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FINANCIALTIMES 


No. 27,622 


Friday July 28 1978 


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CQWINENTAl SELLING ratGESa AUSTRIA Sell IS; BELGIUM Fr 15 t DEN HARK Kr J.5 t FRANCE fi> JJ: GERMANY DM 2.0; ITALY L SOflt NETHERLANDS FI 2.0; NORWAY Kr 3* PORTUGAL Be 20; 5FAfH Ptt 40; SWEDEN Kr 3-25; SWITZERLAND ft 2-Oj EIRE 


NBVS sr\l M A RV 


general 


BUSINESS 



expels 

ten 


Equities 

reach 

6-month 


Britons [high 


has reacted swiftly to 
Britain's expulsion of 11 Iraqi 
diplomats by expelling 10 
Britons from Iraq. 

The British ambassador in 
Baghdad, Mr. Alexander Stirling, 
was told that eight British 
diplomats and two senior 
members of British Airways s taff 
must leave the country within 
seven days. 

The Iraq News Agency said 
the decision followed “unfriendly 
measures taken by the British 
Government by expelling a 
number af Iraqis employed ‘at 
the Iraqi Embassy and other 
Iraqi establishments from British 
territory after -levelling false 
charges against them.'* 

Britain said that It had 
expelled the Iraqis because of 
increased concern about Arab 
terrorism in London. Page 6 

Portuguese Prime 
Minister sacked 

Portuguese President Ramalho 
Banes yesterday dismissed Socia- 
list Prime Minister Mario Soares 
following the collapse of the six- 
month-old Socialist-Conservative 
Alliance. 

An official communique said 
the President bad dismissed the 
Prime Minister after consulta- 
tions with the Council of the 
Revolution, a constitutional 
watchdog body. 

Israeli officers 
leave Egypt 

The Israeli military officers who 
had remained in Egypt for the 
past six months as a symbol of 
the hope for a Middle East peace 
settlement left from Alexandria 
yesterday. 

The decision to expel them was 
attributed to Israel’s continued 
failure to respond to President 
Sadat’s peace initiative and was 
intended to emphasise that Egypt 
could not contemplate any 
further negotiations until "new 
elements" were introduced. 
Page 6 

Mugabe demand 

Mr. Robert Mugabe’s demand 
that Britain should hand over 
"full power" in Rhodesia to the 
Patriotic Front rather than to the 
African people as a whole has 
been interpreted in Salisbury, as 
a vindication of the interim 
government’s opposition to the 
planned Anglo-American all-party 
conference. Page 6 

Polaris talks 

General secretaries from 11 
unions representing industrial 
civil servants to-day meet Lord, 
Pearl, Lord Privy Seal, in an 
attempt to break the deadlock 
in the pay dispute in which the 
Navv has been brought in to free 
a polaris submarine from black- 
ing. and all Britain’s defence 
workers have decided on a one- 
day stoppage. Back and PageS 

Wine tax piea 

The Common Market Commis- 
sion has urged Britain, Den- 
mark and Ireland to reduce 
I axes on alcohol lo help soak 
up Europe's wine lake. 

Briefly - - - . 

Prostitutes in Lahore have filed 
a High Court petition against a 
Government order directing 
them to stop work on August 7 
for a holy month of fasting. 
French air traffic controllers to- 
day start a work-to-rule which 
could delav thousands of Euro- 
pean Bights on the busiest holi- 
day week-end of the year. Page 3 
Mrs. Elizabeth Bostic, mother of 
the world's first bone marrow 
transplant boy, died of a drug 
overdose. 

Cricket: New Zealand scared 224 
for 7 wickets on the Erst day of 
the Test match aganist England 
at The Oval. 

British actor Derek Jacobi will 
plav Hamlet at the revived Ham- 
let Festival at Elsinore Castle, 
Denmark, next year. 

Mr. Tom McNally, the Prime 
Minister’s political adviser, has 
been selected' as Labour’s pros- 
petive parliamentary candidate 
for Stockport South. Page 16 
About 200 tourists in the Italian 
resorts of Ferro blocked the main 
road to slop the town s rubbish 
being dumped near their hotels 
and camping siie. 


• EQUITIES responded to 
covering of short positions and 



430* 


FX Industrial I 
Ordinary' 
Index-. | 

FEB MAH AN Mir JM JUl 


the F.T. ordinary index dosed 
6.8 ap at a six-month high of 
4S8.8. 

® GILTS were steadied by a 
temporary cot in special 
deposits and the Government 
Securities index closed 0.09 
down at 70.79. ' ’ ' 

• DOLLAR came under farther 
pressure against the yen 
(Back and Page 6) bat 
recovered against other leading 
currencies. Its trade-weighted 
depreciation narrowed to 8.6 per 
cent (8.7). STERLING fell 46 
points against the dollar to 
$1.9075 and Its index fell to 
622 (622). 

m GOLD fell $} to $1941 In 
London. 

• WALL STREET was 5.63 up 
at 85222. just tefcrj thfr close. 

• WEST- GERMAN ^rav^r ■ 
plus rose by about DM Ibn- dar- 
ing June to DM 3.9bri. Page 3 

• US. INVESTMENT bank First 
Boston will take a 31 per cent 
stake in Cie Financiers de Credit 
Suisse et de .White Weld, the 
parent company of the London 
investment bank Credit Suisse 
White Weld and CSWW will take 
a 25 per cent stake In First 
Boston. Back Page 

• BARCLAYS BANK pre-tax 
profits for the first half of this 
year were £154.2m, a rise of. 17 
per cem over the first half of 
1977 and 13 per cem ahead of 
the second half of last year. The 
senior general manager warned 
of pressure upon the bank from 
the recent re-introduction of 
“corset controls" over the banks. 
Back and Page 20 

• BRITTE N-NORMAN, the Isle 

of Wight light transport aircraft 
builder, is to be taken over by 
a Swiss light aircraft maker. 
Back Page .'•••• 

• ROLLS-ROYCE is believed to 
be close to securing Government 
approval for its new 535 version 
of the ' RB-2I1 engine intended 
for the forthcoming generation 
□I Bhort-to-medium range air- 
liners. Back Page 

• BP-led consortium has made 
a big oil discovery close to its 
Buchan Field in the North Sea. 
Page 7 

• TOURISM has brought an 
extra 100.000 jobs to Scotland; a 
Scottish Tourist Board report 
shows. Last year spending by 
visitors to Scotland rose by more 
than 30 per cent to £500m. Page 8 

• TWA is to fight in the courts 
the interim injunction won by 
the British Airports Authority 
stopping the sale of standby 
tickets at Heathrow AWPWt 
Page 7 

COMPANIES 

• BEDLAND pretax profit for 
the year to March 25 rose by 
5.28m to a record £39.44 with a 
contribution of £25.65m in the 
second half. Sales were £27 0.56m 
(,1233.97m). Page 20 and Lex 

• INCH CAPE suffered a sharp 
drop In second-half profits to 
£27.S3m against £40.5 lm which 
brought the full-year figure up 
to March 81 to £62J27m compared 
with the-previous year's peak of 
£73.38in. Page 19 and Lex. . _ 

• DENBTWARE reports a turn- 

round for the year to April 1 
from a deficit of ? 

pre-tax profit of £S03,t90,\with 
turnover increasing by £lBm to 
£11.83m Page 20 


CHIEF PRICE CHANGES YESTERDAY 


(Prices in ponce unless otherw ise 
indicated) 

RISES , 

African Lakes 295 7 

Barclays Bank J jr 

Bourne Hollingsworth 167 + 9 
Bowater ]90 + B 

Centrovincial Ests. ... ' ' T ? n 

Clifford lC3.) {JO + 

Combined Eng. Stores 10S + ^ 

+ » 

‘ 6R + *» 


Lad broke — J 

Orme Developments 06 + | 

Rank Org. SIS 

Tate of Leeds •* + g 

Siebens (UK) +.*J 

Central Pacific fJJ t j® 

Southern Pacific 240 + 15 

UC Investments ...... + g 

West Dric. ^ , 

falls 


Gieves | 
let hi 

for.::r.: 

.. 96 + 6 
.. 3HI + 6 

nuiaras 

Inchcape 

.... 383 - 1$ 

.. 98 “ 5 


..35+3 




OECD warning- to Western economies as Bonn prepares package 


Threat to recovery 
‘unless summit 
pledges are kept’ m uk 


Growth is West Germans 

forecast 
to slow 


likely to cut 
tax by £1.7bn 


BY ROBERT MAUTHNER: PARIS, July 27 

The world is moving towards another “growth recession” and higher 
unemployment next year unless the various economic policy intentions 
announced by leading Western industrialised countries at the recent Bonn 
summit are promptly put into practice. 

This was the main message we re fully put into effect, the economy had reached a 
here today by Mr. John Fay. annual growth rate of the OECD dangerous crossroads. It was 
head of the economics and area would be raised to about cushioned against the full 
statistics department of the 4.5 per cent in the first half of effects of quadrupled oil prices 
Organisation for Economic Co- 1979 compared with a forecast in 1974 by relatively fast expan- 
operation and Development See- of SJ25 per cant if policies re- sibn of the UJ>. economy and 
retariat when the OECD's six- m a ined unchanged. the fact that most governments 

monthly ■ Economic Outlook This wolud be enough to keep adopted special measures to pro- 
report was published. unemployment at least stable. tect-«jnployment. 

Mr Fay said that the present On this assumption, which the “Economies have become very 
situation was similar to that at Secretariat admits is highly opti- effletart In creating inefficiency,” 
the end of 1976 and beginning mistic. Japan’s gross national he said. 

of 1977. when recovery rates product would rise at an annual But it was clear that from 
nicked up for two or three rate of 9 per cent in the first now on the U.S. economy would 

quarters only to dwindle as the — — - — more slowly, and em- 

effects of stimulatory measures Details Page 2 payment subsidies by Bovern- 

wnre off! Editorial comment Page 16 mentis were kkely to tail off. 

The OECD secretariat is not : Unless countries with healthy 

entirely pessimistic about the half of next year, against the Mjnents positions and compare- 
economic prospects for the OECD's current forecasts of 4J3 tively low inflation rates took 
world. Mr. Fay emphasised that per cent, West Germany’s by 4 the role of the U.S. the 
“salvation lay in the hands of per cent, instead of 2.75 per cent, 0, rttook would be very gloomy 
the governments.” No govern- and the U.S.’s by slightly more __ 

ment had to do much to ensure than the present forecast of 3 J^ter TJ,® 

adequate development of the in- percent. original forecasts in the OECDs 

ternational economy. The UKs growth would be Economic Outlook were prepared 

The main question was still boosted to 2.25 per cent, again weU ftefore . “e B °on summit 
whether other strong economies at an annual rate, compared with The report s recommendations 
would take over from the UH. 1.75 per cent predicted in the are oa the same lines as some 
offsetting its slackening growth, report France’s GNP would rise pledges by the seven countries 
to achieve a reasonable expan- by 4 instead of 3.7 S per cent; dt the meeting. _ ___ 

sion in the OECD area as a Italy’s 3.5 instead of 3; and summit the OECD 

whole Canada’s 5 instead of 4 per cent expected the annua] growth rate 

If the Bonn s ubmi t promises Mr. Fay said the world Continued on Back Pago 


EEC prevents UK deal 
with Australia on ttranium 


BY DAVID FBHLQCK. SCIENCE EDITOR 


BRITAIN HAS failed to 
persuade the EEC Commission 
that it should sign a bilateral 
nuclear safeguards agreement 
with Australia for the supply of 
uranium during the 1980s as an 
interim arrangement until Eura- 
tom settles Its own agreement 
with Australia on behalf of ail 
nine partners. 

The worst possible result of 
this setback is that Britain could 
lose Its place in the queue for 
Australian nuclear fuel. 

The safeguards agreement — 
the tepns of which have been 
stipulated by the Australian 
Government in line with its 
policy for preventing nuclear 
weapon proliferation — would 
have opened the way to commer- 
cial contracts under which 
Britain would purchase 1,000- 
2,300 tonnes of Australian 
uranium a year during the 1980s. 

Mr. Doug Anthony, 
Australia's Deputy Premier, who 
arrived in Loodon expecting to 
sign the safeguards agreement 
with Mr. Anthony Wedgwood 
Bean, Energy Secretary, made no 


secret yesterday of Ms "disap- 
pointment and frustration” at 
the EEC action taken late op 
Wednesday night 

He saw the bilateral agree- 
ment as one that met the safe- 
guards objectives of both coun- 
tries, and one that would' serve 
as a model for other bilateral 
safeguards agreements. 

But he did not think that he 
could interefere in what he saw 
as - a “ domestic demarcation 
dispute n between Britain and 
the EEC. 

Other EEC countries with an 
eye on Australian uranium — 
among them France. Belgium, 
West Germany and Italy — will 
also be thwarted by the EEC 
action. A similar agreement with 
France had been expected to be 
signed within a couple of months. 

Mr. Anthony said that 
Australia would continue to 
negotiate bilateral safeguards 
agreements with countries out- 
side the EEC — he has just signed 
one with Finland. 

Other nations looking to 
Australia as a politically stable 
supplier, to diversify their 


sources of uranium fuel, he said, 
included Japan, the U.S., Iran 
and the Philippines. 

Britain, in a strongly worded 
statement released by the Energy 
Department, said that it “very 
much regretted that the agree- 
ment could not be signed.” 

The Government did hot accept 
that tiie EEC Commission's 
objections were well-founded, 
since tbe bilateral agreement 
bad been negotiated “in full 
conformity with the UKs obliga- 
tions as a member-state' of 
Euratom. - ” 

Privately, officials closely in- 
volved in the negotiations are 
less despondent although they 
admit that there is likely to be 
a delay of some months. 

The Commission may be per- 
suaded that it has made an error 
that is ngt iu the interest of 
the energy security of its 
member-states. But, more prob- 
ably, it will expedite the draft- 
ing of a. Euratom directive on, 
an EEC agreement with Austra- 
lia on uranium sales to the 
Nine. 

Nuclear safeguards Page 6 


By Peter Riddell, 

Economics Correspondent 

THE RATE of growth of the UK 
economy will slow significantly 
during the next 12 months and 
unemployment may at best 
remain stable for the rest of 

1978 before starting to rise in the 
first half of next year. 

That is predicted by the OECD 
this morning in a section of its 
Economic Outlook on the UK's 
prospects. 

The report suggests that the 
present fairly rapid expansion 
led by consumer spending will 
slacken by early next year, 
while there will be no further 
deceleration In the rate of price 
inflation in tbe UK. 

The increase in real cross 
domestic product will, according 
to the forecast, decline from an 
annual rate of 3 per cent to 1} 
per cent between tbe first halves 
of 1978 and 1979. 

The OECD's projections for 

1979 are believed to differ tittle 
from the Treasury's recent predic- 
tions for tbe period. But the 
Whitehall view is likely to be that 
consumer spending, and thus 
overall growth, will not be quite 
as sluggish as envisaged by the 
OECD. 

Therefore, and because of 
greater caution about the UK's 
competitive position, the Trea- 
sury is unlikely to be as bullish 
as tbe OECD in its view that the 
current account surplus will be 
‘about £950m this year and run- 
ning at an annual rate of a little 
less than £1.2bu in the first half 
of 1979. 

The OECD report suggests that 
consumer (not retail) price infla- 
tion will accelerate from an 
annual rate of 7\ to 10 per cent 
between the two halves of this 
year as a result of pay rises dur- 
ing phase three of tile Govern- 
ment's pay poiicy- 

But a slowdown to an annual 
rate of increase of 7? per cent 
is projected for the first half of 
next year; assuming that the pay 
policy holds. 

However, the report says that 
if. because of continuing exces- 
sive pay rises, the rate of price 
inflation remains at about 10 per 
cent next year, the negative 
effects on consumer and business 
confidence may outweigh the 
benefits to personal incomes and 
therefore lead to a smaller 
growth in total domestic demand 
in the first half of 1979 than at 
present projected. 


BY ADRIAN DICK'S 

TAX CUTS worth DMTbn 
f£I.7Sbn) and Increases of about 
DM 3.5bn in public spending will 
be teb two uiain elements in the 
package of stimulatory measures 
with which the West German 
Government will fufil its under- 
takings given at last week's 
world summit meeting here. 

Final details nf the package 
■were being discussed by the 
Cabinet liw evening in what was 
expected to be a second lute-night 
session. 

Tomorrow mnrning. Chancellor 
Helmut Schmidt will have a final 
meeting with his coalition part- 
ner, Herr Hans-Diet rich Gcn- 
scher. when he returns from the 
New York Foreign Ministers' 
meeting on Namibia. 

Provisional elements in the 
package were given by the 
official spokesman, Herr Klaus 
Boelling. after last night's 
Cabinet discussions. 

They appeared to fall some- 
what short of the DM 131in stimu- 
lus in 1979 that has been 
generally predicted — though it 
was understood that among the 
points still to be settled are 
several Ihta could susblantiaiiy 
affect the final total. 

In his pledge contained in last 
week's summit communique, 
Herr Stnhidc did not commit him- 
self to any specific figure. 

He merely undertook that West 
Germanv would propose “addi- 
tional and quantitatively substan- 
tial measures up to 1 per cent 
of Gross National Product." 

Herr Boelling said early today 
that lax cuts would be proposed 
worth DM 7bn in each of the two 
year4 1978 and 3979. 

The German news agency DPA, 
quoting o5fci.il sources, reported 
that these would be achieved 
through the “smoothing out" nf 
the sharp jump in income tax 
rates from 22 to 30.5 per cent 
that at presenst occurs for 
people whcie var'.Vjips are ubovo 
DM 15.000 a year, and through 


BONN. July 27. 

an increase of DM 300-400 in the 
basic tax-free allowance. 

On the spending side, ' the 
principal measures so far agreed, 
according 10 Herr Boellms. are 
a DM 45 per monih raise >n 
allowances' for the third child 
land additional children^ to 
DM 195. 

The introduction or an allow- 
ance for the second child was 
believed still tii be undecided, 
but it is expccied that the pack- 
age will include an extension of 
the standard maternity leave to 
six months. 

Taken together these 
measures are expccied to he 
worth between DM 2.5 and 3bn. 
Herr Boelling indicated. 

. In addition, at least DM750m 
more will be allocated for spend- 
ing on research and development 
by industry and Tor environ- 
mental protection measures. 


Adjustment 


Among measures that might 
come into effect in 19S0 is 
believed to be the adjustment of 
several minor business taxes in- 
cluding sales and payroll taxes. 

In political terms, the outline 
of the package as visible this 
evening appeared to he favour- 
able to the Free Democrats, the 
junior coalition partners, who 
have been pressing hard for tax 
cuts as a riposte to their humili- 
ating setback at last month’s two 
State elections. 

Chancellor Schmidt and his 
Social Democrats, on the other 
hand, have argued until recently 
that tax reductions ought not to 
he confused with longer-term 
reform of the income tax struc- 
ture. and that this could not be 
introduced as soon as next year. 

It was also believed this even- 
ing that part of the cost of the 
package would be recouped 
through an increase in the 
standard value-added tjx rale to 
13 per cent in mld-1979. 


£ in New -York 

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4.11W.90 die 


Sun sacks journalists 


BY PAULINE CLARK, LABOUR STAFF 


JOURNALISTS nn The Sun 
newspaper were told last night 
that they had been sacked as 
a result of action over a pay 
dispute which has prevented 
publication for the fifth night 
running: 

The paper's management said 
fellers had been sent (o 
journalists In The Sun chapel 
(office union branch) ’‘con- 
firming that the industrial 
action taken by the chapel 
constituted a breach of contract 
and that their employment was 
terminated." 

General secretaries of the 
printing unions were also 
being advised that it may 
shortly be necessary to issue 
notices to all their members. 


BA loses £17m on Concorde 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


BRITISH AIRWAYS' operating 
losses on Concorde rose to £17m 
in the year to March 31, bring- 
ing the total losses on Concorde 
since it went , into service with 
the airline two years ago to 
£25m. 

The airline is now discussing 
with Mr. Edmund Dell, the pos- 
sibility of revising the methods 
of handling Concorde operating 
losses in its annual accounts. 

It is depreciating the Con- 
cordes in its accounts at £15m 
a year over the next 10 years, 
to cover the £X50m cost of buy- 
ing five aircraft originally. This 
according to Sir Frank McFad- 
zean. chairman,' is something of 
a “financial embarrassment," 
although the aircraft does have 
some positive benefits, including 
prestige. 

But BA clearly feels that the 
time is approaching when Cod- 


corde’s future will need Govern- 
ment reappraisal. Not only is 
there the question of bow to 
handle the operating losses in 
the annual accounts, but also the 
question of the remaining five 
unsold Concordes on the UK and 
French production lines. 

BA is believed to feel that, if 
the two governments dispose of 
those aircraft on favourable 
terms to other airlines — for 
example, on a long-term leasing 
basis rather than outright sale 
— the two spoosoring airlines. BA 
and Air France, ought to be 
given at least a comparable deal 
to ensure that they are not left 
at a competitive disadvantage. 

Several options are believed 
to be under consideration. One 
Is the setting up of a government- 
owned leasing organisation that 
would take back the nine Con- 
cordes used bv BA and Air 


France and re-lease them to 
the two airlines, placing them on 
the same footing as any other 
airlines that may now seek to 
lease them. , 

The aircraft is a great success 
with passengers — over 75.000 
have been carried so far — and 
with high load factors on the 
New York and Washington 
routes. But tbe average daily 
utilisation of tbe Concorde fleet 
is low, .amounting to only 782 
hours per aircraft last year (com- 
pared with over 4.000 hours for 
each of BA's 23 Boeing 747s), 
that profits are not possible. 

BA la ' ■ trying to increase 
utilisation in several ways. A 
resumption of fligbts to Singa- 
pore (suspended last December) 
would help considerably, and it 
is discussing various leasing 
deals with other airlines, 

British Airways' results Page 8 


CONTENTS OF TODAY'S ISSUE 


Overseas news 


Home news — general 
— labour . 


-2,3 
... 4 

Technical news 

13 

___ _ 13 

IntL Companies and Euro- 
market c 23-25 

... 6 

Arts page 

15 

Overseas markets 

... 26 

... 6 
. 7.8 

Leader page 

16 

Money and Exchanges .. 

... 25 

.... 8 

UK Companies 

... 18-23 

Farming,. -raw materials 

... 27 

... 9 

Mining : 

22 

UR sto£k market 

... 28 


FEATURES 

The multi-$bn Parana River Politics Today: Second Soviet - relations with 

hydroelectric project ... 16 thoughts about an October Norway 

Energy Review: Canada's election 17 , . 

heavy oil 12 Around Britain: Norwich ... 14 Polities! transition In -Pern 

Appointments ...,..^. 12 Lmtlanf M But Lending Rates 2t Carftan Imicstrlts ... U 

rr * 1 * 2 M ““ ~ b-2 imtowmiwtsm.it. 20 

Crasmrtf w Pmjartr CaHahw 28 Paris at Ha Pas 

Entcrulnnuat finUe H Radas — — — M YarfccUre Chemicals Z1 Mh 23 

Etuv, Options Ex — 2ft SticnwiH 2 Bandars Bank IS Dn ._ ..... 2* 

Food Prices — 29 Share Infortnatlsa _ 30-51 Electronic Rentals... V) 

FT-Attuartes Indices 3 Today's Evaata 17 ANNUAL STATE ME MTS Boer Ready Co. 

Lenders A Lagaanfs 3 TV and Radio Id Hecchwead Consent- - fMnfifinss) IT 

Cotter* .... .... 17 Unit Trust* » ihm (Holdings} — » M» and Hassell 28 

. Lex 32 Weather — 32 C&jm T* WlUfaun Pros* U 

For latest Share Index ’phone 01-246 8026 


The journalists stopped work 
a week ago iu a dispute which 
management said yesterday 
centred more on their inter- 
pretations of what should con- 
stitute a productivity deal 
than on (he size of yield. 

Tbe dispute broadened Into 
an industry-wide issue earlier 
this week when the Newspaper 
Publishers’ Association met 
National Union of Journa- 
lists leaders to discuss the need 
for agreed disputes procedures 
to be honoured |T Fleet Street 
was lo be saved from 
** disaster." 

The NUJ executive will 
decide today how to respond 
to a request for an assurance 
that it will abide by agreed 
newspaper disputes procedures. 


The accepted guide 
for offices 



OFFICE GUIDE 
NATIONWIDE 
The summer edition 
■of this widely 
accepted guide 
for offices is now 
available. 

It contains concise 
details of numerous 
buildings to let 
throughout the U.K. 
and is obtainable free 
on request. 



Otftce 




Send foryour copy today iibdey & Baker 


CtfatfsMlttUftitflncfan 

29 5L George Street, Hanover Square, 

London W1A3BG . 




^ ! 1 


{Financial Times Friday JuI?28 1S78 


EUROPEAN NEWS 



Spanish police arrest 
GRAPO extremist 
group members 


BY JIMMY BURNS 


MADRID, July 27, 


POLICE HERE have arrested 
■even members of GRAPO, the 
extremist terrorist group, in 
connection with a series of 
political assassinations including 
that of Sr. Jesus Hassad. the 
Director-General of Spanish 
Prisons last March, 

Those arrested however are 
believed to he in no way linked 
to the assassination of two 
military officers last week. 
GRAPO has publicly denied any 
responsibility for the killings 
which appear instead to have 
been organised and executed by 
the military wing of ETA, the 
Basque terrorist group. 

Last weekend ETA claimed 
responsibility for the deaths of 


the military officers, adding that 
the operation had been carried 
out in revenge for recent police 
violence in the Basque country. 
There are growing signs that 
last Friday's assassinations were 
planned far more skilfully than 
was originally thought by the 
authorities, and that ETA may 
have again escaped the police 
net. 

ETA’s only other major 
political assassination outside the 
Basque country was that of 
Admiral Luis Carrero Blanco in 
December 1973. Those respon- 
sible escaped to France where 
they published a notorious book, 
giving explicit details of how 
they carried out the killing. 


Norway oil output soars 


BY FAY GJESTER 


OSLO, July 27. 


NORWAY’S offshore petroleum 
fields produced more than 14m 
tonnes of oil equivalents in the 
first half of this year, more than 
twice as much as in the same 
period last year, the Norwegian 
Oil Directorate reports. The big 
jump mainly reflects the fact 
that gas, as well as oil. is now 
being produced in the Norwegian 
sector. 

The Ekofisk field accounted for 
most of the total — over SJ2m 
tonnes of crude oil and 4.1bn cu. 
metres of gas (over 4.3m tonnes 
oil equivalents). Gas from Nor- 
way's part of the Frigg field 


amounted to about l,.6m tonnes 
oil equivalents. 

Commenting on the figures, Mr. 
Bjartmar Gjerde. Oil and Energy 
Minister, said that 1978 looked 
like being “ a break-through 
year *’ for Norwegian oil and gas 
production, now expected to reacb 
30m tonnes of oil equivalents for 
the year as a whole. It appeared 
as if official forecasts for 1978 
output would prove correct. He 
added that Norway had prob- 
ably reached the end of the in- 
itial development phase, marked 
by heavy investment and rela- 
tively low returns. 


OECD ECONOMIC OUTLOOK 


‘Fragile recovery’ will continue this year 


UNEMPLOYMENT 




Br PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE ECONOMIC recovery in UK")- 


the hJd^S^ed countries OECD reckons that ttese nine GROWTH IN OECD AREA OF GROSS NATIONAL PRODUCT 


seems Ukeiy““to remain fragile" countries could achieve the 
JSd confidence has not been re- necessary Increase in demand aj 


ana conaaenve nut — , * - . _ . _ « 

stored, acconiing to the Organi- a result of concerted action by 
ration for £fconomic Co- policies which imparted only a 


operation ana ueveiopmeni ut ~ ~ -- 

its latest half year Economic country taking action damaging Japan 

Outlook published this morning, to its own stability- Germany 

On the basis of present policies Secretariat analysis _ suggests trance 
there is “small prospect of a that an injection of additional pjrfjl 0 , 

better economic performance purchasing power of no more 

overall during the rest of this than i per cent of the areas Total of above" 
year and into 1979. With certain Gross National Product would, A counlries 
exceptions this is true for re- within a year of taking action, q.^ qecd 
covery, as it is for price per- produce a good one percentage oaua tries .. 

ahJ Avtjnmil mvmdflk ruiifit orpalorofinn arfiiatth fflf — _ « 


positions," . OECD as a whole." 

Indeed the principal risk is The report suggests that fiscal 


From previous 
vear 

From previous half-year 
1977 1978 1979 

1976 

1977 

197S 

I 

U 

l 

n 

I 

6.0 

4.9 

3? 

5.6 

5.1 


44 

3 

6.0 

5.1 

5i 

6.9 

3.6 

«* 

51 

44 

5.7 

2.4 

21- 

' 2.7 

1.2 

2i 

34 

2* 

4.6 

3.0 

3i 

3.6 

2.6 

34 

35 

31 

2.3 

0.7 

n ; 

-1.0 

2.0 

3 

2* 

n 

4.9 

2.6 

4 

3.5 

3.4 

41 

3J 

4 

5.7 

1.7 

0 

321 

-3.6 

4 

3 

3 

5^ 

3.9 

3i 

4.6 

3.4 

3f 

41 

3i 

35 

1.9 

0 

1.6 

1.0 

0 

3i 

3 

5.2 

3.6 

3* 

4.1 

3.1 

3* 

4 

3i 


fwmoe • 
tbWOSCO 
WCfiURttvl 


: wt| 


iuueeu uic me reporc suggests mat uscai 

that the expected deceleration stimuli should rely more on 
of demand in the first half of — — «- 


of demand in the first half of measures which simultaneously 
next year may be more pro- increased demand and reduced 
nounced than suggested in_ tne pressures on costs and prices — 


CURRENT ACCOUNT BALANCES 
Sbn 


nounced than suggested in_ tne on costs End prices - 1976 

present forecasts if there is a j Q particular, cuts in taxes and Total OECD -4* 

deterioration in business cot^- employere - Social security costs, of which: 

dence as a result of weak trends than greater nublie saend- United States * ”1.4 


1st! 


■ cent In December last year, the 
inflation rate may remtln on a 
7 per cent plateau in the course 
of 1978 and early 1979 reflecting 
the net effects of a deterioration 
in the price performance in the 
U.S. and improvements in almost 
all other industrialised countries. 

The forecasts imply a 
■* narrowing in inflation differen- 
tials between industrialised 
countries. With few exceptions, 
countries with above average 
rates of inflation are expected to forecasts incorporate the trehm- 
move more closely in line with cal assumption that pay settle- 
Slhe average of the three largest meats will be halved in the next 
economies." But the Secretariat pay round, 
takas particular note al jhc On this basis, and reCocting 
“ recent deterioration in the u.b. e4r iier pay rises, the rate of 
price performance and the fore- pace inflation may reaccelerale 
“■“5. inflation rate t 0 annual rate of around 10 
r cent in the first « C r cent in the second half oE 



mrp 
starts J 


IB?? ;tb iv; 

kiHatn,. -finwH 


in demand and world trade. 

The OECD Secretariat puts for- in 


. The UJSUD secreranat puc i or- m the absence of poucy utionuj 

ward proposals for “concerted changes, the growth of Gross Other major European 

i... > ripmanri v.J-— i , Onimtri ps 


Japan 


.. — _ — — — it uaugvB, imk gtvwuj ur uiuaa 

but differentiated demand National Product for 1978 as a 


management policies vvnoie in. me enure uauu area 

would create good prospects for seems likely to stay around 2 PE 
a substantial improvement in the 3^ per cent— -about, the same as Non-01] 
international payments situation ] ast year. The slowdown 

j vnmirronPfl , - 


1976 

1877 

197S 

1979 

-24i 

-32 

-17 

-17 

-1.4 

—20.2 

-25 

-IS 

3.7 

11.0 

17* 

13 

3.8 

3.S 

5 

3 

-10.4 

-0.fi 

4 

5f 

6.2 

3.4 

6 

f* 

39 

34 

19 

16 

“26* 

-26* 

-38 

-39* 


and for avoiding 
of the recent 


JSOL JCiU, 1UC Slow LIU w II 

ding a. recurrence observed in the first few months 
turbulent episodes 0 j ^ e year is expected to give 
•hanee markets. 


* annual rate 


in foreign'exchange markets." ^y*" to*“ * some "^temporary Germany and Japan and the rate of around 5i per cent com- 
The report contains a lengthy strengthening in demand in the effects on demand in the U.S. of pared with 5 per cent in first 
discussion of the problems of current half. higher interest rates and infla- quarter of this jut. 

slow growth and of the con- But it is unlikely that, after tion. Prospective inflation rates are 

stxainti on acceleration. It points the effects of earlier fiscal In the year ahead, it seems still, with few exreption, high b> 
out that to raise overall growth stimuli have been exhausted, likely that productivity growth historical standards. Even Though 
to some 44 per cent— about the they will be followed by an will speed up. but a return to the rate of price increases nas 
rate probably needed, normally, autonomous rise in private trend rates is unlikely. “ Employ- been coming down in countries 
to start unemployment falling — sector demand. Consequently, ment may expand more slowly in where recently it bad oeen worst, 
would require an acceleration of the annual rate of growth of the period to znid-1979 than was for the area as a whole innauon 
domestic demand substantially Gross National Product is pro- the case last year. Labour force is still running at about 1 per 
faster than at present forecast for jected to fail off from 4 per cent growth may exceed that of cent a year. . 

the strong-currency (Germany, in the second half of this year employment, and recorded un- A modest acceleration occurred 
Japan, Belgium, Switzerland and to roughly 3} per cent in the first employment in the OECD area in the first tour months of iU7o, 
the Netherlands) and con- half of 1979. This deceleration could well increase by more largely as result of the swing m 
velescent groups of countries partly reflects the fading on 1 of than 500,000 (from the present food prices. After dropping to 
(Canada, France, Italy and the fiscal policy measures in West total of roughly 17m) to reach a an annual rate oE below 6 per 

■ — — ■ — ■ — — — T — ———————————— 


cast of a US. 
rising (to T* per cent in the first per cent in the second half oE 
half or 1979) above the average this year bur then fall back to 
for the other major countries." 7* per cent Hi the first half of 
On individual countries, the 1979. A rise in earaiags of about 
OECD makes similar observe per cent might add about ij 
tions regarding the TJ.S. economy percentage points to the price 
as in its report on the subject forecast for the first half of lBi 9. 
published on Wednesday Total Gross National Product 
morning. is projected to increase by. nearly 

? wr halves of J977 and 1978 hut with 

Stdutette £e f?!iS the ***** vRecl uf tb? 

iflikeiv ?o fall short of the fl,cal measures petering out the 
labour nrodiieHvSf expansion of activity is likely I n 
*£3Sc "JaSSta- 1 * toS& ■»*? down tn an annual rain ,.f 

contraction in overall employ- ig\ B pCr cctU - 1,1 lh< * 


half of 1979. Unemployment may 
rise slightly, or at best remain 
broadly stable during the rest 
of 197S but begin tn increase In 
the first half uf 1979. 

With increased North Sea oil 
the production, the current account 
ins to surplus is Toreeast at about 
against £9 50m this year, and an annual 
rate of a tittle loss than £L2bn 
_ . 4V in the first half at 1979. 

The OECD notes that after , 

two years of sever* restriction OECD, bamamit Outlook, 
the fiscal policy stance has been Number ?,1, 144 pages, pnee 
relaxed markedly in the U.K, £3.90, ormtcblc from OKCD or 
since the start of this year. The from Stationery office, Lawton. 


raent. The terms of trade are 
expected to rise as result of the 
appreciation of the Deutsche* 
mark and this is expected to 
exceed the forecast small 
deterioration of the real foreign 
balance, possibly raising 
current external surplus 
DM 11 4 bn in 1978, " 

DM 8.7bn. 


SO V I ET-NO R WEG I AN RELATIONS 


These bonds have been sold outside Japan and the Uni ted States of America. This anno uncement appears as a matter of record only. 


NEW ISSUE 


July 28, 1973 


RICOH COMPANY, LTD. 

Tokyo, japan • 


DM 70,000,000 

3%% Convertible Bonds due 1986 ' v 

Issue Price: 100% 


Shipping 
intrusions 
highlight 
a delicate 
situation 


By William DuHforct 
In Stockholm , 





DM30,000,000 
5%% Straight Bonds due 1983 

Issue Price: 99%% 


Payment of principal, premium; if any, and interest of the Straight Bcmdsunconditionallyguaranteed by 

The Mitsubishi Bank, Limited 


NOMURA EUROPE N.V. 


COMMERZBANK 
AktiengeseHschaft 

CREDIT LYONNAIS 

CREDIT SUISSE WHITE WELD LIMITED 

UNION BANK OF SWITZERLAND (SECURITIES) LIMITED 


Yamalchi Internationa} (Europe) Limited 


Fuji International Finance Limited 


tween Norway, a NATO country, gian action but EEC fishing 
Norway's usual summer luU * nd bi % neighbour. In a boats, mostly British, have been 

has hppn hrnkenbv mysterious b «>ader context it raises ques- observing riie conservmwn regu* 

Soviet intrusions ° y within °its tlons about the Soviet Union’s latinos mitviducrd by the Nor* 
territorial 1 waters* in tibe Nortt int ® n H? ns ix i ^ Nord * c areas vvegians and reporting their 
Spe Sea. In six taeSSSS and abou j . the . « ffects of M W v f' catches to them. The Russians, 

“(Malta lu? nStbTlSS SJSS'feT* “ NA ™* who luvo m m,I> 

nine Soviet non-naval vessels n ™" 11 Jf <i nK * wiihm the zone recently, havu 

and one East German have been „ F ™ m the u Wginning of its reiused to report catches anti 

spotted stationary within the NAT P membership Norway has it has been impossible to dis- 
four-mile limit, apparently sought to placate the Kremlin s cover whether their nets con- 
breaking the rules of “ innocent fear ? °i a “re 1 . 1 to ^ Arctic form with Norwegian rules, 
passaged terntones. It has refused to So far Norway has reframod 

The Norwegian military com- al, °w foreign forces to be from Dying lb enforce the 
mander in north Norway said ata “ oneti on . Norwegian^ Mil regulations, partly because tbeur 
the infringements had been too « u " n S peacetime and no NATO n&vy hM only limited means and 
frequent to be coincidental. The ^ “ exercises are allowed near partly because they hope it may 
Commander-in-chief, Gen. Sverre *J* e ^ Vle ^ horder. On their side stilt be possible to work out a 
Harare, commented that Norway roe Kussians have taken every compromise with Russia. Mr. 
appeared to be feeing “some- oportumty to impress .P® Jens Evensen, the Minister 
thing like old-fashioned gunboat Norwegians tteir over-riding responsible for the Law of the 
diplomacy.” After the second “ cunt y interest in the Barents gea affair?, will go to Moscow 
encroachment Mr. Knut Fryden- area - . . next month to try to settle the 

lund, the Foreign Minister, com- T11 f. ? ast . year , ®. as an matter, 

plained to the Soviet ambassador, one in relations between j t concerns more than fish, 

who reported back that the ■ 
captains of the Soviet vessels 

would be questioned, when they- While the Communist 
returned to port The infringe- Party newspaper Pravda 
ments continued. v ” 


The Norwegians have stepped Sugg ests from MOSCOW 
| up navai patrols — mostly by ^CSterd^y uiat NATO was 


Abu Dhabi Investment Company 
Algemene Bank Nederland N.V. 

Arab Finance Corporation SAL 
Arab Financial Consultants Company 
Am hold and S. Bleichroeder 
Incorporated 

Amsterdam-Rotterdam Bank N.V. 
Associated Japanese Bank 
(International) Limited 
Banca Commerdale Italiana 
Banca del Gottardo 
Banco di Roma 
Bank fur Gemeinwirtschaft 
AktiengeseHschaft 
Bank Leu International Ltd. 

Bank of America International Limited 
The Bank of Tokyo (Holland) N.V. 

Banque Arabe et Internationale 
dTnvestissement (B.A.I.I.) 

Banque Bruxelles Lambert S. A. 

Banque Fran^aise du Commerce Exterieur 
Banque Generate du Luxembourg S.A. 
Banque de I'lndochine et de Suez 
Banque Internationale a Luxembourg SA 
Banque Nationale de Paris 
Banque de Neuflize, Schlumberger, 
Mallet 

Banque de Paris et des Pays-Bas 
Banque Populaire Suisse S.A. 

Luxembourg _ 

Banque Rothschild 
Banque de ('Union Europeenne 
Baring Brothers & Co., Limited 
Bayerische Hypotheken- und 
Wechsel-Bank 

Bayerische Landesbank Girozentrale 
Bergen Bank 

Berliner Bank Aktiengesellsdiaft 
Blyth Eastman Dillon & Co. 

International limited 
Caisse des DdpGts et Consignations 
Central e Rabobank 
Chase Manhattan Limited 
Christiania Bank og Kreditkasse 


Citicorp International Group 

lalS.A. 


Commerzbank Intemations 


Creditanstalt-Bankverein 
Credit Commercial de France 
Credit I ndustriel et Commercial 
Dai-ldii Kangyo Bank Nederland N.V. 
Daiwa Europe NAC 
Delbruck&Co. 

Den norske Creditbank 
Deutsche Girozentrale 
- Deutsche Kommunalbank — 

DG Bank 

Deutsche Genossenschaftsbank 
Dillon, Read Overseas Corporation 
Effectenbank-Warburg AktiengeseHschaft 
Euro Partners Securities Corporation 
European Banking Company Limited 
First Boston (Europe) Limited 
Robert Fleming & Co. Limited 
Girozentrale und Bank 
derdsteiTeichischenSparkassen 
AktiengeseHschaft 
Goldman Sachs International Corp. 
Groupement des Banquiers Prives 
Genevois 

Hambros Bank Limited 
Hessische Landesbank - Girozentrale - 
Hill Samuel & Co. limited 
Kidder, Peabody International Limited 
Kleinwort, Benson Limited 1 
Kredietbank S.A Luxembourgeoise 
Kuhn Loeb Lehman Brothers Asia 
Kuwait Fo reign Trading, Contracting 
& Investment Co. (S. A. 1C) 

Kuwait Investment Company (S. A.K.) 
Kuwait International Investment 
Company S. A. K. 

Lazard Brothers & Co. Limited 
Lazard Fr&res et Cie 
Lloyds Bank International Limited 
Manufacturers Hanover Limited 
Merck, Finck & Co. 

Merrilllynch International & Co. 
B.Metzler seel. Sohn & Co. 

Mitsubishi Bank (Europe) S.A. 

Mitsui Finance Europe Limited 
Samuel Montagu & Co. Limited 
Morgan Grenfell & Co. limited 


MTBC & Schroder Bank S.A. 

New Japan Securities Europe Limited 
The Nikko Securities Co., * 

(Europe) Ud. 

Nippon European Bank S.A. 

The Nippon Kangyo Kakumaru 
Securities Co., Ltd. 

Nomura Europe GmbH 
Nomura International (Hong Kong) Ltd. 
Okasan Securities Limited 
Sal.Oppenheim jr. & Cie. 

Orion Bank Limited 
Osakaya Securities Co, Ltd. 

Pierson, Heldring & Pierson N.V. 

PKbanken 

N.M. Rothschild & Sons Limited 
Salomon Brothers International Limited 
Sanwa Bank (Underwriters) Limited 
Sanyo Securities Co., Ud. 

J. Henry Schroder Wagg & Co. limited 
Schroder, Munchmeyer, Hengst& Co. 
Singapore Nomura Merchant Ban king Limited 
Skandinaviska Enskifda Banken 
Smith Barney, Harris Upham & Co. 

Incorporated 
Sotiete Gen^rale 
Society Gin^rale de Banque S.A. 

Svenska Handelsbanken 
Swiss Bank Corporation (Overseas) 

Limited 

Tokai Bank Nederland N.VC 
Trident International Finance Limited 
Trinkaus & Burkhardt 
UBAN-Arab Japanese Finance limited 
Union de Banques Arabes et Francaises 
- U.B.A.F. 

Verband Schweizerischer 
Kantonalbanken 

Vereins- und Westbank AktiengeseHschaft 
J.Vontobel & Co. 

Wako Securities Co., Ltd. 
M.M.Warburg-Brinckmann, Wirtz & Co. 

S. G, Warburg & Co. Ud. 

Wardley Limited 
Wood Gundy Limited 
Yamatane Securities Company 


torpedo boats — and air surveil- 
lance, but the long, sparsely 
populated, fjord-indented coast- 
line of Fmnmark, the northern- 
most county bordering the Soviet 
Union, stretches the available 


military resources. First reports 
of the intrusions came in most 
cases from local fishermen. 

The Oslo newspaper Aften- 
posten speculated editorially 
that Moscow could be testing 
Norway's readiness to assert its 
sovereignty in a strategically 


behind the Norwegian 
allegations of territorial 
violations by Soviet ships 
in the North Cape area, 
Norway’s Defence Minis- 
ter said that only four of 
the reported ship move- 
ments were actual viola- 
tions of Norwegian roles. 


however. The Russians, who 
operate coal 'mines on Svalbard 
and have more people there than 
the Norwegians, have consistenly 
parried Norway’s efforts over the 
past few years to exert its juris- 
diction over Svalbard. They have 
built up A helicopter base near 
Barentsburg, their coal-mining 
township, over which. Norway 
has no control. Russia does not 
report its helicopter flights over 
the Islands. 

There have been other 
instances, in which Russia has 
ignored Norwegian regulations 
and authority. The Norwepan 
Government is well aware that 
the Soviet .aim is to bring about 
'a form of condominium over 
Svalbard and to keep other 


sensitive area. The Flnnmark the two countries. After declar- countries out The Norweeians 
fjords control the sea approaches ing its 200-mile fishing zone, the %£ knovT thtt : their ^ S 
to the largfe military base on the Labour Government succeeded in Snatthls uressS-ek/trtct 
Kola peninsula, from which the getting an agreement with the DDlicatiw of 

Soviet Northern fleet operates Russians over the division of the S?. 1930 treaty^ AMhfSyfi 
the bulk of the USSR’s strategic, catch and control of fishing- in to SrSSUmLftJitSK 
nuclear-missile submarines. the Barents Sea. This agreement SSSiSS Sr tS? 

An alternative theory is that entailed the introduction of a meSs^hoJNhai 8 nrP lSr/S 
the Russians were searching for “ grey zone ’* in which the two 

lost submarine listening equip- countries would exercise joint witif Moscow itls nS^n^asv 

meat, which could have drifted control and which left for future StuLtiom* 0 11 ** “ D * “ y 

m towards the Norwegian coast settlement the vexed question of- it has been a bau> 

and which Moscow did not want the Barents Sea dividing line, in NATO SaiiiSF 1 

to fall into NATO hands. The The agreement caulcd 

whole area is understood to be siderable political turmoil inside JPV? 

ttnek with underwater electronic Norway, because the "grey zone" 

dev'ces laid both by NATO and appeared to favour the Soviet ^« n C ^.hW. t8 h v If/u^r 65 ' 

the Russians. But Mr. Johan claim that the dividing linfe^ ■S^nUnSw' 

Joergen Holst, the defence should follow the sectorprinciple ?£« enahHnv if- !!}? 

undersecretary and Norway’s and run much further to the west maritW lS r ' 

best-known strategist, thought than the median line claimed by t0 i - tho 

the idea was improbable, the Norway. The Norwegian ^Parlia-’ *5?i2!JS?S a !? ar ?f s . 1 1 
vessels observed were not ment approved the ap’eement by «, a I a! Sf ^ S ff*** 
equipped for such activities. only a four-vote majority and for ^he nilUMy 

. 0® ■ fugsgr last STANAVFOR- roe first time- S ince World War It pS S5 ^utv ta n f ta r^n 1 ^ M ^„ the 
LANT, NATO s standing naval 1116 Government and Opposition J, hich «,u1i?ib£!£!?m pressur ®’ 
force m the Atlantic, was due to split over a major foreign policy ^ en Non !f? y - and 

sfert week-long manoeuvres off issue. The U.S. alsoTelt ttS 
the county of Troms. Ships from Norway had not given enough rions 
seven NATO countries, including weight to security matters in J nn?w2*i™ ^ 

Bntain and the U.S., are taking negotiating the fishing agreement deneeMr^ !2 de *55?“ 

part under a Canadian comman- with Russia. ^ ^ ."exel Kosygin, the 

der. However, the Soviet ships To complement this agreement JS5» ^th* Drenii«n^T*ih! 1 
have been carrying out their and to protect the Barents Sea Nordic" M»nh£?SLSL' ^ w® 
peculiar activities in the far fish stocks Norway has unilate? Imnre 

North, well away from the area ally established a fisheries pr£ ?Sd m m 
of the manoeuvres, so that no tection zone around the Svalbard Norl/av 
coMection is thought to be likely. (Spitsbergen) island MoS 2 .lA? ■ « Hc 
The Norwegian Foreign Minis- has refused to recognise ^hls NAT? acliritiM 5? C, Si2i»SL 
y has stressed that It does not zone. It armies that Lbe iw!n jSSLt 


| want to magnify the incidents, treaty, "J35T %!l25JS JWH 


added that relations with the Svalbard but which gives 4l Norway 1 “ NAT ° K 
Soviet Union have improved over countries tho right to exploit 1™ early January Mr T™r 
, N* r > an assessment Svalbard's economic resources. Zemskov, the Boriot danutv 

™w d hi 1 «iii beC Jh ? ? < ^£ “ ? oes aot enaa « Norwegians foreign BCnisteT ^ 

cow, he said. This view is diffi- to set up and control such a smooth er. 
cult to reconcile with General zone. Norway claims that th2 asoroach 


adopted a 
placat 


v - - — - u — — - — , - more . placatory 

iri ornr . z 7-- -- Norway claims that the approach m an official visit to 

t0 boat treaty appUes onl y 10 roe islands OSlo, vwl 10 

| aiplamacy. themselvo- -nit tWr TTrirt TnriTii 

The behaviour 0 f the Soviet waters. temronai ■ — r* r-r 

I ships highlights once again the 






it 












» 

. » 



Financial Times Friday JnJy'28 1978 


EUROPEAN NEWS 


West German trade 
surplus rises to 
DM3.9bn in June 


BY ADRIAN DICKS 
THE WEST german trade 

durii« S i hot up by about DM too 
S n si UDe 10 a new level of 
vicin 3, ? b 2* ^ccordiDg to pro- 
iwu”*! ,? gures i&sued by the 

Federal Statistical .Office today. 
<ne June results give West 
ijcrraany a cumulative surplus 
for the first six months of this' 
year of DM I8.9bn on the trade 
account compared with 

of 1977” bn f ° r thfe Mme P etiod 

On a year-to-year basis, the 
June figures show a rise in 
exports of 10 per cent during 
the past 12 months and a rise in 
imports of only 6 per cent For 
uie first six months alone, the 
increases were 4 per cent and 
J ,E!: r respectively. 

The .Tune figures also show a 
sharp increase in the surplus on 
tie overall current account 
during the first six months, from 
DM 4 .9 bn in 1977 to DM 7.Sbn 
for the first half of this year. 

Figures for both long and 
snort term capital movements 
during June have not yet been 
published. For the first five 
months, however, the so-called 
basic balance (current account 
plus long-term capital account) 


BONN, July 27. 

showed a surplus of DM 5.lbn 
compared with a deficit of 
DM l_2bn for the same period of 
1977. 

The inclusion into the 
equation of short-term capital 
movements, resulting in what 
the Bundesbank refers to as the 
balance of recorded trans- 
actions, gave a - much less 
embarrassing surplus of DM 2bn 
for the first five months, com- 
pared with a deficit for the first 
five months of 1977 of DM 2.7bn. 

Much of the DM 3.1bn net out- 
flow during this period on the 
short term capital account 
appears, however, to. have repre- 
sented the unwinding of specula- 
tive positions in D-marks built 
up during last winter’s foreign 
exchange market turbulence. 

Some special factors appear 
to have played a Tole in the June 
results, including the lingering 
effects on export deliveries of 
last spring's engineering industry 
stoppages, and the shifting of 
school holiday dates m several 
West German states which may 
have delayed the normally 
heavy seasonal outgoings on the 
services side of the current 
account. 


Little support for Cuban 
thesis among non-aligned 


BY ALfiXSANDAR LEffL 

CUBA HAS received little sup- 
port so far in the general debate 
at the ministerial conference of 
the non-aligned countries which 
started here last Tuesday. Only 
two speakers — the Foreign 
Ministers of Tanzania last night 
and of Afghanistan today — have 
to some extent espoused the 
Cuban thesis that the Socialist 
bloc is the best friend of the non- 
aligned movement, which should 
close ranks with it. 

Other speakers from some 20 
countries have reiterated their 
view that the non-aligned move- 
ment should remain politically 
independent and maintain its 
anti-bloc orientation. The isola- 
tion of Cuba, many participants 
think, should serve as a warning 
to Havana to change its position 


BELGRADE, July 27. 

hut a speech by President Fidel 
Castro yesterday is seen here 
as reflecting Cuba’s unyielding 
stand. 

Sr. Isidore -Malmierca, the 
Cuban Foreign Minister, was ex- 
pected to speak today but bis 
name is not on ' the list of 
speakers. There have been sug- 
gestions that Havana should be 
replaced by another venue for 
next year’s non-aligned summit 

Last night the Iraqi Foreign 
Minister said (hat the situation 
in Eritrea was a national struggle 
for liberation from foreign 
domination against the will . of 
the Eritrean people. ' The state- 
ment provoked an Ethiopian 
accusation that this was an inter- 
ference in its internal affairs, 
but the .Iraqis rejected this. 


Britain puts 
case for 
shipping aid 
in Brussels 

By Giles Merritt . 

BRUSSELS, July 27. 

A SET of detailed proposals 
that would enable, the British 
Government to funnel £90m 
In direct aid to British Ship- 
builders was today laid before 
the EEC Commission and is 
expected to result in a ruling 
within a week. 

The British case Ls aimed at 
winning the Commission’s 
approval for further subsidies. 
Bri tish Shipbuilders has 
warned the Government that 
a number of deals could be 
jeopardised if the funds it sot 
sanctioned soon. The corpora- 
tion is known to be negotiating 
with many potential customers. 
Including Poland, Egypt, 
Mexico and Portugal. 

The Government’s case was 
presented to M. Raymond 
Tone!, the Competition Com- 
missioner, by Mr. Gerald 
Kaufman, Minister of State at 
the Department of Industry » at 
a meeting which follows 
several months of complicated 
negotiation at official leveL 
With time running short for 
British Shipbuilders on a 
number of overseas contracts 
currently under discussion, ML 
Vonel is understood to have 
given Mr. Kaufman an assur- 
ance that the matter will be 
decided before the Brussels 
Commission largely closes 
down for the month of Angnst. 

The negotiations between 
the British Government and 
the EEC competition authori- 
ties concern the question of 
whether or not the £90m 
“special Intervention fund” 
cuts across the Community’s 
rules on unfair competition. 
The previous £65m • fund 
granted to British shipyards 
pre-dated a tightening of the 
Commission’s regulations. 
Under the fourth directive -on 
competition policy, which was 
approved last March, stringent 
conditions have been imposed 
which the UK Is having con- 
siderable difficulty in meeting. 

The new ground rules 
stipulate that EEC members' 
national subsidies must aid an 
industry’s fundamental 

recovery. Not only should they 
be linked to the restructuring 
of industries In decline, they 
should also involve progres- 
sively -smaller souls of money 
year by year. 


Italians seek a successor to More 


§T DOMINICK J. COYLE 

THE CENTRAL Committee of 
Italy’s Christian Democrat Party 
meets to morrow to elect a new 
president to replace the assassi- 
nated Aldo More with many 
wishing ho was still there to 
stop the internal party 
squabbling. 

As president, Sig. More was 
the adhesive which kept the 
party together, the man who in 
the 1960s first plotted the open- 
ing to the Left, the party’s gov- 
erning alliance with the 
Socialists, and, more recently 
and! more dramatically, 
persuaded a reluctant party to 
accept the voting support in 
Parliament of the Communists 
to maintain a minority Christian 
Democrat administration in 
power. 

The Communists are now part 
of the governing majority, 
although not formally of the 
Ecvemment as such, and without 
Sig. More, more and more 
Christian Democrat voices are 
privately beiit® raised against 
this alliance. They did not like 
it under Sig. More either, but 
it was assumed that be could 
deal with the Communists with- 
cut putting at risk the ideological 
virtues of the Christian Demo- 
crats. 

■Without Sig. More n&rty 
is struggling for self-assurance. 


The new president wfK have a 
cruria? role to play in this pro- 
cess and ib trying to hold the 
various conflicting elements of 
the party in aheck. There has 
been no shortage of undeclared 
candidates, bu? pariy leaders 
usually “emerge" ?ftei weeks 
of job terra qean intrigue between 
the various patty factions involv- 
ing private deals and premises 
in exchange for vgihs. Only then 
do aspirants allow their names 
to go forward. 

This time round there is a 
front-runner — Sig. Flamlnio 
Piccoli. a 63-year-old veteran 
of Christian Democrat politics, 
who was born in Austria and is 
currently leader of the .Christian 
Democrat group in the Chamber 
of Deputies. He has managed to 
put together a coalition of sup- 
port from a number of factions, 
and is said to have the packing 
of Sig. Benigso Zaccagnini, the 
reformist Secretary-General 

£ig. Zaccagnini was close to 
Sig. More, and though his back- 
ing of Sig. Piccoli may not be 
decisive, it is bard to see another 
candidate making it to the presi- 
dency without his endorsement. 
Sjg: Piccoli has gathered bis 
own sbjirc of enemies, and no 
one knows for sure where he 
stands on the key question of the 


party’s relations with the Coop 
muni sts. 

Party factions ara^ being en- 
couraged to believe that he is 
“with the angels," which makes 
him an unlikely bedfellow for 
the Communists, but he himself 
is not saying much. He does sug- 
gest that no alternative govern- 
ing formula exists for Italy at 
the moment given that the 
Christian Democrats can only 
secure a practical working 
majority in parliament through 
the votes of th Communists. 

At the same time a few more 
such straws in the political air 
seeming to consolidate the 
party’s advance in the recent 
local elections could persuade 
Piccoli and Other party leaders 
that a snap general .election 
could possibly get the Com- 
munists off their backs, especi- 
ally if the rejuvenated Socialists 
under Sig- Bettino Craxi are will- 
ing to think about another 
Centre-Left alliance. 

The local election season is 
over, but nest year's direct elec- 
tions to the European Parlia- 
ment will offer a pointer to the 
standing of the main parties with 
the electorate, and the Socialists 
and Communists will then have 
to decide whom they want to sit 
down with in Strasbourg. 


ROME. July 27. 

Postponement of the presiden- 
tial election this weekend would 
be viewed as confirmation that 
the party is utterly divided and 
emphasise that the Christian 
Democrats want to rid them- 
selves or the need for Communist 
backing. But for the moment 
all side$ in the party arc talking 
of the need for national con- 
sensus. and the Communists do 
represent one in three of the 
popular vote. 

Senator Am into re Fanfani, the 
former Prime Minister and 
current Speaker of the Senate, 
recently criticised the More 
compromise with the Com- 
munists when he hinted that the 
Christian Democrats were losing 
their ideological way under the 
present leadership, and on 
Wednesday be announced that 
he would not even attend this 
weekend's party caucus. 

The meeting will be the last 
big political session before the 
vacation, and everybody wants 
to get it over as quickly, and 
hopefully as tension-free, as 
possible. It will then be for 
Piccoli, or another, to try and 
fill Moro’s shoes. It is an indica- 
tion of his real loss to the party 
that few members believe it can 
be done. 


Brittany hotel 
bookings drop 

By Ian Hargreaves, Shipping 

Correspondent 

HOTEL RESERVATIONS in 
north-east Brittany are .down by 
50 per cent on last year as a 
result of the Amoco Cadiz oil 
tanker accident, it was claimed 
yesterday. 

M. Alexis Gourvennec, presi- 
dent of the Economic Committee 
of Brittany, said that in spite 
of efforts to reassure tourists 
about the limited effects of the 
oil spill, there had been a big 
reduction in bookings, through- 
out the region, even in areas 
where' no oil had reached the 
beaches. 

The region has also experi- 
enced a sharp drop in the num- 
ber of holidaymakers arriving 
without bookings. As a result 
there are still a large number 
of hotel and farmhouse vacancies 
in an area which is usually fully 
booked at tills time of year. 

ML Gourvennec said pollution 
was now restricted to a 50-mile 
stretch of coastline 


French prices up slightly 


BY DAVID CURRY 

THE FRENCH retail price index 
rose by 0.8 per cent in June, a 
more modest increase than had 
been expected in the light of 
the Government’s policy of in- 
creasing public sector tariffs and 
duties on tobacco and petrol. 

ML Raymond Barre. the Prime 
Minister, had warned that the 
country must brace itself for a 
series of steep cost-of-living in- 
creases over the early summer, 
after which the rise would be 
more modest. However, for the 
second month in a row, the in- 
crease is less than anticipated, 
although the June-to-June rise is 
9 per cent and the forecast for 
an overall 1978 inflation rate of 
around U per cent still holds 
good. 

While the worst of the public 
sector tariff ahd duty increases 
have sow worked through into 
the index, the effect of the 
liberation of industrial prices has 
still to be felt. The price rises 


PARIS, July 27. 

announced so far by industry 
have been relatively modest be- 
cause of competitive pressures, 
and the Government is probably 
reasonably confident that its 
general scenario for prices is 
holding good. 

The weather appears to be at 
last on the government’s side. 
One of the main factors behind 
the relative modesty of tbe June 
rise was the fall in price of some 
fresh vegetables, which helped 
to limit the increase in the food 
index to only 0.3 per cent. 

"While the general prices trend 
is still upwards, M. Barre defines 
these increases as corrective 
rather than inflationary. The 
relative predictability of price 
rises, together with the notable 
recovery into surplus of the first 
half trade figures and the rela- 
tive quiet on the industrial rela- 
tions and wages front, have 
encouraged the recent firming of 
the franc 


Air controllers 
dispute spreads 

PARIS, July 27. 
AIR TRAFFIC controllers 
througout France start u work- 
in- rule tomorrow which could 
delay thousands of European 
flights on the busiest holiday 
weekend of the year. 

They are seeking pay rises and 
other benefits, Reuter reports. 

Flights throughout French air 
space have been disrupted for 
two weekends because of go-slows 
at regional control centres, but 
tomorrow will he the first action 
involving all French controllers. 

Jimmy Burns in Madrid 
writes: After a long and heated 
session of talks, employers and 
union representatives in Spain 
appear to have averted a 
threatened four-day strike of 
petrol station workers due to 
begin on Friday. 

Both sides have accepted in 
principle the mediation of the 
Ministry of Labour. This is 
expected to settle the current dis- 
pute over a collective pay 
increase. 


Seveso 

report 

criticises 

company 

By Our Own Correspondent 
ROME. July 27. 

AN ITALIAN parliamentary 

inquiry into the poisonous 
escape in July 1978 from the 
Seveso (Milan) chemical plant 
of ICMESA, a subsidiary of the 
Swiss Hoffman La Roche com- 
pany, has criticised bath the 
management and the Milan pro- 
vincial authorities for unneces- 
sary delays in recognising lhe 
risks to local inhabitants and in 
dealing with the problem. 

The report discloses little new 
about the details of the Seveso 
tragedy which resulted in hun- 
dreds of people being hospi- 
talised thousands evacuated from 
the contaminated zone of 1.S0O 
hectares and some SO.000 farm 
animals being slaughtered. 

Sig. Bruno Orsini. chairman 
of the commission producing the 
report, said here today that they 
had “ formulated ” specific 
charges, but that the final deci- 
sion on any legal proceedings 
would he a mailer for the 
magistrates. 

The ICMESA management is 
charged by the commission with 
"very serious behaviour,” not 
least over the extensive delay 
before the provincial authorities 
were told that the eras cloud 
released by tbc explosion at the 
St-vcsn plant was the deadly 
poisonous “TCDD.” 

Delays by the Milan authorities 
in dealing with the aftermath of 
the gas escape arc also crittcised. 
and they arc further taken to 
task for not having used their 
available powers to establish 
before the incident exactly what 
chemicals and drugs were being 
manufactured by ICMESA. 

Part of the contaminated zone 
around the Seveso district is 
still closed off, and a number of 
families have been moved per- 
manently to alternative accom- 
modation. Others have returned 
to areas around the con- 
taminated zone, despite contrary 
advice from the authorities. 

All lop soil has been cleared 
from the area, but tile authorities 
have yet to be satisfied that there 
in some mechanism for destroy- 
ing finally tbe traces of the 
TCDD. Medical authorities are 
also concerned that the effects of 
the original gas escape could 
take years to sbow up in some of 
the people affected 


EEC maps out Greek transition 


BY GUY DE JONQUIERES, COMMON MARKET CORRESPONDENT 


THE EUROPEAN Commission 
has dealt a blow to Greece’s, 
hopes t bat its farmers would 
reap immediate large benefits 
from EEC membership by pro- 
posing that Greek agricultural 
prices should be raised to Com- 
munity levels only gradually 
over a period of at least seven 
years after accession. 

EEC prices for most farm pro- 
ducts except cereals are about 
twice as high as those prevail- 
ing in Greece at present, and the 
Athens Government has been 
demanding that its fruit and 
vegetable production should 
qualify fully for the higher 
prices immediately after it joins 
the EEC. 

This request has been 
rejected chiefly at the insistence 
of France and Italy, which fear 
that their Mediterranean far- 
mers would suffer badly from a 
sudden influx of more com- 
petitively produced products 
from Greece. 

Indeed, the French Govern- 


ment has even turned down a 
Commission . suggestion.' - that 
Greece be permitted To align 
immediately its ' agricultural 
prices with EEC levels in cases 
where the difference amounts to 
only a few percentage points. 

To sweeten the pill, the Com- 
mission has also recommended 
that Greece should be granted a 
similar transition period of at 
least seven years in which to 
reduce its agricultural and in- 
dustrial tariffs to the lower levels 
prevailing in the rest of tbe EEC. 

Tbe proposed transition period 
for other areas, including quanti- 
tative restrictions on imports 
and capital movements, is five 
years. This is the same as the 
overall transition periods granted 
Britain. Denmark and Ireland 
when they joined the EEC. 

Though the Commission said 
today that it expected Greece to 
achieve substantial progress 
during its first five years of 
membership in integrating its 
agricultural sector and tariff 


• BRUSSELS, July 27. 

structure with the EEC, it is 
clearly concerned that the pro- 
cess' could be .subject to delays. 

It has therefore allowed a 
margin of error by providing for 
the extension of the transition 
period in both cases by a further 
year, if necessary. The Council 
of Ministers would decide by 
qualified majority vote early in 
the fourth year of Greek 
membership whether an exten- 
sion was justified. 

The Commission said today 
that it expected. Greece to enter 
the Community by 1981. The 
EEC has already committed 
itself to breaking the back of 
its two-year-old negotiations with 
the Athens Government by the 
end of this year, and at least a 
further 12 months would be 
needed to ratify the accession 
agreement once it is concluded. 

Greece's adjustment to lower 
tariff levels once it is inside the 
Community could prove difficult 
Its business sector will be likely 



Investing In North Sea 
and America oil and gas 
production through 

Viking Resources 
International N.V. 

Listed on the Amsterdam 
Block Exchange. 

The quarterly report as 
of 30th June, 1978 
has been published and 
may be obtained from 


Pierson, Heldrlng & Pierson N.V. 
Herengracht 214. Amsterdam. 


Turkey trade 
deficit falls 

ANKARA, July 27. 
TURKEY’S foreign trade deficit 
narrowed to S268m in June from 
8456m a year earlier, the State 
Statistics Institute reported 
today. . 

Exports were Slfi2m (fob)-, up 
30 per cent from June 1977 and 
17 per cent from May. Imports 
totalled S430m <cif ). down 26 
per cent from a year earlier, and 
2 per cent from May. ■ ' 
Total exports for .the first half 
of 1978 stood at $963ou 
AP-DJ " 


Ireland, UK 
grid link plan 

By Our Own Correspondent 
DUBLIN. July 27. 
THE IRISH Government’s Green 
Paper on energy, published 
today, comes out against the 
building of any more oil-fired 
power stations and suggests the 
possibility of a link between the 
Irish electricity system and the 
British grid. 

It is likely to draw tbe opposi- 
tion of environmentalists since 
its conclusions would involve 
the construction of more than 
one nuclear power station 



ConffrmedReservations • Choose any 
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travel agent and ask abcratTWA’s new Siqier-^exfai^ to America. 


TWA 


TtVAcairiegB^ st^wdnfedxj HTeng e ra across the Afi aiift.tIi a uapyoQ wrridlnR. 




July 1978 


REPUBLIC OF PORTUGAL 

US-$ 150,000,000 

SEVEN-YEAR MULTICURRENCY LOAN OF 1978 


COMMERZBANK 

Aktiengesellsdiaft 


WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 


THE BANKOFTOKYO, LTD. 

LLOYDS BANK INTERNATIONAL 
Limited 


BANCO DE VIZCAYA S.A. 

GULF INTERNATIONAL BANK B.S.C. 


Commerzbank International 
Soci£t£ Anonyme 
Credit Lyonnais 

Lloyds Bank International Limited 

Banco de Vizcaya S. A. 

Gulf International Bank B.S.C 
Tokai Bank Nederland N.V. 

Associated Japanese Bank 
(International) Limited 
Banque Commerci ale pour PEnrope 
duNord (Eurobank) 

Banque Nationale de Paris 
Berliner Handels- und Frankfurter Bank 
Hambtrrgische Landesbank-Girozentrale- 
Landesbank Rheinland-Pfalz und Saar 
International S.A. 


CREDIT LYONNAIS 

NATIONAL WESTMINSTER BANK 
Limited 


BANQUE INTERNATIONALE 
A LUXEMBOURG S.A. 

MIDLAND BANK LIMITED 
TOKAI BANK NEDERLAND N.V. 

provided by 

WestLB International S.A. 

Deutsche Girozentrale 
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Banque Internationale 
a Luxembourg S. A. 

Midland Bank limited 

Badische Kommunale Landesbank 
International S.A. 

Banque Continentale du 
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Bayerische Vereinsbank International S.A. 

Bremer Landesbank 

Hyp obank International S.A. 

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Vereins- und Westbank Internationale SJL 


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SWISS BANK CORPORATION 


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The Bank of Tokyo, Ltd. 

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Sodfte Generate de Banque S.A. 

Banco Totta & Azores 
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Banque Generate du 
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Union de Banques Arabes et 
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Call your travel agent and ask about TWA's new Super-Apex feres to America- 


Citibank 
accounts 
examined 
by SEC 


U.S. inflation worries grow £“ p * l u f gauis 

oc nav rkps aathpr pace approval 


as pay rises 


13 y rA V BY JOHN WYLES NEW rURtv, Juxy *«. i David Buchan 

„ r WASHINGTON, July 27. . 

By David Lascelles CONCERN ABOUT the infla- gaining even larger awards. So among the larger groups of wor- CONGRESSIONAL approval thi* 

nfw VORK jjiic tionary outlook to the U.S. far this year settlements cover- kers. of cost of. -living cJa^ses ^ ^ a igjge capital gains ta« 

' deepened today after the publi- ing groups of 5,000 workers have which pass on part of. aDd-jn cin became well-nigh inevitable 

citibank, new York s largest ca tioa of evidence that collec- averaged a 10.1 per cent increase some, cases all, of the increases yesterday when the chairman of 

commercial Dank, ctmflrmea £j ve bargaining settlements are and 7 per cent average gains over -m the. consumer price index. jjje Senate Finance Committee, 

tho yielding higher pay rises than the life of the contract compared In the 12 months since the end Russell Long, lent his voice to 

rv. rr^fi i C n n U 7c; a those of last 7 ear wbile worker with 9.6 per cent and 6-2 per Qf last year’^wond quarter, the those in the House of Represen- 

Comnussion <SEC) that its over- productivity remains virtually cent in the ’same period last total increase in wane payments tatives calling for a sizeable - 


NEW YORK, July 27- 


nearly sure 


nTa flfert h^Tfnr Attn o ugh the Department of 44 This is unusual at this stage of 1 6 per cent is attri- Senator Long urged a reduc- 

wake of a suit filed by a for Labour's latest quarterly reports of a U.S. business cycle, when buted tocost of living clauses. tion in the taxable proportion of 
S2S l0 i^i,« hp on P»-V agreements and produc- settlements for larger groups ™ capital gains, such as the sale 

^ twty makes slightly less gloomy tend to moderate while the small strengthening .the uwfety 1 s 0 f s hares or other assets, to 30 

fVJr 3, h P /hpre readin S than the previous sur- jess organised groups of workers lack of any *!} per cent from ihe current level 

?n1f^ d half’s veys of thc first quarter, they start catching up. There is' a UB. productivity which declined j of ^ per cent> This approach— 
offcr little evidence that manage- cost push inflationary factor armuai rate of 4.6 cent j different from proposals pre- 

nl0ney market transac ment 3nd employees are heed- now.” commented Mr. Jack Carl- J® fee first quarter and advanced , before the House Ways 

cvr TnvpctifTatirinc are in S tbe Administration’s call for SO n. the U.S. Chamber of Com- b >' ojtykl JELJ?®* “inland Means Committee, the key 
SS5 S,®“h^S a slower rate of pay increases. me rce economist this morning. Totid impi cavern ent ov« ;r body in the lower 

•ear. cottlom0 n, e i„ ,h« P ast _ year ^ chamber, which calls forj cuts in 


■ schedule d passengers across the Atlantic than any other airllna 


No.l across the Atlantic 


rnnnrroHIu haino rnnrin ,.lerl In « a*vi«ci » aic ui J luucion. nierce economist UUH HIBruiug. V — ■ — ' — ■ . n A UW-WTIung uoujr lil me lunci 

£.££5!!? »w5twrS£-.nk ln the ^st of the year. w „ a eAttlamAnt o me P ast »*“ r been •“■**£* chamberTwhich calls for cuts in 

determine whether Citibank se tti emenls C0 verinc more than wage settlements in .the p - r eent> which means that a tnital ra i e t 0 35 or 25 

sew^briinches 3 and°^usbldlar^ th .Tm ferent ^ £ SlZViS* 

£J ££ £££ ««• affl S C M WlTtbe economy jawing .. , 5?“°“ & ° m ““ 

tfan tSt CiSbank viSSted^U S. averaging 6.6 per cent over the duJfrv^^ thS-vear 7A P« c cent rate in the second President Carter had earlier 

law bJ? the SEC Is reportedlv hfe. of the contracts. In the pS dfeaLcoSrSe qna ^ tfr and industry running at hinted that he would veto any 

conceded about the possible equivalent period last year first- than 1000 Sorkra wS a . capacity utilisation m the iKL-85 1 attempts to lower capital gams 

Soacttf irteeularities in the > ear ^creases averaged .7.8 per iS-vear^ risSs Senffi range, a more. sabstan-UaxTTfewing them as help-the- 

b“S? foreiM ^SSnS on it s cent “ d l(P the f a l erage inc f ease gS^Jr^S^and li^of MnSct ^ growth in productavity irnght «cfa schemes. However, the 

!SmU C ondition Md hence on 2 v c er ^ Iir f of the contract was ^ I”® °en? pS ^ ,«*■ * ■* Treasury Secretarj’, Mr. Michael 

SnS^S—nL. ... ... SSSTo? MS? - m».— — y.ggi*«attft ,i«». m*—— «n»t 


Jiils announcement aj.‘{>t-urs us j matter of record only. 


NEW ISSUE 


July 1978 



OVERSEAS UIWQIM BANK LIMITED 

( Incorporated in the Republic of Singapore) 


US$15,000,000 
Negotiable Floating Rate 
U.S. Dollar Certificates of Deposit due 1981 


Managed by 


Singapore Nomura Merchant Banking Limited 
Asian-American Merchant Bank Limited 


Agent Bank 

Singapore Nomura Merchant Banking Limited 


& 

S' 

Si 




the shareholders n r n , ora lue jwuemenxnai, nas suggesLeu wuu. 

TbP SEC is refusine to com- -Vore worrying for the °f “• 4 " w J*"™ leapfed by 7B per .cent, according *. slight' reduction might bo 

mpnr «n thf AdministraUon. which faces workere the rates of increase to Department of Labour accei>mbJe. 

Citibank said that its boaid uf| nia j. or negotiations covering car *f r ® 67 P er cent ^ 5J per miu?h i^s tiian tile tot . ^ 5 ^! lo the 

directors had ordered that Mr. ! ^J^ers, steet workers and truck ce °“ ^ , quarters annual rate but hardly senlte once «he Ways and Means 

Edwards’ charges be studied bv drivers next year, is the fact Worrying Mr. Carlson and comforting. Output rose S£ ^ per conunin^ has finished with u. 
outside counsel and auditors.! that large groups of workers other economists is the wide- cent and hours worked SB per] pro bably this week. Proponents 


This sn V is now in progress, it which tend to be unionised are spread incidence particularly cent... 
said today. : — 


Mr. Edwards’ aUegations are 
contained in voluminous papers 
filed earlier this week with the 
Supreme Court of the state of 
New York. These allege that 
from 1975. when Mr. Edwards was 
working with Citibank's inter- 
national staff many of the bank's 


Tighter rules for foreign banks 


BY OUR OWN CORRESPONDENT 


NEW YORK, July 27. 


of a -large -capital gains Lax eut, 
who if anything seem more 
numerous in the Senate than the 
House, argue that it would stimu- 
late badly needed capital forma- 
tion and investment Mr. Garter's 
. economists, bn the other hand, 
contend that other tax measures, 
such as faster depreciation 
allowances for business invert- 


branches in Europe transferred [ THE SENATE Banking Com- banks in the U.S. Had risen from Illinois and California— would I-ment. would be more effective 

funds to the Nassau branch, m it tee last night responded to $37ba to S90bn. thus end up in an exceptionally and equitable., 

either by way of sale or deposit,! mounting concern about foreign At the moment, foreign banks privileged position, enjoying Meanwhile, the chairman of 

so as to be able to record a loss,! bank takeovers in the U.S. by operate virtually free of federal advantages denied to both U.S. the Council of Economic Ad- 

tbereby understating their earn- 1 approving legislation to tighten control, which enables them to banks and later foreign arrivals, risers, Mr. Charles Schultze, 

ings in tax returns filed by those I control, over these banks’ open branches in any state that This chance of getting a foot yesterday explicitly rejected a 

branches in the countries where activities. will have them. U.5. banks, by in .a fast-closing door explains recommendation by the Organi- 

they conducted their business.) Th ippieintion rnncidrr contrast, can open branches only why so many foreign banks ire sation for Economic Co-opera- 

The profit was then recorded b >' I ab i.. t0 if^ b e r t h an the f n te r ! in one state, though under the chfrently expanding their U.S. rtion and Development that the 


kVf buw UllUIku, [lllllUE Idol infill ICO^UUUtu LU ywi uu ku V«vvu. U4IU) CliU up 1 A1 Oil LAkA, puuuai ij 1 —— — , 

either by way of sale or deposit,! mounting concern about foreign At the moment, foreign banks privileged position, on joying] Meanwhile, the chairman of 


the Nassau branch, which | „aM 0 naT RankincBiH nacsed hv Edge Act they may indulge in operations. ‘U.S. should take firm monetary 

benefited from the absence of tax: ,,f“ 0 Sn „rw *rnr non-retail banking activities Other provisions of the Senate! and fiscal action to slow growth 

in the Bahamas. hiJT! mi iSttmiwS across state lines. Bill would give' the Fed power as the only way of curbing infla- 

Mr. Edwards alleges, however. Vr Sf The thrust of the Senate’s to examine^ the books bF U.S.]tion. .. 

that the apparent loss of ^m-\ ameadm?mT would be to place branches of foreign banks and j The Atoihfstration regards 
ings m Europe apd the profit in , “5*V^ r : “fJr -SfLi.i —ifiii™ foreinn hanks on a similar foot- require these branches to take slower growth in the second half 
Nassau were ' subsStuently ! jjthe P^Prlvileges 0Ut;Federal deposit tou^neeof 1978-ancLin ISTTflas-ineyitable, 

adjusted internally to eliminate ; en S®1s^«i 0 2^s5S B 'ff* ins their denosiSakinz bnmcb- c0 *erage >f they accept deposits (but not something. s& desirable 
Nassau’s profit and to credit the 1 J^’^grff'SgiSS! S SKlffto JS-SETSS »'’>« There vtan that it ehoald beencoura-ai. ft 

F.iimnpnn hranch Thic «rnc 51 cduv iu hueusueu .. . renwitlv a nnhlir nntm in Vnurri* tefill mvecino *>>*» <nc. „„ _ 


U^. should take firm monetary 


European branch. This was ® olacinz them under the “ central recently a public outcry In. NewTis stiD pressing the case on a 

recorded cm a second set of review authority” of the Fed. X ork over foreign banks taking (willing Congress for a «15-20bn 

hooks. Mr. Edwards alleges that lOo'riation finally finding its way in small deposits without insur- f overaii federal tax out .Jo como 

these activities violate the tax; ^ 00 J i ’ end ‘ ng a However, the Bill contains a ance,- which is generally required 1 into effect next January: 

and foreign exchange laws of I debate that has dragged on so-called “Grandfather clause” of U.S. banka. .-I . i- 

thc countries in which raanv of 5,nce } 9 ‘ J The . J° ove which would allow foreign banks The main provision of the 

Citibank’s European branches fP ur Tf d b >’ revelations from which already have inter-state House BUI was to aUow the Fed IViOrC UiSClOSUrC 

conduct their business and as Mr. William Miller, chairman of branching to continue with it to set reserve - requirement . for 

such constitute illegal payments. L he Fed - tha , t in the intervening These banks— including Barclays, foreign bank branches similar to Avu/>iifi 

*He also claims that they affect dve - ear5 > the assets of foreign which has branches in New York, those demanded of UE. banks. CACL.ll 11 V Co 

material representations made by , . . «... 

the SEC .od.cuo, M ».Kw..b| TVyfili^ 

nvAccAr tMH I pay sought : 

: ftjr Our. Own • Cormpomhnt 


Chilean junta 
row subsides 


Miller presses Fed interest Bill 


SANTIAGO. July 27. his bid to persuade Congress of tions: The first, paying interest below the average return qn the rives, following a Securities and 

GENERAL GUSTAVO LETGH ^, e need for a BiU which, by on balances which member system’s portfolio, which means Exchange Commission decision 

sacked from his job as air force aJlowins the Fed to W interest banks are required to deposit that in 1977 the rate of return on-j yesterday. - 
commander and member of the on mciuher hank reserves, he with the Fed, is designed to halt balances would have been 6 per Under existing SEC. rules, a 
rulin'- militarv junta in Chile c,a * ms wou,d ,Tiake monetary the steady erosion in the num- cent •' corporation must disclose in its 

for criticism of the nresident numasernent more effective and her of banks belonging to the w*hile eavment interest ann««ri proxy statement and in 
a rm>^ Gen .^Au gusto Pi n ocheL has the U ’«- baTlkin S system safer. reserve system^ won mort S m£S£ 55 SEC. compensation 

said ihat he would drop his plan The Fed has submitted the oe ®2jSm ^ ^US ^baiks second m « or change proposed is mcutivea^e^SSi J 

to lake legal action over his legislation to Congress without hSS?i?J e ♦ n th« the on c which the Fed wants SiSff “ 'IS? 1 ® ciSJ** *5^® 

dismissal. ever admitting that it does not S'S JS? abov e all. This would impose a . s “^f r d «; 

He told reporters that be only have the legal right to make the fr ?ni 5 *i, per rt cerit 40 £ en l.' reserve requirement on all finan- t0 niade ab ° ut 

wanted to live in peace proposed changes by admini- mLS cial 'institutions. -Including sav- SEf'SShliS?*™ 111 * m0re lbaD 

Gen. Leigh was sacked on Mon- strative action alone. This has frim * n S s and loan associations and . k . _ * 

day. following policy disputes sou re d^, relations with some o PP ^f P Sb 'r<S. e Jraifv 1 <h. m nt“al savings banks, on the pro * 

with Gen. Pinochet. They members of the House Banking Jlthrirawa^nf' hanW« ihP P r °P°rtion of their deposits (Liild 

reached a peak when the air ; Committee whose chairman. Mr. ^fem^is ascrib^d^ th?ouD^ devoted to transaction accounts. SKriJSd * eScutive ^5 

force commander said in an 1 Henrv Rpuss ha« alrpariv rahiprt s > Sl : em ,s asenoea to tne oppor- ... .njgnospaia . executives or 

in ten- lew in an Italian news- amendments' which woiild sub- tun !} y 5°* of ma iiUaimng non- Mr. Mnjer argued this morn- directors, regardless of com pen- 

paper that the government stantiallv alter the Ferf^ productive reserves. mg that this would reduce the sation received, as well ,as pay. 

SmSt set date for Ihc'Trturo p?opS Mr. Miller told the House competitive disadvantage . be- ments to the next five highest- 

of democratic rule to Chile H committee that interest paid on tween banks and other insfatir- P^ d executives or directors, if 

U eU (p r " ' However, in a li-page state- reserves would be no more than tions. as well as laying the basis individual . compensation were 

~ .1 meat Mr. Miller argued before 7 per cent of member banks’ net for more, effective monetary greater thin. £156,000 a year. 

the House Banking Committee earnings in any one year after control. -Of potential anxiety In trans- 

- ~~ ~ ~~ . 1 national ' corporations . is tiie 

application of- the second cate- 

POLITICAL TRANSITION IN PERU . ^SBUbSSSZ ,SUS 

A A . -a m rn-mm ’ ' pan , ies argued that this 

Re-entry of the civilians gggggg; 

U.S. COMPANY NEWS 


BY OUR OWN CORRESPONDENT NKW YORK. July 2V. U;S . CORPOMTONs" 7 Took 

MR. WILLIAM MILLER, the this morning for two important deducting total charges imposed pikcly to be forced to disclose 
chairman of the U.S. Federal changes in the regulation of for Fed services. The proposed a salary league table to cover 
Reserve Board, today launched banking and financial Institu- rate would be half a per cent as many as ten of their top execu- 
his bid to persuade Congress of tions. The first, paying interest below the average return on the rives, following a Securities and 


This announcement appears as a matter of record only. 

European Coal and Steel Community 

(“ECSC”) 

Ms 100 , 000,000 

7 V 4 % Bearer Bonds 1978 due 1984/1993 


Amsterdam-Rotterdam Bank N.V. Algemene Bank Nederiand N.V. 

Banl« Mees &Hope N V 
Pierson, Heldring &Pierson N.V, 

Banque de Paris et des Pays-Bas 
Credit Suisse White Weld Limited 
Deutsche Bank Aktiengesellschaft 
Societe Generate 

Swiss Bank Corpora tion (Overseas) U ml ted 
UnionBank of Switzerland (Securities) Limited 
S.G. Warburg & Co. Ltd- 

Bank der Bondsspaarbanken N.V. 

Cooperative Centrale Raiffeisen-BoerenleenbankB A. 
(Centrale Rabobank) 

)uly2S t 197S. 


the House Banking Committee earnings i n any one year after control. . 

POLITICAL TRANSITION IN PERU 

Re-entry of the civilians 


BY NICHOLAS ASHESHOV IN UMA Bethlebem Steel second-quarter 

upsurge; Overseas operations 

THE FIRST step hv Peru to- president and Congress at the Pern visa . newspapers, -in Ford Motor; Sharp setback 
wards democracy after 10 years end of 1979 or in early 1980. modern timethave bteii of poor at CoIf 5^ First-half Increase 
of military rule will be taken This approach, which so far r.„ a ii,™ ctonrtn^rtfi Lw for Pan-Am— Page 23 

today, independence Day. a s the has paid off. is harried by prob- but . : — 

newly elected 100-member con- lems. The most obvious is that reac ned new lows during the past 

stituent assembly takes its seats of the economy. The striking tow years when the papers have 

in the Congress building in Lima, teachers are a symbol of the been controlled rigidly, by.: the v 

At the swearing-in ceremony most intensive recession to have 'Government Information. Office. !■■. IQi ■■ ■■ ■■ ■ 

a few days ago. each of the 10 hit Peru in living memory. One result is 'that most of-Uiem J ■ ' ’ ■ 

parlies bad supporters in the This week, the Peruvian have been losing money and: they - ■ 

public galleries screaming for financial authorities have been have been Vapid propaganda ■ - - * 

their team and hurting abuse, winding up three weeks of machines. .. II ADpA ' - > 

at 0PP° nents - . negotiations with the Inter- The laiest decree, besides I' wWlTS^Kj .. I 

The swearing-in was also national Monetary Fund for a repeating 'earlier assurances * '. f^|\/lfMrMT\0 ■ 

marked oj clashes outside the stand-by credit arrangement about -guaraoteeing - Press M Ln VR/tPlUO -■ 

building betw-een not potice and aimed at righting the national freedom— there is no reason so ■- | p it/> A »| . ■ 

rhf U ion 3 fSP e t t af* C ^»^nni Cl,afl S es -. ll « th « fi tih round Of far to think these mean anything ■' UH AjLlAIN* " I 

the 1-0.000 state school leacbers negotiations within 16 months more than their predecessors ■ mann ■ 

m Peru ha^e been on strike for and some bankers question did — have set up" Government ■ - ' |||AlX I 

tne paat l- weeks, demanding whether the Peruvian gover- committees to supervise what nSinBaMi 2 

“L”? SSrSi,irf M , in Lima ™® n ' ,s f in an >' be rier condition amounts to a return of the news- a .' |ag|IBT|( ’ ■ 

But most poiitu tans in Lima than before to stick to the kind papers to tfcci.. previous, owners.- I . I1WJB IIL. . ■ 

Firiv r^ n u e te P b aC k° to fi Julian f e S^ify*^ Ihe^^ti^and j-'in the pastfivayears ■ I 

aajus: Peru ow “ « es*ss ff SUftSStESSB^ =■ 

Th2 e p|J?tio n ns 5e hlid on SETS’ k U is u ^ ,ear “ t0 vhat SJres? WJBif-' *&dts ■ flWW fmm 270 in 1973 " 

Sd to be^oojtponed for a coupfe ^ ^ sse I mbl f J . wi “ P ,a >' >“ govern- another 25 per cent, and the. rest *- to $1.^9 jit 1978.. And , I 

S JSJmSB; Sf hav ? coul , d b •■«■«>» <*** ■- pur first quarter 1978 Z 

violent' general strike ^ othlt ?S tp do with it, but most market. The workers are ■- increase is ttifi riiv. I 

K'dilSiW deputies do not take such a view, unlikely 10 take their shares ■ 

and P a J‘ l5 becaus o 0 p i^or does the military govern- and the Api en market ones will _ idend increase In 13 ■ 

' the °end. Clt wen I* 1 off ia 'unoothl v - r# „ Ilt «rUinfy' Thought | yearn. If s ah fmpresshre ■ 

and with almost oo accusation's JJJ* “| oI Iormer ? wners - - ■ . S- growth picture for any ■ 

of fraud. . for d many of it? irt£iL b an5 »f Besides betog a decisive step | company; ■ 

The process so far is generally ^ ™ a [J> o f a CUons. and »t ln lhe ■ thTowlng-ovet of . the . Interested? Write for I 

acknowledged as a personal {■ ^ i t ‘ rev olutlonary principles which; I MAPCO’S lastest reoort ■ 

triumph for the Presidcnu be difficult for thern to take any were a feature of the early years M s laarest report _ 

General Francisco Morales Ber- major step with which the two of the military government- the ■- Itfs goad reading. : ..I 

mudez- who bad to conquer con- major — l be ^ centrist- newspaper decree removes a ■' ‘ ’ _ 

siderablc opposition within the Socialist APRA and the right- major -source V of potential- ■ - ■ 

armed forces, first, to hold the wing Christian Popular Party are criticism which jvbuld have | 83 


for Pan-Am~Page 23 


MAPCO 
DIVIDENDS 
UP AGAIN. 
THAFS 
GROWTH. 


D^ptRlMQS. BHHmonM*. 
TdM. OHUnin* T* 11 » 

sreopuoA-imsE 

MWSe<PSE - 


armed forces. firsL to hold the wing Christian Popular Party are criticism which would have | ® 

elections, and then to dissuade in total disagreement. come from the ■ constituent — I — ■ 

Right-wing officers not to take . Line indication of the potential assembly. Indeed, "Sr; 'Victor ■. V k i.TffWW Jlgi m ® 

steps against the 30 deputies influence of the assembly over Raul Haya de la Torre, the S3- ^ ■ 

elected with Communist- Maoist- the government is a new decree year-old APRA- veteran • who -- -D^>tP.iooQs.o«fkT WO A™. ■ 

TrntsMtc and other Left-wing which attempts to solve the presides - aver the assembly, ■ • ■ 

labels. question of the daily newspapers, ordered a , "colonel and .'•« I- vno^pSe ™ I 

The assembly is to srpend the all or which were summarily journalists from "the Information . ’’’ • ■ . m 

next six lo nine months draw- expropriated (without compensa- Office to lave - the Congress ■ ’ • \ '■ 

ing up a new ennstitution. Mean- tion— most Peruvians regarded it building the other day— an Lm m I 

while, municipal elections are js confiscation! tour years ago by Indication of the contempt which ■ - - . . 

likelv tn be held in the first half ihe late General Juan Velasco, most Peruvians, seem to have ; 
of next year, followed by a the first president of the military built up for- pro-military 

general election for a civilian junia. propaganda. ■ ■*_'•' 


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Financial Times Friday July 28 1978 


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After a long study, one of the world's ^’ r ™ C j°^ uded 

thMi'the olane mile costs of the long-range L-1011 TriStar, trie 
! h imi 5(S are 8-10% below those of its nearest competitor And 
Semite costs of larger jediners range up to 31 % above 

There are a number of reasons the L-1011-50U oners airlines 

SUC Cireis'onef'he wide body L-1011-500 is the idcalsize to replace 

ot^fnarrawbocly jetliners on routes throughout die world. And 
g® "sHiS to augment largetairliners which have much 


higher pteremte^rgB^an^ment System is another reason. 
Called the biggest advance since the autopilot, this exclusive 
L-1011 system saves millions in fuel over the life of each plane. 

this and other exclusive systems add up to the worlds most 
advanced long-range jetliner. And many of those systems sue! 
as- Direct Lift Control, Autoland and the Flying Tail —also neip 
make the L-10T1-500 the world's most comfortable long-range 

jetliner. The L-1011-500. Low in plane mile 

technology; high in passenger. appeal. No wonder its called the 

wide body beautiful. 


The Lockheed L-10U-50p TriStar 

The worlds most advanced jetliner. 













Financial Times Friday July 28 1978 


OVERSEAS NEWS 


Britons told to leave Iraq 



in wake of UK expulsions 


BY ANTHONY McDERMOTT 


THE IRAQI Government yester- 
day ordered eight British diplo- 
mats and two emlpoyees of 
British Airways in Baghdad to 
leave the country within seven 
da>s. The official Iraqi News 
Agency said the decision fol- 
lowed “ unfriendly measures 
taken by the British Government 
by expelling a number of Iraqis 
at the embassy and other Iraqi 
establishments in London . . . 
after levelling false charges 
against them." 

On Wednesday the British Gov- 
ernment announced that It bad 
nskod 11 Iraqis to leave or not 
return to Britain. These included 
seven diplomats, among whom 
was Ihc military attache. Colonel 
Fawaz al-Shaktr. and civilians 
working for Iraqi Airways and 
the Rafldam Bank. The Foreign 
and Commonwealth Office said 
in a statement that “the presence 
in Lnndpn of a number of known 
Iraqi intelligence officers has led 
us io the conclusion it would be 
best for them to leave.” 

The British Government has 
become increasingly concerned 
at the threat to security caused 
by the spillover of Arab political 
feuding into the streets of 
London. 

Over the last IS months, two 
members of the Syrian embassy 
have been killed in a car bomb 
evpfosinn. Mr. Abdallah al 
Hajari, former Prime Minister 
of north Yemen, and Mr. Said 
Hammami. the representative of 
the Palestine Liberation Organi- 
sation, have been assassinated. 

Tile last straw was the assas- 
sination outside the Inter- 
continental Hotel earlier this 


month of General Abdel Razzaq 
aMVayif, a former Iraqi Prime 
Minister. 

Two Iraqis are being held in 
connection with this murder. 
But it is known that the British 
Government has been concerned 
with other activities by Iraqi in- 
telligence agents unconnected 
with General Nayifs murder. 

Although the number of ex- 
pulsions on either side is roughly 
similar. Iraq has an establish- 
ment of about 70 in its embassy 
in London (of whom 50 are non- 
diplomats) while the. British 
embassy in Baghdad consists of 
15 diplomats and seven n on- 
diplomatic staff. 

At the same time, while relief 
was apparent that the immediate 
Iraqi reaction was not more 
severe, there is concern as to 
further possible retaliation. In 
general terms, Iraq is going 
through a highly sensitive 
period. In May 21 members of 
tbe pro-Soviet Communist party 
were exerted for forming secret 
cells in the armed forces. Its 
tradition enmity with the 
Ba'athist Government of Syria 
continues unabated. 

The PLO in a recent meeting 
in Damascus condemned Iraq far 
its support for extremist Pales- 
tinian elements believed to be 
connected with assassinations 
round the world. 

Relations between Britain and 
Iraq have for historical reasons 
been strained. Baghdad con- 
tinues to regard British policies 
towards the Arab-Israeli conflict 
and the Gulf with extreme hosti- 
lity and suspicion. 

This has often been translated 


Into open harrassmenL Mr. 
Saddam Hussein, tbe Vice-Presi- 
dent, and most powerful man in 
the Government virtually ad- 
mitted in a recent Press confer- 
ence that a British diplomat had 
been deliberately beaten up m 
Baghdad last month (in retalia- 
tion for an alleged police assault 
on an Iraqi diplomat in Lon- 
don). 

Over the last 12 months, two 
locally employed members of 
the embassy staff have been 
arrested. British diplomats have 
been banned from using the road 
to the Presidential Palace on 
which a number of important 
ministries are situated. 

The economic damage which 
could be done by a further 
worsening of relations is con- 
siderably less than in other oil- 
rich countries in tbe Middle East. 
The British Government has 
emphasised that it wants political 
problems to be separated from 
other aspects of normal relations. 

About 1,500 Britons are work- 
ing in Iraq, mainly on construc- 
tion and consultancy contracts 
such as those of Taylor Woodrow 
for the construction of buildings 
at the University of Baghdad, 
and the long standing maj or 
irrigation consultancy contracts 
of Sir Murdoch Macdonald and 
Partners. 

Outstanding are bids by Wim- 
peys for about a third of a 
railways contract between Bagh- 
dad and Hussaiba on the Syrian 
border worth £L2bn; and by 
Plessey for the construction of 
an electronics factory worth 
£100m. 



ium denies 


Japanese 

vehicle 


BY DAVID CURRY 


PARIS, July 27. 


exports 
reach 2.5m 


Over$tbn 
sold as ^ 
yen hits! 
new high 


THE PREDOMINANTLY Franco- 
German consortium which builds 
the Airbus said today that no con- 
tract to buJQd. the' wings of the 
B-10 version of the amlner. oh: 
which- development is' about to 
start, would be . placed until it 
was clear whether tbe. -UK would 
re-associate itself formally with 
the project ' ' ■ 


I* said that reports that the 
wing contract' hpd -already been 
allocated to the German-Dutch 
group .Fokkerf-VFW^Was false, 
though, if Bri&ih railed to join 
the consortium, Frikker would 
probably be awarded the - con- 
tract- Outline contracts m the 
event of British failure to partici- 
pate already existed. 


line, If any. the British are 
working to on teaching a deci- 
sion abont Airbus. There, have 
been broad bints, from the 
Fnezich teat the intolerance may 
hoi stretch mnch %y.ond the end 
of*. September. . . 1 
: There is; clearly, . a certain 
amount of bluff in the negotia- 
tions; The French Transport 
Minister, M. Joel le Gheule, a 
fortnight ago insisted, that an 
Airbus order from British Air- 
ways would be . part of the UK’s, 
entry' ticket back into the con- 
sortium, but when he met the 
UK -industry Minister, Mr. Eric 
Varley, a- few days later in 


Paris, this question was 
apparently not raised. 

. The Airbus decision js see P 
ihijFrench in the gene ral cpn- 
tertKtf what they axe 
aS-' Britain’s refusal to ptoS ' jjj® 
game by tbe European, or. more 
precisely, EEC rules. . 

-Ttfe UK’s suspicions a b0U jL“f 
Fr&co-Gerinan monetary stabE 
lisatlon scheme and her renewed 
onslaught on the Common 
Agricultural Policy 
seen as evidence of 
prior- disposition to align herself 
with American interests rather 
t^an with those of her com- 
munity partners. 


U.S. envoy in Jerusalem talks 


BY DAVID LENNON 


JERUSALEM, July 27. 


ISRAELI LEADERS are meeting 
in Jerusalem this evening with 
American diplomats to discuss 
the state of the Middle East 
peace-making process under the 
cloud of the Egyptian expulsion 
nf the Israeli military delegation 
from Alexandria. 

Mr. Alfred Atherton, the 
ravine U.S ambassador, will 
neet Mr. Mcnahem Begin, the 
Prune Minister, and Mr. Moshe 
Dayan, the Foreign Minister, to 
discuss the outcome of the 
Esyplian-Israeli meeting at 
Leeds Castle in Kent last week 
and the prospects for additional 
direct talks. 

American officials were not 
particularly disheartened by 
President Sadat's expulsion of 
the Israelis who remained in 
Ecvpt since the direct talks 


brake down in January. They 
drew comfort from what they 


drew comfort from what they 
mi* as a Slizbl shift in the Israeli 


position on the future o£ the- 
Vest Bank. 


rast Bank. 

Israel today continued to play 


down the political significance 
of the expulsion of its military 
delegation. Officials pointed to 
Mr. Begjn’s statement last night 
that It is part of the Egyptian 
war of nerves and not something 
over which Israel should get 
unduly excited. 

Roger Matthews adds from Cairo: 
The Israeli military officers who 
bad remained in Egypt for the 
past six months as a symbol of 
the hope that existed on both 
sides for progress towards a 
Middle East peace settlement, 
were today formally expelled 
from the country. They left on 
board an Egyptian aircraft from 
a military base near Alexandria. 

The 'expulsion decision was 
taken at a long session of the 
National Security Council yester- 
day during which President 
Anwar Sadat and top-level 
government military and intelli- 
gence officials discussed the 
latest state of peace efforts. 


cil reached its decision because 
of Israel's continued failure to 
respond to Mr. Sadat’s peace 
initiative and also to emphasise 
that Egypt could not contemplate 
any farther negotiations until 
“new elements” were introduced. 


Other sources suggested, that 
senior army generals had 
become increasingly irritated at 
the continued presence of the 
Israeli officers, especially when 
there was no prospect of a re- 
sumption in the bilateral mili- 
tary committee talks that had 
been suspended in February. 


Official sources said the Coun- 


This could be a timely 
reminder that Mr. Sadat cannot 
be oblivious to domestic 
pressures and is increasingly 
feeling tbe need to produce 
something that would justify 
further contacts with Israel. The 
Egyptian President is likely to 
express his position forcibly 
tomorrow when Mr. Atherton 
arrives here on the latest leg of 
his regional tour. 


Three banks 


to advise 


Ghana, Turkey 


Safe technique for nuclear 
waste disposal claimed 


By Francis GhiKs 
GHANA HAS appointed a team 
of three international investment 
Kinks tn advise it on its financial 
affaire The banks are the; 
American Kuhn Loeb Lehman 
Rrolhers. the French Lazard 
Fibres; and tbe British S. G. 

Warburg. 

It has also been confirmed 
that the same three banks have 
been appointed by the Turkish 
Government to assist them with 
their foreign debi problems and 
nn tbe ncentiaiions on roschedul- 
inc thi* debt. 

In the case of Ghana, the, 
Kinks will be acting as technical 
e.fvisors in the central bank, tn 
the rase of Turkev. thev will be 
providing lerhnical assistance to 
The Central Bank and to the. 
Ministry of Finance. 

l..wt month Ghana devalued its 
r'lTcncv. ihe ceidi. in two 
-J.iips- the fliM time by 11) per 
cent, the second by -IS per cent. 
, .. :;nn*T the dollar Today, one 
’ d-illsr is worth cridis 1.35. 

This leam of three hanks has 
.tlready been involved in advising 
Indonesia on how to resolve 
problem-! over the targe short- 
term debt contracted by the 
stale company Pertamina and 
save also, more recently, been 
:ielpinc the Gabonese Govorn- 
•jicnt wilh us financial problems. 

The three hanks currently have 
i ream in Turkey examining the 
visit ion. They expect to start 
-caching conclusions on the 
rind of assistance they should 
iffer by the middle oF August. 

Since the foreign debt problem 
s closely connected with the 
iveraif balance nf payments and 
-conomic situation, any ussist- 
mcc they Rive is expected to 
-over domestic economic and 
incncial matters as well as the 
urcign debi. 


BY LAURIE OAKES 


CANBERRA, July 27. 


AN AUSTRALIAN geochemist. 
Professor A. E. R logwood, today 
made public details of a new 
technique he claimed could be 
used to dispose of radioactive 
wastes safely. 


Professor Ringwood, director 
of the research school of earth 
sciences at the Australian 
National University in Canberra, 
told a Press conference that 
nuclear reactor wastes could be 
stored in a synthetic rock, which 
he had named “synroc.” 


The technique, developed by 
Professor Ringwood and a team 
of researchers over the past nine 
months, has been patented by the 
university. It is outlined in a 


book. “Safe Disposal of High 
Level Nuclear Reactor Wastes: a 
New Strategy," which goes on 
sale in Australia and overseas 
tomorrow. 

The new strategy claimed is 
based on the fact that, in nature, 
small amounts of the same 
elements -which occur in radio- 
active wastes can be immobilised 
in the crystal lattices of certain 
minerals. Professor Ringwood 
sayp that in his laboratory he 
can produce highly stable syn- 
thetic minerals 

Professor Ringwood claims 
that given “ unlimited funding.” 
his " synxoc ” process could be in 
commercial use in two or three 
years. 


By Robert Wood 

TOKYO, July 27. 
MORE THAN $142bn.were sold 
in Tokyo today, marking tbe first 
time since abandonment of a 
fixed Y3.60 to the doBar rate in 
1971 that currency.' trading 
volume here has surpassed $lbn. 

For the fourth day running 
the yen rose sharp!? to a new 
post-war record high. 'It spent 
much of the session at its high 
point. Y192J.0 to tbe.tiffllar. 

Traders estimated-.?. that as 
much as $450m of the dollars 
sold today were purchased by 
the Bank of Japan, Jqpad’s cen- 
tral bank. Mr. ^Teiichiro 
Morlnaga, Governor wfrof the 
Bank told a Press -‘djnference 
that the yen’s rise was- exces- 
sive and the Bank wwa^ continue 
to intervene to co antejf specul a- 
tion. 

n The Japanese market has 
reacted too sensitively specu- 
lative views abroad, and calm 
will be restored soonerWor later 
since the market has^gone too 
far," he said. 

Mr. Morlnaga said Japan must 
convince the United States to 
join the defence of the 1 dollar, 
but in Washington Mr. Anthony 
Solomon, Undersecretary at the 
Treasury, said that thejjstrength 
of the yen, not the weakness of 
the dollar, was the cause of the 
current upsurge. ' J* 

The Bank of Jaran has 
reportedly asked the U-Rgseveral 
times to activate a swap ” 
arrangement which would give 
the U.S. Federal Resero Bank 
yen credits that could-jjfe used 
to prop up tbe dollar. *fBut the 
U.S. has not responded 
Mr. Morin aga’s statemebt had 
little immediate effect flu cool- 
ing selling of the dollar, but 
before the close of traafhg the 
yen fell back to Y193J$ to the 
dollar on a wave of dogar buy- 
ing that was generally affjibnted 
to profit-taking. The. v y«l had 
closed at Y194S0 yesterady./.V, 
The Y192.10 to the.tiafiar rate 
where the yen spent much of 
the day was nearly/ Y10 below 
the central trading rate last 
Friday. Jf 

It marked a rise tor the yea 
of 87 per cent oyer the Y360-to- 
the-dollar rate that prevailed, 
until 1971 and 60 per cent over 
the Y308-to-the-dollar rate iff the 
December 1971 Smithsonian 
agreement The yen has. now 
risen by a larger, margin in 
comparison with the Smith- 
sonian rate than the Deuische- 
mark. 


However, tbe consortium was 
still hoping- for British partici- 
pation which would permit 
British Aerospace to construct 
the Wings of tbe 200-sea ter Bt-10, 
as it had already built and would 
continue to build the wings far 
the larger existing B-2 and B-4 
versions. 


: No conflict’ aver order 


The : need -to find work for 
British airframe manufacturers 
and. Ihe need to find employment 
for Rolls-Royce engines have 
been the two main -factors, at 
issue in Britain's current attempt 
to decide whether to associate 
itself with European or Ameri- 
can interests for the next genera- 
tion of - airliners. ' 


It is still not clear what dead- 


BY CHARLES BATCHELOR AMSTERDAM, July 27 - 

FOKKER-VFW spokesman- in by ..Ihe French company, a 
Amsterdam and Bremen today spokesman said. ■ 

confirmed -that the wing-frame But preparatory work Is aue 
designed foy the German arm of to begin in August in Bremen 
Fokker will be used in the new pn further design aspects of tne 
B-10 version of the AirbUsi Wing and both Gennan ana 
. Fokker to Bremen said/, there -Frau* aerodynamics .- 
was' no -conflict Within the- AdT- win^re involved. Fokker saaa. 
bus consortium about the The. Wings will be built mainly 
choice of the wing which .'.was'^liK^ermany and assembled in 
agreed by . the German and Bremen before being taken to 
French partners .recently'* in TSpSiouse for the final assembly 
Toulouse. •• ’ '• * O&fthe aircraft 

The only explanation for the -Agreement on the wing does 
denial by Aerospatiale of the aoVi exclude British participation 
deal could be that French pride jL ogt he Airbus project but pe 
was hurt by the choice of the x|||s, chances are diminishing 
Fokker wing over one designed tu^by day, the spokesman said. 


TOKYO. Ju& 27. 
JAPANESE vebicteejwrts in 
the first six months t nis^ar- rqre 
to a record 2.5m desp^^^e^B- 
ment attempts to slow tiiraddwn, 
it was announced today^ .*■ 
The rise of more thafg&q 
cent over the same fist 

year seems certain tb-^noi»we 
already intense overseas cxttlclam 
of Japan’s trading prtfcfiejfe,; m 
Exports to the UJL.1& the six 

months rose 31-5 per cent to .-just 
over lor. Sales to the Gpmtnon 
Market countries were Up fitfut 
19 per cent at nearly 8^4*000. 
the Automobile Manufacturers’ 
Association said: "•'• ‘■‘V’- 

Shipments to Britain ro&£ to 
103,370 from 86,459 in the came 
period of 'last year, threatening 
to undermine a Japane se G overn- 
ment pledge to keep l97S'ex§brts 
to that market down to last year’s 
level of about 171.000... 

Exports to West Germana- in 
the six months rose -to ^,999 
from 27,667 in the same period 
last year. Other markets '‘fhere 
exports rose Included -Saudi 
Arabia. A total of TjS&SM 
vehicles were shipped -there, 
compared with 100,519 between 
January and June last year* ... . 
Reuter j 


Colour TV 


exports fall 


was- exces- “ . : ; ~ 

Iff Australia boosted by fi£C talks 


BY DAVID HOU5EGO 


AUSTRALIA had received some 
encouraging signs from EEC 
officials that the Community 
would allow greater access for 
Australian agricultural products. 
Mr. Doug Anthony, deputy 
Prime Minister of Australia, 
said in London yesterday. . 


In private conversations EEC 
officials had indicated that for 
some commodities there would be 
predictable access and Increased 
growth, Mr. Anthony said. He 
favourably contrasted this -with' 
the "negative'* attitude that the 
EEC had adopted in tbe past 


. Early last month after a year 
of almost continuous pressure 
Australia failed in its. attempts 
to get from the EEC Commission 
guarantees for greater access for 
beef, sheep meat and fruit— a re- 
buff that drew a strong denun- 
ciation from Mr. Malcolm Fraser, 
the Prime Minister, who 
threatened to review the whole 


of Australia'^ trailing policy 
with the EEC’ 

Australian. were mak- 

ing the' point yesterday that the 
EEC had in the past raised Aus- 
tralia’s - hopes over- increased 
access but then failed to fulfil 
them. 

Mr. Anthony, however, said 
that he bad been encouraged as 
well by a change of attitude by 

the EEC towards international 
commodity arrangements for 
beef, dairy products, and grain. 

' He wSs also encouraged, he 
added, by, the EEC’s attitude to- 
wards on international code on 
the subsidising of agricultural 
exports— a measure for which 
Australia has tong been pressing. 

Mr. Anthony left little doubt 
that he blamed the present 
depressed market for sugar on 
exports from the EEC which Is 
not a member of the Inter- 
national Sugar Agreement (ISA) 
and on the UJ5. Congress for 


faffing to pass the legislation 
ratifying America’s membership. 

.At the existing low prices for 
sugar and with the present cut- 
backs in production he warned 
that the ISA could break down. 
If^this happened then it was a 
waste of time discussing, other 
commodity agreements or the 
Common Fund. 

-Mr. Anthony said that today’s 
meeting of the executive com- 
mittee meeting of the Inter- 
national Sugar organisation 
would draw attention to the -U.S: 
failure to ratify the sugar pact 
and. the consequences for world 
prices of subsidised exports of 
sugar from the EEC. 

He had drawn some hope from 
indications that the EEC might 
won associate itself with the 
gtigar agreement It was 
essential, he declared, to know 
tile volume of - EEC sugar 
exports and that the EEC be 


tokyo, jut m-. 

JAPAN’S colour television 
exports in the first half of this 
year fell 31.1 per cent to 1.61m 
sets from 2.34m in the. saiga 1977 
period, the Japan Electronic 
Industries Association .raid. 

The fall reflected a slhmp.in 
the shipments to the’ U.S?., 
Canada. Australia and European 
countries, although those to 
Taiwan and Saudi Arabia rose. It 
said. 

Tbe first half-year exports to 
the U.S. dropped 37 per 'cent to 
744,455 sets from a year, earlier, 
to -Canada down 28.6 per cent 
to 130,000, to Australia down 65 
per cent to 92,000 and to Britain 
down 5J3 per cent to 80,000 sets, 
it said. 

Reuter 


Algeria gas contract 


Saipem,- the engineering sub- 
sidiary of the Italian state energy 
group ENI, signed a LlOObn con- 
tract to build a 550 km section 


of gas pipeline jn Algeria. 
Reuter reports from Rome. Sisr. 


Subject to the same disciplines 
as other exporters. 


Reuter reports from Rome. Sig. 
Pietro Sette, the ENI chairman, 
said it' was the first step in a 
large project to bring Algerian 
gas by pipe to Italy. He said the 
contract, and another one worth 
around L250bn to build as oil 
pipeline in Algeria, will be paid 
for in hard currency on a monthly 
basis as work -proceeds. ' 


Talks on Tazara rail delays 


BY MICHAEL HOLMAN 


LUSAKA. July 27. 


Malaysian PM 
announces new 
Government 


Australian inflation falls 


BY OUR OWN CORRESPONDENT CANBERRA, July 27. 


CONSUMER PRICE Index figures 
for the June quarter of 1678 show 
that Australia's annual inflation 
rale has dropped below 8 per 
cent for the first time in six 
years. 

A 2.1 per cent rise for the 
three months to June 30 gave 
a rate for the 1977-78 financial 
year of 7.9 per cent, the lowest 
annual rate since 1971-72. 

The figures issued by tbe 
Australian Bureau of Statistics 
today were hailed by the Govern- 
ment as evidence that its policies 
were making substantial inroads 
into inflation. 

The June quarter increase was 
significantly higher than the 1.3 
per cent rise in the March 
quarter, but a major reason for 
this was a Government-sanc- 
tioned Increase in health 
insurance charges. 


A 2.8 per cent increase in food 
prices over the three months also 
contributed significantly to the 
rise. The non-food component 
of the index rose by only 1.9 per 
cent. 

The Treasurer, Mr. John 
Howard, said the seasonal impact 
of winter clothing prices on the 
index had also affected the June 
quarter outcome. 


Mr. Howard said the figures 
showed "continued progress in 
winding back inflation." There 
would be further evidence of the 
Government’s determination to 
achieve this in the budget he' 
would introduce on August 15. 


The Prime Minister. Mr. 
Malcolm Fraser, said all the 
forecasts available to the Govern- 
ment indicated that inflation 
would continue to come down. 


By Wong Sulong 
KUALA LUMPUR, July 27. | 
DATUK HUSSEIN ONN, the, 
-Malaysian Prime Minister, today 
announced his 28-memher cabinet 
aimed at regaining the support 
of the Chinese for his multi- 
racial 10-party coalition Govern- 
ment 

The Prime Minister gave up 
the defence portfolio to take 
personal charge of the federal 
territory of Kuala Lumpur, in an 
attempt to draw away Chinese 
support from the opposition. 

He also increased the Chinese 
representation in his new cabinet 
from five to six; and assigned 
the Chinese members to port- 
folios with greater influence than 
those they held before. 

In the recent general elections, 
the opposition Democratic Action 
Party swept most of the cities, 
doubling its parliamentary repre- 
sentation from eight to 16. 

The DAP won three of the five 
seats in the Federal territory, in- 
cluding one which was won by a 
DAP member who had been 
detained for the past 20 months 
without trial for alleged Com- 
munist activities. 

Although Datuk ' Hussein’s 
National Front won 132 of- the 
154 seats in the elections, the 
DAP put up a surprisingly strong 
showing by winning between 65 
and 70 per cent of the Chinese 
votes. 


IN A FURTHER effort to resolye 
Zambia's ttahsport crisis, three 
Zambian . ministers and senior 
government officials have been 
meeting their Turanian counter- 
parts in the port of Dar es 
Salaam t h is week to discuss the 
deteriorating performance of the 
Chinese - built Tanzania - Zambia 
railway (Tazara). the main 
reason for the backlog of Zam- 
bian imports and copper exports. 
. The delegation is led by 
Finance Minister John Mwana- 
fcatwe, and Includes Transport 
Minister Peter Chinkuli and 
Public Works Minister Haswcll 
BCwale. Senior ■ officials include 
Mr. Lloyd Sicboh) Go, Permanent 
Secretary, Ministry of Finance, 
and Mr. Nedson Nyoni of the 
Department of Contingency 
Hanning. 

i .About 110,000 tonnes of copper 
held up at the port in tran- 
sit «nd in other ways. Of this 
total, worth £77m at current 
prices, some 35,000 tonnes are at 
par es Salaam, according to 
mining sources. 

| Nearly 70,000 tonnes of Zam- 
bian imports await shipment 
from the port, which handles 90 


per cent of Zambia’s trade, say 
shipping sources, Berthing delay 
is 30 days and the port already 
has a 15 per cent congestion sur- 
charge: • . 

The reasons include a shortage 
of trucks and locomotives on 
Tazara, a stow turaraund of 
trucks, and poor management 
an d maintenance of the line, 
which has led to the return of an 
undisclosed number of Chinese, 
who originally built the tine. U 
was formally handed over to the 
two governments in 1976. 
although a smaU number of 
Chinese drivers and technicians 
remained. In addition, port 
facilities are inadequate and 
labour productivity has declined. 

Last mopth Mr. Mwanakatwe 
warned that the copper backlog 
— which stood at 130,000 tonnes 
on June . 10 — had to be cleared 
as a “ matter of utmost urgency.” 
The copper provides 95 per cent 
of Zambia’s export earnings and 
the country Is acutely short of 
foreign exchange. 

The current stockpile repre- 
sents abont 17 per cent of 
Zambia's 1978 production target 
of 650,000 tones. The consequent 
delay in copper receipts has 


severely strained the two 51 per 
cent Government - owned pro- 
ducers, Roan Consolidated Mines 
and Nchanga Consolidated 
Copper Mines. Last month NCCM 
had to delay payment* to local 
contractors as a result 

The position at Dar es Salaam 
would be even worse were it not 
for tbe fart that Zambian 
fertiliser Imports — ■ 189,000 
required this year— have been 
diverted to the Mozambique' port 
of Be Ira. 

Some 50,000 tonnes have so far 
passed through the port, say 
agriculture sources, and the rest 
must arrive in Zambia by the 
end of September^ if it is to 
reach maize Farmers in time for 
the November rains. 

Sources in the mining industry 
and shipping agencies are 
pessimistic about short - term 
prospects! A succession of top 
level meetings oyer the past 
eight months have had little 
impact on the problem. 

It represents the thorniest 
issue in Zambian politics, for it 
raises speculation about the: 
southern route through neigh- 
bouring Rhodesia, closed since 
1973. | 


Libya plant deal 

i Montedison said yesterday that its 
engineering subsidiary, Italcon- 
sult, had signed a L20hn contract 
with the Secretariat of Electricity 
of Tripoli, Reuter reports frtra 
Milan. The contract is to build 
two desalination plants, doubling 
the capacity of existing plants 
! which are linked with an electric 
power plant built jointly by 
Italconsult and Fiat. 


Peking-Manila oil 

China and the- Philippines have 
signed a five-year _ agreement 


under which the Philippines will 
import L2m tonnes of crude oil 
a ' year -from next January at 
prices to be negotiated oxr an 
annual basis. Renter reports from 
Manila quoting an official Philip- 
pines news agency PNA report 
from Peking. Last year the 
Philippines imported 900,000 
tonnes of oil from China. Tbe 
current agreement is worth about 
5500m. 


Dredgers for China 


China has ordered six cotter 
suction dredgers worth a total of 
FI _ 40m (5I8ml. from the 

specialised . Dutch . shipbuilder 
IHC-Holland, Charles Batchelor 
rep orts from Amsterdam, ■ Con- 
struction and delivery - will take 
place over the next Z0 months, 
■pie deal brings the total of 
dredgers ordered from IHC- 
Holland by the Chinese to 50 over 
the past 15 .years. 


U.S.-India 
pact in 
Geneva 


Sweden will contest U.S. 
curb on aircraft for India 


I Renault tracks 


GENEVA- July 27. • 
THE UNITED STATES and 
India have agreed to provide 
each other with a wide range of 


BY WILLIAM DUL&POAGE 


STOCKHOLM, July 27. . 


product concessions within the 
Tokyo Round tropical product 
negotiations. 

Under the terms of the under- 
standing, the United States will 
provide most-favoured-nation 
duty reductions on a range of 
products of particular Interest to 
India, including mica, jute and 
other vegetable fiber products, 
floor covering, medicinal 
morphine and several agricul- 
tural products, including frog 
meat and mangos. 

Indian contributions consists 
of the elimination of British 
Commonwealth trade prefer- 
ences,, liberalised import 
licensing procedures, and the 
facilitation of mica exports. 

! Liberalised import licensing 
procedures are of benefit to a 
number of U.S. exports including 
almonds, machine tools, oil and 
gas well-drilling equipment- i 
chemicals, medicines, metal pro- j 
ducts and -consumer manufac- 
turers. These measures are 
already in effect 

Concessions provided for inj 
the exchange of letters will be 
implemented .by the United 
States within 60 days. 

Speaking on behalf of the 
United States, Mr. Alonzo 

McDonald said: “It is appropri- 
ate that we sign this important 
Understanding shortly following 
the ‘Bonn economic summit 
where the seven heads of state 
committed themselves to success- 
ful completion of the Tokyo 
and this year, ' 


Senate vote "will not speed Rhodesia talks 9 


BY TONY HAWKINS 


SALISBURY. July 27. 


>OKES-MEN FOR three of the 
itr parties to the Salisbury 
tcrnal agreement were agreed 
day that the Senate vote in, 
ashmgton maintaining U.S. 
options against Rhodesia 
iu Id not speed Salisbury s 
ceptance nf the Angio- 
neriean proposal for an all* 
rtv conference. . 

At the same time, officials 
w the Salisbury Government's 
position to the conference as 
mo vindicated bv the demand 
im Mr. Robert Mugabe, in an 
terview published here today, 
at Britain hand o*er f“*J 
wer" in Rhodesia not to the 
'rican people as such but to 
t Patriotic Front guerrillas. 
Mr. Mugabe told the 
itor of the country’s leading 
icfc newspaper, the. Zimbabwe 
mes- “When we discuss 
e British a negotiated setile- 
?nt, our stand Is that full 


power must be transferred to 
us. By power we mean not just 
the fact of a political majority 
in Farliament or in Government, 
but also the other Instruments 
or physical control — tbe army, 
the police force, and the air 
force must be our own. Smith's 
forces must go and be replaced 
by our forces." 

Officials sav this statement 
makes a mockery of the concept 
of the all-party conference. 

They were commenting on t he 
Senate compromise resolution 
which holds out the hope that 
Action* wffl be lifted next year 
after free and fair elections, the 
installation ofa majority govern- 
mp n t scheduled for December 
st and a serious effort by the 
Salisbury transitional govere- 
mint to compose it* differences 
“jjf the mono * Mugabe 

^One^ffldS 0 «ked: “What on 


earth Is the point of going to a 
conference if that is what the 
Patriotic Front wants? ” 

The official voiced the widely- 
held Salisbury belief that to 
agree to attend a conference 
without first having secured 
some measure of agreement on 
the groundwork would create the 
impression among Patriotic 
Front supporters that Salisbury 
was on the point of collapse. 

He contrasted the Mugabe 
position with that of the tran- 
sitional Government, which on 
Wednesday announced plans for 
holding one-man one-vote elec- 
tions on December 4 to Decem- 
ber 6. 

Another official made the point 
that the . Rhodesian issue was 
reaching the astonishing stage 
whereby Rhodesian whites were 
pushing ahead with their black 
colleagues in the transitional 
Government to ensure majority 


rule at the end of this year, 
while the British and U.S. Gov- 
ernments were working to staff 
and delay the process by de- 
manding new conferences. 

Officials reacted with resigna- 
tion to the -Senate vote. “We 
didn't really expect anything 
different,” one official said, “after 
the Administration had started 
lobbying so strongly.”'. 

A spokesman for the Rev. 
Ndabaningi SI thole’s ZANU said: 
“So far as we are concerned, 
we still stand by our position 
that ail-party talks would not 
serve any useful purpose at alL” 

A spokesman fbr Bishop Abel 
Mnzorewa agreed. “ I don't, see 
this motion providing any Im- 


petus for all-party talks,” he said. 
A Rhodesian Government offi- 


A Rhodesian Government offi- 
cial commented that the reso- 
lution, with all Its qualifications, 
was* a step forward. “ Half a loaf, 
is better than none,” he said. ‘ 


THE SWEDISH Government "will 
contest a possible ban ~ by the 
U JS. on tbe sale of Saab-Scania 
Vlggen aircraft to India. 

Tbe attack and interceptor 
versions of this aircraft are both 
powered by a modified Pratt and 
Whitney engine mannfadtured hj 
Sweden under licence. They 
also contain ' other American 
components. 

The Swedish Embassy In Wash- 
ington has been informed that 
the White House would 
“ probably . react negatively ”• to 
the sale to India. Under the 
licensing agreement the- U.S. has 
to approve re-exports of Ameri- 
can technology. 

But Mr. Johan 'Nordenfalk, 


Under Secretary jin"' the- Sweffish 
Trade Ministry, eafet, yesterday 
that the Goyernth^ht would 
pursue the question of an export 
licence fori. Saab-Scania in 
Washington.. Sweden wanted “ an 
open discussion of . the prin- 
ciples applied- 1 , to technological 
exports to third ' countries, he 
said. 

Recently, . the ' UR. . delayed 
exports of a computerised air 
control system from Sweden to 
Moscow, because the computers 
included American components. 

Saab-Scania is competing with 
the Anglo-French- Jaguar,' the 
French p assault. Mirage F-l and 
possibly a 'Soviet aircraft for 1 the 
Indian order. . 


