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■7 l, N\ 

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the- ug fighter 

4>- 27,597. 

Thursday June 29 1978 




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Liberals force 1% 

Vietnam Equities cut in National 

down .7 
as Giltj 
waver ! 

Insurance increase 

Councils TWA seeks 

Swiss 25 ™ transatlantic 

loan loss fares rise 


trading. The FT SO-Sbipt 
Vietnam has- launched a major closed 1.0 down at 455-& 
’■ military operation against its 
CoztmmiMst neighbour. Cam- • GILTS wavered in spec 
bodia, with ; heavy bombing and - on a further rise In 
artillery support. The -town, of lng 024 to 69.01. . ;■/ 

Mimot six miles inside '-Cam-/ ■ . 

bodia, was reported in Viet* • STERLING remained 
namese hands.- quiet trading, closing 70 

• equities were infitive in The Government bowed to Liberal pressure last night and decided to cut its 

tradiiig^Tfe F? W ^^todex P r °P° se d increase in the employers’ National Insurance surcharge to 1-J per 
i a <es"*’ cent. 

u The plan o! Mr. ‘Denis Healey. would have had a less damaging next week was instantly rejected. 

• GILTS wavered m sppenlau on [he Chancellor, for a 2£ per cent effect,” the CBT added. But the Liberal leader sai»j he 

on a further rise In JffiJK, fall- rise— announced only three weeks The l' ner cent rate will raise was Prepared to ask his 12 AIPs 

lng 024 to 69.01. $v . ago— was reluctantly abandoned about this year— fl40m 10 vote for a P eT cent increase 

i? • after Mr. David Steel, the Liberal S b 0 rt nf the total needed to —roughly what the Liberals had 

• STERLING remaineflfinn in leader, had rejected a final appeal offset the revenue lost to the o ffere d toe Chancelor before the 

quiet trading, dosing #0 points from the Prime Minister for Government in the tax cuts Budget in exchange for cuts in 

The Vietnamese -were said to «P at $1.8545. The], pound’s I Liberal support. 

forced by Opposition votes in kisk er tax rates - 

have advanced in some .places up trade-weighted index f rose to Provisions for the 1J i 
- to 30 miles iirto Cambodia, but 61.4 <6L3) and thK -dollar’s compromise rate, to take 

the bulk of the fighting was three dAnrepifttinn wirionMtf in 7 n October, will be include— - 

■to she miles within the- border! Tktiiir new clause t0 tabled for the will seek to recoup this shortfall charge as a weapon against 

north of the Parrot’s Beak i 6 * 8 ?, f * r eeBt ’ T “f • , Finance Bill's report stage in the by other means. excessive pay settlement in the 

•salient where the Vietnamese to a ne w postwar low Commons on Wednesday. Both the Prime Minister and private sector in thenext .phase 

have controlled' enclaves for of 203.90 against the {yen; but Liberal MPc will thpn rat. with the Chancellor have been of pay policy. 

some time. : raffled at the close B 204.80 the cSwrSiSt « eSra ^ DPP ° S ? i }? “T lncr f? se ln llr - StMl i aid later aat tte >' 

■ Vietnam’s attack -risk* fnrther fonfilOY H sns ‘L ri l or reductions in public expend!- had proposed, in line with long- 

S?; sj. r ES SSMS aSSs 

sur--* i ; ist40 SS3S :h3E3= sks :: “ 

?rhjp U J? • WALL STREET dised 2.60 thal t ] ie move could still cost Mr. John Pardoe. the Liberals’ asr eed polite! v to consider the 

i SS5 t0 Q seiz f ^^ m up at 819.9L ■ r some 60,000 jobs and worsen the economics spokesman, had been proposal " ' 

^ .pro-Hanoi /:v balance of payments by £lS0m called to a meeting at the Com- P But « was later pointed out 

government m ^ninroi? n *i M ^A n ,' e )> 0 <i a year. mnn* with Mr. r&iHoh™ Mr " ul “ '±‘ Qr P°' nte , a oul 

rose to Provisions for the li per cent the Finance Bill committee. Mr. Steel and Mr. Pardoe 
-dollar's com promise rate, to take effect in Mr- Healey is expected to urged the Prime Minister to use 
. 7 0 Ocrober, will be included in a announce next week whether he the National Insurance sur- 

'*•” **U n L...ra. L. — A-LI a r will cHolr tn fiji'm In thic rknrtfull <iC *3 U’o-jnrvn ua'iinet 

Jesuits killed 
in Rhodesia 

Two German Jesuits, the only 
white staff at St- Rupert’s 
Mission ' hospital. Western 
Rhodesia, have been murdered 
only five days after the 
slaughter • of 12 British 
missionaries' and- children near 
the border with Mozambique. 

- Mr. Clifford ". 'Dupont, 
Rhodesia's first -head; of state 
after it broke away.Jrbm' the UK 
in 1965, has died in Salisbury, 
aged 72. ' 

ly settlement was ab*.*u 1,1 rJ 1 Y UI 't L , e lur t Q er trouoie m me Voramons. took to observe any Phase Four 

S4.90). I lower surcharge would be -only Last nights Government Da J ^gSdelines 

i; 1 a slightly lesser eviL” It warned retreat came after Mr. Steel and Mr Calachan and Mr H^alev 

WALL STREET dfced 2.60 tha t «n°ve could still cost Mr. John Pardoe. the Liberals’ agre e d polite! v to consider the 

at 819^L • * ,;r some bU.000 jobs and worsen tlie economics spokesman, had been proposal 

-l.’: . v J of Patents by £lS0m called to a meeting at the Com- Bllt it ‘ was | ater poinled oul 

COFFEE prices f finished 3 ^ear. mons with Mr. Callaghan, Mr. tj, at the Government had con- 

higher again, the &nt«nber T «e increase will raise the Healey and Mr. Michael Foot. sidere rf 5u C h id ea , nreviouslv 

^ emploj-ers costs by some £60 to Leader of the House. ' J fpMnrf them impractical 

I [Mr lam ; . . j 1 about £500 a year for each The Prime Minister’s appeal ^ ^ tm lmprectica . 

j’T employee. “We believe a 10 per for support for the '1\ per cent Other Finance Bill concessions 

. . mrc m u 7. ' - cent rate of value-added tax increase in the Commons vote Page 7 

- cofftt 

tC" -A Hambros talks on Norway 
v-iHdtz shipping guarantees 


L i 

Phones may be hit f ^ rob 

The Post A Office^ Enmneerin" ^ — Hr* 1 l 11 ? 5 NORWEGIAN shipping take at least sc-me of these HamfcijoE had to t»:.e over the 

Uniori has caffed anaS^al" bve^ position closing at £1,506 i :..du«dry. which has some £230m losses “on the csm.*' entire Jor.*. - ; -u.;uyht to be about 

' r tonne, up £17 on the day. Ic v *’ ant s Harabras to accept ™ a i fu11 

wineh may severely affect main-- ~ . '. ■■■• from., pie Norwegian Govern- reduced guarantees and cnalte statement saying mat the loan 

tenahee anfi repalr wo’fk tm tele-' tq nAAA A • |, ubstaIlliaJ writeoffs on tfa e wa « rampletely serare. 

ohone aria telex systems as well K OVPV' TIP3CP outcome- of negotiations between Reksten debt. The secuntj was provided b> 

.uSSum 5f55S?SJtag! - p e SWiK c?£Z i**tEh** on wsg&Js* tS&JFEl 

BackPage L rt «oc ment-backed Norwegian Guaran- Tuesday nighL Mr. Hallvard formed Guaraniee lnsUtute, bul 

• IlOpCS STOW tee Institute for Shipping. Bakke. Norwegian Minister for not without restriction*. 

CarnlirtA wbric . A trav««port it At issue are Hambros Joans— Trade, said that be backed the ft 

. VaTOline weas •TRANSPORT drivers at the thl3U3hl lo . be about egom— to Institute’s hard line, a statement J P 1 er ll 2JL * ta bX 

Princess Caroline of Monaco, 21, SJJS t £ t*»e loss-making supertanker which has created consternation r n ? wSSS 

married 35-year-old French finan- {J??? SS^SLn^nnr operators, fleksten. Made in among other shipping companies it had to reduce 

. cier Philippe Junot hi a private JSlS 1974. the loans were renegotiated and the shipbuilders. th 

civil ceremony at Monte Carlo's 2c^ ^JSL™ which has 5? 1976 when the Xonve ~ ian They fear that Lhis could ^Thk reductfon showed up as 
. Royal Palace. All. Monegasque in lSt oroduetion Government guaranteed them, create a crisis of confidence over a 3r J °e\cepUon l\ los/ ?n 

adults were ravited to a -cham, in Iost pr0fluetl0n - The guarantees expire at the all the loans which have so far Hambros’ 1976 ^counts reflec?- 

pagne reception immediately Ba^ Page • end of 1979. b^n guaranteed I by the Institute. S” «e 

.afterwards. has agreed to press for . Hambros wants the guarantees Mr. John Clay, Hambros tax 

■■■ S^t cSes iS rul^ renewed but it is meeting deputy firman wMr In Oslo yesterday, representa- 

Wkitfitc vio-htc ■ .t 6 ^ nnnocsirinn from the Insulate. refused to comment on the tj., ac f chin numarc icL-aw 


Hambros had to tal.e over the 
atire lor.:' '--^..myht to be about 

Caroline weds 


adults were invited to a-cham- J 
pagne reception immediately ***??.**/** 
afterwards. '• _ ., 

Institute would guarantee. 

This reduction showed up as 
a £4.3m exceptional loss in 

: EEC has agreed to press for - \ r t is mS 

White’s rights / •g5SSS. t -.^?^,teln n «g S5Su«» frorn’tSe Tn,uinte. - ga gL.t »^5« t „«> a« ".ruJ.'-ST^'SKS 

Tbe US: Sunreme Court riiied -GATT trade talks. The changes The Institute claims that since a0t s 3 v what Tctioc the bank fi r ?, n ! mmedlate meeting with 
- - '.Mtaln-s main concerns, it provided the guarantees in might tak? if theGovernnSit th L-i I - , l nis£ £ r ’ , „ 4 . 

^t^rqaalifie^ whites. Page 4 # . BKmsH CALEDONIAN has tinue bearing the brunt of sub- 2p ina breafcSp^ile at Se end P°- rt for ind “ str >- under : 

' proposed a joInTconcorde ser- stantlal potential losses. of 1979 lying anxiety mil not abate until 

,^T*heSeent vice with British Airways between Although neither side has Hambros has already had to tl o°\f^ V 3^ s tl ? 0 ?rf fnreiea debt 

'.^Labour’s . National - Executive London and Dallas/Fon Worth issued a statement, there is face losses of £9m on its loans nF^iObn a'hlm ? thh-^rt rnn 

Committee failed to decade m Texas * Pa «e 8 widespread speculation in the to Reksten which arose from the n«-t<»rt with ahinninn' ° ° 

yesterday on whether to pledge A iri AUSTRALIA, off-shoot of Nwv, . e S ian Pr * ss th v ar ! P 8li * “Julian ’’loan in 1974 which was w ea ‘ K pp . t 
. to outlaw in \t* • ILl AUaTKALlA, on . t oi . , demanding that Hambros financed bv a consortium. Lex Back Page 

By Mary Campbell 

THE Greater London Council 
and tbe London boroughs are 
likely to lose £25m-£30m as a 
result of the fall in the value 
of sterling against the Swiss 
franc since 1973. 

The GLC Finance and Estab- 
lishment Committee will be 
given details of the loss at its 
next meeting on July 7. 

By March 1977 the GLC had 
set aside some £4m to cover its 
half share of the loss. Further 
sums are likely to have been 
set aside since then. 

The lo&> arises from a 
SwFr 200m seven-year loan 
arranged by the GLC in October 
1S73 About half the proceeds 
of the loan were made available, 
to the London boroughs which 
will also carry about half the 
loss. • 

Unlike virtually all other 
public-sector medium-terru bor- 
rowings in foreign currencies in 
recent years, this loan was made 
without insurance cover from 
the Treasury agaimst potential 
losses arising from exchange rate 

Such cover was not at that time 
available on Swiss franc- 
denominated loans. 

At the time it was made the 
SwFr 2P0m loan was worth some 
£27m. Since then the number of 
Swiss francs to the pound has 
fallen from 7.3 to 3 45, with the 
result that if repaying the loan 
today the GLC and boroughs 
would have to find £5Sm. £31 m 
more than they originally bor- 

It has made some savings on 
the interest rate. It has been 
paying 71 per cent on its Swiss 
franc loan, compared with 12 per 
cent which would have been 
payable on a sterling loan taken 
out at the same time. 

This saving brings down the 
total nominal loss so far to 
between £25ui and £30m. 

The loan is not due for repay- 
ment until 1980, so lhat the loss 
is so far only nominal. 

In theory exchange rates could 
move in the opposite direction 
in the next two years and 
eliminate the nominal loss. 

However, in practice no-one 
expects the pound to recover 
against the Swiss franc to the 
exient of eliminating the loss 
altogether, while it is possible 
that by the time of the repay- 
ment date in 1980 this might be 
even larger than it is now. 

At the time the loan was 
arranged it was felt by both the I 
GLC and the London boroughs i 
thar the saving in interest was j 
substantial enough to justify the 
risk of a foreign exchange rate 
mov>ng the wrong wav. 

Continued on Back Page 


A SIGNIFICANT increase in 
transatlantic air fares may be 
triggered by Trans World Air- 
lines which has filed a request 
to put up its fares by 5 to 15 
per cent. 

The application to the U.S. 
Civil Aeronautics Board is based 
largely on cost increases which, 
it says, have created a “pressing 
need for additional revenue.’* 
Since none of these higher costs 
are particular to Trans World 
Airlines other major carriers, 
notably British Airways and Pan 
American World .Airways, are 
thought likely lo be tempted to 
follow TWA's lead. 

"While stressing that it will 
retain the cut-price structure 
which has so radically cheapened 
transatlantic air travel over the 
past nine months, the airline 
wants to raise its budget and 
stand-by fares by up to 15 per 

On the New York-London route 
the round trip would cost 8289 
(£157) from November 1 against 
S256 (£139) last winter. 

It is also seeking the first 
increase in economy fares since 
November. 1974. 

It points out that the CAB has 
not allowed any increase in this 
fare in nearly four years, during 
which time the consumer price 
index has risen by 23 per cent 

The fare increases would apply 
to transatlantic routes to Europe 
but not the Middle East. Major 
cities served by TWA include 
London. Paris, Geneva, Barce- 
lona. Lisbon. Madrid, Rome, 
Milan, Frankfurt, Athens, Nice 
and Dublin. 

TWA’s proposed increases 
average 7.5 per cent The airline 
says that its international pas- 
senger commission expenses have 

NEW YORK, June 28, 

risen 33 per cent since 1976 and 
thar the new cheap fares struc- 
ture is significantly raising the 
costs of its reservations service. 

Promotional discount fares, 
said TWA, have reduced iis 
transatlantic passenger yield in 
the first quarler oF 197S by 3.1 
per cent and it argues that the 
compensating increases in load 
factors cannot be expected to 
continue at the same rate. 

The airline presents an analysis 
of transatlantic traffic growth 
which it claims is less spectacu- 
lar than may at first appear. 
Much of the traffic increase attri- 
buted to discount fares is alleged 
to be the result of travellers 
changing their routes in order to 
obtain the fares. 

If adjustments are made for 
diverted traffic, then between 
November. 1977, and January. 
1978. the actual growth in the 
London-New York market was 
14.9 per cent and not 50 per cent 
as some surveys have indicated. 
This rate of increase is broadly 
in line vilh traffic growth in 
other transatlantic markets 
which have not enjoyed promo- 
tional Faro. 

Michael Donne writes: British 
Airways said it had no immedi- 
ate plans to follow' TWA’s 
example and seek rises in Atlan- 
tic air fares from this autumn. 
But it is watching the situation 
and will take decisions in the 
light of its experience this 
summer u-ith the cheap fares now 
on offer. 

Privately. BA and other 
scheduled airlines on the route 
say that the TWA move is the 
first indication that the cheap 
fares bonanza could well bu 
petering out. 

IATA talks Page 6 

Lloyd’s backs U.S. bi 

In Oslo yesterday, representa- 
tives of the ship owners asked 

• -ibetteFqaalifieti- whites. Page 4 . “ e u, * CKU " f “ that Norwegian shins coo 

^ 5^** • • BRITISH CALEDONIAN has tmne bearing the brunt of sun- up in a break-up sale at t 

Aic - proposed a joint Concorde ser- stantial potential losses. of 1979 

_ vice with British Airways between Although neither side has Hambros has already 

Vigour's.- .. National - - Executive Dondon ami Dallas/Fort Worth issued a statement, there is face losses of £9m on it* 

Canunittee failed to decide lo Texas. Page 8 widespread speculation in the to Reksten which arose fr 

yesterday on whether to pledge « ir , avistraI ia_ nff-shoot of N <*w. e § ian Pr ? ss th v at ] p sti - “ Julian w loan in 1974 whi 

: to outlaw some field sports in ite ^ dSfiSu Rrtup ! Sana tute * demanding that Hambros financed by a consortium. 

election manifesto. t0 buiId A$500m (£205.35m) ! 

• UK may accept Senate changes 

9 ■ # FORD MOTOR Chairman. Mr. •/ JT CJ | 

Idji-ji g : i • • ' ' « Henry Ford told a Tokjo Press »» n&vm frfiid 

vliOW IWCfUest conference that the U.S. industry BY DAV,D FREUD 

While they left the meeting 
saying that they had been 
reassured that tbe Government 

£ in New York 


" i 

June 23 

| Pronou* 


| S1.S; 70 2660 

i si.eviwaa) 

I mxiirli , 



Iffliipili* i 

1 .rtvl.oU .1 ■*. 


ir* im.tiih*' ' 

I &.lW.90.Ii. 

P.30-5.10 «i F , 


formally confirmed yesterday 
that it fird approved the latest 
£24m bid by Frank B. Hall, 
the third largest quoted U.S. 
broker, for Britisk - based 
Lloyd's broker Leslie and 

After some relaxation of a 
recent and highly contro- 
versial Lloyd's ruling, an 
announcement or l he full 
terms is expected today in a 
complex package. 

Lloyd's issued a carefully 
worded statement after a 
morning committee meeting 
designed to clarify its 20 per 
cent ruling in the light of the 
Hall bid. 

The ruling, drawn up over 
two months ago. stipulated 
that no insurance company, 
underwriting agency, or a non- 
Lloyd's broker may normally 
hold more tbau 20 per cent or 
a broker seeking recognition. 

It explained yesterday that a 
principal consideration in 

approving the Hall proposals 
was ** tltav day to day cudm! 
of a Lloyd's broker should lie 
in the hands of those with long 
experience in and knowledge 
of the Lloyd's market and dial 
financial control jlumld mil bv 
in the hands of an iusurrtiice 
company, underwriting agency 
or non-Lloyd's broker." 

Hinting that the committee 
had relaxed the ruling for the 
bid. Lloyd's said lhat 
■‘although ilexible within the 
terms of ihe specific case 
concerned, the normal limit or 
the equity holding of any 
acceptable insurance interest 
in a Lloyd’s broker would n/«t 
be greater than 2rt per cent." 

Hull is expected to haii* a 
25 per cent holding in the 
Lloyd's broking interests of 
Leslie. while Rothschild 
Investment Trust could hold 
at least a quarter and pussibly 
substantially more. The trust 
already holds about IP per 
cent of the Leslie equity. 


Is it turning your busines 
irio an archive? 

■ ■ • v . Henry Ford told a Tokyo Press »» n&vih coni tty 

vffew inquest conference that the U.S. industry BY DAV,D FREUD 

would produce more competitive 

SmwAt- cars to cut Japan’s U.S. market SIGNS ARE growing that the Petroleum, the only significant Both the last two would entail 

share. Page 6 British Government will accept UK operator in the State will not, long delays, during which the 

"U-S- Senate's removal from as it feared, have to prepare current treaty, first agreed in 

^ W , iT 5™ ■ nriUDimirc the Anglo-American double taxa- world-wide accounts on a U.S. 1946 and since many times 

Kr mi ' *'ti*PRIIICo lion treaty of the controversial basis. amended, would remain in effect. 

flciAft 3611 at INew ‘ • FERRANTI, the electronics clause curbing states’ rights to BP is now starting to earn It is felt that continuing 

. *?“■ and computer group, pre-tax tax on a unitary basis. profits for the first time in Alaska under the old treaty would be 

Briefly... & ceDt “ £9 - 12ni SLSf-yf "-E7SS &^“2SBS5Sr JZ £ 

EZ5JV&-2*- ^ • TRUST HOUSES FORTE pra JS&SV "* P "* rt,r 

ReibnS? anteed enna! *■* Profits .for the six months gjjgJjjjJ, e^SJide^S^ras The Alaskan move reinforces would be foregoing sums 

ssrsks ~ ^ - s ~ d 

*rs y tomorrow. which included a £4.1m profit on concerned. loss of the relevant part of the anomaly concerning foreign 

rare. iUtty Mlllnaire, daughter- fi xe d assets and investments sale. Unitary taxation is applied on treaty— clause 9.4. banks in the old treaty. A 

in-law of -the Duchess of Bedford page 23 and Lex a formula based on a company’s The options open to the UK similar amount is at stake over 

ana self-confessed gambler, .was wat niHrc world-wide income and not only Government following the ratifi- capital gains on disposals by 

cleared . at Khightsbridge Crown • MK ELECTRIC Qn generated inside the cation of the treaty by the U.S. groups of North Sea con- 

Court oir two- charges of stealing pre-tax profits fell from taxman state: -Senate on Tuesday without cessions. 

|ems from Cartier’s of Bond £3. 39m in the year’s seccmanmi The Alaskan legislature has clause 9.4 are: The feeling seems to be that 

street:. to leave the futi-year ngu w j n gasg 0 f 0 jj .To pass a protocol through tbe tbe U.S. Treasury's original 

Prince MkhaeT of Kent and _ trtkt Hf 
Bareness ■ Marie ■ Christine von 1? * 

Reibnitz arrived - in .Vienna, 

-they will be married in 
a civil ceremony tomorrow. 

• FERRANTI, the electronics 
and computer group, pre-tax 
profits rose 49 per cent to £9.L2m 
this year. Page 22 

Street. to leave the full-year figure Wr^gcidg^ that in the case of oil <To pass a protocol through tbe tbe U.S. Treasury’s original 

Polish and Soviet cosmonaut in 1 -a' ‘SJW™ m lcompaaies it is easier to tax oa Commons accepting the deletion: acceptance of clause 9.4 was. a 

a 1 Soyuz' spacecraft linked up 

with the Salyut station, joining • NATIONAL 

its two-man crew! • Chemical Corporation of the U.S. 

Egypt: Twenty' students were said it received a 
hilled when a mortar shell left internal Revenue S ere i re ruling 
from the 1973 war with Israel concerning its proposed acqmsi- 
exploded-in Damietta, 100 miles tion by part of the umievei 
from Cairo. group. 


rthe basis of actual production, to seek a compensating conces- surprising concession and its 
STARCH less expenses. sion Lrom the U.S. Treasurj-; or deletion should not cause the. 

British to renegotiate from scratch. 

loss of the whole treaty. 

C i 



i! ft 





(Prices in pence unless otherwise 
. . 'indicated) . 


"Bibby fJJ 230 + 8 

Blagden and Noakes 236 + 8 
IHundeU-Permoglaze . 71 + 54 
Central & sheerwood 62 + 3 j 

-Dawson Intnl, A 126 + 6 

Flectrocompouenb' ... 443 + 13 
Fortnum and Mason 725 + 45 

Joseph .(L.) 210 + IS 

Leslie and Godwin... 216 + 4 
5IFI Furniture 102 + 4 

News. IntnL 250 + 5 

Samuel. (H.) A 284 + 7 . 

Silentqight - 100 + 5 

Sitae Darby — .97 + 6 

Smith <D.) 106 + 9 

. Sotheby PB 287 + 6 

Thomson Org. 253 + IS 

Guthrie 310 + f) 

Kuala Kepong 78 + o 

Kulim * T 

Anglo Amer, Corp.... ^ + ? 

Cons. Murchison -260 + 25 

Kinross 3«0 + 17 

Pacific Copper T 

Stilfontein I 1? 

Wlnkelhaak « 


Excheq. 9IP.C 'S2 A..J9H “ 
Treas. 14jpc *64 | 

Decca A 

Harris and Sheldon... j>0 .3 . 

MK Electric a 

EZ Industries __ 

European news 24! 

American news 4 

Overseas hews 4 

World trade news 6 

Home news — general 7-8 

—labour 8 

—Parliament ... 9 

Pern’s struggle with tbe 
world monetary fund ... 20 
Economic Viewpoint on de- 
industrialisation 21 

Business and the Courts: 
Importers and Kroger- 
rands 18 

Technical page 10 

Marketing Scene 17 

Arts page 19 

Leader page 20 

UK Companies 22-25 

Mining 25 


How flexibility helped 
Israel’s exports 30 

S. African sugar. Bleak out- 
look after record year ... 28 

Tourism In East Europe: 
Under the socialist sun ... 3 

IntL Companies and Euro- 
markets 26-28 

Money and Exchanges 29 

World markets 34 

Farming, raw materials ... 35 

UK stock market 36 

Education in China: 
Eli m ina tin g illiteracy ... 4 

Ramifications of Proposi 
tlon 13 4 

Appointments 31 

Appointments Advts. 12-13 

Business Oppts. 31 

business Books 32*33 

Crossword " 3 fi 

Economic Indicators 9 

Eritectaumrent Guide IS 

EvrWUn Opts. ...... M 

Jobs Column ........ .12 

Letter* 21 

Lex ea 

Lombard 18 

Men xml Maulers ... 2» 

Racing IS 

Saleroom - — T 

Share Information ... 38-39 

To-day’s Events 21 

TV and Radio U 

Unit Trusts 37 


Base Lending Rates 3d 

East Anglian Water 2 

Blundell Permwiare 26 

Dc Vcre Hotels 23 

Elcctrecorapoitenis ... 
East Rand Gold 
Kicking Pontetosi ... 

London Sumatra 

Pauls and Whites ... 
Robertson Poods ... 
Rowton Hotels 
Trust Hanses Forte 

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National Westminster Bank Ltd. Registrars Department. 
National Westminster Court, 37 Broad Street, Bristol BS99 7NH, 


Financial Times Thursday JifaeJ?: 

H— I 




Holland to go 
ahead with 
uranium sales 

Vietnam bid The Giscard visit: co-operati 

mi member jggg ip conflict in ties with 

of Comecon <.»> 

MADRID, June 23- 

AMSTERDAM. June 28. 

uranium saiea 

become the tenth full member of 
BY CHARLES BATCHELOR AMSTERDAM. June 28. Comecon. ^the^ <£»«.« 

THE Dutch Government today refused to set tougher terms ring in Bucharest, 
defended to parliament its plan although Brazil indicated it was The application bad been suo- 
To deliver enriched uranium to prepared to agree to either a milled hy V^araese Deputy 
Brazil despite its failure to set permanent or an ad hoc system Premier Le Than Ngm t0 
watertight guarantees against of storing plutonium produced con's policy-making council, now 
misuse. Mr. Dries Van Agt, the from the uranium before in the second of three days of 
Prime Minister, said the govern- deliveries start in 1981. discussions of new long-term 

mpnt would not agree to go back The government informed development programmes, 
to its British and German oart- parliament last week it thought Western analysts believe me 
tiers in the project for vet more this met the spirit if not the move indicates Vietnam s grow- 
talks. Refusal to approve the letter of the motion accepted by ing alignment with the Soviet 
deliveries would do serious harm parliament in January. Union, the dominant force in 

to Holland's credibility as a The Dutch are under strong Comecon after many years in 
negotiating partner, be said. pressure from the UK and which Hanoi leaders sou*ni to 

The government’s success in Germany to agree to allow the maintain C p U K a f J t * e 
persuading a majority in the exports. Urenco has a uranium Moscow and PekniH. 
lower house to allow deliveries enrichment plant at Almelo in At present Vietnam 
to go ahead depends on the am- eastern Holland and another at observed status with Comecon. 
tude taken by Christian Demo- Cayenhurst, Cheshire and has a Other observer delegations , 
cratie MPs. Although the Chri*- contract to supply nuclear fuel attending the Bucharest session r 
tian Democrats are the senior to Brazil. The Germans have are from Laos— also neitevea now j 
partner in the two-party coalition threatened to build their own closer to Moscow than Peking— ■ 
government a large number of plant if Holland cannot agree to Angola and Ethiopia. * 

their own back-benchers are the deliveries. The Soviet Union and its allies ± 

strongly opposed to the uranium The government view is that welcomed the Vietnamese move 
export 'clan. Holland would lose any influence for the potential boost that ; 

The right wing Liberal Partv in the proliferation of nuclear membership of Comecon could ; 
is expected to support the capacity if it withdrew from the give to its economy — but were not Jj 
government when it comes 10 three-nation project.. Its ready to make a final decision « 
the vote although it too wants opponents fear that Brazil would at this stage, 
every effort made to achieve firm use the plutonium to produce Vietnam's entry could cause i- 
guarantees. Labour, the major nuclear weapons. Brazil has not Comecon problems similar to * 
opposition party, is opposed to signed the international treaty on those that would arise from the ‘ 
the deliveries and is in favour the non-proliferation of nuclear expected eventual entry of 
of a motion making all materials weapons. . Portugal and Greece into the j 

likely to lead to a proliferation Continued Christian Demo- European Economic Community. > 
of nuclear capacity subject to cratie parly opposition to the Although Comecon has a vastly 
export licences. The Christian governments plan could lead to different structure to the EEC, it s- 
Democrats and Liberals together a crisis in the six-month- wou i d have similar problems in , 
have only four seats more than old cabinet but political sou rces a f> SO rbing a largely agricultural g 
the combined opposition in the in the Hague thought it unlikely CO untrv, such as Vietnam, still 1 
150-seat lower house and the the party' rank and file would rec0V ering from almost 30 years 
defection of some of their own take it this far. 0 f war 

back-benchers could lead to a © The largest ship of the Zee- «yj, e organisation is already 

defeat for the government. land Steams^p Compwy^ntish strugg ii ng W ith similar problems 

This is the second attempt to * S^SStaifd^route enteS caused by entry In recent 
get approval for uranium exports Hou “ of . nd en ™f years of Mongolia, another close 

through parliament In January * e ™ Le . today She iMteBOOO ura Political ally of the Soviet Union 
the government was forced, to Holl and today Sbeiswe^um ton on china’s borders, and Cuba. 

withdraw its plan to give im- ** the Dutch The Question of Vietnamese 

ssss sss5^^Wmu to «ja 

?? d Gen^n papers In the SSStZETtf&ES _ 

Premier Adolfo Suarez: 
circumspect on Africa. 

President Giseard d’Estaing : 
important step for Madrid. 

I . D I nUDElil uiwrmi-i ^ £!EC Z 

\ THE RESTORATION o f Spanish entry into «« EEC. j” Spam ^lUim t e rfing 

^ democracy in Spain p.acen the has been 

v : Government in a Quandary over SU p port tor its lm datives in the the democratic 

where to put visiting; heads of Africa . ^ Spanish are sym- serve to reinforce me a ^ 

State. General Francos former pathetic w the general idea of process m Spain.. ^ 
r residence, the Pardo Palace ]ust Jq ac tivist French role in Africa EEC ?5L£. r ?SS most nega- 
: • outside Madrid, was rejected as to protect Western interests. But sistently disP^y^ttyiostneg 
Vi unsuitabIe - 10 JP ** they hold reservations over the tive attitude tJgwgL gS** 

Government opted for the former extent ^ which this support membership- Both tneap 
'J home of the Spanish monarchs should be public. Yesterday Pre- Socialist and Communist ra 
at Aranjuez some 6 G km from the mier Adolfo Suarez returned have been pnwtely cn * 

capital. At considerable a visit to Morocco the attitude of their French col 

M expease this palace has been which has pTOmp ted talk of a leagues on tms- _ ■ a hv 

B restored and modernised, and I to- Paris-Mad rid-Rabat axis for In ia 

§11 day opened its doors to its first North Africa. But although this the Ministry of Europea . ajrs 
■ formal guests, the French Presj- WOUJd be attractive to France here. the giSEd?*' 

ill dent. M- Valery Giscard d’Estaing and Morocco— both as a means lobby IS bJnnj^ described as 
B and his entourage. 0 f containing the Polisario the grouping most reiucmn 

“ It is highly appropriate that Liberation Movement in the to accept an wlargement of toe 
President Giscard d’Estaing Sahara and of supporting Maun- Coraniunity The .contorts av 
should be inaugurating Spain's tania and Chad, the weak North so far wit" I ' renen, omnaj - 
new residence for visiting heads African links dependent upon not t§s 

of state. He was the most senior Fnmee-the Spanish have to be of the potential strength of * uns 

foreign representative present at more circumspect. .. opposition and its influence on 

i .. th proclamation of Juan Carlos Algeria is an important trad- official French pokey 

•>< as King of Spain in November, ing partner for Spitin and Madrid believe here that dwpite the 

?• •*» 1975 «e is now the first head is trying to mend fences with cordiality of this four-day^ presi 
• 0 f «;t a t e 0 f a European country Algiers In order to cool tbe issue dential visit W: Giscard d'Estaiog 
!. •• SJ come 00 an official visit to of Canaries independence and can offer satisfactory assurences. 
E- V Spain Moreover. France and Algerian support for tbe small The decision by Spain to opt 
|h v Spain apart from being neigh- Canaries liberation movement for the purchase of 48 Mirage 
l> ' hours are major trading part- MPAIAC. Algeria has strongly F-l aircraft against UB. com- 
ners ’ Spanish exports to France attacked the creation of a closer petition is seen here as.a gesture 
i ■ -i account for 20 per cent of total alliance of Spain with France to France of a desire to colla- 
i’v- exports and France is Spain's and Morocco. Indeed if the three, borate. But the. Spanish want 
• ^ hie-’est single trade partner. were to move closer together it to make the point that such 
tr K - m Kni.«w the Close- woald probably complicate any gestures cannot be unilateral By 

' • J« b coiStriS But negotiation with Algeria over the deferin? to French pressirre on 

D . ess °f f c not without {uture of ^ former Spanish the purchase of new military 

' 1 e i n r r S s 3 gap Sahara as well as harden- they do expect some- 

?>: t lr . a,ns ^pvnre-iions S Qf Algerian attitudes to Canaries tbjng in return. T - 

between the exp ar g independence. The French have recently com* 

translated on the ground. This The French position on Spain’s Plained of the imbaUmee Jo trade 

-ao can be found in two prin- entry into the Common Market with Spain. Last year Spanish 
Hi ci Dal areas — foreign policy remains equivocal and, in oae exports exreeded >™ports of 
■■ regarding Africa, espedaily the important respect, contradictory. French goods by -Fr I.5hn— a 
* : future of the former Spanish France has strongly supported major change after years of 

i Sahara, and the broad topic of the establishment of democracy deficit. 



i) A; m I & -V-*' yi i p 

|7»Ti n ej 

This is the second attempt to * ^SnJJd^route^enteS by 1116 entry in wcent - ■_ 1 _1 - 

Sa&ttSSSS® Barcelona dockers ordered to work 

withdraw its Plan to give im* Stiv^to the Dutch The Question of Vietnamese w w 

mediate approval for the exports, heiress presumptive^ ithe : Dutch membership is UD iikely to be BARCELONA.June 2S. : 

It had to go back to its British throne She rort£20m and was fiQaUy deci 5 ed at least untiJ next gY DAVID GARDNER D/mLcuun 

and German partners in the igJJjL vardi at Heusden year’s council session in Moscow, rnwPVnR of ferences in introdudng the sur- in safety conditions. A man was 1.800 dockers and it is doubtful 

Ess* * 0 &A % as 

? : * I f : : ( * 3 1 1 VMm «T^T >. 

If you make our 
to catch the dosing prices 
onWedl Street 


So riet^ Prime AJex^ei The ultimatum threatens the concern ^TftfSSSle Wrf *£“» been working separatirt guefriHas have; Shot] 

Kosygin and his two deputies dockers with automatic dis- contracts if the situation minutes beforehand. dead a Bilbao newspaper, edftqh 

Mr Nikolai Baibakov and Mr. missal, and possible charges of deteriorated further the Civil The dockers maintain a new upsurge of - political 
Vladimir Kirillin, called at the sedition. Governor’s decision was unex- their demands were ignored in violence. .j 

opening session of the Comecon The Port of Barcelona is a peeled. Basing himself on laws norms issued two weeks ago.- ‘by. ^° se , M a *ia . Port^ ell was 

council meeting in Bucharest to major outlet for manufactured relating to public order and the Government, and are due :-t 6 ambushed by youths armed with; 

speed long-term economic co- and semi-finished goods, and the strikes in public services, the hold an assembly late this even- Pistols and machinerguns a& he 
operation. two month old conflict has ied to Civil Governor proposes to send ing to reply to the ultimatuin. ; * e “ home for work.*: . j--- 

Mr. Baibakov, as chairman of a 10 per cent surcharge being replacement labour into the Trade union sources think wf Bilbao polke'ssrid the style * of 

the committee on co-operation imposed by several international docks under para-military police likely that tbe assembly vffll the attack pointed .to ETA, which 

in planning, told tbe meeting conference lines. Two more escort decide to renew normal working; is fighting to make an. -indtepen-.;- 

that long-term programmes were conference lines— River Plate The two principal demands of and fight the Governor’s ordfer dent, Marxist state -of^ tlie-fotir 

complete for fuel, energy and Mediterranean and Brazil Medi- the dockers call for a phasing through the courts. But nond^of Spanish and three French Basque 

raw materials, engineering, food terra nean— have joined the U.S. out of the present system of the mainline trade unions fcajye province®. \ — - ■ 

production and agriculture. based Melguif and Iberian con- piece work, and an improvement won control- over Barcelona's* Reuter .-•••*? viz- r ~ 
: L_ i ■ • — ..... “ 

Tr : > V .| i I’j 

1330flight to NewYork 
you'll arrive in time 
at the Plaza. 

And if you take our 
1630 flight to NewYork 
you'll get tc Broadway 
in time to see 

"On thelwerstieth Century," 

Paris daily 
doses down 

By David White 

PARIS. June 28. 
newspaper bit the dust today. 
The Quotidien de Paris, a 
centre-left tabloid just over four 
years old, left tbe scene with 
something of a whimper in an 
edition of eight pages. 

Its fragile finances, over- 
shadowed by more sturdy com- 
petition. finally gave in under 
the pressure of a strike yester- 
day by part of its editorial staff. 

As M. Philippe Tesson, editor- 
in-ebief. said in his parting 
editorial, the Quotidien was 
always “ more of a promise than 
an accomplishment.” Its print- 
run after the first few numbers 
was never more than 35.000 and 
its circulation was at best 25.000 
The Quotidien was distin- 
guished. if by nothing else, hy 
a flair for headlines, cleverer, 
apter and above ail briefer than 
other French newspapers with 
serious pretensions. This morn- 
ing’s was. however, just a 
melancholy “ The Last 
Quotidien." echoing the last bow- 
in December of the short-lived 

J’lnforme. set up as a pro- 
Government alternative to Ihe 
evening Le Monde by M. Joseph 
Fontanel, a former Centrist 
Minister, lasted three months 

French Cabinet approves 
3.8% rise in basic wage 


To the’Holcters of . . 


FRANCE'S BASIC wage, the 
S MIC. goes up next month by 
a slightly larger than expected 
margin of 3.S per cent. 

The new rate decided at a 
Cabinet meeting today pegs the 
minimum hourly rate at FFr 
10.85 <£1J29) bringing the 

increase over the last 12 months 
to 14 per cent compared with a 
10 per cent rise in living costs. 

The SMIC. which represents 
the basic earnings of about 
700.000 French and immigrant 
workers, is automatically in- 
creased with every 2 per cent 
rise in infiatinn. 

The latest rise means an effec- 
tive increase in purchasing 
power of 1.7 per cent, compared 
with just over i per cent when 
it was last increased in May. 
But is is clear that the Govern- 
ment is expecting part of this 
gain to be eroded when this 
month's cost of living figures 
come through. The May index 
went up by 1 per cent after price 
increases For public services and 
this month’s index has to take 
into account increases on tobacco 
and petrol. 

In a batch oF labour conflicts- 
the only sign of progress is that 
Renault is bopioz for an early 
resumption of talks with the 
press-shop strikers who have cost 

PARIS, June 2S 

the company production of 
20,000 cars at Flins. Talks were 
suspended pending a return to 
normal working. 

During tbe night, about 30 
strikers who had reoccupied the 
press-shop after riot police with- 
drew on Tuesday were evicted 
in a scuffle with non-strikers 
aimed with crowbars. 

There were clashes today at 
picket lines In tbe Moulinex 
strike, where management and 
unions yesterday failed to reach 

The strike movement in the 
Government’s munitions plants 
and naval yards, now in its third 
week, shows no sign of easing. 
A poll in the arsenal at Brest 
yesterday showed 76 per cent in 
favour of staying out. 

German living costs 

The West German cost of living 
index rose 0.3 per cent in June 
after a 0.2 per cent rise in May, 
according to provisional figures 
from the Federal Statistics Office. 
Reuter reports from Wiesbaden. 
The index ibase 1970) showed a 
2.5 per cent gain this month over 
June last year, after a 2.7 per 
cent year on year increase in 


(NatioiiaI5Y^P<^riM^ __ Z_ __ 
6%Sinkiiig FundDebentures du^ 

NOTICE IS HEREBY GIVEN that, pursuant lo tbb proviridra oT^* 
trues of the above-described issue, Morgan Guaranty Trust Gown*™ 
has selected by lot for redemption en August 1, 1978 at tbfc 
principal amount of said Debentures bearing the following ~~~ 


Only Pan Am 

/9/S IX 


rrfs People 



erience makes 




Application has been made to the Council of The Stock Exchange for the undermentioned 
Stock to be admitted to the Official List. 

East Anglian Water Company 

(Incorporated in England by Special Ac I of Parliament In 1853) 


£ 2 , 000,000 

7 percent Redeemable Preference Stock, 1983 

(which will mature for redemption at par on 30 Ih June, 1983) 

Minimum Price of Issue— £97.50 per £100 Stock 

yielding at this price, together with the associated tax credit at the rate provided for in the 
current Finance Bill as amended, £10.71 percent. 

This Stock is an investment authorised by Section 1 of the Trustee Investments Aci 1961 
and by paragraph 10 (as amended in its application to the Company) of Part 11 of the First 
Schedule thereto. Under that paragraph, the required rate of dividend on the Ordinary 
Capital of the Company was 4 per cent, but, by the Trustee Investments (Water Companies) 
Order 1973, such rate was reduced to 2.5 per cent in relation ro dividends paid during any 

The preferential dividends on this Stock will be at the rale of 7 per cent, per annum 
and no tax will be deducted therefrom. Under the imputation tax system, the associated tax 
credit at the rate of advance corporation tax provided for in the current Finance Bill as 
amended (33/67thsof the distribution) is equal to a rate of 330/67ths percent per annum. 

Tenders for the Stock must be made on the Form of Tender supplied with the Prospectus 
and must be accompanied by a deposit of £10 per £100 nominal amount of Stock applied for 
and sent in a sealed envelope to Deioitte Haskins & Sells, New Issues Department. P.O. Box 
207, 128, Queen Victoria Street, London EC4P 4JX marked “Tender for East Anglian Water 
Stock”, so as to be received not later than 11 a.m. on Wednesday, 5th July, 1978. The balance 
of the purchase money is to be paid on or before Thursday, 3rd August. 1978. 

Copies of the Prospectus, on the terms of which alone Tenders will be considered, and 
Forms of Tender may be obtained from:— 

Seymour, Pierce & Co., 

10. Old Jewry, London ECZR 8EA. 

Barclays Bank Limited 
62. High Street, Lowestoft, Suffolk NR32 1HT. 

or from the Offices of the Company at 163, High Street, Lowestoft, Suffolk NR32 1HT and 
84. York Road. Great Yarmouth, Norfolk. 

On August 1, 1978, there will become anil he At ie an3 : payabie“npou ^efleh Beixmcuos 
amount thereof, in such coin or currency of the TJnitedSjaira of AineriteB3bH,ssid : ifele 
for the payment therein of public and private debte/aL theoptioti of tbe^Kiltler^citba: (aj'atrhe cor- 
porate trust office of Morgan. Guaranty Trust Company of New York, 15-TJroad Street, Nfe»r 
York, N.X. 10015s or {bj subject to any laws and regulations applicable ; theiieio with xespeet hr 
paym mt, currency oF payment or otherwise in the country of * ' ' ' ^ J ■“ 



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1 Financial - limes Thursday June 29 1978 


at odds over 


ROME, June 2S. 

•' fcii 

ON THE eye of the first ballot 
of the. Italian presidential 
election . there', still- appears 10 
be ho ail-party consensus on a 
candidate "to succeed • Sig. 
Giovanni Leone who resigned 
. earlier this month." 

, The : sadden resignation of 
. Sig: Leone following a series of 
-so . far unsubstantiated allega- 
tions of corrupt practices has 
presented/, the main political 
. parties with a . decision they had 
"hoped to avoid until the end of 
tiie year*- when Sig. Leone would 
have completed his seven-year 
term. ... 

. . Coming." so soon after , the 
kidnappii^- and -assassination of 
Sig. Aldb "Maro, the former 
Prime Minister,- the presidential 
elections, which are likely to be 
a protracted affair, are expected 

to act. as a furthers serious 
obstacle to the attempts of the 
Christian Democrat 
Government to introi 
long overdue econo: 
social recovery prograi 

The first ballot also 
an International Mono 
team led by Mr. Alan 
the Fund's European 
arrives here to rev_~ — _ 
Italian economy and opes formal 
negotiations for a new standby 
facility of some $lbn. Tl i- Italian 
Government . is. under ood to 
have hoped to negotiate the new 
facility before, the August 
holidays but, with tl > presi- 
dential elections, tins looks a 
remote possibility. 

At "the same time, >e main 
political parties diretjlg sup- 

porting • the minority f Govern- 

Use of bio proteins to reed 
animals officially limited 

ROME, J&ne 2S. 


THE ITALIAN health council cern and Liquichim^a— which 
said after a meeting here tonight have been awaiting jprmissipn 
that bioproteins could only be to produce bioproteiiS- at com- 
used at present to feed animals pleted plants in Sardinia and 
not reared for human eonsmnp- Calabria. f 

tion. - ■ However, since 197$. the two 

The council's decision now groups have been autforised to 
awaits formal ratification by the produce not more tan 40,100 
Health M i nis ter, Signora Tina tons annually of biop&teins on 
Anselmi. an experimental basis and not 

The bioprotein issue, and pos- for commercial use. f 
sible health hazards associated. Repeated delays -by lie health 
with the substance, have been authorities in rulingF on the 
the subject of heated debate in issue led to a decisionftMs year 
Italy during the apsf eight years. by.ANIC and its partner, British 
At the centre of the controversy Petroleum, to liquidate their 
are two Italian chemical groups £40m joint venture at Sarroch 
' —the State-controlled ANIC con- in Sardinia. 

New chief for 
Bank of Italy 

By Our Own Correspondent 
ROME. June 2S. 

appointed Director-General of the 
Bank of Italy today after the 
resignation of Sig. Mario Ercolani, 
who is about to reach the retire- 
ment age- of 65. - - 

Sig. Ercolani’s decision to 
retire is widely thought to have 
been taken to ensure an internal 
nomination to his post . and to 
avoid outside political . inter- 
ference. ■ 

The new Director-General, who 
is 57, was formerly a- deputy 
Director-General and has worked 
for the bank since 1946. It is 
understood that Sig. Ercolani may 
join the .Treasury to reinforce the 
-team the -new- Treasury 
Minister,. Sig. Filippo Pandolfl. 

may run j 
San Marine 

Party was today aske 
a . new Government 
Christian Democrats fai 
together a centre-lefi 
strati on. 

The two Captains-RI 
the republic, on the 
Rimini on Italy’s Adri 
banded the Comm 
official mandate and a 
to report back -by Jul; 

It is the second tim< 
that the Communists 
asked to form a G 
Their first attempt 
led to inconclusive 
elections in May. 


’to form 
fter the 
id to put 

nts of 
Is near 
e coast 
ists an 
d them 

is year 
ive been 
ifcd and 

ment clearly do not want to 
precipitate a confrontation over 
the presidential elections which 
could have serious repercus- 
sions on the fragile governing 
formula. . 

The Socialists and the smaller 
parties have been irritated by 
what they regard as a lack of 
consultation over the resigna- 
tion of Sig. Leone by the two 
largest parties, the ruling 
Christian Democrats and the 
Comm un ists. In turn , the 
Socialists" have Insisted on the 
nomination of a Socialist Presi- 
dent, much to the annoyance of 
the Communists, who have been 
forced to harden their line 
towards a Christian Democrat 

However, after the initial 
sparring, all the parties appear 
intent on avoiding an acri- 
monious contest, although they 
all want to demonstrate— at 
least on the surface — a degree 
of independence to their respec- 
tive electorate. 

At tomorrow's first secret 
ballot, the main parties are 
expected to put forward what 
arc generally regarded as their 
token candidates, merely to test 
the mood of both houses of Par- 
liament and the 58 representa- 
tives of the regions who elect 
the new President. 

Next week, after the first four 
ballots requiring a two-thirds 
majority of the 1.010 voters (630 
deputies, 322 senators and 58 
regional representatives), the 
names of the more likely presi- 
dential candidates are likely to 
emerge, if an inter-party agree- 
ment has not been reached 
earlier in the course of the tradi- 
tional frantic lobbying. Subse- 
quent to the first three ballots, 
only a straight 51 per cent 
majority is necessary to elect a 
President, leaving a larger area 
for party manoeuvres. 

Of the possible candidates, the 
names consistently voiced in the 
past days are Sig. Beniguo 
Zaccagnini, the reformist 
secretary-general of the Christian 
Democrat Party, Prime Minister 
Giutio Andreotti. Sig. Antonio 
Giolitti, one of Italy's two EEC 
Commissioners who would have 
Socialist backing, and, less likely, 
the veteran Republican Party 
leader, Sig. Ugo La Malfa. 

O A seaside villa owned by the 
son and daughter of former 
Deputy Premier Ugo La Malfa 
was damaged today by fire 
bombs, police told Reuter in 

Sig. La Malfa, who uses the 
villa south of Rome, has served 
in many coalition Cabinets and 
supports Communist participa- 
tion in Government austerity 
plans to restore the Italian 

economy- . 

Moscow-based U.S. journalists accused of slander 

mncCmv i. 

today served two • ILS. 
correspondents with a writ for 
slander in an unprecendented 
action against Western 
journalists. The action involved 
the reporting by the Americans 
of a dissident's televised 

In the writ brought by the 
state television committee, Mr. 
Craig Whitney of the New 
York Times and Mr. Harold 
Piper of the Baltimore Sun 
were accused of publishing 
false Information and slander- 
ing television employees. 

The suit was (he first con- 
nected with the work or 
Western correspondents In the 

Soviet Union. It demanded a 
printed retraction of articles 

written by the two men, which 
quoted the dissident’s family in 
Tbilisi, . - capital of Soviet 
Georgia. The action is the 
latest development reflecting 
the recent dip in "relations 
between 1 Moscow and 

As Mr. Whitney and Mr. 
piper were in court today, the 
U.S. embassy was dealing with 
the case ; of seven. Soviet 
PentecostaBsts who dodged 
past Soviet police outside the 
embassy building to seek U.S. 
assistance. The Pentecostal is Is, 
who ran into the embassy 
vesterday and spent the night 
in armchairs, said they would 
uot leave . until the Soviet 
authorities gave them permit 
sion to emigrate. 

•Embassy officials said today 

that the church group — five 
members of the Vashchenko 
family and another Soviet 
woman and her son— would not 
be forced to leave. However, 
when the group does leave, 
which Is probable eventually, it 
faces almost inevitable prosecu- 
tion. The dilemma of the U-S. 
diplomats is all the more acute 
in the light of President 
Carter's criticism of the Soviet 
record on human rights. 

Another U.S.-Soviet wrangle 
was somewhat defused yester- 
day by a three-prisoner agree- 
ment between Moscow and 
Washington. One of the 
prisoners, a UJS. businessman, 
was resting today after being 
released from a KGB security 
police jaiL 

The two correspondents are 

accused under an ajtirle of the 
civil code giving citizens the 
right to receive a retraction 
from someone who has 
impeached their honour and 
dignity. They must now 
appear in court on July 5 to 
hear the complaint that they 
- denigrated the honour and 
dignity of members of the 
State Commute for Television 
and Radio.” 

In the articles cited, the 
journalists quoted sources 

close to ihe family or dissident 
writer Zriad Gamsakburdia as 
saying they believed the 
authorities had fabricated the 
televised confession. Mr. 
Gamsakhurdia was one of two 
members of a Helsinki accord 
monitoring group in Tbilisi 

sentenced to labour camp .and 

MOSCOW, June 28. 

exile last mouth. 

About 30 correspondents, 
representing most of Moscow's 
Western press corps, waited 
in the anti-chamber of court 
while Whitney and Piper 
received the writs. 

The Soviet authorities have 
recently stepped up harass- 

ment of journalists covering 

dissident events, an activi 
the authorities regard as 
hostile. In recent weeks, 
reporters have been subjected 
to intimidation in the streets, 
photographed and filmed at 
close quarters, and hosed down 
with water. Today three 
correspondents who covered a 
dissident trial returned to find 
that a tyre on each of their 
ears bad been let down. 

EAST GERMANS are displaying 
a yearning for far-away places 
that has made this country's 
citizens the leading travellers in 
COMECON. Prom the beaches 
of Bulgaria to Soviet Central 
Asia, East Germans are making 
up for the many years when they 
could only leave their country 
with the greatest difficulty even 
for other Communist countries. 

Frau Hanna Mersemann from 
Dresden has ranged farther afield 
than most East German holiday- 
makers. but she does illustrate 
the Wanderlust at large here. 
This past winter she look a 
cruise to Cuba and this summer 
she is off with her husband to 
the Caucasus Mountains. As the 
wife of a plumber with his own 
flourishing shop, there is money 
to be spent. There is, however, 
one place Frau Mersemann says 
she would like to go but no 
amount of money will buy her 
a trip there — West Germany. 
*• Just for a week to see the Rhine 
and the Alps,” ghe says wistfully. 

Out of a population of I7m 
East Germans made nearly 12m 
trips outside their country in 
1976. From other bloc countries, 
the Czechs came second, with 
trips abroad for 54 out of 100 
Inhabitants. Then come the 
Hungarians and the Poles and. at 
the bottom of the list, are the 
Romanians with two trips out of 
the .country and Soviet citizens 
with one trip per 100 inhabitants. 
That Soviet citizen is likely to be 
an official on business. 

The East Germans make 2.8m 
trips ahroad. many of them to 
West Germany. This, however, 
is almost wholly accounted for 
by pensioners who are allowed 
to visit the West for 30 days a 
year once they reach retirement 
age. Far fewer Hungarians, 
Poles or Czechs reach the West 
But there are no age limits For 
them and qualifying is largely a 
question of obtaining enough 
hard currency. 

Mass travel across Eastern 
Europe’s borders began in 
January 1972 whep East Germany 
and Poland dropped visa require- 
ments for each other’s citizens. 


Seeking a place under 

the Socialist sun 


Last year Poles made 7m trips to 
East Germany or 67 per cent of 
all the foreign trips made by 
Poles while East Germans visited 
Poland on 4m occasions. Poles are 
attracted mainly by better 
stacked East German stores than 
by the scenery, and restrictions 
have again been imposed on their 
travel to East Germany to pre- 
serve shop inventories. 

Currently Poles who buy East 
German currency must pay a 23 
per cent fee for East German 
marks while East Germans get a 
14 per cent bonus in zlotys for 
their marks. The Poles are also 
limited to a fixed amount of both 
East German marks and Czecho- 
slovak crowns each year and 
there is a thriving Polish black 
market in both currencies. Czecho- 
slovakia has also dropped visa 
requirements but limits the 
amounts of crowns which East 
Germans or Poles may buy. One 
reason is that more Western 
goods are available at lower 
prices in Czechoslovakia than in 
the other two countries. 

East Germans travel to Poland 
and Czechoslovakia on week-end 
trips and summer holidays with 
the great majority making their 
own arrangements. Hotels are 
especially scarce in Poland where 
the existing rooms are taken up 
by Westerners. To the younger 
East Germans the exposure to 
Polish iqays is a revelation. One 
East German student says that 
crossinginio Poland is like taking 
a breath\of fresh air. He praised 
the relative freedom in Polish 
youth hostels where young East 

Germans can. meet Westerners 
and other East Europeans and 
mingle with them as is not pos- 
sible at home. 

Older East Germans often only 
seem to find their preconceptions 
about Poland confirmed. 

For citizens of Poland and 
Hungary there are fewer political 
barriers to travelling to the West 
than monetary ones. Citizens of 
these countries can get permis- 
sion and exchange money for 
travel to the West every three 
years on average. In Czecho- 
slovakia one can buy a maximum 
of 3220 for the trip whirh is the 
equivalent of 21 months' average 
wages. In Hungary one can get 
$200 and in Poland $130 which is 
tbe equivalent of 1 } months’ 

Package tours to the West can 
also be booked through the state 
travel agencies but only 3 per 
cent of the Czechs who travel to 
the West do. The reason is that 
a two week air trip to the Costa 
Brava and Madrid with hotel, full 
pension and S60 pocket money 
cost the equivalent of six months’ 
wages in Czechoslovakia. 

East Germany's state travel 
office this year offers several 
trips to other Socialist countries 
ranging from a two-day excursion 
to neighbouring Lower Silesia in 
Poland for 27S marks to a 14-day 
grand tour of the Soviet Union 
for 1.610 marks. For years East 
Germans avoided travel to the 
Soviet Union but now a growing 
number of them are taking in 
Sochi on the Black Sea. One East 
German sums up his impressions 
after a trip through the Soviet 

Union as “ overwhelming, but 
naturally you can’t compare their 
way of life with ours." 

East Germans who stay at 
home during the summer try to 
visit the Baltic Sea where over 
2.5m of them spend their holi- 
days at trade union homes or 

camping on hopelessly over- 
ds. A 13-d 

crowded grounds/ A 13-day stay 
at a union home costs 50-52 
marks with full board for an 
adult and 30 marks for children. 
Rail fares for the holiday trip 
are reduced by 33 per cent. The 
many others who do not get a 
room near the Baltic either try 
for a trade union home at the 
Lakes to the north of Berlin or 
iD wooded and billy Thuringia. 
Summer holidays go on sale in 
the dead of winter and the 
queues which develop are 
reminiscent of those outside 
shops iD the early postwar years 
when bananas arrived. 

National enterprises are also so 
eager to build holiday camps for 
their employees that Govern- 
ment planners complain that con- 
struction materials are being 
haphazardly shifted from onp 
part of the country to the other. 

One factory in the Leipzig area 
in the south of East Germany is 
being criticised for shipping tons 
of building materia! and equip- 
ment and sending dozens of its 
own workers to a lake in the 
north of East Germany where 
they erected a holiday camp. The 
bungalows have been completed 
in time lor summer occupancy 
while an important factory 
extension is said to be hopelessly 
behind schedule. 

NATO fears 
of Soviet 
arms offer 

to Turkey 

By Jurek Martin 

THE SOVIET UNION has offered 
Turkey arms supplies not avail- 
able from NATO sources, the 
allied commander in Europe told 
Congress today. 

General Alexander Haig was 
testifying, with Mr. Cyrus Vance, 
Secretary of State and Dr. Harold 
Brown, Secretary of Defence, as 
part of the Carter Administra- 
tion’s drive to secure repeal of 
the partial embargo on anus sales 
to Turkey. 

General Haig said he was con- 
fident that when the chief of the 
Russian armed farces visited 
Ankara last month “there were 
blandishments offered for Items 
no longer available through 
western sources." 

He predicted that if the 
embargo were not lifted and 
Soviet-Turkish relations conse- 
quently improved, as many as 50 
Warsaw Pact divisions could be 
redeployed away from the Bal- 
kans for possible use in Europe. 

In addition. General Haig said 
that Turkey would expel U.S. 
forces stationed there and 
would itself re-orient its own mili- 
tary resources away from the 
border with Russia to the fron- 
tier with Greece. 

In that event. Turkey would 
continue to work to prevent the 
reintroducrion of Greece into 
the integrated . NATO military 
command structure. 

Mr. Vance agreed that ending 
the Turkish embargo would 
impose new strains on American 
relations with Greece, but be 
said he did not think the sta- 
bility of the Greek Government 
would be jeopardised as a result. 

Combined Heat and Power System 

• If your combined heat and power 
system is inefficientyou can now get financial 
aid for its replacement or modernisation; 
and under the Department of Industry’s new 
Energy Conservation Scheme you can get 
2596 grants for replacing or modernising boiler 
plant and 2596 grants for insulating your 
.premises and improving ventilation and 
heating controls. 

Maybe you don’t know now how much 

you can save. Apply to use a consultant and the 
Department of Industry will pay 5096 of the 
approved fees. 

Virtually every sector of industry trade and 
commerce throughout the UK is eligible for these 
grants under this new Energy Conservation Scheme. 

Saving energy can save you money 

Now is the time to apply-fillinthe coupon 
and the DoI will sendyou ML details of the scheme 
and the technical conditions to be met 


New DoI cash grants 


could change all that 1 

lb; Energy Conservation Scheme Office, . 
Department of Industry 

Abell House, John Islip Street, LONDON SW1P 4LN. 

Please send me Notes far fee Guidance of Applicants’ 

Position in Company/Organisation 


_ _ 



Department of Industry 

* fflnffpgy flonservatjon Sriheme 




~rl ll 

: f'' i 

Pi N- S 

at steel 
import level 

Bjr John Wyfes 

NEW YORK. June 2S 
ALTHOUGH U.S. steel imports 
declined last month. U.S. steel] 
producers are complaining that' 
the fall was far less than they 
expected and are raising 
questions about the adequacy of 
protection afforded by t3ie Gov- 
ernment's trigger-price system, 
Mr Frederick Langerbcrg, 
president of the American Iron 
and Steel Institute, said yester- 
day that much of the 'industry 
■was “alarmed and surprised" at 
the volume of imports in May, 
when the trigger-price mechan- 
ism was expected to have its 
first significant impact. "We 
thought imports would be close 
to lm tons." he complained. 

Instead the Institute’s figures 
pointed to a volume of 1.51m 
tons of Imported steel, 30 per 
cent lower than the Anri! figure 
and 17 per cent down on May 
1977. . . _ , 

Some of the steel (industry s 
indignation can be attributed 
to its desire -to maintain pres- 
sure on the administration to 
reform the trigger-price system, 
but on the surface it seems 
possible that the Institute may- 
be correct >in forecasting steel 
imports for this year higher than 
the 14m tons predicted when 
the Government's plan was 
unveiled late last year. 

In a dash to get under the 
trigger harrier, importers placed 
huge orders for foreign steel at 
the beginning of the year, so 
that in the first five months of 
1978 imports totalled 9.43m tons, 
which is 51 per cent higher than 
the volume imported in the 
same period last year. The U.S. 
Treasury's view is that the May- 
figure was inflated by the late 
arrival at the customs service 
of import documents for steel 
which was actually landed in 
April. As a result, the Treasury 
believes the June figures will 
show a substantial decline. 

The bulge in imports is attri- 
buted to the fact that the 
Treasury allowed all fixed-price 
contracts placed before January 
9 to be imported by April 30 
without reference to the trigger- 
price system. Introduced in mid- 
February. the mechanism sets 
minimum prices for steel im- 
ports based on the costs of the 
world's most efficient producer. 
Japan. Steel imported below the 
trigger-price is liable to 
accelerate a Treasury anti-dump- 
ing investigation. 

Entebbe raid 
sue airlines 

NEW YORK. June 28. 
PASSENGERS ON the hijacked 
airliners stormed by Israeli com- 
mandos at Uganda's Entebbe 
Airport in 1976 have filed a civil 
suit here claiming 8130m in 
damages from Singapore Airlines 
and Gulf Aviation. The suit, filed 
in Manhattan Surpreme Court 
on behalf of 194 passengers and 
the families of four passengers, 
claimed that the two airlines 
were accessories and accomplices 
to the hijacking by pro- 
Palestinian guerrillas. 

It said investigations had shown 
that the airlines allowed the 
hijackers aboard flights from 
Kuwait to Athens carrying heavy 
arms and explosives. At Athens 
the guerrillas boarded a Paris- 
bound Air France airliner and 
hijacked it to Entebbe. It was 
held there for nearly a week 
before Israel launched its raid to 
free the passenger hostages. 

The suit alleged that Singapore 
Airlines and Gulf Aviation failed 
to take proper security measures 
and “ by their acts and omissions 
aidc-d and abetted the hijackers." 

A S145m suit against Air 
France, filed in Chicago by 45 
passengers on the hijacked Hight. 
is still pending. 

Reuler . 

Supreme Court bans college 
race quota admission rules 


THE U.S. Supreme Court today 
resolved one of the most contro- 
versial cases it has heard in 
years— concerning “reverse dis- 
crimination " against white 
Americans— in a series of rul- 
ings which, taken together, 
appeared to offer some degree of 
satisfaction to all sides. 

The court ruled, by five to 
four, that a state university in 
California was wrong to deny 
admission to a white man, Mr. 
Allen Bakke. because it reserved 
a certain number of places for 
members of minority groups. 

But. at the same time, the 
court ruled that it was proper 
for institutions to take into 
account racial considerations in 
framing admissions policies. 
While the court declared invalid 
tbe quota system operated by the 

Californian university, its ruling 
would appear to leave intact the 
considerable number of public 
and private “affirmative action" 
programmes at many levels of 
society which seek to promote 
opportunities for those who have 
suffered discrimination in the 
past because of their race and 

The Bakke case had been of 
consuming interest to the U.S. 
Government. to minority groups, 
educational interests and civil 
libertarians. It had been per- 
ceived as one of the great Litmus 
tests of the legally-backed pro- 
gress towards equality of oppor- 
tunity in U.S. society, in which 
great strides have been made 
since the famous Brown versus 
Topeka, Kansas, Board of Educa- 
tion ruling in 1954. which out- 
lawed discrimination on racial 
grounds in the public school 

This interest was reflected in 

the fact that the nine justices of 
the court today wrote six 
different opinions on various 
aspects of 'fte case. But— on the 
two key issues (upholding Mr. 
Bakke and the lawfulness Of the 
use of racial considerations)— 
the court divided five to four. 

Last year. Mr. Bakke. who was 
twice denied admission to the 
medical programme at the 
University of California at Davis, 
in 1973 and 1974. won his appeal 
against that exclusion in the 
state superior court. That body, 
usually one of the most liberal 
in tbe country, ordered the 
■university not to consider race 
in its admission policies. 

But today. Justice Lewis Powell 
in a key part of the leading 
opinion, wrote that the Cali- 
fornian courts “had failed to 
recognise that the state has a 
substantial interest that legiti- 
mately may be served by a 
properly devised admissions pro- 
gramme Involving the competi- 
tive consideration of race and 
ethnic origin." 

Justice Powell rejected as 
“ seriously flawed " the univer- 
sity's contention that its admis- 
sions programme — which 
reserved, in 1974. 16 places out 
of 100 For ethnic minorities — was 
the only way to achieve ethnic 
diversity. He cited other univer- 
sities. including Harvard, -which 
took racial considerations into 
account, without making them a 
sole criterion for admission. 

In a parallel opinion, extend- 
ing the principle beyond the 
university sphere, Justic William 
Brennan stated, 41 government 
may take race into account when 
it acts, not to demean or insult 
any racial group, but to remedy 
disadvantages cast on minorities 
by past racial prejudice." 


“Justice Brennan, with three 
of his colleagues concurring, said 
that the ruling today “affirms 
the constitutional power of 
federal and state governments to 
act affirmatively to achieve equal 
opportunity for all." 

Justice Thurgood .Marshall, the 
only black on the Supreme 
Court, agreed that race should be 
a factor in university admissions 
programmes, but dissented from 
the verdict that the Californian 
university practice was unlawful. 
He thought that countless 
government programmes might 
be adversely affected by the 

Four justices, in part, took a 
relatively narrow view of the 
Bakke case. They concluded that 
the 1964 Civil Rights Act meant 
a race cannot be the basis of ex- 
cluding anyone from participat- 
ing in a federally funded pro- 
gramme." These justices voted in 
favour of admitting Mr. Bakke to 
the university but, in the words 
of Justice John Paul Stevens, 
dissented from the judgment “ to 
the extent that it purports to do 
anything else." 

But civil rights groups 
generally were relieved today 
that the court had gone so far 
as to address itself to the legiti- 
macy of the race question. 

The head of the American 
Civil Liberties Union took simi- 
lar consolation and estimated 
that 90 per cent of existing affir- 
mative action programmes 
would not be affected as a 

In San Francisco. Mr. Bakke’s 
lawyer said that this constituted 
a personal triumph for his client, 
and that be would be entering 
the university medical school in 
the autumn. 

Post-war . | Sheikh Yamani warns 
1 d ° 0 y a f ” r increase in oil prices in 

• rp i BY VICTOR MACKIE . . 1 ^ j 

in 10KVO SAUDI ARABIA'S Oil Minister, But Sheikh Yamani. warned dev. 

•/ SuJIiTt. vamani. has -that the surplus was only tem- the 

U.S. in Pretoria nuclear talks 


CRUCIAL TALKS between the 
U.S. Administration and the 
South African Government open 
in Pretoria next Monday, aimed 
at persuading South Africa to 
sign the Nuclear Non-Prolefratlou 

Confirming this yesterday. Mr. 
Pik Botha. South African 
Minister for Foreign Affairs, said 
the discussions would he on 
matters "of mutual international 
concern" in nuclear energy. 

South Africa has apparently 
supplanted India as the U.S. 
Administration's prime target 
among the nations with nuclear 
weapon potential which have not 
yet signed the treaty. 

Mr. Gerard Smith, senior State 
Department official dealing with 
questions of nuclear proliferation, 
has already arrived in South 
Africa with the U.S. response to 
a package of demands from tbe 
South African Government. 
Mostly these demands concern 
guarantees of assistance over 
uranium enrichment, a crucial 
step iu the provision of reactor 

The view in Washington is that 
if the U.S. Administration accepts 
these demands. South Africa will 
be pretty firmly committed to 

signing the treaty. But South 
Africa also wants U.S. help in 
restoring its scat on the Board of 
Governors of the International 
Atomic Energy Agency (IAEA), 
“watchdogs - ’ on proliferation. 

This was a position it held 
until last summer, as the most 
advanced nuclear nation in the 
African continent, but which it 
lost to Egypt on a political vote. 
The vote' was re-affirmed earlier 
this month. 

The enrichment which Souih 
Africa wants from the U.S. 
includes fuel for its first two 
power reactors, under construc- 
tion at Koeberg. 

Even though South Africa has 
its own supplies of uranium and 
has operated its own enrichment 
process on pilot scale since 1975. 
it has admitted that the Koeberg 
reactors will be delayed by- 
several years if the U.S. Govern- 
ment reneges on an earlier 
undertaking to provide the 
enrichment initially. 

Still more urgently needed, 
however, are supplies of highly 
enriched uranium for South 
Africa's only existing reactor, 
the Safari research reactor. The 
U.S. hitherto sole supplier under 
IAEA safeguards, of all fuel for 

this reactor, has authorised no 
fresh deliveries since the end of 

As a result, it is believed that 
the power level of the '20 MW 
( thermal t reactor has be 
reduced to a point where it is 
no longer a useful tool for 
nuclear fuel development. 

The U.S. Government hopes to 
persuade Souih Africa to accept 
a loss hi"hly enriched fuel — 
35-10 per ceni instead of 93 per 
cent — than it ha? previously- 

• The U.S. Government is under- 
stood to be about to make a 
formal offer to Euratom to 
reopen negotiations on U.S. 
enrichment supplies. A formula 
is being offered which will allow 
fresh discussions on supplies to 
hegin hut which makes it plain 
that all issues under discussion 
as part of the two-year inter- 
national - nuclear fuel cycle 
evaluation will remain outside 
their scope until tbe INFCE 
exercise has ended. late next 

The new formula, therefore, 
eucs at least part-way towards 
meeting French objections which 
have prevented discussion for 
some months. 

TOKYO, June 28. 
THE Bank of Japan stepped in 
lo prop up the hard-pressed 
US. dollar today after it slid 
to a post-war record low of 
203.80 yen on the foreign 
exchange market here. Dealers 
said the dollar responded to 
tbe Japanese hank purchases by 
rallying slightly to Y204.85 in 
hectic morning trading. 

The Bank of Japan spread 
Its purchases through several 
different Japanese commercial 
banks at various rates as the 
dollar fluctuated. This repre- 
sented a new method in con- 
trast to its previous practice of 
baying dollars through selected 
banks. _ 

The banks used for the in- 
tervention were ordered not to 
give any details of the cen- 
tral bank activities. On Mon- 
day, the Bank of Japan bought 
a fairly large amount of the 
U.S. currency, estimated by 
some dealers as approaching 
5200m. But that intervention 
only succeeded in slowing the 
decline of the dollar, which 
accelerated this morning as the 
rush lo exchange dollars for 
yen resumed. 

Somali defects 
to Kenya 

By John Worrall 
Somali diplomat, Mr. Osman 
Abshir Egal, has defected to 
Kenya, he was First Secretary 
in the Somali Embassy in 

. Mr. Egal. 37. said here today 
that President Siad Barre was 
conducting a “reign of terror 
which has made several edu- 
cated Somalis flee for safety 
to foreign countries." 

He said President Barre was 
a “supreme dictator" who had 
trampled on the basic rights 
of tbe Somali people. In April 
this year the former 'Somali 
ambassador to Kenya, Colonel 
Hussein Haji Dnaleh, 
defected to Kenya after desert- 
ing his brigade In the Ogaden. 
A group of army offices also 
defected to Kenya earlier this 

■ ■’ 

BY victor MACKIE 

SAUDI ARABIA'S Oil Minister, 
Sheikh Ahmed Zaki Yamam, has 
warned that the present oil sur- 
plus is only temporary and that 
another sharp price increase w 
inevitable by the end of. the 
1980s. 1 

Sheikh Yamani was in Ottawa 
today, conferring with Mr. Pierre 
Trudeau, the Prime - Minister, 
and Mr. Alastair Gillespie, the 
Energy Minister, on the global 
oil situation. " ‘ 

Earlier this week. Sheikh 
Yamani addressed the. annual 
meeting of the Canadian Society, 
of Petroleum Geologist in; 
Calgary, and said . that the 
Organisation of Petroleum .Ex- 
porting Countries (OPEC) has 
decided to refrain -from increas- 
ing oil prices for the time being, 
in view of the surplus o£ world- 
oil supplies. 

OTTAWA; June 28.-"- 

But Sheikh Yamani. warned devalued -dofe and :mgafipn,v 
that the surplus was only tem- ttie; current -price of SJXTO .fc- ; 
poraxy. and another sharp price* -barrel was-. worth,njiIy : §7.7U, at . 

■ increase : .was inevitable, by the^I973 

end 7 of the 1980s. -The Sheikh; - ■ When eomp^ Ao,3he. !ppM^ 
said that energy sources are -ft f §20.83 set. in . Jajiuary, J.a£i. 

unlikelv to meet the ^bulk of the- current piuce^shows.a Teal:- - 
demand in the next: ten years, deterioration of v20 per. cent, her. 
Consequently, when- the. current. told file Pnme-JGnister. ; r v 
.Surplus diminislies, the '.world -. .Sheikh Yamana s^d 
will once again. : havb fo; depend -trary .popular ; 

■bn OPECvfor world: oil. supplies.. the -flaw; tf^capias^ gjg : 
•'-“'Unless^ oil. prices ..are per- OPEC countries, ax .not-AVhal;^^. 
knitted to grow gradually in real is. assumed . ..dnO i-soiae' 

terms throughout the rest of OPEC .eounMes a?e.;ey^Kpor- : 
•the centiiry^ahdther sharp price rowing, from jto - i pgg gg | g * «lt : : 
increase is -inevitable by the end finanmaLm^^ merw^Mucv-- 
-ef the 1989s by reason of, the ing their ab^ty ; ^ i €POW^,a ? 
supply shortfall, that is likely to 
occur -br ..that time,* ■•.. . 

■The Minister told Canadian respurcey fiora-^.anan ^a Hsea^ 
Government representatives* as 
he bad earlier told the Oalgaiy countries, 
meeting, that, '.because pf the reversed- Sind® jtp/ng-. ate. c 

Large-scale purge itfSSYllsl 

■ BY IHSAN HIJAZI t V'i' ? -'V 

A LARGE-SCALE" ' purge has the ^National Front jbet there 
been undertaken insjde the Sunday mght to djscnss action 
I armed forces in Southern against Mr. Rubai All. The-. tbe .V angnartl . . 

! intended to ulansare- tabe.broueht ’before- a 

Money's to tfi- deeper "causes of * the jpower . ' » W^gtothe^g 

ranital Aden! struggle which had rocked . the to. oontom^t^defave; Ideology 

Arab diplomatic sources said leadership in Aden f«- the Bjgb 
the purge covered a number of : two raonths._ They ;»id 

th^ purge covered a number of two months. They -said that. Mr. JsmftH.insteted soenttiic 

hith-SriLrg olcers suspected Rubai All was opposed; to-N Tor 
of sympathising with form er . plans laid down by Mr. IsmaU to ;Comnunzsih. ^ . > v < - - . 

President Salem Robei Ali, who." -. — — ■ ■ - ■ . iT-’.--: "*/ - • • - s 

was executed along with two erf - ; • . . -• '■ '.'V- -w « . * : r 7 


Reports about Mr. IsraaiL the;- . / ' .T'.V- 

Marxist - Leninist Secretary. . BY DAVID LENNON-. r ‘ : , TEL AVIV* J Jttbe . - 

Newspapers In Riyadh said- Movement for : Change . (DMCK ’ 

that he was rushed to Moscow the second largest :party jin KnesSt aeSt, 

for. medical treatment. toad's ruling coalition, -W. and b^;him totally dependent: 

Kuwait s daily A1 Rai A1 Aam resu [ t j n a weakening of Mr. on the^otes of ^two religious ■ 
claimed that he died Menaliem Begin’s Government;- -narties. -•• r . . . 

be* confinned he?Tif he'fn The party, headed by Profe^ or - Today’s.: elutions to the DM^s. 

wtre killed Aden would VYigael Yadin, is divided-over; its nruhng council, are s^en asa test-, 
nrobablv have announced iL continued membership - of . the for . ffie opponeiits of^ p^ticipa- 

ReMrts from^dem publishedjJovernmenL: Many .DMC. mem-. tioti m tiieUoaUtiop. AbO^ooff; 
in th^Prei hwe said the- bers want it to .withdraw from third of: .the outgo mg connml 

house of tfen new H' of sute, the coalition because - they are wanted the paxty- to Teave : the 
tire Prime Ster Ur AJi ltmhappy with what they see, as -Government: mid they are hoping 

Malawi voting in first general 

election spec 

$4bn plan for Canadian industry 


A FUND of 84-bn to help 
industries in Ontario and Quebec 
adjust to increasing competition 
from developing countries was 
j recommended today by tbe 
Economic Council of Canada. 

Part of the 15-yeur fund could 
be used to create a development 
corporation for eastern Ontario 
and central Quebec, the areas 
( which would be hardest hit by 
j competition, the report prepared 
; by tbe council says. 

1 Its report. “For a Common 
( Future.” assesses Canada's rela- 
' tions with the developing 
I countries. 11 says that freer 

trade among nations, such as is 
being negotiated at Geneva, will 
give developing countries a com- 
parative advantage over Canada 
in the production of goods that 
are labour-intensive and based 
on to-day's technology. 

Trade liberalisation threatens 
Canadian manufacturing iu tex- 
tiles, hoisery. clothing, leather 
products, electrical and electronic 
equipment, sporting goods, and 
toys, the report says. It claim? 
that 350,000 jobs are at stake. 
130.000 in Quebec and«100.000 in 

The S4bn fund would be used 
to restructure and reorganise 

OTTAWA. June 2S. 

certain industries. The council 
also proposes that the rate of 
growth of Canadian aid to 
developing countries should be 

Savings in aid funds would be 
applied “in a different manner 
for esentially different purposes." 
The encouragement of industry 
by liberalised trade would be 
accompanied by the restructuring 
of Canadian industry to reduce' 
tbe threat to jnl> s and manufac- 
turing in Canada. 

The 250.000 threatened jobs 
represent 15 per f-ent of the 
manufacturing labour force, and 
3 per cent nf all jobs in Canada. 


Dr. Bauda : sober and puritan 

decidedly unfamiliar experience 
for Malawi’s voters. Polling today 
will mark the first such event in 
17 years. It is only the second 
in Malawi's history and the first 
since independence in 1964. 

Yet one could hardly say that 
election fever has gripped the 
country. There is excitement, 
but that 4s rather a foretatfe of 
next week's celebration of 
Malawi's indti'endence anniver- 
sary and of the return to the 
I country of His Excellency the 
iLiFe President. Ngwazi (the 
Conqueror i Dr. Hastings Kumuzu 

Every main road lias been 
lined with thousands of nag 
poles Hying the national colours. 
Even tiie smallest road from the 
principal city. Elan lyre to Ihe 
new capital Lilongwe can boast 
half a dozen flags. The same red. 

BY . QUENTIN PEEL IN' LILONGWE p .,r ; a •• V . Z ■' .v . 

black’; and green festoons .aitfafter theif names tgere tmbntitted ■ manigeatnBat' .-fad? 

major buildings, schools, by district committees of the prompt debt: paying;-. Develop- 
factories. shops and hotel4^uge party.^ V ‘ '" v r- ' ment projects,- too. rhave^gene^ 

portraits of the President, In previous years, President ally been on a scale ltitely to 
ubiquitous et ordinary' Mimes, Banda %has allowed : only, one produce Teal, benefits for the 
have been set into •tiiunphal name to\o fortmrd' for each eon- local population, and not. merely - 
arches at the entrance;^ each stituencyVnd ftps person ^was ivindow -.dres^g prestige 
town. :* automatically fetttmred to Parlia- - Although ... President; .Banda 

^ftmethinv nf the festive air ment. Thisrtime he has allowed continues to' remind,' v. his, 
has orob^bfv rubbed off on the two or .thrfee candidates -.ind audiences of. dangers- of 
etection wMch miabL otherwise voting for thW /T% only i^al ^eU ion and subversion, ^such as 
hav^ been sometWa- of a S indicator to ^merge\rom. the. occuri“ed immediately after ; bis 
eJem b For a start is a one- election; will b&the pWcentage-. .'accession to power at indepen- 
narfv etection with onlv P on - whieh.mi 2 h; be taken as; deuce. - there is no.sign of. any. 
members of the ruling Malawi Sf - 

Moreover ^there 3 ar^contests D /n ' The Jact thaX : President\anda - ^Diploma ts in LUongW.believe; 
?nte°47 VnnstHnJnHPs 33 has .aUowed an election tdfctake that international - opimon chas 
n-nHiri 4 ' Q place Suggests that he isWe- had^some effect • on' the, Presi^' 

een dec ared pared, albeit with great cautrea, de«'s actions. Although . no' 

elerted unopposed. t0 pu^ue a little further. ‘.the westerii country has actually;- 

All elect joneenng is forbidden, path of liberalisation". - He. began withheld aid. because of human. 

Instead, itne candidates, two and j as ^ year’ when here leased vir'.rights consideratiojis; . - concern: 
sometimes three per ’ constitu- tuaily all the country's political Tws been expressed.' about ' the .; 
ency, are formally introduced detainees.' thought to' have effective suppress! on. of. dissent 
t0 ., 5 le ^ ors J 1 . ? xee J l ?P numbered 2.000.. "Hiis year he president ...Banda's'. - .Senior'.; 
called by custrict oincials of tbe “bag allowed - several . .forelgii^3-drtsers,;.. many'.’. of.', whenitri 'are 
party. The voters are urged to journalists.- - along with . other expatriates, have 'undoubtedly 
choose the men they consider foreign guests, to enter i -the been^pushing -for some -relaxa: 
'truslwortny, loyal, poute and country, for . the" first time -since tioh'. Hh- 1 -in terhatibnal- relations- 
hardworking as their Members 1973. • ' and I^ess relitionsi If -bnly to" 

or Parti-ament. It seems unlikely that 'internal publicise; • better': ’MalavdV' 

It Is all a serious .affair. In pressures' hate brought about ecoiromic ,;suw»sses. Moreoverii 
keeping w-!h the sober and these in avesl \.Tn " spite of his .although' he' has dope, nothing foyt 
puritan rule of President Bands, autocratic rule, most observers loosen his trade and dtpIO^tic 1 - 
Anyone who attempts to win here ' believe ^ that President ties wifh .Soutlt Afri«i. v;tbe . 

for him. you should report to me. stability and growth »1! too- rare 1 Butthe effects' Of one-man' rule 
and that person will be finished,” in Africa. remain moth sam'e/ ^An- 

the President told a rally last International aid donort.have- goverdineht decislons^mojig^ntr 
wock. Candidates havejilready almost, fa Hen over each olherto must - carry tiie ore&deiiiaal' 
been vetted by the President help, -delighted- by. Malawi's caie-’-appiTSval.;'.^ ' 

The California cuts 


Sim Francisco, the chairperson of 
the local Yes on 13 Committee 
visited tbe nearby branch 
library to borrow a book and 
found the librarian receiving 
books but no longer handing 
them out. The library will shortly 
be closed because of tbe 
economies enforced by Proposi- 
tion 13, the tax-cutting initiative 
approved in California on June S. 

In Oakland. Its police recruits 
received their diplomas and 
posed for the traditional Police 

Academy class portrait. All 16 

were handed dismissal notices 30 
minues later. “Son-v." said their 
chief, “it's a Proposition 13 


In Los Angeles. Mayor Tom 
Bradley and the city fathers tried 
to refuse their next pay increase 
and were told that such an 
action was barred by law. They 
can take the money, then hand 
it back. 

In these and 100 other ways, 
the impact of Proposition 13 is 
being felt around the state. 
Although the full extent of the 
ramifications cannot be known 
for some months, it is already 
dear that a great deal more than 
surplus trimming will be excised 
from state and local government 
here. . 

In the state capital. Sacra- 
mento. and in city halls through- 
out California, officials are 
struggling with the painful task 
of deciding what services to cuf, 
which workers to lay off. what 
charges to increase. One of the 
first "casualties was the entire Los 
Angeles summer school pro- 
gramme. Some 350.000 students 
are without classes, while 10.000 
teachers and school employees 

have been sent on an unpaid two- 
month vacation. San Diego fol- 
lowed the lead of Los Angeles 
and, according to the education 
chief, “dumped 45.000 youngsters 
on the streets." 

On Saturday, the motion iu 
Proposition 13 goes into effect, 
cutting more than $7bn from 
local tax revenues. To offset 
this % loss. the California 
Governor. Mr. Jeriy Brown and 
the legislature last weekend 
came up with a stop-gap pro- 
gramme, under which local 
authorities will be handed S5bn 
of the estimated Sa.Sba now in 
the state Treasury. 

Schools and colleges will 
receive the greatest slice of 
relief— S2.3 bn. enough lo keep 
their budgets at about S5-9Q per 
cent of normal. Cities and 
counties will share Sl.Tbn. with 
the legislature directing that 
whatever funds are required be 
used to keep police and fire ser- 
vices at present levels. 


But this aid is only a temporary 
cushion. By the nest fiscal year, 
the surplus will be wiped out. 
The State Assembly Speaker. 
Air. Leo McCarthy, warned that 
the real day of reckoning lay 
ahead, and predicted deep local 
spending cuts and more wide- 
spread lay-offs. 

Already, some 3.000 public 
employees, nearly half of them 
teachers, have been laid off, and 
current estimates are that at 
least 75,000 more will join them 
in the coming fiscal year because 
of public spending cuts- This 

has Jed to augry demonstrations 
in several cities. 

In Los Angeles County, Mr. 
William Robertson, bead of the 
AFL-CIO labour branch, said 
that he would call for a work 
stoppage if massive lay-offs or 
a wage freeze for public 
employees were announced. Mr. 
Robertson and a coalition of 
state employee groups are lobby- 
ing for new tax legislation which 
would benefit homeowners but 
exclude commercial interests. 
Some $4.5bn of the property tax 
savings resulting from the 
Proposition arc expected to go 
to commercial and industrial 
property owners. Homeowners 
will get the other $2.5bn. 

Mr. Brown has promised lay- 
offs will be “minimised." Eut. 
with the legislature working lo 
slash a further Slbn from a state 
budget already pared from $17bn 
to Slu.lhn. more dismissals are 
likely soon. 

The governor has heen warned 
that he would lose ihe black 
vote iu California if he failed to 
support proposals to exclude 
business from the .property tax 
benefits of the Proposition. The 
National Association for the 
Advancement of Coloured People 
claims that 50 tper cent of all 
lay-offs caused by the Proposition 
would affect minority groups. 

Mr. Howard Jarvis, the 75-yea r- 
Old miflionnaire v.-ho co-aulhored 
the initiative, retorted, "one 
result or this tax rebellion is 
that blacks and other minorities 
will get lower rents, taxes and 
utility bills. It's tbe best thing 
that ever happened to them." 

One campaign promise by Mr. 
Jarvis was that utility rates 

would be cut by 10 per cent 
if the Proposition were passed. 
But electricity and gas com- 
panies say tbat savings to con- 
sumers wili not be substantial 
— "less than SI per month for 
each customer.” said a Southern 
California Edison official. And 
there are few signs that land- 
lords intend to pass on their 
savings to tenants by reducing 
rents. An isolated example was 
that of the owner of a Sacra- 
mento medical building who 
offered to cut rcnls .paid by 
doctors if they, in turn, reduced 
patients' bills. The doctors said 
that they would cut their $21 
office visit fee by si. 


A side-effect of the Proposi- 
tion which annoys Californians 
of all political persuasions, 
including Mr. Jarvis, is that 
S2.4bn will flow from the state, 
to Washington in added income 
taxes as a result of smaller 
property .tax deductions here. 

Mr. Jarvis and Mr. Brown 
called on President Carter to 
refund this windfall in the shape 
of “matching funds” which 
could be passed back to local 
authorities. But the White House 
was quick to tell the state that 
no help would be forthcoming 
from the federal government. 

Another point which alarms 
many here is that, as local 
governments look more and more 
to the state for money, so local 
control declines. “We seem to 
be handing over everything but 
the keys to the courthouse," 
grumbled oue county official. 


Eliminating ^ il||t^|p||ig|| 



THE ELIMINATION of illiteracy 
over the next eight years is one 
of the goals in the reconstruction 
of the Chinese education system. 
It may be the easiest to achieve. 
Some 95 per cent oF China's 900ra 
people are said to be literate, 

and universal compulsory school- 
ing. already virtually a fact is a 
matter of simple administration 
in China's closely supervised 

It will be more difficult to 
improve the quality of education 
and resuscitate a system of 
education almost destroyed 
during the ten years of Cultural 
Revolution and the Gang of 
Four’s capricious radicalism. In 
those tormented times universi- 
ties were closed, books banned, 
teachers vilified and students 
encouraged to turn their backs 
on learning. Intellect was held 
in contempt. 

their . task . is to. produce \-ai-: vast v '' - v 7 -3 -.of .working: ini& ir ^ 

; Jectu^s ; ^uipped\ to ■ 3 

Cbma^ -. ^yeax y modentis^^ 

esteblis^nent-of. -new j'S. i 

and. -uniyersities " and.v-TrHir^ : >^. : .3 


.■ than r-vim 'vstiirtoAt'a r-.-:-. .%■ --u 

hnnl.'- ' ■— * 5 ’ -r, ^ 1 ; »*JS. 

adinmiBtrtiTo'rs haviS 7 

Learning English in. a schn i>I aafsl de -Peking, . 

.been - ordered to^rmt ': 
rtqtes .with^-speci ai 1 

joge, .enhance -«xa ruination 1 - wnL 1 ^ ^ 

he^given; throii^tt^ChSia^^ 

-. ; - sj^tonx 

high place in a reform pro- instruction given by experienced 
gramme recently announced in teachers * and' through radio.' 1 

a, system; 

gramme recently announced in teachers' and' through radio; « Teichfet^.Wltb oikstMajng-Derr 
Pridng- The Minister, of Educa- television and correspondence, formance: can 
tion, Liu Hsl-yao, said at a courses. - snectivff 5 ' -of ^hefr' - icademV 

national eduration conference Teachers with high academic ^Sti&or^&.^h^SS 
f « e S iu n m°^ ** M *\* m ? n !* be given Mr. 

be established to study major special, assistance so they, can iof .a pfajilse -msde-ivo -months 'etaff' srad^ni^ 
education problems. devote themselves to producing . ago- TeW:; gsiap^ing,:; ihe 

The Minister also gave details new textbooks and developing Vice-Premier;. v . that'-.' teachere tearfiiinf 


possible to give advanced train- doring the Cultural Revolution, the rdhalplitiitii^i -'df intellect :W 



,+:-:: V>-;*i:. 





rtrS&H^Tb^^ Tfftf 








Ford expects Japan 
U.S. market share 

Ship purchase plan 
to reduce surplus 

Quebec to 
aid paper 

7TI5 V.S. motor industry expects 
soon to be building curs that are 
•’ fisni&cantly more competitive ” 
with Japanese cars, the chairman 
of Ford Motor Company, Mr. 
Henry Ford 11 was quoted as say- 
ing in Tokyo today. 

Tr. a Press conference open 
miy to certain members of the 
Japanese Press. Mr. Ford said the 
r rices of Japanese cars sold in 
:he U.S. had " risen radically” in 
the past nine months as a 
result of ven revaluation. Mean- 
v.'hile the U.S. industry was 
reducing the sure of its cars. The 
■.*e?u!i. .said Mr. Ford, would be to 
If-.ver Japan's share of the U.S. 
ter market from its peak level of 
li-i nor cent to something less 
than iH per cent in future. 

Despite his confident forecast 
Mr Ford warned Japanese motor 
manufacturers against exporting 
i rapidly and against embark- 
ing on production increases that 
v.vr«* not related to the growth 

'of Japan’s own domestic market. 
He also called for better access 
for car imports into Japan 
referring specifically to the com- 
modity tax (which penalises 
large cars) and to Japanese type 
certification procedures, which 
jitr. Ford said should be simpli- 
fied and shortened. 

Mr. Ford said his company was 
not currently interested in 
acquiring a capital stake in 
Toyo Kogyo (the number three 
Japanese car manufacturer with 
which Ford has ties) because 
Toyo Kogyo’s stock was “over- 
priced ” on the Tokyo Stock 
Market. Ford would remain 
uninterested in a capital tie-uf 
with Toyo Kogyo for at least 
the next year, Mr. Ford said. 

However production and sales 
links between the two companies 
would continue to grow follow- 
ing an agreement on the manu- 
facture of “manual transaxles " 
by Toyo Kogyo for a projected 

TOKYO, June 28, 

new Ford small sized passenger 
car. Before the transaxle 

agreement was signed (during 
Mr. Ford’s visit) Toyo Kogyo 
bad been manufacturing 

“ Courier " pick-up trucks which 
are distributed by Ford io 
North American markets. 

Mr. Ford is visiting Taiwan 
before returning to the U.S. and 
spent three days in China last 
week. He said his visit to Peking 
has not produced any business 
but had provided indications of 
possible future business. 

The Ford press conference 
was held under the auspices of 
the Keidanren press club, an 
organisation of industrial corre- 
spondents of major Japanese 
newspapers, A spokesman for 
Ford Motor Company's Tokyo 
office told the Financial Times 
that, for this reason, foreign 
correspondents could not be 
invited to attend the press 


panies will receive special low- 
interest loans to buy their 
chartered ships from their 
foreign affiliates. officials said 

The plan is aimed at reducing 
Japan's current account surplus 
this year, perhaps by as much 
as Slbn. The ships will appear 
in Japan's trade statistics as 
import, although actually many 
will continue to be operated on 
the same routes they had been. 

The foreign registration of the 
vessels was itself a means of 
avoiding the use of expensive 
Japanese - crewmen. Foreign sub- 
sidiaries of Japanese shipping 
companies, or related foreign 
shipping companies like 
Y. K. Pao’s world-wide shipping 
of Hong Kong, ordered the 
vessels, then they were chartered 
back to the Japanese shippers 
under foreign flags. 

.When the Japanese shippers 

TOKYO, June 28. Robert Gibbons 

response to Tokyo import centre 


ONE OF Japan's first major 
import urnmotioo ventures is 
having difficulty even giving 
its services away. 

The Japanese have allocated 
2,500 square metres of free space 
f'ir developed countries to 
promote their wares in Tokyo's 
world import market, scheduled 
to open in October. 

3ut so far only the United 
States has accepted the offer. 
The import market is located in 
Ikebukurn. a neighbourhood 
about 20 minutes from the 
centre of Tokyo by subway, 
known until recently only as the 
junction of a half-dozen train 

Tfce Japanese are trying to 
develop it into a major sub- 
centre. but European business- 

men and diplomats doubt buyers 
would travel there to see their 

The world import market is an 
11-storey department-sto re-like 
structure owned by - a private 
development consortium. It will 
include shops, restaurants, a 
travel centre, an aquarium, and 
a planetarium. Most of the space 
will be rented on a private basis, 
but several floors will be rented 
to semi-Governmental business 
promotion organisations. 

One of these is the floor for 
export promotion by developed 
countries. The floor below is 
devoted to developing countries, 
who are generally eager to par- 
ticipate because the Japanese 
Government will pay all their 
expenses. But developed country 

exporters must themselves pay all 
operating costs, and many doubt 
it is worth it. 
many doubt it is worth it. 

Diplomats from the UK. France 
and West Germany said they had 
passed the Japanese invitation to 
their respective Chambers of 

Mr. Bernhard Grossman, 
executive director of the German 
Chamber of Commerce and 
Industry in Japan, said German 
businessmen who conduct trade 
fairs in Tokyo fear the centre will 
attract only consumers. 

“ They don't want to see 
families with their babies and 
□ever see anyone to whom they 
can talk," said Mr. Grossman. The 
attraction of the centre for pro- 
motion of consumer goods is 

TOKYO. June 28. 

limited by restrictions on direct 
sales to customers there. 

Mr. Tairu Nozaki, manager of 
the semi-governmentai organisa- 
tion through which Japan is try- 
ing to give away the space, said 
the Japanese have issued 
invitations to 16 developed 
countries besides the United 

Mr. Nozaki was hopeful that 
Sweden. Austria, Australia. 
Ireland, or Canada might answer 
favourably w.itbin the next few 

The Japanese had originally 
planned to give the space only 
for long-term exhibitions, and tu 
require that countries rotate in 
the space every six months, but 
they have eased tbeir terms, 
considerably. j 

purchase the ships, they will 
cease paying the chartering fee 
to the subsidiary or affiliate 
abroad and replace much of the 
crew with Japanese. 

Thus the arrangement will not 
reduce Japan’s balance o£ pay- 
ments surplus in the long run, 
and mav in fact increase it 

But the purpose of the plan is 
to reduce the surplus tills year, 
helping the Japanese deal with 
their current surplus crisis while 
longer term measures are taking 


A shipping company official 
said the plan has no significant 
advantages for the companies 
except for the advantageuos con- 
ditions of the proposed loans. 

The Export-Import Bank of 
Japan will lend money at 6 per 
cent interest. The long-term 
prime rate in Japan has been 7.1 
per cent recently. 

Some of the repurchased ships 
might be scrapped after 

repurchase, as many Japanese 

flag-of-coovenience vessels are 
suffering Josses and eliminating 
them would reduce the world 
shipping gluL 

But Export-Import Bank 
officials were reported reluctant 
to lend money for ships that will 
be scrapped. They were also 
reluctant to finance ships that 
they had already financed once 
already. Most flag-of-convenience 
vessels chartered to Japanese 
owners were financed by the 
Export-Import Bank when they 
were “exported" to their normal: 
foreign owners. 

There is no official estimate 
of how many ships will be pur- 
chased under the plan. Japanese 
shipping companies now charter 
about 200 ships -built to their 
own specifications and owned 

The arrangement is called 
“Shikumisen.” Press reports say 
the Government hopes companies 
will buy as many as 50 of these 
ships at an expected cost of 
S20m each. 

MONTREAL, June 2S. 'j 
THE QUEBEC Government has ; 
come up with its promised sup- 
port package for the province's- 
pulp and paper industry. 

Though the industry’s fortunes 
have improved greatly over the 
past IS months, with the help 
of a depredated Canadian dollar; 
the Government’s programme Is 
aimed aX reducing production 
costs. . \ . 

The Government estimates that 
newsprint production costs -in 
Quebec are $52 a ton more than 
in the southern TJ.S. on average, 
though it does not say whether 
the fall of around 11 per cent 
in the value of the Canadian' 
dollar has been taken into 
account .. 

Quebec mills ship most of their 
production to the U.S. market 
and receive U.S. dollars; The 
Government also estimates that 
tiie Industry provides exports of 
about CSl.Sbn a year and its 
activity represents about 10. POT 
cent of gross provincial product.' 

It estimates about C$ is 
needed, to modernise existing 
mills, achieve environmental 
standards and save . energy.. 
There are about 60 mills in 
Quebec, half of which require 
urgent capital spending, and this 
would qualify for between^ $100m 
and S175m in Government grants 
and incentives. 

Speed-up of' existing machines 
could add 800,000 tons a year to 
existing newsprint capacity. The 
Government proposes to expand 
the grant and incentive systems 
and operate an “investment: 
fund ” built up from industry 
taxes and used for investment 
in " approved projects.” 

Woodlands operations benefit 
as well as mills. The Govern- 
ment argues this will trim the. 
difference in costs with the U.S. 
by C$23 a ton. It will back 
thermo-pulping as a way of using 
more locally-produced electricity 
and less imported oil. 


major changes in the way/ in 
which the world's big scheduled, 
airlines conduct: their affairs— ■ 
and particularly their attitude to 
fixing passenger fares and cargo 
rates — are likely to result from 
a meeting , in ' .' Montreal ; wMeh- 
. begins ■' tomorrow ”• and' ; lasts 

through. tlfe' week-end. .- . j 

. Called by the International Air 
Transport Association, Which in- 
cludes more than 10Q...of the 
world’s biggest, airlines . among 
its members, -the meeting is ex- 
pected to sweep away many of 
the past 'restrictive practices 
under which the association -has 
operated. . 

;-It is expected -to: introduce a 
■new two-tier category of member- 
ship. and to abolish, the . old 
unanimity rule in_ voting,- which 
should .easier for the air-, 
lines to; reach agreement - in 
future oh hew,. innovative fares- 

policies^-i-.-, . . ' 

The meeting is critical m that 
a number of major airlines, in- 
cluding British Airways and Pan 
American, have already indi- 
cated that they would be- pre- - 
pared even to quit, the association" 
if the changes, which they; 
approve,, are not adopted by the 
rest of the member-airlines,. . V 

The U.S. Government- in "fact 
is understood to-be ready to 
order its - flag ; airlines to quit 
TATA if, the meeting does" not 
approve the radical == changes - 

The changes have been- pro- 
posed by a small team of: ’'five- -1 

wise men,” art up Sty the associa- 
tion • last November, ■ wtakb 
includedifev Ross Staanton, chief 
executive of British' A irways .' 
They hive been, approved 
already by th,e esswiation’s'Sjp- 
levei poHcy-makmg Executive 
■ Committee- . ..tV-J' * 

.Mr Statototi sapfi - recently 
that while LATA h adjione mtich V 
Co helpdev elop. the world; airline - 
Industry in the -pastj of 

us believe- it baa .reached the 
stage wfoere it has either-, to 
become a new and differen^kind 
of. animal; .or go tbe ixtedof the 
dinsoaUr. . • 

“A f omva riH ookiag, Beapfoly 
organised IAIA- Abat 
tkm effectively' ta /a ff e tceiy and 
incre a sin g ty «»iBpe9jcive envirOn- 
ment, could great . deal 

to offer, not only toihe industry 
but to its' cas6pm£S& wptoout 
Whom we strati none of «s be in ' 
a job anyway.- : ^.v - rv- •; 

• “But ff.ytiie .-.pnjpokate. hre 
turned down by the iudostty as 
a whole, til en I 'thank MATA' as 
we understand; jit .today 1 = & to 
trouble, and- 1 -^ereonaMy- would 
have ‘ great ^diffictiRy TO-’-reeorn- 

board J that-we.- i shqaid-^ remain 

Pointing ‘ouj .i&at BA'S- “biggest 
single' nest few 

years is .^b-. get/ eosts down to 
en aHe obe^p ; jto res «o ’beeff ered, 
Mr/Stainl^s^tiiat the. sfrttne 
^can^t -iaffdrif '-to bevbobbled by 
other-people Via*' can*; /or- won’t 
keeRiugr ajift 


plans for common market 


‘.NALRGBIr June -28. 


All of these securities having been sold, this announcement appears as a matter of record only, 




10,000,000 Units 

consisting of 

10,000,000 Shares of $2.75 Cumulative Preferred Stock 



Warrants to Purchase 5,000,000 Shares of Common Stock 

Merrill Lynch White Weld Capital Markets Group 

MoxiU Lynch, Pierce, Fenner SC Smith Incorporated 

The First Boston Corporation 
Dillon, Read SC Co. Ihc. Donaldson, Lufkin 2 

Sache Halsey Stuart Shields Blyth Eastman Dillon SC Co. Dillon, Read SC Co. Ihc. Donaldson, Lufkin 8C Jenrette 

Incorporated Incorporated Sectmtka Corporation 

Drexel Bur nham Lambert Goldman, Sachs SC Co. E. F. Hutton 8C Company Inc. Kidder, Peabody & Co. Lazard Freres SC Co. 

Interpolated Incorporated 

Lehman Brothers Kuhn Loeb Loeb Rhoades, Homblower SC Co. Paine, Webber, Jackson & Curtis % Salomon Brothers 

Incorporated Incorporated 

Smith Barney, Harris Upham & Co. Warburg Paribas Becker Wertbeim 8C Co., Inc. Dean Witter Reynolds Ihc. 

Incorporated Incorporated ' 

Bear, Steams 8c Co. L. F. Rothschild, Unterberg, Towbin Shearson Hayden Stone Ihc. 

Alex. Brown 8C Sons First of Michigan Corporation Manley, Bennett, McDonald SC Co. Thomson McKinnon Securities lnc. 
ABD Securities Corporation A. E. Ames SC Co. Atlantic Capital Robert W. Baird 8C Co. Basle Securities Corporation 

Incorporated Corporation Incorporated 

Bateman Eichler, Hill Richards 'William Blair 8C Company Dain, Kalman 8C Quail Daiwa Securities America 

Jacfitporated Incorporated 

Dominion Securities Inc. F. Ekerstadt 8C Co., Inc. A. G. Edwards & Sons, Inc. . Eppler, Guerin 8C Turner, Inc. 

EuroPartners Securities Corporation Robert Fleming Greenshields fit Co Inc Kleinwort, Benson TjJmhnm Thalmann & Cn. W. 

LlOT P omd IscorpoDraa 

McDonald 8C Company McLeod Young Weir Incorporated Moselev. Halfearten ft Estabrook Inc. 

New Court Securities Corporation The Nifcko Securities Co. 

InremarionaJ, lac. 

Oppenheimer S Co., Inc. Piper, Jaffray ft Hopwood Prescott, Bali & 

Wm. C. Roney 8C Co. 

SoGen-Swlss International Corporation 
UJtrafin International Corporation 


Rotan Mosle Inc. 

Stuart Brothers 
Wood Gundy Incorporated 

Kleinwort, Benson Ladenburg, Thalmann SC Co. Inc. 


Moseley, Hallgarten 8C ^tabrook Inc. 
Nomura Securities International, Ihc. 
T urben The Robmson-Humphrey Company, Inc. 

Scandinavian Securities Corporatioii 
Tucker, Anthony 8C R- L. Day, Inc. 
Yamaichi International (America), Lac., 

THE PLAN to establish -a irage agreement- of mteht and commit' 
preferential, tqade area for-ment toeStablish,ai»»fereiitia! 
eastern and southern 'Afriea got trade area." V.f - :t: . 

a stage furtiier today WUB a The plain: ^is tevigSm&osed 

ift bi thl by'theEcbnbiiti&’Conin^bir for 

ministers of -12 of the nations. 'Whlrh 

u-on !- h r, T ^ ^ tries lnVo Ived to disca^ gttfde- 

ssss’SL ffisr- 

The ministers are to work ont^ * • - ;• ■- - - 

details of the. plan, which is seen.; The-: -la'srt: attempt tb ereate a 
as a form of common market - 'regiimaTr^r&^ ; <»mtoon njar- 
' without duly, or reduced duti»^eVthe^8tA!ftKAttC50ftnntinLty. 
on. goods originating • 'frt^. comprising •Keny'a.Ta m a ini.'t and 
member countries. The : meeting Uganda t was‘abaiidoned last year 
Is a follow up of tie mirrfsterial' 1 With: considerable, ill will after 
meeting. . held earlier this- year 10- years . of ^mostly! -successful 
in Zambia, which signed ark operation... _ _ 



ri§e& to record level 

. . \ %, ••',■%* NEW YORK. June 28. , 

SOVIET ftrade Wtih the world’s lands last year gave Moscow a 
less-develofted nations reached a gl^bn hard-currency surplus, due 
record $I 2 . 2 ^n lastVyear. gjying; mostly to sale of. weapans-^par- 
the Soviet Union obth a 1 hard- ticularly in the Middle East— for 
currency trade, surphis and in-^ cash. This was up from an $800tn 
creased access ‘to vafuable raw hard-currency surplus iu 1976, 
materials, such ks oilAiron ore . Overall, the Soviet r trade Ysur- 
and phosphates. \ plus is even larger. - The CIA 

This, trade represents we fast- study says 1977 Soyiel exports 
e st-growing sector of Sovret com- 4 totalled ' $7.9bn,‘ „whDe Imports 
merce. It represents about^4 per were only 'St3btf.: r . Mncfi' of this 
cent of the Soviet total, ■com- exchange was V through 
pared with 29 per cent with barter arrangements, -but - .the 
Western nations and 57 per cent agency says: Moscow /iS' Clearly 
with other Cotnmunist countrils/ moving"'' towards ..'less^ Tebn^lex 
mostly those of Eastern Europe-. haiti^rurrenCy deal? that give the 
According to a new study by ^Soviet Union. cash fo_spend in r the 
the Central -Intelligence Agency, West for fiiiished-products. 
b usiness with the less-developed AB-DJ ' A. y . -X-~ - - • : - 

Boycott Officech-nge 

the Commissioner-General of tiie 
Arab Boycott of Israel Office 
since it was set up with its head- 
quarters in Damascus in,1948has 
been succeeded by his depnty, 
Mr. Sayid BarkL. _ • ^ % 

The new 7 appointmenti; 
announced recently, ' is; .’ not 
expected to indicate any change , 
in policy towards the- use of 
this economic-- weapon in the 
Arabs' conflict with Israel. . 

Mr. Mahgoub had had his. 

appointment ; ^rtended.twice, “by 
two years ;af ter :reaching retire- 
ment . age: . . Mr: « BarM -‘ was 
appointed his ' deputy some, five 
years^ago, v Previously ; he- had 
been director'."^.-, the/ finance 
department of the Arab- league, 
r - It is. of note, However, that both 
Mr. Mahgoab and Mr. Barki are 
EgyptlansC -and that Egypt is 
currently at odds with the ' Boy- 
cott central office", over- negotia- 
tions:' with two blacklisted com- 
panies, Ford and Cora' Cola. 

Contracts ^ Sweden 

by John Talker . srocKHOLM, Jane 28 . ' 

THREE DEVELOPING nations, Europe’s largest public ‘ works 
Iraq, Tunis and - Liberia have contractor, is. to .-supply- control 
placed orders with Swedish equipment, far-* fc^ iirigation 
af . t . taT r, scheme. The.yalue. of the Skanska 
contract - is said^td be. Kr.BSOm 
_Kr 4S0m_- (about. £BOm)~ ^ iand wprTcwifl7eommence4n Jnlyv 

i f 1 1 r iTji i j Ji > liV i IE*'TW?T^ 




m filer, „ 

anon ^ 

i level 

S U’«0; 

k • *' 

. Times Thursday June 29 197S 

:e news 

Cadiz threats 


THJE ARGUMENT over threats 
abandon the Amoco Cadiz off 
the rocks in Brittany in March 
revived yesterday when a Ger- 
man tug captain attacked the 
captain, of the supertanker. 

Captain Hartmut Weinert of 
the rescue tug Pacific, said that 
accusations , by Captain Pasquale 
Bardari -were incorrect, 
. unfounded and not borne but by 
a nunute-by-mlnute engine-room 
and bridge records kept by the 

The Cadiz captain, he said, 
had made, sweeping allegations 
against the tug master and the 
motives of his company, Bug- 
sier of Hamburg, at an earlier 
bearing of the Liberian court of 
inquiry sitting in London. 

■ Captain .Bard ari's allegations 
had' been supported earlier by 
Mr. L. Maynard, a safety- 
adviser from P and O Marine 
Services Division. 

He said that the tug captain 
had threatened to drop two tow 
lines unless a Lloyds open form 
salvage contract was accepted 

by Captain Bardari. 

This was denied strenuously 
yesterday . when the tug£captuin 

on the 
y ruies 
r broke 

in and 
e ship 
er the 
:e first 
the tug 

said that in passing 
line to the Cadiz befo; 
meat had been reachei 
salvage contract he 
further than bis comp, 
permitted. The line la 
in heavy seas. 

Earlier the Cadiz ra 
other witnesses from 
had said they were 
impression that after 
turn of the tanker bo 
had stopped pulling. 

Captain Weinert de 
saying be applied 80 
of the tug engine po 
said he had warned t 
captain in English 3} b 
sighting the ship that 

He said his message 
tain, you are in a very 
tion. You have a very 
the w*eatfaer condition ijf-bad. We 
must have a Lloyds salvage con- 
tract.” S 

According to the tul captain. 

d this, 
r cent 
r. He 
rs after 
was in 

,s: “Cap- 
ad posi- 
ig jsbip, 

Captain Bardari repeatedly 
replied: “No." 

This prompted Captain Weinert 
to send a 22-word telegram to the 
local Brest radio. A reply called 
for the Cadiz captain to accept a 
Lloyds no-cure, no-pay contract. 
The Lloyds salvage was finally 
accepted by Captain Bardari four 
hours after the tug first sighted 
the crippled vessel. 

A second attempt was made lo 
get a line to the stern of the 
Cadiz. The tug captain said 
there was "difficulty fn getting 
the line aboard the tanker. It 
was clear that the Amoco Cadiz 
could not find the line.” 

Ten minutes later, the 263.000- 
tonne Amoco Cadiz crasbed on 
the rocks. 

Captain Weinert said through- 
out the hearing yesterday that 
the Cadiz captain had refused to 
give him the position of the 
crippled rudder, which eventu- 
ally caused the ship lo founder. 

Move likely today 
on State industry 
chiefs’ salaries 


Ship steering geai 

changes proposed! 


reviewing the steering systems 
used in its ships. Mr. George 
Snaitih. research director of the 
State-owned corporation said 

He was speaking to an all- 
party committee of MPs looking 
into ways of preventing tanker 
collisions around Britain. 

The review had been 
prompted by the recent Amoco 
Cadiz disaster off the French 

The corporation ' later said 
that the work would be done in 
conjunction with leading UK 
steering gear manufacturers, 
including K and L. a British 
Shipbuilders 1 subsidiary based in 

Manufacturers welcomed the 


move since most of them bad 
already started an ? internal 
review of their own m^aufactur- 
ing methods. 

Two leading steermg gear 
manufacturers, Brown ^Brothers 
and John Hastie, part oj- Vickers, 
said in a statement gist night 
that they were about to submit 
proposals for safer ’ steering 
systems to the Department of 
Trade, and probably ifre Inter- 
national Marine Council, after 
talks with Whitehall. ? 

“The proposal is lo7consider 
modifications which Would be 
required to improve tfie safety 
of steering systems UDder 
certain failure conditions, 
similar to the Amoco Cadiz 
situation," the two qtonpanies 
said. T- 

Fire damage 
costs rise 

this year 

Groceries go metric 


THE long-delayed plan to replace 
imperial measures with the 
metric sysetm took another small 
step forward, yesterday when the 
Government published proposals 
for phasing-out. imperial packs 
in two sectors of the : grocery 

At present only imperial sizes 
are prescribed. 1 

By John Moore 

ESTIMATED FIRE damage costs 
in May show that the sharp 
upward trend in the April 
figures of 47 per cent has 
slowed considerable}’, the British 
Insurance Association reported 
yesterday- The May estimate of 
£22.4 m was only a 13.7 per cent 
increase on the previous month. 

Even so. fire damage figures 
for the first five months of this 
year at £120.Sm are still 2S per 
cent ahead of those for the 
corresponding period last year. 
This year's fire damage costs 
have been influenced by the fire- 
men's strike which lusted until 
January 16. 

The latest figures have been 
adversely influenced too by two 
large fires, one at a supermarket 
and office hloek in North-West 
England costing £2.lm, and 
another at. a hardboard manu- 
facturers in the South-East cost- 
ing £lm. There were 12 other 
fires where in each case esti- 
mated damage was more than 

There were 27 large fires esti- 
mated to have cost over £35.000 
in public places such as cinemas, 
schools, shops, social dubs and 

THE CABINET is expected to- 
day to consider whether to phase 
over two or perhaps three years 
pay rises of more than 70 per 
cent recommended for chairmen 
and Board members of nationa- 
lised industries. 

Minister first considered the 
rises proposed by the Boyle 
Review Body on Top Salaries, 
last Thursday. As a result it 
seems clear that there is little 
or no chance of more than the 
present 10 per cent pay increase 
limir being paid immediately. 

The Government is torn be- 
tween worries about the impact 
that large rises would have on 
their plans for a further phase 
of pay policy and an awareness 
that the nationalised industry 
people concerned have not bad 
a major salary review for 
several years. 

Some Ministers, including Mr. 
Michael Foot, Leader of the 
Commons, are thought to believe 
that working in the State sector 
should be regarded as vocational 
public service for which high 
salaries are not needed. Union 
leaders have also opposed large 

The Boyle Report proposes 
that payment to chairmen of 
major nationalised industries 

such as gas, electricity, coal, 
railways and airways should go 
up from their present salaries 
of just over £23.000 a year to 
£40.000, an increase of more than 
70 per cent. 

Larger rises of up to S0-90 per 
cent are proposed for the chair- 
men of the National Enterprise 
Board and the British National 
Oil Corporation, whose new rate, 
it says, should be £60.0DO*£65,000, 

Smaller rises are proposed for 
other top public servants such as 
senior armed forces officers, 
judges, and civil servants, who 
had a major Increase in 1974 
when those in the nationalised 
industries received nothing. 

The report was sent to the 
Prime Minister three weeks ago, 
and is likely to be published 
after the Cabinet has decided 
what to do with its proposals. 

Tbe most popular idea being 
canvassed is that those involved 
be given a total of 10 per cent 
to cover the present round of pay 
policy, and that the rest be 
phased over two or three years. 

For those in the nationalised 
industries this would involve 
an immediate, relatively small, 
topping-up rise, since they re- 
ceived between 5 and 10 per cent 
at Christmas. 

Bank bid 
to woo 

University doubt 



IN AN aggressive move to attract 
new customers among the 
student population, the Trustee 
Savings Banks are offering a 
| package of cheap banking terms. 

The move announced today is 
part of the development of the 
Trustee Savings Banks towards 
becoming full commercial banks. 
It lakes them into an area in 
which the big clearing banks 

have long offered competitive 

terms as a marketing effort lo 
attract customers when they are 

The banks said that the new 
terms were designed "to 
challenge the dominance of the 
student banking sector by the 
other main High Street banks." 
The new Trustee student account 
includes four main aspects. 

First, u offers free banking 
provided the account is kept in 
credit, m contrast with the £50 


Broking firm against 

! minimum balance which other 
personal customers are required 
to maintain m order to qualify 
for free banking 
Second, a temporary overdraft 
facility is available in certain 
circumstances for those aged 
over IS and the free banking 
concession — apart from over- 
draft interest — will still apply 
where the overdraft does not 
exceed £50. 

economic growth 


Both orders deal with products 
which can only be sold in 
quantities prescribed by the 
Government The first will allow 
manufacturers to sell instant 
coffee in metric sizes, as well as 
imperial ODfcs, from July 1, 1979. 

The second lays down cut-off I 
dates for the use of imperial. 1 
sizes on certain pre-packed- 
grocery products which' at: the 
moment can be sold in either 
metric or imperial pack*;; Under 
the draft order published yester- 
day, pasta, flour and flour 
products would have to be sold 
in metric sjzes from the end of 
August, and dried fruits and 
vegetables would have to so 
metric by the end of December. 

Fellowship for 
Margaret Reid 

Financial Times has been elected 
to a one-year journalist research 
fellowship at Nuffield College, 
Oxford. Mis Reid joined the FT 
in October. 1973, having been 
previously, deputy City editor of 
the Birmingham Post. 

_ T 

Impressionists fetch £2.7m 
in Sotheby’s auction 

WHEN THE final session of the 
von Hirsch series of auctions 
ended at Sotheby's on Tuesday 
night with a grand total of almost 
£18.5m, the audience, packed into 
the numerous small salerooms, . 
clapped wildly. Yesterday, things 
were back to normaL 

Sotheby's held an important 
auction of Impressionist and 
modern paintings but prices were 
in line with forecasts. It seems 
that a work of art which had 
belonged to von Hirsch com- 
manded a premium. 

Even so. the morning session 



The £250,000 Courbet. 

did well, totalling £2,737,300 
with 22 per cent bought in, not 
a bad unsold figure for this 
sector, although significantly 
higher than in the von Hirsch 
.Impressionist sales. 

Top price was the £250,000, 
plus the 10 per cent buyer’s pre- 
mium, paid for a Courbet por- 
trait of 1S56. It was Demoiselle 
de s Bards de la Seine, and an 
auction record for the artist, 
beating the £112,676 paid in 
New York last October. 

Japanese buyers largely out- 
bid at the von Hirsch sale, were 
more successful on Wednesday. 

Okada acquired a Monet, Le 
Bassin d’Argenteuil au Coucher 
du Soldi, for £145.000. while 
Umeda. gave £130.000 for . an- 
other Monet, Nymph ens. The 
London dealer Y. Tazi Buazl 
secured a Toulouse-Lautrec. 
Lucien Guitry et Jeanne Granier. 
for £120,000. 

Other top prices were the 
£100,000 from a private German 
collector for Renoir's La Plaflc a 

JPomic. and £95.000 from a 
French private buyer for yet 
another Monet, Bordighera, la 
Maison du Jardinicr. Hahn, the 
New York dealer, bought Le 
Moulin Rouge by Utrillo for 
£ 86 , 000 . 

The maia disappointments 
were a Picasso la doubtful mar- 
ket these days) Tele de Fer - 
nande, a gouache of 1906 which 
was bought in at a high £165,000, 
and a Braque "Nature morte a la 
Gurfare, unsold at £52.000. 

