesday'Jttne . 28 $ 




1975 


15 


i he Management Page 


EDITED BY CHRISTOPHER LORENZ 




Key-men at Cabled arid Wireless— Mr. Richard' Cannon' (i 


,l.iiibr Adi-'Wid 

tr. Peter McCunn (centre) and Mr. John Bird. 


The State-owned company 
that behaves like an 

American multinational 

ssasswss ssys? «» S-SSS"JS 

tVlfl an j rfedarine onlv executive’. directors £10,000 world markets. vaoie ana wirc- 
£422^320 as a loss in the ?973/4 each, they revolted, and refused less now ' 1° 
accounts In fact it lost more re-election-. The Government as a project management group, 
than £2 Sm on the whole would not concede a rise, and capable of specifying, managing, 
JSSne mS it Sad to Browse they backed down. and completing major telecom- 

the Department of Industry to The discontent remains. The munications projects for states. 


1E6 She tapid Recovery! 
i«f Cable & Wireless 


Ha TOTAL RE VENUE! 
SS^fimFORE TAX . &J| 

80^EXTRAORDINARY ITEjWSF 




.:-v ; - g;. the Department oi industry iu me tuiuomciii ituidius. as well as inkal ling more modest 17-5; (lvoj 

CABLET AND WIRELESS might oversaw the companjE’ consoli- traffic on the international lines of ^le/^CTeases 197 ^ ^op systems in airports and hotels. RETURN^ O N CAPITAL EMPLOYED [%) 

htnu. cmnA . Atum • -'■urirtlH . . Win rinfrinn into Rahle an'i5LWirel£SK. ill th& late Sixties i HID rOVed the A , . . H I.« n - L .imcn Y— .ohmcnaat Dlmi KoliBW! — 


..havsb-' gome; . davm -.'wdttt..';!ihe dation into Cable 
Bmpire. Instead, it survives and Cables were _ 

' -thrives 'in -a post-imp erial age, business. But a new 
d*> im g ( fAg.i^ —the wireless— grr 

. with nihe Saudas'" for ati the 1890s, and that w 
■ world, as if it were an American- business. After two 
mu4tinamionaJ. hard pounding betw 

- Ttaf. it to* done » is the & “K"* 

- more remarkable for 


» so is- me Wireless cable conference were unhappy 
r two .qpce Qf 1Q 2s pronounced /that com- of the Col 
IllSt. M IS 3 n a tiff nr* mnet mqca OTRilfllfit thl? Pmhflrra5<insl\ 


ssMKMjj ^ 

ss sriX, b « , Mss zsrsss^srp a ™ ™ 

Jfc ^S f ”oS^wW,he ^-.S— JSFlSE “ftS se o7“aito b n“ii”od %ZJ?Zsl SL?SitS ma D n XTndT:c^e bi.an- — ’and diplomat 
c “ fi i”LY«Uo Si?. In July 1976, which noted iSdostliea- Board members. was starting from scratch in' an tine negotiations for that con- pressure, 

ff the two diversify. The that “there is no doubt that the Since 1972, their pay has gone entirely new business'. tract. Bird was building up his finding itself ud 

'Imperial radically new amrkets howew turned out up by 8 Per cenL . Compared «cabie and Wireless was organisation, largely by carving 

StSSte ?pisS?, to be an unfortunate and with their mternanonal^ com- sitting on t0 p of a gold mme it out of the present structure 


to be an unfortunate and with their international com- $mng on top of a goid mm e- it OTt of the present structure ' <IAL) which 

’*«*jzr m '. ** ««*» >*. ^ ,**««, - wireiess tcm s assirttrM ^ *«•. ««!• 

^Isale-owinett.coinipai^y opexatong Comnany jhd the 


and that was its own people. 0 f C ana w— vnougn ne ojuusm owned- 

+ . - over the world (it has 10.000 in s bme salesmen who are also is il 

_ » Mirconi. Company -and the — overseas staff, only 2,000 in the engineers to get the message v r Y!vL- t &t 

in ahe aideamatumal tdecom- Pender group must merge. ,, ■ ’ .• 1 . t uk) They are the basis for round the world. The company’s majority shareholder. IAL has 

Cable and .Wireless-; ; was the p Q UJ nt\A WlTeleSS WhlCh the new business. No other region al directors — for North been marketing i CommuniLations 

petitaon is rrriense and. where eventual result • • JotlU T JOVA rCDOTtS Oil L-/3.D1C O-IIU. vYJJ. 3 systems house can compete with America, the Far East Hong systems, especially to airports 

fee-presumed str«i^iis «f capo- . xh e company emerged from , 4-t-ia QallHic Wltll ft our experience and our know- Kong, the Middle East and Wes- but also to military and 

taBst -.canoeras — . flexn&nWy, ^ y/ar as an imperial relic. Un WOT! 3. COXltraCt tO SUpplV tllC p3.UUlS WILI1 d. led ^ e and QuX reputation. In so tera Europe — now report both oinl clients for some years, it, 

speed of derision and <4smamism X b e Commonweaith .-^Eetecom- Udd WUXI a wuuuv rr J t ^ t, £;IAn*vi many parts of th -*.v.t nn « imH^nmg a nenod of 


speed of decision and djmamdsm ^e^Cor^onw^fe^^MwMm- U** VVUXi & wuuuv. anrlir f AOHm mMy Ae wrldTwe are toDi^^nn^.tiie head of the too. is undergoing a period of 

3SS5ST gf^rnffloB^nd military Communications system worth nearly fc4uum ttW a already.-- . ««!«>r «-.? tss, 

immaJinr'-aif Jkll •'• Tnilii t-Via Ca'hla jnH-.WireleSS '" "" 


The first major part the Bird. The regional men have Unsurprisingly, tfi«e have 

^ ST fflyfr™ 1 "™ " 2 SSstt “ We “ &*SSP « together. 

less tmm“p™ '»Uff *£ n °”2Hj% e S'SpS £SSS5: «dTord" Sy^J^ertu'Ld' Cabfe COnSIlltanCy Se 5t i°rU W o'T dis^sslon^onThe 

si S m SSi S?££ 5SSi 

Tt tn Hie howerrer and Coltronics would manufacture tant. flan , n( yinfr tn without success so far. extension to the Saudi telephone has created specialised groups expertise of C and W and IAL. 

fee higher .fee salary, flwe inkier e^whatmilht^e some of ^ compoa ® n !t tTt t . Possibl ? m .° n.hh!^nd WIi£ Yet the supposed correlation system. The three companies which wUl work up the main The discussions continue, aimed 

the Incentive. ■ ■ quired by the group, and that it the morale of Cable and Wii^ reward and perfor- reluctantly concluded they were communications growth areas— at an announcement next month, 

. •; . . S^, ed + . a u would also manufacture on its less was the low level of paries between nwui ana^ Pe ^ remcwnuy crnciaUy, airport and aircraft communi- but it seems That neither of the 

tnl-ninrAiTniini While fee counmes i ^ 0WD account. By the end of fee it could pay its top managem cases For - lD pas t pi essev did not have a fullv cations, security and hotri sys- companies will tolerate Britel — 

Interregnum -• Fa^ES ^^wSt y ear - u had secur ^? a ve . ry t larg ! “ a - 1 51416 °L trt’e S an^ h the twoyears. they have proceeded ftocttonlc exchange to offer. So terns, military communications. or SUC h a company by any other 

■*: East feeFar _East, L ^e-. west p m m pocket and remains a major gnpe, and fee xwoye^ y v ei a** p ... ordlnary telephone name-being any more than a 


opena-tuig' ;at -adl. India fee Cable and.-Wireless 

Secondly, it is more famed — assets in their territories. The 

m fee UK, at least — : for the rest of fee company was 

redattvefiy low salaries its top nationalised— from January 1, ^rr“ w ““ a -7 ha c e d in Hone 

management are paid tfibiaji for 1947 — -with fee more : or less tromcs co ipany ^ 


Jlici, ov LCixxa, UI1UIBAJ r — : — - ui putu « uw—r-'v • 

b--*- -- ~ - til - _ Hiversification of fee in 1Q7B Piessev coralled as well as ordinary telephone name — being any more than a 

iiiUpSSi SZ5-S1 St=S"»S SsS'rS 

,SS3^.aS?^iiena£JSswS£fflaSsa^aMtfe^^MBt-“j;a j r£SBB 

v graph tables in fee late 1860s. Cable and Wireless.- Contracts gjt CoItrMto had to den (thoutf. at a is proving a success. mopping up most of fee U.S. Bl rd has entered an area of parti« to fee U« ey 

'■His imagination was fired by which fee company. hadjirtuaTly baU fee calcidatorajt^a ss. generally much lower leve i). E y The key man in fee new business. business where the opposition should pool uieir p _ 

’ the technology, new at fee time, written off— typically- ^signed a nondelivery' of the rest 1976, when the then managing strategy is Mr. Jc 


isiness. business where fee opposition snouia puui 

The Anglo-American consor- is exceptionally tough and the management efforts. ■ ® nd 


the technology, new at the time, written off-typically /signed n ond eliv^ P of the rest 1976, when the then managing strategy is Mr. John Bird, hired Th e Anglo-American consor- » i exceptiooiuiy u , uj.« and* IAL* vrant”to compet e . 

while his commercial sense was' over 20 year^-wer^rfehewed. the ^n-dehvery .of me fr0 m Ultra Electronics in May^ tium very nearly got the con- stakes are high ^.usually are and IAL wanMo 

, . .. .. - — •* — 1975 (where he was deputy tract, which was worth anything the salaries 1. Apart from Bell How long fee ^overnu^v 

. managing director), by Willett, up t0 £2bn. In an immensely Canada _ (project manager for their owners, after a . 

BY OUR LEGAL STAFF who retired two years later, exciting three-horse race, which Philips and Ericssons Saudi aUow this state ° f .^^rp. 

Biid is now managing director included ITT and a consortium contract), fee French and Ger- continue is speculation, 

of the company’s communica- made up 0 f Philips, Ericsson mans have greatly increased ^swe* “ayhe—for as ion*** 

time to time concerning, the tions systems division: his task. and Bel 1 Canada, the last group their effort in fee consultancy/ 

esuSilishment of title to land as he puts it is to “see if we onIy pipped the Anglo- project management side of context, the great success scored 

“■ iKin « U:4= TMnt«n n/lrlnri « 


attracted by the profits to be Some countries— Bahrain and 

mode' from linking fee various the United Arab Emirates.: were — - 

parts' of. the empire, .examples— even asked .C and W BUSYNESS PROBLEMS 

He ^therefore . laid cables. 'and to run their internal, systems. _ 
fonned. : companies— geherically But The fears remained, and 
known as the Eastern and were, in the early sixties; to 
Associated -Telegraph companies some extent , justified.: . The 
—throughout .... fee .- closing company lost a number of 


Sound advice 

. — fejougnout .... tne.. . : closing company lost a ■ xiuunrci mi • 

decades of ’th^ century, He died 'interests in. West Africa:, and nT1 rpPArilHU^ 
.'in 1896. -After a 20 year-inter- South East Asia, with sram- MAI- icvuiuiu^ 

• •• ‘ “ ■ ' ni_ mtJuL. • - A.! 


esiahlishment of title to land as he puts it is to “see if we 0nIy just pipped fee Anglo- project management side ot ^VhJr 3 W in w nnin 
after 12 years’ occupation, can ^ bu ud a bif more added Americans mainly— it seems— telecommunications in recent m April 1 by and W in wmnm 
say whether any into Cable and Wireless’ on nrice. Naturally. Cable and years. The Japanese— especially the contract to supply tn 

1— J M wkAAm- - T* _ . , «r- - ■ /V l nn\ AWA \9n 


; - 

iHennisen Pender, continued 
work - as 7 chairman - of r 
panies. to be succeeded, 
by his son. Lord Pender, 



Pedestrianisation, new roads, the most/modern 
buses and the UK’s first Area Traffic Control 
system make Leicester as. easy to move around 
in as it is to reach. . 

Enquirresto : JSordon K Smith FRICS^. 

’ industrial Development Officer 
. ; Telephone 0533 543922 Ext.6700 

or John Brown FR ICS 
... - Industrial Promotion- Officer 

. Telephone 0533 549922 Ext.6760 

Leicester City Estates Dept, 

New Walk Centre, 

Leicester LE162G. 


UAr 



LBCESTH? 

R^hldlhecerhe 


,a,m ‘ 6 “t : * — ATJ'u t» .Ar#- while evidence is conveniently 

tape recorder, even though there availaWe _ If fl, e ]3n ^ ^ m an 
appears tofee nothing to stop nun o£ compulsory registration, 
taxing a verbatim note of such jt is wise tQ apply t0 register 
a meeting, '.supposing he could. the | an(1 with possess0 ry title. 
Is this still -your view. Suc j, can be converted to 

We are inclined to modify wnar absolute title after 15 years. In 
we then wrote. The difference noxH .Q mp u]sory areas it is desir- 
between attendance by an un- ab1e tQ xecord by statutory 
authorised person (stenogppner} dec i actions the acts of adverse 
and the abitity of a member who possession re Ued on. 
knows shorthand to make a run 

record of the transaction (equiva- ^ 

lent to a tape recorder) is very JVlaSlGrinff tllC 
likpy to sway a Court in favour o 

of fee latter being permitted, -.i,-.,* 

However, until the matter is hUUil It l 

decided we would still sound a . ... x 

note of caution. I own a house which I propwe 

to let furnished, for short periods, 
(a) Would I have to have a rent 
Ti+la lonrl valuation for six-monthly lets? 

AlLifc? lU 'dim |b) Is there any ceiling to the 

Following items that have rent for holiday lets? lc) Would 
appeared In your columns from I need ah itemised list of con- 
tents for the tenants? (d) Would 


the 

on price. JNaturaiiy, v-auie *uu #c«s. mv r" 

Wireless would have preferred Nippon Electric (NEC) — are Saudi National Guard wife 

■Tf/uKnc S IS' ‘XeTa^'n 11 ^ MS5?2 SS MS'Sffi, 

“SSS "Jiag tsrstff sagA-argg 


heaeeh 



atwodc 


i. Q ® is anew monthly journal 

ta:hniques, methods, procediitffi. detecUonemd control devices by which 
they can be su ccessfully eliminated or controlled._ — _ — 

M^Tyou are ^Director, Safety Officer ^ hne manager, this new 
WGe HJF ? i will Dr0 vide you with the authoritative information 
ne^Sy Srnaxiy health, safety and associated problems m 

industry today. ' : 


Amon? ilic many articles dwtomrirpobiicaikjnarc.he roHou-ia*: 

&I-HJ- at Work Act. 1974, and the problems it poses lor 

inanagfflienL 


Jotnl consuHaiiim ! . . „ . . 

TTieera m' iheSal'ciy ' UqvescffiaDve and u-; imi*cauoiB tor 
mana^emcnL (raining, unions andthe Authoring. 


If you have not yet subscribed to th is journal, complete the coupon today 
Act now! Do not miss the first issue publis hed 1 September 197S 


WeM-atUsiiuwlwK . 

HM.i Weti ar*w* 
...Biniwurwiuvti* 
you. vi i wc^uanidlrc 
ibarjiHsronjnte 01 *IH 


} "W n-tiiHdi-d in] nfl ir . 
j joo ini’ ml fttWflj . 

| «lKfifd»ilUllie 
I. jonncal after the ftr4 • 
| three moni to «f jour 

I ' subwriplUjn. 


ToMaiy Dumr.ill 


l'ka-« oner fflWnor sabsenpf ion to IMiX &S M Uicapnual nucofflO. 

tunnpwbh'ilKriM biuepublrshcd 1 5 cpwnhcr 


Nam.* 


Tnte 


xt«afe... 


poHnvltW 
t»»is Hoit'c .. 
W-rrHicht^fvct • 
Cn-rtdtmCkylQW. 
FM 


. t .HnnJhv 


Nature qi 


Addict 


my existing -insurance of the 
house be adequate, when It Is let? 
(e> When assessing the rent to 
charge is something allowed for 
the cost of keeping in repair? 
CD Is it better to let the tenant 
pay for- electricity, as the Elec- 
tricity board suggests? 

la) You do not have to have 
a fair rent determined, unless 
your Tenants require it. The 
tenant can make a reference to 
the Rent Officer but neither of 
you is bound to do so. lb) You 
can make genuine holiday let- 
tings and remain outside the 
Rent Act. (c) Yes. a full in- 
ventory is desirable — but there 
is no requirement in law. (U) 
You should consult your in- 
surance broker as to whether 
your existing cover is adequate 
(el The demand of the market 
is fee usual guide to rents, not 
cost (f) It is wiser to let fee 
tenant contract direct- wife fee 
Electricity Board. 

No Jegof responsibility can be 
accepted by the Financial Times 
for the answers given Iti these 
columns. All inquiries will be 
answered by post as soon as 
bos5lbJe. 



yC yM 


PaymcmqdMJ ' j 


Promotional and technical 
literature for export 
sales to the 

Arabic-speaking countries 
of the Middle East and Iran 
must be translated and typeset 
- in the idiom and style 
the market demands, 
by specialists 

BRADBURY WILKINSON 
(GRAPHICS) LTD . 

NEW MALDEN, 
SURREY KT 34 NH 

■ TELEPHONE: 01-947 3=71 


Iknowweneed 
more people. 
But right now we’re 


short of cash 





If yours is a private manufacturing firm then 
you may be entitled to financial help from the 
Government. 

If you employed under 200 people on 
15th March 1978 in an Assisted Area, or one of the 
Inner City Areas within London and Birming ham , 
then under the Small Firms Employment Subsidy 
every extra full-time person you take on could 
get you £20 a week and certain part-time workers 
£io a week. You could get this for up to 26 weeks, 
which should see you over their initial period 
while they gain experience. 

The map shows the approximate 
locations of the Assisted Areas. Send 
in the coupon for the explanatory 
leaflet on the Small Firms ^7 

Employmemt Subsidy, or phone 
Jack Beilis on 01-214 6446. *“ 

This scheme is open for 
application until 31st March, 1979. 

And the sooner you apply, the better: 


Wn Assisted Areas 

InnerCity 

Partnership Areas only 





Small Him Emptapni Subnty 

■ I 

■ Please-send me details of the Small Firms Name — — —■ — g 

g Employment Subsidy Scheme, and the 5 

IS areas in which it applies. Company ■■ — H 


I 

I 
l 
l 
I 


Please-send me details of the Small Firms 
Employment Subsidy Scheme, and the 
areas in which it applies. 

Post to: Jack Beilis, Small Firms 
Employment Subsidy, P.O.Box 702, London 
SW20 8SZ, or telephone him on 01-214 6446. 


Address. 


Department of Employment 






1 

hi 

J x 

€ 



16 

LOMBARD 


EEC myths and 
realities 


Plants that will not let you 


Financial Times Wednesday June 28 ^ 78 ^ 


ifl r gHmit to being a trusses are short, and swjgjw-- 

EMSS S&BH2 s»1s§I §g?gSSS^E^.gSSS^- 

SS Z Uw plants, not _ ffHjBMftL 


I short-flowered and so veiled in thought an ?“ 

leaves so that you could hardly Some plants, not many, nave only 
«/ r.ra rnMPQ even smell it I think it must a way of needing attention Just tnen: 

»*. WJLin J v nu - have been a white ATacrobotrys, when yon want to forget them, teuti 

_ .. . . ^ . .. . . the long-bunched form. It is The Sweet William needs to be oack 

THE IDEA that Community substance of the scheme should never easy to be sure where the sown again, now just as jt is 

membership has been a be retained, on the grounds first shorter-flowered Chinese ww- going out of ’ flower; the they 

hindrance rather than a help to that other member states' market tanas stop and the grand long Forsytatas, which I am sure you 

Britain is not made any easier shares have not fallen so distor- 0D es begin, because the latter have now put cut of your head, 


Britain is not made any easier shares have not fallen so distor- ones begin, because the latter have now put out of your head, n au rw qabiu ■ nNp.FOY- Certainly a young one. should not appointing. -Instead ..that hi 

to dispel each lame The European turns of competition cannot be sometimes show up poorlv and ought already to be have been GARDENS TU-DAT B* riuoiri utiit ruA jT-nowed to drv out- Be care- three-foot = trusses --of floWer- 

Commission as found objecting said to have increased and, xht Chinese ones, at times* excel pruned to encourage the new ■■ ~ ~ especially if it is planted the Japanese variety, someth 


» another of the UK Govern- secondly, that the scheme is themselves in themselves in growth which will flower next 
meat's industrial subsidies. Yet needed to match subsidised com- specially strong forms But this spring. So, too the beginning 
the Commission is not animated petition not only from non-EEC one \ fl owe rs were huge, showing of July is the moment at which 
by an out-dated regard for laissez firms but also from those within their yellow centres dearly. Each to attend, to the Wistaria. It 
faire, as is oFten supposed. It the Community. flower in the bunch was as fat must be pruned very hard, 

freely acknowledges that sub- This last point surprised the as a Chinese lantern’s. The harder than you might think 
si dies are a necessary instrument Commission for aids to exports bunch was as i 00 „ as a hunch advisable. You can hit it again 
of national policy, and it lets to other member states had long 0 f crapes and its°scent slightly in January and improve it. There 
through far more schemes than been held unacceptable, a decision SW( £ter than a tangerine's, is no particular art: I will 
it tries to stop. What it is keen upheld by the European Court in richer even than the mock explain why. 
to see established is a basic 1969. So in September, 1976 it “ Orange Blossoms'* which are Wistarias, ideally, should be 


only the F.T. makes a fuss about tag round each other. A .gun, ^ong » smothered- fine, heavily', pruned plants. ofi r 

them. In fact, these young this is important as the shoo^ which f 00 late and too it oh those old iron Steps aJt tfie" 

tentacles are useless. Cut them are to become Jr® S? 8 ®, —z-Sf 3, Hence it flowers wife, loot of pre-war fire escapes iV-- 

back hard and reduce them to a mature plaotandwill genUy- fortnight, many a town garden;.., Th&site,- ^ 

few. After three years or so. one anofeer if ag owpd 1 to^ got- .gjrau* ™ m *- &t £ mem welEi-rNeyer, ■; 

they wifl have thickened into brace. The sap. then, will be cat rather, ” buy a J pink” variety ascitis-:] 

• ’ - — — *££ S 5ou also feed l(? hgfify pi£k and alw^.at ,! 

GARDENS TO-DAY BY ROBIN LANE-FOX g«ajf e | M 

■ - " fai especially if it is planted the "Japanese variety, sometimes - 

. . , ... .... iTfhp foot of a tall south wall sold as Mocrobofeav *re; an" 

branches. Then, at last, they axe off and the buds higher up are Jt the foot narrow beds* astonishing 1 sight. But they need 

fit to flower. likely to d™P before .?P?^£° n u °L Tetter high above areiuS 

You should- continue to cut ^ e Jj! st 4 UI1 JSf r, w !?nt 1 ’ are the driest places awkward' in ' their .taste^ : The ■ 

back any long streamers which ^ ^° w n the whole garden.- Otherwise, best for bold- gardeuMS^tiie- - 

spill out from the plant after Wistaria property.., . . i nt T e Dei sualed by experiment rare white Venosta; JtiHofffered ' , 

flowering. ' It is most important In fee second ye^. you c^. ^^ P^^b ginng the -plant by NotcUtts -of -. Wdodbridge. . ; 

to harden your bean and tfeat be ruthless, as suggested. In th* sulphate of potash. Suffolk. ... "V;-— 
young Wistarias with the same next week or so. shorten all neW a “ ^ £ a square yard, its flowers : are big. in^broafl 

harshness as sood .as they are growth back to the base “.p 6 £^ r _„ r i v spring and August trusses. The leaves, show . that |j 

A In tfco fire* vAur vou main stems. Remember that in early spnu& ...w- iTT 


to see established is a basic 1969. So in September, 1976 it “Orange Blossoms'* which are Wistarias, ideally, should be underway. In fee first year, you main stems. Remember, that w ^ be mulched, special silvery down when :they . 

framework of rules so as to asked each government to con- j USt beginning to open. kept like those neatly-spurred may have to. wait Your, pot you are wanting ,a sparseoutline, xoung F ^ ^ find; •merely first open to .. bronze. colour - 

ensure fair play between firm that preferential export Conveniently, the white fruittrees which you can grown Wistaria may be slow to as on a ^Paixed^fnilt aSLi-4 a hu g e f 0res t of young young and -fresh. -'-The ls = 

member countries. ... .. ^ 


young young and tresh. ■ rTue : :scent is. -: 
' exquisite, ahd- the sight of white " 

. : . .MdinAl . flit a itnimhlll.r - ' . 


ensure fair play between firm feat preferential export conveniently, the white fruittrees which you can grown Wistaria may be slow to as on a spuired fniit tree far a huge forest of young young and -fresh. vrThe.s^htls - 

member countnes. credit terms were not available wistaria was flowering at fee imagine on the old silver-pink break into leaf. Delay untallate fee best old Wistarias are those fosters a * exquisite“and- fee-sighto^white- 

_ T ^ either directly or indirectly for Jevel of a i 0 wish window. If brick walls of a grand kitchen- autumn before you suspect that through which you can stiU. see dreamers. ^ flower against -tins young' 1 kaJ-' 

I ImforPSPPn inlra-Community trade aDd in- vou want to enjov it, look for garden. They resist, however, it may be dead: meanwhile, fee wall on which they are~- wa n remem- is unforeettable;- I^y >fc^6:yon ~- 

UHiWICSCCU eluded a specific reference to pro- f t ° next Mav 35 the one notable any such confinement As soon spray it as often as you can wfe trained. Ifnecessary, prune warm Sn a Sit Prune rt,“pray 

Tne latest UK subsidy to run ^ u f«, d . on the continental on the National Trust's as they have settled in. they warm water.m fee evenings agarn in • Septembta ^andtid^uj benng m £^^1? STandwatar it' 'I pr^nise^L' 

foul of Comraunit>- rules — the shelf. All but. two of fee nine ciaydon House, near Aylesbury, will fling out soft tentacles ta through a syringe. wiU^sell ^you fee feat for once, the effort trwto--' 

offshore sudd lies (interest relief governments said that cheap Tt stands on the side which faces all directions, many from fee This is a useful tnck, as first- shoots from low down on your Nurseries win sell you »ne lu« iui . .... . = 

St - is P a gorS tSSnce cf credit faciUties were not avail- 7hu?dh before fel base ' year Wistarias are often obsti- plant are a waste of its energy.-,- Chinese Smensis whose flow er- while. - ^ 

where m>th could quickly depart 5 b ^ e ^ or trade. One excep- ^ ^ ^ 

from reality’. For the scheme not tj0D was France which, after . . • .... ' ‘ ‘ 

L confor 5rl“ n f™ich? e V£» OnP flOffeP for France RHM store wifl] New cash boost £3in pamt||Sp 

liwpc 1UI llrtuct cost £500,000 for Newcastle for 

defended b.^thS; ^Th^^ ^^^eSde # J • 1 THE FIRST pbase of M^gq , 

m “J e ' eer n En°^ n MiS?' surti^ngly the Com- Ifl SWPPHC I ?aircllu£i Budding tar RaiS industrial promotioo this year. £3m electrophoretic pbipt ; ^ . 

when Sm- mission ba?now decided to force 111 U. 1)511 O Tf VVllS ”vi UJ Boris McDougal at Rotherham, bringing fee total for company is ta operation at 

SiDnl obSns do not sSm fee issue on the offshore supplies * V South Yorkshire. > loans and grants to £13m. truck plant in Dunstable, Bed- 

at ail unfounded; and fee Gov- grant. Alter five years, it has It will serve the company* . The extra money follows the fords hire,- ; - 

ernmenfs desire to argue fee become tantamount to a produc- FRANCE, whose. Irish Sweeps a “far better horse" than that g Ai.is nnny adjoining flour mill and will have launch in April of a £200,000 . - gives improved •’xnst-iB’bof < 

issue out bas already bad unfore- tion aid. In any case Britain may Derby winners in recent years Epsom winner. 2 15— Mataabee”* space for 30.000 50kg bags of national advertising campaign ^ ^ 

seen consequences have little to lose from dropping have included Prince Regent The probables for fee Sweeps . flour. Packing will be highly that has attracted inquiries from aDa pruning laciuueis. u-ts-sp m 

The rrant was one Of fee wavs the schem e or removing itsj r ish Ball and Malacate. will Derby include Shirley Heights sSHSetterBiesaid** automated. ISO industrialists. • completed m September-.^ 

discrirmnatory nature since most have only one representative on iGreriUe Starkeyj. Hawaiian 3.U-jBetter Blessed •* 

of the development work on Saturday. Sound (Willie Shoemaker!. 3.45-TweeJ* — . 

helped to ^arner a bi 0 ger slice North .Sp* mnimpreial « . . , inkArman n.pdpr Pieeott!. Heroic 


One hope for France 
in Irish Sweeps Derby 


oE the development work on Saturday. Sound (Willie Shoemaker), 

of ^ CT.nniiaf ^ known North Sea commercial . E , Bad _ t-:. d by Inkerman (Lester Piggott), 

Thl^ e fields is now in band. There M JllA- Zijher whose name was Exdirectory (Christy Roche), 

* ^ could possibly be a case for a UaunceZilbe r, whose name was. Valley Forge (WaHy Swinburn)> 

Tate export credits and Other ;plp(>ficp setinmo v^hirh Tfpm ninrtpr Wan /Tone Tvp«I_ El 


SALISBURY 

2.15— dfalnabee** * 

2.45— General Carl 

3.15 — Better Blessed** 

3.45— Tweel* 

5.45— Heroic 
6JL5— Amherst 


RHM store wiflj New cash boost £3m paint sjpp 
cost £500,000 for Newcastle for Chrysler ¥ 

•S s 2SS t 'SB3£'^ 

Fair dough Bicdding tar Ranis industrial promotion this year, £3m electrophoretic p&ii«,.stiop 
Horis McDougal at Rotherham, bringing fee total for company Ls ta operation at - Cbiysler’e 
South Yock^ire. \ loans and grants to £lBm. truck, plant in Dpastable, ^ed- 
it will serve the company's . The extra money follows the fordshtae.- - 

adjoining flour mill and will have launch in April of a £200.000 - • improved xn^-moof 

space for 30.000 50kg bags of national advertising camptapi faeliitS luito he 

flour. Packing will be highly that has attracted inquiries from aDd pnminj, iaciHne^. iws-so he 
automated. ISO industrialists. eoinpleted *o September-. jC* . . 


rate expon creuits auu oiutrr S p| ee fi« e scheme vilich 

matches nonHEC competition on 

foreign competitor— at that time c;isc ^jy^«a S e basis, 00 lines 

n t Hpr'n r^FF^r orrma n sim H ar t° fe e Concession the DAPIMP 

o5 e L°n^ SS25S Commission made when ECGD RACING 

get lojn finance at preferential for EEr trade were 

rates from feefe na^nai e^ort J Apri? it would BY DOMtNIC WIGAN . 

wi LSt ^ still need to be explained why 
Sfuiva ent of a feed r^ e bSye^l the offshore industry 

SSi S? th. f d a eSpS of North ??““ 

S U M f^-nt^veal Set which £ S o f a “oSd, inadverteotlr. oot published with 

K ,e ^?„ nt e.w fSZV&S Fvlent Y ,’h1 

raised" to fierce up to SO per flXtent We“«A Hall eolL whose ouW 

cent of fee value of contracts There is. moreover, the ques- „ uccess was W h e n he landed a 

placed with UK firms for goods tion c-f cost. Some £12Sm has m£den event Sn hfo 

and services used in the construe- now been committed under fee v ome course of Chantillv this 

tion of fixed installations in fee scheme (of which barely a sixth courSe 01 

UK sector. bas yet been paid). As the Com- ‘ 


— — — Valley Forge (Wally SwLnbum). respectively, while El Badr varies 
Remainder Man (Tony Ives), El between 12-1 and 16-1. 

Badr (Yves SaintMartin), This afternoon at Salisbury, 

Majestic Maharaj and Strong w her e Better Blessed can justify 
DAniir Gale. The last-named pair do.^g i ong haul from Suffolk, . 

RAUINb not have riders booked. by lifting fee Gwen Blagrave 1 l3SS» 1 o? p 5t?S2S« 

BV The Epsom Derby winner, re- Memorial Stakes, I hope to see 

BY DOMtNIC WIGAN ported by his handler, John fee Bill Wightman filly, Mallabee. OPERA & BALLET . 

Dunlop, to be in tremendous return to winning form in the causei (^ K ^^ s ot^e^isi 3 

■ * shape, was again in demand yes- Wilton Handicap. nureyev festival 

terday at 64 and 11-8 is now fee This three-year-old is not |*fg- 7J0 wnS at fe 

nrire availahlp in some haTShlV treated with 8st 41b and BALLET. Ton't. Romeo A JeUcM 
inadvertently, not published with pnce avaiiable SOme SJu t3c?7 tremendous amount 

the second list of entnes. Yves Hawaiian Sound and itiker- of holding if she recaptures her * 

Saint -Martin will nde the man stand at 3-1 and 6-1 best form of last summer. j *hu dSnS n. every p 


ENTERTAINMENT GUIDE 


In fee early days when the UK mission mjo. w»i«iw “*“j 1 . . . 

market was still relatively small, sometimes be necessary to help put a case f or bim— even 1 with 


subsidies 


Although 


e of Chantilly feis GLC considers [ EEC to open 
tube safety plan Israel office 


NUREYEV FESTIVAL 
Eves. 7 JO. Mat. Sat*. A Wed. J 
2.Z0. with LONDON FEST 
BALLET. Ton't. Rom BO A Jotlet. Je 
Frl. & Sab: GtaeUa. July 8 to 8: feM 
Beauty. Seats avallatile Mats. Joly 
A 8 only. With DUTCH NATK 
BALLET. July 10 to IS Seats aval 
Nureyev will dance at- every par 

COVENT GARDEN. CC. 240 ! 
(Gandencharoe credit cards 880 8 
TNE ROYAL OPERA 
Tonight. FrL A Moo. next at • 
Pel leas ct Met Isa nde. Tonrar.v^Sa 
Tue. next at 7.^0: Lalsa Miller. 
Amphl’ seats avail, for all serfs. . 
10 am on day ol serf. Note; Penoitc 
bkgs. for July Ballot ooehs July. T 
Not June I. - •> 


™ n..J«re-r n..7 si.nniipc imrkpt ic nnw inct nvpr surpnse with Montcontour in trains entering Terminal siauons commission, who came to Israel Are., t.e.i. **? ien. u&f 

the market— and fee UK share of half, which is not far short of the ^ d J? y A SC J? rdWlclRe StakeS at on Jf e Urtder ^ oimd ' . fe e P Modern 8 LTytae^Fai? 3 Vr WiSS A£B 

it— grew so the complaints of most that could be expected. Royal Ascot The proposed modifications to Jb® M' odera Lrnng ^ Fair, cur flajIK;rK fyototji 

unfair discrimination flowed in Ignoring the Community aspect Zilber. who more than matches buffers, signalling and traction- being held here^ our lei to Ju iy zi nikolais danci toei 

from French. Dutch. German and for the moment, we should ask Ryan Price's “ Wbitstead will current arrangements at nine AV1V corresponuent wnres. • ^ \ 

other EEC firms and by the end ourselves whether the offshore win the SL Leger” in the temmina! stations would improve This is the first time that fee THEATRES -• - T 

of 1975 fee Commission felt it bad supplies interest relieE grant is modestly stakes wife such state- safety without causing fee delays EEC has had its own pavilion adelphi 

to take action. We have offered now the most cost-effective way ments as “I can walk on water” that result from temporary pre- at this annual event, which is Ev »*- 7 

some minor modifications but we of helping the (industry. Indeed, (a sequel to Empery's Derby cautions adopted after fee Moor- similar to Britain's Ideal Homes me best 

have insisted throughout that the is it still necessary? victory), now rates Moncontour gate accident three years ago. Exhibition. .. , D 


TV Radio 




f Indicates programme in 
black and white 

BBC 1 

6.40- 7.oa a.m. Open University 
Ultra High Frequency. 1.30 p.m. 
Bagpuss. 1.45 News. 153 Wimble- 
don Lawn Tennis Championships. 
4.18 Regional News for England 
i except London i. 450 Play School. 
•L45 Boss Cat (cartoon I. 5.10 



Newsround Weekly. 5.35 Hie 10.50 Tonight. 

WomWes. It^O The Skj 

5.40 News i London and South- 1 1-50 Weather 

East only). All Regions 

5J55 Nationwide. the following t 

6.15 Wimbledon Tennis. Wales— 5.10-5 

750 The Big Time. SJS WalesToda 

8.10 Z Cars. 6.40 Joins BBi 

9.00 News. 11.50 News and 

9.25 The Risk Business. . _ . 


II JO The Sky at Night. After Noon.. 2.25 Golf. 4^0 

11.50 Vi eathe r/Regiona l News. Michael Bentine’s Potty Time. 4.45 
AH Regions as BBC-1 except at 5.15 Emmerdale Farm, 

the following times: £^" s ‘ 


Help! 150 Crtnvn Court. 2.00 University duHengr?. 1215 an A Little 
After Noon.. 2.25 Golf. 4J0 Muitc Wlli John Junes. 

Michael Bentine’s Potty Time. 4.45 ITTV 

CKnHnu-c SIC I T-t v-ttv AlJ - T 


Wales — 3.10-355 p.m. Bilidowcar. 
5^5 Wales Today. 6.15-6.40 Heddiw. 
6.40 Joins BBC 1 (Wimbledon).. 
11.50 News and W eather for Wales. 
Scotland— 5.55-6.15 p.m. Report- 


5.45 News. 

6.00 Thames At 6. 

6.35 Crossroads. 

7.00 Don’t Ask Me. 

750 Coronation Street 

8.00 Relatively Secombe. 

9.00 Best SeMers, part L 


F.T. CROSSWORD PUZZLE No. 3.704 


10.05 Jack ^ Jones sings songs, Scotland. 1J.50 News and 10.00 News. 4i*4A5 Un Tn>. MMJ5 Y 

wife guest Shirley Bassey. ^Weather for Scotland. 10^0 Bret Seller, part 2. htv West — as htv cctic 

f Northern Ireland IIS— 12(1 n m U-l® Whickers Y.'Orld. except: 12UJD pm HrporT 

WT7VTF N« (Id *"* 

I J .L Mozart. E SCOTTISH 


lfljfl FBI Thn Lost Islands. 1040 In 
Concert with Meal Ticket. 1-20 Report 
West Headlines. US Report Wales Head- 
lines. 2X0 Hooscparty. 5JS Betty Boop. 
5 JO Crossroads. 6J» Report West. US 
Report Wales. WO Father Dear Father. 

KTV Cymro /Wales— As HTV General 
Service except: 1JM.B pm Pcoatvdau 
Nopryddlon y Dydd. 420 Mlrl Mawr. 
4J64AS Un Tro. MOU5 Y Dsdd. 

HTV West— As HTV General Service 
except; UD-ljo pm Report West Head- 


Scene Around Six. 11.50 News if"?* ^ 

and Weather for Northern 1 .., 

irpiand A '* Regions as Lorn 

England — 5.55-5.15 p.m. Look cscept at the fo| lowing tiroes: 
East (Norwich l : Look North ANGLIA 

(Leeds. Manchester. Nevreasllei: lOJo am FriunJs of Man. 10.40 


10 

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28 




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BBC 2 


Mozart. SCOTTISH 

All 1BA Regions as London 10 -2® am Clue Club. 10^5 Stationary 
except at fee following tiroes: ££ jSJTJlr^wSJSSSi 

ANfJTTA Junior. SJa Crossroads. Aoo Scotland 

10 Jo am Friends of Man. 10.40 la RitocUo “ on Spon. 12JO am 

Midlands Today ( Birmingham); Concert. US pm Ar.iUla News. 2.00 

Points West c Bristol i; South “• Barn ^,F b 'if: SOUTHERN 

Today i Southampton;; Spotlight o^nn^ 01 Muh ' L 2 ~ a "" Tbe Bix lOJS am skippy. KLC m Concert. 
South West I Plymouth >. 1 - aB Soulhem Nows. 2.00 UouKeparty. 

ATy 5.15 Slnhad Junior. 5.20 Crossroads. EJM 

,,C __ o,-!' niir^rani 1ILM Day by Day: Wednesday Extra. 1220 am 
**** SOBl^Liin*, DiuervOL 1 U-aU Souihem Nnwa Rzira 
Ansllng Today. 10.«S Sob lhlo. UO pm souucra «cw 8 txira. 


'r 1 /* ^• n, • t -'P en Lnnerslty. a tv xewsdesk. 5.15 nie ninimonos. TVIVF TFF^ 

Jt)-jo Gbarbar. b.00 ATV Today. 1120 Citlzen’a Kichis. . „ 1 * .j , .. . w 

1100 "w .School IA * bboi 4^0 BORDER 

1155 Open Unitersily. • ^^i^Tick^riaa 'Nonb"^^ 

2.00 p.m. Wimbledon Tennis £» Mnw? 2? Tie Sf HaS MOWomea Only. 505 IlaDpy 

Championship.,. ^ Mlg rtto. ■*. ^ ^ 

8.00 News On 2. +1220 am Border News Summaiy. tmiocue. 

8.10 Spaceship? Of The Mind. rHANlSITf ULSTER 


ATV Nevrsdvsk. 5.15 *nie ninlNonea. TYIVF TFFS 

“ ATV T0day - CiU2M ’ a WshlS - 925 am t^e Good ^followed by 
BOR DPR North East News HeadUucs. 1020 Wild 

7B-n idle Tn , ^wn"T. M.«S In Concert With Meal 

. .rt' Ur^riV S t/f \i'-jo TIckcL 120 pm North Ea^t New* and 

iw HouMParlv sis The B rSu Harris Lookaro ‘ uld - Happy 

^ H ”ss^i^«sr st a’ssa ^ ^ 

+1220 am Border News Summary. H b 


8.10 i>pace?mp? Of The Mind. r'HATvnvrCT 

9.00 Call My Bluff n AJKisjcL 

9 - 5 0 G^be ThMfre am Channel Lunduime 

r ‘ooe lneatre. wnafs Cm Where, soo Chan 

30.»o Late News On 2. tl5 The Beatles. 10.2B Cha 

11.05 Wimbledon highlights. News. 12.10 am I and V 

11.55-12.05 a.m. Closedown (read- Fr < 7n, d J followed bj Epilogue. 
in 5»- GRAMPIAN 


CH4NNFI ULbitK 

119 tOJO am The Lo« Islands. KUO In 

w?T«-e TIr C A,n Concert. 120 Pra Lunch lime. 4A« Ulster 

tSs Th^ttiSw' ?,,etre Headlines, sag The Partners. 6X0 

Ulster Television News. 6.05 Crossroads. 
Fr^-'h h- V -SL Wca,iBr J 6^0 Reports. 6aO Witherspoon. 1120 

French followed bj Epilogue. jBcdilme 


ACROSS 6 Persuade someone who votes 

1 Conference with war prisoner (4, 6> 

—posh: (01 " Turn up first-class portion of 

4 Killing speed (S) shin (5» 

10 Ocean began to be isolated 8 Girl’s toe broken up to now 


m in5 ‘- GRAMPIAN WESTWARD 

o -a ad, Mr • a- .. WIlh ^CetTrL IS* VntnSeiXS 

9^.0 a.m. A Place To Live. 9^»a Birthdays. 126 Westward News Headlines. 

Catch *77. 10-20 The Undersea ?£?f Jp ' a " T ^ cLu ^° P ^S r^SSSSn ^ Westward Diary. 1626 Westward 

Adventures of Captain Nemo. 10-30 js!5uT£«,S£ Grampian ^ Ncws . xilS V, Faith for LUc. 

GRANADA M YORKSHIRE » .n,, 

Sinbow^i 1 ^ it * .fflf bss?££ sr^rw; *?as a , sristsa«s ^T u *?jr,r« 

JtainbOtt. 12_>0 Sounds of Britain. „ your Ry-ht 5.in i.vuaL'g New. 5.1S Calendar CEmley Moor and Bdtnoml Jt 7 00 B* INCONSTANT couple. 

6 Persuade someone who votes *-w News plus FT index. 1.20 crossroads. 6 .do uranada Report*. 6 JQ edmousj. 

(4, 6) 

7 Turn up first-class portion of 
shin (5) 


RADIO I 247ra *-*5 YOT MMweeir Choice, part 2 iS). Story Time. SJO PM Reports. 546 

L..,. 4.00 News. 4.05 mis week’s Composer: Sen-ndlplry. 5.55 Weather: programme 

(S, £mw 7 Mrthl™ ^ Bartok ,SI - Music tor OrsOO fSl. news. 6.66 News. 6J0 My Music fS». 

MCOram Wave in m n.-mir e.h.i i Tin u.in 7 IK I1u> trrh»pc T.M Pih 


‘O- no.-* . t I- = no » MBitoT 7ST Tin— t Bartuk and Schubert chamber music 7,06 News. 7.05 The Archers. 720 Flic 

11 Sf mvellcr OT 9 ST" 8 #psel MS,era "° u sSk b^Lb^ Sk sari* a-ff jtk rusujF&siJtts 

M Wood with leave, ported by 14 European, depressed by 3S 


tea-break (7) 

36 Go by car round Orient to 
obtain . . - (6> 

19 ... a lot of racehorses Show- 
ins way to parade ground (6) 

21 Stocktaking specialist (7) 

23 Rich praise for successful 
scrummaging (4-6) 

25 Average design (4> 

27 A fisherman could find this a 
drag (5) 

28 Statesmen taltins to crime as 
an alternative |91 

29 Two doer— the second one 
lame— impeded . . . (Si 

30 . . .one after fee other they 
say by doctor (6'.i 

JDOWiY 

1 Assume l have become 
certain (S> 

2 Some fight l suggest (4. 5) 

3 Ring soldiers to sign for the 
future t‘4) 

5 Fashionable, to have all the 
runners stationed near bats- 
man (7) 


dollars with no upheaval (8) 2-02 Pete Murrays Opun Rouse iSi Bound i5». 6.05 News' 6J0 Homeward News. 

20 Two points in category of VS?! "Si? H? Da T‘ d BouDfl Lifelines: Lan- p nr i: n T^„2 ftn 

choll 1 7 1 y ,an s - ^ Walk latso Quagc and CmnimBiMriwi ■ TJo BBC DDL AaUlO UJlUlUn 

n, f,r nnt , c . °, h " ^ Dunn ,s '- Northern Symphony orchestra. P«ri v: 206m and 94^ VHF 

Z1 Jacket for pot smoker (6) JiFJLJfl? - *•■«> *i;h Radio X. SlbeUus, Final iSi. 2.25 The Arts World- 5JJP am As Radio a. 6J0 Rush Hour. 

22 Whip needs a change (6) - iWWJ,z * ,n v - ,,a Ba 4Jo a. vide. 635 bbu Norihern SO, pan 2 : <m» London U»o. 12.03 pm Can in. 

24 Become aware that the P A run l IJiOflm and top Cne «- Bix «s>. 9js Turiru ettanitwr 2 ,qj ^ showcase. 4.03 Home Run. 6jo 

French ha VP u n«-- 5i ^ VHt ^n5lc IS). 9.40 SciontlflcaHy SoeaUiw. Look. Slop. Linen. 7J0 Black Londoners, 

.. ‘ «uca nave a Ui \ » 0 1 5.00 am Vxs Sipmary. 5.02 Richard 1025 Alkan piano rcclial with Introduction ajo In Concert U.Q3 Late Nlahl London. 

£b Lett one willing bea5t (4 J 'auchan >Si With TUv Early Show *5«. 1125 Nc-J-S. UjOMLS Tonight's Aa Radio J. 12.95 am Qurallon 

lnciuding 615 Pause ror Tboocht 7-32 Schuhorl Soog 1st Time /nun the House of Commons. 

Tcm’ wosao is* including 827 Raeltu Radi* 3 VHP tiW- ftMTIW am Open US-Close As Radio 2. 

Bulletin and 8.45 Pjuse for Thought. UniTeraly v . _ , 

10.02 John Timnson -Si. 1225 pm wsg. . London Broad Casting 

sown:' Was. 3229 P«e Murrars Open RADIO 4 261m anti 97.3 VHF ro 

'n m ^D ,n /iwii!! d T“ il,,< 434m, 330m 285m and VHF 5J0 am Morning Music. L00 AM: 

t,4"cL£sLS la^SFiss in.™. «, rfi-p «... sr» ^ 


SOLUTION TO PUZZLE 
Mo. 3,703 


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w».en 10 in-: nacn isi. BJ5 Semprim with Brvn Jourf. UU am Night Extra 

Serenade iS-. 9.02 Jack Buchanan. TUl- ’■» -Newt M5 The L.ving World 9J5 WW XSm * 0 ^ 

Complete Entertainer . 3 . Fancy n ur Over Here. Over There. UM» Ko«3- Aar,fn 
Neei mu. 9.55 Sports feik. I 0 JI 2 The JO-OS In Britain Now. 10 JO Dally Caflital Radio 

Cheeky Chaopi*. In'&part profile of Max M-® Morning story. 11.96 .ijf - 85 ** 19dm nnd 95JI \TIF 

Wilier lie R.ud io Siardom 10 J 0 Convcreauon Picc-.-: Sir Bernard MHe«. ,, , 5 T ok 

H'ib-.n ure^= saw Thauks fur ihn 1 *-50 Do Animals Talk? Wo New. , «7j!I!5»* # S v,, K m n5ST 

Memory. 13.02 Brian llatihiw JnrroduceS pm You and Youre. JM» jn» L h nra TWr 

Round Midnight including 3 Z 00 News. Spamfmicr Man iS*. 1255 Weather: Cash <S». iOO pin nokcr Scull iSI. 

2 JHU.D 2 Xeu-s Summary. pnjgrannne new?. 3.00 The World at 7J» London TXjday iSV. , Adrian 

D * rtift 7 4 fi 4 m eiprpn A- V H V One. 1 JO The Archers. X.45 WOnmn'S Love's Open Line rSL 9.0o Nicky Horne s 

KAUiU J ■Hmiu. stem & v Hr H «ir inclodlng 2JHWJC News. 245 Li«-?n Your uoiher Woman 1 , Like Tt iSl. U.B0 . mu' t'VThS* , 

,, 6 - ss Wcalher. 7J» News. 7.05 Your mjli Mother! 1» News. 3J5 Altertoon Tony Myall’s Lafo Show fSL 208 am i? - 

Midweek Choice, pan l <£>. 266 Hews. Tbealre (Si. 3J6 Choral Evensong. US Mike Smith's Night ^ -Flight iS>. _ irron. 












Fi na ncial Times Wednesday June 2^ 1978 

Other -Place, Stratford-upon-Avon . 



17 




> . by^mCHAEL COVEN BY, 

This eagtossiBg , .entertaining the non-violent behaviour of the 
new play by Peter Whelan has peasants throughout' #e southern 
reached production in the Royal counties where the destruction of 
Shakespeare Company's Strat. £«shing machines jsymbol f»d 

r 0rkShOp J ead ' th™tS“ S mplOTOtot”b U ?a“ 
log in London last season. Apart movement was inevitably weak- 
. from its inherent quality, it ened by playing y into the 
vindicates an important aspect farmers' hands and joining with 
' of the company's worfv at cround them t0 set tithes and rents 

level. Mr. Whelan is not a i? wered - “ r - 

. . ■ bis comments on the .severity of 

young writer, but he is a com- the •magistrates’ courts (so 
paratlveiy new one, known only vividly and angrily documented 
to me .for his collaboration on in the Hammonds' classic source 
a West. End thriller vehicle for book. The Village Labourer) to 
Margaret Lockwood a couple of ? v closing sentence >-*or each 
T 7 ea«' bfl/*ir k b - nnia y nnr »l labourer on what became of him. 

' n ° W , Transportation of . the body, but 
up with a richly panoramic not of the soul, was the order of 
Q,e c farm ^bourera’ the ffay. The point is briefly 
uprising m a Sussex village of but movingly made. The play's 
J5T1 wa ^ s> P*£, j p,ec ® business is the description of a 
• t? j. U i™. tll n thread. of Edward village society deciding for itself 
Bonds The Fool, an imaginative what form its dissent ; In poverty 
treatment of the. effects of the should take. •“ 

enclosures policy m the North- v 

amptonshire of John Claris. This is brilliantly ‘.done in a 

ju « SSSt SS 

Bond M rnSIStIi Wck, 35 when the geographical 

Selna more m£Sln? -° f upri ^ g is . 

outlook of a close friend a rich re fl ee ted In the convention of 

'veto of theatre in here mined to 

the dlslcct hetvjp^n excited ^ nwglStotfl 2 IfluJ 1 — Mu 

followers of the mythical Captain , fie £ ci?ly 

Swing, whose letters terrorised JJ* 1 

tide gentry, and the humane , ct °* Ker family- to Root 
pleas of a village wheelwright Ls / se , ev ® n . t l a , re c0c ^ m, f! 1 y 

Mathew Hardened (David back to an. exactiy 

Bradley) to press for basic rights observed soaal milieu. whether 
before total revolution. • Jt be 0531 of labourer meet- 

ing excitedly by torchlight to 
The local Joan of Axe, Gemma form their- committees, or of the 
Beach, believes that Swing has gentry lining itseif, backs to the 
come to the village to the wall, to receive mildly,, phrased 
broken, gibbering form of an requests in a local church. 
English soldier lately to France. 

A couple of stunning tableaux. Bill Alexander's meticulous 
presented as dreams, evoke production marshals the elements 
Swing as a Pimpernel-style of the play with exemplary 
saviour at the head of a fanatical rigour, creating a Series of 
army swathed in the Tricolour, superbly varied stage" 'pictures 
Swing’s case is argued in more strong enough to incorporate the 
realistic scenes by an Irish fantastical Swing interludes with- 
radical (Paul Moriarty); and the out undue force. The' company 
balance of the action is finely k uniformly magnificent, with 
held to the mood of a deftly ZSe'Wanamaker as Gemma catch- 
painted gallery of farm workers lug the eye with a sustained 
who capitulate to his low opinion display of fevered, . ."perhaps 
of them by settling for 2s 6d a foolish, commitment . If this 
day and celebrating small astonishing new work is, above 
triumphs instead of planning ^ about the need to people to 
complete victory. ■ create their own gods, .then that 

is wbat Miss Wahamaker conveys 
Correct emphasis is placed on at full tilt whenever she appears. 


Television 


Putting business into perspective 


by CHRIS DUNKLEY 



w -.ry. • 

i* i v.:. V- 

David Bradley, Alan Rickman and Zoe Wanamaker 




’*■ Vv 


New Gallery 


Matrix 78 

by DOMINIC GILL 



For years businessmen of all 
sorts complained that television 
gave them a raw deal. Not only 
was there a terrible dearth of 
programmes dealing factually 
with their interests, they moaned, 
but they were consistently mis- 
represented in drama pro- 
grammes which invariably 
portrayed businessmen as a 
crowd of unprincipled, scheming 
money grubbers. 

This matter of being calum- 
niated in every sort of drama 
from soap opera to prestige play 
is something 1 that they will 
simply have to get used to. It 
was not started by television, 
and what businessmen should 
realise is that teachers, soldiers, 
scientists and for that matter 
journalists ail consider them- 
selves to be lampooned appal- 
lingly by television. Taxider- 
mists and musical fountain 
operators feel the same. I am 
Sure. 

This is no doubt partly because 
writers do. indeed, invent a lot 
of bad guys in all professions, 
there being more drama mileage 
in bad guys than in good guys. 

But it is also because when they 
do portray good guys everyone 

promptly forgets them Shake- tbe y ranged from the bitty but television producers. Of course alternation of coverage. Since it 
speare did actually outnumber perpetually interesting (How To there will always be some people is known that ITV have always 
Sbylock two to one with Antonio Be Your Own Boss ) to tbe who will refuse to allow society pressed for this and the BBC 

and Bassanfo but try asking tbe worthy but tedious (Nuts And to stand still, and will insist have resisted it. tbe BBC are 

next 10 people you meet to name Bolts seminar) there was not upon accepting any challenge usually cast in the role of 

a character from The Merchant one that was a waste of time. which presents itself, whether it villains. 

of Venice and see which one Yet television is wasting its be the direct route up Everest Yet it seems to me that the 
tbey remember. unique characteristics. Although or eradicating want from society. BBC have a very strong case. 

In that respect then, business- tbe medium is so wonderfully That is really what Nigel They argue that whenever there 

men will simply have to resign well suited to multi-disciplinary Calder's Spaceships of the Mind is duplication of sports coverage, 
themselves to ’equal treatment discussions and subject matter, seems to be about The the audience proves its prefer- 
with the rest of us. But in the being able at the flick of a pro- admirable characteristic of Part enee by switching in much larger 
matter of factual programmes duction gallery switch to change l of this BBC2 series was that numbers to the BBC than to ITV, 
about business they no longer stance, or mood, or approach, it it did have tbe scope to take and sure enough this occurred 

have grounds for complaint, has allowed itself to settle down in both man’s instinct to keep again with the World Cup. 

Such programmes are, if any- into the same old rigid divisions conquering and colonising new Figures so far to hand show 
thing, becoming too common. In which you find so often in news- territories, and also the fact that (according to the BBC) that 
the week under review we had papers, magazines and even the colonisation of space is in Scotland's first match was 
The Money Programme from books. Thus business is business financial terms (gross interna- watched bv 1 6m on BBC1 and by 
BBC 2. How To Be Your Own and all the rest (arts, philosophy, tionai product, or something) 5.5m on ITV and that the last 
Boss from RBC3. What About all the humanities) is ail the very different from, the colonisa- two were watched by 17.5m on 
The Workers from Thames, a rest, and never the twain shall tion of America. BBC1 and bv 7m on ITV. Figures 

documentary about industry in meet. Our business programmes .from ITV do not show such a 

South Korea under Granada's Every one of these pro- C ould do with a little of the large gaD. but even they have to 
Nuts And Bolts Of The Economy grammes rested on several tacit breadth of vision in Spaceships admit that many more people 

title, and the first of six Sun- assumptions, notably that matters 0 j the Mind. consistently choose the BBC. 

day morning seminars under directly involving the economy Before the World Cup This being so. tbe idea of 
tbe same title. __ _ — industry, commerce, invest- disappears from view for another enforced “alteration" is 


Mike Scott (centre) chairs Granada's ‘ Nuts and Bolts of the Economy ’ 


You could also see John Sw to- ment — exist independently of 
field’s lively Enterprise in the the rest of life. Furthermore 
Anglia area, and at different they all seemed to assume more 
times of the year Thames’s or less explicitly that everyone 
Time For Business would have agrees that British business is 
been going out too. in a bad way, that British 


four years there is one thing obviously not as equitable as it 
which should be said about the sounds. On the contrary, the idea 
duplication of coverage. The would seem exactlv like making 
popular view, understandably the more successful of two bieh 
enough, is that it is absurd for street Greengrocers close down 
BBC1 and ITV to broadcast on alternate days in order to 


A lot of recent programmes society is therefore in a bad way, identical pictures simultaneously, force customers to use the less 
have been about small busi- and that more growth would he Last week's NOP poll said that successfuL 


nesses: in How To Be Your Own A Good Thing and (tacit assump- 
Boas, for instance, Christopher tion number three or four) 
Brasher and Peter Spry-Lever- would improve the general 
ton bunted down a collection of quality of life, 
refreshingly successful “small" it would have been fascinating 
businessmen ranging from the to see the reactions of any of 
pocket calculator man Clive the participants in any of these 


83 per cent of people felt that As the underdogs it is quite 
identical coverage on two chan- understandable that ITV should 
nels was either a “ bad " or a press for alternation since it 
u very bad " thing. It is the next allows them to appear sweetly 
step, however, on which a little reasonable while making tbe 
care is needed. BBC seem pig-headed. But ITV 

The same poll said that 82 per cannot at the same time talk 


Sinclair to Joseph RadUey who programmes to an interruption cent thought the BBC and ITV about “ fairness." If most sports 
sells holes to the big elee- from behind the cameras from should he “ made " not to show fans want to watch big sporting 
SEEKS £*“ identical programmes. This again occasions on BBC, a^d if the 


‘sells holes" to' the big elec- from behind the cameras from should he’ 
ad calls himself one of the make-up girls, say. 

Holey Joe . . . The Money Pro- or a lighting technician (not confirms the common view BBC are wDUiw to eo on 

^7t me smaB eat bustoessmen. fi ! u ex P ressed in the Press and else- televising them, in what way is it 

Srlv i S 3) aid 1 where - aQd conclusion that " fair " to force the BBC to hand 

recently won an awaro) ana 0r he didnt particularly want *>.« BBC and ITV should be over h*iif those nrea<nnn* to 
gave it a re-tread in the form t0 work any harder, didn’t want forced to adoot some shnnle Kv* occasions to 

of a new studio discussion. a second refrigerator, would forced 10 ad0pt Some sunple ITV 7 
The two Nuts A«d Bolts Of prefer more holidays to more 
The Economy programme were money, aDd considering one 
more concerned with national thing and another (Britain's 
and International economies, symphony orchestras, for In- 
Tuesday’s t episode about South stance, or perhaps the com- 
Korea used the highly success- paratively low murder rate) 
ful technique, pioneered by really didn't feel that this society 
Granada, of taking represents- was quite the abject failure tbat 
tives of British industries (in was being implied, 
this case shoes and cutlery) This is not to suggest tbat 
around foreign factories to com- television should give up all 
pare and comment on methods programmes containing criticism 
and conditions. The Sunday of Britain's condition and pro- 
programme, featuring a discus- mote national complacency in- 
si on panel of 14 heavyweights stead. It is to suggest that the 
ranging from Hugh Scanlon and quality of life has a lot more 
Joel Barnett to Lord Kearton and to it than arithmetic, and that 
James Prior, was concerned par- the worker on the shop floor, 
ticularly with investment. What to the guard's van, on the lec 
About The Workers looked at hirer’s rostrum or wherever he 
British co-operatives from may be, senses it. 

Walsall Locks to the John Lewis The negative evidence of tele- 
Partnership. vision's business programme sug- 

None of these programmes was gests he realises it better than 
of low quality. Each was some of our industrial leaders 
proficiently made and although and better tban some of oar 


Churchill, Bromley 


The Woman I Love 

The Churchill is a new* theatre Queen Mary is austere; Walter 
in the centre of Bromley. H is Monckton is legal; and the Butler 
comfortable and conservative gets to open the door on to an 
like its potential local customers, impressive drawing room at tort 
Its productions are cautiously Belvedere more often than any 
tuned to the market, too. On theatrical Butler for a genera- 
Monday there opened The tion. , . 

Woman I Love, a new play by Yet this rather provincial 
Dan Sutherland about the evening is redeemed by stronger 
Abdication crisis of 1936. Judg- tban expected performance 8 : 
mg by the nudges in tbe house it from Martin Jarvis as Edward 
seemed like only yesterday to and Holly Balance as WalHs. At 
many of the audience. the start they banter away like 

You need a really good excuse young married! in a television 
to write more about the most comedy series but the characters 
exalted soap opera of tbe cen- grow. Jarvis has the advantage 
tury — a man's choice between a of looking passably tike the 
crown and a woman. In the Kins and also catches his almost 
event Mr. Sutherland has pro- Cockney drawl. He is especially 
duced an apotogvof a play, which good at bringing out tbe selfish 
is mostly remarkable for its spoilt child, streak— making 
lack of fresh insight The only Baldwin stand during their 
skeletons exposed are those of encounters, bawling out the 
the artors coning with the Butler, switching quickly from 
cliches to a tbln script. dejection to jubilation. 

Not that you can write about Holly Pabnce is too pretty for 
“David" and “Wally" and ^ rs - Simpson, but captures the 
bigoted Mr. Baldwin and dutiful discreet control she exbrted over 
Queen Mary without taking sides, bim. 

and Mr. Sutherland adopts the The rest of the cast had a had 

popular view of the time that 1h* £ me ll - OT \ y _.lY or R a ”,Y e T s 
King was a weakling and Mrs. Monckton and Ellen Pollock 3a 
Simpson art ambitious Yankee ^en Mary meriting- a pass 
booked on being Queen of mark. The set looked solid and 
England. Tbe rest of the small Francois Landry s direction was 
cast fall into line — Baldwin is stoll{1 - 

dogged; Beaverbrook blusters; ANTONY THORNCROFT 



Martin Jarvis and Holly Palance 


Leonard Bun 


Florence 


Marrio musicale 


There’s only one way to take Glenfiddich 



You can take it straight. 

Or with a little plain water 
But do remember that you’re 
tasting no ordinary Scotch 

Glenfiddich is a pure, single malt. 
Distilled in the ancient way, in 
■traditional handbeaten copper stills. 
The result is, perhaps the finest 
whisky the Highlands have to offen 
Take it slowly. Take it seriously. 

'Glenfiddich' in Gaelic means 
%allcy of the Deaf 


Alan Hacker’s group of voice, piano drone by Neil Sorrell, to- 
three reeds, percussion .and -traduced Atemstudie for solo 

S iano called Matrix has now oboe — one of Vinko Globokar’s 
een enlarged to include flute, many exuberant studies in 
violin and cello, and renamed breathing and vocal-instrumental 
Matrix 7S. The new players, techniques, delivered with im- 
Judjtb Pearce, Duncan Druce pressive panache by Lorraine 
and Jennifer Ward Clarke, were Wood. A tape-piece by the 
once the core, with Hacker, of Yugoslav Ludmila Frajt called 
the old Fires of London (wd Notfurno was short and sweet 
Pierrot -Players) ensemble; so it an attractive canvas of electronic 
was apt that the new Matrix night-sounds, capable if not 
should have devoted the wildly remarkable. Thin air for 
whole of the second part of instruments and tape by Mark 
their concert on Monday night Griffiths (b.I052) bad a certain 
to the first London performance strangeness and simplicity of 
in more than eight years of manner to recommend it: a 
Harrison Birtwistle’s medusa— subtle colour, and a good sense 
first heard_ in its revised Pier-. Q f s jj a p e( which I liked and res- 
rot". version _ at the ■ Pierrot p 0nc j e( j t0 — ^ atonal texture lit 
Players’ “Spring Song concert ^jj, brief flashes of tonality, 
on the South Bank in luiu. prefaced by a quotation from - the 
Medusa is a powerful Pie^’ soundtrack of a National Parks 
40 minutes long, complex m its information programme, “Har- 
worktog, rich to its resonance— mony seems to have disappeared 
a link, as our programme noted, a j r .»* 

between .the taut, hard-edged 
early Birtwistle of Troooedw and 

Verses for ensembles and The _ j /— f 
later lyrical style of Death of LondOII ChOral 
Orpheus or Silbury Aw (easy 

now to credit it with the un- r»rm/-prtc 

doubted distinction or having U/iivCi 

been booed off the stage by a , . 

Rovan audience at its French This year s London Choral 
nr<*miprM Society s Christmas Carol Con- 

P Both worlds are combined (as cert at tbe Royal -Albert Hail 
in a broader sense they still are will be on the a ft erno£° and 
to Birtwistle's music): the dark evening of December 9. The con- 
blue timbres and sighing certs will be 
cadences of The Triumph Qf Richard Stilgoe and the conduc- 
Tfoie cut with the wry, sharp tor will be Nicholas Cleobury. 
humour of the opera Punch and The Choral Society s other 
Judy r explosive instrumental concerts in the lflTB-rJ ■ season 
£!& life? iwlckl bullets, rico- 'will be: January 20 . (Festival 
chefs’ between long, poignant Hall) programme to 
laments The dosing pages are Child of our Tme by Sir Michael 
especially memorable: the naira- Tippett with the Pbittiarmonja 
Sve over, a- slow, unwinding, calm Orchestra conducted by David 
susnenaion still broken by per Atherton: February .15 (Albert 
cussfon gunshot, all passion Hall) The Dream of Cerjmttux 
spent. An exceptionally fine with the Ptolharmoma Orchestra 
performance frem the new conducted by Kenneth Mont- 
Matrix strong sod sure, was gomery: Good Friday, April 13 
directed by the young composer (Festival Hall) St Matthew 
and conductor Georee Brown, sion with the English Chamber 
Thf first part of the evening. Orchestra conducted by Nicholas 
the' second in the New Kraeraer: June 16 (Albert Hall) 

melodies sasstiy transcribed for. jAA wflh the English a 
clarinet and violin with cello and Orchestra.- 

. >L 


by WILLIAM WEAVER 

The 31-y ear-old Sicilian com- first act (of two) of Aspern. It 
poser Salvatore Sciarrino began lasted over an hour, and the 
attracting attention almost - a Per f° la turned off the air- 
^ In _ v . c conditioning. There are limits of 
decade ago with works per- ^ jjjscojufort t0 w hicb even a 
formed at various festivals of critic should be subjected. Like 
contemporary music and then a number of others, I left the 
over the Italian Radio. His theatre before the work's end. 
music has been written mostly _ At the Teateo . Comunale, 

for chamber formations, and it Mfc ^ t t Tn ?I Wr 

7 T ZT V “ Ntgrhfs Dream fared. much better, 

is notable for its exquisite mstru- Britten expressed himself firmly 
mentation, its rarefaction. These 0 n the vexed question of tran&- 
are not qualities which are lating operas; he believed they — 
effective in the theatre, and, in and his own operas especially — 
fact, Sciarrino’s stage-piece, be Srfven to the language 

. vom ; 0 : 0 of the audience. All very well, 
Aspern, given its premiere at but no trans j ator (even as gifted 

the Mamo musicale this month, a linguist as Paolo Ojetti) can be 
was notably drab and pallid. expected to produce a singable 
Subtitled M singspiel,” the piece Italian text anywhere close to 
is hardly what we would think the Shakespearean original, 
of as an exemplar of that genre, which Britten handled with such 
There is very little singing, and delicacy and respect So— thanks 
the music is confined generally to Britten's tactful writing and 
to accompanying, with a discre- to the singers’ admirable 
tion that often fades into near- enunciation— the text was totally 
nothingness, a theatrical work intelligible, but not very interest 
devised by Giorgio Marini (also tog. The rustics came off par- 
tite producer) from the Henry ticularly badly; and in the end, 
James novella inspired by tbe this Sogrto di una notte di mezza 
story of Byron and Claire Claire- estate was too somnolent, just 
mont. Marini's name has been within the boundary of boredom, 
mentioned before in these Bruno Bartoletti conducted the 
columns ihe was partly score with great sensitivity and 
responsible for an excruciating accuracy, and the Florence 
Satie travesty in Rome two years orchestra played well for him, 
ago). He is good at creating confirming its improvement this 
stage-pictures— and for Aspern year. . 

he was much helped by the bril« There were also some excellent 
Jiaat designer Pasquale Grossi — singers. Slavka Task ova Paoletti 
but he is perversely opposed to was an ethereal Titania, and 
acting. • The scenery does most Margherita Rinaldi was a moving 
of the work. TTre tableaux are. Helena. Among the men, Eduardo 
drawn out; and such action as Girnenez sang persuasively in the 
there is moves with excruciating part of Lysander, while the 
slowness, fflie words are spoken veteran baritone Rolando 
to a dreary sing-song, with'Panerai. in excellent voice, made 
extended pauses in unlikely the most (but not too much) of 
places. Under the circumstances. Bottom’s music. Ulisse Santiochi 
it was hard to give much thought designed fanciful costumes and a 
to Sciarrino's remote glissandos blossoming bower, capable of 
and. wind-sounds (his six many, ram'd transformations, 
musicians were deployed in the Giulio Chazalettes shrewdly 
royal box of the Teatro deli a exploited the versatility of this 
Pergola, behind the audience), setting, and moved his artists 
which, for that matter, were meaningfully (apart from some 
often hard to hear. exaggeration with the . comics In 

.1 roust say. In all honesty, that the last act). An enjoyable, if 
tiie above remarks apply to the not exciting, performance. 




FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON E04P 4BY 
Telegrams; Tinantimo, London FS4. Telex: 886341/2. 883897 
Telephone: flt-248 8000 


Wednesday June 28 1978 . : 


An unfair way 
to tax 


After the Rhodesian massacre: 




:»i. i*. r.-y 



in 



THE ANGLO - AMERICAN i 
double taxation treaty, which i 
has involved several years of 1 
painstaking negotiation by the i 
two governments, has now been i 
undermined by the U.S. Senate. 
Last week the Senate failed to i 
muster the necessary two-thirds ■ 
majority and thus the treaty in i 
the form approved by the gov- 
ernments was affectively killed. 
Yesterday the Senate voted on 
a revised version, without the , 
i-ontroversial Clause 9 (4) 

which deals with the unitary 
system of taxation. imposed by 
California and two other states, 
and approved it. by a 'substantial 
majority. But for the -.British ■ 
Government and . British 
vestors Clause 9. <4j/was. ;the 
key element Considerable Con- 
cessions had been made to ; .U:S:' 
companies operating in. the UK; 
same have said that these con- 
cessions were far too generous. 
But they were justified oh the 
basis that UK companies were 
to be relieved oi the unfair and 
onerous system of unitary taxa- 
tion. 

Withdrawal 

What happens next is not at 
ail clear. There will be strong 
pressure from the British side 
to renegotiate the entire treaty 
and this could include with- 
drawal of some of the conces- 
sions made during the negotia- 
tions. A further period of uncer- 
tainty is inevitable and this can 
hardly be good for the free flow 
of investment between the two 
countries. 

The significance of the 
Senate's action lies not so much 
in the immediate damage that 
will be caused to British com- 
panies as in the precedent that 
has been set. The unitary system 
imposed by California and 
followed by Alaska and Oregon 
assesses the tax payable by a 
foreign company operating 
within the state not on the basis 
of the -actual profits earned in 
the state, but- according to a 
formula which takes -into 
account the worldwide opera- 
tions of that company. The 
formula involves three percen- 
tages. the ratio of California 
turnover to world turnover. 
Californian assets to world 
assets and Californian payroll 
costs to world payroll costs. 
These ratios are then averaged 
arid the average is the percen- 
tace of the company’s world- 
wide income which is subject to 
tax in California. 

The Californian approach has 
been widely condemned be- 
cause it subjects to state tax 


income which does not arise 
in the state. It is contrary to : 
the arm’s length principle which 
is followed by the U.S. Federal , 
Government and which is em- , 
bodied in the model income lax 
convention prepared by the 
Organisation for Economic Co- 
operation and Development; 
that convention specifically 
applies the arm’s length prin- 
ciples to subsidiary levels of 
government. 

Article 9 (4) was designed 
to exclude from the tax base of 
the states (using California as 
an example) income of UK cor- 
porations or their affiliates in 
' third countries which have no 
connection with California. 
Opponents claimed that this was 
an unacceptable infringement 
■' of the right of individual states 
to tax companies on whatever 

■ basis they saw fit There were 
suggestions that if the Adminis- 

! tration wished to impose such a 
restriction on the states, it 
should introduce a separate Bill 

■ for that purpose, rather than 

include it in a double taxation 
treaty. _ 

The appeal to states’ rights 
: dearly had a greater impart on , 
members of the Senate than the 
i Administration had expected. 

■ But the wider danger is that 

■ other countries, especially in 

■ the developing world, will be 

■ encouraged to adopt the unitary 

■ principle. It is often argued 
i that multinational companies. 

• through the transfer pricing 
\ mechanism, can decide for 

themselves whether to take the 
! bulk of their profits in one 
l country rather than another 
t on this view national tax 
. authorities ought to concern 
; themselves, not just with re- 
i ported profits in their own 
[ country, but with the earnings 
l of the parent company, 
i , Transfer pricing can present 
; genuine tax problems, but most 
i tax authorities, including that 
i, of . the U.S., have powers to 
i reallocate income between a 
> subsidiary and its parent to 

- achieve results which would 

• have obtained in arm's, length 

■ dealings. This is a more effec- 
i tive way of dealing with any 
. distortions caused by transfer 
1 pricing than a general exten- 
l sion of the unitary principle. 

It is in the interests of the 
1 U.S. and the UK that the tax 

- treatment of multinationals 

- throughout the world is fair, 
) and the double taxation treaty 

was to have been a model for 
s other countries. The damage 
i- caused by the Senate’s action 
i needs to be quickly repaired. 


rri HE MASSACRE of, British : 
1 missionaries and- their 
families in eastern ’ 
Rhodesia has provided a brutal 
reminder of the continued 
failure ‘ of the transitional 1 
government in Salisbury to re- 
duce the slaughter in the 
guerrilla war. IT revealed again 
the indiscriminate depths to 
which the war has sunk. 

But if the killings may have 
given further ammunition to 
the backers of the internal 
settlement in Salisbury,, they 
may have the effect of weaken- 
ing the alliance between Mr. 
Ian Smith and the internal 
nationalist leaders. ■ ■ An- event 
such as the massacre is likely 
further to exacerbate the frus- 
trations already felt by both 
black and white participants in 
the settlement 
For the whites, it only illus- 
trates once more the failure of 
the black partners— principally 
Bishop Abel Muzorewa and the 
Rev. Ndabaningi Sithole — to 
effect a ceasefire. To the blacks 
it is a bitter example of the 
double standards both of whites 
within the country. and 
of the international com- 
munity. The missionaries were 
killed* less than a month after 
the killing of 22 unarmed vil- 
lagers at Domboshawa, a com- 
munity just outside Salisbury 
itself. On that occasion, reports 
of the killings were censored 
hy the military authorities, be- 
cause it was Rhodesian troops 
who were responsible. In the 
case of the missionaries, the 
. Rhodesian security farces pro- 
vided facilities for maximum 
press coverage. As Bishop 
Muzorewa declared: “I believe 
this kind of thing goes on ail 
the time, except it seems to be 
more news if it is white people. 



Chief Chirau 


Moscow’s hold 
on Aden 


As far as I am concerned there 
is no part in the war for the 
killing of children— black or 
while.” 

The frustrations with the 
internal settlement had become 
evident well before the 


miss ionaries, died. The situation, 
was well symbolised by the lack 
of- pomp that attended the. iast 
opening ■ of the Rhodesian 
Parliament in its • 

dominated form- on June 20.. 
There was no sign of the normal 
guard of honour, no fiy-past by 
the Rhodesian Air Force. The 
President arrived at the 
parliament building in his 
ageing Rolls-Royce with only a 
police band and a small crowd 
of the curious to greet him. 

An atmosphere of almost 
palpable gloom reigns in 
Salisbury. Cafes and restaurants 
are struggling to do business. 
The lunchtime streets oE what 
has always been a bustling, if 
incurably provincial, capital are 
strangely hushed. It is a white 
reaction to the high hopes which 
greeted the transitional agree- 
ment in March: black and white 
despondency about the apparent 
inability of the participants in 
the settlement to wind down the 
war: and black frustration with 
the lack of tangible benefits 
from the first participation of 
black leaders in Government. 

The depression is made worse 
by an air of unreality. Politicians 
talk about de-escalating the 
war. while the military 
command issues mounting 
casualty figures. Businessmen 
congratulate themselves on the 
co-operativeness of the new 
black ministers, whose very 
| compliance is daily losing them 
1 support in their own black 
' townships. The military censors 
’ tighten their hold on all 
f information on the war. to the 
f extent of banning statements 
" put out in the names of their 
1 new masters. Bishop Muzorewa 
* and Mr. Sithole. 
j In the dying Parliament itself 
J stalwart members of Mr. Smith's 
5 Rhodesian Front bitterly 
■ attacked the transitional Gov- 
ernment For its lack of progress. 
Back bench members accused 
the Executive Council of “sit- 
ting on their collective 
posterior," failing to effect a 
ceasefire, making unsubstan- 
tiated claims about their 
contacts with guerrilla com- 
manders, and attracting crowds 
to their meetings only with 
offers of free bus ride-s, “beer 
and bribes." There was almost 
equally outspoken criticism 
from the handful of black MPs. 
of the failure of the Govern- 
ment to commit itself to abolish- 
ing racial legislation as repre- 
sented by the Land Tenure Act, 
let alone to act against the 
effective economic discrimina- 
tion which exists throughout 
Rhodesian society. They also 
called for the transitional Gov- 
ernment to talk to the external 
leaders of the Patriotic Front, 
Mr. Joshua Nkorao and Mr. 
e Robert Mugabe, 
e For once, the Parliament 
ir would appear to reflect the feel- 
ings of tiie general black popula- 
e tion: the black taxi driver, who 
e declared that the black 
e ministers representing him h3d 



* X ■, — v- 

: 

■ - . . 


Bishop Muzorewa 

been seduced by fat salaries and 
fine cars, the squatter outside 
Harare township, who accused 
the interim Government of 
“playing games talking to each 
other." when they should be 
talking to the real guerrilla 
commanders. 

Certainly there has been little 
spontaneous demonstration of 
public support for the settle- 
ment from blacks. They have 
rather decided to wait and judge 
it by results. To date they have 
not been very apparent. The 
release of detainees and the halt 
called to executions were both 
dramatic and popular moves, 
but have hardly led to an 
improvement in the general lot 
of the black population. 

Disbandment of the hated 
protected villages where many 
rural blacks are made to live 
under military observation is 
one important move being 
sought by the nationalist parties 
in the Government This is 
likely to be strongly opposed by 
the military command. The fact 
that military censors can sup- 
press the political statements of 
members of the Government 
would suggest that the 
politicians are unlikely to get 
their way in questions of 
security. 

As for the urban black popula- 
tion, clear moves to abolish 
racial discrimination are 
probably needed to convince 
them that the settlement will 
lead to a genuine transfer of 
power. Although the Land 
Tenure Act is widely expected 
to be scrapped, no mention of 
it was made in the State Presi- 
dent's speech at the opening of 
parliament. Advocates of 
caution argue it is not some- 
thing which can be done by a 
stroke of the pen since there 
are 57 related Acts to be 
amended. Their opponents 
maintain that it will happen 
once a black government is in 
power, so that it would be better 
to scrap the Act now and claim 
the credit. So far the cautious 
counsellors are in the ascen- 
dant. 


_ . virtual bring in Mr. Nkomo's partner," Govemment'back to -the confer* - 

MrvMugabe. . - ' *> intensifies 

stalemate What win :• happen to . tofctton,. of > *he : guerrilla ; I**-*. : 

and Mr. Step tunas internal settlement if Itssigria- further .sharp . ..decline of - the. 

negotiators!, °hwe returned to tpries press-' on :withorff . ajon. •Mradi&F,: or a eaH1pM.rf.KW5. 

To some extent they ference? Plans ^for/dectiOBS-jnOTalfi, leading U> a rented... 

heart from it The are advanced. • But -they: wiILexodu^anda refusal of- whites... 
Anrio^ American strategy seems be strange elections:, in the security toreev • 

ftfhc to keep open the option of the need to hold them 'befote The hearer ‘ December ‘ 31 

of an all-party conference, in the promised- date ot majority approaches' the less inclined 
toe hope that the mounting rule on December. 31, ..they WiU .many, whites will be to lay down .. 
problems of the interim Gov- be conducted on. the party list their Mves fora blade Zimbabwe, 
eminent will force its members system, rather.; than by. 'cop: The. state of - the economy is 
to fall back on that solution, stitueneies/ wh ieb would -^ave already critical, and- -nothing 
rather than pressing- on to.be drawn up from scratdL 
unilaterally. The drawback is Senior Government sources now 
that in the meantime the indicate that there: will -be 
confidence, and therefore to'e'no registration process' either, 
demands, of Mr. Nkomo and because ^registration^ —.towns 
Mr. Mugabe of the Patriotic could becomez tbe. targets -_of 
Front are growing. Mr. Nkomo guerrillas seeking :to disrupt the 
has declared that it is too late process. A system will have to 
for all-party talks. Mr. Mugahe- be devised - of -proving . - that 
insists that the entire interim, vpters are?.-: over 18 and 
Government should be allowed- Rhodesian -. .citizens, . combined 
to attend only as members of 4with some 'waybf dippihgtoear 
toe British delegation in two- thumbs in indelible ink to pre- 
way talks between Britain' anff vent them voting twice, 
the Patriotic Front . The. threat by. toe rguerriHa 

Mr. Smith seems to be thei&xces to: disrupt toe ejection 
member of the interim. Govern^jneans that saWders wiH have 
ment most receptive to the -ideajda .protect porting stations, leav- 
of a renewed conference. _ffe mg the Salisbury Government 
has admitted that it is v*/ open to a charge of intonida* 
weakness of the regime thatrit.'-fioo. The chances of such an 
has no strong representation- election appealing free and fair 
of the Matabele tribe, which decidedly smaiL 
overwhelmingly supports^ Mn " The relatively heavily popu* 

Nkomo. Hoover lated urban, areas and white Mt. Smith 

may have believed originally farrndng areas would probably ... /V 

Dirknn Muiniwuia nnH Mr. — . . . ... . ... . : ^ 






i I kK 




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must doubt that now. _ : »it- Muzorewa - s united African to revive it There ate atsodegr .= 
w 2SiS , *lfcttonal Council -stiM by far signs bf,ah intehsifi<^tiottbf toe .7 

^ ibe most likely winner, of an war, with.the ZIPRA forced 

with his black partners. hme for a txrii off porting -Mr. Nkomd: sSfcpplngap - 

Bishop Miaorewa ir^bere Uielr Kflrtt#' ip t&'hoKTiina 

tiations that - ^ independent .observers are.mbre bnly a fraction of tote ntimbe%. 

sceptical, Ambteng whether ^ .in-Zambian UauwogoatBpSf toef 
tadi of toe estimated . credited wah nmto^greator . 

.•voters will turn oql Even tied, 

.' defenders of- toe tateniai-settie- . 

meat argue, a black gowaum^it ^ - 

wall be dnstglfted.. :Th?y say" it' “ ra ti - ;tty. rrtte 

; couid press ahead wito legjsia- 

tion. unfettered:,; by aSSfiS'^SSSSSS^rSB. ' 

census requirement . : of . ,toe •. . . 

. roch an believistoart a ^ no.^ vofelti the 

the guemfflas wall ... fipatiy ^vtoffntrtFvtg refereadum, : !ttraid 
1 dwindle. ; X. , ; tUriSsthe cloelf back, toe prrrcras 

• One notable fiaw r |n to* .^gu- u actually 1 irrevocabUU^Whitt 
mrtit. Is that toe. process j is ex- motil e rptiapabte bfcretmming 
- tremely .unlikely to Produce & ^ -1n - Although 

Strang .Gowetaxment ^wito 

absolute malorltv. The . narty ' fhiv 1 ^n*ll rvf * 



resentation will aUew minori- toey cah only delaytoe ^oeess, 
ties suCb as ZUPO, led by. the not reverse It - 
third bfack partners ro toq : : MrU Graham: and Mr. - ■ 


Government Chief Chirau,. and^o doabt_emphaalSixig,:tl§t toe . 
Rev. Sithole Mr* Sitoole’s branch of ZANU longer ' Mr. Smith ,4®. ^ - 

a much larger showing thaa the colleagues postpone: negdStom, ' '. 
Patriotic Front would be a constituency system, and the the weaker their positfo^-Yititi 
reflection on his integrity. More existence of a block of 28 be./ Increasing^ observ^^fe - 
pertinently, it would be seen whites, _ likely to be solidly sceptical ' that the ' 

as an admission of. weakness. Rhodesian Front, -means that Government ■will, prove cwpatife 
Thus acceptance of the con- Bishop Muzorewa, to gain an. of -toe. -sort of changes 
ference could be an electoral ab sokrte'-majority . must win 51 fo Win - black su p port. ^thfe 1 ' 

death blow. Mr. Smith is un- seats of the 72 available to him. thanrooceotratmg oir - 

likely to want to sacrifice his That requires more than 70 per ing white 'morale. '.-Uf--^t 

current partners, moderate as cent of the votes, which few postpones them much -pnOT^ : ’ 

they are. simply to get Mr believe he can win. any conference it attend&Jc^H 

Nkomo into his Government. Three interrelated events be a capitulation, ratoer^aic^f .V:: 
He certainly does not want to could yet force the transitional, place of negotiation: 


Rev. Sithole 

Patriotic Front would 


1 i 

\% 


THE DEATHS of the presidents 
of north and south Yemen 
within days of each other de- 
notes political turbulence on a 
scale exceptional even by 
troubled Yemeni standards. It 
is in marked contrast to the rest 
of the Arab world where in the 
last few years assassinations 
and coups have tended to be the 
rare exception rather than the 
rule it was in the 1950s and 
1960s. It reflects the fact that 
these two poor countries are at 
the heart of tensions affecting 
the conflicts between East and 
West in Africa and the Arabian 
Peninsula and the Indian 
Ocean. The replacement of 
President Salem Rubai Ali in 
Aden by supporters of the hard 
line party leader. Mr. Abdel 
Fattah Ismail, must strengthen 
the position of the Soviet Union 
in the area. 

Political obedience 

Although toe regimes in 
north and south Yemen have 
been somewhat different in 
political complexion, it has been 
a constant theme on both sides 
that one day they should unile. 
Asainst this becoming a reality 
without a physical takeover by 
one or the other has been the 
fact thaT north Yemen has for 
lone been dependent on Saudi 
Arabia for financial aid in re- 
turn for which political 
obedience was expected. 

The south by contrast has 
been, since independence from 
Britain in 1967. under the 
riso rous control of the only 
openly Marxist-Leninist govern- 
ment in the Arab world — 
through a single political party 
now known by the ungainly 
name of United Political Organ- 
isation-National Front. 

North Yemen accused the 
south of responsibility For the 
assassination last Saturday of 
President Ghashmi who was 
close to Riyadh. This was denied 
by President Salem Rubai Ali at 
the time, but since then he has 
been accused by those who 
deposed him, notably the party 
ebrnf. Mr. Abdel-Fattah Ismail, 
of having been personally 
involved. The real reason was 
more probably a straight power 


struggle between two politicians 
who are known to have had dif- 
ferent approaches towards south 
Yemen's role. This is indicated 
by the reason given sub- 
sequently for his execution — 
that he was trying to replace 
rule through the party by per- 
sonal control. 

The differences between the 
two men and Mr. Ismail’s vic- 
tory are crucial pointers to the 
future. Mr. Rubaj All followed 
a pragmatic political line which 
was aimed at attracting finan- 
cial aid to this destitute coun- 
try — even if this meant improv- 
ing relations with Saudi Arabia. 
Mr. Ismail favoured putting 
ideology first to the extent that 
south Yemen has been actively 
supporting toe Marxist govern- 
ment in Ethiopia against the 
Moslem rebels in Eritrea. 

The immediate impact of this 
shift leftwards will be on rela- 
tionships on the Arabian Penin- 
sula. Progress towards Yemeni 
unity is halted, and the presi- 
dential council which replaced 
the late president has already 
broken relations with Aden. 
Saudi Arabia cut off aid to the 
south last October clearly con- 
vinced that it was wasting its 
time tryins to lure Aden into a 
more moderate line. Neverthe- 
less Riyadh will be more con- 
vinced that the encirclement it 
dreads by radicals is speeding 
un and that, more than ever, it 
needs the F-15s promised — and 
not to fight against Israel. 