Renault Vehlcules ! Industriels. 
the truck division of the French 
nationalised . automotive group 
said yesterday it had signed a 
Letter of Intent with the Mack 
truck company of the U&, AP- 
I DJ rep ort s h orn.- Paris. - The 
agreement envisages giving Mack 
exclusive rights- fbr -the ■ distribu- 
tion of the division's middle- 
range trucks throughout the US. 
and Canada. • ■■-•••% 


VW*s Ecuador option 

Volkswagen "has received first 
priority for negotiations with the 
Ecuador authorities tn set up a 
plant there for private vehicle 
construction. Renter reports from 
Frankfurt quoting West German 
domestic .'economic news -agency. 
YWD. - • . 

i ./Dwalls. of the. size or value of 
the plant are currently, not .avail- 
able, according tp‘ VWD/ No one 
at VW*s main plant in WolfSburg' 
was available for comment -on tbe ' 
report 


Saudi freight rate plan 


Irish pipeline 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


SHIPOWNERS serving routesposition clear privately to the 
between Europe and Saudi shipping lines Involved. 

Arabia have been wanted that « r wonW wro sum 

any large, unilateral decision to gain f 0r the shipping lines. They 
increase freight rates will result must realise that, there are new 
In correspondingly large realities in the shipping industry 
increases in Saudi' port dues. and that they are no- longer the 
_ . ... sole decision makers- in deter- 

Dr. Faya Radr. chairman of mining tariffs.” he said. - 
the Saudi Ports Authority, said 

yesterday that the . proceeds of Bade, said he had heard 
the higher part charges would unofficially . that the tines were 
be passed back to shippers in considering increases- as high as 
order to cancel -out the effect of P er cent fbr container rates 
the freight rate Increase. between Europe and Jeddah. This 
. . . ' ' could pot be ‘tolerated because 

- . . 25 ** would work against tho trend 

chairman of a Middle East Trans- whereby Saudi Arabia had- cut 
port magazine conference on its inflation rate from 40 uer 
Arab. ports, has . already made the cent to IQ per -cent P 


The Royal Adriaan VoDcer groilp 
said two subsidiaries. Vfeser en 
Smith Souw aud Adriaan Volker 
Pipelines and -Services Inter- 
national have won a FI 4m (SUSm) 


order to place a L5Q0 metre pipe- 
Une In the sea off Drogheda in 
Eire, our Amsterdam, correspon- 
dent reports. The work will be 
carried out jointly with Irishenco. 
The order was placed by Cement 
Joint Enterprises. 


Komatsu deal 

Komatsu has won a Y4bti order 
for. construction machinery^ in- 
cluding bulldozers and motor 
graders, from ijkroacome* the 
Algerian State mechanical con- 
struction corporation. The order 
for 230 machines, to be delivered 
by the end of this year Is in 
addition to a Y6.4bn order for 
320 similar- machines placed rbjr ‘ 
the . . corporation last. - February, 
Komatsu said. , - . 




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laSiMwiiiMiMi! ^r^ay July 28 1978' 


home news 


THE ELECTRICITY fidim 



Adjusted 
electricity 
profits 
a record 
at £293m 

By John Lloyd 

THE ELECTRICITY' COUNCIL 
yesterday announced net profits 
of £132.8 ro for the year which 
ended in March. However, 
adjusting the figures to provide 
comparison with the previous 
year, the profits was £29Sm., a 
record for the industry* 

The adjustment is made by 
adding in £160m charged for 
supplementary depreciation for 
the first time his year. 

The Central Electricity Gen- 
erating Board, the largest com- 
ponent part of the council, 
declared a profit of £18.7m. 
When adjusted on a similar 
basis, the profit is £127.5in, 
slightly down on the previous 
year's figures of £129.8m. 

Sales of electricity were 2.4 
per cent up on the previous 
year, described by Sir Francis 
Tombs, the counci )5s chairman, 
as •* a modest growth made des- 
pite rising unemployment and a 
stgnant industrial demand.” 

The large profits will-, not 
result in any further cut in 
charges beyond the 20 per cent 
reduction in night rates an- 
nounced earlier this month. 

Mr. Glyn 'Eneland. chairman 
of the Generating Board, said 
that the price advantage enjoyed 
by coal over oil had now been 
largely eroded. The Board had 
increased its oil bum recently 
and cut its coat bum. 

Commenting on remarks made 
by Mr. Anthony Wedgwood Bean, 
Energy Secretary, in an inter- 
view in the Financial Times that 
the Board may be brought more 
firmly under Government con- 
trol. Mr. England said that what 
had been suggested was a depar- 
ture from the rules under which 
be presently operated. 

He conceded that “we must all 
accept that energy has become a 
major clement in the political 
life of the country. - ’ but did not 
see any immediate cause for 
change. 

If coal was lo he subsidised in 
order to make it more attractive 
tn the Board, as Mr. Benn sug- 
gested. it should be done by mak- 
ing a gram to the Coal Board. 

The Board burned around 100m 
tonnes oE coal equivalent last 
year, of w/iich 70m tonnes was 
cnal. 18m tonnes was oil, 12m 
tonnes was nuclear. 

The report welcomes the 
Government's decision to allow 
orders to be placed for two 
advanced gas-cooled reactor 
nuclear power stations. 


BBC seeks £30 fee 
for colour licence 

BY ARTHUR SANDLES 

A £30 COLOUR television licence would cost the equivalent of a There would be talks with the 
could result from present £2 rise on the licence fee in a BBC on the allocation of f re- 
negotiations between the BBC year. quencies to provide a widespread 

and the Government. To these sums had to be added system. 

Sir Michael Swann. BBC chair- the costs of restoring services Th e gBr gaid tv.-* it had ig 
man. said yesterday that the rut during the present economy / n mind . -nj rhat tjiw were 
corporation was seeking a licence drive and of capandieg u>, 

fee m the £27-£30 range and BBC’s activities. and Guernsey and smaller com- 

would prefer something nearer Sir Michael said some effects mumtv stattolis ^ Greater 

the top of that bracket. The of the present cuts were begin- gJX* stations in Greater 

fee now is £21. ning to show. Budgets for pro- ■ 

Sir Michael said that the grammes were tighter and some • The Government's decision to 
corporation wanted a licence fee shows were repeated. allocate the fourth television 

that would last three years, to The BBC and the Independent channel in wales to a Welsh 

allow it to make forward plans. Broadcasting Authority welcomed language service has been 
Arguments for an increased the White Paper on Broadcasting received with mixed feelings in 
fee are largely based od pre- as far as recommendations on the principality. While it has 
dieted inflation. If 10 per cent radio were concerned. been welcomed as a historic 

inflation was assumed for the The 1BA said: “ Potential appli- step forward for Welsb-languagc 
next three years the fee would cant groups are known to exist broadcasting, others say that the 
have to rise to £28. at varying degres of readiness Government has opted for the 

However, the eradication of in some 70 or SO areas in cheapest solution available to 
present BBC borrowing i rapidly England, Wales, Scotland and meet the broadcasting needs of a 
approaching its • £30m limit) Northern Ireland*’ bilingual country. 


Water schemes granted £20m 

BY LYNTON McLAIN, INDUSTRIAL STAFF 

BRITAIN'S National Water offered at home by the National Water Authority on Tyneside. 
Council has been granted throe Loans Fund.'* The new works will reduce poUu- 

>»- b^op ssssTy ojzsss the m,er Tync by two - 

*2 Economic Community, has al- A further loan of £6.6m will 
a # ready loaned Britain's water go for the Northumbrian Water 
industries £193m. Authority scheme at Kielder. 

and south west England. The Government has This involves the construction of 

The council gave details of loaned $800m and $300m bad a dam and reservoir with a 200m 
the loans only .a day after Lord bees borrowed from the Orion cubic meter capacity on the 
Nugent of Guildford, the council Bank syndicate. River North Tyne, 

chairman, said that he would be Half the money will be used A total of £4m will be loaned 
“on the alert for opportunities to assist the installation of to the Sotuh West Water 
to borrow overseas at terms and sewage treatment and disposal Authority to increase water 
rates more favourable than those works by the Northumbrian supply in the Plymouth area. 


Topping the growth league 

FINANCIAL TIMES REPORTER 

OVERSEAS TRADING groups ford where invested capital over On the other hand Lonrho 
and property companies have the last 10 years has increased has disappointed in 42nd place 
been the outstanding share price more than 15 times. Growth is with growth of onlv 39 per cent 
performers of the last ten years, calculated by taking the change property companies have six 
according to a table published in the adjusted share price groups in the top ten: Hasle- 
yesterday covering 52 companies between 1988 and June 7 this mere Estates (3). Hammers on 
in the financial sector. year, plus gross dividends, and (5) Great p ortlaQd (7) stock 

But the City Growth League, expressing the total return as a Conversion (81 Slough Estates 
published in next month's issue percentage of_ shareholders' ^ Allnatt (101/ 
of the magazine Management ongmal capital. 

Today provides further evidence Three of t be five overseas trad- Merchant Banks are one of 

that financial institutions such as 5q 6 groups listed in the table the less attractive sectors and 
insurance companies and are among the top four. The the magazine says an equal 
merchant banks baye been others are Inchcape (second) investment in five main-line 
prone to big changes in fortune with growth of 800 per cent and banks would bav e - yielded a 
over the last decade. Harrisons and Crosfleld (rated gross return of onlv 20 per cent 

Top of the table is overseas fourth) with growth of 495 per Hill Samuel (47), Hambros (48) 
trading company S and W Beris- cent. and Mercury (49) come off worst 


Leyland studies $15m claim 

FINANCIAL TIMES REPORTER 

BL EXECUTIVES in London seven states and the District of plaintiffs together after raonitor- 
were trying lo asses last night Columbia and complaints con- tng complaints about Leyland 
ii.et cPrinnc a threat was nre- cern five different models. Cars in the U.S. 
just how ®f nous a including the Marina, Jaguar, The Center claimsthat the case 

seated to the group by a Ub$3!>m and Triumph. is of particular interest as it is 

(£S.3mJ suit for breach of ware The Center for Auto Safety, a only the second time that the 
ranty filed in a Federal Court in Washington-based consumer 1975 Magnuson-Moss Act, which 
Maiylnd against Leyland Cars, group closely connected with Mr. gives consumers a Federal 
The suit has been brought by Rlaph Nader, the campaigner, course of action has been tested 
14 individual plaintiffs from has acted to bring several of the in the courts. 


Council joins the 40 per cent, club 

THE ELECTRICITY’ COUNCIL move to "full inflation account- rapid growth this year, as healthy downward pressure on 

has. like other nationalised ing.” industry and the domestic prices. 

industries, taken the controver- The report is admirably clear demand picks up- The Central Electricity 

Sial Step or adding u 40 per cent about the introduction of the consumers have had to bear Generating Board, which pre- 

supplement to its histone cost extra depreciation this year, and numi , er of price increases over scnIet ? ,ts report with the 

depreciation provision to com- points out the comparison with ^ nagt r-_ t Al>ril council yesterday, expressed its 

pensate for inflation, writes John the previous year's profits on a hnarric raised ’ their concern over the continuing real 


pen sate 
Lloyd. 


comparable basis. 


Ijiiiwauic uoouj. nri«»E tav an average of 4 5 Der r t* e in 'the COSt Of fossil fuels. 

The emtrererey. stimulated by 'arthe ,52 Fwsll fuel (oil aad oo,l) price, 

the recent Price Commission ““ ^ra^hen^P^aeain^ihe cost adjustment in tariffs raised were . U P 17 P er cent °^ er 

report on the South of Scotland mSrp than^SsSf a further 7.5 per cent. previous year, . compared with 

feVdT 1 & "SrS "tSAS Last February the Price Cum- S&SST* "* “ 

EH* taking^ to. clSSman- worth of capital requirements, mission allowed a further rise Tbe narrowing differential 

shin of the Council) centres on Sales are 2.4 per cent up on in retail tariffs of 5 per cent, between coal and oil now means 

ThP P u?oorietv of building in this previous year, though the which came into force on April 1. that the two are virtually on par 
depredation without also growth was in the first half of The operation of the fuel cost as far 35 oie central board is 
brincinc in a -^gearing adjust- the year, and the latter half adjustment is expected to add concerned. This year, the board 
menf-Mo take into account the actually showed a decline as around 3 per cent to that m tbe * taking a record 72m tonnes 
benefits inflation gives by reduc- industrial production fell. course of this year. ©/ coal: but around 3m tonnes 

me the real rate of interest Commercial customers showed In sum, prices rose 12 per cent (possibly rather more, depend- 
repavments. the biggest rise in demand-mp last year and will rise around 8 ing on the relative coal/oil 

Francis is sympathetic to by 5.S per cent over tbe previous per cent in this. The council prices) will be put to stock. 



mem. The council had still to Sir Francis expects 


TWA to 

California 
£279 return 


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

Can your travelagent and ask about TWA's new Supet-Apexferes to Los Angeles and 
San Francisco 


more night rates as an indication of a ing £540m worth of foreign 

“ Jloans early (in line with Govern- 
ment requests to schedule debt 
away from the peak repayment 
years of the early 2980s). 

It had to borrow £5l2m domes- 
tically to make up for it, and 
provided the balance from 
internal resources. Its total 
debt fell over the year from 
£5.I9bn to £5.16bn. 

The council has published 
efficiency indicators for the first 
time. Thermal efficiency in 
power stations stands at 31 per 
cent — up 10 per cent over tbe 
past 30 years. 


TWAcbitos mote scheduled pwsansas across die Atlantic flan my other riding. 



TWA 

No.l across the Atlantic. 


BP makes 
big oil 
find near 
Buchan 
Field 

By Ray D after, Energy 
Correspondent 

A CONSORTIUM led by 
British Petroleum has made an 
important oil discovery close 
to its Buchan Field in the 
North Sea. 

.. It could indicate a sig- 
nificant increase in the 
reserves of Buchan, which is 
doe to be brought on stream 

in the third quarter of next 
year- 

BP said that the well — the 
eighth to be drilled on block 
21/1 some 52 miles north-east 
of Peterhead. Aberdeenshire — 
had produced “ encouraging ** 
information. 

The company tested a 
geological zone at depths 
between 2^90 and 3,130 
. metres. Oil flowed at a rate of 
3500 barrels a day. consider- 
ably higher than the Bnchan 
discovery well, sunk in 1974. 

Tbe latest well was drilled 
about two kilometres south- 
west of the site for the main 
Bncban production system. 

The Klngsnorth UK rig has 
been retained to drill a well 
from the same position bat 
angled northwards. 

Complex 

In this way, BP and Us 
partners hope to confirm the 
south-westerly extension of 
the Buchan reservoir. 

Buchan is lo be exploited at 
an Initial capital cost of abont 
£100m by means of a floating 
system. 

BP bas gone ahead on tbe 
• basis that recoverable reserves 
are at least 50m barrels, 
although Industry reports sug- 
gest that the complex reservoir 
could yield considerably more. 

BP is hoping to achieve an 
average high production rate 
of at least 50,000 barrels a day 
over a four year period. How- 
ever, this output might be 
boosted if tbe latest discovery 
proves to be a commercial find. 

BP may use a sub-sea produc- 
tion well system lo exploit the 
soath-wesierly extension. 

Law Lords 
reject 
fees appeal 

COMMITMENT FEES and 
loan interest of £jm on money 
raised . to build an oil rig can- 
not be claimed as first-year 
capital allowance for tax pur- 
poses, the Boose of Lords 
ruled yesterday. 

By a four-tb-one decision, 
the Law Lords dismissed an 
appeal by Ben-Odeco against 
a decision of special tax com- 
missioners. 

Giving Judgment, Lord Wll- 
berforce said that, at all 
material times, Ben-Odeco’s 
only trade consisted in -hiring 
out the rig Ocean Tide on 
time charter. 

In order to purchase the 
£5m rig, the company made 
five loan agreements. Interest 
was payable on The money 
borrowed, and commitment 
fees had to be paid in order 
to maintain a right to draw the 
monev. 

It was not disputed that the 
price- of the Ocean Ti-le was 
capital expenditure which 
qualified for the statutory 
capital allowance. 

Methods 

Ben-Odeco had argued that 
the Interest and commitment 
fees were, in a real sense, part 
of the cost of the rig and ought 
to be treated in exactly tbe 
same way as tbe other ele- 
ments of the cost. 

They also said that cost and 
capital expenditure should be 
determined according to 
accepted methods of commer- 
cial accounting. 

The interest and commit- 
ment, fees had been treated as 
capital expenditure that was 
sufficient to bring them within 
section 41 fl)(a) or the Fin- 
ance Act, 1971. whose purpose 
was to enconrage Investment. 

The Revenue had contended 
that the loan interest and com- 
mitment fees represented 
money spent -on providing the 
means to acquire the rig and 
not on the provision of the rig 
Itself. 

Lord Hailsham of St. Mary* 
lebone said that, even granting 
that the statute’s main ptzrpo.se 
was to encourage investment in 
new madilnery and plant, be 
was hot convinced that to in- 
clude commitment fees and 
Interest charges would serve 
this purpose without giving 
rise to abuse. 


Rise in consumer 
demand boosts 
stocks for makers 

BY DAVID FREUD 

MANUFACTURERS’ stocks rose finished goods held by manufac- 
rapldly in April and May as turers. in May this item contri- 
cora parties responded to to- bu it?. litl,e ^ 
creased consumer demand. Trade and Industry slates that 

_. . , slocks of materials and fuels 

Figures in the Government ~ a p pear lQ have risen substan- 
Journal Trade and Industry, pub- tially wilh a more njoderate rise 
lisfted to-day, show that manu- j, a work in progress," In May. 
facturers’ stocks increased by The rise in materials and fuels 
flOOm in April and another xHat manufacturers are 

£100m in May. This compares responding to consumer spend- 
witb an jd crease of £125m for in£; wf , scIl rose 25 per cent in 
the whole of the first quarter. sis mon th S 0 f this year. 

Whereas in April much of the compared with Hie previous half- 
increase could be attributed to year. 


Future of Yinatex 
worries unions 

BY KEVIN DONE, CHEMICALS CORRESPONDENT 

TWO OF the leading trade Tbe union's chief concern is 
unions in tbe chemical industry over the future ownership of 
are opposing the possible take- Vina lex. one of the smaller PVC 
over of Continental Oil’s UK (polyvinyl chloride) manufac- 
chemical interests by either turers in the UK. It is supplied 
Norsk Hydro or DSM. the Dutch with vinyl chloride monomer, the 
state chemicals company. raw material for PVC. by 

Conoco of the U.S. is selling its imperial Chemical Industries. 

50 per centshare of Vinatex, and But bolh Norsk Hydro and 

Stavelev Chemicals a jeniti ven- DSM - wh0 bavo emerged as the 
til^with Se National Coal frontrunners lo buy Conoco’s in- 
iSfrrt S per cent) and the terests. are searching for outlets 
British StL Cor^rotSon (45 per ^r their own VCM output, 
cent). Norsk Hydro, for instance, is 

National officers of the Asso- twinging on stream a 300.000 
elation of Scientific. Technical tonnes a year VCM plant at 
and Managerial Staffs and the Bamhle in southern Norway. This 
General and Municipal Workers plant is based on feedstocks 
Union met officials of the drawn from the Ekofisk Field in 
Department of Industry yester- the Norwegian sector of the 
day and called for any deal lo be North Sea. It bas failed so far 
studied in the light of the in a bid to build a PVC plant in 
Government’s industrial strategy Denmark and is looking for other 
for the chemical industry- outlets. Norsk Hydro is part- 
Mr. Roger Lyons, national owned bv the Norwegian slate, 
officer of ASTMS, said yesterday: The trade unions called yester- 
“ This is another credibility test day for involvement in the deal 
of the industrial strategy in by UK state interests, either the 
chemicals. How can we develop National Enterprise Board, the 
UK petrochemicals downstream British National Oil Corporation 
with UK North Sea feedstocks if or the Coal Board. “ We see this 
foreign feedstock suppliers take as an attractive alternative to 
control of downstream -UK either Dutch nr Norwegian state 
operations ? ” “ interests,” said Mr. Lyons. 


Trans World will fight 
tickets injunction 

BY LYNTON McLAIN, INDUSTRIAL STAFF 

TRANS WORLD Airlines is to available flights. Instead of ten 
fight the interim injunction miles away in town terminals, as 
being sought by the British Air- the authority wanied. 
ports Authority to stop sale of Mr. Langley said there was 
stand-by tickets at Heathrow Air- nothing the airline could do lo 
port in the courts. stop passengers wanting lo buy 

tor 'He'tow HilSS nLei by ^ P °™ bW 

the airports authority in its \nSptable” to dis- 

dirionR 1 booming 1 intolerable^at CriiiSi 

drtions becoming intolerable at , tr _- B n pr nossiblv maldn a 

ticket^ 6 " 5 stir; e ud er age P ttionrS? 

who already bad tickets. gaid Thgre had been n0 fracas 

The interim injunction was at the airport, though the 
applied for yesterday, but Trans authority said a passenger had 
World said it had not been attacked a Trans World official, 
officially informed. forcing the airline to close one 

British Airways and Pan Am check-in desk last week, 
sell most of their stand-by trans- Heathrow was now full to 
Atlantic tickets from Central capacity. Mr. John Mulkem the 
London terminals. Iran Air. El authority’s managing director, 
Al and Air India sell them from sa j d j as { night. ‘'Something had 
town terminals and at the air- t0 be done to stop the conges- 
Port. (ion getting worse before the 

If there is a ban on Trans peak next month and in Sepiem- 
World it would be applied after b er 

further legal action against all congestion at Terminal 
airlines using Heathrow. Three was an ** entirely new 

The authority was considering phenomenon." he said, 
taking action over • all flights The airlines were warned 
from Gatwick. Potential pas- against offering stand-by seats 
sengers for Laker Airways Sky- for sale at Heathrow last Sep- 
train may not be affected, as they tember. 

already assemble off the main By March, the rate of increase 
airport concourse- and at Of passenger traffic through the 
Victoria Station, although there airport bad risen from the ex- 
have been protests from pected 5 to 6 per cent this year 
London commuters. to 8 per cent, giving a total ot 

The proposed ban on sale of 26m passengers this year. 

Trans World stand-by tickets at The faslest-grtwins area was 
the airport was condemned by on the long-haul flights. There 
Mr. Larry Langley, its UK gen- was "mounting evidence of in- 
eral manager. tense demand for stand-fay 

He said that if necessary the tickets creating the congestion, 
Airways Authority should pro- but it would be wrong w bandy 
vide temporary tents for this information about before the 
assembling stand-by passengers- court hearing next week," Mr. 
They would then be near all Mulkern said. 


Power 
sales 
are hit 
by steel 
recession 

By Our Energy Correspondent 


THE RECESSION' iq l he steel 
industry is having a significant 
impart on Britain's energy con- 
sumption. 

The Department of Energy’s 
latest Energy Trends report 
shows that sales of electricity tn 
the iron and sled industry 
dropped by 5.3 per cent in the 
first quarter of this year as 
against the first three months of 
lust year. 

The slump in stedmaking also 
largely accounted for a drop of 
13.7 per cent in the consump- 
tion uf solid fuels outside of the 
domestic sci-tor. 

Overall, however, then* was 
litlle difference in the pattern 
of energy consumption. Calcu- 
lated on a primary fuel input 
basis, total inland consumption 
during (he Maivh-.Mu* pcrtml was 

0. 3 per «-erit huher than in the 
comparable quarter last year. 

While cm 3 l consumption fell !»y 
5 per rent and nuclear electricity 
output dropped by S per cent, the 
output or natural gtu and nil pro- 
ducts rose by 4 and 5 per cent, 
respectively. 

Provisional figures uf energy 
consumption by final users in 
the first three months nf this year 
indicated that total consumption 
on a heal supplied basis rose by 

1. H per cent compared with the 
first quarter of last year. 

UK market 
buoyant 
for trucks 
and cars 

By Our Industrial Staff 
CARS AND commercial vehicles 
enjoy a fairly buoyant market 
in the UK. latest production 
statistics from the Department 
of Industry show. 

Car production in the five 
weeks ending July 1 was 122.110 
units (24.422 a week) and was 
4 per cent higher than in June 
last year. 

In the first six months of this 
year car production was 3 per 
rent higher than in the same 
period last year al S62.S22 units 
(27.909 a week). 

Output for export fell 8 per 
cent to 13S.932 units while that 
for the home market rose by 
21 per cent to 223.S90 units. 

Commercial vehicle production 
of 39.47S (7.S96 a week) was 20 
per cent higher than in June last 
year. Production in the first sis 
months. 112.263 units, was 3 per 
cent up on the same period last 
year. 

Output for export fell 10 per 
cent to 50.322 units and that for 
the home market rose by 16 per 
cent to 61.941 units. 

Welsh agency 
puts £180.000 
into A and £ 

THE WELSH Development 
Agency has put HISO.OOO in a 
shares-and-loan deal into A and 
E Circuits which is moving from 
Harrow. Middlesex, lo Newtown 
in mid-Wales. 

A and E Circuits is part of 
the Edinbnrgh Holdings group 
and produces sophisticated 
printed circuit boards for the 
electronics industry. 

Tbe move will mean 120 new 
jobs in Newtown over the next 
three years. 

The company is taking over an 
advance factory which will give 
it better production facilities. 

Mr. Ian Gray, managing direc- 
tor of I he agency, said yester- 
day ; “Electronics is just the sort 
of fast-growing science-based in- 
dustry that Wales needs to pro- 
vide a herior basis for future 
prosperity." 


Distinctive dolls fetch £28,000 


Call for industrial building 

BY MICHAEL CASSELL. BUILDING CORRESPONDENT 

MANY COMPANIES are not process are often too concerned stimulus of the need for new 
investing enough in industrial with their own individual roles capacity. 

buildings, according to a report vis-4-vis other participants and Industrial clients should, 
published yesterday by the not sufficiently responsive to the appoint a senior person in the 
Building and Civil Engineering needs of manufacturing industry, organisation to look after their 
Economic Development Com- As a result, opportunities to interests during the course of a 
mittees. sell more industrial building are building project. If there was 

T be report also says that those being missed and a customer- no one on the staff, a suitably 
involved in the construction oriented approach — selling con- qualified person should be 

struction services as an essential recruited from outside. 

aid to improve productivity and The inexperienced client 
working conditions— could sub- would be helped if professional 
stand ally increase demand. practices and builders could 
The steering group responsible o^ e r production engineering ex- 
for the report carried out a pertise. 


report earned out a . 

GOGGLE-EYED dolls, doll, will, counter* chair, and miniature deslened a, a stylised fern motif companies were distaUs- 

pierced ears, doll's house dolls, hats on stands, 
gentlemen dolls . and 
swimming d oil 

those that went under the ham- £4.000 for a walnut bachelor’s 
mer 
ton, 

coincided . 

Dolls Club to London this week, shell . double-domed cabinet-on- house. 

A private buyer gave the stand. Rubin paid .£1,800 for a Sotheby’s Belgravia, was sell- 


. nouse uuu* cut on panaa. It fetcbad £400. and mount'd b> j Carder went to “X“ ieS ,:oDdu ' ;,e,1 32 

rS SSSsSSetSS Sssbsm wsw*&S5 



highest price: £1,900 for a carved 
and painted wooden doll in a 
nun’s habit of black wool with 
a white linen headdress. The 
14J in. high doll (circa 171Q > 
was dressed by an English nun 
in France and brought to Eng- 
land by her brother, “ the riding 


SALEROOM 

sr Pamela judge 


ing English -and foreign silver 
and gold-plated wares and other 
items. The highest price of the 
d3y was £4,600. from a private 
buyer, for an 18-carat gold two- 
handed presentation cup and 
cover. 

Bonham* held a sale of 


priest," a Jesuit from Douai mid-Georgian mahogany library English and Continental furni- 
named Swarbrick, to show her armchair- and £1,700 for a set of ture. which totalled £25,154 with 
mother how her daughter looked sir George m mahogany dining 10 per cent unsold. A set of 
in her habit chairs, of Chinese Chippendale mahogany and harewood hang- 

A musical automation bust design. A wine sale, described ing wall shelves with two open 
modelled as a negress with a by til e_ house as good, finished at shelves, a ?air of cupboards and 
hat made the next highest price, £95.565. two drawers, marquetry inlaid 

£2,150. One of the sweetest items Jewellery at Sotheby's fetched with flower sprays made £2 000. 
in the sale was a little painted £188.450. with nearly 7.5 per cent Paintings by the same house 
wooden milliner's shop with bought in. a diamond brooch amounted lo £20,462. 


SWANSEA CITY COUNCIL 

All we're asking you to do is to see 
what we have to offer. 


Chief Executive &Town Clerk 
. Swansea City Council 
The Guildhall 

SWANSEA M{ 0792)50821 







Financial Times Friday July 28 1978 


Maize 
price rise 
blamed 
on EEC 

By Elinor Goodman. 

Consumer Affairs Correspondent 


THE PRICE COMMISSION yes- 
terday blamed the EEC for push- 
ing up the price of maize starch 
and glucose syrups, both impor- 
tant ingredients in processed 
foods. 

It said in a report on the 
largest British producers of 
maize-based products. CPC 
(United Kingdom), that the com- 
pany could cut its prices by per- 
haps 20 per cent if it was able 
to buy maize on the world market 
rather than from the EEC. 

Given the restraints imposed 
bv the Common Agricultural 
Policy on CPC's buying, the Com- 
mission said it was satisfied the 
company was an efficient buyer 
of maize. 

It did not recommend any 
restriction on the 7.34 per cent 
increase which triggered the 
investigation three months ago. 

It did. however, make certain 
"obsen ations' about CPC’s 
activities-. Thev were all related 
to issues which the Commission 
has raised before in relation to 
other companies: the practice of 
using the profits of one division 
to subsidise those of another; and 
the system of uniform delivered 
prices. , . » .. 

The Commission asked it 
CPC's industrial division, which 
dominates the maize market, was 
not contributing a dispropor- 
tionate share Df the company's 
profits. 


HOME-NEWS 


British Airways profit 
falls £ 16 . 9 m to £ 18 m 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

THE BRITISH AIRWAYS group finance in the British Airways type and the McDonnell Douglas 
earned a net profit of £lSm in capital structure." DC-X-200, were ruled out for 

the financial year ending March A tax adjustment of £15 ui, various reasons. 

31. substantially lower than the over-provided in previous years. Although British Airways does 
£34.9m for the previous year. raised the attributable profit for not admit it publicly, its pre- 
The airline, announcing the the group to £33 m, but that was ferred option is believed to be 
figures yesterday in its annual exceptional. the Boeing 757, using the Rolls- 

report and accounts, said that Commenting on the airline’s ]?° yce *^-211 in its new Dash 
the results had been affected by industrial disputes. Sir Frank *£ 5 version, delivering 83,000 lb 
industrial disputes, particularly said the engineering strike in _ „ , 

at Heathrow, the air traffic April last year caused a loss of vJo -rorae: The operating loss on 
control assistants’ dispute, and 49,000 man-days out of a total Concordes last year was £17m, 
wing cracks in Trident Three lost during the year of 59,000. w ° )cl1 *15m was for deprecia- 
aircraft. Among points raised were: tion (at the rate of £15m a year 

Other factors bearing on per- Re-equipment : 




Sir Frank McFadzean 
‘Uncomfortably small margin" 


LABOUR NEWS 


The pay battle behind 
the blacked submarine 

BY PHILIP BASSETT, LABOUR STAFF 

TODAY general secretaries from The basic grievance is low pay. Boyle report. They want* for- 
11 unions representing 183,000 Some 23,400 workers are on the ward commit mew tie 

industrial civil servants will lowestband of pay on a basic Government o “T pay for the 
meet Lord Peart, Lord Privy rate of £32.50. luiure. 

Seal, in an attempt to break the Qq *jj e nex t band, there are The dispute was brought to 
deadlock in a dispute which has 23J297 workers at a basic rate public attention by a day of 
led this week to the Navy going 0 f £ 33.65 and on the next band action in London, including 
in to free a Polaris submarine 20020 on £34.80 more than 38 strikes by Government car 
from blacking and a call for a Tj e ' r cent of ti, e total workers in drivers — even the Prime Minis- 
one-day stoppage by all Britain's JL, whnlp „ D]X0 ter had to be driven to the Corn- 

defence workers. tswI illitt na , noliev suonle- mons by an aide— and staff from 

The dispute, over a Phase aatatle Whitehall Ministries, the British 

STissMsss z 

Sffil-aS SS&TM 8615 143 00 - masterstroke in terms ot 


, „ r . The airline g^g-g"? averse effects an both revenue "S. Government's first pay P^lldly ld.il 

formancc included fluctuating expects to spend £950m over vSnTriirecr loss nn traffic.’ *“«> costs. British Airways is “provide the maximum amount offer, which the unions rejected servants potaH ?* SZ 

exchange rates, political and l 0 F years on new jet airliners, ? M ^ncemed ^t the^mation may ^c^vemence^and embarrass- males’ in^th^Sc^Sb b^ 

the Revenge on the Clyde, and 


economic difficulties in parts replacing some SO aircraft that well be exacerbated by 

of Africa, and the costs of avoid- wiI1 fjll the Januuary 1. 1986, “* e jgod delays in determining the 

ins Vietnam airspace. government noise regulations: rniu-m-ria i MUC in inMnntu of additional terminal resoui 


the meat to management 
case In the dying days of its 10 2 

government noise regulations: Concorde losses in its accounts. 0f aaoinonai terminal resources" cent incomes policy, when the 

The operating surplus, or trad- another 25 aircraft (Viscounts Some new form of Concorde leas- “-such as the fourth passenger thoughts of both the Govern- 
ing profit, amounted to f 53.6m.. and Merchantmen) will be j ng might be agreed between terminal at Heathrow. me ft and the TUC are all but 

against f 94.2m in the previous obsolete before 1986. the airline and the Government Traffic: The airline carried 13.4m completely turned to Phase 

year, although turnover rose The aim is to use Lockheed industrial relations: A pre- passengers a decline of 8 per Four, the Government eonld well 

from £13fBm to £lJ55m. TriStar Ones for high-density requisite for the airline’s cent, because of industrial rela- have done without a fight over 

Sir Frank McFadzean, chair- short-haul routes; to buy Boeing survival in a growing competitive tions and equipment difficulties. •** P e J" cen t limit from an 
man. said yesterday that the 737s (19 are 00 order) for short market is greater stability. Cargo revenue was up from undraxnatic group of public sec- 
results showed a surplus of only routes needing a 100-130 seat jet; Efforts are being made to £138m to £148m. British Air- ] or workers not noted for miU- 

4 per cent of revenue over and to buy a new jet in the improve staff communication, tours, the charter subsidiary, tancy. 

expenses. “Even after making 160-2 00-sea ter bracket and progress has been made in saw turnover rise from £28m to F? elin S a among the industrial 

allowance for the loss of £17m Up to 40 jets will be needed rationalising the complex and £33 m. The 28-strong BA Hell- civil servants are high, though as “derisory. 1 

on Concorde, the margin is un- in the latter category, and the unwieldy pay structure. However, copters fleet earned — * n •“*■* — * 

comfortably small, and it mainly airline is studying the Boeing 757 Sir Frank said that there were profits of £3m. 


NEWS ANALYSIS 


INDUSTRIAL 
CIVIL SERVANTS 


the Repulse and Seoown at 

Rosyth. 

The Navy moved in to make 
theRevenge ready to take the 
place of HMS Resolution, still 
at sea, to maintain Britain's 
nuclear presence and her NATO 
commitment. 


Decision 

. _ . _ emphasised the 

pre-tax — ■ high enough not just to chal- restoration of craft differentials. The industrial workers replied 

„ „ „ D „„„ r lenge Phase Three, but to take giving greater increases to with a call for a one-day strike 

resulted Fro mccrtain well publi- short-haul jet, the McDonnell still many obstacles tn be over- Cheap fares: The airline is very on fro Government directly m higher-paid workers, and in- and the blacking of supplies 

cised external and internal Douglas Advanced Technology come before British Airways interested in three-tier North the sensitive area of defence and eluded consolidation of pay from other Naval dockyards to 

factors. Medium Range jet: and the could become a high-produc- Atlantic fares, with first-class. in particular Britain's unclear policy supplements into basic the Clyde. 

No dividend Dn the public Airbus Industrie B-10. tivity, high-pay airline. business class and discount capability. rates. Though a neglected group of 

dividend capital has heen All other aircraft in that Airport capacity: Heathrow is (ultra-cheap>_ class, as soon as ^ 5 '^™ 1 _1r The second offer, which the ^rkers not only^ as they 

declared for the year, pending ' ’ ' ’ "” r "" ~~ c ”* “ 

completion of discussions on 
i future treatment of this form 



Scotland’s boom ‘hides 
big structural problems’ 


whii-h reflected the co*ts 
deli verm’ maize to different cus- 
tomer*. 

represents more than 
fin ncr com of the manufac- 
tured com of CPC's industrial 
division. The Com mission found 
the price of CPC paid was 
almost entirely determined by 
EEC policy. 

li drew attention to the wide 
discrepancy which had arisen 
between the iverace world maize 
price of about 75 nails of account 
per tonne and the present UK 
once i>f 139 units or account. 

The EEC price is due to go up 
P-jjln ;n August and though the 
Price Cfimmitfiun refrained 
T!;hiicl> from taking the side 
o: fho-i' whn have attacked lliis 
rropored inerca-ic. it pointed in 
the fact that one objective of 
the EEC's agricultural policy was 
in provide r»>od at reasonable 
prices to the cunsumcr. 

Were ore able to buy maize 
at world prices, there would be a 
substantial reduction in the 
price of maize starch, glucose 
syrups and other maize derived 
products. 


BT RAY PERMAN, SCOTTISH CORRESPONDENT 

THE SCOTTISH economy is “However beneficial 
iencing 

is 


Post Office 
Viewdata 
in New Year 

Financial Times Reporter 


this That, and the likelihood of a 


Unemployment will 
rise again after the 


Structure 

It 3l*n said that the absence of 
published price lists could 
weaken the bargaining position 
o f i-u-oomer* and suggested that 
the company should mote awaj 
from un 1 . form delivered prices 

and develop a price sli ucluie ^ experiencing a consumer-led boom may be in restoring living return to inflation in double 

‘boom which is masking deep- standards, it is clear that no figures early next year suggest 
seated structural problems that substantial advances have been . . . ’ ht . d 

remain unchanged, the Fraser of made recently in tackling the r SLio™2.; Jn 

Allander Institute says in its fundamental problems of the 
quarterly commentary, out yes- Scottish and UK economies. 10 

terduy. winter. 

The institute, part of Strath- The commentary also gives a 

cylde University, says that it is Inflation warning against the adoption of 

clear that Scotland is expanding a shorter working week as a 

alongside the rest of the UK. '' Levels of productivity and means oF reducing unemploy- 
Responses to the latest Con- investment are too low and ment By Increasing unit costs 
federation of British Industry export performance is mediocre, and, therefore, demand, it would 
(CBI) survey of industrialists. The benefits from North Sea oil, lead to an increase in unem- 
the number »f new companies which could perhaps have been ployment 
being formed .and the amount nf used to remedy these problems. 

overtime being worked all sue- have largely been dissipated in Quarterly economic common- 
gest that snnie expansion has Ihe financing of consumer spend- tary Volume IV No. 1, Fraser of 
taken place and may be ins before any coherent govern- Allander Institute, 100 Montrose 
expected to com muu lor the rest ment policy on their usage has Street. Glasgow G4 QL& -Price 
of the year. been formulated.” £1.00. 


Housing 
loans ‘notl 
causing 


Tourism creates 100,000 jobs 


BY OUR SCOTTISH CORRESPONDENT 

TOURISM has redistributed the Scottish tourist industry. provider of new jobs. 

wealth from the richer to the The board expects an increase “Its potential compares very 

Ip*-* nrnsnprous oarts of Britain iT1 visitors from abroad in the favourably with that of manufac- 

less Pro s P^Ous Pans «>f Britain futlWf amJ wants G(>vern _ t^g industry. 

according to the Scottish Tourist 1WM 3Qd lhe British Tourist “ It can work quickly in stabii- 

Boards ninth annual report. Authority to encourage tour islng local economies and Its 

The board said that the indus- operators to fly direct to Scottish range of jobs— far men and 
tn- had created 100.000 jobs in airports. women, full and part time, 

Scotland. Visitors iu Scotland Mr. Robin MacLclIan, chair- skilled and unskHled^ls particu- 
,. 1<t inrrp-i-fit i'u-ir siwnd- m “ n - said thal as a contributor larly useful In meeting the needs 
last year mcre.is-.t uur spend- w njtioD:il prosp erity, tourism of individual areas.” 

! L”*?, 1Hure Uua Ju p, ' r cent 10 ranked alongside traditional In- The report strfeses the need for 
. -aW m. duf tries such as agriculture, continuing investment but also 

I Of this, about £350m was mining, fishing, and forestry. says that the annual average bed 
•spent by visitors from other “It is even 'more important in occupancy in Scottish hotels and 
. parts of the UK. Although they its potential for growth. When guest houses Is only 43 per cent, 
j = spend less per head than over- a shrinking labour force is a fact which means that tills fixed capi- 
TUE POST OFFICES Viewdata . triurivts. UK visitors are of life in our traditional indus- tal investment is almost 60 per 


Workers' Union, which has 90,000 s&So foT the lowestnaWL livin* vants bave the ab,Uty t0 caus ® 
members in these grades — m rJew hiS widespread industrial and mili- 

Marcb. lor the July 1 settlement a ^ “ te tary disruption, 

date supplements, the gross n ,, WI . 

for the InwMt-naid wnnlit haw» MT- Mlcte Martin. public 
been H 7 « ^ services national secretary of 

:«L &« * s 1 pay f the TGWU, is fully aware of 

1N6W lODS Tw.'nah tho the power and the responsibility 

_ , . J Government t h e industrial civil servants 

The claim called for a “sub- offered comparisons with private ^old 
stantial ” Increase in pay; con- industry, it would be subject to Rp sa ij yesterday: “There is 
solidation of pay increases under “W pay policy then in force. No not one point of tj, e ciaiin W hi C b 
the first two stages of pay policy commitment was offered on the is frivolous or greedy for this 
into basic rates: increasing a £2 Holiday claim. group of workers.” 

efficiency bonus fo £5; Improve- Negotiations with the Civil The Government- has commit- 
ments in shift allowances and Service Department took place ted itself in its Wbite Paper 
overtime payments; four weeks' against a background of demon- on Pbase Four to special help 
annual leave, paid at time and stratum? in Whitehall by dock- within the pay policy for low- 
a-tbird; and a commitment on yard workers from Portsmouth. pa id workers, 
pay comparisons with private in- and steadily-building industrial But unless Lord Peart can 
dustry. action across the country, includ- suggest some initiative for new 

The claim also called for a ing woridng-to-rule. overtime talks on the industrial civil 
reduction in the working week bans and selected stoppages. servants’ problems of campara- 
from the 1977 figure of an The unions are adamant for bilily with the private sector, 

average 45.4 hours, and diversi- their claim to be treated In the the first fight the Government 

BUILDING SOCIETY lending is fication in defence establishments same way as the police, firemen, will be facing under Phase Four 
not a main factor in determining which would stop redundancies university teacbers and top- will be over a Phase Three 
the rate of house-price inflation, 4041 create new i° bs - salaried people dealt with by the claim, 

the Bristol and West Building 
Society claimed yesterday. 

Building Societies bave been 
criticised regularly for provok- 
ing periods of rapid house-price 
rises by Increasing lending. 

Mortgage advances for most of 
this year have been artificially 
restricted- because the Govern- 
ment was concerned about house 
price inflation 

But the Bristol and West says 


By Michael Cassell, 
Building Correspondent 


Transport onion 
to back Labour 


BY OUR LABOUR EDITOR 


year, but average 
creased by a 
modest 7.6 per cent. 


•service govs into full public 
. cjniiiivriiui operation in the first 
quarter of next jear. 

Two British television set- 
r.ufcors. Thorn and RodilTusiun. 
lime usd Tost Office safety ami 
■Technical standards fur tclevi- 
• mod* equipped fur Presto 1. us the 
:i ** tv»«u will bo railed. 

- The T«»; *i Slice said > eslorday: 

pricSucinu She wnrld’s first olec- 
’vn.c equipment in make ihi*»[ 
:-.i»*»blu h.:.' itovimI a •Anchor! 
,v. -:_:i I'p-bU-in *li.»n bad heen 1 
o', pec 


still tlic must important part of tries, tourism is an important cent underused. 


Minister takes trip to study 
small companies 9 problems 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 

MU. HAROLD WALKER. Minis- Chamber of Commerce, which is 


Mr. Walker has responded to 

\uw iiuniifjelnrers havejj cr „j- siate, Emidovinem. is to leading the campaign against the a deputation from the chamber 
‘•wed It. .ir.d id her British TV Rirmin ^h 1 in nn Mnndiv in legislation. which invited him ' to see for 

firm- taking part ui Trust el "ill; . . , . ' . A survey of local companies himself the impact legislation is 

,;•> .n produce iheir own sol.- eoni- h . n{J 1,1,1 Rr,s ! ' n - ,nt1 w,,c,ntr by ihe Chamber showed that 934 having on employment. 


:vm: with onice rcqiiire- 
,:n-nt> for direr l connect ion. 

“ AMogrthor. <-iglif British firms 
irf planning m idT.-r it different 
Pres- cl TV models." 


Committee attacks Government 


BY DAVID CHURCHILL 


Employment Tru lecliun Act is jobs had not been filled or He wil j ^sit two small com- 
eau-ing problems for small com- created as a direct result of the p aD ies regarded as typical and 
panics. Employment Protection Act and hold ’further talks with' the 

Mr. Walkers visit marks a of the unfair dismissal and chamber 
success for the Birmingham redundancy procedures. _. ' . ... _ _ . 

The chamber, which says that 

— legislation favours people with 

jobs at the expense of those 

without, has urged a number of 
changes, including provision for 
industrial tribunals to have dis- 
cretionary power to award costs 
against people who pursue trivial 
or vexatious claims. 

THE GOVERNMENT was ihe commuter’s original report On the White Paper In It also says that companies 
rveused jesierday of nut taking insofar as it accepted their general. Mr. English said that should be given the chance to 

•eriouriy' a report by ihe Com- recommendations on pay and the committee had hoped “that recoup some of their costs from 

::oas Expenditure Cniumitteu pensions almost completely. the Government and the Civil a central fund, 

n the workings of ihe Civil “We welcome this acceptance Service would wish to use their The chamber recommends that 

•cruce. ,,ut aro bound lo notice the con- reply to set an example of an employee should qualify for 

- The committee in a W»?tbrtw« tnc alacrity with efficiency w the country as a full protection of the legislation 

'"ipon-sc to the Government’s wh,ch our recommendations on whole.' only after serving at least a year 

’,vil Service White Paper thal 1 ,3 >' "ere accepted .and the treat- Unfortunately, he believed that instead of the present six months, 
ho committee's rccommcn- n,en L ? r lcss ei r i lat:iblo t . roco,n ' the opportunit>- bad been missed Mr. Walker will also hold talks 
'ations received an “inadequate the one and that “bumble on as before with the TUC's Midlands Regional 

£«£ * m . G r™ ss'ffia ™ *s = ** ihe toinn 

S iS on Te <"*« ° [ ““«• *«" » 

•acasenicnt of dvpartiiientsliave during the committee's hear- 
iOX been taken senously. inS s, it was alleged l.v Mr. 

It also claims that the lack Nicholas Ridley, the Conserva- 
.? attention given to us report ,j vc mp, that when he w« a 
•y the Government is shown m Minister, a civil servant gave 
, i accuracies and misquoted com- him biased advice in the hope 
■enls ut the White Paper, 'it 0 f 3 j 0 h in pnv.uo industry. 

,~ inefficient for a document on " What is particularly worr> - - 
;;i important a subject to bo j n! i jbout it. is that a civil se'r- 

mccuratc in such an avoidable V ant ha»l been promised a job 

; ay.” said Mr. Michael Enghsh. a ftcr retirement in exchange for 
..a hour 31P for Nottingham west which he gave me biased advice 
nd chairman of the committee while in post, thinking he would 
esterday. be certain to be able to collect 

“It somcliinw replies to his reward later on," Mr. Ridley 
* oiats the committee did not claimed. 

Nake which, if intentional, is The Government has decided 

■heap or. if unintentional, is against any tightening of the law 

-■efficient." he added. “It fails in" this area. Lord Pcarr. Lord 
ito rt ether to reply to some Privy Seal and Minister respoa- 

■ pints the committee did make sible for the Civil Service, said 

•■-which either inefficient or in a letter to committee meni- 
..pblp « bers: *' There would undoubtedly 

■ Mr " English said lhat tho be difficulties in devising an 
•'bite Paper was responsive to effective legal sanction. 


Crucial 


PowerPoint system delayed 


FINANCIAL TIMES REPORTER 

PROPOSALS FOR an inter- 
national standard system of 
electric pings and sockets 
have been postponed after 
being rejected by eight or the 
42 countries In the Inter- 
national Electrotechnical Com- 
mission (IEC). 

Efforts to devise an accept- 
able design will continue, and 
the European Commision has 
decided not to issue a direc- 
tive for a unified system 
within the EEC. 

Introduction in Britain of 
the international ping and 
socket— to be known as the 
“IEC unified system would 


8K is n ° obvious correla- THE DETERMINATION of the union’s political fund, standing 
fi°° oetween building society unions to bury their differences at over £400.000. would be contiri- 
lending and prices and claims with the Government over the buted to Labour’s campaign, 
that m 1973. when bouse prices Stage Four incomes policy in the Evans said that the 

rwe on average by 35 per cent run-up to a General Election was u^'s 500 Sl-tae offices smd 

SS^iTOSSl" aCtU - SSSS& Blita *' S t,lggeSt uni0n S««Mrdbfe n on, S e^ 

■When advances rose by mare {*£ Miss Evaw general sec “ ^ ^ ^nv^sT’SeVVe 
than 36 per cent in 1971, how- _. of Wftrk-^S ,aSP ° r {rTiS 1 n d aaQ ouncement of the election 
ever, average house prices rose .a Workers Union, ,j ate special attention would 

by Only 13 per cent. In 1975, m ® X1 ' be paid to marginal seats, 

building societv lendine rose hv mum financial and canvassing 3ca, f' 

68 S cent over ffe nrevious support and suggested that the “ r - Evans Is one of seven 
rear bSf averse VicS te- Conservatives' record belied ™«» vnumd sectaries from 
comoarSivefv their P'edge to restore free col- J®., biggest Labour Party 
comparatively j ec tj Ve bargaining. affiliates on a trade union com- 

Tbe Conservatives had talked mittee fpr a Labour victory, 
of free collective bargaining and se .* U P °n Wednesday after the 
no interference with the unions general council meeting. 

Mr. John Hutton an assistant I in 1971, but *** brought in a The unions are also raising 

general manager with ihe Bristol I statutory incomes policy and the funds to enable the Labour 

general manager with the Bristol 1 Industrjal Relations Act Party to move out of the Trans- 

* ecuaiuve DDimcai issup We cannot erase completely port and General headquarters, 

and the facts haveVjMme somel ** memory of a very anti-trade Transport House, and construct 

what obSured in the rm-Sn rt umo ° P olitical Party, be said, its own headquarters in -Wai- 
a probtbS autumn General Mr ' Ev&DS ’ whose w* 00 ^ one WQ 5 tfa Roafl - off the Elephant 
election 1 autumn 8 eneral oF those most firmly opposed and Castle in South London. 

. ,, t0 Labour’s counter-inflation Headed by Mr. David Basnett. 
J C ^ aUy st / ate » r - was speaking one day TUC chairman and general 
determining the level of house after an unexpectedly vigorous secretary of the General and 

prices appear to be_ changes in rebuttal of the 5 per cent limit Municipal Workers' Union the 

persona! disposable incomes and by the TUC genera] council. committee Includes Mr. John 
uo the rato oF inflation, which Despite our differences with Boyd of the Engineers Mr Sid 
determines how much the the Government on the 5 per Weighell oF the National Union 
average borrower can afford to cent, the stark choice before us oF Railwaymen. Mr. Ray Buckton 
pay for a house. is who do we support. of the train drivers’ union 

The society believed that ... M y is that our members ASLEF. Mr. Clive Jenkins of the 
although it might have a short- still support a Labour white-collar union ASTMS. and 

term psychological effect on the Government.” Mr. Alan Fisher of the Public 

market, a policy of restricting A substantial part of the Employees 1 union, 
mortgage lending was an 
ineffective measure to limit the 
rise in house prices. 

We hope these figures will 
finally convince the public that 
there really is no connection 
between building society lending 
and increases in house prices. 

A dangerous myth has grown 

sometimes SSE^SSE "VSES wsrfT f ° r ' 

, poop for policy decision^ reoeJed* the^Tmands^^ 

"In the light of our figures to give workers equal represen- The document keeps TGWU 
it is inconceivable that anyone tation with shareholders on the policy on industrial democracy 
can blame an expansion of boards of ail leading British on the saiS tSa as Se oS 
mortgage lending fop the 197S-73 companies. u-hlch d™e1opid “nd?r to! 

bouse price explosion or indeed The union, Britain’s largest, leadership of Mr Jack Jones 
seriously maintain that imposed also stresses m a policy state- who served on the" Bullock Trim’ 
limitations on lending can be an ment on industrial democracy mittee euuocic tiom 

effective check to price rises. Jiat represen tation must he Mr. *Moss Evans, the present 
“The building society is the . ,7 . . ® a com P an y trade general secretary, says In a fore- 
medium by which housing UE p£S £ wo . rd that in many ways the 

ssr j s £ssP- ta “W£ 

i»p sssssr sl.--* ,w 

agreements a Bill to make com- All union members, he says. 

cor Porate policy will have to demonstrate their 
with the unions and action in desire to “win the vote” for 

SS 


Industrial democracy 
call renewed 

BY ALAN PIKE, LABOUR CORRESPONDENT 


Scots Rolls 
men win 
11% award 

By Our Glasgow Correspondent 

THE 5.000 Scottish employees of 
Rolls-Royce have been awarded 
an 11 per cent fair wages pay 
rise by the Central Arbitration 
Committee. 

The award, backdated to April 
6, comes on top of an agreed 
phase three rise of 10 per cent 
and subsequent productivity deal. 
It means that most of the men 
will have a rise of nearly 25 
per cent this year. 

For skilled men the basic rate 
rises from £70.61 to £78.38. and 
for unskilled grades from £55.71 
to £61.84. 

Rolls-Royce in Scotland has 
Jong had difficulties in recruit- 
ing skilled machinists and fitters 
to its aircraft engine factories 
at Hillington and East Kilbride 
because of low wages compared 
with those in other West of 
Scotland Industries arising out 
of Government pay restrictions. 

The company hopes the award 
will help it to compete for skilled 
labour. 

Another Central Arbitration 
Committee award was announced 
yesterday by the Engineers' and 
Managers’ Association, whicb 
has won a 17.5 per cent rise for 
more than 60 managers at Leith 
and Dundee yards of British 
Shipbuilders’ subsidiary Robb 
Caledon. 

Back-dated to March 1. the 
award win mean lump sirma of 
between £300 to £400 for the 
managers. 

Mr. John Lyons, the associa- 
tion s general secretary, said it 
was the fourth fair wages award 
to its members In the Shipbuild- 
ing and Associated Industries 
Management Association. The 
other awards have been at 
* arrow. Cammeil Laird and 
Smiths Dock. 


prices. 


Standards Institution 
considers dangerous. 

The system was opposed by 
seven European countries, 
including Italy and Holland, 
and by Canada. 


have meant gradual replace- 
ment of the present 13 amp 
socket and fused plug, 
designed for ring mains. In 
favour of an utilised plug for 
use in radial circuits. 

The new pings could be 
fitted to ring mains through 
fused adaptors. 

The original proposal met 
considerable opposition from 
British consumer organisations 
when details were circulated 
for public comment last year. 

Nevertheless, the UK sup- 
ported it at the IEC talks, 
mainly to avoid nn alternative 

based on a widely used German . — — — - - - . — 

standard, which the British and over what period. 


(RSI) 


Ferry services 
disrupted 

BRITISH RAIL ferry services to 
Ireland were disrupted yesterday 
because of a strike over a pro- 
ductivity claim by members nf 
the Irish Transport and General 
Workers’ Union. 

Sailings from Fishguard were 
cancelled and services from 
Holyhead carried passengers 
only. 

A separate dispute — over a pay 
Claim — is threatened today bv 

. on the K>' Ie of 

S?0UMd e 0f Sk,e SHVire ,a 

^ ort of Liverpool was 
hack to normal working for the 
first time m a week yesterday 


Microelectronics study group set uu 

IE nEPA'RTMTTWT .u,_ '* MT 


TheBSI said yesterday that I ment has ^SbUshed° a ^special study mun special technology over the next five to 

the' IEC technical committee \ group within its unit for man- power^LS adv,se lt 00 ten vears whinH ™ “3£ - t0 

power studies to take charge of The 


years which tap currentlv h*» 

responsible for preparing a power studies to take charge of ""fhl ,.kit foreseen. 9 ue 

new design would not consider studies into the social effects of service ^ P hr^L Pr0V 2 de *.. a These in dude: the creation of 

“lsss?“ * £s arpaass» , sss3S 

g«fip Jffasrst assw keep M £I? 

hid socket and it would then Review Staff (CPRS) were ro nSde^h 111 °^ Indu f tr >'- Possible displacement^ 

be up to the countries con- take a lead in the Govern- Sleieh - * Mr ' _ JonatIi an tional skills and toh a fna* f «^? d, ‘ 

UP KVVIV 44UVC eerned to dedde whether and rnent’s study of the sociaTaxtd the^stui? ^* JrtKP ' t - SyUsy. from change^ln^riducm 4 ®*^ 

based on a widely used German . bow lt might be Introduced economic implications of micro- eerned with 81 ?!! 73 'I 1 ®#-*? Con ' tiJan ufacturinc nroeSSS 8 

“ M ' h “‘“™l dcctrooics. The CPES will be power" =°<l ™S e req U !r e 

ents which may be necessary. 

i 






\ ; 


..I *i» " 


Financial Times Friday July 28 1978 


TARl.l \MENT AM) POLITICS 


Dividend control harsher 
on poor, Tapsell claims 


BY i° HN hunt, PARLIAMENTARY CORRESPONDENT 
dend ^nIJ r P^ l AT10N of divl " Government was asking people 

iran^rPchS! W,t p , e T5 tu ? te on £50 a week to observe 

hi» P ^v. Pnsiwaent of Britaifl and restraint, and, in these eirc mn - 

comn t S.nit p J‘J«rt r «i? ection ? *5® slances ’ ^ would not be fair to 
Eft" 1 ™.? and the pension funds Uft sanctions on the person who 
p a ™* p _, thai > t^e wealthy, Mr. received £500 a week through 
, r Tapsell, a Tory Treasury investment income. 

St SS?t“' ““ fte Comm ™ “Some companies stand ready 
... to increase their dividends by 

ir ^ai Jy is carrying ignorance as much as 300 per cent" he 
and prejudice to the length of declared. "When - we are asking 
to continue to mouth the people in thi-q country to be 
oid-ume slogans of the Left about restrained, provocative increases 
sna re holders and dividends." he in dividends are. to say the least, 
declared. not helpful.” 

. Mr. Tapsell was speaking dur- There were, be said. 11.000 
the second reading debate taxpayers with incomes of 
the Government's controver- £20,000 a year or more who 
nal dividends Bill which seeks received an average rpe-tax of 
to extend the statutory 10 per £11.884 a year, from dividends, 
eent controls for a further year This brought Opposition demands 
until the end of July, 1979. for him to say how much they 

, Butfi - for the Government, Mr. get after paying high 

Joel Barnett, Chief Secretary to °c mc ? me ^ .. 
the Treasury, Insisted that the Secretary declined the 

legislation was an essential part “w™? ^ _ , ^ 

of the fight against inflation. , “ e did not dispute that the 

zsrJsrt-A “K 

need to moderate their own T0 A pn * _ ... 
claims. At the end of 1975. life assur- 


claims. At the end of 1975. life assur- 

rp ance and pension funds 

w 0 o I ?M P0l uL° f amounted for El per cent of 

inHutinn™}**,- w ad t** ♦ .- tug ^ dividend payments while half 
°l lt 0 " an . ti confrontation wen t to individual shareholders. 
2? d ’ In turn ’ would ha , ve ThU showed that although. 

prnninvmL. consequences for pension funds were affected, it 
en ?. P rl 0J i^ eDt ' was equally true that many 

To Sight the worst distortions thousands of people also bene* 
of inflation, we need to have an filed from large- investment 
overall policy for all forms of income. 

income, and that includes divi- He also conceded that the 
dends,” be went on, . controls would have a marginal 

"If dividend controls distort, effect on the cost of raising 
inflation distorts even more. It capital. But evidence that this 
distorts all forms of income, not would result in serious difficulty 
just dividends. Inflation has a was very far from clear. There 
much worse effect. That is why were many factors that 
it is crucial to continue with an influenced the ability of coin- 
even-banded policy." panies to raise capital and one 

Mr. Barnett said that the of the most important was the 


level of inflationary expectations. 

“If we have totally unrestrained 
dividend limits and totally 
unrestrained limits on prices 
and pay, I wonder what that 
would do for raising capital on 
the market" 

No company which had been 
able to show that it needed to 
raise substantial amounts of 
money on the market had been 
refused Treasury consent to 
Increase dividends. 

Mr. Barnett also emphasised 
that under the new rules, com- 
panies which are persistently 
successful and have growth 

above 10 per cent, would be able 
to increase dividends in line with 
profits. 

But, la a strong note of 
caution, he added: "1 recognise 
that there will be some com- 
panies disappointed about the 
way it wifi work. Obviously, 
some companies will want to 
increase dividends and will not 
be able to do so." 

From the Opposition front 
bench, Mr. Tapsell was scathingly 
critical of the effect which the 
Bill would have on pension 
funds, particularly that of the 
miners. 

He said that there were 48.000 
national Coal Board staff 
pensioners and 243.000 mine- 
worker pensioners. There were 

62.000 NCB staff contributors and 

250.000 mineworker contributors: 
in all. 600,000 people. 

In April 1977, the book value 
of the U.K. equities owned by the 
Mineworkers Funds was £500m. 
The Bill would reduce the income 
accruing to this fund and reduce 
the capital value of its existing 
Investments. 

“ Why is that seen to be parti- 
cularly good Socialism?" he 
demanded. 

The miners, he added, had seen 
the Government coming and had 


taken the precaution of investing 
£280m in property where the 
money would not be affected by 
dividend controls. 

No doubt, said . the Tory 
spokesman, they would follow 
the example of the British Rail 
pension fund and Invest £550,000 
In 12th century candlesticks or 
pay £65,000 for a Louis XV 
commode. 

“Why is it good Socialism to 
bring forward a Bill which 
diverts funds and capital away 
from the provision of new jobs in 
industry and towards speculation 
in property and chamberpots?”" 
he asked. 

Ur. Tapsell argued that an- 
other effect would be to 
penalise the dynamic growth 
companies and favour the less 
successful ones. It was unpre- 
cedented to have statutory 
control of dividends and only 
voluntary restraint on wages. 

He thought that in - a per- 
functory speech, Mr. Barnett had 
only advanced political and 
psychological reasons for con- 
tinuing controls. 

Dividends paid to individuals 
accounted for less than 2 per 
cent of personal incomes. It was 
unfair to compare them with 
wages. Only one third of shares 
today were privately owned 
while two-thirds were owned by 
institutions, mostly pension 
funds and life assurance com- 
panies. Progressive tax at a 
rate of 89 per cent, plus capital 
gains tax, effectively limi ted u> 
come from dividends. 

Mr. Tapsell pointed out that 
a million workers were already 
members of occupational pension 
schemes, and there were 2fim 
retirement pensioners. In ad- 
dition, 14m householders were 
paying life assurance premiums. 
This meant that 17 out of 20. 
families indirectly bad some part 
of their savings invested in com- 
pany securities. 


MPs criticise EEC’s handling Bill ‘has 
of relations with Third World mangled’ 


BY REGINALD DALE, EUROPEAN EDITOR 


SERIOUS CRITICISMS of the 
EEC’s handling of its relations 
with developing countries are 
made in a Commons Select 
Committee report published 
yesterday. 

The report, nn the renegotia- 
tion of the Lome Convention 
linking the Community with 54 
African. Caribbean and Pacific 
countries (AGP), calls For much 
greater generosity by the Nine 
in Tuture. 

The Select Committee on Over- 
seas Development charges the 
Community with patting 
informal pressures on ACP 
countries not to embark on the 
export of products that might 
“ cause difficulties " in Europe, 
in breach of the spirit of the 
convention. 

The Nine have also insisted 
on rules oF origin under the 
convention to promote the 
interests of European multi- 
nationals in the Third World 
against those of the U.S. and 
Japan and have failed to adopt 
adequate industrial adjustment 
policies, the committee says. 

"The ACP States are entitled 
to expect, if the spirit of the 


present convention is to he 
realised, that there will be 
increasing cooperation in the 
redeployment to developing 
countries of activities in which 
the developing countries have a 
comparative advantage." .. 

There is evidence, thq com- 
mittee says, that on some issues, 
a number of ACP countries feel 
they have been treated high- 
handedly by the Community. 
Many ACP States feel that their 
views have been listened to 
unsympathetically by the EEC 
on issues as diverse as sugar, 
beef, mm, the rules of origin 
and the rate of aid disburse- 
ments . 

Too often, the committee says, 
the Community bas argued 
fiercely over minor points with 
the ACP countries. To have 
yielded gracefully would not 
only have cost very little but 
would also have greatly im- 
proved the political atmosphere. 

The reality was that “without 
the expanding markets of the 
developing world, the indus- 
trialised • West cannot hope to 
break out of recession." 

For developing countries, the 


Skinner seeks tougher 
UK action in EEC 


MR. DENIS HEALEY. Chancellor 
of the Exchequer, was yesterday 
urged to use his “well known 
Parliamentary bullying tactics" 
against the Common Market. 

The demand for tougher action 
came from Mr. Dennis Skinner 
(Lab. Bolsover) who told the 
Chancellor: “it’s time you and 
vour colleagues woke up and 
spoke up for Britain for a 
change." 

Mr. Skinner said that the 

Franco-German monetary union 

plan would mean further Indus- 
trial penetration of Britain’s 
marekts. It would also allow the 
Common Aricultural Policy, 
which helped France, to exploit 
our consumers. 

Mr. Healey replied that Mr. 
Skinner liked to use “bower 


boots. ■ ■ - It would be more 
impressive if you used them- for 
some other purpose than tap- 
dancing on the Common Market” 

Mr. Robert Adley (C Christ- 
church and Lymington) com- 
mented that the Chancellor was 
polite to his EEC colleagues, 
even if he d idnot agree, with 
them, but u rude and abusive ” 
to anybody in this country be 
disagreed with. 

Mr. Adley added: “The British 
people don’t like the sort of 
tactics that you and the Prime 
Minister indulge in- 1 want an 
assurance that you will not con- 
duct the election campaign at this 
abusive sort of level.” 

Mr. Healey told him: “The 
Prime Minister and I try to be 
honest and straightforward In our 
dealings with all who we meet." 


report adds, access to the mar- 
kets of the Western world for 
primary products. . and in- 
creasingly for manufactured 
goods, provides the opportunity 
to earn the foreign exchange 
with which to buy the products 
of the developed world.” 

In the committee’s view, there 
is a long way to go to achieve 
the aim of ensuring that more 
EEC aid reaches the poorest 
people. 

“As so often happens, larger, 
very poor, countries seem to do 
less well than smaller, not so 
poor, countries, while to be a 
small, very poor. ex-French 
colony appears to be a formula 
for considerable success in 
extracting resources from the 
European Development Fund." 

The report points out that in 
1975-76, twice as much aid 
appeared to have been devoted 
to plantation agriculture as to 
peasant agriculture. There still 
seemed to be a heavy emphasis 
on capital-intensive, urban-based 
industrial and energy projects. 

Resources devoted to the 
European Development Fnnd 
should be considerably in- 
creased "as part of a total 
strategy of increasing aid sub- 
stantially to the whole develop- 
ing world." the report urges. 

The committee would also like 
to see the creation of a “ second 
window " of the European Invest- 
ment Bank, “ which would make 
available a higher level of ex- 
pertise, especially in the monitor- 
ing of the technology that is 
transferred to the ACP States." 

The committee rejects sugges- 
tions that a human rights proto- 
col should be included in the 
new convention as “wrong if not 
impossible” — with the added 
danger that the emotive subject 
of South Africa would be drawn 
into the negotiations and might 
.well Imperil their outcome. 

BUt the - MPs .accept that a 
safeguard clause could be in- 
serted Into the new convention 
providing for its partial denunci 
ation in the event of sustained 
and flagrant disregard for human 
rights. 

Second Report from the Select 
Committee on Overseas Develop- 
ment, Session 1977-78. the Re- 
negotiation of the Lome Con- 
vention, HMSO £1.35. 


-Tories 


0 


DEUTSCHE BANK 

Aktiengeseflschaft 

Frankfurt am Main - 


Notice to the Holders of the Warrants from the 4 y 2 % U.S.-DoUar 
Sparer Bonds of 1977 / 1 S 67 of Cwnpagrae Hnancfeie 
delaDeutsche Bank AG, SodeteAnonynte, Luxembourg 


rtlMh'anAugurt7.W7B. 

preemptive; rigltf 

5!ui£ rrSdeSwe whan the subscription right is exercised.. 

Frartkfuit am Mam, in Jtfly 1978 

TlieBcaitlo^Manag&igWrec^ 


THE CONTROVERSIAL Bfll set- 
ting up a Scottish Assembly 
ended its stormy, ping-pong 
passage in the Lords yesterday. 
It now awaits Royal Assent 

When the Bill came before the 
Lords for the third time, Tory 
spokesman, Lord Campbell of 
Croy, rejected criticisms that the 
Lords had “mangled” the BUI. 

Eleven of the Lords changes to 
the Scotland Bill which had been 
opposed by the Government had 
since been accepted by MPs in 
the Commons and were now in 
the Bill, be said. 

Lord CampbeU said: "We pro- 
vided the Commons with oppor- 
tunities to discuss subjects, par- 
ticularly those which have not 
been discussed as a result of the 
guillotine. We also enabled them 
to have second thoughts. 

“ Any statement that the Lords 
have wrecked or mangled this 
Bill is no longer In the category 
of a simple mistake but would 
be a thoroughly misleading and 
inexcusable mischief.” 

Earl Ferrers fC> added: “If 
anyone Is tempted to say that it 
is the Lords which has altered 
the Bill, let • them reflect that 
what Is in the Bin is no more 
and no less than what has the 
approval of ihe Commons." 

In the Commons, Mr. Michael 
Foot, Leader of the House con- 
demned Wednesday night's one 
vote Commons defeat on the 
“West Lothian" question. 

The change was “a constitu- 
tional imbecility," be declared. 
AH who had forced it through- 
including the Lords, should be 
thoroughly ashamed. 

Yesterday, peers also com- 
pleted consideration of the 
Welsh devolution Bill with the 
Tories not insisting on further 
changes to the measure. 


Peers approve 
salary Order 

THE GOVERNMENT Order to 
increase Ministerial and other 
salaries by 10 per cent was 
approved by peers last night 
The order, already approved 
by the Commons, alio increases 
the salaries of the Speaker. 
Government Whips, the Leader 
of the Opposition and Opposition 
Whips. 

Opposition leader. Lord Car- 
rington said that compared with 
industry, the salaries were fairly 
derisory. 

It was ridiculous, in the con- 
text of the work done, that the 
Government Chief Whip in the 
Lords received less than half the 
salary paid to the Government 
Chief Whip in the Commons. 

Lord Peart, Leader of the 
House, said politicians tended to 
treat themselves in a derisory 
way and there had to be a 
change. 


Bingham report 

IN YESTERDAY’S Financial 
Times it was reported that Ur. 
Ted Rowlands. Minister of State 
at the Foreign Office, had told 
the Commons that the Foreign 
Office hoped to have the Bingham 
report on the supply of 
petroleum products to Rhodesia 
“ published within the next 
month." 

Mr. Rowlands in fact corrected 
himself in mid-sentence end 
said, according to Hansard, 
“ received within the next 
month.” A decision whether to 
publish will be taken after that 


Chancellor 
cautious 
on Bremen 
proposals 

By Ivor Owen, Parliamentary Staff 

ANY SCHEME for a zone of 
currency stability flowing from 
the proposals discussed at 
Bremen must be devised in a 
way which avoids a deflationary 
impact on the EEC, Mr. Denis. 
Healey, Chancellor of the 
Exchequer, told the Commons 
yesterday. 

He assured the House that the 
Government was taking a con- 
structive part in the work to 
formulate a practical European 
monetary system, but made it 
dear that Britain was continuing 
to adopt a cautious approach. 

Under questioning from both 
sides of the House, Mr. Healey 
stated that the benefits to be 
obtained from greater currency 
stability were dependent 
entirely upon the nature and 
terms of the scheme adopted. 

• Britain’s strongly-held view, 
and one shared by the United 
States as well as by other EEC 
Governments, was that any 
scheme which bad a deflationary 
impact ou the Community would 
be very damaging. 

On the other hand, any scheme 
which relaxed constraints on 
growth must have a benign effect 
on the economies of the Western 
world. 

The Chancellor missed no op- 
portunity to reaffirm that the 
work on devising a practical 
European monetary system 
should be accompanied by pro- 
posals to achieve a positive re- 
form of the EEC’s Common Agri- 
cultural Policy. 

He won support from both 
sides of the House in calling for 
the “transformation" of the CAP 
into a system which produced a 
much more rational distribution 
of benefits and costs. 

Mr. Healey stated that the 
work programme for developing 
the Bremen proposals agreed at 
the EEC Finance Council on 
Monday envisaged that the 
bodies concerned, including the 
Committee of Governors of the 
Central Banks, should report 
back to the Council for its meet- 
ing ou September 18. 

• During Prime Minister's ques- 
tion time. Mr. Callaghan refused 
to agree with Mr. Erie Heffer 
(Lab., Walton) that, without 
fundamental changes in the CAP, 
Britain would have to consider 
withdrawing from the EEC. 

He maintained that the CAP 
was yielding to pressure gener- 
ated by . tiie inevitable results 
which flowed from the fact that 
far too many resources were 
-being devoted to unproductive 
agriculture in Europe. 

; r “ Thpt pressure will be sus- 
tained- and eventually transform 
The CAP into one which wiH be 
supportable,” Mr. Callaghan said. 


Healey confident 

rrTT/i j disclosure 

on TUC attitude of auditors' 
to pay guidelines 


BY FYOR OWEN, PARLIAMENTARY STAFF 


LEFT WING Labour MPs took 

up the TUUs opposition to the 
Government’s adoption of a 5 
per cent guideline for pay settle- 
ments in the coming 12 months 
in the Commons yesterday but 
made little impact on Mr. Dents 
Healey, Chancellor of the 
Exchequer. 

While Tory MPs gloated over 
the disarray in the Labour 
ranks. Mr. Healey claimed that 
the Government's disagreement 
with the TUC was confined 
solely to methods. “ On the 
question of keeping inflation in 
single figures, we are in agree- 
ment,” he insisted. 

Mr. Dennis Skinner (Lab.. 
Bolsover) maintained that the 
TUCs rejection of the 5 per cent 
guidelines was exactly in line 
with the stand taken by himself 
and. some five or six other 
Labour backbenchers when they 

ADVERSE PRESS criticism of 
the speech made by Mrs. 
Margaret Thatcher, the Conser- 
vative leader, in the big econo- 
mic debate In the Commons on 
Tuesday, was gleefully quoted 
by Labour MPs during Prime 
Minister’s questions yesterday. 

Mr. Callaghan commented: 
“We all have off days at 
times." 

abstained in the vote on the 
Government’s White Paper 
“ Winning the Battle against 
Inflation” on Tuesday night. 

Mr. Healey replied that the 
decision taken by the TUC on 
Wednesday repeated the opposi- 
tion expressed 12 months earlier 
to the setting of a numerical 
guideline by the Government 

“But 1 am confident that TUC 
members will adhere to the 
guideline set down at least to 
the degree that they have over 
the past 12 months," he declared. 


The Chancellor told Mr. Doug 
Hoyle (Lab. Nelson and Colne), 
who said that the TUC was 
against the 5 per cent guideline 
because it wanted a return to 
free collective bargaining, that 
this was not the time to change 
policies which had contributed 
to tbe fall in inflation. 

Sir Geoffrey Howe, shadow 
Chancellor, asserted that the 
policies previously agreed 
between the TUC and the Labour 
Party over the last four years 
had resulted in the lowering of 
tbe living standards of British 
trade unionists in contrast to 
what had happened in other 
Western countries. 

He thought it surprising and 
extremely foolish of the TUC 
to agree to an even stronger 
dose of the mixture as before 
which could only prove morn 
disastrous. 

Mr. Healey retorted that the 
Conservative leadership should 
decide where it stood on incomes 
policy. While. 12 months ago. 
Sir Geoffrey had described the 
Government's pay policy as “an 
onslaught on the British people's 
standard of living,” he had 
seemed to indicate a change of 
mind when he spoke in the 
economic debate earlier in the 
week. 

" I don't think you will 
advance your party’s electoral 
posture by accusing the TUC 
leadership of being foolish," he 
said. 

The Chancellor also told the 
House that he was satisfied that 
Britain’s economy was still 
“broadly on the course charted 
in the economic forecasts pub- 
lished at the time of tbe Budget" 

Recent figures suggested that 
on most indicators of economic 
performance. Britain was doing 
at least as well as. and often 
better than, predicted in the 
forecasts. 


A PRIVATE Member's Kill to 
provide for the disclosure oi 
auditors* shareholdings in gam* 
panies which they are auditing 
was introduced in the Commons 

yesterday. 

Mr. Terence Higgins, Conser- 
vative MP for Worthing, the 
Bill’s sponsor, said that the move 
had been made to stimulate 
public discussion of the issue. 

The Bill has little chance ol 
being debated before the end ol 
the session. 

Mr. Higgins said: " The varwu? 
proposals put forward by tat 
Government for company !:.* 
reform fail to deal with the ques 
tion of auditors’ shareholdings. 

“In general. 1 am in favom 
of self-regulation, and I hop* 
that the exposure drafts n: 
ethical rules nn prrifessiuna 
independence for auditors, ye. 
forward by the various account 
ancy bodies, will be approve* 
and made effective. 

“Nonetheless, it scenss clc.: 
that legislation is necessary v 
ensure that auditors' share 
holdings are disclosed.” 


Trade figures 

studv bv Dell 

» * 

MR. EDMUND DELL, trad 
secretary, is considering whelht 
action Is needed to prevent leal 
over trade figures. 

ThU was disclosed in j writte 
reply tn a Cn.-iuums ‘".lestif* 
froni Mr. Robert (‘ant tLac 
Slock Cent), who had asked 
the Government would invest 
gale leaks in the estimates « 
trade figures in recent month 
especially in view of the fa* 
that such prior information w; 
price-sensitive in respect < 
Government stock-’. 

Mr. Dell told him: “ 1 a : 
considering what action may l 
necessary.” 


Clash on jobless rise 


THE Prime Minister and Mrs. 
Margaret Thatcher. Opposition 
leader, dashed in the Commons 
yesterday over tbe rise in 
unemployment since Labour had 
been in power. 

Mrs. Thatcher accused the 
Government of adding 600 men 
and women to the dole every day 
they had been in office. 

Mr. Callaghan replied angrily 
that if the Tories had been in 
power unemployment would have 
been much greater. 


Mrs. Thatcher called on Mr. 
Callaghan to confinn that the 
Government was working on a 
figure of 1.55m out of work for 
the rest of this Parliament. 

Mr. Callaghan had a word with 
Mr. Healey sitting beside him 
and replied: “The Chancellor 
has just told me that figure has 
been revised downwards.” 

Mrs. Thatcher replied that if 
Socialism meant 1.55m un« 
employed, Mr. Callaghan should 
say so. Labou rbad inherited a 
600,000 unemployed total. 


Talks on bank 
relations 

DISCUSSIONS between the Ba: 
of England and the EEC Co: 
Mission about the applicubili 
of the provisions of the Treaty 
Rome to the present methods 
regulating the relations bet we* 
banks and brokers m the U 
are still continuing. Mr. Den: 
Davies, Treasury Minister 
State, told the Commons yestt 
day. 


SCOTLAND BILL POISED FOR ROYAL ASSENT 


Anxious eyes will be watching 
Parliament’s ungainly child 


*Y RUPERT CORNW&L, LOBBY STAR 1 


IT WAS a sad 11th hour twist 
an the Scotland Bill epic that 
saw the crucial “West Lothian" 
amendment carried on Wednes- 
day night by just one vote, as a 
result of the absence of the MP 
-for East Lothian. Dr. John 
Mackintosh, critically ill in an 
Edinburgh hospital. 

Dr. Mackintosh was one of 
the lew people at Westminster 
with a measure of intellectual 
belief in devolution. He was also 
one of the handful of MPs on 
either side of the House ready 
to put in a good word for the Bill 
as abuse showered down from 
elsewhere. 

Today, the Government's home- 
rule legislation for Scotland is 
poised to receive the Ropal 
Assent, eight months after the 
re-launched Bill reappeared in 
the Commons — and 20 months 
after the first ill-fated Bill sur- 
faced. Since last November, it 
has been chewed heavily, if not 
mangled. But the measure finally 
accepted by the Lords last night 
is still just about recognisable. 

“I doubt if history will invite 
future generations to glory in 
the day.” said Earl Ferrers yes- 
terday, in a phrase that catches 
the residue of general dissatis- 
faction. “There are too many 
flaws, too many omissions, too 
many innovations which will 
allow the future course of events 
to unroll in ways we would not 
wish." 

In other words, no one is sure 
how .the ungainly Infant will 
grotrup. Conceivably, of course, 
into a' workable form of Govern- 
ment (thanks, it will have to be, 
to the British skill at constitu- 
tional improvisation); equally 
possibly, on tbe other hand, into 
the slippery stepping stone for an 
independent Scotland. 


Surprises 


Fist of all, there trill have 
to be the referendum, seeking 
the Scots' approval for the 
creature thrust upon them 
by a London Parliament. 
Theoretically, it is possible for 
this to be held as early as late 
September or October, If the 
Commons were recalled to 
endorse the required Order, six 
weeks before the referendum 
date., In practice of course, other 
thinga will be going on, almost 
certainly, at that time. 

Th$pe months must elapse 
after a general election before 
the referendum. Labour would 
probably not hold it earlier than 
Match to take advantage of the 
new electoral register. Tbe 
Tories, however, if in office, 
mighty it is being maliciously 
suggested, try and have It in the 
depths of winter to minimise 
the chance of getting the 40 per 


cent yes vote required. For all 
their visceral dislike of the Bill, 
the Opposition is committed to 
holding tbe referendum. 

If unpleasant surprises do lie 
ahead, it is likely that they will 
flow from the “West Lothian” 
provision, named in honour of 
devolution’s greatest foe, Mr. 
Tam Dalyell, MP for that con- 
stituency — but voted upon in 
the Commons, it should be 
remarked, at the instigation of 
the Tory peers,- led by the 13th 
Earl Ferrers. 

By allowing a second vote, 
after a 14-day thinking-over 
period, on the second reading of 
any Bill in the Commons 
relating purely to England, but 
passed with the help of Scottish 
MPs, it attempts to deal with 
the greatest flaw of the legisla- 
tion as it stands: the position of 
those MPs at Westminster who 
no longer can vote on devolved 
Scottish matters but who can 
decide them in England. In 
more pompous language, the con- 
tradiction of grafting a federal 
limb on to a unitary State. 

In many ways, the amendment 
carried by 276 to 275 is remark- 
able. Firstly, it is an instance of 
the Lords instigating a sweeping 
change in Commons procedure 
(although the provision does 
have to be ratified by a separate 
resolution of MPs). Second, no- 
one claims it even remotely 
settles the problem. “There 
is no solution to the insoluble,” 
Dalyell observed tartly last nlghL 
Third, it is permanently 
“destabilising" — since the 
awkward topic of constitutional 
links between Scotland and 
England will be raised every 
time a controversial English Bill 
is carried by non-English votes. 
For that reason, it was ardently 
backed by the Scottish 
Nationalists. 

But tactics are involved also. 
By forcing this defect into the 
public eye, opponents of devolu-. 
tion hope that they can swell the 
“No” vote in the referendum. 
Whether this sort of abstruse, 
though vital, issue has any real 
bearing on the way 'people will 
vote, must be doubtful. But the 
unholy alliance of Nationalists. 
Conservatives and the hard core 
of Labour dissidents was enough. 
John Smith, the Minister who has 
nobly shepherded the Bill, tried 
to dismiss the amendment as an 
irritant Francis Pym, for the 
Tories, called it “seismic." 

An interesting side-effect of 
the closing stages of the 
measure’s passage bas been tbe 
image-sprucing efforts of the 
House of Lords for whom the 
threat of disappearance is 
becoming a little more real these j 
days. And the facts do, up to a j 
point, support the Tory peers in 1 


their contention that, over 
devolution, the Upper House has 
behaved as a revising chamber 
should — improving and polishing, 
but not seriously challenging the 
authority of the elected lower 
chamber. 

Only one round of “ping-pong" 
or exchange of amendments took 
place. Of the 239 amendments 
passed by te peers, only 41 per 
cent originated from the Opposi- 
tion; the rest were Government 
or amendments concessions. 

Twenty-nine substantive issues 
were sent back to tbe Commons. 
Of those, 18 were rejected, and 
11 accepted, eight without pro- 
test, the other three ton abortion, 
forestry's exclusion from the Bill, 
and “ West Lothian "j by the full 
vote of MPs. None the less all 
the Lords main changes were to 
reduce the scope of devolution. 


and to tie the new Assembly 
Westminster. 

Still. Earl Ferrers gJeefu’ 
recounts one incident, nf a fei 
cious leveller who wrote to t 
Glasgow Herald to suggest tt 
the cost of the Edinbur 
Assembly could be met by sen 
ping the Lords. With relish, 
pointed out in reply that wta 
the Lords costs £5m a year 
run, Edinburgh will cost £13m. 

“The Lords.” he boasted h 
night “ has never worked hard 
nr more effectively ihan now, a 
probably stands higher in 1 
public’s esteem than ever befo 

My advice to ihe Lord Chanc 
lor, when discussing whether 
put abolition into tbe Labo 
manifesto, is: 4 Don’t touch 
with a bargepole; it won't do y 
any good." 

We shall see. 




Our non-stop flights toTehranmn 
rightthrough the week. 

Leaving Heathrowat a highly 
convenient 09-55. Arriving in Tehran in 
time for dinner. 

And all with.the comfort of a 747. 

For full details of all our flights to 
Tehran,or to make reservations, contact 
yourTravel Agent 


%JRMM Mm 

TheworicTsfestestgrowingairiine. 





Financial Times Friday Jul y 28 1978 



BY JOHN BRENNAN 


EPC-after the bid 


WHAT NOW for English 
Property Corporation? Having 
abandoned two months of take- 
over negotiations with the Dutch 
property group NV Beleggings- 
znaatschappij Werejdhave, EPC's 
chief Executive, David Llewellyn, 
says that the group is back to 
'* business as usual. 1 * But that 
view rings rather hollow in a 
market that had been looking tu 
a bid as a simple solution to the 
group's problems. 

No details of Wcrcldnave’s 
offers are to be made public and 
so shareholders, having faced a 

9p drop in the share price to 

37p on news that the talks had 
failed, arc left to muse over the 
outside guesstimates of bids 
ranging from the mid-40ps to a 


less probable mid-50p range. 

It could be argued that as 
EFC and Eagle Star broke off 
the talks because the offers were 
insufficient, or in an unsatis- 
factory form, shareholders 
should take this refusal as a 
clear statement oF faith in the 
group's future. And the very 
fact that an offer was made 
surely confirms EPC's vaibillty? 
A bear of the stock with particu- 
larity sharp analytical claws, 
stockbroker Walter Ward and 
Company, slashes through this 
argument in a review of the 
group this week. 

As Ward's chart shows, EPC's 
potentially most attractive asset 
— its slake in the Canadian 
Trizec corporation — is a 


minority holding. And as a 
minority stake, its resale value 
would have to be subject to an 
element of discount Not that 
the Trizec interest is necessarily 
for sale; as EPCs deconsolidated 
accounts show that of a total 
revenue deficit of £ 11 . lm last 
year (the £9-3m reported pre- 
tax profits less £20.4m of 
capitalised interest), £10.4m of 
the loss was sustained in Britain 
and Europe. Canada nearly 
broke-even. 

But what leads "Ward to the 
conclusion that only the hope of 
another bid will keep EPC's 
sbares at their current level is 
the sale of EPC’s continuing 
revenue haemorrhage, 

On the accounting basis 
adopted recently by Land Securi- 
ties. EPC would find it bard 
to justify the capitalisation of 


Xr..-;lish Property 
Corporation Liiri-ei 


Star Grea- Britain overseas 

iioiu.rgs Limited 


,f. soar Proportion is) Limited 

xj and 

F' Cr-.-or.l ror.ada ''orporation Limited 


J ■ ^ r. . ■ V 

Edpec Investments Ltd. 

• V '. ^ Car Ana-eancocp Inc . 


Canadian Arena 


; ' 1 Con| P an y . t- B7 4) t»iwitgd 


^ Caieca Properties Inc. 

1 r n ='•••'• 


• .V, 

: vh; 


Trinoc Corporation Ltd. I 


Directors o£ Tciaec 

£•1.5* (directly 

ar.d indirectly) 


interest on deferred develop 1 
merits and impossible to support 
a continued dividend payment 
from revenue. 

In its 1977 accounts EPC shows 
£X70m of development properties, 
£116.8bn in the UK or Europe. 
Only £4 .03m of capital commit- 
ments had been contracted for 
UK or European schemes at the 
time of the accounts, £&2m bed 
not been contracted, “ until 
financial and other arrangements 
have been satisfactorily con- 
cluded," a phrase, which could 
be taken to mean that they are 
deferred. Yet £14JSxn of develop- 
ment charges on these non-U.S. 
properties were capitalised last 
year. Only charges on UK sites 
without planning permission are 
not covered by capital transfers, 

Ward forecasts a farther £l5m 
capitalisation this year to cover 
UK and European deficit financed 
developments. This would cut 
net assets to around 53p which 
it argues, is little support for the 
shares given this continuing 
revenue drain. 

Peachey’s hiccup 

PARK WEST, Peachey’s 542 fiat 
apartment block, in 'London's 
West End, will be 'sold to the 
Kuwaiti millionaire Mabarek A1 
Hassawi for £9-9m despite this 
week's legal block on the sale by 
the building’s freeholder, the 
Church Commissioners. 

Peachey's chairman. Lord Mais, 
describes the delay as no more 
than a ‘‘hiccup", and confirms 
that Mr. A1 Hassawi's deposit is 
still held, and that he is still 
perfectly happy to buy and reno- 
vate the apartments.. 

The Church Commissioners 
won High Court approval to 
block the assignment of Peachey’s 
lease on the building — which has 
117 years to run— on the tech- 
nical point that the Leichtenstein 
company set up to hold the lease, 
Intelec Investment Corporation, 
was not formed until 3 days 
after Peachey launched legal 
proceedings to clear the assign- 
ment. 

Now that this technical point 
has been resolved it should be 


only a matter -of time before the 
sale goes through. But why did 
the Church Commissioners take 
such a litigious line? Perhaps 
the fact that Mr, A1 Hassawi 
does not plan a fiat " break-up " 
and so doesn’t need to bargain 
for the Commissioners freehold 
—worth just £12,500 a year— may 
have influenced their (thinking. 

in Brief . . 

SHOPS east of Oxford Circus, - 
towards the shadow of Centre 
Point, have been classed the 
u poor” end of Oxford Street for 
years. Now with this week’s 
flamboyant opening of Brent 
Walker's Oxford Walk scheme in 
the former Woolworths store at 
150-153, Oxford Street, takeover 
approaches to Bourne and 
Hollingsworth, and the spetacnlar 
rents achieved in UK Providenis' 
refurbishment of the old Waring 
and Gillow building at 164-182, 
Oxford Street, it could be time to 
re-rate the east-end's retail pull. 

Brent Walker's own shopfitting 
division has taken just eight 
months to completely refit the 
67,000 sq ft building, leased from 
Woolworths (which holds a 55- 
year lease from Legal and 
General under the Prudential as 
freeholder) for 20 years on a 
rent believed to be £335,000 a 
year with five yearly reviews. 

A net 40,000 sq ft of retail 
space has been carved out the 
b uilding in 55 units, some of 
which have been linked, to pro- 
duce a rent roll, according to 
letting agents Leavers, "well in 
excess of £lm a year.” Tenants 
have been given three-year 
leases, and George Walker, 
Brent Walker's chief executive, 
expects the scheme to cover its 
costs — part funded by the group's 
merchant bankers. Barclays — by 
the time of those first reviews. 

Next door to Oxford Walk, 
UK Provident's letting agents, 
Edward Erdman, and Gross Fine 
and Krieger Chalfen have . set 
new rent levels for Oxford 
Street’s east end, achieving over 
£600,000 a year for 36,000 sq ft 
of retail space. Mothercare, 
Dorothy Perkins, and C. and J. 


Clark for Peter Lord, have each 
taken basement, ground and first- 
floor units on 35-year leases with 
five yearly reviews. 

The rents equate to over £100 
a sq ft for zone "A" space, com- 
pared with £60 to £70 a sq ft 
for frontage space in Oxford 
Walk. The remaining 2,600 sq ft 
unit on UKPFs redevelopment is 
under firm offer, but the 162,000 
sq ft of offices above will not 
be marketed until September. 

This rental strength gives an 
additional interest to the 
approach to Bourne and Hol- 
lingsworth, whose Oxford Street 
department store looks the prob- 
able main target for any bidder. 
B and H holds 80 years of a 
lease on the building from the 
Berners Estate, and. a £5m book 
value for properties stands 
against an £lL3m valuation in 
the last property bull market, a 
valuation that looks conservative 
in the light of current rents. 

RAGLAN PROPERTY TRUST’S 
shares have held up well to the 
financial reconstruction, detailed 
earlier this week. Although the 
parent company is left with net 
assets of only around ip a share 
after the transfer of properties 
and debts to two new sub- 
sidiaries, the shares remained 
stable in the 6£p to 6p range. 

Some support for the stock has 
come from the news that Rag- 
lan’s chairman. David Anderson, 
and his fellow director John 
Hopps, who have worked on the 
reconstruction terms for over a 
year, have been able to hack up 
their talk of plans to “expand 
Raglan's business in Che field of 
project management on a fee 
earning basis" by landing the 
development consultancy on the 
giant Wellington Street site in 
Leeds. 

The 20-acre Wellington Street 
site, next to Leeds' central rail- 
way station. Is owned jointly by 
British Rail and the National 
Freight Corporation's National 
Carriers subsidiary (which was 
taken over from British Rail in 
the late 1960s). 

Various plans for the site have 



Term KTlrti 

Bend Street shopping centre* Leeds, Raglan’s stake for sale. 


been mooted over the years, and 
now Raglan has been called in to 
work to a planning brief from 
the Leeds City council, which 
has just zoned the. land for shop, 
office, industrial and housing use. 

Zt could be 10 years or more 
before plans are formalised, 
agreed, and building work under- 
taken^ which gives Raglan plenty 
to justify the reformation of a 
development team and, more 
critically, helps to reestablish 
the group's credibility as an 
active property, company. 

Just down the road from the 
station site Raglan's stake in the 
£20m-plus Bond Street shopping 
centre,", with its 123,000 sq ft 
of offices above Albion Street, is 
likely, to pass soon to the 
scheme’s funding institution, 
Guardian Royal Exchange. Rag- 
lan holds a vertical slice of the 
equity. 

Raglan Is assured of a fairly 
sizeable price for its interest. 
Not that the Guardian cad will 
help shareholders. The .Leeds 
centre holding is one of the pro- 
perties isolated by the recon- 


struction to be set against Rag* 
Ian’s £27m of histone debts. 

CAPITAL AND COUNTIES Pro* 
perty Company is another ren- 
dered down survivor of the pro, 
perty crash now moving back 
into the development market. 
CCPC is hardly in the same ema- 
ciated shape as Raglan. But it 
faces similar problems in reviv- 
ing its development side and, 
apart from a continuing pro- 
gramme of renovation- and rede- 
velopment of its existing port- 
folio. CCPC has only now taken 
a first step back into direct de- 
velopment. . 

The group has abandoned 
earlier, more ambitious plans foe 
a major shopping centre develop- 
ment on the site at Ferry Works 
and Lacy Road, Putney, which 
it assembled between 1964 and 
1967 in favour of a smaller pro- 
ject. It has applied to the London 
Borough of Wandsworth for 
planning permission to build 
60.000 sq ft of shops, 30.000 sq 
ft of offices, flats and a 200 space 
car park. 


INDUSTRIAL AND BUSINESS PROPERTY 







New Air Conditioned Office Building 

37JOOO sq.ft 

With Restaurant and Two Penthouse 
flats with superb views over the Thames 

To Let £760 P S?- 

Apply 

(§, GARRETT, WHITE 

Healey & Baker &PQLIND 

V s Ota Broad Stroet, London EC»1 1AR * , hl .“ k-JV 50JL 

TWophono 01-028 436! OKMS 9771 


Jr 

To Let 


Kensington 

High Street 


The last three floors in this impressive building providing: 

• Air conditioning 

• Close Carpeting Throughout 

• Fine Reception Hall 

GROUND FLOOR: OFFICE/SHOWROOM 

5,400 SQFT 

FIRST FLOOR : OFFICE/SHOWROOM 

6,800 SQFT 

SECOND FLOOR : OFFICE 

7,945 SQFT 


20,145 SQFT 

BROCHURE FROM SOLE AGENTS 


VYllgllL LX, ± CLLLlIV^Ld 

l J2 Sc. James’s Street, London SW1A 1HD. Telephone: 01-493 4121. 

V 


^K) for Industry 

CAMBERLEY 

Warehouse 

10.000 sq ft. 

TO LET— IMMEDIATE OCCUPATION 

HEATHROW {Bath Road) 

New Warehouse 
13.060 sq. ft. 

TO LET 

LEWES, East Sussex 

New Factory/ Warehouse Unitt 

' 3.650-38.000 sq. ft. 

TO BE LET 

LONDON, N.7. 

Attractive single storey Warehouse 

14.000 sq. ft. 

TO LET 

LUTON 

60.000 sq. ft. 

Factory inc. 20.000 *q. ft. Offices 
TO LET — Competitive Rent 

MITCHAM 

Warehouse (Under construction) 

H.950 sq. ft. 

TO LET 

TOTTENHAM, N.X7 

Refurbished Factory 
27.800 sq. Ft. 

TO LET at 95p per sq. ft. 

WOLVERHAMPTON 

New Warehouse Unit 

17.000 sq. ft. 

TO LET or FOR SALE 

King&Co 

Chartered Surveyors 
1 Snow Hill# London, EC1 
01*236 3000 Telex 885485 
Manchester, Leeds and Brussels 











A FORMER ROYAL 
RESIDENCE 

Goldsborougli 

Hall 

KnarcstaronoA. North YorktUn. 

Previously the home of H.B.H. The 
Pitn L-ess Royal, a historic Jacobean 
mansion exuensivetv refurbished as a 
magnificent Hold & Restaurant, a 
period Reception Rooms. J dduttnfm 
soiled & B magnificent Bedrooms. A 
charming Dover Bouse, adjoining 
garages and staff flat. A Ueondan 
Stable Block with planning permission 
Tor IS Bedrooms. 

Colour brochure available span request 
ANDREW SHARPE ft PARTNERS, 
2 Tim Crave, I Oiler. 

West Tories. Phone: (DM3) MOM. 


City Offices 


TO LET 

Entire self-contained building 
in quiet courtyard 

2,810 sq. ft. 
FOLK ARQ 
HAYWARD 

cRKminio siiivctoms 
115 Baker Street 
London WIM 2AY 


OFFICES AND 
WAREHOUSING 
FOR SALE 

FREEHOLD PROPERTY 

An opportunity to purchase i 41 acre 
site in rural South Warwickshire com- 
prising the Following. Two storey 
colonial style office block with a floor 
•re* of approx. 8.000 sq. ft. A 
variety oF _ single storey warehouse 
accommodation with a floor area of 
approx. 70.000 sq. ft. 

For further Information and 
arrangement* for viewing contort:- — 
Howrand Clayton- Wright (Holdings) 
Ltd., Wellasboume House. Welles- 




INDUSTRIAL AND 
BUSINESS PROPERTY 
Rate £14 per single column 
centimetre 




RANDOLPH HOUSE 

CROYDON 

MODERN OFFICES 

TO LET 
7 , 050 to 
20 , 500 sqft 




Joint Agents: 


20GrosvenarHai, 
Berkeley Square, 
London W1X0HQ 
Tel: 01-499 8644 


Chestertons 

\\hstEnd 


75 Grosvenor Street, W1XO-JB 
01-4990404 



Mayfair; WL 8,250 SqJFt Entire s/cFirstfloor. 

Air-conditioning, garage, parking. Immediate occupation. 

Mayfair; WL 20,000 SqJFt Entire Building. 

Suitable for Company Headquarters. Lease For Sale. 

Piccadilly, WL 1,750 SqJFt Prestige Offices. 

A ir-condi tinning. Telex &. Telephones installed plus 
Director's pied-a-terre. 

Euston.N.WL 14,000 Sq JL approx. 

Entire s/c FirstHoorin refurbished building. 

Open plan- £7-50 per SqTL p.ajc.Low outgoings. 

5,000 Sq-Ft approx. Groimd Floor fronting Euston Road. 

St James's, S.WL 3,845 Sq. Ft Second Floor Offices. 

Lift, Central Heating. Immediate occupation. 

Various small suites ranging from 500 Sqft to 4 .500 SqJFt 
a t lowrents in modernised building: 


Chestertons 


Chartered Surveyors 







1 



MATTHEWS GOODMAN 

& POSTLBTHWAITE 

01-248 3200 72 UPFEFvTtf A'.'iES ST LONDON SC4R3UA 



LEEDS— WHITEHALL ESTATE 

NEW WAREHOUSE UNITS 

Good motorway access. Eaves height 24 ft. 
21,000 sq. ft. Rent £1,15 per sq. ft. 

29, Park Square, Leeds, 
Tel: 0S32 459101 


BEFtfSIAQO THORPp I 


? 9 ft- 

















Factories & Warehouses 

^ — — i 

© STOCKWELL SW9 

l' 500 sq. ft Excellent single storey 
Factory/Warehouse. TO LET 

• CHATHAM, Kent 

nhuL’i'm Las V New factory /Warehouse Unit on firs 
Phase. 2.000 sq. ft plus to be built TO LET 

© WOOLWICH SE18 

Go!S sin Ete storey Factory and Office* 

Good parking & loading. LEASE FOR SALE 

© GREENWICH 8E10 v 

27.00° sq. ft Warehouse with Tailboard 
loading docks & large yard. 15.000 sq. ft 
On ground floor. Very realistk terms. TO LET- 

© WESTYURY, Wilts 

32.000 sq ft. Modem single storey Factory. 

Offices. Site area 2.3 acres. TO LFT 

© SLOUGH, Berks. 

80.000 sq. ft Single storey Factory. Offices. 




Henry Butcher & Co 

incorporating 

Leopold Farmer & Sons 

59/62. High Holbom, London WC1V 6EG. 

Tels 01-405 8411. Also at Birmingham & Leeds 


country office headquarters 


Country Office Headquarters 


GREATER GLASGOW 
PASSENGER TRANSPORT EXECUTIVE 


DEVELOPMENT 

SITE 




s/// 

Yt / /c * 




$3-1/ }' / 




f/n 


■ 

< 

J : S2 

z 

DC 


y/ /a 

A7 / / 

// / / /£ 


Grcsvettar ’ 
Cinema 


In Autumn 1979 the modemstion of the Glasgow Underground will ba 
oompletad with -the introduction of attractive new trains, in refurbished 
aid retailed tunnels, end the re-opening of 15 stations following their 
complete reconstruction. In addrdon to the high quality of fuiisiMS ia 
the brighter and enlarged stations, the introduction of escataton end 
automatic ticketing will neatly assist the Glasgow traveller. 

At Hillhesd the reconstruction of the station building has created a she 
suitable for commercial development, with shop units at ground floor 
level and offices or housing above. This is a prime site in Byres Road 
near both the University and the BBC Headquarters. 


For further details please contact; Head of Estates, Strathclyde Regronaf Council, Viceroy House. India Street, Glasgow 


WL 


mi 


a/M 


Waterloo* 

Portsmouth 

Line 



SURREY 



Freehold, situated in best part of Surrey less than half mOe 
from station on Portsmouth line with excellent train service. 
Guildford, Woking, Waterloo 55 minutes. Licensed for office 
and residential units for occupation by Partners or'Directors 
and senior and middle administration staff. Large offices and 
storage area. Amenities include small luxury guest bouse 
for overseas client visitors, heated covered swimming pool, 
hard tennis court, garages for six cars and large car park. 
Gas-fired central beating throughout. Main bouse, guest 
house and two cottages. Occupied by present owner-occupier 
firm for 28 years. In excellent structural and maintenance 
condition. Viewing by appointment only. 

Apply to Box T4924, Financial Times, 1 10, Cannon Street, 
EC4P4BY. 


r WANTED 

| for 3 major consumer clients 

(A) 60/100,000 sq.ft Factory : 
Central /S.W. England 

(B) 50/75,000 sq.ft Factory 
Development Area/N.E. England 

(C) 25,000 sq.ft. Warehouse 

N.W. London 

Existing Properties only 


33 King Street 
London EC2V8EE 
Tel: 01-6064060 V&3 

Telex: 885557 ^ 


BAKER STREET, 
LONDON, W.l. 

PRIME GROUND FLOOR 
BANKING PREMISES 

with basement vaults and storage 

LEASE FOR SALE 

Ideal for Building Society use 


Berry Templeton 


Property Consultants 


47 Great Russell Street, London WC1B 3PA 
Telephone: 01-637 4577 


LUDGATE CmCUS 

Leasehold former Banking 
premises known as 
2/4 St. Bride Street & 

89 Farringdon Street EG4 
TO BE SOLD BY 
TENDER 

Closing date 12 Noon 
8th September 1978 
For brochure jdcase apply to: 
MtLF.Ailken 
Barclays Bank Limited 
Property Division, Chief Office 

Britannia House 

16/17 Old Bailey EC4 7DN. ■ 
Telephone 01-248 1234 Exc 387 



Tel. MI-204 2900 Ext. 2516 (1st Morton) 


Four Commercial 
Investments 
in London 
and Colchester 

Suitable for Small 
family Trusts 
Prices from 
£28,000 to £70,000 
Several with early 
reversions 

Details on application to 

JOHN BRAY & SONS 
11 WARRIOR SQUARE. 
ST. LEONARD S-ON-SEA 
Tel: 0434 420312 


FOR SALE 

FREEHOLD INVESTMENT 
RETAIL STORE 
Area: 161,000 sq. ft. 

Site: 85 acres 

Tenant! F. W. WOOLWORTH CO. 

Lease: 21 years from 1/3/77 
Rental: US$5 tS. 3 17 min imam pa. 
(PLUS % on Gross safes) 
Tenant responsible for all building 
maintenance end insurance. 
Location: Southern U5-A. 

Price: USS&2 million 
(Substantial mortgage available) 
Del alia — 

DAVIS STERLING & CO., 
f , Westminster Palace Gardens. 
ArtiBeiy Rose, London SW1P 1RL 
Tet 01-222 0742 

Agents for the Henry S. Miller Com- 
pany. Dallas, ’ Largest firm of Realtors 
m the Sooth.' 



Southside 

105 Victoria Street, 

London SW1 

Air conditioned office suite 
on the eighth floor comprising 
approximately 7, 516 sq ft net 

To be let 




nr , 



• : V, 



Deb er> ham^Te wson 
& C h i ' ’ ' 

Chartered SuryAJor^^; 

44-46 EfooWS.trjietlljondon W1Y-1 YB 
01-408 1161 Teles 22 105 - 


Oo Intuuctlotu received from The Post Office 

PRIME FREEHOLD BUILDING LAND 

EXTENDING TO ABOUT 7 ACRES 

AT OPPBIHAM LANE. SLOUGH — Witb Outline Planning Con sent for 
HIGH DENSITY RESIDENTIAL DEVELOP MOfT 
<65 Habitable Rooms per Acre) 

This exceptional site is conveniently situated only 2 miles from Slough Town 
Centre and 1 mile from the Trading Estate. Easy access M.4. M.40 and 
Heathrow Airport. . FOR SALE BY AUCTION on Tuesday. I7di October. 1978 
at the FULCRUM CENTRE. SLOUGH (Thames Hall Balcony) 3-00 P-™- 
All enquiries to be addretsed to the Auctioneers: 


HATTON GARDEN 

LONDON E.C.I. 

PRIME \ 

SHOP UNIT 

IN NEW DEVELOPMENT 
Suitable for 

Banking Hall, Shop or Showroom 

TO -LET 

Apply Sole Agents 


Hillier Parker 

May & Rouden 


39 King Street, London, EC2V 8BA 
Telephone: 01-606 3851 

and London Wl Etfmbargh. Paris. Amsterdam, Aastraila 




S,S.IFro5t &Co 


i 


61. High Street, Slough. Berks. 12. High Street, Burnham. Bucks. 

Tel: Slough (0753)- 30713 Tel: Burnham (062B&) SSS5 

Solicitor to the Past Office: Conveyancing Department. 

10-18 Manor Gardena, London N7 6JR. Tol: 01-272 7700 ext 243 


CANTERBURY, KENT 

PROPOSED PRESTIGE OFFICE 
15,000 sq ft approx. 

★ Close to City Centre -Ar Air Conditioning 

★ "■ Passenger Lift ★ Car Parking 

- TO LET or FOR SALE 


Prior to Refurbishment 

022751155 I 


Peterborough 

rv. . "r 'a. /T» 


FACTORY SITES l&s m 


FREEHOLD MODERN FACTORY 
FOR SALE 
ISLINGTON, N.l. 

20,658 SQ. FT. 

OFFtCES - SPRINKLERS - HEATING - UGHTING 
' - — . I CDQH 43 ST. JAMES'S PLACE 

IVIELLcKSn LONDON, S.W.1. 

SkHARDING 01-493SI41 

Chartered Suivoyois 



Gluttons 

17 New Dover Road. Canterbury 


INDUSTRIAL UNIT 

. . 80,000 sq. ft. 

available for sale or let 

: Location South Warwicks. 

HOWARD CLAYTON-WRIGHT (HOLDINGS) LTD., 
WeHesbourne, Warwick. Tel: 0789 841111. 


F OR SAL E 

FREEHOLD OFFICE BUILDING 

APPROX. 1120 SQ. FT. 

CLOSE NOTT1NG HILL' GATE 

P. J. WILLIAMS & CO. 

. 6 STRATTON STREET WIX 5FD 

01-433 4164/5 


BRUCE 


& PARTNERS 


ST. JAMES'S STREET 

S.W.I. 

2 y 30Q sq. ft. TO LET 

IN SUPERB OFFICE BUILDING 


3T. JAMES HOUSE, 13 KENSINGTON SQUARE, 
i-ONDprsJ WB . 01-337 3047/337 9694 


25 Whitehall 

Ns^ly-modemised 
remaining suites 
fromZSOOsq.ft. 

Agents: Leavers 01-6294261 


Self-contained bunding or 
7 JOG sq.ft, with two car spaces. 

Agents: Leavers 01-6294261 


Entire buildingl!,255sq. ft. 
wiihflat.2 sheps and parking. 1 

Agents: Michael Laurie & Partners 
\ 01-4937050 

‘\, V| ^.Vi/ 

The land Securities Investment Trust Limited 

Devonshire House PwcodSy. London W1X6BT 
.> Telephone CMra 4433 


URGENT 

Cl ient’s req u i remen t 

Sites or buildings of 1.5 to 
5-|-acres suitable for leisure 
complex. May be any 
shape or tenure— north of 
Thames within 25 miles of 
the West End but central 
sites preferred. 

Please send details to our London Office 

s-vj • j • Ref: E.GC. Vintry House 

bl UUintlll Quren Start Pbc. 

^ Soil & Stanley London EC4R ies 

Chartered SnrTcroni Td: 01-236 4040 


QUILTER HILTON 
GOODISON & CO. 

STOCKBROKERS 

investment Property Service 

We Started our property service in 1962. 

We have provided the service to institutional investors day 
by day, week by week, in good times and bad. It is a 
continuing and comprehensive commentary on the property 
industry and embraces detailed studies of more than 
forty listed companies. 

We also act as a corp orate adviser to a number of listed and 
unlisted property companies. 

if you would like to know more about investing in listed 
property shares or about how we can help your company, 
whether it is lisred or unlisted, please write to us 
or telephone. 

Quitter Hilton Goot&son & Co. 

Garrard House 31-35 Gresham Street 
LONDON EC2V 7LH Telephone: 01-600 4177 


FOR SALE 
MANCHESTER 

SINCLAIRS’ OYSTER BAR 

One of the oldest RESTAURANTS (with a full licence) in 
the City, shortly to return from temporary premises to their 
original Freehold restaurant, a unique ‘Black and White’ building 
fronting the Old Shambles in the Market Place Shopping 
Development, which, with 'The Old Wellington Inn’ was 
preserved when this large shopping centre was built in MARKET 
STREET. 

For further particulars apply: 

w. H. ROBINSON & CO., 

( Chartered Surveyors) 

79 MOSLEY STREET. MANCHESTER M2 3LP 
061-2286411 


Warehouses to let 


BIqcKSl ^ instruci,on 

Decker _ 


DIDCOT 

22.300 sq. ft (inc 2.1 30 sq. ft 
Offices) Rent £24,000 p.a. 
Premium £5,000 
Lease 20 years to rurr 



READING 

21 .400 sq. ft (inc 4„600sq.ft 
Offices) Rent £17.750 rising y* ! 
£33.750 in Nov 1378. Premium % 
£1 0,000 Lease 1 5 years to nm™ 

Surveyors .’ 
















Financial Times Friday July 28 1978 


ENERGY REVIEW ; CANADIAN OIL 

Enhanced 


BY RAY DAFTER AND ROBERT GIBBENS 


APPOINTMENTS 





oil 


Hawker Siddeley 
executive posts 


y i-.-y 


ONE POINT often overlooked 
or set aside by those who warn 
us about an Impen ding energy 
shortage in the 1980s or 1990s 
is the fact that there Is a 
tremendous amount of un- 
conventional oil lying in 
unexploited reserves around 
the world. 

Rough estimates indicate that 
there could be well over two 
trillion barrels of such reserves, 
equivalent to about three times 
the amount of conventional nil 
discovered and proven at the 
end of last year. 

Unconventional oil is usually 
omitted from the short-term 
energy equation because it is 
difficult and expensive to ex- 
tract Because of its heaviness, 
'jascosity or the nature of the 
■rock in which it is trapped, 
the oil does not flow like normal 
crude. It has to be dug or 

eased out of the ground by 

special recovery techniques: 

through the injection of steam, 
by the lighting of subterranean 
fires or the injection of 

chemicals, for instance. It is 
a costly business, but because 
of improving technology and 
the general rise in energy prices 
the recovery of unconventional 
oil is now being looked at much 
more seriously. 

It is left out of short 
to medium-term energy evalua- 
tion because the initial projects 
are tiny by worldwide oil pro- 
duction standards. Perhaps 
more important, however, is the 
energy industry's desire not to 
build up consumers' hopes too 
much. The development of 
unconventional oil will not 
come in time to meet, on a 
large scale, the growing energy 
demands of the next couple of 
decades. Over-emphasis of un- 
conventional oil's potential 
could encourage an air of com- 
placency and slow down its 
development 

That said there are two 
areas in the world where the 
exploitation of this type of crude 
oil is receiving growing atten- 
tion: Venezuela, principally the 
Orinoco oil belt, and Canada. 
According to a report in The 
Future Supply of Nature-Made 
Petroleum and Gas (Pergamcn). 
a book published last year foU 
lowing an ambitious energy con- 
ference in Austria. some one 
trillion (million million) barrels 
of heavy oil occur in oil sand 
deposits in Canada with a 
further minimum of l 700bn 
barrels lying in Venezuela. 

A glance at the energy 
resources map oF Alberta and 
Saskatchewan and nt projec- 
tions for Canada's balance of 


payments through to 19S5 
reveals two main reasons for 
the new wave of oil industry 
interest in Canada's heavy oils. 

Not that the reserves can be 
considered as a whole. There 
are at least half a dozan cate- 
gories of heavy oils, a term 
used loosely to cover the 
bitumen contained In the Atha- 
basca Tar Sands in Northern 
Alberta: the deposits further 
south around Cold Lake where 
the oil will flow relatively 
easily if heat is applied and to 
oil in the Lloyd minster and 
Wainwright areas of Alberta 
and Saskatchewan where the 
fuel has been produced in small 
quantities for many years 
through conventional produc- 
tion systems. 

Tt Is the latter Lloydminster 
category which has been 
brought into the spotlight by 
the contest for the control of 
Husky Oil. the main producer 
and leaseholder in the area. 
According to Federal and oil 
industry estimates there are 
between 12 bn and 16bn barrels 
of Lloydminster-type oils lying 
In the ground, roughly equiva- 
lent to three or four times the 
amount of nil originally in place 
in British Petroleum’s big North 
Sea Forties Field. However, 
while it is likely that BP will 
extract more than 40 per cent 
of the oil in Forties it is un- 
likely that a Lloydminster 
recovery factor will go beyond 

10 to 15 per cent using conven- 
tional production methods with 
the help of water injection to 
maintain reservoir pressure. 
But the oil industry has sug- 
gested that using enhanced 

011 recovery methods, such as 
the introduction oF heat could 
raise the rate to nearly 50 per 
cent. 

Potentially the Lloydminster 
area heavy oil could be boosted 
from the present low produc- 
tion rate of about 25.000 
barrels a day to nearer 250.000- 
300.000 b/d by 1985. given the 
installation of upgrading facili- 
ties to convert the crude into 
a lighter oil suitable for 
Canadian refineries. 

Such an increase assumes a 
major technical and financial 
effort to develop enhanced 
recovery techniques and to 
cover the capital cost, now 
estimated at around C$2bn. 
There are many oil companies 
which regard the high produc- 
tion estimates as over-optimistic. 
Imperial Oil. Canada's biggest 
oil group, has told Canada's 
National Energy Board that it 
reckons heavy oil output in the 
Lloydminster area should reach 
a peak of 140,000 barrels a day 


NORTHWEST TERRITORIES °- 


ATHABASCA 
TAR SANDS 


SASKATCHEWAN 


PEACE RIVER I 

HEAVY OIL DEPOSITS ^ * u 

I Wabasca *•£ Me Murray 

I i 

I U ' v -£ : J/ 1 - W I 


ALBERTA, 


Edmonton 


1.C0LD LAKEi 
^ HEAVY OIL 
S i DEPOSITS 


BRITISH . a 

COLUMBIA WratPen*'"® 


Wainwright 


Lloydminster] 



/ 

N A 


Montreal/ } 




Interprovincial 

Oil Pipelines 


Chicago USA 


in 1987 and drop to 88,000 b/d 
by I9S5- 

However, the Federal Govern- 
ment has set a target of oil 
“ self-reliance n .to be reached 
over the next five to 10 years. 
It has warned that even with 
the present relatively slow rates 
of growth in demand Canada 
could be importing more than 
50 per cent of its total oil needs 
by 1985. Little, if any. balance 
of payments offset would come 
from exports to the U.S. because 
of both declining production 
from the western plains and a 
longer time horizon for produc- 
tion from the Arctic and other 
frontier areas. The Government 
has argued that all this could 
represent an annual oil trade 
deficit of C$6bn or more. 

Thus the national desire to 
press ahead with Lloydminster 
production. Tt is a medium- 
term energy project Potentially 
one upgrading plant with a 
capacity of 125.000 to 150,000 
h/d could come into production 
in the time gap between the 
start-up of the Syncrude tar 
sands mining project and the 
possible completion of the third 
tar sands mining plant by a 
consortium headed by Shell 
Canada. 


(The $C2bn Syncrude project 
is now nearing the commission- 
ing stage. The bitumen sands, 
dug out by huge mechnical 
shovels, will go by conveyer 
belt to a processing plant where 
the bitumen will be separated 
from the rock by a hot water 
system. Partners in the project 
— due to reacb full production 
of 125,000 b/d in 1981 — are 
Imperial Oil, Gulf Canada, 
Cities Service Canada and the 
Alberta, Ontario and Federal 
Governments.) 

The enhanced recovery 
methods needed for Lloyd- 
minster production have been 
tried at pilot-plant level in other 
Canadian areas, such as 
Wabasaca, in the tar sands belt 
— a Gulf Oil project — and by 
Imperial Oil at Cold Lake. The 
chief reasons why output at 
LI nyd minster, and in several 
other less important fields, has 
not been pushed beyond the 
20.000 b/d to 30.000 b/d level 
have been the low price of 
crude oil and limited market 
for this type of asphaltic crude. 

However, production from 
Wainwright has been fed for 
many years into the inter-pro- 
vincial pipeline system far ship- 
ment to Sarnia. Ontario and 


several small American 
refineries built to take the heavy 
oils of the Lloydminster type. 

And as the domestic wellhead 
price rises nearer to the inter- 
national level of crude oil 
prices. the economics of 
developing Lloydminster-type 
oils on -a larger scale — to- 
gether with upgrading facilities 
to produce crude acceptable to 
Ontarin refineries — now look 
to be more encouraging. 
Estimates have suggested that 
the oil could flow for between 
CS7 and CSS a barrel, exclud- 
ing royalties. 

This cost per barrel Is 
roughly half the cost of Syn- 
crude tar sands oil. (In terms 
of capital costs. Syncrude's 
mining project has a price tab 
of around SC2bn; Shell’s pro- 
ject could cost over SC4bn, and 
Imperial Oil’s Cold Lake in -situ, 
steam-injection scheme might 
cost SC4.?bn according to latest 
estimates.) 

Two groups have put together 
preliminary plans for Lloyd- 
minster-type developments for 
upgrading plants: one is led by 
Husky Oil and the other by 
Pacific Petroleums. However, a 
number of companies have prac- 
tical experience of actual oil 
production and most of these 
have done preliminary work on 
enhanced recovery methods. 

The usually-accepted reason 
in the oil industry for Occi- 
dental Petroleum's bid for 
Husky was that it knew the 
Lloydminster reserves were 
attractive, felt that they could 
be developed profitably even at 
price levels expected over the 
next few years, and was willing 
to accept a consortium approach 
to development. This argument 
assumes that Petro-Canada. the 
national oil company, made a 
counterbid because of the impli- 
cations of a major sale of 
Canadian energy assets to a 
foreign company. 

Dr. Armand Hammer, Occi- 
dental’s energetic and entre- 
preneurial chairman, has said 
that he would be willing to 
allow PetroCan and the govern- 
ments of Saskatchewan and 
Alberta to participate in all nil 
production from Lloydminster. 
** Not only can Occidental pro- 
vide financial muscle for the 
project, if we are permitted to 
buy Husky’s shares. It will save 
PetroCan from spending money 
itself. Seventy per cent or more 
of the SC570m PetroCan pro- 
poses to spend would leave 
Canada, and all of it would' be 
unavailable to fund either 
Lloydminster or any other 
PetroCan project,” he said last 
month. 


The issue has been clouded 
by Alberta Gas Trunk lane’s 
recent intervention through the 
acquisition of 35 per cent of 
Husky Oil. 

Mr. Robert Blair, head of the 
Trunk Line Company, Alberta's 
largest gas transmission group 
and a sponsor of the Canadian-' 
section of the Alaska Highway: 
gas pipeline project, has said' 
that if any other company 
challenges AGTL as Husky’s 
biggest single shareholder. 
Trunk Line would buy more 
stock. 

It is expected that Mr. Blair' 
will make his presence felt in 
the Husky boardroom for there 
is a strong feeling in Canada 
that he has the tacit support of 
both the Alberta and federal 
governments.' Looking to heavy 
oil development, Mr.. Blair has 
said that other companies 
operating in the Canadian 
petroleum industry may be 
invited to participate. 

“ We will be highly receptive' 
to developing such ventures 
with Petro-Canada and with 
Occidental if their manage- 
ments wish to work with us,” he 
said. 

The successful development 
of Lloydminster is far from cut 
and dried. -By no means all; 
of the oil Industry is convinced 
of the economics of the project i 
Indeed, there are some oilmen 
who question whether extra 
Lloydminster oil should be 
developed as .. planned. They 
argue that Canada's supply and 
demand equation may well be 
affected by the light oil finds 
in West Pembina in the past 
two years. (This week Amoco 
confirmed a significant discovery 
in the field.) Furthermore taxi 
incentives and technical advan- 
ces are now putting a new light 
on deeper oil exploration on the 
western plains. 

In general, however, nil 
industry analysts have told the 
National Energy Board that 
they expect production from' 
conventional crude sources to 
decline. In various reports 
that have held out the hope that 
tar sand and heavy oil produc- 
tion can take up some of the 
slack if extraction and upgrad- 
ing facilities are brought on 
stream quickly enough — a point 
raised in a recent issue of the 
Oil and Gas Journal. But there 
was an Important caveat: the 
industry needed' greater incen- 
tives to increase domestic 
reserves and production. And 
the major incentive, demanded 
by nearly all of the companies 
and trade associations, was 
federal agreement on higher 
prices. - 


The following board appoint- 
ments have been made with the 
HAWKER SIDDELEY group: Mr. 
A_ B. BL Davies, managing, direc- 
tor of L. Gardner and Sons; Mr. 
C p. Jones, a director of Falcon 
Short Circuit Testing Laboratory, 
Mr. VL F. Raddlffe, finance direc- 
tor Of Brush Electrical Machines: 
and- Mr P. M. Salmon,' works 
director of Mirrlees Blackstone 
(Stockport). + 

Mr. S. M. Searle been 

appointed to - the Board ot 

e^Sent intelligence 
from August 1. ^ 

THOMSON REGIONAL NEWS- 
PAPERS has made the following 
appointments at Aberdeen: Mr. 
W illiam Jamieson is to be 
assistant managing director of 
Aberdeen Journals to succeed Mr. 
J. R. Nicholson, who takes*, 
position with Thomson Publica- 
tions on September 1. Mr. John G. 
Woolford replaces Mr. Jamieson 
an chief accountant and company 
secretary on August 21 - 

Mr. Anthony Vic* has l»en 
appointed managing director of 
TERRAPIN OVERSEAS and con- 
tinues as secretary to the Ter- 
rapin International Group. 

* 

Mr. G. A. T. GroombrWge has 
joined the Board of POWER 
DYNAMICS as managing director. 
Mr. P. p. Wells remains executive 
chairman. Mr. Groombridg© was 
previously .with Dartmouth 
Investments. 

★ 

- BRIDON has appointed Mr. R. L 
Hemy as zonal executive for 
North America. Mr. Henry is 
chairman, president - and chief 
executive officer of Wire Rope 
Industries, Montreal 
* - 

: Mr. ' John G. Hogg has been 
appointed a director of the 
GUTHRIE CORPORATION. 

* 

Mr. Brian J. Holland, a director 
of TWINLOCK. has been 
appointed managing director. Mr. 
Holland has been managing 
director of UK operations for Che 
past two years. 

* % 

Mr. Charles R. Fullerton, a vice* 
president of the BANK OF 
AMERICA, has been appointed to 
head the energy section in the 
Europe, Middle East and Africa 
Division in London. 