The sale suggested that the 
demand for Impressionist pic- 
tures is improving, but that vou 
Hirsch prices were not true 

On Monday night, a record 
price of £300.000 was paid for 
a Cezanne watercolour, Nature 
morte nu Melon Vertc. while 
a Van Gogh warercolour Mas & 
Samtes-Mnrics also set a record 
of £205,000. 

Prices consistently beat their 
forecasts, mainly because the 
von Hirsch Impressionists were 
"fresh” to the market, hut also 
because he had an eye for par- 

‘Funds needed to keep art works’ 

THE. COUNTRY'S art galleries 
and museums need more funds 
if the drain of works of art out 
of the UK is to be halted, says 
the Reviewing Committee on the 
Export of Works of Art in its 
annual report, published yester- 

The committee has ihe power 
to withhold export licences for 
Valuable works of art if it con- 
siders it is in the national 
interest that they stay in the 

' C °The^report says, that there is 
agreement that the job the com- 

mittee is doing is “reasonably 
effective” in protecting the highly 
selective group of works of real 
importance to the national heri- 
tage. “Nevertheless, not only 
have there been losses of irre- 
placeable works of the highest 
quality, but the underlying trend 
is worrying, and there is no room 
for complacency.” The commit- 
tee has recently withheld licences 
on two Canaletto paintings of 
Warwick Castle to give Bir- 
mingham Museum and Art uai- 
lery the chance of- buying them 
for £550,600* 

licuiarly pretty and intimate 

In the afternoon session 
devoted to Impressionist and 
Modern drawings and Water- 
colours. which totalled £619,860. 
a' watercolour by Picasso, Le 
iWqrcfiaud de Gtti, sold for 
£63,000. Another Picasso, T£te 
d Homme, went for £43,000 to 
Waddington and Tooth. 

Danseuses. by Degas, realised 
£29,000 and a private South 
African collector paid £26.000 for 
Villa m Tal by Paul Klee. 

At Sotheby’s auction of photo- 
graphs, set of 67 of the Crimean 
War by Roger Fenton, sold for 
£11,000 and another set of 67 for 
£4,000. Twenty views of the 
Middle East, taken by Francis 
Frith in 1S5S, sold for £6,500. 

Christie’s South Kensington on 
Tuesday night secured an auction 
record for a paper photograph 
when a NttbiVm Model Reclining, 
by Fenton, sold for £5.400. 

Prints by Hans Sebald Bebam. 
collected by the cataloguer and 
collector Gordon Nowell-Usticke, 
realised £62,675 at Christie's 

Both Beham and his younger 
brother Bartriel became known 
as “Little Masters." because of 
the small dimensions of most of 
their output. The chief mentor 
was Diirer. 

Many of the 148 lots were 
tittle bigger than postage stamps 

Boerner, the German dealer, 
paid £3.200 for a prior of two 
street players arid a girL A set 
of 12 engravings of the Labours 
of Hercules went to an 
anonymous purchaser at £2,800. 
while VarnholL another German 
dealer,- paid £ 2 , 600 - for a set of 
10 engravings of The Peasants' 
Feast, or The Twelve Months. 

ACHIEVEMENT of sustainable 
economic growth depends on 
control of the money supply and 
on the introduction of a wide- 
ranging package of measures to 
improve supply of the economic 
system, says W. Greenweil and 
Co., stockbrokers. 

The brokers put forward an 
alternative strategy for the UK 
economy. They say that Keynes 
was right to argue for policies 
to prevent a deficiency in de- 
mand, but neo-Keynesians have 
been wrong to argue in recent 
years for demand-led economic 
growth on the grounds that it 
cannot be sustainable. 

The firm say control of the 
mney supply is the harsh and 
negative part of the correct solu- 
tion although it stresses that 
inadequate or excessive monetary 
growth should be prevented. 

The brokers propose in a 
special monetary bulletin a 
series of macro-economic 
measures intended to influence 

the supply side in order lo 
improve the efficiency of alloca- 
tion of resources, in particular 
industrial efficiency, and to 
reduce ' the natural level of 

They suggest that this positive 
side of the solution should 
involve removal of artificial 
restraints on trade, including the 
dismantling of international 
barriers such as tariff controls. 

The bulletin argues that an 
“ all-out war ” should be declared 
on high taxes, monopolies, 
restrictive practices and bureau- 
cratic constraints which are the 
domestic counterpart of import 
controls and tariffs. 

It also suggests that taxes 
should be reduced and maintains 
that this need not conflict with 
the objective of controlling the 
money, supply. 

This is because a reduction in 
very high tax rates may boost 
revenae and this move should, 
anyway, he accompanied by sub- 
stantial cuts in public spending. 

Cheque card 

Third, students will he offered 
a £50 cheque guarantee card, 
subject to the branch manager's 
discretion, ur alternatively a 
facility to withdraw cash at 
another bank branch of the 
student's choice. 

Finally, the Trustee Banks 
are offering a guarantee of a 
further year's free hanking after 
leaving university or college, 
provided the account has been 
operated satisfactorily. 

The Trustee Bank’s are ex- 
pected shortly to extend their 
marketing to the younger poten- 
tial customer by introducing a 
further package for school 

commit £240m a year to further 
expansion of higher education 
over the next decade is 
challenged today in a report by 
the Conference of University 

The report on a two-year study 
gives statistics disputing 
Government’s forecast that 
student demand will rise tn 
about 600.000 places — compared 
with 560.000 planned in universi- 
ties and polytechnics for 19S1— 
before falling sharply from 
I9fl4 through reduced birth 

In February the Department of 
Education and Science put for- 
ward five possible strategies for 
ermine with the “hump” io 

But last momb Mr. Gordon 
Oakes, Minister nf Stale for 
Education, indicated that the 
Departmpnt favoured one par- 
ticular strategy. 

This was tn i-al«c the estimated 
mkl expenditure of about 
n Shn on universities anil note- 
feehnirs by ahnm £240m nnrm- 
allv and provide permanent 
caoacitv for finn.oon full-time and 
sandwich-course students. 

When the entry of 18-vear-nlds 
— about 70 per cent of whom 
come from middle-cfasi back- 
ernunds — began to fall from 
1994 the excess capacity would 
Hn filled bv encourasing more 
older and. where possible, work- 
1 inv-class students. 

The Conference of University 
Administrators noim.s out. how- 
ever. lhat the forecast demand 
nf fiOO.flOff depends on f ho propor- 
tion of the nation's 18-vear-nlris 
entering higher education 
increasing f* - om 131 r«cr cent at 
present u> 18 per com. 

The Department admitted lhat. 

unless this “participation rate*' 
increased beyond 15 per cent, 
the SdO.OGO places already 
planned would probably accom- 
modate the “ hump.” 

But the administrators’ study 
suggesis lhat even the 15 per 
cent rate is “ probably an opti- 
mistic figure.” 

The report adds that mos\ 
other industrialised countries are 
sharing the planning problem oi 
a “hump” in Ihe number ol 
teenagers coupled with static 
rates of demand for highei 


Only in Germany is the 
demand rate still rising- But il 
seems Germany plans to cope 
with it not by providing extrn 
pprmuneot student places, but by 
furnishing temporary facilities 
for the peak numbers. This was 
one of the options originally 
stated b.v the department bui 
evidently now discarded by 

Coiling for further “sustained" 
public discussion on whelbei 
extra expansion is needed iv 
Britain, the university admini- 
strators warn that there are “tu 
short-cuts " to boosting ih< 
historically low entry of working 
class people into highes 

“The only solution is if 
improve substantially the educa 
tion service as a whole, startint 
with free nursery education," the 
report states. 

Finn l Report on Forecast in { 
and Vn u Expansion. Con 
jcraicc of Unirersitn Admini 
xlrators; The Rcgixtrij. Uniter 
sity u f East Anglia, Norwich 
£1 .50. 

Jobs Column, Page 12 


Harold Bell 

principles in 


Top economists give 
gloomy forecast 

MR. HAROLD A. BELL, cliair- 
man of the Gateway Building 
Society, has died at his home in 
Chiddingfold, Surrey. 

Mr. Bell had been chairman of 
Gateway since July 1974, when 
the society was formed as the 
result of a merger between the 
Temperance Permanent Building 
i Society and the Bedfordshire 
Building Society. 

He was appointed vice-chair- 
man of the Temperance 
Permanent Building Society in 
1962 and became chairman on 
January 1. 1974. 

He was a vice-president of the 
Mt'lropoJilan Association of 
Building Societies, and a solicitor 
with a practice in Eweil, Surrey 
and Honiton, Devon. 


THE MOST pessimistic analysis 
so far of the medium-term pros- 
pects for the UK economy is 
published this morning by a 
group of leading Cambridge 

This view has been presented 
at a two-day conference by 
economists from the Cambridge 
Growth Project at the univer- 
sity's Department of Applied 

They are working under the 
direction of Professor Sir Richard 
Stone and Dr. Terence Barker, 
and the team is separate from 
the economists working with Mr. 
Wynne God ley. 

The group warns that even 
substantial reflationary action 
such as a cut in the standard 
rate of income tajt to 20 per cent 
(from the present 34 per cent) 
or the abolition of Value Added 
Tax would leave unemployment 
at 2.7m by 1985 and would Dot 
prevent the virtual collapse of 
the vehicle and electrical 
engineering industries. 

However, “ the performance of 
Industries such as vehicles 
would remain poor, strengthen- 
ing the argument for specific 
industrial policies. 

"The cost of devaluation 
would be that real consumption 
growth would have to be held 
back to 2 per cent a year, frus- 
trating the expectations raised 
by the development of North Sea 

The projections ire based on 
a new economic model which 
builds up a picture of the 
economy from the accounts of 40 
individual industries. This sec- 
toral approach differs from the 
more familiar short-term fore- 
casts which concentrate on the 
overall prospects. 

If present policies are retained 

with no increase in public spend- 
ing or real value of taxes and 
benefits, then, with the help of 
North Sea oil, Britain would 
develop trade surpluses rising 
from £2bn a year in the late 
1970s to nearly £7bn a year bv 

But there would also be a loss 
of more than lm jobs in primary 
and manufacturing industries, 
only partially offset by 500.000 
new jobs elsewhere so that 
unemployment would be over 

The Growth Project also con- 
siders the impact of massive 
reflation and says this can only 
solve part of Britain's economic 

If claims that even the most 
effective package would leave a 
9.7 per cent annual decline in 
the motor vehicle industry 
between now and 19S5, with a 2.3 
per cent annual decline in elec- 
trical engineering and a 3.3 
per cent yearly drop in the iron 
and steel sector. Chemicals 
would grow by 2.7 per cent a 

Another conference on 
Britain’s industrial problems 
has also been under way and 
ended last night in London. 
Organised by the National Insti- 
tute of Economic and Social 
Research, the conference dis- 
cussed 10 papers on tbe causes 
and possible solutions for the 
UK’s industrial decline. 

An introductory paper by two 
of the Institute’s economists 
suggested that there was no 
evidence to support the view tbat 
the UK manufacturing sector 
had priced itself out of world 
markets, but it noted the 
evidence showing structural 
weaknesses in UK manufactur- 

World energy demand 
increases by 3.5 per cent 


increased by 3.5 per cent last 
year, with only the nuclear 
power industry increasing its 
share of energy production, 
British Petroleum reports. 

Nuclear prodnetion rose from 
the equivalent of 302Jm tonnes 
of oil in 1976 to 126.5m tonnes 
last year. Even then, nuclear 
power output accounted for less 
than 2 per cent of world energy 
supplies, measured at almost 
6.7hn tonnes. 

BP's latest Statistical Review 3 
shows tbat world oil consump-. 
tion last year increased by-just' 
over .3 per cent lo almost 3bn 
tonnes, although most of this 

increase was in tbe Soviet 
Union, Eastern Europe, China 
and the U.S. (the world's largest 
oil consumer), in the resr of 
the world, the increase was less 
than 1 per cent upvon 1976 levels. 

Western European oil con- 
sumption declined by 1.9 per 
cent nut only as a result of tbe 
continuing low economic growth 
but also because of the 23 per 
cent increase in hydro-electricity 
generation, which, hod been 
depressed in 1976 because of 
drought conditions. 

* BP Statistical ffertetc of the 
.H’ortd Oil Industry 1977 ; British, 
Petroleum, . Britannic House , ' 
’illoor Lane, London EC2Y 9BU. 

schooling is chosen by many 
parents in the “ emergent 
middle classes" (character- 
ised by fathers with university 
degrees and mothers who go 
out to work) in defiance of 
their principles, according to 
a survey report pnblished hy 
the magazine New Society 

A study by two sociologists 
at the Central London Poly- 
technic found that :ii least two- 
fifths of “emergent” parents 
with children at prep schools 
would prefer to lui\e sent 
them fo slate primary schools 
if those placed stronger 
emphasis on formal leaching 
and academic achievement. 

By contrast, only 2 per cent 

of the survey'll sample of 
parents in more traditional 
upper-class occupations, such 
as “the City," agriculture, and 
the Army, had ever considered 
sending their sous to state 

Beta prices 5% 

LANCIA is to increase the price 
of i Is Seta rans-e by 5 per cen 
from July 4. except for the Mont* 
Carlo. Prices of the recently 
launched Gamma range are un 

Finance Bill 
head off confrontation 


THE GOVERNMENT has made a 
string of concessions on the 
Finance Bill at the Committee 
Stage, which ended in the early 
hours of yesterday morning. 

The changes come on top of 
the major Tory amendments on 
tax levels passed in the com- 
mittee of the whole House in 
early May and after the pro- 
posed rise in the National 
Insurance surcharge 

When the Finance Bill come 
before the House for final 
approval, probably next month, it 
will be quite different from its 
original appearance. 

However, there were no out- 
right defeats for the Government 
on the Committee Stage, unlike 
previous years when Labour 
defections had an impact. This 
year the Government was swift 
to head off potential confronts 
tion by making concessions. 

The most recent of these were 
an extension of the time-limit for 
a reduced rate of development 
land tax and a Capital Gains Tax 
concession for those living in 
tied cottages who are also home 
owners. The Government also 
announced that disabled drivers 
eligible for the mobiliry allow- 
ance will not have to pay the 
£50 road tax. 

Also iff trie most recent session, 
the committee approved .the 
Government’s new clause to 
double the threshold before tax 
is payable on redundancy pay- 
ments to £10,000. 

Mr. Joel Barnett Chief Secre- 
tary to the Treasury, emphasised 
that this meant that, because of 
the way the redundancy tax pro- 
visions worked, a married man 
who earned no other income 
would not have to pay tax until 
the payment exceeded £19,000. 

Tbe Govermaent introduced 
the amendment so that workers 
made redundant from groups 
such as British Steel, British 
Leytend and Swan Hunter, would 
not be taxed on their large 
redundancy payments. 

The reason tax does not take 
effect anti) a much higher level 
is because the “ top-slicing ” 
provisions assess the whole addi- 
tional payment above the thres- 
hold at the tax rate into which 
Che first sixth falls. If a worker 
is not earning anything further 
in the same tax year bis tax-free 
allowance could cover up to 
£9,000 on this basis. 

There have been several con- 
cessions over Capital Ga&H-Taxr 
Mr.. Barnett said he.wouW’ .take 
steps to give trusts tbe same 

exemption on tax gains up to 
£1,000 a year already awarded to 
individuals in the Finance Bill. 

The Government also held out 
the prospect of relief from GGT 
for irrecoverable looses on loans 
to traders made after April 11. 
197S and guaranteed payments 
in respect of such loans 

Other changes will affect 
closed companies. Mr. Barnett 
Said a less restrictive definition 
of a family company will be 
writtea into the Bill at the 
Report Stage. 

Tbe change will reduce the 
voting rights in a company an 
individual has to control before 
it can be defined as a family 

company from IQ to a per cent 
and the voting rights of hi! 
family front 75 to 5i per cent. 

Tiie Government also agreec 
to a Conservative aniendmonl 
bringing ihe self-employed mu 
line with employed people wfiec 
they spend lime working abroad 

The Finance Bill proposed 
that those self-employed whe 
spent a qualifying period of a] 
least ijO days abroad could, fui 
tax purposes, deduct 25 per ceni 
&S their profits tor the days 
spent abroad. The amendment 
brings file qualifying period 
down to 30 day s, the same period 
granted to employees in the 197’3 
Finance Act. 

It has been decided to postpone the launch of the 
J7ih Issue. .Sales of the 14th issue will continue under 
die existing terms except that the maximum holding will 
be increased from £1,000 to £3,000 on 1st Juh 1978. 

Investors are reminded that the 14th Issue will give 
them an overall compound in terest rate over the 
investment period of 759%ayear free of both income 
tax and capital gains tax. 

Improved extension terms for I4th Issue have also 
been announced. For 14th Issue Certificates maturing 
on orafter 17th June 1978 there Ls a hvoyem- extension 
offering tiie equivalent of a 755% a year tax hue 
compoundinterestrate. Holders need only retain their 
certificuleslo benefit. 


V I 


Financial TnneS THnrs&iy 


with Concorde 


Birmin gh a m £30m 
scheme approved 

Authority In London at least under present arrange- BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


BRITISH 5 d vesterday that its plan for a joint, ments. , rTP ^ 

ways, the second force ma ^ Concorde operation could provide •Ur. Brock Adams, U.S. Trans- 
pendent flag airline, olterea a way out of a p 0S5 |bie dilemma portation Secretary, bas pre- 
yesterday to join British Airways for ^ authority. if the question dieted that only a handful of 
in providing Concorde services 0 f Concorde flights became U.S. cities will be prepared to 
between London and Dallas/Fort crucial to the licence decision. take Concorde services, apart 
2? . rr„ voc f t, ic -, p , r Mr. Adam Thomson, British from New York and Washington 

Worth in Texas inis ye ■ Caledonian chairman, said: “We —including Philadelphia, Dallas, 
Both airlines are competing for ^ discussing -the joint operation Fort Worth, 
the rights to fly the route of Concorde -in other areas of He was commenting on new 

Caledonian already operates from wor id and we feel that an all- rules, effective July 31, aimed at 
Gatwick to Houston, and is claim- “if,. . T „ 

British service between Texas and controlling supersonic operations 

mg the Dallas/Fort worth route ^ could take preference in the U.S. These set noise 

because it would complement the UIC .. 

existing Texas service. 

British Airways has said it 

over any other proposal" standards, prohibit sonic booms 

British Airways, however, over the U.S. land mass, and put 
. . v +„ riv it already bas a leasing deal with curfews on night operations by 

be *° rip n l u bl Braniff International of the U.S. supersonic airliners, 

initially Vi i th a Comj) r de ^jeh also intends to fly Con- The new rules exempt the 16 

jomcaliy between _Was^ g n subsonJcaHy between Wash- Concordes built so far from the 
UJJSS* Th/ super- Won and DaUas/Fort Worth, regulations applied to other jet 
fni? Concorde smS between with approval in principle already aircraft, but they must _ not be 
1 D n „lr HrathUw » and given by the U.S. Civil Aero- modified in any way to increase 

SI ntnn it would nau-tics Board. their noise levels. 

Jffefa d!dly TriSlarservice non- It is understood that this agree- Moreover all 16 aircraft must 

stor» r from 1 London To 15aiias/ Fort ment precludes participation by have logged “flight time" in 
fi-nrfh 0 ^ onQtn 10 ' a third party, so that it seems passenger service by January 1, 

^British Caledonian told a nub- unlikely ' that' the British CaJe- 19S0, to 
lic B bearing before the Civil donian plan can become effective, exemption. 

qualify for this 

Compulsory purchase 
powers sought 
by Highland Board 

Lindsay Hamilton, Highland 
executive officer of the Scottish 
Landowners' Federation, said the 
Federation could accept most of 
wbat was being proposed up to 
the principle of compulsory pur- 
chase. This was the crucial instru- 
ment of coercion in the Board's 


including the right to force land- 
owners to sell their land and to 
nominate tenants, were proposed 
yesterday by the Highlands and 
Islands Development Board. 

The powers are being sought 

plan. Mr. Hamilton said he would 

Scottish Highlands and Islands ‘S* r dlscusslons ” 011 

are bring d ^ij^f ate5y £. e £if^ le ~ The board’s plan is based on 
by their owners, so having a . . conununitv involvement 

depressing effect on employment bo Sd^r the local commun- 
an.d income in some communities. . 9 „ rnn n«l 

sbm S?S?? SS 

in TnvprnMc VPStCrflsiV will hp Sifter WhsCll ft 10C3.I 3QVIS0ry 

passed on to the Government and council would monitor develop- 

it seems certain they will he . . ■ . w h „ 

accepted. Mr. Bruce Millan. the . offldal hearing would be 
Scottish Secretary, yesterday held if the owner of the land in 
"warmly welcomed" the pro- question required it, before a final 
oosais plan was drawn up- After a 

“Land is a fundamental Public meeting, the plan would go 
resource nf the area, which should 10 Scottish Secretary, 
be used to generate as much Sir Kenneth Alexander, chair- 
emplovment and income as man o£ the board, said that he 
possible.” be said. thought that In the course of this 

Not surprisingly, the pro- procedure most landowners would 
posals are likely to meet some reach agreement with the plan 
opposition from landowners. Mr. being proposed. 

stand firm 
on worker 

By John Elliott, Industrial Editor 

John Brown plans 

flOm modernisation 

MINISTERS made it clear to the 
Institute of Directors at a meet- 
ing last night that they were not 
prepared to budge from the prin- 
ciples of legislation on worker 
directors laid down last month in 
a White Paper. 

The Institute is now to pre- 
pare detailed comments on the 
industrial democracy White 

Lord Erroll, president, and Mr. 
Jan Hildreth, director general, 
pinned most of their opposition 
on the fact tbat companies could 
be compelled legally to have 
trade union-based worker direc- 


BIRMINGHAM has approved a 
30m three-year programme for 
its innewdty area, Mr. Reg 
Freeson, Housing Minister, 

announced yesterday. ■ - 

Mr. Freeson is chairman of Change in population 1971-76 
the partnership committee set Number % 

up to co-ordinate the efforts of Vehicles —14.962 —28.9 

Government departments and Metal manufacture 
local and regional authorities in' and metal goods 
urban aid. Birmingham is the industries 
first of the seven partnership Mechanical and 
areas to have approved a pro- electrical 
gramme. engineering 

The city has approval to spend All 
£10m in each of the three fin an- manufacturing 
cial years beginning next ApriL Construction 
Projects will qualify for at least Services 
75 per cent Government grant Agriculture, 

The money is to supplement mining, etc. 
programmes under way and Total, all 
enable public bodies better to industries 

—16,545 -19.8 

-11,962 -22J 

- 3,982 
+ 5.011 

+ 2.1 

— 209 -69.0 


on wage 

By Christian Tyler, Labour Editor 

pre-election ^ fever 




co-ordinate policies for 
generating the central area. 

In the five years to 1976, 
population in Birmingham’s 
inner area declined by more 
than 11 per cent, to 291,800, and 
about 52,500 jobs were lost. 

Source; Deportment of Employment 

towards the 

adjusted policies 
common aim. 

The county council has changed 

its five-year transport plan to give 

In greater priority to two evpensive 
the vehicles industry, the work- road schemes that will open up 
force fell by nearly 30 per cent areas for redevelopment Govern- 
ment support is sought for funds 
to enable the eastern section of 
l\ey areas the middle ring road and the 

Mr. Freeson said the agreed Small Heath by-pass to go ahead 
programme would provide as soon as possible, 
guidance in which industry. Binning ham Chamber of Corn- 
commerce, voluntary bodies and merce is supplying information to 
community groups could best tie the partnership committee about 
in their efforts with those of the needs and aspirations of 
central and local government. local industrialists. 

Initial efforts would be con- Work is in progress on schemes 
centrated upon a few key areas, worth £llm in the current finan- 
Handsworth and Sparkbrook, cial year, under the Chancellor 
w-irh their acute social diffieuJ- of fh§- Exchequer's £10Dm alioca- 
ties. would get attention, tion to aid the construction in- 
Industry would be encouraged dustry. The largest project is for 
at Deritend, Duddeston, Saltley 35.000 sq ft of small industrial 
and Sparkbrook. units and 550 rarparking spaces. 

There are also hopes that with The inner-city programme 
only a modest injection of marks only a tentative beginning 
public funds the Small Heath to wbat is recognised as a daunt- 
district might start a sustained ing task. Further study and de- 
programme of economic re- tailed work is required upon what 
generation. is envisaged as a 10-year pro- 

Under the partnership agree- gramme to prevent industry from 
ment, the City Council and West drifting out of Britain's second 
Midlands County Council have city. 

to pre-election lever yester- 
dav by committing their indus- 
trial and financial support tor 
the Labour Party and rejecting 
a Left-wing-backed assault on 
wage -controls. 

The- effect of a decision by. 
the Iron and Steel Trades Con- 
federation third annual con- 
ference in Scarborough was 
to put the union among a 
minority prepared publicly to 
tolerate another Government- 
decreed pay norm, provided 
there are concessions on pro- 
ductivity bargaining and a 
shorter working week- 

A resolution from Cambus- 
lang, Scotland, opposing “any 
further period of pay restric- 
tions ” was lost 82-43. The 
Left took some comfort from 
the vote, since a similar reso- 
lution last year was over- 
whelmingly defeated. 

The need to sustain Labour 
at all costs was the main argu- 
ment deployed against the 
militants. Bat the conference 
was also reminded that if it 
had not been for the 10 per 
cent pay guideline of the 
present incomes policy. State 
steelworkers would have been, 
unlikely to win such an 
increase from British. Steel 




one of the largest employers in 

The bulk of the £10m will be 

_ _ _ raised from retained profits. 

the industrial I v^deorpispd area of Profits in the last financial year 
the industrial ^depressed area or (jfndi la8t March 31) were 

Clydebank, yesterday announced £7. 5m „n a turnover of £71.2m, 

a £10m investment in its plant compared with £2.7m on a turn- 

there. over of £52.1m in the previous 

A leading manufacturer of gas YMf- „ ... 

turbines, it is to invest in a pro- Mr. Si traehan said that while 

gramme aimed at replacing older output remained the same, there 

machinery with modern equip- £° uId be n0 need for la- 
ment. but it bas no immediate J* Js?£LJ 5£ 

1,000 employees at its inception 
in 1966 to 2,000 today. Around 
400 employees had been taken on 
in the last two years. 

plans to increase its workforce. 

Last week, the U.S.-owned 
Singer company announced more 
than 2.S00 redundances over tbe 
next four years. 

Tire John Brown investment £9m Orders 
programme, spread over several 

years, is designed to increase , ... 

efficiency rather than capacity, worth £9ra for four gas turbine 
though Mr. Graham Strachan, sets for customers in Holland. 

. «roup managing director, said Dubai and the UK. It also signed 
yesterday that the company a 10-year manufacturing a gree- 
hoped to increase its market jnent with the General Electric 
share in the long run. Company of America, covering its 

The company's share of the Jl ? ht in<tasmal S as 

international industrial gas tur- 
bine market is about S per cent. 

Major competitors include Hita- Engineering was an attempt to 
chi of Japan. AEG of Ger- mov . e awa - v , rrom . a reliance on 
many. Fiat of Italy, Brown entering and stup- 

Boveri of Switzerland and Rolls- building. In 196S. John Brown 
Rovce and GEC of the UK. Shipbuilders became part of 

Mr. Strachan said: “The gas Upper Clyde Shipbuilders, which 
turbine business is a highly com- iQ turn was liquidated in 1972. 
petitive one and any company The old John Brown yard was 
seriously engaged io it must be taken over by Marathon, a U.S. 
prepared to make a substantial company specialising in the con- 
re-in vestment of its profits in struction of oil rigs.. The corn- 
order to keep its plant and pany closed its marine engineer- 
machinery up to date.” ing interests in 1970. 

They aiso queried the effective 
ness of tbe White Paper's ideas 
for a form of two-tier company 
board structure. Lord Erroll 
said that such an arrangement 
could be cumbersome and impede 
companies which needed to be 
" quick on their feet." 

Mr. Edmund Dell, Trade Secre- 
tary. and Mr. Albert Booth, 
emphasised the voluntary options 
in the White Paper, and the 
Institute's representatives agreed 
to put forward their detailed 
views later in the summer. 

!Our Labour Staff writes: The 
TUC nationalised industries 
committee met chairmen of 
nationalised industries in London 
yesterday in what it described as 
a continuing joint dialogue on 
proposals contained in the White 
Paper on industrial democracy. 

The TUC said before meeting 
that the committee was seeking 
“ faster progress " in drawing up 
jointly gareed plans on industrial 
democracy by August so as to 
meet the Government’s require- 
ments laid down in the White 

Shortly after publication of last 
year's Bullock proposals, the 
union leaders produced a series 
of their own recommendations. 
These included a demand for the 
right to initiate the process of 
introducing worker directors on 
to company boards, with union 
representatives being selected 

Complaints against 
gas boards fall 10% 


COMPLAINTS AGAINST area customers can be telephoned 
gas boards have dropped by ten and told when a fitter is unable 
per cent, over the last year, to keep an appointment 

according to the annual report 
the National Gas Consumers' 
Council published yesterday. 

The report shows there were 
43.700 complaints to regional gas 
consumers' coancils in 1977-78 
against 45,800 in 1976-77. 

By Far the highest number 
of complaints— 33 per cent— 
were over sales and service 
standards. The council says 
British Gas should make more 
effort to ensure that customers 
are not inconvenienced 
Sir Mark Henig. deputy chair- 
main of the council, said yester- 
day that nothing upset customers 
more than havus to take a day 
off work to wait at home for a 
gas man who failed to appear. 

“We keep telling British Gas 
that the problem is one of com- 
munication and information,” 
Sir Mark said. 

Most people today are on the 
phone and most consumers are 
prepared to be tolerant— pro- 
vided they know the reason for 
the delay." 

The council's report says 
that slot-meter consumers still 
tend to pay more for their gas 
than those who pay quarterly. 

Demands for a fairer deal for 
slot-meter customers will be oart 
of the council's five-point policy. 

Tbe council will also call for 
free appliance checks for all gas 
users, a more realistic approach 
to connection charges, no gas 
price increases until April 19S0. 
and improvements in the code of 
practice governing disconnection 
to make it fairer and more 

The council fears that some 
consumers who genuinely can- 
not afford to pay their gas bills 

The delegates' vote will 
strengthen the already, high 
confidence of Ministers that 
their discussions with (he TUC 
over the next few weeks will 
produce an unwritten under- 
standing for moderation in pay 
claims when Phase Three ends 
on July 31. 

The party can also count on 
a substantial election donation . 
from the confederation's politi- 
cal fund. 

Mr. BUI Sirs, general secre- 
tary, reinforced Ministers’ 
optimism by saying that while 
a few union leaders were 
publicly in favour of further- 
pay planning, more -were. baek< 
Ing it privately. 

Other speakers claimed that_fcof scrapping plece-work.'- 


the CONFEDERATION of Ship-, the Affiodatioa : 

wuHn* and Engineering Unions Executive, Oencal^^i-Ctan- 
SSay^eld back from attack- puter Staff. Mr. 
hS Jhe Government’s incomes ■ 

Slcf hecause of the possible -i return ■ 

dSnaee it might do to Labour an u nun; us alt - 

Kkrtbcomins General Election, motion were 
tt M«nbOTS of the confederation, the TUC. Mis. 
which represents 2.5m workers, sail home.” . . * : ^ V ; 

closed ranks behind Mr. James- Mr. Grenyme-.BawIc^prqpp^z r 
Callaghan in the face Of the ing A motim'-^-tSe;Tr^^rt 
threat of a Conservative victory and Generui workecs^ said, list , 
at the widely predicted autumn collective barg£hiag cbfl0£ 
polL .should, be used lin'^AC sqQ 

The decision will satisfy the responsible 'way/ . Batab®^^ -. . 
Prime Minister, who will speak forced to . remit; tM'.BJfttisBtjSi - z 
to the confederation's conference the- insistence 

in Eastbourne tomorrow. " "However,: "fixe reonf^es&cm; ' 

But the trade union move- backed' a. itaa^ ; ^4he;B.e^fage - ■ 
mentis firm aim of achieving a ro und whiiSU^Rea ^ori^toneff 
shorter working week . was reduction -m the Ssrof king. week^o ; V ' 
emphasised yesterday by _ Mr. 35 ; hourst without 
Hugh Scanlon, outgoing presi- ing^; and a niiniitinm>wag%iaje : . 
dent of the Amalgamated Union O f £so per week! for. Ciaftsmfen.' : • 
of Engineering Workers. He put witb graded pet^iitage^iifar ; 
it at the top of -the con fed era- other. - wo rkers. ' •- 

tion’s shopping list for the next it ' . also urged. f ' ‘ _ . 

pay round- . • . centage system 'fqrapi&e fi. ticfas; a*. , 

/ The movement ■ nunimum of five wee^bgda^ . . 

attack on the Government's "of;. - ^pay : jpaWy • : 

incomes pol icy a nd for a «iimlements •intfe'bqEaK. >i2tesi r 

to free collective barg ain i ng , was ■ — 

led bv Mr, Ken Baker, national: the. r je^otaa^ ©f 

officer of the General ana. Muni- ?; .•.•C:.--::' 

cipal Workers’ : Union, Britain’s ; :pe^eugMering 

third-lareest trade, union. « • : :rMU5^;, benreenv ^ n ^i i ra ; ana . 

He sai d: “ The TOry Earty will sHHedr wortwr^- ?o^rv^iffea^- . 
be delighted for. our movement tials _ was illu stiated' • weir tiie .. 
to accept 1 ahy- -motion • which Transport .and . ,Geueral,--Woricers 
might be . an embarrassment to .Union, wMm.rejMresmte i fmst. of 
the Government H this motion;; the . unskilled.; ^nd ^vsemir^iHeu 
were to be ‘ accepted,' .. Mrs. workers Jh' ;.rihet“; industry, 
Thatcher Would ' be delfiehted." " 'attained 'from - the - confedera- 


-3 ■ 

'i :i 


i ,J 


He was • backed -by .Mr. Roy tion’s otherwise ^ tmaiilmbus^ vote 
Grantham.: 'general secretary : o£; lor ' :.v: ; ^ V" 

j 1 



I -• 

•i ' 


MANUAL WORKERS 4 at "West- ‘majority against-tire' •cujmpiay’ s 
land Aircraft’s -'Yeovil. . factory proposals' ■ tIia b : - a ■.-'baJlot.-of 
yesterday reafflrmed^fiei^: <)ppb- . bad made 

sition to the companys lntentipn nbTnrther dedsion on the mitter 

to support free collective 
bargaining would be to play 
into the hands of 
Margaret Thatcher. 


on ‘list’ 


“ A fitter may find that a are being disconnected. Two out 
particular job takes longer than of every three cases referred to 
expected, but all fitters are in the Department of Health and 
radio contact with their offices. Social Security as potentially 
“ Surely, in this modern age, needy are not accepted. 

Last week it announced orders j trough the joint machinery of 

! recognised unions rather than by 


Teachers end 
meetings ban 

ABOUT 100.000 teachers mem- 
bers of the combined National 
Association of Schoolmasters and 
Union of Women Teachers, are 
to resume attendance at out-of- 
hours functions such as parent- 
teacher meetings. 

The union has called off its ban 
because 60 of the 104 local educa- 
tion authorities in England and 
Wales have declared that out-of- 
hours functions are not part of 
teachers’ contractual duties. 

Liability law proposals 
attacked by doctors 


BUREAUCRATIC delays for doc- jected an attempt to exclude 
tors in dealing with patients drugs from this recommendation, 
would occur if the Pearson Com- The college, however, is con- 
cussion proposals for increased cerned about the effect of a 
civil liability are implemented, change in the law on doctors who 
the Royal College of Physicians use established medical drugs 
said yesterday. rather than drugs which are on 

The college. In its comments on trial. The college argues that it 
the Pearson Commission's report, would be necessary for doctors 
warns: ** Safety first medicine may to carry out strict documented 
result in fewer accidents but it procedures to prove tbat patients 
will also result in fewer cures, have been told of the possible 
and the balance of advantage is consequences of the drugs, 
unlikely to be in favour of “ In the absence of such pro- 
patients as a whole.’* cedures doctors will be exposed 

The commission's report, pub- to ail manner of unjust claims by 
lished earlier this year, recoin- patients, whose self interest may 
mended that producers should be impel them to forget any oral in- 
strictly liable for damage or per- structio ns/ warnings they may 
sonal injury caused by defective have been given," the college 
products. But it specifically re- says. 

Protest at length of Tether tribunal 



OF TIME an travesty of justice calculated to While Mr. Fisher had shown had not “ married up ” with the standing. The Financial Times 

industrial tribunal had spent bring the whole of this procedure his willingness to accept that he standard he had expected. no matter what it thought about 

considenng a claim by Mr. into disrepute." had made mistakes in the execu- There was never any ground his work, “ could not reasonably 

a claim by Mr. into _ __ ..... 

Gordon Tether, the former Finan- Tbe commission had suggested tion of his editorial function, or for thinking that Mr, FisheV had come to tte condusion tharthere 
cial Times columnist, that he was that claims for unfair dismissal might have made mistakes, Mr. feelings of " obsessive hostility" was anv reason for terminating 

unfairly dismissed was described lodged within five days Tether did not and could not toward Mr. Tether. my employment." 

yesterday by Mr. Thomas of dismissal and suggested that accept that he "bore any blame About 46 articles by Mr. Tether His reinstatement wm.irt h* , 

M orison, counsel for the Finan. a necessary part of a satisfactory at ail." Mr. Tether did not accept in two years were "banned” by “ 3 Ihfnl S tL v 

~ 5 * ^ con- anyone as his superior or accept the editor either C of Tfme^ ^wiuld^oI^ FT 

any criticism of his work. quality or because they fell out- was willin* to " tmrv the 

Mr. Monson suggested six side his range of subjects. WrhPt" 0 10 106 

areas the tribunal should con- Mr. Tether's claim that there 

sider in making its findings, was no consultation before a . He accused^ the newspaper of 

Among these was Mr. Tether’s directive limiting and confining oamdlmg the dispute in a manner 

ority over him to a range of financial sub- “plated to inflict the maxi- 
Lombard columnist, that he was °? ss respondent (the him and his “irrational view of jects. said Mr. Morison. was “um damage. Hjs reinstatement 

unfairly dismissed 20 months ago! Financial Tunes) on the other, the dispute." “sheer lunacy." o 11 *® Lombard column was tbe 

He is asking for compensation The on!y way to compensate Mr. Tether had no ability to The very reason for the direc- ^ly way completely to repair 
and reinstatement. P e Financial Times for tbe compromise or to admit the pos- tiv e was tbat there was no con- ? a “ ag * to my professional 

Mr Monson told the tribunal l unfair efi L ect °,! the leQ 6tb sibijity of his fault sultation. and the directive was reputation. No other column 

headed by Mr WmiL welh the. proceedings ’’ was to award Mr. Morison. while stressing intended only to ensure that ™W g^hunje same "job 

QG “ The amount of tim^ this ^ costs. that he did not want to put pres- more of Mr. Tether's articles satisfaction The Financial 

case has taten can and should - 0a A bro , ad View of J tie case sure °° the tribunal, said that it appeared in tbe newspaper. was cynical in suggesting 

^described as a wandal « ouia the tnbuna 1 was considering a would be "perverse" if not Mr Tether, completin' ^ that he did not really want the 
he described as a scannai. “breakdown between employee " whimsical " forit to find against sumralng-up earlier yeSert^ 

no grounds 

By Our Labour Correspondent 

general secretary, yesterday 
challenged the Economic League 
to publish any list it might have 
of trade unionists’ political 

Mr. Murray, commenting on 
a newspaper report that the 
league, a free enterprise organi- 
sation funded by prominent 
companies, was providing 
inquirers with tbe political 
and trade union history of job 
applicants, said: “People who 
present themselves for jobs 
should be considered on merit.” 

The suggestion that people were 
keeping Lists “would be depre- 
cated.” Mr. Murray added. 

The league's director of re- 
search and information was not 
available for comment yesterday. 

New dock labour 
scheme draft 
goes to MPs 

By Our Labour Correspondent 

THE DRAFT of the proposed 
new dock labour scheme was laid 
before Parliament yesterday by 
Mr. Albert Booth, Employment 

The intention of the new 
scheme is that all registered dock 
workers should be employed by 
individual employers and, in a 
substantial departure from the 
existing scheme, there is con- 
sequently no provision for a tem- 
porally unattached register. 

Workers registered under the 
1967 scheme will qualify auto- 
matically for inclusion on the 
new register. Others whose jobs 
will be classified as dock work 
for tbe first time would go on an' 
extension register initially and 
be transferred to the main 
register within two years. 

noTurther dedsionoa the 1 : 
since" the dismisj5afw#ningsr^but 

They also .decided .almost the'. : stewards n'lire r • expecting 
unanimously to withdraw their notices to be seht shortly. ,: 
tab our if the company iinposed-’Westlaoti believeffthataban- 
pay and working conditions that doningr piece-Work - would help 
had not been agreed by/ the th e company. outrof its difficulties 
unions. and: secure, -helicopter manufac- 

r Westland, wluclUays ttat longr taring at.: YeoviL The union 

marice, „ . 

workers thre a teniag them with - Jtfr^.OSob' MCGnskeiy - assista n t 
dismissal notices after the failure general secretary of Ube Asso- 
td negotiate' a- ; hew r wage - ciation of . Scientific . Technical 
structure. \ ;■ . V anff - Managerial .Staffs.r told -the 

Show ’Stewards said yesterday , Confederation of Shipbuilding 
that wltWrawaKof labour might and- Engineering, Uuioas yester- 
involve ai strike, a sit-in or day that, the union wdald- . be. 
simply acciptane&ipf dismissals, approaching-, the Government 
They do not intend action .over soon , to ensure that financial 
tbe warning: ..of \dismissals, 'difficultly at Westland did not 
although JheVattitufle '.-ofi- the bring about .the -collapse ^ 

workers appear^ to be Burdening, company. ■; 

Mr. ftUke \Webbejr, •" ibe.., The . confederation called for 
stewards’ convenor, said \hat the the Government f to reconBideir 
meeting, at which only a handful the need for nationalisihg^Ttbe 
of workers.out of more- than 1,500 helicopter^ industry- by •. incor- 
voted ' against withdrawing po rating it into t 3ritisbr ■' Aero- 

labour, produced a : greater- space. 

• j 

Unions nearacceplice 
of ICI wage Offer 


-1 ' 

UNIONS representing 55.000 ICI' still ^waiting, ^fot c - a ;.f6rinaI - 
manual rworkers- are moving response from craf f -workers, also . 
towards acceptance of a company ^ope to win eventual. acceptaMe . 
„ Ser wittdn y. 

pay guidehnes, in spite -.of meat for. the' time beings tomaxJ- 
resi stance from a section of shift mise the^ainoimt^pf new "cash ■ 
workers. *. ' - . availably for aU/\vorkefs^.‘. ' ; - 

JSr. John Miller, national- ’■ Most; fejectioris bf 'the present- 
secretary for - the chemicals offer are - said to' come : £roxn shift ‘ 
industry in '.the Transport and ‘ 

General Workers Union,. , con- Ition :o£ ititei last: two gears’ pay 
finned yesterday that indications 'suppieoients: v- : 
from report-back meetings so ' - The fd .sho’p stewards’ com- ' 
far were in favour of the major bined^ comihittee decided^ this - 
part of a 10_ per cent deal, week to :laimch a programme 
alth ough negotiations woulcLcda- "of selective industrial . action: over 
tinue on the introduction ^'^of a -the issue "among ^ ptbcess/wbrfiera 
35-hour week. • s ' ;- fn-threeiplants in ;jnfc K3ifesMt ef 

The union negotiators, who are and Mancheater/v ... 

•q 1 

-.1 i 

cf J 

n \ 

— » 


Doctors give warning 

.j 1 

j i 


Fifth fewer days lost 
through strikes / 

cial Times, as " scandalous." procedure was tbat it be 
Mr. Morrison made his com- ducted “ speedily." 
ments about the length of the Throughout the case there had 
tribunal hearing when he began been a danger that over-indui- 
summing up. on the 44th day. S. e ? c e to an unrepresented 
The tribunal is considering a (Mr. Tether) on the one 

claim from Mr. Tether. 64, former hand couW . Pred 116 * a ° unfair- distrust of all in authority 

. I . • ... .. . . note tft the cacnnnriant /rtia him anri his “ ,n. 

the tribunal was considering .. __ 

_ .. w M _ f column back. 

Referring to Lord Donovan’s and employer, or employee and the newspaper on the basis oCU» said' th at "tber/ were 1 " 1 'n He was a columnist of long 

Royal Gommlssion on Employers manager." documentary evidence before it. for a reaSnable editS? S £ were reinstated after the 

and Trade Unions which forrnu- Mr. Tether, he said, had made Opposing Mr, Tether's claim CO me m the concfusio^ iS S tribunal he would be able to 

lated the unfair dismissals pro- it impossible for the newspaper for reinstatement, Mr. Morison faith that it would have been "set on together" with Mr. 

cedure. he said that the case to ” manage him " and impossible said that it was not made in good damagingtothe reputation ofthe Fisher. 

perversion of for Mr. Fredy Fisher, the faith. Financial Times” to publish the Mr. Tether denied that he con- 

mr. Fisher genuinely believed articles. trfbuted to his own dismissal, 


amounted to "a 
the mechanifin 




for Mr. Fredy 
Financial Times editor to carry 

these disputes," and was " a out his editorial duties. 

tbat some of Mr. Tether's articles He was a columnist of long The case continues today. 


BRITAIN’S 24,000 family doctors conference in London- yesterday, 
yesterday gave a clear warning overwhelmingly passed;* resolu-. 

■to the: Government not to delay ,tion warning ■ of possible ’ aanc-i" 
implementing'' 18fi per cent' pay. tions if the pay 'award Was not 
rises which hre due to be jjfcased. honoured. .*'• :%>'.■ ; l. . . . 

in over the text two years.. : ' _The.' : dbctbi^ ^r4^vrenriedLfhai. i ; : J 

The -doctors, at their sectional. 'as 'has happened ttfore^a jphased " - 

■ * ’ ; 1 ---pay rise may-he^hlocked byianyT. . . 

'-- : futiir& riEid p^-^ncy. 'v;- ^ 

\ " The family tioctork deddddTioif ■ = . 

: to . support .the ijamte- ho^wtal-^^" ' 

" • doctors in - seekik^i' ’separate pay! 17 ' 

■ negotiatfens withthe Department ; 

rpf Health -and. Social Security. ‘ • ' r , 

: •: While sympathising witii th^r : :T .• - 
coTleagues, tbey agreed' tiiat ' tlm.-l; : 

WORKING DAYS lost through stoppage. ' h egipillDg . . in . the . a ^. present; ^ 
strikes in progress during the first period- ’ ” ■ ” T T:-' ; : ; r - 
five months of this year showed. .Provisional., figures in .the 

’ of.^out a Sfth over jbe SKgSSSSffi iSMg 
same penod last year, falling ^ agaS 

from 3.6m to 2J8m. ■■' in 'ApriL ^ - .A- . . 

The number of workers in- Working - -days lost in aitf 
▼olved in stoppages over the same strikes m progress last . month, at 
periods also fell by 15 per cent,, 414,000, were also down, on the 
from 452,000 to 383,000.- The April total: of 573,000. The nunr- : 
number of individual stoppages ber of workers involved ia. strikes 
fell slightly, from 1J88 to 954. in progress- during the period* 

Over January to May this year, however .was. about the .samc at 
disputes involving pay and fringe just below 35,000 for each of. tbe 
benefits totalled 577-, involving two months: — . 

143.000 workers. . . ■ ' — r- — - — — 

The next two mam categories • nixnrfiwin lion ' 
were disagreements over manning ' WCl.lUllC Uall> 
and work allocation, bauslng ll# JOURNALISTS ou the- Press 

disputes involving 20.000 workers;. -Association newa aeehev. vaster, 
and dismissal and disciplinary -dayTcided^to step up SnctiSS' 
difficulties, producing 91 stop- on Monday; in support -of a oay 
pages with 17,300 workers In- claim- The increased action-' vriir 
voived. Working conditions and- involve. '.a .'complete, bad .on 
supervision formed the only.pther .volnnlwy. overtime- and ' 
area that caused more than 50. journallstie.worlc^- - 



.- -1 - y 

r-’\ l 

'.'i ! 

'’:.=9 t 




>- i 

- r ^ i 


* •* v 


s -. vi® 




Tories want Foot beaten in vote 
attitude on party document 

to Soviets 



WNt_oYra< r parliamentary staff 

-no fvpnc Arc BV ft. nnM — 2 v-viiaervuuves in uic vAJimiiuns 

' i 5 . ** EEC Com- of paper. "I don't fall that yesterday when Dr. David Owen, 

. mission tn.STrpmithnn Ann«imA« J . .XT. O V * „ . .... , . , ’ 

MR. MICHAEL FOOT, Labour's NEC. the Leader of the House 
By John Hunt. Parliamentary deputy leader and arch-tradition- urged that the document, which By Philip Rawstomt 
Correspondent alist, yesterday suffered a heavy demands reinforced Select Cora- «•»,», 4r »» 

defeat as the Left-rinminatad ml ness and tishter legislative oKUAlAi registerofl voters 
SSr'sh 13 ? 1 7t AT Ule . Govern- National Executive Committee scrutiny of. public spending, i>e ll? ”1° ^ 

mentshouW take a much tougher adopted as party policy a docu- demoted to the status of a mere t ^ a “ on . th ®. ^swlers 

lr ards ment calling * for a sweeping “ advisory ’’ paper before the J* last General Election in 

rifiJiSviaf were made by the re [ 0rm the House of Com- party conference, with no official 0c £° ber - 19,i . ... 

Conservatives in the Commons m nn , Electoral statistics published 

blessing from the executive. 

Britain -% Mrs Thatcher 

has more IS 

than 4im 1 outlines her 

voters m i • 

By Philip R.w sta n,. DftY DOllCY 

RITATN'S registered voters MT %J ML 
jw exceed 41m — about 1m more 

ian the total on the registers BY RICHARD EVANS, LOBBY EDITOR 
the Jast^General Election in 

no her. 1974. A SHARP DISTINCTION hope people will get wage 

Electoral statistics published between pay bargaining in the increases by in creasing prnduc* 

Britain ^ 
has more 
than 41m 

insurance: in 

terests— were condemned on all' SS«!Jf*j! ,reclive sfl 
sides in lie Commons last night H l ? ura f‘ 5e ' c ° Tl 

■» . “ ., ara not saying that the 

»■ Fraser, Minister of not be control over i 

Sl LSn 1 ; Affair5 ' ■*“' * -nsuranco on' 
bluntly declared that, as at stpn Rut thaf «hnnt 

preseit drafted, an EEC direc- Sfbjectof an enS 
.live on contracts negotiated reSrae’' '1 

away from business premises Mr Fraser was ais 
was not an acceptable basis for of the attemw madl 

oSJSiSn?; He called direJttve to sUpuTale 
on the Commission to take an cash limit for doorstej 

CD ^ Iy SES !9 ro " lL . „ Even though The ini! 

n^? ln]sler accepted an of £J7 bad amei 

Opposition amendment urging Government believed 
“1® Government, to secure the was another matter wh 

fuld nnr f f,r «fin affairs f spokesman, procedures of the Commons and Labour Government lo carry in- contain 41.1S7.752 names. The Leader. live issue in the General Election 

pacts. *• i demanded that unless Russia especially any move to strengthen ^ aw manl ^ esta commmitments total in October, 1974, was she confirmed dorin" a hv- campaign. Mr. Callaghan is 

Should “ rc^atTKih '^2 tB pow/rs SfficESiSS MiK P °S' SE - h , of* fcJtaX. W* J »ha Tn ? - 

. J’“ r . d «Sn^Sdi^ The stonr n = Veaenljy. however,, at a full ..3"' l “ de . d in tte «.rnmt rtM; Yorks., that. there would be free attitude when he addresses trade 

5 sanctions includin'- the ctonnin" Yesterday, however, at a full “'"“f™ 1U vunwui «=i«- lorns., mat mere wouia oe tree **= 

,e <*oor- meeting of the national executive T ow ti,at }® toral lists are o76.306 young collective bargaining in the union conferences in the next 

be the J.™. "fi" “HJTn P *E he clashed with Left wSm in- downgrade the suggestions would people who will reach the age of private sector but that this f ® w weeks, 
eparate sUJJJ , l i,fJJ eap credlts t0 the eluding Mr. Anthony Wedcwood be tantam P UD t to burying them, is before the registers expire would not be permitted in the Mrs, Thatcher went on lo 

Soviet Union eluding Mr. Anthony Wedgwood uc ^ uuli,u « u«m. before the r 

Mr. Luce asked Dr. Owen to f ean ' E°frsy Secretary, who In the event, Mr. Fool’s pro- ne * t February- . 

.... ...» .i i i , npvrinpn Mr Vnnt’c ct.nH ,c -a nnc,.l mo u vntaH a4nu>n hi, f* , r, a 50100 O-tflJI 

would not be permitted in the “ Ir f« _* nuicner went on io 

nationalised industries or other a ^ ack Labour as the party 

m should 

^d'^uSeTo^ 0 ^ bfleVo^a^nalludgment 
, h -S ,d r .i;i!Sl22f i of each raemb er-statel approach to the Soviet Union, 

someth ine more acc^oSle to tS ' WbiJe admitting thefeced for If they persisted in their "destruc- 

Government °Jnri C fhfl ^ improved consumer- potecUon live policies ” in Africa, we 

■ A r 1 vfni n t ^ -■ over cash doorstep &les. the Prime Minister's speech in New 

7h‘ Minister commented: If the supply them with privileged 

whether the detailed commission had not intervened credit facilities or grain supplies. 

2SESJJ tte draft directive with lhe dir^ive. we m reply. Dr. Owen took a 

• f,?P r ?5? p . aales of woa j d have probably legislated cautious line. He agreed that 

He thought that the time had although not a member of the Labour policy, 
come for Britain and the Western 

Labour to redraft plans 
for ban on blood sports 


!_■ _J • J • ,11_ ^ _ - , VYUU1U IHIYL' •vbu-iMhvu vouuuiia line. nc mat . ' 

Derided ^ S'^elecSchS? Md alr ? ady t0 dea ! v ' iih ® t lrans ‘ d ctentn was indivisible and did LABOUR HAS got pre-electoral Mr. Callaghan left no doubt Parl^SieS^MndlSS*” ° £ 
Slumbers even tS aa°c * ct 4 ons „ a s weI1 as cr ^ u traDS ' n S* lbi J? k that the sort of cold feet over its plans to make he was wholeheartedly behind a candidates 

breakdown service for. stranded ^Kon had alrejly been Africa “S be exrlude? from fng 3 f oxh u nt/ng ^ nd^m-oirs! roInSSg. S SW«niflra5f5? teonSSSd F* 0 ? 1 * f ?i l Lf ro , vid ? s r for new 
“Matters m; this^ directive ser ii C es in the UK onpie door- problems were an East-West a meering ofTbeXt ^ That th^ iLy be rooped from ! L P ^^ry. elector in 

SS* {i V £TS intni-Ctmimunity step, on credit woulFneed a issue. They should be seen Ex «uUve Committee 'yesterday. me revLd pro^l[s PP hnr#H, * h 

tra “?V said ‘ r special licence. f- . L primarily in an African context. Dartv c biefs decided to re-draft The Prime Minister 

With support from other anti- Subject lo certain limits, debts We had already made & fnconSderablv ^mifdcr term? the however Sal lie ame 
Marketeers Mr. Enoch Powell incurred by unltccnslt traders response by deciding to orKl doaiSm aMrnJed SSSJ WoSd a 

(W Down S.) seized on these or. through unlicensed, brokers strengthen the NATO alliance and by Stskev iSme PoUcv P Com chance of idoodon 

words as possibly marking a might well be irrecoverable. to increase defence expenditure g o„W then will the oS- maniflslo when that v 
significant change in the Govern- Leading the attack oiftbe dratt in the face of the steady increase nosaJs' Stand a chance of findiS* Unbv the mint com 

, l ?SSSS B ?i h t.l E S ?” d f heC ,T l T °$ rM Zlei ° f War,aW P “ l S 4 into £?£LSf«T* ^c b U h thfc»bii°t 

perhaps indicating a new deter- front bench# Mr. Giles Shaw fL-.. forces. nhiprtinn^ in thp nnniriii Fariipr Mr Anthm 

minatton not to allow Parliament Pudsey I scoffed: -Thi| seems to Mr. Julian Amcry fC. Pavilion! do ^ e nts werc led h? 8 ?he wood £n n EnJrv 

to be overruled from- Brussels in be a big sledsehan&er wuh a fo^er Minister of Smte at the ^ 

I lilt uauj liUUlil U A 1 _ J ■ . . ■ _ . hU«l<T| 

the lale ’50s and early '60s. ai ? d . . ed ucation they *>e_ kept s jj e sa j di 

More lhan 553,000 were reeis- witnm fitnet spending limits the s b€! W3S convinced that "the 
tered in 1977. tones would impose- jobs of tomorrow" would come 

In all parts of the L^K, there But Mrs. Thatcher insisted that from the small businesses. If 
has been an overall increase in she was not going to lead an elcc- you were going to close largo 
the number of electors. tion on threats. " I believe we plants, you bad tn sow the seeds 

To keep up with electoral will be able to get reasonable of tomorrow's businesses, which 
inflation of another sort yester- and commonsense bargaining. I would be small, 
day. the Government published 

a Bill to provide for increases _ __ - , 

in the campaign expenses of I I 1/ I j 1 87’ 

need . i SS ue. They ehnuld be eeen E^^i^r& ^ VeSyl ST^S-Tj 'nSJST' ‘ TtalT TSSSSTtllh .he 
idebl, '“ hi” atoSly made 1 1 P 1 " 1 ' *i iefc decided to redraft The Prime Minister promised, preS em limits of £1,075 “us ’Sp 

UK to press EEC 
on farm prices 


counties and tip for every eight BRITAIN will continue to press its examination of the Commis- 
e lectors m the boroughs. for a reduction in the proportion sion’s proposals on .lulv IS. 

The changes would come into or die EEC Budget devoted to 
effect for an October General farm price support Mr Joel Mr. Barnett came under strong 
Election If the leeislatinn is n 9 « a <r rG.r .ifi pressure from committee mem- 

auu uiLtuucu yiUHV'xus Jineiy to onion-sviicj s |n;iuuuuj,jurei> .7. ----- . „ . „ WVl 

have a perverse effect through Pudsey or n tine rant over Africa to interfere with 

He instanced the disruptive Italian ice-cream sellers Inching de i"Jl e - . . -u.n.iia ho 

influence which the Commis- their way through Ilf§combP. This, said Mr. Amery. woud 
sion's proposals would have nn Mr. Shaw welcomed Se robust regarded as th ® S" e " ^ JgJ 
the agency-operated and cat a- attitude taken by thef Minister, Moscow to go ahejd wth Soviet 
logue-based mail order business and urged MPs lo e^orse the adventurism an Africa and south- 
which already provided consumer Opposition's amendment and so ein Arabia. _ . , 

Mfegusrds soins far beyond deal “a firm and final blew" lo Liberal f “^®” ,u- 

+v,nco i-pnitirpri hv law ihp directive. man, Mr. Jeremy lnorpc, su a 

... The mail order traders’ organi- “We cannot accepts s. kind of fnfiS?5 O « at o ^ e th S p h0 T» , ^ s j!i t s 
s a tion had pointed out that the intervention in oqr aff, rs. which .Intentions of the R^aa ns by 
EEC proposals on documentation is so contrary , to thetftandards them to - back are a s ^p re 

would involve them in the distri- of trading pver sue* a Jon^. across frontiers in j FU iodebid. 

Healey in well-matched 
TV confrontation 


button of 79Din additional pieces time.” . ... • | • _ ^.^nnTwnuT nrobabrd^nv 

T—r ““ ■ ‘ ■ 1 ^ that they had any involvement in a TELEVISION discussion 

' TT1/' x: rniVAHi ir TIMTWrATfW^ ?■ that area. Yet we knew tliat they between Mr. Denis Healey. Chan- 

. U JBl JbUUl* UJrli. V LFJ.V3 * • % did supply arras to the liberation cellor of the Exchequer, and Mr. 

ECONOMIC A CT! VllY — Indices of industrial production, in ape- movements and this gave them William F. Buckley Jr., the con- 
facturinc. output -engineCTing orders, retail sales volume tl97ff= . a great deal of influence.’ It was servative U.S. commentator and 
100); retail sales value (1971=100); registered unemployment important that we should try to polemicist, can only be described 
(excluding -school leavers) and unfilled vacancies tOQOs). .• Ail offset >thls by the supply of in the language of confrontation, 
seasonally -adjusted. humanitarian assistance. To use the words “ interview" 

• ' IndL ' Mfc. Eng.- Retail Retsul Unem- Mr. Jphn Stokes (C. Halesowen or “ dialogue” would be too mild. 

. prod. - output order vol. • value plo yed Vacs, and Stourbridge; asked the The exchanges disclosed more 

Dr. Owen told him that the Riuutu^ fcummi 

Russians would probably deny 

l hat they had any involvement in a TELEVISION discussion 
that area. Yet we knew that they between Mr. Denis Healey, Chan- 
clid supply arras to the liberation cellor of the Exchequer, and Mr. 
movements and this gave them William F. Buckley Jr., the con- 
a great deal of influence. ’ It was servative U.S. commentator and 

ig.- Retail Ketiul UDem- 
cr vol. • value ployed 

1st qtr. 







2nd qtr. 







3rd qtr. 






. 1,418 

4th qtr. 








1st qtr. 









103.7 - 





Feb. -• 




. 106.8 






' 103 















,‘Ail offset \thls by the supply of in the language of confrontation, 
humanitarian assistance. Tjj use the words " interview" 

Mr. Jphn Stokes (C. Halesowen or “ dialogue” would be too mild. 
Vacs, and Stourbridge; asked the The exchanges disclosed more 

Foreign 'Secretary to comment on about the style of each partici- 

na the speech by Mts. Margaret pant than the substance of his 
103 Thatcher,? lie Conservative leader, thought. But there was a rare 
15l in Brussels last Friday in which and revealing insight into Mr. 
15^ she called on the EEC to take Healey’s views on the role of 
Western defence interests into ideology in politics. 
lg 8 account id reaching economic The meeting occurred in Lon- 
txn decisions. \ don earlier this week when Mr. 

European Legislation Etc. (that could result in major disruptions 
is the name of the comm it I cel. for farmers throughout the 
The effect of such an exercise Community. The essential aim 
could well be to reduce the must be in change rhe Common 
overall size of the Budget, of Agricultural Policy in the 
which about 70 per cent goes to Council of Minisers of Agri- 
agriculture. Br. Barnett said. culture, and this the Government 
He certainly hoped that the was trying to do. 

1979 Budget would be less than Mr. Barnett’ warned nf the 
the Commission's preliminary danger of allocating money to 
draft estimates of almost £10bn nnn-agriculfural policies like un- 
tabled at the end nf last month, employment . and industrial 
On the basis of the preliminary investment without sufficient 
figures the UK’s net contribution forethought, 
would be about £lbn, Mr. Barnett He would want In he sure the 
told the committee. money was not going t* bo 

He stressed that the Budget wasted, or duplicate national 
was most unlikely to be so high efforts. “Simply throwing 
after its passage through the money at a problem does not 
Council of Ministers, due to start necessarily solve it." he said. 


| Lynch urges UK pledge 
8 on Irish unification 


MR. JACK LYNCH, the Irish between (he (wo sets of para- 
Prime Minister, yesterday called militaries last year. 

9 on 'he British Government to Although Dial attempt Tailed, 
declare its interest in the Mr. MacBride said yesterday that 
eventual unification of Ireland. both sides now realised* lhat 
In a speech to the Dail. Ibe neither could win and that the 
Irish Parliament, h e said lhat a question should bp seliled by 
lasting peace could be obtained Irish people, rather than the 
“only by a coming together of British Government, 
the people of this island, in peace He saw in this a basis fnr 
and under agreed structures." negoiialion. although he did nrit 

— . _ . ;■ — -- — : — - ----- 1 - - Mr. Lynch also claimed that maintain that agreement would 

starts (OOfts. monthly average).; Textile House r-i, , • • « , - have an extensive knowledge of Mr. Healey aud Mr, William F. Buckley Jr. (right), the U.S. t* 1 ? Irish Republic's anti- he forthcoming in a mailer of 

C " output -fc etc, start,- State UldUStry -W. SR SSffS &M*r he eor Mr. h,d 

* j developed taste for the barbed .... Western Europe ’ been involved in any further con- 

115.9 - 93.4 106.1 100.4 83.9 104.4 19-9 I I|T1 nlKlSIflflll remark. . , , w ,. . Meanwhile. Mr, Sean Mac- taL ' ,s recently, hut both wore 

113.4 97.5 105Ji 98.7 .80.5 100.2 25.1 V/1UUUU3UIAH The appropriate metophors fnr r'phL the joiirnalj^i was con- but in Right-wing movements : at Bride, the Nobel Peace Prize w ‘ ll >ng to become involved again, 

115.1 98.0 .104-7 93.6 - 83.3 100.7 Z5.4 p«i| _ a. J the occasion were those of fenc- he / , deal11 - Mr - Buckiey dis- winner, involved ^ in last year's 1 1 the paramilitaries i bought they 

117.D 37.5 .101.9 99.1 74.8 99.7 20.7 bill Supported ing since, for once the view of ^ked ^ntelleStuar’ for fali n"' talks between the Provisional IRA «» ,Id he useful and were avail- 

118.0 98.0 102.0 100,0. 79.0 101.0 16.1 rr • Mr. Healey asthe boxer was not 'r^ K eq inieilectual for faU n Mr Healey added that he and Protestant paramilitaries, has ab ^ e 10 resume discussions. 

' ■ _ Q WJTHOLtT A vote 3VTP S yesterday quite appropriate. ch»rnpt? St tin hol, evcd lhat socialist theory said that the time is probably 

117.1 98.6 104.9 100.2 /6.B J'-J approved in principle establish- Mr. Healey countered from the r J half nulflifleation cot,ld onl - v set 3 scnsc of direc- right for another attempt at a -rj 

n7.0 99-0 1M.0 100.0 75.0 100.0 lament of an ombudsman tn start -- perhaps, at uraes, too »« Lwct * ,,on - He also argued against cease-fire in Northern Ireland. FfiCFS aODFOVe 

117.0 -98.0 10611 -100.0 -^8.0 100-0 1^-3 investigate Britain's nationalised strongly to win over his audience. *» pect... ilefining the limits of the size of Explaining remarks he made , • 

118.0 M.O • 104.0 101.0 /8.0 l*Jl •■J industries. His approach contrasted with the Mr. Healey took the oppor- the public sector hy law or in earlier, he said he knew contacts PiPPtriPltv Mill 

119.0 99.0 108.0 100^ •.81.0 IO a .O . But the Bill, introduced by Mr. outraged, or more subtly defen- 1 unity tn explain some of (he advance, and was pleased that the between the IRA and the v.11 

^aJL TRADE— Indices of export and import volume Tony Durant (C. Reading N; and sive stance, adopted by some TV mysteries of Britain lo a U.S. UK did not have a referendum Loyalist paramilitaries were con- THE BILL giving up ro 150m in 

inni- visible balance; current balance; oil balance; terras given a first reading has firsts , in ™?P 0I ? se , t0 ^. ] " r - audience. British politics, he said, device like the tax-aitling propo- tinuing. but he did not know how the Central Electricitv General- 

(1975=100)' exchange reserves. practically no chancet of becom- Buckleys distinctively Right- had always appeared deficient in sition in -California. far they bad gone. iuy Board to compposaie it for 

Export import Visible Current Oil Terms Resv. rag law at this late stage in the wing arguments. system to outside observers since Defending the Labour Govern- In a varied career. Mr. Mac- the eariv start to tb* Drav B 

volume volume balance balance balance trade USSbn* parliamentary session. ; The Chancellor presented him- it had few theorists. meat's policy, Mr. Healey pointed Bridge has been chief-of-stalT of power station at sdhv Ynrk- 

“ Mr. Durant said tliat state self as a practical man of affairs In a passing reference lo the nut that the relative industrial the IRA. an Irish Government shire passed its remainin''’ sUiees 

- inni aai —Ron qo ft i«^ industries, in a monopoly and compared this with the dif- conservative revival in the U.S.. decline or the UK had lasted a Minister and UN Commissioner in the Lords veslcrdav ** ’ 

Sica jno'fi -Tjq ] ftft 'i 14 9 Position, used vast sums of tax- ferent roles and responsibilities with which Mr. Buckley is closely century, and lhat more, not less, for Namibia. He took part, along The Nuclear Safeguards and 

' * If-® _B02 3010 13^4 payers’ money and did not take of the commentator. identi bed. the Chancellor asserted attentinn had been devoted to with Mr. Desmond Boa I. Bel test Electricitv (Finance) Rill has 

IZi'Ii iSSe T « Taoc hv/a 2o_3Q as much account of consumers as He noted that while the poll- th3t theorists flourished in Left- material things in the last two lawyer and former Unionist MP. already ‘ hen Uirou-'b ii« 

J«a in * f 3 m J 7i -276 lo£l 2046 private industry. tician was concerned with being wing movements at their birth decades. in talks aimed at a cease-fire Comorans. 

Dr. Owenlthought it would be Buckley recorded an edition of 
jgg unwise tn ha^e a situation where his weekly hour-long ** Firing 
204 membership 1 of the EEC was Line" programme with Mr, 
2xo firmly linked with membership Healey as bis guest. This will 
2i7 of NATO. Wc should see them as be shown early next month in the 
-z ~ — two. distinct organisations which U.S., but not in the UK. 

OUTPUT — By market sector: consumer goods, investment goods, fra d raan y areas of common in- The protagonists were well 
intermediate goods (materials and. fuels); engineering output, rarest. » matched; neither man makes a 

metal manufacture, textiles, ■ leather and clothing (19<0— 100;; fetish of modesty while both 

Consumer Invst. ' lntmd. Eng. Metal Textile Housj 
goods goods goods output mnfg. etc, starts 

1st qlr. 113.9 - 99.4 106.1 100.4 83.9 104.4 19. 

2nd qtr. 113.4 97.5 105.2 98.7 80.5 100.2 25. 

3rd qtr. 115.1 98.0 . 104.7 99.6 ■ . 83.3 100.7 25. 

4tb qtr. 117.D ' 97.5 101.9 99.1 74.8 99.. 20. 

Dec. • 118.0 98.0 102.0 100.0. 79.0 101.0 16. 

ls^ qtr. 117.1 98.6 104.9 100.2 76.B 100.2 J7J 

Jan- 117.0 99D 104.0 100.0 75.0 100.0 

Feb. 117.0 -98.0 . ' 106.0 100.0 78.0 100.0 L>- 

March 118.0 99.0 104.0 101.0 78.0 101.0 20- 

April 119.0 99.0 108.0 1Q0JZ 81.0 1 02.0 25. 

EXTERNAL TRADE— Indices of export and import volume 
(1975 = 100); visible balance; current balance; oil balance; terras 
of trade (1975=100); exchange reserves. 

Export Import Visible Current Chi Terms Resv 

State industry 
Bill supported 

matched; neither man makes a 
fetish of modesly while both 
have an extensive knowledge of 
history, politics and literature, 
enjoy dialectic and have a well- 
developed taste for the barbed 

-r -■jfft- 

Mr. Healey aud Mr. William F. Buckley Jr. (right), the U.S. 
commentator, whose exchange of views were recorded earlier 
.... this week. 

The appropriate nietophors fnr the was con- but in Right-wing movements at Bride the Nobel" Peace Prizt* v 

the occasion were those of fenc- cerned tf) .«» bright and ihen their dealli. Mr. Buckley dis- winner involved m lust SA M 

i;g since. lor once Ihc view of "rL'"...,,!'."' senlcd - folks between the Provisional IRA rl 

Peers approve 
electricity Bill 

1st qtr. 



— 947 


2nd qtr. 

* 11&0 




3rd qtr. 



+ .54 


4th qtr. 



+ 45 



' HO 


- 76 

+ 71 



1st qtr. 





112^ ’ 

; 114.6 

— 3S8 

-r248 . 

n- ' i lie LnaneeucT presented mm- ii nao lew uieonsts. ment s policy, Mr. Healey pointed Bndse has been chief-of-staiT of pnwer station at Scll«- Ynrk- 

tliat state self as a practical man nf affairs In a passing reference lo the nut that the relative industrial the IRA. an Irish Government shire passed its remainin''’ sUces 

monopoly and compared this with the dif- conservative revival in the U.S.. decline or the UK had lasted a Minister and UN Commissioner in the Lords veslcrdav ° ‘ 

aims of tax- ferent roles and responsibilities with which Mr. Buckley is closely century, and ib3t more, not less, for Namibia. He took part, along The Nuclear Safe •niards and 

Feb. 127.4- HU + 43 +132 

March 121.4 116.9 -279 -189 “208 104.8 20.3 

April 126.1 103.0 +223 +343 -llo 1«4.0 1/.0 

May • _ 120.1 1125 —.169 — 49- —109 1052 16.6 

•. FINANCIAL— Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months’ growth at annual 
late);- domestic- credit expansion (Era); building societies net 
inflow: HP, new credit: all seasonally adjusted. Minimum 
lending rate (end -period). 

Bank . __ , 

1 - ir . • . Ml M3 advances DCE BS HP MLI 



Maudlins— the Prime Minister who never was 

num SIGNIFICANTLY, IT is a Don, the reply of most senior to be one of the Tories' most tones. clever by half." In his memoirs, makes sense io me " 

.. . cartoon of Reggie Maudling politicians in both major successful Chancellors of the -. . . . Mr. Maudling remarks— in the 

: remoying a beaming mask to dis- parties would undoubtedly be a Exchequer fail to detect earlier oul urn picture ne gives or ^est style of the Oxford Certainly in his two unsuo 

MLR close an identical beaming face, resounding “No.” the. personal flaws of Poulson himself in ine memoirs University Union: "We have cessful i,ids for the Tory 

% which , he has chosen as one of To those politicians who be- and, to a lesser extent, Hoff- occasionally uoraers almost on ha(i s elsdori Man an£ j it l0Q j. leadership, he willingly accepted 

the . main illustrations in his Here that Reggie Maudling was man ? Of Poulson,. Mr. Maudling s ° u caricature. _ lake tms part some ti me lo gel over UiaL We consensus of his party, 
101 memoirs— incidentally,- a far one of the best Prime Ministers writes: "I do not sec how I w a prep-scnooi vignene: iwas do not t k lh , although he admits that "the 


1st qtr. - 
'2nd qtr. 
3rd qtr. 

4 th qtr, 
Det ■ 

. 1978 

1st qtr.' : 

Feb. * 

— 8* 

Maudling politicians in both major successful Chancellors of the Mr. Maudling remarks— in the 

isktodis- parties would undoubtedly be a Exchequer fail to detect earlier Bul tJ ie picture ne gives of best style 0 j ^ Certainly in his two unsuo 

ling face, resounding “ No/’ the. personal flaws of Poulson in the memoirs University Union: "We have cessful bids for the Tory 

101 memoirs — incidentally,- 

far one of the best Prime Ministers 

yet know the full a llh°u£h lie admits that “ the 

17.5 +1,819 

fii , «• it win ieu mem iitue mure man nuuwu uui,i m uuuseu jiiu uiuw , ■ — 7 . ' - ^uvicai mm io some oi ms uui neip num ume io rime, 

■ Minister who never was was t j, ey already know or guess who were participants' in them.” sole distinction in the OTC was colleagues, particularly to Sir particularly lale at night, 
6 j an acute contemporary comment a |j 0Ut made one of our And of Hoffman,. Mr. fainting on parade one after- Keith Joseph, Mr. Powell and brooding on the responsibililv f 
gi op the shrugging acceptance of mogt intelligent post-war states- Maudling records that within a nooa ’ no doubt after excessive ftirs. Thatcher: “There are was seeking tn undertake. 

INFLATlQN^indices of ' e^ings (Jan. 1976= 100). basic xor ine eiecuon oi tne uwe There are, of .course, activities .ini the ,U-S.. he *uup- m u ^ be Eolved by methods that supporters wish you ln fln i; 

materials and faels, wholesale prices of manufactured products vative Leader in 19 ^- anecdotal. sidelights and resigned as a’ director of chariy ball at an ice rink. I are blatantly illogical. This is Then you can sleen casv with 

(1970=100); retail prices and food prices (1974-100);. FT such a najrow result (^lOdl cQ^Uy argued passages about Hoffman s organisation for waff dressed as a brovra owl. one reasQQ why l have always vour conscience It would be 

commodity index (July 1952=100); trade weighted value of PoweR was third, with 15 votes) ^ political philosophy which collecting overseas funds for Perhaps this was ttie first disliked the extreme in politics, another thing lo sleep easy with 

aerimg (Dec. 1371=100).^ . Mr. MeudDng ceuld have ran In hdp *^ f0CUI mme clnlly ilr . buyiflf real estate in America. ob winch I began to The preseot ^ a , w8ys m e„Vsrience in the dark a d 

\ _ Earn- Baac_ Whsale. _ Fnnris* pomdtv Strle a se ™ n .d baDot But he did not. jfaiidling’s double image as a But the memoirs do give a acquire my reputation for sleep* somewhere in between, as party dangerous days that inevitahlv 
matls ' mnfg ' ^ ' a piece of inaction which he jovla], witty and intellectual closer insight into some aspects ^ ^ f r or conferences are never prepared come if you know you harl 

,,«r ■Mt e 2490 174.1 184.7 276.4 61.8 d .‘f“ us !” bon viveur. and as a gentle of Mr. MaudBng’s character— AH good ****£• to recognise, and future pro- assumed the resnimsihUni 

sterling (Dec. 
\ _ Earn- 


1st qtr. 112-5 
2nd qtr. 114-5 
3rd qtr. '' 116.1 
4th qtr. 119.9 
Dec. 12L7 


1st qtr. 123:1 
Jan. 321.8 
Eeb. . . - 322.7 
March 125.0 
April 127.2 
May '••••• 















"■"s' a piece of ma 
dismisses in a 


* Not seasonally adjusted. 

63.8 again. ( a First in Greats at Oicford reputation as eillter an sign ^ that he lacked “political antithesis leading lo synthesis 

. Evert-. more, revealing, hnw- and one of the few people who innovator, or an important bile." is the essential principle of Perhaps here Mr. Maudling 

66.0 ever - the author’s comment could have argned Winston influence, in his party's attitudes Mr. Maudling's is the sort of human p regress." (Mr. partly answers the question 

66 j)' printed below the caption nf Churrfiill . into deleting a towards economic growth, wit which mighL well have led Maudling was a fervent w ’hy he did not become leader 

64.1 the cartoonist Leslie Gibbard. favourite passage from a draft incomes policy, the trade the redoubtable Lord Salisbury Hegelian at Oxford]. “In nf f be Conservative party. 

6L8 This is: “ Could any politician speech) fail to try harder for unions, Northern Ireland, the to repeat the words he first politics it may be called the Memoirs, by Reginald Maudlin** 

61.4 -hope- for more from a cartoon?" the supreme political office? Middle East, Russia and the applied, in a very different cen- Middle Way, Butskellism. or Sidgwick and Jackson, paras 

Were tins not a rhetorical ques: And bow' did the man destined former African coloixiai terri- text, to Iain Macleod: '* He is loo consensus. By any name it 285. £7.95 ° 



- jp Tnqnc .iair - x xmea : x u u -wu-v 

ledunad Page 



speed with 

MANY FORMS of speed detec- 
tion equipment exist and are 
used in industry. But the hall- 
mark or good design is simplicity 
aud ease of use and an in-bearing 
electronic sensor called 
■■ Rev tel." developed over the 
past .[«■& years fulfils these 
criteria completely, while having 
potential applications that its 
prnducers. RHP at Storehouse in 
Gloucestershire, are only just 
beginning to realise. 

Very few pieces of equipment 
in any industry come without 
drives of one form or another and 
their drive shafts are invariably 
carried in bearings. There is 
thus always a place for a Revtel 
to measure speed with absolute 
accuracy, or angular displace- 
ment or acceleration and — in the 
future — many other parameters 
of machine functioning which 
could include temperature and 
vibration and possibly torque. 

Brinsin^ the speed sensor into 
the bearing means that problems 
and costs of secondary -drives to 
separate tac ho genera tors do not 

Internal structure of the Revtel 
is mechanically simple. The 
stationary ring of tiie bearing, 
inner or outer, carries the device. 
The rotating ring has fitted to it 
a toothed disc which passes close 
to a proximity detector which is 
producing j field, modified eaeh 
lime a tooth moves into it. This 
means that the detector emits a 
pulse corresponding to eaeh 
tooth and it follows that speed 
measurement is absolutely accur- 
ate since there is no slippage and 
operation is at electronic speeds'. 

Output is a strong signal and 
the electronic circuitry embedded 
in the plastic disc forming one 
wall of 'the bearing can be chosen 
to provide a train of pulses fur 
interpretation outside the device, 
or an analogue signal to feed 
directly to a meter. 

Exciting is the prospect that 
the discrete component now used 
will be 'relatively easy to 'incor- 
porate into a single hybrid in- 
tegrated circuit with compara- 
tively few restraints on what can 
be asked of it, other than cost, 
which implies mass-production 
and mass application. 

And because the application of 
electronics, including micropro- 
cessors. is spreading rapidly to 
most forms of control processes, 
the Revtel is a natural “ com- 
ponent” for such work. 

In speed regulation and con- 
trol loops. The unit will prove 
invaluable and several companies 
in th*? UK are already looking 
at possible applications. 

The reason why the company 
moved away from magnetic and 
inductive sensing lies in the fact 
rhat these methods were unsuit- 
able for use on bearings. RHP 
spends a lot of time eliminating 
magnetism from its bearings and 
to induce it through a sensor 
would shorten the life of the 
unit very considerably because 
wear metal would be attracted 
to the rolling surfaces. 

The coil around the sensor 
probe therefore operates at 
radio-frequency so tuned that 
the probe become; very sensitive 
to metal at close range. 

The sealed structure of the 
Revtel prevents ingress of dirt 


Survival in a vault 

BY THE very nature of their pins a tut JoSd 1 provi^Timit^aSess 0 for 
SSE'SZbM electrical and other items- such .aa wat^aud 


IV air-uuuu a MtuiuEL kwni»— -9 — - ~ . , 

.*“*,!££ S2S&S5&K SfrS! Should all oWfcrm Aii^t: 

security , „ . 

worries staff and employers housing a 
because of the possibility of two items are 


standby and the., 
construction industry} 

DateHectrJcofGmaf BritstalXd, 
Electricity Rurhfings, Filey, 
Yorks. YOT49PJ, UK- 


= .-•>! 

and resists damage. Tempera- 
ture operating range is typically 
from minus HO to plus 120 
degrees C. 

Typical cost for mass applica- 
tions would b2 in the order uf 
£5 per unit which means bearing 
and sensor. For more esoteric 
uses at high speeds — say up to 
20.000 rpra — costs would be of 
the order of £100 to £200. 

N 0 exact figure can be put on 
developments costs to date and 
some support has been forth- 
coming from the Dol. A figure 
of around £200.000 would not 
appear unreasonable and while 
this may appear high linked with 
a product which seems so simple, 
it >s the price UK companies 

have to pay to stay in business 
through innovation in the face 
of severe foreign competition 
bused on massive production. 

UK and foreign patent rights 
have been obtained or applied 

One interesting development 
that has already been brought to 
the prototype stage is a portable 
electronic Tachometer incorporat- 
ing its own Revtel and power 
source which is accurate up to 
19,000 rpm with a. resolution of 

1 rpm in a 10 second period. 

Further details from Revtel 
Department, RHP Aerospace 
Gearings Division. Stonehouse, 
Gloucestershire GL10 3RH. 
045 3S2 2333. 

flexible hose. These mbuju mu vuiw* luuuvi. \ / 

are installed adjacent log he extinguished, a trapped (, \ TfeI: 0723-51 4MlTelax; 52163 /l 

SgSgjSBSgfifisi S — 
SfflSSSSj! hsa-s*. a srs^s^^ccuracjs in 

content will be exhausted after a to provide protection equal to or The company demonstrated •' ’ v 

time, causing death by perhaps superior to the wall con- the resistance of the system tius 
suffocation. struction. week when, under what would 

The problems of rescue are In use, the core is removed be ideal conditions .for criminal s'YTRnsiflJf -blow 

for boa? fide staff or from the tube by. withdrawing practice, attacks were made by AMNGS^E E^u§iun, hiw 

tte locking pin with the hcndlc W.MtM.ol 
activity. Increasing pressure on provided. The flenbto 

m a na remen r — not just from taken from the container m the constant drilling against the : 

staff associations, unions or blower unit and , Pushed through tube,’ a depth -of only i inch had --{jeles. says Bayer the 

social conscience, but also from the tube to its full, extent been penetrated— -the detonation . .. * new'-versionbf'' 

irapUcations of the Health and Sufficient hose length ensures, of a fou^ounce. explosive pack 

Safety at Work Act -means that free end passes through the at the tube end merelywcceeded tts^ki^wn pog^popaw, . 

extra effort must now be made f U n wall thickness and hangs m Producing a flight dent ■ .- -g™* SforiAS 

to guarantee the safety of per- freely on the outer-facing of the . The system is intended to be art icTp» Ry the -blov^ mouldinK - 

sons where vaults and strong strong room walL installed a$ s. complete unit, but p roceS c ranging - from, "bahis* . 

rooms are used. A powerful fan unit will now it is possible to install the tube bottles with a . capacity:o£:25Q mi 

An emergency wntilator stick fresh air in through the and core assembly only during t0 bottles. for -drinlring vistM'ind 

system which provides a simple imst and blow it out into the construction of a strong room ofrlitre water canisters..?.. Now/. , 

but effective lifeline to trapped vault or strong room area causing wall whenexisting budgets will company/.-itsf hew - 

people, yet is impervious a j r movement to be set lip and .not allow the relatively small ma terial promises} ^hetter-iiQU^ . 

criminal attack and does not partly pressurising the strong expense of the blower unit at release properties- . than -'ntiter 

detract from the invulnerability r00 m. The external diameter of that time. This will be of limited grades of Makrolou? jusablfc • ■n 

of a vault or strong room, has the hose as less than the 3 inch use in an emergency but would this process.’ 

been launched by Security Lock internal diameter of the tube and save the ' later 1 expensive oper- i^g injection - Wow' moulding 
and Safe and Mather and Platt external pressure will now force ation of ' dri llin g a" .complete process results Vin.T . \ 
Alarms. air through the tube effectively strong room wall. dimensional accuracy; iwii, "in ’.the 

The system, which has been providing adequate air change to : Further from SX. 5s S. & vicinity. of- the opening? and \as, . 
designed for operation by a sustain a breathable atmosphere Company at 209 High Street,- regards .circumferenca ; -/. : ind- 

t rapped person within a strong within the room. In addition, it £enge 1 London SE20 7FF length. It alsor give& .Uniform 

room, comprises a blower unit also allows simple voice contact (01-059 1324). 



IBM mini’s new powers. Redesigned 

HARDWARE AND software been redesigned in magazine a ' • „ 

enhancements have been form In a sliding carriage a range- TM- W Bfl Z§ ffl ; 
announced by IBM which extend ment which accommodates 23 - . 

the power and distributed data diskettes, any one of which may • . J _ ' 

processing abilities of the Series be selected for processing in one lirfiEr ... 

1 rack-mounted general purpose of three, drive slots. Data rates V-* **T r . ^ . 

computer. of up to 125k bytes/sec have TO WIN major French orders.- remain very ^-good und o; .heat— 

The new processor, 4955E has been -achieved. Jia* redesigned its" 

twice the main memory of the - Prices for the disc drives will automatic front loading vehicle 

wall thickness distribu tf &£tHher '. 
advantages,, says . tjbie-' maker;, are 
that it can be used ^feen -very • 
dose wei|fat : : and i .-' vdume ’ : 
tolerances, are - prescribed;- and ! •" 
gives a . s table . recep ta de^ with-no : 
seams, or shearing mari^oh the - 
bottom. ; . .. •' : 

Most important . pbirifir 'br4i6e - 
'product nUblow mbuldirig juu its. 
dimensional -stebilJ^j' -;1trala5? ' 
parency. and : break xesistahee^ 
The dimendonal^^biiLtty^bf >this - 
_■ eagineerjn&:;pUurticc jte„jsaid.^o 


Small gas cutters 

portable gas-cutting machines 
frnm ESAB of Gillingham. Kent. 
□ re simple, but robust, and meet 
inciuMrial demands for portable 
gas-culiing equipment capable of 
tackling many applications. 

Thyristor-controlled drive 
enables a cutting speed to be 
achieved of up to 1,250 or 2,500 
mm/min respectively, in forward 
and reverse directions. The 
machines are available for all 
customary gases and can also be 
used for plasma cutting and 
welding operations. 

Cadet 2000 can be equipped 
with one or two. the Pilot 2000 

with up to four, single torches 
or two triple torch 'assemblies. 
Straight, circle and shape cuts 
as well as various weld bevels 
and scarfing cuts up to SO degrees 
can be carried out. A special 
track fnr straight cuts is not 
required, the machines can be 
guided by a simple angle iron 
of about 30 by 5 mm. The wide 
variety of additional equipment 
which can be supplied for handl- 
ing different applications fulfils 
almost all possible demands 
which can he expected front a 
portable machine. 

ESAB, Beachings Way, Gilling- 
ham. Kent MES 6FU. Medway 
(0634) 344 55. 


Longer life 
for car 
heater hose 

THE USE of a synthetic rubber 
reinforced with short fibres of 
cellulose gives a significant 
improvement in life to a bose 
called Fibreline, says the maker, 
BTR Hose. Centurion Way, 
Faringdon, Leyland. Lancashire. 

The hose is manufactured in a 
single operation by extrusion 
through a diehead which simul- 
taneously orientates the micro- 
scopic fibres in a circumferential 
direction. The extrusion die and 

the treated fibre have been 
developed by Monsanto, while 
BTR claims it is the first manu- 
facturer to bring the technology 
into commercial production. 

Following a test-marketing 
operation the product is being 
supplied to the replacement mar- 
ket for car heater boses and the 
company expects that it will be 
fitted as standard in production 
models later this year. 

Advantages claimed over 
rubber hose is flexibility through- 
out the range of working tem- 
peratures, resistance to heat, 
cold and ozone, and a manufac- 
turing process which promises 
an improved weight/strength 
ratio and a uniformly strong and 
reliable reinforcement. 

, . greater lift capacity than any^ ^resistance' and. ; easy, clemniig, it 

A further development is new S iujji ar machine on the is suggested^:- as: the- ^'obvious 

hardware and programming marl . et material-. Jfqr* retuiti^le .bottles: 

The highly manoeuvrable front 

will be available in December on 
a purchase-only basis, at the 

basic price of £7,222. which make it poM iweto trans- manoeuvrable front 

For the one-hne storage of fer data between application pro- 

data and programs a new disc grams on Series 1 and certain ^er^stemis dwigneatocoi .-; 

sub-system 4963 has an updated System 370 models. Storage-to- ^tanaremoytL air waste irom .. .... 
microprocessor to deal with its storage communications, takes. 
housekeeping and is offered place at 300k bytes/sec. 
basically with capacities of 58 

or 64 megabytes. These sub- iV i«. 1 -j 

100 close, but relatively' 

: small, separate collection points 
and eliminates the conventional 
Other introductions, are an need for main separate compac- 
mtem« cmT be attached"’^ muT- intelligent terminal subsystem/'tor/container installations. It, is 
tinte foS? to the processor a graphics package that can, be^o more economical. to run. than 
pnabline over 1000 Mbytes to used with non-IBM video devices, a fleet of • mpltibucket • skip-«ir#jTcMajjp.^_L.- > --- 
be added teaSertesl mSe. and a number oF rea -time providers operating wit* open-. top J25SC^2BSr^ 5 U£ 
diskette un^ha^also been gaming enhancements. --vv«cips m a amtoe* S£i&SSs£ 

■, -4>;.One man can pick up and dis^^ measurements r t 0 Mw extracted 

' rapidly and ' autoniaticaUy from 

• -.^filled bios every hour . without ^j^^y kind of bptically 

1 ne alSKeue uuu nan aiw u«u - - ctru\ 

made more capacious, having More on 01-935 6600. 


SEPTEMBER 18 1978 

The Financial Times plans to publish a major Survey of Australia. The provisional 
editorial synopsis is set out below. 

INTRODUCTION The jolt given to the country’s 
self-confidence by a period of economic reces- 
sion and political controversy: renewal of 
Mr Malcolm Fraser’s mandate as Prime Minister 
after a well-timed general election: risking 
higher unemployment to keep inflation in 
check: closer relations with Asian states: 
disputes with the EEC over trade barriers. 

POLITICS The Fraser Government's expecta- 
tion of a long period in power: change in 
leadership of the Labour Party with Mr. Gough 
Whillam stepping down and being replaced by 
Mr. Bill Hayden. 

THE ECONOMY The Government’s success in 
holding prices in check; record unemployment: 
manufacturing badly hit by the recession. 

THE 197S BUDGET The August Budget as a 
key to the Government’s intentions and likely 
success in holding down inflation, maintaining 
the exchange rate and strengthening the base 
for future recovery. 

URANIUM The importance of the controversy 
over mining and exploitation in a country with 
more than 20 per cent of the Western world's 
uranium reserves. 

MINING A vital factor in Australia's balance 
of payments: cutbacks in iron ore and coal 
demand from Japan’s depressed steel industry. 

MANUFACTURING The Sector of the economy 
hardest hit by recession; long-term trend 
towards a smaller contribution to Australian 

FOREIGN INVESTMENT One of the keys to 
economic recovery; slow increase in a number 
of new ventures; incentives again under review. 

MOTOR INDUSTRY Two of the worst years on 
record for 16 car makers despite a Government 
policy guaranteeing from 20 per cent of the 
domestic market; looking to foreign partners 
for help. 

FOREIGN RELATIONS Despite his criticism of 
the previous Government. Prime Minister 
Fraser has increasingly turned his attention to 
the Third World. 

BUSINESS REGULATION With an agreement 
now between the Federal and State Govern- 
ments. a nationwide system of regulations for 
the stock exchanges and companies will be 
operating in Australia next year. 

POPULATION Despite high unemployment 
there are still many influential advocates of a 
resumption of a’ high-level immigration 

FEDERAL RELATIONS The federal system has 
had another testing year, marked by serious 
Federal-State disputes over policies towards the 
aborigines, development projects and taxation. 

LIFESTYLES Whatever the general economic 
problems, many Australians can afford 
expensive recreation activities, creating boom 
conditions in some of the leisure industries. 

FARMING With pockets of severe depression, 
as in the beef industiy, the rural community 
has become increasingly politicised and vocal. 

SECURITIES The shake-out of the securities 
industry has continued but many of the 
survivors see brighter days ahead in’ the form 
of renewed signs of foreign interest in the 

institutions; a nervous year in some respects, 
especially with the Government’s determinedly 
interventionist attitude on interest rates and in 
view of the extremely tight money conditions. 

THE UNIONS Facing as many problems as the 
business sector, the unions have been 
increasingly looking to mergers and reorganisa- 
tion as they contend with high unemployment 
and falling membership. 

NORTH-WEST SHELF A progress report on 
Australia’s biggest development project. 

For further details on advertising rates in this Survey and other advertising requirements please 

John Dayman 

Financial Times. Bracken House 
10 Cannon Street, London EC4P 4BY 
Tel: 01-248 8000 Ext. 263 

TRADE Pressures on the Government from the 
ASEAN countries for greater access to the 
Australian market. Strains with the EEC and 
in the all-important relationship with Japan. 


The content and publication dales of Surveys m ftc Financial Tlm^s arc subjacl Id chans? at the discretion of th* Editor. 

Protecting the machine 

UNDERWRITTEN by Eagle Star .the costs of reconstituting 
Group Engineering Insurance, a data. 

plan has been introduced by Many of the exclusions vfo 
International Computers to pro- in policies of this type 
vide “wide yet economic” omitted and the IG1A /plan 
coverage of customers’ machines, recognises that if a comqufter is. K*4 
ICL says that it has had in- knocked out expenditure must 

moving from his cab. presented .inrage.- 

Ancboroac, Bell 
ham, Bucks. 


creasing demand from customers be incurred fTl 

for advice and guidance on speed recovery. . The j normal 

insurance and risk control. The restriction th . at . SSSfwS MEETING, 
new plan will offer a choice or proportion of the sum. insnr^d 0 f t 

combination in three main areas may be spent in the ntst montn Authority, 


Lane, Amer* . Joyce-Loetol - (Vickers. Group) 
developed -the .system hi colla- 

- • boration with the Department of 
Medical Biophysics at Manchester 

. ■■ •- University. Jar research projects 

- .ymlcfi -l^i «fliS5p$ite automatic 

: spbestos -fibresi' <■ :• ' ' 

•.. Otheir application^. ;o£ the 

- V MagiSean include * quantitative. 

^ .. .examination of materials ranging 

ncoTv • from steels., and nuclear, furi . 

,u&jau rcgnia- elements to rock cores, ceramics 
i -Aviation aud coke. Location of resources. 
* fr Din serial :,6r‘ satellite .'■ptidtn- 

. y 




iced a 

L, cam ;- T &y?tein r I$ Suitable for particle--. 

in maintaining or recovering the cover against malicious <rorrup- polyamide materials forV ’ rnf,, ’'*-'--'- : -— ^ SPPxxi 
data processing operation after tian of data, 
damage to equipment or media; More on 01-7SS 7272: 

of cover: “ all risks,” including or so is absent. • 1 . 2$ Firth _ 

breakdown, of damage to equip- Reconstitution of records from Livingston, 
ment or data processing media; unprocessed “ raw ' data is j a Dd, has. intr 

additional expenditure incurred allowed for and there is Also pound to replace _ 

.. . roduc- fese^ebtftto latejc disperfrioos to' . 

tion- of celling Panels^ank other quality/ coritrorVqf I -pigments, 

r> in - sugar, chocblafe.-. powdet add 

lounges of the Boeuig ^—' abrasives. :; ., r' . ' - ' • . : 

• lscompression-motil&Me . The Magiscah syvtemr diffets -. 
Premix. Type .2202 CR-SX stfeet from '.other Equipment now-avaH- ■" 
C0n3 P 0l V?ti with, B&S- able iri : that the ; vital fuhctidxi- : 
the company, ao attractive finls% 0 f “ feature .extraction ^rTthat^ls.' 
and -also ^satisf^ng. the FAA*j^hc . picking ; out,, from .the raw - : 
ruhng whudr is* intended to linage, of the particular features . 
nunuiuse smoke build-up so that that will be- of interest-^-is pep> 
cabin exits wUl remain visible forced by- ioftware 'in a dedi- 
for four to five minutes In the cated processor. >-■ . J •• . - 

event pf a fire foUowmg a “sur- Joyce-LaebI MarquiswaK.Teanr '. 

Valle?, Gateshead 3XB it.tiQW.- 
... 0632 S22111. . . -- 


Display’s many functions 

has a detached keyboard, 44, 66, 
SO. or 132 column lines, double 
width and height characters, 
smooth scrolling, and a variety 
of video functions. 

Characters are generated in a 
7 x 9 dot matrix, and can be 
altered to reverse video, blink- 
ing and underlined, as well as 
normal video at dual intensity. 
The terminal is designed to 
drive an auxiliary monitor en- 
abling information to be shown 
to larger groups. 

A composite video input is 
also available, permitting a com- 
plex incoming video signal to 
be combined with text on the 
terminal's screen. All functions 
such as band rates, tabs, and 
parity, are set using the termi- 
nal's keyboard. 

The functions are stored in 

the data 

PUT ON the market by Base Ten 
Systems of Aldershot is a micro- 
processor-controlled data collec- 
tion and recording unit which 
can be programmed to suit the 

Called mDAS, the equipment 
is ruggedised for use in the field 
and in vehicles. It will accept 
up to 12S single-ended analogue 
innuts In the range 10 mV to 
2.5 V full scale and up to 24 
eight bit parallel digital inputs 
which might be multiple event 
markers or discrete values. Built 
in is a i- inch magnetic tape 
cartridge unit to record the data 
aud play it back. 

The use of the micro means 
that customer requirements such 
as random channel access, 
engineering unit conversion, 
linearisation aud transducer 
correction, level checking, peak 
detection, counting and alarm 
monitoring can be provided as 
needed. Connection to a remote 
modem or interface is possible. 
Scan rate is up to 25 kHz, 
depending on word length and 
processing overhead time. 

Operating from 11 to 30 V DC 
or the mains, the unit in its case 
measures S—5 x 16 x 10 inches 
and will operate over the tem- 
perature range —5 to ,+45 
degrees C. 

More on 0252 3 1291 1, 

non-volatile memory in the ter- 
minal. or are sent from a host 
central processor and stored in 
the terminal’s volatile memory 
section. This eliminates the need 
for separate mechanical switches, 
thereby increasing terminal re- 

A universal power supply per- 
mits the same unit to be adapted 
to a variety of different voltages 
and frequencies without remanu- 
facturing or use of adapters. The 
VT100 has been designed to fit 
on a standard typewriter table, 
and can fit easily into an office 

More details from DEC at 
Digital House. Kings Road, Read- 
ing, Berks. 0734 583555. 


More on Livingston 35121. 

elec trical wire&c abie? 



•NfrillNIMW^ " 


LONDON 01561 alia ABEFWEENmA)33&8SfZ 
MA NC HESTER 061 -872-4915 - £ 

34 HE EMERGENCY NUMBER Ot 0373587 g 

• \ T1 


■ ■ ■ . :J 


The Financial Times 

in Seville 

Albright & Wilson make pharmaceutical 
intermediates that contribute to the health and 
safety of the people of Spain. And of many 
other countries too. 

Other Albright & Wilson products for safety 
are the foaming surfactants that fight fires, the 
“Proban” flame-proofing treatment for textiles, 
fire resistant hydraulic fluids, and additives 
that make plastics fire resistant 

Albright & Wilson have manufacturing 
plants in 1 5 countries. In 1 977 alone, overseas 
production resources were increased in 
Australia, Canada, France, Malaysia, , 
Singapore, Sweden and the USA 

Worldwide, sales last year were £338m, 
of which £194m were earned overseas, 
including £92m exports from the UK. 

Ilill i 

* h 1 . ' ^ 

Albright& Wilson Ltd 1 Knightsbridge Green, London SW1X 7QD. Telephone 01-589 6393 

detergent materials * surfactants * shampoo materials - toiletry and cosmetic materials ■ fragrances * fine chemicals * flavours * food additives' * fruit juices • natural drug extracts ■ pharmace 1 
chemicals for metal finishing and water treafinent * paper and pulp bleaching chemicals and processes • organic intermediate chemicals • plastics chemicals • flame retardants 

Utica' & 


in Whitehall • The £240m question 


IT TURNS out that the Civil 
Service Commission was even 
more upset than I was nine 
weeks ago about its recruiting 
only a single new mandarin 
from industry and commerce 
last year. 

Moreover, the other private- 
sector applicants for "mature" 
entry as principals to the ser- 
vice’s elite administrative divi- 
sion were not. in the main, 
rejected by some holier-than- 
thou interviewing panel. They 
failed in the later practical 
tests of their ability at impor- 
tant aspects of mandarin work, 
such as an “in-tray" exercise 
and a simulated committee 

The fundamental rule of Civil 
Service committee behaviour. 
I'm told. is never to show 
emotion above the table top. 
When fury nr the like is strain- 
ing your impassivity, you have 
to dissipate it by kicking your 
legs about. The corollary is 
that if you want to know bow 
civil servants are feeling, you 
should look under the table at 
their legs. 

Since the Civil Service Com- 
mission experienced a similar 
dearth of acceptable external 
candidates for the older man- 
darin entry in 1376. a glance 
under its table at the moment 
would nu doubt evoke memories 
of the closing stages of the 
Tour de France cycle race. 

The reason for the current 
gnashing of toes is that, of the 
25 openings for principals aged 
2S to 52 which have just come 
on to the market, 13 are in 
departments heavily involved 
with industrial and commer- 
cial affairs 

Most of the jobs, like about 
40 per cent of the present total 
of 746.000 Civil Service posts, 
are in London. Some, however, 
will be at the Scottish Office 
in Edinburgh, and there will be 
one for a person with experi- 
ence of computers in Hastings, 
and another in beautiful Nor- 
wich for an adept at industrial 

Candidates do not need to 
have a formal qualification, but 
as usual the commission de- 
clares that they should be of an 
intellectual standard equivalent 
to that of a " good honours 
degree." Quite how they 
measure that, I do not know, 
especially since these days I 
seem to be coming across more 
and more "good honours gra- 
duates" whose most noticeable 
intellectual trait is a tendency 
to confuse whatever just hap- 
pens to come into their heads 
tvdrb thinking. 

Depending on their ex- 
perience the recruits for the 
London posts will start at a 
salary somewhere ' between 
£7.255 and £9.190. But they 
apparently will not be chosen 
in the first place unless the 

selection board believes that 
they have the ability to climb 
to the rank of at least assistant 
secretary, where the salary in 
London is currently £12,375. 

I detect by the way, an ex- 
pectation among the commission 
that a fair number of the 25 
princip als ’ jobs will go to 
women, who have increased 
their representation in the Civil 
Service as a whole from two in 
even- six employees five years 
ago, to two in every five last 

Since it seems to me to be 
in the national interest that the 
mandarin ranks be enlightened 
by more people from industry 
and commerce. I hope that the 
desired crop of good external 
candidates will send for an 
application form to -the CSC at 
Alencon Link. Basingstoke. 
Hants RG21 1JB. telephone 
Basingstoke (0256) 68551 — 

quoting of course the reference 

Given an end to the famine 
of the past two years, the com- 
missioners will undoubtedly 
celebrate with a right knees-up. 

But there is a sn3g, especially 
since most of the jobs are in 
London. It is the Civil Service 
rule that removal expenses may 
not be paid to anyone joining 
the sendee from outside. 

This rule is not to the Civil 
Service Commissions liking 
and clearly, if the country is to 
have more industrial and com- 

mercial experience among its 
top bureaucrats, the rule needs 
to be changed. The cost of 
paying removal expenses to 
new recruits would be fairly 
heavy, but it could surely be 
covered by savings in public 
expenditure elsewhere. 

Waste not 

AS IT happens, an impressive 
document published today 
indicates that the necessary 
“ removal expenses ” money not 
only could, but should be 
saved. The economy lies in the 
Government’s scheme to in- 
crease public spending on 
higher education — already 
planned at roughly £1.460m for 
1981 — by about a further 
£240m a year. . 

Whitehall’s reason for this 
proposed 26 par cent boost of 
the taxpayers' bill for graduate- 
production is an impending 
hump in the number of British 
youngsters reaching the age of 
IS. at which about 13t in every 
100 currently enter full-time or 
sandwich courses of higher 

Now, in February the DES 
came out with a *' discussion 
document" arguing that student 
demand for full-time and sand- 
wich course places in uni- 
versities and polytechnics 
would rise beyond the 560,000 
student places planned for 

Between then and 1994, the 
demand would increase to 
about 600,000 places’ worth, 
before declining again sharply 
in line with the reduced birth 
rates since the mid-1960s. 

The DES . offered five 
strategies for accommodating 
this hump. But Gordon Oakes, 
Minister of State for Education, 
has since indicated that the 
Government is firmly behind 
just one of them. It is to pro- 
vide universities and polys with 
the permanent capacity for the 
600.000 students and, as the 18- 
year-old age group subse- 
quently declines, to fill the 
excess places with older, and 
especially working-class 


So it looked as though the 
extra £240m annually was as 
good as pre-empted, until the 
arrival of today's comprehen- 
sively documented counterblast 
from the Conference of Univer- 
sity Administrators. 

The Government’s figures pre- 
dicting a demand for 600.000 
places were based on a rise in 
the proportion of 18-year-olds 
entering higher education from 
13} to 18 in every 100. Indeed, 
if this " age participation rale " 
did not rise beyond 15 per cent, 
the Government conceded that 
the 560,000 places would be 
about enough to accommodate 
the hump. 

So it will hardly be to White- 
hall’s pleasure that the burden 
of the university administrators’ 

impressive argument is that an 
expected participation rate of 
even 15 pur cent is “probably 
an optimistic figure." 

Kiey go on to show, too, who 
benefits from the expansion of 
higher education. Despite a 
tripling of student numbers 
since 1960, the proportion of 
university students from the 
manual - working, semi - -, skilled 
and unskilled classes — which 
make up 3bout 64 per cent 1 of 
the population— was only 23 per 
cent in 1976. The correspond- 
ing proportion of polytechnic 
students was, in 1972-73, only 
28 per cent 

True, Mr. Oakes’s stated plan 
is to increase the intake of 
working-class students after . the 
predominantly middle-class 18- 
year-old contingent begins to 
make way for them 16 years 
hence. But the trouble is that 
the only evidently serious 
attempt to open higher educa- 
tion to children from poorer 
homes, in Sweden, bas failed 

A top Swedish manager I met 
recently commented that, even 
worse, the expansion of degree 
courses there has increasingly 
closed off career progression to 
people who are not graduates, so 
further reducing opportunities 
for worse-off youngsters and 
thoroughly dismotivating them. 

Perhaps we might 'do better to 
devote most ‘of the £240 ra in- 
stead to providing incentives, to 
work by reducing tax levels.- 

Financial Times ^ Tfanrsday- Jane ■ 

J banque deiA society 

/ nNANCl£REJELROPE^nst. _• 

. . is looking for ' •; 


Preferably aged between 28 and 35, the candidate -g\; •• 
should have obtained experience inship fmantewim a,’ 
recognized shipping hank and huve established v / \ 
customer contacts in the sector. Fluency in English is- 
essential and a working knowledge ofErcnch. waiin.oe 
an advantage. - - - * : * ’ - ' 

The job offers good career opportunities with attractive -- 
compensation. - . 

Applications, giving full details of qualificationsnjid ; v : 
career to date, will be held in .the strictest confidence ;r 
and should be sent to Mr. F.-Pedewjlz, BanqucdeJa,: v 
Sociele Financiers Europeenne-2(tpje de Ja PaiX^-v y 
75002 Paris. •' ‘•.‘■'-‘V i ’ 


A large firm of jobbers requires experienced 
Blue Buttons. The prospect of a dealing -; ; / 
career exis ts for suitable candidate together .• 
.. with excellent-salary, bonus, ^tc*; £ 

• Write Box A6401 . , V ■ V: 

- FinancjalrTimes 

10 Cannon Street, EC4P 4BYf ; ^ 


London W1 


Recently Qualified 


An ideal post for a recently qualified accountant, the position provides 
responsibility and the opportunity to contribute to business development. 
Responsible for accounting, management Information and the development 
of computer based systems, the Accountant will be expected to show 
considerable flair in the management of the finance function as an 
operational area. 

Probably the UK's fastestgrowing independent leasing company, 
operating in several European countries, our client hos developed an 
enviable reputation through the entrepreneurial skills and aggressive style of 
its young management team. Aged 23-27. applicants [maleor female] 
should be chartered accountants with major professional firm experience 
and should telephone or write to David Hogg ACA quoting reference 1/1713. 

EM A Management Personnel Ltd. 

Burne House, 88/89 High HoJborn. London. WC1V 6LR 
Telephone: 01-2427773 

Life Assurance 
from £10,000 plus benefits 

This life office offers an unusual 
opportunity to influence the 
direction of its thinking at an 
important stage of its growth. 
The Marketing Manager will be 
responsible for all business 
development through control of 
the sales force, new product 
formulation and marketing 
strategy. Candidates, male or 
female, probably aged over 40, 
must have substantial experience 
in these areas within a life office 
together with the ability to take a 
total view in developing the 
business and its people. Starting 
salary is from £10,000, plus car. 

mortgage assistance and other 
excellent conditions including 
generous relocation help to 

(PA Personnel Services 

(Ref. SM45/6471 /FT) 
Initial interviews are conducted by 
PA Consultants. No details are 
divulged to clients without prior 
permission. Please send brief 
career details or v/rite for an 
application form, quoting the 
reference number on both your 
letter and envelope, and advise us 
if you have recently made any 
other applications to PA Personnel 

PA Personnel Services 

137 George Street. Edinburgh EH24JN. Tel. 051-2354431. 

A mr-mberorP 1 - Inierrunoral 

Philips andPye PensionFunds 
Central London 

We wish to appoint an additional Analyst in our Investment 
Department Applications are invited from men and women under 30 
years of age: experience of the North American market an advantage. 

We offer opportunityfor job development, salary commensurate 
with qualifications and experience. Benefits included weeks annual 
holiday, contributory pension fund and life assurance.rnterestfree 
season ticket loans and subsidised lunches. Assistance may be given 
towards cost of relocation if necessary. 

Please send brief details of education and experience to: The 
Deputy Personnel Manager. Philips Industries, Arundel Great Court. 

8 Arundel Street, London, WC2R 3DT. 



v-+V v*i 




lCL's success and continuing growth have led to a 
heavy increase in workload for its Group Secretariat. 
VVeare therefore looking for an additional, highly 
professional qualified Assistant Secretary to join 
our small dedicated team in ICL Headquarters 
at Putney. 

You will mainly work with the Deputy Company ^ 
S« Vf-lary to discharge all Group Secretariat 
responsibilities in relation to overseas operations oi • 
the ICL Croup, which now produce more than 50% 
of our turnover. Additionally your responsibilities 
w ill include the Secretaryship of Dataskil Limited, a 
major software subsidiary ot ICL based at Reading. 

We are looking fora Fellow or Associate or the 
Institute of Chartered Secretaries and Administrators. 
You should have had at least five years' experience. 
sin*-e qiuliiymg. v >me of which will preferably have 
been in a major international company, and you 
v. ill probably have o degree. 

(lease telephone David Mark on 01-783 7172 

■ extension 435 5, or vvritejojiim for an application 
.. format! nternatipna! Compu ters Limited, . 

.85/91 Upper Richmond Road. Putney, . .. 

London SW15‘2TE, quoting reference FT19U6. 



London & Quadrant 
Housing Trust 

This is a job fora qualified accountant, accustomed 
to normal brisk commercial disciplines. 

The Trust exists to provide needy people with 
good homes. Over 5,500 have been completed and 
are now under permanent management. Another 
2,000 are under construction or planned for 
completion in the next two years. 

Financial management is at present one of the tasks 
of the Deputy Director. His role is to be enlarged 
to that of General Manager. The Trust therefore 
needs a qualified accountant (male or fema le) to 
take over from him the primary responsibility for 

Managerial experience in a lively business is much 
more important than detailed knowledge of 
housing association work. Experience of financial 
control of building operations and some 
acquaintance with e.d.p. would be advantages. 

Age at least 30: starting salary about £8,000 p-a. 

Letters will be handled in complete confidence by 
the consultant advising the Trust: — 

1 M. ]. Grahom-Jones, 

The Faculties Partnership, 

S'" Management Consultants, 

I Tf Vauxhalt Bridge Road, 

— London, SWIVIER. 

Inbtitutco i 



Trinity College of Music (founded in 1872) is one of the 
country’s leading Institutions for teaching music and also 
provides a world-wide external examinations service. 

Due to the retirement of the present Accountant the College 
is seeking a qualified Accountant (preferably in September) 
to be responsible to the General Administrator for all the 
work of the Finance Department of the College. This includes: 
the preparation and review of management accounts; the 
operation of a conventional book-keeping system; the payment 
of fees and salaries; the collection of external examination 
fees (c. £400.000 pn.) and payment of Examiners and 
Representatives; the preparation uf detailed information for 
submission for Government Grants; the preparation of annual 
accounts to final stage. 

The position provides an excellent opportunity for an 
experienced Accountant seeking a post with considerable 
independence and particularly to someone interested in music 
or higher education. 

The salary will be £6,250 to £ 6,750 and Is related to NJC scales. 

For further details and application form please write to 
Assistant to General Administrator, Trinity College of Music, 
11-13 Mandeviile Place. London. W.L Closing date for 
applications 14th July. 

dons in writme? stating 
age* v.expexifeaee ^ancT 
salary-: requited f o.-Tfcjfc 
Al 639&- SindBtial Tidies, 


think computers - think ICL 

ICLj ^ 


Supported by well qualified staff, you will be responsible for the preparation of . j 
monthly and annual accounts, forecasts, cash flows etc tp-strict tTrhescales. ^ 'Yv 

Probably in your early 30s, you should be a qualified accountant witfj good mart ;; 
management skills and foe abilityto write dear, unambiguous reports for . 
presentation to a Board of Directors. Drive, enthusiasmand initiative are essential 
personal qualities. . 




To be responsible for aH aspects of financial control in respect of productjonarid ’ ,- 
development contracts, the management and direction of. a team of Management 
Accountants, liaising vvith and advisang Senior Management - . f .. > V ,-jf r > 

You should be a qualified accountant with previous experience of laige.engirieering 
contracts and be prepared on occasion to spend short periods of time overseas. , 

In addition to foe salaries indicated, benefits ere those normally assbctetechMth a' 
major company. ' . 'hylr 

Please write in the first instance with full personal and careerdefeils to Ref MAT41; 
Robert Marshall AdvertisingLimfted.30 Wellington Street London WC2E"7BD*- ^ 
Please list in a covering letter any companies to which you dd notvyish'yoqr. " 
application forwarded . ' . \ w.- 

Robert Marshall Advertising Limited 

125 High Holbcrn London WC1V6QA 


fenandal; *rimes:\Thuisday June 29 197S 


^ ■ 



posts- offer eiic^lOTt career prospects and 

Banking to seek a number of 


31 be opportunities to serve 

membecship of &U.R A. | 

The upper age liraitis'35. Knowledge of international banking is not essential provided 
applicants have a good banking experience and hive passed the Institute of Bankers’ 
examination. . - . -.I- 


Applicants should write provides c-v. , salary progression 

and any other relevant data $>' The Massing Director. 
r -^^MLHConsuftants limited, 148/150 Grosvenor Road. 

[f London SW1V3JY. T 

I ' SbovkhhpGbeanybvnkio whkhat-p&caisdo notu-aJi theirdet&tobcfonumJad, 

F 9 themshautfbc teed on the cjcni&errvji&Tvek^acidressed to the security 

JM manager at the atraiw address $■" 

t Con sulting - Grti$.ip of Companies 

London to £l;5,000 + car 

The UK subsidiary of a large multinational food group wish to 
appoint a Finance Director. 

The person appointed to this.key position will report to the 
Managing Director and will be responsible tor directing all financial 
and accounting activities of the company, with special emphasis 
orithe development of management.inforrnation systems. 

The man or woman appointed will be aged over 30, will be a 
qualified accountant with a thorough background in accounting 
and finance, and will possess self-confidence and leadership skills; 

recent experience in the food industry or a consumer goods 
: environment is desirable but not essential. The remuneration and 
benefits will reflect the importance of the position. 

Please write in confidence, quoting refptence T875, and enclosing 
concise personal and career details to D. E. Shellard. 

Arthur Young Management Services 
Rolls House, 7 Rolls Buildings 
Fetter Lane, London EC4A 1NL 

Corporate Finance 

This appointment is wrth Williams, Glyn & Co., the merchant 
banking subsidiary of Williams & Glyn's Bank, and is based in 
the City. The successful candidate will almost (tertainly be a 
25-30 yetif’ bid Chartered Accountant having tit least two 
years' postigualification experience, possibly int the inves- 
tigation department of an accountancy firm. Working as part 
of a team, the successful candidate will become involved in 
all aspects of acquisitions, mergers and new issues. 

The workers interesting and exacting, calling for meticulous 
attention to detail. It requires a professional approach and the 
ability to identify and follow up new business opportunities 
as well as to communicate at senior levels. There will be. 
sorqe travel to clients in the UK. 

Salary is negotiable and should be of interest to someone 
earning at least £6,500 at present. Excellent career prospects. 
Generous fringe benefits include subsidised mortgage facili- 
ties and a profft sharing scheme. 

Applicants should write giving full career details and quoting 
reference B.896, to: M. T. Brookes, Williams & Glyn's Bank 
Limited, New London Bridge House, 25 London Bridge Street, 
London SET 9SX. 


I rV l TT 

ilivl.j it n 




International Banking BAHRAIN 


H»toUS$ 3(M)00 tax free 

Our client is a rapidly growing international bank with multinational Government backing 
which win ultimately provide a wide range of merchant :aiid commercial banking sen-ices 
inasteadily increasing number of major world financial and trade centres. 

The present requirement is for a Credit Department Head in Bahrain to manage and 
develop the department with immediate responsibility foraU aspects of creditanalysis arid 
administration relating, lor the most part, to major international loans. 

Potential candidates.’whoimjst be graduates aged between 30 and 40 with at least five years 
relevant experience in a medium or large international bankare invited to write in confi- 
dence for farther particulars lo; 

Myles WaUter 

msms international limited 

Executive Recniitanent Advisers 
115 Mount Street 
London r • 

Tel: 01-493 6807 



Director of special projects team in old established 
firm seeks young qualified - ACA as. Personal 
Assistant 7 portfolio manager f subsidiaries 
Accountant Salaiy c; £6,500 to £7 ,000 + excellent 
benefits/ Tel./write in confidence: . 

41-^ 91-588 5105. 

An E.C2 Bank requires an 
vrich a minimum qualification of 
‘A--levef German. The successful 
candidate will have 2 years’ 
experience in Loans Administra- 
tion. Balance Sheet Analysis and 
- Part 1 or management 
training. Highly competitive, 
negotiable salary. 
01-783 ms 

BOOKKEEPER (or small private tm m tma n t 
arm. ' Wrlta Bex A.W02. Financial 
' rimes. 10- Gumon - Street. ECap *fiv. 

Deputy Company 
Secretary c.£&5bo P . a . 

The Property DMsion of the Rank 
Organisation, Rank City Wall Limited, 

. wishes to appoint a Deputy Company 
Secretary at its Headquarters in London 

The position requires the successful 
candidate to deputise lor the Company 
Secretary in his absence in all matters 
. Including attendance at Board meetings, 

. there will however be specific ; 
responsibilities which will indude 
ensuring compliance with statutory 
requirements by ail companies within the 
. group, dealing with the legal 
implementation of transactions affecting 
certain of the Division's properties and 
Instructing solicitors, etc. 

This position would ideally suit a man or 
woman in their early 30’s. Salary will be 
negotiated according to your background 
and as part of the Rank Organisation a 
first-class benefits package is offered. 

Please apply in writing giving brief details to: 
Valerie Apps, Central Services 
Personnel Manager, The Rank 
Organisation Limited, 

439-445 Godstone Road, 

Whyteleafe, Surrey, CR3 OYG. 
or telephone for an application form 
on Upper Warfingham 3355. 


Assistant Partnership 
Secretary Guildford 

c £6,000 (Including bonus) 

Due jo rapid growth, a well established firm of solicitors, 
with offices in the City and Guildford, specialising in 
shipping, insurance and transportation work, wishes to 
appoint a young Accountant to assistthe firm's Partnership 
Secretary in a wide range of activities. 

Reporting to the Partnership Secretary, the candidate 
appointed to this new position will be responsible for 
the preparation of the firm's financial and management 
account and the administration of the Accounts Depart- 
ment. Additional duties will include aspects of office and 
personnel administration as well as the transfer of 
management information, from its present mechanised' 
form io a computerised system. 

Suitable applicants will be qualified accountants in their 
early twenties. Ideally, they will have worked in a profes- 
sional environment and have the ability to work effectively 
with senior management and staff at all levels. 

A salary of £5-5UO plus bonus will be offered, together 
with other fringe benefits. 

