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SPiUi WV(a;lV<ln:«j:ni 

*j»S B 8 

19 Uppt^r Brook Street, London, W"! Y2HS 

01-629 9232 





No. 27.59S 


Friday June 30 1978 




XQOTtNPITAL SELLING PRICK: AUSTRIA SdUS; 8ELQUH Fr.2 5; DENMARK d-J* FRANCE Fr.3.0; GERMANY 


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L Austin-Crowe 

0604 34734 


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NEWS SUMMARY 


GENERAL 


BUSINESS 


British Steel faces 


Israel Sterling, all-Ollt Strike 


$1.5bn 
Euroloan 
to be 


China may 
borrow from 


French 
franc | 
boostedi 


over closure fears 

BY CHRISTIAN TYLER, LABOUR EDITOR 


changed UK banks 


Two people were killed and 42 It closed at $1.8665 fora rise of 
injured when a bomb rocked cents. Its trade weighted 
Jerusalem’s _ crowded central 

market 'yesterday.- Palestinian BBHBU2uiJSlkA£flPECT 
guerrillas later claimed respon- |Sfifi^ pw£ ' l: 

sibllity Tor the blast. 

Victims were dung into the ROTf- ^ 

air by the explosion, which sent 9Sm \f\ ~ 

other shoppers fleeing for safety, Ijjjjg ~V J 

in a hail of shattered glass and 

debris. Most, of the injured were BAsi| 

„ Jerusalem mayor Teddy 

Kollek condemned the attack as — w*wi(»siwk«i«- 

“ another attempt to spoil- good SjjlhSty vk% 

relations between Jewish - and P.TI- V4 — r 

Arab residents of the city.” |§«| IJ 

The Lebanese Cabinet held an pH* 

emergency session under Presi- .j I 

dent Elias Sarkis to -deal - with B j| i|| ); i. i^ a j;|ft i u^. | j.i4iJlR B r ia 
mounting tension after the 


• sterling was boosted by The State steel industry ran yesterday into what threatens to be its worst 

collision with the trade unions for many years. 

It closed at $1.8665 for a rise of The threat of a strike through- national action and a call for the the TUC Steel Industry Com- 

t;*>. cents. Its trade weighted otU 1116 British Steel Corporation resignation of Sir Charles mittee. 

-- caiu «? from leaders of the biggest ViJIiers. BSC chairman, or of Mr. a memorandum to workers in 

at ? J R LVtHzlS steeJ unioa DVer 3 decision to John Pennington, Sheffield divi- the me | t i n r. shoD which was the 

HU MlailSLIttSara shut part of a steelworks in the sionai managing director Immediate cause of the clash 

7HE0DLU. 'JbJ* 'waTlhwJd bv de^ P'™*- 

mf - - " Ses ° Confederation 0 ° C o5d sates wben he “noonced that, 4 . M lime the corpora- 

J gravely embarrass the Govern- ^ t * e instruction to damp down ti on published a letter from Dr. 

Hi Aa. uJ men fin X SX tea General H the instruction not to work David Grieves, managing director 

EMI — Election. P the two furnaces was not re- personnel, in a reply to a teic- 


Irate-n ■Jini indBlrom 

— 5raKbsrt» 5iW*n- 

■fAta a oSwwbnnK 


Election ^ ‘ tte two furnaces was not re- Personnel, in a reply to a teic- 

*££?«■ 2tw raoved ' the “ would 

reve rse*its decision*^ BS ° l ° RpSDO OSP Novembef^out^^e ‘ordm 

BSC ha/^Sy told the *U»pOIlSe position at Bilston. The local 

unions it wants to close the «« T f management had merel> been 


November about tbe order? 
position at Bilston. The local 
management had merely been 


■ Bantrof E>qlaiHt 


whole of theca r b on steels dI ant , “ If industrj ' does st0 P' asked to prepare plans against a 
at Bilston Staff! by March ^ S Jet rae sa >’ Nearly 1 wlU st °P al1 timetable already put to the 

Jiar 5Sh the lossif^OO jobs ^ e! raov, . n 3 1 5n ^ is countr y- union*. 

Talks at national level on the Thei ^ WD ° tbe . a . n ou " ce T of f 11 The stage for confrontation 

fun pincnro hAt, A nnr vat moving. 1 will inform the Inter- was set at the union's conference 


lu -u^i wuh r u n dosure have not yet been movir, S- i win mtorin me inter- was set at the union's conference 

mounting tension after the ! ^ held in the meantime BS° mortal Metalworkers that they earlier this week, when an 

massacre of more than 30 Chns- index was 61.6 (61.4). The h | 5 ' it will shit tw“5f the must not wnd here " emergency resolution about 

tians in east Lebanon: dollar'* depreciation wideud to fo J r 0 “ hearth furnaces^ from BSC tried last night to quench Bilston was carried and Sir 

„ ' 7.1 (7.0) per cent The Trench August 6. the A ame s by saying that there Charles was castigated by 

Fishing measures franc was also lifted by nunours . The news reached the ISTC had been . 3 misunderstanding, delegates for an address to the 


in ^ TIHW* ‘ *Mu«ru mm nn ° the full closure had been set in happened at any plant. Tbe union is still smarting 

SotuSSa nXHn Tier rn«h • EQUITIES recovered la late train without consultation. It did not mean that a pro- from closure of iron and steel- 

sizesifexneSedfo be^he most tiding from early pessimism The conference was adjourned, posal to stop all steel making by making last week at Shelton. 

• sc ahnnf the Pronnmv Tradin'* 1116 union's 21-man executive the end of October, and of rolling Stoke-on-Trent, after what it 

controversial Rack Page . , ._ tTam _T,, 'i-rf* Th ° went into emergency session, and by next March, would go ahead alleged was BSC's failure to com- 

Powers SOUEht ItSK!LRSS , JSSl» 5 Came 0Ut mth :he threat 0f 1,111 *«» pw* conwlunon. 


By John Evans 

BRITAIN is to restructure the 
S1.5bn (£S08ra) syndicated Euro- 
currency loan arranged in early 
1977. to push the repayment date 
further into the future and cut 
the interest cost. 

The move is one of the most 
significant developments so far 
in the official'poliey to reschedule 
part of Britain's $25bn foreign 
public sector debt. 

This latest restructuring opera- 
tion could include repayment of 
a small part of the loan. 

Negotiations now underway 
are aimed at reducing the 
margin payable over inter-bank 
rates to i points from the j-i 
per cent agreed last year. 

At the same time, it is en- 
visaged that the restructured 
loan will mature four years later 
than planned at present. 

In effect, this means that re- 
payment of the loan will be over 
the years 1985-88, instead of the 
original re payment dates of 
1981-S4. 

This point is of particular 
i Importance to the UK authori- 
ties. as the early 19S0s will be 
the peak period for the repay- 
ment of UK foreign debt. 

Before the present policy of 
i early net repayments of the more 
expensive foreign debt and a 
new burrowing programme was 
initiated in October. 1977. almost 
SO per cent of the S25bn borrow- 
ings was du- between 1979-84. 


BY JOHN HOFFMANN 

CHINA APPEARS to have com- 
mitted itself to borrowing from 
British banks and other overseas 
sources for the first time to help 
to finance its modernisation and 
industrialisation programme. 

That was confirmed to a parly 
of British parliamentarians led 
by Lord Chalfont, an adviser to 
Lazard Brothers. The party left 
here today. 

The delegation came away 
with a virtual promise from 
Vice-Premier Li Hsien Nien that 
China would do business with 
British banks. “We will borrow 
from you,” the vice-premier is 
reported to have told Lord 
Cbalfont. The statement marks 
a significant change in China's 
economic policy, which until now 
has firmly excluded overt 
borrowing. 


Flexible 


muuuaj. n aluui^ uu utcau . . rr 

sizes is expected to be the most from early pesami^m 

controversial Back Page about tbe economy. Trading 

_ _ . remained extremely light. The cam 

Powers sought FT 30-share index. down;.2.7 at 

Ombudsmen fdr local authorities C i‘) SCd , at 45 7 ,S fa ^ ga f n 

are seeking -extra powers to °* 2-®* The late rise in Boots. 
enable disputes to be more easily which intends to increase its 
settled, according to the annual dividend, accounted for ~0.S of 
report of tbe. Commission, for this. Back page 

Local Administration In England. . 

Pag e 10 • GELTS recovered from Tosses 

— _ of f to gains of g. The Govern- 

T SIX repayments meat Securities index closed 0.24 f 

Chief Secretary to the Treasury at 69.2& The s; uiS^m * 

Mt Joel Bariiet announced a Pressure on U.S. short-ftn,. ■ 
new . claitsii for the Finance Bill rates caused, a late reaction in 
next month "whereby PAYE re- shorter maturities. ' ' 
payments dae to wives will be „ - 

paid direct to them, rather than ® GOLD fell $1 to $184|. Trad 
to their husbands if the couple’s ing was quiet. The New York 
income is taxed jointly. Page iO Comex June settlement was 
■-A' . 182.30 (184.40). ' 

Comecon entry . 


Difficult 


Fed chief warns on threat 
of inflation and recession 


BY JURE* MARTIN, US. EDITOR 


WASHINGTON. June 29. 


Vietnam has been admitted to : o. >f 
the Communist Comecon up ■ - J<u 
economic grouping and is the a rnpPER 


BUSINESS AND consumer con- wage bn January' 1. Moreover, Mr. Miller steered clear of the I 
ing was quiet. The New York fidence iu the U.S. would be increases in social security and current political minefield of 

Corner June settlement was undermined unless inflation was unemployment insurance taxes which tax incentives would work 

182.30 (184.40) .?• brought under control, Mr. G. have added to labour costs on a best. 

William Miller, chairman of the broad scale, while costly regula- There is growing support on 

• WALL STREET closed 1.73 Federal Reserve Board, said lory actions continue to put Capitol Hill for Republican pro- 

up at S2L61. ' today. Distortions and imbal- upward pressure on costs.*’ posals to reduce capital gains 

-i ances in the economy would Mr. Miller praised recent and income taxes, the first of 

• COPPER cash wirehare fell develop and recession would be policy decisions by the Adminis- which the Administration 


loath, full member of the 'Soviet- jr 1Q _., 5 tQ £6S7 a lQnne on ^(the result. 


txation to delay and reduce tax adamantly opposes 


Pope defied • u.s. money supply: mi 

Rebel Roman Catholic arehbWp «?«»»• £*££: 

Marcel Lefebvre defied the vsaa.nni 

Vatican again by ordaining 18 revisen). 

priests at his . traditionalist j 

seminary in Econe, Switzerland, £ OFuGr 

Polio plea fnr RT, Tare 

The' Dutch - Government ., has 1V1 V/a13 


dominated organ^ation. lUe London Metal Exchange. Priees ■»!<! mid-vear review of the Proposals, to hold tbe lid on grounds of inequity, 
niinf "MtSiow reacbed lowest l0C tiree economy, presented to the joint Federal spending, to seek For Mr. Miller, tbe key to 

SS^nenL P^e 2 . eSSomic committee, of Confess yoluota^ wage and price improving productivity lay in 

alignment, rage - ...... Page 33.- concentrated prindpallv on the restraint and improve the regula- working on three key elements— 

p rtno Hpfipri " a IIS. MONFT SUPPLY- mi inflaUonary threat and ’the need ! or >' proves which hampered labour, energy and capital. On 

“OP© aenea • y.S. MONEY SUPP«». Ml f attention on tbe sudpIv ini’estment. the last of these he said that the 

Rebel Roman Catholic archbishop ^ 9 ’ 4 ^ n S83 ( 9 ^l' 8bn * rSttShL* of the economy— above P all! PO ? Ce ?h ( , Ste ^ v Ji d DOt PO t Ucie? had t ? ot pr P* 

Marcel Lefebvre defied t he ^ a -, $839 ' 7ba ($S40-9bn, to give a renewed ^ t0 tech- in incentives to 

Vatican. Main hv ordsinniff 18 rcvisw)* nninoifRi anH cains in ^d6£jU3tG long-term attack on the invest in new capital. 

JSSS • b£ tradiffilS ^ ^ Mtowari advances and game in infiationary pr£fCtices poU . “Careful reconsideration of all 

semSarv in Econe Switzerland* •f'ZOm productivity. cies which had given tbe economy taxes on business is essential 

seminary m t-cone, t>wiuerianOf X^.UHI Oiuei The short-term economic out- its inflationary bias. but T believe a near-term, partial 

look was generally favourable Inflation removed incentives to answer is to introduce a more 
but with the significant exception save and invest. “Without ade- liberal variant of accelerated 
The' . Dutch - Government... has * v *; that inflation had become worse: quate investment in new. more depreciation." . 

appealed to Holland's strict $ro- (FBL CARS signed a £30m con- with much less likelihood of any efficient technology, growth of Current depreciation guide- 

testants to accept vaccination of t 0 supply at least 10,000 easing of underlying inflationary productivity tends to slow — lines did not approach actual 

thetr children after 69 cases of vehicles to tbe British School of forces. lending further momentum to replacement costs in periods of 

.polio have been reported in the Motoring. Page 8. BL Cars will He added: “Actions of the cost-based inflationary pressures, rapid inflation. 

' last two months. . start recalling 10,000 workers at Government have played a *• It is for this reason — because As a goal, the nation should 

the Solihull plant, where a three- significant role in the recent deep-seated inflation retards set an ambitious objective for 

Locust plan . week Strike cost £42m in lost pro- worsening of inflation — on top of long-run growth and is a clear capital investment of. say. 12 per 

_ , .. lllhm , Auction. Scanlon appeal. Page 11 spe.cial factors such as higher threat to sustained high employ- cent of Gross National Product 

Tne UNs roott ana .^gnciuuuTs food costs. Service prices have ment — that inflation must be for an extended period to enable 

Or^uusation has reMmraenaea • MR. JAMES' PRIOR, Shadow risen strongly, influenced import- characterised as our highest the U.S. to make up for past 

a- $3m - plan lo_ fiant locusts Employment Secretary, said he antly by the rise in the minimum economic priority." Continued on Back Page 

devastating the .Horn or Atrica. was j n favour of exempting the 

Some 50 swanns are moving employment of people under 21 
through Ethiopia and Somalia. and companies , with fewer than 

' ... . 50 workers from the Goyern- 

feace move • meat’s Employment Protection 

Two major Eritrean guerrilla Act Page 10 

organisations . • FRANK B. HALL, the third 

EPLF) irave offered.to have^rect larges t quoted U^. insurance 
talk& wrth the Ethiopian Gwem- broker> unve iled its expected 


It has already become clear' 
from present negotiations that I 
some of the banks involved have 
chosen not to continue to par- 
ticipate on the terms being 
sought by the UK authorities. 

However, some other banks 
have offered to absorb a larger 
amount of the restructured loan 
than previously. On this basis, 
the new facility is likely to be 
completed on a final figure of 
well over Slbn. 

It is thought that the fairly 
small number of banks which will 
not participate are being 
influenced by the lower interest 
Tate which the banks consider to 
be difficult tn justify on com- 
mercial grounds. 

In recent months. U.S. banks in 
particular have been complaining 
that it is hard to generate any 
profitability from medium-term | 
loans when margins decline much ! 
below a percentage point over 
inter-bank rales. 

In turn, in the Euromarkets it 
is felt that the UK's restructur- 

Continued on Back Page 


Faced with huge costs for 
technology, equipment and 
materials over the next two 
decades of industrialisation, 
China has conceded that it must 
use foreign funds and conven- 
tional borrowing practices. 
Although Mr. Li's statement to 
Lord Cbalfont is encouraging for 
British bankers, they will find 
themselves dealing with a 
cautious and thrifty client. " We 
don’t want too much." Mr. Li 
told the British group. “We 
don't want to borrow more than 
we can pay back." 

It is likely that China will 
continue to exploit other forms 
of financing that do not entail 
direct borrowing. Mr. Li again 
raised the prospect of payment 
by products for foreign-built 
factories making goods for 


PEKING, June 29. 

export. That suggestion was 
made earlier this year' to mem- 
bers of the British "Forty- 
Eight” who spent several v\eeks 
in China exploring export, 
potential for British manu- 
facturers. 

Coiina MacDougaM writes: The 
Chinese vice-premier’s remarks 
indicate that China is adopunc 
a more flexible atilude lo trade 
financing. However, it is still far 
from accepting large-scale loans. 

The Bank of China has for 
years occasionally borrowed on 
a very short-term basis from 
British and other banks through 
the London inter-bank murker. 

It seems possible that Peking 
may cautiously widen its use of 
project-related deferred pay- 
ments and supplier's credit, per- 
haps to include buyer's credit, 
under which it could avail itself 
of British and other European 
Governments' exports credits 
schemes. 

Those carry low interest rales 
and would be commercially 
advantageous. Hitherto. Peking 
has restricted itself to using sup- 
plier's credits. 

Vice-Premier Li's reported use 
of the word " borrow " suggests 
that tbe ideological hurdle 
implicit in the idea of a foreign 
loan has been partly overcome, 
and that may give the Chinese in 
due course the opportunity to 
choose advantageous credit 
schemes that were closed to them 
before. 

Their acceptance of those may 
depend on foreign ability to find 
a formula that does not offend 
against the remaining ideology, 
which still promotes the id*a of 
“self reliance," although not 
exclusively, as in the past. 

Editorial comment. Page 20 


State chairmen’s pay 
jreport out today 

BY JOHN ELLIOTT AND PHILIP RAWSTORNE 


r In New York 


— i June 29 

1 

| Pre» ions 


Sjwn I &I.E630.SMG ‘ S1.BS70 8680 
1 uionrh ' 0.43-&.4S ilia ; O-fOJ'.M ,|fc 
3nn-inih*. • 1-34-1.® Hi* [ ).5f-1.3C rife 
17in.,nlh<! t-.00-4.rO dis | 6.104.90 ,1i« 


THE BOYLE report on 1 op 
public servants’ salaries, which 
recommends rises of more 
than 70 per cent for chairmen 
of nationalised industries, is to 
he published by (he Govern- 
ment this morning. 

But Ministers* decisions 
about liow such rises should 
be phased, perhaps over two 
or three years, will not be 
announced until next week. 

This was agreed by the 
Cabinet yesterday at a meet- 
ing which reflected the intense 
debate that has raged since (he 
Boyle Review Body on Top 
Salaries reported to the Prime 
Minister three weeks ago. 

Ministers are believed to 
have decided yesterday that, 
because of the size of the pro- 


posed rises, the full Boyle 
Report should he published as 
quickly as possible to allow 
for informed public debate. 

Labour MPs have warned 
that if the full increases were 
to be conceded, the Govern- 
ment would hate lilile chance 
of securing a further period 
of wage restrain!. 

The report also proposes 
rises for top civil servants, 
judges aud armed forces 
officers. Chairmen or the main 
nationalised industries could 
expect a salary of £Hl.QD0 
although some would go above 
£60,000. 

© In the Commons jesler- 
day, Mr. Michael Foot 
indicated that MPs could 
expect a 10 per cent increase 
shortly in their £6.270 salary. 


Central Londo 



Oslo seeks ship guarantee cut 



Bhf CHRISTINE MOtR 


auuy-ou ”, ‘ . WCetG JMUl j 

watched the World Cup Final — . 
the biggest television • audience « nHDflB | C ® 
in Britain for a sporting -event. bunrAmse 
• Twelve "British missionaries and © HATSUSI 


ment to end their 17 years war £ 25 m takeover terms for Lloyd’s TELE GOVERNMENT-BACKED gave the Institute the right of Harabros continues to remain 

of Independence. Paige 4 : broker Leslie and Godwin. Back Norwegian Guarantee Institute periodic reviews of a £60ra con- silent while the negotiations are 

_T « j- • .. . page for Shipping wants to cut sharply sortium loan which it had continuing, but the Norwegian 

Briefly •■■■_'.■ ^ .its existing guarantees on £50m guaranteed to Reksten. Reksten Press is openly speculating 

Three youths charged with • FEARS that a further 900 jobs worth of loans from Bambros uses this loan to pay the interest' whether the Institute has either 
raurderine: a 24-year-old Bangla- might be lost at Plessey’s Edge Bank to the troubled Reksten on its borrowings from Harabros a legal ora moral right to reduce 

dpshi in East London were Lane, Liverpool factory are ex- shipping group. and to meet the costs of laying its commitments in this way. 

remanded at Thames Court- pected to be aired at a .meeting it emerged in Oslo yesterday up ships. On Tuesday, Mr. Charles 

_^7 .... . wprc of management and unions next that the continuing negotiations Apparently the Institute wants Hambro. chairman of the bank. 

Thirty-one ,7? u r, 0I J, week. Back page between the Institute and the to use this review clause either to had a abort meeting with the 

watched the World Lup rtnai bank concern not only what hap- stop Reksten drawing any more Norwegian Prime Minister, 

the biggest television ■ auntence pnupajaipe pens when these guarantees ex- money under the consortium Final agreement between 

ip. Britain for a sporting -event. wwrHn ....... . pire at the end of 1979, but also loan, or to reduce the amount the Hambros and the Institute is 

Twelve "British missionaries and © BtATSUSHITA ELECTRICAL whether the Institute has the company can draw. clearly still some way off. There 

their children, massacred by Industrial regisered record sales power to reduce the size of the This move would mean that is still ample time for the two 

black nationalist guerrillas, were and profits in the half year to guarantees in the meantime. Reksten could not meet its parties to arrive at a compromise 

buried in Umtali, Rhodesia. May 20. Sales rose i .5 per cent The 1976 contract between the interest payments n its Hambros between their present entrenched 

Malagasy President Didier Rat- Ia5tlhUe ' Hambr05 and Reksten bonwiDSS ’ negotiating positions, 

siraka said mercenaries planned v f 

to kill him with poison darts © GLOBAL NATURAL Resources 
fired from ball-point pens. Properties, the last sun.'iving 

Princess Caroline of Monaco and offshoot of the Fund of Funds, 

French financier Philippe Junot Jagshm or Mr. Berm Comics 

were married after a mass ut ISO empire > is const tie ring se k 

Monte Carlo. in S unofficial listings ^ on some 

K ’ rt « stock markets. Page 25 

King cobra measuring 13 ft is 

being used as night watchman © RENOLD pre-tax profit fell £2ra 
at a Stockholm aquarium, to £1057m in the year to April 2. 

Dockers in Barcelona, Spain,- Profits of -amto 
have ended a two-month go-slow fell from £B.49m to i4 * 27 . nL 
over pay. Page 22 


Small 

office 

suites 

To 

Let 


CONTENTS OF TODAY’S ISSUE 


Enropean news 2-3 

American news 4 

Overseas news 4 

World trade news 3 

Home news — general .8, 10 

— labour 11 

—Parliament . 13 


Technical pa ^2 16 

Management page 17 

Arts page ; 19 

Leader page 20 

UK Companies 22-24 

Mining 24 


IntnI. Companies 25-27 

Euromarkets 25 

Money and Exchanges ... 28 

World Markets 32 

Farming, raw materials ... 33 
UK stock markets 34 


EC2 Cheapside 
EC3 Off Bishopsgate 

* Off Houndsditch 


EC4 Old Bailey 

Old Bailey 
Old Bailey 
Old Bailey 
Fetter Lane 

WC2 Off Strand 

Off Strand 


^k/-J Regent St 

Tottenham Ct. Rd. 