+ 

Mr. D. W. McK. Wallace, chair-, 
man of the life committee of the 
Corporation of Mortgage Finance 
and Life Assurance Brokers, has 
joined the life and pensio ns com- 
mittee of the BRITISH INSUR- 
ANCE BROKERS' ASSOCIATION. 
★ 

Following the acquisition of 
Capital and County Laundries, Mr. 
J. ArC. Kneel has been appointed 
a- director of JOHNSON GROUP . 
CLEANERS. • 

*. 

SALVESEN OFFSHORE DRILL- 
ING states that Mr. Ken Trott, 
managing director, is leaving at 
the end of July to take up a 
senior position with the BRITISH 
NATIONAL OIL CORPORATION. 
His successor, as managing direc- 
tor js.Mt. Eric Stephens who -will 
be_ori "secondment from. Rio Tinto 


Zinc, one of the four companies 
which jointly own Selvesen Off- 
shore Drilling. 

Mr. John P. R. Gtyn and Lord 
Wall have retired from the Board 
of the EXCHANGE TELEGRAPH 

COMPANY (HOLDINGS). Mr. 
Glyn been a director for 25 
years and -deputy chairman since 
1972. Lord Wan has been a 
director for- six years. 

★ 

Mr. J. E. O. Arnold, of the Isle 
of Man, has been appointe d 
Master Elect of the WORSHIPFUL 
COMPANY OF CARMEN from 
October 19. The two Wardens , 
elected with him to take office at 1 
the same time are Mr. W. Arthur 
Hodkinson, and LL Colonel G. B. ' 
Clarkson. * 

Mr . Dennis Bamtar has been 
appointed group personnel direr- :■ 
' tor of the LEE GROUP- 
*■ 

Sir John D. K. Brow n has been 
appointed a director * of 
. Throgmorton Trust, New 
Throgmorton Trust, and 
Throgmorton Secured Growth f 
Trust Mr. B. L. G. Sharp is to a 
be a director of New Throgmorton £ 
Trust and Throgmorton Secured 
Growth Trust The appointment* [ 
are from AugustA. ? 

Ur. Diaxmilid Downs, chainnai£ r 
and. managing director of Rjcardcfy 
nntf Co. and president of the Inns 
stitution of Mechanical Enghieerse- 
has been elected president of',. 
FISITA, the international co uncil 
of automobile engineering^ 
societies. He takes office from tfao« 
retiring president. Hr. Charle; 
Deafsch on September 15. ie 

Mr . t. M. Davb is to become a*, 
full-time executive director of the «. 
■RUBBER TRADE ASSOCIATION 
OF LONDON.- He was chairman 
of the Association in 1971-72 and 
has served on the committee for 
more than 16 years. 

Mr. G, J. Wacey has been 
appointed an assistant director of 
LESLIE AND GODWIN (UJL). 

★ 

- Dr. V. BL Wadsworth has been 
appointed a director of TANGA- 
NYIKA CONCESSIONS. Mr. H. F. 
Medlicott has retired from the 
Board. 

* 1 

Mr. Donald L. Bryars has bees 
appointed a Commissioner of 
CUSTOMS AND EXCISE from 
July 31. 1 

Mr. Michael Peseta, chairman 
of Cyan amid of Great Britain, la 
to take up a new appointment as 
deputy executive vice-pr eside nt of 
the INTERNATIONAL FEDERA- 
TION OF PHARMACEUTICAL 
MANUFACTURERS . ASSOCIA- 
TIONS in September. It Is in- 
tended that Mr, Perett will suc- 
ceed Dr. J. Egll* who retires from 
his post as exec utive vice-presi- 
dent of the IFPMA at the end of 
this year.' f 

- Mr. Bernard Buckman has been 

appointed a secon d vice- president 
of the SINO-BRITISH TRADE 
COUNCIL, which Is an area advi- 
sory group for the British Over- 
seas Trade Board. Mr. Buckman 
is chairman of the Wogen-Buckton 
Croup. , — 



St. Albans bows 
to protests 

A full meeting of St. Albans 
City and. District Council on 
Wednesday evening hammered 
another nail into the coffin of 
the Srrinuel Properties — Bryant 
Hcldirvgs plan for a 266,000 sq ft 
centnil shopping scheme. 

Tbife Council has reaffirmed its 
call fTor a tendering system for 
any. construction work, and speci- 
fically excluded Bryant from any 
l'xt of tenderers by a vote of 
'JO to seven. The Council had 
called for a public exhibition of 
the Samuel scheme, and has now 
extended this call to include the 
other schemes before it. 

These are from the St. Albans 
Civic Society which talks of "a 
consensus brief" that woiild 
eventually be funded by sale 
to an institution. Tesco has 
offered “a flexible approach,” 
which will bend to the Council’s 
views if reasonably possible, and 
which would involve three stores, 
one for itself, one for C and A. 
and another store, all funded 
from Tesco's own resources. 

The third scheme comes from 
Sainsbury. which would hope to 
arrange funding for a multi-store 
scheme in conjunction with other 
retail -groups, but which could, 
if necessary. fund the develop- 
ment internally. 

Since thp Samuel scheme came 
under fire locally. other 
developers have appeared on the 
scene. Town and City Properties. 
Tn-.vn Centre Securities. Taylor 
Wood row and an unnamed finan- 
cial institution have all now 
registered interest in the St. 
Albans centre. 

Hiitier Parker May and 
Rnwden, the Council's consul- 
tants. have had in accept the 
appointment by the Council of 
a Department of the Environ- 
ment recommended properly 
adviser to give a second opinion 
on the town's development plans 
and on its overall shopping needs. 

Richard Ellis and Stimsnn 
Lock and Vince of Watford were 
both recommended but decided 

not to consider this role. How- 
ever. Drivers Jonas is now look- 
ing at the brief to see if it would 
be willing to accept the job. 


IT HAS NOT been Samuel 
Properties’ week. After SL 
Albans, the property group, 
along with Electricity Supply 
Nominees, have been pipped by 
Laing Developments in the final 
selection by Gravesend Council 
for the developer of its WaJte- 
fieW Street town centre site. 
Laing plans a 155.000 square foot 
Laing plans a 155,000 square 
Boot, £7m shopping scheme on 
the Council's land. Detailed 
negotiations are now in hand, 
and the developer experts a 125- 
year lease for the site. As the 
Council owns the land, Laing 
hopes to be able to start work in 
raid-1979 and to open the scheme 
Cor trading by the autumn of 


1980. Bernard Thorpe and 
Pareners introduced the scheme 
to Laing and are retained as 
letting agent 

• 

ST JOHN'S COLLEGE. Cam- 
bridge has paid £410,000 for 
bankers Knowsley and Co.’s 
8.441 sq ft office and shop 
development at 52 Park Street 
Camberley, Surrey. The 
Hammond Phillips Partnership, 
which acted for the bank on the 
development and the sale, let the 
retail space to Hampshire 
Carpets and the offices to 
Incoratec and Howmar Inter- 
national on standard 25 year, five 
year reviewed leases at rents to 
give the College, which was 
advised by Carter Jonas or 
Cambridge, an initial yield of 
7.4 per cent. 


LONDON NV1 

High Yield 

Freehold 

REVERSIONARY INVESTMENT 

secured on 

IMPROVING SHOPPING PARADE 

Producing: £47,820 pa ex 
Estimated Reversion 1979 £82,770 pa ex 


W T 




Tel. 01-834 8454 




50/62 Wilton Road.London SW1V 1DH 


CHASELEA Securities, a private 
developer, is following the move 
to the Eastern fringes of the City 
of London with a 24,000 sq ft 
office 6cbeme in Middlesex Street. 
El. Y. J. Lovell Construction 
starts work on the site in Sep- 
tember and letting agents Smith 
Melzack, St. Quintin Son and 
Stanley and Richard Ellis are 
looking for rents of at least ■ 
£7.50 a sq ft when the office space 
is completed early in 19S0. Four 
shop units on the ground floor 1 
have already been pre-let at rents j I 
of around £3.000 a year each. ] 


BRITISH LAND has sold its; 
Hunslet Road Trading Estate, at . 
Leeds to Merchant Investors Pro-! 
perty Fund lor £400.000. British: 
Land, represented by Wealheralli 
Green and Smith, held a 12$-year- 
lease on the estate from ibep 
British Waterways Board. Six l 
warehouse units totalling 50,000 
sq ft have been completed on the 
estate, and 16.000 sq ft of this 
space has now been let to ■ 
Sheffield Insulations. The remain- 1 
ing 34,000 sq Tt is on offer! 
through Richard Ellis. Weatherali 
and Hollis and Gale at £1.10 a 
sq ft. MI. advised by Ellis. picks 
up 5 acres of adjoining bare land 
with the estate. land with detailed 
planning permission which the 
fund will use to develop another 
100.000 sq ft of warehousing in 
units ranging up from 6.000 sq ft. 

Ellis, MI’S property managers, 
have taken the fund's buying 
spree in recent weeks to £1.59:ii 
with two further Investment; 
deals. i 

Some £625.000 has gone to buy 
the 8.500 sq ft of offices at 29-30. 
Bedford Street, in Covent Carden 
from clients of De Croot Coll. is. 
The space is let to Richard Seifeft 
and Partners for just £60.000 n 
year, but Seifert's lease ends in 
two years. In the third deal the 
fund gets an initial yield of just 
under 6 per cent for 5.530 sq rt 
of offices at 13-17 Wood Street. 
Klnsston-Upon-Tbames. having 
paid £570,000 to clients of Elliot 
Son and Boyton for the rack- 
rented space. 


CLASSIFIED 
CCAMVISROAI 
PROPERTY ^ 



FOR INVESTMENT 


KESWICK 

The Lake District 

Excellent Shop Investment in 
town centre (catchment 94,000) 
yielding £36,292 pA 
Reviews from 162.80 

Tenants include: Wilier Willson 
Supermarkets. Golden Egg. Victoria 
Wine. P.S.A.. etc. 

OFFERS 1NYITED FOR 
FREEHOLD 

- CHRISTOPHER ROWLAND 

rfflp j & CO.. 1 Rowland Place, 
y Green Lane. Northwevd. 

| ^ * 1 Hidd«. 65 24225 

SHOPS AND 
OFFICES 


BIRMINGHAM— 1 moG-rn ^rauno floor ' 
showroom in an me tndini aosivon I 
Tonefh'jr witn workroom :.r 3 ^c sorfC.' ■ 
la.*00 Ml ft ICI aopi' H-nrv ; 

Buicher & Ca. Tel C1--1D5 sail, 
CAMBERWELL. 2 OOO S3. *r ,n 2 I 

“'“5 'iGOOnj. U STOrHlQ £3 QO Cr-.l 
Tel 01-S7A 7463 ! 

OFFICE PARTITIONING 
AND CEILINGS 

PA ?£7E lON & WWAANENT DEMOUNT- 1 

°; p «W»»on <-M.. Si-(Mhl«ers . 

ailB0Z U 52S^° Hl " LDnaoft N -' 6 

BUILDING LAND j 
AND SITES I 

VALUABLE BUILDING SITE FOR SALE. 
Pljnn.no permission lor 30 houses j-.s . 
14 lliu 3'. acres s,W "ear SlamlonJ I 

Lmcs Price only L4S.0C7. SV.5 H.L. . 
mson?' 5 " S'.rcet. BijcWoool. Tel. >02631 i 
CHICHESTER HARBOUR. ne.v *,**§-•*' 
edec. Building* S.000 so. ice: and co:. 
5 £?!£ a '- r,; Frcenoia. 
EB-a.OOO. peta ls Bailer & Cc-cke. Ems- • 
worm. Tel eon one 02434 - 3232 . 


FACTORIES AND 
WAREHOUSES 

[ iTixtoiTHRs'"! 

FACTORY I 

9,030 sq. ft. | 
TO LET j 

Chamberlain 

& Willows I 

! tor- 1 ' Aafcirr. j 

01-882 4633 

J hlUM'ilLOI«iiU,[l. iwcaiiiK I 

I 

; CHFPP 1 NGHAM — Ma e-it ‘ ' g miles.: 
' 43.053 »s s>; c- . 

house. 30 1 :. :s ta.-->4 Hnji- dcviac. 
To les £1 pc S4. U. 7*1. iiZZ - : 34 263 

■iCfTV STORAGE OFFICES Aocrj.. TO.BGO I 

5a. Ft. Ta cct CeiTr.T Light- • 

in; Cir Parti -19 Ljaaiii] Jones I 

Lanj WostTST Tc - 0I-50C 2;S0. j 

CAMBERWELL — 2 753 >0 s-.-j... ijor-v I 
J .. 1:1 =■":« He 1 1 , anting ! 

1 • 1 ' r 5 — 1 " nn ’'T?.‘ a: - s:'5ics5icn. 1 

I Lan; Fan a Partners. 01-^99 27SS. 1 


WANTED 


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NASSAU 

BAHAMAS 

Trustees offer for sale unique site of 9.25 
acres with 600 ft.-plus frontage on East Bay 
Street. Suitable for choice" residential or 
business development. Price U.S.$ S00,000‘ 
o.n.o. 50% mortgage available. 

Cuntact: Wm. B. Warren. 140 Broadway, New 
York 10005. telephone (212) 344 8000; or Sir 
David Wilson, 14 Dominion Street, London, 
E.C.2. telephone 01-628 2020; or Robert H. 
Symonettc. PO Box N1216. Nassau, telephone 
S09-32-2S38S. 


FRANCE — FOR SALE 

NR. FONTAINEBLEAU FOREST — 17-ROOM CASTLE 
All amenities, in 70.000 sq.m. park. Estate of 150,000 sq.m 
FOR CONSTRUCTION OF A HOTEL 
Information from:— 

RAYNAUD, 14, rue Lincoln — 75008 PARIS 


INDUSTRIAL 


SEPTEMBER 21 1978 

The Financial Times proposes to publish a Survey 
on Industrial Property. . The provisional editorial 
synopsis is set out . below. 

INTRODUCTION There has been substantially more interest 
in financing new- industrial buildings than in the expansion 
of industrial capacity oVer the past 18 months. But doubts 
about the letting demand for developments ignore the urgent 
need for mote modern Industrial buHflings. -throughout the 
country, a need heightened by the increased cost concionsness 
of companies formed to -operate through an economic 
recession. 

INDUSTRIAL. PROPERTY INVESTMENTS Fanaaxdal i 
institutions have been won over to industrial property by 
a Rental record that puts most office' schemes to shame. 
Institutional competition for completed prime industrial 
schemes,' and for industrial sites for development, is forcing 
the traditional industrial -property: investment groups -on to 
the defensive. • Have the- funds over-reacted to fashion, or 
will the principle industrial property developers of the future 
be the pension funds and the insurance companies? 

IMCTELOPM33NTS-- Building , costs have,, in theory, soared 
well ahead of the general rate of inflation since 1974: But 
contractor keen to flU -their order books have been walling 
to accept-waffer thin profits in order to keep their workforces 
active.- As development: activity picks up this contractors’ 
subsidyvis declining arid. _buildmg_ costs, are beginning; to 
reflect this.' ‘ »•'■» -> * 

DESICW - HadlcaTdikDge^ in industrial building design in 
the past decade, have, signed the death warrant of older; 
multi-storey .factories arid warehouses. But how long will 
the high-eaved, one-fitorey units -of today survive advances 
in the- 4 iTchitecture of industrial- accommodation? 

THE REGIONAL MARKETS 

LONDON AND SOUTH EAST - MIDLANDS 
SOUTH WEST - NORTHWEST 
. NORTHEAST - SCOTLAND 

INNER CITY POLICY The Government’s hew enthusiasm 
for 'inner city renewal has spawned schemes for inner urban 
industrial developments in most cities around the country. 
In London the local authorities' efforts to reverse the long 
term decline In the number of blue collar jobs have resulted 
in a number of more original hut as yet untested planning 
and industrial 'incentive schemes. 

NEW TOWNS Althou^i .the New Towns have fallen from, 
favour as the Government concentrates upon inner city 
renewal;'-tbe established development corporations have been 
remarkably successful in attracting industrial tenants. 

INDUSTRIAL GRANTS/INCENTIVES/A^A/>WANCES ■ A A 
up-to-date review of the various special arrangements avail- 
able through the. - Government and- local , authorities for 
industrial. tenants in the designated “ Areas for Expansion,” 
plus details of the sources of finance available to industrial 
space users contemplating a move, or expansion of their 
premises. 

For further information on advertising rates In this Survey 
please contact: OUT Gaunter ' 

Financial Times, Bracken -House 
10 ^ 'Cannon' -Street,'. London EC4P 4BY 
V Tfek 01-248 8060 Ext. 234 

FINANCIALTIMES 

EUROPE^ BUSINESS NEWSPAPER 


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Fmarefaf Times Friday July 28 1978 


ED/TED BY CHRISTOPHER LORENZ 


THL Oxford University Press, 
of mediaeval origin and with 
its ratal o sue of scholarly works, 
seems at first sight an unlikely 
. company to be in the forefront 
° a revolution in computer 
management. * 

Jj 5ooth year, however, 
• vup has decided to buy a 
coinput er system which differs 
radically from most other 
systems in. the business world. 
U win involve a change of 
management procedures prob- 
■ . »Wy as fundamental as any 
experienced in the company's 
. long history.. 

It is a change which many 
rnedium-sized companies will 
have to confront when . they 
come to terms with the enor- 
mously increased power of the 
emerging generation of com- 
puters. This extra power brings 
a change from what in computer 
jargon is called “batch pro- 
cessing " to an “ on-line system." 

In. plain terms, an “on-line” 
syster allows every important 
office in a company to have its 
own terminal which can be in 
constant u p-to- the- second com- 
munication with the main 
computer. New* information 
can be typed into the machine 
and records can be scrutinised 
nn scores of different terminals 


OUP presses on with its computer revolution 


operating simultaneously. 

The “batch system." on the 
other hand, was created to take 
account of the limitations of 
computers developed over the 
past decade which could only 
carry out a relatively limited 
number of functions at one 
time. 

The change to an “ on-line " 
system can have far-reaching 
effects on a business, because it 
allows every department to he 
in immediate touch with the 
company’s central files. It can 
therefore lead to a devolution 
of responsibility and is cer- 
tainly likely to weaken the grip 
which central computer depart- 
ments have built up over the 
years. 

The rapidly falling costs of 
computer hardware and the 
development of the relevant 
programmes have now brought 
on-line computing within the 
reach of even relatively small 
companies. (The adoption of 
industrial process control com- 
puters for business purposes has 
also had a similar effect.) 

Some of the intriguing impli- 


cations are now being explored 
in the rather staid world of UK 
publishing, by the Oxford 
University Press. 

With a turnover last year of 
£46m, OUP is currently the 
smallest customer lor the system 
it has decided to buy, the Bur- 
roughs B680O computer with a 



gl 

lHXMl] 

MINA 


f. 

Ni:s 

TIO 


6 

JLLU 

MEA 

1 

t — — i* 

*i~ _ 


System 


Data Management 
(DMS 2). 

Mr. Tony Reeve, data pro- 
cessing manager at OUP said: 
“ After 500 years of operation 
we now have the opportunity 
to scrap our commercial system 
and to develop a system which 
will still be useful in the late 


1980s." 

The OUP, which is the largest 
UK publishing house apart from 
Her Majesty’s Stationery Office 
(HM50), was the first publisher 
to buy a computer in the 1960s. 
This was an International Com- 
puters Limited (ICL) 1900 
batch processing machine now 
nearing the end of its service. 

It enabled all the details 
needed for. say. computing pay- 
rolls, to be accumulated on a 
tape and then run through the 
computer as a batch at a 
specified time when that par- 
ticular program was being 
operated. Other batches for 
stock control invoicing and a 
host of different jobs would also 
be fed to the computer, but only 
at appointed times. 

An “on-line” system on the 
other hand, can digest informa- 
tion in any order, just as it 
comes, and can update a long 
list of different files simultan- 
eously. 

Mr. Reeve believes that OUP 
is the first publisher in the 
world (it is certainly the first 
in the UK) to move to a fully 


on-line system. There will be 
more than 100 terminals spread 
between the company's three 
centres in Oxford, Neasden and 
Glasgow. 

The system will not only 
handle almost all the company's 
administrative records, but it 
will also store the complete 
texts of some of the larger 
works like The Oxford Dic- 
tionary of Quotations which 
need to be updated regularly. 

One of the most interesting 
effects nf the change to the new 
system is likely to be that man- 
agers and clerks throughout the 
business will have to learn to 
be on relatively intimate terms 
with the computer. 

Mr. Reeve says: “At present 
any piece of Information has to 
go through the hands of two, 
three or even four people before 
it gets into the computer. Sub- 
managers who could not cope 
with the computer were to some 
extent shielded by the data pro- 
cessing department. 

“ But now the computer is 
going to come right into their 
offices, and they are going to 


have to learn to live until it." 

Xn fact almost everybody at 
OUP is likely to bave to learn 
the basic rales of how to 
operate a computer terminal 
and how lo “talk to" the 
machine to extract the right 
information from its huge files 
and make it do the correct 
operations. 



However, although it will be 
necessary to learn a simple 
computer vocabulary, deep 
knouiedge is not required, 
because the computer is pro- 
grammed with a question and 
answer routine to help 
enquirers to find out what they 
wish. 


In the long run, Mr. Reeve 
expects that the present data 
processing department will oil 
but disappear. The computer 
will be operated almost entirely 
from terminals in different de- 
partment. 

This phasing out of the 
central computer department is 
likely to be of great importance 
to the business. For the OUP, 
in common with many cither 
companies, has found that its 
computer system tended to 
become master rather than ser- 
vant of business procedures. 
The batch processing system 
tended to create, bottlenecks 
and delays. 

For example, a simple change 
of address nf a subscriber to 
one of OUP’s journals would 
have to be sent to the computer 
department where it might have 
to wait up to a week fur the 
next run of the address lists. 
Similarly an inquiry about sales 
of a best selling title would have 
to be referred in the department 
where it would wait until the 
computer was “ready" to pro- 
cess it. The delays were par- 
ticularly irksome in a business 


spread between three diffvrcn 
centres. 

Paradoxically. the vastlj 
increased power of an un-tin* 
system allows the computer tc 
be much less intrusive— -morr 
the servant and less the master 

In both the examples ju-s- 
given, anyone could obtain ar 
instant response from hi* 
private terminal. This mean.* 
that business methods could. ir 
sonic ways, return to what they 
were in the cosier days wher 
every department could keer 
all its own records tit a few 
handy filing cabinets. 

Indeed. Mr. Reeve hopes tr 
develop the system so that th€ 
computer's memory will be able 
to include details which woulr 
normally go into an individual'; 
files — the names and telephone 
numbers of buyers, for example 
Indeed the capacity of ihe sys 
tern's memory' is so inuuensf 
that its use is really unl\ 
limited by the imagination ni 
those who have access to iL 

One nf the big challenge: 
facing OUP. therefore, is to en 
sure that the new system i: 
introduced in such a way that i: 
regarded as “ friendly " and tr 
avoid the upheavals caused ir 
the introduction of the fir, 
computer in the last decade. 

Max Wilkinsor 


•MANAGERLAL secrecy may 
weH be one of the greatest 
threats to the safe r imming of 
a potentially dangerous installa- 
tion such as a chemicals plant, 
an oil refinery, a gas terminal or 
a nuclear power station. 

There is always a temptation 
for managers to reassure 
workers and local residents by 
playing down Che nisk of an 
explosion or a poisonous gas 
leak. But there is considerable 
evidence to show that this is 
■one temptation which must be 
resisted at all costs. 

A -bland refusal on the part 
of management even to discuss 
the dangers feeds people’s fears 
— often quite needlessly. It can 
also hamper attempts to con- 
tain a fire or a toxic chemical 
spillage once a crisis does arise 
because nobody knows what 
action to take. Should an effort 
be made to close valves 
manually? Should everyone in 
the vicinity run for cover? If 
so. where should they run to? 
How quickly could the fire 
spread? How great a health 
hazard is the escaping chemi- 
cal? Should tiie entire area be 
evacuated? 

The importance of frankness 
in explaining the potential dan- 
gers of certain materials and 
production processes was 
stressed by Mr. Edward Challis. 
Id's production and environ- 


mental director,- at a Harwell 
seminar on major hazard plant 
held earlier this year. He in- 
sisted that the key to safe man- 
agement in a chemical plant or 
an oil refinery is a willingness 
to be open about the risks, to- 
gether with good human rela- 
tions. ‘ 

“ The fundamental problem in 
setting up a safe management 
system for potentially hazardous 
installations is how to bridge 
the gap between the technical 
understanding of hazards in the 
executive management and a 
similar understanding of those 
hazards in the process and 
repair crews who handle the 
plant," Mr. Challis says. “ The 
dangers are less easily per- 
ceived by ordinary people who 
have not had a technical train- 
ing. 


How to prevent another 
Flixborough disaster 


Dangers 


“ It is easy to appreciate the 
danger from a massive machine 
tool or a ladle of hot metal; it 
is less easy to see. the same 
danger in a large pump trans- 
ferring gasoline at high pressure 
and temperature. The charac- 
teristic of a high technology 
plant which forms an installa- 
tion of- potential danger is its 
ability to produce a sudden 


emergency because of a .fault 
which can -only. be. ‘appreciated 


by those who have a technical 
understanding of what is going* 
on within the pipes, pumps and 
equipment. 

“ The matter is essentially 
one of human relations and 
human understanding. But this 
is frequently overlooked in the 
erudite discussions which lake 
place around the technical 
problems of safety, security of 
containment and minimisation 
of 'damage when things go 
wrong.” 

Mr. Challis says it is vital for 
executives in potentially danger- 
ous plants ■ to have both - good 
technical qualifications and 
sufficient experience of man 
management. Yet he warns that 
there is a considerable tempta- 
tion for young graduates to try 
to ran everything from their 
offices, partly because of their 
inexperience in managing 
people and partly from a 
natural desire to apply their 
technical expertise to calcula- 
tion and design. The only way 
to prevent this is for senior 


executives to ensure that newly 
graduated managers spend a sig- 
nificant pan of every working 
day actually in the plant talking 
lo the men. 

“ Only in this way will they 
get experience of the small and 
sometimes silly things that go 


do: they must also understand 
why. 

Even after training it is im- 
portant that clear operating- 
instructions are available at all 
times and here again, senior 
people should ensure that young 
inexperienced managers do not 


After the recent Italian lead plant explosion 
which spread a cloud of toxic gas making 
thousands ill. Sue Cameron asks . how 
managers can avoid similar disasters. 


wrong in plant operation and 
repair and lead to conditions 
which may provoke an 
incident" Mr. Challis says. : 

He adds- that it is also neces- 
sary to give special attention to 
the training of supervisors and 
operating crew — more so than 
in a general engineering factory, 
however well run. He makes the 
point that it is not enough for 
men to know what they have to 


clutter their written Instruc- 
tions with unnecessary descrip- 
tive de tail. This is even more 
vital when it comes to the 
issuing of emergency instruc- 
tions. 

Mr. Challis says that since 
the Flixborough disaster many 
managements bave found it use- 
ful to overhaul their emergency 
instructions and to put them in 
a loose' leaf folder or on a small 


card that everyone on a high 
risk plant can carry with them. 
What is more, it has been found 
that the practice of giving 
people cards telling them where 
to go in an emergency has 
increased the confidence nf 
employees rather than creating 
a sense of alarm. 

The need to induce a feeling 
of confidence applies to local 
residents living nearby as well 
as to members of a workforce. 
The public is becoming increas- 
ingly aware of the potential 
dangers of certain kinds of 
plant, partly as a result of such 
disasters as Seveso and Flix- 
borough. Mr. Challis says it is 
therefore important to do more 
than run a conventional public 
relations operation. 

“A modern factory can be 
run efficiently, with minimum 
interference from external 
authorities, only if the public 
and its elected representatives 
have a feeling of confidence in 
the factory management," he 
says. “ It is necessary to 


combat unreal and unwholesome 
fears engendered by over- 
dramatic presentation in the 
media." 

He reckons the best way lo 
do this is to make sure that 
local officials — councillors and 
other community leaders as well 
as fire chiefs and the police — 
know about the true nature of 
the hazards and know about 
company safety policies. He 
adds that “ every reasonable 
opportunity should he taken to 
get some public involvement in 
the work of the factory." 


Precautions 


For example, a company 
might help support community 
projects nr it could hold open- 
days and show local families 
round the plant. Open days do 
present some difficulties simply 
because of the potential danger 
but Mr. Challis says that if 
they are tightly organised there 
should be no insuperable 
problems. He himself feels 
they are a particularly valuable 
way of making a bridge with 
the community. 

When 1CI opened its naphtha 
cracker at Wilton in Teesside, it 
invited local people in on Satur- 
days. showed them round, pro- 
vided tea and buns and gave 
them a demonstration of flaring. 
This was in 196^— before Flix- 


borough. The net result w.i 
that nearby resident-, did no 
deluge, the Wilton swiichiman 
with phone calls ahnut flame 
shooting into the sky ciery tinn 
flaring took place. 

Mr. Challis says that souiu 
management control 
such as work permits, authorial 
-lions for entry into vessels 
records of storage, printin' 
handling and inspection.^ am 
checklists for newly built o 
modified fa cl urns are ai 
important la the >.ife runmn: 
of. say. a big chemical plant 
So. too is the use of autnmatei 
equipment to contain an. 
emergency, the provision o 
easy access fur fire fightin 
machinery and a well designei 
plant that has been built will 
the advice of experienced man 
agers in the field. But Ml 
Challis stresses that thps. 
things must still take secom 
place lo human relations. 

“Experience has shown Ilia 
the best plant design, th; 
strictest safety precautions am 
.the most elaborate safety soft 
ware will all run a high risk o 
failure unless the techniea 
manager is closely identifiei 
with the plant he runs and th 
operating team that he lead: 
It is this aspect of faumai 
management which will perhap 
turn out to be the mos 
important feature of safe opera 
tion in the 1980s." 


Technical News 


EDITED BY ARTHUR BENNETT AND TED SCH0ETERS 


• OFFSHORE INDUSTRIES 

Lifeboat for divers 


» PROCESSING 

Makes dust 
easier to 


• TEXTILES 

Measures fineness of fibres 


TELEVISION 


deal with 


ONE OF the dangers that can 
arise for. divers undergoing de- 
compression in chambers on the 
decks of oil exploration plat- 
forms is a well blow-out or a fire. 

The chambers — in which they 
may have lo remain for several 
days — are too heavy to be lifted 
by helicopter, and premature re- 
moval of the men, who are being 
gradually brought back to atmos- 
pheric pressure and are breath- 
ing special gas mixtures, can 
easily be fatal. 

Seaforth Maritime of Aber- 
deen, with £180.000 >of assistance 
from National Research Develop- 
ment Corporation, is hoping to 
overcome the problem with a 
lifeboat rescue chamber which is 
bolted on the side of the main 
decompression chamber via 
nuick-L-Dnnection couplings. In an 
emergency up to 12 divers will 
enter the lifeboat which will 
then be lowered into the sea. 

Life support systems on board 


will maintain constant gas mix- 
ture and pressure conditions for 
up to 24 hours, long enough to 
get the men to a fixed installa- 
tion on shore. 

It is envisaged that the craft 
will be lifted from the water by 
helicopter, on to another vessel 
by crane, or towed to the shore. 

The lifeboat chamber will be 
about 21 ft in length, 7 -ft in 
diameter, and will be provided 
with three entrances, four view- 
ing ports and a service lock. 
Overall weight is expected to be 
about 30 tons. 

When in use as a routine de- 
compression chamber it will 
accommodate four divers and 
will contain sleeping, bunks, 
seats, tables, together with lava- 
tory, shower and washing, facili- 
ties. 

More from the company at 
West North Street. Aberdeen 
AB9 2TD (0224 26333) or from 
Mr. David Anderson af NRDC in 
London on 01-828 3400. 


IN MANY kinds of industry the 
creation of dust as a by-product 
of the protess gives rise to prob- 
lems of disposal, particularly 
when fine particles, from 50 
microns down are produced. 

Even .when successfully 
collected in filters, precipitators 
or cyclones, disposal is expensive 
and is likely to become more so 
due to legislation applicable at 
land-fill sites. 

Schugi, a Dutch-based com- 
pany, has. consequently 
developed a compact continuous 
liquid and .powder blending 
machine designed to disperse 
liquids into the fine powders 
cheaply, thereby “de-dusting” 
them. 

Free-flowing granules in the 
size range 0.2 to 3.0 mm are pro- 
duced which have good flow 
characteristics,' can be more 
easily handled and processed and 
will disperse more readily in 
liquids than the fine powder. 

The Schugi unit uses a spiral 


ALTHOUGH developed in the 
first instance to determine the 
fineness of wool (a limiting factor 
in the production of quaLity 
worsted yarn), an instrument 
described by the CSERO Division 
of Textile Physics in Australia 
might well be suited'to the study 
of other fibres. 

A pinch of fibres is dropped, 
after prewashiug in petroleum 
spirit, into the liquid circulating 
system of "the instrument The 
liquid breaks up the pinch and 
carries the fibres through a glass 
cell, where some of them inter- 


sect a circular beam of red light 
from a helium-neon laser. 

The fibres scatter the light in 
proportion to their diameter and 
the scattering events produce 
pulses in a detector. The signals 
are fed into a computer pro- 
grammed with a calibration table 
that assigns each pulse signal to 
a fibre diameter expressed in 
microns. Depression of a button 
produces a print-out showing the 
range of diameters together with 
the mean and the coefficient of 
variation. 

Measurements are made by the 
unit independently of fibre 


orientation and the design is 
such that tbe instrument can 
discriminate between fibres that 
fully and only partly intersect 
the beam. Electronic discrimina- 
tion in favour oT only complete 
fibre intersection means that tbe 
average diameter attributable to 
the sample will be more 
accurate. 

Tbe laser analyser is intended 
to replace conventional methods 
of projection microscopy which 
are slow, tedious and costly and 
are also subject to operator error. 

More from 338 Blaxlarid Road, 
JRyde, N.S.W. 2112, Australia. 


Multiple 
games for 
the screen 


COMMUNICATIONS 


Data from any telephone 


path granulation process and the 
neoprene wall of 


• metalworking 

Getting the right melt 

. » > xt/— r „r master m-oduced to meet 


O 

a RANGE of re-melt master produced to meet customers 

alloys in shot form for small fur- s P® c g ia J ^rnaceTad^tive the shot 
nacc additives has been intro- offerg Rrea ter convenience over 
duced by BSA. Metal Powders, present methods of making small 
Monts ornery Street, Birmingham additions to the melt. Often, 
11 (021 773 73S6). these are made by attempting to 

The coin pan v claims to be cut an accurate quantity of the 
f U Truest manufacturer of required alloy from a cast stick, 

hteh Gloved nowTier-i and says Now in metal shot precise 
iKi. h rp-meIts arc a logical esten- quantities of the additives can 
lion te present products which be selected to give more accurate 
",,e nminlv used for sintering, control as well as being labour 

“otter application, for -ttese 
cobalt re-melt shots could vary from 
andcome in small casting procedures^uch as 
and copper oases anu , = dental work, to shot blasting 

rS."? ST'S— V T8iH and repairing blow lotos in 
Tailor-made alloys can also be castings. 


tbe mixer is 
continuously flexed to prevent 
* build-up — it is self-cleaning. 
Capacities of up to 60 tonnes/ 
hour can be provided. More from 
tbe company at 7, Mill Tye, Great 
Cornard, Sudbury, Suffolk (0787 
77072). 


Components 
blasted clean 


• finishing 

Better surface for doors 

^Txinl v unifnrm 


PART OK tto «P»»on Pro- 

gramme involving a -im invest- major step forward from 

ment at Ihc Coventry-based wood ^ morc traditional hand spray- 
cnmimnents company- H. Bur- Jn g which does not always give 
hirf"r ind Son, includes an auto- a consistent colour film thickness 
5JS SJravJrm finishing and and so does not produce an even 
drying 1fne‘ for' finishing work colour over the jaturf wmcL 
Thr machinery is manufactured Another major advantage of 

for whic* jw 

kitchen furniture a major pro- s 'S fin ^ hes aie poSw 

Finuriommisaioome is now J h “* 

the company af 
enables' the MlM. Canley. Coventry 
company to finish «s products (0203 78711L 


HODGE CLEMCO is claiming 
that it bas made a major advance 
in blast cleaning technology. 

The company says it has de- 
signed a completely self-con- 
tained unit which gives tbe 
operator control of all aspects 
of the blast cleaning operation 
at the nozzle. It has called it 
the Blast Centre. 

Tbe unit is housed in a 4 ft 
steel cube to give maximum pro- 
tection and make it easy to 
handle. Built around the com- 
pany’s 2040 machine and fitted 
with a remotely controlled meter- 
ing valve for the abrasive, tbe 
unit incorporates a water injec- 
. tion system, which can be linked 
to a mains or static supply, and 
an air filtration system. 

Weighing nearly 14 cwt, the 
unit also incorporates an elec- 
tric remote control unit, water 
separator, silencer, pressure 
regulator and a choke valve 
which is controlled at the nozzle. 

Once tbe operator has selected 
the required pressure and set 
the Sow of abrasive, the Blast 
Centre can be closed up, the 
operator having foil and instant 
control at the nozzle of a variety 
of blast cleaning operations: air 
and grit, air, gnt and water, air 
and water, for washing down 
and air only for “blowdown.” 

Hodge Clemeo is at Or«r*ave 
Drive. Sheffield Sl3 (Sheffield 
697351). 


AS THE idea of the " hotel room 
terminal” catches on — there are 
already portable telex and 
cypher devices on offer — Data 
Dynamics has announced a key- 
board unit that allows the user 
to communicate with a computer 
while using a plugged-in tele- 
vision receiver to look at the 
data sent or received. 

Communication to the com- 
puter is over any dialled phone 
line, via an acoustic coupler — a 
device which converts digital 
data into tones suitable for 
transmission. After dialling the 
processor's number the user 
simply places the handset in the 
cradle provided. 

Contained within the unit is a 
UHF generator and modulator, 
allowing it to be plngged directly 
Into tbe aerial socket of the 
television set. There is also a 
one volt video output enabling a 
monitor to- be used. 

Tbe equipment, developed in 
conjunction, with the company's 
French subsidiary, is known as 
Tele-Zip and is contained in an 
executive style suitcase. Weight 
is about 15 lb. 

Data Dynamics says it sees a 
“huge potential” for the unit 


and 'has set the one-off price at 
£550.. 

The fact that the equipment, 
which ' .is approved by the Post 
Office, can be used from any 
telephone makes it ideal for tbe 
increasing number of salesmen 
who have to book their orders 
straight into a computer. 

Tele-Zip could also improve the 


efficiency of service technicians 
who, instead of trying lo carry 
bulky manuals with them, could 
get specific diagnostic informa- 
tion on tbe screen in a few 
seconds. 

Those who need to could get 
into contact with the company 
computer from their living 
room. GEOFFREY CHARU5H 


NICELY TIMED for the Christ- 
mas games buying peak is tbe 
introduction by General Instru- 
ment Microelectronics of a new 
set of cartridge-based program- 
mable television games systems. 

Called System 8601, these cir- 
cuits include clock generator, 
colour encoder, modulator and a 
selection of cartridge microcir- 
cuits which will enable fully 
programmable games systems to 
be built at low cost. 

When marketed by equipment 
manufacturers, each product 
will incorporate a console into 
which individual game set cart- 
ridges are slotted. Each or these 
contain individual games micro- 
circuits, with interface circuits, 
and all the sets will have realistic 


The power to 
generate exports 


□AWSCDIAJ— KEITH 



generators of power 

Tel: (0705) 474123 
Telex: 86491 DeekayG 


sound generation and on-scree 
scoring. 

The new games have the soim 
what martial titles of "Target 
(the 8607 with 12 differer 

games), "Wipeout” (the S60t 
24 games) and "Warfare" lS60i 
10 games). 

The company says it bas intn 
duced the S601 only after exlet 
sive consumer preferenc 
studies. 1c intends to coosolidat 
an already noticeable markc 
lead by adding perhaps half-: 
dozen additional cartridges ovc 
the next 12 months. 

More from 1, Warwick Stree 
London, W1 5WB 1 01439 1891' 


Radio will bring help 


• HANDLING 

Hoists for 
heavier work 


WITH A range that can be up to 
i mile, a pocket radio transmit- 
ter measuring only 4 x 24 x 1 
inch, operated by press button, 
can warn of an emergency in a 
matter of seconds. 

Operating at about 160 MHz, 
the transmitters in a system 
would work to a central receiver 
and each could be specifically 


modulated so that a light panel at 


the centra! point could indicate 
the source of the emergency- In 
a large building this might be on 
a floor by floor basis. 

Those , who work or live alone 
and need to protect premises, 
cash or valuables, and people 
who lock up Late at night when 


other staff bave left (or arrive 
before others, in banks for 
example), can summon aid over 
a 999 autodialler connected 
directly to the receiver. 

Alternatively, the dialler can 
be programmed to call a neigh- 
bour or relation and would prove 
particularly useful to those not 
able to reacb a telephone quickly, 
or at all. in the event of a serious 
health problem. Applications are 
also expected in industry where 
operators might be working in 
potentially hazardous surround- 
ings. 

More from the supplier. Emer- 


gency Warning Systems. 44. 


Osnaburgh Street, London, NW1 
3NL (01-388 7240k 


• DATA PROCESSING 


Versatility for micro 


G.R. ELECTRONICS of Newport, 
Gwent, one ' of Commodore’s 
microprocessor distributors, have 
announced several enhancements 
to the £150 Commodore KIM 1 
microcomputer. 

For example, a new video 
board allows KIM 1 to use a 
domestic television set as a 
visual display unit, with a capa- 
city of 16 lines of 64 characters. 
In addition a memory expansion 
board provides 8000 bytes of 
RAM. and has provision for up 
to 8000 bytes of electrically "pro- 
grammable read-only memory. 

For Input purposes ‘a pocket 
terminal has been designed, 
which can be plugged into the 
KIM 1. The terminal is a hand- 


held Communications unit and 
allows input of tbe full ASCII 
character set from its 40 dual 
purpose keys. 

More from Commodore 
Systems Division. 360 Euston 
Road, London NW1. 01-388 5702. 


IBM still 
at the top 


LITTLE surprise can result from 
the finding of tbe latest research 
by IDC that IBM still bolds the 
lead in most parts of Europe with 
an overall 56 per cent of the 


installed number of general pur- 
pose computers (54.5 per cent by 
value). 

In the UK, however, 1CL is 
continuing to show steady growth 
and now has nearly as many 
installed systems as IBM (32 
versus 33 per cent). The British 
company is also steadily building 
up its installed base outside the 
UK.- particularly in West 
Germany, France, Benelux and 
Switzerland. 

The latest edition of European 
Computer Market Dimensions 
from IDC elaborates this data 
and also contains nearly 100 
different analyses covering the 
structure and size . of computer 
market in Europe. 

The publication has 117 pages 
and is priced at £495. More from 
IDC Europa. 2, Bath Road, 
London W4 1LN (01-955 9222). 


PARTICULARLY APPLICABLE 
in the offshore oil industry, ship- 
building, and power station 
maintenance and repair work, is 
a range of heavy capacity band 
chain hoists called Litalift 128, 
says Herbert Morris, PO Box 7, 
North Road, Loughborough, 
Leics LE11 1RL (0509 63123). 

Five and 10 tonne units are 
available for hook suspension or 
are built into a travelling trolley 
while 15 and 20 tonne hoists are 
for hook suspension only— ^suit- 
able for booking into Morris 15 
and 20 tonne travelling trolleys. 
All travelling trolleys have ball- 
bearing runners as standard and 
are available for either push or 
geared travel. 

The range features common 
wearing parts to reduce stock 
holding of replacement parts and 
improve availabil i iy by reduc- 
tion of variety. Similarly, a 
common load chain and common 
hand chain are used throughout 
the range. 


(excluding passenger's weight 
does not exceed 227 kg at 61 cr 
load centres. It is conslruele 
of 5 cm by 5 cm hollow sectio 
■steel with 4 sq cm sleol mes 
enclosing all sides of the pla 
form. 

A rigid tread pattern floor o 
“ Expamet ” provides extr 
strength and gives a clear vie\ 
beneath the platform for saf 
lowering. Visibility and safet 
at height is ensured at all time 
bv a sheet of thick perspe 
which is at operator height an- 
which separates the mast scetin 
from the working areas of th 
platform. 

Further from the company a 
Airfield Estate. Maidenhead 
Berks SL6 3QN (062 SS2 2151) 


• ENERGY 

Look at 


Workers are 
lifted to job 


BARLOW HANDLING is market- 
ing a personnel working plat- 
form which can be fitted to many 
types of fork lift truck. 

The platform, promising a 
wide variety of uses from 
general maintenance tasks like 
changins lighting equipment to 
occasional visual stock taking 
work, can be fitted lo any 
counter-balance lift truck pro- 
viding It has a capacily nf over 
907 kg, and the platform loud 


energy use 

FURTHER signs that the U.{ 
Government means what it sa> 
about cutting back energy col 
sumption in that country : 
afforded by the announcemer 
that its Department of Energ 
has placed Sjm of study contracl 
to try to cut back the 120bn kill 
watt hours used by industrii 
electrolytic processes each yea' 
The sponge-like energ 
requirements of aluminium an 
chlorine production are main! 
responsible, and the aim of tk 
studies will be to survey altera: 
tive industrial electrolytic m 
and identify those min 
suitable for further research. 
More energy i E consumed b 
in the U.S. tha 
tiiat produced each year by th 

Va j>ey Authority ao 

there are already indicator 
!!l at Per cent of it caul 

!3T3msJS5«^« 








14 

LOMBARD 


No more mystery 
in Eurodollars 


BY SAMUEL. BRITTAN 

"OF THAT which one cannot 
speak, one must remain silent/' 
These much quoted closing lines 
of Wittgenstein's Tractatus are 
not a bad motto for economic 
journalists cither. It is many 
years since 1 was first rebuked 
for not writing more about Euro- 
currencies. Since then the total 
of externally held currency 
deposits — of which the Eurodol- 
lar is only the most prominent 
example — has risen by leaps and 
bounds and accord in 2 to the 
Bank of International Settle- 
ments now amounts to nearly 
S-iOObn tor two-fifths of a tril- 
lion dollars'). This is quite a lot 
even with some double counting. 
Eurocurrency holdings now 
account for a substantial propor- 
tion of the world’s money supply. 

These large numbers have 
made many people's flesh creep. 
Some have seen in the expan- 
sion of Eurocurrencies a source 
uf inflation quite outside the 
control of governments. The 
fact that there are no legally 
prescribed reserves against 
Euro deposits has led tn 3 debate 
on the size of the Euro multi- 
plier, i.c. the amount of loans 
and deposits that can be pyra- 
mided on the basis of an initial 
SI deposit in a non-American 
bank. Estimates of this multi- 
plier have ranged front one to 
infinity. 


Defaults 


There have been anxieties that 
billions of Eurodollars "slosh- 
ing " around the world would 
lominaic foreign exchange mar- 
kets. Fears have been expressed 
hat major defaults in Euro 
oans could start off a chain 
■eaction of bank failures which 
vould make 1931 seem like a 
ninor ripple. Best-selling novels 
tave been written on which 
Eurodollar crashes have led to 
itomic wars and left the earth 
n desolation. In The Crash of 
979 by Paul Erdiimn. a «oup 
fetat in Saudi Arabia, leading 
n 3 switch of petrol funds out 
if dollars (Euro or otherwise), 
lelps to trigger off a nuclear 
car in the Middle East. 

But without some theory of a 
•elter-than-nnthing kind about 
tow Eurodollars fit into the 
.orld's monetary system, it has 
ot been possible to comment 
ensihly on these alarms. For 
ick of any better procedure I 
ave tended to ignore the prefix 
Euro" and regard dollars as 
n liars and sterling as sterling, 
hcrever it is held. 

Now at long last there has 
een an attempt to fit the Euro- 
urrencies into a general 
nalytical scheme by Prof, 
nhert Aliber of the Chicago 
us j ness School (entitled "The 


Integration of the Offshore and 
Domestic Banking System "). 
The basic argument is beauti- 
fully simple and provides at least 
a partial justification For treat- 
ing Eurodollars as more or less 
ordinary dollars. 

The Aliber thesis is that 
Euro deposits arise from the 
desire of banks to maintain nor- 
mal, but no more than normal, 
ratios of cash reserves to total 
deposits. In many countries 
legally prescribed reserve rations 
are — for reasons of monetary 
policy — much higher than the 
banks would themselves choose 
out of commercial prudence. The 
hanks will therefore seek to 
acquire more deposits overseas 
where compulsory reserve 
requirements do not bold. We 
do not therefore have to identify 
any special Eurodollar multi- 
plier. but only the commercially 
chosen multiplier linking 
deposits to reserve assets for the 
whole of a bank's operations, 
domestic and overseas combined. 

One line of thought, which 
could he developed from this 
theme, is that monetary policy 
would be more efficient if central 
banks concentrated on control- 
ling the supply of reserve assets 
in an antounr related to the 
deposit banks* own preferred 
ratios — and stopped prescribing 
arbitrary ratios which can in the 
end be avoided. An opposite line 
of thought, which Prof. Aliber 
develops himself, is that cash 
ratio controls should be extended 
from domestic to total deposits. 
This has hitherto been opposed, 
for instance by the Bank of 
England, on the grounds that if 
Lhe Eurodollar markets were 
regulated in London the business 
would simply move to other 
centres. 

Home country 

But if the Aliber thesis is true 
the place to exercise control is 
not where the Eurodollars are 
held but in the home country of 
the bank concerned. The bulk of 
Euro -deposits are accounted for 
by banks located in a few major 
countries — and not in Tangier, 
Ruritania or the Cayman Islands. 
Concerted action by the leading 
central banks would reassert 
control over this section of the 
world’s money supply. 

It is too early to be dogmatic 
on the policy issues. The main 
point is that we may now have 
a rational way of regarding Euro- 
currencies as an extension of 
domestic banking rather than as 
some incomprehensible monsters 
liable to overwhelm us all and 
outside human control. Progress 
towards demystification is pro- 
gress indeed. 



Financial Times Friday July 2S 19TS 

Battling to regain lost powers 


BY DAVID CHURCHILL 


NORWICH 


MORE THAN a decade ago 
Norwich was the first English 
city to ban traffic from one of its 
streets — a decision taken to 
preserve the city’s mediaeval 
buildings from the ravages of 
the motor car. But when 
Norwich’s -city council recently 
proposed to extend the pedes- 
trian scheme from Saturday to 
the rest of the week as well — 
a move only taken after exten- 
sive public consultation ■ — the 
motion was thrown out. It was 
vetoed not by the elected mem- 
bers of the city council but by 
Norfolk county council whose 
planning committee chairman, 
lives in a village some 50 miles 
aw ay. 

Although only a small issue 
this control over the city’s in- 
ternal affairs is just one of a 
multitude of frustrations felt by 
Norwich — and by over 30 
other cities scattered throueh- 
out England — since the 1974 
re-organisation of local govern- 
ment This re-organisation, 
brought in by a Conservative 
Government, broadly favoured 
the approach that bigger was 
best. 

Thus yt iw as decided 5bat 
responsibility for the major ser- 
vices — education, planning 
and social serives — provided 
by the cities (the former 
county boroughs) should in 


future be the responsibility of 
the county rather than city 
council. Apart from London and 
six other major metropolitan 
areas which retained their 
powers, the cities were 
stripped of their major 
functions. 

Norwich • was particularly 
upset by the reorganisation. 
Ever since *1404, when it was 
given a Royal Charter, the city 
bad been fiercely proud 
its independent status. The 
council’s ability to organise its 
own affairs produced a place 
where the traditions of over 
1,000 years are blended with 
modern office blocks and light 
industry. Norwich was especially 
proud of its work in preserving 
its architectural heritage — work 
which has been recognised with 
international awards. 


Progressive 


In recent years Norwich 
achieved a reputation for pro- 
gressive ideas and a willingness 
to experiment where other 
local authorities drew hack. The 
city, for example, was the first 
local authority in the country 
to build a hostel especially 
for the younger physically 
handicapped. 

It was especially galling, 
therefore, to lose the means of 
maintaining this reputation for 
progress. Norwich, however, 
was not alone in being dis- 
gruntled. Virtually as soon as 


the reorganisation came into 
effect, many cities began lobby- 
ing for a return of their powers. 
Initially ' this was led by the 
nine major English cities — 
ranging from Bristol to Stoke — ■ 
those with populations over 

200.000 which were not given 
metropolitan status. 

But last year Norwich and its 
neighbour Ipswich, began gaug- 
ing the degree of support 
among the next tier of cities — 
those with populations between 

100.000 and 200,000. Some 21 
of these joined Norwich’s cam- 
paign for a restoration of their 
powers. 

Their campaign however has 
been branded as merely a 
political manoeuvre by the 
Labour Party, the traditional 
stronghold of which has tended 
to be in the urban areas. This 
view has been reinforced by 
the recent Labour Party report 
urging a restoration of responsi- 
bilities as a short-term change 
to the 1974 reorganisation. 

But the battle cannot really 
be seen as a political one as 
a majority of the cities involved 
are Conservative controlled. 
Instead, it is a resurgence of 
the traditional split between 
the urban city and the rural 
county. 

In Norwich's case, such a split 
is more marked. Norwich, with 
a population of 122,000, is the 
only major urban area in 
Norfolk. Traditionally the 
county has distrusted the “big 


Fast-improving Hatched can 
win Goodwood’s Extel 


ALTHOUGH Mr. Carlo d’Alessio’s 
fast-improving colt Hatched did 
not win with as much in hand 
as connections expected when 
getting the better of Crimson 
Beau in a Newmarket handicap 
this month, 1 feel more than 


RACING 

BY DOMINIC WIGAN 


bopeful that he can take today's 
Extel Stakes at Goodwood. 

The Henry Cecil-trained Thatch 
colt, wbo will give his sire a 
much-needed boost if successful, 
may have been undertaking a 
stiff task at headquarters in try- 
ing to give weight to Paul Cole's 
strongly fancied Crimson Beau. 
I have little doubt that he could 
have pulled out a shade more 
hart Mercer really roused him. 

The pair who dominated that 


handicap with the rest eight 
lengths or more behind, may 
again have the finish to them- 
selves for both Cunard and 
another Thatch colt Hills 
Yankee, would probaly prefer 
more cut in the ground. 

The locally trained Dunlop 
filly Beltichbourne shaped like 
a certain future winner when 
running on close home after a 
slow break to finish fourth in a 
maiden event at Newbury 
recently. Unless there Is a 
speedy newcomer among her 
opponents, she should win the 
opener, the Selsey Stakes. 

I feel sure that the best has 
not yet beeD seen of Jimmy 
Etherington’s sprinter Irish Gala 
and. in spite of a disappointing 
effort last time out I take the 
eeldime to gain bis second Bve- 
furlongs course and distance 
victory in Thirsk’s Sutton Stakes. 

That highly successful 
American-based sire Grey Dawn 
(the only horse to beat the great 


GOODWOOD 

1 .45— Be I tiehbo orne** 

2. 15— Philodantes 

2.50 — Hatched*** 

320 — Bialistock 

3.50 — Le Soleil 
420 — Showpiece 

4.50— Welsh Jane 

TH1RSK 

2.30— Silver Cygnet 

3.00— Kelra 

4.00— Irish Gala* 

420 — Moving Star 

NEWMARKET 

6.45 — Nil ostina 

7.15— Doctor Wail 

8.45— Cribyn 


spending” city council faced 
with urban problems of which 
the county has little or no 
experience. The county's 
attitude over Norwich's attempt 
to control - the motor car in a 
mediaeval city reflects its basic 
failure to understand the city’s 
planning problems. And the 
county's responsibility for the 
city planning function has led, 
since 1974, to a duplication of 
effort and the frustration and 
friction which this entails. 

Norwich considers that one of 
the tragedies of . the 
re-organisation was the way in 
which essential services were, 
divided among the different 
authorities. Thus the county 
was given responsibility for 
education and social services, 
the city kept housing, and 
personal health services were 
the responsibility of the new 
area health authority. ■ 

“ It was in co-ordinating 
these services and ensuring that 
they all worked together for the 
good of the individual family 
that Norwich was making great 
strides,” the city council says in 
a letter to MPs. “It was an 
appalling blunder on the part 
of the Government at that time 
that these services, previously 
all controlled by the city, 
should have been separated." 

A return of responsibility for 
the social services to the city 
would enable them to be 
co-ordinated with the housing 
services. This would be 


ENTERTAINMENT 

GUIDE 

CC — These theatres accept certain credit 
cards dv telephone or at the Box Office. 

OPERA & BALLET 

COLISEUM. Credit cards 01-240 US 8, 
Reservations 01-836 3161. 

ENGLISH NATIONAL OPERA _ 
Season opens Tonight at 7 path The 
m*bk FlutJ. also Tue.. Thur. & Sat 
next at 7.30. Tomor. 4 Wed. 7.30: La 
Boh erne. Aub. 4 Performance cancelled. 
104 balcony teats available from 10.00 
on day at Perl. 

IMPORTANT NOTICE: Production ot 
CARMEN Postponed due to contractual 
difficulties and replaced by new produc. 
non O t Menow's THE CONSUL first 
night August 12. For further details 
ring 01-240 5250- 


Sea Bird II) clearly has another 
top notch performer in the much 
vaunted Bo Sen’s Ride. The bay 
—"next year’s Derby winner.’’ 
according to Ryan Price — ful- 
filled the Findon trainer’s expec- 
tations by running out a smooth 
winner of yesterday’s Foxbill 
Stakes. 


t Indicates programme in 
Black and While 

BBC 1 

6.-10-7.55 am Open University 
Ultra Hi'-ih Frequency only;. 9.55 
lattic Roundabout. 10.00 Jack- 
nory. 10.15 Pink Panther, f 10.35 
elle and Sebastian. 1125 Cricket: 
irst Test— The Comhill Insurance 
est Series: England v New 
ealand. 120 pm Trumpton. 1.45 
civs. 2.10 Cricket: First Test/ 
lnrious Goodwood. 4.18 Regional 
,e\vs for England (except 
' ,mdon». 420 Play School (as 
,'BC-2 Il.no ami. 4.45 Take HarL 
.i to Tabitha. 5,35 The Wombles. 
5.40 News. 


5.55 Nationwide (London and 
South-East only). 

620 Nationwide. 

7.00 Tom and Jerry. 

7.15 Hoe Down. 

7*45 Young Dan'L Boone. 

820 Sykes. 

9.00 News. 

925 PetrocellL 

10.15 Face the Music {London 
and South-East). 

10.45 Regional News. 
tl0.46 The Late Film: “Thunder- 
storm." 

All Regions as BBC-1 except at 
the following times:— 

Wales — 120-1.45 pm O Dan Y 
Itlor. 5.10-525 Tel iff ant. 525-620 
Wales Today. 720 Heddlw. 720- 
7.45 Gwibdaith I Lanelwedd. 10.15 
Music in Wales, fll.15 The Late 
Film: “Thunderstorm.” 12.40 am 
News and Weather for Wales. 


F.T. CROSSWORD PUZZLE No. 3,730 



ACROSS 

inly cold sweets for the 
enrh <8> 

, vote is over (6) 
batty article by accountant 
j employer that is , , . (81 
. . untouched by fashionable 
iplouiucy (6i 

eview of books getting at 
hodesia’s declaration within 
5i 

oofc ar composition of 
mscara (3. 4-2) 
ebuke for catching early 
•ain (6> 

hower for a dog (7) 
live a hand to dismount 
■om space launch (42) 
art of word coming before 
mi Id) 

un to earth from racecourse 
> Irish county (5. 4) 
ollceman has right to a part 
f coconut (5) 

rowd round international 
jortsman that_ went to a 
Oman's head (3-31 
isht for Bill to join junior 
linisier (S) 

bout to capture second 
ini era shut (6) 
eal roughly with master and 
upil on special outing (S) 

DOWN 

e does the dirty work for 
ie saiior the French upset 

peaks forcibly of what can 
e heard backstage (6, 31 


3 Far from lively part of 
Stainer trio (5) 

4 Pressing for information in 
the way out (7) 

6 Preserve thanks over peevish- 
ness flowing freely (9) 

7 Speak about Zero tax (5 1 

8 Firm has a role that's con- 
sidered different (3, 5) 

11 Ropy material for male 
member (4) 

15 Blow second drink (5, 4) 

17 Aerial stabiliser to follow on 
the level C4. 5) 

18 Veteran lord I met irre- 
gularly (3. 5) 

20 Sweet made of fruit trifle (4) 

2J Criticise expert over a remedy 
(7» 

22 Relative cut part of Bible (6) 

24 A doctor takes it in bouods 
(5) 

25 Tell he's uncommon (5) 

SOLUTION TO PUZZLE 
No. 3.729 



Scotland— 525-620 pm Report- 
ing Scotland. 10.15 Gold Rush 78. 
10.45-10.46 News for Scotland- 

Northern Ireland — 118-420 pm 
Northern Ireland News. 525-620 
Scene Around Six. 10.15 Life- 
times. 10.45-10.46 News for 
Northern Ireland. 

England— 622020 pm Look East 
(Norwich): Look North (Leeds, 
Manchester, Newcastle); Midlands 
Today (Birmingham): Points West 
(Bristol): South Today (Southamp- 
ton): Spotlight South West (Ply- 
mouth). 10.15-10.45 East 
(Norwich) Newscue; Midlands 
(Birmingham) Questions in the 
House; North (Leeds) Direct Line; 
North East (Newcastle) Friday 
North; North West (Manchester) 
Champion Brass: South (South- 
ampton) Conversation; South West 
(Plymouth) Peninsula; West 
(Bristol) 1 x 59 High Speed Train. 

BBC 2 

6.40-725 am Open University. 

11.00 Play School. 

2.00 pm Glorious Goodwood. 

420 Cricket: First Test — 

England v New Zealand. 

625 Open University. 

7.00 News on 2 Headlines. 

7.05 Children’s Wardrobe. 

720 News on 2. 

7.45 Westminster Report 

8.J5 Master Class. 

9.00 Jazz from Montreux 1977 
with The Clark Terry Sextet 
and Joe Williams All-Stars. 

925 Horizon. 

10.15 The Devil’s Crown. 

11.10 Late News on 2. 

1120 Cricket: First Test (high- 
lights). 

1120-12.00 Closedown reading. 

LONDON 

9.30 am History Around You. 
925 Plain Sailing. 1020 Oscar. 
1020 Animated Classics. 1120 
Stationary Ark. 11.45 Felix the 
Cat 12.00 A Handful of Songs. 

12.10 pm Rainbow. 1220 Look 
Who’s Talking. 1.00 News plus 
FT Index. 120 Help! 120 Beryl's 
Lot 2.00 After Noon. 225 Friday 
Matinee: “Three Hats for Lisa." 
4.15 Children of the Stones. 443 
Fanfare. 5.15 Cuckoo Waltz. 

5.45 News. 

620 Thames at 6. 

625 Crossroads. 

7.00 The Krypton Factor. 

720 Backs to the Land. 

8.00 Hawaii Five-O. 


9.00 The Foundation. 

10.00 News. 

1020 M’Lords, Ladies and Gentle- 
men. 

1120 Police 5. 

11.40 Law Centre. 

1240 am Close— Xanthi Gardner 
reads from “ The Prophet ” 
bv Kahlil Gibran. 

All ZBA Regions . as London 
except at the following times: 

ANGLIA 

10.20 am Dyeomult. the' Dor Wonder. 
U»AB Tell Me Why. U-® Magic Circle. 
1U0 Rogue's Rock. -U5 pm .Anglia 
News. 2.2S Friday Film Matinee:—'* A 
Girt Named Sooner." 5J5 Stars on Ice 
*•88 About Anglia at tbs Races. 8.00 
The Incredible Hulk. 10JO Prut*. 1X00 
Friday Late Film:—" Tbs Fly." 12. *5 am 
Christians In Action. 

ATV 

HUB am Friends of Man. 10.65 Wild 
and Free-Twic* Dally. ' mo The Roger 
Whittaker Show. L2S pm ATV Newsdesk. 
Ijo General Hospital. 225 Family Film 
Matinee: “ Moon Zero Two." SOS Those 
Wonderful TV Times. 400 ATV Today. 
U0 The Incredible Hoik. 115 0 Qumcy. 

' BORDER 

UL20 am Dynorntm— The Dos Wonder. 
ID. SO TeU Me Why. 11X6 Magic Circle. 
1130 Rogue's Rock. 1130 am The Story 
of Wine. +128 Bolder News. t22S 
Friday Matinee: "The Small Back 
Room.” 545 The Partridge Family. 6.00 
Look around Friday. Mi' The Incredible 
RuOt. 1130 The Law Centre. 1230 am 
Border News S atom ary. 

CHANNEL 

LIS pm Channel Lnnebtime Newt and 
What's on Where. t225 The Friday 
Matinee: "Thunder Road.” 545 Friends 
or Man. 630 Report at She. 730 Oh. No. 
Iri Selwyn Froggltt. U0 The Incredible 
Hulk. 1028 Channel Late Nows. 1032 
Summer of T8. 1L00 TV Movie: Colombo. 
1235 am News and Weather In French. 

GRAMPIAN 

045 am First Thing. 104a The Beach- 
combers. 10.00 Tell Me Why. XL OS Magic 
Circle. 1130 Rogue's Rock. LZQ pm 
Grampian News Headlines. Z2S Friday 
Matinee: *' The Truth About Spring." 545 
The Cuckoo Walla. 6.00 Grampian Today. 
640 The Fair Six. 730 Bless This Rouse. 
MB The Incredible Hoik. 1138 Reflections. 
U3S Grampian Lain Night Headlines. 1130 
The Law Centre followed by road report. 

GRANADA 

1045 am Sesame Street. LUO Castaway . 
IMS Kathy'S Quiz. 140 pm This Is Your 
Right. 130 Gambit. 12 JS Friday Mauaee: 
" Here Cane the Baggetts." 440 Cartoon. 
540 What’s Now. 545 Crossroads. 640 
Granada Reports. 630 Summer Sport. 730 
The Many Wives or Patrick. US The In- 
credible Hulk. 1130 Friday PUm Premiere: 
■■ Sweet November." 145 am A Little 
Night Music with Marion Montgomery 
and Richard Rodney Bennett. 

HTV 

1040 am People and Places. 10.40 TeU 
Mo Why. 11 - 05 Manic Circle. 11 JB Rogue's 
Rock. 140 pm Report West Headlines. 245 


Report Wales Headlines. UO Those Won- 
derful TV Times. 230 Women Only. 245 
“My Six Convicts.” 515 The Undersea 
Adventures of Captain Nemo. 540 Cross- 
roads. 630 Report West. 645 Report 
Wales. 630 Oh No It's Selwyn FrogSIfL 
830 The Incredible Hulk- 1035 Music 
Makes People. 1135 M 'Lords, Ladles and 
Gentlemen. 

HTV Cymru /Wales— As HTV General 
service except: 143-145 pm Pena wd in 
NewyddJoo y Dydd. 0454-45 Camau Con- 
tain] L 6.03645 Y Dydd. U35-1L05 OHlloOk 

HTV West— As HTV General service ex- 
(BP»: 1.20-130 pm Report West Headlines. 
6.15-630 Report West. 

SCOTTISH 

484D am Dypo Mutt the Dog Wonder. 
■U .40 TeU Me Why. 1135 Magic Circle. 
1135 Rogue's Rock- 145 pm News and 
Road Report. 130 House party. 245 Friday 
Film Matinee: •• The Small Back Room." 
545 Cartoon. 54B Crossroads. 630 Scot- 
land Today. 630 Laveroe and Shirley. 
130 The Incredible Hoik. 1030 ways and 
Means. SUM Late CalL 1135 Bouse of 
Horrors. 

SOUTHERN 

1040 am Adventures In Rainbow 
Country. 1D.40 Tell Me Why. 1135 Magic 
Circle. UJO Rogue's Rock. 148 pm 
Sootheni News. 130 Those Wonderful TV 
TUnH. 230 women Only. 245 Friday 
Madnee: "A Walk In the Spring Rain." 
540 Weekend. 548 Crossroads. 638 Day 
by Day. 630 Scene South Bast. 630 
Cuckoo Waltz. 8.00 The Incredible RoDc. 
1030 Southern News Extra, 1038 Friday 
Horror Film: “ The Vampire Lovers." 

TYNE TEES 

045 am The Good Word, followed by 
North East News Headlines. 1040 sixty 
Incredible Yean. 1135 Magic Circle. 1130 
Rogue’s Rock 148 pm North EaH New* 
and Lookarouod. 130 Challenge of the 
Sexes. TZ4S Friday PUm Matinee : ‘The 
Small Back Room.” 545 Gambit. 630 
Northern Life. 730 Bless This House. 830 
The incredible Hulk. tl030 Friday Fibs : 
"The Innocents." 1248 am Epilogue. 

ULSTER 

1448 am The Lost Islands. 1039 TeU 
Me Why. 1135 Magic Circle. 1138 Rogge'S 
Rock. 14D pm Lunchtime. 245 Friday 
Madnee : "Africa Texas Style." 441 
Ulster News Headlines. 545 The Flint- 
stones, too Ulster Television News. 63S 
Crossroads. 638 Reports. 630 Police Six. 
830 The Incredible Bulk. 1139 Bedtime. 

WESTWARD 

1840 am The Evolution of Life. 1030 
TeU Me Why. 1135 Magic Circle. 1130 
Rogue's Rock. 1247 pm Gus Boneybnn's 
Birthdays. 140 Westward News Headlines. 
t245 The Friday Matinee : ■■ Thunder 
Road.” 545 Friend* of Man. 630 West- 
ward Diary and Sports Desk. 730 Oh 
No. IPs Selwyn FraggUL 8.00 The In. 
credible Hoik. 1048 Westward Late Newt 
1930 Summer of *78. U30 TV Movie : 
Colombo. 1235 am Faith for Life. 

YORKSHIRE 

1040' am Power Without Glory. 1140 
The White Stone. 1135 Dynomun. 140 pm 
Calendar News- 130 Houseparty. +245 
Friday Film Matinee: "The Small Baric 
Room." 545 out of Town, too Calendar 
iBmiey Moor and Belmont editions). 7 JO 
Bless This House. 830 The Incredible 
Hulk. 1130 The Protectors. 


RADIO 1 

(SI Stereophaalc broadcast 
1 Medium Wave 

5.00 am AS Radio 2. 732 Dave Lee 
Travis. 930 Simon Bates. u.OO Ed 
Stewart with the Radio 1 Roadshow from 
Clacton-on-Sea. 1230 pm Nevsbeat. 1235 
Paul Burnett. 230 Tony Blackburn. 4.31 
Fid Jensen including 530 NewsbeaL 730 
.Sports Desk < loins Radio S». 1032 John 
Peel (Si. 1230-24 am as Radio 2. 

RADIO 2 ^ 0 Om and VHP 

530 am News Summary- 532 Richard 
Vam ban with The Early Show <Si. In- 
cluding 6.15 Pause for Thought. 732 Terry 
Wogan iSi Including 9.27 Racing Bulletin 
arid b.45 Pause for Thoogtu. 1032 Jimmy 
Young iSl. 1245 nm Waggoners' Walk. 
1230 Pete Murray's Open House in Shef- 
field i Si including 1.45 Spans Desk. 230 
Da rid HamRion >S> Including Racing 
from Goodwood and 2.43 and 3.45 Sports 
Desk. 430 Waggoners’ Walk. 4.45 Sports 
Desk. 430 John Dunn fSi Including 5.45 
Spans Desk and 4-02 Cross-Channel motor- 
ing Inform aria a. 635 Sports Desk. 7.02 
Victor Sylvester Jr. ar the Radio 2 Ball- 
room (Si including 7.30 Sports Desk. 832 
Frank Chacksfleld conducts the BBC Radio 
Orchestra l SI. 835 Friday Night Is Music 
Night (Si. 035 Sports Desk. 2032 Games 
People Play. 1830 Let's Go Latin with 
Chico A Inez and lhe Cub ana Brass. 1132 
Brian Matthew Introduces Round Midnight. 
Including 1230 News. 230-232 am News 
Summary. 

RADIO 3 4Mm, Stereo & VHP 

635 am Weather. 730 News. 735 Over- 
lure fSl. 830 News. 8.85 Morning Con- 
cert (Si. 4.00 News. 935 This Week’s Com- 
poser: uoriey (Si. 935 BBC Northern 


Ireland Orchestra iS». 1040 Young Artists 
Recital iS\. 1145 Cricket— First Teat. Corn- 
hill Insurance Earles: England r. New 
Zealand Including 135 pm News. 1.44 Play- 
bill. 2.00 Lunchtime scoreboard. 630 Life- 
Hues: Leisure and Recreation. 730 Proms 
78. pan 1 : Schubert, Janncek. Hinde- 
mith <3>. 838 Poetry Now. 0.10 Prams 
73. part 2 : Beethoven lS>. 035 Drama 
Now tSi. 1030 C share l — Songs uf the 
Jazz Ere iSi. 1145 Mozart, chamber 
music on recartf. 113S News. 1130-1135 
Tonight's Schubert Song 'Si. 

VHF 630-730 am Open University. 730 
WUh mw. 114 5 Schumann and Szymanow- 
ski. piano recital (S>. 1245 pm BBC 
Northern Symphony O rehear a. oan l iS>. 
130 News. US Playbill tS>. 145 BBC 
Nonbem Symphony Orchestra, part 2 iSi. 
245 Bruno Can ino. piano recital iSi. 230 
Collectors’ Corner.' 338 Violin and Plano 
Recital <S>. 4.0 The Youns fdea is>. 536- 
736 Open Uni vanity. 730 With mw. 

RADIO 4 

434m, 330m, 285m and VHF 

630 am Notre Briefing. 640 Farming To- 
day. 630 Today. Magazine. Including 730 
and S.M Today's News. 740 and ft. 30 News 
Headlines. 835 Yesterday in Parliament. 
030 News. 935 Localtime. 935 The Life 
and Times of the Plano fSi. 10. DO News. 
1835 Let'8 Get This Settled. 1038 Dally 
Service. 1035 Morning Story. 1130 News. 
11.85 Performing Flea : - Seir-ponrali of 
the late P. G. Wodehouse. 1139 Old Wives' 
Lore of Gardening with Bridget Boland. 
1230 News. 1232 pm You and Yours. 
1247 My Music tSi. 1235 Weather, pro- 
gramme news. 138 News. 130 Tbs 
Archers. 135 Womao's Hour from Birming- 
ham, including :.06-235 News. 235 Listen 
with Mother. £30 News. 335 Afternoon 
Theatre tS>. 430 News. 435 A Victorian 


Romance. 435 Story Time. 530 PM 
Reports. 530 Enquire Within. 535 weather, 
programme news. 630 News. 630 Going 
Places. 730 Nows. 735 The Archers. 74tj 
Pick of the Week from BBC Radio and 
Television <Si. S Jfl Profile. 830 Many 
Reasons Why. 93 Letter from America. 
9 JO Kaleidoscope. 939 Weather. 18.00 
The World Tonight. 1030 Week Ending . . . 
(Si. U3S Nightcap. 1130 a Book at Bed- 
ume. 1145 The Financial work! Tonight. 
li-io Today In Parliament. 1230 News. 

BBC Radio London 

206m and 343 VHF 
530 am As Radio 2. 630 Rush Hour. 
M0 London Live. 1233 pm Call In. 233 
2M Showcase. 433 Homo Run. 640 London 
Sports Desk. 635 Good Fishing. 730 Rocks 
Off. 7J8 Black Londoners. 830 Track 
Record. 1038 Lata Night London. H IS 
close : As Radio 2. 

London Broadcasting 

261m and 974 VHF 
539 ant Morning Music. ton AM : Non- 
stop news, information. travel. sport. 
2838 Brian Hayes Show. LOO pm LBC 
Reports. 3-08 George Gale's 3 O’clock 
r»n_ 430 LBC Reports > continues!. 830 
After Bight with lan GUchrisL 930 Night- 
line, 130 am Night Extra. 

Capital Radio 

194m and 95.8 VHF 

638 am Graham Deoe'S Breakfast Show 
(si, 930 Tony Myatt iSi. 1238 Dave Cash 
tS>. 330 pm Roger Scott (Si. 730 London 
Today iSi. 730 Adrian Love'S Open Line 
«si. 939 Nicky Hone's Your Mother 
Wouldn't Like It iS». 1130 Mike. Allen's 
Laie Show iSi. 2.00 am Iin Davidson’s 
London Link International <si. - 


especially important, Norwich 
argues, in the realm of housing 
for specific groups such as ola 
people and the single young 
and hostel accommodation 
which is at present arbitrarily 
split between the county and 
city authorities. 

The city council’s concern 
that administrative mistakes of 
the 1974 re-organisation are 
adversely affecting those groups 
of the population that can least 
afford it— the old. the sick, and 
the disabled — has led it to 
adopt an approach where pos- 
sible of “ topping up ” the ser- 
vices provided by the county 
with city funds. Thus the city's 
housing department is forced to 
adopt a social services role in 
many cases to ensure that 
people do not suffer. 

Financial loss 

In other cases the city carries 
out the county's responsibilities 
within the city on an agency 
basis. This retains for the city 
the power to take the initiative 
and carry out the city council’s 
wishes where possible, although 
such agency arrange men Is are 
carried out at a financial loss 
to the city. 

But they also help overcumc 
such nonsensical effects of the 
reorganisation as both the 
county and city authorities 
being responsible for cutting 
grass verges in the city. 


CLOSE THEATRE. 01-437 1392. 

Eves. 8.15. Wed. 3.0. Sol 6.0. 8.40. 
PAUL EDDINGTON. JUL.IA McKEN'-IE. 
BENJAMIN WHITROW In 
ALAN AYCKBOURN'S Ne*v Comedy 
. TEN TIMES TABLE 
•'This must oe lhe handiest laughter- 
maker In .London " D. Tel. -An IrrevMlbl* 
enjoyable even Ino.” Sunday Times. 


COVENT GARDEN. CC. 240 1066. 

(Gardencharge credit cards 836 6903). 
Last Peris, this season 

THE ROYAL BALLET 

Tonight at 7.30: Anastasia. Tomor. at 

2 00 and 7.30.- Four Schumann Pieces. 
The Firebird. The Concert. 65 Amp III' 
seats avail, tor all peris, from 10 a.m. 
on day of pert. 

GLYNOCBOURNE FESTIVAL OPERA. 

Until Aug. 7 with the London Philhar- 
monic Orchestra. Tonight. Snn.. Tue. ana 
Thurs next at S.30: Cost lan time. 
Tomor. and Wed. next ar 5.30: _ The 
Rake's Progress. Mon. next at 6.1 5: 
La Boheme. Possible returns only. Box 
Office Ovnoebourne. Lewes. E. Sussex. 
(0273 812411). N.B. The curtain tor 
Cost will rise at S.30 sharp: There 

Is no possibility of admittance for late- 
comers. 

fepilg 

inM 

THEATRES 

ADEL PHI THEATRE. CC. 01-836 7611. 
Evgs. 7.M. Mats. Thurs. 3.0. Sat. 4.0. 
IRENE IRENE IRENE 

THE BEST MUSICAL 
ol T97G. 1977 and 1078 1 
•IRENE IRENE IRENE 

"LONDON'S BEST NIGHT OUT.” 
Sonday People. 

CREDIT CARD BOOKINGS. 836 7611. 

IHE 

f^H 





ARTS THEATRE. 01-638 21 '32- 

TOM STOPPARD'S 

DIRTY LINEN 

“ Hilarious . . . see It." Sun. day Times 
Mo, id ay to Thursday 8-30. Friday and 
Saturday at 7.00 and 9.15. 


CAMBRIDGE. CC. 836 6056. Mon- to 
Thurs. 8.00. Friday. Saturdays S.4S and 
B.30 

IM TOMB] 

Exerting Blade African Musical. 

•• Packed with variety.’’ Dly. Mirror. 

Seal prices £2-00 -t5. so. 

THIRD GREAT YEAR 

Dinner and top-orice seat £8.75 Inc 

hSh 

COMEDY. 01-930 2578 

Red. Price Prevs. Aug. 1 and 2 at B.OO. 
Ooens Aug. 3 at 7.00. Subs. Mon --Frl. 
8.00. Sat. 5 00 and S.30 Mat. Thur. 3.00 
EDWARD WOODWARD 

BARBARA JEFFORC In 
. .THE DARK HORSE 
with STACY DOR MING and 

PETER WOODWARD 

A cracking Now Play Or 

Rosemary Anne Sisson. 

CRITERION. 930 3216. CC. 83E 1071-3. 

Eras. 8. Sats. 5.30. B.30. Thurs. 3.00. 
NOW IN ITS SECOND YEAR 

LESLIE PHILLIPS 

In SIX OF ONE 

A HALF A DOZEN LAUGHS A MINUTE 
SECOND HILARIOU5 YEAR 
"VERY FUNNY." Sun. Tel. 


DUCHESS. 836 8243. Mon. TO Thurs. 
Evenings B.OO. Frl.. Sat 6.15 and 9-00. 

.. .° HI , CALCUTTA! 

" The nudltv Is stunning.'- Dally Tel. 
Dai Sensational Year. 


Event nos 8.00. Mats. Wed.. Sal. 3-00. 
Limited Season. MuR ma August 2G 
JOHN GIELGUD 
In Julia Mitchell's 
HALF-LIN 

A _ NATION AL THEATRE PRODUCTION 
Brllllanr v wlttv ... no one should 
miss It. Harold Hobson ■ Drama i. Instant 
credit card reservations. Dinner and 
Too price seats £7.00. 


FORTUNE. 836 2238 Evj. 8.00. Thun, ~s 
Sat. 930 anq 8.00. 

Muriel Pavtow as MISs marples la 
_ AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


Garrick theatre, cc. di-eie agoi 
E ros. B.O. Mat. wed. 3.0. Sat. 5.30. 8 30 
TIMOTHY WEST, GEMMA JONES, 
MICHAEL KITCHEN 
In HAROLD PINTER'S 

. THE HOMECOMING 

■■ BRILLIANT A TAUNT AND EXCEL. 

LENTLY ACTED PRODUCTION," D Tel 
"A N INEXH AUSTIRLY R ICM WORK/' 
Gdn. "NOT TO BE MISSED." Tlmre. 


GREENWICH THEATRE. 01-8SB J7SS. 
WILLIAM DOUGLAS HOME'S 
Newest pl«v 
THE EDITOR REGRETS 


R adored price prfii’ AuSl 1 & 2. Opens 
Aug. 3 at 7.0 Mbs. 6.0. 


Sail. S & 


GREENWICH THEATRE. 858 7755. 

Evenings 7.50. Mat. Sat. 2.30. "Stanley 
Houghton's matterpiecc." Times HINDLE 
WAKES “ A real nnd.‘‘ Gdn. Last Week. 


HAYMARKfT. 930 9B32. Evgs. 8 00. 
Wednesdays 2.30. Saturday 4.30 and 5.00 
PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR ; TREVOR 
BRQN PEACOCK 

and IRENE HANDL in 
A FAMILY 

A new ptav by RONALO HARWOOD 
Directed by CASPER WRETC 
“An admirable olat. honest, well con- 
cetvcd. properly worked out. freshly and 
fittingly written — rlctHr satisfying— Paul 
Scofield at his be»t." B. Levin. S. Times. 


Norwich would al>n dearly 
like to have responsibility iur 
education returned to city haH. 
A current project to build -in 
imaginative village complex 
just outside the city — with a 
mixture uf council and private 
building in traditional Norfolk 
s tylo — has been hampered by 
the county council’s refusal («» 
build a new middle school. 

But a return of education 
powers is only likely in the 
immediate future (or the "-Big 
Nine" ci tie^. A Government 
slate men t recommend ins this— 
but with tlie other powers \n 
be returned l« a' 1 *be cUios 
is expected shortly, (t is also 
likely to form part nr 
Labour’s manifesto for the next 
election. 

Despite strong opposition 
from the county councils, even 
a new’ Conservative Govern- 
ment seems prepared tu 
in to Tnry-con trolled city I ,i " es * 
sure for change. 

But Norwich's position re- 
mains clear. “Norwich is i 
proud city and thouuh pnde 
niav be one of the seven deadly 
sins, a liberal »l;i>h of ill is 
quality is no had thin^ in n 
local authority." arctic* Gurdi.n 
Tilslev. chief executive »F 
Norwich. “When the standard of 
services is i» question, pride 
inevitably jerks (he luini 
towards the pocket u> find the 

necessary money.” 


SAVOY THEATRE. Ol-S-'b 36fiD. 

TOM CONTI 
WHOSE «■!« £ ,VU 
■•A MOMENTOUS PLA^i . I URGE YOU 

GODSPCLL 

"««! E!?o. ■ * 

Entire »upw M Bin OIV- MJ" 

5.1 5 Fn. J . 5 *!_'-■ _J£ » jJ 30 

Etc and. oiT'j.ih ;600 tv.-.ntw' J* ‘T '» 

Mat Thu. i 330. Sat - SC an -* • - 

Mat. Thun -. pLtA9t _ 

WE'RE EF.IT1S.H c _ 

THE WCISLD'i CRE-*TE>T 
LAUGHTER M Ah El 
GOOD SEA10 CJ ?.Y.u»_OC _ _ 

ST. MARTIN -sT EC . 3 3 ■i ISiZ 
M8UMCS jvr H A "" C H I RIS T I E S ' 

WORLDS^ E Ll^GE S S t T T EV£R RUN 
:i5:h Y EAP 


HER MAJESTY'S. CC. 01-930 6606. 
Evas. 8.0. Macs. Wrt).. Sat. 3.00. 
JAMES EARL JONES as 
PAUL ROBESON 

A New Play bv Philip Haves Dean. 


KING’S ROAD THEATRE. 352 7489. 
Mon. to Thur. 9.0. Fn . Sat. 7.30. 9.30 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE ITI 


LONDON PALLADIUM. CC 01-437 7373. 
NOW UNTIL AUGUST 19 
Mon., TueS.. Thurs. ana Frl. at 8. 
Wad. and Sat. dt 6.10 arid 830. 
THE TWO RONNIKS 
In a Sooctacuias Comedy Revue. 

Book now on hot l ln» 01 -137 2055. 

LONDON PALLADIUM. Sunday. July 30. 
»l 8.30 O.m. LAST LONDON CONCERT 
OF TH* LEGENDARY FAIROUZ. Scats 
from - £2 available at Chapocll's Sox 
Office. SO. New Bond St.. W.l. 629 34S3. 


LYRIC THEATRE. 01-437 36ab. Evs. 8.0. 
Mat.: Thur. 3 0. Sat. 5.0 and 8.30. 


with Ekzafa 


PILUMENA 
Archer and Trevor Griffiths 


Dy^BUjrdD de Filippo 
Directed by FRANCO ZEFFIRELLI 
" TOTAL TRIUMPH." Ev. News. 

•' AN EVENT TO TREASURE." D. Mirror 
"MAY IT FILL THE LYRIC FOR A 
HUMORED YEARS." Sunoav T.mre. 
Mayfair. 629 33 Z6~£nT 

and 8.30. Wed. Mat. 1 : 3.0. 

WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 


MERMAID. 248 7656. Restaurant 246 
2836. Ererrinos 7.30 and 9.15. 

EVERY GOOD BOY 

DESERVES FAVOUR 

A play for actors and Orchestra by TOM 

STOPPARO and ANDRE PREVIN. Sears 

£4. £3 end £2. " NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC ART CAiN POSSIBLY 
MISS THIS PLAY." Sun. Tune*. 


MERMAID 01-248 7656. (Rest. 248 
2S3S). LUNCHTIMES This Week <1.05 
pfH.135 pm) MY SHAKESPEARE 
ROBERT IDDISON 

-3.3Q Sir Bernard Miles Illustrated 
Lecture " Elizabethan London and Its 
Theatres." Price SOp lor each event. 


NATIONAL THEATRE. 928 2252. 

OLIVIER {open staaec Tont 7.30. Tomor 
2.45 and 7.30 THE CHERRY ORCHARD 
bv Chekhev. trans by Michael Frayn. 
LYTTELTON (proscenium sudcj; Tfin'L 
7.45. Tomor. 3 and 7. 45. PLUNDER by 
Ben T ravers. 

Cottesloe (small auditorium!: Tonight 
and Tomor. 8: AMERICAN BUFFALO bv 
David Mamet. Many excellent cheap 
seats all 3 theatres day of perl. Car park. 

Restaurant 96B 2033. Credit card ekngs- 

928 3052. 


OLD VIC. 92S 7616. 

PROSPECT AT THE OLD VIC 
... . June-Sent, season 

Eileen Atkins. Brenda Bruce- Michael 
„ Denison. Derek Jacobi In 
. . THE LADY'S NOT FOR BURNING 
fresh and buoyant • Da Hr Telegraph. 
Today 7.30. Ssf. 2.3 0* 7.30 
TWELFT KNIGHT 

an outstanding revival ' The Times. 
Returns August 4th. 


OPEN AIR, Regent's Park. Tel. 486 Z4X1. 

Shaw s MAN OF DESTINY AND DARK 

LADY OF THB SONNETS. Tonight 8.0. 

With MARIA AITKEN. IAN TALBOT. 
HELEN WEIR. DAVID WHITWORTH. 
A MIDSUMMER NIGHTS DREAM. 
Tomorrow Z.30 A 7JS Peter Wnltomaa 
In EXIT BURBAGE. Lunchtime Today 1.13 


PALACE. C.C. 01-437 68 J4. 

Mon. -Thurs. B.O. Frl. and SM. 6 & 8.40. 
JESUS CHRIST SUPERSTAR 
bv Tim Rice and Andrew Lloyd-Webber. 


PHOENIX. 01-836 2294. Evenings 8.1 S. 

Friday and Saturday 6.00 and 0-40. 

- -TIM BROOKE TAYLOR. GRAEME 
GARDEN make us laugh.” D. Ma«. In 
^ TOE UNVARNISHED TRUTH 
The Wt comedy by ROYCE RYTON. 
■LAUGH. WHY I THOUGHT I WOULD 
UfVE OiED." Sunday Times. "SHEER 
OfyGHr." Ev. Standard. "GLORIOUS 
CONTINUOUS LAUGHTER." Times 


PICCADILLY. 437 4506. Credit PpFs. 
836 1Q71-3. B.30 am-8.30 pm. 

Ergs. 7.30. Sat. 4 30 and 8 Wed. mat. 3. 
„ LAST TWO WEEKS 

Shakespeare Company m 
TOE OUTRAGEOUS ADULT COMEDY 
_ bv Peter Nichols 
PRIVATES ON PARADE 
r BEST COMEDY OF THE YEAR 
Ev. Std. Award and SWET Award. 


PRJ NCC_ EOWARD. CC (Formerly Casino) 
01-43 . 6877. Performances This Week 

O-Q. Mat. Thur. 3.0. Sat- S 0. 6 40. 

„ NOTE CHANGE OF SAT. P6RFS. 
From AUGUST S. San. 3. DO and 3 40 
and from SEPT. 2. Sat*. 3.00 and 8 . 00 . 
EVriA 

by Tim Rig, and Andrew Llovd-Webbsr. 


PRINCE OF WALES. CC. 01-930 8681 
Evenings 8 0. Saturdays 5.50 and BAS 

THE HILARIOUS 

BROADWAY COMEDY MUSICAL 
I LOVE MY WIFE 
Starring ROBIN A5KWITH 

Directed bv GENE SAKS. 

CREDIT CARD BOOKINGS 930 0846 


QUEEN'S THEATRE. CC. 734 Il«6. 
Ergs. B.QO. Wed. 3.00. Sat. S.O and 3 30 
ANTHONY QUAYLE 

faith Brooke, michael aloridge 

and RACHEL KEMPSON 
In ALAN BENNETTS 

THE OLD COUNTRY 
BEST PLAY OF THE YEAR 
Plays and Players London Critics Award 
Directed by CLIFFORD WILLIAMS 
LA S T 2 WEEKS. ENDS AUG. S. 

QUEEN'S. CC 01-734 1166 Pre.s. 
from August 16. Opens August 23 
ROY DOTRICE. JAMBS VILLIERS 
and RICHARD VERNON 

with 

GEORGE CHAK IRIS as DRACULA 

TOE PASSION OF ORACULA 


RAYMOND REVUEBAR. CC. 01-754 1S93. 

At 7 pm. g pm. 1 1 pm. Opens Suns. 
PAUL RAYMOND presents 
the festival of erotica 
F ully alr-conditloned 
21st SENSATIONAL YEAR. 


KEGENT. CC. ,.0«ld. Ore- Tuhel 01-637 
5 s6 - 3. B.30 pm. THUR. 4 SAT . 

7 and 5.00. Prevs. -com 3rd Aim. Boa 

„ Offieo been 

PURE 40'S HOLLYWOOD ■■ 

THE GREAT AMERICAN 
, .. BACKSTAGE MUSICAL 
-AN E p] C for SIX PERFORMERS 
CREDIT CARO BKGS. 01-637 9B62-3. 


"OVAL COURT. 73C 1746- A,- CtnV. 

£1*1*: 4t B Opens Auoust 2nd at 7 om 
World premiere at ECLIPSE bv Lcign 
j acmon. 


TsnnoF'TOE town. “7 J; ywr 

B.oS. Dlniiid. D:>nciiiq iBa- - oP- n ■ 
n “O s.iper TeiuC 
RASZLE DAZ~L£ 
and 11 O.m 

LOS REALES DEL PARAGUAY _ 
THEATRE UPSTAIRS^"' " 7J0 ?&:•» 

IRISH TEARS 

by N>g«l Eii-aw- 


VAUDEVILLE. B36 9»3H CC. E»', 9 00 ' 
Mat. Tue-- 2.4 S. S.f. 5 and s 
Dinah SHERI OAN . Ojr'j- ' C.J.AY 
A MURDER IS ANNOUN^D 
Th^ newest 9-hocfimmr b * A-J.'jpj . . , ,1* 
nc-cnt*r *<niha wllh 
dun nit hit. An-ith-* Christ'*' rt * «a I ‘ ‘"9 
west End vet -Via*" *1:1* •*«**•“'?! ' ,c .. 
fiendishly inocnidu, murder m~«.»crw >. 

Fell* Bari or Evp-hiim> WWf 
AIR CONDITIONED T HEATRE 




VICTORIA PA jV ECE. ##j 

STRATFORD JOHNS 

SHma AMS 0 " 

Evfls. 7.30. Mari. -red Sw- 

W G A a& M n OU .fe 

is nv A rw 

bkgs. Aldwvcn. Student st.'«cK>- E ’ • 


WHITEHALL. 

Evgs. B 30. 


01-930 BBK-Tja 
E*as d oD. Frl. Jnd Sjrf. 'i.JS .ind 9 DC 
Paul Ravmnnd presents the Sensational 
*£ Revue ot the Ccnfury 
OEFP THROAT 
6tb GREAT MONTH 

WINDMILL THEATRE. CC." oj -4 j • Cl 2. 
Twice Nigbtlv 3 00 and 1 0 »»0. 
Sundays 0 00 and BO On 

PAUL RAYMOND or-HcPt! 

THE EROTIC eYnSTl|HCE OF THE 
MODERN ERA 

■'Takes to unprecedented iimirp v^ny. n 
•^“^"GTlAT^AR.*'- N ‘" 5 - 


WYNDHAM'S. 01-833 50>S_ Cr-dil C..*d 
Bfcgs. 836 1071-3 trom 8 oO Mon - 
Thur. 8.00 Frl. and Sat. S IS and S jO. 
•'ENOKMOUSly RICH 
VERY FUNNY." EmnJno N"** 

Mary O'Mallev'i smash-n.t toni^dr 
ONCE A CA7HOLIC 
■' Supreme comedy on scs and religion. 
Daily Telegr.noh 
“ MA'-’ES YOU SHAKE WITH 
LAUGHTER. '• Guardian. 


YOUNG VIC 91! SlnL 

Ben Jenson'S BARTHOLOMEW FAIR. 
Last Peris Tonight wJ Tomor. :is 
'■ A rlDroiring produc i' an." Sun. Time--. 


CINEMAS 

ABC 1*2 SHAFTESBURY AV£. 
836 8861 . Sep peris ALL SEATS BKBLE. 
1: 20018 A SPACE ODYSSEY .U> VU 
& Sun: 2.26. 7. 55. Late show Ton-Jht 
A Sal. 1 1 . 06 . _ . 

2: THE SWARM l A*. WL. s. Sun: 2.00. 

5. VS. 8.1 5. Late sr.ow 5 jl. 11.15 

CAMDEN PLAZA (opoos'ite Camden To*»n 
Tube*. 495 2443. Tarianr ; ALLON- 
SANFAN iAAi. 'Bv the director of 
PADRE PADRONE.) 4.45 6. SO 9.00. 


CLASSIC 1. 2. 3. 4. Oxford Slroel map. 
Tottenham Court Rd. Tube’. 6 5S 9310 . 
U and A orggs. Children narf-pricc. 

1. Waft Disney's HERBIE GOES TO 
MONTE CARLO <U». Press. 1 X0 3.40. 
5.55. 8.05. Late show THE GODFATHER 
Part II (XT. 10.30 pm. 

2. Doug McClure WARLORDS OF 

ATLANTIS iA1. Pvofis. 1.10 3.30. 5.55. 

B.20. Laic Show THE ROCKY HORROR 
PICTURE SHOW lAA). ihE PLANK iUi. 
1 1 om. 

3. THE LAST WALTZ (U1. Progs. 1 20. 
3.45. 6 10. 3.35 Late Show 11 Hi. 

4. OAY5 IN LONDON 141. Arabic Dia- 
logue Progs. 2.00 4.10 6.25. SIS. 

La t e show 10.55 p m. 

CURZON. Curron Street. W.l. 499 3737. 
(Fully Air Conditioned'. DERSU UZALA 
1 U 1 fn 70 mm. English sub-titles ’ A 
film bv AKIRA KUROSAWA. ■■ MASTER- 
PIECE." Times. '• WASTE RWORK " On. 
server. ■' MASTERPIECE." Evfl. Nvws. 
Film at 2.0. 5.4S and 8.20. Sunday-, ar 

4.0 anq 7.0 

LEICESTER SQUARE THEATRE. 930 5252 
Hit-hard Burton. Sonor Moorr? Rirh.irrl 
Harris. Hnrdy Kruger In THE WILD 
GEESE (AAl. Sep pro*-. Wi ■; 1 00 

4 30. B.10. Sun 3.30. 7 45 Lat- ihgm 
Weds.. Thurs.. Fris. 4 Sat; 1145 n m. 
Scats mav be booked in adv.jn^e ror s 10 
prpg. Mon. -Frl. & .ill pro-rs. Snt. A Si..n. 
Eae l. late nipht chows 

OOEON LEICESTER ' SOU A Re 7 930 'ifl 1 V 
RFVENGC OF THE PINK PANTHER |A. 
Sop. progs. Dlv. Door- nnen. morn.nii 
Show 11.03 a.m iNi-i Sun I 1-.t n , 0 -. 

1 4S. 2nd pro*). 4 30 F,q. pret 7 as" 
Late night show Mpn -s.if ifrrri or-n 
11. IS D.m. All seats htMe esc-.ot morn. 
Ing Show and Mnn M(... n"iht show at 
Bo* Office or bv Pwl. 


ODEON HAYMARKET. 030 2738. ’-r 1. 
Jane Fonda. Vane'S > Renarase in .I Fr.-d 
7lnjfminn Sim JULIA ■ A- Sen nro-i.. 
Dly 2.jn (Nnl &■» 1 S 45 c.JO F 0 .ili-n 
Dly. 2. 45 ■'Not Sun 1 so? 9 00 4i| 

sea ts boo* able ar Nioitre. 

OO'ON M ARBI E ' w 2 ~-i ~ i . •• 

f Lrtee rMrongrres flF THE THIBQ 
KIND 'A' Sen area- Di« Owr, nr ., 
2..0S 4.1S 7 4F Lain slinw Fn jc's-r! 

. .Doors Oorn 11 IS o.m. All sesrc hi hi... 

W'NCF rUAPltS Le,r' sn J-V R ni' 
M«l. BROOS'S HirtM ANVTTV . Y, s».,' 
»«rN. rtlv. .Inc S<.n . .'45 « 1 S n fin! 

. Frl - ’ n ' 1 S -11 II 45 S..IH 
riook.-ihle Licenced h., r 


AI?T GA9JLES1ES 


ACHfM MOELLER GALLERY. 

5 C u n ,° r ,Ii , ? ct i fitrncc. \y 

493 7611 Selection 01 15 n.i.n; 
KADINSKY ,itf] •o,i, ■ 

MASTERS. Modinli.,,,, ' Len... 
Mondrian. Ernst. Ml.o ki..,.' 
j a through July. 

BROWSE A DARBY.'" I A* CnTT «„ 
Robin Philliason. VJ:.cu. ! 
Mon . -Frl. l o.np. a qq s '„ 0 

C i ••PM GALLERY, c.'.-.r-,, , (.... 


R 2 VA J- TY 4 CrcdM Card*. Ol-aos bogj 
Mondav-Thuredav Evenings BOO. Frn, , v 
S.30 and 8.45. Saturdays 5.00 and 8 00 
London critics vote BILLY DANIELS in 
BURBLING BROWN SUGAR 

. Heir Musical o> 1977 

Bookings accented. Malor credit cards. 


COVENT GARDCti GALLERv e 
Decoririvo witer-lriOu.^ Frrln 
Eovot. India and. CmiV ;o r , 
w c j. Tgi g ~n ujr, 1 

fieldbqrne galleries “ r- 

Carvintr. t c-M.\ ns| 
LUMLEY CA7Alfr "■ „ 

01-499 SSsB M'AVistr "i;' , 
jute“ flnd Uuin 1 

^'“calllry 
Uni. I 2Slh AuiLs.^'.’fi? 1 -. 

TrnL.ni Hillicr, fj"' 

«ayV Ju 1 -'30 ie C S U 

noons. Jv ““j Wi trni-id 


1 




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■ft J • 

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Financial Times Friday - July 28 1978 


Cinema 



The Band and the Bees 


by GEOFF BROWN 


1 


Maggie Jordan and jane Lee 


Leonard burl 


Half Moon 


Tigers in the Snow 


A piece about four recalcitrant 
female inmates of a mental insti- 
tution would have to be strong 
stuff to come across in any 
circumstances, but on a warm 
July evening, and in Dave 
Marson's static dramatic confec- 
tion. the upshot is difficult to 
recommend. Apparently based on 
the real case of one Vera Bell, an 
antagonistic Glaswegian alcoholic 
prostitute with a criminal record, 
the play sets out to show how 
social victims are conditioned 
into unthinking obeisance under 
a restrictive medical system of 
party games, false flattery and 
empty promises. 

Guildhall, E.C.2 


Tbe theatre has been trans- 
formed into an antisepbcally 
white chamber whose everyday 
routine buzz is threatened by the 
irruption of Vera, played by 
Maggie Jordan with a strong line 
in dismissive contempt. Her 
companions include an incon- 
tinent middle-aged snob (Elaine 
Ives-Caraeron); a stage-struck 
remnant nf Vanessa's Loonies 
whose father has apparently 
huunded her with private detec- 
tives (Eve Bland); --and a sharp- 
featured waif (Lizza Aiken) who 
removes her nightgown in front 
of the male nurse with the 
pathetic demand to be treated 


as a woman, not as an object 
Mr Marson has previously 
written with real imagination 
about the enclosed worlds of 
dissenting schoolboys and Gov- 
ernment Instructional Camps of 
the 1930s. But his sense of theatre 
has deserted him here, as one 
painfully contrived scene follows 
another. Only when the frustrated 
actress's mother visits her with 
an embarrassing lack of suitable 
vocabulary does the evening come 
remotely alive. Eve Bland is a 
husky new voice with statuesque 
presence to match. Tbe director 
is Sue Parrish - 

MICHAEL COVEN EY 


Carl Flesch Competition 


A well-aimed grenade, meta- 
phorically speaking, has stirred 
the calm waters of the Carl 
Flesch Competition for Violin. It 
was flung by none other than the 
director of the competition, 
Yfrah Neaman of the Guildhall 
School of Music. 

Having just relumed from 
serving on the jury of the Chai- 
kovsky Violin Competition in 
Moscow. Mr. Neaman declared in 
an interview in last Saturday's 
Times that such competitions 
could he a disservice to art They 
could exalt “ technique and flair" 
at ihc expense of deeper musical 
qualities. He confessed a dis- 
taste for both the joint winners 
in Moscow — a Russian and an 
American — and claimed that 
some nf the jury had been 
" forced " to give awards to those 
of whom they did not approve. 


This raises the question 
whether Mr. Neaman should not 
have resigned from the Moscow 
jury on the spot rather than 
complain afterwards. It also 
suggests the need for a keen 
scrutiny of tbe standards and 
procedure of the London com- 
petition — named after Carl 
Flesch, a German violin peda- 
gogue who found refuge here 
from the Nazis. - Six finalists — 
accompanied by the Royal Liver- 
pool Philharmonic Orchestra 
under David Atherton— -have 
been competing for the £2.500 
first prize and other awards. 

Due emphasis is placed on the 
requirement to play ^Bacb and 
Mozart at the earlict eli^iHr^ati^g• 
rounds. In the final round, a 
choice nf concertos is confined 
to Beethoven. Mendelssohn and 
Brahms— I suppose with the idea 


of barring more “ showy " pieces. 1 
But much must depend on the 
jury itself which* (as at Moscow, 

I believe) always seems to be 
chosen almost wholly from violin 
teachers. No music critics. I am 
immodest enough to remark. 

Of Wednesday’s finalists (two 
Bulgarians and a Pole) all satis- 
fied the demand for thinking 
musicianship, and two were out- 
standing. Vanya MUanova (who 
outstripped her compatriot, 
Valentin Stefanov) played Men- 
delssohn’s concerto with a com- 
bination of tenderness and bril- 
liance which would have won her 
an ovation from the most sophi- 
sticated of audiences. To .follow 
this .with the more ponderous 
Brahms concerto was hard, but 
Krzyzstof Sroietana did so with 
admirable artistic skill. 

ARTHUR JACOBS 


Oxford Playhouse 


Time of Life 


Charles McKeown'a cautiously 
titled comedy starts one spring 
afternoon after a family 
bereavement. Middle-aged Paul 
Saunders who runs bis father’s 
bookshop has lost his mother 
Cfora. He, together with his 
cardcn-loving wife. Margaret, his 
brother-in-law David, and his 
pregnant sister Alison, gather at 
the back or the shop for a tepid 
wake of tea and sandwiches. Hia 
callous sod, has gone to the 
pictures. 

At this point very little looks 
likely to grip or to provoke. 
While it is true that David is out 
of work and Margaret utters non 
sequilurs suggestive of inner 
collapse, neither tiresoraely droll 
Paul who at times quotes Hamlet, 
or his shrewish sister seem 
capable of working up much 
comic beat. But the elderly 
widower George, whose arrival is 
held up because he stopped off to 
kit himself out like a teenage 
mmor cyclist and equipped Iimi- 
seir with a machine, sends them 
all into giddy confusion. George 
hurls himself lecherously after 
his grandson’s girl friend ishe 
works in the shop and he is 
attracted by the loving way she 
handles books), but by the end 
evrn he grows tauie as a pro- 
vider or light relief. He tells 
them the girl is having quad- 
ruplet.*:; the rest of tbe family 
fear she will inherit the book 
shop after his death. So Margaret, 
horrified at tbe thought of losing 
her garden, tries to kill him. 
Logic fails Mr. McKeown even at 
the feeble climax, for presumably 
ihc girl’s death would be more 
desirable. 



Moray Watson and Hildegard Neil 


The cast, under Guy Slater's 
direction, give circumspect treat- 
ment to many of the lines, as if 
unsure of their quality:, in the 
event an approach which is 
justified. Even so, Martin Read 


as David and Petra Markham as 
the girl-friend give lively per- 
formances. the latter with much 
charm, while Moray Wuison and 
Hildegard Neil do tbeir best with 
Charles and Margaret, 

GARRY O'CONNOR 


Albert Hall/ Radio 3 

Davies’s symphony 


1 found Peter Maxwell Davies's 
new Brut symphony a complex 
and striking work at its premiere 
in the Festival Hall last Feb- 
ruary. There was much to take 
in It is a considerable piece— 
in' length (55 minutes), in sub. 
stance, in richness and variety 
of working. ll is a • difficult 
work, which makes as consider- 
able demands on its audience as 
it does on its players. W it is in 
many ways happily accessible; H 
nrtkes simple and recognisable 
propositions, and speaks a not 
unfamiliar language. Atjhe 
symphony's second public hear- 
ing on Wednesday evening a 
Prom performance b> the Phii- 

harmonia under s * m0D . Vl jJ a “lf 
(who together also gave the pre- 
miers. the picture began to fill 
out substantially, and the detail 
to solidify. 

The individual character of 
each movement, particularly, its 
pace and shape, easy to lose sight 
of in such a swirl of activity, 
hecame far more clear. And it 
is indeed a busy score: full of 
urgent conversation, the swell 


and surge of many voices sup* 
porting and contrasting even the 
broadest gesture. In the first 
movement, bright calls of brass 
find flickering echoes every- 
where in strings and woodwind; 
even the simplest and most affect- 
ing lyrical string melody — and 
there are many— is sung to a 
moving background, a back-pro- 
jection constantly changing, 
shifting in colour and. emphasis. 
The brilliant climax of the ftnale 
pages is not so much a single 
symphonic assault as a massive 
culmination of arguments 
shouted in rhorus. 

But the score is rich, too, in 
moments of quieter and more 
intimate resonance; moments 
especially, very characteristic, of 
quick, intimate evocation, mast 
often prepared for but utttll the 
moment itself only half per- 
ceived— a sudden breath taking 
Orkney seascape without limit or 
distance; a skyscape of. the 
purest, darkest blue, shot with 
numberless stars. The adagio 
slow movement i found once 
again the heart of the symphony, 


its stillest and most absorbing 
point: restless tremolandi like 
rainfall, divided by a solo violin 
reaching up with a song of almost 
Straussian sweetness; a succes- 
sion of instrumental knots tied 
ever more tightly, every note a 
surge, a gathering of intensity, 
released into a sudden reverse 
climax, dark retrospective, strik- 
ingly beautiful. 

And much elsewhere also, 
among the familiar methods of 
quotation, fragmentation and 
transformation— not least in tbe 
germ of the symphony, the second 
movement lento-lo-scherzo which 
Davies composed first of. all, alive 
with delicate traceries, swirls of 
strings and* wind, tbe ptaJn&ong: 
of “Ave Maris Stella” slowly 
transformed into a twilight, faery 
scherzo, blown apart like smoke 
at its end, a sudden, magical 
evaporation. And in the last 
movement a haunting thrill of 
birdsong before the final knot, 
proudly tied in a broad parallel 
with the finale of Sibelius’s Fifth 
— a triumphant passacaglia. dis- 
missed by a sequence of stabbing 
slorzando chords. DOMINIC GJLL 


Xhe Last Waltz (U) London 

Pavillioa. Classic Oxford 

Street, Gate Russell Square 
The Swarm (A) Warner West 

End, ABC Shaftesbury Avenue, 

Scene Leicester Square 
House Calls (A) Plaza 1 
Womb ling Free (U) Studio 1 
Cria Cuervos (AA) Gala Royal 

I seem to have stopped rock- 
ing some years ago, but every- 
one else is carrying on loudly 
and furiously. Nest week N th'e 
National Film Theatre begins a 
season called “Rock Movies in 
the Seventies." hopefully .sub- 
titled “Emergence of the New 
Musical.'' though the opening 
film— Martin Scorcese’s The Lost 
Waltz — is now playing commer- 
cially at selected swinging 
venues. As rock documentaries 
go, this record of the final pub- 
lic concert by The Band on 
Thanksgiving Day 1976 is dis- 
armingly straightforward. A 
few shots of mean streets sur- 
rounding the Winter! and theatre 
in San Francisco serve as the 
director’s calling card, but 
otherwise Scarcest? keep s in the 
background. As interviewer of 
The Band's fivesome he is 
casual, almost unprofessional: 
questions and answers are 
repeated and rephrased for the. 
cameras; “Get that fly!” he 
shouts as a wandering insect 
buzzes around. The interview 
segments are nevertheless vital 
to the film's effects, as The Band 
expound with varying lucidity on 
the pressures and hardships of 
the rock music life, the hovering 
spectre of early death, the deci- 
sion to call it a dav after 16 
Years existence — first as The 
Hawk, subsequently as support- 
ing hand to Bob Dylan. “ T 
couldn’t live with 20 years on. 
the mad.” rays Rohhie Robert- 
son. lead guitarist and the film's 
producer — “ I don't think I could 
evpn discuss jL“ 

Interviews alternate with num- 
bers from tbe concert which was 
promoted and staged as a cele- 
bratory farewell. The building 
may be seedy outside, with a few 

Festival Hail 

Mythical 

Hunters 

Had it not been for the. pre- 
sence of Glen Tetley's Mythical 
Hunters, on Wednesday, the 
second Batsbeva programme 
would have to be accounted dire. 
Mythical Hunters happily proved 
yet again — when will dance 
companies learn? — that good 
choreography makes dancers 
look good. The reverse was 
horridly shown in the opening 
Step by Step voith Haydn by 
Paul Sanasardo, in which a 
dreary assemblage of steps 
was laid tike a wet blanket 
atop a Haydn quartet (No. 8: 
Op. 20). I could discern no 
relationship between the clear, 
formally precise beauties of lbe 
score and tbe tedious comings 
and goings of the dancers. To I 
compound the felony, the 
dancers themselves looked dull, 
lumpy; their style cloudy and 
imprecise, with no dynamic edge 
to movement. 

Mythical Hunters, which the 
company brought to Bath a 
decade ago on tbeir first visit, 
at least stretches them, opens 
out the meD’s bodies in big 
pounding entries, and makes the 
women look less physically con- 
strained. Its argument is the 
chase — hunter and hunted: the 
quest- for a mate — and it sits 
well on the company, amone 
whom David Pvfr give* a full- 
blooded and rhythmically excit- 
ing performance. 

. The programme hook an- 
nounced a “pas de deux with 
Galina and Valery Panov.” which 
turned out to be- the footling 
Belong which was seen on tbe 
first night and Is not ageing well 
Tts enmoanion piece in the mid- 
dle of the eveninc was As 7 Wish. 
extremely cross dancing by Yair 
Vard» to extremely cross music 
Hv Ginastera (two movements of 
His second nuartetl It wss 
danced bv Tamar Trafrir and 
Rnap r Rriant. who were reen » e 
lovers neurotically at odds with 
each other. I derive no pleasure, 
and see no noint in this chore®- 
graphic bickering. 

CLEMENT CRISP 

TcmirVpnov 
for RPO 

Yuri Terairkanov, the 39-year- 
old Russian conductor, has been 
appointed principal guest con- 
ductor of the Royal Philharmonic 
Orchestra. 

Mr. Temlrkanov, music direc- 
tor of Leningrad's Kirov Opera 
and Ballet, made his first appear- 
ance in London only nine months 
ago. 

The orchestra's chief conduc- 
tor, Antal Dorati, will become 
I Conductor Laureate from the 
stan of tbe 1978/79 season. 

The chairman of the RPO, Mr. 
John Bimson, said that the 
1977/78 season had been on of 
the best financially in tbe 

orchestra’s history. Turnover 

had reached £Llm and a £31,000 
surplus had been used to reduce 
the orchestra's large deficit. 

One of the main reasons for 
the improved financial results 
was the substantial increase in 
sponsorship-from £35,000 for 
the previous year to a record 
£70,000 in 1977/7S. 

LegaJ and General Assurance 
Society was again leading the 
field, the £25,000 promised for the 
coming season raising the total it 
has given to the orchestra over 
sis years to £130.000. 

Mr. Bimson said that three 
Japanese companies— Hitachi. 
Mitsui and National Panasonic- 
had joined the ranks of Cor- 
porate Members. 

Other new RPO sponsors In- 
cluded Booker McCoonell, Hill 
Samuel Life Assurance, Con- 
solidated Gold Fields, Ductwork, 
Watcs and Johnson and Jobnson- 

Ruoni Travil Is sponsoring tbe 
orchestra's tour of Switzerland 
in May. 


letters unlit In its illuminated 
sign, but the stage itself is incon- 
gruously lush. 

Chandeliers (loaned apparently 
from' Twentieth Century FOR) 
hover above tbe musicians, while 
behind them stand parts of tbe 
San Francisco Opera Company's 
set for La Trariata. Armed with 
eight cameramen and a 24-track 
-recording system, Scorcese 
soberly and intelligently catches 
The Band's golden oldies and the 
turns by tbeir supporting cast of 
famous friends — Bob Dylan, 
Neils Young and Diamond, Joni 
Mitchell. Muddy Waters. Van 
Morrison. Eric Clapton. For all 
the passion and jollity of the 
music, the film doesn't seem to 
encapsulate an era as well as 
Gimme Shelter or Woodstock (on 
which Scorcese served as an 
editor). As a piece of cinema, 
however, it Is far preferable. 

* 

For non-rockers there’s alter- 
native fare available. Connois- 
seurs of big bad films certainly 
shouldn’t miss Irwin Allen's The 
Swarm, in which a mass of no- 
good bees from Brazil almost kill 
off a wide selection Df Hollywood 
notables past and present. It 
is irresistible, though only as 
unintentional comedy. Tbe tone 
is set early on with the words 
of the pilot as his cockpit is 
invaded: “ Oh my God.” he 
rattles off, “ bees, bees, millions 
of bees!” Millions of similarly 
daft, unsayable lines pour from 
the Panavision screen, penned by 
StirJing SiLtiphant (who provided 
a-similar service for The Posei- 
don Adventure and The Towering 
Inferno). “I need to talk to an 
immunologist ! " pronounces 
Katherine Ross’s Air Force 
doctor; “la it me you see or a 
bee ? " world-famous entomolo- 
gist Michael Caine asks her an 
hour or so later, after bee stings 
and a developing love affair have 
confused her. And so it goes 
on. 

Henry Fonda gets the wheel- 
chair role of Dr. Krim. a wonder- 
ful scientist whose hero’s death 
causes Caine to fondle his specs 
with impeccable pathos. Richard 
Widmark stomps and barks, 
military and bullish: Bradford 
Dillman snaps at bis heels, 
passing on orders. Even Fred 
MacMurray and Olivia de 
Havilland pop up. grotesque and 
nnwatchabie. Despite the gross 
stupidities of its script tbe film 
might still have earned some- 
thing more than affectionate 
hoots if the production had been 
effective. But this is the gim- 
crack kind of blockbuster and 
L. B. Abbott's special effects are 
remarkable only fur thetr 
audacity. One is constantly 
aware of comers being cut: for 
the final round against the bees, 
Houston is neatly evacuated off- 
screen. thus savin? Alien from 
recruiting and paying a city’s 
worth of extras. Fonda. 
MacMurray and Jose Ferrer even 
seem to share the same bow tie. 
Awful or not. I loved every other 
minute of it. : 

House Calls is a deliberate 


comedy, though for one starring 
Walter Matthau and directed by 
the astute Howard Zieff (respon- 
sible for Slither and Hollywood 
Cowboy} it is sadly limp and 
laborious. There's nothing much 
wrong with the direction and 
nothing at all wrong with 
Matthau, except that the film 
goes over ground already covered 
with the eccentric romances 
featured in Kotch. A Wete Leaf 
and Pete ‘n’ Titiie. However, as 
with The Sicann . there’s a great 

deal wrong with tbe script, un- 
healthily credited to four bands. 
Prominent among them are 
humourist Max Shulman and 
Julius J. Epstein, whose career 
stretches back to Casablanca and 
beyond. Epstein also wrote Pete 
V Tillie for Matthau, and the 
pressor film expands on its 
ultimately soggy mixture of 
satire and sentimental whimsy. 

Matthau is a doctor at a hos- 
pital whose chief of staff (Art 
Carney) is senile enough to be 
one of the patienis: while Carney 
bumbles and dozes, Matthau 
shuffles to and from operations 
and various mistresses, deliver- 
ing lines and moving about with 
his usual inimitable effect. His 
co-star and newest mistress is 
Glenda Jackson, for me a lady 
nf iron charms, playing one of 
those nebulous American busi- 


reuniled with Jackson after one 
of those misunderstandings 
writers invent to pad out their 
script to the required length. 
The film also earns no marks for 
employing the excellent Richard 
Benjamin only to give him noth- 
ing to do; he 'isn’t even attacked 
by bees. 

+ 

School is now out. and most 
critics have been throwing rotten 
eggs at lV'omblmp Free, Lionet 
Jeffries' latest entertainment for 
children of all ages. This is a 
fate it doesn't deserve, though 
the film plainly falls some way 
below the level of The Rniltrnp 
Children and The .-1 marine Mr. 
B l unden. And it was bound to 
fail in some degree, for the main 
characters (puppet stars of a 
fivc-minuti? BBC series) have 
only limited mobility. Wambles, 
as the script reiterates, are 
“ four feel, rat and furry ” — 
capable of shuffling along pic- 
turesquely bui not a great deal 
else. Yet Jeffries still gives 
these ecologically minded in- 
habitants of Wimbledon Common 
many imaginative things in do; 
he dresses them up as Bucking, 
ham Palace guards, kits nut a 
Scnls relative with a Heath 
Robinson ear. puls them through 
parodies nf Hollywood musicals 
in a decayed cinema (lbe 


undulations there arc still the 
pleasures of the Womble burrow 
I the walls lined with news- 
papers) and the splendid acting 
of Frances de la Tour as tbe 
mother of the Wotnbles’ first 
human ally. “ Not another of 
your imaginary friends, dear, 
like Jimmy Wonky*.' " she says to 
h*T daughter with well-bred 
tiredness. 

★ 

Children are also heavily in- 
volved in Crict Caemw. 
a Spanish film written and 
directed by Carlos Suura. featur- 
ing Ana Torrent Ithe child Trom 
The Spirit of the Beefiirel and 
Saura's wife, Geraldine Chaplin. 
But instead nr seeing Jimmy 
Wonkys and Wnmbles. the nine- 
year-old heroine sees things 

which deeply perplex and dis- 
orientate. Descending the stairs 
one night she observes her 
philandering father on his death- 
bed while his impress hurriedly 
departs. Memories of that 
ninincni (and memories of her 
late mother, dead before the film 
begins l dominate her subse- 
quent life with two sisters, a 
neglected grandmother and an 
Aunt Pauline, who brusquely 
takes over the Madrid household 
As The Spirit of the Bechivf 
showed. Ana Torrent is the proud 
possessor of targe, dark, wonder 



Van Morrison, Bob Dylan and Robbie Robertson in ‘The Last Waltz' 


□ess people whose business 
(here, cheesecake) leave them 
with endless free time and a set 
smile. They do not make a happy 
couple. Much of the background 
jokes at the hospital work well, 
but the main material lurches 
from strident slapstick to win- 
some silliness. Finally the film 
almost keels over with senti- 
mentality, with Matthau com- 
mandeering an ambulance to be 


Wonible version of The Sound 
of Music is particularly fetching). 

What Jeffries doesn’t do, how- 
ever, is involve them in a sturdy 
plot which would help carry the 
film along in between novelties. 
Without such support. Wambling 
Free becomes a series nr delay- 
ing tactics — many of them 
delightful, some of them admit- 
fedl.v loo close to the worst nf 
Disney. Through all I he film's 


ing eyes: when Saura channel 
the drama through her face, th 
film is fairly successful, as th 
child's steady gaze mirrors cot 
Hiding emotions of fear an 
awe. intimations of sex an 
death. But Saura cannot lea* 
well alone: past, present, futur- 
reality and dream shift abot 
unrewardingly. The film is neve 
uRM’atchaWe. but the tale it tel 
is irritatingly tangled. 


Barclays Bank 

Interim Statement for the half-year ended 30th June 1978 


The Group profit before taxation for lbe half- 
year to 30th June 197S is £154.2 million. 

The Board of Directors has decided to pay an 
interim dividend for ihe year ending 3 1st December 
1978 of 6.Q5p per £1 Ordinary stock (an increase of 
10"; over the interim 1977: 5.50p) which, together 
with an imputed tax credit based on an expected 
income tax rate of 33 ° 0 V amounts to 9.0299% on 
that stock, and an interim dividend of 7.0p per £1 
on the Staff stock which with the tax credit 
amounts to 10.4478%. These interim dividends 
will be payable on 2nd October 1978 in respect of 
the stock registered in the books of the company at 
the close of business on 22nd August 1978 in ‘the 
case of Ordinary stock and 30th June 1978 in the 
case of Staff stock. 

The former holders of The Investment Trust 
Corporation, Limited shares who accepted the 
recent offer to lake Barclays Bank Limited Ordinary 
stock in exchange for their shares arc not. in 
accordance with the terms of the offer, entitled to 
receive the above mentioned interim dividend. 


Ai Ihe time ifoe offer was made, the Board of 
Barclays announced its intention in the absence of 
unforeseen circumstances to increase the aggregate 
dividend for 1978 bv 20 p 0 over the dividends paid 
for 1977. 

The increase in our profit over the previous 
half-year stems mainly from our business in this 
country and has been helped by the continuing 
reduction of provisions against doubtful advances. 

The control of lending by the Supplementary 
Special Deposit Scheme has been recently re- 
established and we hope that it will not inhibit our 
ability to meet demands for additional lending for 
productive investment. 

On the International side the improvement in 
our results is satisfactory bearing in mind the 
fluctuations in exchange rates. 






AnthonyTuke, 

Chairman of Barclays Bank Limited 


THE BARCLAYS GROUP 

CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED) 

Half-year Half-year 

ended ended 


30th Jane 
1978 
£m 


Operating profit 

Add : share of profit of associated companies 

Deduct: interest on loan capital 

Profit before taxation a ad extraordinary items 
Deduct: taxation 

Profit after taxation 

Deduct profit attributable to minority stockholders of 
subsidiary companies . 

Add/fDeducf) extraordinary' items, less taxation 

Profit attributable to members of Barclays Bank limited 
Dividends 

Profit retained 


Earnings per £1 Ordinary stock 


Half-year 

ended 

31st December 
1977 

£m 

J22.I 

21.5 


Half-year 
ended 
30th June 
1977 
£m 


1, The bases or accounting are as explained on pages 29 and 30 
of the 1977 annual accounts. 

2. Opera ling profit is alter charging: Half-year ended 


Half-year ended 

30.6.78 

31.12.77 

30.6.77 

£oi 

£m 

£m 

0.6 

(0.5) 

2.9 

3.3 

2.9 

3.2 


Losses, less profits, on investments 0.6 (0.5) 2.9 

Deprecation of freehold premises 3.3 2.9 3.2 

3. UK corporation tax is provided at a rate of 52 

4. ThccsOiaordaMiykcmm 197S is the surplus on disposal ofirade 



invwtmenlj.Hpdpflrt of the Croup s bolding* Jn Wlairuuhsidffliw 
5. Dividends per £1 stock: Half-year ended ^ 

* .. , 30.6.78 31.12.77 30 6 Tl’ 

Ordinary slock 6.05n 5 6287n ss 

Staff stock 7.00p 7.DD00p 70 ? 

6 Earnings per £1 Ordinary slock are based on profit beta™ 
extraordinan- items and after luxation, minority 
dividends on Staff Mock, related to ibe Onlinary stoekta 
during the half-year. r >KK£ ut t«ue 


Registered Office: - 

54 Lomb^d Street, London ECtf sAw 
Registered No. 48S39 ** 





w 


Fiaancial Times Friday July 28 IMS 


- ?(- 




FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finanttmo, London PS4. Telex: 888341/2, 883897 
Telephone: 01-248 8000 


% • — ;l- 


• t ? .7- 


-power 



Friday July 28 1978 


iThe old time 
jreligion 


BV HUGH O'SHAUGHNESSY, Cafiii America Correspondent 


W ITH tens of billions of 
dollars being spent on 
harnessing it the Parana 
must sorely soon win the title 
of the world's most valuable 
river. As European banks are 
being approached for large 
credits for a big new scheme 
it is becoming clear that 
over the next few years — when 
ail the various hydroelectric 
projects have been completed 
—the Parana, which rises in 
Brazil, skirts Paraguay and 
enters the Atlantic near the 
Argentine capital, Buenos 
Aires, will have few rivals 
among the rivers of the world 
as a producer of energy. Both 
the Nile and the Volga will 
finally be dwarfed. 