The Soviet foothold in Aden, 
now reinforced, could hardly 
be a more strategic position. 
For between south Yemen and 
east Ethiopia and the rest of 
Africa ties only the narrow 
width of the Bab el Mandeb 
straits. These control the 
entrance *to the oil lanes which 
eventually pass through the 
Suez Canal, and the access to 
Israel’s southern port of Eilat. 
To the east, the Soviet Union 
now has an assured port of call 
from which to patrol the Indian 
Ocean and the entrance to the 
Gulf. Mr. Rubai Ali’s replace- 
ment effectively provides a 
strengthened link for Moscow 
between the conflicts in both 
Africa and the southern regions 
of the Middle East 







Third man in 
oil row 

The multinational oil companies 
must be scratching their heads 
over the curious combination uf 
forces lined up against them 
over their alleged sanctions- 
b us ting in Rhodesia. Both 
President Kenneth Kaunda of 
Zambia and Tiny Rowland of 
Lanrho are threatening legal 
actions against the companies. 
They have been joined by Jorge 
Jardim, the former Portuguese 
minister, who has published a 
book in Lisbon that claims to 
“tell all." Jardim's motives are 
startlingly different: he says he 
wants to vindicate Salazar, 
whose adviser he once was, by 
showing that Portugal’s dictator 
followed a consistent, even- 
handed policy after Smith's 
UDI. 

Jardim has been in London, 
giving evidence to Thomas 
Bingham. QC, who was officially 
appointed last year to look into 
the allegations against the oil 
companies. He leaves tomorrow, 
and while here has been in 
regular touch with Rowland, 
whom he first met in the fifties. 


Fine balance 

When talking of bis three-part 
Thames TV series on Palestine, 
Richard Broad expresses modest 
hopes of presenting “vaguely 
something called truth,” but 
puts his emphasis on making 
a contribution to debate." Cer- 
tainly, the debate has been 
raging since there were separate 
showings of the final pan of 
the series last week for the 
Arabs, the Israelis and “the 
rest.” 

Since then Thames has 
received a number of letters 
calling for changes, in particular 
from Arab ambassadors. The 
Council for the Advancement 


of Arab-British Understanding 
found the film pro-Israel. In 
particular it objected to the 
narrator’s comment that in 1948 
the armies of five Arab states 
“invaded" the state of Israel. 

CAABU wanted a formulation 
talking of the "occupation of 
the area allocated to the Arah«.” 
But Broad told me the changes 

made were •‘extremely small 

points of emphasis” and largely 
for reasons of style. He insisted 
that ail changes had been made 
at his instigation and reflected 
the feelings of the production 
team. He also said they had all 
been referred to two advisers — 
Martin Gilbert, the official 
biographer of Churchill, and 
Elizabeth Monroe, Emeritus 
Fellow of SL Antony’s, Oxford. 
Last night, just before the first 
part of the series went out, 
Monroe told me that she and 
Gilbert— after copies of the 
comments on the last part had 
“poured in" — had after “long 
conversations" agreed the final 
text. But even if she and Gilbert 
have been able to agree, Thames 
are the last to expert all viewers 
also to do so. 


Mop at the top 

Robert C. T. James claims to be 
the only member of the Institute 
of Directors whose fulltime 
work is cleaning public 
lavatories. “I hope my job does 
not disqualify me,” be said 
yesterday. "After all, the Insti- 
tute is such a useful] pied-a- 
terre when one is up In 
London." It is not, of course, 
that James was always cleaning 
lavatories: until a few months 
ago he was a director of the 
British company of A. C. 
Nielsen, the international mar- 
ket research organisation. 

This is no hardluck tale of a 
redundant executive. James 
sees the change from handling 
accounts of clients such aa 
Beech ams and Wilkinson’s 




“ I'm afraid it's the yen. sir — 
it keeps rising with the sun! ” 


Sword to wielding a bucket and 
mop as entirely to his taste. It 
occurred when he took early 
retirement from Nielsen’s last 
November and moved to New- 
gale in southwest Wales. He 
decided to look for a job to 
supplement his pension, but 
the first applications ended in 
failure. “Jobs are few and far 
between in Pembrokeshire." he 
says. “I am 60, and obviously 
younger men should have 
priority.” 

So when James (educated at 
St Edmund Hall, Oxford) saw 
an advertisement in the local 
paper for a lavatory cleaner at 
£1.07 an hour he knew he had 
found the answer. “1 had rather 
an amusing Interview with an 
official of the Perselly district 
council.” he told me. “But I got 
the job ” 

I ventured to ask Nielsen’s 
erstwhile Board member 
whether he found the work 
aesthetically disagreeable. “Not 
in the least,” he said. “I feel 1 
am doing something for tile 
community.” 


Life saver 

Some of Ronald Peetis senior 
colleagues at Legal and General 
Assurance may be breathing a 
sigh of relief that he yesterday 
became chairman of the British 
Insurance Association. It could 
be that he will be too busy in 
the coming year to hustle them 
into joining his yearly jaunt to 
an adventure school in the wilds 
of Sutherland. In Peet’s view, 
nothing is better for the tired 
businessman than going on 
dawn hikes with John Ridgway, 
who rowed the Atlantic with 
Chay BJyth. Climbing mountains 
and living hard “ put your 
problems in perspective,” says 
Peet, who is 52. .Perhaps Peer 
acquired a fondness for rough 
relaxation while in Australia, 
where he spent 14 years work- 
ing for Legal and General. Lest 
I imply that he is incorrigibly 
hearty, Peet is also a director of 
the Royal Philharmonic, 


Dick’s chicks 

Transylvania, land of Vlad the 
Impaler and sundry vampires, 
is not the most likely place 
to meet a bus-load of fresh-, 
faced American students. In 
times past, the great Count 
Dracula would certainly have 
disposed of the tikes of them. 
But these Americans told a col- 
league who crossed their path 
that they were not mere 
tourists, ' but admirers of that 
contemporary demon, Richard 
Nixon. 

It was, explained one Cali- 
fornian. “in the nature of a 
nostalgia trip,” re-tracing the 
historic path blazed by the 
former President .wben he 
visited Romania in 1969. Their 
next stop was Moscow. The 
terminus, presumably. waSj San 
Clemente. 





Doesn’t he realise 
he can ’phone Extol 
forthose 


Extol has Been 'logging and f updating all 
shareholding .disclosures since Aprils 1377 when-;, 
-holdings of S% or more began to be published.> - j 

. The complete record is instantly avaUable-afl. 
.you have to-do. is pick up a .'phone.-.' There is tfe; 
delay, no:fi.fingV no sending messengers. 

Your subscription :to the EXfEL SHARB^f 
.HOLDING SERVICE entitles, you to 24;*,frde^ 
enquiries a year and a further unlimited numbarfbr : 
asmall fee. • : 

EseiBralso.taknONCE«OFPmquini^'H-v^ , '' > j 

To Extel Statistical Services Ltd:, . ’ “ v - - 1 • -i -r 

37-45 Paul Street; London; EC2A 4PEL i V : : : i:“: 
'Phone; 01-2533400. Telex: 2634374- ' n’ J •• 

I should like to - kribw more aboiftJthe Extg^ 

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•AddressLl ; -i-i -'-••■VV.- 




Observer 






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-:■ From the outset Brazil’s military rulers have relied heavily on the financial 
community to help solve the country’s economic and allied problems. Resultant 
success, including Brazil’s high rating abroad, augurs well for the future. 


Honoured 



the government Brazil was mov- 
ing towards hyper-inflation. The 
generals sought the best ortho- 
dox advice they could .find to 
help them get inflation under 
control once again. From the 
very beginning therefore the 
banking community had the ear 
of the military and were -able 
to influence the shaping of 
economic policies even more 
effectively than in the -time of 
civilian rule. 

As the country wound itself 
up for its spectacular /growth 
in the late 1960s and early 
: ■■ v , 1970s the well entrenched 

By Hagh O’Shanghnessy bankers were able to take the 

m aximum advantage of "the fact 

Latin American Editor 


successive finance ministers. Dr. 
Roberto Campos, now Ambas- 
sador in London, Professor 
Delfim Netto and the present in- 
cumbent Sr. Mario Henrique 
Simonses — aJJ had close links 
with the banking sector. What 
was true of them was also true 
of many other figures in public 
life. 


Support 


SINCE 1964 and the military 
coup d'etat Brazil has been a 
country where the businessman 
has had an honoured place in 
soclety-rand . the businessmen 
with the most honoured place of 
all have been the bankers. 

- -The authoritative Sao Paulo 
business journal Exame recently 
commented:-. “The institutions 
which make up the financial sys- 
tem have in-the past years lived 
through a period of exciting 
euphoria. Every part of the sys- 
tem, from the commercial banks 
with " .their multiple branches 
to the small share traderson the 
whole obtained mouthwatering 
profits— 'add the exceptions, 
even those which obtained Gov- 
ernment help, csme about be- 
cause of very bad management 
rathet than bad conditions for 
business.’’."... .. 

When the military took over 


that next to administrative ex- 
perience capital is the second 
scarcest commodity in a 
developing country. And what 
went for domestic bankers also 
went for the international banks. 
Brazil needed money- and 
seemed to offer security, so the 
international lenders came in 
their droves. 

As the shine came off the 
economies of the developed 
world and the demand for 
bankers’ funds slackened, in the 
industrialised West, ~ Brazil 
became an even more attractive 
proposition. Banks scrambled to 
establish a physical presence in 
Brazil, and there emerged a 
powerful group of financial 
men, Brazilian and foreign, who 
were able to lobby most "effec- 
tively for the policies they 
thought were most fitting for 
Brazil to follow. 

Many of those in : positions of 
the greatest influence — like the 


In the XJ.S. the Rockefeller 
family and Mr. David Rocke- 
feller in particular gave a firm 
and powerful support to the 
Brazilian Government and its 
chosen path of development but 
that family again was but one of 
numerous U.S. and European 
banking figures who threw their 
weight behind what the military 
were doing in Brazil. 

The interpenetration of 
financial interests with the 
Government has undoubtedly 
been one of the most significant 
factors iu the shaping of 
Brazilian government policy 
from 1964 to the present The 
depth of the continuing commit- 
ment of the banks to politics 
was illustrated early this month 
in an ironic manner when one 
large Sao Paulo bank had 
rapidly to withdraw an internal 
circular which effusively 
welcomed the election of Sr. 
Laudo Natel as prospective 
government candidate for the 
governorship of the State of 
Sao Paulo after he had been 
surprisingly beaten by a rival 
outsider- 

The result of this close iden- 


tification of the financial sector 
with government is patent. Tl*e 
profitability of the banks is in 
general higher than that of the 
rest of Brazilian business: the 
financial systems working in the 
market are more sophisticated 
than those of any other country 
in Latin America: bank 
branches are ubiquitous in the 
cities and widely spread too in 
the countryside. Banks and 
finance houses maintain a con- 
stant stream of invitations to 
the consumer to buy on credit 
which in the consumer societies 
of the big cities are taken up 
with some enthusiasm. 

But since the limit on lending 
rates was raised at the end of 
1975 industry has been com- 
plaining of the increasing cost 
of loans and the difficulty of 
finding them in the first place. 

While the nominal rate for 
bank lending is between 2.5 and 
2.7 per cent a month, the con- 
ditions demanded by banks in 
exchange for that basic r3te 
make the cost of money in fact 
far greater. According to some 
industrialists the real cost of 
loans is much nearer and in 
many cases in excess of 5 per 
cent a. month. Many borrowers 
felt that this sort of cost is 
excessive at a time when in- 
flation is running at a rate of 
around 40 per cent a year. 

In business circles there is 
some resentment about the 
powerful and privileged position 
that the banking sector has been 
able to carve out for itself. 


There are many in Brazil who 
would tike to reduce the privi- 
leges of the banks and also cut 
Brazilian dependence on foreign 
finance: in the swiftly changing 
political drcumstanecs of the 
moment they feel they have a 
chance ./of achieving some 
their aims. 

In the opposition party the 
Brazilian Democratic Move- 
ment tMDB). there are those 
who want purely and simply to 
nationalise the main private 
banks and achieve a situation 
similar to that obtaining, say. 
in France. They point to the 
need to channel more resources 
to agriculture and other sec- 
tors which can possibly provide 
more jobs fur a growing popu- 
lation. The Slate they argue, 
is the only factor which can 
ensure that the resources con- 
centrated in the cities and 
often used for frivolous pur- 
poses can be put to work on 
projects for the long-term 
benefit of Brazil. 

They point to the record of 
the Banco do Brasil, in which 
the majority of shares are 
owned by the Government and 
which has expanded its business 
to become one of the largest 
banking institutions in the 
world. In doing this it has 
done much to bring sources of 
finance to the countryside and 
extend loans to farmers who 
still remain the principal pillar 
of Brazil’s economy. 

It is unlikely in the foresee- 


CONTINUED ON NEXT PAGE 




—r'i'viT-*--.' ' . -v-t • • -v •• • r <\- * ' • r.* j*” ’ 1 ?T r - i'vvA - VT*' i-'.’Y V- { • . **' / • *v. ^ 


Atlanta- 


Capital and Reserves (December 31, 1977) 
US$ 115,681,610.65 
Premiums received (1977) 

US$ 243,0??, 314.76 






id 

< j. 

; J 

■ .-5 

.*■ ri 


The leading Insurance Group of Brazil, 
associated w irh Banco Brasileiro de Deseontos (BRADESCO), 
the largest Private Bank in Latin .America. 


The 

ATLANTICA-BO AVISTA GROUP 

is associated with: 

ALLIANZ VERSICHERUNGS AG 

(Allianz - Ultramar) 

THE PRUDENTIAL INSURANCE 
COMPANY OF AMERICA 

(Prudential- Atlantica) 

SKANDIA INSURANCE COMPANY 

(Skandiu- Boavista) 

COMPAGNIA DI ASSICURAZIONE 
DI MILANO 

(Pallia - Milano - Atlantica) 

The Group lias established operational agreements with 

DAI-TOKYO FIRE AND MARINE 
INSURANCE COMPANY LTD. 

LABALOISE- 

COMPAGNIE D ’ASSURANCES 


C } 


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1 




■V 


/ - 


; 3 — - -.'■ei'-i-.. 








The Atlantica - Boavista operates in all lines of insurance all over Brazil and in Reinsurance business in the principal markets of the world. 

Headquarters: Rua Barao de Itapagipe, 225 - Rio de Janeiro, international Department : Praca Pio X, 79 - Rio de Janeiro 

,^w --.i- \.s. ;V\ .V’.V. i-'.'J&’-'l-ZS-. '&*: yZ**\ .vy - X . ... LV.s 1*5..' . 1 

•• --••• ■» : ■ _ _ - tgj 



Financial Times Wednesday June . .28. .ISTS- 


BRAZILIAN BANKING AND INSURANCE II 




■yy& 











THE BANCO DO BRASIL 
iBank nf Brazil) the largest 
ftanfc in i?ie country and 
tin seventh largest in the world, 
jv like a Inigo octopus. whose 
('-•nudes have spread into many 
areas of the financial system. 
In .some cases, this has occurred 
si.cain-5t the wishes of the hunk's 
authorities and at -the insistence 
,if the federal Government, 
Yihii-h has justifiably felt that 
• si i.- Banco do Brasil was the 
!>..•>•( -equipped institution to 
uekle a given problem in the 
financial system. - 
/t U certainty a highly 
imporiant commercial bank. 
Ii» president. Sr. Karlos 
Kischbieler. lias frequently 
>iated that he believes that his 
I.aufc — c.li'.n? with all other 
State companies — should be 
pn.iiit-onentatcd. Vet. even here, 
U»* bank’s function has not 
been clear-cut. for at crucial 
moment? in the last few years, 
the bank has. assumed the role 


of a "monetary authority.” This 
has meant that, far from 
merely attempting ti> maximise 
profile the bank has helped to 
establish the rules of the finan- 
cial game, often defending de- 
cisions that have gone against 
the immediate interests of the 
financial sector. 

On two important occasions 
in 1977. it was the Banco do 
Bra.-d that negotiated with the 
private commercial banks over 
the reduction of interest raies. 
Ri. sch be Iter' attempted 10 con- 
vince the bankers that it was 
essential fur the country's 
economic health that inflation 
be reduced and. to achieve this 
the cost of money had to come 
down. In the polemic that fol- 
lowed the Banco dci Brasil's 
decision to lower its interesi 
rates so as to force down the 
market rate, the ambiguity of 
Sr. Rischbieter's role, as both 
bankers and government 
official, became very clear. 


For several years, the bank 
chalked up extremely large 
increases in its profit. Last year, 
however, its profit of Cr$8.7bn 
(£30Cimi grew by only 33.3 per 
cent as compared with the result 
in 1976. thus even falling behind 
inflation which was 38.8 per 
cent. In a difficult economic 
period, the bank’s role as 
"monetary authority” entailed 
considerable sacrifices in terms 
of profitability. 

The bank’s loan operations 
were worth an impressive 
CrS332.7bn (£11.5bn) in 1977, 
which was -19.3 per cent up on 
the resources handled in 1976. 
Almost all of the loans t95.7 
per cent) went to private com- 
panies. Non*; the less, the bank’s 
share of total loans going from 
the financial system to the pri- 
vate sector, declined slightly in 
1977. falling to 45.7 per cent, as 
compared with 46.2 per cent in 
1976. Reference to the over- 
whelming proportion of the 


bank's loans that go towards 
strengthening the private sector 
is the bank's standard reply 
when, because of its enormous 
size, it is accused of leading to 
the gradual nationalisation of 
the financial system. 


Strict 


The reduction in the hank's 
share of loans reflects the strict 
control over credit that the Gov- 
ernment has been exercising in 
recent months in its efforts to 
combat inflation. The bank will 
probably lose further ground 
this year, for the Government 
has authorised an increase of 
only 26.7 per cent m its loans, 
which will be well below the 
rate of inflation. 

Half of the bank's loans go 
to the rural sector, making it 
the largest agricultural bank in 
the world. The bank’s presence 
in farming is of crucial Import- 
ance, for it provides about three- 





tel *3* 





quarters of all loans going to rural areas are not Pn^M* r - 

the rural sector. However, the The bank explained m ils 1977 0U£ RS* ffiS9Ml8B 9 8l 

Government - . is becoming annual report that the pnn : -llglilf '{IS h 

increasingly dissatisfied with the cipal consideration, is. not_ - fgffglv&a 80 1; . 3lsSsaw*» 

country's svstem of rural credit economic: "When deciding . ft S3 ft 8$ 7 fM 1 118 §18 

As Sr. Risdibieter pointed out whether or not to open a new • , jUgg J3B3B* ii| Sigfjjig ||1 

recently, partly because of com- branch, the criteria adopted by. ?!., fair nPflf ifl 

plicated bureaucratic pro- the bank have been basically BIISWHTS 6 EP III II 

cedures, only one in five farmers to benefit those areas which: a H 5 H fa S SL If Ell I Bill 

has access to bank loans. As the most require financial assis-v 

bank's rural loans, worth tanee. Social aspects haw been 1 ■ j- ■ 

CrS171.0bn (£5.9bn). amounted the main factor. It is thus true, . 

last year to 68 per cent of the that the bank frequently over- ae°/ JBF— — — 

country’s total agricultural pro- rules the purely economic 
duct, estimated at Cr$250bn consideration of whether or not 
(£S.6bn), this clearly means that a certain branch will provide - 

the system is operating in an profit.” . 

extremely inefficient fashion. At The Banco do Brasil has yet • Jr 

best, the farmers receiving loans another function which • is 

are producing in agricultural referred to by . Sr. Luis j m 

product just halj the value of Asumpgao Queiroz Gulmr&es,. ” M : ?' 

the loans that they are receiv- financial director of Banco SB , • 

ing. As Sr. Rischbieter, him- jj a Q i a leading Brazilian bank: " M . v 

self, has pointed out on v ariou s T^e Banco do Brasil is more . 

occasions, the extremely attrac- 0 £ a central Bank than the. iHV}' — Jf- - — - - . ■ ■ ■ - 

tive interest rates on Brazils Banc0 Central itself. It is also * V/o M "^K r V“ 

remarkable money market, now a development, a commercial. $ 

running at around 60 per cent banj£ M Jale]y , a laTge hoJ ^ . # ' ; 

per annum, are leading ing company that is pouring & 

farmers to mJsdirec •’rural’’ l ^Tntl lnZrtS.SE* - /...T* 

ioans, on which they can be ^ commercial flops, partly "V ^ 

paying as because loans were gton to ^ . ‘ - : .. 

annum, without indexaDon, In them ^ ^ ^ ^ ‘ -- - .a.,*- .• 

an important speech at the deserve them " * ■•vvr. 

Higher War College towards the ae 4.rT e ,“7™^ f- ^ . . . .; 

end OE May. Sr. Rischbieter to T ... . 

spoke of the pressing need for d ■■ ^ 1 5j t IC-/ - ■ " - - - > - , y.' ■. 

"immediate changes" in the n rescued by the 35*1 ■ . - 

<v«mn bank - “ 13 estimated that at. i r 1 . . r r f \ . ?-. 

The Banco do Erasil also acts lea « CrS4bn (£13Sm) wa s 73 74 ’75 ’76 ’71 ; 

to some extent as a develop- "^BUy supplied to these 

hank- Tr now has 1^2 companies as loans and is now,- . - ' 

hraiu'he* ail over Brazil Some t0 a lar S® extent, being con- Another case is Asa Alununio against liis will, partly ^fccauilA. 

oF fhp hranrhe^ in backward^ ver ted into share eapitaL One Extrusuo. in which the bank he believes that his bank jdoeav 

- well-known case is the pidp has an investment of CrSl.Tbn, not have the 

— — "• v mil/. Rioceii, which was taken (£58.6mi in the share capital, industry to accomjatqr,: '^. ; 

^ over from Norwegian Borre- These operations have been factory's 'development- lijr ade-'. 

gaard by a military pension widely criticised in the quate fashion. • - j.- VJ':- . 
fund several years ago and Brazilian Press. Even Risch- <2iip.:Hr»nfAni 1 

which obtained an emergency hieter has made it dear that 

loan of Cr3400m (£13.8m). the investments have occurred Sao Paulo Cofresp&naen ^ a - ; 


35^^ 

1972 


Sue Braaford 





Honoured 


CONTINUED FROM PREVIOUS PAGE 


T • ■&%&& a 


mi 

M 


It 8 ffl 















ce 





able future that curbs on the 
banks will go as far as 
nationalisation. . Those who 
favour that solution are in a 
minority In the MDB and the 
latter is still a long way froth 
power. Nevertheless, as the 
Brazilian “economic miracle" 
recedes farther and farther into 
the past and the military 
government which gave the 
banking sector its privileges in 
the past relaxes some of its con- 
trol on political life it seems 
safe to say that the palmiest 
days of the banks may well be 
over. * . 

The feeling that the banks 
need to have their wings clipped 
a little has been reinforced Vy 
the realisation that corruption 
today after 14 years of military 
government is at least as bad as 
— and some would say Avorse 
than— it was when the civilians 
were in power. • 

Sr. Fernando . Pedreira, a 
noted commentator, remarked 
in the conservative daily 
0 Estado de S. Paulo earlier 
this month on. how little public 


morality had improved since the regime which has been in: ; 
• coming of the military end power since the coup' tf’etat ; 
added: *’In the economic- gives way to .a more flexible' 
financial area, besides inflation, and open form of. government’, 
a monumental external debt and * n which the hand of -the 
an uncomfortable public debt. ^ ‘L^pe^ 

and a heavy’ tax burden that the si< ong oh Brazil ' s e *ternai--b 8 r- 
executive increases as it sees rowing : policy? ‘The - answer' 
fit, we still have scandals which, must certainly be yes. • - 
leave the old o«es looking smalL .... - 

Atalia, Lutfalla, Asa, Decred, .^ e governments 

Aurea, Audi and how many fJS 

more?” The spectacular 

■SSTim^liSSSdf nf tt. diSento “2n to toS : 

mifnrni Of institutions of the industrialised 

millions of pounds of public W est has. as the words at 

Zrove thP Pedreira imply, hot gone’ un- 

^ criticised A more- liberal- 

financial sector. regitoe will, doubtless want to - 

^ . lessen this dependence, op. the 

UDSClirfi external sector if it can. But. at; 

the same time any more liberal 
As Brazil moves Into a period regime would; have very little 
of political change, with" the opportunity to reduce, the 
future more obscure than at weight of . present obligations, 
any time since 1964, interna- These, are heavy enough to con- 
tionai interest will inevitably dition the attitude of any ‘ 
focus on Brazil’s standing as a Brazilian government’ to its' . 
major borrower in the world's lenders and of these lenders. to., 
financial markets. If, as is most the Brazilian government for -'.a . 
likely, the sort of military long time to come. ., 












1 

- I 

f 


Financial'- times "Wednesday June 2S lifts 


.1 

f 

i 

f. 


BRAZILIAN BANKING AND INSURANCE III 






21 





debt burden 
s upported 


BRAZILIAN DEBT 

(repayment schedule 1875/771 

Total % of total maturing in 

$bn *vr. 1 Yr.2 Yr.3 Yr.4 Yr. 5 there- 
after 

September, 1975 19.8 2.7 11.4 12.9 13.B 13.5 45.8 

September, 1977 30.1 5.5 15.6 17.2 16.3 12*7 32.7 

* i.e. remaining three months of first year. 



V- 3 


IN’ ABSOLUTE terms Brazil and paper programme, designed 
has one of the largest foreign in 187* to save $4.4bn of 
debt figures in . the world. At foreign currency in the J975-80 
the last count, at end-1977, it period, is now all but complete: 
was $82fan, SiObn more than two. fertilisers and petrochemical 
years before and about three programmes, due to save- about 
times the level before the 1973 5800m each, arc due to- -come 
oil price rises. ... . on stream during the next year. 

The rale . of Increase of the the steel programme, projected 
debt has been much faster than to save the largest amount- of 
the rate of increase in exports all (56.5bn), is about half- 
or of foreign currency reserves, complete and the nonierrous 
although these have both per- metals programme expected to 
formed well enough. Exports save Sl.ibn over the five-year 
doubled between 1973 and 1977 period is about iwo-thirds : com- 
to S12bn. Holdings of foreign piete. ~ — 

exchange reserves by the These major structural- deve- 
central bank which fell back lopitienis combined with a 
from S6Jbn in 2973 to $3}bn bonanza on coffee enabled 
early in 1976 had risen to $64bn Brazil to post a trade surplus 
by the end. of that year and at last year. 
end-Jfarch last stood at $7 3bn. The official estimate so -far of 

The first problem in .any the effect of the various cb- 
a oalvsis of Brazilian debt is matic disasters which have hit 
definitions-. More precisely, the Brazil in the last few months 
Brazilians. .. include more in is a combined fall in exports 
their debt figures than and increase in imports or 
most countries and are corres- about Sl.Sbn. If exports o 
pondingly sensitive about wor- manufactures were to P® 1 / 01- / 11 
ries being expressed about its welJ during the rest of the 
size. They are at pa ins to point * vcar as ^ey hav ? in lhe a „5,'.: 
out that the. size of their debt ^ u ^ ter they would apparently 
does not look nearly so fright- 3° far 10 C(ne £- t! ?f H 
eaiog when examined net of ever * at best Brazil is lootang 

foreign exchange reserves — at towart * s balancing its 

accounts this year. One cannot 
expect any contribution to 


the last count in March the net 
figure stood at $24-8bn. 

When making comparisons . . 

with other countries, notably 


wards debt servicing from the 
ide account 

According to the last public 


sa-fat a jwe — 

one also has to bear in mind ? or ' t , lgn deb[ wouW cost Branl 
figure in- nejwly $6bn year. In prac- 


tice the figure is likely, to .be 


tfVf 



> I fU 


that the Brazilian 
dudes private sector debt 

whereas the usually quoted £ jVher* both “because of "the im 
Mexican figure does not Much pact of higher interest Tates on 
of toe- private sector debt is floating ratc jo ans a nd because 
long-term investment by foreign nf lhe faci that new borrowing 
companies in Brazilian sub- | ias exceeded repayments 1 in the 
sidiaries. If. this figure were to past n j ne months. The S6bn 
be deleted there seems litlle' go^re shows no signs of falling 
doubt that' Brazil s debt would, jn coming years, • • 

be smaller than Mexico’s. These are hardly small figures 

No figures • have ever been, and with the worldwide increase 
officially published on the ex- in protectionism, combined with 
iernal debt of Mexico’s private continued recession in the in- 
sector. One recent estimate, by dustrialised world, Brazil: will 
Union Bank of Switzerland, put's do well if it succeeds in cover- 
it at $Sbn to $9bn. Such a figure, ing even a significant, part of 
would bring: Mexico’s overall its debt-servicing needs- b" 
funded debt to some $30bn, or means of exports in comm 
net of foreign exchange reserves years, something it has come 
of some $I.5bn, well above- the nowhere near doing in the 
Brazilian tfet figure. : *; recent past. The present fore- 
In addition to this Mexico cast therefore must be for corn 
probably has relied more on turned large-scale borrowing by 
short-term foreign financing Brazi1 to cover debt-serviang 
than has Brazil, and foreign requirements. let alone any,- fur- 

debt' figures traditionally show ^er. ma}or ‘SflSf 0 ?* pi nnpd 
onlv funded debt— i e loan* For a relatively developed 

;£« ~ ss 

nT otter Me of this ’ he 

picture is that whereas Mexico c "”™ c ; ual b he international 
.s an exporter of oU and has j n " ^ m „ ktts became liquid 

.Hi™- a tein in 1976-77, Brazil was nut 
the size of its oil resene*. . h a f avaura bfe position as 
Brazil- has sc .far despite much jf had hee „ in {h e previous 
exploration, found none. At the .^973.74 lending boom because 
same, time, the weather this J f ; ils earIier heavy borrowing, 
year. has again cut back the T h is meant first that it already 
prospects for Brazil s .agneui- Ioo ^ ed j n danger of being over- 
tural production indebted and secondly that 

Until the oil. crisis Brazils bSt1 ^. portfolios were fuller of 
future looked fine. Like all Brazilian paper than that of 
developing countries aiming at ^jio^ ' ^ other country, 
rapid economic growth, it relied Nonetheless the situation was 
heavily — and of necessity — on undoubtedly much more 
foreign finance. However, its favuurable than during 1974 and 
balance of payments was under- 3975 and Brazil bad to decide 
pinned by a wider range of j{ S priorities in at least three 
agricultural exports than in different' areas, 
most, other countries, as well as - p^t it had to decide whether 
large. mainly uuexploited t o make maximum use of the 
mineral wealth. Given political more liquid environment and 
stability, it was the .perfect j^t raise as much foreign 
place for foreign investment • currency as possible while the 
When the oil crisis -hit, it going was good even if it might 
was armed with large foreign no t be needed-in the short-term, 
currency reserves which tided Effectively, Brazil decided to 
it over well in the short term. <j 0 ahead and encourage 
For the long terra it intensified borrowing as much as possible, 
its investment programme in -'p b j S raised the spectre of sharp 
order - to cut back imports or increases in domestic money 
build up exports to cover the supply because of conversions 
increased oil deficit. of foreign currency. The 

At. the same time it lauhehed possibility of temporarily 
exploration programmes for -oil. freezing some of the foreign 
The latter have yet to yield currency inflows in the central 
fruit; But .according, to bankers bank was discussed and 
recently in Brazil, what are .de- implemented for a short period 
scribed as the self-sufficiency last year. A similar move has 
programmes arc doing as well been made again in the last 
as could be cxpected.vThe pulp week. 


\ f . 

: >sf mo 



Given the decision to encour- 
age borrowing as much as pos- 
sible, Brazil could not put as 
much pressure as some other 
borrowers on the banks to im- 
prove the terms which they were 
prepared to lend. However, 
there was room for some im- 
provement and the second 
question which Brazil had lo 
decide with priorities was 
whether to concentrate on get- 
ting longer maturities or on 
cutting the margins the banks 
were charging over their own 
cost of funds. 

Until recently there was no 
question hut that Brazil concen- 
trated on getting longer maturi- 
ties. The reasons for this were 
first to improve the profile of 
Brazil’s debt structure to try 
and spread repayments over as 
long a period as possible. This is 
a point to which Brazil has 
always paid more attention than 
many countries and to its great 
benefit. Given its large foreign 
debt in absolute terms a bunch- 
ing of maturities could have had 
as disastrous an effect on Brazil 
as it has had on. say. Turkey 
and would have had on Mexico 
but for oiL 

Another major reason for 
going for a lengthening of 


maturities rather than a cut in 
spreads wa* that in a country 
like Brazil which expects to 
maintain a relatively high rate 
of growth (even if slower than 
m the last decade) the longer 
debt repayment can be post- 
poned the smaller a proportion 
of GNP it will represent. 

There were also good market 
reasons for continuing to pay 
relatively high margins: this 
policy kept the banks happy. At 
a time when they were having lo 
argue for every sixteenth or a 
point with many borrowers, ttxe 
fact that Brazil was prepared to 
continue to pay almost un- 
changed rates doubtless meant 
that the banks were prepared to 
stretch their lending ratios that 
much more, and without press- 
ing home too many questions 
on the size of the debt and re- 
payment prospects. 

Having stretched maturities 
out well. Brazil is now getting 
tougher on margins too. 

The third decision which 
Brazil had lo make on its 
foreign borrowing pokey was 
whether to follow' the path of 
the jumbo loan where the 
Government raises in its own 
name the odd billion dollars or 
so at a go or whether to con- 


tinue with the traditional policy 
of encouraging as many 
different borrowers as possible 
to tap the markets. Apparently 
some bankers argued that Brazil 
could have raised more at 
cheaper vales if ihe Govern- 
ment had borrowed in its own 
name. 

This option was rejected first 
because the Brazilians wanted 
to encourage as many borrowers 
as possible lo esiabl ish their 
own relationships with banks 
and second because uf the ever 
stricter application of the so 
called 10 per cent rule in the 
U.S. 

Under the 10 per cent rule, 
U.S. banks are limited to lend- 
ing 10 per cent of their capital 
to any single borrower. Given 
that a proportion of C,overn- 
ment-guaranteed borrowing 
counts as government borrow- 
ing for ihe purposes of the rule 
and given its large borrowing in 
absolute terms it is imperative 
for Brazil to have as many bor- 
rowers as possible in the field. 

Brazil has used the exira 
cachet of the State to pave the 
way into the international bond 
market. But here too the aim 
is to build up other names as. 
far as possible. 


One further way in which 
Brazil is trying to improve its 
foreign debt situation without 
cutting back its access to 
foreign capital is to encourage 
foreign companies to convert 
loans to their Brazilian subsi- 
diaries into equity. Fiscal 
incentives have been introduced 
to encourage this, but it is still 
too early to judge how success- 
ful this programme will be. 

Mary Campbell 


DEBT SERVICE RATIO* 

(5m) 




External debt 

Exports of 

Debt servte*: 



service 

goods 

% ol exports 

1973- 


2.322 

3,991 

58.2 

1973 


2.577 

6,199 

41-6 

1974 


2.395 

7,951 

32.6 

1975 


3.575 

8,670 

41.3 

197G 


4,346 

10.128 

45.9 


* Excludes Joans with original maturity of Jess than one year. 
Source: Banco Central do Brasil. 


BRAZIL’S DEBT SERVICE* 

($xn as of September 30, .1977) 



Public sector debt 

Private sector debt 

Combined debt 

Total 

debt 


Prime. 

Est. int. 

Print. 

Est. int. 

Princ. 

Est. int. 


repaymt. payment 

repaymt. payment 

repayznt. payment 

service 

1977 

G67.3 

387.7 

994-2 

301.0 

1.661.5 

688.7 

2,350.2 

197S 

2.327.9 

1.264.6 

2,374.3 

891.6 

4,702.2 

2.156.2 

6,858.4 

1979 

2,841.9 

1.077.4 

2.340.1 

705.0 

5.1S2.0 

1,782.4 

6.964.4 

19S0 

2,741.8 

848.1 

2,148.3 

511.2 

4.890.1 

1,359.3 

6,249.4 

1981 

2,025.9 

621.8 

1,794.8 

354.7 

3.820.7 

976.5 

4,797.2 

Total 1977-81 

10,604.8 

4, T 99.6 

9,651.7 

2,763.5 

20,256.5 

6,963.1 

27,219.6 

1982-9R 

U.584.0 

1.796.8 

2,712.7 

469.0 

9,296.7 

2,265.8 

11.562.5 

1997 and after 

534.0 

85.7 

0.2 

U.l 

534-2 

S3.S 

620.0 


* Excludes loans with original maturity uf less than one year. 
Source: Banco Central do Brasii. 



wanted for 




This country has an area of more than 8.51 2 
million square kilometres (3.287 million square mi/es) 
and 116 million inhabitants. 

So its potential as a market is enormous. 1 

Here are some facts which should be of interest. 

In the last few years the growth rate of Brazil's 
GNP has been among the highest in the world. Per capita 
income reached 1.480 dollars by the end of 1 977. 

It’s also a country with the most varied types of climate, 
suitable for growing crops of both temperate and tropical regions. 

Agriculture activity grew by 48.7% between 1970 and 1976, 
bringing the country to the privileged position of second largest 
food supplier in the world, 

It's a country notable for the vigour of its private 
enterprise, whose development is being assisted by large 
projects under government supervision. Industry is 
developing-rapidly, stimulated by a 1 50,000 Mw hydro-electric 
potentia^at present 21.800 Mw are being generated!. 

Steel production has already reached 1 1 million tons, 
and the automobile industry has a production capacity of over a million 


vehicles per year. 

The fast growing petrochemical 
industry is ready to supply the entire 
domestic market, from now on, 
while the shipbuilding industry 
produced a total of 854,000 DWT in 1 976. 
And the present production of the aircraft 
industry, which began in 1 969, already positions 
it as No. 6 in the western world. 

These are some highlights of Brazil, a country very rich in 
resources and potential. 

A country with no time to lose, looking for partners who would 
like to grow with it. 

Accept the invitation. It will be as good for you as it will be f or Brazil . 
To become a partner in this great enterprise, just contact 
Banco do Brasil. Well introduce you and give 
you all the help you need. 



BANCO DO BRASIL 

Ifeor gateway to business in Brazil. 


A3I0JAS- * AMSTERDAM • ANTOFAGASTA * ASUNCION • ATLANTA* * BOGOTA • BRUSSELS • BUENOS AIRES • CARACAS* ■ CHICAGO • COCHABAMBA • COLON ■ CONCEPCION • HMNKRJRT • GENEVA • GRAND CAYMAN 
- HAMBURG ■ LAGOS * IAPAZ * UMA • LISBON • LONDON • LOS ANGELES • MADRID • MANAMA • MEXICO CITY . MILAN • MONTEVIDEO - NEW YORK • PANAMA • PARIS ■ PAYSANDU * PUERTO P. STROSSNFR • 
QUITO • RIVKA • ROME • ROTTERDAM • SAN FRANCISCO • SANTA CRUZ OE LA SIERRA ■ SANTIAGO - SYDNEY • SINGAPORE* • STOCKHOLM • TEHRAN • TOKYO • TORONTO • VALPARAISO • VIENNA* ■ WASHINGTON 
.OVER 1000 BRANCH OFFICES IN BRAZIL 'OFFICES TO BE OPENED IN 197B. 






Bauque Nationale de Fails 
Eambros Bank 


Trade Development Bank 
Bank Credit National ..... 


JJDING THE Bank of-— 
1, assets held by banks . 
ting in Brazil — i.e., ■ 
ial and foreign commer- ' * 
banks and the banks .: . 
ted by the various States . - : 
e grown by 3,000 per cent 
years while the country’s 
has increased by 650 per /f 
In 196? the total was bJ 
n; by the end of 1977 it&y 
isen to $1.317bn. . r 

?se figures illustrate the & 
□able health of a banking 
n that has only been "y 
lalised for about 10 years r. ’; 
arocess achieved through 5H 
.1 encouragement of 
?rs to reduce the numbers 
nks and of conglomerates ^ 
der to provide, according W 
Scial planning, structures "ffl 
are strong and varied fj 
Ih to withstand pressures Ijj 


Assets 

31.12.73 

31.12.74 

31.12.75 

31.12.76 

31.12.77 

Cash and due from banks 

682.9 

1,021,0 

1,142.0 

1,344.7 

1,098.1 

Loans 

14,870.3 

20,856.9 

26,166.8 

31,932.4 

39,023.9 

Securities 

285,2 

338.7 

429.7 

506.9 

729.8 

Bank premises and equipment 

292.1 

356.6 

373.4 

370.3 

900.7 

Other assets 

499.5 

663.2 

1,094.4 

4,772.4 

4.983.9 


First National City Bank 


Noroeste 


Unibanco 


46,736.4 


38,926.7 


29,206.3 


23.236.4 


16,630.0 


TOTAL ASSETS 


Liabilities 


Deposits 

10,872.7 

1 5,007.5 

. 17,537.7 

23226.3 

26,565.1 

Demand 

6,485.7 

8,183.2 

; 9,129.6 

9,839.7 

11,019.8 

Time 

4,387.0 

6,824.6 

8,408.1 

13,386.6 

15,545.3 

Funds borrowed 

781.9 

1,147.8 

1,367.4 

1,504.0 

1,760.7 

Funds for refinancing 

2,524.7 

3,301.6 

5,882.5 ' 

8,014.0 

11,341.5 

Other liabilities 

1,296.8 

2,070.2 

1,961.2 

3,493.8 

3,521.6 

Capital and reserves 

1,153.9 

1,709.0 

2,457.5 

2,688.6 

3,547.5 


TOTAL LIABILITIES 16,630.0 23,236.4 29,206.3 '38,926.7 46,736.4 


40/66 Queen Victoria Si., London EC4P 4ELTeL 01-248 9822 
A member of the Lloyds Bank Group 


I.Bl i iie Iianl; <i| l.i uii.fi.iii M: Si mill Aiiktiim uml ihc»r jrii.-*. h,u l i lilitc^ in: Argentina. AusLruliu. Bahamas. 
Bahrain, bcljiiuns. Lru/il. Canada. L n\ man Bland', l hilc.C' 'ii.»inhui.CH>ta Kiai. lieu ad ur. ligypl. El Salvador. France. 
Ecdcral Republic nl Guiiiain.Guaiuuula. G uitiim.'\ He'iidurai. Hun.u Konu. Iran. |apan.1cn>ty. 

M.tUn *ui. Mi*\iv'i. Monaco. Nuilwrlmnk Nicaragua. 1'anam:'. I'aracuay. Peru. Philippines. Portugal. Republic of Korea. 
Singapore. Spam. Switzerland. I mied Aiab l.jiuruio. L niiud Ki.'.-edmii. I .S.A., L.S.S. R . LTueuai, Venezuela. 


The figures shov . n above are the conversion of Cruzeiros into U.S. dollars at tfie ratepraalsnj on thetespective balance sheet dates. 

FOREIGN NETWORK 

London, Paris, Paris-Opera, Hamburg, Frankfurt, Amsterdam, Rotterdam, 

Milan, Rome, Lisbon, Madrid, Stockholm. Geneva, Brussels, NewYork, 

San Francisco, Los Angeles, Chicago. Washington, Toronto, Mexico City, 

Tokyo, Grand Cayman, Panama City Colon , Buenos Aires, Montevideo, 

Ciudad Vieja, Paysandu, Rivera, Asuncion, Puerto Presidente Stroessner, 
Santiaqo de Chile, Antofagasta. Concepcion, Valparaiso, La Paz, 

Santa Cruz de la Sierra, Cochabamba, Bogota, Lima, Quito. 
Manama-Bahrainjehran, Lagos and Sydney. 

New branches and representative offices to be opened 
shortly in other countries. 

Banking correspondents throughout the world, and over 1,000 full branches in Brazil. 

LONDON BRANCH 
15/1 7 King Street, EC2P 2NA. 

Telephone: 01-606 71 01 .Telex: 8812381 


Denasa 


Security Pacific Overseas 
Investment 10.- 


Tinaneial Tinies Wednesday.. JuBe 28 * 

BRAZILIAN BANKING AND. INSCijjCl;|^ 


BRA SCAN 
Orpdthaneo 


foreign holdings in investment 

(Percent) ‘ : ' 


America do Sul 
Ay mo re 


BCN 

Banco de Comer* 
cio Nad onal) 

Bozzano-Simonseo 


“ Non- 

Voting Toting 
Foreign Partner Stock Stock 

Kabnshiki Kaisha Fu gl Ginka 30 , 

Interpar (99.99% controlled . ~ 

by Hollandsche Bank UQiel 99.99 . 

Westdeutschc Landesbank 

Girozentraie ^0 

Barclays Bank International 100 


Nomura Secorities Co 

Mitsui Bank 

Mellon National Corn. ; 


Deutsche Bank » 

Societe Gendrale 3 

Amsterdam Rotterdam Bank 1 

Krcdit anstal t Bankverein 1 

T.O.P. (Brascan) .... 100 

Irving Trust Financial Corp. 11 

Credit Lyonnais 2.; 


Intercontinental 

JTAU 

Lar Brasileiro 


BANKS 


- Voting 

- Foreign Partner ; Stock 

Commeree,.—.. 3 
Skandinaviska Enskilda 

- rBanken'. -&» — -3 

Deutsche Sudamerikanische 

: Bank I 

Nippon Fudosan Bank^^. 10 1 

Kyowa Bank , 10 

■Baycrisdre Vereinhank ...... . 5 

Chase Manhattan Overseas 
: . Banking " 

Deutsche Sndamerikaniselie . ' 

Bank: T 

Ortpgonal Empreendimentos 
• (controlled by Cfet Ffdu- 
ciaria, Rio de Janeiro*, in 

- which Chase Manhattan 
■ holds 33%) 


Non. 

Voting 

Static 


JMercantil 

Nadonal Brasileiro 


from outside and in. 

Brazil's highly centralised 
economy, where the Treasury, 
Central Bank (created in 1964) 
and the ever more powerful 
Bank of Brazil virtually set the 
pace at which commercial and 
investment banks, building 
societies and financing com- 
panies can operate, appears to 
be both a boon and a handicap 
to private bankers. 


■The commercial centre of Rio de Janeiro. 


Deposit 


Official attempts to regulate 
the money flow — thus In theory 
containing inflation — require 
commercial banks to deposit 35 
per cent of their current 
account resources at the 
Central Bank each month. In 
November last this compulsory 
deposit was temporarily raised 
by 5 per cent, on the under- 
standing that the excess would 
be repaid this spring. 

Tbe severe drought, however, 
and its effect on the finances 
of farmers, caused tbe Govern- 
ment to reroute the excess — 
some ?500ra — to emergency 
rural credit. It is now uncer- 
tain when it will be refunded 
to the banks. 

There are further official 
restraints on commercial bank 
operations. Apart from the 35 
per cent compulsory deposit at 
the Central Bank, the banks 
must by law lend 12 per cent of 
ail resources deriving from 
current accounts to small- or 
medium-sized businesses, and 15 
per cent to rural activities 
(farming, livestock breeding, 
etc.). Interest rates charged >n 


Government to control the 
interest rates . on deposit 
accounts but so far there has 
been no response in this 
direction. 

Meanwhile the Treasury’s 
forecast that the money expan- 
sion could be held to 25 per 
cent in 1978 is already obsolete, 
with monthly rises of 3.5 per 
cent or more since the begin- 
ning of the year, and deposit 
account liquidity playing a 
strong part in this expansion. 

The banks’ liquidity has also 
been helped by an influx of 
foreign resources, now made 
cheaper by the lower lending 
rates granted to Brazil with 
longer periods allowed for re- 
payment of principal. 

As far as their profits are 
concerned, Brazilian banks en- 
joyed a two-year boom from 
1975 to mid-1977. Now, however, 
apart from high interest on 
deposit accounts outlays are 
increasing through higher wages 
— which having gone up 51.2 
per cent absorb just over 40 
per cent of running costs. 
Nevertheless, hankers do not 
expect a “catastrophic” year in 
1978, and predict a half-yearly 
rise in profits of about 5 pc-r 
cent — the same rate as the 
second half of 1977. 

The deliberate “de-concentra- 
tion" of tbe Brazilian economy, 
shifting the emphasis away from 
the El Dorados of Sao Paulo 


TIC BANKS 

' * * A*' 

Deposits 

Loans 

(5m) 

(Sm) 

1.750 v. 

:-..y 1.650 

1,160 

988.5 

746.9 ... 

724.5 

724.4 

763^ 

600.0 : 

. : 759.1 - 

59&2 

637.9 

519.4 

. 351.6 - 

463.1 

5LL0 

331.6 

511^ ‘ 

267.7 

- -38L0 

247.6 

24IU 

297.3 

198^ 

• 214.7 

280.4 

205.4 

333.9 

- 203.5 -• 

204.4, 


BRADESCO A....;....:;..:./ 

ITAU 

NACIONAL ........ 

REAL ..... 

BAMERINDUS 

Unibanco 

Mercantil de Sab Paulo ............ 

Co mind • 

Economieo ................. 

Sol Brasileiro . 

Mercantil do Brasil 

Noroeste 

Auxiliar - 

Credito National 

Bandelrantes 


• Source: Exame Magazine. ■ L •’ " .v- -f- 

and Rio de Janeiro northward, of major- or i^or- industry and 
and away from large cities to commerce sibwly'narthwartL" 
small towns, is having some Meanwhile; Brazil's.: major 
effect on banks. ... .hanks.' jlike -Bradebco,- Banco 

In. 1974 only 1,881 of Brazil’s ;I£au; Banco ; Real and tJhfbanco' 
3.953 municipalities had a bank have ; become? major financial 
branch (and this was- more ^nglomeratek -Bradesco is both 
likely to be the Bank of Brazil ihe largest cwnmereial'bank and 
than commercial banks). .Over largest.investmeht bank in rhe 
70 per cent of these municipali-. country;' the ether majors; also 
ties enjoying some form . of" own Investment banks institu- 
banking service were Jn .ithe-.tions . which ’• alsb^ V.pay’ ’fiigh 
prosperous South or South-East, interest ow deposit accoimts and 
only 26 per cent in the.Jiorth- ileud at eVeu higher rates. ' 
east. Now, however, bairits . are: .. '* tike many other hanks- these - 
opening branches throughout majors'' , alsb own finance com- 
the country, following the drift panies .which .deal in consumer 
-CONTINUED ON N^CT PAGE; 


oi tms oaiance resources may 
be dispensed as the banks see 
fit 

In essence these restraints 
have led to a noticeable decline 

in the growth of current 
accounts. On the other hand 
they have produced a veritable 
boom in savings accounts, on 
which there are no official 
strangleholds, and on which 
interest rates were freed in 
1974. 

Bearing In mind that current 
accounts cost the banks nothing, 
in practice this has meant that 
while paying interest of 
between 40 and 48 per cent a 
year to depositors (who must 
keep their money in these 
accounts for a minimum of 180 
days), banks are charging 55 or 
even 60 per cent for loans made 
out of deposit account resources, 
thus earning themselves a 
modest profit compared with 
previous years. Simultaneously, 
they are attracting individual 
savings the Government would 
prefer to see applied to the 
savings books, or Treasury bills 
and bonds, which pay interest 
rates of about 6 to S per cent a 
quarter and. in theory, keep 
money out of circulation. 

There have been calls for the 


YORKSHIRE-GORGG®DO 

COMPANHIADE SEGLTIiOS • j; > 

iGmmrmitLl, 


A MEMBER COMPANY OFTHE 4- 


GROUP. 


CAPITAL REAUZ^OERESB^/AS:Cr$ 2271^0.000,00 , 

Sede: Av. Rio B ranco, 103 *1.6?andar - ZC*21.-Hio de Janeiro . 7 

Tel.: 221-4722 • Teleg. ’YORKSHIRE"* Calxa ^ ..7 ; 

'7SUCUR^AIS^: : G T \; ^ 

Bela Horizonte, Blumenaii, Campin^Cuiltto^Foriiidz^Lo ’ 

Porto Alegre^Recife.SSo :.T. ■ 

. ; ■; *f,AGEN<^EMi^. : :V- , 

/hs^forfaadePr^L/ip^oem:'. S T 7' ; '-V . .." . •• 

Joinvin^saoBentottoSuie^toJ^p^^Tnp^.^i^^V:^ 


RuaLibero Badar6,377 






Industrial 

FINASA 


Eburis Bank Corp, .-:.1_; 7' 4.69 X824 
Commerzbank A.G. . _‘.v -3J9. 7^ 

Philadelphia.. ■ Intematioiml.; : i ' .'. i; . 
Investment , , - -T .. •> J R 

Source: Gazeta MereantiL 


Morgan Guaranty International 

Finance Corp. 

Industrial Bank of Japan ... 

Baring Bros, and Co. 

Canadian Imperial Bank of 


Domestic 


good 


razil. 


Bank of London & South America, 
a subsidiary of Lloyds Bank International, have 
been established in Brazil for well over 100 years. 

In addition to a comprehensive knowledge 
of local conditions, the bank with its associated 
and subsidiary companies, maintains a network of 
branches throughout Brazil which offer a full 
range of financial services. 

Central Office and Sao Paulo Branch: 

Rua 15 de Novembro 143-165, Sao Paulo 
Telephone: 239-0322 and 239-5122 

For further information on doing business 
with Brazil please contact our Latin America 
Division in London. 


LLOYDS BAS\ 2 K 










I 



“*!v 


If O 



-.-..A 



iL2 


i« •*- 



,> 1 


. V 




Financial Times Wednesday June 28 1978 

BRAZILIAN BANKING AND INSURANCE V 






regions 


THE NATIONAL Economic 
Development Bank (BNDE) 
and the 23 regional or State 
institutions that - channel 
“investment with, guidance” 


DEVELOPMENT BANKS 

GROWTH OF LOANS 
• (per cent 1977) 


into Brazil's heterogeneous local Santa Catarina (BAD ESC) 
areas see themselves as part* Rio Grande du Sul (BAPBSUL) 

financial. part-instructional Rio de Janeiro (BD— Rio) 

bodies attacking shortcomings Bahia. (DESENBANCO) 

and obsolete business thinking Ceari (BANDECE) 

at grassroots level. Minas Gerais (J3DMG) . w- 

The long-term target of Nac. dc Desenv. Eton. (MJiEPE) - 

Brazil's Government planners Sao Paulo (BADESP) 

is growth: the BNDE, regional Nordeste (BNB) 

and State development or mixed Reg. de Descny. do Extremo Sul (BRDE) 
commercial-development banks 
aim at making this growth 
rational, adjusted to the needs 


GROWTH OF PROFITS 
(per cent 1977) 

and potential of each State or Wo dt Janeiro (BD — Rio} 7 


south between 10 and 20 years 

ago, then major projects like 
thy north-eastern petrochemical 
cum p] ex, then by stimulating 
smaller enterprises. 

i ■ Tkis policy includes creating 
es'i s P ecific industrial districts and 
attracting development , away 
™ c from ma i or urban centres to 
the interior of the States. In 
--•h 19,1 over 49 per cent of appii- 
21.0 cations were geared to the 
interior. 

The development banks, 
especially those in the less 
favoured States, would like 
greater decision-making auto- 
nomy - for themselves, and 
greater speed in receiving 
funds from the federal institu- 
tions on which they depend. 
They indicate that their inti- 
mate knowledge of local prob- 


7.2 

6.5 


- - - - 109.9 

region. The pattern generally Espirito Saato (B ANDES) 104.5 

has been first to pump massive Santa Catarina (BADESC) 4G.7 

investment into essential infra- Reg. de Desenv. do Extremo Sul (BRDE) 31.1 

structure services (electricity, Nordeste (BNB) 24.4 

ties, etc.) and then to fund Ceara (BANDECE) —1.7 ! e “ b “ nat always reflected in 

large farming or industrial pro- Parana (BADEP) .v.l -6.0 

jects (depending on the Sao Paolo (BADESP) -7.G 

characteristics of each area) Bahia (DESENBANCO) -14.2 

which in turn draws in smaller — 

spin-off industries. Current RETURN ON ASSETS 

emphasis in the more developed - (per cent) 

States is on stimulating the 


centralised priorities worked 
out in Brasilia.. Furthermore, 
with the current war on infla- 
tion squeezing credit, the deve- 
lopment banks have had to 
grappled with slow-moving 
reduced funds. 


IS On aumuiAUlig MIC / nXT» , «b , 

£ Abroad 

thraugh'ttfde,” taKS/KS “ <BRDE> “ 0 *■««* BNDE iti 

mirrors the expansion of r ~ i — 

Brazil s economy. Espirito Santo (BANDES) /. 18.7 

In the five years between R] a de Janeiro (BD— Rio) 15.1 

1952 (when BNDE was founded Santa Catarina (BADESC) 10.9 

and 1957 $819m were applied 

to development projects. OPERATING PROFIT 

Between, 1962 (when the first (per cen t pye^air on loans and financing) 

State devdopment banks were 


received from federal 
bodies like the Federal Savings 
Bank, National Housing Bank — 
as well as their share of social 
security funds or issues of 
deposit certificates — with re- 
sources raised abroad. (BNDE 
is opening an office in Londun, 


Applied 


MVTUlvpull/Ui VKUAO fc- - ■ !*_ * rtVftTTOlP \ 

formed)' and 1967 applications Nordeste (BNB) ; 7.5 ^ ^ ^eweas.} 

rose to $1.4bn. Despite the Nae. de Desenv. Econ. (BNDE) 7.3 on F ®™ 0l i n ^ ir f , 0 ^ 

traumas of the oil crisis, no Parana (BADEP) ;... ?,otriUna Sv-or SSbnV ^ bond 

less than $17.4bn was applied Rio de Janeiro (BD— Rio) : 42 J® J 11 " 0 . 0 ^ 

SdMSiM K • 55 li 

Ja^yTaris^ pe^ S” loan Tfed 'by "fhV'firat 

centiwentto the private sector gspMto jSS Ti Chicago Bank. Bank of Japan. 

and 21. per cent, to the public Santa Catanna (BAPEbC) - - 14 Bank of Tokyo and Bank of 

sector. ... ^ Montreal. 

The essence of the develop- ou tsi de experts). They,- Iike number of enterprises will be _ With 4.000 technicians work- 
men! banks philosopi^ 13 the CEAG trainees, are drilled induced to offer their shares on , ing in the development bank 

summed up by Sr. Luiz Fayet, ^ jj as ^ c management methods, the Brazilian stock markets, system and 1,500 concentrating 
president of the Association of costlna control, quality thus not only benefiting them- on the CEBRAE programme, the 

Development Banks (and presi- cbntrol met hods and persohel selves but also widening the emphasis is on improving both 
dent of the S* at 5 maaeeraent. CEBRAE also pro- variety of markets. the financial structure and 

Development Bank) : Funds, v j d6s ^ exhaustive range' of Response to these programmes quality of Brazilian enterprises 
he insists, sr^tter-lessr than : oYts 0Q world ^^-5^ and : - has not been as enthusiastic as —“shaking up mangement from 
human. resources.”. . - guidance in how to„penetrate the development ; hanks had. t0 P T ,° bottom,” as Sr. Fayet 

" these markets, information on hoped^-arid only a small part Puts it. 

tax and financial export inpen- of the funds allocated has been f he development bank 
tives, help in exhibiting' at taken up. The element of un- officials hope that wuh their 
The loans, at subsidised international trade fairs, ' and certainly (blit not financial risk, u nve to teach organisation and 
interest rates, apptied by the advice on how to form export since the shareholder loans forward thinking they can pre- 
development bank system to pools or consortia based on have subsidised interest rates ' enr . timidity, Jetnargy and 
private enterprise call for pro- Italian models. and a five-year term) appears pessimism showing themselves 

jects that are thought through Last year 51S small or to discourage both individuals ,n times ana unrealistic ex- 
in terms of costing, number of medium companies were regis- and the investment banks pectations m good times. They 
jobs, potential markets,, expan- tered for the CEBRAE scheme, operating the programme in oetieve tnat tney nave the acces- 
sion, technology and other and thousands of “study hours” conjunction with the develop- s ? ry uexiDinty, not to say agres- 
essential factors. This means of courses, seminars and round ment banks. s, , Dn . .? j Ut radical 

in -practice that the develop- table discussions were held. Overall the 1977 performance change in the attitudes of entxe- 
ment banks are trail-blazers; Both ' programmes, on the of the BNDE and its regional preneurs so long as they meet 
their clients are often inclined development banks own admis- or State agencies reflects the ®J f t * sf t actory res P Qnse from 
to think more of immediate sion, have an uphill climb, national drive to increase out- weir clients. _ 

results, drawing what credit since they demand reused put of metals and other basic Diana Smith 

they need for current opera- thinking, willingness to spend materials, and also of capital Rio de Janeiro correspondent 
tions and unversed in long- time on market research and goods so as gradually to replace 
range planning. money on business trips that imports, combined with greater 

According to Sr. Fayet, many may not yield immediate emphasis on the poorer, long- 
small or medium businesses results, and courage in facing neglected areas of the North 
rome to the development banks tough competition from ex- and Northeast. Last year 36 
for loans and when confronted porters of other more mdus- per cent, of the applications 
with the stage-by-stage charts triatiy organised countries, ^nded basic products, with 
and requirements used by the Nevertheless, the experts feel steel, chemicals and petro- 
banks to define credit-worthy that the seeds of organisation chemicals, P«lP a Q d paper 
projects admit that they have, that thy have tried to plant are tions share— 

not given thorough study to beginning to bear fruit, and are $341.5m, £2 1 4.8m and SH2.5m 
their needs or potential. After leading to diversification of respectively. Another 35 per 
that, with the banks’ guidance, Brazilian exports. cent of total applications went 

they work out detailed The development banks have to capital goods. 
nroDosak other special programmes Regional applications lllvs- 

The development banks' train- geared to prising small or trate the shifting balance of 
ing ambitions are channelled medium businesses from their pnonties. The North-East 
tSrou°fa two schemes— CEAG, current rut of heavy indebted- received $488ra (38 per cent of 
S prorides training couraes ness and meagre investment all fundsiforindustry trade 
for small and medium busi- caused on the one hand by in- *”^*1^* A 6 Z; t u^Q-c ent 
nesses as a whole, and flation and thin markets m increase compared with 19/6. 

CEBRAE which caters for some sectors and on the other The development banks make 
small or medium companies by reluctance to take risks. no ttjnvt of their determination 
with clear export potential. Through loan programmes to shift mdustiy and business 

The CEBRAE programme is offering financial aid to share- from the P” vjl ®sed 

run bv experts who have them- holders, the development banks and over-developed areas of Sao 
selves recefved Tutensive train- hope that- small companies Paulo and Rio de Janeiro north- 
ing by the development bank will increase their capital by wards, first by funding infra- 
system (which may also call'in new issues and that a growing structures as they did m the 




Think about Brazil, 

We -were bom and raised there. Always 


growing. 


We know everything about it. And, believe 
us, Brazil has a lot to offer. 

Now. if you want to take advantage of it, 
we can help you. Whatever you need to 


import, or export, or invest or know about, 
let us perform all the necessary services and 
operations. 

Saving you time. And money. And 
headaches. 

Helping you to enter Brazil and grow 
with it. 



Avenida Paulista, 1450 - Sao Paulo - Brazil 

*2SS Branches throughout Brazil 

•New York Agency: One Wall Street, N.Y. 10005 

•London Branch: The Stock Exchange, London EC2N 1HH 

•Grand Cayman Branch: P.O. Box 500. Grand Cayman 


Domestic 


CONTINUED FROM PREVIOUS PAGE 


credit Automobile manufac- overwhelming as the steady buted to business headaches 
turew like vXwagen, General march of the federal Govern- brought on by the part a ' years 
Turers like Volkswagen ^ rrrnwine areas of upsurge m raw material and 


Motors and Ford also own ment into growing areas ot upsurge 
finance companies. 

Furthermore, after 


industrial activity' (Brazil has equipment costs. 

• the largest publicly owned pro- Meanwhile, although the 
rurtnenaorv. *i.« initial V e sSctOT of ‘any country variety and sophistication of 
hesitation when the Govern- the Q^con countries), services offered by Brazilian 

ment instituted the savings book , commercial banks has proii- 

svstem in 1976 to provide financ- Mergers and incorporations £erated ^ gpeed of the system 
ing for housing — a system have reduced the number 01 ^ Qften checked b> , an excess 
operated principally by the Gov- Brazilian commercial ban b ™ of bureaucracy — not just in 
ernment-owned National Hous- 92 in I9i- ?7' _ f paperwork but also in the 

ing Bank (BNH) and Federal while still far behind tho*e or nunjb{ , r of peop]e and de part- 
Savings Bank (CEF) — com- the large U.S banks, mmXs through which a trans- 

mercial banks have now deposits (excluding tn action must be processed before 

purchased charters allowing of Brazil) are swelling. it comes to fruition, 

them to operate as property At the end of 1977 Bradesco xhe banks lay heavy stress 
credit companies. held 51-75bn in deposits and j n ^gjj. massive television 

The conglomerates also had lent $1.65bn: Banco itau advertising, on the personal 
handle stock, share and bond (number two ranking baiiK) aspec£s and -simplicity of their 
operations, separately froi,n $u6bo and $9S8m. respectively, services, but in the major cities 
commercial bank operations, at Further down the scale the no. where their interests and im- 
a birii profit. They are involved 29 and 30 ranking. Banco Mer- presS j V e headquaners or 
in "insurance companies as cantil de Descon tos and Banco branches ar e concentrated the 
shareholders, and in leasing Espansao. lield 947m and impression often lingers that 
companies (vehicles, industrial $3B.6m respectively in deposits ^ system is introspective and 
equipment and data processing and. had. loaned ; 957.3m ana prone ta multiply Itself execs- 
equipment, especially). $59.3m . sively rather than give the 

This rfurmlpx network Of Brazilian businessmen are most econoimc se n'ice possible 
ac^ L hTs brought protests hearily in debt to the banks t0 the cust0 mer. Despite 
from smaller * institutions not in and have been so for several Brazil’s population growth, 

100 raany 

; Diana Smith 



REINSURANCE INSTITUTE OF BRASIL 

Growing in step with Brasil 



Institute de Resseguros do Brasil 
handles ail the reinsurance business 
placed in Brasil and expansion has 
brought us to Britain, IRB's integrity 
and wealth of experience is well 
known throughout the insurance 
markets of the World. 

For many years we have been 
transacting a large volume of 
business with International Markets. 
For the past three years in our 
London Office we have been 
accepting a growing volume of 
Marine, Aviation and Non-Marine 
Reinsurance. 

IRB's expansion in London is in line 
with Brasil's developing position in 
the World. 

HeadOffice:- 

Av. Marechctl Camara, 171, 

Rio de Janeiro, Brasil, 

Telephone 231-1810 
Telex 38 2121019 
Cables IRBRBR 

London Office:- 
14 Fenchurch Avenue, EC3. 
Telephone 01-483 4643, 01-488 1748 
Telex 885469 

Cables BRAIRB LONDON 


Consolidated Annual Financial Statement 

as at 31st December 1977 

Capital ScRasorveH 

-Issued and paid-up Car. :!-a! 
Reserves icr Capital iroieoi® 
Other Reserves 

£ £ 

3L’.S8?.3S5.M 

02 

i. , .lH4 1 S2DSI E2 .o6:'.6jO.J5 

Fixed Assets 

Land end buii.duvjs 

Furniture, equipmsn; ei-r. 
ctotutcr/inilaiion cdiusLTiir.t 
Leas A'Xumulaled depreciation 

£ £ 

3.709,-62.13 

863.458.87 

4,M8.0D9.43 

~1.4CS.873.CCI 7.46Z.35.5.47 

Reinsurance Funds 

Current Liabilities. Provisions 
and other Reserves 

F *d#rcd Govern mem Funds 
Special purpoc-? Fw.ds 

LccaJ cuts r.c/aep;ats retailed 
han msu/^rs 

Balance cue ip insurance 
oonvpamea 

Su ndr/ jKOvisicm and oier 
bateiaes 

L0,7Bo,-io?.?5 

S0.CC6.4! 1.83 

44.301,727.43 

23.478.400.74 

60. 374.29 !5b»7».24Q.8* 

Investment aodLotnut 

Treasure bands 

C'thercecunbes 

Fixed term depxrifs 

Other luveslmenls 

K..503.&53.53 

177,486.213.1b 

17.591,730.76 

i.433.327.83 iI?.D»L5:"»3 

Entailed Deposits 

Foreign Currency Deposits 
Current Assets. 

Depca is ; el aired lay insurers 
Balance d ue by insu; e.i 

Sundry balctrtces 

Cash >at Bankers and m h and 

6 .502.07? •:> 

7 

33 5 J-I.BB 

42.93c.I7i.fJ 

4.5S0.5CL75 

10.657.25S.38 ' S?.:i" 462.3?* 


2i3.3S7.3n.o4 


2K.3S7.3 11.^4 





Consolidated Income & Expenditure Statement 

for the yectr ended 31st Decemher 1377 

Income 

Premium: — n *1 

Invesun-i-m zsscaw — net 

£ 

10f.rf5.K9.14 
■ 44,9C.3&6b5j 

Expert iRture 

Con iimsao 1 : — ii£ t 

Clams — :i*t 

Te?hn.oa! reserve aijuscne.iti — n- 
Y : narcKU «cpem;ss — r:--;t 
2-'.ari'3aerner;t expenses — 
t.'irierc-rMnies 

;ji-j!u!wappricr«3!jc5t-i‘;d , .'d!r.a' 
Unapr, r'jpna*.=a bafcSKe u£ per BaJ 

£ 

2C %£??.’<■■■: 
30.2)7,943 a? 
il :?..)7i 3;, •; ]'. 

\ :vyy,.-:c 

'•.970 2"2,i4 
cr-.^tj.:-- ■ 4o.942,125.97 

•xiafiSliSe'. ' 12.744.2fic.75 


151^07.753.63 


151.207,77:..^ 

Ck BiccJicr. Gws.T.rosr.S 
oper3U;r.c:, nc-tcnly ir. Brasil but a, 
i:Uc..’.T-,g speailc resou.-evs: 

-.utrcr.'.ee. IRB's ietnsurancs 
ai-‘rcan, can |eiy on tr.e 

Camlci ?i Ptfssi-r.er 
cteilj jko! Cipamcn Fund 
FcteitjnC'j rren r/ Dec>ceit& 
Treasure Binds a- Oliver S«*_r. u'es 
F.v-d t.srm derui? :i5 

C'lher investmenis 

Em ailed defeat: 

isic;. lor bmtrir. cune; 

' ?=7.2fi5.fi3fi.55 
£J?.7[!4 .c , :9 62 
: £,0:0.139.I2 

\ t 43 5.S7.3S 


lnccrr.crtfled in • 

.vtth Lr.aivJ liability. 







91 





s 

: :! 


New way to Brazil 


2 Finch Lane 


v»v 
■ *.'4 


. * ?“">! 
-i=3 

!i =■ 


X>.i 
} - 


? N- 


•• >v'i 
• * ^ 
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the new premises recentlyinaugurated forthe London 
branch of BANESPA. 

One of Brazil’s largest banks, BANESPA opened new 
offices in Paris on 25th May, and subsequently intend 
to have further branches in Madrid and Mexico City in 
the very near future. 

BANESPA has 450 agencies throughout Brazil, and 
foreign representation in Asuncion, Tokyo, New York, 
Los Angeles, Frankfurt and Cayman. 

We will be glad to advise you about the many 
business opportunities in the expanding Brazilian 
market. 




• • r i 


■ r = 
.v 


i£i 


2 Finch Lane, London EC3V 3NE 
Telephone: (01) 623-2291 
Telex: 888839/887996 
Forex: 8814963/4 




' ::'4 


U* 


Banco do Estado 
de Sao PauloSA 



espa 





FINANCIAL TIMES 


and 


LATIN AMERICA 


Brazilian Banking and Finance is just one of 
a series of Surveys the Financial Times is 
planning to publish on Latin America. 


!i>| 


26th July 


iS! 


Central American 
Banking and Finance 


October 

October 


Santa Cruz 


Venezuela 


i 

t, 

li 1 

! ; j 


24th October Brazil 


fill 

?! I 


21st November Argentina 


!ii| 

i,!i 

l!ii 


iiii 

hi 


ill 


Fi 


For details of these Surveys or any aspects of 
the Financial Times, please contact : 

Simon Timmis, Overseas Advertisement Manager 

Bracken House 
10 Cannon Street 
London EC4P 4BY 


Tel: 01-24S S00U Em: 276 


Telex: SS5033 F1NT1M G 


. Financial Times .Wednesday Tune 28 

BRAZILIAN BANKING AND 




Insurance 





THE INSURANCE industry in 
Brazil, though small by the 
standards of the major indus- 
trialised nations, is nevertheless 
quite important to the economy 
of the country. It has been in 
existence for many decades but 
has taken the Government-con- 
trolled route to development 
instead of the free enterprise 
system that has established 
itself in, for example, the UK. 
Consequently it is a regulated 
market with control exercised 
at the top by Government 
authority, but with the insur- 
ance companies themselves pre- 
dominantly privately owned. 

The Industry is superintended 
by a body known as SUSEP 
which is responsible to the 
Ministry of Commerce and In- 
dustry. This is a fiscal -body 
which regulates insurance com- 
panies in a very close manner 
covering almost all aspects of 
their operations.. 

It will fix the amount of 
registered capital of the com- 
pany. It will then lay down 
technical limits under which 
insurance - -companies can 
operate and will control the 
size of risk for a particular class 
of business which can be re- 
tained within the company. 
These limits are determined by 
very precise formulae and do 
not provide much flexibility of 
operation. The whole system of 
determining these limits is com- 
plex but the aim is to ensure 
that the insurance company 
never extends itself in the risks 
undertaken, and that the latter 
are well within the claim- 
settling capacity of the indi- 
vidual company. 


Surprising 



The formula is the same for 
each company and does not take 
into account the class of risk. It 
may seem surprising that the 
same limits apply to, say. a 
first-class firm risk as that 
which is regarded as potentially 
very hazardous. But it does 
make reinsurance by the IRB 
easy. 

The IRB is the Government 
controlled reinsurance company 
which plays a very dominant 
role in the running of the coun- 
try's insurance industry. All 
risks above the limits laid down 
have to be reinsured automatic- 
ally with the IRB. By applying 
thet same limits to all risks the 
IRB automatically avoids selec- 
tion against it by the insurance 
companies. Under less con- 
trolled methods companies 
would keep a higher proportion 
uf ihe better risks than the 
poorer. 

The insurance industry oper- 
ates on a complete system of 
tariffs which are fixed by 
SUSEB for most classes of 
business and companies are 


obliged to follow. They have 
legal force and companies fall- 
ing to adopt them are liable to 
penalties. There are inspectors 
who examine regularly the 
books of companies to ensure 
compliance. SUSEB in every 
case has to approve the policy 
wordings. 

The level of technical 
reserves to be held is again cal- 
culated according .to a set 
formula. Companies have to 
calculate reserves once a month 
and change the - investment 
pattern to meet changes in 
reserve levels every quarter. . 

The companies hav. e to 
submit quarterly returns, the 
form of which is laid down very 
rigidly. ■ But surprisingly 
enough, there is a fair degree 
of flexibility in the investment 
policy of insurance companies.: 
Here the Government operates 
its controls on reasonable lines 
and companies hive a certain 
degree of freedom. Investment 
policy will be determined to. a 
large extent by the method of 
calculating reserves. These will 
need to be at least part covered 
by approved Government bonds. 

But companies are free . to 
invest in property .and to. -a 
certain extent in. .equities- The 
Government lays down .what 
proportion of the value can. he 
set against liabilities. For 
example, if the company owns 
its head office and uses ij com- 
pletely for its own purpose then 
it can set off 100 per cent of 
the value. But if it rente out 
part of the building to others 
then it can only put 50 per cent 
of the value against liabilities. 

The settlement of large 
claims is controlled closely .by 
the IRB. Companies can settle 
claims up t® double the tech- 
nical limits without reference 
to the IRB; otherwise the IRB is 
involved. ■ : = 

Thus the size of the insurance 
companies becomes very im- 
portant and the laf-ge companies 
have an in-built advantage so far 
as insurance brokers are con- 
cerned. The large companies 
can settle claims at a irifcch 
higher level than the smaller 
and thus have more freedom of. 
action. This factor is vbry Im- 
portant to finsurance 7 brokers 
operating in Brazil who will 
tend to place risks with com- 
panies that can settle claims 
without going to the IRB. 

All risks in Brazil have to he 
insured with insurers registered 
in Brazil and all reinsurance 
has to be offeed to the IRB. 
Insurance companies are not 
allowed to bo controlled by 
foreign capital. For general 
business not more than one- 
third of capital is allowed to be 
owned outside Brazil, while for 
life business no foreign capital 
is permitted. 

Life business in Brazil Is not 


comparable to that in Britain THE TOP. 20 

or the U.S. The continued high 
rate of inflation makes long- COMPANIES 

term savings a hazardous j>rb* A ■, /■ 

position. Very tittle individual income— $mV , 

life business is transacted and ■ - -1 - : Vt.Y, •• Wc 

most comes through group life Sul America . Terrestres 1S0.6 

schemes .arranged by employers International IQ&2 

under which terms are renewed Itau " 73.4 

each year. Sul America Vida .—-4. 72.7 

The driving force behind th. e Atlaiatiea . 72.5 

insurance operations in Brazil B an deirante-.... 690 
conies from the IRB. “Hie mdus- - - ■ • . • . - 

try has established certain com- ;T-T7 j' v " v ‘ ; 

mittees jointly with "the. IRB. National- •—•,...,54.2 

that make recommendations to Bamerindns. . 43.5 

SUSEP on rates and conditions: RGnas-BrasU v; 40,7 

Although they need. ^ -Porto Segan^..vL.»'..»;. . ; 38i3 
approval of SUSEP to become p an ]| 5 ^ a . ■ 36.9' 

operational, in many cases this -35.4 

is forthcoming. So the ideas ‘ 

for change and development AHanca daJJama ■■ .. . 3^5 

come from the industry in marty Boavista Vida .-.-.......^ 3L5 

cases, but on ah industry basis Generali do Brasil .L... 30.8 

and within the. control frame-:. Ajax ..I,: 30.1 

work. There is also the Fed era- YorkshinSCorcevado ... • . 27.5 
tion of Insurance Companies _ 

IFUNENSEG) which advises 00,' 

insurance policy and at the other ve J a ^rnz -— — 

end there is CNSP r the national Note:Conversion at Cr. 17.70 to 
insurance council,' a ministerial . -- .the dollar, 
committee. . Sources. Exame Magazine. • 

The policy of. the Government ... : . L, ". 

has been to retain as much bf QtoWTH OF PREMIUMS 1977 
the insurance risks as. possible — . 1 , 

within the country in brier to »e»4era-*er cent) 

reduce the outflow of foreign International 7L2 

currency. These aims have' been Bandefrante ... 47.9 

particularly successful in raising Vera Cruz ’......:v... ' 33.3 

the capacity of the industry. In Boavfsta Vida ............ 3LS 

the first instance all reinsurance » ~ ^ ^ 

goes to the IBB. The acey risk *» 

is then chiinneUed back to the ADanca da Kahaut — -4-6 

companies through' a -rreiosurt Atiandca 22-^ 

ance pool which the companies Comind ...... ....i........... ;! 20S 

have to accept without question. Minas-Brasil ......: .... .. 16.4 

■ Porto Segura ASA 

Offsets 

_ ' . RETURN «N ASSETS 

Then IRB has reinsurance - fThp in leaders— ner eeii« : 
treaty arrangements -with other " ' (The 10 cent > 

world insurance centres and Ajax 63.5 

offsets outflow by accepting Comind 60.2 

reinsurance from the -rest of Boavistn Vida 513 

the world. One particular case AtlanUca 54-9 

with a Lloyd’s syndicate has - ’ mis 

received world . ^ 

Finally, the insurance industry VorkshiroCorcovi io 48.9 
has a facility from the Govern- Snl . America Terrestres . 483 

•ment. lo buy. guaranteedr cover Brasfl ..-A r .w.;.;-^ v. ,46.0 

from the Treasury. - By such Panlista ' 44JL 
means Brazil can underwrite a.Bandeiraute 41.6 

nslr up to , $40nr . internally. •. a? f Wiirir JcfiAiif ~ ; 

high retention level. .. •. V . 

insurance -industry, has 

relatively goocL . -Brazil ;-is not , lowest- per. cent) 
subject v to . extreme, nattlraT ^mind : ' ‘ os 4 

hazards : like earthquakes - or ] 
severe hurricanes. .Aj'the 

siderable growth in- insurance . • ---v-r.- i, x 

can be;expected to follow. in itsf vera ... 

wake. The UK insurance Uniao 32.8 

brokers are now becoming Minas?Brasil ,'. 33.7 

increasingly active in this Generali do Brasil ...... 33.3 

country through local associates. Boavlsta Vida- 33 J 

Prospects look good.. * Brasil 1...:.... 35.1 

Eric Short Source: Exame Magazine. 



Reinsurance 


likewise 


BRAZIL’S REINSURANCE own limits throughout the 
community lias attracted an market. If local capacity is 
unprecedented amount of atten- insufficient IRB approaches out- 
tion in recent months. Un- sides reinsurance markets, 
fortunately this has been the irb’s fortunes are in many 
result not so much of important respects yoked to the ambitions 
developments within Brazils or the Brazilian Government, 
own reinsurance markets but of which is anxious to push the 
long-running and conlro- economy to a top position. Back 
versiaJ dispute betwee its j n iflyi ih e ConseJho National 
national reinsurance group, {jp Scguros Privados, the most 
Instil uto de Resscguros do important insurance regulatory 
Brasil tlRB), and a Lloyd's authority, which includes six 
syndicate headed by Mr. F. H. Ministers of Stale as well as 
Sasse. the president of the IRB on 

But IRB is something more j ts Board, said that it was its 
than a character in the pro- intention to raise the Brazilian 
tractcd Sasse drama. It is the insurance market capacity to 
sixth largest reinsurance com- 3 pe r cent of Gross National 
pany in the world. At pecem- Product. This proved to be too 
ber 31 last its fixed and invest- optimistic a target, capacity 
ment assets were over £20Um, growing to only 2 per cent of 
and capital and reserves over qjmp j n 1977. 

£82m. Its share capital is owned Even so, the rate of growth 
50 per cent by the individual has been rapid in the domestic 
insurance companies and 50 per market. But there are now 
cent by the Brazilian Govern- signs that Brazil is turning its 
ment. which guarantees IRB’s attention more to overseas 
reinsurance operations both in markets in ao attempt to 
Brazil and abroad. develop -and consolidate its 

Ir is one of three bodies overseas reinsurance interests 
which exercise important con- further, 
trols within the Brazilian The Government announced 
insurance community, which recently that a new focal point' 
has been described as the most for Brazil's overseas insurance 
disciplined market in the world, interests was to be created in 
IRB's responsibilities not the U.S. There, a new reinsur- 
only include Jho acceptance and ancc company is being set up 
arranging of reinsurances. It owned hy Braziian (through 
is responsible for the fixing of IRB) and international con- 
operating limits of insurance ccrns. It may have left this 
within the Brazilian market. It development a tittle late in the 
also authorities claims settle* day for further penetration into 
mcnt5 above certain technical the U.S; market, because the 
limits, again fixed by the IRB.. capacity problems within the. 
and cnntrols and handles all American markets of the past 
operations overseas, or in- few years look to bave subsided 
voiving foreign currency. at the moment. 

IRB sets ihe operating limits Other developments inclnde 
for each class of business for the setting up of a tripartite 
each insurer in accordance with reinsurance arrangement . be- 
lli* t insurer's assets, size and tween a Brazilian conglomerate, 
share of the market portfolio, an American broker and a 
Any amount in excess of ibis newly formed UK reinsurance 
limit must bp reinsured wiin broker. Eluma Industria c 
:iic IRB. which in turn will Comercio, a .leading. Brazilian 
reinsure any excess above its conglomerate, has established 


CONTINUED ON NEXT PAGE . 


TRY 




JOINT VEN TU RES /LIGENSE*4.G-^ 
We sped a! jse .in assisting >' European 
companies create income from Brazil 
-—a profitable alternative to exporting.. 


BUY BRAZILIAN-^We seek com- 
panies interested in* trading Brazilian 
products particularly .into Africa - : and 
.the Middle East. 


Post today without any obligation. 
. or telephone: \0905 23.699J; : 

. T e] ex : 43524 Brasops- G. ?- - 


BRAZILIAN EUROPEAN 
4 Bank Street, Worcester. 


: Assbdated-;C>ffiees;, '• v?x. 
.Amkerd^^ -de ^ 

Janeiro, ..Du^dp^.-Siad.^^p^ Pprt^ ' i 



















Banco Rad is a Brazilian Brniic ivith 
40 units overseas, and Corresponding 
Banks around the ivorLi 
It. has near'/V cOC- bra?: dies all 
. over Brasil and performs any 
'exchange operation in the most quick 
• • ami effectrse iDay. 

It even has an insurance cornpartv 

GOMPAXH1A REALBI<ASJLE1RA 

DESEGUROS- eckich insures 

anythbig tor von. 

Banco Real is more than just it simple 
Dank: h is the Bank that Roes more for 
- . c tier is like uou. 


BANCO REAL 


Wmmmi 

. B«( -.a.^r.a! g no* .v*rs abr&d.'C.ocKs < 




/c-y.cc, .1 .-i'c ;; j v/JJ ■ ■ : ■ Ji » < . C. 

. Cun-;.-' Ca'-^.TiCJCr ^ 




Rip de Janeiro 

THE RIO de . Janeiro stock ex- 
change is- normaJJy . over- 
shadowed by its "Sao Panic 
counterpart but on June 19 it 
set a new turnover record for 
itself and for "black” share 
deals, in - Brazil. Dealings 
totalled Cr310Jjn . (Sl7.5m) 
thanks to a surprise auction of 
40m shares in the petrochemical 
bolding company Uni par (which 
has Italian participation). 

Individual investors- and in- 
dependent stockbrokers- were 
edged out of the transaction by 
Unlbanco, the banking conglom- 
erate Which not only handled 
the transaction on behalf o ithe 
Banespa (Bank of Sao Paulo 
State) group— which does not 
deal on the Rio- de Janeiro ex- 
change — but also purchased 
38.17m of the - 40m shares 
through its Banco de Investi- 
mento do Brasil. 

In fact Unibanoo has passed 
15m shares on to Banespa 
which it is reported* will place 
this stock in its “fiscal fund. 1 ’ 
Thhs Uhibanco has kept 23.17m 
shares for its investment bank. 

Another bank — Banco de 
Boavista— purchased lm Uni- 
par shares for its own “fiscal 
fund.” These transactions mean 
that something over. 30 per cent 
of ail Unipar’s shares are now 
held by institutional investors 
and Rio experts are. of the 
opinion that the events of June 
19 could herald a resurgence — 
following this year’s relatively 
quiet first hall — of the sort of 
mass institutional dealings that 
have characterised earlier 
booms on Brazilian stock 
markets. 

The Xlnipar offer was the 
largest single offer of shares 
ever made in Brazil. For the 
seller it yielded Cr228m 
(fl&Sxn)— 93 per cent of the 
dajKs dealings.’ • ’ • 

The success of the deal -Will; 


experts feel, encourage other 
holders of sizeable portions of 
shares in viable companies to 
offer other block detisr’on a 
market that is now winning 
up and where the institutions 
are scouting for new shares for 
their fiscal fund portfolios. 

The growing dynamism of 
of the stockbroking activities of 
the banking conglomerates 
raises some questions about the 
scope left for the small indivi- 
dual investor or independent 
stockbroker. The former, in 
particular, are encouraged to 
deal on the stock markets with 
financial assistance in pur- 
chasing shares if necessary 
while, simultaneously, the con- 
glomerates are encouraged to 
broaden their activities, an 
apparent contradiction that has 
yet to be resolved. 

D. S. 


Sao Paulo 

FOR several years nOw, the 
Government has been, taking 
important measures to 
strengthen the capital market, 
which is still an underdeveloped, 
fragile institution in Brazil. 
However, results so far have 
been modest, perhaps reflecting 
the continued strength of an old 
tradition, according to which 
personal contacts are all- 
important, even In business. A 
strong cultural resistance still 
exists against rational, im- 
personal investments, that are 
solely ruled by cold market 
trends. 

None the less, the shortage of 
risk capital is clearly hindering 
private investment. When ex- 
panding activities, companies 
are forced either to obtain 
cheaper Government financing, 
with all the red tape that this 
involves, or to borrow oh the 
money market, paying ‘ the 
absurdly : hfgh rate of 50-60 per 




The jRio de Janeiro Stock Exchange. 


PROPERTY 


cent per annum. 

Undercapitalisation leaves 
Brazilian private enterprise 
vulnerable. Unless the high 
costs can be passed on to the 
consumer, the company can 
easily end up in bankruptcy. 
The Government's recognition 
of the companies' fragility has, 
understandably, made it reluc- 
tant to enforce regulations with 
Sufficient rigour... 

The Geisel administration has 
taken significant measures that. 
In the long term, will undoubt- 
edly strengthen the market In 
1975, it gav,e foreigners permis- 
sion to trade on Brazilian ex- 
changes and opened special 
credit lines x (PROCAP 1) to 
finance underwriting and pro- 
vide funds for majority share- 
holders to subscribe for new 
Issues in their companies. 

In the same year, it provided 
the market with some powerful 
new investors. The Government 
decided that the enormous PIS 
and PA5EP social funds should 
invest part of their resources in 
stocks. It also raised the maxi- 
mum proportion of insurance 
companies’ reserves which could 
be held in shares from 20 to 45 
per cent, with a minimum of 
30 per cent. A bill regulating 
dosed pension funds was also 
passed, by Congress last year, 
creating another Institutional 
investor. 

The short-term impact of 
these measures has been dis- 
appointing. The capital markets 


have continued jittery. After 
an excellent performance in 
September, trade feu off badly 
in the last quarter. 

The Government took fur- 
ther measures. It created PRO- 
CAP II and FINAC II to pro- 
vide financing, at subsidised 
Interest rates, for long-term in- 
vestments in the underwriting 
of new issues. Performance on 
the markets has picked up 
greatly this year, but no-one 
knows for how long. 

There have been mixed re- 
actions to the entry of large, 
new institutional investors on 
the markets. Some bankers 
have approved the decision, say- 
ing that, as well as furnishing 
additional resources, the insti- 
tutions have the infrastructure 
to carry out better market 
analyses and therefore to bring 
a greater level of sophistication 
to buy and sell decisions. 