Please write with adequate particulars to Diana Ashman, 
Personnel Serrices Division of:- 

Spicer and Peeler & Co., 

Management Consultants, 

3 Bevis Marks, 

fog O London EC3 A 7HL. 



Experienced dealer aged 28/35 required in Gulf area for 
major Bank. Initial contract 3 years. Free accommoda- 
tion and car, 6 weeks leave p.a. to include one free 
return air ticket for dealer and dependents. Attractive 
tax-free salary; other details negotiable. 


City-based overseas Bank requires a Eurobond dealer 
experienced in foreign exchange and deposit markets to 
join their dealing-room. Age 26/30 years. Excellent 
salary negotiable with usual U.K. fringe benefits. 


Experienced top broker required to head up Yen Team. 
Must be fully acquainted with personalities of all major 
banking houses dealing in Yen exchange and deposits. 
Probable age 32/42 years. "Top salary negotiable with 
usual fringe benefits to sure. 

All replies in confidence to Cedric Master man 
Dassington Limited 
49/57 Bow Lane, London EC4M 9DL 



Leading firm of Stockbrokers has a vacancy in 
its Research Department for someone to join 
its team, covering the engineering and motor 
sectors. He/she will be responsible for the 
analysis of major companies in- these sectors 
and will be expected to bring a good knowledge 
of accounting to this work. 

In addition to applications from analysts 
working in these sectors, equal consideration 
will be given to qualified accountants with 
around two years’ experience in industry or 

Excellent prospects for the right person. Salary 
negotiable. Please apply to Box G.2124, 
Financial Times, 10, Cannon Street, EC4P 4BY. 

Chief Executive 


c. £25,000 per annum 

A major Insurance Group is seeking to appoint a Chief Executive 
to manage and develop its non-Lloyd’s Underwriting activity. 

Reporting directly to the Group Managingr Director, the Chief 
Executive will be responsible for creating and implementing an 
expansion plan to increase further the profitability of the Group’s 
Insurance Companies and Underwriting Agencies. 

This senior appointment demands considerable managerial and 
technical expertise preferably acquired from experience abroad 
as well as in the U.K. It represents an appropriate career advance- 
ment for a person with high level general management experience 
in an Insurance Company, who now is seeking to influence strategic | 
decision making at top Board level. The rewards for success in 1 
this challenging role will be considerable. 

For further information please contact Mr. J. J. Gardner FCII, who 
is advising Whately Petre Limited on this appointment. His private 
telephone number is 01-623-8430 and strict confidence can be relied 
upon. Ref. 435. 

WHATELY PETRE LIMITED, Executive Selection, 
6 Martin Lane, London EC4R ODL. 

Circa £7000 

Our client, a major international 
company marketing business 
equipment, has a vacancy for a 
financially orientated analyst in their 
Financial Planning Department. He or 
she will work as part of a dynamic, highly 
qualified team appraising and controlling 
large scale cost and revenue budgets, 
analysing product profitability and 
assessing the financial implications of 
proposed market strategies and pricing 

The appointment calls for a person of 
keen intellect with an eye.for detail and \ 
the ability to solve practical business 
problems in financial terms. There are 
very real prospects of rapid career 
development into line or functional 
management, coupled with the 

Management Selection Division 

Home Counties 

opportunity to acquire invaluable 
experience in a large, modern and 
progressive company. 

Candidates should be in their mid- 
twenties with around one or two years' 
commercial or industrial experience and 
hold a recognised qualification in 
accountancy and/or a degree in business 
studies, economics or other discipline 
calling fora high level of numeracy and 
analytical ability. The remuneration will 
be about £7000 p.a. together with 
normal large company benefits. 

Rtease apply to Phil Hyson on 01 -437 
251 5 (24 hour live answering service) or 
01 -7344777 for a personal history form 
or send your curriculum vitae to the 
address below quoting reference: 

261 /FT. 

T.D.A. Lunan & Associates Ltd, 
1 Old Burlington Street, 
London. W1X1LA. 

Finance and Administration 

S.E England c £9,000 + car + benefits 

Our client manufactures and distributes ethical pharmaceutical products and requires 
a qualified accountant with relevant experience, aged around 35, to report to the 
Managing Director on all financial and administrative matters. 

The company has an annual turnover of £3 million. Accounting systems are operated 
on the inhouse ICL 2903 computer and the accounts department produces monthly 

or female) will be expected to develop the reporting and planning function and 
contribute to the future profitable growth of the business, especially overseas. 
Accordingly experience should include corporate and export financing with an 
understanding of the taxation implications. 

With prospects of a board appointment as Financial Director, candidates should 
possess a strong commercial flair and should be interested in becoming a key 
member of the small management team. 

Please apply in writing, quoting reference FBI 02, to: Stanley Chesler, 

1 — • Stoy Hayward Limited, 

— ^ . Management Consultants, 

— - — — 1 — 54 Baker St, London, W1M1DJ. 

; .A •< » 

Jonathan Wren • Banking Appointments/ 

The personnel consultancy dealing exclusivek with the kinking profession ' ' f' 


Our client a North American banking and financial 
institution, is seeking an Operations Manager. 

Priority will be to supervise a study of the company's 
systems requirements with particular reference to 
banking operations, board recommendations, over- 
seeing and directing the design and application of 
new systems. The successful candidate should have 
a thorough knowledge of computer systems and 
be fully familiar with U.K. banking practice. 

This senior appointment will command a five figure 
salary and appropriate fringe benefits. 

To discuss this appointment in confidence , please 
telephone: NORMA GIVEN (Director). 

170 Bishopsgatc London EC2M 4LX 01-623 1266/7/8/9 


Financial Thais :smner^?> : 

This is a new appointment in London for a major inter- 
national trading ' group already engaged in. metal 

The requirement is for a person who has already filled 
a senior managerial appointment and has had long- 
standing experience of trading in physical metals. 

Candidates must be capable of extending the Com- 
pany’s existing world-wide trading connections; they 
should be aged 35 to 50. 

Terms by arrangement, but those qualified are 
expected to be earning up to £20,000 p.a. currently. 

Please write briefly with relevant career details - in 
confidence - to S. W. J. Simpson ref. 33.38283. 

Thic appointment ti open to men and women. 

HRh 3L Management Consultants 
Management Selection Limited 
17 Stratton Street London W1X 6DB 




to head the Sugar Department of a major international trading 
and mmufactnring organisation, whose -activities are spread 
throughout the world. It operates several commodity divisions, 
amongst which the sugar division is one of the most important. 
Therequir ement is for a first class departmental manager having 
active contacts in international sugar markets. Responsibility 
will be to the Directors of the Main Board. 
Candidatesmustbeabletodemonstrateseveralyears’ successful 

experience in a similar position, and should be in the 35 to 50 
years age group. 

Salary and emoluments negotiable, around £20,000 p.a. or. 
higher. Usual benefits-. Location London. 

Please write briefly with relevant career details- in confidence - 
to S. W. J. Simpson ref. B. 38284. 

This appointment is open MTtxn and tmmtta. U 

Management Consultants 

Management Selection Limited 
17 Stratton Street London W1 X 6DB 

Specialists in the niaiiagemeni *>i' privaic. j 
institutional and pension turnls. / 

Chief Accountant 

South East Kent Negotiable £7.000 

Director Designate 

Finance and Administration 

for a private company established in the UK by its overseas 
parent group in 1967, and now numbered amongst the top 7 
importers in its field in this country. The company also trades 
extensively internationally, acts as importer and distributor 
and conducts third country deals. It employs 70; turnover is 
£35m. and it is profitable and currently negotiating further 

Candidates should preferably be chartered accountants, age 33 
to 45 with five years? previous experience in a similar business. 

Initial salary £10,000 to £12,000 plus car. Given success early 
appointment to the Board is intended. 

For more information and application form please telephone 
(01-629 1844 at any time) or write - -in confidence - to 
G. V. Barker-Benfield ref. B.8145. 

This appointment is open to men and nvmen. 

main Management Consultants 
Management Selection Limited 
1 7 Stratton Street Lo ndon W1 X 6 D B 

Fmandal Services 


A major computer bureau in London with a turnover 
approaching £10m.and with over 500 employees has 
been expanding by 30% annually. Management re- 
organisation has created a need for a Financial 
Services Manager, reporting to the Managing Director 
who will have profit responsibility for the sale, systems 
design and programming of real-time services mainly 
for financial companies and organisations. Candidates 
should have similar management experience in 
computer bureaux or in data processing management 
in the financial services industry. 

Salary around £12,000 plus car and attractive fringe 

Please send brief details - in confidence - to David 
Bennell ref. B.43543. 

This appointment u open w men and'xamat. 

M 9 L Management Consultants . 

Management Selection Limited 
17 Stratton Street London W1X 6DB 

equipment rn the country, and their name >' 

synonymouswfth technical excellence and i 
They arenow seeking a Chief Accountant wh6 wifljJs 
assume controTof all financial and admkilstraUon,!]^ 
functions. . 7. ••• " .* ./v- • ‘1 -.13 

aspects of the business, In additibn tdiei^ng'the/ .r 
financial team.;- 1 

For this key post you will Be i 

Mritch'di- Cotta G 


Management & Financial 

T. J. & J. Smith is one of Britain's long 
established manufacturers, publishers 
and exporters of social stationery leather 
goods and diaries and has recently 
.become part of an expanding group of 
companies with a current turnover in 
excess of £5 million^ 

A Management Accountant is required 
for its H.O. to play a key part in 
developing financial control. This 
involves preparing and improving 
management reports and budgets. An 
important addition will be to set up and 
administer a computerised stock control 
system. Candidates with strong 

c £7.000 

personalities must be qualified and aged 
between 25-40 ideally with 2/3 years' 
experience in an industrial environment 
on standard costing. 

A Financial Accountant is also required 
for this firm's prepare quarterly 
and annual accounts and to provide 
management information reports which 
will include budgets, forecasts and 
monthly board reports. Qualified 
candidates should have either been in a 
Chartered Accountant's office or had 2/3 
years' experience on financial 
accountancy in an industrial 

For both positions prospects are very good for the right people. 

Contact: Graham Edgar, London (01) 23S 7030. Ext 312. 

Professional® . .. , . . . . 

& Executive® Applications are welcome from both men and women. 

Recruitment ^ 

EE Reed Executi ve 

The Specialists in Executive and Management Selection 

Financial Controller 

S. Oxfordshire to £1 5,000 + car 

Faced with the commitment to a high growth rate, largely through acquisition, and 
the provision of ample funds from its $b American parent, this young company 
supplying health care products now needs to further strengthen its highly 
motivated management team. The requirement is for an individual (ideally mid 30s) 
who will take full responsibility for all aspects of accounting and financial control 
and also play a significant role in new business development. Essential 
prerequisites include a formal accounting qualification, real breadth and depth of 
experience — including costing, but particularly the personal ability to make an 
effective impact in a fast-moving, dynamic environment. Remuneration, including a 
bonus element, is for negotiation. 

Telephone 0 1-836 1707 (24 hr. : service) quoting Rif: 0544/FT. Reed Executive 
Selection Limited , 55-56 St. Martin 's Lane, London WC2N 4EA. 

The above vacancy is open to both male and female candidates. 

London Birmingham Manchester Leeds 



Panmure Gordon & Co. wish to recruit an analyst 
specialising in composite insurance, life assurance and 
insurance broking, to assist a partner of the firm. 

The ideal candidate will be an actuary, a graduate or have 
another professional qualification, with a proven research 
record and a working knowledge of the insurance industry. 
The position will involve regular contact with insurance 
companies and will require the ability to communicate 
information, both verbally and in writing, to the firm's 

The remuneration and conditions of service will fully 
reflect .the status of the post All replies will be treated 
in the strictest confidence. 

Please write to; 

G. F. Hailwood Esq., Personnel Manager 

9 MoorEelds Highwalk 
London EC2Y 9DS 


Kawneer Company inc. has management respon- 
sibility for an architectural aluminium Company in 
Saudia Arabia. The factory, consisting of extrusion 
press, anodizing, fabrication and casting, is now 
being built at Jeddah. 

The Manager of Accounting 

will have responsibility for financial planning, co- 
ordination and budgets, Credit management, cost 
accounting, preparation and presentation of 
operating reports, departmental expenses, capital 
expenditures, financial and income statements, 
pay-rolls and supervision of administrative 

We are looking for: Qualified accountants with at 
least three years experience in industry. 

After training in the USA. the accountant will move 
to Jeddah in 1979. The contract period in Saudia 
Arabia is three years. 

Interested applicants should write, giving full details of 
personal background and professional experience to: 

Anil Tanna Alum ax International Limited 
Marlow House Institute Road 


Iran Overseas Investment Bank 

Iran Overseas Investment Bank Ltd. is an international consortium 
bank whose shareholders are ten major international American, 
British, French, German. Japanese and Iranian banks. The bank is' 
active in the management of major international loans and syndi- 
cations in alt parts of the world, and ire international banking 

The bank invites applications for an appointment as Credit Analyst 
in its Loan Syndications Department. The person appointed will 
be expected to undertake international banking and Investment 
analyses, write economic reports and participate - in the wider 
aspects of the work of the Department. 

Applicants, preferably aged 25/30, should have a. ‘degree or 
equivalent qualification in Law, Economics or other relevant sub- 
jects and have had training in multinational account management* 
merchant banking or project finance, preferably with a major 
American bank. 

Please reply by letter with details of CV and present salary to:, - 
Mr. R. B. Taylor, Secretary, 

120 Moorgate, London, EC2M 6TS. 

The Britannia Group 'pppl 


requires ap ... . . ....... -;-'***-■* 


Brinonla Financial Sendees ii an ffanagaaiaS?*^*: 

group. It . airraid/ manages over jQOOm. for unit frosts; wunA -fundsfttOt 
and insurance com pan ies ind private V .• f 1 • J. •• ‘ 

The Inyistflriwifc Analyst JS expected to. specialise In; engineering.- 
and conscrucnan shares:. He or she will wmfccfoaly urffls 

-An. ability to aenarne . Wep* .and. m. analyte, thaL'Idw. 
others b essential.: •; ;. ..: ■.■■/■J'i V: 

Apptfa^nr. -whidl jeOT : ;.b«; jtriattd^in^ifc 

ftvr . deoils .of efecriom. experience and n&ry pregr&p ion^and,-' '.-b^c-v; 
Mdrenca to-... ^ 

‘ ' _The ; Inv e stm ent; Director 

_ jputaNnia HNANcud/sBwiCES liii. . ' ■ - .- r ': Y ' 

- 3 ■ Landoo. WMI ' Bonding!, Xanduo EG2M: SQL.'';.' i'.' 

CATE'islIdOkipg for hlg^ 

■ The ideal cand (date wiH be weU 

there iS drfiat SCQnftfnr sHuanramant 

--.I oiiwipaycu Tlidt JUlEfttHyri 

didata yvill. han dle'N ordi Ar»er|c^h 

Pleuejvptyr.sMtTng ;experiimc^tb. ■ v . : : v'.^. 

B6x K98LSVALT« il»ai^ji^& 

Box K98L WALTER JUDatftif 
(Incorporated PradStioneri ih Adve 
A* Lpndoq; £Cfl*^ 

wKlir ; h >?trA& M 



j '.', ■fiCv- 

iV^t'':-' u" 

’V- -$£?¥."*?; ■ " 

pi company 

up to £9000; Buckiiighamshire 


These opportunities are wi 
Turnover is aroupd £33 rail 
,20% and a continuation of 

Asa resuJtof this expansio 
followingnew appointme 
ip. Buckinghamshire. ■ 

i science-based Company, a world leader in its field. 
■i,S0% from export. Annual growth has been about 
it growth is planned. 

he finance function is being re-structured and the 
ire to be made at the Company's headquarters 

Site A(wiintant —management Role 

To.b&respdhsible for the p 
purchasing functions at th< 
is a key role in ihemanage 

to be responsible Tor the 

and strategical role rnvot 

Candidates, men or v/o me 
30-s with the intellectual ci 
from other disciplines. C 
are excellent. 

Benefits include assistance 
Please telephone (01-629 1 
information. Ref. B.8142. 

hing, financial control, accounting services and 
mpany’s major li.K. manufacturing location. This 
nt of the site. 

International Role 

tion and co-ordination of the Group’s short and 
isal of major capital projects. This is a policy making 
extensive contact with die Group’s overseas 

must be experienced qualified Accountants in their 
city to work with highly qualified professional staff 
r development prospects within the organisation 


/here appropriate, with -the cost of re-location. 

4 at any time) or write-in confidence - for 

Systems Accountants 

West of London 

Our Clients are a major division of a leading multinational company involved in the manufacture and marketing of 
sophisticated technical products. They are in the process of rationalising the financial reporting systems currently in use at 
their international manufacturing and warehousing locations, and want to recruit the following personnel. 

to £8,500 

Acting tor user finance departments, he/she will interface Business School Graduates, with at least four years detailed 
with Head Office Systems Department in identifying, involvement in the use of computerised financial systems in 
defining and implementing financial systems. Applicants multinational companies. There will be frequent travel, both 
probably aged 25-30 will be qualified accountants or within the UK and Europe. Ref: 241 1 6{FT. 

to £7,000 

; This is a group financial role involving the maintenance accountants with at least three years detailed involvement 
and control of financial systems operating throughout the with computerised financial systems. There will be occasional 
group. Applicants, in the middle 20’s will be qualified travel within the UK and Europe.- Reft 2411 7J FT. ! 

C G. Moores. 

Male or female candidates should telephone in confidence fora Personal History Form to: 

MANCHESTER: 061-236 8981,5*//? Life House, 3 Charlotte Street; Ml 4HB. 


Executive Selection Consultants 



m A member of MSL Group International 


Due to an expansion in our foreign exchange activities we require 
the following staff. 

Experienced Spot Brokers 

Trainee Link Persons/Dealers 

Telex Operator with a 
know ledge of Foreign Exchange 

apply in writing in. strict confidence giving full details to: — 

Miss Karen Smart Guy Butler (International) Ltd., 

Adelaide House, London Bridge, London EC4R 9HN. 

with tederjl reports enp- reod. bv Inter- 
national Bank in tlie City. Age range 
20s. Salary c £5-000 + Excellent 

Perks Inc. 2J*°5, Mortgage facilities. 
Ring 283 M2Z Immediately lor appoint- 
ment. VPN Employ moirt f Agency*. 



New IreLmdAssurance Company Limited, with Head Office 
in Dublin, is. one of the largest assurance companies in Ireland 
with assets in excess of £75 million. 

The Company invites applications for the position of Chief 
Executive who will participate at Director level in the 
development of company policy and will be responsible for 
the overall management of the Company in accordance with 
the policy agreed by the Board of Directors. 

This is an exceptionally challenging positoh and requires a 
highly qualified and experienced person, presently holding 
a senior administrative position, preferably with an Insurance, 
Actuarial or Financial background. 

The post carries an attractive salary to be negotiated and . 
exceUent fringe benefits. s . 

Please telephone on confidential line 755652 or write to 
M. Spellman, in strict confidence, quoting Reference No. 

1 59S/G at Harcourt House, Harcourt Streep Dublin 2. 

Stokes Kennedy Crowley 



& Limerick. 

- -..A vacancy exists for. ^Financial Controller, within a large, well 
established computer backed organisation. 

The size'and complexity of this company, and therefore the 
resultant scope of this particular job demands candidates who 
are mature, -qualified Accountants, with proven experience at 
senior level in a large industrial organisation. Salary is negoti- 
able at the £12^500 p.a. level (at current exchange . rate) The 
Initial, contract is for three years: - 

Attractive expatriate inducements form part of an overall, 
package which is very rewarding. • 

' ' Write with brief details of your career and background to:- ’ 
Jayande) . International Ltd., 10 Wallside, . Barbican, London 

// Foreignx 

Wfe require a dealer with at least two years' experience 
in Euro-Currency Deposits and Foreign Exchange 
- Dealing 

Salary will be negotiable entirely dependent upon the 
person. In addition we operate a House Mortgage 
Scheme, Non-contributory Pension Scheme and free 
Life cover 

Please write giving details of your experience and 
career to date to:- ' 

The Assistant Staff Managei; 

. Kleinwort Benson Limited, 

20 Fenchurch Street, London, EC2P 3DB. 


1 Mpirhant Bankers 


Required by a U.K. based Knitwear Company with overseas 
operations, for position as Assistant to the Company's Group 
Accountant. Will be required to, assume varied responsibilities 
within the Accounts Department based at Sanderstead, Surrey, 
reporting to both the Group Accountant and the Board of 
Directors. A salary in the reigon of £7,000 p.a. will be 
offered to the successful applicant. Please apply confidentially 
in writing to the Financial Director of: 

at Westgate House, . 

Chalk Lane. 


Surrey. KTI8 7AJ 



West London 

to £8,500 

A rapidly expanding international group who provide services worldwide to 
the offshore oil industry, is strengthening the management of its 
administration centra This is now being relocated to pleasant offices 
conveniently situated in West London. 

The Chief Accountant will be responsible to the Financial Director for 
financial and management accounting, budgeting and planning, cash control 
and various ad hoc exercises. He/she will be supported by a small staff. 

Qualified accountants, probably aged 23-35 with relevant commercial or 
professional experience can expect to enhance their career development 
and personal prospects by joining this enterprising and successful 
management team. Benefits include relocation expenses where relevant a 
substantial bonus and an early salary review. 

Write in confidence, quoting ref erence T878/FT and enclosing personal 
and career details to R.J. Mooney. 

Arthur Young Management Services 
Roils House, 7 Rolls Buildings 
Fetter Lane, London EC4A1NL 

'■ V.-. •£ T- <'-•*» ; •:*,*£**'• S'T-.SftjfcrS- 

The Specialists in Executive and Management Selection 

Company Secretary Designate 

Northern England 

c £8,500 + car and benefits 



UJC. Company, part of an International Travel Group, requires 
a qualified accountant with specific experience in the travel 

Areas of responsibility will include:— 

* Financial Control 

* Cash Flows 

* Accounts and Administration 

* Systems Development 

A knowledge of computers and computer application will be 
an advantage although not essential. 

Excellent opportunity for an imaginative young man or 
woman who seeks expression and fulfilment in a dynamic 
and exciting environment. 

Replies with curriculum vitae to: Box A.6403. 
Financial Times, 10, Cannon Street, ; EC4P 4BY. 

The client is an old-established public company with a healthy growth and profita- 
bility record. The vacancy occurs following the promotion of the present in- 
cumbent and the appointment covers the full range of statutory and administrative 
responsibilities including substantial involvement with the legal aspects of 
property. The most suitable candidates will be Chartered Secretaries or possess a 
Law Degree and should show evidence of progression and success in a related 
role. They must also have considerable conciliatory and other interpersonal skills. 
This is an opportunity to join a congenial and successful executive team and there 
are attractive fringe benefits, 

Telephone 0532 459181 (24 hr. service) quoting Ref: 3354'FT. Reed Executive 
Selection Limited, 24-26 Lands Lane, Leeds LSI 6LB. 

The above vacancy is open to both male and female candidates. 

. London.- Birmmgnaro,-., Manchester. ftdv 




Salary negotiable. 

Ring for appointment. 

01-588 6306' . 

UiJ ! Hii 


Financial Tunes Th#clayr ^e -29: 



3S I\lew Broad Street, London ECSIVI 
Tel: 01*588 3588 or 01-588 3576 
Telex I\Jo.SB73*7a 




£ 6 , 000 - £ 8,000 

We invite applications from candidates, male or female, aged 23-27, who have acquired between 2 and 4 years’ experience 
in Credic work and documentation associated with Eurocurrency credits. The successful candidate will be . responsible 
for regular credit review on existing medium-term loans, as well as new proposed facilities, etc. A personable manner, 
plus a flexible yet commercial outlook sufficient to warrant further promotion is important. Initial salary, negotiable 
£6,000-£8.000 + hcuse-loan facility, personal loan facility, non-contributory pension, free life assurance, free family BUPA. 
Applications in strict confidence under reference CO 10386/FT will be forwarded unopened to our Client;' unless you 
list companies to which they should not be sent In a covering letter marked for the attention of the Security Manager: 


General Manager 


Yemen Arab Republic 

c. £18,000 tax free 
plus benefits 

For the Hayel Saeed Anam Group, a major and diversified 
organisation with manufacturing, commercial and trading 
activities, employing about 4000 people and operating 
primarily in the Yemen Arab Republic. 

Reporting directly to the chief executive he will have full profit 
responsibility for the Group's trading and commercial operations. He 
will work closely with the general manager of the industrial division, 
the group financial controller and the group personnel and admini- 
stration manager who come from the U.K. 

Candidates, ideally aged 40 to 45, must have several years general 
management experience in a similar organisation and should have 
worked in a developing country. The ability to speak Arabic would be 
a rjisiinci advantage. 

In addition to the basic, salary, generous fringe benefits are offered 
including a rent free house, electricity and water, car and annual 
leave with return air passages for the appointee and his family. 
Write in confidence, quoting reference 3062/L, to M. D. O'Mahony, 

n Peat. Marwick, Mitchell 4 Co., 

Executive Selection Division, 

165 Queen Victoria Street, 

Blacktriars, London; EC4V3PD. 



(with gilts exp.) 

age 25ish, £7, 000- £S, 000 

age 20 + , £4.000 
For these and many others 
248 6071 or 236 0691 


Ref: No. 36731 

Major Insurance Group 
requires a qualified 
for their Bermuda office. 
Excellent conditions of 
sen’ ice. 

Age group approximately 
27/35 years. 

Salary £18,U00 p.a. 

Please telephone in 
confidence : — 

I.P.S. Group 

(Employment Consultants) 

01-481 Sill 


ation, Kodak, Midland Bank, 

ntree Mackintosh, Scholl 
ois, Sharp Electronics, 
|eman,W H. Smith, ~ 
Whisky, Yamaha. 

A list of ourccntributors. 

City based UK Merchant Bank seeks FX Dealer with 
at least 2 years experience. 

Salary c.£10,000 + usual banking benefits. 

For further details please telephone Yvonne 
Emnierson-Fish. Ref. 1070 


Senior Manager C.D. Settlements 
to establish and run department 
in U.S. company. 28-35 £8.000-}-. 
Eurobond Settlements: Experi- 
enced people. 20-27 for leading 
Bank and Broking Houses. 

83 9- A 542 

They’re just some of the famous &*- 

names who advertise in Weekend . ■•+ - 
Magazine and reach nearly 3-5-million • ,£•; 
people^ a third of. them in the 15-34 Cj -v : 
C 2 group. ' . ' 

W eekend reaches more ABC’s " f - t 
than The Times, or The Guardian. - - 

Yet it costs only 95p per thousand . 

thousand in mono. 

either f ^rog or amongst otifneditpn 
content - : , 

Ifyoii’d'liketb' join 
Laurie Large onOl-353‘6000 for sSl 
the details. 



Lloyd Chapman 

123. IScw Bond Street, London V/1Y OHH 01-4997763 

imf! IMENTAKY an experienced Documentary.' Credits 

* ** * *'■*"* * JL Clerk to work m our small but expanding Department 

rCTjfT’C Aged in your mid-20’s you should ideally possess several 

** years’ relevant experience of opening credits and pay- 

ment of documents. On occasions, you would be expected 
to deputise for the Supervisee 

An attractive salary will be negotiated; excellent fringe 

Please write stating your current salary and enclosing a 
detailed c.v. to:- Chris Taylor. Personnel Officer. Saudi 
International Bank, 99 Bishopsgate. London EC2M 3TB. 

Saudi International Bank 


£7,000 to £8,000 range 

These appointments, which are aimed at candidates in the 25-30 age bracket, arise in the 
Financial Controllers Department of an international retailing organisation and will be 
based at the Head Office in Central London. The company holds a leading position in high 
street trading and is currently undergoing an extremely interesting phase of reorientation 
and image development. 

ACCOUNTANT - U.S. Reporting 

A young qualified Accountant is required who is familiar with American style accounts 
presentation; a knowledge of U.K. tax would be an advantage. This role is seen as a 
stepping stone into the broader reaches of financial management, administration, and 
planning. (62541 


A University education in economics or finance followed by two or three years in the. 
corporate finance or corporate planning department of a large company is the minimum 


iTi n -TTV;*', 1 , 1 1 *TT7tj rr, fa , .7,r«n >,] cv»T7ii^:T i 



• v Matthews Wrightson Holdings Limited is 

a major international group of companies 
[\ .operating in Insurance Broking, 

pn i~ Insurance Underwriting, Shipping, Air 
U U {Broking and Rural Land Use. 

1 , i Income for 1977 exceeded £65.5 million 

and profits approached £3.5 million. 

As a result of the continued growth of the Groups activities we 
wish to strengthen the Head Office accounting team with an 
additional professionally qualified accountant. 

Reporting to the Group Financial Directorthe Management 
Accountant will be concerned with: 

® Monitoring the periognance of the non-insurance 

0 Financial planning for the Group. 

9 Cash flow forecasting and control. 

# Taxation planning. 

9 Financial project work. 

Overseas travel from time to time may be necessary. 

The role requires: ^ 

Professional qualification - CA or ACA 
Allround accountancy experience in a large professional 
office or similar experience in the Head Office staff of a 
substantial Group of Companies. 

It is likely therefore that suitable applicants will be around 
30 years of age. 

The appointment offers genuine opportunity for career 
development in an exciting and demanding environment. 
Salary will be around £6,000.00 per annum and. In addition, 
the Group offers attractive benefits. 

Applicants should write, giving details of their career 
achievements and aspirations to: 

K C F Lathropa Group Personnel Director 

Stewart Wrightson (Services) Limited 1 Camomile Street 

London EC3A 7HJ 

GILT SETTLEMENTS — Erp. Clerk to Mko 
over aeDi- (or Institutional Co. Ex. 
Mtarv 4 DerW. Phono Mr. Roason. 
C. 8. Personnel 01-493 S641. 

and short term planning and financing, financial modelling and 
variances and their impact on trading and profit etc. (6255) 

Applications in confidence quoting appropriate ref. number to E. C-Smith, Mervyn 
Hughes Group, 2/3 Cursitor Street London EC4A INE.Teb 01-404 5801 (24 hours}. 

Mervyn Hughes Group 

; — Management Recruitment Consultants 



' U5$30.00Q.000r— y 977/83 " •' 

Bondholders are hereby inldpmxJ that 
coupon no. . 3. 'W»pr*sci«lng - 'the 
third six-month period of Votarest 
starting from 24th June. 1878 to 
23rd December. 1978 inelusMj wljl. 
he payable as from - December 
1978- . at a .-yrice- : \of -547:6ECper; 
coupon. This amount- correspond^ to 
a yearly Interest .rate -of 3.3% worfytf-. 
out on a basis of -183/36flch. ; - ■ -.y. 

Tho Fiscal Agent, . ’ 


For the puroose ot tho annual -general 
meeting and general- meeting ol East- Rand 
Gold and Uranium Company Limited to 
be held at a* Main Street. Johannesburg, 
on Fridav. July 21 1978,- at the .Uinac 
stated below, the transfer registers mu 
registers of members of the company will 
be closed from July .‘.5 to July -Z1 197B- 
both ?avs inclusive: _ ■ 

Time of annual general meeting 09H50 
Time Of general meeting . 09H43' 

» or immediately following the. termination 
of the animal general meeting, whichever 
is the later. . „ . . . ■ „ 

• By order Of the Board 
Anglo American Corporation of 
South Africa Limited 
Per-. J. -E. Townsend' 
Senior Divisional Secretary. 
Transfer Secretaries: 

Consolidated Share Registrars Limited 
62 Marshall Street. 
' Johannesburg -2001. 
. . Postal address.- 

P-O. Box G7051 
. MarshaUtown. 2707 


. . . IV en -to shiro- 

llowlng a. resolution jnrad 
General Meeting oT >hare- 
Z7th Juae'1978 a DlvWehd 
The -year -1977- -Of 



Overseas Portfolio Manager 

The Pension Fund of Barclays Bank Limited has a 
substantial involvement in overseas stockmarkets and 
requires a portfolio manager to undertake the day-to-day 
management of these investments. 

The successful applicant will probably have a 
professional qualification but certainly will have a wide 
knowledge and experience in the major overseas 
stockmarkets. . 

Salary will be around £9.500 p.a. and the many fringe 
benefits include a non-con tnhutory pension scheme, and 
house purchase and profit sharing schemes, plus a company 

Fixed Interest Portfolio 

The Fund also has a large involvement in all varieties 
of fixed interest securities. A portfolio manager is required 
to operate the day-to-day managerial functions of this 
portion of the Fund. In addition, the successful applicant 
will provide a back-up to the management of the Bank's 
portfolio of British Government Stocks. A sound knowledge 
Of the fixed interest markets is obviously essential but 
experience is of prime importance. 

Salary will be around £8.350 p.a. and the many fringe 
benefits include a non-contributory pension scheme and 
house purchase and profit sharing schemes. 

Replies in confidence can be directed to: 

Mr. G. E. Hall 
Investment Manager, 

Barclays Bank Limited, 

54 Lombard Street. 

London EC3P 3 AIL 




required by U.K. subsidiary of leading inter- 
national manufacturer of special steels'. . 

The successful male/female applicant will be- 
based in the Midlands area, aged 3540 years and 
have an intimate knowledge of the- U.K. market 
with respect to tool ste.els high speed stock. •; 

Applicants should be self-motivated and capable 
of organising and controlling national sales staff: 

Salary is by negotiation and the successful appli- 
cant will have the use of company car and will 
enjoy the appropriate benefit associated with the 
responsible position. Write Box A6404, Finan- 
cial Times, 10, Cannon Street, EC4P 4BY. 

Ragltltnd Often: 
44 Main Street 
Johannesburg 2001 
Postal address: . ■ 
P.O.Box 61 587 
Marshalltown 2107 

June 29 197B 

UJG 7 ranilsr Secretaries: 
Charter Consolidated 

Charter Consolidated 
P.O. Box.102 
. - Charter House 
. ■ -Ashford 
Kent TN24 8EQ 

EVE, 189. Resent- Street. 734-0557. A la 
Carte or All-In' Menu.. Three Spectacular 
Floor Shows 10.4 5. i2rfts and uas ana 
music of Johnny HawkecworUi & Friendt. 

ipfivr Biiaaaaai 

C 6 hf^ence?^rkiihit? 


YOUNG MAN 22, of goad educational and 
commercial background requires demand- 
ing and rewarding employment oopor- 
W fifty. Write Bax A.6400. Financial 
Times. 10. Cannon Street. EC4P 4BY. 

, . .Theres pa'fieedjo buntardiffidllie Wtef : ; 

m co^ortforSDFpeople^M^ % 
projection farirti^f^qaal P§«a^nic%? J coli 
viewing. ElectrcscMi 



..jfiQancfeJ Times Thursday June 29 1978 

■ , . * r i \ ♦ . • • 

starts to fizz 

fhef^^^Groap is beginning an attach on the £lbn edifice of the soft 

■ i^AUfLA-LA’ INDEED. .Athletes. art dealers and 
:^dm£rtisin'g persons' do it. The pretty young 
T$ipgs -who -write Vogue do it; John Travolta 
^ddfCShristiiievEyert probably do .it. ' And in 
.;yi^hyl the other ’evening, in the nightclub at 
;Jhe. Casino . at a '-.delicately late, hour, I was 
isefeii to. .do it-rrorder- .Perrier, ..that is, in 
tPraferencfito. champagne. 

Perrier T:_ Quite. 

rcThere arfe two ways of looking at Perrier. 
Recording to -'the ad -writers: “The miracle of 
^Perrier is- natural '■carhonatioo. Deep below 
;the plajnp^ahd;. vineyards of the South of France. 
>jq\» mysterious -process begun over 140 million 
^jears ago,, -delicate -gasses trapped in the 
L‘v.qlcarue-:erupti.oiii..of the Cretaceous Era are 
tejeasetf 'by Nature. 

^ As ^they rise, they meet and mingle with 
; crystalline mineral waters of • exceptional 
fcwityy ajod' clarify? There, underground and 
-put^Qf 1 sight; of Man. the natural- phenomenon 
Vo|\- P.ejriejr's ..carbon a tion takes place. And from 
ifbere; the now sparkling waters "continue their 
^iscent to break the surface- at a single spring: 
Source Perrier.-' ‘ 

' . An alternative, more hand-me-down. way of 
3<ioking at Perrier Is to describe it as a naturally 
carbonated water that rises at a spring in the 
-villagepf Vergfcze, is sealed in those art deco, 
-Sreen' bowling-pin bottles and then sent forth 
on; a remarkable odyssey to markets . as diverse 
■5as.’ the US., Belgium, Morocco and the 
^Caribbean. - In -Britain, Perrier's 9th biggest 
.“export market, it sells at anything front around 
■32%> per litre, at Tesco's or Salisbury's. maybe. 
-39p' at a. -delicatessen -and .up to £1 in a 


Those are - very fancy prices for bottled 
■wute'f: : But then; Perrier is the natural star 
-in' a very fancy market — so. much so that the 
terrier- Group at Verg&ze is at present spending 
codnliess numbers -of -francs in order to double 
capacity at the plant from 400m bottles a year 
T-tofWHhn, largely because of rocketing sales in 
'4heU5.-..v- - -• • 

, 7jt.BriUuiu. says Perrier, sales of imported 
-bottled waters this year are likely to reach 
LL2m bottles of- which the Perrier Group’s three 
hraads. Perrier, Vichy and Coritrex, win account 
for around 6.Sm bottles. Add on 2.4m bottles 
of home-bottled product and you've got a market 
worth £5m that is growing by the hour. Perrier 
says total sales should reach 66m bottles 
(imports: 60m) worth £20m at 1978 prices by 
I9S3, of which the Perrier Group expects to 

be handling 33ru bottles. 

Tba&r a lot of bottled water, with imports 
making ^most of the miming and the Perrier 
brand' itself — whose sales growth since 1972 has 
averaged 40 per cent per annum— leading the 
way. perrler sales in Britain are handled by 
Acqualaip Spring Waters in which Perrier and 
Jules Bowes Ltd. have a TO per cent stake, 
Cadbury' Schweppes the other 30. (Acqualac 
Alim ensure is the company which launched 
La Bonne Vie, the U.K/s leading brand of 
French dairy products.) 

The B±K. market for bottled waters shapes up 
like this The top six imported brands — Perrier. 
Vichy, JJvian, Volvic. Isabelle and Coat rex — 
have a%.e$timated combined market share of 
70 per-cent. Next, five domestic waters — 
Malverifi Aqua Pura, Ashbourne, Champneys 
and Faglawn — hold an estimated combined 20 
per cerfji Finally, a score or more of lesser 
waters >|uch as Apollinaris, San Bernardo, St 
Pellegrino and St Leger, account for the 
remaining 10 per cent. 

According to Acqualac managing director 
Julian .-Bowes, whose career includes senior 
management appointments at Unilever, 
Tate sind Lyle and RHM as well as 
an e^tii- interlude as a cruise boat 
charterer in the Seychelles: “The British 
are $uti*k]y learning to distinguish 
between- genuine mineral waters and local tap 
water substitutes, some of which are artificially 
carbonated. The U.K. has no springs that are 
naturally carbonated, and the few springs that 
we do/have are mostly saline, sulphurous or 
chalybeate (strong in iron). 

“ Perrier, on the other band ”• — this is where 
Mr. Bowes begins to chart the huge marketing 
aspirations of the Perrier Group — “is a pure, 
natural# sparkling water. It provides a 
refreshing, stilish alternative to the synthetic 
tedium'jof most soft drinks. It is a comple- 
mentary mixer to white wine, whisky and other 
spirits as it enhances the taste of the alcohol. 
And is a delicious tablewater which 
complements good food and wine." 

In other words. Perrier is being positioned 
right iir there alongside and indeed up against 
the colas, the squashes, the mixers, the juices, 
the low-cals. the Lucozades and wbat-have-you's 
that together constitute the £lbn edifice of the 
U.K. soft drinks market. 

• Indeed. Perrier's mid-term objective (circa 
19851 .Is to capture 1 per cent of total soft 
drinks sales, though that seems optimistic. A 

target of 1 per cent is also its objective in the 
U.S. where Perrier's U.S. subsidiary. Great 
Waters of France, hopes to sell 60m bottles 
this year, compared with 21m last year. In 
1977. Perrier had an estimated 2 to 3 per cent 
of the $200m U.S. bottled water market, though 
60m bottles this year (4m to 5m cases) would 
still only represent the equivalent of 0.1 per 
cent of "total soft drinks. (For perspective, 
5m cases is about one-seventh of Schweppes' 
U.S. sales.) 

Great Waters is selling wherever it can — 
at Regina's in Manhattan, from vending 
machines at Santa Barbara gas stations, . from 
hot dog wagons opposite Brooklyn's Borough 
Hall and in six-packs in supermarkets from 
Florida to New England. Great Waters' 
president. Bruce Nevins — he is not a sby man — 
reckons Perrier has struck a chord among 
Americans worried about sugar and artificial 
sweetners in soft drinks, and recently asserted 
that Perrier would spend S6m on advertising 
this year (S4m-plus is thought more likeiy). 
According to a New York analyst's report 1 
have: “ Perrier should enjoy an unchallenged 
market vacuum for the next year or more, it 
it not yet large enough to draw retaliatory 
tactics from soft drinks. Given the public's 
current health interests. Perrier is in the right 
place at the right time.” 

Although Perrier's print ads stress that 
Perrier has no calorics, no chemicals, no 
chloride, preservatives, sweeteners, flavourings 
or additives or any kind and is bottled straight 
from nature. U.S. market experts are not con- 
vinced that Perrier will grab its 1 per cent, 
stressing that 1 per cent of SlObn is a very hi? 
piece of action requiring considerable promotion 
and a great deal of stamina. 

Similar reservations and market conditions 
apply in Britain, although Perrier is unquestion- 
ably the in drink right now. In London there 
is barely a conversation worth listening to that 
isn't being lubricated by those tiny rretacinu* 
bubbles. Acqualac has been busy. According 
to Mr. Bowes, take-home sales now account for 
three out of four Perrier sales. It is available 
at an estimated 6.000 licensed retailers, 
including Augustus Barnett, IDV Retail and 
Victoria Wines, as well as 3.000 grocery out- 
lets and numerous major hotel and restaurant 

The target audience for now is ABC1 adults 
in London and the South East, which between 
them account fur 86 per cent of sales. Poster. 

^ - ? ' ■ • .. ’ ■ ' . • ■ 

Now Pan Am 

Press and radio advertising this year via Leo 
Burnett will top £160.000 and will be based 
on the consumer proposition that a discerning 
lifestyle is incomplete without the pleasure 
of Perrier to reEresb you purely, mix with your 
alcohol perfectly or share your table stylishly. 

(That's how they phrase these propositions.) 

Part one of the strategy will be to present 
the brand in ail its versatility. Part two will 

be to continue to educate and reassure via B 0 gjj| H _H 

reference to Perrier's origins and history. H Eg /•fTh'^7' flAiJ 

That would have cheered Napoleon 111. who B H @S|pB F V rB B BB 

in 1S63 ordered that the waters from Vergeze v vwmvww 

ITS REVENUES are rising. It is audience reach, the biggest pr-r- 
ihVv‘ e .L\i lT irfn->"t- e ihit nne t star tin“ tn make profits. And centage gains over the past year 
4 Ad tr ° Se n Ca r ' paL ^ a lbat L0!>t this week Britain's independent were made among women and 

hi °18BC Hannibal and his irnnos -ire thought locaI ratJio network announced housewives teach five points 
to%a ^ significant audience gains follow- higher at .48 and 45 per cent 

Later the SSns bin t the Temple of Diana ln « a ^omi KSCB survey con- respectively). 15-10-24-year-olds 
ai^mes Ind ran fhe Perrier water's a vast ducted between April 3 and 30. , -f 6 per cent at 72 per cent, ami 

pool that was used Tor medicinal horseplay. Th '* shou ^ „ a “''a* wec ' k £ ‘Jb£ ABC1 s 1+3 per cent at 4 ‘ pLT 
Today, for the spring's protection, the French audience of l<m; a yam of 940.000 cent). _ 

Government forbids the digging uf anv well f^ u,t l ,stener s per neck against Wb.ti 1LR likes to call its 
within ten kilometres of Source Perrier. Is year: average listening up by unproved brand position seems 
there any danger of those lucrative little 48 m mutes per week to 13.2 certain to lead to a round of rate 

J. WALTER THOMPSON is no already handles Levi advertising 
longer one of Pan Adi's people, in Britain, Sweden, Norway and 
having been brushed off the Denmark- The agency losing out 

short list of agencies now in Germany. France, Italy, Ho\- 
scrambling for Pan American land, Belgium., Austria, Switzer- 
World Airways' S32m account, land and Spain is ^oung and 
writes Michael Tkompson-Noel. Rubicam. According to the 
The first casuallv in the Pan Am International Institute for Cui- 
saga was Ally and Gargano, which ton. the European yeans market 
was shorn of Pan Aid's S12m "Mved from around 3bm pairs 

domestic U.S. business five weeks n l ■ ; n h - r , , 4 ^ h L ir 

ago. Now JWT has been eased a blg b rtle lh M 

out of the race, losing more than campaigns and \C- 
S20 m worth of overseas Pan Am G A „~ D dj3n A ^ s 

DU wlIl es *h« ttat-t, in t nn switching its .advertising from 

For the JWT agency in Lon- Tfa Creative Business to JWT. 
don this represents a MEAL-type At tbe t!rae> London 

loss of nearly £b(J0,000. JWT g roa dcasting has moved from 
managing director John Limas to The Creative Business 
Lindesay-Bethune said yesterday _ The i aunc h campaign for 
that the JWT Group in London Cinzann Rose, via CDP, moves to 
was nonetheless already showing nat i ona j pt , s ters and TV on Julv 
a 20 per cent, revenue gain over i Cinzano is spending a total 
the first six months of this year 0 f well over £lm this year . . . 
and a net gain on billings of i'4m. Benton and Bowies has lost tho 
Group billings this year should £120.000 Save the Children Fund 
reach £S0in. business to Ayer Barker Hege- 

• LEVI STRAUSS AND CO. has inann . . . Rank Hovis 

centralised its entire European McDougali's £300.000 account for 
I account, worth around 810m, Saxa and Cerebos salt has gone 
i with McCann -Enrksun. which to Masius. 

hubbies running out — of Perrier running dry? 
Executives at Vergize shake their heads in 
amused disavowal. At the extraordinary rate 

hours; an 11 per cent, increase hikes Current maximum costs 
in total ILR listening hours per per 30 seconds (prime segment* 

amused disavowal. " At the extraordinary rate wee £ 1 5° . ' ar '^ a ' vc ‘ , -* t I^ l ' a 2 se £13 j 1 ° 

at which thev are addin? cm new bottling reach tha* has now achieved 50 186 at C >de to £L 9 at Capital, 
capacity thev" had belter be ri*hi per cent, three points higher than Capital said yesterday that its 

' ' I in 1977. increase in listeners — 750.000 in 

Cannes: fiesta of 1,60 

JOHN SIMMONS at the 25th International Advertising Film Festival 

As usual, the BBC has chosen the last year for a total of 5m — 
to disagree with some of the main meant it was providing even 
JICRAR findings, hut as the BBC belter value lor advertisers. The 
long ago lost credence in the station said it was selling air 
audience research dispute, few space at ISp per 1,000 compared 
are minding. with 22p a year ago ami that 

For the first time the ILR net- weekday prime lime was down 5p 
work has polled its child to 29p. 

audience, and discovered it has The network's advertising 
2.9in listeners each week in the revenue last year was £23m. The 
5 to 14 age group. 1978 total is likely to reach £30m. 

’ * 7 ' tZx 1 J IW “ muciuft mull, a ,uiu WI tuouii WU^II I ■ Ulll 91*1 Ifil" uiu vv^uwuui.- \i\hii-.u «r ■■■■■■ 

“Let alJ people be friends mternalional advertising nidus- observe and study a parade of dominated by cartoons and pup- writer Alistair Crompton and Ajax. .As for me. I'm with the 

together, let us laugh together, try crowding together at the life-styles as reflected by atti- pels. France won awards for the film director Barn- Mvers. Woolwich. 

and let us drink together! " They Palais des Festivals to examine, tudes toward products that best series (Camay Soap), the What of some "of the other Some were rudely booed 

gave the casting director a evaluate and dnjoy - arguing nourish the lives of different best colour, for Rochas, the best winners ? (Chanel's woman in a man’s 

special diploma. - about 1,600 TV and cinema coni- peoples, and to be stimulated by photography, for \'3lisere tin- Saatchi and Saatcbi, as club, par exemple). others loudly 

In "film, the real president of mereials at a fiesta tthfcre no many of the best creative ideas series, and the award for effee- expected, scored many times cheered (Pascal's Hanky Panky, 

the Screen Advertising World entry is rejected- that make products sell. tiveness and originality for Mon over, but the Schweppes series of with Arthur Lowe magnificently 

Association - , Ernie Pearl, famous Professional persuaders.” of Many of the principal "Old and Sav ^n soap. double-talk and switching tonics misunderstood), but none so 

for inventing the most success- many persausions scrutmise'each 5 j[ Ver award winners at these However, in the midst of »n a runnel did not do much to totally and enthusiastically 

success except for the mistral praying to be seen to he recog- anan^,. an ’d jntpv More of agency-delegates for their liveli- helpful. The agency fared better surprisingly effective declaration 

KIaiii nut rrtuiAfV c- nt nien/l . ■ • - . * .. * ' * u*itk ite imitirtnCnlir *jC _r lit.. «t._ J L 

(hat blew out the' fireworks at nised. the successful sellers" arp tn he 

the awards night ceremony. The value of the ordeal, if you found {, ronie a n 5 diploma 

Delight and dismay intermingle have the stamina plus £100 for awar ds, the^atterhighlycoveted 

as the jury ipick out only a few 

' for special commendation from 

the charge of 1.600. 

_ • m # After five ions days bf viewing 

Vma ft — JfiBl MIA and re-viewing, unshaven, red of 

In6 American pie* eye and VM Of tongue, 18 

UUTfim** famous creative directors emerge 

WWSljf 0 VI from their dark jury chambe'r, 

mm proud of their labours and dis- 

Q niBBie* cernment to face the indignant 

wrath of 2.000 fellow jurors. 

• How did the jury misjudge this 

America. First the two grand prix: both 

A bio, big, big country. Too big to y^s, newly spun ije Gra nd 

a a . -t s Pnx for Cinema went to France 

reach With any American daily. for Waterman Pens, a classroom 

p V /vmtnno melodrama with an eight-year- 

njccepi one. old lad losing his heart and his 
ExccntThe Wall Street Journal. p *? 0 to a bitter-sweet seductress 


A big, big, big country. Too big to 
reach with any American daily. 

Except one. . 

Except The Wall Street Journal. 

The Journal reaches millions of American 
decision-makers coast to coast Every 
business day. With news and information 
they consider essential. 

The Journal reaches — all across 
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July 1,1978 

vurii-inijm.-n -* ri nw-ifim.-irK'-iiinnintij hi *iihmh v •>. 





Kite-flying by 
Sir Geoffrey 


THE Conservative Party is 
certainly brimful of ideas at 
present. There is not only a 
spate of books on Tory ideology 
but also an intense debate over 
detailed policies. All this is very 
different from the home life of 
our present Government, whose 
thinking is limited to occasional 
speeches by junior, ambitious 
members of the Cabinet. 

The latest, and most radical, 
contribution from the Tory ranks 
is from Sir Geoffrey Howe. In 
what he described as a ** purely 
personal view," Sir Geoffrey 
called earlier this week for the 
creation of enterprise zones in 
derelict inner city areas, such as 
east London. Clydeside and 
Merseyside, in which companies 
could make profits and create 
jobs with as much freedom as 
possible. He said these zones 
could act as ‘"test market areas 
or laboratories” in which there 
would be fewer planning restric- 
tions, no rent control on new 
developments, while certain 
taxes, rates, subsidies, and price 
and pay controls would not 

for existing listed properties and 
current occupants. 

Similarly. Sir Geoffrey sug- 
gested that the Community Land 

Act could be put into reverse in 

these zones, while public authori- 
se lan< 

ties which owned land would 
be required to dispose of it 
within a specified time to private 
bidders by auction in the open 
market. Anything which migbt 
stimulate action is better than 
the current state of dereliction 
in many of the rundown old dock- 
land or industrial areas. There 
is no reason why such a freeing 
of the planning reins should in- 
volve the destruction of current 
worthwhile Features, provided 
the managing agency acts sym- 


Customs barrier 

Sir Geoffrey is on less secure 
ground when he urges that 
special economic conditions 
should apply in these areas. Is 
it really plausible to argue in 
a country as small as Britain 

that pay and price controls 
should he suspended in certain 
zones? It is possible to envisage 
all kinds of strange commercial 
practices adopted in order to 
gain advantage from producing 
and selling in and outside the 

It is easy to satirise Sir 
Geoffrey's thoughts — just imagine 
the Free Enterprise Old Town 
Development Agencies iFEOTDA 
for short) running the areas. 
Presumably the streets would be 
named after heroes of the cause 
with George Ward Grange, Hayek 
Boulevard and Thatcher Plaza. 
Would there be customs points 
between regulated and unregu- 
lated Britain, rather like in the 
old Ealing film “ Passport to 
Pimlico ” ? 

The speech deserves a more 
serious hearing than this, not 
least because of the failure of 
the present cumbersome 
methods. Sir Geoffrey is on the 
strongest ground when he con- 
centrates cm removing planning 
restrictions. There is a good case 
for relaxing, if not abandoning, 
the present planning controls and 
the whole apparatus of Industrial 
Development Certificates and 
OlHce Development Permits In 
these zones. His proposal that 
any building would be permis- 
sible which complied with very 
basic anti-pollution, health and 
safety standards and was not 
over 'a stated maximum height 
would have to be worded care- 
fully to ensure some protection 

The feasibility of suspending 
legal obligations such as “some 
or ail of the provisions of the 
Employment Protection Act” in 
these areas is also questionable. 
This is leaving aside other 
practical objections, which Sir 
Geoffrey's proposals are intended 
to override, about likely opposi- 
tion from trade unions and the 
dominant Labour local authori- 
ties in most of the areas con- 
cerned. Sir Geoffrey's suggestion 
that the zone conditions should 
be guaranteed for a “stated and 
substantial ’’ number of years is 
unlikely to be regarded as 
plausible by companies which 
have suffered from the switches 
of Government policy in the last 

My main reservation about 
the economic section of Sir 
Geoffrey's speech is that if there 
is a case for removing these 
controls and obligations, then 
the changes should apply to the 
whole country and not just 
certain rones which are, in 
practice, lnseprable from the 
rest of the UK. Nevertheless, 
Sir Geoffrey is right to argue 
for planning changes in these 
zones and for taking some risk 
in order to break out of the 
present stagnation. 

Freedom for importers and 

Financial Times Thursday June 29 19T8 

AN IMPORTER can “take the 
law into his own hands” hi 
order to “correct” the abuse of 
trade mark rights by a manu- 
facturer, stated the European 
Commission in its observations 
on the dispute between Centra- 
farm and the American Home 
Products Corporation (AHF). 
The abuse to which the Com- 
mission was referring was the 
registration of different trade 
marks for one and the same 
product in different member 
States with the aim of keeping 
these markets separate and 
charging higher prices where 
possible. The Commission 
hastened to add that one should 
admit the possibility of such 
private enforcement of EEC 
rules "only with the greatest 
reservations.'* Should this be 
considered too radical a solu- 
tion, it might be necessary as 
an alternative to seek a general 
prohibition on such trade mark 

It seems probable however 
that the Commission might be 
prepared to allow exceptions 
to a general prohibition of 
different trade marks for the. 
same product when the differ- 
ences are justified by purely 
linguistic reasons, or where a 
manufacturer is unable to 
register his trade mark because 
it has already been registered 
by another, unconnected enter- 

This case (No. 3/78) is the 
sixth in which Centrafann has 
appeared before the European 

Court Tt arose because Centra- 
farm did take the law Into its 
own hands. It discovered that 
oxazepame, a patented tran- 
quiliser drug made by AHP and 
sold in Benelux under the 
trade mark named Scresta 
could be obtained cheaper in 
the UK, where it is marketed 
by the maker under the 
trade mark name Seretiid D. 
Centrafann then says it started 
to import the drug from the'- 
UK, repack it and distribute it 
in the Netherlands under the 
there familiar (and approved) 
name Seresla AHP (who more- 
over, alleged that Centrafann 
was using a product not made 
by them) obtained an interim 
injunction against Centrafann. 
At the same time the Dutch 
court referred the main action 
to Luxembourg asking if a pro- 
duct identical in therapeutic 
properties (but different in 
taste, could be repacked and 
marketed in another country 
under a different trade mark 
under Article 36 of the EEC 
Treaty. This prohibits the abuse 
of trade mark rights as dis- 
guised barriers to trade between 
member States. 

It is obvious that the observa- 
tions of the Commission, which 
supports Centrafann and of the 
British Government, which sup- 
ports AHP — were made before 
the Court decided the Roche/ 
Centrafann German repacking 
dispute. That decision allowed 
repacking under the same trade 
mark without the authorisation 

of the owner, though the Court 
attached a number of condi- 
tions to such an operation. 
Centrafarm's objective in the 
present case goes a step further 
— probably as far as the Com- 
mission will ever dare to go 
without risking the. future of 
the entire trade mark system. 


exactly the. case of Regina v. 
E. G. Thompson and' others — 

The accused submitted that 

there was no case for them to 
answer ' as the prohibitions on 
exportation and importation of 
coins were invalid, being con- 
trary to the EEC Treaty. The 
trial judge rejected the sub- 
mission and refused to refer the 
question' to the. European Court. 
But • the Court of Appeal 
/Cri min al Division) . reversed 
his decision on December 15. 
1977 and referred to Luxem- 
bourg a great number, of intri- 


BY A. H. HERMANN, Legal Correspondent 

have provided the Commission 
with the opportunity, to utter 
another statement which is not 
likely to escape the attention of 
the Treasury. “If the true 
object of the prohibition by UK 
legislation' of the importation of 
gold coins is to prevent specu- 
lation and the hoarding of 
unproductive assets, the means 
adopted seem to be remarkably 

The case referred ' to 
Luxembourg from ' the 
Canterbury Crown Court, and 
listed by the European Court 
as No. 7/78. ' is a criminal 
prosecution for “a fraudulent 
evasion of the prohibition” on 
importing Krugerrand gold 
coins and for “ conspiracy to 
evade the prohibition ” on 
exporting silver coins minted in 
the UK 

cate questions aimed. at obtain- 
ing an interpretation of the 
significance of Treaty rules for 
the exportation and importation 
of coins when tireated either as 
“goods” or as “capital." 

The EEC Treaty requires a 
total liberalisation of trade in 
goods, but a liberalisation of the 
movement of capital only “to 
the extent required- for the 
proper functioning of the Com- 
mon Market.” The European 
Court was therefore asked 
whether gold and silver coins 
fall into the category of goods 
or of capital. . . 

With the exception of half- 
crowns, the silver coins 
exported were all legal tender 
but no longer in circulation. 
They were withdrawn by private 

persons who, .as the accused . 
stated, freely traded them in the 
UK at prices matching the 
higher market value of their 
silver content As the Royal 
Mint wonld buy these coins at 
their face value only, the 
accused ’ -exported them for 
smelting in Germany at.. the 
price of -their silver content. 
Krugerrands which are not legal 
tender In any - of- the -member 
states, are freely traded on the 
UK domestic- market as - con- 
veniently marked and shaped 
1 oz pieces of gold. ' . 

The British Government 'and 
the Italian Government insisted 
in their Observations submitted 
to the Court that, whether con- 
sidered as metal or as cur- 
rency. the coins must always -he 
viewed as “capital." In their 
view, therefore, they do not fall 
under the Treaty requirement 
of total liberalisation of move- 
ment. which applies only to 
goods. They give a number of 
reasons, including the need to 
protect the balance of pay- 
ments, for restricting tie import 
and export of coins. 

The European . .Commission 
takes a more sophisticated view. 
It is rather unfortunate, it re- 
marks. that the expression 

“movement" is used in the 
Treaty both in connection with 
capital and goods. In eacji case 
it means something quite 
differeut. Movement of goods is 
a two-way business in which 
goods are exchanged for other 

goods, or for money. Movement 
of capital is such transfer of 
products, equipment, gold or 
ownership (to real estate, for 
example) when nothing is 
received in exchange. Tims a 
company exporting machinery 
for the construction of one. of 
its own factories abroad is ex-, 
parting capital, while export of 
silver or gold coins paid for in 
Deutsche Marks could be export 
of goods. 

Nevertheless the Commission 
takes into account that when 
coins are the legal tender of one 
of the member States, that State 
can take protectionary 
measures, including a prohibi- 
tion of exportation. On the 
Krugerrand issue, however, the 
Commission sides without any 
hesitation with the accused. It 
insists that Krugerrands are 
“ goods ” and as such most be - 
allowed to circulate freely in 
the Common Market They can- 
not benefit' from the exception 
granted _ by Article 36 for 
reasons of public policy. This 
aims at hypothetical events 
of a mm-economic nature ...” 
while "speculation” and 
** boar ding ” • •' are economic 
matters. In any event, concludes 
the Commission it is not allowed 
to impose on inter-State trade, 
restrictions which are not im- 
posed on comparable goods on 
the domestic market- It seems 
the judges were given plenty to 
think about during the summer 

Historian shows promise 
for Champagne Stakes 

LESTER PIGGOTT pays a rare 
visit to Salisbury this afternoon, 
primarily to take tbe ride on his 
brother-in-law's General Atty in 
the Champagne Stakes. 

This consistent Robert Arm- 
strong colt seems certain to run 



his usual game race without, 
perhaps, being able to cope with 
Historian or Nocturnal Boy. 

Historian, a chesnut Sallust 
colt representing Dick Hearn, 
who saddled tbe subsequently 
disappointing Hever to win this 
prize a year ago. caught race- 
goers' eyes when getting off the 
mark at the first time of asking 
in a division of the Kennett 
Stakes at Newbury on Summer 
Cup day this month. 

Historian. half-brother to 
another attractive horse in 
Homeric, showed no greenness, 

forging clear in the closing 
stages to outpoint Ready Token 
after making much of the run- 

That outing will have brought 
Historian an considerably and 
backers may prove justified in 
sending him to post a warm 
favourite to further boost bis 
trainer's record. 

Although Nocturnal Boy's final 
placing in the Coventry Stakes 
at Royal Ascot last week might 
have disappointed punters in 
view of his encouraging efforts 
at Kempton and Leicester in the 
two preceding weeks, be ran a 
tremendous race from a poor 
draw on the far rails. 

1 expect him to give Sir Michael 
Sobeil's colt a good rpce. but not 
be good enough to land the prize, 
which again has been boosted 
with a £2.000 contribution from 
Bliss. A. Cooper-Dean. 

If he cannot please local sup- 
porters with a win in the Cham- 
pagne Stakes, Piggott seems sure 
to go one closer to his half cen- 
tury, for he has several other 
likely looking mounts including 

Carrot Patch and Escape Me 

Carrot Patch, a chesnut colt 
by Habitat out of that extremely 
smart stayer. Carrot Top, may 
find inexperience her downfall in 
the Southampton Stakes in which 
Robert Street could follow up a 
20 — 1 win of 12 months ago on 
Vaquero through Best Star. 

However, I envisage few prob- 
lems for Trusted's half-sister. 
Escape Me Never. 

In her only previous race, this 
John Dunlop-trained Run the 
Gauntlet bay finished a good 
third behind Habit and Som- 
hreuil in Sandown’s Cunard QE2 
Stakes, after failing to obtain a 
clear passage when full of run- 
ning a furlong and a-half from 


2.15 — House Guard 

2.45 — Best Star 

3.15 — Historian* 

3.43 — World Crisis 

4.15 — Mr. Blasic Man** 

4.45 — Escape Me Never*** 


CC — These theatres accept certain credit 
carol by telephone or at box office. 


COLISEUM. Credit carps 01-240 S2SB. 
Reservations 01-836 3161 
EVO& 7J0. Mats Sots & wed Joly S at 
Ton't. Tomor and Sat. Glsella. J#l» 3 to 
B: Sleeping Beauty. Seats available Mats. 
Joly t, S & 8 only with DUTCH 
NATIONAL BALLET July 10 to 10. 
Seats available. Nurevev will dance at 
every perl. 

t Indicates programmes in 
black and white 

BBC 1 

6.40-7.55 am Open University 
(Ultra High Frequency). 11.15 On 
the Move. 1153 Cricket: Third 
Test — The Com hill Insurance Test 
Scries. England v. Pakistan. 1.30 
pm Chigley. 1.45 News. 1.55 
Wimbledon Lawn Tennis Cham- 
pionships. 4.1S Regional News for 
England (except London). 4.20 
Play School (as BBC-2 11.00 am). 

4.43 LafT-a-Lympics (cartoon). 5.05 
We’re going places. 5.35 The 

5.40 News 

5.55 Nationwide (London and 
South-East only) 

6.15 Wimbledon Tennis 
7J0 Top of the Pops 

8.00 Rosie 

8.30 Citizen Smith 

9.00 News 

9.25 The Songwriters: Noel 

10.15 I, Claudius 
11.05 Tonight 

11.45 Weather Besional News 
Ail Regions as BBC-1 except at 
the following times:— 



1 Comforts for the ones who 
follow the sun (7) 

5 A thousand, I admit, can be 
on the move 17) 

9 Female found in city escort 

10 Sailor meets saint in a water- 
proof (9j 

11 Fair game, relatively speak- 
ing (4, 5) 

12 Thick poles in a river 1 5* 

13 Make the odd loner join ta) 

13 One caught in net about to 

tell of mental power (9) 

18 Serves with one good man 
among the pit-workers (9 1 

19 Let the healthy return to the 
doctor is tbe theme (5) 

21 Put on in turn when still in 
bed (3, 2) 

23 Quiet tolerance of a cliche 

25 The crime that caused the 
Furies to hunt Orestes (9) 

2G Gambled in chequered form 

27 Overcomes the had set em- 
braced by war god f7) 

28 He loaves the cost of release 
on a cross-beam (7) 

6 It is great to criticise — it calls 
for every trick (5, 4) 

7 Exhausted — no one has been 
left out 13, 2) 

8 The chap i£ after Brown — it's 
touching (7) 

14 Final award for the cobbler 
<4. 5) 

16 Thanks to people in the 
match we have it old and new 


17 Court provided by the French 
in any case (2, 4, 3) 

15 Short skirt? Not a word — it's 
the barest possible (7) 

20 Drink on the house — it's 
licence |7) 

22 Pauline correspondent gives 
us the bird (5) 

23 Taken by the assiduous, but 
causes suffering (5) 

24 You must arrange aid in this 
eastern country (5) 

No. 3,704 



1 A wise man goes round 
America in a banger (7 » 

2 Look for a female with a 
smile in opera (Bj 

3 Troubles are to be seen in the 
Civil Service (5) 

4 Attendant helps with tele- 
vision transmission (9 1 

5 There is nothing for an artist 
in my county (5) 


ran q 


ran b 


» .• . a 

a e 


a g 

a -a 


Wales — 00-1.45 pm Mr. Benn. 
5.55 Wales Today. 6.15-6.40 
Heddiw. 6.40 Join BBC-1 (Wim- 
bledon). 1145 News and Weather 
for Wales. 

Scotland— 5.55-6.15 pm Report- 
ing Scotland. 11.45 News and 
Weather for Scotland. 

Northern Ireland— 4.18420 p.m. 
Northern Ireland News. 3-55-6. 15 
Scene Around Six. 1145 News 
and Weather for Northern Ire- 

England — 5.55-6.15 pm Look 
East (Norwich): Look North 
(Leeds, Manchester, Newcastle): 
Midlands Today (Birmingham): 
Points West (Bristol); South To- 
day (Southampton): Spotlight 
South West (Plymouth). 

BBC 2 

6.40-7.55 am Open University 
11.00 Play School 

2.05 pm Cricket; Third Test/ 
Wimbledon Tennis 

7.55 News on 2 

8.05 Gardeners' World 

840 BC: The Archaeology of the 
Bible Lands 

t9.00 Midweek Cinema: “The 
Sleeping Car Murders '' 
starring Yves Montand and 
Simone Signoret 
1040 Late News on 2 
10.40 Match of the Day Special: 
Wimbledon and Cricket 

12.00-12.10 am Closedown (read- 


940 am A Present from the 
Past. 945 Paint Along with 
Nancy. 1040 The Undersea 
Adventures of Captain Nemo. 
10.30 An Asian Notebook. 11.00 
Popeye. 11.05 Gaostrey — A Vil- 
lage. 12.00 Little Blue. 12.10 pm 
Rainbow. 1240 Doctor! 1.00 News 
plus FT index. 140 Help! 140 
Cmwn Court. 2.00 After Noon. 
245 Golf. 440 Children’s Film 
Matinee: “Joyous Sound.” 

5.45 News 

6.00 Thames at 6 

645 Cartoon Time 

6.50 Crossroads 

7.15 Oh No, rt's Selwyn 

745 “ Duel ’’ starring Dennis 

940 This Week 

10.00 News 

1040 What About (he Workers 

11.00 Richie Brockleman, Private 

12.00 What the Papers Say 
12.15 am Close: A painting by 

Van Gogh with rauisc by 

All TBA Regions as London 
except at the following times: - 


10-20 swn. Hulas amt Bachelor cartooa*. 
1IL40 Afloat. US p.m. Anglia News. 2.00 
Wnmvn Only. 440 Rocket Robin Hood. 
4.45 The Adventures or Black Beauty. SOS 
Emmcrdalc Farm. fcJIO About Arts II a. *35 
Arena. 7.15 Enterprise. 7.45 The mid-week 
Him : "The Stranger," siarrtmt Cameron 
Mitchell. 10J0 Lifestyle. LLW What About 
The Workers. 11.30 Chopper Squad. 1Z25 
am. Thu Linos World. 


IBJD a.m. Balabluk. -10.25 Henncssy : 
Punk and Acne Go Togwh'ir. JLZD p.m. 
A TV NcKsdesk. <L20 Tiree for tfle Road. 
6.00 A TV Today. 7.00 EmmwdaJ* Farm. 
7 JO The midweek Rim: "When the 
Legends Die.” starring Richard Wtdmark. 
LLOO Gardening Today 11-30 Dan Auotsl 


10-20 a_m. Skippy. 10.45 Afloat. tUO p-m. 
Border Neves. 4J® Code R. 5J5 Solo One. 
SJ0 Looka round Thursday. 7.15 Enrairr- 
dalo Farm. 7.45 Uolumbn. u.00 Glbbs- 
villc. tU.53 Border .Vein Summary. 


lJO p.m. Channel Lunchtime News and 
What's On Where, ajo Lillie House on 
the Praine. 5.15 The Mi Histones. WB 
Channel News. t6.00 --The Case of the 
Mokkinuse Battk'horn." 6.45 Cartoon. t7.15 
Feature film : "Tbe Sound Rartler." UL2S 
Channel Laic News. 10.32 Tbe Open Air 
with Clive Gunnell. 11.00 The Andy 
William j Shu i*-. 1U0 The Sweeney. 

1 2 .25 p.m. Actualities Projections. 


0-2 5 a.m. First Tbm^. 10.20 Woobinda. 
10-45 Alloar. 1.20 p.m. I'r.iiupuui News 
Headlines. 4.20 The Lnl«- Hesse on the 
Prairie. 5-35 Re/Ieenonv on Sport. fcflO 
Grampian Today. 6J5 Cannon Time. +7.® 
Columbo. 11.00 Cover ii< Cover. 11.30 
Music In Camera. IZ20 a.m. RrRections. 
12.25 Grampian Late NikIh Headlines. 


lDJp a-m. Skinny. 10.45 Look at Life. 
10-55 Kathy's Quii. 1-20 p.m. This Is Your 
Right. 4.20 Little House on the Pratrte. 
5J0 What's New. 5J5 Cnissroads. 6.60 
Granada Reports. 6-45 Emmerdale Farm. 
7-15 Bless this Rouse. 7.45 McCloud. 1X30 
What's On. 11.00 What ih._- Papers Say. 
mo Ryja. JZ15 a-m. a Littie Night 


16-3) a.rn. House Dany 1Q.4Q AfloaL 12B 
P.m. Report West Hradlin-*. US Report 
W'aies Headlines. 2.00 Women Only. 4J8 

Children jn IMj. 4.0 The Flint stones 5J0 
Crossroads. 6- DO Report West. 6-22 Report 
Wales. 6-® Survival. 7J5 Mr. and Mrs. 
7.45 The mtd-uwlt film "Candidate for a 
Killing;," siamns Anita Ekberg. 1145 

HTV Cymru, ‘Wales— .Vs HTV General 
Service except : L20-3-25 p.m. Penawdau 
Ncu-yddion > Dydd 4Jo Miri Mawr X35* 
4-45 Wsutwihna. 6.00-642 Y Dydd. 

HTV West— .Vs HTV General Service 
except ; UD-L30 p-m. Report West Head- 
lines. 6.22-6.45 Sport West. 


HUB) a-m. Valley of tbe Dinosaurs. 10.40 
Afloat. 1-25 p.m. .Veies and Road Report. 
2-03 Women Only. L20 island of Adventure. 
5.15 Cartoon— Sinbad Junior. 5JD Cross- 
roads. 6.00 Scotland Today. 6J0 Weir's 
Way. 6.45 G a mock Way. 7.15 Emmerdale 
Farm. 7.45 The midweek film : Columbo. 

11.00 Someth mu S pedal 1145 Late Call. 
U-50 Love American Style. 


10.20 a-m- Arthur. 1X45 Afloat. L20 p.m. 
Southern News. ZOO Women Only. U0 
Golden HIU. 445 The Lost Islands. 505 
Sinbad Junior. 5-20 Crossroads. 6.00 Daj 
by Day. 645 Universlt" Cballeiute. 7J5 
Eramerdale Farm. 745 McCoy. 1X30 
rib Nn. it's Selivyo FroEgltt. U-00 Your 
Westminster. U_J0 Southern News Extra. 
11.40 Wbat the Papers Say. 


9JS a.m. Thu Good Word, followed by 
North East News Headlines. 1X20 A Big 
Country. 1045 Afloat. Uo P-m. North East 
News and Look around. ZOO Women Only. 
tX20 Thursday Matinee: “Roll, Freddy. 
RoU." 6-00 Northern Life. 7.15 Emmcr- 
dale Farm. 745 Columbo. u.00 Double 
Top. 140 Gcorsc Hamilton TV. 12.10 hjti. 


10.20 a.m. Survival. 1040 AfloaL US 
p.m. Luncblime. 4J* Ulster News Head- 
lines. 4.20 Clue Club. 445 The Gene 
Machliie. 5.15 The Adventures of Black 
Beauty. X00 Ulster Television News. 64S 
Crossroads? 6-30 Reports. 6.45 Want a Job. 

7.00 Cartoon Time. 7 AS Emmcrdale Farm. 
745 Midweek movie : Colombo. 1X08 
Gardenias Today. 1X30 Bedtime. 


IB J0 ami. Untamed World. 1040 AfloaL 
1ZZ7 p.m. C>us Hotxybao's Birthdays. X2o 
Westward News Headlines. <L2D Lit He 
House o[ tbe PraJre. 5A5 The Flimaonea. 

6.00 Westward Diary. t7J5 Feature Film ; 
"The Sound Barrier." starring Ann Todd. 
1023 Westward La to News. 1X30 The 
Open Air with Clive Gunnell. 1XQB The 
Andy Williams Show. 1X30 The Sweeney. 
17-3S a-m. Faith for Life. 


1X20 a-m. Hemdale Half-hour. X20 p-m. 
Calendar New*. 4J0 “Roll. Freddy. RotL'' 
bJ}Q Calendar. Eraloy Moor and Belmont 
editions. 7A5 Eminent ale Farm. 745 The 
midweek film : Columbo. 1X00 Danger 
in Paradise. 



(S) Stereophonic broadcast 
(Mw) Medium Wave 

5.00 a-m- .1$ Radio ?. 742 Dave Lee 
Travis. 9.00 Simon Batva. 1131 Paul 
Burnett, includinn 1230 p.m. Nemt»:-j!. 
ZD0 Tony Rlacfclrarn. a -31 Kid Jcnswn 
Including 530 NewsiK-at. TJ0 Country 
Club iS ■ 'loins Radio Si. 1X02 John 
Pcvl fSi. I2JW-ZB2 a-m. : As Radio ‘i. 

VHP Radios 1 and 2—540 a-m. With 
Radio J. including US5 p-m- Good Listv-n- 
inp. 242 Pete Murray’s Open House >Si 
■conilnucd from Radio 2. i:.30i. 230 
David Allen tS>. 4A0 Wane opera' Walk 
falso 200kHz. HMfcHzi 4 jB John Dunn 
iS>. 7.00 With Radio 2. 1040 With Radio 
1.12-00-2-02 n.m. With Radio 2. 


540 ajn. News Summary. 5.02 Richard 
Vaugban with The Early Show iS>. in- 
cluding 6-15 Pause lor Thouabi. 7.32 Terry 
wagon iS ■ lncludina X27 Racing Bulletin 
and XUS Pause for Thought. 1042 John 
Timpsoo 'S'. 12 .1 5 pan. Waggoners' Walk. 
1X30 Pete Murray's Q^_-n Rouse 'Si 'con- 
tinned on VHF> Including 145 Sports 
Desk ZD2 Wimbledon Lawn Tennis Cham- 
pionship!) Including 2.45. X4S Sports Dusk. 
4.30 Waggoners' Wain ias VHFi. 445 
Sports Desfl. SIS Move On 'as VHF' 

5 45 Spins Desk. 6.01 Cross Channel 
Mntonna Information and 645 Sports 
Desk. 742 Country Club ■ S • including 730 
Sports Desk. 9.B2 hoik weave 'S< 9.55 

Sporta Dusk. U42 Wit’s End. 1030 Star 
So and L'^tra. 1X02 Brian Matthew intro- 
duces Round Midnight, including 1240 
News. 2.00-2.02 a-m. News Summary. 

RADIO 3 *Wm,Siereo&VHF 

633 aun, Wealfaer. 7.00 News. 7.BS Over- 
ture i Si. 840 News, 845 Morning Con- 
cert *!>•. 940 News. 9.05 This Week's 
Cutupuser ; Bartuk <S>. 9.40 Music (nr 
V'lulin and Planu part 1 iS», U-lS lu 

Short 'talk i. 1XZ5 Muite Tor Violin and 
Piano pan 2 iS'. 1X15 Cricket: Thirl 
Te^i— England v. PdHsi.m. mclndinB X3S 
Nctvs. X40 The Cr.ii Man* 1974 uaiki 
aud Z00 Lunchtime vcerebunrd. 6.40 Life- 
tlm-s : The wider World. 740 “La Vida 
Breve." opera In two a ■.is. music by de 
halls 1 St. a _S c "Treat-." tiv Christopher 
Hampmn <S>. 930 Oner tSi. 1040 
Mr. Topbam's Diary is.. ii« News. 
1X40-U4S Tonight's Schubert Song. 
...yi* 11-4 - 00 a ' m - ° D n '-'niversliy. X00 
wlin 11 w. 1135 " Alexander';; Feast. Music 
by Handel, part 1 <S. IXis p.m. A Poet 
on PjilIit, .UU- by .lolnj f rankly n- 
H'jOluns. 12 . 25 “Alexander s Feast- part 
XB0 News. 1.05 McndclaSohn and 
Erahniv Chamber niuvu- concert, part 1 
'S'. 1.25 Words . . . X30 Mendels 
soon and Drahms. pen 2 «Si. a » ”1 
Dlviat" is*. 340 Hall., 'jrthosira Concert. 
Mr' 1 '£*. 3-45 Inlerval R L -Jdirw 335 

1,-17 '■ 5 -°° p, Jno Duels (Si. 

545 Bach 'S'. G.40 WH Slw. 


434m. 330m. :185m and VHF 

a m - *«'»• fc - 17 ParmlnB Today. 
645 tn !U Hie Hour. 7.B0 \... us 7.10 To- 

ii? T< L 7h l ,,a " r 'continued' 
inciuaing Thought for lV- Day 340 
News 830 T.yl-iv B35 V-Mrtdjy in Par- 
‘“J-’ ■»« Ary.- You Have 

Lovod iS.. 10.00 V.-vs io.B5 From our 
VJHv'wnde-m. 10.30 Daily Service 
104S Morntn,; Stnr-. 1140 News. 1X05 
Down lour Way. 11.3 A Nl . w an< i 
Differ' nl World. 1249 Sens. 12-02 p.m. 

Y f“ r '' a Slip. 1235 

. i'™ 41 ' 3 -™'-- news. 140 Tbe 
**fV l , at 1 - J 0 TI".- Archers. 1.45 

W Milan s Hour,^ zjojjg Sews. 
*-45 Listca with Moih.-r. 340 s cv vs. 330 
,ft - , p ™^ MHiiww "live 
J' OIlv - „ 0 ' '-'-'binvans. 3JS wild- 

i f ‘ i x 4, 3 5 ,1 '-- Mqnio pn- 

datly. 4J5 Siory Tim..-. 5.00 p & 1 p.-pon>. 

5.40 Serendipity. 535 Weother. proKramme 
news. 6.00 News. 630 Brain of Britain 
1973. 740 News. 745 The Archers. 740 
Checbpoim. 7.45 Paul Jones : Terror of 
the Entlisb. si an I ni lam Cutbhertson. 
830 Joho L'bdon with the BBC Sound 
Archives X45 Analysis : Fewer Hours. 
II ore Jobs. 930 Kaloidoseope. 939 
Weather. 1X00 The World Toolght. 1038 
Any Ansu-ers? XQ0 A Book at Bedtime 
11.15 The Financial World Tonight. 1130 
Tuday in Parliament. 12.00 News. 

BBC Badio London 

20flm and 94.9 VHF 
540 a.m. An Radio 2. 630 Rush Hour. 
9.00 London Live. 12-03 p.m. Call In. 243 
206 Showcase. 4.03 Home Hun. 630 Loots, 
Slop. Listen. 730 Black Londoners. 830 
goal 7?. 1043 Late Might London. 12JH 

As Radio 2. 12.05 a.m. Question Time 

from the Huns.; of Commons. LS5 Close: 
As Hadlti 2. 

London Broadcasting: 

261m and 97.3 VHF 

5.00 a.m. Morning Music. 640 A.M. 
Non-sio? news. iiifonHotion. travel, spon 
and review. 10.00 Rnao ITaycs Show. X00 
p.m. LHC R-poria. 3.80 Gi-orge Cale'G 
□ O'clock CHI. 440 LBC Repons (con- 
rinuesi. 8.00 After Eistit with fan nil- 
chrlsr 9.03 Nlchillnc wrfft Bm Jontis. 
1.00 a-m. Night Extra with Adrian Scon. 

Capital Radio 

194m and 95.8 VHF 

640 a.m. Peter Younx's F-reakfast Show 
• Si. X00 Michael Asp:l «S'. 1240 Dave 
Cosh 'S'- 3-0 p.m. Roger Sent! >Si. 740 
Lord Georse-Bronn’s Cspiral Commentary 
<5'. 730 Luncan Tclay 'Si. 730 .Adrian 
Love's Open Line iS». 9-B9 Nicky Horne's 
Your Mother Wouliln’i Like It «SJ 1140 
Tony Myaii':: Late Show 'Si. ZOO a^a. 
Alike SuijUi'S Nmhl Flight |S>. 

COVENT GARDEN. CC. 2*0 1068. 

iGardencharK credit cards 036 69031 

Tonight. Sat. & Tuc. next at 730: Luna 
Miller. Tamar. A Mon. next at 7.50: 
Pei leas *1 Mettsando. 65 Am phi' soots 
avail lor all orris from 10 am on day 
of pert. Note: Personal ITel. bkgs. for 
July Ballet uPens July 1 and Nut June 1 


Until Aug. 7 with the London Phil- 
harmonic Orchestra. Tonight. Sat. & wea. 
next at 530; Die Zauberilole. Tomor. 
Sun and Tim. next at 6.15: La Battsme. 
Possible returns only. Box office Glvnde- 
b ourno Lewes. E. Sussex >0273 812*1 If. 

A*. EC1. 837 1672. Until Sat. Ergs. 
7.30 Mat. 5at. 230. First Ume In 
London Manotlta A Rafael Aguilar”* 

SpAn'rt" loi* ’nfl U»men C (. v.'eff worth 
a visit." 5. Tel. From Tue to July 22. 


ADELPH1 THEATRE. CC- 01-836 7611. 
Ergs. 7-30. Mat* Thur. 3.0. Sat. d.O. 

The best musical 1977 and 1978 

Sunday People 


ALBERY. 836 3B7B. Credit card bkgs. 
836 1971-3 from 8-30 aan. Party Rates 
Mon.. Tues.. Wed. and Frt. 7.4S P-m. 
Thurs. and Sat. *.30 and S.O. “A 



ALDWYCH 636 640* Info 836 5332. 

In repertoire. Tonight 7 30 — Str.ndberg's 
a wonderful piece of work." The Times. 
With: CORIOLANUS Wert Pert S July). 
RSC also at THE WAREHOUSE isc* under 
WJ and al the Piccadilly Theatre In Peter 

ALMOST FREE- 4BS 6224. Lunchtimes 
■One Off." by Bob Wilson. Tues. -Sat. 
1 15 pm-Suns. 3.00 ard 5.00 pm. No 
shows Mans. 

ALMOST FREE. 485 6224. Evenings Kurt 
Von negu it's "Player Plano." by James 
Saunders. Tues .-Sat. 8.0 pm. No shows 

AMBASSADORS. 01-836 1171. 

Nightly at B.aO. Matinee Tim. 246. 

Saturday 5 and 8. 


The World-Famous Thriller 
“Seeing the play agw- Is Hi fact an 
it*™- and I^tal lov " Punch- Seat orlees- 
£2.00 to £4.40 Dinner and Top-price 
Seat £740. 

APOLLO. 01 -437 2663. Evenings B00. 
Mats. Thors. 3.00. S>r. S.00 and 8.00. 

"Actor al the Year." Evening Standard. 


’■wickedly funny." Times. 

ARTS THEATRE. 01-B36 2132. 



“Hilarious . . . see II'* Sunday Times. 
Monday to Thursday 8.3Q Friday and 
Saturdays at 7.00 and 9.15. 

ASTORIA THEATRE, cnaring X' Road. 
01-734 4291. Mon.-Thure. 8 Pm Frt. 
and Sat. fi.O and 845. (Buffet food 


“Infectious, appealing, loot-stamping and 
heart- thumping," Observer. Seals £2.00- 
£6-00. Half-hour before show best avail- 
able scats £3.00. Mon-Thurs. and Frl. 

6 pm pert. only. 

Lunchtime Theatre Mon. -Frl. l.TS on 
"Not Much Change from a Fiver." 

CAMBRIDGE. 636 6056. Mon. to Thun. 
8.00. Friday. Saturday 5.45 and 8.30. 

Exciting Black African Musical 
"Packed with variety.” D. Mirror. 

Seat Prices L2-00-E8-50. 


Dinner and too _a rice seal £8.75 Ine. 

CHICHESTER. 0243 81312. 

Today a Juiy 1st at 240. June 30 at 7.00 
July 1st at 7.00. A WOMAN OF NO' 

COMEDY. 01-930 2578. 

For a limited engagement until July IS 

“An unparalleled tour do force." S. Times, 
Tues. lo Sat. at S.O. Sun. at 4.30. No 
pertt. Mon. Sean £1.25. £2.25. £2.50. 
£3.00. Latecomers not admitted. 

CRITERION. 930 3215. CC. 835 1071-J. 
Evgs. BO San. 5.30. OJO. Thurs. 3.0. 




OffUTV LANE. 01-836 8108. Every 

night 8 00. Matinee Wed. and Sat. 340. 

"A rare denutatinq. lovovs. astonish fig 
stunner." Sunday Times. 

DUCHESS. 836 8243. Mon. lo Tfurs. 

Evenings 8 00. Frl. -Sat. 6.15 & 940. 


The nudlrv Is stun Mug." Daily Tel. 
Bib Sensational Year. 

DUKE OF YORK'S. - 01-835 5122. 

Evenings 8.00. Mir. Wed., Sat. 3.0(1. 

In Julian Mitrhefl's 

8riH(anWr witty ... no one should 
miss it. Harold Hobson' iDramai. Instant 
credit card reservations. Dinner and 

Ton-prlee Seats £7.00. 

FORTUNE. 876 2238. Evs. P.OO. Than. 3. 
Sat. 5.00 ard B.OO. 

Muriel Pav'nw ac Mlgg marple In 


Third Groat Year 

rtAWPlCir THEATRE. CC. 111.836 4501. 
Evs R fin. Mar. Wed 3 On Sat. R S«l. 9.30 
TIMOTHv wrrr, gemma JONES 

Mifiart kitthen 

In H4Pm D PINTF*"5 
the HOPvrnnaiNG 

LFNTLV ACTro pnrinUCTlriN D Tel 
-an iHtvua'HTim.y RICH ' WOPK\" 
Gdn. -NOT TO BE MISLED - Times. 

e.-,., a«e wed 3.0. Art. fin. P.4A. 


aun avndmi'BN''! n«w comedr 

'•Tms must he the ha no loir laughter- 
maker In London." D Tel. "An 
tlbiv c "lovable evening." Sunday Times. 


HAYMARKET. , „ . „ 930 953X 

Erk. 4. Wed. 2.30. 1L P-30, 8. . 

^R Y |5 HILLE ftu 



Waters of THE moon 

HAYMARKET. 930 9832- Box Offiprtto w 
Open pre«. J-hf ■ * ^ fcOtHPW 



' : 


A new play by RONALD HARWOOD. 
Directed hy CASPER WREDX 

HER MAJESTY'S. CC. 01-930 5606. 
Eveninns * ^ 3 ' DQ ' 

■"a^ny^E^Iy^ . 

with Derek Grtttlw 

Directed by BURT SHEV ELOVE 

LAST 4 WEEKS. ENOS Joly 22nd. 

K1N«^ ROAD THBATREL 352 748B. 
Mon. ta Tnurs. 9.0. Fri- Sat^7.3Q. 9.30. 



Mon. lues.. Thur*. and FH._ at B. - 
Wed. and Sats. at 6.10 and 840. 
In a Spectacular Comedy Rffvue - . 
Your ben chance to see Tno Two 
Ronnies Revue" at the London Palladium 
Is to booh now for the Extra PertoraMaces 
-on Sunday 16th July at 5 and 8. 

LYRIC THEATRE. CC. 01-437 3686. 
Ev. 9.0. Mai Thuri. 30. Sat. 54 & 8.30 


- ' '.' ' '-F1LUMENA 

MAY HAIR. ' - 625 3036 

Open Toitt at 7. Sobs. Eves. 8. 

Sac 5-30 fir 8.30. Wed. mat. 3. - 


MERMAID. 2*8 76,46. Restaurant Z48 
2B35. Evenings 7 JO • 9.15. 



A play for actors and orchestra by TOM 
£3 and £2. " NO ONE- -WHO LOVES 
MISS . THIS PLAY." S.. Tlmo.- . 


OLIVIER ■ open stage!: Tor't and Tomor. 
7 'note early stani BRAND by Ibsen in 
a version by Geoffrey Hill. 

LYTTELTON (proscenium stage); Tori’! 
7 AS PLENTY a new Map by David 
Hare. Tomor. -7 AS Bedroom Fares. 
COTTCSLOE small auditorium* Toot & 

□avid Mamet. ■ 

Many exert lent cheap seats all 3 theatres 
day of peri. Car park. Restaurant 928 
2053. Credit card bkgs. 928 3052. 

OLD 'prospect AT THE OLD^IC? 81 6 

hy Christopher Fry. Prws. tonight. Frl. 
Sri. 7.30. First night 7 .pm July 3- 
El'een Atkin* as SAINT WAN. 

“A great performance. " The Times. 
Roturna Julv 6. - • . 


“An outotandlng tevlyaL - The TVnns: 
Returns Joly 10« 

OPEN AIR. Regent's Park. TeL 4B8 2431. 
Evgs. 7.45. Mato. Wrd- Thiy. * Sat 2-_30 
Lunchtime Tomorrow at 1.15. . 

PHOENIX. 01-836 2294. . Evening* 8. IS. 

Friday and Saturday 6.00 and 8-40. 
* GARDEN male* ns laugh." D. Mall In 

HAVE DIED." Sunday Time*. "SHEER 

PICCADILLY. 437 4506. Credit card bkgs. 
836 1 971-3. 8.30 ain-BJ50 pm 

Evgs. 7.30. 5M. 4 >30 A 8. Wed. mats. 3. 

Royal Shakespeare Company In 

by Peter Nichols 

"Plnroarino triumph.'* S. ExOress. 


Ev. std. Award and SWET Award. 

PRINCE EDWARD. CC. (Formerly Casino) 
01-437 6877. - Monday- Friday yvyv 

8.00. Mat. Thur. 3.00 sot 5.30 and 840 

by. TVm Bfee' and Andrew Lfavd Webber. 
Wfrti David E s*e», Elaine Paine and joss 
dldand Directed by. Harold Prince. 
Please note, from July 22 Sat Ports, will 
b- at 5.0 A- 8-40. 

PRINCE OF WALES. CC- 01-930 8681. 
Monday to Friday - at 8 p.m. Satin Jays 
at 5-10 and 8.45. 


.. Starrtno ROBIN ASKYriTH ' 


CREDIT CAIU?%OCuriNGS. 9S0 0*47. 

DURfiN'S THEATRE. CC. 01-754 USB, 
Evgs. 8.0n w-h. 5.00 s a t. S.OO. 8.30. 



|n Alan Rennert's 

THE Q*.D CmiNTnr 

Plavs and players Lf'nd'm Cri*tr« Award 


MYt«epn DtVl'iajD, CC. 01-7*4 'S93. 
At 7 am, 9 am Ll pa ro»M D Cmh.i, 
PAU' RAYMriND -or-WPIS. 7. 

' THE E*WT*WAL OF • • 


. FuHy air^ondirtiiiied 


Tonight and .Tomorrow 7M.„ Ffnar 2 




ROYAL COURT. . 730 1745. Air Cond'. 
Evs. 8. «»• f . * 8.30. 

by Bill Morrison. 

A burnished, diaotay oi fare*.- Tim. 

ROYALTY. Credit Cards.* 01-40$ «KM 
Mm* day. Thursday Evenings 8-00. Priitoy 
540 and 045.'S«HrnfJ« LOO and 8 .00 
London rr*»lcs vote RltLY DANIELS L» 
Bunamm brown ffiiar : 

. Best Musical of 1977. 

JooWngs accepted. Mrior credit card* 
Special rednred jratr* far- matinees-' ifnr 
a Dm! led period onlyi. 

SAVOY JUMTse.- 01-836 8888, 



, Ta ste ir.~ Gdn 

• Evg* It 8.0. Fri. and Sat. 3 4fi-and s.4sl 

SHATTWtuw, CC. B3B &5««. 

•wwfirrs-*®?" sssbv 8, 


"This, mmlrar has jevervffilno ■* s. Mir- 
Mats NOW TUffS. and SAT. %.0. 

AH seats at £3. £2 £1. . 

..Cradt: ChM; qgTQjgi 6597,- . 


STRAND. 01 *8-56 2b60. EvenlnJB 8.00. 
Max Thors, io. Sax 5.30 and 8.30 



. Opens Tontflht 7.O. . 

Sub. ovoi. 7.30 Mat. Sat. 2.30. 
HIMDLE WAKES by Stanley He enfiton. 

ST. MARTIN'S. CC 836 1443 6«. 8.00. 
Matinee Tuea. 2 4S. Saturdays 5 and 8. 


26tP YEAR. 

TALK OF THE TOWN. CC... 734 505,1. 
BjOO. Dining. Dancing (Bars Open 7. 131 
..’.-■■9JO Super Revue ; 

■ HARM 1 DAZ2LE ~ ■ - 

and at 1 1 pm - . » 


VAUDEVILLE. CM 9983. CC. f«i.,>00. 

- Mm. Tom. 2-aS. bM. 5 and ff. . .. 
□hub SHtRHSAN.TKdcl* GRAY 7. 



“Re-enter ■ Agadu *nVt another who* 
donnit ML ABUnt Chr'stie is ria thing tt* 
West End vet again with another of. bad 
fiendishly iagenxws. moroer' nystents.7 
Felix - Barker. Evening Hews. 


Book. NOW. 828 473S-6. 834 1317. 


*£venEa Os '7 JOT Mats. WoL and^SJIt. *r45. 

WAREHDU5E. ' 'DMW TBeatre . , CoyeiiE 
tMcn. B3B 6808.- Boral sna&wpure 
Company. Tan':. 8.06 Dav.d Cdo*» T 
. ‘Thrill ina piece sS theatre". Guardian. AH 
-seas El. BO. Artr. Bkgs. -. AW*Wh- . 'Sbi* 
dents itMdhr £*; .' 


•' coring' drdtna.r Y.'Pm? 

“Treinwdovv ■ iumcL" - WoW. • . . “I nn 
Sharedv rnOvBO." J: C-. Tmpin. 

Evgs. 7 AS. Maes- Wed. X00. Sat*. S. SO. 
WHITEHALL, OfvgSO 669J-776C 

Evgs. 0.30. Frl. and sat. B.45- and 9.00. 
Part ttavmono. presents the SensatigpaL 
SB Revoe of the Cennry - 

Twice Nighr.v B.OO and 10.00. 
Sundew E JO am* 8.00s 

PAUL RAYMOND presents 
flip OFF 


“Takes to upgrecadenttol JRpiS* rtMt ts 
pcbmlssible on ct stage.' tvfl. News. 

. 3rd. GREAT YEAR 

WYNDHAM'S. 01-836 3028. Credit Card 
Bkgs. 838 1071-3 Irom 0.H3 a.m.. M-n. 
Thun. L Fri. and Sat. 5 -IS and B.M, 

VERY FUNNY." Event no News. 

Mary O'Malley's smash Wt comedy 

“Sapnmie comedy on sex and reftgfon," 

• Dally Twuraoti. - _ 
LAUGHTER." Guardian. 

YOUNG VIC 928 6363. 

. . New Company — New Season 

No orrformence today. 

Eves. 7.45.. Max w«d. next 2 pm. • 
. ./ Young Vic Festival July 2-23. 


, 8861. sen. Peris. ALL SEATS. BKBLE. 
1. 2001 A SPACE ODYSSEY t0> 70mm 
film Ww 4 Sun. X25. 7.55. 2. BIUTI5 
(X). Wfc .A Sun. 2JM. 5.35.-8.35. 

CAMDEN PLAZA idpp. Camden Town 
Tube!. . 485 2443. Taviam'a 

AULONSANFAN (AAl. (By the directors 
Of Padre Padrone) 4.45, 6.S0. 9.G0. 

CLASSIC 1. 2. 3. 4. Oxford Street -tOpp, 
Tottenham Court Rd. .Tube). 636 0310. 
1.. BhM Lee GAME OF DEATH 1X1. 
Progs. 2.00 4.15 E.30 BAS. Late show 
11 pm. . 

2r Richard Burton. Lee Remlefc TNG 
MEDUSA TOUCH iA). . Proud. 1.10. 
5JS. 6-00. «L25. Late show 1 6^0 n.m. 
2. Alan.' Bates JCPn Hurt THE SHOUT 
IA). Progs- 2-30 4.35 6-40 8 AS. Late 
show It pjn. 

4- Retained by Public Demand. THE 
.GODFATHER PART II «Xl- frogs. 3.00. 
BJ50. feature 3JL5. 7.15. Late show 11 
■ (X-GLO. 

CURZON. Curzpn Street. W.l. *99 3737. 
(Fully Air. Conditioned Comfort T DdRSQ 
UZALA (U» In 70 mm. (Engfisff sub. 
titles).- 'A Mm by AKIRA KUROSAWA. 
•■■MASTEWPIECE.'' The Times. "MASTER. 
WORK." T?»e Observer. "SPECTACULAR 
- ADVENTURE," Sunday ThneS.^ .'■VlRy 
BEAUTIFUL.*' The Guardian. •'HAUNT. 
ING ADVENTURE." Sondov Express. 
■'MASTERPIECE."- Evnolno New*,-- Film 
dally at 2.00 root Sum. 5.00 and B.OO. 

COMING HOME 0(1. Sen. progs. Mon- 
Sat. 1.30. 4 45. 8.10. Sun. 3.30. 7.45. 
Late show Frl. and Sat. 11 *5 m. Seats 
may be booked In advance for 8.10 prog. 
Mon-Frf, A all prog*. -Sat- * Sun. No 
-fate show booking 

0DCON KAYMARKIT. (930 2738-2771 J 
Jana Fondai Vanessa ‘Redo rave m a Fred 
Zlnitemann 81m. JULIA ‘Al. Sep. proas. 
'-XU* 230 5-45. 5 45. . Features Dly. 2.45. 
8.00, 9.00. All seats bkfale at theatre. 

KIND CA) sep. pnxn Dly. Doors own 
- 1.0'S. 4.1 S. 7.45 Late Show Frt. 8 Sat, 
Doors open 11,15 pm. All seats bfcblc. 

oogmi W.VRF A B CH r723 20’ 1-2) 
KIND fai Sm. "rexu. Mon.-rri. Doors 
• open 2.TS. 7 3o. sat. fir Sun. Doors oocn. 
1.05. 4.15. 7.-4S. Late show Frl. & Sat 
-Doers ooen I1.15 pm. All seats bkbh. 
■lo advance except late shows. 

PRINCE CHARLEC. L»*C- Sg. 4X7 8189. 

• Mrt Pr/VUtS 


s«ro. Peril. * D'V (l-M- 5uo.r2.4S. G.T9, 
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seats . Bkbie, Ucd. Bar. : 



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Financial Times Thursday June 29 1975 

Royal Shakespeare Theatre 

Measure for Measure 


Record Review 

The neo-classical style 

The Royal Shakespeare Com- 
pany's Vienna, . as designed by 
Christopher Mortey, r is a dull 
black! box; whose fourth wall, 
rises dramatically at 'the end for. 
the Duke's return. Within it 
are contained- -many doors 
through ; which characters slip 
on. and off, disappearing down 
corridors, like obedient-demon-'- 

strators. of an- unpalatable text 

Before the . action, a figure of 
blind Justice -flies out of sight. 
Why does the Duke retreat ? 
Michael Pennington, offering a 
study in devious cool similar to 
his inexpressive Mjrabell, leases 
us to decide whether he acts oiit 
of cowardice, defeatism or sheer 

Barry - Kyle's production ' is 
similarly undefined. Jonathan 
Mi Her 1 , set his version firmly in' 
the Vienna of the 1930s, with 
unexpected rewards; at Strat- 
ford four years- ago-, Keith Hack 
read the p hay from the stews up 
in a_ mood of. excited, gaudy 
Brechtianism. . '.This most eva- 
sive and puzzling of plays seeins 
to work best, through a "straight- 
jacket of directorial imposition, 
with an infuriatingly private 
Duke and a. confused stage pic- 
~ Lucio In Carolinian 
leather, the law's representatives 
«n Cromwellian black — it is even 
harder to penetrate than usual* 


how much that amounts to. and (when he was a dying man) farseem the most natural thing in 

Bartok: Sonata for 2 pianos and technically able to make it all his wife; despite the athletic neo- the world, 
percussion. Stravinsky: Con- excitingly plain. Perhaps only classical manner of the one and It is not too fanciful to detect 
certo for 2 solo pianos. Sonata highly articulated masterpieces the auiumual mellowness of the the neo-classical impulse at work 
for 2 pianos. Aloys and Alfons can survive this X-ray treat- other, their solo parts are still, wherever the banner of a 
Kontarsky - and percussionists, ment; Stravinsky's smaller, assigned almost Romantically in- purely self-contained musical 
DG 2530 964 (£4.35). milder two-piano Sonata sounds dividual voices, developing the craft is raised. The 35-year-old 

Rartnk- Concerto for 2 Dianos mersl >' dogged here. musical material -in personal Brian Ferneyhough has come 

and orchestra Poulenc- ^-Diano One suspects that the veins. Geza An da's 1960 perform- belatedly to notice in his native 
p „ tn v' Leisek and V Kontarskys would have no time ances of them, with Ferenc Britain, and large claims are 
T-i-pv L nd V Leiskova Rrnn" at a11 for Poulenc's two-piano Friesay, are welcome back on the made far his highly-wrought 

cfaip philharmonic /Milos Kanva- c0Qcert0 (with orchestra), ' wit Privilege label: candidly personal music: Harry Halbreich calls his 
finilf q.mranhon llO‘>n 74 and sentiment ladled generously readings, lithe and elegant. The Sonatas for String Quartet, five 
on\ V “ into a vaguely Mozartean mould, new recording of the Violin Con- years older than the staggeringly 

ix—.uvi. The ij US band-and-wife team on certo by Kyung-Wha Chung, with complex Transit performed here 

Bartok: Piano Concertos nos. Supraphon. Lejsek and Lejskova. Solti and the LPO. is quite dif- recently, “a worthy succesor to 
2 and 3. Geza Anda, Berlin bring the proper affection to it, ferent. Stupendously faithful, the larte quartets of Beethoven.” 
Radio Symphony/Fncsay. DG and the result is duly affectiDS as magnificently executed and mar- Its 24 continuous sections (bem-e 
[.Privilege 2535 262 (£2.59). “sonatas." in the old sense) 

Bartok: Violin Concerto no. 2 

Kyung-Wha Chung. London Ptiil- 
harmonic/SoIti. Decca SXL 6802 

Schoenberg: Wind Quintet op. 
26. Vienna Wind Soloists. DG 
2530 825 (£4.35). 

Brian Fern eyho ugh: Sonatas for 
String Quartet. Berne Quartet 
RCA Red Seal RL 25141 (£3.99). 

Michael Pennington and Paola Dionisotti 

Lomard Burl 

The tattered system of justice Jn no doubt as to what Angelo Lucio, Mr. Pryce is the only are committed. The prison scene 
that sends Claudio to prison for js doing, with the odd result that aaor on stage who behaves in a with her brother becomes an 
sleeping with Juliet, that be emerges as the sympathetic recognisabiy human way. The excuse for a display of cynicism 
rounds up the whores and finds centre of the play. He did not fact that the Duke's tactics are rather than of "a horrifying 
employment for a bawd in the ask for the job; he doea'-'what inhuman does not mean he is no immutability, 
role of executioner's assistant; he - believes is - expected {$.: him more than a cadaverous enigma. Despite all this, there is a 
operate through- by sentencing Claudio an&fben. Over Paola Dionisotti's genuine tension to the final 
layers, all stem- shut ^up with the suspUant Isabella. I am totally confused, scenes, as the Dube switches his 
mmg from Angelos peevish and Isabella, he stalks her on sjundly One minute an innocent prig, ground and plays one character 
^1, w- ■ *° P u . n ' 5 ^ [ e £s as ih e blood rushes 3o his the next a mock-pious come- off against another in a show of 

uiauaio. That spnng,- at least, bead. No underhand lechery dienne. there is no consistency tyrannous muscle-flexing. But 
YWidJy -in . Jonathan here, but an honest expression at all in her reading. The pro- the attention is held bv Sir. 
.pryce s -desperately fastidious of lust as bo realises what hap- duction suggests that she, like Pryce. completing a su'perblv 
'J “ _°® c ® *. nt ” pening. Given the lacklustre the Duke, is a callous dissembler, rounded interpretation with a 

...lj. l , . ~ , 7 , r. ’O- intiu—wi. - o umuuo Ujwciuujgi. iuuuucu IUICI UI CLdliUfi WILD 

with mlerpretalion ^ of Claudiq^and but th3t makes nonsense of vacant and terrified stare of 

a ,r3 °k of sheer terror. Maria oa. and despite the ojbvious Shakespeare's idea of chastity as panicky regret while awaiting 

Mr. iryce. at least, leaves you efficiency of John Nettles', spry a virtue in whose name crimes the final adjudication. 

Eden Court, Inverness 

Hansel and Gretel 

The two-year-old Eden Court Blane's sets and Maria Bjorn- 
Theatre in Inverness, built in son's costumes combine the 
the grounds of the former imaginative world of Grimm’s 

Bishop's Palace overlooking the Fairy Tales with the realism of 
river Ness, and linking the Vic- every day in exact proportions, 
tonan Gothic Palace of pink The forest trees, with twining. 

Palace of 

j stone to the cluster of glass and arm-like branches, are especially 
|sieel hexagons that forms the atmospheric, while the fantastic 
modern theatre, is one of Scot- creatures who haunt the wood 
tish Opera s newest and most seem very much at home there. 

S s’oL a a “4 Mindful of fho Wogoorfoo 
fnSiA fnr , ! dimensions of Humperdinck's 

i \voi-k such ^Thr T T»r!i h nf^ t hZ score, Scottish Opera casts the 
Iscrem whilst)? nit piece from strength. Della Jones 

imS rt h hr P B l “ILES" « Hansel and Laureen Living- 
1 reouired far stone as Gretel have voices that 

*de the orchestra without strain. 

dinck'^ oDerahv pitp/ FhpS °Mc and tkey are both credible as 
i amcK s opera ny Peter Ebert, his hnteiernu* children At the 

Sg^perfomS o£ whiSh 
pany s- general administrator, t * au , ai .i w fl nsel was 

opened -SO's one week season at E? Stli 'Bu S Ti?d 

Inverness on -Tuesday afternoon. r J e £l & Marie SlonSh; they too 
Mr. Ebert takes a matter-of- combine strong singing with con- 
fact view of Hansel and Gretel, vincingly juvenile appearance 
as unsentimental an approach as and behaviour. Judith Pierce 
the piece allows. ..The children makes a warm-hearted Gertrude, 
are normal, : exasperating kids, whose anger at the broken milk 
ripe for mischief when bored, jug quickly subsides. Malcolm 
[genuinely seared by the terrors Donnelly, swage e ring ly jovial as 

The “neo-classical" fashion in 
music of our century has been 
under- described. Few com- 
posers whose careers extended 
between the wars remained aloof 
from it. and the characteristic 
gestures are familiar: closed 
forms (especially antique dance- 
forms), double-dotted rhythms, 
formal ornaments, linear counter- 
point, lip -.service (generally 
ironic) to the old tonal conven- 
tions. But that is a catalogue 
of symptoms: was there a com- 
mon core ? The proselytes of 
serialism used to maintain that 
neo-classical composing was an 
admission of impotence.' a mere 
retreat for want of constructive 
ideas: others saw' in it a healthy 
reaction against the “ excesses ” 
of romantic self-expression, a 
renewed respect for music as 
a disciplined craft. Yet Schoen- 
berg’s own first essays in 12-note 
music were cast in neo-classical 
forms — and the toughness of the 
old tonal disciplines was. of 
course, utterly compromised by 
a style which licensed any 
amount of self-conscious wrong- 
Stra Vinsky's famous dictum, 
that music expresses nothing 
(except itself i. may not explain 
rbe neo-classical impulses, but it 
helps one to understand it. If 
the medium is not exactly the 
message, the way in which the 

occupy a whole record, magis- 
terially played by the Berne 
Quartet, but Ferneyhougfa does 
not aim at post-Romantic monu- 
metality There is no overriding 
dramatic curve; instead, quite 
simple musical elements are 
intricately, discursively 

developed — sometimes succes- 
sively. sometimes at once. Unlike 
Transit, everything here seems to 
be open to the attentive ear. The 
variety of treatment is remark- 
ably assured, and the level of 
strictly musical invention is con- 
sistently high. The question 
“But why so much of iff" is made 
to seem a bit Philistine — the 
implicit retort is that such 
intensely thoughtful exploration 
of the quartet-medium needs nn 
further excuse. That may be: in 
any case, the music declares a 
craftsman of notable powers, one 
who is fiercely determined to con- 
struct his visions solely from the 

ENO’s new 


Brian Femeyhough 

English National Opera will 
mark ten years at the London 
Coliseum in August with a new 
production of The Seven Deadly 
Sins, the last Brecht/Wei 11 

The opera- ballet has been pro- 
duced by Michael Geliot and the 
cast includes singer Julie 
Covington and dancer Siobhan 
Davies making their ENO debuts. 

Seven Deadly Sins is seen in a 
double-bill with Colin Graham’s 
Gianni Schicchi. new last season. 
The Magic Flute opens tbe 

1978/79 season on July 2S with 

composer exploits it is meant to we . U as engaging. They haven’t velious to hear. Miss Chung's debilt^' Pami^ 13 ^ 6 her EN ° 

supply its own interest and noint r i u,te lhe authoritative finesse of account suppresses any personal d , u ™ ; na ; 
i o»n interest anu point. lhc AftmnriCaP h.mcoir .mi r ,ni n iic-o * n »rr.ti„; in ,.,hi„h Lii Boheme is ri 

On" a’ severe readin"' The ‘"id’pai thc composer himself and note. like a narration in. which 1 v “ Vi s u ‘' v , 

performance would Then be n Jac 9ue$ Fcvrier in the old HMV the narrator is not involved. She vl, T ^ h ^ J nl 

ultra-lucid renditio? of b the curding but their coupling is rarely suggests a private second an £° a J^ S', 

revived on July 

score, without further eino- 

a special attraction: Barlok's thought or introduces a new 

Ekldwen Harrhy will sin j 

Micaela in the revival of Carmen 

tional suseestione or evnrpsciun arrangement of bis Sonata as a perspective: curiously self- „ ...... 

nuances: whnt thaf ni^v Concerto with normal orchestral effacin'- 1 brilliance. The whole, on August 4 with Ann Howard in 

, s the title role and Robert 
Ferguson as Don Jose. Rita 

nuances: what feelings that may . . ... _ .... r . 

cause in the audience is an accompaniment. The substance with Soltis feral energy, 
extraneous matter. The new of the work remains firmly with memorable nonetheless. 
record by the Kontarskv twins of tbe Pianos, the orchestra provid- Rather similar things could be Hunter v. ill sing Santuzza and 
Stravinskv's Concerto 5 for two * n § discreet background colour said of the Vienna Wind Soloisis’ Jr. orn ?, Haywood Nedda when 
solo and reinforcement at climaxes, version of Schoenbera’s cliallena- Cavallena Rusticana and 


Offers JU .M >ucu; — - - Iajn Harai , ton - s ^ 

pianos and Bartok's Sonata 30,1 reinforcement at climaxes, version of Schoenberg's challeng- Cacaileria Rusticana and 
the same plus percussion Leg s steely than the Kontarskys. ins— and formally backward- Paghacci are revived on August 

s just such performances*' tbe Hungarian players are as looking— Wind Quintet. It* is un- 31 - . „ , _ , 

raassivelv clear, superbly honed idiomatic in the Bartok as they commonly attractive, shapely and _, Iajn Hamilton s The Royal 
inhumanly dispassionate ’ are in the very different Poulenc, transparent; any risk of suggest- Hunt oj the Sun (produced by 

They ar» extraV-rdinarilv im- and some listeners will feel more mg stress or friction in the music Coll n Graham) received much 
pressive and daunting. They sue- comfortable with this coloured j s expertly evaded. Th is is neo- 5 n, i c t* f?' a i2L at . Pren M er * 

C rfcWv , ’ e c C 0 mpl5 eS rh a T ,7/re S i° KhlSS^lS. U " Cli ' C ' aSsto ' f «*** «« '.n 

much for a brilliant clinical Bartok intended the Sonata. ^ n^fn t0 - be 

exposure to reveal. The Kon- and the “Concerto." for himself l ^ d jn 1 n,d “ iD «* “ ew l \ iends for Djud Llo>d^oneh. 

I tarskys add . virtually nothing to and his wife to play. Of his soio lhe % '® rk; 1,10 hnes intertwine Book 

Rudolf Nureyev as Romeo 


of the darkening forest one the drunken Peter, relates his;' vhat J he Panted scores demand, piano concertos, the Second was smoothly, and the level ..f con- 
minute, dancing with delight at story of the Witch with chilling 'out they are acutely aware of written for himself and the Th ird trolled dissonance is made to 
the discovery of ihe gingerbread effectiveness. 

Romeo and Juliet 


Rudolf Nureyev is installed coarse-grained and hypnotically 
at the Coliseum during the next dramatic, but it seems to have 
three weeks, in partnership tviUi mue to do with the character 

of Romeo - Almost we might be 

thereafter he is. to be seen with 

the Dutch National Ballet. 

watching a man exorcising a 

(house the next. Peter snd Francis Eserton as the Witch 
(Gertrude are equally natural, does not yet extract all the 
■ helped by Tom Hammonds dramatic substance to be found 
English Iranslapon which plays in the role, though he sings it 
aj W !L - j w^oijica! side of with the proper seriousness. 
Adelbeid Mettes text. The Linda Ormlston is an excellent 
• - seen through the Sandman, and Una Buchanan 
enudren s eyes as perfectly sines neatly as the Dew Fairy, 
ordinary people with gold wings, The .Angels and Gingerbread 
?X e , a success— one urchin children produce the accustomed 

thoughtfu ly leaves a toffee apple lump ^ th e throat and pricking 
fur Hansel to find when he wakes behind the eves. Alexander 

This marathon of perfor- P ersonal demon and ultimately, , more problematical. I found her and pit skilfully and gives 
ances has begun with !■ suppose, that is what a star is ( neither funny nor frightening ing accounts of "the overtur 


Gibson, conducting the Scottish 
The Witch, cast as a tenor, is Philharmonia, balances stage 


man ces has begun with *■ suppuse, mat is wnai a star isjneirner funny nor frightening ing accounts of the overture and, 
Nureyev’s own staging of Romeo supposed. to give his public. The | enough, but the children in the especially, the Dreani Panto- 
and Juliet for. Festival Ballet, catharsis is ■ shared, and the ‘audience did not share my mime. The afternoon perform 
a production"' which, after the theatre rings with cheers. reservations and screamed with ance was the 1300th eiven by 

passage of vl year, has not That. the story of Romeo pud delight when she got baked in Scortish Opera since its esiab- 
gained in interest for me. It Juliet . is involved becomes, on [her own oven, igniting with a lishment io JP62 
has vigour of a- particularly these terms, almost incidental, jwort satisfying explosion. Sue ELIZABETH FORBES 

frenetic kind, but no emotional but I have to record that 1 find! . 
development — at the end Romeo the Nureyev version over-long I u .. 

and Juliet remain as shadowy and inexpressive. That Nureyev / WlgmOre nail 
as they do at the ballet's start. ]g a- good' producer is clean the 
The choreographic texture__ is Bt art of the ballet with the death- 

are on Pages 32 and 33 

Higher interest 



dry. busy, the dances impelled car t taking away plague victims; 
along with a nervous energy that the Sienese Mag sequence; the 
is restlessly, determmed that. death of* Mercutio. splendidly 
inanition. is to he av oided at all done by Nicholas Johnson, who 
costs. In one of the .great love revels ^ in. the best-argued role in 
stories, love itself seems absent; . f h e ballet), are all fine. But the 

instead, physical bravura re- symbolism that clutters lhe third j ul 

E Iff** P f- SS1 «ff or 12 d iiJS5 n lS act: th ^ absence of 'Vric effusion j the_ ; piano music of Kaikhosru alwavs 
unease is offered instead of for the lovers: the incessant''' * • _ _ . 

lyricism. ■ showing-off that Nureyev-as- 

This impulse towards activity choreographer provides for 
rather than expression seems to Nu^ev-avdancer — these are 
me to be central, to Nureyev s hard "rn t-iUp. 
own performance. At a time , TO Tahe ' 
when most male dancers might' „L"? US * appearance 

feel that care and a husbanding °f Elisabeoa Terebust as Juliet, 
of forces are necessary con- for she brings an eager youthful- 
siderations, Nureyev appears to ness to the role that is authen- 
drive himself harder than ever, tically Shakespearean, and at the 
His stamina, and the sheer darkest moments of the drama 
ferocity of will that is manifest she achieves a ringing sincerity 
in his dancing how. are extra- of manner. The score. T thought, 
ordinary; he flngs himself into sounded less than compelling: 
his dances with a flaring energy. Festival Ballet's artists gave of 
The result is a quality at once their very best. 

Monty Solomon's espousal of is helpful in a manner not 
e . piano music of Kaikhosru always given to musical titles. 

'iTtte SS3"Sif °ol rssss th = <?«■ «» 

which had begun with Bach (the , * s e \ er >' bar - on ‘>' 10 b . e 

Goldberg Variations), he inrro- P. ai ’ e ^ I 06 but also, as it 
duced-to an attentive audience "f, 6, . w , n f te " i - for „ 

(these Sorabji concerts seem to exclusive delectation, 
have attracted a following) the Encountering this extra- 
Concerto per suonare da me solo, ordinary 40-minute pianistic out- 
Since the composer has so pouring- supposedly a coucerto- 
enthusiastically given his sane* witbout-orchestra in three dis- 
tion to Mr. Solomon’s perform- tinct movements, though the iri- 
ances of bis music, the title of teraal demarcation lines are not 
the Concerto is now. in a sense, iraraediately obvious-— is like 
invalidated. . In another, more overhearing the delirious mid- 
important sense, .of course, it night improvisation of a bril- 
remains meaningful— indeed, it HanUjr eccentric pianist-composer 

who had breakfasted on Liszt 
lunched on Rakhmaninov. supped 

Continuing. action in culture, independence and democracy 


commemorating the 

167th Anniversary of Venezuela s Independence 


on Skryahln. and rounded off his 
feastings with a nightcap of 
lslamey and Soorbo. The notes 
come in a torrent, fantasticated 
into exotica! !y ornamented 
streams, punctuated by outbursts 
of martial pianistic gesture, 
occasionally and only briefly 
interrupted by a pause for air. 

The torrent flows so fast and 
so insistently that the effect is 
soon, paradoxically, static. The 
ear soon loses all grip on the 
passage of musical events, on 
rhythmic movement, on harmonic 
progression, and surrenders 
itself to a whirl of sound the 
meaning and the purpose of 
which it little perceives. The ex- 
perience is extraordinary. 
Elating— there is obvious and 
exhilarating mastery, of an un- 
exampled kind- in Sorabji’s 
command and fusion of virtuoso 
piano sonorities. Buoyant— it is 
hard for the senses not to be 
dazzled and invigorated by such 
coruscations. And, finally, weight- 
less and negative, with nothing 
of musical substance to linger in 
the mind after the music has 
ceased, except for a chain of ill- 
comprehended physical sensa- 

...and more interest 
means more smiles! 


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As the big society for the small 
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Say 'the Leeds’ and you're smiling 



Telegrams: Finanttmo, London FSL Telen 886341/2, 883897 
Telephone: 01-248 8000 

Thursday June 29 197S 

on trade 

NEGOTIATIONS over the next 
few weeks should determine, in 
outline though not in detail, the 
outcome of the so-called Tokyo 
round of trade negotiations. The 
EEC Council or Ministers has 
just finalised its negotiating 
position and the hope is that 
broad agreement among the 
main trading nations can be 
reached hy (he middie of next 
month, just before the Bonn 
Summit. The package which 
eventually emerges is bound to 
be a compromise between the 
principles of free trade which 
all the participants theoretically 
support and the real political 
pressures to which they are 
subject. No dramatie break- 
throughs can be looked for. but 
if the Tokyo round preserves 
the Framework of free trade, 
corrects a number of deficiencies 
in the present rules and keeps 
protectionist forces at bay. that 
will be a notable achievement. 