Today as the dams take shape 
the economic complexion of a 
large area of South America is 
being transformed. 

The power produced by the 
river will go far to relieve the 
worries of the Brazilians. Ever 
since the oil crisis of 1973 Brazil, 
which produces less than a 
quarter of its own. oil, has been 
saddled with additional costs for 
fuel imports which have had 
die effect of markedly slowing 
down the economy. Power from 
the Parand will help to dissipate 
the nightmare that in the 1980s 
the country will be caught in a 
vicious circle of high energy 
Import costs putting a brake on 
growth and thereby limiting 
Brazil’s ability to buy the oil it 
needs. 


1 THERE WAS a time when the represent a compromise between 
^National Institute in London the expansionist enthusiasm of 
^ could be relied upon to say the OECD and_ the scepticism 


regularity that of the monetarists. 


s demand was rising too slowly Those who believe that fiscal 
j and that a stimulus needed to and monetary Policy affect 
ebe given to prevent unemploy- main ly output and employment, 
Ement from increasing. When and that inflation is a matter 
-ademand was obviously very of j ncomes policy, will cheer 
t buoyant, as in 1973. its role ^ OECD report Those who 
■n w . as to warn of the dangers of believe that injections of pur- 
ggiving it a check. This function chasing power mainly affect the 
shas now been taken on at an rate of Nation will tend to 
oWteraational level by the OECD reject it The two sides may 
Secretariat. ____ find common ground on the tax 

f The main object of the OECD jf a decision to give a 

BJuly Economic Outlook is to stimulus has in any case been 
persuade “strong currency and taken iQ a country, tax reduc- 
°convalescent counties to fl ons a jess harmful 

-Jstimulate de^xid. Although the ff t OQ expecta- 

uOrigmal intention to publfcb be- ^ increases in Govern- 
S f ore the Bonn Summit ww ment spending. But the OECD 
apparently discouraged by seems be going beyond this 
pmember Governments. the increased 

1 ^ C nrf ariat certai “ , ^ h ^ e Budget deficits will be entirely 
found ways of conve^ng the s0 long ^ the stimuli 

news to Governments. The basic uke ^ * f0 rm of cuts in con- 
message is simple. On the basis sumer taxeg ^ sImllar mea _ 

bKt«r^ re ^ SUmm3 -L sures. This approach was tried 

before “ the ^ *ITln* 

Heath Government when it was 
,jer annum up to the beginning t * 

*f 1979 — or much the same rate J? 

last vear. This was not in , and , not COn ' 

•their view fast enough to reduce s P 1CQ0Usl y suc ^ ul - 
■vmpmpjpyment, and it - put at Personal savings 
"Disk the small reduction . . 


UnhiAvaH in 1 Rrct wTf n f The dangers to output and 
g.chieved in the first half of em pi oyinen t from renewed infla- 


& ine-tuning 

i* The OECD view is that the 


tion are indeed mentioned in 
the OECD Report, particularly 
in discussions of individual 


cr injection oE additional purcW f ?” Pt T” 

ling power" (by which it means abo ] tbe JJ* 


Demographic 


Most of this energy wfll fie sold 
to its neighbours but , the Para- 
guayan Government will always 
have the option- of using 
quantities at home for such 
power intensive schemes as 
aluminium smelters. 

In anticipation , pf\ boom 
conditions land prices ^ hi the 
primitive and torpid Paraguayan 
capital of -Asuncion and in 
stretches along the ■>? Parand 
itself have been . ' climbing 
steadily for some years now. 

The most monumental work 
on the Parand is now in ^course 
of construction. At ji. present 
estimated cost of $&5bo^-which 
will almost certainly berre vised 
upwards — the Itaipd scheme is 
to start producing electricity in 
X983 and five years laterihould 
be generating 12,600 MW*. As a 
joint enterprise between. Brazil 
and Paraguay it will put to use 
the power which to-day runs 
uncontrolled and to waste-as the 
Parand plunges througir seven 
cataracts at the point where it 
becomes the boundary between 
tiie two countries. The hulk of 
the power will go to. fill the 
energy gap which Brazilian 
planners expect to encounter 
shortly in their indastriaPieart- 
land, the rapidly growing state 
of SSo- Paula Half thejjwwer 
produced by Itaipd will .belong 
to the Brazilians, the other half 
to the Paraguayans who, not 
having an immediate use. for it 
in their diminutive economy, 
win sell the major part back to 
Brazil. In the process Paraguay 
will become the first counfry in 
the world to have electric, power 
as its principal export . 


republic where total foreign 
trade last year, counting 
imports and exports, was only 
a little over 8500m. Paraguay 
also ha s plans to dam the 
Monday and produce yet more 
power. . V. *! r 

Finally, far in -the distance 
Is an Argentine dreaxn of build- 
ing yet another scheme down- 
stream from Yacyretd, the 
Parand Medio project to be 
sited near Corrientes. This, its 
proponents claim, could pro- 
dace more - energy .than 
Yacyretd and Corpus put 
together. - • ■. 


Rivalries and 


wrangling 


increasing Budget deficits, at Jj 8 ®* °? the ??“ “J? ^ 

'east initially) of i per cent of * he nse mornings will be only 
he industrial world's total n„t- 7 ?er cent next year, or half 


pressure 


he industrial world's total out- ' UC ' L 7™!’ ,u 

'Jut would, after taking into the ***? rate - » eanungs 
Account second round and later wer f V* 86 pe ^ 

, t fleets, raise the area total cent * the . warns Per- 

erowth rate to per cent The f n ? ! savings could nse and 
scope is that fine-tuning will confidence weaken. 

a ork better on an international lead i?,5 * sl . owd ^ v ^ . in 
\ian on a domestic scale, as it growth of output VJatismiss- 
!>uld involve fewer balance of P 1 * ,s a recognition that changes 
ayments problems. Indeed the d0 no ^ happen, 

JECD believes that a concerted but «» reIa [ ed t0 monetary, 
Stimulus led by “strong coun- fiscaI 4116 exchange rate policy. 
Q-ies” such as Germany anti There is no need to go to the 
( apan would in fact reduce the other extreme from the OECD 
iresent current account imbal- and ask governments to balance 
•wees. budgets in recessions, or to 

■ There are, of course, serious assume that the world economy 
Juestions about whether it is is quickly self-righting in the 
lossible to raise output and face of shocks such as the OPEC 
Employment in an inflation oil price increases. The point 
inscious world simply by rather is that much of the 
ijecting more purchasing apparent unemployment and 

ower. The summit leaders did unused capacity in the world 
ot attempt to resolve the in tel- today reflect basic structural 
L ctual arguments, but endorsed problems or unwise policies of 
“series of national programmes, a non-financial kind. They will 
jjch as the German measures not be cured by simple demaod 
,-inounced yesterday, which boosting measures. 


For Argentina the power to 
be won from the river should 
help to relieve the present situa- 
tion in which Buenos Aires, the 
largest city in the Southern 
Hemisphere is still regularly 
plagued by power cuts. It will 
also allow the Argentinians to 
develop the northern areas of 
their vast country. Successive 
governments in Buenos Aires 
have for decades feared that if 
they did not* do more to bring 
industry and prosperity to their 
northern provinces they would 
eventually succumb to the 
economic and demographic 
pressures from over the border 
and sooner or later fall under 
Brazilian control. 


A success for 


arter 


The most dramatic effect, 
however, will be felt by Para- 
guay, a small and intensely 
nationalistic republic of less 
than 3m people which has sur- 
vived in the centre of the South 
American continent largely 
through its success in playing 
off its giant neighbours, Argen- 
tina and Brazil, against each 
other- From a wilderness with 
no natural resources save a lot 
of rough pastures add a great 
deal of strong sunlight, Para- 
guay should in the next few 
years become a country with 
abundant hydro-electric energy. 


Just beginning to get binder 
way is another very big scheme, 
the YacyretA-Apipd plan .pnder 
which Paraguay and Argentina 
would spend 53.2 bn on . a 
3,300 MW station to be .imilt 
downstream from Itaip&V It 
would provide power for Buenos 
Aires and the neglected north of 
Argentina. .& 

Here, too, however benefits 
would be -shared equally^th 
Paraguay which would again 
sell the bulk of its share of 
electricity to its larger partner, 
piling up export revenue m the 
process. Yatgrretfi— whidfefthis 
month is being presented* to 
private bankers with the seal of 
approval of the World Bank 
and the Inter-American 
Development Bank — is/ planned 
to start working in 18S5. 

Meanwhile Argentina is talk- 
ing a great deal abo£t a second 
joint hydro-electric scheme with 
Paraguay, the 6, (XXV MW Corpus 
plan which would, be con- 
structed between Itaipd and 
YacyretA. It has as-’yet to be 
officially costed. Were it ever 
to be built Paraguay might be 
expected almost to float on the 
flood of money coming In from 
power sales. 

At the moment a dam on the 
Acaray close to where it flows 
into the Parana produces a 
modest 190 MW. Ibis satisfies 
the requirements of a backward 


With such large amounts of 
money, power and national 
prestige at stake along the 
river's course it is no surprise 
that every scheme, has been the 
subject of bitter rivalries and 
wranglings. In the 1960s when 
the huge Itaipti. scheme was 
being planned, the Paraquayans 
suspected that the Brazilians 
wanted to maim the seven 
cataracts as their own property. 
The Paraguayans won their 
point that the enterprise should 
be a joint one and Itaipd 
Binacional, a consortium consist- 
ing of Electrobrds, the Brazilian 
equivalent of Britain's Central 
Electricity Generating Board, 
and ANDE, the Paraguayan 
power authority, was charged 
with the task of raising money 
and handing. The partners had 
differences about how many 
turbines there should be and 
who should make them while 
the Paraguayans, with a remark- 
able demonstration of insist- 
ence, got the Brazilians to agree 
that Paraguay's half of the 
power should be produced at 
the Paraguayan frequency — 
despite the fact that any exports 
of Paraguayan power to Brazil 
would have to be converted to 
the Brazilian frequency. 

Brazil then became embroiled 
in a dogfight which still con- 
tinues with Argentina about the 
amount of consultation there 
should be between Buenos Aires 
and Brasilia about the effects 
downstream in Argentina, of the 
construction of tile dam. The 
Argentines want a big say in 
bow Itaipd is worked. 

In spite of the fact that 
$U6bn has already been spent 
on Itaipti and that last month 
Itaipd Binacional awarded a 
8797m contract to a Enropean- 
Brazilian consortium including 
Siemens, Brown Boveri and 
Alsthom, for 18 generating sets 
each of 70 MW, General Costa 
Cavalcanti, Jtaipd’s chairman, 
has had to warn about the cost 
of any further squabbles over 
the height of the dam and the 
cost of any delays. 


reached agreement, the Parar 
guayans spent many months 
wrangling with their' powerful 
partners about compensation 
For the fact that much more 
Paraguayan land behind the 
rfam will be flooded t han 
Argentine land.' '• ■' _ 

Sr. Enzo Debertiardl, the 
Paraguayan power Chief and 
head of ANDE, has played a 
dazzling band of poker against 
his two giant partners, at one 
moment bst year vetoing a 
Brazilian idea that the Soviet 
Union might be invited to 
build the Itaipd turbines. The 
main battle is still between the 
Brazilians who fear that the 
Argentinians want to build the 
Corpus dam so high that It will 
hit the power potentul of 
Itaipd and the Argentinians 
who fear that Itaipd will make 
the Parand and the River Hate 
even less navigable than they 
are now, perhaps dealing a 
death blows to the ports of 
Buenos Aires, Santa. Fe and 
Rosario. 




popi-tAjas 



■-» i 

P a r a g 




Some observers believe that 
Corpus will never be built and 
that the- project is nothing more 
than a bargaining counter con- 
jured up from nowhere by a 
country which is almost patho- 
logically anxious- about the 
economic and demographic 
growth of Brazil which it wants 
to hold back by any means in 
its power. 

But whether Corpus is built or 
not Argentina and Brazil are 
pushing ahead with their, plans, 
picking up finance and tech- 
nology where they can, and 
trying to ride over the pitfalls. 

A few days ago Itaipd Inter- 
national announced it had put 
in place another piece of the 
financial jigsaw with tiie Royal 
Dawk of Canada — which leads a 
consortium of 43 banks, includ- 
ing Citibank, Morgan Guaranty 
and Deutsche Bank— making a 
8175m loan for up to 12 years. 
Lenders over 10 years get If per 
cent over London Interbank 
Offered Rate (LIBOR) while 
those going to 12 years get 2 
per cent over LIBOR 


B r a z i I 


cm t i n a 


■V\, 


U r u g u a y 


Jfc BUENOS 


Lenders in 
the City 


On Yacyretd, although Para- 
guay and Argentina have now 


AH three borrowers are 
making a particular effort to 
push the term of the loans as 
far into the future as possible, 
a fact that has caused no little 
heart-searching among leaders 
in the City. 

On the Yacyreti front the 
UR State Department last week 
contrived to spoil Argentina’s 
and Paraguay’s first bid for cash 
from the commercial banks by 
announcing that it was blocking 
an Export-Import Bank move to 
help finance U.S.-built turbines 
for the scheme. 


has asked the iforim Bank for 
crefffi^-so that it could buy 20 
turifines worth about 8270m for 
YaxjrretS from Allis-Chalmers 
in Milwaukee, The State Depart- 
ment vetoed the idea on the 
ground that the Videla Govern- 
ment in Buenos Aires was con- 
tinuing^ violate human rights. 
Washb^ftQn’s decision also prob- 
ably .‘took Into account the 
similat situation in Paraguay 
where General Alfredo Stroess- 
ner’s military government 
angered the Carter Administra- 
tion by arresting a middle-of- 
the-road opposition politician, 
Domingo Laino, on the day he 
returned home after a visit to 
the U.S. capital sponsored by 
the Administration. 


Argentina’s only consolation 
is that the decision on Exim 
bank help could be reversed if 
the human rights position 
improves in Buenos Aires. 


The Argentine military junta 


In the surge of bids and deal- 
ings and diplomatic moves and 
counter-moves, British business 
has not so far figured very 
prominently. At Itaipd no 


British company carried off a 
major contract though there are 
hopes that Britain's contractors 
may come into their own when 
it comes to setting up transmis- 
sion lines to carry the power to 
the Brazilian industrial centres. 
GEC in particular has been 
watching the project with active 
interest. 

For Yacyretft, the Argentine 
Government has said that the 
only British company to have 
prequalified for doing work on 
the scheme is Boring. As if lo 
respond to that, the director of 
one London bank said that the 
response of British banks to 
Argentine calls for finance, par- 
ticularly for the long terms they 
are seeking, would depend a 
great deal on the amount nf 
orders placed with British com- 
panies 

British lack of enthusiasm for 
the opportunities offered by the 
Parand schemes is worrying 
Whitehall. “ There is not enough 
known about the plan by British 
business,” a senior civil servant 
said regretfully the other day. 


j RESIDENT CARTER is hav- 
1 7g more luck in persuading 
j .ingress of the merits of bis 
< reign policy initiatives than 
i -■ is with his domestic policies. 

? hile his energy programme 
} -mains stalled, the President 
1 is now brought off a series of 
■J jeign policy victories, the 
\ lest of which were this week's 
; *natc votes to lift the Turkish 
ms embargo and maintain 
c motions against Rhodesia — at 

* list for the time being. After 

0 ^ccessfully pushing through 

* c Panama Canal Treaty and 
c t ie Middle East fighter deal, 
.(j.esident Carter had singled 
1, t the lifting of the Turkish 
^ jus embargo as his top foreign 
tt -licy priority. 

^ntbargo 

has long been clear that 
a '«? embargo was failing to 
, -tieve its staled objective, 
3 lich was to persuade Ankara 
■i ; give ground over Cyprus. 

1 tleed some months asn Mr. 
i -levant Ecerit, the Turkish 

ime Minister, successfully 
f med the tables on Washington 
’1 establishing it as Turkish 
j! licy that there cotild be no 
’ utinn to the Cyprus issue 
■ L lie the embargo remained in 
(, ^ration. Meanwhile. the 
_ bargn has seriously weakened 
. iTO's forces in a key strategic 
•a and caused severe political 
’ains in the Alliance. Greece. 
I course, has reacted with dis- 
y to the Senate vote. It is 
« ::unble. however, that the line 
.I)*- Senate has taken could be 
■°;re effective in inducing Mr. 
: rf to make concessions. The 
[3. dtion now is that the 
i^ibargo would he reimposed 
| jre were no sign of move- 
icM on Cyprus, in the liaht 
progress reports every two 
3 hnhs by the Administration. 

! ttie final lifting of the 
• 3 phargo, however, still depends 
: Pjj approval by the House of 
e bresentatives. Given The 
1 J engtli of the Greek lobby, this 
L ay no means a foregone con- 
!J£ion. Mr. Eeevit has prob- 
Sy helped matters, however, 
v , carefully refraining from 
1 king the Senate vote too 
^Static a welcome. In practical 
li-fcms, it is in any case unlikely 
Turkey will be able to find 
’V money for major arms pur- 
• ses in the immediate future. 


On the second issue. 
Rhodesian sanctions, feeling In 
the House Is much less strong. 
There is as yet no plan to follow 
the Senate in tacking an amend- 
ment on sanctions on to the 
foreign assistance bill when it 
comes to the vote in the House 
next week. The House may 
nevertheless be asked to 
approve the Senate's position 
after conference discussions. 


MEN AND MAHERS 


Tom’s trials are 


nearly over 


The main change in U.S. 
policy implied by the Senate 
vote is the provision for Wash- 
ington to lift sanctions unilater- 
ally. rather than in concert 
with the United Nations. That 
could cause trouble in the 
future. For the moment, the 
most important point is that the 
Senate has firmly rejected a 
move to lift sanctions immedia- 
tely. Such an act would have 
endangered the entire Anglo- 
American Rhodesia initiative, 
provoked an outraged reaction 
at the UN and alienated the 
front line Presidents whose sup- 
port is essential if a settlement 
is to be achieved. It would also, 
of course, have made life 
very difficult for Mr. Callaghan 
and encouraged the Tory right 
wing in its efforts to persuade 
Britain to do likewise. 


Temporary 

The relief, however, may only 
be temporary. There is still a 
strong view in the Senate that 1 
sanctions should be lifted by 
the end of the year, and this 
week’s compromise provides 
for their removal once free and 
fair elections have been held 
and a new Government in- 
stalled. A second condition is 
that efforts should have been 
made to negotiate in good faith 
with the- Patriotic Front. If Mr. 
Smith sticks to his timetable 
and holds elections in early 
December, Congressional pres- 
sure for the ending of sanctions 
will mount again. That would 
almost certainly not be to the 
liking of a Labour Government, 
if Britain still has one. White- 
hall for tiie moment is not look- 
ing so far ahead, and is con- 
centrating rather on trying to 
arrange a ceasefire. In present 
circumstances, the UK doe® not 
see how any election in 
Rhodesia could be described as 
•Tree and fair.” 


How agreeable to report a poli- 
tical story with a happy ending. 
Tom McNally has at last been 
picked as a Labour candidate. 
After being rejected for at 
least five other potentially- safe 
seats, the Prime Minister’s 35- 
year-old political adviser has 
been selected to fight Stockport 
South at the, next election. But 
not without a pretty venomous 
struggle. It seems that being 
Jim’s man just does not go 
down well among the left-wing 
activists. 

Only after a campaign murky 
even by Labour standards has 
he triumphed. His left-wing 
opponents tried to keep him off 
the short-list by claiming that 
his supporters had packed a key 
ward meeting, while he himself, 
muttered about an u orches- 
trated smear campaign.” Before 
Stockport, committees at 
Kettering, Bishop Auckland, 
Workington, Huddersfield and 
Lambeth, Vauxhall, had 
declined the offer of his ser- 
vices. But all that is forgotten 
now; after so long battling with 
his supposed political friends, 
McNally cannot wait to get at 
the Tories. 



he was hurrying off to the com- 
munications centre run by 
Racal, another main sponsor. - 
The ambition to make the first 
balloon crossing of the Atlantic 
has already cost several lives. 
Planning to take off from Maine 
in 'the autumn is an American 
trio, Ben Abruzzo, Max Ander- 
son and Larry Newman. Abnrao 
and. Anderson tried last year, 
biit came down in Iceland. New- 
man's hang-glider company :n 
Alberquerque is sponsoring the 
n<£w bid, A hang-glider will be 
suspended beneath 'the balloon; 
Newman will use it to come 
dramatically to earth, when they 
reach Europe. If . they reach it 


revelations of absenteeism and 
strikes that followed the fall 
of Mme. Mao and her Gang in 
1976. But as time passes, the 
Gang is mentioned less and less 
and ordinary human fallings 
crop up more and more. 

Even so, the record of tbe 
Canton Tractor Factory is an 
amazing one ; it makes BL 
sound like an industrial success 
Story. Since the plant began 
production of the Hungwei-40 
tractor in 1966, Canton radio 
reported last week, not one had 
been up te standard. 


Carfton Industries 


Limited 


Group results for the year ended 31st March 1978 


“ It started with a bang, but 
seems to be ending in a 
whimper.” 


Bitter orangery 


How long has be been look- 
ing for a Labour seat? “ On and 
off for 35 years. I’ve known 
lots of people who want to be 
engine-drivers or policemen. 
But I’ve never wanted to be 
anything except a Labour MP.” 
He inherits a 4,420 majority 
from Maurice Orbach, the retir- 
ing MP for Stockport South. 


Floating fortunes 


When the balloon carrying 

Donald Cameron and 
Christopher Davey over the 
Atlantic yesterday began leak- 
ing helium, it was the misfor- 
tune they had least anticipated. 
Bad weather was their greatest 
anxiety. Crossing the Atlantic 
westward in the ship Dart 
Canada, with . their balloon 


packed in a container, they 
spent much of their time play- 
ing “flight games.” These simu- 
lated their reactions to sudden 
changes in winds. One such 
game took them up to Greenland 
and landed them eventually in 
the wilds of Russia; Cameron 
decided that if it should happen 
in reality, he would ditch the 
balloon rather than enter Soviet 
airspace — unless he could make 
radio contact first Another' pos- 
sibility was that the balloon 
would be wafted to the Carib- 
bean and eventually be forced 
down by lack of supplies. 

The news that Cameron and 
Davey were in trouble was 
coming through just as I was 
on the telephone to Zanussi, 
the Reading-based subsidiary of 
the Italian makers of washing 
machines and other domestic 
appliances. Zanussi put nearly 
£50,000 into the venture. “We 
.did it to increase brand name 
awareness,” said marketing 
managing Ronald Ansell. “We 
are very sorry theybave prob- 
lems out there.” Cameron had 
approached Zanussi for packing 
and also won support from 30 
other British companies. As 
Ansell finished talking to me 


A reception was held at Ken- 
wood, the Hampstead art gallery 
and museum, last night to cele- 
brate the hanging in tiie 
orangery there of a Gains- 
borough painting; “ Greyhounds 
Coursing a Fax.” Tbe picture 
came from Mentmote, being one 
of the items accepted by tbe 
Treasury from the Rosebery 
Estate in' lieu of death duties. 
It was allocated to Kenwood by 
the Department of Education 
and Science. 


The works had attached more 
importance to quantity instead 
of quality, and there had been 
“serious waste” and “disorderly 
management” Only 24 tractors 
had been produced in tiie first 
quarter of this year, less than 
10. per cent of the quota. The 
works would have to close down 
tiie production line and be 
“seriously straightened out” the 
radio said severely. 


Group profit before. taxation 
Group profit after-taxation 
Earnings per ordinary share . 
Dividend per share 


10,383 

6,939 

26. Ip 

5.47p 


All divisions have contributed to the substantial growth of 
the group. Retained profits have increased from £3 .9m to 
£6.4m and after capital expenditure of £5.6m group 
borrowings have been reduced by over £3m. 


Current trading and prospects 


Cool customer 


The occasion was somewhat 
marred by a dispute between 
the Friends of Kenwood and 
the GLC. As an economy mea- 
sure, the GLC has refused to 
replace one of two assistant 
curators: Lindsay. Strainton,' 
who also happens to be a Gains- 
borough expert, is leaving *o 
go to the British Museum. So 
for security, rooms at Kenwood 
will have to be kept shut in 
rotation. “Snce the contents 
of .Kenwood must be worth 
£8m., the saving on one salary 
lookr like .blinkered phlUs- 
tinim^says George Levy, vice- 
chairman of the Friends. 


A colleague strolling in Soho 
yesterday learnt a useful les- 
son on h owthe rich get rich 
and stay that way. 

Alarge green Bentley drew 
up outside the Britihs Film In- 
stitute’s office in Dean Street 
and parked on a double yellow 
line. Out jumped a well-known 
TV personality and business- 
man; after a cautionary glance 
up and down the road he 
reached into his jacket pocket 
and pulled out a parking ticket 
This he tucked under tbe wind- 
screen wiper before striding in- 
to the BFL 


As a result of Hawker Siddeley acquiring a controlling 
interest in Carlton Industries the group’s accounting year 
end is to be changed to the 31st December. In 1978, this 
creates a nine month accounting period and accor dingl y the 

to 3 ouSum S jj TCSUllS *** for thc three mon£h P^od up 


3 months to 
30.6.78 
£000 


$ months to 
30.9.77 
£000 


Turnover 

Profit 


24,854 

3,401 


44,205 

4,418 


Idle ants 


The "blue ant” image of the 
Chinese is getting slightly tar- 
nished these days after all the 


Five minutes later two war- 
dens did indeed inspect the 
Bentley. Although they took 
notes, they did not add to its 
ticket collection. And there was 
I thi n k ing Rolls Boyces and 
Bentleys are exempt from park- 
ing tickets anyway. 


An interim dividend of 2p per share has already been 
declared as compared with 2p for the six month period in 
1977 andit is expected that the final dividend win now be 
paid m May 1979. It is not intended to issue a further interim 
statement m respect of this current accounting period. 

TOm order books of aB the divisions of Carlton Industries 
continne to show increases over the same period last year 
and if present trends continue an other substantial increow 
m group profits is expected. 


irom 7 JS» 


Observer 


£fC< 









N 


w 



*■ 

A . 


Financial Times Friday July 28 .1978 


17 


POLITICS TODAY 


Second thoughts about an October election 


MOST OF us roey turn out to 
have been wrong about the 
date of the General Election. 

ii mi i i not be in October after 
au. indeed the arguments for 
going to the country in another 
month are beginning to look 
quite remarkably attractive. 

In October the nights are 
closing in. What is left of the 
summer glow (such as it was) 
has almost faded. Besides, what 
else has the Government left 
to do? Most of its final tasks 
have been accomplished, or at 
least attempted, in the last few 
days. Devolution is almost 
titrough. The White Paper on 
incomes policy, suitably titled 
H iiming the Battle against 
Inflation — has been published. 
Sn has the Labour Party-TUC 
document Into the Eighties, 
even though one suspects that 
by some it was swallowed fast 
in order to get it out of the 
way. like a child taking nasty 
m»dicine. 

Thus the thought occurs: why 
not hold the election as soon as 
possible? And if September 21 
really is impractical what is 
wrong with September 28? 

The case for September is 
both positive and negative. 
Taking the negative first: one 
can never be quite sure what 
the left wing of the Labour 
Party is going to do. Someone 
might get up, like Mr. Norman 
Atkinson, the MP for Tottenham 
and Party Treasurer, did in the 
House of Commons last Friday, 
and denounce the official 
incomes policy as a political and 
economic nonsense. Some trade 
union leaders might go on 
stressing their opposition in 
public to the 5 per cent norm. 
Mr. Anthony Wedgwood Benn. 
the Energy Secretary, might 
prove more difficult than 
usual. The left wing of the 
Parliamentary Party might join 


with the left wing trade 
unionists in insisting that Into 
the Eighties— rather than the 
the election manifesto which 
has yet to be published— is the 
basis of party policy. 

All that, of course, is just 
talk, and all the recent evidence 
is that the Left is a paper tiger. 
But it remains just possible that 
somebody could say something 
that could prove elect orally 
harmful. So why not minimise 
the risk by going to the country 
at the earliest convenient date? 

That is the negative case for 
September. The positive one is 
that it could catch the Tories 
off 'balance. The Labour Party 
believes that the Tories have 
pots of money ready to spend 
on glossy advertising campaigns 
up to October 12, and beyond 
if necessary. But a short, sharp 
campaign concentrating on the 
u real ” issues — the holidays are 
over, let's get back to the 
serious business of government 
with yon know whom— could 
find the Tories on the hop. 


Briefer rally 


There might be a small 
problem for the Liberals, whose 
erstwhile supporters Labour 
does not want to see deserting 
to Mrs. Thatcher en bloc. Yet 
it appears to be manageable. 
The annual Liberal Assembly 
is due to take place in Southport 
from September 11*16. It is 
said, however, that there is 
sufficient insurance cover for 
the Party to be able to call it 
off without undue loss or, more 
likely, to turn it into a briefer 
election rally if it coincides with 
an election campaign. 

There is also the question of 
the size of the electoral turn- 
out. It is a tr uism that if 
Labour is to win. it will have 
to get its own people to the 


polls. To do that will need 
some kind of sustained cam- 
paign. But again that is not 
incompatible with an election 
in late September. On the con- 
trary. delaying until October 
could present an unnecessary 
hiatus. The way to keep the 
momentum going could be the 
TUC conference opening on 
September 4 following straight 
away by a three-week campaign 
and the election on September 
28. 

One should add that, assum- 
ing this speculation to be 
correct, it is not going to be 
immediately confirmed. Mr. 
Callaghan is still not going to 
announce the election date 
until around the end of August 
— which is of small comfort to 
anyone trying to plan a few days 
off between the end of Parlia- 
ment and the start of election- 
eering. 

Meanwhile, as Mrs. Thatcher 
so unfortunately remarked in 
her speech to the House of Com- 
mons on Tuesday, “the long, 
drab period is. we hope, being 
brought to an end.” although if 
she meant the present Parlia- 
ment, there has been more ex- 
citement in the last few days 
than in the rest of the session 
put together. There can also 
have been few clearer examples 
of the way political fortunes go 
up and down in a moment 

Last week Tory morale was 
very definitely up, and Mrs. 
Thatcher's performance on tele- 
vision had a lot to do with it 
On BBC Panorama she was at 
her confident best Mr. Callag- 
han, by contrast on ITVs This 
Week a few days later was at 
his patronising worst Tory 
spirits remained high through 
Monday with the defeat of the 
Government's dock labour 
scheme. On Tuesday afternoon 
they sank again, and yet again 


it was Mrs. Thatcher who was 
largely responsible. 

Several people have asked 
whether the newspaper accounts 
of Tuesday's debate on the in- 
comes policy White Paper were 
exaggerated. They were not Mr. 
Callaghan started, much as he 
might any other speech, with a 
straightforward defence of his 
Government's handling of the 
economy. Then he switched to 
the attack. But what was so 
□qvel about that was that there 
were none of the usual patronis- 
ing sneers : it was straight 
punching all the way. Mrs. 
Thatcher simply wasn't up to 
it. Those Tories who say now 
that Mr. Callaghan stooped to 
the gutter while their own 
leader tried to put an intellec- 
tual argument are belied by 
their reactions at the time. 
Their dismay was written all 
over their faces and was 
apparent in their near-silence 
as she sat down. 

It is true that she was 
effectively put off her stride by 
a group of giggling Tribunites, 
but the House o'f Commons can 
be a very ill-mannered place and 
no one complains about that 
The challenge is to command 
attention, and there Mrs. 
Thatcher conspicuously failed. 

Does it matter? Perhaps not 
except as another example of 
the the way fortunes go up and 
down in an instant In any 
case, the Tory performance was 
at least partially redeemed by 
tite closing speech of Sir 
Geoffrey Howe. It is sometimes 
said that Sir Geoffrey cannot 
speak, though in fact what he 
does is to make the speech of 
a prosecuting counsel. He has 
also had the wit to appreciate 
the essentia] Winnie the Pooh 
qualities of the Crossman 
Diaries' accounts of the Wilson 
Cabinet Here he is quoting 


Crossman on the discussions on 
when to hold the 1970 election: 
"Denis only feared that we 
would stumble this year, which 
was why he wanted the election 
as soon as possible.” 

Then Mr. Peter Shore: 
"Shore’s main point was to 
stress achievements. . . . But 
what next? We must do some 
hard thinking about that. We 
have not really got a ‘what 
next?’-" 

As it turns out, Mr.- Shore’s 
question rem ains relevant to- 
day:' The answer to "what 
next?" is surely not going to be 
Into the Eighties, except for 
some of its blander phrases, if 
Mr. Callaghan has anything to 
do with it The Labour Mani- 
festo will be altogether less 
sweeping but that does leave the 
question of what will be in it 
There .will be a great deal about 
industrial democracy and the 
greater use of the National En- 
terprise Board as the half-way 
house between nationalisation 
and the private sector, but that 
hardly amounts to a five-year 
political programme. 


endearing— or perhaps infuriat- 
ing— strain of gullibility in Bri- 
tish politics. Into the Eighties 
contains the following sentence: 
"The Bonn Declaration signed 
by the Prime Minister and the 
beads of the six other largest 
industrial nations in July offers 
the prospect of a sustained 
period of economic growth.” It 
is exceedingly difficult to sec 
how anyone who has read the 
Bonn Declaration, let alone put 
his name to it, could believe any 
ouch thing. 


Assumption 


There has also been a re- 
minder this week that tbe ques- 
tion of incomes policy has been 
far from resolved, despite the 
White Paper. Both tbe Govern- 
ment and the Tories now share 
the same broad approach — 
namely an acceptance of some- 
thing like the German model. 
But the trouble is that the 
unions will have none of it As 
Mr. Callaghan remarked on 
Wednesday: “We shall just have 
to go on from year to year.” 
Well, it is better than going on 
from day to day or even from 
month to month, but it is hardly 
a decisive breakthrough. 

* + * 


Indeed it is beginning to look 
as if wbat comes next will not 
be very different from what 
went before. The crucial 
assumption of Into the Eighties 
is an annual economic growth 
rate of “well over 3 per cent” 
the reason for the imprecision 
being that the TUC hopes for 
something close to 5 per cent 
while the “realists" dare not ex- 
pert much over 3 per cent None 
of that exactly squares with the 
latest reports of the OECD on 
either the American economy, 
on which we partly depend for 
a growth in world trade, or on 
the British economy. 

And yet there remains an 


Among the several contenders 
for the office of Foreign Secre- 
tary, should the Tories win, is 
said to be Lord — the former 
Sr Christopher — Soames. He 
is surely an outsider, to whom 
Mrs. Thatcher owes no particu- 
lar debt of gratitude. But there 
is one job which Lord Soames 
could fill with great distinction, 
and that is Agrictulture. 



The initial reaction among 
some of those concerned is that 
he would turn it down, indeed 
perhaps be insulted at the offer, 
on the grounds that he has held 
the post before. On reflection, 
however, the reaction changes. 
When he was Minister of Agri- 


"Mr. Callaghan punched 

simply wasn' 
culture before. Britain was not 
a member of the European 
Community and there was no 
Common Fisheries Policy to 
speak of. And yet it is agricul- 
ture and fish which have proved 
uur two biggest bones of con- 
tention with Europe. Mr. John 
S Likin, for example, has done 
very well for himself by not 
reaching a settlement on fish, 
but that cannot go on indelin- 


slraight . . . Mrs. Thatcher 
t up to it.” 

Holy. What butter idea Then t, ir 
the Tones than to put in a man 
who knows ihe Community 
inside out, who actually be- 
lieves in it and yet who could 
still be counted on to drive a 
proper bargain? If securing 
good will is part of the negoti- 
ating process. Lord Snamcs 
should win hands down. 


Malcolm Rutherford 


Letters to the Editor 


British Gas 


profits 


From ilfr. D. Fenn 

Sir,— The latest British Gas 
results i July 19) make a mock 
of the Government's so-called 
attempt to contain inflation. The 
declaration of £18Dm when the 
surplus was actually £564m is a 
travesty of accounting and out- 
side the law as it now stands. 

To introduce inflation account- 
ing in order to reduce an historic 
surplus is surely a criminal act 
by the public sector condemned 
by the Government. 

It is announced that even the 
£IS0m adjusted surplus Is six 
times the 1976-77 figures. How 
can this be justified to the con- 
sumer and the wage earner 
restricted to a 10 per ceot in- 
crease in 1976-77? So much for 
the Price Commission. 

P. J. Fenn. 
d. Tourer Rise. 

Richmond, Surrey. 


The gearing 
adjustment 


From flic Editor, 

Accountancy Age 

Sir,— Lex suggested (July 19) 
that the Hyde Guidelines gear- 
ing adjustment should have been 
applied by British Gas “ to 
reduce its extra depreciation 
charges by the extent to which 
these are financed by external 
debt capital." 

My understanding of the gear- 
ing adjustment is that it seeks 
to indicate how with inflation 
equity share holders benefit at 
the expense of debtors. It is a 
concept anyone with a house 
mortgage should understand 
because when- the house is sold 
the building society gets its 
mnnev back while the house- 
holder gets all the profit. 

But a nationalised industry 
has its equity owned by the tax- 
paver. and the hulk of its loan 
finance comes from the same 
source, the taxpayer. What then 
is the logic in gearing adjust- 
ments to allocate gains and 
losses when both are received or 
borne by the same group? 
Anthony V. Hilton 
76. Dealt Street, WI- 


timber remains wet for an appre- 
ciable period, either through bad 
building practice or faulty 
design, but they are no more 
co mm on than concrete deteriora- 
tion. It is claimed that concrete 
joisted floors are cheaper than 
timber — TRADA has a report 
from an independent firm of sur- 
veyors which shows that the 
installed cost of timber floors 
is well below that of concrete 
which requires crane handling on 
site. 

Fire is an emotive subject and 
because timber burns It is often 
thrsut into the villainla role.';The 
facts are that timber burns at a 
known rate maintaining its struc- 
tural integrity for a period that 
can be accurately calculated and 
gives off lowdoxicant gasses. 
Timber is now being used to pro- 
tect steel and concrete which dis- 
tort in fire and lose their struc- 
tural function. The main prob- 
lem in fire arises from burning 
of the contents and this is the 
same for both concrete and tim- 
ber floors in terms of public 
safety. 

Finally, concrete is not main- 
tenance free as the Federation 
would have everyone believe. 
The following two headlines 
appeared in successive issues of 
the architectural journal "Build- 
ing Design (June 23 and 30): 
"Concrete repairs to cost 
£175,000." and “Spalling lintels 
cost GLC £150,000 to repair.” 

J. G. Sunley. 

Stocking Lane. 

Hugheiuten Valiev, 

High Wycombe. Bucks. 


world of markets. However, and 
this is where Mr. Harris’s article 
may be at its - weakest, the 
decision to invest or disinvest 
has money is that of the invest- 
ment manager alone and it is 
not normal practice to ring round 
the flock -in order to consider 
whether the investment manager 
is being fleeced or not. 

J. D. Campbell. 

Scottish Amicable Life 
Assurance Society. 

150, St. Vincent Street, 

Glasgow. 


is tiie case. The relevant section 
of the - Employment Protection 
Act applies only to people who, 
while otherwise fit for work and 
not therefore entitled to sick- 
ness benefit, are suspended from 
their normal job on medical 
advice because this involves ex- 
posure to ironlslng radiation, 
lead and certain other chemicals. 
Also it applies only when the 
employer is unable to supply 
suitable alternative work. 

R. J. Seaman. 

S, St. James's Square, SWl. 


Brokers’ 


advice 


Council house 


From Mr. A. Bowden 

Sir,— Maybe Anthony Harris 
(July 21) should bear in mind 
that “ the handful of young men 
who write brokers circulars " 
happen to have some 10 years’ 
experience, on average, of visit- 
ing managements, talking to 
managements, and visiting their 
factories. Above all else they 
owe their professional survival 
to being right more often than 
wrong in their judgments. 

Ob that the same could be said 
of the handful of men in White- 
hall and Westminster who do not 
seem to need this qualification 
for survival And they do not 
merely express their views they 
all too often enforce them. 

A. R. Bowden. 

4 Birdnwood Avenue, 

MusweU Hill, NWHL 


rents 


Views from 


Marketing 

tractors 


the City 


Competing 
materials 


From the Director. Timber 
fft'sctirrii and Development 
Association ■ 

Sir.— The Federation of Con- 
crete Specialists is currently run- 
ning a campaign in the nations 
.md technical Pres® wbien 
includes both advertisements 
tJulv 20) and editorial 
references, aimed at securing the 
market for floor joists, a tradi- 
tional timber function, for pre- 
cast concrete. 

In a free economy it is to 
everyone's benefit that there 
should be competition between 
materials hut it is also necessary 
that the properties of competing 
materials should be compared 

accurately. There should art, 
however, he "competition with 
tiuhlu* safely. Fortunately, we 
arc more than adequately pro- 
tected this respect by building 
regulations- . 

We have yet to discover the 
perfect building material— all in 
some decree or other are liable 
to begin to deteriorate from tiie 
moment they are installed- Tim- 
ber is no exception and nor is 
concrete. The tenor or the cam- 
paign by the Federation of Con- 
crete Specialists is that timber 
has numerable faults and con- 
crete bus none. For example. » « 
inferred that timber floors do 
not meet the building regulations 
on sound and thermal Insulation 
— this is not true. It is suggested 
that woodworm and rot are com-, 
mon— this is an exaggeration; rot 
can occur, for example, when the 


From Mr. J. Campbell 

Sir,— Unlike Mr. Eric Chalmers 
(Julv 25) 1 did serve in the 
Royal Navy and was a bo'sun's 
mate at one time on the quarter- 
deck of HMS Kang George V. Beat 
that. My main recollection, as a 
very young youth, was the diffi- 
culty I had in pronouncing the 
word “aft’’ to the liking of an 
officer of the watch. With youth- 
ful Glasgow intonations the 
expression “hands lay aft” was 
transmitted through the broad- 
casting system of the battleship 
to all corners of the messdecks 
and the officer thought that the 
enunciation could have been bet- 
ter. I apparently said “aft" as in 
Ally McLeod. 

Mr. Chalmers was writing in 
response to Anthony Harris's 
article of July 21 re the handful 
of young men who write brokers’ 
circulars on the Gilt-Edged mar- 
ket and Mr. Harris refers to the 
“sheep-like tendencies of insti- 
tutional investment managers." 
Baa or should it be bah? Much 
could be said in challenge to Mr. 
Harris but I will confine myself 
to three points. 

Mr. Harris towards the end 
■writes, as part of the circular 
logic, that “I won't buy if your 
performance looks shaky.** What 
is wrong with that? Surely that 
is ' a sound basis for judgment 
even if one's judgment turns out 
to be wrong. And the authorities' 
performance as it affects Ihe Gilt 
market has had its shaky 
moments in the 1970s. 

A majority of investment man- 
agers may from time to time 
come to the same or similar judg- 
ment. Quite the most important 
and dominating fact for - an 
an investment manager, how- 
ever is to decide when, advan- 
tageously. U> di ffe P from fre 
majority view. 

It is by superior timing m an 
individual way which will fulfil 
the manager's main incentive 
which is to maximise his profits 
compared to those of his comped* 

In my view mnch of the finan* 
rial and economic material which 
emerges from stock brokers’ 
offices is not only essential to the 
conduct of the business of invest- 
ment but is of high quality 
directly related as it is to the real 


From the Economic Adviser, 
Burge and Co- 

Sir,— The tractor manufac- 
turing industry today is • at a 
crossroads. Too many technical 
experts better qualified than I 
am know it, and the production 
data confirms this, for the presi- 
dent of the Agricultural Engi- 
neers Association (July 25) to 
try to deflect the argument- We 
urgently require to establish 
whether tbe splendid produc tion 
and export record of the industry 
can be expected to sustain its 
earlier momentum in the future, 
IT. ic now concentrates upon 
building. “ palaces on wheels.” 

Farmers around the world 
have limited expenditure budgets 
for machinery. The more they 
spend upon tractor power units 
tbe less money there is available 
for the working machinery which 
actually performs the cultivation 
and harvesting tasks required. I 
respectfully suggest that conflicts 
could arise here between tractor 
and farm machinery interests 
which, if they are allowed to 
continue, would damage both 
industries.. 

My farmer friends welcome the 
concern for tractor safety today 
as I do. but tractor cabs and con- 
trols are seen to be losing their 
original functional purposes. In 
no other machine I know of is 
the cab and controls such a high 
proportion of the final cost of 
the vehicle. This benevolent 
criticism is intended to suggest 
tii at there is now something 
wrong with the basic design 
configuration of the tractor. 

A. G. Horsnail. 

25, Worship Street, EC2. 


From Mr. G. Lindsay 

Sir, — Although Mr. Blag- 
brougb (July 26} assumes so, 
my tetter of July 24 was 
strangely enough not prompted 
by political motives but simply 
on economic grounds. I am 
aware that the subject of econo- 
mic council house rents is politi- 
cal dynamite especially For a 
prospective Labour candidate! 
As a pensions scheme consultant 
1 can see despite legislation by 
successive Governments tbe con- 
tinuing poverty for many old 
age pensioners in this country. 1 
am simply proposing that If 
those who could afford to pay 
council house rents daring their 
working lifetime, and I am sure 
Mr. Blagbrougb would not deny 
that there are many, then local 
authority housing would not be 
the same drag on the economy 
as it presently is. How much 
better to say to a ' retiring 
employee at 65 — you will receive 
(I) a pension from your com- 
pany (2) a pension from the 
State and (3) you will no longer 
have to pay rent.' 

I would certainly agree with 
Mr. Blagb rough that his subject 
is of sufficient importance to 
warrant greater political debate. 

On a lighter note, Mr. Blag- 
b rough may be interested to 
know that I would be very happy 
to see index linked golf club 
subscriptions as I am not a 
golfer! 

G. L Lindsay 

Willis Faber (Midlands) , 
Rutland House. Edmund Street. 
Birmingham. 


Who owns 


what 


Protecting the 
employee 


From the director of Information 
Department of Employment 

Sir,— You article “Protecting' 
the employee” in the special 
report on investment services. 
(July 22) contained the follow- 
ing statement: “any employee 
suspended from work following 
examination by an employment 
medical adviser is entitled to 
normal wages for up to a maxi- 
mum of 26 weeks." 

Put in this way. the impres- 
sion may appear to be of con- 
siderably wider application than 


From Mr. J. Harding. 

Sir, — In your main leader of 
July 26 you question whether 
Ministers believe that union 
leaders or their members think 
’that dividends go to the rich, 
given the weight of Institutional 
Investment and a high marginal 
tax rate. You dearly expect them 
to be rational and see the bogus 
nature of such a belief. 

I have news for you. In a 
Labour Party political broadcast 
on June 15 it was claimed that 
“The top 31 per cent of the 
population own 96 per cent of 
the land and 90 per cent of com- 
pany shares.” 

I have since pointed out to 
the Labour Party's Research Sec- 
retary that the snurce of this 
information (the Fourth Report 
of the Royal Commission on the 
Distribution of Income and 
Wealth) makes it clear that the 
figures relate to “ all personally 
held company securities" <v. 
paragraph 163) and therefore ex- 
clude ail holdings by institutions, 

charities, trusts, etc. 

My comments have been 
accepted as “absolutely right." 
but this does not stop the party 
from believing what dogma de- 
mands. rather than what is 
factually correct. 

This state of blissful and blind 
ignorance will persist unless the 
lies are refuted as soon as they 
are uttered, and with as much 
publicity. This surely is the role 
of a free Press. 

John R.-V. Harding. 

14, BUUkmham Turn, Bedford . 


GENERAL 

Talks resume between Chrysler 
management. national union 
officials and Government Ministers 
in further effort to settle strike 
at company’s Linwood plant. 

French air traffic controllers 
expected to work to rule from 5 
a.m. GMT today until Monday 
morning. 

PARLIAMENTARY BUSINESS 

House of Commons: Motion on 
Valuation List (Second Postpone- 
ment) Order. Motions on 
Ministers and Members' salaries, 
allowances and pensions. Motion 
on- fifth report from Select 
Committee on Honse of Commons 
(Services), session 1977-78 on the 
new;. Pari lament building. 

House of Lords: Transport Bill, 
consideration of Commons reasons 


Today’s Events 


for disagreeing with Lords 

amendments. Motion to approve 
Ministerial and Other Salaries 

Order 1078, and Family Income 
Supplements (Computation) Regu- 
lations 1978. 

COMPANY RESULTS 
Final dividends: Brady 

Industries: Crossfriars Trust; 

General Engineering Company 
(Radcliffe): Hardy and Co. 
(Furnishers): Lowland Invest- 

ments; Mining Supplies; Stafiex 
International; Steinberg Group. 
Interim dividends: Midland Bank, 
Plastic Constructions. 

COMPANY MEETINGS 
BPB Industries, 15-17. Marylebone 
Road. N.\V„ 12. Crosby Spring 


Interiors. Fleece Hotel. St. Helens, 
11.30. Dartmouth Investments, 
Botanical' Gardens, West bourne 
Road, Birmingham, 12. Evans of 
Leeds. Queen’s Hotel. Leeds. 12. 
Lindustries, Dorchester Hotel. W.. 
12. Lloyds (F. H.), Albany Hotel. 
Birmingham, 12. Parker (Francis), 
Connaught Rooms, W.C.. 10..10. 
Pegler Hattcrsley, Danum Holel, 
High Street, Doncaster. 12. Tosco 
Stores, Connaught Rooms, W.C., 
12 UKO, 100. Old Broad Street. 
E.C., 12. Unilock. Institute of 
Chartered Accountants. E.C.. 3. 
Wood head (Jonas), Parkway 
Hotel. Leeds, 2.30. 

CUT FESTIVAL 
Shakespeare at Lunchtime: 


Classical actors ami actresses give 
their personal elm ice of extracts 
from plays. Merman! Theatre, 
E.C.4, l.Uj p.m. In 1.35 pm. 

Elizabethan London and its 
Theatres: An illustrated lecture 
by Sir Bernard Miles. Mermaid 
Theatre. E.C.L 3.30 pin. 

Carl Flesch Prizewinner's 
Concert: London Sjmphony 

Orchestra. conductor David 
Atherton. perform Berlins 
(Overture, Le Corsaire*; a violin 
concerto t Beethoven. Brahms or 
Mendelssohn): and Sibelius 

(Symphony No. 5). Guildhall, 
E.C2. 7.30 p.m. 

SPORT 

Cricket: First Test. England w 
Now Zealand. The Oval. GulT: 
English amalour championship, 
Royal Birkdalc. 


This announcement appears as a matter of record only 



DOME PETROLEUM LIMITED 


CDN $160,000,000 


TERM FINANCING 


Managed by 


<i> 


CANADIAN IMPERIAL 

BANK OF COMMERCE 


Provided by 

CANADIAN IMPERIAL BANK OF COMMERCE 
BANK OF MONTREAL 
THE TORONTO-DOMINION BANK 


.■) 






• • • 1 “'S' 





+ COMMENT 


* & r. ' '* • * ;. v Sf-' 

Cawoods better tlian expected at £7.8ii 


CONTRARY TO mid-term 
expectations of lower second half 
profits, compared with the Fame 
1976-77 period. Cawoods Holding* 
managed to lift it* pre-tax result 
this period from X4.n6m to £4J*5m» 
It] is takes the total for the year 
ended March 31. 1978, up by 10.6 
per cent to £7.76ra. 

During the year the group held 
its share in solid fuel and oil 
products and with acquisitions and 
increased strategic stockpiling of 
solid fuel in the summer months, 
profits of the fuel division were 
pushed up from 13 .03m to £3.S7m. 

On the sand and gravel side the 
profit showed an advance from 

XI. 86m to £226m rationalisation 
of production in the quarries 
continued and with ' improved 
geographical marketing contri- 
buted to this result. During the . 


HIGHLIGHTS 


Barclays BanJk has come up with some surprisingly good 
figures showing a 17 per cent Increase in profits mainly due 
to a reduction in the provision against doubtful advances. 
Red land has also produced some good figures and the pre-tax 
rise from £34. lm to £39. 4m looks even more impressive con- 
sidering that ibe profit is struck after a £l.8m provision against 
a contract that went wrong. Inchcape on the other hand has 
produced some disappointing results. Commodity losses in 
Holland and a downturn -in Africa are to blame. Elsewhere, 
the interim figures from Prestige show profits higher by a 
tenth and Dejnbyware has come through with a partial profits 
recovery. Fitch Lovell's figures are not as had as some had 
feared, while Cawoods* results show a slower rate of growth in 
the second half but the outlook is sound. Yorkshire Chemical 
has produced a £3.1m rights issue. 


the competitive gap between coal 
and oil Is narrowing. The share 
price rose 3p to 143p;:-where the 
p/e is 9.2 and the- yfcld is 4.1 
per cent. 


Prestige 
up £0.24m 
so far 


year the group acquired significant 

additional reserves of sand and men t shows that the profit before cut in the group cash balance, 
gravel. tax is reduced to £5^87m. Another factor was that fuel dis- 


■ through with a partial profits AFTER A foreign ^'. exchange 

S are not as bad as some had surplus of £75,481 compared with 

how a slower rate of growth in a , deficit, pre-ta x profits 

cnnnri Vnrkvhiro Chemical ******** Group, improved from 
is sound. Yorkshire Chemical JB(4Sni to £. w72m ^ hart 

!ue - of 1978. Sales for th^period rose 

from £26.8m to £28.92nj. . 

cut in the group cash balance. _ To reduce disparity with tbe 
Another factor was that fuel dis- , e interim dividend is 


In refractories there was a Capital expenditure amounted tribution profits did not grow as **fpped ap from L7Sp 2.5p net 
severe competition for available to a record £5,79m during the ra pidly as the market anticipated per 25p share. Last .year’s total 

business and profits were lower year. , . , „ because of the continued compe- P»>Tnent was S.5845p tom profits 

at £186 000 against £271 000 The present market value of tition for industrial oil sales. Bad ot -8;*' 

Exports represented 54 per cent investment in LSMO is £U.41m weather in the final quarter . Tax for the six mopths took 

of total sales against a cost of X5film. caused disruption to the sand, £L35m (£1.29zn) and £here was 

Taking the' group overall the gravel and builders’ supplies a £16.415 (06.038) transfer to 

directors report that the current m comment activities but this was offset by capital reserve for m&knption of 

vear has started with Increased * , , , .. increased demand for ftiel. How- preference shares and jfivitfends 

turnover and profits The s l° wer rate of Profit growth ever, the outlook for the current thereon. The available balance 

, . , ... „ Cawoods’ second half Is partly year is good with turnover and finished higher at £1.36nif(£l 18m). 

After tax and jnuionties The explained by the reduction m profirs ahead of Jast year. The The company which manufac- 

balance available to holders comes interest income caused by lower domestic market for solid fuel tures and sells domestic house- 

S[er 1 E extraS'dilSr? Ca !:rrdiu' 8 ?E illterest rates and a 00 per cent appears reasonably strong though wares fa controlled b* .American 
£47.000 1X307.000). Earnings per ■■ ,■ — , — — — — { KwVn* ,dU?t " Corp ®^ tiori of 

f 14 oi S p?. re are staWd at 1519p DIVIDENDS ANNOUNCED • comment ■ - 

The dividend fa increased by D . Cnrrp . Total Total 9 corninent 

the maximum permitted— from Current of soondine ror last Prtce rises and cost , controls 

3.4 lp to 3-Slp net, with a final of Mvment P d iv rather than any significant in- 


Horae Products Corporation of 
New York. 



1 Terrs Kirk 

Mr. Anthony Take, chairman of Barclays Bank, who 
announces a 17 per cent increase in first-half profits. 


Turnover 22**05 

Subsidiaries 1M.400 

Share or avncuies ...... 29.JU5 

Tradinc curnlui - S.W6 

PepremrJon l.— * 

Tradinc proSl 6.SB2 

Slure of askoclali-i -MB 

Pmfil berore inioreFt TJ2CS 

Fue) dhinbuuon 3.SBU 

Sand and iravrl. oic. ... 3i'M 
Road material'. etc. ... * 47s 

Container j-hlpplos 244 

Befravinrics ISd 

Part: acme 1M 

Inrs-diueni income 11 

IniwcU ri-wivid 5fi7 

Lnan Inrrrmr Ill* 

Profit before ih ... „ .... 7.757 

Taxannn 4.101 

Not profit 3.K36 

Mlmrririw 74 

Extrai-rdlnary itemo . ... 47 

Available 3*28 

Dividend*; »in 

Rerained ?.r| 9 


‘otto £hw Beaumont Prop. 
22**05 1M.397 Cardinal Inv. Tst. 

194.400 ID. 744 Cawoods 

"sioSs Colonial Secnritle 

l!s!4 j!*nij Den byware 

6.RK2 5.942 Drayton CnmmcL 

F,tcfa Love11 

3*m 3.Kis F - Pratt 

221R2 L*»s Hillards 


;U Inchcape 
J. I. Jaco 
30 J. Jarvis 


3.H.15 Prestige int 2.55 

R. St J. Pullman fi.34J 

Red (and 2.13 


Current 

Date Corre- 
ct spending 

Total 

Tor 

Total 

last 

payment 

payment 

aiv. 

year 

year. 

.int 

6.05 

Oct 2 

5.5 

— 

11 

.int. 

1.17 

Oct. 2 

1.16 

— 

3.47 

.int. 

L65 

Sept I 

1.5 

_ 

3J 


2.84 

Sept 8 

2.54 

3.S1 

3.41 

.int 

2.5 

Aug. 31 

2.5 

— 

8.1 


3.31 • 

Sept 25 

3.31 . 

5.42 

5.42 

.int. 

1.31 

Aug. 31 

1.31 

— 

4.5 


2.81 1 

Oct 2 

2.52 

4.09f 

3.66 

.int. 

\M 

Sept 1 

1.65 

— 

4.86 


3.83 ‘ 

Oct. 2 

3:41 • 

4.93 

4.41 

.int. 

0.75 

Auk. 29 

0.68* 



1.99* 


9 

OcL 2 

5.45 

15 

10* 

.Int 

0.55 

Oct IS 

0.55 



1.85 


5.14 

— 

4.54 

9.54 

8.54 

int 

4.5 

— 

2.01 

539 

2.83 


1J!8 

Sept. 5 

LIT 

2.48 

2^7 


• comment . 

— s_-_ , . trend. Assuming that the first dent that the full yeArs results 

and * controls ha j f \ s maintained for the will continue the company’s 

rattier man any significant in- year £6.9m pre-tax looks pos- record of unbroken progress 
,c° I i«umer_sp e BdhiK were alble f 0n thal shares since 1969. 


SSraSl^ta pJetS^ Groifp’s |^ P e ( p Up ™ “J He Wrt* that trading in the 

first half favahfn nmfiti SpPCIIVe p/e OI ana yietQ O.l , lul i ctnrirhnlrfinir art ri rtrnn fflrtr. 


first half taxable profit^ . Volume emL Tta Auti raaid be vu l « tee r stockholding, and drop forg- 
sales in fact were static and the Ttooueh American ins tUs “ ions 1* bcin « maintained 

turnover advance of 7^*per cent Home P redMtt SjK* 5? cent at a satisfactory level and in the 
reflects the price fncrea 8 per * hid l^kJ imbkllv fabrication division increasing 

cent at the beginning of4he cur- a 1U1 ‘ 0,0 4oaKS unuKeiy - sales 0 f the company’s new gal- 

rent financial year. Meanwhile the vanfaed steel lintels are compen- 

group fa keeping a tight rein on TT-ill O sating for reduced demand for 

finances with working capital ris- 1 W road safety barriers. 

llne trirnover^rowth. Fi rat turnover advanced 

AVhat is worrying is that the group n Jjl from £5A2m to £7.03 m and no 

does not seem to have-enjoved X|¥l|ff| K0GDS tax is provided for as stock 
much of the consumer mending kJAUALJJ. appreciation fa estimated to 

boom— at an all time high In the exceed the liability to date. 

second quarter of the- calendar — ~ ~ ~ 

year. So although the strong 
trend in consumer durable de- 
mand is expected to Continue 


3 JJ{j Dividends shown pence per share net except where otherwise stated, throughout 

'm! * PlfTllii'alpnf aflor aHAli'in** fnr cnrtn iccnr* v Hn mnilnl fTno nolnl nn 


up pace 


The interim dividend fa 
effectively lifted from 0.682 p to 


is expected to Continue WITH profits of Hill and Smith 0."5p net per 25 p stato- _ After 
ghout the rest of Prestige's showing- a £78.883 improvement waivers of £8.«88 ( i JS9) inis cost 


The infialion accounting state- S To reduce 


ws * Equivalent after allowing fnr scrip issue. fOn capital financial year investors shbnld not at £451.829 for the six months to 31.806 (£28.913). Last year's total 
:JW increased by rights and/or acquisition issues, t Gross throughout pin loo much hones on the eroun March 31. 1978. Mr. T. Hamnson payment wax equivalent to 1.99p 


by rights and/or acquisition issues. {Gross throughout pin loo much hopes on the group March 31. 1978, Mr. T. Hampson payment was equivalent to 1.99p 
e disparity with final. * gaining in line with the, overall Silk, chairman, says he is- eonli- on ne * profits of 931.806. 


■V- 0 

Fin ancial Times > 

| ISSUE MEWS AND COMMBflp . ■ 

York Chemicals f , 
£3m cash call 

mfflamiS^oT^^'d'laS- 

ning- materials, is raising about first ba/f of IP7X was iOmODO «nd , 

£5.lm net by way of rights on the is expected to reach £1.3m for the 
basis of two new ordinary shares full year. 
for every five ordinary shares The issue h«" 1 

heldren July 14. 1978- written by Klcinwort. Benson and 

At" the same time, the company the brokers to the iw» are ( 
anhoimre? first hair 1978 profits Hedderwivk Midiae G rum bar and } 

of £0i9Bm which, although 13 per Company. . .. .... _ 

cent' below the previous ronipar- The _ two largest holders of 
able period are a substantial im- Yorkshire Chemicals w*re® are 
pSS over the £0.4m CM International, which ho^, 

JSSSTin the second half. The 6^9 per cent and Prudential ! ; 

presSt level of activity is Assurance, beneficial owner* of a } 

exbbcted to be maintained in the tenth. , 

half A spokesman for C.roda utd 

The lnierim dividend is raised yesterday thAt it was fairly likely 
from^J B93P to 2A9325P net. The that the company would take up 
SrebtonToropose to pay a final or its rights. The Prudential «aW it . i 

not less P than 2.4438 p on the was still a little early for the i 

Increased capital, for a total of company to make a decision. I 

4.83906, Last year’s payments 

amoanled to 4.766S4P from profit* • Comment i 

of £LSSm l£3.18ni). Yorkshire Chemicals has made a 

The directors reporr that after surprisingly good start fo the year, 
two- bad months at the beginmll First-half profits are 146 per cent i 

of tte year, sales volume has higher than the prevtous six 
rise^iieadily both in the UK and months, which reflected a period / 5 

overseas Selling prices have of depressed 'vorldwidc demand ; 

shown an improvement, but there for fibre dyes, pie reason for the 
are-many markets In which prices upturn fa a slight improvement in /*• 

remain weak and profit margins world textile trade since Febru- „ f - f j : I 

unsatisfactory. ary. This, coupled with factors \ ]} f T t ] 5 

Thfe recovery was also aided hy such as greater stability of raw to 

couttol of organisation costs and material prices and a slight in- P 

favourable levels of exchange crease in selling prices, has left _ t 

rates. margins five point* higher at 8.S f 1T»* « ■ j 

. Trading conditions for the per cent. Assuming this trend ! r .Ji* 

associate Transprints lUKt, have continues— and helped by the in- * » 1 

fa&ptoved but remain difficult. terest savings from the rights t 

Virsthaw issue — the company looks set to 
JJI? J"? make at least £2.im this year. 

. ii*« jVms Meanwhile, the hefty rights issue 

- "an will reduce the company's gearing . 

ovattiw sj« 77 from around 82 per cent of share- J 

Trxd&x oroai -J** -JJJ holders’ funds to a more respee* • 

Si Ss table 40 per cent. The attractions i 

PrSPlAra UX no u« for the shareholders, are not so 

*I®fe rights fasue Is at 84p per apparent, particularly as the 
shife. payable m full on accept- shares, at 106p, are currently sup* 
ancqs not later than August lp. ported by bid hopes. Moreover, 

! 1978^ It is expected ihat circulars the company is giving bttle away 
I aneL provisional allotment letters in terms of a dividend increase, 
will be despatched today and The ex-rights yield is 7.2r per cent, 
dealings in the new shares should just half a point higher than the 
begin on Monday. return prior to the cash call. The 

The proceeds of the issue will prospective p/e of H tt>mparei» 
bq used to reduce overdrafts and with an historic figure of 7.9 tor 1 . 
to complete the current expendi- the chemical sector, 
turd 'programme is expected to y-* A IWTTFiV 
total £2m for the period to the VAluULrt 
I end* of 1979. This expenditure Camden’s J2J per cent seven 
! includes additional capacity for vear stock started trading > ester- 
| the manufacture of dye inter- day at a i premium over the 
mediates anil new dye finishing issue price, and closed ltd) (£10 
equipment, the replacement of paid! having touched a high of 
existing dye production units and fHU. ‘ 


r SV;? 


CoMp* sales 

Orettteas". 
Tr*d%i praBt .- 
DenmatUm 

i Prefa’MTtre iax 


m 





ii 




m 

v VVv‘ 

\v?.: 




V ^'1 

} ^ca 

V t0 

V 

\be 

|1 


WSsSp' 


r 

From the Financial Times, 
Wednesday 28 June. 1978. 


JAW PRESS 




P 


Profit £9,560,000 
Dividend 16.75% T 
Earnings 3.75p J 


per ordinary 
share of 
5p each / 


In his annual report to shareholders for 
1977 the chairman, Mr. W. A. Hawken, 
made the following salient points: 

Group profits substantially exceeded 
the previous year's record figures. 
Profits rose nearly 30 per cent, from 
£7 .39m to £9 .56m. Group turnover rose 
from £158m to £196m an increase of 
24 per cent. 

The dividend for the year of 16.75 per 
cent, is the maximurtV permissible and 
the available profit covers the total 
ordinary dividend four and a halftimes. 

The group has entered 197S with a 
strong order book. 


The continuing development of our 
\ experience and technology, especially in 
all aspects of energy and related fields, 
together with the wide range of services 
and products offered, will enable us to 
. take advantage of the many opportarnties 
coming forward. I am confident that, 
these factors will ensure the further 
improvement of the group’s trading 
results. • 

r~Yfcarto31 December 1977 1976 

£'000 £'000 

j Croup profit 9,560 7,386 

| Taxation 5,003 3,977 

j Dividends (nety 1.020 883 

i Ordinary dividend cover 4.5 4.0 

I Earnings per ordinary share 3.75p .3.1 3p 

} Group net assets 34.510 27,786 


Thcchaima^s fuUstatemen t is iticluded in the 1977 annual report and accounts, which can be obtained from 
the secretary , William Press & Son , Limited, Croup Head Office , 28 Essex Street , London WC2R 3 A U. 


ENGINEERING 



CONTRACTORS 



Brazil cargo battle grows Underwater 

BY DIANA SMITH F6SCU6 phll 

RIO DE JAN1ERO, July 27. <N>nUiners and transshipment via THp N M . R-.-areh Develoo- 
THE U.S. Federal Maritime the line’s base of operations, ™E National Researeh Develop- 
Commissioner, Mr. Robert Puerto Rico— and got nowhere, mwit Corporation has invested 
Blackwell, has gone to bat on Earlier this year, while Sea £150.000 to support design and 
behalf of the U.S. container line Land was bringing a case against construction by Seuforth Mari- 

e t..j ..J ik. r«.i. tin. mini in tka Dhiln. i : 1 — 


■lUiy 3L, treigai waivers to tun tea, very sqotiy, ttiac u twin- , .. 

Brar.tlian vessels carrying cargo tance 1o Sea-- Land persisted The corporation s conlribution 
on the north-south route. problems cnuiU ensue. represents half the design and 

This is the blest stage in a Haying lost its court case. Sea j construction costs, 
battle waged by Sea Land to join Land recently hinted that it Divers in compression chain, 
a four-line cargo pool consisting might use standard ISO con- 1 bers oa ^ decks of oil explora- 
of Moore McCormack and Delta tainers, despite the technical _ latrorms are Dar ti C ularty 
fU.S:). and Nctumar and Lloyd problems involved, should it be 

Brasileiro (Braiil) which p entitled to join the pool. Its vulnerable if then vs blow-out 
involves an annual S209m in willingness to compromise .has or fire. Seaforth Maritime plans 
freight revenue. Brazil has created even greater perplexity to provide a lifeboat rescue 
refused to accept Sea Land on over Air. Blackwell's official chamber which will enable up 
the grounds that its 35 foot con- action. to 12 divers to escape to safety, 

tainers are outside- the 10, 20, 

30 or 40 foot ISO (International 

Standards Organisation! patterns « — ■ 

to which Brazil subscribes. 

Apart from protests by the 
Brazilian lines and threat of 
retaliation wiih Brazilian sus- 
pension of the tax credits it gives 
to Delta -and Moore McCormack 
on freight charges; under the 
equal access . agreement, Mr. 

Blackwell's action has attracted 
the indignation of Delta Lines. 

• Commander J. W. Clark, 
chairman of Delta (which has 
traded with Brazil for detsadesl, 
called the sanctions “ill-judged, 
groundless and overlooking all 
Interests but Sea Land's." 

The moment, observers feel, is 
unfortunate, since U-S.-Brazilian 
relations are already delicate in 
the wake of U.S. attitudes to 
Brazil's imelear energy plans, 
export incentives and import 
controls: a government sanction 
on behalf of a private company 
has added another set of reefs 
and shoals. 

Sea Land first tried on its own 
to persuade Brazil's shipping 
authorities to -accept its 35 ft 


Fixed Deposits 
with Lombard 


If you have £5,000 or more to invest for a fixed 
period of 3 months or longer, telephone our 
Treasury Department on 01-623 4111 or 
01-623 6744 for up-to-the-minute competitive 
interest rates. Interest is paid without 
deduction of tax at source. 

i Lombard 

y North Central 

"**98*" Bankers 

Treasury Dept, 31 Lombard St, London-EC3V 9BD. Telex: 884935. 


fiOflSKONQ UN6 INTERNATIONAL 



TO THE HOLDERS OP 

The Long-Term Credit Bank of Japan, Limited 

$40,000,000 Guaranteed Floating Rais Nates dn 1982 

In accordance with the provisions of the obove Notes, Bankers 
TVust Company, as Reference A^erit, therefore, has established 
the Rate of Interest on such Notes for the semi-annual period 
ending January 'i7, 1979 as nine and seven sixteenths per cent 
.19' iu '.v)per annum. As calculated in nccordnnce with Clause 2(d) 
of such Notes, the Interest due on such date, which will he 
payable on surrender of Coupon No. 3 of each Note (the 'Coupon 
Amount’), a m o u n t s in United States Dollars to b-lS.2-1. 


BANKERS TRUST COMPANY, LONDON. 
Jiefcrcnee Agvnt 


DATED; July 25, 1978, 


/^fvy\'s\ 


Record Turnover and Profits 


Yearended 31st March 
Sales 

Profit before Tax 
Earnings per Ordinary Share 
Dividend per Ordinary Share 


1978 

38,363,292 

1,082,047 

14.80p 

6.40p 


1977 

29.480.812 

800,957 

12.26p 

. 5,75p> 


fhafthf 22! S2? T Ma ?y heId ® n 27th JuI Y- tflc Chairman stated that this was the first year 
succession? 1 b ^ had exceedsd £lm - The Dividend was being increased for the 8th yearin 

Resolutions were passed authorising the capitalisation Issue to Ordinary Shareholder on the hask nf 
1 new 1 0% Preference Share of £1 for every 5 Ordinary Shares held. "arenaiaere on the basis of 









,"<^1 

\ss . 


i onw* 

*r .U, cent- 


Fi nancial Times Friday July 28 1978 

Fitch Lovell off £lim 
after second half fall 


Inchcape down IE 


Filch Lovell were down !!?*** expenineptal launch From deferred tax of certain A SHARP drop in second half margins through price restrictions 

£4.28m to £3.47m leaving the tntai 2L cer . 1 « Poultry products, with- earlier provisions arising from the profits from £40.51 m to £27.85 m, and generally difficult trading 
vear ended Anri] 2 b 107! from symbol group trading revaluation of properties and an Inchcape and Co., down to conditions in Nigeria. Price 

£M$m lower at £6j23m ' , 6 ^P enses _°f ® property adjustment made in connection £KL27m for the year ended restrictions in Malaysia also had 

An analysis at the trading lnwi rev a 1 °ation, which threw up a with non-taxable grants allowed March 31, 1578, compared with an adverse effect, 
snows that the decline occurred ,p f * 2 - 4jn ; „ to a subsidiary in a development the previous year’s . peak" of Further. the position in 

throughout most of the eroun/Oft split up Df the exceptional area. £73 38m. Nigeria was aggravated by the 

the poultry side the 'second half !" ms , an ° development expend!- In their interim report, the group's interests there having 

produced Uie expected nrofit arid ture s “ ows: profits less losses on A rnmmant directors expected adverse factors been reduced in compliance with 

the first half loss was eliminated P r °P er, y disposals £242.000 • COrnment to. affect the second six months. Government’s requirements from 

— ihn Van IBICQ (£^49.000 Incsl HPOAlnnTTlPnt anH _ _ • ^ Warfnp rpf»arH tn tboca anH an CA ndv pnnf tn AH imp nant itrifh 


men .000. __ _ 

Mr. M. G Webster chairman Earnings per 20p share are W „IT ‘“«n ably satlsfartory. sidiariei *The results have" in 

*W that the* retail section sh °wn to be down From 6.78p to wholSJe The .directors now say that ft addition had to bear the effect of 

inhere profits were lower** at 537p - 7116 dividend is raised by would not have been realistic unprofitable commodity trading 

Wourv hutniA. ■ Jl“ iraae m ibtt-ts 197&.77 cheese stocks from the green tipated. Australia, Japan ana i^ianana ana 

. t . e . hCrs shops. Key mo «« naund However, refenlins sales pImLi w maiptamed them in Hong Kong 


items £571,000 (£69.000). 


trading nmfitc of 97 . nor w»r»t> DuarM anuupaung uwl u»e areouuuny treatment as asso-i 

rtK “of Ail S m ten W* ™>«d iMMi of sub-| 


sidiaries. The results have in 
now say that ft addition had to bear the effect of 


Markets held on ( “T' - T y . am me pound. However, retailing sales Political pressures led to “Sf \° em KO "" 

sh^rebut juat ftolM tonSmSto K3L mdi :==rJ Si 4 £52 Jncreased by 23 per cent and. the restructuring 1 iverseS Auction to the 

profits due mainly to a marked Manufacturing <.»» 4.124 2Lni^ V aDI L- ?* ch ^ a f e Bearing in mind all the fore- 

decline in gross margins. Agency wholesale. ere. ... s.wi 3171 tnarket -share, despite the super- fluctuations which had been _ oin ~ factors, the year’s profit 

The mamifacturine ««or mam ***** - *■«= -.ess market pnee war- A big efficiency beneficial previously, had an ««, iVahW 

’.sassyr- SFS?s jsr £= J IS awa ms £555“^™ 

canning. Extraordinary items 230 34 b ut f he Key Market . chain will to* apd ■nunor^'. Interests were ..... , , . r 

In the agency firsthand whole- ***** baforc «* •«» 7.W7 barely benefit from expected lower, So that has been only a A divisional analysis of pre-tax 

sale and markett aretor the T****™ — »J 4^45 growth in non foods and fresh marginal reduction in earnings profit Shows (FOOQ’s omitted). 

half of Mk!! ■IS? 0 -wSJS - ^i iJ Ot iBM rr item “0 M foods. As forecast, poultry Per share £rom 42bp to 40.7p; general merchants, aeents jnd re- 
downturn from IlSin to l&ni oKS divfflT u» lm moved back into profit after the T£e final dividend is 9p. per £1 lated activnies £22^72 (£28*44) 

which largely aro^fromcS kS £200.090 first half shortfall, but ^making I5p agarnst. an ■^ l ^ , g M d ^S|Sf“ i 

lions in the commodity field Although a full provision con- a slight downturn m feed prices ■ 1 . ■ ■ . ™ hrofc^i S»b 

because of changmg markets. tlnues to be made for deferred “»y be temporary. At 66p So ^ 8 Snerati^s 

The group pre-tax profit was tax, this year the tax charge the. shares stand on a p/e of 11.3 Sf cin' '!« mo wiT'timher 0 and con 

struck- after exceptional items and shows a reduction as a percentage supported by yield (covered sStL aTfaJ. 1 - mt! SS^nn^’niVll Soi engineer- 

development expenditure of from 55 per cent to 47 per cent, less than one-aud-a-half times) - t g° TC* iMi m iw 'SSiSES 

£l.3Sm U1.46m,. This cover, the This resuhs from the release of 9.8 per cent. .SS^STSSSS 

last year , but there are si/ns £4.584 (£4.SR5), investment income 
j j , -m m "■ j that there .may be some improve- £561 (£428) and head office 

Better trend now evident as this is not likely^to ^be r dramaUa “J^oCTaphiMl ‘anafeste (JEOOO’J 

iS*T7-ry 1B7S.77 omitted) shows Africa £2.472 
^ n— m -« " moo moo (£12.107). Australia and South 

I f|«vr/> vt wm h2M.7« Pariflc £5.679 (£3 0181. Caribbean 


Better trend now evident as 
F. Pratt returns £0.37m midway 


Turnover tops £100 million 
for the first time. 

Extracts from the Annual Review by the Chairman , Mr. M. A Fry. 

Visionhire, the Group's UK rental division, once again provided most of 
the profit and also showed the largest growth, 

■^r The overseas rental division came a good second despite further 
expansion which, in its early stages, retarded profits. 

^ In the Camping and Leisure Division we expect further improvement in 
trading results for the current year which should see the Division return to 
overall profitability. 

'k Despite UK acquisitions, development of overseas operations and a 
hi gher dividend, the Group was able to reduce the level of overall borrowings 
by some £2 million and its gearing ratio to 0.7 times. 

★Increased profitability is best brought about by restoring incentives. The 
reintroduction of share incentive schemes is encouraging but will only be fully 
effective if the scope of the benefits is extended to more realistic levels. 

With some 7 million homes still without a colour tele\ision receiver there 
is considerable scope for growth in our business in the UK We also expect the 
rental concept to grow at a steady pace overseas. 

★We also expect to see a further swing to rental as the public seeks to keep 
up with technological advances and to protect itself against obsolescence. 

★ The current year has started well and further substantial progress is 
expected. 


r . rran returns iu.j /m miuway gjg^= 

, Mmoriiles 

ALTHOUGH at £366,379, pre-tax a dividend of S}p but Mr. Nichol- at £180 J21 (£288*97). PrS5S«*dWd^d 

profit of F. Pratt Engineering son said that he did not expect Stated earnings per 25p share AitrUrouJbie Ordinary . 
Corporation for the six months that there would be any further are 172291p (27-93Sp) and the Estraord. credits — 
to April SO, 1978 shows a £78,267 payments in the current year. total payment is lifted from 8.543p 
decline on the corresponding He said that the delay was to 9_5417p net, with a final of u IS Co ' 

period, it is some £104.000 better partly because of the need to S.1417p. Subsidiaries 

than the second half of last year, wait for a return from court Assoc, companies 

When results for the last full Line’s Caribbean investments and ______ ^ <osa 

year were announced the direc- Partly because of the^ need to IJillnrfiC ricsta in&ftoi: De 

tors were expecting a return to a settle unagreed ■ claims from I I ft til H UiJ <£s.8Tm/: Tax credit 

more profitable trend 1 as the car- other creditors. received £97.ooo «£S5.i 

rent 'year progressed. The Mr. Nicholson Mid that in the ____ _ l_ _ _ J| SSKLi^M™ f ¥S 

Improvement which was foreseen years preceding the collapse the QflOPrl ThJ^ari^f tort 

is now evident in all divisions company, through vast expansion Ullk,UttU^VU teuT members tha 

except construction steel, they had incurred enormous liabilities A/% /j Soin concerts m 

sav while practically every asset had nf A. / 4TV1 

The market for open mesh floor- been covered^ by mortgages. ill XaaJIII ■ 2S.m£ iStne m 


Subsidiaries 10.244 19.564 

Assoc, companies — M2 1J98 
■Comprises UK tax n-L95m (£12.Bm>: 
less DTK IT. 65m lISJBmi; Oversea! las 
ncS4m (fiaasm): Deferred tax £ 2 J«m 
<£8.srmi; Tax credit do UK dividends 
received 197.DM i£SS.0Mi; Prior .year 
deficit <348.000 (£lT6.ooo credit) fend 
associates Q.TBtn (CJfimi. 


£1,594 (£1.726). Far East £17.89S 
af-SM (£16.423). India (investment in- 
5,613 come onW) £246 l£133). Middle 
Kart £15.933 (1)8.161). North and 
„ .5 Sonth America *630 (£390). South 
Asia £11.366 (riO.tWS) and 
T47i UK and Eu-one £7842 (£12,768). 
See Ley 

19.564 

>« CHANGES AT 
itfi+ztda LIDE1V OFFSHOOT 

. * y £!d Arnhem Timber, a subsidiary of 
Liden Holdings, is to bait its hard- 


improvemem wnicn was t?reseen ^ UlltUiUi&CU The Earl of Inchape, chairman, woods stockholding and wholesale 

is now evident in ail divisions IShniriPc ^ ® tells members that because the operations but will continue to 

except construction steel, they n4- U'l group converts overseas results operate its log-sawing and kilning 

say- , r at tZ.jTTl toto sterling at the rates of bUriness for another company. 

Th^ market for open mesh floor- been covered mortgages, fll exchange rnHng on the accounting Intereol Timbers. .Arnhem claims 

mg shows no signs of recovery m ej™** * ^ ftSSSSJ turnover up 16.7 per cent dates, the profit before tar is the deal wffl release £400.000 of 

the ra odium term end the dlree- This had made lt^emeyma to asAn> pro fits before tax of reduced by some £5m compared to woridne capital for the redevefop- 
tors. together with the company s to rescue anytotognumuie supermarket operator, the figure resulting from applying ment of the company's traditional 

n.irtners in thp Hectagrid project, “anus o* Prior crarge ooiaere. were maintained at £2 Jim for the the previous year’s rates. furniture manufacturing and also 

have decided that the losses in this _ M .e t aaaea tnat ine_ gross year ent jed April 29, 1978. First The year’s results were badly its plastics and hardware 



Pre-tax profit 

E13-7m 


Earnings per share 
16 -ip 


We believe that the continued g rowt h 
andpro^ieritj*ofthe group depends on our 
customers, staff and investors. 




1976 1977 1978 1976 1977 1978 


,.I M,.- value nf the comoanv’s year enaea Apni d, uat a. rirst me years wc«c umujj iu 

area are no longer acceptable. The 22? SI * half profits had risen slightly affected by a reduction m trading operations. 

trade will be continued, there- was Mpecrea m oesugmiy from £ 0lm t0 aMmm x— 

r nr p nn a restrirted hnsis in nrdpr higher than the £21.4m men- 

to com nlete existin'* contracts tinned by the Official Receiver in The directors say the group is 
iT’mnSerenii Xatthe -statement of affairs” issued continuing to expand, but it is 
-nd «f ml flS hSf were £0 7m ^ April. 1976. but. the figures anticipated that trading in the 
nf tbow nt the nrr! nf C tw eventual liabilities of £61.7m next few months W.U .remain 
I.,„ t r„n vear and r 1 fim hieher for unsecured creditors and difflcuJL 

than at the came rime l.irt year. Earnings per lOp share are 

The net interim dividend is ™ lme s ' lth carrent projections. Kjven ^ 36 ^ lp against 36.05p and 
stunned up • from -1.64820 to the final dividend Is 3.9301P mnk- 

1 8391 p. T ist year’s total payment w T •_ ine a maximum permitted 

was 4.8563p. J _ J 3 TV IS 4.9301p compared with 4 .4182 p 

six months " previously. 

197T-7S 1B7B-77 Irt^pr nf Turnover for' the year includes 

Turnover 9.WI.45* 6.TW.9H Al VAT of £2.34m (£2.01m). 

Trains profit WS.T KT sen .s* JpCIA lylQ ,_To»r 

TSpn-mtlon .... s»»s ».4sa T. l I V.Z4A 1W I^ IS7 SaI 

In . tom 211. 07S 195 451 «**- X ^ <008 £000 

Prara before w* ... w oj **.**6 A partial recovery to Pr«rta 

S.W*- *v™ profits to the second half a 


hardware! 


Copies of the Annual Report are obtainable from The Secretary. Electronic Rentals Croup Limited, 
Electronic House, C'n urcaftcld Roa d, H'cybridge, Surrey KTJ38DB. 


Turnovor 

TrmJina profit 
rs-pn-rintlon 

Praro taibre wx ... 3*« wj w.«6 A partial recovery to Pre-tax ^oos 

waiinMo 2i»«) sit.™ profits to the second nan interest" »« » 

Dividend PS.3M B7.5W J- Jarvte and Sons, builder and pr«n before tax — Wll 2J» 

civil engineering contractor, left Tax ... 3* !« 

„ Ike 6^ te tte Brf, M. ra *-Sr *S 

T in A - vear - down at ^319^48 against Retained 1X1S 1SS5 

^.UUSE LlilBC £612.557. • .on abort term Ml>: Inrlode. 

„ _ In March, when reportmg a drop nzs.ooe .1*77: an own from furtlas on 

CalfllOUS on from £278,000 to £151.100 to first- sale of short term investment*. 

_ half profits, the directors stod that two new stores were opened 

Ipmpnr orders so far received to the during the year— at Grimsby to 

iso. ail. second six months had been at a j nne 1977 and Alfreton to Nov- 

Mr. Rupert Nicholson, joint satisfactory level, which gave the en ,ber 1977. but although the 
liquidator of the failed Court company an excellent basis for group was able to show continued 
Line hoi Wav group which col- increased turnover in 1978-79. growth to sales, despite the 
lapsed in 1974 has warned credi- Turnover for 1977-78 was £1.36m national decrease in consumer 
tors not to expect payments of lower at £12.64m. After tax of spending on food, the results for 
more than lOp in the’ pound In £330.735 (£322.339), net profits fell the full year reflect the severe 
-soh lenient of their claims. from £290.218 to £182.513. while competition throughout the food 

So far creditors have been paid the attributable figure emerged retail sector, the directors say. 


J. Jarvis 
lower at 
£519,248 






5Kr-arr== *S m 


Court Line 
cautious on 
settlement 


K* 323 

z^n 2J» 
206 218 
2.MG 1.091 
287 256 



WYNDHAM ENGINEERING — T ut tw v bt half 1978 130.769 f£l 5.806V after- tax Share 14Tp (1.29p)- Net aaaet vfehw per 

!for March IU 1978 year I282.WS (<255.6781. £57.212 (05^811. Total nel aaietfi <2feoi capital abate after cooveralon of COD- 
'(tniiiB profit Mja f £25. 771 1 after aU i£2J6m ax at December St. 1677) and vertlble loan Block 52.7p MUJJ. 
cluraefi Including tax of nSSB tCTBSV. net asset laiiie per Up share 8t« INOCPENOENT INVESTMENT CO. 
Earning s Per lap share 1.89p (42fl5p). (78.5p December Sl>. Dlrectoro MtWpate (subsidiary of Atlantic Asset* Tnsw 

r tvUHnd l"4P iMmei. that net rew?noe for second half wlll.be Revenue £50.610 f £50.7141 for- Joe SO. 

□nnuiHriM ernes TRUST— Tnro- similar ro' first half. . 1978 year, after tax of aajm 1 £24.293 1 . 







=rTt 


1 

A 




r 


1 


bard 


trust— G ross invea- 

WEBER HOLDINGS Ipw™, .MM “^EGRETTl' ^ND^rSiBRA tcot^ sSSd ^ 

tu rn 1 — Pretax revenue X53.3W systems, aviation umrvmrtns) — dlrtcfeKf wfll be paid at this stage bat 

or the Brfl-taK W»- ^rntaM n« Wp »or March 31. S*g*fiJS2d ro-rSe dtXnd ' to 5S 

.hare 4 ^>p t«.45p). Interim dividend Fbced assets A»b f£Llrn). «3irrem win ba at least maintained at SJn 

73n I samel net. Director* lorecast asseis £B.l&n rQ.Slrai. current UabUWea Sr . 

Ilia I of 1101 less than 7Jp lR.5p). Tbx n.l2m 'Cjlrai. Meedre. Wlnchemar ARTHUR HOLDEN AND SONS 
—1.500 (12S.531». JJ® 1 p.7^, 1 Boosei T 0 °^' - tlacppers. coathwa. varnishes, etci.— 

.‘7S99 t £3a.«oi. Retained flj.m LCP HOLDINGS— Results for year to Re^iu tar March 5L 1978 year reported 
mUtti). Company has close Maws. March 31. 187B. reported on Jm_ 28. jnjy *. croup fixed asseu CU3m 

H.T. INVESTMENTS— Pre-tax revenue Croup fixed *»et8 rri-ian ia » l. iQiTmi, net currem aaaels fZSBra 

1..7.M5 .£98.0141 (or first-half 1078. Net investment faiSm). Wottew caphal Increased 

•as ss srtsjssis a ss svlst ass ^ver Ready bo. (.Moldings) na 

h.-lni-nirtiCB o( dividend payments. Not LEDA INVESTMENT TRUST— interim GREEN FRIAR INVESTMENT CO— • . , T) P T * _ * , J 

«cr value per 2Sp- share 121 . lip dividend I.i39p i0.9ft». Group gross first Gross Income six months to June 30. IfC D^TTIP TD rSPTPP LTrOlID I -lTnilPfl 

m -ani No interim isarnc). Single haU 1078 £138272 '£124.8341 including IKS ri39J5S in 84. 8211. rnterea £78.700 .1LO 1UU.I KA LU t-V- VJ1 J_yJJ-J.llL.t-Ll. 

rvmeni 4n not for 1977. subsidiary's profit on dealing £4.434 U80B). Hesbobi. tax E4.748 (£22J30» leaving TTT1 ’1 1 <T~' 'T> 1 v • il -1 

s *«ysr*s?s ^ js Whilst Ever Ready is the be 

— — • _ n drybattery intheU.K., overseas w( 

■ \ i s known for Berec, the Groups leai 

international brand. In fact, world- 
- sellmore ‘Berec’ than 'Ever Ready 

Now Berec has been chosen; 

. CITY AMD FOREIGN INVESTMENT , 

I aKHSs Hie name for an international holding 

which inherits a 1977/78 tumove: 

tanprovemest in toll-year revenue ghsnld POAA ■•yi» A 1- 2. " it - j 

Excerpts From Chairman's Statement &£SSy31ASSS5SE £200 nuUlOEL AlmOSt tWO-thirdS 0 

UW „ . i..i,,'io70 out the period, but tm May IB. 1878 amount 1 , . 






EverReady Co. (Holdings) haschanged the technology of portable power 

its name to Berec Group Limited. systems, to open new markets and to 

Whilst ‘Ever Ready’ is the best selling expand turnover, exports and profitability, 

drybattery in theU.K., overseas we arebetter • With the name ‘Berec’ we look forward 

known for ‘Berec’ the Group’s leading to an even more promising future. 




Lr*~ r" .? 


rjf&- ~" 


DEVELOPMENTS COMMERCIAL & INDUSTRIAL 
(HOLDINGS) LIMITED 

Excerpts From Chairman's Statement 
And Annual Accounts Dated 3rd July 1978 

PROFITS OF £123,920 BEFORE TAX 
EARNINGS PER SHARE OF 143 PENCE 

DEVELOPMENT TURNOVER OF £1M. ’ 

NET ASSET VALUES RISE FROM 31 PENCE 
TO 143 PENCE PER SHARE 

Mr. Allan Campbell Fraser, Group Chairman states, 
"I have every expectation that this pattern of 
sustained growth will continue to be favourably 
reflected in future accounts". 

Copies of the Chairman's Statement are available from: 
P.R. Department, D.C-L (Holdings) Ltd-, Ingram House 
227 Ingram Street, Glasgow G1 1 DA 


ST international brand.In fact, world-wide we 

sellmore‘Berec’than‘EverReady’batteries. 

trill be able to recommend some increase ~ — , r - . * . 1 . -t 

wr « — - — Now Berec has been, chosen as the new 

CITY AND FOREIGN INVESTMENT , • 

SFwSj&SSSS t name f ° r an international holdmg company 
sHSSS which inherits a 1977/ 78 turnover of nearly 

Improvement la fuH-yvar revenue 8hsa)d AOAA —n • AT- i ' it - T ty 

s£iLffaU3ttfi3&«5 £200 n^on. Amosttwo-thirds or ■ 

’gss isiifs our sales are to customers overseas, / ^ 

U.s Jim. Ret asset value per 25p share. . - Ml* r- / / 

including over £50 million of // 

interim dlridrafl. 1A per cent (samet. Pw / / 

isr,±s: exports from the U.K. ; ( p — . 

By any name Europe’s l BE I 

ssrau stjss szzs ass leading drybattery manufacturer \ \ 

u at June SO. 1878 (313 d as at January SL. \ \ 

"ehRANKMENT TRUST— Gross revenue is nchly qualified m resources, V . 

(hr ris mootha to June 30, 1978. £MU71 A 7 - 

SJ|3|3SS experience and flair to advance 


If you would like to know more about 
this successful British company please 
write for a copy of our current Report and. 
Accounts. 


U.Stlm. Met asset value per 25p share. 
72IP i56p at December 81, 19TH. 

NEW THROGMORTON TRUST— First 
interim dividend, u per cent (samet. Pay 
October 5. . . 

COLONIAL SECURITIES TRUST COM- 
PANY— interim dividend Up (same— 
total 8.1p) for. 1978. Gross income (or 
six months to June SO. 1878. nssjoe 
■««,]»). Expenses and Interest O4£0fl 
H&jm. Revenue before tax £230.500 
M230.3QO). Tax £90^00 t£BL28m. Net 
feSSffl value per deferred stock unit 300tp 
U at June 30, 1878 (323d as at January SL 
IrtTi. 

EMBANKMENT TRUST— Grose revenue 
for sis mootha to June 38. 1978. fKL371 
(1347.347). Pre-tax profit £284^H 1X357334) 
after interest, etc. Tax £103,239 (£89,770). 
Leaving O80J74 (X158J54). 

MAY AND HASSELL (limber importer) 
—Results for year ended Much 91. 1978, 
reported July 11 with mrectors' corn- 
meats tm nrospem. Grow fixed assets 
nO.TSm (OO^im), net current assets 
nO.Hm U8.sm). Meetins, BrtstoL 
Ausun 18 « noon. 

STANHOPE GENERAL INVESTMENT 
COMPANY— Final dividend 2p snaking 
3U6p (2.74PI for year to Mart* 25, 1975. 
Pre-ox revenue fd9J9i 1 184023). Tax 
148-350 Add esmenOBaiy 

Item £6450 (nil). Eamlnga per Shan 
4JHp (Lip). Net asset value per share, 
159p <13091. 

LOWER PERAX TIN DREDGING— 
ciisT dividend of & Cents Mxlavctan ptr 
share, making 48 cents for year ended 
April 30. 28H 115 cenu). 




I Please send me a copy of yvur 1977/78 Report and 

■ Accounts 

| To: The C o mpany Secretary. 

I Berec Group Limited. Berec House, 1255 HighRoad, 

■ Whetstone, London N200EJ.* 








I 




Formeriy Ever Ready Company (Holdings) Limited 








20 


Denbyware on recovery 
trend with £0.8m 


U.K. side helps Barclays 
to 17% first-half rise 


Financial Times Friday July 2S 1978 

Redland grows 
to peak £39m 


A TURNROUND from a deficit or development. bearing in mind that 1976/77 STEMMING mainly from UK busi- 

£239.088 io a £803,790 pre-tax. He tefonfidentjhat the present included a significant initial stock- ness and helped by the conlinu- QQARD MEETINGS 


will be 11.5 per cent. 

__ _ Income will be distributed every 

profit is imported bvDcnbyware, year will show continued improve- ing. the chairman says th is result ing reduction of provisions three months, and the first pay- 

the tableware and furniture ment and says that the company was quite good. against doubtful advances, I we- The roaovniR companies hate; notified menc well be made on November 

group for the year to April 1. can look forward to steady _ * tax profit of Bandays ’Bank to or b™* »««jss « >«ta sw* 30. 1KR The minimum invesl- 

1978. Turnover was up by £18m growth in the future. O COITlRient tota lle d £154-2m for the first, half tbo parpoves^of consWenna °rSL!l,^SS; 

to £lI.S3m. 

When announc 
profit of £225.000 
directors said t 
months should 
ment. 

^® r . . Clldll mail JUU — urauidUC Kmcuumis U» alUI'n I... rnfm.tT.r . .» 

record -Toni was achieved. Thc j m . enlor y is in a healthy arter the earlier efforts to sell published and the Hi raters consv nit-wocs. Rrtron pews. 

Attributable prof, i for the, jear ditj following thc disposal non-Denbyware products through Hone that it wdl n?t mhihi^tbe , F '« l *- E «'Jy interim. N. Bm 

from £I1J24 to of many 0 r the slow moving items, the U.S. distribuuon company. JSEfc-fc «bll ty to mle dem/ ' ? c-wm ftmrm* 

of _ and its value has been -reduced to Last year _ Denbyware was still iJSdJne'fnrnre, 



rnsc 

after a tax charge 
(£250.412 credit), and a_£M»!.700 
extraordinary debit this 
arising Trom the decision to run 
down the Denby Furniture oper- 


demands ctiflo, Kanfr iKumisjic-; •• M:a:n= 

- , .... , ror additional lending for nrnduc- Wws- Soaoaana, srafl-.-* imvrea:i«ui. 

a more satisfactory level. Sales reducing this stoek but at prices i nr e S t m ent sav« Mr Amhonv sutu: zumnaia Si«irju<-rc. 

T.n the year showed an acceptable that meant no profits. So at Ihe Tuke Jhllman 7 . . FUTURE Oates 

increase, indicating that the end of the day the U.S -outlet Qn ‘ the imernatjona , sidc the B o^7~ v UB . 3 j 

a? inn ihn Hint.’iors now feel that ^ r0U P 5 position in the market accounting for 41 per centof sales improvement in results is satirise- Yeoman inicsunem Trust ab*. a 

auon— the directors now reel mat P ] at . e is good he says and it produced a small loss. The com- lor l. bearing in mind the fluctua- Ftaais- 

a rtrnvismn lus b cn Rcneralec j j positive cash Sow and pany has closed the business sell- ; n exchange rates, headds. Blact ‘ Pe,1 'r> . auk. i 

reduced bank borrowings accord- ing high quality U.S. furn iture in stated first hair earnings axe up S£5£ J, I £ ca C n f SXv **- \ 

ingly- _ . . this country — a near £200 000 frora 2 9p to 33. 8 p per £1 stock £5£ parties Xk. i 

Denbyware Canada incurred a extraordinary item marks that ..nit and the interim Hiviri»nri is H^ron Motor A„r to 


folio as the market upgrades 
these shares on to a lower yield 
basis. 


adequate provision has been 
made in relation to the closure. 

Stated earnings are S.5p <0J3p> 
per 25p share and a final dividend 
of n.306976p l same) net. main- 



Mid-term 
slump for 
J. I. Jacobs 


IMPROVED PKKFl'^MAN^. 

hnth at hnme nnd ovcrao.is 
Redland lifted taxable PJjdil f»r 
the veur f<> .March 
£5.2Sni to a record £39.44 ni. 

£2 1.65m against £l7.5&m. comm^ 
in i ho second half. 

Sales by ihe group, "i*!V** ““E; 
plies materials and scrv nc - J- 
the construction industry , reached 
£270. 56m i £233.97 m I mehid'n- 
overseas turnover up “ 

£13 1 22m tu £l.»ii43m. 

After tax «>r £l«i.nim i£la.2Rml 
earnings per 25 m share came on 
at 20.08 p |l«'SBp>. A net Him 
diiidend nr 2.lS«|i lake* the imi.iI 
to 4^2p (3.7SJp>- . . 

As known in dune this year Hit 
group agreed to acquire .An !•»- 
mated Building Components lm. 
or Florida in a deal worth around 
526.2m. 

Comparative lift tires hate been 
adjusted for a change in aceoti til- 
ing policy relating to deferred 
tax. 


Sir John l.idluiry (vice-chairman 
*, m l deputy managing direr lor of 
il-iwheri Mr. Michael Parkinson 
‘■j \i r j K. P-M.vd have also been 
ippomfcd f« the Carlton board. 


Pullman 

reaches 

£1.1 lm 


Turnov or 
Trading profit . 
Xon-rcvurrins rosts 
Shari’ ass<H-iaii« 
iniixrmrni Rronia 
Kxi'hanur lo** 

Profit before tax 
T.is i-hanu* 

Fsiraurrt. rtebil 
Alirlhuiahl.- prolil . . 
■ ♦ L«i*v. 

Mr. r,. H. .1. 


, li.sa nr w.020.817 poor economic situation in than shareholders' funds. The The former holders of The 

artn Canada, and that Tor the last two latest accounts will show_a £0.6m investment Trust' Corporation. 

— .'cars the group’s stoneware has drop in bank debt, a £0.7m drop who accepted the recent oFTer to 

’ i.i*o been subjected to a heavy import in creditors and a £0.5m cut in take Barclays ordinary stock in " lu 


17 911 
g.noA 
ki ir.i 
J03.7W 
«.is iv 
if*> :-w 
ua *ui 


INCLUDING LAST time a 1181m 
surplus on the sale of a vessel, 
profits before tax of John 1. Jacobs 
and Co_ the shipping concern, 
enable it to improve pro- dived from £2.454.000 to £439.000 


duty -finch has adverse!} affected stocks. This year the U.S. business exchange for their shares are not. m cerlajn areas ° r its for the first half of 1978. At thc 

— — — ' J : — - u - *-■ — ■- — -■ * activities. trading level, the rompanv in- 

Thc company has “close status, curred a £51.000 Joss against a 
Meeting. Great Eastern Hotel, profit of £03.000 last time. 

EC, August 1., 11.30 am. _. .. 

The directors expect there will 


11..CI1 


* 239-Css its competitive position. The should move into the black, in accordance with the terms of 

inventory is in a better condition though it may well be 1979 before the offer, entitled to receive the 

and m a lower level, and bank it can again realise its full earn- interim. 

borrowings were not increased, ing potential, while at homo any At the time the offer was made. 
Robinson, the states Mr. Robinson. sustained improvement in con- the Board of Barclays announced 

chairman reports that the com- Very satisfactory results were sumer spending must help sales, its intention in the absence of un- 

nanv is now in a better position achieved by the group's stone- Profits this year should again top foreseen circumstances to increase 

io men ihe future and further ware business in the U.K. and in the £lm figure and the shares the aggregate dividend for 1R7S by 


control rns is nil h added emphasis America. Exports held at about where the p/e is 10.4 and the 
being given to new product the same lev el as last year and, yield is 9.1 per cenL 

Shareholders quiz Wm. Press 
on tax investigations 



Half-year 


1«* 

VCT 


im 

fm 

Lnsscr on invesa 

o.« 

n 0 

Depreciation 

a..t 

" 2 

Op»ntitu profii 

142.4 

121 '■ 

Share ol associates 

SI.S 

17.7 

Loan Interest 

9.3 

7.3 

Profit before IU 

J5t2 

23L5 

Taxation 

fBl.fi 

fi«.4 

Profits after tax 

7T.fi 

6T.1 

Minority profits 


4 7 

Extraordinary credit 

*1.6 

«..» 

Attributable 

<1.0 

>.9 

Dividends 

12.1 

11.2 

Retained 

57.7 

47.7 


Lynton 
advances 
to £1.23m 


be no improvement in the group's 
trading position in the second 
half, but the level of income from 
investments and deposits con- 
tinues to be satisfactory. 

For all 1977. the company re- 
ported taxable profits doubled 
from I1.44m to £2£5m. 

Turnover For Ihe half year was 
down from £663.000 lo £566.006. 
Tax Cook £139,000 (11.07m) leav- 
ing net profils of £300.000 
(£1, 39101. 

The interim dividend is kept 


Saks 

I'K . . ... .. 

overseas 

PrMn profit . . 
LK 

Overseas 

Share ' 

Tjs .... . 

UK 

Overseas 

\ri profit 

yiiuoniu-s 

AiiribuiaUU' 

RcMluirf 


rr jyw” 
un 

2-1 :v.vw 

Ul.tl t”.’."* 

Uii.fj 1 .1 


i t*i 

l-.iT 

l-..»l 
■ It 

72 > l 
“Cl 
* >; 
1-- *i. 

u v. 


M.16 
12 «> 
H 

J.l.. , li 

a ;i 
u> .u 

: 71 
i -. n 
Il.il 


THE AUDITORS of William company was able to arrive so the performance of the etoup. 

Press, the engineering group precisely at the £2m contingent said " "e did feel for you in your "* n l !L „ lh 

raided by Inland Revenue invest!- liability for any arrears of tax problems earlier this year.” Mr. ,n suus.wan.s. 

gators in March, were aware of that the Inland Revenue might Hawken replied, “we are in good 

the group's problems involving seek after the completion of its good spirits, and the morale of 

p»vmen Is to sub-contractors in investigation. JMr. Hawken the company is first class.’ 1 
1973. But they were satisfied that replied, “Wc appreciate share- 

the situation did not warrant any holders concern but ve cannot 

qualification in the group's say anything on the matter at 

accounts. present." 

This emerged during yesterday's However, after the meeting 
packed annual general meeting Tansley Witt indicated that it had 

or Press. A shareholder asked: not been involved in the calcula- 

-Since the auditors were aware tion oF the contingency. Press 

of the matter which is now the had conducted the assessment 

subject of an Inland Revenue internally. Press also said that 

invest isaiion since 1973. and it had calculated the figure 

which now requires a contingent internally together with help from 


to March 25. 197S with pre-tax the directors expect the final will 
surplus ahead at fl.232.24S, com- be at least maintained at last 
„„ Aicrvw*’ pared with £1.062,745 last lime, year's l^nnOSp. Retained profits 

tSftfiSi were up by emerged at £173.000 (f 1.26m). 


Progress at 

Drayton 

Commercial 


Marked 
improvement 
at Symonds 


£0J51m to £2.310.332. 

After minorities nf £123£14 
f £80.809). tax £344.433 (£5 IT 110) T(jnMU , r 
and development outgoings. Tr2 ^ iric loss' .'.'.".'"."'..'”" .. 
£931.106 (£755.432) met by a lov. income jih! micron . . 

transfer from realised capital SjI* of kiki profii . . . 
account, retained profit increased R^aiisanoo of inrannenu 

«S»*B » £=4»f>. k szs^ssr. T. 

Thp dividend total for the year Provision 

is Stepped up from 2^66p to 2.4SP Prwflt before lax 

per 26p share, with a net final Tax . - 

. SS-SS* 


Sis months 


1?7S 

£omt 

-.i 


43* 

1.T9 

mm 

in 


1*177 

£i*mi 

*91 

1T( 

1.S09 

on 

s 

74 

2727 

2^54 

1.068 

1.IS6 

1.23*1 


Turnover for the first three Following a professional valua- . ProBr ♦ Far ‘diminution in 'value 'or 
months of the current year at ,|Pn as st Marcn 13. Isits ^nf all listed investments. . Release of provisioo. 


rho »,-ir .... „ n j oH -n Symonds Engineering Company is completed investment properties 

the half year ended June _-0. shov . in „ a marked improvement and after making certain net pro- 

to°n r Je' iSerS ' " hiCh “ decU ° ed Ihe 'ord'rar'Ttoldere'of Dnvion ^".w'c’TflKy teff SStowh'SiJrfTSS 

”■> authoritie. o n asransysw"* rase fram ^ s 'Asst 

replied that they were satisfied Press on March <5 and were acting ' ’ * to expect a return to mure 

with directors' reports on the under rarely used powers granted The interim dividend is held acceptable results in the near ..shareholders runds stood at 
situation "and therefore ue did by the Finance Act of 1976. They at l-312ap_net— total for 19<7 was future. £l-.J-6,»93 ). 

not qualify the accounts.” After had first obtained search warrants 4.5p per 25p share. As already known, pre-tax 


the meeting Tsnsley Witt added from judges of the Central 
that although they were aware Criminal Court in London and the 
of the existence of the Sheriff’s Court in Paisley. 

sub-contractors’ payment problem Scotland. The Inland Revenue 

they did not feel that the amounts was particularly concerned with B ^'n U( ; "ui 

involved were “ material enough Press's pay as you earn tax and Taxanon 

to warrant any qualification in subcontractor payment records. Available 
the accounts” in earlier 3'ears. At the conclusion of yesterday's 

A. meeting one 

Hawken, was tackled on how thc congratulating the directors 


Half rear proms fell from £201,751 10 ^ 

Iks 1977 £192,495 for the year to March 31. f OCfTIOflOllTslTl 
£ r 1978, on a 13 per cent sales VWIUUjiuuiau 

HIS'SS! Increase lo 11.92m. 

iots'^9 «85«2 atr - Rowley tells members in 
1 as 300 his annual statement that cur- 

609400 56i.too rently the strength of the order 


At June 30. net asset value was book supports the decision to 

Press's chairman. Mr W. A. meeting one shareholder, lSTjp. compared with 170p at the proceed with an extension. to the 

lirectors on end oF 1977. group's existing buildings, which 


DIVIDEND 

AMENDMENTS 

Following the reduction in ACT 
rate. Land Securities Investment 
Trust announces a supplementary 
final dividend of 0.05772p for the 
year to March 31, 197S. 

The final dividend of Avana 
Group for thc year Lo April 1, 
1978. is increased from 0.589p to 
0.5979p. giving same gross equi 
valent of 0.8924p. 

JOHN NEWTON 


Carlton sees 
big profit 
increase 

Following the acquisition of a 
controlling interest by Hawker 
Siddeley, Carlton Industrie'! has 
changed its year end to Decem- 
ber 31 and now announces a profit 
of £3.4m fur the three months to 
June 30. 1978. achieved from sales 
of £24.S3m. 

In the six-month interim period 
nf the previous year (ended 
October 31. 1977) the profit was 
£4.42m from sales of £44.21 m — 
the profit fur the whole of that 
year was up from £7.Slrn to 
£10^8m. 

In all divisions of the group 
order books continue to show in- 
creases over the same period of 
last year and if present trends 
are maintained the directors 
expect another substantial in- 
crease in group profil. 

An Interim dividend of 2p has 
already been declared and it is 
expected ihat ihe final will now 
be paid in May. 1979 — for the 
previous year a total of 5.47p was 
paid. 

As indicated in llie Hawker 
Siddeley offer document Lord 
Rayne has rcsicned as a director 
of Carlton and Lord Tnwnshend 
has been appointed in his place. 


Vi KXPKf l F.l». profit" helm-e lax 
i.f it' and J. Ihillnian (or the year 
to Mai eh ::i. !!»7S. Ii.ne exceeded 
ilm. reaching £1.1 lm compared 
vilh ihe previous years £955.000. 
First-half profit" had risen from 

£342.000 IO £4I«.UIK) 

The dividend lolal a No matches 
the April forecast with a gross 
final dividend of ' ;:i 4p making a 
total of H.lHp against N 2«3p rn 
1 <176-77. , , 

Turmiver for the year a mount id 
to £122*. »m against lltltlm. Tax 
takes I13S.0D0 l£MM.0«n leaving 
earnings per ,"»p share at I6.7p 

^The profit and dnulend Fore- 
i-.isis were m.nle at lit*' time nT a 
private placing nf M.’hn new 
ordinary vh,irc< at Slip per ‘■hare. 

The ili rerun’s ’say ih** current 
year has slaried "i'll lloih nrder - ; 
and jirodlielinn are ahead "f 
year's lev els. 

This year's profil x will al-n 
henelil from an initial contribu- 
tion from (lie recently acquire*1 
tlerhrr Cumpani. u liile other pus. 
Mhle acquisitions nre hemg 
actively pursued. 

The group liadr* as nn-r- 
rltatidi'ers and makers n" 
garmcnV and textiles. 

Cardinal Trust 
makes headway 

Fur thc fir"( half nr I97S mi.il 
revenue nf Cardinal Invest menr 
Trust advanced from £363.32* m 
£038.771 and net revenue Nffnre 
tax improved from I3R3.4US to 

£4o:i.3S*j. 

Total revenue includes other 
income of 141.322 1 £40.500 1 and 
net revenue is struck after 
expenses ami interest of £255.182 
(I201.S301. 

Tax fur llie six months absorbed 
£156,529 (£13101X6). 

The net interim dividend per 
25p share is raisetl from I 5p fn 
l.esp net— last year’s Total pay- 
ment v as 3.9|». 

At June 30 the net nwt value 
per share ».i« I5Sp (14 1 pi. 

E LS WICK- HOPPE R 

L'/s wick- Hopper's rights i.viie *»f 
5,448.444 ordinary shares has been 
taken up as to 5.144,707 sh.iiVv 


1 - 


U 

■| • 




’(* 


if 

l\ 

il 

I 

i'T* 

>*r 

.cl 




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4 

? 



II WWW ... ,^^^^0171978 

•* * •* / ' ’ ■ ’ * '. 

»«« 





' a yi9^>n anci 


C ' al Tin,^ 



New York move on 
insurance exchange 



SY DAVID LASCEU.ES 

YORK state assembly approved 


NSW YORK, June 25. 

."tahlNfc -P 


Bit! In 




iipjgaLSB ssww 

■ IflSfriSrs tpxp ■*** 

ijj&ar »&S3S*2Srtr 

'•! SjTSSJT ■ > 26th jvjne^ 

f ✓' 

Where will your office be? 


C,i/ of London 

Bruce Bossom A.R.I.C.S. 
33 King Street 
London EC2V see 
T elephone: 01-606 4060 
Telex: 885557 


New York 

John s. Lench-Leasing Department 
375 Park Avenue 
New York, NY10022 
Telephone: 0101 212 688 8181 
Telex: 425793 



JONES LANG 



Chartered Surveyors 
International Real Estate Consultants 


Income Fund 
launched 

Managers of the Cosmopolitan 
Growth Fund anounce a public 
I offer by Cosmopolitan fund mana- Shares of John M. Newton, the 
' gers of the Cosmopolitan Income builder and glass merchant are lo 
Fund. be no longer listed on the slock 

The fund will aim to achieve a exchange but Associated News- 
steady rdise in income together papers which has now increased 
with the prospect of capital appro- its stake in Newton to more than 
ciation in the units over the 72 per cent may apply for per- 
longer term. Estimated gross mission to trade in the shares 
yield at the issue price of 50 p under Rule 163 (2). 

M & G critical of Lyons 
dividend policy 

THE DECISION by J. Lyons to new projects on which the group 
forge a final dtridend for 1977-78 hopes to embark. He said That 
came under fire from M and G for several years the group had 
unit trust group yesterday at the been looking into the production 
company's AG3I. of both lignosulpo nates and high 

It was thc second time in two protein cattle feed . yeasts from 
days that .Mr. David Hopkinson, the waste liquors of the calcium 
chairman of investment trust sulphrite process used in the 
managers for M and G. had Albergaria mill, 
visited a major AGM to make a Tb® s ro " p be'ieved that it 
plea for consistent company c°uld market Lignosuipnonates 
policy on dividends. On Wednes- ant * achieve a high rate of return 
day Mr. Hopkinson attended the especially as the closure of sub 
S Differs AGM ph,te nu * ls ,n Scandinavia re- 

Mr. Hopkinson said yesterday stricted the number of potetfJ&l 
recently been Invoiced ?u'r 

with three companies facing «Viar,t uihirh 

wo“d enable S prodSet to £ 
Sd deeldSd W 4duS dhffiE tbron^bont Eurepe and 

Lynns bed decided not to pay any „ B , erriDg t0 u,, plaa l0 prcK 

*S\£i'?JSXS£SSn SS SftSftW Planf?in- 

the better of the two courses. It j- ar weeks at the end of 

S ° 0t ii« co ipP an y adopting | as>t year satisfactory results. 

P° I,C >:- To c Y l d, \!f ,en ? s However he pointed out that to 
made companies vulnerable to put a f u ji sca ] e plant into opera- 
predators, said Mr. Hopkinson. ■ t j OD would involve a lot of money. 

He added that he had no doubt _ . _ . . „„„„ 

that Lyons would come to share- xA c * x f n ^ e Telegro 

holders within the next few years John Garvey reported that 

for funds. Shareholders would be 

more likely to support this call StlSSoS a“d showef a sfiSt 
* S * consistent divi * increase on the same period of 
de pr M r c.| mn . last year. He hoped that the trend 

mfit’ would continue throughout the 
man oF Lyons, had told the meet- res j 0 f jj, e veaP 

ing that the company had d^ided Lejgi, mtereste— Mrs. Joan Agar 
that in view of “the poor trading t0 , d „, emb ers that trading from 
performance, coupled with the group’s traditional activities 
substantial erosion of reserves" h at j increased during the first 
it would have been imprudent to quarter. Effluent disposal and 
have paid a final dividend and Sealosafe plants both increased 
“ withdraw a further £3]m of cash profits as did the building and 
from the business.” civil engineering division and the 

He said the group expected in motor vehicle dealership, 
the current year to show a signift- Sangers— Mr. H. T. Nicholson 
cant improvement and be was announced that turnover for thc 
hopeful that this would be suffi- first four months was up 9 per 
cient to restore dividends to at cent: some was due to inflation 
least the 1976-77 levels. but there was an increase in 

At other annual meetings yest- volume. The optical side of the 
erday chairmen reported as business had been expanded 
follows: — rapidly and five new practices 

Eucalyptus Pulp Mills— Sir John had been acquired in the past 
CoMHe spoke at length on two month with others in prospect. 


A. COHEN & CO. LTD. 

Extracts from Group Accounts 

Year ended December 3 1st 1977 1976 

Turnover £44.030,218 £40,660,590 

Group Profit before Tax £1,867.699 £2,135.269 

Group Profit after Tax... £1.134,060 £1,255.716 

Dividend per Ordinary 

Share 27.151% 24.55% 

Earnings per Ordinary 

Share 39.5p 45. 3p 

Copies of the Report and Accounts Cnn be obtained from the 
Secretory, A. Cohen & Co. Ltd.. 8 Waterloo Place, St. James's, 
London SWftY 4AH. 


May & Hassell Limited 

(Tim ter Importers/ 

Statement fay the Chairman 

MrJHBAtiey 

Year ended 31st March, 1978 


m 

& 


n 


PRE-TAX PROrlTS were £521,000 after absorbing 
losses in the Associated Company (Hallam Group of 
Nottingham Ltd.) of £727,000, two overseas subsi- 
diaries of £290,000, bad debts In the Plywood subsidi- 
ary of £153,000 and stock write downs of £235,000. 
Without these mainly non-recurring difficulties, the 
Pre-Tax Profit in difficult trading conditions would 
have been close to 1.5m. 

Tax and an extraordinary credit of £146,000 surplus 
on disposal of the cabinet factory reduce the Group 
share of Hallam losses to £298,000. 

DIVIDENDS 3.06394p total for year (1977 2.77248p).- 

EXPANSI0N New Outlets in Crewe and Altrincham 
established. One in Plymouth soon to open. 

OUTLOOK 3977 Softwood consumption Jo west for 
22 years. The Group is underbought at present and 
in a position to take advantage of opportunities which 
will appear in the next few months. The year to March 
3979 should show a reasonable though not extraordin- 
ary result. 

FINANCIAL STATISTICS 


Turnover 

1978 

£000 

49,710 

1977 

£000 

47,364 

Croup Profit before Tax 

1,048 

5,553 

Associated Company loss 

17-7) 

(2.164) 

Profit after Tax 

129 

1,161 

Profit after extraordinary items, 
tax and minority interests 

397 

1,810 

Cwrj or ihe 1978 Xrrnrf and Accounts. irr from the Seem,: r.-. 

AtriyJc HtrucU Ltd., j.d Rexkltjfe ParuJe H esr, Bruiot 0SteJ ~PH 


May & Hassell Limited 


BEECHWOOD 

CONSTRUCTION 

(HOLDINGS) LIMITED 

l\Ir. M. C. Thomas reports — year of mixed fnrltmes 

The financial year ended March 31st 1D7S was ..no nr mixed 
fortunes. Whilst some nf Ihe Com.|wnies have shown encuiu.m- 
ing trends, particularly in the latter part of the year, their 
hard-won improvements have been partially eroded In- 
substantial losses in two M f the subsidiary C.mpaiues i.uil 
cm one major coni ran undertaken by the principal amslm,-- 
tiun Company. I am pleased lo report that we an- i-„rrenih 
seeing a general improvement in ihe demand r,„- 
l.on services and that the order books for „»r enginccn,^ 
and vvell-dn I ling services were highly saiwfavlur v .i! the sl.irt 
of Uie new year. 

S0I, " : h . jr<! r Hum,!, th,, h u r 

conhoL" 0 ”' bs " 1 " «h»pe ■» r.,,0 I l,o V...,r Oi.r 

confidence in the future is reinforced l.v the skills industiv 

s; h “. and — kpeuiiu- 

the Board is once again grateful fur their hard work in the 

past and tbe prospect of belter trading rcM.ik d, mn « the 

concerned. 63 ' WlU *** “ ^ rmrd ft,r thc »«^U of all 


/ 


r\f^WL 


j M fji Wnwcfet Thaw Friday Jafr 28 13T8 

**K V^jjBlDS AND DEALS 


Orme now receives £10m 
offer from Comben 


Cargill stays in the 
battle for Eastwood 


Mr. Jessel buys 
into Clifford 


, will 

7 111’ 

? f 1 1 
!\ - ' 


* Y JAWS BARTHOLOMEW ' 

VMnben Group is offering £10* 
. a *? u,re 0rrae Developments 
and thereby become the second 
mggest pure housebuilder on the 
Stock Exchange after Barra tt 
Developments. 

The bid comes only three days 
after Air. Bob Tanner and Mr 
Peter Whitfield sold 22 per cent 
of Orme to the mining and build- 
ing group Saint Piran. Last week 
Comben offered to buy the 
Tanner /Whitfield stake but its 

terms, the same as -those now 
offered to all Orme shareholders, 
were not accepted. 

The terms are 162p in cash and 
five Comben shares for every six 
shares of Orme. Taking Combe n's 
closing price of 35p per share last 
jught. the bid is worth 56J2p per 
Orae share. Mr. Tanner and Mr. 
Whitfield accepted only 55p per 
■hare from Saint -Piran but that 
was in cash. Moreover, the rival 
<«« from Comben was worth 
than 55p at the end of last 
v ® e * because Comben shares 
st °?“ at only about 31p. 

“d* agreed yester- 
day that Saint Piran. was unlikely 
i- 3n offer worth only 

•Hgntjy more than what it has 
already paid. But a spokesman 
for Comben said that the group 
noted probably be quite haopv 
wnb less than 100 per cent of 
Orme. After all Comben itself 
k 78 per cent owned by Cariron 
Industries which is in turn sidy 
K per cent owned by Hawker 
SwJdeley. 

Mr. Terry Roydoa, managing 
director of Comben, said yester- 
day that he wanted to buy Orme 
because it fitted in neatiy with 
Comben and the land bank was 
attractive. 

Orme is weH represented in 
the Mid’«n<is and the North' West 
two of the areas in the country 
whew Comben is weak. 'TCie only 
duplication would take place in 
South Wales where both are 
strong. 

The Orme Board is considering 
the offer and will make a further 
announcement in due course. 
Charterhouse Japhet are advisers 
to Orme and Barclays Merchant 
Bank to Comben. 

• comment 

The Comben bid looks unlikely 
to succeed at thiy price. Saint 


Piran with 22 per rent and Mr. 
Tanner and Mr. Whitfield, who 
still have 52 per cent, are un- 
likely to accept And since they 
and their nominees have an 
important presence on the board 
of Orme, the company will 

probably not unanimously recom- 
mend the offer to shareholders 
But this will not be the end of 
the matter. Comben could 
probably dig a little deeper inio 
Sts pocket if need be, and there 
is also a chance, of other con- 
tenders appearing. Mr.' Tanner 
and Mr. Whitfield seem to be 
managing their final exit from 
Orme with cwmmg; they have 
got the bidding started while re- 
taining a small stake. Meanwhile 
Saint Piran is. developing a happy 
knack of buying what used to be 
called w strategic stakes.” It 
recently made a profit on its 
investment in A. Monk. Net 
tangible assets of Orme in the 
last accounts were S4p per share. 
But if the directors* valuation of 
the land bank is added fun taxed) 
the figure rises to 70p. Orme's 
shares closed last night at 56p, up 
Sp. 


Slme Darby Holdings— Dr. C. C. 
Cheung, director, has disposed of 
his entire holding of 30,000 shares. 

Sfcetchiey — As at July 10. 1978. 
Britannic Assurance Co. was in- 
terested in 925,000 ordinary shares 
(6.17 per cent). 

Trafalgar House— As a result of 
acquisition of 50,000 shares on 
July 21. 1378. Kuwait Investment 
Office has interest in S .322,000 
ordinary shares (5.83 per cent). 

Sotheby Parke Kernel Group — 
Mr. P. M. H. Pollen, director, sold 

25.000 ordinary shares on July 20, 
1978 and 25,000 on July 21. I STS. 

Cross ley Building Products — 
Bowater Building Products and 
Furniture holds 610.000 shares 
(9.06 per cent). 

Scottish Heritable Trust — H. M. 
McMaster has advised that a com- 
pany in which he holds beneficial 
interest has sold 29,285 shares at 
23p. 

Veetis Stone Group — C. & 
Wilkinson has acquired a non- 
beneficial imprest in « trustee 
capacity in 1.176.924 shares (22.75 
per cent). These shares were also 
the subject of a declared non- 


PENTOS BUYS 

DUBLIN 

BOOKSELLER 

Pentos has 'acquired Hodges 
Figgis, a private company which 
operates one of the principal 
bookselling businesses in Dublin. 

It has its main bookshop in 
St Stephens Green in central 
Dublin and three other bookshops 
in the greater Dublin area at 
Donnybrook, Dun Laoghaire. and 
the campus of University Col-loge. 

The consideration of £132^00 
cash, is approximately equivalent 
to its present net asset value. 
Pre-tax profits for the year to 
March 31. 1978, were £30.000. 
achieved on sales of approxi- 
mately £800,000. 

GUTHRIE BUYING 
OUT MINORITY 

Guthrie Corporation, the plan- 
tation -company and overseas 
trader, intends to acquire the 29§ 
per cent of BGndustrial Corpora- 

SHARE STAKES 

beneficial interest of the late T. W. 
Blyth, in a trustee capacity, until 
his death. They have hitherto 
been recorded under director's 
interests until the death of tije 
director concerned OB May 11, 
J978. 

Dufay Bitumaslic— CL Alt wood, 
chairman, has sold his total bene- 
ficial interest of £18.000 of 7J per 
cent unsecured loan stock 1985 
in Dufay Titanine. • 

Malaysiam Tin —Cosmopolitan 
Growth Unit' Trust a® July 10 
and ll'sold 15.000 shares reducing 
holding to below 5 per cenL 

Chubb and Son^Kuwait Invest- 
ment Office acquired on July IS 

25.000 shares .making interest 
4,525,000- 

Empire Plantations and Invest- 
ments— Linkon recently sold 

30.000 shares reducing holding to 

629.600. r 

British Tar Products— Resulting 
from recent rights issue, London 
Trust Co. now holds 135m ordi- 
nary shares i9.4 per cent). 