However, brokers have com- 
plained that it has concen- 
trated decision-making power 
in the hands of very few people. 
This not only destabilises the 
market, because of the increased 
chance that buy and sell deci- 
sions wild coincide, but it also 
means that, as Sr. JUanoel 0. P. 
Lopes, chairman of the Sao 
Paulo exchange warns: “The 
presence of a few forces with 
the capacity to manipulate the 
market at their pleasure causes 
distortions which drive out the 
individual investor.” 


AND 

DEVELOPERS 


Reinsurance 


CONTINUED FROM PREVIOUS PAGE 


JOHN 

\ ALASCO-DE ARMAS 


. - Principal 

RUA MELVIN JONES 

35-S/1005 

RIO DE JANEIRO, RJ 

Tel : 221-1448 
Telex : 212 3323 FPGN 


a reinsurance broking company 
with .Willcox Baringer and Co, 
the oldest reinsurance broker in 
America, -and Robt Arnold, a 
UK-based non-Lloyd’s reinsur- 
ance broker. This new com- 
pany, the first tripartite 
broking venture of its kiqd, is 
to promote the exchange of 
reinsurance business between 
Brazil and both the American 
and London markets, as well 
as managing on an agency basis 
Brazilian underwritig interests 
In London and New York. 

Brazil is certainty not lacking 
in courage in attempting to 
develop its international net- 
works. - Conditions in world 
insurance markets could hardly 
be worse. Other reinsurance 
markets have been less 
disciplined than the Brazilians. 

There is too much capacity 
chasing after to little business. 
Many countries have decided 
to expand the classes of busi- 
ness which they insured after 
the good years of the eariy-7Qs. 
To do this they have undercut 
existing rates and bitten deep 
into other markets. As the 
volume of capacity has grown 
so the rates have become 
keener in order to attract new 
business. 

The result is that many are 
being landed with classes of 
poor quality business they could 
well do without, written at' very 
unprofitable rates. To some 
insurance men the position can 
only be resolved by a reinsur- 
ance. company sustaining such 
heavy losses that it goes out of 
business. A shortage of eapacily 
will occur and then rates will 
harden. 


But there is no reason why 
Brazil should be making the 
same mistakes as overseas 
rivals. But Brazilian Govern- 
ment policy for increased 
invisible exports could perhaps 
cause eventual headaches for 
the country in present market 
conditions in the reinsurance 
sector. 

In its efforts to preserve 
foreign cuzmecy .JRB has 
attempted to impose on itself 
burdensome exchange control 
restraints. Accordingly, some 
multinational industries in 
Brazil have found themselves 
with half their consequential 
loss policies reinsured with the 
Brazilian Treasury. 

But even if the outcome of 
the Sasse affair makes Brazilians 
more cautious in their dealings 
with overseas markets there is 
still a relatively raw domestic 
market to be tapped. Industri- 
alists still only insure when 
legally obliged to do so— and 
there is little penetration of the 
personal insurance field. IRB 
itself has indicated that it is 
aware of the vast personal mar- 
ket which is there and has asked 
for assistance from the insur- 
ance companies on how best 
to develop it. 

Brazilian insurers will also 
be helped by the Government 
■commitment to build on the 
strength of the companies 
operating within the local mar- 
ket rather than allow new in- 
surers entry to cream off any 
domestic business. 

John Moore 


We have a close relationship with 
BANCO DE CREDITO NACIONAL S.A. 
This long-established commercial bank has a 
well-spread network of branches in 
Brazil and, with associated companies 
of the BCN Group, provides full 
banking and allied financial services. 

Get to know more about how 
we can help you in your business with 
Brazil. See your local Barclays branch 
manager, or get in touch with our 
International Division at 
168 Fenchurch Street, London EC3P 3HP 
(01-283 8989 ext 3218). 


International 





BRAZILIAN BANKING AND INSURANCE VIII 


3 ; *?r-.V?5 


Considerable foreign 
participation 


THE SEVENTEEN foreisn 
banks — 10 of them agencies, 

seven public companies— own 

5.7 per cent of the banking 
system and hold 13.3 per cent 
of all private bank deposits. 

But that is only the tip of 
the iceberg. There are major 
and minor foreign sharehold- 
ings in 20 of the country's 38 
investment banks and in the 
past four years the number of 
representative offices of foreign 
banks has swelled from 79 to 
136. 

Judging by the mood of most 
foreign bankers working in 
Brazil, the heart of the matter 
is confidence in the country’s 
ability to ride out -political 
developments, cope with mush- 
rooming population igro-wmg at 
over 3 per cent a year), manage 
its foreign debt f expected to 
reach 53Sbn by the end of 
1978) and. despite inherent and 
extraneous difficulties, increase 
and diversify its exports. 

Brazil's huge area, its mineral 
wealth — only now being 
systematically surveyed and 
explored — its 110m. population 


(more than half under the age 
of 25) plus its determination to 
become a major industrial and 
political power are inevitably 
magnets for foreign business 
capital and the banks which 
follow in its wake. 


Confine 


That the 17 foreign banks 
which provide full services are 
unable to expand their number 
of branches, and that nerw 
arrivals must confine themselves 
to partnerships in investment 
banks or mere representative 
offices does not appear to be a 
source of major concern. 

Under current legislation 
representative offices may not 
directly grant 'loans. What they 
can do is give advice on the 
formation of syndicates, set up 
contacts between prospective 
local clients and their head 
offices and act as channels for 
information. 

At the moment this purely 
intermediary function seems 
satisfactory. The representative 
offices have a full workload at a 
time when many of Brazil's 


grandiose steel, hydro-electric, 
railway, pulp, chemical/petro- 
chemical and nuclear energy 
projects are coming to life after 
years of languishing in the pipe- 
line. All of them require heavy 
equipment, technology or other 
supplies in which foreign manu- 
facturers play a key part 

Thus of the 136 representative 
offices in Brazil most involve 
banks belonging to nations in a 
position to offer the most 
advanced capital goods or know- 
how: 33 represent U.S. banks. 10 
French banks. IS British banks, 
13 Japanese banks and 15 West 
German banks. Many of tbe U.S. 
banks represented are smaller 
institutions pioneering in Brazil. 

They include the first 
National Bank of Dallas, the 
First Pennsylvania Bank, the 
Citizens and Southern National 
Bank, First Wisconsin National 
Bank of Milwaukee and Pitts- 
burgh National Bank, as well as 
the majors like Chase Man- 
hattan, Morgan Guaranty Trust, 
Bank of America (Trust and 
Savings), and large California 
banks like Security Pacific and 
United California. 


FOREIGN BANKS 


LOANS 


DEPOSITS 



($m) 

1974 1977 

7.19 52.25 

(5m) 

1974 1977 

6.88 30.6 


0.457 

4.8 

1.5 

4 


28 

107 

27.3 

76.7 


0.779 

3.54 

0.265 

1.66 


161.3 

998 

103 

292.7 


— 

26.7 

— 

18.96 


97.6 

458 

70.5 

260 


70.9 

2S5 

60.1 

210.2 


23.1 

56.5 

16.6 

27.29 


6.4 

1G.5 

4.97 

9.28 

Lar Brasileiro (Chase Manhattan) 

81.4 

500 

58.5 

2S7.1 

63.1 

130.3 

42 

64.86 


21.6 

80.6 

24.3 

56.82 


1.54 

3.17 

0.706 

2.44 


12 

46.3 

10 

17.8 



569.6 

26.9 

27.8 




1.16 


0.694 



2,830 

453 

1,380 


4,030 

13,300 

3,990 

11,290 


14.75 

51 2 

11.81 

12.30 

Note: Conversions made at current rate of Cr.17.70 to the dollar. 




Source: Gazeta Mercantil. 


The French are represented 
over a spectrum ranging from 
tbe Banque Rothschild and 
Banque de ITndochine et de 
Suez to the Credit Commercial, 
which has been instrumental in 
organising loans for the 
mammoth Tucurui hydro- 
electric scheme in the North- 
east 

The range of German repre- 
sentations is wide — from the 
Bank filr Gemeinwirtschaft 
through the Saarlandische 
Kreditbank to the Bayerische 
Hypotheken und Wechsel Bank. 
Britain is represented by two of 
its majors — Barclays and Mid- 
land — as well as Lazards, 
Samuel Montagu, Klein wort 
Benson and Braemar Holdings. 

The Japanese, who have been 
instrumental in tbe growth' of 
Brazil's steel, shipbuilding, 
pulp and electro-electronics 
industries, are represented by 
institutions including tbe Bank 
of Tokyo, Dai-Ichi Kangyo Bank, 
Export-Import Bank of Japan 
and Long Term Credit Bank. 

Despite the energetic com- 
petition from Brazilian commer- 
cial banks, whose sophistication 
and weight is increasing, 
foreign banks which offer a 
wide range of services feel that 
they have a slight edge in that 
they can draw on their inter- 
national credit lines within a 
matter of hours or raise funds 
on the London interbank mar- 
ket equally rapidly, whereas a 
company needing an urgent loan 
from a Brazilian commercial 
bank might have to wait 24 
hours or more. Tbe Bank of 
London and South America, for 
instance — tbe oldest foreign 
bank in Brazil — attributes the 
growth in its lending ( mirrored 
by other foreign banks) to this 
ability to move with speed. 

In 1977 BOLSA loaned 
$I29.9m — twice as much as it 
held in deposits — while Citi- 
bank made a $5&4m profit on 
its Brazilian operation (20 per 
cent of its total profit) with 
Joans of $998m and deposits of 
$292.7ra. 

Tbe Bank of America, which 
negotiates major loans and 
investment through its repre- 


sentative office and with the 
Royal Bank of Canada shares 
the Banco International as an 
affiliate, has been operating in 
Brazil for 25 years. During a 
recent visit to Brazil, the bank's 
World Operations president Mr. 
Clayton Rice, told the Press 
that Brazil was its largest taker 
of Joans in Latin America and 
one of its six or seven largest 
takers in the world, yielding a 
profit margin on loans that, he 
said, was larger than the mar- 
gin on internal U.S. loans. 

Tbe Bank of America, which 
bas been lending money to the 
national oil conglomerate 
Petrobras since 1954 — over two 
decades before tbe conglomer- 
ate ' contemplated opening 
Brazil's continental sbeif to risk 
contracts with foreign oil 
companies — is now awaiting 
Brazilian Government approval 
to take 33 per cent of the voting 
stock of the Brazilian invest- 
ment bank Multibanco. 


Sense 


Foreign participation in 
Brazilian investment banks is 
“ multinational ” in its most 
literal sense. It ranges from a 
56 per cent share held by Chase 
Manhattan, 10 per cent by 
Deutsche Sudamerikanische 
Bank in the investment bank of 
the Banco Lar Brasileiro (non- 
voting stock) through a mixed 
package of -shares in Unibanco, 
held by the Dai-Ichi Kangyo 
Bank (4.78 per cent). Credit 
Suisse (2.64 per cent). Harris 
Bank Corporation (4.69 per 
cent), Commerzbank 1 3.99 per 
cent) and Philadelphia Inter- 
national Investment Bank' (2.39 
per cent) to an 0.6 per cent 
share in the voting stock of the 
Banco Mercantil by the Bank 
of Ireland. 

Normura Securities (5 per 
cent) the Mitsui Bank (5 per 
cent) and the Mellon National 
Corporation (13 per cent) hold 
shares in the Bozzano-Simonsen 
investment bank. On& of 
Brazil’s most powerful invest- 
ment banks, Bradesco, lists a 20 
per cent foreign shareholding 
parcelled out between the Sanwa 



TMi?etroba$ building in Rio de Janeiro. J.} 

Bank, Deutsche Bank. $oc$H take office in Marchv 1979, wi&f be 

Generale, Amsterdam-Rotterdain headed by General . Jofio $500m . and - possiMy-.: ; 51*0; 
Bank, and Kreditanstalt Bank- \ Baptists Figueiredo, but there saved from a greaier paung^ih 
verein. are no indications as yet that in- tbe red only tfenteito'-the; 

„ ... .coming; .Ministers wiil tighten 'suzgb -dn exports • bf, mamdao- 

Another _ Brazi lian mi up restrictions. - *«• toted goads.^ : 7. 

“ 0 S reiffl eS Sr”hoIdS- Several foreign ’banter!:' have V. ■ » 
SLd aiong the Beyerisae indicated that, although Brazil's close eye: oa the .-Peqggnjgm* 
Sdrc Naziohale-S38hn year-end foreign . debt is -of, iihe trade^ talanc^ .to®, 
del' Lavoro' ot Italv. B^cb worryingly hlgh,.ttiey ar» not - bnpbep My.faqnuge lto ofe M 
Popular Espaiiol, Union- de viewing it bleakly. . ., dniyes to offset tiie awrajer- 

Banque Suisse, Kyowa Bank 'and Their attention focuses on aMes of thewalher by actively 
Hill Samuel . tile current accounts worth a proanotingtgreMMtforeffigzi. pales 

- r A balance of -payments -deficit ^ in of . manufiactured goods antL to 

The reciprocity principle). now ^ §4.5bjt incurt , ed by pdace obese in de^ehiping cbun- 

gathering momentum^ __ *s 5 ^^ : account deficit tries where the - stumWang 
Brazilian banks begin to open Uireexpec£ed ^ we aLber a blocks ot ; proteotionofim ore 

drought lasting 'severai montis minMjaLr/ ^ speak of - 
BrSif 81 State and iart ' m coSee;_^s(m;i)leimng ; &ey 

Drivateiy P owned leadins^-has.' areas irt south ' followed; measnii; as a; cwiiplain«at, and 
Sso beljed to^openthe door&o hy frost andsnOw tins monjii ;a ptwecfiul factor tin their wili- 
foreign banks. P The scope * of ’ “ played bavoc' wrib • 4be Jpgness, to-, granti nr. negotiate 
their operations will depend forecast .tint. 

greatly on the attitudes pf the', would enjoy a $lbn t^de sur* • - tj r. 

new Government which win pans:.- It is none fake# that there..;- . y, • ,i , ■ • . 


;|E 



"X ■ 





This symbol means more than one hundred years o£ international: 
experience. It also belongs to a young and dynamic Brazilian 
financial group. The Espirito Santo Group. 

BANKING 


Banco Inter- Atlantico de Invcstimento S.A. • 

Head Office: ■.Branch:.-.:.'.:,:.. 

Rua do Rosario, 78 Av. Brasil, 1,299 

Rio de Janeiro Sao Paulo . 

Tel: 263.8012 Tel: 852.0956/0924 

Telex: 21.23153 . Telex: n.25S2i ;; V 

Shareholders: - ' 1 : > : V 

— - ES Holding Adrainistracao e Partieipagoes SJL; ' ; 

— The Guinness Peat Group, Ltd. 



■’1 I*- v 







Banco Inter- Atlantico S.A. V; : 

Head Office : Branches: . . : .'V ; : > \.* ; .. ' 

Dois Corregos Av. Brasil, 1299 . ?Rua tio Ros^ipt^S:; / ‘ 

Sao Paulo Sao Paulo : Janeiro ; ; 

. Representative. Offices: ^ 

London - gAracas 

Regina House, 5Ui Floor Edificio Residencia^:Su: Teim>^^ 

5 Queen Street ' ' .piso 9 i r-dllcina.-^5 ; , }..g__ ..‘-f'/v 

Tel: 01-248 7421 • Gtpreses aBta. Ter^a r ' V Vh 

Telex: S86067 TetT 4414Q54 and. V ^ \ ' l - 

Shareholden . jV--. ”. Ll'.i 

— ES Holding Administracao e Paftidpaeoes 

insurance " “ : 



* Companhia de Seguros Phoenix Paulista^S.-Ai 

Head Office: ‘ V" . . . . .Branch:;; 


Rua Conselheiro Crispmian6.53/3° 
Sao Paulo 
Tel: 347375 




■Av. .'Almlrante Rarroso? 



1 


■'i . 




■A" 




•• : " ‘=- ■ •••' ' :v ' v 


. i 







' Jt? 




if I 

v . -.ifeg 


****.. i 





aal limes Wednesday June 1 1&-'ttK 

' David Freud analyses the changing patterns in British employment 

A new era for women 




INDUSTRY v. SERVICES 

Workers in G.B. employment 
COMsj 




' jMRT. EpCAMN^ON v of the 
-IgCs cuzreflf^ jtno employment 
jgfobleiggj .Star t.tromthe 
"oidfije-swSterisjsSswuiSlB mdtxusti 
J‘C^rfe^5&temiwe^ Fo? one 
loll t^d k prhicft«r“caases of the 
.^VdS Of 

;a -profound 
-+ more'- and more 
5ro^?w^Vvpnite-i''are holding 
'^c^W>K)fciDE for them. : 

Sactdxs, 

fSM3r;*K.Sie : iw(hy-hobzn genera- 
^W^rjaching: ^working age or 
.. jfifr" fifecKhg; ijir the . country’s 
Mamife'ctarintg' .* ".base.- * have 
*Pl«£ed seCTe>arf^B utit isWely 
jfife-’ecShoitty.. could have 
^B*M%ea'; v mcfet-idfc -.{be - schoot 
rle^rera^^&ey . hadinot haul- to; 

women. " ; ■■;. ; 

•V^M ^tfe^f ihe recession since 
• ‘StSjFfl v.ithe T&imber . o£ : 'people 
^nployed’hAsrheW -iup Temaxk- 
Ably. ■'Wal.'j&jj round’ numbers 
?2£?O;0OO.v3pbs .have been lost, 
f^fiotmfing; for- only- -a fifth of 
ithe^incKase -in’ people out of 
ipi<&kr, l!Phe- remaining four-fifths 
- iQp Mese^-tiut of' work -are net 
'.mwca-d dhaoitstO rthe ; country's 


1 these . - people 
vcame^from?; The Jabour market 
stkte of -constant move- 


v^Qj ; 8nt; to -job 
overall terms, 
^m^^^^o/fiuhibftr.;Of people 
^jo&iiogL'. <he. : worfcifiarce (wbtbcfa 
ijnchidesi the tineanployed) cur-. 
SSotF** , exceeds- the number 
3«&mgirt>m ft by about 170,000 
Xjfeai.*-. •.*•.. • 

^• Over the last five years the 
jhuihBer.:- rearing - . has been 
^ifig^iJylajger than the number 
•fifp Sd»>olieaVors - joining the 
'm^keii'Ebwever; over the same 
period- art additional 1m married 
women have become available 
for work, an increase of 200,000 
■ a yeat ^ 

- Because" anarhied (women are 
bagttly: employable — often 
because" of their previous work 


easperiestte — they have had 
liiaie trouble in gesting jobs, 
mainly' at the expense? irf girls 
md -women tin their 2Q& Unem- 
pdoyuneot among . T • women 
between 20 and 29 fe W the 
- barest of - any age sector in 
the pofwtatioa, at more than 36 
per cent. 

"The problem of these youag 
watjcens, ■'daspaacetf’V^hy mar- 
ried women, wooldr have been 
much wo me but for -the wising 
of the schoodleavdiig age to 16 
in 1972-73. This as estimated to 
have reduced the woriSng popu- 
lation by about 0.5m.-'; 

The raising of tibe school- 
leaving age helped to-hask the 
•fact that aJre UK’s unemploy- 
ment probtesn is not so much a 
•resaSt of the current; ref«ssion 
but part of a Jongexwteran 
decline -wthacb seems*; to have 
begun about 10 years *go. 

%Jp to ftihat time the labour 
market seemed capable of ex- 
panding 'to use toe .gwwwng 
.wockflonce. Indeed iarge-scaJc 
immigration was necessary to 
satisfy demand. .Nearly 3m 
extra jobs were created in 
BnfteiD in toe 18 yeara from 
1949 and unemployment aver- 
aged onfly 300,000 tocougbaut 
ffire period. 

In the 11 years from-Jj^O® the 
workforce increased by only 
650,000, and unemployment in- 
creased by more thari-lm. Gov- 
ernment job creation . schemes 
are estimated to be currently 
keeping more than 200,000 off 
the register. * r . 

What was the cause of the 
tumround? On the surface it 
Was a decline in employment in 
manufacturing in 1966. In the IS 
years from 1948 an extra 1.5m 
jobs were created in manufac- 
turing. while in the 11 years 
since 1966 1.2m jobs were lost in 
this sector. 

However, several sectors of 
manufacturing industry were 


declining even in the earlier 
period, notably shipbuilding and 
textiles. Jt therefore seems 
likely that a long-term 
“natural" decline was involved 
in those industries, similar to 
that which has cut the number 
of workers needed in agricul- 
ture over the last century. 

Employment in vehicle manu- 
facture was also showing little 
growth by the 1960s. The real 
change in trend is seen in metals 
and engineering; These seemed 
extremely healthy industries for 
employment in the earlier 
period, offering nearly lm extra 
jobs. But in the 11 years after 


ployed in manufacturing than 
the UJC 

The proportion of the TJX 
workforce in manufacturing was 
30.9 per cent, while the 
equivalent figure for the U.S. 
was 22.1 per cent, and for Japan 
25.8 per cent 

Nor was the UK alone is 
experiencing declining employ- 
ment in the manufacturing sec- 
tor over the previous 10 years. 
The only OECD-member coun- 
tries whose work ere in manu- 
facturing increased between 
1965 and 1975 were Italy and 
Franre. • 

It is not only through direct 


INTERNATIONAL COMPARISONS 

Per cent employed in manufacturing (1945-75) 



1965 

1975 

United Kingdom 

35.0 

30.9 

Belgium 

35J 

30.1 

Denmark 

282 

22.7 

France 

27.7 

27.9 

Germany 

383 

35 A 

Ireland 

18.6 

20.4 

Italy 

28.9 

326 

Netherlands 

283 

24 JO 

US. 

26.1 

221 

Japan 

243 

25.8 

Sweden 

32.4 . 

28 J) 


1966 the number of jobs in 
those industries fell by nearly 
500,000 at a rate almost as fast 
as that of the previous rise. 

It is impossible, in practice, 
to isolate whether the fall in 
employment is due to automa- 
tion, increased productivity or 
industrial decline. However, 
international comparison sug- 
gests it would be quite wrong 
to fay the blame for the increas- 
ing unemployment at the door 
of manufacturing. 

Figures compiled by the 
Organisation for Economic Co- 
operation and Development 
show that in 1975 only Germany 
and Italy had a larger propor- 
tion of' their workforce em- 


Souree: OECD Labour Force Statistic* 

competition that women have 
been able to increase their 
stake in the economy. They 
have also benefited from a 
change in the type of job on 
offer. 

While employment in manu- 
facturing — traditionally a male 
stronghold — has been declining, 
there has been rapid and steady 
growth in employment in 
service industries. And women 
have been well suited to take 
on these new jobs. 

Taken as a whole, service 
industries in Great Britain have 
offered an additional 3.3m jobs 
since 1948, and the rate of 
increase doubled between 1966 
and 1977. 


The service industry sector 
in which there has been most 
growth is the one in which 
women have traditionally found 
it easy to obtain jobs. This is 
" professional and scientific ” 
services, which include educa- 
tion and health. Employment 
has grown nearly 300 per cent 
in this area since 1948, by 2.1m 
jobs. 

The public sector has led the 
way in providing .these new 
jobs, and tire process accele- 
rated jn tire last business cyde, 
from 1971 to 1976. In this 
period the numbers employed 
by central government and local 
authorities increased by 772,000. 
More than half of these extra 
jobs were in health and social 
services, while most of the 
remainder wane in education. 

One reason tire public sector 
has been to the fore is because 
it is one of tire few sectors in 
which empdoyanent is not in- 
directly tied' to tire aditog manu- 
facturing pant of tire economy. 
It is estimated that of the 15m 
or so jobs in non-manufacturing 
about half depend on 
nuamfactoring. 

The effect of these changes 
has been to boost the propor- 
tion of married women who 
have got jobs — or want them 
— from 423 per cent in 1971 
to a current figure of just over 
50 per cent. This is an accelera- 
tion of a trend that began 'at 
tire beginning of tire 1930s, 
when only 10 per cent of 
married women (bad jobs. 

The increase in tire number 
of working married women — 
who form more .than two-thirds 
of .the female workforce — means 
that half of aM women over the 
age of 16 bold or are looking 
for jobs. This compares with 
an 84 per cent figure for men. 

Two other factors — apart 
from tire increase In opportuni- 
ties for work in tire public 


I! years 


7 years 


8 yean 


3 years 


f Mid-Year) : 

(1948 19,994 

M959 21,565 

1959+ 20,983 

(1966 22,787 

/1966 22,787 


1977 22.172 


All Industries 
and services 


Manufacturing 


Non-manufacturing 


+1.571 

(+7.9%) 


+ W 

(+ 8 . 6 %) 


-490 

(~12%) 


(-0-6%) 


+998 

(+12-6%) 


+506 

(+6.4%) 


-703 

(-8-4%) 


+573 

(+4-7%) 


+1,298 

(+9-9%) 


+213 

(+1-5%) 

+375 

(+26%) 


’Statistics on new basis 


sector — are thought to have 
contributed to the sharp rise in 
women’s activity rates In toe 
current decade. 

These were tire very big drop 
in toe birth rate, by about a 
quarter between 1971 and 1975, 
leaving a higher proportion of 
women free to work. The 
second factor was legislation or 
equal pay and opportunities, 
which has encouraged more 
women -to seek work. 

Official forecasts all assume 
that the increase in the 
economic activity Of married 
women will continue, although 
it is thought unlikely to reach 
the 94 per cent rate of men. 
This growth is expected to be 
the main factor disturbing the 
labour market in toe next few 
years. 

If there were no change in 
married women’s activity rales 
from last year’s level the labour 
force would increase by only 

431.000 between 1977 and 1981, 
an average of 107.000 a year, 
according to the Department of 
Ejnplojment. But the likely in- 
crease in activity rates for mar- 
ried women which is part of 
the DE’s assumptions brings 
that figure up to 681,000, or 

170.000 a year. 

In fact, the additional num- 
bers seeking work are likely to 


(-6.5%) ) 

Source: Deportment of Employment 


be even bigger than this, if past 
experience provides a reliable 
clue to the future. In the past 
the official forecasts have con- 
sistently under-estimated toe 
number of married women join- 
ing the labour force. 

The second major factor 
widely expected to affect the 
labour market in the UK is 
technology, and more specific- 
ally the silicon chip, with all 
the potential it has for large- 
scale use of computers and 
automation and toe consequent 
loss of jobs. 

Mr. John Cassels, director of 
the Manpower Services Commis- 
sion, believes that whale toe 
chip will cause large changes 
in the use of labour, those 
change.? will occur much more 
gradually than many people 
fear. Nor will the impact 
necessarily be to reduce the 
total number of jobs. 

“The history of the indus- 
trial revolution is full of new 
machines which dispensed with 
labour and yet did not cause 
a loss of jobs. The chip may 
be used to improve the quality 
of products or services, without 
changing the numbers em- 
ployed, .or it may be used to. 
produce goods more cheaply, 
freeing spending power for 
other employment - creating 
items,” he said. 


However, the chip will un- 
doubtedly reinforce the trend 
towards fewer manufacturing 
jobs and more work in toe 
service industries. Furthermore, 
the new jobs will require a 
better educated workforce. 

This requirement seems to 
be in line with future supply. 
A recent article in Employment 
Gazette, the official magazine of 
the DE, showed that the number 
of people in the economy with, 
university degrees or their 
equivalent is expected to in- 
crease from the current I - 2 m 
to 2m by 1986. These will 
represent 9 per cent of the 
total workforce compared with 
4.8 per cent at present. 

The article goes on to esti- 
mate that the growth in the 
number of highly - qualified 
women will be particularly 
rapid, increasing from 267,000 
in 197 1 to 725,000 jn 1986. 

So, it looks as if in the 
next decade women, particularly 
married women, will become 
increasingly important in the 
workforce. And because they 
were late entrants to the job 
market they will tend to par- 
ticipate in the healthier, grow- 
ing parts of the economy. This 
makes it all the more likely 
that the problems which school- 
leavers face in obtaining jobs 
are going to get worse. 


Letters to the Editor 


TmmcfvnAnf poorest sector of developing lotal employment is down by jects— they included last season, 

JUV cSl mem ior country populations. about *25 per cent. Courbet, Gagaku, radio features. 

• - The dream of Adela has not Similarly, London's popula- toe Polish musical avant-garde 

• nAVAlATHTlPTlt faded, instead the need that it lion may be declining by 100,000 and Christopher Bruce the 

•• UC V CiupillCUl sought to address has grown a year, but Glasgow’s at almost choreographer. Arena took TV 

From Sejuiior 'Jaetih Jami* enormously in the economic tur- twice that percentage rate — 2$ drama seriously among the many 
rrom, oenawr jacoo javns mo n 0 f the 1970s. making it all per cent p.a. as against 1-3 per arts tackled in its last run. Bryan 
_. Sir,— Adela has come under the more imperative that we use cent for London. And so I could Magee takes philosophy seriously, 
.fire recently. This multinational such mechanisms in the effort to go on. Small wonder we up The Spirit oj the Ape took archi- 
■ economic development corpora- narrow toe gap between the here take a jaundiced view of tecture seriously. If there is a 
tion I conceived for Latin developed and developing coun- County Hall’s special pleading! danger, it is that the public may 
’ America over a decade ago has tries that threatens the equili* Of course London has prob- be finding it increasingly difficult 
bden the subject of some surpris- brium of the world economic lems— major problems by the to watch TV seriously. But that s 


ihg Press criticism: The charge system and societies. standards of toe prom 

rfc-tha&iat toe- ripe- old age of 13, , J. K Javits. So u to East, but to suggest + 

Adela — Atlantic Community United States Senate: -. London s problems iare tfsnv 

Development Group for Latin Washington DC 2D510. as those of Strathclyde 

America— has become Jaded, has i_ 

T Tnpmnlnvmaht 

5rlaB n - c Se a “oaLst ,aS Unemployment « ™ 

its inception. mat appeared ,t j n jjammersmith 


standards of toe prosperous another story. 

South East, but to suggest that And whatever Chris may think 
London’s problems are a s serious of Derek Bailey’s treatment of 
as those of Strathclyde or flfayerling (and the complete 
Merseyside or the other “tradi- ballet lasts well over two hours) 
aoaat blackspots ” is at best to he must not be allowed to get 
confuse size with significance and awav with a statement like “TV 


GENERAL 

Labour Party national executive 
meets. 

TL'C General Council meets. 

Port of London Authority holds 
emergency Board meeting in effort 
to finalise a dock-closures plan. 

Public bearing by Civil Aviation 
Authority of applications by both 
British Airways and British Cale- 
donian Airways to be designated 
the UK airline on new London- 
DaHas/Fort Worth route. 

India holds fifth of seven fort- 
nightly gold auctions. 

National Gas Consumers’ 
Council annual report. 

President Giseard dEstaing of 
France begins visit to Spain 
PARLIAMENTARY BUSINESS 

House ot Commons: Motions on 


Today’s Events 


EEC documents on contracts 
negotiated away from business 
premises: on toe aeronautical 
sector: on criminal law*; and on 
Ancillary Dental Workers 
(Amendment) Regulations. 

House or Lords: Theatres Trust 
(Scotland) BiU, and Nuclear Safe- 
guards and Electricity (Finance) 
BiU, third readings. Suppression 
of Terrorism Bill, and State 
Immunity Bill, consideration of 
Commons amendments. Protection 
of Children Bill, third reading. 
Local Government (Amendment) 
BiH, and Rating (Disabled Per- 
sons) BiU. committee. Debate on 
arrangements for protecting 


British shores against oil pollution 
and on shipping lanes and com- 
pensation. 

Select Committees: Expenditure 
(Trade and Industry sub- 

committee). Subject: Measures to 
prevent collisions and standings 
of noxious cargo carriers in waters 
around UK. Witnesses: British 
Shipbuilders: Harland and Wolff 
(10.30 am. Room IS). Parlia- 
mentary Commissioner for 

Administration. Subject: Review 
of Access and Jurisdiction. Wit- 
ness: Sir Idwal Pugh, Parlia- 
mentary Commissioner for 

Administration (4 pm. Roam 7). 
Nationalised Industries i sub- 


committee C). Subject and Wit- 
nesses: Independent Broadcasting 
Authority (4 pm. Room 8). Euro- 
pean Legislation. Subject: Pre- 
liminary draft general budget 
1979. Witness: Mr. Joel Barnett. 
Chief Secretary. Treasury (+15 
pm. Room 15). Joint Committee 
on Consolidation Bills considers 
National Health Service Bill 
(Lords) (4.30 pm. Room 4). 
COMPANY RESULTS 
Final dividends: BPB Industries: 
Chubb and Son: Hick in? Pente- 
cost; MK Electric Holdings. 
Interim dividends: Blundell- 
Permoglaze Holdings: Hardys and 
Hansons; M and G Dual TrusL 
Trust Houses Forte. 

COMPANY MEETINGS 
See Page 30. 


confuse size with significance and awav with a statement tike “TV 
at worst to distort toe facts. inevitably detracts from any 
C. Gray. performance when it simply 


, _ _ Melrose House. 

i The founders saw no conflict p rom i} ie Director of ' IS. Cadogan Street. Glasgow. what was by general consent a 

.JSJS52 1 a A ?pif S p n ni rihnttnn to Development Ptonmiip, London superb relay of A Month in the 

^ Borough oj Hamnersmith U7 . , . M1 Country from Covent Garden. 

economic development on toe e: r __ t ■ read 1 with interest the Windmill The Balancbme films Chris 

one hand and that of obtaining ™ WIUUUUU Dunkle disUkes s0 much were 

; a reasonable return on its w- London^ industrial decav" nnwnr second repeals and late night 

.T H m«t on th. other. wh.A api.eared J^ M I POWer screening the main thrust of 

Expertise would come from its would like, however, to draw From the Counsellor (Scientific) m'SbSiiG 

stockholders, wtoto included your attention to the table Canadian High Commission SSftLSl 

many of toe worlds most success- entitled “Inner London's worst sir— I was disappointed to !l Te “2 Bd S?Ji 

SW&.S ss& &"“■ wwch io °*« 4 < >“-5sgr d Jt ass^'S 

= and IBM were among toe first fbunk that toe figures shown, Sfcl^The So 'pitfallT of heat ^ for 
Investors, soon to be followed by although no date is given, refer windmill power. June 16— Mr. SnSSffiS- Xn^baHern. 0 * 

Fiat. hybetra, Dresdner— 50 to April 197S and are GLC esti- David FjsWock did not mention un ^ amiha f sh rt aJ]eLs - 
: shareholders from 12 countries mated rates for employment the large vertical axis wind Even the best of critics have 
in all. With paid-in capital of office areas. It appears that the generator built by the National short and partial memories, 2 
Slfirn, Adela was Incorporated Hammersmith employment office Research Council of Canada, fear - 
Jn Luxembourg in 3964. Growth area, which accord.'ng to GLC which has been operating Humphrey Burton. 

• and profits rose from toe first estimates had a male unerapJoy- successfully for about a year BBC-TV, 

.year onward and with one ex- ment rate of 7.6 per cent in n ow in the Magdalen Islands in Kensington House . 

: cepuon. every year since has April, has been omitted from this the Gulf of St. Lawrence. This Richmond Way. Iff 14. 

ended in the black. Today it is table. windmill, believed to be the 

' a corporation with close Jn addition, more detailed largest of its kind in toe world, 

2°' 5b , n in 4 - asset .L w,lh analysis of unemployment figures has been feeding some 200 kilo- \ fnilTTininO' 

228 shareholders from 23 coun- f 0r those parts of toe employ- -watts of electrical power into toe n UIUUi|IIU to 
tries and investments throughout ment office areas which are in island grid, which is normally . 1 

Latin America. this borough, suggest that snem- supplied by diesel generators. gfCEt &OSS 

Of course, no one imagined in ployment in north Hammersmith Its operation to date is estimated 
s 1964 that the international is in fact higher than 20 per cent, to have saved about 40.000 From Hie Secretary-General, 


relays it from the theatre.” 
BBC-2”s Dance Month included 
what was by general consent a 
superb -relay of A Month in the 
Country from Covent Garden. 
The Balanchine films Chris 
Dunkley dislikes so much were 
second repeals and Jate night 
screenings: the main thrust of 


economic community would be William A. McKee gallons of diesel fuel at this The Federation of Personnel 

•so pervasively affected by the Town Hall, remote location. Serrices of Great Britain 

.petroleum exporting nations 10 King Street, W6. This simple type of windmill, si r> — You report in the Jobs 

years later. The price of oil with its blades mounted on - a Column (June 22) that Mr. 

shot upwards 500 per cent, and * ,| I j 9 vertical axis and curved in the Crosby of Professional and 

'this development, added to other otrStllCiVCiC S ®r ap ? 0 j a rape, was Executive Recruitment should be 

strains, in the world economy. ** developed by tae 'low-speed pleased that his organisation 

plunged the world into a reces- aerodynamics laboratory of NRC ma d e a before-tax profit of 

-sion from which it has yet fully tfligili to Ottawa. The Magdalen Islands £20.000 in 1977-78. 1 do not believe 

to recover.- pi nnninn n,a ® hlne . 13 .°° e rtage in the anyone in commerce would 

n ^ , l’rom the Chairman, Planning scale-up to wind generators that share his oleasure faced with the 

Overseas we see a low level „ tld Development Committee may eventually deliver one finires upon wtoch tS? SoUnaJ 

lidirtSitiL/ 0 " ?o a Siei D toe *"***** R ^ to,wI TO*™ of electricity. jESta ^eSsEic^ %hStt toe 

ran d aceumi-latto^of debt in Sir “ 1 es P ect our . Lo " d , OT1 l K °°P- _ state subsidy of £2.7m there 

S? develop^- Suntyies and friends to argue their ‘‘ case " for Conodjan Hiph Commission, would bave been a thumping 
tho «rnvfifml n ° n F CC ^^Hnn the special treatment with all due MacDonald House, great loss, 

vast ^accumulation of financial ^ igQUr bu ^ ~£ eall £-' lv M ®?r rrs - J| Grosoenor Square, WI. Moreover, the increase in fee 

w male Expanding TV ££f.X*?!L , =E? 


London’s local male unem- 


coverage 


figures upon which this minimal 
profit is based since without the 
state subsidy of £2.7m there 
would bave been a thumping 
great loss. 

Moreover, the increase in fee 
income of PER ( from £2.35m to 
£3 -25m) amounts to an increase 
of 37 per cent. This occurred 
during an upswing in employ- 
ment market conditions and when 
the fee income of the nearest 


.develop their local business and toirt saSe Frmn toe Head o/ Music and Arte comparable private agency 

PXDnrt f»anahiliripq mnrt he P art of cfie worm mac same oRC.TV increased by well over 50 per 

month I can count seven of bbltv This nattern was retreated 


ment rates higher tban Lcmdon’s ^ . various components making up 

Mechanisms are needed to WO rst area PoDlar. and I can find the social subvention shouto be 

marshal capita! and expertise on i v five with unemolonnent drive towards toe middle ground , , , 

and place them at the disposal g^ r t han London’s Baririns- which has. .been proceeding >°oked 1 at in the -tight .of what toe 
of promising developmental 0 ° ne er of - London's - worst hit jgriy g ‘British IK 

aSeSprs KioSmjTE ^ Mass 

to implement toi£ puijose It .that of pe«,tondon’s demand from t e«cwei : and ^-fver was atgibutg 


New development opportune n ^> two decades place for whom It obtains employ 

ties include a primary, irrigation Bridgeton T've wnrt^ in TV for exactiv nient - The P oint 1 making is 

evstnm Brasil n ennstructiOU Rutherelen i'-Y » wuihBQ m iui jmiw „nt that the snbsIHv is unluctifipd 


system in Brazil, a construction 
block factory, in Guatemala, an 
African palm plantation and oil 
processing facility in Venezuela. 
Indeed, our experience with 
Adela led to toe creation in Asia 
of PICA (Private Investment 
Com pan v Of Asia) based in 
Sln'tannre and in Africa of 


Rutherglen 

Easterhouse -j**? 

Springburn }°- 

KotbesiD , J5" 

Parkhead 

Saltcoats 

Cambuslang 13*2 

Alexandria 

Covan ^ 3 -° 


20 years — since toe early days of ^ is unjurtifiedL 

Monitor— and I know that in the that i^ shooJd only be used 

arte field there has been computing the commercial 

T^tber ability if tbe 

diminution in serious pro- T®toable v ^ or ^. toe private 
grammes making demands on the _ ,n * f ea ‘ similar 

viewer. The same is surely true problems is also taken into 
in science and Other cultural 2 CC °uijL 


cJSJia 1 Cnmoany /Mnle r^ident ’ ’ unemployment, areas. In the 1960s there was In the context of a rising 

P ^ Aorll lflTO bvempltOTueoi office nothing like Ron Eyre’s Long market and the same question- 
based m Geneva. . April Search, no equivalent to Mike able social subvention, toe 

The role of foreign private . .... nn _ 1{ i. 0ljOh London’s Dibbs’ two hour study of draw- minimal profit of £20,000 Is not 

sector investment m develop- »n aaomo . a => have ing, or George Steiner’s two hour something of which the business- 
men! must complement toe Ob- mani cmrin^ a since essay on language. After BabeL man would be unduly proud, 

jectives of governmental a^is- has 0nJIlihuSi t has dcalt ser iously Donald J. Cropper, 

fence which focuses on meeting per ^nt. and with any number of serious sub. 120, Baker Street Wl. 

to* basic human needs ot lire ianen uvcl 


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Fiirand^ Times 



Wxm*. _...,., _ .. .._ ,.,„ . ... .., ....... 


DIVIDENDS ANNOUNCED 

Date Corre- Total 


Current of 
payment payment 


ii&ndard Chartered slows in second half 


WITH SECOND-HALF proDts only 
marcinallv higher at £63.GSm 
compared with £62 J7m previously, 
liable protit of Standard 
Chartered Bunk ended the March 
."U- I97S. year ahead from £109. Wm 
to a record £126.1;kn. 


<I13.1Sini contribution 




£o2.S7m j£47.4m i. 


raent will be paid in January. 

Dividend* absorb £13.4Sm 
ini.flTmi. leaving retained profit 
up from £3a.43m to £W.39m. 

Sec Le.v 



INDEX TO COMPANY HJ6HU&NT5 



Company 

Page 

Col. 

Company 

Page 

Col. 

Bardon Hii! 

28 

1 

Joseph (Leopold) 

30 

5 

BAT Industries 

29 

6 

LCP Holdings 

28 

S 

Bowater 

30 

3 

Northern Goldsmiths 

28 

A 

Caird (Dundee) 

29 

3 

Press (Wm.) 

30 

4 

Century Oils 

30 

l 

Property Holding 

30 

4 

Control Secs. 

30 

4 

Rsnwtck Group 

29 

1 

Davis (Godfrey) 

28 

3 

Sears Holdings 

29 

4 

Equity Consort 

29 

5 

SGB Group 

28 

8 

F.NJ.C. 

23 

4 

Smith (David) 

28 

5 

Guthrie Corpn. 

29 

4 

Standard Chartered 

28 

1 

Halma 

28 

1 

Tecalemit 

28 

4 

I.C. Gas 

28 

7 

Today's meetings 

30 

5 

James (Maurice) 

28 

2 

Tran wood 

30 

5 


BAT Inds. .Sndint 5.05 

_ ^ ^ a Bremar Trust L0 

load half SS 1 — s> 

Halma - 1-4 

the various tax advantages and Imperial Cont. Gas2ndint. 551, 1 

strong residual values has led to Hauriee James 0-5 

boom conditions in contract hire Leopold Joseph 6.73 

and leasing while the rental Nthn. Goldsmiths ......... 1-34 

activities have benefited from Property Holding and In v. 4.04 
price increases and a very high Ren wick Group ■■■—■■»;• j., 
utilisation factor. Given these Riverview Rubber 2ndmL 4 * 
conditions the Ford distributor- SGB inI * •■'f 


Date Corre- ivwi 

of spending for 
iayment div. 

— 4.0 ■ — 

— 0.5 1.5 

July 28 2 -v 
Aug. 17 2.29 3.31 

Sept 13 3.95 

— 0.69 2.o2 


Over t4m a 
for I C Gas 




Sept. 8 — 

Aug. 21 nil 


5.47 from TURNOVER 21.fi per cent Power and tight 

2.99 J,T r a t iiot&xn, taxabfe'.preflt gas . fgWk 

5.91 of bnnerial Continental Gas Ai*o- reported: higher pn*K- If the ■ 

1-26 vJaHftn rose 187- ner cent from distortions ,are stripped, ■put the 

S.86 ggg g toe. S «rdu to fnj profits is- 

nil 31 -1978 year- At half-time profit hi^lcdr .expectations. 


July 25 3.71 

Oct 3 — 

Aug. 15 3* 
Sept 21 2.5 
Aug. 25 L46 
Aug. IS 1033_ 


J. income of £13m (£10.89m) and 'if; indication of -a : 5Q-'per cent (Eyi-- 
10 * after net interest chargKyOf den{ , 

5.25 £0.78m (£0.4unj. * . , ‘ :• are . rerdoved frotii "August l fKie 

2.32 * Income of £HJ2m (£8.5Sm> -p/^ ig aM.ttet, yield, assohi- 

17.4S from. Belgian subsidiary and ass.O-.'ing the: indicated dividend: ' can- 


Standard Chartered 1L6 Au^. IS 332 .elate companies is rid 'consoli- ^ p^d, is 5.8 -per- cent- Th& :i 

Tecalemit 3.65f Aug. 5 1-9 .dated. and of the increa^£Q.44m -bchi^'^toV'xfi^.:hack. , ^dre. : 'tn;'' 


GD is so far 


influenced by price 


a yield of 5.8 per cent, covered 
nearly 7 times. 


Tecalemit 

Sales for the year amounted to profits of £219.320 <£149,709 Joss), illfYI'nC' 

£l3.lm against £10.49m. Net the directors said second-half fULJLmnBJtS d-vg 
profit was £551.000 (£405,000). prospects were encouraging and * * 

The net dividend is the forecast continued profitable growth was 
7. 9p tS.tip) and earnings per share anticipated for each division. JL / 1 1| 

are slated as 18.4p (13.7p>. They now say further develop- 

Mr. J. Gregory Tom. the chair- ments are well advanced to WITH PROFITS showing 


ISSUE NEWS AND COMMENT 

LCPrightsto 


raise £4.2m 


(£135,000) attributable profit came p ' ; :• • ; * . 

;oat at £l7J22m against £l5.46m ./^^YVIkv-jL-V". . 

^The 11 ^ charge was reduced - 2 nfe 2 i^ . 

fi$48m (£5.07m) by tbe.applica- ; "" " • 
tion of ED 19. Earnings 'per £1' - »=•-: -Vs-r«i -V? r 

- share are ‘ shown at .43.62p Q tiff eppe • 

(3B.Q2p), and including'- the Belr- .frUJllJ- 'kaf.vliouf’ '.;-.'. 
gian operations at-5338p ‘ (51L36p) , • * > ■ - v 7: • • .. • .. 

A second interim dividend:" . of •/ 1 . . 
siosp" has ■: been -declared and. ^OOu VC^F' r 
directors intend /recommending, a - — 

3.444p final at toe August AGM, T; ' 

unless Government policy "iriaKra REPORTE^G - PRE-TAX. ^profits . . 
it' inappropriate. If 1 the final ft "ahead from £3.508,060 to/ £4,432,-0®) •. 
paid the total will be 1325> if for the^baJf-year to March 3t, 1S78, - . 
not, toe payout will , rise frem ' th « directors of BGB; Group say • 
8 B 6072 p to 9^)6p. •••“ toe wcbnd^half has . started-. 'welt- 


man. says that with minor excep- improve the net worth of the advance of 31 per cent in the On the current rear the Board 

tions toe operating companies company. year ended March 31, 1978, LCP Holdings, the property. On toe cutTent yrar ui^ oaru 


previous year's £350.758. Turnover ment spending on road main- 
advanced from I7.97m to £D.G2m. tenance can only be a holding 
In January, the directors said operation and will lead to a need 
that first-half results reflected a f 0 r more substantial maintenance 
further indication oT the growth programmes in the future, 
potential of the markets in which Following a successful year the 
the group was now established crane and plant hire companies 
and forecast that full-year profits extended their range of equip- 
wouid be significantly higher than ment and continued the policy of 
for t!)75-77. replacing much of their older hire 

The full-year result was struck fleets. 


r nfiduT The* major part of the group's dry share-Smit ° . paymeSS if dauffftC wISmjSbT M Ate P^ProfiL 'It 

sss sLsKt s^avss 10 2p gross in ^ ts&TSSzr ^45 

March *1. 10i». compared with the the current cutback in govern- of restraint and if the maximum issue is of 6.090,396 ordinary 2op current year Is expected E^ 0 ® 1 ^ ta 

previous years £o60..oS. Turnover m en t spending on road main- increase allowed is Jess than the shares at 72p per share, on a exwied that for expected loss of (£940.<X^)). .^A^fribtltflble .-ipplus 

advanced from 17.97 m to £9.62m. tenance can only be a holding *\Afv£±\T amount now recommended, anew one-for-four basis. In the market J® “aieriafiy exceed that of last £0.67m on the disposal of sbarea to_£W2m.. after 

In January the directors mid operation and will lead to a need \jyfl|JX£y proposal wUl be put forward at LCP’s shares closed lp higher at >e 2i: dlviden d ^ 2 79p : T? Ram'^antNifregett. Products; ._£237n* ,(rL81m) and 

that hrst-haif results reflected a for more substantial maintenance * J the meetin« 90p. Tnn ¥nr*im~- Co - m *** U.S. Some. £1.7tn ms- ^ 

further indication or the growth programmes in the future. The nrnfit increase to n record The new shares do not carrv the t0 “* - ot *- *P or written Off. fa respect. of -the^Cbii- tStated-^rtjpg^ 

potential of the markets in which Following a successful year the | J^VIS £IT £3 7m fSloi-eJ ™ IdranJe™? ^58 r iSf £ a® proposed flmS ^TTie Pensnett Trading Estate' version ®* butane cyjindenrfo the 7^p"to"9.7p-per^5P share and the 

the group was now established crane and plant hire companies V *3 ner cen w fl Mm atTaif wav dividend fmr m^mSES ^at S3 ' B “ 0PB convenient v “ Sirttito-obr birerim dmden d^Ia steppetf up to 

and forecast that full-year profits tended their range of equip- i £»/-* m AftS time toe <Ee2o«! SS 1977-7S buf b“w3nK^MdeSd con- IdSnS^aSSctvdnabn toe baS .system. The total cost -of /t&a" *i«K GS5pj : net-^mt Tear's final 

frSife? iwificanUyh,8herti,an as n r hTthe^ofdt^'^e ueak £3.7m 

Thi ftiH vear result was struck S older hire < 1H orders continued, it was antici- restrictions expire and any resenting a surplus of £2.6m over fo ^ i. ' - .. 

Si l ? r .‘P“ r ULS£.?MS!.IS-5?.t . The. cl.n engineering company desWIB forces,; m November iHjffiTHbS TtSSS % V/ -’ 


Godfrey 
Davis at 
peak £3.7m 


rter interest of £98.421 <£83.725 > The civil engineering company DESPITE forecasts In November fJjff/tEat'of uSj-T^bv'a’BaS? dSectorTinteS 0 ^ 
i x ... fakes .^' S : 74 ? h as fulfilled expectations and of second half profits falling short f act ^ rnsiam ‘ SSldhSdLnd to the < 


increase the The issue has been underwritten P er , cen * 


Emn anDlled and after an extra- SS^«2i iiTorStJ”* 11011 * a " d !t 00nd profits , fa , llin ? s J or1 factory margui. ‘ total dividend in the current year by J. Henry Schroder ' Wagg. previous year at &K87 

ssas 

profit increased from £253.726 to current year, can be expected, the Dav s for the March 31 1978 year a , head at £33m, reflecting a fur- chairman, said the rights issue Cutler. iSmW '^nd^^^ct^ln thf 

£563.239. comparisons are chairman says. up from £2 32m to a record £3 7?,. ther . improvement in will help strengthen the capital ... continuing grovfth .-to: Mb- scoring 

ad.iusied. Meeting. Leicester, July 20 at Tnrnmw from ffifl nim m margins. base and the proceeds, together •comment ; ,-^l - nmeua immiMHiml' 


Comparisons 


Earnings per share are given as ii_ao am. 
11.7i.;p t8.7pi and as forecast a 
final dividend of 1.39Sp subject to 
the expiry of dividend controls t*. *r 
doubles the total payout from 
1.25»p to 2.5iSp ner. The directors JLT JL« 

propose to double the authorised 
capital to £ 2 m and a scrip issue of Tlif* 
H-Ior-10 is also proposed. l. IJ B 

The directors report the sale of 
a freehold property on June 23, 

1978, for £430.000. This property 

which is surplus to the group’s 1 


are chairman says. 

Meeting, Leicester, July 20 at 


Turnover rose from £60.0Im to 


£75 *Um ' anH^afVer** excenVionai At the attributable level profits with two additional secured . j umu v er ai atromer.snpaaiary, hrrn consfetentlv 

tiemsof vies ooof£S 3 000iand emerge ahead at £l.Sm against medium-term loans of £3m each. As at the time of the last rights ; Century Power and UgW, iSLeTSroffi' 

1m of % Sfimifl Ofirnl net profit £l.«m. giving earning per share will be used to fund recent issue two years ago LOP- is both creased W per cent-to £2Am^ Theg“ J £f gSSnrtoJ ^ failed 

Ss af?mT£l§mi UP from I4.3p to I8.3p. acquisitions and capital spending helping to pay for acquisitions Profit before tax was .-£l»tar' -S55SS5i? wSSFm toSibSSm 

was U.OItn Ul.iMIl). . *L V - 1 . ... „ , ..n.u^nl-nn iM in onri cn.«,Ml,. n ir,« il» wnHoI nharcrlrrlT tn Sim Moreover wnue new construction 


;• Turnover 


M. James 
turns in 
£379,000 


After minority losses of £34.090 The group has interests in fluid b _ 0 p t ^ p last year and m ^ t h? S'S fordenSStibi^ work is stfU depressed the group - 

(£36,0001 attributable profit was transfer and filtration, lubrication toe current year. for the future. CMrtam]y toe aeed^ - (£ 0 . 68 m) for depredation. . - • has ha(j ^ Wnefit frodl rtfur-. 

£2.7m i£0.44m>. Last year there systems, garage equipment, com- Towards the end of the last --zRP.ftSSL bishmeht activity which is- fadrly 

were extraordinary losses of bustion engineering. The direc- financial year LCP acquired two aPPareo* trom oaiance-sneet comment--- bxioyanL The strong ^rftriii'auice. 

£ 0.97m. tors state that all divisions and vehicle distribution outlets, 7 -at March this year total banw- ■ ■. T ^ in the .UK has' more than oflset ' 


and^fflw "block ^t^st Stolesay P T rofils £or Tn J 977 . pf t^SoMTip! 0 ! 1 ? ‘the^rate^opACT S 

^K^.a n SHai »y . y ar^?ssa zssrift^fS^ 5£Sl year 


previous nine months. Turnover 


:ceeamg u.oa-Haap wm oe paia. Exltrnal iurnov(>r 
The tax charge reflects ED lfl. Trading nrofii .. 


shown at 63 9 d <50 5u) ner 10o ^ ^ J ine tax cnarge renecis tu is. Trading 

share. P £Lis n j ,etter at £a-2 ^ m asainst and directors consider first year 


The group manufactures safety 
systems, fire and environmental 
control products and specialised 
engineering equipment 


growth is in addition capital expenditure pects over toe next few years, came very nataem ana, paraeu- £ 3 ^ from the greup for the full 
last year amounted to £5.8m. most Return on capital employed is at ««y. for electricity. The higher w hfcb- puts- the shares at 

of which went towards the present a mere 15 per. cent but contnbution Jias boosted by .a a prospective p/e of 65 

rw -«3S continued development of toe the star get for mdustoia I interests ^nefia^cymn^Tnovemeirt .amd At present 

IS group’s trading estates at is 25 per cent LCP has now com- a daw-back; of dividends foUowr levels the shares are attractive. ‘ 
ir;: ib« Pensnett, Stourbridge and mitted almost. £10m for invest- ing the easng of .Belgian r^tric- , .. . 


Bardon Hill 
beats forecast 


Turnover 

l&Ti 

i: 

months 

£■100 

...... 3.223 

PperaijBs profli 

420 

Shares assocs. profit .. 


George Poland .... 


Tran wood Group 


«. James fcfoldiafis 


Interest charses ........ 


Adjustmcntt 


Profit before tax 


Taxation 

199 

Net profit 


EaraorU. debits 

34 

Available profit 

I4S 

Dividends 

1M 

Retained profit . . 

3? 


tax allowances are available for £ r * n . “*" re *** T’JSZ f-55 wmenhaJl, the construction of five nw*w. rauen ox u mine rraomg nnm.pn 

15TB JSe Noun’s vehicle rental fleet. IT™* ' irm new Horoecentre stores' and the estates where profit^ take time to, there is sfil* a moderate growth 

i Wm ML wr ‘■’S l S £ ™pteJnn of. second tnnn.1 .how, th routh.- A etroupU. Wggfltog. . B,. ngB.dk ,jg» 

two £1S 69tn (£14 56m) ar\d net current Aitnbuubie t.fffi 1.433 kiln for Mourbndee Brick confident, however, that rental plenary,. t_aior^jas, for toe first 

1 *^ assets stood at ^.Slm (£L93m). ,5^ .52 Company. mcome wifi douhle over five years, ^s history did not suffer 


• 21 s 

*1 • comment 


• comment 


Kim tor MOUTDncige BriCR TOimwail, uuwjwr, UI8L reiw TPT>TTiC' J T ' - . 

Company. income will double over five years, time in its history did not suffer 1RUM 

This year the company is No profits forecast’ his been any gas shortages during, its peak . . . . .- • ' ; 

budgeting for capital spending of made for the current year and toe selling penod-, As a result sales • Yesterday's /headnSg on toe 
£ 4 m which will be used to promised dividend hikte is hardly revenue was up: 22 per cent, sales Bankets Investment Trust story 


- M Godfrey Davis has marked time TePaIpm u\ F„t[ vear results continue developments on the generous. The cempimy is nrae- volume ^20 per ctot and profits w^iimdratenflly^abbrevlatedto 

« 33 in the second half but this was S ™ « 1 17 three Homecentres (£QJI5m) and toeless confident of a. good year, were substantfaDy better despite Bankers Tnurt. wtech is the title - 


■w in me secona nan duc mis was n , n e,. »« c -ii.c mxee nuuicctuues iiujamj ana uiaws vuuumm vj. ■■ — “ « v— s. 

- generally expected; there were further expand vehicle distribu- following a disastrous per- an increase in toe valve, convex <A a completely, separate U 5, 

% fewer disposals of ex-hire cars of 2J«™ d r T2mh l Uon facilities f£0.75m). No more formacce by the engineering «on cOSt write-offs. Centmy banking group. - . . . .. 


1 


than £953.000 and £977,000 in proms. 
1976-77. At 


rs&r* 


t profit I"!.!!!™!"™"!! iso while the comparable period was Th-romnanv «V»« ha« crfwi acquisitions are planned at the division last time. With more 

xraord. debits 34 119 exceptionally buoyant. Overall a JJ Lnmo g fL‘i?fi2 monient but now that than £350,000 lost by a Leyland 

vnBt I** r3 °s the star performer has been the . I . vehicle distribution has been strike at Speke and tbq eon- 

,3,022 s orofit 3 ?2 ..oJ rental, leasing and contract hire a JLbf,iif„ incr f®. se * complemented by four Ford main sequent difficulties at Coventry, 

-LosT tin respect of pro-aroolauioo division where profits are 60 per ° f . servicing units to the dealerships, Mr. Rhead says the the situation can only get better, 

unis. cent higher. The sharp increase “.“r .*?** ana , Af fi ca - have group wifi certainly be on the look At 90p the shares stand on an 

At halfway, when reporting in new car prices coupled with 5?^ tc " ea the sroup s sales growth. 0 ut for a fifth. ex-rights yield of 9.6 per cent 

— ■ .The increase in the number of 

Government vehicle testing 

ssr-r David Smith returning 

owners have also been investing ^ 

£i.6m toholders 

labour costs. Also, fleet owners livfllvliJ 

have_ been_ turning to the com- David S. Smith (Holdings), toe The scheme. Which is thus also 




-T-- ~ 


. 

iiS!®' 


\x\ Standard Chartered JL 

ISh Bank Limited tot 






r 

1978 

March 1977 


Turnover 

£50.48m 

£4Qm 

up 27% 

Pre-tax Profit 

£5.55m 

£4. 14m 

up 34% 

Earnings per Share 

I0.6p 

7.8p 

up 36% 

. Total net Dividend 

4.1 52p 

3.7 15p 

J 


nave been turning to the com- David S. Smith (Holdings), toe The scheme, which is thus also 
pany s lubrication systems to photo-litho printers and carton aimed at fending off such bids, 
reduce servicing expenses. The manufacturers, has proposed a would involve the -issue of one 
shares will no doubt attract a reconstruction scheme, which will share in a new holding company 
great, deal of attention following result in shareholders receiving and a cash payment of 3 Op for 
the company’s announcement that a cash distribution of 30p that each existing David Smith's share, 
it intends to raise the annual will he suhject to, at the most. The company also proposed 

dividend payment by 70 per cent. 30 per cent capital (tains tax. yesterday a second interim 

At I37p, this would increase toe T hc scheme which is similar dividend of L4l2p which raised 
yield from 4 0 per cent to 62 per to that proposed about a month toe total for the year ended April 
cent Meanwhile, the p/e stands "Ay W.^ Shaire the Brad- 30, 1378 to 2.662p. Detailed 

at 1 2. ford-based "ree tines card com- proposals together with the 

pany, will involve the distribution audited accounts *** 

-*■ t . 1 of some £l.fim to shareholders, expected to be released next 

JN ormern rjnsrjs^f 5 em e^s as 

-n -rn • -rn yesterday to 5»7p in the market. | ot ?|. ,° r . 

Goldsmiths L rSh s ™%m’ h o7 7»" no iS“d M^ b/^ sSui ?haSi 

VJU1U311U1113 LShJaTtro^^shfliwpoi 5 «oun« for ,25.7 p«ce« while 

nrngrfSCC Sr s h.“ s re^Ked in y- «■ I>»“ ** remaining 

yi vgl 'r A °' ri 75S b i y 9 ~ e e“S?d f J’sm An'otter'-enbetential shareholder 

AN INCREASE from L115.9M to „ r 5,me 09 'per cent l?net tancib]l ** th e Imperial Group Pension 
£364.342 in pre-ras pro fits is ^” ie 59 per cent of ner tan - J “ e Funds wJlich have an interest of 

N ® rt r hc ™ c v °‘ d : David Smith said yesterday that 6 -3 P" cent -- 
smiths Company, for the year . Imlpr norma i m9r v. f ronriitinns See L« 


reported by the Northern Gold- 


enH^ S F^hruarv y ->c r0 i r q 7 s he under normal market conditions 

n?pr d rf^ b ^hn-^5; n ro 7 ?t th e board would have sisnificantly 

£ 322 m° pht ' f fJ0,m 10 increased the dividend payment 


a ‘‘^ n1 '- ,roui *° u,m lu Increased the dividend payment 

J But due to government restric- X CalUllSS 
The final dividend is stepped up uon s on dividends, this was not . _ , ® 

from 1.0020. P lo 1.2363P net practical. of 1 

robins a total of 2.0S69p agaiast ,v. s a result, the Board believes dl lUf JO 
l.S.T-0«p. Earnings per 25p share that the company's shares are Th _ 

are stated at S.lUp (5.4lp). materially under-valued which ail TJ® ri f° u ^ 1“ ”2r tJSS* 1 Si 

Net profit for toe year emerges makes David Smith vulnerable to tJPiox 

h, £.72,563 I1MUHI. Uh^ver hid, S&KSS 

. at par and are dated July 1979. 

_ — „ » . _ The issues are: Cygnor Dosbarth 

FNFC up to £8m midway S 

but outlook uncertain ESHS 

HAVING RETURNED to profit- port group amounting to £14.61ra Western Isles Island Council 
ability in the second half of and sufficient remittances have (£im), Aberconwy District Council 
1D76-77 (with a pre-tax balance already been made to cover this City of Glasgow District 

of £2.6m) First National Finance amount. This brings up to date Council (£Iim), London Borough 
Corporation recovered further in all interest due on income loans of Croydon (£Im), Stevenage 
the first six months ended April and enables £4.32m of interest du e District Council (£l*m). City of 
30. W7S with a pro/if of £S.07m. on deferred .loans .to be paid. Brntol mini). 

Durln" too past few years the 70131 unpaid interest on all loans Rhymney Valley District Council 
group has faced a very serious amounts to £26.09m but no is raising £Jm of 113 Per cent 
financial position and thc dlrcc- briber interest accrues on this bonds issued at par and due on 
Ure f(ip| that thr nro #r res6 made sutn- June *4, 1981- 

mu^t be i’Ked a-SnJT the large The effect of toe profit for the There are two variable rate 
deficiency for toareholders of sfx months k to reduce tfa e net bonds dated June 22, 1983. City 
£07 7m and the 'substantial amount de fi°te nc y for shareholders to of Aberdeen District Council has 
S i/?Sup> £ fi7 - 7ra and , af i e r deducting this issued £Jm at par and the London 

Since the end of toe" half year of ■ E ^ i,3in ' n respect Borough of Richmond-upon- 

VJUSmL. ^»r.rfthic of deferred and subordinated Thames is raising £Jm. . 

nn' rfi— t luro ^OSPS lb0 Solvency fCSitlUe' DOW ' 

he3V >‘> ° n the group, they amounts to £23.6m. trAorri ixtotti 

5t! ^ s ; Jp n “ reit l e - veIs 3l f aPf t? Cash generated during the half- EAST ANGLIA 

pr, 0 *f, °f Properties and conser and reductions in liabilities W A 'TITO £lu 

quently a reliable estimate of both ahead of expectations WAJUtK XiM 

results in the second half is not and toe group continued to East Anglia Water Compauv 

possible but present indications experience the lower interest announces that underwriting has 

are that a profit .should be earned, rates and improvement in the been completed for an offer. 

The long term future, however, property market which were of £2m 7 per cent Redeemable * 

remains uncertain. evident in toe latter half of 1977. Preference Stock. 1983. 

The first-half profit is after These were Important factors con- 
charginq interest on the income, tributing to the improved result irrCTi ~ 

deferred and subordinated loans toe directors point out JtltJlAIK 

amountin'! io Efl.iSm. The jrroup The profit for the half-year Hestairt rights issue of 3.6ro 
profit is in-reused by t3x recover- includes £4.Sm in toe consumer shares has been taken tip as to 
able of nfin.onn. credit division which continues lo 00.7S per cent The balance of - 

Under Ihc terms of the reorgam- perform well. This profit com- 336.811 new ordinary shares hat " 
>cation scheme approved on pares with £Sm in the year to been sold and the excess of llJHn • 
December, 1975, and consequent October 31. 1977. in which period over the subscription price wm 

1 1 nil n pkuiUc mfwntl nmu n Inc- nt rACTm imp vhnun k. . ■ . 


Chairman, Mr. Thomas Kenny, FC A reports : 

Record sales and profits for eighth successive year. 

T-r O ver fi ve-year period sales have increased by 1 34% and profits by 234%. 

Direct exports up during the year by 30% to £5.8m. 

# A further £3m invested in new buildings and machinery. 


The coupon rate on toe local 


Strong financial position, with net cash and government securities £0.7m up 
at £4.7m. 


FNFC up to £8m midway 
but outlook uncertain 


Net current assets increased by £T .4m to £1 2.4m. 


Principal members of the Group 
Steel Stampings Commercial vehicle wheels 
and heavy pressings 
Drury Pressure vessels 


Drury 

Engineering 
BarlowS- 
Chidlaw 
Musgrove fr 
Green 

Welders N.V. 
Midland Bright 
Drawn Steel 
A. E. Godrich 
&Son 
Hemmings 
M.C.L.& 
Repetition 
The Castle 
Engineering Co 
(Nottingham) 


Gear cutting 


T anka and cab bodies 


Specialised welding 
Bright bar 


Allspeeds 

Webtool 
Hydraulics 
James Raistrick 
&Sons 
Andrew 
Denholm 
Machines 
Collette N.V, 


Wi$ole speed drives 

Industrial hydraulic 
jacks 

Iren castings 


Baker/ ovens 


fvli' ing equipment and 
gear cutter sharpening 
machines 


Bright bar 
and wire 

Stainless steel wire 
Automatic turned parts 


Automatic turned parts 


Auto 

Wrappers 

(Norwich) 

Ayers & 

Grimshaw 

Purdy 

Machinery Co 

Drum 

Closures 


Wrapping and 
packaging machines 


Parcelling machinery 


Labelling and idling 
machines 


Drum closing rings 


Copies of the report and accounts 
are available from the Secretary 


GBl International Ltd., Welt Street, 
Dunstable. Bedfordshire. LU6 IT A. 



The Directors announce toe 

results of Standard 

Chartered . 

Bank Limited for toe year ended 31st March, 1978 as follows: 

n’/ ■ , ■ 

1978 ' 

1977 

£000 

£000 ■ . £0(30 

£000 

Trading Profit 



Bank and Subsidiaries 1(17,179 
Share of Associated . 

i 96,759 


Companies • 18,9(7 

13.182 

•• • V' T 

Profit before taxation and 



extraordinary items 

126,146 

109,941 

Taxation (See Note) 

63*317 , 

. . .55365.: 

Profit after Taxation 

62,829 

54376 

MiTiority Interests 

8319 

6375 


S4«il0 

.* 48301 

Extraordinary items 

• 1,641 

899 

P ro fit attri b utabl e to m em bert 


.• . 

of the Bank ' 

52JI69 

47.402 

Dividends 

13,483 

• 11.974 

Profit renined .. . 

.39386 

r 35,428 

Earnings per share 

78 9p 

> \b9.9p 

NOTE 




1978 

.1977 

Taxation comprises: 

£000 • ; 

' £0® 



United Kingdom Corporation Tax ' • '>'*• 

’ ’ • 

less double taxation relief 

2736*0 

21.136 
34329 V 

Overseas Taxation 

I-' 4T.9S8 

* " ’ r. . ■ 

.-f- t . •. 

- ■ ’ ’ V 

* 

/ • 43^17 ;' 

SS365- 


DIVIDEND 


the Directors will recommend to shareholders at die. Annual i Vi fit 


\ ,,c win recommena to snarenoidera at the. Annual • y- 1 jj 

General Meeong to be held on the ?0th August, J976. the payment'. t(| 
of a final dividend, inclusive of related tax credit. 6f !7i7«rpehcr r 
per share, the maximum pennissibfe undef^ ■ Counter Inftadon - ;r } 
Reguracions. . At . the current ^rate . of Advance; Corporitio'n taxf ^ 
the . amount payable to shareholders would be J I 6006 pence- ;parV 
share and this would h«. paid on ISto -Augast, 1978'. to ihateh'dldeM / 3' 

. on the Register at toe dose if - bunness oh 21'st july, ,1 5^8. : If, : ;f£ 
the rate of. Advance Corporation Tax for. 1978/79 ii reducedi-- ?:S\ 

.. further amount rn. respect of such tax adjustment wHhjbe odd;£ . 
on 24th January, 1979, to .. shareholders ..'pn.'.-the'-Regjster.iu'-'the-.- .v-VV 
dose of business- on 22nd December, 1978;-; ; X - .. . L - 


- ■ ' V Sec retaryj;;] - 'I 





eastoBLGaasuItant^ Sk 

5 ’ 


MMi 


uecemoer, ia«3, ana ccnsequem October ai. 1977. m wmen period over the subscription price win : : 

upon these results, interest now a loss of £4^7m was shown for be distributed among original 

qualifies loc payment to the sup- the group. allottees. •„ 






iie_5 


* > 


Financial Times Wednesday Jxme 28 1978 



Renwick back to dividend Sears off to 


after doubling to £lm 


good start 


Tax and interest 
BAT earnings 


20011 S» 


■vr* fhara#! 

£2. U SJi *^5 


AFTER TOFiFING the previous 
lull year '& result joy-SHADO at -half- . 
way. pre-tax. profit. yt Jftenwick 
Group and^d the April . 1. ■ 1978 
year ahead max J90.47m 
The- -group ' is: returning to the 
dividend lists with a Ip net pay- 
ment. 

DMfiercds * totaling L76p net 
per 23p share were last paid in 
1974-75 when an JXl.ODO loss' was 
Incurred. TSte following; year 
resulted in ~a 10.65m toss before 
the recovery fast year, ' 

' Mr,.-.C W. Wick®, the - chaff* 

man, says tbe experience so far 
tius. year indicates that the 
recovery -of the group as con- 
tinning. 

■’fiaTjover for the 'year was' 
SAaAlm (£38.41an) and tax was 
£114,000 (£36,000). 

There were extraordauary losses 

off ffO.OHm 1173,000), with write 
offs of goodwill in the frejgibr 
division accounting for- ' £0.4Stn, 

vw4h. £0.4311 of the fnrigbt share 
arising from the acquisition of. 
the NuttaH Group in 1973-74 by 
the Issue of Rercwick shares at a 

prercfcum. 

The financial year of the travel 
division, has been changed from 
an October to a March end, and 
the previous year's .figures have 
been adjusted* .although this has 
not materiaUy affected results. 

The freight division accounting; 
policy on equalising leasing costs 
has been discontinued with ad 
outstanding balances written off. 
if the fonneir policy had con- 
tinued directors say there would 
have been a £55.000 charge 
t£23,00O credit) for leasing 
equalisation. 1376-77 figures have 
been restarted ■in accordance with 
ED 19. - 

Earnings per share after tax are 
shown at 13. ip (43p) basic and 
8.7p (4 .2p ) iiuUy diluted. 

1977-76 11975-77 
Si 00 £000 

Turnover 45.813 38,405 

Pralt; before lax 2.002 470 

Tax ... .... ..... 314 36 

MM profit 338 4M 

Extraordinary, charges ... 60S 73 

To minorities 300 23S 

Pnrf. dividends M2 6a 

Drd. dividends 55 ' — 

To reserves — . S4 m 

tAdiosted for ED19 

• comment 

Fenwick is clearly on the road to 
recovery. Pre-tax' profits are 

more than doubled while the 
balance sheet has also improved. 
Gearing has dropped from a ratio 
of 2:1 against' -shareholders funds 


BOARD MEETINGS 

T&e following companies have' notified 
dates 'of Bond meeting, to ito Stock 
Exchange. Such meetings are' usually 
held for the purposes of considering 
dividends. Official indications are not 
available whether dividends concerned 
are laterim* or finals and ' the sub- 
divisions shown below are based mai n ly 
on last yean Qmeubie. 

TOOAV 

Iwartra^-Bett Bros.. BhudoH-Pormo- 
glaze. C.C.S. B.. Hardys and . Hansons. 
M. and G Dual Trust. Norfott Caoitai. 
Trasf Houses Forte. 

Ptaais— ABcn fEdgar) BsHRin BPS 
Industries, Orobb. EJemrcampoDems, 
Gresham House Estate. Hiking Pentecost. 
UK Electric, Sooth Croto. 

FUTURE DATES 

Interims:— 

Anglo-American Securities Job 5 

B Iraki OttaJout JttJyW 

Birmingham Pallet - Jtthr 6 

Blackman ?n>t coored July 6 

Brennan Beard - — Jttb 3 

Ocmtron ... Jane 30 

Pcwhurst and Partner .. July U 

Habit Precision Rnglncering ..i-i- July 5 

St. Andrew Trust Jolrao 

Wlnterbotmm Trust Job 4 

•Floats:— 

Bralthwaite Engineers _ July 6 

Brotherhood CPrur> „„ July is 

Cropper (James') luneM 

Distillers July 18 

Dowry _ July i» 

F odens July 20 

Klnta Kellas Rubber Estates Julv 6 

Kleen-E-Ze -- July 3 

London nod KUVnod Tt ft ft perrf<pftr ^ July 2 

PoUman (R. Sc J.7 ..... JtOy 37 

Ropner — July 3 

Routledge and Kegan Paul July 5 

United British Securities Trust — . Jtdy U 

Wood <6. W.) —JUb 12 


to just over 1:1. Net liabilities 
have been halved and the group 
has taken the opportunity to 
reduce goodwill by £475,000 to 
under £lm. 

The trading improvement has 
been led by the manufacturing 
division where profits .before 
interest are up around £700,000 at 
£1 $zb. This was thanks to a 
Sterling performance by the boat 
building side which more than off- 
set a small loss on caravans- Boats, 
may be harder to sell in the j 
current but there are signs that 
the caravan business is signifi- 
cantly increasing market share 
aided by the launch of ten new 
models. Continued progress from 
manufacturing and reduced losses 
from freight are the key to further 
recovery in the current year.. Last 
year freight losses doubled to 
£Jm but half of this was. due to 
closure costs against the inter- 
national forwarding division. In 
the current half the freight side 


may be approaching break-even 
following reorganisation last year. 
Meanwhile with the return to (he 
dividend lists widely expected the 
shares remained unchanged at 
45p where the yield is 3.4 per cent 
and the P/e 5. 

£0.55m loss 
by Caird 
Dundee 

A SECOND-HALF deficit of 
£113325 against £55.931 left Caird 
(Dundee), the space dyeing and 
carpet printing concern, with its 
pre-tax loss increased from 
£218,612 to £546,201 for the year 
to March 3X, 1978. 

When reporting a higher 
first-half loss of £432,876 

(£162,881), the directors said that 
io order to improve liquidity and 
to enable the company to operate 
within resources, it was necessary 
to reduce substantially its 
manufacturing activities. 

This would entail drastic 
reduction in overhead costs which 
should stabilise the position so 
that advantage could be taken of 
any improvement in demand 
These measures were completed 
by the year-end and the full 
benefits resulting therefrom are 
now being felt, they now report. 

Turnover for the year was 
marginally down at £5.02m against 
£5. 09m, while loss per 25p share 
Is shown at 10.2p (1.9p). Again 
no dividend is to be paid — the 
last payment totalled lB4S635p 
net in respect of 1974-75. 

Pre-tax loss was struck after 
depreciation of £235,817 (£185.116). 
There was a tax credit of £274^96 
(£168,801) leaving net loss up from 
£49,711 to £271.805, before an 
extraordinary item of £23,220. 


THE CURRENT YEAR had started 
very well in most of Sears Hold- 
ings retail activities, particularly 
for footwear and Miss Selfridge. 
There were still problems in cer- 
tain engineering businesses, but 
all being well this division was 
aiming at becoming profitable 
this year. 

This was stated by the chair- 
man, Mr. Leonard Sainer, at the 
annual meeting. On the overall 
prospects, he said. "I am con- 
fident that we shall improve op 
the results of Ibe previous year.” 

Referring to the Price Commis- 
sion Report, he said the recom- 
mendation that footwear multiples 
should cut gross profit margins 
would mean for Sears a cut of 
just over 1 per cent. ‘‘We have 
accepted the recommendations In 
principle and are now working on 
the best means of achieving them 
to the advantage of the general 
public and to ourselves by obtain- 
ing increased overall profits from 
a higher turnover, which we ar» 
confident we will obtain.” 


Slow start 
by Guthrie 


Several key companies in the 
Guthrie Corporatiou have got off 
to a slow start in the current year 
and while profits for the whole 
of 1978 may not match the record 
levels of 1977 Sir Eric Griffith- 
Jones, the chairman, says that 
present indications are that they 
will be satisfactory. 

He explains that the below 
average oil-palm crop which 
affected the final quarter of 1977 
continued in the first quarter of 
1978; conditions in the UK carpet 
industry have not improved 
greatly: and North America has 
also had a sluggish first quarter. 
However, the chairman reports 
that there are signs of improve- 
ment in most sectors. 


In 1977 group pre-tax profit 
expanded • from £1 3.27m to 
£19.6Sm. Kumpulnn Guthrie and 
Guthrie Rope! showed excep- 
tionally good results. Operating 
profits from the plantation 
interests increased from £I1.2m 
to jn9.!m. 

Crop levels were high lor the 
first nine months of the year but 
they dropped away in the last 
quarter. The market for rubber 
remained very stable throughout 
the year, and although palm oil 
prices tell in the second half they 
proved less volatile than had 
been expected. 

The chairman says that a 
further substantial write-down in 
respect of slow-moving stock and 
doubtful debts of Guthrie 
Engineering (Malaysia) and 
Guthrie Trading (Malaysia) has 
had to be made and he is 
satisfied that the provisions are 
now adequate. 

At the year end there was a 
decrease in hank advances of 
£1 1.53m (£1 0.61m increase). Bank- 
advances stood at £23.93m 
f£34.SPm) and cash, etc., amounted 
to £7.69ni (£7.0Dm). 

During the year an ex gratia 
award of £64,000 was made to a 
director on his retirement from 
executive office. 

Meeting. 20. Aldcrmanbury, 
E.C., July 19, at noon. 

Equity Consort 

After tax or £153.408 against 
£135,805. revenue of Equity Con- 
sul! Investment Trust expanded 
from £240,376 to £281,253 for the 
year to April 30. 1978. 

A final of 4.7o3p net lifts the 
total payment from 5.9 lp to 
C».763p per £1 ordinary share and 
the dividend per 50p deferred 
share is stepped up to 5.61p 
(3.96p> — the directors intend to 
take account of any reduction in 
the rate of ACT. 


MAINLY REFLECTING heavier 
interest and tax, net earnings of 
BAT Industries for 1977-78 are 
expected to fall slightly short of 
the £210m achieved in the 
previous year. 

In the six months ended March 
31 1978. group operating profit 
showed an increase of 4 per cent 
to £252m. but after interest and 
tax the attributable balance comes 
through lower at £101m against 
£206m. 

The directors state that the 
improved operating result arises 
through maintenance of good 
results in the tobacco division, 
better performance in U5. retail- 
ing interests and in the cosmetics 
division, offsetting a reduction in 
paper profits in the face of low 
growth in world trade. 

In the second half sales of 
tobacco products are expected to 
increase at the same rale as in 
the first six months but the 
directors explain that operating 
profit will be adversely affected in 
Europe by higher costs and in 
the U.K. by domestic launch 
expenses and lower profitability 
in exports, so that for the year 
as a whole profits are expected 
to show a small increase. 

Despite the effect of competition 
on International Stores better 
gross margins at Gimbals and Saks 
should lead to higher operating 
profits for the retail division. The 
acquisition of Alliance wholesale 
grocers in the UK this month will 
strengthen considerably the cash 
and carry business of Kearleyand 
Tonge. 

In the paper division; the 
existing business is expected To 
repeat the results of the first half 
year to give a small improvement 
over the year as a whole, despile 
some plants running well below 
capacity. 

The proposed acquisition of the 
Appleton paper division of NCR 
in the U.S., announced last month, 
is expected to be completed 
shortly and this should bring 
some benefit net of interest 


charges, in the last quarter 

The cosmetics division expects 
to be able to maintain the profit 
improvement achieved ti trough to 
the year-end. 

In summary, and subject to 
exchange rate movements, the 
directors expect that the operating 
profit overall For the. year will 
show a rate of increase 
comparable to that achieved in 
the first half but that this will be 
eroded by increased interest and 
by higher tax. 

A second interim dividend of 
5.0p is declared inking the total 
to date up to 9.4p aaainst 7.5p. 
The directors point out that the 
increase is within present 
legislation but if dividend 
limitation is maintained then the 
final may have to be restricted. 
For 1976-77 a total of 13.01 p was 
paid. 

Commenting cm the tobacco 
division the directors state that 
cigarette sales volume increased 
at a greater rate than in the pre- 
vious year. In the U.S.. domestic 
sales and profits declined mar- 
ginally. but were partially offSPt 
by improred results from exports. 

Tn Europe. Germany increased 
its domestic and evport volumes, 
resulting in improved profits. In 
the rest of Europe, volume grew 
but profits suffered because price 
increases were insufficient to 
cover higher costs. Exports from 
the U.K. continued to progress 
but profits were adversely 
affected by the influence of 
exchange rates nn export prices 
and the initial introduction 
expenses. 

In the U.S. sales in Saks stores 
grew substantially. Gimbeis 
benefited from the buoyant 
Christmas season. but poor 
weather in the spring adversely 
affected sales which are mar- 
ginally down. Overall, there was 
an improvement in profits. 

In the U.K.. action taken by 
International Stores to maintain 
sales volume and market share 
has been successful but at the 


expense of trading profit In the 
short term. The decline in 
trading profit has been offset by 
property profits realised in the 
course of the stores redevelopment 
programme. 

On the paper side the overall 
volume of Wiggins Teape sales 
has shown little increase. Profits, 
though higher than ir. the half 
year ending September SO. 1977. 
have nor fully recovered from the 
more difficult market situation 
which developed in mid 1977. 

Mardon Packaging experienced 
slightly less buoyant trading con- 
ditions in the first half but, due 
in part to the purchase In the 
U.K. of the Cundell packaging 
group sales increased over the 
corresponding period of last year 
by 36 per cent to £l53w with a 
comparable improvement in 
profits. 

The amount to be retained for 
inflation out of net profit attribut- 
able to BAT Industries for the 
half year is estimated at £32m 

Taxation in the half year com- 
prises: UK tax on income £7m 
(£17m); unrelieved ACT £2m 
(nil): overspill relief- nil (debit 
£lm): overseas tax £78m (£65m); 
deferred lax £21m f£J6m). 

Lower UK profits have led to 
a reduction in the UK tax charge 
offset to some extent by an 
increase in tax on dividends 
received from overseas. UK profits 
were insufficient to absorb the 
whole of ACT so that £1.9m was 
unrelieved. 

Overseas and deferred tax has 
increased, partly in line with 
profits but also because in the 
previous period the tax charge 
was unusually low for various 
reasons but mainly a change in 
method ot capitalising reserves in 
Germany. Full provision has been 
made for deferred tax on the same 
basis as hitherto. Tn the light Of 
ED 19, this practice is being 
reviewed and any change will be 
made at the year end. 

See Lex 



SGB GROUP LIMITED 


execul 



t 


-■.••• INTERIM REPORT :r 

The unaudited Group profit before tax for the half year amounted 
to £4,432,000 compared with £3,503.000 for the same period' last 
year. Turoover wjis. £42j8m compared with £373 m last year. , 

The directors have announced an interim dividend of 2.7Sp per 
share which will be paid in full on . 21st September,' 1978. to 
shareholders on the register on 24th August, 1978. / 

This compares with an Interim dividend of 2.5p per share paid 
last year, and Is' -the maximum increase allowed .under, present 
Government restrictions. • “ 

The recent trend of increasing profits at home and'dedining profits 
abroad has continued during the first half of -this year although 
there has beerv an improvement in some-overseas companies, 
particularly Holland 

The- second half has started well and another good year is in 
prospect. 

N. L. Clifford-Jones, 

Chairman. 

GROUP EARNI&GS 


w - 

lililifF* 



Half Year 

Half Year 

Yearto 

- 

to March 

to March 

Sept. 

. 

IJ78 

1977 . 

1977 


£*000 

£'000 

£*000 

Turnover 

42331 

37J37 

79,736 

Group profit, before interest 




- and taxation 

5,133 

4.419 

9.836 


interest and Dividends 


Interest Charges 

Profit before taxation 
Taxation on profits: 

Current 

Deferred 


Profit after taxation 
Minority interests 


.Interim Dividend 
Pence per share 
■Earnings per share 
'- Basic 

Fully diluted 



W Fi 


Bardon Hill 
Group limited 

ANNUAL RESULTS 

Year to 31 March 1978 1977’ 

£000 £000 

Sales 13,104 10,492 

Profit before Tax 1,204 977 

Profit after Tax 561 405 

Per Sham— Earnings r l8-4p 13.7p 

Dividends Gross 12.0p 4.Qp 

Net 7.9p 2.6p 

* Adjusted to ref feet group consolidation. 

Points from the statement by the' 
Chairman , Mr. J . G. Tom 

# Record year for Group. Profits exceed forecast 
made at time of going public. 

O All main divisions contributed to 23.2% in- 
crease in pre-tax profits. 

• Current year has started well. Further increase 
fn group profit anticipated. 

Ttio Camoanv’s sttares ere traded on The Over-tbe-Counter 
Market Details of this market together with copies of jbefull 
fteport and Accounts are avall&le from JC Bardon 

Hill Group Ltd . i Bardon Hffl, t-eic8sterL£627L. 

m r^ilneCo3iviUB(053Qm22S. _ 


It is no coincidence that executives at 43 out of 
Britain’s top 50 companies carry’ the American Express 
Company Card*. It is a matter of good business sense . 

Whether travelling on business at home or abroad, 
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Worldwide acceptance 

They can settle bills at thousands of fine 
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Unhampered by $ny specific pre-set spending 
limits, and backed by your company’s own good name, 
executives. canhire cars without a deposit, purchase 
airline tickets andeven cash personal sterling cheques 
in an emergency. 

The American Express Company Card is such a 
sophisticated alternative to cash, with its worldwide 
recognition and acceptance, that executives can even 
meet unplanned expenses, such as last-minute 
changes in travel arrangements or the impromptu 
clientlunch. 

Simple expense administration 

This unbeatable flexibility and security for the 
executive is further enhanced by other tangible 
benefits to the company. . 

These include: areductionin the amount of cash 
advances; areductioninthenumberandcost of foreign 
currency conversions; simplification of expenses 



administration for company and executive alike; an 
exclusive choice of billing arrangements, and the 
facility to settle monthly charges with, a single cheque. 

The American Express Company Card Plan is 
already helping many top companies and their 
executives . It can help your company just as well. 

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Cards, American Express Company, 19 Berners 
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American Express Cards 

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<i i 

y , I 



Africa’s advancin 


Wm. Press set 
for expansion 


Financial Times Wednesday June 28 

NEWS ANALYSIS^HE FOUin-H 


... rtfpipX n 

1 


BY KENNETH MARSTON, MINING EDITOR 


DESPITE THE depression in 
prices oE several base metals 
South Africa's mineral sales 
were boosted by higher gold 
prices last year and rose 23.1 per 
cent in value to a new record of 
R5.o3bn (£3.46bn), thus playing 
a major role in the sharp im- 
provement that took place in the 
Republic's balance of payments 
and the economic recovery that 
now appears to be taking shape. 

In his presidential address to 
the Chamber of Mines of South 
Africa yesterday Mr. L. W. P. 
van deD Bosch added that the 
current year should bring a 
further expansion in earninss 
from mineral exports. He ptifTticd 
to the higher prices being 
received for gold, uranium, 
copper, diamonds and platinum. 