One of the issues which could 
still cause trouble concerns sub- 
sidies and countervailing duties. 
The Americans are lightly con- 
cerned about the extent to 
which EEC countries are subsi- 
dising individual industries and 
want the right to impose 
countervailing duties on exports 
from those industries. The EEC 
insists that duties must not be 
imposed unless there is proof of 
material injury. The U.S.. in 
turn, is only prepared to accept 
this if the EEC produces a list 
of the subsidies that are being 
paid: the Americans are deter- 
mined to obtain a fuller dis- 
closure of the numerous ways in 
which European governments, 
through subsidies, are distorting 
world trade. 

Some compromise between 
the two positions should not be 
impossible: the Americans have 
been forced to accept that the 
abolition of industrial subsidies 
in Europe is politically out of 
the question. But the fact that 
this issue has become one of the 
sticking points should have 
driven home to European gov- 
ernments the close connection 
between domestic employment- 
preserving measures and access 
to export markets. It is doubt- 
ful whether these measures are 
effective even in the domestic 
context: the external damage 
which they cause provides an- 
other strong argument against 

A second issue is the right to 
take selective action against an 
individual country whose ex- 

ports threaten to cause serious 
injury to a domestic industry. 
The Japanese are naturally con- 
cerned that they will be the 
main target of such moves and 
have sought to ensure that if 
selective action is taken it is 
strictly policed by GATT. Some 
EEC countries, particularly 
Germany, have argued that the 
exporting country should be 
consulted in advance — a point 
that has apparently been 
dropped from the EEC's final 

It is probably true that the 
existing sr/eguard clause, 
Article 19 of GATT, does need 
to be amended to enable 
countries to deal with sudden, 
disruptive surges of imports 
from a particular source. The 
conditions under which such 
action can be taken need to be 
carefully defined, but it is pre- 
ferable that selective protection 
should take place under agreed 
rules rather than unilaterally. 
It would he desirable, too, if 
agreement on a new safeguard 
clause could lessen the need for 
orderly marketing arrangements 
and other bilateral measures 
which come under the heading 
of “organised free trade." How- 
ever. the Americans have made 
it clear they will continue to use 
such devices if circumstances 
make it necessary to do so. 

The conflict between the goals 
of the Tokyo round and domestic 
politics is most obvious in the 
case of agricultural products. 
The EEC is not about to dis- 
mantle the Common Agricul- 
tural Policy. Both the Japanese 
and the Americans have farm- 
ing lobbies which are too power- 
ful to be ignored. The U.S. wants 
improved access for its fa rat 
exports to the EEC, as do Aus- 
tralia and New Zealand. At 
this stage the European offer 
on farm products seems inade- 


On industrial tariffs, there is 
pressure on Japan to improve 
its offer and, on the European 
and American sides in 
particular, there is a long 
list of- possible exceptions. 
But the level of tariffs is not 
the main battleground. Non- 
tariff barriers are being used 
increasingly, and especially in 
Europe, as a means of evading 
the social and industrial adjust- 
ments which ought to take place 
in response to international 
competition. The aim of the pre- 
sent negotiations must be to 
halt this slide into concealed 

Compassion and 

RECENT events in steel and 
shipbuilding, to cite just two 
examples, have amply demon- 
strated the futility of spending 
money in the hope of putting 
off disagreeable changes and 
thereby living jobs. The 
attempts are not only abortive: 
they invariably delay the 
recovery of prosperity both by 
the firm or industry concerned 
and by the areas in which the 
closed' plants are located. For- 
tunately. this lesson now seems 
tu be sinking in. When the Prime 
Minister was questioned in the 
Commons last month about the 
Port of London's proposals to 
close the remaining upstream 
docks in East London, he toltl 
MPs that commercial criteria 
must he the test. There will be 
no long-term future for this 
country, Mr. Callaghan said, if 
we continue permanently to sub- 
sidise facilities for which there 
is no use. 


This was a commendabiy 
forth right lead considering the 
strong political pressures the 
PLA's proposals have aroused. 
London's dockland is the classic 
example of the decaying inner 
city upon the revival of which 
the Government has been 
placing so much store. And if 
the PLA's desire to re-base 
itself upon its new port facili- 
ties at Tilbury is to be properly 
implemented, the inflexibility of 
the dock labour scheme will 
have to be breached so as to 
enable the Authority to deploy 
a balanced labour force. 

As the Prime Minister has 
doubtless realised, the issues 
can no longer be ducked. 
London's share of the nation's 
trade has been declining for 
years. The swing to con. 
tainerisation has reduced the 
traffic the upstream docks can 
serve. Inter-union squabbling, 
resistance to modern working 
practices, insistence upon over- 
manning,' and the statutory 
retention of dockers who are 
unfit or for whom there is no 
conceivable requirement has 
made it impossible for the 
PLA tu offer its customers the 
service aud the price they 

expect and can obtain else- 
where. The attempt two years 
ago to keep some upstream 
docks open in response to offers 
of greater efficiency has led to 
no lasting improvement. The 
losses the upstream docks are 
incurring — £7m this year and 
more to come — are denying the 
rest of the port funds for new 
investment Without a large 
injection of public funds, the 
Authority wifi soon be unable 
to pay its weekly expenses. 

Given £50m. io cover losses 
and provide for new invest- 
ment, the Authority reckons 
that it would have a reasonable 
chance of becoming viable 
again by the early 19S0s. But 
this would mean not only clos- 
ing all upstream docks this year 
but also halving the present 
labour force and freedom to 
recruit and train younger and 
fitter men at Tilbury. Talks 
have been going on with the 
unions about a modified plan 
involving the retention of cer- 
tain docks in return for 
changes in working practices 
and a phased reduction in the 
labour force. There would be 
obvious attractions for both the 
Authority and Ministers in an 
agreed solution which avoided 
confrontation. But the auguries 
are not encouraging. Offers to 
improve working practices have 
■been made before. And the 
unions are insisting on their 
being no closures at all. 

In any case, the operation of 
the dock labour scheme will 
need to be changed if the PLA 
is to be freed of the burden of 
paying men for whom, because 
of their age or health, there is 
□o work. Either the Govern- 
ment takes over the burden or 
it offers to buy them oUL The 
present voluntary redundancy 
arrangements have proved in- 
sufficient The social and 
political difficulties are not 
to be under-rated, and the price 
of combining compassion with 
commercial realism will be 
high. But. having perceived 
that the only lasting solution 
for the port of London is a 
commercial one. Ministers must 
not let their resolution flag. 

Peru’s struggle 

FlnaiiciaT Times Tfiursday June 29. . 1?^ . 

N EXT MONTH the military 
Government of Peru, 
battling with the most 
severe foreign exchange crisis 
in the country’s history, will 
start another round of negotia- 
tions with the International 
Monetary Fund for a stand-by 
credit of several hundred 
million dollars- With a number 
of developing countries in a 
similar critical position the out- 
come of these talks and. more 
significantly. the political 
effects in Peru of any IMF 
austerity plan accepted by the 
Government, will be of more 
than local interest. They will 
form an important case study 
of relations between the Fund 
and the developing world, 

Peru’s unhappy position can 
be summed up briefly. The 
trade balance which in 1973 was 
in surplus to the extent of 
§79m., by 1975 was showing a 
deficit of $l.lbn and. despite 
the most severe import restric- 
tions. will this year, it is offi- 
cially estimated, will be in the 
black by no more than S36m. 

Borrowings have mounted so 
that the total long term foreign 
debt comes to $6.1bn. $4.Sbn 
of this being attributable to the 
public sector. The total foreign 
debt, short-term and long-term, 
public and private is $8.3bn. 
The servicing of this debt is 
expected to consume more than 
half the country’s export 
revenue this year and more 
than two-thirds next year if 
relief is not granted. 

The net foreign position of 
the central bank (reserves less 
short term liabilities of the 
Central Reserve Bank) has 
fallen from STOOm at tbe end 
of 1974 to a liability close to 
$1.3bn today. The inflation rate 
in the first five months of 1978 
was 34 per cent. 

Tbe Peruvians have got them- 
selves into this nightmarish 
situation by a combination of 
bad luck and bad management. 
In a brutally frank expose of 
the situation a fortnight ago Sr. 
Javier Silva Ruete. the Minister 
of Economy and Finance, set 
out eight basic reasons for the 
crisis which included the main- 
tenance of an excessively over- 
valued currency, the sol. for 
much too long, the establish- 
ment of industries which were 
too dependent on imported 
goods, unproductive public sec- 
tor investment, sharply declin- 
ing terms of trade as the prices 
of Peru’s oil imports went up 
and those of Peru's commodity 
exports fell, excessive arms 
ourchases and the bunching of 
foreign debt commitments. 

“ Some of our decisions were 
abysmal,” one senior official 
remarked to me here, “for 
instance, when coffee prices 
rocketed a few years ago after 
the Brazilian frosts there we 
were uprooting coffee bushes 
and planting something else.” 

In a move to fight off the 
impending crisis the Peruvian 
military Government came to 
an agreement in 1976 with a 
group of private foreign banks 

which involved a stabilisation 
scheme with a 44 per cent 
devaluation of the. sol, better 
treatment for foreign investors 
and tbe selling of some state 
industries to private investors. 
The banks, led by Citibank, were 
to monitor the Government's 
performance and provide $200m 
for five years at 2i per cent over 
London inter-bank offered rate. 
European and Japanese banks 
were to lend, a similar amount 

When list year the Govern- 
ment had to seek further help 
the banks decided that their 
monitoring of the economy was 
too controversial and difficult to 
accomplish and said they would 
not lend without the participa- 
tion of the Fund. At the end of 
last year after agonised negotia- 
tions Peru signed an agreement 


wants to see the sol move from product by 16 per cent and had 
its present parity of nearly 155 to spill a great deal of blood 
to the dote to MO sttaight t0 dc SQ He ^fll didn't' satisfy 
away, while the Government 

sees the 200 figure as an ** Fuad * ^ what chance have 
extreme target it would not we 8dt of getting another 
want to reach until the end of austerity programme to stick 
tbe year. Tbe Fund appears without the use of the methods 
to want the budget deficit cut he used?”, a Central Reserve 
from tiie present 55bn soles Bank official commented. 

to around 28bn while officials 

At tbe moment the military. re 

Government is. engaged in the 
extremely delicate political 
exercise of returning the run- 






trade -741 


+ 36 

Invisibles —509 




account —1,192 



capital +675 

+ 674 



balance —517 



capital* —357 

- 98 



balance —868 



■ Preliminary 
t Estimate 

f Including errors and omiuroni 

Source; Central Reserve Sank of Peru 

witb the Fund under which the 
budget deficit was to be cut by 
two-thirds and inflation was 
intended to be reduced by half 
in return for $100m of Fund 
money to be disbursed at two- 
month intervals over two years. 

Tbe Fund has since alleged 
that the Government has not 
kept its side of the bargain and 
has halted its disbursements. 
This has put the private banks 
in a state of uncertainty and 
last month as a result Peru 
literally ran out of foreign 
exchange. This rock-bottom 
position was relieved for a few 
weeks only after the Central 
Reserve Bank raised 586m over 
the telephone from Argentina, 
Brazil, Spain, Mexico, 
Venezuela, and the Dominican 

The Government has reached 
an interim agreement to get a 
further $18om from foreign 
hanks to bail 6ui the public 
sector until the end of the year, 
but a longer term solution still 
has to be worked out Sr. Silva 
Ruete has said that last 
November’s “impossible and 
absurd ” agreement with the 
Fund will have to be scrapped 
and a new deal worked out in 
the next few weeks. 

Battle between Peru and the 
Fund will be joined on three 
principal topics. The Fund 

trim it more than 5bn soles 
without major political 

ad m ini s trative chaos. . jjjng poyjjjjy to civilian 

The Fund will doubtless also hands. Peru has been ruled by 
seek a cut of loans to the private the milit ary since 1968 when a 
sector. That would be sure to radical officer. General Juan, 
provoke a big wave of bank- Velasco Alvarado, seized power 
ruptries which will further swell and started a programme of 
Peru’s queues of unemployed, root and branch reform of a 
The feeling among many society which in many aspects 
officials here is one of anger had changed little since the 
and apprehension about the time when it formed part of the ' 
forth coming confrontation with Sp anish Empire, 
the Fund. Saying that the IMF a great deal of modernisation 
officials in Washington show was accomplished by' General 
little understanding of the par- Velasco, particularly iii” the 
ticular circumstances of develop- realm, of agrarian reform, 
ing countries with balance of Helped by the stimulus given 
payments problems, one senior to the economy by his ambitions : 
government figure commented, development plans the growth 
“if you’re ia foreign exchange averaged 5.5 per cent in the 
difficulties the Fund wants you period from 1969 to 1973 and 
to depress demand till there's industry grew even - faster.' 
a surplus in the economy, then wages and salaries went up by : 
simply export that surplus. They an average of 6.6 per cent a 
don’t admit that depressing year and unemployment fell:' 
demand in an economy as poor The reserves went up from 1 j 
as ours creates starvation con- 5131m in 1968 to 5411m in 1973/- 
ditions and that anyway there Big plans to exploit copper and: 
are often no established qq persuaded foreign banks to 
channels for surpluses to be lend liberally to Peru and the- 
exported.” external debt almost tripled: 

Another official added, “the between 1968 to 1974. 

Fund has one basic remedy for . in the latter year the world.- 
its patients, a dose of purgative, recession hit Peru, a fact which.! 
irrespective of whether tbe coincided with tbe exhaustion 
patient is suffering something and ill health of General v 
comparable to heart disease, Velasco. In August 1975 be 
liver infection or any other was replaced by a more * con- i: 
illness.*' servative and cautious figure, . 

Tbe two principal questions General Francisco Morales/ 
facing tbe Peruvian negotiators Bermudez who soon made it -. ' " 

and the Fund are, how far will clear that he felt that the diffi- 'skilful the Peruvian negotiators Fund. Capitalising on tbe fact 
the Peruvian public be willing cuities of governing a country may {, e j n reducing the severity that the 'military Government 
to. swallow what is sure to be iu recession were too much for'/jjf the Fund’s demands. “In the is. taking concrete steps to put 
highly unpalatable medicine the army and that the militarised; think either the Fund will the govehunenr back into 
when they are still suffering should make arrangements ^' have to go or the Constituent civilian hands and .thus har- 
from the austerity measures step aside in favour of civilian 'Assembly, and the return, to monise with- President Carter's 
introduced months ago, and to politicians. Last year he democracy will have to be can- policy of ‘liberalism in Latin 
what extent will the military announced a two stage plan Celled. I don’t think the Fund America, the Peruvians are mak- 
have to scrap its plans for a which would allow the soldiery will go. In any case, the Peru- ing a strong pitdi at the White 
return to civilian rule and use to go back to their barracks W^vian economy would be in poor House, the State Department 
violence to force the medicine 1980, the election of a conr straits indeed without the and the U.S. Treasury.' They 
down? * stituent assembly in 1978, and a> Fund’s aid” a Lima banker have ^nbt '-’been 7 totally d is- 

The devaluation already civilian government by 1980. ^predicted- ' ' ’ - appointed and 'Mr. Michael 

decreed coupled with the cuts The result of the elections odj .Officials- .warn?, that VlfV- the . Blumenthal is.. reported, to have 
in subsidies on staple foods June 18 for a constituent Fund presses them too hard to .taken time off- to ; study the 

introduced as a way of reducing assembly charged with the task Takeiwhat they consider to be Peruvian case and promises a 
the budget deficit have over the of preparing a new con^itution disastrously deflationary action sympathetic U.5-. attitude, 
past year brought about great and general elections Jn 1980 they will ifefuse to sign any President Morales Bermudez 
unrest, rioting and death. The indicate that resistance is stif- agreement, practice they j s principally counting on the 
drop in the living standards of f effing to any new austerity know thafc.a failure to sign with fact that if too severe a defla- 
almost all classes of Peruvians measures. The Left got a third the Fund would ^obliterate any tionaiy package were forced on 
has already been dramatic. The of the vcte - 50 P er ce nt more hopes the Government had of Peru and if this package in its 
wage index which in 1973 stood 111,111 m&nY observers' had fore- getting fundfc from -foreign pri- turh led to an aborting of the 
at 114.1 last year fell to 74.1 cast and within the Left the vate banks. And the result of return to civilian government 
while the salary index fell from more radicaI Parties did better tbat-wonld be an ever greater after 10 years -of military rule 
106 4 to 83 8 than the more moderate and foreign exchange- crisi* coupled it would be a major defeat for 

’ * flexible Moscow-line Periivlan perhaps with sharply Increased president' Garter’s ' policy of 

Many Peruvian officials communist Party. “It was a inflation as - the V sol liberalisation in Latin America, 
believe that another round of vote of desperation,” one poti- dropped on the foreign exchange ,• . cn M 

severe deflation would put paid tj Cal journalist commented. markets and the price . of -“L 7^. l T,' 
to any hopes that the military ■ . . - imports' increased - Ruete said:. We have had very 

LtaTSttlTa bSXtVe A s the date of the negotiations 

country back to aviban politicians. in the Con- approaches the Government is A ^ mmJslJ ^ on 

democratic rule. After the stituent Assembly will be unable doing what it, can to win tbe,* nd frOEa Western Europe. But 
1973 coup in Chile General to accept any new agreement support ofjits friends among the he added, “ We still need help 
Pinochet cut the gross national reached with the IMF however richer member . nations of the and we need it fast.” 

Ctt/n GctUtt - . . 

Mr. Michael Blumeutbal (left). US. Secretary of- the 
Treasury, is stndying the financial problems of Peru as 
President Morales Bermudez (right) tries 16 • steer the 
country back to. civilian. rule. : 

On parade 
after Prentice 

After the fracas over Reg 
Prentice, who finally deserted 
them tu join the Conservatives, 
the Labour Party members at 
Newham North East have been 
poring over the entrails as they 
try to pick their winner for 
next time round. The seat has 
long been a Labour stronghold, 
with the Labour left firmly in 
control of the constituency 
party. Some time ago Andy 
Bevan, the radical Labour 
Youth Officer moved into the 
area and was deeply involved 
in the dispute over Prentice. 
Yet it seems that his dose ally, 
Nick Bradley, representative of 
the Young Socialists on Labour's 
National Executive Council, is 
unlikely to win nomination. He 
is one of the candidates on the 
short-list which is to be dis- 
cussed by the local party on 
July 5. 

An ardent advocate of 
“Clause Four” policies for 
extending public ownership, 
Bradley is reportedly con- 
sidered to be associated with 
one group, rather than having 
the wider support assured to 
another un the short list, Jimmy 

Dickens held Lewisham West 
for Labour between 1966 and 
1970 and is now Assistant Direc- 
tor of the Manpower Services 
Division of the National Water 
Council. In Parliament ten 
years ago he was a prominent 
member of the Tribune Group, 
but in Transport House he is 
considered the favourite For 
nomination — not that that is 
necessarily a credential, given 
the local Labour activists* 
groundsweil against the present 

Linking canais 

I suppose if you are steaming 
through the Suez Canal in a 
convoy the billboards along its 


sides must add a bit of colour 
— all four of them on the West 
bank and only one. bravely, on 
the East But with a total of 
only five boards along its 
90-mile length, you could hardly 
say it was a site in demand. 
Still Mahmoud Rasheed, who 
has the concession, tells me that 
” Peace is coming and then the 
panels will flow." And, perhaps 
more realistically, that the 
agreement he hopes to reach 
with tbe Panama Canal authori- 
ties will boost business. 

It would be the first such link 
between the two canals but 
Rasheed, who is visiting London, 
assures me the Panamanian 
ambassador in Cairo is 
enthusiastic. So. he trusts, they 
will soon be having their 90 and 
120 square metre boards rising 
in Central America — perhaps a 
little more permanently than 
those in Suez. Rasheed told me 
plaintively that during the last 
fighting his billboards, all 29 of 
them, disappeared. He could not 
think what had happened to 

Paying out 

Those who cast around for rea- 
sons why Britain’s industrial 
might .has declined sometimes 
blame the drop in the status of 
engineers since the era of 
Brunei and his contemporaries. 
But if money is any criterion, 
the latter-day Brunels are doing 
quite nicely. The company in 
Britain paying the highest aver- 
age wage to its employees is 
John Howard, the civil en- 
gineers: the figure is £7,674. This 
nugget comes from Jordan’s 
“Top 1,000 Private Companies," 
published yesterday. Moreover, 
five of the ten top private com- 
panies paying more than a 
£5.000-a-year average, are in 
civil engineering. Among public 
companies, the tap payer (aver- 
age £6.754) is also in engineer- 
ing — Wilson, Walton, which 
specialises in marine and 
offshore work. 

When I talked to several civil 

engineering firms yesterday and 
a6ked why they were so muni- 
ficent — by British standards, of 
course — they seemed wary, even 
alarmed. Several seemed fright- 
ened that by admitting they paid 
well would seem indecently rash 
and unpatriotic. One of the new 
pace-makers among private com- 
panies, Tileman of Richmond, 
assured me that the big money 
went to “men who get dirty out 
in the field,” and that a rush job 
on the Ninian Field in the North 
Sea had bumped up the figures. 
But Humphreys and Glasgow, 
third in the table with a £5,370 
average, assured me that in the 
process plant engineering busi- 
ness “highly specialised gradu- 
ates earn big money.” 

Price war 

The continuing fracas between 
Sir Frank Price, chairman of 
the Waterways Board, and the 
Government, may have a bear- 
ing upon decisions about the 
English Tourist Board. The 
Chairman of the ETB is Sir Mark 
Henig, aged 71, and he is now 
in his final year of office. A 
likely successor, who is already 
on the Board, would seem to 
be Price, aged 56. 1 understand, 
however, that Ministers at the 
Department of the Environment 
are so vexed with his public 
utterances that he has put him- 
self out of the running. 

Asked if it were true that he 
has been warned that he is now 
persona non grata for - future 
official appointments, he 
replied: “I would like to make 
no comment Good afternoon.” 

times, that Scandinavia is u a 
worker’s paradise.” His stock 
riposte, until recently, was: 
“ Have you ever seen a happy 
Swede?" Then a boy at one 
school said : "Yes, in a blue 
movie.” Scanlon ruefully 
admits: *Tve never used, that 
line again." 

Wide view 

The new city museum in Stoke- 
on-Trent has not been built 
without controversy. The cost, 
which has climbed from £1.5m 
to more than £2.2m, is now 
being borne by the Staffordshire 
County Council. The construc- 
tion programme has fallen 
behind schedule and the formal 
opening will not be until the 
end of this year. 

But in onC area the museum 
is about to set a positive record. 
Over its main doorway a mural 
is now being put. into place, 
depicting the history of Stoke, 
It has been designed by 
sculptor-potter Frank Maurier 
for G. H.- Downing Ltd., the 
makers of facing and engineer- 
ing bricks. The mural is 33 
metres long: and" four metres 
high: it has more than 8,000 
pieces. The only bigger thing 
of its kind in existence was 
made in 600 BC and is now in 
the Berlin Museum. . .. 

Not so blue 

There will be little to joke 
about in Granada’s forthcoming 
TV series on the " nuts and 
bolts” of- the British economy. 
But I learn that Hugh Scanlon 
provides one in this Sunday’s 
pre-recorded discussions on pro- 
ductivity. He tells how when 
he talks to sixth-formers he 
always hears, in the question- 

Limiting liability 

From Brighton comes the story 
of a young couple who hunted 
down the local vicar on Satur- 
day morning and told him 
they wanted to get married; 
“When?” he asked, to be told 

* I’m sorry," the vicar replied. 
“ bur it just cannot be arranged 
at such short, notice.” “Oh, 
dear/’ said the young woman, 
continuing “ Could you possibly 
give us a cover note just to tide 
us over the weekend.” 


spastic and unable 
to walk or stand. 

It'was Angela Colette’s job to find 
' iupi sjypatbetic foster parents. Just part 
of her life as a Bernardo s social worker. • 

It wasn’t easy. But we’re happy to 

say that Ja mie is now being Iookedafter - 
. by .awaripand experienced couple who are 
7 realistic as well as fond of children. : 

V-7 ^ . ... 

■- team's newparehte are essential to !: 

; Banferdo'sJrAiso essential are the funds to - 

. en^leustecontfflaaCaringforchildren • 

defflands a:great deal of money. Wiilyou^ 

itoiBaraardo's, FT286, 1 


X *£•--- • - 

,7 ■ 


? 2? 1 ? data u that «M«i that becau se the world share of world manufacturing The Cambridge Economic 

medS iS ihl “SSJS,! »? ^ SS oa a dollar standar d the exports came to an end in 1973, Policy Group (CEPG) contribu- 

Ki of thf h£L^SEt B f ° f a fal - 1Dg pr0p0rt1011 of U - S - «»M stiU offset the ad- as did the fall in the UK share tion came from Mr. Ajit Singh. 
noTjouL?* * employment m manufacturing verse employment effects by of OECD manufacturing output. He repeated projections show- 

demdSwaHsaH^^^nf !“ i ? d H? Uy ? “ M ? er not a -^ eaSe budget deficits, and that the But the “deindustrialisers" ing 1.8m unemployed in 1980 
aiSSS v e !!k ’ or °? e - from which; many U.S. being out of the. EEC, regard this recent stability as and 4.6ra in 1990. even if inter- 

switefa: channels: oJict tjuntnes suffer *v-welL could impose import controls at exceptional and argue that the national price competitiveness 

’iwit ft.n iv, a the Cfit The D.S., Sweden, the .Jitether- any time. uncompetitiveness of nianufac- is maintained. To keep unem- 

,-jf;vagudy defined, controversy ^75 of comparable size to ™ ? r r ' vate . ser ' , Ihe Brown-Sftenff paper J and ^bove that required 

Believers lq .delridiistrjaijsation Britain's. Germany and Trance ! r °” be, " s sh ?£f, thaT v a “ er aU ?™ n * * or ^competitiveness of 4 per 

come from :all parts of the poliii- lost about maintained the same t0 h g 5 ra - e deprecja H? n ’ toe cent per annum— or an eventual 

; .cai spectruin and espouse dif- manufacturing ratio, while Jf 9 C n e i? w ?r 0W,n f c ? s l pnc f competitiveness redu ^ on of UK relative costs 

rferent i^me<ffes- The unifying. Japan and Italy were -rntcep- „ b ® rLff p f per hafi a tab . Ie of of British goods did not deteno- . _ Q t j .. 

feature is that tiuhr tional in increasinsr 'theirs ® ross profits « a proportion of rate and probably improved of oU per ce ’ 

: serioiisly.tlU drop 'in UK.-manu- These facts emerged from 7 what net output > after stock apprecia- over the 1960s and the 1970s. Mr. Walter Eltis queried the 

factuiing. employment from was probably the best of the ba lS ra i™ i 

ST?'J?SSS CHANGES IN UK EMPLOYMENT, 1966-1976 SEr- that the P big rise in 

■ + th,! W “2+ »•: **** «*> . S&E5EX? but 3 a seriet 

‘'nia • ' ♦i,^frx^ 1Ve ^- 011 of . 1 ^! our *° Males Females Total of jumps in periods of boom 

^ ‘ ordl ?**? supply-atid- the VK public sector is; only index of production industires —1/138 — 536 —1,975 and supply bottlenecks, such as 

economast would . .say superficially a good emanation Private sector outside production 1903-4, 1967-8 and 1971-3. He 

that uus was due. to some com- of UK trends. Between -1966 industries - 334+ + 215' - 168 also suggested that the limited 

otaatum of a general increase and 1976 public service -employ- Public sector outside production Dast response to devaluation 

in unemployment and of .'a shift meat rose by 1.4m. Tins was industries + 366* 4- 1.063* +1,42 9 £. aS a lso due to supply side 

in the composition of demand, twice as' big as the drop in TOTAL —1,455 -f- 741 - 714 bottlenecks. arguing — very 

or of UK comparative advantage total employment and?hearly •Estimated Source: Department of Empiorment reasonably- that 'the °stabiiisa- 

from goods to- services. The up- three quarters as great is the . ■ - 1 — tinn of UK export shares after 

noJaer of aeindiptrialisation fail in employment ■ In the tion and capital consumption. The trouble is therefore attri- 1973 reflected the increased 
maintains That'jt- is a sign of “index of production ’’'sector. For manufacturing, the profit bured to non-price factors. There margin of spare capacitv. More- 
a much deeper malaise, which,! But as the Registrar General, margin calculated this way fell is some uncertainty about over, the Cambridge estimate of 
unless checked, will make this Mr. Roger Thatcher, showed in from 19.3 per cent in 1966 to whether the British' appetite for required foreign exchange earn- 
country an island, of depression his paper, well over lm : .of the 3.4 per cent in 1976. In services imports— the income elasticity ings could in his view have 
ana mass unemployment. increase in public sendee em- it fell only from 29.8 per cent to of demand — is abnormally high, been based on too optimistic a 

The National Institute of : Ployment consisted of women — 27.2 per cent But what does seem statistic- view of the growth of UK 

Econo'inic and Social Research m °st of them part-time4-and it in the end deindustrialisation &]]y c,ear is that the income productivity. 
iNIESR) held a useful and par- fa; tittle implausible tfcmain- turns out ^ be another name elasticity of world demand for interestingly enough, another 

mliy representative conference tain that tiiey were ^verted for the old current baiaDce ^f. British expons ifi abnormally rival groiip - pf Cambridge 

this week on tite issue— the pro- from manufacturing u^ustry. pajments worn'. The balance As the authors saj-, "Not economists — entitled the Cam- 

ceeduigs will be published later Sir Alec Cairncross^* asked has improved in services and ° n *-' C I° foreigners not want our bridge Growth Project — aiso 

-this year: - ; - " pointedly whether the .T7.S. was has deteriorated in manufactur- S°°^ s < neither do we.” t-onferring this week, came to 

There : are- roughly two not also suffering for;'deindus- ing. But, the argument runs. But even this, as they empb a- apparently equally pessimistic 
schools of deindustrialisers. trialisation. Not odly have there manufacturing exports are still sise, caD be open to misinter- conclusions on the basis of a 
One group sees the trouble been similar manpower Ranges twice as important as sendee pretation. Many conference micro model built up from 
arising from the axpansion of in the two countries, but the ones; it will, it is only participants stressed that analysis of 40 different indus- 
p.uhlic spending and public U.S. share in worliL. trade possible to balance overseas supply side bottlenecks make it tries. The alternative Cam- 
sector employment. The other in manufactures has.-, fallen trade at a reasonable level of difficult for British industry to bridge view asserts that to pre- 
sees the .trouble in excessive faster than Britain's and the employment if there is a large respond effectively to any rise vent an excessive current 
import penetration and sees trend of import penetration has improvement in manufacturing in world incomes, even when surplus in 19S5 — due to North 
the remedy in import controls, been at least as severe. Lord performance. foreigners would otherwise Sea oil — the basic rate of 

The first thing, that emerges Kaldor freely admitted this, but In fact the fall in the British want our goods. income tax tuuld be reduced to 


sSriJ*' 5 ' - ^5 

USSt- ’ja 

• . a 



Index of production industires 





- 1,438 

- 536 


Private sector outside production 

- 334* 

-r 215' 

- 163 

Public sector outside production 

+ 366* 

-i- 1.063* 




4- 741 

- 714 

* Estimated 

5ource: Department of Emplof merit 

basis of the Cambridge 
pessimism. In particular he 
showed that the big rise in 
import penetration was not a 
continuous growth, but a series 

1903-4, 1967-8 and 1971-3. He 
also suggested that the limited 
past response to devaluation 
was also due to supply side 
bottlenecks. arguing — very 
reasonably — that the stabilisa- 
tion of UK export shares after 

20 per cent, VAT abolished or 
Government spending increased 
by 30 per cent. But then even 
unemployment would be 2 to 2} 


• This other Cambridge team, 
unlike the CEPG and in common 
with Eltis, considers, however, 
that a much smaller effective 
devaluation — 15 per cent by 
1985 — would turn the scales, 
hold unemployment at its 
present level and allow real 
consumption to grow at 2 per 
cent per annum. 

In presenting the CEPG 
projections Mr. Singh goes a 
little beyond the blanket 
advising of import controls. He 
admits- that any increase in 
demand they made possible 
would soon come up against 
supply limits, and advocates a 
forced increase of £2bn per 
annum of manufacturing invest- 
ment. Even then he does not 
think import controls could be 
lifted before 1990, and 
probably much later. 

The interventionist strategy 
which most interests Singh is 
that of the Japanese •'Govern- 
ment-industrial complex.” He 
quotes a Japanese Minister 
justifying (with hindsight) the 
post-war strategic decision to 
iuvest in heavy and chemical 
industries, even though they 
seemed uneconomic on post-war 
international cost comparisons. 
A characteristic intervention 
was to forbid ethylene produc- 
tion in plant of less than 300,000 
tons capacity. Singh fears that 
an interventionist British policy, 
using planning agreements and 
an expanded NEB " may be 
resisted by the business 
community. *’ The Government 
may then “have to underake 
investment activity directly, 
impose stringent exchange 
controls and ultimately perhaps 
even nationalise the multi- 



36 ; - u „ 

34' {- UNITED 


SWEDEN-**. / 

30 f 



24 : h ITALY^' 

/ •* The Proportion 
¥ of Manufacturing 
is ; - ' ' ■ in Total Employment - 


1950 '52 '54 56 5S '60 '62 '64 '66 63 70 72 '74 

nationals in this country." 

In my view we shall not 
progress very far by throwing 
rival projections at each other 
or swapping horror stories of 
the future. There is a mechan- 
ism known as the market, which 
conveys far more information 
than any computer can handle, 
disperses it more widely and 
also provides incentives to act 
on this changing knowledge. 
What we need is neither wor- 
ship, nor condemnation, of the 

Letters to the Editor 

Trtr* colurioc similar treatment forir. their wise shipowners would have general statistics for the South- 

AUJJ oOUUied members? found the cost of protecting East 

roxrLawr- P. A. McCunn. . themselves prohibitive. Simi- Obviously you have to clearly 

ICVICtV ••• Mercury House, Theobalds Rood, larly. aircraft operators «ave de fi ne a pro b]eni before you can 

From the Chairman WC1 * S*?* 1 p ™ tecli .? n J™™ . the effect a cure. The Department’s 

Association of Members of - ■ ' Varsa J v ^ acL . To refusal to publish separate 

Slate Industry Boards * Wucflanrl • international uade, perhaps figures can therefore only mean 

oiaw lnawnrj voaras yy tJSUHIllI some similar legislation could be f Urt her delay leading to further 

Sir.-— Members of this associa- devised in respect of products industrial decav. 

tion— representing full-time pub- W3.26S liability. „ F r h ' 

Ik- board members, paid salaries Frnm r Hana • i? 5 nal T wo . rd warning t0 ' ' „ ,, 

From Mr. C. Hand British Leyland s insurance Totm Hall . 

well below those attributed to sir.— May I as a small share- manager, and others of a like IVaiwtacortfc High Street, SW18- 

national chairmen welcome the holder in Westland Aircraft be mind, is that the American in- 

support of Mr. John Lyons of allowed to comment "on the surance market has a history. n oncion 

the power engineers,. 'but'' note letter from Mr, M. Webber (June certainly in my 30 years’ expert- JjCllvi pcilMull 

your report (June -261 that Mr. 2T J; ,, * • cnee, of withdrawing from i i 

David Rainpttl chairman of the ^ 0ne eoulti *** many. questions, markets when losses start piling QG3.1 

David Basnett chairman of tne p or instajlcei wb0 opposed the up. and not just withdrawing , 

TUG, said that increases should piecework scheme, the piece from unsatisfactory accounts in Froni 1/16 Assistant General 
he restricted to the 10 per cent. workers or the day workers?; why a particular class of business, -Manager. Standard Life 
permissible under Phase HI was it opposed?: why was the but from that class completely. Assurance Company 
guidelines. This, despite the offer of a flat rate scheme with- Has not American folklore given Sir.— In his article “Paying 
fact that no effective salary flrawn etc - But the sooner the us the expression “Take to the fora better pension deal” rJune 
adiustment has been riven to pas * is forgotten the better for all hills"? The old saw “History 27). Joe Rogaly suggests that 
aajustmem nas “ een concerned. * repeats itself" is particularly “In later life those who want to 

board members since 19/- ana What matters now is the future 0 f the . insurance business, work Dast 60 or 65 must be per- 
that the Government has re- and I would offer a suggestion to and in my opinion, will prove to mitted to do so with perhaps 
peatedly undertaken to rectify, both sides. Why not agree a day- be s0 ^ the next two or three only a modest reduction in 


Better pension 


U.S. and Soviet SALT negoti- 
ators discuss reduction in nuclear 
stockpiles. Geneva. 

EEC Social Affairs Ministers 
meet. Luxembourg. 

Final ’ day of Paris meeting, 
chaired by .Mr. W. Wapenhams, 
World Bank vice-president, dis- 
cusses further economic aid to 

Lloyd's expected to announce 
approval of take-over bid for 
Leslie and Godwin by Frank B. 
Hall U.S. insurance broker. 

The Queen visits Sark and 

President Giscard d'Estaing of 
France continues visit to Spam. 

First Malawi general election 
since 1901. 

Statement by Commission for 

Today’s Events 

Local Administration in England 
and Wales on Local Ombudsmen's 
re por r. 

Special TUC conference cele- 
brates 30th anniversary of 
National Health Service. Congress 
House. WC1. 

International Whaling Commis- 
sion annual meeting continues, 
Mount Royal Hotel Wl. 

Confederation of Shipbuilding 
and Engineering Unions* confer- 
ence continues. Eastbourne- 

Final day of Royal Norfolk 
Agricultural Show, New Costessey, 

Court of Common Council 
meets. Guildhall. EC2, at 1 pm 
(open to public). 


House of Commons: Debate on 
problems of pharmacists until 7 
pm. when opposed Private Busi- 
ness will be taken. Debate on 
fourth report or House of Com- 
mons (Services! Comniinec, 
Session 1977-7S. on Members' 
secretaries and research 

House of Lords: Home Purchase 
Assistance and Housing Corpora- 
tion Guarantees Bill, anti Scotland 
Bill, third readings. Consumer 
Safety Bill, committee. 

Select Committee: Science and 
Technology (General Purposes 
sub-committee ». Subject: The 
Eleni V. Witness- Mr. Edmund 

market, but a study of to what 
extent and why its .signals and 
incentives have become dis- 
tuned. and how they can be 
improved. Import control i 
would simply cut off the few 
remaining signals and incen- 
tives in the mere hope that the 
UK would emerge better able 
to face world markets decades 
later. They are a lethal cure 
for a dubious disease. 

Samuel Briftan 

Dell. Trade Secretary (4.30 pm. 
Room 15). 

Capital expenditure by manu- 
facturing. distributive and service 
industries: and manufacturers’ 
and distributors' stocks (first 
quarter, revised i . Energy Trends 
publication from Department o( 


Final dividends: Bra by Leslie; 
Giltspur; Renold; Weston-Etans 

Block ley. Wellington, Salop., 12. 
Estates and General In vs.. Win- 
chester House. EC. 12. Folkes 
Hefo (John), Birmingham. 13. Hav 
(Norman*, Excelsior Hotel. 
Heathrow Airport. II. Turriff. 
Warwick. 3 . 

actuarially based pensions if the 
arithmetic can be so arranged." 
I have some doubts about the 
arithmetic but perhaps I should 
have more about irt? social atti- 
tude, as if I were to work beyond 
65 I would hope to receive an 
increase in my pension! 

A. U. Lyburn, 

PO Box M o. 62, 3, George Street, 

Perpetuating a 

the present position as soon as wage rate (or hourly)— allowing years. actuarially based pensions if the 

possible Would Mr Basnett be' ■ d^erentials for skill— this c. E. Owens.- arithmetic can be so arranged." 

F ate to-be supplemented by a 19. Wilton Place. SW1. I have some doubts about the 

prepared to accept as adequate bonus, payable to all workers, for ' arithmetic but perhaps I should 

this year a 10 per cent increase eveiy helicopter completed, t i 'nave more about nt? social ani- 

on the 1972 salary levels of his Ohviously. the bonus would vary jLjOC 41 alUflOrilY TU de, as if I were to work beyond 
own members? ■ .for different types of helicopter ,, 65 I would hope to receive an 

It is of crucial ircocrtauce to % SJSSPSMS^i aCCOUOtmg increase in my pension! 

an understanding of the position high weeks and low weeks as From the Comptroller of • A. U. Lyburn, 
that the public should he made completions were made or not. financial Serrtces. PC* Box No. 62, 3, George Street, 

aware of the following facts. The This would obviously affect PAYE Greater London Council Edinburgh. 

value of board members' salaries deductions and there would be sir, — Mr. R. Godin (Jane 261 * 

has be** tern15 moans in high weeks but surely implicitly ‘assumes both funda- o 

since 1972. Public board mem- this could he explained to the mental weaknesses and apathv JL CIpvIllSilEIiU a 

hers alone received no increase workers. Another complication in local authority accounting , » 

in pay in 1975. At that time the would be spare parts but given His heavy criticism' is based upon myth 

Government authorised payment goodwill on both sides these the presumption that the district v 

(in .whole or in part) of the difficulties could be ironed out. auditor's report on certain From Mr. IV. Armstrong 
increases then recommended for This scheme would enable the aspects of the direct construction Sir, — The letter from the Direc- 

all other senior public servants, workers to maintain their weekly branch comes as a surprise to tor of Public Relations, Post 
Public board members have not rates l of pay through increased Greater London Council Office. June 19, is itself “ per- 

challenged-tbe pay policy itself, productivity’ as obviously things This presumption is wrong, petuating a myth.” The last in- 
They have, however, resented the cannot gq on as they are. . The current district' auditors crease in telephone charges was 
application to 'them alone of a I tave twice mentioned both report represents one aspect of over 60 per cent at a time of sup- 
selective pay policy which is sides but the sooner they realise a - situation to which the council posed national price and income 
different and much harsher than we are all on the same side and was alerted by internal financial restraint. One might expect a 
that applied to any other section sink or swim, together, the better, reports some time ago. few years of “stability" after 

of the community. Clifford Hand. H is perhaps understandable that: Meantime charges are so 

The impiementatioir of these 3, Newlands Close, that Mr. Godin would not be exorbitant that profits have 

differing; and inconsistent. Gov- Sidmoulh, Devon. aware of the context within become high to the extent or 

ernment pay policies has resulted ■* - ■ which the performance of direct being grotesque. 

inboard members receiving some ' « « construction in .Greater London william Armstrong. 

thousands a year less in pay than l^O V6F IOr Councii needs to be assessed nor n ee Tvi c o. \r e nne 

those Immediately responsible to V v T VA * of the work- which the small cL r bSSh 

them. Even Fred Kamo paid his T avlonrl ' band of internal accountants and ivarooroupn. 

sergeants more than his cor- 4 Jc 1 7 Artllu auditors supplemented by ex- j 

nnnilet c- ^ ternal accountants have under- ff hinhrvnrrl ! 

bet it’s the Nissen Hut!’ 


ernment pay'pcdicies has resulted 
inboard members receiving some 
thousands a year less in pay than 
those Immediately responsible to 
them. Even Fred Kamo paid his 
sergeants more than his- cqr- 

Vr&m \ 

* tV-- ■■ ■ 

Cover for 

From Mr. C. Owens. 

The terms of th&.OfiW Boyle Sir,- In my experienre. p» Iffia* 0 ®. ft-ISSySSrC.! 



■me Terms Of ias.os« wjie ^ OLr - — 111 ujb arinivi-g Thpi phartered Institute «ll 

Report have, not yet been pufr British insurance market has Finance Awoun- JBlllS 

lished, hut it seems ineonceiv-. always been prepared to offer g ™ recommeodatioas for 1X21X13 

able that the report will not j-isks. albeit on rates and condi- ToT direct woriss From the ° lie{ 

recommend the removal of this tions which, they hope will show jlndertajj'jlUs; a nd in partici- £c < )7iwn = c Forestry i Holdings) 
discrimination. Certainly, the them^a profit. . pating in the difficult decisions Sir,— The forest industry must 

continuance of the present I fi°d it unfair for British Ley^ re jating to the management and be concerned at the implications 

chaotic situation would per- lands insurance manager to f uture of direct construction. of your special correspondent’s 

petnate a most grave injustice criticse (June 27) the UJC in- • . . . , . article ** Imports squeeze UK 

and would undoubtedly have the surance company market: if he W*«t w m^oheable lo ne a * llls t j UD e 27i where Ibe fore- 
most serious repercussions on checks the problems faced by that . any nrofessionjl accoun- past c1osure of cb j pboard ni j]^ s 

the efficiency of all nationalised British Leyland in 1969 in JESfSSfi will inevitably lead to loss or jobs 

industries. arranging fire insurance for the criticisms without establishing jQ forestry> 

D G Dodds group, he wili find that without minimum b^icfacti\^at Jt wiJ1 sure ) v be recognised 

. .. the. major; British companies' KU,™?* that a healthy chipboard raanu- 



D. G. Dodds, 
c/o Merseyside and North 
Wales Electricity Board, 
Bridle Bead. 

Bootle. Merseyside. 


Til Irina fhp much L-over as I could. After M. F. Stonefrost. of first thinnings and sawmill 

A MAlug contacting some 50 insurance Treasurer's Department, residues. Certainly, your corres- 

. companies. I succeeded in obtain- Coirnly Hall. SEl. pondent suggests that the indus* 

ireaimeili ing only 4 per cent. The main try is far from healthy but 

from the Group Managing reason for refusal was solvency whether the solution lies in pain- 

Director Cable awd Wiratas margins in the American market jJecaV 01 Mltere suen as import quotas or 

v,. ouiiin at ftat time. Without the -. » m the patient taking more exer- 

Sir^-The report rmup g^tish companies' support, .. I ,nTinf|ri cise by way of producing the 

Bassett (June 26) on .the sub- Bnfjgij Leyland would have been specification at the right 

iect of the Boyle salaries review exposed to bankniptcy from fire From the Honorary Secretary, price for the market is a matter 

quotes union leaden as saying damage, and the loss of profits Inner London Consultative of opinion. 

unn iH »vnppt arising therefrom." Employment Group On November 2 last, in a 

that their members wo *P Wi | regard t0 the problem of Siri _ ^Ule congratulating letter. Mr. Sacks regretted that 
similar increases if the products liability, due to the Messrs. Brennan and Churcbni on ^. ,s company bad . . . con- 

ment implements the »0 per cent modern prac iice o£ consumer theiir June 15 article, it was un- slsteQt, - v endeavoured over the 
pav rises for chairmen of protection, insurers are being fortunate that more importance last 25 years to use UK chipboard 
nationalised industries proposed asked to. forecast a situation in. was no t attached to the need for whenever possible . . without 

hv the Bovle review. terms of cost and liabilities that the national publication of un- 11 n, t h n ”’ 

i _.i v-e-'iint will arise in, say. 10 to 20 years employment figures for Inner f 3 *? lu r €rs . heheve that their 

As the Boyle review has not . di « C y] t crystal ball London. function is to supply the product 

. • _ uic.v.j 1 tia * . ... . . ■ a l... «.p . ■ m m pariTlirnrf hi* tHrt hiiVBv* hnur mn.iU 

involved insofar as tne leaning private, to provide the markets 

insurers sent me. as an uidepen- taima true and fair view of jj ecessar y for increasing volumes 
dent, to America to place as eacn otner. of home grown wood in the form 

Decay of 

of home grown wood in the form 
of first thinnings and sawmill 
residues. Certainly, your corres- 
pondent suggests that the indus- 
try is far from healthy but 
whether the solution lies in pain- 
killers such as import quotas or 
in the patient taking more exer- 
cise by way of producing the 
right specification at the right 
price for the market is a matter 
of opinion. 

On November 2 last, in a 

nut assuming n n>. “"', d be shipowners' liability lems will not receive full recog- support mere bv proviam 

tion would be to salaries that SQme jjppflrofj years' ago, when nition so long as the Department ^ se P e cessary breathing space, 

have moved hardly , at all since ^ i ea£ uri g maritime nations of Employment continue to bury John. Campbell, 

4$7-» - ' produced legislation limiting the- disastrous inner London Forestry House, Greet Haseley, 

Do. union leaders reaUy want liability to third parties, as other- employment figures in the Oxford. 

You'd be suiprised what you am get for 
£2 a square foot. And we don't mean on an 
island in die North Sea. 

So instead of listening to die 
pessimists, why not consult die experts? The 
Location of Offices Bureau provides a 
complete advisory service which gives you all 
the facts on office location in the UK The 
service is free and unbiased 

-We provide fact sheets on over 160 
cities and towns. Rents can be from nil (for 
1-7 years) upwards. We can also tell you 
about staff availability, die latest 
communications and all the various 
Government incentives, which could mean 
substantial savings for each j ob you move. 

• Theonlythingwedon'tdoismakeup 
your mind. Because whenyou're armed with. 

CV.R*** » ■«a» i, *T rT7? *5i lTr i* “ »• ► *• 

the best information, you're bound to make 
the right decision. 

Wherever you are, get die facts straight 
from LOB. 

The Location of Offices Bureau, 

27 Chancery Lane, London WC2A INS. 

Tel: 01-405 2921.Telex: 21333. 

$ M * 


Set up by Parliament to promote 
better distribution of office employment 
throughout the UK. 

Ferranti 49% ahead and confident 

FERRA.vfL ill-.' eleeii'onic/ and ■■ ■ 

i'orti/iujff group. hac inerea.»ed 
l ho n-.miicninni of Hs r« -cover y 
winch I It] Urn Ml I hi- rescue vi*«-r- Company 
mion by i be N-iinnul ^ 

Bitiirtl in 197-5. 


Page Col. Company 
24 & F erranti 

ended ?.l:ireh LI!. J:i"S showed a 
fi.V per c'/fii increase in profi t 

ta\ profit and a 25 por cent yam 
in lumovcr. 

Mr Derek Alun-lmii.-s. manag- 

all t T ie - <*omii.nij ? six divisions 

Amber Industrial 



Ashdown Trust 



BAT subsidiaries 



Beet Brothers 






BPB Industries 



Bright (John) 



British Home Scores 






Chamberlin & Hill 



Gresham House 







And he o\|iecu.Ml ihe saiisf.n.- 
jury proyrv** in be continued in 
the current .veal. when t'erranli is 
mien.ling i” seek a Nimk 
Exchange listing. Chubb & Son 

The |>iv-la>. proiii of £‘.U2in - , " 

rc presen fed ek per cent ><f (he tlecrro n . 

nun over «»f £ 1 I years Electrocomponents 

profit w a £ri,l-lni pry las. on a 
turnover of i‘lV.».4ni 

Hardys & Hansons 



Hicking Pencecost 



London Sumatra 



M & G Dual 



MX Electric 



Norfolk Capita! 



Portsmouth & S'land 



Rakusc-n Group 



Robertson Poods 






Silent night 

Trust Houses Forte 




ordm.irj nrv 7i..l*ip 
wiih 4~.42n 

•lernniem is plan- natural fibres md the renewed 

in fully fashioned car- 
have enabled i lie group tn 
Tull activity all the 

njccioa 11'IH mu 1 rerrann. u production units. 

inakiiv. 1 a ln» of foHO.Ono. Exports were increased by ."ti per 
Then «iIut re-organisation and cent and the forward order 

. r . which the Governnieiti is plan- natural I 

■ UltT ■' rh I ,d lmS ning if- i:ii e In the UK .semi- interest 

dividend of £4 W .Hi in. ihe profit cnr|dl|cMr ( „du.<'r>. ments ha 

lran^ened ,v 1 'V* In R'74. "hen the Government maintain 

injected llani into Ferranti, it product in 

ihai group results in the current 
year irili oaam show an improve- 

The overall nalional level of 
spending on consumer products 
dunny ihe early numths of JUTS 
had been on a rising Trend and 
ihe '-'roups performance had 
similarly improved said The 
chairman. Sales* and profits were 
both in excess of fi cures achieved 
last year and were very close to 
internal forecasts made ai the 
beginning of the year. 

Sir .Lick said (hat provided in- 
flation does not increase as the 

year proceeds, and consumer 
demand maintained at present 
Je'eK the changes which he men- 
turned in his annual report, par- 
ticularly with regard lo food 
tlcvp In pm ents. together with the 
opening of ihe new siorv«. “ we 
are confident that results for the 
present year will again show 

Two .stores, at Dundee and 
Barnsley. have already opened 
and he is very pleased with the 
initial results. 

Financial Times Thursday June 29 l&g 


at MK Electric .. 

lyv declined from 37.4flp to ■ USo.' 

w:i>. ti.Q ^iTirfpnd total is stennort 

ADVERSELY AFFECTED to dividend »tal 

several taclors at ’’"“S UP “ «■«!> (MSP* *L *>M> A 

Afhtm ,lsh*ri»4 

Mr. Derek Alun-Jones, managing director of Ferranti. 


at Norfolk 

•short lorm 

curroni .■i.-.-ok h.r.i? in- 
eroa-rri b.. i'lPm. which reflects 
ihe ti', eidiii’l reductions and 
ether miprre F-mtnrt “ 

The eompany adds: "This 
resnli ci'i'Wdid.iies ihe s|uad> 
impruvtmvHi in peiTorm.'ince. 
Work m hand and rhe activity 
level M rhe ;. i;ir end 21% e us ci'll- 
fi deuce i ha l will l>e further 

increa-ed in ihe current year." 

Advance to 


is proposed i akin 4 she total up 
ftiim o.44.:x|i !■■ T.lJii'Tp. Lite 

mavumim pt-rmi:it-d. assuming a 33 
per cent lax rate. 



Edgar Allen 

Ashdown Trust int 

Betl Eras int 

Blundell-Hcrmogla/f = Jnt 


CGSB int 

Chubb and Ron 

Elect rocomponents 

Gresham House ...2nd ini 
Hardys and Hansons int 

Hicking Pentecost 

>1 & G Dual int 

.If.K. fleet ric 

Norfolk Capital int 

South CroTty 

Trust Houses- Forlc' 







4. si; 

3. .If 
U 3 
2 .4*7 





of sponding 










Aug. IS 




AUg. II 




OcL 2 




Aug. 7 






— <■ 


Aug. 31 








July 23 




Aug 7 




Oct. 2 




Sept. 4 




Aug. 25 




Oct. S 




Aug. 11 




Oct. 2 




. comment 

half to leave the L^ure for _ the ^ out the Ega acquisition, 

32 weeks to April 1. 10 'S *«*■" “J ^K^ se cond half profits are 3a per 
£5,95m compared »'Jh 4 i ■ - )o%ver a nd margins-;, have 

£6. 17m for the prevHMtf 1 p 3 j un tped by around eight points to 

Turnover wn- higher at £3S.Tsm siunp ^ The ynespected 

against £31 29m. . downturn was mainly the result L or 

Factors affecting MK Kjcelric ^ c i«»ht*day strike at the 
included start-up costs Edmonton factory- 

overseas operations, he ^ rupted electncai component 
development expenditure on the slI l pp j i(?s and affected -both, the 
new Sentry System consumer ho)r)£) mar |;et and the important 
unit, difficulty in holding gro^s " x * ^ade. In addition there 
profit margins, and a short strike w ‘ a , some delay m gettinK 
at the Edmonton factories which pprwa | l0 increase prices and - 
caused a shortage of components there were development, costs, of 
for several weeks. around £0.3m for the new. aentey 

Mr David Robertson, the chair- m j n jature circuit breaker. AJI 
man fJie current year has teft the enlarged group wU ^M»rt 

started very well indeed. All fac- nf , he FTm profits forecast for the 
tones are at full production and ye ar. However 
order books are very uood and back to normal and the company 
sales production and order books reports that order boo ks 
are ahead of budget throughout are both ahead of budget Demand 
the ,roup. Tor electrical and « 

Result of the recently “sfetd 

acquired E S a Huldiaqs war- con- ot Incrca -ed t « (re w1J1 ^ 

■ r ‘ co "; re*S 3S> and 'here will .be 

-cfe'SSg K y-L f.-- "S!?™ 

Trading r>T"tit 

N* i uttered 

SIupt «*t av'P'' lo%^ 
Prom before us «... 

TasHiixn . .. 

N« prrili' 

Mlnnno larnm - 

Ivuliblr .. . 













trie ofiieni v>i «.•> * — _ 

r.r- ri<e (almost 10 per cent).- At liap 
„S (down 5p),.the _.hare^are on. a 

i" 1 ’ 1 tanwn opi. me- ««“*■» — - -z- — 

p% of 5.4 flow tax Charge) while 
M7 ] ,he yield is 5.7 per cent The 
- dividend is covered almost fire 

*2? tLmes - 
4, ju4 

Tu r, „ ■' 

Tr.iilm. |>nirii 

in: it. si 

Prom before tar 

■i i.-.- 

..Ti :%r 

-..■l ;>rulil 
from P'%:4"d' 



IT ."in i 

'i— 'iii-. 

if ; ..o 




(71 .r;i 
.-.ii tji 

lo4 u-j 


Exports increase 

From turnover ahead 
£li -Jtini io I'T.Um Laxubk- prnlil of 
f.GSD Holdings, motor eng infer — ED If has oecn adopted. Cunt- 
,,nd di-itrihurnr. advanced from paratn*? tax ti^uro- have__ been 
£il7.pnii io EMAJHH) in the March re-siaterl and «k a ru-sUlt J74l.l‘.*l 

::i. r.iTS. half-year. 

hns been relea-ud from 

\lr. Aluii-.Ione4 s.nd e*:|iori 

•sale' repteronii'd about .!« per .' . . r deferred Lax .uc-mni to i-esenes 

n'm of (iii* ciMTifietfr; < L/% furiv- » siidjoki w oi 

over. A* a perceniaui- nf Mirnmer and earnings per 

rxporK had ^miewh.ii uieiv.ived tup diaro are .>houn ahead front 
cenip.i'-ed vi'h i lie previous year. 1.32p in l- ft 2p. The interim 

He hi-pinj for .< <->>niiiiued dividend t- up from Ji.-lp lo 0.44 p. 
improvement in ■■Xpert perform- Ea.->' year j 1 U24U3p final mu paid 
.in cc. p.u neul.p-lv %'iih the -vales on taxable profits oT £rt.33ni. 
of miliury elfcironn -. wiiere Dtreeiors .say the outlook for 
.Jircnnoiis markeiin:- elfor:.? had the jeeond half is eiivourasing ami 

A turnround frum a £4 r i.4K2 prn- 
M\- loss in a £105. 14S prolil is 
reported hy Norfolk Capital 
Group for the Tl.irch 31. Wfi+~h alf 
year. Turnover for the period 
ro,e front I'J.Bflm to £3.fl$m. 
Direelors say the rerun demon- 
<tra(e.% that the "roup ha< secured 
us full share of the market 
durln-4 the lengthening tourist 

They say that while the in- 
created popularity of Britain as a 

Dividends shown pence per share ne i except where otherwise slated. 

* Rnntv ilonf ,'ifir-r allm, in.. fnr cprln V An raniiol 

Equivalent after allow in" for scrip ... 
increased by rights and. or acquisition issues. 
.September ofTer-l'or-.saJe. 

issue. 1 0n capital 
t As forecast in 

67% profit growth from 

■».*» WOOD & SONS 

iSl Newman Industries has des- 

niched to ,h «' eh0 ' de 7 ’,ot 
n»r <jrori < u'nn and 'icfcrrert m\- in une formal offer document O 
w«h ssvn tr and eo 19. *u-‘. earthenware and packing material 
solidaicri from November 7. 1977. manufacturers. Wood and Sons 
and coni ributed £672.000 to group (Holdings). Newman s edfer worth 
taxable profit. 00o ner share in preference stock 

Stated earnings per 25p share values Wood and sons at £2.4m. 


Central & Sheerwood 

thai iln-y ^niivipab' annih'-r good 
year. The September. H'77. prn- 

heen made. 

Mr. .Mun -Junes -aid the ini 

provenu-ni of ihe ■.■■ini|iany c p cr p, i^)u;«iion w** £].13ni. 
fortune-, ,-t: cm ii R-d partly fr<>m Hie 
incresise m proliluhilily nf the 
ihrec rinismiis which been 
in pxi'Jlr ji me time "f the M3B‘» 
mke-nvci . At the .-.mie time, the 
ihrec dnKion> which hail been 
makiii;: lmsf-.. had now mo.ed 
mio profit. 

The n-rinus problem dui.doit/. 
were insii-iiiiient.iln.'n. electronic 
component < and iran.vforiners. 

The three dm>ioiw which were 

Hardvs & 


up so 



up £0.18m 

*'i\ Tl'RXOX’ER of £4 Tinn cr.m- 
p:«rcd 'Mill £4 :;nm. taxable pruiir 
nf Hardy.s and JlanKinx. brewer, 
increased f , '"in tT'kVii.":: in 
ITuB.vtT in rhe March :jl. 197k. 
half year 

Direcior- say full-yvar iv-uli* 
are vX peeled io U- al I'-a-tl in line 
wiih ihe ii r*.i -hiil F iRiurvs. J.nxr 
yeai |ire*|j.x prnrii v.a> a record 
II. Him 

The rwilll lie fore l.rt nf 

the i,i Uri «r centre wjm inili.-lly con 
■•entraled in the 'unimrr months, 
is h.ef m"i spread to the autumn 
mid Nprmv;. The ernup i> well 
placed m lake advantage of tliiv 
ironil wiih its spread nf hotels. 

Earninu* ner -(hare are shown 
;d II.H4 |i <U.35n Insxt. 

The inicrim dividend is up 
front no (1 nf? i per r>p <hare to 
iK.’.p Directors say i rad mu has 
conlinned -•olisfncfnrily into the 
summer season and they conse- 
quently bolk-ve that an overall 
increr-se in dividend fnr ihe year 
i- justified. The actual recmimcn- 

up from 2.1 p 

liri , ... .... Ihe profits of l he dyeinj io 2.::p net. i.jst year a 4 !>p final 

expui t orders. and par. ly d „ }on !, l>ri; . . ldl erse |y affwlfd hy w as P ;...l 

black, partly with 

help of 

enahied ^he 0 '' Srf' uk" in h ' lie rhe ll " ulin " lrtK< ; ' nf[ terminal costs The cum pan; ita< close siaius. 
mechanical ciiuimtirnt in I he I'.. 1 h , I1T . f '■ c . , '. . - , ,A yvi?n . n 

SLSZX BHS set for 

dal ion mil be subject tn ».iot ern- 
moni regulations. 

l.ast year a T4p final was paid 
nn pre-MX profils of £ 

They say ihe r.iircha—- of ihe 
freeh-ild of the Queens way Hotel 
and the ueouisilion of a tu-'» long 
lease for 'lie HoyaJ Court Hole) 
.•ore complefed during rhe half- 

The improvement in t enure of 
the group's hotels has rvcenfly 
been further extended by the 
purchase of the freehold of the 
Norfolk lintel pre» inuslv held on 
a shun lease, fni ’;215.fii>n. These 
transactions ha' «• considerably 
'•nh.inced the •ante of properties 
and m iv adding in ihiUby phased 
upgrading programme-. 

IX THE second half nf the year 
ended March 31. 1978. Elc/ro* 
components has shown further 
progress, turning in profits of 
£4 .34m from sales of £lS.33m. 

This gives, for the full year, 
sales ahead 4H.U per cent to 
£33.5Gm and a ii7.4 per cent grow th 
in pro fils m n.fini. 

The final dividend i< the maxi- 
mum permitted 2.ii5158p. for a 
net total of 5.03 lobp per lup share, 
compared with 4.3U3fip. 

Group busine- comprise^ the 
manufacture and distribution of 
electrical components. instru- 
ments and accessories. 

“• RJKuarsS further rise 

Tlw cnn ..nnil.ioliir R'W irt A TCSUlt "T rt't i.HUtliS.T HOP 

Which has id m had problem- SI " 10 mtfi 

ihe pan. now cmrilmtc* about the ihtivinn, the d.retluis stole. H 

12 per i.-i-nt of ilv lurnoter and The knitwear division has shown SIR J V' K »‘M.I MID chairman 
ha- moved inti, a -md! prnlit U a further suhsianlisl Improve- nf Krlli-h Home Shires, i-xprc-'i'd 
i< Imping io vharc in 'he '•upporl nieni in p mills. The demand for confide nee <u y.-rerday's \G.M 


• sir 




T-.mi.ii. prnnt 

.... *:■ ".-.ft 


H-.ii.-l-- . . . 

:• !i ."I'.ti 

->l ->*1 

\ •"» . . 

. ; •«*! 

-. nn.i 

Ii.l-’r -f ;ij* ,i*»l- 

. .. -.•••■ i-: 

: y ; 

PtoHI hetorc lax 



,i> nn.. 



; nt.n 

1 ntlti 

:;.i p-. n- 

•; !-T* 

• comment 

The industrial recession has put 
many of the smaller distributor!* 
of electronic products out of 
business sn, as demand picks up. 
it is not surprising to tind that 
ihe larger companies arc getting 
a bigger slice or the cake. Elect rn- 
cMiitpunenls. where full year pro- 
fits are more than two-thirds 
higher, is a case in point. The 
results refleci an impressive 
volume gam of around -Mi per cent 
and margins have increased by 
nearly three points to 22. tt per 
cent. The company puts this down 
to it s wider product range over 
most of the group. R.S. Com- 
ponents <3.7 per cent of sales) 
has been particularly successful 
with its "own brand " range of 
components and anrilliaries and 
this has helped boo it exports by 
nearly iwo-thirds in n ,9m— mainly 
to ihe Middle East and the Far 
East. Similar progress has been 
made by Electro pi an (electronic 
in- 1 rum* nisi and Radio Register 
i passive componentsi. which have 
,iJ-'n increased I heir product 
ranees. The .-hates rose I3p lo 
443p fur a p e of 10.2 which i> 
prohaMy a fan nil ins taking inm 
.nx-otmt the enmpany's pro i pee is. 
whih: the yield is 1.7 per cent, 
covered 8 « limes. 

cent), whisky distillers William 
Grant and Sons (lfifi-M-per centl 
and wines and spirits wholesalers 
Grierson Blumenthal (155.3 per 

Jordan's fourth computer-aided 
survey has been improved by the 
inclusion of three years data on 
each company and an overall 
performance rating system, which 
was firs i used in its third edition 
nf "Britain’s Quoted Industrial 
Companies" published last 

Britain's Top 1.000 Private 
Companies 10 77. Jordon Data- 
quest, Jordan House, 47 Bruns- 
tcich Place, London <V7 SEE. 
Price: £14. 

Bett Bros 
£0.8m fall 

Central and Sheerwood pro- 
poses to issue, by way of a scrip. 
I.tiin preference £1 shares and 
32m ordinary op shares to holders 
of . ordinary shares registered 
June 23. 

The issue will be made on the 
basis of one preference share for 
every 2D ordinary shares and one 
new ordinary share for every odc 
ordinary share held. 

The proposed scrip issue will 
bring the capital more into line 
with the assets employed. The 
authorised capital Is doubled to 
£6m by the creation of 1.6m 10 
per cent cumulative preference 
£1 shares and 2Sm new ordinary 
5p shares. 

Application will be made to the 
Council or the Slock Exchange 
for listing of the preference and 
the new ordinary shares. Subject 
to such listing being granted, it 
is expected that dealings will 
commence on August 7. 

An EGM will be held on July 
at 12.00 noon. 

balance by August 3. Applications 
must be in no later than 11 am 
on July 5. , . 

Interest on the stock will be 
pavable half-yearly on April 1 and 
October 1. The first payment will 
be in October at the rate of £1.163 
per cent. 

The stock is repayable on June 
30. 19S3. 

Brokers to the issue are 
Seymour Pierce and Co;' 


• comment 

The East Anglian Water issue is 
similar to that made by Essex last 
month. The Essex stock is now 
standing; at £11 (£10 paid) bid not 
offered. So given the fact that 
there seems to be a wider grasp 
of this form oF franked investment 
income this issue should be com- 
fortably absorbed. Taking a line 
through Esses it would seem that 
fenders at least a point above the 
minimum level would be. neces- 
sary Lo obtain stock. - 

306% return by 
private company 

edition of ” Britain's Top 1.000 
Private Companies " includes 
more than l?n new- entries. 

It shows i hat three private 
companies achieved a more than 
iUO per cent return on 
l;i.-t tear while the most profitable 
qnoli.-d industrial companj. adver- 
tising agents. Geers Gross made ;i 
return of kSrt per »vnl. The ihree 
privaic companies are food whole- 
saler-. L. E. Prilchcil t-TOBS per 

PROFITS DOWN from £2.S6m to 
around £2m are forecast by Belt 
Brothers for Ihe year ending 
August 31 1978. Turnover is 

expected to reach around -X19m 
compared with £l9.42m : in 
1976/77. i 

In ihe first six months, profits 
show a fall from £1.7lra lo fl.OTm. 

In his annual statement in 
February Mr. A. A. Bolt, chair- 
man. said indications were that 
ihe recession in the building 
trade was diminishing. On the 
contracting side scveial new con- 
tracts had been secured although 
be though! profits would be more 
difficult to achieve and he could 
not sco an improvement. ' 

tin ihe private side Mr. Belt 
was more optimistic. He said that 
signs of a shortage appearing in 
Hie second hand market together 
with lower interest rates should 
assist sales. This taken with 
increased contributions from 
subsidiaries in property invest- 
ment. and licensed trade fields, 
and an expansion envisaged by 
Pilkerro fPHV) should offset to 
some extent less profitable com- 
pcriliie contracts. 

With these uncertainties he felt 
ii would be unwise to make an 
assessment of the current year’s 

The interim dividend is in- 
croa-cd from rt.iiSBSp to O.TfiTp net 
— ih^ lolal for 197(5 -'ii wav 
l.TfilSp. form m holders have 
waived their dividend aggregat- 
ing I'" 1 :. 14s 


East Anglian Water Company is 
raising £2m by an offer for sale by 
tender of 7 per cent redeemable 
preference, stock I9R3 at a 
minimum price of £97.50 per cent. 

The slock' is payable as to £10 
per cent on application and the 


fn response to the offer by 
Industrial Equity for St Kitts 
(London) Sugar Factory, accept- 
ances received amount to 325,786 
shares (S3.5 per cent). 

With shares already held this 
gives a total of 92.9 per cent The 
offer is now unconditional and 
remains open. 


Points from Ihe Statement by the Chairman, Mr. W. B. Harris, Q.C. 

RESULTS. In Jubilee Year 1977, both the turnover and trading 
profits were the highest in the history of the’ Company. Trading 
profit increased by 20% from £64S.S70 to X77S.304. Profit before 
taxation ktk £945,386 and the maximum permitted dividend is 

HOTELS The occupancy and letting - revenue of all our hotels 
(London Park, Mount Pleasant, The Grand and The Mill) were 
up and an improvement .in profit margins was also achieved. 
It is estimated that over one-third of Group turnover came from 
overseas guests. 

HOSTELS Our three London hostels had a busy year but there 
wras a slight fall in occupancy at Parkview in Birmingham. 

PROSPECTS Wc expect an increase io turnover and trading profit 
for the year as a whole. 

This advertisement complies with the requirements of the Council of The Stock Exchange 
of the United Kingdom and the Republic oi Ireland- - 

- Offshore Mining Company Limited 

(Incorporated with limited liability under the Companies Act 1955 of Mew Zealand) 

U.S. $100,000,000 

Guaranteed Floating Rate Notes due 1986 

unconditionally, and irrevocably guaranteed 

by ; 

New Zealand 

The issue price or the Notes is 100 per cent. The following have agreed io subscribe or procure subscribers for the Notes:— 

S. G. Warburg & Co. Ltd. 

Citicorp International Bank 

Amsterdam-Rotterdam Bank N.V. 

Samuel Montagu 5c Co. 


Banque de Paris et des Pays-Bas 



Kidder, Peabody International 

Lloyds Bank International 


Orion Bank 

Bank of New Zealand 

Development Finance Corporation of New Zealand. 

The 100.000 Note of U.S. Sl.OOOcach constituting the above issue have been admitted to the Official List of The Slock Fxchin-o „p- 

uary and July, tta first such payment being due in January, t 

the United kingdom. Interest is pavable semi-annually in January and July, 

Particulars of Offshore Mining Company Limited and of the Notes are available from E\Icl Statistical Services Limited and mav 
be obtained during normal business hours up to and including 19th July, 1978 from:— f 


29 fh June, 19? S. 

J. & A. Scrimgcour Umitcdj 
The Stock Exchange, ' 
London EC2N iKD..- ,. 






' l 14 ' 

*! j ' - ' \ 

v % t-"; r??'* " 


■ . i 


; • * 

"J v» 

Tor The Complete Picture’ a bn id 
describing all our prof nuiyserci 

li gipmteMm 

TCT-hi ' Richard Ellis, 64fCufr 
LondodMCSMSPS. Tel: 01-283 A 

Ch a rte red'S urvey ors 

Financial Titties. Thursday 'June 29 197 & 

THF ahea 

reported by Blundell-Perrooglaze 
Holding? at the! AGM in . March 
continued . throughout' the six 
months ended April. 30, 1978, and 
group pre-tax- profits 'for that 
period show an:- advance from a 
ra<rtated £273,1580 to £003.436. ' 
Mr. N. G.Z Bassett South, chair- 
man, tells, members that the 
group's . experience in May and 

June gives him every confidence 
that the final result will be very 

The interim dividend is being 
increased by the . maximum per- 
mitted annual amount from O.S6p 
to . l.X4p net and the . chairman 
hopes that Government, policy will 
allow a further increase in the 
final. The total for 1876-77 was 
2-89p paid from profits of £l.l3ni. 

The chairman reports that the 
decorative and export divisions 
improved substantially. Volume 
sales were well up which against' 
slow growth' _ hi the industry 
indicates a further increase in 
market share. The industrial side 
also, traded at a' higher level, 
increasing its volume,- and con- 
tinues to ' progress. ' Building 
chemicals, . although making a 
loss,' showed continuing improve- 
ment throughout the half year.. 

.Action with regard to the sig- 
nificant 'losses- made in. the Scot- 
tish raerchanting division has 
taken place and the Inverness 
and Edinburgh branches closed 
but arrangements have been made 
for group products to be distri- 
buted in these areas. 

In Glasgow new premises have 
been obtained from which the 
main distribution centre for Scot- 
land is operated. The two 
branches at Ayr and Dumfries 
have been sold back to Mr. W. H. 
Lowrie and he will continue as a 
main Biundeil-Permogiaze distri- 
butor.- Certain losses have been 
incurred in the first half but they 
wijl not be repeated in the second. 

The manufacturing operations 
in Ireland continue to progress 

despite business activity being at 
a low level. As regards, the 
disposal of the Indian investment 
the group is now waiting toliave 
the proceeds remitted. 

The sale of the Beverley' Road 
site in Hull was completed during 
May, and this will be reflected in 
the year-end statement 

Half year 
1 B 77 -J* 1 S 78-77 

Sates - — . e.iw.025 7.510,956 

Trading profit .... 745.817 SW.SSh 

Deprecladeui • MS 1 ST J 34.178 

603,438 373.680 

»'• 318.200 102.700 

Net profit 287 . 238 . 176 880 

Minority iocs 1JJ85 - tons 

Attributable 288.338 170,072 

Pref. tttvjdcad 828 .' jjjg 

AttBburable 287.710 188.244 

t Profit. 

In order to accord with changes 
made in the accounts for 1976-77. 
the figures originally presented 

for the 1976-77 half-year have 

been restated to incorporate the 
following adjustments:— Blundell 
Eomite Paints {India) is no longer 
dealt with as an associate and the 
share of profits amounting to 
£36,933. with taxation of £24,900 
applicable thereto, have been 
-eliminated; provisions of : ED 19 
have been adopted and taxation 
has been reduced to the extent of 
£39,100. (The 1977-78 tax charse 
has no such reduction as no relief 
is at present anticipated for the 
full year.) 

& Hill 

Despite the encouragement of 
recent months, the outlook at 
Chamberlin and Hill is -stHl very 
uncertain and it is likely- there 
will be under-utilisation of produc- 
tion capacity at times in tbe next 
year, Mr. T. Martin, the chairman, 
says in his annual review. 

In his interim statement last 
year he referred to the low de- 
mand which had characterised 
the earlier months of the year 
and held out the hope that tbe 
second half would show * an 
improvement. In the event, the 
order intake recovered strongly 
with profits for the second six 
months a more realistic reflection 
of the company's earnings 
potential, he says. 

Pre-tax profits for the whole 
year . at - £0.62m were slightly 
ahead of last year’s £0.6m. 

Mr. Martin says that because 
of this lack of confidence in the 
UK economy the company has 
devoted a lot of energy to its 
exporting activity and despite the 
fluctuations of sterling in the 
money-markets, he is happy to 
report a further significant 
increase in overseas business. 

A great deal of effort in the 
past year has also been given to 
improving and developing the 
facilities of the two subsidiary 
companies acquired in January. 
1977, and the levels of efficiency 
now being achieved by these com- 
panies are highly satisfactory. 

However, in common with the 
other companies in the group, 
they are at present subject to the 
problems associated with ' an 
extremely variable order load and 
their true potential has yet to be 
reflected in the trading results. 

As a result of a successful 
acquisition and diversification 
policy, tbe company is now in a 
better position to avoid the large 
fluctuations in earnings which 
have been a feature of the 
foundry industry in the past, he 

It shall continue to exploit the 
flexibility it now possesses to com- 
pete effectively in many different 
markets but some sign of 
sustained growth in world trade 
would be very welcome. 

Meeting, Walsall, July 21, at 

AN ENCOURAGING start to the 
current year has been made by 
Trust Houses Forte with group 
pre-tax profits for the six months 
ended April - 30, 1978 showing an 
increase to £l5.2ra compared with 
£10.4m which included a profit of 
£4.Lm on the sale of fixed assets 
and investments. 

The directors report that 
bookings are satisfactory and they 
look forward with confidence to 
another successful year: They 
point out that owing to the 
seasonal nature of the group's 
business only a small proportion 
of the year's profit accrues in the 
first half— in 1976-77 the pre-tax 
profit totalled £38m. 

The interim dividend is being 
stepped up from 2.25p to 2.S5p 
net— the total for 1976-77 was 

Half rear 

fm £m 









London Sumatra to improve 

are maintained, remittances from 
Indonesia should enable London 
Sumatra Plantations to improve 
UK dividends and income in the 
future, Mr. F. W. Harper, the 
chairman, says in bis annual 

In view of the increasing size 
of its dividend payout, the group 
will this year declare an interim 
dividend in December, payable- 
early next year. 

The chairman says that with its 
Indonesian investment plans and 
remittances it is making satisfac- 
tory progress towards clearance 
from its commitments under the 
1969-73 investment plans. Its two 
major, subsidiaries', have been 
cleared and negotiations are con- 
tinuing in respect of the smaller 

This partial clearance estab- 
lishes a right to remlttability from 
Indonesia, but he points out that 
under the 1968 agreements with 
tiie Indonesian Government, it , is 
committed to a continuing pro- 
gramme of rehabilitation, develop- 
ment /-and .modernisation, of 
estates. „■ ■•- ~ - • !>x 

This Includes' replanting large 
areas of old rubber and planting 
large areas of reserv&Iand as soon, 
as ; funds permit. 

in June this year a remittance 
of £325.928 was received from 
Indonesia for deposit' - interest 
earned from 1973 to 1977 by the 
two companies with investment 
plan clearance: This will be 
included in the 1978 accounts. 

Last year, when profit, before 
tax rose from £lm to JD.Mm. 
rubber and oil palm crops in 
Indonesia were down on estimates 
after being affected by prolonged 
dry weather. 

There are signs that the oil 
palms are reacting to the past 
two years of low r ainf all and 
cropping results for the first half 
have so far been disappointing. 
But directors expect a return to 
a more normal pattern in the 
second half. 

In 1977, 4,670 acres were 

planted/repinnted . with rubber, 
along with 486 acres of on palm. 
Small plantings of cocoa and tea 
were made. In. 1978. 4.440 acres of 
rubber w ill be planted /replanted 
with 2,120 acres of oil palms. 

In Malaysia last year 186 acres 
formerly planted with rubber and 
five acres of waste land were 
planted with oft palms and in the 
current year 210 acres will be 
converted from rubber to oil 

A valuation of estates showed 
a £30.87m value for the Indonesian 
estates and £2.71ra far the 
Malaysian estates.' ' 


Three new * funds for the 
expatriate have been launched by 
Quest Fund Management (Jersey), 
a new financial services group 
owned by investment specialists 
Electxa Group— which manages 

investment trusts in the UK; 
money market and foreign 
exchange specialists M. W. Mar- 
shall; bankers and trustees the 
Royal Trust Company of Canada, 
London; and insurance brokers 
C. T. Bowring. 

The three new funds — Quest 
Sterling Fixed Interest, Quest 
Internationa] Bond Fund, and 
Quest International Securities 
Fund — have been launched in the 
Gulf with a view to tapping the 
incomes of expatriates there. 

Ashdown Trust 



In the half year ended May 31, 
1078. revenue before tax of Ash- 
down Investment Trust rose from 
1270,641 to £370.371. 

The interim dividend is lifted 
from 12v net per 25? share to 
I Sp. 'For the year ended 
November 30. 1977. a total of 4.05p 
was paid from revenue of 

At May 31 net asset value per 
share was lSfl.Sp (189.8a) assum- 

Trading receipts 

Trading prof) is r ... . 

Profits on sale of assets . — 

Financial charges 7 4 

Miooriiy .. 0.2 

Leaving 12.4 

Profit before tax .. . 12-2 

Taxation S.3 

t After depreciation or 16.9m (i'a.Smi but 
before adjusting tor currency translation 

The figures include the full 

half-year's profits for the hotels 
acquired from Lyons 1 1077— 
three months) and Knott (1977- 
two months). The 1977 profits 
include five months profit of 
Terrys up to its date of disposal. 

downturn at 

AFTER INTEREST of £50,100 
against £68,600, taxable profits of 
the Rakusen Group dropped from 
£25.300 to £10,300 for the half-year 
to December 31, 1977. Turnover 
was down by £25J200 at £595.200. 

For all the previous year, a 
profit of £27,82S was reported and 
no payments were made. The last 
dividend was 0.335p net in resuect 
of 1973-74. 

The directors state that the land 
tribunal hearing on the company's 
claim against Leeds MDC for the 
Mean wood Road faetbry was held 
during the week commencing 
May 22, 197S. but adjourned after 
three days for a ruling on a point 
of law relating to the disturbance 
part of the claim — a decision is 
expected soon. As yet no com- 
pensation has been received for 
either the building or disturb- 
ance claim. 

The West Park factory and 
office premises have been sold on 
a sale and lease back basis to an 
assurance society for a figure in 
excess of book value. This 
arrangement will substantially 
reduce the group’s bank borrow- 
ing, the directors add. 

The group's activities involve 
food manufacturing and distribu- 
tion and property development 


The follwins companies liav..- n.juiied 
date* nt Blurt to Ihe Stock 

Exchange. Sued metlm;:? are umally 
field for the • parpjs-.-s i,f coB-imriuj; 
dividends. Official Indkati.ius ure not 
available whether dividends e* interned 
arc Interims or finals and the sub- 
divislnn* stoum below are based mainly 
on last year's nmerable. 


Inlorims — Eurothenn Internal lonal. 

Final*— Braby Lobe. Cairdaur in- 
dustrial. Gtltspur. Ronuld. Stand and 
Simpson. Wcsum-Evan?. Wlnuust. 


Interims — 

Gough Cooper - July 6 

MeBSiu .. July II 


Bamberaers July 3 

Eucalyptus Pulp Mills July 4 

Hampton Gold Mining Areas July 4 

Si. George's Laundry ■ Worcester* July - 10 
Scottish and Universal Invests. July 7 

Tex Abrasives July 4 

Thorn Electrical l-duurlec .. July 7 


In the 26 weeks ended April 1, 
197S, pre-tax profits of Wiggins 
Teape Group showed a reduction 
from £IS.94m to £Ifi.54m on sales 
ahead from £2J2.S7ni 10 £231. 23m. 

The profit was struck after 
interest of £4.61m (£5.48m). Pro- 
viding for tax of £8. 74m (18.31m! 
and minorities of £80,000 
(£490.000). the attributable 
balance emerges at £7.72m against 

Tbe amount retained in inflation 
reserve out of profits for the full 
year to October 1. 1977. was 16.9m. 
it is estimated that the amount 
to be set aside in respect of the 
haif year to April I. 1978, is 

At International Stores turn- 
over in the 27 weeks ended 
April 1. 1978. climbed from 

£171.91ra to £22ti.97m while profits 
before tax improved from £2.51m 
to £3.04m. The proGt was struck 
after interest of £1.33m (10.72m.) 
and tax requires £0.76m (£l,22m). 

The figures include the results 
of F. J. Wallis from April 25, 
1977. but exclude those of Kearley 
and Tongn which became a direct 
offshoot of BAT Stores Holdings 
with effect from September 25, 


The directors state that severe 
price competition in food retail- 
ing has intensified, substantially 
diminishing the profitability- of 
the industry. Action taken to 
maintain sales volume and 
market share has been success- 
ful but at the expense of trading 
profit in the short term. 

Eritish- American Tobacco Com- 
pany reports a little changed 
profit of £195.000 against £190,000 
for the half-year ended March 31, 

1978. on u «u mover of £2.67m 
against £2.46m. The attributable 
balance emerges at £90,000 

BAT offshoots 

Three subsidiaries of BAT 
Industries yesterday announced 
their results for the first half 
of the current year. 

Gresham House 

For 1977, group profit of 
Gresham House Estate Company 
improved from £250.000 to 

After tax £17.000 (£83.000) and 
taking in an extraordinary credit 
of £36,000. the net profit was 
£123.000 higher at 1290.000. 

The second interim dividend is 
1.6p net for an unchanged 3p 

Edited by Denys Sutton 


s !e 


Published Monrhly price £2.00 
Overseas Subscription £28.00 
or Annual Subscription £25.00 (inland) 
USA & Canada Air Assisted S56 

Apoito Magazine, Bracken House, 

10, Cannon Street, London EC4P 4BY. 
Teh 01-243 8000. 

Revenue '. 


Nm revenue .'* 
Preference dividend 
Available ordinary 
Interim dividend 

First half 






270 647 

ITS 596 


241 773 









AIRFLOW STREAMLINES— Results for .lag capital Increased by 1122.529 (£72.235 UfVERGDRDON DISTILLERS (HOLD- 
February SS, 197H. year already known, decrease'!. Chairman says current year tHGS>— Results for March n. 197® year 

reported June I. Os CCA basis, historical 
pre-tax profit o£ ELSm tELStai reduced 
to II. 49m fCT.Kfmi after adjustments on 
depreciation X0-28UI (£0.25mi, cost of 

sales n.ifira ifO-Slm i offset by gearing 
JO.lazs f£0.l4mi. Group fixed assets 
ni. lm inO-OHni. tret current assets 

Fued assets £3J16m t£i.59m* net current has begun comparatively sads/acionly .so 
assets IQ.iffin fXOJStni: nock and work tar as order-book is concerned. although 
In progress a .34m <£0.9Sm>. overdraft trading margins remain extremely tight. 
ysSiTi (£11. 39m i. short-term loans I0.29m At May 24 Giyas Nominees held 5.S per 
iIU.IGmi. Net liquid funds Increased cent of issued capital. MerfJnc, 87, 

£0.43m 4£26.3.i?i. Valuation of land and Eaton Place. SW. July IS. at noon, 
buildings shows £B2i! 456 surplus over net COUNTRY GENTLEMEN'S ASSOCIA- 

book value. Meeting. Northampton. TION — Dividend 1B.29P il4.S9pl Tor year £8. 01m £fi.43m). Bank overdrafts £0.3m 
noorl - lo March SI. 1978. Earnings per share lOp t£2.S)nH, At May 1976. Carlton 

ALLIANCE INVESTMENT COMPANY f<sp>. Turnover for year £2.340,000 Industries held 7S.2 per cent of equity. 
—Results lor year ended April SO. 1976 f£l2lo.,DOO». Group profit £7.883 ( £39.000 1 Meeting. Glasgow, July 19. at noon, 
reported June 15 with net asset values, after all charges Including lax of £14.641 LONDON AND HOLYRODD TRUST- 
ir, vestments. £17.9m inB.lSnn. Unrealised i£43.4S3i. Board states that while resulis Results for year lo March 3J. 1975, already 
surplus I7.33ra t£6.4Jmi. Chairman,' Is are disappointing: they are In no way known. Listed UK Investments. £2!.B7m 
honcful of 'further Increase in earnings pessimistic about the fliture. Group pro- in~.64mi. abroad no.TTm tm.96mi. nn- 
aud dividend in current year. Company perries have been revalued and show a listed £L 7m * £1. 53m i. Current assets £fl.4ra 
will retain a high proportion of Invest- capital, increase of J32f«o8S since last Cd^Smi, current 1) abilities ID. 62m 
nu.-uis overseas in eqini tries - where future valuation in 1873. r£|.27ai. Presen i estimates indicate a 

looks more attractive. In V'K, conceit- R. A. DYSON AND CO. i manufacture, con Uniting growth In revenue, permitting 
tnrloii c’onrtfiiies on sms her companies repair, servicing of trailers i— Results for further increase in dividend. Meeting, S3, 
WT*h good growth prospects. Meeting. March 31, 1978 year, reported Mar IS. Cannon Street. EC. on July 20 at 3 pm. 
1-2. Laurence PotPitney H11L EC. July U pus«i ase U 176.343 (£71431 1 . net current LONDON AND LIVERPOOL TRUST— 

3t .~. ... P1T V „ _ , assets £559.237“ (£560.1831. Net liquid funds Net revenue SL9J24 i £14, 736) after tax 

ATTWOOO GARAGES— Results for year increased by £10.321 (£4.00lt. Company £12.575 i£8.S37t for rear to March 31, 

to January 3 1, ,1 973. reported June 21. has close status. Meeting, Liverpool, 1S7B- Earnings per 10p share 0.77p 
Fixed assets rT7a.«t1l ( £785.3935. net cur-. 17 , noon _ . iQ.39pl. Final dividend 0.4Cp net 

rent assets £465 233 (£418 774*. Chairman-' cEl INTERNATIONAL— Results for the making 6J94p !0.4225pi. Net asset value 
says trading so. far In current yew main- nBr mded March 31. 19T3 reported June per share 18-35 d il7.3Sp>. Gross income 
lamed at similar encouraging level to Croup fixed assets £Lt.l9m (£8.BBmi. from Investments £37.192 i £X901 1. Deposit 
previous . war. Meeting. Wolverhampton. Net current assets £12. 43m i£10.9t>mi— mternsr £5.127 * 15.852 1. 

Juft- 19 at noon. cash etc. f 7.13m i'£5J«m» and overdrafts LONDON AND PROVINCIAL TRUST 

BREMAR TRUST — Final TOp, ■ malting n.ram ia.32rat. An analysis of profii — Results lor March 31, 1975. year already 
fop for period ended .March 31. 197S before tax shows: — Midland sieels pro- fcnerwa.' Valuation of lisic-d CK invesi- 
• n.op,. Group revenue £37.589 f£llJ<7i duels £2. 75m tll.TSmt. Midland brtehT ments £26.7Bm (ESl.TEmi. abroad £!63m 
after lex £9.614 (£5.451i. Fsiraoriinary jd.7Sni f£L49mi. special products £048m f£I7J2m* and unlisted £2J7ra i£2J2m>. 
Items -Jeblied prior to arrivltiB at sroup iio.«in%, pachaiung prod nets £1.0&m Uninvested funds decreased 10.46m 
r- venue £12.939 <£4.433*. Earnines per (£S75mt. less GEI head office £0.47ra . ‘£0-16m increase*. Meeting. S3. Cannon 

23p share 2.11p dl.espt. Nei asset value fio.31-**t. Meeting. The Dorchester, W, Si.. E.C.. July 20 at 2.15 pm. 

SS-ip *25.02pi. Group revenue Includes julv ■ at 11.13 a.m. METAL BOX— Results for year to 

inconte of £35.516 mil) aristas from con- GOUGH BROTHERS (wine merchant*— March . '21, 197S with full preliminary 
* r Jets involving the animate holding com- Results year to January 25. 197S already staismem and chairman’s comments on 

pany. Premar Hold’nzs. known. Croup fixed assets • n.Slm prospects reported Jane 6. Cost of sales 

CARDIFF MALTING COMPANY (mail- in.igmt. net current assets £321.913 adjustment £18m t£22mj; depreciation 

Ing and property investmenri— Turnover i £427.433). WorMng eamtal decreased bv adjnsaneni J3£m i04mi and gearing 
for six months to March 31. 1978 £252.354 £120,347 < increase £238 313). Meeting. SB-45 adjustment £6m ffTmi giving net reduction 
*£261.174* and profit IS.740 *£14.1601 before Tottenham Court Road. W. July 5, at In pre-tax profit of £2Sm i£29mt. Group 
las £3.7no (fti.tW'. Interim dividend am. fisted "assets £197. 95m i£lto.36m>. Xet cur- 

(0 9pi net per 20p share. JOHN HEATHCOAT AND CO.— 1977 rent assets n 24. 77m i £123. 58m). Meeting 

CONTINUOUS STATIONERY — Results turnover £13.205300 (fl3.097.70tn. Profit Tbe Dorchester. W. July 20. at 12.39 pm 
for March SI. 19TC. year a lrea dy known. £142300 (£5G7.iMi after ail charges in- METAL BOX overseas (subsidiary 

Fixed assets X5&4 334 (£376,982). nei cludlnn tax of £355.** f*247.9M*. Com- of the Metal Bax Company »— Results for 

current assets £612.323 (£546.838). Wort> pan? is a subsidiary of Coats Patons. 


before Tax increased by 
32% to £1,522,929 

Results lor the year ended 31st December 

PROFIT before taxation 







1,523 . 








Earnings per ordinary share 6.9p 5.6p 

“Trading Prospects for the current year are 
encouraging and should result in a significant 
advancem profits over those achieved in 1977” 
Chairman, Leopold Muller 

CopiM ot (he teoorr Odd Accevnli mov bo obioirtod trom 
7h« Saeretofy. 61/3 Gt. Ou»*n Srrool. lo*>don WC2B 30 A. 

year to March 31, 197S already known. 
Fired assets £80 37m i £75. 64m). Curresu 
aswu ‘ n34m (£113. 74m) and liabilities 
£9$.7Tm t5S7.U5m). Meetins. Reading 

July 19 at 12.30 pjn. 

PAULS AND WHITES (com merchants 
and animal foodstuffs) — Results for year 
to March M. 1975 reported June 16. CCA 
stdicmem shows depredation adjustment 
£2.3931. cost of sales. £ 1 SI 000 and gearing 
adjustment £537.000 giving adjusted pre- 
tii-s profii of £4 35m— £8 25m. Historic group 
fixed, assets £2L37m (£iLD4m resisted *. 
\et current assets £ts.73m i£l433m). 
Chairman sys over past even years, group 
has achieved steady increase in profit- 
ability' and Board confident It will be 
possible ip continue this trend. Meeting, 
Ipxw.rh. Suffolk. July -20 ar 12.13 pm. 

1977 already known. Fixed assets £301.740 
f£250.326j, net current assets 1135,130 
(£68.223): No overdraft <££S.212*. Work 
tug capital increased 133.J76 t £i4J23i. 
Meeting. Maidenhead, Berkshire, July 28, 
at noon. 

dend 8_3922Sp (551i87p) for year ended 
March 31. 1B?S. Profit before Ux £37.717 
i £51.257], brought forward from previous 
year £445484 (£94.680), Daderprovlsion of 
tax In previous years £,204 (£U5 over- 
providedl. Profit on sale of estate nil 
(£187,483),- Taxation £13, SM (£13.386 1 . 
Malaysiaa lax appplicabte to previous 
Ivors nil f £43.930 1 . Dr. idem) £9JSS i£S.n7). 
Forward UtzBST f £446.154). Meeting, 
August 15 , 18-15 Mincing Lane, EC. 
August 15. 

turcr ol domestic furolrurei — Results for 
April 2, ibis year reported May IS. 
Group fix'eJ ssrelfl n.flam (Xl.BSmi, net 
current aiwet* £).24tr> ( fl.Em>. Set 
liquid funds incresred by £|*J 1>J4 #£.'95.731 ), 
Directors are rooking forward to exselkal 
miRimn •winter tradinj which jf edn- 
tinaed Into 1979. will yield marked 
Improvement ffi fnL' rear's results, M«t- 
:na. Chnrchffi Hold, V, July 20, at 
li JB am. 

Results for year to April 30. 1975. already 
reported with net asset values. Invest- 
ments £L\27tn #122. 17m i : Unreahscfl 
appreciation ilJTta (£4.2Sm'i; Prudential 
Assurancf holds 31 per cent of capita). 
Meeting, ISO Cheapslde, EC. July 15 a 
4 pm 




flour; caramel, 
hop extracts 
and incubators 

to increase our 
turnover by 

12% to £145m; 

exports by 10% 
to £78m; 

pre-tax profits 
by 20% 

to £6-25m and 

after tax profits 

by 14% to 

share of 17-17p 

dividends by 

[E M 

Pauls & Whites Lid. 

Copies of the Report and Accounts can be 
obtained from; The Secretary, Pauls & Whites 
I-tcC 47 Key Street, Ipswich, Suffolk 

Second half fall leaves 
Chubb 4% down 

y i^aririwT ''nmeg-^»mto~Tuwr^3tfj 

Edgar Allen Balfour well 


» i 


below forecast at £2.5m 

FOLLOWING A small rise at mid- 
way, profits of Chubb and Son, 
the security systems group, 
declined from £S.9“m co £&l2m in 
the second six months leaving the 
total for the year to March 31, 
197S, 4 per rent lower at £I3.52m 
pre-tax. compared with the 
previous year’s record i"14.1lm. 
Sales were up by 26 per cent to 
£ 199.3m. 

1R77-7S 1H7S-77 

Turnover laS.^Ss 

Trad , iir profit 15.7ai 

Imorei; paid 24>54 1.125 

Siiare .4 .t,soc*. oroflts . . Pi ««> 

Profit before lax 1X23 M,UH 

Tas* 4.4TI 4.434 

Net orofit 9-090 S.M 9 

To minorities 531 710 

Bsira»nJ, erfdu 54 rtjr 

Mahlnc 8.613 8.S43 

Esehanse debit 384 fia? 

" EDI? applied. T Debit. t Credit. 

However, the directors believe 
they are justified in expressing 
some confidence that the current 
year will produce improved results. 

Earnings are shown to have 
dropped from an adjusted 19-23p 
to 17.53 p per 20p share. The 
dividend total is raised to the 
maximum permitted 3.S72p 
< 3.4675 p ) net, with a final oF 
2.496 p assuming an ACT rate of 
33 per cent. 

The 1977-7S figures include the 
results of Gross Cash Registers and 
L. and F. WdlenhaH with effect 
from January 19, 1U77 and January 
1, 19 1 1 respectively. 

If the results ol new acquisitions 
are excluded, then UK sales 
increased by 19 per cent and profit 
by 9 per cent, overseas sales, 
including exports from UK. rose 
by 12 per cent and profit by 2 per 
CCIH. and UK exports, including 
sales to overseas subsidiaries, were 
up by 22 per cent. 

Lord Hayter. the chairman, 
reports that during the year 
trading conditions held up 
remarkably well for Chubb Lock 
and Safe, and both Chubb and 
Son's Lock and Safe Company 

and Josiah Parfces improved turn- 
over and profits. 

On the electronics side. Chubb 
Alarms Group bad an excellent 
year producing substantially 
better profits, however, Chubb 
Integrated Systems, due to a lack 
of orders from British banks for 
machines, sustained a loss. 

Gross Cash Registers is not yet 
in a satisfactory position, the 
chairman says. Despire taking 
major steps to economise, the 
savings were eroded by increased 
costs particularly in wages, which 
resulted in a pre-tax loss of £1.7m 
from the date of acquisition. 

Further steps to improve the 
outlook are in hand, while on the 
credit side, the company held its 
share of the market and a deve- 
lopment programme is under way 
for a new range of electronic 
machines, he adds. 

The overall result of Chubb 
Fire Security was only marginally 
better, but it goes into the cur- 
rent year with a healthy order 
book and improved facilities 
which gives hopes for a most suc- 
cessful year. Lord Hayter states. 

In Continental Europe, orders 
and sales were up 17 per cent 
and profits by 64 per cent. 
Further substantial progress was 
made in the Lips and Gispen 
operations, especially in Holland 
and Belgium. Italian operations 
continued profitable growth while 
in France, the expansion of 
activities has been supported by 
the creation of r number of 
regional sales and service centres. 

Both Australian and New 
Zealand companies operated satis- 
factorily and the Canadian opera- 
tion continued to make solid 

With most trading divisions 
again operating at a lower rate of 
activity. Hie South African com- 
pany's pre-tax profit fell by 3.T 
per cent. As with 1977, the 
reduced trading volume and 
profitability can be related mainly 

to a reluctance by consumers to 
purchase goods of a capital 
nature, the chairman explains. 

In Hong Kong, overall results 
were disappointing, however, the 
company now has a _ firmer 
foundation on which to build and 
the directors hope for a better 
profit performance this year, 
following a sharp fall in 197T-7S. 

Chubb Malaysia had a reason- 
ably successful year with an 
increase in sales of 9 per cent 
although profit was only margin- 
ally better, says Lord Hayter, 
while the Indonesian company 
had the highest percentage in- 
crease iti turnover and profits of 
all the group's overseas ventures. 

• comment 

The digestion of Gross Cash 
Registers, acquired in January, 
1977, is proving more difficult 
than Chubb anticipated. At the 
halfway mark, with post acquisi- 
tion losses at £l.lm, Chubb 
expected that remedial action 
taken or planned was sufficient 
to have GCR making small profits 
by year end. In the event, the 
pre-tax losses climbed to X1.7m 
and the turn round date lias been 
put back by about a year. The 
market reacted to the news by 
knocking 14p off the Chubb shares 
which closed at 123p. If the GCR 
figures are stripped out there is 
still little joy as the company 
is feeling the effects of fiat 
demand worldwide and a squeeze 
on gross margins. The healthy 
order book that existed in Novem- 
ber was turned into sales— but 
profits grew at a much slower 
rate both in the UK and over- 
seas. Trading since the year end 
has been better than the com- 
parable period but in the absence 
of any significant improvement in 
world economies it is unlikely 
that profit growth will be 
dramatic. The shares are selling 
on a yield of 4.9 per cent and a 
p/e of 6.9. 

Robertson Foods facing tough 
year with confidence 

cant recovery compared w’lth 
1976/77 's £737,000. which was 
depressed by industrial action, 
group pre-tax profits of Edgar 
Alien Balfour at £J.48m_for the 
year ended April 1 19”S have 
fallen well short of forecast. 

In his annual report last July 
Mr. J. D. Oakley, chairman, said 
lhat the reorganised group was 
in a strong position to take full 
advantage of any general upturn 
in the economy and he expected 
that profits for 1977/78 would 
exceed the £3.3m record reached 
in 1975/76. However reporting 
on the half year profits m 
November Ithey were up from 
£0.52m to flml he warned of 
many uncertainties in the -trading 
outlook and reassessed the 
position as being one where 
although the year's result would 
bs satisfactory it would probably 
be below expectations. 

The improved result reflects a 
turnround of £ 1.67m to a profit 
of f 1 :54m from the UK companies 
— the engineering side showing a 
profit of £519.000 against 3 loss 
of £814,000. Mainly due to losses 
In North America and elsewhere 
the overseas contribution was 
down from £816.000 to £480,000. 
Profit was also aided by a surplus 
of £699.000 (£158.000) on the sale 
of fixed assets. 

Group external sales in the year 
improved from £49il3m to £53. 54m 
— the value of direct exports from 
the UK was up from £9. Ira to 
Him. The group's share of the 
export market has been main- 
tained after considerable efforts 
against fierce competition. 

Looking ahead the chairman 
reports that there is still no sign 
of an upturn in world trading 
conditions m the special steel 
and engineering sectors. More 
recently there has been a. sig- 
nificant decline in demand lor all 
types of steel and in particular, 
the problems in the tractor and 
heavy goods vehicle industries 
arc having repercussions in the 
demand for steel products. In all 
activities competition is intense. 

Members are told that the low 
level of orders fnr tool steel and 
high speed steel coupled with 
activity of overseas competitors 
in this market has resulted in the 
group having a very poor start to 

■, 60 

th» current year. The chairman action and £L2m &ettt; :o n new 
seL too m&y uncertainties to plant and- premises. In 
make a forecast for the year but half tiie U?. group^te^ a 
feels that the group is In a strong positive cashflow of £®rf,000after 
position to take advantage of any further spending on new-plant 
Kra? upturn in the economy, and premia amountihg to £7*1,000 
• fiSirs on hand at May 31 and £469,000 . r^aired from'- fee, 
totalled £20 An -compared with sale of land- and • . 

mo «m at the half year end and The two major caprtat rnvest- 
pw'am a year ago. The chair- ment projects, ■ have ' continued 
man points out that the order ibead of -schethde. .Jie GF3Vr ; 
intake* during the last three long forging" machine- for Edgar 
months for special steels is. at Aflen Baifour SteeJs costmg iS.wn 
the lowest level ever experienced was commissioned' til March, 1978, 
and orders are being accepted in and isnCw fully operational . 13 k* 
both home and overseas markets Davy Ldewy: press fdr George 
at prices Which are seriously Turton Platts andVC^- coSting 
depressing 1 margins. - " ' ' - : . somd£22m -is in' tihe coarse, of 

It fs not considered that the installation and is expected to be ■ 
resiiits and short term prospects commissioned: in September, .J97S. 
justify an increase in dividend. Both investments are financed by 
« this is being maintained .'at leasing agreements. 

4^3p with a final of 3.'l3p. Earn- Overseas expenditure of £813,000 
tags per 25p share are stated at oii new- plant and -the compfetion 
k T n aeninst 1®. - - of a new warehouse 1 and. head. 

B.sp aga v 197MB iwWT office in SydnwV: Australia,- 
ssM Jjm together with the- cost of starting 
sioM i.ree up new ope rations' inHong Kong 
i.364 and the ELS. bas .resulted in an 
overseas . -adverse - cash flow 
■JS £549,000. 

: M4. • comment ‘ • 

~ Pre-tax profits at Edgar Allen, 

. i3 Balfour are inore than trebled 
te although this is still. 26 percent 
s® lower-- than the 1976 result Profits 
jo i ms this time also include • a £0.7m 
1.17? . boost from fixed asset sales, 
sm ' S56 against £0.1 6m, : while the turtt- 

_ mi round. In engineering , is jjrimariJy 

Tb- 1077 Spure* have 6«n restated to due to rationalisation 111010111118 
luctrooraw tf*e effects of the- revisai. tbg capital Tools closure. Overall 
group aceououiw policies reianos^-To return on capital bas improved to- 
finance leases anti depwcmUOD of .bnflfl- . iT. “Tt *hp Inw levels 

ims. ■ lots, t From reserves. J 7^ per cent from tne low levels 

A breakdown of group turnover last time. But with demand weak 
and profit shows. i£000s omitted}: for most of the company's, pro- 
UK subsidiaries —special steels- d bet^ tin . top of rising costs and - 
£13,681 and £448 (£10,581 and overseas gross margins .which 
£2401- forgings and castings have been squeezed from 6.5. -per 
£17,256 and £374 (£13,161 : • and cent to' 35 per cent, the way 
£445): engineering including tools ahead is certainly uphill. Many 
£21,431 and £519 (£18,304 and £814 companies in- the private, srteels 
loss); overseas subsidiaries — South sector - have-, been cutting costs 
East Asia and Australasia £12,031 and installing new capital- equip- 
and £619 (£10,992 and £735); North merit during the Tecession. The 
America £1,029 and £103 Joss (£960 labour saving GFM .machine -is 
and £2); and other £579 and. £36 now fully operational and barring 
loss (£641 and £79). a repeat of last years plant 

In the ftret half the UK group failures, there should- be some 
suffered an adverse cadi flow’ of boost to the 'forgings division ^ 
£ mainly attributable to the profits. At 58p the shares still 
reinstatement of normal working yield a speculative - 13 per cent 
capital levels following industrial and stand on o.p/e of just over 8. 

Exfenwl sales 

Operatlos prufll 

intereti : -r 

Share ol associates 

Prrill sale of fixed assets 

Profit before cat 

Overseas tax- - 

Irrecoverable ACT 

Dcvetonroeni land tax 
Nel profit - 

DiiDOrmcfl — • 

Preiercoce dindcnds ..— 

Attributable ordinary 

Curreoer loss»i4 

Extraordinary items 

Leaving yroBf .... 

Ordinary dividends ......... 

To reserves 











Although the current year will 
again be a tough one for 
Robertson Foods, Mr. R. C. 
Robertson, chairman, says ho is 
confident that further progress 
will be achieved. 

Although below the group's 
expectations profits improved 
from £2.?i8m to £2.fi9m in the year 
ended March 31. 1978. The chair- 
man explains that the whole food 
manufacturing industry has ex- 
perienced a most difficult 12 
months for two main reasons — 
a fall of 4 per cent in overall food 
consumption and the squeeze on 
ma rains exerted by major retail 
customers fighting the high street 

However the French vegetable 
can nine subsidiary. Peny S.A., 
enjoyed another excellent year 
and sales of cereals are growing 
substantially as production at the 
Vfota Foods factory at Erom- 
borough in Cheshire comes on 

Reflecting increased overdrafts 
of I7.7ra against £3.73m interest 
charges rose from £384.000 to 
£751.000. The extra money was 
required to finance the significant 
rise in the value of stocks from 
£U.9Sm lo £1 6.19m. 

The chairman explains that 
.stocks remained high during the 
year clue lo ihc very mild autumn 
and early winter which allowed 
sales of cheap vegetables m con- 
tinue until Christmas, effectively 
dampening demand for canned 

Turnover in the year amounted 
to £72.33m— split as to preserves 
49.S per cent: canned foods 16.4 
per cent; breakfast cereals £3.8 per 
cent: dried fruits and cereals 9 
per cent: cake mixes and dry 
desserts 7.9 per cent: and fruit 
drinks and juices 3.1 per cent. 

Referring to the introduction of 
a share participation scheme for 
employees the chairman says that 
with the publication of the 
Government White Paper on the 
subject proposals can now be 
finalised and a scheme put to 
holders later in the year. If 
approved it is likely that the 
scheme would become effective 
from April 1. 1979. 

Meeting. Beckenham. Kent, July 
21 , at 10.30 am. 

A final dividend or G.6p is fore- 
cast for a total of 12.6p against 
11.35p last time. The asset value 
per capital share is shown at 

Target is 
Coyne Growth 

Target has now relaunched the 
ill-fated Coyne Growth Fund, 
whose management it took over 
18 months ago at the request of 
the trustees. Midland Bank Trust 
Company. Having changed the 
name, with the approval of the 
unitholders, to Target Special 
Situations, it now proposes, under 
tiie investment direction of Mr. 
Denis Poll of Daw nay Day, to 
acquire shares in asset and take- 
over situations, recovery stocks 
and shares in regional companies. 
At the moment the fund is 
approximately 40 per cent liquid. 

On the strength of the yield on 
the shares that they propose to 
buy, the managers are hoping to 
lift the yield on units in the fund 
from the present 41 per cent to 
around 7 per cent over the next 
IS months. The are also hoping 
that the fund— now worth some 
£75.000 — will rise to a minimum of 
£200.000. and preferably to £lm. 
witinTi the next 12 months. At 
the present level dealing costs are 
disproportionately high. 

Target had intended to merge 
the Coyne Growth Fund with 
one of its existing funds. Mr. Tim 
Simon, chairman of the group, 
said yesterday. However, the new 
fund fills a gap in Target's range, 
and unitholders have been 
strongly in favour of the change. 

6.5 per cent in international 
shares vvith a London listing. 

Mr. Roger tells shareholders 
that, as the company's interest in 
investing in special situations is 
becoming better known, more and 
more varied propositions are 
being received. This in itself, he 
points out. represents a potential 
danger. In that such situations 
require a great (leal of manage- 
ment time In both selection and 
moniiorinj?, and in consequence 
the investment managers pre 
becoming more and more selec- 
tive. Nevertheless, their commit- 
ment in principle to such invest- 
ments — in the exception of an 
above average yield and a long- 
term high level of capital appre- 
ciationxremains unchanged. 

Last year Electro's earnings 
rose by more than 15 per cent, 
and the dividend was raised by 
more than 16 per cent. Over the 
past 10 years, dividends have 
grown at IB per cent compound. 

J. Bright in strong position 

Good start 
for Amber 

Electra keeps 
to investment 

M&G Dual 
Trust ahead 

Net revenue of 31 and G Dual 
Trust for ihe .Tune 30. 197S si:: 
months was £347.032 compared 
with £202J542 previously, and the 
interim dividend is lifted from 
3p lo tip net per lOp share. 

In itis latest annual report Mr. 
Mrfl Alastair Roger, chairman of 
Electro Investment Trust, points 
out that the policy of making a 
speciality of investing in small 
listed companies, and "in unlisted 
shares, is being maintained. The 
trust, one of Britain's biggest 
with total assets of £68.32 m at 
the March year-end. held unlisted 
assets valued by the directors at 
£16.. 54m at that date. Almost 61 
per cent of the portfolio was 
invested in the UK. and another 

Current trading conditions at 
Amber industrial Holdings indi- 
cate that the company will be able 
to maintain ils nt-w level of proHl 
with per hap: some improvement, 
says Mr. J. A. Thomson, the 
chairman in his annual statement. 

Pre-tax profits for 1977-7S rose 
59 per cent to a record £361.338, 
as already known. Turnover was 
better at £3.U3m (£2.45nn. 

The most significant advance in 
profit during the year came from 
Ambersil, which was achieved 
aTter deducting a larger loss on 
the German sales operation. Mr. 
Thomson explains that while this 
further loss is disappointing, the 
directors are inclined to per- 
severe with this venture provided 
that such losses are not dispro- 
portionate to their assessment of 
the potential profit which may 

Ga use way Steel Products, 
although not quite attaining its 
record result of last yer, con- 
tinued to show a very satisfactory 
return on the capital employed 
and March Cold Stores was able 
lo benefit from the strong demand 
Tor cold storage capacity with a 
consequent improvement in profit, 
he adds. 

The ultimate holding company 
is Caledonia Investments. 

Meeting, Cayzer House, EC. 
July 24. at 2.30 pm. 

THERE IS no dear evidence as 
yet of a sustained recovery in 
demand for products of Jobn 
Bright Group, says Mr. I. M. L, D. 
Forde. chairman, in his annual 
statement. The timing of this is 
still unpredictable, he adds, but 
he is confident that with its 
modernised capacity, the group 
should" be in a strong position 
to reap the benefit when it comes. 

As reported on June 1 the group 
finished the April 1, 1978, year 
with taxable profits more than 
halved from £lJ2orn to £506.000 
on turnover little changed at 
£2Q.S7m f£20.7ni). The dividend 
is maintained at 2.42p per share. 

Cm a CCA basis pre-tax profit is 
adjusted to £044m after depreda- 
tion £0.51 m. cost of sales addition 
£0.43 m and the gearing factor 
£12,000. „ : 

World demand for group pro- 
ducts declined in the secor# half 
of the year and the pressure on 

K rofit margins increased nn the 
ighly competitive conditions 
created. * _ 

Trading conditions were affected 
by a sharp fall in the price of 
cotton during the first «haif and 
the value write-down or group 
cotton stocks resulted in a stock 
loss of £271,000. 

Also the general swing to radial 
tyres caused a world decline in 
the demand for textile reinforce- 
ment used in tyres and in the 
autumn of 3977 Goodyear decided 

to buy a substantial part of its 
requirements from the continent, 
thus reducing the demand from 
British suppliers. In the light o£ 
this the group closed down its 
operation at Preston, costing .over 

Sales of the industrial textiles 
division fell sharply in the latter 
half of the year and pressure on 
prices became severe. The "spin- 
ning division was similarly 
affected. However, in a market- 
which has been far from buoyant, 
sales of carpet yarn have been 
maintained at a satisfactory level," 1 
the chairman states, and plans are 
.well advanced to increase produc- 
tive capacity in this field. “ "- 

Meeting; -100, Old Broad Street, 
EC, July 39 at . 12.15 pm. 


In the' current year Wire and 
Plastic Products . had . recovered 
from - the slightly., "disappointing 
start, and .sales . to . date now 
exceeded' the corresponding 
figures for. last year," the annual 
meeting was informed. 

The board. had every. confidence 
that current levels would be 
maintained- and that the dividend 
would au least be held: 1 

‘^Now at last all is made dear” 

v \ : . Financial Times 


\ % by Anthony Parker - - 

Price £32.00 including postage & packing - 

Jordans, Jor^ui House/ r 
... Brunswick Place, London N1 BEE. 
telephone 01 -253 3030 

Jordans & 



Results for the year ended March 31, 1978: 



Profit before interest and taxation 




Interim 2.3354p 11977: 2.3p) 

Proposed final 4.8643p (1977: 4.l43Sp) 







S, 438,223 





Net earnings per 50p Stock Unit 





* Profits improved by 42%. 

* Dividend increased by maximum permitted. 

Knitwear exports increased by 50%. 

* Annual General Meeting Thursday, 7th September, 197S. 

Interim Statement 

for the half year ended 30th April 1978 

Trading Receipts and Profit 


Hall Year Halt Year. 

to 30th to 30th- ■ 

April 1978 Apri197TV Increase 
Em £rri " " "• 

Trading Receipts 
Trading Profit 

270*1 • 237.3 14 % 

19.8 - 15.2 30 % 

Profits less losses on sale of 
fixed assets and investments 


Financial charges 

Minority interest 

Profit before Taxation 

19.8 , 

' - 19.3 

( 7 : 4 ) 

r < 3 . 8 ) 


- 10.5 

( 0 . 2 ) 

( 0 , 1 ) 



The above figures are unaudited and Include, the. lull 
half year’s profils for-tha holds acquired from. Lyons 
(1977—3 months) and Knott (1377—2 months). The 
1977 profits include 5 months profit of Tarrys up to its ' 
date ol disposal. 

The above profits are after charging depreciation. ot 
£6J?m (1977 £6jm] hut are before adjusting for taxa- 
tion and currency translation differences. 

Taxation for the half year to 30tti April 1978 is estF 

maifid-al£5.3m (1377— £2.4m). 

The first half year's hading produces only.a small. prd- = ;" 
Portion of .the year’s. -pro it. Ovfihg.toffia geaadoaJ.hatuJo] 

' ot our business." An;.encouraglng start has been made '- 
; ~ and bookings are satisfactory. We took forivarir with" 
confidence to another successful year,- - _ .. . ,i -i-a?: /» 
• The interim dividerto ’h&" been increased Jti aBSp^per^ 

share (1077— JL25p)Trv respect bf theyedrtoatatDctoi^IJ 
ber, 1978 arid this wBl be paid on 2ridBfcto"bii£'.1B7B vts* 
shareholders on the register on 4th September^ - 7 

- takas its responsibilities seriously! 
Our prosperity -depends principally upon re- : 
enriting -and. training- the. righi .peop.le,-Ouf 
central training bill this year is overif jsoo.'ooo. 

- gryes a good return to 

bur 60,000 Investors!: ■■ 

THF- creates employment! 

in addition to the 67,000 men and women we 
employ, we. also indirectly provide a liveli- 
hood for many thousands of people In virtually 
every type ot todustry. 

- gives opportunities to 

school leavers! 

Over 2,500 young peoptewiii join ua fills year; 

1,000 direct from school ' 

200 from colleges and universities " " i. . 

350 industrial release students arid 

1,000 others in seasonal jobs. ' 

-provides service to our customers! - T; - , 

We are spending £26.000.000 oh improring . - ; 

our UK hoteisthlsyear. .j. . ; 

The hotel and Catering Industry provides 'job's- ^for 1,300.000. Thi^ tourist 
industry will earn for Britain in excess of £3,000 million of foralgncarroncy ‘ 
earnings this yean 



, •. i . 


%'*: ** 

f **/■ 

^faiangitil . Times Thursday June 29 1978 



Shares -o^/Econa. the Birming- Commodity each have about 6 per 
ham. sanitary engineer, were cent of Anelo H 

suspended 'yesterday at 70p after 

the . company announced that it QIIVTOIV APHTltCTTC 
had been involved In discussions 
which might lead io a. bid being U.i. vOIVLPANY 
made for its shares. r Snnon Engineering has bought 

This 1 approach foiiows the sale Krause Manufacturing of Mil 
of a IS) per cent stake hi the Wisconsin, a company 

Company at the. end of Last year which manufactures and sells 
by. .Walter ’ Lawrence — the ccu> throughout the U.S., a range of 
fftrucnon, engineering and plant self-propelled hydraulic man-lifts 
hire group^-to a number of instl- which complement ' Simon 
tutional investors. Engineering Dudley’s • current 

"Hie name of the potential ran e Q of products. 

.bidder has not been revealed and. . . The purchase price — is 
is unlikely to he so until at least to be paid in instalments; "Krause 
the weekend.- Ecana- which earned has a turnover of 55m. 
pre-tax profits of almost £700,000 

in ; the year, to' March 31. 1977 HARRIS & SHELDON 
showed -group net assets of £S.4m. TALKS OFF 

' NORTHFRIV Ffinnc Harris and Sheldon's share price 

sI,pped 3p t0 5 °P yesterday as ihe 
'.oHARJES.-PLACED company announced that talks 

Over 5m shares in : Notehem J viLh .* ra >stery bidder had been 
Foods, have been placed with 

several institutional investors by • t-ast month the group whose 
Hie .Sam worth fa mil v. following lnterests ..range from sporting 
NT’s takeover of Pork Farms. The g u “* to lifts, announced that it 
placing took place last Thursday “ e6n . involved in discussions 
and Friday when tho-NF shares have led w a bid - 

were quoted at 94p. . r ester day, however, it announced 

Taking account of non-payabie , Potential bidder had 

amn dnn? tho v^ac decided m view of the uncertain 


stamp - dory, the discount' 
between 6 and 7 per cent. 

Sam worth family is retaining 
between 2.5m and 2.75m NF 
shares. It is understood that only 
a small proportion of Pork Farm 
shareholders opted for the cash 


Warren Plantation Holdings, 
■which recently “ — 

outlook and,' rising 
not to pursue its 



Harrisons and CrossOeldTs offer 
for Harrisons Malaysian 7 . Estates 
will finally close on July 13 
H and C’s advisers' . Baring 
Brothers announced yesterday 
VI q m i ftr fbeady H 'and * C has 

e„ nar _ - P* 130 ‘ oc achieved a comfortable margin 

rubber an ” ? ver ^ 51 P® r cent it; needed 

1 . doil palm plantations for control of HME. By Tuesday 
is or J?** . 5 ? ld ns f nt V e Bari °S said that H and C already 

}ni?»-rf er < /£ t sta « e controlled more than 78} per cent 

Corporation. Invest- ■ having received acceptances from 
mau-^chents are said to be the SS.49m shares (.53 per cent). 