Marling Industries— Mr. P. EL J. 
Held has transferred a total of 
2 51.108 shares to members of his 
family and a family charitable 
trust. 


tldtt which it does not already 
own. 

Mindustrial is a quoted bold- 
ing company in Canada. 

The 2£»i per cent outstanding 
was worth approximately £im at 
the recent market price of CS7 
per share. The price which 
Guthrie will pay for it will be 
determined after meetings 
between the two companies. The 
Mindustrial Board has 'arranged 
for an independent valuation. 

ENGLISH CARD 
FINALISING 
INDIAN SALE 

English Card Clothing is 
finalising the disposal of its 26 per 
cent holding in the equity of 
Indian Card Clothing Company, 
which will reduce its holding to 
57.35 per cent. 

There will be an offer for sale 
in India in order to fulfil Indian 
Foreign Exchange regulations. 
Net proceeds are estimated at 
£400,000 and will be remitted to 
the UK early in 1979. 

Book value of the assets 
disposed amount to £479,000 and 
net profits Therefrom (before tax) 
for the year to March 31, 1978 
amounted to £331,000. 

It is expected that proceeds nf 
the sale ' will be used to reduce 
bank overdrafts in the UK. 

JOHN SWIRE 
IN BUNKER 
BROKER VENTURE 

Eggar, Forrester (Holdings), 
shipping brokers and marine con- 
sultants. has set up 'a joint bunker 
brokering company. Called Eggar, 
Forrester Oil Services, the new 
company will be 76 per cent 
owned by Eggar, Forrester and 
John Swire and Sons, transport 
and trading group, and 24 per 
cent by Marine Oil Consultants 
(London), independent marine 
marketers. 

. It will offer bunker broking 
services to ship owners, charterers 
and fuel suppliers as well as pro- 
viding support and services jn the 
Geld of ship machinery lubrica- 
tion. In addition, it will also act 
as industry and management con- 
sultants and agents in the supply 
and use of all petroleum products. 


Allied Breweries— Mr. K. S. 
Showering. ' a - director, has sold 

200.000 ordinary shares in which 
he was non-beneficiafiy interested. 

Lubovs (Ceylon) Tea and 
Rubber Estates— Mr. F. W. Harper 
is interested in 2.000 ordinary 
stock units non-beneficially. 

Norwest Hoist— Bishopvale has 
disposed of 10,000 ordinary shares 
and is now interested in 621,957 
(6.83 per cent). . 

City Hotels Gronp— Mrs. SL B. 
Gutman has sold a further 15,000 
ordinary shares ' reducing her 
holding to 2GO.OOO (6.93 per cent). 

Singapore Para Rubber— K epong 
Investments has increased hold- 
ings to 160500 shares. 

Centreway — George Whhehouse 
(Engineering) has acquired a 
further beneficial interest in 

5.000 ordinary shares bringing 
total interest to 178500. 

B ambers Stores — Mr. L. Vernon, 
director, has sold 20,000 ordinary 
shares. 

Plantation Holdings— Mr. J. K. 
Money.- director, -sold - 25.000 
ordinary shares at 79 p on July 21 
and 75,000 shares at 74Jp on July 
26 . 


Cargill, the U.S. agricultural 
group, is to continue its fight to 
gain control of J. B. Eastwoods* 
the UK eggs and poultry group, 
despite the higher offer from 
Imperial Group, announced 
earlier This month. 

CargiU appears to be pinning its 
hopes on a Monarrolies probe inio 
Imps' £3Sim bid — which if it 
succeeded would give the tobacco, 
brewing and foods group a 32 
per cent share of the UK broiler 
chicken market as well as sub- 
stantial shares of the egg and 
turkey markets. 

Cargill said yesterday that it 
was still interested in acquiring 
Eastwood but would defer making 
a decision on whether to proceed 
with its own £31$ra offer until 
the question of a Monopolies 
probe had been resolved. 

As a result of Cargill's decision 
to defer its offer, the Irrevocable 
acceptances given to the group 
by the Eastwood family and 
directors— resp resenting, a 33 per 
cent stake— are cancelled. 

Imps currently control a 19 per 
cent stake in Eastwoods. 

THOMSON CLOSES 
AT 276p - 

Dealings in Thomson Organis- 
ation shares resumed yesterday 
as the City began steadily digest- 
ing the complexities of the deal 
by which Thomson is to become a 
wholly owned subsidiary of a 
Canadian company. Dealing in the 
shares -wa 5 fairly active with the 
price closing at 276p — some 19p 
below last week’s suspension 
price. 

Despite the .drop in the share 
price, the deal has generally been 
well received. One broker said 
that the terms were very fair and 
had been carefuly thought out. 
Thomson's merchant bank ad- 
visers in the deal were S. G. 
Warburg. 

The group's share price had 
opened at 255p as soon as dealings 
started yesterday, but quickly 
climbed up to around the 270p 
mark. Jobbers appear to have 
decided that a price range of 
between 270p and 280p was realis- 
tic and anything below this mark 
would prompt buying. 


ASSOCIATE DEALS 

On July 26. J. Henry Schroder 
Wagg purchased 10,000 Bowater 
ordinary shares at 187p on behalf 
of associates. 

Hill Samuel bought for a dis- 
cretionary investment client 

50,000 Associated Engineering at 


Ul§p and sold 500 T. Tilling at 
12 Up. 

Newman Industries bought 
ordinary shares of Wood and Sons 
(Holdings) as follows: Kon- 
assented 22,712 aft 55p, assented 
40,210 at 55p. 

Vickers da Costa, brokers to 
Fiuidrive Engineering, bought 

10,000 Fiuidrive at 82p on behalf 
of a discretionary investment 
client 

RACAL SOUTH 
AFRICAN DEAL 

In the document from Grln- 
aker Holdings containing its 
R8.6m bid for Racal Electronics 
South Africa (a subsidiary of 
Racal of the UK) it is stated that 
Racal has arranged to repatriate 
Ha2m of the consideration due 
to- r it in “free rands.” without 
going via the Securities Rands 
market. The latter stands at a dis- 
count of 40 per cent to the official 
Rand parity of RI: $1.15. 

The key to the transaction is 
that Racal South Africa will 
declare a dividend of R5.2m to an 
intermediate holding company, 
SMD Electronics: a subsidiary of 
the UK group. Dividend payments 
are' freely remittable from the 
Republic at the official exchange 
rate. The balance of R2.4m will be 
retained in South Africa, but since 
Racal has no other interests to 
which it could be applied, analysts 
believe it win be remitted in the 
form of securities rands. Tn sterl- 
ing terras, the sale could there- 
fore yield Racal about £4m. 

NO PROBE 

The proposed acquisition by 
Ready Mixed Concrete of a 50 per 
cent share in British Dredging 
(sand and gravel) is not to be 
referred to the Monopolies Com- 
mission. 

CUSTOMAGIC 

The reverberations from 
Mooioya's controversial bid for 
Customagfe continue. Sir Cecil 
Burney who resigned from the 
Board of Mooloya during the bid 
has said he will remain chairman 
of Custom* gie and that the 
directors who opposed the offer 
have maintained their 23 per cent 
stake in the company. 

To date Mooloya has acquired 
a 56 per cent holding on the back 
of which it has declared its hid 
unconditional. In a letter to 
Gusto magic shareholders sent out 
yesterday Sir Cecil says that in 
the view of the independent 
directors Mooloya should have 
extended the terms of its offer 
once it increased its offer by a 


penny. 

Mooloya was ordered to increase 
its offer as a result of TSke-ovar 
Panel ruling. The Panel has also 
criticised Mooloya and :ts 
merchant bank advisers Charter- 
house Japhet over their handling 
of the bid. 

Dixor’s new 

financing 

arrangements 

Dixor, cosmetics manufacturer, 
has agreed to purchase from 
Town grade Properties the lease- 
hold premises at 2-SS Zion Road, 
Thornton Heath, Croydon, for a 
total consideration of £265.000. 

It has already paid £49.000 for 
the property and the balance is 
payable on completion date, 
August 18. 

To meet this balance, to finance 
costs of refurbishment and the 
installation of new plant and 
machinery and also to provide 
additional working capital, 
arrangements hove been made 
with bankers (Barclays), under 
which Dixor may borrow up to 
£425.000. subieet to shareholders’ 
approval. These arrangements 
comprise a loan facility of 
£250,000 and an overdraft facility 
for £175.000. The loan is to be 
repaid over 7 years by equal 
quarterly instalments of £10.417. 

It is a term of the loan facility 
that within 18 months, the total 
borrowing facilities available to 
the group should be reduced to 
the equivalent of net tangible 
assets. In order to comply. Dixor 
considers it will be necessary to 
increase the capital and discus- 
sions have taken -place with cer- 
tain principal shareholders as to 
the best means of achieving this. 

No firm proposal has yet been 
formulated, but undertakings 
have been obtained from Mr. 
R. E. Bloye. Mr. N, H. Davis. Mr. 
P. G. Belak and Mr. D. N. Wood 
(who together hold SO per. cent 
of the capital), that if proposed 
by the company, they will together 
contribute £100.000 in subscribing 
for further ordinary shares within 
the next 10 months which might 
be subscribed in the context of 
a rights issue. 

Dixor’s results for the six 
months ended March 31, 197S. 
show sales of £192.222 and a pre- 
tax profit of £20.900. Because of 
stock relief and capital allow- 
ances, the Board does not antici- 
pate any tax liability will arise in 
the foreseeable future. 


Mr. Oliver Jessed, former choir- 
man of the 1500m Jessel 
Securities financial empire which 
collapsed in 1974 has; agreed to 
buy a 29.4 per cent stake in the 
Birmingham based metals group 
Charles Clifford Industries. 

Mr. Jessel is using the vehicle 
of Clairmace — the former Sri 
Lankan tea company and one of 
two public public companies run 
by Mr. Jessel since the failure 
of Jessel Securities — to purchase 
the strategic holding in Clifford 
from Cooper Industries. 

Clairmace. whose shares are 
dealt in under Stock Exchange 
Rule 163 (2). is to pay a total of 
£360.000 for its stake which 
includes 1.500 Clifford preference 
shares. The dea-1 is thought to 
value the ordinary at around 130p. 

Last night Clifford shares closed 
1 0p up at llOp while Cooper 
Industries shares remained un- 
changed at 20J p. Mr. Charles 
Cooper, chairman of Cooper 
Industries will now resign from 
the Board of Clifford as will Mr. 
John Cooper. 

The Cooper family and director* 
hold around 30 per cent of 
Cooper Industries, the West 
Midlands steel re-rollers and pre- 
cision engineers. 

Mr. Jessel. former chairman of 
steel eroup Johnson Firth Brown, 
is in join the Clifford hoard will! 
three of his associates. Clifford 
has not had a smooth run in 
recenl years. 

to fnrejjo a dividend payment 
despite a turnround from an 
£89.000 pre-tax loss to a £131.000 
pre-tax profit. 

EDINBURGH INDS. 
SELLS STAKE 
IN A. & E. 

Welsh Development Agency 
(Holdings), a wholly owned sub- 
sidiary of The Welsh Develop- 
ment Agency, is to purchase 
from Edinburgh Industrial Hold- 
ings a 40 per cent stake in Its 
wholly owned subsidiary A and E 
Instrumentation for a considera- 
tion of £95,000. 

In due course Welsh Develop- 
ment will appoint a non-executive 
directors to the Board of A and E. 

On March 31, Edinburgh In- 
dustrial sold EIH Electronics, re- 
sults of which have been ex- 
cluded from Edinburgh's figures 
for the year to October 31, 1977. 
These showed a pre-tax profits of 
£27,000 compared with £46,000 on 
turnover of £2.45m (£2.97m!. 

Earnings per 12 J p share are 
given at 0.001 p (0.7p). 


The Board bad forecast a loss 
of £35.000 before tax. Extraordi- 
nary items have occurred sinco 
October 31, 1977 and relate mainly 
to the sale of the group's pro- 
perty portfolio and the EIH Elec- 
tronics sale. 

The accounting period ended 
October 31, 1977 will be unaudited 
and results for extended 17 month 
accounting period to March 31* 
1978 are currently being audited. 

EMI PURCHASE 

EMI bas acquired the Universal 

Parking Meter Company. 

Tonbridge. Kent, designers and 

manufacturers of ticket-handling 
equipment. 

The purchase is intended to 
strengthen EMI’s position In the 
automated access and control 
systems business, particularly in 
relation to transportation. 

BPC PURCHASE 

British Printing Corporation 
has agreed to purchase a per cent 
of the capital of B. Taylor and 
Co. (Manchester) for £62,500 to 
be satisfied by the issue of 125.000 
ordinary shares. BPC now controls 
95 per cent of Taylor. 


B4NK RETURN 

|Wt«lniwtar ; In,-. i+> oJ 
— I July 26 Pte. i— 1 

J 157H W wt*k 

BANKING DEPARTMENT 


1,1 \MUUV-.S | 
I'at'iln 1 ! 


L 1 C 

M.r.T'S.OVl - 


Puttin' Dcjtuti....i s.saj.lb 

Siwinl Urpr»n«.. ; P7I,S7S^.VJ; — 

ttuikor* J JM.01rt.fo-i - SM.T6S.M* 

Ri~i>rvm £ llttitfr, ! 

A*™ ) fSO.84i.7iw «■ St.23S.5T 

■ — 191.Sn.IT 

ASSKTS ' l 

rnri.S^iinn(-t.. , l P 2»ASS.0SF + 61.285,00 
.Vluoi'bU'lthiv! ' 

Aid* ; SrtO.SiM! 1 ' - 305.W2.U 

PrtunlaM.KquIli'l: i 

* other Sw-n 1 2tt.J0K.WC + fP.C90.Bi 

Ytfm „....| 22.577.725,+ 2.94P.M 

Unlit ! 217.253 + 

ll.IKB.srtO.iS? -19L? 1U7 


ISSUE IIRPARTHKNT 

“CTVRILf'r/ fiif 7 £ [ £ ' 

Nmc I <*11.01 tj.72fc.0i10.00l'' + 26.0CW.OO 

Id i'iivii mill'll, i.702>22.i.7s.+ 22.0W.73 
tn lfcnli , i; Uk|'|! 22, jV i. i'i -r 

ASSETS | 

fi.ivt. I trill* ! 11. 0|S. 100 - 

Other Itart. 7.254 .OftUW- 2fi3U>77.73 

Ulbur Svruni if*. 1 .479.B35.70I + 234,077.73 

8.723.000.0X1+ 2fc.000.lX 


TAKE A FRESH LOOK 
AT TURNER & NEWALL 


Yorkshire Chemicals Limited Plastics: now 41% of our UK 



The Directors announce the nnandited results of the 
Group for the half year to 30th June, 1978, with com- 
parative figures for the previous year. 


first half First half 
; 1978 1977 

Jan./June Jan./June 


Group Sales 

United Kingdom 
Overseas. 


turnover 

12D , PLASTICS AND INDUSTRIAL MATERIALS 
1 GROWTH IN CAPITAL EMPLOYED 


£10 7m 


Total Group Sales 


£77m 


Group Trading Profit 
Depreciation 


£66m 


Interest Payable 


Group Profit before Taxation 


RESULTS FOR THE FIRST HALF OF 1978 

Your Directors are pleased to be able to report a recovery in Group Profits for the 
half-year ended 30th June, 1978, as compared with the half-year ended 31st December, 
1977. 

After two extremely bad months at the beginning of the half-year, sales volume has 
shown a steady increase both in the United Kingdom and overseas. Selling prices have 
also shown a slight improvement, but there are many market, in which prices remain 
weak and profit margins are unsatisfactory. 

Other factors contributing to the recovery in profitability are the effective control 
or our organisation costs and the favourable average level of exchange rates against 
£ Sterling during the period compared with those used in the Accounts at 31st December, 
1977. 

Profits have been calculated by using an average exchange rate and this method wifi 
be used at the year end. This change bas not had a major effect on the profits for the 
half-year but it could result in eliminating misleading fluctuations in profit in future 
periods. 

CAPITAL EXPENDITURE 

Capital expenditure during the half-year was £850,000 and is expected to be 
approxim ately EL300.000 for the full yea r. 

RIGHTS ISSUE TO ORDINARY SHAREHOLDERS 

The Board is proposing to raise approximately £3.1 million by the issue of new 
Ordinary Shares to Shareholders by way of a Rights Issue. The Board intends to use The 
proceeds of the Issue to reduce bank indebtedness, thus improving the Group's capital 
nearing and to complete the Group’s current capital expenditure programme which it ia 
estimated will total £3 million and will cover the period to the end of 1979. This expendi- 
ture includes the provision of additional capacity for the manufacture of dye inter- 
mediates and new dye finishing equipment: the replacement of existing dye production 
units and associated factory services with more efficient equipment ■ 

TRANSPRINTS (UK) LIMITED 

Trading conditions for our Associated Company, Tranaprints (UJC.) Limited, have 
improved slightly but remsis difficult 

PROSPECTS 

The recent improvement in trading bas created a feeling of greater optimism than 
existed a few months aeo and it is expected that the present level of activity will be 
maintained throughout the second-half of I97S. 

DIVIDEND 

The Directors have declared an Interim Ordinary Dividend of 2.39525p per share to 
be paid on the «h October. 1978, to Shareholders registered on the 4th September, 1978. 


Highlights of 1977 

(Mastics and industrial materials) 

Storeys of Lancaster acquired, adding new 
consumer markets (wall coverings, home decor 
and DIY) and increasing existing industrial outlets 
■Sfc New £15m plant announced to double PVC 
resin production ' 

50% expansion of capacity for polypropylene 
film started -on stream mid 1978 


TURNER 
& NEWALL 


In the past few years/ plastics have 
spearheaded T & N progress. n 

Today plastics products account for 41% of 
total UK turnover; we are important exporters to 
world automotive/ engineering^ electrical and 
construction industries; we are one of the major 
suppliers of glass fibre for plastics reinforcement in 
Europe; and we have plastics subsidiaries in 11 
countries. 

We are growing rapidly in plastics/ specialty 
chemicals/ automotive components/ man-made 
minerd I fibres and construction materials. We are 
growing in the USA market; as well as 
continental Europe, (n 1977 we invested/ expanded 
and diversified at a more rapid rate than ever before 
We are very much more than the asbestos giant. 

Why not take a fresh look at Turner & Newali? 

Write for our new brochure today. 

I To: Public Relations Depl>Tumer & Newali Ltd """j 

j 20 St Mary’s Parsonage^ Manchester M3 2NL j 

| Please send me a copy of your corporate brochure and/or ] 

I Report and Account*. , 


Adcfress. 


Providing what the future needs 








s' 

.1 

n 


22 


APPO 




Leading international consumer products company is currently 
expanding its audit staff in London and seeks qualified candidates 
for the following positions: 

a) Senior Auditor 

ReDortin* to the internal audit manager, he will he participating 
in planning of financial and operational audits of vaiyi*B degrees 
of complexity, supervise and monitor the staff auditors. 

— nationality open 

—languages— fluent spoken and written English; French 
and/or German desirable 
— age — early thirties 

a recognised accounting qualification or university graduate 

with a major in accounting 

—from four to seven years’ combined audit and business 
experience with a public accounting firm and a large 
international company, preferably U.S. 

—communication skills and supervisory ability, tact and 
diplomacy 

—sound knowledge of audit techniques/theories, practical 
approach to control problems 

—desire to develop professionally, capacity to assume 
increased responsibilities. 

b) Staff Auditor 

Reporting to the internal audit manager, or assigned ^mor 
auditor, he will assist in the planning and execution of financ^l 
and operational' audits, including conducting certain limited audit 
assignments on his own. 

The profile is similar to position Ca i except that age should be in 
the mid-twenties and onlv two to four years experience m general 
accounting or a related area with an international company. 

The salary will match experience and achievement. If you are 
interested in either of these posts, please send your resume 
with your salary requirements to: 

Ref. FT 03 

William Greenway. Partner 
Whinney Murray Ernst & Ernst 
Avenue Louise 523 bte 30 
B-1050 Brussels, Belgium. 


r ^ 

Executives 

Whatever your 
career problems 
(or aspirations) 
you will benefit 
by telephoning 
for a cost-free 
assessment 
meeting with a 
professional 
adviser of 

THE DERICK 

CHUSID 

& COMPANY LTD. 

Cjuiulranl- in Eirr’ifire Evaluation 
and Canrr Advancement 

London: 

35 Fhzrqy Street, W1 
Phone: 01-637 2298 
F.uv: A Rue de Bern 75006 
Phunn-KVJLHl 

Natan. . 

Employ men t Agency 
Sunday A ns werirtg Service 


Gold Fields’ Renison 
i mine shines 


financial Times Friday July 2S OTff 

Gallaher 
dips in 
first half 


6Y KENNETH MARSTON, MINING EDITOR 



Sell Technical Service 


Framings to £ 10,000 p.a. 

Our client provides a specialist service in filmsetting 
and has identified a huge market potential in applying 
this technology to the print problems of City 
institutions. 

No specialist knowledge is needed as full training will 
he given. 

Candidates must be quick thinking sales-oriented 
people with contacts in the right places and able to 
demonstrate they can grasp technical problems. 

A background in insurance or related sales would be ■ 
ideal. 

Earnings, includingcommission, up to £10,000 for the 
ideal candidate. A car will be provided. 

Please write with full details. These will be forwarded 
direct to our client. List separately any companies to 
whom vour application should not be sent. 

Ref. B. 1967. • 

This appointment is open to men and women. 



CONFIDENTIAL ” STREET 

nirTMf^iRjnr wixsdb 


SLL 1 

A member ofMSL Group International 


LEGAL NOTICES 


la the UICS COURT OF JUSTICE 
Chancery Division Companies Court. In 
the Matters of: 

No. 002.30 of 1975 
KAYGRfJVE LIMITED 
NO. Of 1878 

SAliNBILL LIMITED 
No. 002SG or 1975 

MRU (BUILDERS Sc MECHANICAL 
SERVICES) LIMITED 
No. 01E284 OF 137? 

SHTELS AND DELANEY CONVERSIONS 
LIMITED 
NO. MG2S7 or 1975 
CAVENDISH GENERAL SERVICE 
(MANAGEMENTS) LIMITED 
No. OOS288 of 1878 

JOHN MARTIN SHIRT CO. LIMITED 
anti m the Mailer of The Companies 
Act. 1348. 

NOTICE IS HEREBY" GIVEN dial 
Petitions far the Windlns-Up of the stjoiv- 
named Companies by the High Coon or 
Justice were, on the 17th day of July 
1978. presented to [he said Court by 
THE COMMISSIONERS OF CUSTOMS 
AND EXCISE of King's Beam H ouse . 
SMi. Mark Lane, London EC3R THE. 
and that the said Petitions are directed 
to be beard before the Court si tone at 
the Royal Courts of Justice. Strand. 
London wcu 2LL. on the 9th day of 
October 1979. and any creditor or contri- 
butory of any of the said Companies 
desirous to support or oppose Ihe making 
or an Order on any or the said Petitions 
mar appear at the time of hearing in 
person ur by his Counsel for that purpose: 
and a copy of the Perltinn win be fur- 
nished by the undersigned in any credit nr 
or contributory of any of the said Com- 
panies requiring such copy on payment 
of the regulated charge for the tome. 

G. F. GLOAK. 

Kinc*s Beam House. 

39-11. Mark Lane. 

London EC3R THE. 

Solicitor for the Petitioner. 

NOTE.— Any person who Intends to 
appear on the hearing of any of the said 
Petitions most scree on. or send by post 
to the above-named, notice in writing of 
his intention so to do. The notice must 
state the. name and address of the person, 
or. If a firm, the name and address oi 
the firm, and must be steend by the 
person or firm, or hw or Ibclr Solicitor 
»tf anyi. and must be served or. if 
posted most be sent by post in sufficient 
time to reach the above-named not later 
than four o’clock to the afternoon of the 
Sib day at October 1978. 


WHILE THE boom conditions in 
gold must be providing almost an 
embarrassment of riches for Con- 
solidated Gold Fields which is 
pursuing a policy of diversification 
outside South Africa, latest results 
from the UK group's Australasian 
interests make a mixed showing. 

An outstanding success is the 
Renison tin mine in Tasmania. 
Buoyant tin prices, increased pro- 
duction and the successful com- 
missioning of the mine's leach 
plant are reflected In an advance 
in consolidated ret profits for the 
year to June 30 to A SI 7.92m 
(£10.83m) from $A10.66m in 1976- 
197 

The latest earnings per share 
amount to AS1-23, out of which a 
final dividend is declared of 50 
cents which follows an interim of 
42.5 cents. For the previous year 
the total dividend distribution 
amounted to the equivalent of 
50 cents after adjusting for the 
one-for-one scrip issue. 

The group’s Bellambi Coal 
operation in New South Wales 
has done less well in the past year 
to June 30. Despite higher sales 
of coal and coke, profits come out 
at A $4. 43m against AS5.52m. A 
final dividend of 22.5 cents makes 
a total of 40 cents compared with 
45 cents in the previous year. 

Bellambi says that a debit 
item of AS279.000 represent': a 
disputed assessment of gift duty 
with respect to payments made 
by Societe Anonvme Le Nickel 
to Bellambi's wholly-owned sub- 
sidiary. the Federal Coke 
Company. 

An objection lodged with the 
Commissioner for Taxation was 
rejected and the company has 
been requested by the commis- 
sioner to forward the objection 
to the Supreme Court. An 
objection has also been lodged 
with the commissioner regarding 
an assessment of AS213.000. 

It is stated that operating 
profits for the second half of the 
year were seriously eroded by 
shipping congestion at Port 
Kembla. This caused a substantial 
loss of sales and also resulted in 
mine production being reduced 
and coal stockpiles being 
increased. 

Finally, the struggling mount 
Lyell copper operation in 
Tasmania, which is being kept 


going thanks to government aid, 
managed to reduce its deficit to 
A$3.72m in the year to last June 
from A514-92m in the previous 12 
months. 

The lower deficit after depre- 
ciation, tax and Government sub- 
sidy (AS3.06m). was achieved by 
a reorganisation of mining oper- 
ations in the face of a lower price 
for copper. The reorganisation 
gave higher copper production as 
a result of significantly increased 
ore grades and metal recoveries. 

Mount Lyell has been receiving 
subsidies from both the Federal 
and Tasmanian governments to 
meet its cash shortfall from min- 
ing. Negotiations are continuing 
with the two governments on the 
question of future subsidies; the 
federal government has extended 
aid for three months from July 1 
pending the outcome of negotia- 
tions. 

CAN. TUNGSTEN 
COMMENTS ON 
URANIUM HOPE 

Canada Tungsten Mining said 
uranium oxide mineralisation en- 
countered In northern Quebec by 
a team of Quebec Government 
geologists was on property leased 
by the company but It did not par- 
ticipate in tbe exploration and 
cannot confirm the results. 

The Quebec Department of 
Natural Resources earlier re- 
ported that two Government geo- 
logists recently examined the pro- 
perty about 125 miles north of 
Schefferville and that two “selec- 
ted samples" from a three-feet 
deep trench assayed 40.5 per cent 
uranium and 92 per cent lead and 
33.9 per cent uranium and P3 per 
cent lead respectively. 

The company said that it was 
common practice for Government 
geologists to conduct their own 
survey of a leased property. 
Canada Tungsten Is part of the 
diversified U.S. group Amax. 


ROUND-UP 

America's Utah International 
says that the combined mining 
unions in Australia have recom- 
mended acceptance of an agree- 
ment which will end a six-week 


ffiFJSnfS. Ss 

ment is 892 P*r cent owned ». 
Utah International- a 
owned subsidiary 

Electric. ^ + 

South "Africa's SlHrontcin gold 
mine’s Margaret . sh :J* t ( | h |, s ,, ro . 
severely damaged and us Pjo 
duction loss i> expected to total 
12,000 tonnes or ore ( •» "“"L; 
Repairs will alTect houding at the 
shut for about three weeks. 

The UJS. House oE 
fives has approved a Bill 
would Ktahlish a Hcensing pro- 
gramme for U.S. companies which 
want to begin underwater deep 

sea mining for minerals su< ch . . 

nickel, cobalt, manganese and 

copper. The licenses would 
issued until the UN Law of the 
Sea Conference i-eaehes 
ment on undersea mining. Licenses 
would be issued only to applicants 
with the technical and financial 
capability to mine seabeds ana 
who will adequately protect the 
ocean’s environment. 

PROFIT DECLINE 
AT PLACER 

Canada's Placer Development 
reports a 5 per cent decline in 
first-half net income to CS 10.5m 
(£4J3m), or S7 cents per share, 
from GSll.lm, or 9 cents, in the 
period of last year. 

The decline is attributed to a 
poor performance at 71 per cent- 
owned Gibraltar Mines, the big- 
tonuage, low-grade, open-cast 
copper producer in British 
Columbia. Gibraltar had a first- 
half loss or CSTOO.nOli compared 
with a profit of C$l.3m a year 
ago. The average grade of ore 
milled was down. Furthermore, 
the mine has been on strike since 
May 26. 

MINING BRTEFS 

BIS ICH l-J ANTAR (NIGERIA): Jnn.- 
output— So. t tonnes of nn concentrate mid 
20.42 tonnes of columbnc. hrinmim (hi* 
cumulaUvi! totals after Ike first six 
months of the current tinaurtal year to 
199.44 iotuk-s and 194.17 tonnes 
respectively. 


WITH ONLY t'Asuw 

I showing linprmed tr.uime jx-r- 
ft nuance (ialbher. a subsidiary trf 
1 American Brands, reports a 

lix&Sii jw; 

I Sl ,u-sr. l*KClll»l»n.. -.a a- *•»*£» 

I liikiin: account •»< 'J'i:y chaum-s. 
iwSd ahiM.1 I mm to 

^"V decline m Ir.dmg nrofU from 
rr.-.m l.i £ii4ni m "u- mv»ih| 
'three nit.mhs_l.-fi ihe tfU, lower 

•'VnMi't Hus „«.*■ bc:u-f.f«l f«j« 
! lower mlt-rosi charges of n-am 
1 1 cl tail- Viler 01 -* 1,11 

I 7m 2 m l lb'' «cl surplus emerged 

whole oi 1977 pr.M.i «.i- LAWm. 
An analysts of k«U-< and trading 



OIL AND GAS NEWS 


Japan-China in joint venture 



EDWORKS <19361 LIMITED 
ilncorpanlrd In the 
Republic ol South Africa} 

■ Directors: 8. Dodo. M. M. Dado. S. M. 
t Dodo. S. A M. Da«idson. C. G. 

. Deal. L Krassm. V. G. Mansell. 6. 

M.cnol. B. B. Sinclair. 

Alternate Directors: W. Michel. D. H. 
Ldoe. 

NOTICE TO SHAREHOLDERS 

NOTICE IS HEREBY GIVEN THAT, 
tor purooses oi the Meetings to he 
held an 16th August 1 973. the Share 
. -Translcr Boons and Snare Registers 
1 ol the Company will be closed Irom 
-lath August 1979 te 16th August 
.1978. both dales inclusive 

B, Order ot the Board. 

D. H. bDGE. Secretary. 

' Head Office: 

1-5 Somers Road. 

.P.O. 8o» S09. 

-PORT ELIZABETH. 6000. 

Transfer Secretaries: 

ReoublK Registrars iPtv.J Limited. 
.lOrti Floor. St. Mary's Building. 

S5 Elofl Street. 

JOHANNESBURG. 2000. 

,sondnn. Transfer Office: 

■•b Grecncoat Place. 

LONDON SWIP 1 PL. 

ENGLAND. 

■ Ztst July 197B. 


THE BIRMINGHAM 
MINT LTD. 

NOTICE IS HEREBY GIVEN chat for 
the year ended 1st April 1978 ■ final 
dividend of 3.36p on each Ordinary 
share wifi be paid an Thursday. 7th 
September 1978 to ail holders of 
Ordinary shires rejLsterod in the books 
of the company ac the close of 
business on Friday. 4th August 1978. 

By Order oF the Board. 

A. SINGER, Secretary. 


BOND DRAWINGS 


'!•: THE SCOTTISH 

! AGRICULTURAL SECURITIES 
!' CORPORATION LIMITED 
■j 31% Debenture Stock 1979/M 
') 5J% Debenture Stock 1986/88 

1 Notice it hereby given that the 
. 1 REGISTERS of the above mentioned 
! DEBENTURE STOCKS w.ll be CLOSED 
; i : or TRANSFER and REGISTRATION 
• 5 rom IBth to 3 1st August 1979. both 
I lays inclusive. 

I By Order of the Board 

H. j. McTurV. Secretary 
18 Palmerston Place. 

.Edinburgh EH 1 2 5BR 
’Sth July 1978 


CROSS LEY BUILDING PRODUCTS 
LIMITED 


25o ORDINARY SHARES 
We hereby QUO notice that the Share 
I inter Books and Rcoister ef Member, 
! the 25p Oromarv Shares ai the Com- 
! iv wit' be dosed Irom Tuesday. 1 5m 
1 gust. 1978. to Thursdar. Tth Scptem- 
'I . 1978 i bath days ineluslvci tor ttie 

1 pa ration oi dividend warrants. 

Bv Order o: the Boaro. 

G H. M. GIBB. Secretary. 


Cl Mr NTS LAFARGE 


1 965.’1 980 G-„ 1US 10.000.000 
On July T4. 137B. Bends lor an 

amount ol SUS 703.750 have been 
drawn tor redemption In the presence 
Ol a Notary Public. 

The Bonds will be reimbursed 
coupon No. 14 and lollowing attached 
on and alter September 15. 1978. 

The drawn debentures are those. 
NOT YET PREVIOUSLY REDEEMED. 
Included <n the range beginning tor: 

Bonds ol nominal sus 1.000: at 
OTB up to 803 incl.. at 6696 up to 
7462 incl. 

Bands ol nominal 1US 250: at B16I 
up to 12212 Incl. 

Amount called for redemption: 
1U5 1.001.000. 

Amount purchased In the market: 
SUS 297. 2S0. 

Amount unamortlaud: SUS 2.188.000. 
Outstanding drawn Bonds: 

Bonds ol SUS 1.000 
20S4. 4392 and 4393. 4418. 4436 
to 444Q Incl.. 4SS2 la 4SS4 met.. 
4S71 to 4580 Jncl.. 4641. 4661. 4800. 
4032. 4897 to 4905 Incl.. 491B. 4927, 
4946. 4991. 4996 and 4997. 5000 to 
5020 incl.. 61 4S. 

Bond, of SUS 250 

751 2 to 7616 Incl. 7532 to 7540 
incl.. 7S57. 7565 and 7566. 7569 
and 7570. 7765 to 7772 Incl.. 7904 
to 7914 Incl.. 7956 to 79S9 incl.. 
796S to 7972 Incl.. 7977 to 7980 
»«!,», 17072 and 17073, 17082. 

Luxembourg. 

July 20. 1978. 


;j; 

'[i OWN it CITY PROPERTIES LIMITED 

ft 

NOTICE IS HEREBY GIVEN that with 
G ,*Ct tram 21it August. 1978. the addr»s 
• V the Company's TrAiisftfr Office win oe 
l D.2T2. Tottenham Court Road. London 
„P OHH. f ^ G|MSON secretary. 


rCLUBS 


S E. 189. Regent Street. 734 0557. A la 
arte or All-In Menu. TffiW! Spe«acular 
Jigor Shows 10. AS. IMS *"0 1^5 and 
Tusk of Johnny Hawkcsworth * Friends. 


. mGOYLE. 69. Dean Street. Landon. Vy . 1 . 

5 f. NEW STRIPTEASE FLOORSMOW j 
<■ I THE GREAT BRITISH STRIP 

Show at midnight and 1 am I 

on.-Fri. CKAeO SaturtUyi. Qt-437 6455 1 


V1LLE DE NANCY 

S*„ 1971*198 6 UA 10.0 00.OQQ LOAN 

On Jui* 14. 197S Bonds lor an amount 
ot UA 560.000 h.v.c been drawn lor 
redemption in tna presence ol a Notary 
Public. The Bands will be reimbursed 
at par coupon No. 8 and following 
attached on and alter September is. 
1978 according to the conditions oi 
the Bonds. 

The numbers af the drawn Bands 
are as follows: . 

051 to 070 me}.. 072 to 120 Incl.. 
136 to 167 IneU 169 to 165 incl.. 
188 and 189. 192 \o 19B Inch. 

9.414 to 9-467 Inc:., g.469 to 9.453 
Incl.. 9.495 to V-S15 incl.. 9.319 to 
9.528 Incl.. and 9.577, g.SBO 

To 9-SS9 incl.. 9.600 10 9.659 Incl.. 
9.750 to 10.000 Incl. 

Amount purchased an the maricet: 
UA 90.000- 

Amaunt unamortieed- UA 5.450.000. 
ant, la ndlnc drawn Banos 
Z.S4B to 2.550 incl . 2.562 l* 2.58 T 
,“l.. 2.590. 2-600 2.00 3. 2.668 to 

2.675 incl- 2-700 and 2.701. 5.403 
to 3.409 incJ... 3-425. 

Fiscal Agent 
KREDIETBANK S.A. 
LuKCmbaurgcBisc 

LuncmbeyrS. _ 

July 28. 1978. 


RAND SELECTION CORPORATION 
LIMITED 


(Incorporated In the Republic 

ol South Africa) , 

NOTICE TO HOLDERS OF U-S. DOLLAR 
6>: PER CENT CONVERTIBLE LOAN 
19B6 

Bondholders are notified that copies 
of the Annual Report of Rond Selection 
Corporation Limited (or the eighteen 
month, ended 31st March. 197B, may 
be obtained from the office Ot: — 

ANGLO AMER.CA^CORPORATION T g 

40. Holborn Viaduct 


Registered Office: — 
44 Main Street. 
Johannesburg 2001. 
28th July. 1978. 


London EC1P IAJ 


No. 002241 ot 1578 
ID the HIGH COURT OP JUSTICE 
Chancery Division Cora panics Conn. In 
the Mailer of RUSTLEGRADE LIMITED 
and In the Matter of The Companies 
Ad. 1*48. 

NOTICE IS HEREBY GIVEN, that a 
Petition for the Wlndinu up of (he above- 
named Company by the High Coart of 
I as bee was on the 13th day of July 
1978, presented to ihe said Conn by THE 
FIRST NATIONAL BANK OF CHTCAuO 
whose principal place of basin -ss In 
England Is at 1 Royal Exchange Buildings. 
Conthin. London EC3R 3DR. and that 
the said Petition Is directed 10 be heard 
before Ihe Court sitting at the Royal 
Courts of Jos lice. Strand. London WC2A 
ILL, on the 9th day of October 1978. 
and any credllor or contributory or the 
said Company desirous to support or 
oppose Ihe making of an Order on the 
said Petition may appear at th-’ time 
of hearing, in person or by his counsel, 
for that pnrpose: and a coo? of the 
Petition will be furnished by the under- 
signed 10 any credllor or comrlhnlory 
of the said Company reoulrias such copv 
op payment Of the regnlated charge lor 
the same. 

COWARD CHANCE. 

ROT ex House. 

AJderm anbury Sou are, 

London EC2V 7LD. 

Solicitors Tor the Petitioner. 

NOTE.— Any person who intends to 
appear on the hearing of the said Petition 
mast serve on. or send by post to. the 
above-named notice in writlna of his 
intention bo 10 do- The noilce musi state 
the name and address of the person, or. 
If a firm the name and address of the 
firm and must bo signed by ihe- person 
or firm, or his or iheir BOllchor «if anyi 
and mvsi be served, or. if pom-d. must 
be wail by post m Btifflcleiu time 10 
reach the above-naroed opi later than 
four o'clock in the afternoon of the 
6th day of October 1978. 


Japan and China will develop 
the oil and gas resources of tbe 
Gulf of Po Hai south east of 
Peking, as a joint venture, Mr. 
Jin Miyazaki, vice president of 
Japan's National Oil Corporation, 
said in Tokyo. 

Mr. Miyazaki was speaking at a 
press conference after heading 
a mission to Peking. Detailed dis- 
cussions on the shape of the 
venture will take place In 
September. 

Technical co-operation and 
equipment aid will be provided 
by Japan. 

* * * 

Forest Oil of Denver 
announced a potentially signifi- 
cant gas discovery in Eugene 
Island block 309, some 90 mUes 
offshore Louisiana in the Gulf of 
Mexico. 


The gas was found at depths 
previously unexplored in the 
vicinity and about 2.25 miles 
from the nearest production plat- 
form. The well has not yet been 
flow-tested. 

Apart from Forest the 
operator, other companies 
involved in the venture are 
Columbia Gas Development, 
Texas Gas Exploration and the 
Consolidated Natural Gas sub- 
sidiary, CNG Producing. 

* * * 

Marathon Oil has penetrated 
several sands with encouraging 
oil and gas potential in the Kakap 
block KG -IX offshore Indonesia, 
about 75 miles north of Jakarta. 

Seven of eight sands tested re- 
covered light gravity, low sulphur 
oil. One sand produced gas and 
condensate. Additional wells are 
planned to evaluate the structure. 


Other companies involved in the 
exploration are Pertamina, the 
Indonesian state concern. Hudson 
Bay OH and Gas. and Coastal 
States Gas. 

* * * 

Husky OO is studying a joint 
proposal from Gulf Canada and 
Petro-Canada for ihe development 
of heavy oil in the Lloydminster 
region of Canada, a statement 
issued in Cody. Wyoming, said. 
The proposal springs from nego- 
tiations which started a year ago. 
+ * -*• 

Elf -Aquitaine, the French state 
group, plans to start drilling in 
September off the French Atlantic 
coast on a block of the Loire- 
Maritime area. Drilling will take 
place in 175 metres of water and 
could last for two months. The 
exploration well will be the first 
in the area 


jn.Tm' ^ liT-im » : «M‘* I 

7 II. i.3m > and i*"*7 m * a,u J 

distribution 1112m tiW»Jnu 2 nd 

l "^X-preci.uion nut of industrial 
gr-.ms 100 k E3 3... i£.‘ »*«•. After 
minorities- »>f id !:i» 
dtir ibui able proiil w.i* ‘ i,,un irom 
111.3m to £ 10.7m. 

DCI Holdings 
returns to 
profitability 

Recovery lo a record pre-!jiv 
profit or flSSjiStt «.is ai hu ted hv 
DCI I Holding"*), u Glasgow h:i*-ed 
property group, fur lh»* year fo 
February 2S. W7S, compared vx ill* 
a H 5 .tHio loss for the pret mu., 
corresponding 12 month-. 
Development iurno\er amounted 
lo some £lm and earnings per 
share emerged u( t*»3p. 

In Ihe current tear dctelop- 
ment will start on Si Andrew's 
industrial estaie, Gl.iygow. which 
will create a innirihutiui* lo pi'olit 
and indirect overin , .ul> ot 10 23m. 
and also work in conjunction with 
a national eon trader will beum «»n 
a eontmvrfi.il developmen- which 
will prnduee a lived i:outnbulion 
of 1150.000. 

Rexmorc sees 
upturn 

On the basis of fir-t-qnarler 
returns showing irmun lunimer 
almost 20 per cent up on the 
same period last >ear. Mr. A. 
lUisenblatt, ehairman «i Ri*\nmr.* 
says that he is I'enlideul < 11 * 
reporiinc higher proliis for the 
current year 

In the >e.»r ended March “1. 
1H7S group pre-l.ix pmtit clec1in>'.l 
from I'.ifill.l.iO in IS!'2.i:M .^rtrr 
absnrbinc losses of some fiiMUMui 
on the warp knitting operation. 

The chairman lh:»l the 

textile trades generally are 
hopeful lliat the current iip*u:-.e 
in demand which is rt-neeled in 
the sales figure for the first 
quarter will be sustain', d 
throughout the year and ih.« 
croup is able to satisfy this 
increased demand. 

In Ihe dyeing and finishing 
division further progress was 
made during the year at U. 
Caw lev and Co. 1 Manchester) and 
the high level of activity an.! 
efficiency is con tinning into the 
current year Referring to S. anil 
A. Driver of Snlybridvc the 
ehairman says thnr the problem* 
caused by overcapacity at heme 
and cheap imports combined to 
intensify the seriousness of the 
situation. 

The worst is over at Slab-bridge 
and the chairman feels that ihe 
tumround is definitely achievable. 
The company is currently 
breaking c\en and (here is a large 
forward order position. 



Are you a Stock Exchange Investor? 
Does your interest lie in the Far East 
or Europe? Is gold your particular 
concern? Maybe you're a 
commodities expert or a forex 
speculator? 

Are you hungry for the FT Index or 
news headlines? 

Whatever your interest... 
Wherever you are ... 

Ring London , Birmingham 
L iverpoo l or Manchester 

246 8026 

for the 

FT INDEX 

and 

Business News Summary 


damson 

OIL CORPORATION 


New issue 


2 1 st July, 197S 


Damson Oil Corporation 


44,900 shares of $6.50 convertible preferred stock 
■with interests in production revenue 


AND 


466,948 shares of common stock with warrants 

TOTAL CONSIDERATION 

$ 10 , 000,000 


Amex Bank Limited 

London 


Cazenove & Co. 


Donaldson, Lufkin & Jenrettc 
Securities Corporation 


This notice appears as a matter of record only, all of the securities harin« beer, fr.v^.vA tLw 
Bstfsede the United States of America 









4 m» 

m 

M i.', 

il: | 


Financial Times Friday July 2S 1978 


I KMI IQWI. I I \ \\( 


COMPANY NEWS 


NORTH AMERICAN NEWS 

Gulf income C 
drops 23% ° 

in sharp |] 
setback 


Second quarter surge in 
Bethlehem Steel earnings 


overseas Pan Am dividend prospect 

operations . r r 

lift Ford following half-year profit 

Motor NEW YORK. July 27. 


By David UsceKes 

new YORK, Jn3y 27. 

AS FURTHER oil majors today 
announced large increases in 
earnings. Gulf Oil continued 
to show signs of distress by 
reporting a 23 per cent drop 
m income In the second 
quarter of this year. 

Earnings were $175m (90 cents 
a share) against S216zn (51.ll 
a share.) in the same quarter 
last year, and revenue dipped 
to $4.72bn from S4R2bn. As a 
result, the return on share- 
holders' equity for the 12 
months ended June 30 fell to 
dJ. per cent from 9.7 per cent 
a year earlier. 

Gulf, wh'ch has been struggling 
to overcome problems of bad 
management and a cash 
squeeze, blamed reduced profit 
margins on world-wide refining 
and marketing operations, and 
higher financial charges 
Jerry McAfFee. chairman, 
said that while -the results were 
disappointing, “ we are 
encouraged by the fact that 
the principal areas of our busi- 
ness, particularly in the U.S„ 
snowed improvement over the 
first three months of thin year. 
It should also be pointed out 
that we have only begun to 
benefit from the extensive 
cost • cutting programme 
initiated in late April.” 

Meanwhile, the White House 
announced that Gulf OO has 
entered a compromise agree- 
ment with the Federal' 
Government to pay $42 .2m to 
the U.S. Treasury in settle- 
ment of Department of 
Energy allegations that Gulf 
overstated costs for crude oil 
acquired by its foreign 
affiliates, AP-DJ reports from 
Washington. 

The agreement settles a case in 
“ which Federal Energy officials 
in April 1977 issued Gulf “a 
notice of proposed disallow- 
ance" of $79.6m in costs. At 
that time the Federal Energy 
Administration charged that 
Gulf Oil had overstated costs 
for crude acquired for Gulf 
affiliates in Venezuela, Ecuador, 
Colombia, Nigeria and Angola 
between August 1973 and May 
1975. 

Gulf said later that the payment 
to the Energy Department 
** will not adversely affect 1978 
earnings since adequate provi- 
sion was made in prior years.” 

Gulf’s difficulties were high- 
lighted by news from Mobil, 
the second largest oil company, 
that earnings in the second 
quarter had risen 21 per cent 
to $295m. or $2.78 a share, on 
total revenues of $8.8bn. 

Dther companies to announce 
higher earnings today include 
Continental Oil. whose income 
rose 31.7 per cent to $153.8m 
(81.43 a share! 

Less satisfactory results came 
from Shell Oil, which 
announced a 2 per cent in- 
crease in earnings to $170m, 
leaving per share earnings one 
cent lower at 31.21 

Standard Oil of California also 
reported a 7.5 per cent drop 
in earnings to $255m ($1.50 a 
share, down from $1-60). 
blaming a wide number of 
special factors, 

AP-DJ adds: Marathon OH 
reported six months net results 
of S100.Sm or $3.34 a share, 
against $90J2m or $3. Revenue 
was $2.3Sbn against $2.26bu. 


BRIEFLY 


BY JOHN WYLES 

Bethlehem steel, the 

second largest U.S. producer and 
until recently one of the most 
troubled, enjoyed a 143 per cent 
surge in earnings in the second 
quarter. 

Having closed facilities at 
Johnstown, Pennsylvania and 
Lackawanna, Now York, at the 
end of last year, Bethlehem has 
been in a much stronger position 
to benefit from this year’s firm 
demand for steeL The company's 
profit margins have clearly im- 
proved. 

Net earnings in the quarter 
were S84.Sm ($1.95 a share) com- 
pared with $342m (SO cents a 
share). Sales increased- by 6.6 
per cent to S1.6bn. Six-monthly 
net earnings were $85Jfcn (S1.97 


a share) on sales of $2.98bn com- 
pared with $9.6m (22 cents a 
share) on sales of $2.73bo. 

Underlining the point of profit 
margins, the company's second 
quarter shipments were margin- 
ally lower during the quarter 
than in the same period last year 
—3.46m tons against 3.54m tons. 
Similarly, six-month shipments 
are down from 6.55m tons to 
6:66m tons. Production in the 
quarter was up from 42m tons 
to 5.01m tons and, in the six 
months, from 7.76m to 9m tons. 

Mr. Lewis Foy, the chairman, 
emphasised the “ significant 
benefits ” realised from plant 
closures, reduction of overheads, 
and improved efficiency, bat he 


NEW YORK, July 27. 

drew attention to the fact 
that the company* Js ship- 
yard operations were losing 
money this year and in 
particular, the Sparrow's Point 
yard, which has specialised in 
large oil tankers, was being 
examined very closely. 

Meanwhile, AP-DJ reports that 
Lykes Corporation announced 
net profit for the second quarter 
of $?.6m against a loss Of $26 3m 
for the comparable period. 

This year's second quarter 
share net equalled 56 cents. 

The 1978 second quarter 
results include recurring items 
related to prior periods of 39.4m. 
These 1 items involve periodic 
inventory adjustment of steel 
divisions raw materials. 


Formal bid for stake in Corco 


ARABIAN Seaoil Corporation 
SA. a company representing a 
group of private investors 
headed by Mr. Roger E, Xamraz, 
has made a formal proposal to 
acquire an interest in Common- 
wealth Oil Refining - Company 
(Corco). Mr. Edward D. Doherty, 
president and chief, executive 
officer of Commonwealth, 
announced. 

A preliminary proposal was 
made to Commonwealth’s Board 
by this group of investors in 
May. 

Under the Arabian Seaoil pro- 
posal. its wholly-owned subsidiary 
would purchase a large amount 
of Corea's indebtedness for cash 
plus shares of regular common 


stock and senior secured notes of 
the subsidiary. Other Common- 
wealth Oil indebtedness and 
claims against the ■ company 
would be settled through a plan 
sponsored by Arabian Seaoil. 
under Chapter XI of the Federal 
Bankruptcy Act. 

Elsewhere on the oil front. 
Occidental Petroleum Corpora- 
tion said in Los Angeles i * has 
withdrawn, its application to the 
Canadian Foreign Investment 
Review Agency relating to its 
proposed acquisition of control 
of Husky OIL 

Also. Occidental said it is 
applying to the Securities and 
Exchange Commission to with- 
draw its registration statement 


SAN ANTONIO, July 27. 

previously filed in connection 
with its proposed acquisition of 
Husky. 

On Jane 23, Occidental Petro- 
leum said it had filed a registra- 
tion statement for the proposed 
acquisition of at least 80 per cent 
of Husky Oil's stock through an 
exchange offer. 

On June 27, Alberta Gas Trunk 
Line said it increased its interest 
in Husky to 35 per cent from 
4 per cent through open market 
purchases, and said it bad every 
intention of continuing to be a 
major shareholder in Husky. 
Subsequently, Petro-Canada 
called off its tender offer for 
share of Husky Oil, 

Agencies 


Williams to provide more data 


WILLIAMS ' Companies . has 
agreed to amend its registration 
statement with the SEC covering 
its proposed acquisition of Rain- 
bow Resources to include infor- 
mation relating to the 1975 sale 
of its pipeline construction 
operations. 

Until Williams prorides the 
additional material, it cannot 
proceed with the Rainbow 
acquisition. The company said 
it believes that the statement can 
be revised and become effective 


in time to permit Rainbow's 
shareholders to vote on the 
merger in late August 
The fertilizer, energy and 
metals concern, said it agreed to 
provide the SEC with additional 
information concerning Williams 
International Group, which pur- 
chased most of the business and 
assets of William’s pipeline con- 
struction operations in 1975 and 
concerning Williams’ guarantees 
of certain Williams International 
obligations. 


Downturn for El Paso 


EL PASO, the oil and gas pipe- 
lines group, bad a poor second 
quarter with earnings dropping 
from a corresponding $26.45m 
or 66 cents a share in 1977 to 
522.17m or 50 : cents a share. This 
was in sptie=of a jump in revenue 
from S426m to $4 90m. 

At the half-year stage, net 
earnings were down from a 
'corresponding $52.94m or $1-33 a 
share to 544.91m or $1.01 a share, 
on revenue up from $S25.Sm to 
S933.4m. 

On a more optimistic note, 
El Paso Company said net earn- 
ings for the whole of 1978 are 
still expected to he comparable 
to those of 1977, in spite of the 


HOUSTON, July 27. 

lower second-quarter and six- 
months results. The company 
earned $92.1m in 1977. 

In marked contrast, Texas 
.Eastern Corporation, the gas and 

011 pipelines utility, raised second 
quarter net earni n gs from 
$29.04m or $1.18 a share in 1977 
to $3037 m or $1-23 a share. This 
was achieved in the face of 
declining revenue, from $5 16.1m 
to 5478.2m. 

The latest returns bring Texas 
Eastern's net revenue for the past 

12 months to 313235m, or $5-32 
a share, compared with 5113.01m 
or $4.63 a share. Revenues 
totalled SI. 97b n, against $l25bn 
Reuter 


TULSA July 27. 

Williams said it will establish 
a valuation reserve against the 
Williams International notes it 
received on the sale by a charge 
to second quarter net income of 
$18m of 72 cents a share. The 
reserve will also include a pre- 
viously unrecognised gain of 
I2rn on the disposal of the pipe- 
line construction operations. 

The. resulting $20.6m carrying 
value of the Williams Inter- 
national notes will be less than 
the book value of the group's 
net tangible assets and appears 
to be a “prudent estimate” of 
the net realisable value of the 
notes at June 30. 

After 2i years of indepen- 
dent operations, Williams Inter- 
national shows a “substantial 
loss" mainly because of “severe 
difficulties” with a major con- 
struction project. 

However, in view of cetrain 
management and equipment 
additions • and cost-cutting 
measures that “convince us that 
Wiliams International’s 

expectations oE future profit- 
ability are realistic ... we are 
prepared to continue making our 
support available to it." 

Williams has started negotiav. 
tlons expected to lead to a re- 
structuring and rescheduling of 
Williams International group's 
debt to iL 
AP-DJ 


By Our Own Correspond ant 

NEW YORK, July 27. 
SHRINKING PROFIT margins 
in North America restrained 
Ford Motor Company's earn- 
ings -growth in the second 

quarter to a mere li per cent, 
despite a 22.7 per cent increase 
In rales. 

But as in the first quarter 
of the year, the company's 
overseas operations have 
turned In a glittering per- 
formance, increasing their 
share , of the company's net 
income from 33 per cent in 
ApiiMmie last year to 41 per 
cent The indications are that 
Ford both a belter product 
mix abroad and more scope for 
passing on price increases. 

Ford’s net Income In the 
second quarter was $539-Szn or 

$425 a share compared with 
$530Am or $4.49 a share. Sales 
rose from $9JBbu to $lLS9bn. 
Reflecting a 3.4 per cent fall 
Id first quarter income, the 
company's half-yearly earnings 
were $L006lm or $8.48 a share 
compared with $1. 0131m or 
$&59 a share. Hall yearly sales 
were $3L86bn compared with 
$l&9bn. 

Mr. Henry Ford H, the 
chairman, said today that the 
company’s after tax return on 
sales had declined in the 
second quarter from 52 per 
cent a year ago to 4.6 per cent 
However, the company did not 
point out that the margin of 
deetine on North American 
sales of cars, trucks and 
tractors was very much larger. 
The company's second quarter 
North American earnings were 
$316m on sales of $&3bn, but 
last year they were $31 5m 
on -sales of $7bn. Thus 
the return has fallen from 
5 per cent to 3.8 per cent. 

The reasons for this sharp 
decline are rising costs, a 
thinner product mix with 
greater reliance on less profit- 
able small cars, and capital 
expenditure requirements 
which have been revised up- 
wards and are now expected to 
run at a rate of about $3bn a 
year until 1982. . 

“The continuing decline In 
the company's profit margins 
will make the task of funding 
our capital expenditures more 
difficult," commented Ford 

The continued rise In profits 
overseas was attributed largely 
to European operations. 

Jeannette offer 

Coca-Cola Bottling of New 
York said that its offer to 
.purchase any and all outstand- . 
ing shares of Jeannette Cor- 
poration at $20 per share net 
to the seller terminated at 
10.00 am. today, AP-DJ re- 
ports from Hackensack. The 
offer will not be extended. 

Coca-Cola of New York 
said it will announce shortly 
the total number of shares 
tendered under the offer. 

Meanwhile, Coco-Cola Bot- 
tling of New York announced 
higher second quarter earnings 
of 25 cents a stare, compared 
with 22 cents in the, same 
period last year. 


A SUBSTANTIAL rise in second- 
quarter earnings was an- 
nounced by Fan American World 
Airways. Earnings per share 
have risen to $1.09 from 37 cents 
in the comparable period. 

Total net has jumped to S4&2m 
from $l52m. Results for the 
second quarter Include pre-tax 
capital gains of S8.6m from dis- 
position of equipment compared 
with $4.lin a year ago. 

Pan Am noted that there were 
no Federal income tax provisions 
for 1878 and 1877 because of 
investment tax credits. 

Net earnings for the first half 
of $22.1 m or 52 cents a share 
compare with a loss of $LLlm 
previously. 


Operating revenue in the 
second quarter increased by 15.7 
per cent to $S532in. 

First-half operating revenue 
rose by 142 per cent to $9S6.7m 
from a year ago. 

Results of the first six. months 
of 1978 include pre-tax capital 
gains of SlOJim front disposition 
of equipment compared with pre- 
tax capital gains of S14.6m a year 
earlier. 

Results for 1977 have been 
restated for capitalisation of 
leases. 

Pan Am, which in March 
announced a net profit of 
$300,000 or 1 cent a share for the 
month, the first such monthly 


NEW YORK. July 27. 

profit since 1966. has Steen fight- 
ing back from the dejrth of the 
recession suffered a few years 

ago. 

Hr. William Sf.-awell, the 
chairman, has taken the initia- 
tive in trimming easts, tighten- 
ing management and balancing 
the airline IntD a p asitUm to take 
advantage of the iifcarp increase 
in air traffic over the past few 
years. 

Pan Am announced that It is 
reviewing the possibility of re- 
instating dividend payments 
when its retained earnings level 
surpasses the revel required 
under loan agreement and in- 
dentures. 

Agencies 


Norton forecasts sharp gain 


Norton, the abrasives manufac- 
turer, expects profit for the full 
year to “approach” $7 a share, 
up sharply from the previously 
projected $5.70 a share and from 
last year’s $5.03 a share. Mr. 
Robert Cushman, the president 
and chief executive officer told 
reporters. 

“We aren’t seeing the economic 
slowdown this year that others 
are talking about ” he said. For 
example, sales in the US. of 
industrial abrasives— still Nor- 
ton’s biggest product line — are 
“continuing strong,” indicating 
that “our customers are doing 
pretty well.” These customers 
Include companies in the auto, 
steel and machine tool industries. 

Net for the year is expected to 
increase to about S56m from 
541.3m the previous year. Sales 
should reach $940m from 
$847. 9m. 

Previously Mr. Cushman had 
been saying that the earnings 
projection of S5.70 a share for 
the year was “ pretty safe." But 
the second quarter was “so 


EUROBONDS 


strong” and the outlook for the 
rest of the year “so good” that 
Norton has revised sharply up- 
wards its earnings estimates 

If these projections for the full 
year pan out, the Norton board 
is likely to consider increasing 
the dividend from its current 
quarterly rate of 50 cents a share, 
said Mr. Cushman. *Tf we earn 
what I think we will it would 
be unlikely that we won’t take 
dividend action in the last 
quarter of the year.” 

Norton, based in Worcester, 
Hass., makes industrial abrasives, 
ceramics, safety products and 
products for the oil mining and 
chemicals process industries. 

Norton expects to report that 
per-share profit in the second 
quarter rose by more than 32 
per cent from a year ago to more 
than $2 a share. 

Net should surpass $16m com- 
pared with S12.4m a year earlier, 
and sales are expected to be 
up to $240m from S21Sm. 

Thus, profit for the first six 
months climbed to more than 


boston, July 27. 

S30m, or rtier 53.S0 a share* 
from 521.5a):, or $223 a share. 

Meanwhile. Norton and 
Chemplast sr*id that Norton plans 
to moke a le nder offer for 370.000 
shares of Chemplast or about 
20 per cerit of its 1.3m shares 
outstanding. 

Yesterriuy, Chemplast had 
announce*! that it was holding 
discussions “with a major U.S. 
company" interested in making 
the tender offer. 

Both companies said their 
Boards ■’have approved the offer 
subject tu agreement on final 
terms. The tender is expected 
to be made in about a week. 

Norton and the principal stock- 
holders of Chemplast have 
agreed to cross rights o£ refusal 
on any subsequent sales of their 
holdings in Chemplast. 

The principal stockholders 
have agreed to participate in the 
tender and not sell any of their 
shares for 90 days except m 
response to the tender. 

AP-DJ 


Coke Bottling NY issue 


BY FRANCIS GHILSS 

COCA COLA BOTTLING COM- 
PANY of New York will float a 
$25m 15-year convertible with an 
indicated coupon of 6] per cent 
through a group of banks led 
by Biyth Eastman Dillon. The 
conversion premium, which will 
be fixed on August 9, is expected 
to be between 10-12 per cent. 

In New York, the Export 
Development Corporation of 
Canada, which is rated a “AAA" 
borrower by the two leading 
agencies, wDI float a 5125m 
bond carrying a five-year 
maturity. Lead managers of this 
issue are Salomon Brothers and 
Wood Gundy. The market 
expects the yield to be aronnd 
8.75 per cent. Final terms are 
expected on August 16. 

The bonds will be listed on 
the London Stock Exchange, 

The secondary market was 
quiet yesterday with prices 
mostly unchanged. As on pre- 


vious day this week, there was. 
little turnover. 

The Deutsche-mark sector of 
the market bad another bad d$y 
with prices of most issues 
weakening. The recent Norgjes 
Kommunalbank issue was being 
quoted at one half point below 
tile selling group discount on the 
bid side by the lead manager. 
The domestic market was also 
weak, with the Bundesbank 
buying between DM 260-2T0m 
worth of bonds. 

U.S. Rubber Uniroyal Holdings 
of Luxembourg is arranging a 
DM 35m private placement with 
an indicated coupon of 5.75 per 
cem through Berliner Handels 
und Frankfurter Bank. 

This bullet issue has a 
maturity of 6 years and is 
expected to be priced at ■99 per 
cent. The issue carries a 
guarantee from the U.S* parent 
company. 


Agreement on 
nuclear plant 

NEW YORK, July 27. 
CONSUMERS POWER Company 
said it had reached an agree- 
ment in principle with negotia- 
tors for 29 rural electric 
cooperatives and municipal utili- 
ties that would resolve anti-trust 
questions involving the construc- 
tion of Consumers Power’s Mid- 
land nuclear plant. 

Consumers Power said the ten- 
tative agreement established 
general conditions under which 
the group of utilities could buy 
an interest in both the Midland 
plant and a unit of Consumers 
Power's J. H. Campbell plant 
In addition, the proposed 
agreement outlines electric 
transmission services to be pro* 
vjded to the utilities by Con- 
sumers Power, establishes 
general conditions for the sale 
and exchange of power between 
Consumers Power and the group 
and sets up a planning commit- 
tee for future co-operation. 
AP-DJ 


Cutler-Hammer making steady progress 


CONTROL devices manufacturer 
Culler-Hammer bad second 
quarter net earnings of $1.71 a 
;hare compared with $1.03. Net 
income rose from $6.04m to 
*U.l9ra after an extraordinary 
oss of $600,000. 

Three utilities also reported 
idvances at the second quarter 
evel; Panhandle Eastern Pipe-, 
line rose from $1.27 to $1.47, 
Wisconsin Electric Power rose 
from 57 cents to 70 cents, and 
Vor them Slates Power rose from 
19 cents to 57 cents. 

Further increases in per share 
net earnings were reported by 
Hughes Tool, up from 69 cents 
to SI. 20, Chubb, ahead from $1-31 
to $1.88, construction and engin- 

U.S. QUARTERLIES 


eering concern Dravo Corpora- 
tion, ahead from 86 cents to 87 
cents, hotels group Holiday Inns, 
up from 54 cents to 70 cents, and 
consumer chemical goods manu- 
facturer Dart Industries, with a 
rise from $1.40 to $1.65. 

Also reporting rises for the 
second quarter were the insur- 
ance and computers holding com- 
pany Reliance Group, up from 
51.65 to $2.35. food packer W 
Giorgio Corporation, up from 54 
cents to 55 cents, car rental 
concern Ryder System, up from 
S6 cents to $1.19, and ibe diversi- 
fied industrial company Ogoeir 
Corporation, up from $1.06 .'to 
$1.29- ■ ■ ■ 

Machine tools maker Glddfngs 


and Lewis earnings rose from 
'57 cents a share to $1.27 for the 
second quarter, and for the same 
period pipeline operator Raneb 
Services advanced from 39 cents 
to 50 cents, while filters manu- 
facturer Puralator moved ahead 
from 60 cents to 84 cents. 

Second quarter net earnings of 
the gas pipeline operator 
Northern Natural Gas slipped 
irom $1.17 to 80 cents a share. 

' For the first six months of the 
current fiscal year, net earnings 
of the business equipment manu- 
facturer Pitney-Bowes rose from 
$L19 to $L43. The electric wire 
terminals maker Amp Incor- 
porated rose from 99 cents to 
$127 for the same period, and 


NEW YORK, July 27. 

also for the six months period 
the industrial gases and welding 
equipment manufacturer Big 
Three Industries moved ahead 
from $1.20 to $134. 

For the first quarter of the 
fiscal year, baby foods manufac- 
turer Gerber Products moved up 
from <54. cents to 80 cents, while 
for the first half Murphy Oil 
slipped from $1-97 to $1.47. 
Drilling equipment maker Baker 
International Corporation ad- 
vanced from 55 cents a share to 
70 cents for the third quarter, 
and for the same period wire 
and steel products maker 
National-Standard edged upwards 
from 81 cents to 89 cents. I 
Agencies [ 


Compagnie 
Financier e de Paris 
et des Pays-Bas. 


AMERADA HESS 

Second Q Barter 1 WB 

Seven ue 

Net profits 3A5im 

Net per share... Q-S6 

Six Months 

Revenue -yS? Q 

Net profits 

Net per share.. • L° 6 

BELL CANADA 

Second Quarter MW 

Revenue 

Net profits S2.0m 

Net per share... I-® 4 

Six Months 

Revenue 

Net profits 

Net per shar e— 3.03 

CI TY INVESTING 
Scamd Quarter MW 

Revenue 

Net profits , S 

Net per share... i-O* 

six Months 

Revenue 

Net profits 46 - 4 ® 

Net per share.-. 

CITIES SERVICE 
Sec and Quarter MW 

Revenue 

Net profits 40.4m 

Net per share... 1.45 

SU Months 

Revenue 2-3ion 

Net profits 95.7m 

Net per share,.* 3.45 


FMC CORP. __ 

1977 Second Quarter 

5 

l.Q2bn Revenue 

51.89m Net profits 

1.28 Net per share... 
Six Months 

2.30b n Revenue 

122.79m Net profits 

3.03 Net per share... 


MCDONALDS CORP. 


urrs vrn 
» 5 

769.5m 572.4m 
42.9m 38.0m 

1.30 UL4 

1.41bn lUBbn 
74.7m 67JSm 
2.24 2.03 


Second Quarter 

Revenue 

Net profits ... 
Net per share 
Six Mentha 

Revenue 

Net profits ... 
Net per share 


im 

... 430.5m 
... 45.2m 

1.11 

... 793.7m 
76.2m 
LBS 


MT 7 

5 

892.4m 

60.9m 

1.26 

1.73bn 

123.0m 

2.59 


1977 

745.6m 

13.3m 

0.65 


2.19bO 

115.7m 

421 


GETTY OIL 
Second Quarter MW 

Revenue S80.6m 

Net profits 53-7® 

Net per share— 0.55 

Six Mudu 

Revenue L£b Q 

Net profits 129-0? 

Net per share-.. Wn 

JOHNSON & JOHNSON 
Second Quarter 1WB 

Revenue 

Net profits 8026m 

Net per share... 1.34 
S fit 

Revenue 7?? 11 

Net profits 157.74m 

Net per share... 2.66 

yTMRtTBljnr-CLARK 

Second Quarter MB 

Revenue 467.1m 

Net profits 37.5m 

Net per share... L60 
SI* Munlfe „ . „ 

Revenue 945.0m 

Net profits 75.6m 

Net per share... 323 


NEW YORK TIMES 


UR Second Quarter 

s ■ 

879Jm Revenue 

75ffm -Net profits 

022 Net per share... 

Six MuHtto 

1.74bn Revenue 

157,6m Net profits 

194 Net per share... 

- FENNZOEL 
HR Second- Qaarter 

s 

739 -5m Revenue 

66.62m Net profits. 

LX4 Net per share... 

Sbt Mouths 

1.46bn Revenue ......... 

12821m Net profits 

220 Net per share... 

ROLLINS INC. 

HR Fourth QtMrtar 

430.1m Revenue ......... 

362m Net profits 

1.55 Net per share... 

- -» Year 

867,6m Revenue 

692m' Net profits 

2.97 Net per share... 


1978 

S 

1462m 

8?.m 

0.70 

2852m 

15.3m 

121 


ins 

376.5m 

3l.6ra 

022 

712.6m 

54.7m 

1.58 


asn 

s 

852m 

1029m 

0.77 

295.4m 

2025m 

2.00 


SCHLUMBEBGKR 

2977 Second Quarter 2978 1977 

S S 5 

357.1m Revenue 6732m 556.1m 

37.9m Net profits 131.6m 105.7m 

024 Net per share... 1.55 123 

Six Muxths 

6562m Revenue 129bn L06bn 

642m Net profits 2282m 185.4m 

129 Net per share... 2.69 2.16 

~~ STANDARD BRANDS 

HR Swami Quarter 1978 HT7 

s s s 

127.7m Revenue 5652m 46S2m 

6.9m Net profits 162m 15.6m 

0.60 Net per share... 0.50 025 

Six Months 

244.3m Revenue — 111 bn 8442m 

122m Net profits 32.1m 292m 

L07 Net per share... L14 1.06 

' SUN COMPANY 

MR Second Owner MR 1977 

s s s 

328.6m Revenue LSfibn L53bn 

312m Net profits ...... 972m 92.7m 

021 Net per share... 1.68 128 

Six Months 

63L5m Revenue 3J58bn 3.10bn 

622m Net profits ...... 173.8m 1742m 

121 Net per share... 229 226 

UNION OIL CALIF. 

MR Secnd Qoartcr 1978 1977 

S S $ 

73.4m Revenue 1.62b n 1.57ho 

8.78m Net profits 86.6m 80.7m 

0.66 Net garsbare... L97 1.7 8 

2552m Revenue 3.10bn 3.00bn 

2429m Net profits 165.9m 157.6m 

126 Net per share... 3.73 3.49 


Financial Highlights 


Paribas Group 

Consolidated results 
Compagnie Financiered share 
Earnings per adjusted share 
Estimated value per adjusted share 

Compagnie Financiers 
Profit for the year 
Distribution 

Net dividend per adjusted share 


(In French Francs) 


<1976 

1977 

438m 

514m 

361m 

411m 

27.27 

31.03 

333 

351 

172.4m 

187m 

1462m 

176.2m 

11.08 

13.30 


.Mr Jacques de Fouchfer, Chairman of 
the Company, indicated during a meeting 
of financial analysts and economic 
journalists held in -Paris on 8th June that . 
Compagnie Financifere had achieved a ' 
consolidated income of FF 4T 1 millions 
in 1 977, an increase of 1 3.8%.- of which 
53% arose from earnings abroad and 47% 
from activities in France. 


in terms of business,- earnings from banking 
and financial operations represented '55.5% 
and investment portfolio management 
44.5% of the total. 

Itwas stated that barring unexpected 


developments. Income for the year 1 978 
should be at least equal to that of the 
preceding year, as also should be the 
dividend distribution. 


Mir Jacques de Fouchier recalled the 
Paribas Group's rapid international 
expansion during the last few years. This 
expansion has continued with the recent 
acquisition of a 20% stake in the Canadian 
Power Corp. Group and a- 1 2% interest 
(possibly to be increased to 25%) in Sun 
Hung KaT Securities, a major finance house 
in Hong Kong where Banque de Paris et 
des Pays-Bas has also decided to open a 
branch office. 



Conies of the Report (in English) can be obtained from: 

Securities Departments. G. Warburg &Co, Ud« 30 Gresham Street, London EC2P 2EB and from thu 
Banque de Paris et des Pays-Bas, 33 Throgmorton Street, London EC2N 2 BA. 


V 





24 


Financial Times Friday My 2S 1978 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 



KLM improvement in first quarter 


BY CHARLES BATCHELOR 

KLM Royal Dutch Airlines 
reports a further improvement 
in net profit in the first quarter 

Net profits rose 9.1 per cent 
in the April to June period to 
FI 50.3m. <S23m> from FI 40.1m. 
Operating profit was slightly 
lower at FI 52.1m compared with 
FI 52.7m: the net result bene- 
fited from a decline in net 
interest charges to FI 5.5m from 
>'l 11.2m an d a net credit this 
tune of FI 2.7 on extraordinary 
items. 

KLM expects results in the 
second quarter to "approximate" 


to the same quarter of last year 
when operating profit was 
FI 110m and net profit FI 101m, 
the company president, Mr. 
Sergio Orlandini, told the share- 
holders meeting. There is a clear 
trend to cheaper fares. These do 
not lower existing fares but are 
in addition to them, he noted. 
The new cheap fares do not in 
themselves cover costs but they 
contribute to profitability by 
raising seat occupancy. 

KLM feels that it is " increas- 
ingly difficult" to keep up with 
new fare developments. Fares 


should be bandied as far as pos- 
sible within LATA. "Stunt fares” 
are not in the interests of either 
the traveller or the airlines. 

Operating income rose 32 per 
cent to FI 702 Jm f$316m) in 
the first 1978-79 quarter. Costs, 
including depreciation, rose at 
a slightly faster rate— 3.6 per 
cent to FI 650m. Profits per 
share rose to FI 14.92 from 
FI 13.65. This is after allowing 
for payment of a 5 per cent divi- 
dend on the company’s prefer- 
ence shares and for a rise of 
more than 18,000 in the number 


AMSTERDAM, July 27. 

of outstanding shares following 
the conversion of 5} per cent 
debentures. KLM now has 3JL2m 
shares outstanding. 

The latest figures Indicate a 
slow-down at KLM following the 
78 per cent increase in net profit 
during the whole of last year 
and the doubling In the first 
quarter of 1977-78. 

The improvement in traffic in 
the first quarter is the same 
as in the first 1977-78 quarter 
but is less than the 10 per cent 
traffic increase in the whole of 
last year. 


Yen syndicated credits 
continue to expand 


BY FRANCIS GHIL£S 

SYNDICATED credits which in- 
clude a Yen denominated tranche 
hare been growing steadily in the 
market in the past six months or 
so. One loan to Bulgaria has 
just been completed, which in- 
cludes such a feature and two 
others, also for European bor- 
rowers, are currently being nego- 
tiated. 

The Bulgarian Foreign Trade 
Bank is raising a loan which 
includes a S90m dollar tranche 
(with a maturity of six years, a 
three-year grace period and a 
split spread of ? per cent for 
the first three years rising to 
i per cent ) and a Y7.5bn tranche 
carrying a fixed interest rate of 
7f per cent, for five years with 
three years srace. Lead manager 
is Bank of Tokyo. 

Another Eastern European 
borrower, the Central Bank of 
Hungary is currently negotiating 
a package amounting to S200m. 
One tranche, amounting to SlOOm 
will be denominated in dollars, 
the other amounting to Y20hn 
in yen. Final terms are not yet 
known. Lead manager is Long 


Term Credit Bank of Japan. 

Sumitomo Bank is leading a 
S200m loan, to be syndicated 
exclusively among Japanese 
baDks. to Hydrocarbons Bank of 
the Cayman Islands, a wholly 
owned subsidiary of the Italian 
state energy company ENI. 

The spread on this loan, which 
carries a 12-year maturity, will 
rise every three years from an 
initial * per cent over Libor to 
1 per cent, then 1J per cent and 
ultimately li per cent. The 
grace period is six years. 

Two Latin American borrowers 
are arranging small loans. 
Uruguay’s state energy company 
is raising $45m for seven years 
on a spread of 14 per cent 
through a group of banks led 
by Bank of America. 

Meanwhile. INFONAC, a state 
owned development bank in 
Nicaragua is arranging a S20m 
five year loan on which it is pay- 
ing a spread of 2 per cent. Royal 
Bank of Canada and Libra are 
leading and ihe latter bank is 
also understood to be negotiating 
a credit for the Central Bank of 
Nicaragua. 


Swedish papermaker 
maintains payment 


BY WILLIAM DULLFORCE 

PAPYRUS, THE Swedish pulp, 
paper and board group, achieved 
pre-tax earnings of SKr 64.6m 
<$14.4m ) on a SKr 1.83bn 
<$407m) turnover, according to 
the shareholders’ report for the 
13 months ending April 30. The 
earnings include SKr 45.2m in 
minority shares and SKr 7.7m in 
State stock support After extra- 
ordinary items, the pre-tax 
figure comes out at SKr 72m, of 
which SKr 46m is attributable 
to minorities. 

It is difficult to make any 
relevant comparison with the 
previous shareholders’ report 
which covered 18 months. It 
showed pretax earnings of 
SKr 122m on sales totalling 
SKr 1.5bn. Since then, however. 
Papyrus has increased to 55 per 
cent its holding in Hylte Bruk. 
the newsprint company, whose 
accounts are now consolidated. 

The most significant indicator 
is perhaps the decline in the 
adjusted earnings from SKr 9 a 
share in the IS-month 1975-77 
report to SKr 1.50 a share in the 
latest account. The Board pro- 
poses to effectively maintain its 


STOCKHOLM, July 27. 

dividend of SKr 2.90 a share for 
the 13-month period compared 
with SKr 4 a share for the pre- 
ceding 18 months. 

The next shareholders' report 
will cover the eight znontbs to 
the end of the year, after which 
Papyrus intends to revert to tbe 
calendar year. Even though 
there have been signs that 
demand for some group products 
has firmed up in recent months, 
the management warns that 
prices must rise considerably 
and costs be carefully watched 
if profits are to be restored to a 
satisfactory level. 

A product breakdown shows 
that newsprint, on Which most 
Swedish companies have con- 
tinued to make reasonable 
profits, accounted for SKr 517m 
of Papyrus’ total sales. Pulp, 
where only 70 per cent or 
Swedish capacity was utilised 
last year, contributed SKr 372m 
to turnover. 

The board plants produced 
sales of SKr 467m, but under- 
utilisation of production 
capacity led to i " less satis- 
fying" result* 


Estelin 
talks with 
U.S. group 

By Our Own Correspondent 

AMSTERDAM. July 27. 
ESTEL, the Dutch-German 
steel group, has been holding 
talks with Kaiser Aluminium 
and Chemical Corp. of the 
U.S. aimed at a possible link 
through the former’s alumi- 
nium interests. 

These talks have ended for 
the time being and have not 
reached a stage "where any 
conclusions can be drawn," 
Estel today said from 
Nijmegen. A spokesman for 
Holland Aluminium, the hold- 
ing company for Estcl’s alumi- 
nium Interests, said the talks 
with Kaiser, and with a num- 
ber of other aluminium pro- 
ducers. would probably be 
resumed later. 

“ It U well known within the 
Industry that Estel has been 
seeking a partner since the 
Royal Batch Shell subsidiary, 
Billiton, palled oat of its half- 
share in Holland Aluminium 
in January 1977," Estel said. 
Billiton and Estel went their 
separate ways because Estel 
put the emphasis on the pro- 
duction of raw, semi-finished 
and end products while Bil- 
liton was more interested in 
securing access to raw 
materials. 

Estel has 100.000 tonnes of 
primary aluminium production 
capacity at Delfzljl in north 
eastern Holland and a 6L5 per 
cent stake in the Belgian pro- 
ducer Sldal. Sldal, whose other 
shareholder is Pechiney. has 
capacity of 175,000 tonnes of 
rolled and extruded products 
and is currently working at 
around 165.000 tonnes capacity. 

Estel’s aluminium interests 
made a small profit last year. 
The spokesman declined to 
comment on the results so far 
this year but said the company 
was performing as well as the 
industry generally. 


STRAIGHTS 

Bid 

Offer 

Alr-n Aiisiralia 9?pc 19S9 

97] 

99* 

AMEV -ipi- 1B97 

951 

99 

Australia Sip>: 1992 . 

9.‘1 

97* 

Australian M. Jt S. 91pr V2 

9;] 

9S* 

BAMays BunS 4i ik 1991 .. 

95 

931 

Fotraier 1992 

9T1 

98 

Cm. N. Railway 91n- V9--6 
r r,-iii[ National 9'pr 13SA 

911 

93] 

95* 

98 

P'-nmart 5! pc 19i>4 .. 

99 1 

99 

ECS 9 pc 1993 


99 

PCS Sipc 1 997 


94 

EtB sipc wrc 

W 

PC! 

1 Ml O-p.: 1P<9 ... . 

9-t 

•n 

Fnrvan SJp.- I** 1 ) 

9 -: 

97: 

E^i Spr I9?fi Not . ... 

'■91 

l.m 

r.t. Lakes Pan-T «:o-- I9S4 

97] 

94* 

Bnmorsloy 9!pc 1992 .... 

100) 

101 ! 

nvdro Qu.'6-c 9pc 1992 

ICC Sip..- 1957 

90 

9.;: 

95* 

9 

ISE Canada B-nc 19M 

107* 

104 

Marmillan Bloi-drl 9&c 1992 

9S 

9S1 

Masvv FiTKUPon 9ipc "91 

9'-) 

99] 

Mir.VUn 9: pc 1953 

ICO] 

101* 

Midlarhl Ini. Fin. SJpc '92 

93 

951 

National Coal Ed Snc 19S7 

92* 

911 

S.i nonal Wsmuifir. 9 vc '*» 

100] 

101) 

Natl Wsimnsir. 9oe -ss B' 

1001 

10 U 

Nvu-Ioundland fpc UBS . 

991 

100 

Nordic Inr. Bans sjpc I9SS 

!M 

97 

Norco* Korn. Bfc S»pc 1992 

95 

95.’ 

Nnrpipc Sipc 1959 . .. 

P5 

951 

Nonk Hydro S!pc 1992 

94] 

9 a 

n;|o 9pc 1P«S 

100 

m; 

Pons Auionomos Up.- I«( 

97 

97 i 

Prov. Quohcc ?pc 1995 

94] 

93; 

Prov Sastaiohun Sjpc *84 

97* 

9S 

R-od inK-rnaiional 9pc 19S. 

92 

94 

RUM 9pc 1992 

95 

95J 

FMoctlon Trust S’pc 1S*9 

9<U 

91* 

Shell Inti. Fin. s;p. 1990... 

951 

96 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Bid 

Stand. EnsVilda 3 PC 19S1. . 98 

SKI- Spe 1147 91 

Sv...d-.n < K’dom ■ 19S7 *4* 

L'lrtcd Him mis Ip-: 1989 ... 98 

Volvo Spe I9i7 March ... 83* 

NOTES 

Australia 7;p-- !P*4 8H 

K.-II Canada 7.p.- 1987 . 9«* 

Rr. Columbia Hyl Vine ‘95 "97 

Can. Pac. SI PC 1 984 971 

Dow Chemical ?pc 1598 ... 97* 

ECS 7‘pc 19S2 94} 

ECS SJpc I9S9 94 

EEC Tip.; 1985 95* 

EEC 7Jpc T984 94 

Erso Guncit 8}pe 1984 ... 96 

r.marerken 7]pe 1983 ..... Mi 

Kockwns Spc 1983 96* 

Mlcholin 8]pc 1993 984 

Montreal Urban Sipc 1981 Mi 

New Brunswick 3 pc 19S4 961 

N»w Bruns. Prov. 82oc ‘83 99 

New Zealand Sipc 1988 . 9S 

Nordic (nv. Bit. 71 p<- 1934 Ml 

.Norsk Hydro VipC 1985 95] 

Norway 7{pc 1932 93] 94* 

nniario Hydro 8pc 1987 .. 931 94] 

Sinccr <?fpc f««2 m twr 

S. of -Scor. Elec. 8* PC 1991 99 98 J 

Sweden iK'domi 7] pc 1982 Ml 95) 

Swedish Slare Co. 7]pc fZ 95 93i 

Teimex 9Jpc 1984 99 993 

Tcnneco 71pc 1987 May .. 911 921 

Volkswagen 7|pc 1997 M] 95] 


Offer 


Bid 

Offer 


BM 

Offer 

981 

STERLING BONDS 



Spam ?pc «S38 

95 

951 

91* 

Allied Breweries 101 pc *90 

39) 

90! 

Trondheim 3}pc 1988 .. . 

951 

96 

95 

Citicorp lOpc 1997 

92] 

?..i 

TVO Po-.rer Co. Ope 1988' . 

94} 

S'ii 

98] 

Counaulds 9:nc 1989 

SO* 

OH 

VenvarU fipc 19SS . . . 

94 

95 

94 

PCS 9Jnc 1089 

94* 

95] 

World Bank 5tpc 1990 

94! 

951 


EIB *»;t»r 1983 

M! 

77 • 





EtB 91pc 1992 

97! 

94] 

FLOATING RATE NOTES 



941 

finance for Ind. 91p-: 19S7 

91] 

92* 

Bank of Tokyo 1934 9}pc ... 

» 

99) 

97 

Finance lor Ind. lOpc 1989 

94 

95 

BFCE 19S4 Sipc 

98! 

991 

s-t; 

Fisona 101 pc 1987 

971 

9*1 

HNP 1933 9l)(.pc . 

93} 

ISO* 

9St 

Uestetner 11 pc 1988 

9? 

97 

BQE Worms 1985 9pc 

971 

931 

98 

INA lOpc 1983 _ 

921 

97* 

rr.F 1985 Sipc 

98* 

9SJ 

951 

Rowntrcc Wipe 1988 . .. . 

90 

91 

Chase Manhttn. '93 9 5 W pc 

93* 

93) 

941 

Scars Wipe T938 

92 

93 

Creditanstalt 1984 81 pc 

981 

m 

M 

Total Oil 91pc 1984 .. 

90* 

91* 

DG Bank 1BS2 9pc 

99] 

ion 

94] 




I7ZB 1931 81 is pc 

95* 

100) 

951 

DM BONDS 



Hill. Westminster 19S4 8 pc 

9» 

991 

95 

Asian Dee. Bank 5?pc 1938 

93 

94 

Lloyds 1983 3 15 pc 

99) 

100 

97 

BNDE fllpc 1936 

95 

951 

LTCB 1983 3 pc 

99) 

991 

99* 

Canada 4]pc 19S3 

96i 

971 

Midland inL FS -97 89|spc 

981 

99) 

106 

Den Norskc Ind. Bk. fipc '90 

981 

99 

•fldiand lot. FS -93 97, # pc 

939 

99* 

97) 

Deutsche Bank 4£pc 1983 ... 

90] 

97] 

NaL Wrtminstr. *90 BSitnc 

991 

991 

5BH 

ECS Wnc 1990 

90] 

91) 

OKB 1B37 9]pc . 

99* 

100 

951 

EIB 5] Pc 1990 

90* 

91* 

SNCF 1985 Sipc 

99* 

991 

94 

Elf Aquitaine 51 pc 19S8 ... 

93] 

94* 

Stand, and Cbtrd. *84 8! pc 

981 

99] 


Finland 53pc 19V 

Forsmarks Sine 1990 

Mcrlro Bpc 1993 

Norcrm S’pc 1999 

Norway 4?uc 1993 

Norway 41 pc 1983 

PK Bankcn 5lpc 1983 

Prov. Quebec Bpc 1990 

Rauiarunkfcl 5]pc 1988 . . .. 


93 

93 

941 

9*1 

97 

n 

93] 

K* 

94 


94 

94 

954 

991 

971 

90 

941 

96] 

941 


CONVERTIBLES 

American Express 4*pc *57 814 

Ashland 5 pc 1988 98] 

Babcock ft Wilcox fiipc V7 no* 
Beanice Foods 4]pc 1892... 97 

Beatrice Foods 4ipc 1992... 1081 

Bcecham 61pc 1993 . — 10Sf 

Borden 5pc 1993 99 


83 

100 

11U 

98] 

110 

1041 

100 ] 


Bid Offer 

Broadway Bale 4 Idc 1987 . 751 73 

rj mat lo n 4pc 1987 754 SO 

Chevron 5 pc 19>8 . 12H 131 

Dirt 4JPC 1937 

Eastman Kodak 4)pc 1983 844 8* 

Economic Labs. -Upc 19$7 771 79 

Firestone ape I9SS 79] St 

Ford ope 1SSS 85 86) 

General Elcctnc 44 PC 13S7 61 9?! 

niDctie Upc 1987 77i 79 

Gonld 5 PC 1997 119 120] 

Gulf and Western ape 1953 *54 S8 

Harris a pc 1992 . ... 194 196 

Honeywell flpe 19SS 87] 89 

1CI SIPC 1092 83] 901 

INA 6 pc 1997 96 97] 

Incbcape Sipc 1992 113] 114) 

ITT 4JPC 1987 78s SO 

Jusco 6pc 1992 US] 1135 

Komatsu TJoc I MO KSi 1395 

J. Bay McDermott 4ipc '87 148 ISO 

Matsushita Sipc 1990 152] 181 

Mitsui Tine 1990 134 137 

J. P. More an 4Jnc 1997 99 100- 

Nabisco 5) pc 1988 102 10.1; 

Owens Illinois 4*pc 1997 ... 1164 119 

J. C. Penney 4!nc 1987 ... 73* 77 

Revlon 4fpc 1987 1241 17* 

Reynolds Metal* *nc 13S9 .. 83i S5 

Sandvik Sjpc 1958 ...... 113 114! 

Sperry Rand -tlpe 1997 M 93 • 

Squibb 4: PC 1997 85 8*: 

Texaco 4>pc 19*9 79 80. 

Toshiba Mpc 1992 135] IS-: 

Tr Co. So-- 1984 77 75* 

TV Co. S)pc 1998 IK] lOT-r 

Onion Carb'V Upc 1992 ... 91] 93 

Warner T.fW-rt 4 =pc 1987 91* 83 

Warner Lamt-rc Sipc 1968 77* 79 

Xerox 3 PC 1088 77 75] 

Source: Kidder. Peabody Securities. 


This announcement appears as amatter of record only . 


2,000,000 Shares 


j J£ 

PHILIP MORRIS 

INCORPORATED 

Common Stock 


Lehman Brothers Kuhn Loeb 

Iceprpp r atfd 


The First Boston Corporation 
Bache Halsey Stuart Shields 

Xnoorpo rated 

E. F. Hutton & Company Inc. 
Warburg Paribas Becker 

Incorporated 

L- F. Rothschild, Unterberg, Towbin 
ABD Securities Corporation 


Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Karaev Faster fk Smith Incorporated 

Dillon, Read & Co. Inc. Donaldson, Lufkin & Jenrette 

Securities Corporation 

Kidder, Peabody & Co. Lazard Freres 85 Co. 

Incorporated > 

Wertheim 8s Co., Inc. 


Basle Securities Corporation 


Atlantic Capital 

Cuporatmi 

EuroPartners Securities Corporation Robert Fleming Klein wort, Benson 

Incorporated I ncor p o ra ted 

Nomura Securities Internationa], Inc. 

SoGen-Swiss International Corporation 


Goldman, Sachs 8s Co. 

Salomon Brothers 
Drexel Bu rnha m Lambert 

Jncorpurstcd 

Loeb Rhoades, Homblower & Co. 

Bear, Stearns & Co. 
Shearson Hayden Stone Inc. 
Daiwa Securities America IncI 
The Nikko Securities Co. 

Tn»fwatww«! | Tn^ . 

Scandinavian Securities Corporation 
Yamaichi International (America), Inc. 


Ban ea Commeraale Italians. 

Berliner Handel s- 
und Frankfurter Bank 
Samuel Montagu 8s Co. 

Limiud 

Pierson, Heldring 8s Pierson N.V. 
July 17, 1978 


Hambros Bank 

Limited 


Bank Julius Baer & Co. AG. Banca della Svizzera Italians Bayeris cbe Vereinsbank 

Caisse des Depots et Consignations Credit Agricole ( CNCA) 

Morgan Grenfell & Co. SaL Oppenheim jr. fis Cie. Pictet International 

United 

J. Henry Schroder Wage 8s Co. Vereins- u&d Westbank AG. 


FOREIGN EXCHANGE BROKING 

Clash of ideas in Tokyo 


TROUBLE HAS broken out on 
tbe Tokyo foreign exchange 
market between a group of 
foreign banks which are major 
traders on tbe market and tbe 
Japanese Association of Foreign 
Exchange Brokers, through which 
all business has to be placed. 
Tbe trouble involves differences 
between the broking procedures 
used in Tokyo and those recog- 
nised as standard in other foreign 
exchange markets. It has reached 
the point where a group of 
militant banks has threatened to 
dock brokerage fees paid to local 
companies because of tbeir 
failure— -or alleged failure — to 
execute some orders accepted 
from banks. 

Foreign banks now account for 
about 30 per cent of turnover on 
normal days in the Tokyo market 
and up to 50 per cent on busy 
days — such as have been seen 
this week, with over Slbn 
changing bands on the spot 
market yesterday. The root 
cause of recent friction Is the 
Japanese broken' practice of 
accepting orders for the purchase 
of foreiga exchange, which may. 
not, however, always be com- 
pleted in full at tbe price quoted. 
This is recognised practice in 
Japan, where it is also acceptable 
for banks to place the same order 
with several brokers, on tbe 
understanding that the business 
will go to the first to deliver on 
tbe order. 

Backing down 

The practice of “backing down” 
on orders is being attacked by 
3 group of leading U.S. and 
European banks, which argue 
that Tokyo should be brought 
into line with trading procedures 
in other foreign exebanae 
markets. Tbe banks hav»: 
exerted pressure on Japanese 
brokers to change the system — 
in some cases by threatening to 
withhold brokerage fees so as to 
compensate for losses caused by 
orders not being executed at 
originally quoted prices — the 


BY CHARLES SMITH IN TOKYO 

Japanese Foreign Exchance 
Brokers Association. howe.ve , 
has fought back vigorously. 

Bariv last week the Association 
sent out a circular letter winch 
implicitly accuses the hanks- nt 
falling to understand th«. 
Japanese system, and o* expect 
ing to be able to do business in 
English on a nurket where 
evervone else does business in 
Japanese Copies ot the letter 
were sent to the 16 foreign banks 
(out of the total of about 60 in 
Tokyo) which employ expatriate 
foreign exchange dealers. 

Recipients included banks uKe 
America a Express which ha\c 

Heated transactions on the 
Tokyo foreign exchange 
market are running parallel 
with heated relations 
between some of the organ- 
isations involved. The 
Japanese broking practice 
of taking orders at pivon 
rates but not necessarily 
executing them at the same 
levels is under attack by 
some foreign banks. The 
brokers’ association has 
reacted vigorously 

been putting pressure on 
Japanese brokers to chance tbeir 
system, and banks, such as 
Barclays, which employ foreign 
dealers, but have been content 
to go along with The existing 
system. 

Foreign banks which have 
been applying pressure for a 
change in the broking system 
claim that the existinc system 
of “adjustable " quotations has 
been hitting them heavily at 
times when the yen-dollar rate 
has been chancinc rapidly. In a 
typical instance quoted by one 
foreign dealer, a bank might buy 
S5m from an exchange speculator 
outside Japan at a rate of 
YW5.50 to the dollar. 


\ scllinc ordrr at the same 
rate wmild »k* placed with * 
fa panose broker, hut this might 
"result m only SJm being sold at 
the original I y quoted price while 
<he remai lung $4 m might have 
in he unloaded at \ ID5.40. The 
discrepance between rho original 
quote and'ihii rate f ft r tbe $4m 
would reduce the amount 
realised by over $2,000, (he 
hanks poini out. The experience 
nn -hi be repeated several times 
on "a single day of particularly 

heavy LraUing. 

Losing money 

Apart from tin* sheer annoy, 
a nee of lusitu! money on some of 
iheir transact m m« certain foreign 
hanks claim to the hand of 
l uvinese domestic banks behind 
Lrirtihle wilh the brokers. The 
group of nine Japanese broking 
bouses is regarded as standing 
between tho foreign banks, 
which are nowadays doing an In- 
creasingly large share o: bus loess 
L qi the Tokyo market and the 
domestic banks, which domin- 
ated the market until two years 
ago (with an estimated 97 per 
cent of average dat/j" trans- 
actions up to 197«5>. 

The more activist among the 
foreign hanks say that their suc- 
cess in developing ihe market 
has aroused the resentment of 
some domestic banks who are 
"ceiling at us ihrough the 
brokers.” -Some doaltir.s yo so fir 
as in claim that problems with 
individual brokers were being 
sorted our satisfactorily before 
the broker’s association Jud 
unity ” imposed on it from the 
ouisidc.” 

This dramatic view of the 
situation u. not shared either by 
rhe Assoei.viinn «. f Koreicn Kv- 
chance Brokers itself, which 
claims that ifs members held t2 
nicotines h.-foro dccidins to send 
out Iasi week’s circular letter, 
or by ail the fore re n hanks — 
sonic of which believe that it is 
be H e r 1 u w n rk with J apa no-i e 
practices, rather than try tn 
light ihem. 


A copy of this advertisement has been delivered for registration to the 
Registrar of Companies in London 

0 Deutsche Bank 

Aktiengesellschaft 

Offer for Subscription byWay of Rights 

As authorised at the Annual General Meeting on 1 1th May 1977, 
the Board of Managing Directors has decided, with the consent of the 
Supervisory Board, to'increase the capital of Deutsche Bank by a further 
DM80,000.000 from DM960.000.000 to DM1,040,000,000 through the 
issue of 1,600.000 new Shares of DM50 par value {ranking for dividend 
from 1st January 1978) at a price of DM200 per Share of DM50 par value. 

Following this increase and allowing for the capita! increase of 
DM60,000,000 by way of rights in November 1977, Deutsche Bank has 
issued DM140.000,000 out of the DM200.000,000 capital authorised for 
issue by shareholders at the Annual General Meeting on 11th May 1977.. 

The new Shares have been subscribed by various financial 
institutions on the condition that the Shares are offered to the shareholders 
of Deutsche Bank on the basis of one new Share for every 12 Shares of 
DM50 par value held at a subscription price of DM200. 

The increase of capital has been recorded in the Commercial 
Register of the District Court at Frankfurt am Main, and we invite our" 
shareholders to exercise their subscription rights from 7th August 1978 to 
21 st August 1978 inclusive against presentation of dividend coupon No.32 
and payment at one of the subscription agents, during office hours. 

Subscription Agents in the United Kingdom 

Deutsche Bank AG,' . .Midland Bank Limited, 

London Branch, International Division, 

10 Moorgate,- Securities Department, 

London, E.C.2. 60 Gracechurch Street. London, E.C.3. 

The last date for the payment of .the subscription price of DM200 
per Share of DM50 par value is 21st August 197S. Payment must be made 
through an Authorised Depositary (which includes banks and stockbrokers, 
in, and solicitors practising in, the United Kingdom, the Channel Islands or " 
the Isle of Man) by means of a bankers draft in Deutsche Marks. 

Since the Shares of Deutsche Bank constitute a foreign currency 
security for U.K. exchange control purposes, persons resident in the United 
Kingdom will, unless utilizing the proceeds of a foreign currency loan 
authorised by the Bank of England for portfolio investment, be required to 
pay the investment currency premium on taking up their rights. • 
Shareholders resident in the U.K. who propose to take up their rights are 
therefore advised to consult their own bankers without delay. 

.The subscription rights (represented by dividend coupon No.32) 
will be listed and traded on all German Stock Exchanges, on The Stock*" " 
Exchange in London and other foreign Stock Exchanges from 7th August 
1 978 to 1 7th August 1 978 and the existing Shares will be dealt in ex nqhts 
as from 7th August 1978.The subscription agents in the United Kingdom 
are prepared to arrange for the purchase and sale of the subscription 
rights. Rights may only be exercised for whole numbers of new Shares and 
holders of rights are advised either to purchase the extra number of nqhts ' 
they require or to sell their excess rights. a 

„ ^ The new Shares will be embodied in a Globa! Bearer Certificate- 
subscribers will receive a credit in a Joint Share Account for their new ! 
Shares. If requested. Bearer Certificates will be available for new Shares In 
denotations of DM50 (one), DM100 (two) and DM 1,000 (twenty) 
which will be accompanied by a renewal coupon receipt. V/ ' 

t. Application has been made or will be made for the new Shares to 

^ncTi?ug^f97^for n'omafsettlemenL 0 com ™ ence 35 from and “ ur ch ‘ 

on DeutscheBank^ncludmg'an 3 Interim rS® 

immediately and, in any event, not- later than 1 6th August 1 978. 

Frankfurt am Main, 28th July 1 978. 

The Board of Managing Directors. 





Financial Times Friday. July 28 1978 


% 


financial and company news 


Valentine Holdings in cash 
offer for John Sands 



** JAMES FORTH 

VALENTINE HOLDINGS has 
flannelled a A$ls.7m (U.S.$I5.7m) 
cash bid for John Sands Hold- 
ings which if successful would 
result in the largest manufac- 

cards in 

^nK^c 3, j d ^ rectors Of 

aonn Sands announced earlier 
cH®, weeic that talks were being 
2“ which might lead to a t ate 
over, but the offer price caught 
xae market by surprise. Valentine 
is offering AS6.B5 a share, which 
is more than double the market 
pnee when the news of a 
possible bid was released. More- 
over, it is well above the net 
tangible asset hacking of AS5.50 


for Sands’ shares. The directors 
of Sands intend to recommend 
the bid. while, members of the 
Sands family, who are aware of 
the proposed offer, intend to 
accept The family controls 56 
per cent of the company. 

Valentine Holdings itself was 
formerly a publicly listed com- 
pany but was acquired in 1972 
by the U.S. conglomerate, 
Textron. The offer is subject to 
the approval of the Foreign 
Investment Review Board. 

Both John Sands and Valen- 
tine Holdings are- involved in 
commercial printing, while 
Valentine also operates in the 
computer services industry. 


SYDNEY, July 27. 

Sands and Valentine are two 
of the top three card manu-. 
fact lire rs in the country. The. 
third is Specialty Press, in which 
the world’s largest greeting card 
group. Hallmark, has - recently 
been building up a sizeable 
shareholding. Specialty Press 
has been growing rapidly and 
now bolds about 20 per cent of 
the market. A merger of Sands 
and Valentine would give the 
combined group between 40 and 
SO per cent of the card market. 

The market has expanded 
rapidly in recent years, with 
total sales rising since 1974 from 
A£45m to about A$125m a year. 


Adelaide Brighton just ahead 


BY OUR OWN CORRESPONDENT 

ADELAIDE Brighton Cement T 
Holdings managed only a 2.4 per exp 
cent increase in profit for the dep: 

to May 31 but has raised AS1 
ns dividend. Group earnings reee 
edged up from AS2Rlm to gnu 
AS2 t'§ 7m ' < U -S.83.29m), despite Aus 
per cent ii ft in sales from give 
A$25.8m to A$30J>m <U.S.$35m). ling 
. The main reason for the small Aus 
increase in earnings was a sharp Ti 
increase in the tax provision — sen! 
pre-tax profit actually rose 28.6 wer 
per cent, from A$4.9m to A$0^m. at t 
Tax provided rose 'from A$2Am deni 
to AS3.4m, or 54.6 per cent com- shai 
pared with the national company iDg{ 
tax rate of 46 per cent. to S 


The high tax rate may be 
explained by a jump in the 
depreciation charge from 
ASL-58m to A$2.66m, reflecting a 
recent AS20m expansion pro- 
gramme at the company’s South 
Australian - plant, which has 
given the company the largest 
single producing cement unit in 
Australia. 

The higher profit still repre- 
sents a recovery as earnings 
were down almost 18 per cent 
at the halfway mark. The divi- 
dend is raised from 5 cents a 
share to 5.25 cents, while earn- 
iDgs per share rose from 9.1 cents 
to 9.3 cents. 


SYDNEY, July 27. 

James Hardie Asbestos expects 
profit in the year to the end of 
March, 1979, will improve on 
the ASl6-98m (US519-Sm) 
earned after tax last year, Mr. 
J. B. Reid, the chairman, said at 
the annual meeting, reports 
Reuter from Sydney. 

The improvement would come 
from increased - productivity, 
following rationalisation of pro- 
duct manufacture and improved 
profitability from the new plant 
at Tanggerand, Indonesia, which, 
if maintained, would make a sig- 
nificant contribution to group 
profit. 


*niM isifisi ftf OllJ]f 


June 1978 


mrn 

Mineracao Rio do Norte S.A. 

Trom betas Project Financing 

U.S. $130,000,000 

Ten Year Loan 


- ■ P ;*£<■-: 

Managed .by 


Irving Trust Company 


Orion Bank Limited 


The Royal Bank of Canada 


Co-Managed fay 


Amsterdam- Rotterdam Bank N.V. 
The Bank of Nova Scotia International 


Citicorp International Group 


Banco do Brasil S.A. 
Chemical Bank International 

Limited 

Manufacturers Hanover Limited 


Toronto Dominion Bank 


Provided by 


Amstcrdam-Rottcrdam Bank N.V. 

The Rank of Nova. Scotia International 
Citibank NA. 

Irving Trust Company 
Orion Bank Limited 


Banco do Brasil S A. 
Chemical Bank 


In ternational Commercial Rank limited 
Manufacturers Hanover Trust Company 


ILB.C. Finance B.V. 


Toronto Dominion Bank 


Shareholder 

interests 

reshuffle 

atTriconti 

By Our Own Correspondent 

SYDNEY, July 27. 
THE MERCHANT BANK, Tri- 
continental Corporation has 
received a A$6.3m (lLS.S7.2m) 
cash bid as part of the planned 
re-shu/fiing (be interests of 
major shareholders. The bid is 
being made by a company 
known as Torenia Holdings, 
the vehicle through which the 
reorganisation will be accom- 
plished. 

Tricontinental was formed 
lo I960 and is closely associ- 
ated with the prominent 
Australian financier Sir lan 
Potter. In the early- seventies 
a number of' overseas share- 
holders were introduced. 
Security Pacific National Bank 
of Los Angeles, Gtllett 
Brothers Discount Company of 
London; Mitsui Bank of Japan 
and Incentive AP. controlled ; 
by the Swedish bank Skandi- 
navtska Enskffda, 

Between them the foreign 
interests held almost 49 per ' 
cent of the capital. 

Torenia is offering A$2.43 for 
each Tricontinental share, 
which compares with the 
market price of ASL60 before 
the bid was announced. Once 
the takeover is completed, 
Torenia will change its name 
to Tricontinental Holdings. The 
bolding company will then 
acquire the Perth-based mer- 
chant bank, Westralian Inter- 
national. 

The existing shareholders of 
'Westralian International are 
two state government-owned . 
banks — the State Savings Bank 
of Victoria and the Rural In- 
dustries Bank of Western 
! Australia— Credit Lyounaig of 
j France and Pierce Nicholas, 
associated with members of the 
Nicholas family of Aspro fame, 
and crown agents. The state 
banks and Credit Lyonnais will 
become shareholders of Tri- 
continental while Gillett 
Brothers will drop out, but 
may become associated later 
with Tri continental in another 
form, presumably in money 
market operations. 

After Westralian Inter- 
national is acquired,- its name 
will be changed to Tri conti- 
nental Australia. Once all the 
changes are completed the 
state banks will each own 25 
per cent of- the holding com- 
pany, with Security Pacific 
National owning 20 per cent, 
Mitsui and Credit Lyonnais 
; each 13 per cent and Skahdi- 
navis ka Enskllda and Sir Ian 
Potter each 2 per cent 
Sir Ian indicated today that 
the Introduction of the state 
banks was significant He said 
that Tricontinental would be 
.seeking help to finance loans 
for state government owned 
authorities, following a recent 
Federal Government decision 
to give them, greater freedom 
to borrow, outside as well as 
inside Australia. 

Bank of China 
in Luxembourg 

LUXEMBOURG, July 27. 
BANK of China plans to estab- 
lish a hank In Luxembourg, 
according to Mr. Jacques Poos, 
the Luxembourg Finance Min- 
ister. 

Mr. Poos said he had been 
informed by the Peking Gov- 
ernment of Bank of China’s 
plans. Luxembourg banking 
authorities expect the proper 
Chinese applications to be sub- 
mitted soon. 

Further details were not 
available. Luxembourg ranks 
as a major financial centre in 
Europe, especially active in 
Euro D-Mark business. 

AP-DJ 


Yen continues 
to advance 


THE POUND SPOT I FORWARD AGAINST £ 


This announcement appears as a matter of record only. 


BANCA PROVINCE ALE LOMBARDA 

S.p.A. 

U.S. $17,000,000 

Medium Term Credit Facility 

Managed by 

S. G. WARBURG & CO. LTD. 

. . Provided by 

SOGIETE EUROPEENNE DE BANQUE SJL 


The Japanese yen continued Us 
advance la the foreign exchange 
market yesterday, and although 
many major currencies lost 
1 ground to the dollar this was not 
the- case with the yen. The im- 
provement in the U.S. trade 
balance last month was good 
enough to push the dollar to a 
best level of SwFr 1.7950 against 
the Swiss franc, before it closed 
at SwFr 1.7923, compared with 
SwFr L785Q on Wednesday. The 

D-mark was also slightly weaker 
against the dollar, with a rise to 
DM SJHKbn in the German trade 


DO BANS INTERNATIONAL 

SQaETEANOfirexfi 


IRVING TRUST COMPANY 


THE BANK OF YOKOHAMA LIMITED BANQUE INTERN ATIO NALE A LUXEMBOURG 

SOCIETE ANONYMS 


BANKLEUMI LE4SRAEL GROUP 


HANDELSBANKN.W. (OVERSEAS) LTD. 

N&SSAU 


Agent Sant 


DG BANK INTERNATIONAL 1 

SQCJEXEAWONYME 


June, 1978 


Jl /DEUTSCHE 

^TTMARKTT 

,-pJgn UNI , 

1^* 4 S d o 0 J f M A M J J 

surplus in June, from DM 3.040bn 
in. May. coming as little surprise 
to the market. 

The dollar touched a high point 
of .DM 2.0580 in terms of the 
D-mark, and closed at DM 2.0565. 
little changed from the previous 
finishing level of DM 2.0555. 

Japan’s continuing large trade 
surplus, particularly with the US* 
moved the yen up against all. cur- 
rencies. The dollar only remained 
I slightly above the worst level 
touched in earlier Tokyo’ trading, 
falling to Y 1 92 .50 against the yen 
in London, before dosing at 
Y193.60. compared with Y194.10 
previously. 

The dollar's trade-weighted de- 
predation. as calculated by 
Morgan Guaranty of New York, 
narrowed to S.6 per cent from 
8.7 per cent. 

Sterling's trade-weighted index, 
on Bank of England figures, fell 
to 62.2 from 62.3. after standing 
at. 62.3 at noon and in early 
trading. 

The pound opened at JL9130- 
S1J140. and touched a high point 
of $1.9145-1.9155 in the morning. 


By mid-day sterling had fallen to 
SL9090-I.9100, and with continued 
dollar demand fell to S1.9W5-J.9P55 
in the afternoon. It closed at 
S1.9070-1.90SO. a fall of 45 points 
on the day. 

TOKYO — The dollar hit another 
record low of Y 192.10 against the 

ven, but recovered a tittle with 
the help of some determined 
support from tbe Bank -of Japan. 
After hectic trading the US. 
currency finished at a record 
closing low of Y19S.474, compared 
with Y 195.05 on Wednesday 
before the U.S. trade figures were 
announced. The dollar opened 
at Y 193.70. and after faJJiht: 
sharply recovered to a best level' 
of Y194 in the afternoon, after 
the Japanese authorities had 
given about 6500m support. 
Turnover, at SI.l23bn in spot, was 
fairly near the record fUtibn 
set in August. 1971. Swap volume 
.was a record, at 6871m. while 
forward trading totalled S168m. 

FRANKFURT — Trading was 
quiet, with the news of a rise 
in the West German trade surplus 
in June having little or no impact. 
Near the close the dollar stood 
at DM 2.0570, unchanged from its 
fixing level, which compared with 
the previous day's fix of 
DM2.0502. In late trading on 
Wednesday the dollar stood at 
DM2.0575. Most European 
currencies lost ground to the 
D-mark, with the Swiss franc 
easing to DM 1.1475 from 
DM 1.1529. The yen continued to 
move in ‘the opposite direction, 
jjowerer. rising to DM 1.0630 per 
100 yen, from DM 1.0616 on 
Wednesday. 

PARIS— The French franc was 
firm against other currencies, 
helped by news of a reduction in 
French retail' price growth last 
month. It improved to FFr 4.4130 
against 'the - dollar at the close, 
from an early level of FFr 4.4170, 
but was down from the late Wed- 
nesday level of FFr 4.4070. 

ZURICH — The Swiss . National 
Bank may have bought a small 
amount of dollars during yester- 
day morning, although the dollar 
was fairly steady against the Swiss 
franc at SwFr 1.7S65, compared 
with an early rate of 
SwFr 1.7825. 

MILAN— The dollar improved 
to LS45.55 against the lira in late 
trading, compared with a fixing 
level of LS45.45. The previous 
day’s fixing was LS44.30. 

AMSTERDAM— The dollar 
eased to FI 2.2235 against the 
guilder in late trading, from a 
fixing level of FI 2^250. 


July 27 ime*! 

I % i 


0.5. > 
UuBriiin a 
Guilder 
Belgian Ft. 
Danish Kr. 
D-JAara 
Port. Ksr_ 
Spaa. Fa. 
lire 

N'nv^n. KrJ 
French Fi . ] 
anolnhifr-i 
Yen 

Austria Srfa 
a«iw Fr. 


unr month % p.*. Huvemonrh’- " : 


714 ! l.sMS UtMUOTO- 1.9088 

5 fl.MS0-2.lS44 2,495 2.16® 

«<; <-25-4364 U5J-4..4J 

6 61.704L60 6l.M-61.90 . 

8 * IQ.BS-tttJO ; 10.6B-W.fi9 

B 1 5. 9 U-5.H I S.K2-3.S5 

* 8M-j5.7J0 187.2W7.70 


B ' 10.6&-IEL70 ; 10.6B-Ht.fi9 
B 1 S.9U-5.t4 I S.X2-S.95 
t* 96.4 -j 5>7J0 1 87.20-87-70 
0 Il47.20-147.fl8 U7.SJW.40 
Ills' I.B11-U14 1 1.6 It;- l,612j 
7 ' 10 IPJfl lll.Mj 10.37; 
8l r 9.405-8.433 8.41 9.42 

fits 8.824 -6.-851 *•** 8.66 

Wa SBS-076 36* 07 1 

41j 28.24-2v.40 2fi.ZB 2B.50 

T j 5.4M.M 3.41J-S.42* 


tLSS-B.45f.|Hii| 

a.45-U.S6-.i>m 

Jifl.lSa e.j«iu , 

26- 16 pin 1 

j«r 2 iw ill* - 
a-2 in fin-1 | 
40-140<. ilit - 
t«i-ID0 1. du 
l^-3„ lltr il«r - 

2 i<ii>fiiii-i«r j 

2:-TJ 1 -. 1-ni 

l, nwiiiir-^ll-' 

4.26-2.86 v pi "■ 
17-7 eru i'in ! 
318-31, I'-i'ui | 


4.02 1.27 1.17i .Jim 
2.25 ,l.»l.SJ.-.|'m 

6.01 -boj-ti* i-.jjm 

а. es ro-60k .(»u 

■1.12 J. -6-, >irv ifi* 
7.r< 7»n b^-i |*3 i , i“, 

■ 12.36 Hn-4d3>. -Ur - 
-4.07 50-lMt.vin . 
-0.02 "-I0 i in »ii» 
1.12 5 l*ir«- ]>n, 

2.60 *4: 3. ■ 

0.55 3; l: i-n* pm . 
0 10 a.36 7.90 yim- 

б. 09 40 TO -r..- |-m . 
9.21 -d. 7: . .pul 


BfHHn rate Is lor eonvernhlc francs. Sa-naoiuh liwwanl dolljr r®. 

FiB ape |y (ran? GS-SU-GS-M. 12 -month 4.-i5-4..>5c pro 


THE DOLLAR-SPOT FORWARD AGAINST $ 


July B yp#*ad Cla a e 

Canad’B J* 88J04M4 IM W H1 

Gadder ? mo- Trm Z2m*H2X 

Bclroan Fr S2J1>3 ZjO 323K-32A 

Danish Kr SJIU-MMS 5JWS-SA0BS 

D-Mark 2J5»-lnS71> 2hSSO-2JMO 

Port. Ex — 45 JMJt 

Lira nmSSUSJS «5JS«tS^5 

Nrwen. Kr 5JHOO-&4U5 SJtnS-SJUS 

French Fr 4412S4.4115 MIST Jl« 

Swedish Kr 4JZ354J2N 4JS27MJ290 

Yen 192.754N.ia 1MJB-HJJS 

Austria Sch — 14J2-14JO: 

Swiss Fr L7W5-L7W5 L7425-1.7W5 

■ u^. cento per Canadian S. 


One month 
BJUc dn-fw 
0.W-4L59C pm 
61-51C pm 

•JB-ojupf pm 
Jj40-JJ0ilredl* 
S.15-0.23C dls 


p.a. Thre e months P .a- 
~0O3 0.05-0 JJit tfis -0JS 

2.95 l.W-l.Me pro 2.43 
2.00 l?i-uc pm 1.99 

4.66 257-2J£*irf pm 4.42 

-522 lO-iaj lire dJ* -4J1 

—032 0.754.95c dls -0JS9 


lJD-UBy pm 736 34n-2.95y Wi 
liM-lJMc pm b.«T 2.CS.2.94C put 


CURRENCY RATES CURRENCY MOVEMENTS 


Special 

Drawing 

RlBhU 


European 
Unit el 
Account 


Sierlios — — 

U£. douar 

Canadian dollar .... 

Auatrlan acMDlns . 
Belgian franc 
Danish krone ...... 

Deutsche Mark .... 

Guilder 

French Trane ....... 

Lira ...» 

Ven 

Norvectan krone , 

Peseta 

Swedish krona 

Swiss I nine ........ 


OTHER MARKETS 


Sfi-rlim: 

(| S. ilottar 

L'aiijiiijii dollar .. 
Misirun Mhillint 
Hi I Cl an iraiic .. 
P;im<h Crmii- 
PiUiM-hc Mark .. 

su-im Irani 

IliuMi-r 

h'ri-n'.-h {rjiic . .. 

Liru 

i Yen 

Kas. il on trail'' 
Washinaion ahP**- 
■ Bank of England 


Bank of Morgan 

Enotand CuraMy 
Ind ex changes *« 

63 JS -«.«• 


ttcwhii il t ii jmK'.’S Irmn 
niciu D.-ci icbt r. 1971 
trail s - tuO 1 . 


ArgMiUrui 1'eon. 

Audnli* DoUmr. — • 
Klnlmut Maakka—.j 

Hm.'dl l-niwim ; 

fiweee Hmetmui....' 
Hone Hone Dollar. 

Iran Kial j 

Kuwait DtoariKD) 
Uixemhonrf; Franc 
Malarsia Dollar.... 
Now Zealand Dollar 
9wull Arabia Kira 1 - 
Slnga pnm Dollar . .., 
Sooth African Kandi 


i 536 1,840 I BOB 24 B07 54 Au«i 

1.6490 I.bJWO; U.U662 O.H673 W,-<i;i.„i. 

7.6650-7.9950; 4.1835 4.185&lH-iininrk 

54.92 05.52 IB .10 It! 62 jFntiiis- 

69.672 71 384136.525 57.423 lii-niiam 

8.B6 B 88l( I 4.6490 4.fec40|lial\ 

lal-l*7 - 68 68 ;i.82 l«iwii 

0.614 0.324 ; 0.2695 U.2i47 Ni-Ku-iiaii<(. .. 

61 80 ol 90 32.59 32 41 

4.44B0 4 46501 2.3335 2.3355 t‘.nii”»i 

1.U200 l.eZ60! 0.9551-0.9574' s|nin 

6 46 6 93 3 38 3.45 Nnilrerlan-I.. 

4.3316 4 3465 i 2.2720 2.274r;i;wt,M .-iiaio- 
1.6502 1. t»672i 0.8651 0.8740 Yiio'-'h' .. 

Rate riven for Argentina Is *r» o rate. 


£ 

Nutra Kmtr 

2 / V28** 
62 632: 
10.EsOlO.73 
8.35-8.50 
3.85 4.C0 
1384-1610 
570-380 
4 154.50 
10 25 10.40 
e3-BO 

1,4550 1.4BOO 
a 55-3.50 
1,91 1.93 
36 57 


EXCHANGE CROSS-RATES 


Pound Merltne 
U A Dollar 

Deua*.Up Mark 
Sapanew Yen lflOO 

Preoeb Franc 10 
Strira Franc 

Dutch Huiicer 
lladaii -Uta 1 . 00 ' 

imimiiidi IkiKar 
lo-i-ian Pranc 100 


Hot mil Marline 

Ljx Dollar 

MuwlicUaA 

L 

1.908 

3.935 

0.524 ’ 

1. 

2.058 

O.C55 

0.486 

1- 

2.703 

6.155 

10.61 

LIBS 

2.267 

4.664 

0.292 

0.568 

1.148 

0.236 

0.450 

0.925 

0.620 

1.183 

2.434 

0.465 

0.t87 

1.888 

1.617 

3.084 

6.346 


I Uuieu Uui-.eil luii mu Un» UtUwiii Du.iki Ut-ujuMi Franc 


8.415 

3.420 

4.243 

4.412 

1.793 

2.224 

2.144 

O.F71 

1.081 

22.74 

9.243 

11.47- 

JO. 

4.064 

6.042 j 

2.461 

1 . 

1.240 | 

1.984 

0.806 

1 . 

6.219 

2.121 

2.631 


EURO-CURRENCY INTEREST RATES* 


U oath 

Three ruantfa. ... 

s»ra months. 

One .veer. 


Sterling 

CanariiBQ 

Dollar 

D.S. Dollar 

Dutch Guilder 

Sirin Pruifl 

W. German 
Mark 

lOTa-llis 
llig-UJa 
KM* 11 
1078-lH* 
IH 4 -III* 
Ills 115* 

7is81« 

7ta 81 - 
77 C -8l« 
8 J 8 ^i 4 
: B7g-8 1* 

9918 

7S*-8 

77e-Bl8’ 

8 81* 
888-658 

tm 

4-41* 

45a-49B 

45,5 

558 37* 

61* 61* 
65,-7 

44if 

15a fra 

1* 151 • 

17a IK 
BA-Uia . 
214-238 

23a 25* 
■ 26 , 21 # 

|*5fV 


French Franc 
7'tr. 

&au 

Bit 81 Z - 
9 Wit . 
9t b 101a 
10.VIOU 


7-11 
12 13 
121" ld»2 

12^i- 13^4 

l»lt-14lt 

14>t-15>t 


JnpatMoe Yen 


-KM;* 

mj« 

2i,-2., 

3.i,3* 


The toDowins nominil rate* were quoted for London dollar certificates of deposit: One month 8.80-8.10 per cunt: three months S-5-S.25 per cent; six mnnitu s.7b-55t 
PCr Lnns-tnrni EimnkiSr deposits: two rears 91-91 per cent: three rears 9I-9J per cent: four rears P« cent: five years 91-91 per ccnL • Rates are nomina. 

Short-term rates are rati for sterling, D.S. dollars ami Canadian dollars; twe dart' node* for pdUen and Swiss francs. Asian rates are closing rates In Singapore 


INTERNATIONAL MONEY MARKET 

German call money falls 


GOLD 


Call money was sharply lower 
yesterday in interbank trading in 
Frankfurt and was quoted near 
tbe close at 2J25 per cent 
compared with 3.4 per cent on 
Wednesday. This represents its 
lowest level this year and was 
caused by a sudden flood of funds, 
prior to the end of the month. 
Dealers stressed that this was only 
a technical more and that rates 
should return to around 8.4 per 
cent next week. 'Longer term 
rates were unchanged throughout 
NEW. YORK — Federal funds 
showed little change at per 
cent from 7} per cent on 
Wednesday. Treasury bill rates 
continued to ease with 13-week 
bills at 6A1 per cent from 6.90 
per cent while 26-week bills were 


quoted at 7.39 per cent against 
7.40 per cent previously. One-year 
bills were also down at 7.77 per 
cent from 7.80 per cent. One- 
month certificates of deposit fell 
to 7W per cent against 7fi5 p^r 
cent, two-month 7.92 per cent 
from 7.93 per cent and three- 
month at 8.10 per cent compared 
with 8.12 per cent. 

In Washington the World Bank 
increased Us lending rate from 
7.5 pier cent to 7.9 per cent The 
rate is usually adjusied on a 
quarterly basis and was,, not 
announced separately but became 
apparent when * the Bank 
announced the approval of several 
new loans at the higher rate, 

BRUSSELS— Deposit rates for 
the Belgian franc (commercial) 


were firmer at one-month at 
5J-6 per cent from 5}-5[ per cent 
and the three-month rate rose to 
&i-8§ per cent against R&-6A per 
cent. Six-month deposits were 
also firmer at 6j-7i per cent from 
6-J2-7 per cent while the one year 
rate was unchanged at 74-7} per 
cent. 

PARIS — Day-to-day money wasi 
easier at 7J per cent from 71 peri 
cent and the rate for one-monih 
stood at 7f-7ft per cent compared ! 
with 7-A-7-A per cent previously. | 
Three-month funds were quoied 
at 74-7-ft per cent from 7*-7Ul 
per cent and six-month was un-| 
changed at 81 per cent 12-month 
money was also easier at 8A-S£ 
per cent against 8J-SJ-; per cent. 


Steady 

decline 


Gold opened at SIiMi-193} and 
was fixed at $194.70 in the morn- 
ing in London. At the time or 
the afternoon fixing the metal had 
declined to 5194.05. and remained 


IbmIiI Hullkin in fine 
mincei 

Ciiw. 

Opniin". 

MorulUK 

Afternoon finac.... 