920 sq. ft. 

550 sq. ft. 
2233 sq. ft. 


285 sq. ft. 
390 sq. ft. 

3385 sq. ft. 
3510 sq. ft. 


CHIEF PRICE CHANGES YESTERDAY 

(Prices in pence unless otherwise ^fr^Darby """ 
indicated) Tex Abrasives 


RISES. 


Excheq. 9}pc ~S2 jUfr. 

Excheq. 12pc < 

Aaronson 

EPB 

Boots . 

Brown if N. ^ s - 

CablefotC>s. 

Ferract/^sO^i 


Helical/ 

-Johnsti 

• Limdd 


Siebens (UK) ........ 

• Guthrie 

Harrisons Malay Ests 
Hantatlon Hides. .. 
Cons. Murchison 

. Hampton Areas 

Petaling 

' '\jioutlicrn Iunta 

falls 


126 + 6 
104 + 7 
60 + 3 
358 + 18 
325+15 
109+9 
77 + 4 
270+10 
136 + 12 
225+10 
220 + 10 


US - 5 
250-5 . 
157 — 7 
94-8 


Race • for the computer 
memory market 20 

Politics Today: Putting 
.' Disraeli into blue jeans 21 

Around Britain: Welsh 
Land Authority 18 


FEATURES 

Energy Review: BP’s 
search for ' Forties 
replacement 12 

Malaysian textiles: Bard 
times follow boom 27 

Car telephones— a new 
opportunity — 29 


Australia: Mining and oil 
industries 4 

The Fed: Why banks quit 
the system 4 

FT REPORT 

Glenrothes 30-31 


vigers 



Appointments . — 
Appointments Artvts. 

Bask Return — 

Crossword — 

Entertainment Guido 
Euro. Options Ex. . 

Food Prices 

FT-Actuarirs Indices 


Utters 21 

Lex 38 

Loin bard 38 

Men and Hatters ... ZD 

Property M-lfc 

Racing . IS 

Saleroom 8 

Share Intoraiailan ... 36-37 
To-day’s Events 21 


TV and Radio 18 

Unit Trusts 35 

Weather 38 

Base Lending Rates 32 

INTERIM STATEMENTS 

BAT Industries 23 

Eurotherm IntnI. — 34 


ANNUAL STATEMENTS 
Alida Packaging ... 24 

Blocklcn 22 

Hargnsavos Croup ... 22 

HIIT Sanimi 22 

Melville, Donbas ... 13 

Sensors Group 24 

Wace Grew 13 


4 FREDERICK'S PLACE LONDON EC2R 8DA 01- 


CHARTfcRED SURVE^S'AWD ESTATE. AUNTS’ 


For Intcst Share Index photic 01-246 S 026 


To: VIGERS 4 FREDERICK'S PLACE LONDON EC2R 8DA 

! am interested in. Name 

Please provide further particulars. Company 

□ Tick if you wish to receive our more extensive Address 

list of available offices in Central London. 


.... Position 





2 


Financial Times Friday 30 : 19 ^ 






Vietnamese 



;card for talks with party chiefs! Ita *y baIIot Rich natiras 

MT v nmniinnc Yin 


to Comecon 

By Paul Lendvai 

VIENNA. June 29. 
THE PRIME MINISTERIAL 
council meeting of Comecon. the 
East European economic organ- 
isation today admitted Vietnam 
as its tenth member and adopted 
a final declaration on long term 
"'target" programmes in three 
fields. These are fuel, energy 
and raw materials, engineering 
and food and agriculture. 

The application of Vietnam 
for membership came as a sur- 
prise and some members, above 
all Romania, were initially hesi- 
tant to accept Vietnam at this 
meeting as a full member, 
according to Yugoslav officials. 

Future fuel supplies, the poor 
quality of sorue of the products! 
produced under collaboration j 
schemes and the non-fulfilment I 
at contracts and deliver}' dates) 
were the main problems- 
reppntedly referred to in thej 
speeches made by the Prime i 
Ministers of the member 
countries. I 

Contrary to earlier rumours. I 
however, no Soviet proposal was 
made to change Comecon 
statutes which provide for 
decision-making by consensus. 

Cotnecon. founded in 1949. is 
now made up of the Soviet 
Union. Bulgaria, Czechoslovakia. 
East Germany, Hungary. Poland. 
Romania. Cuba, Mongolia and 
Vietnam. Yugoslavia has an 
associate status. 

The final communique is un- 
likely to contain major new 
decisions. According to rumours 
final decisions about the scope 
and degree of long-term integra- 
tion schemes, including Soviet 
delivery and Cast European in- 
vestment commitments. are 
likely to be taken only next year 
at the 30th anniversary celebra-j 
tions of the organisation to be ' 
attended both by party chiefs] 
and Prime Ministers. ! 

The edited versions of the j 
speeches did not indicate any 
new dramatic development. i 


BY DAVID CURRY 

PRESIDENT Gise.ird d'Estaing 
of Franco has invited the leaders 
of the four main political parties 
to meet him next week to discuss 
the issues which will be brought 
up al the July Western economic 
summit meeting in Bonn. He is 
thus keeping a promise made at 
the time of his first contacts with 
political leaders immediately 
after the March elections. 

The most tense of the inter- 
views is almost certain to he that 
between the President and the 
GauIIirt leader, Jacques Chirac. 
Not only are the Guallists express- 
ing a general discontent at the 
rigor of the Government's 
economic policies and a strong 
resentment at the systematic 
replacement of Gaullists by 
Giscardiens in influential posi- 
tions in polities and the media, 
but they oppose sharply a number 
of specific measures recently 
announced by Giscard d'Estaing. 

In particular, the proposals to 
introduce proportional represen- 
tation for local elections to the 
bigger towns, to give the oppo- 
sition greater rights of reply 
on television and radio, and on 
the financing of political parties 
run directly counter to Gaullist 
policy. M. Chirac’s party also 
suspects that ihc Centrist UDF 
will try to use the occasion of 
next year’s elections to the Euro- 


pean Parliament to illustrate its 
pulling-power in contrast to the 
Gaullists who are badly divided 
on the issue. 

Given the President’s recent 
strong endorsement of Prime 
Minister Raymond Barre’s poli- 
cies, M. Chirac's complaints are 
not likely to be heard with 
much sympathy, particularly as 
it was the Chirac reflation pack- 
age of autumn. 1975, which gave 
the final spurt to tbe most recent 
French inflationary wave. 

But (he President way pay 
more attention to the first raur- 
uiurings of discontent from his 
own Centre UDF grouping stem- 
ming From a belief that tbe red 
meat of the Government's 
economic rigour is not being 

sufficiently garnished with the 

dressing of social reform. 

None of this discontent, which 
itself has been encouraged by 
the spate of strikes in industry, 
poses much immediate threat to 
the Government, since tbe UVF 
is basically loyal to M. Barre, 
while tbe Gaullists have a choice 
of joining with the Left to defeat 
the Government measures or, on 
a number of questions, seeing 
tbe Left join the Centre to 
ensure their passage. 

Conversely, M. Francois 
Mitterrand's conversation with 
M. Giscard may be more friendly, 







M. Francois Mitterrand 

since the President has cleared 
the way for discussion of some 
of the issues, he raised after the 
elections. Mitterrand has had 
to override left-wing opposition 
before accepting the invitation. 

While Mitterrand’s position as 
Socialist leader is not under any 


PARIS, June 29. 

real challenge he has had his 
work cut out recently maintain- 
ing the balance of power and 
influence between his leading 
lieutenants. 

M. Georges Marchais, tbe Com- 
munist leader, is on holiday in 
Romania and will send the leader 
of the parliamentary Communist 
Party to the Elysee Palace. The 
party newspaper L'Humamte has 
already made it clear that the 
President is likely to be on the 
receiving end of a long mono- 
logue on the iniquities of the 
Government’s economic policy. 
It is bard to see how the Com- 
munists will want to offer much 
advice for a summit meeting of 
capitalists and social democratic 
"traitors” of the Callaghan and 
Schmidt variety. 

Meanwhile, the parliamentary 
career of M. Jean Jacques 
Servan-Scbreiber, leader of the 
Radical Party, a man whose 
drifting between tbe pro- 
Giscardianism and opposition bas 
been one of the minor features 
of the past few years, may be 
□ear its eod. 

The Electoral Court has just 
quashed his 22-vote victory in 
Nancy at the general election 
and it is by no means sure that 
he will comest tbe rerun in three 
months’ time. 


produces no . ; n( , r(HKP 
President t0 mcrease 


ianks reduce base lending rate to 9.05% 


3Y OUR OWN CORRESPONDENT 


THE F.rG French banks have 
finally taken the hint from tbe 
Government and reduced their 
base rate from 9.3 per cent to 
9.05 per cent from July 1. The 
Economics Minister, M. Rene 
Monory. has been promising such 
a reduction for weeks but has 
warned that the rate would not 
go below 9 per cent. 

The feeling is that the new 
rate, which reflects, rather 
belatedly, the easing of rates 
on tbe money market to around 


8i per cent and hence cheaper 
re-financing for the banks, is 
about as low as can be expected 
in existing circumstances. With 
the inflation rate this year 
expected to be about 11 per 
cent, the Government is being 
very cautious about making 
money too attractive and has 
reaffirmed its intention to main- 
tain strict limits on bank credit. 

Meanwhile, the French franc 
has performed well over the past 
few days. Today it was being 
quoted at Fr 4.5175 to the dollar 


against Fr 4.5S a week ago. while 
it strengthened 1 per cent 
agaiost the deutschemark to 
around Fr 2.1775. The foreign 
exchange markets are inclined 
to attribute this to technical 
factors, notably tbe maturing of 
forward contracts taken out 
before the election. 

The Government prefers to 
see the move as a response to 
tbe improving trade balance and 
the slow recovery of industrial 
production. Some people feel 
that tbe recent talks between 


PARIS, June 29. 

President Valery Giscard 
d’Estaing and Herr Helmut 
Schmidt on the gradual reinte- 
gration of European currencies 
may have contributed to the 
development 

The expectation here is that 
tbe forthcoming EEC summit in 
Bremen will produce some sort 
of declaration of intent to work 
towards the creation of a Euro- 
pean monetary fund and a 
broad snake arrangement with 
wider margins of fluctuation 
than the existing mechanism. 


By Paul Betts 

ROME, June 29. 
THE RULING Christian Demo- 
crat Party in Italy intensified 
its efforts to reach an all-party 
agreement to elect a new 
president as representatives 
from both houses of parlia- 
ment and the regions voted 
today in the first inconclusive 
ballot to find a successor to 
Sig. Giovanni Leone, who 
resigned this month. 

The first secret ballot today 
represented only a test ot the 
political mood, with 1 he mala 
parties either voting for their 
own candidates or abstaining. 
These token candidates in- 
cluded — for tbe Christian 
Democrats, Sig- Guido Gonella, 
a former secretary-general of 
tbe ruling party; for the Com- 
munists. Sig. Giorgio Amen- 
dola. one of the most respected 
figures in tbe party; and for 
the Socialists, Sig. Pietro 
Nenni, the 87-year-oJd elder 
statesman of the party. 

' Although the main parties 
have so far not agreed on a 
common candidate, they 
appear intent on reaching a 
compromise to avert the threat 
of serious political .reper- 
cussions, which would follow 
a major confrontation. 

The ■ Christian Democrats 
held bilateral -talks today with 
the other parties in an attempt 
to reach an agreement as 
quickly as possible. After the 
talks, tbe ruling party Indi- 
cated that it would consider 
a presidential candidate from 
another party as long as there 
was all-party agreement on his 
nomination. 

The Socialists, however, are 
insisting that the new presi- 
dent be nominated from their 
ranks. The Communists favour 
a non-Christian Democrat can- 
didate, while' insisting on all- 
party consensus. 



BY DAVID WHITE _ 

THE U.S., Japan .and .West 
Germany were called on today 
to* give urgent consideration to 
their aid policy ahead of July* 
Bonn summit. - •• . 

Mr. Maurice . Williams, chair- 
man of the OECD’s 17-country 
development assistance comnut- 
tee (DAC), said weak efforts by 
the ‘three top ecooondc powers 
in the West were the main 
reason for a disappointing aid- 
performance last year. . 

-Official development aid from 
the r DAC group rose- by only 
$LIbn last year to ?14Bbn, 
showing virtually, -no improve:, 
meat in real terms. The organisa- 
tion's objectives for helping the 
poorest quarter of the worid s 
population could not be met 
.without a.' large and immediate' 
increase in aid funds, he said. 

As a share of the 17 countries’ 
gross national product, ' official 
aid- actually dropped from 0.33 
per’ cent to 051 per cent -less 
than ha£f the UN’s target figure; 
of 0.7 per cent and the second 
lowest level in the 20 years 
since aid figures bare been 
compiled. • - -• 

Only about half the total of 
official assistance goes- to the. 
poorest countries. 'Hie present 
volume of aid, Mr. Williams said; 
was not adequate to help- 
developing countries fulfil (heir 
potential- ‘ 

Disparities . between different 
countries’ aid record bad become 
more marked, he said. Tbe 
smaller DAC countries— notably 
Scandinavia and Holland— had 
greatly improved their record, 
but U.S. and West German aid 
Spending as a share of GNP had 
dropped, and Japan’s had 
stagnated. 

Commitments made last year, 
which to some extent determine 
how much will be banded out 
| this year, increased by only 7 
[per cent, but there were same in- 
dications that things would im- 
prove The VJS. bad projected 
higher aid and Japan had an- 


bounced - its*- intention to. double 

aid funds overfthe' hext three 
years. But -inc-Wast JGerfnaay 
there was "ao e videhcfr.Jhatthe 
Government ;has taken : 'the.Jtind 
of meastues thatrwoul4'*.®ibstan- 
tiaUy and effectively ftupteas* its 
aid.” ‘ ' : 

The. Communist conutries 'algo 

came under 1 Are.’- .contri-- 

bution— $500m- iti': 187$ -more 
than half of # from China-- was 
“a pittance of help and concfini 
for the Third World’- . 

The overall flotf-.of resources 
from the DAC. wrantrias;- rose 

last year by .about-- S3bn .to 

S43bh- ■ Of : this;, the dominant 

parr was made up by private 
flows of S24bn, largely to ntidute 
income . 1 countries:. At euirent 
prices.’, this was’ .below- the 13*5 
level.’ - • •• . 

Developing countries’- receipts 
f rom ; . ' all -sources ' ■increasedr^.'to 
_$64bn from- SqSbOr 

Oil exporters’ ^ unds for the 
. developing world ' rose - to S flfan 
from just- above 'SSbit, • . ‘Abbot 
S5.5bn >. of this: was r oja ' con- 
cessional terms^ orj about 2 per 
cent' of ..OPEC’s .'joint:, gross 
national:' product. -The . next 
. record 'among ttie DAC. countries, 
Sweden’s; was Just' under i per 
•cent. 

... The DAC chairman said that 
OPEC aid had ceased to be con- 
centrated heavily is the Middle 
East and was now better-dijrtri' 
buted - among -f •* developing 
countries.; 

Aid. terras had tended .to 
soften, with new- commitments 
showing an increase in the grant 
element . .. v " 

.. Measures were essential for 
stepping up direct investment in 
developing countries, a theme 
brought .out in the recent OECD 
ministerial meeting, Mr, Williams 
said. Investment • should- be 
directed particularly at meeting 
future needs, especially energy 
and food. 


Australia 

Austria 

Belgium 

Canada 

Denmark 

Finland 

France 

Germany 

Italy 

Japan 

Netherlands 
New Zealand 
Norway 
Sweden . 
Switzerland 
ILK. 

us. •’ \ 

TOTAL 


Total official 

Commitments 

commitments 


of GNP 

development aid 

„ 

** 

1976 

1977 

1976 

1977 

420.1 

552.9 

OA5 

059 

69 2 

69.1 

0.17 

0.14 

4903 

595.1 . 

- ’ - 0.73 

074 

1,189,1. 

1,315.1 

. 0/2 

0.67 

227 J1 

286.6 

039 

0.68 


. 57.9 
25772 
22382 
21 5 J 
1,477.0 

1,168.7 

S1.7 

239.7 
644.1 
133.9 
1,154* 
7JQ63J& 


'. 60.0 
2,619.8 
25622 
189.0 


2,6024 

. H27 

'• 038 

U17-9 

133 

1.15 

354 

OM 

' Q35 

2744 

• \ 037 

- . ^037 

997.2 

037 i 

137 

138.7 

-423 

032 

1,059:2 

052, 

•: 044 

6,175 JO 

TM? 

flS3 

20,749.8 

Mir 

OM 



Last year we set out to show the world how good an airline could be. Now we 
can show what we achieved. Our revenue in 1977 was up by 38% over the preceding 
year, thanks to a traffic increase of 16.3% in passengers and of nearly 10% in cargo. 

Naturally costs were up too but only by 28% so that we were able to finish 
the year “in the black” with a profit of over 12.7 million US dollars* 

Moreover we have no short-term debt outstanding so our development 
program continues smoothly this year. 

Such a successful recovery would not have been possible without the 
growing patronage of our clients throughout the world. We thank you for your 
trust and support and aim to deserve them even more this year. 

That’s what we’re working for. 

* at average exchange $ = Lit. S70 


STATEMENT OF OPERATIONS FOR THE YEAR 1977 


Successful Salyut link-up 


COSTS AND EXPENSES 

1977 

1976 

Inventories at begin nine of the j ear 

31,054.500 

34.479,992 

Purchase ol' materials 

35.020.660 

29.349.034 

Personnel ana related costs 

290.671.430 

234.955,167 

Services received 

479.610^52 

366.532,9 1 7 

Taxes 

J 55. 164 

959.828 

Financial charges on debentures 

192,855 

222,037 

Financial charges on banks and loans 

22.160,409 

27,313.588 

Imerest on other creditors 

1,9232147 

487,459 

Cnher charges 

1,126,820 

6.768.562 

Depreciation and amortization 

84.13S.862 

31,840,100 

Leaving indemnities for employees 

29,91 1,972 

26318,118 

Provision for income taxes 

1,947.439 

1,023J»5 

Allowance for doubtful accounts 

1,149,425 

836,781 

Provision re, clause 54 DJ.R. 597/73 

3,3971506 

— 

Miscellaneous expenses 

7,827,262 

10^33^12 


990,287,953 

771,720^05 

Profit for the year 

12,784,155 

- 

U-S.S 

1. 003.072. 10S 



Chairman of the Board of Directors 

Umberto Nordio 



REVENUES 

Traffic revenues 
Sen ice revenues 
Revenues from sales on board 
.Revenues from rcnials 
Dividends from subsidiaries 
Dividends from imerests in other companies 
Interest from holding company - 
Interest from subsidiaries 
Bank interest 
Interest from customers 
Other interests 

Gains on sales of plant and equipment 
Internal constructions 
Capitalization intangible assets 
Miscellaneous 
Inventories at end of year 


Loss for the year 


88095.331 

39.369,078 

32J29P53 

429,323 

13,344 

3.692 

2,032,139 

551,259 

6,624,153 

579,344 

118,536 

4,616,117 

2J)22,67Q 

514.535 

20.724,450 

24,048,184 

1,003,072,108 


L003.072.l08 


631,465,895 

27,903,120 

11,224,214 

696,439 
13,344 
380 • 

341,314 

3,965,004 

324,110 

103,006 

6,263,732 

263,194 

12,023,286 , 
31,054,500 ’ 

725,641^38 

46,079,567 

771,720.905 


The Auditors: 

Gastone firnsadelb’ - Roberto Graeco -FabioDi Nola -Vittorio Maroni - Salvatore Paolncc* 


Alitalia 

W1I showtfae wodd 


A POLISH SPACEMAN, Major 
Mirosiaw Giennaszewski, and his 
Soviet partner, Colonel' Pyotr 
Klymuk, were settling in today 
for a week's stay aboard the 
Saiyut-6 space station as guests 
of two . resident . Soviet 
cosmonauts. 

The visiting cosmonauts docked; 
their Soyjzz-30 craft with Salyut 
last night, 26 hours after blast 
off, and floated through - the 
entry-port to a jubilant welcome 
from Colonel Vladimir Koval- 
yonok and Mr. Alexander 
Ivanchenkov. . 

“ Come on in and make your- 
selves at home.” one of the hosts 
called as the four men exchanged 
hugs and clasped hands in 
triumph at the successful linkup. 
The Soyuz-30 crew brought tele- 
grams, newspapers and letters for 
their hosts, who boarded: the 19- 
ton orbiting laboratory 12 days 
ago, in exchange for a brown- 
and-white teddy bear, thrust into 
Major Ciermiaszewski’s hands as 
he entered. 


MOSCtJW, June 29-.- 

The Soviet news agency Tass 
said that Major Giennaszewski 
and Colonel Klynyik .would spend 
seven tiays on tbe station realis- 
ing out their special research* 
programme. M Tomorrow, we get 
down to work on Salyut-6,’’ Major 
Giennaszewski, ‘the first ever. 
Polish spaceman, told television 
-viewers. .' • - •• •. • •' 

V The programme, part of it 
planned jointly by-. Soviet and 
Polish scientists, included /testfa'g" 
the effects of weightlessness, an 
the human body and photograph- 
ing the earth'Asurface* Tass. said.’, 

Soyuz-SO’s mission -seemed 
likely to follow closely; £h&-pat- 
tei n set last March by the Soviet 
cosmonaut . Mr. ; Alexander 
Gubarev, and . .Czech. Air ..Force 
Captain Vladimir Remek, Whose 
flight broke the tJ^.-Soyiet mono- 
poly on manned space 3hofs,'Mr; 
Gubarev and Captain. -.Reuttk 
spent a week aboard Salyut with 
other cosmonaut^ who wer&.- Set- 
ting a space endurance record .of 
34 days. . ^ . -''.Reuter;' 















If. 


Spiv 


Lij 


T] 



Banks ty I Bundesbank move to boost liquidity 


meet on 

Turkey’s 

debts 


■ - 

French President wam4 
on Spanish EEC entry i 


BY ROBERT GRAHAM 


MADRID.- Jim?' 29. 


BY METIN MUNIR 

ANKARA, Jane 29. 
THE EIGHT major international 
banks which are coordinating 
the restructuring of Turkey’s 
S2.5bn debt to foreign banks 
are to meet in Zurich nest 
Monday and produce their final 
proposals, central bank sources 
said today. The proposals will 
be circulated among the 221 
banks involved as a central bank 
proposal. 

The central bank believes that 
it will be able to despatch the 
document between July 15 and 
20. 

The proposal will be in two 
sections. The first will deal with 
the restructuring of S2bn foreign 
banks bave deposited in the so- ! 
called convertible Turkish lira , 
accounts in Turkish commercial! 
banks and SoOOm of placements I 
in the central bank. 