The shares appear to be those ASSOCIATES DE4L 


Renfokil Group— -Mr. - E. M. holder of £735,000 ■ S' per cent 
Buchan director, has exercised cumulative first preference stock- 
rights to. . subscribe. for 225.000 (> per cent), 
shares under, share option scheme, wieeins Construction — Gee 
id m the market on Walklffnd Shter $£ 515 725 

GeS?e WMtehouse fEngineer- "S"?* P* •»«>■ 

ing)— Mr. A. J. Cross, director. 5“** ^ Speaccr—Rweiyed 
has acquired a beneficial interest n °Jiflcatioii of a disposal ofo.OOO 
in a further 1,000 ordinary shares share « purchases 

making total beneficial interest a ®?-- 6 ? 5 and T 2 i 7 ^nimaiy shares 
377.790 shares, of which 376.790 * n ™“ ***■ J - E - bieff, a director 
continue to be held by the has *” “terest as trustee. 
Midland Northern Trust. Ch. Goldrel Fouchard and Son 

BSR — Mr. J. N. Ferguson. — Gedma Investments, now holds 
directors, 'has disposed of 50,000 H5.000 ordinary shares together 
ordinary shares • • ■ with the holdings in the names 

Provincial Laundries — of the two directors. Mrs. M. A. 
announced on June 20 that non- Davies and Mr. G. E. Davies. Total 
beneficial interest of director, Mr. figure of 120,000 represents just 
J. I. Goldring, in, the shares held over 5 per cent of the ordinary 
by Linnet. Consulants and associ- capital. , . „ v 

ates had been reduced to IP Wnce Group — Trustees of 
SBeSSjpiEjiCUP. W4etfMffeceaS*fT4*dld 
Liiinet of 40,533 shares. Mr. Gold- 62.092 shares (5.6 per centi. 
ring has notified- the company . Lindsay and Williams— Mr. P. 
that m fact the whole holding of Bennett of Security Growth has 
4.0,543 shares, was. sold and, his reduced . his holding of 148.300 
non-beneficial interest therefore shares to 105.000 fl0_i per centi 

G ™ up 10 "SJSLZZSl* S™ 

(8.06 per cent). 

British Electric Traction— Mr. 
G R. A. Metcalfe, director oi 
Advance Laundries, has disposed 

has sold 10.000 ordinary shares 
and now holds 89.510 i4.9S per 

of 30,000 deferred ordinary. ». Stamping— Britannic 

shares . Assurance has acquired a further 

ffighcroft Investment Trust- r 7 - 0 ? 0 ordinary shares increasing 
Mr. N.'- A. Smith, director; has - 8 ‘ /,er cent 10 

disposed of 10,000 shares Jield in 12-14 per cent, 
a beneficial capacity decreasing Gar tons — An tares has acquired 

his interests to- 42,625 - shares. 129.500 ordinary shares bringing 
Kingeriee has acquired 10,000 total holding (o 139.500 (6 per 
shares in a beneficial capacity cent). 

increasing shareholding to 212.99S Sun Life Assurance— Kuwait 
(7_So per cent) ordinary shares. Investment Office ha2 increased 
Danish Bacon — Equitable Life its interest to 5ro (S.6S per cent! 
Assurance Society is beneficially -shares by nurebase of 100.600. 
interested in a total of 200.000 Elswick-Hopper— Sir R. Carr- 

“A” ordinary shares (J2.5 per Ellison, h director, has sold 
cent). . - . . . 100,000 ordinary shares registered 

British . Petroleum — Phoenix _ in the name of the Carr Ellison 
Assurance is now the. beneficial Estates. 

‘Strengthen law 
on shoplifting’ 

RETAILERS should be given 
powers to detain suspected shop- 
lifters and have complete protec- 
tion against claims for wrongful 
arrest, it was suggested yester- 
day at a security and protection 
exhibition conference at Leices- 

Mr. Frank Pegg, a security- 
expert and Home Office lecturer, 
told retail executives and 
security personnel: u The re- 
tailer or store detective has no 
option but to arrest shoplifters, 
and often the thief gets away 
because the retailer is afraid to 
do this for fear of the legal con- 

sequences _pf making a mistake." 1 national figure of 5.7 per cent 

Ilfracombe bid 
to draw jobs 

A ■ BROCHURE designed to. 
“sell" a new industrial site at 
Mullacott, two miles from the 
centre of Ilfracombe, is being 
launched next week. It will be 
circulated to industrialists with 
the help of the CBI, the Depart- 
ment of Industry. Devon County 
Council and North Devon Dis- 
trict Council and will be 
supported by an advertising 

Ilfracombe has 21 per cent of 
The working population unem- 
ployed. compared with the 



Ergo moving forward 
with confidence 


PROSPECTS FOR the current Endeavour at no cost through the able coal for shipment is being 
iinancial year remain* good." says next Sim (£540,000) of expenditure loaded on to a Japanese vessel at 
r, “* r *y Oppenheirner in the which wfll include the drilling of the port of Gladstone. Most of 
n!? t j e > ai ri nan j ftatenien of East two wells. the coal from the mines goes 

IKf’fcS?- a . Cranium (Ergo), At the end of that period through Hay Point, wbere stocks 
tne brilliantly conceived project Endeavour’s interest in the ofl and are nearly exhausted. 
ior extracting at a good profit the gas venture will be 9 per cent and The coal miners are in dispute 
? nd , , acld content the interest held by other par- over a pay. claim. They are 
oi oOULfi Afncas old mine waste ticipants will be: Murphy Ofl 50 seeking a higher - percentage of 
tpIE- , per cent. Ultramar 25 per cent, wages paid above industry award 

^°f mally ca »e to produc- AAR Limited 15.5 per cent. Gulf- rates, 
t ^ , bru f r * v this year, only stream Resources 2.5 per cenL * Utah ships about 300,000 tonnes 
years afer the decision to Further seismic surveys are °l coal a week from its 

t - i ki T. .V th , the project, planned to commence at the end Queensland mines. 

there have been some of this year and drilling is planned Utah Development is part of 
and full rated for the latter half of 1979, the General Electrie group, but 

mommy output of approximately Endeavour shares were 2p up at 1QS P er Mt of its stock is held 

380 kilosrame tiftiuT * * by Australian investors through 

S Crofty keeps 
its promise 

Utah. Mining Australia, whose 
shares yesterday were 375p, down 

ffnirf 118,04* ounces) 22o yesterday. 

i®; 3 tonnes of uranium and 
44.000 tonnes of sulphuric acid 
Will now be reached nearer the 
end of 1978,. a few months later 
than earlier forecast. 

The previously projected 

ssJaSSSS sw-s=. t.mji 


Lhc sfart cCpiodScStsn 01 ' 1 S, rom . !u! ” ’ ll f I ‘Si D t S, d V irge »n*Mln(e for Cancer Research and 

AJaaurt BrH “ petro,e “ t 

cSS ,0 SfitoS and 01 ,' HP r ' Er *“ “ ut of which ■ 


★ * 
of dissident 


^ -saauL s?s-- 

year with a doubling of this rate total of 4 ^ forecast dian copper producer, plans to 

in 1979-80. These projecuons were Se latest results reflect y. e «ek an ituuncoon in the Supreme 
based on a gold price range only hieh price of S whicb on the 0)1171 of Br {H Sh Col H mbia 10 *? re ‘ 
of $120 to $150 per ounce (the LondonMeta E^hangf averaSd vent c ? a, *? letJon ? f * «»P«ai 
projects break-even price was 16.171 per tonne over the reorganisation and refinancing 
given at S30) and so the slightly year compared with £A8M £ programne. The dissidents hold 
delayed attainment of full pro- 1976-77 It was £6.717 yesterday a £ out 13 f er «« Aft™ 

se eras unlikely to South Crofty’s production of tin fef 8 *** ]ed by Mr - D * L 
adversely affect the dividend concentrates was little changed at Pr,oe - . . 

e5 ft e ^£ t,?ns - 2^11 tonnes against 2,207 tonnes. , w ^ 

Unlike a conventional mining Crafty's major shareholder is 1,160 Metals has Proposed to the 
operation. Ergo operates with a the Saint Piran group with a stake United Steelworkers of America 
relatively small number of of 65 per cent, having sold the J 1131 Present arrangements cover- 
employees and has been able to remaining 35 per cent via a public ing id employees at 
avoid reliance on migrant labour, offering of the shares last year. Sudbury and Port Colbome In 
Air. oppenhejmer says that the Offered at 50p they soared to SSp Canada should continue for a 
company has developed a non- before boiling over. They were further year. The suggestion was 
discriminatory personnel and in- unchanged at 60p yesterday, 
dustrial relations policy for black 
and white employees “ to the 
extent permitted by e.risttng legal 
constraints ■’ and a unified wage 
scale has been introduced. 


made against the background of 
a depressed nickel market and 
follows extensive lay-offs last 

* •*- k 

Elanrtsrand Gold announces 
Utah Development yesterday that, of the»in shares offered 

declared force majeure on coal at R3.05 per share, subscriptions 

deliveries owing to strikes at its have been received for approxi- 

four central Queensland matelj 995 per cent. The balance 

4 M operations. A spokesman stated of approximately 0.7 per cent will 

Australia s Endeavour Resources that it is imposisble to say when accordingly be subscribed for in 

has concluded an agreement with the force majeure will be lifted terms of the underwriting agrec- 

an affiliate of Ultramar which after the men return to work. menu The offer closed on June 

allows the latter to earn half The strike, which began on 23. Certificates in respect nf 

Endeavour’s interest in the Mariut June 19, will continue until next shares subscribed will be posted 

Block. Egypt. Ultramar will carry Monday at least The last avail- to applicants on or about July 14. 

BPB again turns in £27m 
repaying pref . at 95p 


AS INDICATED at the half-time year this company embarked on The shares stand on an un- 
stage, pre-tax profits of BPB a £9m project for the modernisa- demanding P/E of 4.6 and yield 
Industries were little changed at tion of the board mills at 5.7 per cent 
£27 .25m for the year to March 31, Aberdeen. 

197S, compared with £27.15m for Expenditure on fixed assets was 
1976-77. Sales increased from at a record level of nearly £23m 
£243, 24m to £274.63m. and further commitments total- 

In October, when reporting ling £47 m include a glass fibre 
mid-way profits of £!4^2m insulation plant in the UK and a 

(£14. 45m), the directors expected new plasterboard 
the full-year figure to be at about Canada, 
the same level as the previous 

year. sale* 

At the AGM on July 28, pro- Depreciation 

posais are to be submitted to interest 

preference and ordinary share- ^ o5 i ■ ■ 

holders for the cancellation of the ,nBa 

preference share capital on terms ta ^vT J”; 

that holders Of the 303,664 5.6 Overseas tax 

per cent cumulative preference Net profit 

£1 shares wfll be paid 05p per 

share. . . _ AUribmable 

In accordance with ED 19, UK Preference dividends ... 
tax for the year takes £5.99m Ordinary dividends ... 

(£439m) and overseas tax £L9m R^ralncil 

(£2.8Sm). Basic earnings are 
given as 44p (45.2p) per 50rp share © Continent 
and a final dividend of 3-S24p np». 
raises **•“ * — ’ * * 






274. S2S 











V J» 



1 .897 


















Final half 
at Somic 


Profits before tax of Somic, • 
kraft paper spinner and weaver, : 
fell from £205.476 to £163,591 in ' 
the year ended March 31. I97K. • 
Turnover amounted to £2.09m 
against n.84m. , 

First half profits had shown a i 
10 per cent rise to £88,401 but the 
directors said then that they did 
not consider this to be satisfactory j 
as turnover had increased by 25 
per cent Some of the lack of ! 
profitability could be attributed ' 
unchanged to the introduction of new 

the total payment from nroBts^al! into'liJ»£ with tie com” products, they added. 
fSJP t ° the maximum permitted JJJJ® mid-term £rojectio£ But , An unchanged Anal dividend of 
7.624p dbL onma analvsts harf Keen Kooine l-458bp makes a znamtain&d total 

An analysis of sales and profit for a ntfle more and the share! of 2.322Sp for the year. Earaings 
of £25ff6m (£25ff5m) shows (in frfj 3 P t o 207p. More than half P" share are shown as 3-io4p 
£000 s): building material etc. -- ettolld Drofits come from UK (4.838p). 

UK £129,198 (£112,512) and gildSnir SaterijS^ Ind aSiouih takes £SS.506 (£10S.7W) 

£14,662 (£13^74), Canada £32.124 SteTof SfSSrd Je fdS! having net profit at £75.085 
(£32,663) and £1337 (£1203) s S £% er fent hi vohJe overall gainst £96,762. 

margins in this division were 
n^ pu ^ C N more or less maintained. Losses 
Ireland £I0,63S (£9,005) and £1.474 from the new chipboard machine, 

however, totalled £1.5m, due to 
lo w demand and competition 
C 5*714) and Netherlands £10,949 from cheap imports. Profits from 
(£7.999) and £2240 loss (£503 Jie French company fell 17 per 
loss). Intra-sraiip sales amounted cen t a s a result of price controls, 
to £30.4 5m c £28.41X1 j. But these restrictions have now 




oE Silentnight 

New housing completions dux- eased and since plasterboard has Holdings could look to future 

ing the year were dow*n on the less market penetration in growth in earnings, chairman Mr. 

previous year and the growing Europe than in the UK, growth Tom Clarke said at the annual 
use of plasterboard for Internal potential here looks promising, meeting. Group cash flow was 
linings and partitions was offset Losses from the Netherlands are strongly positive, he said, and the 
by a decline in sales for non- four times greater than pre- net worth of the business was 
housing construction. Profitability viously but BPB expects to break being improved all the time, 
in the gypsum division increased even in the current year. With a Mr. Clarke also told share- 
due to improved efficiencies £0.72m write off denting the con- holders it was dear that group 
resulting from the ongoing tribution from associates, the trading profits before tax to the 
capital expenditure programme group has had a number of half year ending July 31. 1978, 

of recent years, the directors say. largely peripheral difficulties to would be significantly ahead of 

The relatively steady demand contend with. Nevertheless BPB’s the equivalent period last year, 
for plasterboard liner enabled the UK base is solid and with both To ensure continued future 
UK paper and packaging sub- private and public housing starts growth in earnings, the Board had 
sidiary marginally to increase its on the increase, profits should already approved capital expendi- 
tu mover and profits. During the start to move again this year, ture exceeding £2.5m. 


Portsmouth & Sunderland 
circulation buoyant 

C? tonnes, columbltc mi. Five monih« 
ended M x? 31: -fin 127 tonnes, columbiu- 
1 tonne. Same period last rear: tin 1J2 

Heavy promotion campaigns at that the first current cost account- 
Portsmoutb and Sunderland ing statement shows a profit 

Newspapers together with an before tax of £1.554,000. I001ies e-iumh,,. - . nnn „ 

improvement in the content and In their report, the auditors 1 caluBbte 3 tonnes. 

design . of most of the groups state that in the following respects * 

newspapers has resulted in buoy- the accounts do not comply with 

ant circulation. Sir Richard the requirements of the relevant' (vfnrP HT17AC frir 

Storey, the chairman says in hi? statements of Standing Account- J.”Avri.C pilLCd 1U1 

annual report. ing Practice: _ . 

\ major aim now is to regain Profits and losses on sale oF S3.I0IV TlimS 
the previous level of household fixed assets have been taken •■J iUUIJ 

coverage and achieving this direct to reserves and not dealt TWO Central Office of Informs- 
target would mean that, with with in the profit and Joss tiftn nn Ar ^„\., na „ nrl 

population growth in the groups account: tion films on drinking and 

three areas, a significant increase Regional development grants driving, prizewinners at the 
in circulation would be achieved. k ave been taken direct to London Television Advertisin, 
The volume of advertising in j"^ c t c n or ^^ y _?,j e Awards in April, took the top 

aar^J5S5ji!B - >« «•*» «■« « 

the ch£S^ l“ Sre cMfldem u \ e , s 0[ the as5E « the Seth lntemationel Adfertls- 

that advertisers are willing to Management has continued mg Film Festival in Cannes. A 
pay enhanced rates for provincial negotiations with the production third commercial was also an 
newspaper space than chat h^'ons to enable the most modern award winner. 

J-AF™ .£ep“«* - -warts went ,o What Da 

frequently rising cover prices. KnSSuth. Some of the new We Do With rbe Drunken 

Each of the evening newspapers equipment has been installed and Driver?, The Difference and 
»s now selling for sUghtiy less u is hoped ^ -jj e rest viU Outsidt- Loo. 
than many others in the country, follow soon. 

and advertising rates have been At the Mail, Hartlepool, a 

increased by as much as was programme of modest develop- f-i . ' _ 

thought reasonable. ment has been started to improve p 30fOrV drOWlh 

“Of course optimum use of working' conditions for the staff B 1U " lu 

modern technology would help a nd raise the quality of the paper l 4. • L 

stabilise both cover prices and S o that the profit from this office DOOSTS 10DS 
advertising rates/' says Sir may be increased. J 

Richard.- Two of the radio stations in FIFTY NEW jobs are expected to 

For the year ended April i, which the company has an be created when the Development 
1973, pre-tax profit rose from interest — Metro Radio llVne and Board for Rural Wales builds a 
£1.36m to £ 1.93m. The dividend Wear) and Radio Tees (Teesside) £223.100 extension to the Lian- 
3.13507P. have begun to produce small drindod Wells factory of Setten 

The financial results are profits, and the tiurd, Radio aBd Durward. letterfiles manu- 
undoubtedly good. Sir Bichar/ \ictory (Portsmouth; is moving facturers. 
says. Tins large capital invest- towards profitability. ‘ - . 

ment in the south is now begin- Meeting, bunderiand, July 21, at The extension will provide 
ning to earn a proper return, 12.30 p.m. - 13.500 sq ft of new space. The 

while the present trend in company hopes to be using the 

advertising volume and news- MINING BRIEFS extension by the middle of next 

paper circulation is encouraging. CO lo and BASE-ouowr of concen- J'ear. IL now employs some 220 
It “is, however, salutary to note traics ijj p«- cent grad^i for ai*y: iin people at Llandrindod Wells. 




Notice of Special Meeting of Shareholders ’ * 

Please take notice that a Special Meeting of 
Shareholders of Fidelity International Fund 
N.V. (the ‘•Corporation’’) will take place at 
3 .00 P.M. at Schotlegatweg OosL Saiinja, 
Curafao, Nctheriands Antilles, on July 19, 1973. 

The Mowing matter is on the agenda for this 


I. Proposal, recommended by the Management, 
to amend Article 13 of the Corporation’s 
Articles of Incorporation to provide Hut any 
officer or Director of any party with which the 
Corporation may have concluded an 
investment management or advisory 
agreement or of any corporal ion own ing 
directly or indirectly a majority of the voting 
securities of such party or of any directly or 
indirectly-owned subsidiary of such parent 
corporation may acquire shares of the 
Corporation's capital stock without regard to 
the nationality of such person. The details of 
this proposal may be obtained from the 
Principal Office of the Corporation at The 
Outerbridge Building, Pitts Bay Road, 
Pembroke, Bermuda, or from the Registered 
Office of the Corporation at Schotlegatweg 
Cost, Saiinja, Curacao, Netherlands Antilles. 

Bank Julius Baer 
International Limited 
3 Lombard Street 
London EC3 V 9ER, England 

Bank Jofius Bar & Company limited 
Bahnbotstrasse 36 
Zurich, Switzerland 

Holders ofregistered shares may vote hy proxy 
by mailing:! form of proxy obtained from the 
Corporations Principal Office in Pembroke, 
Bermuda, or from the Banks listed below, to 
the Corporation at the following address: 

FidcHty International Fund N.V. 
do Madura & Quid's Trust Company KV. 
P.O. Box 305 

Netherlands Antilles 

H* dders of bearer shares may vote by proxy 
by mailing a form of proxy and certificate of 
deposit for ihcir shares obtained and filed in 
the manner described in the preceding 
sentence. Alternatively, holders uf bearer 
shares wishing to exercise their rights 
persnnallv at the Meeting may den-.^it their 
5hare«. ora certificate of deposit therefor, 
with Ihe Corporation at Schi ittcgai w eg Oost 
Saiinja. Curagao, Netherlands Amines, against 
receipt therefor, which receipt will entitle said 
bedicr shareholder to exercise such rights. 

AH proxies (and certificates ofdcpo \i issued 
to bearer shareholders! must he received by 
tile Corporation not later than !/:HU A.M. on 
July 19, 197$, in orderto be used at the 

By order uf the Management 
diaries T. M. Colics 

The Bank of Berm a da Limited 
Hamilton, Bermuda 

KredietbankSA. Luxembocrgcuise 
43, Boulevard Royal 



Trading results for the year to 31 st March 
1978 (Subject to audit confirmation) 

Kail Cl I II 11 . 0 , Pi 1 II V 

1.10.77 to 



















2,766 ; 









Full year 

External sales 
Profit before taxation 
Corporation Tax (52%) 

Profit after taxation 
Increase (%) on 
corresponding period— 

ExtemalsaJes. . 

Profit (pretax) 

Except where there Is probability of payment, provision for 
deferred taxation is being discontinued, and the 1977/78 
figures- reflect this change. In accounting policy. The 
1976(77 figures have been adjusted to the same basis. 

At the Annual - General Meeting to be held on 29th 
Seotember 1978 the Directors will recommend a maximum 
permitted final dividend of 2.65l58p. per share, assuming 
an advance corporation fax rate of 33%. 

Copies of the Report and Accounts «ill be mi table from 

th£ <tecretarv. Electrocomponents Limited. Maple, 
SSKS EGtP.1HX.Jmrg 30 th August. 197S- 

Britain's biggest electronic compbricrits distributor V- 

Another record profit 
in trying conditions 

Some points from the Statement of the Chairman, 

Mr. R- C. Robertson. 

The year's profit, although a record, was below expectation. 
Increased marketing effort has helped maintain our overall volumes 
amid adverse market trends. 

Increased sales of cereals by Viota, the acquisition of Scotia Barry; 
and the introduction of new products indicate continuing growth as 
we broaden our operating base. 

Export sales were buoyant but their profitability was badly affected 
by weakness of the Canadian dollar and the Swedish krone. 

With final restrictions lifted* our prepared plans for making an 
impact on EEC markets are being put into operation. 

High inflation in fruit costs, a fell in food consumption and the High 

Street prices war have contributed to our difficulties, but we 
are confident of further progress in the coming year. 

Results at March 1978 





Sales: UK — Home 












Profit before tax 



Earnings per Ordinary Share 


(no U.K. tax) 


r Robertson Foods Limited! 

j If you woidd like to receive a copy of the Report and Accounts, a 

i but are not a shareholder please M in this coupon and send it to: I 
The Company Secretary, Robertson Foods Limited, [ 

50 Bumhill Road. Beckenham, Kent BR3 3LA j 

Name — 1 




•FinandaT Times Thursday! in^ 20^iS7S' 



Petro-Can opts out of Husky 



THE NATIONAL Oil Company, 
Petro-Canada to-day dropped its 
C$57:Jra cash bid for Husky Oil 
and Mr. Robert Blair, the man 
who was active 'in the decision on 
the Alaska Highway gas pipeline 
route last year, has emerged as 
effectively the largest single 
shareholder of Husky. 

Albert Gas Trunk Line f AGTL), 
headed by Mr. Blair and the 
largest gas transmission company 
m Alberta, confirmed last night 
[hat it had continued buying 
Husky stock in the open market 
on Tuesday and now held 35 per 
cent of the 11m Husky shares 

This came onlv 24 hours after 
AGTL revealed that its holdings 
in Husky had grown from 4 per 
cent to 23 per cent since the 
Si-it week in June. On Monday, 
i he market price in Canada of 
Husky shares reached a high of 
C$53. On Tuesday, after AGTL 
revealed that it had 23 per cent 
of the Husky stock, the price fell 
back to around CS47 in tbe mar- 
ket. as douhts spread that Petro- 
Canada would go ahead with its 

promised CS52 a share offer. 

Today. Petro-Canada said it 
would not go ahead with its offer, 
because of the major purchase of 
Husky stock by AGTL. Trading 
in Husky was halted for dis- 
semination of this news. Husky 
also trades on the American 
Stock Exchange in New York. 

Petro-Canada claimed that 
many of the AGTL purchases 
were made in the market at a 
level above its bid of C$52. How- 
ever. yesterday AGTL could 
have bought the shares for con- 
siderably below that level. Petro- 
Canada also said AGTL had 
indicated that it may buy more 
Husky stock. 

The 35 per cent holding oE 
AGTL considerably outweighs 
that of the previous controlling 
group — the Nielson family of 
Cody, Wyoming. Tbe Nielsons 
had earlier accepted a share- 
exchange bid from Occidental 
Petroleum of the U.S., equal to 
about C$54 a share, subject to 
SO per cent acceptance. It now 
appears that AGTL. possibly with 
agreement of Ottawa and the 

Alberta Provincial Government, 
has effectively blocked the 
Occidental bid. 

AGTL and Mr. Blair, with the 
help of some Western Canadian 
oil and gas interests. last year 
succeeded in getting the US Sllbn 
Alaska Highway natural gas pipe- 
line route accepted to move 
Alaskan gas through Canada to 
mid-West U.S. markets. AGTL is 
the main sponsor of the Canadian 
section of tbe line. 

Questions have been raised 
about the delays in the financing. 
How AGTL Is financing its 
acquisition of Husky stock is not 
clear. Nor are its Intentions for 
the future of Husky, and its heavy 
oil reserves in South West 

Husky, with assets of well over 
CSSOOiu, is an exploration pro- 
duction and marketing company 
with two-thirds of its operation 
in Canada, and one-third in the 
U.S. It claims I6bn barrels of 
heavy oil in place in its permit 
areas in the Lloydminster area 
of South West Saskatchewan. It 
has been producing on a small 

scale from these reserves for 
many years. The issue in the 
takeover of Husky control has 
centred on further development 
of these reserves through tertiary 
methods and installation of a 
C$500m upgrading plant. 

Reports from New York 
claimed that Pershing and Co., 
New York brokers, bought most 
of the 1.7m Husky shares traded 
on the American Stock Exchange 
on Monday. Pershing usually 
acts on behalf of other invest- 
ment firms. In Canada, Occiden- 
tal Petroleum has been repre- 
sented by Burns Fry, working 
with Occidental's U.S. agent 
Kidder Peabody. 

Dominion Securities, a major 
Canadian national investment 
house, was a big buyer of Husky 
stock last week in Toronto and 
may have been acfiDg for AGTL. 

A document filed with the SEC 
in Washington revealed tbat up 
to June 26 AGTL spent CSI27m 
in acquiring Husky stock, mostly 
borrowed from the Bank of Mon- 
treal and the Bank of Nova 





NEW YORK, June 23. 

NEW YORK. June 2S. 
owned indirectly by Hudson Bay 
Mining Smelting of Cadana and 
Minerals Resources Corporation 
of Bermuda, has instituted an 
offer to purchase any and all 
shares of Inspiration Consoli- 
dated Copper for cash at $33 
per share. 

Inspiration Holdings currently 
owns -39 per cent of the out- 
standing shares of Inspiration 
Consolidated Copper. The offer 
is to expire on July 17 unless 

Mr. John B. Hawkins, presi- 
dent nnd chief executive of 
Inspiration Consolidated Copper, 
said today that at yesterday's 
Board meeting Inspiration’s 
directors had repeated their in- 
tention neither to recommend 
nor appose the rash tender offer 
being made by Inspiration Hold- 


A SURVEY of U.S. consumer 
attitudes towards electronic 
funds transfer services (EFT) 
offered by American banks 
reveals today that fewer than 
half those questioned were aware 
of their existence. Of those who 
had come across them, 3S per 
cent thought they were a good 
thing, 24 per cent thought they 
were bad, and the rest bad no 

The survey, by Cambridge 
Reports, was commissioned by 
the Electronic Money Council, a 
multi-industry group bringing 
together banks and other 
organisations connected with 
EFT, the generic term for the 
new electronic gadgetry which 
banks are introducing to 
improve retail banking. 

Corporation, said that opinion 
research combined with the 
banks’ own experience show that 
people like the use EFT once 
they have the chance to become 
familiar with its benefits and 

But he acknowledged that 
EFT had received a generally 
hostile reception in the U.S. 
press, and he said that a wide- 
ranging public education pro- 
gramme was necessary to build 
up consumer understanding. 

Baltimore Gas 

earns more 

Olympia York 
unit loan 

Anderson Clayton 

The commodities trading com- 
pany, Anderson Clayton, 
achieved a net Cruzeiros 4L4bn 
t $345. 8m) operating revenue 
in 1977 — 10 per cent higher 
than in 1976 reports Diana 
Smith from Rio de Janeiro. 
Gross profit of Cr 1.1 bn 
<-$6l.4m» was 26 per cent of 
hillings: net profit was 

Cr 2,381m f$l3.3m>— a nominal 
increase of 25.2 per cent over 

Net assets rose from $33.6m 
at the end of 1976 to $48.4m 
—a 45.4 per cent increase. 

Although these results were 
perhaps more disappointing than 
the Council migbt have hoped, 
the survey did show that EFT 
has higher acceptance among the 
young, among people who make 
big use of financial services, 
and among opinion leaders. 
Furthermore, respondents who 
were not familiar with EFT 
were generally interested in 
using at least one of tbe services 
available once these had been 
explained to them. 

The most popular services 
were the automatic teller 
machines, point-of-sale cheque 
and credit card authorisation 
machines and instore banking. 

In presenting these results, 
Mr. James Smith, the Council's 
co-cbairraan and a senior 
executive of the First Chicago 

registered by Baltimore Gas and 
Electric,' AP-DJ reports. Net 
profits for the year ended May 
31 last amounted to $115.5m. or 
S3.23 a share, against $103.1 m or 
S2.S6 a share previously. 

Revenues totalled SS61.9m. 
compared with $792. 5m, the 
previous year. 

0 Y. EQUITY, a U.S. unit of 
Olympia York Developments, has 
borrowed S41m from Royal Bank 
of Canada through the bank's 
U.S. agent, AP-DJ reports from 

Proceeds will be used to 
finance tbe acquisition of a 
building at 466 Lexington 
Avenue in New York and two 
Penn Central-owned properties 
on Park Avenue. 


Indo-Suez $30m issue 


THE EUROBOND market was 
alive with rumours yesterday 
predicting large issues for 
several major banks, including 
Chase Manhattan. 

One issue was announced — 
S30nt for Indo-Suez. This offers 
a quarter of a point over LIBOR 
for a seven-year maturity with 
a minimum rate of 54 per cent. 

According to agency reports, 
other issues which emerged yes- 
terday include a DM 25m place- 
ment for the South African Rail- 
ways and Harbours Board offer- 
ing 8 per cent at an indicated 
price of 99j per cent, and a 
Lux FFr 25i)m offering for BAT 
International Finance. This 
reportedly offers 8 per cent for 
10 years via Kredietbank. 

This announcement appears as a mailer of record only. 




5ociete Nationale pour la Recherche, la Production, le Transport, 
la Transformation et la Commercialisation des Hydrocarbures 

U.S. $150,000,000 


for the 

Alrar Cas Recycling Project 

Guaranteed by 

Banque Algerienne de Developpement 

Managed by 

First Chicago Limited 


European Banking Company 


Canadian Imperial Bank of Commerce Texas Commerce Bank N.A. 

Amstardam-Rotterdam Bank N.V. 

Provided by 

Arab African Bank -Cairo 

The Bank of California N A 

Canadian imperial Bank of Commerce Crocker National Bank European American Bank & Trust Company 

European Banking Company The First National Bank of Chicago . First Pennsylvania Bank NA Midland Bank 

Umiled Limited 

RBC Finance B.V. 

Texas Commerce Bank N.A. 

Seattle-First National Bank 

UBAF Arab American Bank 

Security Pacific Bank 

Wells Fargo 


Agent Bank: 

European Banking Company 

Limited r 7 

June, 1978 

Texas oil 


rises to record levels 

Electronic banking finds favour 

HOUSTON, Jtrae 2$. 
THE Federal Bureau of Inves- 
tigation says that numerous 
agents, along with an assistant 
U.S. attorney, have been in 
Houston investigating several 
oil companies on suspicion 
that they may have been 
pricing old oil as new oil over 
a period of five years. 

The agency declined to name 
any of the companies involved 
in the probe. The investigation 
was said to involve the alleged 
practice by certain oil com- 
panies of unlawfully inflating 
the price of old oil, which 
sells at about $8 a barrel, to 
the price of new oil, which 
sells for about SI4 a barrel- 
Certain oil" companies were 
alleged to have accomplished 
the price change through paper 
middlemen made to look like 
intermediaries in the sale of 
oil by refiners to distributors. 

(n Houston the FBI said 
that ‘if what we feel as investi- 
gators is true here, then this 
is Just the slarL** The agency 
declined to estimate the 
amount of money involved In 
the alleged scheme, hut a 
source familiar with the inves- 
tigation said that, on a nation- 
wide scale, it couid involve up 
to 81.7 m a day. 



“NEW 'YORK,. Jane. 28. 

LENDING IN the Eurocurrency 
and international bond markets 
reached record levels in the first 
half of 1978, but the trend m 
spreads continues to “arrow 
towards the half a per cent level, 
Morgan Guaranty reports in the 
latest issue of its World Finan- 
cial Markets. 

The Bank estimates that puth 
lidsed new borrowings reached 
about SSObn between January 
and June this year, up 45 per 
cent on the same penod last, 
y*ar. Most of this was in the 
medium-term syndicated Euro-, 
currency market, where new - 
bank credits amounted to $33bd, 
nearly double last year’s SISbn. 
International bond issues, by con 1 , 
trast. rose only slightly from 
$17.1 bn to S17^bn. 

The industrial countries- 
accounted for 56 per cent of new' 
borrowing, but large increases 

were registered by Canada (to. 
$7bn), Australia, Italy, Greece; 
Ireland and Yugoslavia. By con- 
trast. French and British borrow- 
ing declined in line with/: their 
Improved balance of payments. *: 

Borrowing- by . the - non-oil 
developing countries, ■ led "by 
Mexico and Brazil, was sharply 
up to nearly. $13bn,: while' the 
-OPEC countries' borrowing rose 
by S2bn to $5.6bn: 

Although borrowing oy -the.. 
Communist countries increased 
slightly to $1.9bn, their market 
share remained about' the same 
at 4 per cent, thanks to. the im- 
provement in. their - trade with 
the West. But Morgan Guaranty- 
says that their deficit remaizzs- 
targe, and there is a neefr .td 
refinance growing amounts of 
external debt falling due. The 
main borrowers were' East! -Ger- 
jpany. the Soviet Union, Poland 
and Hungary. . 

. Lending rate spreads : during 
the- six .months, -on. medium-term 
loans to prime borrowers drop- 
ped below 1 per cent over LIBOR 
-(the London ' interbank. ' offered 
rate) and in some ■ c^ses reached 
i' to;. I per cent. . At !the same 
-time, maturities, continued- ' to 
lengthen) with -a few' extending 
up to fen years. . ' 

Among the reasons for this, 
Morgan ■ Guaranty ootes,- the 
improved creditworthiness ' of 
several borrower? and the. wide 
availability- of funds. It - also 
says ' it is too soon to state 
whether spreads, -have stopped 
narrowing, .though there is 
strong resistance to. breaking the 
* per cent barrier. 

- These' good '.conditions for 
borrowers have prompted many 
bf ' -them^tb: pay ' -pff.: old 1 debts 
earlier and refinance them on 
more favourable terms. 

Non-industrial profits surge 

NEW YORK, June 28. 

AMC-Renault talks 

American Motors Corporation 
still hopes to complete negotia- 
tions on a joint car distribution 
and production agreement with 
Regie Nationale des Usincs 
Renault tbe French car maker 
** in the not too distant future * 
AMC« chief executive officer 
said in Toledo, reports AP-DJ. 
Mr. Gerald C. Meyers. ASIC's 
president said that, while an 
agreement still has not been 
reached “the discussions are 
going on and they arc going 
we!!. We are optimistic.” Ee 
declined to elaborate ou tbe 
talks or any issues Involved 

Philips Industries 

Philips Industries predicted 
tbat sales for tbe second 
quarter would he greater than 
870m. up from $ 62.7m a year 
earlier, reports AP-DJ from 
Dayton. Mr. Jesse Philips, 
chairman and chief executive, 
told Ihe annual meeting that 
earnings per share for the 
second quarter should be about 
40 cents compared with 
35 cents. Mr. Leonard Reardon, 
vice president-finance, forecast 
net earnings for second 
quarter of about &.5m com- 
pared with $2 .2m. 

Louisiana Pac. deal 

Louisiana Pacific Corporation 
has reached agreement with 
the FTC that allows the 
approximate $80m merger of 
Fibrehoard Corporation with a 
unit of Louisiana Pacific with- 
out a court challenge from the 
FTC, reports AP-DJ from 
Portland. The merger is effec- 
tive- immediately. A condition 
of the agreement with the 
FTC Is that Louisiana Pacific 
dhesl all interest in Fibre- 
board's medium density 
fiherboard plant within' two 
years, and that Louisiana 
Pacific refrain for-a ten year 
period from acquiring without 
FTC consent particleboard or 

medium density fiber board 

production facilities. 


THE PROFITS surge enjoyed earnings the year before. Gross fifty largest rose 25.3; per cent, 
last vear bv large non-industrial' re venues were tip -12. gefc^eent thanks, to fare increases, favour- 
companies ‘in the U.S. is con- 'to S56fibn. While brokerage.;. able tax legislation and extra air- 
firmed today by a survey which companies suffered a' large drop tine , traffic.. Aggregate earnings 
found a strong aoross-th e-boa rd"in profits, property and casualty were S2.3bn r . and operating 
earnings record with a less than insurers and savings and loan revenues rose Id per cent to 
expected decline from the record associations did welL Aetna Life 547.8bn. On ar sales ranking, the 
profit increases registered in and Casualty and Travellers top two^were Trans World Ai* 
1976 Corporation remained the ' top lines arid UAL. : • 

The securities industry proved two- „ ■ Jy-'. ' - 7 ^ tUldes: r ^ te i r ^ lat ?7 

to be the onlv sector of serious : Retailing: Retailers had their bodies tolerated considerable 
weakness largely because of strongest sales 'growth since -1974 rate, increases/ Assets T.ose : 9.1 
declining revenues and a falling a*. 9.6 per cent Aggregate sales per cent tp$275.6biv operating 
stock market. However, non- were S145Jbn. -Profit margins, revenues rose 1-311 per cent to 
industrials generally benefited however, remained slim with the S107.3bn and net income '15.9 per 
from higher rate increases for fast food chain. Macdonalds, cent to $lL7bn. Overall perform- 
insurances companies ancf turning in the best ratio of ance was aided by AT and T’s 
utilities, a record' number of profits to sales — 9.9 per. cent 18.6 'per jeent increase In earn- 
people’ in employment and rising Sears Roehuck and Safeway ings. This: giant accounts for 84 
consumer demand for retail Stores, again occupied the top' per cent of the group's assete and 
ooods and transportation. two slots. operating revenues and 3$ per 

The results have been - ■ Transportation: Profits »f the cent of its net iueome, 
by Fortune magazine, which i 

annually compiles lists of the 
fifty largest companies in six- 
'll on-industria lsectors. The sec- 
tor-by-sector breakdown is as 

Commercial Banking: In assets 
Eankamerica Corporation and 
Citicorp were- again tbe first and 
second largest in a group whose 
profits rose in 1977 at the fastest 
rate in four years. 12.2 per eeritl 
Aggregate earnings for the top 
fifty banks amounted 'to $3.3bn, 
while deposits rose by 13.5 per 
cent, more than twice the piiife 
vious year's increase, to. S521.2lm. 
Loans made by the banks tripled 
tbe 1976 rate of increase' and 
were up 14.8 per cent to $380.7bn 

Life Insurance: Corauhnies in 
this group do not report net 
income but tbe 10.1 percent rise 
in life insurance issued last year 
was the highest annual increase 
in 20 years. At the end of tbe 
year, the 50 largest companies 
had issued $1.8 trillion (million 
million) of insurance and their 
total assets had risen 8.3 per 
cent to $278.1 bn. Prudential 
widened its lead over second 
ranking Metropolitan for the 
fourth a row. 

Diversified Financial: Profits 
leaped by 53.4 per cent last year 
to $4.1bn following a record 
632! per cent increase in net 


Issued & Paid-up Capital— £1,593,171 in IQp shares 
Secretaries and Agents 
Harrisons & Crosfield, Limited 

Year ended 




Profit after tax 

Dividend for year 



—pence per share 










Palm Oil & Kernels 









PLANTED ACREAGE {subject to survey) 

Rubber. Oil Palms. Coffee, Tea, Cocoa, Coconuts— 9B, 733 acres 

Annual General Meeting— 25th July 1978 

Holdings Limited - . 

“Excellent half year... 

that shareholders 
willbe well 
j pleasedatthe ; ' 

H f G$ Sossett Smith, GM0>,CJmnmn 
Extractsfrom the Interim Statement 


Half-Year (unaudited) 

• 1 ,% A **!-> • a 





. 30.4.77 

: £’000 

Full Year 



Sales . r . 

Profk before Tax 
Attributable to . ' 
Ordinary Shareholders f .28S~ 

...7,510 16,954 
• 274 . : 1,132; 

169 653 

In order, to accord with chanzes.made in the accounts for the full year 
1976/77, the figures origmafij presented for the half year 1976/7:7 . 
have beat restated. 

The Decorative arid Export Divisions improved 
substantially on last year. The Decorative Divisibn • , 
again increased its share ot the trade market- 

Industrial Division traded at a higher leveland ; .- 
continues to progress. 


ment throughout the halt" yean 

Interim Dividend is increased by the maximum . 
permitted annual amount toLl4p. It is hoped that 
Government policy will permit afurther increase ii£- : 

the final dividend. 

BlimficU-Pernioglaae Holdings Limifi’ £ - 
YnflrHniis«^37Qi«BnSL]Uiire,Lo)uitmW'ClN3BL.. ■ 

A group of companies concerned utdi diemamifjctuKofdeconttive 

This announcement appears as a matter of record only.- 

U.S. $20,000,000 

23:h June 1 978 

Floating Rate Dollar Certificates / v ;. 
of Deposit due 30th June 1981 A ’ 

International Finance Limited 
Citicorp International tiroiip ■ 

Kleinwort, Benson Limited a a 
M a n uf a ct u rer sH ano ver Li rri ited 

■■ A: ; v A A •; ~ ■■■ ■': 

Agent Bank 


. : -i 



A,i. A 



Financial, Times . Thursday June 29 1978 


Major reorganisation of 
Apt Romeo management 


IRL ; Italy’s giant state holding 
. company, announced today a top 

management and financial recon- 
struction for its troubled Alfa 
■ Romeo and Alfa Sud car manu- 
facturing subsidiaries. 

The two ear plants — one hi the 
North near. Milan and. the other 
in ' the South near Naples 1 — are 
expected to report in the next 
few v days . overall losses of 
L140.3bn, or about ¥174m forthe 
past year. 

The losses of Alfa Sud are 
put at L99.5bu, while the 
northern company lost L49.8bn. 
The two companies, entirely con- 
trolled by IRI, lost L48.4bn in- 

IRI named today Sig. Ettore 
Massacesi.fhe current chairman 
of -the state bolding company’s 

labour relations organisation. 
Inters ind, chairman of the Alfa 
Romeo -Alfa Sud group. . His 
appointment follows the resigna- 
tion of the former chairman, Sig. 
Gaetano Cortesi, who Was given 
a suspended sentence of 40 days’ 
imprisonment by a Milan magis- 
trate on alleged charges of 
breaching Italy’s rigorous 
national workers statute. 

Sir. Cortesi resigned partly In 
protest against the magistrates’ 
decision, but he is also under- 
stood to have faced, increasing 
internal difficulties inside his 
own group. The IRI Board had 
repeatedly asked him to recon- 
sider his decision to resign. 

The state holding company 
also appointed today a new Alfa 
Romeo managing director. He 
is Sig. Corrado Innocent!, the 

ROME, June 28. 

former director general of the 
IRI Aeritalia aerospace group. 

At the same time. IRI intends 
to recapitalise Alfa Romeo sod 
partially recapitalise Alfa Sud. 
Both companies have increas- 
ingly faced mounting losses and 
indebtedness, at the same time 
as being plagued with deteriorat- 
ing labour relations and low 

Meanwhile, AF-DJ reports that 
Aeritalia Spa., the state-owned 
aircraft manufacturer, made a 
net loss of L23B6bn in 1977 
compared' to a L20.44bn net loss 
in 1976. Sales fell 19 per cent 
The company said that the loss 
was due to financing charges 
brought on by delays by the 
Government in paying for mili- 
tary aircraft built by Aeritalia. 
These charges came to L23bn. 

Losinger sees turnover drop 


Switzerland’s leading construc- 
tion company, is likely to decline 
from SwFr 490m last year to 
some SwFr 4S0m (S25Sm) in 
2978. according .to chairman 
Herr' 'Vinzehz Losinger. While 
domestic turnover is seen as fall- 
ing further to SwFr £S8m from 
SwFr 305m this, year that 
accruing. from foreign business is 
expected to reach a new record 
by climbing to some SwFr 192m 
from 1977’s SwFr lS5m. 

Herr Losinger told the annual 

Danes to open 
gas sales talks 

COPENHAGEN, June. 28. 

A. P. MOELLER, sole conces- 
sionaire for oil. and natural gas 
exploitation in the Danish North 
Sea sector, has agreed to open 
sales negotiations, for natural 
gas with the state-owned Dansk 
Olie et Naturgas (DONG). 

The talks between the 
A. P. Moeller led consortium. 
Danish Underground Consortium 
{DUG), and DONG, will concern 
the production of natural gas 
and the landing of it in 

Preliminary discussions have 
reviewed the . possibility of 
economically justifiable natural 
gas production in the Danish 
Cora, Dan, Vern and Bent struc- 
tures. . 

DUC and DONG estimates of 
known Danish North Sea gas 
resources have ranged between 
60bn and ZOObn cubic, metres.,.. 
Agencies . • ■ ■ 

general meeting that the board 
was assuming an end-of-year 
exchange rate of SwFr LSQ. This 
estimate anticipates a dollar rate 
of little above the all-time low 
of SwFr 1.77; at present' the rate 
is about SwFr 1.S6. 

Profitability is expected to be 
rather better in 1978 than last 
year, when Losinger profits fell 
below SwFr 40,000, causing the 
board to omit a dividend pay- 
ment However. Herr Losinger 
said the Berne-based company 
was far from earning good or 

ZURICH, June 2S. 

even satisfactory profits. 

In a separate development, the 
Swiss electrical and industrial 
equipment company W. Moor AG 
of Regeosdorf has acquired a 
substantial holding in the 
Stuttgart- based company, Tech- 
noprojekt, also a manufacturer 
of products for industrial use. 
Moor’s annual turnover rose to 
SwFr 37.5m last year and is ex- 
pected to grow by a further 20 
per cent in 1978. while Tech- 
no pro jekt booked 1977 sales of 
some DM 10m. 

Andritz lifts dividend 


THE LEADING . Austrian 
engineering company Maschinen- 
fabrik Andritz is increasing its 
dividend by 1 per cent to 7 per 
cent for 1977 and- maintaining 
shareholders' bonus atl per cent 

Capital is to be increased by 
Scb 25m to Sch 125m. Incoming 
orders in the .first half of 197S 
were Sch 1.4bn, lifting total 
orders to Scb Sfibn and providing 
enough of a workload for full 
capacity running until the second 
half of' 1979. 

Turnover last year rose by 3 
per cent to Sch 1.3bn with 68 per 
cent of deliveries shipped 
abroad. Including subsidiaries in 
the U.S. and Spain, sales were up 
by 1 per cent to Sch J6bn. 

Turning to the various sectors. 
the-Board points out Jhat pumps 
and water torbfhes were .doing 
“particularly . welL* ^.Capital 
spending last, year was. Sch 89m 
taking spending^the ilast 

VIENNA, June 2S. 
three years up to Sch 260m. 

Meanwhile, Austria's largest 
saving bank Zentralsparkasse der 
Gemeinde Wien is to become the 
first Austrian credit institute 
to establish a branch office in 
Italy. Dr. Karl Vak. director 
general, stressed that the branch, 
in Milan, will primarily promote 
access to the Italian market, busi- 
ness transactions by subsidiaries 
of Austrian companies and will 
intensify contacts with Italian 
credit institutes without, how- 
ever, engaging in banking 

He added that Italy is Austria's 
second largest trading partner 
with a share of 9.1 per cent in 
the exports total. The city of', 
Milan was singled out for the 
location of the office— to be 
called “ Z-bank — representaenz 
der Zentralsparkasse der 
Gemeinde Wien" — because 
“over 40 per cent of Italy's 
foreign trade goes via Milan." 

Boardroom reshuffle at KNP 


PLANS TO strengthen its top 
management -following the take- 
over of the board and paper pro- 
ducer Kappa last year, are 
announced today by Kon. Neder- 
landse Papierfabrieken (KNP). 
KNP is now the largest paper 
manufacturer in Holland with 
sales of Fi 786m ($352ra). 

Including Kappa's figures for 
the last five months of the year. 

net profit in 1977 was F] 1.4m 

KNP has decided to appoint a 
five-man managing board to 
replace, the previous board of 
directors of 1 , the major depart- 
ments, Mr. E. Ten Duis will 
continue to head the company’s 
top board together with three 
senior KNP managers and the 
fifth place will be filled from 

AMSTERDAM, June 28. 

outside the company. 

The acquisition of Kappa for 
FI 27m ($12m) is part of KNF's 
plan to diversify in technically 
related fields. Kappa uses 
recycled paper for many of its 
products and this will' reduce 
KNP*s dependence on imported 
raw materials. KNP is setting up 
two product groups for printed 
paper and packaging. 

Alko of Finland boosts exports 


ALKO. the State alcohol 
monopoly of Finland, reports that 
per capita consumption of alcohol 
in Finland in fiscal 1977 increased 
by 0.7 litres of pure alcohol to 
6.38 litres. Expenditure on 
alcohol rose to FM 4.78bu 
•Sl.lSbu), which works out at 7.1 
per cent of total private consump- 
tion and FM 1.010 per capita. 

In spite of this the company 
was not satisfied with its result 

for the year. The profit was 
FM 339ra' (S79m) and it paid a 
dividend- of 7 per cent (all but 
two of the shares are held by 
the -State). 

. Profitability was unsatisfactory 
because the Government pre- 
vented it from increasing prices 
although costs rose. The revenue 
to the State from Alko in 1977 
was FM 2.76 bn, compared with 
FM 2.62bn in 1976. a nominal 

HELSINKI, June 28 . 

increase of 5.3 per cent but in 
real terms a decrease of 6.6 per 

Exports, including industrial 
ethyl alcohol and yeast, gTew by 
13 per cent to FM 27.8m. The 
Fob value of imports was 
FM. 5521m, an increase of 20.3 
per cent on 1976. France headed 
the list of suppliers with 
FM 20.7m, followed by Britain 
with FM 10.4m. 

Greece in 


with Arabs 

By Our Own Correspondent 

■ ATHENS, June 28. 

3 initialled here yesterday for 
1 the establishment of a Greek- 
Arab bank with a share capital 
-i of 315m. Arab Interests will 
control 60 per cent of the bank, 
making this the first time 
foreign interests have been 
allowed to take a majority 
shareholding in a Greek bank. 
The deal requires Currency 
Committee approval. 

Participating in the bank are 
the Kuwait Foreign Trading. 
Contracting and Investment 
Company, the Kuwait Invest- 
ment Company, the Kuwait 
International Investment Com- 
pany, and the Libyan Arab 
Foreign Bank. The 40 per 
cent minority shareholding 
will he held by the National 
Bank of Greece, the conn try’s 
biggest commercial bank. 

Air. Constantine Alitsotakls, 
the Greek Minister of Co- 
ordination' who initialled Uie 
agreement, said the bank will 
act as a vehicle for the speedy 
development of Greek-Arab 
economic ties and will become 
the bridge between Arab 
countries and the EEC, 
Professor .Angelos Angel- 
oponlos. Governor of the 
National Bank of Greece, said 
the new bank will deal in off- 
shore banking operations, will 
make investments in Greece 
and abroad and will finance 
trade between Greece and Arab 

The creation of the new hank 
follows lengthy negotiations 
between Professor Angel* 
oponlos and Arab banking 
institutions. The announce- 
ment comes on the second day 
of the Greek-Arab investment 
meeting (GAIAT) being held in 
Athens with the participation 
of more than 100 Arab bankers 
and businessmen. 

Krupp Steel 

Fried. Krnpp Huettenwerke 
(FKH) told today's annual 
meeting that although the com- 
pany’s performance has 
improved, dividend payments 
will not be resumed In 1978, 
AP-DJ reports from Bochum. 
Since March, FKH has lifted it- 
self from the red but the 
earnings position of the com- 
pany is still only break-even or 
perhaps slightly In the black. 

From Vancouver, Reuter 
adds that the parent company 
, Fried. Krupp GmbH Industries 
Is to buy the 50 per cent 
interest of its partner Great 
West Steel Industries In the 
joint venture CWS Krupp 
Industries of Alberta. 

Preussag sets target 

The West German metals 
group Prebssag is striving to 
break even this year after 
declaring neither profit nor 
loss for 1977. according to the 
managing board chairman, 
Guenther Sassmannhausen. He 
told the annual meeting that 
the company's results will have 
to improve by at least DM 55m 
this year if the goal is to be 
reached, Reuter reports from 
Hanover. Preossag’s perform- 
ance in the first five months of 
this year shows that the im- 
provement has begun.. in some 
sectors, but the final result 'will 
depend on the development of 
metal prices, he added. 

Global Bank progress 

International Westminster 
Bank of the UK purchased a 
74.2 per cent interest in 
October 1977, reports a 12.4 per 
cent growth in total assets 
during 1977. At 31 December 
1977, the balance sheet total 
was DM 657m and the bank 
had capital and reserves of 
DM 44m. The bank, in report- 
ing an improved profit or 
DM 1.7m ($821,000) in 1977, 
expressed satisfaction with 
progress during the first five 
months of 1978. Last year the 
bank earned DM 700,000. 

Philip Morris incorporated 

has acquired 

The Seven-Up Company 

The undersigned initiated tins transaction and acted aa 
financial advisor to Philip Morris Incorporated 
and Dealer Manager of its tender oSer . 

Lehman Brothers Kuhn Loeb 





Mandate for $500m Mexican loan 


A MANDATE for the next major 
Mexican loan is expected to be 
formally awarded within the next 
few days. The loan will be 
$500m for the Banco Nacional de 
Credito Rural. The maturity will 
be five years and the margin 
payable over inter-bank rates one 
percentage point 

It is understood that five hanks 
will be mandated equally to 
arrange the loan. They are 
Bankers Trust International 
(agent), Libra Bank (running 
the books)., Lloyds Bank Inter- 
national, London and Continental 
Bankers, and Royal Bank of 

The Kingdom of Morocco is 
expected to award a mandate 
soon for a Loan of some $300m- 
It is understood that Morocco 
now only has one major offer on 
thd table to consider, the other 
group of banks potentially 
bidding for the mandate having 
withdrawn. The offer still pend- 
ing Is thought to be $3G0m from 
a group .of five banks — Bank of 
America International, Amster- 
dam Rotterdam Bank, Bank of 
Montreal. Chase Manhattan Ltd., 
and the German DG-Bank. 

A maturity of about eight.years 

is expected. The margin payableDhabi government owns 6-6 per 
is not yet known but is expected cent. 

to be above the S per cent on the The loan is to be used to 
Last major Moroccan loan. $ 100m finance a third cement kiln to 
for the state phosphate company produce 500,000 tonnes of the 
arranged by Abu Dhabi Invest- sulphur resistant type 5 cement 
meat Company. thus doubling the company’s 

The next Iranian- borrower, current production capacity, 
following today’s signing of the This is the first major syndi- 
National Gas Company's (NGC) cated loan to be arranged by 
SSOOm ten-year loan, will be the Industrial Bank of Kuwait, which 
National Petrochemical Com- is lead manager together with 
party. The margin payable over Kuwait Foreign Trading. Con- 
LiSOR will be i per cent for the trading and Investment Corn- 
first five years and 5 per cent pany. Industrial Bank of Kuwait 
for the last five years, the same does not Intend to compete for 
as ou the NGC loan. Iran Over- management positions in the 
seas Investment Bank is lead market generally — this deal 
manager. follows a decision to expand its 

The Union Cement Company industrial lending business out- 
of Has al-Khaimah (one of the side Kuwait to the Gulf as a 
smaller of the United Arab whole. 

Emirates) has arranged the The Brazilian State of Minas 
equivalent of S6Sm worth of Gerais is raising 560m over 10 
0* year loans. The financing con- years at a margin of 12 per cent, 
sists of a $25m syndicated loan The loan, which is guaranteed 
offering a margin of 2 per cent by Brazil, is being arranged by 
over LIBOR with an 11.7m Chemical Bank and placed among 
Kuwaiti dinar loan paying 9* per six banks only, each taking $10m. 
cent. The loan is not guaranteed This is a heavy week for loan 
hy the Emirate government signings. Apart from Iran's 
which is however the major National Gas Company, the 
shareholder in tbe Union Cement Bulgarian Foreign Trade Bank's 
with 78 per cent. The Abu SlOOra six-year ‘loan, for which 

Lloyds Bank International wsj 
lead manager, has been signe. 
as also yesterday was Conj 
munaute Urbaine de Montreal;- 
8250m 10-year loan. Chase wa 
also lead manager for tbi: 
while Merrill Lynch White Wetf 
Capital Markets group acted a : 
financial adviser to the borrower 
Part of the proceeds of the loa: 
are to go towards prepaymen 
of a 8200m loan arranged las 
July and the rest towards capita 
projects. \ 

The Yugoslav company FEN 
is to raise $50m for an iron an) 
nickel project in Macedonia. Th 
loan offers a margin of Xg ptj 
cent over seven years and arisd 
from time and cost overruns o- 
ihe project Tbe original cost o 
the project was some $187m ani 
although mainly funded throug, 
export credits, a medium-terr 
Eurocurrency loan was arrange 
for it in 1975. The increased eo* 
is now scheduled at 830-40m, an 
tbe remainder of the new loa 
will go towards refinancing part 
of the older loan which are not 
becoming due for repayment 
The managers of this hew credi 
are Bankers Trust Internationa 
Chase Manhattan and Citicorp 

Turkey and Norway in debt agreement 


TURKEY and Norway today 
signed a debt rescheduling agree- 
ment here under which NKr 20m 
of past due Turkish debts to 
Norwegian suppliers, guaranteed 
by tbe Oslo Government, will he 

The amount involved in the 
agreement, signed between the 
visiting Finance Minister, Mr. 
Per Kleppe, and his host, Mr. 
Ziya Muezzinoglu, is compara- 
tively small, constituting a 
minute portion of Turkey's past 
due debts to suppliers of 
developed OECD countries. 

However, it is of significance in 
Lfaut it is the first agreement 
Turkey has signed with its 
creditors under the framework of 
the umbrella restructuring agree- 
ment concluded between Turkey 
and the OECD in Paris last 
month. Each creditor state will 
sign a separate agreement with 

The total of Turkish debts for 
Government - guaranteed OECD 
supplies is S1.4bn. 

Under the agreement with 
Norway, tbe NKr 20m. will be 
paid over seven years, including 
a two to three year grace period, 
with an interest- rate of 5 5 per 
cent. The interest rate was fixed 
in private talks between the two 

The choice of Norway as the 
signatory of the first agreement 
was not coincidental. Norway is 
sympathetic to the new ieft-of* 

Bid Oiler 


•vican Australia 6*pe 1598 964 971 

AMEV 9PC 1987 93 033 

Australia Sipc 1992 92* 93 

Australian M. 4 S. 9ipc '92 964 97* 

Barclays Bank S*pc 1932... M* 95 

Bowarer 9ipc 1992 Mi 97 

Can N. Railway Sipc 19S6 M 945 

Credit National S4oc 1386 .. 93* 96 

Dvflinark Sjpc I9S4 974 9S* 

ECS Spc 1 393 984 994 

ECS s;pc 1997 MJ B4i 

EIB SlDC 1932 97 97 2 

E’.H Sipc 1083 87j 9S* 

Ericsson $*nc 1989 93i SG 

Efso Spc ISM Nov 99’ 100 

at. Lakes Paper SJpc J9W 964 97: 

HaraenlcF 9Jpc 1002 991 100* 

Hsdro Quebec Bpc 1992 . . Mi 9a 

!CT Sfpc 19S7 . 952 96-1 

JSE Canada 9 ’pc 1086 ... 1024 m3* 

Macmillan Bloedel Spc 1992 98; 944 

, Masses Ferguson 9*pc - 91 SS » 

| Mtdielio 9!pc 19S6 . 100 1003 

Midland Jnt. Fin. Stpc ’OI 9* 91* 

National Coal Bd. Spc 1BS7 824 93* 

National Waunnstr. 9pc "56 991 190 

Nail. Wsonnstr. 9pc 'SS 'B' 9BJ IfiO* 

Newfoundland 9pc 1989 gs* 99 

Nordic lov. Bank «nc 19S3 96* 97 

Norses Korn. Bk. Sipc 1992 95 93; 

Norptpc St PC 1988 91* 93j 

Norsk Hydro 84pc 1392 9-1? 95; 

Oslo 9pc ISSS 90 J 39* 

Ports AutotHuneg 9pc 1991 97* fis • 

Prov. Quebec 9pc 1333 ... 93; 9-1 

Prov. Saskaiclm-n. SJpc 'im 97‘ 5S’ 

Reed Tnteruadonal 9pc 19S7 92 94 

HBM 9pc 1992 92J 93i 

Election Trust Ripe 1939 .. 90 91 

Shell Inti. Fin. 81 pc 1990 . WI 951 

•SI and Ensfcilda 9pc 1991 . 97 97’ 

SF.F SPC I9S7 914 92* 

Svedish •■K'domt sipc 1987 9'U Ml 

L'niied Blscnils 9pc 1989 ... 97 97; 

Volvo Spc TBST March .... 921 934 ' 

centre government of Prime 
Minister Bulent EceviL 

“We support the social and 
democratic development effort 
which Mr. Bulent Ecevit has 
undertaken, and hope that other 
European states will also furnish 
support," Mr. Kleppe said. 

Mr. Muezzinoglu said: “What 
is important is not volume but 
the terms of the agreement The 
terms are favourable, but they 
can always be improved upon.” 

Next month, he said, similar 
agreements would be signed 
with West Germany. Turkey's 
biggest trading partner. Austria. 
Belgium. Italy and the U.S.. 

which are also major trading 

Mr. Kleppe and Mr. Muez- 
zinoglu also exchanged letters 
about NKr 300m of Norwegian 
project credits to Turkey. Of 
this amount NKr 200m will be 
supplied by Norway's Eksport- 
finans for public sector projects 
including three power plants, 
radar equipment for the Dar- - 
danelles and tbe Bosphorus and 
the purchase of shipping equip- 
ment The remainder will be 
placed with the Industrial 
Development Bank of Turkey for 
private sector projects. 

Aside from these Norway was 

ANKARA, June 28. 

interested in tbe foreign financ 
ing of a public ferrosilisiun 
project and thesupply of drill 
ing equipment to the state 
owned Turkish Petroleum Com 
pany (TP AO). Agreement wa- 
also reached on investments b.< 
Norwegians in the tourism field 
Under a separate understand 
ing, which may turn out to bi 
significant. Norway has agreec 
to provide funds for projects ant 
feasibility studies for three 
party industrial investments ir 
Turkey (involving Turkey, Nor 
way and Arab states) orient ef 
for exports to the Middle Eas> 
and the Gulf. 


SAUDI International Bank, the 
London-based . international 
banking group in which the Saudi 
Arabian Monetary Agency holds 
a 50 per cent interest, has 
doubled its authorised capital to 

The increase was announced 
in London yesterday by Sheikh 
Mohammed Abalkhail. the Saudi 
Minister of Finance and National 
Economy and chairman of the 

He said that the increase had 

been approved by the share- 
holders in order to support the 
bank's future expansion and to 
give it tbe opportunity to par- 
ticipate more actively in the 
major transactions of its expand- 
ing list of government and inter- 
national corporate clients. 

Saudi International was formed 
in August, 1975. with an 
authorised capital of £25m. Half 
of this was issued and fully paid 
on incorporation while the 
balance was paid up in May last 
year. Tbe bank reported balance 








Australia 7lPC 19S4 .... 



Aslan Dev. Bank 5}pc IfcS 



Bell Canada 7ipc 1987 



BNDE fijpc I9S6 



Br. Columbia Hyd. 7ipc '85 



Canada 4*pc 1963 

97 : 


Can. Pac Ripe 1»S4 



Den Norsfce Id. Bk. 6pr ‘90 

99 * 


Dow Chemical Spc I9S6 ... 



Deutsche Bank 4jpc 1983 .. 



ECS Tlpc 19S2 



FCs .vpc iBPo 

9 -U 


ECS pc itwg 



Ere r.jpc i»o 



EEC 7»pc 19S2 



Elf Equiialrv Sfpc j^<t .. 



EEC vine l«ka 



Euraiom 3;pc 1987 . 



Enso Citizen Wpe 13M .. 



Finland Up.? ]J»S6 . . 



Gniaverten Tip r 1932 ... . 





KfickumS Spr 1993 



Mexico fipc lBsS .. . 



Mich. Im S»r-c 1083 



Narccm 5Jpc 1989 ... 


lUDi Urban S?pe TPSI 




99 ; 

Now Brunswick fpo 1984 . 





New Bruns Prov. Sine ‘83 




Now Zealand 81 pc 1986 . 



Nordic inv. Rk. 71 dc I9S4 



Norsk Hydro 71pe 1962 . . 



■ B D3ln fipc lass . - - 

Nonray 7|pc 1932 



Ontario Hydro 6pc 1967 .. 


Sinner SJpc IBS2 


100 i 

Veneanela Spc IBM 


S. of Scot Elec. 8* pc 19?] 






Swedish Slate Co. 7jpc 'S2 




Tolni?x 9Jpo 19S4 



Bank of Tokyo 19 S 4 spue .. 



Tenneco 71pc 1087 May ... 

91 i 


BFCE 1984 8Jpc _.. 


Volkswacen 7ipc 1987 



BNP J97.1 31 16 pc 



BQE Worms 19*3 0pc 



CCF 1985 S2pc 



Allied Breweries lOipC 'DO 



CGM4 1981 BUjfipc 




Credi ( ansi alt 1BS4 Sipc 




DH Bank 19S2 Bpc 



ECS 9'pc 1H?9 



628 19S1 SliGPC 


EIB 9. pc 1986 



inti. Westminster 19S4 Spc 



EIR Sipc 1992 



Lloyds 19S3 9l3i6 pc 



Finance for Ind. 9.'jw 1987 



LTCB 1983 kpc 



Finance for Ind IOdc 1989 



Midland 1987 ss^pc 



Flsons lOJ-pc 1BS7 



Nat. Westminster 'W giupc 





OKB 19S3 7;pc 






SN CP 1963 Sipc 


t>8 : 

Kownirtw 10! pc 19SS 



Stand, and Chtrd. '54 Sipc 


99 ; 

Sears tO.'pc 193$ 



Wms. and Gfyn's 'S4 3 It6PC 



TV3\ n»i 9 ',dc IBM 



Sour to: Whin* Weld Securities. 

sheet total of £4l6m at tbe enc 
of last year and is expected tc 
show further growth in the half 
year figures due shortly. 

Besides SAMA, the share 
holders in the bank are Nations: 
Commercial Bank. Jeddah, anc 
Riyad Bank. Jeddah, each with 
2.5 per' cent. Morgan Guaranty 
of New York holds 20 per cent, 
while 5 per cent stakes are owned 
by Bank of Tokyo, Banque 
Nationale de Paris, Deutsche 
Bank. National Westminster and. 
Union Bank of Switzerland. 

Bid Offer 


American Express 12 pe 17 

Ashland Sue 19SS K* 34 

Babcock * Wilcox 6ipc ’37 HU M4 
Beatrice Foods 4ipc 1992... 36J <&h 

Beatrice Foods 4Jpc 199^ . 107 w 

Beocham 63pc 1992 S3* sc* 

Borden Spc 1992 99 ipm 

Broadway Rale *ipe 29S7 .. 73* 7r' 

Carnation -tpc 19S7 7s" 79i 

Chevron 5pe 198S 124? !<(,: 

Dan "pc 1937 Tai mi 

Easnnan Kodak 4ipc isW S3 

Economic Labs. 4}pc 1337 775 79 

Firestone 5pe 19S8 s>y 

Ford SpC 1989 SB'. i7 

Central Electric -Upe 1327 79’ 5] 

F.ltloite -IJpo 1937 7o" 7-1 

Could Spc WS7 mj 11,; 

Gnlf and Western 5pc I8ti3 83' S7 

Harris Soc 1892 174! 17».* 

Honeywell rtpe 1986 .... S4i s>'. 

‘Cl 6;pc 1992 S5 xr« 

INA fipc 1997 95* <c 

Inrhcape 6Jpc 1992 11D ill 

ITT 4:pr 19S7 77 j 70 

Jusco 6pc 1992 114; 1)-,| 

Komaisu 7*pc 1990 139 14-H 

J. Ray McDermott 4;pc '87 I3ii 13:: 

Matsushita 6.’ pc 1930 176 177 ‘ 

Mitsui 7 !pc 1990 125i 1JC1 

J. P. Moreau 42 pc 1PS7 .. 95 

Nabisco Sipc 19SS lAjj ji>:. 

Owens Illinois 42pc 1987 ... 108 
J c. Penney 4;pc 19S7 . . 77* 

Revlon 4!pc 19S7 1201 122 

Reynolds Metals 5nc ISSj sii s.: 

Sjndvlk tope iDSS J05J lia 

Sperry Baud 4!pc 1987 n: 0; 

Etjuibb 41 pc 1997 >ft 

Texaco 4’ PC HISS 7? 791 

Toshiba filoc 1992 U: 3 a 

Ty Co. 5PC 1984 76 77 . 

Ty Co. Woe HISS ft; luu ; 

Union Carbide JIpc 198? ;m Jus. 

Warner Lambert 42pt 1987 91 

Warner Lambert 4;pc 19SS 7s; 7* 

Xerox 5 pc WSS 77 75* 

Source: Kirtfler. Peabody Securities. 

The Seven-Up Company 

has been acquired by 

Philip Morris Incorporated 

The undersigned acted as financial advisor 
to The Seven-Up Company. 

I The First Boston Corporation 





Jane 22 , 19 7 S 


Fmanaa Tiroes . 


ICI plans Australian 

LTA lifts 


pre-tax Bleak prospect after 


SYDNEY, June 28. 

by 37% 


ICI AUSTRALIA, the local off- 
shoot of the UK chemicals group, 
is planning to build a A$500m 
(USS575m) petrochemical com- 

plex at Point Wilson, near the 
Victorian city of Geelong, south 
of the Victorian capital, 

Under the proposals. Point 
Wilson could emerge by 1985 as 
the third major petrochemical 
complex in Australia. ICI already 
has a similar complex at the 
Sydney suburb of Botany, while 
the other, and more extensive 
complex is in the Melbourne 
suburb of Aitona. A number of 
groups are involved In the 
Aitona complex. 

Id's plans came to light in a 
submission to the Geelong 
regional planning authority. 
Early proposals envisage produc- 
tion of chemicals for plastics 
manufacture as well as chlorine 

for caustic soda production. 

The ICI proposals will inten- 
sify the jockeying by several 
large groups, including ICI. to 
build a AS400m to ASSOOm ethy- 
lene cracker to supply the local 
market. Apart from ICI, Aitona 
Petrochemicals— owned jointly 
bv Exxon and Mobil Oil of the 
U.S.— the Shell group and Dow 
Chemicals have been considering 
a major cracker, with a capacity 
of about 200.000 tonnes to 

300.000 tonnes a year. The cur- 
rent local consumption is about 

250.000 tonnes but is expected to 
reach 500.000 tonnes by the early 
19S0s. which means there is 
room for only one new cracker 
for some years ahead. 

ICI has been looking at either 
Botany or Point Wilson as pos- 
sibilities. At present the group 
makes ethylene at Botany, from 
imported naptha, and also 

obtains some ethylene from 

Aitona Petrochemical makes 
ethylene from ethane feedstock, 
obtained from the nearby Bass 
Strait oil and gas fields. ! 

Dow Chemicals has been work- 
ing on producing etbvlene and 
caustic soda at Redcliff in South 
Australia, using liquids from the 
Cooper Basin natural gas fields, 
which supply Sydney and 
Adelaide with gas. The South 
Australian Government is press- 
ing strongly for Redcliffe because 
of the possibility that the liquids 
may otherwise be wasted. At 
present. Sydney and Adelaide are 
supplied from dry wells in the 
Cooper Basin, but the “wet" 
fields will need to be tapped 
within the next two years. If a 
use is not found for the liquids 
they will simply be piped with 
the gas and not utilised. 

ANM decides on newsprint mill 


SYDNEY. June 23. 

THE DIRECTORS of Australian 
Newsprint Mills (ANM) are to 
proceed with plans for a ASI55m 
newsprint mill at the country 
town of Albury. New South 
Wales, subject to satisfactory 
completion of financing arrange- 
ments. The go-ahead is also sub- 
ject to formal agreements with 
the appropriate authorities in 
NSW and Victoria for access to 
the forests and provision of essen- 
tial services. This is expected 
to be only a formality, as the 
state governments have been 
keen for ANM to proceed with 

the project which will provide 
employment for SOD people. The 
mill is expected to be completed 
early in J9S1. 

The new mill will have a 
capacity of about 1SO.OOO tonnes 
of newsprint a year, which will 
almost double output, from the 
present level of 200,000 tonnes 
per annum. 

It will reduce Australia's 
dependence on newsprint 
imports, which total more than 
200.000 tonnes a year, mainly 
from New Zealand and Canada. 

The Albury mill is expected 
to have a significant freight 

advantage over newsprint sup-| 
plies shipped from New Zealand | 
anti elsewhere. The mill is expec-: 
led to result in foreign exchange! 
savings of at least AS70m a I 
year when it is in full production. 

Detailed design of the plant is 
already under way, and major 
equipment selection has reached 
an advanced stage. ANM has 
appointed Simons International, 
of Vancouver, as the principal 
consultants, and has also appoin- 
ted Crooks. Mitchell, Peacock 
and Stewart, of Australia, to 
provide certain services and 
design work. 

Australian double tax move clarified 

FOREIGN subsidiaries of Austra- 
lian companies will be taxed by 
Australia only if they pay a 
dividend to their parent, under 
a new tax system, the Treasurer. 
Mr. John Howard, said. 

Explaining the controversial 
proposal to tax some earnings of 
foreign-based Australian firms 
and individuals. Mr. Howard said 
that until dividends are declared 
there will be no liability for 
Australian company tax. 

When the dividends become 
taxable in Australia, as part of 
the parent’s earnings, credit will 
be given not only for foreign 
withholding tax on the dividend, 
but also for foreign company tax 
on the subsidiary’s profit. 

Mr. Howard said that an over- 
seas company with an Australian 

stake of 10 per cent or more will 
be regarded as a subsidiary' of 
the Australian company con- 

Turning to the concern ex? 
pressed about the liability of 
Australian combines with sub- 
sidiaries in countries providing 
tax incentves. Mr. Howard said 
that tax sparing arrangements 
to account for such incentives 
can be worked out In the con- 
text of a comprehensive double 
tax agreement. 

Tax sparing means that 
Australia, for instance would 
give credit for tax given up by 
the host counrty under incentive 
schemes as well as any tax 

CANBERRA, June 28. 
its double taxation treaty with 
Singapore, the only Association 
of South East Asian Nations 
(ASEAN) member with which 
Australia has such a treaty. 

The new system, which becomes 
effective next month, will provide 
some offset to the unintended bias 
in the old system against invest- 
ment in Australia and will reduce? 
tax avoidance, he added. 

By Richard Rolf e 
LTA, THE construction group 
in which Anglo American and 
its associates arc the chief 
shareholders, has reported a 
sharp rise in pre-tax profits 
for the year to March 31< 
despite the background of a 
generally depressed civil 

engineering and construction 

At the pre-tax level., the 
profit is up from R8m to 
R10.9m in part due 

to the maturing of profits on 
old contracts, for a rise of no 
less than 37 per cent. 

Taxation absorbed only 
R2.9m, up from Rl.7m the 
previous year, hut amounting 
to only 27 per cent of pre-tax 
profits. The main explanation 
seems to be that assessed 
losses have been offset against 
profits, bnt investment allow- 
ances and tixe incidence of tax- 
free foreign Income have also 
influenced the tax charge. Net 
attributable profits have been 
depressed by goodwill write- 
offs totalling R1.5m on past 
acquisitions, but these charges 
arc virtually at an end now. 

Earnings are up from 41 
cents to 46 cents a share, or 
from 47 cents to 58 cents if 
goodwill and non-recurring 
items for the past two years 
are ignored. The dividend has 
been raised from 18.5 cents to 
19 cents and the shares, at 195 
cents now yield 9.7 per cent. 

Work on hand totalled 
R3Q0m as at June 26, up from 
R260m the previous year, 
which suggests the group has 
competed effectively for the 
business available. Major 
projects on hand include 60 
per cent of the Drakensberg 
underground power station, a 
R60m project, a stake in the 
civil engineering for the 
Koeberg power station, ’and 
work for expanding gold and 

urani um mines. 

SOUTH AFRICA'S big three 
sugar producers, C. G. Smith 
Sugar. Huletts Corporation and 
Tongaat. all achieved record pro- 
fits from their, sugar interests in 
their financial years just ended 
on March 31. They produced 
respectively 37 per cent, 35 per 
cent and 10 per cent of last sea- 
son's 2-OSm ton sugar crop, itself 
a new record. C. G: Smith Sugar, 

I having acquired Tllovo Sugar 
| Estates, surpassed HuTetts for the 
first time, to become the 
Republic's largest sugar com- 

accrued to the Industry. from for 1WSW9 

«s r ■s.-w 

were lm tons, £ou4 for the current calendar . : Last yeaf lt yras incre^ed ^y 
Export sales were lm tow, rnoue . continuing R6Q per ton to the aresent -price, 

or 4$ P^. cent : of the total. * world^^sugar surplus— total . ex- but' total sugar sales- dropped by 
brought in just under RlBYm worm f 10 , 70.70 wfl cnn r 4 -r WbOe this Parti v 

when ^Sp^rts^ were ?h<Sd be^aSut 790,000 tons. ' reflected stagnant- wotiomk cpn- 
, “WJJJ sn 2JJf e industry recently reported ditibns.anti particular problems 

100.000 tons higher. But the m- Tb ner p en t. df : this' quota m the canning ^ridflWry, god- 
rerestmg point is that even m that 37 Per cent . 01 . . .. ■ : . gamer resistance^o -the .higher. 

But in sharp contrast with last 
year’s results, prospects for the 
1978-79 season, to next Tebru- 
a o' -March, are extremely poor. 
The fault lies not in the crop. 
This, according to C. G. Smith's 
sugar review, could he up to 
2.16m tons. But it will be 
restricted, by agreement within 
the industry, to 2m tons. A com- 
bination of inadequate domestic 
and exports prices has led com- 
pany chairman sot usually gives 
to overstatement to describe the 
shortterm outlook as “bleak” and 
“serious.” In their recent re- 
: views, while the Toogaat Board 
has said that “ the industry has 
good reason to face the 1978-79 
year with apprehension." 

Although Son® Africa’s big three sugar Prodo<*re-C «. 
Smith Sugar, Huletts and Tongaal— made record profits from 
their sugar interests in l97J.7S. the prospects for tbecurrent 
year are extremely poor. A combination of inadequate- 
domestic and export prices has led company duumenjuA 
unusually given to overstatement to describe the outlook 
“serious” and “bleak,” while Tongaat has said, that “the 
industry has good reason to face the 1978-79 year with " 
apprehension.” : . . .. - . 

sumer resistance? to -the -.higher. 
price 7 ' was.- strongjenough a ■ fac- 
tor- to make itlikelytbat another 
large "price rise. 'would depress 
offtake stifi. further.-:.- — 

‘ An additional burden will :_be 
created' J>y the', heed .ttr 'finance 
the stockpile' which wlll -result, 
from; ■-3.978-79 sates , and .output 

- estimated F&cHfttfis di-jiti, to 
585m Mate. been arranged. Whi 1 e 

The vital statistics behind the 
1977-78 season, and the record 
profits of the big three producers, 
were that the industry's financial 
requirement — all working costs 
plus the fixed return on capital 
allowed by the Government — 
1 amounted to R440m, while R418m 

“serious” and -meaR, ^ ; ^ ^eibean artaBged. Whiie 

industry has good reason to face the 19 <8-79 ywr tvfth • ^ international; Spgac Orgaai- 
apprehension. . . .. v ■ - sation .wili. coiitribute towards 

.. -rr 149,000 tons of -the.- stockpile,- the' 

V : ‘ T^st; ;tje:for-ithe . industry’s . 

last season’s relatively favour- had been sold forward at £113 own account.'.' v-; - • 
able conditions the industry did per ton,- compared with current ^...The conclusion which lias been 
not earn enough to cover its prices around £100. Allowing tor generally drawn fipnL all ihese 
costs and the deficit of R21m had the forward sales, if .the rest of .factors. : .JS that- -unless- .export 
to be met by withdrawals from the export :quotaiis sold at cur- - writes improve* the sugar group’s 
the price stabilisation fund. rent prices, -total Export: revenue .profits will: go. into reverse this 
This fund, built up by surplus this season will benown to about season.. Shares in -Huletts and 
export proceeds during the R140m. ' • ‘G. G. Smith Sugar have fallen 

3970s reached a peak of nearly . One obvious remedy for “ the hack, againstrthe, market 
R 100m in 1974-75, but . after industry’s Arran ces - r ; ra'Vbtg-Tongaat, whi ch re ceutly. aequi re d 
subsequent withdrawals, includ- increase in’ the . domestic' sugar: control -of rPnmrose' Industrial 
iag last season’s, is now under price. uow R246 per taH^ butte Repubtics biggest 

RlOra It will not go far to cover expected to rise by 8 per . cent brick producer. Is ihemidst diver- 
the expected shortfall of revenue shortly. The problem here, how- :sifled of the-ihree; .ana lts.shares 
on costs in the current season . - ever, is that, for -many years the bavfr-ho -far; emerged -unscathed. 

Compared with the lm tons public has! been; used to. cheap ; Its dividend shoitid: also he main- 
„r in Aha 1QT7.7R caa'uin HnTYiPstir- snpar.' subsidised : bv tairifid. -while '. -most analysts 

Texmaco stages strong advance G ™? th ? 1,) * s 


engineering Texmaco 


Kowloon Bus 

actually paid: 

Australia, be said, bad allowed 
some measure of tax sparing in 

Australian delegates at the 
Austraiia-Phiiippines business co- 
operation committee's meeting 
which ended here yesterday said 
that they were concerned at 
the implications of the system 
and conflicting statements by- 
ministers about its effect on 
Australian investment overseas. 
Reuter . 

raises payout 

HONG KONG, June 28. 
DESPITE LOWER earnings in 
the year ended last February, 
the Kowloon Motor Bos Com- 
pany (1933) is stepping np its 
dividend and making a one-for* 
eight scrip issue. 

Shareholders are to get a 
final payment of 20 cents, 
making 30 cents a share, com- 
pared with 18 cents making 28 
cents for the previous year. 

Net profit amounted to 
HK842.03m (U.S.$9ni>, against 
HK944.56HX previously. 


BY R. C. MURTHY \ . . BOMBAY, June 2S ,> * ■: ' V 

‘TEXMACO. an engineering Texmaco depended on the .duction of road roli’eis ai^’eqal 

eomoanv taeloneme to the Birla international market, for fuU ipining equipment The^aflata ' e y Oin- FTiiand^ Staff -- 

Gr 0n p, h» improved its profits 'S’f srpoonf^ ^^tAHAVOIOS. 

for 1977 despite a drop in produc- m0Te than Rs 100m- worth of -earlier to the company for mak- toOtoiw<^^anufacturer. . raised 
tion. Pre-tax profits at Rs 30.1m mac hinery. After this, exports in ing road rollers t although; the its after-tox profite ^by 15^ per 
(S3. 6m) registered a 20 per cent 1977 were marked, according to proposal is -based nn tts : own ira.Wbn- (^.lm ) . in_tb.e 
increase. Output of Rs 305.9m the directors* report, by a “ tetfr technology and -.designs. . . Mr. Aprti.^ W. But the. div 1 - 

tS36.4m) was marginally lower porary lull which is not uncom- R. K. Birla, Texmacb’s chairman, dend is. unchanged ar xiu. ..... 

than the Rs 312m ia 1976. mon in case of capital goods was a supporter .of the Congress jhe increase was appreciably 

The sharp upturn in profits export.” The company has export^Government tiurihg .emergency.Jiess sharp _thaii ithat . in the. pre-. 
-curred in a year when the orders valued at Rs 76.4m in hand. abd this is one of. the. reateus vious year.- when, ^there- was a 

occurred in a year when the orders valued at ks 7b.«n in nana. ana in is is one o* me .reasons vious year.- when there- was a 
engineering industry was hit by It has secured an export order attributed . for. : . the -.- -nofeso- ^ain-of^ cent. - 
a fall in demand. There was a worth Rs 12.10ra for textile; favourable ^reaction .to - Sales ^rose at- about the satoe 

cut-back in orders by the Indian machinery from Tanzania, ft has posals of the 1 company for diver- _ Cft prev ^ ous year by 

Government for railway rolling also been. awarded a contract for, ; iificanon— which, say the -dlrec- - to Y290J4hn 

stock because of a reduced 66 hopper wagons from the tors, “holds - the key to its 

allocation under the develop- Bangladesh Railway agamst continuing progress.” : ' • 1 . , 

iment plan. The textile indiistrv international competition. The company - has alsQ, • :™ cp“P^y raced a particular 

(did not place any orders for Earlier 

, Texmaco supplied 500: approached -the Government- for problem during the year from 
i to that country. .-.permission " to^^produce coal the rise In the value. of the yen 

in extending assistance by The company, once mainly ar handling plants. ."As. id. the case m the- foreign exchange market, 
financial institutions to the needy producer of textile machinery, of road rollers, the Government in view : ;pf. its relatively j high 
textile mills for modernisation has diversified its activities, ttr'seems not to be favourably, exports raho-^which was mam- 
was slow. Although the under- now manufactures sugar - mi R; disposed.. to the proposal .yy. tarried - at . about 68 .per cent. 

lying terms of the loans were machinery, railway rolling stow? J. • .. . “ • 

attractive, guarantees and mar- beavy. steel castings, structural;' ■; v. ;• ; 

■ .a - _f .1 • ■_ M ■ ■■ - * _ t _ *.f ^ J ■ -.’ll t *. *1 " " . -?. • 

! gin money asked were considerfed boilers and pressure vessels.’Last 
stiff. year,' It" wanted to lake lip prb- 

Oil India takeover tal 


THE INDIAN Government hopes lively be in . the public sector, 
to complete by September the The only foreign- interests will 

takeover of Burmah Oil's 50 per be the minority share of the 
cent share of Oil India, the ex- National Iranian Oil Company in 

ploration company in which both Madras Refineries and of Phillips 
have an equal share. Recent Petroleum in Cochin Refineries. 

Weekly net asset vahie : : * ; _ ; - . , . ■* • ■' 

,on aurre 26 , 1 $7 8r v'J - - ;; - " ' - . ; '• :n • 

Tokyb Pacific Holdings N.V. 

uls. $ 5^4 ._ ;• ■ v .. v .: 

Tokyo Paoific Holdings (Seaboard) JN.V. 
U.S. $41 .49A : -V ; v - • 

talks between representatives of 
the two have ended incon- 

ves of Meanwhile, an Indian Oil Cor- 
inconr poratlon team will leave for 
Moscow early in July for talks 

The next, and what is hoped on imports of crude and middle 
will be the final, round of talks, distillates from Russian sources. 

Listed on the Amsterdam Stock Exchange 

Information : Pwson. ttaldrinfl & Pierson N.V.. Herengmcbi 214, Amsterdam 


next Russia has agreed to supply' 

month. The question of the com- 2.5m tonnes of crude this year 

pensation to be paid for in exchange for Indian steel and 
Burmah's share of Oil India has other commodities, as well as 

been complicated by the Govern- lm tonnes of kerosene and 
ment having linked the takeover diesel. 

to that of Assam Oil. The crude comes from Russian 
Assam Oil is wholly owned by purchases from Iraq, and Indian 
Burmah and runs a small Oil hopes to bring the entire 

refinery in Digboi which has in- amount in Indian tankers. It 
curred liabilities to the Govern- also wants to Increase purchases 

DM Bondi 
HFL Bond* & Note* 
U.S. S Star. Bond* - 
Cin.-Dotlzr Boqds 

143.76=100% -.V 

20.6.78 27 6.78' AVERAGE YIELD - ~ 20.6.78 "'27.6J8 

OM Bondi 6.521 

HFL Bonds Sc Note* ' 7.428 
U.S. S Sen. Bonds 8.846 . 

Cin.-Dollir Bond* .' 9-284 . 


ment and Oil India of various of kerosene and diesel. 

kinds. The Government wants 

these to be offset against the • 
compensation to be paid to 
Burmah for its share in Oil 
India and differences have arisen 
on how this is to be done. 

With the takeover of Oil India, 
the entire oil industry will effec- 

This announcement appears as a matter of record only 

Banque Arabe et Internationale d’Investissement (BJLU.) 

Singapore bank 
offer for sale 


Provided by 

Algemene Bank Nederland 

Banque A rabe et Internationale d 3 Investisseznent (B.A.I.I.) 

Banque Nafionale de Paris 

Banque de la Societe Financiere Europeenne 

Dresdner Bank 

A kt i engeseU s c ha ft 

PEbanken International (Luxembourg) S.A, 
Union de Banques Suisses (Luxembourg) S.A. 
Union Mediterraneenne de Banques 

Banque Commerciale pour l’Europe duNord (Eurobank) 
Banque de Neuflize, Schlumberger, Mallet 

Nordic Asia Limited 

Societe Generale de Banque S.A. 

Adviser to the Borrower 

Banco Central SJL 

By H. F. Lee 

SINGAPORE. June 23. 
THE United Overseas Bank 
(UOB) is offering 5m shares in 
its subsidiary, U oiled Overseas 
Finance, for sale to the public. 

The shares, which constitute 
25.7 per ceot of UOF’s issued, 
capital of S$i9.47m, are being 1 
offered at SS1.50 per share — a 
50-cent premium on its par value. 

The purpose of the offer, UOB 
said, is “ to provide the invest- 
ing public with an opportunity 
to participate io the equity of 
the company and to enable the 
shares to be listed on the Stock 
Exchange of Singapore.” 

The U0F flotation joins the 
recent spate of new issues in the 
Singapore stock market. It is the 
fourth new issue in two months 
and comes at a time when the 
market is displaying tremendous 
buoyancy and an almost 
insatiable appetite for new 

The last three issues were all 
several times oversubscribed, 
the most remarkable being the 
Singapore Bus Service which on 
its first day of listing was traded 
up to as high as three times 
its offer price. 

UOF is one of the largest 
finance companies in Singapore 
and at the end of 1977 has 
assets totalling SSl31.55m. loans 
of S594,S7m, deposits of SS97-65m 
and shareholders' funds of 
SS2S.22m. Net tangible asset per 
share is SS1.45. 

The company has been enjoy, 
ing steady earnings growth and 
for the year ended December 
1977. reported pre-lax profits of 

fi9m ITT R S-’.45m i 


US ! 18.000.000 

5 Year Loan : 

Guaranteed by... 


; ; -provided .by - y ' / .. ?£££ 


PI iRn.i 

EURO-UTH^ftfflgRf 0 A^ 


(a member of the Socielo Generate de Banque Group) - y/; '; 




Banque Arabe et Internationale dlnvestissement (B JUX) 

Sy5.69m (U.S.32.45mi. 

The company gave no fore- 
cast of its earnings For the 
current year but said that it ex- 
pects to continue to achieve 
satisfactory growth in the 

UOF anticipates that the gross 
dividend rate will be maintained 
at 10 per cent, same as the past 
two years, 




FiianciaL Tiiaes Thursday June 29 1978 

Currency, Money and Gold Markets 

Dollar recovers 
from weak start 



Jiu»C8 rata* Day’s i 

% Spread | Ctow 


One muuth j % pju [Three nj on thJ % pa 

. The UA ^dolIar came under between French and West Ger- D- Mart ' 
pressure- .initially in yesterday’s man authorities on the possibility ^ a®*, 
foreign, exchange. This was mainly of the French franc rejoining the Pe * 
due to renewed strengthening of European “ snake " The franc k ._ 

St* HSrfirir safes a sisal a 
ssseI s- sss^s? j Si 5 g srsr ks 

z IMt?*? -02 ?*-8i urrdis -5.26 

* fl.oii-i.i 6 27a-17g nf pm 7,40 ig*.;.- yi urn I 8.18 

1 «« Stih 1 ?* 3 *-lW *•<*»“ j— Vtfl2jliW75 c. ills 1—14. |4 

111 JSbuWSIS !; 10 ]M-T75c.db -AM 

mi JAHHL ***■' “** '-«.W M lire dlfl t— 8.85 
*, 9 ' I par-2 ore di* i—UD ll-3 or* 3i» 1 — 0.80 

s *— ■ rpm I 8.12 85-76 

Six-month forward dollar 2.7D-C.60c pm. 

due fo renewed strengthening of European “snake" The franc K . U 1 * KSWA I i»r.2ure'dn »-mi Mimtia pL» 

the/ajWDKe yen which rnet with opted out of the European cur- L VKB 1 * SftK* ,-tf? hMS 

^irly strong demand following rency agreement in early. March, SwtdUbKrJ 7 ' 1 !.™ iirvidJ*' o'?i sj'v nTT™ a 

T*»e yen 1976. At the close, the dollar had . h *** ««n "! J-w 1 fiffiSflffi Siss iS 

0ne p01 °L bu ^ t0 45265 from iSKjfi Pi * ro a« jAVitE b.h 

. there did seem to some official TFr 4.5465 in the morning and "• * B - 44-3 - 46 i 4-«4<-fl.4&* ij- 2 i cpm s.i: as-7* 6.4i 

support for the dollar which lifted FFr 4.5580 on Tuesday Steriing — I 1 

the rate, ana m the absence of slipped to FFr &3960 l from »ie is for com-mibie francs. 

any Sustained pressure, the FFr 8.4150 while the West Ger- *™JH**": . . six-moaih ronrard dollar 2 .n>.c. 60 c P r 

-dollar recovered to finish on or roan mark eased from FFr 2J840 P J “* sbouUI bun u-moath 3 . 10 . 3.000 pd. 

around its best levels of the day,, to FFr. 2.1800. A re-entry of the 

fe slipped franc would be seen as a step 1 ■■ - 

to DM 2.0745^ from DM 2.0805 on towards the creation of a Euro- 

luesaay white the Swiss franc pean monetary stability zone. THE DOLLAR-SPOT FDRWA on ArAnucr ? 

also eased in dollar terms to frankfurt — T he doll*- «■* — ^ SP ° T FORWARD AGAINST $ 

■ - ■ ' — ■■■ fixed at DM2.0714 compared with J “ e 23 J***** _ 

4^ .' DM2.0801 at Tuesday's filing - Con- Iprea ° a °* c Onamanui Three mo mils g.i 

i I I ! U dttlons were fairly quiet and after SHg?”** fiE&VL* . o wcdwuicpm pav ojjwj.osc pm oj: 

1 L Li I a nervous start, the ^doDar seemed pm ^ 7 „ c m pm % 

• . IjTRil sst to remain steady for the. rest Danish Kr 5iiw.ra 5»623fr5. 6Z9 i — 

. * \ in - of the day. Despite dollar weak- D-Mark 2 .btuwj7« ^ 0710 - 2.0730 o.TT-o.TMpm aa7 2 j> 2 ^apf P m sj 

\ ness, in Tokyo, the U.S. currency _ — 

_ \\ _ ihJ. I v U L* showed little movement against 5^—^ 2J0 ’ 2JM,rcdls ” 3 - SJ 7jwjo«rtiiis -*.t 

. 4 ■ Y the yen. later trading how- Frendirr «j33mauo 4^3^ o.&s-o.75c dis - 1.71 i2s-L«cdi» -u 

1 t— ever, the dollar improved some- Swedish Kr 4S7is~LS7«5 asns^sns — _ 

1 1 what after news that the Bnndes- a ** » 8 204 so^.7d_ D.90oaoypm w 2.7S3.60y pm sj 

. ■■;■■■ \ t » 

1 /V ^ nightly Central Bank Conncil 

— **' \\ — W* 1 meeting. This has sometimes' been " — — 1 — 

W seen as a sign of possible changes 


DM2.0732. Special European Bank of Moran 

smuK ^ bn ail 



IS’ 8 UMte tt.S04a.93 

■ J22S0CL23M 2^2904^300 

I Fr 32JS3-32J& 3iS7-32J9 

Kr 5-“fp-5.AM0 5.6230-5-6250 

2.6710431740 Z0710-2.0730 

8 — 45.6345.73 

K49MH1J0 SS4.904S500 
Kr 5J890-5J9CS 5J96»3ttS 

Fr 4J33045U0 4J3804JB95 

3 Kr 437XS4S7K 4 .5715-4.5735 

284 50-205.3 5 2042i0-2M.70 

Sch — 14.9175-14.9225 

r L8S74-U605 U570.iaS82 

1 v.S. cents per Canadian s. 


QnamenUi pj, Tlirco moittlis p.i. 

O.oicdls^nitjsm par ojiws.cbc pm OJl 

0 . 674 . 62 c pm 3 J 6 2 J 2 - 2 J 7 C pm 3.90 

S- 7 C pm 2-SS 26 . 341 c pm 3 JJ 

0 . 77 -O. 72 pf pm 4 J 7 2 J> 248 pf pm 5 J 6 

229-2^01 1 red is -3J3 fs -3.48 

O . 65 - 0 . 75C dis - 1.71 lJS-3_40c dl * -105 

D.awjOypm 4g 2 . 754 . 60y pm 505 

1 . 05 -LOOc pm 6.40 107 - 3 Ole pm 6.89 


Special European 
Drawing Unit or Jane 28 
RVatots Account 

Bank or Morgan 
England Guaranty 
Index chuges** 

Sterling 61.41 -4L6 

VJS. dollar 67.40 — 7.0 

Canadian dollar 84.94 —12.4 

Austrian sdulllns ... 1J9.93 +19JI 

Belgian franc 110.37 +12.1 

Damsb krone 114J6 + 5J i 

Deatscbe Mirk 140.63 +J5.6 

Swiss franc 183.06 +76.7 

Guilder 120.45 +18.2 

French franc 99.07 - 4J 

Lira 5637 -46.1 

Yft. 14140 +42.7 

Based on trade weighted changes from 
Washington agreement December. 1871 
• Bank of England lndex=100i. 

1 I IT,--, r 8 . 9 I BRUSSELS— Fears. that a two- — - "SBB A^t E E£ B £S£?? 

1 a s o --M n .J f m A m j strike Panned for today and stVrtmg ZZTI 1 5 555 o ~ 6 aSSS — r£T 

. v.. tomorrow affecting the Belgian uTdonar iSn vs SSokZ' '7. ! SiS I^io 

O T ora: 1 M,. Central Bank and other financial Canadian dollar JJ 93 E 1_39870 Canadian dollar 84.94 — 12.4 

“"-J J-aoOa agai n st SwFl L867a. institutions prompted a decline m Austrian schilling ... 18 . SOU uim Austrian srhiinng . 139.93 +19.0 

On 2 of the more notable the Belgian franc. The' West 5«*d*u f raD ^ 40J567 «.«89o Belgian franc 110.37 + 12.1 

exceptions proved to be the ^ IL „ - 1 . n Danish krone 6.97563 6.99726 Danish krone 114.86 + SJ 

^SsSTrom iri 13 - ra6 ^ the tog? com- S3S? ^ IS JSS 

FFr 4 jbb from FFr *1-5587 , helped pared with BFr 15.685 previously French franc sjobs 5^3022 Guilder 120 .es +i «.2 

no doubt by news that France while the French franc also - - “*uo «6i4T French franc 99 jjt - 4j 

w «aii6M^ ;; ^ ilg »uM e M Stars-- ass as s.-=a 38 

Tuesday s -fix in g at BFr 7J52a. Peseta 97.57ns 97J113 Based on trade weishted changes fro 

Sterling remained quietly firm TOKTO— In h<»w and nervous * ao, “ - s - wa33 5.8*346 Washington agreement December. IS 

in generally thin traSng. After trST tte fi&r etaTUt Sw “ ftaBe ^ 231108 ,Baflk of 

opening at $1^530-1.8540 it Y205^25, down from Y208573 on — — 

Improved during the day to • dose Tuesday. - During the morning it 

rojwtote higher at $1B540-L8550. Wt ^ aij.time low of Y203B0 but _ r ___ __ _ 

Against other major currencies, recovered slightly on profit taking. OTHER MARKETS 

£ e P?“ nd «>se marginally and i t seemed probable that the 

r W » ,ch Central Bank had intervened in 1 £ 1 s 1 I £ 

^ r ^ an ^i°-f tte “aritet to support the dollar I ! I [ x w « gate 

land,, rose to 61-4 from 613. On Dut not on a parti culariy large * ~~ r •• - , , 

a Morgan Guaranty basis, using ThA US nirrpnn wss not Auentioa — 1,466-1,470 ; 790 5 .>-792.67 . A um in. ■ 27^ 28.0 

noon rates in New York sterlings »u«raii. v uiimr...; 1.6064 - 1 6224 0.E689-0.B765 ueicww 1 60-61 ij 

Mite ^»SaMbBd ! TvmttdSn^u helped hint U.S.. Senate -rotinR c'ininn.l MMkk..„. 7.68 7.9D :>4.256M.25B0Denm>rli ; 10.3 D - 10 4 5 

traae weigmea average aeprema- to prevent President Carter from ^xuH Cnaetm 32.85-33.85 ; 17-70-18^6 Kmn« _....' 8 . 36^.50 

tion narrowed to 41.6 per cent Implementing import fees, on oil. Greece Drachma — 67-516-69J84 36 . 40 - 37.30 Germany 3 . 00 - 3.90 

from 41./ per cent On- a similar Market sentiment indicates a ^onaifanc Uounr. B.6qa«-8.63i* 4.05OJJ»^52 .- 'iui.v — - 1S60-1590 

basis, the dollar’s depreciation further sonreciadon of the ven ,rM1 S^ 1 — • - 126-132 ; 67.94-71.18 'Japan 380390 

Widened to 7.0 per cent from 6B *#• Kuwait Dinar (KU, 0.502D.612 ;0Jl707q.2760lXolhcrh.n4 4.004.15 

ner oent- P ““f* nieasures are taken to u 1Mn , t .,nre Fnw 60 . 45 -eo .55 I 32.eo-32.62 >,y ( 9 . 86 . 10.00 

ceQl * rectify the U.S7Japanese trade Mklayila Dollar — ; 4. 3 7 1 S -4. 3912 ' 2 . =630^.3 646 Portugal 1 80.84 

PARIS — The French franc imbalance, which still -remains New ZmiosHDoiiu; L7944-i.ei23o.969oo.B780'-»i«ni 1 . 43 - 1-46 

improved against most-major cur- large. Volume in spot trading was j«mi‘ Arehi* »«;. f 5 3-6 . 4 3 • AA2-3A7 -.wii* e iian.i...> 3 . 40 - 3.50 

rencies in fairly active trading, heavy at 5850m and about 5778m . abol 

This was prompted by report in combined forward and swap * "** [* °“l i-6D03 i.6i7io.8fc3O-o.a 120 ,1 m C .-i,vuu 34-36 

that agreement had been reached dealings. Rgte mnn r ar Arjemma » free rate. 

1 N«(t Hate 

■ 27>sZ8.<r 











UA Dollar . 

Deutsshe Mark 
Japanese Ten UMO 

French Franc 10 
Swim franc 

Dutch Guilder 
Italian Ion UMO 

Lknariuu) Dollar 
Uetuinn Prune 100 

U.S. Dollar • 





■ 382.0 

1 . • 



- 0.482 

1 . 



. 10.08 

1000 .. 

■ 2-306 


454.5 • 


1.1 ZB 





. 1.170 



0.890 : 



• 3.065 

6364 . 

.63 1.4 

»wi*s Franc I Duich Guii.lef Italian Lira I Cam-In Dollar; Belgian Prancl 



2.183 I 
22.00 ' 

2.030 ‘ ■ | 
5.301 ' 

1.656 ] 

5.707 ! 

)- i 

3.445 I 




Dutch Guilder 

* Shon ienn. i ...J 
1 day* noiioe.J 

101*- IC'is 
10U-10i e 
10i 4 

■unmu ll‘4 

Three nioniba. J . 1 lfla- 12. 

Six month* J . lglg-l^i; 

One year — ......[• lui^-lkse 

W. trctiiuui 

~T^e H 
3ie aij. 
si2 35a 

Fiench >n>K- 

77, *8 

101; 1 Ll- 
lllB 1138 

! liTuiiie-e Ven 

12 ;6 
11 i 2 
lDj Ikle 
111; -121; 
12i 3 -i3i a 

The fQHowlng -nominal rates were onored ror- London dollar cenifleatea of deposit: One month F.05-SJS per rent: three raomhs 8.S4-9 4R per rent: srt month 470 -Sah 
per cent: one year 8.B5-9JE. j 

Long-term Eurodollar deposits: two years 92-9} per cent; three years 9 T ia-99i6 per cent: four years 99u-9'>u per cent: five years S'^-fUie per cent. 4 Rates 
are nominal dosing rate*. . 

Shon-tenn rales are call for sterilns, O.S. dollars and Canadian dollars: two- days' node* ror ganders and Swiss francs. 

Aalan rale^ an* dosing rales In Slugs Bare. I 



‘Despite teething problems Ergo has got off 
to a good start’ — mr. h. f. oppenheimer 

Extracts from the Chairman^ statement for 1978 
released with the Annual Report for the fifteen 
months ended March 31 1 978. 

Ergo formally came into production on February 
25 1978 with the recovery of the first uranium. 
Sulphuric acid production started on March 14 and 
the first bar of gold bullion was produced on April 1 1 . 
This means that the project has come into production 
according to the schedule determined two years 

Prior to February 25 this year, all costs were 
capitalised, but the financial statement incorporates 
operating costs from that date to March 31. As 
originally envisaged, the company sold only small 
quantities of uranium and sulphuric acid in the 
period under review because of the establishment of 
pipeline stocks, and the financial statement 
consequently reflects a loss of R881 000. 

A major project must expect teething problems 
and Ergo is no exception. None of the problems is a 
cause for concern but together they have delayed the 
build-upto full output. On the metallurgical side, 
taking into account the lock-up of products in the 
plant, recoveries of gold, uranium and sulphur are at 
the levels predicted for this stage of development. 

All in all. Ergo has got off to a good start and we look 
forward to full production being achieved later this 

Capital expenditure 

Net capital expenditure incurred by the company 
up to March 31 1978 amounted to R130.4 million. At 
the time of the public share issue last year, to which 
I shall refer later, the estimated total capital 
expenditure was R140 million and the final figure is 
row expected to be R145 million. Considering the 
faetthatthe project was being designed and 
constructed simultaneously and was brought to 
completion in quick time, it is satisfactory that the 
final cost will be only 3-5 per cent above budget. We 
have, of course, been fortunate in developing this 
project during a slack period in the South African 
capital engineering industry, which meant that there 
was nc significant shortage of artisans, design and 
construction capacity or supplies of building 
materials and items of plant and equipment. 

Gold market 

There are two recent events which are worthy of note. 
The first was the implementation of the international 
Monetary Fund's amended articles with effect from 
April 1, effectively eliminating an official price of gold 
and allowing central banks of member states of the 
IMF to trade in gold for their own account. The South 
African Minister of Finance subsequently announced 
that the Republic's gold reserves would be revalued 
and that new payment arrangements for gold 
producers were to be introduced. The delay in 
payment experienced under the old system no longer 
occurs as producers are now receiving full payment 
immediately following delivery of their gold by the 
Rand Refinery to the South African Reserve Bank, 
and the price received is the average of the last two 
London official gold price fixes immediately 
preceding the date of delivery to the Reserve Bank. 

The second significant event was the 
announcement. In April, that the United States 
Treasury intended holding monthly gold auctions for 
at least six months, selling 300,000 ounces each 
month starting on May 23. This was followed by an 
IMF announcement that its future monthly auctions of 
gold would be reduced from 525,000 to 470,000 
ounces a month to take account of the possibility of 
developing countries’ wishing to take delivery of 
bullion for their share of the gold auctioned by the 
IMF, now that the articles had been ratified. Both the 

United States auction on May 23 and the IMF 
auction on June 7 realised average prices in 
excess of $180 an ounce and this reinforces the 
general view that there is an underlying firmness in 
the gold market. 

Personal and Industrial relations 
Because of the small employee strength compared 
with a conventional gold mine, the company has 
been able to avoid reliance on migrant labour, and 
all employees are resident in the East Rand area. 
Ergo has developed a non-discriminatory personnel 
and industrial relations policy which has been 
implemented to the extent permitted by existing 
legal constraints. All jobs have been evaluated on 
the basis of an internationally accepted job 
evaluation system, and a unified wage scale has 
been introduced. A joint consultative council was 
established in January 1978 comprising 
representatives of both management and employees. 
The council is non-raciaf and employee 
representatives are elected in job category 

Public share issue 

in terms of the company’s prospectus issued on July 6 
1977, a public offer of 16,000,000 shares was made 
at an issue price of R3.50 a share. After allowing for 

12.250.000 shares subscribed for by certain 
companies and financial institutions, a lota! of 

3.750.000 shares were available to the public at 
large. When the offer closed on July 29 1977, the 
public issue had been subscribed eighteen-and-a- 
half times, and the total subscription monies 
received in respect of the 16,000.000 shares 
amounted to R286 million which was a record for a 
South African public share issue. The company's 
shares are quoted on The Johannesburg Stock 
Exchange and The Stock Exchange in London. 
Business achievement award 

On November 14 the company received the Rand 
Daily Mail's business achievement award for 1977 
‘in recognition of its outstanding contribution to the 
development of the South African economy'. The 
award further recognised ’the vital role Ergo has 
played in 1977 in demonstrating to investors both in 
South Africa and overseas the resilience of the 
business community of South Africa and its faith and 
confidence in the future of the country’s economy’ 
Prospects for the current year 
AH the present indications are that the rated monthly 
output of approximately 580 kilograms of gold, 16.5 
tons of uranium and 44,000 tons of sulphuric acid 
(including oleum) will be achieved before the end of 
of 1978. Taking into account all factors and if recent 
gold prices are maintained, the prospects tor the 
current financial year remain good. 

Johannesburg, June 14 1978 

The annual report and Chairman's statement mav be obtained 
from Charter Consolidated Limited at P.O. Box 102. Charter House, 
Park Street . Ashford. Kent 7.V24 3E0 or Aft. Holborn Viaduct 
London EC1P1AJ. 

The annual genera/ meeting of members will be held at 44 Main 
Street. Johannesburg on Friday, July 21 1378 at 09h30. 

East Rand Gold 
and Uranium 
Company Limited 

t,LSat& ; m. 's 



In quiet trading, gold rose I 


More pressure on U.S. rates Firmer 

The U.S: -Federal- Reserve Austrian National Bank lowered FRANKFURT — Interbank money j ADPir 

entered the New York market Bank Rate to 41 per cent from 5* market rates were unchanged j 1 %# yi 1 \ s y 

early yesterday to make overnight per cent The Lombard Bate for once again, while Euro D-mark 1 
repurchasing orders, as Federal securities. has been cut to 5 per rates were a little higher for the! . • 

Funds traded at around the 7 j| cent from 5 per cent. The move shorter periods. I In quiet trading, gold rose 5 i 

per cent level writes Jurek Martin, is seen as part of Government BRUSSELS— The Discount and reu ounc ® 10 y°. se k a 1 SlSo-lSo,. 

This was probably intended as a efforts towards making industrial lomtardraTes were unefcinged at • frjjf fSri lU fo 

steadying, mfiuenre on interest credits cheaper and thereby help- 3i cent after yesterday's 1 nfl^nce the * market f j£d the 

rates, which have tended to move mg to boost economic growth. R 0afrf meeting of the Banaue i marKet ^ ana ine 

up quite sharply recently, leading Bank liquidity is regarded as N a ti 0 na1e de Beleicroe. Deposit i? eT ?h S1S °~° 

to speculation that banks’ prime adequate and the cut in rates is nt £ 4 “ ® Ihe BelSro commercial SJU 

lending rates will move to 9 per an adjustment to existing money franc , vere unchanged, except for opeiun 8 of S18o-18o« and showed a 

1116 futx *ro. market conditions. call money which rose to 51 per 

Treasury bill . rates were Lending Rates were last changed ce m from 3 j 95 oer cent. : 

generally firmer, with 13-week bills is June 1977, when both Bank Junei* June 2 ? 

at 6.96 per cent, against 6.94 per Rate -and Lombard Rate were » 0 «G KONG—condiuons “rot - — ; 

cent early Tuesday, while 26-week raised by H Per cent m °2 ey JP 3 J*®5 wepe w’^L IJS .H’ n,n ■ 

. bills rose to 7.50 per cent from PARIS— Money market rates were "2?* caU money unclunged at o ...^ ; sus-iBy 'enu-mj 

7.8& per cent. One-year bills were quoted at the same level as on g fL cenl r * 3 “ overnight subtly sr.s h&j siwi-iss; 

7.71 per cent, compared -with 7.72 Tuesday, with day-to-day funds "*■ P er cent compared vinruin>j rixuu< — si t .25 

per cent in early trading, but unchanged at 7} per" cent Euro P* r £“* previously. inemoen nsio» si”jL 5 7> -sIms 73 ’ 

slightly firmer than the 7.70 per French franc deposit rates quoted MANILA — Philippine money Aitertxxi. ;SL;SL TCmhi 

cent quoted late on Tuesday in London were generally firmer market rates showed no change Colrt ClJ , 1 ! 

VIENNA — As expected the however, f ron ? the previous day s levels. <toi:ii>u «i>i . 

- Krucerrom .'SUS-%7 .5194-136 

liJIllS^'Cflii UDOb-lDffi 
Merer SGverel£n*-..-!-*346-9fcg SMg-56j 


_ ’ Uofci Com 1 

Small unexpected shortage SfSrsss 

|f £2 i-29il ; U28*-29ii 

Bank of England Minimum and with conditions expected to ceeded revenue payments to the — ;*&■;£., : «g^ ( 

Lending Rate 10 oer cent be. reasonably comfortable today. Exchequer, and there was a slight j ^ !s ni-kn>; ,S275;-Z78j 

Lending Kate iu per EnsIanc j probably faU in the note circulation. . — 5142^-1454 sur-ra 

(since June 8, 1978) reluctant to add to the situation Discount bouses paid around 91 j -£»■<*- sil ica s“7-im 

Interest rates were generally bvr hyying bills from the discount per cent for most of their money; ■ ■■■■■ 

easier in the London money houses, and chose instead to lend yesterday, although 9{£ per cent 

marker yesterday, following, a smaH amoU nt overnight to one may have been touched m places. , further slight rise at the after- 

forecast from the authorities that or tm> houses, at Minimum Lend- with closing balances taken within I noon fixing at $385.35. 

. the supply of funds would be in ing of l0 per cent, to relieve a range of 9 per cem to 93 per ln ^ ^.^0 bar was 

sorplos for the first time recently. a gijgbt technical shortage. cent. fixed during the afternoon at 

This did not prove to be the case „ . . . rim -dowi, !n the interbank market over- Sj£ a *r*nA^ P tf ln <» ner 

however, with money stuck some- Banks carried over run-down nigirt loajls opened a£ 9H0 per per kib ($ 18^82 per 

where in the banking system, and balances from Tuesday, and the cent, and eased to 9*-95 per cent, fsl ^Vf°7r?^h e mornin"“ mid 
not materialising by the close of market had to repay the money on expectations of a surplus, ££^7400 (aUfiSn Tuesday 

business. lent to them overnight by the before rising to 9f-10 per cenL ^rnoon J 

Banks will therefore probably airthorities. On the other hand Rates eased again, to 95-9} per aftern 0 
b P 3S Government disbursements es- cent, and closed at Sf-10 per cent jj 0 jj E y 


Small unexpected shortage 


! Sceriraa 

June £8 ; Certificate 
IfiB | of depotUs 

OrvrntRfct ! — 

2 dar> Docav-.j — 

7 days or — 

7day.< aetlco.. 1 — 

One month ....[ 9 
1 «uinaiuli«...| lil-91e 
Three moathrJ iu-97o 

Inters mat 

(flay* notice.. ‘ — 9S»-10*a 

fine month.... I SJ^-lOlg 

inanilio... 10-970 I lO-lOti 
Three asonthe- 10-9 »g l IDjt-lOti 
■si* uwtttt .... 1QU-U10 UV„.J038 
Xlnem.«oth-.-| lOi^lOri I IOM-IOr; 

Doe yeai.. j io^-io r ; 10,^-104 

'I«ro yean 1 — | — 





lOM-lOia i 
lOlfi-li ‘ ' 

| Local Auth. Plnaiice 
I negotiafcit Honw 
| honda Dept-fre 

10la-9 J a 

IOI 4-914 










1 Higfbie 
rreuiry ! Bant 
B>"'$ | Bills * 

Bills 4 , 



_ J _ 






94 94 




9 f >94 j 93.-9ji 

10 l 2 



94 j 94-9U 

10 I 2 



9^-9fl8 94-»ii 




- ■ j 94-S™ 

10 =, 



■ — ( _ 



-Tf-i, Prime Kale — 8.75 

iHs& fed funds 7.W7S 

y Treasury Bills f 11-week 1 6.96 

_ Treasury Bills £ 6 -weeki - 7.3 


I Discount Rate 3 

0*2 j Orciatsht 3.55 

I0i« j one raomh 3J5 

LOJb Tlirce mnnUis <L65 

IO 4 j Six monttis 3.75 


Tvq ,vAib... 1 I — I 10 ^ 2 - 1 * 1 ; ■ — 1 ■ DLsojnut RnlQ 9-5 

“ 1 " , others sevon days' fixed. Longer-term local antboriiy DMclnte rale ! 7 'Si: 

Local auiboritir and finance bouses sejen S!*'bS?Si* five sm*» per eem. bm rates j table arajS^Sfmfu' 

Btefinallr three scan lll-tli fouryearemL. vacua* ^ Km . }oar . mama blljiOi per cvm. SmoSff™ 1 st 

hWiDB rates for prime paper. Burins raws f “ 1 per ccn*: iwo-man:h 9* per cent; and three-menth 953^752 * — BJ75 

: Approximsic sellins rales »r une-monm n M per cent: and tmuk' flW»» per cent: and thr«. PAN 

W.nffl, Appnndmatr sellins «« *«r \*v* ."SyS n* W* P* r cent: and also three mornhs 101 per mu. JAPAN 

month BUb per sent One-month trade bias ^ P yi r , Association) SJ per cew mnn JKW L ltfB Claarins Bank Discount Saie 3J 

■'.Wm£m fcB'WW (punished hv t the ttawe . ^HenL OeartaB Book Ban Rotes. Ihr fcudrns 10 per cem. Call fUnaadhinBal) 4 JO 

Do***. (Ar snjah iw Scm- : sals riscumit Ram 4j75 

: Twwtrr^lUlsi .Average tender rams ot discpuni per 

to benefit from i 

The Bank 



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■ Bl OKWfl, * ,B3SW a v a * afcittw&fcfc g fe «y£S?SS^S^“ fe * 



How ingenuity and flexibility 
have fuelled Israeli exports 

BY L. DANIEU Tel Aviv Correspondent 

ISRAEL LACKS the advantages 
of some industrialised nations 
in not having a domestic market 
of any size, and this problem 
is aggravated by its lack of 
overland connections with neigh- 
bouring markets. As a result, 
Israeli industry has had to fall 
back upon ingenuity and quick 
adaptation to special demands 
to carve out a niche for its 
products overseas. 

It has been helped in this by 
the availability of relatively 
cheap manpower i particularly 
low-paid engineers and scien- 
tists) combined with a level of 
infrastructure seldom en- 
countered in countries with 
similar wage scales. Moreover, 
the small size of the population 
has made for far closer co- 
operation between researchers 
and potential users than is 
found in most developed 


A case in point is the produc- 
tion of medical diagnostic and 
control equipment. The country 
has few small hospitals, but 
about a dozen large ones, the 
majority located near universi- 
ties or research institutions, 
such as the Weizmann Institute 
of Science, and this permits 
close collaboration on a day-to- 
day basis. Moreover, the uni- 
versities and the Weizmann In- 
stitute have set up special com- 
panies for the commercial ex- 
ploitation of research results 
and have, in some cases, set up 
“ Science Parks ” offering 
laboratory and library facilities 
on adjoining plots to enable 
s :ience-based industries to work 
in close co-operation. 

' If Israel is to maintain the 
spectacular expansion of its ex- 
port trade, the emphasis will 
have to be on locally developed 

products rather than on staple 
lines made in countries enjoy- 
ing the advantages of large pro- 
duction runs. In 1977. exports 
of non-military items based on 
local R and D accounted for 
StianL out of total industrial 
exports, other than polished 
diamonds, valued at $1.6bn. 
Last year’s figure for locally 
developed products represented 
a -K) per cent, gain on 1976. and 
it is hoped thar this rate of 
growth can be maintained so 
that, by 1981. Slbn. of locally 
conceived products will be sold 
abroad. This would represent 43 
per cent, of aggregate industrial 
exports (other than diamonds) 
of S2.3bn. foreseen for that 

This forecast is based on long- 
range planning as well as on the 
projects already in hand which 
are expected to yield tangible 
results by then. Professor Arie 
Lavie. Chief Scientist of the 
Ministry of Commerce and 
Industry, points out that if each 
of the 200 projects currently 
supported by -his office were to 
yield only $3m. in exports — 
and many promise far bigger 
results — the target could be 
reached easily. 

The Government's share aver- 
ages 50 per cent., though parti- 
cipation in projects considered 
of national importance niay rise 
to SO per cent. In order to 
build up a reserve, the Ministry 
recently introduced a system 
whereby royalties are collected 
for seven years on the turnover 
of goods developed with its 
assistance, with the rate ranging 
from 4 per cent, to 2 per cent, 
according to the extent of Gov- 
ernment participation in deve- 
lopment costs. 

Metal products, engineering 
equipment, electronics, and 
specialised chemicals are seen 

as the most promising cate- 
gories. with much of the work 
done in this field as a direct 
result of Israel's specific condi- 
tions. Desalination plants are 
already being exported, as is a 
large range of water-use equip- 
ment for agriculture, industry 
and homes, developed -to cope 
with the country's water short- 
age. Solar energy research 
ranks high among the priorities, 
and “Tadirah.” Israel's leading 
electronics producer, has come 
out with what it calls the 
world's first solar climate con- 
trol system. Called ASD 
(Applied Solar Device), it sup- 
plies hot and cold water for air- 
conditioning units as well as 
hot water for other uses. It in- 
corporates a supplementary 
energy unit to keep it going on 
sunless days. At present, the 
ASD is being made only for 
large buildings, such as hospi- 
tals, factories and blocks of flats. 
A 50-tonne unit can provide 
heating or cooling for a block 
of 12 flats (the water is heated 
up to 70°C to S0"C or cooled 
down to 4°C to 12°C) and a 250- 
lonnc unit for larger buildings. 