CJuld C.-4II- 

«lni»<Mi«*l(r 
Krugerrand ......... 


Jtiii'tT JnivTS 


|<l?BM9«t; S194 19«l 

Is 194.70 '$194.70 

••rilOS.Otri ■ 11101.222) 
,S1?4.05 .S1M.30 

101.7141 '.£101.488) 


UK MONEY MARKET 


Special deposits cut further 


New Sn« i’rti^n«.._ 

ttlrt sorcrpijjn'v.... 

UnlilCnn.', 

uitcrrairioimlly 
KmupmiDit 


.5204 208 S2U4-20G 

'£■"711*1 |.£1 .6-M07J: 
. »S7ii-s9i4 
.'CM -Sli i£29-:-flB3) 

■ S66J; bfiSj jS96;-58j 
3lj ttaii-filj) 


Bank of England Minimum 
Lending Rale 20 per cent 
(since June 8, 1978) 

The 'Bank of England yester- 
day announced a further reduc- 
tion in the rate of call for special 
deposits. The rate will . be re- 
duced from 2 per cent of eligible 
liabilities to 1 per cent with effect 
from next Monday. The move is 
seen as { another attempt by the 
authorities to reduce the chronic 
shortage of funds which the 
money market has experienced 
recently. The rate was previously 
adjusted from 3 per cent to 2 per 
cent on June 19 and yesterday’s 
reduction is only temporary in 


that fhe 1 per cent now released 
will be recalled on September 26. 
The earlier 1 per cent reduction 
is due for recall on September 11. 
Bank of England minimum lend- 
ing rate remains at 10 per cent 
Day-to-day credit was again in 
short supply and the authorities 
lent a. very large amount at MLR 
to seven or eight houses for re- 
payment on Monday. This was 
somewhat overdone and discount 
houses were paying down to 9. per 
cent in places for secured call 
loans at the end of the day. The 

marker was faced With a sizeable 
take up of Treasury bills and the 
repayment of last Friday’s 
moderate advances. In addition 


banks brought forward slightly 
run down balances. On the other 
hand there was a modest fall in 
the note circulation. 

In the interbank market, over- 
night loans opened at lOf-ll* par 
cent and rose to 111-114 per cent 
where they stayed for some time 
before easing gently to close at 
8-9 per cent. Longer term inter- 
bank rates showed an easier 
tendency after the special deposits 
announcement with one-month 
money at lOfe-lOJ per cent from 
JOMOjf per cent earlier in the 
day. 

Rales In tbe table below are 
nominal in some cases. 


Xev Siirfreijrns. 

Ulil oorcreiKir— ... 

£ 2 J Kujii-% ... 

jli) h Jut 

K> Hai-.k.- 


„S1S91 = 201*1 Mas* 201} 
.■iri- 4i Il5c' 'Eli 4i lOyi 
|>57;-59; S»-b7i 
lii-Mii. i o.-i-auii 

.S-6B SsfiJifii 

;-£2!-4 3IUi 

ST79J-2M . 

>140-145 M40-|4a 

1*100 116 S 160 MS 


LONDON MONEY RATES 


July 27:; i 
1978 I 

Oranlchti-J 
i iiav» Mttoe.,1 
ldav»or - . | 
/ notice,. 
One rtK>ath n „. 
two month*... 
three nwoUjr. 
at* fnooth* ._ 
Nine jpnfl tha.. 
One .nw™. .... 


men in it 
CcrtiflcBie 
nf rtepfwit* 


Live) iteeai Auth. Finance 
AiMhort^ 1 negoUanie Route 
rtepwlt* [ bnnrtR Depnulti 


Uiwiium 

Company rnartev Treaaury 
Depi»a» riepoKH Hi Hi- $ 


HltSibit- | 

Bank • FmeTnili* 
BIIIh 4i Bill-* 


10^ 10 ‘ 
101 B on 

1J-97B 


10?3 Ills 
lo,Viw» 

101B-Z0<fi 

UIA-ttl4 

1- HrlOq 

iOA-lOH 


JOij-li 

101,-lDlj 

ioviou 

1U14-104* 

lOif-IOls 
ll-llis I 


— lOTs-1114 

1114 1E»4 107b- 11 
lOSi-MMa lOjfl lOi* 
10-91S lOU-lOSj 
10-MS9 lOlfl.1058 
9?a-91ft 103* •• 

.20 914 105* 


. 104* — 

9*4-10 
1078-103* 913-950 


978-10 

9*4-9:.! 


easy in late trading closing at 
S193J-194j. a fall or Si on the 
day. Turnover vtas described as 
moderate. 

■ In Paris the 12i kilo gold bar 
was fixed at FFr 27.600 per kilo 
(S194J38 per ounce) In the after- 
noon. compared with FFr 27,650 
($104.73) in the morning. 

In Frankfurt the 12 i kilo bar 
was fixed ai DM12.S50 per kilo 
($194.35 per ounce), compared 
With DM 12.S50 l $194.79) on Wed- 
nesday. 

MONEY RATES- 

NEW YORK 

Primi- Rate 9 

Fed Funds 7 74 

Treasury Bills (13-wwfcj kjn 

Ttcastrry Bills CK-Week) 


GERMANY 

□iscouoi Ran? 

Ovunrichl 

One raontfa J 

Three months 

Six meuths — 


- I FRANCE 


Local unhority and finance houses amn days’ anUce. ethers seven dan fixed. -“ Lonceotenn local aoiharliy monsaee 
rale nominally three yean llHl! per ceai: four years UI-12 per cenc five years ri-in js per cent. $ Bank bUl rates to 
| table an buy tut: rate for prime paper. Bnyfaj* rates for four-moflUt. bank bins 90s per cent: fou^momh crade bins 


table an buyine rate for prime paper. Bnyfaj* rates for four-nmoUt. bank bins 90u per cent . 1 four-month trade bins 
1 H per cent 

Approximate filing rates for ow-moatli Treasury hills -. 9 ^^ per cent; two-month per cent: and three-month 91 
per cent. Approximate selling rate far one-monih bank MUa BS per cent: and rvro-mrmih K per cent: and three-moath as-sv^, 
Per cent . Oqe-nunUi trade Mlia m per cent: two-momb IN per cent: and alio three-month IDi per cent 

Finoses Hbom Ban Rates (tso Wished by the Finance Hanna Assoctatlnni: lO per cent from July L IBIS. Clearing Bank 
DepasK Ratos tfnr small sums at Beven days’ nnUcei fit-7 per cat , Cteartos Ink Base Rates fw luting ;g per «t»L 
Troumv.BlOs: A masc, leader rates of rtlwnunt B^43d per cenu- 


Discount Rale 

1 Ovcrnlchi 

One month ,...'".’.71 

three, imuutts 

Six tnonihs .... , ~ 

JAPAN 

Dtscourn Rate 

oJ 1 ‘iS'twdHlonoD 

Bills. Dbroum Rate 




Financial Times Friday July 2S 



Fresh Wall St. advance on economic hopes 


INVESTMENT DOLLAR 
I’REMR'M 

K.fiO It* Cl— 995% (971*,,) 
Effective SIJIOT.* — 161% (45 |, «i ) 
THE RECENT firming trend con- 
tinued nn W.ill Street yesterday in 
.lciive 1 rad in a, n ilh Glamour and 
Blue Chip issues leading 1 he vu>. 

The Dot* Jones industrial At tr- 
agi'. after having risen 15 points 
liter the past two days. linished 
:i as higher at S5U.57. The NYSE 
All Common Index improved -9 
cents more to $55 nu. while gJins 
outnumbered declines by 1.(W3 lo 
4!t7. Turnover came to a hoaxy 
tipm shares, but failed to match 
[ tin- previous day's u>lal of HK.sSni. 
I Analysis said the gums were 
t based utx hopes that >ome or the 
underlying problems aRliclin^ the 
economy may begin m ease, with 
Wednesday's report of a reduced 
trade delicit fnr June exntainuinz 
•' in help market psychology. 

The dollar edged higher on 
'i Wednesday and yes ter May against 
I major European currencies, bring- 
.1 mg in some foreign buying of 
shares — but continued to slide to 
•'now foxts against life Javanese 
:, |xcn. 

•l* There are also hopes of a slow- 
t'doun in food price rises. Wage 
ijniul Friee Council Director Bn»- 
ijwirih said on Tuesday that the 
rale of increase m rood prices 
,-hould sloxx substantially over the 
rest nT the year. Today, the Gov- 
ernment is to report on June con- 
unter prices. 

tin the outlook for interest 
rates. Federal Reserve Board 
Chairman Miller stated yesterday 
that he hopes 10 see interest rates 


peak in the next Tew mouths. 
A Tier the New York Stock Es- 
change close, the Fed reported 
that the basic U.S. money supply 
lM1> fell £i.Sbn in the latest re- 
porting week, while the broader 
.Mg measure was down $l.7hn. 

Airline 1 -sues remained 
active. pan-American, which on 
Wednesday reported higher earn- 
ings. put on ! to $8$ in heavy 
trading. UAL added 1 to $36!. 
TWA also 1 to 824 J and KLIU 
1} to $73! Della rose $1 in SaSi 
on higher fiscal fourth-quarler 
profits and a raised dividend. 

General Motors improved } to 
SUJ < m — a tier t he S.E. close, 1 he 
company announced sec and 
quarter net profits of S3.Hfi □ 
share, slightly ahead of the *3.82 
a share of a year ago. 

Kurd, after a small increase in 
earnings gained Si to S45J. 

IBM advanced 2 1 to 
Fairchild Camera 1* to S3.?;, and 
Hu Pont 2! to SI 17. xvhiie Exxon, 
vliich has raised its dividend, put 
on i to S45J m active trading- 

American Air Filter climbed 
J? to 821 J before 3 trading halt 
—it plans to make an “import- 
ant announcement' after a Board 
meeting today. . , 

Westing ho use Electric added l 
to .$23!— it has received a Sltlm 
turbine order. City Investing rose 
■ji 10 sis! in response to higher 
second -quarter profits. 

Phelps Dodge, after increasing 
cupfler cathode prices 2 cents to 
fi5 cents 3 pound, moved ahead 
10 $231. but Simmons, which 
rcuorlcd lower second -quarter net 
earnings and omitted the 


quarterly dividend, lost IS to 
$1ZJ. 

THE AMERICAN SE Market Value 
Index further strengthened by 0.70 
to J 53.58. Volume 3.98m shares 
(4.49m'. 

Husky Oil. in second place on 
the actives list, lost J to 5371 — 
Occidental Petroleum has with- 
draw ’ it its offer to buy 80 per cenr 
of Husky in an exchange of 
stock. Occidental, on the Nou 
York SE. picked up 4 to 420! in 
active trading. 

Telecom jumped 34 to SI3J in 
an active business. 


Canada 

.After Wednesday's easier lone 
on a bank rate increase, markets 
resumed their upward movement 
yesterday in another good 
business. In Toronto Composite 
index improved S.7 to 1.187.3, a 
new 1978 high, while Golds forged 
ahead 43.4 to 1.5S7.8. Oils and 
Gas rose 11.2 to 1.538.5. Paocrs 
1.47 to 122.56 and Utilities 0.70 to 
1 7i/.0.j. but Banks shed O.J.i to 
2S6.16. 

Imcrprovinciai Pipe “ A " put 
on 1 to C$152 on a dividend 
increase. Canadian Corporate 
Management “A " added ! at 
C$281 on a stronger first-half 
performance while Ashland Oil 
Canada. C$31!, and Beil Canada 
C$5.8. picked up 4 apiece on 
higher earnings. 

Du Pont Canada. which 
reported lower second-quarter 
net profits, shed I to CS14J. 


Paris 

The market showed fresh 
buoyancy yesterday, spurred on 
by the cut io Call Money to 71 
from 7J per cent and the sloxx - 
ing in French retail price infla- 
tion to 0.8 per cent in June when 
many operators were expecting a 
rise of over 1 per cent. The Paris 
Bourse industrial index advanced 
1.2 to a new peak for the year of 

74.4. 

Gains ranged as high as 12 per 
cent in a few cases. Among the 
strong advancers were UCB. Cie 
Petroies. Bcghia. Peugeot-Cilroen, 
Carre four. CJub Mediter, Legrand, 
Pa ris-F ranee. Thomson-Brandt. 
Creusot- Loire. Rbone-Poulenc. 
L'Oreaf, Ms iso ns Pheaix, Lyna- 
naise des Eaux and Europe 1. hut 
marked easier were Saint-Louis. 
Prenatal. Jeumnnt, Sacllor and 
Terrcs Rouges. 

Tokyo 

Irregular movements were acain 
recorded in moderate activity. The 
Xikkei-Doxv Jones Average shed a 
marginal 0.18 lo 5.573. 1) . but the 
Tokyo EE index improved 0.37 i*» 

421.04. Volume amounted to 
270m shares (230m l. 

Some expori-orie mated stocks 
fell on the continued yen apprecia- 
tion against the U.S. dollar, hut 
Public Works issues rose with in- 
vestors anticipating new economic 
measures to ensure a 7 per cent 
economic growth rate in fiscal 
1978. 

Sony lost VI 0 to VI .580, Pioneer 
Electronics Y20 to Y 1.680, Honda 


NEW YORK 


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krllN.--.il 1 

k'.-rr UiH.rr ■ 

kill. Ip XX all i-l-.. 
h imlu-rlv I 'Irik..' 

k-ijHvr. 

kmll. 

k iL.|>ri I 

Ui-l-vii 1 rmi-..; 

la-v 1 Mrau-r . . | 

I.iMiVIIw. piaal.,1 

1.1 Xai 1 . 11 , 1 . 

I.il'x 

l.iLii-n lin'n- 1 .. . 
laa-tlivril A ill i'll 
Ijnir Si hi In- In.- . 
bill- I -lull' I l.m. 
J"-ui-iaiui la ml... 

lniXnl-.il 

Ijli’tl' Shin- .... 

I.'ke Viinu-l'»vii. 

'In'll illan 

xia.-j It. H 

Mlt-. Hfll-i IC-r.... 

'!»)»-■ 

Xlamtlmii 1 ill.. .. 
xlarillr XliiUnml. 

Mai-hall Plehl... 
X|n,’ 

XI ■ 

Xli-lkriiiiiti.. 

M ■- 1 lull hit 1 1 I'm, 
Xli-I.'raiv Hill. . .. 
Mriiuirrx 

Meri t 

Mririll l.v iii-Ii. .. 
Me-* Pel n ili-il ill. 

XII! M 

Al inn .MnjjiA .XIXc. 
xii.'nl »,.-f|i 

XI ’ill -Mill '■ 

XI'Hxail J. I* 

XI In : 

U m'|.liy Oil 



'a|.n I'lii iiiii-nl-. 
.NalliHial Can. .. . 

'al. I <I >1 . . 

'hi. Sri'* ii-.- link 

'all-lie I SU?e'. . 

\ni-uia> 

NCI: 

\c|Aiiiir I Hi |< ... 

Ne'v KuglHiiil Kl- 
Ni-iv hii-lailil Ti-I 
Niagara .XImIihuU 
.'iBKaia Share. 

I" linlii-liie-.. 

.'..rli-lt.v'X i-»l em 
Ni-rlli Net. Oh* . 
Mini. Nlalen P* r 
Air lim— 
'll, ne-l IUiii--r/i 
Niiil-n Mini-ii. . 

« ii-i-iilenlat I VI l-l 
| ■ i-ilv v Xlalher... 

lllll- hllN'II 

min 

illi-r-m- -lilli-... 

1 •*. -ii* 1 '— 111 I 11 - 4 .. 

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I'h.-iiU- iln« 

I'Hi-illr Lie'll IIIK .- 
IXni I’n r. A lil-.. 
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Carter Hit nil 11 1 Ii. 

I'eal»-I\ lull ' 

IVlI. l*t«. A I... . 

Penny J. 1 : 

(Vnii'—ll 

IVj'|i 1 i.-- IIi iik— - ’ 
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l'.-,r>ii-. 

Pert hi Klmei . ... 

I'li. i-i-.' .' 

Pln’l|i> li.-l-e 

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Philip . 

Pl'llll, r- I'-lli.'lll. 
I'll, (mi, 

Mil iii-i Ii.-,. . . 

Pill -Ii. II. 

Pie— ej la-i Alii;. 

1 'i-lai— i.l. . ... 

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liepnlilii- MmI. .. 
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SI. 


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, liTti 

IJna* bit* 

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anil K» linl- 

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-wsnn linl- 

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■>« ■.'•-nuinn. ... 

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;mi- li>aH lick... 

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nliel. Hi- 

Slie'l Inui-i-irt... 

Signal _.... 

Maiimlc l.i*| 

?i in, Mii'ii v P»« — 
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■Miitlti K-ine , 

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Sihn.Nar Her 

'■•ill hern PReili. . 
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^hiIIiihw, 1 

;'*'i Uan- h*n-.. 
.;pern Hindi.... 

:,errv Uan.i 

>juilv 

ilairunl Hruii'-. 

i(.i.<<ilCa(!fi-riiui 
■-til. * >11 lll lisrtn. 

--til. on Ohm. 

?lann '.'lie 

-i lei linn llruc,— 
^lu-leMkei 

■Mill t 

Tlll'Miaifct — 

‘lyiiict 

! ech 11 111 -l . . 1 - 

lekliimia 

leXtaivnc 

tek-x : 

lenecn. ; 

l«»r*lVlniietui. 

Lesaiu 

levaa^nil 

lesaa haMern.... 

leaaa Jnrl'ul 

I ejvaa * 111 A Oat.. 
Jeaar l lililb-.... 

I linen In- 

rune* AJim-r 

I'linkni 

1 'rane 

I'raiiaineri a 

I ihpl-o 

I rail- L in.*i 

Iran-»ai lull'll. 

I nui, XX 1 «rii- An . 

I raven*-, 

I n c-noneuiHi _' 

I.U.XV 

A'lb X-eniurr Fr,\ 

t..\.L ; 

I’AHUi ! 

It* I ' 

Uiliriti | 

oni.evei ." | 

L’MIiJU l) an.- ir,i . j 

Lnn.n (.Xri-i-ie^.. 

L-n Cl .111 1 ne 111 ! 

I'mun 1 utaiii...' 
Lnion Pa.:itic ' 

l nirvvvMi 

( ililni Biamlr... - 

I. 9 lain ifTji... , 

1-9 I.V,, lllll 

1 s slue.... 

1 » .-leei 

1 -*i 'Ji-<-t hi, angle- 

I- \' 1 1 ulii—l rif— 

in Sill. a CM...' 

XXiigrveii 

XX aruei -k* an lllll.. 
XX aruer- Ijunla-il .’ 
"*-le- XI aii'ui— nl 

Keil'-Hns".. - - ' 
XX e-ta ru tvaiii in, - 

"e-li-ni A. .X lilt-1 

xx i-in 11 tuiiai... 
XXe-llligli-e Lin. 

XXf*v,iu _ 

XX 

XX Ini l|**aa 

XX'bllel.',in. Iiul. .. 

. "jlllatN '.',i. ...... 

| Wi-r-Ki-iM hleet.. 


Ji.lV 

C7 

50Sg 

315a 

6s7a 

263, 

33'* 

33 jg 

to; 8 

UJi 

in- 

t4l* 

43'* 

*3J* 

V9I* 

325* 

eij 

*i* 

14 

67r 8 

20 

161* 

21*0 

8 

30i- 

-4s a 

14 

■AS 

38 
31', 
43 
48;* 
35*1 
1358 
19 
Six* 

a 1 * 

34 Jg 

16 
lol? 
5670 
a07g 

55'* 

47); 
231 2 
20 i* 
-5 ig 
33 1 * 
871- 
4 1 >4 
50 ig 
34 
«*al 2 
181; 
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43 a* 
50 d 8 

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13 

421; 

lv5L 

31 'b 

lOSfl 

I!578 

19 ,< 
35i« 
CO . 8 
i5; a 
21 J 8 

433 , 

307s 

46'.g 

401; 

17 

20 'a 
33** 
ifbSa 
24 H 
- 6 '. 
I9'0 

3fcs8 
39 1* 
— 6*8 
«3J* 

201 * 

401* 

39 

251g 
39 ' 0 
■■B 
477g 

44 5* 

'll* 

I0li 

29.0 

i8Ag 
4 **Ir 
28'0 
45t 2 
19 1; 

15 
*8i 2 
47', 
304g 
*-S/a 
*» *'8 

40 
30 m 
ina 
23J*i 

*8:* 
i9va 
2.1, 
*l’7| 
20 U 
Zb A) 


26 

50 

305, 

56 

26i fl 

o3ig 

Hi 

6 U, 

14-5, 

111; 

V5 

43's 

e3., 

79 

33 
bM 
t-XB 

13l a 

fc7i« 

201 , 

157* 

215* 

8 A 

29 5* 

243* 

147 fi 

*3<g 

371- 

31i* 

42A» 

481* 

36 

15 

19'q 

SO.* 

0 I 4 

34 
29-9* 
lb 'a 

561* 

50", 

63'* 

27.'- 8 
25 1 2 
J91 a 
-470 

04 
27' 2 
41i* 
50'* 
03 70 
43 10 
185* 
661* 
44 
50 1 2 
307a 
125; 
421- 

lass* 

sx* 

31*2 

10 I B 

261* 

t9V B 

38V 

65 

24J, 

21 

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47 

39 Tr 
16i* 
20)0 
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26 
24'* 
367s 
19 

38lj 
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36 S 0 
23 1 2 
2-18 

40 

05 
26i s 

3fcJ* 

1*4 

4710 

447* 

*■« 

10 i 2 

ou 

irB'a 

241* 

28'* 

45.0 

1940 

I -..0 

28M 

4710 

30 j* 

*45, 

z7ia 
40 Ir 
3138 
18 
225* 

.8 
28 jg 

olsa 
2 U 6 « 
2038 
20 1 * 



. -In v Ju-V 

~lr+k 

; 17 ; 26 


XXuaw.ath 

xv v'v 

\err.s....^_ : 

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/eniih Ka.lH. . .. 

I .“i.Trifl,- Iw 


181) 

16>0 

as* 

3-s 

557, 

55-, 

15 

16', 

1SJ* 

lSltt 

1^*40 

t9*ix* 

18Q1* 

t79-'i 

6.81- 

6.88 b 


CANADA 

\iuiiiii 

14i« 1 
6 Je 

14 0 

.\nn hi* Ui>iv- 

6 

AiagtiiAuiininiiini 

03i 2 

32.-0 

AIkkiuv 5I/+I 

2 k ia 

22'... 

A-l4fT.il/- 

<t:j 

4Zln 

Unnk m Mmiiio,.’ 

/ 2 i a i 

25 

Ok Ilk .Suva -iv4im 

22 

21.? 

B«jIC IIi'+Miir-V'.. 

+ .5J 1 

4 60 

ilrii T+ieplhine... 

D 8 ' 

57.0 

How X'vlfov Ini... 

441* j 

54 

ill* Lamuhv 

1 M 2 t 

16 

L'ru uni 

16 

15 

Hnni.il 

14.65 ; 

5.75 

x.*'aivr» |v.»*r... 

3 - '8 ! 

a+J'. 

v miin-fW Mine-... 

17 

16,-. 

i.Uiuil* Li mein.. 

U>/* 1 

101 ; 

Lmiaibi .XXV I jin . 

1 ** ! 

1 CV 

L'-tn.lm)! Hw.i.iwn' 

Zbl 2 > 

ZB--, 

•. 111 a . ib lniln-i .. 

5 l!< » 
20 

zli. 

L*u. I'ocvlic 

2 -f 

Lad Hi llic lnv. 

Zl>4 I 

211 , 

Lnn. ?UT*fi tin.... 

e4 1 

53'; 

U-ir iiiii U’heelr 

4.85 | 

4.1b 

■JuBlar Aibe-lO .. 

ICJI 4 ; 

101 ; 



271, ' 

Z 8 U 

LomliH .11 

i 6 Je i 

26:- 

1 .hi-. Hniiiur-l... 

iS 6 i 8 : 

29 

iraiMioivrliii-.... 

1B7! 1 

191/ 

l.ii-ekH lle-e.mv*- 

5 Sg ■ 

5,0 

L’ftirn 

IsAi .- 

12 '.- 

Un/m tier el 

9i Z . 

S!i 

UeniHOi Mine-... 

76 1 

Y7», 

Minn Mine- 

9b i 

93 

Ikime P«trn-eu»i 

o7 

CO'.' 

1 vuinnhm Undue 

1/55 

24-i 

lAM/idir 

tSSa 

7M-* 

Iklpiitll 

I4+, 

IS 

1 • i.i ill 's*- .Nu-Ve . 

25U • 

2510 

Fiinl Xl-a.-r Can 

731* 

731a 

iicnMer 

3*ji M 

50 

/«/mi lei'll 4 ll/le 

143, 

J4I? 


Hawker -i.I.Can. 

Homngei 

Home i'll 'A' t 

Huilviucnv Mns' 
. Hinl-.-.n 8av.— ... 
Hmi-.nOi' A ijisr. 

'■A A i 

I major, I 

lni|.«nal 1.41. — ' 
I no ’ 

I rural 

lalarwl All . tiaa . 
Iiit'p-* Pii*Lm»i 
hmicr Kennui-’e* 
laiurt Pin. Coni.. 

L».J.Ian- '8‘ ; 

.Ui-uil.-'n Mmevir. 
.Xla.-»ev t-V re uk , 1 1 
.XL-lni.vre...— . — ’ 

Xh-iiv (.7ni.li ■ 

UrailU*«n>1at*H»| 
Aui«n.(n Miner... 
.'nn-eti hnensx ... 
.Mllii. leie- uni ... 
.'uinai 1 in 4 '..Hr' 
■Ail.Hinl Pelrl’ni: 
Pbi-ii ii- Cupper Nl. 

IV-iri.- Peumeun'i 
Pan. Can. Pel 'in 

Palm, 

People* Dep* 
Place CanA On.. 

I 'tnverUeveloifOit f 
Poa er Corporal nj 

Pra-e - 

i^ne*^. rUiraeiaij 

1 lauyerv in 

l.'eerl Srenli.-use 

tii'j A^iuui 

tti^ai bk.nl l>nJ 

Kuya' 1 1 x 1-1 J 

ji-eirtreltVinrvt - 1 

HMgiauv-..." ; 

■J'lei- Lniia.'n 

iliernu Ij. XI nil- 
.It* Til- X*. | 

Miiqr-M, 

Heei ul l'«ia-ii..i 
sleep Ifc.-L InaiJ 
ItM'.i. l.*ni.M...i 
Inn On m.tsh.! 
I nM-l,nl’i|“U>! 
nan- Mounl U|- I 
lri*e>.- 

ImcNji.ia.- j 

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* Xniker Hiram.....' 
x'ei-vC-iH-lTian . 
xV«H(.imieo. 


be.* 

8 

4u'« 

43 

17** 

23 

45ij 

20 


as ss , 

435a 

1910 

19's 

181; 

iuu 

135« 

13ia 

12 

12 

16 la 

lai, 

MU 

141# 

51; 

£M* 

4_£5 

4. 30 

Zui* 

197* 

Hi, 

li:» 

fc2li 

H41 2 

573a 

a7»-| 

.1.55 

3.70 

99»e 

30 

id* 

Icl* 

35 

34+* 

*5U 

a5+. 

4.7a 

, 4.70 

2.20 

2.22 

40 J0 

40* 

cci. 

3ai* 

16 

lfci; 

553 

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0.93 

, 0.95 


23 

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14 30 ' 

1.60 j 

31'* ' 
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341 * 

Ib.vg 

to'* 
27'; 
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34i, , 
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26J« 
2.65 
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UU ! 
8 1 

4S'a 
121* 
1870 . 


T Bid. T ASKeq. t Traded. 
1 New stock 


EUROPEAN OPTIONS EXCHANGE 


' N'l 

X ..1. 

1 e «i 

X.4. 

Ijlll 

-! xn\ 

I'340 

_ 


5 

25. SO 

xliv 

F360 

3 

6.50 

3 

8. SO 

^ X l'\ 

1370 



10 

! 5.80 

l xk/. 

F27.50 

10 

4 

10 

5.40 

i ai..: 

K30 

60 

2.90 

25 

3. BO 

( xk.: 

1 32.50 

65 

1.50 

113 

2.40 


hh 
V k 
■ • XI 
1 . 'I 
!!■• 
ipi 
II*' 


>50 
-60 
.<50 
>60 
E32.50 
K3S 
15 7.50 


Z 

7 

1 

19 

3 

22 


10», 

3m 

3>, 

7 

4 

2.50 ; 


2 

45 

13 


12 

2 


101 * 

47, 

12«a 


IS 

42 


14 

3 


— V364 
F3DAO 

4.60 

3.50 

— >6Qi0 

— v-ez” 

1 

B.50 K3a' 
5.40 


II- M 

*240 

2 

341, 

— 

- - 

■ 5273i, 

Il"l 

*260 

2 

I 6.0 

— 

- — • 

1 „ 

IK XI 
ki.'l 

>280 

1 140 

1 


5 

1 

m, — - 

25.50 — — 

F 163.50 

k I.XI 

1 150 

4 

17 

3 

30 — 


h'l.'l 

I'l 60 

14 

9.60 

2 

17 — 


h I.XI 

K 1 70 

63 

6.20 

8 

0.80 — — 


k I.XI 

I'l 80 

16 

4 


- 


K I.'l 

1190 

ZZ 

3 

14 

5 — — 


k 1 . v| 

KSOO 

40 

1.40 

81 

3 — 


It 1. U 

1220 


-• 

41 

2 •- — 

F 103 


rpfi.M 

5 

7 



' ' 

noa.so 

3 

1.30 

— 

— — ’ 


v X 

I'lil 

I'Uli 

i.'l' 

0090 
fflWV PJ 

■ " / M 

-N 

32 
67 , 

1 

0.70 
0.70 : 

16 

16 

5 

S 

1.20 13 1-90 

B-.0 - 

: 1S.60 - - 

K 2ft! 20 
F47la 

FI 35 . 10 

111 » 

III* 

1 M 

I'l 50 
H40 . 

1 120 ! 

5 

30 

6.50 

1.80 

2 

2.50 : 1 . 

_ ' l • 8.80 

' F 131-90 

IM 

1 130 

— 

"• 1 

5 

: 1.&0 ■ — 1 — 

1 

n VY 
lt\Y 

620 | 
<25 

Xu 

2 

> ! 

,x 

8 

..V- ! 

! 2,fi ' u 1~4 

<ZOA) 


BASE LENDING RATES 


A.B.X. Bank 10 

Allied Irish Banks Ltd. 10 
American Express Bk. 10 

Amro Bank 10 

A P Bank Ltd 10 

Henry Ansbachcr 10 

Banco de Bilbao 20 

Bank of Credit & Cmce, 20 

Bank of Cyprus 10 

Bank of N.S.W 10 

‘tanque Beige Lid. ... 10 

Banque du Rhone 101 

Barclays Bank 10 

Barnett Christie Ltd. .. 11 
Bremar Holdings Ltd. 11 
Brit. Bank of Mid. East 10 

■ Brown Shipley 10 

Canada Perm't. Trust 10 
Capitol CtC Kin. Ltd. 10 

Cavzer Ltd 10 

Cedar Holdings 10 1 

■ Charterhouse Japhet... io’ 

Choulartons 10 

C. E. Coales 11 

Consolidated Credits... 10 
Co-operaiive Bank ...Ho 

Corinthian Securities . 10 
Credit Lyonnais 10 

n Cyprus Popular Bk. 10 

Duncan Lawrie 10 

Eagil Trust 10 

English Transeont. ... 11 
First Nat. Fin. Corpn. 12 
First Nat. Secs. Ltd. ... 12 

■ Anrony Gibbs 10 

Greyhound Guaranty... 10 
Grindl3ys Bank tlO 

T Guinness Mahun 10 

Hambros Bank 10 


■ Hill Samuel S10 % 

C. Hoare & Co tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ulimann 10 % 

Knowsiey & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson Si Co. 111% 

Midland Bank 10 % 

1 Samuel Montagu 10 % 

1 Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
S. Refson & Co. ... 10 % 


Rossminster Ltd. 


10 % 


• 5 , Royal Bk. Canada Trust 10 ^ 

% Schlesinger Limited ... 10 % 

% E. S. Schxvab lli*% 

Security Trust Co. Ltd. 11 

Sheniey Trust ll % 

Standard Chartered ... ]0 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 

Txventietb Century Bk. 11 % 

United Bank of Kuwait 10% 

Whitcawav Laidlaw ... 10 

Williams & Glyn's 10 % 

Yorkshire Bank 10 % 


I Members of Uu; Accecrina Houses 
Com mi lire. 

7-tfiy di-posils 7:^. 7-mOniii benosits 

71".. 

T-day deposit on sums nr Ufl.m 
and under 6{;., up io £53.ono 71 * 4 , 
and over £23.090 SpX. 

Call di-pnsiLs over n 000 7-.. 

Demand drpostis 7! 


Motor Y3 to YS73 and Ricoh Y4 
to Y523, but Toda Construction 
rose YS lo Y35n, Wakachlku Con- 
struction VII to Y2fi9 and 
Furukawa Electric Y3 to Y165. 

Textiles, Steels, Pharmaceuticals 
and Electric Cables hardened, but 
Shippings. Non-ferrous Metals. 
Heuxy Electricals and Shipbuild- 
ing stocks were lower. 

Hisamilsu Pharmaceutical put 
on Y120 to Y790. SS Pbaraia- 
cv utica l Y92 to Y790, Rikcn Vinylc 
Y60 to Y520. Kakeu Chemical Y6H 
in Y 1.930, Nippon Hume Pipe Y50 
tu Y395. San ten Pbarmaceatical 
Y42 tu Y62€. Yoshllomi Pharma- 
ceutical Y30 to YH05 and Victor of 
Japan Y30 to Y1.130. 

On the other hand. Mochida 
PharmaceaU'cal declined Y70 to 
Y 1.540. Nippon Television Network 
Y60 to Yii.100. Kokusai Dcnsbin 
Ucnwa Y50 to Yrt^tO, Saokvo 
Sciki Y42 to Y&JO. Tojn Chemical 
Y33 to Y207 and Talyo Yaden Y23 
to Y7I0. 

Germany 

After making further progress, 
stock prices were inclined co ease 
hack on profit-taking. alLhougli 
gains were still in the majority 
at the dose and the Commerz- 
bank index finished 3.9 firmer at 
a fresh 1UT 8 high of S1D.0. 

Among those hit by profit- 
taking were Motors, which h3ve 
been particularly strong in recent 
sessions. Volkswagen lost DMl. 
Daimler-Benz DM3 jO and BMtV 
DM2.50. 

Stores, however, recorded fresh 
good gains, Horten advancing 
DM4.50, Kaufhof DM3.50 and 
Neckermann DM3.70. 

Bayer led Chemicals DM1.50 
higher. 

On the Domestic Bond marke*. 
Public Authority issues continued 
to fail heavily, losses of up to 
SO pfennigs being recorded. The 
Bundesbank bought DMlC3.7m 
nominal of paper, compared with 
DM172.3m purchases on Wednes- 
day. 

Australia 

Further gains were scored in 
acme trading, with Coal stacks 
attracting special attention. 

Among the Coal sector. Coal 
and Allied rose 10 cents more to 
AS4.80 and Howard Smith added 
15 cents at A 34.50. LTlah advanced 
S cents to AS4.2S after a retum- 
to-work by miners at the com- 
pany's Queensland mines. 

BHP climbed S cents to AST .72. 


Sstaf 

77s 

401, 

421* 

1738 

22-a 

45i 2 

ISi* 


20 

I5J* 

li ‘* 

1.47 

31i* 

to* 

34-% 

34i s 

185e 

ol, 

27 In 
131, 
5*0 
34i, 
6 

234* 
2.65 
433* 
Suit 
151* 
87g 
lo 
ll 'a 

ai* 

3410 

I2i a 

leif 


while in Breweries. Tooth put on 
4 cen ts to AS1-94 on the 
company's plans to build an 
AS 12m brewery on the north 
coast of New South Wales. 

In Retailers, however. C. J. 
Cnlcs came hack 4 cents to AS2.I5 
on profit-taking after the recent 
strong rise which followed the 
good results and the K-Mart 
agreement. 

CSR, also strong of late, 
sustained a reaction of 9 cents to 
A$3.08 in Sugars. 

Ren iso n Tin rose 40 cents to 
AS 10.40 on higher tin prices, while 
Bougainville Copper hardened 2 
cents to AS 1-33 following the 
release of its six-monthly produc- 
tion reports showing a 20 per 
cent increase in copper output 

Consolidated Goldfields firmed 
1 0 cents to A$3-30, wh tie 
Uraniums had a mixed day, Pan- 
continental relinquishing 30 cents 
to AS 1500 and Kathleen Invest- 
ments 4 cents io AS2.46, but 
Queensland Mines and EZ 
industries rising 5 cents apiece lo 
AS2.S5 and AS2.S0 respectively. 

Johannesburg 

Gold shares were inclined to 
lose a little ground, but President 
Brand gained 15 cents lo R17.50 
and Harmony 10 cents to R7.40. 

Elsewhere. Diamond issue De 
Beers receded 7 cents to R7.03. 

Platinums and Coppers were 
little tested, while the Industrial 
market was narrowly raised. 

Switzerland 

Stock prices again tended to 
edge forward in slow trading, 
helped by a further slight recovery 
in the dollar and the overnight 
Wall Street firmness. 

Trading in Satire r was active — 
the company's Bearer shares rose 
15 to SwFrl.OOO and the Regis- 
tered 15 to SxvFrSlO. There were 
rumours that Oerlikon Buehrle or 
Fiat Turin w-ished to buy Saurer 
shares, but both companies de 
nied this. 

Domestic Bonds firmed slightly, 
while Foreign Bonds were mixed. 

Amsterdam 

Shares again moved narrowly 
with no clear trend. 

Hoogovens firmed F1.L50 in 
otherwise little-changed Dutch 
Internationals. 

Elsewhere. Heineken rose F11.S0 
and KLM Fi.2.70. 


NOTES: n-.vrseis, one*? «wmu dciow 
* xdun- S oremium Roiaao dividendy 
, 11 V alter u-irhtioldine lax 
# PUSH 'tfMiom (infos* •xnenv'tse srarnt. 
vicid< rusrH on n»i ninfleral* olus fax 
af Ptjx jfln rtennra unless nilirntise sfaied. 
4 Kr.K >0 denom unless affw raise siaiMt. 
ct-n.Snn nenam. and Bearer snarrs 
■infos? d'Oerwisz s7a'*o. n Yen SO deaom. 
iml>4( 'Mln»nnsr stai^rf e Price ar time 
nf suwkioti a Florins, n Schillings 
t r«n« •; nirirlnriri xfirr o» rutin; rfehfs 


Htid -nr scrip issue, c Per share. » Pranet 
0 Gross <1iv. %. 11 ASSuDKd dirldrnd atiei 
scrip and or runia issurr. fc After (oral 
taxes, m (as tne. « francs- inchmin* 
I'liibe div. d Noth. 0 Share split. < Die 
and yield exclude special Daymen:, t Inflv 
cared dir n Unofficial trad in a. o Ml no my 
holders only. >/ Mercer ruling. " .Asked 
t Bid. * Traded, t Setter. j Assumed 
tr Ex ncltts. x<1 Ex Utvtftend. xc P* 
scrip issue, ra Ex all. * Intcnm since 
Increased 


Indices 

NEW YORK - MW J0KES 


'j«it j«i.» 

1 ;; 1 26 


J III v Jill* 
: 24 


J ill V Jtl'X 
.'I Al 


Hi^ii 


r 1 MILV L-c-HipilHlVl 

I,-* lli|;li 1 lev 


.uduHXriH,.. BM.57 B47.H « « B i - "f 

H'meBW, 8I.« e:.29, «.IS 87-20 87.20 57 10 J-0.« 

Traux^.. 238 .7 MM* « S ' 99 « 8 '«. 328 !tt T*' " 
i nline* 10 S. 0 S I0S.95 103-Sb >08.38 195.07 I05.2f ' - - 

”'>.»« 3ii.«0 MAM 23.280 26.0K UM9 - 


13 

98.10 
■ M .. 
IS.-. SI 

I- 

102.94 

i'A- -■» 


10bl..'C *1 21 

I I.l 13 ■? 1 


27i M 13.21 
. . W -S. 1 -7, 

163.33 10.S8 

_.i ».*3j 


UtuUB 1-1 lu.il-- .lutUBot I7*'"| 

J.ilV H 


ifid. dir. rlf-M % 


July -'l 
5.62 


5.56 


a. 75 


. Xnr UK" 4|4"i 
' 4,81 


STANDARD AND POORS 


| J,|lv . -Il.lv • Jii'T ' -l"’-V July 

, a I i 


IV.' 

.fn'v — — 

■AX It mil l« 


■*;i|i-r l l 

. Ik-1. 


3 Induatnaie ' -- t07.9 9 loos tO».3D nu« ,'}*** 


I,,* 

3.52 


.omm.; - »<•; «•!* «-■»' »» : t ? 


i Ju'v 12 


I tl>1. die. yleM 


s.07 


6.18 


I nil. 1%E Hat.. 


9.12 


LkUk Gu». } 'eUl 


6.69 


8.93 


June ' 

*3.1 1 
9.04 
~8.5i 


X nvr nun 


4 45 

10 . la 
7.59 


N.y.SLR. AIX COMMON 


Bises nail Falls 


is I -' 


July \ Julv 1 Jul'‘ • ■bib' • 

2, ! 26 . 24 Hil-Ii 

S5.3flj fiS.fi);' 55.27 M.H sb.2« : 
I i 1 i '6<! 1 


4 a.at 

IQ Ol 


MONTREAL 


■ii v .Inly -X. 



li.lv .7, 

JuU -e July I'l 


... 1.887 

1.B87 1.860 


. .. 1.003 

961 904 


497 

472 52.X 


3B7 

434 433 

\.-w Hi* !»«.... 

121 

118 ■' 74 

,Xrir low-. .. 

8 

16 14 



"J* 

Hnjii 

l-n 


Ile1ll<lrinl 
Cuni’ ■' i'i-X 


190.82 190.11 190.17 IsU-OI 130.82.'/ 
133-61 193.01 199.09 199.63 -ii 


TORONTO 


JOHANNESBURG 

i-.-iil 

In-ln-lrul 


^..,,,....11 1187.3 Il3t.fi 1179.5 iliii.J 

' 253.0 ) 254.6 ■ 252.4 ' 257.lV 257.0 i.7».ii 
: 251.2 | 250.5 i 251.4 252.7. 254.7 .74 .1 


170.62 ^ 1. 

1-18.2 IJt - ii 

1*3.0 ,:,\S. 
194.9,1.1,' 


Australiai*' -■’H-W 
Belgians ' 11 ' hb-W 
Demnaikr*) 
Prance xtti' ' i “ 
Germany! 

Holland (H>. t 4 - 4 

Hong Song — 

x'.r 

Italy <I2< 

Japan in . J21.8* 
Singapore 5.-2.-X4 


Vli'll— 1 ll'clv 


rCP.*i9 MIJW 
i2i.ii 


lvll.lv 1 

; 

W.-.I3 
i9; IX 
7JA 
'Li n 
flc.O S19.3 
*17 /‘ 
K.0 
ia.n 

to. " • 
' 

■llU.vi ,4'A’.tl 
i|3 mi 

3o2.fr JDtjl 
1 1,'- 1- 


96.11 

9u.si* 

io.2 


£4.2 




19/.- 

1f.IT 

441.14 

ll, 4 ' 

<*v'.43 

l23-5» 

u4.v0 

,*.21 

4i^* 

u.* -1 
;w'.4 
iii/ii 

ir.,1 

(4 *» 
SM.I4 
,1.1. IX 

(if If 
jp4.l 4 
,4-h-i 
in'- 
9 l« 


.In',' 1 1 * 1 - 


iv.v ; ' 
ll'uli 1- 


5p.UO |L- I"J.-.I| t'."-.T' 
Sweden ». ■ o ••■■‘o ; 7. 
Swit?erl'd< LVl.e I'-V..* 


f .£ % 




.-.ii.ft* i* 
1,101 . u - I 
• 

m ; .: o.-i 

lodiree ana d>v date* tall nase valne* 
inn except NYSR All Cmremon - .'*o 
Mandards and Pnor-i — in and t'aronio 
sm*-i.nuo. ihc i*r iumed nx*eii hd uiijv. 
> Exdunitui bnndfi. J *mi Industrial*. 
4 4Wi ladii-cmaii. 4ii I'liutifk. 4U finance 
;il|^ 1 I-Jllsoiin '-Svflflr* -Ml llPfllll ir« 

THURSDAY’S ACTIVE STOCKS 

Ii.i'ue 


ft Hf-jynfn .SK CwpellDajCVU >K 

1/1/71. ft Pari* Bourse 1061. ii Cnitimers- 
Dank Dec.. 193.1 at Amsterdam Indusirtal 
1970. MHaos Sen« MnnK 3117/64. till Lilian 
Vim. a Takra Neu SB 4/1/6S. n Straii* 
rimes I960 Closed. J Madrid SG 
30/12/77. eSinrfctiolm Iwtusmal 1/t/aS 
Swiss Ran* CnronraTinn " Unavallahlp 


S:n-k% 1 
trad' il 

Pan-AniiT. .'iruai's • *'« 

S- alk/anl Cuasi Lute 433 4 i'U 


r-nniMi w k 
Ralston I'lirina 
IAL 

iivxidfRial P.-irlin 

KraniiT 

Knnn .. . . 
SiL-rliiw DriK 
Chfimpiiin mini. . 


:.;u 4ie* 
, ".'i/aiH 
ai'-'uu 

'J(ld Jl'U 

242 t'W 


i»ri* . 


1 u: 
ii. 

a>: 

2t»: 

le. 

4i; 

IS'- 

21* 


« 

* ', 


GERMANY ♦ 


July Sr 


Price : + v-r Uiv.-Ym. 
I*m. . - : % I i 


A Mi 

.M'lanr \ctm«-Ii .. 

BMW....; 

BASF- 

Hevvr .. 

linV'i-i -Hyp, 

itaver-'-rein-tk. 

IihHlnt..\ed.wri- 

Cvnincr/fonX.... 

Ow Uuminl 

Ununlei Beni • 

Uequiew 

17em*«_ 

uenlvne Han L... 
Uteidncr Hidl... 

U reiser/* 47 Zerav. 

1 iuieb.iOmuid -...' 

Hxpna Dind 

Harp^per 

Hoer6*l 

Uoeacb ! 

Horten ' 

Kali unil -**lr 

K>rvr«dt 

Kaulhnf 

hM-a-kner II.XIIul. 

KHD_ 

K ™Vfo - 

Lin-le— 

Liiwenlirun IN’ 

LjIlhenMi 

MAN ' 

tlanne-iiiHim 

Mel ■ I lues 1 

.xluuchi-ner Kucki 

.xeekernunn ! 

r'revnsv^ MM lU.’ 

Khtin " Ml. Bhe.'.. 

avJwnriR ^...| 

Tieuiens j 

ui Zucker I 

IdyMCB A .It 1 

VlUtM I 

' Kb.X 1 

VertlnsA WoLtSkl 
VnltHnapen I 


80.5-0.5 - ! - 

477 -3 . S1JFS3 

264.0- 2.5 fiu.Dk a.3 
135.6-0.3 18. K 6.9 

140.5 - 1.0 18.7!,; 6.7 

292 -1 20.12-9 

329.5 -9.5 18 1 2.7 

ISO —5 ■ — — 

233 . ...2655.H.3 

81.9-0.1 - 1 - 

320.5- 3.5 28.12; 4.4 
« 6 a t 6 . 17 ! 6-2 

165.1 -0.1 . 14 j 4.2 

306.0 + 0.4 28.12 4.6 
2A4.2 -0 7 :».ia 0.7 

204.0- 1-1.5 9.3t' 2.3 
209.5^-0.0 ■ 12 I ZM 

lZ5sl 14.04 1 0.7 

310 -6 >16-72. b.2 
X32.8 -l 1.3 to./5‘ 7.1 

S9.5+I.3' 4 ; 4.0 

150.0+4.5 : 4.66, a. I 
149.8 1 -I .8 14.1* 4.7 
338 —1 23.44 o.5 

250.0 —3.5 ,18.7 < 3.7 

94.5 +0.5 — J - 

189 -2 18.75 4-9 

103 -6 - : - 

•468.5 -3.0 25 . 4.6 

1.480 25 ; 8.5 

108.5 -0.7 9.06 4 3 

2. 6.5 - 1.3' 12 2.9 

174.3 -r 0.2 l/. 16 4.9 
236 -2 : 10 1 2 1 
568 ) 18 I 1 5 

162.2 -r 3.7 I — - 

123.5 - 2.0 J - 1 - 

179.5 : 25 6.9 

283.8-0.7 ;a8.12i 4.9 

290.5 t 0.8 I 15 | c.B 

830.0 -0.2 fioAt, 3.a 

124.7 +0.5 Il7.ll 6.9 

167.5 ■+ 1.6 14 0.7 

128.8 + 0.1 12 I 4.6 

295 + 1 18 ! a.O 

235.3—1.0 25 ! 5.3 


AMSTERDAM 


.Inlv 27 


Price 

Fii. 


-f- or l>i» I. 




Afc /11 •»■' .30... 

Vaem BiifciKi.A*. 

AM KV IK >.Kl 

Anun'snk iKl.il 1 

U l ieu ken 

buka Wm'imi K »J|_ 
Uulinu I'eiteri«lt 
blievierX iKiJCUi.' 

tnmH-'.V.U^arri 

Kunj l.'oni I'-nKliC’ 
lil-tHnwhlwKlC! 

Hcineki-n(Ki.'dr).. 

dnoM-ivena ( Kl.3.'i. 
Hunter D. 1 K 1 .IOO).: 

K.L.1L (Kt.llUJ 

I nt- Mullen ldOf__' 
Naameii (KI.10X....I 
.'sl.-Vifll □*+ b'l U. 
,'edCraiHki Fijai.i 
Xedilnt UklFI.au. | 
l!vlKl.iOl 1 

OBWn 

vhii Uinuielen....; 
KbLDl+i I iKI. SCl., 
1‘bilipn I FI. IUI....I 
KfoScb Ver/ Kl .IOC ii 

ilf^-vi .Ki.aui 1 

.{nlinru 1 K 1 . 7.H.. 1 
Uvreiti‘Ht'1. OUi... I 
dny* I Umcbi Kl 
alavL-nlMu); ; 

ilvv nil (Ki.a; 1 
row yi - Phl. 

Unilever rKlj3.i). 
Vibiui/lw/B. MiEl I 
W‘e*f1.l'fr. Hynhk, 


207.5 + 2.0 28, 5.2 

30.4. ■*■ .3 - - 

364 -0.5 2i.S 7.8 

82.6 — 0.2 3u : 6.0 

75.7 -0.1 24.6 6.0 

93.8 26 ' 5.5 

120.6 +0.3 - 82,' 6.9 

72.5 —0.2 • 2b 1 7.1 

284.0; 27j; 2.0 

133 ' + 1.0, 37 JI 5.6 

68 . 0 - 94* 5.1 

35.4 — >.2 20 j 5.6 
103.0+1.8' 14 1.4 

37.6 + 1.5| - - 

25.6 -0.3 12 4.7 

162.7. + 2.7 1 0 4.9 

48.8, 19 i 7.8 

34 . 3 I. ! 12.51 3.6 

103.0' 48 4.6 

S2.7-+ai 41 1 8.0 
194.0) — 0.3 I tZ 1 5.7 
157.5| + 1.5i 36 • a .6 
30.0; — 0.2 I 23 ' 7.7 
139.5 —0.5 . — — 

36.9' — I - 

26.2' i 17 ; 6.5 

83.0+0.5 — 1 - 

174.7 +0.6 X25t| 7.3 

136.8 + 0.8 ' — - 

122.8 -0.2 1 .,9.o 3.8 

105.4 — 0.2 loo. fa; 7.9 
249.5— 1.0 1 *U 1 8.0 
134.0 -0.5 ; dVi. 4. 1 

133.5 +-J.5 S0.M,1 0.5 
122.0 -0.3 :+2. 1 7.0 

40.5 — 0.3 I3Q.20; 1.2 
380 —8 1 33 . 4.2 


TOKYO 1 


July 27 


•Price* I + nr Div.'Ym. 
Yen I — - 0 ' 


-Valbl liUhv 320 

i-'niKW — 447 

Cmlo ' 679 

Oh 1 non — 395 

U *| .' 1 p| mi Knni 1 660 

r up KU.ito 1 530 

Hixaibi i 243 

Hiirhln Vlr*urv,...' 573 

HouseFuraJ 1.190 

l. U. 1 I 1 J 239 

llo-Vokxilo. |l.**30 

)•«*_ - ' 650 

J.A.L. 2.650 

Kaiuai Elect Fw ;1.200 

K-mtuumj I 321 

Autwta 250 

KyctM-Cenmh; ...;4.030 
Mam m nm it*!...: 703 
Mibruhisbi Bnrrk J 878 
.UitsuniSbi Heavy; 129 
MiteultHbi Corp..' 463 
Mu-in A 324 

Mttsutuwbi ' 587 

-Nippon Lien so 1.420 

■'ippC'D SlilupHU.., 691 
•X nun Mi-ftnra .... 769 

Kioneei ' 1.680 

am.XU Eiednu... • *47 
aekisui t*ielah_..: 906 

Mueeido l.*20 

... 1.580 

(*i*bo Uanne...... 236 

Lukou Cliennca ■ 415 

l UK ' 2 . 18.1 

li'ljin 123 

Xukio Mjvnne. 489 

Inkio Elect iVnv'i 1.060 

lokro Sanyo 325 

i'urav - 137 

i'o-biln L'orp 149 

luvnui MiJ'.e .....' 870 


'+ l 

-e" 

-s 

-5 

-2 

-3 


14 • 2.2 
12 , 1.3 

.. 25 1.8 

. 20 , 2.5 
* 18 1.6 

15 . 1.4 


12 
, 18 
:-10 3b 


-2 


12 


• ; so 


-10 . 13 | 1.0 


1-10 

I— bo" 
+5 

1 

—1 

‘-id" 

ill 

1-20 

-2 

+"iu" 

-10 

-3 

—2 

-10 

1+4 


!— 1 

ii! 


10 4.2 

I 18 [ 2.8 
., IS 1 2.1 
I 35 I 0.4 
[ 20 [ 1.4 
.1 10 ' 1.8 


4.7 
1.4 
2.2 

1.7 
0.5 
0.9 
1.0 

1.4 

2.4 
L7 
0.9 

1.3 

2.3 

1.8 
0.7 

4.0 

1.1 
3.7 

1.5 

3.4 

3.6 
1.1 


Source NikKo Secunuew. Tonro 


BRUSSELS/LUXEMBOURG 


July 27 j Price + -w 
I Krr. — 


Ulv. 

Kre. El i 
N« S 


AUSTRALIA 


■lul v 17 


. I* *'* 

\ni*. s ; — 


1 


.Xiiwi - ,2.370 

Bt-Kcri "B” 2.030 

x.’.U.i:.Vunmt 1.104 

kWkerill ' 428 

bob'? 2.280 

bieclp J.+I 6,540 

rnOriLiue Nm 2.765 

'J.B.liuifV Bin Z.295 

•.lev*en La 10 

0 rpe Unix.Lamh. 1.540 

tli i.i.ikcu 2,330 

1 inerconi 1.760 

rvi+ii teitavn k ,6.830 

Lalbiyn-c Heine. .,5.660 

l*nn HcridlOc- ‘2.670 

Frtredna 3.710 

a>*.-liea Bangi>eJ2,985 
ouL-Uco Belgique 1.930 

aurliia 13. 170 

•xiivhv — 12.470 


10 
+ 10 

r +5" 

.+ 15 , 
!+ 50 
—30 
+ 15 


116 | 5.7 
. ( 100 | 9.1 


177 : 7.8 
400 o.z. 


Irrction K|p>-t„.. 

LOB 

On llm.( 1/10} 

x lelue &Ir>ntx*rae' 


2,555 

914 

736 

1.472 


-10 

;+so 

!-15 

|-20" 

|S 

10 

l-io 

1 + 5 
1+6 
1-26 
1+4 


ji /o ; e.i 

:15o I 6.6 
! 86 I .5 

184; 10.7 
I/. I 7.3 
142 1 8.1 

+.3 
o.7 
8.9 

4.7 
O.b 
7.3 

5.8 
8.5 
6.7 


|49u 
rofis 
» 2 .#b| 
174 
20 a 
14u 
310 
|A 8 lb| 
l TO 

so 


6.8 


SWITZERLAND 0 


Julv 27 


Pit** [ -+■ -*r 
Kra. — 


COPENHAGEN * 


July 27 


Price ' + t«r ; Hit. -Ylil. 
’ K n iriei • — i i 


.xn>teJ»r«inkeii....M 

Lkru-beUenk 

bfi-I.X-ml • Li-. 1 

KUHn.-4naiiffi 

.rifsemi ' 

r Ml . P*|fir. 

Unn>(iH>h«uk 

■j.Ji'lh'n H.vKn*.' 

vmn knlief 

■ •iiWHlink 

KrinttLauik 

Kn in n.- tank 

>jph. 

aiiiierm" ■ 


VIENNA 


1371.1 ' 11 8.0 

120+4 - 12 ' 8.6 

1651* 12 . 7.3 

130'* +'* 13 'JO.O 


372 - i a 

791; ♦ 1 

iifil* 

266 

ls»7 -2 
821, -cl 

1301* 

13B'< . 

410 

161 •- 


12 3.2 

12 8.7 

12 4.1 

12 5.0 

r'*7 2 

11 5.0 

12 ■ 2.9 
12 1 5.7 


July 27 


,‘i icl 1 -y- -‘i 1 nn 


Crviitan«Mlt 1 342 - — . 

Keimi'o»er ‘ 381 +3 

i+ifi'i* 620 +3 

-rnipcrit 91 

-leer Ifoiinfri .._| 321 
X^.i XU-;ne-il. ...s 222 +2 


10 

9, 

38 

Bv 

10 


2.9 

3.2 

7.7 

0.6 

4.6 


A lUmiii turn 1.260 

IIUL ‘A : 1.0*0 

Lil« Oi-iiiv 1 Kr.l-Li ;1.U80 
On. Peru Cen. 620 
LKx. lies I 583 

Lranit 7-ui-ee i2.180 

b'leri n.antt ........ (1,800 

b Nl-Ul-i Iliewsi-l.! 580 
UaBmanPt Cert*. '71.290 
Uo. i-mttxHi „_.i7.125 

lntert>»l U i5.»25 

I e' in..'" (Fr. I'M*. ; 1.425 
.NenweiFr. liX)'.... 13.440 

LXl lies 2.235 

Men ikon H. 1 K. Jiwfj a . 5 5 6 
Prreni alPtK lCOi| tso3 
34 . 1 , In.- lFr^S0t....;3.775 
l>o. IV rL Cen.-..' 440 
.-cLiiutiier Lt FIOO' 310 
111 /er LliFr. IJUil 355 
vr um Ir I K.XLn. ..! 838 
»'i»* Hnw, P.1UU.I 368 
n im rl’ciFribU.. .4.725 
Lnl..u Ilnnb 3.090 

/.um-li Inf : 11.200 


MILAN 


I 

1 + 25 
+ 15 
+ 1 
+ 10 
+ 10 
+ 10 
+ 500 

1+50 
| + 25 
!+10 
+ 15 

1+1 

r£ 

, 5 
;+3 

;"+25 
i + 5 


liiv .Ylil 
« I i 


8 ! 3.2 
lu 0.0 
22 2.0 
22 2.7 

22 3.8 
16 a.6 
1U 2.5 
5 [ 3.7 
1.5 

110 
20 


iiooi 


41 

,u.5 

i-6,l 

la 

IS 

Za 

25 

12 

14 

1U 

10 

40 

20 

44 


1.5 

2.5 
CS 
2.5 
0.8 
1.4 
5.3 
*.7 

3.0 
0.9 
3.9 

4.2 
2.7 

2.1 

5.2 
2.0 


XL Al II. isceini ; 

tenw An trail* 1 

\iue*i Xliuj. t'ni-j. In-tr.M 

Xiiii-ji EM-ionrinii 

XiUpiH T’lHtrH.imi 

.X-sw:. Minmii 

XfiX'. 1 * 1)15 Paper 51. 1 

Xikx', lv». I it* Inn nm.. ... 
Ann. Koun.tai inn In cent. . 

V.N.I 

.Xii'tiniw. 

Au4. Oil A Ira- I 

da rul ioo Creek Gold—.. : 

Vine .Her* I ( mt ; 

Kromnvilie C->rpei 

Brambles Intuftrlc^- I 

Urokcn Hut Piopneturv..-. 

BH oi.arth ! 

Carlioo United Brewer*....; 

WH IS 11 ; 

Lix-kUira C'+nien* 

Von*. Uot.itif.-ri9 Au«t 1 

LV-n turner iSl) 

L-i 1U7IIIL- 

U+Laiu Au-inilia 

LHniiiip Bubber iSh. 

hSLUK 

bliler.+nili 

lx.it. Iriiiu-i rle- 

uen. Pmr«nv tm«t 
rlnmeralev 

riv4t«i 

■Cl ViiMnvIta. 

Iulem.' 0 jip er ._ 

•lanuins? ln. 1 iiKne> 

Junes liwvid) 

Lwuiard Oil 

Jleialx Exploration 

1JI11 HoMnuis. 

“Wl bmporinni 

.New«._ • 

Aiubcdae InienMOraMl ■ 

•Nortti HtnkenH'dines (btir 

Lltklif-irMe 

lJ ' l •>sircli 1 _ 

Uuer bxplorathin 

Pmneer CtmcrMc. 

ilecklti k CoJiiuiij. 

8. c. alnjii 

>Hii bland .xi mine. ........... 

74r^c» Kxptorai lrwi.,.»..., 

«wii i«i : 

'Mlliiliv 

w+si+n* Xlinuir irC'emi* 
'•■■•lll.lll liv 

PARIS 


i 


i 


>0.65 

> 0.88 

12.15 

11.30 

10.86 

1 1.30 
11.25 
11.65 
tl.03 
11.48 
10.40 
tO. 58 
tO.28 
: 1.21 
11.38 

1 1.85 
t7.73 
11.23 
11.70 

12.15 
13.08 

11.25 

13.30 
12.45 
t2.89 
tl.60 
tl.3a 
rO.92 

12.25 
12.BO 
:i.65 
T2.22 

10.75 
12.25 

10.15 
tl.18 

71.16 
10.34 

10.30 
12.25 
11.70 
12.28 

10.85 
11.36 
1 1.88 
10.14 
tO.45 
11.55 
1ZJ5 

10.76 
10.57 
10.42 
H.94 
10.85 
11.55 
11.60 


10.02 

. 0.01 


41.01 


.0.02 

+ 0.01 

,-o.ai 

I-&02 

,+0.04 
.+0.02 
i +0.04 

;+o.ob 

;+a.as 

.-o!m 

j— 0.09 

+ 0 IV 0 

-0.05 


+0.05 
+0.0 1 
-vLUj 
♦0.01 
+ 0.02 

■+6!o2 
.+A0J 
j— 0-02 
- 0.02 
M.02 
■+D.02 
1+0.05 

- 0.01 

-0J1I 


,+0.05 

i.+l 


;+o.02 

;+o.oj 

-D.05 

+0.K 


BRAZIL 


•nv gi 


u v 
Li.i • 


T m Hu 
- -Oil 


Y i-l. 


XimllaOl* 1.04 -0.01 ..l. II. 

Iian.-. ulii lira*-'.. 2.00 .... 0.1 • 8.2 

lian.ii I'*.. P' 1.34 0.3“. :..i 

IK-lsi. .'liUHni • »l* 1.55 +i» ,1 0.08 4 E 

L .‘id .\IIIVI, "r, 0.45 --0.05 *,&%. 3.f 

IVt 1 1.4 -in • PI’ 5.49 ► ..2 0.U j.i 

Fwi. 1.59 -0.01 J.lt 10 

>■*. * t in.' HI* .. ‘ 2.95 -. 4 0.2O 7.1 

I’mp PE 5.70 -0.02 0 *.i 

X_+ - H'i. I vw PI 1.23 +0.03 0. It M 

Tumiivi'r: Crxl-X.i.lm. Vuluntc; u>.:im. 
Suurcc: Kin dc Jjnviri. SK. 

OSLO 


Julv 27 


Pine 

hlVlIICI — 


i».v. v..r. 


tXcrj>eu Uuiv. I 

Bontvwm} 

Cn.- 1 iltraok j 

Kvaiiun 

ivn-lilLa-M-n ' 

.'link Hv.lixAr.5v 
aii-reimuM I 


96.0 + 1 
63.0, -1 
107.5—3.0 
225.0.-3 5 
106.0 ... . 
191.0 +5.5 
86.25 


JOHANNESBURG 

MINES 

July 27 

AukIo American Curim. . 
Charter consolidated . . 

East Driefanieui 

ULtbur* 

Bamioriy 

Kinross 

Kloof 

Kasruaborc F/atinum 

St. Helena 

South Vaal 

Gold Fields SA 

Union Corporal ion 

De Beers Delerred 

Blyvooniltacbt 

Elnst Rud Pty 

Kiw Slate Geduld... 

President Brand 

President Steyn .. 

SHIfoniciu 

HFclkom 

xv+si DneFontcin ..." 

iVMlcrn lidlillucs 

Western Deep 


INDUSTRIALS 


Rand 
. .i.9j 

S.hU 
13.*) 
--U 
I.W 
I. fill 
li no 
l.«i 
ij.fi:. 
9.7U 
51.40 
3.20 
7.05 
543 
3.60 
M 23 
t 17.30 
13.00 
5.30 
■3.83 
139.J0 
•.ns. oo 
tfi.uo 


July 27 


Price 

Kra. 


- , Fix. : 


I.VnU- 

X'nnucuxx-i.ft’r 

Xir Uqniilc. 

•Xqu i tame 

«IL- 

JUliV'HUP* 

*?--.v\. lienntM... 

CamMnnr J 

L.G.k. 

l.I.T. .Xtcnlei 

L'iebancaire~— ... 

Cub Mediter 

It’ll' Ca'in Fr'n* 

Lreuvfi laxrc. 

Dume/ 

^ Peinue».......I 

G on. o .viflenu u 

X'/ieon 

J*. Mucs ! 

l*»l*rac....„. 

C'/neai !!”!”!!! 

Us;iau.i 

*J*'i.n* PI i mix.. 

Ji'lMin -IV 

Xjvart Henneswv ., 

XlouliinKi 1 

Pnri)*!^ \ 

Piei'liine, 

Porn..i.'ij| sri, .. 
PeuReotClinjen. 

PnclHIU 

le-buique. 

iledouu- 

lUiv+w Prai|,. IM :.. l 

71. Uolnin. 

kl* h-’M«ii;no- ... 

lie* 

1 *-l*i> ii* unique.... 

1 bviluMvt lvrmi.il .1 
t/Vlthu- 1 

STOCKHOLM 


733. 

455 

334 

580 

497 

895 

540 

L715 

395 

1.108 

366 


.5 


,+9 
1-5 
:+s 
|+i 

;+8 - " 
+ 35 
+6.5 
+9 

1 + 6.1 

I428.6ar + Bu5 
136 +3 

76.0- + 1.5 
748 ml + 2 
147 i+4.7 
195.5;+ 1.0 
62 (+ 2.2 


160.51 
206. a 
720 » 
1.750] 
565 
1.350) 
630 , 

164.5] 

183.5] 
92 

287 .5 

464 

219.1 

466 

669 


+ 2.5 
+ 4.5 
+ 17 
+45 
+ 30 
+ 11 
+ 35 
+ 2.5 
+ 2.5 
+ 2.1 
+ 7.0 
, + 18 
1-2.9 
8 
+ 9 


106,8 + 2.1 
154.6 +2.7 
1.709 


283 

781 

243 


I 41? 0.6 

■81.1b 4.7 
15.5. 4.9 
-28.2b! 4.6 
lfi.rb; 2.8 
.* 42 I 4.8 

40.61 7.5 
I 75 I 4.4 
I 31£. 8.0 
' 7b.bt.-i 6.9 
j 12 : 3.3 
) 1 1.25! 2.6 
I 12 ; 9.0 

ss./si 4.5 
14- I0i 9.9 
! 8.7t ; 4.2 
i a. r 9.2 

la./7 8.3 
la.;/ 2.2 
,3a.7a 2.1 
! 49. . 7.1 
,32.65' 2.4 
! lZ.b 2.4 
i 3 i 1-9 

I LS.7& 11.0 

j 7.b 8.1 
| 7.5' 2.7 
17-/5. 3.7 


+ 4 
+ 4 
+ 6.1 


ZZ.2[+0.7 


! _ . __ 

i 3o ; 5.9 

I 30 , 5.3 
9 j 8.6 
■ J.&b. 9.4 
49 1 2.2 
25.6; 9.0 
. 3.3 

!lf.t& 6.4 


July 27 


.XML 

/.Xutogl 

Fial 

LXi. Pnv 

I- inn. lor ..... 

Italcenicuil 

ILivlmrler...... 

ife-llv'"/*?., 
Vloritcdiww . 
:>lvet5 Pnv 

Plreiii x Lie 
Pmeiii npa... 
>dU Ytscraa . 


I*nce ) -f- vm JIhv. Y • 
Lire . — i Lire 1 j 


124.00]- 6 M 
473 r-7 
1.775 j + 1 
1.490 ; + 9 
143.0- 1 1.5 
12.00 o:- 6 J 
287 .00,-25.25! 
SO 55u; + Z49l 
158 -1 • 

loos : 

1613 :-Z7 
675.5a— 4.5 

806 —3 



I Price ■ + oi | Lnv. X , 
Jm't -7 i knue — Ki. ’ 


.X* ■ X X li i hr JUI... - 
Alin Let-aiU/Kra .1 

X+K.X iKi.r.y. I 

X«la-L. M *-.lKrJ 2 | 

Biilcm.) I 

ttmi+v ; 

innlo 

l ei lui.ri, . 

KlecVlu j-H’iKrM. 
hnp»M «t ’ hi’ i h rtri 
b»c,te 

Fa"erala..._ I 

Ii nn- n I (reel j 

UBiklle»l« n Leii... 

iXliirabnu 1 

'Lo LVjli |Ji,m-ivi.j 

MMvik X.b 

*-K.K Ml’ Kn..., 
’•ksn.i ko»kil.fo.„ 
Iblklatih ifcl’KrtX 

li-bleliomi ; 

t "lx.. iKr. Tij... .. 


235 ; + 2 ] 

152 .+ 1 
87 •— j.5 1 
127 -l i 
67.5’+ 1.5 

115 ; 

199 ;+i 
241 1 + 5 
ISO ,--1 
144 +1 I 


303 

106 

59 

370 
115 
70 
274 
71.5] 
171 
73 
59. Si. 
79 


+ 2 

+ i " 
+ 1 
+ 5 
+ 8.5 
+ 4 J 
—0.5 I 

'♦tils': 

+0.5,: 
+ i 


6.5 . 2.4 

» 3.3 
5 S.7 
5 4.7 

4 ; 6.1 
*4 3.6 
5.75, 2.9 
10 4.3 

6.4 . 4.4 

5 i 4.4 

9.6 i 3.a 

* j 61 

16 j 4.3 
B 7.0 


3. la 

4.3 

8 

5 


2.1 

6.2 

4.7 

6.9 


6 i 7.6 


■XE01 

Anslo-Amer. Industrial 
Barlow Rand 

i'.NA luv'ctflmonta 

Mime Kioancr 

Dv* Bc.-rs iiidmtrial , . , 
Kdsars Consuitdaicd tnv 
f dears stores . . 

Ever Roadr SA 

Fcik-ralc VoUsb.-U-Rgmc* i 

Gr+aicmuns Stores 

Guardian Assurance iSAi 

Hnlelts . 

LTA 

McCarthy Rodway 

NedBank 

OK Bazaars ..." 

Premier Milling 

Pivioria Cement 

Protca HoklJnCT 

Rand Mines Properties 
Rembrandt Croup .. . 

Retco 

Race Holdings ... . .... . 

S.XPPl 

C. G. Smith Supar . 

SA Brx-xrcriev 
Tuter Oau and N.V 
Unisoe 

Securities Rand 


Ilk) 
ll' -In 

■i.m 

11. H5 
O.Su . 

u.oa 

• :.ii 
1 JS.UO 

12. Hi 

I lo 

•-WVX 

li. i 

l-n** 

0. -.T 

•T.ad 

li.Xll 

L1.o0 

1. ?; 

it «; 

■■ -iii 

Lull 


Mills. 


+. .-/ 
I.+O 
10 M 
1.1 + 
U.S.SI 

(Discount of 38.3% 


+ nr — 

- u u3 
—ii uj 

-ii ii; 
+ 11.10 
-u in 
-U.20 

—ii.ln 

—n.10 

— U.2J 
-O.i'j 
-U.U7 
+ 0.03 
-U.I3 
-U.ii 

+ U l.i 

-n.-.-j 
-u io 

— iJ.U.i 
— 11.40 
-t.U 
— U |rt 

h o iir 

-«lll| 

-lull 


+0.01 

+11. « 

—U 111 

+0 II j 

—a m 

-11.03 
+ 11.03 

-11.01 

—11 U.i 

-ii n? 
-P 03 


SPAIN ¥ 

July 27 

•Xsland 

Kamo Bilbao 

Banco AUanitco U.IHitn 

Banco Central 

Banco Exieriur 

Ranco G.-neral 

Banco Granaila il.noo> 
Banco Hicpano . .... 
Bancu Itki Cal. il.uii.li 
B. hid. Me.liiemiii-a . 

Banco Pupul.ir .. . 
Hanro Sanl.iinlv-r vein. 
Rjn-.'o I'rquuu <l,oud. 
K.invo Virc.iya 
Banco f'jraKozano . . . 
BanRunion 

F'aiiUK Andaluria 
[labcocli XV lieu x 

CIC 

DrauadQ!, 

Inmubamr 

J-- .Xrasone.sj^ 

w^D.inul.i /in.- 

Ek.nl. Rio Timo " 

l‘>OU tl.WWl ... ■ 
l-.-nosa n.uuu. 

Gal Preel.nl.i-. ‘ ‘ 
Gnipo Velazquez 14011 . 

Hidrola 

Ilh-nliiem 

Otami 

Pjp.’leras Reuiilda;; ’!! 

PcirolilH-r 

Petroleum ... 

San-lu Papjk-rj | 

Sdiiii-r 

Snav Ifoa | . ’ ‘ 

'X'Wuliifj .. 

Torra-i llojOrm h 
Tuli.-nvv 
Union hiut. 


P-r mu 
12ft 
5 m 
247 
315 
274 
28a 
ISO 
2<13 
167 

204 
234 
JM 
2bl 
2S1 
2TJ 
131 

205 
?4 
a; 

2*5 

45 

SJ 

102 

•4.56 

USO 

70.75 
13 

3U 

7S 

8536 

11& 

44 

117 

287 

50 

47 

124 

•7 

44 

4830 

67.75 


+ 6 
+ a 


+10 
+ a 
+ 5 
+ 10 

+ 1 


+ l 
- 5 
+ 0 JO 

+ i.io 
+ 0.50 


+ 1 JO 
+ 3 
+ 3 


+ 5 
- 1 
- 2 

- 1 
- 1 
+ 030 
- L3 


/ 


i 





Financial Times Friday July 28 1978 



Export duty 
hits Indian 
tea sales 

By Our Own Correspondent 

CALCUTTA. July 27. 
POOR EXPORT demand, and 
lower prices led to the with- 
drawal of nearly 60 per cent of 
the offerings at this week’s tea 
auctions here. 

Heavy withdrawals are also 
t3km? place at South Indian 
auctions, according to the United 
Planters’ Association of Southern 
India. 

The association says that the I 
average realisation for leaf 
fi fades has been only RsS.85 per 
kilogram. 

Export prices for Indian tea > 
are claimed to have become un- 
competitive because of the export 
duty of Rs5 per kilogram 
imposed by the Government 
Exports to the U.S. from 
Cochin dropped to a mere 
400.000 kilograms in the first five 
months of this year from 5m 
kilograms for the same period a- 
year ago. 

Sales to the UK have, dropped' 
100.000 kilograms from 
3.9m tonnes ia the same period 
last year. 

The association warns that 
healthy tea gardens in South 
India will fail before long if the 
slide in auction prices is not 
checked soon. 

Continued rise 
in U.S. beef 


U.S. price rises 
boost copper 

BY JOHN EDWARDS, COMMODITIES EDITOR 


Decline 
in sugar 
halted 


EEC AGRICULTURAL POLICY 


A prime target for attack 


COPPER PRICES rose for the 
sixth trading day in succession 
yesterday on the London Metal 
Exchange. 

As' a result; cash wirebars 
dosed £8.75 np at £722.25 a 
tonne after trading at £727 
earlieri 

Encouraging the rise in 
London values were reports of 
good buying demand from Japan 
and the Far East, stimulated by 
currency movements and a 
general increase In U.S. copper 
producer prices. 

Phelps Dodge, the biggest U.S. 
producer, confirmed .last night 
that it was raising its domestic 
! copper price by 2 cents to 
1 65 cents a pound. 

L This puts it at the same level 
as Asarco. but Newmont Mining 
earlier increased its price to 
66. cents. 

It was announced in Washing- 
ton that the U.S. international 
Trade Commission 'has scheduled 
for August 3 its vote on whether 
complaints from the domestic 
copper industry that it is being 
harmed by excessive imports are 


Justified, and what if any action 
should be recommended to 
President Carter. 

Although import curbs on zinc 
were rejected by the Com- 
mission recently, the copper 
industry has presented a more 
powerful case. 

But the final decision rests 
with Mr. Carter, who will also 
have to consider political 
aspects. 

In Dar es Salaam, it was 
claimed yesterday that port con- 
gestion was easing and that 
55,000 tonnes of Zambian copper 
would be shipped out within the 
next ten days, clearing the 
backlog. 

The main problem affecting 
Zambian copper shipments is 
difficulties with the Tazara rail- 
way, which links Zambia with 
Dar es Salaam. 

Talks are being held between 
Zambian, Tanzanian and Chinese 
officials to seek an improvement, 
but the continued slow turn- 
round of wagons has rat the 
amount of copper transported to 
Dar es Salaam. 


price forecast More gains in coffee 


WASHINGTON. July 27. 
U.S. BEEF prices seem likely to 
continue rising for the next few 
years, a new report by the U.S. 
Agriculture Department in- 
dicates. 

The Department’s semi-annual 
inventory of cattle and calves 
on hand In the U.S. gives 
statistical backing to private and 
public forecasts that beef sup- 
plies will be low and beef prices 
high in coming years: 

How high prices will rise, 
however, , is likely to depend on 
how strong the demand for beef 
continues to be. 

The report shows that the U.S. 
cattle herd was down 7 per cent 
on July 1 from a year earlier at 
about 122m. Furthermore, the 
number of heifers (young 
females normally retained by 
cattle raisers to breed beef 
cattle) was down 9 per cent 

Government analysis said the 
decline in the cattle totals was 
in line with most federal and 
private estimates, although at the 
higher end of the range. 

It showed that cattle producers 
were still liquidating their herds 
to cash in on higher beef prices, 
and thus had not begun the slow 
process of rebuilding cattle 
numbers, which would increase 
supplies and help level or reduce 
rerail beef prices. 

AP-DJ 


BY RICHARD MOONEY 

AFTER ANOTHER hectic day 
in which prices traded in a £100 
range, September coffee futures 
closed £57.5 higher yesterday at 
£12241 a tonne. 

The London terminal market 
opened strongly, following 
through from "Wednesday’s up- 
surge. and the September posi- 
tion reached £1295 a tonne dur- 
ing the morning. 

But the rise, which was mainly 
attributed to ebartist buying, 
ran out of steam at this level 
and gains were trimmed by 
trade and hedge-selling during 
the afternoon. 

Growing nervousness about 
the possibility of an organised 
withdrawal from the world 
market by some Latin American 
countries -was; a. contributing 
factor to the morning's rise. 

Urging such a move in San 
Salvador on Wednesday. Sr. 
Baltasar Ferreiro: president of 
the Salvadorean Coffee Growers’ 
Association, said- it ought to be 
possible to make contacts with 
otber exporters, such as Brazil. 
Mexico. Colombia and the Ivory 
Coast, to arrange a co-ordinated 
withdrawal from the market. 

One of the countries he .Tnen- 
tioned." Mexico, hfd. already 
announced a reduction in its 


minimum export- price, indicat- 
ing an eagerness to sell coffee 
rather than a willingness to hold 
off the market in the hope of 
higher prices. 

However, Mexico yesterday 
announced that it had suspended 
export registrations pending a 
visit by Sr. Camillo Calaxans. 
president of the Brazilian Coffee 
Institute, next week. This led to 
speculation that Sr. Ferreiro’s 
suggestion may have found 
favour among some of the conti- 
nent’s leading coffee producers. 

The IBC president was also 
reported to be planning a sron- 
off in Colombia, the world’s 
second biggest producer. 

Later, however, Sr. Calazans 
said he had changed his mind 
about visiting either Mexico or 
Colombo and would be travel- 
ling straight’ to London for next 
week’s International ' Coffee 
Organisation executive Board 
meeting. 

He said Brazil was not in- 
terested in selling coffee at cur- 
rent prices but bad no plans for 
closing exporf registrations. This 
was a move which would only 
be made in the case of “ a 
catastrophe." 

“Current prices are very bad, 
but not -catastrophic." 


By Our Commodities Staff 
THE RECENT steady decline 
In world sugar prices was 
halted yesterday. London daily 
raws price was marked up S3 
to £84 a tonne in the morning. 
On the London futures market 
the October position ended the 
day £2.525 higher at £85.375 a 
tonne. 

The fail, which had trimmed 
£15 off the LDP in the past 
month, was mainly due to con- 
cern over excessive world 
supplies, but was also 
encouraged by the strength of 
sterling against the dollar. 

Dealers said yesterday’s 
rally was helped by the easier 
tone of sterling as well as by 
signs of improved physical 
demand, particularly for white 
sugar. During the next three 
weeks buying tenders are 
scheduled in Afghanistan, 
Egypt, Iran and Sedan for 
60,04)0 tonnes of raws and 
250,000 tonnes of white sugar. 

Meanwhile, wrangling over 
domestic sugar policy con- 
tinued in the U.S. Congress. 
The House of Representatives 
Agriculture Committee was 
unable to continue its hearings 
because of its inability to 
achieve a quorum, but when 
hearings resume, Mr. E de Li 
Garza (Republican) reportedly 
plans to offer a compromise 
which would set the support 
price on domestic sugar at 16 
cents a lb — 1 "cent below the 
present proposed price. 

Rain damages 
Sudan cotton 

KHARTOUM, July 26. 
NEARLY HALF the land pre- 
pared for cotton in "Sudan’s 
central province of Gezira is 
expected to have been damaged 
by tWo days of torrential rains. 

The Sudan News Agency, quot- 
ing President Jaafar Mohamed 
Niraeiri, said that more than 220 
villages were destroyed or 
damaged and about 500,000 
people made homeless by the 
rains. 

Sudan’s only road link with 
Port Sudan on the Red *Sea had 
been swept away, livestock had 
been killed and the area’s food 
stocks destroyed. 

The President had asked 
Dr. Kurt Waldheim. Secretary 
General of the UN, and the 
ambassadors of friendly countries 
for urgent assistance. 

Reuter 

• Britain’s Ministry of Overseas 
Development is sending an RAF 
Hercules transport aircraft to 
Sudan on Saturday to assist relief 
work in the flood-damaged area. 
" Some 500,000 people are 
reported to be homeless. 100 
villages destroyed and a further 
220 severely damaged over a 
L5m-acre area. 


BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


i THE COST and the effects of the 
Common Agricultural Policy on 
the British economy are now a 
prime target for attack. The 
Government is leading the 
charge, but to show that this Is 
not a purely political gambit, the 
Confederation of British In- 
dustry last week added its' 
weight to attack. 

The criticisms centre broadly 
on -the budgetary costs, the 
rising price of food and the 
effects on countries formerly 
supplying Britain and Europe, 
whidh now find themselves in- 
creasingly shut out of the 
market. 

Financing the Common Agri- 
cultural Policy takes rather more 
than 70 per cent of the Com- 
munity’s total budget Thus 
Britain’s Elba contribution this 
year, £700m goes towards financ- 
ing the policy. The fact that this 
total Is reduced through the 
monetary compensatory amounts 
paid on Community food imports 
to the extent of about £300m is 
an accident of currency insta- 
bility which could eventually be 
phased out 

The CB1 takes the view that 
Community prices are too high 
and should be aligned much 
more with world prices. It’s 
worth noting that world prices 
of many principal foodstuffs are. 
at the moment between a half 
and two-thirds of those fixed in 
Brussels. British prices, thanks 
to the operation of MCAb, are 
about 20 per cent below the 
Community norm. 

It should be made dear, 
though, that only the Benelux 
countries and Denmark enjoy 
the theoretical Common Agricul- 
tural Policy prices. The remain- 
ing countries have theirs dis- 
torted by the MCA system. 


Bank of Mexico 
denies reports 
of silver buying 

MEXICO CITY. July 27. 
THE BANK of Mexico is not 
buying any more silver from 
miping concerns than it needs 
to' satisfy the demands of the 
mint, according to- a senior 
pfffriat of the bank. 

He said that U.S. Press reports 
that tbe Bank was baying silver! 
in . unusual quantities, which 
might affect Mexico’s near-term 
exports, were incorrect 
Mexico's production totalled 
590 tonnes in the first four 
months of this year, latest official 
statistics show. 

Production last year was 1,428 
tonnes compared with the 1976 
total of 1,326 tonnes. 

Reuter. 


The traditional suppliers of 
food, affected by restrictions and 
levies — Australia, New Zealand 
and the UJS. — complain not 
only about the import barriers, 
but «isn about the Community’s 
own subsidised exports to 
markets they once considered 
their own. A widespread com- 
plaint, for instance, is that 
wheat markets are lost because 
of exports of subsidised French 
flour. 


Benefits 


Predictably enough, Mr. Finn 
Gundelach. the EEC Agricul- 
tural Commissioner, replies with 
increasing petulance to any 
criticisms by citing the benefits 
the agricultural policy has 
brought to tbe cause of Euro- 
pean unity, the security of food 
supplies and the welfare of the 
smaller farmer. 

All these points are highly 
debatable. Far from being an 
agent for European union, the 
agricultural policy could be said 
to be a festering irritant, as 
witness the current British spate 
of criticisms. In auy case there 
are, thanks to currency varia- 
tions, such marked differences 
between the agricultural econo- 
mies of various members, that 
European union in these matters 
is even further away than it was 
originally. 

Owing to the refusal of West 
Germany materially to revalue 
its “green" currency, the 
Germans are conducting a com- 
pletely independent farming 
policy, which in its effects is 
probably far more harmful to 
the future of the Common 
Agricultural Policy than anything 
tite British can do. 


As for security of supplies, 
there bas never been any real 
danger of a shortage of food for 
an importing country like 
Britain. It is true that m 1972- 
1973 the UK enjoyed some 
benefit in grain prices from Com- 
munity membership, but any 
world market fluctuates and 
there was no shortage before nor 
has there been since. 

In 1974-75 the sugar shortage 
could probably have been 
cheaply overcome by agreeing on 
a long-term • contract with 
Australia, which was available at 
the time, instead of shutting out 
supplies from that country. 

It has always seemed nonsense 
to me that a deficit food country 
like Britain, which has to 
import 40 per cent of its 
temperate food, should have to 
tie its purchases to an area with 
tbe highest food prices in the 
world. 

The small, or peasant farmers 
have been the last to benefit 
directly from the Common Agri- 
cultural Policy. The fact that 
half of them have left tbe land 
since the war has been due to 
the industrial boom of the 1950s 
and 1960s and national measures 
of different sorts. Community 
financing has been minimal. 

Nor do Community prices mean 
much to Ihem. Pultinq 10 per 
cent or 20 per cent on to ibe 
price of milk wont do much for 
the peasant with a couple of 
cows, but will make quite a 
difference to a fanner with 10 
or 15. 

The farms in Europe which 
cause the problem of surpluses 
and provide the political pres- 
sures for price increases arc the 
small- to medium-family farms. 
These arc almost impossible to 
rationalise out of surplus pro- 


duction by price freezes or 
actual reductions. Ironically it 
is the British farmer, with his 
heavy borrowings and high 
wages, who would probably be 
the first to suffer. 

Vested interest 

The real vested interest, which 
Mr. Gundelach is undoubtedly 
defending, is that of those EEC 
countries exporting to the UK — 
particularly Denmark. the 
Netherlands and Ireland. 
Denmark's exports of pigment 
are vital to its economy. They 
receive an export subsidy on 
pigmeat which is acknowledged 
to be unfairly calculated through 
the MCA system. Without this 
Danish pig farming and pos- 
sibly the rest of the country's 
economy could be in real 
trouble. 

The Netherlands also exports 
pig meat and dairy product* 
with the help of MCA subsidies. 
Neither the Dutch nor the Dunes 
have a peasant farming prob- 
lem. but the economies would be 
seriously affected by any success- 
ful attacks on the Community- 
budget for the agricultural 
policy. 

Ireland under the protection 
of the CAP. and with the British 
market in view, is increasing 
milk .supplies with the stated 
aim of replacing New Zealand. 
Although, under the terms of 
Common Market accession, there 
is little Britain can do to 
remedy the situation imme- 
diately. there is every good 
reusun to keep these things m 
mind, to see who gets the bene- 
fits, wbat they cost and who 
should pay. 


Good outlook for Russian 
harvest after slow start 


BY DAVID SATTER 

THE SOVIET grain harvest is 
off to a slower start than last 
year, but favourable weather 
conditions have led U.S. agricul- 
tural experts to predict a good 
crop in the important Ukraine 
and north Caucasus grain- 
growing areas. 

Pravda, the Communist Party 
newspaper, reported today that 
as of last Monday. 18.7m hectares 
of grain had been harvested — 
about 15 per cent of the area 
planted. Of this, 13m hectares 
had been threshed. 

This leaves tbe harvest five or 
six days behind the pace set last 
year, but still ahead of 1976. 
when the Soviet Union had a 
record grain harvest 


MOSCOW, July 27. 

There was relatively little 
winter “ kill " this year and 
harvesting conditions have been 
warm and dry — an important 
point in a country" where Ibe 
harvest is often spoilt because 
of a lack of drying facilities for 
wet grain. 

The harvesting of row crops 
bas not yet begun, but U.S. 
experts say that conditions have 
not been as favourable for row 
crops as for grain. 

The grain harvest last year 
was 194m tonnes, 19m tonnes 
below the plan target. 

The U.S. Department of 
Agriculture has set a range for 
Russia's harvest of 195m to 230m 
tonnes. 


Floods cost 
Argentine 
farmers $5m 

BUENOS AIRES, July 27. 
FARMING LOSSES in Argentina 
are estimated at about 35m this 
week after 40,000 head of cattle 
were killed in Hoods covering 
lm cares after irrigation 
channels, burst their banks, 
according to fanners. 

Local agriculture now needs 
modern technology* to be able to 
match highly efficient producers 
like the U.S., Canada, Australia 
and New Zealand, they say. but 
indications are that things might 
get worse before they get better. 

While tiie floods underline the 
weakness of the infrastructure 
in the agricultural areas, pros- 
pers for improvement remain 
dime because of poor financial 
incentives for investment. 


COMMODITY MARKET REPORTS AND PRICES 

n . or UjTTT a ¥ C 1743 bin [He prfeo advanced after-boors. 45. 44. 4S.5. 43. * 

BA5)t Mt lALo Turnover a.OMLionacs. TlN-steady on (he protective ‘-m 


COPPER— Gained ground on ibe London 
Meul Exchange an or covering from ilw 
Far East. inspired by currctrar move- 
ments. took forward metal from £739 to 
£747. Bui ibe re wu some profii-iaklnu 
al ibis level and thereafter tbe- market 
held around I743-E745. Scvie. physical 
business was reported and Co met opened 
steadily. Tbe close on tbe Kerb was 

*«"• r+ ori~P-ra:“-77N^r 


Mn. 

Ortlclal 

+J* 

p.m. 

Unofficial 

£ 

£ 

£ 

78B-7 

+ 111 

722.5 

.747.6-8 +11 

744.5 

d 727 

+11.3 


'j 721.8-2 '+18 

718-.5 

J 743 .5 

+111-61 

740-1 

t) 722 

;+ u 


-t — 

1 1 

63-66 


1743 but [He price advanced after-boors. 
Turnover n.WHLionncs. 

Amalgamated Metal Trading reported 
that in tbe njomln* cash wirebars traded 
at £758; three months £748, 45. 46.5, 46. 

46.5. 47. 4T-5. Cathodes: cash SKU5, S2. 
Kerbs: Wirebars three months £747. 46, 

43.5, 43/ 44.5. 45. 46. 46X. Afenwon: 
Wbvbara cash £72.5: three months £746, 
45. 44.5. Cathodes three months £740.5. 
Kerb: Wirebars three months £745, 45-5, 

1 a.m. +®r Jim. ft” 
Official — UnnHW — 

High Grade £ £ ' £ £ 

C*3u. 6646-50 + 65 6360 60 +7.5 

5 months. 6455 65 +45 6485 70 +7.5 

Scttlem't- 6850 +65 — 

Standard 

(Vuh 6645-60 +65 6550 60 +7.6 

5 months. 6440 5 +46 6440-50 +7 A 
SetUem't. 6650 + 66 — — 

Strait* E... lc£698 +8 
New )'«*. — 


I.G. Index Limited 01-351 3466. November Coffee U59-1173. 

29 Lainont Road, London, SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for tbe smaller Investor. 



Questions 
answered 
about 
your 
Will 


Q: In these days it is hard to estimate what I-. 
may have to leave when the time comes. 

I want to be fair to close relatives; but I also., 
want to benefit a cause close to my heart 
How can I best ensure both? . 

A: Most of us have a similar problem, with . 
inflation. The sensible course is probably to 
leave fixed proportions of your estate to the 
individuals you wish to remember — say 20% 
to one. 15% to another and so on — and then 
the residue to the cause you wish to help; . 
Q: I wish to remember old people, since they 
seem certain to . be in continued need; 
but their needs may change. How can I 
anticipate what they may.be? t 

A: Help the Aged has a justified reputation for 
keeping well abreast of the needs of old 
people; and has pioneered a great deal of 
much-needed work for lonely^sick, hungry 
and despairing old people. Their trustees 
are especially careful to make : mmamum use 
of volunteers in daily toueh with the elderly; 
thereby ensuring the most practical response 
to need and obtaining the utmost value for 

They aC publish eS two useful guides for those 
considering their wills: and! often commend 
■these to clients to study in advance of consulting 
me. Copies may be obtained free on retpzest by 
writing to: Hon. Treasurer, The Rt. Hon. Lord 
Mavbrav-King, Help the Aged. Room FT5** 
FREEPOST 30, London W1E 7JZ. (No stamp . 
needed.) ' 


45. 44. 4S.5. 43. - 

TIN — Steady on flw protective covering 
of nearby pasldooa. "Which bold Ont the 
backwardation. There was aloo some 
U.S. covering against physical business 
prompted by tbe lower pound. The East 
was steady overnight and forward, metal 
In London advanced from £6^00 IQ £6,445 
before closing on tbe Kerb at £8.450. 
Turnover 1.230 tonnes 
Morning: Standard cast) . 18.E0: three 
months £1.440, 45. 40. 3a. 40. Kerb: Stan- 
dard three months £6.440, 45L Afternoon: 
Standard three months £8.440. 45. Kerb: 
Standard three months £8.440. 50, 45. 

LEAD— Little changed after a day of 
light Trading when forward metal traded 
between £328 and X3Z3. helped by ebon 
covering, before running into some 
chartist selling- This led to slightly 
lower levels and an eventual dose on the 
Kerb or £318.75. Turnover 3,800 Tonnes. 

Morning: Cash £314, 1L U.S; three 
months £323. XL5. 23. 22.5. 20.5. 28. Kerb: 
Three months X31B-5. Afternoon: Three 
months £318.5, 30. 31, 20A. 20. Kerb: 
Three months ms A. 28. HA 19. 

- «oT--y+od-p i n.7 |+7ir 
LEAD Official — Unofficial — 


£ 

Cash 311*2 

5 months.. 819.5-20 
Sett'lin'nt ol2 
C.6. Spoe J — 


COFFEE 


were iMfly belmr the ben levels. 
C. f Sa nfi k m r reported. 


£ - £ 
310-1 -1.25 

319 20 -I.8J 

51-33 !I“I 


ZlffC— Moved rornwfy as for war d 
metal held in a £4 range. After ho Ming 
between £330 and £333 on light baying 
and short covering, some proft-taxina 
pushed the price beneath 1320 and led 
To a dose on the Kerb of £319.73 after 
a routine day's trading. Turnover 3.423 
tonnes. 

Morning: Three months £323. 23-5. 23.25. 
23. 21. SOX, 20. Kerb: Three months 
£319.5, 18- Afternoon: Three months 039, 
20.5. Kerb: Three months £329. 

i a.m. rf-"ori p.m- jt-fir 
ZTNC Official — Unofficial I — 


- ROBUSTAS continued Wednesday's 
rally In the morning, when large-scale 
dealer sbon-covertng and Commission 
Boose slop-loss buying took the' market 
to sains of £90 before trade selling turned 
tbe tide. 

In the afternoon, with New York 
limit-up values initially steadied, but as 
baying was exhausted on both exchanges, 
a aeU-oK ensued that took tbe market 
back to - fust above yesterday's dosing 
levels. Fresh buying and Jobber profit- 
taJdng then firmed values somewhat and 
at the dose the market was £3B-£oe 
higher on the day, Drexel Bur n ha m 

rep orted. 

Yesterday's 

COFFEK _CWJ + or B.uonm. 
£ per tonne! 

July ... 1855 I270+TO2X 7330 1 265 

September.. 1840 1242 + 67.fi i295 -18B 
November.- 11 65- 1167, +59.0 1818 1150 

Januaiy 1180 1185i + 88-S -170 1118 

Match. 1068 1070] + 11X 1180 1Q8S 

Hat 1050 1055i’+ 16J3 1075-1065 

July^. 1026-1035-15.0 1085 1015 

"Sales: -S.BM <SJ35i lou of 5 tonne* 

ICO Indicator prices for July 36 (U.S. 
cents per pound). Colombian Mild 
Arabics* H8.0Q (184.00): unwashed 

Arabicaa 139.00 (same'; other mfld 
Arabic** 116.50 014): Rotmstas 1CA 1978 
116X6 (same); Bobustas ICA IMS U0.75 
(same). Dally average 118-68 <U5JS'. 

ARAB! CAS were all usquoied. There 
were no sales. 


Prrf. ye*Mmi*yl Fractal* Bneinesa 
Go ram. Glove Close Dae 
Cosrn. 

£ pbr tonne 

Ang. _ £4.68-84. 96 ~1.75-f2.00 t6.«>-al.7B 

Oct. 16.55 .5.40 2.80- ZAO -BAS 82 75 

Dec 87 40 87.46 a4£J- 4.06 <.7.75 84 50 

March. «.10*2J* JAM .18 9eAu-89.ni 
Hay— 84X5 o4.46 91J*n1.10 94.50 1.00 
Aug — 7 AO 47 AS 94X+3UH 87A944A5 

Oct 1H.B10B.7S MA0-9BAB — 

InternattaaU Sosbr tomm tUX. 
cents per pound fob and stowed Carib- 
bean pom. Prices for Jpty at Daily &9S 
(8-07); I5d4y average 6.38 ib.39). 

Sales: a£33. (2.495) tau of 50 tonnes. 
Tate and Lyle ex-refinery price for 
translated basis white sugar was £264 AS 
i same) a tonne lor home trade and 
£144.09 lfl4i.ee; far export. 

EEC import LEVIES effective today 
for denatured and n on-denatured angar, 
in writs of acco opt per 201 Mies - Wh ites 
28.31 liuae): Bum 2JJ8 <14281. 

The rate for raws fat both cases is far 
sugar bufef BO per cent. 


RUBBER 


GRAINS 


SLIGHTLY EASIER opening on tbe 
London physical market- Little Interest 
throughout Ibe day, cl osing dvlL Lewis 
and Peat report rd a Malaysian godown 
price of 2U 1236) cents a kg (buyer, 
August}. ' 

KcU hfeia’nlay**} Prevtate Boalnesa 
ILaJS. [ Ckme [ Clou done 


Cub.-..- 309-10 | — .tn«uvA-iii 4 | — .so 
3 months- 8 J 3 . 75 - 2 Ci.-J 5 580-1 +J 5 

S’meni... 410 - 

grm.Wadj — 1 Bfljl I 

■ Cents per pound, t On previous 
official' dose, tfiti per ptenL 

SILVER 

Silver was fixed 9£Sp an ounce lower 
ferr spot delivery to) the London bullion 
market yesterday at 363.7 p: us. cent 
enalvaJenls of the fixing levels were: 
spot 545.4c, down 4.8c; three-month 558.1c, 
down 4.9c: six-month S67.2c, down (Lie: 
and 12-month 59125c. down 7.3c. The 
metal opened at 3S6.M8T.9p (547+3490 
and closed s5.M8S.Bp ( 545+447 W. 


509.6-10.0,— .25 
I 280-1 +J5 


LONDON FUTURES (GAPTAWTbe 
market opened unchanged and Initially 
saw good trade, rallying slightly to 25p 
higher an wheat and 15p higher on 
barley, the near-by positions being wen 
bid. Acii reported. In tbe afternoon, 
values eased sUgbtly on some com- 
mercial selling to due 5p lower to 26p 
up on wheat and 5p lower to Sp higher 
os barley. 


Aog — 58.09-58. IB — 

dept bB.1Bi6JSa8A8-o7.2S — 

O utr iBJj-BKKH — — 

Kov-Da SB 88-07 AN IT.Bh-b7.6E 57.60 

Jan-JUr BJ) *69.101 68.8B-o9.7U E8AD&8.M 

Apr- Jot «i.0M1.0a 8LB5 81.60 61.55-67-08 

Jly-bt** i.24i+iL0q aS.45-ofi.60 — 

Oct- Dec 4 .7^4.761 bU+*6Ad 94.78 

Jan-Mat , A 9-8S BSl o7.1o-h7.3p 68.60 

Apr-JV 8.40 8 A9| 89JM8JIM 88.7+68 M 

Sales: 583 (Tfei lots of 15 tonnes and 
31 ID) of 5 tonnes. 

Physical dosing prices (bums) were: 
Spot 54p (54J5); Sept. 6(L5p (58.75); 
OcL 57o (Came). 


WHEAl 



teteTdJsy'tt 

+ oc 

M'cth 

clou 


Sept. 

05.05 

+0.20 

Not. 

87.55 

+0.05 

Jaa. 

90.40 

+ *>.10 

Mar. 

May 

fa 3.05 
Ja.65 

+0.1*6 

—0.15 


dose — 


S IS «*»<*■•>• 

q ££ SOYABEAN MEAL 

1^*! B --2° i— 9-08 The market opened 50p UP. after the 

BBt: Sonr Rs.ifrjQ.i 5 publication of lower-ihan-hxpeciad saya- 
i wnftfng define* for June. SNV 

sf Commodltko repotted. Values main- 

tal" 0 * Utar hUtlal gains tmtfl late tr adin g, 
wheB some prodwaldng to sympathy 

” toa7 - 50 ' Mur with Chicago sent price# to the lows of 

„ ibe day. 


L.HJ3. W- or 
alow — 


Spot 285.70v pUS 286.80 l+OJ 

Smooths— 898.1' WL2& 89<L25p 1-fOJ 
6 months-- 300 . 50 p I — O.&j — 

18 months 317.85); t — 0.61 — i 

LME— Turnover 148 (156) lots of 1DA08 
ounces. M oaring; Three months 394, 3.4. 
Kerb: Three months 2912. S. 2.7, 2A, X 
Afternoon; Three months 2832, 32. 3.4. 
3.6, 3.7. 18. 94. 4.1. 42. Kerb: Three 

aromhs 294 . 


SILVER 

per 

! troy a*. 

Bullion 

fixing 

priring 

! Spot—..-. 

5 mouths- 
Smoniin-- 

285.70p 
893.1- 
300- 60 p 


COCOA 


Prices mnalwd in 9 wry narrow 
range throughout ■ a tmiet day, GiB and 
Duffus reported. 

jYestepiay's + of T fino^T 
COCOA I Was® ( — I Dune 


S<J.&Contrt ! 

July I1729.U-32-Q 1—3.0 17562-27.0 

Sept.-- „,W43. -44.0 — 6.0|t(B2jr3BJ) 

lfea WSB.Bri.B >—725:17452 20-0 

March I7iltf».i -&OI1721A110 

May hnu-au — 15.5;17M.M8» 

July ilbB4.‘ -80.0 — 15.Oi1B88.WfiJ 

Sejrt. 'Ib70 0-78.0 —16.5! - 

Sam: 1244 (3,457) lots oTlfl lotmes. 
(me national Cocao Or yuri s a Hon (US. 
cents per pound)— Da Qy price July S8r 
14523 (148.88). Indicator prices July 37: 
15-day average 142-37 (142.16); SSday 
average 14328 (142.40 1 . 


Busings* done— Wheat: Sept 85058M5. 
Nov. 87.734720. Jan. 9025-90.35. March 
SS -20-9329, May 9S2545.6S. Sales: SI lots. 
Barley: Sept. 7925-7930. Nov. S2AA8225. 
Jan. S5.1M4J5. March *7.654720. May 
98.404920. Sales: 105 lots. 

IMPORTED— Wheat: CWR5 No. 1. 13J 
pe. cent Juftr ami Ang. £92. TUbarr: VS. 
Dark Northern Spring No. 3. 14 per ccm. 
AOs. £7825. Sept. £76.75. Oct. £8025. tran- 
shipment East Coast sellers. U.S. Hard 
‘Winter ordinary. Australian, Argentine, 
Soviet and EEC grades 
Mate: U.S_/Freflch, July £783. Aug. 
£9828, Sept. £ 168 . 00 , transhipment East 
Coast sellers. Sooth African White. Aas- 
£8B, Uverpooi/Clasgow. South African 
Yellow, Ang. £69. Liverpool/OUsgow. 
‘Oilers. 

Barley, Serafima, Oats: Usonoud. 

EEC DAILY IMPORT LEVIES and 

premiums effective today In onler enrrent 
levy pine Ang.. SepL and Oct. premiums 

(with previous in brackets) all in units 

Of account per tonne. Com mon Wheat— 
0C22, 823. 823. nil (9323, 028. 8.16, nil); 
Durum Whgat — US. 67, nU. ml. nil (same): 
Rps— 9*45, nil. nil. nil (9L7S). nil. nO, 
nil); Barley— 87.62, 320. 228. 2JB (same); 
Oats— 8024, nil. oil. nil laamei; Maize 
(other than hybrid Tor seed tog} — 87:72. 
nil, nil. nil isamei: Millet— 78.12, nil, nil, 
ml 1 73-78, nil, nil, nfli; Crain sorghum— 
S8.D3, 626. 0.88, nil (3623, nil. ml. ml). 
Abo for flours: Wheat «r n ixod wheat 
and rye — 142.17 (14117); Bye — 1412* 
(14822). 

HCCA — Ex-firm spot prleet for July 27. 
Food wheat: WTJtshire £95.00. Faed 
hatter Somh Lincoln etbab. 

UK monetary co-efficieta for Uandiy 
will decrease to 1243. On Tuesday 
Angust 1 U will decrease to 1241. 


SUGAR 


JUTE 


DUNDEE JUTE— Prices c and f UK 
Sew.-Oct BWB and BTB SK, BWC and 
BTC £248. BWtJ and BTD 238. Calcutta 
good* qotet. Otmatluas for -July: 40-inch 
10-02 19. ED. 7+0* £7.89; Aagnst £9.89, £7,G6; 
SepL £920. £7.14. “B" nrifis £2628, 

£38.00. C7Ji Yarn quiet. 


LONDON DAILY PRICE (raw sugar) 
£a< (181) a tonne df for aftotmenL White 
sugar daily price was fixed at £98.66 
(£94.30). 

Reports that Iran had Invited offers 
this weekend tor 188,006 tons of whtlea 
and 80298 tons of raws nSmnJated short- 
covering so that opening quo la Do os were 
a bo at SM points above kerb levels. 
Funher . gates were recorded later, 
mainly to tbe 19TB positions which closed 

at Tha hirh pQims, sllhough n aam 


iSoWty! + or Aisices* 
•. Close I — Don® 

Bi whim ii» I 

August. 707.08-08. 0 + L2 19829^)728 

October __ 112.50-1S2— 025|11S20-1920 
Deremtw_ 1 1520-75.3—026,1 1428-1228 
Fbbnmiy-_ 114.19-142— 025, 11 420-1 A10 
April — ■■■.. 11S2B-1B2 —0.7E — 

June— 1628-172 —0.40; 117 JO 

Aoyirt — Z.|ll6-£Q-1L0— OJSj — 


Bsktt . 95 loti of no tonnes. 

WOOL FUTURES 

LONDON — #0 sales. 

" .fPen« per kilo) 

Aartreita (Xhsterdjr's.-j- «1 SSSe 

OrtOay wood Ok»c — Dune 


July B9.04B.0 — 

October — 13S.CM1.B ( — 0.6 — 

December _ 245.9-48.0 — 

Man* l*2jrA72 U02 — 

May___N2 u-472 [+12 — 

July 1452-462+12 — 

Ortnbcr &»72*<2 — 

Dec6mbar _^«3.0-55.0 [+12 1 — 

Sales: HU (hill lots of 12N k*. 
SYDNEY CREASY— <lfl order buyer, 
seller, business, sales). Micron Contract: 
OCL 8442. 3432, natfadsd; U9C- 3S3.L 
9332, 132483.1, 1; Varch 382, 339.0. 
lSR.r-138.7. U Utf 3612, 1SL0-18U. 
•; July 3872, 3972. lCT.0-188.6. 3: OCL 
3KI.0. S702, 1TL9-17B2. 9: Dec. 373.0. 
3732. untraded. Total sales: 13 tots. 

new ZEALAND CROSSBREDS (in 
enter buyea-, nner, business, sales) — 
Dec. 1802, 133.0, wnraded: Uaroh 384-9. 
183.0, 1942, ste; Hay 1852. 187.9. un- 
'traded: July 187J, jfiBJ, tmtraded; OcL 
1982, IBL8, tnunded: Dee. is»2, m.o. 
nntradcd. Total sales: V Ion. 

. Bradfor d . . P rice s were neneraDy un- 
duneed In a dull market, with only one 
or two redadftma due U xtren&ih a! 
storllng. 


IRwnJy’i 

Olore 

±F 

28,(Hfi.D 


53.0-41.8 

Ubi 

<5-548.0 


*2j»-C7X 

+0X 

4! U-47J1 

+ 1A 

45jtt-<ax 

+lx 

47-W4X 


49.0-53.0 

+ 1.0 


meat/vegetables 

SMITH FI ELD (pence per pound) — Beef: 
Scotch killed sides 54.0 to 53.0: Ulster 
hindquarters 63.0 ID 89.0. forequarters 
992 to 39.0: Eire hindquarters 642 to 
8T.f. forequarters 33.Q to 39.0. 

Veal: English fats 60.0 to 70.0; Dutch 
hinds and ends 76.0 to 872. 

Lamb: English small SS.0 to 63.0. 
medium 5L0 10 60.0; Scotch medium 54.0 
to 58.0. Imported frozen: NZ PL 5tB to 
542. PM 5X0 to 5X0. 

Pork: English, under 100 lbs 37.0 10 
44.9. 100-130 Ib6 372 to 43.0. 120-160 lbs 
35.0 to 4L0. 

Rabbits (skinned*: English tame 94.0 
to 642; Chinese 412 to 42 .O; Australian 
302 to 38.0. 

MEAT COMMISSION — Average fatstock 
prices at representative markets. Jnly 27. 
CB— Cattle T02Sp per kiiw. (-1.0; 
UK — Sheep 133. On per kg-esi.d.c.w. (-B.S*; 
CB— Pigs- 63. Op per kgXw. i+02*. 
Enstaod nod W ales — Cattle numbers 
down 92 per cent, average 69.47P 1 -LS 61 : 
Sheep down 19.7 per cent, average 1342P 
(-6.1) ; Pigs up 6.7 per cent, average 
83.0P (+ 2 . 3 ). tcelleud Cattle up 

U.S per cent, average 71.43p 1 — 0.50 1 : 
Sheep up 19.7 per cent, average 224.3p 
t-62». 

COVENT GARDEN (prices in sterling 
per package unless stated)— Imported 
produce: Oransas— S. African: Navels 

4.00- 5.10: Brazilian: 429-5.08: Californian: 

8.00420. I te u eua I talian: lOO/lhM new 
crap 429-420: Spanfa: Trays LS0-2.90. 
lams boxes 429-520: s. African: 428- 
520. Grapefruit— 5. African: 27/72 3.40- 
420: Jaffa: 40s +48. Awriec— Prescb: 
Golden DeUdons »-lb Sis 4.004.30, 72s 
420: W. Australian: Cranny Smith S20- 
S.W; Tasmanian: Stunner Pippins 920- 
9.70. Croftooa U-00, Democrats lt.OO: 
S. African: Cranny Smith 8.40, Golden 
Delkdaus 9.60-10.00; Chilean: Cranny 
Smith 7.00-7.30: New Zealand: Stunner 
Pippins 133 9.40, 175 9.40, Red Dougherty 
2 lot. Granny Smith SSQ: Italian: Homo 
Beauty per pound 020, Golden Delicious 
0JM20. Peers— Victorian: 48-lb 

Josephines 10.08. Winter Nells 92D; Per 
pound French: Or. Carol 38-lb bos 4.00: 
Spanish: ldmouera 4.00. Peaches— 
Italian: 1} trays 1203.90: French: L40- 
3.00. Grapes— P ct pound Cyprus: 
Cardinal 020. Sultana 020-025: Spanish: 
Cardinal 228. Plums— Spanish: 5 kilos 
Santa Rosa 120-2.70. Burbanks 1.80-2.90; 
Italian: Ftoreadas 304b 220 . Golden per 
pound 9.154.18. Apricots— Spanish: 
6 kilos 3.00: Utmsarian: 3.90. Banana*— 
Jamaican: Per pound 9JS. Avacedns— 
Kenya: Fuene 1V34S 5.00420: S. African: 
Foerte 5.00220. C ApsIluiu s— D utcta/ 
French: Per a kilos 3.00; Dalian: i.80. 
Cha r r l e a W as hi ngt on : Per pound 0.90. 
Ooloap— Spanish : 220320; Maltese: 220- 
2.60. Pots mes— Jersey: 120. Tomatoes— 
Dutch: 320: Guernsey: 220: Jersey; 2 . 00 - 
2.10. Mo tons— Spanish: Yellow 8/l2s 220- 
3.80: Canary: Ogen 6/IDs 329-2.40. 
Watsr-tnc.ons— Spanish: 2.60: Greek: lit- 
XOO. Sweetcora— Spanish; Per bos 23 by 
2 628. 

English produce: Potatoes— Per 56- lb 

1.00- 120. Lenace— Per 13 0.70. CoS 0.90. 

Webbs 929. Rhubarb — Per pound, out- 
door 0.08. Cucum be rs - Pe r tray 12/2 IS 
028 - 1 - 00 . Mushrooms— Per pound 0.40- 
028. Apples— Per pound Bramfcr‘8 dlO- 
020. Grenadier 9.13-0.16. Tomatoes— Per 
J3-a English 3.10. Cabbages— Per crate 
269-240. Celery— Per 13/189 L 80-100. 
Hr m tento Pe r i-Ib 025A20. CanH- 
floorers— Per 13 Uncoln 1293.00. Broad 
B e au s ^Per ponad 0-11-8.12 Peas— Per 
pound 02S-02L Chni-ries — Per pound 

Black OAO, While 8204)20. Gooseberries— 
Per pound 023. Levellers 025-0.35. 

Beatraei— Per SS-to 1.00-120. Camas— 
Per 35-lb 1.00-L30. Capsicums— Per 

pound 0,16-929, Coarsctuo— Per pound 

8.15. Black /Red Currants— Per pound 

020 . Onloop— Per bag 2.00-320. 


PRICE CHANGES 

Price per tonne unless otherwise stated. 
■ Nominal. 1 New crap, t Unquoted. 



Jug 27 

-f- pr Month 

— «B 0 

L&BQ 

£680 

al.045-%5 

161050-40 


Metals 

Aluminium.-.- - 


Copper ash W. Bar C732.2B +6.75;£6B7 
i moDthi- d<>. -la £744 2- +7.5 Il‘ 707.25 
Ua-vfa Catboi.le C71B26 +6.75;£6Sl.s 

5 rannthi. do. da L740.5 +7.75'£701.75 

Gold- .Troy o*. »1 4.12«— 0.25 SIB4.57& 

Lmd CstJi. riSlO.S -l.£5l£301 

5 month- — £6192 -1.S76 JC6I0.76 

Nicke> £2.o6B I £2,566 

Free ALiraetlof)('bi i 1.70 L 151.85 

1.85 1 1 1.95 

Plationm tmyoz.J£128 ,£133 

Free Unmet. kl3Z.70j-025;£15Z.4 

Quicksilver (76ih.iijlZo.aU i5126)30 

'liver r«»v oa. 285.7p -0.25;a88.2p 

6 months. 293. Ip -0-26!Z95.7p 

«n Cub litt 555 + 7.5 A».846 

* months L6.445 1 + 7.5 |£5,b5Z-5 

Tungsten (ri 5140.37 - — 

WoU ram £u!4ibcit j 130-35 gl 32/56 

Alne cash C31 .00 — 0.26 £297 

$ months—.— £320.6 +02BIC306.7B 

Producers SS5u-tn)u ' +560-600 

Oils | 

Coconut (Phil)-... «650p 15565 

Qrouaduuu— 8c4B '£704 

Unseal Cruie tri. £334 l£362 

Palm ll&knyan S54&? _.j$655 


Copra Phillip 5435;/ +5 'S475 

soyabean ill .5 .).... |S257.» j IS277.9 

Grains { 

Haney KEC ; , : 

Home Puturw— £82.2 O.D6>£81.80 

Ulna* I ! 

French No. S Am £102 I...... ...X103.5 

Wheat 

No. 1 Had 'wiDi! £92.0)i l+D-25 C93.5 
No.3Hardwuiter I : 

Krufiiah Huim-jl £81.25 (£105 

Cocoa Shipmeno... £1.809 +6 (£1,890 

Future iepL Cl.743.fi, +6 £1.782 

Coffee Foture— — : 

aept. £1241 (+57.5 £1,497.6 

C«ton-A' index.... 70.45 UD.lp70.3bc 

UuM«r kilo. 54.00 —0.26 55j. 

;ugar (Ham .84 +5.0 U."95 

WVinitopb kilo... 283i' 1 l2B_5j ■ 

ft August. m Jane-Augusu. a July -6cm 
p Juiy-Aug. a SepL u August-SeW. r Per 
tan. z Indicator price cif. per 10 kUos. 


£91.25 I (£105 

£1,809 +6 (£1,890 
£1.743.61+8 £1.782 

£1241 j+ 57.5 £1,497.6 
70.45 -rD.l3 70.3bc 
54.00 — 0.26 55)1 
.84 +5.0U.-9S 

283.. 1 IZB3|> 


COTTON 


LIVERPOOL COTTON— Spot and eliip- 
ment sales amounted to 70 (unnes, bring- 
ing tbe total for ibe week so far tu 
310 tonnes. Minor purchases were 
recorded in African and South American 
growths, the call for other qualities being 
relatively dull. F. W. Tatiersall reported. 

BIG INDIAN 
TUNGSTEN FIND 

NEW DELHI, July 27. 

A SURVEY by tbe Rajasthan 
state Government bas revealed 
deposits of tungsten ore in the 
hilly region of Nagaur district, 
about 250 miles south-west of 
here, the Press Trust of India 
reports from Jaipur. 

The deposits are considerable 
and the quality of ore very good, 
Reuter 


INDICES 


FINANCIAL TIMES 

Toly 36 |~J'ily Z5 ;Muntb agnj Ymr ago 

a4.64Ha2.45 j 347 .1 7 1 -42.49 
I Bare: Jnly 1. 1352=100) 

REUTER'S 

"July 27| July ^MontlT isjmj Year ago 

1425 .3 ! 1412.7 1 1476. 0 1514-2~ 

1 Base: September to. tsn=teo) 

DOW JONES 

Dow July | Jaly" ( Month | Year 
Juun 2fi J 35 1 nga | ago 

$ 1 * 4 .. .351 06 o49.29:a59. 14.a6 1.69 
Futureal3 36 63i3a3.61 a 4s.7 J| a37.69 
(Average 107+25-26 =i«D 

MOODY'S 

July July MnnlhlYw 
M mdy'a 28 St- ago | ago 

5ple Com mry! 9ia O I9Q 7-& 9l S.7l335.fi 
“ Tbaramber 41. loin =|S» 


GRIMSBY FISH-Srewtv peed, demand 
need. Prices at ship's ado 1 unprocessed) 
per aono; Shelf cod ftt.50-U.8P, codlings 
£2.SLf3£i: large haddock £4.O0-£4.5u. 
medium haddock £3.40. £4. H. small 
haddock U.00-E3.W: torse plaico £3.00. 
medium plaice £4 o0-£5.IK>. bcid small 
plaice J3JIO-M.40: large skinned dUK&nh 
J9.00. medium sJrtonod rinj'&sb 16.50; 

I arse lemon soles £3 .ko. medium tenran 
solus £359; aaithe S.40-C1.20. 


NEtr YORK. July 36, 
PRECIOUS metals eaied on specula Uv 
Uquldacioo after a smaller than expect et 
U-S. balance of trade deficit. Coffe- 
finished limit up on Commission Haw 
and trade buying following uncertainty n 
brazil) ju weather. Sugar rallied m 
runi'H-ed indusiml pnccs firing whfl 
cocoa recorded small declines on trad- 
arbitrage soiling following weaker sterling 

Cocoa— Sept. 147A9 u+9£5i, Dec. 143.0 
(143 A3 1 . March 119-25. May 136g5. Jri 

134.60. Sew. 132.73. Dae. I30J3. Sales 
SC Into. 

Coffee—" c '• Contract: Sept. 117 . 8 C 
117 "3 ilDS.lMli. Dec. 1U6.00 (102.001. Marcl 
101.75. May 99.50. July 9S.37. SepL 97JK 
Dec. 97.00. sales: 7W lots. 

Cepvpr— July 62L25 l62£5). AUg. 62A 
iC.40», Sepi. 63.00. Dec. 64.80, Jan. 65.4C 
March da.50. 51 ay (17.55. July 03.40, Sepi 

69.60. Dec 71.15. Jan. 71.7b. March 72.75 
May 73.7S. Sales: 4Jt» kits. 

Cotton— No. 2 : Oct. a9A0.S9.93 1 S 9 . 4 S: 
Dec. 81.80-61.S3 1 61.41), March 83.45. Ma 
64.35-M.45, July 65.40-65.30. Oct. 64.4I+65JK 
Dec. 61.90-65.00. Sales: 1,950 lots. 

a CoM— July 194. SO I195£0>. Auq. 1N.B 
« 195.50 j. SepL 196.60, OcL 189.10, Det 


This edition went to press befon 
the latest UJ. commodity price: 
were available. 


."01 -0. Keb. 204.40. April 20r.ro. Jun 

211.00, Aug. 214.40. Oct. 217-Stl. Dc«. 221 Jt 
Keb. 224.60. April 229.00. Sales; 14.00 
lots. 

tLarff— Chicago inosc unavaUahl 
122.50). NY prune steam 23.75. 

tMabe— Sept. 238-2.10* i2271), Dec. 2387 
23d; 1 233: i. March 245.245*. Mwy 2501. Jal 
2521-253. Sept. 254]. 

fPUttauro— Oct. 256.5O-25&S0 i2S7.70) 
Jan. 2U0.7UD <261.701. April 264.5te264.7fi 
July 26S.5O-26S.70, OcL 272^0-2(3.70. Jar 
Z76.60-266A0. Sales: 944 lots. 

t Silver— July 54G£0 1 550.60). Aug. 546” 
■ 551.GUI. Si-pi. 550.70. Dec. SKEW), Jar 

507.00, March 575.40. May 864,10. Jul 

592.00, Sept. 602 AO. Dec. 615.7B. Jai 
bfO.SO. March -C9.70. AJay OS-CO. Sates 

13.000 lot*. Handy and Hannan sob 
bullion 54720 1532.301. 

Soyabeans — a up. 630-631 (623). Scpi 

G 12+01 3 >60511. Nov. 601.6021. Jan. *K 
60s!. March 616+617, May 6292-621, Jul 
624. AUK. 622. 

USoyobuao Heal — Aug. 164.70-I6L5 
<163 .SO). Sept. 163.60-163.70 (IKLBOi. 0« 
162 . 60 - 1 62. sd. Dec. 183.09.162.SO, Jan. 104.01 
March lfldJO. May 167.50, July l«9.« 
168.59. 

Soyabean Oil — Auft. 23.6503.70 CL37! 
Sepi. 23.D5-23.10 122.78), Oct. 22.49, Det 
21.S0-21.S3, Jan. 21X9-2155. March 21X1 
May 21.75. July 21.75. Aog. 21X8. 

Sugar— No. 11: SepL 6, 0+6. US (6.05! 
On. 6.15-6.17 (6.16). Jan. 6X3.64S. Marc 
6-05-6-66. uay 6.784.79. July fiM- 6 . 95 . SCO! 
r.OS. 0c(, 7.21. Sales: 2,673 lots. 

Ti»— 569X72 nota 1569.568 nmn.). 
"Wheat— SeDI. 3142-315* 13114), De< 
31S-31S1 1315). March 318+3154. May 311 
3154. July 306. 

WINNIPEG. July 26. Rye— July 94 X 
(94.40 torti, Ocl. 95X0 bid (94X0 btdl, Nov 
05.90 nnm.. Dec. 94.00 a>ked. May B7X 
bid. 

TtOato— Jnly 70X9 bid (70JM bid), Oc 

71.00 asked iTO.TOi. Dec. 71.10 aaket 
March 78X0 asked, May 70.70. 

riBariey — July 71.58 bid <72.40 hM' 
OCL n. 50-71 .70 I71.SO-71.90), Dec, rax 
bid. March 72.90 ashed. May Tlxo aaket 
55 Flax wed -July 327X6 bid (228.70 bM ; 
Oct. JXXfl 122S.7U bid). Nov. 228X8 askec 
asked. May 334X0 asked, 
DtlWwat— 5CWRS 13X per cent prptej 
corneal df SL Lawrence 161X8 i m w ” 

All cents per pound ex^nurehots 
Haled, "to per bw 
ounce lots. + Chlcaea w. 
tel per 100 W»— Dept, of An. prices 

tank Cara. 5 Cents per 56 lb horiieJ m 
warehouse, &.Q<» bu^ei ^ ^ 

«y ouw* for 50 « mthTof Isa ~ 
own purity delivered NY. SCbmj. » 
tray ounce «-warehouse 
contract la ss n twL 
rtlW short ions dShwffJff* U 
a)te*„. Toledo. sSlSS! Im-a&L 
“Gems ocr 69 to 

It Oasis per 74 ih huefirt®** 1? HbTc 


V 




28 


Financi 


al Times Friday July 2S 1978 


stock -F xni v\<;k ripori 


.•'C ' ■- 


% -l *- '* ' 



Bear squeeze pushes equity index to six-month high 

Temporary reduction in special deposits call steadies Gilts 



Account Dealing Dates 
Option 

•First Declare- Last Account 
Dealings lions Dealings Day 
JuIvlU Julv 20 July 21 Aug. 1 
July 24 Auk. 3 Aur. 4 Aug. IS 
Aur. 7 Aug. 17 Aur. 18 Aug. 30 

- ■■ New lime " dealings may take place 
from 9.30 a.m. two buslncs* days earlier. 