The second section will be an 
invitation to participate in thei 
syndication of a fresh loan of 
8500m. 

The eight co-ordinating banks 
will be underwriting 3200m- 
$2 50m of this amount, the 

M. Giscard d’Estajng In the Cortes yesterday. ? centra! bank said. 

. • 4 One of the outstanding issues 

- • - . . ■ f - which will have to be resolved 

French President warns SSflSJs 

on Spanish EEC entry | ISSSSiSP 

BY ROBERT GRAHAM •• . M ADRID; Jung 29. With the restructuring, the 

• _ 7 Ministry of Finance will 

^“"SIDENT Valery’ ’ Giscard Premier, when he was in -Paris, guarantee that repayment for the 
d’Estaing on -the second day of . However,- be then proceeded debt will be made in foreign ( 
his State visit here told a special to qualify this support. j**lt is currency transferable on the due j 
session of Parliament today that clear that the entry of Spain will date. I 

Spanish entry- into the European create a new situation which will Extension for both the con- 
Community would require ‘a force each one of us ';.lo go vertible Turkish lira accounts 
strong process of readaptation through a rigorous readagtatirm and bankers placements would 
by both France and Spain. process, he said, adding that “In- be for six years, including a 
He also warned that "certain ev itably there will be problems three-year grace period. A 
sectors' 1 of French agriculture for France, and certainly some quarter of each deposit will 
must be Assured that they will be agricultural sectors will have to mature at the conclusion of the 
able to maintain satisfactory be able t0 continue carrying out third year after the extension, 
activity as -a result of Spanish tbeir activities in a satisfactory with a similar percentage matur- 
entry. manner.” - * ing each consecutive year. 

..... . jrn.* . Initial Spanish reaction was The o resent ‘ convertible 

Although M. Giscard dlSstaing that the French President hi pub- Turkish lira deposits do not 
chose > to bury Jus remarks on i* at least was offering & new ST” ! * reSrment guarantee by 
®,P a i, n s to Join the assurance about France's position the Ministry of Finance or any 

p5C in the middle of hiaspeech on Spanish agricultural p&ce. X^G^SiiSent K 

his ^diSM -was S moft aLtous S^pp^ed ‘to? concesSfato ev? # ^^«£ran!S^ ttlt 

°He e "egan tils remarks on the Sf ® r£ 5 ZS haveteen Sown 

EEC by saying tbit “Prance is at the French consulate md at «•“!«• lorftj tnnmr «r 
favourable to Spanish entry into Renault car company office in ? 253 !L w ™etice been 
tlie Community.” , He said that Valencia in protest against Presi- th? < heSnnins 

-be had told this to. the King yes- - dent Giscard’s visit to Sjjain • SLI^SiJJi 6 th? acute 

tejday and had. already said -the There was little damage- * • y f* r ^change 

same to Sr. Adolfo Suarez, the Reuter ■- foreign excliange 

: • . ' • • However, there' appears '-to 

OEGD economic report - I when this foreign, exchange alia- 

cation guarantee should have 
BY DAVID WHITE PARIS. ‘June 29. couie into effect. , While some 

- • - contend that the guarantee 

ECONOMIC RECOVERY in Spain fall in investment could hit should have come into effect as 
is at the mercy of richer Spain’s potential ft»r growth in SO on as the deposit mature, 
countries' . growth, policies, the the next few years, and unem- others say there is no such 
Organisation for- Economic ploymem could .get even worse, clarity. 

Co-operation arid Development The OECD£ outlook for Nobody involved wishes to 
(OECD) concludes in its latest unemployment' this year is for ^ lk about contingency plans for 
report. a b /g|er increase than that pre- ^ eveDtuality of sorae banks 

Despite the threat of a big rise dieted by the authorities. The not wishin° to subscribe, 
in unemployment, the OECD total,' it sayi may reach the lm „- ntT °, bank official who 
wains the Spanish Government mark or f per cent of the work- ^ a^conttafency plan 

against expansionary measures, force. ISESi TTjj. .. w _ .hatall 

The positive results of its A consensus between Govern- h^t^wH^aEree that this is the 
stabilisation programmer-falling ment, labour and industry on ^P^n^sihle^nurse for all con- 
inflation and a narrowing trade limiting wage and price increases ?f£prt Ind MbSSbe” 
deficit— are still too-fragUe and could pave the way for'an easing ce ™ ea ano ’ 

are partly due to the weakness of demand management and a 11 was • ® . H??* 


BY GUY HAWTIN 

THE BUNDESBANK today 
announced measures to increase 
the liquidity of the West 
German banking system. From 
the start of next month the 
rediscount quotas are to be 
increased to make a further 
DM 3bn ( £779.2 in) available to 
the banks. 

Dr. Otmar Emminger, 
Governor of the Bundesbank, 
said at a Press conference this 
afternoon that the DM 3bn in- 
crease in the rediscount quotas 
— which currently stand at 
DM 25bn (£6.5bn)had been 
necessary on seasonal grounds. 
It will allow the banks a greater 
opportunity to return to normal 


refinancing • methods and reduce 
their reliance on special financ- 
ing measures, the demand for 
which has been averaging 
DM 6bn this year. 

The seasonal increase of cash 
In circulation would produce- a 
demand for a further liquidity 
to the tune of DM 3bn in July. 
Even so, the Bundesbank’s 
measures were not " a drop in 
the ocean” as the banks had 
practically unlimited access to 
Lombard credit he said. 

Undoubtedly, the Bundes- 
bank's announcement is a timely 
one for the bond market which 
has been depressed for some 
time. Dr. Emminger agrees that 


the measures would strengthen 
tbe market, but he said tbey 
were intended primarily as help 
in the form of increased liquidity 
and not as price support 
measures, although this could 
also be their effect 

Dr. Emminger also announced 
that the Bundesbank Council 
today agreed a number of tech- 
nical measures aimed at improv- 
ing the structure of the 
rediscount quotas. These are 
aimed at increasing the banks' 
ability to utilise their quotas 
more effectively. 

The Bundesbank’s announce- 
ment should be seen against the 
background of the considerable 


FRANKFURT, June 29. 

cash outflows from the Federal 
Republic following the 
strengthening of the dollar. 
These have considerably 
increased the .banks' liquidity 
needs. Indeed Dr. Emminger 
today did not rule out that — 
within the context of *- steady 
and inflation-free monetary' 
management ’’—further measures 
may be necessary later. 

The free liquid reserves of the 
banks currently stand at 
DM 9.2bn (£2.39bn) compared 
with DM 13.6bn in December, 
said Dr. Emminger. Therefore 
the Bundesbank could not be 
accused of too expansionist a 
monetary policy, he said. 


W. German 

business 

optimism 


growmi 


Barcelona EEC doubts on 6 crisis cartels 


go-slow 
called off 

About 1J30Q dockers in Barcelona, 
Spain’s main port, ended a two- 
month go-slow yesterday after the 
Civil Governor threatened them 
with dismissal and possible 
sedition charges, Reuter reports. 
The dockers had been demanding 
more pay and improved safety 
conditions. 

Comfeld to pay 

Financier Bernard Cornfeld is to 
pay Sw.Fr.4in fS2m) to 380 ex- 
employees whether or not be is 
convicted on charges of swindling 
them, his lawyer told Reuter in 
Geneva. He has said he does not 
dispute the workers lost money, 
but insists it was not his fault 

Crude oil surplus 1 

The real excess supply of crude 
oil is currently about 6.5m barrels, 
a day. and this should rise as, 
more production of low sulphur 
light crudes from Alaska and th*.- 
[North Sea reach the market, 
according to M. Andre Benard. 
director-general of Royal Dutch 
Shell, Reuter reports from Paris. 

NATO changes 

U.S. generals will hand over 
command of two key NATO 
positions to Turks today— the 
South-East Europe Land Forces 
and Sixth Tactical Air Force, 
Reuter reports from Izmir. 


BY GUY DE JONQUIERES BRUSSELS June 29 gro\vxn in owt* ldis year can suit 

_ ' be fulfilled. 

piE EUROPEAN Commission surances that these market- would also have to win the The survey underlines that clear 
has again postponed a decision sharing provisions will not stand unanimous backing of the division in the economy between 
on the policy it should adopt in the way of a reduction of Council of Ministers " most industrial sectors, struggling 

towards industrial crisis cartels." surplus capacity in the fibres The regulation was drawn ud slowly out oF the intense gloom 
amid growing signs that a nura- industry, which is supposed to bv M. Raymond Vonel the of the first quarter, and the sharp 
ber of the 13 Commissioners now be one of the cartel's main Competition’ Commissioner who upswing in the building trade, 
doubt whether steps should be objectives. belie”™ that it ^presents "he Most" companies producing 

mems froS^S? full ri k? 6 EEC Com mission bas only way of sanctioning crisis and consumer goods as 

pip . nm nptit 5 no i*i f 2 0ur * of before it a proposal for a special cartels without severely distort- 1 we 11 as consumer durables forsee 
raSSS? h« heen „ n rt,r "Ration which would ing competition law. It has been a marginal improvement in busi- 
ine question na& been under effectively exclude crisis cartels strongly sunnorted bv Viscount ness over the next six months. 

Sdi#, SL“", "t x Zs ’S 

, n stssssl, “ jtsSoSi a the £ °“ of e™e tfst 

July 19, shortly after the seven- * sustaining upswonc — implying 


By Jonathan Carr 

BONN. June 29. u 
WEST GERMAN businessmen, 
are generally less pessimistic : 
about prospects for the coming^ 
months — and the building sector^ 
in particular is doing so well that'’ 
many companies report shortage’ 
of staff. 

This emerges from the survey-, 
of business opinion for Muy>- 
ca tried out by the 1FO economic, 
institute of Munich and released; 
today. It confirms a more positive- 
tone emerging in economic com-, 
ment elsewhere, including from 
the Bundesbank — though few 
believe that the Government's 
original hope of 3.5 per cent real 
growth in GNP this year can still 
be fulfilled. 

The survey underlines that clear 
division in the economy between 
most industrial sectors, struggling 


BY MARGARET VAN HATTEM 


BRUSSELS, June 29. 


is little sign of an overall self- 
sustaining upswing — implying 
further measures to boost the 
economy will be needed. 

In the building sector most 
companies now want to take on 
more workers while at the same 
time last year most were cutting 


nation economic sum m it in Bonn. further measures to boost the 

The delay coincides with indi- TfcTTk • «1 t economy will be needed. 

cations that the West German TX7|nc< fV|| Cfmnlv AQCD In the building sector most 

Government is having second MJ3. Tv lliu LrU. VstflijlV companies now want to take on 

tfiougnts about tli6 cartel more workers while at the same 

arrangements recently concluded BY MARGARET VAN HATTEM BRUSSELS. June 29. t j me i ast year most were cutting 

SSSVotSwj" fibres and THIS EUROPEAN Court of Jos- time that the BP subsidiaries cut J“ rU '™n n T 
wants further clarifications about ba s_ up h , eld aa appeal by petrol supplies to ABG. a major 

their operation before deciding British Petroleum and annulled and traditional customer, in a Problems because the^ have too 
whether to give them its seai an EEC Commission ruling discriminatory wav which few skilled workers in an 

of approval. against three BP susbidiaries in threatened its existence. economy where there are still 

Several weeks ago. Count Otto Netherlands. However. the court has nea ^ y l’ sle d unemployed. 

Lambsdorff. the West German The Commission rulerf Paris- acce P led BP’s arguments that There are now about 400.000 

Economic Minister, indicated last vear that the Dutch Mh because at the time it no longer fewer people employed in bmld- 

hi, > cd * . ln “ l lne UUICD SUD- „ ■ I £ : _ ino than Iho hpmht nF th» 


between November, 1973, and 


visions in the arrangement March 1 Q 74 hv withhatitino n ,n. travtual clients. and will not now return to their 

apparently designed to bring f rtim J in a i 0r Dutch client ^ be court found that there was old jnhs. Further, many foreign 

about a sharing of markets fh p Aardolip Belan»en fiemeen^ n0 abuse and. therefore, did not workers have returned to their 
between the producers. schan (ABG) ° 30 iBto t ^ e P 1-0 * 1 ' 6,1115 of market homes and there is a ban by the 

Tbe German Government is p v ’ ' dominance, which it was expected Bonn Government on new hirings 

understood to be seeking reas- The Commission said at tbe to clarify on this occasion. abroad. 



OYOUG 


'■*-1 


tejday arid hail" already said the There liras little damage.- 1 
same to Sr. Atfolfo Suarez, the Reuter 

OEGD economic report 


BY DAVID WHITE 


PARIS.. “June 29. 


inconceivable 


of home demand. 


vi uuuiauu uiaikU(S kUi '' hsiu a , _ , , , ... , t 

better output and emplo^mient thore banks which did not 


Stimulatory measures, it warns. Picture next year. senbe^to scheme 

would bring a rapid increase in -To make this acceptable to K 

imjiorts. It forecasts a reduction unions and employers, the °¥}? e r ^ rd n S At *S a thp 

in Spain's current account deficit Government could increase- which did . not subscribe to ' toe 
this year to $ 1 - 5 bn from S2.5bn, .-"benefits for; the lowest paid and scheme would be paid after 
while the rise in consumer prices hold back increases in public those wnicn aid. 
should slow to -IS per cent from tariffs. ' The banks would be ashed to 

24.6 per cent last year. In order to reduce uneuiploy- reply within a deadline of “two 

The choices facing the Spanish ment, it is estimated that gross or three weeks.” 

authorities are particularly diffi- domestic product would have to •• 

cult, since there are also serious grow by between 4.5 per cent and H - IN „ rui t ™f S . minimum duty c«ep< 
risks in keeping demand down 6.5 per cent a year, the report >u« »nii y.e. sub^ipuan 

° «vif itcJcUM S>r»n.oii uir mailt per Jimum 

for too -Jong, tile report ssys. iiie sajs. sc«.viui cu» povtaire paw at York, n y. 

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Flaaaetal Tima* . June 


OVERSEAS NEWS 



Israelis playing down Mondale visit 


BY DAVID LENNON 


TEL AVIV. June 29' 


ISRAEL TS trying to play down stantive talks as much as Mi. Mondale will be keen to man said today that Israel does 
the political significance of the possible, because -it is clear that learn what Israel's position will not view the Vice-President's 
vis»t by the U.S. Vice President; both countries disagree pro- be if talks are arranged in London visit as tin? "start of a process 

found ly about the steps needed early next month between the of negotiations." He said that 
to revive President Sadat's peace Egyptian and Israeli Foreign ithere "would be “an exchange of 
initiative. Ministers, with the participation views" and that Mr. Mondale 

Israel believes that it is being of the U.S. Secretary of State, would get an assessment of the 
unfairly pressed by the U.S. to It is unlikely that he will be situation as seen in Jerusalem- 
mak<? concessions, while the given any new ideas to take with It was because of the stress 
Americans are not urging Egypt him to Egypt when he pays a being placed on the ceremonial 
to make similar gestures. brief call on President Sadat aspects of the visit that a row 

But Mr. Mondale and his team early next week. The Israeli developed over.the status of the 
includes senior White House and position is that further progress Vice-President's visit to East 
State Department aides are can now only be made through a Jerusalem. The U.S. has not 
expected to make clear the revival of the direct talks recognised Israel's annexation of 
American anger over the recent between the two sides. the old city in 1967 and thcre- 

Israeli cabinet derision. First But Israel will be anxious to fore cajild not permit an Official 
Israel refused to give clear stress the ceremonial aspects in visit there, 
answers to American questions an effort to avoid the almost The issue was resolved when 
about the future of the West inevitable clash which will It was agreed that Mr. Mod dale 
Bank and Gaza Strip, and then develop if the Americans con- would make a private visit to the 
flatly rejected Egyptian sug- tinue to press for greater old city, but would be accoin- 
gestirtns about the occupied terri- flexibility from Jerusalem. panied by the Israeli Mayor when 

tories The Prime Minister's spokes- he visited the Wailing Wall. 


Mr. Walter Mondale, which 
starts tomorrow. 

ufficials here are anxious to 
stress the ceremonial nature of 
Thp visit originally designed to 
mark Israel's 30th anniversary 
But tough talking is expected 
from th*- Americans who view 
this as the beginning of a new 
effort to rtturt I he stalemated 
pp»ce negotiations between 
Israel and Egypt. 

Meanwhile in Jerusalem a 
bomb exploded in the open air 
vegetable market this morning 
killing two shoppers and injur- 
ing 40 more. The timing of the 
explosion if seen as designed to 
emphasise the Palestinian prob- 
lem on the eve of the Vice 
Presidential visit. 

Israel will try to avoid sub- 


Tension after Lebanon massacre 


BEIRUT. June 29. 

THE LEBANESE Cabinet met in weeks sen i n the northern town Greek Catholic Patriarch 
an emergency 


session under of Ebden in which 36 people, all Maxim os Hakin today met Presi- 



BEIRUT. June 23. 
THE TWO major Eritrean 
guerrilla organisation'* today 
offered io liaie direct negotia- 
tions with the Ethiopian 

Government t« end 17 >ear** of 
war for tin* independence of 
the province front Ethiopia- 

The offer was made »l a joint 
Press conference b> Mr. 
Ahmed N»**er. head ■■■ the 
Eritrean Liberation Freni — 

Revolutionary founcM lEftF — 
RC>. and Mr. R simian 

Mohammed Sour. •••♦ari. 

General of til*’ F- : »-ean 
Peoole's Liberal ion Fruit 
tEPLFt. It followed a mt-m 
visit to He scow earlier this 
month by Mr. Nasser amid signs 
of increased Soviet pressure 
for a negotiated end to the 
protracted conflict oier 
Eritrea. 

Reuter 

Jnhn Wo r rail from 

Nairobi' T!i«- l\S. Embassy in 

Add!**' Ababa aniinniirc'f today 
that Ihe V S. is ui* in™ S'loO.'WWl 
in emergency relief fur ihe 
famine- <trickcn people of 
Wollfl and Tigray provinces, ll. 
is estimated that some i.3m 
prop }p are affected by set ere 
drought. 

The grants will cover trans- 
port of relief food and com- 
modities- ‘he holldinc or emer- 
gence grain storage in western 
IV'ollo, replacing oxen, seed 
and small agricultural tools for 
farmers affected, the extension 
of relief emergency radio com- 
munications lo remote drought 
areas, and two grain evacnators 
for the port of .\ssab to 
accelerate the movement of 
relief grain to stricken areas. 


An Christians in cast Lebanon H , linh , or ' 
Pmsirfpnt Sarkis atm aa ij? nler - 


-i n -j . v- , U.U.UICI. came only a few hours afLer the 

yesterday. President Sarkis also The murdered men yesterday Government had announced a 
consulted Lenanese a im> officers wcre picked up at * four new security plan to bead dIT 
” p ". commanders o. th « mainly Christian villages near the expected trouble at the end of 
b;. nan Arab peace-keeping force. anc j en t town of Baalbeck some the deadline set by former Presi- 
According to Right-wing 33 miles east of here, then taken dent Franjleh. Tomorrow, is the 
supporters, the number of those to a nearby wooded area and shot, last day of the ultimatum, in 
killed yesterday was 36. Right- They were all members of the which Mr, Franjieh told Phalan- 
wingors are accusing the Syrians. Right-wing Phalange Party. gists in the north either to leave 
But observers link the new Most of them also were Greek the party, leave the area alto- 
violence to the massacre two Catholics, or Melcbitcs and gether or face the consequences. 



SY DAVID WHITE 


PARIS, June 29. 


OJCDITfiR COUNTRIES meet- There have been rumours of a imports, dominated the meeting 


in, iici ' today have promised aid 
tu co* or just over bait' the 
i oxpoob-d slbn gap in Zambia's 
1 r.s 'lire-:.-, over the next three 


' Vic Wi’li Wipermans. regional 
. vico-pp-'ident of thn World Bank, little variation 
; said, a; i or a consultative meeting 
nf the ervOitor countries he was 
, nptiv.iislir that the remaining 
needs could he met. The U -S.. 

Bn law and France have 
• promised higher aid. but a 
' number of other countries have 
! still lo indicate /heir aid plans. 

] President Kaunda has. mean* 

. while, asked the World Bank 
president. Mr. Robert McNamara, 
for urgent’ cn federation of 
Zambia’s transport problems 
resulting from the closure of its 


large bilateral credit being con- The Zambian Government was 
sidered by the Saudis. weighing up various alternatives 

With no dramatic improve- for improving rhe vital rail link 
ment in copper prices in sight with Tanzania, a link with 
for at least the next two years. Malawi’s rail plans, and a road 
(he Finance Minister expected to meet Angola’s Bengucla raii- 
i n Zambia'- pay- way. which would bypass Zaire, 
moms shortfall of some 6300m in The cost to Zambia of adhering 
1S77. to the mandatory sanctions 

Transport constraints, affecting against Rhodesia had passed 
both cupper exports and vital $750ni. Mr. Mwanakatwe said. 


Chinese coal production 
may exceed 500m tonnes 


BY COUNA MacDOUGALL 

border with" Rhodesia, 'Mr. John PROSPECTS FOR_ the Chinese rise in Chinese imports of foreign 


Dacca Cabinet 
to be sworn in 


Mwanakatwe. Zambian Finance coal industry in 197S are the best mining machinery. 

Minister told journalists. for years. The effects of full This conclusion is of parUcular 

Thp Minister firmly denied that recovery from the damaging interest to Britain and West 
Zambia envisaged having to re- earthquake at Tangsnap in 19<6 Germany, because of China g 
Xdlile Vn.v of ll. Sl.Uhn Will shortly he apparent and the preFernn .'or the toj®*»ll 
external debt In March. Zambia industry s total output should method of mining. The U-S. 
agreed with the International exceed 500m tonnes. according to could benefit. from any expansion 
Monetary Fund on conditions for a magazine forecast. of open-cast mining which China 

a $390 m credit over two years. The forecast was indirectly might undertake because Pekin,, 


By Our Own Corresoondent 
0 U FA. June 2fl. 

A 47-MEMBER Cabinet will he 
swurn in tomorrow morning 
in Bangladesh repairing the 
23-ni e m be r icumei! of 
Advisers in the President. 
Since President Ziaur Rah- 
man’s victory in the presiden- 
tial elections on June 3. he 
ha? been under pressure from 
the six member parties which 
form the Jatintabadi Front to 
form a political government 
in Bangladesh before the 
scheduled elections in 
December. These will he to 
elect 300 members to a 
National Assembly or Parlia- 
ment. 



pledged SlOflm --- . , , . . . . 

. three- *ears, Britain has expanded quota ahead of schedule. 

: its pledge from i'lTin to £32m. Although progress m incrcas- 
’and the World Bank has just ing mine capacity v ’ll remain 
J "ranted a $2*2.5m loan Tor road limited, output from small. 

i transport. The Saudi Arabian locally-run mines will increase. . 