Many of the metal, engineer- 
ing a ad electronics products are 
the spin-off from ordnance fac- 
tories. For example, the Iscar 
complex in Nahariya supplies 
hard-metal tools and aircraft 
parts to both local and foreign 
markets. The electronics indus- 
try is expected to contribute 
S367m. in four years’ time. The 
range of its sophisticated pro- 
ducts is impressive and includes 
medical and agricultural equip- 
ment. telecommunications sys- 
tems. mini-computers, airport 
control installations, aircraft 
navigational aids, lasers, “ read- 

ing ” equipment for the blind 
and a new bilingual telex 

Many ideas and projects are 
developed to meet specific 
needs. The Kibbutz Industries 
Association (KIA) has found 
one answer to the R and D 
problems of small enterprises 
(of which there are some 200 in 
kibbutzim alone). Using the 
laboratories of existing research 
institutions, it develops answers 
to specific requests and also 
“stockpiles" projects for kib- 
butzim wishing to set up new 
enterprises or to add new lines. 
For example, a kibbutz making 
plastic products found that the 
mould required to make a run 
of 2,000 pieces was too expen- 
sive- A cheap mould, which can 
be used only for short produc- 
tion runs, was developed. 

Another kibbutz wanted to ex- 
port pearl onions for Martinis, 
conventionally shipped in con- 
tainers of glass, which were too 
“txpensive. A materia] was de- 
veloped impervious to the liquid 
and without properties affecting 
the taste. 

Other successful projects in- 
cluded: a new method of anodis- 
ing aluminium parts, a new type 
of solar panel with increased 
efficiency and another model in- 
corporating the unsightly water 
tank: an automated irrigation 
system which measures the 
humidity and acidity of the soil 
and adjusts fertiliser/water 
flow accordingly. 

But the most exciting project 
— still in the pilot stage — is the 
conversion of agricultural waste 
into energy to serve all the 
heating/cooling requirements of 
agricultural communities. The 
project started from three pre- 
mises: that direct application 
of manure to fields is inefficient 
and an ecological hazard: that 
existing anaerobic digesters for 

manure and other agricultural 
waste are inefficient and that 
the conversion of methane gas 
derived from the digestors into 
liquid gas for transport else- 
where is too expensive. There- 
fore, there was a need for the 
source of waste and the consum- 
ers to be in the same locality, 
as they would be in kibbutzim 
or on large farms abroad. The 
research then concentrated on 
developing new strains of bac- 
teria for ** digesting ** the waste, 
new types of digesting tanks, 
and equipment for collecting 
and shifting manure or other 
waste to the tanks. 


Israel has been more success- 
ful than others so far. In India, 
small systems yield \ cubic 
metre of gas a day per cubic 
metre of tank, at the end of 
60-60 days. In the U.S.. 1 cubic 
metre of gas was yielded at the 
end of 30 days. However Israeli 
laboratory tests yielded 8 cubic 
metres at the end of eight days, 
and a field pilot plant 5 cubic 
metres after 10 days. 

It has been calculated on this 
basis that a kibbutz or village 
with 500 cows in one complex 
could meet all its energy re- 
■quirements by using manure 
and other agricultural waste 
such as stalks. Such a system 
would thus remove an eco- 
logical hazard, save fuel costs, 
and provide energy in outlying 
districts not connected to the 
electricity grid. The next stage 
of development will be to apply 
this process to urban waste. 
Meanwhile the KIA expects the 
project not only to assist 
kibbutzim directly but also to 
result in the establishment of 
plants making the specialised 
equipment required — for both 
export and the local market. 

Financial Times’ Thursday - June- 2$ 


To the Holders of 


E.N.L _ 

(National Hydrocarbons Authority) 

- Sinking Fund Debentures due February 1, 1982 

NOTICE IS HEREBY GIVEN that, pursuant to themovinons of the Sinking Fond for the D efeat" 
lures of the above-described issue, Morgan Guaranty Trust Company of Now- York* as FSraLAgrnfc 

lures of the above-described issue, Morgan Guaranty Trust Company of Now York, .as Fjacul£&nL. 
hue selected by lot for redemption on August L 19T8_ at the principal amount thereof $ i j 2 W jOBD 
principal amount of said Debentures bearing the fallowing aerial numbers: ■ 

DEBEN TURES OF *1,000 each 

H.3 asm 41fil BOSS WHS S2T2 nyw * 1*088 14548 15448 16500 17749 1 87» SOail 20874 aam. anot 

M 32 4 iT 2 eaaa sag Mt! ggjg imte ijs® isjst ago* iwm istst- mm — - 

iL •Tim ♦ill — ■ ili n-iTTWi l - 

■■■MImi I I f I I 

> 1 1 ■ , . » t 1 

r i ; s* i tj ; * 



Pi ^ 


r IK ' -• * 


we can msure or reinsure almost 
anything in the world. 
Elsewhere; were waiting on the scientists 

All these securities have been said. 

This announcement appears as a matter of record only. 


June, 1973 

80,000,000 Swiss Francs 

Osterreichische Kontrollbank 
Aktiengesellschaft, Vienna 

4% Bonds 1978 -1993 

Payment of principal, premium, rf any, and 
interest is unconditionnafiy guaranteed by the - 

■ l . . - 

Republic of Austria 

The Alexander Howden Group 
includes Insurance and Reinsurance Brokers, 
Underwriting Agencies and Insurance 
Companies - and as one of the largest 
insurance groups in Britain, serves clients 
all over the world. 

And if this fact surprises you, it’s f I ' 
probably a tribute tp the Group’s a 
growth in the last few years. Iq| 

(Since 1972, for example, our profits 
have grown by 400% - and our earnings per 
share by 240%). 

The Group operates around the world, 
with correspondents everywhere, and has a 
well-earned reputation for competitive and 
k efficient service and practical innovation, 
g And with assets like these, who knows 
a where it will turn up next? 


Alexander Howden Group Limited 

22 Billiter Street, London EC3M 2SA. Telephone: 01-488 0808. Telex: 882171. 



Wirtschafts- und Privstfankr 

Aargauhsche Hypo the ken- und.Handelsbank 

Bank in Gossau 

Bank in Manziken 

Bank vom Lirrthgebiet 

Banque Romande 


Banque Vaudolse da Credit 

Basalla ndsc haftfieh » Hypothakwibank 

EKQ Hypothekar- und HandeEsbanlc ■ 
first Chicago s. A. ' 

Luzfluner LandbankAG /. 

* •sS-l/ ' \ . (C 

cTA^JcA sS 



2Vi 5* 



. FUnsuiplal Times Thursday June 29 1978 


Operations director 



for Bowater 

Mr. Brian J. Hennessy has been (formerly British Leyland) as I 
appo toted-.. operation?. Sector of corporate communications execu- 

takes oip ’."H*- '^tipototraent on 
August l and will be succeeded 
as general k manager of the 
Flexible Packaging Division by 
He. Rodney A, J. Webb, who was, 
until his new appointment, finan- 

tive on July 17. He will be based] 
at Nuffield House, Piccadilly.. 


Efi/H announces that Mr. Neil 
Sarsfield has been appointed 
deputy^ director, music opera - 1 

ctal controller of Bowater Con- tions. South East Asia: He will 
miner Packaging. •' . • continue as managing director of 

-l EMI (Singapore), and EMI 

- . (Thailand). 

. SSLSSSS" 168 «*•- D «*k Ethenngton has 

been . appointed marketing direc- 
distillersv from September- 26 and tor of EMI Leisure, 
takes over from Mr. Richard 

C all ing h am. the present chair- ' ‘ * . .. 

man, who will re main a director.: *® r * T. W. Stafford, director of 
Mr. de- BoerjJs chairman of the the Sunderland and Shields. Build- 
Britisb Road : Federation and a 5 °* Society, has been elected pre- 

dtrectbr. pl the. International Road Bjd ent of . THE B UttDlMG 

Federation*./ He Mg 'a director of SOCIETIES INSTITUTE for the 
Bunnjj!h’'Ofl, the -Chloride Group, year 1978-79. ■ 

Steel " Brothers.-; - Holdings and * 

Tarmac :. Be. is also ’Chairman of Mr.' Anthony P. Bradley has 
Attoek . Petroleum. ‘ He has been been appointed managing director 
a member of the National Bus of POX AND OFFORD. mould and 
Company.! since its inception to toolmakers of Birmingham. The 
1988 and serves oh .the 1 Transport appointment takes effect from 
and ^-Marketing Committees of. July i and coincides with the 
me CBt • - j. . r. ■ acquisition of <>e firm by the 

I";' *;V . . Transformotor Group of -Tipton. 

Mr.-JLXister, general manager. Mr: Bradley, formerly managing 
planning, bps been appointed director of Bradley and Turton of 
chairman of TCI- fibres division Kidderminster, succeeds Mr. Fred 
from September I, Mr. C Ha nip- tiupton, who retires as managing 
son, at vice-president of Canadian .director at the end of _ June. Mr. 
Industries, 7 is -to become general Lupton is being retained as a 
managed planning fram that date, consultant. - 

Mr. ,’d. ‘H. Booth has been . "WEEF GALUFORD. a Mid- 
appotpted -. executive .. director £“ ,: &»? f^vSS^ mSS ilSv 

BICC CABLES, Prescot, respon- eR « 1 £S ,1 E£ 

sible for the co-ordination of SISjSKS"* *5 EFmJSL. 5? n e " 
activities on the Prescot site. • In JPpomted rtansgjgtdjrertor from 

addition. -he will become chairman 

nf mrr' MAtnis'RTnr sent manngmg director, resigns 

on June 30 to concentrate on his 

for Growing 

If you area shareholder in an established and 
growing company and you. or your company; 
require between £50,000 and £1,000,000 for any 
purpose, ring David Wilis, Charterhouse Development 
. Investingin medium size companies as 
minority shareholders lias been our exclusive 
business for over forty years. We are prepared to 
invest in both quoted and unquoted companies 
currently making over £50,000 per annum 
pretax profits. 


Charterhouse Development, 1 Paternoster Row, Sl Pauls, 
London EGiM 7DH. Telephone 01-248 399P- 


of BICC Metals. BICC Prescot 

******** ****** re- 

sponsible for all building activity 
Mr. Jt W- Cook; director of and pronerty development to the 
economics ' and - .planning of Galliford Brindley Group. Mr. 
PHILIPS . INDUSTRIES, becomes Cockroft retains his seat on the 
director; ; Qf -finance and planning Board of Wincott Galliford. Mr. 
from. July J. Mr. A. & Gilliland. T. W. Seekings becomes produc 
currently - director of finance, tion manager, 
becomes, special. projects director : * 

from - the s^xne date. Mr. Edward Baker has- been 

. • appointed finance director of ST. 

the appointment to the Board of P^ce of Mr. Emlyn Williams who 
Mr. Thrietfay MarthuJenklns. with retired at the beginning of June, 
effe ct /fr om July V. He is chief * 

executive pf KWL, the transport Mr. Charles Craft is to retire at 
divisfrto. of -EUerman Lines based the end of July as a director of 
in HulL j His. appointment follows JOHN LAING AND SON, parent 

r e r ^^ c ?-S. n S^5 om on company of the Laing Group. 

June 30 of ■ Cok George W. Bayley. . • 

the former ' chief executive nf 

EWL. Mr.J.W. fSeren also „ £; ’JS^JSESSfe 1 ^ rec ’ 

retires from -'the Board on the ^ or GENERAL FOODS, has been 

same day. . appointed area manager, General 

~ . Foods Europe in Brussels from 

BRITISH RAIL the VWju"? sEJm*?.' 

appointment of Me. Colin Driver imry K atr - D ® nd F - Horwltt. a t 

formerly tmsen-er rales manager! tX 

headquarters, as chief passenger Corporation s pet foods 

manager. Eastern -Region, based ajv * sron - 
at York * He succeeds Mr. R. * 

Ceimftell who has been appointed Mr. Roger Foden has been made 
director of : public affairs (Scot- chairman and Mr. Saxon Tate a 
land). •- - . director of TUNNEL REFINERIES. 

. * . . ..Lord Jellicbe' has resigned as 

Sir Arthur Hop*Jones joins the duunnan (oUpwing hjs^appoint- 
Board -of LONDON SUMATRA P® 1 * 33 of "Tate and 

PLANTATIONS as-a non-executive Re- 
director -and chairman on. July I. 1 . * 

He resigns as a director of Mix. Hester Davies has become 
Harcrps. Jjj!?estinent . Trust .on company secretary of AJAX 
June 3& ^SfrCSrthur -wffl remain MAGNETOERMIC (UK), a sub- 
e ®° ar ? of- Nalrobi-basecl sidiary of the Guthrie Corporation. 
Phillips Harrison and Crosfield. * 

t SIr. F.-.W. Harper reltajpUhes Hr _ j. Ryan haa 

Each issue of Newsweek ’s “New Products and Processes'* 
Newsletter reports on 75 to 100 of the most exciting new 
products from around the world; includes complete information 
on availability for manufacturing, sales, licensing. Special 
trial subscription offer for 7 months (8 issues) is just U.S.S60. 
And If the first issue doesn’t deliver the kind of ideas which 
can mean substantial new business opportunities for your 
company, simply write cancel on your bill and keep the issue 
with our compliments. To subscribe or get more information, 
write today on your company letterhead to: 

Newsweek House, Dept. MC26-3 
Wellington Street, Slough SL1 1UG, England 

Britain’s Top iooo 
Private Companies 

gives you the key figures, the key 
people and the salient performance 
ratios fn one book. 

Price £1 4.00 (-f 50p postage & packing) 

Jordans. Jordan House, 

Brunswick Place. London N1 6EE. ,, « 

Telephone 01 -253 3030 JOTuanSO 


UK chairmanship of «nc* I |“ma ,, nicr be !5 1 


J. HEP- 

Sumatra Plantations after the „ 

Bli u- ™?2H ta *~ 0,, .i ,,,ir .J!i.A2 Sfvnws bakk 


■ * ■ ' WUliam Millar replaces Mr. Ryan 

, M. K. Schwitzcr retires bn ■“ deput3 ' mu,aBer - 

Jb|y X from the Boards of AKZO ^ m . , 

CHEMJE JJK and ARMOUR HESS PnifwsoF Thomas Wilson is to 
CHEMICALS. Jie is being retained be c°me chairman of the SCOTTISH 
as technical: adviser . MUTUAL ASSURANCE SOCIETY 

if on July.l to place of Mr. W. R. 

Mr Amcir* ■ v - Ballanfyne who retires from the 

appointed sale* 80101 at the end of this month- 

Wolverhamntrm < cttttv Professor Wilson holds the Adam 

B(>LT^VL^NUACruSSS IFSSl Smith Chair to Political Economy 
sidiary of Ralto HoIdtoS- at Glas8<>W Umversns ' 

* * 

Mr. K. Bart ell has heen ,. Mr - Geoffrey Hotiows, marketing 

president of the BRITISH CHAM director of Hep worths Ltd., has 
BER OP COMiIrSfiSK- teenage* ,o the Board_bf 

Mr. Bm-ten. wbo ie aUo presidSt Soi™Sd otT’ 
or the Conference of British wolcl “ and mjn. . 

Chambers of Commerce in Con- * 

tinental -Europe, was president Mr - David H. Woolf has been 
from 1973 to 1975. He succeeds appointed managing director of 
Mr. Eustace Balfour, of Mather HENRY BOOT CONSTRUCTION 
and Platt, who becomes vice- from Jidy 1. He was previously 
president*- -’Hie- other vice-presi- a director and head of operations 
deot is Mr. Robin Ward, of °f Boris Construction. Mr. John 
Resource Evaluation France. B. Parkinson, formerly managing 

* . director of Henry Boot Construc- 
Mr. Alan Bates, . deputy group ^on and recently appointed sroup 

managing director of Hoskyns i 0,Dt managing director of the 

Group has been appointed opera- parent company Henry Boot and 

tions director of AUDITS OF Sons, win take over as chairman 
GREAT BRITAIN from July 3 of Henry Boot Construction at 
Be trill control all the company's ^e beginning of next month, 
computer services. * 

‘Mr. Leslie J. Thomas has been GREAT BRITAIN, a subsidiary of 

fflecied deputy chairman of Re * e ^S^’ t il^t^ ad Mp tb T f q" 

CENTRAL AND SHERWOOD lowing appointments. Mr. T. S». 

* w ‘ Bowles as managing director. 

£ ff £ TbS i*Ar“ 

to the experts. Complete and efficienr team at your disposal 
at very short notice. Our very competitive rates; will delight 
you. Send for full descriptive brochure, .giving all details to 
the company's sales representatives or phone: 


730a Burnt Oak Broadway, Edgware, Middlesex. 

Tel: 01-9S2 6624 - Telex: 923598 


Wo arc a quail international grou? of companies and wish to hive the vie 
of approximately 3.500-5.000 iq. ft. of modern factory spaco for the purpose 
of filling our own chemical and paint products and wish to install an aerosol 
line- Should we come to an amicable arrangement we are quite prepared to 
form a separate manofatcurmg company and offer an oquity participation if 


Please write In fullest confidence to the Monojinf Director. 

Box GJ1194. financial Times, JO, Cannon Street, EC4P 4 BY. 



Medium-sized company trading internationally in building 
materials, fertilisers, foodgrains. 1977 turnover US S25m. 
Half year 1978 US S25m. 

Write Box G.2168, Financial Times, 10, Cannon Street, 
EC4P 4 BY. 


In various areas of the U.K.. to market 
proven specialised fuel economy valve 
which reduces fuel esnsumptior, in- 
creases car performance, significantly 
reduces pollution, permits use of 
lower octane fuel. Product - tai table 
for fleet users and garaje distributor- 
ship*. for full details, write to: 

(Ref. FT), 


T7 Victoria Avenue, Harrogate, 
KG1 5RE. Telephone: 0423 01204 
Telex: 57731 


Unusual but very useful scheme to 
sell and leaseback your existing plant 
and equipment, available to companies 
and individuals with good profit 
record. Periods of up to 5 year* on 
amounts of £20,000 to C2, 000. 000. 

1 St. Paul’s Road. Bristol 8. 

Telephone (0272) 36489/294575 

dfecA daviI i r j1SS2 

PCPATTTC fCnriTUtiDAft OreaJUScllOTL IuT. “ - Jo remans 

ESTATES (SOUTHERN), a .subl Dunn become ^ 

aitiaiy of the Wood Hall Trust, 1 

-Mr. H. Rosso, Mr/ E. F. * 

Glaovllle and Mr. W- E. Brown 


Dinted Mr. Geoffrey Myers. I 

aSSaSSjR^S^^S^ff ^elTmanager of the Eastern 
pSm Region of British Rati at York, to 

**** then ewl v-created vast of director 

We are looking for 

For a first-class building 
programme on the 
French Riviera 
Write to: 

FRANCJ310, 1, rue Ceard 
. Geneva, Switzerland 


Your own London numbeg. shared or 
exclusive line, answered by our trained 
staff- Urgent messages reach you it 
home or abroad. 


DepC FIX on 0MD4 5011 

S-'d' ‘B ark/r^V 1 ’ eTh.™ S*i»!S?SSSipSrt at Board 
Mr E F Sro headquarters. He w-ill head a j 

WeW have been .-"*81 "SUSSE » 

ti^Bo^rd's^SlSfy burinnKa 
OUUL company . identify and develop areas of 

From July 1, 5r. QaJser A. BL £21 M V - ^ “ 1 

Complete with land and buildings for 
safe, "ready for production. Box sm 
1850 x 900 x 700/300. suitable for 
large Tractor or similar castings. 
Located in development area of Scot- 
land. Good labour force available. 

Rnus telephone 05893 3341 or 
08893 4638. 



30. Gty Road. ECI 
01-628 S434/S/7361. 993 6 

BANK representative office in succeed Mr. J. J- G. Barker Wyatt, 

Abu Dhabi. From the same date; who retires at the end of this 
Mr. Charles Law, who has been morrth. 
manager of the office for the last * „ 

three years, will be returning fo BRITISH AEROSPACE Dynamics 

London to assume a managerial Group at Bristol, has appointed 
post with the bank. the -following five new divisional 

* . executive directors: Sir. K. O. S. 

Mr. G. G. Tredinnick, London Chisholm, divisional project 
Office manager, the COMMERCIAL manager Rapier (research and 
BANK OF AUSTRALIA, is return- development): Mr. G. J. Felton, 
tog to Australia to take up his engineering: Sir- .R- F; Hatcher, 
new position as corporate bank- production: M f. K. G. T- fliunaa^ 
ing manager for Victoria. Mr. j. electronic and space systems: ana 
Grooby, who currently holds the Mr. B. J. Rosser in charge of 
position of manager, international other major military contracts, 
operations, will succeed Mr. Air Commodore G- Watson has 
Tredinnick in London. . . joined BRITISH AEROSPACE 
v * DYNAMICS GROUP’S Hatfield/ 

The Board of CHAMBERS AND Lostock Division as executive w 
FARGUS announces the appoint- charge, air weapons (Hatneial. 
ment of Mr. D. Piercy as assist- __ . 

ant director responsible for the Mr. Raymond Monbiot 02 s been 

edible oil refinery business from appointed managing dwwtor of 
July 1. As a result of the resigns- ASSOCIATED BISCUITS, the 

tion of Mr. G. J- Dunham, Mr. J. F. home biscuit drnsjon of The { llBBU 

Capplcman became company sec- Associated Biscuit Manufacturers CypngT Tn I AQ Au 
retary. Mr. L Cutting, becomes with effect from September L ■». 

director,' finance and marketing. Since 1976 he has been managing j WE WILL SELL E.E.C. QUALITY 

from July 1. - director of Henry Teller. 

it " ^ 

.Mr. David K, Bacon has joined Mr. Tom O’Dell hM 
' the Board of CAJ1BRIAN AND appointed manager of acquisitions 

StuarE Alexander :5 tearing (Canoco). . He will be based la 


Factory rKOiwllEiened and guaranteed 
by IBM. Buy, uve up to 40 p.c. 
Lease 3 yean from £3.70 weekly. 
Rent from £29 per month. 

Phone: 01-641 2365 


Our client is a medium sized firm of stockbrokers 
with offices in London apd several provincial centres. 
Although dealing mainly for private clients the firm 
produces good research material and his an 
expandi ng i nstitutional is now interested 
in hearing from:- 

— country stockbroking firms, 

— individuals or groups of brokers in London or 
elsewhere with a commission nucleus of at least 
£50.000 p. a . 

with a view to discussing an association, merger or 
similar arrangement 

Attractive cost saving benefits could be offered to 
such parties in terms of available office space and 
efficient computer based systems which, deed with ■ 
bargain accounting, settlement administration, and 
the requirements ofTalisman. 

Replies from principals only will be treated in the 
strictest confidence. In the first instance, please 
write to or telephone: 

D. F. Robinson. Spicer andPegler, 
Chartered Accountants. 

56/60 St MaiyAxe, London E.C.3. 


■ k 




Please Phone or Write to 5. A. PARNES 


01-486 1252 


premises fully equipped with telephone, telex, secretarial ser- 
vice and young bi-ltogual and dynamic staff who could serve as: 
— -your Italian representative; 

— public relations with possibility to supply 
consultancy in the following fields: 

— financial 
: — fiscal 

— marketing 
— insurance 

If you are interested, please write. In confidence to: 

Mr. G. M. GaUmbcrti 
Via Caradosso, 18. 20L23 Milan 
Tel: 65GS37. Telex: 34563 




in prime position of Bournemouth as a whole 

mine Pool, gymnasium. 

Linden Hill Hotel. Christchurch 
Road (as investment, let at 
£32.50D per annum: 5 yrs. remain 
on lull repairing and insuring 






Linden Spatt* Club. Knole Road, 
comprising bars, restaurant, swim- 


courts, games 
possession ) . 

Forecourt petrol filling station, 
garage and workshops. Knyvcton 
Road (vaunt possession). 

Staff bouses and flats (vacant 

Ideal ai leisure centre and/or potential redevelopment. 

, 1978. Sole Agents. 

Closing date for Tenders. 12 noon Thursday, 20th July 

' Hotel Department, GOADSBY & HARDING. 
Borough Chambers, Fir Vale Road. 
Bournemouth Tel. 0202 23491 


Following very positive market research, an American plasties moulding 
manufacturer wishes to exploit in own highly successful technology and products 
in structural foam moulding m Europe. 

A number of different forms of co-opera non with an English company in 
setting up a Production unit in the U K. to sell throughout Europe would be 
considered. It it envisaged that an initial investment of £750.000 would be 

Interested parties should write, giving brief details of present interests and 
other relevant details. All replies will be treated in strictest confidence by the 
company’s U.K. consultant. 

Write Boa G-2133, Financial Timet, 10, Cannon Street, EC4P 4BY, 

Are you obtaining the best price for 
your low-miieage prestige motor-car.’ 
We urgently require Rolls-Royce. 
Mercedes, Daimler. Jaguar, Vandcn 
Plas. BMW. Porsche. Ferrari. Maserati. 
Lamborghini. Jensen Convertible, 
Rover. Triumph and Volvo cars. 
Open 7 days a week 
Collection wywhere in U.K. Cash or 
Bankers draft available. Telephone us 
tor a Arm price or our buyer will call. 
Brookwood (04867 ) 4567 


New SWB. petrol and diesel 
hard-top Land Rovers. 
Contact : — 

Tel: 01-894 1211 
Also for Land Rover body 



Established company with good 
discribunen and national sales repre- 
sentation in the CTN TRADE wishes 
to add to m produce range and would 
be interested in considering new or 
well established lines which could 
benefit from, greater distribution. 

Write Boa G.2I9I. Finonelol Times, 

' tO, Cannon Street, EC4P 43 Y. 



Grasp the opportunities In a low tlx 
area. Wc specialise m the formation 
of companies Including nominee 
appointment. secretarial service*, 
general agency work, teles and general 
consultancy including commercial 

Full details trom^A. Brown. BROWN 
Prospect HID. Dorati*. Isle of Men. 
Tel. 0624 256617 Tele* 62B41. 


Businessman based in ' London with 
capital and good contacts in Middle 
Ease, speaking Arabic. looking for an 
experienced partner in industrial 
recruitment. Capital not required. 
References essential. 


Mr. Naffa 01-370 4044 



Ac present sub-contracting £100.000 
of oresiwork per annum. Surrey- 
based firm preferred. Please send 
details of capacity available c.g. 
presses, etc. 

Write Box (j.2121. Financial Times, 
10. Cannon Street. EC4P 43Y. 



with High Grade Staff and Accom- 
modation outside London, 40 minutes 
from Waterloo. 

» other professional bodies or to 
trade or similar associations. 

Principals please irrite jb total 
confidence to flex C.2f93, Financial 
Times. fO. Cannon Street, EC4P 4BY. 


the Fm\ 

ies io join BL the London oflSce. 

Once yetfr business has readied satis- 
factory proportions w« are able to 
set up your own organisation in Japan. 
Write * — 

TERECON AC ZUG, P.O. Box 1115. 
"530) Zug, Switzerland. 


Pieces each First Grade top U.K. 

15-30 6 PR Tyre & Tube 

750-16 6 PR Tyre & Tube 

available through September to 


Station Rd.. Hminstcr, Somerset, U.K. 
Phona: 04605 3011. Telex: 46338 


Managing partner of Gulf company 
visiting the U.K. I4th July wishes to 
meee companies wanting to export or 
be represented in tile U.A.E. Hain 
interest building materials. iron- 
mongery. _ architectural ironmongery, 
shop finings, partitioning . u-ilmgi. 
Please send details to BA 
Box G.2J70, Financial Times. 

10, Cannon flerret. EC4P 4 BY. 

URGENTLY REQUIRED Investment Capital. 
57 acres oreen belt land Income £28.500 
over neit five years with renewable 
5-ye»r contract. 568,500. 102434J 

71171 (evenings). 


No capital required. Established over 
30 voars. Clients | n E2 countries. Send 
larse S.A.E.— Wade. Dept. F. P.O. Box 
9. Marlborough. Wilts. 


Wc have prestige offices *n the centre 
of Old York with spare spice /capacity 
with switchboard, Telex, and secre- 
tarial aid as required. 

Pel alls from, and suggestions to. 

Bet G.2169. Financial Times. 
10, Cannon Street, £C4P 43 Y. 


la certain unions ot the shinning 
Industry sauna long-term investment 
opportunities still exist. Old established 
operating subsidiary oi major British 
shipping group can oHor one or two 
investment prelects complete witn 
management or will manage your 
vessels on worldwide basis with same 
care and thought as entrusted to their 
own fleet. 

Write Box G.127B. Financial Times. 

10. Cannon Street. EC4P 4BY. 

create a new interior for your office 
reception, boardroom, shop, restaurant 
or hotel. Wo design, plan ana manage 
vour prelect irem start to hnKh. Phone 
Gordon Undsav Grouo, 01-995 5446. 

EX PUBLIC CO. CHAIRMAN has £200.000 
family trust tunds lor residential 
property investments, large or small, 
immediate aecJslons. T. Pothccary. 258 
Streatham High Road. SW16. 01-769 




TION .establishments can be reached 

by mall. The Educational AodreM 

-- , , Address I no and 

mailing Service. Derby House. Budhlll. 
Surrey. RHf 3DM. M erst ham 2223. 


Over 400 sets in stock 

Buy wisely From the manufacturers 
with fuQ after sales service 

01-986 8231 
Telex 897784 



Offering peace, quiet and relaxation. Ideally situated adjacent 
to: Golf course, safe uncrowded beaches and magnificent bays. 
Tbe perfect spot for Spring or Summer holidays. Registered 
for 33 plus children. Open all the year round. Residents’ Bar/ 
Lounge. Games Room. Owner's integral ground floor accommo- 
dation. One acre site. Excellent potential. £105,000 as a going 
concern. Enquiries to Sole Agents: Beck & Deane (Estate 
Agents) Ltd., 1, Waterloo St, SL Helier, Jersey. Telephone: 




as a going concern. Ground 2J8 acres, factory P.OQO $q. ft- 
ofBce accommodation 3,000 sq. fL, plant repair shop, storage, 
ample open yard area. 

Lanarkshire area within easy access to motorways. Turnover 
£700,000 per annum. SO employees, good. order book. 
Excellent opportunity for an established firm requiring 
expansion. Good connection with local authority, architects, 
industrial concerns, etc. Enquiries in confidence to: 

Box G.2198, Financial Times. 
10, Cannon Street, EC4P 4BY. 




A well established private company operating in Yorkshire 
and Lancashire. Sales circa £2m. p.a. building around 100 
houses p.a„ mainly higher price range. Land bank for four 
years at present output. Substantial stock appreciation and 
tax allowances. 

Profits £150,000/^00.000 p.a. 

Principals only. Write Box G.2155. Financial Times, 

10. Cannon Street EC4P 4BY. 


Specialising in the sale of 

Well established company with turnover approximately £lm. 
Prestige sites. Please reply Box GJ2152. Financial Times. 
10. Cannon Street EC4P 4BY. 


Old established Machine Tool Manufacturing Company for disposal. 
Company fully equipped, machinery, plant; skilled workforce, own 
products. Good record of profitability and with an exceptionally 
well known trading name. 

Enquiries from principals only to Box GJJ?5. 

Financial Times, 10, Cannon Street, EC4P 4BY. 


Company owning freehold sice { 14 
acres) with refurbished Inn and Res- 
taurant, Luxury self-catering Flats and 
Hoiol for sale. Annual turnover 
£120,000. Offers in excess of 
£250,000 required. Principals only 

DetoKs from Box G.2I53, Flnondol 
times. 10. Cannon Street, EC4P 4BY. 


Private Limited Company operating in 
West Country. T/O £[65.000 p.a. 
Principals only apply lor further 

details to: 

Box G12f96. Financial Times, 

10. Cannon Street, EC4P 4 BY. 




.and/or ' 


Turnover under £50,000 
and very small asset position - 
Must have April or May year end. 

Pleas? write to Bax- No. 1 JJJ90. 

Financial Times. Ill Cannon Street. London EC4P4BY. 


for the purchase" of a garase in S.E. England, 
preferably Surrey, Sussex, Hampshire. All replies 
treated in the strictest confidence. Write Box 
G.2192. Financial Times, 10, Cannon Street, 
EC4P 4BY. 


A speculative house-builder is required for purchase in 

A small to medium sized business i turnover of a minimum 
of 100 Units per annum) is the ideal with a Land Bank for 
some two to three years. 

Replies should be addressed to the Principal. Box G-135. 
Financial Times, 10. Cannon Street. EC4P 4BY. 

A Speculative House-builder is required for 
Purchase in the Midlands 

A small to medium sized business ( turnover of a minimum 
of 100 Units per annum) is the ideal with a Land Bant for 
some two to three years. 

Replies should be addressed to the Principal. Box Li J! 134. 
Financial Times, 10. Cannon Street. EC4P 4BY. 


We are an established Private Company, whose present 
activities are in construction and allied fields. 

We are seeking a substantial interest in a publicly listed 
company by way of injecting into it our very profitable and 
cash rich subsidiary, to expand its activities. 

Replies in confidence tc: 

Box G.2093, Financial Times, 10, Cannon Street, EC4P 4RY. 



If you are a progressive businessman/ 
woman am) would like to participate 
in the growth leisure industry we 
would like to meet you. Our business 
is development of leisure paries and 
sale of mobile homes in Europe! sun 
spots, and ski resorts. 

You will be required to have a show 
unit so will need space available. 
Vaunt areas still exist m Southern 
England and Home Counties. Midlands, 
West Country. Wales. Northern 
England and Scotland. 

Reply, fn strictest confidence to: 

358 Fnlwood Road, Sheffield S10 3SD. 
Telephone: 0742 303201 
Telex: 504711 



preferably in a service industry, 
earning pre-tax profits of at 
least £250.000 a year. Replies 
please to Mount Securities 
Limited. 19. Bolton Street, 
London WIT 8HS. with 5 years 
balance sheets. Strict confld- 
ence assured. 


it interested in acquiring controlling 
interest in trading companies in South 
Wales and the West. 
ContinuatlM of present management 
it essential. 

Apply to tbe Managing Director, 
Box G.2163, Financial Times. 
10. Cannon Street, EC4P 4B7. 


I dm interested in acquiring a 
partial or total interest >n a 
corrugated container sheet 

Write Box G.2164. Financial Times. 
10, Cannon Sir ret. EC4P 4 BY. 

Small Private 



seeks to purchase or merge 

Hain markes Middlo Ease and Africa. 
Write Boar G.21S8, Financial Times. 
10. Cannon Street. EC4P 4BY. 


Motorcycle Dealer / Repairer 
with turnover not less than 
£250,000 preferably South 

Reply to: 

81 Carter Line. London EC4 
Tel: 01-236 9001 


, Who'n Who I* Australia. 1977 
Erin. Pric» A 530 plus 33 

Who's Who In Autim. 197T Erin.: 
Price O.S. 1400. 

Business who's Who (n Australia. 
1’lh Edn. 1974. PrrtCi £38.00 
plus £1 postage. 

, Who's Who m Europe 1976. 
Price. 659 DO. 

Who's Who In World Oil nnri Cas 
1977.78. 614.50 bv 5cjma>l. 

610 bv Airmail. 

, Who's Who In World Banking 
Fco. 1975. £12.00 by Sea mail. 
£15 by Airmail. 

Who's Who in Canaria. 1975.76 
Erin. Price: £47.50 plus £5 

Director* ot Directors 1978. 
Can.s 36 .OO. 

Who's Who In Communist Chinn, 
2 Vots. Price. £20 00. 

Who'S Who in Cvprn. Latest Erin. 
1965 Price: £40.00 In Greek. 
£4 00. 

Who's Who in Denmark 1976. 
Price- DKr. 2iS Bins postage 
■» Danish. 

Who's Who IFinlandl 1975. 
Pnee. FMk 115 Plus post £1 in 


Who's Who In France. 1977-78. 
Fr ADD Plus ft. 15 POSU0C 
and packing. 

Germany. Who's Who 6tti Erin. 
1975. Price DM. 235. 

Wer 1st Wer (Who's Who In 
Germany*. Latest Erin. [975 
Price; DM. 180 In German. 

Lcitcndi Manner Der-Wiruchaft. 

U.K. international Who'S Who In 
Poetry. 750 bp. S.OOO entries. 
5th Edn. £42.50. 

U.K. The international Who's 
Who 1978(79. £24.00. 

U.K. Who'S Who In Translating. 
66 . 00 . 

U.K. International Y.B. 4*8 Slalcj- 
man's Who S Who. 1977 570. 
£ 20 . 00 . 

U.K. Directory ot Directors. 1978 
Edn. JuW 1973. Price. £1 5.00. 

U.K. Who's Who in Saudi Arabia. 
1977. U.S 545. 

U.K. Burke's Peerage 1 G.B .1 1975. 
Price. 13B-00. 

U.K. Who's Who In Great Britain. 
1978 Edn. Price: £22.50. 

U.K. Dictionary ol African Bie- 
eraohy. 2.500 4. 
countries. Price. £3 00. U.S. 
$20 00 . 

U.K. Dictionary ol Latin America 
and Caribbean Biography. 2nd 
Erin. 4330 D. 3.000 entries. 

Price- £20.00, 

U.K. Who o»»ns Whom lUK Edn.i. 
Latest Edn. 1977-78.; 
£45 $114.00. Continental 

Edn.' 2 von. 1973 . Price £52. 

U.K. Who owns Whom iNorth 
America). 76 Edn. Price. tAin 

U.K. Who owns Whom (Austral- 
asia and Far Basil. 1977-78 
Edn. Price £29.50. 362 pp. 
U.K. Dictionary ot International 
Biography. 15.000 biographies. 
Editions 1 . 2, 3. 4 5 and b 

each £10.50. US$26.00. _ Tin 

£32 Edn. 14th 1976 £59.50. 
The Banker's Who's Who I India 
Latest Edn. Price $30 ulus $3 
post, $6 Air oast. 

Iran Who'S Who 197S. Price: 

Who'S Who in India 1974-5. 

Who's Who In Israel. 1976 Edn. 


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Price: DM 250 

Who's Who in Jamaica. Latest 
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Who's Who In the Arab Worlrt. 
1978-79 sih Edit, $60 plus 
air $15. 

Who's Who in Lebanon. 1977 .78. 
6th Edn. Price. $40 Plus air 
$ 10 . 

Who's Who In Malaysia and 
Singapore. 1977 tilth Edn.). 
Price $25 olus postage 
Net* Zealand Business Who's Who. 
Price 1978 N.Z. 53S.00 plus 
$J cos cage. 

Who's Who tn New Zealand 11th 
Edn. 1978 Price: NZ$30. 

Who’s Who m Norway. In Nor. 
wegun. 1973 Edn. Price 
£23 50 plus £2 postage. 
Who's Who In Southern Alrica. 
1978 Edn. Price: R.20 olus £2 

Who's Who m Sweden. In 
Swedish. 1975 Price. K130 
o.'us K 10 oasiage. 

Who's Who in Switzerland. Latest 
Edn. 1 975-77 Price. S.Fr 130 
plus postage. 

USA Who's Who in America. 

39Ui Edn. Price ' $57.75 
USA Who's Who ol American 
Women, loth Edn. $53.75. 
USA International Who's Who in 
Music- 8th Edn. 10.000 entries. 

Wno's Who in the East. 15th 
Edn. $56. 

Who's Who in the Mtd-West. T3lh 
Edn. Price: $57.45. In the 
Wqsc TSth Edn. Price- $ 37 . 45 . 
Who's Who in the 5ouih and 
Sooth West. 15th Edn. 537.45. 

World Who's Who m Science. 
1st Edn. Pnee- $73 50. 

Directory ot Directors. New York. 
1 977 Edn. Price: US$70 Plus 
r -S postage. 

Who's Who in Amrrican Art. 
1973. £31.05. 

Who'S Who In the World. 2nd 
Edn. SSB. 

Who's Who in Government. 2nd 
Edn. £50.75. 

Directory ot Medical Specialists 
(Vol. 14 1 958-591. Price. 

£12 50. 1976-77 Edn. 2 Vflll. SSS.OO. 


56. Arab Banking Directory 1978. 
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59. India. Times ot India Directory 

1978. $19. 

60. Holland. Pyltgrsen'S Nrdertands 

Almanafc 1978. DM 00. 

61. Japan. Standard Trade tndec ot 

Japan 1976i79. US$100. 

62. Kuwait. Kuwait Gull States 

Sultanate ol Oman and Saudi 
Arabia Commercial Directory 

»979. Price- $45. 

63. Sri Lanka Cevlon Directory 

(Fergusons! 197778. £3. SO. 
6A. Great Britain. Owen's Commerce 
and Travel and International 
Register 1978, £14. 

G5. British Suppliers to the OK. 
Petrechamlcal and Process 
Industries t CBM PE Catalogue 
'7«i. £13 each UK. (post 

1 rcc>. £13 each overseas. 

6G. Coin Yearbook 1978(79. £5.50. 
67. 1st Vol. Markets In Europe 9th 
Edn. 195B Price: $10-00- 2nd 
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9th Edn. :g?6 Price. £30.00 
nlus DOS: £3 air post £5. 

GJ. Overseas Directories. Subscrip- 
tions. Annuals and Reference 
Books 16th Edn. 300 pages. 
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at Reference. £2.50. 

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Books at Relcicnce- 

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East. £4.95. $15. 

75. Travellers Guide to Africa. £4.95. 

$ 15 . 

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77. Wall Map or the Middle Cast. 

£1.50. $3 

78. The Creative Handbook— Europe 

1978179. £11.95 plus BSD 

d A P. 

79. Croncr's Ref ere nee (teak for 

Employers- £is.20. 

BO. L'Afrtoue Noire Poll time ct 
Ctbhonuduc 1977 . PR. 320. 

8$. Satiates ct FoaraiSKurs d'Afriaoc 
Noire 1978. 28 )h Edn. FR.26JJ. 

82. Annaire Ad minis trail! ct Judw 

OS*™ de •dalque 1970. Edn. 
PR. 2750. 00 Plus posnoe. 

83. We^Llcfrrt Was 30ltt Edn. 1978. 

*4. Encyclopaedia ol Modern Iraq. 
3 <01$ MOO .00. 

AD ? IS", lor SEAM AIL 
>.. 1 . 11 . 1 . 50 " •o* AIRMAIL 

Puhlivhing and Dlttrlbutmn Co. Ltd.. 
MUrc House. 177 Regent Street. 
London, W.l. 


Nuclear energy*— another victim 
of a preoccup ation with invention 


Nuclear Power and the Energy 

Crisis, by Duncan Bum. 

Macmillan, price £12 

A CONCLUSION now beins 
reached by some of the excel- 
lent technical minds which are 
bending to the problem of 
Britain's steadily declining 
ecmmniic performance is that 
there has been a debilitating 
preoccupation for far too long 
with the “what” rather than 
the " how ' of industrial activity. 
Britons attach disproportionate 
importance to invention, and 
far too little to its production. 
The first, it seems, is “ creative 
activity " and hence to be 
lauded: the other is merely 
“ trade." 

Aircraft is perhaps the most 
obvious example: Britain's track 
record for invention has been 
unsurpassed but its past per- 
formance for commercial 
achievement is mostly a joke. 
Electronics, the business of 
! black boxes and chips, is 
another disturbing example. 
Nuclear energy provides a 


Duncan Burn, in a searching 
analysis uf two decades of the 
fledgling civil nuclear industry, 
makes the same basic mistake. 
If only Britain had picked this 
invention, not that one. he 
argues. commercial success 
would have been assured. His 
book will raise many a blush — 
on the cheeks of politicians. I 
suggest, rather than on those 
of industrialists or technical 
experts — as he mercilessly ex- 

fay G. S. A. WHEATCROFTand 
with Special Adviser: 

J. F. Avery Jones 
December 1977 £35.00 with 
services to the end 1978 
4Z1 ZZZ700 

Fourth Edition 
A. E.G. ROUND and 
1977 Paperback £9.35 
421 192903 

In three loose-leaf volumes 
General Editors : B. A. HEPPLE 
£40.00 including service to 
the end 1978 

421 16960 5 

General Editor: 

Published quarterly 
£14.00 per annum: 

£4.20 per part. 

ISSN 0021 9460 

by B. A. HEPPLE and 
Second Edition 
Paperback £7.30 
421 22860 1 

For further information please 
| write to: 

The Marketing Department (PB) 
Sweet & Maxwell Limited. 
North Way. Andover, 

Hants SP105BE. 

How to be a *uo 
Successful Manager 

A Comprehensive Guide u the 
Essentials of Management 
Ronald Hickson. Prut leaf system tor 
imonuloc manorial pi-rtarman-rc. 
Inclrafcx; Management talks— KlUde- 
IliL'.".. The manaui-r and moiivjiion: 
A I'nvrjmmi- lor action. 

CHEST £3.95 

H. V. Prnrhnnur. ■>$• r 1. 1 Jokr-i. 

Mn niiii'-iNUF and ■■pur.ims. non 
amunnj ikfinli inn;.. :um sinnlev i.fluu 
auouiinnv ion .-oinnrlul nhr.isi$. 

nrQviTbk InunuMi.- far Miblii 
<lk'ilicrs. H.f.L .im.iidir *iii*-r- 
liilinTc. IIim> mi <[u?i.t-h prvMr.inon. 

The Persuasive Power of Words 

EZ. 7 S 

J.icnaclfnc Dincen. Tiemnn-nraii-: 
It on' i.'di'iinc lalkiDc ran imnrn'.i: 
your ri-ljilons u'jiji fjmi!.". fnends. 
jour buss. en1lc.T2Uc$ ai v.nrk. 
includes; Choosms— and using — 
wonls; llslni your vom.-; MaJuru? 
u uoiui Impression. 

A Manager's Guide to Getting 
Threash to People DJS 

Beryl Williams B.A. Explains the 
$lt ills of commumcaucin and the 
kinds of business situations wtere 
flfrcilte commun lea lion is essential. 
includes: Celt In*: ihnmch io people 
In hu$lnc$$: Lc-uVr-Jiio: Decisinn- 
makin*; Ftcilback. 



A umnii.: renaming hnofc iwrnni 
••very 'tin- u( suco'isfiiilv aiipivinc 
for n j»d. w ill n-p.ii- uk co-r 
nj.Jn* time'.’ .U'.i.nnW in all 
n -vi-.- Ur. n ivn pm Vrili jIkjiJ of 
uUi-r ippi!< 

Ocw. jiB. Den i not an Estate. 
Welllnnharaugh. NnnhanLs. NNB2RQ 

Cnlaliigitu no Rawfrl 

poses attempts to rationalise 
decisions by people who often 
had failed to grasp the issues. 

But the central question must 
he whether in 20 years' time 
Burns book will be seen as 
having helped to put Britain's 
nuclear industry on its feet, 
— an industry which by then, 
reason tells us, should have 
become mature and perhaps 
prosperous. It appears at a 
time when, once again, Britain 
is wrestling with the organisa- 
tion and management of the 
industry. No-one, customers 
least of all. is satisfied with the 
clumsy two-tiered management 
structure of the National 
Nuclear Corporation, introduced 
only in 1974. 

Nuclear power stations arc 
probably the most complex of 
all industrial projects — far too 
complex for the customer simply 
to place a “turnkey*' contract 
then sit back and decide who 
shall cut the tape. The utilities 
have learned that they must 
work closely with their con- 
tractor. meeting problems head- 
on as they arise. Success calls 
for much mutual confidence and 
trust — trust on the contractor's 
part, for example, that he will 
be fairly rewarded if. when 
trouble strikes, he starts to sort 
it out without waiting until a 
fresh contract has been sewn up. 

This calls for an entrepre- 
neurial management style, of 
a kind all but eradicated from 
the present industry. As a 
result the Central Electricity 
Generating Board and its bis 
engineering team at Barnwood 
are becoming deeply embroiled 
in nuclear project management 
And they are discovering just 
how absurdly optimistic have 
been the estimates of completion 
dales and costs made as recently 
as a year or two ago. 

It is Bum's thesis that all 
of this is the consequence of 
consistently choosing the wrong 
type of reactor. If only, he 
says, Britain in 1965 had come 
to the same conclusion as the 
U.S. heavy electrical industry 
and chosen the light water re- 

Lord Aldington, chairman of th« 
National Nuclear Corporation. 

actor (LWK) instead of ils own 
line of gas-graphite reactors, 
condemned in the U.S. as being 
of “low material economy — 
that is. too big and thus more 
expensive. He hints, though 
fails to substantiate, that there 
was a conspiracy within the 
U.K. Atomic Energy Authority 
to reject the LWR. He may 
well be right. The course, set 
iii the early 1950s. was pursued 
singlc-mmdedly: and consider- 
ing the problems that had to 
be overcome this was probably 
no bad thing. 

Unfortunately the politicians 
were less consistent in their 
support for the nuclear indus- 
try. In the 1950s it was being 
urged to go faster than was 
good either for industry or its 
customers. Then they lost in- 
terest when the urgency 
seemed in recede. When Britain 
began to unlock its North Sea 
resources, which competed for 
funds, their apathy often 
turned into overt hostility. 

Burn charts the decline and 
fall nf the industry accurately 
and remorselessly. Yet. because 
he is not really comparing 

U.K. performance with pro- 
gress elsewhere, he arrives at 
far too simple an answer. You 
will find no reference to the 
fact that U.S. General Electric 
— the company whose reactor 
the author believes Britain 
should have chosen in 1965— - 
lost money on every one of the 
first eleven nuclear stations 
(all turnkey) it built 

You will find no reference to 
the two great pitfalls into 
which the U.S. nuclear industry 
fell in the 1970s. One was that 
it under-priced its reactors, 
selling them as part of a 
package which Included fuel 
services for years ahead: the 
razor and blade principle of 
marketing once enunciated by 
King Gillette. But it was caught 
out badly when nuclear fuel 
prices began to rocket along 
with other energy prices in the 
wake of OPEC's actions in 
1973 : some nuclear companies 
had apparently assumed that 
they would always be able to 
pick up uranium cheaply when 
— some j'ears after they took 
the reactor order — the cus- 
tomer called upon them to 
deliver. The second pitfall it 
failed to anticipate was the 
devastating impact of public 
hostility towards big U.S. busi- 
ness in general and the way 
this has focused on the energy 
companies, curtailing nuclear 
business during the 1970s. 

Not right 

The Vinter Committee set up 
by the U.K. Government in 
1970 to make a decision on 
reactor choice came to the con- 
clusion that the real problem 
lay in the organisation and 
management of the industry. 
Get this right first, it con- 
cluded. and the reactor decision 
would evolve naturally. In fact 
it is still not right in 197S. 

However, right to the end of 
his book Bum remains con- 
vinced that reactor choice is 
the key to commercial success. 
His contempt for Lord Binton, 

for instance— as the man 
praised for his central and un- 
sung role in the official history 
of nuclear energy in Britain 
by Margaret Go wing— is palp- 
able. “ The work had been en- 
tirely within the realm of Hin- 
ton’s pre-war and wartime ex- 
perience— quite different in 
character from that of sorting 
out evaluating and developing 
reactor* systems, choosing which 
horses to back, when to aban- 
don them, when to choose new 
ones, and riding them well.”- 


Hinton was charged with the 
task of producing the materials 
for the first nuclear weapons; 
with the “how” rather than 
the “ what.” But the “ how " in 
this case meant designing from 
scratch a series of large fac- 
tories to make and refine mat- 
erials virtually unknown in 
Britain before the war, and in- 
herently difficult to deal with. 
He did this to time and cost 
schedules that would be un- 
attainable today even if trans- 
lated into 1978 prices. He laid 
the foundation, for the success- 
ful part of the British nuclear 
industry, nuclear fuel services 
— almost ignored by Mr. Bum. 

The future of the British 
nuclear industry probably lies 
in a management relationship 
akin to that which exists be- 
tween the chemical and petro- 
chemical industries and their 
contractors — and Britain has 
about 40 per cent of W. Europe’s 
process contractors.' This may 
suggest that the dominant fear 
ture of the nuclear industry 
should be fuel services and not 
reactors, few of which are likely 
to be ordered over the next 
seven or eight years. It may- 
even suggest that any new type 
of reactor— such as a light water 
reactor — should be ordered 
piecemeal, from world suppliers 
who meet the UK specification 
for performance and safety, just 
as the chemical industries order 
their plants. 

An essential book for the senior execufr’ewhcse 
company is fanning or current lu undeitaklns ... ; 
business operations in Iran, Saudi Arabia or £hs 7 . : . 
Gulf States. Chapters deal with topics of direct 
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sections ©n: company-formation and structure; .. .. } " 

readers with a valuable insight of how commercial laity 
and practice operate in these territoiter^Amust for ' 
anvone thinking of doing business in Iran, Saudi _ ■ \ _ 
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This definitive publication covers all the-tmain 
aspects of computer security — identifying . the 
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hazard and malicious threat and - the ^various :_ 
protective measures that can be -adepted.^ L Sf«cific 
checkpoints are listed and the reader is encouraged 
to think in security-conscious terms. , /. ‘ 

This handbook is an important Work of reference 
and guidance for. aU levels of management- 'and 
personnel charged with the responsibility. .. for . 
ensuring the security of computer: ^installations. It 
is also highly relevant to the work .of system 
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Lo oking beyond the technical 


remedies to cure inflation / 

A Handbook of B usi ness Opp ortnnity Search . 

l or opportunities at both the corporate level and 
that of the individual executive. ' v ^ ... 

Edward de Bono’s most significant contribution 
to business since his invention of. lateral thnfkmg. 

Associated Business Press . \ ! V 

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The Political Economy of In- 
flation. Edited by Fred Hirsch 

and John H. Goldthorpe: 

Martin Robertson, prices £8.95 

and £3.95 

INFLATION is much more than 
just -a technical economic prob- 
lem: it reflects and influences 
wider social and political forces. 
Yet inflation has traditionally 
been studied mainly by econ- 
omists who have been reluctant 
to go beyond a discussion of 
various technical remedies while 
regarding non-cconomic and 
political factors as \anable and 

This new work if a largely 
successful attempt to fill the gap. 
and is an appropriate tribute to 
the inspiration of Fred Hirsch. 
one or the co-editors who died 
earlier this year just after 
correcting the proofs of the 
book. The intention is to con- 
tribute to a more broad-based 
study of inflation while avoid- 
ing a “ multi-disciplinary for 
worse, nnn-disciplinary ) mish- 
mash " or a " dialogue of the 

The work consists of tfl main 
essays as well as an introduc- 
tory and concluding chapter, 
covering not only the economic 
background and effects of in- 
flation, hut also the political 
and sociological context. The 
contributors include econo- 
mists. sociologists, political 
scientists and historians, repre- 
senting a fairly wide spread 
of views, though excluding 

" hard-line " Marxists and 

Tiie book has clearly bene- 
fited both from dose co-opera- 
tion between the contributors 
and from discussions held at 
a conference of 70 social 
scientists at Warwick Univer- 
sity in May. 19«/. The result 
is Ibat different disciplines aud 
approaches are related more 

The collection also provides 
an admirable summary of much 
of l he vast amount of work 
which has been undertaken on 
inflation and the development 
of modem capitalist societies 
1 in pari now the same issue) 
since the start or the great 
price explosion "f the early 
J970s. Most the essays are 
accessible to the general 
reader and the mure technical 
and statistical passages can 
easily be skipped without miss- 
ing ihe drift uF ihc argument. 


•lob 11 Flemming's opening 
chapter a notable example 
of this cleniy. By explaining 
how inflation itself is essentially 
a monetary phenomenon he 
provides an introduction to the 
lafor discussion of (he possibly 
more elusive non - monetary 

Among the themes discussed 
are the relationships between 
the growth of the public sector 
and inflation, and the impact 
of inequalities between the 

leading industrial countries and 
(he rest of the world. Some 
myths about the impact of 
inflation are also undermined: 
David Piachaud of the London 
School of Economics points 
out. for example, that inflation 
“acts neither as Robin Hood 
nor as Robber Baron: neither 
the poor nor the rich are 
affected in a uniform way/’ He 
maintains that inflation has 
different effects on particular 
groups at different times in the 
life cycle. 

David Piachaud also mentions 
the most interesting theme of 
the book — the view that infla- 
turn is not so much a cause 
of problems of modern capitalist 
society but a symptom of wider 
difficulties. He says: “To the 
extent that inflation is the out- 
come of people attempting, 
because uf dissatisfaction with 
the existing income distribu- 
tion. to improve their relative 
position, then inflation can only 
be overcome when there is a 
degree uf consensus that the 
distribution of incomes is fair 
and just — which is a long way 

These isues are discussed in 
three linked chapters by Samuel 
Brittan of the Financial Times. 
John Gnidthorpe from Oxford 
and Colin Crouch of the LSE. 
Colin Crouch argues that insti- 
tutions of the classic bourgeois 
state are incapable of providing 
an adequate regulation of in- 
terests when so many of those 
interests ar^ organised and in- 

capable of containment by 
economic means alone: inflation 
is one major outcome of this 
position. Both John Goldthorpe 
and Samuel Brittan argue, from 
differing standpoints, that infla- 
tion is not just a technical econo- 
mic problem but a response — 
indeed perhaps a temporary 
solution — to more fundamental 
social and political difficulties. 
Similarly, Fred Hirsch notes in 
his concluding chapter that 
both Keynesianism and infla- 
tion can be seen as defensive 
responses by capitalist societies 
challenged by the new political 
and economic imperatives of a 
democratic age." 


Other recent publications 

Business, by Charles A. Kirk- 
patrick, and Frederick A. Russ. 
Science Research Associates 
Inc.. Henley-on-Thames. Price 

This is the second edition 
a book aimed largely al students 
of business. Some material has 
been deleted from the first 
edition and some expanded. 
There are a number of different 
sections, the first of which 
presents an overview of busi- 
ness, while the second looks at 
the behaviour of individuals 
and at how managers actually 
manage. Section three describes 
the broad range of activities of 
personnel departments, and sec- 
tion four examines the market- 
ing function. Other sections deal 
with financing, the need Tor 
providing adequate information 
tn Those inside and outside a 
company and there is a section 
on relations between business 
3 ml govern mem. 

Solutions Manual tn Management 
Accounting, by Norman 

Thornton, llcinemann. This 
book is also primarily aimed 
al the student and is therefore 
largely a technical work, 
describing such activity as 
ratio analysis and jntcr-firm 
comparison, funds analysis, 
and aspects, of budgetary con- 
trol. It is liberally filled with 
practical examples of how to 
draw up various types of 
account and concludes with a 
section looking at the future 
of management acco unting 
Britain's Economic Problem: Too 
Few Producers by Robert 
Bacon and Walter Eltis. Mac- 
millan. price £7.95 and £2.95 

This comprises a scries of 
already published articles 
which aimed to set out a new 
explanation of the decline of 
the British Ccrnioaty after the 
Second World War. The articles 
have been extended in the book 
and the describe the effects of 
a crowing shift of the country’s 
resources from the production 
of goods and services which can 

be marketed at home and over- 
seas to the provision of un- 
marketed public services. 

Can You Succeed in Business 
and Still Get to Heaven by 
Linda King Taylor aQd Alan 
Reid. Associated Business 

This looks at the background 
and consequences of a whole 
series of questions, such as “ Is 
the creation of wealth the only 
valid business objective ? ” 
“Can the growth which profit 
requires and in turn pro- 
liferates keep on year after 
year ? ” and “ How will business 
cope with depleted world re- 
sources and the levelling-up 
demands of the Third World ? ’* 
The authors argue that Britain 
best reflects the myriad prob- 
lems of industrial society, but 
that it also contains the con- 
ditions and ingredients which 
could bring about a “mana- 
gerial revolution" with Jong- 
lasting and far-reaching con- 

Samuel Brittan argues that 
“the real problems of liberal 
democracy are not in the end 
about inflation. The spread of 
market relations itself tends to 
undermine the status structure 
which provides capitalism with 
its legitimacy in the eyes of 
most people. ... By disguising 
nur problems as the serai-tech- 
nical conundrum of inflation, we 
may be making them seem more 
tractable than they really are. 
Inflation may even have been a 
benign form of self-deception, a 
means of buying time. But we 
have come to the end of this 
period of -grace.” . 


The new MAJOR CO 
1978/70 offer invadua 
formal ion on dver 6 
companies. Coverage 
details of each coir 
agencies, address, 
top personnel, banker 


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at £25 JO (UK), H6J30/S. 
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TeliOl-4936351 Telex 

High Performance Management 

Sound management decisions can improve efficiency and ; -i 
productivity in industry, and this new book by Vlccor^ffith 
focuses acteotion on the nfpthods which will help managers 
achieve these essential objectives. . 

In the Foreword. Mr. Roy Close, Director General of the British^' 
institute of Management, writes: “.This book is about known 
techniques and how to apply them; in the.harufr of dete rm ined , • 

managers it will make a valuable contribution to thlTmanagtmdnt' 
of change and the improvement of performance.** - 

£4.15 including postage. r. .. . 

Gee & Co (Publishers) Ltd. 151 Strand, London VfC2R .1)15 .. 


Special Book Pages Programme . . . 

The Financial Times proposes to publish, further 
special Book Pages this year including:. ' 

Crime Fiction' ' — . - July; 20 f 

Business Books — ; October 26 .f 

Christmas Books — Noyemlw 23 

For details contact David. Patrick, Financial ’Tunes, 
Bracken House, TO Cannon Street, Londoti3SC4P4B Y. 
Tel: 01-248 8000. Telex: 885038. 



Thursday June . 29 1978 

Small enterprise development: ' polities and programmes 
■Intended for ail persons directly or Indirectly concerned with 
promoting smiU enteiprises and helping them to become more 
effective. Encourages readers to compare a. variety of strategies 
and to select whatever approaches may be useful for their 
particular purpose and situation. 

BAN 92^-101857-2 Ujs ' 

Wanafement and productivity; An international directory 
of faitirtubons and information sources 1 
.This directory lists over 1.600 institutions and 800 information 
sources (n the management development and productivity fields 
from 125 countries. 

J5BN 92*2-001606-0 £6J5 ‘ : ; 

Mai^gement consulting: A guide to the profession 

"Ac- fast- a good basic . text on management consulting . ■ . . 
essential . ■- (Consultants Nows). ■*' An excellent handbook 


A sugar-coated account of 
the rise of Mr. Cube 


Announcements below are paid-for advertisement !S. If 
require entry in the forthcoming panels, application, should 
be mode to the Advertisement Department Bracken House, 
10 Carman Street, EC4P 4BY. Telephone 01-248 8000, Ext. 7064. 


( British Institute of 

r r - written and easy to use . .! 

ManogementJ. ... _ • 

3rd impresslon (with modificatibns) 1977 

ISBN 92-2-101165-8 . OUS . 

How to read a balance sheet 

“A .thorough understanding of the information provided by 
balance sheets is of prime importance to all business- managers. 

This book is a first-class means' of gaining this Information." 

(The Shipping Executive . London). • • 

ISBN 92-2-100000-1 CL00 

Year book of labour statistics, 1977.’ 

37th issue 

The .world’s foremost work of statistical reference on labour 
questions; bringing together in systematic and comparable form 
a. mass of data from a vast network of authoritative sources of 
information in some 190 counties. An indispensable source, of 
reference as well. a's a research aid. 

ISBN 92-2-0Q1859-4 £13.75 


[Sugar and All That ... A 
History of Tate and Lyle, by- 
An thony Hugill. Gentry 

Books, £9.50 

tory of their achievements face 
a difficult dilemma. Do they 
commission an independent out- 
sider, possibly a professional 
writer, to give a detached 
Impersonal view? Or do they 
find a writer connected with the 
company, who already has a 
good background knowledge and 
can be relied on to give a 
favourable impression? 

The danger of the outsider is 
that he may want to dig too deep 
and insist on including -in the 
book past events or views that 
the company might want to be 
ignored or forgotten. 

ILO Publications, 
CH-12TI Geneva 22, 


Telex: 122T1 

ILO Branch Office (DeptFT), 
87/91 New Bond Street, • 
London W1Y 2LA. 

Teh 01-499 2084 

Can you manage without... 

This collection of essays highlights a number of controversial and 
unresolved topics of interest to managers and management 
scientists alike. Issues covered are organizational problems, 
methodologies for the evaluation of performance, worker 
participation and ethical conflicts. 

172pp " lOillus £5.00 hard £2.50 flex! 

2nd Edition: G. Shouksmith .' 

This successful textbook on selection and. assessment situations 
has been updated in this second edition to give extended 
treatment on The use of groups for individual assessment and 
development. It also gives increased coverage of the therapeutic 
use of the interview in counselling. • 

1 56pp £6.00 hard £3X10 flexi 


H. Lucas 

The first book to deal with pension schemes ara major element - 
in industrial relations. Every chapter is relevant'to the present 
pensions situation and should serve as a basic guide to those •• . 
involved iii negotiating and administering pensions Schemes. 

“You obviously have to buy one" PENSIONS TODAY 

)92pp £830 hard £3.75flexi' 

D. Hussey 

The second Yearbook for Corporate Planners contains articles 
on various aspects of economic forecasting, on the use. of 
. economic data in corporate planning,and social factors and 
energy.;- both of which may have a significant impact on, • 
world econ omies ewer the' next two decades. Also included 
are a. director/- of organizations providing economic ,* ■’ 

. forecasting and related services/ a directory.of planning . . 
societies worldwide and information on the Society for Long 
Range Planning. . 

270pp approx £12-00 hard 

All prices are .subject to change without notice. 

Sterling prices are for customers in the UK and Eire only. 

Pergamon Press 

Pergamon Press, Headington Hill Half, 

Oxford OX3 OBW, England or from-your local bookseller. 

With the safer alternative 
course of using a writer known 
to the company the problem is 
that the history can be too 
favourably slanted and thereby 
dismissed by the reader as 
being biased. 

Tate and Lyle have fallen into 
the second trap. This history of 
the company was written by a 
man who worked for the com- 
pany for 30 years. He was 
heavily involved in the Mr. 
Cube anti-nationalisation cam- 
paign and obviously devoutly 
shares the political convictions 
of his former employers. 

He was commissioned, so we 
are told, by the Board of Direc- 
tors to present the history of 
the company in a light-hearted 
manner, warts and all. The tone 
for the book is set by the 
follow-up instructions quoted: 

Facts yes,” they said, “ and get 

attitude and views at the time. 

Unfortunately a more defen- 
sive tone is taken on more 
up-to-date developments. So it 
is difficult to detect current 
attitudes to the many problems 
facing Tate and Lyle at present 
It would be interesting to know, 
for example, the company's 
current views on nationalisation 
of its sugar refining interests, 
bearing in mind the changed 
situation since Britain joined 
the EEC. 


A cartoon illustrating the internationalism of Tate and Lyle, drawn 
by R. St. John Cooper, who created Mr. Cube in 1949. 

’em right if you can. But not 
too many figures. And watch 
those damned dots.” 

Well, the book contains 
precious few warts. One of the 
"family” apparently had too 
much of a liking for kummel 
and the Tates and Lyles appear 
to have generally loathed each 
other until, of course, the 
present generation. Otherwise 
the directors are benevolent 
chaps, occasionally eccentric and 
humourous, but all the time 
resolute businessmen deter- 
mined to do the best for the 
company. Their workers are 
sturdy yeoman, who enjoy a 
good simple joke and working 

hard. Sometimes they may go 
astray, led by malcontents. 
However they are soon back on 
the right path with the help of 
the company and sensible union 
leaders. They are all part of one 
big happy family and know that 
any factory closures are for 
reasons beyond the company’s 

Mr. Hugill *s light-hearted 
writing is something you either 
like or loathe. His technical 
descriptions are easy to under- 
stand. even for someone know- 
ing nothing about sugar. The 
background detail, especially of 
the Mr. Cube campaign, sheds 
interesting light on the company 

It would also be interesting 
to know much more about the 
matters not mentioned, or only 
vaguely hinted at. For example, 
in tbe chapter on United 
Molasses there is a throw-away 
line: “A marketing system 
which helped to stabilise world 
prices was fashioned.” . No 
further mention is. made of an 
achievement that has so far 
eluded other commodity pro- 
ducers and the UN Conference 
on Trade' and Development. 

“Sugar and AU That” is not 
for the serious reader who wants 
to know about one of the world's 
basic staple foodstuffs. It is a 
lengthy, sometimes endearing, 
history of Tate and Lyle. 

Cutting through the plethora 
of names and poetical quotations 
there is a good “inside " 
account of how one of Britain’s 
most famous companies was 
built up and run. But tbe book 
does not attempt to give a 
proper analysis of a group that 
is in one of its many transi- 
tional periods of change. Trying 
to move away from sugar 
refining and this year for the 
first time ever electing a non-l 
family man as chairman. 

When capital ownership gives 
employees power of decision 



year, Croo^-Samsmpufcfish rase than 60,000,000 pages ofxefercncc 

may fial Sir Brifkh fa iKingqyngn. 

As you can see from the Bs Mow, wre 3te ihe acknowledged leaden m a number 
of fields of information publishing. 

Onr strength is based an the ihat we pioneered, mote than thirty years ago, 
loaseleaf pubfi&mg in. tbe United Kingdom. This iageiiioiidy simple system 
means Urn onr idference books are never oar cf date. Every month our 
subscribers receive pages io replace those amuoring information which, in this 
ever-changing wedd, has been overtaken- The subscriber? simply substitute the 
uew pages for ihfi cid. Thai way your Crcmer-Samscm referenc e books are up io 
due month after moo th, year after year. And that’s.' whyWc now publish more 
than a mrflian pages every week. For more and more busnessmen are rrabsng 
that it makes less and kas sense to use conventional directories that come with 
obsolescence built in- • - - - 

We are so sure you win agree with the good sense of onr system that we would 
Eke you to examine any ooe at' onr reference books fbr seven dsys,.cntirdy 
without obSgatsdP. 

To teeore any oftfaepablicaoans listed bdaw on seven days free trial, fiE in the 
coupon, tick tbepnHiotionGf) you require sod send it to Oconee 
PobEcations Linaied, 46—50 GDombcBoad, New Malden, 

Surrey K33 4QU Tel: 01-942 9615 

[ Employee Investment Funds: 
an approach to collective 
capital formation by Rudolf 
Meidner. George Alien and 
.Unwan, £6.95 

BECAUSE of the way that the 
debate in Britain over employee 
I panticapafion and profit sharing 
schemes has developed during 
tbe past few years, it is often 
forgotten ‘that a far more 
radical approach -has been 
under consideration elsewhere 
in Europe and Scandinavia, and 
especially d n ~ Sweden . This 
book, by a leading researcher 
and policy maker in Sweden's 
Labour movement. Rudolf 
Meidner, helps to fill that gap. 
i It shows how the Swedish 
arsons have moved towards 
! advocating a worker-director 
! system based on collectively 
held' shares in industry, rather 
than on simply putting 
employee representatives in the 
Boardroom as an extension of 
consultation and participation. 

The trade union interest in 
the subject in Sweden sprang 
from what to UK eyes will seem 
a rather unlikely source: what 
to do, 'with some of the profits 
that Sweden's companies were 
making, partly as a result of tbe 
success of the country’s cent- 
, raUy ■- bargained anti-inflation 
i wage agreements. Sweden's 
' economic and industrial suc- 
cesses have waned since the 
debate first sot fully under 
way -in 1971; but the interest 
remains and even the current 

non-Socialist Government is 
giving the ideas some considera- 

From tapping high profits, the 
union’s interest spread to gain- 
ing a say in bow profits are 
allocated for investment pur- 
poses, to checking the distribu- 
tion of wealth among traditional 
groups of shareholders. 

So with the three aims of 
complementing tbe wages 
policy, redistributing wealth, 
and increasing employee in- 
volvement, Meidener produced 
a report for the Swedish unions 
in 1976 and this book is a 
translation of the work. The 
ultimate scheme put forward 
was that 20 per cent of a com- 
pany's .profits should be paid 
into a central fund, collectively 
run by the unions. Local unions 
would have a right to elect 
board members to their area’s 
companies according to the size 
of the shareholdings — which 
would of course grow year by 

Take over 

When a holding reached 
20 per cent, union bodies cover- 
ing sectors of industry which 
up to then bad had only con- 
sultative and research roles, 
would take over the job of 
appointing extra Board mem- 
bers. Gradually, therefore, the 
trade unions would take over 
both the ownership and the 
running of industry. 

Such an idea of course 

caused a furore in Sweden and 
has yet to be introduced, 
although it became a major 
issue in the last general elec- 
tion. But it has been considered 
elsewhere and a research 
paper from Britain’s Labour 
Party called “ Capital and 
Equality” produced somewbat 
similar ideas in 1973. But the 
British Labour movement, 
wedded to its traditions of 
class and shop floor conflict, 
has shown little real interest. 

Had tbe British TUC. how- 
ever. decided to react in detail 
to the Lib-Lab pact's internal 
company profit sharing tax con- 
cessions which are contained in 
the current Finance Bill, it 
would have had to argue some- 
thing along the Swedish lines. 
As it was, the TUC realised the 
usefulness of the Government 
humouring the Liberals with 
the tax concessions for indi- 
vidually owned shares, and 
shrank from starting the sort of 
debate about the growth of 
union power' that the Meidner 
style collective proposals would 

Nevertheless, the British 
unions have shown an interest 
in exercising collective influ- 
ence over pension funds and 
over other investment institu- 
tions. It also seems likely that, 
should individual company 
profit sharing ever become 
significantly widespread, they 
will look for a role there too. 
,4s Meidner says: “ He who 
controls the capital holds the 
right to initiate and the chance 

positively to embark on imple- 
menting decisions . . 

British unions, however, are 
primarily arguing in the current 
industrial, democracy debate 
that a worker, as an employee 
should have a right to initiate 
and implement decisions either 
through a worker director sys- 
stem or through extended 
collective bargaining. The 
approaches in the two countries 
are therefore different: but 
together they show the breadth 
of the debate about the rights of 
a worker and his union. 

Trade unions 
in focus 

The Fifth Estate, Britain’s 
Unions in the Seventies. By 
Robert Taylor. Routledge & 
Kegan Paul. Price £7.50 

THIS BOOK sets out to describe 
Britain’s trade unions in 
favourable light but underlines 
many of their current weak 

Written by the Labour Corre- 
spondent of the Observer news- 
paper, it contains profiles of 
several of the country’s major 
unions. It concentrates mainly 
on their present leaders and 
records, and provides useful 
sketches of how they function. 

An appendix contains a guide 
to the annual wage round, while 
the first part of the book looks 
at the growth and operations of 
the unions in general and the 
TUC in particular. 

Pointers to proper management 

J TW t/nlw. oa »aen daw* free trial, the puWkauoos I hare tidied. . 

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| How to be a Success! nl Manager 
by R. W. Nickson. Tborsoos 
Publishers, Wellingborough, 
Northahts. Price £3.75 

| A COMMON trait among many 
management pundits is their 
propensity for making state- 
ments of the obvious. Indeed, 
it is. a noticeable characteristic 
even of authors as exalted, as 
Peter Drucker, who is still con- 
sidered by many to be the high 
priest of management thinking 
— after more than 30 years of 
preaching a gospel that has 
changed little in its basic 

Mr. Nickson is no less obvious 
with many of the tenets he 
holds to be true. For example, 
in motivating people, he says 
a manager’s first step * is to 
make sore that everyone is 
quite clem: about what his 
objective is. If they do not 
know what they are trying to 
achieve they 3re unlikely to 
achieve it” Then again, he says 

-of management tasks: “Plan- 
ning and organising by them- 
selves will achieve nothing. The 
manager must now initiate and 
then sustain the action 
necessary to put his plans and 
organisation into effect.” 

There are two points that can 
be made about such statements. 
The first is that they are all 
very fine providing tbe contest 
in which they are made is con- 
structive. On the whole, Mr. 

Nickson’s book develops sound 
management principles and it 
is easy to follow his themes 
which — perhaps as a result 
of his 35-year career in the 
Royal Navy — - have running 
through them a clear message 
to managers of the need for 
discipline and responsibility. 

The second point about the 
obviousness of many manage- 
ment pundits is that this so 
often appears to be just what 

managers — even those at the 
top of their profession — are 
looking for. Perhaps it is simply 
that they gain reassurance from 
hearing someone else put for- 
ward princi^es which they are 
already aware of (or should be) 
and which they believe in. 

Mr. Nickson’s is a fairly 
basic manual and not a par- 
ticularly “ deep ” or intellectual 
book — but then it does not 
pretend to be. NX. 

A plea for shiftwork flexibility 

The Human Aspects of Shift- 
work, by James Walker. 
Institute of Personnel Man- 
agement, price £3.95, plus 35p 

WHY, WHEN and hqw should 
shiftwork be introduced and 
what are the effects for the 
shiftworker? These are just 
some of the questions discussed 

by Mr. Walker, in whose book 
the underlying theme is a 
recurrent plea for greater flexi- 
bility in the arrangement of 
shift hours to suit both group 
and individual needs. 

The major part of this work 
is concerned with the effects of 
shiftwork and 1 particularly 
nightwork on an employee and 

the ways by which management 
can effectively introduce and 
administer shiftwork. There are 
chapters on the prevalence of 
shiftwork and the economic and 
factory conditions which favour 
its introduction: and the 
arrangement of shift systems 
and their administration are 
also considered. 


Avery good reference 


The City’s Specialist Bookshop 

9 Moorfields, London EC2Y 9AE. Tel: 01-62S 7479 

Monday - Friday 9am - 5pm 


The Pnbiie’s Business 
The Politics and 
Practices of Government 

by Annmarie Hauck 

The Public’s Business traces 
the growth of American 
governmental corporations 
and makes recommendations 
for their future development 
based on the author's balanced 
assessment of their present 
strengths and weaknesses. 
The MIT Press £14.00 

Studies in Labour and 
Social Law, Volume 2. 
Fair Wages Resolutions 

Brian Bercusson 

A study of British Govern- 
ment policy on industrial rela- 
tions and fair wages from tbe 
first Resolution of 1881 to tbe 
embodiment of the policy in 
tbe 1975 Employment Protec- 
tion Act. 

Mansell £14.50 

A guide to the Official 
Publications of the 
European Communities 

John Jeffries 
Lists and describes the official 
publications of the three Euro- 
pean Communities under issu- 
ing body, and provides the 
first exhaustive compilation of 
Statistical Office of the Euro- 
pean Communities’ publica- 
tions. Index. 

Mansell £10.00 

Sources of information 

on the European 


Doris M. Palmer ( editor) 

Ten contributors profession- 
ally engaged in supplying 
legal, technical, commercial 
and industrial information on 
the three European Communi- 
ties tthe ECSC. EEC and 
Euratom), describe where 
such information may be 

Mansell About £10.00 

Computer Systems: 

A Basic Guide for 

S. M. St. John 

A new booklet in the Manage- 
ment Information series sets 
but the principles for user 
managers to bear in mind 
when working with computer 
professionals to introduce 
new computer systems. 

The Institute of Chartered 
Accountants in England 
and Wales £1.25 

Auditing Standards: 

From Discussion Drafts 
to Practice 

Frank Attwood and 
Clive de Paula 

This specially written com- 
mentary on the new Discus- 
sion Drafts provides a prac- 
tical illustration of how audit 
procedures may be tailored to 
measure up to the standards 
proposed. An essential 
reference work for practi- 
tioners and students. 

The Institute of Chartered 
Accountants in England 
and Wales £6.95 

Mergers and Associations 

of Professional Firms 

E. B. Palmer B.Com., 

F. CA. 

This third revised edition of 
H. T. Nicholson's original 
text considers the principles 
and practical aspects of mer- 
gers, amalgamations and asso- 
ciations of professional firms. 
The Institute of Chartered 
Accountants in England 
and Wales £1.95 

Conflict or Co-cperation? : 
The Growth of Industrial 

John Elliott, Industrial 
Editor, Financial Times 

The first book to survey tbe 
Social Contract in detail, 
charting tbe growth, of indus- 
trial democracy and giving 
the inside story of the Bullock 

Kogan Page £8.95 Hb 

£4.95 Pb 

An Employer’s Guide to 
Disclosure of Information 

G. Terry Page 

Tells employers exactly what 
information they are bound 
to disclose, gives practical 
advice on creating a company 
information policy and in- 
cludes checklists for ready 
reference by busy managers. 
Kogan Page £8.00 Hb 

The International 
Who’s Who 197S-79 

Biographical details of 15,000 
o£ tile world’s leading men 
and women in one volume. 
Phone 01-580 8236 for a free 
colour brochure. 

Europa Publications 

Davies: Law of 
Compulsory Purchase 
and Compensation 
Third edition 1978 
Keith Davies 

Written in a very readable 
style, this book provides a 
critical elucidation of the prin- 
ciples of the law of compul- 
sory purchase and compensa- 
tion in the light of recent 
statute and case law. 

Limp 0 406 57186 4 £7.50 net 
< US$15.00 > 
Cased 0 406 57185 6 £11.00 net 
i US$22.00 > 

Goodman: International 
Taxation of Estates and 
Wolfe D. Goodman 

This highly technical new 
book discusses tbe principles 
that legislatures have adopted 
when formulating interna- 
tional tax legislation and pro- 
vides a model comparative 
study of tbe tax implications 
of having estates in a foreign 
lax jurisdiction. 


Limp 0 406 21206 6 £13.50 net 
1 US$27,001 

Magnus & Estrin: 
Companies: Law and 

Fifth edition 1978 
S. W. Magnus and 
M. Estrin 

The new edition of this well- 
known textbook contains 
much important legislation 
passed since the fourth edition 
was published in >1968. As 
usual, each subject starts with 
a precis followed by the fully 
annotated legislation. 

Cased 0 406 2S525 X £47.50 net 


Value Added Tax 
H. H. Mainprice 

Containing ail the relevant 
law in effect at 1 April 197S. 
this next textbook, written by 
a leading expert, rovldes a 
solid grounding of the sub- 
ject which will be of use to 
student and practitioner alike. 

Limp 0 406 28710 4 £7.00 net 

Sealy: Cases and 
Materials in Company 

Second edition 1978 
L. S. Sealy 

This book provides the reader 
with a ready means of access 
to the leading cases through 
which the principles of com- 
pany law have developed. 
Company law remains uncodi- 
fied. so the ease law is par- 
ticularly important. 

Limp 0 406 37011 7 £9.00 net 
Cased 04 6 37010 9 £13.50 net 

Commentary on the 
Finance Bill 19 7S 
David J. Ward and 
Colin G. Davis 

This Commentary, from the 
Accountants Digests series, 
provides a practical basis for 
business and personal financial 
planning. To be followed in 
early September by a Commen- 
tary on the Finance Act. 

HFL £2.95 

A Practical Approach to 
Financial Management 

J- W. B. Gibbs 

Useful summary of the latest 
techniques for aiding financial 
decision-making. Produced by 
accountancy tutors Financial 
Training, whose lively and 
practical approach has won 
them a major place in accoun- 
tancy training. 

HFL £5.93 

Spicer & Peglev’s 
Practical Auditing 
16th edition 
R. S. Waldron 

Restructured in harmony with 
today's needs, the 16th edition 
remains an authoritative work- 
ing source. Full coverage of 
relevant recent legislation, 
and developments in account- 
ing and auditing standards and 

HFL. Publication 20th July. . 



Edited by Denys Sutton 

The world’s leading 
magazine of 
Arts and Antiques 

Published Monthly price £2.00. Annual Subscription £25.00 (inland) 
Overseas Subscription £28.00 USA & Canada Air Assisted SS6 
Apollo Magazine, Bracken House. 10. Cannon Street, London. 
EC4P 4BT. Tel: 01-248 8000. 

Financial Times 



Wall St. up 2.60 on portfolio adjustments 

.... a. 


SJ. 6 U lu (I 0 fl"ol 

Effective S 1.8345-50 1 Ho 148,%) 

earlier run-up in price-Ramada outnumbewd_ declines by 31Mo- “ H ’ and"“ dYvfdimd '£5 to 9.45. Hutchison Whampoa 

planned twp-for- Kong ' *gj £» “tRJSS 

Inns held unchanged at ss, 
Ceasars World were off Si to $23). 
Del E. Webb were down Si to 

S 20l, Bally MFC. rose SI to S34 
than Jn 

EARLY LOSSES were more tnan u 0 ^ ar( i Johnson 13j were up 
recovered in slow trading on Wall l0 5 l 3 jj_ MGM shed Si to $38 and 
Street jesicrday. helped by end playboy declined $5 to $32 i. 
of Die quarter portfolio adjust- p i|e were down $H to * 211 . 

01 After shedding 2.93 m S 14.38 despite slighUy higher first 

275. Volume fell to 3.12m one 
i4SSimi shares. increase. 

Resorts International “ A the Kita 'ljS “Song Kong Telephone # moved 

i -'">=* ■— 50 cents 

to GJ5 and Jardinc Matheson to 
Index 15.60. 

to 34.00 after us 

Index picked up 
$53 58 . while advances led declines 
by S'20-to-5S5. Trading volume 
.sharply decreased by U.02m shares 
to i'f.L'Hm. ihe smallest since 
May 30 when 21.04m 
chanaed hands. 

Stocks gained despite adverse 
economic news. The dollar traded 
In ;i narrow range after opening 
lower on European Foreign 


most active issue, moved down SI put on 0.50 to It-- - . 

on. I - «gE St “ dr - 
Sl^oT-P^uTAr^ Tokyo gj* W5 VS m 

DeveloomenT'up SJ £ SOi on Prices rose sharply in active Kong Electric at 5.9o each put on 

?6 70H shares, Shenandoah OIL up trading. led by Pharmaceuticals 10 cents. 

, 0 ,/uu *nar«, j and Electricals. despite the Yens 

strength. Volume 290m (330m) 

Applied Digital Data gained SI n re sented' to\hc'dnadia n Society ^Tfce market was encouraged by Prices rose in relatively quiet 

> ss*- Hiu^ras 1 . ss* ■«-. 

to buy video J !ie "ln the deep basin outstanding balance of buying DM2 to “* w J M JS F W fi5n e S 

in Alberta and British Columbia, orders. . _ DM1.30 at 29L3. J™} 

S cents to $1.78— last week it said 
it was looking for awneas tBfjJj: 
ment to develop its Ulan coa 

'SS' dipped M cents 
to 513.50. Other Uraniums were 

subsidiary of 
ments contracted 
computer terminals from Applied 



shares D j„j, a j Data for resale throughuot 

the U-S. 3 

Scott Futzcr moved ahead SI 

to S31J on a raised dividend. 41 . — - UUillfc 

Sears. Roebuek were ■'dirs jjyg yLradiiig yesterday, when the ground 
up$: to $23.1 — a block of -.^O.OOO Tnwntn rnmnosite Index moved Snnv 


Prices were narrowly irregular 
in continued quiet tradmg. 

Among Banks. Union Bank of 
Switzerland declined SwFre JO to 
3.060 while, among Fmancj^s. 
Interfood rose SwFr “Jfinl 
In Insurances, Winterthur 
bearer eased slightly. . _ . 

Domestic and Foreign 
were little changed m quiet deai- 

10 In a quiet foreign Mclor.DoUw 
stocks were very steady. 
tion was actively traded Pen® 
Central which lost about 10 PjjJ 

cent Dutch International^ were 


ffme Bn'ds* 

Cull tie* 

DM1.30 at 

Pharmaceuticals were bought DM1.10 to 
nn pxoected better business pros- DM4.50 to 224.0. ___ _ . 

pects, while Electricals and Elec- MAN put on DM2.a0 to 19b.o in 
Higher levels wore recorded in ^onic Components also gained Engineerings. _ 

ound. Public Authority Bonds were .. , 

Sonv rose Y50 to 1,700, Pioneer again weak, shedding up to _j_ ed wh jj e Germans were higher. 
Electronic Y110 to 1.S10, 40 pfennigs. The Regulating 
- nominal Amstgrri flin 

thwart President Jimmy Carter’s s0me others, for a net increase in H26.8, Oil and Gas rose Fujisawa Pharmaceutical YB2 to DM57.7m worth of stock. Mark /VUia 

plan to impose fees on oil do0r spa cc of 007.000 square feet. lo j 432 .fi and Metals and 955 and Green Cross Y80 to 1,920. Foreign Loans continued nuxed- 
J Active Arlcn Realty were lifted Minerals gained 1.7 to 918.9. Constructions were also higher, 

5J to 5>4i. . But Alberta Gas Trunk “A” fell 35 were other issues related to 

Dresser Industries added S; at g! * t0 14 ;_p ell . 0 Canada said it Government investment in Public 
$431- — it had no comment on ^"ijhdrew its bid for Husky Oil Works. 

Gas raised its hold- 
to 35 per cent. 

Canadian Occidental lost S3 to 
S20‘. — Its subsidiary of Occidental 

Exchanges. Dealers related the ^^5 traded at $23— It will open „ 3 l0 1 L 2 2.S. . , 

lower opening to Senate action to njne „ cw stores in July and close l The Q 0 [ d share Index advanced Matsushita Electric Yl5 to 731, Authorities purchased a n0I ™ naI 
■ ‘ 25.2 to 1426.8, Oil and Gas rose Fujisawa Pharmaceutical YB2 to DM37.7JH worth of stock. Mark 



27 ' 

: 26 


;■ 2a- 





- Hijrti 

. Law ‘ 






: 84.38 




- BS.B5 









. KM ‘ 

154.94 ua . .• 


125.B& ->4;«- *■ • • - * 

Uf/l/B) (1*32) '• 

doesn't pass 

The general trend 

icnaei oiumemu.*, 3431 naa no comment on wit hdrew its bid 
d ministration s fight re p^,t s the U.S. Security Council sinCe Alberta Gas 
from Capital Gains js quest ionine Dresser's proposed Husky t 

CnPViT O _ C 4.-1 A 1m nf nil nenrl nrtirtH 1 «- 

imports ir Congress 
his Crude-Oil Tax. 

Also in the news — Treasur> 
Secretary .Michael Blumentha! 
carried the Administration 
against relief 
Taxes 10 the Senate. 

U.S Money Supply data due 
Tomorrow and the Consumer 
Price Index report due Friday, 
combined with the upcoming 
Independence Day long weekend, 
made investors wary of taking big 
im«itions. _ _ . 

Tn the Casino Group oF stocks— 
v hi eh were sharply lower ju the 
u, n previous sessions after an 

sale of S144m of ail production 
equipment to the Soviet Union. 

Twentieth Century-Fox jumped 
S2t to S3»; — its Him “Star Wars" 
has grossed S220m and a sequel 
i.s planned for late 1979. early 

THE AMERICAN S.E. Market S3" — it won 
Value Index was up 0.31 at 145.0S. from Ontario Hydro. 

l\umac Uil ana i-JS 

Foodstuffs moved up. 

Hong Kong 


French prices recovered some 
of their losses of the last two 
sessions in dull trading. The rise 
of 0.6 per cent in the market 


irregular Of the traded Dutch. 
89 rose while 10 o decUned 

Bank and Insurance s^res 

were weak. But A “f t f£ d Qao 
Rotterdam Bank were up FI 0.30 
„ 7 gT and Amey Insurance 
FI 1.50 to S05. 

declined. Van 

Peteroleum. rival 
Husky shares. 

Maclean-Huntcr A 


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indicator at the close was essen- 

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on local and overseas interest in Uonal Investors in the absence of O | ra . 1 r ^ ! ^« ,, i40 noweve^ • 

^ "ained SJ moderately active trading. Hang any significant seUin^ orders. FI -.a 10 ^ mixed 

!S ~:s2 ISCSIs ifes shm&m 

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29 Sb 
36 U 

, 14'b 
28 1 0 
19 <6 



, o&Sq 



i 195a 

• 81 - 

29 '< 

1 *. 's 

. 77'a 
29. a 
IB I; 
30 i, 
24 jb 

2 B 15 
22 '; 
J 6 30 




23 1» ;■ 




oSDg 1 


105e 1 



541 2 

;8V; • 

* 8 1' 3 

^7i4 1 














25 D. 







42 D 

42i fl 

54 ij 




15 B 


1 IBM 

1 lull. HH'i'Urr.... 
I lurl. Hui'ii’lri . 
] Dill. VI10A t*li? n 
• lull. VlttHH'vl'. 

I Inr- 

Ini'. 1‘ai-ct 


I'll. I.Vi'lilin 

Ini. Ivl. A M... 


I"tii IV-fi 

It |n|»|i|p| i.'US 

■I'll) "*>,)■, 

. 261.B7 
35 j» 



287 £ 

40' •; 
I 6 'a 
39 la 
35 i; 


| 1 
11 M 


K''i'|fi- 1 

Kmii .. 

Kl*»Sfr t'f ' 

i«*<miiv rmiL..| 
Vi'IMran* ... 

LiM.VL'n . r-.l 

lllfllp.. . , 

Ulh iJElyi ; 

f. iiinn liuiii'i.. . 

Lra kliwl AjL-r'll 

L. .lie Hlwr lii'liL. 

I*>nu KIkii.I Li'i. 
Mmi'iHiirt LhihI.. 

Dill -r I' d) 

Ijil-K.* M'lnr- 

I.‘k« Y’lin-.l'nii. 

Miu.-AllllHll * 

Mh. , II. H 

.'Ills. Unii'iitT.... 

.'In | o' 


llmiiir Jli.llmi'l." 
VlnmliHll FleW...! 

Mhv Uepl.-Miir^ 

M. 'I'Orlii'.'l, 

Mnlh iiini'il LUiu-. 

Ur L, ran Hli 



Morrill Luii'li. . 
Jlera I’euvlfuin. 


Vltno MinaiMt^ 

MuMI t'»rp , 

M,m*«inii> , 

V|.,rn»n .1.1*. 

Mol orpin 

Murplty On 


Naim CbeniitD'.. 
Nhi i'.tiidl Cnn 

NalJibltllei- • 

\m -rrUfu 111 **.. 
Smih.iihi Slvfl. . 


M. II 

Nvi'iiinr Imi' •• • 
New Kmhmii.I El. 

Nett I'll-ISII'l Tv 
Aih^hiu Uflmwk 
NinpuM >1 in nr.... 

N. l_ tniliiMnera . 
.Ni.ii.ilkA VV e*lern 
N.irili Nnl. Mb'... 

N l tin. .Mji l e> I'wr’ 
NThwetl Airlmw* 

Not lull £*I 1 II"II 

u..i-|tkiiiai IViitti 


Oliio RiIi-mi 

Ulio • 

■ iirnei, sliii *... 1 
I.iwens L'l'min- .. 

i.iuens llintil- 

I's.-lTir (!«* • 

PHI-Ill-' Ll- Ill'll IB- 
l*nn F«r..L LI-!.. 
IVll A , 11 W'.rtl Air 
IVll'ker Huuamu.i 
I'm'— I a Ini. . . 
I*i'ii. I'li.-V Li ... 

Pen, iv J. 

i I’cnn.'-.ii 
I I’nipit-. li'U; .. . 
Pt-I'l. ■-!.«- 


Perkin Klnt*-i.... 



I'lielps I •••'«*' • 
Plillmirlt'lnn l-.le. 
I'lultp '!■« rl-.. .. 
Pl.illil- IVm-’iii. 

Pi Dlii,n' 

Pitnev B""#*.. 

J 'll W 11 1 

I'le.-rv U-IAMIf 

4 2 U 
32: 4 

3 15g 

3Vi 3 

26 >t. 




20 :-* : 

1 W. . 
215, 1 
384, | 
1:5* I 
71; | 
ID* i 
34 Tf I 
32m I 
45 1 

14J; ; 

si2;» : 

3'3l- ' 
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33 '? 



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451* . 

*4 7£ : 
i7»b ; 

30 V; 

4 11* 

c4'a , 

2 1 is 




18 '. 

24 ^ 



181 0 
224, ; 
65 1; 
18 U 






2 1 


23 5k 
20 >5 
1U'' 1 











I*,*.'in*.: Klee. .. 

Pl'li lii.lii'-lriev,. 
1'ni.ler (iaini.le .• 

t'li'e >er,e Eli- I.' 



■junker UhI: .. 
Uii[.t|ti Amend u. 

I.*\ ibe"ii 

1 1 LA 

Itei'iiWii' Mwl.... 






i / 




26 7i 


33 ig 
24 4* 

2 .S, 

li V 






47 lu 




E 6 :?. 

21 M 


39 5a 
it k 





w5 'a 
23 M 

48' a 
22 ,;. 

37 5i 


o 2 >, 







17 >3 

21 '* 
50 M 

, =4l H 

211 ; 
101 ; 

i4 ;i 


£3 Vi 
: 22 
14 14 

■ a5i, 
291 - 

: *34; 
* Oii 
' *4l: 

! *1 
10 i; 
an !? 



3 14, 
21 '.* 

57 J* 
23 1 , 
16i 2 

37. s 

*4T 4 
li It 


K 6 I; 

lie, I'M 


lliy nuMi K. 4... 1 
Kieli'wo MerrellJ 
it. .'knell Inter... j 
I John 1 A Ubii- 

I.'nvnl liulult I 


Ill II' f 

llvrior ly-U-ii, ... .; 
iHieuMy Si 1 tit.. 1 
-t. ■l■K■’.'liDe^ll'.• 
ir. Hem- Puper.. . 

-ailtn Ke Inrl 

•will Invert ' 

—mini ln.l- . .. . 
■jelilll/ Brew 
-I'Miiinler'C .... 

-I'M : 

■.'•II Fn|fr 

-on ,1 Hr*. .. . 
•lie UuvilM' 

Vn Liuiininer. .. 


nurleii* .D.i 

mi* l.'i—l.nck... 


SI if!' «»•' 

■jlieH Tran ',■•11...' 

Si-IIRl ' 

ii-inile l‘.>r|i • 

ini|'iieil,‘ Pal... 

■*hij;. , i 

mull KHiie. 


-OUlllli'.w 11 — 

-• Hiul livniCal.l'W 


mIih.Nhi I!,— 

'odMieiii I’m-iii''. 

-. .111I1 In ml ' 

-'•vT Iteii-Inio.-J.. 
-lion? Hniel'.. ■ ' 
-pern' linii'i 

MtlllK - 

laii-lurrt DmmU! 
>l*l. Mil lnl1ullla. , 

siil. i.iil 

■Mb 11ft t'lierannl— .* 

Merlina Div« I 


inn j 

>,in4'tin,iii — 







28 io 

\V,«. Iwortli : 


Xermt ; 

Zap iw 

3eul,h lta.Uo .... ! 
i:.S.Ttm.l 6 , 1 mP>j 
U.3. yu.iBv bill-.. 

CANADA 161 Paiw ! 

Ajfnli" Kifiii'n 
\ k-a 11 A Inn, Ini iu,^ 

AI-oiiir SlfrH 


hank.'l .Vlonmul 
Lntuk Neva -oilin' 
LM ■,■* I feri,liti.'t>... 

Hell Ti'leplnnir... 
IV", Valley ln.l... 

KP Cruh.Ih ' 


L'iti;Hr\ P.i«er 
umil»»' Mine-...' 
L’amt'iH LV-nieni-! 
1 . huh, la NVV Lnit.. 
i.nn.lni|i Uk.t'om 
Ca'lHhn lnilit-t...' 

L«i«. I'aelhir 

L'hii Pai-ifie Ini..; 
i.hU. SM|*r L»ll..J 
Lnrliug O' Keolc .; 
'.Heiiar A'lKsto-.' 

Cine) rain 


Lone. liarliuiM. , 
i.'oiimniel (•*-.. .. 
L,>*jk'a L'e-niaer] 


Ubi.ui Dev cl 

Dei, I mu 1 Miner . 

I loin Mum- 

D'line ['clo-,i(«um| 
Doimniou Bruit,,'' 

LK'nitur^ - ' 

Li u [.« hi 1 .. 

165? 1 

1 181; 


1 4 


1 52 


| 15ss 


1 14 


1 140 ,J 

17918 ' 

■ 79 -a 


1 6.93A 

Bond market. -losses 

averaged FI 0.10 to FI 0.20. 



3L ~f. 

i 0 


** ig 
20 M 
i 6 M 
30 1 li 















t 83 * 
17 V? 
!l 2 k 
71 >4 




12 M 





22 lg 

1 6 >, 

14 3 3 
1 20 
19 M 


27 1 b 





. 854, 
6 1 M 


Belgian shares were mixed in 
moderate trading. ■ 

Steels were little changed 101 - 


Advances predominated 
Germans, Canadians and Gold 
Mines in otherwise mixed Inter- 
national issues. 

Australia . I Q ,v ln^entative^ agreement to end 

Markets drifted ain ]i^ y F 1 ] g the strike whieff has hit the 
brokers expect little ac1Jor, f _';| 1 '!? sector during the past week, 
end of financial year factors se £ or p auring y ^ 

persist. . . mans and U.S. issues rose, Dutch 

Banks gamed. '' '£ h 10 the - VJZ we re little changed, Frendi were 
: rising t cents to AS3.1-. mixed, while Gold Mines, were 

BHP lost 12 cents to Sb 82. while , er 

CSR held steady at S2.98 foUowmg su^nuy lower. 

ltS Aniong ' Cobk' cooI ""1 Allied Oslo 

|K™ "up 7° T1,,KS "bTe“lnW„ceVVnd InduetfHe 
Austen and Butta eased 5 cents were unsteady, 
to Sl.Tn. White Industries gained mixed. 

Shippings were; 

— -sarus 

scrip and/or rtgtus Issue, fc “H* 
taxes. m% rax rree. n f-Yancs: Including, 
iniilac dtv. p Nom. a Share spin, a DW 
and yield exclude special paymenr. e Injffl- 

mvzzrSi&r sis 

iwjasr' :■■&** s,sr- - B "*■ ■ w “ rtm ^ 

rpnrc ■/ ninrtenrt -vOt D-ndlnc riehis locreawd 

^triurtr S Premium 
I *re aiier wiihhtildine lax. 

* DM3D denom. unless otherwise Grated, 
viclrts based on net dividends plus tax. 
1 V Ras.snn d-nani unless oiherurtse sia'eo 


NEW YORK- d0V ,oires 



I 819.91: 






104.831 UM-Ml 


^ Wl i 23^ =9.2801 








June h 


^ , piflcecompuag 



216.40j 213.6l]®®'®! 218J8| 
104.13) 104J3 104.1 


824531- BfitfiT 
-.---f. 16/6) 


28. 5BSH 27,168] 28,WB)j r-:- 

(4/1) : 

_ . rt/ 6 !)- 
TCMkSSf 1HL58 


742. 1ST 
428 / 2 ) 

..( 8 / 1 )' 



;4 rjr 

2708 l -T525 : 

■«n/3Z) : 
' ‘ 70,58- 

Mi Index changed horn Aagnst 3* 

Ind. div. yield % 

Jane S3 ) J'm» W { 9 . ' 


5^8 ' ■ 

'fenr ago; (approx.) 




' 1 

tnd. div. yields i 

. June22.j 

L' June 14 , 

.jane T.-.j 

Tear aga (approx.) 

8.07 .•;• 

- 4,88 -,.j 

■- .-...4.37>-'.t — 

Ind. P/H Ratio 

: 9.11 

■ 9.44 - 

.■*. 7'- -A0.22 A ..r ; 

Long Gon. Bund yield . 

. 8-62 

: 8.<M- . . 


• '. . -7.67; •' v 


Sixes' and ^alla • 

. j Jane 28j Jma 27] June 26 

June) June Jane 
28 ! 27 3S 

S3 : 

53.68 S3 -65.1^ 6S.ffld 




' loJhetrlRl 

TORONTO Uomcwitei 


.. Gold 



(p. 6 ) 






Issues traded..—". 
Tiises — — 


' Uaebanged — 
JSe»r Hlfltts..— .. 
New Lows.... ' 

' 826 

1 , 886 ) 1,898 
.V638| 3D5 

786] 1^237. 
. '^ 6 »'V 366' 






June j June | 
27 2B 

.23 . 








1128 A) 

X378 “ .' r 


185 AS 033/6) 
V84JJ0 R}/ 6 > 

' T14K0 QM# . 

v 224,9 (21J6)-' 
• 242^ GO ®- ; 


1624)0 Ub/ 2 ) 
T70;«2 (30)1) 


- 485JD (BO/4) 



AttStraJiftrtij 492. 7B 
Belgium ID| 94^6 
Demnrk (** 
France (tt)| ®J9 
parmanyca] 7»^ 
Ho lland i£f)| 83.6 



94.63 | 94^5 



Sohif Kcmir| 6 * 4 X 6 


( |I)i 61.67 



(a)! 414.92 

Singapore^ J 3S6.M 










10 U 6 

(50 16) 
If 12.7 
ClO/ 2 ) 
4 IS. 11 

‘1976 ■ '■ ' ' v>- 

Low . _ ‘ 


' : a 

• he ■ 



1978 ’ 


841.19 Spain iw 
not . 

9QM Sweden U) 

9a£o 8witzerL'd(/ 

<8,2v •- 















325.74 • . 






:■ I 


47A _ 

- (5/Z sfc 1/1/13 - <Tti f'Vttf-'Hourae' ■ U»«. 
7s9.4. mi comnwnejanX Own. UBS ■ >Mi.4nwer< 
dam. tndosaraj. WV. tVDtfuw -Seiuc 


■ 76.0. 

BbuR 81/7/84.- (fiflv <al WWe. 

New SB 4/1/OK. cm SttmHs Tlmw . (068, 
<e) CTnsXJ: id) .'Madrid SB:' M/12K17. 
<«> mocRftdtra- Ihdnsxrtal .IA/FS 8 - rJO.Swta: 
Raim.- rtoro . fw> Unavailable.-. .... - 


• . . • - Change 

-Stories CJosliis Tam 
• -traded, .price "day 
Sears Roebuck — . 4S4j»0 231. +1 

T tara ada Tniili.- 397, 1M " _8 ' — 

'• indices and base dates call base values Standard Brands 231,200 254 .--rf* • 

Wb exoera NVSB OD Common -80 Arlen Realty- ^ 

Standards and Poors — 10 and r«omo Cont- tmopUi ‘ 

suo-i.uni. me ian> aanmi Oased on 1W3). Conanemri Foods ^4-400 ./.W" ‘“J 

•S Bxdnrtins bonds. t <M indownaH . East Airlines . ...... aa.8M- , +5 

1400 Idas.. <8 uttUdea. « BSanoe aod. Snidbb ..— r. -W.rro.. . 

» Transoort. (DSMnev All Ord Whirlpool '. 525'|S2 - -T ' 

Joi Reiman SF n^ 8 S. l“fl CnoenHa*en AMF - 204,000 , 

364 JQ4 
262JD. . 
U/ 8 ) 

■ tss - +* 


.Time 28 

“I'rk-e ] + i.r.Dlv.iYld. 
Dm. I - ! % * 

A Kti 

Alliaiu Ven>, i-l* 



78.8 +0.3 I — I — 

486 ' 1 31.2 : 3.2 

239BI 28.08) 5.9 

129.««tt -i-l.l|18.7B', 7.3 

LIUl4>1ll • *^4 

Falwn'ceNn.'VH ' 1 Kl-il Uayer 1 I Sot'''Tii 5 B 9 la 

K.iN Mul..r Lai, , t ri»i, . t »5'4 Bnver-H, ! 2Bf -5' + J.9 |28-l=; 

&,ver Vereiu,'.U 315.5 +2.5 I 18 2.8 


I e %n* ■■ 

1 e'.H-.K'jl i .. .. 

I ••’*«.*• Ks>tH, ii. 


r,'\n- (Ml v Lie-... 
IVih- t uHuo...., 
I'iiih> In-. . 

1 in iv? .vlirnT.... ( 

I'ii" ken 

1 race 

| liaii-ii'ei'i-A 

; | 

1 1 ran- L 

| Imii-UHV lull'll. 

j Iran' VVxiM Air. 1 


r ri i.-ouMnentiLl .. 

lOlb Lvniury Fi'\ 

L.V.L : 

1 \IJLV 

II. I 

I iil.r'er. ... . ' 

I. nn*., ei .W 

I. Uim*.vi|i.. 

1. Him i Lsil.nle. 
I.'iii.hi LiOilii'er.-v 

L rii.,,i im ' Hill . 

' l niiu IVifu' .... 

1 i nii..,n: 

. 1 ii lie- 1 l'.rini'i-.. 

; I. - IMii. i t). 

' t - li.V|>'lJlll 

I L *f >I,.T. 

I .- Swl 

I 1 "* Tl-'llD'+'SIV-. 

I l Vln.lii'lrie- 

j V li^iniB Kkvl. . 


VV B,ner-V*H)ilT.-rl. 

V, H-te-Mnn' Dienl 
i WeH^l'n.H,. .. 

[ 'V.>iern Mnii.tif )• 

i vv nn v. A 1 1 1". 1 ,' 

I VV.... Jvi'i) I." li t. 'li . 

1 Wl-IiiicIi-u Kiw 


| V*Vy i;i Iihci m l'.... 

i Win. !(«»il 

| VV'bilel i'll. I n*l.. .j 

j VVIIIihii) I. I* 

. IV i» ,.n> i li Kill !.. 


| D mnv \ri'wkiuiv 
■ ■all C',11 hUH'Ih.. 
jHankei Md.Csn. 


i Hi'nu* « >H 'A'-. . 

HiI.ImmiIJS' Mil” 

H 11 * I ••in !«,. .. 

’ Hi,'l-"i'L'il A iw 




Diluari ’'>*'• Cm - • 
D,rV, I 'i | «.■ Liu'.- 
Khis-t i;e-*'iiMv- 
Liui'l Fill. L'iqi. 
IwNtV, L'.iim. 'IS’. 
M •null'll liiOi'il. 


Mu lu;, r\ C*'i i*il. . .. 

1 SD'unl.iiiiMaiel.'' 
,\*<rau>lM VI i n*i.. 
Vi.i'vu Kiii'i^;, ... 

: Mho. Ti'lo.x"» . 
\uiim*.' * >il .V * i ,* 1 
| t.Mknen>t Pell I'm. 
, Pst.'ilie'."pi«.'i M-, 

Pm'lhi' P*.'l niltiii"- 
l'»n. Can. I'ei'm. 

PbIIII" . 

IV><|ue* H' l'l •?. 
Fi*' cL'hiiA i *i'. 
fan -erlA't «">•»■ i 
_ |*n«ef L." [- '"l "' 
| I'rnv. 

I Viir*'»' -t"' ;-*'!) 
I ItHilcerOil... . 

] Uwi ->«<«... 
i lliu Altt""'.- - 
lliitiii III* . ■•! Lmi. 

, Ri.ysl 'l-'n, ' 

| -ccjirn: i:’- - 

I s-lii -11 • nu.,'M 

I SluTTIIl L). Villi. . 
'iHLieri' • i. I *... 

I T/in. 

i nlwl *'l i.iiii.hIh.. 

I r-reep l»*-*-i. D..«i.. 
' reran- iiiih'Ih . 
i 'I*., Millie* L'l'Ill.Uk. 
(m„“ MmmIi, 


I.’liiei, • *H'. . . 

I I'l. -i ■,.■*«.■ Mini.' 

| iV'ailiei Hiram. 

| We-i iTm-i rn,"-. 

1 VH"!i'ii'' 

V2<; : 








)83 b 


i lli, 

10 H 



, 8 >; 

12 1 « 
■* 2 '* 
si 5a 
251': I 
305; j 

2.00 I 

ac-Sg I 
lb's | 
+. 8 u | 
0.93 . 
21 m ; 
,tl 3 I 
;4 ! 

1.35 l 

Iv.'; 1 

11 j, | 

a2ls I 
19 i 
75, ; 
25 •> S 
l3i; ' 
3‘J . 
25 ' 

£9 ' 

195, i 
iDi 3 I 

9 I 
1 1 A 
11 ! 

,i.i : 

i2v? . 
1 /‘h 
17 I 


I - iia 
20i s 



II- 4 














t ,55, 
^ 13* 
Is 1- 


a lij 
32 'b 

la i, 

28 U 

10 '<« 

Cihalni.Xwl.w't »; 

LMnni,er7liHnk • 


■ [inimlei thru* 

U«i;V,*"* , 

j OeuiBtt 

Lleuu<.l'e Bnnk... 
ll,t~liiei' UhiiV. .. 

L' v ki'l linlT y.enil 

H«l«« LI..V.I 

Hurre-ni.-i' • 

ll.V'll.t ' 



Weli nu'l 6«)-- 

IraiMfll ! 

IraiUlml I 

k'ln.-kner ii.'l 100.! 
h'HD •, 

U'w eiihrau 

LiUlbsura.. .. ."...I 




228.2+2 ! 17 | 7.5 
74.11-0.4] - 1 - 
299 Rl +0.5 28.12! 4.7 
259 +2 . 17 3.3 

156 0.5 i 14 | 4.5 

3030 +0.8 ,28.121 4.6 

238.5 +0.7 '28.12 5.9 
190ld +2 j 9.33 2.5 

206.8 +1.8 12 I 2.9 

119.8 +0.8 '14.04' 5.9 

294.0 +1.5.-16.72 5.5 

127 '+0.9 '18.75' 7.4 

45.1-0.2' 4 14.4 

152 + 1.5; 9.361 3.6 

136.1 -0.9! 14.04 5.2 

320.5 +2.5 33.44) 3.7 
224.5«d *4.5 ]18.72| 4.2 

0.2 - I — 

June 28 



+ orj 


-3 | 


+8 | 

Cat io 


+ 34 



Dai Xippnu Print 



+ 5 





+ 10/ 

C. ltoli 





+ 2? 




!— 10 


ICnniarsu , 

■ 346 



AustL 8 


MAN | 

MBiineviiann I 

MoIhIIkvv [ 

Miiuelieuer II nek | 
Ne* 'kcniwnn.... j 
PreiifclBB I'M 100* 
Kin-ill IV onI. Kloi'.| 

■+.•111+', im j 

Siemeus I 

t + 11 .I / I 

I Tliv v.e,i A.ii I 

1 'Til* | 

| V KtSA . . 

\ ,'K-lil* A Mm 
I V. .IV MID *•)•„.. 



185 1 — 0.3 ! 18.76 1 5.1 
94.5 | • [ _ 

249.5 +2.5 I 25 3.0 

1.4201 + 5 I 25 ] 8.8 
108.2,-1.3 9.36| 4.3 
198.5; + 2.5 J 12 I 3.0 
158.5+0.5:17.181 5.4 

215 10 2.3 

542 i-3 18 1 1.7 

133 ! I — I - 

115.3+0.5 — - 

189 1-0.5 25 6.6 
B69.5 +0.5 28.12 5.2 
391. 3 : + 1.3 • 16 2.8 
244.9 'E6.5B1 5.4 

117.8, + 0.6 17.18] 7.3 

172 -2.5! 14 1 4.1 
119.3 +0.4 12 I 5.0 

291 1 18 3.1 

212.5 -0.5 : 25 , 5.8 

liiibiMj, Z^9 

ICyiilH-LerBiiiie .. 4.110 
Mnr-<u<*l,ilH lu,l... 731 
MUm'I'IsIii Bnuk.. 27B 
llllBiibirlli Hen' .v 124 
MuiiibiHlil 427 

lln.'ui .V L’iv. 518 

Mifukcnhi 582 

Nippoa [lein-i 11,470 

Mppau jShiupan..; 718 
\i<»«in Motor'....; 805 


muj-o Klwtne... 

b'ckDui Frernb....] 

bluMTdo 1.140 | + 

sony 1.700 

Tslvlio Marine..... 231 
Takeda CbemluAl 395 
TDK. ^..[2.260 

Teijin I 120 

Ti-kl** Marine I 480 

Ti'klo BleL'S I Wrl 1,030 

Tn|*yi.i ^auyn 

Tokyo Shil*um.. 


Tiivnis Mntnr 

' + IOO; 35 
' + 15 i 20 


Source NiKIsn Secunrws Tanvu 



Mh. 1.1 'FI.CUi . 


I’rire I + "r ; Dtv.'YIrl. 

n>. - \ % 1 £ 

105 -0.3 , *21 

28.6—0.3 1 - 

Ah--ni link. Fl.lCul 363.7 |t- 0.3 ] 28.5 
AllkV iKl.K'i.. . BO.SMI|+1.5 50 

t Hin i e<Ken I Pranen 
* N«*w sioch 



lA-d ! V.. 1 . 

LS'T 1 V.,l. 


IjivI 1 Vnl. 

■ Ink 


K. K" 

K. K. 

K. I, "link 





kl M 





NhI .i'.il 

Nal Nol 

,N«I Ae*l 



H. L'. 

11. Ii. 


I mb , ■: r 

■ XV 






I 160 

FI 80 
' F 200 
F 220 
+ 120 
I' 130 
F 140 
F125 ' 
Flat) „ 


2.80 IG 
















6ln ; 




3.90 • 

3.50 1 
2.80 j 


1.50 ] 

2 I 



4.70 : 

1.70 I 
10.50 ; 
























8.10 j 
6 1 

1.80 . 


4.50 j 


3 1 

1.50 ! 
12.50 ! 













2.70 19 

— ! 5.10 10 

- 1 1.20 ] 20 


KitS. 40 

.4260 1 1 

I- 144 

]F 130.60 
FI 30 60 
,F 1 B 0 




, V..I. 



5 20 

3 ‘3 

- 22 D 


A.B.N. Bank 10 % ! 

Allied Irish Banks Ltd. 10 Vo 
American Express £k. 10 9o 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Lid 10 % 

Banque du Rhone 10 t°n 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Brcmar Holdings Ltd. 11 ^ 
Brit. Bjnk of Mid. East 10 

I Brown Shipley 10 % 

Canada Perm't. Trust 10 °n 
Capitol C & C Fin. Lid. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 105% 

I Charterhouse Japhet... 10 VT> 

Choulartons 10 «Yi 

C. E. Coates 11 To 

Consolidated Credits... 10 °Ti 
Co-operative Bank ...“10 % 
Corinthian Securities... 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk, 10 % 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

English Transcont. ... 10 % 

First London Secs 10 % 

First Nat. Fin. Corpn. 11 % 
First Nat. Secs. Ltd. ... 11 

■ Antony Cibhs 10 % 

Greyhound Guaranly... 10 'V, 
Grindlays Bank ?10 % 

■ Guinness Mahon 10 Vn 



Hambros Bank 10 % 

Hill Samuel 510 % 

C. Hoare & Co f 10 

Julian S. Hodge 11 VJ 

Hongkong 4- Shanghai 10 % 
Industrial Bk. oE ScoL 9 % 

Keyser Ullmunn 10 % 

Knowsley & Co. Ltd.... J‘J % 

Lloyds Bank 10 

London Mercantile ... 10 % 
Edward Manson & Co. 1 1 !■ % 

Midland Bank 10 

I Samuel Moninau 10 

I Morgan Grenfel] 10 

National Westminster 10 ^ 

NorAiich General Trust 10 % 
P. S. Refson & Co. ... 10 % 
Rossminstcr Acccpt'cs 10 % 
Royal Bk. Canada Trust 10 % 
Schiesinger Limited ... 10 % 

E. S. Schwab 111% 

Security Trust Co. Ltd. 11 % 

Shcnley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 10j% 

Williams & Giyn’s 10 % 

Yorskbire Bank 10 % 

I Member* of the AomoiUW Douses 
Co manure 
7-luy dupowis 7 a. l-manih dup tolls 

■ 7-day dpposiis on sums of LIO.MO 
and under fi!"'-. up (o Clj-O"® <i- 
and nv*.T £!3.0o0 7J'„. 

» Call dtfposus uvi-r ri ooo 7%. 
i D-aiand doposm 7J'.;. 

Pijonk'irll. .. 
n..k..u l ~i 'miFioii 
Llui'lrni Twt,Ti»li'' 
K'i'i i'!r V_iFL2Qi.i 

• Kiiiiln.V.V.Ucnivi'! 

I liuni i.'.iiiil-llFIK* 1 

i«rHn.i'nili.+-' Flfn] 

Humor I'.'. FI. i00i.' 

K.L.M.1FUOO' . . 

Ini. MiiIIit' 1'iOi... 

Miwritcn i FI. VOi . -■ 


Ndltml llkiFI.20. 


(Me i FI. 20*. .. j. 
Van Ommorcn.".. 
Fakbifl 'FI. 20*. 
i'hillp- iFl.lOv... 


llohe.-'* 1FI.6O.1 

Kolmre iFI. »» .. 

llnrvmoiFI. 5C|... 


Slaven bill's. 
Siei'lnGry iFl.2l.Ti 

T/tkynKae. Hld-.F 

UiilWi'er iFI.n'O*. 


VVl“tI»h"' l«i-Uai,l*' 

ei.s'-i | 
us ;+o.5 

73.0 ! 

283 | + 3 I 
136.5,-0.3 i 
67.41 + 0.1 






27.5! 1.9 
37.6] 5.5 
94.51, 5.2 
23 6.4 

102 i 



1 3.4 




24.5,— tf.3 

12 1 

1 4.9 




1 5.5 






1 12.5 




I 48 

| 4.7 


21 1 


195. 2| — 0-6 

1 22 

I 5.6 


+ 0.5 




+ 2.9 



41 | 

+ 3.6 




+ 0.1 



81 ) 




170 ! 




130.5; + 0.5 1 — 

122.8] 14 

130.6 +0.6 53.76 

27 A 

248 -2 
130 1-3 
119.8-0.8 142.8 
42 It 0.3 | 20 
398 j 33 












l+ or , 

— ) Act 

I Ira. Y 

Arbed 12.355 

U-;. 8r\ Li«nib....ll.550 

Uekvrt **K" <1.925 

C.B.II. Uemeiil....|l.J50 

L'lVlcerill | 466 

KBHs '2,360 

81efiiT<i»el i6.420 

Ka 1 mi,.ie Nnl !2,660 

G JJ.liino Bbi ]2,165 

Uamcrl 1.306 ! 2.255 


Krciiictbank 6.820 

LAlbjvale Uelav.. 15.630 

Fan H.'Wlns 2.690 

I’crmlma [3,665 

Si-t: Cien Banqiit.. 2.9oO 
Sim Gen U?li;li|udl.91U 

Sf-finn (3,130 

!k>iray 12.370 

Trai-'t'loo Klc+l !2.fib5 

IJCU 926 

Un Slin.fl,10l [ 716 

Vlcllle SlputnRoell.5ia_ 

+ 6 j — I 
-30 72 | 


+ 10 )100 I 
+ 8 - : 
+ 5 1 177 1 
I-+80 1430 
— 26 il70 
+ 15 "" 

+ 4 
+ 10 


, Ac row- Annual la— :..... 

I JdllcdTdne. Trdg. tndp- Jl) 
l _Vrnpc?J KsploreLlon.. — 

• A,«i{oWPeitrt>\eii(u- 1 

Assoc. Miueralf. - 

Assoc. Pqljp §1.— 

Asane. Coo^lndultries...., 
AuauFoundacinn likesc.. 


Audimco^...:. ?y. 

Aurt, OU 4 Gii....: \ 

Bamboo Creek GoW... +' 

Blue Metal tu>1 - 

Bnu«ftlnvlHc Conpef 

Brambles Industrie* : 

Uiokcn Hill Proprietary....: 

BH Souili I 

Carttou United Brewery, ...j 

V. J. Li'itw. - 

CSI£ (SI).. 

LV-.-kburo Cemeut 

Gons. Goi'lfields Ai»sl~ 

UmtaincrlSU.. — . — i 


O.ibtain Australia- 

Lhminp Bubber (51 )— 


Bldei-Smith ......... 

HJZ. lodurtries — - 

Gea. Property. Trust.— 


Hooker — 

(Cl Australia^. 

futet-Copper .... 

Jauntily laduntrles 

Jones (David)— 

Lunas rd OU^ - — 

McUlu Kxploration;.. 

MIM HokUnRS--. 

Myer Krapurium. 


M, -Lolas Inuruarinnsl J 

.VtiiJi Bn'kenH'dha^s l&CK-H 

Oh khridge. . . — 

Oil Search. ... — 

otter Bxidoraiioii - | 

rtemeer Guucrate....'.— i 

UeckiH. £ O'lmair .... 