The increased likelihood of ’ho 
dividend control Bill succeeding 
and union opposition lo the Gov- 
ern mcnt'i wages policy were the 
two factors responsible for initial 
easiness in slock markets yester- 
day. Equity leaders were opened 
a few pence lower but the selling 
amici paled by dealers was not 
forthcoming an.1 the manoeuvre 
encouraged scattered support. 

Confidence returned with each 
step or the ensuing recovery and. 
aided by talk the institutions were 
interested in obtaining parcels of 
lending and good-class industrials, 
the pace quickened, although 
actual market business was said 
to be sparse. 

News of the further temporary 
reduction in the rate of call for 
clearing bank special liepo-ns alno 
helped sentiment, but Hie main 
force of the upturn was attri- 
buted to the emergence of a 
t ethical *>ii nation. Throughout I he 
lsler stages, the pressure on pro- 
fessionals to enter short positions 
inienFiiivd and as these were 
Partially covered the leaders res- 
ponded quickly, particularly after 
i he ollicial close. 

\s a reuslt. the final calculn- 
tio.i of the FT yii-sliin-c index was 
fi.S higher at a six-month peak of 
488.S. after having been 2.7 down 
at the first count or the day. Even 
more lmpressue was the broader 
trend p resen led by the F'T- 
Actunries AH -share and Industrial 
(irour* indices, which moved 
nearer still lo their respective 
hcst-cvcr levels. 

Barclays Bunk pleasantly sur- 
prised wiih interim profits above 
expectations. especially after 
recent di-»appoimment from both 
l.loyds and Nut West, while Stores 
pvsended their good run led by 
renewed speculative enthusiasm 
for Burton Group, 
t.'onltiiued dullness in (Jilt-edged 

securities was relieved by the cut 
in special deposits. Potential 
sellers of Ihe shorts were dis- 
couraged and opening losses, 
ranging in i. were replaced 
even mall v by gains in I despite 
the fresh easiness in sterling. 
Longer maturities was fairly 
quiet, bui falls or i were finally 
halved. Corporn'/ons featured ihe 
dehut of the two Camden issues 
and. rcficciing laic overnight sell- 
ing of existing scrips. Ihe 12! per 
cent 1!)S3 stock opened below 
some estimates. Opening quotes 
varied and the £1 0-pa id siock 
traded between 101 and 105 before 
stilling .it !0-7. a premium of ] 
on the issue prire. The Variable 
19R3 was virtually untested and 
Hosed al the issue price level of 
•ID ? . 


Investment currency rates were 
volatile, moving between extremes 
of 07'. and 101 per cent as recent 
selling pressure eased; the close 
was EK»i per cent for a recovery 
of about iva points. Yesterday's 
SE conversion factor was 0.6SJS 
10.6SSG). 

Ey midday yesterday only 127 
contracts had been completed in 
Traded Options and gave every 
indication of recording the lowest 
number oF deals yet. A pick-up 
in business, in the afternoon, 
however, took the total to 404 
compared with the previous day’s 
37fi. Murks and Spencer were 
prominent with 111 contracts, 61 
in the Octoher ISO series. Grand 
Met followed with 93 and ICI S7. 

Following the previous day's 
satisfactory debut, Ernest Jones 
(Jewellers} met occasional small 
selling in a quiet trade and dosed 
3 cheaper at 138p- 

Barclays please 

In complete contrast to the re- 
cent disappointing half-yearly 
performances of Lloyds and .Nal- 
West. Barclays yesterday pro- 
duced interim profits well above 
expectation's: after an initial 
mark-up. ihe shares closed 12 
better at 342|». Midland, report- 
ing today finished 3 to the good 
at 3i!.~»p. Nattiest ended 5 harder 
al 27jp and Lloyds unchanged at 
2B0p. Hanihros. however, re- 
mained on offer and eased 4 more 
to I60p. 

Selected Buildings made head- 
way in a much improved turn- 
over. Red land encountered buyers 
following annual results at the 
higher end of market estimates 
and firmed « to 132 p. while the 
surprise offer for Orine Develop- 
ments from Com hen prompted 
interest in a recently lack-lustre 
housebuilding sector. Orme 
jumped S to 58p. while Comben 
shed a penny to 35p. Saint Piran, 
with a recently acquired 22 per 
cent stake in Orme firmed 3 to 
37u nn ihe announcement, while 
j|. p. Kent, 38 p. and Gough 
Cooper. 7i>p. held sympathetic 
gains of -1 and 2. Rumours that a 
share stake might soon change 
hands lifted Veclis Slone 4 to 3lip 
and. in belated response in an 
investment recommendation. 
Cement Roadslone firmed 2 to 
SSp. in thin markets, Stanley 
Miller and Walter Lawrence 
added 2 and 4 to lap and 94p 
respectively. _ 

In a thin turnover, ICI firmed 
6 tn 3!H p. Further speculative 
interest left Carless Cape! 2 more 
lo the good at -Hip. but William 
Ransom finished 7 lower at 22ap 
on small offerings in a restricted 
market. Yorkshire Chemical 
eased 2 to 1 106p on the £3.lm 
■proposed rights issue. 

Burton in demand 

Good buying developed for 
Stores which dosed sharply 
better. Particulary favoured were 
Burton issues, the ordinary rising 
14 to 14Sp and the A 12 lo 13fip 


on a resurgence of speculative de- 
mand on bid hopes; the Warrants 
closed 2i dearer at 25 p. Combined 
English rose 5 more to lOSp, 
making an advance of 7 since 
Tuesday's disclosure th3t the 
group has agreed terms for the 
disposal of its loss-making 
Belgian subsidiary. Gussies A put 
on 4 to 304p and Murks and 
Spencer improved 2 more lo a 
1978 peak of 167p. Bourne and 
Hollingsworth rallied 9 in 197p 
awaiting news of the bid dis- 
cussions. Grant Bros, put on 3 to 
95p on renewed speculative 
supporL Bakers Household added 


trading on the increased dividend 
payment and property revaluation 
surplus which accompanied the 
preliminary figures. J. Lyons 
moved up 3 to lUOp following the 
annual meeting, while further 
consideration of the recent rcsul's 
raised Sumportex 10 further to 
S3p: the final dividend is m he 
announced next Wednesday. Small 
buying lifted Linfood 7 to 133p. 
whiic Gnldrel Feu card, 51 p. and 
Associated Dairies. 245p, put on 3 
apiece. In Supermarkets, Tesco 
were briskly traded and closed 
a penny better at 48]p. Hillards, 
however, were finally 7 eheaper 



3! to 42 d. A buoyant market of 
ia'le on ‘excellent results and a 
proposed 300 per cent scrip-issue. 
Wallis encountered profit-taking 
and reacted to 183p hefore rally- 
ing late to close only 3 down on 
the day at 197p. 

Electricals contributed their 
share of firm spots. Farnell 
Electronics rose 12 to 332p for 
a two-day gain of 22, while small 
buying in restricted markets left 
Pifco A 4 better at UOp and 
I'niteeb 9 higher at 147p. On the 
other hand. Laurence Scott Just 
another 3 to liSp on further con- 
sideration of the results. Among 
the leaders. GEC closed 4 up at 
278p and EMI finished 3 to the 
good at 148p. 

Charles Clifford Industries did 
well In Engineering with a jump 
of 10 to 110p. after 114p, on the 
announcement that Mr. Oliver 
Jessel's small public concern 
Cluirmacc is to acquire a 29.4 
per cent shareholding in CC1 from 
Cooper Industries. Hill and 
Smith edged forward a penny to 
81 p in response to the higher in- 
terim earnings. F. Pratt, on the 
other hand, cheapened that much 
to 69p, after 66p. following the 
disappointing half-yearly profits. 
Tubes ended fi higher at 376p, 
after 3i58p, and Vickers 5 bettey 
at 17Sp, after 170p. 

Fitch Lovell came to the Tore 
in Foods, rising 6 to fifip in active 


at 219p, after 214p, on disappoint- 
ment with the preliminary ficum*. 

Still reflecting the chairman's 
optimistic statement and news 
that the ICI pension funds Sava 
increased their shareholding. 
Lad broke rose 6 to 171p for a gain 
of 16 so far this week. Wheeler's 
Restaurants, which report?.! 
preliminary figures on Tuesday, 
improved 10 to 365p. 

Bowater up 

Easier at the outset in continu- 
ing response lo the TUCs opposi- 
tion to the Government's 5 per 
cent pay limit and on the improved 
chance that the Government's 
dividend control Bill will succeed, 
tlte miscellaneous Industrial 
leaders later staged a useful rally 
which continued into inter-office 
dealings. Closing levels were 
finally the day's best with Ranh 
closing S to the good at 252p and 
Boots 7 higher at 220p. Publicity 
given to a broker's circular helped 
Bowater put on fi to 190p, while 
Bcecham firmed (I to 684p, after 
673p. on further consideration of 
ihe chairman's encouraging state- 
ment Elsewhere, Dc La Rne rose 
25 to 400 p on the chairman's opti- 
mistic annual statement aiid. re- 
flecting the return to profitability, 
Denbyware added S at 92p, after 
94 p. Gleves saw support at 9fip. 
up 6, while Cawoods hardened 3 
to 143p following the .results. 
Prestige added a similar amount. 


to 169p. also after trading news, 
and renewed speculative demand 
in a thin market prompted a gain 
of 5 to 4Sp in A. R. Findlay. 
Solbeby Farke Kernel rose 9 to 
30 Ip. 

Motors and Distributors 
attracted late interest and closed 
firmly. Rolls-Royce hardened 3 to 
104p, while similar improvements 
were seen in Charles Horst, 57p, 
and Tate of Leeds, 7Gp. 

Recently a rising market in 
anticipation of the reorganisation 
proposals, Thomson Organisation 
reflected disappointment with the 
terms in opening at 255p com- 
pared with last Friday's 295p at 
suspension; however, a fairly 
lively trade ensued and the 
rapidly improved to touch 2 S 0 p 
before the close of 27Bp. 

A broker's suggestion that the 
section's pre-tax profits could 
treble in the period 19n/82 
prompted a general late improve- 
ment in Properties. Land 
Securities and MEPC both gained 
2 to 224p and 13lp respectively, 
while British Land improved a 
penny to 3Sp. Speculative demand 
lifted Ccntrovencial Estates G to 
77 p with the Capita! shares im- 
proving 5 to 73p. Property Hold- 
ing and investment 29So. and 
Duejan. 95p. firmed 5 and 4 re- 
spectively. 

BP quietly dull 

Despite the announcement of 
a new oil discovery on the 
southern dank of the Buchan 
structure. British Petroleum 
drifted down to S56p on small 
offerings before a partial rally 
left them 4 cheaper on balance at 
S60p. Shell moved in a similar 
fashion. but closed a couple of 
pence to the good at 5B2p after 
552p. Las mo, bn the other hand, 
found renewed support and firmed 
ID to 156n: the “Ops” gained 15 
more to 3S0p in a thin market for 
a three day advance of 45. Siebeos 
(UK) put on 29 to 414p. 

Inch cape featured Overseas 
Traders, falling 15 to 3S3p on the 
profit-: setback. African Lakes, 
however, contrasted with an 
advance of 15 to a 197S peak of 
295p on revived speculative 
interest 

Investment Trusts closed firmly 
following a reasonable business. 
Awaiting fresh developments in 
the bid situation. Investment 
T rust Corporation improved 4 to 

286p. 

Dawson International A, at 
14tip. gave up 3 of the previous 
day's bid-inspired rise of S. Else- 
where in Textiles, Harold Ingram 
eased 2 to a 1978 low of 27p in 
further response to the profits 
setback and dividend omission. 

A modest two-way business in 
Plantations left prices little 
changed. Guthrie, at 370p. re- 
gained half the previous day's 
fall of 6. Kulim touched 52]p on 
rumours, later denied, of a fire 
on one of its estates: the close 
was 53p, down a penny. Lawrie 
Plantations, formed by the merger 
of Jokai and Longbourne, made a 


quiet debut, opening and closing 
at 350p. 

Steady Australians 

In generally subdued mining 
markets, small Australian stocks 
stood out with Rains as a result 
oF limited buying following ine 
firm performance of the overniRht 
Sydney market. Rises were accen- 
tuated by the increase in the 
investment dollar premium. 

The Pacific twins both gained 
ground on oil and gas hopes. 
Central Pacific moved 50 higher 
to 600p and South Pncific rose 15 
to 24Qp. Still attracting attention 
because of the stake in the Ash- 
ton diamond venture. Northern 
Alining dosed 5 harder at I20p. 
while Atherton Antimony gained 
4 to ISSp on continuing optimism 
about the Fijian gold prospect. 

Following the announcement oF 
reduced losses. Mount LyeU 
finished unchanged at 29p. Among 
Australian Coals, Utah Mining 
held steady at 3S9p after news 
suggesting that the strike at their 
Queensland mines will soon end. 

South African Golds market! 
time, showing a slightly easier 
tendency in dollar terms. In late 
trading there was limited U.S. in- 
terest and this, coupled with the 
rise in the premium, allowed the 
Gold Mines Index to rise 2.6 to 
17322. 

The market lacked the stimulus 
of a decisive movement in the 
bullion price, which closed 25 
cents lower at 8194.125 an ounce. 

Price changes were limited to a 
few pence with a heavily-priced 
stock like West Dries finishing l 
higher at £22. SHIfontein were 
initially marked down, following 
news of the accident which could 
mean a production cut. but Cape 
buying allowed the shares to 
finish just 1 softer at 300p. 

Trading was thin among South 
African Financials. There was 
some two-way trade in De Beers 
with small Continental demand 
pushing the price up 4 to 3S4p. 
Cape support for UC Investments 
after the recent announcement of 
higher dividends led to an advance 
of 8 lo 242p. 

Both Coppers and Tins were 
held steady by the higher 
premium but the markets re- 
mained untested. Among the 
domestic Tin issues Geevor re- 
mained at I35p after its higher 
dividend announcement with 
buyers apparently reluctant in 
front of last night's Commons 
debate on dividend policy. 


““ i 70.79 

Government rpc* ... — ; 

luWfWt — t 

Industrial ordinary— 

Gold Mine*.. — — 

Ord. Dlv. Yield— 

timings. Y' M%|iui 111' ' 

fcVH Ratio uielM*U 

Unllnca niKrkiJ 

liquity niriiotvr l'«‘» 

Kqnitr hmxit"'- «*•»"'- 


•J8B.B 

173.2 

S.45' 

16.55 

e.oa 

4.77S 


70.eS 71.07 
72.21 72.25 
402.0 *05 4 
170.6 173.J 
5.51 5- 4 -. 


70.99 
72. oa 
493.0 
ISO 5 
5 SO 
IL-.CS 
H.OI 
4.932 

qj Q|> lOS 5** 73.77; t'6.19 

I 1^57 « 7. IS t 17*92 _ 1***1 II4M 

aill M .n^V- : ’ ' '■ 

Lain! indca 01-236 8026. ^ _ _., ( 

• llr'il "1 i'.'' 111 •■i.-. lu.l Lirii . : .•* fi"H 


16.73 
7 OO' 


le.vO 

9.05 


5.1W5 S.JS 13 
tf’. 90 84.37 





hjghs and lows 


S.E- ACTIVITY 


MV 


July tlillv 


— 

H'Rb 

!•»« 

Govs, decs— 

7B.58 
i Jill 

68.79 , 

t6.6i , 

Fixed Ini.... 

81.27 

t9.(l 

70.73 

io.V> ; 

ImLOni..... 

497.3 

(D/ll 

433.4 j 

u-Ai 1 

Gold Mine". 

180.3 

,31 ;Ii 

130.3 ; 

iMi 


lliRh 


l<>« 


— IJni v 

i<l ■ h,li:t*>l . 
1 1|. ! II .1 III - - . 



s49:i n 

iUju/i'O. li^.'-Wi 

442. 3 43.5 

,£■ K» .I' 


I3B O 
17.t.4 
31.1 
1UU.8 

InO 1 
173.5 
42. 7 
1 12.7 


168 a 

IMS J 
38.1 
117,6 

161.3 

169.2 

44.0 

110.8 


RISES AND FALLS 
YESTERDAY 



UP 

Down 

Same 

British Funds 

12 

40 

2S 

Corpns. Dominion and 




Foreign Bonds 

10 

6 

4S 

Industrials 

»3 

237 

•HH 

Financial and Prop. ... 

95 

8b 

333 

Oils 

15 

b 

11 

Plantations 

7 

9 

M 

Mines 

u 

12 

50 

Recent issues 

7 

5 

32 

Totals 

605 

397 

L428 


NEW HIGHS AND LOWS FOR 1978 


Tlw foNowu-a iucuntl^ fluoted ^ ^ 
Shane inlorm.ilion tor 1973 

attained new 1B 

NEW HIGHS tll«) 

BRITISH FUNDS •>> 

BANKS 141 

BUILDINGS IS* 

CHEMICALS 11 • 

DRAPERY A STORES 111* 

D ELECTRICALS .7. 
ENGINEERING ilfil 
FOODS |2> . , 
INDUSTRIALS iS-ll 
INSURANCE (3> 
NEWSPAPERS iSi 


ParLR A PRINTING ill 
PROPER IV t£l 
SHOES H> 
TEXTILES 
TRUSTS ijti 
OVERSEAS TRADERS III 
MINES 111 

NE1V LOWS (3) 

BRITISH FUNDS Ml 
U f. Iflxi 

FOODS Il> 

LO.L««4. 7EXT1LIS 
Irigrjm >11 • 


LONDON TRADED OPTIONS 


Ki'm-c l_'li— tii« 


Opium • I'it ii- 


i'il i-r 


UP 

UP 

UP 

UP 

Corn, rni-n 
Loni. L'iuhu' 
OilIF, I ini' I 
(Jottis liolil 
Cnun. tl-.l.l • 
LVxirtaiiKi- 
L'auitnuM- 
L'ourrtiilil ■ 
Cnurlaulil* 
GKC 
GKO 
GKU 

IIUC 

Gnmt Mii. 

G mini M-l 

tlrauri M--i. 
Il'l 

to 

Iff 

ICI 

LaivI S*"*. 
Lmi'1 wv.'. 
Lmi •**">.. 
Lud 

IU 1 H 1 X rf 
M«rk» X !i|>.. 
Marti* V -I.. 1 
Marks. Js Ml 
M ini 
sjliell 
ohdl 
Tula U 


750 135 
800 94 


850 
900 
140 
lbO 
160 
180 
200 
100 
110 
120 
130 
220 
240 
2 DO 
280 
100 
110 
120 
330 
360 
590 
420 
ISO 
200 
pwa 
240 
l£0 
14U 


56 
*2 
lu:-j 
6 
32 
17 
7 
Sc 3 
15'; 
B'z 

4 
61 
45 
27 
16'- 
18'; 
10 

5 
66 
59 
19 

6 

40. 

i6 

IB 

4 

50 

3! 


5 

15 


It4 

114 

S2 

56 

18': 

lo 

54 

21 


I '!• -1 riu 

V.4. 


l;>9 


14’- 
4 J 
50 


K.JHII |f 

I'llMU* 

~B6*~ 


150p 

185;. 


lr-0 I 13': 
160 ! 5>s 

auO 77 
550 38 

500 13 


o 

11 


lo 


.. 


. Ji« 




120;. 

5 

IT " 

- - 

21’ 


a. 

5 

1 l'i 

- 

IS-'. 


.. 

4 

7 


I l 




cT 



-- 

1:76,1 

6 

52 


t3 



5 

37 

1 

ti i 


.0 

b 

*.6 

- 

33 


1 t?|« 



L 

2b 


30 

!•»'. 

5 

J8 

10 


2a 

1U 

a 

12'.* 

8 

Jfldl- 


68 

a 

73 


21 

48 

■1 

So 

4 

.. 

-9 

50 

l 

a r 


.. 

15 

15 


21 




49 

— 

*}'■■ 



9 

52 


37 


O. 


ia 

7 

25 

10 

.. 


9 


15 




sn 

_ 

54 




55 

— 

57 

1 


23 

• 18'- 


24 

13 

„ 

61 


. 

. 13!^- 

7 

: 5r5n 

11 

. B6 

1 

95 


9 

. 53 

5 

62 

5 


1 

28 


57 


M 

284 


40 


80 



GALLAHER 


n 


INTERIM REPORT 

for the six months ended 30th June 1978 

The unaudited results of the Group for the six months ended 30th June, 1978 compared frith 
the corresponding figures for J977 and the audited results for the whole of 1977 are as 
follows: — 


(AH figures in £ millions) 



1978 

1977 1 


Smooths 

6 months 

3 months 

6 months 

Year to 

GALLAHER LIMITED AND 

to 

lo 

to 

to 

31 

SUBSIDIARY COMPANIES 

30 June 

30 June 

30 June 

30 June 

December 

GROUP SALES (Noic 1) 






Tobacco - Domes lie 

240.7 

500.1 

224.3 

447.5 

958.6 

- Overseas 

38.8 

853 

41 S 

83.8 

372.3 

Engineering 

34.2 

27.6 

33.9 

26.S 

56.4 

Optical 

8.4 

36J 

8.2 

35.5 

30.9 

Distribution 

54J 

312.0 

42.5 

86.9 

1S9.4 


356.4 

741.5 

331.7 

660.5 

1,407.6 

GROUP TRADING PROFIT, 
before interest 






Tobacco - Domestic 

7.6 

36.2 

6.5 

34.3 

28.9 

-Overseas 

0.7 

l.l 

J.U 

3.4 

6.3 

Engineering 

J.U 

3.4 

3.1 

2.4 

4.3 

Optical 

3.4 

2.7 

1.9 

3.2 

5.9 

Distribution 

0.7 

1.9 

1.2 

2.5 

4.2 


31.4 

23.3 

12.5 

25.8 

49.6 

INTEREST CHARGES 

0.7 

1.5 

J.6 

3.1 

6.2 

GROUP PROFIT, before 
taxation 

30.7 

21.8 

30.9 

22.7 

43.4 

TAXATION (Note 2) 

5.4 

11.0 

5.3 

31.2 

21.9 


5.3 

30.8 

5.6 

31.5 

21.5 

MINORITY INTERESTS 

0.1 

0.1 

0.1 

0.2 

0.3 

GROUP PROFIT, before 
extraordinary- items 

5J, 

10.7 

5.5 

11.3 

21.2 

EXTRAORDINARY ITEMS, 
net of taxation 

- 

- 

- 

- 

0.6 

GROUP NET PROFIT 

5.2 

10.7 

5.5 

11.3 

21. S 

Depreciation charged in 

2.8 





arriving at group trading profit 
(net of industrial grants) 

5.5 

2.6 

5.1 

9.9 



•i i 

:I 


NOTES 
J. Group Sales 

Sales exclude V.A.T. or its equivalent. 

The comparison for sales of domestic tobacco products has been affected by duty 
changes since March 1977. 

2. Taxation 

U.K. Corporation Tax has been based on a rate oF 52%. 


OPTIONS 

DEALING DATES Stocks favoured for the call 

First Last Last For were ICI. English Property, 

Deal- Deal- Declare.- Settle- Burznah Oil. J. Laing, Phoenix 

ingn ings lion ment Timber. British Land, JIP Kent, 

July 18 July -II Oct 12 Oct 24 Sir Joseph Causton, Coral Leisure 

Aug. 7 Aug. 14 Oct. 26 Nov. 7 and Britannia Arrow, while 
Aug. 15 Aug. 29 Nov. 9 Nov. 21 doubles were arranged in 

For rale indications see end of Premier Consolidated Oil and 
.Shore Information Serrice Howard Machinery. 


The following table *hews me 


percentage chanucsf which have taken place since December 30, 1WT. In the principal 


v Gold Mines 

|. Newspapers and Publishing 
t. Overseas Traders . 
r Mining Finance 

f Tobaccos • • • 

lv Mechanical Engineering . . .. 

Chemicals • ••• 

Engineering Contractors • •• 

Tor* am* Games 

investment Trusts 

Motors and Distributors 

Wines mi* Spirits 

Capital Coed* Croup 

» Office Equipment .. . • •• 

if .Jonsunu-r Goods > Purablv • Group 

J Packaging and Paocr 

> • 'tlh. r Goods •• 

• Goilding Maicnals . — — 

If industrial Group 

Jl.mn >nate IndiOt • 

."iTexUlcs 

' Electronics. Radio and TV 
Insurance Brokers 
Contracting and Construction 


. -m.M 



. * 3-93 

.. . +20.JT 



+ 3.19 

.. +1S.2B 



+ 3.h5 

.. . 4-li.QT 

Electricals 


-*• 3.00 

+U-H. 

G'JiimmiT Goods 'Nun-Durable 

Group 

. * 3J9 

+U-M 

PharntaccoUtal Product* 


-*• 1.93 

. . +U.S0 

Stores 

„ 

♦ 1-29 

+10j»3 

Food Retailing . 

. . ......... 

+ LOS 

-rl0JS 

Food Manufacturing 


- 0.08 

+ >.<a 

Breweries 

. ... . ........ 

- 0.09 

.... + a-S 

Insurance (Life) 


- 04J 

. + 7.78 

Household Goods 


- 0.«<C 

. + ms 

Entertainment and Catering ... 


- ua 

. . + 3-SS 

Property 

....... 

- ua 

. + 5 JO 

Met chant Banks - 


- 2-50 

+ 3.20 

rin.inoal Croup 

.. ......... 

- Z03 

.. + SJO 

Banks 


- 389 

.. + 5.03 

Htrp Purchase 


- J.97 

. + 1« 

insurance (Composite) 


- S.94 

+ 4.47 

Discount Houses 


- 9J7 

+ 4.40 

Shipping 


-U.70 

. * 4.38 
’ ... a * 

(Mrc-.-magu «hanj4s based 

uu Tuesday, 

Juiy 2.i, 197S 


ACTIVE STOCKS 

NO. 


Stock 

icr 

GEC 

Orme Developm'is 
Barclays Bank ... 

Bcecham 

Marks & Spencer 

BP 

Shell Transport... 
Thomson Org. ... 


Unilever 


iomin3- 

of 

Closing 

Change 

1D7S 

1978 

tion 

marks price (p) 

on day 

hipil 

low 

£1 

in 

301 

+ 6 

396 

328 

25p 

11 

278 

+ 4 

27S 

233 

10p 

11 

56 

+ 8 

57 i 

40 

£1 

m 

542 

+ 12 

358 

296 

S9p 

10 

684 

+ ti 

6S4 

583 

25 p 

in 

167 

+ 2 

167 

133 

£1 

n 

860 

- 4 

896 

720 

25p 

n 

562 

+ 2 

5S6 

484 

Up 

n 

276 

— 

295 

135 

2o p 

3 

279 

+ 2 

296 

227 

aOp 

S 

500 

+ 5 

610 

515 

Up 

s* 

304 

4- 4 

312 

236 

23p 

7 

220 

+ 7 

231 

184 

£1 

7 

87 

— 

US 

S3£ 

Up 

7 

530 

— 

54S 

476 


RECENT ISSUES 


EQUITIES 


IOT? 


Issue 

f'ni-t- 

»■* 


= — ;J|“' 


I 

Hlilll i ! 


Slovk 


! 3p : Ji 

!Z? i:+ .j | 
— < 




7b 

5% 

>r 

1 6 b 

85 

115 

t»4. 


K.K 

K.f 

r .1* 
K.l* 
K.r 
F.l' 
t.r 


30 f: 
31,>8| 

5/7 I 

34/8 1 


jB 1 c=> ll'nmiail iC.IM j g® 

lo j 71 !■ jiiwi tfuiwfiii ■»l» .—I "iS 

13*,! It' .Kinmy : 13 

[ng I Ha ; l- nmrlF^-riii 162 

fil j V 'H.iiiHii!' ftsr.'ni'm; 88 
1*3 | 138 -I in.^tE-] iJeo'lR»10|"138 
jn i >3 IIihiul- 35 


— 1 
+ 2 
-5 


' J4.5 
'42.4! 

,62.M, 
4.65' 
) 45.5, 
*43.0 1 


5.1 

3.1 

3.0, 

3.0 

a.i; 

3.3! 


7.7. 

4.9 

3.5 

8.0 

5.9 
8.7' 


4.8 

6.7 

IS.4 

6^ 

12.0 

7.6 


FIXED INTEREST STOCKS 


! =i l35-jHif.il 


1BTO 


SUx-k 


] 1 1 i+ ■'» 


Li 'IT 


* ! K.P. 

• I K.P. 
398 X50 
L99.4 F.l*. 

100 r.e. 
f99J 4 ' - 
C99l4i - 

1: ;cio 

100|> : K.H. 
U100 : f.l* 
tt£»7.:o5 P- 
li I f.l’. 

* * : f.H. 
" , F.f. 

* - 1 f.P. 
^ • f.p. 

* • I r.e. 

v 109 j fTp. 
L'99:* 1 f.l'. 
L'd8t4|r45 
i£5Q 

■»iuo : t.v, 
L-aasj; f.i* 

W&lj C35 


9&»a| 

*'i 1 
94 'ei 
611s 1 

tW'4 j 

Safi! a 

«W*4 

wr 9 i 
U'»B| 

100*0 

1*13 *4 i 

, Ml 
|J1>7 [L06*p 
' — 1 86 
1 a, a j 


|J8'7 

lfl/8 

132.9 

I _ 


' Ii9 
16/8 

l'28i7 

'25-B 

|dl/7 


I — 
:21.7 


ati 

Mp 

llML 

100 


jao.io: M‘f 

,21,7 j Wi:.| 

aw 

2"ri 

96p', 


j 15/9 


d4|»’ 1 frrtuw straomlio^i 10J frl 

c<f \i ,11.41 Untuer fiM - 

91f \Mic*l liftnilew 9j fn .1 

*> iLirnel !{«••• l®7 

iii':uinitt.ii,i V*r Wole zs-&j 

htfT '.on». 8*1-. !»>• 

0a*» Cnnuleii Vor. lime K«>l. W53 

lOt; 1 Hm. 124 S Wed. 196? 

lt»« 1 Aoslut Wole* Pn.4. . 

l"ti ti«*.OnUvt 04 Wcil 2 n.K uMil , ivi 

99*8 t; lluhnru'i Vor. llm,. 1983 

uu, K-...JS Water ‘l% Kt»l. Pre'. 19K,* 

8£n I on view liv. liJi% l*ei. . .. 

s6|. •' II H,i',iiufr» 1*% 1‘ref 

Kil Mondimel ^ Prel- 

101,. tl,..*, II* Prvf ... • ...... 

Fb 'l ..lojo Partly tom. I. u». Irf\. Be 

9*1 | M-.re i.rfemHI 10% 2n«t Com. fret 

97|, l -t'.io 1(P Q Prrf 

10a,. H.il-ift'iHi Uiwi. frrt 

*-'4 ,.|tnit Vnr. Kate Ke»l. Isfco 

43 'totiUienrt <•«»•**«* 1% Ke,1. Itfc t 

49 Oi. l'i opw Cl.* Wot. Utefe 

S0ht4 lli nti Iritl. fi". 1% Cuuv. lVPb 

90 'Vamlrwortb Variable 1«3... 

2* w>., Keut Water U*4 !*«•. 19^ 

9«,sV..unj: X < >*. Breorry 9^ 1'ret 


' 9«i. 

8B|- ... , 

.1 fltp ... , 

50*4 - n 
99 

?A7'4 

.• 99 *t 

.' 10*4 

10*« 

103|-l .... 

• 99*e' 

.' 9b'4 

•I 98V 

97 V , 

891* »• 

101|.; ..... 

.' as | 

.• 94pi .. .. 
.• 99,. * I 

*07H 

1 U9l»' 

Art I 

. 49 ij ->'4 
.69« 

• I 995 b 

•i 

. 95p 


“RIGHTS” OFFERS 


1 14 -uu . g" 
I'nitr! % ^ 
!•: -■ - 


lalM 

lleiiiiii..'. 

Unte 




, Clinln^ |+ i>i 

' "r i - 


Ni' ' 16b' 13.8; -“i ;5|.lti'*X/ 

& ft*. 28.7 I 8/81 «':• Mn. 1 f;iia 1 Pnw»sen, 

ZB • f.t' 16/'« l**'**' 555 ill, l K»S 

13 V.l*. 26/7 18<8 Idij.ii. M,r.in Mart umilU l«*s 

1412 f.l*. I 36-7 16 6 . Idpn. Kip.i, .... 

36 • .Ni' ' 2/&" l.*9i Wj.ih iyput H<p.ibmi 'itns x (J.<qtlu*.., 

lOd ; F.l*. ! 14,;- 4,6- lj- ue,:Hetil**»- 

.Nil j 4(8- 1/9! 18f.ii. M|tnt‘L.t'.P- 

.Ntl 1 10/8> 21/9| 14pm' 9pn. lATl. (Wn,.... ■ 

! j.c- 1 . 9 ,K*|'i>. IU|.u,i>nr(r« ('*. b.l - 

K.l'. I 28 Jj B/9i 60i 3 . '«,iielirTr -|«hsituui 

— | — | 29 | iiii , 24j.m!To*3»lenut 


72 

70 

3a 

*0 

110 


. 33. n. 4-8 

a» 2 

3a ♦ 1 
. 19f... ... 

ISf'ii. .... 

lti^.ni ... 

J 17|.n. —1 
.1 14pm! ... 

..1 131j ni' ... 

-I 63 l + 2tj 
,.| 24 pin. . 


Ke> uiKuatmn 4»n? usually last nay idi flaallun tTrr ot st«np 4un> " *‘ , 9 ur «' 
nas*^* n»> ornsueiTii* ■yiunaio. u ABSurnen rliFineim and f* , m - «■ ^orgeaa fliBinmat: 
itwet nasm nil wrrvunib sear’s eumiiua t Di*irtenrt »n«l wein n^sen nn ornsiMiiu 
III pTTXt-i ofBfl- esumuiw m, 19 1 o Gross JJSSSV. 

lor LtwwumoD ol shares noi now ranKinu for dividend or ranhtna oniv tar testnetaa 
-livid.:i.fis *. Pljnn- pritis >o uiihliL Vi Kwlw m'l-S'- nilwrunw iiMieaiKl. j IMieo 
by >onder. hon^ivn in lmM.<ra ni Orrtinars charai as " nehis rssiwi 

by way oi capiial«s»nnn. »i Mmimdin fenner orice. S* Reinrrwlucen. H ssu^ 
in cinn^inii wiih reorpani/iaiiun menirr or Mln-over 1111 fnrrmliiction. n_i«Boeil 
in hirt.ii'r Pn!l»n*mi> hnMerw. (g Ailniiurni iriirre tor (uUy-naia). • rnraiwi 
ur partly -uaid allumivni tellers. * IVim wammia. 


FT-ACTU ARIES SHARE INDICES 

These indices are the foint compilation of the Financial Hines, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 

Figures in parentheses show numb er of 
stocks per section 


CAPITAL GOODS (1701. 
Building Materials 1271.. 


Con trading. Construction (27), 
Electrirals(14)- 


Kngineering Contractors (14) 

Mechanical BngineeringQS) — . 
Metals and Metal Formingfl©.— 
CONSUMES GOODS 

tDVBABlE3fSZ); — 

LL Electronics, Radio TV (15) — 
Household Goods (12) . 


Motors and Distributors (25) . 
CONSUMER GOODS 
(NON- DURABLE) (175)™ — 

Breweries (14) 

Wines and Spirits (61 . 


Entertainment, Catering 07). 

Food Manufacturing Cl) 

Food Retailing (15)— 
Newspapers, Publishing (13) . 
Packaging and Paper (15) — 

Stores (40) 

Textiles (25i 


Tobaccos (3) 

T igs an d Gaines 16). 
OTHER GROUPS (98) - 
Chemicals (1»). 


Pharmaceutical Products (7)- 


Shipping flOL 
Mlscellaneons(56)- 


nsnPUSTRIAL GROUP (495). 


Thurs., July 27, 1978. 


Index 

'No. 


223.74 

202.76 


353.83 
47952 

327.84 
180.12 
168.67 

20537 

245.18 

183.04 

127.41 

210.97 

230.65 


272.45 

261.87 

20051 

218.43 

400.99 

13833 


198.77 

179.09 

252.05 


109.71 

20456 

292.25 

26759 

132.73 

415.99 

215.97 


Day’s 

Change 

% 


Est- 
Earnlnjs 
lYield -41 
IMax.) 
Corp. 
TtcECS 


+05 

+05 

+0.2 

+0.9 

-0J. 

+05 

+0.9 

+0.6 

+05 

+0.7 

+0.6 

+0.6 

+0.4 

+15 

+0.1 

+1.0 

-4.0 

+L2 

+1.4 

+0.9 

-0.6 

+L0 

+L2 

+0.6 

+2.4 

-03 

+0.9 


Cflls (5). 


21936 


EZE3 


+0.7 


-0.1 


SOS SHARE INDEX- 


FTNANCIAL GROUPUSO). 
Banksfffi 


Discount Houses (10) 

Hire Purchase (5)„ 

Insurance (Life) (10) 

Insurance (Com posltel Co- 
insurance Brokers (10) — 

Merchant Banks (14) 

Property (31) 

Miscellaneous (7) 


In vestment Trusts (50) 

Mining Financed) 

Overseas Traders (19) 


ALL-SHARK INDEXl673) 1 


242,21 


168.20 


190.10 

207.49 

155.98 

141.63 

12932 

349.14 

79.95 

243.13 

10853 


224.64 

10L18 

320.66 


223.16 


+0.6 


+05 

+1.6 

+05 

-0.4 

+0.6 

+0.2 

+03 

+0.5 

-03 


-03 


-LI 


+0.5 


Gross 

Div. 

Yield %) 
(ACT 
at 33%i 


17.01 

1730 

1973 

1439 

1830 

18.15 

16.94 

16.85 

1534 

1631 

1952 

15.43 

1510 

15.71 

15.03 

1834 

13.92 

10.05 

18.92 
1032 
1853 
22.77 
1853 
1558 
16.91 
1030 

18.05 
27.42 
16.67 


15.98 


14.99 


1533 


24.05 

1236 

13.48 

2.91 

2333 


3.09 

17.44 

1633 


5.49 

5.49 

4.18 

3.87 

631 

5.97 
834 

531 

4.16 

630 

635 

5.69 

5.90 

531 

6.63 

552 

4.73 

3.12 
7.67 
453 

7.73 
7.43 

-530 

535 

5.98 
3.83 

5.73 
736 

6.13 


559 


4.01 


536 


537 
6.02 
834 

538 
6.43 
6.60 
450 
6.12 
3.08 
7.68 


453 

6.88 

6.65 


543 


KsL 

P.E 

Ratio 

(Net) 

Corp. 

TMS2T. 


8.14 
832 

737 
9.91 

738 
738 
8.04 

830 

932 

856 

7.14 

8.75 

9.13 

9.66 

9.74 

732 

9.97 
1430 

6.97 
1359 

7.00 
5.42 
659 
8.35 
8.03 

1152 

656 

7.07 

8.00 


8.46 


734 


8.26 


6.27 

1138 

10.62 

68.03 

558 


3234 

6.98 

752 


Wed. 

July 

26 


Index 

No. 


22234 

201.71 

35353 

47532 

32831 

179.01 
167J3 

20432 

24335 

183.02 
12650 

209.63 
22933 
27142 
257.94 
20035 
21636 
417.65 

136.63 
195.97 
177.51 
252.05 
12036 

202.90 

288.90 
26589 
*12957 
41735 

214.02 


21780 


492.73 


240.76 


167.13 

187.15 

206.41 

156.68 

140.84 

128.91 

34850 

7996 

24189 

109.01 
22534 
1DL1R 
3 2433 

222.01 


Tubs. 

July 

25 


Index 

No. 


22249 

20155 

353.79 

474.72 

328.81 

17957 

167.02 

20385 

242.48 

18183 

12736 

21030 

23032 

272.67 

258.70 

200.83 

217.46 

416.75 

136.78 

196.42 

17858 

25352 

urn 


20385 

29188 

26680 

130.44 

41452 

21432 

21B38 


49536 


24L48 


16751 

18842 

203.85 

159.47 

140.06 

129.40 

349.23 

8031 

241J3 

108.74 


225.41 

101.92 

326.72 


222.66 


Mon. 

July 

24 


Index 

No. 


22138 

19834 

34954 

475.74 

328.44 
178.76 
16639 

203.91 

243.33 

17934 

127.00 

209.44 
228.62 

271.45 
257.41 
19956 
215.89 
416.72 

136.00 
195.70 
179.07 
253.02 
11104 
20255 
29174 
263.69 
12959 
41186 
21230 


21735 


493.72 


240.41 


167.26 

188.77 

203.45 

159.12 

140.32 

128.50 

346.43 

8032 

242.42 

10776 


223.98 

101.22 

324.03 

22173 


Fri. 

July 

2) 


Index 

No. 


219.26 
196.72 
34437 
47054 

326.27 
1773,4 
165.68 

20278 

24185 

17685 

126.64 

20652 

224.95 

265.18 

254.77 
197.42 

215.00 
41359 
13580 
19192 
178.10 

247.77 
11144 
200.81 

290.01 
26236 
128.33 
40583 
20958 


215.00 


496 05 


238.36 


165.65 
188.08 
204.80 
157.28 
138 55 
127.13 
34555 
80.17 
237 75 
105 32 


22337 

101.32 

3T_8W 

‘21986 


Year 

■Co 

lappruxA 


Index 

No. 


178 60 
148 51 
246.42 
365.22 
258.77 
157.98 
145.90 

166.65 
19309 
15485' 
107J5 

166.14 
17336 
198.16 
20631 
17L83 
171.48 
29838' 
115.93 
14760 
153.86 
209 12 
9950 
17699 
24854 
DOS 
103.68 

474.65 
17387 


17811 

493.84 


203 55 


13548 
155 67 
16532 
135 28 
102.33 
10984 
29955 
65.54 
18035 
_90 03 
168B2' 
9210 
270 64 
15559 


FIXED INTEREST PRICE INDICES 


British Government 

Theirs. 

July 

37 

Day’s 

change 

Ti 

Nd adj. 
To<Uy 

xd adj. 

1978 
to dale 

1 

Under 5 years 

305.66 

40.06 

— 

491 

n 

5- 15 years 

11458 

-0.14 

— 

7.04 

3 

Over 15 years 

120.88 

-0.14 

— 

821 

4 

Irredeemables 

12754 

+D.04 

— 

7.24 

S 

All slocks. 

11327 

-0.06 

— 

656 


FIXED INTEREST 
YIELDS 

Br. Govt. Av. Gross Red. 


Low 5 yean.. 

Coupons 15 years. 

25 years., 


Medium 5 years., 

Coupons is fours. 

25 years. 


High 5 years., 

Coupons IT. years 

25 years 


Irredeemables 


Timm. 

July 


871 

1084 

1155 


1136 
12 05 
1217 


1150 
1357 
12 81 


1157 


Wed. 

July 

:•> 


870 
10 81 
1152 


1125 

1203 

13)4 


1151 
12 55 
12 73 


1157 


War 

nun 

<.ippru.%.) 


7 61 
1141 
J236_ 
10 OS 
12.27 
12 41 


1102 
1341 
13 61 


1252 


Thiiii., Julv 27 


("•lev 1 YlulJ 
A,,. > ■>. 


Will. |Tiii-uiny>Mi>n>lni j Kri.ln> 
July , July [ July j July 

26 I 2b I ^ I -jf 


Tlinr,, ( V.'„l. -| i,... 

Julv - .1 nl v JhIi 

20 IJ J... 


15 

IB 

17 


20 -yr. Red. Deb & Loans (15) 
Investment Trust Prefs. (15) 
Com!, and Lodi. Prefs. (20j 


57.17 I ■ 18.98 
a 1-BO I 13.64 
70.08 : 13.23 


67.17 B7.16i 

61.80! 61.80 
70.01 ■ 69.94 


57.00 

60.88 

69.79 


56-91 1 5b.B9 
50.83 1 60.77 
69.50 i 69.50 


67.02 
SI. 04 
69.93 


56.99 

51.55 

70.04 


t Redemption yield. Highs and lows record, base dales and values T — 

Issues. A list of the cMistltm-nu Is available fnm Uie PohMslicrs, aie^iii^i*i , | lu ? nl cJmi E ics nul>llsh«d m < 
London, EC4P 4BY, grlcc Uo. by past Z 2 p. pouiisucts, the Financial Times. Bracken House, Cannon 







90 


INSURANCE, PROPERTY 
_" •• BONDS 


Ufc Assurance Co. »h 


Equity Fund Q 6 9 

lfeS5fc=: Bl 

P rop e rt y Are ... 

•elective Fund 

convertible Fund .. 
WBoney Fuo*J.___ . 
•P*»» Pr«peni>_.^ 


p.405 

uu- 

122.9 

?!>•».? 


Fen* Selective ju.li 


hWiSrairiit 

Pfios- Kao* ere! - 

mi Equity. 

▼Prop. Fd.Ser.4 

Won Fd.5er.4~ 


•Squire ra. w.aTbs 3 


♦Conr. Fd.S+r.i 

Manor Fit. Ser. 4 _ 


38.9 I 

335 

136.4 
1628 

95.9 


Si 

1633 
127ft 
134 & 


uzi 

116.1 


13&J 
128.5 
1834 
98.7 
1445 
1U1 
1715 
1340 
ML7 
37.2 
1UJ 
1154 


1-1 st. F»aL'icimrthv»rd,EC 4 . Qi-SttBUt H** 5* **■*“**•* NPI Ptnsi8ns Management Ltd. 

— - ®|_ “5“^B»wCl. Waltham CTOS*. WX3197I 48,Gr»e*rharehSt_£CM'3iliL 01-823 <200 

— ---I — 154 J? [ _ 

— ri 2 -* 40. *| — rnces July 


Abbey Unit Tst, Mgrs. Ltd. (a) 

j 7Z&J. (Taldjotive &d- Ayteabmy . OCWSMl 

Ubhey Capitol— [33.5 

‘Abbey Income. 401 

Abbeylnv.TU.Fct. 38.1 

.Abbey Gea.Tst [AS.7 


Portfolio Fu«l._ 

Portfolio Capital 

Gresham Life Asa. Soc. Ltd. 


July 3. Next destine August 1. 

2 Prince of Wales R4 Rmoulh. ten T n g g ^ ^°- Lid.V 

«;.UCashPtiiid__t 97 i ]B 2 ft i _ Maitland Hon«e.SmuhendSSl 2 JS OTD2S285S 


GX* Equity Fund 

. UJ- Gilt Fond___ 
. G L. IniL Fund __ 
G.L. Pptjr. Fuad 


•s. Old Burlington St . W. l 

P^qaity Fd. Aee 1915 

J"». Aye.-- 1405 

HnuLMoac-iFo Ac. U4.fi 

,VtMJ Jfian.Fd jtm . 1075 

aan£Ac«_ 104.9 

pletDT.Aec 1570 

jPra.Pd.Acc. 2257 

J .LPeitAec 1777 

ptd.Mon Pea Aee. . 1295 
bUJtPnPdAce^ U4j 

Frop-PtexAce. 227 4 

Vple lnc.Paa.Acr.. 204.9 


Kiwi Key Jrv Plan. 

f mail Co * pH — 

T cehnetafv Fd_ 

Extra! ncTF.i 

Growth ft Sec. Life Ass- Soc. Lid.? ■ FarEa«°-d J 

Weir Bank, Brny-on-Tbamea, Berks. MEA3426* — 

_ Flexible Finance-! £XD58 I +141 _ Coa. Deposit Fd — 

- £SdlSSk&£ Lii/^mjkaS Z Norwich *-'nion Insurance Group? 

— ~ Lee ■ l — — - ^ *— 1 PO Hot 4. Norwich VH1 3NG. 06032300 

J214A 225 It +05J — 
B46.4 364 U -oil _ 
lioft 136 711 +l3 ~ 


HI 1 

Saj 

1973 

B’ 


1465} ... 
99.3 40^ 
1040 +0 4 
934 

am +13 

132.9 -7J 
1093 ..... 
1 «-P 


Price* a July 35. Valuation BonnaUy Tietdar G fcS Fd--l " £7.910 | dU«| — 

• Albany Life Assurance Co. Ltd. Guardian Royal Exchange ' 

-TZ Royal Exchange. ETA 01-2837107 Property Fund — 

01-4^5062 Property Bondi 1176.9 184^ FixcdlnLKomi.-. 

Hambra Life Assurance Limited ? *Non UnitJuiiTisI 
9 Old Parb Lana, 1001100.961 ni- 4 BBO 03 t 


28051 +45 

147.6 +02 

12M -.Oft — 
1133 +0.1 
1146 1 

175 .6 +1.7I 

237.6 + 6 ft — 
187.1 +53 _ 
136 6 +Oft _ 
1205 +001 — 

I29J _ 

215.61 +iil — 


'IS! 

2055 


— Fixed lot- Den . P25.7 

— Equity 


AHEV Life Assurance Ltd.? 
tl!S.? te ~ A,l, " R,L - R * , « t ® R^rateWIOL' Pen. P»P Acc 

AlfEV Managed - ... _ 

■ambv Media-.. ~S »4 
AJffiV Money Fd.-.gSfi 


146.7} +231 

U 6.3 

UD.f +Dll 
119ft +2.7) 
97.71 +oa| 


101.91 

.1965 

•Arrow Life Assarame 

». Uxbridge Road. W.J 2 . 

- 

Pm. Med. Fq. Bq. h?i t w 

*'n*jied-Fd — F*r pit 7 . lie 



Fm.FU.Dop. Ace. . 

Pen. Prop. Cap.. 


Fen.Maa.Cap,_ 

Pen. Van. Aec .566 Jt 

Pexu Gill Sdi. Cap. .nZLS 

_ Fra.GUtEdo.Acc.. 11255 

Pen. 55. Cap. 

amH+04| 

__ FM.DA.F. 


1324 + 0 .^ _ 
1913 +4.7 
1726 +U 
1303 +24 
156.1 +37 
114.7 +3 6 — 

13U +0.5 
1034 +0J 

usa 
2775 
2175 


1283 

J7SJ — ■ — Property Fund — 

H2 ? — Property Fund 1 7. 

[M14 lra.1 ...e — Acnctilinnil Fund. 

JS-0 — Ajerir. Food fAi - 

1035 .....J _ Afiber.N;tf. FuwL- 

A bbey Na t. Pd. tAj. 

15-17. Tieutock Place. WC1B9SM 0138150m F^VaT 

01-7489111 HmnarfO** P65 3*6) | — EqurtyFW 

87 jj _ . _ Hill Samuel Life Assnr. Ud.? 

-I — NLA Twr, Add tartan be RtLCrtiy. 01-888430 Money Fund fAi 


— Hearts of Oak Benefit Society 


Phoenix Assurance Co. Ltd. 

4-.VKIncWllliUBSL.EC«P4HR. 01-8289870 

Wealth A£t — luza U8JI | — 

EbT.Ph.AS*. I 77.4 J — 

EbT. Fh-Eq^E. 176 6 Ms) | — 

Prop. Equity A Life Assw Co.? 
llECrawionlSmct.WiHSAS.. ai-tM085T 

IL 511k (Top. Bd. I 182.4 

Dn.EqohyBd 752 

Flex Money ML- — | 1505 

Properly Growth Aseut. Co. Ltd.? 

L+onKoute. Croydon. CR91LU 014800808 

1*25 
1*59 
762.9 
7544 
1543 
153.9. 

645 


1 - 

Barclays Life Asanr. Co. Ltd. 

>0R nmafortl Rd .E.7. 



w.o 

. MtiarZIZ! P.i 

■Current unit value July as. 

Heehfve Lift* Amur. Co. Ltd.? 

71. Lombard St.. EC 2 . 

Bit Horae July ij 


property Unit*.... 1545 1626 

Property Series A - 1BL9 107.4 

-Managed Units 166.4 1752 

Mana*odSon«iA. 9*2 1836 

01-5345544 Managed Scries C. 953 1806 

Maary Veils 1310 127.4 

HnoSthuA. 473 183.0 . . 

Fixed Int. S«r. A 93.1 950 -0J 

Fna. Menaced Cap. 1372 .144.4 

PnL Hanged Acp. 144.9 152.6 „... 

Pns.GTeed.Cap 1053 .1111 _.. 

Pits. GTeed. Acc. _ 1313 117J ...» 

Paa a. Equity Cap — B3 1086 _... 
Fens. Equity Aec 96.0 W ..._ 

Pns.pajnt.Cap_ M2 99J 

PnsPxdlnLAcc 94.9 99.9 

Pens. Prop. Cap — 94.4 100 * 

Pens. Prop. Ace J965 10U| 

Imperial Life Ass. Ce. of Canada 

01-823 lam Imperial Boose. Guildford. 

J 4 _ G*LFd.JBiy 2 L- (72.7 


Actuarial 
GlILedjKd Fund — 
Glll-Eaged Fd.lA). 
0 Retire Annuity — 

planned AnaTy 


-• Ac. UUJ129.7 

* All Weather Cep.. 

Olnv.Fd.Uts 

Pension Pd. Uts._ 

Cone. Pens. Fd . 

Crr». Pm. Cap. UL) 
Man. Pens. Fd. _ — , 
Man. Pens. Can. till 

Prop. T’ens FcL 

Prop-Pcns.dp.Cii 

Eden Soc. Pen. lit. 


6S2 

1763 

1756 

1405 

1402 

1132 

1234 

1234 

nil 

1*33 


Prop, ftmd n»lm A itsnMei Ltd 
All WTher A4 " 


lizi? sm 

130.6 
1472 
1330 
1432 
1317 
1472 
1336 
1317 
1206 


Blag. Soc. Cap UL- 

Provincial life Aswance Co. Ltd. 

_ . , "WSS 223, BiihopaCatC- EC2 01-247853 

* , «» Jd -j^2L_>75 _ jb 3 - SSr gsia^rpi .. 

Unit Linked Portfolio. . Gill Fund 20 127.9 1242! -0J| — 

Property Fund 95 V 20h 

EqruwFtiad 973 103 

Fxd. lit. Fund 942 99. 


12767 

C an ad a Life Assurance Co. 

■2-4 High SC, Potters Bar, Ben* Mar 57122 Sff 

kqV.Gm.FdJnIy3.t592 -121 1 _ 

rietaLF-d-j 173 “J Z?\ - _ 

Cannon Amnraace Ltd.? Irish Lite Assurance Co. Ltd. Prudential Pensions Limited* 

rl. Olympic Wy. Wembley UA80NB R-SOSSBK u. Finsbury Square. Ba 0,-8388253 HolboroBan.EClNZNH. OI-405BZS 


Equity Units 

■P rop ert y Units.. 
“Equity Bond fEx 


(07.49 

pB23 

Taxw 


1227 +0.0^ 
14.12 . 

1420 +0R1 — 

lUUl . , 

+H 


•!M?rasE 

Deposit Bond 1U6 

Equity at rum 381 

Prop a rty Accum.™ 02.74 

■Jtn/fd. Accum. 1614 I + 2 j 

Sna Equity 956 1 D 1 .« +o3 

2nd Property 104.S 1 M.W 

-2nd Managed 986 lM^+Odl — 

3nd Deposit 971 „ 

2nd CllCZ 895 94.7f 

2 nd Eq. Pen*.' Are. . 97 B 103 S + 0 J) 

2nd Prp. Pens, Acr. _ 1054 114 71 

2nd Med. Pens/ Arc 100.9 106JB + 0.1 

2nd Dep J^ns/Acc. 993 U5.ll 

,2nd Gilt Pnns/Aec. H i 9561 . . 

L A ESJ.F. 396 d£3 +05i 

LASS2F.2 |275 293 

Current value July 28 

-Capital Life Assurance? 

■ Ceniston Rouse. Chapel Aab W*ttm 

Key Invest. Fd. ( 100 98 t J — 

; Paccnukerl a vJFA .( 10167 | — 

Charterlionse Magna Gp.? 


— BlaeChn JutyZl — (78 6 


-.-I 560 



EqniL Fd. July is -.1 
Fxd. lat July 1 * — f 
Prep. F. July 19. 


Reliance Mutua l 

Tonbridge Wells. Rent. 
RelPitjp.BdM. ( 1959 


080222271 

l—l - 


BlaeCbn JatyZl — _ 

Managed Pond [731.3 

Exempt. Man- Fd M3-7 

PropTMod. July l_UM.O 

Prop.Mod.Gth. (197.7 

King A Shu sen Ltd. 

5 a^teDMDH-|W« IB-Sm'iW 8 ^ 5 * Rothschild Asset Management 

CXbMdxuMttMZ. SLSwiUwis Lane. London. EC4. 01528 4K8 

Con. Sec, Bd. ZZ-7U9.40 126.40) I — N.CPhro (1173 125fl 

Langhsun Life Assurance Co. Ltd. Rea sab. day September aa. 

1 ^ nghamHs, Holm brook Dr, NW 4 . 01-2035211 Rcyal Insurance Groap 
Langhxm 'A' Plan- [622 (AS 1 — New Hall Place. UvcrpooL 0512274422 

"SSI dr w« yw.-w » u-i- 

Strict 

- -- MSS 


KT208EU. 

CaablhltlaJ 958 

Do XmiM 97.7 

Equity Initial 1Z3.8 

0902 2IB 11 Do. Accmn. 126.4 

Fixed lol tint 1176 

Do. Accutn. 119.9 

lntL Initial 1088 

Do. Accnas. IlM-fa 


18. Cbcqnon Sq,C-'..rtlg*UB 8 INE »U Managad Initial 019.9 




, Do. Aoemn. [1224 

_ Property Initial )W2 

DoAcnim. —[Un 2 

Ijgri 6 flamil (ltd! 

— " Exempt Casta lsiL_)97.0 
Do Accmn. [94.9 

City of Westminster Assnr. Co. Ltd. D^AertuSTl-^iir fiCTs 
Rtngswad Houm. 0 Whltabone Road. Exempt Fixed Init|ll33 


■Chrtbs* Energy -- S 8.6 

Chrlbse. Money K?,4 

. Chit hse-Uanaged. 09.4 . 

Chrthae. Equity USA 

Magna Bid. Soc H 1336 

Magna Managed....! 150.6 


Croydon CRO 2 JA. 

Vet Prop- Fond .-.. 1 

■Managed Fund 

Equity Fund 

Fnrnuand Fund 

Money Fuad. 

Gilt Fund.. . r 

PULA Fund, [269.7 
Pens. Mnad.Cap.-_lu 7.1 

pens. Ungd. Arc. tizi.7 

Fens. Money Cap. _[46 7 

Fra». Honey Acc. _ Ras 

Pena, gquiiy up — g65 

Pms Equity Arc. _J57.6 

Fund ciirrcutly closed 16 new iovestioeDt. 
PcrtonD Units _| 28L0 ] 4 — 

City of Westminster Asanr. Soc. Ltd. 
Telephone Ol-CSi 8864 
First Units.—— J1236 129 7[ 



014M9884. 


DO Accmn. lis.* 

Exempt Prop. IniL .197.0 
Do. Accmn. . .. ■ (99.9- 


102.9 ...... 

DJI +0.1 
1311 +02 — 
1ZL7 -0.4 
* —0.4 — ■ 

+ 0.6 
1959 +0J — 
12U -0J — 

12*3 
UKJ 



Deposit Fdl [1238 130.4] . 

Comp PensJ'd-t— — (2B6.4 - 217 j] — 

EqnttyPonsJVl Sz6 29»D+L0| — 

Prop Jobs. Fd.“— I7?7 * Mia , 

Gilt Pens. Fd. .(946 MM +0.1I 

■ DepoaPensJ-iLT— (99-3 10461+82] — 

•Price* on Jnly 15 
IWoqkly deal mg* 

Schrader life Group? 

Enterprise House, Portsmouth. <7705X1733 


Equity July 18 

Equity 2 Jhly 25 

Equity 3 Jnly 25— 
Fixed! ntJaly 25— 
Fixed InL 3 July 35. 

Int Dt. July 25 1 

K & SGUt July 2S„_ 
E A St July 23. J — 
Mngri. Rtr Jnrt-gj 


Managed July 

Legal ft General Pr«m- Fd. Mgrs. Ltd Mraey 3 jS»K , _ 

11 . Quran Victoria St,EG4N«TP 01-2489678 Prop erty JiJy.»_ 

“rasfi-- ISMiSlE 

Life Assnr. Co. of Pennsylvania - MnPnCpBJniyas- 

3M2 New Bond St, W170RQ. .• OIA888386 

LAcopu-d- — ms 

Lloyds Bt Unit Tst. Mngra. Ltd. ; wop. Pan. cap B-_ 

.. ... r-* nwn BSfgitgfrM 

97. ■ 


7L Lombard St. EC3. 

Exempt 1957./ 10*H 

Lloyds Life Assurance 
30. Clifton SU EC2A.4ME 

BIlGUlJ uly 0 1.129734 1 

OptS-ATruu Jjy87-A2S4 2 K.q +02 

14L3I +49 


[222.9 

0395 

5492 

pt 

jm7 

1347.9 

urn 

117.9 
1573 

154.9 
,71 h 

132 S 
Z03J 


.2595 


975 

165 

96.7 


234> ...._ 

1282 

146.4 

1572 

143J 

143J 

125J 

14SJ 

1543 

113.1 

1242 

1656 

163.1 . — 

127.7 . — : 
1382 . — 

213.1 

254.1 

102.0 

102.7 

1012 
m.9 _. 
UK 

181.7 — 
1822 — 


Property Unit*.. [54.7 ' 57 4) 1 — 

Commercial Union Groap 
■Jtt Hel+n'% LUndershalt-ECS. 

■VrAnAeUlJuly 22..I 5534 

Do. .Vonutty Uts — | 1855 

Confederation Life luonmce Co. London Indemnity &GnL In*. Cow Ltd. Mgd.iWuiyi9-_|ai5.9 265. 

50 . Cbaorery Lane. WCZA 1HE- 0I-24202B2 isjo. The For bary. Reading 383511. Solar Life Assurance Limited 



_ — n«u^rvn.v+a a .| 

'■™ Money ^n. Ace- B_ 

Overseas 

Scottish Widows’ Group 

— PO Bax 602. Edinburgh EH 16 SB 17. 031-8568000 

~ ■ larJ>Jy3eriesL — 1105 S US. ' 

~ lnr.Ply. Serie* 2—199.9 105. 

luv. Cash July 2J — (983 -183. 

ExOtArrJ uly IS Il39 0 145. 

ExOtlncJulylS [1353 


y Equity Fund — —1 1 5 2 6 
9 Managed FUnd — |OT7 


— MoDcyManagcr IJ43 

= rS^c=Si atu :~i ” 

_ The London ft Manchester Abs. Gp.? solar s. — 

— Wlnsladn Parlu&cter. aa0M2lSS Solar Fxd.IpL 


CUp. Growth FUnd.. 
— +net- Exrmpt Fd.. 

+ ExraM Prop- Fd. 
SEzut-ln 


2274 


. 134.0 


90.0 


- 1535 


. 1X58 


1418 

|rr - 

•3.9 

— — 


* PIP Fund 3754 — J 

PknaLPen.Mngd — 72.6 762] 

Staffed -Mard.Pn. 726 762) 

Group MngtL Pea, _ IMS 
Fixed Int- Pen. _ — 1997 

Equity Pension 2243 

Property Pensren - 139.4 

CornhiU Insnnmce Co. Ltd- 

32.CarnbilLE.C3 01-8285410 lorTTrustFund 

c«p. Feb. Aug. UL_[U *0 — j ,_..J — Property Fund 

taW ft 8 dft.aJd = 5 *«S 5 . — i,. 

Credit ft Commerce Insurance jvr*. Pension--— 2343 

ISO. Regent SL. London WIE5FE.- 01-43B70B1 Convjiepoair 1183 1243) 

C6CMngd.ra...._W25 1MBI-....I - ! U53 

Crown life Assurance Co. Ltd.? Fraair8i-*B~ — mt 

croxroLUeHw.W^tGimOT0«a825M3 £&E£ 2 LB^d~ us 0 
Mang'd FUnd Acc . }£$ 31]$ Zta Managed Bi**- — U9.9 

xm’ 3 nsl *-** Property 1593 
MaSlnTI — Ex/RoWFd.Bd.«_ 82.9 
W45I+0J1 — Recovery rd-Bd.*_ ” 

American Fd. Bd.' 


10/ 12 Ely Place London ECJN SIT. 01 242 2009 
" " 029.0 135 — 

111.9 U7i — 

1672 176J +02 — 

1163 122.7 H33 — 

1003 1865 — 

97.6 1035 +03 — 

128.6 135.4 — 

UL 6 1173 — 

166.9 175l7 _U2 _ 

'Ui2 12Z.4 -02 — 


Solar Casta S — _ 

Solar Inti. S — 

Solar Managed P_ 
SoUr Property P — 

SoUr Equity P 

Solar Fid Jot. P — 


Solar Caih P jlOOJ. 


Solar Inti. P_ 


[976 


iS*903| 


mu* 

MLF 

.1613 


11031 -0.5 
110 sJ 7-03 

5«a -om — 

103.11 -02f 

— 0.3j 
-Q3| 

-021 


*26 


957 


Japan FcL Bd.* — 
Prices on "July 



July 21 . 


— Merchant Investors Assurance 

r» 125. Hl«bStmeL Croydon 
Property 


U8 

_ Proper ty Pens. — 
126* Equity 


Mnnifd Fd. Incm — 1043 
Meng'd Ft.lilt— 1032 
EcunyFd.Aec.— _ W3 
Equity Fd, Incut— ?S3 
Equity Fd. Init — - 99.0 
"ropeny Fd. Arc.... 96.2 
Property Fd.lnem. 16.1 
property Fil lull — 95b 
nr^t-Fd-Arc.-.-. 1055 
.nv.Tst.Fd. Inert- - J®-! 
av.TM.Fd.mir.— WJ 
'Ixndlnt Fd. Arc.. W.0 
-»rt. InL Pd. incm. . W.o 

nter’l. Fd. Arc 115 9 

niert.Fd.lncm — U5 9 

JraryFd Acc. 963 

taney Fd. Incm—. M3 
bet. Fd lurm — . 104.7 
taws Brl. twv/A*— ( 155 3 

,'rnsadrr Insurance Co. Ltd. 

• Incula House. Tower PI-EC3. 01-8568031 tu 

■lb. Prop Jub'4 > [70.9 88.4[ .....4 — NEL WUMM UB. 

. ■ c _ - mm j Hilton Court. Dorking. Surref 

agio Star InfflU/lfiaDM As*. Nefexgq.Csp- (CJ 

.Tbroadne*dieSt..EC2. . 01-S881212 NelexEq. Accom. .. 1159. 

^gle/Mid. Uwls..-|532 SS2[-0.1| 632 Nejet Mopcy Csp- g6 

luolty & Law Ulr Ass. Soc. Ltd.? incCap. 503 

share Road.Hlgb(VK»*be - CMMJJSTl HetoxOt 

.Wj^cpii 13 J E 

txed Inl+rert F |I09_2 n4.9J 0J\ — Fur New Caqrt Profj+ty see under 


Equity Pens. 

57 + Money Market 

_ Money.MM.Fena.... 

• « Deposit 

Deposit Prax. 

- Managed 

Managed Peas 

Inti. Equity 
Inti."" 


154.1 


161-1. 


sas 


167.fi 


14JL7 

raaroa 

1*31 


129.1 


140.7 

* 

1 IB .6 

. 

137ft • 


107.7 


Uft 2 

■ 


Son Alliance Fund Mangmt. Ltd. 

Sun Alliance Honso. Hpraham. 040364141 

Exp. FdJnt. July 12. 10529 159.4/ — J — 

IntBn.July»— I 0352 | — 4 — 

Sun Alliance listed Life Ins. Ltd. 

Son Alliance House, Horobaa 040384141 

Equity Fund — — K22.4 
FtXtxttnleraMFtf.- 1065 

Property Fund 1093 

IuternaUoualFd.„ 185.9 

Deposit Fund 972 

Managed Fond |lM6 

Sun Life of Canada (UK.) Ltd. 

XAACacfcspurSL.SWlYSBa 01-0305400 

3K- ra: 

M65 I i'iil - 

Target Life Assurance Co. Ltd. 

House. Gatebouse ILL. Aytasbmy. . 

Ayleeboxy 10286 } Ml 



QlilMlirn l/. Csrt n I , 

□1-ow 8171- jupje u fiMne± 

Maple Ll.Eqly 1 

FerssLPB-FdL 



Fixed 1st. Fd. Isc.[lfi08 
DepFd.i " “ _ 


l! 


Used] 


1173 


IMbachlM Asset 


Acc.Inc— 

Spii Bel Plan Ac. Pen. _i 

BetPlanCapLFen— _ 

~ ReLPIinMaB^re._0272 

— 1 RetJlanM»n-Cap_5l6b 

~ k Gilt Pen. Ace. 11386 

Gilt Pen. Cap p2J .a 

— BWMB MUwI Life Ins. Co. Ltd. 

Z 3 Broam Bldg*- K4XNV. -064056407 

Tulip Invest. FtL — 

Tulip Manwt Fd— 

Man. Bond Fd- 

Man. Pea. Fd Cap.. 

Kan. Pcn.Fd.Acc.. . 

Kaagd levFd Iud_g75 
UngdJnvFdAre — [97.9 

[Trident life Assurance Co. Ltd.? 

RettaladeBouae.Gloueestnr 046S3B5G 


FOOD PRICE MOVEMENTS 


BACON' 

IVinish A.l per ton 

British A.l per Ion 

Irish Special per ton 

l_i!.Mcr A.l per ton[[ 

BUTTER 

N7. per 20 kc 

English per cwlt 

Danish Silted per cwlt - 

OlEESEf 

XZ per fontte 

Enclish Cheddar trade per 

tonne 

EGGS 4 

Home-produce: 

Size 4 

Size 2 


killed sides ex- 


BEEF 

SfOiiisn 

KKCF 

Eire forequarters 

LAMB 

Em-lis-h 

NZ PLs-PMs 

^ORK (all vtcifihL-1 

POULTRY —Broiler chickens 


July 27 
£ 

1,115 .. 
1.05-’ ■ 
1,085 

I. 0S5 

12.Slt/12.72 

74.11 

74.98/77.55 

J. J6L50 
132.10 


2.60. 2.75 
3.50. 3. SO 

July 27 
P 


54.0/58.0 

35.0/38.0 

54.0 60.0 
53.0' 55.0 
35.0/44.0 
36.5/3S-5 


Week ago 

1.115 

1. 055 

3.055 

1.055 

12.58/12.72 

72.OT 

74.98 77.55 

3,16150 

3 ^ 02.10 


2.80 3.10 

4.00. 4.30 

Week ago 

P 

54 .0. 58.0 
37.0/39.0 

58.0/60-0 

53.0/54.5 

35.0/44.0 

36.0/39.0 


Month ago 

1.090 

3.075 

1.065 

1.065 

12.51/12.82 

7155/72.05 

73.98/76.72 

1,161.50 

1,164.30 


ZS0/2J80 

3.90/4.60 

Month ago 
P 


56.0,59.0 


60.0/62.0 

33.0/54.0 

35.P/44JI 

2fi.0/39.0 


* 1 jinrinn F»- Exchange price per 120 eg 
: Unavailable. Ti^or delivery July 29*Augrust 6. 


120 eggs, t Delivered. 


143ft 

1514 


114ft 


ra mooJ 

UU 

324J 

— 

IU.fi 

327 7 


129.0 

335.7 

— 

178 

302.9 


97.9 


— — 


Managed. 

ctd_r_ • 

Plliptlljn - - - 

ffijdJYlelJ. 

GiltEdged. 

Money, 


ItrternstiooDl.-. — 
Fiscal — 

Growth Cap, 


Growth Aec._ 

Pens. M ngd. Cap— 


Pros. Maud- Acc. [116.6 


Picas Gld. Oej» Csp_ 
Pens. GtdJJep Aee. . 
Pens. Ppty. Cap — 
Pens. Pty. Ace_ 

Tcdt Bond 

TMLGJ.Bond— ., 
•Cash value 


13*7 . 


122.2 

1233 

1053 


128.1 

UL9 


13U — J 

1563 
3572 

■ 9U +1M 

1U1 +0.4| — 

146.8 

129.4 

329.9 ..—1 
1896 +66f 
134.1 
13U 
3356 
33AS 

1233 — 4 
36*4 

232.9 
319J 
32C7 

38.4 +D-2I 


10t6 
113 8 
[117.7 

^8 

for £100 prouthnn. 


125,4 

+ft«l 

ft«.7 

+2.1 

167ft 

+ LJ 

3055 • 


121.1 

+tu 

148 0 


798 

40, y 

169ft . 


257 D 




— 

86* 

rat.. 



Tyndall Assttrance/PensEonsf 

IS. Canyngo Road, Bristol- 027232241 

3-WayJn]»2!7 

Equity Jnly 27..... 

Bond JalyTi--- — 

Property July 37 — 

Deposit July 37 

3- way Pen. Jo It 20.. 

O'seaxlnv. Jotr27_ 

MoJip-WJslya 
DoZoBlqJolyl. 

Oo. Brad July 3- 
Do. Prop. July 3.^ 

Vanbrugh life Assurance 

41-43 Maddox SL, Ldn. W1B OLA. Oi ABS 4933 
1562 +031 _ 

250 J -0 5, 

30*6 +U 
176J +04 
1*96 

325fl +IU] — 
Vanbrugh Pensions Limited- 
[41-43 Maddox SL. Ldn WIR8LA 014SB4923 

Managed 1985 103.7J +04| — 

Propray [973 1 

Gusruiced see 'Ins. Bssa JUies’ table. 

Welfare Insurance Co. Lid.? 

W i DilndB Par*. Exoter WB5H 55 

MoneymnErtTFA—l 3K.0 [ —I — 

Far otbac funds, plcue refer to IbelsindiBB 
Mancbestar Croup- 

Windsor Uf« Asgur. Co. Ltd. 

Royal Albeit Use, Short SL, Wimhor 88144 

Lifelnv. Plans— 1693 
Future Assd.Gihia i 19.80 

FUnreAsad-GUubi. 4LM 

ReLAasd-Peo*. I2S6S 

Flm.lnc.GC0«ta_pB3.6 



AUTHORISED UNIT TRUSTS 


Gaxtmorr Fund Managers ? fa)(g) 

Z.SL Vary Ate. EC3.4 8BP. 


uiAinerirwiTa.^ 
British Tat. >Arpi_. 
Commodity Share. „ 


289 

56.9 

1652 


Evus Income T*... 124 0 


[Allied Hambro Group? fal (gl 

H ambro Hse. Vnnon. Brentwood. Essex. 

01-388 2851 or Bientwood 10877) 211499 
Balanced Fonda 

Allied 1st 

Bn Linds. Fund 

Grtb- 6 lac. —■■■■■•. 

EleeL 4c lad. Tto ^ 

Allied Capital [733 

H ambro Fond — —106.9 

H ambro Act Fd [171- 9 

larew Fknd* 

High Yield Fd_~r72 1 
BJcbloctane— ...... 

.VH/Eq-Inc |3A9 

lalmslliBid Funds 

Internal Ions I 12&9 

Pacific Fund (462 

Secs. Of America... a* 7 
L’3 jV Exempt* — [».6 
Specialise Ponds 
[Smaller Co.'s Fd— 137.2 
2nd Sole. Co's FtL _ 45.0 
Recovery Sits. _ — 87.9 
MfLMm.fi rdt5._ 426 
Overseas Earning* 58.6 
ExpL Sxnlr. Co's — +| 230,1 

Aodentn Unit Trust Managers Ltd. 
I38FcqctaarehSC.ECSM AAA 623B231 

AJDdetsooU.T. |50J> 53.91 | 42* 

AadMeher Unit Hgznt. Co. Ltd. 

I N oble SL. EC2V 7J A. 01 -m3 8378. 

lac. Monthly Fond . [1663 X76? [ M3 

AitaUuwt Securities Ltd. (iKc) 
37.QueenSt. London BC4R IB Y 01-238SSB1 


Ui Far East. TrusL. 

HisHfsrwBC r*{__ 

Income FUnd 



372 

752 


01.283 35.71 
313|+0 5l 0SZ 
. 6Lq „ 3.15 

277 U +03} 384 
25 8 - _J a 95 
40^ +0.4 0.69 
818 
6.15 
•3 88 


[14 8(1 15 OM *0081 

[33 9 -36^ +05] 


+0 21 


lpri A«tpt Fd. (666 ~ 9431 -DO] . 584 

Gibbs l An tony) Unit Tst. Mgs. Ltd. 
3. Frederick's Place, Old Jcwciy. EC*R 8UD. 
01-688 4111. 

<a) AG. Income* 143.9 C4 91 .] 8.00 

(at AG. Growthtt... |39 6 42.6x5 ...J 4.W 

ta)A. G. Far Easl'._p5 2 ■ 27W 1 0J0 

Oea/ing *Tues. ftWecL . 

Gorett [John)* 

77. London WalLECA 01-5885830 

S'hldr.Jull 14. (3403 247.71 J LB7 

Da Accum- V nil Ilia 4 177il -[ L87 

.Next dexlitw day July L-L 

Grierasou Management Co. Ltd, - 

SflCrcjhtonSL. BC2P2D5L 01406443* 


Perpetual Unit Trust Mugnd.? (a) 

48 Man It, Henley no Thames 0401281 

p-pwualGpJStta— [484 4J.4J 1 359 

Piccadilly Unit T. Mgrs. LuL? islib) 

Wudc'leHxe..SaaLnad<MW«l!EC2 $380801 

Extra ltraar. B9.1 31 2 . , 

Small Co's Fd.~, J9.6 47.6 +0J[ 

Capital Fund *2.9 460 

InL Kras.* Assets- 45.7 490a . 

Wt»le Fund. 35 D 37 8 

Afcnmllc Fund 60S 6521 .... 


970 
4 74 

3.77 

272 

4J4 

3.17 

301 

1.00 

200 


SI “:i 


489 

AW 


3 81 
702 


Barrington July +6. 
i Acc nm- L’ nilsi . 


Brny B.Yd. July 27. 
lAccuntL'allsi 


BN9 22934 1 491 

4 2408 .. . i 4.91 

M7H+3JI 7g 


B 0 , .. . 

8 2158+4.8 

8 217-31 


L9* 

2-98 

IB 

2.93 

401 

401 


lAceua-Loitsi [215 2 2299} —.J 

■Grnchstr Joly21 __|95.7 100 Old .. — 

tAcenm.UDiUi ...199 4 184 Of ..... 

Ln.ABnlAJul>-2apD3 73 id 

lAccum. Unllsi 1 73.9 77 

GturdUn Royal Ex. Unit Mgrs. Ltd. 
Royal Exchange, ET3P3DV. 01-8288011 

<a8)GaardhUlTrt„|9L7 960(-0J| 4J6 
Henderson Arimi lustration? f«M eXgl 
PrareJer UT Admin, S R^icirii Road. Hutton. 
J " 0277*217238 


5.90 

5.90 


Extra beans Fd _riM.9 
Hiah Ine. Fund 413 

ishWMroSS 

Pro ereoce Fund— 23.9 
Uni U) [370 


Capital Fund — b?9 

Commodity Fund— 59.4 

CAreum. l/fritfli B.4 

<10% WdrwI.Uj 5L9 

FluAPropFU 17.7 

GiasUFund 3S9 

lArcnm Units) 15.7 

Growth Fund 35 6 

1 Accmn. llnltal 82.7 

Smaller Co’s Fd. 27.9 
Eastern fclntLFd.. 2 6J8 
fOTtWdrwLUt*.)— 2L1 

Foreign FU 8*0 

H. Azncr. it InL Fd. 31_5 


uzg „ 

-44.7-01} 

6 02 -0JD 
602 -53} 
25.7a 
408c 
215 
644 
924 
56.3 

191 - 

383 n 

. 28 .; 

33 ’ +00} 


Brentwood, Esse*. 

OJC. Funds 

Cap. Growth Int (450 

Cap. Growth Acc._l45B 
Income fi Assets \S3£ 


48.11 333 

48.71 — 333 
354 -flJ 5.99 


.162 0 66JI —0 1[ 7.7* 

[Extra Inc. _gk6 5^M -0i| SJ2 


Financial & ITU I2S 6 

OU&NaL Res (28L4 

lnt unartwnl 

Cabot [87.2 

lntorrabona) tea 

WritLWlde July 


NwtbAmer. 1«6 43«d +0.M 142 

- riy2B )U4 8 1383+1.11 


Archway Unit Tst. Mgs. Ltd.? (aXc> 

317. High Ralbom, WC1V 7NL 0t-831fiZ33. 

Arc huay Fund t».8 902J +2J8 584 

Prices si July 27. Noxt sab. day August 3 

Barclays Unicorn Ltd. (aXg)?(c) 
Unicom Ha 252 Hanford Rd.E7. 0I-S34S5M 
Unicorn America-. 

Do. A list. ACC , 

DOl AusL Inc. _.j6S3 

Do. Capital [WO 

DabSmptTsL lull 


. 2.40 

5671 +0.6) XZT 

HiQ ftnud Unit Tst Mgrs-t (a> 


NJUaGraJulyaB—,. . 
CsbatAmsrJitnCa ]53A 




01 -da son 

165 — 0.4l 532 

39.8a 360 

88.4 +0.7 178 
32.0a 475 

ioaJt-05 <W 

"393 +0.4 7.88 

57.8 -0.1 524 

315 -0.4 832 


Do. Srtrs income _ 

Do. Financial 

Da 500 

Do. General , 

Do. Growth Acc. 

Da Income TxL 1 

Do. PrLA'na Tit -033.7 ... 

Prices at June 30. Next xqb. day Ju y 31. 

Jo-Rectwerv MX6 87 JJ — 5J55 

_>p. Trustee Fond... E53 12452-01 

DaW1dwideT«.»-H5 54 M +0.9 

BtsUaFtLInc [64.6 6 t3 -0J 4.98 

Do. Accmn — ,—...[73.4 77.11 — 0-1} A 94 

Baring Brothers ft Co. Ltd.? (aMx> 
88, LeadenhaDSL. EC3. 01-5882830 

R3S2fj = W M=ja 

Next sub. day Augnat 2. 

Blsfaopsgate Progressive MgmL Co.? 

9, Blstaopagate. E.C.2. 0L588B280 

B’gatePr.-JnJtyW-fiS'S Jg*! — I 

Ace.Ua.—JulyA ma.7 233 0 3.83 

B’gxteInLJnly 25_u7L9 IBaiJ ....J 2.66 
lAccnm)July25 — 11962 208. l| — J 2.66 

Next mo. day 'August 8. **Aug«B L 

Bridge Fund Managersf(a)tc) 

Sing William SL. EC4RBA& 014834051 
Ametieaa *Gea4J253 



ExemfXf 

laterml Inc-t- _ 

Do. Acc.f - — _]18.9 

Dealing “Toe*, rwed. nunrx. 

2S/38/27. 

Britannia Tract ttanagenent (a) (g) 

3 Loudon Wall Bnildlaga, London WalL 


London BCZU SQL 

Assets — 1 73.8 

Capital Acc... — — 543 

riMim U ml ... , Wtt 

OC OMB h pi 


Exuai 

FarEaM 225 

Flnsadal Secs. 653 

Cold 4l General. Ml 

Growth- -1*23 


01-838M7S4M79 


A Growth Mi 

lutT Growth- 65.6 

(nvest.TBLSI>ares_ 1*4 

M iBfr llt tL8 

Nat. High Inc 835 

NawlasM *L1 

North American— Z9.9, 
P rol fsaiwi a l — p!9_6 



Incorno- 
Price* 1 


Property Shares _pJ 8 

Shield. W2 

Status C hange - — pl3 
Unix Energy [33 3 

The British Life Office Ltd.? fa) 

Hell Mice Hse., Tunbridge Wells. EL 0BB8 22271 

BL British Life BX1 54.U -02 558 

BL Balanced*- WSB 5Z3 J 5.44 

BLDMdesd*- K3J 46D| .7^ 9.08 

'Prices Jnly 2& Not dealing August 2. 

Brawn SUpley ft Co. Ltd.? 

MnBm: Founders CUEC2 01-8008320 

ft3£E!£!M 6 ■** -ox 459 

General M2 2B.4 5.18 

Growth Accmn. ^_W63 493 -02 5 06 

Growth Income B69 39.1 -02 5 06 

^ 'rZ ==Z m Si =02 3S 

Index Eu .2J2m -0.1 424 

Overseas 017 2l_la +02 3.B5 

Perioronmce g9D 63J +03 435 

^_5i8 23.4 +02 606 

. — [569 59-3} -.-J 5 JO 

Canada Life Unit Tst. Vngn. Ltd.? 
2-OHigb Sl, Patters Bar, Herts P. Bar 51 122 

Can-GanDiaL {MB 40.W +02J 4 2t 

Do. Gen- Accum [87.9 M-S +02{ 4-77 

Do. 1 uc. D 1st B3B 553 -DO) 7.B 

Do. ine. Accum {442 46S -03} 753 

Cupel (James) Mngt Ltd.? 

100 Old Broad Sc, 8C3N1BQ 01-5886010 

=zW 

July UL Next dealing August Z 
Cartiol Unit Fd. Mgrs. Ltd.? (*Hc) 
itUbmuHousaNewcsstle-upoo-Tyne 21166 

rarllol 169.9 72.81 t 383 

Do-Accubl Unit8—)83J »M — j 3.83 

Da High Yield KZJB «3j — . Ill 

DaAeann. Daitj_[53J 553 .JH &U 

Next dealing dale date July 28. 

Charities Official Invest W 

77 London Wall, ECZN1DB, 01-5881815 

Incase July 18 034J7 — [ [ 6.66 

Accum. July IB P5661 — | — 

OUnxnth. Only araitahle to Beg. Chantieg 

Chartarheoue Juphet? 
LFMernosurItow.EC4. 014483098 

CJ. JutenuM PI 

AccauUdb Z7 8 

CJ. Income — , 34 2 

CJ. Euro. Fin 264 

Aeons. Drill- ,, 1*8 

CJ.FCLlnv.Tst &9 2 Sy> 

Acctnn. Unns . 364. . .. 

Prices July 26 Next dealing Angus — 

Chieftain Trust Managers Ltd-VlaKg) 
UNewSLEC3aC4TP. 01-2812832 

t«23.8 aa.7l+0Jj 2.64 

Hlghiaeame ftL2 443} -O.lJ 951 

lot+ronLon^l TxL-.^&O 26.93 +o| 318 
TrilfDA 293+02} 423 

Confederation Funds Mgt Ltd.? (a) 
50 Chancery Lao* WC2A1HE Ol-ati02S2 
Growth Fund [416 . 454 1 414 

Cos mop olitan Fund Mahagera. 

3a Pent Street. London SW3Z8EJ. 01-235850. 
Coxmopoln.Gth-Fd.p42 194+611 470 

Crescent Unit Tst: Mgrs. Ltd. (aXg) 

4 Melville Croa, Edinburgh i 031-3284831 

Crea.Amer.Fd |Z7J 28 « -..J 417 

Creaimeruart. — 58.9 *33+6.91 0.7S 

Ctes. High. Dirt. 83 6 4*3 | RBl 

JTres. Reserves DJ> 44 S-O 5 ] 42b 

C re*. Tokyo — f24-X 2SM +6J] 2J3 

Mgcrettsnary Unit Fund Managers 
22. Blomfleld Si-ECTM 7AL. 01-858*485 

Disc Income p£7-2 17*5) | 5.10 

K f. Winchester Fond Magt Ltd. 

Old Jewry. EC2 014002107 

Great Wtnehestar..|rU 13 M I 521 

GLWlnch er 0-seas|lU .SZ\ 426 

Emsen.ft Bsdey Tst. HoguaL Lid. 

30. Arlington i,S.W.L. 01-1897561 

Enooo Dudley TK-)6fc5 7L5] 1 340 

Eqtdtas Secs. Ltd. (a) (& 

41BUhojMXrtC.EC! 01^882851 

Progressive [682 72JH +0J| 396 

Equity ft Law tin. Tr. M_? (aKblfcHa) 
AfMrxhnmR&.Blgb Wycombe. 04B433377 

Equity & Law [474 7L3| ] 466 

Framlington Unit Mgt Ltd. fa) 

5-7; Ireland VanL EC4B 5DHu 01-348^71 

American [5^3. 5321 ..._J 100 

Capital TSL 127.6 135 6 +5.fl 358 

lncmsfTrt. 1118 315J +3« 667 

Int Growth FA _. 1152 122.4 +32 226 

Do. Accmn. 11*8 1262 +3.4) 226 


45 Beach SL. EC2P 2LX 

(b) Bitdsb Trust 0550 

IgUntlTriJrt — 372 

le] Dollar T row . 7*9- 

fbl Capital Trim 29.9 

ib) Freanclal Trust. B 4 
ib)IneomeTru«_- 273 
<b) Security Tru«*_ 532 
(b) High Yield Tst_P9.4 
InteL? (aKgl 

15,ChrirtopherStreeLE.C2. 01-2*773*3 

luMLlav-Fund [90.4 97 2d .-..J 660 

Key Fund Managers Ltd. (aKO 
35, IfOkSL. ECV 81 E. 01-8007070. 

KeyEnerg> ln.F<L. 792 8821 J 325 

KeyEgulO AGsn_ 649 74JU J 463 

OKqyESnspt Fd. ,. ISL0 lilid — 1 631 
Key Income Fund— 00.6 8571 +01j 8.64 

Key Fixed InL Fd._ 60 4 (AS ....71 12.05 

Key Small Go's Fd-fUL6 1B4D| +0jj 5 6* 

KUswort Benaoa Unit Managers? 
ShFhocburchSuECJL 01-B238B00 

tB.UnllFd.lDc. -106.6 93.9) J 549 

AtB.UultFdLAe— flMU 137^ 1 549 

fcfl.Fd.Iiw.TBs._B53 59. 

tBBmlr Co'sFd [W5 • 50. 

L ft C Unit Trust Management Ltd.? 
The Sleek EChasge. ECS* LHP. 01-588 2800 

LAC Ine. Fd [1377 142. » — .[ *11 

L&ClnU AGenFd.[9*8 10L^ — 4 1-79 
Lawson Secs. Ltd. ?(*Kc) 

37. Queen's St. Londoa EC4& IBY. 01-2385381 

j!tew.Kai*rinls_[39S 42 

tlArenm L'aitai— 0.7 473 — ... 

•Growth Fond 573 636 — 

•fAecttm. I'nhai 62.9 679 - , 

tlGiltnad Warrant. 3*6 4L7s I_7] 

xAmcrican Fd 23.9 253 

SAcciae I'oiUI 34.9 26J ...... 

-High Yield 45.4 48.7 +0sf 

•riAccuin. Umtai |63.7 Uq+L8 

DeaL JtMoo. *Toea. tVWedL JThuix **831. 
Legal ft General Tyndall Fund? 
l*CanynceRaad.BrtE*oL 027232841 

DU. July 12 [572 60.6/ I 533 

lAccum. Unit*) [7L8 76« /Zj _ 

Next ran. day Aug. Is. 

Leonine Adninistrtfon Ltd. ' 
•2.DakeSt-,Lond£w W1146JP. 01-4885081 

Lao Dirt. [762 m2 +0.71 4.94 

Loo Accum. [83.4 87H +0-7) 451 

Lkgda Bk. Unit Tat. Mngra. Ltd.? (a) 

Xcdgni'i Dept., Corine -by- Sea, 

Wert Snxsex. 01-8231388 

.03 5531 4.47 

. 70S 75, H -03 4.47 

. SXB S7.a +03 273 

67.7 72fl +02 223 

ms 9*a $.« 

^.1 +6 ,3 I S 

Do.iAccumj. 

Uoydk Life Unit Tst. Mngrs. Ltd. 
730* Grtahouae Bd, Aylesbniy. 038660*1 

Equity Areum. plU 170-0| J 482 

M ft G Gimp? (yXcM 

Three Quays, Tower HIE, BOR OBQ. 01IB* 4S88 
See also Stock Exchange Dealings 


Amcncan Fund — P* 5 26.M +0.x} 

Practical Invest. Co. Ltd.? (yke) 

44. BloontfhmySq- WC1A2RA * 01«3Mt 
PractiraIJnlyS*- J15JJ ' 

Accum. L nits — |22SJ5 

Frarincial Life Inr. Co. Ltd.? 

222 Bishops! ate, E.C3. 01-2478333 

SgffiSSSri zg& iS33| 

PmdL Portfolio Mngrs. Ltd? UNbkel 

HoibornBara.EC IN’ZNH 01^088=82 

Prudential P38S 13ft« J 441 

Qnilter Management Col Ltd? 

The 5ik. Exchange. ECSN LHP. 01-6004177 

sasgs&Hi ii M 4zd & 

Be/ lance fait Mgrs- Ltd? 

Re] I anew Hra-. Tunbridge Walla. KL 

aSSKSwcB: gl “ 

SekfordeT. Inc. K29 45 9| +83} 

Ridgefield Management LuL 
3040, Kennedy SU.Hancherter 0813888521 

Ridgefield Int. IT. WOO 304 Owl i 272 

Ridgefield Income. |91D 97-0*1 — ..J 18.71 

Rothschild Asset Management <g) 
72-80. CaiebctueRd. Aylesbury- ocaoaou 

Krasin saga is 

N.C. Income Fund _^0 7 1603 +03 737 

NC.lnaFd. 1 tac. 1 WLO 97 7 355 

N.C. lnU.Fd.(AccjHB8 9B1 +21 1H 

N.C. Smllr Cofw FnJL5*0 - 36*l} +0^ 4.78 

Rothschild & Lowndes Hgvot. (a) 

St Swilblns Lane, Ldn.. EC4. 01-6284356 
Ncw<rt Exempt— 1023 0 130 W .., | 365 

P n ces on July 17. Next dealing Aug. IS. 
Rowan Unit Trait Mngt. LteLWfa) 
City Gate Mae-, Finsbury Sq.,BC2_ OJ606IOM 
American July 27." 

Sec unties July 25- 
Blgh VU1 July 21— 

/Accum. Pmtxi 

UerlmJn/ya8 

l Accum. Unite), — - 

Royal Tst. Can- FtL Mgrs. UeL 
54 Jerwyn Street, S.W.L 01« 

;JSI 2 13H jUt 

Prices at July 14. Next dealing July SL 
Save ft Prosper Group 
4. Great SL Helens, Londoa EC3P SEP * 
68-73 Queen SL- Edinburgh EH 74 NX 
Deal lac* to: 01-564 8888 or 031-336 7351 
Save ft Prosper Securities Ltd? 
International Funds 

Capital— 

LTX_._. 




Commodity 

Energy 

FlnancialS 
Hlgb4Uninmm Funds 

Select Internal 12605 

Select Income .-.[545 

Scotblte Securities Ltd? 

ScotMts., 13*8 417: 


Srotyield — 
Scotshares- 


12 


17rt| +0 21 
55*1+03 


3.68 

737 
623[ -0.il 4A2 

257.91 I 220 

17ii| i 7.49 


SceL Ex. Gth*6 12*62 

Scot Ex-Yld** |1M1 , 

•Prieas at Jnly 2* Next sub. day August B. 

Schlesiitger Trust Mngrs. Ltd (s) (r) 

140. Smith SmeLDeridag. IO3O40224U 


Ass. Exempt- 

Ant Growth 

Exempt- Sigh Yld - 
Exempt MkLLdrx- 
Extralae. 


262 

263 

2*7 


-TiretCBalAR 

Do.iAcrom.J- 


SecradtCapJ 

Do.tAcruin.J_ 

Third qncnnrt) 

Dft.(AtCUBL)_ _ 

Fourth fExtocj J«j 


, T*t 

InemnaDlsL- 

lac. 10% Wdrwl [29.4 

IntnL Growth 

Inr. TsL Unit* 

Market Leaden - 

-Nil Yield' 


Prrt.fi Gilt Treat— 2*9 

Property Shares 2*8 

Special ^1L Tat M.4 

ILK. Grth. Accum. 225 
UJC.Grth.Oirt. 198 


2*8 

298 

A 


23 C +0.4j 
303 +0.6 

27.6 ... 

27.7 -0.1 
30.9a 

4L7 riU 
3L4 .. .. 
535s +0.7 
281 -0.1 

•S2I 

• 305 +0-2 
241a ...... 

288 _.... 

31.1 +0.1 

242 

213 


291 

224 

6.44 

439 

9ta 

9.91 

332 

4J7 

4.64 

1Z57 

235 

23* 

492 

492 


J. Hemrjr Schroder Wagg ft Co. Ltd? 

01-MO S434 


Amenca«_ 

(Accum. DnitxJ. 

Australasian — 

( Accum. Uni ta)_ 


(Accum. Dnitt)_ — 
Compound Growth 
Conversion Growth] 1 
CtBiveraatlnc. 

Dirt dead 

(AecumUnltSJ 

iUs) 

Fund of Lav. Titfi — 

(Accum Coita) 

General 

(Accum. Duka 1 

HlgbLwomo._ 
(Accum Units), 
Japan Income. 

(Arc urn. Units). 
Magnum 
< Accum. DattS) 


(Arcnm Units) 

Recovery 

(Accum. Unila) 

Second G& 


( Accum. Units) 
Special 


[540 533d +«J 181 

Ha 544 +05 L81 

Bsa . 5*7 + 0 * lbs 

S*1 59.7 +0i 1.85 

7BB £B9n —0.4 417 

9L6 —0.4 437 

109.9 1192 +63 3.69 

65.9 702 -04 ZBS 

6*6 705 _.... *25 

I2I .2 129.1 -05 7.73 

229.9 2441 -0( 7.73 

507 54 0x -03 2.94 

5L9 553 -03 19* 

"1 9L7 -0.1 *22 

[1153 1228 -03 *22 

'5U 62.1 -08 237 

638 MO -LD 237 

M.7 6*4 +0J 4.44 

793 843 +03 4.S4 

1713 3808s -0.9 5.61 

2694 2921 -13 581 

102.7 389.4a -03 ■» 

1730 1841 -03 *31 

1622 1727 +0.9 183 

1*16 1742 +0.9 183 

2148 2298a -0.6 3.63 

3720 296 C -0J 3 63 

575.7 1873 +0.7 *90 

1290.9 389i +13 6.90 

810 863b -03 437 

83.7 8911 437 

1773 1923* -05 4.97 

2692 2923 -0.E 4.97 

5at2. 1802 +0.1 412 


ISO, Cheapelde. ELC2r- 

Cajntal Jnly 25 1066 

lAccum) 12*9 

Income July 25 __ 190.6 

1 Accum Gnltxl 7HJS 

GearenlJuiySS 059 

(Accum Units) 1072 

Europe July 37 3L6 

(Accum Units) 

‘PenfiCbarPdJylB 169.7 
-Spec-Ex. Jnlr4 — f 


sa- 

197.7a 

2937 

33.1 +0S 
37.1} +«H 

*2543 “J 
1 **? 


2.44 
244 
*04 
*64 
*40 
3.60 
2.41 
241 

4.44 
3.96 
508 




(^reum. Ualta)_ .'@129' 22*71+00} 412 

SpeciaUscd rrads 

Trustee : , 

(Accum. Unlta)-^. 

Ch ari bond J 0^25- . 

Charifd. Jn£r3L__.toia 

(Accum'Dntts [1873 

Pons. Ex. July 34 —[If - 
Manulife Mating 
St George* Way, Stevenage- 
Growth Cntt»__. 1524 552) - — 1 435 

Mayflower Management Co. Ltd 
3-4/18 Gresham St, EC2VTAU. 01-0068090 

Income Job 18 [105.9 1115 I *36 

General Jdy 18 1 783 748) .._.J 5.49 

Mercury Pond Managers Ltd. 

30, Gresham 8L.EXSP2EB. 01-6004555 

Here. Gen. July 26. [19*9 2093] — J 426 

Acc Nts.JnlfM_ 2559 2722 426 

Mere. InL Sly 28_ 6*2 70.4a — _ 3^ 

Acc. Via. July2&_ 7L4 ■ 75.1 303 

M«reXxU«ortS_ Z143 2238 456 

Arem U lx. Juae2S_ 12555 2663} JZj 456 

Midland Bank Crxxtp 

Unit Trust Managers Ltd? (a) 

Coortwood House, Silver Street, Head. ■ 
SbefflehLSlSRD. Tel: 0742 TOO** 

Commodity A Goa. [71.4 75.91+03/ 505 

Do Accum 82-3 U S +03 " 

Growth 373 39.7 -0.^ 

,39.8 426 +0 

ZS7 30.7a +0 . 

313 335 +6.2 306 

533 57.0 ...... *40 

60.7 64.9 -03 *« 

*75 513 +0 9 230 

Da Accum. 505 546 +13 250 

Hlpb Yiel d _ 62.9 671 -83 835 

Do.Accnm. 6*8 713 -03 *15 

Eqol^ Exempt- 100.9 10*5 5-96 

Do. Accum- T/- 1009 10*51 .... 5.96 

- Prtcca at June 30. Nest deaUag Jnly 3L 
Minster Fuad Managers lid 

MJarterOsa, Arthur SL.EC4 01-8231060 

Mz=] a 

KU Unit Trust Mgetnnt Ud 
OM Queen Street, SW1RBJG. 01-0307333. 

MLA Units [432 45.«( .1 3.96 

Mutual Unit Trust Managers? (aKg) 
la.CoptbaR Avo, EC3R7BCJ. 01-8084803 
Mutual Sec. Wax_tS). 4 543 1 -03 *47 

Mutual laaTrt. UA3 73-3 -0a 751 

Mutual Btewchip_Ks3 47.3 .. \ 661 

Unreal 633 -0J1 *32 

National and Co mm erc i al 
3L St Andrew Square. Edinburg b 031-5549151 

Income July 36 057.4 16321 J 5.75? 

lAccum USw.„„.Bl 5.S 2234 I 5.75? 

CapLJolyMj 03M 135.6 +4.(H 3.40 

(AecumUmta) |lC02 16*2] +5.01 340 

National Prerndent lav. Magn. Ltd? 
4* Crareehnxeh SL, EC2P 3HS 01-6234200 
M J*J. Glh.Ua.TK — [465 4Ml __J 426 
(Accum Ln^sc 56.7 60^ 4^0 

NPI O'Sena. Trurt ^ 129 7 1S7^ __J 2X 

(Accum Uahs)«_ 13*3 14*? ,._J 235 

— W Ices an Jnly 27 Next dealing August 3L 
-Prices on July 26. Next dealing August * 
National Westnnnsterfta) 

161. cheapdde EC2V BETU. 01-608 0080. 


*JtecorayJ(dy4 — 

•Foe lax e xemp t hinds only 
Scottish E qui t a b le Fad Mgrs. Ltd? 
28SL Andrews S 4 , Edinburgh 031-8309101 

Income Units W.7 53.91 — J 534 

Accum Units I57A 615? „ J *14 

Dealing day Wednesday. 

Sebag Unit Tat. Managers Ltd? (a) 
POflm 511. Bckllny. Hae, RCA 01-3863000 

IS&JSSfanKi li 

Security Selection Ud 
15-1* Lincoln's Ion Fielda, WC2 01«M 

UtnrIGthTafAec _BJ 2&8| J 221 

tmvIGthTrtlnc— (55 23 Jj 1 221 

Stewart Unit Tst. Managers Ltd la) 

45. Charlotte Sq., Edinburgh. 031-2283271 
tStcwart Americas Fund 

Sbrndaid Unite W5 69L6I -0.3 

Arcum Unit* J7B3 75.0) -0_S 

Withdrawal Unit*. 1521 55*1-02} 

•Stewart British Cajfial Fund 

Standard [1378 14931 J 

Accum U uiri , b57.9 5n3J ._./} 

Dealing tPn. *Wed. 

San Affiance Fund Mngt. Ltd 
Sua Alliance Hse, Horebam 040364141 

EznEq-TK. Jly 12K214.0 2254 J 423 

rr£eiWlyFd.-_[100J) 10*rt +0-5} 3.45 

Target Tat Mngra. Ltd? laMg) 

3L Gresham SL, EC2 Dealings; 0206 S®41 


139 


428 

420 


4131 


-o.y 


0Do. Aec. Units 298.6 3021 

Target Gill Fund... 11*1 IZZJl 

Tsrgei Growth — - 2*9 3LJ1 -04l 

Tarttrt lntL 272 - 29.1 

Do Rrtnv. Units — 195 3L7 

Target in v. — 333 352 

Tgl-Fr July 26 16L5 170*3 

Tiff. Int 39.9 322 

TgLPref..., 13.1 14 43 

Tgt Special Sits. _ 19ft 2Uj 


SliSI 


+031 

35JI-0J 


+tLl| 


356 

4.49 

*06 

*42 

*42 

3.00 

465 

170 

L70 

3J7 

421 

*09 

11.96 

442 



Target Tst. Mgr*. (Scotland) laXM 

1* Athol CreaceeLEdin.* 031 -2» 8821/2 

SSSSaH "al 31 Ji? 

Trades Union Unit Tst. Managers? 

100 . Wood StreeLRC* Ol -«8 86 11 

TUUTJufyS [48ft 512) 1. 536 

Transatlantic and G«l Secs. Co.? 

01-99 New London Rd. Chelmslert 0345 51651 

SSSTu J ^?!r^o 

aa»«:p 

(Accum Dmtei— 1536 162-7 , 

Cuaibld. Jnly 20 — g4 55.8 ZZ} 

(Accum Vails} __ 57 4 412 „ 

G1«n_ Juhr25 K2 

(Accum. Units) 70.7 75.4 

14ariboxt»Jalya_ 52.1 546 

(Accum Units!- — .595 . 623 

Vxn.G«nh.Jnly25- 515 54 J 

(Accum Unite I- 632 _ MJ 

Van’HvJnN 25 70 J Win — 

Vang. Tee July 28_ 4U 472 

(Accum. I ttltx) *6.4 4*? 

Wiefc'rJnIy27 61* 653a +14| 


(Accum Units) [742 7*41 +171 

Wick Di. Jnly 21 — 69« „ J 
Da A ream. ... .,.{74.6 71% 

Tyndall Managers Ltd? 


027232241 

105 a ..._, 

193.5] 

»4|I 


saw, 


lAccum). 

Inc,. 


Plaan rial— 
Growth Ia»», 
Incemo. 




[67,0 7LR +031 

(34.9. »5Sj +0 .11 
®J8 9443 +0i 

P7.X 39 a -0.ll 

w 5 wa-iia 

Mfl 65 +13) 


425 

771 

537 

*09 

*45 

530 

23* 


Friends' Pravdt. Unit Tr. Mgrs.? 
Piahaa End. Destine. 03065055 

tt 141 a 

C.T. Unit Managers Ltd? 

l*Flnataay Circus EC2MTOD 01«288131 


169.7 

5 07.7 

Ine.Fd.Un 11*52 

G.T, US, fi Geo R419 

ftGeo-bMft 


G.T. Cap. Inc. 
Do. Are. 

G.T. I 


*CLPbi5lElFiL~|13«* 

G.T. InrL Fond U342 

G,T,F0WVibFd_g42 

G. & A. Trust (a) (d 
5, Ba^elghR*, Brentwood 
G-^A-^,,.„, [333 


150.? _ 
347.9 __ 
1413 „ 
1417 
S7J _ 


3.20 

330 

7ft0 

aw 

0.90 

400 

150 

720 


Fdjd*,«| 

NEL Trust Managers Ltd? (sX0 

HI has Court; Decking, Surrey. SUi 

NetaAr— [ 1623 6551 -621 434 

Nrtsrar High lac. _fel2 533+3.11 827 

Far Xew Court Fund Hanagcra Lid 
are Rothschild Asset ManageaBeat 
Norwich Union Insurance Group A) 
P.a Bra 4, Norwich, NR1 3NG. 080822300 
OroupTSLFd.__.p5l.9 37*4} +fl.6[ 4.90 
Pearl TTnst Managers Ltd (aKg)W 
SCHl£bHoQMra.WClV7EB 014058441 
Pear! Growth Fri 
Ac rota Unite 
Pearl Inc. 


1 * CanynxoRcad. BrlrtoL 
Income Jnly 28 D0U 

( Accum U oils 1 1 C. 6 

Capital July S8 2276 

(ACCum UalteJ 179 S 

Exempt Jnly 20 11*4 

(Accum Unite! 1592 

InL Earn. July 26.... 2528 

(Accum UttiUl 2812 

PrrtJulyae.. 99.6 

lAonimTl/plu).^— 133.4. 

Scot* Cap Jutar28_ 14*6 

(Accum. Uaitei 167.4 

ScoL Inc. July 26—11608 
laiit— Wall Group 
Capital Growth. — M0 
Do Accum. — J. .69 
Extra Inc. Growth- 37.7 

Da Accum. *3.9 

Financial PFity — 1*2 

Do. Accum. 19.6 

HJ«hIae.Morily.. 633 

International 312 

Special SKx. (32.6 

TSB Unit Trusts ty) 

21, Chantry Way. Andover. Haute 0254821881 

Destine* to 026* 04 3B3 



(blTSBGeaeraL — «,7 

lb) Do. Accum 588 

(bi TSB Income — 66.4 

fbi Do. Accum.., 63ft 

TSB Scottish M 7 

(bl Do, Accum 90ft 


4*9rt -02| 
62 .9 -02 

m , 


3.72 
372 
735 
735 
7 77 
2.77 


(BE 35231 
0.3} I 532 



Pearl Unit To*. . 
lAccum VnHn), 

Petiean Units Admin. Ltd fgXz> 

flg ( 7 l2r T30O 81 Fountain S l, M anchester 061-236948S 

S5JJ-C2} «ft7 _ Pslitaa Uaite. J467 " S3JJ j SM 


Ulster Bank? (a) 

Waring Street. Bella** 

(b)U later G rowth _ P*5 

Unit Trust Account ft MgmC Ltd 

King William SL EC* R9AR 01-S234951 

Friars Bse. Fond Q52J) 161 Drt I 4.66 

WirtcrGith.Fnd-.p02 . 3Li I 4ftt 

Do. Accum ——134.9 3*q J 424 

Wirier Growth FUnd 
King William SL EC4R PAR 
]imiwl , Dili_|3t2 

Accum. Unite }X9 


03-623 OS! 

li! 


zd 


OFFSHORE 
OVERSEAS 



Alexander Fond 

17. rnr Noire banc. IxixembotCg- 

Alcvamirr Fund...,l Sl'SA 95 I J — 

Net xuet value July 26 

Arbuthnol Securities ICJ.) Limited 
P.M.Ba\28AKL Ik Iter. Jersey.’ 053477J77 

Cay.? A Uer»ey). .[117 0 l21fli I 433 

Next dv-ali ne date Auurt L 
East fi liuLTu .it 1. p li.fi l»6i — .] 3-09. 

Next sub. August X 

Australian Selection Fund NV 
Market ()pj»rtiui,lici, l-.'o Irish Young fi 
riuihnauo. 127, Kent St. Sydney. 

US5I Sham | il'SL54 if — | — 

Ncl A»Mt Value July TO. 

Rank of America International SA. 
3.1 Boulrvard Royal. Luxembourg C D. 
Wldinresi Income. ttlTWIX U9«| 1 774 

fTirro Ml July 30. .Vcx( am* dxy July 36. 
For Bak. ul Lwlu. fi S America Ltd. sea 
. Alexander FtL 

Banqoe Bruxelles Lambert' 

2, Hue Ue la Rreracc U WO BWiv-l* 

Rants k'UndU- [1.890 1.957] +3| 774- 

Barclays Unicorn lot. (Ch. Is.) Ud. 
l.OiananCroxi.St llrlicr.Jm- OKH 73741 
i hcrxca). Income ..(46 4 48lrt _ .1 12.60 

L-mdollsr Tnirt.... HtHlH »» | 4 00- 

Unibond Trust prsusn uiu| ..[ a» 

■Subject to fee and vnlhboidmu lues 

Barclays Unicorn Idl (1. 0- Man) Ltd. 

1 ThoniuSt. Ikouslua. I ofiL OH3448SO 

Uu/rornAuq Ext.., 

Do. Aunt Min [32 6 

Do.Urtr Faedic_ 


Kex’selex Mng*.. Jersey Ltd. 

PO Box 3* hL Holier. JvixO'-iTnc i}j-flW7li7B) 

FiinsHm f7»iJ»a .. 1 

JtamdxrlrX . 

Kryjclex lul‘l_ 

Kevseli'x Eurore- ■ 

JupsmiUi Fanil... 

Keiselcx Jh|dU .. 

CNL Artcu Cap — I 


rr»i*s 

1642 

1383 

£1413 


U34.93 


w 

33 U 
1SS2 


a Tpr| 1* 
-;i:; — - 


'.'(7<-9 

1 • Ifs - '!! 


i: c-a 


iC;r»o 


526 

Situl 

-12 

160 

32 S 

333 

-13 

170 

651 

70.0 


_ 

9*5 

; 4i4 


S+0 

45ft 

49.0U 


9 M 

2b .4 

28.4 


L40 


Do. Manx tininal — 

Bishopsgate Commodity Ser. Ltd 

P.O Box43.DouElax.luM. 0624-23611 

ARMAr-Juiya. ptisan »«| I — 

rAJCRHO-July3.fi3.037 1J80| I — 

count -July a., .la 4oo 2.544 . | zas 

Origiully ibmin at *S10 and "(un. 

Bridge Management Ltd - 

P.U. Box MU, uraod L'avmu. Canaan Is. 

S^aihiJunc-M.-.l V 15 3*9 | ] — 

I'.I’O. Box Mu. Hone Knne 

NippooFd J uly 26 .MISUM 1«M I *84 

K» si«*k SpliL 

Britannia Tst. Mngmt. (CIJ Ltd 

30 Bath Si. St. HcJier, Jersey. dkm 73114 

5l(rUit Druami rated Ids. 


King ft ShuMD Mgrs. 

I marinr Cross. St. Ilrtier. Jersey,. iVi’ 

Valley ll«e sr Peter P,#rj. <",r.-y. .iHM' 

1 Tbuoias SirreL lkniulox. Lf M .■/£- 
Gill Fund (Jersey i. ]l9 DU 929^ 

(;d» Tru*l l) A SM 104 5 J37 *> ... ; 

Gill had UurrtLv.*lL9.+4 _ 9 -![ 

lull. Gml Sacs. Tst. 

Fir« rtcrliuL .USS26 18 •. ; 

Finllad. -Is ISAM 1S6»! • 

Kleinwort RrnsoQ Limited 

di.KriKhurchA.LO O’. 

Eurinvcrt Lux. r. 

UIMW Inc 

Iki Accum 

KB KarEjfci Fd .. 

KVIirtl. Fund 

KB JjprfU Kuuil . .. 

Kill i itatb Fd 
•licnct Mccmuila- 

■CikIuiiiLmDHi — — 

■KB ait j» Lundoa pa>:n-‘ -u.uiite urn; 

Lloyds Bk. (C.l.t VfT Mgrs. 

T«» irex IB-..SL I let ivr. Jersey 
LloyilS 7‘xt , O va* .[572 43 2! . i 127 

Next tledlilgi dju Au,-i;.i LI 

Lloyds International H grunt. S.l. 

7 Itur du It nunc. IM I Pox IT".). 12' : ik-i-.-- .ill 
Lloyds I ul lirratn ISDSn WKj .. I J +S 
LliqilsiuL lucoinu.[af3Rai JoRl, ... ; 6*3 

M ft C Croup 

Three I£U)S Timer Hill Film Mi V Oi-'L' 1 4'0ll 
AllaMic Julx — ■ . |M'S£9S IUi \ — 
AUV Ex. July 2 S-. Ill S.43 "t. — 

,^ue« Jui,m India lisa.. ' - 

139 _,'dt aZiS 

wrij-aij r;y 


Ififl ..... 

1 2* 

W4 

JU 

79 5 B*jB .. 

* 

515112419 j . 

1 ij 

51 SU 51 j 

l c ) 

SI. *>36 76 {._ 

c:j 

SVSI177 .. .! 

a 

51 N4M | .... 

I 

19 43 2040! 

^3 


■Md Ex Julj 2d 

Itlxnd - . ... - 

lAccum Ututei 


U>UD 

U1J 

289.7 


Samuel Montagu Ldn. A^s. 


114, old Brood Si. KC? 

Apollo Fd Jnly (u.loVOSM 

Jopfrsl Juli' IS Il'SSlJ 72 

ll.rtro Jute 12. ;v -ld‘5 

117 Jew* July 12 £312 

l(7Jrayt>‘s July 12 Il.fl.e7 


W4S1 . . 1 




Mil 

12.481 


« m 

■ S ?5 




300 

IN 

ISO 

, , 1.60 

101] .....l 1280 


1497 


■Trowih Invest .... 113 7 

Intel 1 Fd pS 9 

Jersey Energy Tsl [1385 
Unirsl STM. Sts .. {£222 
Rich lDLSUc.Tit~.IU 97 
UJL Dollar Denominated Fd*, , 

Unit si. 5 Til BL'Ssafc 5Jd .1 — 

iBLlltch fDL Tsl ... jSCSJ 97 1U| . . j 9.0 

Value July 21. Next destine July 31. 

Brown Shipley Tsl Co. (Jersey) Ud. 

P.d. Box 183. Sl Heller. Jeraey. OtM 74777. 

Sicrilug Bund Fd. _JL1022 1027J | 1L75 

Butterfield Management Co. Ltd . 

P l». Box IDs. llanitlan, Bermudn. 

Buttrca* Equity — 1230 23M .1 176 

Buon-u Income. -.-|l 97 1W ... I 7.48 

Prim at July 17. Neu sub. day August Id. 

Capital International S.A. 

37 rue Noire-Dame. Luxambourg. 

Capital InL Fund 1USU.B1 j. | — 

Charterhonse JapheC 

1, rslcraosicr Row. Ei*4. OI-S4B3WO 

Adlropa [1+01*0 

Adiierba.~ [IWSISO 

Foadak WQJ« 


Fondia 

Emperor Fund 



IMIZ2« 

jsjxj* 3 

Hupano fsraijS 

Clive Investments (Jersey) Ltd 

P.O. Box 320 .. Sl Heller. Jersey. OU43736L 

Clive Gilt Fd.iC I.) .110 28 10311 „... | 11« 

CUve Gilt Fd.(Jo.)-]ui24 1028] _.„4 1180 

Cornhili Ins. (Guernsey) Ltd 
P.O. Box 157. Sl Peter Pori. Guernsey ' 
laud. Man. Fd. 11498 1840[ +*5} — 

Delta Group 

P.O. Box 3012. Nassau. Bahamas. 

Delta Inv. July 25_ |U-B1 L94|+0ft5T — 

Dentscher Investment-Trust 

roatfach 288S Blebrrcasse 0-10 eooo FraakfnrL 

Coaceoua .(BM2O40 - 2MI+Mt» — 

iM-RentenloDd* ...)rea(Ja 7030| ..iTl — 

Dreyfus Intercontinental lnv. Fd 

P.O. Box N37UL Nassau. Bahamas. 

NAVJmljS UVS1447 SR) *011] — 

Emson ft Dudley TsLMgLJrsyXidL 
P.O. Box 73. SL Reiter, jersey. 03342«VBi 
EDJ.C.T. 11248 131*1 1 388 

Eurobond Holdings N.V. 

Handelskade 24. Willemstad. Curacao 
taiaSsa Ateatc I air I. |6 Christopher SL, EC* 
TeL 01-847 78X3- THi-x; SS144M 

JJAV per share Jnly 21 5US2020 

F. ft C. MgmL Ud Inv. Advisers 

1 - 2 . Laurence Pouoloey Hill. EC4R OBA. 

01-628 4660 

CenUFU. July IB — | JLSSJ9 | _....| ~ 

Fidelity Mgmt. ft Res. (Bda.) Ud 

P.O. Bo* 070. Hamilton. Bermuda. 

Fidelity Am. Ass..— I SUS26A2 
Fidelity loLFUtMl- SUS2247 

Fidelity P*c. Fd 1 SUS5S89 

Fidelity Wrld Fd~| SUS15.73 |+0.11 

Fidelity MgmL Research (Jersey) Lid 

Waterloo Use, Don St, Sl HeUer. Jersey. 

0334 27361 

Series A lintel ) — 1 095 
Series B (Pacific)-..} t* 97 
Scries D (AmJVsaj] U8.09 

First Viking Commodity Trusts 

* St. George's Su Douglas. LoJt. 

MBS 4682. Lda. Agte Dunbar fi Co, Ltd. 

52. Pall Mall, London SW 17 SUL 01-0007BS7 
FXl Vifc Cm. Tst. _B4J 36JJ +0JI 310 

Frt.Vk.DhLOp.7hc ..(7*8 *0*1 1 180 

Fleming Japan Fond &A. 

37, roe Notre- Draw. Luxembourg 
Fleming July IB — I SUS5*75 | ._-4_ — 
Free World Fund Ud 
Butterfield Bldg, Hamilton, Bermuda. 

WAV’ June 30— — l SU 51 83.76 | j — 

G. T. Management Ud 

Park Hse, 16 Finsbury Cirrus. Londoa EC2. 
Tel: 01-828 SUL TLX. 886100 
London Agents far 
Aeehor'BTJnftx— RtSS.97 II 

Anchor Gill Edge- L9.73 97! 

AflrborlRLFd RSUJ 5ttx 

Anchor In. Jty. Tst . 2*0 298 

Berry Pac Fd. 5US4987 

Berry PacStrlg 297.00 510.94 

G T. Asia Fd HK947 Ifltt 

G.T. Asia Sterliux- CIS 79 1589 

G.T. Bead Fund SUSU2U 

G.T. Dollar Fd. SUS738 

G.TPxctflcPa JUS 1527 


114 7 -: *' - 
UM4| -?*>; li i ? 




u 

+iii - 


*003 2.10 
-OS 1297 
+0JJJ 209 
282 

rsa 88 

147 
-eia 129 
+08fl 580 

, - DU 
+0J8| 101 


Gaxtmere Invest. Ud. life. Agte. 

2. SL U ary Axe, London. EC3 01JB33331 

Ganmare Fund Nm, IF»r East) Ltd. 

ISOS Hutchison Hse. 10 Harconn.Rd. H.KouC 

HKA PSC.U TSL— pfflOJW ftSBrtl 1 220 

Japan Fd ptlSlUB 171754 — ..r 060 

N. American Tsl. Ulmun DttSrt V50 

Inti. Bond Fund — pfSUUlU 8l4Sj I 5-70 

Gansnoce I wwmem t Msp. U6. - _ 

P.O. Box 3* DouclafiloU. 0624 238 11 

Cartsmre Inti. Inc/Bift 22.61 | 10 90 

GsAarore fall. Grth|66J 76-M I 3.00 

aaxabra Pacific Fund Mgmt. Ud 
2110. Connaught Centre. Hoag Kong 
Far East July IB — IBflOZ* OU _..J — 

Japan Fuad ffURL2? *U J — 

Hambras (Guernsey) UdJ 
Hambro Fund Mgrs. (CJL) Ud 
P.O. Box MlGuenasev 048I-26SZ1 


C-L Fond 

IntnL Bond SUSH6*17 


InL Equity SUS 
Int- Svgs. -A* SI'S 
loL.Svga. 'B' SUS 


1460 


3 70 

J 50 

*50 

850 

280 


U-2S 
183 

— _ - .--JlU HI. . — 

Pnces on July 28. Next dealing August 2. 

Henderson Baring Fund Mgrs. Ud 

605. Gammon House, Hong Koag. 

Japan Fd. Jnly 26 — I9PS2U1 2110*0 241 — 

lead. Bona Fd. Annul 2 5US1IMKB*. 
elusive ot any prelim, charges. 

HUI-Samael ft Co. (Guernsey) Ltd. 

8 LeFebvre SL. Peter Port Guernsey. CJ. 

Guernsey Trt. (155.0 ItSJJ -0.4| 331 

Hill Samnel Overseas Fund SA. 

37. Rue Notre- Draw, Luxembourg 

IttBjrC 2U11-01JJ — 

International Pacific (nv. MngL Ud 

PO Box R237. 58. Pm SI. Sydney. AusL 
Javelin Equity T sL.ISa2.D9 2194 — I — 

JJC.T. Managers (Jersey) Ud 

PO Box m. Royal To. Hae.. Jcrsey0534 =7441 

Jersey Extra!. Trt_|174D 185 4 1 — 

As at June 80. Next sub. day July 3L 

Jardine Fleming & Co. Ud 

•Mth Floor. Connaught Centre. Hong Kang 


Murray, Johnstone (Inv. Advivri 

1 63. Hope Si .Glasgow, <: lyilSi'. ' J1 

•IlnpeNt K,l J SftMW ( • — 

■Uunsy Fund- ! 5«’M090 } — , — 

■NaV-JuI} li. 

Neglt SLA. - 

IDs Bouieiard Rtr-al, I u'cm'inur-; 

NAV July 21 | Sl'MUJa ]....[ — 

Negit Ud 

Rank ol llcrmuda BMga, lij.-mlion. lirr. 

NAV July 14 |L5.b9 — J . ..| — 

Phoenix International 

PO Box 77. SI. Prli-r IMrl. iiu<*i*i4rr 
loier-Dollar Fund |K 35 2Mi-3 9Ji — 

Quest Fund MngmnL l Jersey' S.ul, 

FO B»x ItM.ML Kclier. Ji-Ptcy. U.»M 
qu«i Stir Kil Ini I (1 I . . . — 
•Jurat lntl Srx-a. [ i . - . 

Quest Inil. B<l I tl'Sl | 1 - 

Price* al July =&. Next «fc ilin; .Vjc-sI 2 

Richmond Life Ass. Ltd. 

48. Athol Street. Doud34.LO 11 (*?;£?.;« 

lifThP Jvil.-rrTnikl 1093 110 9!— - 

nirbiuond RonilK 177.1 1'A J- -f -; — Tt 

l>u. Ptalioam Bd.. . 124 b Lit 3i 
rre>. Itesld ltd. ... 139 0 
Du. Cm. 07 OZ IkL 1753 

Rothschild Asset Management KM.) 
P.O Box SB. St Julian* Ct.iiuertiw 

|S22 MJ1 . • 2 94 

- 1526 162 Jt) .. . • 7 Z\ 

, ,J1 1 J9J .- j 

145 9 155ft... 3. 5 

[1363 144 4 . 447 

.126 61 27 6b| I P 73 

"Trier* on July 14 Next iP.linc Ju,y 51 
iPnccx on July 21. Next Rt',ilu:g An-'.u_l 7. 

Royal Trust (CO Fd. MfX Ud. 

P.O.Box lW.Knyil Tst llM..Jcnry. OSi^Nl 

R. T. Int'l. KiL IJl'fflE 6 “i| .. ..' 3 53 

RT Int'l Usy t Fd |91 95| I 321 

Prices at July 14. Next dealing .UJRUit L 

Save ft Prosper International 

Dealing to: 

37 Broad SuSL Holier. Jersey • t'-ie-MSI 
ILS. Dollar deasaalnaifd Foods 

Dir. Ftd Int**4 Q22 9731 { 7J$ 

lntcnui. Gr.-t .17.43 S >a 

Far Eastern** K5 02 «3 fcBj 

North Amcncan** . U 79 4 10 

Sepro*** .-11484 16CC1+0J4 

fkcrl(aa-deuouiluated FUuds 
Channel Capital* -[2343 246 

Channel Islands*— |l46S 3542: 

couauKi.*— * Jim a 127 

SL Fixed—* 1113 7 120.' 

■Prices on July 34. -Jnly 19. 

{Weekly Dcaltnwc 

Scblesfeger International Bctf. Ud 
41. LaUotieSL,SL llelicr, Jerw-y. 053472532. 