1 Fund for -Development, which the forecast find. Plans for damaged by the earthquake 
: utendi'd ihe three-da v meeting, mechanisation and modernisation recovered to i 12-oin tonnes half 
' av0 niJ C ] Ue a s to its loan plans, would require an unprecedented the estimated output of 19<5. 


based magazine Current Scene 
estunated coal production last 
year was about 490ra tonnes, over 
11 ner cent up on 1976. Output 
at the I<aj Ilian field, badly 
the 


South Africa to introduce new sales tax 


JOHANNESBURG. June 29. 


"to 


Ministers 
quit’ in India 


.livmuj tliv lilMWWMWtIVM IfldiflJ * 

a 4 per cent General Sales Tax direct 
; (GST), a similar levy to the UK's Thanks 


NEW DELHI. June 2H. 
THE INDIAN fahim-l va< 
today reported lo have called 
for ihe resignation of Mr. 
Lharan Singh. Ihe Home 
Minister, and Mr. Raj Naruin, 
ihe Health Minister, as a 
leadership bailie in the ruling 
Janata parly reached a crucial 
stage- 
Bonier 


BY BERNARD SIMON 

\ MAJOR shift of emphasis in The Treasury expects GST to not be levied on intermediate 

the* South African Government s yield about R 1.000m in tax goo* case* where they form 

fiscal policies takes place on revenue annually, and it thus J^gmficant part of production 

{Monday with the introduction^ of marks a major shift away from o ( h er exemptions include 

to indirect taxation. g oods f or export, payment for 
to the revenue to be ul jij t j es an d public transport, 
j VAT. generated by bST, the Minister serv jcing and repair charges for 

I Broadly speaking, the lax will °f Finance was a ole to announce vap j| a | goods and sales of 

’be levied nn the sale .tod rent a sl| ght cut in personal and com- slra j e? j c imports. 

J nf jU guods and st-rikes to end- pan;.- taxes in Ins budget last A f eature of - tax is that 
users. U will largely replace March. merchants have been given the 

; existing sales dunes, which since The regressive nature of the choice between adding it on as 

have been levied selectively new ra.v has. however, prom pied an extra item i.o the marked 
I — mostly on luxuries — at the calls from trade unions and prices of their goods, or includ- 
| point "if manufacture. The consumer groups fur ihe exemp- ing it in the quoted sales price. 
I introduerwi uf GST may also lion from GST of basic food ■ According lo a survey by the 
I enable the Government soon to stuffs. The Government has association of chambers of com- 
! reduce, or even abolish, ihe turned down these requests, but meree. two-thirds of traders 
{present 12.3 per cent import in an effort to keep duwn ihe have opted for ihe former add-on 
surcharge. inflationary effects, the tax will method. 


AMERICAN 


Carter to 
change 
secrecy 
procedures 


Textile 



BY JUREK MARTIN, US. EDfTO* WASHINGTON, June 39, 

LEADERS OF labour and man- jointly by SS mS®SarS2ia!»S 

in the U.S- textile head of the AF^O (tbeJLS. 

year. - : .* . 

^ the evdu&ion. of 

meots, which will try to strike j They demanded that textiles, .^ ! J lon \ JV 011 jjU* traJe* negotSioSi'Sr^l Wtot. 

a balance between the publics fibres and apparel be r ^ ov ? d lif 3 Vir n cSairman of Dupont, point plaflioelud^^rawniii for 
- k * ** " "'“‘—’'from the multinational trade Shapiro. control ; .of: existing 


right to know and national 

security'. 

Administration officials said that 
Mr. Carter, who pledged 
during bis campaign to revise 
the Government's classifica- 
tion procedures, has given 
final approval to the new 
policy. A formal announce- 
ment is expected later today. 

The Government has classified 
thousands of documents as 
" confidential.” “ secret ” or 
“top secret” Critics of_ the 
system say documents ' are 
o’ften classified arbitrarily, 
with no serious consideration 
of their relationship to! 
security, leading many docu-l 

merits to be over classified. j 

M!r. Carter’s executive order will j 
sharply reduce the number of; 
agencies with authority to j 
classify documents. U is also , 
expected to cut the number of | 
years for which a document is* 
automatically classified and 
establish an agency of 10 toj 
20 people to review thei 
bureaucracy’s compliance with 
the new procedures. 

A key part of the new order is 
likely to be a provision requir- 
ing that under certain circum- 
stances the Government must 
balance the public's Interest 
In a disclosure with the 
requirements of national 
security. The agency involved 
will make the “ balance test ” 
iF there is “some reason to 
believe that there is a signifi- 
cant public interest in dis- 
closure." such as a request 
for the document under the 
Freedom of Information Act. 
said one official. 

AP-DJ 


■ and Mr’ Robert Small, president tighter . . 

negotiations now ncarmg era- America Textile Manu- quota agreements ^.supplier 

elusion in Geneva, and be given i nst itutfi, on the man- countries; negotiation, of new i 

separate restrictive treatment. SSSent side. ■ - bilateral agreement, r-whenever 

More than one piece of legis- Tfc e5e leaders urged > strong e3£ P°*S JfSltiiJt cfSSSwSS 
Iation to this effect is pending in a ^ d qilic k ac ti 0 n ” to combat the covered by quotas staWed.increaj- 
Congress. So far, the adrainis- in textile, fibre and apparel mg: renegotiation ^ oi 
tration. w;hich wishes the new an^rts which, they said, bad agreements witiiTawan, Hong 
trade regime to be as encora- airwariv rise by one third in the Kong. and South Korra eo as to 
passing a s possible, has resisted first f 0ur months of this year, _ curb imports ftnrnei^ wxter antH 
such exclusion, blit, as develop- compared with the etryivaJent dumping procedures; and tigfiwr 
ment today showed, the P r0 * period a year ago. If they con- customs control of imports. . 
tectionist pressures are mounting, tinue to increase at this 'pace, In -addition, the textile uiuok 
sad are finding even niore would reach a record Jevel said thatrioday it had filed new 
receptive grounds, as congress- an ,i further harm an industry charges against PajUStanjMepc^ 
men lei the added need to serve « already seriously damaged* by Malaysia, Singapore and Thauana 
their const iuents as the mid-term imports. .alleging that illegal subsidies 

election in November approaches. jr-Thcy cited Labour Department were being-paid to manufacture r* 

The demands today were issued statistics to the effect that more in those countries. 


Textron committee to look 
at payments allegations 


NEW YORK, June 29, 


GM to raise 
production 
of Chevettes 


By John Wyles 

NEW YORK. June 29. 

GENERAL MOTORS is to boost 
daily output of Us strong- 
selling mini car. the Chevette, 
by 64 per cent from next 
February, indicating the grow- 
ing emphasis on small-car pro- 
duction in the U.S. 

Deafer deliveries of the Chevette 
have risen by S7 per cent since 
last October. thanks to 
aggressive pricing and increas- 
ing consumer acceptance of 
small vehicles. In common 
with all U.S. car manufac- 
turers, GM is having to reduce 
the size of its fleet of cars and 
to market small cars more 
vigorously in order to meet 
Government fuel economy 


BY JOHN -WYLES 

TEXTRON, the Rhode Island denial that he had any &ww- 
company headed until the begin- ledge that Gen. Kb&temi would 
ning of the year by Mr. William receive the money, noc his 
Miller, now the Federal Reserve denial that he was. aware that 
Board chairman, has set up a the General controlled Air Taxi, 
special committee to search for the company acting as Beil s 
evidence of “questionable pay- sales agent - 

meets ” which it may have made. Despite having confirmed Mr. 

The three-man committee of Miller, the Senate Banking Corn- 
outside directors appears to have mittce is continuing to invest!- 
been given the task of trying to gate possible improper payments 
clear the cloud of suspicion still by Textron. Another issue being 
over the company since the investigated is the destruction of 
scries of allegations of -improper a. memo discussing secret - pay- 
payments which were made ments to a Ghanaian official, the" 
during the Senate confirmation day after Mr. Miller denied any 
hearings on Mr. Miller's appoint- knowledge of it. 
ment to the Fed. Mr. Joseph Collison, Textron s 

Attention has focused on new chairman, said yesterday 
Textron's payment in 1973 of that the company’s investigating 
S2.9m to Gen. Mohammad committee would search for 
Khatemi. the Iranian Air Force “any payments to Government 
chief of staff, who has since died, officials, political parties or can- 
The payment was followed by the didates, any improper payments 


Jamaica draws 
part of IMF 
loan facility 


' 'By -Canute James-’- -- 

KINGSTON, June 2f. 
THE JAMAICAN Goverameat 
todav drew . a total of $35m of 
the S240m Joan facility granted 
last month by the International 
Monetary Fund (IMF). .The 
drawing was 'made up of 
under the extended fund facility 
and $18.7m under the compensa- 
tory financing fatality. - 

The extended fond facility 
would have been drawn earlier 
this month but the Finance 
Minister, Mr. Eric Bell, has said 
that if this had been done, the 
island would have Josr"$5m 
on. the compensatory financing 
facility. 

The Government- is also, now 
finalising details of -the $51m 
facility being offered' by. the 
newly-established Caribbean Aid 
Facility, the so-called Caribbean 
consortium,' 

The Finance Minister has said 


award of a SSOOm contract to the to customers or suppliers, and, _ 

Textron subsidiary, Bell Heli- billing payment and accounting i that the details are being dis- 

copters. practices at all Textron divisions, cussed on a bilateral bams, and 

No evidence has been pro- subsidiaries in U.S, and abroad that the loan will he for a 15- 

duced to question Mr. Miller’s from January 1, 1971 .year period. 


U.S. FEDERAL RESERVE BOARD 


Why banks opt out 


BY DAVID LASCfiLLES IN NEW YORK 


THE FEDERAL Reserve Boafd ment which the' Fed, like other has indicated that ho ddes; »ot 
under its chairman Mr. William central banks, imposes. The Fed believe the legal, positiba tg b* a* 
Milter is profoundly disturbed pays no interest on these funds, clear as Congress says it iv. 
by the Fed's shrinking member- putting \ members at a distinct The proposal also annbysVfh* 
ship. Unlike most other central commercial disadvantage, vis-a- U.S. Treasury -whiclt- stands -.to 

banks, the Fed cannot compel vis non-member banks. Banks lose millions of dollars io income, 

banks to belong to the reserve also complain that regulation by At the moment Ihe Fed invests 

regulations, which require all ; S vstera— they are free to decide the federal authorities is cumber- compulsory reserves in treasury 

cars sold rn achieve an average • whether to join, and only those some, and that -the Fed can be securities, gaining some. $7bn a 

minimum rue I consumption, 'that do are subject to the Fed's blind to the needs of local year from which it deducts about 

GM claims that the Chevette is, compulsory reserve require- community banks which,, in $700,000 a year ' nr operatutg 

the fastest selling sub-compact, ments. which are among its main numerical terms at least, make expenses, and. hands the remain- 

car in America and that its j economic instruments. up- the large majority of U.S. ing profit over to the Treasury, 

production plant at Wilming- g u t though many banks still banks. ', Part of this revenue' would be 

ton. Delaware, has been work- 1 decide to join, far more decide By leaving the Fed. banks' do lost to the^ Government, if the 
ing at full capacity to meetjejtber to end their membership, not escape regulation' altogether Fed channelled it into interest 

In 1950. about baJf_ of since they pass into the control payments. • ■: 

all U.S. banks, holding So per of their state authorities. But Although the payment ' ’of 
cent of banking deposits, while states also demand com- interest on reserves would huike 

belonged to the Fed. Today fewer pulsory reserves, they mostly pay membership more attractive,; the 

than 40 per cent remain, and interest on them, and they tend Fed is also-considering a proposal 

they hold 75 per cent of deposits, to be responsive to local banks' that all ' financial' 'institutions. 

Moreover, the trend is still needs. On the other hand a Bank whether members or not . be 

downwards, and the Fed sees no operating with a state charter required to maintain reserves at 

reason why this should change: can operate in that state alone.'- ' the Fed, and if so, how much* 

rather the contrary, it expects to These are precisely the argit The view behind this proposal 
go on losing members unless it men ts put forward by the largest,, is that the Fed needs Sere 
does something about it. ba Q k to leave the Fed this year. 'powers to operate an effective 

The implications of member- Fj rtt People’s Bank of New credit policy. P But this. has been 
ship attrition, as ; the Ffed calls jersey, with total assets of some contested. Opponents- argue that 

it arc dear. The Fed ?an hardly s&5Gm. it complained of “signi- the. Fed already, has several 

claim to speak for or control the fi Wnt income losses to both bank highly effective ways . of ctin- 

banks when it regulates just over and shareholders” because of trolling - 'credit, mainly ' 1 By 

one-third of c ®“jr?„: compulsory reserves, and said influencing interest rates in the 

over credit and monetary policy ^ authorities were unreason- Fed funds market and the short- 

is arguabiy ^e*ker ttanjt woiDd ab j y siow ^ p r o cegs jn g its term inter-bank market , whose 


demand. 

With production running at 

I. 120 units a day. the company 
expects to sell 2S5.000 
Chevettes by the end of the 
current model year io Septem- 
ber and to have captured 

II. 1 per cent of the sub- 
compact market. 

The increased output, which will 
raise production to 1,840 a day. 
is to be achieved by turning 
over a second assembly plant, 
at Lakewood. Georgia, to 
Chevette production. This 
move, which will require 
exlensive retooling, is a sign 
uf GM*s faith in its abilities to 
eonrinue to chip away at import 
penetration of the small car 
market . 


U.S. COMPANY NEWS 


f J h.> ret l uest 10 3K luire another New interest rates, are a big factor ui 

nol f ™„ s u“ prilrT/f U S JetSe >' ^ 


Grand Union in bid for Colonial 
Stores: Slock market listing 
sought by Global Natural 



whv h -ink's 4 *■ IX uuo UUIU# Ap vu uuj 

Resources: Treason bond issue | de ‘f d ; ^"’ieavVTs" undoubted interest rates to could -be .. remedied by legslaf 

at «'• ner pent Pace ^ , iWnuirZ faanks th at can show good cause Don— giving it .powers of d&ec- . 

at 8, per cent Page -b j the _com pulsory reserve requir e- for nedin gthem ^ ^ Fed als0 tion in fins field, o verbal L hafiks - j . 

(operates a cheque clearing system and not by the roundabout route .jS'i- 


MINING AND OIL1INDUSTRIES IN AUSTRALIA 


A marriage of experience and money 


BY DON LlPSCOMBE IN PERTH 


A NEW kind of resources indus- 
try is emerging as the line 
between mining and oil indus- 
tries narrows. The trend had 
begun before the Arab oil 
embargo and collapse of base 
metals prices, but the latter 
caused an acceleration and 
enabled ml companies to pick 
off mineral exploration and 
development projects at bargain 
prices. Consequently, petroleum 
and mining operations, pre- 
viously distinct, are merging. 

1 1 would be loo much io say. 
at ibis stage at least, that oil 


in lo fill the vacuum, taking the tory. among the richest uod most 
counter-cyclical initiatives that easily mined deposits in the 
have usually been the domain non-communist world, 
of the holder 3nd more entre- Australia's biggest company, 
prcneurial mining bases, and BHP. has successfully made the 
so meanwhile improving their switch while retaining its 
chances of surviving and expand- autonomy so that its profitable 
ing beyond the time when the petroleum operation carries the 
last barrel of oil has been marginal industrial and mining 
squeezed out. divisions. In 1364 the company 

With only a few exceptions. 

nil companies have become the 


Shelf natural gas for lique- 
faction and export. The 
Wuodsidc group, which _ also 
includes BP and Cal- Asia tic. is 
six months into a S50ni project 
definition phase for this LNG 
scheme. 

Shell is also joint venturing in 


California (the Chevron com- their Australian mining bases 
pany. parent also of Cal-Asiatic) spectacularly and profitably; all 
and by relying on oil company three men have been succeeded, 
funds for mineral exploration — Since 1973 caution, indeed pes- 
for example Ainoco’s in a shared sinaism, has proved the best way 
exploration programme on the for mining companies to pre; 
Forrestania nickel discoveries in serve funds and integrity. Thus 
Western Australia. Amoco has the prudent and patient have 
onshore mining and offshore oil become keener than the operator tended to percolate to the top, 
with Western Mining (having Amax to press ahead towards replacing a generation of policy- 

mining at Forrestania. Although makers who moved fast and 

Amax was among the first to often intuitively. How the new 


" “ * wvilipmiUJ ML-VVJftUK. UiV mi I"!* 4 -" T . , . j Ult IV U 1 It II I LE ILUil V«7I J - UUW U IC UCW 

most aggressive and expan- I He iQgIC lOT CG-Opef&tlOU OetWfien pCuOi <LQu secure Australian offshore oil mining leaders respond to im- 

sionary operators in the niSnintr rniipprirt; k inrikniltahlp* thp npfrnl acreage, it was relinquished when pending recovery will affect both 

business. In Australia, it has 1 n ^ “7, , ’ P e Xv Ji metals prices fell. Yet during their companies’ vulnerability to 

become hard to find a mineral companies are Still Iinsb Wltil ItllluS alter the the same phase. Atlantic Rich- oil companies, and the profile of 

companies "are swallowing up WII *?J >u J k oil quadrupling of Oil prices while mining companies ? eld . s acC l Ui , S i t,on ot ra .®i a,s _ prices— something that 

ininin-j enmnanips: the concern con, P an >' Peking, an oil Cum- A has turned .the major American will affect everybody to some. 


mining companies; Ibe concept 
or even bigger and more power- 
ful multinational resources 
corporations would send pro- 
testors for their banners and 
paints. But out of the growing 
area oi [airiness between 


pany without a mineral explore- 3TG fcelillg tllC pinch. On the OtllCT il«ffld, thG pBtTOi copper producer around at the extent, 
tion subsidiary, or a mining fnmnanipc ar» nvll au-art» thof nil ic a (iniia racAnyoA Australian exploration level ijrwsi 


pros- 


While the marriage of bard' 


company pcl«S “"P" 1 ’ 8 are ?«? r « that 9' 1 is a t finite «S0Urce bSSSS'iX.l ^ . 

aspirations. Individual and WfllCIl IS fast rUJimilg Out. peeling programme and has taken roek a,,ners expe™^ and od 

corporate prospectors are more — - a stake in the Alwest bauxite companies’ money and ambition 


likely to take their deals to the 

oil companies than ot the bigger — with a sleelniaking monopoly 
new hvbrid is'Takin" ‘ “shame houses where thev have and key role in mining, particu- 

destined^ 5 haw a crasideraWe traditionally f 0U nd ' their 1^'ly the Pilbare iron province- 
rifipact on toe V* Snte “ f ^bstake. called, on Esso's technology and 

this century. 


By the iuid*19SQs. if the capital to develop jointly the 
normal record of successful Bass Strait oil and gas between 
The causes arc _ dear, discoveries and developments is Victoria und Tasmania which 
Petroleum companies did well maintained, these new oil-miner now account for two-thirds of 


out of quadrupled oil prices, are resources hybrids will be pro- the country's petroleum needs, 
flush with funds, have their own during a significant proportion The Essn-BHP partnership is 


in turn has linked 
nunerals subsidiary (BP is 

. - - ... — ,.». ...^. ... partner also with BHP in the 

industry's metal, as well as maintained for Exmoirh PUitcau Wooflside Group i, exciting con- 

an i rew Snfi. ?h?t niHe J Lhc ■ ener - v , commodities exploration, frontier ojJ prospect- ridwable interest with the 
ana rcf.rjpniSL toat oil is a finite uranium, petroleum, and coal, mg off north-western Aus-iralia 

uThn'lnl'ft' 35 running out. Nearly all major oil companies considered ih>5 Iasi chance til 
At thu same time, mining com- — indeed, most mining com- avoid dangerous! * high ml 

normal stvfp hnlTh^n’ P an,es ** well— are exploring import bills. But meanwhile. 

an U hJs U, \L'l n Auslr S, a: W’ ■«« Bumwh-s withdrawal, BHP 

nows— the Oil h.u* been spectacularly has brought into ibu Wf»oq s /iiri«? 


. . raining and alumina smelting may last, the implications of 

taken up Poseidon's interest in operation mounted by Reynolds a possible eventual breakdown 
the Mt. WmdaiTa nickel mine, Metals and BHP, again with Shell are fascinating- If it comes to 
subsequently placed on care-and- involved through its associated a showdown, the oil companies 
maintenance/, and exploring company Billiton. are likely to come out on top, 

together with. Western Mining in m ^ iarv rua « b y their financial strength 

the promising west coast An . RTZ subsidiar>, CRA, is a0( j i^tincts f or survival to 
A brolhos area. Western Mining v E, g n e r °1 . l „ h ® ex n e „ p i- ons ^ control the resources industry 
inked with Bp's min ^ rs al J° win S. 011 hv thp mlri-lffitOs. Ahout that 

companies to make the running 


by the mid-1980s. About that 
_ inoMle rT > AV - time, too, given any kind of 

m minerals. .RAs general economical -rttovery, tte 


by throttled cash 

o7 I suh^nJ!n, reaS0n ^“^er. Successful in partnership with 
t’hi «- C i 0nom,i: 1110ta * s Prices. Pancontinenial ai ihi> Jahiluk-i 
So [he o,l companies have moved deposit in the Northern Terri- 


?i'"ur>. sharing the muiur 
imprest with Ijlicll in the juint 
venture lo develop North West 


diamond prospect may be behind 
ibis enboldcning. or it could be 
due to the parent's announced 
decision to move closer- to oii 
companies. 

The stales as chairmen of men 
like RTZ's late Sir Val Duncan. 

Aroax’s Mr. Ian MacGregor and windfalls of the 1980s 
to help fund its expansions by Selection Trust's Mr. Chester many believe, they beaefitted 
hiviiig uIt '_0 per cent of iis share- Beatty were right for the 19S0s most from the oil shock of . the 
holding lo Standard Oil of when their companies expanded 1970s. 


recently announced coppcr-lead- 
zinc strike at Benambra in 
Victoria. 

Amax. most enterprising of the 
American mining houses working 
in Australia, found it expedient 


recent investment shortfall in 
new mines will start to bite, 
creating shortages and sharply 
rising ‘metals prices. On this 
scenario, oil companies are 
positioning themselves to take 
advantage of one of the great 
of the 1980s just as, 


operates a cheque clearing system and not by the -roundabout route 
and other services for which it of calling in compulsory deposits, 
makes no -charge.- Many member. Similarly, critics respond: to the 
banks make use of ; these on; FeiTs claim that it; needs a Ihtgi 
behalf of non-mernber correspon-^ '. membership to get the. necessary 
dent banks, and then charge statistical feedback hud .^Teel". 
them for it, creating a useful for the banking system with the 
source of extra income. argument" that tfci$ toor could fie 

A less tangible advantage, but legislated foiv • • 
undoubtedly a consideration for' 


small, ambitious banks, is the 
fact that only Fed- members can 
call themselves V national banks, 
a title which, -adds prestige.- 
Tbus, the Morris Plan Bank and 
Trust with assets of $73m^ a 
single branch bank in' Wheel ingi. 
West Virginia* recently joined the 
Fed and became the Wheeling 
National Bank because, ft saiCj 
it wanted to consolidate the posi- 
tion and reputation it had built 
up over the previous ten years. 