H. C. Sleigb - ! 

Suurhland 5rmU«;....... 1 

Spaij'os Haptoration—l I 

Tr».itli OS) [ 

WBltou*— | 

Western. Mining ,50 cents) i 

Wool worths — ] 







6 .B 



142 | 8.2 

...... ..'290 i 4.5 

+ 30 L*325i 5.8 
+ 50 $2.25 3.0 
+ 20 174 4.8 
-15 [205 ! 6.9 
i + 15 [140 
+UO 215 
+ 1 d L\g 10 | 

+ 2 I - 

+ 4 I 50 
1—40 1 — 






10.84 - 


. 11.25 
rt .20 


12 J !0 
; 0 R 8 
£ 1.20 



TO. 82 

tO. 11 


' tldSS 

11.61 .j+OJI 





— 8.03 

1 + 0.01 

:- 0.12 

1 - 0,01 


'- 0.02 



+ 0 J» 





1 + 0.02 

+ 0.02 




- 0.01 

1 - 0.02 


June 38 .. 

Anesita OP- :.] 

Banco do Uraxii.. 


Lojw 'Amer. OP.. 
Petrobraa PP— 

Pirelli u, 

Sousa Cruz OP.... 
Coin PB—. 

ValeUk»Do*< PP 



-v i- ■ 

* ■ 
■* .• 

■ UJO 


Tnnwver: Cril 5 .Ui,. Volume fitTm 
Source: Rio do Janeiro SB. \ ■ 


4uue ?5 

Berueo Bank....... 

Bom*aarri....~ .. 

C re* lit ban Ic — . ... 


J\re*litkA®*ed .... J, 
AurskJI,vdti'kr.80{- 172.5 
Sloretwand...:....^ 85J)| 



1 , 



June 28 







. . ... ,680 

HnfTmantt Cer^. 174.250 

D*i. irinut 


BUC'.V - 

C'lba l1fljo'(Fr.lM 
lhj. Han. v-'i'rt 

Do. itctf. 

Credit aul'flie 


Pludier Hieiiruei.j 



+ or 

+ 10 



+ 10 


r* | (y 

■o I % 




2 . to 

+ 750IS50 

22 i 3.7 
~ 3.6 





.In no 27 

Kroner ; — 

A wlfl-Inn 

HpnuV'rW ] 

lVauHkeBsnli . ... ; 

Ka^LVsMirl Cu* | 

I Fineni'baiiken ; 

For. Bj earner.— ; 
Far. Pni*lr 


i.i.N'tb'n H.HLrW 

Mini Kai*el 


Privai.lwol I 

ProvInslKul. I 

I rial'll. BorwjJ*JM'n. 




*! + 6 

+ J* 


75J 4 
19 L 
129 1« 


400 1—2 
1783;(— 11 ; 






| 15 

a. 7 

1 12 


1 12 



















■1 niie 23 

•*r I DivaVkl, 

| l.lvlllSU-VlBlI .... 

. Pormiufte 


Sen, |«nl 

SK'yr Ilslmler . 
I \ 011 Maane'lt. , 







+ 1 






8 ? 







I*,. Be 

->, 1*102 iFr^&O).... 

Ut*. Part Cert •».- 
i.'biiullcr Ct FI00) 
3iiizrr Cl, 'F t. 100) 
awlssalr iFJ&Oi... 
Swiss Bnk, F.100J 
snlra iHeiFr2fiO... 
l/uuva Bank...— ~ 
Zuriuh Lns...... 


S lV 


-.1 '.£.[»■ 


LJLn >■ 




H: y.m 


• A 

■ V 

• 1.0 
2 A 







June S3 

Itenic — •■ '—, 
Airlquei Oceid’S'e] 
Air Liquid..—.. 





Carrefi hit. 


C.I.I. Alcatel 

CIcBnntaure— — .. 
Club Med iter 

Credit Com. EVm 

Crenut Loire'^... 

Dumez^ .......... 

FrV I’ocrolcs.. j 

Qen. OocidentM?| 

Imetai ....... 

Jacques BotbI .... 


Lepra nd ... 

IUIimu Phenix_ 

lllriielin “B”^— 

JLuet Benneatey ^ 




Poelaln ' 

lladlu Tarbnique.j 


Itfaone Poulene .... 
at. Cotalu...^.... 1 
?kis Knasienol 



Tbomara Brandt. 



June 28 




U.>. Priv 


I u* let'll 111 ii .... 


Med iyi unija 


Oliveti.i I'riv... 
t'frvili A C'u. ... 

Hi rill. -Spa 

SdIu VImumh ... 







101.76 1 

+ or 

1 — 1 - 2 *! 
1 — 1-0 
+ 11 
+ 4 


11.7001 + 10 
108-25 +u.M| 

33.240 ]— 80 

146.00; — 0J6) 
965M+2 1 
L892 —SO 
944 +2 

712 f-3 



lsa! 8.3 

200] 1.7 
Ijoo! 3^8 

130 6.9 

Jane 28 • Rand +«- 

abkIo American Corpn. 3J». 

Charter Consolidated .L.. • >JJS 
Heat DriefoMetn 12^5 +8.*~ 

Klabur*, .j — . . l-^. 

Kinross ..u — — ~ 

Kloof ...i-u .-u •• -• 

RusienbuTK Platinum — . - IM 

Sl Helena : — _ . -J.6.0B- 


Cold Fields SA. W.-® 

Union Corporation ... . Vm 

De Beers Deferred LBS" 

Blyvonreltzlcht . ... '545^ 

East Raod Pty. ■? 

Free Slate Ged old. . 

President Steyn . — fll-W.- 

Stll/ontetn "‘S' - •... 

WeBtom . • -473 ; . - . i . J.'.- 

West Driefootrifl 38^5 ” tS'S - 

Western Holdinss ;.+J* •. •;;<£ 

Western. Deep *.... — — 

I MOUSTRI Ali- A ; V- 2 -i | ' 

AECI v •'ri-g-. 4, * ' j V- 

Anclo-Aroer. . Industrial ■ . *.’4 

Bartow Hand S JK 

Ct! A lowspneats — U-TJ; •' 

Currie PiSnfce; ..... + • • WJ . 

De Beers Industrial 410.50 

IB. 771 8.7 
IS.371 O 
3B.7& R3 
39.9] 8.3 
12.61 2.7 

. *}«» 
{ 1945 ( 12.6 

7.6 7.7 
*2 7.6) 3.0 

-1.9 ,77.251 4.8 
+2 4-.— 

+ U 1: 85 1 6.3 
+6 .27 i 5.0 

+ 1-.5 )- ■ 9 1 9.4 
134.3 *0.1 [14.55! 10.8 
+10 1.39 1 2)4 
+3.5 26.5;10.2 
+ 3. 26a! s.a 

+6.4 ]1E.15] 7^ 

J one 28. 

AGAAb(ltrJO) , 
Al&v loyal BCIfeKi 
AS BA (I£r.5CL~~4 
Atlai CoparfKr26j 

Billerud. — 


Kloct7ux‘B , (KrM 

BriosMra 'K' (KrCOj 

Geaelte »B“. 

1 W 


rentes tfreei— 4 - 53 

Hand(eebanken...|. 336 



Marabou - 

llo Orii DuntotaJ 



Saiwlvik A,B_^_J 269 *U‘ Kre 

Skaod EdMillila-. 
TandStik ‘B’ Kl 
Volvo CKr. 






+ or 

+ 1 

+ 1 • 

— 1 

'• * 





• # 
- 4- 


+ 2 . 

+ 1 
+ 1 . 

— 1 ". 
+ 1 ^ 
+ 04S 



. ..4' 


. 8 










.75^' A8 
lo - 

























• +8.05 


. +B.*tt , 

-•-O.BZr '*. -* <2% 
-9 SB: < - 

t "t> 

Edgars •' ConsoSldstfed^ tn'A ; r - j.' a <K -*• fin 

Ectors Stores-.—..: — ^ W 

EverReady SA =• • 

Kndiralo VoBcsbelesstods . : Xlg - W 

Oreatermans Stores 13^ • ■“ ^ ^ 

Guardian Assurance (SA) - *'. ,'N. 

BnJetts • r-....,, ' 'U» . \ • -%• ^ 

t/EA _i—Al 45" .r • 

McCarthy Rodway 

NedBanR ■ - I* 

OK Basasre ;...**"’-- 1 

Premier MUling f-jf-S ■ 

Rretnna .Cemeot .. 

Protea Hoktaua -i 

Rand Mines Propertlea 4 . •irJ'S •*, 

B+mbrandt Croup .++".'.l.S.'i»«.' -i. 

^ 't®. '/.jpi 

C^CC^Stmth Sugar "JEW ~ '/■ 

SA Breweries 

Tiger Oats and. Rati. HI#. +i'^’ 

t ; n(<w : — •— 

Securities Rand- SUJS.72J 

(Disconnt of - S^74^j ^ 


Jane 25 

rpu j'.v'.iA. 

•island ; — l»-‘.;iy-,y v ” ?"- • .. ^ 

Banco Bilbao'.-..^..™.,- i2a. ~)j f+T.-- 
Banco AUantleo Hlf ■.+& .. . 

Banco Cociral ....._v^.,^30B ••■-*• :«r 

Banco Exterior l. 

Banco Ceneral 

Banco Granada 0.008)', IM ' .. ..■.•+ r. 

Banco Hi*pa#o . HV' '. ‘1 • * 

Banco tnd._CajL- M.OOQ} 'll*- ’ . -T-'*' - L 
B. lad. Meditemnto.;.i .-.2B9- _ •“ • ■ ■ > 

Banco Popular 2 x~ 

Banco Santander . 12381 ;JB2i ^ v - -r*- ; ;:A- 
Banco Droado tlJW>'.+. ■ 

Banco Vlzcsijra 2»o : 

Banco ZBrasosano- 

Bankunlon * - 1S8",' re-... 

Banus Arxialada 2 tai y — 

BabcncK / WQcor -±,- r . Tr .~ 29 -,'t;' 

Dtanados - • 

Inmobantf .... 


. .'z-n£.<. '"’l 

E.- L Aragooefiaa _ _L; . ss^tl : +'Z; - . 1 

21llC ''-^>’+- -*££.'■ -ir-e* 

EtpL. RiQTO^^g»rj*g . 

-oaa /Loaoy 

Gal. Ptedado#'. • -74 : -T •- • 

Gmpo . veiasnstzj {400. v ^ --■=“*■ < 

n»niuero .fP ' 

Paaelorax' ammlda B - ; • . .TO 4 

Petrolltier.. vl 22 f? r _.. , •' 


wrto Pajraiera •'* ' 

Solace -.SS' 

SogeSsa ' 




■ ' , m/m *•-? JJJlViV ^rifl j 

>fli4ra(^VTtoe^..?hiir5day. June 29 1978 


^ . .*♦• . . ' w“- 1'. . ** ■+ V. ♦** . 

- * + **•- 
;- ., u ...V ••. ..-/ ;> • j 

UK share 

study urged 

r - By ~ Our Coihmoditits Staff 

.. poteotiai benefits of. share farm- 
ing, tiff -Centre for Farm Manage- 
ment said in evidence to the 
•fprthfield Committee. 

The centre, part of the British 
Institute, of _ Management, said 
that it would welcome increased 
opportunities for share farming 
along the -lines already- practised 
successfully in New Zealand. I 
It also, warned the committee, 

which is studying the partem of, 
. land' ownership" in. Britain, that 
-if personal taxation were main- 
tained at present levels, prevent- 
ting would-be farmers from: 
accumulating enough money to I 
buy farms, the existence of the 
traditional owner-occupier far- 
mer might be jeopardised. ■ 

The centre said that it 
favoured • -more- -partnerships 
between - managers and land- 
owners to help provide involve- 
ment arid a sense of security for 
the individual on the one hand, 
and continuity of the enterprise 
for the owner on the other. 

“ Opportunities for . partner- 
ship are on the increase for 
managers with a proven record 
of successful farm management, 
but the opportunities remain 
rather limited due to. present 
legislation covering security of 
tenure and hereditary tenancies.” 

Farmers ‘losing 
12p on every 
dozen eggs’ 

-By Robin Reeves, 

Welsh Correspondent 
BRITISH EGG producers face 
their heaviest losses for years, 
according to -Mr. T. Myrddin 
’ Evans,, president of -the Farmers' 
Union of .Wales. 

He told a meeting in Aberyst- 
wyth that- since the beginning of 
the year ' average packer-to- 
producer prices had slumped lOp 
a dozen. The cost of feed for 
producers had meanwhile in- 
creased £10 a tonne. 

Egg producers Were now. losing 
12p on every dozen eggs sold as 
the result of a savage cost-price 
squeeze which would inevitably 
lead to a cut back in the country's 
laying and rearing flocks. 

Mr. Evans, an egg farmer him- 
self, urged the eggs authority to 
give serious consideration 16 a 
hen culling scheme if the 
position did not improve. 

There was some hope, however, ' 
that housewives might appreciate 
that eggs were now a bargain, so , 
that retail sales would- be stimu- . 

lated to take up the surplus. ( 

Wheat pact negotiators 


THE INTERNATIONAL Wheat ing the six-wee 
CouncLi was confident yesterday ference in the 
that the basic terms of a new been resolved. 
International Wheat Agreement ing a much s 
will be hammered out in-time to demand for < 
meet a July 12. deadline set by maize, barley 
delegates at the Multilateral be included v 
Trade Negotiations which con- overall grains 
.elude in Geneva on July 15. Although st 

The Meat pact talks were sus- wheat and coai 
pended on Thursday last week to closeI „ » nfced 
give participating countries time “ 7 “*“ 

to go back for further consulta- separately, 

! tions. ceded that it wi 

But they restart on July 7-an JjJJ 1 wSFcb'iii 
unusual date to start since it is su jtations take 
J May-ra an attempt to 

SSS.% & S und * d,s - *gff* - 4 

The wheat pact talks are lt is alsci un 
closely linked with the Multi- a iffereQces het ( 
lateral Trade Negotiations since th P EEf nvprfi 
they are part of the overall 
agricultural package. which resolved with tl 
influences the negotiation? on -notional” prici 
trading in industrial products. j s triggered off 

However, there are still several ' 0 

stumbling blocks to be overcome . 1 116 aclua l 
before there is any chance of a bave yet t0 be 
new international agreement There is still 
being settled at the full-scale agreement and 
negotiating conference due to be the size of r 
held in September. wheat to be mai 

Some of the main disputes that above working 
made agreement impossible dur- The EEC b< 

ing the six-week negotiating con- 
ference in the spring have now 
been resolved. The EEC is tak- 
ing a much softer line on its 
demand for coarse grains — 
maize, barley and sorghum— to 
be included with wheat in an 
overall grains agreement. 

Although still arguing that 
wheat and coarse grains are too 
closely linked to be dealt with 
separately, the EEC has con- 
ceded that it will be content with 
the setting up of definite arrange- 
ments which will ensure that con- 
sultations take place in the event 
of certain developments affect- 
ing supply and demand of coarse 

lt is also understood that the 
differences between the U.S. and 
the EEC over fixed minimum and 
maximum prices have been 
resolved with the replacement of 
“notional” prices at which action 
.is triggered off- 

The actual levels, however, 
have yet to be agreed. 

There is still considerable dis- 
agreement and coofusion over 
the size of reserve stocks of 
wheat to be maintained, over and 
above working stocks. 

The EEC believes that 15m 

tonnes should be enough, and 
that, anyway, there are unlikely 
to be firm commitments above 
that level, while other countries 
maintain that 30m tonnes is 

This leads on to the other 
main sticking point — supply 
assurances demanded by import- 
ing countries. In the event of 
a shortage importing members 
would like a guarantee that their 
normal requirements will be met 
whatever happens — or at least 
that they 'Hill be given priority 
at reasonable prices over non- 
member countries. 

Even more troublesome is the 
problem of managing tbe reserve 
stocks, creating the storage 
capacity required especially in 
developing countries and most 
important deciding who is going 
to pay these costs, and the 
potentially huge hill of acquiring 
the reserves and financing them. 

Nevertheless, it is felt that 
since the Multilateral Trade 
Negotiations could be torpedoed 
by the failure to reach agree- 
ment on wheat, there will be 
considerable pressure to resolve 
the outstanding differences on 
countries that might normally 
take a more firm stance. 

Surprise at 
U.S. sugar 

By Our Commodities Staff 
said yesterday that they were 
surprised at allegations that 
Common Market sugar is being 
dumped on the IaS. market. 
Community prices are con- 
siderably higher than world 
market prices and export sub- 
sidies only bring prices down 
to world levels, EEC Commis- 
sion officials said. 

The U.S. Treasury announced 
on Tnesday that it was investi- 
gating complaints by beet sugar 
producers in Michigan that 
50,000 tonnes of Community 
sugar being landed in 
Savannah. Georgia, was being 
“dumped.” If the complaints 


Staking its claim m 
the fishing boom 


Poor response to milk offer 


ONLY ABOUT half Britain’s 
eligible schoolchildren seem 
likely to get free milk under tbe 
EEC subsidy scheme for 7 to II* 
year-olds approved at the 
Common Market farm price 
review last month. 

Angry farmers have -renewed 
their pressure on reluctant local 
education authorities, and the 
National Dairy Council, which 
represents all factions in tbe 
milk industry, has sent a leaflet 
explaining the benefits of tbe 
scheme to all MPs and members 
of the House of Lords. 

Early assessments, of the 
response to tbe offer show IS 
1 local authorities willing to take 
it up, but 22 rejecting it— mainly 
on grounds- of cost and the diffi- 
culty of persuading teachers to 
supervise distribution, . 

Among those councils accept- 
ing the offer, several are’ prepar- 
ing to give milk for the two 
terms during which all the cost 
is borne by the EEC subsidy and 
then to review' their position in 
March when they should have to 
start making a contribution of 
lp to lip on every i pint bottle. 

In Cornwall, where fie count:.' 
education committee ■ decided 
against extending free milk to 
children up to 11, the local 

National Farmers’ Union has 
launched a campaign to over- 
turn the decision at tbe full 
county council meeting next 

Mr. Fred Haim the farmers’ 
leader, ha? asked to see the 
chairman of the council. " They 
don’t seem to have understood 
the scheme.” he said. 

“Extending free milk would 
cost the county council nothing 
for the first two terms. Even 
after that, the council’s contribu- 
tion will come to only lp per 
child per day.” 

Officials of the south eastern 
branch of the National Farmers' 
Union have approached the chief 
executive and the leader of the 
Greater London Council claiming 
it is “essentia!” that children 
should be given free milk. 

Keni. Surrey. West Sussex and 
Hampshire councils are under- 
stood to have rejected the idea 
of extending free milk to older 
junior school children. 

Tbe union points out that 
two-thirds of the subsidy coming 
from the Common Market was 
contributed by dairy farmers in 
the form of the co-responsibility 
levy on milk delivered to 

At fie Department of Educa- 

tion and Science, which will 
administer fie scheme, only six 
formal replies have been 
received so far to fie offer. Tbe 
London boroughs of Hillingdon 
and Richmond have accepted 
while tbe county councils of 
Kent Shropshire. Cambridge- 
shire and Dorset have said no. 1 

Officials pointed out fiat a 
complete tally would not be 
available for some time. Councils 
have until September to make 
up tbeir minds. 

Tbe National Dairy Council, 
which has already publicised the 
scheme through popular Press 
advertising and is now lobbying 
Members of Parliament, is also 
planning to extend its publicity 

Farmers are particularly eager 
to have the free milk programme 
adopted because they fear fiat 
declining sales of liquid milk 
threaten their incomes. 

Low prices paid by dairies for 
milk processed into butter and 
cheese are normally bolstered by 
fie higher income from the more 
profitable liquid market 

Liquid sales, however, are now 
declining steadily and any 
opportunity to slow fie trend 
will be seized by the farming 
community. ' I 

Dec Jan Feb Mar Apr May Jun 

are found to be valid tbe 
Treasury may impose counter- 
vailing duties to negate tbe 
effeet of EEC export subsidies. 

If EEC sugar is being 
damped on the U.S. market it 
can only mean fiat traders are 
accepting a lower than 
customary profit margin, the 
Commission officials com- 

At yesterday’s EEC sugar 
export tender in Brussels 
export rebates of 25,825 units 
of account per 100 kilos were 
granted on 35,250 tonnes of 
white sugar. 

Though yesterday’s total was 
higher than the previous 
week's it was still somewhat 
lowe rthan fie 40,000 to 
60,000 tonnes of sugar which 
has been authorised for export 
each week for most of the 
current season. London sugar 
market sources said this was 
because traders were finding 
It increasingly difficult to put 
together sufficiently large 
parcels of sugar as the season 
nears its end. 

They said about 74,000 
tonnes of EEC whites remain 
to be exported so If sales 
continue at the current levels 
fie 1977-78 crop surplus 
should be virtually cleared 
within two or three weeks. 

Prices were little changed 
on the London sugar futures 
market yesterday with the 
October position closing £1.65 
lower at £99.625 a tonne. 

THE HUNDREDS of foreign fish- 
ing boats which now roam 
unrestricted through tbe South 
Pacific in pursuit of valuable 
skipjack tuna may not be able to 
do so much longer. 

About AS400m worth of fish — 
a large part of Lt skipjack tuna 

— is -caught every year in South 
Pacific waters, with most of the 
benefit going to fishing vessels 
from Korea, Taiwan and Japan 
and to foreign canners. above all 
fie two big U.S. canneries in 
American Samoa. 

After several months of stone- 
walling fie U.S. appears to have 
changed its view on the con- 
troversial issue of controlling the 
fishing of highly migratory 
species within fie 200-mile zone, 
lt now seems prepared to join a 
regional management scheme. 

This should mean that the pro- 
posed regional fisheries agency, 
with headquarters in Honiara, 
the capital of the Solomon 
Islands, will be able to give 
licences for fishiDg and lay down 
conservation regulations for fie 
fish that matter most in the 
region— skipjack and other tuna 

Long season 

The Solomon Islands, whose 
waters are a much favoured 
fishing ground for foreign boats 

— there are reputed to be 400 
Japanese boats alone operating 
in its waters — stands to gain 
especially. With islands scattered 
over more than 1.000 miles, its 
fishing zone is particularly large, 
measuring about ini square 
miles In addition its tuna fishing 
season stretches over eight 
months instead of four as in 
Fiji, for example. 

Unlike most other South Pacific 
island communities, which have 
watched, powerless, fie exploita- 
tion of one of their main assets 
by foreign fishermen, tbe Solo- 
mon Islands bas already secured 
a stake in the foreign fishing 
operations through a joint skip- 
jack tuna fishing and processing 
company formed with tbe big 
Japanese Taiyo Fisheries Com- 

Fiji runs a substantial canning 
operation in co-operation with 
some Japanese investors and a 
big cannery is expected to be 
built in Papua-New Guinea this 
year, but so far the Solomon 
Taiyo company is the only suc- 
cessful joint venture embracing 
both catching and processing in 


the South Pacific. Tbe joint ven- 
ture agreement has become, a 
model for other South Pacific 
countries anxious to secure simi- 
lar deals. 

In return for Investment of 
about AS 5.5m since 1973 in 
canning and freezing equipment 
as well as several fishing boats, 
Solomon Taiyo. in which the 
Solomon Island Government has 
a free 25 per cent stake-^-bas 
obtained exclusive fishing rights 
within the 12-mile limit. 

So far fie company owns only 
four fishing boats out of a total 
fleet of 20. The remainder are 
chartered and manned with a 
mixed crew of Okinawans and 
Solomon Islanders. The com- 
pany's main operation is at 
Tulagi. tbe pre-war capital of the 
Solomon Islands, where a fairly 
modest cannery, huilt front 
second-hand Japanese equipment, 
processed about 2,000 tonnes of 
raw fish (about two thirds of 
capacity) last year. 

Nearly three-quarters of this 
was exported to Britain, wifi 
Germany developing into an 
important second market. Three- 
quarters of ail skipjack landed at 
Tulagi. as well as of catches 
delivered to tbe second base at 
Noro in the Western Solomons 
was exported frozen — mostly to 
U.S. canneries in American 
Samoa, Puerto Rico and tbe 
U.S. mainland, with a small 
amount also going to Japan. 

While fie shortage of raw fish 
has kept prices up. the company 
has preferred to sell frozen rather 
than canned fish. It is planning 
to increase its canning capacity 
substantially, bowever, with a 
second, modern factory at Noro. 
The new cannery, for which a 
feasibility study will be under- 
taken next year, will be at least 
three times fie size of the Tulagi 


Fiji is aiming to increase its 
canning capacity' from the 
present 15 tons a day to 35 tons 
by 1980. Some observers fear, 
however, that there may be a 
glut of canned tunafish on fie 
European market in fie next few 
years, as former British colonies 
like Fiji and fie Solomon Islands 
take advantage of their duty-free 
market access under the Lome 
Convention. An import duty of 
35 per cent makes exporting to 
the U.S, fie world’s largest con- 

sumer of tuna, virtually 

Solomon Taiyo’s importance tc 
fie Solomon Islands’ economy 
bas been growing by leaps- and 
bounds in line with the rathe 1 
marked fluctuations in catches 
These — and exports — have trebled 
between 1973 and 1976, and this 
year the company hopes to ex- 
ceed its 1976 record. 

Tbe catch per boat per day ai 
sea bas risen from 3.35 tons to 
4.52 tons in the same period. In 
both 1975 and 1977 fisb topped 
fie export table ahead of the 
traditional export earners, copra 
and timber. Last year fish 
accounted for 28 per cent of all 

Freezer boats 

Provided that fie present trials 
prove successful. Solomon Taiyo 
will open up a third fishing base 
in the Sbortlands. in the northern 
part of fie archipelago, this year. 
A three-year pilot project for 
longline fishing of tuna and tuna 
types will introduce a fishing 
technique hitherto unknown in 
the Islands. It is hoped that this 
will tap fie rich resources of 
big-eye and yellow-fin tuna in the 
deeper layers of the Solomon 
waters. These types of fish fetch 
a high price in Japan on fie 
sashimi (raw fish) market. 

In the next few years both 
the fleet of fishing boats and the 
local stake in fie fleet is to 
increase substantially. It is 
envisaged that by 19S2. eleven 
of the 35 tuna fishing vessels 
should be company boats, with 
another 10 owned by and char- 
tered from a National Fisheries 
Development Company which is 
to be set up. By that time, too, 
four preferably locally-owned 
freezer fishing boats should be 
in operation, wifi fie rest of 
fie fleet on charter. 

Hand in band wifi this build- 
up of a national fleet will go an 
extensive training programme 
for local fishermen who have 
already shown that they can 
stand , on their own against fie 
famous Okinawan fishermen. 

Japanese expertise anti aid 
will he very much involved in ail 
this. As the world’s second 
largest consumer of fish, Japan 
bas good reason to be vitally 
concerned about safeguarding its 
access to the South Pacific 
fisheries industries and about 
their development. 



COPPER— Stlsaibr easier tn extremely 
subdued trad uu on she London Metal 
Exchange. Forward mewl traded within 
a £3 band and finished around the day's 
low ol 1717. reflecting a genera) lac-k of 
interest and a weak dollar agaiuft 
nerlimr. Turnover: 11,050 tonnes. 

Amalgamated Metal Trading reported 
that in tbe morning cash wire bar* traded 
at £69S.a. three . months ill 9. iS.3. u, 
1S-5. Cart! odes, cash J60J. Kerb: Wire- 
bars, three months 7713.5. 18. lpj. After- 
noon: Wirebars. cash £698. three months 
£7IS, 17.5. Cathodes, cash £693.5. three 
months IT13.S. Kerb; Wirebars. three 
months £717.5, 17. 

Citppcni H* *”1 R- ,M * it+or 

COPPER rjm . , priotOi-m: I — 

£ l fi £ 

Wirebars! ; 

Cash ! 6 98-. 5 -2.Z5 1 697.5 8 

4 NiMitha.:’ 718-9 —.751 717-8 

£eiU'm'nt. 698.5 ,—2 I — 

Cathodes- 1 I [ 

Cash I 694.5-6 —1 | 692 5 

5 room 1 is.. I 714-5 -.76. 712 3 

TIM— Barely changed in quiet and 
featureless trading. After opening at 
£•>.650 on the pre-market, reflecting news 
that the GSA had suspended sales of tin-. 

I.G. Index Limited 01-351 3466. September Cocoa 1811-1822 

29 Lamont Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

. 2. The commodity futures market for the smaller investor. 


*enor Street. Ofr Bond Street. yy.i. Tef- 
493 7 Si 1. Selection ol Sheen paintings 

?LJi‘5£ , P ,N A K y,lf nd Z0TH CENTURY 
MASTERS. MwhBham. Leger. Braque. 
Mondrian, Ernst. Miro. Klee, Picasso a-o. 
through July, 

■LOND FINE ART LTD..- 33 Sack rl He 
Street. W.t. .01-437 1230. Bernard 
ManUiakv— - Paintings. Gouaches. ■Until 
15th Julv. Weekdays 10 -fi p.m. Sets, , 
10-1 P.m. . 


ROWBOTHAM <1058-19211. Until 30th 
June. Mon.-Fn. 9.30-5-30. Weds. 7. 

la 9" 68 a? 30 ' 77 WalU,n Stre * t - S.W.3. 

■Rowrez * DARBY- 19 Cork St.. W.l. 
ReMnPhliipsorr— Women Observed. Mon.. 

. Frl. 1Q.OO-5.30. Sat. 1 0-00-1 3.30- 


St. James's. S.W.1. 18th CENTURY 
SCULPTURE. UnUl 7th July. Mon.-Fn. 


MALL GALLERIES. The Mall. SW1. Society 
of Wildlife Artists 15th Exhibition. Mon.- 
Frl. 10-5. Sats. 10-1. Until July 4th. 
Adm. 20p. 

MALL GALLERIES. The. Mall. S.W.1. 
Soociallst Prlntmafcino Group. Bnonton 
Polytechnic- Mon^Frl. 10-5. Sats. 10.1. 
Until July 4th, Free. 

OMELL' GALLERIES. Fine British and 
1 Modern British MARITIME PICTURES. 

40. Albemarle Street- Piccadilly. W.i. 

I THACKERAY GALLERY. 1 B Thackerav St.. 
Kensington So.. Wi. 01.937 5883 

29- July. 

THE BRADSHAW ROOM. 17 Carlton .House 
Watercolours and small oils. 27 June- 
11 Juft. Mon .-Frl. 10-5. 

profit-uking and heege selling depressed 
the uri.c in JttAM on the herb. In the 
alternooi It drifted further following U.S. 
selling and closed ai ffi.aSO an Hie Ule 
herb. Turnover: 1.353 I wines. 

', ;+ nr fi.u.7 t+or 

TlX i Oflii-u- , — I'nodlcia ! — 

High Grade : £ • £ ' t 

GsS , 6750-60,-1-7.5 6715-20 ^ 15 

3 Uk-nibs.' 6650-60 ' + 10 6620-30 ,23 
5e«iem'i. ! 676J J+10. — 

Standard! • • 

U»»b 6745-55 .t 7-5 6710-20 -rlZ.5 

0 month?. 6620-30 6595-5600 4 5 

Settieiu't.; t>755 -rlO — 

Soaita K...7S1743 '-rlB, — j 

A'w York' — . .....' — ’ 

Morning: Standard, cash £5.730. three 
months 10.610. li. JO. 23. 50. M, 33. 
30.- Kerb: Standard, three months fcj .C25, 
10,- 05. £0.600. 10. 13. H^h Grade. catJi 
£8.730. Afternoon: Standard, cash £6.713. 
three moothi £&£10. £6.60(1. 03. £6,600. 
fiUra. 93. £6.600. £6,595. Kerb: Standard, 
three mcnihs £6.600. £6.595. £6.600. £6.590. 

LEAD— Dull and featureless In Use with 
other base meials. Forward njetal traded 
within £316 and 07 3 priir r« donas « 
£337 on the Jale Kerb. Turnover: 2.325 

; iTirL I + or, p.m. +'«t 
LEAD i Ufmsa* ' — Unofficial • — 


Robust** declined ai the start of a 
Quiet day's iradum. Trade Imprest was 
llwbl as thr market steadied in the after- 
noon and at the do*? values were £20 to 
no higher on balance. Drexei Burnham 


[YeMerdayV ' j 

COFFEE ; *■' + or 

— r Done 

'£ per tonne. 

July ! 1636-1637' + Sl.o' 1646 1564 

-rejnember..' 1505-1507 t 17.0. 1510-T4S8 
.November... 1405^1407 - 27.0 1410-1K7 

January 1340-1343 *23.5i 1335-1291 

Match -.1 1270-1285 +20.01 1290-1750 

May 1245-1255-30.0' 1245-1225 

JuJv..- 1310-1230 +M.01 1300-11W 

; 1 i 

Sales: 3.0M «5.M3» lout o£ a lormes. 

ICO Indicator prices for June 27 (U.5. 
cents per pound >: Colombian Mild 
Arabjcas 198.00 ■ 197.54 1; unwashed 
Arabicas 174.00 isame>: other mild 
Arabkras 162.50 ilELOOR Robusias 141.50 
1 143.00 >- Duly average 132.00 1 132.50 ». 

Arab i CAS — Close <oo business low: 
June 193.00-lh8.00. Amt. 17b.0lM78.U0. Oct. 
10O.W- 166.00. Dec. 146.00-153.00. Feb. 140.50- 
130 00. April 134.00-116.00, June 130.00- 





Tenders are invited for the urgent supply, and delivery f-o.b. 
to any EEC port capable of loading the required quantity of 
25,000 tonnes of soft wheat into one vessel. The soft wheat 
shall he delivered in bulk and loading shall commence as 
soon as possible, but no earlier than 23 days after submission 
of the tender and the tenderer shall select a loading period 
of at: least .15 days’ duration. 

The allowance for the- supply and transporation costs of the 
grain’ win be determined pn examination of the tenders. 
Delivery terms embodied in a Notice of Invitation to Tender 
together with Tendering Fonm may be obtained from 
Branch B (Cereals). Internal Market Division. Intervention 
Board for Agricultural Produce, 2 West Mall, Heading. (Tel: 
Reading 5S3626.) Tenders must be submitted by 1U noon, 
Wednesday, 5th July, 187S, to: 

Hamljm House, High gate Hill 
.. London N19 5PR 


TIp;- Mino Pi\ . u " -■ — — ' ' 

On-nr-cic. 1 gfp ' "/V 1 

is- SMfitcmor 

Ring Mario Dii on I ODMMCOTIESj/lMTED 

0I-6A -431 « plantation House. London EC3M 3PP 


rvorhitre. ... . _ — . . 

CmIi ; 306.5-7 ! 307-.5 +1.12 

5 munch:... 316-7 -r.5 ;3l6.75-7 -1. 12 

aect’irn'M, 507 i — ...... 

U.A. SfwJ - I | 31-33 _... 

M wains: Three months 2316. 16.3. 

Kerb- Cash £3i*-3. Three months ElS-i. 

ZINC— Easier, mainly reflecting Lack of 
interest, with forward metal moviriK 
within narrow Hours rn close barely 
chanced Dll un The laic herb. Turn- 
over. 2. SCO tonnes. 

‘ ' ; B.OL + "r: i+nr 

ZINC , OMiTil , — I'poffiiiai _ — 
i l ; l 

Lid 299.5-300.6 -2.75 3 00.5 1 -1 

a Bumthi._i 309.5-10— 1.7S 310.5-1 —.6 

S’nient .... 300.5-2 : - 

Prm.TTV-i! - 29.31 

Jforuim:: Three months £211. 10. After- 
noon: Three mnmiis am, i0.5. Kerb: 
Three months £3U. 


opened COp lower. Wheat initially traded 
23c lower, but sood buy Inc support rallied 
the marker and prices closed 20-30p hicber. 
Barley saw zood buying support, dosing 
unchanged to 20c higher. ACU reported. 

Temerday's + or Yesterday's -f- or 
Al'otb, clo»e ^ — ■ close ( — 

Ptfit. I 84.70 40.30 79.30 +0.20 

Nov, I 87.50 '-0.251 82.05 V0.15 

Jan. [ 90.20 84.70 1 + 0.15 

Mar. I 92.70 -0.201 87.30 '+0.10 

ll-.v ’ 95.35 !-OJ»| 89-85 > - 

EASIER opening on the London 
physical marker. Unsettled throughout 
the day, closing quietly uncertain. Lewis 
and Peat reported a Malaysian codown 
once of 237 <240 ■ cents a kilo nominal 

“ i - 

No. I Yert*rrtay'+; Prevtou* [ Sumneee 
R.3.S ! ettae Claw d.wie 

Aug I 67.0067 -66 66.75-5S.20j 68.00-67.25 

Jiv-SepL 68.00-68.40 50.95-bl.06 68.00 
Ort-Dec^ 69. 68-60.001 B2JO-6S.OC| 60.80-69.50 
Jda- Mr. I 61.80 61.901 64.40-64.46: 62.60 b 1.50 
Apr- Joe Bo.50 -<i5.56 65-8546.90| t4.65-t5.20 
Jlv-aeptr 64.7^4-IOi 67-25-67.50; e6.1D-i4.80 
C'MrUe* 66.10-66-20; 68.7868.76 t7.B8B6.8D 
J Ha-Mu! t7.80-67.65 B8.987fl.B0, b7.89 
Apr-Jnej 68.90 69 B6j _ _■ 69.0888.80 
“Sales: 406 "• 342 1 lots~of~l5 tonnes and 
S <9 1 lots of 5 tonnes. 

Physical dosing prices (buyers 1 were: 
Spot 56J15P (57.31: August 57.75p (38.ia>; 
Sept. 3B£Sp (39.0 1 . 


Market opened 50p down, reflecung tbe 
Chicago market. V aloes gradually drifted 
lower on Ihffci liquidation in a thin 
volume. At tbe close losses ranged from 
M. 50- £2.00, SlfW Commodities reported. 

TVesterday7+ or | Bi5ne«^ 

f Clo» | — | D«ie 

Xpertoun^ i 

Auaurt. 1U8JW-19.0— 1.70126.00-19.10 

Lk-lober 121.10-21.0 -1.95i1l*.«.0-21.10 

I>ec era her 120-90-21.0 —2. 15i 12 7. 10-20.90 

February ; 121.60 22.5 — 2.501 — 

Apn' 122.08-24.8 — 3.00; — 

AujpJft ^124.10-23.0 — 3.56. — 

_ . ... I _ _ i 

Sales: 35 (S0> lots of Jbd too'oe*. 

Copper dips 

Veal: English fats MO to 74.0. PRICE CHANGES j 

Suofivro si: jjr ^ ronne un,?Si o,h -^ 

hears 39. ll If- F.’.P. Iinpuried fruan: NZ s,alea - 1 -m » 

PL 33.5 I" 54.0. PM 52.3 in 53.1). ■ ff #1 B 

Pork: English, under 10U 15 37.0 lo Ufl. .'.fiifie2-: +>.t ■ 3l<nila V-'EP UJ B-ffCTl. Ul 

100-120 lb 37.0 to 42.0. 120-100 lb 33.0 to . 197 j . — A T 

Rabbits ■ skinned ■: English tame 63 0 [_ C I ^ T 9 

in «.u: Clunoe 41.0 iu 42.0: Australian ( BJ-l Y ® 

5*0 l" ^-0- , ^ Metals JT a/ 7 

■ Vetv high quality pr.»du« tn limited Aluminium *680 £680 I _ _ • 

- Free market i-.-ioSl.OiO. 40. . .? 1000- 10] CTQ StIC 

MEAT COMMISSION — Average fat'iort: C',. MI -> r ,*sh V. 118^1:697. 7£-2. 25 L773.5 I BN 

Prices airi-presemajiv.. mariteL, „ n 5 .SJurbi Jn. do. £717.5 -2.25 11796., '5 i ” 

cattle- .l.R.P per ks. I.W. r«tbclo C692 3 -3.25 C773.5 NEW VOfiK June 3 

«-0.3lj; OK sheep I44.,p p«:r kc. est. i-itps I 1 r,r *' Junt - s - 

d.C.w. i— b.3i: GB Digs C.6P per ks. ,j n | j Tmy os.-SI S.S75 t^ 5 > It 4. 375 ; COPPER 'barpl- 1-ner or, Intal 

J.w England and Wales— Faille Hurt Cash.... ^ ’ &307.25 '+ 1.125 £304.5 J: eIJ,n < i JT, d bghi C-jiimu ;si'*n Hou-e -7 op- 

number; up S.9 per cent, average price a ninnt |* i£B1b 675-+ 1. 125 £5 14.125 I , Prcduus uieiaL. e d ..evl i-n 

71. Top > -0.73 1 : Sheep down S.O per cent. ££ bid : - Uneculanve soiling it, quite markt-L-. Bache 

average l«.3p «-6.9i; Pies down \1S MjJrKetieVtVuhiiSlB5- i *195 .rtported. Cntfec finished slightly higher 

per cent, average 82.6p • +1.11. BeoUmd rrw I ,, a nlIT)llllr ., ,.f i0m c mazier mtere-.t. 

— Cattle up 7.6 per cem. average 7L53p 1 i v I Despite heavy hedoo-iolling. toc-a 

f-M.lli: Sheep up 4.0 per cent, average : i inannucd i,-> Gni^h liUhor un .pt-culaUte 

140.9p 1-4.41: Pig= dr>wn 16.7 per cent. Pbitinun' troy a.. '£ 153.0 £122 jbujin* 

average flfl.Sp t— 4.3» Fret- Market .1X132.4 —0.1 £1:8.9 [ Cocoa— July *!'■ 15 S*pi 71” 10 

MLC forecast rates ol UK monetary Quicksilver (75lb.) 6 125 -30 -r 2.0 £127.32 1 - ! 4 2 . ?>■ • . Due. |1S fti. March I j fld. J|jv 

corn pen fnturv amounts ft.r week from *>nv«r trvy ru |289.8p -U.8 *99.75,- 1 13J. Hi. Jul 1 J3ri.35. Sepr H’i/JS SaV- 

July 2 » previous week’'; fi cures in 3 m..uths -297.4,. .^-0.7 .5U6.95i j 0<>7 lor . 

coffee gains 

NEtv VOKK. June .‘3. 

I Despite heavy hedge-selling. toc-a 
I managed in Gniih higher un .peculaUie 
hut in* 



Stiver wa s unchanged at the fixing. 
In . yesterday’s London bullion market, 
at SfiLSp. The US. cent equivalems of 
the flying levels were: spot SS7.Sc. up 
3.2c? three-month 517.3c. up 3Jc: stt- 
n»mh 55i.3e. op 3Jlc: and 12-month 
58L3c. up 3.9c. Hie metal opened « 
2S9.l-290.lp 1 525* -537c) and closed at 

289.9-389.8p i53g-SS7jc.-. 

• . 1 : 1 1 

5LLVEE ! Bnllion + or' L.M.K. |-J. nr 

per I living I — | close ; — 

truynz. J pni-ing .' 

5p»i 289.ej. -0.8 289.95p +0.B5 

- niuuihft .. ! Z97.4p --0.7 297.35p -r0.7 
uuiutbb.. ' 305. 7j. ! -0.8 — 

Ii.1n1.111h*, : 322.6(.. +1.1' — . , ...... 

LME^-TunVAVT 86 ifi8» lots of 10.000 
ii2S. Monunt;: Three months 297.;?. 7.9, 
98 . Kerb: Three months 287-7. 7.5. 

Afternoon: Three- mouths 397.7. 7 0. 7 5. 
7.4. Kerb: Three months 397.4, 7S, 7*. 


Market fluctuated within a narrow 
range dosing steadily. Gill and Dug us 
reported. Trading was cn»L 

■i.'«terd*T^ + or ■ business 
COCOA ■ Close ! — : Doue 


Jotf 'I8SZ.0-54.0 +1PJ1863Jf-Z6.0 

vept -!SJ3 1827- 1760 

U« +50.75. 1773^-56.0 

Vlarcfa — „...'1740, J-44.0 -ZS-ffl 745.0-2 1J> 

.a«r„ 1715. -S0.0 t25.5 1715-1709 

liny '..,'15S5J>.17Cfi +24.0’ 1705.5-1635 

-rt 1670-1-55 +20-0' — 

Sales: 3.445 (2.46S) lots of 10 tonnes. 
iBiemaiwnal Cocoa Orsanlsadou >U.S. 
cents per pound i—Dail)' price June 27: 
140.63 iH152 j. Indicator pnert June 26: 
l>day average 133 4a (134.79': 32-day 
average 1545b 1 134.44). 

Businesc do do — W heal: Sepl. S4.73-64J0. 
Nov. S7.50-S7.00. Jan. S9.90-S3.73, March 
92.43-92.40. May 95 .35-85.03. Salas: 74 lots. 
Barley: Sept. T9J5-7SJ3. Nov. 82.00-S1.7(l. 
Jan. S4.70-S4.40, March unquoted. May 
uuquoied. Sales: 34 lou. 

IMPORTED— 'Wheat: CWRS -Vo. 1 13i 
per ceut. June uuquoied. July and August 
£93.50, Tilbury. US. Dark Northern Spring 
No. 2, 14 per cent. June and July S2-23. 
Austiat £62.30 Transhipment East Coast 
sellers; EEC Feed. June and July £9750. 
August £96.00 East and West Coast sellers. 
Olber grades unquoted. 

Mabe: U.S./French June and July 
£10350, August £9955, transhipment East 
Coast sellers: South African While Sgpt. 
£73.00, Liverpool; South African Yellow 
Sept. £7250. Liverpool sellers. 

HGCA— Ez-farm spot prices. June 23. 
Feed wheat: Hertford 196.40. Feed barley: 
Hertford £79.79. 

UK monetary co-efficient for week (rum 
July 3 is expected to be unchanged. 

EEC IMPORT LEVIES— Effective loday. 
in units of si'couot a tonne, m order 
current levy plus Juiy. August and Sent, 
premiums, with previous in brackets: 
Common wheat-S9.34. 9.17. 0.17. 0.17 
1 £651, 0.50. 050. nili; Durum wheat— 
133.7). mi. nil. nil tsame.i: Rye — SS.S4. 
nil. lul. nil (97.04. nil. nil, nili: Barley — 
S359. ml, ml. nil (same); Oats— 8L40. 
ml. nil. nil (79.63. oil. ad. nd>: Maize 
(other than hybrid for seeding)— 79.65. 
nil. nil. nil <77.99. nD, nil. ml>; Millet— 
61.94. nil. nO. nil (same); Grain sargham 
—53.60. sd.nS.BH iS237. ad. nil. nd'i. 
Also for Sours: Wheat or mixed wheat 
and rye— 13750 (136.13); Rye— 130.31 


mission set tbe following thresh bold prices 
for cereal imports too the Community 
lor the new marketing year from August 
1. in units of account per ronne; Common 
wheat and meslrn 139.40, rye 15115. barley 
and maize 14135. durum wheat 321.30, oats 
139 73, bocfcwheal, sortoum, millet and 
caairy seed 142. wheat and tneaim flour 
215 20. rye flour 237, groats and common 
cereal meal 264.90, groats and durum 
cereal meat 250.90. 

96.00 ( same) a (oaoe cif for June- July- 
August shipmeoL White sugar daily price 
was fixed at £165.00 1 samei. 

Tbe market opened about 50 paints 
below kerb levels after reports that Sri 
Lanka bad cancelled their lender yester- 
day. Larer. New York prices feH and 
further losses of up to 30 poluts occurred. 
Final prices were around tbe low points 
of the day, C. CzamlJcow reported. 

W. Australian: Granny Smith 3.70; M, ,ii|i D «4B0.. *-455 

Tasmanian: Sturm t-r Pippins 8.2tLS.Sn. ^ p^......S+BO . .... +55 

Cranny Smith 8.60: S. African: Granny \UAi.~ i«78.4 -3.0 '3 07 

Smith S.70, Hilt he Winter Pcrarmaln 7.411. 

siarkmg Delicious s.20-6 40, Golden ; 

Delicious 3.2U-S.S0. Yorks S^l»-S.ii0: Grains ; 

Chilean: Cranny Smith 7-fiO-iJlu. SI ark ing Bariev- F.EC ; 7 

$.10-6.20: New Zealand: Siurmer Pippins H.>me Kuiuies. .. £32.05 ' £S3.j 

16.1 9.00, 175 9.on. Granny South 9.00: lluue 

ltaliau: Rome Beau tv per pound O.lfl. ircuuh Xu. 3 Am £103.5.- L105 

Golden Delicious 0.18. Jonathans D.U. 

Pears— S. African: Cartons. Packham's Ao. 1 Bed Spnna J193.5 ■ g98.J 

Triumph 9.30. Josephines 9 on. Peaches— An.SHsrdtTiutei : ; 

Spanish: Standard trays 2.2tw.50: Italian: tn^uji Minnie.. BIOS £102 

Standard :.60-4J»: French: t.70-2.fO. Ovcw sbijaumi.... £1.904 - 19.Dgl.7E 

3 j ■•■.Ml. Sale-.- a Uiu IjjUj. 

7 ‘Gold— Jum- drlvied. Juft- l?;.4o . 1*4 *y.. 

1 Au«. lVI.ijn 1 lbikaU*. CM. !-?Dn. D.I. 
I ’“LM'. Feb ls<( V>u. Ann) 19b mu. June 
| Ml. 19. ‘.lit;- 201 _y-. Oil Do-.. J10 mi. 

I Fch. S13 3U. April 2)7.nrj. Sj ft i: US lul;. 
3 ; tLard— C-|ur.-;irj'> \/it< .v -ji.J'i 1 nor y.iil. 

jabl-*. ,\Y prime :i«jin ij.tiu a-l'.ed <n»[ 
3.25 I -- Ji'jb'i i. 

I tMuiZt— Jxl.- ,'47.247. • J52; i.Sepl. .si- 

5 I 745." iJ5i'. Dee. i lurch -2i.0-26U.. 

I MS'- ".■r>32-2'H. July I'i.S 
i | Platinum— J iily J4J.5 m >:'4>i.7(<-. Oct. 

B3 . '.‘43.bO-24fi un '747.301. Jan. 245.70-24e Vi 


Pn&f. Yesterday's 


1 Burines* 

Comm. Clooft 





COTTON. Liverpool— Suer and shipment 
sales a mo uni ud la 2db lonnes. brmcmg the 
iota! fur the week so Tar to 4L2 tonnes. 
Broader demand -hased on steadier price 
levels was mainly in Larin American and 
African styles. F. W. Tat re real] reponed. 
Farther quantities Of Middle Eastern 
remained in request. 

DUNDEE JUTE— Firm. PnCefi c and f 
L : K lor Oct. -Dec. shipment: BWB £265, 
BWC £354. BWD £247. Tossa BTB £2£6- 
BTC £233. BTD £346. Calcutta goods 
steady. Quotations c and 1 UK for June 
shipment: 10-oz 40-ln IS 54. 7i~oz £T54 
per loo yds; July. £9.S4 and £7.66. auk. 
£9.13 and £S-60. “ B ” Twills: £2555. 

126.33 and £27.43 for respective shipment 
periods. Yarn and doth qutet. 

£ per uxme 

Aug. _.| 87.60-97.70 88.0059.10. 99.4fl-d7.50 
Dec. .... 8950-99.76 18156-01.10 181.4fl-ab.40 
Dec..... 1U1.li0-01.76 105.10-0556,105.40 fll.SU 
iUtx4i . 103.4(LC3.50 11050-10.76)11150-09.25 
May ....ll 11.80 12.00 115.10-13.25115.50-1150 
Aug_... (11550- ISi.75 HB.b0-17.5O 118.76-116.0 
Ort .^.Jl 18.76-1958 120.00-2055] 120.00- 1950 
Sales: 1537 (L£tsV'lo« of 50 "tonnes. 
Tatn and Lyle ex-refinery price for 
granulated basis while sugar was £242. 40 
1 samei a tonne for home trade and 
£136.00 (same > for export 
international Sugar Agreement: Price 
for Jane 27, U.S. cents per pound fob and 
si coved Caribbean pan: Daily 7.04 i6.96j; 
13-day average t.ib < 7551. 


LOR DOM— The market was dull and 
featureless, Bacfae reported. 

(Pence per lu]o> 

Australian lYtsterd'yia. e*\ Business 
Grassy WcoiJ Close I — Date 

July. 231.0-53.0 l+fl.25 — 

October 240-415 ...... — 

December-. 241545.0 -055 — 

March 248.lMfl.fl ...... — 

May Z4B5-4&JJ — 

Joiy. 2485-48,0 — 

October 2475-805 .^... — 

April 4248.0-52.0 — 

Sales: Mil fl> lot of 15.000 kflos. 
SYDNEY GREASY— (jo order buyer. 
aeUer, busmtss. sales'). Microti Contract: 
July 3415. 342.0, Sc. 5042.0. 29: OcL 
3485. 347.0, 345.6-3465, 29: Dec. 3E3 2. 

ft March 3565. 357.5. 
3S7.0. 3 Sj.D. al Way 3gi.n. set 5. 361.2- 
»-5- 3hl5-3645. 9; 
Oct. 3665. 3075, ua traded; Dec. 368.2. 
369.5, 3895-3695, 8. Total safes: UO lau. 


SMITH FIELD (peace per pound j Oce f: 
Scouigh killed sides 58.0 tn 58.0; Ulster 
hindquarters 735 « 755. forequarters 
345 to 365: are hindqoartat 72.0 to 
735. forequartera 345 to 36.0, 

_ ” „ » 7L “t'-. iw-u. Jan. Titarch 566.40 .Mi’.- 

English produce: Potaioes— Per 56 lb Woono|*a4* kilo... Zd3p. '■ 'ZBOp ! i7j !0. July ?M.oo. St pi. jSJ.'g. D*< : 

2.U0-7.40. Leouce-Per 12 850. los 0.90. 1 C06.7U. Jan. oll.JO. Mjrtli 620.70. Salts: 

Sn 0 0 -- 70 - cSSSSzK ft ' Konunai. 1 Unquoted. fc Am. ‘"f 0 »«*■ 

ftWLi ■i’’'»iuSwm£jw Mnnd^O+wTM m iMa^KassaSL nJuly-Sept. p i«iv.x«a Soyabeans— July v.Tu^TSl <««». Ana. 

OIM'^o' # Aususl-SepL aJune-July. 6C7^70 ,674:.. Snpi. W7. Su*. Jan. 

^m^per 01 ^ j^esst sss iod - sg ;> Maj ' 


berries — Per i lb O.Li+'^O. CanlHlnwers— UU/II.C3 , -' u °\ S*m. 

Per 12 Lincoln 1.S0. Bread beans— Per 1*1 ,0 ’ 

pDUDd 0.1)6. Peas— Per pound O.K. PlMftluriAi TianPQ ■ f-T-* n,r j--i« ' l| " i{ - M - ; ‘ !j T 

Cherries— Per pound 0.50-0.60. Cease- FINANCIAL TIMES ( Ji-.aO. Jul- l,...i 1 

berries— P»r pound OJ20-41.21!. ^ -? , — .t — %■ Oil — Inly 25.li7-J-i.C3 

Jud« >4 Juue fa i jAliffifli iis<i I Alia. Jj 50- Jfl Sepl. 24 no. 

EEC urged to ^ 

! Sugar— N'<. 1*. J»l> r ui >7oy. S,pt. 

cut substitute . reuter-s 

^ A JuneS JuuulTi Mi-nlL Vuintu-' ®54. Ocl. i.'js. Sale:. ".5!i 

cereal imports Hssii iass^: 1S07.4 1 16713 j Tin— ^1.50.570.011 n..m 

PARIS, June 28. (Ba ~ ; Seotember <6, 1931=100, ’ 

ACTION must be tnken quickly DQui inwrc [ May 3itf. July si i. 

to c*ut EEC im Darts of cereal Winnipeg. June cs. -.Rye— lui;- nc.oo 

« nianlne 1Vo June j Jo....- , MunU.i Year bid ■ 105.00.. Or:. IWJ.11 asked '101.90,. 

substitutes, suen as manioc, Jonca a 57 ! a;11I ; a W I Nw. 101.10 asked. Dec. 101.10. May 

because of tbe unfair comped- 1 . 1 ■ j unquoted. 

tJon thev create in the market b>.t .... 359.i4ls6l.2iS57.2i 393.30 1 j^Oats— July 72 m ,72.20,. oct. rj.:o 

1 Futarea 345.701448.24 358.72 358.22 <<3-50 bid*. Dec. 71.00. ilarcft 71.70 bid. 

1.50. Celery— Per 17.-18 S 3.0IM.OP. Straw- 
berries— Per i lb 8.U4kS6- CanlHlnwers — 
Per u Lincoln 1.S0. Bread beans— Per 
pound O.Dn. Peas— Per pound 0.12. 
Cherries— Per pound 0.30-0.60. Goose- 
berries— Per pound 0.2O-O.22. 

EEC urged to 
cut substitute 
cereal imports 

PARIS. June 28. 

ACTION must be taken quickly 
to cut EEC imports of cereal 
substitutes, such as manioc. 

because of the unfair compeii- 1 . i j unqiwrcd. 

tJon thev create in the market sp-t .... 359 . 14 I 351 . 21357 . 21 393.30 \ j^oats— July 72 m ,72.20,. oct. 

!3d S-fitoelcSde. Chairman fiff ^34 5 ,7 t «448.243 5 8.72 358.22 ^o^g*. Dec. 71.00. Mam, 71.70 bid. 

of the French Maize Producers' UW88B iW+awiff-iW) aaarieyU July 73.40 bid 173.50 tidu 

Association. MOODY’S S ^ 


June 2S Juue 27 i.Uhiii li l'nr i,>.i 

244.7 3 434.97 < <50.57 : JSO.45 
(Base; July l. i'6? = |U01 


June 2 ?. JuneXi .Ui-niL apn Vuir>tu-- 

1488.6 149 6.2; 1507. 4 1571 3^ 

(Base; Semeiober ifi, 1931= 100i‘ 


L'K-o I June j June i MuniJil Year 
Jonca I 28 I 57 . au>, i auu 

of the French Maize Producers' 

He said in the editorial of the 
Producteur Grocile Francais that 
the EEC risked finding itself ex- 

fune June Year 
28 27 *fto Joao 

On. , 7J.70 bid,. Dec. 75.59 
bid. Ifjrch 74.10 asked. May 74.70. 

55 Flaxseed— Jut- :jS.OO bkl ,'239.00 hidi. 
Oct. 243 SO a.-fred u244.0D>. Won. 244.30 
bid, D-c. 238M. May 344.10 asked. 
Pr Whrai— SCTtfRS 13.5 per cenr protein 

porting 1.25m tonnes of home- ^ ,^ m miy9is. 7 i ^ j, i92 g ! 863^ j cJSTSr It ^LaSTme i«.s .iisTl'" 
grown cereals for every million .porember »i. mi=ino. A „ wnrs p , r ^ iad „. warelwu ^ 

tonnes Of imported cereal : unless ortieril* staled. “Ss per urey 

substitutes. HIOES- London. Firm. 11-Si: ^ 

The restitutions paid on the 3 V^p per kilo, iwoj kilo? a?;?. =«o. e L£? r JJ prin^ riram "{% xv hniV 

exports, and tbe lack of taxes on 5?“ fl "Vf6^*er M iuig No h, ciu“oi!Med' 1 ,anl: ^ ‘-Cun.c Wr ss ib' buX] b “i- 
the imported substitutes would * mm rehouse. non bu.-fiei i, Jt , , ?s 

nlav hwno with PFr flmnfpq . * . . uoy w,nco for M 01 or>rts <lf ^-9 P- r 

play navoc WlUJ nnances. GRIMSBY FISH— Supply good, demand , Lem purity dvlii'i-a-d KV. r Cents pur 

Bearing in mind tne low pro- good. Prices A Si one a: ship'* iJdc unpro-'iruy ounce ex-iv arehousu. I| New B ■* 

fpin content of manioc ever.' cessed: Sbcir cod £4.5D-£5.2U. codimp, con:n,ci ,n Ss a shon ion lor bullf lois 

m niton ,nnn«c imnorlort wmilrt haddock £4.36. medium ar 100 shon lous delivered f.o.ft. rar.e 

mililQll tonnes importecl waula small c2.70-j3.0o; larsc plaiLe Chicago, Tolcilo, St Louis and Alton, 

require 250.000 more tonnes Of KM-UAB. medium £+GO-£5.20: best small - u Ccnis per C9 lb bushel in Store. 
EOVabean meal imports to make £S.60-£4.O0: large Stunned dopfish 19.00. . Cools Per 24 Jh bushel. — Cenis pi-r 

medium £5.40: lame lemon sole* £6 no. 44 !b bufhel cs- warehouse, (f Corns per 

Up me proiem levels. medium £5,00: rock fish nVKLd.HK rods 56 ib bushel cs-wirthouse. t.000 bu«Kel 

Keuter I2.m-IZ. 30: saliht c^0-f;.O 0. lots. per tonne. 



Financial Times; 1 ^^ 


Advance report of economic survey subdues equities 

Interest rate worries return as U.S. levels edge higher 


row i 
S3 ■ » 

lonft lAvar 

Government Sera-..-.. 69.Ol S9.25 

Fiwi Interest ™.15 ?1.^ 7W7 

industrial Ordinary.... -486,3 456^ 45= ° 

UoHJlipa W - 1 

On!. til*. Yield. — 6 - 8S i fl 81 l 4 

lamlDgfcrwathUiK*! 1*7.68! 17-631 ij 
1VS Ratio (neM(*T)-*.... 7 - aa j. 7 ' B4 ' 

Deallnits rolrfkwJ 4.018. 4,4735 4, 

Kqn;ty turnover £m — | 57.37| 63 

Ediiilr baaghtf tAW- 

Option 111 per cent. Yesterday’s t.E con- Fnmiturc 4 more to I02p. H. siaieiuent No F fo *£, , t £?![ JjS PnbUshers A. P and C Black firmML Krian wereVaised 4 to 67p. 

.o- in1 P iT. version factor was 0.669S (0.6744). Samuel A found support and hoished a penny better at 3/p on Pubushers A. ana u Black urmeu ivruu 

♦hirM Declare- Last Account raorn : n „ cession gained 7 to 2S4p in a thin markeL the return to profitable trading m 3 to 98p in a thin market In 

»«■■"«« .ions Dealings Day %L™T^T7Z addeS 2! to 3S|p. the Best half. ^S^ funher Golds firmer 

Jun. J2 Jun.22 Jun. 2.* July 4 432 contracts were done, interest GEC came to the fore in Elec- 7^ on jJJe reconstruction pro- \ rally In the bullion price, 

Jun. 28 July 6 July 7 JulyJS waned considerably when the tricals. closing 4 better at Zobp. Chubb dlSappOilU n 0s ^ s and John Waddiugton, at which was finally 50 cents firmer 

JulvlO Julv 20 July 21 4ue. 1 equity market turned down and after *a»p. in recognition ot , Mknel- *’Q4n. recovered nearly all of the at S1S5.375 per ounce, coupled 

-v iU • “ u ‘ s only 117 were added in the after- dividend potential if restraints are An early attempt by Miscei- -u^p. * ‘ strength of the invest- 

wwvsg. ^ ™ tSy&Msss s&«kk • ssnrss 

B-F despite' “opJs ‘’'that EtecSprovS b^r£h°ec^SSfc 2SJTSS Oils quiet ^“^ld mnShid^'r ecouped 

dividend restraint would soon be demand ana attracted n trades. ^ contrast at 175p, down 5. touched 550p but closed 3 off on TTO The- Gold Mines Index recouped 

abolished and speculative interest on the profits setback. Deoca also balance at 545p and Beccham After initial Annies, U.S. «11- 3.0 to 160.6. * 

iiv insurance Brokers following the Brokers DelOW best eased the ordinary by 20 to 410p ended 5 down at 833p. after 640p. ing took British Petroleum down Gains m the heav^e^hts ex 

new American bid for Leslie and _. . an d the A by 15 to S95p. Elsewhere, a sharp contraction in From 34Sp to close a net 4 easier tended to l In stocks! ike vaai 

Godwin. Early indications of an Tuesdays late disclosure that Engineering leaders reacted annual earnings unsettled Chubb at S40p. Shell reverted to the Reefs, £142. West Driefontein, 

extension of Tuesday's technical Frank B. Hall, the third-jargest fin J start an( j, c ] Qsed „hich fell away to finish 14 lower overnight level of 545p after 550p, £202, and Western Holdings* £1SL 

rally were not fulfilled as a small quoted U.S. insurance broker, is - . , . Bro continued to at 123 p, while Harris and Sheldon but Ultramar held an improve- whUe lower-priced issues showed 

demand was stifled by a report to make a renewed £24m take- uu * cu - w men t of 5 at 243p. Initially sup- Tl}KS t o 44 as in WinkelhaaK, 

Kii-jeesiinu that the Cambridge over bid for Leslie and Godwin ported to 35Cp on reappraisals of ^n. 

the Erae Field estimates. Siebens south African Financials also 
(UK) encountered profit-taking tended to harden- Amcoal 
and ended 4 down on balance at responded to Capo buying and 
340p. closed 15 to the good at 585p, 

Still reflecting Far Eastern while Anglo American Corpora- 
demand, Si me Darby rose 6 to a j| 011 put on 7 t0 322p. 

1978 peak of 97p. Yfter losing ground at the out- 

Dawson International returned * f trading reflecting a further 
to favour in Textiles, the ordinary fali j n -overnight Sydney and 

69.2l| 69.19^#®. 
71j6a 73tfl3 ;».Qp];6&4|; 
456.3 -. 452:7 '4Bfi.6|- 1 45B;a 

455.3 456^ 455.0j 456-3.; 452.71 4Bt 
3.60.W 157.6] 158.1 .161,51 -161, I'« 
6.83 1 ' 5.81} 5.841 *.??{-■ ***{'; * 

17.68! : 17.63) 16.-88j 1^.74} ltM-Ul 
7.52', 7 -m! 7A4t B.OU ;7.94| .7.' 

4,0 1S^ 4,47^ 4.3B4I 4.436 4.89a ; ,';5jQi 
— 57.37] 61^7j '9LSl4|'_B5^9j 67. 1 

_ / 13 J5B/ 13,7051 15.699h4.AlSl 13, £ 

164.51 108.3 


- i8:7« li'se 
.7i99[ 9r36 

; :5,057y 55002 
13.2561 23.®5e 

iramSSTYlaih lumW. 

2 om 456.5. 3 pm 456.1i . .■ . 

Latest Index «W« 8023. r* r 

• Riicnd on 52 pet Ctflt COTPOfftOOn tsx. T JfUST^W * c . . V 

Bads 190 -GO^ sSo. 1MJW26. IHL 1838.- UA OW-1/7/3*- CoW. 

MinpTti^/Sa. SE Activity July-Dee. 1942* ! . . .** •• \- .y ' . 


j 1978 |«n». Compilation l'.'. ' „ 


. Jaoe’T JimoV 
. 28 - Zl ■: 

demand was stifled by a report to make a renewed £24m take- 
suasesiinu that the Cambridge over bid for Leslie and Godwin 
croup's latest economic survey which will gain Lloyd’s approval, 
extremely gloomy. sparked off a flurry of early 

British Funds. too. were speculative activity in Insurance 
looking distinctly dull ill the end. Brokers and sains in some cases 
This market also failed to ranged to S. However, interest 
maintain early promise, being waned and the closing tone was 
unsettled by another rise in U.S. mixed. Up 5 the previous day on 
short-term interest rates which speculation. Leslie and Godwin 
led to renewed anxieties about the moved ahead to touch USp before 
current structure here, particu- dosing 4 up on balance at 116p. 
Inrly in view nf the Government's c, E. Heath put on 3 to 235p. 
si/cable funding programme. after 2B0p. and Hugg Robinson 
Recently announced higher dosed a similar amount dearer at 
dividend payments by companies ISlp after lS4p. 
in the position to do so. sh 01 *'^ Press report suggesting that 
the current , e *r ls ! al,tin ----S Hambros may soon 'be asked to 
ahandoned. stimulated a search | £luncfl a new rescue operation for 
for concerns wit h ~ood dividend its associatad H iiraar Reksten 
covers and GEC, Which last year tanlcer shipping business 
reported anru ' a ' ^ 0390 P r omptcd nervous selling and the 

■‘ip’ effo a fd „ et P 4 dea«? share " relinquished 9 to 176p. 
b f r Sv„ Elsewhere in Merchant Banks, 

ar— >uj». ...... r , Leopold Joseph improved 13 more 

• < ! th / r , t ln f'u “ a i rI«o U un t0 2I °P on consideration 

included Trust Houses Forte, up f ^ resulrs 
10 at 220p. after 224p, on half- 


Govt. Sees— 78-58 68.79 J2TA 49.18 i^5.2- 168,8.. 

(J/lj 0»rS) (9/1/56) wUI5) indnBtriM>,il 133.2 -143.4 

PiWlnt.... 81.87 70.73 450.4 60.53 Speculative,;. : 40Jt - 30.0 •' 

0t;U <tW5t l<2h/iWj (3/1/75) '»!>* : 101;? 

^ i m 4 ' 

Gold Mines. 168.6 I 130.3 J 443.3 I 43.C. j specniMfvo„J .44.5 ...444. ' I 

(bid, [ INI) WeJ~.VjJl01,l. -1055 j 


No.- • 

ifjfip as bid hopes revived. 
Hicking Pentecost also featured 
with a rise of 11 to 96p on the 

a couple of firm spots in Stoddard 
A. 2Sp. and Trafford, 30p, both of 
which closed 2 better. In 
Tobaccos. BAT Industries 
Deferred closed a penny better 


reflect last Friday’s excellent relinquished 3 to 50p. after 49p. * u *LP° rt ;. f M U to ri 310o ea despfte"the minimal^ 

Rubbers closed with some «ooa •» 

support! ^Gmhrielea^red^viS & Ac“X 
a rise of 20 to 3I0p despite the minimal ^ 


’ of 


Change .- 


Stock -- tion . 

marks price (p) 

on-day •• 


.lew • • 

Guthrie Corp. — - fl - 


310. • 



'2U ; 

BATs Defd 23p, : 


; 271 ' v 

_r . ; 

3» 6 . . 


ICI £1 

: io . 


3l- v 

396 • 

32S : 

GEC - 25p ' 


■256-" > 

4 • 



Shell Transport... 25p - 


5S6 • • 


Trust Hses. Forte 25R.‘ 


- 220 : - •? 

+10 - 

224' :• 

166 - 

BP £1 

' - 

\S4ir r-v 

392 1 f 


Smith (David S.) 20i> i 



- ts ; • 

Sotheby Parke 


' ■ 

Bernet . 25p\ 

:-:287 :■? 

"298 ' - 


Commercial Union 2Sp . 

. .‘5 7 


2 -- I59 : ’ 


Grand Met 50p.-?- 


•+ 1 



Burra ah Oil ' £L- ;.. 

- 6- 


■+ 1. . V 



Distillers 50 p ... 

e 1 

■ 174 

S' • 

187 • 

163 - 

gkn £1 ~ , 

'. 6 


■-+ I- 



BTZ .'250: 

6. • 

214 - 

.234 - 



- ’ , P !■ 1^ ; 1 . OUlQC VI ivj VII luat aU i ■_*. • ALU DC I L ivq A All PL a ■ ** 1 L LX1 

interests; Hambros fall was nm* 3 Mr. Norman Gidney is making a auction continued to draw buyers ' > 

largely responsible for an above- results, BPB immediately fell on third attempt to acquire the out- to Sotlieby Parke Bernet which - “ - 

a'-erage movement in the the announcement to close a net standing 25 per cent of the capital put on 6 to 287p, while Silentnight Morund 

FT.-Actuaries Merchant Bank “ ^ ^ per cent he does not already own. lm- added 5 more to IOOp on further OPTIONS Biiihdeii-Pa'ro 

index, down O.b |ier cent at Preference shares were raised 3a provements of 4 and 5 respective'y consideration of the chairman's UrilUna p «4f 

Charting the course of leading {j* ueie seen in Ha ttiiew HalL 2lt5p, optimistic remarks at the ACM. fifat iTtfr HATER solidated Oil WestlandL Town Bremne^ J 

Industrials, the F.T. 30-share tion. Disappointment with profits an d Clayton Son. SOn A dull Central and Kheervvnnd imnroved DEALING DATE.& soiiaaveo v»u, v,CB,u “r» eukum* 

index was ai its best at the 10 at the half-way stage left Bert market ^jf late follovving disap- 31 t^ u2p in response to the Firs't Last Last For and City Properties, MFI Farm- mfi Fumitur 

a.m. calculation, but receded Brothers 4 lower at 62p. but the pointing results. Baker Perkins capital proposals and the chair- Deal- Deal- Declare- Settle- ture? j. e. Sanger, Siebens .DwtinBawi 

Thereafter from 4->8- to close a im^wed interim results and the retr i evsf ( 3 tcl p5 p hut Edgar man's optimistic view on current- ings ings tion men * c Oil (UK). Queen's Moat Houses- .Blackwood h! 

net 1.0 lower on bdlance at 4 jj^. elimnnans confident remarks Alien Baifour cheapened 2 to 38 p yea r prospects. DeiaiLs of the Jun. 20 July 3 Sep. 14 Sep. -S Pronertv Crest Nlchol- : fSSS,m^n 

Prospective buyers of Giir-edged lifted Blundell Permoglaze to M ith the cautious remarks about company’s capital investment Julv 4 July 17 Sep. 28 Oct. 10 English Property, ^ L-resr «tcno . ctayton son 

securities were still not convinced ' J p i A tier the previous day s rise current-year trading outweighing plans helped European Ferries to Julv 18 Julv 31 Oct. 12 OcL24 son, ana H- and K. Johnson- Tnm Houses 

that the market had stabilised and of o. bcona hardened - more to details of last year's bumper harden 21 to 124'.p t while gains For rate indications see end 0/ Richards Tiles, while doubles Wnson Bra 

talk began to revive of a possible J®P . 'J he " d fjl ,ns * * u iT P^fits. of 7 and S respectively were siiare Information Service were arranged in Bunnah Oil. ggrfVfc a. 

further rise in Minimum landing ^nded on the announcement interest in Foods was on a recorded in De La Rne. 347p. and Monev ' was given for the call Lonrho, - Brocks and Pacific * ISc 

Rate As a result, opening gams of that discussions are lakiru, place seleetive basis wilh j BIbbyJ.Crean.160p. A. and R. Findlay ; Rurmah Oil Premier Con- Copper. . ■ *■ 

i among both the shorts and longs that may lead to an offer. figuring prominently at 230p. up put on 3 to 4lp in a thin market m Barmaa Ul1 ’ rre ■ r Creanu.) 

were surrendered and eventually 1CI improved to 374p initially 8. on revived bid speculation, and Halma Investments added a UBii«andGa 

replaced by fails extending to S. but. in line with the general Nurdin and Peacock rose 4 to 74p, similar amount, to 6fip following ■ •— ■ — — " Fiteht Reiueii 

Corporations were neglected but trend, closed 3 down on balance while J. Lyons. 76p. and J. Sains- comment on the record result's imitiiiDJ 

occasionally ended a shade easier, at 36Sp. Demand in a restricted bury. 193p, put on 3 apiece, and the Board's intention to pay «t 1 1 L,, Tr „ „ _ J *4.^ -t e , 

while Ecclesiastical Insurance 10 market lifted Blagden and Noakes A. Ffsher were also notably firm a 100 per cent dividend increase WCl^li 2lffGIICV DI1V5 rCSlOrGO Sll0 HfuJiam . sin 

per cent Preference made its g to 236p. at 13p, up li. but Cullen's Stores if restraint is abandoned. & •/ J ■fcutsu.) 

debut in recently-issued Fixed A. at 119p, gare up 3 of the pre- In Motors and Distributors, B v mm weicu rnnDKPONDfiNT "Dana^inc. 

Interests at 104p before a close of p Ar Himn and Macnn ' ious day s speculative advance Godfrey Davis hardened a penny BY OUR wkLSM L.UKKtarwnLicn 1 . faulty con wi 

I02p. 6 14. Hillards moved up 5 to more to 8S]p on further con- WELSH Development The agency has applied for.. g;t. japan 

Late covering made quite an Secondary issues provided the ?I8p on renewed speculative sideration of the results, while tn huv 5S ac fp S at planning permission to build twaic emur v 

impression on the investment main focal points in Stores yester- interest, but small selling clipped C.GSB held an earlier pain of 1£ i^ n L n s jS irl rjamortran for 25 000 rauare feet factories an<f- ovt 

currency pninlum which, after day. Renewed demand in a thin 3 for Kwik Save at 80p. _ _ at 21Jn following the half-yearly P 0 "" 0 . 1 ?”; ,nd toolO.aS^iSre feet°nSts m A,rl ' p - 

! or so were recorded Indnatries sh« 14 to 64p owing to ^ra. '•,'rS5uS?“'^Wr^^e , 5,' «. h«™ 
Lumpur Kepong. <8p. Canadian selling. . attained ' , |5^ 0 ^ i ^J^s o ^5 8 ) 0, ' r37a ' 


i?*«* BEERS ‘fl ) 

M or land BenlOX 

. .BUILDINGS ay • Bett Brothers 

nDTlflNS BlundeU-eermoolan - Nonresi Hoist V ~ ■ I 

Ur ■ IVI10 DRAPUtr AND STORES 17V Clba GHov 8U 

. Beattie UJ A. . Pawson (W. L.) MAPE 

DEALING DATES solidated Oil, Westland, Town Br^n^ " ‘ "* ^*1 

Last Last For and City Properties, MFI Furni- hpi N rmau^^- ^ - ^ ■. emi bi^pccoo. 
Deal- Declare- Settle- j ure Lofs, J. E. Sanger, Siebens qoWdinB andum* . tiestrocomponenta . Geoerai Enaim 

ingS ftOn ment n; . /I liri Anaon'c ntnat TTnnwc. Rlirbuepnrl Llnrin* Plllnft f R ) 


of 7 and S respectively were Share Information Service were arranged in Bunnah OIL sniSStioM 

i recorded in De La Roe. 347p. and w onev was given for the call Lonrho, Brocks and Pacific central a siieenwxxJ sutciieespMfswan 

' J- Crean. 160p. A. and R. Findlay in Ba r ma h Oil, Premier Con- Copper. - gggyf: "•* . rimar cunon 

Welsh agency buys restored site 

- . INSURANCE lt> 

ttBlta aad Godwin^ 


!****"“"*** tii- 

Smi “ ,DJ SHOES II ) 

Hudlam. ^ nw TevT ,,- e 

E WELSH Development Th 


J J _■««..« O.) TOIWT5f7J 

{RESPONDENT . . ■■&&3SB* 

. .... Duties Haw Par 

jlopment The agency has applied for..G;T. jaoan ^ ■ 

acres at planning permission to build two'^century' 

gan. for 25.000 square feet, factories antf-^. overseas TOADQc^ia 

spending much of the day around market led to a fresh jump of Trust Houses Forte featured report. a new industrial e Z 118 ^ th#> «dte. whmh eventuallv should CI ’* r “ n ^ e ' icuai* Kenons 

103 to 1091 percent, rose fairly 45 to 725p in Fortnum and Mason. Hotels and Caterers, closing 10 Renewed investment demand once covered in ' **g* Si® enable of nrovidine^iflO to^ '-fSSSilm ■■ - MNaSoR - 

quickly in thin trading to dose while persisting speculative buy- better at 220p. after 224p. on the lifted North Sea oil favourite and an iron w . or £ s ^ k. 3 ® been of providing IJiOO to J ^ _ was nr V- 

two points higher on the day at ing on bid hopes lifted MFI betler-than-expeeted interim Thomson 18 to 233. News Inter- restored at a cost of £700.000- iu>uu jooa. . i. • 30 a ». 



MIMS t3> v 

St. Helena • IbAMm-KlaU - . 

FMCAC ‘"“new LOWff(24) ‘ 


LCC S';pc 1977-Bt W»rw(c»t 12/u>CtMO 

Sanlax Streeter* 

Bett Brother* ■ 

• - - CHEMICALS OJ ■— ‘ - 

c,,w “oBteMWai: - -: ‘ 

EMI BI«pcCo*iv. 198V • .-J _ . 

General Enfllaeanna . Shaieaspcnre-rj-> 

R.H.P " •- Tutiejijwestnwpt* •- 

FOODS il) 

Tiwier RutledlWf • - ■. • - 

INDUSTRIALS ««» • • V - - 

Abbey • frrtlsb Syolfoo . 

Bodvcote Inti. WbUelv (B. 5- & W.) . . 

- ' - - INSURANCE ni i -v' 

Phoenix - * . - .. . 

SHIPPING 14) • i 
Jacobs (J. I.) Lyle Shipping 

LOFS Ocean Transport 

TEXTILES <T) j A. . 

Early <C.) & MarriaR . ‘ , 


Borthwkk IT.) V 


British Fends -j-‘ 76' X 

Corpns. Dam. ffiMi -'•••-■ 

; Foreign Bands'. ' *"7? SS 

Industrials ... ^ 37* '2Q:>.928 
Floanclal and Prop. .. 112 65 332 

otis .jo , » . 

PtemaUsa 15* . 2 14 

Hines . 

Recent Issae* ... 




All of these bonJs having been sold, this announcement appears as a matter of record only 


U.S. $ 60,000,000 

8 V* % Bonds due 1st June, 1986 
Issue Price 99.75 per cent 

Istituto Baneario San Paolo di Torino 

Banca Nazionalc del Lamm 
Credit l.\»miai*> 

Dillon Read Ou-rscas Corporati«»n 
Krvdw'tbunk \A. l.u\embiiurgeoi>c 

Arab Finance Corporation S.A.L. 
( i^alpinc Oierseas Bank Ltd. 
Eunioest S.p-A. 

Berliner Handels- und Frankfurter Bank 
Duma Europe N.V. 
Istituto Baneario Italiano 
Sofia* S.p.A. iRas Group; 

Bank of America International Ltd. 
Credito Italiano {Underwriters) S.A. 
Merrill Lynch International & Co. 

Mar. I*~S 

100,. - 
Cl-Jw'j — 

if.Ci7.3S £10 
u f.l*. 

’ - r.p. 

fS9 gau 

tt«7 *:■» 

y.-i 9 | in 

14(7 : HI. 

7.-7 ; %|. 

- . 10*1 
: — IiWJ* 
J8i7 11 
d5'8 jJUcu. 
|E5;6 j l«>t 

* ' i F.r. 
-.109 K.l'. 

* ■ K.l\ ' 
L93'4 CIO 
C9y C1J 
*.9<3i: CaO 

90 f jAliwd Irtalhei JS, I’rei 

^4||Aill(->llh.liif Ph>if, cCfc I , KI... V „. 

-ltjimHK-i u«ci. I9ti 

87p |Llive L'l-oililll. *1% Cum. i'ryl 

p4ihii Liullon L'un»-. Prfd. WTj — do.... 

}1]> Liewiiir-i ii.J.i ${% mm. I'rci 

llKpl&.vIc'iasI'*! Ins.OniwlO^KpilAnilCuni.Pre 

JOu IfcUinbfiijrb it'if.v mi vu. jhtr 

10 ti &*** Water 7.5 lit.-!. I'm. 19bj 

l»l-m :Fblrv»c»r K>t-. IM> 

'.<3p fircentleM Sliltoir Cn<n. Fief 

It Ifc-m. Ol, IIJ* l.ol. Iftf-. 

97»- '-tB 10» Prcl 

W5|. Miller 1 F .1 ll* I'tvi 

99i*<»>S Mini. Piei 

tiNj' it< Hurt llj, 1*1 el 

v«7« »,«■!« b >1 \mIa li y.’.“ L Min. I'M 

«lj «.«ill<yn.| m-h |g>> Ceil. 

• 11 , riMv-bie ic.% iK* 1 . Iyer- 

»* >* ■ .v. »»—• u-„ i; i-m- 

->4)j WV-i Kent U»H 1 12? 1M-. 

W | 

fi| = 

102 [1 

too 1 ..... 

11 1 ..... 
!« pml . .. 

I ioofUi 

9S|. Ul 
'105|.| ... 

1 109iil ... , 
98».iw 1 
8ti -»4 


; 47i 4 -U 

24 ... . 


The roKowing table »nn«s the percentage ehangcsf which have taken place since December JO. 1977, In Hie 
equity cotiioiu of the FT Actuaries Share Indices. It abn contains the Gold Hines Index. 




British Government June 

Gold Mines - 

Mining Finance 

Overseas Traders 



Toys ana Games 

Mocnadtca.’ Engineering . 

Office Equipment . 

Newspapers and Publishing 

Motors and Distributors 

Engineering Contractors 

Packaging and Paper 

Oils . 

T c*i.ica . . 

,»<hvr Groups 

Metal and Metal Forming 

Investment Trnsla . , . 

♦•-wial Coeds Group ” 

roiwiin-r ( ; PQdi . ourabk . Group 

•on sharp imk>s 

Contracting and Con«ni«ion !.!" 

Wlnos and Splrus 

Insurance Broker* 


AlkSDaTe lodes 

Electronics. Radio and Tv ...» 

Building Matortali ............ 

Phannacgiixical Products 

Electricals . .. 

Guosamer Gauds 'Non-Ourat)!c> Group 

Breweries . 

Food Manufacturing - 

Merchant Banks 

Household Goods 

Entertainment and Catering . . 

Property .. 

Insurance (Life) 

Food Retailing 

Fibaitcial Group 

Discount Houses ... 

Banks ... . 


Insurance (Composite) 

Shipping ... 

Hlro Purchase ... 

Percentage t-naascs based on Tuesday. June 

• 15 |<ni! Wpi"' 

• 6pm! Spill 
I 22[.m 12pm 
I ISpnil lpm 


; Slpmi 16pm 
1 SOpiif] 10pm 
20|uii' £2]un 
[ 22 pm; 20 pm 
j SSpnij 25pm 

Mpnii 22[itii 

jHntisli Tar Products 

|Hiunke Tuol Eng 



|L1\ nwu (I. St G,)_ 

[lAlt'li Interests 

, '■ketch lev 


| D... A. .NjV 

jsccurUy Sen . .. 

I tic. A. St\ 

10pm > 

12ptu{ ...... 

14pm U 2 
lBlapmJ— ■ lg 
16pm I— 4tc 

. 23pm |+1 

20 pot| 


’ 22puil 

Wed., June 28 

ludest l Ylffld 

Hvnunuistion date usually Iasi duv for neoHnu free of siamo duly. D Piqurvs 
ftaswi on orosocCtt* esifirta 1 *- a as turned rtivirtcnd nan view, a Poroeaiar tlimtena: 
cover hjs< rt <m trevious year's earnings. * Dividend and ylplrt based on nrospeeuis 
ur ouici olTiciai -■‘nmole!- f nr W.y u Gross i nwtres ansum-yf t Gnvei j<i-hv- 
tor tonviTsinn ni snur.-s nor now rankina fur dividend or rankiiiK only for restricted 
itiuiiii-iviy KiiK'iiu. nrice io nuohc pi Pc ncu unless otherwise indieaitd. 1 1ssued 
uy ■•’ruler. ‘I lifteren m bnlders oi Orrilnarv shares as » " nghls." ** tesirri 
by wjy m cami.ilivaimn. ♦» Minimum render ortcc. SS Rclnlrortuced. fl? Issued 
m eunnecdou v.iih rouroanisuuon nierser or lake-over |||j Iniroductwt- u iMwwl 
tu luririvr Preference ItuKk rs. Ji Altai mem tuners (or luils-oaid). # Pcovistodaf 
or paniy-paid aiiaunem leuers. * With warrant. 

i& 20-yT. Red. Deb & Loans (15) 57.25 

16 Investment Trust Prefs. (15) si^a 

17 ComL and lndl. prefs. (20 ) 70.62 

57.20 .57^54 57-40 
UM " 6i,34i:SL52 

. , FIrrarre?aT TSnres TRcrsgay lone 39 1978 



Abbey Unit Trt, Mgrs. Ltd. (al Gar I more Fund Managers V OHgt Perpetual Unit Trust Mngmt.y (ai 

Abbey Ulle Atsurarice Co. Ltd. 

^lJt St Patti's ChUfcfar«riEOi._ 01-S«»m IT- Wajthan, Chub. WX3UB7I «Vrac«hureH St '.E«P 3HlT ni«a42M| At "*» °** ™ 

Equity Fund _J.f».7 

. Equity Acc;^_>_ 308 , 

-Provtrts Fd„. lvw ._ WJ 

; Property Acr .i 1534 

.Selective Fund; — 875 
■CeavertlblBFUad.. I30* 

-irifoneyFUDd— 1212 

_Fcaa- Property ; 172.9 

. Taas. Selective „ at* 

Pens Security— juts 

_ - 1299 

•Howf.Fd.SM. 4.. (1092 _ 

price* at June 27. Valuation normally Tuesday. 

Albany Life Assurance Co. Ltd. 
SLOW BurUnffton si., WJ. 

'31.71 . , 

516 -Ittf — 


92 2 
127 Ji 

m. l . . _ 

872 -1.7i 
143 J 




1368 . „ 

m “ Lal 


Portfolio Fund .1 135 0 I I _ 

PORfol io Capitol ._ 1*1 9 4*0} | _ 

Gresham Life Ass. Sot Ltd. 

2 Prince of Wiles Rd . B'mouth 0202 751655 

T280. Gmehourc Rd . .'.yln.ibuiy. 

Ahhov Capitol. . [118 33B|+01| 

Abbey Income .138* OBw-r-Dlt 

Abbey I n» . Tsi. Fd.. [35.4 . |7|-g?j 

£52 ? e l** C L_ LkLy KP* Pensions Management Ltd. . . .. . , s; a ^ 

Allied Hambro Group? taHgl 

_ .. Hambro H^e, Hu lion. Brrniwuod Essex. 

New Zealand las. Co. (U.Kj Ltd,? oi-sae 285 l or Breni*uod >'Kn> siuse 

Hal i land 1 louse. Southend SSI SJS OTIC 62955] Balanced Fundi 

Man seed Fund .[149 9 156.1| . .. ,| — 

ITiccs Juni* I. Next deallnc July A 

G.L. Cash Fund-..-. 
C.L Equity Fund. .. 

OL 'jilt Filed [1093 

— O.L IntL Fund 

1 103 6 


Kiwi Key Inc Flan. 
■Small Co's Fd 

Technology Fd— 

American FA _ _ 

G.L Ppty. Fund -_.|96 5 

Growth & Sec. life Ass. Soc. Ltd.V FTrEasib'd 

Weir Bank. Bray-on-TUameg Berks. OKS-MSM S^lEdKedl-'O- 
FlMibte Finance.. I anu i ' . Ua-DeposisFA- .. 


87 8 







VEquiwra. Afc__ 1180.6 

VPixed InL Ace 136 * 

WBtMmieyFdJtc.. 5«2 
VlnlLMxn. Fd_Ae m . 104.9 

jlFcLAtc. 1Q«J 

Jo Inv . Are 1613 

si.Pen.Fd.Acc. 111*1 
. . /lJ>toAce_:_ 1722 
(FULMooJtoiLAcc.. 1288 
IntLMn-PnFdAcc ... UXQ _ 

•Wplein “ 




110.4 ' 

U38 ..... 

169 9 




116.8 .... 


297.6 ...... 

Flexible Finance.. I 

Landbank Se*. Ace |U6 j 9 ii«, _ _ 

G.& S. Super Fd._ I £7954 | _....[ _ PO Box 4. Norwich SR 13NR. 

Guardian Rqyal Exchange ISKRtB" - '”®! ” M 

R*yal Btc ban ge.E-CA. 01-2737107 Property Fund.. H. 

01-4373M2 Property Bondi .... -| 17 4B 182.0}'.. .. | — — 

Hambro Life Assurance Limited V 
7 Old Park Lane. London. W1 OM90OO31 



+i 2 






+ 0.9 




Allied IhI , 

Brti. inds Fund 

Rrlh.AInc ... 



— Elect & lnd. Dei.U24 

684) ->-0 5| 
65.M -0.4 

. JXOl 0 

Allied Capital _ 
Hambro Fund . .. 

I HaiqbrO Acr. Fd. . 

1 Income Fuads 

Rich Yield FA |&B9 

Hjfih IncoBw 63 6 



108 7m 


UJ9G5941 ; si H«y.W.£C1A6P.P. 

513 ii»4mcrndnT«.r — 

5 ?? Rritirh Tct. ■ Are.. - 
4 33 Commodib'Sliarc 
41 9 Extra InCiWVeTxI— 
l ;i Far EaaL. Tract - 
lltph InromeTct — 
Tnromf Fund- — . 

ln^ Acehclef , 

li*H.F.u»mwFd - .(MO 
inlnil Tm.iAcc i 

+0 3 
+0 1 
+0 4 
+ 1.0 

m Gibbs lAotony) Unit Tst. Mgs. Ltd. 

5J3 -39. Blcnplield KL.EC2M 7.NL. 01-58841 M 


30 Sri 

-0 2 



+0 I 






38 0 


57 8 




+0 3 

13 55 







-0 3 

m-283 3«tl 4fi Han Hi.. Ilcnlo on Thuntci 


Ealru inLOmc _ .. 

04913 686R| 
3 41 

6 63 





Fixed Int Dep — 



Managed Cap 

Managed Acc — 


GUI Edged 

American Arc. 

l&iovJPeitAcc- 1196 J 

AMEV Lite Assurance UUL* ren.Frop.can. 

Alma R*et Alma Rd , Rcigate. Reigate 4010L Pen- Prop Ate. 

Pen. Prop.Ci 


AlffiV' Money Fd 104.9 

Flezlplan 97J 

is? n 

Pen. Man. Cap. 

Pan. Man. Arc. 

Pan. Gilt Ed b. Cap.. 

,125 2 


123 0 
127 S 
I48 6 
202 7 

MS 3 

_ PCD. Gilt Edg.Acc.. (228.X 

PKO.BJS. Cap... 

Pen.'B.S. Ace 

Pen. DAF.Cap 




13XB . 


145 6 ... . 








SB r. 


147 J 

Norwich Union Insurance C.roap _ __ _ 

080322300 AH.Eqrinc . -ilLliiO 
~9 3 — Intenailukl Flsdc 

lfl* M ’ 1-6 ~~ Inupnmttoaal — (261 

I! g« ;BJ - 

D5.B 111.1 ■ — ITC a PtannlA i7h 1 

208 1 ~ *■ S-A- fc pt * — 

Specialist Funds 

Phoenix Assurance Co. Ltd. SmaiicrCo'iFA— 

4-5. King William SL.EC4P4HR OTjKBWTB g«i Smir CosFd- 
SS«fc-& |M95 115 4| +0 11 - SSSSffftiw": 

Eb'^fez::.. 176.1 71 * SO.oj ‘.‘.Z | — ^rrseasEarninct 

Prop. Eqnitjr & Life Ass. Co.V 

119. Crawford Street. W1H 2AS. 0l+IM0857| 158 Fen Church sJe. 3M 8A.-V 

Aaderaoa U.T. - 

73 71 +04 830 

680 +0 4) 6.84 
40 6) +03} 7.14 

2 43 

279} +0 2 
473) +0 7 
56.89 +0.1 

.UG.IaCame* —1*10 44.01 

13. 4 1.1 linmhtT— (37 7 *05m 

i a .A. G . Far Ea.-rt*— S3 -7 MB 

Dealing 'Tues. tfWcd. 
Govett I'JohniV 
T?. Lnndbn Wall. EX 2. 

S bldr June 16. -~|1«0 0 147 6s6 

Do.Accum. Unit... J168 2 177 S 


Ppctualiip.GLh .....139.9 42.81 . . } 

Piccadilly Unit T. Mprs. LULV tabbj 
Wards 'I e It.e ,59a London Wall E>.*2 KWnsni 

4 06 
4 47 

Small t'e s Fd . 

Capital Fund |41 9 A Si«s. ' 

Pnvflts Fund 

AiYumlir. Fund . _ 
Technolagy Fund- 

Far EasiFd . 

American Kurd. _ 






41 9 

44 Bd 


43 9 















Next dealing day June 30. 

4 w Practical Invest. Co. Ltd.¥ (yhcl 

1 44. Bloomsbury SqAVCIA 2RA 0145238^3 

Fnictlcal Jude 21. 1148 3- 157.71-3 6) 436 

Accom. Units |z09 7 223.0) 4J6 

Provincial Life Inv. Co. LW.¥ 

197 322.niihnp1ca1c.Ec2. 01.-3478533; 

211 Grieveson Management Co. Ltd. 

Prolific Unit# 
High Income 

S I 4 

17-21 +8 61 
115.8] +6^ 

7 57 

p5 1 


4 DJI 





87 5 

+ 05 


42 7 
















flu 1 iroiham Su E<3> ' 2DS. 

Bd mnatoii June28 
■ Arcum l.lnltxi 
Bine H.Yd JuiteK 
tACrum. L'nib}...... 

Endesv. June 27 

198 0 
214 b 
174 8 
197 2 

(Arcum Yniui [1999 

(j'mehstr. June 23... 
lAccum L'nilsl - - . ' - 

Lu ABrsI*. Juntr2fl. 68.7 


94 9 
98 6 


201 B 
103 J 
71 Bn 

oi -due 4433 Prod I. Portfolio AIngrs. LULV iaKbHct 

UolKsm Bars. EC1N2NH 

129D|+lg| 4.55 

4 85 

4 85 Prudential (121.5 

5 02 Qu ilter Management Co. LtdLV 

3 IJ The Silt Exchange. EC2N 1HP. 01-6004177 
3.19 Oinilp.11.1 iTna HW flllT * 1107} ] 4 60 

i3L7j :::::{ 7.91 

4 on Wu ad rani Gep. hli. .[107.3 
if™ Quadrant Income— [127.7 


~ R. Silt Prop ad. | 

_ Db. Equity nd...-— 

' Expl Smlr Co's A „ . . .. 

i«— ■-*« a 

* a *® 1 Gnardian Royal Ex. Unit Mgrs. Ltd. opportunity Fd. _(64 4 68.9J . . | 5 46 

-r»>» w-*! I 435 Roya I Ejcc nance. ECSP 3D.V. Ol^caflOll SckfordcT.t.Vcc 1..W1J 44 2)+OjJ 580 

Flex Monty Bd_..[ 148.7 J-O',9}- 1 AnsbaCher Unit MgmL Co. LUL ' ..i.UuardhillTsI ]H7 4 90-5( +031 4.48 «*WOTb* T -lrv: .-,“|W3 4S.U+0.41 580 

Property Growth Assur. Co. Ltd.V | J Noble sl.ecsvtja oi-esssrrs. Henderson Administration^ tailcK&I Eidgefield Management Ltd. 

Leon House , Croydon, CR9 1LU 




Arrow. Life Assurance 

30. Uxbrid g e JRnad.W.lZ 

mgiasjsf 10941 — 

pen-MHd^d. isi __ 

Sarclays Life Awnr. Co. Ltd. 

3G2BomI0rd RdL E.7. 

BertfaybondiN— _nao 

Property Fund 

Property Fund i Ai . 
Agricultural Fund . 
Asnc.FuBdiAi- — 
Abbey Nat. Fund — 
Abbey Nil Fd.iAi. 
Investment Fund— 


Hearts of Oak Benefit Society 

15-17. Tavistock PJacc. WC1H9SM - 01-387 5020 inv^iment Fd'tAj" 

01-7499111 R^r^tTOak (36 4 3851 1 - Equity Fund 

... ..i I HiU Samuel Life Assur. Lid.? 

i — NLATwr-.AifdlocdinbeRdUCroy. 01-0864355 Money FbndiAi'l- 

OProperty Unit* 1152.9 
Property Series a ,1100.9 

Managed Units 

- ... .. Managed Series A- 
01-5345544 Managed Scries C .. 




. itma 
. 98.7 

Vceurn. - 95.4 

Do. Initial 933 

GiUEdrpensjVrc. . 94.7 

Do.InlUa] 91.9 

MoBoy Pen*. Acr, _ 100.4 

Do. Initial (97 4 , 

■Current uul value June 20. 

Beehive Life Assur. Co. Ltd.? 
'71. Lombard SLEC3. 

Blk. Horse June 1_ ( 128.76 

MoaeyUnkta J 

Money Series A f 

Fixed lnt. Sc r A —1 
Pn. Managed Cap. 

Pns. Monaced Acc..l 

Pns. CTteed. Cap. .( 

PpK.G1ced. Aee ...I: 

Peas. Equity Cap..,f 
Pen#. Equity Acc... I 1 
PnaFxd J nLCap .... [ 

PnsFwtlnLAcc (' 

Pens- Prop. Cap 

Pena. Prop. Ace f 

Imperial Life Ass. Co. of Canada 

Di'misiH Imperial House. Guildford. 

I “ J Jz** Growl bFdJ one 33_f701 

32851-151 — 
118.4 +L1, 

114.9 +0.SI 
iff!. 4 

3125 +05) — 

103.9 +e3f 










XU.M .... 
1063 .... 
169.0 -0.B) 
99.8 —05) 

97.4 —0.4 
126.8 +01. 

10165 +0.1; 

96.4 +0.51 




Actuarial Fund 

Cilt-edgcd Fund 

iRctlre Annuity „ 

eixnmed, Ann'ty 

Prop. Growih Pens 
All Wtber Ac. ULs. 
V All Weather Cap. . 

Vim. Fd. Ilia 

Pension Fd. Uls 

Con v. Pens. Fd.. -. 
Ctiv. Pni. Cap. Ul 

Mao Pens. Fd 

Man. Pens. Cap. Ut 

Prop Pens. Fo. 

Bdjifi._Sae._pen. Ul| 

+ 0.6 
+ 0 . 6 ) 


179 8 

165 6 



Iona ft Annuities Ltd. 
128 9 13561 

1210 128.*] 

143 9 

145 8 

130 8 

01-680 PS06| Inv-MontWy Fund.|1650 175.0| | ..... .... 

Arbuthnot Securities Ltd. (ajfci 

37. Quoen Sl London EC4R 1BV 01-338 5281 Cap. Growth In r [415 




; Extra I ncome Fd 1042 

High lac. Fond K07 . 

MAecum- UnlUK— 54 7 50.9 +D.6] 

t»i“i Wdrwl L't&: 54.7 58 9 +0-6[ 

Preference Fund— 25.1 271 

iAceum.Unitai„_. 373 402 

Capital Fund — 18.9 28.2 

, Commodity Fund - 59.8 650 

lAccum. Usll*i 06 0 935 

1 1 10% Wdrwl .U. 523 56.9 

Fin-tcPropFd. 16.6 17.9 . .... 

GianlsFund — 391 416 +03^ 

(Ac cum. Units. 1 «■ 48.1 ,fl 4 

I Growth Fund 323 34.6 +0.l| 

1 Accum. Units). 978 408 +0.II 

Smaller Co's Fd .™ 26.3 28 2 

Eastern A Inti Fd.. 26 1 28 1 

18% Wdrwl.Uts 1 20.4 22 1 

Foreign Fd. B4.I 91.1* 

N. Amer. U Int. Fd. 31.0 33 2 













PTemler UT Admin., 5 Raj lei eh Rond. Hutton. ^R-40. Kennedy St. Manrhesler > 0612308521 

' 0277-217238 Rid ceTiel dint. LT |10L0 107 Out I 2.62 

Ridfieneld Income. |93.0 99M [ 10.49 

44 9I tnjl i'hi Kothschiid Asset Management <g) 

34.01+02] 630 72B0.Gaiehou»eRd .Aylesbury. 0200 5091 

1146 Cap. Growth Arc (42 2 

9 20 Income & Assets.. |3L9 
High Inretne Fundi 

High Income [58.9 

Cabot EkIto Ik 155.0 

Sector FUnds _ - 
Financial & mf_— [23 8 
Oil* Nat He* [26.9 


Cabot- gSZ 

International B33 

Wrld Wide Juae23. (73.6 
Ovenre* Funds 

Australian —..(346 

455 European — — ._. * 

if? For Etui. 

137 Nurth .Amer 

inn NJVm UrssJunc22. 
igg fiMLARitriDLCa. 

63 M +0J1 
57.9rtj +03? 






f.'. C. Equity Fund. 
N C. Engr Res Tit 
K.C.Inronte Fund. 

N.C. Inti. Fd. (lnr.i«9 1 

N.C.Jnll Fri.iAci.-. 
K.C. Smilr Coys Fd 

144 5 

17531 +121 

Si 1 ! 

353 7 J 
94 7| 

160 il 

+ 12 | 
+0 6 ) 
+0 6 







915| +LM 



37 01 







+ 1.0 









, Rothschild & Lowndes Mgmt. fa) 

J'Zi St Stntbin? Lane, Ldn . EC4. 01 -6204356 

aw Ne*-CX Exempt.. .P2S0 132.0) | 354 

Price on June IS. Next dealing July 17. 

l-» Rowan Unit Trust Mngt. Ltd. Vial 
344 CityGaieH5e.FiQsbuiySq.EC2. 01-606 KM6 
1J7 American JuneS. * "n el 1 "»v 

233 Securi Lies June 27. . 

136 HI Eh Yld. June 22.. |532 

- Archway Unit Tst. Mgs. Ltd.? faKc) ““SSSSLSK TSt ‘ "**2 J2 

45 Beeeh St. EC2P2LX 
ibl BrtUsh Tnist 

lAccum Umi5i 

Merlin June 28 

Canada life Assurance Co. 


Peas. Fd. Juneial.’ [65 0 M=d - 
Unit linked Portfolio 

2-0 High St. Potfera Bar, Herts. P.Rar 51X22 inSSffirt.'FtffjZI' w"i 100 3 Zl'lj — 

Eqty.GtbJ^dJ nue2 . | 603 I J — Secure Cap. Fd. 960 lffLffl — ' 

Rntmt Fed. June 0.[ 1193 J 4 — Equity Pond [96.0 101 J) I — 

.Cannon Assurance Ltd.? - Irish Life Assurance Co. Ltd. 

. J. Ofcoap I c Wy„ Wembley HAfiCBTB 01-0028078 ’V Fin5bur7 SquaritE ^2. 

Equity Units 

Ifi. Sac. Cap. Lit- 

Provincial Life Assurance Co. Ltd. 

BlshopsEale. EC2. 01-24785331 Do.' AuR,Aer. 

317. High Halboin.WClVTNL. 014010233. 

.Archway Fund. (80 9 86 Ilf | 6 .16 JminVTf^irtT. 

Prices at June 22. Next nub. day June 29. ici Dollar Trust 

Barclays Unicorn Ltd. uXgMci jIlSSSSSiIiTSii: 
Unicorn Ho. 292 Romford Rd. E7 01-534 5544 tbtlnconieTruai 

75 0 




79 B . . 

80 0 -3? 
975 —4.4 

0 97 
7 79 
7 79 
4 17 

Prov Managed Fd.. 

Proi- Cash Fd 

Gilt Fund 30 

Property Fund . .._ 

Equity Fund 

Fxd. Int Fund 

.Property Uniu 

Equity noudifaec.. 
Prop. Bond/Exec _ 

Bat BdJExecJUniL 

.Deposit Bond 

Equity Acctua. - 

Property Aocum._. 
Mnstf. Arcum. _ 

2nd Equity __ 

2nd Property _ 

2nd Managed 

2od Deposit—. 

2nd Gilt 

2nd Eq. PensJAcc. ■ 

2nd Gar Pmu/AecJ885 



If | 


I'm f'prfcS 

v+ik tS 



|'*i •*. > 






































[263 28.0 

value June Z 


Prudential Pensions Limited^ 

01-6288253 Hof born Bars. ECLN2NH. 

4 48 Eqiuc Fd. June 21 _K24 59 25 

— Fxd. Int June 22.. ..[£18 72 18 
— Prop F. June 21 (£25.78 26. 

~ Reliance Mutual 

Tunbridge Welle, Kent 089222271 

01-023 5433 R®* Prop-Bdj 1 398.1 J | — 

Rothschild Asset Management 

BtueChp June 22 _ [71.7 
Managed Fund. _. 22X6 
Exempt Man. Fd. . 1013 
Prop. Moo. June l_ 1771 
Prop. Mod. Gth 193.1 

King & Shaxson Ltd. 


Bond Fd. Exempt ... [103.15 3M5t|-0 Lit — 

Next dealing date July 5 
Govt. Sec. Bd. |119<0 125.70| I ~ 

Laag h am sJfe Assurance Co. Ltd. 

LZDgbam Hs. Holmbrook Dr, NW4. 01-2035211 
Langham , A’PIau_[635 67.! 

VFrop.Bond.. . -..U«3 148.' 

Wisp (SPi Man Fd [785 
Legal Sc General (Unit Assur-) Ltd. 

Kingswood House, Kingcwobd. Tsdwonh, . ... „ , , , . 

Surrey KT20SEU. Burgb Heath 53456 ul -® Helen s. Lndn., ECSP 

Cash fnitiaL. _.(95 6 1HJI +0.11 _ Bal.lnv.Fd [125.7 I 

1113 2 114 JJ ..._ _ Do; A u« Inc.: 

1045 1101 _ Da. Capital.. 

114 1 3203 — Do. Exempt Tst 

954 1005 — Da. Extra Income 

97 9 103.2 — Do. Fin annul 

1 953 100 4[.... — DoflOO 

Do. General 
Do. Growth Acc.. . 

O' -405 9222 1 1,0 Income Tst 

I *no. Prf. A'naTtL 

02 7 





35.2<S) +D3I 
7^3 -0.8 

61 Did 

69.4 +03 
109.71 +0 X 
293] +0.3 

62 6d 

~ I Prices at May 30. Next sub. day Jun< 

Do. Rerovez> 141.4 44 81 

Do Trustee Fund ...1080 116 ini 

DoWldwlde T»( — 48.8 52« 

BtstJnFdJnc 60 9 63 9 

Do. Aecunt. 64.7 72.S 

> 0 . 6 ] 

+0 2 






114 fbiSecunivTnist 
165 ibiHish Yield Til. 

3S Intel.? UKg> 

15. Christopher Slreei. E.CJL 
Intel. I nr. Fund ._. |84 6 



+ 05 


39 * 

+0 1 





30 9 







+0 7 


53 9j 








OI-828 SOIL lAccum. Units' 

ff? Royal Tst. Can. Fd. Mgrs. Ltd. 

2.BO P4, Jennyn Street, 5 W.L 01-620 8252 

4.86 Capital Fd 169 6 7351 I 3 S3 

4 91 Income Fd |719 753- ...| 7.43 

7.83 Prices at May 15. Next dealing June 30. 

Ul Save Sc Prosper Group 

A. Great SL Helens. London ECSP 3EP 

01 m-, 08-73 Queen St.. Edinuurch CHS 4 NX 

9LW +04j ‘ iu ,a: 01 ' 5M 8899 or 73S1 

IS K.y F.nd Ui W UiV 

6 26 25. Milk SL.EC2YBJE 01-004 7070. ,;“piia|_. __ '54 5 

e 30 
4 98 

Key Equity X Gen... 
OKey Exempt Ft) ... 
Key Income Fund . 
Key Fbiedlut. Fd . 

[75 7 

80 5| 




+0 2 

153 0 








100 bl 

+ 07 

136 5 39.M+D4 

— U*1 26 5j +0 1 

_.^5 4 7Di|+03 

Kleinwort Benson Unit Managers? 

20. Fen church SlEC 3. 01-6238000 

Cap Hi 

3 58 

9 98 Unlv. Growth 
o'ai Increasing Income Fund 

12 27 Huth-Yieid — [51.7 

6.28 High Income Funds 

High Return 






Arbuthnot Securities Limited 

Pu Bo v 284 . Kl Heller Jervev 05*478177 

Cap. Tet 1 Jprtev ' . [116 0 1 20 0] | 4.17 

■\rti dealing date July 4. . 

East aiittl-TsMCl,.. IlltO 123 0| ! 3.05 

Next «ub. July 6. 

Austro b'an Selection Fund V\ r 
Market Opportunities, no irlih Young & 
Onthwaliv. 127. Kent St . Sydney. 

l'S$l Sham I Sl'Sl 54 | — 

Net .\xset Value June 15 

Bank af America International S.A-. 
35 Boulevard Royal, Uivcahourc <>.D. 
Wldini-e*! inroaM. HLSlliJJ 1UU| . I (.43 
Friers at June 22 Ne« sub. day June 2a. 

Bnk. of Lndn. & S. .Dnerica Ltd. 

King Sc Shaxson Mgrs. 

1 Charing Crovs.SL irelier.Jcr'e''. '0S3f 
Valley Hie, St peter Port ■ Irnty- 1 wa» ■ 2- . « 
1 Tlmmas Street. Pnnelav, 1 U.M 'i«24i 

Gilt Fund iJc-iacvi.|9 2D 
Gilt Trust il n M 1 . .1102 7 
Uilt Fnd. UuernteyW K 
mil. ftevi. aero. Tvl 
F irtlSierline . .11857^ 

Firat inU. 185.16 



1 40l .... J 

IS 63| 1 

186.19 1 

12 25 
12 CH 
12 0C 

Eunmext. Ijix. F- 

Guernsey lur - 

no Vh-un. 

KB Far Eos' Kd 

KRInll. Fund.. 

40-68. Queen Victoria M, EC4, ul 9362313 KS L'S Girih l- ; d. 
Alexander Fund . |SI'41t - — 

K«1 a.- -el nine June 28. 

Kleinwort Benson Limited 

2fi Kenrhurcli Si , E*.X 


68 C: 

793 83.9 

Sl'Sl 155 
SL : S1146 

Riunei Bermuda 
-I'nifond- ■ PM. 
•KB in- 1 43. Ijini 

4 OB 
1 21 
2 01 - 
0 73 
0 75* 
6 67. 

4 !0 

Banqne Brsxeile.9 Lambert 

2. Rue De lit Keaencc R 1000 Knuaela 
Ren 1 a Fund |jr . 1 3,872 19301 '*2| 780 

Barclays Unicom Int iCh. Is.i Ltd. 
l.CkuinftCnM Si Hilwr,lnf. 053473741 

Overseas income ...|46 B 50 01 j 1125 Lloyds International Mgnint. SA. 

Unldnllar Trust - klslui uni I 4 20- 

Unihond Trust ... jsi-HN29 UtU( .( BOO 
■Subject to feu and uitbholdme laxe^ 

SUM] 9b 
, U’S4 75 , , 

!18 60 19 Ml 

on (,d>iiii: JAeais onij. 

Lloyds Bk. iC.l.i U/T Mgrs. 

V u Pu* 195. SI. Holier. Jersey. 0534 KfW 

UojdiTsl u-K-a 1.JS8 4 6L4| 1 124 

■>Ki drAlinc diiic July 

Barclays Unicom InL ILO. Man) Ltd. 

-MAG Group 

Uitieurn E*l . 

Do.Aust Mm 

Do. Grtr Pacifir 

7 Ruedu Kliene PO. Pu* 179. 1S11 Gcneifc 11 
Lloyds Int Growth ]VF3Rt3 Wa|-U1M[ 160 
IJoydvIni Inc. m* gFWJM 3UU[-1 L»| 6.40 




Three Ti>»er Hill E‘71R 6B4 



All.mlic June 27 




67 4 



75 4 

37 2 




Gold tjk June 28 


IB >6 

15 7 




123 2 






i Arcum Unirt> ... 

185 4 

Samuel Montagu Ldn. Agls. 

001440811 1 M.i ild Broad S» . E*.'1L 

■) — Apollo Fd June21 JSF4790 

J ant rot June 15 IlHKH n 

I IT Grp June 14 .. 

It? Jersey June 14.. 

Do. Mans Mutual 

BSshopsgate Commodity Ser. Ltd. 

P VV. Box 42, Dwtlai. I u M. 

ARMAC*June5...|StsMW 32M1 ... , 

VANRHO-MmieS.. £1155 12SI | — 

COUNT-JuneS.. .|£2512 2665} .... I 1.97 

Origioriiy issued at ’$10 and ”£1.00. 

Bridge Management Ltd. 

P.ri Box MR. Grand Cayman, Cayman If. 

N'batbi June2 .. ..[ Y15538 | .. ,.| — 

G.P.O Box fWrt, Ifonfi KenR 
Nippon Fd Junes). [SUfUJI 1L38/+D.07/ 0.68 
Ex Slock Split. 

Britannia Tst. Mngmt. iCD Ltd. 

30 Bath SL. St. Heller. Jersey. 0S34 7DI14 S^V. 

loa Roulcturd Royal. Luxe 

-00? - 
-0 06 — • 
-ns 93 55 
-O.t 9J53 

5? 10 
5 65] 


3 60 
1 09 

1 «a 

II -1CW 

. . . £5 IS 

1 17 Jrsyu'sJuneT . .. |U2 55 

Murray. Johnstone (Inv. Adviser) 

163. Hop*; Si .Qu^iuw.i.2. 041-221 5J21 

•HopeM Fd I SUS3J63 I . ... J - 

•Murray Fun-J [ SUSU 17 1 i — 

•fi.tV June 15. 

SWrUns DcnomlnaiTd Fik. 
Growth In test ... _ ' ' ' 

Inuil. Fd 

Jersey Enerjsy Tsu 
Univxl STxt.Sli!.... 

Hifib lol.Silfi.T+i . 


SL51D.73 | 

4 00 NAV June 23 ! 

Kegit Ltd. 

100 Rank of Bermuda- Fldss., Hamilton. P-nr.ra. 
,NAVJune23 (£5 46 — |+0Mj — 


Phoenix lntematiocaf 

pu Box 77. Sl Peu-r I'nn. Guernwy. 
Inter- Dollar Fund |SZ_53 2511 I 

555[ +0 5J 7.49 



Baring Brothers & Co. Ltd.? taxx) 

K B. Unit Fd. Inc.. 84 9 
OK B. L'nltFd Ac _ 106 8 
01-588 2830 KJB Fd Inv Tsu . . 552 

bLbwtinum Lane. London, eca 01-026 43581 Stratton Til „|U9 4 176 61 

N.C Prop. Mar. 3I-.(U<3 12l6af.....| — I Do. Ac cum.. [210.0 219.W 

Next Sub. Day June 30 Next sub day July r 

Royal Insurance Group 
New Hall Place, LlverpooL 

Royal Shield Fd — 11323 U9.9] | — B'ltatePr -JoneM.IlMA 

_ Ace. Cta "June 20.. 12196 

Save & Prosper Group? B'eateim June 27. .1x72 5 

3EP. 01-554 8899 lAccum 1 June 27.-/190 3 



5 w UK. Fends 

5 09 UK Equity _...}41 8 

4.47 Ovrneu FnndMxl 

69 61 + D 4J 
43.9| +* 




44.9[ +0.1| 4.97 

L & C Unit Trust 
Tbe Stock Echange 

„ LAC Inc. Fd. _ . JU73 141.6) 

Bishopsgale Progressive Mgmt. Co.? l&c mu & Gen Fd [992 102 jj _... 

051 227 4422| ». Bl.hopxBate. EC2. 01 -5886280 Lawson Secs. Ltd. WaHCl 

196 4o* ,| 3.66 

233.? ( 3.66 

183.61 2 84 

202 5J ....I 2.84 

st Management Ltd.? Sf* IfJ/, 

. EC2N 1HP. 01-E88 2800 U5_ ....:! : ^73.7 


oditx D4 7 

t ~ . - .— a 
:ial Secs [70.D 

7 61 sector Fundi 

+.17 Comm oditx — .f 

Enemy - . - J 

83 George S-. EdiabQrShEH22JG. 031-22fl39n 

90 5| -031 
JOB 2 +0.7 
79.2] — 0.2j 

80 JJ +0.7J 

7 &H 






Capita] life AmrueeV 

Coaiaton House. Chapel Aib Wtoa 090228511 

Key Invert. Fa.— „[ 10121 I J — 

P* cemakerluv jrtf. . [ 102JQ | J — 

Charterhmne Magna Gp.? 

38, Chequer* Sq,Uxbridfie LTB81NE 52181 Do. Accum. 

Chrth»e Enemy 36.6 386) 

Cbrthst Money 29.4 31 M 

ChrthML Uanaced- 373 '39 U 

Cbrtlu*. EquUy — 342 364 

MagnlBIftSoc 1216 

Magna Manased-.. 150.0 

Do. Aeeum. ..._ [97 2 

Equity Initial hlb2 

Do. Aeeum. [1183 

Fixed Initial [115.1 

Do. AeCum [117.1 

InU. Initial N52 

Do. Aeeum — 95.4 

Man aped Initial [115.4 


Property lairlal W.l 

Do. Aeeum. 1100.9 

legal Me General limit PenaJuui CM. 


13c a 

Exempt Cash Inlt.. R6.4 

Do. Aeeum 980 

Exempt Eqty. InlL:. 121.9 

City of Westminster Amur. Co. Ltd. m2 

Rinftstmd Home, 6 Whitehorse Road. Do. Accmn. 1114 

Croydon CH02J A. 01-8848004. Exempt Mnfid. IniL[119.9 

Wert Prop. Fund— 160 -4 
kMl . 

Equity Fund 

Farmland Fond— 

uiH*%^ n '* ‘ ' 

PULA Fund _ 

7%na MngtLCbp— 


Do AcCum... 1ZL8 

Exempt Prop. Init . 96.4 
Do. Aeeum |90-O 


122.4 4-041 

124.6 +0.4j 
1212 +03 
1235 +0.3] 


1215 +05^ 

123.6 +0.3J 

1063 +0i 

Property Fd. 

Gilt Fd.... 

Deposit FdT_._ 
Comp Pen3.Fd.t-— 

Equ ilyPetis_F d_ 

Prop. Pens. Fd.* 

Gill Pens. Fd 




1616 .. 
124.91 -r0.7| 

187 3 


103 71 

•Price* on June 20. 
tWeekly dcalinfiy. 

Schroder Life Gronp? 
Enterprise House. Pons mouth. 

+D2[ _ 

Next sub. day -July 11. "July -L 
Bridge Fond ManagersYiajici 

I Einfi William St.. EC4R9AR 

American A Gen.t- 


Capital lnc.t.—. .. 



— Do. Acer 138 5 


Intertill. Inc.t — _ 





371 -1J 
410 — 1_7| 

1410 -3 Of 
17 4 -oa 

19.1 -0.3 

3 49 

Dealing *Tues. rWed: tThursI T’tices Jiino 

3 31 

4Raw. Materia rt .. 



+1 Ac cam. Units' 



J . f| . 

■"Growth Fund 



■lAccum. lit) 1151 .. 



♦tCill and Warrant 



^American Fd . _ .. 




Ji.Accunt I nitsi 




■•High Yield. — _ 



••..Accum Uniui 



P705 27733; 

Equity 2 June 27 
Equity 3 June 27 . 

Int UL June 27. .. 

K 3c Sc. June 27 

Mned.Flt June 27. 

2247) -3 jl I 3 London Wall Buildings, London Wall 

— Life Assur. Co. of Pennsylvania 

Pen*. EquuvCap— 

Fens. Equity Aim. _ 

Ftand currently ^cL 
P erform Untts . ) 

City ef Westminster Ashrt. So c. Ltd. 
Telephone 01-8M-PM4 
First Unim-y -[1223 1»4J ,._.J — 

Property Units (54 3 573} 

Connaerdal Union Group 

SL Helen's, L Undecshaft. ECS. 

VrAnAcUt June 241 53.96 I j — 

Do. Annuity Ut* .[ 28.02 | { — 

Confederation -Life Insurance Co. 