RA.LI |U E6I -!] *43 

S-VO.I 0.B6 O9H-0il! «, 

GiitKd -. 23 0 23ft .... I 1S8S 

Inti Fd. Jersey 109 IMf +1 32Z 

Intel Pd. Lxmbrx _. 112-05 ILtW-OIT — 

■Far East Fund 96 fail [ 2.SL 

■Next rah. day Angut Z 

Schroder Life Group 
Enterprise House. Portsmouth. <TJ5 27753, 
Interns ttoml Funds 

£ Equity 11173 33*1 

5 Equity 1333 141! 

£ Fixed Interest ]l41.4 05ati — 

3 Fixed laterest 1052 U’B -.... 

£ Managed 1131.2 139 

SManaged [ll9.0 1265} 

J. Henry Schroder Wagg fi: Co. Ltd 
120. Chra pride. E.Ci 01-535 foft) 

Ch+apS July 25. — I 5USXL7V I _... 146 

TrsfsiKar June 30— I SL'Sl2LZ7_j ■— 

Asian Ed. July to — fcsBW «« . — 20 

DariinKFwL HAL87 L93l 5ft) 

Japan Kd. July 13—IJUSJJ8 7.t3=j 030 

Sentry Assurance International LUL 

P.O. Bus 326, Hamilton 5, Bcnntwa 
Managed Fund pUSUW 194*1 I — * 

Singer ft Friedlander Ldn. Agents 

2D, Cannon SL. EC-L 01-2459M9 

Drkalotids IDH3642 „ 27.Kj+020j 689 

TokyoTsL July 5 — | 5U 537.00 \ ..._.| La3. 

Stronghold Management Limited 
PD. Box 315. 5 l Itelier. Jersey. 0534-71451, 

Eottunodicy Trust . . (9L10 9593] J _ 

Snriavest (Jersey) Ltd. (s) 

Queens Hk. Don. Rd SL Rrlier.Jsy. 035i SR3C0 
Americno Ittd.TsL.U7.95 BUj-OC 

Copper Trust IUX23 11501' 

Jap. Index TsL {U2.06 1237 

TSB Unit Trust Managers iC-I.) UiL 

Bagatelle ltd- SL Sariour. Jeecy. 0534 72-34 

Jersey Fuad — 1473 50.0id j 4.89. 

Guernsey Fund — [47 5 SC.0ca| I 4fl0 

ITt co an July 26. Next sub. day Ausuu 2 * 

Tokyo Pacific Holdings N.V. 
lotions Management Co. 5,1’., Canon, 

NAV per share Julf- 21 J14C& 1 

Tokyo Pacific Hldgs. (Seaboard! N.V. 

lntious Manage me ni Co. N.V.. Cur.ioao, 

XAY per shore July 24 5US45.ca>. 

Tyndall Group 

P.O. Box 12SS ffareflira S. Bermada. 2-27fin 
Ovcrscu Juiy2G — EVS1U 12^el*PP!j 6 -W 

(Arcnm. Uattsl — BlSlSi ' 

3-WaylnLJuly 20 -.fipsau 
2 New SL.SL Heller. Jersey 

TOFSL JulyZI JC7.60 

lArrum. Sbarvsi - . fU2 15 
Amerlcaa Jnly 27- 84 5 

■ Arcnm shares, — 845 

Jersey Fd July 26_ 1*3 2 
(Noa-J . Aee. Uu I— .[280 2 
Gilt Fund July 20. 1ib 8 4 
l.lccuat. .sbareii.- [1400 
Tktasy Hanse, Draglas. 1 sir of nan. 0 B! 4 241 : ». 
Managed July 20 |1303 137 2| .. . | _ 

Utd- IntnL MngmnL (C.I.1 L'.d. 

14. Mulrarier Sire»-L SL HeUer. Jci-*-y. 

UJJLKand ^-PPSHH lOftl .... [ 3.14 

United Slates Tst- Inti. Adv. Co. 

14. Rue AldriDCff. lgirtrahnurg. 

Uft.TsLlnv.Ftid 5106? 1 1 DTC 

Net «„«i July ai. 

S. G. WarbnTg ft Co. Ud. 

3(1. Gresham Street, EC2. oi 400+508 

Conr.Bd.Jul^M— I _5i;S9«, |-CQ1[ _ 


Uj-OM — - 

Hum r 


- 

8534 3722 Hi. 
820u3ri) )ri 690 
35 051+0 15J — 
905 +;o| 203 
90.5j+ia — 

210 Z -2ft 7 43 
297 2 -30- _ • 

110.4 +0 l 1C 37 

K2nj+1B| — 


Dncy. InL Ju 
(irM-Sm June 30 
MercBbd FdJ ulySB ,|U5UJ2 


susis at too: _ 
SI’S ? M 

ua-. 


+0DM0J901 

Warburg Invest. MngL Jrsy. Ltd. . 

1 . 1.: ha ring Cnws. Sl Heller, Jsy. l’5 l£M 73741 

CMFLid.June2»_.|SrsiLB 12471 I _ 


Jardlne EkUlTU-.J 
Jardioc J'pn.Fd.',- 

JardlneSRA - 

JarUtno Flem.InL— 
IntU’ac.iiecsJliK.I. 

Do. (Ac cum. I 

NAV July M. 


5HK293 94 
5HKMZ70 
SUS1722 
. 5HIOU) 55 _ 

(nooiff um 

5IIKU09 . 

Equivalent JL'ETHjXJ. 


SISTLH 

1217 

1 

£1277 

13 10] 

ff 1 

UL» 

12 1G 

| 

ILSUL-O 

IB5T 

1 

£1036 

10 63 

..._ j 


Next sub July 31. 


230 Metals Trt July 30.. 

0 90 TftT July 14 

180 TUT Ltd July 14... 

— World Wide Growth Mtmageinenliji 

~ lUa. Boulevard Royul. Luveaibeurri 

Wurlil Velde Gth Fd| Sl'i.15.99 1+0O91 


NOTES 


Prices do tm include $ premium except Where Indicated +. and nre in pence unless elbcruv'ai 
indicated. Yields % ishcnrn in last cehiDUii allow far all buvmq eypearos. ■ itflered an -ex 
Include all expenses 6 To-day'* pro-PL c Yield based on offer price d Eatimiitivl c Ti=dl-'- 
opening price b Utttrtbnnon Irocol U.h. laxes p Periodic premium insurance plait* s S nri.' 

ssxsjl°MiK zansLssn «aL®p2g 

• Net - us - realmed^eajjitel ***«- d SutP^' 


CUVE INVESTMENTS LIMITED ‘ 

1 Royal Exchange Avc.. London EC3V 3LIT Tel ■ Ql-'HQ t-m 
Index Guide as ai lSth July; 197S (Bam- 1U0 at «. I.^i 

Clive Fixed Interest Capital 

• Clive Fixed Interest Income nS70 


COR.AX INDEX: Close 4S7-492 


INSURANCE BASE RATES 

t Property Growth lr 

t Vanbrugh Guaranteed 

t Addr-w, shw* n iindi-r idsurancr- and Tra^rtr Rond T ah “„ 






jrhKBtdal Times* Friday My -28 1978 


er* 



BlfuKiMd 
Engin e e rin g 

RIVETING SYSTEMS* PARTS FEEDING 
ASSEMBLY SYSTEMS* OTHER AIDS TO 
INCREASED PRODUCTIVITY Send for JS : 

'The Guide to the BE Group" 

Bifurcated Engineering Ltd. 

P.O- Box 2. Mandeville Ref, Aylesbury,' 

.Bucks HP21 SAB Taf: Aylesbury (0236) 5311 


IT SHARK INFORMATION SERVICE 



BONDS & RAILS— Cont. 


BANKS & HP — Continued CHEMICALS, PLASTICS — Cont. 


ISIS 

Eth Ltc 


BRITISH FUNDS 


Sleet 


I- pH Y>M 
| — 1 Tot. | Bed. 


im 

ffiefa lew 

42 
65 
821’ 
7** 
1265 

(iff* 

m 

DMfi 
94 


Stock 

Kune. 'SI Ass 

Iceland f? -pc "8S-B8 
Ireland 71 ;pi' '31-83 

DaSftpcHI *»_ 

[Japan -Ipe' to. A k_ 
Do6pc838a 



♦ w 

ni+. *1 

£ 

— 

Gre» 

' SS 


'4k 

65 


- . 

82ft 

-ft 

71? 

82ft 

-ft 

9 ft 

390 


— 

69m 


6 

140 


5 

75pm 

S94k 


6*’ 

9 

DM91 


f’ 

97 


3*i 


•Shorts” (Lives np to Five Years) 


Peru Ass.Tpc 

S ILL S’pc 1980 

rrunn9pL'I991 

[Turin 6ftjK- 1S&1„ 

.IniaiaySkpc . 

C.S. $ & DM prices exclude inv. $ premium 


Red. 

Yield 

5.00 
12.60 
12 32 
1276 

1X05 

216 

8.67 

952 

10.70 

3.80 


.20E-ifi 
97 
l 57"- 
3M.L 
*bk 
1031s 
i02'X 
95 ; s 
°V-e 
110ft 
ICuft 
91’; 
101-4 
07 ", 

ICO 4 
97 \l 

O’ . 

Ilf* 

,84.4 

*>V 

9e : e 

IGCft 

Oil, 

85' 4 
114ft 
IOC; 

fW.i 

1 .3' 

I 8«; 

I 7!? 

115ft 

54.- 

3061; 

73' r, 

llZ’i 

c:; 


2 IF; 
72 ft 
120*4 
I’Si 
2141; 
r--, 

2064 

5; - . 

Cc 

1144; 

90 1, 

131” 

3175; 

53 

215'4 

98-'; 

89ft 


9cC 

421- 

801 

7b r 

■£? 

>‘■4 

•4 1 * 

• 24 


* SS 


lOl.ilT^iury lifters -■ 


o?.y 


E-cblpc -76.78“ 


44 

«5‘« 
«*+. 
44 -j 

V* 
2T-i 
92 1 
*13*4 
103* 
69 : i 
88*4 

4l"« 

Cil, 

C4T- 

101 , 

91"- 

E2"; 

106ft 

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lyeasurv.’-l’p' 11*798 1_ 
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63’- 
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n rea: V.mable £’i5f - 

lTrcj. ciy Sftpe '33 

h ?ftpc li*C 

En.'k5*ipcl»E.\ 

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Treasury S'.ipc'6il.~. 

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Eunl'ip ffl'tWpd .»| -95 

,'r\indin-;5 , j» | : '82 -W“. | 82ft 

Treasury 3 ;uc 
Fundi n-.'bkp*: ft>87“ 

Tr-.Aury Tftpc Tfrffit;. 

Tr3U’p , »r! "pc 7W8 ... 

Tn.'.'tours apu 'S-89 — 

Trcajary Mpr l9PB+_ 

Tre*unW. 373ft: 

Treasury H’apc !Sai .. 

K'-ndii-; Sftpe "8I-91tt- 
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rT rc.vurv !upc 1992 — . . - 

plirli Cftpctt* 9T»«*Ul-*« 


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Ri'iempUfiu jp: 1SK-96- 
Treasury I3*«pe 97“ 
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Trei.un S-Vpc ! SffTS - 
(Twaiur- ttp: 95-iBrt. 

rear IP-p.- ■9Rtt 

Em-Il UJX 195*8 

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l Tr.;;-jry8pc7E^«t7. 
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Ccr.uiL’-pr — 

'Aar Lean 3*;pcS 

Conv 61 Alt—- 
Trca:u.T3pc66Ait 
O'lBJolr^’pc— — 
TmasaryS-arf 


100*8 

64*2 

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98*sd 

80 7 e 

96*2 

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85*4 

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31*4 

1197b 

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87*« 
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49k 
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504 

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314 

4.43 

10.45 

3.65 
9.17 
9.63 
3.72 
557 

1251 

1X39 

3.88 

10.06 

880 

9.90 

348 

1017 

1X22 

908 

354 

12.99 

10.28 

902 

9.94 

994 

9.54 

3.72 

11X69 

10.00 

1057 

666 

9.65 
8 29 
9.53 
4.70 
754 

12.44 

11032 

12X2 

880 

1253 

1164 

12.41 

1251 

9.63 

12.86 

12.92 

1256 

1X38 


9.15 
939 
7.09 
7.B7 
10.03 
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10X3 60*2 
10X8 31 

6.95 n 
8.61 33k 
10.97 '15H 
1X02 29*a 
7.84 19 j* 
11.10 
10 82 
LUO 
816 
10.62 
11.12 


AMERICANS 


10.73 42S 
8.02 48k 
1131 27U 
1X44 22 
10 96 11 
1X36 21*4 
1X38 14 
1X16 25 
8.17 IR-a 
11X4 31*; 
1X26 26 
25*. 
28 
47k 
31*2 
2fc l ; 
40 
12*4 
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32k 
41*4 
25*4 
44k 
24*’ 
50 
14* 


W8 

High Lm 

13k 
60U 
22 
21*4 
11 

w 

w- 

13 

625p 
857p 
41^ 
30*2 
28*4 
32*4 
177. 
13k 
765p 


327 1 

23k 

Us 

13*2 

65 

48 


1X36 
9.68 
10.76 
10X9 
1096 
8.47 
10.07 
12X4 
1X37 
1235 
10.83 
1X46 
1X14 
l 2 -'* 224LK71 


Stock 

ASA , 

AXFb°.C«iv.’87-.l 

Amu SI 

.Amencan Riprfcff 
.Amer. Medic. lm.-( 

.AsbtcoIjk— ,1 

Balrwlnml Gvro.SlJ 
Barnes Urp. 58*i- 
Bcndi^Cora Si — I 

Bah. Steel ffl | 

Brown'gFer.cIPj 
Biunsmi-kCorpn.lL I 
BunwiehsCoraBI 
ICBSSL30 


i+ «ri Drr. | (YTd 

1 - l Gum ICctIGt's 
X4 


'•PJC.SL 

CaterpUlaiU 

Chase MTrtaJl 15_ 
ChesebrougbSl 
Chrysler 56*4 — 
13*2 Citicorp M 


733p 

iS 

29 

a 

22 

17k 

28k 

670p 

ll*a 

20*4 

26k 

lb*s 

295; 

15k 

28 

750p 


12.45 

6.70 

11.98 

1X63 

1155 
1311 
1X73 

6.B9 

1X74 

1X13 

1156 
10.95 
113.09 
1X56 
1X85 
12X5 

9.62 

1X87 

1X64 

1X98 

.1254 

1X43 

11.40 

1018 

1X60 

1X14 

1254 


52*4 
1X51 2T a 
1X23 976p 
1X70 28 
1X70 32 
1258 41*j 
1X92 17*; 
1X51 18*3 
9.75 21k 
1X29 27*4 
1X60 30k 
1X04 17k 
1X88 22k 
1X66 57 6p 
9.64 2Fi 
1X67 19k 
1236 3b>a 
1103 33': 
11.79 27k 
1X89 161 
1X61 975p 
1X14 22. 


1X42 

10.91 

1X08 

1X89 

1X06 

1X54 


40 

13k 

38*8 

24*, 

17 

Ai> 

975p 

14 


34 

735p 

705p 

IB 

20 

13k 

14k 

15k 

3f 

jft 

IB*’ 

111 

22k 


131 


titv [nv.SL2S I 

Dai3n.Prf.BSl.-l 
Colsaie-P. SL 

ICoitIixfc.Sl I 

IConX Illinois S10 — | 
taint. Oil Si. 

fcxwnZeU.S. 

ICutier-Hammer&a.l 
Eaton Ckp. SO. 50.,.. 

Ennarlr 

'Eonrall 

IFi restone Tire I. 

First Chicago j 

nuorCorp.Sk. 
Fmd3J«MSX_ — | 

CATS 

ilen.Elef*32ij- , 

Gillette SI 1 

Honeywell JL50 — I 
Hutton EF. — 
LBJLCorp SS. 
IncersoU-R'S2._ . 
ilnt SstemsifuaSl 
LL 1 . Intern ationaill 

Kaiser AL S*j 

,UanT Han.tfSSTSn 
Morgan iJFi CSKj 
N otion Simon IntSL 
Cwens-Ul.S3.IS_. 
Quaker Cuts US$5 _ 
Reliance S025. . _ 
Rep. N-V.Cbrp.S5. 
RecnordSo. 


lii 

+ {* 

A 


% 

+k 


Richdsn -MrriLSlk | 
SauliB F.i$l- . 

Shell Oil Si 

Singer 1SIO1 — — | 
Sperry Rand 50.50 _j 
TRWtnc.Sl*4~ 

Tenneco — 

Do WtiLn-SiL 91-85 
505 d TesoroPt VS50.I6 *j_ 

167, re£K-oS6.25 

227 fi Tune Inc 

865p TransamencaSl — 


21*4 

17*4 

2% 

385p 

10k 


UW.Tech.SUS5- 

KA Steel SI 1 

WoolworthsSS*;. 
3CeroT.Corp.Sl-. 
Xonkslnc. 10c — 
ZapataCorp 25c. ~| 


S1.80 
60c 
SX12 
SI 80 
SX00 
10% 

sxoo 

SX50 

80c 

SXOO 

SX60 

SX40 

SXOO 

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s3flr 


u 

0.6 

1? 

3 0 

xi 

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xol 

3.1 

3.7 

23 

tj 

bA 


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-1- or 

Dir 


High 

Low 

Stock 

Price 

— 

Net 

Cu 

74 

% 

Kins &Sha+3*p. 

60 


344 




90 

?A? 


100 

+1 

4.13 

- 

?97 

Lloyds £! _ 

260m 


+9 23 

4.8 

SO*? 

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MxKonFin'JOp. 

49 

+i‘ 

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V34 

105 



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■590 

3W 


365 

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14.97 

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£95*. 

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£86*2 

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62 

360 

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235 

81 

172 

66 

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71 

+3 

-1 


« 

4.6 

445 

550 


405 

+5 

11.72 



190 

SvcnunheMCEI. 

215 


13 54 

— 

92 

70 

Smith A. Aub . 

76 


509 



477 

378 

Sand'd Chan £1. 

408 


14 64 

Q34 

S9 

35*i 

Trade Det.SljO. 

59 



Q55c 

32 

356 

790 

Union Dm£1. 

320m 

+5 

hl6.05 



48 

5? 

I'.PT. .... 

41 

-1 

— 


f 74 

nsft 

WellsFareoSo 

£21*4 

■eft 

5140 

— 

70 

60 

Wintru«l3)p. — 

69 


3.08 

— 


41*2 

£61*2 

8 

111 

43 

14 

105 

33k 

20*2 

48*2 


33 

171 


ISJE. U«t Premium 45V« rinsed on USSX996S per 
Conversion factor 0.6838 (0.68861 


INTERNATIONAL BANK • 

| Slk |5pc Stock TT-3I 1 84 | 1 5 95 [ 937 

CGSFORATION LOANS 


>)K 

4 f 


9'r, 
l 04* 4 
a 1G7 

■f 

cm, 

, 292*2 

! ?•; 

S sii- 

1 S 

25k 

«*'.’ 

106a 


**>4 

88*4 

100*4 

100*4 

CJ)1, 

40*4 

25 'I 
“1 
Ci’. 

Sil; 

76*2 

co 

22*; 

•*1 

94*4 

lOCi 


ainr'kunPaPcTVai- 
BnaoiT^pc 1R8I — 

CU’ Ili-pCS 

Dn 12*5*'. 1983 

Glasgow 3 l ipc'8Dffi — 

:iiert> 'kpoTB-fi* 

Lr. epooi ?4?c TS-78 _ 

Do 0-4tx--ft.*61 

Di3*:pi-LrmL... __ 
U»n Crop S'lpcRMS. 

LCC.6pc”»T9 

Dontju-Ti-SI. 

Duc*jtcT3*M 

Do5CpCb5«: 

Ivtftpv'SMO 

I*; 3pc IS) ,'Jt 

Middst. 5*«pc 1980 

Nei*ra#Ue9*4(xTW0. 

T.'jrwicfc^isai— 


14, V 

3140 37k 
ix65 m 
13.72 630p 
1X94 2^ 
1X67 1W 
10.46 32j 

-ItVi 

15*s 

830p 


COMMONWEALTH & AFRICAN LOANS 


t|tn- 

«v 

sz - 4 

cat; 

95k 

«r-*4 

95k 

70 

?D 


c 5*s 

o;i- 

82-4 

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31*4 

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i; t*-; { 5^'’ 
t-cj;. 1 SD-’i, 
1 "tl., 2S 1 ’ 
|ii*7* 
1 95k I S7 


Aurto'.'P'- i>78 

PaSjpc T7-80 — - — 

Du 5*;pe 81-ftt — — - 

NZ-ip»'7S-78 

Da^-TWfl 

Lw 7*:pc -S36H 

SAAlni-aiHjx: 79-81.. 
iCh.Rhf.i Ii’pc -65-70- 
Ite.uiicTMl 

LOANS 
Public Board and Ind. 

\ Tic lit Spc SHS — 

Ak an ltH.-pc ’33-94 — 

Mel Y.rr :10c -9 

U.S.M.O Si»- 1382 

Ih'.tnihaiit Warrants 


IP" *4 

i. a if*: 
E1J: 


1 201*- 

71** 
I 71k 
l IKij 
!- £1*4 


IPX 

102 

1G2*; 

7<*u 

7 y\ 
39k 

9Gk 

90k 

6*k 

62 

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rmipe i°6i 
Do i-*rv 79 
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iLFrs^-iv’b.'SCLa;- 

i-ft6Up<rk.-81-H 

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Do. ll'ipc I'nsXn. 90.. 
Dn TiiPc-VDt* ■RLKL. 
D« 7*.ocAPb.Vl W— 

Ito <>pe A Vl-W. 

;1Vj.3-jx-Ul H-97... 


FOREIGN BONDS & RAILS 


1 _i9T5 

I ETigh L«»a 
'• *• 


fl 

44 


Sswfe 


IT 

y~iiL-i.j--.jRh 

24 


— 

■,* 

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40 


— 

03 

■'hilian Mr.e-1 

98 id 


— 

5fi" 

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410 



4d 

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54 


3 '6 ? 

hO . 

-‘"f-ift .v* 

51 



1 Ail 

1 ,pv Mi\od .ft-i. - 

43 


4 



BtMantreaiE 

BtNovaScoL 

Bell Canada $25 — 

Bon VaUeylL 

Brascanl 

CanJmp.BbS2 - 

CaiLPacifk S5 

Do.4pcDeb.Cl00. 
Gulf Oil Can.H.. - 
1 EUwterSid.Can.U- 
RolLingerso — — 
Hudson's Bay II — 
Had.B0il*!.S2*;— 

Imperial Oil|l. 

i loco 

• InLNatCasSl — 
1 Massey Fec2.1i—— 

; Pacific FeLSI 

Place Gas SL 
Rio Alenin...— . 
, Royal Ek-Can. S2— 
1 Seagram Co. CS1._ 
.1 Tor.Dmn.Bk.Sl_ 
880p|TransCan.Pipe — 


CANADIANS 

15 i 


22k 

n«i 

aS£S 

TtP, 

S 

13 

12k 

790p 

gp 

“I 

13*4*3 
10k 


:is» 

-10 

a 

3 


sxi 2 

96c 

S4.2 


$L44 
97c , 
494 
SI. 14 
40c 
S2-06 
69c 
SL«J 
86.4c 
BOc 
80c 

9X6c 

SL08 

5X50 

92c 

80c 

103c 


Ill'S 


o.9 


PTE 


8 6| 
b 

5 ?i 

q a 

5 0 
6.1, 

a T 
56 
65 
<13 
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loo, 

73 52 
61 

7.5| 


ins 

High Low. 


5 2 
121 


Hire Purchase, etc. 1 


31*2 

£35 

8 

85 

30 

8 

85 

23 

10*2 

38 



41 


d2X3 

2.0 

8.1 

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£60k 



- 

25 

Credit Data IDp- 
liDibt'Sntili. 

8<! 

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- 



97 


+4.01 

2.4 

bX 

LndSrot.Fin.lUD 

36 

lM ... 

SX9 

3.0 

79 


10 



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Prov. Financial— 

IDS 

+1 

494 

23 

7.0 

Sais. Credit IOp. 

27 


htLSl 

23 

7 J 

SturiaHldSf l(rp 

16 


— 

— 

— 

Waiiuu Finance- 

41 

-i 

hX09 

23 

7.b 


92 


10 3 
5.5 
18.1 
9.4 
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43 


BEERS, WINES AND SPIRITS 


258 
51 . 
Ill 
78 
122 
51' 

157 
160 

63 

152 

193 

26 

54 

119 

Z78 

191 

158 
116 
155 
320 
510' 

70 

71*2 

117 

124 

to 101 

3 212 




78 

30 

137 

196 

37 

92 
66 

100 

40 

114k 

140 

55 

114 

163 

18 

43 

93 
1213 
153 
127 

83 

109 

1270 

360 

50 

62 

95 

94 

82k 

185 

129 


Allied Brewv — , 
Anal. fetPr 10p -| 
Ea^'.'har’pjo- 
Bell AnhnrSOp.. 
Beihaten Brewery 
3o<fdmgU>ni — 
Border Brews _ 
Bman i Matthew 
Buckley ; Brew.. 

BuinuiOLP.* 

Burburwood 

City Lon. Def — 
Clark (Matthew;. 

DistUer?50p 

GordoniL'lOp- 
Cough Bros . 2Up. 
Greeaal] Whitley 

Greene Kuu 

Guinness 

HidiL'd DiM.a)p. 

Inrerporkin 

Irish Distiller _ 

|Macallan.irlen_ 

(Morlaad£l 

iSan dcmiux 

ISojtti\ew3jp . 

IToiLalin 

IVaux 

iWhithread 'A' 

[Wole-. Dudley — 
Young Brew A 50p] 


86 

35 

164 
250 

48 

105 

76 

114 

47 

128 nl 
158 st 

63 

144 

193 

24 

54 

119 

277sJ 

165 
135 
lib 
154 
315 
510 

60 

66 

113 

118 

97 

208 

155m 


+1 


+1 


+1 


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t3.99 
0 76 
t4.91 
b4.85 

6265 

355 

T3.98 

X82 

6.70 

3.45 
244 
7539 
737 

284 

tX66 

7.37 

♦7.13 

X94 

22b 

♦3.60 

4.69 

1X64 

234 

3.46 
3.05 
♦4.0B 
4.00 
♦553 
323 


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351 

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q3.Q 

T9 

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28 

24 

25 
3.9 
42 

23 
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26 

24 
29 
3.0 


10.6 

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10.1 

15.1 

147 
110 8 
1X2 
9.9 
4 

i£; 

8.4 

87 

13.7 

8.4 


35| 3.1 


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135 
85 
187 
10.B 

10.4 
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15.4 
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68 

14.0 

1X1 

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13.8 


25 

ZS 
2 3 
L9 
3 

4. 

16.7 

55 

25 
35 
3 

42 

5 

26 
0.6 
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£l| 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


Stock 


tea 

:?5 

yjsnn. r ” ■■ 

:'4r. 

lift 

F^Kend.J.MOp 

•>7% 

196 

Hksi Bcich.i(Si. 

5»4 

37n 

Hoech?: DV3 _ 

£125 

v.\z. 

Ik-?:’ IWX'r.*:*. 

V*» 

378 

Imp • ,nem C . — 

49 

41 1’ 

Du V'Pi.ii 

77 

6'* 

IntParo: 

117 

£301’ 

97 

91 

£2?k 

77 

Lapnto L-Ki 
Nur*tH.Kr20. 

PF.rjIOn 

?>? 

140 

HananmWni :te 




67 

55 

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7? 5 

’90 

<euL AS laiCl. 

167 

108 

Sewar HtfJis. 

17*- 

5!’ 

T'-.e+trEjrier.l'.'b- 

73 

lA- 

Wardle'Ber.iIOp 

770 

167. 

Wolstes holme 

109 

ta 

AortaCtems — 


Price 


366 

22 

192nl 

496 

ms 

391 

& 

116 

<26=; 

92 

225 

57 

65 

225 

162 

S’ 

22k 

220 

106 




+22 

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5Jj 

271 

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6.41 

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3 

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nil 38 
51 24 

59 4i’ 

102 10S 

* 45 
S3 64 
107 59 
3 -2 & 
73 17*’ 
— 83 70*2 
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0.69 3.0 5.9 8.7 Ml 
129 X3 8.6 4.9 66*j 
7.94 3 5 5 4 8.0 35 

■454 72223 72 1X0 19 
39 

CINEMAS. THEATRES AND TV | ! | 

69 l\n;Lafv'“A-— 

90 |.\; ! Tele “A" — 

32 jr.rampi a.t ‘A* iOp 
55 (Green iL'ouein? 

18*a IH'w'rU Wy'aCOp.. 

108 yrvN". 


*- m 


Kt 

Vt 


13.04 

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♦h351| 

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16.77 

3.55. 

X32 

6 87 , 

SSI 

♦283 

163 

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1X19 


l"ld 
CtT Ur’s 


ENGINEERING— Continued 

]+ «H Dir 
Price J — ] Net 


8* j 1 5*a . lAs&Brinsb Iffjp. I 


4.3 u: 

7.3 
3.1 


25' JvsaeTbriint: 
18k ViralndT. iup~ 

\uniroH!<t= 

\u4m' J amrti — 

Asey-i — — 

Bal«uck&t* — 
;EaileyC H..- — 
R.iker(vrk.SOp- 
Bamf ortfs 2f*p — 
42k ]Eanrni'oito.aip- 
38 |Bjnoni6unr._ 
Beatuonl Kip — 
Bc.aniD F i5fi. 
BmudQuatcast. 
BrauhatMird — 
BTum rallel tup 
Blacks dlWae. 
BonscrEng uup- 
Bouliontiia l')p. 
Eralum Mill ll>n 


90 

119 

40 

65 

32 

127 

135 

76*; 

72 

58k 

69 

26*2 


106 LWTA 

641, EcdiijTPreti!- 
52 SttoLTV-.rwp 
45 TntftTV'.V !0p. 
52 CleerTt'-A" — 


84 


+4X4 

31 

73 

119 

+1 

6.65 

<t> 

8.0 

37 

-1 

773 

2.7 

9.0 



Q4X3 

+034 

23 

6.5 

309 

118 

64*2 

-1 

+S6.70 

+6X8 

6.15 

23 

23 

293 

92 

80 

142 

59 


740 

6( 

6.1 

50m 


+787 

2.1 

B.6 

66 

-i 

+3 99 

? 6 

9.0 

25 


TX68 

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10.0 


M a 4 , 9 . 

64104 


93 45 
1X4 71 
6.7 3| 
7.4 ' S 


43 

16 

59 

58 

58 

47 

21 

IS 

■8 

32 

4** 

74 

75 


• 7 
■ 33 
Z4«ri 
93 

104 
168 
134 

6 

105 
33 

64 
59 
46 
17k 
59d 
SOrt 
91 

65 
28 td 
.16 
38 ul 


aithuaitet! 125 


4.2169 


6.5 

7.9 


DRAPERY AND STORES ' 


34 

3.0 

5.1 
03 
4.9 
33 
3.4 

1X3 

2.8 

:.b 

1.5 

LO 

25 

3.1 
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1.8 

X5 

X2 

3.0 

X3 

0.0 

45 


SX. List PmnlDin 45Vb (tased on $21483 per £) 

BANKS AND HIRE PURCHASE 

1+ mi Div 
Price j - I Net 


Financial 

102*«*d 
105 
107 


Stock 

[ANZSAI 

Alexanders D.£l 
.Mnmene FlIOO 
.Mien Haney £1. 

Mlied Irish 

'ArbnthiMlLEI.. 
[ Rant: Amer. S La65_ 
Bfc Ireland fl.„. 

Do. lOpcOmv... 
BLLeunu l£l._ 
BkXeaniitUKlEI 
Bt N5W. SA2 — 
Bank Scotland £1 
Bantery N.YiLO. 

Barclays £1 

Brown ShiplerCl — 
PJaer Ryder £l _ 
InireDis'ntaJp- 
Crnn’l Aus.(SAl>_ 
QSIijCcm zhk DM10X. 
— CbgaHbLKrlCO 
__ JCorinthbn 
£13^|Cred. France F75 
Dawes (G. R.) — 
PeotscbeBsnkUIOI 
F. C Finance ., 
First NatlOp — 
Do. Wrm. i >83. 
Fraser Ans. I0p._ 
Gerrard Natal 

Gibbs i AX 

UiU«tRnn.£l- 
Goode D'l Mry 5p 

Grindlays 

Guinness Feat— 
Hambro'. 


na 

Or Gris WE 


Hill Samuel — 

Do. Warranl? 

'HoosShnqSlaiJ, 
|4essclToj-nb«_ 
[Joseph (Leoi £1 - 
KeyserUUmann 


275 

+2 

tgi8c 



3.7 



245 


14.55 

— 

89 

— 

£123*2 

310 

+10 

tffS 

25 

4./ 

9.4 

8.8 

— 

206 

+1 

7.61 

— 

55 

— 

195 


10.23 

— 

9.9 

— 

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405 

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— 

28 

5.6 

— 

087 

+6 

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— 

£5.4 

— - 

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Q16% 

— 

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— 

160 


7.47 

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7X 

L4.0 

545 

278 


AS 

56 

3.4 

59 

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£28 

342 

& 

«3.U0 

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5.9 

57 

210 


9.41 

— 

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— 

255 


h.17.1/ 

— 

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— 

78 


4.85 

— 

“j 

— 

704 


gibe 

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b.t 

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£17*8 

+k 

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27 

— 

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— 

6.1 

— 

?4 


0.71 

73 

4.4 

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£23ft 

17 

£1X4 


Q9.87% 

— 

28 

— 


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20 



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Z03 

26 

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— 

— 

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178 

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7.1 

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48 


7.23 

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— 

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— 

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— 

23 

+2 

0.15 

— 

01 

— 

17.9 

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274 

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46 

238 


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— 

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— 

i6om 

-4 

9 7b 

— 

9: 

— 

92 

-1 

4.4/ 

— 

8.1 

— 

375 






— 

— 

174 

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— 

2: 

— 

98 


hi 32 

— 

8.5 

— 

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S./4 

— 

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51 


0.6/ 

— 

20 

— 


95 

,164 

17 

76 

251 

34 
15 
SI 

128 

28 

31 

57 
69 

78 
272 

75 

108 

41 

156 

62k 

58 
204 
190 

40 
26 

48 

58 
8B 

38 
200 

46 

104 
99 
75 

105 
233 
94' 
99 
95 
26 

79 
26 
25 

47 

35 
17 
47 
35*2 

66k 

31 

49 
68 
86 

39 

41 
81 
DO- 

59 


65*2 

30 


FINANCIAL TIMES 

BRACKEN BOUSE. 10. CANNON STREET, LONDON EC4P 4BY 
•Tele-. Editorial 885341/2, SS3S97. Advertisements: 885033. Telegrams: Finaniimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: 246 8826 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Am*Ti’MaiT>: P.'" 1 Bt*:; !U9t\ Arustcrdam-C. 

T«'!o\ 12171 Tel: 2-tO S3S 
F-.rmim.-h .rn Grmw Hcuw?. Gvmse Bnad. 
T.;k-\ 3JK» Tel iXtMM <W— 

m-: nIi.hu II IiM IlcusualtoC 2-10. 
Tflvt 63 tiXrU Tel: 2100^9 
Vm.4t.ls 39 Kuc Pur.il<-. 

Tvl«-; S3H Tot- 51-9037 
Oiirn: P" L4o\ aMO. 

Tel: 334510 

Dultlin: 8 Kitrwilliam- Square. 

TcitX MIA Tel. 7853^1 
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7 el.-. T1S64 Tel: 0311TB -H20 
Fr.mkturt In: SnelwraliiKfr 13. 

Tot:--- 4liU£: Tel: OSB73U 
J nti.l nne.-bu r-. - P:>. IVix 7 148 
|..|, x Tel- 83W-7MA 

l. 1 -him ’t.m •*.■ Atcun.i 58-1 P. Usbon - 
r> «— . i-x<l; Tel :ac: a* 

SI r.nn-t- K>simi»-vda 3X Madrid 3. 

Tel- -HI 'GTJ 


M.i nclieMcr Qurren’s House. Queen Street. 

Teles U688I3 Tel: 081-834 938 ( 

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Telex -I 271 u4 Tel: 211 30* 

AV.-i’liinetnn- 2:iri l-7ner. KCtfl Fl Street. 

NW. VVa-li melon !■ «" a««M 
Telex 44lLSa Tel: |202i 347 6678 


■34 

79 

76k 

90 

59 

207 

53* 

105 

160 

93 

121 

81 

31 
48 
87 
56*2 
16 
68 

39 
103 
140 

iss 

1C8 

280 

57*; 

113 

175 

147 

139 

152 

36 

B9 

lino 

41 

40 

Qi>2 

38 
43 
55 

9 

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lw 

144 

|177 

39 

(119 

49k 

nib 

46 

45 

32 
W3 

84 


81 
138 
13 

59 
203 

31 

10 

44 

98 

201; 

15 

47 

60 

64 
1220 

61 

75 

21 

24 

48*2 

36 

153 

170 

22 

20 

40 

40 

m 

62 

80 

65 
84 

2U0 

53 

69 

68 

13 

60 

19 

19 

15 

«■ 

26 

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69 

30 
21 
59 

138 

41 
£220 
64 

72 

66 
55 
22 

104 

|125 

108 

s* 

1162 

90 

79 

10 

31 

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88 

70 
57 
61 
61 
74 
38 

170 

42k 

84 

109*; 

73 
88 
57 
13 
38 
73 

32k 


Geuffiv- lU’ad. 


AO \ 'ERTISEMENT OFFICES 

r.i-Ri : n:linni- ' -Vi-r^e I tnu -e. jje 
Tulex :ia*rrt> Tel. 1C* lOl 
Cilinliur^i.- :»7 lieorue Street. 

Tele*: Tel: (Wl-ISM 4189 

T'r.iiiWun- iitt S.ic h*:enl.«aer 13. 

Tele-: l«2t»3 Tel: SMtofT 
Leeri;- Permanent House. The Hoad row. 

Tut. iCC-S 404989 

Ccnlra , and *• ^ ^ 

. Enr lurfber details- pl«ew cvntaet. 

Overseas Advertisement Department. 

Financial Times. Bracken House, 10. Cannon Street. London Ei4P 4B\ 


M.ini-hc.'U’r* ijucw'f 1 I«>m«* Quoen Street 
Telex ewiai3 Tel: Udl-834 f«»l 
Kvw VorV; 7 r . B*.d»feller Pl.ira. N.Y. 100 IS 
Telex ^384u9 Tel: CJTi 489 8^00 
Paris; Zt6 Rue du Sender. 7S00U. 

Telex 2S«H4 Tel: 2a&8d01 
Tokyo: Ka.-i.iham Buildinc. 1*10 Uehikanda. 
«,hiyoda-ku. Telec J 27104 Tel: 293 405*1 


j- SUBSCRIPTIONS ' d txiotrinlls wnrldwidrt nr on rncular subsc.ipliun irum 

Copies obLHiuiUe ,rc ™ u ^ n pu^' ^pwruBeni, Duumual Tuaea._ Utuduo 


Aberdeen Codsl 
lAberthawirec... 
.Allied Plant! Op. 
Armiia^e Shuts.. 
!BPBlnds.50p_ 
Baspendre Brk. 
Bailey Ben 10p_. 
Bamoenrerf. . 
Bama Dei. !0p. 
Becchwood lup_ 

Benlox20p 

Benford if l(ip._ 
Bea Bre*. 30p.._ 

BloryeyyDto 

Blue Circle £l — 

Blundell Perm.. 
BreedonLune — 
Bnt Dreurin;— 
Breen JksiL 20pj 
(Bn^ralee 


9 

52 

35 

79 

108 

138 

79 
1210 

40 

97 

138 

82 

107 

1116 

70 

94 

80 
80 
29k 
30 
66 

1135 

31. 

30k 

40 

b 

20 

124 

330 

233 

129 

225 

64 

24 

155 

32 

35 

95 
30 
56 
40 
28 
22 
99 
63 


Bryant Hide*. 

Bnmett&H 

Bur. Boulton £1_ 
CRobey'A'lop. 
kal'ndenGMi iOp_| 
(CarriJohui- 

jCarron 

Cement Rnadstone 
CumbenGp. lOp. 

ICostain R 

Counnyside ap_ 
kTrossleyBlds — 
iJroucbiD.) 30p„ 
Crouch Group.— 
Done las Raht-M. 
DwiunsG.RSOp 

Eohij lOp. 

gllisiE-.erard . 

I&ith. — 

FJP.VCunsl'a.. 
FairrioughCons 
Feb. loti lOp — 

, Da'A'lOp 

[Fed Land* Bid 

FialaniJotailOp- 

:EtenrisPkr-10p.L 

FtannsiGJL'lOpJ 

Eteorh iuer, — 

GallifordBr.5p_ 

GibbsD'dyAlOp 

fleejoniSU.UOpJ 

doaopW.iJ^ 

ffgh Cooper 20p 

H.A.T. Grp. 10p_ 

Helical Bar 

Hemfsn-'A' I0p. 
BraderwnU ft «.| 
HewdenSL lOp.. 
DaTpcCom — 
ieyxrtWm.50p_ 

Higg&& Hill 

Hmcnrvgham_ 
Dc. Res. Vtc— 
Howard ShutlOp 

LD.C20p 

ibstockJohnsen. 
|IuL Timber 
B. Holding lOp 

1CRA. 

Jar.iaiJ.i — 
Jennings SAO 50 
Johnson- ffichanb 

Jones Edwd. lOp 
Kent i3LP. ilOp. _ 
Lalarje SAfiOO 
Lain?IJohnl“A" 
LathamiJ.iil. 
Lawrence tW.t 
Leech (WntiSOp. 
Ltyl and Paint 
litiey FJ.C _ 

London Brick 

Ln-eillY. J.) — 
McXctll Group 
Mamet It St hits- 
Mallinson-Denny 
MandeniHIdp 

(Marchwiel 

Marie? 

Marshal U I HI s 
Ma;-& Hassell — 

tMeara Eros 

(SelnllcD.iW. 
[NewMonL Li- 
Mi lOury — 
Miller (Sum lOp 

MitCODcrete 

jMod.Enaneers 
Monk i.Ai, 

IMonienuJl 

Neworthillfl 
NorwestHolsL- 
Nott. Brick 50p_ 
iCirme Devs, top, 
■parter Timber. 
Phoenix Umber 
Poctuas. 


90 

148 

35*a 

76 

238 

31 

n 

51- 

107 

28 

22 

52 

60 

78 

258 

74 

103 

30 

153 

62L 

47 

203 

170* 

40 

23 

46 

52 

88 

35 

196 


RJLC 

Red! and. — 
R'ch'ds Walllilp 
Roberts Adi anL. 
Rohan Croup 
Ttarlubon 10pv 
ROX-CO IjTTWp-. — 
Ruwroid 


RucbyP. Cement 

SjBUroup 

Sabah Timber !0p, 
Sharpe & Fisher, 
Smart iJ.HOp — 
Southern Con. 5p 
SreeterslOp 

Tarmac E®p 

TjtIot Woodrow 
TilhmyCiijIL 
Travis fc Amo ki- 
Tutmel BSOp 

DBM Croup 

Vcvtis Stone 10p 

Vlbrwiaiir 

Ward Hides. 10p 
Wamnston. 
Watts Elake 
Westbnck Prods 
SfcnumBro* 
WhalliiiejSp 
Whifeh m Ul.-p 
Kigains Con. lOp 
WituMvConnoU, 
Wimpcj lUeoi 


-1-2 


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104m 

69 

95 

231 

90 

97 

95 

15 

71 

24 

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83 

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Allied Retail !0p 
Amber Day !i^p _ 
ArrM^niumap- 
D e.;A*5p — _ — 
Andnrtronic 10p. 
[Baker’s Sts. lOp. 
BinheniaiR ’dip-] 

Beattie i J) 'A', 

BeiTiailjlOp. — 
BltamiCM-aipJ 
Etantean K0 op 
Bolton Text. 5p~ 
Bremner. 


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Brown IN' 20a. _ 
Ban 73 (Ira rip- 

Do‘A'X 1 t'Mp.- 
Caaiors' V2Up_ 
taster- SwilOp— 

taxch 

Comb Ea;.I2Ap. 
CopeSporuap-. 
jConteil Dress 5p. 
Coons ',V 
Cturys 


1.1 8.01174 
15 8.H1X9 j b 
*8 5.0 71 45 
3.4 7.5 83 49 
XB 1X1 75 ub 
1.8 1X1 6 8 49‘ 
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8.9 6J 
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3.7 71 4.9 -.S 
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26 

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Custtunaeu: I Op-. 
Debenhams 
Dew hirst lOp — 
Dixou PiiotulOp 
EUis&iloldap— 

I Empire Stores — 
Executes 20p — 
FaiidaleTexCap 
Dn.'.VSp.. 

Fine .An D«s ap 
Fprd'jTtin.ilOp- 
;Fonmns:er 10p_ 

Foster Eros 

Freemans iLom. 
•Ielieri.AJ.'20p_ 

rioldteraA 

Goodman Br 5p. 
r. rattan Ware — 
1'IL Cnivenal — 
Do. WOrd. 

|Gw Milletts I0p. 

HanfriFum 1 

DoANV 

Helene Lon. lOp 
Do l2pcCn-. Pri. 
Recdenon K.3PnJ 
HeariqnesA top. 
Hepnr±iJ.) LOpJ 
Home 'Hi arm lOp 
House of Fraser. 
House of Le rose. 
KnoUUtUlOp— 
Ladies Fride20p 

Lee Cooper 

Liberty — 

Po.NorLVijOrl_| 
LincroR K JOp— 
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Michael i JtlOp- 
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Mrtherrare lOp . 
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lOuvnOcor 

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5tanlev.VC,5p_ 
Stana'Disrt. lOp. 
Stunberc lOp — 
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frinr Proas. lOp, 
CDS Group 
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Waring 4 Gill ow 
Wearwell5p — 
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[WilltnsnWaibtn- 
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124 

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108 
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153 
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175 

37 
23 
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148 
142 
340 

38 
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124 

306 

304 

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26 

25 

23*2 

205 

99m 

lBk 

70 

173 
152 

56 

14 

61 

119 

154 
148 

52*2 

114 
19 

167 

230 

163 

13 

93 

174 

115 


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70 

91 

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17 

17 

17 

313 

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14 

156 

131 

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28 

188 

95 

30 
125 

53 

90 

89 

197m 

123 

31 
23 
72 

67k 


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155 

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L86 
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564 
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HX93 

hX93 

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430 

t6.70 

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290 
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ELECTRICAL AND RADIO & 


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518 

2X8 

523 

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70 
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5.1 9.6 
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Bn4id('lkuiDel . 5*a 

Brush North rap 90 

I lnt fleam ‘Jlp - 95, 

Iruckhuuse 70k 

30 

Irons Ent Hip.. 30 
hwteTool . — 38 

IMlwih'dP.SCpL- 124ul 
rowntTawse. 104 
InwnJohnC! — 418 
hiHouKhJOp — 160m 
largess Prod — 
tcueriieid Hiy„ 
siaferdEnj Wp_ 
CapperXeill lOp 

Carrie Eng. 

CaitwriddH. lap 
Ciitmps ltip — 

Oiemnn".5p 

Chrsty Bra 
CbvtonSonSOp- 
ClifferdtChi£16. 


48 

75ri 

67 

82 

72ld 

62 

40 

64 

52 

7b 

110 


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Joncentric Hip— 
L'aokW Shrf 3Dp_ 


21*-, 12k Cooper it nUJp.. 
" Cooper I odi 10p.l 
CornetTrr-fl3Jp_l 
(.Voaitc Group.— [ 
Crown House. 


20*« 

72 

41 

65 

£109 

76 

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28 


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42 

30 

18*i 

20U 

65m 

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59m 


k*iimniins 784 * 4 — £95 


bo DanksGowert-m. 66 
15*4 DarlmUilnv. np. 19 
12 D\s 6 MeLWIOp 27 

|209 DaivlM. 256 

18 Detain lOp 28 

67k Delta Meui 74 

32 Dennis J.H.lOp.. 42 
150 Deniend&Op — 150 

4 DcsoiOer 140 

30 Duwniehrae I Op. 32 
151’ Drake Sc. Scull — 29*jm 


[110 

. 41 
|126 
89 
75 
87 


Ductile Steels— 115 


I Du 


70 

203 


pen 

EdnroiHldip — . 

aiiottiB.) 134 

Enc. Card Cloth. 85 
Eta Industrie'-. . 100 
Uetal. 72 


L9 1 OX 1 0.7 1 29 Fanner (S.W.I.... 128 

f-j 10 & Hnsider Lire 500 7 

1 1 40 20 FlitfailiMTlOp — 28 

M 52 Fluid ri re 20p — 84m 

J- 91 ®- 3 , 7 - 9 29k 20 Folkes HfanVSp g 

74 55 Frimcislnds^. 71 

25 95 65 GEI IntnLCOp — 95 

g-f 97 92 82 GanonEoft, lOp. 83 

’3? 2-JS-J 20k 10 GenihifiHad-lUp IB 

117 1 95k Glvmrad W5 

35 5 2(621 925 675 (Vilifies Kl<»._ 900 

— *-* — 52 3* crecnbanklOp_ 52 

r a H Ta M 64 Green’s 66 

64 4.4 5.4 286 248 G.KJU1 273 

e n ?? 35 21k Habil Precision ap M 

50|.^ZI. 7 ? 103 88 HadenCamer— 98 

Hull Eng. top — 104 

Hall Matthew 228 

HallileSOp 143 

Hampann l?k 

Hattie Machy — 21 

Hawker Sid. 228 

52*!i HiU6Simth__ 81 
73 BopkuuonsaOp. 108 
Howard Machy— 23 
Howden Group— 73 
Hunt Uoscrop5p 25k 
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4.2 1X8 yj7 
52(62. g 

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v-A 

0.71143 141 gg 

5.0 14.1 ^ 
32118 fSJ 
4.8 1X2 

1IO.6 67 
242 
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'ones Shipman _| 144 

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47 Lake*: Elliot.^. 

2-2 1 65 48 LaneiTWcyllOp. 

H 24*j 21 Lee (Arthun lSk. 

1211 69 57 Ley's Foundnes- 

38 29 Unread 

77 64 UoydiFJD 

20*4 14*j Looter ITt5p — 

19k 13*2 Do'A'5p 

“ 74*2 London iw Mi dl'dL, 

M.LKoIdinfiS. — 148 
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NewmanTonks.. 
Northern Eng.._ 
Norton i W. El 5p 

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(PraB iFl 69 

| Priest (Ben i 85 


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414 

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137 

15 
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19 

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17 

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tfl.71 
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5-0 
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3.0 7.4 5.0 
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3.2] 3*5 13. 
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101 18.2 
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4.0 6 4 5.7 
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7.0 4.8 43 f? 

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3-1 “ 278 

3.7 0.0 411U 
6.9 9X S 2 
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7.7 8.0 

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4.6| 7.4) 4.9 93 

3.411X8 3 S ^ 
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0.7 88 87.0 
30 95 53 fig 
43 45 bl X1W 
2 2 7.4 9.4 
10.1 27 55 
153 13 7.9 


CHEMICALS, PLASTICS 


nik 

188 

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97 

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79 

£57 

K58 

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25 

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14*a 

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49 

l£95 

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75 

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600 

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188 


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[A. B. Electronic - 
Allied Insulators 
Audio Fidelity IOp. 
Autoted Sec. lup 

felCCSOp 

HSR IOp 

Berec. 


Best&Ma+lOp- 
Bowthorpe 10p_ 
BrwkslOp 

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Campbell Is (rod. 
Chloride Grp. — 
Come;R.Serr jp..| 
(^avEHroniclOp. 
iCreUonlOp_ 

Do lip’Cuni.'B-'BL 
Dale EJecL 10p_ 

Decca — 

Do A'— — 
iDenitron IOp — 
Dewbuist'A lOp 
0awdinBtM.5p. 
Dreamland 10p_ 
Dubtbcrbp- 

EMISOp. 

Do.Btj+arvKn.'Bl 
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pjectiomc Macn . 
Mec. Rentals IOp 
tener® Sens. Jbp- 
TaiwU Elec.2i>p 
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FoncaraTechSOp 
GJLC._1— 
Highland EL 20p. 
[Jones Stroud — 

KodelnL 

Lanrence Scott _ 

Lee Ref rig 

[M.K. Elertnc 
Mmriiend — 
Newman Inds — 
XewntarK Louis - 
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Pertm-Qroer-tpcJ 
Pelhow Hid? IOp 
f+lillps Fin.5\% 
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.juneEoR'glOp- 33 

R-H.P ,56*3 

R'naomesSmLtl 153 
Ratdiffelods — 68 

Ratcliffs IG5.(_ .. 

Ridgway. 75m 
49*; lE’dnmH'KmlOp 59k 

1137 j Reno Id £1 123 

Richards of teic. 80 

Rich 'ns W«t S%_ 60 

Robinson fBw&J 76 

RotorklOp-. — 137 
oeinq — SandenouKayser. 63 

83 MX 24k 17*2 SaviDeG.tlOiwE. 24 

7 -2 6-f 26 21 Senior Enfi'g IOp 25 

*2 o? Wa 79k Serck B7 

2| 40 29 Siokesp'reJ.op- 29 

t? 101 31'z 27*2 ShawFrtKisatp 23* 2 

Z-iJS-Z 82 65 Sheepbndee — 69 

83M| 238 198 Simon En^B 238 

6.0 14.6 92k 69k fflOGroup 91 

l.f? 13*2 8 Smith 1 Wait 1 5p. 13 

Spear L Jackson. 124 
Spencer CttaOp. 30 

Spews: Gears 5p~ 15 

Spirat-Sarco — 170 
Inds— 93 

Staveley £L 290 

SHroeFlatt 120 

Sykesrifemyi — 99 

ltJp 25 

icPalhster. 93 

133 >r 

Tex. Ahras. 10p_ 65 m 

DrolO — 910 
_ F3L5p. 24 

lexFdries- 86 

Inrests. £1. 376 
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2.7 12.0 29 

8.8) 7.2 J? IS 

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I? *. 102 87 

8.1 15.1 31 23 

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7 - 7 W-9 70 55 

95| 8X no** 710 

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3.0 13X g 
951X2 79 

7.6 18X i2 

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4.313 ® 

9.6 31 22 

4.6 5 8 u 
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5.6 75[ 
4.61X4 
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1336 

60 

20tj TrackrWAilOp 23 

26 Utd. Eos's IOp— 50 

20*3 ltd. Sonne lip- 27 

52 Uld. wire Group. 64 

Vickers £1 178 

Victor Products. 146 

tr.OJ 106 

radkin5Dp 130 


60 
82 
82 

109 

|110 (ft'acon Industr'l-1 133 
SB Walter <C.6W.l_ I 124 

55 WardiT.W 1 

38 WaraeWrti!>ail)p. 

27 WrwickEiic.3)p 
27*3 Weeks Assoc. IOp 
103 WcirGroup.— — 

42 Wellman Enc's- 
18 W.Bms Stag. IOp . 

29k iWesriaml 


48 

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79 

66 

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176 

18 

35 

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77 

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1NDUSTM Alj! — Continued 


insurance 


P80FE5nY--C(mtfHne<f 


INV. raCSIS-Ctotfenea FINANCE, LAND-Contfnued 


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NiLCYb'csclOp 
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Nationwide Leis. 
Negroni* Zambia 
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Norton feWrtlOp 
NonicSecs.lOp 

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Motors and Cycles 


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1 Alexander? 3p — 

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40 Brit &rAuc. ftp 

19 OlSTLlOp 

84 CtflynsSOp 

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92 Hamson (T.C «... 

I 741a Hartwells 

112 HdfcsaOp 

88 Hffltrn Mir. Grp. - 

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65 Kerning Mtr 

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l!nl iw«. ) 

firjndjfaw-aip' 

Enmerlnv | 

iWvcnpn.jHp 

"IJLKftr. , 

aloteialnvc^ 
sierionunT?!-! 
L«. “B" 
smona a 5 .-a. 

^rrtlt^Iu. 119 .. 
An k Fnmcn— 
apiul&NaL— 
rv-R-. 

Can) ina I rrfj 

iTariinlltw 

f'edarJnv 


■It Di* I TO 
Price | — | Net JriT Gr's ffE 


SHIPBUILDERS, REPAIRERS 



63 _.... — 

140 696 

190 -2 15.0 
270 11.68 


7.4 U b] 
-.4 0 6.9 
4.7] 2b 9.0 


SHIPPING 


305 

200 

|365 

348 

157 

»" 

145 

255 

26*2 

85 

138 

118 

1140 

nS 


252 

112 

112 

206 

|105 


fBrft.6CtaB.9jp- 

k'QmnnnBros 5 tti- 

FisberJi 

Furness Withy £1 

jHmtiisGtbsnOJ 


33 uarobs J.Ll2Pp_ 


, 25 

m 

\200 

& 

% 

60 

«■ 


Lra.O'SRs.Frta-l 
lyle Shipping-- 
nan. Liners a)p_ 
Mersey DL Units 
M9fon) Docks £L 
Ocean Transport 
lP.tODefd.tl_ 

[RenrdDnSnLSOp 

J*Do. '.A'50p 

(RmcimantW.)_ 


4.97 
5. IB 


3.9f 


5.0 75 1 
7.9 • , 

1.4 95 

. B “ 

1.2 85 14.1 

OS 69 475 
23| 35 163 
- 11 
5.6 9 

118 an 

11.4 <5.7)1 


SHOES AND LEATHER 


23 

65 

67 

104 

52 

98 

73 

42 

50> 2 

50 

56 

40 

70 

64 

34 

93 

32>e 


116 

610 

130 

^2 

97 

145 

125 

450 

102 

175 

.83*4 


16>2 ADfibcme LOpi- 
52 Eooth fintini — 
56 Footwear Im .. 
93 GarnarS«djbir - 
30 Hetdaa Stia3p-| 
64 RHtoos37p_ 

47 K Shoes 

36 LmbertBlJi20p_ i 
38 NewbridtBnrtn^ 

40 Oliver (Gl'A' 

4b?« PitlardChp. 

33 Stead * Shu -A- 
54 Stronst Fisher- 

41 Stylo Shoes 

1BU ItaKrWtElOp- 
66 i 2 WsrdWtat-. 

24 Wears 10? _ 


+lk 


SOUTH AFRICANS 


, 80 

83 

28 


[AIncoaB020_ 
[Anglo An. In. Rl 

[Ana Ik's 1M5DC 

fedwnrkslOt 


62 fcoLdFlds. P.24C I 


95 

87 

288 

35 

!130 

4 


|&tmns 'A' 30c _ 

binlettsCpn.Rl- 

[OK Bazaars 50e_ 

iPrimroselOets— 
ffla tofim -A» 175 
pLA.Brews.2De_ 

mser Oats Rl — 


L *-10 




17] 1 3,41 
2.4 6.7 6 J 

• iW ♦ 

4 4.9 * , 
12 5.8117 
06 1 91 

4 18.2 4 

19 8.1 56 

05 ±212 
46 95 26 

* 8.7 * 
3.9 5.4 4.7 
12 96 85 


+1 


124 [ChanlKIw £1. 

Du. Cap 

Charier Tra-t 

.26 Ciij iCum.lnt.- 

Pai.-ap.rCl, 

: >'u\ i For lnv _. 
CilytlrUernTI.. 
c toi'finionl..-.. 

■ (l.rrorbnirajjOp. 

Cliliunlw? iop.. 
c.Wefdolelnv— 
tw -B" 

■'nlunial 're. IVi? 
t'i oil inenl'l kind 
'.cmtinentlUmoB. 
rtar-iilJaponttp J 
Crosilriars.___ 

Cmnniuslm - 

! DnaaedtalaOp' 
Do 1 Cap. I K)p_ 
Debeatnre Cwp- 
Dertyia.IncU 

Dn.Cap-50p 

Dominion & Gen. 
DraOCffl Corn'd - 

Da Cons. 

Do.FtaEaam 
Do. Premier— 
Dual vest be. 30p 
Da Capital £ 1 _ 
>nn(tekIiHL_, 

> Edinburgh AntTrii 
Edinlnv.DtiC 
! □ectralnr.Tst— 

Elect, t Gen. 

Eng-tlMeruaLl-, 
Eac.fcNY.Tnst— | 
En? throUst’- 
EtruitvCom-tEl- 
Do DeFdjOp— 
Equny lac. Slip _ 

Estate Duties 

F.fcC.EunJtnL't. 
Fairalrfiiv.Tst_ 

! First Scot. AflL_ 

Fhreign&Cnl , 

F.C.Gl.T.iROSi. 

! Fundi mcsll nc. - 
Do. Cap, .. . 

■ GT. Japan-- — _l 
< ten. & Cosua'd .. 1 
(>aCo«oldtd. 
General Funds- 

DatraivJOp.- 
(kn.Inwsbrs._- 
: tkaSnsasb — 
t Gen. State 13^ 
CtepowSttadre- : 
Glenderoa tav— 
Do 

2 GLeonatnay lnv. .1 

Da-ffC 

Gkrt>e Irtv 

(kwtt Europe 

Grange Trust — 
GL Nonh'n lav _ 
Oreerfrinrlnv — 

Gresham lnv 

GromlavestoR. 

: Guralanlsr.TVL. 

Batons . 

muiPbibpi ] 

HumeHltfe.-A'’- 
Da*B *_ 

2 IcotandSl 

Datf) 

1 bdasUraltGen. 

1 Intenmnior — 
lnv. in Success— 

! ItrwstorsCap.— 

InresW-TlGSp- 

JanJine iapan 

: JanUnesSraS'- 
JevseyEiLPElp 

,SSS51L- 

Jove Ihv. lot lOp 

Da Cap, 51 

Ketowelnv.Stp- 
LakeVrewloY.— 
Lant & Lon. lnv _ 

2 UwDebeotnre- 
‘4 LmidffltRadp 

Ledalnv/bcJHp 

DaCap.5p 

LeVtllwetlnc-. 
aAAbduPfiSp 
AHantic— 


a** 1 

53 

t3.60 
5263 
1193 
8.56 
il 62 


t3.96 

3.91 

+254 

Q1S5 

t2J8 

185 


Iffil 
5.W275 
4.4 355 
5 01306 
55U56 

45 28 8 
51|239 
26 488 


6.0 3 6 
7 C 20.9 
6.9 225 


7170 fill 

822 
6.50 
3.55 

+337 1 
051 
305 


"Iffi2.44 ” eciMollbl |134 
1 113.63 






+1 


1.73 10 3.41451' 


LU 


355* 

6.W 

2.44 


52172 
6.4 235 
JU.arLB 

lj] 66M5 
3.7 38.4 
65 220 
65 225 

U|rL7 125 


TEXTILES 


PAPER, PRINTING 
ADVERTISING 


w 

hi 31 


s 


45 ?5 

31 5.2 65 
U 6.7 93 
25 50 80 

25 6.4 83 

1010.4151 

Id ^2 ll7 

63 35 51 
Is 35 65 

JS2t SM 


Assoc. Paper — 
Da^ppcCouv.- 
AnfifcWUmrg — 

Eemrose 

Brit-Priitog — , 
BnumingOp— . 
Do.Bedritvtg_4 63 

BunxIPulp 

CapseakM 

Caiston(SrJJ_, 
fTanman Rai.Tki 1 

aSdumfiT 
CdiettD’sonMp 
Cutter Gttard — 

g&=: 


S7 
661 
Q54c‘ 
129 
2.61 , 
d659 
hO.72 
116 , 
12.66 


H J ” 


tO 56 

& 

100 

439 

dL28 

1554 


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0.73 

B.93 

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12 H, 

sar 1 

368 

0.18 

d0.49 

217 

0.96, 

036 

*335 

hll 2 

dO.fl 

0175 
t3.67 
240 
hi. 80 

176 

d4.47 

1160 

r 

3.81 

d025 

Ss? 

L57 

13.28 

254 

3.19 

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21 7.7 S3 

4.0 4.6 4.7 
1A a? 115 

2.4 8.6 63 
38 6 2 

4.4 69 65 

il n gl; 

21|_J(55>I 

£ 4 ] 7.9, 

36 511 7.0 

46 25j 85! 

3.7| O 5.9! 

22} 66|1051 

251 931 5.6 
£3 10.0 (5.B) 

■17 95(761 

25 S.6 71 

Is II h 

Z4 5l2 84 
51 35 72 
I * 9.7 * 

115 12 98 

3.4 5.4 81 
3.7 78 44 
02 8J — 320 
Si 16 183 

3.7 6.9 55 

3.8 Si 63 
0.7 114 £2731 
27 32116 , 
35 2417.81 
4 5.1 * 

16 46 78| 

4> 88 4* 

18 722021 

83 24 66 
29 82 55 
2.^105 5.9 1 

191181 7.9| 

* Oi * „ 

2.0 81 7.7(i08 

119 015 — 

35 8.9 60l 

* 4.4 .6 
27 8 9 6.4 

26 95 5.7 
13 95118. „ 
62 45 95 590 

* 31 * 30 
2.0 83 75 260 
4J 33 95 is 


| jEadj^n^PtT- | 

PBredvaoSpJ 

c8 

fllO pDi&ADenSOpI 

Pi mmm 

1 78 Smian)riai 20 p. 
[164 SeiBrfitLkgnU- 
16512 Transparent Itt. 
[48 mdanl&oti 
149 IkterWallwK; 
■■■30 Wire Groufi Op. 

65(230 (286 WaddingtMOjL 


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6-8 



PROPERTY 


AITd London 10p 
All natt London- 
Aulgtoadtei. 
Apex Props. Hip. 


: 15t»_-, 

59 (AvenoeO^B 
79 (Beaumont ProjaJ 
47 feeawrff'.R;^ 

*J} 2 ~ “ 

i. 81 

fel ffiBun.-,. 

boo BradfordPnm._ 
15U Brtt.Amni9p_ 

28 BrittoLend 

£118 DaEpcCnv.aaoaJ 
' 89 BrtttroEsat^ 

, 45* L^P-ICoa^s. 

88 jn jSgtoS pfc 
!w L DaCw.^>5 

272 ChesteSeii 

10 ClwwaSees — 
233 Chinhb'rj'Bft. 
4712 CityOBkH- — 
52 CLakeNKtolls- 
, 22*2 CMlrelS«a.lOp 
(154 CtnfiKbaageUp 

21 L'ntt! , Kwr.Wp_ 

75 nnviDuLiop- 

69 DafijmiHld(3i_ 
lute DansEswalflo- 
46 DotringtunlftiJ 
27 Eng. Prop. S)p_ 

£60 B 0 P 3 * 

£78 Dal2peCur.„ 
38 Esfs.fcAeatre_ 
17 

77 Ests.Prop.liw_ 

76 Evans letds 

88 PditawReto.lOp 
6 GilgatelOp — __ 

257 GlaaDeidSecs_ 
255 Gt Portland 50p- 

30 Green laiB^L. 

B GreencoaiSp, 

. Banroason-A’. 
HEd^bd.lteap 
HadfinerelOp__ 
SI BKLaDdH^u 


-1 


+«2 


56 

22Art 
9 

225 
^2 
70 
.87. 

55 
651 2 
306 ■ 
175 
263 

V 

£143 
103 

& 

77 
73 

* 

300 
58 
67 
35 
172 
24 
90 
95 id 
16 
52 
38 
£82 1-1 
£85 
42 


Jt 

88 ’ 

117 

257^ 

38* 

565 

.25 

2 

273 


hL 88 

437 

3is 

0.69 

165 

M3 67 
ffvi4.06 
1 12.9V 
327 
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+1 


+2 




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■“ in wen* 


194 

L73 


4116 

4.79 

175 

1.99 

024 

263 

066 

1060 

3.05 

051 

314 

253 


0.46 

102 

tL03 

d!32 

1&J7 

869 


554 
0.67 
335 
(^OSc 




l6f 2.4 39.9 
l3 5.0 2A.9 
l3 35 36.8 
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^213 92 
66 

42 26.7 
53 * 
3.9 91 


14 


14 4.81 


1& 


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Z6i 

4> 

4 

09 

58 


3.4(06) 


L«365 


23 
15{ 45 
13 4.4 186 
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2 M 121303 
42 

13(334) 

4.6 4 

4.7 

- 

181 

_.JMI 

UliSU 

12 7.4 175 
14| 16 265 
22 28.9 
65(65) 


17 15 610 
17 ACClfu 
23 2.1241 
4 2 i « 


112.6 

<5- 


261 


Sm 


55 28.91 
22 305 
53 1011 


155 
58 
80 
74- 
30 
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: 42 
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16 
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62 
17 
60 

ff 

84 

39 

131 


"S 

53 

64 

20 

23 


£& A m 


, 37 

149 

149 

80 

35 

37% 

114 

100 

23 

55 
68 

56 
34 
32 
40 
53 
65 
21 

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64 
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1 52J2 

98 

42 
71 
129 

50 
82 
102 
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93 

51 
91 

43 
25 
64 
53 
40 
40 
34 

99 
73 
31iz 
78. 
47 
43 
31 
34 
62 
31 
62 
5« 

50 

59 


Allied Textile — 

AtkmrBros. 

BealesOjato— 
Beckman A lOp- 

BlackwoodSal 

Bond St. Fab. lOp 
BnghlUohni-~ 

SSfi 

35>* Bifi-Kobair 

41 BtarrLrnfiUtp- 
12 CairdlDuudee). 
39tj Camels Ini 50p,- 

*saMH 

67 Coals Patons- 
29ij Cmah. 

109 


31 

99 

98 

55 

25 

25 

35 
79 
101* 
45 
53 
39 
27 

26 
27 
42 
38 
15 

7 

34 

55 

42 

21 

73 

29 

[102 

24 

12 

S 

42 

69 

36 
18 
48 

25 
IB 
20 
20 
84 
50 


Courtanldj—^. 

DaTODefaSCT ; 

CrovrtJjerQJ — 
Dawson InfL, — 

Da 'A' 

DisonfDsrid)_ 
Early (Cj 6W- 10p 
Foster tiohm — 

HamsO.llOp.. 

ffi(33ngPtL»p. 
HieldBroi5p_ 

H i riiams 

Mias Grp 5p_ 
Hotnfray 

DlgwOTthM-20p. 

Do.‘A*20p 

Ingram WJ 10p- 
Jerome |HWgs.I_ 

Leeds Iters. — .. 

T«ftiMi1U 

Lerex5p 

Utter 

Lyles CS.120O 

Bnetay Huf h 

Ma ctamu mScUv 
Martin fAtOp __ 
MillerlFJlOix— 

Unntfoit 

Note-Manfe — 
NtanJeren;2^_ 
Piirdawt'A' .. ... 
Pieties (W.) 4 Co. 

Do.'A'NV lOp_ 

R.K.T. JOp 

ttadte? Fashiora 

HeediSPm.) 

Reliance KnnHTFL- 
RichanblQp — 
5££.T.3D|> 

Scon Robertson. 

SekenlnLIOp— 
SkawOrpaslDp- 

ShiiohSphioerB- 
SidJnwlndiSOp- 

Sinfar— : 

20 SmaliA7idm3s-_ 
271* Sa.Yisa»aLI2D0_ 
194, Da Priv.LQOO- 

40 SpemwiGeaL- 

26 SWddsrd'A' 

23 Sttood Riles DTd_ 
23 ren*C<msnlaic_ 
18 rextTdJrey.Up. 

46 Ttxnkiiisons 

441j Tootnl 

3TL TWY50 

27 Tiafforri Carpets 
48 EriowillelOpL— 

41 VtU-7er20p 

34 Yorio.F«WJOp. 
31 lYougbal 


+>2 


J2.46 


+1 


+1 


-1 


+1 


+1 


+ l * 


-1 


-1 


+2 


-2 


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Z76 

316 



D.70 

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*4.76 

2.93 
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hdl.67l 
2.78 
133 
254 
166 
6.11 
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2J23 


1 S 12 I J6 


3.7 .83 
3.9 72 

16 





lisa- 

fcMontxnse.l 
ftProv. 
Prudential. 

lira : 

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+1 


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3 W £j 1 ' 

hl.70( 
0.60 
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52 63 

10 63 225, 
10 0J1CJ 1 
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4.4343 

3.6 323 

4.7 30.4 
10{ 4.0 36J 
10 4JB.0 
10 53 271, 
ID 43 319 
10 58 250; 
U 6.0 228; 
IX 9 .6 17 .4 


101 
101 
28 

21 10.7 6.7 
28103 58 
120.0 0.9 8.4 

3.0 93 5.4 
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0.9 103 T5 Ci | 

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03 - 
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68 6.4 32 
21 6.910.4 
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13 10.1 112 
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♦ 95 fc , 
62 4.1 531 
fc 108 fc 

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41 SSfab^st-TI 

50 SoS/Bofloo Hto 
25 TatfBSl] 

Tor Mooloya 
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t? 

11 DaNwWixta.. 

3Hs N.Y.&Gartmore. 

61 1928 Invest. 

Nth. Atlantic Sec 
Rthn. American - 
_ sortbern Secs— 

51 OU4.Aboc.Ziiv- 
47 Outwich tnv. 

99 ParUandTnv. , 

67 Prog. Ses. lnv. 50p| 

,231* Provincial Cflies] 

P36- 

iiS- VfSSSL 

(123^ River Plate DeL. 

£464* RobecoiBr.iFISO 
(467 DaSoh3hsFB 
064, RoUneuNVFia. 

(S15 DaSuhStfsPB- 
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52 Rosetfimondlnc. 

[159 Rrt5^hEdWapJ206a| l 
67 Safeguard Ind_ 73J* 
1301 SL Andrew Tsl_ 127 
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431* SeotkConllnv- 

151 ScaL 3 ties ‘A’ 

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86 Scot Northern— 

554, SrolOntario_ 

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69 Scut W«OL ‘ET^ 

(161 SetfisL 
65 Sec. Great NthiL. 

, 60 Da“B'_ 

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a BEBtL. 

150 SPLIT Inc. llfc— 

481* SPUTCap.lV- 

ill igtefc 

76 itattStostoJ: 

80 


1-2 I - 

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ID 65 224 
12 4.6 26.9 
10 51293 
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12 22 


148 


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346 1267 tBAMnds 


296 


227 


59 
66 


55 


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[SimsenHfl.^)4 61 1-1 




P3j 62j 5.6 

53 18 72 
IX 10.9 (B2i| 
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2.9 6.9 72 


TRUSTS, FINANCE, LAND 

Investment Trusts 


nil 

S3 

m 

84 
JK 
[104 
36 
64 
, 30 
106 
Bg 

69 

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103 s *] 73 


[Aberdeen Invs._} 

[Aheftte*3hta_| 
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Alliancelnv. 

AUianceTnw — 
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Da Capitol 50p- 
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AmeriomTnist- 
AmericanTvt-B' 
An^lo. 4 in.Sec 5 _ 
An 5 J 0 -Za.Div.__ 
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(Bankers' lnv.. 


f 

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1+2 


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Barter i Ska. lDp 

Bran! Fund Ci5l 

Braallav.CtH- 

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BriLAnL&GeiL. 


137 


+163 

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( 0.88 


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£223 


Iffl 6.81216 
U 53 26.4 
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10 4.4 33.7 
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„ 48^193 
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18 13^67.91 

U 4^30.91 
10 4.W36.4L 
10 &6(Z26( 

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1« 53 28.3 

11 38 372 
SM 4.1 41 
10 38 26.4 
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10 5.9 24.91 

12 42342 


„ j Htrog. Growth— 
86 DaChp.D 

71 ror.inresr.iDc-- 

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>lw_ 

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[600 IDBTrosiFaBJSuj 

iS5 pZ? WeraTBsInvXl_] 

[244 |171 Wlaterbottom — | 
59 f 2 ffitsulnv- 

65 Da‘B' , _ 

V+atran Im. — . 
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VocngCD'slnvXL [ 


__ 75 +%’ 

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388 

QB 

156 




-Pa 6.19 


4.45 IM 


+5J12 

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5X18 

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4.46 


0.76 

10.97 

+487 

233 

0.07 

7.70 

215 


10 6.71: 
10 7.1 
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10 


11^ 45(30.6 


385 1140 {Dabre DeepRl-. 
Ill 62J225 |«a 1 244 East Rand lta».Rl_ 
£29>< Randfont nEsllC. 
78*2 [West Hand HI- — . 


Irt 


12^ 


■■■■■9.1 168 
QBia%ia>8| f75 — ■ 
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lOito 

43 335 
12.6 433 
205 145, 


I-3J- — 1 - 1 - I - 


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+ 1 3.71 10 68123.0 


411342 

1171110 


4-4 ♦ , 

4.4 328, 
35 503| 
48 . 

7.4 191 
122133 


6.71222 


Finance, Land, etc. 


.ttrOfdSmithers 
.AftMgrTrt.lOp-, 
26|i Aoto^-ibraipJ 
14f* EntanmaArtW. 
14 Oaddesler— . 
103 nEileriff crpSi 

56 ^tejfiotueGp, 

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HtULtallia®. 


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102 


39 EtoJueffcase— 
12 Evlaicfallk»__ 

100 FtakwiteLSpJ 
16 pnwwfclKf.lBp^ 
9(2 FUanvrrm^ 


1-2 J - 


<■7114.21 23 


Iffl 4-1 


L9l 8.91 


ISIS 

IRgh Low 


Stock 

'irtefbaweiop- 
jStmucvTni': ._ 
ilampt'iaTrt.Sp. 
Jtowrjr S St- 
int b-.TrtJ-r.il 

lr.:c:l3Kntt.o_ 

EjlKi k5 

Si-Jihn. Tjylcr ;up. 
Kwahu iw . . _ 
Laakirilliif- top? 
LoruEuiat jp._ 
Liin Mer.tenv 
M-ttrUldW-Sp. 
■li^liehiilfipL 

ILsrtin (R.P.‘'3p- 
Ma«»3bi&Rlty 
Mwlnrai'!' _« 
.V.MCJ.t,> i3t.tp, 
SippoFc S'&liip] 
Pdramhe 10p__ 
ParhPlwItr:.— 
Reaptu'S' 4i*n 

Ptc:ii'lS.rft20- 

SL«tenr?elOp ._ 

Scot. & Mere. W. 
siEMtapcAMU. 

SmilhBtos. 

Sihn. Pac HKS)c 
Stf.-FlfcNFMW. 
Tran- Hfc.TA.lp 
Wslr. .Select 30p. 
5.X of England. 
VdeCattolOpL— 


Prire 

25 
27 
10 
» 

as 

18 

115 

75 

22 

17 

26 
93 

118 

66 

50 
£11 

62 

lSd 

400 

12 

33 

234 

£70 l 4 

llij 

102 

£51 

59 

V*tr 

£48 

51 


4- er] Dir I VH 
- | Xei IrvT GtilPJE 


-1 


+■2 


+ : 2 


+4 


I - 
(166 


Q4 0 
40.95 
rtJlZfc 
1.02 
167 
OS 
051 
*127 
3.51 
0.69 
5.98 
VJS1.16[ 

145" 


1 691 2 

IBT 

3.07 

Q4.Z5 

14.98 

ta?d 
113 
tl 40 
141 


43^ 


1? 

■fa 

* . 

I 


21 


92 


3 9 


79| 5.7 

ill 


31 

# 

1.K135! 


44 

lb| 

A 

bi 

llo 


mi 


73 

99 

421 - 
Irt 63 32 
17| 4 5 19.6 
83 

12.61 63i 

*7 

11.8(11-1 


1.6 
1.2 
37 
3.8 3.0 


3.a 


3.9 


27$ 


98 


8 5 
385, 
7-6 


OILS 


% 


450 350 


a«sk97 


Attoek3fip 

[BrU-BarneoMo. 

8riLPrtroCra.fi 

Oo8%Pf.a_- 

BnnnahO 

Do8>;Ia91«6_ 


5p_ 

[CjeFT.PrtroleiB- 
T+CtufT Oil £1 
ttdjdePrtrolEl 
[Endeavour 20c— 

.BM 

USHC- , 

L4SM0i4 7 «S61XS 

Hjcntf'tetdslDv 

kvilExpt lOp 

'Premier ftatt 3p 

RanserCnl 

He-.m*JdsDit.Ic 
Rc( DotehUlQ- 
ScetareRes. — 
SheHTrans Res. 
Dn. T’.Pf £1 ... 
fiSieSens‘l‘K.i£l. 
Texaco Cm - . 

Triimtrot 

Cltramar 

DaipcCnv.il -. 
Weeks Nat. ldcts. 
Im Pid.trt.10c_ 
WoodsideASOc.- 


92 


_ . 

- 

_ 

152 


684 

19 

6.7 

860 

-4 

22.43 

42j 

3.9 

66 

+1 

56% 

SM.1 

139 

71 

-X 





SSTb 

-h 




*15i 

812 

+12 





61 

+1 

167 

3.1 

69 

23 

+V2 




£Z3»2 

qwmT 

19 

79 

412 

+12 

— 

— 



124 


1.02 

8.^ 

1.3 

24 

+«a 

— 

— 


27 

0.1 


09 

156 

+10 

— 




£99 

+15 

Q14 e * 

- 

cH.9 

380 

— 

— 



21 






222 


2JA 

3.0 

1.4 

19 

+ '*" 

w— 

— 



£211; 


— 

— 

— 

1U 


M* 

— 



£47 

+ 7 a 

053 J?* 

2A 

56 

555 


— 

— 



562 

+2" 

I5.<W 


4.2 

59 


4.9>» 

UQZ 

13.2 

414 

+20 





£57N 

182 

+2" 

w* 

51 

135 
1 1 

264 

+2 




146 


7*0 

2« 

b.S 

ITS 






175 

-5" 

QlSkr 

— 

Tl 

70 

+3 

— 

— 

— 


107 

92 


14.61 

93 


5.9 

59.1, 

102 

118 

♦ 


315 


78 


168 

88 


OVERSEAS TRADERS 


African Ifckrv — 

Anrt. ABU 1 . 50c._ 

Pensi(rt:S.4» ■- 
6atimctiTms.'30p 
BovtsieadrtOp'— 
Ftalarrjaoap.. 
GUlfcDaffns ... 
GLNthailO — 
Tfns'ns Cros.il. 
UoflnunCiS.).— 

Jnrh rapcil 

Jacks uta.— 

JamairaStyar— 

Lonrtio 

HilcheJI Cedi— 
NiEenanElec.il 
Ocean WlsuxCDp 

Pal': HD Zorh. lOp- 

Da'A'NrV 10p._ 
SangenJ.E) lflp. 

Sena Sugar atlp-, 

ASiwe Darby 10pl 

SeeiBra T 

Toner Gau.20p. 
DaSpcCnv.Bl. 

U.CltvMere.lBp. 

DalOpcLu.1^ 


295 

114 

147 

53 

52 

357 

146 

£61 

550 

383 

26 

13 

62 

411* 

238 

92 

183 

1S3 

29 

&Z 

107 

240 

56 

£93 

63 

63 



RUBBERS AND SISAI£ 


ins 

Sgb Low 


Stock 


Bird (Africa). 

Bradwall lOp 

Castlefield 10p__ 


RHTonaslfly.E*LlQp. 

Highland* M50eE 
Koala KepongHSl 
rtSnlim 3450c 

I Ldn. Sumatra lOp.i 

Malaknfl JtSl 




(Hr. 


Price 


Net 

C\r 

95al 


779 

4.7] 

125 

-2 

395 

15 

16 




• 57 


L73 

It 

240 


5784 

1.0 

43 


hi. 40 

17 

431* 

10 

+>2 


1.2 

fc 

.370 

+3 

1521 

1.6 

117 

+1 

6(4.06 


121 

+2 

02tt8r 



77 

53 

+1 

-1 


il 

160 


♦4.06 

11 

75 

-1 

h015e 

1.9 

48 


hD.44 

3.1 

73a) 

-2 

$221 

2.0 

70 


hLS2 

1.9 


250 1175 
385 280 

t. 

350 215 


245 


1350 

(lEO 


420 1370 


TEAS 

India and Bangladesh 

Assam Dooms £1._ 

Assam Frontier £L 

Assam Ims.il 

Empire Plants 10p_ 

JotaiTOp 

Lavme Plaws £1 — 

McLeod Rnssefiu 
Mtnanil 


SmeloHldgs. 10p- 

ffarrenPTants 

Williamson £1- 



5.9 5.9 

4.9 81 

3.7 98 
16103 
35 52 
— 6.4 

2.7 89 
4.9 62 
3210.6 
4.9103 

4.7 7.7 


Sri Tanka 

210 [123 |Lannva£I [ 200 [-5 [558 [ L5( 42 


Africa 


610 1390 jBJantjre£J- 
1B5 [130 I Roo Estates - 


610 

180 


... 50.76 1 fc 112.4 
. 13.3>[ 2 . 4 ) 10.9 


MINES 

CENTRAL RAND 


■> 


338 +6 — - - 

308 +10 — —J — 

£36I 2 +\ KJJ50c ISA 55 

US -33 1Q13c| M 68 


EASTERN RAND 


403 235 
,152 76 

m- 271 


865 kl7 
63 [31 


Braden SOr — 

EastDagraRl- 

ergdT»l5o_ 
GvootrieS30c— 
Kinross Rl — 
Leslie fl5c- 


UanetilaMSl — 
5. African IA35e- 
UnkfcmteinBOc — 

WinkelhaakK) 

Wit Nigel Be 



il 203 

7.9 
18J117 


4.9 

3.7 

56.7 

305 

6.4 


FAR WEST RAND 


HvvoorS 

tpeetkraai'R0J20__ 
pSorofont«nHl - 

East [hie Rl 

EUrAramlCkLae_ 

SsbnrgRl 



[Western Areas Rl_ 
western Deep RS_ 
Rl - 


323 

981 

+3 

+70 

omr 

t 

94 

+2 



288 

735 

+b 

+12 


*7 

. 246 

+5 



123 

-1 

WB.45C 

u 

■ £14 

+1 4 


fc 

608 

+13 

Q40c 

fc 

554 

+8 

oiOOr 

fc 

538 

+18 


ir 


-1 


23 

■ .■tH 

+Ja 

topv 

33 


+1 

025c 

fc 


+it 

5>ff,5r 

* 


+7 

t<3 13c 

2.1 

r, ~]p 

IIB 


24 


+1 


fc 1 


OJF^. 


O.LP* 750 
875 582 
914 703 


Free State Dev. 50c 
F&GednidaOc — 
ESSaaiptnasRl- 
lHarnoror50v — — 
JI/naincBl— — 
[Prgy Brand SO c- .. 
Pres. Steyn 30c— 

5i Helena Rl 

[Unisel 


1 wetonSOr 

£13t»tg.Hnldinst5Bc— 


90 
tiasg 
951* 
400 ‘ 
103 
952 
817 
865 
188 
315 
Ob 



m. 


123 

10.2 


10.9 

6.9 


10.7 

41 

113 

23 

4.4 

4.7 

65 

110 

4.2 

58 

,10.7 


4.7} 82 


05 

26 

9.9 

25 

19 

.1$ 


FINANCE 


Ll 


1 Ang.AnLCoaI50c_ 

> ' Anglo Aroer.lOc 

04 Ant Am. GoU Rl - 

. .Ang-VaalSOc 

' ChalfrCwiK. 

> Cons. Gold Fields.. 

' East Rand Con lop 
1 Gen.l6ninER2 
KUfioWFifasSABcJ 

i foTjurgCotu, K2 

i Middle *ii Sc— 

l Hlnrorp lg?p 

1 Minium 5BDL40-. 

New Mil 50c 

PaUnflXVFlsn 

Rand Ltmdnn lac— 

SelKtumTnisL.^. 

, SentrustlOc 

1 S;[ven raoa* 2Lri 

, rvaal.CwiLLdRl. 

: U.C Invest Rl 

! LwcmConm-MSc. 
40 [FtWiUSj*. 


580 

324 

£t8ia 

800 

142 

185 

2Sfls 

£17 

£ 13 : 


175 

35 

388 

131 

£30% 

53 

424 

212 

49 

242 

285 

65 



DIAMOND AND PLATINUM 

to® j£30 LAndtHAm Inv-Ste- 


m^te25 


DeBeeraDf.Sc 

DaAupcPLR5_ 


54 n.vdrtibtirelSx— 
70 BtaPlfcHV. 


£41 


QfiOOc 

11 

85 


107.1 c 

i.c 

384 

+4 

p52,5c 

3J 

£11 


02OQr 

NU 

65 

85 

-2 

as 

;.o 


38 

50 

82 

10.9 

t 

't 



MINES— Continued 


10 

nigh Low 

210 
24 
ED 

175 
Ofl 
41 


CENTRAL AFRICAN 

(. •:[ I hi. 


lo’* 


15 
132 
125 
820 
258 

72 

48 

140 
40 

220 

39 

141 

16 

39 
178 

50 

mv. 

40 
543 
300 
]60 
70 


155 

15 

52 

122 

78 


20 


| Stork 

Falrnn F.h ’te . _ 
film! fit wp ibLp. 
Riiarn'oto W .. 

TacL.invit. ■ Wi-i . _ 

UiWri’Wii. - 
H.,nki. ■(■<>! Hi- 1 . 

im i. , i'r51'L* 1 -l 


Price | - 
168 

’g 

36 
13b 




’VM 
V-i it,*ir:i.r« 

1S2-* 
71 53 


qr-fle 

057 


q:oo 

nfi:-. 



AUSTF 

IALIA 

lN 

* 

in 


14 


-- 

64 


122 

*4 

Q8c 



111 

+4 


150 

i'mnJ ranfit . . 

600 

+ 50 

— 

148 

I'nnanc KiiSiUn 5V . 

256 

-2 

QlGc 

45 

•iJl. KoleoorlieSL. 

56 



18 

iljiflu iiuld N L — 

48 

+2 

— 

B1 

10 

llamnln.trcK.'p. 

133 

29ig 


(3 55 

1?5 

MJ.M HWw ?nc- 

200 

+2 

g9c 

10 

MuumLvellljc — 

29 



1>+ 

Xvwmrtal UK- 

4«4 



79 

North B.HiU50r „ 

121 

+ 1 

g& 

fHi 


13ij 


— 

1? 

MkWet Mining - 

39 

+3 


117 

1 ■alihrulv'eS.V ! 

167 


njiic! 

30 


50 



750 

ffimunl'l 

£131; 


— 

17 


31 

*2:- 

— 

til) 

Mi*.Wjll'f'nl.iv. 

525 

-5 

til* 

SO 


. 240 

► 15 


84 

U«^ia MimojiUr. 

139 

+3 

,Vtic 

35 

’AbimCtvcV'J»- — 

50 




12 p i 

16 * R3 

it -: 5 


_ t _ 
14l +1 


22 ! :* 


40 
23 

41 


4 Oj : 3 
14|'; 


TINS 


70 

4{)0 

60 

300 

145 

10 

500 

165 

q 3 

U 

77 
510 
415 

73. 

62 

23S 

M 

61 

220 

330 

228 

78 
IDO 
100 
233 


24 

240 

45 

200 

111 

A 

130 

73 
9 

, 68 
450 
1280 
40 
50 
lt>5 
49 
47 
140 
1230 
134 
55 
85 

74 
f 148 


Mnal Nwwia .... 
im HiumSiU — 

JteraliTin 

Eerjum. 11 5M I — 

t tecv.ir 

UH;p_ 

inpencConv 

llnngki'ni: . 

|lifro. top 

JdDtar l-‘;p — 
h.muDiincJMUSU 
KiIhiiidMlI . - ... 
Mj)j; IwdcmcSMI 

il’jiumv . . — 

l'. , niAal' , n lup .. 
Wh.uiiu' SMI 
Sami Piron 
SaaHivroin- lup . 
South KinlnSHO.y) 
SthnNalji-anSMl 
ISmiCci B-'.iSMl 
AuprcmcL'iirp SM'. 
Tanj-mc 1 ’i* .. 
Tio^hid HrtiT SMI 
Trui»h$Ul 


I 


24 

360 

52 

28 a 
.135 
91* 
290 
160 
85id 
9 
74 
470 
395 
68 
58 
230 
57 
51 
205 
305 
205 
73 
88 of 
92 
220 


+ 3 


7f5 « 1U151 
09J • 

4 4i 
fc 
fc 


tsr* 

w 


133 

jiiO 

ci'25 

r\«^- 

it?:* 

eHJ 

**Si 

419 

IW"£* 

(win?.- 

/AjllK- 

6b0 

m 


84 

57 


0.9| 7 9 

16| 

0 7| 45 
fc 2b 7 
0 8J l£ 
om ; 
1 5h? 0 
3« 63 
4 b S 3 
2 W 12.1 
14 8 2 
119?. 
fc 63 
-28 
08 11.2 
16 it 
1 6( £6. 


COPPER 

100 I 70 iMessitu K05O | 86 [+1 [JQlOcl 1.9| 


MISCELLANEOU 


61 

17 

300 

465 

234 

90 

£12 

45 

180 


35 

9 

[215 

245 

164 

30 

^50 

120 


Barnnin 

Butina llmei 17Lp. 
[Ltais-Murrh. HN;_. 

NmrhcalcCSl 

RT2 ... 

Fahinalnds.CSl— 
TaraEvt+n-Sl _. 
Tehirty Minerals Hip . 
Yukon Cons. CJ1 


52 
14 

225 

385 

221 

53 
850 

45 

173 


+ 10 
+10 


_2 


NMc 

9.64 


135 

Q7c 


2 *1 t 
2.8] 65- 

at ^ 

2.91 19 


NOTES 


lUm «itmlw lidimtfc price* and net dividend* are la 
peace ad dnnnlud*n are Bp. EnlimatM priceJearninjra 
mtoaaad enter* are taiedna tatesi annnal report* jodaccnuaia 
and. where paMiblr. are updated « hal(->earl> timrr*. P/E* *ri* 
calralatrd an the bnlr rf net dutrtbntnn: bracketed flpur* 
indicate 10 per cent, or move difference if ralrelated an “ail* 
Hurt button, lover* are based on -reuimanT* dlttrt button. 
VteWs are hared on middle prices, are crow, adjusted to \CToP 
34 per rent, and alJew lor value or declared dbrfrlbinlons amt 
rljtbts. Securities with dcnmalnaitoas other than sterllBM are 
quoted iscludre al the investment dollar preninso. 

& Sterling denominated securities which Include intestine nl 
dollar premium. 

• Tap" Stock 

• High* and Lows marked thus have been adjusted to aumP 
for rights issues (or cash. 

t Interim unce Increased or resumed 
i Interim since reduced, pasred or deferred. 

Zt Taw4ree 10 non+esfdenis oh application, 
fc figures or report awaited. , 

Tt Enlisted securtt,'- 

d Price at time at suspension, 

5 Indicated dividuod after pendinc scrip and or rights uttra; 

rover relates lo previous dUldc-ndF nr forecasts, 
fc Mercer hid or reorganisation in progress, 
fc Not comparable. 

fc Same mtcnm; reduced final and/or reduced earning* 
tndlealed. 

f Forecast dividend; cover on earnings updated by latest; 
Interim slalcmem. 

I Cover allow* (or conversion of shares n*U now ranking tor 
dividend* or ranking only for restricted dividend, 
ft Carer does not allow tor :-harcs vrtiieh may also rank for 
dividend al a (noire dale. No P-E ratio usually provided, 
fc Excluding a final dividend declaration. 

• Regional price, 
n No oar value. 

a Tax live, b Kieures ha«H on pnvspectus nr other official 
estimate, c CenLs. d Dividend rate paid nr payable «n part 
of eapital; cover based en rivtideml on lull capital, 
e Redemption j ield. f Flat yield, g xjMimrd dividend anti 
yield, h A- •-uhk-.I dividend and .trlvl after wnp i«.vur. 
} Payment from capital sounrrv. k Kenya m Inlcrim hichcr 
than previous total, n Rieliis iwuc pcnUinc 4 Eimuuv 
based on preliminary 1 1 cure-. ■» Du nli'ml and yield exclude a 
special payment. 1 Indicaieit dividend: cover relates to 
previous dividend. I'.E ratio based nn latest annual 
comings. < Ficetivt dividend' cover b..<il on previous year's* 
ea mines v Tax free up In IWp in the ll w Yield allows tor 
currency clause, y Dividend and yield based on mercer (eras, 
z Dividend and yield Include a ■ perud pa; ment: Oner does net 
apply lo special pnynarni. A Net dividend and yield. B 
Preference dividPiuf pusvrd or deferred. C Canadian. E Issuo 
price. P Dividend and >icld based on prospectus or other 
official estimates lor 1B7M0. r, Auumrd dividend and yield 
alter pending .scrip uod.’or rights issue. U Dividend and yield 
based on prospectus or other official estimates for 
1078-79. K Fi cures based on prospectus or ntber olfirial 
estimates for T97K V Div idend and yield ha«rd on pinspeetu.* 
or other official estimates tor 1978. N Dividend and yield 
based on prospeciox nr other affinal estimates for 197!). P 
Fi gu re s based on prospectus or oilier ottirial estimates lor 
1978-79. Q Gross. T Fieunts iivsumed 1. Dividend total 10 
.dale. 44 Yield bused on uv.umplinn Treasury Bill Rate slays 
unchanged until nu unity of stwk. 

Ahbremiions- rtex dividend, it ea scrip Lane; *■ e* rights; O « 
all: to ex capUnl dutnbulum. 


“ Recent Issues M and “ Rights ” Page 28 


This service is arailable to every Company dealt in on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


REGIONAL MARKETS 

The following i< a selection or London qirotatinns of slum 
previously Ustcil only in regmnu] murkcLs. Fncor-of Irish 
names, most ul which arc not officially listed in London, 

iiru Ob quoted on the Irish cxchuiige . . 

Sheff Rcfrshmt.i 58uJ . 


Albanylnv.SOp 1 
Ash .Spinning 

Bernini— 

Bdchnr.Ea.ftop 
Hover Crolr... . 
'raic& Rose El 
DvroniR A. 1 A . 1 
EUis&McHdyJ 

Evered 

Fife Forge 

Finlay Pkg.Sp... 
(7 rale Ship. El ... 
Uigsons Brew.. 

I.O.M.Stm £1 I 

HolliJns.iSSp . 
Ntba (folds milhl 
Pearce if. II. i... 
Peel Mill*. _. . 
Sheffield Brick 


24 


44 

+2 

21 


290 


26 


480 


38 


161; 


50 


23*J 

+1<; 

120 


77 

+2 

155 

+1 

263 


56 


182 


20 


45 



Sindall iVVm 1 — | 105 [. | 


IRISH 

ftatr fl°«’an.(C 

Alliance Iras _ 

■Mnotl 

Carroll <P.l . 1 

Clondalkm 

Conneie Prod* 
HeitimilUdgs.1 

lnti.Curp — — I 

Jri4li Hopes 

.Tomb 

sunbeam 

T.M.i;. 

Uni dare 


£921* 


66 


350 


103 


105 

+5 

140 


46 


IM 


130 


67 


31 

+1. 

190 

+5‘ 

95 



OPTIONS 
3 -month Call Rates 


Industrials 

A. Brew 

.\,P. Cement .- 

BAR.- 

Gubcuck 

Barclays Bank. 

Beeehiim 

EoUnlJrvjq__ 

BowpLers,. m „ > .| 

HAT 

Knushovvgcii 

Brmmi.l.i. 

Buriiin'iY 

Cadbury's ■— . 

Cnurtatilds 

Dcbenhatns_ 

Dlstillen 

Dunlop 

Eagle Star. 
E.MJ. 


Geu-Accldmit 
Con. Qectnc_' 

Glaxo 

Grand M ot 
G-US-'A'.*- 
Guardian ....... 

G.K.N ^ 

Hawker SiddJ 20 
UotueofFkascr. 


1 r.I 

■■Imps" 

I.C.l 

Imereak, 

KCA 

Ladbroke 

Legal &t ten.. 
LoxServ ico... 
jUoydu Bank... 

“Lofs ■ 

toindon Enct 

Lunrhn 

Lucimlnds._. 
Lyon t-U. 

"Vtarti*," 

Mrits-ispner 
Midland Hank 

njli 

Nat Vest. Bank. 
Do. Wammtsi 
P&OIMd.^.j 
PIossey___.J 

H-HJd Z 

gnnkpnu'A - - 
Rccd IntnL_. 

mto 

Tbom_ 

Trust Houses. 


■s&l 

a 1 ■-**%# Zi n r_ | 


!TubeTnrosL_. 

.Unilever 

Uld. Drapery.. 

IViekcra 

Wool worths... 

Property 

Brit Land , 

Cap. Counties. 

'j 

Inlrcuropeaa 

MEPC 

Peai-hey 

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FOR INDUSTRY 


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Erjtday July 28 1978 


Henry Boot Construction Limited 
London 01-373 8494 Sheffield 0246 4WM 


BELL' 



Dividend curbs ‘vital 
to reduced inflation’ 


BY PHILIP RAWSTORNE 

THE GOVERNMENT could not 
allow any “provocative increase’* 
in dividends while it was seeking 
further pay restraint, Mr. Joel 
Barnett, Chief Secretary to the 
Treasury, told the Commons 
yesterday. 

Some companies had been 
ready to increase dividends by 
300 per cent. Half of all dividend 
payments still went directly to 
individual shareholders. 

Opening the debate on the 
Government’s Dividend Control 
Bill, Mr. Barnett said: "There is 
a danger of slipping back into 
the vicious circle of higher 
earnings and higher prices.* 1 

In the attempt to reduce infla- 
tion. dividend controls remained 
an essential part of Government 
policy. 

Backed by Scottish Nation- 
alists, the Government aimed to 
push the one-clause Bill through 
the Commons early this 
morning. 

The Lords were due to com- 
plete the Bill's Parliamentary 
passage today. It would then 


come into force on August 1, 
extending dividend control . for 
another year. 

Mr. Barnett said that the Bill 
would allow persistently success- 
ful companies with a growth of 
over 10 per cent to increase 
dividends in line with profits. 

But many companies would be 
disappointed and the measure 
would cause a marginal increase 
in the cost of raising capital. 

Industry had raised £3. 2 65 bn 
between 1975 and 1977, despite 
similar controls. 

Mr. Peter Tapsell, for the 
Conservative claimed that the 
Government’s proposal for con- 
tinued control would ' penalise 
the more efficient companies. 

The excuse for the Govern- 
ment’s action was fundamentally 
politicaL 

“It has become the political 
convention in this country to 
bracket together wages and 
dividends, as though like were 
being compared with like. I 
believe this argument is out- 
dated.'* 


Seventeen out of 20 families 
had some part of their savings 
invested indirectly in company 
securities and the effects of the 
controls would be widespread. 

“Why Is it essential for the 
national interest to tell the 
workers that, in order to 
persuade them not to ask for 
more than a 5 per cent ' increase 
in wages, they are to be offered 
an inducement of a reduced 
pension when they retire ? ” . 

Mr. Tapsell claimed that 
divided control was one of the 
main reasons for lack of invest- 
ment in British industry. It 
contributed to lack of competi- 
tiveness. low . wages and 
unemployment. 

** The inadequate profits of 
British industry and the 
inadequate distribution of those 
profits back into the capital 
market by payment of realistic 
dividends has made a significant 
contribution to the improverish- 
ment of Britain.” 

Transport union to back 
Labour, Page 8 
Parliament, Page 9 


Government may be 
near go-ahead 
on new air engine 

BY MICHAEL DOt^NE, ABIOSPACE CORRESFONDB4T. 


THE LEX COLUMN 


Tighter corset ’could put 
pressure on Barclays’ 


BY MICHAEL BLANDEN 

BARCLAYS BANK could come 
under pressure as a result of 
the recent re-introduction of the 
official corset controls over the 
banks, Mr. Douglas Horner, the 
senior general manager, indi- 
cated yesterday. 

He suggested that the re- 
straints in their present form 
could prevent the banks from 
sustaining their lending to 
priority borrowers in the manu- 
facturing industry. The terms of 
the corset controls were much 
tighter htan when they were pre- 
viously in force in 1976-77. 

The Bank of England took 
action to relieve the immediate 
liquidity shortage in the money 
markets with the release of 
special deposits of £44Qm 
announced yesterday. But the 
corset would bring pressure on 
Barclays in spite of the aotion it 
could take to hold back lending 
to the personal and other low 
priority sectors and to sell other 
assets such as gilt-edged stocks. 

Barclays might have to suffer 
the penalties for exceeding the 
growth ceiling laid down under 
the corset controls rather than 
restrict its leading to industry, 
he suggested. 


Under the corset, the banks 
win have to pay non-interest 
bearing supplementary special 
deposits to the Bank next Novem- 
ber if the growth of interest- 
bearing deposits exceeds the 
limit. 

Barclays saw little sign of an 
increase in the usage made by 
industrial customers of their 
overdraft facilities. But there 
was considerable scope for a 
rise with the present take-up run- 
ning at less than 50 per cent of 
the agreed limits. 

A case conld also be made 
for a rise in overdraft rates to 
reflect the recent upward pres- 
sure on market rates. . But it 
appeared likely that this would 
not be welcome to the authori- 
ties. 

The bank Was announcing its 
results for the first half of the 
current year.- which were rather 
better than the market had been 
expecting after the figures pub- 
lished by Lloyds and National 
Westminster. 

The pre-tax profits of Barclays 
for the half-year totalled 
£l54J?m. This was a rise of 13 
per cent compared with the 
second half of last year and of 


17 per cent over the first half of 
1977. The results were well- 
received, with Barclays shares 
gaining 12p to 342p. Midland, 
which reports today, rose 3p to 
365p. 

Mr. Anthony Tuke, chairman, 
explained that the gain had 
arisen mainly from the bank’s 
business in this country. It had 
been helped by a continuing re- 
duction in the provisions made 
against doubtful lending, and 
this was expected to continue 
during the second half of the 
year. ' 

Barclays also disclosed yester- 
day tbat it was about to make a 
submission to the Price Commis- 
sion with a view to increasing 
its charges for personal current 
accounts from the beginning of 
next year. This follows the 
moves already made by Lloyds 
and NatWest to raise charges 
during the current half year. 

Discussing moves towards 
greater flexibility in banking 
hours, Barclays said it hoped 
eventually to have flexible open- 
ings In the morning or evening 
at about 20 branches. 

Results, Page 20 


THE GOVERNM^T^is now be- 
lieved to be dose, tnfep proving 
the full-scale development of the 
new 535 version of-the Rolls- 
Royce RB-211 engine which is 
Intended for use tq,.*£he forth- 
coming generation ; iff short-to- 
medinm range aixBfeers, and 
particularly the propped Boeing 
757 twin-engined aircraft. 

The decision haxlfeen awaited 
for many months. ;-There has 
been some pressure, on the 
Government from Rolls-Royce for 
| a dear indication of ^Intentions 
|so that the engine company can 
| go ahead lwth pianino win the 
launch enginer rqie for the 
power-plant in the 757 aircraft. 

Approval for the' &U3-21 1-535 
engine, however, wflLhot neces- 
jsarily be accompanied by a 
Government decisiair^on which 
| airframe programmer#^ ad opt for 
the future — whetharSb pick up 
the outstanding offer'&om Boeing 
for work-sharing onTffie 757 air- 
frame, or to rejoin tiu^European 
Airbus Industrie grrira to help 
develop the B-1D vefifdn of the 
Airbus. 

While many in the&tferospace 
industry would also Eks to see 
ttie airframe Choice 'Tf&de soon, 
the Government is tfefieved to 
feel that there .is lejaff urgency 
than has been suggests, despite 
pressures from Airbag&ndustrie 
itself, and the Frencmsod West 
German Goveraramtipf- for an 
> early decision. 

| The future of RoH&Royce has 
been a major factor ingttie long 


debate on whet to do about the 
UK aerospace industry. 

Rolls-Royce itself does not see 
a future in West Europe, either 
in the BIO version of the Airbus, 
which uses the U-S. General 
Electric engine, or in the other 
proposed aircraft, the Joint 
European Transport, which uses 
the Frencb-U.S. CFM-56 engine. 

But both Boeing and 
McDonnell Douglas have made it 
dear that Rolls-Royce can have 
a big role in their future pro- 
grammes, with the bigger 
version bf the RB-211 in the 
Boeing' 767 twin-engined jet and 
with the 535 version in both tht 
smaller 757 aircraft and the 
McDonnell Douglas Advanced 
Technology Medium Range air- 
liner. 

British Airways is believed to 
be leaning towards* the Boeting 
757 as its “preferred option ”, 
for a new 160-plus seater airliner 
for tiie mid-1980s onwards, using 
the 535 engine, and would 
probably - welcome a go-ahead 
for that power-plant. 

Over seven to 10 years, the 
full-scale development of the 535 
would cost about £250m, but the 
bulk of this spending would not 
arise untiT peak production m 
the early 1980s. Initially, out- 
lays would be comparatively 

amaTl- 

Ftrm Government approval 
for the engine would consider- 
ably strengthen Rolls-Royce’s 
position, both with Boeing Itself 
and with prospective 757 
customers in world markets. • 


Equities press u 
to Jhe peaks 





7-bat nuemni 
f MFE ’ J 


fr :> 19 7S J 

rivals (in particular Midland 
^Lloyds) fro ma continuing 
petion in' provisions against 
rtjtful debts. It would be 


Swiss iffer accepted 
for Briten-Normaii 


BY OUR AEROSM 


>RRESPONOB4T 


Dollar falls against the yen 


BY MICHAEL BLANDEN 

TOE DOLLAR came under 
further pressure against the 
Japanese yen in exchange 
markets yesterday, but recovered 
against other leading currencies. 

The yen gained ground 
generally after touching a new 
post-war high against the dollar 
in Tokyo trading of Y192.10. In 
London - markets, the dollar 
remained slightly above its lowest 
levels, closing at Y193.60 against 
Y194J.0 on the previous day. 

The Improvement in the U.S. 
trade balance, however, was 
enough to lift the dollar slightly 
against the West German and 
Swiss currencies. This was 
reflected in the movements of 
sterling which in quiet but un- 
easy trading lost 45 points to 
SI 9075. The pound's weighted 
index slipped to 62.2 from 62.3. 

Meanwhile, in London the 
Bank of England took further 


DOLLAR L 

-a£ - SXgjjjpHi y " 

1977 1 1978 1 

-ipyl i i l ■ l I i i i i i t i_| 

S 0 II D3 FHAMJ J 

steps to relieve the upward 
pressure on short-term interest 
rates which has resulted from the 
intensifying shortage of liquidity 
in the money markets. 


The Bank announced it was 
releasing another £440m of 
special deposits to the banking 
system, to be paid on September 
26. 

It was stressed that the move 
was not a relaxation of the 
controls imposed under the 
corset restraint; but designed as 
a temporary measure to relieve 
the strain on the banking system. 
This has arisen from the flow of 
revenue to the Government 
coupled with the drain of funds 
into gilt-edged stocks. 

It followed the decision earlier 
this month to postpone the recall 
of another £440m of special 
deposits. The new move cuts 
the rate of special deposits from 

2 per cent to 1 per cent of the 
banks’ main deposit funds. The 
figure will be restored to. 2 per 
cent on September 11 and to 

3 per cent on September 26. . 

Yen hits new high. Page 6 


BRITTEN - NORMAN® Bem- 
brldge), which bug® the 
Islander and TrtsIa mflB r light 
transport aircraft, wgao be 
taken over by Pllawe* Flug- 
xeugwerke, the SwyfiE light 
aircraft maker of StamSjitar 
Lucerne, which is part qi the 
OerUkon-Bnhrie group/ > 1 

Sir Charles Hanfie, receiver 
of Britten-Norraarf (formerly 
part of the Fairayf group), has 
accepted a letter offer from 
Pilatux for the takeover qC all 
the assets of Kritten^onnan 
(Bemhridge), including facili- 
ties on tiie Isle- of Wlghf-and 
the complete Islander/Tri- 
slander . production hardware 
(Jigs, tools and rnatpriaL 
stocks) at present at Fairey 
SA’s factory at Gosselies, Bel- 
gium. _ - . 

The purchase- price is not 
disci 06 ed, but It could Be in 
the region of ElOm. 

The formal purchase contract 
now envisaged will enable 
Pilatns to acquire exclusive 
production . and marketing 
right for all Britten-Nonnan 
products. Output of parts and 
aircraft in Romania and the 
Philippines under licence will 
continue under new agree- 
ments. 

It is understood that 
Islander and Trislander produc- 
tion and assembly will con- 


tinue to be based at Bem- 
fa ridge, in the Isle of Wight, 
and that employment there is 
assured, and may be increased. 

Pflatus has authorised the 
receiver to introduce an imme- 
diate M action plan ” to improve 
Britten-Nonnan sales and pro- 
duction support. 

v This includes a worldwide 
''direct sales campaign for 
Islander and Trislander air- 
craft; a programme of product 
support for over 800 aircraft 
in 125 countries, introduction 
Of an Improved version of the 
Islander, the BN2-B Islander 
II; and feasibility studies for 
/-■further, developments, inelud- 
.. .Ing a Turbo-Islander. 

. PHatus is an old-established 
aircraft manufacturer, formed 
in 1939, which has a range of 
single-engined multi-purpose 
light transport aircraft, includ- 
ing the Porter and Turbo- 
' Porter cabin monoplanes. 

... With the acquisition of 
Britten-Nonnan, Pilatns will be 
able to expand into the multi- 
engined light transport aircraft 
field. 

' The details of the deal are 
still being settled, but it is 
expected that a further state- 
ment will be made during the 
. Farnborough air display, from 
September 3 to 10. 


A fell in equity prices looted 

a good bet yesterday morning, Tn<W rose 6.8 to 488.8 
and the first reading of the FT 
30-Share Index showed a drop 
of 2.7 points. But -the weight of 

bullish opinion was sue* that, W /Vyf 

despite tile anticipation of an- A 

other round of statutory divi- yf J \ / 

dend controls, the Index picked I V ’ 

up by 9.5 points over the rest of. ‘ I 

the day. It. now stands right at -M. mac MMW-mw J * j 
the very top : oftiie trading range , jgk r* 

In. which it has been stuck for »|F • S /J 

roost of this year, while the All-: I 

Share Index is just 2 per-cent I 

below- the all time peak point-- 7 _ aArWTaiJua ' 

touched over six years ago. . Y|;. u*- rate ■ 

Meanwhile the gilt. edged mar- |ff \ 

ket received a fillip from the- 
decision to release another 
tranche of special deposits. Ever 5^7 * * -fg 70 “ 
since the authorities brought in ' ; ' i ja = ay 

the corset and sold a massive jtllivals (in particular Midland 
amount of gUt edged last month. ai^Lioyds) fro ma continuing 
they have been battling to keep rearetion in' provisions against 
the shortages in the money mar- ^§5^ debts. It would be 
kets under control and prevent helpful to know the impact, 
an embarrasing rise. in interest Admittedly, Barclays’ profits 
rates. But with short-term ^ boosted by an extra £5.5m 
interest rates well above 10 per fT ^ a Barclays Bank Inter- 
cent the clearing banks may be n ^ nal and £9.5m from Mer- 
tempted to put up their base ^hip Credit However, the 
rates unless it can be seen that ^estfc clearing bank opera- 
tbe shortages are just a tem- ^ on jg -,1^ ahead even though 
porary phenomenon. As it is, tte average base rate fell by 
it is not clear why the shortages doSe t0 a and margins 
are continuing ftfr so long. The were over half a p^t lower 
authorities hope that by delay dlir ing the period. Clearly, dom- 
ing repayments of special pro fits would have been 
deposits until mid-September io Wer were it not for the re- 
they will overcome the problem. of tte pafit 

But they may have to srft-nedal It looks as if w ill con- 
gilt sales for the time being. over next 18 months 

n 1 at least, and helped by higher 

oarciays average base rates in the second 

The sooner the (dealing banks half Barclays should be able 
come clean on movements in comfortably to top / £300m this 
their bad debt provisions the y€ar against £267j6m last time, 
better. Yesterday, Barclays re- 
ported a £22.7m rise in interim JjQCllCape / 

'• Incbcape’sy results are well 
looks a remarkably good per- ^ Q}/f e market ' S and 

S^ f0 1 S^t e p^,Pri 1 prS nf ^S its * own recent expectations. 

£ ^ -^ a 8 1 per cent decline in 
other clearcxs. the* second half, profits for the 

However; while NatWest was year are 'tipwn from £73.4m to 
at pains, earlier on in the week, £62.Sm pre-tax, and the first half 
to insist that all of its. £15m of this year is going to produce 
reduction Jn provision against a further downturn, 
advances was “earned during * One unpleasant surprise has 
the half-year,” Barclays at least arisen in Holland, where trading 
admits that it is now benefiting in soft commodities has brought 
from an element of deferred losses of roughly £5m. The 
profit: Back in 1976, when it was Middle East, too, has been a 
pursuing a more conservative disappointment Profits are 
line on its interest suspense ao- down from £18-2m to £15.9m. 
count than some of tiie other and seem likely to decline 
banks, its profits noticeably further this year following the 
underperformed market expec- renegotiation of Inchcape’s man- 
tations. For the last two half agement contract for the port of 
yeans the reverse has been the Dubai for a further 10 years 
case and although Barclays will on reduced terms. The Jeddah 
not quantify it, it is dearly be- contract comes up for renego- 
ing helped more than most of tiation next year. 


Elsewhere, the group'! 
lems have been more ] 
able. Trading profit* ha&fceafev. 
lapsed in Nigeria, whensi 
cape's interests have 
duced to associate sta 
combined effect has be 
African profits at tfca 
level by £9 -6m to SS. SrtL 
translating oversea* proBfir-vq 
March's exchange rates ha*1j£t 
the latest figures by a rotifer 
£5m compared with 1976-yT.^ 

On the positive side, tb*aK, 
Thailand and Australia 
made good progress* and l&Wer 
tax and minority pbjnfeiit* 
ten tiie impact of thet^a^n 
earnings per . *|fet 

although there are 
profits for 1978-79 as * .,w$8e 
might show modest progress, 
vesterdv's 15p fall Jtok - Hw 
shares to 383p was 
doinq things. The p/e^«re$hd 
91, and tiie yield is 6 pw twL 

Redland 

Redland's pre-tax pttifita nre 
15 per cent ahead at. £39$m, 
and with the miportant GeTnufn 
subsidiary and Austrian asso- 
ciate results already known, in- 
terest centres on the group's UK 
performance. Here the messag 
is of a steady improvement in 
volume across the board at a 
rate of perhaps 5 per cent In 
profits terms this translates into 
a 9.3 per cent increase in the 
home contribution, which stands 
at £13.84m, on a turnover figure 
11 per cent higher. Redland 
says the UK picture wuold have 
looked a lot better had it not 
been forced to make a £L8m 
provsion following problem* ou 
a Middle East pipe design con- 
tract. 

Recapping on the rest of the 
group: the contribution from 
overseas subsidiaries (largely 
the German concrete tile busi- 
ness) is 16 per cent up at 
£16.2m, -while the profits from 
associates (mainly Concrete 
Products (Monier) of 
Australia) are a quarter ahead 
at £9.3m. And overall the 
quality of the profits has im- - 
proved; on the Hyde basis pre- 
tax profits are 24 per cent 
better. 

Redland is optimistic about 
the outlook for the current year, 
with the UK continuing to im- 
prove and good reportsf rom 
Germany. At this stage it 
seems that profits for 1978-79 
could be aoythnig between 
£45 ci and £4Sm. On a price of 
152p this would put the shares 
on a prospective fully taxed 
p/e of around -7*. 


pci' 

j i/- 

|V0? 


Strike call goes out 
to defence workers 


BY PHIUP BASSETT, LABOUR STAFF 


Investment banks agree deal 


BY MARY CAMPBELL 

FIRST BOSTON, the U.S. invest- 
ment bank, will take a 31 per 
cent stake in Cie FinanciCre du 
Credit SuJsse et de White Weld, 
the parent company of the Lon- 
don investment bank Credit 


Weather 


UK TODAY 
SUNNY, some rain. 

London, SJEL England, E. Anglia 
Becoming cloudy. Max. 22C 
(72F). 

Cent. S, Cent. N, East and NJE. 
England, E. and W. Midlands, 
Channel Islands 
Mostly cloudy. Max. 21C (70F). 


BUSINESS CENTRES 


Anutdm. 

Athens 

Barcelona 

Beirut 

Belfast 

Belsrwlfl 

Berlin 

Brtnshm. 

Bristol 

Brussels - 

Budapest 

B. AMS 

Calm 

Cardiff 

Cologne 

Copubasu. 

Dublin 

Edinburgh 

Frankfort 

Cedes* 

Glasgow 

Belstnlcl 

H. Kona 

JoTjotk 

Lisbon 

London 

Luxoxnb’2 


Vday 

Pint 

■C «F 
C 26 BS 

s a m 

S 27 81 
S 28 82 
R IS SI 
S 28 S2 
C 24 73 
F 2» 73 
C 19 88 

sura 

F 2S 77 
S14 56 
S S4 K 

c ir as 

FSB 
S 87 SI 
C19M 
ft 16 61 

can 

•ran 

C, 18 61 
S 81 72 
C 2S 78 
S SO 68 
s ia iv 
s ai ra 
F 21 76 


Madrid 

Mancbrstr. 

Melbourne 

Mexico C. 

Milan 

Montreal 

Moscow 

Munich 

Newcastle 

New Yoik 

Oslo 

Paris 

Prague 

RerMsvIk 

RIO de.ro 

Rome 

Singapore 

Stockholm 

Straabrg. 

Sydney 

Tehran 

Tel Aviv 

Tokyo 

Toronto 

Vienna 

Warsaw 

Zurich 


V-day 
midday 
•C -F 
S 33 91 
C 21 70 
S 11 52 
S 81 TO 
F 28 79 
C 83 73 
C 20 68 
C 20 68 
F 22 72 
C 86 TO 
RUB 
C 53 73 
F 26 » 
C IS M 
S 29 84 
F 2S 82 
S 99 86 
S 48 73 
F 24 75 
C 14 57 
S 55 TO 
S 88 S2 
S 33 90 
C 23 TO 
F 27 SI 
S 26 TO 
F 23 73 


Suisse White Weld <CSWW), 
while the CSWW bolding com- 
pany will take a 25 per cent 
stake in First Boston. 

Arrangements have now been 
signed and it is understood that 


5.W. and N.W. England. S. and N. 
Wales, Lake District, Isle of Man 
Rain in places. Max. ISC (66F). 
Borders. Edinburgh, Dundee, 
S.W. and N.W. Scotland. Glasgow, 
Central Highlands, Argyll, N. 

Ireland J 

Sunny intervals, showers. Mar. 
ISC (64F). 

Aberdeen.. Moray Firth, NJS. 
Scotland, Orkney, Shetland - 
Rain. Becoming brighter. Max. 
17C (63F). 

Outlook: Unsettled. 


HOLIDAY. RESORTS ■ 


AJaccio 

Algiers 

Biarritz 

Blackpool 

Bordeaux 

Boulogne 

Combine*. 

Cape Town 

Cam 

DBtnfdK 

Faro 

Florence 

Funchal 

Gibraltar 

Guernsey 

iDiehnick 

Isvferooa 


Velar 

midday 

•C °F 
F 37 61 
S » 86 
S 28 ra 
P 33 73 
s u ra 
S 18 84 
S 34 75 
R, 18 64 
S 36 86 
S 28 82 

s 30 n 
c 3 77 
C 34 73 
S 30 86 
S 17 63 
C 81 70 
C 17 63 


Isle of Man 

Istanbul 

Jersey 

La 6 Phds. 

LoCarUO 

Majorca 

Malaga 

Malta 

Nice 

Oporto 

Rhodes 


Vday 
midday 
•C *F 
C 15 S 
F 28 79 
S 29 63 
F S5 77 

F 23 77 

S W 93 
S 27 81 
P 28 83 
S 15 77 
F 22 72 
8 !7 H 


Tangier S 25 77 

Tenerife F 20 63 

TPUtS F 32 90 

Valencia S a B 

Venice F 27 81 


c — Cloudy. F~Palr. R— Rain. S— Sunar. 


each stake Is being acquired at 
book value and will cost about 
$30m_ 

The agreement includes a pro- 
vision for each to acquire more 
shares in the other provided the 
stakes do not become unequal in 
size. Under this provision CSWW 
is expected to raise its stake in 
First Boston to 31 per cent. 

CSWW’s name will be changed 
to Credit Suisse First Boston 
(CSFB) with the parent com- 
pany’s . name changed accord- 
ingly. No comment was available 
last , night on possible plans to 
change ihe names of . other com- 
panies operating under tiie 
CSWW name. 

The international operations 
of First Boston, including First 
Boston Europe, will be absorbed 
by Credit Suisse First Boston. 
Although the S30m injection of 
capital into First Boston will be 
entirely spent oti ' buying the 
stake in - CSWW, the funds 
accruing from the liquidation of 
its current international opera- 
tions will be available for use 
in First Boston's domestic U£. 
business. 

In order to give CSWW its 25 
per cent stake. First Boston’s 
issued share capital is being 
expanded -to the- limits of the 
authorisation. Shareholder ap- 
proval would , be required to 
issue more shares. The option 
of CSWW buying First Boston 
shares in tiie open market or 
from large minority shareholders 
has been rejected. 


SHOP STEWARDS of 183.000 
industrial civil servants, some of 
whom have been, blacking work 
on three' Polaris submarines, 
yesterday called a one-day strike 
of all Britain’s civilian defence 
workers unless the. Government 
improves its 10 per cent pay 
offer. 

General secretaries of 11 trade 
unions involved in the dispute 
will meet . Lord Peart, the Lord 
Privy. Seal, today- The -official 
union side yesterday called for 
increased industrial action over 
its claim. 

The one-day strike has beep 
set for next Wednesday. Mr. 
Alex Falconer, spokesman for 
the workers at Rosyth, where the 
submarines HMS Repulse and 
HMS Renown are stranded 
because of the blacking, said 
after a stewards’ meeting In York 
that if tiie offer, was not im- 
proved. the strike would go on. 

A . meeting of the Joint 
Co-ordinating Committee of tiie 
11 unions in Croydon urgted aH 
industrial civil servants to con-, 
sider the possibilities for indus- 
trial action. 

Mr. Mick Martin, public ser- 
vices national secretary of tbe 
Transport and General Workers’ 
Union, said: “ Industrial civil 
servants should seek to devise 
methods which will provide the 
maximum amount of inconveni- 
ence and embarrassment to 
management.’’ 

He said after the meeting 
that very few establishments 
would not take industrial action, 
although so specific form had 
been suggested. Members 
would decide what action would 
best suit their places of work. . 

.Mr. Moss Evans, general secre- 
tary of the TGWU, said the 
union was widening the dispute 
and there was strong feeling 
among union members and. in- 
dustrial civQ servants in general 


over their low pay and the 
Government’s offers. 

Mr. Evans will be among the 
11 general secretaries meeting 
Lord Peart at the House ot 
Lords. They will try ti> per- 
saude him to improve the offer 
The. union side will seek dis- 
cussions with the Government on 
the. possibility of 44 further pos 
five commitments ” on the 
civilian workers’ pay. 

Loading of the Polaris sub- 
marine Revenge was going 
“ according to - plan," tbe 
Ministry of Defence said. - It 
added, however, that unless the 
dispute was quickly solved, 
increasingly severe disruption 
would be caused to the Navy's 
ship refit programme. 

News Analysis, Page 8 


Continued from Page 1 

Recovery 

of GNP for industrialised coun- 
tries to pick up from 3i to 4 per 
cent in the two halves . of this 
year, but slow to about 3} per 
cent in the first half of 1979 as 
the fiscal stimuli in West Ger- 
many and Japan faded out, and 
demand 1 nthe U.S. was hit -by 
higher interest rates and 
inflation. 

After tiie relatively flat overall 
unemployment of the last 12 
months, there may be a rise of 
more than 500.000 from tbe 
present level of 17m in the year 
to mid-1979. 

Teh. report forecast that the 
consumer price inflation rate 
may stay at 7 per cent this year 
and earlier in 1979, reflecting 
net effects of a deterioration in 
price performance of the UB. 
and ah improvement in almost 
ail other Industrialised countries. 


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