He also commented on the 
steady expansion in coal exports 
and the start of exports of rutile, 
zircon, titanium slag and iron 
from the new port of Richards 
Bay. Coai is being shipped from 
the port at a rate of 12m tonnes 
a year and in 15 months’ time 
rail and harbour capacity will be 
increased to 20rn tonnes. 

But Mr. van den Bosch warned 
of the mineral industry's rising 
pressure of costs- In the case of 
gold producers he pointed out 
that costs per tonne of ore milled 
have climbed by over 100 per 
cent in the past four years: “The 
consequence has been that over 
this period the increase in work- 
ing costs has neutralised the 
benefit of the higher gold price." 

For many gold mines, however, 
there has also been a rising 
revenue from sales of uranium. 
On the basis of present uranium 
prices, new business concluded 
by South Africa's mines during 
the past year is of the order of 
Rl.ahn and the capacity of the 
uranium-producing industry “will 
continue to increase to a" level 
substantially higher than at 
present." 

Mr. van den Bosch criticised 
the tax surcharge payable hy 
gold and diamond mines which 
is still 2.5 per cent higher than 
that applicable to other com- 
panies and pointed out that total 
payments to the State by gold 
mines can now run as high as 
75 per cent of profits. In addi- 
tion. South Africa’s sales tax. 
which is due to be introduced 
next month, will affect a sub- 
stantial proportion of mine 
stores. 

Productivity at the gold mines 
has decMned in recent years 
with matt*!* not being helped 
hy the white miners' shorter 
Jl-ehift fortnight. There is also 
a chronic shortage of competent 
miners in the industry generally 
and Mr. van den Bosch echoes 
other mining spokesmen in call- 
ing for more advancement of 
Af^can labour. 

Real progress on the part of 
Government and trades unions in 
the removal of racial harriers to 
employment still has to be trans- 
lated into fact. Mr. van den 
Bosch warns: “It is clear that 
cost escalation in the absence 
of progressive relaxation of the 
restrictions on the more pro- 


ductive employment of labour 
can only lead to the destruction 
of the mining industry.” 

Mt. Lyell will 
close unless 
aided further 

MOUNT LYELL MINING will close 
its copper operation in Tasmania 
unless it receives an assurance of 
continuing Government aid 
beyond June 30, when 
current Commonwealth Govern- 
ment support is due to expire. 

This message was conveyed in 
a telegram to the Commonwealth 
Government signed bv Mr. Charles 
Copeman, the Mount Lyell 
chairman, and published 
yesterday. 

The company’s Board intends to 
call a meeting on June 30. at 
which a resolution will be put to 
close the mine. 

Mr. Copeman’s telegram was 
accompanied by another from 
Mr. Neil Batt, the Tasmanian 
Denuty Premier. This said that 
Consolidated Gold Fields, Mount 
Ly ell's parent company, had 
advised the Tasmanian Govern- 
ment that Mount Lyell would hare 
to rely on a subsidy for the next 
two years. 

The State Government is 
prepared to match every two 
dollars of Commonwealth 
Government aid with one dollar 
of itc own up to a total of AS2m 
(£i3lm). 

So far the Commonwealth 
Government has provided Mount 
Lyell with a gross A84.Sm of aid 
in accordance with interim 
recommendations from the 
Industries Assistance Commission. 

The period covered by this aid 
runs out at the end of the week 
and the Commonwealth Govern- 
ment. waiting for a definitive AIC 
report on the copper industry. 
has not yet made clear its policy 
towards Mount Lyell. In Canberra 
it is expected that some statement 
will he made in the next few days. 

Gold Fields' attitude towards 
Mount Lyell. which had an 
operating loss in the year to June 
1977 of £6.9m is not in doubt. It 
has written-off its investment and 
the mine remains “ open only 
with the aid of substantial help 
from both the Tasmanian and 
Federal Governments.” as Lord 
Erroll. the chairman put it in the 
last annual report. 

A further threat of closure is 
therefore no surprise Despite its 
uncertain future. Mount Lyell 
has shared in the recent firmness 
of Australian mining stocks on 
the markets and yesterday its 
price was unchanged at 30p. 

CVRD STEPS UP 
WORK ON URUCUM 
MANGANESE 

This year Cnmpanbia Yale do 
Bin Door fCVRD) expects to 
extract 150.000 tonnes of man- 
ganese ore from the Urucum 
reserves in the Brazilian state 
of Mato Grosso, compared with 
£0.000 ton nes in 1 977. writes 
Diana Smith from Rio de 
Janeiro. 

The reserves are being worked 
on an experimental basis while 
intensive geological and techno- 


logical surveys are carried out. 
The Urucum ore has a low silica 
and alumina ratio, which is to 
its advantage, but its high rate 
of acidity means it has to be 
mixed for export. 

Although the Urucum reserves 
were originally estimated at 50m 
tonnes, there are signs they 
could be as much as 200m tonnes, 
which would be just under half 
of Brazil's current reserves. 
Nearly two thirds of the total 
reserves are in Mato Grosso 
state. 

Brazil's consumption of man- 
ganese is about a third of 
annual domestic production of 
1.5m tonnes. Half of the balance 
for export goes to the U.S.. but 
the exports conies from reserves 
in Araapa state and they are 
□ow running out. 

Madawaska and 
Agip settle 
price row 

MADAWASKA MINES. the 
Canadian uranium producer, has 
resolved its differences with Agip, 
The Italian state energy agency, 
and settled a price for uranium 
oxide sales covering 1977, 1978 
and 1979. 

A statement issued by Mada- 
vaska said the price would be 
C542 fU.S S37.29) per pound with 
an escalation clause for next year 
based on the movement of 
Canadian labour and commodity 
indices From a based established 
this month. The price is subject 
to a 5 per cent commercial 
discount. 

Agip has a long-term contract 
with Madawaska for the purchase 
of 26m lb of uranium oxide, but 
the amount covered by the pre- 
sent price agreement is about 1.5m 
lb. 

The price level established is 
the minimum the Canadian 
Atomic Energy Board was pre- 
pared to accept in the execution 
of Government policy that de- 
livery prices should be at the 
prevailing level ruling in the 
international market. Spot con- 
tracts have recently been signed 
m 1J.S. 843.40. according to Nuclear 
Exchange Corporation in the U.S. 

The Madawaska price is 
markedly less than the price 
settled ' between Rio Algom, 
another and larger Canadian pro- 
ducer. and Tennessee Valley 
Authority. This was U.S.S45.42 a 
pound for 1979 delivery. 

Following current Canadian 
practice. Madawaska and Agip 
negotiate a price annually. In 
the event of disagreement an 
independent arbitrator is called 
in. He recommended U.S. $30,50 
a pound, but this was not 
acceptable to the Atomic Energy 
Board. 

Agip contested the Eoard's 
power to supervise the price and 
took the case to the Federal Court 
of Appeal, which ruled against it 
last month. Yesterday's agree- 
ment is apparently a consequence 
of this ruling. 

Madawaska started producing 
uranium at Bancroft in 1976. It 
is 51 per cent owned by Federal 
Resources Corporation of Salt 
Lake City and 49 per cent by 
Consolidated Canadian Faraday 
of Toronto. 


THE CONTINUING development 
of experience and technology of 
William Press and Son, especially 
In ail aspects of energy ana 
related fields together with the 
wide range of services and pro- 
ducts offered, v\iH enable the 
group to take advantage of the 
many opportunities coming for- 
ward. Mr. w. A. Hawken says w 
his annual report. 

He is confident these factors 
will ensure the further improve- 
ment of the group's trading 
results. 

With the exception oF certain 
mechanical construction work in 
the Middle East, all the groups 
markets are active. 

The group is perhaps fortunate 
that where downturns do occur it 
is so broadly based that they are 
offset by improved conditions 
elsewhere and the group has 
entered 1978 with a strong order 
book, says Mr. Hawken. 

For 1977, profits before tax rose 
30 per cent from £7.39m to £9.56m 
despite the need for a further Joss 
provision of £1.6m on the trans- 
mission side of the recently 
acquired James Scott, a sub- 
stantail part of which has had to 
be charged against earnings for 
the year. . 

The total dividend is 0.83 1 op 
i'0.75p equivalent). The large 
cover of the dividend coupled 
with substantial cash balances will 
enable consideration of higher 
dividend payments when restric- 
tions are lifted, the chairman 
says. 

Tansley Witt and _ Co. the 
auditors, have qualified the 
accounts, referring to the investi- 
gation carried out by the Inland 
Revenue into certain tax matters 
in relation to the company. The 
outcome ?■ not yef known, they 
say. and in view of this 
uncertainty, they are unable to 
express an opinion as to the 
amount of the liability, if any 
which may arise, although " we 
have no present information 
which would lead us to disagree 
with the view of the company ” 

The directors say in a note to 
the accounts that no past unpaid 
tax liability is admitted by the 
company, but if a view was to be 
taken of matters now thought to 
be under review, the overall cost 
would seem unlikely to exceed 
I2m. 

Mr. Hawken tells shareholders 
that to the best of the knowledge 
of the company, the investigation 
mainly relates to the past use 
of certain labour only sub- 
contractors. 

The directors regard the 
Revenue inquiry with concern, 
he says. *‘ However, it is their 
view that if ultimately there were 
found to be any claims for past 
taxation, which are not admitted, 


then it should be possible for 
these to be met out of company 
funds, without undue difficulty. 

Group turnover rose from 
£15Sm to £196m. an increase of 
24 per cent which was well 
spread over most operations. 

Exceptionally good results were 
achieved by manufacturing, 
engineering and UK contracting 
companies, but some_ overseas 
contracting in the Middle East 
wav adversely affected by lack of 
continuity of work, resulting in 
under recovery of overheads and 
support costs. _ 

The balance-sheet reflects the 
larger volume of turnover under- 
taken during the year, with 
debtors, creditors and work m 
progress all showing an increase 
over the previous year’s figures, 
the chairman says. 

The overall increase m the use 

of money on these items, together 
with the payment of last year’s 
tax liability of £4m and net 
additions to fixed assets of £4m. 
has caused some drop m cash 
balances. 

However, th>% fall is of a 
temporary nature and should be 
made good fairly rapidly since 
tax deferment on this year’s 
profits will result in a relatively 
low tax payment in 1978. thus 
giving a good cash flow. 

The group’s entry into the 
offshore hook up, commissioning 
and maintenance market caused 
part of the increase in fixed 
assets with the establishment of 
a new depot at Aberdeen while 
elsewhere the increased workload 
has necessitated additions all 
round in premises, plant and 
marhinery. 

Meeting. The Inn on the Park, 
W„ July 27, at 11.30 am. 


Today’s 

company 

meetings 


Bank and Commercial, Great 
Northern Hotel, N„ 11. Border 
Breweries. Wrexham, 12. British 
Home Stores. 129-137. Marylebone 
Road, N.W., 11.30. Central and 
Sheerwood. Hyde Park Hotel, 
S.W.. 12. Crowther (John). Hud- 
dersfield. 12. De Vere Hotels and 
Restaurants. Connaught Rooms. 
W.C- 12. Feedex, Burstwick. 
North Humberside, 6. Glossop 
lW. and J.), Hipperbolme, Hali- 
fax. 11.30. Lee Cooper. Cafe 
Royal, W.. 12. Scottish Heritable 
Trust. Glasgow. 12. Shaw (Fran- 
cis). Manchester, 2.30. Sheffield 
Twist Drill and Steel, Sheffield, 
12. Tootal. Manchester 32. Trust 
Union, 77, London Wall, E.C., 220. 


Property Holding 
moves to £2m 


Late last night the EEC council 
of minis ters approved the 
fourth company law directive, 
a regulation which is intended 
to go some way towards 
harmunising the content of com- 
pany accounts throughout the 
community. Negotiations on the 
proposal have dragged on for 
about a decade. But once the 
foreign ministers give tbejr 
approval member states, includ- 
ing the UK. will be obliged to 
bring any necessary changes into 
British company law within two 
years. There is a further IS 
months allowed for such legisla- 
tion to take effect. 

There can he no doubt that 
there is a great need to 
harmonise company laws within 
the EEC. Indeed, it is regarded 
as one of the most important 
steps towards the achievement of 
th3t EEC ideal, a free internal 
market. The fourth directive is 
only one of a lengthy series of 
harmonisation measures in this 
field. So far only two directives 
have been approved, the last 
being the second which lays down 
mi nim um capital requirements 
for public and private companies, 
and requires each company’s 
name to indicate whether it is 
public or private. Oddly enough, 
Britain is already in breach of its 
obligations to implement this 
directive. though legislation 
seems likely in the next session 
of Parliament 

In EEC terms, however, the 
fourth directive is the first of 
the heavies. It has already, had 
a considerable impact on coun- 
tries such as Belgium and Den- 
mark which have recently 
introduced new company * laws 
with its main previsions in mind. 
Italy aod Luxembourg arc 
countries where company laws 
will still have to alter signifi- 
cantly as a result of it being 
approved. The impact on the UK 
will not be so important as m 
these countries. 

The main change will be in 
the introduction into UK' com- 
pany law of a great deal of 
prescriptive detail about what 
shall be in company accounts. 
But the total sum of additional 
information which UK com- 
panies will be required to 
publish “will not be all .that 
great," according to Mr. Tom 
Watts, the Price Waterhouse 
partner who advises the Depart- 
ment of Trade on company law 
matters. He forecasts, however, 
that implementation of the 


BIDS AND DEALS 


BY MICHAEL LAFFERTY 

fourth directive will be .“admin- 
istratively tiresome" for almost 
all companies. 

What the UK regards as tire- 
some detail is the very fabric 
of company law ' in a country 
such as Germany where tradi- 
tionally if something is not in. 
tjie law it is not done. Hence 
the prescriptive approach of the 
fourth directive which is largely 
based on Germany’s 1965 Cor- 
poration Law. In fairness, the 
British negotiators have achieved 
significant amendments . K> the 
draft which has now been 
agreed. Most important probably 
is the insertion of a requirement 
that accounts roust “give a true 
and fair view” rather than, as 
in Germany, simply comply 
with the law. Indeed it is now 
specifically stated that where 
compliance with the law is not 
enough, directors must do what*, 
ever else, they consider neces- 
sary for the accounts to. give the 
necessary view. 

The most obvious change as 
iar as Britain is concerned will 
probably be in the form in which 
companies present their accounts. 
The directive t prescribes two 
balance sheet layouts— cue hori- 
zontal in the old left and right 
hand style and .one vertical.' and 
four formats for, the income state- 
ment. Apart from, .the option of 
vertical or horizontal presenta- 
tion. the choice , ts between a 
profit and loss account analysed 
either fay type of expenditure 
ffor example: wages! or type of 
operation, for 'example, distribu- 
tion costs. 

Of course it.is left to individual . 
member states to restrict rthe 


number of options allotted fair; In 
the fourth directive, for example’, 
by legislating for one. -of the p 
and l layouts. Again, it .would be' 
possible to lay down . , lower 
limits— but not higher . Jones— 
for . the - definitions of - small, 
medium and large companies . 
than those specified. ■ 

’• The maximum sizes for each 
category of company are as 
follows:--.. .* 

Small; Those with two of tjbp 
following— balance Sheet' totals 
up to Isi unite; of, account- 
■ (£670,000);. -turnoyer. -up toJ 2a® : . 
mite of account; jip to-SJ-eia-- 
ployees. 

Medium? Those with too- of fte 
foUowing-- balance sheet -totals 
up to 5m units of account; turn- 
over up to Sm units, erf account; 
up to- 350' employees. 

The size categories are im- 
portant .because companies falling 
within them are intended to get 
exemptions freni - /various- dJs- 
, closure requirements.; In-the case 
of. small companies, for .example, 
there could be exemption from, 
an audit, publication of a profit 
and loss account,': and permission ' 
-to publish! only a . brief;. halancb 
sheet' The principal . exemption 
for ': medium rsized . coinpanias 
would.be .exemption ffonr publish- 
ing , turnover figures, . and the 
right to publish' a slightly abbre- 
viated-balance sheet. j 

Finally, ft should.be noted tfatft 
the fourth - directive does not- 
apply .to : consolidated accounts. 
However* if? .seems - clear that 4f- 
; the •. directive ; is - tor -have* any 
-meaning in the UK it will have 
: 1 to; . be; apgHed ^directly to con- 
solidated accounts. , - ■ ■ -- - 


EXAMPLE OF PBOF1T . AND LOSS. LAYOUT 

Ncl turnover .. 

Production cost of sales accounting fjjr : turnover (including value adjustments 

Gross profit or loss from t u rnover -j T. . 

Distribution costs uncludinis value adjustments* - 

General administrative expenses, (including value adjustments) ' - ■ ' 

Other operating receipts ... 

Earrdnc From participating tmerasts, ’showing separately those- from 

affiliated undertakings 

Earnings From other securities aod Soincfal assets forming parr at the 
fixed assets, showing separately those From affiliated undertakings 
Other interest and similar earnings, showing separately those from 

affiliated undertakings ^ '. : .- 

Value adjustments to respect of ■participating Interests and other financial 
fixed assets and of securities . forming part of the current assets .... ... 
Interest and similar charges, showing separately those concerning affiliated 

undertakings ' „. ; ^ 

Tax an profit arising wk of ordinary activities ; — .......... 

Protit or. loss on ordinary activities alter tax 

Extra ordinary earning -.... „ .... 

Extraordinary, charges ... — ■ 

Extraordinary '.profit or Jons - ' ~ 

Tax on extraordinary profit . . — _ 

Other taxes not shown under the. above items ... — _ 

Profit or Joss tar ti»» rear — . — _ — 


Century Oils now ready 


THE SETBACKS of the previous 
year have been overcome and 
Century Oils Group H ready to 
resume crowlh in activities, Mr. 
C. H. Mitchell, the chairman, says 
in Itis annual statement. It is 
anticipated that the progress seen 
in the second half of last year 
wifi be maintained in the current 
year. 

For ail last year, pre-tax profit 
declined from £1 .3m to fl.lStn 
after a £02! m llrst-hai/ shortfall. 
Mr. Mitchell says that in the 
March 31. 1978. year the continued 
depressed level of industrial 
activity resulted in a static market 
for lubricants and a surplus of 
basic lubricatin'? oils and associ- 
ated products. 

The company yuve priority to 
its traditional activities and con- 
centrated on improving efficiency 
and contain in? co'ls. The policy 
remains to develop business in 
the higher technology areas and 


to continue to provide specialised 
support ms services. 

On the waste oil collection ami 
recycling side, it is not expected 
that the full benefits from its 
activities will be realised until the 
expected shortage in basic lubri- 
cating oils emerges as a result of 
an increase rn the general level 
of industrial activity. Further 
capacity increases are meanwhile 
being delayed, although research 
and development is continuing. 

He soya -ood progress is bein? 
made developing overseas activi- 
ties with particular attention being 
•liven to countries with substantial 
mining activities and those con- 
cerned v iih improving industrial 
health anil safety. 

Directors expect to make fur- 
ther investments as suitable 
opportunities to back up the over- 
seas activities arise. 

Increased overseas efforts will 
benefit from the technological 


& Investment Trust Limited 

HIGHLIGHTS FROM THE STATEMENT OF 

THE CHAIRMAN, MR. ARTHUR JOHN, CBE„ FCA. 

Year to 31 at March, 1373 

B Revenue before taxation up by 
£227,000 to £2.0 million. 

e Earnings per share S.OOp (1 977 
6.97p). 

E Maximum permissible dividend of 
6.537p per share, equivalent with tax 
credit to 9.905p. 

H Total Reserves increased by 8.61 p 
per share. 

B Directors 'Valuation of properties 
£54.2 million. £17.5 million above 
book value. 

B Quoted investments, cash and short 
term deposits £3.9 million. 

B Expectation that dividends ■ vill 
continue to in :re»‘ by 10.* per 
annum. 


n.n.T.fl U -r.V.;.'. 


A.’-- V-: L-’riJuh'. 1373 



1 expertise developed in the UK, he 
says. Research and development 
I are being stepped up and should 
I lead to business in new specialised 
> markets. 

? A current cost statement shows 

- taxable profit reduced to £1.01m 
: by additional depreciation of 
[ £22S.0iH) and cost of saJes of 
■ £21.000. offset by a £105.000 gear- 
i ins adfustment. 

i At balance date, fixed assets 
were £3.53m f£4.53m! and net 
, current asset*! £3.film (£2.99m). 

Meeting. Stoke-on-Trent, July 20, 

, at noon. 

i 

Bowater to 
cancel branch 
I registrations 

— Bowater Corporation is canccl- 
lins all three of its branch shjre 
registrations — in Toronto, Mon- 
treal and Hong Kong — and will 
transfer shareholders on those 
registers lo the central rceister. 

It will, however, maintain its 
quotations in New York, Zurich 
and Four other European centres 
where i:« 'hares are sold “over 
the counter.” 

The company explained yester- 
day that the costs of maintaining 
the branch registers was no longer 
warranted. There are believed to 
be under 2.000 shareholders on 
all three. 

The Canadian recislers date 
from the immediate post war 
years when ihe Cornerbrook and 
Miijwater Mersey Mills were 
established. The H^ng Kong 
quote dates from Ii>72 when 
Bowater took over Ralli Brothers. 

Now. the company says, the 
ease in buying shares inter- 
nationally nukes branch registers 
unnecessary. The Canadian 
zanies will cease on August H 
vwl that in Hong Kong on 
August 31. 

BET Omnibus 
turns in £6.6m 

For the year ended March 31, 
IP'S, turnover of BET Omnibus 
Services increased from £3l.43m 
:o £35 Sfim and pre-tav profits 
■ ere higher nt £G.G4m against 
lA.fj-m previously. 

Tmv .■•••‘■jp. v.-th intcrc'N in 
h-re. !r:insp'>: ;. m.r.inj, 
vie., i*. eiuilrnllL'd hy 
!-j; i ’ j -.•> Electric Tr.icunn Cu. 

Amines per £! share for The 
.■■e,ir are st?Ied at 3fl.47p <36.4Kp) 
and a final dividend of G.S5p 
makes a total of 9.35p against 
S.Jp. 


FROM GROSS revenue of £2.S3m 
compared with £2.6m, taxable 
revenue of Properly Holding and 
Investment advanced from £1.77m 
to £2m in the March 3L, 197 8 year. 

After tax of £1.03ra i£0.93m> net 
revenue came out at £0.97m 
i£ii.S5mi and directors expect that 
in the nest few years net revenue 
will show average annual growth 
of more than 10 per cent before 
charging the cost of modernisation 
and exceptional repairs. In the 
coming two years these are 
expected to total some £0.7m after 
tax relief. 

They also expect to continue 
increasing dividends by 10 per 
cent a year although the increases 
may not be covered by earnings 
in the current year. The shortfall 
is however amply covered by 
revenue reserves of £L4m, they 
say. 

An abbreviated balance sheet 
shows properties and investments 
in associated property companies 
at £3fi.7ra (£3fl.01m), but a re- 
valuation made by the managing 
director with the concurrence of 
Allsop and Company has resulted 
in a directors valuation of £S4J2m. 
for a net asset value per 25p share 
of 398p. 

Three development properties 
were completed during the year 
and are now. or will shortly be, 
income producing. Remaining 
development sites are valued at 
£1.7m. 

The directors are continuing to 
seek to improve the potential of 
the group's existing portfolio — in 
both income and value — by 
projects involving modernisation 
and major repairs. 

Net current liabilities at balance 
dale were S.Wm t£LS2ni) but 
directors say quoted investments, 
cash and short term deposits of 
£3.9m provide liquid resources 
more than adequate lo meet 
property outgoings acid the 
currently authorised capital 
expenditure of some £5m. after 
taking into account sales of finis 
which &re continuing at a high 
level. 


Earnings per share are given at 
$p (6.97p) and a final dividend of 
£4.037p net lifts the total for the 
year from 5.90Sp to 6.537p. 

1977-78 1976-77 


Properly outgoings 

Other Income 


Cement Roadstone agrees £6.6m 
for U.S. builders supplier 


Interest 

Administration expenses ... 


£000 

£000 

3.2M 

3.169 

7SS 

873 

055 

306 

2.8W 

2.598 

SIO 

61S 

219 

204 

2.061 

1.774 

1.IK8S 

929 

*» 

845 

719 

1.107 

719 

1.107 

16 

16 

785 

687 

168 

132 


Tax 

Net rerenne 

Realised net cap. surpluses 

To capital reserves 

Prof, dividends 

Ord. dividends 

Unappropriated revenue ._ 


Tranwood 
shows improved 
trading 

Including Temporary employ- 
ment subsidy of £143,966. against 
£182.181. Tranwood Group 
returned to profits in the year 
ended January 31. 1978, with 
£62.029 pre-tax. In the previous 
year the loss was £126,138. How- 
ever. there is an attributable loss 
of £42.692 (profit £13.03S) and 
again there is no dividend. The 
group is engaged in printing and 
packaging. 

Profits ahead 
at Leopold 
Joseph 

Net profit, after all charges, of 
Leopold Joseph Holdings rose 
from £696.413 to £668.16 1 in the 
year ended March 31. 7979. 

Attributable profit was £550.593 1 
against £528.127. 

A final dividend of 6.733p per 
£1 share makes a total of 8.60Sp 
compared with 7.8p previously. 
Earnings per share are stated at 
20.95p (20.09p). 


Cement Roadstone,, the Irish 
group, has lifted jli' spending on 
acquisitions to over £12m in the 
past fortnight .with the announce- 
ment that it has agreed a SI 22m 
(£6. 6m) cash bid for Amcor Inc., 
a Loss Angeles construction 
materials concern. 

Earlier this month CR revealed 
that it was making an agreed 
£5.6m offer for J. and "W. Hender- 
son, the Aberdeen-based builders 
merchants. The bid has the back- 
ing of the major shareholder, 
London and Northern, which has 
a 34.6 per cent stake. 

Amcor is a subsidiary of 
Diversified Earth Sciences of 
California and the agreed acqui- 
sition is subject to DES holders 
approval and consent from the 
appropriate regulatory bodies. 

CR, Ireland's largest industrial 
company with pre-tax profits of 
£l4.Sm has for some time been 
seeking to extend its activities 
outside of Ireland. Currently the 
group earns only 15 per cent of its 
profits overseas. 

Amcor which CR says is a lead- 
ing producer of masonry blocks 
and low pressure concrete pipes, 
earned pre-tax profits of $2.45m 
(£l.3m> in the year to October 31, 
1977, on sales of S18.8m (£l02m). 
Net tangible assets at that date 
were 5S.5m t£4.6m). 

The acquisition is planned to 
take effect from November l. 

It was also announced yesterday 
that Rowe and Pitman. Hurst- 
Brown on June 26 boucht for a 
discretionary investment client 
2.980 Cement Roadstone shares at 

81p. 

DEL MONTE KITCHENS 

Del Monte Kitchens of Bells- 
hill (Glasgow), a manufacturer of 
high-quality frozen food entrees, 
has agreed to sell its business to 
Ross Foods with effect from July 
1, and will cease trading from 
that date. It is a jointly owned 


subsidiary of Pel Monte Foods 
and Scottish aiid Newcastle 
Breweries. 

Ross Foods will carry on pro- 
duction at the Bellshill plant and 
continue to supply the full range 
of products. The . marketing, 
sales and distribution activities 
wiff be integrated within the 
existing Ross Foods framework. 

GALL1FORD 
ACQUIRES PRECISION 
ENGINEER 

Galliford Brindley has recently 
completed the purchase of S. C 
Brown and Co. Brown is. sub- 
stantially a holding company and 
Its wholly owned subsidiary 
Brownscov Precision Engineering 
carries on a precision engineering 
business in the Coventry - area. 
Consideration for the acquisition 
was £750.000 in cash paid on 
completion and a further £100,000 
in cash is payable to The vendor 
cm or before September 30. 1979. 
Provided net profits of Brown 
and its subsidiary before tax for 
the 12 months ending June 30, 
1979, amount to not less than 
£200,000. As as September 30, 
1977. consolidated net assets o£ 
Brown and its subsidiary 
amounted to £4S 1,486 after pro- 
viding for deferred tax ol £126,250. 
The consolidated profits of Brown 
and its subsidiary for the year 
to September SO. 1977, amounted 
to £101.046. 

LADBROKE 

Ladbmke Group has acquired 
for £1,125,000 cash a 75 per cent 
bolding in Cbalwest (Holdings) 
and an operating partnership. 
Chalwest supplies coin operated 
machines to major .companies in 
the brewihg and catering indus- 
tries. Profits before tax of the 
businesses for the current year 


are expected to exceed £500,000. 

Mr. Charles Henry and Mr. Rick 
Watson, who own the remaining 
25 per cent of the businesses, will 
continue as managing director add 
financial director respectively. * 
Commenting on the purchase, 
Mr. Cyril Stein. Ladbroke's chair- 
man, pid it marks Ladbroke's 
entry into another growing area 
of the leisure - and service 
industries. 

OLIVER RIX 
PROPERTY SALE TO = 
GEO. WHITEHORSE * 

Oliver Rh and George -White* : 
boose (Engineering) anmxmee: 
that contracts have be® 
exchanged for the. sale hy Rix-tff. 
four freehold properties to White- 
house for a total consideration oS - 
£535,000. This is to be satisfied by 
a cash payment of £285,000 and ■ 
the a-Jloaneot of .250,000 11 pgr 
cent cumulative preference stewwr. 
of Wihitabouse. ■ • . •: ' 

AH the t»w preference shanjs ' 
have been placed with ihstitg- 
tional invwdors by. Hoare.Gpyett, 
so that RjIx receives a total of 
£522,500 cash, which it intends to 
invest in its main businesses. 

These properties were retained 
by Rix and leased by Whit eho use 
when seven garage businesses . 
were sold to White bouse, in 1974- 
Seven of the other properties . 
involved in that transaction haw 
already been sold by Rjx 
parties, the sale of another* is 
being negotiated .and three vBJ - 
continue to be leased by White- : 
bouse. 7.' 

The book value of > the proper- 
ties now being- sold was £510,000 
in the latest accounts of RI* as at 
September 30;- 1977 end their- 
annual rental contributed £31.000 
to Rig's pre-tax profits in tirtt 
year. 


Control Securities 


LN HIS FIRST ulatement as chair- 
man of Cnnirol Securities. Mr. 
R. H. Van Doninck says that the 
newly constituted board has pro- 
duced positive results sooner than 

it dared to hope. 

.As reported on June 22. the 
properly group achieved a turn- 
round from a pre-lax loss of 
£94.374 lo profits of £43.681 in the 
year to March SI on turnover of 
£540.912 (£330.0041. 

On January 18. 197S, 2.625.000 
new ordinary shares of tOp each 
were issued lo La bo fund AG for 
cash ul a premium of lOp per 
share in accordance with the 
terms of the aiireement dated 
October 22. 1977. between Mr. 
C. H. Rapport and others, the 
company and Labnfund AG. 

Consequent upon this agree- 
ment. Labofnm.1 AG has acquired 
3.4S'£-!2-i ordinary shares of I Op 
each and 194.576 deferred shares 
of lOp each in the company repre- 
senting 39.S per cent of the total 
shares in issue. 

Tn addition. Labofund AG has 
purchased from the company its 
freehold property. The Exchange, 
Cardiff, for £956.060. 

At the EGM in December the 
Board decided on three major 
objerlivpK. Tn expand the capital 
ba--e of i he group, reduce current 
liabililir--. n-ir! ihe attendant 
iiUi-n si. and ‘n acquire long term 
he TO-.Mli:;s a! ? |OW MIC Of 
hrcn.’M. ’rii : * .-hairman now fe*4< 
lht-e ubj— 1 -lives have been 
rfi-biovod 

Current liabilities have been 
reduced by profitable sales of 
properly. The group now h3s a 
rwo year facility of £3m with 
Slavcnburg's Bank at favourable 


interest rates with an option to 
renew. So far the greater part 
of this facility is unused. 

The Board is giving urgent 
attention to remedy the losses of, 
their Dutch subsidiaries, although 
their importance is minimal in 
relation to the total size or the 
group and the fact that there are 
no guarantees to the subsidiaries. 

The group total portfolio is in 
excess of £2.1 m and a professional 
valuation of UK £1 65m invest- 
ment properties has thrown up a 
surplus of £96.000 over boob 
value. The expense of revaluing 
the development and dealing 
properties was considered un- 
necessary since these assets are 
constantly changing as sales and 
purchases occur. 

In the last 12 months all dis- 
posals made by the group have 
shown profits. A move into new 
offices at Cardiff has contributed 
to streamlining the group's 
administration. Contained in a 
programme of rationalisation of 
the group’s assets are many 
propositions to be examined, 
members are told. 

Expansion nil/ come about 
through acquisitions. new 
developments and fees earned 
from (he portfolio and develop- 
ment management dlrislnn. “The 
figures are certainly encourag- 
ing." conclude*: the chairman. 

“ and give much hnpe Tor the 
future We look fnrw.ird with 
confidence. in spite of an 
economic situation that is still 
Weak hut showing definite signs 
of recovery.” 

Meeting. Winchester House, £C, 
on July 17. at 12.15 pm. 


Another attempt at Warwick 


It looks as if Mr. Norman Gid- 
noy is about to make another 
attempt to mop up the remaining 
shares he does not hold in 
Warwick Engineering Investments. 
Yesterday, the board of Warwick 
announced that it was having 
talks with Gidney Securities 
“ which it is expected will lead 
to an offer being made for the 
outstanding shares.’’ 

Shareholders were " strongly 
advised" to take no action over 
tbeir holdings. 

The chairman of Warwick is 
Mr. Norman Gidney who, together 
with the Warwick board, is talk- 
ing to himself — as Gidney Securi- 
ties. his private company. 

In 1972 Mr. Gidney. who then 
owned 32.7 per cent of Warwick, 
made an offer for the rest at 30p. 
That lime the offer brought him 
in less than 1 per cent of the 
shares. 

Mr. Gidney made another offer, 
in 1976, at 26p a share, by which 
time he already held 74 per cent 
or so. At present his stake is 75 
per cent. 

At that level his holding makes 
Warwick a close company. 

Prior to the bid Warwick’s ex- 
dividend share price was 27Jp. 

PORK FARMS 

Acceptances received hy. 
Northern Foods amount to'. 
2554.710 ordinary shares of Pork 
Farms existing prior to the the 
scrip issue (iMJi per cent i and 
ihe offer is now unconditional.! 

The Samworth family imprests 
have accepted the cash and 
shares offer in respect of 1 ,277,000 
shares and these have been. 


placed in assented form with 
institutional investors. This hold- 
ing carries the right to 5,108,000 
shares In Northern Foods. . . 

JAS. SHIPSTONE 

Acceptances . of the offer bn 
behalf of GxeenaU Whitley to. the 
ordinary holders of James Ship- 
stone have been received in respect 
of 18,135,755 ordinary shares, in 
Shipstone. including 14^08,604 new 
ordinary shares . in Shipstone to be 
issued pursuant to proposed four 
for one scrip issue. . 

This represents^ acceptances- in 
-respect of 84.1 per cent of the 
shares- subject to the ordinary 
offer. Acceptances on behalf of 
pref offers have been received In 
respect of 149.799 3.5 per cent- pref - 
shares (83.2 per cent) and 227.435, 
3.S5 per cent pref shares {3A3 per 
cent). Both ord. and ..pref offers 
have been .declared' unconditional .: 
and will remain open. ' 


plastics companies being, or.ahoefc 
to be funned, it had been -fat .■ 
by the Board that tn the light 
its., current plans It would, not . 
possible to concentrate the iovesf* 
roent and resources ioto Convert?. 
a general. coloor printer..- • ; 

ALBRIGHT & WILS0& : 

" Albright and WRson’s- shf*v ; 
price rose -4p. to :T80p-- yesterday 
haring touched 183p at one stage 
—on increasing market optinds® 
that Tevmeco’s bict for the com-, 
pany will- not be ^referred te th* ? 
Monopolies Commission. 

Meanwhile, staff union rept®':; 


CROFTON GROUP 

1 Crafroti Group announces that 
on May 26, 1978. its 95 ; per ceht- 
shareholding in Converts was sold 
to Town and Gountry Holdings 
(Bexley), a -subsidiary ' of 
publicly quoted Corinthian Hold: 
mgs which already has. subrt&n- 
tigJ printing 'interests- including 
printers, T. J. Hunt. : 

’Mr.' Bernard Wolfe;- maha^iniqr 
director of Crofftdn Group (which 
is .owned by Capital -for "Industry, 
part of rhoGrfndtay BankGroup4. 
states that the company ; has '^sub?' 
siantially 1 'Increased- its -. mvajve= . 
.merit in Tho Pve stationery^ and r 
packaging -fields Over.^the'Jafef :l£ 
months with- . new . - specsaEst 


seritatrves; at Albright — members ., 
of the : Association of ' Sdehtwri-' 
Technical and Managerial Sta&r - 
' met yesterday to discuss -th«* 
recent attempts to. get the 
referred totheUoriunission. 1 

VT^iANSELL THORPE ^ 

Centrririnctal Estates is to teal®*': 
ah agreed £230,000 offer for ; 
ordinary 'arid the 8 per- cs®-; 
cumulative ..-preference shares 
Mansell Thorpe. ’• ~T0 j.- 1 

. It is offering Jip; far. each 
na ry' arid USSp’ Tor each 8 per «»> 
prelMeffce. cv-. -v-! :.!. l y . 

Nt> %&BES 2 

The. Secretary*: of State' 
Priee^ 'imd t Goow^riier -.-ProtacWflCf. 
has TdecTdett ' not . to; refer. 
follow inft '!sropa8ed' nmgero . # 

the'- Monopolies- jrhd'Mergsrs 
mission; cKeariey and- TOp.ias-^%: 
AUi^e'Wholes^I&Groce^s;^^' 

.through. 





31 




*fr>. 


4 i -fteartMi Times TVeflaesflay Jtme 28 2978 

‘V"- Hi' 




INTERNATIONAL FINANCIAL AND €OM R\N Y N KWS 


- K'- v it P ; 


RTH AMERICAN NEWS 


Heinz maintains growth 
idth strong fourth quarter 


if JOHN WYLES 

: HEIN Z, the International 
company has maintained its 
g growth record of the past 
years with a 15 per cent in-. 
« in fourth quarter earnings 
■an 1&3 per cent rise in net 
cs for the 1977-78 fiscal vear. 
e results will help confirm 
z’s ranking among analysts 
te of the most attractive in- 
aents among U.S. food com- 


panies. Ear ning s have increased 
for 15 'consecutive years and at 
■a 12.4 per cent compound, rate 
between 1972 and 1977. However, 
the rate has been dose lo 20 per 
cent if rapidly increased market- 
ing expenditures and foreign 
currency translation adjustments 
are excluded. 

During the fiscal year which 
ended on Kay 3. Heinz stepped 


*anama $300m loan to 
efinance external debt 


r JOSEPH MANN 

VAS confirmed today that 
300m. credit package which, 
yap of international banks 
rrently putting together for 
jovernment of Panama will 
5ed for refinancing part of 
- lepublic's external indebted- 

managers of the Eurodollar 
■ are Bank of America, Cici- 
and. the Bank 'of Tokyo. 
: of America is acting as 
t for the operation, which is 
being arranged by a 
icate of foreign banks. The 
loan wiU have a maturity of 
years, with a split interest 
d. For the first five years, 
rate is to be 1) per cent 
the London interbank 
>d rate (LIBOR) and II 
rent for the second five-year 

year end 1977. the Govem- 
o£ Panama reported total 
c obligations of $1.78bn, of 
h $lJ?8bn was externally 
ed debt The Government, 
ed by General Omar Tor- 
. negotiated a medium term 
of $170m in January from 
ler syndicate of banks led 


PANAMA CITY, June 27. 

by First Chicago Panama, SA. 
The January loan was to be 
used for financing several public 
works projects and for funding 
other 1978 budgetary require- 
ments. It was a seven-year loan 
carrying a spread of 1J- per 
cent over LIBOR. 

Under the Government’s 
former debt repayment plan, 
debt service would have reached 
relatively high levels between 
1978 and 1980, ranging between 
8317m and $3 62m per annum, 
with payments slimming down 
to $294m in 1981 and sub- 
sequently lower figures in the 
following years. However, 
bankers here said that the high 
payments through 1980 would be 
eased considerably for the 
Government when the 8300m 
loan was applied to refinancing 
part of the overall debt pack- 
age. Proceeds of the loan 
specifically will be applied to 
the pre-payment of six medium 
term credits contracted during 
1973-77 by Panama from Citi- 
corp International, Bank of 
Tokyo and Libra Bank/Singer 
Friedlander Ltd. 


• NEW YORK, June 27. 

up its spending on marketing by 
44 per cent to 8120m, but the 
company denies that this is a 
direct response to an escalating 
marketing battle with Campbell 
Soup. Campbell apparently plans 
to challenge Heinz’s leadership 
In the U.S. ketchup market. 

The fourth quarter results 
published today are broadly in 
line with indications Heinz gav» 
two weeks ago. Net profits 
turned in at $36m ($1.57 a share! 
compared to 531.3m ($1.34 a 
share) a year ago. For the full 
year, net earnings were $99 .2m 
($425 a share) compared to 
$83. 8m ($3.55 a share). 

The company said that the 
full year results were after 
§6.7m of foreign currency gains 
compared to losses a year ago 
of $10.2m. Moreover, the fourth 
quarter results included an after 
tax provision of ?5.7m for 
"closing and relocation of cer- 
tain foreign and domestic facili- 
ties.” 

Heinz is confident that it will 
carry its earnings growth into 
a 16th consecutive year and 
analysts generally expect i ts 
earnings to be helped by stable 
or declining commodity prices. 
Moreover its proposed $50m 
acquisition of Foodways National, 
a frozen food producer which 
could, it is thought, boost earn- 
ings by up to 10 cents a share. 
Heinz is also seeking to acquire 
Weight Watchers International 
for $7lm and is confident that 
both acquisitions will pass 
Department of Justice anti-trust 
scrutiny. 


Setback 
in gaming 
stocks 

By Our Own Correspondent 


NEW YORK, Jane 27. 
GAMBLING STOCKS con- 
tinued their downward plunge 
today as investors tried to sal- 
vage some of the paper profit 
from their meteoric rise of the 
last two weeks. 

Leading the way was Resorts 
International which peaked at 
$96 yesterday and bad already 
lost over $20 to reach $75 by 
mid-day today. Other stocks 
linked wilb the new casino 
boom, such as Caesar's World, 
Bally Manufacturing and 
Harrah's followed suit, 
effectively ending the rush for 
gambling stocks which was 
sparked off by Resorts’ success- 
ful launch of its Atlantic City 
casino in May. 

However, analysts believe 
there may be further activity 
iu these stocks later this year 
as other companies progress 
with plans to open their own 
casinis in the resort. 

Meanwhile, Resorts Inter- 
nationa] today announced plans 
to expand into the slot machine 
business by swapping 49,000 
shares for the Seeburg line of 
slot machines manufactured by 
Williams Electronics, a sub- 
sidiary of Xcor. However, if 
and when Williams gets a 
licence from the New Jersey 
Gaming Commission, the com- 
pany will acquire 30 per cent 
of Resorts’ slot machine 
operations in return for half 
of the shares it is receiving 
under today's deal. 


Alberta Gas Trunk Line Bank I ° an 

, TT . accounts 

lifts stake in Husky Oil proposal 


BY ROBERT GIBBENS 

ALBERTA’S LARGEST gas 
transmission company, Alberta 
Gas Trbnk Line, (AG'ii,; headed 
by Mr. Robert Blair, is- back in 
the Husky Oil picture. AGTL 
confirmed that it has been buy- 
ing more Husky shares on the 
open market since the first week 
in June, and now has 23 per cent 
of the outstanding shares, up 
from 4 per cent acquired in the 
open market from January 1 to 
early June. 

AGTL could now hold the key 
to control of Husky. Petro- 
Canada, the national oil com- 
pany, have offered C$52 cash for 
each of the 11m Husky shares, 
while Occidental Petroleum of 
the U.S. is offering the equiva- 
lent of C$54 via a share exchange 
conditional on 80 per cent 
acceptance. 

The Nielson family, of Cody, 
Wyoming, and their associates 
are assumed to have well over 20 
per cent, of the Husky stock, but 
the voting power oE AGTL’s hold- 


ing may well be decisive. Both 
AGTL and Petro-Canada are 
co-operating on northern explora- 
tions and on plans to extend the 
Trans-Canada Gas pipeline east 
of Montreal. 

Last night in Ottawa, the 
Prime Minister, Mr. Trudeau 
appeared to throw his weight 
towards Petro-Canada. Today iu 
Calgary, the provincial Premier 
Mr. Peter Lough eed urged that 
his Province's oil sands be 
developed further to help meet 
Canada’s long-term plans for 
energy self-sufficiency. He did 
Dot mention the heavy oil in 
south-west Saskatchewan which 
is largely controlled by Husky. 

AP-DJ reports from Calgary: 
AGTL declined to comment on 
whether the company would con- 
tinue purchasing Husky shares or 
what its intentions regarding 
Husky were. Oil industry sources 
earlier indicated that AGTL could 
enter the bid contest for Husky. 
Canada's largest producer of 


MONTREAL, June 27. 

The company said that a joint 
venture purchase agreement with 
Energy Ventures of Boston, 
which resulted in AGTL’s initial 
4 per cent holding in Husky has 
been terminated, but declined to 
elaborate. 

One oil industry analyst said 
AGTL now holds “the balance of 
power” in the bidding war 
between Petro-Canada and Occi- 
dental. 

The Occidental offer is con- 
ditional on it receiving Canadian 
Government approval and 80 per 
cent of Husky’s outstanding 
shares. Unless Occidental waives 
the 80 per cent requirement, 
sources said Petro-Canada's 
chances of acquiring Husky have 
improved markedly because of 
AGTL's increased holding. Petro- 
Canada and AGTL are partners 
in several major energy projects 
in Canada. 

Neither the Petro-Canada nor 
Occidental offer has been mailed 
to Husky shareholders yet. 
heavy oil. 


Talcott sale to Gulf & Western dropped 


TALCOTT NATIONAL Corpora- 
tion and Associates Corporation 
of North America will not now 
proceed with their plan whereby 
receivables and selected business 
finance loans of a Talcott sub- 
sidiary were to be sold to 
Associates. The latter is a sub- 
sidiary of Gulf and Western 
Industries, the diversified indus- 
trial concern. 


The proposal was part of a 
plan to restructure the outstand- 
ing debt and preferred stock of 
both Talcott and its subsidiary’. 
James Talcott It was dropped 
due to timing problems in 
obtaining the required consents. 

Talcott. however, has received 
a proposal from another com- 
pany for the purchase of the 
assets concerned in. the original 


NEW YORK, June 27. 
plan at a cash purchase price 
equal to their net book value. 

The sale would be subject to a 
number of conditions, including 
a review by the prospective pur- 
chaser of the assets and approval 
by directors and shareholders 
Talcott says that it will deter- 
mine whether to accept the pro- 
posal within the next 10 days. 
AP-DJ 


By David Lascelies 

NEW YORK. June 27 
AMERICAN ACCOUNTANTS are 
to propose changes in the way 
that banks account for bad 
property debts with the aim of 
bringing their methods into line 
with those used at savings banks 
and property investment mists. 

At the moment, banks are free 
to report at full value any out- 
standing loans, even if they do 
not expect them to be paid back 
on time and at the original rate 
of interest. This means that the 
banks can give their assets .an 
arguably unrealistically high 
value. 

By contrast, other financial 
institutions arc obliged to 
account /or the cost of carrying 
delayed loans, and this results 
in a charge against earnings. 

Not surprisingly, the banks 
have resisted “cost of carry - * 
accounting because it will eat 
into their profits. 

But now the American Insti- 
tute of Certified Public 
Accountants is preparing a guide 
for bank auditors which will try 
In bring banks into line, though 
its proposals will be open for 
discussion before being imple- 
mented. 

The proposals do not cover 
debts which banks expect to have 
to write off. Special reserves 
against possible loan losses are 
already required for these. 

More International 
Company News — 
Pages 33 and 34 


ilobe-Union agrees bid 


l 2 > n i i 

i ^ 


^NSON CONTROLS and 
le-Unlon have reached an 
; -ement to combine the two 

- p anies. 

te agreement involves a 

J er offer by Johnson for 

■e-Union shares, followed by 
merger of Globe into 

tson. 

ffJ*;*f*hnson Controls is notifying 
tir i ^rWUnion 0 f a 20 Day Notice 
ntention to make a tender 
: to commence on or about 
« i ! ‘ IS- The tender would be 

isLf 1. 5m shares of Globe- Union 
-Jilii 40 a share. 

~ 1 arlier, Johnson had acquired 
option from UV Industries to 
‘ ;hase lm shares of Globe- 
on common from that com- 
y. Those shares and the 
a to be tendered for by 
ason Controls represent 
at 40 per cent of Globe- 
' ■■-on’s outstanding stock. 


MILWAUKEE, June 27. 

Johnson has to exercise its 
option to purchase the Globe 
shares from UV Industries 
immediately prior to a merger 
between Johnson and Globe- 
Union. 

After expiration of the tender 
offer the two companies said they 
plan to solicit proxies for 
special meetings of their share- 
holders expected to be held in 
September to consider a merger 
of the two companies. 

Proposed terms of the merger 
call ' for. GiobeLTmoh - share- 
holders to receive the number of 
shares of Johnson Controls to 
be decided by dividing 940m, -by 
the average of the pigh and.- low 
prices of Johnson common on 
the 10 consecutive trading days 
ending with the third trading 
day prior to the meeting of 
Globe shareholders. 

AP-DJ r 


Pacific Tel. tax threat 


T INCOME of Pacific Tele- 
: ne and Telegraph for the 
md quarter ended May 31 
i from $94 .2m or 55 cents a 
.re to $0L2m or 56 cents a 
're, on revenues up from 
□ to $Llhn. 

It. Gordon L. Hough, the 
irman, said that an amount 
$260zn, equal to 62 per cent 
the company’s earnings for 
past 12 months, could be in 
pardy because of an order 
t year by the California 
Dlic Utilities Commission 
losing the company to a poten- 
bill for back tax. 


NE WYORK, June 27. 

The order, which is now on 
appeal to the California Supreme 
Court, originally called for 
$206m . in refunds due last 
December 31, and a further 
$60m in continuing annual rate 
reductions. This order prompted 
a ruling on June S from the 
Internal Revenue Service that if 
the Commission's decision goes 
into effect. Pacific Telephone 
would be ineligible for certain 
tax benefits. This could lift the 
eventual liability as high as 
S75Qm, Mr. Hough said. 
Agencies 


hit. Minerals optimistic 


STRONG jump In exports of 
Hphate rock and potash 
ped boost net income of 
ernational Minerals and 
emicais almost 10 per cent in 
i 1978 fiscal year ending June 
Mr. Richard A. Lenon, chair- 
n and chief executive officer 
? dieted yesterday. 

URO BONDS 


LIBERTYVILLE, June 27. 

He added, however, that fiscal 
year 1979 earnings should be “ a 
stand-off or mildy down " com- 
pared with the year now ending 
largely because of low ammonia 
prices and oversuppiy. 

The 10 per cent earnings 
Increase in fiscal 1978 will put 
net income at about $l20m 


Yields still out of line 


* i- 


BY MARY CAMPBELL 

3E dollar sector of the market 
n tinned downwards yesterday, 
■lb falls of perhaps a quarter 
i average being recorded over- 
1- The six-month Eurodollar 
;te has moved up a good eighth 
a point since Friday, while 
prime rate rise in the U.S. 
expected ever more confidently 
>r later this week. . 

' Some dealers also point out 
tat Eurobond market yields are 
. .ill out of line with yankee 
Wd market yields. For 
sample one set of quotations 
tr the Norwegian five-year 
isues put the yield on the 
aakee bond at over 9 per. cent 
a an AIBD basis, compared 
'ith about 8.80 on the Eurobond. 
Feeling in the D-Mark sector 
'as mixed. -The Bundesbank had 
) buy further substantial 
mounts of. paper in the German 
omestic market 
In Luxembourg, a placement 
f I6m units of account is under 
'ay for the Autoroute Basque 
from Bordeaux to Spain) while 
notber French borrower, 
.enauit is raising LuxFr 500m. 
The unit of account offering — 
/hich will be listed after com- 
-letioo — closes tomorrow, 
leing managed by Kredietbank 
^uxembourgeoise, it offers 7 per 
'em fof 15 years (average Itfe 
ihout lj., years). There: is no 
mderwriting or 11 iag group 
.or this issue. 

v The Renault issue offers 73 per 
lent for jen years via a group 
beaded by -Society Gdn6rale 
Alsacienbe de Banqufc . 

Twe -small private placements 


currently under way in the 
Dearie sector are DM 20m fot 
the Austrian industrial holding 
company (Oesterreichische 

Indus trieverwaltungs — OEIAG) 

and DM 20m for the European 
Resettlement Fund. The former 
which is state-guaranteed « 

being arranged by WestLB on 
a 5$ per cent coupon at par for 
seven years, terms which the 
market thought were tight even 
by comparison with the Austrian 
state’s DM 100m placement, which 
offers a hardly generous coupon 
of 5f per cent (admittedly for 
a ten year maturity). However 
the suggestion being made by 
some that the low coupon is 
explained by the terms having 
been agreed a few weeks ago. 
before the pause in new issues, 
would seem to be nil-founded. 

The "European Resettlement 
Fund placement, due to be 
signed on Friday, offers 6i per 
cent for eight years (bullet) via 
BHF-Bank and looks generous oy 
comparison with anything oo 
offer at present. A pricing of 
around par is likely- . 

The terms of the DM 50 con- 
vertible for the Japanese super- 
market chain Izwniya are 
expected to include a_ 3* P er 
cent coupon on an eight-year 
final maturity. Lead manager tor 
this issue, due for announcement 
in the second week of July, will 
be Baycrlsche Vereinsbank. 

The .Offshore Mining SlOOm 
floating rate issue closed yester- 
day, with terms unchanged from 
indications — the price was set 
at par,' v -" 



*4 ^ 




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Singapore, 1 . When you do business with Brazil in 
Southeast Asia, look for Banco do Brasil at this address. 

It's the place to go for highly detailed information 
on Brazil, a rapidly developing market that offers many 
excellent opportunities in every sector of the 
economy. It's also a place where you'll get support. 
The indispensable support you'll need in your 
business transactions with this country. 

@ With 47 overseas branches, more ihGn one 
thousand branches spread throughout Brazil, 
and tola! assets exceeding 46 billion dollars, Banco do 
Brasil places atyour disposal ail the necessary means lor 
your commercial operations to be processed at a steady, 
continuous pace. Thus, the opening of our Singapore 
branch is yet another step in keeping ud that pace. 

Whether ifs this part of the world, or any part of rhe 
world, count on Banco do Brasil. 








ilffl 


ABIDJAN’ • AMSTERDAM • ANTOFAGASTA • ASUNCION " ATLANTA* • BOGOTA • BRUSSELS • BUENOS AIRES ■ CARACAS' • CHICAGO • COCHABAMBA ■ COLON • CONCEPCION » FRANKFURT » GENEVA • GjWjDl MJMAN 
• HAMBURG • LAGOS • LAPAZ • LIMA • LISBON • LONDON • LOS ANGELES • MADRID • MANAMA • MEXICO CITY • MILAN • MONTEVIDEO • NEW YORK • PANAMA • PAWS • PAYSAMDU • PUKTO * SJgOSWER • 
QUITO * RIVERA * ROME • ROTTERDAM • SAN FRANCISCO • SANTA CRUZ DEiA SIERRA • SANTIAGO • SINGAPORE • STOCKHOLM • SYDNEY • TEHRAN. • TOKYO «* TORONTO • VALPARAISO • VIENNA • WASHINGTON. 
OVER TOGO BRANCH OFFICES IN BRAZIL 'OFRCESTO BE OP0iH) IN 1 978. 
















clash 


Froanchtf 




BY A. H. HERMANN, Legal Correspondent 


„ tv,- th rru mrii a reued "Tie Coonnuaiity has a sugar factories. The national cartels background of flse EEpjtiter 
THE EUROPEAN COURT is because it does not restrict the High Court in London and In a of the hearings behind a veil of rule. This, tne it . js suAjius of 32m tonnes. This fixed the consumer price of system for sugar. The 

considering two sets of cases use of isoglucose by the food Dutch court. These actions, in- technicalities. tTSS int« rn r ise Invoke d by iTcomposed of 2,3m tonnes beet-sugar high above the world .tion ^rice Cat which the : . to... 

vbiph focus on the conflict industry ,n the same way as volving Tunnel Refineries and ^et the case is of great to free r .?" t ® K p „f isotrlucose * excess at production over con- market price determined by mission is ready to buyr^ttrfo*- 

other EEC countries. Scholteiritaii* were referred general importance. The Court the producers of isoglucose “ Seines in 1977) cane sugar- and used part of the sugar) keeps; the price «fw£r 

between two major object! es ^ Commission does not to the European Court in which cannot decide the claim of the The case touches a ra ne 13m tonnes of imports difference to subsidise exports in the. Community about: 15 -per- 

the Treaty of Rome: th ® aJ . ^ mtenti l0 a further 'three actions were isoglucose producers without becausethe Product A* 1 ^.** from ’.Asian, Caribbean and at prices below domestic cent above the -world 1 toarlset/. 

intention to secure freedom at j* isoglucose ^ ^ ^ Com ° brought (the British and Dutch first making up its mind about on the interstice of th ndu countries These im- production costs. level. From thfs difference :jnwV 

competition on the one hand. rnun P ir> -° S ma ^ et If * Jamis^at Producers being joined by the the objectives of the European the ports are then reexported with Like the present EEC astern, ducers in r^ons 

and to protect the CommuTUtys thc purpose of fte Belgian Amylum) claiming Economic Community, and if Wcdbmd * b Sie help of a subsidy, thus mak- the pre-war scheme created a the - cdtnnttui 


These im- production costs. 


level. From thfs : difference pro- 
ducers in regions least- suitea-ta 


farms on the other. 


regulations 


The cases were brought by remove the unfair advantage the Commission. -tradictory. 

producers of isoglucose, a liquid which isogluense enjoyed. The On Tuesday of last week, the an< J, ~ i omra 
rugar made from starch for use commission argues that isogiu- European Courts First Ad- *9. c ..° ose 


uibu^ ***«" ~ ^nLujjwsiuii argwss 'umi isogw European courts rirsi ad- „ r *in«>HpnrP 

hy the food and drinks industry. p, se benefited from the arti- vocate-General. Herr Gerhard ^ P ?ScoS 

Ji is cheaper to produce than fi^iy high price level of sugar Reject!, presented ihis Candii- 5JSS5 that the exist- 

«**«, from beet or cane The whhout being subject to the sions. Dealing wKi the first set 25 S 

complaint anses from reguJa- restrajnt of a production quota of cases which had attacked the J\ C _ hhs L ri «? carlipr i U dg- 
L™* .™ de European and without having to contri- validity of i,he EEC measures reraSfs 

Council and _ Commission hule t0 the mbsidy ^eded to m a document of SO rases. -Herr m l n li i“ l * h * Q “ e P? n 


>tas. - These benefit fully, as long- they 

-trduiLiury. wiieunri u« nTf T t prtion!st resrula- ducera but also the coanpanaes were based on seniority— that is keep within the ba^c-A'^uota, 

and Commission had the right other by protectionist reguia sugar to am* oirt keeping those who'., were Producers, im re^s bettBr 

to choose . . . which of those tion. . pstablished in the business and suited for T the cultivation mj£ 

fihipptivp.c mav take orecedence -Even -this sdiians however of Europe. ** «• . tw snear beet ■’can- -• oversffpW': .li* 


ijectives may take precedence uven >guib nf ro _ lfa t? n * a n newcomers out of it. The sugar :beet : = can - overstep; iti» 

;er the others. . - The Com- sfeoud-dtortjtop tte«M different Such methods ot relation ouv oi ii^xne ^ ^ ^ , y ■ ^ - 

ission argued that the exist- methods of economic manage- seem odd e e measures now attacked keep within the; a 


over the otners. . . . me uum- snouna iiroLai-vH «ic v«u 

mission argued that the exist- methods of economic manage- seem o 
pnee of this right had been merit from achieving the same agncull 
pstahiished by ari earlier judg- ultimate benefit for -the con- surpass 


agricultural economists. They in the measures now attacked tajR 

in Avtmvapance before the European Court. quota they -still benefit 


extravagance before the European Court. quota they -stiii benefit frctoicter 
irketing sys- Though much has changed intervention .price ;ieyel : bat 


..j- — u- ; -=- u.iu-™ --- — ■ - national fnnrf marfcetine sys- Tnougn muen nas cnangpo juib.wiww^.jihw 

S terns developed in the inter-war since 1930, competition is still 


~r *'W n KEC sugar surplus Reischl found no fault with the np?atp as flindamBn u] as servB this end. It does not — 


advantage in the interest of an ^ reexport the sugar 


su?ar ‘ .... Parted under the Lome Conven- He held that their measures 


« L '&^t ha f^h r ^ y nn1h1 - «" legitimale in so far as '■^^1, simply: ,hr drclarad (in 

U S U rr^rkPt were it can freelv Thp ,, ist^ucose producers the j aimed at the containment nh j ect jves of the Treaty of creating unamanageable sur- Production benefiting from the (Quota : C is r ' not eligftla for 

^moete- with snear It is be- den >’ ^ this 1S a picture f»f a further expansion of the Knmg arg the ar hievement nf pluses. These surpluses bava intervention price (Quob iA + B) 105 price interven&iji ^ ' 

compete wttn sugar, it is be- ^ th» Commisno-ji'5 -inten- production of isoglucose and _. pafpr D roso#»ritv in the either to be °iven away or. as Production excluded from the ■ r " -/v ' 

heved that it may replace half t|ons and act j Dns- com . proposed that the court should r nT uninn Market and the better j s the case with sugar exported EEC market (Quota C) 05 V : ; Wtoch^appheg 

t he . sugar , c ^ n r -° UTne ^ b . y ^ b ' panics include Tunnel Refineries confirm the validity of the regu- 5j, tis f«5n” nf ron^umer needs with the help of an^ EEC *mport» under Lom« Convention -13 to tim^iaota flisuga^tos 

ood processing industry by f n K o n inklijke ShoJten- Moi. Given , this view Herr free K in order to • . ~ 4 ' ^ 

1990 ‘ Honig NV in Amsterdam as well Reischt had little alternative but + ra d e and unrestricted comped- finance this subsidy, the Com- 92. ' ' '“*!?*; ■ 

7n Europe its competitive as their UK subsidiary, the to recommend; that the second tion leading to greater mission said, that a levy had Consumption ..J2: ^ 

advRiitage is even greater Royal &holten-Honig (Holdings) set of actions — far damages — eronOTn ic effirienev and tech- had to be imposed on the pro- Surolus *xnorted with th* hdp of a subsidy - IffL J - 

because- EEC intervention keeps and G. R. Amylum N\’ in Alost. should be dismissed. nolonical nroiire«: One would duction of isoglucose. The pro- ~ " . 1 T"- P«i“t. or x&e risognicttte pnv. 

,h, pnee of mwr above th. Belghm,. They all assert tOat The importance of theS e ]aw Redevelopment of Oo«r" o£ isosluco s e ar S ne 8nt - »»/» « - «* — - » *■* — - T ~' 

level of the world market pnee. the financial disadvantage im- mlx% has not yet been suffi- isnglucnse production meets in this way consumers are . ■ '■ 1 ‘ 

at present by aboutl 5 per cent, posed on isoglucose by the EEC cient]v appreciated. This may these objectives. But it con- punished twice: first they have period either by cartels or toy anathema to the ffPWIZ * for saga 

The Commission fears there- measures have turned their 5e h e‘cause Lsoriucose is a new flirts with the Council s policy tn pay an excessively high price governmentMnd m either lndustp. The ann . of jthevCAP-beet are paW the fttiTmtervea- 

fore that isoElucose could ulti- profits into losses and reduced product little known to the for agriculture. “Tt has to he f 0 r sugar which leads to over- case backed and milked by i* not equality of ; treatment tion pnee-fqf ; thm bamr.;A 

mately replace as much as 3m the value of their investments ^-ider public and because the acknowledged." the Con nr i I told production: secondly, they are agrarian political .parties. < which would enable the more quqf a;, t while: :isagrapose pro- . 

tonnes of beet sugar, equal to which total some £2hm. Con- ri iscu e^inn of the EEC su^ar the Court, “ that, in trade in deprived of the benefit of a The pre-war international efficient producers to: captiire a. ducerff ‘have,, so*. to spealy 'nq. : A 
a 30 per cent share of the EEC s traction of new capacity at an( j rtarch subsidies levies a^nd a-riculturaJ products and pro- cheaper substitute because its sugar cartel allocated export greater part of the market) but quota. a ;resuU of ; pEeaa^ 
market. Tilbury had to be stopped half- refu and of T, rice i nten -en- ceased products obtained from production is made impossible quotas to national cartels in rather equal ^remuneration. In from -^ugar; producers,.-- ,w^» 

It hasto be added that Britain TO tion linked with tiiree different these, the Treaty has resulted by a levy designed to help to beet-sugar producing countnes OTins to . refute ; the^ '.eompUnfr- mMart 

is particularly suitable for The iwtsiuenee producers first types of production quotas for in free trade becoming the export the artificially achieved and the'se m turn allocated that the levy imposed ? n Court.lo participate lUIt th». 


«h- Commission and the Council. those i nvo k ed hy the isnelucose stabilise the market, as re- 
«n- He held that their measures p , 3 j ntiffs quired by the Treaty, but 


EEC sugar balance sheet 


1977/1978 
(in mniwn tonnes) 
Production benefiting from the 
intervention price (Quota A + B)* 
Production excluded from the 
EEC market (Quota C) 

Imports under Lorn* Convention 


Consumption ■■■* 

Surplus ex ported with th* Help of a subsidy • ■ 

In 1975/76 A quota was 83 m tonnes and B Jjuota Im twinw. 


i 9:35 -units :df-/acedunt ;pef’ .100 
kgs.; •. ' 

uses for subsidising- th& espbrt 
of - sugar surpluses r«^®g^ r 
from its> intervehtioit-^afee, 1 
• ( Quota : C is;' not eligfila ; for 

- price interveaitiqri .at a|E) 

- The same: levy which; applies 
to the'B-quota «t sugai^lias’beeh 

- imposed, ' entire 

. tion s of -;So^fiicose ^JCKrot^i *. 
reduced to cine half foi fitelfirst 
year 6T prodilctio n) . JThtt «jm-- - 
plaint of : the -fSogfucoses pnv; 
.-'ducers ..Is:. -that even ;: ;sugar 
1 factories, in: regions^ most snSiv- - 


international efficient producers to: capture a. ducerff^ye,, so* to spe^y'nqjA 


d^’elopment nf this industry attacked the regulations in the sugar, obscured the real issue exception and regulation, the surplus of sugar. 


production quotas 


For once, Tony Davies is happy 
to appear in a headline. 



1 

T 

1 1 

I 



talkjfig lu a factory supervisor, before undertaking 
a job evaluation exercise. 



m~-A 


m 


l?*i 





Al employees' suggestion, the Hartcliffc factory at Bristol included a supermarket 
—as mil as a bank and a Post Office. 


Since industrial news today seems 
to consist mainly of horror stories about 
strikes,lock-outs,crisisand confrontation, 
it’s understandable that Tony Davies, 
Personnel Director of Imperial Tobacco, is 
hardly eager to make the front page. 

“I suspect that most of the public * ‘ 
has a hopelessly inaccurate picture of> 
British industrial relations— just because 
it never gets to read about the hard 
work put in every day both by 
management and by unions, to keep 
companies running producti vely 

“Imperial Tobacco may be a case in 
point VfeVe grown to be a veiy 
substantial creator of wealth (and payer 
of taxes!); and there’s no doubt at all 
that good internal relations has been a 
major factor in our growth. 

, vt . „ . ^ Tart of that success, it’s fair to 

talking to a factory supervisor, before undertaking Claim, fiaS been due tO SpeCltlC advances 

a job evaluation exercise. in policy. Like the Imperial Tobacco " 

Pension Fund, which has covered full-time employees at all levels since 
1929, and was a pioneer in its field. And like the early establishment not 
only of equal pay for men and women, but of joint agreements on 
equal opportunity 

“But the heart of the matter is in the close working relationship built 
up over the years with our Trade Unions — through the hard day- to-day work 
of consultation, bargaining and problem-solving. Let me give some examples. 

“With Union co-operation, Imperial employees made a significant 
contribution to the detailed planning of two of our largest factories, making 
them both more efficient and better places to work in. 

“We maintain a continuous dialogue on problems like pay structures, 
job evaluation, re-equipping and cost effectiveness; and we’ve found that a 
joint approach leads to better solutions in all cases. 

“Recently, weVe been consulting on the changes brought about by the 
new EEC tax regulations —changes that are going to affect all of us. Once 
again, by sharing the problems, we believe we’ll arrive at the best answers. 

“ Its not glamorous stuff —either for the manager 
trying to meet a deadline, or for the shop steward 

who’s trying to represent his members ^ 

responsibly. But that’s what keeps the \ | 

business ticking-even if it never : i . 

makes the news? 1 

Tony Davies is one of the | < .stiff if ifc * 

20,000 strong team that makes \ 111 ”* 

up Imperial Tobacco, a major fli 

employer, taxpayer and investor » 

in Britain’s future prosperity. 

One major recent investment; the Horizon factory at Nottingham. 


sugar isoglucose is discriminating, thei gation on .the 5ide of thO* 
— r-i Coiunobl askod: “ Would equa- Council arid th e C hrnrmssa rin ---- 
Ltty of treatment ensure the the A quota is fixed.sotiisii-tl^t 
same remuneration? R quota _ production, reasch’ex 

Although the - isoglucose only a f ractiori of if 
producers claim thafthe 'EEC proportion of 1975-76 wfeen tiie 
measures offend the fun da- B. quota production i ,.;r^ad^ r 
mental principles of the Treaty only- one-eightfr of A: qaemt 
and are therefore invalid, their production, cme can conclude 
mai n grievance seems to be that that, the burden of the. levy per 
isoglucose is deprived of the unit oE production - is.; ogfit 
benefits which .. this EEC times on asogtocoss i&a» 

regulatory : system affords to it is. on the aggregate of Aajnd 
beet-sugar and, moreover, that B quota sugar. *Diis, . it £ is 
the measures depriving them of alleged# makes the production 
these benefits were taken of isoglucose quite uneco* 
without, proper warning and immical. ' r > - ; ‘ 
without -providing for- a There is no - doubt that the 
transitional period. In the final measures deprived- iMJgtoCTBe 
analysis, . . therefore. . the producers of the. advantage With 
isoglucose .producers are not which they started..- ~ Another 
protesting — at least not loudly— question is whether theyrshoold 
against the Sugar Directorate’s have this - advantage. Sugar . 
view that everybody should earn made , from North American 
' the same irrespective of the com (maize) is no better this in 
efficiency ^ with which he sugar . made ' from Central . 

produces. . ■• American cane. and neither haf' 

The isoglucose producers’ any merits -Ur eyes accustomed 
complaint of discrimination can to. the green, expanse >f sugar* ' 
; 'be understood only against the beet fields. 1 . 



for industry and commerce 


Whetherybu’reseekingfinancefbrexpansion, • 

for plant, equipment, property or a private mortgage, thfr'V; 
directors of Garfield Marwin personally investigate * : • • ’ ; 
, fr- i y t ■ -. your proposal. 

: i v.vj A letter or phone call will . • 

\ receive immediate attention.- ; 




Marvym 


For enquiries please ring r : V- 
Worthing (0903) 814008. : : X. 


Specialist brokers in corporate finance 

Ciiftonvifie Half, Hove, East Sussex, BN3 3fe - 




n 

hh nyv 

m 

[MM 

■ In 

|| 






In this Country of onrs^ there is tio-ohe ^o ; :3s:>ikv: '(! 
not connected, with the seal’ ,j‘ 

Half the food we eat com^ from across 
Many thousands of/us; our .reiatives .dr. ^ends .s&\ „ ^ 

past .pc present members of one .of . the _• ;>■ 

services, or of ah industry ctependeatph than, r ;V- 1: 

There" are many chariti^fp^. scalar ers 'atuL ttidir-.. - 
families. One, only one,' however., ^ 

. 'charged with 'collecting and: providing: duhds'jfor". all 
other seafarers* charities; hnd with: maJung^^that : 


Imperial Tobacco: people at work 


J 


Imperial Tobaao Limited —a member of Imperial Group Limited 


When you. want to remember our seafarers who 
are in. need, , remember. J£ing Gmrge’s VFtmd vfor 
Sailors. WeTI see fo it that not one peany cif yoar 
money. go k towaste. i 

Please send ybur-donatidn’tb> " : ' '■ . 


an 













INTERNATIONAL FINANCIAL AND COMPANY NEWS 





SWEDISH COMPANIES 


p ' WRAJ^ff CKJULFORCE 


„ , » , , ™ W in Setback at Renault after 

••••" 1 mom tm m Daimler link commercial vehicle loss 


BY DAVID CURRY 


PARIS, June .27, 


:'iusf ; 'from 


>y Guy Hawtin : 

FRANKFORT, June 27 PROFITS LAST year at .Regie IS is expected to give a boost to of the year by no less than 14 
ctrARp increase in activity Renault, toe parent company of toe company’s performance- per cent So far this year the 
i « n,,w mvi paiMtni innact. the State-owned Renault motor _ Bernard Hanon. who heads French market was 16 nor. cent 


J J*4 ^ing.on^ March.- «nt of JSSl wTiSS^SJBSi loss VSffH 9S23»* r dcIS SSff rjJTltl 'TTmiSS 

- - J0BW- that Fagersta may in fact be made an operating loss of q .. .. S2?_ .b “*£2HK S ““J!* !»*S “a 


wcpl^ned thatjtoe new company KrSOOm to the equity of . the 4^ for Fagersta’s two potential steel business but SweSsh FreS graimn ? eoopnses i jomt ven- registrations, ended up with in the American company’s fac. Finally, the industrial division. 

WU have had -to raise Krl^bn new company wS a further parmers UddSota stated that mitt rat too? to toe tolooS ture with Stey^Daimler-Puch to FFr 12.1m f£L«m> net profit tories. , ^h«h embraces rubber, machine. 

..«382mUn loans to supplement KrSOOm to be raised among them. Ft would conSnue with toe ranee ‘ “ “ KrlOOm bu4ld a DMSOto <$l45m) plant against FFr 610.7m (£73.5m) the He also said that the new man- tools, special steels, beariags 

4 . 4 ... - \ - ■ ** to develop diesel engines, previous year. Operating profit Dieted its work on the LeyJand 3 °d agricultural tractors, had 

■ . n.«F ^A.im fC. OQSm fCODm\ i j . i _ rmilfl n, hnnh>iKiitinn +rt nmfitt 


The company has enough was dow 11 from FFr 825m (£99m) land) seemed to bp renewing its m , a ^ e ho contribution to .profits 

orders in hand to guarantee t0 below FFr 400m (£4Sm) and interest in corporation with ’’dto the ills of the European 

operation at full capacity until cash flow slipped from FFr l.77bn Renault though be did not expect machine tool sector weighing 

well into next year. Despite toe (£2Um) to FFr 1.4bn (£168m). firm results until it had Com- Particularly heavily. - 

fact that BMW reported in May The group, which employs pleted it work on the Leyland 0Qt *r factors influencing ■ the 

that the Ugh point in toe car 243,000 people, does not publish model range. The co-operation Parent company results were toe 

boom had been reached, there is consolidated figures, but group envisaged under the previous 5 ay 7,? nt °L a F ? r 130n1 . ,,di . vi_ 
Still no sign that demand is sales topped F!rs 4 9.2 bn Leyland regime was based on the dend to the state and toe in- 

slackening. (Frs 44.6bn in 1976) to which production of industrial com- crease from FFr69m . to 

"unrinr j. •“««« « "*»iu «.-utr»|iuiius w me merease amprc uquia assets uuring me . . „ the car division contributed - 70 ponents. FFr 210.7m in corporation tax due 

rpnnrt It- o'S? J °fs_ of in toe loss iacured by LKAB. the period, thanks to the SKr 700m . At n.S me ®*' percent. Car production reached The commercial vehicle to toe exhaustion of rax credits. 

lit? tor ^ w!^e n ^!P s „ C0 ^ p i ny - Stateff^t issued for toe forma- « S 5 with toe^oup division, pursuing a FFr 6bn in- l^ijmpany turnover was 


Statsfoeretag stays in the red 

^ By Our Nordic Correspondent BY OUR mordic correspondent STOCKHOLM. June 

‘ ESSELTE^t^^rmi 0 companies controlled by these and other changes, the loss result and its 1978 budget 
AooEajiis, tne swmiy expanding statsfoeretae the swori.cT. state <= cv. i i 


BY OUR NORDIC CORRESPONDENT 


STOCKHOLM. June 27. 


4.' Si % on? for^ SI $h lbn ^ »*, • 4 position' and # promises that a period b« toVWs tolmcial P-»«* *«** of ^ Thetor'ecast for Ibis year is FFr of S&m in 1976 Sver the «£ 

cv- or- f °uw«ontJi loss; Is decision wfll be taken later this needs are still heavy and more First half turnover tor the for a similar output The group’s turning into u FFr 250m deficit, work of a small minority. With 
•: L - 2 /n J lai \ er 111311 that re- year about toe mining company’s loans are expected to be taken parent concern was DM3bn, world production is down by 1.3 The national market bad the recall of toe 9,000 people 

one. lof the sam t* catMorv oTn^ for the corresponding future operations. up during toe rest, of toe year. while group turnover totalled per cent over the .first five months declined by 6 per cent compared laid off at the Flins plant today 

’■ one Rjhare' - caIe S<> r y P ias period of last year but the Many of toe State subsidiaries The interim report does not DM3.3bn fSl^Sbn). Profits, said of toe year but the new Renault with 1976 and in the second half all factories were operating. ,• 

• * vt ; c fl 5V re ? are not strictly compar- improved their performance in include the accounts of SSAB Herr Von Kuehnheim, would be . . . 

satis factory: last year the group 
made DMl25.3in at the net level. 


Losses for Axel Johnson olfshoots 


: dnluntu.., ■ ‘"O £>* ««« Cl CAtCCUCU UA CHU(IUCU UlCil WIULU UiC □LiUC A «IV UCI LULL rTtL- vrAVitilPA , *4^ 

- t . fQrei ?. a the NJA steel company no longer targets. The loss made by BeroJ bolding. The legal position on n -TK^°}? , w2S n y?ul n S*?2K 

‘ form part of the group, while the Kerai. the - chemical company, the consolidation of these con- 

~5j ad at S nf? yH *^- d Elster textile company has been was reduced to SKr 18m, while ceras in the Statsfoeretag 

iBjgSaS# ^L..^f e i ro m added - Kabi. toe pharmaceutical com- accounts has not yet been clari- *» *S2wli 

hasbought 20com- jf adjustments are made for pany, improved on both its 1977 fied. engines for motor vehicle and 

.pomes, eight of them abroad, the stationery industrial applications. 

Jaygesr purchases being made in . . The new project will involve the 

'tlMi'Tf.S. and Britain. -wr 4* A 1 ~r 1 rv* 1 a setting up of a joint subsidiary 

3S^*w>*3Ef , £ Losses for Axel Johnson offshoots estet 

;19l7r78 were effected abroad. 

^Thp - purchase of Dymo should BY OUR NORDIC CORRESPONDENT STOCKHOLM. June 27. 

pjiMjrease this share to half of , 

-an- expanded turnover not far THE A 21 ® 1 Johnson group, SKr Ll bn turnover. table trading company, which 

sbiirt of BKr4bn. The philosophy Sweden’s largest privately owned Nordstjernan’s result, in par- turned in a pre-tax profit of 

■"bebitid' this foreign thrust Is business after Volvo, haa con- ticuJar. is misleading because it SKr Sim last year. It also has 1 . . 

Explained st rength in toe latest t^nued toe public disclosure excludes profitable minority a 25 per cent holding in the SHiGS lei 1*26 IS 
import. -- ■" . started last year by issuing, today holdings. This company covers Wallen ius shipping companies- & 

t .EsselteV Swedish companies full 1977 accounts for its: four the group’s shipping operations, These minority holdings added LEVERKUSON,' June 27. 

-‘generate' substantial cash but principal companies. These have toe steel plants which «r? con- over SKr 50m to Nordstjernan’s ... 


Vroom en Dreesmann confident 


BY OUR NORDIC CORRESPONDENT 


STOCKHOLM. June 27. 


to jointly manufacture diesel BY CHARLES BATCHELOR AMSTERDAM. June 27. 

engines for motor vehicles and 

stationery industrial applications. AN INCREASE of 42 per cent Profitability is at a reasonably FI 200m in the current year after 
The new project will involve the i n n et profit to FI 74m (333m) acceptable level, both in relation F] 235m. This expansion is to 
setting up Of a joint subsidiary last year Q Qf _ to capital employed and turn- an extent forced on the company 

which will be formally estab- . ; - r > n . int i__ over. But compared with V and because of rising costs and 

Lished later this year. accounting, is an- q similar companies in the U.S. pressure on margins, it said. 

DrMsmann. ^Holland’s* barges" S"JS ^ ^ v ^ ? VV b ^" 

retail chain. Historical cost u- eh s e d r les F ™® hi I 0 re ^" e a “JSf deveiopin® a chain of lingerie 
profits rose by 35 per cent from KS cMwine ErtSvanSs stQres jn Bel Sium. together with 
FI 62m to FI S4m while gross not frem itl lhe ^^.-Inno-BM group which 

sales were 16 per cent higher at Suteh "Si ?toFM° t bSf a from is also participating In the setting 
FI 3.97b 0 «l.78bn,. participS in oTher compaL™ “»„» JSi^f B 0, H & lmpra,e- 

The first quarter of toe current and from non-retail operations. 6511 anQ- 

year confirms the privately- V and D has extensive plans to The annual report showed 
owned company's expectation modernise and expand its retail that V and D is acquiring 37 per 


Bayer sets 


, . . 6"UUI Km . _ OUVOUM4UCU . V 0.0*1 l/UL I « — . ----- I- — — _ — Y -w — ' D A VW *11 _ 1 . \ m g+ x-, M _ w o w^vvmMUW IMVIUVXU^ auu ^Apuuu 113 lVkO.il * i*o\x x^ v ■ KV. » 

• jB^ost already possess a large to be dealt with separately centrated on stainless steel pro- earning. Together with a net bayek wul need to nit turn- t hat the operating result for the network in Holland and abroad, cent in Dillard Department 

share of the domestic market and because the cross-ownership ducts, the engineering subsidi- extraordinary income of SKr 48m, over by between 5 per cent and year will equal that of last year, according to the annual report. Stores of Little Rock, Argansas. 

‘ " -therefore have little potential pattern and minority holdings aries and construction, computer, derived mostly from toe sale pf 6 P e r cent during the second Operating profit rose 22 per cent Investments in fixed assets and In February it said its share 

.’’for expansion. The policy is to make a consolidated appreciation insurance and bus companies. ships and other assets, they naif of 1978 if sales targets for [ 0 FI 207m in 1977-78. participations is expected to be would be 3H per cent 

• • 'mobilise toe 'financial resources impossible. Its contoined sales dropped by produced pre-tax earnings of the year are to be achieved. 

- rtf these “mature* companies Briefly, the largest subsidiary. SKr 94m in 1977 due mainly to SKr 72ra against SKr 50m in AP-DJ reports. 

'fhYidore swiftly expanding com- Nordstjernan. reports a pre-tax weak demand for engineering 1976. This was emphasised at the rrlifo icrilri RniK^P varaorac 

pinles abroad, Hvhich need liquid loss of SKr 55m (S12m) on products. The operating result The shareholders’ report notes annual meeting by the manage- il&illiJ IijMIv l vl Ilia wt/uawit rtagva 

- -resources for their expansion. SKr 4-fifibn (Slbn) turnover. The rumbled from SKr 3Sm to that last year's krona devalua- meat board chairman, Herbert ^ J 

: i Two subsidiaries illustrate this trading concern, A. Johnson, re- SKr 15m. Net interest charges tion has improved the competi- Gruenewald who confirmed that BY OUR OWN CORRESPONDENT AMSTERDAM, June 2 1 . WllJ ||0 |jai(l 


Boussac wages 
will be paid 


tf touted- SKr 42m to - group and NYA Asfalt, the construe- story because Nordstjernan has this is not calculated to give any Germany, 
■operattog- profit, on- capital em- tion and civil engineering com- a 40 per cent interest in Saba, appreciable growth in earnings T aQt _ 


pany, • tost SKr 1.2m ; on an the wholesaling, fruit and vege- before 1979. 


ployed of SKr 96m. 



RATIONALE - NEDERLANDEN held. This means 1^07,770 shares PARIS. June 27. 

said it has priced its one-for-ten will be issued, valuing the rights THE CREDITOR banking pool 

rights issue at FI 97.50 per FI 10 °ff» at $57m. . of the siting Boussac textile 

G^nnanv ■ ~ ' nominal share/rpno^itarv r^peint Eac “ subscriber will receive an group has agreed to advance the 

Germany. °P tional entitlement and war- group cash so that it can pay its 

Last moftth Bayer reported This compared with todays olos- ra nts wi]J be is3Ued anting the n.000 workers their June 
parent company first quarter ing price of the insurance holder to purchase depositary salaries, and give them an 
turnover of DM 2.61hn, which group’s shares of Fl 104 on the receipts representing 10 shares advance for their four week's 
was the same as for the 1977 Amsterdam Stock Exchange. In Nationale-NederJanden at annual paid holiday in July, 

quarter, while world group turn- Holders of 60.000 warrants Fl.125 until August 1. 1988. Sub- Credit Lyonnais, the nationalised 

over rose to DM 5JS5bn from attached to the 830m debenture scriptions for 20 shares entitle bank which is representing the 
DM 5.41bn. World turnover for loan issued in 1976 are also the holder to one new warrant, pool announced this today, 
the first quarter included for the entitled to a preferential right Dealings begin in the rights on The pool advanced some 
first time sales of Miles on the basis of 1.1 new shares of July 3, and subscriptions are FFr 25m. 

Laboratories of the U.S. Fl 10 for every warrant already open on July 11. AP-DJ 


THIS A-fKOUNCKBOXMT APPEARS JUS A MATTER OP RECORD ONLY 


COMMUNAUTE URBA1NE DE MONTREAL 

QUEBEC 


tSJIUliJ-* 


U.S. $250,000,000 
TEN YEAR TERM LOAN 


MANAGED BV 


CHASE MANHATTAN LIMITED 


COMPAGNIE FINANC1&RE DE LA 
DEUTSCHE BANK AG 
MERRILL LYNCH INTERNATIONAL 
BANK LIMITED 


CO-MANAGED BV 


ALGEMENEBANK NEDERLAND N.V. 
BANQUE SJROPEENNE DE CREDIT [SEC] 
CANADIAN IMPERIAL BANK OF COMMERCE 
THE MITSUBISHI BANK, LIMITED 

:thetokai bank; limited 


THE CHASE MANHATTAN BANK, N A 
0EUTSCHEGIFK)2ENTRALE INTERNATIONALS A. 

"THE ROYAL BANKOF CANADA 
BANQUE CANAOIENNE NATIONALS 
BERLINER HANDELS-UND FRANKFURTER BANK . . 

THE DA1WA BANK LIMITED 
. PROVINCIAL BANK OF CANADA 
■ TORONTO DOMINION BANK 
•’ BANKERS TRUST COMPANY 
THEDAJ-ICHI KANGYO BANK. LTD. 

. LANDESBANKRHEINLANDPFALZUND SAAR ■ 
INTERNATIONAL SA 

The hokkajdo takushoku bank, limited 
kredieTbank N.V. 

THE MITSUI BANK, LTD. 

THESAJTAMA BANK. LTD. 

THEBANKOFTOKYO. LTD. 

GIROZENTRALS UNO BANKDEROSTERREICHISCHEN 
' SRABKASSEN AKTJENGESELLSCHAFT 
BANOUE EUROPEENNE DE TOKYO 
BADISCHE KOMMUMALE LANOESBANK INTERNATIONALS A 
THE COMMERCIAL BANK OF AUSTRALIA LIMITED 
JNVEST1TIONS-UND HANDELS-BANKAG 
MEES AND HOPE FINANCE N.V. . 

COMMERZBANK AKDENGESEUSCHAFT 


PTOVIDEDHY 


DEUTSCHE GIROZEMTRALE 
INTERNATIONALS. A. 

THE ROYAL BANK OF CANADA 


BANQUE CANAOIENNE NATIQNALE 
BERLINER HANDELS-UND FRANKFURTER BANK 
THE DAIWA BANK LiMITHU 
PROVINCIAL BANK QF CANADA 
TORONTO DOMINION BANK 


COMPAGNIE FINANCIERS DE LA DEUTSCHE BANKAG 
MERRIU LYNCH INTERNATIONAL BANK LIMITED 
ALGEMENE BANK NEDERLAND N.V. 

BANOUE EUROPEENNE DE CREDIT (BEC) 

CANADIAN IMPERIAL BANK OF COMMERCE 
THE MITSUBISHI BANK. LIMITED 
THETOKAI BANK. LIMITED 
ASSOCIATED JAPANESE BANK (INTERNATIONAL) 
LIMITED 

HYPOBANKINTERNATlONALSA 

THE MITSUBISHI TRUST AND BANKING CORPORATION 

DO BANK DEUTSCHE GENOSSENSCHAFTSSANK 

JAPAN INTERNATIONAL BANK LIMITED 

THE LONG-TERM CREDIT BANK OF JAPAN, LIMITED 

THE MITSUI TRUST AND BANKING COMPANY LIMITED 

THETAIYO KOBE BANK LTD. 

BANOUE BRUXELLES LAMBERTS A 
NEDERLANDSE CREDIETBANK NV 
THE BANK OF YOKOHAMA LIMITED 
SOFIS LIMITED 
BANKOFSCOTLAND 
HOUSTON NATIONAL BANK 
LONDON & CONTINENTAL BANKERS LTD. 

TOKA1 BANK NEDERLAND N.V. 

HAWSE BANK SA, LUXEMBOURG 


SONATRACH 

(SOCEETE NATION ALE POUR LA RECHERCHE, 

LA PRODUCTION, LE TRANSPORT, LA TRANSFORMATION 
ET LA COMMERCIALISATION DES HYDROCARBURES) 

U.S. $218,000,000 

CtTAEANXEKO BY 

BANaUE AX.GEREE2WE DE DEVELOPPEMENT 

TOR AMU OK BKHAU? OP 

THE DEMOCRATIC AND POPULAR REPUBLIC OF ALGERIA 

MANAGED BY 

ARAB PETROLEUM INVESTMENTS CORPORATION 
BANHAMERICA INTERNATIONAL GROUP 
BANK OF MONTREAL 

BANKERS TRUST INTERNATIONAL LIMITED 
CITICORP INTERNATIONAL GROUP 
CONTINENTAL ILLINOIS LIMITED 

COOOAMAGED BY 

ALGEMENE BANK NEDERLAND NV 
THE BANK OF TOKYO, LTD. 