On balance, though, the Fed’s 
recognises that membership is . a 
burden, and it has spent several 
years examining what to do about 
it. Earlier this year It made 
series- of proposals which is now. 
being examined by the Fed Board 
tills afternoon. One of the most 
important and controversial , is 
that the Fed should pay interest 
on compulsoiy reserves. This has 
aroused the hostility of other 
government : -departments ‘ and 
Congress. 

The politicians, headed by Mr. 
William Proimure, Chairman' of 
the Senate Committee on Bank- 
ing* Housing and. Urban Affairs, 
claim that -this would be an 
illegal practice since it. would 
usurp the power, of Cbugress'to 
allocate Government' funds. "The 
Fed. as an agency attached to. the 
Government, they say, can only 
distribute money- as authorised 
by Congress. ‘ ■ 

-Mi. Miller has cautiously 
responded that- if it appears -that 
the . Fed. is . prohibited by^’favr. 
from Paying.iSterest qare^erv.es, 
then Congressional authorisation 
.would be necessary, thnugh"he 


I 

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MAPCO 

DIVIDENDS 



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.Qrownifanv27e ih 1973 * . 

I id $1 .20 In 197 8. And.:: (- 
our first .quarter.1978 " _ m 
8 increase is the m 

■* ide^d.'tn crease. In 13" vjj 
| years: Hfs an iiRpressivr ■ 
m : growth picture for any - S', 
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^ijaMxai- Turtles FrMay Jans 30 1978 


WORLD TRADE NEWS 



Air France pilots dispute 


Mock Boeing deal 


BY JMVtD CURftY 


PARIS, June 29. 


’l^'cJtp^GEkENT of 'Air 
stance - tos warned tlfat. it will 
abandon - plans to acquire. 13 
Boeing 737 aircraft to replace 
its ' Ca rave lies if :the airline's 
pilota. -continue beyond Septern- 
. her tbeir refusal to fly ■ them 
with only;.' two . people in the 
cockpit "? . . 

Permission to lease 13 Boeing 
aircraft 'was given by the 
Government earlier “this year, as 
part of a complex package deal 
sorting obt the State relations 
with the' airline, whit* it almost 
wholly owns. 


In particular. Air -.France 
promised to be the launch air- 
line for the eventual European 
JET aircraft The replacement 
of the 28-strong ..fleet of Cara- 
velles over the next three years 
is vital to the company's, finan- 
cial -recovery programme. 

But one of the conditions for 
the replacement of . the? Cara- 
vel les by the Boeings was that 
they would, be operate^ by a 
two-man cockpit crew, a prac- 
tice -common to all thq com- 
pany’s leading competitors, 
according to Air Franck The 
pilots claim that maintenance of 


i 


Less competition at hoipe 

~ PARIS, June^29. 


COMPETITION FROM foreign 
'manufacturers- on - French mar- 
kets declined considerably to its 
lowest level in three years during 
the first sis: months of 1978 after 
remaining -at a high level 
throughout 1977, the National 
Statistics Institute said. 


tors and foreign sales offmetal 
products were tending to become 
easier. » 

Tbe survey said French Indus- 
trialists (except those manufac- 


turing capital equipmentfiwho 
ingabei: 


In its bi-annual look at foreign 
competition in France and 
French export performance, the 
institute remarks that tbe 
improvement was mainly ex- 
perienced by French producers 
of consumer goods, apart from 
those manufacturing household 
equipment 

Competition in French export 
markets remained at a “very 
high ” level during the first half, 
although French manufacturers 
had some success in the house- 
hold equipment and clothing sec- 


were aiming at deveJopingHieir 
foreign sales in 1976 and*. 1977 
now expect their exports tokrow 
at a slower rate than those' on 
the French market 
Profit margins are stillf con- 
sidered to be very narro’f for 
sales on the home market! hut 
some improvement is being 
experienced as regards exports 
although margins remain insuffi- 
cient. the institute said. J 
Delivery times of French 


manufacturers are still coripeti- 
efui 


tive, the institute concludes, 
although they are leading ft get 
longer. 

AP-DJ 


safety standards requires a 
flight-deck mechanic to accom- 
pany the crew. 

The airline has already missed 
the first chance to confirm its 
737 options and has slipped back 
7 months on the waiting list It 
fears that with significant 
British Airways and Lufthansa 
orders for 737s probably on the 
way, it could easily lose another 
eight months, and that this sort 
of delay coold compromise the 
whole economics of the CaraveLLe 
replacement programme. 

M. Pierre Giraudet. the airline 
chairman, told the annual meet- 
ing that, if it did not confirm its 
orders for the' Boeings by 
September, it would lose money 
from 1980 and 19S1. because the 
life of the Caravelles could not 
be extended beyond that date 
without expensive refitting, 
which the company did not want 
to undertake. 

The presence of a mechanic, 
alongside two pilots on board, 
would cost an extra Frs lm per 
year per aircraft he claimed. 

The company, with 85 per cent 
of its traffic on routes subject to 
international competition could 
simply not afford to carry such a 
cost handicap, he said. 

Failure to confirm the 737s 
would mean having to abandon 
its less dense routes, and putting 
into service leased 727s or the 
Airbus. The company would have 
to go into negotiations on traffic 
rights and traffic sharing, with 
everybody knowing its back was 
against the wall, he complained. 


Italy urged 
to tighten 
steel curbs 


By Paul Betts 

ROME, June 29. 


ONE OF Italy's leading steel 
managers has called for tighter 
controls at Italian custom ports 
to stop the Increasing influx of 
steel imports into Italy. 

Sig. Ambrogio Puri, chair- 
man of ltalsider. the Italian 
state-controlled steel group and 
one of Europe’s three largest 
steel conglomerates, said steel 
imports were again flooding 
into Italy at a dangerous rate. 
Iu January imports totalled 
only 188m tonnes but the 
monthly figure in April has in- 
creased to 5I5m tonnes with 
continuing signs of an upward 
trend in imports. 

Sig. Puri also called for 
greater EEC intervention in the 
application ■ of community 
rulings especially in respect of 
Italian imports from France 
and Belgium. 

At the same time, the chair- 
man of IlaUider, which 
accounts for as much as 5Q 
per cent of Italy’s annual steel 
production and employs more 
than 50,000 people, announced 
a sizeable recapitalisation of 
the group to reconstruct its 
troubled financial structure. 


ltalsider is to increase its 
capital from L589.5bn (about 
£390m) to Ll,179bn. A farther 
LCOObn capital increase would 
probably have to be effected 
In the course of the next 12 
months, Sig. Puri said. The 
state steel group reported losses 
of L395bn last year compared 
to Ll30bn in 1976 


Greece limits Japanese imports Boost for 

CRn^di^D 

by restricting invoice approval nuclear bid 


BY OUR OWN CORRESPONDENT 


.ATHENS, June 29. 


By Ylctor Mackie 

OTTAWA. June 29. 


GREECE is bringing pressure to 
bear on Japan to absorb more 
Greek products and improve the 
yawning trade deficit between 
the two countries. 

Although there has been ho 
official decision announced, the 
Athens Chamber of Commerce 
has stopped approving pro-forma 
invoices for imports of Japanese 
products. 

Tbe measure was taken on 
June 23 and officials at the 
Chamber of Commerce said today 
the practice will continue until 
further notice from the Ministry 
of Commerce. 

Greek imports from Japan 
rose from $190m in 1975 to over 
Si] 50m last year. Exports to 
Japan in the last three years 


have shrunk from $27 m to less 
than $l5m. 


A spokesman for £he Japan 
External Trade Organisation said 
today he iwns waiting for instruc- 
tions from the Japanese ‘Ministry 
of International Trade and 
Industry on how to deal with ifcbe 
matter. He said it was hoped Che 
measure -was only <a temporary 
one. 


includfe tobacco, marble, bauxite 
and wines- Japanese sources here 
blamed the Greek side for tbe 
decrease in Greek exports to 
Japan saying the Goverdment's 
export drive left much to be 
desired. 


Greece's tirade deficit in the 
first five months of this year 
totalled $l,76Sm and the Govern- 
ment has been trying to curb 
imports of luxury goods, cars 
and -products manufactured in 
Greece. Cars are the number 
one item on Greece's import 
last from Japan and have sub- 
stantially increased in recent 
years. 

Greek exports to Japan mainly 


Also pending between Greece 
and Japan is the request by Greek 
shipowners to the Japanese ship- 
builders Association for a two- 
year moratorium on Greek ton- 
nage built in Japan on long-term 
loans in yen. 


Because of the revaluation of 
the yen, Greek shipowners are 
now obliged to pay nearly 35 per 
cent more for ships ordered 
before the revaluation- But it 
was hard to gauge whether the 
measures to halt imports from 
Japan was part of retaliatory 
action. 


Major LNG contract signed with Iran 


TOKYO, June 29. 


Kang an Liquefied Natural Gas 
Company of Iran (Kalingas) has 
signed a contract to supply Japan 
with 52m tonnes of liquefied 
natural gas (LNG I over 20 years 
after 1982. 


Tokyo Electric Power Company, 
at an annual rate of 2.8m tonnes. 


Japan Kalingas Company, the 
Japanese partner in the Kalingas 
joint venture, said tbe Iranian 
gas will be shipped to five 
Japanese gas users, including 


Kalingas is a joint venture 
involving the National Iranian 
Gas Company, the Japanese 
Kalingas and Chicago Bridge 
and Iron of the U.S. 


The company plans to spend 
Y160bn building two natural gas 
liquefaction plants in tbe 
Kangan district for the supply 
to Japan, each with a capacity 


for making 1.4m tonnes of LNG 
a year. 

The Iranian company has 
awarded a contract to a Japanese 
consortium led by Mitsubishi 
Heavy Industries for the con- 
struction of tbe plants by 
September 1982. 

National Iranian Gas Company 
will supply Kalingas with the 
necessary natural gas for its 
liquefaction operations, 

Reuter 


ATOMIC ENERGY OF CANADA 
has moved one more step fori 
ward in its bid to sell its Candu;; 
heavy' water nuclear reactor to 
Japan, a major market now. 
dominated by U.S, manufac- 
turers. 

The latest development in-' 
vo Ives an agreement by the 
EOvernment-owned company to 
undertake a 81.7m engineering 
study for Electric Power 
Development of Tokyo. The 
study, to be completed by March 
31. 1979, will examine the 

feasibility of introducing the 
natural uranium Candu system 
into Japan. 

Electric Power Development, a 
semi-government Japanese enter- 
prise, said it wants to purchase 
two 600 MW Candu reactors at 
3 cost of between SSOOm and 
$lbn each. However it has not 
yet received necessary Japanese 
Government sanction. 

Acceptance of the Candu 
reactor would he a major change 
for Japan which in recent years 
has retied exclusively on U.S.- 
designed enriched uranium re- 
actors from Westinghouse Elec- 
tric and U.S. General Electric. 
Japan has 14 reactors in opera- 
tion and 10 under construction. 

A Japanese Embassy spokes- 
man said a decision by the 
Japanese Government could 
come in the near future. How- 
ever, observers say the Govern- 
ment wants to study thoroughly 
tbe political and economic 
implications of the move. 


South Africa plans! 


diesel engine plant 


BY BERNARD SIMON 


JOHANNESBURG, Junjf29. 


AS A PRELUDE to what could 
be one- of South Africa’s biggest 
industrial projects for several 
years, the Industrial Develop- 
ment Corporation has asked eight 
commercial motor vehicle 
assemblers. Including Ley land 
South Africa, to submit detailed 
proposals for the construction of 
a local diesel engine manufactur- 
ing facility. 

The feasibility. studies -by the 
eight companies, follow the 
announcement by the Minister 
of Economic Affairs last April 
that the H>C was negotiating 


“urgently” . with private . com- 
panies regi 


regarding the '. manufac- 
ture “on an economic bases of a 
range of' diesel engines for 
heavy vehicles, tractors and 
other machinery and equipment.” 

Besides Leyland, the com- 
panies involved are- Fiat, Ford. 
MAN, Perkins-.. Cummins, United 
Car and Diesel (Mercedes Benz) 
and Messina;' 

It is conservatively estimated 
that the capital cost of a basic 
diesel engine plant would be 
around R40m. Expansion . in 
other engineering sectors to 
supply the faciiity would mean 
further investment of tens of 
millions of rand. 

. Tbe intervention of the states 
controlled IDC, which is likely 


to finance the bulk of tb4 pro- 
ject. has been prompted two 
factors. I 

These are the Government's 
wish 'to see South Africa 
independent of imported Jliesel 
engines- as soon as possible, and 
a desire to prevent a prolifera- 
tion of manufacturers, a| has 
been the case in the motor 
vehicle industries, wberejf. all 
13. major manufacturers! arc 
currently believed to be operat 
ing at a substantial loss. 

In view, of the latter 'icon 
sideration, it is considered ^nost 
unlikely that all eight companies 
will be given the go-ahead. 
Current speculation is that only 
three manufacturers trill be 
given permission to build diesel 
engines. 

They will probably be given 
tariff protection, and the others 
will therefore, in pfactice, be 
obliged to fit locally manufac- 
tured engines to tiieir vehicles 
or withdraw entirely from the 
commercial vehicle market. 

The companies have been 
asked to submit their proposals 
by mid-July./ and. the Govern- 
ment's dec&ion is expected 
shortly afterwards. It is thought 
that a plant could be in 
operation/by 1980 and eventual 
local production would total 
around.- 40,000 units. 


Singapore joint venture 


BY H. F. LEE 


SINGAPORE. June 29. 


SEMBAWANG SHIPYARD, one 
of Singapore’s largest shipyards, 
has set up a joint venture with 
Hedemora Verkstader of Sweden 
to market, service and manufac- 
ture diesel engines in Singapore. 

The engines will be in the. 600 
to 3,200 hp range at 1.200 rpm 
and used as main propulsion 
engines and auxiiliary engines 
aboard ships and in diesel power 
stations. 


. The joint venture, which will 
be owned equally by the two 
partners, will initially have a 
paid-up capital of SSlm Pro- 
duction is expected to commence 
before the end of this year. 

Sembawang Shipyard, which 
was formed some years ago to 
take over the former British 
naval base, is majority owned by 
the Singapore Government Its 
Swedish partner is a member of 
the Axel Johnson group. 


Rockwell challenge in 
UK power tool market 


BY CHRISTOPHER DUNN 


ROCKWELL International, the 
U.S. conglomerate' with sales 
last year of S5.9bp, ,is to step 
up its campaign to win a signi- 
ficant share of the UK do-it- 
yourself market for powered 
tools. 


“The campaign started eight 
months • ago, and we already 
have a five per cent share of 
the market' far beyond our 
expectations.” said -.Mr.. Bob. 
Allen, general manager. of Rock- 
well’s UK power toot division. ; 

Rockwell is aiming for 15 per 
cent of the £27m market, now 
dominated by Black and Decker, 
within three years.- The latest 
moves in the campaign include 
giving traders six months 
interest free credit on the tools 
they buy, from .this Saturday. 

there would be no special 
extra discounts for the large 
stores like Tesco and Deben- 


hams, unlike Black and Decker. 

A £800,000 advertising cam- 
paign from this autumn will be 
backed up by a number of 
special deals, including a six 
month over the counter ex- 
change scheme for tools, with 
no questions asked, not even if 
the tools have been misused. 

The tools will be imported 
from the U.S., where a similar 
campaign by Rockwell since tbe 
early 1970s has netted the com- 
pany a 20 per cent share of the 
market, mainly at the expense 
of Black and Decker. Rockwell’s 
latest annual report shows that 
power tool sales rose last year 
16 per cent to S200m. 

Rockwell's campaign is based 
partly on the belief that 
demand is changing, and con- 
centrating more on self-powered 
drills with specific functions, 
rather than basic drills with 
attachments. 


Swedes win Icelandic 


power plant order 


J 


A Swedish consortium, com- 
prising ASEA, Bofors-Nohab and 
Karlstads itfekaniska Werkstad, 
has won a Sl4m contract from 
the' Icelandic power company. 
Lands virkjun, William Dullforce 
reports from Stockholm.. ASEA 
will supply two 70 MW genera-' 
tors with ancillary., electrical 
equipment to- a. new hydro- 
electric power station being built 
atjHrauneyjafass in southern 
Iceland. The two other Swedish 
companies will • provide tbe 
turbines. 

The two generating sets are 
•expected to -..start. _ commercial 
operations at tfie’end o£ 1981* 
and ’• beginning of ' 1982. 


NSK bearings 


IN THE feature “ European 
bearings industry, faces Japanese ; 
pressure,” published on Monday, 
it was suggested that NSK was 
to be paid for the Polish bear- 
ings plant it helped to set up 
by way of bearings it will pro- 
duce at fixed prices over ten 
vears. Mr. T. Kawasalti, 
managing director of NSK Bear- 
ings Europe, said this was not 
true. “We have never bought! 
bearings from Poland.”. He; 
adds: “Although it is not m the 
contract, NSK was asked to pin> 
chase machinery from Poland. 
However, it is tinder no 
tractual obligation, to do so,” 




TOSHIBA CORPORATION 


We, TOKYO SHIBAURA ELECTRIC CO., LTD., 

have decided to change 
our company’s formal corporate name 
in the English language to 

TOSHIBA CORPORATION, effective June 29, 1978. 

The new corporate name was adopted because “TOSHIBA” is now 
widely used all over the world, and we believe the 
consistent use of it will help to make our 
corporate identity more solid and concrete. 


TOSHIBA CORPORATION 


Registered Head Office: 

72, Horikawa-cho, Saiwai-ku, Kawasaki City, Kanagawa Pref. 210, Japan Tel: 044-522-2111 

Principal Office: 
international Cooperation Division 
International Operations — Producer Goods 
International Operations — Electronic Components 
International Finance Department 
Administration Division, etc. 

1 - 6 , Uchisaiwai-chol-choms, Chiyoda-ku.TokyolOO, Japan Tel: 03-501-5411 Cable: TOSHIBA TOKYO Telex: J22587,J24681 (TOSHIBA) 

Ginza Office: 

International Operations — Consumer Products, Business Machines & Electronic Components, etc. 

2-1, Ginza 5-chome, Tokyo 104, Japan Tel: 03-574-5711 Cable: TOSHIBA TOKYO Telex; J22587, J24681 (TOSHIBA) 



:;fc* ® Jf' 









••-*fr Sf. 


most modern plastics 
compounding factory 


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■$$?£ ?{.* ’->*•• 

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In Milton Keynes at 11.30 a 
Montagu & Co. Limited, will 
compounding factory. 

f, 

r 

■-■ ■ $" ' 


m. today. Mr. Philip Shelbourne. Chairman of Samuel 

nGiciallv declare open Europe’s most modem plastics occupies the leading place in 

* Europe and Cole Plastics new 

■ factory, which is certainly the 
• : most modern and well equipped 

in Europe, will keep Cole at the 
forefront of British compounders. 
Cole Plastics expects its products 

... and services will find a ready 

market in Europe and this is 

I relieuted in the interest shown 
' . by the European press, many ol 

whom are attending the official 
ripening. 







The 

compounder's 

role 

The plastics compounding indus- 
try was born as the result of the 
disparity between the massive 
scale of production of the poly- 
merisation companies t mostly 
primary oil producers) and the 
relatively small scale of supply to 
plastics processors in industry 
who required individual service 
and a few tons of compound a 
year. 

Cole Plastics was one of the 
original “ plastic compounders " 
buying base polymers and con- 
verting them into specialised and 
coloured compounds for the 
processor. 

Today the economics of larue 
scale production dictate that the 
polymerisation companies are 


further cutting their colour and heavy-filled compounds,, jjurti 
compound options. Compounders, industry is demanding to improve 
however, offer an even wider and and extend the use of base 
more comprehensive range as polymer, which will account for 
well as the ability to service about one third of the total 
individual customers and to tannage, 
formulate compounds for par- • 

ticular applications. FUTttKJr 

The new factory in Milton CXpHIlSlOIl - ' 

Keynes, which- represents an Mr. Tom Blunt. Managing 

investment of nearly £4m for the Director of Cole Plastics says ' 

Croydon based R. H- Cole Group “ We are looking for an uplift in im j w 

of companies, has been purpose- the market to coincide with going . - - 

built for plastics compounding into full production in July. We ' , bv Macon fnchidcs /bar 109 

and brings together the produc- hope to reach capacity during ^ “goods-in facility suppuen by » ... ... . 
tion, development and ware- the next 12 months and we are .. ton suon 

housing facilities previously considering a further 25% expan- •.•-r-. .-.1 

carried out at three separate sion for 1979.” ... ' 

locations. At the same time. Cole . • - ' -- W ’-mm.- + -- -*■ - 7 

Plastics has installed larger and A lllll/ACITHnl^nT- 111 V 

more sophisticated plant, bulk /\ || 1 II V KN lllldil HI • 

handling equipment and com- jL .A-H.-*- AAA v .. ... v . ; .. r. 

puterised colour matching facili- _ _ r ■ « -m vV--*... 

vjcrrr: British Technology; rrr 

Cole Plastics has developed 6 ' • \v ■■■ . ~ p 

acres for the immediate future. , .. . •» * . • and an integral pneumo^ranSpbrt 

fb^factory covering some 115.000 In this day and age. it is pleasant ]\/Jater|alS system to blending and • 

so ft . leaViog 4 acres for further to report a factory in which the units. The system > OfteraM 

development production machinery is almost SVSteUl from a contrqL.ioomtbr. 

There are. within the factory, entirely of British origin. JlaflfiUUUg ^iu,, the. factory; At^.a" touch 

eight extrusion lines producing " We bought this eqn pmeni goods . in •• facility has been of a switch the operajpr «ao j*U ' 

coloured compounds and com- not just because it s Bn Ush. bui lne , ous Limited of how full each sila is. can order 

pounds with special built-in because 't represents the best suppi'^Dy ^ the reception.^^mixmE. -. 

Sm. P -ri?p! S etc UC In addlffin^ Cole bination^oj ’ facil Ities . Hex ibURy :* 

: 5i!M« Stt* S5.- fitt. JS&M SB, «S»3« 

■ produce a new generation of Plastics. fa ? • • v ■? 


in 


handling system 


and an integral pneumo^fankpOrt 
system to blending and • mixing 
units. The system opterated 
from a simple c ontroL monitor 
within the. factory. At-.*- touch 


M: • 





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This is particularly pertinent in plashes. 

Training people takes many years and much 
money. So trained people are decidedly worth keep- 
ing. You could say they make a business. 

That’s one important reason why Cole Plastics’ 
long search for a new location finally ended in Milton 
Keynes. 

Relocating here wouldn’t dislocate their staff. 

The position of Milton Keynes suited Cole 
Plastics, too. 

We’re right alongside the Ml, midway between 
London and Birmingham. 