50, Chancery Lsn0.WC2AlHE- 01-2420282 

WquhyFW- 1151.6 159-21 

Wanaged Fund™. 177 J. 1863 

Personal Pen. Fd_. 72.6 762 

Equity PMl Fund.. 2Z73 

Fixed InL Pen. Fd- 196.4 

Managed Pen. Fd._ 183.4 

Property Fen. Fd- 130.6 

♦Protected Ixl Pol. ■ 374JJ 

CoruJtin uuannee Co. Ltd. 

33.ConthUl.EC3. 01-8385410 S^TranlFu^i- 

Cap. Feh. June 13—"“““ - “ ' 

CSSpec JnneJS — . 



Legal & General Prop. Fd. Mgrs. Ltd 
IE Queen Victoria St-^CW OTP 01«48«f7B KonSrSJuneSfl" 

UcGFrp-Fd. Jmw5|95-9 TO.7! I - Property June 27- 

Jv'enl sub day July i. Pro^«y 3 June "7 . 

BSPaAceB June 27. 

39-42 mow Bond SL. WI7QRQ. 01-4838335 MnPnCpB June=T_ 
LACOP Unite J.J9S7 1036) ...I — UnPuAecSJoncST- 

Lieyds Bk. Unit Tst. Mngrs. Ud. 

7L Lombard St , ECS. 01-6231288 Prap-Pen.C«pB^ 

Exempt- 198.1 ■ .183.2J 739 Prop. IV n. Acr. 

Lloyds Life Assurance 

SO. Clifton SL. EC2A 4MX 

BJLGtb JuneO 132458 

Opt ji Prop June 22 123? ISO.a 

OpL5 EqtyJonc 22- 1275 134.4 

01-2837500 Opt. Hy. June 22 „ . 153.6- 1617 

, OpLfl Mm June 22. 145 9 153.6 

I Opt, 5 Dept-J l, ikO .. [121 5 127.? 

London Indemnity Sc Gul. Ins. Co. Ltd. gglgEi'M ~ 

18-SO.The Forbnry, Reading 50511. MgdFen JuncSl”" 

Money Manager. — t52J> 35.0| -0.1, - 

IU.IL Flexible. E.9 30 

Fixed! Dterest__ OAO 35 

122 M 

1413) -10^ 



_.- r 963 

Money Pen. Cap B . 95 4 
Money Pea Arc. B_ 95.9 
Ch-ereensd ..... 953 

143 9 


206. Sl 








-1.9! - 









+ 0.11 



j Britannia Trust Management (81 (g| 

London EC2M 5QL 


Capital Aec 

Comm A lnd 

Domestic — 








01 A38 0478/0479 latoDlst.. 
74 91 +0.7' 




Extra Income - 


Financial Secs. . 

Gold & General to.9 

G-romth [77.0 

Inc. A Growth— 

Tni'IGsmnb .. ____ 

InvesLT sLSh ares - <6.9 

Nm'mjhToc.IZZ ns 

New Issue.. — ... 3*.l 

Property Shares __ 128 
Shield 445 

. Status Cbanfie. 
t mv Energy. 



39 4a 






67 0 

32. S 

+0 6} 
—0 4! 





. 5T0 

25| First (Bahicdi 

e« Do iArcnm.1 .... 
3',? Second ICap.i„ 
int Do.>Actum.i__ 

Third (Income] 

427 Do.iArcum.1.. 






71 & +0'! 

546a} +o.; 


01-823 1288 In'TsLUnils 

7 64 


7 21 


*75 Select lmernaL — 1251.1 2a5.0|+3 2| 250 
375 Select Income. — [515 54i| +o5] 7.64 

^ Scotbits Securities Ltd.? 

050 Scot tuts. — 1377 40 5j -0T 

0 5® Scotyield W85 52JU +031 

1087 Scoisharev 155.2 5454+01; 

Deri. *Mdn'. _ -Tu«."’tt Wed. jTbUrt.' ^Fn? 7 Scoi'^' Yld.-V-."!^ 7 lMJal'-^ai 

5M Legal & General Tyndall Fund? PncM al JunC ®- N ' p,rt «»>■ <fay July 12T 
3.49 18. Canynge Road. BrisioL terr 32241 Schiesinger Trust Mngrs. Ltd. (aKz) 

DIsJuneM 157.8 61.21 j 53a iincnrpo rating Trident Trust* 1 

lAccum- Units [72.4 76 3 J 5J6 140, Souih Street. Dorking. 

. « Ne.t +ub- day Ju'y fi A«l Exempt 

Leonine Administration Ltd. Am. Growth 

2. Duke SL. London W1M0JP. 01-4865991 5 X !™ P ! Hi5 h .‘7 d ' 

J73.B 77.71+0.21 510 it* 

533 Leo.Atcnm. |k« 85.o|+02| 46b b!?5brtDirt^ ~ 

4 ji Lloyds Bk. Unit Tst. Mngrs. Ltd.? (a) inc. lo'vwdrwi Z 
* 77 Registrar's Dept_ Goring-bj-Sea, lntnl. Growth — — 

Worthing. West Sussex 

148.4 52.0J +0J| 4 64 

|666 . 7161+0 S| 4 64 WI . « ,. ul . niil 

f ii E rop ? a 7Sj ih 2r« 
lift Special Sil T st.. 
fcS UK. Utth. Aeeum. 

“J® V-K.Grth.DlsL 

8.Z7 J. Henry Schrader Wagg & Co. Ltd.? 
l20.Cheapside-E.CJt 01-2403434 

J-g 72-80. Gatehouse Rd. Aylesbury. 0296 flWl Capital June 27 . . . 998 

1% 1603J -0.7) 418 

1.91 MiG Group? (yKcllz) 

Fourth (Exlnc 1 

Do. l Accum.) . Ji 

if Lloyd's Life Unit Tst Mngrs- Ltd. 

Market Leaders. - . 

■Ml Yield 

Href. & Gilt Tmsl... 






26 B 


+ 0.2 



26 Hi 














10 07 






+ 03 







30 -2a 







24 0* 




28 6 


2 63 








2 Three Quay*. To«-er Will, EC3R 6BQ OlfiW 4588 

Z Scottish Widows’ Group , 

— ' Pu Box 902. Eifinbursh EMJB 5BU. 031-S556000| The »n‘i5h Life Office Ltd.? (a I 

4 47 

I nv.Ply. Series L .... 
Inr. Pf). Series 2. 
Inv. Cash June 23.... 


5.0| -0.1| — 










14SL3 — 


Solar Life Assurance Limited 

Tbe London & Manchester Ass. Gp.? solar Managed s_ 
Tbe Leas, Folkestone. Kent 

Id. 1 12 Ely Place London E.CJN 5TT. 01^42 26051 BS Units June 27. _|207 4 

Cap Growth Fund.. 
♦Flea. Exempt, Fd. . 
♦Exempt Prop. Fd, 

— | -} — Property Fund — » 

178.ef :-z| — M & G Group? 









B 178.1 

Credit & Commerce Insurance ' ' S'SJT? 111 EaR mJS * 4588 

130. Resent St, London W1K5FE. 0J -433 7081 Conr. Deposit* „"j 
CACIInstJ-FH. P2ZJB 13Z.0| | - Eqol.Ey 

Crown life Assurance Co. Ltd.? FutiySLAB-* 

Crown Life Mst. Woking. GH2 1 1XW04B82 5033 ftitBood^ 


Sour Fad InLS 

Solar CashS 

Solar loti- S 

Solar Man Biced p__ 
Solar Property P. 

Solar Equity P 

Solar FxdJnLP 

Solar Cash P 

Solar Inti. P 









114 1 












165 2, 

+0 4 


119, a 







lAccum Unlls< 


1 Accuci. Umtai— 

Reliance Hse.. Tunbridge Wells. Kl 088252271 < Aeeum. Unliw “Z 
BL British Lite. — 143.6 5L4) +0.3} 5.76 Compound Growth. 1 

BL Balanced" (45 5 <8 7| [ 5.67 Conversion GrowvW 

BL Dividend’.- — J4L4 445] . ... | 933 I'onvernon Inc.... . 

Pneea June 2a. Nest dealing July 5- Dividend. 

lAccum. lin.Ui._., 


1 \reum I'nibi 

Exira Yield 

lAccum. I'nirti 

Fnr Eastern.. 

■ Aeeum. L'mtsi...... 

Fund of I dv. Tsrt. ... 

\ Aeeum Dims. 


• Aeeum. Unirti 

High income 
L'.ccum Unlrti__ 

See also Slock Exchange Doalincs.' 

Brown Shipley & Co. Ltd.? 
Mncn: Founders ct, EC2 

— Do (Arc. i June 2T... [2584 

— Oceanic Trusts l» ini 


General _... 

Growth -Aeeum. 

| Growth Income 

Hich Income 


Index .. 

— | Overseas-. 

t? 3 - 3 


[24.0 . 

Uang'd Fund Acc._ W5 1045 

ManK'd Fd. hum _»?3 3045 +05] 

Mana-dFtt.In«. — 988 103.9 +05 

Equity Fd. Ace. 97.0 102.1 . — 

Equity Fd-Inon — 97-8 - 382.1 .. .. | . 5.00 

•Equity Fd- InU- 978 102.1 

ViopCTty Fd Arc. _ 95.6 2&B & 

property F(L I rtern- 155 380.6 

Property Fd- Ini*. ... 95A 10C A 

Ibv.TsL Fd, Ate 968 UL0 +05 

Inv. TsL Fd loan. _ 96.0; +05 

Inr.TsL Fd. In«. 95.7 ICO 7 +05 

FLccd Int. Fd. Acc. . 95.9 +0T 

Fxd. Int Fd.Incm.. 95.9 1M.9 +0J 1289 

IrneVL Fd Ace 104.7 . 110.2 +02 

Inter'!. Fd. loan 104.7 110.2+U.2 023 

Money Ftt. Act. — 95 9 100.9 — _ 

Mooe* FU.InciA.— »5.9 100. S 8.75 

DiwLFd. Inan. 98.1 103Jti -.--1 8.54 

Crown Bn. In ». - A J15S 6 

Cranter Insurance Co. Ltd. 

Vincula House, Tower PL, EC3. 01-6288031 

.Gth. Prop. JuneS |70J 795) { — 

Eagle Star lusur/Kidland Ass. 

I. Threa dneedle St Ed 
Eade/MIcL Units ,.[50.0 





.. 1363 


.. 1552 

- 180.7 



- 1363 



- 790 






. 530 





28. ••June 22. 


Recovery Fd Bd.' 
American Fd. Bd.' 

Prices on ’June 
Merchant investors Assurance 

Stm Alliance Fund MangmL Ltd. 
Sun Alliance Houae. Horsham. 

Exp.Fd. IntJuiic 14 . [050 30 160831 
InL Bn. June 27 03.94 I 


Performance B6.9 

Recovery J20,l 

Exmpl. June 12 157 9 

223 GJ 

il sl *«S 
47 a +o.<, 


37 5 . 
. 314| 
20 4 * 

' 615 










3 90 

4-29 Japan Income 

358 lAccum. Unirtl 

4.45 Magnum — 

5.94 1 Arcum. Uoiisl 

4.89 Midland-. 

■ Aeeum. Uni'.si 

San Alliance Linked Life Ins. Ltd. 

Sun Alliance House. Horsham 040364141 

Equity Fund 


■Property Fund 

Inioraailonal Fd., 
Deposit Fund 




12L* +0.9| 
109.4 +0 jj 


112.7 -02| 

10L7 ... 
1135 +0 

WB3 6ti 41] Canada Life Unit Tst. Mngrs. Ltd.? Recovery... 

2-8 HJfibSL. Potters Bar. Herts. P. Bar 51 122 » Acct im.j;nirti 
Can. Gen Dm. ..|37i3 395| +0.JJ 4.44 

Do-Gen-Accnm — [453. *7.71+0.2) *44 

Do.luc.Dlsl {32.6 34 4) I 789 

Do. Inc. Aeeum. — (42.7 44 W -0.1) 7.89 

Yzj 125. High Street, Croydon. 

01-886 0171 

Menaced Fund [1078 

Son Life of Canada ftJ.K.) Ltd. 

Second Gen 

(Arcum. Umlvi 

Special , 

1 Aeeum. Unirti 

Specialised Funds 



,113 2 









250 9 



feil 6 






57J![ +oja 

80. 1, 


121 7d 
230 W 
50 6rt 
51 7] 
87 m 
64 7rt 
175 0i3 
103 9^ 
165 Sal 


179 6d 










-0 4 


I f 2 ? 

ieollnfi July 5. . 

Trustee ... . 

lAccum. L'nicsi 

Chan bond Jure 27. 

[140 2 

Charifd. June 27 7141.9 

Aeeum. Unlrti 

Pens Ex June 26 ... 


149 31 


Property Pena. 


Equity Pens. 

Money Market 

Money Mkt. Pen*.— 


Deposit Pens.—..—. 


Manaiiod Pens 

Inti. Equity.-:™—. 

InU. Managed 

NEL Pensions Ltd. 

Milton Court, Dorking. Surrey. 

® 1 i 

i.O xs 












Capel (James) Mngt. Ltd.? 

100 Did Broad SL.EC2N1BQ 01-5886010 

Capital — |833 88 7] 

Income (787 83-8) 

Prices on. June 2L Next de aline 

** 3 tCockmurSL swiYSBH Carlio1 Uftit Fd - Mp*- faKCl ManuLifc Management Ltd. 

r .3.«OqckspurSt.SRl\5BH OI-KW^OOj jujbuni House. Newcaatle^pon-Tjnr 21165 SLGeorfie's Way. Stevenage. 
















+0 1, 





185. 6id 


250 6) 












Income June 27...^. 1792 
(Aeeum. L"nitsi-_— 2662 

General June 28 0.2 

lAccum. Unit*'.. ... 1000 
Europe June 15...— 3L1 

i-ACCum. Units) 344 

■PenJcCharFdJnSO 166 7 
1 90 'Spec Ex. June". .. 243.1 

446 ‘Recovery June" *.[189 5 

4 46 ,FV > r t»* exempt funds only 

HI Scottish Equitable Fad. Mgrs. Ltd.? 
853 -8 Sl. Andrews Sq . Edinburgh 031-5568101 

8J3 Income Units-. -M82 513) I 531 

813 Actum, l-mu |56.0 583 .} 531 

333 Ctaline day Wednesday. 

u Sebag Unit Tat. Managers Ltd.? mi 

8 58 FOBoxSIl.BcMbD' Hse., EC 4 01-230 5000 

SebaR Capital Fd.. -|323 33-^ -051 1 92 


033 8 144 b 

tzu 2.22 

CD 97 1 DOl 

t'5. Dollar Denaminaled Fdx. 

I'nivst.jTst ftl:iSH 533f l — 

JnLHIgh InLTsL . ]SI'S«f7 111)...) 90 

Value June 23 Next dealing July 3. 

BmShlptejrTiL Co. IJenetj Ltd. Prope rly Growth Overseas Ltd. 

P.O. Boi S83. si Helier. Jersev 0534 .X7T7. t t ,i„. 

Sterling pond Fd. ,.|C9 70 10 0X| 

Satterfield Management Co. Ltd. 

P.O. Bat 19ft. Hamilton, Bermuda. 

ButUev* Equity ...1236 244) L94 

Buttreu income . [l 97 2M[ . . | 5.85 

Prices at May 12 Next sub. day July 10. 

Capita) International S-A. 

37 rue Notre- Dame. Luxembourg. 

Capua] Int. Fund- ( SVS172S j | — 

Charterhouse Japhet 

LPaterno«er Row.EC4. 012482999 


Adi verba.. 
Fonda k — 

LdOl.H 32 79 
DM49 8J 5241 
DM32 10VI3H 
0K21M 2289 

[11152 91 301 




Emperor Fund 

Hi spa no .. - [Si;si472 

Clive Investments fjerseyl Ltd- 
P.O. Box 320. St Helier. Jersey. 

Clive fill t Fd iCI 1. 110 03 ID . ... 

Clive Gill Fd. iJsy.i.|l051 10.03j-0.Q2l 11.00 
Cornhill Ins. 1 Guernsey I Ltd. 

P.O. Box 157. Sl Peier Port, tluernnev 
IntnI.Man.Fd 1 164.0 178.51-451 — 

Delta Group 

P.O. Box 3012 Naxivau. Bahama*. 

Deitaln* June26....)Sl 79 L88) { — 

Deutscher Investment-Trust 
Postfach26B5 Bieberfiatxee-106000 Frankfurt. 
Coneentra - _. . 29W|+0J0| — 

InL Rentenfondv . Inxfc’H 71 291 1 — 

Dreyfus Intercontinental Inv. Fd. 
P.O. Box N3712. Nm.vau. Bxhrunx:. 

WAV Ju ne 20 IUISJ4 4J 15351 f — 

Emson A Dudley TsLMgtJrsyJUd- 

38 Irish Town, iJibraitar 

V S. Dollar Fund | SUS6589 I I — 

Slerling Fund | C12J 77 J [ — 

Quest Fund Mncmnt. (Jersey) Ltc. 

ro. Box 194. Sl Keller. Jervcy. 0534274*1 
4uevl RtleFvdlnil Cl 

Queflllnll Sets . .1 Sl'Sl 

Vucjtlnll.Bo . .. I Sl'Sl 

Prices at June 2d. Next dealing July 5 

Richmond Life Ass. Lid. 

48. Athol Street. Dnuelav.LOM 0924 22114 
.v •The Si Her Trust [110.0 1127) +04| — 

Richmond Bond 97.1172 2 181 3ts -l.:[ 10 92 

5 15 Do. Platinum M 12«5 131 0\ -0 4 _ 

5 92 IioUoldRii. . 107 4 11J ll +£>.'. _ 

570 no.Ejn si+CBd . .Ilb84 1TI3\ +03 1 , 11.55 

Rothschild Asset Management if.!.| 
PO.Box 58 SL Julians CL fjucrnv-'y. C>48l 26.VJ1 
0534 3736L D.CEq Fr May 30 . j 
-00211100 OC.IncFd June]. [ 

>-0 101 
>-0 10 


58.71 ... 

| 277 

147 1 

155 44 ... 

.. 75! 


ul ... 

. 1 23 

146 3 

155 il . . 

i 335 


142.61 . 

. 4.52 


27 77 .. 

. 072 

O.CJnM Fd t 
n.CSlTrt oFdMi3t. 

O.C. Commodity*., i 
(■ C Dir i/amdly r.. | 

■Price on June 14. Nc*t dvullnp Jure ru. 
tpnees un June Sl. Next dealing July 7. 

Royal Trust (Cl! Fd. Mgt. Ltd. 

P O.Bov IS4.Ro: nITsl. Hsc^Jcrxcy. 053427X41 
RT.Int'LFd . . .ISUS935 4 78.... ( 3 Cl 
R.T, Inl'I iJsy 1 Kd. W 9E| .. 3 21 

Prices at June lfl. Next dealing July 14 

Save & Prosper International 

Pealiiifi to: 

37 Broad SI., St. Helier. Jersey 
15. Dollar-denoml not'd Funds 
DIr.Fxd Int.**.. _'.|9.17 9 73 rf- 0.021 

Inioroat Urrt 7.01 758| 1 

P.O Box 73. SL Helier. Jersey 0534 20391 f 7“ ^ oil ' 

EJ5-1-C.T 1117.8 125.4| -Z4J 3.00 Sepro-t [13 97 15.27|-0 0 

F. & C. Mgmt. Ltd. Inv. Advisers 
1-2. Laurence fountney Hill. E».'4R DBA. 

01-623 46B0 

CenLFd June 21 — ! SUSS 34 ) [ — 

Fidelity Mgmt. Sc Res. (Bda.) Ltd. 

PO. Bov 670. Hamilton. Bermuda. 


2392J -O'' 
+0 t- 

Channel islands*. 1426 150 2 

Commod.*** 123 1 129 7 

SL Fixed"** ... [1114 117 9[ ...| TIT? 

Prices on 'June X. "June a! ■'•Juno 22. 
JWeckly Dealt nKs. 

7 67 

Fldeliiy .Aia.Ass.- , 
Fidelity ltiL Fund.. I 
Fidelity Pac Fd — 
Fidelity Wrid Fd .. [ 

5US24 96 



Fidelity Mgmt. Research (Jersey) Ltd. ® ,u Fd* "I™ — 
Waterloo H»e- Don SL.SL Helier, Jersey, InU. Fd.Jervev . 
0534 77561 

Series A Hntnl.l ...I 073 — 

Series BiPacifici.J £8 23 +02BI — 

Series D 1 aiulAmiI £1712* I-D54 — 

Schiesinger International Mngt. Ll?I. 

41. La Mode SL.SL Heller, Jersey. <&V. 75AA 

5c Cj 
-Am >{ 

First Viking Commodity Trusts 






22 4 





2 07 r „. 

| Sebafi Income Py .IS 8 

475 Security Selection Ltd. 
r 2| 75-J9. Lincoln’s Inn Fields, WC2. 0I83IGB36O 

868 UnvISthTot Acc -|2«7 2531 1 2.29 

£3 Unv! CthTslInc |21.1 22Jn| | 229 

j Stewart Unit Tst. Managers Ltd. <a) 
3.95 45, Charlotte 5q.. Edinburgh. 031-2263271 

3 95 tStewxrt .American Food 

4S5 Standard Units 164.7 69.1} | 140 

7 “ Accum.Unlrt. .. 69 7 
Withdrawal Units .[516 
5 jo 'Stewart British Cspilai Fond 

5J9 Standard —[132 0 143.5I I 4 40 

4jo Aeeum. Usui 1 1512 1MJ[ J 4.40 

Dealins tFri. 'Wod. 

Sun Alliance Fund Mngt. Ltd. 

Sup Alliance Hie . Horsham. 0403 64141 

Evp-Eq Tsi June 14IUXL0 222 21 . | 434 

- - iool] +0.5) 







VThC Family Fd.. 

1001|+0.5[ 3.66 

7 “ Target Tst. Mngrs. Ltd.? (aKgi 

31. Gresham Sl . ECU 

135 7 

Maple LLUrih 

Maple LI. Mansd. .. 
Maple LJ- Eqty 







C Aeeum. Units-.' 

166.9 69.4) -2.71 

tSQ.l 82. W — 3.34 

, M r Target Commod 1 tj-. 

043656101 Target Financial 

Dealings: 0200 594! 

— Target Liie Assurance Co. Ltd. 

_ Target Bouse, Cal* homo Rd. Aylesbury. 

_ Buck; Aylesbury i02»i594l 

„ _. ««■ nI!« is. AccamTI 

5L9J-0J) 631 Nelex Money Cap... 

Eqnity Sc Law Ufe Ass. Soc. Ltd.? JJ5lScti!"ccS!-ft7.6 
Amer&ham Road. High Wycombe .0494 33377 Kelei Gth Inr Acc_l48.b 
Equity Fd.. ttJ0.2 J14.U+D4] - 

Property Fd. 005.4 JUfl _. .J — NolMxd.Fd Acc.„.pa6 

Fixed Interest F..-h06J> ULfl 

+ 0-11 

Ctd. Deposit Fd. — [99.0 104^ 

taxed Pd |lOB.7 H4.4f 

+0 41 - 

+0.II ~ 

Mon. Fund Inc. 

Man, Fund Acc 

Prop. Fd. Inc. 

Prop-Fd, Acc 

Prop; Fd. Inv 

50U Fixed InL Fd Int 1 

■ Den.FcL.Act Inc 

ReuPlan Ac. Pea. _ 

_ . ReLplimCap.Pen.-. 
ReLfAsnUa n. Acc. _ 

ilOOJ 10651 

0157 122.4) 


106 4 112JM 

98.6 1B« 1 

714 77S 

593 6*3 

124.0 13LB 

1142 1204 


Do. High Yield WL2 

Do.Accum.UuiU— [513 53 ^ 

Nest dealing date July IS. 
Charities Official Invest. Fd<|» 

1 London Wall. EC2M 1DB. 

Income June 20 [132.4 . 

Aeeum. June 20 |2531 

*Vnouth. Only available to Reg. Charities. 

430 Growth Units [50.1 52.7| | 435 Target Equity 

420 Mayflower Management Co. Ltd. I^A^r-ofu 28 
821 14/18 Gresham SL.E3C2\'7AU. 01-806 BOM farwt Uilt Fu nd 

Income June 2fl 1187.7 113.4} 1 8.13 Taraot Growth 

General June 30— .[69.8 7331 . .( 533 Targeclnti. 

Mercury Fund Managers Ltd. Do. Hein*, units — 

Charterhouse Japhet? 

1. Paieraoster Row,EC4. 

For Mew Court Property see under 
Rothschild Asset Manaprrocnt 

_ GiltPcn. Acc — '_.U2B7 135.* -DJ, 

_ GiRPen-Cap. (1216 1285} -03| 

~ ■ Tnuasinternalional Life Ins- Co. Ltd. 
2 Broom Bldgs. ECAlNV. 01-4036497 

Tulip Invest FkL 1139.7 

Tulip Man gd. FtL.._Sil.2 

Man. Bond Fd 1151 

Man. pen. Fd. Cap. . £17.8 
Man. Pen. Fd. Acc. .(125.0 

Trident Life Assurance Co. Ltd.? 
Reuslade Hone. Gloucester 045238541 



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Registered Office: Btaefcen House. W. Cannon SUW, London ECO* -rar 
RasitteTed an iEncland 3Jo. 227530 




Eqg ity/Ameri can — ! 
U^. Equity Fu ad — 






Growth Cap 

Growth Act 

Pens. Mated. Can.. 
ge M.Mngd.A re.— 

Pena. JPty. Acc 






TrdLBond pS.B 

TrdCGLBond . 

(117 4 




96 9 — 

127 i -23 

151.9 -13^ 

88.4 +0 4 

un.4 +o.i 
1433 -J J 
1253 -lij 
129.4 +0.1 

305.9 -DJ| 
2303 -23 
1283 -24} 
1322 -23} 



Cash value fur £100 premium. 
Tyndall Assurance/Fensions? 

18 Canynge Hud, Bristol. 

3-Way Junezi 

Equity June 22 

Bund June 22. 

Property June 22. . 

Deposit June 22. .. 

O'sras Inv. June 22. 

DO-Eqiiitj June I 

Do. Bond June ! 

Do. Prop. June uJ 

Vanbrugh Life Assurance 

41-43 Maddox SL. Ldn W1R0LA. 









pi „ f> 

146 9 


Hmmm „ 

169 6 

263 8 


M — 



Equity Fd—— — . 

Into! Fond 

Fixed Inter* Fti„ 

Property FtL 

Cash Fn ad-., .. . 







1518 +0.4] 

2353 +1A 
1848 +M 
1723 +03^ — 
148.0 +03 
324.5} +BJ| 

Vanbrugh Pensions Limited 
■fi-43 Maddox SL. Ldn. WlSSIiA 01-4994823 
Munaccd., [953 3al3{ ..... — 

FixedlnieresL (943 5f3{ +03 — 

Property. 1969 1010| - 

Gt^riunieed see 'Ins. Ease Ratos' table. 

Welfare Insurance Co. Ltd-V 

Thu Laos. Folkestone, Kent. - B303S7333 

Moneymaker Fd.. J 1034 1.4 — 

For other funds, plena* refer in Tbe London Sc 
Manchester Group. 

Windsor Life Assur. Co. Ltd. 

IHifihSrrecL Windsor. W|ndsor88l44 

Ufelnr Plani jfiSJ 

PuIureAMd-CtUlaT] | 

ReL ATsdrPens. _ J „ . 

Flex, inv, Growth _ (106.0 

'693 7Z9 



J , £25.04 

.(106.0 Uli 

C J. Interna 11 

23 0 


-0 81 

Arcum. Units. 




CJ. income 



C J. Euro Fin^~. 



-0 2 

Accum. Units 




CJ. Fd. Inv. Tst 




Accum.Umrt.. ... 




Trice Jane 28. 


193 4 




68 0ri 






266 JL 


Next deahue July .. 

Chieftain Trust Managers Ltd. V(a)fg) capital ...~ 
II New SL EC2M 4TP. 01-2832632 ES,-*5f luB - 

Amen ran Ii2<22.7 24.4J +0.11 185 

Hich Income —U9.9 4291 +Q.J q.M 

International Tsi— kx«4.4 263 +0^ 3J8 
Basic Resrce. TW.P62 3Z31 ... 7] 4 45 

ConfederatiOD Funds MgL Ltd.? (a) 

01-5881815 30.GreshamSL.EC3PaEB. 

) 6/tt Merc. Gen. June 8..- 

Acc. Uu June 28 _ J255.® 

Merc. Ini June28 _|U9 
AccblUu June 28/ 

.Merc.Eit May 25... 

OI-2483S09 Aceum.L'ls. Apr27,. 

1-92 Midland Bank Group 

Unit Trust Managers Ltd.? u) 

Counwood House, Silror Street. Head. 
Sheffield. SI 3RD. Tel- 0742 

Commodity!. 'Jen.. 1673 
Do Aeeum. 177.8 




01-800 45® TfiLpr/jupe 28~— J 

Tpi. Inc 


B74 7 

[30 4 

38.4| +0 

6J.fl +M 

38 JW 
209 7m 

30 B 


+0 4 | 
+ 0.1, 
















3 91 


4 76 _ . . 

260 Tfil. Special Sirt.. _ 

Target TsL Mgrs. (ScoLand) (a Kb) 

4.42 19. Athol Crescent, Edln. 3. 031-228 8821.-2 

Target .AmerEkifile[265 283 af -0.11 137 
Target Thistle. _ 38.7 4LW+0.1 5.97 

Extra Income Fd. ... (583 62.71 +0 Jj 10.18 





83 3 

+1 1 













51 7a 

+ 1)2 





bfl □ 


109 3 


Do. Aeeum- 


Do. Accuci. - — 

Hifib Yield 

Do. Arcum 63.9 

_ Equity Exempt’ 1035 

50 Chancery Lane. WC2A 1HE 01-242 0282 Do Accun) * 103 "ft 

Growth Fund- 1«3 .4231 I 4.46 'Prices ai May 3 . Next dealing June 30. 

Cosmopolitan Fund Managers. Fu “ d , Managers Ltd. 

3» Pont Street London SW1XPEJ. 0I2358S25. 0 5 i'^ < ‘^(lM'" Arth,lrSL ’ £C ‘ tR96M ' 

ComopolnClhJd- J17A 18.7J+08| 4.90 Mlitsler Juiie2S Q54 37 4| 

Exempt Mxy 31. — J90.7 94.7[ 

5 38 

100. Wood SireeL E C2. 
TUUTJuneX. [50 1 

53 4) ... -| 530 

Transatlantic and Gen. Secs. Co.? 

91 -W New London Rd. Chelmsford 024551651 

6 60 Barbican June22. . 

6.60 lArciim. Unils.1 

222 BartxExpi June28. 

222 Budcm. June 22 

835 lAccum. Units' 

855 Colenrui June 23 

5 49 TAccuni. UalLfil-- . 

5 49 fumbld. June 28 — 

iAcciuti Units' 


■ Amin Vnilsi 

Marlboro June 27 .. 

lAccum. Unirti 

5.98 'Vaa-Cwth. June 27. 

5.48 ( Accum.Unlrt^.... 

4031 u«“‘ “OH ragenuu. uo. m 5 

JVf Old Queen Street, SWIH0JG. 01 830 7333. f A«mn Uoia f |« 0 

0 75 MLAUnilf [393 415) J 434 Wick'r June 22. 

9 09 Mutual Unit Trust Managers? (aMgi wi'Soi' Vun?k'^ 

n to 15, Copchal l Avm. ECJR TBIT. 01-6064803 Do Ac<W?! „ZZ 

Mutual See. Plus B0. 6 54iri| +0.21 6.45 _ 

Discretionary Unit Fond Managers Mutual inc. ta_ — E ej 70SI+O.S 757 Tyndall Managers Ltd.? 

2S.BlomfleldSuEC2M7AL 01-8384485 gSUJ} ffljj 1»- tkmynae Road. BristoL 

Disc income — -_,.|160.8 1715J i 5.26 National and Commercial lAccum. Units 1 „ 

E- F. Winchester Fund MngL Ltd. 3I.St.AnrirewSquare.Edinbureh031-556 9151 - 

Old Jewry. Ed 01-8082 167 Income Jane 28. — [143 8 148 J| -3 61 6.12 &™2junlfaf 

Great Wincbeaer_ [183 196! I 62* 2oW-5fl 612 UnluT.:.:: 

OLWlach-er O-swIaOJI 21.3 450 U|S -s| In ■ 

EmsOn & Dudley Tst. Mngmnt. LUL National Provident Inv. Mngrs. lid.? Prci Jpne2&. 

W. Arlington SuS.W L 01-4907551 4fl,Gracechurrh SL.EC2P3HH 01^234200 nlu 

Emsun Dudley TsL. |675 72-6) 3.80 N.P.I.GihCn.Ta„|oj 466«i .... J 44! 

.. _ lAccum. L‘nHj>'.....[53 4 5691 I 44! 

Eqnitas Secs. Ltd. (aHg) npiomos Tra*t..}i2s.9 iSSJI+i'A 2.« 

Jl Brt hop scale. Ed 01-5382851 lAcram. Unlrti” .._|1333 142^+1.5/ 2 64 

Progressiie 1653 683} +02| 4.14 "iDf* 3 °J* r*™* »-.N«# rtealiDB July 27. 

Crescent Growth _. 

Cres-lbleroan (573 

Cres.Hifih. Disc. W2J 

Ores. Reserves [59 2 

CTos. Tokyo 


















—6 4 










60 & 




M11 „ 




















sn June 28. 
Units 1 . 
June 28 - 

Capital Growth 

„ _ *P««ss on June 38. n esl rfealiDB July 27. £'v. A«e«BL- 

Equity & law Un. Tr. M.? (a)(b)ic) National Westminster?(a) — — 

AmershamRd., High Wycombe. 040433377 181. Cheapflide. EC2V SEU. 01-606 6060. 

Equity 4 Law [M.4 67.7] +0 J) 431 Capital 1 Aeeum. 

Framlington Unit MgL Ltd. (a) mSKc 

5-7, Ireland Yard. EC4B5DH. . 

Ajnerican____ J M38 51j 100 

CspitalTsL ^ llb.4 MM 3 92 

Income Tsu___._|l»La 158.2s | 715 


01-2480071 Growth Inv. <365 

InL Growth Pd 

pc, Acetim. 


Portfolio Int. Fd.„ 
Universal Fd.idi 




244 NEL Trust Managers Ltd,? fa)(g) 

Extra lac. Growth.. 

Do Accum 

Financial Pr'rty . 

432 Du. Accum. - 

799 Hifihlue.Pnomy. 

536 Imernailoaal 

535 Special Sit*. 

534 TSB Unit Trusts tyl 

21. Chantry Way. Andrncr. Hants 


100 6 


175 2 

184 0 




-3 8 




313 6 

114 2 





237 8 

249 J 










-2 4 












+0 7 







































0284 62188 

8jSt. GeorfiCx SL. Dousiat. I o M. 

0824 4882, Ldn. Ams. Dunbar & Co.. Ltd_ 
53. Pail Mai I. London 5W17SJH. 
Fsl.VA.Cm.T»L . B».0 «J.« 

F«.VlLDbl.OpTst.|740 79.IM ..._.| 

Fleming Japan Fund S.A. 

37. rue Noire-Dsme, Luxembuure 
mine June 2 i 1 SUS52.42 |-160[ _ 

Free World Fund Ltd. 

Butterfield Bide.. Hamilton. Bermuda. 

NAY May 31 1 5US17925 | f — 

G.T. Management Ltd- 
Park Hse.. 18 Finsbury Circus. London Ed 
Tel. 01-828 8131. TLX: 888100 
London Aeenrt for 
Anchor -B' Units ..ISYSOK 0RH 
Anchor Gill Edpe ..l£9.72 9 78] 

Anehor Int Fd Ht’S4J5 4U; 

Anchor In. Jsr- Tot. [26.2 28 0 

Berry Pac Fd 1 SUS45 05 , 

Berry Par Stri* toj.OO 288 Otf 

CT.AalaFd SlKin 9IB 

G.T. Asia Sterlings. l£13 67 1471 

G.T. Bond Fund \ SU513 W> 

G.T. Dollar Fd JUS7 09 

G.T.PacillcFd-. SUSU 95 

Intel Fd Lxmbnt 
■Far East Fund 

■ 'Next sub. nay July 5. 

Schroder Life Gronp 

Enterprise House Portsmouth. 
International Fund* 


5 IT, 
:2 r, 
2 43 

sMi - .... 

220 CFixedlnicresi _. 

{Fixed imereai 

f Managed 


117 5 
126 0 
104 8 

125 d; 

X34 0 
144 1 
122 51 



, 1 


J. Henry Schroder Wagg & Co. Ltd. 

130, Chcnp+ide. EX 2. 

1USU47 1+0 02 2 50 

. $1.411941 ! . - 

Slilfrt UU .. 2'3 

Ml 83 1« 533 

111-5654 7 «!.... OX 


TraifllfiarMaj 31 .. 
Asian Fd June 23.. 

Dariine Fnd 

Japan Fd. June 18. 

Sentry Assurance International Ltd. 
P.u. Box 336. Hamilton 5. Bermuda 
Managed Fund — |$l51?448 1 5W] . ...' _ 

Singer Sc Fried) ander Ldn. Agents 

20.CannonSL.EC4. 0124dl+«^ 

Deka lends |LM3« :6Ei[+02D[ 

TokyoTst June 2 [ SUS35H | | 1.77 

d.'7i Stronghold Management Limited 

_ . 112 ro, Box 315. SL Heller. Jersey. 6S34-7M.0 

Gartmore Invest. Ltd, Ldn. Agls. Commodity Trust _.|92^3 97245 | — 

2. SL Mary Axe. London. EC3 D I -183 3531 Cnriwcwtt 1 i.rr.ti 1 .... 

Gartmore Fund Mngt. iFxr F>tii Ltd. " unnvest (Jpraey) Ltd. ( — 1 

1503 Hutchison Hs e. 10 Harcoun Rd. H.h’on< Queens Hse Pon.Rd st. Helier. *sy.0S14”r^.j> 

+ 6.66 

■0 15 










. U.TsL ...IJRniH 


HK* Pac. U.TsL 

Japan Fd. — 

N. .American Tit. BUSH 19 UI1SI 

Inti. Bond Fund [X0SU 145 1D6U) 

Gartmere Investment Most. Lid. 

P.O.Box 32. nougla*. lo.M 
Gartmore Inti Inc. .[21 J 2271 

Gannon InU Gnh|b5.1 645} 

Hambro Pacific Fond Mgmt. Ltd. 

2110. Connaught Centre, Horn: Kong 

Far East June 21 |1222 12.89j . ... J — 

JapanFund tf'SIC 71l| f — 

Hambros (Gnernsej'l LUL/ 

Hambro Fund Mgrs. iC.I.) Ltd. 

P.O Box BS, Guernsey 0481-26521 

, 2JD Amencan Ind.Tsi _1£821 

J 0 60 CopperTrast (£10 85 

.....f 15 Jap. Index Tsi ... [£12.05 

5-70 TSB Unit Trust Managers fC.I.l Ltd. 

0834 33911 BafixlelleRd. SL Saviour. Jersey C-T-l 7?4»*. 

10.90 Jersey Fund ^(46 2 4C*|-)ci a c; 

Guernwy Fund [462 OSbl-iOi 4 VI 

Prices on June 28. Next rub. day aLlr L 

8571+0 04 _ 

lL’Oj-O.t; — 
125^*0 OS _ 

CJ Fund 

lntnl Bond 
Int Equity 
InL Svfis. -A 1 suslrm 
Int Srgs. -B' SUSE 


, 149 1 

3USjl05 06 10831 
10 95 
„ L05] 

h.07 L10 . 

Prices on June 39. Next dealln* July 5 
Henderson Baring Fund Mgrs. Lid. 
P.O. Bax N4723. Nassau. Bahamas 
Jaj^to Fd. . [R'SUH , H1IJ ..I ~ 

Tokyo Pacific Holdings N.Y. 

Intimis Manxfiemem Oj :. V. '.'uracsr-. 

NAV per share June 25 5l’S5+'34 

Tokyo Pacific Hldgs. (Seaboard! N.“, 

InUnuv. Mnnoficmeiu (» !,.V„ Curacao. 

5 70 NAV per shore June 2ti $L'54I U 

2 50 TvxidalJ Group 

8.50 PO. Box 1256 Hamilton 5, Bena-JtSa. 2-27 jr 
250 Oref seas June SI.. [5V*-T13 i’i 1 .. ..1 tc; 
• Ac-:uin I'hllM. ..tVil CJ IW .... i — 

3- Way Int. June 22 .|SVS26lf 
- New SL. St. Heller. Jersey 
— - il 70 

lAccum. Shares' 

Jersey Fd June 22. 
iNon-J Ace Vis t 
Gill Fund June 21 
■ Arcum. Shares' . 

Minified June22_ 

hi 1.90 
,186 0 
137 0 

38 D 
ra a, 
266 6{ 
las Pfl-I 

159.6 rf 

1 — 
0334 27 

6 51 


:i :: 

Alctery House. DouaJas. Isle of Wac. OKC 21! iL 

1294 136 41 

rex on June 21. Next dealins date June 28. American JunesT 
Hlli-Samuel & Co. (Guernseyi Ltd. 'Aeeum shares.. ._.|i 
8 LaFebvre St. Peter Port Guernsey. »M. 

Guernsey T« 11452 1552) +0.5} 2.66 

HLU Samuel Overseas Fund SjL 

37. Rue Notre-Dame. laixembouni 

|n>5U58 14 Jl) -0 02| — 

International Pacific Inv. Mngt. LKL Ltd. lntnl. Mngnnt. (C.I.) Lid. 

PO Box R237. M. Pin Sl. Sydney. Aust HuUaoler Street. Sl Hcli«~. Jersey. 

JavelinEqulIs-Tsl.ISLA2.D7 21BI _| — l I B Fund IS2S6,' . . ] 215 

JX.T. Managers ijerser* Ltd. United States Tst. InU. Adv. Co. 

P«J Box 194. Royal Tst. Hse . JerseyOS34 37441 14. Rue Alilnnser. Lusemhourr;. 

Jersey Eacrnl. Tsi .. (162.0 173.0| j — V.S TsL Inv Fn.l [ $L’S10J2 J+CCJJ 077 

As ar May 31. Next suh. day June 30. Net asset June 27 

! - 

JardLne Fleming & Co. Lid. 

4?lh Floor. Connaught Centre. Hone Kong 

Jardine Esin. TsL... 
Jardlne J’pn Fd.*_. 

Jardine S£jl.. 

Jardine FleraJnL. 
NAV June IS 

SHK254J6 . .] 280 
SHK23L15 .... ( LOO 

SUS1624 .... I 3.90 

SHK9 70 .... J _ 

Equivalent $L'S71.08. 
Next sub. June 30 

Keyselex Mngt., Jersey Ltd. 

PO Bo* 98, SL Helier. Jersey .I'Enfi 01J5067670 

S. G. Warburg & Co. Lid. 

311. Gresham Street. EC2. 

Cm- Bd Fd June27 
Eney InL June 27. 
C.rStSFd Ma«'3l_ 
MrEur.Ji.ne2! .... 

$US9 57 
$L'SI7 090 
Jl'fUJS 10 fe 

-OCl'j - 

Warhitrg latest. Mngt. Jrty. Ltd. 
l.Ch+nnfi Cross. Sl Ilelier. Jsy ii 0534727:1 



Keyselex lot'll ... 
Keyselcx Europe... 
Japan Gth Fund 
Keyselex Japan .... 
Cem. .Assert Cap... . 




Ul 00 

£6 62 


£3 96 




£12 74 

U 92 

► 0 14 



t'MF Ltd May 25 . 
CMTUd May 25. 
Metals T«L June Id 
TMTJuroR . _ 
TMTUd June 8. . 

|i> '21X: 

02 17 
si mo n 

12 47 
10 96 

World Wide Growth Management^ 

10a. Boulevard Rinal. Luxembcurfi. 
Worldwide Gin Fri| SUM* 79 |-fl79> — 


Dealings U> U364 63432-3 

Z-9 4 yjdton Court. Dorktng. Surfev. ^ 5811 Q?fTSB General" 

Friends' Provdt. Unit Tr. Mgrs.? NeW>r -...Mfc " M 71 +0 JI 4 ji 

PlshaaEnd.Dorklna. ® wass v»u«rm,+ r au 515 ' '].?■* ■ bi po, Accum 

FiMwisPrm.Crt^WU *»il+i?.5| 45* For F . nntf Managers Lid. TSHScocush 

Do. Accum-.. (B-3 56.9} +0.6) 4J6 . see Rothficfiiid Asset Management ibi Do. Accum. (87-1 

G.T. Unit Managers Ltd.? * Norwich Union Insurance Gronp rti) Ulster Bank? la) 

16. Fmsbuiy Circus EC2M7DD 014C88I3t - ° Bo * 4, XProleh. NR] 3NG. 000322200 -warms Street BeliaiL 

61^4 +0.41 


'0 5 


+0 4 







CT. Cap. lac 

Do Are. 

G.T.Iqc.Fd Un 


G.T Japan &Gen^_ 

•Gt PentEiLFct— 

G.T. lni‘1. Fund 

C.T Fuur YdsFii— 

G. & A. Trust faHg) 

J, HavlejghltiL. Brentwood 
q»A— J3U 





359 7 




„ 1M . 







Group TsLFd .. -+[338 1 355.91 +1.7| 5J0 ro.uutorGrowih. p62 

3Jfl Pearl Trust Managers Ltd. tai(gWz) 

780 25fiHichHu!lHin!.9vr!V7EB 01-4068441 

3 Pearl Growth Kd-.[22 < 

7 JO 

38 9l+0J[ 5.43 
Unit Trust Account Sc Mgmt. Ltd. 


24.1J +(j ] 

Acaim Units 26 J 2861 +02 

Pearl Inc . 3L0 33.4 + 0 2 

Pearj Unit Tftt. ....... KO 36 61 J +0 J 

■ Aeeum. Units’. _ 143.9 4731 -Oi 

Lld ' »S«*' Klnfi William St. EC4R BAR 

i 06I 2865885 income Units [29 1 

33.44 +0JJ 4.97 FdtcaaUciU [BL2 87J|+0AJ 5.20 Acctun. L'tuis — ]33J 

2ifr King William SLEC4R BAR 
5 07 Friars Hse Fund .1153.0 
t Si WielerUnh. Fnd. -p9I 
535 Du. Accum. .._... _.|23B 

5i25 Wider Growth Fund 

1530 162.0) 

29 1 . 30.R 

23 8 35.6 

Ul-623 4951 

30 71 I 439 

35.61 ...-.[ 4J9 

Pnres dn nut include $ premium, except where indicated r. and are in pence unless uthan.i e 
Indicated s loldt finewn in last ceiumn' allow for all bu>ms expenses a Uliered pr:i*. J 
include ell expenses, b To-day's prices e Yield based on offer priw.d Euimaied. c Ti*-oa-’- 
Apemnit price, b Distributinn free of I,' K. iaxe< p Periodic premium insurance plan + Sine',.- 
premium insurance, x Offered price includes all expense-, except mjenl's i+int-tiitsior.. 

V Dfflerwd pnee includes all expenses i( touch! Ihrouch manocers. z Previour day's pri:'*' 

V f-et of lu on realised cnniia) caiirt unless indtraied hy f 9 i.ueruiev cross, p Suspc.icvri 

♦ Yield belure Jersey tat. t Ex-subdivisinn. 

1 Royal Exchange Ave., London EC2V 3LU. Tel.: 01-L'S3 no; 
Index Guide as al June. 1978 (Base 100 at 14.1.77) 

Cl We Fixed Interest Capital l'Jfc.Sl 

Clive Fixed Interest Income "... 

CORAL INDEX: Close 452-457 


t Properly Growth pj 

t Yanbrush Guaranleed 9.37% 

t .\Ji1d*R 4 sbov, ii iiiulrr Insuran*.-*' and Property Furg Tjli!- . 


jfeancial Times Thursday Jane pl 87 & 

ofurl- ste* IWlVl SWS 

rjl. S |ttr|SimS 


'<££2i e*" 

7 Qr jiu^idiy coniroBed mocWnes- 

Wcalmi McArc Tooli. Wen/oit Wo/, Leteetw Is*# HU. 
T.-hphane- 0532 76?5bl.7eli:>r: 341761 



flint Lok 

Priie A or Di»‘. r . Red. 
£ — l,r*'> Yield 


i:i;b lev 


88 821/ Ipflicdr-pcTI-Sol 82 Wd 

_?i r? ri* 

575 2b5 Jopanln-'i') 3o5rJ 

37 70 [h»6pc83« 71* 

lbO 140 FercAinSpc 180 

75p 75p 5GL6*pc i960 — 75p 

S 98 S94KTunn9pcl»l_- SK: 
DM91 DM81 Tcrin«-;pc !9tt._. D3I91 
97 94 'Vni;’uij>;pc .. . 97 

■ * I 41 

9% 15 06 

bo 10.70 


fllLt) iuc 

•Shorts*’ toes ap 

r 5pi7b-;3«.. 

01 •; •£?--- 
a 4% 7 !-■■./ ur :',pi; ... 

°5'- E: - .\ir. - 4%ju. T^TO ... 

Qj- ; ill*. pi. '7!?*.:. . 

or 1 ,, !n t .. i.p t ' 11 . 7 ?... 
V« iT^jj^r ?>».•!*«. . 
Q 7--: ]7r 4 J«i:r. P^.pi; SJJ:: .. 
c;V Tr¥.<.ijr.- , ':n-: •<■ 00 .. ■ 
a A* |l u?ii.i'-: -I''. . 

It’<.lieuu;r rip-: I95W? 1C3 - ; -* 

7r, v jr. ll /pi- 1961 t: W0A5 1 -'i 

h/v.-iMM/S'or IKM!. 85 5 -* 

lire.: -Oit •■>•!* I* 1 --- JS - : -* 

IS.tii .y 4 pclSfil 92-4 -‘1 

i\.h 9Npe IJttl 94*U -* 

E-hMlWl ----- -H 

Trei A!fc_ «% - ■. 

EaC*! l-W — 1 W*j -% 

Irra'Sbr"-'***— — 91i*jd 

Treavity.ipcRE; — 

Trej-.un Hpc X2S 10<*ft -ft 

Tfa.h.YarwWcJC?)— W'* 

I re ; ,u r gij |i>. 'K 90 A fd - »? 

L'.Oi ?'*p: 1'JK 

E-- » *; lOS-' A 91 *S -h 

F, . h S'.r.* ISSi 89'id -ft 

£i-.t>k S3. . — ■ 79 j -% 

Tp-j.iin ijpi l!Wr; - 100'* — * 

Five to Fifteen Years 

rrt:.<nr ?j(j. Si 8 9* id -* 

*■..•■ !•>>. r-c— (! « . 13* — % 

Vua-l.nj.l-pe 81"l -‘i 

Tr.'.vi:r S6*id 

I. ir] Tie id 

e | _ | lot. | Red. 

to Fire Years 

987.1 5 Gb 95 

101 /j 11 3a M 
M?a-. 3.14 bE 
05 '. 4 44 7.8 

99-3 10.51 105 

95-^ - ; r 3-65 6 . 

9b i{ - : 9.30 11.(3 
97* 97b 11.0 
93 3.76 7.3 

051 , 56j fl € 

203* -% 1239 11 
100,1 id -‘4 11 «8 11-4 
i&7, -k 394 aj 

os-’ 1017 11 S 
92:* ~i A S 94 11.4 
94Uu -'4 10 05 lli 
86 - l s 349 8.1 

55 >i 10.19 10.4 
102 >j -t 12.51 11 1 
91, 4 ni 9.50 115 
ill. -1. 3 61 84 

108ft -,*« 13 12 Hi 
94*-; 10 29 11.4 
90 Ad -A 916 114 

9l =* -2 10 K ns 

W* -A, 1012 11 1 
89‘id -A 976 11.7 
-C 3 78 8 4 

100* 1L91 11.7 

| 7* I’- fUj'U^y .. - ] 7/ ] | *'Z I 

E.i>. 5 Si DM prices exclude irn. 5 premium 


197S I ] ]+ or] Die. I irid 

;k Ljw ] Sack | £ J - | Gras |Crr|(.r» 

i 0 '-; rrc:.<nr ?j(,. 

I V, . 

JO * 

ic-z Tr.M*ijr e.pc’#4Sb3 

" r ': r i .pa.n;d' 1 -|'i 8A.17tt. 

’ c . Irra-’ir. T'jp.. 

,('V !Trj.i;o,>T‘ ,di 78-3? ... 
i<i, Tr*U , jn , : 'Ot 8849 .. 

0 i:. Tre.i' i.'. >Sp- 17?"^ ■ 

77:- Tre.ifu '■ 5L 87 Sut: — 
Tr-.’j-.i.r l! : 4» '991 . 

i-3’t FfluJjne.’ipc 

■’■■varury IL‘ .p' 

:r : * Tri'.j.'- i'lp’- 13??- — 
? 8 : i EAch _ 

73* — ij 
79- id -W 
bl^td -i- 
fc5* -lr 
lGZ/d -I* 
. 73> s -i* 
93 .* m -* 
65 -> 3 

10 0* -l s 

Over Fifteen Y'ears 

ITrr j'ur. 12 - 

| r u o i n ? f p'- f SK777 - ,62* - 

#T IDo-'a — 
iTrc^vr' H: pc 5MS— 1141;- 

I-fh \<M 101* - 

r r j--uh': | tk Wn. ... 78* - 

7'i.vun Cpc S5 93 , '*C - 

•'.a-.-Ipi- S>1 A 43* - 

L-..;n I6s,p. i*S . .. 83*rf - 

Tr.r.tun TliiP' . 100'; - 

TrjJ'ur- Sjk" '32 Wc . 78* — 

Tpwi’jry i ! 4«p: "&<— 116*™ 

, E •*nMiKr i':.«pf'3btr 103* - 

P.ed'Tjlwalp, IS44W. 42* - 

, 7 f.a.;-jr;. 101* id - 

;D>.OL?rlO‘;oc I9?7. 83 _ - 

Tre.i'ur; 8* pc 1&97— . 76* - 

rrpj'j-. 6i.pc 60*- 

Trfj' ijlrpc S8S 120* - 

E-.ih llpc ia». 95*- 

Trv.i ur. S>:pcl&99t;_ 77* d - 

Tir-'un 10* pc 1999— S5 - 

r uad‘Pi3‘>|>c 35*nl - 

Trea'.u- Kpr K 06tt . 67* - 

Trcsmo 5t;pc 08- 122. 47* - 

Treasury 7*pe 'EMM. 62*p - 

I V l'w!Tiu4.in1ia 43U — 


Qi-k Law 

17"v 15*2 
Mb Mb 

31 a 
3C 21* 
331; 11 
I5'.g 969p 
29* 18* 
19* 117 b 

32 7 * 22 
23* 13 
lib 625p 

13b B57p 

65 4l« 

48 ?0b 

42b 28* 
48* 32* 
27* 17b 
22 13* 

11 765p 
21* 13* 
14 7?3p 

25 14* 
18* 12* 
47* 29 

26 15* 

25* 17 
28 20* 
46* 20* 
321- 22 
26U 17* 
40 28* 

12* 670p 
IS* 11* 
33* 20* 
41* 2bh 
25* lb* 
44* 20* 
241; 15* 
48 26 

14* 750p 
224* 171 
52* 34 
21* 735p 
97 bp 705p 
28 18 

32 20 

41* 26* 
17* 12 
18* 13* 
21* 14* 
2rt 15* 
30* lb* 
17* II 
22* 14* 
57bp 255p 
28* 18* 
19* 11* 
?6* 22* 
33* 18* 
27* 16* 
161 131 
97 5p 505p 
22 16< 
40 22* 

13% Sb5p 
3S* 21* 
24* 17* 
17 11* 

46 28* 

W ?o 5 ? 

S.E. List 

ASA 16* -h 80c - 2. 

AMF PiCc-tv. 6? 60* 5 J -: — ~ 

\dm,SI 26*-* S:7 ? - ^ 

AuKTicar.E.'cprea. 28* *■* SI 40 — ; : 

Amcr Medi'_ ini .. 20’; - * 30o — 0 

.Uirwfnc 11% 40c — I? 

Biitrlainl i.'orp SL . 21»r +* o4c — 1 

BamcsGrpSb'i — 17*rt +* 90 c — 2 1 

Bindls Corp S3 — 29* nl -* 52 28 — - 

Eklh.ileclx — . 17* <d -* SIM — a. 

Bro«nc Fer clC;.. 10*«d 40c — ; 

Bnin^irktorpn H 11* -'a 70c — 

Burroughs i.\'rp.S5 58* +* Sl.Ofl — I' 

CBSS250 43 S2.40 — 

CP.C.S'- 41* SIM — 3. 

Caterpill-irU 43 b 5180 — 2! 

Chase MtilnSlij- 24 $2.20 - ?- 

Che^ebrouehSl — 19* d +* **• — -• 

Chrysler Sd* 853p -17 SI.00 — 6. 

QlicorpSl— 28* <d Cl — 

Ciulnv.Sl^t 12*-* SI 00 — 4 

Do.Cm.Prl BSU 20* -J 4 S2 — 5. 

Colgale-P SL_— . 16* 5100 - 3 

Cuiilnds.Sl 42 j«d -* S3.1? — 4. 

i>nt. Illinois 510 — 22* -* SL53 — .v 

Coni. 011 $3 20* .. S3 40 — 3 

CnnraZrRSS - — 24 > ; .... 51.90 — 4. 

Culler-Hammer So. 4b*-* ♦SL40 — 1 

EalonCrp SOoU 30* -% S125 — 4 

Esmart.:. 24* id SI 34 - J. 

E\u>o8 — 3a* -* S3.20 — 5. 

FireilPne Tire II 11* SI. 10 — 5 

FirflChica?u..._ 16 c d SI 00 — .' 

FluorCorp S*.—*. 29* -* 51.20 — 2 

Ftml»KwS2 37A S3 20 — 4, 

GATX 22*ol -3 : S2 50 — e> 

■jen. Elect SJi- 40 * rt .. S2.20 — 3 

' .illelte SI .22% -to SLM — 3. 

Honeywell Slid — 44*+* 51 c 0 — 2 

RuuonEF. 12* -'i $0 63 — 3 

1RJI Corn. So 209‘; +* 511.32 — 2 

InserwU-R 52 . .... 437; -% $3.00 — 3. 

InLSijremstCon Si 20*-* 25c — 0 

l. U. imernaiioodlli 903p +3 90t — :• 

Kaiser AL 25* ..... SI .60 — > 

Mon'. Han.USST art 28* -* S2.03 — 4. 

Morgan (JF’USSLS 35* — ’j S2.20 — 3. 

Nmon Simon Inc Si. 14* - v 7bc — 

0*ens-I : !.S3 1£>. .. 17 -% hSl.Ob — 3 

Vnate.'Oatil'SSa. 20i £ 5104 — 2. 

Reliance $025 ... 25 -* 15c — — 

Rep N.Y.Corp S5_ 27* a) SI 00 — 2. 

RexnordW.. . . l5 7 e +* 88c — 3 

Ricfadsn-HrrtlS’.', 20* .. . 90c — 2. 

Saul'BF'SI 442p -3 - — - 

Shell '.'il SI . 25*-* hSl d0 — 3 

SingeriSHii 16* -* Me — j. 

Sperrv Rand SOM.. 33*-* SI 12 — I. 

TP.ITfnc.Sl* 30 -* SI 30 — 3. 

Tenneco 24* +* S2 00 — 4 

On. IQS Ln Sli. 91-95 152 in *1 1 j’o — fb. 

resomfY.U’SM.lS'i. 813 p -r3 — — — 

TejUfoSRSa 19* 5200 — 5. 

Time Inc 32*-* 5150 — 2. 

F.-aniMif nca 12 30c — 3 

Utd.Tech SUS5.__ 34* d -* 52.00 — j 

US. Steel SL 21 T‘i 51. oO — 4. 

Toolwonhe S^;^. 14* -* SI 40 — 5. 

XemCnrp SI . 41* id + 3 4 52.00 — 2 

Xonicslnc. 10c 755p -20 7*c — 0 

Zapata Cnrp. 25: . 12*«d »50c — '1 

Premium 40%‘v based on VSSI.851S 
Conversion (actor 0.6698 (0.6744 » 


BkMontreal S2 . w 15*+* SI 06 - 

Bk. No, a Scot ... 14* -- Q bc - 

Sell Canada £2i — 40*-* S4 2 - 

Bowl alley! 21* ++ 12 *c - 

BraicanH . . — 11* -•* SLIO - 

Can lnp.U 12 .. . 19?; 51 44 - 

Can PaciricSa 12 •» - A 97c - 

Do4p:Deb£100 30* ** a f 5 - 
Cull Oil Can D - . . 19 -* $1.14 - 


|''or.rel' 4pr — — 
: utarioaiiy'prS. . .. 
'’ur. J‘;pc 61 Nil 
irrei;aij-3pr66.4S _ 

-* 12.80 1 
-* 12.07 
-* 10.64 
-* 12.94 
-* 12.55 1 
-* 12 98 i 

jj:’. |Cnns , .'!'- : 'C c - - 19*in |-i s 112.55 l —■ 

24 v i 19* iTrcssury-tpc., | 19* |-* [12 98 | — 


03 ! K* |Spc Sl«L”« 1 84 |..;...| 5.95 | 9.79 


«>V 9- Firm ham V.k 7MU 94 9.83 U.58 

44* Br.n«17’ipc7Ml_ .. 89% ...... 8 64 1148 

307 100t, ij Lf’ I2i-pc'«l 101 ...'... 12 J3 12.15 

112 103* D«.c: 2 plW 1M1; 1253 1254 

°7 * 90*1 ; la 7 C »v. 9*pc '80-82 — 90% 1051 1255 

?3 M* Kerb 5*pc 7 HO 91 .. ... 5.77 1058 

39* 47-. In 98 ft ...... 5.93 10.59 

K2* Ml* i:e.9%pe8Mt 93* ..... 1056 1156 

29% 2l\ Do S'^pc Lrred.. . — 26* 1353 ~ 

100 \ 99 Lor. Co^filjpc 75-78. 99* ..... 654 U.18 

44* ?1 DO ^pcW-83 93 _.. 1019 1151 

47., 94* LO;.6pc 76-79 95 -* 652 10 66 

92* 55 itof&rTOl 85 -* 6.51 U56 

SI* l-nV-p, Kl-84 77*fll .. . 7.07 105b 

-4 65* D,i5*pr’S»*r. „„ 6fl ... .. B 12 1151 

75 th liofiVor'eS-SO bbUifl . 10.12 12.05 

Tr: 221- DA Tec -20 AIL. __ 23 +* 13 58 r 

9?i *1' ' mi ... 91 57b 11.09 

441, 9:’.* Ne,.:: -Hr ?*po TM0. 95* .9 71 11.71 

1234 Slot ••7ara.cli::;%lSB0 _ 101 -* 1258 11.92 

172 ••lu.FkABitill. 223 

bb \jL> i>m.'*tr- 68 

?5n Nit Yl.f«r £!_ 254 

V . 9 vfc- vtor^il „ . 405 
L4Q Sovumh-.-MCil. 210 
70 ‘ir.iihM. Aub— 7Cu: 

>7£ Mjnn'il'. fi-.nil. 387 
8* Trade ixv. Slid. S9* 

i tusn Own Li 315 

32 l HT 36 

ElKsK*]!»?ar:o!5- £21% 

60 V, la'.ru?; Dip — 61 

Hire Purchase, etc. 

:i* CSSK'J i'#la* I9p 36 
j5 QeS'creFr.iOO. £54 
S Crea.tUala I'Jp. 8s 

85 LM.lSrcLin. 86 
30 Ln>1 jert Fin.irto 40 
3 tn«:e:'i Mer-- K* 9 
85 F'N". FiWRcia:.. 91 
23 StrlLCrsfKMp. 27 
10* PbiriaSUlf- I 1 ’? 14* 

:•?* da^OLruuacb- 41 

^ nr! 1'iv | Vld 
Price - 1 Net |Cvr Ur's Pit 

Ii,vj:. 4 | t mou 


lflgk LOT 

39b 1328 Ilrrp.Chcm £1 

i> I In 5*;Pf.£I 

j+ «r| Dir jVW 
Price j — | Net CiT|Grs 

High Low 

5* Tteti-Bardet'iip 
17* War-lie (Rer i !w> 
162 Wol'ienho-mc 
99 I SO Yorks Chems. 


to | 69 1 India TV "A 


h2.06 1 2.3 7.6 4 

70alj+l [74.16 3.1 9.0 
112 1+2 16.55 1 • ‘ *“■ 


7 S VAmSiers.-*. 
30 Lira, Did °r lOp . 
137 Bats Cliar -ton— 
196 Sell Arthur S9p_. 
37 Belha-en Brewer. 

92 +o-loiri;tonj 

b6 o'irder Brew's. _ 
100 5ro*r, jflai;beir.i 
40 Back ley , Brew.. 

130 bulmcnH F‘ > 

140 Burii-nwaod 

55 City Lon [let 
114 ClarLiSlanties 1 . 
163 DitiilicrsSOp.—. 
IS -Mirdor.L'lOp- 
43 'Touch Bros 3Jp. 
43 'Treenail Whitley 

213 Greene Kin^ 

154 'luinre'-'. ... . 
128 H!«hl4Diii ap. 

S3 I mer :nrd*r. 

lO 15 inr-h Distiller:— 
270 Mjc-i.'Ijd 'JJeo... 

rbO Mortar.dil 

50 Sandcman 

r>2 Sc, -it A New Ldp. 

95 VuinariD. 

°4 V.U - 

82* « Ini bread 'A' 

185 Wu-.. [njdley. - 
145 io-isuBrew A'50p 

72 RcdirT'.’Pr^ it 
52 SWLTY-Y'lOp 
58* [45 Tnd’tn-A’IOp 
69 52 lister TV* A* 

26* 1 23* ffeaOraftin 


™ 1175 MST-i « 

Aquasrutum 5p 

Do. ‘.A'Sp 

Andiotmaic lOp 
Baser s Sirs lOp. 

BanbenSi'T?) Ito. 

Bentalls Kip. 
Box-liman KOap 


Bni. Home Sirs 

Burl-MiCrp -?'p 
Do. 'A' JIv SOp 
Caniors'.Y 20p 
teitel 'S.fl&p 


Comb £ns El ! ^i 
Cope Snorts 10J> 

Cornell Dre>s ap 
Courts' A 

building industry, timber 


[ 31 |A!«?r>Jee(iCoas{..| 90 

BkMontreal S2 . .. 
Bk.Nn,aScol ... 
Sell Canada J2a... 



Can Irnp-Bk !- .. . 

Can PacilicSa 

Do -ipcDeb £100 
Cull Oil Can H . . . 
HawierSiri. Csntf. 


Hudson’s Bay II 
Rud.B.i»ilC S2*_. 

Imperial Oilll 

Ineo — 

InL NalHas SI — 

Massey Ferr II 

Pacific PeL SI 

Place Gas SI 


Royal Bk.Can. S2 — 
SeasramCo C5I. . 
Tor lum BV SI 
Trans Can. Pipe .. 
l Premium 49%*r 

530p ... 40c - 

24% -* $2.06 - 
14% b9c - 
31* -* SI 60 — 
13* -* 86.4c - 
12% +* 80c - 

745p -15 80c - 

840 n - - 

24?; -5 — 

68 p -t - - 

225; — W SI 08 — 
23 4 SI 50 - 

18,1 *3 °2, - 

13ft 80,: - 
10^ 103c - 

(based on S2.0S68 per 


187S j | |- orj D„ | [VM| 

Higii lo* j Buck | Prirr J — J .Net |c*ii , |w«Jp,X 


ini-'-r C +U ••vjf: ji-iw Tfk78. .. 99'» 5.58 10 83 

cc.V 9 : 1 ; iU>iK TT^ii) 92% ... .. 5.93 10.72 

ES* 53% -Do %:;p.: -8,-52 83%-* 6.67 1133 

9?*, °e% -r. J.-Kl^rt 97* ...... 4.12 1038 

cm. -J"., ••L'lt.bpe THJJil 93’, — % 6.53 1151 

P7% 51% "Dt- TUprTMS 82*-’.. 9.11 10.87 

9+^ 41 3 -.r. Africa tfipeTWI. 9^+ 10-4 1215 

- 70 ' 50 5‘h.Rhod 2 i ’DC ‘85-70 50 — — 

9b £0 Di-.OpcTUl 80 — — 


Public Board and Ind. 

A^:c 3IL5rc’.i94!9„. 
Mean in*pc ’30-M ._ 
■■Mei.Wtr Ipc'B' . 
i;S‘4.C.9?c 1982 . 

To without Harrcnti.. 

59 ...'... 
Sid .. .. 
29 +* 
131d -1 


; n’31 

sap. :.4 . 

•• ■&> 

156 AS2SAI 

210 *le\ander>B II 
£90* Aleeaene FI IU0 
269 Allen Harvey El- 
150 Allied ln*h. . _ 
150 .ArbuthnotLEI.^ 

: £15% Rank Amer.SI ?B. 
315 Bit Ireland! I .. 

: £137 Do. lOpc Conx..* 
15 BtLcum; I£l_. 
lbO EkieumilliKtfl 
380 Bk.NSW.SA2... 
255 Bank Scotland Tl 
i £21% Bankers N YS10 
296 Barclays £1_ _ . 
200 Brown Shipley LL. 
265 Cuter RyaerTl — 
67 CbxeDls'ni2Qp_ 
171 Com I Aus iSAIi.. 
£12% L'om rbkDMIOi. 
£15 Ch-n KbkKrlOQ 
18 Corinthian Wp— 

- L13% Crcd. Fr.ticeFTi 
7 Paue»iG.R i . . 
L90 l-miscHc Baak I'MiQ 
58 r CF 

18 c] - 3 bl - 

33 1- ?o - 
25 • 

c!a.iQbijnr 8T-?a 


rdejs: Sdiloriai SSSS41I2, 883897. Advertuements: 885033. Tdegzams: ilnantimo, London PS4. 

Telepbo&e: 01-248 8008. 

For Share Index and Easiness News Summary in London, Birmin gham, 

Liverpool and Manchester. Tel: 246 8026 


/unsterdanr PO. Box 1296. Amsterdsm-C. 

Tele* 12171 Tel; 2« 555 
3:nmnKha:n- Oeortte House. George Bond. 

Telex 338850 Tel: 021-4o4 0922 
Bens. Presshaus 11 IN Heursallee 2-10. 

Tele*. BSS9M2 Tel: 210038 
Brui^eli: 28 Rue Ducale. 

Telex 333S3 Tel- 5L2-S037 P O. Box 3H0. 

Tel BS&alO 

7?ub!m- 6 Ftizui ilium Square. 

Telex 54 It Tel: 78S321 
Fafinaunsti. 37 iTeonte Street. 

Telex: 724B4 Tel: 031-228 4120 
FrznrJart: Im Sechaealdgec 13. 

Teles: 416263 TeL 6K730 
Johann«?st' , ;rv: P.O. Box 212S 
• Tete\ £-6257 T-oi- B38-7545 
Lisboa: Prat a da Alen.ria 58- ID. Lisboa X 
Telex 12523 Tel- 362 508 
Madrid - Eapronccda 32. Madrid 3. 

Tel: 441 6772 


Birmingham George House. George Road. 

Tales X8S30 Tel. 021-454 0022 
E^int urxn. 37 Geprxe Street. 

Telex 72434 Tel 031-228 4138 
Frantfurt 1 m Sachsen lager 13. 

Telex 16263 Tel; 554667 

Ly ¥ d . , 'oS^ ,nanenl House. The Headrow. 

Tel - 0532 454fi® 

Manchester Queen? House. Queen Street 
Telex 666813 Tel: 061-834 9381 
Moscow: Kado vo- Samotec bonja 12-24. Apt. 75. 

Telex 7900 Tel - 294 3748 
New York; 75 Rockefeller Plaia. N.Y. 10019. 

Telex 63390 Tel: <212i 541 4625 
Paris- 38 Rue du Seaticr. 75002. 

Telex =20044 Tel: 236 57.43 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 

Tel; 253 4848 

Rome: Via della Wercede 55. 

Telex 61032 TeL - 678 3314 

Stockholm: c.'o Sx-cnska DagbladeL Raalambsvagen 1 
Telex 17603 Tel: SO « 88 
Tehran: P.O. Box 111870 
Telex 218834 Teh 682898 
Tokyo 8th Floor. Nihon Kei=ai Shimbun 
Building. 1-9-5 OtemachL Chiyoda-ku. 

Telex J 27104 Tel: 241 2920 


Maneheater: Queen's House. Queen Street 
Telex 868813 Tel: 061-834 9381 
A-ew York: 75 Rockefeller Pia*a. S.V. 10018 
Telex 423025 Tel: (212) 489 8300 
Pans- 38 Rue du Sender. 75002. 

Telex 220044 Tel: 236.68.01 
Tokyo: Kaaahnra Build! nz. 1^-10 tv hi Vanda. Telex J 27104 Tel: 295 4050 

Copies obtainable from newsagents and bookstalls worldwide or on remiir subscription from 
jubscrjpuon Department, Financial Times, London 







90 *8 

26 14 

79 b0 

EJI>; t Everard 

HrvJ'Ap >.ip. 

Dti NM YtC'.'fd 
Unrrvft K U'p- 
VlFi FotbUiw lOp 


41 30 

92 n4 

20 13 iP-l'-IlD llllkSf llD 


Ley's Foundries-t 61 


.. .PricstiRetii 
11* l&aineEtig'glOp 


125 I 85 I.YB. Electronic.. 115 
57 [Allied Inrolators 71 
25 l-'nidioFulelil;. Wn 29 
AulolW Sec I0p 76 

siasop ii5 

BSR Km., 

Besi i May I Op 
Bovdhurp* lOp 

Rata E wine 



islr'l. 1.123 











Qlo’.l -9 j 4.i| 4 
ylOT-1 - 1 12.4J _ 

5 7, 
8 . 0 ' 
ai3 8.i 
2.13 3.3 

0.66 3.7, 

t4.79 2.9 
N13.5 £.d 




16.53 L7 
L92 125 

S J25 

r ?.00 

5.86 j 3. 
t6-92 2 
6.00 [ 4. 

lib 104 
93 bB 
272 225 
163 153 
£159 £116 
65 55 

56 37 

140 IDS 
6b 4b 
43 32 






11% -M. 



134 — 
52 # — 
63 +2 

- 30* 

if ! 

46 ■ 


124 • 

1 It53 22 7.7 9,0 

t u ;Ti) y aw rgiOiffufy i 


FINANCE, LAND— Contained 

PTE j High Law 

Lend See* 50p .. 
Da {Ripe Cor. EX 
Do lfl^Conr.-SS 

Law Land 20 p 

Lead Lease Mc_ 
LcmPror ap 10 p 

Lon- Shop Prop.. 

Raglan Prop. 5a 

Regional Prop. 

hen Hs. Inc. £1 

Hurter Trust. 
Citv&Cdm Inc 


120 102 
2% 170 

73 So 
Wj 37 

92 70 




155 125 
1 15 97 
106 SS 

93 7Pi 

113 721* 

101 84 

95*2 71 
91 b 8 

74 m 

70 56 
114* a 97 

6B 55 IGoreitEunipe 
■*' 65 

14.07 1 
3.3 L 
3.3 1 

13.32 X' 
0.8 1.1 
t287 1. 


Tokyo, Japan 

•New Japan Securities Europe Limited 

: V I LI T.,., •: L-. . «; ■.•••!! 1- llfti (j/£1.3 

• Frank (nr; Ollier 1< 


iai 2 


WfcllOpJ 30ij 

ard White j 73 

rearm 19p | 24*2 





65.4 186 

23.4 276 
20.3 161 
3X2 190 
— 190 

6.1 2X2 
5.8 2S.6 
3.7 36 6 
2 7 446 

' - 1265 1224 lAfrican Lakes 


High Low 

* I 210 (155 
103 « “ 

10 6 80 52 

175 122 

40 7B 

41 32 
16*> 10 

15 10 

132 64 

125 63 

820 150 
245 148 

72 48 

138 ai 
40 10 

220 12S 
39 10 

& Vi 

16 8*2 
178 117 

50 30 

— £147*750 

— 40 12 

32 3 538 310 

— 300 50 

_ 160 84 

— 70 35 

MINES— Continued 

I Slock . | Price I*-"] NW 

FaJcou RIlSOc - — 182 +2 

Rhod'nCorp. lfpjp 16*2 

Roan Cons. K4 70 

Tanganyika 50p — 149 

Do.Pref.80p. 90 

WanWeCoI.Rh.l- 35 

Zim.Cpr.JB DO 5i _ 12i r 


Acmex25c. . — 

Bougainville MToei 

BH South 50c 

Central Pacific. . . 
ij M. aaigoorlie ti- 
ff impm Areas 3p .. 
MeiaisEx. 50c 
SUM. Hides 50c_ 
Mount Ltpu 25c. _. 

SenneiaJ 10c 

North B.HillSOc — 



Pacific Copper 

Paneom 1 25c 

Fannp M&£x 5p . 
Peko-wallaend 50c. 
Southern Pacific. ._ 
iVestn Mining 50c _ 
Wuo Creek UOr - 



112 -1 


232 ** 
54 -1 , 


30 -1 I 


30 1 

4*2 .. 

122 -2 

13* z 


50 +4 

£121 j -J* 


490 +2 I 

185 -10. 

151 +1 
50 j 

Q50c 13 23- 
D56 7.1 5 . 

020.0 12 6. 
Q9% 163 3 
tQ7laC 1418 

QBc 1« 4 

1 45 41 1 

Q9c 17 2 

rife 15 4 
rQIlc 19 4 

Q15cl 4.0j 1 

406^1 X4 1 


116 80 Aberron RIL30 102 1+1 

r " 420 Anglo Am. Jo. Rl 565 
63 AngTCslod 50c 130 ni 
2 28 ElaorblOc.. . 80 

b2 Gold Fids P3< 77 

95 Gr Unas'. V 58: _ 127 
98 HnJelfsrpn.Rl. 93d 
2PS OS Bazaars aOc.. 430 
35 Primrose I Dels . 73 

130 Bn Tncfon AWe 155 
58 S A Brews 20c. _ 80 
600 445 rigerOaisRl... 580 
69 55 I’ouee 68 


l IS 

53 Beales iJ.i20p_ 70 
64 Bee (awn A. Up. 70 

20 Black* oed Man. 26 
35 1 j 28 Bond St Fab lOp 28 

42 29 Brtgbf fJohni 29 

10 >4 43* 3rigra> Grp ip „ 81 Z 

16 10 Brit. Eekaion 15*2 

48*2 35*2 3ril Mpnair ft 

41 BoJaerLinc) 20p. 53 
12 Coi.-d (Dundee.- 13*2 

j 39* z Carpets lai 5Gp_ 49 
; 36 Can- gin Yjyella! 37 
28 Cacdawlcd — , 30 
67 CaaisPatons — 71 

29i z Corah 32 

109 Courtaolds 112 

£80*» £72 Do T% Deb BZl £74^ 

37 31 CrewtheriJ.t — 34 

135 99 Dawson InlL 127 

98 Do. A’ 126 

55 Dum 'Rand' . .. 66 

25 Early rC < & M. lGp 3 

. 25 FoaeriJohm — 32 

£5 3asgasti.)10p— 101 
79 Hldting Pst. 50p 96 

M *2 Hieldaras.5p — 11 _ 

45 Righans 49 

53 Hollas Grp Sp .... 59 

39 Homfraj. 39 

27 UlgworthM-SOp. 28 

26 Do.‘A’20p 27 

28 Ingram (K.110p_ 34 

42 Jerome iEldgs.1. 50 

33 Leeds Dyers 64 

15 Leigh Mills 18 

1 10 Lerez5p 10 

34 Lister ft 

55 !fks:Uflb — 62 
42 Jteckayfiwt-- 43 

21 Masfcjnroc Scott 34*2 
73 Mzrtia[Ai2lip— 94 

29 2iiHer : F.i0? — 38c 

.46 Mention 61 

102 .Vwti Manfg- — U7 

24 NotaJeneyaOp- 42 

5B ParUand'A' 76 

r 12 Pickles fW.}£ Co. 15 
. BU Do "A'NV lflp_ HU 2 

' 56 ELE.T. lOp. 93 

41 Radley Fashions 50 

69 Reedtffmi 85 

36 BeiiuceBni:28p_ 42 

19 RiehirdsiOp — 20 

48 SJLE.T. 20p_ 61 

25 Scott Robertion. 45 

18 SekmlnUflp _ 29rt 

20 Soai Carpets Sp. 31 

20 Sin Ion Spinners. 28 

84 Sidlawlnds 50p.. 89 

50 Sirdar 70 

20 Small L Tidmas. 2B 

1 27*2 SarucHaLUM- 66*2 

47 19>h Do Pnv.LUDO- 42 

48 40 5pencer.Geo 45 

31 26 Stoddard •A 1 — . 28 

.34 23 Stood Bilej Dr d_ 32 

58 23 rern-Consulele- 56 

29 IB TesrrdJrsy.Wp. 23 

62 ft TomJdnsotts 56 

54 44*2 Tcaial — l 45*z 

56*2 31*2 TorarYM 56*2 

32*? Z7 Traffcrd Carpets 30 

48 Triamllc lOp — 61 

41 Vita.Tex20p — 42 

ft 34 Toms Tare W.2£lp. 43d 

59 31 Yonfital 33 

272 | 3.7 
3.11 3A 

72 * , 

0.75 26 10. 

3.01 3.0 9. 

T4.19 1W10. 
' 0.9^12 








52 . 

195 178 



in « 

421 z?, 

5J ^ 

€S 68 

4.1 94 
99! 71 



21*2 17'a 
118 70 

20 11 
42 31*2 

218 183 
94 78*2 

60 X 
240 X 
18 X 
45 X 

30 24 

360 240 

60 45 
293 200 
145 111 

10 BK 

293 220 
165 130 
93 78 

11 10 

75 68 

690 450 
400 280 
70 40 

62 50 

215 165 

61 49 

61 47 

210 140 
310 230 
228 134 
75 55 

100 85 

100 74 

220 148 

.Anal Nigeria — 
Ayer Hitam SMJ . _ 


Berjnnlai SMI 

Gee^or — 

Gold & case 12* j>- 



Idris lOp 

Jantar 12*^p 

Earn anting 5M0.50 


Mala? Dredging JJU . 

& Pahang 

Pengkalen 10 p 

Fettling SMI 

Saint Pi ran 

South Crafty lOp 
South Kinla SM0.50 
S'jngei BesiSMl... 
Supreme Corp. SMI 

Tanjoug 15p 

Tongtah Hrhr SMI 
Tronoh SMI 


25 t251 

360 +5 

53 3.75 

293 tQllOc 

132 h4.51 

9*a - 

293 15.0 

160 —i 

85 120 

10 — ■ 

75 ZQ)155e 

490 0125 

90 0 TQ95c 

69 iQM5c 

61 6.5 

215 tQBOc 

50 fii99 

60 4.13 

210 +5 1077 Sc 

310 +5 
220 xd .... 









+ 5 1077 h 

75 ZQlOc 

92 6.5 


220 +10 ZQ 88 c 

100 | 70 

61 35 

... 17 9 

% 52 300 220 
— ‘ - 465 245 
28 232 234 164 
4.8 7.0 90 30 

8.8(5.07 £12 750 
f8.7 -J 45 43 

18 7.8 180 120 
£29 — ! 


(Messina R050 __ _ | 85 (-3 |tQ30c( 


Bamnin - - 

Burma Mines 17*zp 
Cons. March. 10c.— 



[Sabina lnda CS 1 ... 

Tara Ezptn. SI 

Tetndy Mineral 10p- 
1 Yukon Cons. CS1 


|+ or) DW. rid 
] - I KM Cw Gr's j 




50 — *2 
265 xd +5 
48*2 +3 
ft +Uj 


310 +20 
100 +1 
120 +3 
78 +5 


80 xc +3 


73 +2 
67 +4 




22 (Rights A Isa. Cap 


2.7 | 1 
285 X 


India and Bangb^ 1 ^ 

Assam Dooan £1—1 . ^ 5.9] 6.1 

SSESSS^ ^ z::*™ 5 5:? Si 

£w«r«antsl0p- - 28 +1.98 16 10.7 

joui£l— 345 +5 2p 3.5 5.3 

l/rngbournell.. - 360 ...._ 410-00 6.8 4.2 

MtUcd Rnisel If _ 225 tl3J 2.7 9.0 

WoraatL 375 15.08 4.9 6.1 

Singh Hide? Wn„ 25*a 4F17Z 3 l2 10.6 

Warren Plants M3xd +1 14.67 4.9 9.1 

Wllliamsonfl— ... 171 ' +1. 9.0 4.7J 8.0 

Sri . Lanfra 

lUmuvaEX J 177 |+2 | 5.5 ( 15( 4.7 


[Blantyre £1 ( 610 [ (50.0 | * (124 

(Run Estates | 185 1 — 1 13.0 j t> (10.6 



ithan DeepS! — l 22 S ( ..( ■ 

istRandPrp-Rl. 281 . 

HUdfonfn EM.R2. £33%uJ +^* 1Q35Dc Z5l 6.3 
West Read R1 ] llS|+4 TO 23c} 6.7| 6.9. 




144 1111*2 
13.5 78*2 1 £8 
10.2 « 

4.1 _«*a 
8 6 194 
1 B9 65 
87 60 

193*2 154*2 
46D 300 
135 116 

72 58 
113*2 94 


W 2 



I I— 1 ■ U 4 


75 -2 tQ25c 

27*2 tQ 20 c 

374 +5 N25c 
104 ad +1 6 p 
370 +17 tQ34c 

is a \ 

51*2 ~ 

54*2 +1‘> Q2Sc 
723 +44 -TQ 86 C 
53 —4 


267 SATIzds— 311 +1 113.D1 3.41 64} 53 ^5 

— 227 Do. Deft 271+1 — - - 4.7 W 

38C 330 DaahiJIOUBp- 345 ri 8.72 6 3.8 * JJ 

81 71*2 Imperial 76 — 5.66 20113 55.” 

57*2 45*2 Rothmans lZ* 3 p_ 52 -*2 z204 9.4 5.9 27 ^7 

66 55 (SeasenBi-W?- 59 -1 279 4 7.2 4 


135 11 


Investment Trusts 

52 49 Aberdeen law. .. 

141 118 Aberdeen Trut. 334 

111 95*2 Alisa far. ] 

77 .Alliance iai — 

228 193 AUianreTmsL— : 

124 115 AiuJuidIac.30p. j 
1H7 329 Oo.ClWtllSOp. 3 
62*2 53 ABtowelgr.Jac.- 

"■ O Da Cap, 

37V American Trust. 

36 American TsL '3' 

S4 Atgia Am. Sect _ 

43 Anjb-inLDie.„ 

104 DaAiwtShs.- ] 

36 Anglo-Scatlnv,. 

64 Arehimedfslnc.. 

30 Do.Cap.S0p — 

106 Argo Inr.i5Al>_ 3 
aDb Afcdown Inr. — 3 

49 .Atlanta lalL I Op, 
b? Alianlic Aiiets ^ 92 

51*2 AUcsEleci — — 57 

73 i.AJSLXTcL'aOpi. 96 

48 3aBk-n:ar 55 

45*z BdnyTrest 63 

6 EishcpigBleftop.. 7*z 
140 BjJhopigateTsi. 364 

47*2 EarferASthilDp 55 

594 SraiHFundCrJl S20** 

595 SmiHnr.Cril.. $128 

22 BrwarTsL 24 

34*2 5rit.Aa.6Gca. 39 

66 BritBb. Assets — 73*2 

guq 12 9*2 BrntEaiSett^ U 

'.»*1C2 SB Britted 6 Gca_ 99 ... 

4 1170 140 BnLIqffa 164 +2 185 

.4 900 

9 307 
■5 196 
J 89 


30.0 77 

13.0 1 

29.7 « 
68- J 

278 13 
343 1« 

445 [288 BIyvoor25 


Pcelkraal ROJO ... 
DMndonleln R1 — 




Hiriebeesl HI — 


Ubuaon Rl - — 


Slilfontein 50c. 

Vail Reefs 50c 



Weatern Areas Rl. 
Western Deep B2. 

Zaniipan Rl — „ 


95 i 75 [Tree Slnlc Dev. 50c 80 

£173 > £lH ? F.S.GednJd 50c — £16*. 

121 59 P.5. SaaJplaas Rl - 87 

413 1279 )Hannony50c 374 

LcraineRI... ... 93 

Pres. Brand 50c 924 

PrezStejnJOc.-. 691 

Si Helena Rl 894 

Unlsel 184 

|47W .Welktnn 50c.._ 231 

£19^ j £ 13*8 1 W J 0 Id i ngs 50c — £387. 


1 4 F J 1 1 +T 

n tana I a Ami if 

wnmonUkl ]p.| 

15 XI 
QS0.J4 5.9 
Q35.21 10 
15 & 

L65 10 

£220 12 
13.6 12 

3.4 11 

600 (424 
340 1246 








292 , 

64 40 

| Aug Am Coal Me.. 
Anglo Amer 10c.... 
Ang Am. GoldRl- 


Charter Con* 

Cons. Gold fields . 
East Rand Can. 10p 

Gen. Mining R2 

Mid die Wit 25 c 



Patino NVFTilS_ 
Rand London 15t_ 

Selection Trust 


SiirernunesSKp — 
r'vaal Cons-LOl.. 

U.C. Im-esl Rl 

Union Corpa.8Se. 
Vogels 2*2C 

585 +15 
322m +7 
£16*>>d +^4 
75$id -30 


168 +1 
17*2 +* 4 


£135, +*a 


182xd -1 
34 -1 
190 -3 
116 — 



213s! +4 
45 ...... 


235 -.... 




|Cvr| Gr's UbImb oUrrvlir ImUcamL prices ud aec diriSrad* are li 
pence and drnomlnailna* are 25p. Ealimaxed prtce/eirningi 
? _ 2 '^ ratio* and coven are baaed on latent annual report* and aecoanu 
X5 5.7 and. where possible, are apdaledeo hair-jearl, flKnrta P/Ei arr 
— — calcnlated on the baeli of net dliiribation; bracketed figure* 
XO 5.2 indicate Id per cent, or more dUfetence if calculated on “nil" 
1.0 X 6 dlatribinloD. Corera are based an -maalamm- dlafirlbnUoa 
X2 4.3 Vieldi are baled on middle price*, are gross, adjusted to ACT 01 
X2 1X4 34 per cent, and allow lor value of declared distrib ut ion* anc 
a 83 rights. Securities with denominations other than sterling an 
U 73 quoted inclusive of the Investment dollar premium. 

3 sjl Sterling denominated securities which Include investment 

* e it dollar premium. 

H • "Tnp“ Stock 

jrj. * Highs and Lo»s marked thus have been adjusted to alt cm 
?« lor rights issues for cash. 

X9 4.3 t Interim since increased or resumed. 

11 14 i Interim fine® reduced, passed or deferred. 

20 4.5 It Taa-free “ non-residents on application. 

19 3.4 * Figur" or report awaited. 

+f l'il I sled roeurify 
2 HP a * *irat *>f suspension. 

9 indicated dividend after pending scrip and/or rights issue 
,p P re, ’* l * us dividend or forecast. 

** Free of Stamp Duty. 

♦ Merger b«J or reoiganisalion in progress. 
c> * Not comparable. 

b 1 * Sa ? e ' nwno; reduced final and.or reduced earnina 

J’i ?•# mciiraim 

16 10 7 f interim BtatemsnL ^ hteit 

3.5 5.3 7 Cover allows for conversion of shares not now ranking jv» 

6 g 42 dividends or ran king only for restricted dividend. 

2 7 o n * Cover does not allow for shares which may also rank for 

44 f. 1 dividend at a future date. Ko P/E rauo usually provided, 

q ? in s * Excluding a final dividend declaration, 
ft q ? r Regional price. 

n.r o.u a -I'ax /roe. b Figures based on prospectus or other official 
estimate, c Cents, d Inn d end rate paid or payable on part 
of capital: cover based on dividend on tall capital. 

* ci .-j e Redemption jield. f Flat yield, g Assumed dividend and 

' yield, h Assumed dividend and yield after scrip issue, 
j Payment Iron capital sources, k Kenya, m Interim higher 
than previous total, n Rlgbls issue pending q Earning* 

* 1774 based on prcliminery figures r Australian currency,. 
T [ifTr s Dividend and yield exclude a special payment, t Indicated 

9 o jindend- cover relates to previous dividend, P'E ratio based 

on latest annual earnings, a Forecast dividend- cover based- 
on previous year's earning*, v Tax free up to 30p in the £. 
w yield allows for currency clause y Dividend and yield 
based on merger terms, x Dividend and yield include a 
special payment: Cover doe*, not apply to special payment. 
A Net dividend and yield. B Preference dividend passed or 
, deferred. C Canadian. D Core.- and FfE ratio exclude profits 
— ' 1 — dlMi. aerospace subsidiaries. E Issue price. P Dividend 
— — and yield based on prospectus or other official estimates ior 
25J 6.3 1077-78. G Assumed dividend and yield after pending scrip 
6.7} 6.9 and/or rights issue. O Dividend and yield based on 
prnypectua or otbor official estimates fnr 1P76-77. E Figures 
based on prospectus or other official estimates for 107A 
M Dividend and yield based on prospectus or other official 
estimates far 1978 V Dividend and yield based on prospectus 
X5 19.9 or other official animates for JB7B P Dividend and yield 

1 ? based on prospectus or other official estimate* for 1077. 

a q Q Gross. T Figures assumed. l : No significant Corporation 

18 ID o Tax payable. Z Dividend total to dale, if Yield based on 
i n e'e assumption Treasury Bill Rate nays unchanged until maturity 

xS 3.9 01 glock - 

10 37.1 Abbreviations: riexdividend: vex scrip issue: o-ez rights; a ex 
“ — . all; ex capital distribution. 

-0.4 27.4 

i 7 Z: 1 “ Recent Issues ” and “ Rights w Page 36 , 

This service is available lo every Company dealt in on 
Stock Exchanges throughout the United Kingdom ior a 

$ US 3 fee of £400 per annum ior each security 
9 (ID i 


The following is a selection of London quotations of shares 
previously listed only in regional markets- Prices of Irish 
issues, most pf which are not officially listed in London, 
are as quoted on the Irish exchange. 

_ Sheff. Relrshmt. 52 1 

» SindaUtWm.I-1 302 (+2 ( 

*•5 mmmmu, 

a -l 

^ ;;;;;; ibish 

445 . — Conv. 0% -80,-82. £90** 

- — Alliance Gas-- 73 

“ CarroU fPX). — 95 -1 

5Q -.... CiondaUdn 98 +4 

Concrete Prods.. 230 

240 -23 Heilon fHJdgs.j 44 

” Ins. Corp 248 

Irish Ropes. — 130 

sit 2 Sunbeam 32 

S ■— Unidarc — 90 


3-montli Call Rates 

3.4| 6.1 
4» 6.7 

U 6.0 
4 92 
ql.4 9.2 
26 8 ^ 
13 9.11 


117 « 
j 3.W 8.1 

tnelo-A*nJnv 6 (ic_ 
> Beers Di. x „_ 
Do 4flpcP£ R5_.- 
Lydeabnra 13>c_ 

£41 Q 6 DDc 11} 6.8 

84 1Q7.1c XO 5.0 

396 +1 Q525e 3J 7.9 

£llgd £0% 3tti 10.9 

61 JQ17C 1.0 J 

81 _....f*J2*gr Xfl ; 


A. Brew - 

AP. Cement .. 

B. S R 


Barclays Bank. 


Boots Drug __ 

8 owaters 

g J^Tre— — 

Brown iJ.i 

Buxton *A' — 


Courtaulds .»» 

Distillers 1 


Eagle Star 


Gen. Accident 
Gen. Electnc_ 


Grand Met. — 


Guardian.. . 


Hawker Sidd. 
House of Ftai?r. 


6 *j. "Imps" 

Iff LCX.. 

9 lnveresk. 

11 KCA. 

25 Iddhrokr 

35 Legal & Gen. - 

15 Lex Service-.. 

16 Lloyds Bank- 

24 “Lofs*‘,„ 

6 London Brick. 

20 Lonrho — 

12 Lucas Inds 

5 Lynns fJ 

10 “Manu" 

8 Mr to. & Spun- 
15 Midland Bank 

7 NJE.I - 

11 SaLR'ejl- Bank.. 

14 Do. Warrants 

17 PiODfd 

15 Piessey 

ft RHJ1 

9 Rank Org -A\. 

20 Reedlntul 

18 Spiiiera 

22 Teseo 

20 Thorn 

12 Trust Houses. 

20 TubelnvesL-. 

6 Unilever 

20 Ctd. Drapery.. 
8 Vickers 

3 Wool worths, 


14 Property 
L Brit Land 

T C»P. Counties. 

r E.P. 

? Intreuropean 

2- Land Secs. 

£ MEPC. 1 . 

, Peachey—™^. 
{_ Samuel Props.. 
“ Town & City— 


u Bn l Petroleum. 
8 Bunnah Oil-.. 
8 Chsrterhali.... 

5 Shell 

18 Ultramar.—. 

“ S>K 

4 Charier Cons.. I 
“ Cons. Gold 

15 Mor.2fnc....J 

A selection of Options traded is given on thn 
London Stock Exchange Report yaga 

:'2Mi*** ■ad' 

Alim? friendship takes you a long way 

Reservations: Norwich Teh (0603) 411036 j 


Thursday June 29 1978 

Why invest in i 

ixed assets?! 

ffl.Iiilt.ltoiiinre AwiM. «« 


Europe to press GATT for 
change to trading rules 


THE EEC has agreed to press 
tn the closing phase of the 
GATT multilateral trade negotia- 
tions for important changes in 
the rules governing world trade, 
but has reserved its final position 
on the deal which it will seek 
on agriculture. 

Mr. Edmund Dell, the Trade 
Secretary, said after a Council 
of Ministers meeting which 
ended in Luxembourg early this 
morning, that the EEC package 
met Britain’s main concerns. In 
particular it satisfied Britain’s 
demand for the right to apply 
the GATT safeguard clause more 
selectively against disruptive im- 

Bui the Minister criticised the 
EEC offer on agriculture warn- 
ing thal for agreement to be 
reached inter nation ally the EEC 
would have to provide better 
access, especially to agricultural 
products from Australia and New 

At present restrictions im- 
posed under the safeguard clause 
must affect all imports of a given 
product from whatever source. 
Bespite strong West German and 
Danish reservations. Britain and 
France have persuaded their 

was ready 
to quit 
on Poulson 

By John Boume 

former deputy leader of the 
Conservative Party, discloses to- 
day that he had intended *0 
resign as an MP and close his 
political career if the Commons 
had endorsed a Select Commit- 
tee report criticising his links 
with Mr. John Poulson. the 
architect jailed for corruption. 

The Commnns debate on the 
report, which took place last 
July, wa.s a tense one. There was 
a series of votes, the most 
important being on a Tory back- 
bench amendment that the House 
should merely “take uut*?" of 
the report rather than “agree 
to it.” as Mr. Michael Foot, the 
Leader of the House, had 
originally moved. 

The amendment was carried by 
23fi votes to 207. a majority of 
23 in Mr. Maudlinc's favour. 

The Select Committee’s find- 
ings had been that the conducts 

nf Mv axi a inert 

Roberts. Labour MP for N'orman- 
lon. had been “ inconsistent with 
the standards which the House 
is entitled to expect from its 

Mr. Maudling’s statement about 
bis contingency plans for resig- 
nation appears in his memoirs, 
published this morning. 

Writing of the debate on the 
committee's report, be says: “ If 
was a long hard day. Unusually 
I was allowed to sit in and listen 
to what was said, instead of with- 
drawing by tradition while ray 
fate was discussed. 

** It was difficult at times to 
restrain myself. 3nd once or 
twice I felt obliged to make 
interventions, though friends did 
their best to restrain me. fearful 
that I might speak too vigorously 
(though that was hardly myi 

“Eventually the vote was taken 
on Ronnie Bell's (the Conserva- 
tive MP for Beaconsfleld) amend- 
ment and while it was going on 1 
sat in the smoking-room brood- 
ing over a large whisky and 
water, and awaiting the result 
on the closed-circuit television. 

“It was an important result 
for me. 1 had already made up 
my mind that if the House of 
Commons voted to agree with the 
Select Committee after hearing 
from me in my speech the addi- 
tional and important facts which 
did not appear in the Select Com- 
mittee’s report. I would immedia- 
tely resign mv seat in the Com- 
mons and close my political 

Book review. Page 9 

Continued from Page 1 

£25m loss 

Many companies in Britain and 
elsewhere have found them- 
selves facing large losses as a 
result of exchange rate changes 
effectively increasing the amount i 
i hey have to repay in loans . 

denominated in currencies which 
have appreciated in value. 

However, most companies havej 
had some earnings denominated 
in the same or similar currencies J 
which have tended to reduce 
the adverse impact of these 
changes. Neither the GLC nor ■ 
the London boroughs have such 5 
earnings. 1 

Substantial losses have also 1 
been incurred by the Treasury 1 
as a result of the multi-billion j 
public-sector borrowing in 
foreign currencies 1 

The exchange rate risks on J 
this borrowing have been carried 
almost entirely by the Treasury I 
rather than by the individual '■ 
borrowers as a result of the < 
schem to provide the latter with l 
insurance cover. l 

In proportional terms the 
losses have bee nsmaJler since < 
virtually all the rest of the ( 
foreign borrowing has been s 
denominated in u’S. dollars. , 
Whereas the pound has fallen . 
ny aver 50 per cent, against the i 
55'!” ™ c - I” dollar value has i 
fallen about 2a per cent. i 

EEC partners to seek an agree- 
ment in Geneva which would 
allow it to be invoked against 
individual exporting countries. 

The EEC proposal would 
require consultation in GATT as 
a general rule before selective 
safeguards were imposed, 
although in severe cases action 
could be taken autonomously by 
importing countries. No attempt 
has been made to draw up 
criteria for such emergency 


The safeguards issue is likely 
to prove one of the most contro- 
versial items in the closing phase 
of the Geneva talks, and the EEC 
demand seems likely to face 
resistance in varying degrees 
from Japan and the economically 
more advanced developing 
countries. However, the U.S. has 
at least accepted the principle 
of selectivity. 

The Community has also 
agreed to renew pressure on the 
U.S. to include a provision in its 
countervailing duty law (allow- 
ing duties equivalent to the 
amount of subsidy to be 
imposed) which would require 
proof that imports subjected to 

such duties had caused material 
injury. The absence of such a 
provision, in violation of GATT 
rules, is the source of long- 
standing friction between the 
U.S. and the EEC. 

The Nine are not prepared, for 
the moment at Least, to agree 
to an American demand for a 
ban on certain types of internal 
government subsidies as the 
price for proposing a change in 
the countervailing duty law to 
Congress. However, the Euro- 
pean Commission has warned 
EEC governments that it may 
prove necessary in the end to 
accept the American terras. Mr. 
Dell said that this is likely to be 
the most difficult issue of all. 

A final decision on agriculture 
has been deferred partly because 
of uncertainties about the likely 
outcome of the separate talks in 
London on an international 
wheat agreement and a possible 
coarse grams agreement. The 
EEC is keen to know more about 
the U.S. position on wheat prices, 
market access and storage 

In addition. Ireland has 
refused to agree to any increase 
in EEC access for cheese imports 
until the U.S. has indicated 

Brussels, June 2 s. 

whether it will offer a better deal 
for EEC cheese exports entering 
its market There is also a 
general resistance among 
northern European meat- 
producing countries to improving 
access for beef exports to the 

Dairy products 

Mr. Dell said that lie had 
Strongly emphasised the need for 
more generous concessions by the 
EEC on agricultural trade, 
especially for Australian beef 
and New Zealand dairy products, 
and be warned that failure to 
grant them could jeopardise the 
outcome of the Geneva negotia- 
tions. But few other governments 
appear to share this concern. 

The EEC’s final position on 
industrial tariff's now hangs 
chiefly on whether Japan is pre- 
pared to improve its offer, which 
is estimated to amount to a real 
cut of only about 23 per cent 
The Community has warned 
Tokyo that it will have to reduce 
its own Initial offer unless it 
obtains a more satisfactory 

Editorial Comment. Page 20 
Wheat Council talks. Page 35 

Post Office faces ban on 
overtime by engineers 


MAINTENANCE and repair 
work on telephone and telex 
systems, and installations of 
machinery, is likely to be 
severely affected by a national 
overtime ban called yesterday 
by the Post Office Engineering 

The ban. which is to begin at 
midnight on Friday in support 
of a dispute about a shorter 
working week, will prevent even- 
ing and weekend repair work on 
all Post Office telecommunica- 
tions links and could cause a 
backlog of maintenance work. 

Emergency lines, including 
those to hospitals and police 
stations, will be excluded from 
the bar. 

The union said yesterday that 
if tewommunication faults 
developed radio and tele- 
vision transmiss-.vns could be 

The Post Office last night mild 
n^t assess the effects of the ba>. 
but said the extent of delays in 
repair work would differ region- 


The union, which has been 
involved in an eight-month dis- 
pute with the Post Office over a 
claim for a 35-hour week, has 
been operating an overtime ban 
in Scotland since the beginning 
of the week. 

This began when 13 men in 
Dundee and Edinburgh were sent 
home for intensifying sanctions 
imposed by the union. During 
the dispute. Post Office engineers 
have been refusing to commis- 
sion new exchanges and to in- 
stall machinery connected with 
these exchanges. 

Mr. Norman Howard. a 
uion assistant secretary, said 
yesterday that the ban had been 
extended to the whole of Britatin 
because the Post Office had 
refused to reinstate the 13 
engineers who have not. however, 
been formally suspended. 

The union said that two 
pngineers in Doncaster and one 
in enisle had also been sent 
home ye»v>rday and 1.500 Post 

Office workers in the Sheffield 
area I which covers Doncaster) 
and 400 in Carlisle had refused 
to work for the rest of the day. 

About half of the union's 
members work overtime, which 
averages between two and five 
hours a week. 

The Telephone Users’ Associa- 
tion said last night that the 
union's action was “con- 
temptible” and could only sup- 
port the idea that their claim 
was im justified. 

The Government has ordered 
an inquiry into the union claim. 
Lord McCarthy, who heads the 
inquiry and will report direct to 
Mr. Eric Varley. the Industry 
Secretary, met representatives of 
both sides yesterday and will 
meet them again next week. 

The union says that it is un- 
just that Its members do not 
work the 35-hour week operated 
by other Post Office workers. The 
Post Office says that lo meet the 
claim without loss r >r pay would 
he a clear breach of pay policy. 

Hopes rise for settlement 
of Rover dispute 


HOPES WERE rising last night 
for an end to the strike at the 
Rover plant. Solihul. that has 
cost £42m in lost production and 
m3 de 10,000 workers idle. 

Mr. Michael Edwardes, BL 
chairman, delivered a personal 
warning to pickets on the factory 
gates yesterday of the damage 
they were causing to the State- 
owned concern. Any wildcat 
strike put the company in 
jeopardy and banded valuable 
business to overseas competitors, 
he said. 

Mr. Edwards, on a routine visit 
to ihe plant, stopped his 
chauffeur-driven Rover 3500 to 
have what was described as “ a 
friendly chat" with a dozen 
pickets. Among those on picket 
duty was Mr. Anthony Tomhes, 
the shop steward whose sacking 
is at the centre of the strike. 
About SO external transport 
drivers walked oul three weeks 
ago in protest at the dismissal 

of Mr. Torabes for stealing a tax 
disc from the company. 

Mr. Torabes was fined £50 by 
Solihull magistrates on Tuesday 
after pleading guilty to the 

The drivers meet today and 
are likely to be urged by Mr. 
Joe Harris, the Transport and 
General Workers’ Union con- 
venor, to return to work to en- 
able discussions to continue 
about Mr. Tombes’s future. 

Local union officials appear to 
have accepted that there is no 
question of Mr. Tombes’s rein- 
statement at Rover. The men 
will be warned of the serious 
damage they are causing to the 
company by baiting output of 
Rover models. All production of 
Rover saloons. Land-Rovers and 
Range Rovers has been at a 
standstill for nearly three weeks. 

One factor that may influence 
the drivers is that earnings in 
the next two weeks will affect 
the pay to which they will be 

Peers urge veto of 
EEC directive 

entitled for the summer holiday 
in mid-July. 

9 Five hundred press shop 
operators at BL’s Swindon body 
plant stopped work yesterday 
and voted to stay out for at least 
a week. 

The plant supplies body panels 
for a wide range of the com- 
pany's ears and a prolonged 
strike at Swindon would have 
serious repercussions. At Swin- 
don itself 3.000 men could be 
idle by the weekend. 

The striken. are objecting to a 
company instruction that they 
must in future stack reject body] 
panels, a job they say they have 
never done before. 

© Production was halted at the 
Chrysler car plant at Linwood 
yesterday after 300 paint shop 
workers walked oul over a 
dispute about working arrange- 

Another 1.000 workers had to 
be sent home as a result and the 
assembly lines were halted. 

The 300 men who walked out 
are all members of the Transport 
and General Workers Union. 

BSC offers 
union extra 
board seat 
in pay 
plan deal 

By Christian Tyler, Labour Editor 

THE British Steel Corpora- 
tion is offering to trade an 
extra seat on its main board 
for the biggest steel union in 
exchange for concessions on 
pay bargaining arrangements 
and new consultative 

Six seats have been promised 
to the onions, which arc select- 
ing nominees, and might he 
banded over by the end of next 
month, well ahead of a general 
election. . _ , 

But the Iron and Steel 
Trades Confederation, which 
will have two seats, has been 
told privately by Sir Charles 
Villiers, BSC chairman, that us 
demand for a third will he met 
only If the onion will agree 
to negotiate wages jointly with 
the other unions at national 
level. Sir Charles in turn has 
been told that the confedera- 
tion will not meet that 


As for the rest of the indus- 
trial democracy blueprint, 
known as the “steel contract 
and now the subject of a con- 
fidential working party report, 
the confederation’s leaders are 
concerned that proposals for 
divisional and works-level par- 
ticipation will not give workers 
real power. 

Sir Charles s offer became 
known yesterday In the wake 
of his warning to the anion s 
annual conference in Scar- 
borough that without a bjg 
improvement in the cor- 
poration's performance, bulk 
steel-making in Britain might 

That warning was dismissed 
Yesterday by Mr. Bill Sirs, the 
confederation’s general secre- 
tary, as unrealistic. Sir Charles, 
he said, was showing signs of 
panic in the face of the cor- 
poration's crisis. 

Rough ride 

The conference had given 
Sir Charles a rough ride over 
the spate of plant closures, but 
yesterday it went as far as it 
could to support the Govern- 
ment by rejecting a resolution, 
of tile kind passed by most 
trade unions this summer, 
opposing further pay restarints. 

From July the unions can 
expect six-worker directors on 
an expanded BSC hoard of 21. 
They will probably choose 
rank-and-file men. Mr. \arley 
has asked for their names by 
early next month. 

The Confederation, as the 
biggest union, will get two 
seatc: the Blastfurnacemen. 
the Transport Workers and 
General and Municipal 
Workers one each: the 12 
crafts unions will have one 
between them. It is not yet 
clear whether the 17 worker- 
directors already on divisional 
management boards will stay 

That advance, important to 
the onions because of their 
fears of what a Conservative 
Government would do to the 

steel industry, will go ahead 
Indeoendpntly of arrange- 
ments lower down. 

Too tier 

The Corporation is anxious 
lo bring the unions together at 
aJI levels, starting with an 
advisory joint national council 
to reflect decisions of reformed 
divisional and works councils. 
That top tier, for which the 17- i 
member TUC Steel Industry ! 
Committee would provide the j 
unions' executive arm. v:*uld 
comprise about 100 mcnSxrs, 
70 from the anions. 

Mr. Sirs is determined lo 
stick oat for the third seat for 
Jii.s union, but not on Sir 
Charles’s terms. Al the same 
time he is anxious ihat one of 
ISTC’s seats should be 
occupied hy a BSC staff — 
rather (han manual worker, 

Steel men retect attack on 

wage controls. Page S 



tary Committee last night de- 
manded a sweeping overhaul in 
the way EEC standardisation 
plans arc formula led. and urged 

the Government to veto an EEC 
harmonisation directive in the 
Council of Ministers. 

The directive concerned port- 
able grinding machines. The 
House of Lords’ European Com- 
munity direct committee, says 
the proposaL if adopted, would 
mean tht potentially dangerous 
equipment which would lower 
British safety standards, would 
be allowed on to the domestic 

The peer’s main complaint is 
that the views of industry, 
scientists and consumers are 
often ignored and that voting 
procedures in the standardisat- 
ion committee are faulty. 

“The directive is an example 
of how not to apply the prin- 
ciple of harmonisation." they 

The committee also attacked 
separate ** well intent/oned ” pro- 
posals from the Brussels Com- 
mission to curb the noise level 
of lawq mowers, but said the 

suggestions were put forward 
without regard for their 
feasibility or likely benefit. 

The idea had been based on 
West German legislation. “But 
neither the Germans nor anyone 
else have yet discovered how to 
make lawn mowers, within the 
decibel limits proposed, which 
actually cut grass." 

The standard was “ impos- 
sible” and had been formulated 
without any consultation with 
the British lawn mower industry, 
which is by fa r the biggest In 
Europe, says the report. 

The draft directive on grind- 
ing machines is part of the Com- 
munity’s efforts to remove trade 
barriers by approximating laws 
in member states. But the peers’ 
findings will add to growing 
irritation at Westminster over 
the way the programme is being 
carried out. 

The committee urges the 
Government to back the British 
Standards Institution in working 
toward a better voting proce- 
dure on the European Committee 
for Standardisation (CEN) 
which, although not a Com- 
munity body, provided the basis 
of the directive. 


RAIN OVER N. and W., spread- 
ing S.E. Rather cool. 

London, S.E.. Central S. England, 
E. Anglia. Midlands 
Cloudy, hill fog. rain from W. 
Max. 17C (63F). 

E.. Central N. N.E. England, 

CJou.Jv. rain, hii fog. brighter 
later. Max. UiC tfilFi. 


! Amsirdm. 
I AUic-ns 
1 BdTLvIona 

, Belfast 
B Aires 
II. K»'.a 




r n 3.7 Luxmbrs. 
5 2* 83 Madrid 
S 33 9lj M a richest r. 
C 2i rt> Melbourne 
C 15 3S( Milan 
r i? Hi Montreal 
C 13 55' Munleb 

c 19 « Newcastle 
R 12 3„- New York 
R i: Si' Oslo 
R 13 St Fens 
s u 52 Ptrib 

S 39 ltd PraKiie 
C 16 til! Hejkdnviif 
S -1 7~h Rio de Jo 
C IF finme 
C M Stockholm 
C 14 37. Slrasbre, 

C 14 57 Sidney 
F 1.1 59 Tehran 
C It 3“ Tel Aviv 
C 14 37 Tok:.i 
K 50 -.n Torcnilg 
K 19 (Jfi Vu-tina 

V 23 FT WirSJir 

V 29 Zurich 

*C *V 
C 12 54 
S 24 TO 
C. 15 59 
R 10 SO 
S 23 71 
S it TO 
C 1.1 5j 
C 17 « 
S 29 S4 
V 23 73 
r 13 a 
S 16 61 
C 13 aa 
C 9 4* 
S 26 TP 
f 2-j r. i 
S :w 
C 13. 55 
0 J‘> 59 
R 14 37 
S 29 i'4 
H 2 ll ns 

S 24 75 
C Ifi 61 
*; i< m 
F 13 55 








Casa hi nr a. 

L are- Turn. 





Fnncb a I 





1. or Man 


Y'day . 


5 20 d 
S 25 771 
C 16 61 
ft 13 59 
: 17 63 
7 13 55 


Las Phns. 

















“C •F 
C 14 57 
S 24 73 
S 22 72 
S 42 106 
5 23 TO 
F 24 73 
S 23 73 
i: 16 hi 
F 22 72 

s n m 

S 24 73 
S 27 79 
R 13 54 
F 25 77 
F 18 W 
F 25 77 
F 22 TO 
S 31 70 

C — Cloudy. F— Fair. R— Rain. S — Sonny 

More smiles 
Trust Houses 

Trust Houses Forte’s shares 
have consistently outperformed 
the stock market this year. So 
there was much rejoicing yes- 
terday when the group reported 
interim pre-tax profits of 
£l2.2m. As reported, this is 
only about £2m up on last time; 
but in reality the underlying 
trading performance is much 
better since the 1977 interims 
included £4.1m from the dis- 
posal of Terrys. 

At the trading level tue 
improvement is 30 per cent, 
with margins up almost a point 
to 7.3 per cent of sales. The 
UK hotel business has turned 
in profit growth of about 30 
per cent, thanks to a decision 
to increase prices in London 
(where occupancy was down, if 
anything) and higher occupancy 
rates in the provinces. The 
Lyons hotels, incidentally, 
doubled their contribution to 
£2lm, though the 19 n figures 
included only three months 

Overseas, hotels have also 
shown excellent profits growth, 
with the United States increas- 
ing its contribution by 52 per 
cent to £3.1 m and the rest up 40 
per cent to £2.1m. The catering 
side has also done well, al- 
though the airports seem to 
have had a fairly flat period. 
And as usual, the lesiure divi- 
sion has ended the seasonally 
unfavourable first half with a 
loss, of perhaps £im. 

THF sounds reasonably opti- 
mistic about the second half, 
suggesting that pre-tax profits 
for the year could well exceed 
£50m — a gain of over 30 per 
cent This would produce fully 
taxed earnings per share of 
around 24p. At 220p, the rating 
looks about right on a prospec- 
tive pfe of 9, while the yield is 
6 per cent 

Hambros Bank 

The shipping crisis will not 
go away for Hambros. Ever 
since the Norwegain Guarantee 
Institute moved in to prop up 
the Norwegian shipping/ indus- 
try in 1976 there has been an 
awkward question mark over 
what will happen when the 
original guarantees expire at 
the end of 1979. At one time it 
was still plausible to argue that 
recovering ship prices would 
remove the problem by then, or 
alternatively that the Nor- 
wegians would find it worth- 
while to roll the guarantees 
over for a further period. But 
the slump in ship values is 
clearly making the Norwegians 
reluctant to enter into a further 
huge financial commitment 

Index fell 1.0 to 4553 

j ET.-ACT QAJOSS f ■; 

“ALL" SHARE - ~ “ 

ft -H^JMDEXrM 

1n n l*n Lu m U LLi 

I.OU j A S O If D J F M M J 
1977 1978 

without any reasonable prospect 
of. seeing a. light at the end' of: 
the fjord. . At_.Teast_.the Nor- 
wegians seem set on- calling for 
a further commitment —by- 
Hambros; when the" "original 
guarantees were given, Hambros 
had to write down' its' elding on 
the Reksteii group by some £9nu. 

"How serious a threat ' is this, 
given that loans of over £50m 
appear to be involved? The first 
line of defence consists of speci- 
fic provisions whibh Hambros. 
mentioned, but of course did 
not quantify, last - year.'. Then 
there are the hidden banking 
reserves, which the bank should 
have been in a position, to top up 
after last year's highly profit- 
able run in the .gilt and money 
markets; brokers Laing and 
Cruickshank recently estimated 
that Hambros’ .inner reserves 
were particularly large, at over 
£30m. This suggests that allow- 
ing for tax relief the bank 
would be able' to swallow up any 
conceivable loss without eating 
-into tile published capital and 
reserves of some £60m Still, 
the Norwegian affair is bound 
to add spitfe to Hambros 1 results, 
due at .the end of next week, a 
fortnight la ter thait the equival- 
ent date last year. 

Goldsmith, Empire 

Like many, '‘documents con- 
nected with the'%affairs of Sir 
James Goldsmith, "Retails of the 
deal whereby a significant hold- 
ing in GenCrale Oceidentale 
(GO) will be transferred to a 
Hong Kong company, General- 
Oriental, are staggeringly com- 
plicated. But the essence of the' 
transaction is familiar and' con- 
sistent Last summer, _ Sir 
James’s interest in GO amounted 
to one-fifth of the equity After 
tins deal, he will effectively' 
have a controlling interest in 


- around'- twofifths. ;<>£ GO. . .Ifis 
own. direct Iwiddn^wll be flown 
to about 2 per eenfcv " f 

In short, tb'e : i^raamd struc- 
tare of the Goldsmith emprre is 
being .further extended. At the 
. top ; end is- now - General . 
Oriental,' g business Which will 
have net assets of about £2Sm 
after the various deals are- edm- 
‘pleted.- At : the -b.otttttn.yaxe the 
gross assets ’ of GO, ‘ which, of 
course now Lnclude -Cayenham 
-and -amount to nearly £500a. 

- The transactions which have 
made this possible are neces- 
sarily complex. They -include 
substantial loans- .by GO’S bank- 
ing bmatiess' to private com- 
panies controlied by Sir' James; 
the ‘setting up of ,a ;.cash- shell 
by means' of a sales- of . assets 

to- 'CaVenhain£ tbe ^shelt then 
being, '’turned -iiko -a'-- company 
holding GO.shiainsi-and sold on 
-in- return ^ -. for. ,iiit6r|Mt free 
: unsecured; - Loan . - . stock/ In 
Chinese;, document jmust 
be quite^a reai. : \ 

; Sir James: is : careful/ So 
emphasise - that control of .GO 
'will remain ifi French bands; In 
a phrase which. Will be Familia r 
to foriher shareholders 
Anglo-CoaiinentaL the Hoag 
Kong company 7 will concentrate - 
on “strategic investments, with 
an element of control further 
purchases, of shares in GO are 
not -ruled out • . - 


Pre-tax profits .of £9.12m from 
Ferranti, up almost 50 per cent, 
turn out to be around £0.5m 
better ; than, expected, and set 
the stage , for the introduction 
of the shares to - the market: 
this will take place sometime 
between the annual meeting on 
July 26 and the end of Septem- 
ber. Ferranti -will be -able- to 
come lo the market with .’a. solid 
looking balance sheet;' AJedium 
term loans of £23.7m compare 
with shareholders*, ifunds : . : :of 
£48 .2m, and -there is^no over- 
draft Meantime, the p/e at .'the 
unofficial • price-- .-of 370p, 

equivalent to some 324p allow- 
ing for the NEBVproposed dis- 
posal on iweferential terms, . is • 
7j7- fully taxed, or just 4i25,ofi 
an actual tax basis'. , - : 

Ferranti is going to'^.grouse 
considerable interest when it is 
floated. But the ^jntatisatlon of. 
£3 5m ii. modest, - esperiaily ' as 
most of tfie‘ shares tightly 
held, and ^.the -^group's ..Own 
recent record ii. proof -enough 
of the: 'Ti^inessy of the;-high. 
technology sector- 7 .; . - 

Channel Is n S.W. England 
Hill, coastal fog, rain from W. 
Max. 16C f61F). 

Wales, N. England, Lakes, 
Isle of Man 

Cloudy, rain, hill and coast 
Fog. brighter later, showers. Max. 
15C (59F). 

Borders, Edinburgh, Dundee, 
Aberdeen. S.W. Scotland. 
Glasgow, Central Highlands. 
Moray Firth, Argyll. Ireland 
Sunny intervals, showers. Max. 
15C (59F1. 

N. Scotland. Orkney. Shetland 
Sunny intervals, showers. Max. 
13C (55FL 

Outlook: Changeable, rather 

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