MEL LON B ANK, N.A, 

SECURITY PACIFIC BANK 

SOCTETE CrEKEEAXE 

UNION MEDITEKRANEENNE DE BAN Q.TJE S/UNITED CALIFORNIA BANK 

PROVIDES BY 


AGENT BATflC 


THE CHASE MANHATTAN BANK, N.A. 


FWANaALAmfflRTQVftBOPmw&t 

MERRILL LYNCH WHITE WELD CAPITAL MARKETS GROUP. 

MBWJ.LYNCH. REPCE. FB'W® S SMITH INCORPORATED 


ABASPETROIXUM INVESTMENTS COKPOBATION 

BANK. OV MONTHEAL 

CITIBANK, NJL 

SECURITY PACIFIC BANK 

THE BANK OF TOKYO, LTD. 

SOCIETE GENERALS 
UNITED CALIFORNIA BANK 
BARCLAYS BANK INTERNATIONAL LIMITED 
CANADIAN AMERICAN BANK, S.A. 

GBZNDLAYS BANK (JERSEY) LIMITED 
IRVING TRUST COMPANY -M. 

THE SANWA BANK, LIMITED 
BANOUE COMMERCIALS POUR L’EUKOFE 
DU - NO HD (EUBOBANK) 

BHF-BANK INTERNATIONAL 
THE FIDELITY BANK (FRANCE) 

INTERNATIONAL COMMERCIAL BANK- 
LIMITED 

THE NTKKO (LUXEMBOURG) S d* 

NORDIC BANK LIMITED ' 

AP BANK MMTCSD 

THE BANK OP YOKOHAMA LIMITED 

BANQUE ERANCAISE DECR EPIT 
INTERNATIONAL LIMITED 

THE NATIONAL BANK OF KUWAIT S.A.K. 

PIERSON, HELDRZNG A PIERSON 
(HONGKONG) LIMITED 


BANK OF AMERICA NT & S A 
BANKERS TRUST COMPANY 

CONTINENTAL ILLINOIS NATIONAL 
BANK AND TRUST COMPANY OF CHICAGO 

ALGEMENE BANK NEDERLAND NV 
MELLON BANK, N.A. 

UNION MEUtTEHRANEENNE DE BANQUET 
BANCO DE LA NACZON ARGENTINA 

(NEW YORK BRANCH) 

GERARD BANK 

MITSUBISHI BANK (EUROPE) S.A. 

LONDON tc CONTINENTAL BANKERS LTD 
ALLGEMUNE DEUTSCHE CBEDIT-ANSTALT 
BANQUE INTERNATIONALE POUR 
L'AFRIQUE OCCIDENTALE (B JJLO.) 

CANADIAN COMMERCIAL AND INDUSTRIAL 
BANK 

HARRIS TRUST AND SAVINGS BANK 

INTERNATIONAL RESOURCES AND 
FINANCE BANE S.A. 

NOMURA EUROPE N.V. 

PKEANKEN INTERNATIONAL (LUXEMBOURG) S.A. 

AUSTRALI A AND NEW ZEALAND BANKING 
GROUP LIMITED, lohdon 

FIRST NATIONAL BANK OF OREGON 
GOLDEN STATE S ANWA BANK 
PAN ASIAN FINANCE LIMITED 
UBAN-ARAB JAPANESE FINANCE LIMITED 


YAMAICHI INTERNATIONAL (NEDERLAND) N.V. 


CITICORP INTERNATIONAL BANK LIMITED 


37TH JUN£ 1378 


a ONE 5, 1973, 





Financial. Times We^nes^ 'Jui® 


•J -• -.-.'Vv-V,£r3& 
- ' ■ 







anbic forecasts further 
growth in earnings 


BY RICHARD ROLFE 


JOHANNESBURG. June 27. 


\ "URTHER increase in profits of the preliminary figure* to strategically important develop- 
forecast by Standard Bank 410 eenis, where the histone went. 

Investment Corporation yield is 6.S per cent. . Finally, after the March 31 

iSranfiicl. (he South African At the heart of Stanbic’s fore- year-end. Stanbic acquired VDC 

snh-idkiiT uf Standard and casts is ihe plan to achieve a Bank, the most viable part of the 

Chartered, for (he current " maintainable return of 16 per | 0( . af udc Holdings Group ini 

finaneia] period, winch will he cent on year-end shareholders vvhich UDT was one of the! 

lor nine month < to December 31. funds- Last year, the return was tWQ major shareholders. The! 


Japanese 
move into 
U.S. bill 
market 


fftl Sica tag a change in (he bank's jj*- 1 
year end. 

Oil Hu 


per cenL but Mr. Ian relurn on this investment is 


Mack ensue, Ihe chairman, says in expected to ho well above Stan- 
his review that Its per cent will bi £* s group aggregate. 


forecast. Stanbic's j, p rCl ,lised in the current period 


growth path. interrupted by high an( j lbat the figu re would he Stanbic's profit plans for the 
prn»i>na f r, r oad denis in higher but for the need to year build in various macro- 
J97K-T7. but resumed jn the year - e 'q U ip the group for future economic assumptions, including 
ended March 31. 1975. will be expansion and the improvement an increase of 2.5 per cent in 
continued and the slated policy 0 f services to customers." • - Smith African GXP. a rise of 12 
of paying nut 5i> per cent nF while the changed year-end per cent in the money supply 
di <: rihutabk' profits in dividends complicates projections, analysts and an intiatioo rate of just over 
augur* well fur an increased heliev-? iliat annualised earnings io per cent Because of conliou- 
p.i;. ment lu shareholders- in the could be around 63 cents a share ing problems on balance of pay- 
current period. for the current period with an minis capital account, interest 

annualised dividend of about rates are not expected In decline 

sharply during the year. 

events of the 


Last year. Sianhic'x taxed cenls a s bare. 
pnifiis improved from R 2 1.2 m Kevit-wins the 


io 113 1.7m tS3«.lnn but the p^t 'year. Mr. Mackenzie singles On the bank's capital hast- the 


farmer figure was after providing out t '}, n »e oi particular import- chairman is ambiguous. Stanbic's 


TJ12m a-jainsi loans io ihe 


a nee. First, the group forged 


plans indicate that no further 
capital will be required in the 
current nine months to Decem- 
ber. But the growth of business 


failed township developer. Glen j Jn v.< with the Prudential Equity 
Anil. Over the year, share- Building Society (now renamed 

holder-- fund*' grew from RlS4m Standard Building Society i in an ... . . 

in F.l’oijh and lutal advances, attempt io widen its- range of and stock market conditions "will 

including hire - purchase customer services despite the risk dictate our strategy in seeking 

contracts. from Rl.Shn to of directing deposits away from additional capital." Like Barclays 
R2.1bn. The dividend was raised th e hank. Second, it successfully National, the other UK-controlled 
fro . ii 22.5 ro 2$ writs a tendered RlOOoi of leasing bank here. Stanbic's parent, now 

share, and this was Ihe signal finance Tor Iscor. the State steel holding 63 per cent of the local 

f i •;* ihe 'hare* - to go ahead group, for equipment on the new company, has 10 reduce its stake 

sharply from 355 cents ahead (irouiceluk i-uking coal mine, a to 50 per cent by l'.'So. 


lime Darby units in $9m deal 


BY WONG SULONG 

TWO SUFSIPf ARIES of 


KUALA LUMPUR. June 27. 


Sime 

Darby Holdings — Kempes 
Rerhad. Lin gm Developments — 
have reached agreement to dis- 
i«tse i>f their shan-s in ihcir 
parent company, fur mure than 
21 m ringgits i almost U.S.S?9mi. 
Thereby resolving the problem 
arising from their inability tn 
iv*ci*ii >• ih*> recent scrip issue 
nude »•> Sime. 

Kempes and Linaui respec- 
tively held some 4.7m and 70.000 
..hare< in Sime Darby, which 


The two subsidiaries today The purchase means that 
announced that they have now Permodalan Nasional how holds! 
sold their Sime Darby shares, 9.55m shares of Sime. nuking 
including their right to the scrip it one of the major shareholders, 
issue to Permodalan’ Nasional Applications for these shares to 
Berhad. for a cash consideration he listed in the various exchanges 
of 21.516m ringgits. Tbis works arc being made, 
out at 2.225 ringgits per share. + * + 

Permodalan National Berhad is „ . _ , , ^ 

a subsidiary of the Bumipulra \* ilkinson Kuhber Process 
Investment Foundation, which Company has reported a 17 per 
tbe Malaysian Government £ ent increase in profit for the 
launched two months ago, with half-year ending March, and is 
an Initial allocation of 200m nuking a one-for-four scrip issue, 

Wong Sulong writes from Kuala 


By Yoko Shibata 

TOKYO. June 27. 
JAPAN'S LARGEST private 
institutional imesior has 
started fuXJ-scalc operations 
in overseas money markets. 

Us action nay lead 

other Japanese institutional 
investors and companies with 
high liquidity to folio"- 

Norin-Chukin Bank, the hank 
for agricultural, fishery and 
forest co-operatives, bought 
5490m OF U.S. Treasury bills 
in the 10 days to the end of 
Iasi week. The amount is the 
largest ever for a Japanese 
private institutional investor. 

The U.S. hills are of less 
than one year’s maturity, with 
most of them falling due in 
two to 10 days. 

The bank has started to 
extend its money market 
operations to overseas markets 
in spite of the recent upsurge 
in the yen. The hank is aim- 
ing at widening interest 
margins. While short-term 
interest rales of the U.S. have 
been rising, interest levels in 
Japan have been failing — in 
line with those in West Ger- 
many anil Switzerland — against 
the background of ihe series «r 
official discount rate cuts in 
the past year. 

In order Io protect itselr 
against ‘the sharp rise in the 
yen in the foreign exchange 
markets. Ihe bank fixed the 
relurn in advance by operating 
in the forward market. In thr 
Tokyo foreign exchange 
market, ihe yen reached its 
peak at the beginning of this 
week, at Y2n5.10 to the dollar, 
and in the forward market 


TATA IRON AND STEEL 


■ - . -.**’•'* v v •; • ‘ - . ; r ‘ 

■ .'. •• • i- -v- {• 

V . ‘L - •*£>.-•£ 



BOMBAY, June\27.^ 


BY R. C MURTHY 

-r* latest steel nrice rise of industry. Demand for steel Ss~ tion fands; set np;;earliff;-'4i^' 
AN INCREASE in dividend. 7?.. ,75 ner tonne would mean a picking up witlv an. Improvement miqiirces. ln 
from 10 to 11 per cent, is 0 .: n . -f Pr isom ■ in construction activity.'' controlled'. hyT-^the'- .GovferqmoM;. 

announced .by Tata Iron and dnonbcal IJD -TV • , which, mU‘ decide ‘on: mSSm 

Steel Company tTlSCU- despite . Despite higher production md ot a u 0Ca tion affibog'-puhlinSi' 

a dip in pre-tax profits for the were only ^ sales, pre-tax profits of TISCO nriimte &nuL ! : «&- 

year to March- I97S 


blue chip and one 
oace-setters for ihe 


ket. has resorted to this dividend ’WF® 0 ** C0St ^ i"^ ^ ora ton^^'fe ^SCO-for^ 

policy on the espectation of. a j ? Sat a was .“- .1f ala " on , in '1 m,: “ -cbmpanji-s own • — 

substantial increase tn profits in calculations maieaie -% a >, * of raw matenals and stores and- clai 7 , “ ■ -. 

the current year, following the d ePr«nation_ pfdvjsiom - 1 ^^ ehvjsagod ^;^ 

per tonne win nave to pe given. Hawpypr. m view oL an almost^ sir jw- 'Mjc 1 

rr r? 


revision 
June 5. 


of steel prices from 


tegrated steel plants, as distinct fixed a 
from small electric arc furnaces for TISCO 


the Government The consumer iz per cent next year, auu pan y ^ a d to’ d 

prices of steel at all major the surplus after appropriations ^ general reserve to pay a lO 
. .. — - — • »«•- —►■li «« txansierred to ° -- - — 


produced 


centres in the country are uni- will have to be 
form under a pricing scheme general reserve- 
laid down by the Joint Steel The company 
Plant Committee, 
gets its retention 
making provision 

and freight, which .. = - , . , _ 

out to more than a quarter of accumulated last year following modernisation 


Govemniett fo0ts;apprav^-. 

Per cent dividend for jhat year. 
a The June 4 steel price increase , wire rod' mUIi ipductioh';of 1 



steel installed, ^capacity- Is- to be ^raised 


the consumer price. 


recession 


engineering- industry. Unlike the modemisa* to 2m tonnes. 


Sharp rise at Koor Industries 


BY L DANIEL 


TEL, AVIV, June 27. 


, ringgits. The foundation was 

iv*vnf iy announced a nne-for-one formed to buy up shares reserved Lum pa. 

.scrip i««ue. But because of the fnr Malays, and hold them in The company, w-hich manufae- 
UK !.:<•( Ml pariev Act r esulations trust, to give fht- Malays greater tu . re . s rubber products for tbe 
Sime (-annul issue the extra scrip participation in the Malaysian mining industry, recorded an 


KOOR INDUSTRIES— the 100- 50 per cent or more) came ta ance portfolio from 1 l£14bji Tn 
factory holding company of the ]£13bo— a nominal growth of 60 1976 to L£20bn . ($1.1 bn) in 1977, 
Israel Labour Federation— per cent and a real one in L. . Daniel writes from Tel- Aviv, 
reports a 75 per ceot rise in its inflation terms of 11 per cent. Premium income increased by- 
pre-tax profit during 1977 to Koor’s exports in 1977 came 43 per cent -to ‘ I£322.3m vrtiUfi 

i l£577m iS33mi — an increase in to S260m and a farther increase premiums in respect of elemen- 

| real terms of 30 per cent .if has been recorded during the tary insurance rose by 47 per 
i inflation is taken into account first half of this year when cent to I£426.6m. 

] Tbe profit represents 6.3 per exports came to nearly $150m— Total pre-tax profits, including 
j cent return on a turnover of a 20 per cent gain on the same a revaluation of linked invest- 
i li'fl.2hn ($525. 7m) as compared months of 1977 Overall turn- ments- which were not realised, 

I with 4.9 per cent on a turnover over increased by 63 per cent in stood at l£86m. . 

commands a premium over the of Iffi.Tbn in 1976, according to the January-June period of this There will be no cash dividend 

spot rale. Koor director Mr. N. BlumentbaJ. year as compared with the first but a 100 per cent bonus share 

In ihe interbank market, the I Frofit after tax amounted to 0 f 1977 issue- 



Tax moves , to 
stimulate r 
IsraeU miiustTy 


premium on yen for delivery 1 1 £324m compared with only The concern intends to in- . Reserves for life insurance 


one month forward has lately | l£ll5m in 19/6. About half of crease its investments tbis year increased by _ some T£S00m "to. 

• r . m. khaAv ■■•fie . TCI CTW n f*n ni f«i 1 funHc - on/}' 


been over 5 per cent. This i the net profit was derived from by 50 per cent over" 1977 to a I£L5hn. Capital funds iahd 

S..bI.. 1 inrlncfrr'jl ( hr. me. mirtpf and .. ,u.n rocorvot 


ru i»s !»o subsidiaries. 


corporate sector. 


Goodwood Park Hotel 


BY H. F. LEE 
GROUP PROFIT before 
Goodwood Park Hotel, 
puro's bia?e5l hotel 


after-tax profit of just orer lm 
ringgits (U.S.S420.000) for the 
first half of its financial year, on 
a 15 per cent increase in turn- 
over of 7.84m ringgits 
( U.S.$3.3m >. 

The company says that the 
scrip issue would be made out of 
its general reserves account. It 
also intends to increase its share 


SINGAPORE, June 27. 
tax of Hotel .Malaysia and Ming Court 
Singa- Hotel also returned better 

chain, results. . 

■Inclined by 11 per vent to Hotel Malaysia registered the capital from 10m ringgits to 20m 
SB2Sm i U.S.Slrui in the half sharpest gain with pre-tax profit ringgits. 

year to March. The downturn rising by 135 per cent to Although the first half year 
(tink place in spite of a S per S$ 603.232 despile a mere 2 per profits were buoyant, the cora- 
".nt improvement in turnover to cent increase in turnover to pany points out that the second 
S$ 1 7. Sin fUSS 7.7m >. S$ 3.09m. half results are not expected to 

The parent company, which Ming Court Hotel reported a match those of the second half 

operates one of Singapore's 10.S per cent increase in pre-tax of fast year, 

oldest hotels, however, turned profit to S$ S55.S40 on a 7.6 per As such, profit for the current 
in a much Improved performance, cem increase in turnover to year would be in Jine with that 
Pre-tax profit was up 7.5 per cent S$ 6.11m. of last year (2m ringgits') and 

to S$ 1.5m on an 11 per cent Tbe group has interests in the level of dividend will be 

improvement in turnover to property, printing, entertainment reduced in line with the increase j 

Sv H4m. and inventions, as well as hotels, in capital. 


premium would effectively 
eliminate the yield margin on 
U.S. Treasury bills. How- 
ever. the hank was ahle to 
arrange exchange snaps on 
favourable term's because of 
the size of its transactions ana 
hea\y competition between 
banks dealing iu foreign 
exchange. 

The rate on three-month 
Japanese bills was around 5.25 
per cent in January, against 
the 6-4 per cent on live three- 
month U.S. Treasury bills, 
which left an interest spread 
of about 1-2 per cent How- 
ever. the rate 00 Japanese bills 
has declined to around 4-75 per 
cent, while that on U.S. three- 
month bills is about 6.6 per 
cent, so that the differential 
has widened to about 2 per 
cent. 


industrial (home market and total of LE900m ” reserves totalled i£1.95bn — a gain 

export) sales, with the remainder . . ’. . . of 56 per cent over 1976. 

accounted for by the sale of ■*-■*■*■ Holders of fixed life insurance 

securities <I£70m), and opera- Migdal Binyan — -the Israeli insur- policies are to receive a bonus 
Lions of the concern’s trading ance company with the largest on August 1 with the 2a mount to 
companies, mainly abroad life portfolio and overall second be paid out coming to LE225m. 

(IVSOm). in sire only to Hassneh Insur- Life insurance activities wet? 

The consolidated balance sheet ance Company of Israel which is responsible for I£23m -ofc profits 
total (which includes only' those owned by the Labour Federation and elementary insurance 1 for 
companies in which Koor holds — reports a rise in its life insur- another I£2.7m. r ‘ 


Tokio Marine 

Tokia Marine and Fire Insur- 
ance Company after tax profit 
fell 17.4 per cent, in aHcr-tax 
profit for the year to March 31, 
to Y16.l7bn ($78.5m), from 
YlS.SSbn in the previous year. 


CSR sees year of consoMatioii 


SYDNEY, June 27, ‘ 



BY JAMES FORTH 

CSR. the major sugar, minerals. Deferring to the minerals profit of AS6m.' Coal shipments 
building products, chemical and division the directors disclosed totalled 135Sm tonnes aod the 
pastoral group, expects that that Pilbara Iron lifted profits, company now had the capacity to 
capital expenditure in 197S-79 by AS2.8m Io A$14.7m. CSR produce 23m tonnes a year. , - 
will be lower than AS93m owns 68 per cent of Pilbara Iron. Gove Alumina, which is 51 per. 
»U.S5107m> soent in the year which in turn has a 30 per cent cent owned by CSR and- has a 
to March 31. In their report with interest in the Mount Newman 30. per cent interest in the Gove 
the accounts the CSR directors iron ore operation. The direc- bauxitealumiha venture " in 
said the group was however, tors said that the Mount Newman Queensland, earned a higher 
pressing on with major invest- associates ■ had deferred pre- profit of A$7m. Gove Alumina 
ment programme?. The A$93m viously contemplated expansion and Swiss Alumfarium were 
capital expenditure in 1977-7S of the project from the present undertaking investigations and 
was itself about 9 per cent less capacity of 20m tonnes of iron studies into the possibility of 
than in tbe previous vear. The ore a year to 45m tonnes, but establishing an^ . aluminium 
.. MW . u .^ PK .. w , fWl .directors said the group was that contraction of^ASlOOm smelter in Austrafia. r. : -V- 

Reuter reports from Tokyo. I reasonably liquid and that the heavy media beneficiation plant Referring to the Hail Creek 
The dividend is reduced to i cash flow was substantial. was proceeding. coking coat project in Queensland^ 

Y5 a share from Y5.5. I th,> v*,r -.hp^ri «hn,»M h* n n* The Japanese steel mills had in which CSR controls a 54 per 

AS465roi 


This announcement appears as a matter of record only. 



STATE OF ESPIRITO SANTO 


U.S. $10,000,000 MEDIUM TERM LOAN 


Guaranteed by 

The Federative Republic of Brazil 


arranged by 


iaii Bask Limited 

-EUROBRAZ V . 


provided by 


Bank of Tokyo and ^Detroit (International) Limited 
The Bank of Yokohama Limited 

European Brazilian Bank Limited - EUROBRAZ 
International Commercial Bank Limited 

PKbanken International (Luxembourg) S.A. 

The Sumitomo Trust and Banking Co., Ltd. 



European Brazilian Bank Limited - EUROBRAZ 




By Our Owtt Cpjrospbhdeht: ' “ T 

. . :Vo7tEL Junfe:ij7X; L 
[TWO' LAWS' fosttaiulate rinvtsti.l 
toehts iOv'.Israel I . indvffitry r- ate, ■ 
being considered "by H»e : Knesset ' 
Finan^eJCbminlttee: ^ Tbe-first is 7* 
-asUjietf-^ ^afc‘ >rastbrihg. = Brti _ profit^ 
ability;.# j ihanitf^cturing Indus- - ? 
try^ «nap aied.wlth that of bahfcs^f; 
services -.trade, and construction^ : 
which. ;nasi risen ;over the - pasT ; 

' . .JSis . Jaw, provides for,, ' fae.-'^ 
reduerjen ; ;of company, tax ; from 
61>penrrcent ^tb 52 pec; Cent.; 
provided that, Uie. profits j_areL^ 
reinvested in means, of. pirodaer. 
tion." Costs . incurred in raising ^ 
capital- on: the. stddt exchange.^ 
are in future to he recognised ^. it 
as bnslness expenses. • Further- 
{Ynare,^; ^iudustriab - plants- : wili c. 
1 receive' a tax exemption . Qn part - 
of- the-.' paper profit • on: 'thetf • 
Inventor j es' which ■ reflects -infia^ 
frttoni'T They vHli- - be ahle;^ 
to depreciate industrial, .equip;;,, 
ineht within -tfwo years in order .* 
to provide them -with the. capital"? 
required, to increase output and \ 
exports.-; 

These’ proposed" benefits ';wUil5 
cost ihe Treasury an estimate^;'. 
I£l5bn , ($85m) a year. :;.. - 
The second -Jaw is ro: Simplify 4 
and extend benefits' offered , to-'. . 
investors ~in~ industrial plants^ ~ 
Entexprises~ approved Under the^ 
law f or :.tbe enwmra^ment ofT 7 
capital - investment ;are to ' • be-:'s 
exempted from . .income ^tax for . ■ 
the. iizst five-years. . l-^vl 
New plants in Grade A De* - 
veio{nneat areas are to get graufis . : 
of 40 percent of- the total inve&H*- 
menJC and a" farther 3ft per ecepLy 
iriloans .at 20 per cent. totfiC^^L 
a- law rate in camparisdn;Wf8i- ,V 

the untaxed gain bn G6vbrhment ?7i; 

bonds linked -to the- cost-of-living.^ 


ratios improved. Tbe Board saw 
nn immediate need to seek new 


that 


cent index comes-to about ; 40' per cent.* 


they had contracted but had it would be some years before 

assurances that the steel markets recovered and 

C nri ' nrifiiMhin™ rm’ttnniw Australian share of this market development became' feasible, 

nd profi Jblc ^JPPjrtuniW wouId be maintained at 48 to 50 But the -carding costs in the 

It wj$ expected that per cent - meantime would not be bnrden- 


emerged. 
holders >jf 


AS22.4m of deben- 


Tofal shipments by Mount some. 


f ir ., m ^ . » lUlUi DIlipLUCUIO _ i/,» JUVU1IL The project involved a 

’ u ‘;i' . Newman in the current year were mine capable of' producing- 4bm 

\\ ou I d ? l . v ^ n f ^bc opportunity expecte( j t0 be about the same as tonnes of coal a year. 

t0 ° ew CSK in 1977_7S * bu t the joint venture Studies were being undertaken 
SLTuniie*. was j n a g00t j poS jtion to exploit to determine tbe potential for 

As previously reported. CSR increased shipment opportunities development of the steaming coal 
lifted profits almost 7 per cent, which were expected as the reserves at Theodore (1,240m 
to AS43.$m in 1977-78, with the world economy recovered. tonnes and- 42.5 per cent owned 

principal contribution coming The coal offshoot, Buchanan by AAR) and Taroorh (125m- 
fton 1 (he minerals and chemicals Borehole Collieries (92.65 per tonnes and 85 per cent owned.by 
division. cent owned by CSR) earned a AAR). 


STRAIGHTS 

Alcan Au>ltj1i3 £jp>: I5S9 
AMEV Spc VIST .... . .. 

.vim miia Si pc inyj 

AusirjJjjn ft. Sr .s. ».-n<- ’K 
BaMavv Bpok f;pc IW-. . 

bowjkt oipc ma-.- 

tM<r V KjiIwat m.* (056 
CfJil N'jtlnml s;dc 1M.. 

Dtiinurk S’pc law 

res taar. 

ECS SIpc IW7 

Eli: $;ptr lWJ 

r:\ii a: nc 19 * 

Eruston Slpr IDO 

E<so *p«- 11?«: Xnv. . 

l aV'"> l > JP"- , r ^inc 19 VI 
Hjnu.nk> !»:pc 199.' 

Ililiro Qu-li.-c Up..' jns: 1 .. 
|C» Xpc 1957 . 

ISK I'.itu'l.i 1 ’ p.; H6'j . 
Mjilii'lljn BkKU>.-l Pi": IPH’J 
■- Sine 'it 

Vnhi'lin !>':«. Itts’j 
'■/I'JPlIlI lilt K<C| ,c 

Cnjl Lil >pi- |?. ; .7 
NjisoiijI W.irnnsir. i«uc 

jiI. H itmnsir 9 pc 'jp, - E' 
” inuinJLiiiii ape 19SS . 
'•orrii-v lire Bt. s?r*c I9SS 
Voru-. -s Kiini Hi:. v:pc tWI 

-.urnipi- 9 !|k- 1SIS3 

Xnrplt Hyum sipc 149 > ... 

<ilo 'Jin: )!)$$ 

Ports Amononii's 9pc 1091 
Pruv qw>bn- Ppc 1W7. . 
PrUV. NaslMUtihll. s:pc ■Sfi 
l»|"d tnti.-niation.il 9 pc 19S7 

rnisr ftp-.- fiK'.' 

S-: 1.-1.-1100 Trust Sipc 19s9 ., 
Sh-?!l Inil. Pin. Sip.’ two . 
<k.!ttJ. EitkilJ.i ype 1991... 

SKI- 5pv 19;7 

v.v*lon 'k'.lonii f-Jpt J9S7 
uinti.it r-ii.-L-i:s {ipt- I9S9 , 

Vnl-.M >pi isal March 

NOTES 

Auvr-.li.i Tip-: I9<U 

Bell C.iiiad.i T^nc t!lS7 

tir rolumbia Uy-1 T^pe ‘S3 

i Pa>. <>' 1051 

nl sp,- 15 m .. 
•■■'.'S 7 .pc 9SI 1 . . 

PtlMI cm /oil s;p,~ 19 ^ ... 
."I'la" pr1;"ii Tip.: IOjiJ 
Kai+hhk ?:pc lov. 

M :>1i»|in S PC 13> ■ 

Momr-.il L'rh.m S,n.- iysi 
: Brun-ivn-k sn-- 1954 . 

*«« 'i Brtirr Prnv. S JfV ’S3 
.•••«■ " jl.ind ^;p.' UW . 
iur.li^ Ttv Bl; Tine 1954 

\nr\K Hjrtra ?Ipc IBS2 

\'nrniy Jipr ijsj 

unarm Hrdm Spc 19S7 ... 

^inc-T S^pc ISS2 

K nf Sc*u. Elo-;. S'.Dc IflSI 
sit--vi. ri iK'.Jonn 71nr 38M 
■•f.dt’li siato Cn. 7, pc ‘K 
T-.lui-MC o:pr 13«-t 
T'-tl't-.-CO 7.pr 19S7 Mae ... 
Vdlirnfafi'n 7'p.- 19.-7 
STERLING BONDS 
*.llt-.l Br.-’v.-ri.-: III! pc 'jii 
'. iii’irr- i up- wjj .. . . 
Cottrf.i«Ms 9 i*; 1**11 . .. 

r:C5 n.n-. « 

F.IIJ !> If l?C3 

m ft (line lSK 

Fin.itii- lor in. I n;pe ipy.r 

Fllldl»V>' for Ind illlu 111^11 

f-tsp-ts llLpf 19*7 

Cl-jmikt llpe-lfliS 

|N.\ lUpc J0«S 

pn'vnireo I9« 

^jrs i«;pc ia£:>; 

TotJl Oil Si pe ios-s .. 


Bid 

9kJ 

w: 

v.'i 

hi: 

mi 

out 

SJ 


Offer 

975 

3M 

91 

971 

93 

97 

W 


at- the cnirent-: rate of infiabbo..; 
Commercial bank credit- is vUlh-': ,- 
ward of 30 per cent, I>owet. grants- . 
and . loans will be araflableNiff^v. 
Glass B development areas, wh3e ^ : 
plants in the ^centre ^rf'iha coujtl/: 
try are to get a 30 'per cent Ibattir:-.- 
on condition that; at teast-iji/y 
quarter of the output j s dsported^ - ^' 
In addition, the law provides for /*,■■ 
company tax artbe rate of I 0niy 
40 per cent . Finally, hew eninr- -.' 
prises will he allowed ;.to , depTO-'. 
date- their. tmiMrags .within> jj 

y«axs f according ,to -tbe : I34r«Mr 
of Internal " ^Revenue, • Sfosfe" ' 

N eodorfer: . : ..-j 

• r ; •-.-i*-. V - v -: >ii 

— . ; ’ Lj ‘j 

. M-.T- ' • T ' ;•> '.••• • .V. 1 

■ns. 


fCM. 

MK' 


SELECTED EURODOLLAR BOND PRICES'-' ... . 

Stand, and; Ctod. -^ 8&c-' : - gw^.rrssi t; :: 

• . t^Sfliirrar .White WcJd^ScctrlUB^.v - -. u 

- •“ . CONVERTIBLES'. : ■ : ' C'! "-T i-.U-iC -A 

Jimertran- RvantckT Urur VI * Si. ' : .tl* 1 -l-' •• 


MID-DAY INDICATIONS 


971 
9*1 
Ml 
97 
97 L 

9.7 1 
nni 
*••11 

W: 


W- 


in:! 

w; 

M 

llttl 

9J 

t:: 

90 ‘ 
«t: 

0-f 

•mi 

o-t: 
9U 
951 
97 i 

9i: 

975 

91 

M 

9(1 

Wi 

97 

31* 

93J 

97 

9J; 


9« 1 
99 1 

nti 

97 : 

USi 

•a: 
100 
97 1 
I nili 
95 
!W. 
1«U 
94; 

93 
mu: 
B47 
0.1 ■ 

100 

too 

m; 

97 

057 

951 

99i 

9S 

94 
9$i 
94 
K’j 

91 

93! 

37: 

92! 

94) 

977 

03S 


DM BONDS 

.isijw Dev. Bonk 5ipc 1935 

BNDE titPC 1SS»: 

Canaua 4 Jdc 1933 

Den Nortke Id. Bk. 6oc "90 

Dwische Bank 44 pc 1933... 

ECS 5;pc 1890 

tie s:pc 7990 

Elf Aquitaine E!pc 1959 ... 

Enralom ojpc 1957 

(- inland Slpe 1956 — . 

KorMnarics 51 pc 1990 

Monica Bpc 1983 ..... ... 

Nonxm sipc 19S9 

Norway 47pc 1W3 

Norway 47pc IS;>3 . ....... 

PK Banken S!po 19S9. 

Prov. Quebec 6nc 19W 

RsulaniuU.-J SiPc 1995 

Spain 6pc 1935 


Bid Offer 


96 
961 
97i 
Ml 
P71 
941 
MI 
!*4! 
97* 
97* 
97* 
t»; 
Ml 
M 

97 

96 

97 
93 
K* 


90i 

97i 

.96* 

inu 

95t 

91 

0.1 

95 
»Si 

as 

93 

Ml 

uwv 

ra: 

97* 

an; 

97; 

937 

96 


Trondheim 3ipc tans 

TVo Power Co. floe. UtSS '... 
Venezuela $pc 1938 


Bid 

an 

9S* 

964 


FLOATING RATE NOTES 
Bank of Tokyo 1984 8 ipc... 

BFCE 1984 81 pc 

DNP 1983 BU 6 BC 

BOE worms 1985 ftpc 

CCP 1935 JSSpc 

CGMF 1084 8 U) 5 pc 
Crcdltanstafr WS4 8 Jpc ..-.T. 

DG Bark M95 9pc *M 

GZB 1931 31 16 PC 991 

Itirl. Westminster 1984 8 pC. 991 

Ltoyds 1333 8 15 (6 pc 1081 

LTCB 1933 3 pc 99! 

Midland 1937 .SSfcpc 99* 

Natl. Wsnnnstr. 1W 95 wpc 99i 

ORB 1SS3 7ipc 99i 


. JUncricaa. Bxpros-14ip<r ’S7 ■_- ml 
■ 'Ashland. Jpe Z888 ;^v._'._:, \K. 

Offer Babajcfc & WTJcdic fllpc V? 1K|. ■ mjr’. 

V#1 .‘Beatrice Foods 4ipc SSKz.7 : ‘ Vfl ■’ : V 

974 - Beatrice Foods '«PC^M3“ :1Wi : 

97*. Bb«aiam6jpcT9M-,;-:-:..n.' ;*5* w -Sfif.y 4 r'j 
BoMen Spc 3 ■ 188*=-^ -. ‘j; 


99i 
*4 
TOO*, 
its* . 
99,- 
S9F 
09 


. ^roadwiy HalB'4iPCd987^,;-.75A ,^--. .77: : . 

1M - CairnatiDn: toe 1387 ^ : -774-' 79 • -i 

'■'994 • Chevron. Spe '1888 ? 156f- - ' i 

1 1099 . Dsrtr^ftic. i98T; '. ._ :. , 7 ,1 

-unsii' ' 


'99- 

99K- 


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9v! 

a?: 

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97.1 

nr,: 

WJ 

IS* 

9 .; 

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9-,i 

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M2 

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9ii 

971 

OS 

9.1! 

95: 

9tii 

971 

«* 

99 

fIRT 

»; 

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941 

US 

95 

931 

1004 

0S1 

B.1J 

56 

991 


9-<; 


. 93 : 


1-75 

nm 

«4 

94 

ru t 

911 

911 
iu : 
nn 
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91! 

»j: 

91 

9.1! 

Kl 

90 ; 

Si! 

9il 

at 

91* 

w* 

nn 

90 


". ‘ 99* ’ -Firfeftone fipc 1*88 : . • ; ’to- 
IBOi. CeotBal.SteetrJc 

.1002.. GUtotte. 4tp&.ffl6? 

■ . 99j: -Geoltf 5oc - “ ‘ — 

.IKU.rGal^iuKt. 

.. 1M‘. .Harits^lSpd. . ... ... 

9M Honeyweff.fljxr-JSM : L r 84 , v..8»r. > t V 

. m- ICI- 6iw} iwz- . 


: ■- - iS'yi •/. | 

These c ertijuates hone been sold. Thu iuuunmumact efigedtias 


New Issue 








- . (Load^Bran^.^ 

Negotiable 

TVfsi tiiri tv7 Tlsi r#» ^Q Tnnr* •* ? 0 ‘'r.-' .'.'.r- ■ - V. C- 'Vi-. 




-n i 
•-ii. 


Sra-f-M 






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m?4k 







Financial Tiifies Wednesday June 28 1978. 




MONEY and GOLD MARKETS 


IBS? 



JuM 27 {nitre 

Day's 


• 1 * 

Spreart ■ 

CloM 


% -I- 


* The forego. exchange market 
hah. to -;<Hgest * ' considerable 
amount of statistical information 
yesterday, tut., none of it was 
pacfealariy .surprising and -con- 
ditions were fairiy quiet throu gh , 
out ■ *■ • - 

There were fears that the U.S. 
trade deficit for May could be as 
high as $3Jhn t but a final figure 
of SBJUbn was very much Jo line 
with . general expectations, while 
the West German trade surplus 
annwmeed .before the U.S. figures 
was also unssediftcutar. . Market 
sources suggested that there was 
. no particular evidence- of - in ter - 
v Micron by. centra*. banks to push' 
up Ibe dollar, . but it finished 
inner overall. 

The . U.5. -ciMTewjy. improved to. 
DM 2.0805 from DM 2.0755. against 
the D-mark, ‘and rose slightly, to 
SwFr 2 .8575 from SwFr 15645 in 


iii\ 




Rto\ 


"is: 


ir4 




M I 11 1 

DOLLARS 

' S!!1‘ 


rtaiwtaDallwftwr 



ASONOd FMAMJ 


terms of the Swiss franc. It also 
gained margin ally against the 
Japanese yen, to Y206 from 
Y205.92J on Monday. 

A rise of only 1 per cent in 
the French retail price index for 
May was better than expected, 
and this tended to support the 
franc against other European 
currencies and the dollar. 

Elsewhere the Danish krone 
declined against the dollar, as the 
Danish trade deficit widened Iasi 
month, and consumer prices rose 
by nearly 1 per cent In May from 
April, while unemployment fell 
slightly. 

The lira also, lost ground, even 
though the rise in Italy’s whole- 
sale price index slowed last 
month. 

Sterling showed little change, 
opening and . closing at SL8470- 
1.8480, a fall of 20 points on the 
day. It touched a high point of 
$15485-15495 before the VJS. 


trade figures were published. ' On 
Bank of England figures, she 
pound’s trade-weighted index was 
unchanged throughout at *■ $15, 
and the dollar's depreciation,. &? 
calculated by Morgan Guaranty, 
was also unchanged at 65 per 
cent. 

FRANKFURT — The announce- 
ment of May trade figures by Jhe 
Ui>. and West Germany appeared 
to have utile influence on trading. 
The’ . dollar was quoted at 
DM2.08U towards the dose, "com- 
pared with DM 2.0801 at the fixing. 
The size of the U S. deficit, and 
the GennaD surplus of DM-KMflbn, 
Were within market estimates, 
although trading was rather 
nervous during the morning; 

PARIS — The dollar eased - in 
light trading towards the ..dose 
after Improving somewhat .. on 
news of the U5. trade figures. 
The U.S. currency touched a best 
level of FFr 4.5625, before falling 
to FFr 4.5580, compared with 
FFr 45560 late Monday. 

A smaller than expected rise In 
French retail prices in May helped 
the franc slightly. It finished: at 
FFr 2.1900 against the Dentche 
Mark compared with the previous 
closing level of FFr 2.1960, and at 
FFr 2.4410, in terms of the -Swiss 
franc, against Monday’s level of 
FFr 2.4475, while .sterling fell to 
FFr 8.4150 from FFr 8.4350 in the 
morning and FFr S.4280 . pre- 
viously. 

MILAN — The dollar improved 
against the lira at the fixing. It 
rose to 155650 from the previous 
fixing level of 1555.60. The Bank 
of Italy supported the ILS. cur- 
rency. purchasing most of the 
$7m traded at the fixing. The 
Japanese yen eased to L4.158trom 
the previous record level- -of 
L4.154, and the lira also improved 
against most of the major Euro- 
pean currencies. 

AMSTERDAM — The dollar was 
slightly firmer in the afternoon, 
at FI 2.2345, after being fixed: at 
FI 2.2335, compared with 
Ft 2.2280 on Monday. . . 

TOKYO— The market was fairly 
steady ahead of yesterday's 
announcement of the U5. trade 
figures, for May. A deficit of less 
than. $3bn was generally expected 
and the dollar improved slightly 
to Y20&271 from Y206.25 on Mon- 
day in anticipation of this. The 
level of business was moderate 
to active, with spot turnover 
totalling 8536m. and combined 
swap and forward was quite heavy 
at 8822m. The trading range -was 
from Y 205.60 to Y206.70, and 'no 
intervention by the central bank 
was detected. 


THE POUND SPOT 


g.s. a 

Canadian fi 
Guilder ! 
Keigtafl P*r.i 
Dsnluh Kr.i 
D-Mark 

Pi'rt. fc«e_ | 

SC- i 

SnTgu. Rrj 

French Fr. I 
SwediehKr.1 
Fen 
Austria 
Swim Fr. 


« 

Sis 

9 

5 

IS 

a 

Dial 

h 

51s 

Big 

1 


La480.1.fc495 


8ijt2.D7g£-2,M3C l2J7Sfl...0j6fl 


4.111 B -4.14 

60,20-00.49 

10.40-10.45* 

S.B5*J.l8 


1-0475-l.MBO 


4.l2i-4.15i 
B0.as-B0.i6 
10A2-10.U 
Li 4-4 j; 5 


fe4.40.BSJU | S4.45-o4.3fi 
MS.Sa-145.B6i14B.6fl-t4G.B9 
Mty-UH !l.SMj-lSB2i 
657-19.09 6.99] -9.995 


FORWARD AGAINST £ 


One mnnlh % p*. frhrwm[>Bth*| % p*. 


8,41*5.44* 

8.47-B.4S* 

374J85 

27.60-27.76 

0.44*3.47 


8.47*-b.48* 

BWM82 

27.6527.76 

B.44J-4.46] 


Belalgn rate is tor convertible francs. 
Financial francs B0.6PS9J0. 


Q.55«9.42i'.pnJ 

fl.6«.55i-.pm 

2^4 • 1*11. |J.D1 

86-25 c. pm 
lJ-Sinre iiii 
1-2 pf pm 
66-155 cidla l 
|*ir-lB0c, rim j 
l<v-9 Ike dia 
uar-2 ore dis 
1 H«. pm 

Lore lira- -.'art 
2.7b-2,6flv.pm 
17-7 cro pm 
SB-23 ptu pm 


jlhr 


2.76 1. 45- 1.55c .renl i.Oi 
5,46 |!.?8-).SSe.wii 6.S7 
• 6.54 |7VW* o.i.m I 7.08 
5.97 196-86 c, nm J 5.87 
1-2.86 ,7-9 oredli. 1-5.87 
7.50 (8a-7|( pi jmi | 9.19 


126-475 c. ril* 1-14.17 
68-176c4l1» (-2.40 
per 4 ling dir — O.M 
IA S* ore dli J — 1.00 
(4J-82 c. pm 1 1.78 
O.EB 61 ore r<m 0.94 
0-2fi 7.80-7.46 rpm! 8.06 
&-2Q 142-52 pro pm I 6.54 
9.99 Mr.wi I 9.B6 
» i 


-12.04 

. I-W 
[-1.14 
-1.20 
).» 


Sh'isDntb forward dWJar ±S3-5.72r pm. 

12-raonth 6.28-S.lBc pm. 


the: dollar spot 


1 U.S. cents per Canadian S. 


FORWARD AGAINST $ 


Jane 27 

Day’s 







-spread 

Clue 





Canad'n S* 

KJMtM 

M.77-4L80 

BMUUOe pm 

0.22 

tJMWcmn 

«J0 

Culkler 

ijsasojw 

2S3SS-UM 

8JO-0.75CJWJ 

AW 

L3+L27C pm 

HI 

Belgian Fr 

KAML67 

S ISOda-U, 


2.1T 


30S 

Danish Kr 

S.KS8-5.63W 

5.5355-5.4570 





D-Mark 

ZBt&LBB25 

U0XSZ0C2S 


4A2 

2JS.LJM wo 

5J1 

Port. Es 

■ — 

«.7B-«te 



— 


Lira 

tS6 .24-857.55 

IS! .30457.55 

230-2.UMIreills 

-3-28 

7.00-7.750 red Is 

-XX 

Kr 

S-3V90-5.0CW 

5A0704^Ma 





Krencb Fr 

45580-LS67S 

«»»-L5S» 

JAS-O-SSc d(c 

-US LOO-UDcdls 


Swedish Kr 

1J6SS-LS7U 

ixnsjjns 




— 


Yen 

Z0U5-2O5.7Q 

2H3UD6.n 

U.K-OJSy pm 


S M 

Austria Sdi 

— 

U.W44.M59 





SwisaFr 

LM85-um5 

U70S-U715 

USUOcpm 

4.74 

3J3-32flcpm 

4.91 


CURRENCY RATES 


June 27 


Sterling 

U.S. dollar 
Canadian dollar ... 
Austrian schilling 

Belgian franc 

Danish krone 

Deutsche Mark 

Guilder 

French franc 

Lira 

Yen 

Norwegian krone 

Peseta 

Swedish krona 

Swiss franc 


Special 

Drawing 

Ri ghts 

04*8955 

13571 

U91& 

UJMO 


Eurs 
Unit of 
Account 


4.95840 

151040 

2.75946 

5.43546 

105159 

2S5A74 

65M74 

97.4834 

55700 


0.6H88S 

L23SS3 

U442Z 

185283 

48.4810 

6,97224 

257540 

2.76532 

554642 

1668 59 

25&460 

658990 

975633 

557798 

251352 


CURRENCY MOVEMENTS 


Joue 27 


Bank of Mi 
England Guaranty 
Index changes** 


Sterling 4L2i -C.7 

U.S. dollar *74* - 44 

Canadian dollar S4.81 —12.9 

Austrian schilling ... 140.00 -1-184 

Belgian franc 11052 +125 

Danish krone 11454 + 5.9 

DcL'sche Mark 14053 +355 

Swiss franc — U24P +79-0 

Guilder 12151 +193 

French franc 98.72 — 45 

Lira 5653 -46.1 

Yen 14449 +425 

Based on trade weighted changes from 
Washlnsuw agreement December. 1971 
iBank of England Index— 100 1 . 


OTHER MARKETS 


Argentina Peso..- 
Australia Dollar-. 
Finland Marks*-. 

I'razil Cruxelrn 

Greece Drachma.... 
Hon* Kooi! Dollar. 

Iran Uhl 

Kuwait Dluar _{KD)J 
Lnxemliqniic Fcaocl 
Malaysia Dollar.....; 
New ZeolandDollan' 
daiirii Arabia Niyal 
Singapore llnllar... 
Smith African Rand 


£ 

Note* Male 


788.09.790.26 Austria...- i 

0.8689X).876S| uelghi m < 

4-2630-4.2630) Denmark 

nance..... J 

□ ennanji..- - 

Hy 

J«t*a 

Nether land 

Norway 

Portugal .............. 


1,456-1,460 
1.6043-1 6203 
7.8750-89 SO 
32.71-33.71 
67.488-69. 166) 

8.6734-8-60 
126-132 
0.501-0.511 
60. 25-60 A 5 
4,363<-4.38 
1.7900-1.8079 
-6.32-6.42 
4.284.3914 

1.5981*1.6 149 ,0.86 50-0.874 1 lYugoaJaria 

Rare given for Argentina Is free rate. 


17.70- 18 .25 
36.53-37.43 
{4.649044510 
68^0-71.45 
0.2712-0^766 
32.62-32.64 
2.3680-2-3690 


0.9695-0.9780 Spain 


3.42-347 


awhiariand... . 


2.31982.3202 Ifinlted SuteV." 


2712-28-0 
6O-6H2 
10.30-10.45 
i 6.35-6.50 
13,80-3.90 
1560-1590 
380-360 
4.054.15 
9.8810J30 
80-84 
1.43-1-46 
3.40-3.50 
1.84-1.86 
34-36 


EURO-CURRENCY INTEREST RATES*' 


Jiin<? 27 | Sterling 

' CuUuUau 
Dollar 

D.S. Duller 

Dutch Goilder 

dww* Franc 

W. GeTTasn 
Merit 

French Franc 

Italian Lira 

Asian 0 

Japanese Yen 

tdbort term '103 b W5» 

7 days notice- 10.1s- 11 •' 

Monlb — 10Tg llto 

Three month*... 115p llJs 

Siinwatba 12-12 Sj 

One . U}U-.122a 

' 724-81* 

fMk 
7*a-B . 

a-ai* 
Bi s -R7 a 
u - e?4-9U.. 

7.V7SE 

8-9U 

■ S '«'?'*■ 
Pit* 
•PS- 

lls -2U 
2U-2U . 

4Jb-^ Se 

3 -Si, 

OU -55, . 

U-U 
.. 2-SU 
li^lto 
. ..lU-lfia 

S.VAtV 

3io-SU 

Sie-iil 

All-35! 

6ri-3J2 - 

734-77® 
73|-77 6 
9,V9ft 
96fl-97a 
lOU-lOre 
105s 10 u 

8-12 

10U-HU 

11-12 

11U-12U 

121-131- 

15-14 

8U-8U 

ajs-B's 

ai a -9i« 

9U-9U 

2-4 

2U4U 

*44 


The following 1 nominal rates were Quoted for London .dollar certificates of deposit: One month 8. 05-8.15 per cent; three months UM.40 per ceot: fix month 17M.H 

Ewod^j^epodl*: two yean 9516-9716 per cent: threw rears 97is-99i« per cenn fo nr rears 99tt-BUu per cant; five yean flUw-OUtf per cent • Rales 

are nominal closing rates. •" . 

Short-term rates are call for sterling. D.S. dollars and Canadian dollars: two- days* notice for guilders and Swiss francs. 

Aslan rates are efostns rates in. Singapore. 


EXCHANGE CROSS-RATES, 


Jane 21 

1 Pounil Sterling] 

[ V&. Dollar 

f 

i 

i 

j Jaianeeu Yen I 

French Franc 

Su-iae Franc. | 

| Dutch Guilder 

i Italian Lira | 

|Canadn Dollar | 

Belgian Fran 

. Found ateriinc 1 

U^. Dollar . | 

1. 

0.541 

1.848 

1- 

| 5.845 

| -'2.081 

381.0 
206.2 | 

8.418 

4.556 

3.453 

1.869 

4.128 

1 2.234 

1583 

856.8 

2.080 ' 
1 1.126 ; 

60.30 

32.64 

Jlratwhe Mark 
- Japanere Yen I /WO 

0.260 
2.625 j 

[ 0.480 

[ ' 4.849 • | 

10 1 09 

i 99.09 

1 1000. | 

2.189 

22.09 

0.898 

9.062 

I 1.073 

10.83 1 

! 411.7 

I 4155. 

, 0.341 

6.468 J 

15.68 

158-3 

French Franc 10 
£<ria* Franc 

1.188 
' 0.8®Q 

2.195 

0.535 

’4.568 
1.114 1 

452.6 

110.4 

10 . 

2.438 { 

4.102 

1- 

| 4.903 

1.196 

1881. 

488.5 

1 2.470 ; 

0.602 | 

73.64 

17.47 

Dutch Guilder 

Italian Lira 1/WO | 

0.242 

0.632 

0-448 j 
1.16? ' ] 

0.932 
2.429 | 

[ 92.31 ! 

| 240.7 

2.039 

5.317 

0.836 
| 2.181 

1. 

1 2.607 

383.6 

IOOO. 

0.504 

1 1.314 1 

14.61 

38.09 

l.snartmn Dollar i 

Belgian Franc 100 ; 

0.481 
1.658 j 

0.888 

5.064 

1 1.849 

6.376 

[ 183.2 

! 631.8 1 

4.048 

13.96 

l 1.660 

1 5.726 

I 1.985 

! 6.845 

1 761.2 

1 2625 

l. - ' 

1 3.449 1 

29.00 

100. 


INTERNATIONAL MONEY MARKET 


Dutch cut call money rate 


The official Dutch call money 
rate was cut to 1 per cent. from 
sZ per cent yesterday. This follows 
Central Government payments tD 
local authorities which have 
resulted in increased liquidity. 
The rate now stands at its lowest 
level since September last year. 
In the interbank market, call 
money fell to J per cent from 3 
per cent while' one-monlh 
increased to per cent against 
4ft per cent The three-month 
rate also rose to 4|-J per cent from 
4ft per cent while six-month 
eased to 3ft per cent from 5| per 
cent. 

BRUSSELS — Call money eased 
from 41-5t per cent to 3.95 per 
cent while rates for one and 
three-months were - unchanged at 
5.-5J per cent and 5J-5J per cent 
respectively. Longer periods were 
also unchanged. At Tuesday's 
auction, the rate on Belgian four- 
month bond-fund papers was left 


unchanged at 6 per cent. Rates 
on. - one, . two . and _ three-month 
Treasury certificates were also 
unchanged at 5* per cent, 54 per 
ceot and 5J per cent respectively. 
It now seems probable that the 
official discount . and Lombard 
rates will be unchanged at 54 per 
cent after tomorrow's meeting o£ 
the Central Bank Board. 

Frankfurt: Interbank money 
market rates were unchanged 
again at '3.55 per cent for call 
money through to 3.75 per cent 
for six-month funds. 

Paris ; Day-to-day money was 
firmer yesterday at 7i per cent 
compared with 7} per cent on 
Monday. Longer periods were 
unchanged except for six-month 
funds which rose to S} per cent 
from Sft per cent. 

Hong Kong: Conditions in the 
money market were tight with 
call money commanding 5 per 
cent and overnight business dealt 


at 4} per cent 

Manila: 30-day maturities were 
quoted at 9-12 J per cent; 60-day 
at 9J-121 per cent; 90-day and 
120-day at 10-13 per cent Philip- 
pine Treasury bills t90 day dis- 
count) were quoted at 11 per 
cent and Central Bank certificate 
issues were unchanged. 

New York: Federal funds were 
slightly firmer at 7| per cent from 
per ceot. Bankers accepted 
offered rates were unchanged 
from 7-70, per cent for 30-days 
through to S.10 per cent for 
180-days. Rates for high grade 
commercial paper were also un- 
changed. 

Thirteen-week Treasury bills 
fell to 634 per cent from 6.967 
per cant average at Monday’s 
auction while 26-week bilJs eased 
to 7.39 per cent from 7.396 per 
cent One year bills were quoted 
at 7.72 per cent against 7.73 per 
cent. 


UK MONEY MARKET 

Further shortage 


Bank of England Minimum 
Lending Rale 10 per cent 
(since June 8. 1978) 

Day-to-day credit was again in 
short supply in the London money 
market yesterday and the 
authorities intervened by buying 
a small amount of Treasury bills 
itrecr from the houses and lend- 
ing, a small sunt to 2 or 3 houses 
k MLR, for repayment today. 
Total assistance was probably not 

LONDON MONEY RATES 


enough to completely alleviate 
the shortage and discount houses 
ended up paying between 91 per 
cent and 95 per ceot for secured 

,oans - . . „ 
The market was faced w-ith a 
slight increase in the note circu- 
lation and the repayment of 
Monday's small advances. 
Revenue transfers to -the 
Exchequer exceeded Government 
disbursements and funds were 
also drained by the second call 


on the Exchequer 12 per cent 
2013/17 long tap stock. 

In the interbank market, over- 
night loans opened at 10i-105 per 
cent and finned to llH-10i per 
cent on news of a shortage. How- 
ever. conditions eased slightly to 
touch 9 §-9j per cent at one time 
before closing balances were 
taken at 10-10J per cent. 

Rates in the table below are 
nominal in some cases. 


GOLD 


Easier 

trend 


In fairly inactive trading, gold 
lost Si an ounce to close at 
51S4HS55. The metal opened at 
$184§-185} and firmed slightly at 
the morning fixing to 3185.10. At 
one point it touched S1S4J-185} 
which was iust prior to the 
announcement of the U.S. trade 

GOLD 


Junf27 j JunrSB 


GoM bunion in line' 
oiiih ei 

cue. — ;sie<*-isfii 

Upemnit j S U<4r 165; 

Moraine rising..... .;SI9&.10 

(<£ 1011.1731 

A It era am Hsine.... SU4-2S 

(£89. 758) 

GuM Coins.....,......! 

< 1 oniestKwlly I 

Krugerrand S1S4-186 

(£109-1061 
tS94ti 


New Sovereign* 

OUi Soperefctns ...... 


Gold Coins .......... 

iQCeraartonsliy 

Mmonod ....... i. 


New Sovereign* ..... 
Old Sovereigns 


480 Eagles 
$10 Eagles 


** Fi*~ ► 'S97-TO 


(£29fr-t04) 

S641-5K 

<£29*4W 


S 1S0-1BS 

(£103-104) 

,*6*7-548 

$641-691 

|432;J-M4> 

.S3751-87&: 

S1B7-I40 


(81844.1651 

$1fe«4-11S: 

ISIfeb.lO 

(>£100.124) 

S1B5£5 

i£100.1S7j 


*1911-1981 

(£1W*-I04*1 

SMi-561 

(£294-5041 

'5M4-M4 

,(£294-5041 


siMs-iau 

| i£ 105-104} 
96MB 
'-290 


S.76;.27*i 
SIB6-141 
1$ 7- (03 


i • i ter>me 

June 27 1 Certificate 

W7K • w depo-il* 

Intertiatik 

L«a' 

Authority 

deposit* 

Local' Aiith. 
nepotiabie 
(junria 

Ftoanee 

House 

Deposit* 

Gctoipaav 

Depn-it 

Discount 

market 

depo-u 

ftwmv 
Bill- 4> 

Eligible 

Rank 

BIIib* 

Fffle7Ve.lt 

Billed 

Ivernujhi — 

I dev- nntii e-.L — 

■tar or — 

' fav nntica..' — 

•*ne tnomb ....! 10&.9 1 
i«n iwifttb—! 10^-OiZ 
Tur« mumli- J lbto-10 
*w nv.»»iti» ..... lDJa-l 
tiRomonrb .*! uifeg-lOU 
•nv vw | lUto-10^ 

iflii 1 — 

9ig-10ia 

IO-IOI 4 

10 ,’ -io,v 

lOlf .3011 
lOlfl-iO’v 

iOU-lOft 

lO.i-10'2 

10-1014 

lOlglQU 
913-10 i 8 

*8 7a AO 

10-10M 

101 8 - 1003 

l0la-I0 : t 

lOaa 10 
1Q1.-9I8 

101* -8 5 t 

101, .8S« 
10U 94, 

lOSfl-10 

10»S 

10i 8 

. iota 

X0l£ 

10) 4 

- 103b 

ioiz 

101 2 

lOsg 

9ia- 10 

9h 10 

913-9SB 
912 . 

**•»*■. 

r 

.014 

9^958 

ft 

9ri 

9 J? 

. IOI 2 
10>2 
1058 
105* 


- Z . nniice acijers seven days' fixed. LwBewenn total annually mongaae raic 

Uocal aoUiority and Snwicr nouges £ ™?. ^ yeara o^r cent 0 Dank bill rates in table are 

wrainally Arte snn llfi-»i rvc ‘““f /Lr-toOfllkJ»ank Mils 01 ner cent: fonr-momb u-ade bilb lli per cent, 
■uyfng-mes tor PMM 95 m Per cmu: two-montb 9i wj «iu: aod Arw-momh a 


95I2-9I52 


WrftdL.iv selling TMM lor «pti axw nmnuMh 0U M per cent: and Uuw-monib 

rjwroa ar af , ■ s-agargo^. 

riunay BJIbi Average lender raiM.oT (Usonipt .. ; 


figures. The latter were received 
favourably which led to some 
selling. 

In Paris the 12J kilo bar was 
fixed during the afternoon at 
FFr27,400 per kilo ($186.87 per 
ounce), compared with FFr27,375 
($186.46) in the morning, and 
FFr27,350 ($186.46) Monday 

afternoon. 

MONEY RATES 


NEW YORK 

Prime Rate — 

Fed. FnrnJs 

Treasury Bills (13-week 1 ) 
Treasury Bills (26-week) 

GERMANY 

Discount Rate 

OvbftttSbT - — 

One Riortur 

Three months 

Sis months 


FRANCE 

Discount Rate — 

Overnight 

One month 

Three months 

Six months 

JAPAN 

Discount Rate 

Call fPncpjUflDpnaD 
Bflls Discount Rats 


L15 

7,71125 

kM 

739 


3 

335 

MS 

335 

3.75 


IS 

7J75 

74125 

U2S 

*375 


3 S 

ASS 

1815 


35 


All of these securities hare beat sold. This annomcemontopoears as a-maiicr of retard only - ' 


NEW ISSUE 


June 27, 1378 


U.S. $40,000,000 

Baker International Finance N.V. 

5Vi% Convertible Subordinated Debentures Due 1993 

Convertifilemto Shores of Qomm on Stock a£ and Guaranteed on a Subordinated Basis as to 
Payment of Principal, Frenmon, if any* and Interest by 

Baker International Corporation 


Blyth Eastman Dillon & Co. 

International Limited 

Goldman Sachs International Carp. 


Algemene Bank Nederland NX 


S. G. Warburg & Co. Ltd.. 


Morgan Grenfell & Co. 

Limited 


Deutsche Bank 

Aktupgnellsduft 

J. Henry Schroder Wagg & Co. 

Limited 

Swiss Bank Corporation (Overseas) Limited 


A- E, Ames & Co. Am ex Bank 

Banca Commerdale Italians 


Amsterdam-Itotterdau Bank NX Arnhold and S. Bleichroeder, Inc. 

Banea del Gottardo Banca Nazi (male del Lav or o 


Bache Halsey Stuart Shields 

Zararpuilad 

Banea. della Svizzera Italian a 


Bank of America International Bank Jnlias Baer International The Bank of Bermuda Bank Gntzwiller.Kuw. Btmgenar (Overseas) 

JLSmiM Utoioi Uallte Ltourf 

Bank of Helsinki Ltd. Bank Leo International Ltd. BankMees & Hope NY The Bank of Tokyo (Holland) N.It Bankers Trus t Int ernational 

Banqne Frangaise dn Commerce EsUrienr Banqae Generale du Luxembourg &A» 

Ban qne Internationale a Luxembourg SJL Banque Rationale de Paris 

Banqne de Paris et des Pays-Bas Banqne Populaire Suisse Luxembourg 

Banqne Worms Barclays Bank International 


Baring Brothers & Co* 

XJalNd 


Banqne Bruxelles Lambert S JL 
Banqne de Flndodiine et de Snez 
Banqne de Neufiize, Schlumberger, Mallet 
Banqne de HJnkm Enrop^enne 

Bayerische Hypotheken- und Wechsel-Bank BayerischeLandesbank Bayerische Vereinsbank Berliner Handels- and Frankfurter Bank 

Girozentrale 

C3J. (Underwriters) SLA. Caisse Cenirale des Banques Popnlaires Caisse des Depots et Consignations Cazenove & Co. 

Chase Manhattan Chemical Bank International Christiana Bank ogKreditkasse Commerzbank Compagnie Monegasqae da Banqne 

Limit* ALxtcmmcJhduJi 

County Bank Credit Commeroal de France Credit Industrie! d ’Alsace et de Lorraine 

law 

Credit Lyonnais Credit dnNord Credit Suisse White Weld Creditanstal t— Bankverein 

Dahra Europe N.Y Den Danske Bank Den norske Creditbank 

at 1971 AkumrUkmh 

Dillon, Bead Overseas Corporation Dominion Seeuriti 

EuragestS-pA. 


Continental Hlinois 

(MM 

Credit Indnstriel et Commercial 


Eurouobiliare S.pA. 

CompagsU Europe* InlmaolAlixre 

Robert Fleming & Co. Gefina International 

Usual lAeM 

Giroz ent rale und Bank' der osterreichischen Sparkassen 

AkUmnMlbchtf* 

Hambros Bank 

Llotad 


Deutsche Girozentrale 
—Deutsche Kommunalbank— 
Drexel Burnham Lambert 

European Banking Company Finaeor 


DresdnerBank 

1W— 


DGBANE 

Onltcbr anwreCriaufe 

Effectenbank-Warbnzg 

AklimnrflKtan 

First Boston (Europe) 

UnllKl 


United 

Gesossenschaltliehe ZenUalbank AG Antony Gibbs Holdings Ltd. 

Yiaul 

Greens hields Gronpement d es Banquiers Privfo Genevois 


Handelsbank N.W (Overseas) 


Hill Samuel & Co. 

XJmIM 


E.F. Hatton & Co. N.T: 


Hesmsche Landesbank 
—Girozentrale— 

Interunion-Banque Istituto Bancario Italian© latttnfoBaneario San Paolo di Torino Kidder. Peabody International Kitcat & Aitken 

Uund 

Eredietbank S^Luxembourgemse 


Kjobenhavns Handelsbank 
Lazard Brothers & Co, 

LfcrfMd 

London & Contineoial Bankers 

IMW 

Merrill Lynch International & Co. 


Kleinwort, Benson 

UiaUtd 


Eredietbank K.Y 


Kuhn Loeb Lehman Brolbeis 

bondbaal 

Lazard Freres & Co. Lloyds Bank International Loeb Rhoades, Hornblower Ioleraalional 

Umittd 

3Jerck, Fiack & Co. 


Manufacturers Hanover 

UMlid 

B. MetzlerseeL Sohn & Co. 


McLeod, Yoong-rWeir International 

‘ LtaUal 


Xederlaodse Gredieibank N.M Nederlandsehe Middenstandsbutk VX 


Samuel Montagu & Co. 

LbBhtU 

Jfesbif t, Thomson 

1WM 

The Nippon Kangyo Kakmnani Securities Co, Ltd. Nomura Europe NX Norddeatsche Landesbank 

Girozentrale 

Orion Bank Paine Webber Jackson & Curtis Securities Limited Pierson, Heldring & Pierson N.T^ Pkbanken 


Morgan Stanley International 

l. bm u d 

The Nikko Securities Co. (Europe) Ltd. 

Sal. OppenheEm jr. & Cie, 
Postipankkj 

Rothschild Bank AG N. M. Rothschild & Sons Rowe £ Pitman, Hoist-Brown 

LiaUal 

Sanyo Securities Co, Ltd. S.C. Studio Constilenze SA. Schraders & Chartered 

u*u*a 

Smith Barney, Harris Fpham & Co. Sodete Generale Soriete Generale Alsadennede Banqne Societe Generale de Banqne SA. 

■ uurai a 

Societe Sequanaisade Banqne SofiasS-pA. Sparbankernas Bank Stransa, Turnbull £ Co. Sumitomo Finance International 

Svenska Handdsbanken Union Bank of Norway Ltd. 

J. Vontobel & Co. M. 5L Warbaxg-Brinckmann, Wirtz & Co. 

Dean Witter Reynolds International, Inc. 


Salomon Brothers International 

Limlu4 

Skandiaavisfra Enskirda Banken 


Union Bank of Switzerland (Securities) 
Warburg Paribas Becker 

laenpanud 


Wood Gundy 

Lialnd 


Vereins-und Weatbank 

AkticuntnuML 

Westdeutsche Landesbank 
Girozentrale 

Yamaichi International (Europe) 

IMM 


All of these securities having been sold, tins announcement appears solely for purposes of information. 


NEW ISSUE 


Jime2S, 1978 


$100,000,000 

Security Pacific Corporation 


8.80% Notes Due 1985 


The fast Boston Corporation 


Merrill Lynch White Wdd Capital Markets Group 

aKerriu Xcrnofa, Vtaree, Temur A Smith Xneaspexated 

Dean Witter Reynolds Inc. 


Morgan Stanley & Go* 

Incorporated 

Bache Halsey Stuart Shields 

Xnonzparatad 

Donaldson, Lufkin & Jenrette 

Securities Corporation 

Keefe, Bruyette & Woods, Inc. 
Lehman Brothers Kuhn Loeb 

Incorporated 

Fame, Webber, Jackson & Gratis 

Incorporated 

Warburg Paribas Becker 

Incorporated 

L.F. Rothschfld, Unfcabei^, Towbin 
ABD Securities Corporation 
Daiwa Securities America Inc. 


Goldman, Sadis & Co, 
Blyth Eastman DIQon& Go. 

yaorapmated 

Dr exel Burnham Lambert 

Xncmpontod 

Kidder, Peabody & Go. 

Znoorperated 


M.A.Schapiro k Co., Inc. 
WeaHienn& Cosine. 


AtiauticG^Btai 


Salomon Brothers 
Dillon, Read & Co. Inc* 
E.F. Hutton & Company Inc. 
Lazard Freres & Co. 
Loeb Rhoades, Homblower & Go. 
Smift Barney, Harris Upham & Co. 

InmvonM 

Bear, Steams & Go. 
Pearson Hayden Stone Inc. 
Basle Securities Corporation 


Kleinwort, Beraon 

Zaeorp orated 

Nomura Securities Xotemational, be. 
SoGen-Swiss International Corporation 
New Japan Securities International Inc. 
Nippon Kangyo Kakumaru International, foe. 


New Court Securities Corporation 


Robert Fleming 

Incorporated 

The Nikko Securities Go* 

iat wiuM mul inc. 

Scandinavian Securities Corporation 
Yamaichi International (America), Inc. 
PrivatbankenAS. (Copenhagen) 
Sanyo Securities America Inc. 


T 


Financial Tin^ Weiiiiesday ^uae 28.1973 



WORLD STOCK MARKETS 


Wall St. up 5; gaming issues under pressure 


INVESTMENT DOLLAR 
PREMIUM 

52.60 (a £1—109% <110%) 
Effective 51.8473 («}%) («i%) 

MODEST GAINS were recorded 
on Wall Street yesterday as share 
prices reacted to the sharp falls 
on Monday. 

Attention was again focussed on 
coming issues, which came under 
heavy selling pressure early in 
the session, but later recouped 
,« tome of their Josses. 

The Dow Jones Industrial 
Average closed 3.03 ahead at 
8)7.31. while the NYSE All Com- 
mon Stocks index recorded a rise 
of IS cents at $53.33. 

Volume was moderate at 2fl.2Sm 
shares— up 730.000 on Monday's 
total— with declines outnumbering 
gainers 786-to-638. 

A Commerce Department report 
that the U.S. trade deficit 
narrowed in May lo S2.24bn from 
SS.Sfibn in April had little impact 
on sentiment. 

A vote by the Senate prohibit- 
ing President Carter from impos- 
ing oil import fees could adversely 
effect the stock market. Investors 
have been sensitive lately to 
dollar weakness and the Senate's 
measure, although requiring 
approval of the House lor it to 
take effect, could have a negative 
impact on the dollar in Europe. 

Among gaming stocks, Rally 
Manufacturing lost Sli to 8341. 
Playboy SI to S23, Caesars World 
*14 to $244. Hurrah’s S1J to $24 
and Del E. W ebb $2! to S21J. 

Ramada Inns headed the active 


list again, dropping Si -to $7J. 
Penn Central, in second place, 
tumbled 91 £ to $21 — published 
reports suggested that investors 
had hern purchasing Penn Central 
shares on misinformation about 
securities to be issued when 
the company emerges from 
bankruptcy. 

Texaco was unchanged at $232 
in heavy trading, including a 
block of 198.900 shares at S23J. 

Colonial Stores, which rose SI 
on Monday, added another Sli 
io close at $231. The company said 
it knew of no reason for the 
climb. 

fBM. which Introduced some 
enhancements to its series-l com- 
puter, rose $2J to 5260 J. Teledyne 
advanced 5H t° SSSJ. Kodak $1 to 
S.VJi, Raytheon Sli to $451, Xerox 
SH to Sa2, Honeywell $lS to $33 
and Hewlett-Packard, which intro- 
duced two new computer systems, 
$11 to $80. 

Johnson Controls dropped $U 
to $26. — it plans lo begin an offer 
for Globe-Union shares at S40 
each- Globe eased Si to $362. 

Talcutt National was a big 
percentage loser, sliding SJ to S3;. 
Gulf and Western will not buy its 
Factoring unit, but Talcott said it 
barf an offer Troni another group. 

tin the AMERICAN SE prices 
fell in active trading, the index 
losing 0.82 lo 144.77. The average 
price per share dropped 10 cents. 

Volume totalled 4.8Sm shares 
1 3.34m on Monday). 

Husky Oil, which accounted fnr 
nearly a quarter of the Ames 
turnover, dropped $4 in $43!. An 


influential oil investment letter 
advised holders to take profils- 

Scparatoly. Pclvo-Canada said it 
was re-evaluating its offer la buy 
Husky at $32 a share, Canadian 
hinds. 

Resorts International *' A ' 
slumped SIDJ to $70 while its “ B " 
stock dipped S13J lo $73. Resorts 
was the subject of bearish Press 
comment. 


Canada 


Share prices retreated in active 
trading on Canadian Stock Mar- 
kets yesterday The Toronto 
Stock Exchange index eased 3.2 
to 1.120.5 and theMon treat com- 
posite index 0.54 to 18922. 

Among the sectors, Oils fell 
back 7.4 to 1,428.4 and Utilities 
LOB to 170.22. 

Husky Oil fell C$3; to C$48!. 
Alberta Gas Trunk Line said it 
held 23 per cent of Husky's shares. 
Occidental Petroleum’s offer For 
Husky Ls conditional upon 80 per 
cent of the shares being tendered. 
Occidental lost $1 to S20L 

Canada Tungsten Mining drop- 
ped CSl; to Sloi on S53.931 shares. 
Trading halted from the opening 
until 1 pm pending results of 
Am ax Securities' CSI9 a share 
offer for up to 800,000 shares of 
Canada Tungsten. 


growing feeling that the ccono- 
iniir outlook was getting better, 
combined with the realisation 
that losses on Monday were over- 

dC aiolors led the way, with VoUcs- 
wagenwerk gaining DM 3aD to 
DM 212. Daimler-Benz DM 1.70 to 
DM298.50xd and BMW DM 20.30 
to DM 2U4. , 

Stores were also tn favour, 
Kuufhof advancing DM 4.50 to 
DM 220 sd, Karstadt moving up 
DAI 5 to DAI 318 and Horten one 
mark to DM 130.50. 

In higher Electrical* AEG 
gained DM 1.70 to DAI 7B£0 and 
Siemens DM 1.50 to DAI -00, 
while Banks and Utilities were 
also higher. . . . . 

Steels were mixed and machines 
and chemicals lower. Bayer shed 
DM 120 to DM 136.40. 

Public authority bonds con- 
tinued their weak trend. losing 
up to 40 pfennigs. The 
regulating authorities purchased 
DM 61.0m worth of paper 
(DM 06.3m on Mondavi. 


FFr S61, while Ferodo also moved 

lower. 

Begbln, Kleber, and Perrier 
were among shares unquoted 'due 
to an influx of selling orders. 

Pechiney moved against the 
trend, gaining FFr 9.30 to 
FFr 97.80. 


although the National rose 3 cents 
to AS2.41 and the CBA 2 to A$2JJ7. 


Hong Kong 

Shares advanced 


Tokyo 


Germany 

Stock prices closed generally 
higher in busy trading, the Com- 
merzbank index gaining l.S to 
789.0. 

The rally in prices towards the 
end of the session followed a 


Paris 

The market's lower trend was 
maintained In quiet trading, the 
bourse index dropping nearly two 
points to 60.5. 

Trading was discouraged by the 
continued labour unrest, the nse 
in call money and Tears of higher 
retail price indices in the months 
ahead — in spite _ of the 
unexpectedly low rise of 1 per 
cent published yesterday. 

BSN eased FFr 14 to FFr 510 
and Pengeot-Otroen FFr 124 to 


Prices continued to ease, the 
Nikkei-Dow Jones ' indicator 
falling 9J7 to 5,472.10. ' 

Trading volume totalled a slow 
230m shares— up 50m on. the 
previous session. 

Speculative stocks such as 
Yarns to Kogyo and Shindengea 
Electric fell under liquidation 
selling pressure. Giant capital 
issues such as Hitachi and 
Mitsubishi Heavy Industries also 
lost ground, retreating Y2 each 
to Y247 and Y123 respectively. 

Fashion-related issues, drew 
buyer attention and some 
segments of export Electric stocks 
such as Matsushita Communica- 
tions and Toyo Kogyo moved up: 
Drugs such as Dauehe Seiyaku and 
Nippon Shinyaku also advanced 
Japan Security Patrol rose Y160 
to Y2.130, Kaken Chemical YSQ to 
Y1280, Mochida Pharmaceutical 
Y80 to Y1.B50. JGC Corn. Y70 to 
Y 1,100, Elsai Y60 to YIJ30, TDK 


Shares advanced In moderate 
trading, the Hang Seng index 
putting on 4.09 to elose at 541.04. 

Hong Kong Bank rose 10 cents 
to BK? 17.70. Hong Kong. Land 
10 to HS 925, Hutchison Whampoa 
10 to HKS 6.05, Jardfnc 10 to 
HKST5JW. Swire Pacific “A" 20 to 
HKS 8.00 and Wheelock A 
7J cents to HKS 3J.0. 


Electronics Y60 to Y2.1O0, Nippon 
Chemiphar Y30 to Yl^OO. : and 
Nippon Denso Y30 to Yl,410. 

Headed the other way, Nippon 
Television Network lost Y100 to 
Y6J250, Akita Bank Y50 to Y3.600, 
Nippon Telecommunication Com- 
slruction Y40 to Y2J320. Matsushita 
Seiko Y3Q to Y1,17Q. Mamzen Y26 
to Y580, Santen Pharmaceutical 
Y24 to Y4S0, Miyoshi Oil and Fat 
Y23 to Y262, Diesel KIki Y20 to 
YI.400, and Sony Y20 to YL630. 


NEW YORK 


June 1 Juno I 

rr w 


i June 1 

. L7 I 


i June ' 
! 11 ■ 


Abbott Lah » — ...j 
A rid row-graph .. J 
Aetna fJreiCaa.. 1 
Ail- Products 

Aicw I 


i.V«raiii£ • 

UK. - IiuVu-iutV 

Otmic 

L'twker N*i ■■ ■ 
fn.n ii ZmllrrUdi 
Lunitnim tniice- 
liirtis* Wnpb> ... 


96 : 531- 

51*i . 51 
28*1 : 28*1 
£6 261 ., 
50 Hi . 30 jg 
385ft I 38 
IB's ; 16*2 


A IcuAluminiuini 
Alcoa 1 


A lie?. Ltidluui., 
Allegheny Powerj 
Allied Chemical.. 

Allied Store* ' 

Alii* Cbcl mere- 

■ UUX - 1 

Amend* Hess....; 


Amor. Airlines... 1 
Amor. Breads-.... 
Amer. Broadcast. 

Amec. Can. 

Amer. Cyansmld; 
Amer. Dial. Tel... 
Amer. Eld-. Ptm, 
Amer. Kvprw *. ..} 
Amer. Home Pred 1 
Amer. Merited....- 
Amer. Motor*—. .j 
Anver. Ant. (ins.., 
A mer. Shm-lurri . j 

Amec. Htnitk 

Amer. Tel. «fc Tel.j 
AnieteU | 

AMP 

AMP 

Atnpex | 

AiuHiur Hodting. 
Anbouaor Hu«ch..| 

Armen Meet : 

A.9-V. 

Asaraent Oil 

A>wvo- 

■VsbUunl Oil 

Ad. Kicbtieki .. .. 
Auto Dan Pm.... 1 

A VC 

Arw 

Aron Prod arts... i 
Milt .. 

Band America.... 
Bankers Tr. N.Y. 

Barter Oil 

Baxter Trot pool. 
Bent rii* Fort—. 
BectonDieKena.nl 

Bed A Howell 

Bendix i 

Ben putt tone -B 
Betblebero Steel. 
Black A Decker... 

Bowajr. 

Boise Cascade.. . 

Buitlen I 

Bow Wncnei 

Branlff Ini 

BraswwA’- 

Bristol My ore 

Brit. Pet. ADK .. 
Brockwxy G bin,. , 1 

Branawtck ■ 

Bucyrtia Kne ! 

Bukrra Walcb....j 
Burlington Mb 

Bum<ui;lr>.... 

Lampbeil Soup...- 
Caoadiaa Pacific 
Canal Kauriolpii.J 

Carnal hhi 

harrier A Ueneral. 
taller Haw ley . 
Caterpillar Tracis' 

CB.S 

I elan esc C»«itju. . ! 
Centre] A ss.W....- 


Dana 

Uart ludusine*.. 

f*ewe 

Uet Monte 

Deltona 

Ventspir Inter.. 
Detroit Eili. -'ll. 
Dianromi Shainrk 

Ihiiaplion** 

Die fix Btiuif 

Disney (U nit ) 

Ltorer’Cnriai 

Dow Chemical. . 

Draco 

U roster 

Ua|!t'Ul- 

Dfiim lui/urlric* 
Kaplo Pu-Uer .. . 
East Airline- . ... 
Kastman K»Uk... 
Eaton 


■lobus Mattciilr... 
■Inbnu'ii Ji'hnvn 
Ji'Iiu-kii Coni rnl.; 
Joy .Hanuim-t ur'y' 
K. Mar C.irp . .. 
Kaiscr.VInniini'ui 
Kaiser IrvlieJner 

Knlver >nrol 

Kay 

Kcniiivtit • 

h'err Motive. 

K tilde Waiter 

Kjmlierlv Clerk... 

Kufnars 

Ktnii 

Knmcr Cn 

LwiM'UnvTrnn-.. 

Lett Nnnm 

Lttihv On .Fix-1 .. 


i liev lou 

I llerneliti Metals.. 
I llevni'M* 11. J. 
RicIi'mhi -tlem-ll. 
K>vI.h ell I titer . • 


Holim A Haas , 33 




K1 Paso \at. 

Kltra 

Eincrfcm Blntiic 
Emery A ir Fr'itil it 

i Emluirt 

E.M.l 

Eintplhnrd , 

Ksniari, 

Klliyl 

Exx>,m 

Kairclnlrt l amort 

Fed. Dopt.Bl'W 

PirstontsTitv 

Fst. Ant. UuoUhj. 

Fle.xi Van 

PliniLole 

Honda Pkmer..., 
Fluor 


Groiii'.. . ! 

Ijllyilil.il ; 

frttion Indti-t — i 
T«ii;t>hiV'1 AnvPri- 
Lhi>* Mnr lu-lu-.J 
la.iu; Inland I4rt.; 

IlillVMIUlIl Ijihi..: 

Ijibn*") 1 

f.ui‘kv Mi«r- 
1.1c VmiBkCwu.' 

MaiMiiinu 1 

Jlae.V B. H : 

Mtl*. Hauncr... 

.linin' 

| .Hum! Id'll Oil.. . 

I Murine Midland. 
MarsJiall Field ., . 


Hr, yal Dutch 

IITK 

lll|-3 

Ifyder oytrfcm .... 
Satenay Stores..,, 
St. 4ne MuiereK. 1 
St. lleuixPaiicr.. j 
Santa Fc liids.... - 

Saul Imest 

Savn Ii*U i 

S'.'biit/ Hfr-wrafr-.; 
te-liliimberaer .. . . 

SC.M ! 

Si”.U Pajvr ‘ 

Sisiril Mrs | 

sne Duiiler 


M><ul north 18*2 

U-jly - i 4 

\enit 52 

Zapata 1 3SPp 

/daiilh Bad in.. - 14 

C.S.Ttwm4$1«o> i i if 
l 'S Trc«s4 ;»7S/£t , »79 :b 
L'.S. 90 day bid--.. 6.93.5 


Australia 


CANADA 


AMtllii Paper .... 
Aanii-n Ka^le .... 
A lean Aluminium 

\lt;nma Steel 

islestn, 

Bank uf Montreal 
Bank Xm« Scot i* 

DeiK IIes*Njr«9... 

Bell Tdephutie.. 
Bow Valley Ind... 


Container. 


SwiKiam ■ 

i SwirleiO.D.i ' 


V.M.C 

Fool Mu|..r 

FnJVin««,l Mck.... 

P.i\terr 

Franklin Unit.... 
Freepost Miuerel 

Fnielm'if 

Faque lnd' 


May Dept. di ore.' 

Me \ 

AlcDcrnioLI 

McDonnell Doup. 
Mclirac Hil. . 
>lvnioiex 

JW 

Morrill Lucli... 
\l*sj Pci mien in. 

MUM 

Mmn Mins A Mt^ 

I Midi! I Cur| 

ll'IIMIIIi- 

Moreau J.P.. .. 
Molon'ki 

• Muipliy tnl - 



\alc» ClienihHl.. 
National Can.. . 


R.A.F. ' 

fianneu | 

Gen. Amer. lut..' 

D.A.T..I 

Geu. Cable 

lull. Dxiuimics.. 

btu. Eiecirtcc.. ; 

Uen. Fuwls ; 

General Mill*.....' 
Ueneial Moton..! 
UeJi. Puh. Ctll... 
lieu. Signal. .■ 
Gen. Tpl. KIccl.. 
Geo. Tvre. 

tii-DOscn 

Go'luMi Paclllc. 
Oil 


tleminievl i 

lean Altwatt...; 
Chase Uanharun; 
l hemlual Bit. XI| 
Chcsebrgh Poud.: 
fliwaie ay«icm..i 
Chloapo Brl'lRe...! 

Chrysler 

Cinerama i 

Cine. Mila won.. ' 
i it icon* 

Uitiea aer\ - ice... . 
city Invevtio*!.. ] 

Coca tola [ 

Colgate Palm.....' 
Collide .1 ikons.. | 


Gillette : 

i.iiMtrieti D. 1 

Ci«-ai.\«ni Tile... 

GoiiM 

Grecb W. K ' 

■ it. Allan PacTinl 
lirl. Xyilli ln.n-j 

Gre.t lii 'lid ] 

ttiill A IVclwiJ 

Gulf Oil | 

HallbuniHi 


v«t. Difdllors.. 
Nat Smlrc lnd.. 
Natmnai Rieel. . ■ 
Aaloiiuu. . . . 

Ntl! 

Neptune 1 in p . .! 
New Kqqimid Ki. 
Vow KnghiKl Tot; 
Niagara Mohan I,; 
NiHS-ira Slmre.... 
N.L. 1 111 ) 11*1 riot .. 
Ni-ilotkAWe-U'ni 
.Viin b Nat. Ga*> . 
Ntlm. Slates I’o r 
Ntbwwt A 1 rimes 
Mlrnml Baneuip 
VuilouSlurm... 
•it-Mwiial IV) job 
OmlvvAlnlliei'.. .' 
t iliin KiIimisu. . . 
Oltu 


r-on- lliifteiL-k.... 

SKDCO 

Shell Oil 

Shell Tranrporl.. 



»lKINnle •.'••rp ...... 

::tiitl>1u.-iiy Pat ... 

•Siotf.-r 

Smith Kline 

•bunt 1 on 

bruit bd -n u 

: SuiutlioroCal.Ed 

| ssiulhriTl 

I MUn.NaV Hi- 

I cs/i/iLcm Pai.ifii-.. 
I SauithcrnUatlvay; 

| Southland 

j S'w't Baii-JiAitr>.. 

jSperrv Hin. h ■ 

l^peny Hand 

!*(«».. ; 

Staihlaid LMiiniK. 
Sid.oMl'ahlunita. 
St. t. Oil Induiu.' 

M.I.IHI Oliio ’• 

Si aulT Chemical-. 
Moiling L*ru^.... . 

aMatrtakvr. ; 

Sim 

Siiihiitinnd ’ 

byjuta • 

.1ei.'biiic"|or j 

Tektronix ] 

Teleili no 1 

lelox 

IVuew 


BP Camilla 1 

Bra ‘mu 

Brtuco 

Catpiiy Hmer... 
Cam ib nr Mine*.. 
Cn nails Cement.. 
Ikiiaila AAV la 11. 
Ctui.ImpBk.Com 
Camula Indust .. 

Ctui. Pacific 

Can Pacific lm.. 
Can. Super Oil., 
Carlin;; O'Keelo. 
Csariar AsteMo,.. 


Price movements were mixed 
on Australian stock markets, with 
some leading mining issues easing 
alter a firm start. 

Utah fell 20 cents to A$4 an the 
strike which has stopped its coal 
production, but Coal and Allied 
rose 5 to AS3.95 and Oakbridge 4 
to AS1.79. 

Among Uraniums, Pan conti- 
nental lost 30 to A$ 13.70, but Peko 
rose 10 to AS5.30. 

Copper stocks rose a few cents, 
while North BH moved up 3 cents 
to ASL3S and B0 South 3 to 
AS1J2I. but CRA lost 4 to AS2.50. 

Among Industrials, BHP fell 4 
cents to A36.94. but Elder Smith 
was steady at AS220 while A Cl 
gained a cent to AS1.62. 

Banks were mostly steady. 


Milan 

Most prices closed lower for 
the second consecutive session al 
lack of demand allowed scat tered 
sales to cause widespread losses. 

Trading was extremely slow with 
the day's volume about a quarter 
of the average as investors awaited 
the selection of a new President. 

ANIC improved L2.75 to L9&25 
in Chemicals, but Snia Viscosa lost 
L2 to L7I5 and Montedison L2JS 
to L14625. 

Brussels 

Price changes were mixed to 
mostly lower in moderate trading. 

Co be pa, Electrafina, St. Roch, 
Flnoutrentcr and Andre Dumont 
rose. bu*t ' Hoboken dipped 
BFT 25 4o BFr 2^43, Solvqy BFr 40 
to BFr 2555. and- CBR BFr 10 to 
BFr 1440. 

Amsterdam 

Shares were generally lower, 
the bourse general index falling 
0.3 to 92-1- , ^ ■ 

In mixed Internationals, Akzo 
dipped 40 cents to FI 2SJ»0 and 
Hoogovens 40 cents to F1322Q, 
while Royal Dutch edged 10 cents 
ahead at FIJ30. 

Firm shares included KLM, up 
FI .3.50 to n.I45jO. Algemene 
Bank Nederland. FSI.1.50 higfier at 
JT3 63.50, and Middenstandsbank. ; 


TORONTO 


mi. *-n. rwrr 


Switzerland 

The market fluctuated narrowly 
in a quiet settlement day's trading 
influenced by the overnight fall 
on Walt Street 

Among leading Industrials. 
Saorer Bearer rose on speculative 
demand, 

Utilities were again in demand, 
with both La Orenburg shares 
higher. 