That means we’re just as well placed for their 
growing European markets as we are to keep their 
thriving home market happy. 

Which neatly brings us to the other main benefit 
Cole Plastics saw in Milton Keynes. 

They. are a growing company. We found them 
room to grow. 

With the new factory open for business, they 
Still have 4 acres left. 

Which has to be good news. It’s difficult for a 
company to flex its muscles GfWj fT| TT SfiflTlWr 
without a bit of elbow room.%4^r=Sr5srrns?‘^ 


VM&l 

7* r , ..-t-Vi.-.t-V-.- 

m&t&ms. 



OR FURTHER INFORMATION CONTACT: DIRECTOR OF COMMERCE, MILTON KEYNES DEVELOPMENT CORPORATION, WAVENDON TOWER. MILTON KEYNES MKI7 SLN.TEL- MILTON KEYNES C09GS) 74000 


















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An investment in 
British technology (cont.^ 

Powder mixing plant 


ADVERTISEMENT 


To pre-mix •! .pigment master- 
batches and to . blend pigments 
with: the basic .plasiac -granules 
-and powders, Cole Plastics has 
installed- • -Turbo Rapide and 
Matrix intensive powder mixers 
manufactured. hjr T.K. Fielder 
Limi ted of Eastleigh, Hants.' 

The Turbo Rapitie two-speed 
mixer is a result of .design work 
earned out at . Southampton 
‘University and aerodynamic 
.principles.- were used to achieve 
optimum .inMng -conditions. The' 
true mixing action -ensures com- 
plete horaogemsatlQii. of the 
Ingredients by means of simul-. 
taneous rotary and vertical move- 
ment of the particles. 

The -eight extruder production 
lines include ' two 120mm 'com- 
pounding extruders -manufac- 
tured by Francis Shaw timited 
of Manchester. They have a 
vented- barrel and a 35 to 1 
length to diameter ratio . two- 
stage .screw. The extruders'. are 


fed automatically with polymer 
using a V ac-u -Max/Daren th. batch 
weighing system. 

Shaw have also supplied a 
150ram ■' compounding -extruder 
with a 35 to l length to diameter 
ratio ; -two-stage - screw: Tliis 
machine is filled with a com- 
pactor hopper inside which is a 
feed screw driven by a 20 hp 
variable speed motor. Taps type 
of force feed device enables 
difficult materials to be: bandied 
at economic output rates- Four 
Kaufmann 120mm extruders and 
one Bone 120mm extruder com- 
plete the plant line up. 

For the beav?-duty mixing of 
colour master batches and-rhfgfcly 
filled compounds. Cole '.'Plastics 
has installed three Shaw' Inter- 
mixes, the types K2 Maries 2 and 
3 and K2.A. "With "6 Inch'. Dump 
extruders for the K2s and. an S 
inch Dump extruder for tlie K2A, 
a Banbury mixer and a mSfl have 
also been installed, 1? , 



Specials are standard 

Cole Plastics’ customers expect and 


service 


The compounding extruders are fed automatically by 
Vac-U-Max/D are nth batch weighing systems and the pigments 
arc blended with the base polymer by T K Fielder Matrix 
powder mixers. 



Henry Ford offered: “Any colour 
as long as it was black". Cole 
Plastics, however, is delighted to 
create a now colour for any 
customer who requires it In fact 
even though there are some 
21.000 colours’ already in the 
colour library. Cole handles some 
25/30 requests for new colours 
per week. 

Obviously, with Cole Plastics' 
highly experienced colour match- 
ing staff having probably the best 
"eyes" in the business, together 
with the computer colour analysis 
and matching system, it is easy 
to see why the company has such 
a strong grip on the market for 
compounds for moulding 
cosmetic packs and other image 
conscious packaging applications. 

Cole Plastics' laboratory 
facilities arc outstanding and Mr 
: Ken White. Cole's Technical 
[Manager and Mr David Bacon. 

| Chief Colourist, and their staff, 


can provide advice on the choice 
of formulation for a particular 
application, on processing con- 
ditions. on health and safety and 
solve problems encountered in 
-moulding certain shapes. 

The company’s technicians will 
also visit customers’ premises to 
solve processing problems and, if 
required, tailor-make a formula- 
tion to meet the process require- 
ment. 

In addition, the laboratory 
checks each and every production 
batch both before and during a 
production run to ensure that the 
required specifications are met* 

Cole Plastics also has a small 
section to keep abreast of 
developments in plastics tech- 
nology. to evaluate new 
materials, additives and 
colourants and to develop new 
and improved compounding tech- 
niques in conjunction with the 
production staff. 



-- j -«* 1 »y | — *yvi--y™— ■ 


. .. --waSp 


By choosing Milton Keynes, 
Britain’s premier new city and 
currently the largest develop- 
ment taking place in Western 
Europe, as their new location 
Cole Plastics Limited joins many 
other major companies. When 
announcing in 1976 the forth- 
coming opening of their new 
115,000 sq. ft factory on the 
Mount Farm Employment Area. 
Mr. Peter Cole, Chairman of the 
R. H. Cole Group of Companies, 
described the background to the 
move: “ Our philosophy is to 
maintain and develop diversity 
of interests. I believe the future 
of our .role in the plastics 


industry to be assured." While 
detailing aspects of the success- 
ful negotiations with Milton 
Keynes Development Corporation 
which led to the move to the 
prime 10 acre site overlooking 
Mount Farm Lake, he emphasised 
that the location offers; Cole 
Plastics easy access to all 
markets, via the Ml Motorway 
l Junction 14) and the A5: trunk 
road. Another, vitally important, 
reason for their choice was that 
when a company adopts a policy 
of expansion, additional, land 
must be available, as part of the 
total package, for future develop- 
ments. 


Cole Plastics— 

Innovators in plastics 
compounding 


Making polystyrene into a 
realistic Imitation of wood and 
adding talc to polypropylene to 
make it more. rigid and cheaper, 
are just two of the many 
innovations. 

Wood effect polystyrene has 
found many applications par- 
ticularly the manufacture of tool 
handies, cosmetic packs and 


children’s toys while tale-filled 
polypropylene mouldings; have 
almost completely replaced the 
old-fashioned cardboard' r backs 
for televisions. \ 

Other developments that can 
be attributed to Coje Plasties 
include the world’s first “safe ' r 
plastic moulding compound 
called Playrite which was 


A member of the 
R. H. Cole Group 


The parent company of the Cole 
Group, R. H. Cole Limited, was 
founded over 40 years ago as a 
trading company dealing in 
chemicals and dyestuffs. It is now 
the bolding company and 
provides management and 
financial services for the Group. 

Developing steadily over the 
years, the Group became 
involved in the “new” technology 
of plastics in the late 1940s and 
shortly after in the emerging 
electronics Industry. Today, the 
Group activities include plastics; 
control equipment, chemicals, 
electronics, electrical engineer- 
ing, telecommunications and 
computer data communications. 

Besides Cole Plastics and the 
parent company, the R. H. Cole 
Group comprises Cole Chemicals 
Limited. Cole Electronics 
Limited, Cole Equipment 
Limited, Cole Polymers Limited 
and Plastic Products Limited. 

Engineering 
and plastics 


sheeting 


One of the fast growing members 
of the Group is Plastic Products 
who markets calendered and 
extruded thermoplastic film and 
sheet for applications as varied 
as the blister packing of small 
components to the moulding of 
baths and boats. 

Cole Equipment's. main 
speciality is products that 
improve tbe^ efficiency and 
control of heat transfer — the 
most important being the Cole 
range of process water chillers. 
The purpose of these products is 
the accelerated but controlled 


■ cooling of certain industrial 
: processes Cole- Equipment also 
l makes a range' of temperature 
l controllers »and distributes 
’ process beating devices, drying 
I ovens and materials and product 
[ handling equipment. Other pro- 
ducts frrfm Cole Equipment 
include Aroil winders, balancing 
and electronic assembly equip-! 
menu- 

Electronics 

There are two divisions of Cole 
Electronics. One, the Manufac- 
turing Division, makes specialised 
telecommunication equipment 
and components; the other, the 
Data Products Division, is a 
trading division for advance 
high-speed data communication 
and telecommunication equip- 
ment such as modems, multi- 
plexors and intelligent network 
processors as well as an IBM- 
compatible data entry system. 

Chemicals too 

To. complete the R- H. Cole 
strategy of specialised involve- 
ment in growth industries, the j 
Group also has a stake in the; 
chemicals industry. [ 

Cole Polymers is a producer of 
.speciality chemicals by either 
suspension or solution polymeri- 
sation and its products have 
many- applications including 
dentistry (false teeth) as well as 
being used . by the pottery, 
lacquer, paint and printing ink 
industries. 

• Last, but by no means least, 
there is Cole Chemicals who 
merchants chemicals, resinous 
powders and plastics, raw 
materials • for paints, inks, 
adhesives, surace coatings, 
textiles, rubber and dye-stuffs. 


The move to Milton Keynes 
has brought together two group 
companies under one roof— Cole 
Plastics from Harpenden and 
East Anglia Plastics Limited 
from Strood in Kent As plastics 
involves high technology, it was 
imperative that key stoff also 
made the move. The Develop- 
ment Corporation offered assist- 
ance in re-locating staff and 
worked closely with the company 
to ensure that transfer of produc- 
tion from the other two sites 
caused minimum disruption. 

Summing up the reasons for 
Cole Plastics' move is simple. 
Milton Keynes has an excellent 
strategic location, within easy 

specially developed -for the 
manufacture of toys. This was 
introduced in early 1965. long 
before the current, commend- 
able consumer concern about 
such matters. 

Fashion also throws up new 
demands and in the early 1960s, 
Cole produced the first purpose 
formulated shoe heel compound 
specially designed to fit in with 
traditional manufacturing tech- 
niques — it had to take nails! 
This product, Stilletex, virtually 
cornered the stiletto heel market 
being stronger than stacked 
leather. ? 

Masterbatch 

! . . 

major 

development 

The most significant '.motivation 
for which Cole Plastics was 
largely responsible was the 
development of Masterbatch. 

The principle was simple. If 
it could be made possible to 
charge a small volume of poly- 
mer with enough- colour and 
additives to impart the desired 
properties when mixed in pro- 
portion of say 1% to 10% to a 
bulk volume of any raw polymer 
then the moulder would . no 
longer face the necessity of 
carrying large volumes of 
special coloured compounds. He 
would also avoid surplus 


reach of expanding home and 
European markets. It offers com- 
panies a number of re-location 
options; they can move into 
various sizes of advanced factory 
units, or take a lease and build, 
or have a factory or office built 
to their specifications. Further- 
more, Milton Keynes is also a 
city with its sights set on the 
future; it gives Lbc industrialist 
room to grow. 

Tn consequence. Cole Plastics 
now adds its name to the growing 
list of major companies who have 
examined many areas for 
re-location and have found 
Milton Keynes to be the best 
place for growth. 

materials and enjoy the benefits 
of bulk purchasing. 

To achieve this objective Cole 
Plastics developed polyethylene 
masterbatch in the early 1960s. 
Some time later, Cole Plastics 
was the first company to supply 
polystyrene masterbatch. the 
first customer being Wilkinson 
Sword whose production facility 
for dispensers was designed for 
use with this revolutionary 
material. 






The laboratory checks each and every production hatch before 
and during a production run to ensure (hat (he required ' 
specifications are met. 

The right compound 
in the right place 
at the right time 

To complement its production Obviously, the location of the 
capacity and to improve its new thermoplastic compounding 


service 

Plastics 


to customers. Cole facility offers easy access to all 
has modernised its markets via the Ml and A5 trunk 


delivery fleet of lorries and vans. road. 

Leri: When Wilkinson Sword first installed a production facility 
for dispensers it was designed for use with the revolutionary 
new Cole Plastics’ Polystyrene Masierbalch. 


New 
horizons 
in Europe 
for British 


Flame retardant compounders 







More recently the company has 
responded to the demand ior 
higher safety standards in the 
electronic and electrical 
Industries and has developed a 
range of flame retardant grades 
of polystyrene, polypropylene, 
polyethylene and EVA. These 
compounds afe widely used in 
the manufacture of television 
sets and audio equipment. 

A comprehensive 
standard range 
as well 

Cole Plastics’ special compounds 
are backed by a comprehensive 
range of standard compounds 
which include polystyrene. SAN, 
ABS, polypropylene, high and 
low density polyethylene and 
EVA. 

- ^ .WtXM ■■ 

. j,'"'.; '■& f-M 






“In certain sectors of the Plastics 
Compounding Industry Britain is j 
technically some years ahead of 
the majbrip- of European 
countries’’. So says David 
Whittingbam. of Cule Plastics 
French agents. “This • applies 
particularly to Cole Plastics with 
their new factory in Milton 
Keynes and the facilities that the 
factory offers. 

It is clear that the demand in 
Europe will primarily be for 
Cole Plastics specially foroiu- 
lated Performance Compounds, 
so Cole Plastics . expects to 
expand this highly technical 
service aspect of its" business in 
Europe and further reinforce its 
claim to he “Europes Leading 
Thermoplastics Compounders”. 

An example of Cole's ability to 
soive problems for European 
Plastics Convertors is in the 
manufacture of the large mobile 
waste containers that are 
commonly used in France. The 
manufacturers have been en- 
countering problems of colour 
fading and warping on the large 
flat plastic mouldings involved. 
Cole have been able to trace the 
problem to the pigments being 
used and have produced a com- 
pound especially for this applica- 
tion which does not warp and 
does not fade. 

Another example is the case of 
a leading French bottle blower 
who was unaware that it was 
possible to incorporate Anti- 
static into a bottle blowing com- 
pound and at the same time 
print on that bottle. The anti- 
static agent had a tendency to 
ieach to the surface and remove 
the print 

Cole was able to answer this 
problem with their Prim Anti- 
static, PAS Performance Master- 
batch. ! 



Fisher Price’s Circus Train is moulded in specially compounded 
and coloured Cole Plastics' materials. 



There's more to a 
pneumatic conveying system 
than meets the eye. 

Mucon, main systems suppliers to 
Cole Plastics Limited, and leaders in 
pneumatic conveying techniques give 
a total capability in powder handling - 
from initial concept to systemlnstallation. 

MUCON 


MUCORfB The power to control powders 


Mucon Division. The British Sleam Specialties LimHecf, 
Winchester Road, Basinflstoke, Hants; RG224AA. Tel: 0256 58817 



Our claim is quite simple... 

We can giveyou a bettc r, faster and 
more consistent mix than anyone 
else, and we can prove it. 


There are numerous ways of 
proving our claim. Practical 
demonstration is one. We do this 
in the modem fully equipped 
laboratory which forms an integral 
part of our manufacturing plant' in. 
Manchester We invite customers . 
to supply their own materials ior 
sample processing, so-th$ysee at 
first hand the remarkable 
standards that can be achieved. 
Anothefvvay is in the wide range 
of equipment we cartoifei; which 
comprises; 


Shaw Compounding Extruders. 

These extruders with, their 
special range of mixing screws 
are ideally suited to compounding 
applications where the emphasis 
as on mixing and. dispersion of 
ingredients. Extruders up to 
250mm diameter are available for; 
general compounding 
applications. ‘Hotirifiltfinachines 
forpolymerisation applications 

can also be supplied. 

Shaw 'Intermix' mixers 

For intensive mtdngof high 
pigment levels the unique Shaw 


"intermix' is the answer. It gives 
faster output, more efficient cooling 
«nd better quality m„;dng than an/ 
competitive imxer'Fiorn 1 iitie to 
£50 lures effective capacity there 
5s an 'Intermix’ to suit your 
application. 

Write, telephone or ielexfor 
furtherinionnauon and. literature. 


Francis Shaw 


Francis Shaw & Company Limited 
Manchester MI 1 4BB England. 

Tel: 061-223 1313 (IS lines) Telex; 667057 


Eurooe's Leading Thermoplastics Compounders 

> _ _ COLE PLASTICS LTD 

•have invested strongly in new plant with particular emphasis on heavy duty mixing and extrusion equipment. 
Cole Plastics chose SHAW InterTnbcesJ)ump extruders and compounding extruders after extensive laboratory 
trials in Manchester and only because 

we proved our claim 








Financial Times Friday. Jane SO 1978 - 



Fory jobs 



BY RICHARD EYAN5 

TWO SIGNIFICANT Conserva- 
tive changes to the Employ- 
ment Protection Act were pro- 
posed last night by Mr. James 
Prior. Shadow Employment 
Secretary. 

He told a private meeting or 
the Tory hackbeneh 1922 Com- 
mittee that he was in favour 
of exempting young people 
under 21 aud’ small companies 
■.ri th fewer than 50 employees 
from the Act's provisions. 

These reforms would go 
some way to easing the stulti- 
fying effect on employment of 
present legislation, which was 
in practice an employment 
prevention aci, he claimed. 

Mr. Prior warned Tory MPs 
not to pay too much attention 
to anti-Conservative "state-. 
men is of trade unionists made 
in public daring the run-up to 
the election. In private, their 
altitude to a future Conserva- 
tive Government v.us often 
much more moderate and 
reasonable. 

In particular, he had round a 
willingness among the new 
generation of trade union 
leaders to co-operate with the 
Conservative leadership. 

At a separate meeting Mr. 
Len Murray, general secretary 
of the TUC spoke to the Con- 
servative hackbeacb employ- 
ment committee for an hour at 
the Commons last night. 


Driving school orders 

£30m 



cars 


6r ARTHUR SMfTH. MIDLANDS CORRESPONDENT 


EL CARS signed a £30m contract 
yesterday to supply at least 
.10,090 care to lie British School 
of Motoring. The ■ order is a 
breakthrough for BL, formerly 
British Ley land, because 90 per 
cent of the existing school's 
fleet was supplied by Ford. 

BL regards the driving tuition 
market as an important lever for 
future sales. Statistics from the 
school suggest that 70 per cent 
of drivers passing their test with 
the company each year buy a 
modei the same or similar to the 
one in which they took lessons. 

The contract has followed 
quickly upon the success of Mr. 
Anthony Jacobs, the school's 
chairman, to bold off a bid for 


control of the company by 
Dorada Holdings, a Ford dis- 
tributor. 

Ford bid 

Mr. Jacobs made it dear dur- 
ing the tussle for control that be 
was committed to buying British. 
At the contract signing hi Bir- 
mingham yesterday he declared 
himself delighted that BL had 
won the contract 

The two principal competitors 
had been Ford and Vauxball, 
both of which had offered attrac- 
tive terms. Mr. Jacobs said. “We 
made the decision not on finance 
but on the fact that BL offers the 
cars ideally suited to driving 


tuition.” 

The cars will be supplied to 
the school on a five-year leasing 
agreement through Southend 
Motor and Aero Company, the 
BL distributor which negotiated 
the deal, in conjunction with BL 
Cars fleet sales operations. 

Mr. Jacobs said fee school, 
with a. fleet of 1,400, would 
require ■ 'at least 10,00fl new 
vehicles over the next five years, 
■ A far higher ■ demand was 
likely to be placed upon BL as 
tbe sole supplier and the con- 
tract could total much more than 
£30m. 

The vehicles chosen are 
Triumph Dolomite saloons and 
Austin Morris Minis. 


Liquidator fails 
to freeze 
Caplan assets 

THE LIQUIDATOR of London 
and County Securities has failed 
In an attempt to freeze the assets 
of Mr. Gerald Caplan, former 
chairman. 

A Californian Superior Court 
judge has ruled against a pre- 
liminary injunction on Mr. Cap- 
1 an’s assets and freed them from 
temporary restraints. 

Mr. Caplan's lawyers In the 
U.S. said that he appeared to be 
making a steady recovery from 
the coronary artery by-pass sur- 
gery which he underwent on 
June 21. 

White in hospital. Mr. Caplan 
is being held in custody on 
charges of stealing £2.4m from 
his company. 

Milton Keynes 
£3m station 

BRITISH RAIL is to build a new 
station in central Milton Keynes 
on the main London to Birming- 
ham line. The project is ex- 
pected to co«( £3m and will be 
started at the end of 1979 for 
completion in May. 1SS1. 

The station project is to be 
financed jointly by British Rail 
and Milton Keynes Development 
Corporation and will include an 
office development, car park and 
bus inter-change facilities. 

British Rail plans to use the 
new station as the far end of 
Euston's Outer Suburban 
services. 


Contract gas costs industry 
35% more in two years 


BY RAY DAFTER, ENERGY CORRESPONDENT 


GLC seeks law 
against moths 

THE Greater London Council's 
L*?al and Parliamentary Com- 
mittee has proposed legislation 
enabling boroughs lo require 
occupiers to eradicate the brown 
tail moth or to do the work them- 
selves and recover the costs. 

Over the past 20 years, infesta- 
tion of trees and shrubs by the 
moth and its caterpillar has been 
increasing, to affect a third of 
London boroughs, especially in 
ihe east, killing trees and shrubs 
and causing skin rashes. 


INDUSTRIAL AND commercial 
users of natural gas have faced 
contract price increases averag- 
ing more than 35 per cent in tbe 
past two years, according to new 
Deparanent of Energy statistics. 

Foi the first rime, the Govern- 
ment's Energy Trends bulletin 
show s figures, provided by the 
British Gas Corporation, relat- 
ing to tbe average price of gas 
supplied under new or renewed 
contracts. 

They reveal that the average 
price of such contracts in the 
first quarter of this year was 
I5.3p a therm, as against 11. 3p a 
therm jn the second quarter of 
1976. These prices include 
charges made for firm supplies 
and cheaper supplies provided on 
an interruptabie absis. 

The figures show that contract 
gas prices have risen very much 
faster than those for heavy fuel 
oil or gas oil. In the first quar- 
ter. heavy fuel- oil sold under 
contract was costing an average 


of £55 a tonne. 26 per cent up on 
the second quarter of 1976 while 
gas oil was costing £S3.3 a tonne, 
up 22 per cent. 

Energy Trends shows that the 
average price of gas delivered to 
large industrial customers rose 
at an even faster rate: by almost 
•SI per cent over the same period. 
In the first quarter of this year, 
the price of such gas was 10.35p 
a therm as against 5.72p a therm 
in the second quarter of 1976. 

In comparison, coal delivered 
to large customers cost £22.6 a 
tonne, a 29 per cent rise over 
the period and electricity, sup- 
plied on the same . basis, rose 
about 35 per cent to 1.95 pence 
per kilowatt/b our. 

During the three months from 
February to April this year, 
Britain's energy consumption 
remained at about tbe same level 
as tbe corresponding period in 
1977. After seasonal adjustment 
and correction tn take account 
of this year's colder weather, the 


annual rate of total energy con- 
sumption fell by L3 per cent, or 
4.5m tonnes of coal equivalent. 

The bulletin also shows that 
consumption of coal was lower 
during the period than a year 
ago. Consumption fell by 4.7 per 
cent to 33.4m tonnes. 

Consumption in April was 
down 0.5m tonnes compared with 
the same month of 1977. making 
it tbe seventh successive month 
for a decline in coal sales. 