Johannesburg 

Golds closed showing an earner 
bias, reflecting a general lack of 
interest Losses were small rang- 
ing up to 25 cents in heavier- 
priced shares. 


i-'liic-iimn 

i.'-om«uu> 

li«9. Uttliun-t 

Ihumidih- Gav.. 
CWka Mewmvft”- 

Co«iBin : 

llatw IkreL 

li.-uisoii Mine*.. 

Horn Mints 

lAnmc 

Oniumrea Brimtr. 

tli.iiTita r.„ 

Utijifiiil. 

Faknn't!f NiikPI. 
Pnirt Mt'lmr Can : 


NOTES i Overseas snees shown below 
esclode 3 pmnimn. Belgian dividends 
are alter wiitahoMbiG tax. 

O DM30 den am. nnless otherwise Stated, 
yields based on net divide mis plus tax. 
V Pias.SH) denom. unless otherwise stated. 
A Kr.100 denom. unless oiherwise stated. 
® Frs.300 denom. and Bearer shares 
unless otherwise staled. 5 Yen so denom. 
unless otherwise stated. 5 Price at time 
or suspension, a Florins. f> SchMta&s. 
r Cents, d Dividend after nendxruz rights 


and*or scrip tasne. c Per share. lYeaacs. 

0 Gross, dJV. %. h Assumed dtvUend alter 
scrip and/or rlshta Issue, fe After local 
taxes, m % tax free. « Francs: indnUns 
imtlac dtv. p Nom. q Share qdlc sDtv 
and yield exclude spcdaJ nayment t todl- 
eated div. u Unofficial trad ins. uHfcfbrity 
holders only, v Uereer pending. • Asked. 

1 Bid; j Traded. ^Seller. rAssumed. 
xr Ex rbdus- xd Ex dividend, xc Ex 
scrip issue, xa Ex aB. a Interim since 
increased. 


GERMANY 4 


TOKYO 1 







AD5TRAUA 


\bU * 78.B * 1.7 j - 

V u«n/ Vereicb...; 4B5 |— 2 I 3L2- 

HMVr, • 260 — 20.5(20 JB 1 

BASF - : 128.5x1 — O.Z 18.76 

“ “ < <un -I n l ,a 


! 136.4 -1.2 1 10.15 


Hsinliii.-biruer.... | 

Hams I'nrjiQ , 

Heiuit H. J I 

Heubtrui 


Hede P^i-kanl...' 

Hi'li'iay liui< 

H-.imtntaVc J 

Hnue.rReii 

[ 


ilver.cn, 

ilueits l-miinjf .. 

linens llnnii,.. 

I ‘Mi ll .. 
I*ai.-ilii‘ l.lublnm-: 
rhtll H»»r, A Jail., 
r.in Am Wind An- 
Parker Hannifin.. 
Pwlidy lut- 
fVn. I'«. a la. . > 

Penny J. f. i 

I’enurntl • 

Peitj»it.-» Dint—. 

j pH.ij.les fi*» 

IVjwlw I 


Tewtro Pwrolennv 

Ti-aoi ‘ 

TcmiskuM •••••• 

lews Eosiern.... 

leu, 

T..-.s*,l»il Alias. . 
Te^as I'lililie-,... 

| Fltues In- ; 

lime* Mirnn., • 

Tuiiki/n 

'fra tie • 

Trsusnieriin 

Iraiiseu 

Trans L uimII. . . ■ 
Tout-wav luff'ii. 

1 Trens W'trlil .Mr.. 

j 1 miel«-ii 

lyi CnniiuvutHl 


(•fiialar ; 

tiuint l'vl'wkuile 
liiill Oil (.'nimbi.. 
Hunker snl.Cwi. 

HuiliUgrr 

Home Oil *A" 

Hirlson Bsv Mas 

Hudwm Hat ... , 
HtnlaouOII a Oast 

I.AA'. 

Inuiseo — I 

liRlirruiliiil 

I him 


Uarrr. Hypo. ' 280.6 -0.4 | 28.12; 

BaVer . V errioibk.. 313 .+0.5 IB | 
Cibalnt.Ne>1.«m* : 165 J...—..., — . 


Anh) Glass j 338BI —6 ''T4 

3.2 Canou 1 46Stf~Z 12 

5.3 tasiu J 625 < + X4 j 25 

7.3 t/htaou 350 —5' . 20 

6.9 Dal .Nippon Print! 540 i-2 IB 

5.0 Fuji Pliotu ' 546 +1 =15 

2.9 Hitaetai 247 -2 112 

- Huuibv Motors I 674 1-1 1 18 

7.5 HuuseFnri ;1.150 J-10 i 35 

- C. Wit. - SS8 -Z * 12 

4.7 Ito-Yoltado IL340 : + 10 j 30 

3.3 Jacc* .1 690 ;-8 ■ 13 

4.5 J.AJk -.2.650 1 i — 

4.7 Ksnial Biert Pw 1,160 +10 10 

6 .U UomatiHi I 350x1.+ 1 i IS 

Kubota ara ;-a ! is 

* m " K voto-C'eiaroln ... 4.010 10 ' 35 

5.8 Matsushita lad 716 —2 : 20 

5.5 Mitatilii»biBUik-.i 278 1—1 1 10 

7.4 UiTsubbht Heat? X23 —2 12 

4.4 Mitsuhiahi Corp-> 428 - . — 3 . 15 ■ 

3.6 Mitsui £ Co 319 1 + 2 ! 14 

5.1 Uiuukosbi ! S76 • 20 

3.7 XIpimd Deiurt..... 1.410rt+30 i 15 

4.3 Mppoq Sbinpan.- 721 —18 ! 12 

— Mmau Motors....! 801 ! + 3 i 16 

5.3 Pfwncer...- 1.700 1+20 ; 48 

— Sanyo Klectrle 270 —1 12 

5.1 tfefctnil Prefab..:.' 881 1-4 1 30 


Gorntnerzhank 226.2 +0.5 1 17 


UootGun>mi | „74-5 +0.5 1 — j 

Daimler Bens — ... 298LW + 1.7 1 28.12 
Uej:u»« ...J 257 J i 17 


Dewwa ..... 


156.6,-1.5, 14 ! 


Uewurim Bank-.. 302.2 + 1.7 2fl. 2j 

Dresriner Bank....) 237.8; +Q.4 28.1SS 
188x1-4 9.3E 


T.1I.W • 

Sltli t.'oul n/s- K«i\ 

f. \.l- 

I'AKUH 

CGI 

1 / hi lever... 

I.'mlmer N * ... . 

I iipm UaiH-»ip..., 
Luiuu L’artiide. . 
I'ii bm V'lmmifnx 

I'mnu Mil Cain . 
Liulou i'aeifie ' 


tmlal ' 

IdIsiM Am. uav. 
Iiit'p.\ ripe [.me 
Kaiser ite»mn.'tf». 
Ijantt Fin. t"i»ni..' 
InA'Ian On i». - H'.: 
Mi'inill'it Billed 1. 1 
)Ib-hv Fcf”(iii«i 

Mel nt vie I 

MisnvCnifii... . 
U.-iiiiiniu'iInlelb- 
.\nnu>la Mines,..; 

Nnti+ll Kiihqi) 

Atlin. Ti* I i.i Mill ... 

Aiiiuai- ifii A Gas: 

UkSm.-.i I'eirlTin 
Pavilic i ■ipperM.' 


Dresdner Bank .,.,1 237.B;+Q.4 
IlyckertHjff Xeint. 188x5 —4 
Guteboffnurag.! — I 205-0 — 0.5 

Hapas Lloyd i 119 I 

Harpener ’ 292.5;- 1.5 , . 

Uoeehrt..- 126.1; + 0.3 IB-2 

Hoesch 45.3 ; — 0.6 ! 4 

Horten 130.5; + 1.0 1 9J 

Kali ual Hair ! 137 , + 1.0 • I4.C 


Kareuult .."..I 318 '+5.a[a.44 

Ksitihot 1 220 ri 4.5 10-72 


KkuknerDMlCOJ 

KRD J, 

Krupp I 


89.8 -0.2 ! - ; - 


183.3+0.8'iff.76| 
94.5 - 


Lunle 247 !+4 1 25 I 

tcawlinv IUX...I 1,415 +5 j 25 | 


Lulihauw I 109.5— 0.3 1 9.36| 

iLAN I 196 1-1 I 12 ; 


ShiseWo- 11.130 i+20 , 

Sony ■ 1,680 -20 ■ 

Taisbo Marine.....; 234 


Manne 1 njaon. „ 
MeUilce- 


168 ! 1 17.10, 

215 '—2 | 10 • 


Takerta L'bemleal| 380 { + 7 
I TDK 2,100 1 + 60 


Hosp-L'mik Amer; 
Hnualoll Sat.fi a-' 


Cotumt'ia Gas 

Lulu mi. IB Piet....; 

IVini. Iiwt o.ui.\ ni( 
CombuslHm Knit- 
L.imitiuanca H 14 ...I 

t'ra-n'lli katlvia.'. 

fm'wTbOil Kcf^ 

Lunim. Mivllitp; 

C«iH|anerM-lcnce. 
t'ijnu Lii* ln».. . ' 

Lnntm; 

I'lin.&tlM’ii N.Y. 

Ciinsnl Ft^-rts . .... 

L.'nvJ \al, fm,. 
1 1 mounter Pen it' 
*. •miluental Gi^ 


Hnualnll SBt.fiH<-' 
Hunl'J'b-D t bin 

Hull "o iK.K.i 

I.C. In>lustne>...! 

ISA 

In^erwiil flauif... 

lalHii.t sjtoel 

luslku 


t •mtlnental nil., 1 
irnninenui Tele, 
I'nnirul bull .... 
C<aiper Indus.. .. 


IBM 

1 Inti. Fia\»ui^.. . 

I lntl. Har»* 5 -t<T.. 
loti. .Min A l.'liem 
lull. Mui"in»l'.. 

I uej 

lull. Pa |iei 

IKV 

Ini. IfeetiliHi.. .' 

Int. Tel. A Tel.... 

lu\eni J 

Inna Beet 

It" lnlrmali>*ni«l| 
J lm Waiter 


360.87 458.2S 


Persio fclnier.....! 

IVt.... ! 

Prina 

Plielt>» lii «U;h,... 
Pbiliidet|>liM Klc. 
Philip M*nri^.... 
I'lilllipn T'rlm'ni. 

Pilshmy 

Pitney fame,.. .- 

I I’ll Is teti 1 

1 Plctoey Ud ADK. 


PmUii.i-1 . _ .. . . 1 07Tr 
I M mi iiin ■ Kliv. I5'a 
PPli liMlu-lrie-.. b7 
Pt'« > terlianil.l,.! b5An 
l ull Ni:ne Kim.- 2.- ij 

I’fillniHii 32 U 

Pun". 17 

Vuakei Hal- .. ; 
l.'ai'iil \iiienmii.i I, U 

i 

I If- A , kBi» 

Ueputilie Siifl- • . B3 


rnlfT*ra» ' 

l.uiLed HniniS... 

L : ri Uann-T 

I.*s fiyinum.. .. • 

I. * rime I 

16 dicel 

r? Twlinnkigivs.' 
1 L'YIniiiutnrt.... 

1 ir^ima Elevi....' 
Wats teen. .. . 
\Vnm>T-t.Viiii nut... 
t\ arii._-r-fjiiiil» , n . 
Mmiie-MHU'ineni 
Wi'll'-D rRii.. .. 
Western Banmi »■ 
IVoilvni A. Amei. 
IVHwli I nu . ii.. 
IVieliuJi'C Fiiri j 


Fsnlie fV< mien ml 
I’hu. Can. I’et’in.l 

Paine • ■ 

PwjfJr, I lej* S.,. 
Pla.+Caii.A Oil... 
Pbu+rUHii.iiipml 
Pvuct c-in«irat'u 

Pnw 

Dnri+i- surgeon 

Kaiigerf.iil 

Kret Mw. 

Ilio.Ugi.iu 

linyul BL.i.i CanJ 
livjxl Trmt ! 


Munchener Kuek. 545 +— 3 18 

Awkcmisnu...... 138 t + 2.5 !■ — 


Teijin I 120 1 — 1 


Ptauarau DM I0UJ 115 j— O-l | — - 


linein West. Bieci. 189.5i + 1.5 


?cberiou — 

■leineri: j 

3U*i JSueVer ........ 

I'uy—en A.G 

Varta. 

» CB A 

FereiuiJ, WertBk 
Vniu-nauen 


269 +2.3 28,12| 

290 1+1.5 16 
244.9 +a4 2Kb6i 
117.2+0.3 17.18 

174.5- 14 | 

116.91 + 0.3 lit ; 

291 1+1 18 ' 

212 i + 3.8 26 I 


Tokin Marine... ..j 482 — 5 

Tukio Bleat Ptow’r 1,0 30 

Tnkyu Sanyo ! 321 +9 

TnkvnSliiltture..! 141 —2. 

Tonur. ! 145 +2 

Toyota Mow ..—! 930x1—51 


tl.7tt I+4J1 1 iw..„ n,„ w 
+2JJ1 . uJLftl 5^*“ 


Source Nihxo Secnmies. Tokyo 


BRUSSELS/LUXEMBOURG 


UV \m*, 

Weieilineu'«>r... . 

Whirt|niMl 

lVtiiic I ml. 

VV illlnrn l.t> 

Wi«i.’.iisiii Blew.. i 


so>ptn- i:'-i.iiixe»| 

Ml||nnii' ... ! 

riivli CaiMila • 

riicrmc'i. .Uuj<~.| 

JlMitli; II. Cl — ..; 

j 

steel "I I miaita... 
Sleep Ibs-k lltni.. 
I evini t aiimla... 


1'iaii -I.au l’i 14,-Iji; 
rtan» M-.miiiOir. 

liW 

I., nu .11 i.. M . ■ 

1 'iit. ain.iii Mima. 
I' ailipr I lunm .... 1 

i Iran*.. 
Weston ■ ii<n. i 


AMSTERDAM 



{imnur 


r | *T . 1 [ i pip 


Bumbuiy Phjff ynHi a . 

St Betas — — f 

Sombvaal 

CoM Fields SA 

Union Corporation 

Do Been Deferred - - 

Bijvournitzlebr 

Boat Rand Ply. — 

Free State GednM 

FrasMant Brand — 

PresMeiK Stem f 

Stmontein — " 

Wefkom _... 

l|f -uf Tlxrafffulti I 

uuciuumn H*n>trerii . 

Western Huldtoss — — t 

Western Deep 

! IHDUSTlilALS 


a • m 


7*1 


EUROPEAN OPTIONS EXCHANGE 



, 36 I 1 

8 1 

i 3 : i 

, 1.50 13 


33.50 ! a 


\hrtl 

Xki’i 

ABB 

A KB 

Fi. Kodak 

h. Kwlak 

PNC B 

(ill 

IBM 

IBM 

IBM 


2.90 IB 
l.BO . 3 


7 5 

S'* 14 

Its 7 

4 


8M 2 

22’j 2 

U'» 1 

4i* . a 


■F555.50 
•F365.50 
Pd63.5U 
P 38.90 
P28.90 
.L‘28.90 
P75.90 
,t 75.90 
■154 

*53 
■*25.02 
>59. lO 
r 258.08 
VJ58.08 
>258.08 


KI.M 

KbM 

KLM 

KLU 

KLM 

KLM 

KLM 

Philip* 

I*billp> 

II. D. Shell 1 
If. If, SMI t 
Scblumb'r£* r , 
T. 

t'pilmr j 
Unlftt'w ( 
I'nlfei <r ‘ 


F150: 

K160 

F170 

Fieo 

F190 

F200 

F220 

K25 

F27.50 
FliO 
F140 
520 
S65 
KUO 
Ft 20 
F13G 


— I 9 ; 14 

24 ■ 8.50 : 21 

6 4jo ; si 

6 3-80 I 22 

— 1.80 I lO 

20 3.20 ; 65 

— 1.10 6 

21 a ; 4 

— 0,90 i 10 

— 4.50 I 7 


i 17 . 41 

, 10 7 

; a.eo ! l 
I 6 51 

3 ! 10 

3 6 


1 2,70 1 
I 


- I 12 | l 

— . < 4 : io 

- : i so io 


.feii 
12.70 1 2 

: 5.50 15 


IF 146 
IP148 
IF 146 
T146 
F146 
iF146 
IF14S 
Pde.ao 
IF26.20 
iF 129.90 
IF 1 29 . 90 
:>23i a 
■s60 

Y 1Z9.7Q 
>130.7 0 

F 120.7Q 


BASE LENDING RATES 


A-B.N. Bank 10 % 

Allied Irish Banins Ltd. 10 ^ 
American Express Bk. 10 "fi 
Amro Bank 10 % 


A P Bank Ltd 10 % 

Henry Aosbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banqne Bel^e Lid in ^ 

B^nque du Bhone 

Barclays Eanb 10 

Barnett Christie Ltd.... 11 % 
Brcmar Holdings Ltd. 11 ‘7, 
Bm. Bank nf Mid. East 10 «T, 

a Brown Shipley in ^ 

Canada Perm't. Trust 1ft "Ti 
Capitol C & C Fin. Ltd. 10 

Cuyzer Ltd 10 *7, 

Cedar Holdings 101% 

■ Charterhouse Japhot... in % 

Choularlons 10 % 

C, E. Coales 11 % 

Consolidated Credits... 10 of, 
Co-operative Bank ...MO 
Corinthian Securities... 10 

Credit Lyonnais 10 °n 

The Cyprus Popular Bk. 10 

Duncan Lawrie 10 ^ 

Eagtl Trust 10 % 

English Transeont. ... 10 ^ 

First London Sew 10 l 7i 

First Nat- Fin. Corpn. 11 % 
First Nat. Secs. Ltd. ... 11 % 


l Hambros Bank 10 % 

I Hil] Samuel §10 

C. Hoare & Co t 10 % 

Julian S. Hodge 11 % 

Hongkong 4 Shanghai 10 % 
Industrial Bk. of Scot. 9 % 

Keyser UJJtuaun 10 °& 

Knnwslev & q 0 . Ltd.... 12 ^ 

Lloyds Bank 10 ^ 

London Mercantile ... 10 <5 
Edward Manson & Co. 111% 
Midland Bank 10 % 

■ Samuel Montagu 10 % 

I Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich r; e neraJ Trust 10 % 
P. S. Refsnn & Co. ... 10 % 
Rossimnster Accept'cs 10 % 
Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 11 i% 

Security Trust Co. LttL U'% 

Shenley Trust 11 % 

Standard Chartered ... 30 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Wh ilea way Laidluw ... 30»% 

Williams & Giya’s 10 % 

•\orskhire Bank 10 % 


c G. Smith Sour , aao h 

SA. Bmnfia J.t9 j 

Ttar 0*1* and »*«. Mle. 18.80 
UDtscc „ — ...u i.ia 

. Securities Hand SUJS4L73 
• (Dtswrant of 37 A%) 


Antony Cihhs 10 % t ~<ljy ri-iMKin on sums nr no.iwo 

Greyhound Guaranty.. . 10 % ■ inrt "mi'.r up -o <;3 .u?d tj'., 
GnnriJaya Bank {in % _ " a ?, l ZZ pf* ”,'2» - 

* T i.all d“Po?iti OUT il (WO 7 

Guinness Mahon 10 % t Dumatui deposits 7^.. 


• IMS* 


| V'-rntfttr- n t tiic AcnpUliij tfouies 
Lommitivc. 


dcpaias 7-;, l-momli e-pwsits 

























































i yr w 


^mancaa! Tiines/Wedtiesday June 2ST 1973 


FARMING AND RAW MATERIALS 



\ 


. GENEVA; June 27. 

* ATTEMPTS TO set np a system 
ior stabilising .world commodity 
prices under- the auspices of the 
United; Nations have yielded 
almost no result and agreement 
-cannot be reached by the end of 
this year -- the original target 
. date. It might have to be moved 
to toe end of next year.' 

This Is the conclusion- J of a 
report issued by the secretariat 
oi the UN Conference on Trade 
and .Development (UNCTAD) 
which in 1976 sponsored the plan 
, for an “integrated programme" 
international commodity 
stabilisation agre em ents. ... 

The report said the only inter- 
national agreement which had 
been concluded since the pro- 
gramme was launched was the 
one governing sugar. The pro- 
gramme covers 17 other com- 
modities. Some progress had 
been made with tea and natural 
rubber^ 

"Pending the outcome of the 
negotiations on the common 
fund, the discussions on indivi- 
dual commodities are' taking 
place in a vacuum as far as the 
sources of finance for stocks and 
other- measures are concerned." 

Negotiations on the fund, 
attended by 106 countries, broke 
down last December after four 
weeks when Asian. African and 
Latin American ’nations com- 
plained it was “utterly futile" 
to continue because some indus- 
trialised states lacked the 
political will to agree on the 
fund's basic features 
Reuter 


;%v. ;'vp 



charge 
halts U.S. 
stockpile sales 



PARIS COMMODITY MARKETS 



ow road to recovery 


the 


Sflver output 
rise forecast 

WASHINGTON, June 27. 
MEXICO. CANADA, the U.S. the 
Soviet Union and other silver- 
producing countries are expected 
to push world production up to 
about S56.7m. troy ounces by 1981, 
the Silver Institute says; reports 
AP-Dow Jones. 

The production forecast— 11 
per cent higher than last year's 
world silver 'output of about 
320.4m troy ounces— was made 
by the industry group with the 
co-operation of mining companies 
and refiners in 36 countries. 

According to the. group, 
Mexico ranks as the world's 
biggest silver-producer — its 
. mines produced about 47m trov 
ounces last year. The Soviet 
.Union ranked second, with 45m 
troy ounces, followed by Canada 
(43.8m) and the U.S. (38.2m). . 

Other important silver produc- 
ing countries Include Peru, Aus- 
tralia, Poland and Japan. 

The projections, tbe report 
said, - are ; tbat these eight 
countries will account for 83 per 
cent of the. world's production of 
newly mined silver in 1981 com- 
pared with 8L per cent last year. 


THE tLS. General Services inspector-general to probe 
Administration is suspending alleged fraud, 
sales of tin ana some other com- The main charges involve 
modities pending review of sales alle &ed inflated prices paid to 

methods, reports Reuter from s°a)«™e s for ““A 

Washington ' existent Jobs, and kickbacks 

wasmngton. accepted from contractors by 

•• The suspension was said to GSA employees, 
be connected with allegations of Our Commodities Staff writes: 
widespread fraud in tbe GSA. Asarco, tbe big U.S. metal pro* 
althougb they noted- there had ducer, will not be delivering 
been no specific allegations copper cathodes from its Ilo 
regarding commodity sales. Peru, operation to its European 
Other commodities affected by customers in July. The company 
the suspension are mica,; natural announced yesterday that it bad 
battery grade manganese dioxide, wcmnded the force majeure on 
metallurgical grade manganese cathodes for another month, 
ore, quartz crystals, and rare Production problems at tbe 

earth. Government-run refinery which 

GSA sales of other coinmodi- Asarco copper concen- 

ties, including gold (for the lnt0 metal are believed to 
Treasury), tungsten and mer- ^PoosibJe for the suspension 
cory, are not affected, the sources w shipments. 
said, noting these items were ,, bome analysts have suggested 
subject to sale by competitive ;? at a three-week strike at tbe 
bid methods and left little room 10 s™«ter m April might have 
for fraud. contributed to the problems. 

Yesterday’s schednioh Haiiv °“f rs blamed technical diffi- 

GSA tin offering was included which f had 

.• 1 much 

J5P. S sra^e-*' Peruvian sources have 
sfnSif LVJ* GSA said vandalism and mismanage- 
IeeteiptinU K^f th ° U n h tixere , ,s n l eot ha v«? been responsible for 
9S nsre f s se , ek ' lbe poor-quality copper. 
mg xo authorise the sale of a . , 

further 35,000 long tons -^^ peaa . a ?. d Japanese teeb- 

. nicians are believed to be study- 
■u„ ™ .indication how ing tbe refinery’s problems but 

s *f^P erw ion would -last. one analyst has forecast that 

DenarSfenf Jv ? tlc % shipments will not restart before 

department, has been appointed September. 


U.S. probes 
'dumped’ 
sugar claim 

By Our Commodities Staff 
THE U.S. Treasury' Is investi- 
gating charges that Common 
Market beet sugar is being 
dumped in tbe U.S. with the 

he The 0f Tr 1 ^u^ P0 s ^d U thi d, S- I nnUtTcaSsTde ^Ijouidation had been “snidgeful*” he said. « cover wone C3raeroo 

ventigation follows a complaint bif . b &r6v ided eie- rino L * Mosl of tbeaQ had now returned su,>ar trades by hedging in the c0 j 0n j e5 
from Michigan beet growers g5 Lf Paris miSS 10 one XJ.S. 

about shipments of EEC beet ! arSoun^ tiiat it wa” “P™? refused to teve New \or 

«*,. i ssresStaL;" s X- *» <• ■“ **- Lffsssr 


BY JOHN EDWARDS, COMMODITIES EDITOR 


HOlv ARE Paris commodity of trading activity on the Paris that the world trend in cane and disaster which hit the domin 
futures markets recovering after markets was slow. beet sugar output was towards sugar contract, should be bons 

the “disaster” at the end of 3974 lading bouses who white sugar production. as well by the growing ira.pi 

during the great sugar boom? suffered _ seve^ Josses in 1974 4ttemoti .. hi aace of the ivory Coast i 

H ^ , k : Cameroon:;, former Frer 


totalling 50,000 tons being 
landed in Savannah, Georgia. 

If the complaint Is found 
valid tbe Treasury might 
impose countervailing duties 
to cancel out the effects of 
EEC export subsidies. 

In the London market future 
prices rose later in tbe day. 
helped by a steady opening in 
New York. October sugar 
closed £1.45 a tonne higher at 
£101-075. 

The London daily priee for 
raws was raised in the morn- 
ing by 1 to £96 a tonne. Whites 
were unchanged at £105. 


S. Korea bids 
for bigger 
NZ fish quota 


Ten-fold rise in UK 
grain export income 

BY CHRISTOPHER PARJCES 

EARNINGS from Exports of farm machinery 
exports of farm produce, have were worth only 3 S per cent 

S?5rS te-'S? il° p * in more at £29 5-3m~a result which 

a in S.?TSJ ““f®? ®* ?***■ appears to indicate a fall in 

A 10 -fold rise in income from volume sales. 

■JFSjJjSJ? a four-fold increase Only produce exporters bad -a 

SJtSSK <***"' c,eari Y successful start to the 

and vegetables have helped, com- year, earning £S59tn in foreign 

SenSatl0nal r P t r ‘ compared with £257m 

£Stt”3" ; n M i he first £ve ™ nv,s of Iast 

According to the "British Exports of cereals were worth 
Agricultural Export Council £ 124.5m compared with £12.9m 
sales abroad of farm equipment, last season. Dairy produce sales 
chemicals and produce . Jn the were worth £65m compared with 
.first five months were worth £35m last year 
£859m — 27 per cent triors than The value of live apimal 
in the same period last year. exports rose 52 per cent, meat 
But the breakdown of the was up 26 per cent, and exports 
figure shows a slump in sales of of eggs increased 50 per cent 
farm chemicals and feedingstuffs. The only black spot was in 
Between January and May last the wool market. Exports of 
yeAr this trade earned £l33m. In wool and animal hair earned only 
the comparable period this year £46m— 20 per cent less than tbe 
earnings are 9.3 per cent lower at £64m earned in the comparable 
£l20.4m. / • period last year. 


Dai Hayward 

WELLINGTON, June 27. 
SOUTH KOREA wants a bigger 
allocation or New Zealand's fish- 
ing resources. It has offered an 
increased market for New 
Zealand beef in return. 

Only South Korea and Russia 
are permitted to fish in New 
Zealand’s 200-mile zone. Japan's 
fishing fleet was banned from 
April 1 because of restrictions 
against New Zealand beef and 
dairy exports. 

Korea is allowed to catch 
32,000 tonnes. It would like to 
take 50,000 tonnes. 

In an approach to the New 
Zealand Government Korea has 
pointed out it imported the first 
New Zealand beef in 1976. 

Beef imports from New 
Zealand and Australia have 
grown from 1.000 tonnes to 40.000 
tonnes in three years. Korea! 


^ provided clearing house xq STS£«" “!*“ fares' 

pany still refused to have aat * New York can be But the kev for the future I 

~ auyttiiflg to do with Par is. a . daD 2 erous business, since at in whether 'confidence in i 

meet its commitments and many times prices in tbe two markets trade, and among spf-culafr 

companies, who suffered severe But M. Ribac pointed out that can move in opposite directions, has been restored 
losses, vowed they would never there has been a restructuring of A white sugar futures market is 

trade on French markets again, the Paris markets since 1974. therefore, urgently needed. Speculative activity, needed 

The impression given at the Tiie Caisse de Liquidation has There are rnmnim ? r0 ^ d<? liquidity to a success 

annual dinner in Paris last Fri- f*en ^placed by a new clearing is cSST£ L ?a ? l » res . “"ftet, be 

day of tbe Compagnie des Com- bouse orsazu sati an— Central e de market de«mkf it? a WriL Effort d ?T ned l b - v doubts ab< 
missi ana ires Agrees— brokers Compensation. This is a consor- differential whether the new capital gaj 

association— was that everything tium made up of tbe leading the raw su 4 £ contiact whkh 3S n app J y t0 ^^odities 
was going well. French banks, including many failed to atSct Sent im w- e L l ,^ s shares ' A ba ?‘ 

The Pavilion d'Armenonville f am °us names. Significantly terest discretionary trading on i 

was crowded, including manv the overseas point of view. B . Pari . w!th , -vn . ™* market5 has n °t help 

visitors from London and the a 10 P er «nt stake is held by ex J er * n £ e eitiler - 

New York markets. Tb e dinner rbe Inrernationai Commodities SJ* should be There sh0 uld be no Hmf 
a h French fashion started a Clearing House, which provides JS&l jf s H fficjeDt however that tbe Paris mart 

good lj hours late and tbe the clearing bouse facilities for CQnfide,1 <* caa he restored. is a different Stitv S 

entente cordwie was Solwing, the London “soft” (non-metal) The Paris futures markets in was before 1974 even if there a 
But in reality trading on the aS COCOa and cofiee ’ 3150 Mt by the still some familiar faces. 

Paris futures markets is picking 2 ? 11 “ r ® 17 ® 5 t » d,a 8 m Hon S 

up slowly. As one French sugar ■ Kon ® and Sydney. - - — 

trader put it. there is an urgent There was. therefore 


needforthepump fo be primed question of °a ' repetition 1 of toe Bid tO Cllt gT&Ul CFOp \V2StC 


before toe market can really get 1974 situation 
going again. 

A London trader 


A London trader was more •'" 1U1US t0 tbe Paris recovery By Hager Bayes 

unkind in saying the Paris sugar fhe^VSLr^ ^rket b> TH ? So ^ et Communist Party is servicing of tractors and comb, 
market was absolutely useless Ktreme ] v wito a hR« RussJan ^rm workers to harvesters. 

undertakinghed4D^ transactions snrplus o'f supplies forcing prices spee ^ “P Preparations for this The articles made freqw 
sincevolume was foonudl °lt ? own aDd bringing trading to a years harvest in a bid to reduce reference to a decree issued 
was easy to buy on the Paris low efab - . substantial crop wastage and Pravda at the beginning of Jc 

market hut difficult to sell. But in the long term HL Ribac compeDsate f °r last year’s dis- ' wblch , sot °. ut the .nccewi 

another London-based trader argued, white, as opposed to raw appointing grain production. EitC! , 0,IS , r bnn S |n 8 i o > 

commented. ,ug Sr traaing „ , 0 ond m e „ mg sti 

M. Albert Ribac. vice-president m importance and tbe Paris newsnanerr SmL ! ?! ?* ' 

of the Compasnie des Coramis- market, which provides the only S?' p ffni«„^ ve v P ubljshe fl Lold weather and pereistt 
sionnaires Agrees and president facility to hedge against price lontifli, n °j i _Sj: er use rain ba? hampered the sowing 

of Jean Lion Cie. one of the lead- fluctuations in white sugar, will wh a “£. ; iff? , ers . a ° d S™ 11 * and other spring crips 

ing French sugar traders, which come into its own. He said that Selskava £ EU i y S? y i reas such as ^ Ukrail 

was badly hit by toe 1974 port refining of cane «££? mmdff ^ eeds ' ?* sls and cro P 

disaster, confirmed tbat recovery would become “obsolete^ cnTcSed Sers fo? toe poo? sJriet pfannS . COnCern 


Special pleading for British farming 


BY JOHN CHESRINGTON, AGRICULTURE CORRESPONDENT 


sold 


and if Commonwealth sugar were 
be excluded, 
suggest What the authors really sei 
farmins !?.. waot ^ a separate Brit 


COMMODITY MARKET REPORTS AND PRICES 

base Metals 


AS PART of a suryoy of British They nrot out the old argument Eyervthine car. he 

s, te srs ~ E , z, be 

— — ----- *w*t-ojbas published u paper on the * or ample food But the authors ^ 

could take more beef next year { agricultural options by Asher stoc *s feed them, but do alterations to British farmin'* I? . wao ^ 
if ns fish allocation was . Winegarten and John Malcolm of °°t analyse sufficiently the within the Communitv which 

the National Farmers Union. The fact that for the last three years would certainlv annmr m,- » ,s ? ,ay be “ ow 

views expressed are to some grain, milk su-ar and y anDoy J our evolve because of the tot 

extent special pleading for the meat supplies have hppn a Urso fu T* 61 ?/, Th * recomme odation inseparable problems of 
NFU’s case of British farming. ^ tbe marSi anri w g ^ miIk P rod «ction should be currency variations, which I 
irrespective of the fact that en pSas d? abn£J increased - ^en the overall b ein ? perpetuated. 

member of toe Sffrds T EEC price* Se Z°- oUt P ut the Nine is 17 per ^ ° olh \^ of otter co 

r . •. — uity. and farm- pi Uses are only stopped from cent above prospective demand. raUooabse ^ 

mg pohey :s the responsibility of netting larger diip To^T^HcH^I is inoifiprl hv 1 “ rau 08 systems into 

the Council of Ministers. » SPSS Bri&hd£y& is^moreScS STS' Dr m L 

In their assessment tne authors countries. There is no evidence of thiA Mimstei, made t 

point out that although food The authors say there is no except in toe field of labour K£? talk at 
prices have risen due to Com- world market for many of these use. j*ouur minuies. talk at Geneva Airp 

miimty membership, this has foods. There is an element of They also surest that susar , , - 

ensured stability of supplies and truth In this, but toe cause is output should °be siSSflcS of the ^rZmin 31 ? eS ^ u ?, L 
avoided toe sort of shortfalls that very few countries will bny. increased in snitp nf the uiiu. Common Agrieulti 
which happened ip grain in and others led by the EEC dump thame CommS w i ^LT,\ Dbml ^ dt > 

197273 197i ^eir surpluses in what is wg Zn ^Jl r 7rl? 


increased. 

The Korean offer comes on 
the eve of talks in Wellington 
between Mr. Ichiro Nakagawa. 
toe _ Japanese Agriculture 
Minister, and Mr. Robert | Britain is now a 

Muldoon. tbe New Zealand Prime | European ^ 

Min ister. Mr. Nakagawa ■will ' 
explain the final Japanese Gov- 
ernment position on The trade 
dispute between the two 
countries. 

Mr. Muldoon hopes toe 
Japanese will offer improved 
access forNew Zealand beef and 
butter in return for fishing 
rights. 


COPPER— LiUle . changed in Quiet 
tnaiua os 'tap London Metal Bschancc. 
AJiBWiai Asarco aanottneed an extension 
or its force majeure on copper cathode 
deliveries to Europe from Peru, forward 
22!?* , was driiu rHn ed 10 “ove far rrom 
£720, it started at ETK. moved up to £724 
and theo slipped back to n». Come*, 
was also little changed and ibs close 
on tbe London Kerb was £72 l Turn- 
over 10.325 tonnes. 

Amalgamated ifecal Trading reported 
uuit in tbe mortnne cash wlrebars traded 
at £700. three months K22. 21. ZB. coj. 
-20- iSS. IS. SO. 13.3. 19. Cafflodes. cast! 
M96, 95.5, three montbs 715. Kerb: Wire- 
bars: Three months 719. 19A 20. 20. 2e. 
20J. Aftenuxm: Wlrebars: Three months 
£71®. 20. 193. 20. Cathodes: Cash SOM, 


three months £710. 15-5. 15_ Kerb: Wire- 
bars: Three months £72D, 22. 


copper: 

■-m. 

Official 


P-m. :7+or 
CiutflivlaJ j — 

WirebarJ 

£ 

£ 

J. j £ 

Cash..._...i 

700.5 

+ .5 

B99.5-700.fi -5.26 

3 oraatha..; 

719.5 

— 1 

719.5-20 f-3.fi 

Setri’m’nt- 

Catoodea-i 

700.5 

+ .5 

— ; 

C«ah_ j 

595.5-6 


695.5-6 .-3.75 

3 mouthB.4 

7 15- .5 

-.5 

715-.5 1-4.26 

SettTm'ntJ 

696 


| 

D.S. Sint, j 



•66.5-68 | 


were touched in thin trading a loir, for the 15 -day average 1 M 79 , 134 uo,- , _ . _ , _ 

SOI ABEAN MEAL 

£0.595. Turnover. 1 JOS tonnes. iAJrF FF jVtsa«daj“+w 1 Bti*mST“ 

j «-nt. • !+~ or; pTnH jt-Ki ICO Indicator Prices for June ?« . U.S. 1 1 _ 1> " n * 

TIV | Ufllciit , — I rnuflielalj — «-nrs per poundi: Colombian Mild 'L'r.’rtr.on'' 

T”! TT" IUM , Au « u ' t ;T:o.so-2i.a -0.50 I2l.80-2l.ro 

£ 1 - 1 L Arapicas 1 H.OO 'same, olhcr mjld OeL*er 125.B0-a5J -0.10 123^0-23.50 


PRICE CHANGES 


-J.W-5.M; s .African: Navels 4.0W.8®. Prices per tonne unless otherwise 
ImnoiH— nallam MWs rev cron 4.0O- a»ted 
1* Trays IM-LM. larjje bores 




Grade £, 


June. 27 • -for . Jlonrb 
1 197B ! — . »j;o 


, . 674S-S0'— ILk 6700-S 

3 mouths.! 6640-60 1—15 I 


TIN— Slightly easier despite a steady 
start with forward metal at £6.630 after 
a faU in the East ovenUsht. Commission 
house boring caused an advance to £9.650 
but. the price soon came off. When stops 


Settlem'c.j 6750 

Standard 

Cash I 674a 5 

3 months.' 6620-30 
S-ttlem’t. 6745 
Snails E.. r SX725 
Now Xariil — 


Arabics* ic oil .«t r-T- 1 , - At ira.uu-»j ~u.ju iz3JJU-Z3.5D 

.. mi M 0 C 55 u gsr ”.S :gj&.- ssxxr-^SSSiztS”^ 1 " 

1-50 ! - ; Robust as opened on a steady note lo '‘'-m In‘50 

mixed profit-ijdaM and short covenu*. a,m« “ilsJi-SlJ " 

67005 -3i5 Dreael Bonham Lambert reports. Heavy ^ , iM01.0 -ri.wj _ 

6590-5 1 — 3Q dealer setilna at the hlabs prevented any 

— I «a*/r ifBtag at the hichs prevented any 

I — 10 1 — I ...... upward breakthrough and a hesitam tone 

568-751 ! n New York was enounh to provoke a 

Qccunc in London. Values at (he close 


Sale- : JO iSti lots of !0d tonnes. 


September Coffee 1481-1497 


f-G. Index Limited 01-351 3465. 

29 Lamont Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. Tbe commodity futures market for toe smaller investor. 


CORAL INDEX: Close 453-458 


CUTE INVESTMENTS LIMITED 
Royal Exchange Ave„ London EC3V 3LU. Tel: 0I-2S3 1101. 
Index Guide as at 20th Jane, 1978 (Base 100 at 14-L77) 

Clive Fixed Interest Capital 12S.91 

Clive Fixed Interest Income 11-L90 


INSURANCE BASE RATES 

t Property - Growth 9} % 

t Vanbrugh Guaranteed 9.37% 

t Address shown under Insurance and Property Bond Table. 


Morntnc; Standard: Cash 16.740, 45, were Inst off the Jows’as fresh"' seuinc 
three months «.M0 M, 23, 20. 25. BlKh came into the market- Dealers said 
srado: CMh £6.<&0. Xerb: Standard; Three trad© hedge selling weakened tbe market 
TTtrmrhc rfi cm nc eiui csa on • m — 


SUGAR 


LORO Off DAILY PRICE 1 raw susar'i 
£96.00 1 £95.00' a tonne df for June-Jot- 


70. SO, K. Kerb: Standard: Three months 
£6^60,85. 

L E A O— Tending easier In subdued con- 
ditions, with the marker influenced by 
the per formance of copper, but otherwise 
featureless. In early trading forward 
metal moved up to £S?D bur this level 
could not be maintained and tbe price 


LKA.D 


a.ui- 

Ofheial 


I + °r> p.nj. ;4- nr 
! — I rnofflel*! > — 


COPPEB 

Teaieniay'« 

Ciote 

j + or 

| Bublnest 


|£ per tonne 







September.. 
November... | 

January ! 

ilareli 

14B7-91 1 
1378-80 ; 
1316-20 1 
1265-60 1 

4-87.5! 15 16-14E0 

+<t.o [ mis- i sea 
+ 19.51 1340-1S16 

May 






^soio! 

i 


1 




The market appeared to Jack sellers 
and prices moved upwards In light 
iradJne, renoru C. CzarwfroK-. Cains of up 
to >o nouus were recorded and final 
prices were about the day's high points. 

P'litfuT p I 


'.Gb-4.40: S. African: -i.S0-5.50. Grapefruit 
— S. .VJncan 27-72 3.4N.M: Jaffa: 20 
Kilos ^ .10-4. CO. Apples — French: Golden 
v iiooui CO-Iti M's 3.M-;:.70. 72’s 3.20-S.flO. 

lumbl).- Ijcccl-s. per lb 0.16-0.17; w. — I I 

Australian- Granny Smith S.Wn Tasman- • ! 

Sturmw Pipptos SJ§4 L», Granny Metals 
^uslili S.j[i. 3. African: Granny Smith AHuntnium. ...... .. *£6 80 - £680 

O j. Pcarm! dn 7-M-7.60. Pt-ee market fctB)|S)J5O/4Or;;!!'!;si0OO-1O 

-. lortjns Del/cioas &20-S.4B, Golden Dell- Copperuaab W^aiw£700 (— 3.2S£:768 
iaous 5.aO-S.iO._\oria 8-20-5.60: Chilean: 3 mouthii do. do/k‘7 19.75.— 3.5 £7S9 
K-" ,Dn i Starfclnc S A 0-3.30: Cash Cathode...... ..!t695.7B—3.75'£759 5 

hi-w ^t-aJand; Stunner Pippins IK 9.00. J months «io. do. ^715^5—4.25 £779.5 

T* a 9.00. Granny Smith 9.20: Italian: Gold Trov oz.iS 18 4.875 1 0.25 $1B2 875 

Rome Beauty per lb 0.16. Golden Dell- Lead Cash S30B.t25 ! ^ S25 : £50425 

e.ons Dj6. JotMttaiw O.U. Pew*_S. J month. kHU.nUlJn'StSus 

African: Canons. PacUun'B Triumph 9^#. Nickel kz.666 , * 

Josephines 0.00. PeatAes— Spanish: Stan- Free Marjtet(cif)iihj« 1.85- si.95 

dard nays 2.O0».OO; Italian: Lance 0.60- . 1.9a I font 

•i.30: French: 1.70-2.60. Grapes— Israeli: 1 

forleite 4.50. Plums— Spanish: 5 kilns I ! 

Jaos 1.20-1.40, Santa Rosa 1.40-2.40. Bnr- 135-0 | £120.6 



banka AWW.io. Apricns^Sp'anSi: S kilos ,/?? ^ . 1 i.-et.- r -|£lS2.5 [+1.1 [£137.5 
‘ r 10 0.13. f7Blb.)l8ia3/S8,l......,.|si37.52 


230-3J#. Bananas— v7 am aj can: per 

3 months’.. 

—tZalifonuan: <1.90. ClieirUK— French: 

pvr lb OA.vO.aj: Italian: 0.50. Onions— 7„ m ,^ th *A7\' -■JC6.S92.6r— 30.0:26,412.5 

Ganary: 2.50: Dutch 1.30: Israeli 3.50: ‘*<>«>»m22-d4lbcir*130/35| ;S 14 1-36 


Z.OV-O.W. Bananas— Jamaican: per 10 0.13. 1,0 , 

Avocados— Kenya: Fuerte 14V24*S 4.0M.SO: l 2 w ^ K ' -LO.8l295.2p 

«, — - - s monrh. '8»6.7p +0.8J302.5p 


Cash 

3 

JteTl'im'ni 
ITJb. fe pOLj 


Safes; 3.283 • 2^*76 < lots «lf S iutocsl ‘ -.m «-•-»-«» 1.1m ss-ou-aa^o IU(.2B «. 

ARABICAS — Cloie ino hu>ines> dciH-’c }*•*■■■■ 1MS.25, 10 1.60-0 1.80103.25-05. 
me 1KC.80-90.00. Aua. 173.0U-78.ti0. Oct. 3I«rth .! 110.50- 10.f6-l0fi.b0-09.70 110.75-09. 


L' per t-.-nut- 

•Vue. ..' 98.00-69. 10; 97.40-57^0 9?. 15-37.50 
*> r '(01. 05-01. 18[ 5S.S0-99.65 TCl.26-»V.75 


VFU' V11RK1 jane 21 
MO -80 1 Hb.dn - . sepr 11 


* I £ ; £ ; £ _ . ... 

306.5-7 ',+ .125 505.75-6.5-1.6: ■ Jun * ? 1UC.80-80.00. Aub. 173.0U-78.6U. Oct.— .^hw.ou-us.iu i>u.ia-ua^u 

316- .5 (—.5 I 326.5-6 MOO-SlOC, Dec. 145.00-33.00. Keh. l-iSOfr >lev....»l(3.l0-»3.2«I15.J0-}2.40 113.25. jj.to 

307 i+.2B — ...... «-00. Apr. 133.00-42.00- June U2.00-39.0g. l '*C— 1 1 16.a0-ir.50i 1 1S.D0- 16.B0;1 16.65-116.2 

- I 31-33 1 GRAINS iKi„:. l lMJ0-8a.alU«.W-19.255ni.75 19.50 


Morrnns: Three months 316. 17.5. ir. 

Jf f' % J6 * S - Kcrb: Thre<> ®OTths £316. WHEAT ( BARLEY 

IAS, Afternoon: Three months £315. 13J. «. . .... «■•*» wr laeiu 100 avn 

Kerb: Three months ms ... „ r**“ rt “y + or \e»tetd«y » +„ r slowed Caribbean port: Daily 8.96. 15-day 

8i Dthi close I — ; cfanc ! — average 7 . 20 . 


Sale.: 1-223 O.S61) lots of art I'.inni-?. 
International So wr Agreemcm: Pntx- 
fur Jane Uo. U.S. cvni* per pwund fob avn 


ZINC— Subdued, like- other markets, hut 

tondlne easier with forward metal I 84.40 
initially nuoted at £314-£316 before moving Knv. ; 87.25 
m_Utc rings down from £3133. following Jan. 90.95 
lye -movements ol lead. The Close on the .Vir. 1 92.50 
Kero was £310.75. Turnover 2^23 tonnes. Jlay j 95.1s 

Busing ~d on 


ZI2?C 


THE C-C.S.T. 

WEEKLY MARKET REPORT 

Sent free to -Trading- Clients, this Report gives fundamental 
news, forecasts future price’ movements, and makes weekly- 
option ' recommendations. Aided by selected charts, the 
te chnical situation in each of the major London Markets is 
also analysed. If you would like free copies of tbe next two 
issues of the Report, please ring 01-4S0. 6S4X, or write ts: 

C.CS.T. Commodities Ltd 

Walsingham Bouse, 35 Seething Lane, London EC 3 N 4AB 


Ctth....;.., 
i mtaithfl.. 
S’ment — | 
f*nn- West 


.'-0.651 79.10 

E OJS 81.90 
0.85 84.55 

0.40- 87.20 
J— O.<0;_ 89-85 
-Wheat: Sept."S4.$3.34.4iL 


Tate and Lyle ex-rcfiucry price for 
—0.40 firanulaii-d baa-- while ^usar was £242.40 
I — Q.55 1 >a /!><•» j tonne tor Irani-/ trade sad 
I — 0.35 £134.00 (S155.WI. for repen 
I— 0.40 E6C IMPORT L£viES-For d. UdlUred 

—0.25 and nun-doDarured snear. effetmv today. 
in umts of account par 108 kilos, with 


a-tu. -4^' Slnw — .{+^r Business done— Wheat: SeoL S4^3-s4.40i m um,s M atconnt P-^ 108 kilos. wlU 

jT-ijAgBg SSm’SK 8 ' »<■«*•»»*• 

£ I 1 r ! available. Barley: Sens. 79.4D-79.io.’ Nw. Thtf J*' 0 (? r raws ln boll i cases is foi 

3aa..5 LstsI SOI JL* Li tu JC-IH 1 - 9 ®. J*0. PtS-af.TO. Afarch S7.20- SIW- 41- basis ft.* per drul. 

WOOL FUTURES 


302- .5 
311-2 
302.5 


.3751 301.5-2 1-1 B-' •JE-Jj* 1 .-?®* J *°- St!»wl.7*. Uarch ' 87.20- 
31J..5 b«_0, May 89.S5-69.35. Sales: 04. 

Lai 4 al Z. I -* IMPORTED — Wheat: CWRS So. 1 lSj 
29-31 I I'"'' S? r S*2r m - li Tilburr; U.S. Dark 

Mornfnc: cash £302.5. three months £313. XSSJte.^Aus.^lS.SO^'iranShi^ rcaiure-LSa 1- Budic^^reporis)*' 35 ^ 

asawss atjs a is ssrsa.- 

£310-5, 30. 10.3. u. 1L5. Kerb: Three w ea Coast wdlr-re. 
months £311.5. 12. , U.JL/ french June and July 

-Cents per pound- ton prevtoas £~^ 0, Jp*~* .inuaiUpinem, Eum 

official close. 2 $M per picuL Coisi sellw^. South .Mncao While Junre 

■ Aug. £75. oQ CUsEoiv: South African Ycllow 

Jone-Aoe. £73.00 Glasgow sellers. 

HCCA— Ez-larm spot prices. Feed 
• ’“heat: BinubersWe £99. On. Gloncesicr 

Surer was fired 6.Sp an ounce higher XS7C0 - Peed barter: Humberside £S0.4u. 


i-anari-: 2.30: Dutch 1.30: IsraeU 3.50: lSl3l-aB 

key W /on: Z.tiO: Spanish: 2.30-3.00. Poia- , ,nc ]C30L 75-1.875T3 19.5 

toes— Cyprus: .7.30: Brittany: 2.3D: Jersey- o '“‘“‘thu £311.26;— 2.5 £339.76 

•65-lb 2.50. Tomatoes— -Dutch: i.70-2.88: “ ,niu< xn ....'3650-600 ' 455U-6U0 

Gi^rrust-y: j.SP-'.Oy; Jersey: 2.30: French: Oils 1 

2.78. Carrots— French; Nets 2.405 Nanus Coconut (Phtll 8680* +10 0S667 5 

■;ii-lb have; C.40: Italian: 3.20: Cyprus: Groundnut l£704 — 2D O £749 

2..--0. Asparapus— Californian: per Jb L30. Uasred Crude <vt-l£368 £5 85 

coun,c “~ '«w« .^25 

English produce: Potatoes— Per 56- 1b 1 ' ] 

2.4O4L0L Lettuce— Per 32 0 JO. Cos DSD. 1 

Wvbbs O.TP. ontons— Per 66-lb L50. CopraPhillip^ *486^ 1 + 15.0 «455 

Rhubarb— Per Ih. outdoor 0.03. Caeum- “T* 68 " 1 t c !*284.4«: !+ 5.85 5310 

hers — Per tray 12/24's 0.80-1.20. , , 

Mushrooms — -Per lb 0.40-0^0. Apples— Per Grain* ■ I 

!b Bromley'S 9.190*9. Tomatoes— Per Barley ESC ' •* 

l2lbEnyUsh2.50-2.SB. Greens— Per crate. flume Futures.... £83.9 ;^0 3ii'B3 4 

Keni 1.30. CaObage 1-50. Celory— Per Untie ( 

J.V W'S 2_70-a.00. strawberries— Per dlb French A'o. 3 Am £103^2 ‘*105 28 

ii.in-oJ*. Caotinowen— Per 12 Lincoln Wheat , ; ~ lus ^ 

l-SO. Broad Beano— Per lb 0.06. Peas— No. 1 Bed Spring £96.28 !-<-0 25£97 5 
Per lb 0.12-0.14. Cherries — Prr lb 0.35-0.45. Nu.2Hard7VTau?J * l *u.a«*7.s 

EnglUb Milling.. £105 i". i!" £102 

riA-nn/Vtr C T£S25fE?“- , ‘i£H9 5 :-1B.D£l.7S8 

COTTON c *s g£*— fii.m,-ujtn.U7 

COTTON, Liverpool— Spat and shinment .- £1-489 +a7.5:£l.709 


and 


3 shipment rJ^7:Trr~r ifil-^8? + 97. 3£ 1,709 

sues amoonied 10 l&i ronoea. hria^ine Z§’2 fie ;70-9&.- 

‘ ' Tar to278 «>o 57.5p '-0.75 ; 57.5 l. 

_ . MlCU-dhS'l 1 KlK . . rt i-,n/ 


Ute total for the week so far 


ir the week so far to 276 Ig'jOp -0.7557.5p 

fair offtake brought mtscel- ’ Y-V." " " E * +1-0 £103 

sariionj in Turkish and other Woo| ‘op» 6*» kilo...) 283p 2BOp 


SILVER 


taarseL yesieraay at 2Sf^p. 0.5. cent tn 
couivafenrs ol the firing levels were; spot charmed. 

634.1c, up 1.1c; Ihree-momh 544.oc, up , EEC IL 

0.9c: ste-monib 53 u.1l-, uo L5c; and 12- in units of account 


AUitOllllUl 

Tesural'y»+ or: 


O.-turllMl 

t. tree 

- t 

IXwc 

July 

231.0-53.5 


331.0 

U, tuber 

240.0-4 HS 

-0.2S 


tit-cvuibej- ... 

24T.6-46.0 

-0.7a. 



245.D-4S.D 

) 


Muf 

246.040.0 

.. 1 


Jnij- 

246-0-46.0 



Ocrober ...... 

247.0-50.0 



Aprils........ 

248.0-52.-a 


— 


Ijncous rrsnsariJonj in Tmitlsh and other 
Middle Eastern Qualities, reports P. tv. 
Tatrersall. North and South American 
staple attracted marc attention. 


* Nominal. s Ituquored. ft August, 
wt Jue-Aunst, » July-sere. p.toly-Aug. 
mJuly. sJuneJuly. x Per ton. 



U.S. wheat 
loan rate 
increased 


indices 


ART GALLERIES 


s. 


ACHIM AWSt-H* “W±2i* G t2£ 
493 ,r ?Ii r i Mt Selecfiofr Of ftHeeneaintinro 

SL«« l £ l, SKja. 

Mondrian. Ernst. Miro. Kl«. Picasso ■•o> 
'-through Julv. 


AGNEW GAi.LERV. 43. 


Old Bond 
OLD 




'utr- 


Sr.. 

MASTER 

MWl.-Fr). 


PAINTINGS. Until — 

9^t>-5.30. Thurt. until 

mtOTHERTON GALLERT — ^WATER- 
COLOUR SKETCHES - BY 1 

. ROWBOTHAM.I1858-1MU- 
June. Mon.-Frf. 9-3CH5_30. 

Sau. 1230. 77 Walton St 

SB9 6843. — - 

OAVIB CARWTT UMirsp. IS Duke U |U 

10-5. 


MALL GALLERIES. The Mall. 5.W.T- 
sSecialW, PrinonaUng CM 

PoWtethnk. Mon-Fri. 10-5 Safe. TH-l. 
Until julv 4tti. . Free. 


29 Julv. 


■’bM™*!™?' I eAMllSE S °Fis^i»> 

drawlnus. watereolours. Juno 1-julv 
Mon. fa Fri. 10-6. 


Until 7th Joly. 


m aii luiiativs, The Mali. SW1. Sortpiy 

tip iia “ffiSKforiK 


Adm. 2Qp, 


5LOANE STREET GALLERIES. T5S Sloar* 
St.. Yf.l. Modern painiinss. sculptures 
and eraphla bv intureatino international 
artists. Wide range of prices. Tues-Fri. 
70.00-5.00. Sacs. iO.OC-1 -OO. ■ 


LUMLEY CAZELEf. 2*. Davies St.. W-1. 
01-499 ' SOSB. MATISSE — Drawings. 
Prints and lllwtrated Book*. Until 28 
July. 


■ 1 i mr — n ya. nil, nil. tut ' iG-feX U.17. 

239 p '4-0.8 289. Ip 4-0.45 °- 1 "' B«*whM4-aii nllr Millet— 

286.7p l+JJt S96.6Sn i+fl.2 8LW - “*• w'- “il 'samei: Grain Sorghum 
- 1 —82.07, nil. nil. oil (samej- 

For flour: Wheal or mixed wheat and 
•»»— 138.13 (samei; Rye— 134.91 ll^.Sf/. 

RUBBER 

irr . _ i ww- EASIER opening 

SKJt. 5A Sff! Af. 9s, flX, 63, SJ. “Kerb: 

Throe months ass. 

COCOA 


^pot 

Jsuratha.. 

'■months.. 304.9 d +1-2| — , — 

I2inijiUh«.l521.5p !+l-2[ — [ 

LME— Twnover S9 lota of 10,000 

(HS. Mamin*: Three months 296.7, 65; 

97. 96.7, 97, 72., 7.1, 7A Kerb; Three t 

mmiihfi ^T.i. 97. Aiiemooti; Three wout^s easier op ening on the London ----- i *'v.«i l sh a . 

293M. 36. «./. 9s. 6.4, 6JL ft,?. Kerb: markat Liale interest through- L “ nB - Eaaiii - B..0 10 «xU. 


Out the day. closing dull. Lewis and ***«“■**“•«:» *« S,* , _?* av 9 »>■ 

Peat reported 4 Walajtian godown price 5F? 0 ?’ * ca ' vz PL ^ ,D 
of 540 1242) cents a kilo (buyer, Jtdy;. . 

— — — — — Fork: English lea than IDO lb S7.0 to 

44.0, 10fi*l2fl Sb 3S.0 lo 42.0 120-160 lb 


meat/vegetables 

SM1THFIEL& 1 peace a poundi— Seel: 
Scotch killed sides 50.0 to 59. U; Ulster 
hiodduartcrs 72.(1 to ?*(. { Mc quanors 

the London 

st through- Lamo. t, — ~ «... ,w 

Lewis and Tntdrain . 6 i; 0 10 heavy 5S.0 to C2.u. 

. . im wn rwd firnrrn V!* Of. e« e .. pjj 


3486.211492.3 i 1508 .5 l_ IS71.1_ 
1 Base: September is, ISJisiDOi 

DOW JONES 

Dow “June | Jo no j ilout.fipS'Sr 
Jones | m 7 , £S I a^o ago 


Prices held steadily thro ash tbe day 
with modest consumer enomry. resorts 
GUI and Dttfiu?. 


Xo.l _ IXwt’niity'si Prcviwu. 
JLjS^' ! Olixe ; clow 


Bnrinesc 

done 


COCOA 


I Yeste rday V + or 
I Cine ' — 


■Don* ' 


Joiy-.J ssjfl-fitsff 53 .m 3.10 5 a. 10 - 5 g. 0 o cr-pics 

Aug.-.J 58.75-53.2^ 59J0-58.90' 59.60-59.50 England 


^5.0 lo 41.D, 

MEAT COMMISSION— Average fJisibL'k 
pncvS at representative markets yesier- 
dor. G 8— Cattle- C541P a kg.l.w. i~0 32'. 
UK— Sheep 14-I.5D a kg.cst.d.c.w. 


jsttac-ttur-t; - : . rr^rrrg s-sanr »«* waics-canfi- up is.i P or 

July- 1M4.0-S-0 1 - 77.5 1848.5-1818 Qm KfiB pnct ' 72 ^ > 

«pi -rniMU 1-16.0 181041-1776 jS-Sj S’S-MM tsifiMM ^ ? J *£f c ?‘- averaiw phtv 

o£. 11741. 0 4 1.5 — 945'1760.[1*1755 IS. j,,i fSeS BsSkfiS llfl 'S' m “*■ J& °' 7 » ct c '™' 

[1713.0-14.8 .-74.OT72S.0- 17 10 BSSfioi E/’M E 1 b 7 M 67 n tnE ? 1 JESS: t ?» l ° i' U ’- ScflUnd- 

Mfty- JlBfl 5 .u- 37 .fl l-1S.5i170Q.o- 1698 S'K^ 2'K*2 ' ,‘ L ««• 

4 utr -1E7S.6-77.0 !— IftS! 1688.0-1675 - i„u”i !2« S'5l SS'C ™ ?"" ^^ ’-jteep UP Btiptr 

Piss 
P 


1R7R t.J7 0 isS WM niBK M-RHUS! 8B.78 M.ftr tS.50-WJ5 Price- 72.910 l-I.MJ. Sheep UP lsl pr 

ig-~ StS'S :rS5^ •^n-M B M S0. K . 7D .„l 7aJ0 70.2u! 71.5D-70.M tent, anm Pncc % 

— j 7 — — ZUl: — I " ■' Sales: ZA2 (189> lots of 15 tonnes and uB 40 4 av eragc price 83.7| 

baler. 2.«3 fL2051 iots of IS ioudk. 9 uti lots of 5 tonnes. .ireM». 

InternaUtmal Corea Or s an i sad on i ns Phvsiral Mnnne nrim irnivmi rnvPHT r.sRhfu ^ .o — 


a r . ■— j <411 IV|d Uk ? IUU4JL 3 ■ • - ' * 

Internal ana I Corea Organisation i U.S. "Physical cJoaW prices i buyers i vw. CO VENT GARDEN fsterhne a MSkaee 
PJf ppufidl— Oafly price June 26: Spot 57.&P (5S35i: Aucusi 5B.75P i59Jj: unk-ss slated < - I mooned produce: 
U.S2 (M47J. Indicator prices Jtme 27: Sc&L S9p (M.Oi. Oranges— Cyprus: VaJeucw Laics 15 kilos 


KANSAS CITY, June 27. 

Mr. Bob Bergland. toe U.S. 

Setrelary of Agriculture, 
fiunouucefl that toe 197S loan 
rate for wheat was being in- 
creased to 52.35 a bushel from 
$2-5. 

He told toe American Seed 
Trade Association this increase 
wouid offer fanners more cash- 
flow assistance and increase tbe 
farmer-owned reserve release 
level to $3.29 from $3.15, so assur- 
ing producers a higher price for 
their reserve wheat. 

It would tend to stabilise 
seasonal market movements wito 
little impact on the seasonal 
average price. * 

Producers had placed more rBIU ,. w ‘ „ , 

than 348ra bushels of wheat in SSS e Lf IS Sr,»“.'S;„ ( ! '“ 1 ' , a ,"! 
graip reserve. The higher loan side unprocessed: Shelf cod i 3 j 0 -£ 4 .M. 
rate should be an added induce- CQd I ! aS3 £ 2 .bo-e 3 aio: large haddock m od. 

men! to continue tn remnup fficJiitni t3.id-f4.a0, small £5.3D-U.i*j: 
ineuL to tonunue to remove ^ise plaice xi.so-f 4 . 70 , mednuD «iDo- 

exeess wheat from the market £4.80. best small xs.60-i4.oo: skmntd dos- 
and further strengthen prices. tirsc xsjo. medium w.ou: !-raon 

„ . solM. large £ 6 . 00 . mefllnm 15.00: rocWish 

Reuter CJO-a.SO; sailhe S2.WLE.60. 


FINANCIAL. TIMES 

•luue 27 I J une 26j Month a^c* i'nir ijp 


244.87 1248.4 4; 2S4. 67 


250.09 


(Base: July J. 7862x100) 

REUTER'S 

June ft'jjSrs®'SI«ib^;"S£ifli,Sr 


Spot.... 

Facutea 

361.2lj365.65 

348.Z4i3S0.S8l 

359.48393.62 

358.721560.39 

fftTerue 1934-23^=100) 

MOODY'S 

Moody’s 

June 

27 

June !Mobrb|T*ar 

28 | ago j B£n 

Spte Cora rosy 

k26.5®2«.4f 935.0^73.8 

TDecemiw .71, i9si=nwj 


K. J * » 

‘^sriSi'tiszs^r;,^ 

S'Voii 0 * 1 ' 126.00.127.110. f 

f2.ll0.123.0O. July 120.23, ttfi 

1X6.00. Shivs: 643 lws. 

V‘ 9 - 5v '- Aus- S-.pl. 60 jo. Dot. 62. 

Sept, on to Dec. Us. W. Jun. 6*. 
March 69.W. Sales' 4.000 Inis. 

Cvtton— IVo. 2: July 66.00-66.10 ,Ml2S 
Ocl. 60.40-60.30 <61.951. Di-i'. 62 ‘'P^ 1 
Man* 02.40 . Mas 64.45 bid. July Go 
fi4 “ 7 bld - Dec - ti-W. Safi 

«.0a0 lots. 

r Co(d — Jurif 1S5.10 fiss 10i, .lu]y JJ4 
1185.10). Allg. 18050, Or), isnvo, r., 
IK.40. Feb. 195 40. April twS.50. .Hi 

201.60. Aug. 204.70, nnt. 207.90. d- c. 211 , 
Fob. 514.30. April 217.50. Sales: 6.13.; lo 

t Lard— Not avrilable. 
tKalre— July 25.tr (256i i. S«-pt. ' 

12574 < . Dec. 2S?‘-25S. March 265. Maj-’i 
July 270. 

SPIatiruD— .lirlj- 24J.5(»-r4r.</<» i - 2,*s 51 

On. 2«i.SV.2«.no i24?.;0i. .lap ‘ ■ 

252.30. April 293.oo.-J85. 20. Julv is’ 
SnR-M. Oil. 26J. 10-261 ,3«. Jan. IW... 9262.1 
Sales: 1.345 low. 

'Silver— Junv 52.7.30 >™UQ'. July 5' , 3. 
< SIS. 5Q i . A up. 532.20 Sep). 542. ;o, r>, 
a»4.40. Jan. .V*.'jO. Mi,r<-h .V...30, V.. 

37320. July 534.0(1. Sepr. SK.uu. Tit 
000.60. Jan. LI 1.24. March 62|| 40, S.lJ: 
17.1)0(1 lots. 

Haodi and Iiarm3n soot jbi.s* <s*r2 5>' 
Soyabeans— July f,Sl>a«.. 1652- Au 
6i4-e7a IUS1’. 1. sent. tr.2. Knv. G24-L3S. .ta 
63Pi. JIareb 545-646. AIjj- &4HM9 July M 
"Soyabean Meal— Julv I7.:.7ij-i7:j.i 

'PM.fiOi. Auff. ir4.Wi-I74.6u <T75.10i. fnr 
174.10, Oil. XTjJN. Dlc. ITIJJH-ITI.VII. .Jj: 

170.60. March 172.S0. Jiljv 17;: iiy-lTri S 
July 174.10-174. jO. 

Soyabean OiV-Julc 25 55-25 . hi C8..72 
Alts. 2S.0U-25.Q5 1 25,75 1. fi-.-pt. J4.30 -ir 
23.95. Dec. 22..S-2L 1.49. Jan. 22 13 /Jar,. 
23 00. May 22 30. July 22.75. 

Sugar— No. II: July 7.00-7 d iT-jji 
Sort- 7.2U-7.2) 1 7.21 1. OiT. 7 32-7'- J.,j 
7.60-7.7U. March ? r»4-> ns May s.'i.' Jut 
8.40-9.42. Sept, i a7. Oil. C.77. Sifi-s 
3.1-50 lots. 

Tin — 537.50-50:1.0(1 noininjl :5>-0.00-3>e> e 
nominal). 

Wheat— July J!5;.::i<: . Scpi 

3lS-3i7s i3It:; i. Dec. 3J3I-21.:. March 224; 
Mar 32:!.'i22. .lull pju 
WINNIPEG. June 27. ITRve— -luly ly". ii 
'1M.2D hit! i . r. tf . km.'Iii •luJAii asl;«-Jr 
Nov. ta:.9u nominal. D,'-.. j05.:n jsVhj 
M ay unquoted. 

ftDals— July 72 ■« >74.7u i«d» r; li 
bid i74.lt> bid,. D-.i'. U oi-l. Mar-.l 
71.80. Mag 74 .'.'U. 

Jt Barley— Ji Li'/ 75 Ju hid >74 4u mu cm 
ti.Tg bid (74.30 bid-. D»v. 7:70 b:<J. Maret 
74.3ft bid. May 73.30. 

SSFIastsced— July 229.00 bid i2'2IuO bid- 
Oct. 244.00 1 240.0(1 at.l-.td>. Ni-i. 247 3C 
asked. Dev. 23S.5U bid. May 241 *0 hid 
“Wheal— SCWRS ia.5 p> t u-pi prot-.ir 
content cif St. Ljwtoiiic 18'J.hS ■ 1011.-2 ■ 
AM t-’WS per r-ound 
unless uihcns'bv Si at id. * r.;r ir<w 

I Oiint-i— 1'ifl ounce Ml 1 .. ', Clii'.e /c luos ;- 

per 1 OH lbs — Dipt, ol Ac. prices pre- 
vious day. Pruu- cieatu 1,'b. .4'.' bulk 

tank ears, r Ccnis per 3>: lb bmhcl cx- 
irarthousi'. -VWlft bushel loc;. 1 sc r wr 
iroy ounce for 50 uz mills of Of' 1 ntr 
cent purity delivered NY. * C-.-nis por 
troy ouote ez-wareboiiai . ‘I .Vvh B 
cam reel in Ss a short l,*l lor bulk lot5 
or 10U shori ions delivered f o b. cars 
Chicafio, Toledo. Si. Louis and .AMon. 
■■' Cents per *>0 lb biubcl in slur, . 

Cents per 34 1h bushel. , : * Celt15 per 
15 lb husitol ev-w? retro use. n Ci-nls p>.-r 
50 in bushel es-Hrarcb*use. 1 ‘HKt husfii:! 
lots. *.;i sc per tonne. 


Port clearance 
work delayed 

BUENOS AIRES,*' June 27. 

, Progress in clearing the back !c 
i of grain freighters wailing ; 
Argent i an ports has slowed dov - 1 
i lately. 

Rain and fog disrupted loat 
irtgs and shipping movemenl 
while curs in vrnrl: fimetablr 
during matches for The. worl 
soccer chummnnship a Isa ha^ 
disruptive effect 
Reuter 



38 


Financial Times Wednesday- toe' 2^..^Sg : v%: 


STOCK EXCHANGE REPORT 


7*. 7-' #7'-: l‘\ 


Small technical rally develops in oversold markets 



tap call passes without hitch and Gilts regain l 


ACCOUNT DEALING DATES 


Over 50 per cent of the business comment highlighting 

in TriiritfH tint inns nossi bill ties attracted renewed Demand in a 


trade losing ground or marking tune 



* “ Hew time " dealings may lake place fljili. 
from 9.30 ant two business days earlier. 


Suggestions lhat the current 
upward pressures on short-term 
interest rates in the V.S. would 
not necessarily affect levels at 
home helped to soothe just one 
of the several worries facing stock 


Leslie and Godwin good 



Insurance brokers staged a 
useful technical rally, retrieving 
all and more of the previous day's . . 

s which stemmed from concern 2.° “v 



bid art auction had surpassed SUbl 1 ^ le 0 ^ lov ^foh S mroleum in subdued trading. 

—w IM „t In Australians, Northern 

S44p, while Shell improved 3 to Mining were notably weak and 
545p. Further appraisals of esti- final ly 11 lower at 96p foiioiving 
mates In the Brae Field stimulated withdrawal of the recent specu- 
interest in Siebeas (UK), 26 j a tive support, 
higher at 344p. after 346p, and otherwise, most of the base- 

and Currys receded 3 - - - - — ■— »»* •+** ** 

Electricals had the 

firm spot. Brocks rose 5 to y 1J7S «fP ^P Uan Mariu J “««sion put ^"£jtocted favourable 
peak of <6p on vague talk of a U P 4 to up. Endeavour up 2 to 22p. d Press mention, and Pacific 

&T^S5?rvs5 Jr aars" ■ S sc b = [ 

~ SH aSwcmjas Sg? — “ 4 - Mribo ^ 

interim 72p. and Loudon and Lennox, Sip. partners in the Run die oil 

Davis put on 2 apiece. Isolated dull sbaJe pro j ect moved in opposite 
nny better at spots, however, included City and directions with Central Pacific 
announcement Foreign Investment. 3 off at jOp. 25 cheaper at 500p and Southern 
increased earn- and City and Commercial Capita}, p acific 10 firmer at 195p. 
made no 4 cheaper at 9Sp. In Financials, 



FINANCIAL TIMES STOCK. IN DIC.^; : 

pjnao.Y JunV I. June; fAy&r 


- Jnaa 

f 27 - 


June 

28 . 


7nne 

\b ■ 


Government sees 

Fixed Interest . 


‘69^ 68-83; 69.21 


71&23] 


^ _ -71.07J 

4S6.r;«j,o[ ',#f S2& 

Gold Uine».._„ [ : 157.6 . 158.1 

Oid. Iliv. YieW.,^ — ■ ».8I --5.84} 


.TJ.65 


, .■W.! . 


•161,5; ' I8XO1. " 
5.79 
16.74) 


v7 


17:«|' "lA80[: .16,741 t 

P/E Ratio imt)TT);:.-.[ W ' ™*|- ‘ *** ^ 

id 4.470} '4;394l "" 

bp £m _j ' j . 6LO?[; »L84 * iffi* - MM^U^ 

, totaiJ ' — " j 13; 7051 lS.6S#MJiZ#i^2^*5SS gGW&i 

^~io am 45Ct. : ll' am 4SftT^3oi,te!a^"'wn 

•: latest 


P/E 

Dealings marked-...- 
Kqntty turnover £m 
gqulty hnrgaliw total..’’ 


•Based on 51 per cent- corptfrafioa 'tiui;wt.Kn=WS.‘"'N 7-7, 

Baste ' m Govt, Sees, Uflftl*'.' Fixed Jol J9ZS. . 

Mines 12/9/3S. SB ■ Activity JUiy-Dec. l»c. ri-r •' -‘v±iV-- 


HIGHS AND LOWS -: 


•;Ske:^cnvW^ 


- 'J 

|- ' 1978 • . 

[Since Cmnpi^iCkn 


Rlgti : 

. Jio* - 

fcUfttJ s '; 

[ -'ibw- 

Gun. 

78.58 

w>: | 

68.79 

•- 

127A; 

RIM', 

4aia& 

(S/U7b) - 

Fixed !aL n .' 

8137.' 

(9/1)1 

70.75 

m- 

' 350.4 J 
(83/1X47) 

-50. S3 1 ; 
HilXby j 

lad. Oid — 

4973 

M m - 

433.4 

■ : (Si* . 

649.2 < 
ilVtflTi 

49 

i266i40ij 

'Gold Minn. 

168,4 

: |8/5i ; 

iso:3: 

'4nX 

&2J6/15) 

tE&WEU 


^Lwnr. 


HKkHtBes;...| 

■Sp wklMivft. 
2btWa-.J__ 
'aAfArW 

,Gitt-K4c«C3 

ibclUstnaJsJj- 
■StodtettwZi-‘44:i-1 

.'4 fpSsSli 




-June 

'r-23 


■Jana’ - ’> 




ieaa:- 

143.4- 

5CCo_ -vAfiaf Si 




l3T.lj 

160.0 


W 


U’- * 


open in... 

market aided seotimenL In over- jiop. A dull . 

sotd conditions, the rally in adverse Press mention; Brent nail of :;S^p. Elsewhere in Engineer- 
equities was furthered and prices gourd recovered 2 to 32p. ing.s. Warwick were marked up 4 

generally dosed at the best of FeJlu r e s were few and far 
the dav. Trade remained light w#(| , n in lhe Banking sector, 
with lit He sign Hies nt improve- j^poid j ose p|, hardened 7 to 




mem in the number of bargains 
marked at 4.470 as against lhe 
previous day's 

Individual features were rare 
but among constituents of the 
FT 30-share index, finally a net 
3..1 higher at 4 AS. 3. Bowaler 


consideration of £335.000. 230™ weker^Sf.TrStSSIg.. 

sShssS “»• 

iianey In Newspapers. Thomson pro- ^ jet shippings. Hunting A fur J®r ^ 

w-Tln ,CTST. responM.** to" the Securities. Teealemit put on 2 to ^^7'^ &TZR (LoeJ 

annual results. while FNFC «*P„ (pllwrini! lhe a " d Printings featured David S. 1Ai * ao " n ’ — - lLOOJ 


mgs. nano were m^iiveu ■» _ . _ _ 

to on the lute disclosure that OliS SUDdUeil 
bid discussions are currently 
taking place with C.idney 


Albright and'’ Wilson , 

DRAPERY AND- STORES (3) ' * 

The Gold Mines index eased 0.5 ' ■ -.. . - r 

In Textiles. Caird (Dundee) more to 15?.6. Among heavy- £LecTRicALs b)--\ 

became a late dull spot at 331, weights, losses of J.wece common -g™cte : gxmdino «Kt.MHte.. 


lative imprest left Amalgamated stantially reduced his sharehold- 
Disl filed Products 2 better at ?5p ins. finished a shade harder at 


which closed 25 

^ hi r^restrTcted cents down at S1S4B75 per ounce 

ifiuiuMi i^uu.n ai-taw - . m . f - . • rriKJLBji^a icdiiucu uo*'w •.--Smith, maiL-gr on /) prvou 5Tiess ahead of reflecting the narrowing m the buildings <2) • 

hardened a fraction to 2}p follow- ^mall buying n front of today s h| ^ f Qse n t0 97p on recon . annual meeting. V£ t” de . deficit for fltoy, Nomcrt Hoist ptkn. 

ins interim figures which showed figures prompted a similar slruct ion scheme. In contrast. 1 rida> s ann 0 prompted minor srattered selhng . CHJBmcAis-.n) 

a strong return to profitability in improvement in Edgar London and Provincial Poster of South African Golds, 

the lirst-half. Cattles Holdings Balfour at (SOp. B. Elliott rose 6, shed n TQ 177p on , ack „f buyers Quiet Mines 

. _ hardened a penny Tnore to 3G)p to 122p 011 speculame support. and Haddington eased 6 to . ... __ , 

siinm-d^-i Vu S7p. after Sop. follow- on further consideration of the Cullen's Stores figured promi- 200p ahead of the annual results 

ins talk of a downgrading in a results and proposed 20 per cent nently in Foods, the ordinary expected in early July. ^ C ^ ie , * nn^tht^'inereased'’ loss’ to Hartebeest, £12|, Vaal Reefs, ^ Ntehiand 

broker s previously optimistic scrip issue. rising 33 to 125p and the A 14 to Properties traded quietly around counters included £14, and Western Holdings, £18*. Anderson SuithcIrd^EUkSt^rt.i ' . 

forecast of current year profits. Breweries spent another quiet 122p as bid speculation revived. overnight levels aod selected 12 o(T at 10p , and H. South African Financials ■Were |^‘^ n / ,T m ' ? 

John Brown, in contrast, con- sl?sslon bllt prices tended to Tosco, where former chairman Mr. qua]ity issues such as Stock Con- ,n^i, 3 cheaper at 34p. In feaS^ by ^ BeeiTvSx fS U > • rooo^ 

e last weeks harden. Elsewhere, revived bpecu- Hyman Keltman has recenll> sub- version. 230 p. and United Real. to^tTccos, BAT Industries deferred 12 to 395p on London and Cape Cniien-s . somport®* 

and gained 6 , at ; v „ interest left Amalgamated stantially reduced his sharehold- 247p. both firmed a couple of Closed 4 cheaper at 270p on the selling and the absence of any A •• •• - - hotels " Ct> '' 

pence. Aw^ting ^ ouu»me^of interirn statement warning that further U.S. buying. • princ® or ware* •; ‘ “ 

"nrerious Other South Africans generally, siientnipm ,NDUSTII »^te<w 3 fR. ic» 
previous de<f]ine(L London - registered , • . iwjirance. uj - , 

at 305p Further speculative ■ . Financials drifted in quiet tadiiig “* * and " rtn 

IC Gas please SISlS'llS £S£ SSS ^ 

nadnig. and ,on 5 orl I ?f 8 to l*lp and SGB added a couple Miscellaneous Industrial leaders al Wp ftijinernev Attracted fresh at 21l0p for a two-day gain of to 214p and Charter a penny. :to Leeds Dyers 

Exchequer 12 per cent -013-1. . 0 f pence to IMp. the Utter in st3i . ed a use ful technical rally g-Jg; and firmed 2 to T8. Other noteworthy movements I37p. 

regained ^ 10 43:. a discount rwa^ig^JnjE^^ahi with dosing gains rung, rig to S. IS^FSXLSP Holdlne and in' Plantations were/confied to a ^ elower bullion pricecause< i 

I0 ^ 73p n a faJI of 4 to 167p in Gold Helds, 

and an improvement or r - 

in Warren. Elsewhere, Consolidated 

markets ,tere quietly JXtS" S! that ‘ ASA 
soon erased, but leading issues dull with most sections either ref j uce ^ holding in Murchison 

by almost half in the six months 

— to May 31. 


NEW HIGHS AND LOWS FOR 1 ; 

The tollowing ieaiHttec qu6ta>.' ; rfi ..ihe . . VNEW 

Shane Into rwitlon -Ser»Jee- | .-yesterday. . J. ... ™ 
attained new Highs ana Lows tor .19QL O ------ 

NEW HIGHS (3^ ; ; ^ W * nrtcK; 

BANKS j 


•• - NEW TiO.WS l281' ^ ^ 

_ CeM^RAT«SN'I-OApi3 <lfJ?^ ‘ ' \'i 

ick-12>zDC>’1 980 r :f* 


: COMMONWEALTH ANB-^Sj'C 
AFRICAN LOAN^CtjT^^-^ C. 
RRhod. .2ljpc, 6S-70 V | ;Oa 



Barrett Dvr. 


-BUILDINGS. <23 


Casket tS.) 


tinned to celeb t 
excellent figures 
more to 3S2p. 

Enlhusixsm lor Gill 
securities was not i mined 
evident alMm ugh quotations 
a shade higher on overnight list developed in Buildings and 


ill-edced and Matthew Clark 6 to the good 42{p. Trust Houses Forte edged bid talks. English Property shed „,™._ veaf profits 

led lately at KJ3p. forward 2 to 210p in front of a penny to 43p in late dealings, slightly short of th 

is began a marked improvement in lory's interim statement. Small selling clipped 5 from Imry vc 2 r ' 

■ . 1. . 1 • _ a. * _ ■ 1 .. .. . Ofl7rt l7i ■ fyrVirx- cno^lliutlL'P • * 


t D«y. : ^-'-.CcHrtojfa : ' .-J > . ■ i ‘ • »- 

. ELECTRICALS Jttel -*'i -V-- .•••• 
Mwufi . - .- -v. V Pltco <£ »- T' m . JV 

me*icqtt Tham««rfr’ w - ».-v. • 

. - engi rw&RtNG j ■ ... 


the 


PAPER -(1> 
PROPERTY (1) 


England <J. ■£>?>"-. NwM^-aa^&cacoidi; 
.— iV itiausntiAisvii! 

. Boosry nmJ Hawkefi . JWUlrtas aiid MltrTmtl - 

• . .RrftM.SjEPtqn_ V ,- ^ ^MK Vj-' ' 



TEXTILES C2J 
• . . Torev 
TRUSTS C» 
Haw Par ■ _* _ ‘ 

. . OVERSEAS TRADERS 

Aust Aerie. ■ ‘ . Slip* Da 


I) - . • : RaPEK' it'F.Zrz 1:'' •" 

i .WMcUnfrUfeCf.* -i',-”-- Zti.'T. .->2.’^;.. • .v-'. 

* “ SOUTH' AtVOLNS' d ) - V 



_-.il 


mo red at SOp. 

Grow ing optimism that Ten 


lower, falling 4 
!S5p. on reports 


to lS7p. after 
that a leading 


Encouraged by the performance 

rttrievod' al |n ^Tom'e ^cies^'the neco's inSu offer for Albright and broker ha s downgraded an earlier 
ims diVs Lsef which Wilson will not be referred :o optimistic profits forecast; the 
>re\ ious days losses wmen tI _ SI .^» s _„ ,^r, «,«,««. announced yesterday 

to discontinue 
ordinary shares 
and Hong Kong 



First 

Dead- 


l7ci in fio-n-iid form Reflecting lative support left S!ewan Plastics bourses from August. Elsewhere. - 
worries 1 over he jSSSi ev?nS "£ 4 lower at 136p. LC. to* ? dull |^rk« ««»«y * 


in front of the results, rebounded . 

the betler-tban- • u !> 4 


OPTIONS 

DEALING DATES Wilson Walton. Serck, Brocks, 

Last Last For GRA Property’ Trust, Charterhall, 

Deal- Declara- Settle- KCA Internatioual, Ladbroke 
lugs lion ment Warrants. House of Fraser, F. W. 

July 3 Sep. 14 Sep. 26 Woolworth, SpHlers, Pacific 
July 17 Sep. 28 Oct. 10 Copper and Westland. A put was 


Stock 


Denoroina- ^of r.-^ifesfng, '-’^harigev..^’ ^ 

tton' marksVprice (p),- «n^ay. ; • -high ^r-iow-;- 


n 


Rhodes ia. Southern Rhodesian Trident Television improved 1? rt , 

bonds were lowered a couple of more to 47 Ip in _ continued outcome ^to cS'lfuo July 18 July 31 Oct. 12 Oct. 24 done in EIYLI, while doubles were 

points and the 2! per cent ilfW-v i0 response to the interim profits. 3 f 5^ The chTirma n^s opt i misS? For rate indications see end oj arranged in Lonrho. Serek, British Funds 

e, \"SthefbSlyi^dVin the MnIllP| «5SSs ?S£ Stor Manna*,* Service Brocte, Trafalgar House British onm . . Den, — 

inv^s?ment currency market MITT L«ttor night advance 7 to 95 p. while Stocks favoured for the call Home Stores, GussIk A, Fsrcjgr. Ronds .11 

ended^wlth the premium a point better National Carbonising put on 3} to were Fitch Lovell. Britannia Ladbroke and Warrants, Charter- ratals 2» 

cosier at liW per cent; arbiD-age A slightly firmer trend was 42lp following buying ahead of Arrow, London and Northern, hall, EMI aDd UDT. Ruanda! and prop no 

offerings released by operations evident in leading Stores alter a Friday's preliminary results.-- 

in overseas securities tended to small trade. Gussies A hardened Solhchy Parke Bemet improved 3 

aggravate the dull trend. Yesier- 4 to 2>i!ip and Mothcrcare edged to 281 n with sentiment buoyed by 

dnv's SE conversion factor was forward 2 to 154p as did House of the disclosure that the sum 

ii.fi744 in.fiegS). Fraser, to 132p Elsewhere. Press realised at the Robert Van Hirsch 


- - . De Beers Defd. B0.05 £3 395 .: 

. .V::,. ia £i >12 :• •371;:; 

BAT Inds. ........ l . 25p /"9'" 'iSWf' 

RISES AND FALLS Bp - - ~ ^ ;v 

YESTERDAY •? Shell Transport..^ 25p 


• — 12 J585-T- 

•^ s '• 


..SI 




Up doth sune Barclays Bank 


NOTICE OF REDEMPTION 


To the Holders of 

OWENS-CORNING FIBERGLAS 
FINANCE N.V. 

(now Owens -Coming Fiber glas Corporation) 

9% Guaranteed Sinking Fund Debentures due. August 1 , 1986 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of August 
I, 1971. as supplemented, providing for the above Debentures. 51,000,000 principal amount of said 
Debentures bearing the following numbers have been selected for redemption on August 1, 1978, 


through operation of the Sinking Fund, at the redemption price of 100?o of the principal amounC 
thereof, together with Lhe accrue*! interest to said date: 


DEBENTURES OF $1,000 EACH 


M S 1C55 2396 3556 4758 5905 7162 8324 


33 
72 
90 
715 
HI 
151 
554 
385 
191 
194 
246 
3 12 


1269 

1277 

1313 


2421 

2441 

2448 


3574 

3616 


4768 


1326 2467 
1344 2473 


1396 2480 


. 5P31 7165 8331 

. 4794 5939 7197 8350 

3658 4805 5988 7202 8355 

3665 4820 6009 7229 8399 

6020 “ " 


3668 

3670 


140G 2482 3672 


4823 
4864 

4890 6101 
1454 2539 3680 4905 6139 

3707 4911 6142 7315 8445 
3717 4946 6177 7352 8463 
1496 2599 3722 4993 6196 7376 8473 


1459 2040 
1476 2548 


7238 8409 
6038 7274 6419 
7284 84£8 
7305 8443 


2 1497 2642 3793 4997 6204 7381 .8509 


316 1514 2645 3815 4999 6213 7401 8552 


323 1564 
326 1570 


363 

413 

427 

431 

441 

442 
461 
463 
489 
493 
536 

551 

552 
990 
M4 
663 
702 
707 
711 
729 
764 


3631 

3843 


2678 
3708 
1577 2714 3849 
1978 2738 3391 
1591 2745 “ 

2751 


5001 6214 7411 3559 
5089 6259 7428 8567 


5119 6271 7467 8572 
5123 6277 7472 8580 


1608 


1622 2768 
1660 
1664 


2790 4041 
2793 4052 


1693 2832 4079 
1704 2848 4098 


3935 5147 6285 7490 8636 

3952 5148 6295 7497 8637 

~ " 5170 6315 7527 8672 

5215 6318 ‘ 

5217 8321 

5218 8377 


3965 


7547 

75S 

7627 


5223 6413 7631 


8717 

8728 

8746 

8808 


1741 2869 4JJD S239 6417 7635 8829 


2890 4185 
1754 2891 4204 
1774 2904 4211 


5260 6430 7872 8861 
5269 6438 7683 8863 


5321 6457 


710 


8892 

2906 4216 5322 6484 7719 8901 
2906 423 1 5352 6490 7T20 8904 


1788 

1809 _ _ 

1810 2914 4262 5371 6522 7723 


9309 

9353 

9355 

M86 

9399 

9410 

9458 

9478 

9462 

9498 

9518 

9594 

9607 

9628 

9634 

3676 

9665 

9706 

9738 

9817 

9832 

9846 

9854 

9857 

9858 
9902 
9908 
9911 
9918 
9982 


10546 

10590 

10628 


1076 

1U851 

10864 


1867 2944 
1872 2961 


766 1958 
793 
849 


4303 
4346 
1S73 2976 4348 
1874 3029 4360 
3040 4394 


5394 6533 
5416 6539 


541 


8906 
7706 8923 
7797 8946 
6548 7806 8948 


9989 

10008 

10012 

10020 


11828 12947 14177 15354 16290 17360 18850 

11837 12956 14181 15369 16297 17361 IggTO 

11862 12962 14303 15390 16321 17376 188B9 

10658 11925 13001 14242 15394 1E332 17379 18905 

10664 11327 13019 14257 15440 16350 17403 18911 

10706 11941 13032 14230 15447 16392 17404 18948 

10727 11967 13044 14292 15154 16398 17414 18950 

1072* 12007 13072 14308 15471 16399 17434 18972 

12015 13118 14334 15431 16420 37450 18999 

12036 13127 14359 15489 16446 17471 19010 

12078 13129 14372 15502 16483 17481 19037 

10679 12079 13195 14389 15528 16486 17493 19041 

30886 32083 13211 14417 15532 16488 17499 19095 

10903 12108 13212 14466 15549 16517 17523 19125 

10940 12120 13213 14496 15580 16519 17545 3?H3 

10902 12124 13225 14499 15593 16562 17571 19180 

10961 12142 13247 1450Z 15600 16564 37578 13205 

12156 13274 14554 1S605 16565 17696 192 54 

12164 13295 145M 15617 36581 17717 19277 

12190 13297 14574 3 5641 36701 177G0 18305 

32207 13320 34590 15651 16718 17768 19311 

12220 13381 34603 356S9 16722 17795 39315 

11016 12240 13383 14612 1567S 19750 17798 19321 

11076 12247 33396 14857 15706 16755 37824 39350 

11077 12294 13410 14680 1S7J3 16768 17356 1936* 

11092 32296 33413 14693 35730 36773 17858 39412 

11163 12337 13414 14717 15737 16789 17912 19456 

12348 13418 14761 1574S 16800 17922 39462 

12381 13473 14771 1S783 16807 37939 19470 

12398 13493 14776 15796 16840 17971 19500 

12429 13521 14796 15633 16850 18013 19529 

12456 13523 14847 15849 16873 1E020 39530 

12478 73525 34355 1 58 SO 16682 38024 39532 

11272 12510 13534 14876 1S866 16916 18078 19560 

11238 12511 13594 14880 15874 16935 18128 19573 


10965 

10970 

10977 

30989 

11004 


111 

11189 

11201 

11226 

31250 

31252 


1951 


5443 65 56 7829 8951 10025 11304 12515 33595 14914 15876 16940 18129 19584 


5446 6009 7834 8954 10036 


3075 4426 5455 6634 7891 8955 30037 


1961 3079 4439 
1973 308S 4455 
862 1975 3103 


5484 6677 7914 8972 10055 


11345 

11880 


865 1982 3116 
905 1994 3124 


4479 

4485 

4487 


5472 6695 7929 8983 10083 


5503 

5514 


933 2013 3141 4527 


6708 7934 8986 10171 

6725 7938 9042 30181 

5548 6745 7947 9043 10198 

5568 6764 7964 9060 10218 


942 2014 3184 4 54 1 5573 6781 7971 9072 10242 
944 2030 3216 4581 5590 6804 8014 9086 10267 
5591 6817 8030 9088 10339 


3*W 2046 3221 4584 
978 2069 3256 4535 


5044 6349 8039 5102 10357 
1024 20*1 3273 4001 5652 6860 8058 9134 10368 
1030 2094 3296 4603 5657 6879 8073 0149 10369 


1048 2111 3306 4625 3737 6335 8092 3151 10371 11640 


lOftt 

10« 


2160 S3S3 4649 5744 6926 8121 8169 10426 

2167 3363 4660 5748 0936 8150 9172 10434 

1132 2203 2388 4704 5751 7017 8152 9188 10441 

1162 2210 3402 4710 5762 7018 8179 8242 10452 

2235 3464 4716 5826 7025 6183 9261 10467 

3468 4717 5849 7069 8189 3285 10479 

' 4732 5851 - 
5879 


1175 

1309 229 


1232 2305 348 

1243 2322 3495 4753 


7101 

7138 


9234 9209 10494 

8283 9275 10539 


12544 13618 14359 153*2 IffilSC 18136 19594 

12545 13642 14960 15934 16960 18175 19614 

11383 12547 13644 14973 15975 16974 18224 19617 

11399 12583 13645 14981 15978 16987 18246 19660 

11478 12622 13656 14996 15990 17017 18347 19675 

11487 12635 13673 15003 16008 17044 18274 19744 

11515 12673 13732 15019 16009 17055 J8216 19749 

11517 12683 13783 15054 16M2 17068 18335 19754 

11521 12736 13773 15076 16051 17075 18328 19767 

11S40 12739 13789 15108 16053 17134 18342 19768 

11566 12742 13793 15141 16058 17137 18347 19775 

11594 13753 18833 15150 18088 17147 18372 19810 

11608 13766 13856 15172 16117 17160 18417 19843 

11619 13785 13869 15188 16160 17169 18424 19860 

11640 12807 13891.15205 16172 17215 18437 19861 

11655 12623 33922 35329 15174 37228 29459 39898 

11711 12832 13952 15231 16187 17338 18517 19913 

11719 12849 14083 15242 16197 17246 18538 19926 

11746 12850 14097 15248 16212 17260 1854S 19963 

11757 128 S 5 14105 15257 16221 17286 38573 19978 

31781 12866 14110 15304 18257 17280 18742 

11 813 32889 34159 35330 3 0271 17334 38831 


11814 12906 14170 15333 16281 17356 18840 
On August 1, 1978, the Debentures designated above will become due aud payable in such coin or 
currency of the United States of America as a: the time of payment shall be legal tender for the 
payment of public and private debts. Said Debentures will be paicL upon presentation and surrender 
thereof with all coupons appertaining thereto maturing after the redemption date, at the option of 
the holder either la) at the corporate trust office of Morgan Guaranty Trust Company of 
New York, 15 Broad Street, New York, N.Y. 10015 or (b) subject to any laws or regulations 
applicable thereto in the country of any of the following offices, at the main offices of Morgan Guaranty 
Trust Company of New York in Brussels, Frankfurt am Main, London, Paris, Zurich or the main 
offices of Bank Mees & Hope NV in Amsterdam, Kredietbank S.A. Luxembourgeoise in Luxembourg 
and B-mca Yonwiller & C. S.p.A. in Milan. Payments at the offices referred to in (b) above will be 
made by check drawn on a bank in New York City or by a transfer to a dollar account maintain ed 
by the payee with a bank in New York City- 
Coupons due August 1, 1978, should be detached and collected In the usual manner. 

On and after August 1, 1978, interest shall cease to accrue on the Debentures herein designated 
for redemption. 

OWENS-CORNING FIBERGLAS CORPORATION 

Dated: June 28, 1978 


NOTICE 

The following Debentures previously called for redemption have not as vet been presented for 
payment: * 1 


DEBENTURES OF $1,000 EACH 

1188 1428 3282 5449 



LONDON TRADED OPTIONS 


•Tilly 


October 


January 


t»|Hn-n 1 pri‘0 


HI* 

HP 

UP 

BP 

Cun. 


I'nton 
i.'.'ni. L'uinn 
I'nns.. iTnM 
ton>. Unlit 1 
(Tiiii-ixiil.i* . 
OKirtmU* 
lAmrlniitiW 
I'-nirtaul'U 

n Ki- 
ri W 
0 KC 
liW 

lirenil Mu, 1 
t.lreii'i Mei. . 

( I mini 3fei. 
Ill 
ll t 
It 1 

U 1 ! 

I.an-1 Sc*-*:. 
SW. 

Uml Scv>. , 

Mark* a Sji.' 

Mark* L Nil.' 

Murks a Np.l 

Shell 

Shell 

I'KJll’* 


750 

800 

aso 

900 
140 
160 
160 
ISO . 
100 
110 
120 
130 ' 
220 
240 ; 
260 , 
280 
100 
110 ■ 
JZO 
330 : 
360 ' 
390 I 
420 ! 
180 
200 
220 
120 
140 
160 
500 
550 
600 


C1*«iliK' 1 Chfciiiji; 

offer • Vi,t. I ,.ffer ! Tot. 

. Closing! 

■ offer | To). 

1 Knviiy 
ekwr 

98 - US 


■ 132 1 5 

j 843p 

48 , — • 72 


1 94 ; - 


12 - : 44 

1 2 

,68 • ‘ 5 

1 .. 

2 — , ZZ 

— 

50 ! 10 


6 10 . 14 


, 181? I — 

' 144p 

J« , — ■ 6 

: — 

1 10 ' 5 

1 

9 16 17 

• 14 

j 20 : 5 

1 168p 

li* . 52 7i? 

1 39 

1 IS I 58 


J5i 2 4 1 20 


j 21i a : - 

! 114p 

7 - 1 I2ij 

j 

: 15 ' - 

1 

2 — 7 

— 

, 10 1 - 

! M 

>1 . 40 . 4i a 

6 


1 

54 — 40 

' 

47 ; — 

I 252p 

l+lj ■ — ■ 26 

( “ 

■ 34 1 - 


4> : ' — , 141* 

— 

23 1 - 


V: : - 7 

— 

14 , - 


5'j • 65 | 101? 

! — 

15 19 

103p 

Ua 5:6 

49 

, 9lj 5 

„ 

h ■ - ■ C'J 


1 6 ; - i 


44 25 50 


55 - 

371)1 

15 7 . 251? 

1 15 

! 54 5 

„ 

3 15 121? 

; -- 

: 1912 1 — 


1- — , 4i a 

— 

1 12 4 


24 — 28 

— 

i 31 2 

202p 

51? , — 15 

1 4 , 

, 17 j - 

.. 

3* 10 4lj 




2Ha t — . Z5I? 


29 | 2 

14 Ip 

5 > 1 , 10i s 

1 

15I S ( — 

1“ 

it 1 — 4 

4 

8i» , 3 - 


46 s': 64 

- 

76 J - 

543p 

11 10 27 

35 ! 

43 ; — 

— 

1 ' — 1 12 

si | 

22 j — 

• 0 

265 . 

190 1 

1 125 



RECENT ISSUES 


EQUITIES 


Oils i._.. 10 

Plantation t 

Minos IT 

Recent tames » 

Totals 531 


z -« GEC 

j3.-i.GKN 

337- 909 NatWest ...... X:.. 

it SB Rank Org. 

*A< m RTZ 

« £2 '^ Jnjlever 
av-cai' Imperial 
sc £393 Turner fc "-"Hewafl 



.2Sp . V • , 214 V. v :>- X-- '.'-3W ’ ISA'-' 

?er ,L 25p 7 SIS ■•---.*.•6 - 476'.: 

■iaJ Group ... 25P i “TO'-v . « »> - * 1 ^ 

ft at tTS’' ' X K 209 Att - 


SI 


6 . ore 5.^17 


166 


FT-ACTUARIES SHARE 


V’J, 


These indices are the joint compilation of the Fmgnrial Times, the Insfitute o£ Actuaries ”: 


and the Faculty of Actuaries 


EQUITY GROUPS 
GROUPS & SUBSECTIONS 


Figures in parentheses show number of 
stocks per section 



5— - r £ z iflis 


•*1/ 

j 1—11“ 



- Slir.'k 

-5 : 

1*111-0 

J l" 



- 2 . 

r: 

* = «»«!: 

Unr 



75 

F.P. 30.6 


•llmimall 1C.L1., 

~8s" 

100 

F.l - . 5.7 1-7 

U2 

Kniiiihcrm 

..... 162 

-.34 

F.P. - 

33 

'IFihi/ic , ‘ Plv«.»«t... 

34 


?i.. + i|rlI|s|U^ 


; <4.5 5.1 

rl *2.64 3.0 
I? <2.0 2.31 


a.o: 4.5 

2.5,16.4 
0.9; 7.4 


FIXED INTEREST STOCKS 


r*iH 


■r — " ~ High | Lnv 


St.vk 


S* I 

= ? 1+ or 
r.s 1 _ 


100 r. 


CSS 


F.l*. 21.7 
CIO 

■ ■ r.i*. ia-7 

Nil 7; 8 

■ - • Kl\ 7l7 

L100 - 

<;Cl7.6Sl-ID-38.7 

;i ■ K.P..25 8 

■ * F.l*. J25/8 

C99 C50 'o,8 


ICO, - .: 
Wp . 




* l tpnn 

: 9£p ' 

U H \ 

.iUl'iu, 
Hi. I 


1. 1*. in-8 


4M| S 

97p I 
Kfi ! 

- - : iu?H 

y.l\ 21/7 | 9Kn 

f.i*. :30 6 1 ias • 


F.r. '; 7,7 
.109 ; F.r. 21:7 
• • F.l". ,21.-7 

£9BU L10 20/10 
1:99 CIO 21/7 
1:98^,150 1.-9 

1-98:-; £25 15.-9 


nie . 

Il>/J- 

io;:. 

toi 5 , 

^ir! 


»f. tun. . M-ft. V ar. I.'alr B.ls. 1984 

90|. ,\Uiv.l Unlliti-9 1 , Fn-r 

»4|.Aul.'HKHi\r I'nate. VT{. I'ral 

■lit UhiiiiI lil% Kill. Wi 

97i. I’liv* |ii-.nnm l.-iiui. |*ppi 

c:|.iii|(-ivllou 12TI. fniiv. Iai9 — Jj5 

97i> IJi-h Iiip-i il.-l.i ijini. |*iel 

;K. hiilmr^h <f|iv i.|) Var. llalr 1363... 

l*-'U|K.;i\ Waiei 7^. Prvl. 1985 , 

Linn irairviva F.-t%. lit^J Ui-I. 

wJp ^in-MillelU Jlillrn I'ritf... 

«iil i| ..i M .iiHi- 1, il^in. IV. ii.. >■), ||, 4 ijj,!. 

97|. M » Hnliltac* 10% Prvr 

-51 .UhHlt .V tv, .-.Oi |*r| 

96,. /Miller iF.< 11% Fref. 

9l|i -Ni-»« -acvnls 9^ fmii. Pref 

LG* f’li-Mi IGj 'i Com IVcf 

99 lOuirVi iH. X J.-. 10J Pn' 

109|i |l,'.,liin'H-in |ln>s H’i 1'ivr. 

97/. pm ill. -n Anl.vn S.'.\ I’li in. I'rff ........ 

/Hj]s.>iithen<1i»n-*>04 12“ Kol. 1987.... 

9 U ,5. in ili. Tvnivirtv 121^ liert. 19£6 

a 'i“li Tv lie \ W. iir Uni. iHijf* 

£41i \V"m Kont Water 132 Deb. IBfiS 


„..| 99;;; . — 

--I Mu 

... 1 9S,. 

10 L i< 


I 


97|.l_1 

uil+ij 


7/iua 

] 97p 

100 

! ii 

- ) Upm 

i 99 V 

lbdb..| 47 
I 97P 

lion ; 

'105/1 + (0 


+ M 


9>/l 

81*:+ 1« 
9i£i+ i* 

?b_ i+14 


** RIGHTS” OFFERS 


i —ii.. , = ~ 

Fi i.-.- f - 


Feiiiiiii-. 

H»l.* 

9 ■ 


l*fiy 


( lilt'll . l/»w 


rfliek 


: C|n»(njj ,, t 
! I'D"!. — 

' p! ; 


20 

45 

Z'-> 

70 


y.i 1 . 

Nil 

.% i. 1 

F.l*. 


82 

108 

e4 

14a 

29 

130 

9S 

95 

95 

95 

95 


Nil 
Nil j 

K.P. I 

F.l*. 
Mi ; 
Nil 

>»i i 
Nil : 
Nil 
Nil 
.Nil 


15 6 7 7 ia.5 17i? lUrnit Client vuln.; 

7 7; 18'B 13inn l'J|.m!Briti-)i Tnr i’n.sliu-ia 

9/t- i.t- fti S2 .rrnin' MHniiiiM,inn>H.Hi I 

16 6 21-7' lOOt® 45 ■ I fntwua Park ImU I 

30.'6| 25.8, lb 111 ;Fmtn ictc hVt* 


7/7 18.-8] £2j>n.i S2fiit<;HitrLttdl& 

! ■ la/mr l|im|Honlv- 


— -. la/mr i|im norm * I 

22,6 , 19, -7. W 1 ?4 lil&ujr. J 

16/6; 21/7 182 - l&l Ih.iw.Ikh I 


J/7 ! SS^iUttnn.dlgpm'llyinan (l.ifi.) 

— . — I 21pnill£i|iuil4ich lntore«t» 

7/7' 28/7, LAW IOi/iii bkelelik-s- 

- i - I 24i.m! 22i'i,il.S 


188 —1 
lOpiii' ... 

53IJ—1 

96 .... 

Ill .... 

12pm! 
12 pdii .. 
99 T 1 
189 +6 
13pm! + 1 
18>si>iii 
16pm | 


+ >i 


r .i 


S4)iin! 22i>fnl.Scnrici;.i-tjr'/ii|/ ‘22pnV 

■ 22pw' wOpnij tin. A. N.‘V | 2Qpru 

- — ISbieii 23HSe.nrU.rtim1.re 23 pn 

— 24/1111. 22imij Du. V. NiV 32|, m 

3 6 l?/'#:~i • 21 ,v 1 aat:+ 1 


FtrjmnciAiian Uzte ufuallf Iasi /far fur cfcallne free of slump dotr. A Fianrcs 
biiicri on nrospi.-cni'i esmnaie. o Assumed divld.-mi nnrt yielrt, u Forecast divMettd: 
cover hasert nn previous rear's earnings » Divide mi and yield based on orosnectus 
nr other oiucial estiqiaie> for th/B u liras I hhUUVK aMiinuo. t Cnvrt ,ito<y^ 
lor cMirvmon oi shan* not uinv ranKins lor dlvbleiKl or ranking only for resuieteit 
•iiuJ'.'iMs i Fi aruiv prut m Dnhtir- m K-n.’r unless inherwise mdieaied. :i Iwm-o 
•enrtor. . dii.tpiI .o imlderv ill i.irOmary -.har"* a* - - nshis " *■ ixmvl 
hy wav or capilaltoasion. *» Minimum lender price, ft Rotniroriucvri. 78 Issued 
cmiiH'Kiai wih reureanisatiun merger or Takeover ll 1 ! Inimrtuciiou. ■"yisuiect 
rn inrm- r Pr-.i.-rcnw holrters p Alim mem Pnm tor fullv-Dudi. • Provisional 
or partly-paid aUoimcnt letters. * With warrants. 


49 


51 


59 


61 


99 


CAPITAL GOOBStmi- 


Building Materials (281. 

r^ntrar beg. Construction (27) — j 

Electricals (151 


Engineering Contractors (14)_ 


Mechanical Eagmeering(7Z) — _ — 
Metals and Meted Fonning(l6) 

CONSUMER GOODS 

(DURABLE) <52f 

IX. Electronics. Radio TV (151 

Household Goods 02) 


Motors and Distributors (25) . 

CONSUMER GOODS 
(NON-DURABLEKITO 

Breweries (14) . 


Wines and Spirits (6). 


Ottertainment, Catering (17). 

Food Manufariuring (21) 


Food Retailing (I5L. 


Newspapers. Publishing (13). 

Pac kagi ng and Paper (15) — 
Stores (39).. 


Textiles (25). 
Tobaccos (3).. 


Toys and Games (6). 


OTHER GROUPS (97). 

Chemicals (19). 


Pharmaceutical Products CD- 

Office Equipment (6)._.., 

Shipping(I01- 


BSiscellaneous(55). 


INDUSTRIAL GROUP (495). 


Tues., June 27, 1978 


Index 

No. 


206.89 


384.93 

332.77 

437.93 


30605 

166.98 

159314 


190-85 

224-21 

173.68 

1ZL09 


19439 

21939 


246.96 

24439 

190A0 

196.68 

35737 

131.16 


174.74 

170.69 

238.47 


104J4 


192.22 

27635 

25033 


127.47 


41230 

197.66 


Day's 

Change 

% 


+03 

+03 

+0.7 

+03 

+0.4 

+03 

—0-4 


— 0J5 
-0.6 
+L0 


+0.4 

+13 

+13 

+0.7 

+0.6 

+03. 

+13 

-0.6 

+1.0 


-1.6 

+03 

+03 

+13 

+0.9 

+03 

+03 

+05 


+05 


Esf. 
Eandnff 
Yield% 
CM ax.) 
Carp. 
DbS% 


1837 

18.89 

2031 

15.71 

19.60 

1931 

18.02 


17.80 

1635 

16.92 

20.48 


16.62 

15.60 

1638 

15.99 

2037 

14.78 

1X18 

2037 

12.01 

1931 

2338 

19.41 
16.64 
17.90 
1X78 
1839 

37.41 
37.79- 


3730: 


Gross 

rtv. 

Yields 
(ACT 
at 84%) 


5.84 

5.90 

432 

436. 

667 

6.40 

333 


5.04 

334 

637 

6.4? 


s:o3 
637 
533 
6.98 
5.86 
535 
3.47 
.8.06 
.467 
.8.11 
735 
5.96 
5.94 
-632-1 
: 409 
50 9 
7AZ 
.663 


539 


.Estr 
P/E 
Ratio: 
(Net.) 
Corn. 
Tax 52% 


764 

762 

6.99 

9.02 

6.79 

732 

757 


7.90 

8-73 

837 

636 


836 

932 

926 

9.07 

639 

938 

12.76 

-651 

1224 

679: 

5.13 

629 

7,90 

•758 

10.61 

7638 

7.fl6 

756 


7.94 


Mon- 

June 

28 


Index 
No. J 


20651 

18432 

330.40 

43718 

304.96 

166.75 

15934 


190.791 

22535 

17231 

229.SO 


19354 

21754 

24336 

24234 

18953 

19667 

3533 

172.^: 

17069; 

2«2S 

3M38 


'27292 

24848 

TZ72J- 

4H95‘ 

196.66 


20244 


FA. 

Jane 

•••23. cs 


, . 

Index. 
NO. : 


20864 

18695 

33293 

44325 

30873, 

167.90 

16132 


19263J 39389 


227.66 

373.421 

12130 


19061 + 19242 


27540 

.25X72 

•3Z2®'j 

4W68 


19843' 


20146. 


Til uis.' 

= 22 - - 


Index 
■ Mo.', 


20838 


18785 

33351 

43865 

30WT 

167594 

16899 


22771: 

17453L 

M' 


mix 

2U1 


mm*#*** 


mm; 


:is7. 


,13346 

•nMH 

84277 

TWfcJ 

■m*r 

Ym.m 

24972. 

mw 

’4W.96 

-39831*. 


MeA 

Jane 


3i -V (nppros) • w 


Index 


'No.- J m--:-/' 


21015 

18856 

33922 

"44234- 

31815 
•38: 


19521 

229.42 

1» 

33VZ 


22186 


19X57+19477. 


19929 

36857 

lStiUi 

13546 


24477 

10466 


I25MSI 

-198121 

•.4KB| 

tern 


2M«L+-2flm 


Va 

% 



:M68J47?0*r^t 




,19043 -/h 

17558 '" ’ 
17346".." *2 
, 3tt41-^ 'ri 
12125 
14745^ 




2189* 

.10229. ■ 

MM 




•22535 T2S892 


1,430. 

^iio: 

•48MT 

17644 


Oils (5). 


E!EaEigBiS3BEa B£3EIE3ES13gg£3StS2 




580 SHARE INDEX. 


FINANCIAL GROUPUW) . 

Banks(6)_ 


Discount HousesOOL. 

Hire Purchase©— — 


Insurance cWeKiD)- 


Insurance (Composite) CD- 

losurance Brokers (10) 

Merchant Bante (1^ — 

Property (31). 


MteceUaneousC^- 


Investmertt Trusts G50). 


Mining Finance (4). 


Overseas TradexsQS)* 


AIXSHAREINDEK673). 


22627 


156.95 


17724 

203.08 


13926 

32838 


12X55 


32631 


7733 

22521 


10328 


20537 


962!+; 

30X20 


20833 


+04 


+0.6 

+03 

+03 

- 0:6 

+03 

+X0 

+23 

-03 


—02 


'-llO'.l 

+02 


+0.4 


16.84 


2672 


1803 


14.44 


3.65 

2539 


331 

1736 

1730 


5.62 


6.03 

633 

832 

539 

-7.06 

742 

430 

■628 

330 

7.82 


-432 

723 

T20 


531 


779 


5.67 


1035 


,132 


46.45 

539 


3023 

'672: 

7102 


22525, 


156.06 

17866 

20178 

U81«: 


127 36 
72034 
35*40 
'784P 
225 J7 


20549- 

9725 

3B0J>Z 


70747 


22751 


25727 

17742 

‘205.14 

73930 

12937 

32X29 

igwa 

^ 792ff- 

22751 

BEC80 


-20843 

98» 


_ ZW55 

•-V'i.-i'. S 7. 


15719 

17759 


7DSJ4 

13186 


■12960: 

320.90 


.7931 

22686: 

BtaS; 


b&w.. 


306681 

^836 


22832: 


368.09 


133-51. 

12738 


322J61 32547 


m* 

:W2 B 


21246: 

:i949 

30666 


mxt 


;-wjq 


13946 •• 
15738 ; -\ 
17246-;'- 
M049 - 

10&04t:; 

rlWOf^l-' 


1385" 

•-89.0*1 


PSUftiw.: 

-•rfWtv--. 

sm 




FIXED INTEREST PRICE INDICES 


British Government 


Under 5 years - 
5-15 years 


Over 15 years— 
Irredeemables. 
All stocks 


TU«. 

June 

27 


10470 

11244 

U844 

3ZU0 

11X37 


Day'S 

change 

% 


+033 

+058 

+043 

4MSL- 

4050 


xd adj.. 

Today 


xd adj. . 
■ WTO r 
to date 


--45T 

’. 5.95 

742 

-.774' 

'5.74 



n 

M 

gif 

i 


H 


IH 

I 





| 





a 


g7?lBg?»5 ! 





fcueeday, June ZTIJIutidayp’ridaj* 1 


Index 

. Xo. . :■ 


YIdd _ 

~ A! •.*!«* 


June 


:■ - 5n ,1V *. -. ro'-v- T---JC r V Vareimea --•■•• 


15 

16 


17 


20-yr. Red. Deb & Loans (15), 

Investment Trust Prefs, (15) 


ComL and IncU- Prefs. (20u 7G.3S 


57-85 

5138 


iriZ-s? 

1877 


13-09 


57.54- 


5L341 


t Red cm p bap iiMd. KlgtK awl lows rocord, ban dates, ana. iatuMVantf'ritesOtnant 

issues. A new list or the .canstltaeais Is anraHilda 'T«m' - - - - ■-* 

London, ECfl|» UBV. price Up. Tir post -22ju 







wri'-tiw ^pnhlhtt^re,- 



















































l M ^ f* :[ 


r v s 


\RE I 




w. 


_• • c - * 
2 " '•'; ". 


_) • 
- - ( 


r ‘ 



. financial Times. Wednesday June 28 1978 


39 


INSURANCE, PROPERTY, 
-..•-■V- BONDS 


Abbqr Ufe Awuance Co. lid. Central Portfolio Life Ius- C. Ltd* NPI Pensions Management Ltd. 

01-8188121 «R»nholon»wCu,W*lth*niCniM.; WXSI071 4a,Or*e*el>u»hS*..EC3P3HH 014234200 


property m._ 
.Property Asc... 

SewetivePnnd , 

Convertible Fund .. 

g£ 

r Wl . rlCIpeiu. 
Pern. Sdtoetl** 

Fwa. Security- 

Fan*. Slugged .;X« 

03Ian.PdSer.4_ 
v&wity Pd. Sw. 4 - 

vCoac. Fd. Sar.4 

rPd.Ser.4_ 


319 


0593 



Portfolio Fund. X3S.0 li-1 — Managed Fund . __fl499 1561| | — 

Portfolio capital _W1.9 44.0J —4 — Pncra Jum- 1. Neat dealing July 3. 

Jf** 4"- foe. *.» Zealand Ins. Co. (U.K.) ltd# 

n ?*!?!£ S*^!?** 5 5?; B “I!!?!, 0 ® 2 , 787855 -Maitland House. Southend SSI 2JS 0702 62055 

[1425 J«.9f 



G.L Cash Fund 965 
C.LEouin-Fund__ 1057 

G.L Oil: Fund UDA 

G-LloU Fund 119 9 

GA.Pjfcy. Fund j%.4 11 

Growth & Sec. life Ass. Soe. Ltd.? ... 

Lan rl bank Sees. 

Landbank Ses. Aee.jll&a a* 


>3wi Key fov Plan . 
Small Co'i: Fd 


Technolog rPtL. 

Evtrn Inc. Fd. 


American Fd 

FotEbjIK-J 


B56 

922 

ESQ 

1025 


«J +0.R — 
9?1 -0.5 
9X6 , 

1041 -2 7^ 
107.9 -M 
1057 
1015 


* 


Rice* at June 27. VaJcrtleQ ooraally Tuwday G-*S. Super Fd._| £7.954 

Albany Life Am C* Ltd. Gtt#rfIaa ** >l ******* 

31. Old Burlington SL, W.L 
fHAcp_MRa 





. 104.9 

O0ii 

j faw. Ak 1615 

rP»n.FUAcc. 01.9 
„ -ILPenAcc— . UU 

fittKABtai 

AMEV Ufc Asanranee : Ltd.? 



____ Royal Btchnnse.E.Ca. 

01-075863 Property Bonds —[1743 1820) _-i — 

Hitrafcro Life Assurance limited V 
70MPflrkL»M.Loadon,Wl 01-4000031 


Norwich Union Insurance Group 
PO Box 4. Norwich NKl 3NC. 05032200 

Managed Fund — 

Equity fund 

0X28371(77 Property Fund— .... 

Fixed 1st Fund - 

Depose Fluid [1056 

Nor. Unit June 15— 


(3J7 7 
35X6 

il| 

-*-0.7l 

+Z.0 

uxx 

134 2 


1«D 

W56 

ml 

+u 

1 1 



Fixed laUSep- 
PjuiV— 
Property. 


American Act 

PM-F.LDep.Cap 

PeaJ?±Dep Acc — 
Pen. Prop, can. - 
Alma Hse, Alma RiL,R*ig«e. Rdgate 4010L Pen-Prop. Ace.- 

— ‘ PM.Man.Caa 

Pen. Man Ace. — 



— Gill Edged . 


AHEV Menaced -..p332 

mfesstiw 

AMEVProp.Fa.__ %i 



Pen. GiltEdg. Cap.. 

Pen. Gilt Edg. Aw. ., 

Pen- BS. Cap 

_ Pen. Bis. Ak. — 
„ . Pea. DA.F. Cap. ... 
, Fen. DA.F. Ace— 


mol 

[11275] 
11486 
I202.7 

|||l7 

Emiisi 


MX8 


1798 

1252 

1295 

1912 

1343 

2&2 
27931 
1282 
134.9 
1 1303 

6^ Si 


„. — wealth AM 1 09.4 _ 21531 1 ~ 

— [ — EbTPh.Ass.__— 77.7 | -.... — 

U — EbT.PhJ&uE. [703 WJ^_-.4 — 


=i = 

- 

Barclay* life Assor, Co. lid. 

3S2 Romford Bd,£7. 


Hearts of Oakj Benefit Society. 

15-17. IbvistocLPlaee, WClHOSif 01-3875030 foCesUMot Fd*<A 
01-7400111 Heart* of Oak (36 4 3*S --4-1 -- Equity Fund 

“ HUl S»ari L4!r A «nr. Ltd.* BSiy Sa! *- 

NLATvr, Addfoeoobe Rd,Or«y. . 01-088 4355 Money Fond 1 A.) 


Phoenix Assurance Co. Ltd. 

M, King Wintam SL.ET4P 4HR. 01-6269678 
Wealth As 
Eb 
Eh 

— Prop* EtjuJiy & life Ass. Co. 9? 

“• llOiCrtetad Street, W1H2A5. 014S60637 

_ H.SJlkProp Bd | 1B0.B 

_ Do. ECU Hr Ed 743 

_ FlesMoncyRd— .) 1496 

~ Propertj' Growth Aesnr. Co. Ltd.p 

— Icon Hooye. Croydon, CRSlUi _ 01-680 0608 

— Property Fund 

— Property Fund 1 Al. 

— Afirircltural Fund. 

— Ajtnc. Fund (Al— ... 

— Abbey Nat. Fund . _ 

Abbey Nat. Fd. tA< . 

Eo vestment Fund _ 







Do. M __ 

Utmer Pena. Are. -{100.4 

iv. Tr.lH.i [yra 

•C urren t unit mine June 2R 

Beehive life Ansar. Co. LtdJf 

71, Lombard St. ECS. ra-i 

Blk. Hone June 1-t 12*76 ( 4 — 

Canada life Assurance Co. 

SO High St, Potters Bar. Berta. PJBar 51122 
EqtyCtkMJuuaZ.j 603 1 — 

£etinC.Ped.lasea:l 219J ) _-T| — 

Cannes 1 Aasnran'ce Ltd-V 

I, Ofarmpfle 4ty, Womhtey HAPONB 0X-8OZ8S7S 

Prt^Bond/Eh.ec 
Bal. BdTEiec/Unit- 
Deposit Baud gill 


Units— .052.9 " 16031 — — 1 — Actuarial Fund. — 

-brlesA, 100.9 

Managed Units mi » 

Viwg wl A f t 9 

01-6345844 Manas Erf Sertea C. 92.9 

136.01 I — Money Units— 1203 

117.3 -Oil — Mooct S eries A 972 

* Fls*/lnt.S«-.A_OJ 

Pna. Managed Cap, 1*0.7 
Pna. Managed Are, MAS 

Pna.gtaed.Cap »5X 

nu-CWArt,, ima 

Pens. Equity Cap 97.7 

Pena. Equity Acr— . 9S.D 
PaaFx3.2at.Csp 94.7 

J^iL.Fj<l.liiLai:c — 0.0 
Pena. Prop. Cop— 95.1 

Pons. Prop. Aec 95.4 

Imperial Lire Ass. Co. of Canada 
frot tagwrial House, Guildford. . . 712K 

GrowthFdJune 23,(703 7621 -Uf — 

Pens. Fd- Jane 23... J65 0 7«S -i4 — 



-*-0.7J — 
-KJ.71 — 


CiJi-edaed Fund— 

GlU-E^edFd.(AI, 

4 Retire Annuity. 

Olmsned, Ana'br— 

Prop. Growth Fcnatoss A Ananitien U1 
AllVth 


2013 

379S 

797.7 

75L5 


67.9 
67J 
165.0 
1644 
140 0 
1393 
1122 
1210 
1210 
30.7 
1*33 


+0.51 — 
-*0 5! — 


_ior Ac. Uta.|pS.9 
f All Waal her Cop* .I12Z0 

Vinv.Pd t-'ta 

Perurtoa Fd. Cta. _ 

Coo*. Penn. Fd 

Cnv. Pns. Cep. Ut| 

Sian. Pens. Fd. _ .. 


Man. Pena. Ca^. (Jt. 


Prop. Peas. Pd — 

FTOp. Pena. Cap. Ula 
Bdce. Sec Pen. Ut 
BUcTSoc.Cap.Ul_ 

Provincial Life Assurance Co. Lid. 

222. Blshppccele EC2. 010*76533 


137.0 
1297 
1462 
13 ZJ 
1439 
132.B 
2458 
132.9 
1MB 
320J 




Unit Li^wl Portfolio 



LAS 


LAESXF. 


M.2. 
/Act. BR 
(Act , 107.9 
Pena/ Ace 982 
" ACC Mir 
'AceJMLS 
.0 




Managed Ftind 
FtxedlnLFd— 

Secure Cap. Fd.. 

Equity Fund 

Irish life Assurance Co. Ltd. 

XL FI nabory Squaw, ECS. 

Bine Chp. June 22_ [7X7 

Managed Fond 222 A 

EjejnpL Man. Fd._ im x 
PropTilotL Janel_ 177 J 
Prop. Mod. Gth. R93J. 

King A Shaxaon, IML 

B2.CornhlU.EC3. 

Bond Fd. Exempt,. pn3J5 

TmwfrliatM Life Assurance Cat LtA 

LanfihamBc,Holiubit>okDr,NW4. 01-3035211 

LaBgham'A' Plan— 163 0 67 J( f [ — 

VProp. Bond ,.,11413 148.71 1 — 

Wlap fSP) Men Fd [733 Ri| 1 — 

legal A General (Unit AmrO Ltd. 


Prov. Managed Fd.. 

Prov. Cash Fd— 
Fund 20. 

Property Fund 


01X2 

Eat 

W.9 


119.3 

IIOJ — 

13) J rOB — 
1005 >.... — 

103.2 — 

100.4 — 


Tty Fund 
_ y Fund — 

Fad. LnL Fund— 

Prudential PeasitmB f.iyw <to ^ l t > 
07-6288233 Hoi boro Hers, EC1NZNH. 01-40SB222 

A90 Eqult. Fd. Suae 21.1 £2* 59 253^ . 

— Fcd.InLJune21_kl8 72 13.9R , 

— Prop. F, June 21 — (£25.78 Ztifl , 

— ZZcliac'ce SSatoal 

TuohridgeWeUaKenL 008222271 

01623501 ReLProp.Bds.— I 14SJ 1 --- 

— BothccbUd Asset SSsoBjmrot 

SL Swi thins Lane. Locdoo. ECC 01-6284356 

SJ.C. Prop. Ksr. 31 ,.TU«J 12X6rf ..L.J — 
Neat Son. Tmf Juno 30 

Royal Insurance Groap 
Near Hall Place. CJverpooL CHI 227 «22 
Roynl Shield Fd._|132J U9.S! -UJ — 

— — ^ J Sere &' Prosper Snap? 

r gsfcssSJ & BC3P ^ B -S?” 


CMpiUl life AaMBUUCf 
CbDlafoB House. GbaptfAahW'toa 000228511 

SSSSfEl &3 |=d = 

Chartcghaue HRgna GpJf * 

18, Oheqner* Sq, Uxbridge UBS 1NE E21R1 Do Accum 


Do. Accun T.HJ 

Equity Initial 015.9 

tv. «■*»■* ' [m* 

Fixed Initial ttl«3 

Do.Accum. 111 A ,9 

Ip U- Initial— RS 2 

Do. A drum. (V5A 

Managed InitlAl |U51 


.Moneys. »4 
- R2 



ss 


~18! 


Property Initial TO j 

, Dol Accun- __JJQCL8 

nS^ttiil — Ie*al A General (Unit Ptnafouul 
SbM-LM — Ekesipt Cash IniL, (96.4 

1246 ..Zj — Do.AxeanL _N3.e 

1506 | ..iC| — Exempt Eqty. Ini t_ (12X9 

Cttjr of ffestmUister Aagar. Co. Ltd. 9 

Haaae. fl WhilMtone Rond. Do. Accudl. 

B02JA. ° 0I6MB6K 



Exempt Mogd. InlL 219 - 

DoTAcctmT- 12X6 

Exempt Prop. InlL. 964 
Do. Aeeum. 90.0 


H +0 
+0 

iSi ... 

12xS+0. 


_ Deposit Fdt ._ 

Comp.Pena.Fd.t_— 2013 

_ EqutryPeo*Fd_ 177 1 

_ Prop PensFd* 2103 

_ C.U Pens. Fit 9X5 

_ DeuosJ’enaFd.t — 935 


a?= 


212.2 
187.0 

103.71 

•Prices 00 June 20. 
TWeekly dealings. 


-eO.il — 





Schroder life Grocjs 4 ? 

Enterprise House. Poriamouth. 07052T733 

Equity June 20— I25.9__ 

Enu:r/2June20_ 216.7 223d 

£quiri-3June20 _ UBJ 22U? — L 
Fiaeclnt-Juae20- 135J 
FiredlntS June 20. 145.1 

laL VlJuacSO 157.7 

K£:S 'Jill June 2D— 14L3 

KiScJuneSO 0193 

Kent Fla. June aJ.gj&S 


^3±! = 


Pmw.MBgd.Ace— . 

Pm« Money C^_ 

Pooa.MbaeyAec._ 
RmaSuaityCap.— 
Pena. Equity Ae ad 


City of Westminster Asa or. Soc. Ltd. 
Telrpbone DJ-8Bt 8884 

Pint Unite 0223 

Property Unite 1545 

Commercial (tain 1 Group 
Bt-Hnten’j. X Underahaft. EC3. 01-2857500 

SS^SSU S5 [nd = 

Confederation' life Insurance Co. 

SRChnnceiy Lane. WC2A1HE. 01-2(20282 

2273 
1SA4 
18X4 
1906 
374.0 

CsntMll Insurance Co. Ltd. 

32.ComhllLK.CJ. 


legel A General Prop. Fd. Mpn. 34d 10x2 

1 X Oueen Victoria St, ECXN 9T? G 1-248 9378 Men try 3 June 20 _ U73 
LAGPrpJFU June 3 f«.9 10X7] __| — Pr^ertyJime20 154.7 

Next anb. day July X Froperty 3 JuneSO. 1K.4 

life Assor. Co. of P taumylnmla mi 

3042 New Rood St, W170RQ. 01-402 B3C5 MnPnCpH June 20, 1W5 

LACOP Unite —{987 , M36f _ MnPnAoBJt5«ro_&S57 

Lloyds Bfc. Unit Tat Magrs. lid. FrdJntPujic^T . 

7L Lombard St, ECO. 01-8231288 Prop. Pen. Cap ^5 9 

B»opc rwi m2 i-'-t ™ 

Lloyd* Life Assurance 

30. CUWon SL. BCXA 4 MX 

BlLCRh June 8 J IBB , 

OpLG Prop June 22. |l238 13041 


Money Pen. Acc. B,t25.7 
Oreeaeea * (*6.« 


1*25 

152.7 .... 

2449 

244J 

125.7 

137J 

15X1 
1125 

123.4 
163.0 

163.4 
1262 
13715 
2090 
2402 

94.4 
99.1 
lfliO 
M24 
1005 
10D.G 
10SJ 


AUTHORISED UNIT TRUSTS 


Vbbpy Unit Tst, Mrts. Lid. fa> 

72-80. CulehcHise Rd, Aylesbury. 02965941 2,St. Maiy Aite.ECaASSP. 

AhbeyCapuol 1317 33.71*021 434 u 1 American Tst — Rg5 -0 6| 

Ahhejrln<iimo . ISSS 40.7(1 -OS 5.93 0rirtahTA(.tor.r~l5J.p »«— O.li 

AtiKCV 1 r.i . T** Fd, 135 3 37 51-Q1 ejb Contmod it> Sh^ro - [154 fi 166 2m *0.1 

Abbey G.H. Tst K3.9 46.71 -KL3| Ail E«« ra Income Tat— L.— ?5.0 


Gartmora Fond Managers V (aMgl Perpetual Unit Trust Msgn(.V (a) 

01-2837531 (BHartS^HenleionTnames IH312G06S 


Allied Hambro GronpP (all's) 
HambniH-c- Hiin6n.Ur''utweod,Es«r4. 
01-588 S861 or Brvntawod va.*77) 21 1«0 
Balanced Funds 

.lllwIM (675 

Brit. Ind-i Fund— (*8.5 
Orth. A inf. — .. 

KL’rt -It Ird On. 

Mlli-d Canilid. 

H.vnhrtiFumi 

Hamliru Acr. fd.— 

Jnrome Funds 

Hich Yield Fd. W5 

filch IncoTTH.* [632 

A.H. Eq I no. |37J 

InlfTUUmvd fndi 

Inwrnatmia) (25 S 

Parlfic Fund 435 

Sues. Of America—. 53.0 
U.&A. E»eu>tst0 — (263 
SpreUUA Fuads 
Smaller Cp.’s Fd.— (34.9 
2nd Sadr. Co's Fi , 4X0 

Ttecovcry Site. BU 

Met Min.* Cdly— 39.6 
fberueas Earning*. 553 
Exp*- Stnlr. Cos —0(214.9 


M 


► 02 
-0.11 


9L5I t05[ 
3S.7I-0 4I 


fill 

3.41 


FpesunlGpGtb (39.9 


42# —.j 341 


X72 Piccadilly Unit T. Mgrs. Ud.V (a)i» 

925 WaidlTle Hse., 58 b I.m'fon Wall EC2 G38(®1 


3 Exlra Income., 


858 

6.66 


Small Co'* Fri. 


m s«m=3e 

6 JO 

L» 



1286 
363 
* 1.6 

Int Em? * Assete. 13.9 

Pmuie Fund 

Arcumllr Fund — 
Techno4rt«5' Fund- 

FarEaat Fd 

American Fund. 


30 « 


Jl*-™ 


339 

58.0 

532 

?64 

23.1 


Ail KxlralncomnTst— mmrt 

tr.i Pur East- TriisL- 3* 9 
HiRh loco me T#t — 5£* 

Income FVnd 705 

J(KA#nrira li* 1 

InU. Etempt Fd— . D.9 
u JnlLTst.iAee.1 — yJ-* 

to'! iw Gibbs (Antony) Vmt Tst. Mgs. Ltd. 

51.11 -HJll 537 2XBlumIieldSi-EC2M7NL. 01-5884111 

«47 fj! ajx nnrtrthtf~^7 «bw{-id *w Practical Invest. Co. Lid. 9 (yurt 

532 i-iA. G. Far *.^3 — ‘ *■*'«. Bloomibuiy Sq.WCIA 2RA 0i«3 asm 

4.72 rvteJins^ws.tTfted. Prortrat June SU.0SIA 20# .... I Alt 

Govett (JOl»B)¥ AecnaLUnila— |21fl* 227.9| _... 1 4X8 

77.LM>*mWaii.E.C ; a Qi-saasem pnyriacinj life Inv. Co. ltd.* 

7J * ^ rj 137 #Mn * 03 

_ ^ N« dealing day June 3b ~ B0 8 

2X4 Grieveson Mansgement Co. Ltd. 2^., c ^*r*.T Mf|f _ . f . - faWh Vrl 
202 MGi ttbaai St FtSP2DS- 01-G06M33 PrudL Portfolio Mngrs. Ltd.¥ (aMbKC) 

15a f^r^j^eapota 2«« It 452 Hoiban1Ban.Ea.v2NH 

BamnBion Jine-*^ ^ Pnideotial— [1205 12B.0JHJ5I 459 

aui r“ Qnilter Management Co. JJd-Y 

SOLS — 3L5 3.19 TbeSUe.Exchanse.EC2N IBP. 01-6004177 

ii osssstm a 

73 xj 3.9? Bel fence Unit Mgrs. Ltd.V 

76Jf — 3.9* ReUaoceHse,Tunbrtdg6 Wells. Kt 089232271 

■ ortunlty Fd |6«.4 68.91 -1W 546 

ord© T.IAcnj- (410 ^2 -oil 5 35 

. lagiGuardbillTst— [86.9 WOfi-OAl 450 SoMordoT.lnc. — P9.9 42j{ -oil 5.05 

oi!m« 3« Henderson Adipinlstrationf (a)fcVg) Bidgefield Management Lid 


1074 


15« -OX 

470rt 

36* — ^ 
621 “-D3I 
56 8 -0J| 
283 -0.S 
24.9 at -On) 


S5 H -0 71 

usiI-»oi[ 


990 
546 
412 
306 
4 49 
372 

1% 

X70 


3.14 

756 


lAccuui I'nhai-—— 

458 B7ugJiYdJBoe22. 374R 
5X7 fAccum. UnilsX. — 17J4 
650 Esdeav. June 27— J9SX 
5.40 fAcetun. Unite)--- MX) 

4.72 Gnte»W*r.JiiM23- 94.9 
530 (Accmn- Umal—;- W* 

LtL&Brsls. J une 21 ■ eJ-2 

Anderson Unit Trust Managers Ltd. fAccum. Units) (735 

IHFenehurcbSlECRMSAA 823B231 Guardian Royal Ex. Unit Mgrs. Ltd. 

An-Jersoa U.T. — ..fWJ 5X2J . — ] 435 Royal E5ichsnf»SX3P3D?7. 01-628 BOU 

Anshocher Unit Mgmt- Co. Ltd. 

INnbie5uBC2V7/A. 


1 IK. Monthly FuDd . (1650 175.0[ \ 8.90 Froml^A^S 


Brc ntuoad. Essex. 
UK. Fund* 

37. Queen St. London EC4fl IB V 01-3385281 Cap. Growth lr»e — | 


.Arbothoot Securities Ltd. (*Kc> 


0277-2X7238 Rub»lieldluLXT.|10XO 
Ridgefield )ncwn».]93 0 


107 On 
99.0r 


06123S8321 
262 
J0.49 


Cap. Crowtb acc— 
Income * Ancte— i 
Hteh income Fuad* 


Extra Income Fd [U? 6 111.41 —0.11 1X46 

High Inc. Fund *9.8 433 . — [ 931 

tAccuin. I'oiUi 53 6 583 ....] 431 

ruj** WTdnrLUb.1 53.6 583 

fTcferenc' Fund—. 25 X 27 2 

iAecum.Un»t3>— _ 373 40.2 — 

Capital Fund 18.9 20 2 

Commodity 1 fond _ 593 65.0 

(Accuni.UniUi— 86.0 433 

1 1QA, Wdrwl.ll.i 523 56.9 ..... 

FinAProp Fd.— _ 16.6 • 173 -Q.E( 

GlanUFuml_ 38* 413 -*0.lf 

« Accum. Unite — 448 47.7 ^0j| 

Growth Fund, 32.0 3*3 .. 

lAccum. Uoitr'— 57.7 40.7 — 

sL-nnller Co’s Fd. . _ 26^ 282 - 

Eastern* InU. F<L. 26X 2SX ... 

\v<tn*ivis.l— 20.4 22J - 

Foreign Fd. MX RJI ... , 

N. Amcr. * Inc. FapoR 33X1 -03} 

Archway Unit Tst Mgs. Ltd.P (nHc) 

317. Hi Kb Holbom. WC1 V7N1. 01-831 8233. ft,, British Trust— 044.7 

Archway Fluid [80.9 86Jef I 6X6 <£, TVwtfZZZ 36.7 

Prices at Jane 22. Next sub. day June 2S. ^ Dollar Trust— 76X3 

Barclays Unicorn Ltd. (aKgWc) ”1 

Unicorn He. 252 KomTord Rd. E7. 01-SS4RT44 fbitneocncTrori: — 255 


431 Rish Iocome’— g*.7 
2X34 CsbotESornlna— P*-9 
1234 sector Funds __ 

— l_ Finunelsl *tTtJ_jn.7 

Oil A- Nat Res — —J»-9 
Jidminciona) 

5-fg Cabol 

xcieran c l rmu l. — - 
|H Wrid Wido Juoe2S- 

3 05 .. 

3 . 0S 
435 



3 65 Rothschild Asset Management tgl 

jj4 72-80.Gatebou5cRd..Ayl«bui>-. 


0C895W1 


N. C. Equity KUad-IUl 7 
017 N'.C. EnO-.RM.TsL 107 4 
• 73 N.C income Fund . M3 5 

M. C. IntL Fd. line. i B85 
.« N.C. lntl. Fd. t Ace 1 885 

N. C. Smllr Coys Fcql5bQ 

Rothschild A Lowndes Mgmt. (a) 

277 « Ctati.m.rj<,in ijn rrx 0X8284336 


174X +0d| 
1142 
152.6a +0.* 
93.1 -J.7I 
4*.l — X7] 
159.6 -0*1 


311 

255 

699 

X79 

X79 

4.68 


St-SwithinsLano.Ldu.EC4. _ 


JjZ Nor^Amer.—— >1*8-9 
N.AteGrssJune92.|l2X2 

XDO 


(•!.>** An vrr far r ° 


- — | TtS Newtrt. Exempt 10250 US# l 334 

— 1 Price on June 15. Next dealing July 17. 

36.71 + 0 # its Bo was Unit Trust Mngt. Ltd.V(a> 


[503 


*2634 ^ 

. 533 -1# 


2^1 City Gate Hso,Fin£bnr7 Sou Ed. Ol-60B10« 

2:2 t£ SSOSSSSSSSrWa- £3 sal 2 £ 

56X1 .._.?i 7X9 
79 tt 

l m3 


Securities June 27- [. 
Sigh Yld- June!“ 1 


HUI Samuel Unit Tst Mgr&T (al 

01-828 80U CAceum. Unite). 


7X9 

7.79 

3. BO 

_... 3*0 


Unicorn America— 

Do. Aurt. Are 

1X0. Aust Inc 

Do. Capital .... 

Do ExeiupiTst 1 .. 

Do Extra Incpmp -C6.9 

Do.Financiul 

Do. 5(4) 

Do. General. 

Do Growth Acc.__f 
Do. Income Tst — t 


■Do pri A*n» T*l ,(XJ7.2 



IS KofsI Tst. Can. Fd. Mgrs. Ltd. 


Sox 


393 

81 3 

303 

937 




+03^ 


2.60 54.JennynSteeLS.WX. 
4.92 Capital Fd_ 




01-6288252 
355 
742 


4.95 Income Fd. , . , 

733 Prices at May 15. Next dealing Jane 30. 

3 o,sji-j Save A Prosper Group 

4. 'Ireat St Helens. London EC3P 3EP 


29 Jj I 8*9 

623m J 534 

76S — \ 630 


_ 68-72 Queen St. Edinburgh EH2 4NX 

01-247 72*3 Dealings ire 01^54 8890 or 031-226 7351 


ibi Seenrl ty TTOit _ 

Ibi High Yield TBt—|285 

InteLV (aRg) 

15. 'Jhrtetopber Street. ECX. 

jnteLiu^Fund- [84x 912[ | 6.65 ^ ve ^ prosper Securities Ltd* 

Key Fund Managers Ltd. CaKg) ^^,.1 

6X9 25. 5BIkSt,EC2V87E. 02-6067070. Can ll2 i Bi 1 

3.64 ITU [3* 


441 Key Energy In. Fd— [753 
Equity! 


6X4 Key Equity & Gen_ (66X 
SjOZ dKeyExempC Fd _ [153.0 


Pnc« « May ML Next rah. day June 30. KeHu<^>roeF'* B d— 0 

Do. Recovery.. IQJ 44*1 1 587 Key Pined InL Fd— (60 0 

Do. Trustee Fund— 11073 21ithd *03) 5X2 Key Small Go»Kd-(94.0 

i^sUnFdjSJizSi 23^3 5.00 Kieinvrort Benson Unit MmugeraV 

Do.Accum.— (693 72X1 



5*0 DO. FeuchuTcfa SL.E-C.3. 

Baring! Brothers A Co. IMLf (aKx) Sfefl 

Sa Lc^derhiD St, EC. 7. ' 01-3882830 KB.Fd.lnr.Trta.— I 

Stratton Trt. IM4 4 176. 

Do. Acc urn. [210 0 214. . 

Next sub. day July fi. - ijh. 

'.|99J 


5 01 Unlv. Growth — - 

Increasing Income Fund 

12X7 Higb- Yield |5L2. 

3*2 High lsceme Fund* 

High Return IMA 

Income 1*0.B 


U-eXfg CJt panda 

Ml tTKEquity 


55*1 +031 736 


8.68 

9X6 


MS 


4A7 Onneu FnndUt) 


-1*1.7 44« +03[ 4.98 



[.« — I L 4 C Unit Trust Management Ltd.¥ fcrU im o 

i.D] — J *-» The stock EebUnpe. EC2N 1EP. 01368 2800 VXZ (73.9 

lE-i} 237 

:|r 


LiC Inc. Fd.. 


Eifibopsgate Progressive HgmL C©.? LSCltfl&G«aW 
9. BubopoKaie. ecu 01 SB 88280 Law son Sees. Ltd. VfrXc) 

B'RalePr.— June33.[16a 4 396 
Ace. Ut5 ** June 20 


Energy^— 
Financial £ 


43 

673 

70* 


t Accum. Pn lbfl — 583 

Bridge Fund ManagersVtaXc) «.□ 

Kir.g William St,.EC4R9AB 01-6234951 «AccnmUnlt»)— BSB 


B'gateZnt. June27_. 

(Actum )Juoo27_|l90J 30231—9. 

Next autv day ‘July 1L '•July 


-I Hi SSZS SiSSSS-^^TS ****—• «4». 



79.61 -0X1 4X1 
723 -0 3 123 
75Xri -OXf 338 


263 

533 -Lfl 
3U 
«2X 
144.0 
17* 

1« __ 

Denlmg *Tue& twed. tTtori. Prices 
20/UA2. 


American & GenX- 
Income*— 
Capital lnc.t- 
Do.Acc.f__ 

Exempt! — 

Inlernlllnc-f 
Do. Acc.f 


”l2« 


163 

«a 


ss.il ”1 Ik Select Inieroat — 
57,2 -tA 3^ Select Income 


7*9 

3-2 Scotbits Securities Ud.V 

39.7J-3.0I 795 ..._ 40.61+031 348 

51.«+0a 7*7 
»Xi4 | 432 


030 Scotbits,. 
bm Scotyield- 


2.4J —High Yield f*7X 31.5 ZZ3 I0B7 Seotshares 

bX4 ■riAenxm.Unltxl —(66.0 723j ! — 4 10.87 Se«CEx.Gth*9. 

3X1 DeaL Wn. *Tues. tfWed. tTbura. “Bt Sroc.Ex.YTd.'> 

Legal A General Tyndall Fund? 

3^5 18,Canyns«Road,BrlstnL 0271“ 

531 Din Jane 14 J5ZS 61X1 J 

Jons {Accnm. Units i —172.4 76.6j —4 

Next seh. day July IX Am. Exempt 

Britannia Trust Management (a) ft) ***, W_[25* 

3 London Wall Buildings. London Wan. 77 - SSSSriTuirs-lS* 

IX>ndOn EG2M 5QL " mj*ni™«inB IMD«___P1* 77. 

AscetS 1MB 

Capital Acc.____.p03 
Comm bind J54X 


26* 


Commodity. 

Domestic. 




Exempt - 

Extra loco as 
Far East. 


11X1 

385 

213. 


7 Pen 

_ i InL Pen. Fd. 

rP«m-Fd_ 

* IB- Pnl-1 


1123 

2373 

8?* 


JnneSO — [ 


The Leu, Folkestone KenL 

C^p. Growth Fund _ | 224.4 

driex. Exempt FiL. 

♦Exempt Prop. Fd- 
jExpLlnv. T»t. Fd 

Flexible Fund; 

01-6285410 jn». Trust Fund, — 

Property Fund 

M AjG GrrapV 

Credit * Com™,™ Iuuibci “* 

130. Regent SULoodonWIRSFE. 01-4307081 Conv. Depoair* 117.9 12377 

CfcCMngdFd 1 VOS 333.0) ( _ ^ 

Crown Life Anaaranee Co. Ltd.V Family 81-88— Z~_. i&7 

i» RrooraryFiLBd.*- g3 

AimHmii Fit. RH'li: 


OptJS 

OpLSDspUaaeeZ-lJZU 127# 

London Indemnity & GnL Ins. Co. Lid. 

38X0. The Fortuny, Reading 58351 L . 

sstias^Bi = 

Fixed laiereet (340 35 9| — ..J — 

The London A Manchester Asa. Gp-V Mar Maaot^d s.._g25X i3t*| +0XJ — 


Scottish Wldowa’ Group 
FOBatBOZEdlabursh EH2BBBV. 033-8SSBOOO 
Invjny.Scriw 1 — . 

Ins. Ply. Series 2 — 
lor. Cash June 23— 

ExIIAer June 21— 

ExTJllnc Juoe21 — 

MRdPen June 21 - [2611 

Solar life Assorance Limited 
10/12 Elr PUce London ECJNSTT. 01X422905 


W 9 

10X9 

10X3 

"7* 

9TS 

103.0 

, — 

1384 

2423 

fc ' r , 

teSJl 

138.7 


ml 

Ml? 



«*»fiSSKS£:BaJ 

— SolxrFxd.DiLS — KU41 

Solar CashS fi?.? 

Solar loti. S— N7.6. 

Solar Managed P_ 034.9 
Solar Property ? — [ 

Solar EqcJtyP J 

Solar FxdlntP — 

Solar CaahP [ 

Solar IntL P f 


Rang'd Fund Ace— W9X 

Mrard Fd. Irtcm. _ 99X 
Haul'd Fd.lnlt._~. 98.7 
5qoSyFd.Acc.__ 77 0 
Equity FA Incm. — 97.0 
fijulty Fd. InlL mg 


ftbpwty Fd. Ace. _ 



11X2 — 

1K3 

I«3X 

362.3 ..._ 
K.9 
666 
56* 

56.7 


American Fd. Bd.*.|S3.S 
J ?§i«« o^JiSriT **Jtme a'teijmt w. 
Merchant Iovestora Assurance 


Vjg 153. HI 8h Street, Croydon. 


_ Property. 


Property Pena. 

Equify- 


Equity Deni.___ 
Xonty M arfce t— _ 
Money MU. Pons. _ 

Deporit 

Deposit PEmx 

Mtaofied 

Managed Pena. — 
Inti. Equity 


isxe 

159.4 

563 

160.6 

ISOS 

1&2.9 

HAD 


Property Fd. Incm-— .. 

SS-^ygt fA 

InT.lbt Ftl. Incin. _ BJ 

Inv.TaL FtL Inlt 95X 

PlTOdfot.Fd.Acc.. %S 
Fxd. InL FA Iccm. . 95J5 

Inter'! Fd. Acc IMS 

InlanT. Fd, Incm. „ 1045 

Money FU Acc- B.9 

MdDCTFd. focm. . . » 9 
Dirt. Fit loan. toX 

Crown Brt. for. A'— (159* 

Crusader Insurance Co. Ltd. fiM ateii-d. 

VlncalaHooro. Tower PL , BCSL 01-«S6am ^ _ 

Gth. Prop. June o _p®3 7M| _-.| — NEL Pensions Uo. 

Star Iae»rfjndl*Bd A». 

1. Thri ixlnecd lc St, RC2. 01-R8813M Nelex. fa Accum. _ 109 0 

Eagfo/HKL Unite _WJ 52*f +0# 930 Nel ex Mooes' Cap . - il-S 

Equity A Law Lite An. Soc. LfaLV Gih'incCap^ *7* g. 

Amcrriuun Road. High Wyrombe WW33S77 St g 

1 *"W5U gj» ail-. 

IM2 121-3 +1 


oi-eassm 




Property Fd. 


tOxedFd— 088. 


Next Sab. day July 29. 

Fbr New Canrt Property a re ned er 
BaSachBi Arne* Ma n a gem ent 


1175 __ . 

1*51 *o; 

120 2 +0.8 
10* 2 ... 

1C3.7 -1 
13X5 +0J 
317X ..:. 

164.E +0J 

119.9 +08 
i*>j 

183X| -L5| — 

San Alliance Fand HsngmL Ltd. 
Sun Alliance Route. Ronham. 040384141 

aassguLi a *a.« MB i45i = 

San. Alliance Linted life Ins. Ltd. 
Sun AlUasiceBouae. Horsham 0(0364141 

-Fund [114.4 329J9+0X1 — 

'4-0036 1D931+0* — 

_53lS 12 <3 +0.4 — 

—IlCTX UXi-0.4 — 

Deposit Fund 6_ znjf — 

ManagodFund. — R076 1233] +03J — 

Sun Life of Canada tU.fi.> Ltd. 
Z14.CockxparSL.SWiy 53H Ol«3O540O 

” HapleU.Gith J 194S 

— Maple Lf.MangtL — f I3L2 

— Maple U. E07— _ 125.T 

~ PersnLPnTftC j 200* 

— Target life Assurance Co. Ltd. 

= . las 

_ . Man. Fund Inc 0003 18RM . , 

_ Man. Fond Acc 115.7 122.4 ~~ 

_ Prop. FA Inc. 1*73 114X 

l4op Fd. Acc. 13JLQ . 

Prop Fi Inv. _ — 133 -.... 

Fixed lot. FA Ire IMl* 1125 

Dep. Fd. Acc. Inc — ?8* 2S43 

Bel Flan Ac. Pen- - 70.0 76* 

ReLPlanCapFen — 57.9. ,6X8 

RetPUaHanAec.- 1240 13L2 

RetJUn M o n . Cn p— 1142 120* 

GUI Pen. Aec. 128.9 1362 

GUCFfaLCap- ■ (12X0 128# 

Trazddnternattoalal Life Ins. Co. Ltd. 
2 Bream Bldgs, EC42NV. 01-4058407 

Tulip Invert. Fd — 039.7 147.11 

%j:z 

Man. Ppu. Fd, Cap. . U7.B 1259 

Man. Pen. Fd. Act .[1253 1314 -- 

Trident Life Assorance Co. Ltd.0 
Reiudade Home. Gioocerter 045236541 

129.9 

1S3X 
ISkB 
S 8.0 -1^ 

1103 — 

1452 
126* 

23XS 
230.5 
134J 
119.7 
124J 

197.9 


SOU 


He next 




Pena.GtdJ>ep. Acc. . 
Pena..,.. 
Peax.Phr.Aee 

Trdt Bond 

"IML 61 Bond — . 
*Cash vulce 





-D.4 


for £300 premloaL 

Tyndall Assurance/FensiooBV 


18. Canynge Hnad. Brialul 

3- Way June 


0072322(1 


Bond June 22 

Property June 22— 

DeposiCJuneSS — 

3-wny PeQ.JsneC. 

O'xexslnv. June 55. 

Afo J^.3 W Jum i ._ 

DoXtjuityJune i__ 

Do. Bund June L_. 

Do. Prop. Junel.„ 

Vanbrugh Life Assurance 
41-43 Maddox SL, Ldo. WIR SLA UI-4H4B33 
Managed Fd. [1430 250,0 +04 


1238 


365.7 


164.8 


105 2 


1275 

m \ , 

146.9 

, 

777 


1696 

|n ' r 

2652 


1748 



8S.4 



SqoiteF 

IntnlFi 


FA. 


jntl. 


222.9 


Mi. 




Fixed Intent FA_So3.4 
Vanbrugh Peosicos limited 

41-43 Med dot St, Ldu-WIR IRA 

Managed. 

Equity 

Fixed I n teres 

Property— [969 

Guaranteed ace ‘Ins. Base Rales' table. 
Wei fur Insurance Co. Ltd.* 

The Leas. Folkestone Ken L 0383 57233 

Meeevmaicer Fd . -1 163.4 I .. -I — 

For ocher luaas. pieuce refer tn The London A 
fifoschexter Croup. 

Windsor Life Assur. Co. Ltd. 

lRleh Street. Windsor. Wndswd8I44 

Life Inv. Plans-— "~ 

FuUirtAi*d.Gtlhal 

FobireAstd.Gth " ' 

EcL AanL Peao- 
130.10!, ~ 



Financial Secs 60 B 

Gold* General 86 2 

Growth 76.4 

Inc. 9 Growth- — >0.4 

Jot (Growth (6L9 


lurort.T»LSbarem _ g-9 

Minerals — 36.6 

Nat High Inc 79J 

New Issue 33.9 

North American — 283 
Rnofessional — ___ 4647 

Property Shares — 1X8 

Shield WX 

Siaais Chanc e 30X 

Oniv Energy Ill 2 


"w™ as gg L. - iS^ 23+§i| z% 


544] +0 
583+03 


81.9W 
39.1ri 
118.1 
* 4L4 
2X7 
65.4a] 
949m 
82Xri 
75* 
66.6 

49.4 

39.4 
85J 
3 65 

30. 7 d 

47*1 

gj 


-0. 
♦0 . 

^o.'4 

-031 

-o3 




424 Lloyds Bk. Unit Tst Hngrs. Ltd* <a) 

4*3 BecJrtmte Dept CorlnfrhySea. 

5X2 w3tSfo*.W^Ss»exr^^^ 01-CB81288 
4-44 First <BalnedX__(48J2 5U| +OJ] 465 

9*8 ^ Pretfc Gilt Triixt— [228 

3X8 g econ dlC *P - 1 544c -ox 3X3 pro pert}’ Shares — [25 0 

4*7 gftlAlXIim.l— 037 RJ-M 113 SpecUlSATst S* 

If ml Jo! 1% J** 1 *- ^oumJiOB 

4-20 Fourth (EtelncJ S7X RMx 8X2 

Do.CAcemnJ [UX 7A0j 


7*2 

ZJ6 


_ _ , LBS 

i7X 175X4 6.93 

Prices at June 14. Next sub. day June 28. 

0272322<i Schlesinger Trust Mngrs. Ltd. (a)tz> 
5X6 nneorpo rating Trident Trusts; 

5X5 140, South Street, Dorking. (030SI8E441 

t2L0 22X1 -05) 2.ES 
2A6 -0* 1.91 

2*7 -0J 862 

25.94 -03 432 

304 -0.9 9.73 
40*4 10X0 

30.&W — 

50 B — C.9 275 
26.7a -0.1 4J7 
30 0a +0X 4.67 
289 -02 — 

24.0k 2X6S 

26.9 +01 232 

285 -0J X64 

224 -OX 5X8 
».« 538 


2S3 

>7.6 

Inc. 10*Wdnai_ 283 

InthL Gtxytoth CT.2 

for. TsL Units 248 

Market Leaders — 27.9 
Nil Yield' 136.9 


IB. 4 


U3.Gitb.Dia. 

R32 J. Henry Schroder Wagg A Co. Ltd. V 

01-2403434 


339 Lloyd’s Life Unit Tst. Mngrs. Ltd. . i2o,cbeepeide.z.C2. 

330- 7300. GrtehoMcKd, Aylesbury. 02909041 Capital June g? |99R. 

»5J Equity Accmn. 0530 26U( 1 4X7 


.MAG Group? (yXcX*) ^mmUnUsi— .|266X 


bia7 

®9X 


Three Quays. Tomer trni. EC38 8BQ. (HESS C08 


The British Life Office Ltd.? (a) 


4.95 
'X17 

2-?® American 

=X3 fAccum. L'cits!- 
143 A»stnda*lan_ 
(Accnm. Units), 

CammotUty r 


See elaa Stock jtehsngBDealyiga. 


Bi 


Reliance Hse„ Tunbridge Wells. Kt. 0809 22271 fAccum-Cnite)— — .BDL3 

BL British Lite 1483 5 » Comproad Growth. (103.7 

BL Balanced* «53 URB -Q*J 5 67 Coaemrion Growth(U.9 

BL Dividend* -WL4 443] -Uj _«3 ConversSaiilac. 

■Prices June 28. Next dealing JiUy A Divuiead 


Brown Shipley & Co. Ltd? 

Mngrs: FDonderc CL.EC2 
BS Unite June 27— ^.4 


1 Accnm. Unite}. 
Europe an — 

01G008S20 ^Yi^- 




Do.(AcciJuue27 
Oceanic Trusts (01 < 
Financial 
General 


Growth Acrum 44.0 

Growth Income— 36 0 

High Income 28.9 

LT.U 203. 

Index-. — — 23.9 

Overseas 19X 

Performance.. . — E6.1 

Hecovery — 20.7 

EzmpL June 12— — [57.9 


35JI . 
19X +0X1 
*6.7 . 

’ 

ZO.fat -0J 
60.6 +0J 
2X0a — 

60.3s _. 


lAccum. Onlbrt (bl* 

Fand of Inv. T«a — 1603 
.Cnital (7*9 


(Accnm. Dnitei , 

General 


4X2 

395 


4*6 fAccum. Unite)—— 250.9 

9.74 High Income, I7.7_ 

3.90 (Accum. Cmte; IMX 

4J0 Japan Income— 154* 

337 lAccum. Vnita) 1560 

4.49 Magmun . .( 7072 

5.94 LAccum. Unite). 

4*9 Midland. 


(Accnm. Units). 


Canada Lite Unit Tst. Mngrs. Lid.* Recovery™ (76* 

TWI.rt n.ir 7T*rf« P.BarSJIM (Accnm. UnttBI 179.9 


2-6 High St, Potters Bar. Herts- 
Can. CenDuL— 1372 39. 

Do. Gen. Arcum — St 

Do.lnc. OLa. B27 34 

Do. Inc. Accum )*2.7 


Second Gen. 


F. Bar 51122 

I *5-3 5‘S (Accum. Unltei. 
[+0XJ *47 special — _ 
(Accum. Units i . 


§!& -UJ 


S: 01 




.(199* 

Spedrtlsfd Pmuto 

Cape! (James) Mngl LhLV Trustee p40X 

lOOCHd Broad St, EC2N1BQ 01-5888010 (Accum. Umtsl 

Capitol 1833 88. 

Income 178 7 83- . 

Prices on Juno 2L Neat dealing July 5- 

C-ariioi Unit Fd. Mgrs. LUL¥ (aXc) 

Mil barn House. Newcastle-upon-Tyne 
Carliol ]W* ■ 72. 

85. 


65.4 
66.8a — tt5| 
795 — O.tJ 

^ 31 
*ws =s| 

1647b -£7 
166X -04 
Z16.4 -13 

|-iS 

29X71 -IS 
81*9 —0.71 

23X7 -a« 
169.0 -Oil 

21X6 -5x1 


M +031 
86* +0.41 
ULS -M 
66J 

ULfa 
230* -0* 

t SXJJi -ox 
2 5X4 —OX 

7 *7.0 -0J __ 

U 236.4 —0.9 *58 PO Box 511. Bctlbry. Hse„ EC.4 01-083000 

X 597 206 Sebag Capital FdL.JK.O —j| *■« 


June SI 82.7 

tAccum. Unite) 101.9 

Europe June 15 31X 

I*, (Accum. Units) 3*4 

75£ •Pen*CharFiUn20 166.7 

1-!* ac_w.cs. i.i_y 243X 

1895 


s “SpecXte June 7_[243X 
4^2 •BecOTcs7jane7_ 


103-4rf -23j 
12S« -?4 

lB5*ri -M 
275H — 4.9[ 

33l 


230 
230 
7X4 
7X4 
357 
357 

3b# ._J X17 


17U* 

250N 

1953i 


444 

X73 

9.97 


’For tax exempt funds only 

Scottish Equitable FmL Mgrs. Ltd.V 
S54 28 SL Andrew* Sq, Edinburgh 031-5560101 

*34 Income Unite M8X 5131 -X« 531 

8X4 Accum. Unite (S.0 5S5| -Oj 531 

3.46 


aja Sebag Unit Tst Managers Ltd-9 fa> 


Dealing day Wednesday. 


8*0 


2JD6 Sebag Income FdL 

4*b Security Selection Lid. 

Hg 15-10. Lincoln's Inn Fields, WC2. 0L8810308* 
UavIGthTW Aec_124X JU — J 2X9 

SS UnvlGtbia.foc_&a 2253 —4 X29 

£-9* Stewart Unit Tst Managers Ltd. fa) 

X95 45. Charlotte So. Edinburgh. 031-2251271 

J 3.« 1Ste<mt American Fund 

gj Standard Unite 164.7 69.1| [ L40 

22 Accum. Unite (69.7 74. 

25 WiihdrawalUnhs-^i.6 55. 



Ar&nthnot Securities <C£> Limited 

P.O. Bet 284, SL He her. Jersey. 0531 72177 

Cap- T sl (J ersey) —11160 1211*1 [ 4X7 

Next dealing date July 4. ___ 

Eart*IncLTsun'_|U6Q 123 0] .....J 3.05 
Next sub. July fl. 

Australian Selection Fund NV 

Market Opportunities rto Irish Young fc 
Outhmftc. 127. Kent St. Sydney. 

USS1 Shares 1 SUS154 [ | — 

Net Asset Value June 15 

Bank of America International S.A. 
35 Boulevard Royal. Uivenbourc G.D. 

Wltftnvesl Income. {JlSHfil UH6I ( 643 

Prices at June 22. Next sub. day June 28. 

Bak of Uidn. & SL AaeriCR Ltd. 

40-88, Queen VH etori a SL . EC4. 01-8302313 

Alexander Fun d—|SUS6 96 — J .J,4 — 

Net asset reluc Jana 21 

Banqne Bruxelles Lambert 
2. Rue De la Rcgence B 1000 Bnusefo 

Rente Fund LF |LB70 L928( ....„[ 7*8 

Barclays Uolcont lot. (Ch. Is.1 Ltd. 
L Charing Cross, Sl Relier, Jrsy. 0534 73741 

Oranras Income 50# i UX5 

UrddollorTnnt_Gvauj lift I 420* 

VBibaad Trust (JIS1M29 Will .ZJ RM 

-Subject to <ee and withbeldleg loses 

Barclays Unicorn InL fL O. Man) lid. 

1 Thomas Sl, Douglas. LoJkL 03244856 


King A Shassoo Mgrs- . 

1 Charing Cross. St. Heller. feiMT- ®SS\®«| 
Valley H«, St. Peler Port. Gm^y. ?125 
1 Thoiuos Street Douglas, LO.S5- . !(«?*!«» 
Ill: Fund (Jerse<i..Ku 


Gil 

Gilt Trust ) t.o M l. 

CUt Fnd. Guernsey 
IntL Gort. Secs. Tst- 

FarSt Sterling I1B57 

Fi ret IntL — (1“' ” 


TOg — ii* ..:q 

h 1 105 ^±J 


ixoo 

12.00 

1X00 


135X6 

Ivleintvort Benson Limited 

20. Fcnchurt h Si . EC3 
RunafesL Lii%. F 


zSiS±i =■ 


Cuernsei lac 


Do Accum -....|79.J 


K3FBrEB*!F<L, , 

KBIatl. Fund 

KB Japan Fund _ 

K.B. U5. Gwtb. FA.. 

Sir cei Bermuda 

■lluifondsiDItfi 


i nig 

M2 ’ *Ml 


ss# 


SL'Sll.55 

SUSU.46 

5US3A07 

Si.lSU.96 

[l8.S> Lt 195JI 


01-323 BOOS 
3 38 
453 
*06- 
121 
201 

0. 73 
07S 

1. BB 
872 


kL5tn 


Unicorn Ausl£m..|S3.1 

Do. Aunt Min 

Do.Crtr. Pacific 

Do IntL Income 

Do. L of Mna Tat 

Do Manx Mutual , 


57.11 

3X3 3* &d -0.7 

gl 66.1 - 

335 4L« . 

*5 7 492 . 

26X 2*11 . 


X60 

1.79 

£50 

*90 

140 


iul:u3, stiquql 

irW 

y IX Nest sub. day July 10. 


Blsaopsgate Coouaodity Scr. Ltd. 

P.0 Box 42. Douglas. I.o.M. 0624- 233 LI 

aRMaC ‘J unes [SVSKtt TUM ( — 

CA-VRHO-JuncS.. 0.155 129 — . 

COUNT” June 5 |{2.5l2 XbiSj ...’,.[ X97 

Originally Issued at '510 aaa *•£ L00. 
Bridge Management Ltd. 

P.O. Box 5CB, Grand Cayman. Cayman la. 

N'bashi Junes 1 Y15J38 | | — 

G.P.O. Box 560. Hong Kong 
NipponFd-Juneai.lSCTM URJ _L.| 8.73 
Ex-£iock Split. 

Britannia Tst Magmt. (CD Ltd. 

'30 Bath St., SL Better. Jen?)’. 0534731X4 

StccQug Deaomlnnted Fda. 

Growth forest- J315 540) 4.00 

179.8 36X| I XKJ 

::A lie 

97 iM _;J zxoa 


Intel. Fi 

Jersey Energy Tu. . 

UnivsL STst- Slg 

High foLStig.PK..... 

US. Dollar Decemlnued Fife. 

Untrel.STst |S0S5ft> 5„, 

foLElgh fot-TB ISPSJ.97 Ui| _.,f S.0 

Value June 23. Next dealing July X 
Brown Shipley Tst. Co. (Jersey) Lid. 
P.O. Bex 5C3. St. Heller. Jefocv. 0634 74777. 

Sterling Bond Fi .[C9.79 10.0l!-aXl| 1X25 

Butterfield Mansgement Co. Ltd. 

P.O. Box IPS. Knu ltan. Bemuda. 

Buttress Eqaffr — . 

Buttress Income. 

Prices at May 

Capful Isfernaucnal S.A. 

37 rue Notre- Dame. Luxembourg. 

Cap: talfoi Fund— ) SURX7.28 J— DXCJ — 
Charterhouse Japhet 
L Paternoster Row, EC 4. 01-2483999 

PK33.9S SH-tUBt 552 

0FCW S22» 5X7 

it+32.C0 5.93 

Dacia s.73 -o 33 s.rs 

SUS291 3K I — 

IttlSHJS I 2^3 

CUve Investments ijiereey) Ltd. 

F.O. Box 320. St Relic.-. Jersey. 0534 37581. 
Clive GUI Fi iC.l r -00X5 I0.07J ......| 1MJ0 

CU«e Gilt Fi i Jsyj.n0.03 10.05] ......1 1XC0 

Cornhlil las. (Guernsey) lid. 

P.O. Box 157. SL Peter Part. Guernaer 

IntnLMon.Fi U63.0 ZS3*[ — • 

Delta Group 

P.O. Box 3012. Nassau. Bahamas. 

DelteforJim«36_iSX7» tS# f — 

Ifefltseher Investment-Trust 
PcrsUacb 2335 Bicbeignaae 6-10 8000 Frankfort. 

Concentre 2*£3) ...',.| — 

Int-RentcnfOBtU—liMIHXB 7US1-OX0I — 

Dreyfus Zafertrontiaeafei Zar. FtL 
P.O. Bax N3712, NaMoa. Behamaa. 

NAVJune20 )S15»Q 15J5J J — 

Emaaa & Dndley TstJ55gLJrsyJLfcL 
P.O. Box 73, Sl Heller. Jetvey. 05342031 
ELDiC.T. p2C0 327*[ ■ — I 3*3 




'KB act as LondoQ paj'fog ageata only. 

Lloyds 3k. (Cl. I V/T Mgre. 

P 0. Box IBS, SL fteUer, Jersey- _ 00427561 
UcydsTsLO«CA_J5E.4 B-B — J IM 
.Net dealing dale July 1.- 

UoySs Internal tonal MgmnX SLA. 

7 Rna du Rhwit P.O. Bax l». 12X1 Genera U 
Uoyds InL Growth . ISF3JLH Sfl ...'—I 1*6 
Uoydfllnt. Income. J5r3S^ ( 6J0 

SS fid. G Group 

Three Quan. Tbser Hill BC33 5BQ. 01*23 4588 
Atlantic Jum 57 ._|SU527J ?3q-a‘“ 

Au.'L 2*. June 21 -. 151^22* 

Gold Ex. June 2l_ SUS720 »&, ....... „ 

Wend U23 7 13TW -05^ 93.» 

•Accum Unite'. 1174.3 iCt-Oj — 0*( 93A 

Sasaei MOBtsgu Ldn. Agtg. 

] 14. Old Broad SL, E.CX 
Apollo Fd June 21 ISF47H 

•* Ijbshjb 

. .KV£»J5 

SJ5 

1 0255 

Murray, J ohoatcce (lav. Adviser) 

263. Hope St-.CtaFZOT.CX 041-221 5321 

•Hope SL Fd I SUS33 6S [ — — | — 

•3foixnyFund__-,J[ v sglir I - 
JWegit S.A. j 

ltte Boulevard Roj-al, Luxembourg ; 

NAVJcne23 1 SUSX0.73 [ — j 

Xegit Lid. 

Bank of Bermuda Bldgs., BamiUoe, Brtada. 
NAV June 18 [£5.0. — [ — 1_( — 

Phoenix Zsieraational 
?0 Box 77. Sl Peter Port, Guernsey. 

In ter-Doller Fund- 13X53 X51[ . — 1 — 

Property Growth Overseas Ltd. 

ZSlnthTon’n. Gibraltar 'GIWM03 

U5.rcUarFUDd_| SI'SeS*9 J _-J — 
Sterling Pasd | £323.77 | .....A — 

Geest Pond Kjagmsi. (Jersey) Ltd. 
P.O. Box 104. Sl Ee! ler, Jersey. 0334 27U& 
Quest SlleFxdlatl Cl 

Vutwt fort Secs.— I JUS! 


CJue31 foil Bd 

Prices at June 


SUS1 
Next dealing 


b'j^jT 


0634 23014 


Adlropa— 
AdiMerba.. 


Fob deb. 


Foadls 

Emperor Fuai_. 

Hiapaco 


Richnsaad Life Ass. Ltd. 

*S. Altai Street. Dougin*. L05L 
iXiTbeSllierTrasL 
Rtehmond Bend B7. 

Dc>. PtaHcinnBi 

Do. Gold Bd 

Do. Eta. 07/02 Bd_ 

Rothschild Asset Monosenmt (CL)' 
P O5ot 58. SL Julians CL Guernsey. 0481 28331 



O.C.Eg-Fr.Moi'33- 
O.C.fotFi June 1- 


Wi 


O.C.IntiFit fc2C 


O CSjDCoFaliy31 

O C. Comrnodiijr* 


15H3- 


& 


X77 

752 

1XS 

3X5 

45Z 

0-72 


S.A.O.L.. 

GlltPd. 


F. & C. Mgmt. Ltd. Inv. Advisers 
I -X Laurence Poontncy Hill, 2£tP. OB A. 

01-6=3 46BD 

CenLFd June 21 — f SVS536 I -.'.-I — 

Rdeiity K£cL &' Res. (Sda.) LSd. 

P.O. Box 370. Hamilton. Bermuda. 

Fidelity Am. Acs ^.J SUS2549 I 
FideUty InL Fund J SUS2L2S I ....... — 

FldelityPae. Fd 5U54753 +LW — _ . . , 

Fidelity Wrld Fd_j Sirsi4*» i-OJOf — ^*44 

Fidelity HCgmt. Research (Jsrtey) Ltd. 
Waterloo Hae., Do a SL, SL Heller. Jersey. 

0534 27561 

Senes A (Intel.) — I £373 
Series B (Pacific*-,) £8-M 
Series D (AblAsaiI 07.66td 

First VlHng Ccmraodity Truote 
8. SL George's SL, Dongfos, LoH. 

0624 4682. tin. Agto .'tta nhar & Ci, Ud . 
3XPaUJ£aU,londraSWl75JH. 01-8307857 

FbL Vlk.Cm.TU — ,13X0 «.ll 1 2» 

FU.VTt-DbLOp.T6t_ [74.0 7S.(foS 1 X7B 

Fle m ing Japan Food S Ji. 

37. nie Notre- Dame, Lxaembourg 

Fling. June 21 J SUS49-82 f _L.J — 

FTee World Fund Ltd. 

Butterfield Bldg. Hamilton. Sernrcda. 

NAV May 31 1 SUS179JS I ! — 

G. T. SSfonagezarnt Ltd. 

FBrk Hse, ijSFfoabmy^focua, London SCX 


m± 

OC. Db.Comdiy.t-lszt-11 2777j ..-, 

'Price on June 14. Nest dealing June 3a. 
t Price* cn June 2L Next dealing July 7. 

Royal Trast (Cl) ?<L Mst. Ltd. 

P.O. Box IK. aoyel TsL Hat, Jersey. 063427441 

R.T. fort. Fi SUS9J5 9J4I ...'...I 3.03 

R.T. IntT i Jsy.i Fi. F m . 93| _....l 3X1 

Prices at June 15. Next dealing July 14 

Scve A Prosper XateraetioBal 

Dealing to: 

.37 Broad SL. St Halier. Jersey 0534-28581 

UiL DnUnrimecnlaettd Finds . 

Dir. Fxd. Ini- 19-19 9. 75rf 

InternsL Gr.rt — _ 7.01 7-5B- _ 

FarSastern't C2.5S «^+L29l 

North American*?. 3.72 4*3-1071 — 

Sepre***. P.4JM lsSSi 

Stertter-'.teacmteUHi Foods 

Chonne) CauivdO- 2=a0 20 If f 147 

Channel irinnds»_ 14XC 1C<>^ 519 

Comm**.— 123.1 129.3 

SL Fixed”* 11X4 117.95 1 U-79 

Prices oc •June SR-Jime SL **»June 2X 


tVeeldy Dealings. 

Sehleaisser la^craaHonal fiEagfc Ltd. 

41.LoMotteSL.SL Heller. Jersey. 053472SS3. 


MD9 


IntL Pd- lesser— Z&2 
fotnlfiLwcbr* 

•Far East Fund... 


K 

0.C7 

2X4 

__ 107 

:S*» “JI- 


'Next sub. day June 28 
Schrader Life Group 
Enterprise House, PorUmontb, 
latefscttoacl Fonda 
£ Equity — 


IS 

1X2S 

3.4S 

100 


070527733 


£Fixed IuterwL.__ 
SFIxei InlereaL.— . 
£ Managed 
5 Managed 


126.8! I 

ISMi 


m _ 

36.1 344.R 

■KG UW . 

33.4 U2.3 ..._, 

15X 12X5 


5*8 

IS 


•Stewart British Capital Fend 
Standard. 


a=a= 


4.(0 

4.40 


&L0__ 28*3 


2 1 7'S Charili Juae27 — ftdl.9 

UngJdyR. tecrmi urftei-— -PH, 


no n 


qji Accum. Units — _.{15U. . _ 

qjl Dealing iftt “Wei 

San Alliance Food MngL Ltd. 

2 tS Son Alliance Hse, Horstum. 04030(141 

TsUune 141011.0 22ZIR .....J 434 
" Fd — _f93.7 99*1 -02j 3*0 


IMA 

Do.Accum. Units _ 183.4 


#t=i 


Do. High Yield ._ — .^-7 


Do. Acetun Unite . .151 .9 54^ ".Tij 

Next dealing date June 28. 
Charities Official Invest, Fdd> 

77 London WaU. EC2N 1DB. 

Income Judo tD [13X4 

Accum. June 3) [2531 . 

4Unnuih. Only available to Reg. Chanties. 

Charterhouse Japhet? 

1, Paternoster Row. EC4. 


5uSSife e SS^ent : LW. ftSStSSSSSM 

21165 SLGeorgete Way, Stevenage. O438S810t Target F inancial — 57. i 

3.92 Growth Unite JSOlI 5X7J 1 4J5 TVrrfct E<julrr. 3^8 

3.V Mayflower Management Co. Ltd. rni 

*33 14flB Gresham SL.EC3V7AD. 01-8088009 -hirwt Gnt Fund _ 1138 

433 Income June 20 B» 21*5 — J *23 Target Growth 27.1 

General June 20 — (W* 7X5( 4 5J3 Target InU, [26-9 


-0.71 b.63 
_..J 11X1 

?? Target Tst. Mngrs. Ltd* (a)(g) 

Dealing*: 0208590 


Mercury Fund Managers Ltd. 