Coal production during the 
March-May quarter totalled 
33.4m tonnes, a drop of 0.7 per 
cent on the same period last 
year. 

Gas sales in the March-May 
period were 6.1 per cent higher 
than the corresponding period 
of 1977. Electricity supplied in 
the UK during the tbree-montb 
period February to April rose 3.5 
per cent while deliveries of 
petroleum products, measured 
over the same periods, rose 3.4 
per cent. 



BY SUE CAMERON 

ENERGY MINISTERS have 
asked the National Coal Board 
and the Central Electricity 
Generating Board to thrash out 
a solution to the worsening prob- 
lem of stockpiled power station 
coal in South Wales. 

At a meeting in London yester- 
day between Mr. Anthony Wedg- 
wood Benn. Energy Secretary. 
Mr. Alex Eadie. Under-Secretarv 
for Energy, and representatives 
of the National Coal Board and 
the Central Electricity Generat- 
ing Board, it was also decided to 
reconvene the South Wales work- 
ing party to study the long-term 
difficulties facing tbe coal indus- 
try in the area. 

Tbe working party, set up last 
summer under tbe chairmanship 
of Mr. Eadie. includes represen- 
tatives of the coal industry 
unions, the electricity supply- 
industry unions, the Coal Board 
and the Generating Board. 


But the immediate crisis in 
South Wales concerns the stock- 
piling of coal which is used in 
local power stations. 

It was expected that the coal 
would be taken up by the newly, 
built Aberthaw B power station, 
but because of technical prob- 
lems Aberthaw B is not yet fully 
on stream. 

To reduce the resulting stock- 
pile, tbe Government decided 
last summer Co make available 
a £2m subsidy so that other 
power station? in the area could 
use up tbe extra coal. 

These are older, less efficient 
power stations than Aberthaw B 
and the price of tbe electricity 
they generate is therefore higher. 

As a result, the Generating 
Board avoids using them except 
when demand is particularly 
strong. But the subsidy put 
them in a more competitive posi- 
tion. 


In one sense, they have now 
become too competitve. For the 
subsidy, combined with the fact 
that Aberthaw B is not yet 
fully on stream, has meant the 
Generating Board is unwilling 
to use Aberthaw B at all. because 
the cost of its electricity would 
be comparatively expensive. 

It is thought that one answer 
the Coal Board and the Generat- 
ing Board may suggest to the 
Energy Department is that the 
coal subsidy should be extended 
to Aberthaw B itself. 

This would be necessary only 
on a temporary basis because it 
is expected that Aberthaw B will 
come fully on stream by tbe 
beginning of next year. 

The cost of tbe electricity it 
generates will then drop and it 
will also be able to use ail the 
low-volatile coal being produced 
in the South Wales area. 


up 


BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


GOVERNMENT statistics today 
confirm that the UK is. one of 
the few countries in the Western 
world where demand for 
machine-tools is relatively 
buoyant. 

While orders from the home 
market for machine-tools in the 
first quarter of 197S were some 
20 per cent higher than in the 
same period the previous year, 
new export business dropped by 
29 per cent 

The figures from the Depart- 
ment of Industry reflect tbe 
impact of tbe major investment 
i programmes in the automotive 


industry, which have been 
steadily building up this year. 

BL, formerly British Leyland, 
is expected :o buy £55m of 
machine tools in 1978, while 
Ford ordered £lSm-v.-orth in the 
first four months of the year for 
its new engine plant at Bridgend. 
Glamorgan. 

Further big contracts will be 
placed for this £250ot plant this 
year. 

On the export front, some 
major projects such as redeve- 
lopment of the Polish tractor in- 
dustry by Massey-Fergusson 
Perkins, using a great deal of 


r 



Gas is clean, controllable, 
versatile and economical — 
the ideal domestic fuel. 

That's why nearly 14 
million customers have 
chosen, gas to heat their 
homes and cook their 
meals. 

But like all fuels it 
should be used wisely. 

"VVe have a booklet that 
can help you. 

Among many important itemsit covers: 

. .■ What to do if you suspect a gas leak. 

m The laws on gas safety. 

■ How to have your appliances properly installed 
and regularly serviced. 

D Help for the disabled. 

Sc help yourself to gas safety —pick up a free 
copy at your local gas shouToom. 




British machinery, have ended. 

Exports should soon get a 
boost from the Isfahan ordnance 
complex in Iran, for wbicb 
orders will shortly start to be 
placed. It is estimated that 
about £100 m. of UK machine- 
tools will be required for this 
project in the next year or so. 

The statistics in Trade and 
Industry magazine today show 
that the machine-tool industry’s 
order books are sufficient to keep 
it going until the autumn. 

New orders worth £116ra in 
the first quarter exceeded sales 
by l per cent, and order hooks 
increased only slightly, to £274m. 

Although total “order books at 
the end of March were- more or 
less the same a s in December, 
they were 24 per cent higher 
than a year earlier. 

Home order books had risen 
steadily through 1977, and in 
spite of a slight fall in March 
were 52 per cent higher than 
a year earlier, at fl62m. 

Export orders-in-haod, at 
£112m, were 2 per cent lower 
than a year earlier, and have 
slipped back from the recent 
peak of £125m last autumn. 


Co-op Bill 
Assent 
likely today 

By John Elliott. Industrial Editor 

LEGISLATION PROVIDING for 
the creation of a Co-operative 
Development Agency to boost 
tbe expansion of workers 
co-operatives is expected to 
receive Royal Assent today. 

Called the Co-operative 
Development Agency Bill, tbe 
legislation was introduced to 
Parliament in March 
The name of the Agency's 
chairman is expected to be 
announced during the next few 
weeks, and it is Intended that 
the agency should begin work by 
the autumn. 

It will receive £1.5m from the 
Government over three or more 
years to cover its administrative 
expenses, and is expected to have 
an office in London with a staff 
of about 20. 

Its main purpose, apart from 
providing research and informa- 
tion facilities to co-operatives of 
all kinds, wil! be to act as a 
clearing house and advice centre 
for worker-owned ventures. 


Late payers 
may have 
to add 
interest 
on debts 

By Christopher Dunn 


PEOPLE failing to pay bills on 
time could be faced with in- 
terest charges, if the Govern- 
ment adopted .a plan outlined 
by the Law Commission jester-: 
day- . 

Interest on unpaid bills should 
be recoverable as of right, even 
though it may not be mentioned 
in the contract, the commission 
says. 

Interest could be charged on 
any bill. - however large, at just 
over Bank of England minimum 
lending rate, starting a month 
after the bill is sent 

The report makes no distinc- 
tion between businesses — which 
may delay payment, to avoid bor- 
rowing from the bank — and con- 
sumers, 

“There are still substantial 
loopholes in tbe law wbicb allow 
the bad payer to withhold pay- 
ment to his personal advantage 
and to the detriment both of 
the "creditor and of those who 
pay their debts on time,” the 
Commission goes on. 

Welcomed 

Rent is excluded from the 
sebeme. which also advocates 
protection for people who refuse 
to pay a bill to force suppliers 
to act on complaints. Statutory 
interest could be blocked in the 
courts in these cases. 

Mr. Michael Bardsley. manag- 
ing director of Dim and Brad- 
street. debt collectors and 
suppliers of credit information, 
welcomed tbe report particu- 
larly For the help it might give 
small companies. 

“ Nearly 90 per cent of small 
business failures are due to 
overdue debts, which have a 
disastrous effect on cash flow. 
Over 10 years, the average num- 
ber of debt days outstanding has 
nearly doubled to 60. 

“There has been too much 
concentration on - artificial 
manoeuvres to boost cash flow 
at the expense of other com- 
panies, and not enough sensible 
recourse to the banks.” 


State selective 


aid scheme 
extended 

BY JOHN ELLIOTT, INDUSTRIAL EDITOR 

THE GOVERNMENT'S selective Mm bec^w of theprospeet of a 
Investment aid scheme which General ’ is 

was to have expired today, has The c ° ns ,™5!£ li to curtail* 
been extended for a year. The toovm to ^ inter^d m eumti 
total of State finance allocated mg industn4. aid schemes, tom 
to'fee scheme has been increased as a means of 
from £125m to £U0m- ■ . expenditure and redupm®-^ 

This is the Government’s main ernment intervention mmwsoj. 
selective aid scheme for industry. The extension of ttos S(*eme 
and complements other arrange- nl f ght make it more difficult for 
meats designed for parts of indi- a Tory Conservative admimstra- 
vidua! . industries _ such as non 10 cut it. . ■ 

machine-tools, printing macb- q 0 j^ e other band the Depart- 
inery and wool textiles. meat of Industry has no plans to 

It is aimed at persuading com- introduce more individual Indira 
panies to go ahead with projects ^ - , a j^ schemes before the 
costing more than £500,000 which a Jtuhm. apart from twa for the 
otherwise might have been e [ ectton ]cs industry ;under. pre- 
abandoned, built abroad,- or p at ^^ nn for some months, 
reduced in size 4 Tota i 0 f about £160m has 

Assistance of £3/m has been beeQ pf0nJis ed to companies by 
approved for t 5 projects costing Government for existing 
£370m since the scheme was in- industry schemes in 

troduced m December. 19/6, to ^ three Qr four years . a nd 
replace an earlier accelerated department of Industry 
projects scheme. believes this has helped various 

been One -»»,*«-“» “ m ° derniSe 

S MHUs a develop- Mr. Verley said reeterfay ^ ttat 

sa SMBSiWS : 8*5 BSSf S5™£S 

other regional incentives. ment scheme are expected to 

Nearly a third of the projects benefit the balance of payments 
were in the chemical industry, by over £200m a year from 198w, 
Applications for a further 185 having in the meantime provided 
projects worth over £l.S00m are orders worth some £250m for the 
under consideration. On average, construction industry and for 
if all approved, they might take plant manufacturers, 
up as much as £l80m in aid, more They should eventually provide 
than the money so far made or safeguard some 10,000 jobs, 
available. Of the total 15 qualified for aid 

The announcement that the because they might . otherwise 
period for applications for aid have been built abroad, while 
had been extended was made yes- another 15 might not have been 
terday in the Commons by Mr. built at all. The remaining 45 
Eric Varley, the Industry have been built earlier than their 
Secretary. It is specially signifi- companies planned. 


State oil 
‘may be 
top sea 
oil trader’ 

Financial Times Reporter 


THE STATE-RUN British 
National Oil Corporation 
stands to become the 
leading trader of North Sea oil 
as a result of participation 
agreements, according to H. P. 
Drewry (shipping consultants). 

All told, oil tanker demand on 
North Sea export trades should 
rise to 5.6m tons deadweight 
(dwt) in 1982, from 2.7m this 
year, assuming a third of British 
production is exported. If half 
of British output is exported, 
the increase would be 6.5m dwt, 
from 3.3m in 1978, the company 
said. 

Forecasts for tanker demand 
on North Sea trades in 1982 
equal S-10 per cent of current 
tonnage supply within the 50.000- 
125.000 dwt size range, the type 
of vessel most commonly used 
on those trades. 

North Sea oil production is 
forecast for 1982 at 3.5m barrels 
a day (172m tons annually), up 
from just under 1.5m barrels 
daily (93m tons a yean this 
year. Natural gas output by 1982 
is forecast at 9.Sbn cu ft a Jay. 
up from 6.6bn this year, Drewry 
said. 


New brands 
of Dunhill 

Financial Times Reporter 


CARRERAS ROTHMANS is to 
launch two new mild versions o." 
its Dunhill cigarette brand into 
the UK market The move is 
designed to take advantage of 
tbe rapid growth in the mild seg- 
ment of the market as smokers 
switch from higher tar brands. 

The new versions will be of 
the Dunhill International and 
King Size brands. Unlike these 
brands, however, the new ver- 
sions will be in blue packs 
instead of tbe traditional red. 

The launch will be backed by 
extensive Press advertising from 
September. 

Mr. Rex van Rossum, Carreras 
Rothmans marketing director, 
said yesterday that the new 
versions reflected " the general 
trends towards consumption of 
lower tar cigarettes.” 


Commercial property 
market improves 

BY JOHN BRENNAN. PROPERTY CORRESPONDENT 

THERE ARE signs of a marked the south-east. This first-quarter 
recovery in the commercial pro- total compares wife a three- 
perty development market in the ■*■** jKBta? * 
Department of Trades latest 0ffice development permits 
quarterly report on office develop- are required only for buildings 
ment permits. of more than 30,000 sq. ft in tbe 

Figures show that 41 permits south-east, and the department 
were issued in the first quarter shows that within this area 
of 1978, covering 4-Sm sq ft of central London remains the 
office space. Ibis is l-4m sq ft favourite site for new schemes, 
more than in the first three -.Seventeen of the 41 permits, 
months of 1977. accounting . for 2.4m sq ft of 

After eliminating lapsed per- offices, were issued for develop- 
mits and permits covering the 'meats in central London, 
redevelopment of existing offices. Another 15 permits, covering 
the department reports that 1.8m sq ft were issued for pro- 
tbere was a potential addition of jects in Greater London, exclud 
3.7m sq ft to office floorspace -in ins the centre. 


Council honses 
put on sale 

PETERBOROUGH IS planning 
to step up the sale of its council 
bouses. The city council owns 
more than 11,000 properties and 
all except flats for old people 
would be available for sale 
under the scheme to sitting 
tenants and to people on the 
housing waiting list. 

The List tops 2.000, but no one 
on it is homeless. Last 
September tbe council voted to 
build no more council houses 
when present contracts are com- 
plete. Sitting tenants or long- 
standing tenants will qualify 
for discounts up to 30 per cent 
of the purchase price. 


Primitive art sets 

- . • • 

£l!m record 

ON THE day when Sotheby's Government wanted tn be sure 
sold a very fine collection of of obtaining them. 
primitive art for a record total The highest price, and a record 
of £1,598,000, Phillips, third in for any item of primitive art, 
size among the major fine are was paid near the end of the 
auction rooms after Sotheby's sale when a telephone bid from 
and Christie’s, managed to steal New York acquired for £250,000 
the limelight by announcing that an Hawaiian wood image prob-J 
it was following its bigger com- ably brought back by CaptaiD 
petitors in introducing a 10 per Cook in 1779 
cent buyer's premium from ^ Easter ' Ul3nd wood maIe 

septeraDer. ancestor figure realised £50.000, 

Three years ago. Sotheby s and and the Christchurch Museum of 
Christie's made themselves un- New Zealand paid £40.000 for 
popular by adding an extra 10 a Maori wood door lintel, 
per cent, to the knock-down SothebyV completed • ' its 

Impressionist sales for the week 
charged to vendors, disposing of less important pic- 
Philhp s also reduced its com- mres for £492.800, with 28 per 
mission to vendors to 10 per cent bought in< a high6r BI t f aD 
cent, and relied on extra busi- lTi ear iier sessions but above 
ness from buyers to make good average for this market. 

Now* i." rSg forced to „ £ 
charge too, mainly because of Fins^Aru 

rising costs. but also because &£• 


SALEROOM 

BY ANTONY THORNCROFT 


Place Scvnt Pierre's .a Mont- 
martre by Utrillo. The same 
buyer paid £20,000’ for ’ 'a 
VI aminck Vase de Fleurs. - 
In London on "Wednesday- even- 
ing, Sotheby’s held the besr-ever 
-' sale of netsuke, which made a 

record.: total of £233,008 and 

secured new auction records for. 
the buyer’s premium has individual lots, 
allowed Sotheby’s and Christie's Ashkenaze, a -Los .- Angeles 
to be even more flexible in the dealer, paid £11,500. for -a study 
amount they charged vendors. of a tigress with' three .cubs by 
To get a really good collection, Hakuryo, and the same sum-Jor 
the salerooms were prepared to a .small ’group of. three rats by 
take a tiny commission; for tbe .Tomokazui. -' 

von Hirsch collection Sotheby’s The previous record was 
is rumoured to have asked only £ll,p25. The fact that. tbe.Lpri- 
its expenses. _ /don. Netsuke . Convention was 

The primitive, art had, been taking ' place certainly' ’.helped 
collected by George Ortiz, a -prices often to double them fore- 
member of the Patino Bolivian casts. 

tin mining family. , Edmund ' . " Penning-Rowsell 

He bad amassed the finest part 'Writes: Christie's • last vintage 
of his collection, that devoted to -port sale of the season -showed 
Oceanic art . within- the last^ steady . if unspectacdlar increases 
eight years, but bas been forced particularly iii the p rices of the 
to dispose of it to pay a ?2m younger vintages. . 1 -V 

ransom to the kidnappers of his with -..only limited foreign 
young daughter. w . - • interest, ia Ithe ceiebritfed porf 

Although two men were vintages of .-earlier . years; prices 
caught, only 830.000 was re- must be much- lower tha n can be 
covered. Mr. Ortiz was present expected for leading clarets, 
during a very successful auction;" But takmjs into account the 
Tbe most Important item, a traditionally low opening figures 
Rarotonga wood figure from the of vintage ports, -some- of the 
Cook Islands, brought back to older wines yesterday brought 
England in 1836. was unsold high prices,’, with -new records for 
when the bidding stopped at Taylor ’24 (£280 a dozen). Dow 
£200,000. Y? and Fonseca Y7 (£270 a dozen 

But Merton Simpson, a New apiece). Taylor 15 (£260) ..Taylor 
York dealer, paid £180,000, a *45 (£280) and Taylor. r 48 (£210).- 
record for a work of Oceanic But it was the larger quantities 
art. for a wood face mask from 'Of the younger vintages on offer 
Pentecost Island in the New that established new- price levels 
Hebrides. The very. drmkable-'60s r Tanged 

A Benin bronze aquamanlle. in from £82 e dozen (Taylor) to £72 
the form of a leopard, sold (Cockbum and Fonseca); the 
anonymously for £150.000. This highly esteemed ’63s. varied frola 
is an action record for an aqua- £96 (Taylor) and £94 (Warre) to 
manile, beating the £62,000 paid £78 (Graham) and £74 (Nova!), 
during tbe von Hirsch sale for The '60s - spread - from: £70 
a Continental water vessel. - (Taylor) to- £64 (Fonseca /and 
One of the major lots from Graham). Among tbe ’TOs. ths 
the afternoon session, a series range per .doze,n- extended.frpin, 
of five Maori wood. panels form- £56 (Warrb). to £52 .(CfoH^atid; 
ing the from of a food store,': Koval), .-.The total "of the sale; 
were withdrawn before the sale in which . 96 per cent of -. the 
because the New Zealand wines were sold, -was £69^S3; ’=:1 



estimate 



BY DAVID FRfiODr ’ v: 

REVISED ESTIMATES., (^capi- 
tal spending bv manufacturing, 
industry, in the irst^hree months 
of the year ixe sHgBt^mwe 
encouraging than the ■■provisional 
figures, although they confirm 
that the: ■upward trend, in invest- 
ment ha^'. . probably . flattened. ■«■■ 

The - level "■ tit stocks held ,by 
manufacturers, wholesalers and 
retailers increased, by consider- 
ably more , than the -o riginal esti- 
m ate. This. Was consistent with 
the increase Jo-bank lending to 
industry jLa the same period. : . 

Acrordihg./j^yiifr ■ Department 
Of. Industry;^ the' ^lume of in- 
vestment by-: nia^tifacmrers in 
the first' qtrartCrt was £446m. at 
1970 prices- - and seasonally 
adjusted. This was £3m. higher . 
than the provisional, figure and 
2 per cent, below the fourth 
quarter - of 1977. 

There was. a similar fall in 
the 'three months of- last, 
year,, so -. it is possible ^ a -new 
seasonal pattern has developed 
which has not been Incorporated - 
io tbe seaspnil ‘.adjustments. . 

Taking ft: slightly- iongerterm 
comparison to- remove this pos- 
sible irregularity; : the: volume' of 
Investment-;: vin'v fee ; lhst six 
months wasr'L. per cent above - 
that of the . preceding half-year. 

In the ;same basis, both fee 
vehicles and coal .ind.' petroleum 
products industry, groups . have 
substantial increases of 22 per. 
cent- ‘ ‘ 1 ';.- 

Chemicalmvestment increased 
by 4 per cent, and the paper, 
printing and publishing indus- 
tries went up’ 4 per cent.; T*e 
rise’io the engineering and non- 
ferrous metals industries was. in 
line -with the! average of 1 per: : 
cent. . — 

Iron anti steel 

. -The remaining . four industry - 
groups all". recorded , falls, with 
fee largest being 6 per cent -for . 
both fee iron and steel and the 
food, drink and tobacco indus- 
tries. In feeTatter case, this was 
a reflection of historically high 
investment in the secondhand 
third quarters. 

Investment by : type of-, asset 
showed rises, of 4 pet .. cent in 
new b uilding work. 2 per cent 
In plant and machinery and a 
faH of 6 per cent In vehicles. ' 

The revised figures for the 
volume of capital spending, in 
the distributive and service . 
industries were £4m higher than 
fee original estimate;, at £54Sm. 
This was I per-cent higher than 
the fourth- quarfer of 1977. -Jn 
fee latest two quarters^ invest- 
ment by febse .industries was - 
5 per cent higher than in .the 
previous two. - " .- •; _ . 

The revised figures for sbeks 
show a rise £70m higher than the 
provisional estimates for the first 
quarter of 1978. Stocks held by 
manufacturers, wholesalers and 
retailers were -up £240m. 

Nearly all the revision canie in ! - 
fee stocks brid ’ by manufac 1 ; 
turers, which were up. ;£L25m, 
compared with the £6Tm Initially 
estimated. The main - revision 
relates to work in! progress. ... 


Credit industry 
in 1976 
loaned £l.84bn 

By Michael BlandM*-- ■$£$.'-; ! ' " ; 

LOANS BY tUe roniahier ^credit . 
industry, d urtng.; 1976. ■. totaled 
£lB4bn, according to apfanalysis 
published? ,by'_ ■.tire^.-^'TtasiDfes . , 
Statistics Office.- -/.? -•! 

. The new^lgures: " 

of a major inqniry^'&ttfedate 
information ;.ra.ade^avafia5le -hy - 
partial; surveys at I9£S? fed .197L 
An article ,iq fee latest .t&ue of - . 
Trade and . indu stry..,pfiEiife :out 
, feat; since then “there hhye been, 
'substantial- cbang«T4n-: ' 

I yision of credit." ; ;• . 

’.The' hew arid.lnorei; dpmprer ; 
tensive- • statistics. .. 