01-5881815 30L Gresham St, EC2P2EB. 

— * | — j 6JO Hera, Gen. Jane_8_EL8a9 


• 01 -248 3009 


Ace- UU. June 28 _ 
Mere. Int Juno 28. _i 

Accm. Ute. June 25. 
Merc*bLMay2S— 
Accum. Uta. Apr 27. 



Do. Reinv. Unite — 29J 

rerun Inv. 30.2 

Ob8Q04SS5 TgtPr. June 28 —.1X33.0 


Tel Pr. June 28— 
TgLIoc-, — 


4.76 _ 

4.76 TgLPret- 


382 — OJ 
62* :..... 
38*11 -02 
209.7a -5.9 
234.7 — B.l 

219.4 +0.4 
29L2 +0.1 
28.9 -D.6 
3L5 —03 
3X5 — 0J 
16U -34 
30* . — 
154 

Z0.6j +0.4 


3.91 

AS0 

6X2 

680 

6B0 

3.00 

5.0B 

L71 

X71 

3.74 

4.44 

832 

1135 

443 


CJ. Internal! 
Accum. Unite 
CJ. Income, _ 
CJ. Euro. Fin 
Accum. Urn te — 
CJ. Fi for. Tst 



1*5 Midland Bank Group 

Unit Trust Managers Ltd.V (a) 

4 a? C c u rt wood House, SOvcr Street. Head. 

fjg Sbefileld, S3 3RD. “ 

3.66 Commodity *G«a. 1663 

3*6 Do. Accnm. [76-7 

S8. Growth [363 


25.4 
291 
34* 

282 
32* 

, 29* 

Accum Unite |3L8 34 J( . — 

Price June ZL Next dealing Jose — __ _ 

Do. Accnm. ... 

Chieftain Trost Managers Ltd.f(a'Kg> capital 

UNewstB3M4iF. ^ 

American ItZffZA Z*6 Do Accum. _ 

High Income ,__&9* -OJ 964 

Uiternationol TSL—MgQA2 53 -OJ 3^ 

Basic Jtesice. TstpfcJ 284] -D4| 4.95 rti gh yield Ht 

Confederation Funds MgL Ltd* (a) Ss* 

50 Chancery Lane, WC2A1HE 01 -M2 0283 Do.Accum.*—- — Utti _ 

GrowlbFuad_— (405 . 4X51 -LSI A 46 -Prices at May 3L Next dealing June 30. 

rncmnmi Minster Fond Managers Lid. 
Cosnwpolitaa Fund Managers. MfoscerH^ Arthur St. EMBOBH. 


2.60 TgLSpec.SiL 

4Q Target Tst. Mgrs. I Scotland! <aHb) 
«42 IR.AtbafCrescom.£dULX C3J-2298S2I/2 
Target AaratukHit SB 6ft -0.4] 137 

Target Thistle _OT* 4L5) +04J 5.99 

Extra Income Fd-_ (56.0 6X4}— 03} 20X3 

TeH (774270842 Trades Union Unit TsL ManagersV 


,19* 

&-9 

57* 

h 


7144 

82* 

38.9b —041 
414 -03 
29.9 -03 
3X2 -03 
544 +03 
6L6 +03 
5L5n -o3 
544 -0J| 
*3.9 +041 
67.B +041 

1093 

1093 — 


(U-d2g8011 
.53.4} J 530 


94b 200. Wood Street E.CJL 

TUUTJinrel [504 

J42 Transatlantic and Gen. Secs. C«.y 
9100 New LondPuRd- CXtelmtlonl (K»S 3TK1I 
6.65 Barbican June 22 _ 


6.65 (Accum. Unite.). 
223 Barb£xpLMay3l_ 
223 Bocim June 22— 

83S rArcnm. Units) 

858 Colemo Junc 2 3 

5 09 (Accum. Unite 1— 

5A9 Cumbld. June 21 

(Accum. Unitm . 
Glen. June 27 _ 
(Accum. Unite). 


11 


3a Pont Street London SW1X8EJ. 01-2 3 885 2 8. 01-823 1050. 

CcmnopolnJGthJ'd. [X7X 185(>04| 4.93 Minster Jure 2S—&.4 37. 

srriHSytSS 1, "&£& SSSPsstimZ ui 

4 Melville Ctes. Edinburgh X 0314084^1 OJdQlwwlStrB re,swiHaiG. 

MLA Unite _—P95 «L5l-0.4[ 434 WickYJunc 


Cresceal Growth _ 


Crex. Reserves 

Cres. Tokyo— —— 


1365 

284 


575 

6X7 

-05 

420 

■458 

-02 

33,9 .* 


+0X 

— 

25# 

• — 


(Accnm. Unite) 

598 Von-Gwth- Jnne27. 
548 (Accnm. Unite)— 
Van 1 Bv June 27, 

Vang. Tee JuneL., 

01-0307333. ^Acrum. Unite.) , 


947 Mutual Unit Trust Managers^ <aKg) 

4 - 5 ° 15. CopthnD Ave,Et2fLTBU. 010064803 Do. Accum. 


050 


Mutual See. Pins — ! 
Mutual Inc. 


757 Tyndall Managers ltd# 

684 38, Canynge Road. BristoL 
582 income June 21 
■Accum. Uni tei 

3LSL Andrew Square. Edmtam3i 031-558 9151 {JgSm J uSltef— ’ 



78.7 


ma 

133.1 

r 

158 

88.4ri 



78.6 

823c 

err- 

973 

20L' 


123.1 

329.6 

-, r 

1A8.0 

156’ 


503 

532 


Si 

983 


523 

Si 

-1.4 

573 

713 

— 1.9 

50* 

52.6 

-X6 

577 

60 C 

-li 

485 

5X1 

-li 

596 

626 

— X4 

>97 

73.4 

-25 

13.5 

058a 


45 A 

47.5 

1 

593 

625 


703 

742 

..... 

648 

671 


73.6 

771 

— 


Mutual BhieC^i-. 


Discretionary l/nit Fond Managers _ _ 

2X Blomfield SL,EC2H 7AJL 01-S38448S Mutual HiehYl<£_[M7 5* 

Disc Income — — ,p*R8 17X5) — J 5 X6 Katj npal and Comma mal 

E. P. Winchester Fond Mngt Ltd. 

"TST SSSS.OafcUg 288.1 

Great Wfoehe*ler_na.O 19.H — J 63* CapL JuneK J3L 

GLWlnch'er trreasjZtLO 2Lh ---1 *5° ( tecum. Unite!.. PS* 160. 

Emson & Dudley Tst Hngmnt Ltd, National Provident Inv. Mngrs. Ltd* 

20. Arlington SL.S.W.1, * 01+087551 48,Grte«ImtrHSl,EapaKa W«3«W sSSuEoSjoneSL 

EtreonDndleyTrt-.IWS 72# __| 480 l^LCtRUn.TM-1* ^ft-XS lA^Unlh..- 

Eqoitas Secs. Lid. (a) ft) iwl — J Itt WaDGrem 

41 Blsl»psBate,EC2 OWSaaffil ‘^fS^SrMaT&Next derilng^ Jme =R Capital Growth — 

Progressive.— 16X0 68*) — 4 445 »Pnc« on June 38. Next dealing July 12- 

Eqcdty A Law Ub. Tr. BL? feXbVc) National WesttnlnsteftKa) Da Accum. 

Amersham Rd. High Wycombe. 040131177 ISl.PjMpdfe. EqjV «B0. m«6 «6p. FfoenclalPrirty — 


1 ExHnpt June 21_ 

rri lAccum. Unite 1 __ 
— 1 Im foL Earn Jure 21 
— t jh (Accum. llni tei 


.[Ml 67.4) +0# <32 


619 

63* 

Hi 

las* 


Equity Uaar 

Framlington Unit Hgt Ltd. W 

5-7. Ireland EC4B5DH. Ol-temnx hteH 

BBiEEB *8 

InL Growth Fd.__ 1MO _ w — . 

E*o. Arena. ]U9 l2 U6Jj 1 X44 MUtoa Court, Decking. Smtey. 


70*333 3S7 TSB Unit Trusts (y) 

63-5— 0-® 2X9 21. Chantry Way. Andowr. Santa. 02648X188 


+04] 


. . Financial 

“f 5 SS5 ta 

3.92 

H 2 M nel Trust Manager* Ud* (*Kg) 


*833! 




435 Do. Accnm 
0.02 High Int Priority.. 
539 International __ 

52 0 Special Site.— 

6X0 


m* 

iaxb 


1784 

md 


1252 

1316 


1750 

1838 

, tllll 

1106 

3162 

...... 

1560 

164 0 


243* 

255 8 

Jt 

27X0 

2W.S 

wart. 

99.2 

1042 


1232 

1294 


136.4 

1434 


16X4 

170.W 


j£sa 

I7L9 

■ — 

179.1 

84.61 



864 

-DJ 


392 

aal.M 

ZTM 

45.6 


34* 

156 

-oa 

178 

190 



598 

WJal 


30.1 

3X3 

-0* 

303 

32.4 

-w3 


5*9 

5.69 

433 

4*6 

486 

6.15 
615 
746 

7.16 
5J2 
5.12 
XB5 
285 
3.62 
362 
907 
655 

60S 

5.44 

5« 

872 

842 


02723X241 
830 


Friends' Provdt Unit Tr. Mgrs.? 

PI k bam End. perkfog. 03065055 

PriDodsProv.lite...l«a 43.6rt| 1 4.4X. 

Do.Areum fe7 .. 563] —4 

G.T. Unit Managers LtcLV 

16. Finsbury areuBtC2ll.7DD 


Nclstar. 


am (blTSB Central, 

s *“ (b I Do. Accum 


Dealings to 0266 63433-3 


iB.jHhgisasse 


Nalrtar High foe.-. . .. 

Fjr New Court Fond Managers lid. 
see Rothschild Asset Management 


ms 

552 

57.1 

(hi Do. Accum—,. 595 


TSB Scottish , 


4661 . — 
S9.1 +01 1 , 

HRs +0.1] 


£? 


63.41 

8611 


:i. 


394 
3.94 . 
7 61 
7.61 
X90 
X90 


G.T, Cep. Inc—— j 

Do. .'tec 

G.T, Inc. Fd. Un 

G.T. VS.&Cd, 

G.T. J a pan Si Gen _ 

«NK Fens.Ea.F<X._- 
U.T. lnfL fW — 

G.T. Four VdsFtL— (594 

G. A A. Trust fejft) 
5. Hfoieigb Rd , Brentwood 
G.4A ftLP 


798 

957 

1597 

142.1 

7217 


(b) Do Acrum — .. 

Norwich Union Insurance Group (b) Ulster BanJsV ia> 

mutmn P.O. Box 4. Norwich, NR13NG. 060322203 Waring StreeL Bel fast. 033X35331 

7rf“? Group TsLFd P36J 354X) +L0[ 5X2 (bjUkterCrowth , p60 3S.7[ +041 5.46 

sSJ^a fio rtari Tnf ^ t4Mg * z ' Unit Trust Account & Mgmt. Ltd. 

169a +o3 7*0 2S2 Rich Hoi bom. WC1V7EB D1-MB6M1 

15X11-0.4] 3.10 Feari Growth FcL-PZT 24. 


+0jj 

+04 


are King William SLEC4K9AH 

3 ” ■«-: — ■•J-.cv.-ji hi^g 


5 09 Friars Hee. Fund-. 153 0 16X01 | «Q 

WfolerCnh. Fnd— 29 1 30T 4 39 

Do. Accum. 13.8 35*j j 439 


324.11+3.4 130 Accum Unite — . — 126.4 _ _ 

}S9A ...., 4.00 pearl me — . — WJ 8 X 
429.4 +1? 200 pearl Unit TbL, Ms , 

97*1 — 7X0 (Acenm. Units) WlB 47 j] +0j] 5X8 Wjeler Growth Fund 

Fetieaa Units Admin. lid. (gKx) King wi mam SLECiRSAa 

(0 87 7)327380 Kl Fcamtedn SL, Manchester QG-23SM85 lactam Unite ]29.1 

ytlft -V-j 5JU PeUoaaUntis.M. 86.fj +0X[ 5X5 Accnm. Unite, 


01-82J 4^1 

J 4J9 

<39 


fcDSM? 

£9.72 


Tel: 01-828 B13L TLX: 

B on Agcnte for 
0r*BTiniCS__ 
or Gilt Edge— I 
or lot. Fd — STJS1J5 
orIn.Jey.Sb;. 252 
«»myPncFd._ ~ 
Berr? Pnc Strlg 
G.T.AiUFl 


J. Eenry Schrader ZVagg & Co. Ltd, 

ISO.CheapeiUe, E.CX 01-59840C8 

cajj->sju3e27 — j susixe -eia xss 

Trafclcar May3I SUS215.41 — 

Aslan Fd June23...[Sm7rt 1173 ..._. X9S 

Darling Fnd. SA1S3 X9C +0.01 5X0 

Japan Fd. June 15 _|SUS65C 7J1I 044 


G.T. Asia Sterling— 
G.T. Bro d Fund __ 

G.T. Dollar F± 

G.TPadRcFd 


a-vo.oa 


X73 

1X99 

X75 

2.79 

Ctt 

ICC 

its 

xa 

4CS 

0.70 

X12 


SUS45J)5 _J 

275.00 2EGB5 . — | 

5SE3J1 

£13*7 1* — , . . , 

5US1300 +04J] 

SUS7.09 

SUS15.M 1+OXX] 
Gartmore Invest. Ltd. Ldc. Agfo. 

X SL Mary Axe. London, EC3. 0 1-383 3S3I 

Geteeer Fnnd HngL iFtr East) 7zd- _ 

1503 Hutchison Hoc. 10 Hiutourt Rri. EXotj 

HK6 Fac. U. Tk, KH551S 3«« ,....( X33 

Japan Fd. EjflJJS Mft — .) 0.60 

&£B?J^£rfe liSS . i sSl 


-Gortamre h rwtee t VosL Lid- ... 

P.O. Box 32. D^ukImJoSL MMB811 

GartinorelntLfoo-PXS XX71 10.90 Jerrer Facd 

Gertmore IntL Cctb)65X 695[ 1 AO ~ 

Hambro Pacific Pond Mgrat. Ltd. 

2U0. Connaught Centre, Hoag Kan£ 

For East June 21_. RXZ2 
-lJUS7jt 


Seztry Asouraace Zaternaiioaal Ltd. 
P.O. Hoc 333, Hamilton 5, Bermuda 
Managed Fund IWEL7W L«C[ | — 

Singer «' Friedfonder Ldn. Afieatn 
=0. Cannon Sl, 5CC- 01-248 9549 

Dehefonda (DR25X7 „ 26 K) _1..| 639 

Tokyo Tsl June 2_.| SUS35.03 | } X77 

Stronghold BS aacg eiMBt Limited 

P.O. Bo* SIX Sl Heller, Jersey. 0534-71480 

Commodity Tract _|524S 9744) — 

Sarin vest (Jersey! Ltd. (x> 

Queen* Hue. Dm Rd. SL Helier, Jsy. 053437349 
American IndTfc._|£3J5 3J»-04I[ — 

Copper Trust _lnni3 1143j .71771 — 

Jap.fode* TM. |OX03 4X28j-0.03j — 

TSB Unit Trust ftSenagera (C.1.1 Ltd. 
BaeatoUe Ri,SL Saviour, Jereer- _ 053-173-04 


Gcernse;' Fund 
Price* on June 


— K71 - 49M 1 CBS 

[47.1 «N ---1 «■« 

Next mb. day June — v 


Japan Fuat- 


Irus7.a wi j — 


Bambros (Guernsey) It dj 
Hambro Fund Mgrs. (CJ.) ltd. 

P.O. Box 83. Guernsey 0431-28521 


leo*. .149 . . . 

JU&MSJo U3J2}-0gl 

. sush9*x ii^S-Oxtl 

res. *A* SUSO-t_ ‘ . . 
foL Srae. V susp.07 . X40 -DJEJ 


CL Fund 

fatal. Bond 

InL Equity 
InL Srj 


3.70 

esa 

-53 

330 

250 


Price* oa June SB. Next dealing July 
Henderson .Bering Fund Mgrs. Ltd. 
P.O. Bax N4723. Roseau, Bahama* 

Japan Fd. W.IS1L39 HIB 

Pncee on June XL Next dealing cute Jirac 23. ■ 

Hlll-Sareael & Co. (Guernsey) Ltd. 

B LeFebvre Sl, Peter Port Guernsey, C.I. 

Gocrneey T*L [1447 154# *0.41 5.6 7 

Mil Samuel Overseas Fund SJL 

37, Roe Notre-Dase, Luxembourg 

fsesma H46j-sx5| — 
Intenutioahl Pacific Inv. MngX Ltd. 
PO Box R23T, SS, Pitt SL Sydney. Auxl 

Javelin EqnityTbL.[5AXD7 24S| ] — 

JJE.T. Sfenagera (Jersey) Ltd. 

PO Box 184. Royal Trt. Hi*, Jeraey0534 27441 

Jereej' Extrnl Tct_.U63.D 173.0) J — 

As at Slay SL Next sub. day June 3a 
Jardlne Fleming A Co. Ltd. 

48th Floor. Connaught Centre. Hoag Gong 


Tocyo Pacific Holdings W.7. 

founds Man age 3+ n: Co. N.V, Curacao. 

NAV per share June IB. SUSSSflg 

Tohyo Pecific Hldgx (Sesboard) N.V. 

fotlmix Manniestent Co. N.V, Curacao. 

NAV per ahare June IP. 5U5M.76 

Tyndall Snap 

F.O. Box 1253 Esoitloa 5. Benrads, E-21B0 
Overscan Jure 21—.JJI 'S113 L2S — .1 b.DS 

(Accum. Unite) — pUSVB Ira I — 

'22..|!T5UIS ZTS] .[ - 


(S34S733U9 
6.CS 



JarduseEstn-TbL-l 5tiK2S 43S XBC 

JnnUne J'pn-FtL*—! >rin33l.l5 100 

JaT7SlneSJ5.A.- { SVS3&24 I. SO 

JardfoeP1em.lnt_ SHK9.70 ..:... — 

NAV June 15. 'EguiveleBt SUS7LML 
Neal sub. June 30. 


Heyselex Mngl, Jersey Ltd. 


Foust lex 

Boadtieifrs ... 
Kryrelex irfl, — _ 
Keyaelex Europe— 
Japan Gth. Fuad... 

Kryselra Japan 

CeaL Assets Cap — 


felfti 

ISO 


Prelim 

isS 


£661 

7J9j 

— 1.. 

£3 96 

4 46 


IT5Z5J1 

2711 


027? 

13-92 

...... 

£133.94 



X90 


3.70 


3-VTcy foL June! 

BNrwSL.SC.Hstier, 

D5FSL June 22 

(Accum. Shared .. . 

American Juac22.. 

(Accum shares). ._ 

Jersey j uce 22.. 

( Nod 4. Acc. Ute.i— 

Gilt Fund June 
(Accum. Shares)... [137.0 
Victory Sour*, Doarfo*. foie ot R£cm. P3S< l 
Ifonaged June22 (U9A 136.4) 

Utd. IntnL MngmnX (CJ.) Ltd. 

14. Uni carter Street, SL HeLer. Jersey. 

XMJ3. Fund PLOT 76 191Ki .—,[ tl* 

United SCsles Ter. IntL Adv. Co. 

14. Rue Aldrtnger. Lusembour*. 
U5.TsLfov.Fnd.-! SUS1023 J-0X4J 0.97 
Net asset June 28 

S. G. Wsrbarg & Co. Ltd. 

30. Gresham Street, ECZ 
CavALFdJuneSS.f SUS9*9 
Enw. Int June 20... 5USS3.S 
Gr.s7t.SrU 5Sa«M. J SVS7.09 
M?£ur. ritac 2l — ISPSUB 

Servant Invest. MogX Jrsy. lid. 

J.Cbarlnc Cross. Sl. Hell er.Jsy.CI 0334 73742 

CUyUlSfoS |SUSU» lift — 

CXTLuL sdBf SS 2X5E 2XW - 

MeLateTsl June 18 OXJ7 12.9J . — — 

TMTJuae6 FS1CJJ 1SK — 

TXTUd.luzeB IhCiB lt.tt ... - — 

WorSd TT!de Growth Management# 
Ifla. Bouleesrtl Royal. Lnreaboorg. 
Worldwide Gth Fs| SUS14SS 1+0.01! — 


01-630 4555 
9*9 i+ooa — 
I.B2S1 -01* — 

7 J sJd= ( 


tfQTSS 


Prices do not include i premium, creep', where indica'.ed r, nod are m pecee unless OtberwjMi 
LntUcntetL Yields “» (shown ;n Iasi columc allow i-jr oil buying erpettee*. a offered prices 
include nil expenses, b To+foy’s price*, e Yield based no oiler pnee i Estimrted S Today s 
opening price, h Distribution free of U.K. uxei 3 Periodic premium insurance plana s Single 

niwnlnm iT)4UninC6 * iTBmv) r.rtu inclndn all evoeaSUX .'ICeDI aMOVS CCDmUBSlOO. 



EUfiLgJSWG SOCIETY IRSTCRE S7 KATES 


B'itLlRVj tblS 

(01-858 8212) 

l-l Urecmnch Rich Road, 

Greenwich. SElO o?»L. 

■Demrti! Bale 5.J5. Share AfCWhts 5W»- 
Sub’pn SJurcE 0.75. Term Shares - vr<:. 
i : ., above share rale. yri*. 1 ' apa-c 
share ran-, inter- <f paid 'fojrierir on 
share s ' t "rm ihares. Momhly lne»me 
sliarws 5W... 


1 02073 SGLB3.OT 

(01 .77; v.:n 

K-i: Chi.'c.vi'-h Hish Road. 
London V»n JN’j. 


ticpu-'n Rai? e is. Shari Auoou&is s.x, 
Sub',- 111. Snares 9 HO. ** 






-_- r - 























Qmmm ShipSey 

advise on 

Mew Issues end Capital Raising 
Mergers and Acquisitions 

Founders Court, Lothburv, 
London ECZR THE 
Telephone: 01-606 V833 


FT SHARE INFORMATION SERVICE 


Financial Times Wednesday June 28 1978 
FOOD, GROCERIES— Cont 

nfL.) stock lntaMBWH 


BONDS & RAILS— Cont. 


BANKS & HP— Continued 


Price + or Dir. *1 Bed. 
£ - Grass Ytdd 


■ f- u wi 1 + nri Die _ 

BSS IMd ffijh low Stack j ftfce ■— W 

7i, 12.17 335 172 M&MLttL Z23 +3 Ifliff * 

9% 13.06 81 66 NaLCym-l.rp — 68 Jfw 4.; 

- 298 250 NjLWest£l^_ 252 1L49 4. 

6 1U0 445 ?50 Schrwterstl — 405 . — UJ5 — 


88 82% Ireland 71 -pc -31 -S3 82%nl -J, 

91 79 Da9%pc$VaO 8fi>* -l, 

375 2bS Japan 4pc no Ais_ 365*0 

87 70 D"6rc 83-88.— - 711; I 

260 240 Fere .Vss5pc 240 ...... j 


Net ! Cit [ fir's | P/E I EQgta Low 


CHEMICALS, PLASTICS— Cont 

HgPlnwl Sta* 1 Price | + -?1 W lonlSalpJE 


ENGINEERING— Contimifid 
fixwl Stock |wcel*-^l lenfjS 


a 2 26 255 190 fcwwnfceUCi!. 2JD . — - r ln -, , 
75p 75p Isr.l Ojic'lffld '-' 75n 6% 867 92 70 ^m*' 1 **:***?,- -Z* w - — i«« 7 7«1 

599 594*-> runntjK 1391 5941, 9 952 427 378 SiarvlrRliartf!. 385 1*35 * | 

DM91 PMtfl Tun n 6*3* ISM DM91 61, 10 70 S9% 8% Trade Dei SI-0 S9% .... Q5Sl 32 -.8 55| 

97 94 IroeioyW.... 97 V : 380 356 Z90 l-nwnlhse£l_- 315 -10 bL 82 ^.b ~ t 

L'.S. S 6- DM prices exclude inv. S premium 1 - r«T ■ --- ‘J S1 40 _ 3.6 - 


ffi? Uli It 

1L49 42 6.9 52 
1155 — 4 J - 

HP - ,?£ ~ 


♦♦BRITISH FUNDS 


ion ; 

High Uni 


I- or? r«fW 
_ ini. I Red. 


AMERICANS 

j ]+ or] THr. J JVId 

stock I £ ( — I Gross |CrrfGr's 


“Shorts*’ (lives np to Five Years) 

99S 985* lExch-jpc "78-78)+- _ 98'j 506 9«7 Bl(l,U * *** £ ~ ° 

105*g 101,\ Treasure I 101,4 .. 1135 9.42 17% 13% ASA 17 80c 

97 94-’* Treasun 3pc<8tt 95£ -% 3 14 6.82 60% 60% AHF5*.Coni.W;_ Ml* 5% 

9 r, 95% Hecm?4*c-:+79_. 95$ -1 -4.44 7.85 31 22 Assail 26?S -% SL75 

104 997* Treasure loGpcTStt.- 100 +^j 1050 10.42 32 21% Americat Express. 27% -% SL40 

96l;‘ 94$ BecwTaScTOif _ 9S' a -4 3 65 ,6.65 33^ U AKr.Sfed.cM_ 211,-1, 30c 

96% Treasure Stocl8«ttt_ 97 +*« 928 10.96 15% %9p Asaicolnc 11% -% 40c 

102ft 97% TreasureO&cW— 97 A +A 9.74 10.94 29% 18% B liter IrtoLCVmSI. 20%re -1 64c 

95% 92% freasuy3%pc 774)0 .. 93% +% 376 732 19% 11% Barnes Grp SRj — 


^ l^sssssstl vafif 1=1 a = 

Hire Purchase, etc. 

36% +1 220 * J ♦ 

£54 -1 Q12% — I 28 — 

87* -1 +355 zj &.? 9; 


sj| c svjav= 


957.-4 3 65 33% 11 Anw.SfedjC.lHL_ 

97 8 +4* 928 10.96 15^ 9G9p Asarcolnc...— _ 

97A +A 9.74 10.94 29% 18% Biter Intti.psp.SI_ 

93% +4 376 732 19% 11% BarmsGrpSK^ 


90c | — I 2.9 


# 8 8 

2.6 111 85 

- 43 30 

3 6 14 8 

2.8 102 85 

O S 33% 23 

1.9 20% 101 

H «*; 391 



6.9 92I CINEMAS, 


lodt 94% E*:lv9%£iffll HZ 99$ -i-% 10© 1L55 42% 2B% CPf.gV 41% -% 52.50 _ 3.4 in 

fl7(i 85% fork 3wI981 86% -% 3 48 8 07 48% 32% CaierpllJam .43*, -7, D — . 2.4 

97 A nwji.Taiijtie'BlH - 95\i . ...1018 10-91 27% 177, Chase WhtiL5125.. 24 -u 52.20 — 52 -51 37 

jll 102$ Esck CW1SI3-.- 103 *-% 12J8 U.62 22 13% ChewixtiBCbSl — 19%rd 94c — 2.7 

«»% 41% Tre^WrfK'8W^ 9111*1 - 1 , 9 26 1136 II 7b5p iTuysl«56% 870p -7 5100 — 63 7| ^ 

86? 83% _ «8% 3 60 8.40 2 1% 13% CilicwpST 1B%& -% £1 — 3.2 ^ 

U5% 106% Treasuij- 1^-^ - 107*^, 13 08 1160 14 733p '.'iUlnv-SlS 12% +% 5100 - 4 4 51 40 

%% 947. Treas. Variable CM _ 99ft 1DZ9 1141 25 14% C>n i7m.Pri.E51_ 20-% S2 — 5.4 457 uu 

**• “•’ ti ^inff.pc TC:f_: 90%ir-A 9 13 U29 ie% 12$ C<AsSV: P SI 16% -Ij 5100 - 3.4 160 140 

kSjJclSc.' 1007 1173 47% 29 Coltlziris. SI 43ri +** 53.15 — 4.2 63 55 

ISkhEmZZ 9lfB^i? 10 07 1175.26 15*2 Cont niii»isSIO._ 23 -% SI 32 - 3 3 152 114 

90rf 97Z U.W 25% 17 liJOt-rtlS 20%-$ 5140 - 3.8 187 163 

^^TiaSK;'" lof“ -1! 1188 1169 W, io'? clsS-SiSrsr. 46*J *3% 95140 _ 17 ^ « 

Kve^. rateen Years g= 3 . S*”" J&t'i gg = i. fg § 

90rt-% log 11.80 & 28** Ml " 3$% -4 S3.M - 51 Ig 

13-% +% 10.67 1159 .12% fa70p FiremmerirelU- 11% +*J SLID - 5.4 ^ 

aiJjnJ 6 76 9.94 ls?4 n% First Chicago lt%a> -% 51.00 — 3.3^2 83 

86<io -*■% 9.75 10.95 .32% 20% Fluor Ojrp.S% 29* a -i 2 S12D — 23 ^ *09 

74%-? 8.40 1049 41% 26% FoniUrtorE 37% -% 5320 - 4.8 320 270 

79%d +% 965 1114 25% 16** fiATX 22%»1 +U S2-50 _ 63 475 360 

62ri *i, 4.84 8.TO 445; 29% »a Elect52%__- 4%«i S220 — 3.1 ™ 50 

«7 S 7 71 1034 24? 15% GilletteSl _ZH 23% -% SL50 -- 3.6 71*2 *2 

102% d +% 12 64 1153 4B * 28 Hcro^ISLM— 43% -S* 5190 - 2.4 £7 95 

73% +* z 1050 1160 141- 750p HunonEJ - 1 50.68 — 3.0 124 94 

94*1 +% 12.45 If « 224$ 171 IRM. Com 55 209% -2% $1152 - 2.7 101 «?2 

«*e 9.01 11.12 52I7 34 IngenwO-ftSS 44% -1? $3.00 - 3.8 ^2 1B5 

99 W +% 12.75 12.76 735 p M. ^sms £ CtxL S! 20*4 -1 25c — 0.7 182 145 

,8?2 ■*■% 11.90 1^45 976p 705p LU.lnteraiKmaU 900p *-23 90c _ 5.6 

Hopes’ I 100%-% 12.73 12-83 ja .18 Raiser A].?; 25f 2 -% SL60 — 3.5 

Over Fifteen Years 32 20 Manf.Han.usS7.so 28** -% 5208 - 41 RTTTT. 

uver ruteen iwn 41 % 26% MoreaoijmsKis 35% -1 % d - 3.5 

“TS If™ 17*, 12 Norton Sue im be SI IS -% 76c - 28 • 

^ •? ilSS 18 f i 13*8 OOTns-ni SLiS- - 17% -*, hS106 3.5 

+ 0 J* ^ «« 21% 14% Quaker Qai, CSSS - 20ri -% 5104 — 29 95 81 

"i? IHs T7M 27% 15% BdianreSOS 25% % 15c — - 1M 138 

f 1 ifia 30*4 16% Rep.NY.Corp 55- 27*,x3 5100 - 23 17 13 

A*? &S2 J,,? 17% U RexuordS... — lS% 88c — 33 75% 59 

9 ^S, + ? inS 22*4 14% RicMsn.-MrrilSl% 20* 2 90c - 23 251 313 

J -% 10-K 576i 255p Saul(RFjSL_—l_ 445 p -29 - - - 34 31 

2 $ 1BU Shell Oil 51 26 *% hS1.60 - 3.5 15 10 

.!«% +% If® 12® 14% 115 SrafserlSlOi 16%-% 60c — 21 50 44 

3^31 3^“ 22% Span- Rand SO. 33% ~% SL12 - 19 128 99 

nM 33% 18% mwtK.51% 30*3 +% 5180 — 33 27% 20*, 

104 12.94 1289 ^ ^ 24% _% 52.00 _ 4.6 31 16‘ 

9 7*- ill 141 UK!, Ctk nij« 1 Cirri ^1 in*.. tf, f, • *7 47 


S 89% Treason flp«[ic "82 

1 91% EichS%pvl9e.' 

94*, 91 if Exck9i.pc 1982 A 

96ft 89’* Exch. 8-'*pc I98U 

85*4 79l, E*rh2pc-83 

114% 100% Treasure l2pc!983S_ 


41*, -% 5250 — 3.4 3|7 

.43*, -7, D — . 24 258 196 

24 -1* $220 — 52 -51 |7 

19%rd ...:.. 94c - 27 111 « 

870p -7 5100 - 6-5 ,78 66 

lB%ld -% £1 - 3.: 

U7g +% SUM - 4 4,51 40 

20-% c? _ 54 157 130 

16% 5100 — 3.4 160 140 

43»d +i 53.15 — 4.2 ,|3 55 

23 ci 77 33 152 114 

20% 5140 - 3.8 187 163 

24% -% 51.90 — 4.4 26 18 

#a?fflr= ag J 

SB - lig 

i&m as = Hi 1 

^>■■3 SU 0 _ 23 154 109 


115 % 101 % 
89 % 77 % 
106 %! 92 % 

H2$ 

» 


A iopL-im 

Exch. Uf*4pc *32 


37% -% 5320 
B%*d +U $250 
WijJd -£ 5220 


87 -l " +395 24 6.9 92 v^ u t wan , 

40 -1 gL87 30 71 6.1 90 69 AngliaTVA’_ 

40 i _ _ i*3 H9 98 AaTele. "A - ' 

oa 15” 4*7 23 83 7.9 40 32 Gfinnpian'A'IOp 

27 __ hfl3 23 73 174) W 55 Green CromuSi 

Mi, _ _ _ _ 27% 1B*2 HVldw/dklpl 

41 2 13 h2(Sl 23j 7.6| 43 1J7 108 Wg Xrf 

76i 2 72 Re*£TvS5aI 

WINES AND SPIRITS 11 | 

83 ni +1 +3.W 211721102 251, 23% IWesttsnlTli lflp_ 

Mi l-Sfs li 32 13.7 DRAPERY 

im z:: h26i 2.5 3.7 143 ^ HI 

76 350 20 7.010.8 40 33 



108d -2 ' +3.92 2.4 5-5 116 40 35 

46 3 79 25 5 9 9.7 37 jq 

130 ™ 1*6.6 28 75 71 33 

154 3.10 5.1 3.1 95 73 31 i| 

56 - 2.4 1.6 6.6 14.4 ji t 04 c 

138 +6 +5 21 3.3 5.7 80 £ S 

174 +3 654 3.1 -5.7 8 5 jqi, 13 

24 — — —137 13” no 

45 ”“ 280 1 9 9.4 7.0 jq 

111 ...... +2b2 4.1 3.610.4 53 2 47 

260 +6.53 2.B 3 8145 228 173 

E Mwxg 18 

isL :z: tils S 


151xd +355 ®2 3JL XU-t 35 28 

48 320 270 ]MaraUan.den_ 320 4.62 23 ^733 45 M 

Vl 475 360 Mortandil 475 1245 26 4.0 14.4 750 

31 70 50 Sandeman- 55 231 $-4 * 101 73 

H 71% 62 gcott&Newafr. ,66 +1 +32 20 72 105 % 75 

117 95 ranstin 112 — 300 26 .4.1 13.9 14^ y. 

3D 124 94 Vaux. 113 t%02 2.4 5.4 115 jqJ* g4 

hm .wIhseS :?- ,5 ± W,, tf « iil a B 7 ‘g 

172 323 35 ZffllSJ uq 34 

5.61 ,5B 

3 5 176 128 


-fi S150 -- 3 b 71*2 ““ 
-Sj 51.90 — 24 U7 95 
.....! 50.68 — 3.0 


25*2 -*i 51. bO — 1 

28% -% 5208 - | 
35% -II3 D — 
15 -% 76c - 

17% -% hSL06 — 
20ri -% 5104 — 



25% % 15c 

27*;d .!.... $100 

20% 90c 

445 p -29 — 

26 h51.SC 

16% -* B 60c 


— S BUILDING INDUSTRY, TIMBER 

= «■ AND ROADS S W 

— 29 95 81 AbcnfeenCoosL 90 +1 4.61 3.91 7.8} 5.0 18 • J5 

— — 1M 13B AberthawCera.- 148 ..... 6.7b 3 9 6.9 55 50% 40*; 

— 23 17 13 Allied Plant Wp- M%*d ..«. 0.71 * M *. .^2 

— 3.2 75% 59 AnmtageShnla. 6t — 45 ♦ 10-1 * ■ 157 120 

— 25 251* 203 BPBInds.5to— 210 -2 t6.93 4.6 M 65 119 81 

— — 34 31 Baeandsellrt. 31 . — 233 1.4 11.4 95 326 244 


W5p -29 — J — - ~34 31 Baggendsefirt. 31 233 1-411.4 95 326 244 

26 ■*■% hSl-60 — 3.5 15 10 BaSeyBeolOp- 10 — td055 IB i 10.2 . 40 32 

16% -* B 60c — 21 50 44 BanierHers. 50 — +2.9 3.1 8.8 5.7 70 62 

33%-% 5112 - 19 128 99 Banal lfe*. 10p_ 99 -1 18.O6 25123 4.4 12 10 

30*2 •*■% 5180 — 33 27% 20*., Beechwood 10p.. 23d 180 * 11? * 146 10? 



161 131 Do.]0SUat91-» 
97S 975p 50 5p rcsoroPlCSSOIP,- 

22 16% Texaco S6 25 

if-35 40 22% Tune Inc 


104 t% 

42% 

If 1 ’ -i 

120% +% 

78xB +% 

85% AX. *47 

35*4*1 *% 9.89 
67% ♦% 1211 

17 91 1130 S.E. List Premium 48*^ 
4 %t% 1273 lira Conversion 


38*3 +% 5180 — 33 27% 20*; Beechwood 10p.. 23d . , 

24% ~% 5200 — 4.6 31 16 BenloxaDp 16 ta?5 — 7.1 1— - 316 266 

151m -1 10% — f65'57 47 Benford M. 10p_ 48 -1 |1J82 I 4 4| 5.7] 6.0 1 31 2 [256 

810p -27 — — — 69 64 BeCBros-3Dp_ 66 ., 

19% -% $200 - 5.8 76 64 BlocWenMp— 75 


32% -% $150 -1 


48 -1 UB2 4 4 5.7 6.0 312 256 

— 69 64 BettBns.20p— 66 dL7 5.4 3.9 72 SO 31 

5.8 76 64 Blackleys 3ki — 75 3 82 4 0 7.7 5 0 37 26 

26 272 220 BlueOrrielL- 235 934 3 5 0.4 7.4 36 24 

3.B 69% 61 Blundell Pern_ 65*; 289 3.4 6.7 6.4 _15 

33 104 75 BreedoaLinK— 104 . — 5.27 17 8.0112 tOO 155 

43 33 21 Brit. Dredging™ 34 . — fb.3 — ,4— ET 63 

53 125 24 Bruvn JfcsnZOp 119 +2 1.0 8.0 13 103 23 1S* 2 

28 6iu 48*2 Brironkc 61d 227 2.1 56126 66- 54 

05 58 36 BiyanlHldfti— 47 +2.2b 22 6.6 9.4 178 100 

1.4 184 153 Burnett AH 180d 285 * 24 * 152 120 


13% 865 p TransaneriraS! 12 —*4 80c 

38% 21% l 7 ldTeckST'S5— 34**d -% 5200 

24% 17% FS. Steel 51 20%-% S160 

17 11% Wtwl««HihsS3i:_ 14% 51.40 

46 28^ Xerox Corp. SI 41d +% S200 

975p 385p Xwiiralne. 10c 775 p -35 7%c 

14 lVt 2apauCBTx25c... 12%«tf -% s30c 


22 6.6 9.4 178 100 
<t> 24 <f> 152 120 


Undated 


u-^t- based on. 1/SSL8467 per £ 190 170 [Buit Boulton £l_ 170 dl015 351 9.0 4.9 [ b6 51 

factor 0 6744 jk 6683* ^ 33% I 22 |c Rober'A’ 10p^ .32% -% 1.65 4> I *-7[ ♦ I 21 10 

factor D.b«44 fO.ooBoi ■ 20 kal ndernIlUlOp.. 23 L32 28l 8.71 6.2 [54 35 i 


24% 19% Consols 3?pc _ 
24 19% Treasury £yxi_ 


37*, 30% JOxKOls-tpc- 31d A % If 7S - CANi! 

37% 29% War Loan 3*jpcJJ 29% ■*■% 11.97 — it* 11V RtVontwiiv* 

39% 33 Com- 3%peC\ft. 33^ +% 10.60 - £*. 

28% 23% Treasury3pc66Aft — 24 +% 1287 — ^ gjgjSfer- 

24% 19% OmsoUSjpe 20d -% 1247 - 42* 3 P* MCana^Sb— 

24 19% frreW^pc .20 *\ J 2 M - ^ pSftll 

^INTERNATIONAL BANK 5ii‘ 9S5p CmScSiV.- 

88 ' | 82% |5pcSiock"7T-82 1 84 [ ] 5.95 | 9.79 gj Jg 

♦♦CORPORATION LOANS * 25 % 16? pUh««■Si Ca,, ^ 

48% 94 3irm'hain9%£c7861.. 94 9.g 1158 ^ JJif JSSmBS” 

^ A !MSfc= iT 7 1“ II S R Kr aa * - 

S, fc L : t. m S3 i I BSS= 


CANADIANS 


Sl-I aS%HA IS1061 — I 3.? 3a 27 


?b 20 CarnderUMilOp.. 23 132 28 8.7 6.2 54 35% 

48 40 CaiTiJohni__Z 43 Wha9I 7.1 3.2 6.6 148 10Z 

98 40 Caron 50 358 1.1 10.9 '11B| 169 119 

82 68* 2 Cement fit yoBe. 80 h296 3.5 5.6 i7.7l 166 119 


«iGp.lOp. 27' -1 170 


9.5 8.9 . 60 


19ft -% SL44 — 3.4 73 . 65 

lSjS-% 97c - 35 105 84 

30*6 -% 4°b - 13.1 220 200 

19% -% $114 - 23 72 53 

30o -25 40c — 3.6 97 69 


630p 315p HanterSidCaU!.. 530o -25 40c — 

25%, 16^ HoUmserSS 24% r% $206 — 

16,5 11% Hudson's Bay II — .14A 6?c — 

32% 247 E HedJOdaSS;- 31%-% $160 — 


Croc rh Group!—. 70 — td2.74 25 5.9 10.1 165 131 

DoaglasRobltt 94 rl IdhSll 5.4 5.0 5.6 11 8 

jn’wninc GjL50p 215 tl038 3.4 7.3 5.1 93 77 

23 72 53 Erona wp 70 +5 13.96 2 5 8.8 4 9 200 M6 

36 97 69- EUis4&erard_ 81 5.03 11 95145 109% 90% 


J}. !S g;M « aR HSdJBW^jZ 

1W* 4 J -% 1238 SS Jft 


.68 Errth l 90 549 

14 F.PAC«Wn._ 14 -1 0.5 


11 961145 1 109*;! 90*, 


90 5.49 1| 92 113 88 68 

14 -1 0.5 3.3 5.4 73 26 20 


M 79 60 FairdoughCons 69 249 ! ?.fl 5.5 81 41% 25*j 


BM vh H % it & -~ 


100ft 99 LonLorp 6*ipc ■; 

97% &|3S5C5S" 95%...:.. 631 1054 Q? fti’Zf U RllOfcl^fd.l 68 AST CtaepitijZ « .Z. 3.76 2 

K 5S; iSiS3i= t»k- tS S| S =?« i 

•78 f6 4 SS?Sfo 6fe,d +*; 10.12 1205 . " 79 59 HaS?A'10p- ^ Z" I3P 2 

% f 2 iSSSWb zz §T :::::: M £09 BANKS AND HIRE PURCHASE ^ H«dmSLitoI 2 «_ [ZZ 129 7 I 


90? 4 654 TLM 24ft 14;* Royal Bk. Can. S2_ 
o?“ “u" 10M mi 20 a- Seagram Co. CS 1_ 
wi- 2 mm 14 955p Tor. Dora. Bk.Sl» 

UK 880p Trans Can. Pipe — 


a sics : i S S pS'fc S »fif* Ufi [1 S 
a.5-‘s «*• -la felsdlsssais^ xi U H Si II 


b i££ »B = IS V W SKffiSS; 

„ 14 -X 80c — OH 49 38*2 GteesmiSU.t 

11 -% 103c — 4.4 68 48 Glresop i 


*1176 mil 75 47' 33 

dl.76 18121 6.8 11% 6 *j 

23 23 -8.7 7.6 *89 71 

_ — — ;% 3*; 

— — — — 76 5b 

d3.54 16131 72 77 bZ 

175 32 78 60 41 30 

307 28 85 63 ?Z 64 


39 +% +1.84 35 7.2 6.0 19 U 


l%i 101% 101% HV 1 J235 | 1180 \ g^ 87 *^ 


Bjh Low) Stock 
300 (186 (ANZSAl 


| Price | + ~"| S ImlSSlflE. iij 10 % 

.im h« im = |M- % “ 


68 49 HewdenSLUto- 67 

E310 £220 DaTpcCom..- £310 ...... 

122 64 HeywfWm.50p- 117d +1 

■ 92 72 HiggsiHilL — 75 

78 66 Haven ngfuun — 76 

, 73 55 DaRes. Ylg. — 69 ...... 


100% 95% “AusL 5*^*-' 7>7H — 

95% 92% **Da5*3K 77-80 

88*4 82% "Po. 5*^21-81.— 

99% 96% **N2 4pc 1976-78 

96*, 92% **Do.Cpc18® 

87% 81% “Do.ifjpcBWS 

95% 91 SOi.MnaSijcTML 
70 50 SthRhodZHw ■65-70. 

% 80 DaSpcT&el 


25[ 4.4] 93] 33 22 Howard ShutlOp 23 -1 + 


3.76 25 U 6 2 27 9 

5.28 14108102 18 9 

0.95 31 9.0 43 284 237 

*203 12 *142 28 21 

*36 3J a? 42 141, 9 

♦827 * 6.1 * 168 138 
129 7.6 29 4.8 134 73 

07% 895 3 03 - 180 121 
M.BO 1.9 62129 IS 13 IStonherglOp 

3.45 58 7.0 35 29 22 

208 41 4.1 90 250 105 

208 4.1 4.6 8 2 98 BZ 


— ]12 


<48.98 0.7 


2S 7 fi **« 5^5 3S-S 334 269 Allen Haney £1- 295 bl92 - 9.9 - 118 104 LD.C.20p HZ <48.98 0.3 

92%-% 5 93 lO.g 187 150 ADied Irish 185 75 - 6.1 -- 178 125 ibstorfi JohosetL 164 -2 6.14 3i 

84 -% 665 1125 i b 5 150 AitwthootLtl.. 150d ^.... 10.08 — 102 — 156 108 lot. Timber 122 -1 7.04 « 

97*4 412 70-38 £20% £13% Bank Arner. SI 565- £18 -% Wc —2?— 65* 2 41*2 J- 2 Holdings 10p_ 65rt *-l% hL06 11£ 

94 -% 652 1134 383 315 BUndaud£l._ 375 +2 B.00 - 61 — .30 22 JC2.G. 26 *151 11 

82% -% 9.11 1027 £1761,037 DaiOpcCteiT- £175 ..._. OUT. — f55 - 197 162 JareisfJ.I 174 +8.60 2! 

'94% 10.24 1215 ZL 15 Bk Leumi I£1 ... IS ...... Q16% -29 - m 90 Jennings SA030- 107 tQZOc - 

50 -2 - 170 160 BtLeumilUKO 1M 736 15 7.0 143 134 79 Jotason-Richards 90 -2 h!63 b6.‘ 


S3 98 BZ 

I 39 34 24 

1169 132 [l08 

, 43 32 
52 100 64 

9.0 % 62 

62-94 46 

— 103 74 

83 26 16 


LOANS 

Public Board and Ind. 


572 UBO Bk.NAW.SA2_ 550 . — H330e - 3.4 — 17 12 Jones EdwtLlOp. 13 0.92 1810.8 7.9 24 1? 

315 P55 [BmkScoUand £1 273 mTB 9 3.« 6.0 7.0 45 31 KenliMJP HOp.. 33 +2 +206 18 9 5 8.9 73 bl 


£32% |Q17| [Banters N.Y510. | £28%|-% [CJO.OO] — J 6.0| —,|£35 |£185,|UfarceaA.FI(B| £33*; 35| 6.0| 47| 72 


358 . 2% 


claysCI 312 


08 53] 6.4 53 178 Il21 LaingiJotai-A". 168 


230 bOO [Brown Shipley £1 — | 225 927. — 1 6-21 - 125 tllO LaUwmiJ.m 


64% 5E*;UoricNl.5pc-aMS_ 
«W* 2 80% AJranllJUpcWM — 


zjo CTO Brown Shipley u_i — 

312- fe.5 Cater i^*r£l_[ 290 -3 1933 - 103 — 


rnxiW.i _.] 88 


59 ]......[ 8.46 1 11.70 82 67 ilheD^maJp. 74a; 4.78 — llAd — -I 86' I 70 peech'WmiaOp. 80d 6.00 * ll.d * [125. [ 85 


33*« 28*; * , MetWtr.3pc'B- , 

139 107 fc.S3tC.9pc 1982 1 

'95*, [88 [Do. without Warrants.. | 

Financial 


81 n) 1296 13.40 *230 171 ComlAus.dAH- 220 +2 tQ16c 21 

28*4 .. ■■ 10.79 1248 *£19 £12% ComihkDMlM- £171; -% QOT — 

X32d -1 682 - £K3g ns C*hgnHbk.KrIW 071, 012% - 

88d 10 J7 1260 25 IB Coroshian 10p_ 20 -.... 0.7 7: 

1 £22*, £13% Cred FraweF75 £21 ...... Q9.87%) - 

46 7 Hawes iG.R.1 17w +2 — 


[16c 26 45 85.75 57 Leylandpalnt — 

L3% — 27 - 79 61 LilieyFJ.C 

12% — 6.7 — 75% 61 Lcoaon ftrirk 

.7 73 5.3 35 90 74 LoreUrt'J.l 


31 — 59 33 McNeill Group .. 45 .... — 

— — 204- 170 MaeneifcSthns- 178 -1 tfl.0 

?-9 53*3 42*3 llallinsrm- Denny 47*, 279 

45128 105 84 Handers ilfldgj.. 88 254 


•107% 101 “FFlUgcW 101 -h 1287 1250 U23 £90 [wise* Bail MB1. ai6*; -1% Q1B% — 20 - 53*, 42* z JWliusro-Denny 47 

102 go-Mpc^ 1M ..... 13« »-M ^ sg F CFmance 67 +2 200 26 45128 105 84 MandereiHUgi.. 88 

,114% 102% totocWrT -iAST 4 m tim 31 * 1% First Nat 2% +% — - - — 325 224 ' Marchwid 290 

' J* l*? S*4 *-S iH9 1 % Do.Wms.ftS. ,% — — — 93 73 Marley 75 

81% ra% DafftfcDdBl-M^... 76% _. 827 1175 12 % hJ * 4 Fraser AralOp.. 10% ...... 0.03 — 0.4— 101 88 ManhaRsiHhU 97 


2?. 52!*’K°-!?d>5. lI, ^ U bJ 6 “ 2?. US'S K-28 196' 157 UerrardNatnL- 178* +l‘ 817 


99*4 90*3 Du. Itpc IJns.Ln T3S — • 91% ....12.71 13.40 50 37 GibtK |4_I 42 

.101% 90*3 Do.llVl'nS-lJ*-^? ■ c 93%+% 1336 1350 255 195 GiliatBros-El- 223 

71% 62*j Do.TbpcADeb. W-Sl- 62%ol 1160 13.10 79 19 Q*ri**mJtiy5p 21 

•711; a Do>pE4Db.?].EH_ 63 11.91 13.15 m, ^ SwsZl_ 103 


Z-9 — I' 81 60 MayiHaseU- 62 


220 f _ 7.* - 31 

15.18 - 10.3 - 48 

?13 -J?.?- 87 


3.70 3.7 7.7 4.6 76 57 

25 43 5.6 63 34 25 

— % 323 3.7 73 52 *85 42 

3.89 3.9 7.0 (45j g 99 

t20 27 68 B.2 57 49 

279 28 8.9 bJ 59 48% 

254 3.1 4.4112 76 65 

+3.4 127 18 6.7 27 20 

d2.49 3 5 5.0(63i -79 59% 

-1 td524 28 22 66 150 128 
t2.78 4.0 6.8 4 1 110 94 


18 Hears Fros 21 -1 L78 M12«.746i 133 99 


38 Melville D.&W._ 40 
73 Meyer 'NkinLLI. 81 


84% 73% IXSpr.V -919* 

81% 70*2 Di».^prLn.?297 


FOREIGN BONDS & RAILS 

nt 1 | Price 1+ orlDH. %| Bed 

1 low 1 Stock [ I ( — | Grass ( TM 


197fl 1 Price l+oi 

Bgh low [ Stock £ ( - 

20% 17 AtfolaciiLiRiy,. 20% 

34% 33 Dn apcPrel .... -34*,^ .... 

98 98 Chilean Mued - 98 

415 350 German Ynt4*jpc 405 «d 

54 46 Greek Tpc.ta. 54 

51 46 Into a Stan As . 51 

44 40 Da{pc Mised A&s _ 43 

55 42 Hung. 714 Art 55 ..... 

77 65 Ireland 6* jx: mg 65d .... 


Kan li™ 2W ^5 Gninneas Peat— 230 -3 110.0 — 6.1 

71% [-% [13.10 j 13.70 217 158 Hamhros 185 -3 t9.52 — 7.1 

100 81 t&llSajnue] 84d .... 4.90 — 8.1 

I J9- P ATT Q 600 375 Do. Warrants — 375 ..... — — - 

> &, lyilii) 327 203 HMKShng3250 307 -*-2 h«59c — 2 

i+oriDh fed. 69 52 Jessel Toynbee _ 56«t ..... h3.Z7 — 8.' 

[ — [Crass TWd I 97 16 0 Joseph iLeoifl.. 197 -*7 861 — 6; 

I 1 urass 1 5, 37 Kejser CUrnann. 47 -1 066 - 2.. 

'2I | - I - .74 56 KinciSbas3)p 56 -1 339 — 9. 

3 .... -I - 114 92 tOeunort B.l 95 -1 412 — 61 


5-W 3.6 *113 65 Mifburv 98d rl" Uio 


270 - 20 102 75 26 17 

14.18 35 7.81 4.7 .21 .15 


14 9 Miller iStam lOp-l H 

68 52 Mix concrete J 62 


4 7.4 4 160 128 
1210JU7 515 390 
19 7.B1Q.0 500 380 


90 — 8.8 — -39 35 Mod Ennioeeis. '36 -1 2.70 1.7113 7.8 18 14% 

- - - — 103 79 Monk- A 93 -1 *h3.19 36 52 81 16*; 10% 

}59c — 23 — 140 108 Mo*lera,J I 109 -1 65 3J 9.0 5.0 26 20 

3.27 - 8 9 - las 133 Nemrthill £1 149 14.84 7 0 4.9 4.4 30 19 

6.8 — 99 79 Nontest Hots- 99 -1 4.58 « 7.0 * 23*j 14*; 

2* - 280 210 NoC.BrickSto.. 280 .... T1155 3 4 6.4 5 5 190 130 


— Si — ?80 210 NoC. Brick Wp." 280 .... ril55 3 4| 6.4 55 190 130 

— 9-2- 57% 40 ilrmc t-ets 10p_ 41% rl% t262 O.W 9 £M*, £96 


- ' 114 92 Kfeuraort B.l — 95 -1 412 — 661- -113 98 rariter Timber- 98 

13.10 297 242 UuydsEl 252 +2 9.IW 55 5.5 52 175 138 PtwmaTmijer . 152 


3 G.10 297 242 UoydsEl 252 +2 

4% - _ 50*; 42 Mausoii Fin.20p. 45 ..... 

3% fb.« 134 106 Mercury Secs.— 109 -1 

6 [6-00 -390 330 Midland £1 342 +2 

4 £4.76 £92 £78 Do 7*«83ffl_ £79 +1 

4*2 .5-?0 £95*4 £82% DaIQ%^.83«8- £84% +% 

- 12.60 W% 56 JOnstes- .Assets— 57 -% 


T2.79 15 9.4J1121 147 


13.83 132 3 <4 2.1 27 
td4.61 5.1 53 5.7 131 


8.4 52 432 318 
3 9 21 27 17 

53 5.7 131 106 


fb.« 134 k06 Mercury Secs— 109 -1 3 39 — J ffl — 139 H07 RM.C 113 -1 577 29 7.7 65 15 |l0% 

f6-0O -390 630 [Midland £1 3 « +2 14.75 65 5.4 148 116 Rediand 129 ->-1 t3.k 34 « 8.9 175 \l35 2 


f9-6 — 86 70 R'chdi Wall lOp 78 d4.5 

eU2 — 100 [94 Rubais Adlard- 98 -1 432 


9.4| 65 132 SO Rohan Group / 83 

110 80 Roatrasonuipi.] 90 aj 


8 8 (6Ji 296 186 
b.7 83 85 68 

3.5225 153 97 


<12.43 [ * 41 *_ 278 


FINANCIAL TIMES 

BRACKEN HOUSE, 10, CANNON STREET, LONDON ECU* 4 B* 

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89 66 RustjyP Cement 73m -I 2p 25 8.1 7.6 131, 77 

162 135 SGBCroup 156 -2 *535 3.3 5.2 8.9 125 103 

37% 31% SchahTonferlOp. 35 .... L63 4.8 73 45 80 64 

43 30*; Sharpe 1 Fisher. 41 -1 hL89 22 7.0 7.9 1B4 137 

55 40 Smart tJ.jIQp 40 -1 td2.00 4 6 7.6 48 *202 156 

Q A %'nif iuWn Cra, "it h 02 n71 


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9 b Southern Con. 5p 6*;l _ — — 93 67% 

.38 Z7 SoeetmlOp — 27ul Xfcq 34 9.5 4.7 180 158 

162 124 Tarmac 5flp 148 -2 ogO 2210.0 7.0 50 39 

§12 330 T^ior Woodrow. 360 -2 7.60 5 5 3 2 86 £91 £69 

vn 233 TiWastl— 280 2004 25 10.8 55 224 160 

544 130 Trai is & .Arnold. 131 S.gl 62 4.4 5.6 £58*; E53 

280 ' 225 Tunnel B50p 253 'd -1 1097 A 6.6 4> £10 710 

77*; 65 UBM Group— 65 43O 1.110.0135 111 86 

31 24 Veetis Stone 10p 30xd tL48 3.0 7.5 6.8 109 85 

177 155 VibropbnL 172 td9Jl 1 8 8.4 10.0 103 87 

39 32 WaidHIdjis. lOp. 32 d264 X0125<1U 88 59% 


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43 30 Weabrirk Prodj. .43-3 L5 3 7 i 7.8 97 88 

98 56 WeUc-roBtw 95 *t5 21 0.7 6.3 9L9 55- 44 

4b JO Whortm^s25p . 42 .... 2.57 30 93 5.4 295 253 

45 28 IVnilchirl^p.. 30 0.90 43 5.0 5.6 740 456 

,51 WuQJisCnn Wp 24 +155 22 9 8 7.0 50 53 

143 99 WilsinrCunnoUv: 136 d?50 10.1 28 5 4 41 33 

W 63 WimpenGco- 75 0J>8 15.1 I4| 7.3 39 33 

134 111 

, 301 3I6 

CHEMICALS, PLASTICS M U 


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Ifl ^||% “%' zQiP. 1.4 28|23 8 276 146 

122 Blacden Nua,:« 228 ... irn 3.9 80 9.8 

'■I? 1 ^ BreatOuuns Wp 1E7 M3.12 60 2316.0 ENGB 

25 19 KniEenalKta 21 J .... -^2 56 Z- 3 0 

■59% 45 PnLTarprd.lDp Hu 12! 08 4 58 * MAC9I 

9W"U*_. W% -% 0 92 0 9 13 0:134- niravm 

an ^r^-l K 7 31 0 92 d. 4.5 * 112 p05 ACiLMjrhiiwjJ 

ru? ,-ao . - - fi ... 236 1.9 96 84 2Z3 130 APVSOp J 

•-=>-" £91-; .... yTi* * J3.2 — 116 104 Acrow 

VS,, 18 r-=a B --T9 | :-4 cm ... (&< I nl _. » m po-.v 

c -' 3 Wfl ? F9 3 — 272 225 Ad*«lGrwip~ 

-X 5-1 C78 0 6 5 * lo3 153 v.^di- Aiumumun- 

l5 £? Coat^.diTK uu '-1 ;j2 3 8 5J +5 £159 U16 Dc Spr'.om — 1 

J*' »•'*-- -l 232 38 5.4 7.4 t>5 55 Alien iEiBcITuut 

2m fe'Buraw'ap 23 . . 0.67 5J a.J 6 1 56 37 Aifcu M'.G 

60% 43% trodalrlMin., « -1 219 31 60 5.8 140 108 AnaL Power— 

I7 4 li* II v 10 ft® 62 3.7 8.2 66 46 AndmSdjife.- 

II £ iSSySjS®^- S3 - 1 4 51 1013 911.7 43 32 AKtefwlM 

w - 0.66 * 2.6 * 125 111 

3 f»i ... ^ 12-85 3.0 5 4 7.2 8*4 5% 

JSb SWjJ'iyP to.32 3.7 22,338. 3fi S ArfOC-TojIlBg-. 

^ ^ IS Th3.46 7.7 28 5 7 23 18% .Astra IndllOp* 

>34 576 HflodM DMi . . 439 ^2 Q16% 4 4‘ A 100 79 .Aurora HUs. 

£125 £111%; ptfuiEilioi- £117)3 +% QlK - fg.4 - U5 ffi pWMwlj 


- - 0.67 
-1 219 





ELECTRICAL 











































































































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V 85 
38b 12*2 
3 Ha 25 

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-£15U£I 
M8I2 71 
135 93 

25b M 
13b 9b 
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11 7J> ■ 
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123 98 

45 37 
70 30 5 - 

167 117 

c»b £2_ 

73 63 

12 9 

168 140 
102 88 

42 36 

548 476 
£27\ £20b 
86 53 
-60b 49 
22 14b 
‘15b 1 lb 

46 32 

.33 19 
118 74 

- 79 72 

29 22 
, 15 11 

52 42 
223 205 
65b 48 
232*178 
68. 57 







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OPTIONS 
3-month Call Kates 

Industrials 20 Tube I n ^st- M 

*j®= f ifc=E f W8E2: & 

b ^3^ ? p ” f ?i 

13®= 1 s»^f 

British Chygen 6. London Brick. 5 Tntreurojxjan 
BrtwniJ.L— - 20 Lonrbo.- g Land S ees. — 

Cadburys 5 Ms{M 3° Peaehag 

Courtaulds— W "Mams 7 Samuel Props- 

ShSto*-. B, g Town 4c City_j 

Distillers 15 Midland Bunk g ^ 


DuntoS=I= 7 u»ia . 

isfc » ? 8SSE8E: 

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Glaxo 4D a mtramar— « 

Grand Met.-... 9 gSSSRSI.'! *' 12 
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A selection of Options traded is Eicon on the 
London Stock Exchange Report page 


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PROJECT 

MANAGEMENT 


BERNARD THORPE 


FINANCIALTIMES 


B WnSH-SITO- '••■ ,. VjHSct?- 

jlomc usta«c? .•• Cl .v- Jlw T ; 
£ xtcwpep uMVtt.-sumemm- 


Wednesday June 28 197S 


fioaBtrawTOfrSCTfeg p;.: •■ •. 

• SRDte/tm Bsv&Ma R^Haa& Use^ , •. 


LONDON. SWt TEL: 01 -834 6890 




North Sea oil output 
meets 60 % of needs 


Record exports 
cut U.S. trade 


Why 


THE LEX COLIJMN ;Cc: ppig| 


BY RAY DAFTER, ENERGY CORRESPONDENT 


UK Gross Crude Oil Production 


PRODUCTION of crude oil from 1 ~ 1 1 " 

the UK sector of the North Sea . 

has broken through the 2 m bar- t^QOi ' °°2 . Barr ^ a P av 

Sr , 1 day ,,arrier for 1116 first UK Gross Crude Oi 

This means that about 60 per ifidO “ « 

cent of Britain's oil needs are j S *§ , 

being met from its own fields. 800 - ° fe * fc| i 

Mr. Anthony Wedgwood Benn, 1 £ < ol i 

Energy Secretary, yesterday des- | { J \ 

cribed the build-up in produc- 600- . , 

tion as a “ magnificent achieve- orarfup of tieluS 

ment." It was a “significant ^ 

milestone on our way to making 400 — y 

the UK into one of the world’s J 

major oil producers.” 2 qo _ 

The record May production 
rate of 1.1m barrels a day makes 

the U.K. the world’s 16th largest 0 ' 1(n c ' ' ' 1 ' 1 ' ’ Jotc 1 r 
oil producer, ranking ahead of lg ‘° 

Argentina and several member "■*" — ^ — 

states in the Organisation of 

Petroleum Exporting Countries, are expected on stream later 


Eouivalenl Annual 
Rate of Production 
Million Tonnes. __ 


gap to $2.24 bn 


BY JUREK MARTIN. U.S. EDITOR WASHINGTON,. June 27. 








. i. I i 1 

Sfarf-up of fields 


THE U.S. trade deficit narrowed suppliers sought to beat the 
appreciably in May to S2.24bn implementation of the new 
(£1.21bn), the lowest figure eysrem _ 

since September last year and Coincidentally, the Treasury 
S523m (£2S2.7m) below the announced it was investigating 

April level. five cases of the import or steel 

Although warning against (none from Japan) at below the 
reading too much into a single reference prices. It may institute 
month’s performance. Admini- anti-dumping proceedings as a 
stration officials hope that it will result 

mark the start of a trend to The reference price system 
smaller deficits that they pre- actually took effect in Febniary, 

dieted would show up as the year but because of unavoidable 

progressed. administrative delays a grace 

In May, exports rose by about period for flat rolled produces 

1 per cent to $lL75bn. an all- and rods was extended until 

time record, while imports fell April 30. 

3.5 per cent to a fraction under Imports of cars, coffee, meat 
states “ilT the Or^nteaUM "if . S14 bn. Over the first five months and machinery also fell in May. 

Petroleum Exporting Countries, are expected on stream later Stockbrokers Wood, Mackenzie of the year, exports have been Purchases of foreign on, now- 

Britain will soon be extracting this vear followed by Buchan, reported that tbe southern por- running at an annual rate 7 per ever, continued to rise, going up 
as much oil as Algeria or Mexico. Cormorant South. Dunlin and tion of Brae might be regarded cent higher than last year. in May by nearly 6 per cent 

Mr Benn said the build-up UK Suitfjord in 1979. Murchison as a commercial field with some The principal spur to improve* (seasonally adjusted) compared 
was proof that the partnership in 39S0 and Fulmer and Tartan 200m barrels of recoverable oil. ment last month lay in foreign with April, which had also 

between the Government the in 29S1. Another broker. Gilbert Eliott sales of agricultural items, shown an appreciable advance, 

oil companies and the state- It is known that several off- said that reserves of South Brae mainly food, live animals and Last month’s improvement still 
owned British National Oil Cor- shore groups are evaluating mi ? ht be nearer 500m barrels. soyabeans, though some m- means that the trade deficit this 
poration was working success- other fields which could be Much industry interest is dustriai sectors, including elec- year is running at well above 

fully declared as commercial ven- centred on the exploration area trical machinery and metal 1977s record pace._ In fact, the 

Since oil production on the tures in the near future. They to the west of the Shetland fabricated structures, also did gap has widened since May last 

UK side of the North Sea began include the Phillips Group's Islands where British Petroleum well. year produced the . smallest 

three years ago some 70m tonnes Maureen Field, British Petro- has been drilling on block 206/8 A major factor in the fall in deficit— a mere S647m. 
bad been extracted. More than Ieum's Magnus Field — a close to a well which flowed at imports was the sharp decline Over the first five months^tiie 
half of this oil was produced £1.25bn development approved the rate of 2.900 barrels a day jo purchases of foreign iron and deficit has amounted to $I4,77bn, 
last year. by the BP hoard but still await last year. BP said yesterday that steel sheets and plates. well up on the S855bn of the 

Of the 3Sm tonnes produced ing Government sanction — and the drilling rig Sea Conquest bad This. the Administration same period last year, 

last year. 55 per cent was Mesa Petroleum’s Beatrice not yet finished operations, believes, reflects the fact that Extrapolating the 7 per cent 

refined in the UK The remain- Field, which should receive However, there are strong indi- the reference price system annnual. rate : of increase in 
ing 16m tonne.? were exported government approval within tbe cations that BP is drilling on a covering imported steel was exports and the 12 per cent 

to the Bahamas and Nether- next few months. large structure, containing sub- fully effective in May — in tbe advance in imports achieved so 

lands West Indies (mainly for In addition it is expected that stantial quantities of oil which first four months of the year, tbe far this year implies an annual 
re-export to the U.S.): to Marathon and its partners in tbe could extend into several neigh- trade figures had shown sharp deficit of over $35bn, $10bn more 

Belgium. Canada. Denmark, Brae Field on block 16/7 will bouring blocks, among them increases in steel imports as than last year. 

West Germany, Finland, France, soon be in a position at least to Amoco's 200/9, Elf/Conoco’s 

the Netherlands, Norway, consider a development scheme 206/7 and Exxon’s 206/1 2 and 
Sweden and the U.S. for the southern section of 206/13. Exxon has already made 

There are nine oil fields on the structure. Industry reports a discovery on what is thought to 

stream with a further nine suggest that the latest Brae well be a different structure in block 

under development Two of — tfie 13th to be sunk on the block 206/12: this well flowed at the 

these — Ninian and Heather — — is providing encouraging data, rate of 630 b/d. 


i; number ot: 

"fioris arise.'-,- y 

. Article - 33' <b) ,6f V " 
tire, fbr v .exaisp2e,- 
fixed - assets with 1 

fill ecorraihie’i.yie : 

'ciated. >It - «* 

this -that prop^rfyyi^fiyBSment . 

- jftrmpiniesr j •; 

battle^ '.witfr . i . 


BAT now thinks that- iti V- -L '• ‘ S JJV wilT b» 
attributable profits for 1*77-78 rrideYTOSe 3i3 7 fb : 4S65 bating . to,, 
will “probably” fall a ^ . 

of last year’s 1210m, whereas number. Ot. tp 

three months ago it was hoping . . - •: '• - : ‘ lions anse. •/ 

for an unchanged outcome. But-: iflS b ^iai^Yi iiiimrflrT i . Article ' 33 •"( b) -.-iot. \ " 

yesterday’s interim statement-. : ffgj ff - " -'- ; - . » ' • V — ' — f| tivet 

may err on the conservative side; : .fixed .assets with' 1 

especi ally if, as_now se erhA - ' • '■ • falecQnomieiife-shail'he-depr&t : 

likely, its recent move to^raiSeV^lfgff.’ 

prices in the-lXS. is followed .by-' -v r { \ • ■ — r fy ' ^ ttus -that pr<^rty;>irri^mnent 

the competition. Any shortfall - t Z_f \ -- - ^ -x»it3 paiieSr ; ; ; 

in- earnings is likely to-be ; | §§§fe r . . it J '■ battle,, >witfr tfie-^Accto^Bg 

strictly- marginal.’.' ’ r r j . ./ /m Standard4^Gpj^tiitt^.^3^have ' 

There are three main. reasons ^. 41111“ | §■/ . 

for this singgish performance; •! > .’tj/ .• ./ 

Volume growth- in tobacco . . Yi- • A 

around , the World - - is ~ stni . V w~ g|- companies,' like- ■•breW^^^^rfattd-r' 

bouyant’ (at, 4 or 5 per- cent) |i|rf ,p»|\ 
and the- acquisition, of the’ 

Lorillard "brands -could, have . ASC .^r^-ex e m^ fa^ L . 

added roughly £7nr to- tiie half- • 

profits on tobacco are only frao> . 

tionall? ahead at’ £171m. second si^ montbs. ’ ' ' 

reflecting i a further contraction south Africa was an 
in market share in the U.S.— ^ £ recovery area for the group 
down from Iff to 15.3 per cent last year, with Stanbic: pushing. 

ov^tfie^-^atovrerprafiK its operatt^jtote up ?a jer - 


X Government^ 

jSectiriticsIndes^ 


Standitrd£pbjrohi^«E^ 
: .'lost ,a^ 

•to ^d&preciate^btdhhhg 

.* companies; liRfe-Sbrew^ 
t* maybe hoteIs?)?-w3Mri3 
;:templating: ‘ 

ASC : 

depreciatioiilistaSid^ydy 


e ... ; paniis ’to : thi^S:#fc»^^;aGS(3e. , 


in market share in the U.S.— 
down from Iff to 15.3 per cent 
over the year— and lower profits 


i<&:_^2;: 


than £5m tills year-— bat it has 


also bad to cope with lower gj-quo musx nave uau.. " ••- 

profits on exports, which are to falliag interest^ = • 

invoiced in dollars. .. . Stes and improvii* - credit • ' 

In addition, price competi- man( j. Elsewhere, however, it ^ : 

tion in the XJK has pushed, the-. looks ^ though the general ; ; / 


Group must have- had a- good^ • 


Muzorewa officials die 
in peace talks bid 


West German trade 
surplus fell in May 


tional Stores marginally into the dominant influence. ^ And'Sb 


tionai stores margmauy imo ^ dom inaiit inflnence. - And 
95 income erom .a^ociaied 


BY JONATHAN CARR 


BONN, June 27. 


U.S., still seems to be- having pan j es j 
problems. Tbe final point is ^ mon 
that BATs tax charge is set-to 0 f p^,,- 
rise from last year’s unusually Nigeria, 
low figure, At 38i 

Looking at the positive side, 73 per 
BAT has increased its dividends more y 
;o far by a quarter, and has a (.o ir ti n us 


BY OUR FOREIGN STAFF 

THE SALISBURY Government's ment agreement, to which Bishop Conservative 


■Jt'ttCi s/aiaBl'Kr »jovemmeocs ratfnu agreemeni, w wiucu oispup v.oaiervtfu»e leadership w-o TnHppH ifp fieui-PK hardhr ponfirm thp worst 

RhnriSn ^a^wa^unrierlin^ nart?^ Wa ^ Mr * Slthole *** FWten 1 AffaU-s^^ommitteT^at some signs ^ at Gennan exporters fears of German exporters when 
RbodesidD war was underlined parties. Foreign Affairs Committee r^ovprinp thpir snirits after the dollar Dimmed a few months 

afresh yesterday _ when Bishop In Salisbury yesterday, Profes- the Commons _ last night to Silpn tt t below DM2, carrvins 


WEST GERMANY'S trade sur- also down in May. ft totalled 
plus dropped sharply in May — DM600m against DMl.Sbn in 
and the accumulated siu*plus for April and DM1.2bn in May, 1977. 
the first five months is now ' However, the current account 
lower than in the same period a surplus for the first five months 
year earlier. at DM5.4bn (£1.4bn) was DMIbn 

It would he dangerous to sug- (£2 60m) higher than in the same 
gest on the basis of the latest period last year. Despite the 
figures that the trend is now trade surplus fall, the new 


more thanAJ. . ■ JJgg. J** 'development, v- AaidJuueb T in- • 


illowed to do the same with fornian takeover. ThiV-fieai • 

the full year’s dividend, the xnay not be^flnaUsed imtil early 

payment would be well wer.'JJart.yejjj ^meanwhife^the^ - 
Jvice covered and the prospect-of. a jflaMnoBflcttafl- V : 

)l0p would be 8 per cent/ \ jng period ad^ a litfl^frartitex VayKT , 

. .../ : ,toi. the -arithnR.ticalr uncertain— x edih^g lust.a Yew-weeks afTOr 


Standard Chartered 


kanpp -nnkei ^nci.ro ihat Mrs Thatrher” ^ severe currency turbulence ago to below DM2, carrying 
n nprerna I inVov Rhnd^^took at a ™ und the start of the year, down with it the currencies of 

?_ 1° Nonetheless, the trade figures several of Bonn’s leading trade 


Abel Muzorewa's United African sor Stanlake Samkange. spokes- ensure that Mrs. Thatcher’s 

National Council announced that man for Bishop Muzorewa's personal envoy to Rhodesia took se yRra» ui dumb 5 jmiulix u«uc 

four of its officials had been UANC, said the four dead officials to Salisbury a positive message Se months relSSd Sers 

killed while organising peace had been killed last week trying of support for the internal . . ^ Federal statistical P Sinre ' then the dollar has 

talks with guerrillas in the bush, to organise talks with guerrillas settlement gfiS strengthened 00?^^ Deutsc£ 

At the same time, the Govern- m the South-east of the countr>. a major debate on Rhodesia tQ ^ ecome available before the mark has halted its former 
ment disclosed that a further ™ as Western economic summit confer- hectic rise. Indeed the German 

37 people had died in the war thiduka. a UANC central com- ujods nses for the summer recess ence bere on j u j v jg arK j 17. They currency now stands at a lower 
during the previous 4S hours, nnttee member responsible for at tbe end of July, and there prQvide a use f u [ defence for the level against those of key 
including 19 black civilians. cultural and social development was pressure for a motion cen- g onn Government against foreign trading nations such as France, 
The reDorts came amid Dres- ir 1 ■ 1 . s urmg Dr. Owen. critics of West Germany’s big— Italy. Holland. Switzerland, 

sure in the Conservative Party Vehicle burnt and. in the first third of this year, Sweden and Japan than it did 


Hopes of £13(hn pre-tax from ...... ... . 

Standard Chartered proved a David :S^Sifiith bring cdhfirrtffl:-. / 

little optimistic, and a figure of 

E126.1m reflects the a- more ^fleiable; KW 

any significant overall growth approve -me fd.f.ti^ distributioii of stmfUis -- 


any significant overall growth ^ ., u distribution of sugflus 

in the second six months. Ail ^ ^ 

hut £L4m of the advance from isanother renMndef-ttUt sharehold^s. Smitlx '3S' .paymg 


sure in the Conservative Party » cuivic uutui Tnitrino -nioTncoiv^s lact -lioht h«t I auu * * u ,uc “ 4i,t 

in London for a Commons Professor Samkange could not a censure increasing— trade surplus. at the end _of last year, 

motion censuring Dr. David give details of how the men died ^ere is the prospect .of a centre 


The trade surplus in May But neither the trade figures 


Owen, tbe Foreign Secretarv, or say who was responsible. But Joaine? totalled DM3bn (£7Slm) — with nor the movement of the 

for his Rhodesia DOlicy. Mm. unofficial reports reaching “w. Mmuar to wax against exports wor[h DM22.5hn Deutschemark over only a few 


for his Rhodesia policy. Mrs. unofficial . reports reaching ^‘ary. simuar iu ^ exports worl h DM22.5hn Deutechemark over only a few 

Maragaret Thatcher, tbe Conser- London said they had been shot JJJJ* SJfniiSt acn i £ o.86bn) and imports worth months can tell the full story. 

vative leader, is considering by guerrillas at a pre-arranged the Exchequer, a tortm^nt ago. DM195bn ,£5. 0 7Shn). In April. Many German exporters claim 

sending a personal envoy, prob- venue near Fort Victoria for Mr. Callagnan naa to maxe tnai t h e surplus was DM3.3bn and in that tbe accumulated upward 

ably Mr. John Davies, shadow peace overtures. a " * 1“ “ May last year DM3.6bn. The movement of the DeuUchexnark 


aave been a modest underlying decided ..exatt^ boyr upder Seetfon 4M af^e Iitraihe^ ^ 

uptrend, for whereas- currency the directive vail- be .brought audjOJtiroratioit.T^c^A^^TPf j-' 
movements gave a boost to the into UK company law, hut it is. Botfr '-thesev caaeSj^dwnv.-.ft^a /; 
L976-77 figures, the firmness of to be hoped that the measures, \much broader tnew •is ^heing _ . 
tterling took the . edge off tbe though intended to apply only taken of what are - ,< ?coj^^ . ' 

group’s consolidated returns in to individual congany; accounts,. reasons^TOr givi^^tt^rha.^-; -~ 


auiy mr. jnim u#»ies, suaugw . • — 

Foreign Secretary, to Rhodesia A military spokesman said an immediate general eiecoon. trade surplus f or ^ fi ret fi ve over years means they are now 

on a fact-finding mission. troops had found a burnt-out months totals DMl5bn (£3.906 bn) hanging on to foreign markets 

Far from ending, the Rhodesian UANC vehicle, but it had not D ? we f xl! against DM15.4bn in the same only with reduced profits. That 

war appears to be increasing. The been established what had expected to be J 16 period of 1977. means less funds _ *?I 


war appears to he increasing, me been estaonsnea wnat naa V„ “ period of t977. means less muo* iw 

latest deaths follow rbe kill ing happened to the occupants. rnncpf^aii-vp? The surplus on current investment and less scope for an 

last Friday of 12 British Announcing the 37 new deaths What smjcKea Gonservau-v^ accoont _ af[er aJlowin? for economic upswing at home, 

missionaries and their children the Rhodesian Government ,. un D®, ' n „;* rir nu-on’c traditional German deficits Japanese surplus forecast 
near the eastern border with blamed those of the black JJ®™*.* ih^ Patriotic on services and transfers — was Page 5 

Mozambique. Earlier this month civilians on the nationalist refusal to condemn Patriotic 
22 black civilians were killed at guerrillas. A military com- FronL _/° 1 ' . 
a village near Salisbury during raunique said one family of eight, massa f, I ! e 1 b “ t t Hinri» 0n ^wn^H ? c 
a clash between security forces headed by a farmer, had been ? om I!l ll I la l & Hi tl n!i ( !. e r Lowards 
and guerrillas. In a separate lined up and shot at their home- j r j 

incident at the start of June, four stead in central Rhodesia. The JLTT*# L-iih/in^ 
supporters of the Rev. Ndabaningi bodies of the famUy. which tives of the families killed m the 
Sithole's Zimbabwe African included three children, one aged Elim ^ Pentecostal Mission 
National Union were killed by six months, had been burnt in a u’assacfe left London for 
guerrillas as they campaigned in hut. Rhodesia yesterday, 

favour of the Salisbury settle- O Richard Evans writes : The Gloom in Salisbury Page 18 


UK motor insurers show 
£20m loss for year 


BY ERIC SHORT 


Belfast may win U.S. car plant 


BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


THE GOVERNMENT may offer vice-president of General Motors he was then attracted to Ulster 
grants of up to £l0ra towards a in 1973. He is close to agree- by UK Government gTants of 
sports car assembly project in ment with the Northern Ireland up to 50 per cent, of initial costs 
Northern Ireland which Ameri- Department of Commerce about which could total £20m. 
can investors were warned was a setting up an assembly plant just R llt 4h„ i r Uh industrial 
high-risk venture and in which outside Belfast. Development Authority deffied 

ihe Irish Government was un- Mr. DeLorean had been neso- it ' oSthid bv 

willing to invest all the cash tiating with the Irish Govern- superior British grants “We 
asked for. ment to take over the former pvaminpd the Droiect and were 

Behind the scheme is Mr. John Ferenka tyre cord factory in ™Uine to invest as much 
DeLorean, who resigned as a Limerick. It has been suggested money 3 % ^ American company 

f wanted.” 


UK TODAY 
DRY. in S. Rain in N. 

London. S.E., Cent S. and S.W. 
England. E. Anglia. Midlands, 
Channel Is.. S. Wales 


BUSINESS CENTRES 


Mr. DeLorean’s scheme to 
build a high priced, high-per- 
formance sports car for the U.S. 
market is hacked by American 
Cloudy, bright intervals. Max investors who were told last year 
19C (88F). that it was a high-risk venture. 

N 'iv N ,'T d c N if ^ n Man ^ The Prospectus filed with the 

rioldf 6 or Securities and Exchange Com- 

iz7iS d> \inv C ^sr°?lflFi ra ^ ° r mission stated: “Only investors 

W who caa afford a total loss of ihe 


Y'day ; 
mld-laT I 
<C •¥ I 

'rdm. C |-J 34 Vi 


Am^rdm. 

Aihcns 

Bahrain 

Eartvlooa 

E<lnii 

Bi'lfisJ 

BvUrade 

Rcriin 


™ S d '•bo can afford a t^Tloas oF .he 

:ENTgB Rain at “doming ? h “ 1 iS“ 1 JSf' T e ?. Un ?? 1 »' «« 

mSl, fjgi?'”' WUh stI0wers ' 13G suggested that previously untried 

^ * Outlook- fharureahle construction techniques and 

.uxernbrje. C IQ jii uuiiook. tenangeauie. materials would bp ucpH 

tadrtd S 31 70 Pollrt) COUnti 39 flow). . e - 


BRITISH insurance companies 
lost £20m on their motor 
insurance business last year, 
the British Insurance Associa- 
tion (BIA) disclosed yesterday. 

The loss was the highest 
since the bad years of 1969 to 
1971, when the removal of 
mutually agreed motor 
Insurance tariffs resulted in 
unbridled rate-cutting. 

Nevertheless, Mr. Geoffrey 
Haslam. outgoing chairman of 
the association, pointed out 
yesterday, last year's losses 
were only 2.3 per cent of 
premiums. The shortfall 
reflected a deteriorating 
situation, but inflation had 
pushed up premium income 
substantially since 1970. 

There were 14 per cent more 
claims last year than in 1976, 
while the average cost of 
settling them was up by more 
than 25 per cent 

Overall, insurance companies 
last year reported much better 
trading, especially in the U.S. 
Underwriting there, for many 
years a difficult area, showed a 
profit or £200,090 against a 
loss of £71.7m in 1976. In the 
UK underwriting losses were 


cut to £2Stn from £37.6m in the 
previous year. 

Overall, tbe underwriting 
loss on worldwide general 
business foil to £54. lm, or 0.9 
per cent of premiums, from 
£150oi in 1976 (2.6 per cent of 
premiums). 

Premium income rose by 641 
per cent to £6.46bn. Investment 
income on general funds 
jumped by £99m to £730m and 
the net surplus of UK insur- 
ance companies on their 
general business increased to 
£676m from £481m in 1976. 

UK fire and accident 
business showed an improving 
trend from the very heavy' 
losses in 1976, although fire 
damage Increased in November 
and December, when the fire- 
men were on strike, and 
difficulties continued In the 
householder account relating to 
underinsurance. subsidence 
and increasing theft claims. 

There were warnings from 
some BIA members that 
premium rates on household 
contents insurance would have 
to be raised. 

Publie must pay more to insure 

home contents. Page 8 


S 30 Sri Madrid S 21 70 

S 34 93 ManctK-gir. C 13 .13 

S 19 Ori Melbourne C 13 34 

S 2S SC Milan F Cl 70 

C 12 54 Monrrral C 22 72 

C 17 Si Moscow P n si 

R 13 51 Munich C 13 54 


HOLIDAY RESORTS 


Birmchm. c l? 34 Newcastle C 13 55 Ajaccio 


Bristol 

Rru«.scl'i 


14 oi [New York H 23 77 Algiers 


Y’day 

mid-da; 

•C D F 

V 2t 79 JenwY 
S 23 73 Las Pints. 
C 17 63 Locarno 


R 14 37 JPerth 
S 39 102 Pracue 
C 12 34 RerkJa' 


construction techniques and 
materials would be used. 

Mr. DeLorean's original inten- 
tion was to site his assembly 
plant in Puerto Rico. Now be is 


Singer workers reject cuts 


C 14 57 jOsto F 21 70 Blarrllz C 17 63 Locarno 

Hudapvst t, 17 <EJ (Paris C 16 6l Blartpool C 14 37 Lin or 

5 if 2.7 (Perth C 19 *W Fordiaux C J7 S3 Majorca 

S ® I®? Fracue C 14 57 Bonlocnc C in 33 Malas* 

i At ^ RvjkJaYik C 10 50 CaMhlnra. S 3 K! .Malia 

5 4 .3 RlsdvJ's S -n 91 Cape Town S 17 (Nairobi 

F *f Bomr R IS H Corfu R 24 73 l.Vaples 


f 11 K Bomr 


S 17 nJ (Nairobi 
R 24 (.Vaples 


upon a 

Wiodv'i 

Satabun? 

Tangier 

[Tenprlfe 


C 29 ?4 (Toromo 



H 27 FI I. or 3 I.ni 
!■ 19 66 Istanbul 


C 16 *11 (Turns 

R 11 51 fvali-nc 


k 11 3 ' rvjlencia 
S 2 s S 2 ■Venlw 


iucu. iydw ne J5 >nUM MrtYn 

interested in a factory at Dun- J HN LLOTD 

c is s d l ir rj i ab put six miles south of THE 4,S00-strong workforce at they would use to present a pro- 

s 22 72 S^Uast wnere it would draw its the Singer factory, Clydebank, posal for investment over and 

f 21 70 tebuur force mainly from Roman yesterday rejected the manage- above the fSm promised by 

s Hi 5J C3 i? . ,c . West Belfast ment plan for a cut of more than Singer and for the retention of 

s 24 73 Wn „.,! s ”, area ^' her ® trat |i* --800 iobs over the next four employment at present levels. 

« « 5 S£5{i emptoymmt has been in years. If singer refuses to provide 

f 28 to JSflr ruQ ' A , 1 3 raass mectin ^ toe Singer any further investment, it is 

s ia K'i more than -0 per cent at workers voted to set up a com- expected that the Scottish 

s 19 *j - s oufing the last ten years of mittee to produce an alternative Development Agency will be 
c ? 5 ThH C «f..n* w ..m 1 - ■ • . f lr alegy for the plant in the next asked to invest in the plant, 

s 24 n , j ne plan' would need an initial few months. Representatives of the Sincer 

* ■* H t or ^ °? p u ' hi ch Mr. John McFadyon. the shop workforce are to see officials^ 

s 2: f- r" l l« cr „ , I f c lhP , pr ?l ect stowards* convenor at the plant, the Scottish Economic Develop- 

f 22 72 c f a *“J C „^v- So 1X5 attrac ' afterwards that the company ment Board today and win meet 


r II s" S-S^ns- i-“Pair. c-^riondj. K-Rain. tion tor the UK Government is had given the workers a four- a group of Scottish Labour MPs 
T-Ibuoder. H-^r, obvious, month breathing space which on Friday.