;raUt were' heedtoXxfc provide ’ 
a better set ot: figures! and -'to 
help .the Ctffice- 1 of -Fafr; Trailing 
to . administer ' fee;. 'Consumer 
Credit Act. ;-■ >>: / ' / *' 

; The figures fedwc 
aside; the . jnoderi' £2^a'rf cr^it • 
provided . 11 ^ -, 

^lehders' which^gflve; lasa.!fean . 
ifSO.OOO : each " dnxmgifeeiyear.-' r 
'there.. werC ! 592^^'flendersi: who ‘ 
advanCed^'a =tQt^^:£I^hh-. - : j T 
More/ than ’ : feo - 

lendingwas -a<*d#itedlfr^7by.the- 
40. fetal 1 

lending:;# 7 n!§rbh"was-madeup •• 
of .£lJfen o'f/fixed-snni' ixistal-.'. 
Mnenf '-. credit, ar “ fixed . rates.. 
Another £203 ra was-lent onryari.- 
abte; fates , of - charge, while fee . . - 
remaining £73m was advanced in 
fee form bf non-fesfehnentagree- 
ments. ’ .. . .. •*; .V . ’ . . .- 

Almost .half 6 1 the new; credit.; 
advanced- was - linked : to - motor - 
vehiclesr-new "and'- ’used-.; cars, _ 
commercial vehicles and motor . 
cycles. The toCal also - haeluded . 
£l2lm of advances, in fee form of - 
checks, » vouchers' ■* fed : other 
cifedlt tokens-, . V . ‘ ■: - J j 1 . 

Opencast site 


go-: 

THE, NATIONAL ; -i6oa] ' Board . , 
should . be . rfethorised.. tn- work, 
coal by opencast' methods -at the 
Togstott rj-.-slte,4 . - Alnwick. 
Northumberland^Mr. AleJP;Eaaie," ; ■ 

ParHamenf«y: Under^SeCretaiy 
ofState».Energy,.h'3s fiedded. 

. iMr.; - Eadie -has .-^dso ..' decided . 
feat -an - order vshfelcfc beyrma.de . 

suspending Ttghts^df 'wBy^crosE*" • 

fee/ site 'whlle-fWorkT ds li pro- .-' - » 

grass, ddd- featfplSnpfng. .cote; ; ' h 
ditlons ; ^ould.' .be?'- itfe.osed to . . . ’ 

ininlmlse.:.-..'. feeVC vjanVfroImiental . 






SI 


■Financial • Times Friday June 30 1978 




■ j ■ <£> 


small, the best way of turning 


into 


ing companies, both big.and 
/vay of turning good business 
table reality is often a 


Such finance is available to creditworthy 
customers, now, for sums over £5,000, 


Seven years. 

This is how feamwork-you and.Midland 

Bank together- can heb broduce the results 


you re arrer tor your business. 

You may need capital to expand manu- 
facturing capacity or your delivery fleet; or 


Putyour proposition to your local 
' Midland Bank manager He and his business 
team will work with yours. Together they can 
agree to'tailorthe loan to suityour company’s 
needs, so that the profit your new asset 
generates helps you repay the loan. 

Where very large companies are con- 
cerned. Midlands Corporate Finance Division 
can work directly with the company, to 
ensure the best possible use of Midland 
Bank Groups wide range of services. 

And dll these services are as accessible 
to yOur business team as a call to your local 
Midland Bank. 


It’s time your business team met the Mirf la nrTs 














av 






: 

.'X-; 

Vi 


zr-r^x 


* • ' . % * 


i-r 








Midland Bank- Limited 








10 


Finandal TRines- Erltey anne SO $37$ ~ 




HOME NEWS 



Tanker i Pay policy hitting 


accused shiprepair merger 


over tow 


BY IAN HARGREAVES. SHIPPING CORRESPONDENT 


By Paul Taylor 


SHIPREPAIR companies on the force for a 30 per cent reduction new contracts to work for a new 
River Thames arc being pre- in jobs and revision of a number company, 
vented carrying out a complete of damaging working practices- In the year before n a tiona lisa- 
merger ordered by British Ship- But he believes the legalistic tion. the’ River Thames oom- 
builders. their parent corpora- attitude being taken by the Em- pa nies lost about £2m. This 
tion. because of Government ployment Department over pay situation cannot have improved 
objections to the plan on pay is jeopardising further progress, yeari with the depressed 


Second 
big baker 
cuts 

discounts 


UK coal mines 
report record 
year for safety 


to give 
wives 
a better 


Weinert 


policy grounds. The 

The merger programme, which River 


FINANCIAL TIMES REPORTER 

By Elinor Goodman, THE UK coal industry had its duction should he synowtnm 13 

Consumer Afftnrs Correspondent ^ ^ ftr ^ ^ 1977 , with safe working, “e addei 

ASSOCIATED BRITISH according to the annual report One source of nt H t 

Si, MIowiM ?"iS5 “ the Health ahd Safety sprang from _the eery 


BRITISH 


The' specific problem is that £~ le VH he 'market aggravated JJJJKtJj. btitebSilM iSS i Executive Tubi£hed“yestBrd5- schemYfor coal r 
iver Thames wants to create b « uncertainties caused by the Th rt nnnr uih. nnt nrtlu flVP fifffiCt had « 


miners. The 
a to replace 


BY DAVID FREUD . 


2a t, ns ihu disaster yesterday live . of River Thames Ship- At _the moment, mere as a 

,• j...;-,; ,1 ., jo .ears he had repairers, the master company differential of about hi a week, 

nrtri had which has taken over the assets and to iron out the anomaly. 

h hlfTP Fafipri to save a of several shiprepair interests in rises outside the normal annual 

•'vc » nctore * iltd i ^ tkhmi «««« neon n ^ .Via itnlmi nhv hiveril nf 7 5 OPT np.nt will he 


and to iron out the anomaly, could lose access to part of its 
rises outside the normal annual facilities and will certainly suffer 


r n weinert told the Appledore. Differential I? the authority succeeds in its niorc likely next month, when MnwmKKB. uamt w* Mr. Rhyd-; 

•h’erian board nf 1 inquiry inves- Mr. James Ekins. chief execii- . . . .. M . . wsa'S SoMaMeSTone of the ? new discount structure comes tor, stated. JJJgj, to 'call for more rapid 

"uurr i hi- disinter vesterdav live of River Thames Ship- the moment, there 15 a . ^ comDleves River Thames into effect. There were 40 deaths and 501 introduction of remotely con- 

lar durin" the "is vears he had repairers, the master company differential of about £4 a week, dock comp exe^R par t of^ts WheD ’ in Apri ^ Associated sedans injuries, compared wf SoUed haulage. More than a 
nrked nrT salvage 'tugs he had which has taken over the assets and to iron out the a™™}* guld ^ lose access tc ipar ff l “ British Foods and Rank took 50 and 535 respectively in 1976. Jg? rd f accidents at coal mines 
"ve- hcfore failed to save a of several shiprepair interests in rases outside the wraj annual and w M wrtainly suffer oyer what was ^ of Spa]er5 . ^ number Qf fatal or serious “ ™ JJ transport. 

1,5*1 0Pce he had managed lo the Thames area, says the delay pay award of '.5 per cent will be from tne ^sultant decline an baWng lMerests it was accidents per ioq.OOO man-shifts Although . deaths caused by, 
vs hnfabwrd is having a ‘very .serious np eded for part of the workforce: shipping traffic. _ assumed that both would was 1.04, down from 1.42 in i960. *-1^0* Sound fell sharply, the 

' v he thought this ^ effect on the company’s ability So far, the Department has In the longer term, the com- eventually try to cut the rising number of serious injuries 

Asked wh\ he thou, _ 5 1 10 carr y nut the changes needed refused to countenance any such pray* future may lie io deve* lev -, of trade discounts which t * SSKThv that sort of incident 

***$■ -Becafw d or had I to make the business pay. proposal, although River Thames 3 oping its dry dock at Tilbury. hav e cont ributed to heavy Inexperience *ose to *20 test year from 89 in 

vooeratirm with the Amoco 1 Earlier *his year. Mr. Ekins has beeo able to argue that 11 is But this would result 10 another Iosses ln the industry. But in ^ acknowledgement of E™ t0 

a rij 7 " (won agreement from his work- in effect offering its staff wholly substantial loss of jobs. The companies hoped that *h e fears expressed by Mr. ‘m 2 Rhydderch warned miners; 


MARRIED • WOMEN - wlfov.are * 
taxed jointly with their husbands 
are to.get a better dead from the 
Inland Revenue. 

A new clause to the Finance : 
Bill means that PAYE repay* 
meats due to- wives will be paid 
directly to them, rather than- to 
their husbands -as it is -now,-'. 

The Inland' Revenue has also 
instructed' its -officer .to. reply 
direct to a married- woman who 
has written: id -them: about her 
tax affairs. Id the : past, all 

correspondence: han been sen t to - 
husbands. " 


1-opera Unn with tne aiholu , 
urti?” I 

He had insisted on a sal vase 
•>niraci with ih>- tanker's cap- 
tin because “ there are very few 
nnr.u table gentlemen about 
iese days." 

drew of saved vessels had on 
evasion denied that the salvaee 


Navy discovers 100 wrecks 


evasion denied that the salvaee! BY LINTON mclaiin discount would be 22£ per cent, 

is had done anything to help. ijjORE THAN 100 previously fund urgently needed surveys of other routes designated by the Only very big customers would 

■ut even without the contract. • hjrfri shinwreeks come hazar- vast unebartered zones, includ- United Nations International be given a further 2J per cent. .___ ._ 

would have conimued to Hwnvdraiieht shmninc iQ 8 important shipping routes. Maritime Consultative Organisa- Yesterday, Associated made ^3?? ly in t t, e majority of to 57, comparing 

u-npt to save the Ainoco dous ^ off* the British coas£ tion not up to full modem similar proposals Effions hi? 2 efficient pro- of 48 in 1972-76. 

ladiz. !vhL nhssrr rnl.nH RriShS! The Department of Energy is standards. Some supermarkets get dis- operations out xu ie 

3 - .V, “ hi-Hrn particularly criticised for male- The traffic separation schemes counts of over 30 per cent, so 

norii\ rf'nnrt in 5 oo contributions towards the were supposed to be designated prices could go up by lp or _ . a 

The tanker crew failed to ^P,. h r J a \ S JJ 1^®. ' esi rep( Drt national surveying fleet’s operat- only after the zones had been more a Joaf. rrrQnt TOr IlllTllK 

nform the lug master of the published yesterday. mg costs j n 197S-79. covered by modern survevs. Whether this happens J, / Jil dllll JLUi 

esse I's rudder position in spite i n the Dover Straits alone. The report says that more Towed sidescan sonar depth depends oo the attitude of the ^ • .. 

F repeated requests. The crews more than 60 previously than two-thirds of Britain's units had produced the sreatest Price Commission and oF n 4- rt/kfinnl 

10k of co-operation led to delays, unknown wrecks had been dis- continental shelf is completely improvement in survey accuraev. independent bakers. W|ll| StaV aL SLI1UU1 

i securing the towing lines. i covered, many with less than ‘J3 unsurveyed or covered only by Results had shown that surveys The Commission said last Tr v ^ J 
His first priority was to get I metres (76 feeti of water over plumb line surveys made up to carried out 10 vears aco had week it was watching the 


losses in the industry. Buti in ^ acknowledgement of wjq 

The companies hoped that th e fears expressed by Mr. j^r. Rhydderch warned miners! 
with less spare baking capacity Arthur Scar gill and some sections oE the fires that broke 

they would be in a stronger of the National Union of Mine- out underground last year 
position lo negotiate terms vrorkers Mr. Rhydderch said he - could have beeD avoided by 
with the supermarket groups, hoped that tbe return to incen- good’ main tenaace standards and 
Last week. Rank told its tive payment schemes will not more conscientious attempts; at 
customers that its maximum resu lt in a reduction in safety better housekeeping." Although, 
discount would be 22£ per cent, standards. all fire< were put out without 

Only very big customers would «r/>rfnetivifv will loss of life or Injury, their! 

be given a further 2 1 per cent. tae {5gE|f a- | ea S d £ * increased number increased by 14 per cent! 

\«|priiav. Associal<>d made lnevitaoiv cn .„mn,ririn with an average! 


Mr. Joel Barnett, Chief Secre- 
tary to the Treasury, said in a 
written Parliamentary answer 
that the change would- be intro- 
duced at the report stage of the 
Bin next .month: • '• _ . 


line to the tanker and tow them, 
er a»ay from ihe treneh coast. j^e wrecks were discovered 


plumb line surveys made up to carried out 10 years ago had 
170 years ago. failed to detect all seabed 

Only 28 per cent of the con- obstructions. 


The Commission said Inst 
week it was watching tbe 
situation. 

While it probably could not 


who stay at school 


BY MICHAEL DIXON, EDUCATION CORRESPONDENT 
MEANS-TESTED grants of up to similar grants, possibly of up tg 


iiihuu^h th*? chain be used UVC1 Wivemmem iciubdi lu amp Udine ^c^tuduuu auu 

n attempt the tow broke, he had 

Exchange controls eased 

irnken because he tried to tow _ , 

unportaVt To on payments abroad 

urn the tanker into the wind 

>nd impossible to low her! by MICHAEL BLANDEN 

•traightforwardlv because the THE BANK of England has example, payments to certain 
■oast [oo cici.e M ' slightly eased its exchange con- groups of people working tern- 

. v,.?h i-nnJn i tr °l 5 over payments abroad as porarilv abroad and expenses of 

vas tne nrst time ,ie | part or its continuing process of newspapers correspondents, while 

i chain iu break. He blamed . reviewing and simplifying the the £100,000 limit covers items 

ii on tne way the low line u2s j administration of the controls. such as expenses f*> r filming 


veyed in 1911. instead, there 
were only 5 ft of water beneath 


a week of each other. 
Some independent 


V pays 
to £4-38. 
its aged 
parents 
benefit 


Authority in September. can also claim a enua benefit 

... _ . allowance of £2.30. 

The move by the Labour- ij^ September rise will . in- 


the keel, and that would have may prefer to try taking sales controlled authority will come a crease the total cost of the 

fa" e n to 1 ft *«* f tp ^pSSSS P-r. .!» 


at the time of the low spring 
tides. 


bigger discounts. 


' meat’s planned introduction of abottt. £500.000 to £1.25m a year. 


• The move comes, in response to 
representations by .-the Equal. 
Opportunities Commission a few 
months ago. that tb 6 Inland 
Revenue^ treatment of ' married 
women amounted . to. sex 
discrimination. -. , 

While welcoming the changes, 
'the commission deplored one 
anomaly remaining . — that a 
married woman paying lor a 
mortgage could still not.get- the 
tax relief paid to herself unless 
her husband wrote to- the Inland 
Revenue requesting .that this be 
done. - 

The "new clause- will also 
extend the right .to receive 
PAYE repayments . to wives 
whose husbands have already 
been assessed, and. wives who 
claim repayment later than one 
year following L&e tax year, . ’ 

It will not he possible to pro- 
vide for repayments under the 
new clause' 1 to the wife in cases 
where there is liability to higher 
rate tax on total joint Income, or 
where the wife has income 
assessed under Schedule D_ - 


BY MICHAEL BLANDEN 

THE BANK of England has example, payments to certain 


IVIPs 1 COMMITTEE ENDORSES TREASURY PROPOSALS 


Support for simpler control of spending 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


ixed to the tanker. 


Accountants 

criticise 

inspectors 


Changes announced yesterday abroad advertising and deposits TREASURY PROPOSALS to public bearings in tbe last two management at all levels in for underspending, and reemn- 
raise (he amounts which banks for tenders. simplify the present system of months. departments which we have accQriUngty. tha t uiey 

can authorise without reference Another change announced by public expenditure control have The latest endorsement brings increasingly noticed in our should be identified before action 
to the Bank for a variety of pay. the Bunk has removed certain been “fully endorsed" by the a step forward the jraplemeota- detailed examination of Acconnt- is' taken to reduce underspend*. 


of the ways in whiqh the Gdyepn^ 
ment’s fin andai administration 


By David Freud 


nients. ranging from advertising restrictions on institutional in- Commons Public Accounts Com- 
to expenses and publishing rights vestors investing in foreign cur- mjrtee in a report published 
and royalties. rency securities issued by invest- yesterday with a recommenda- 

These fall into two main 0r J u °‘ l trusl . s - mulual tion that the changes should be 

calories and the amount & 5*L Md ^ such lDves!ment mtroduced “as speedily and as 

This restriction was related to "™ P . F *“**'!:. . !.“* ... 


DEPARTMENT of Trade inspec- been increased from £10.000 and lhe 25 per cent lult . . . , 

iors are criticised by accountants foO.000 a year to £25.000 and on sa | es of f orej „ n securities sested ways in which tbe cash 
for introducing superlluous com- £100,000. Other limits have also and is no longer needed now that *1™^ system, extended two 
ment into reports on investiga- been lifted. lhe sun-ender rule has been years a 5° t0 control actual cash 


surrender rule Thi-s year the Treasury sug- 


tions into companies. 

The Consultative Committee of 
Accoumancy Bodies said in a 
memorandum published yester- 
day that such comment “ may be 
extremely unfair to those 
involved when remembered out 
of context." 

A comprehensive code of 
practice for the conduct of 
company inspections should be 


The £25.000 limit includes, for dropped. 


Local ombudsmen seek 
extra powers 


BY DAVID CHURCHILL 


outlays, could he assimilated 
with the estimates or Votes 
approved by Parliament each 
spring. 

This involves both the restruc- 
turing of of the estimates to 
bring them into alignment as 
closely as possible with the cash 
limit blocks and to present the 
estimates on an expected out- 
turn price basis. 

At present the spring esti- 
mates are based on pay ana price 


published by the Department , . . . , , . At present the spring esli- 

aDd made freely available. EXTRA POWERS are being puzzled and concerned to find raa tes are based on pay an3 price 

The code would give witnesses soughr by the ombudsmen for many things outside our scope. levels prevailing at the time 

the right to rebut criticisms local authorities to enable dis- Subjects should be excluded thev are pre pared with supple- 
made by the inspectors and put** between councils and in- from investigation only if it is me ntaries to take account of 

have the rebuttal included in dividual* to be settled more in the public interest to exclude subsequent inflation The rash 

the report. u it “ ft in a " n fn a ; tb T - ■ . limit blocks reflect estimates of 

The six accountancy bodies in | report of the Comm ssion for The commission s proposals for expected inflation id the coming 
th* committee said that they dis- (Local Aamini&tration in extending the role of local financial year, 
approved of *• superfluous or EDgiand. ombudsmen are being studied 

flamboyant '' comment by In addition to the power being Mr. Peter Shore. Environ- 

inspectors. 'sought For conciliation between nient Secreiarv. ILSlIIIiaieS 


At best such comment is | councils and individuals, the 


ment Secretary. 


ing Officers in the last 'two ihg. ' 

sessions." In a memorandum to the com- 

‘ The committee recommends mittee, the Treasury says that, 

. that when cash limits have been when* expenditure is controlled 
1 ■ . assimilated with estimates, “Par- within prescribed, limits, there 

{ isk: liament should, as soon as pos- j S a tendency, also evident in 

■ •' si ‘ sible develop the means of sub* other countries, for the total 

• Jf.: ' •. jecting supplementary estimates outturn to feU below tbe total* 

• •• to effective scrutiny, to reestab- oE the limits. This applies 

•‘fey lish a measure of Parliamentary especially to expenditure with 

control over Government spend- lQug Iead times 0 r affected by 
- ' • V j r *°g during the year. weather or the performance of 

In oral evidence. Sir Anthony suppliers or other external 
' ■■ Rawlinson, the Treasury Second factors. 

I .- ‘ : Permanent Secretaiy responsible ^ ext ensive use of; cash 

- wj' . for public expenditure, sa !^- lLmits may have accentuated this 

S55. 0E H^uTSZ^i gg* ^ to toe part 

“ e -ssuw ,t an 

mates, so that it becomes once difficulty of _ f orecastm g bow 
mzk again a matter of some signifi- rapidly ^ central ^Government 

••"A:*/ cance if a supplementary esti- expenditure win build up on 

mate is required." new programmes of assistance 

111 «F fSsfe Tbe committee also argues tajtaitty and 

that, until cash limits are com- containing OvJl 

kK. . pletely assimilated with the esti- Servic e, - staff d . gene^ 

__ _ _ - Tjigtpe QPPDrt u should bfi administrative expenditure .-nave 

Mr. Edward du Cann |?e n ’to the Se of Comnonf tended to be underspent, p^tly 

tion of the changes starting in to debate casb limits on a staffing ructions 

the financial year 1978-80. motion to approve the Govern- and recruitment difficulties^ 
The Public Accounts Commit- meat's White Paper. In the nationalised industries 

tee. of which Mr. Edward du The report discusses the th® main cause of unaerspenning 
Cann, its chairman, argues in recent underspending of cash has been over-estimation oE 


can and should be improved is by 
alfghing ;■ tfife _> 'atcduntliig, 


votes, with -flier managerial amts 
of accountability." 


The .report recommends that, 
if it. should be necessary to 
reduce cash limits generally in. 
the - course . of a year, - votes 
should . nevertheless -remain as 
approved by Pariiamenv. which 
should be fuUy informed of any 
sudi alterations to -cash -limits 
and the reasons for them. 


Margins 


The Treasury is also , recom- 
mended to guard ' as '-far as 
possible against the building in 
of contingency margins when 
cash -limits . are settled,—: __ 
The committee - accepts, that, 
over a large -area of demaitd 
related supply services, Snaneiai 
control would -not be improved 
by attempts to -improve -cash 
limits,:. -but the report- recom- 
mends: that the system should 
be % extended whenever ; that 
woind Improve control. 

- . At .present, cash limits cover 
about two-thirds of total public 
expenditure. The main . exclu- 
sions are demand- fetated, ser- 
vices. where the level of spend i n g 


irrelevant in an i nvesti 3a to rv 1 commission wants the power to Moreover, a Bill before Par- The T resaury proposals are its report that the changes limits — estimated at 3 per cent capital investment 

report and at worst it mav be I deal with e°ramercial complaints l,a )”® Ql . uou,d ? IVC , local intended to ensure that the “would go far to provide the on tbe central Government The ; committee suggests that 

cxiremelv unfair when! some personnel matters and in- authorities? power to make pay- figures approved ’*>* Parliament opportunity, which we hope blocks in 1977-78. conformity with’ managerial con- 


is difficult $0 project accurately 
in advance !ana^ -where, .there .are 
statutory obligations./..- 
This indudes social security 
benefits, certain forms of assist- 
ance to industry, and expendi- 
ture fcfr..the prombtionc'.of 
employment: ; .m : <4 ■ 

Fourth Report jtpm:tfte Com- 
mittee of ’ Public :' AccownXs. 
session 1977-78 ; . .SuppU/VEsti- ■ 
mates and. Cotfi Lbntts, S0;£235. 


remembered wui of context in lernal school issues. men is to remedy injustice with- in the estimates tepresent the Parliament will take, to reinstl- it maintains that large and ttol, the presentation of major, 

the public mind." ! Lady serota. chairman of the 5 ut asking me environment limit used in actual budgetary tute a modest but real measure persistent underspending, no programmes in separate votes,. 

Business judaments made Comm ’ssion. said yesterday that ! > ecreIar - v s approval. control. of short-term control over the less than overspending, may and avoidance of too many sup-- 

recklessly, negligently or dis- 1 the experience nf three years’ The report shows char for the These proposals have been expenditure side of the indicate poor estimating or pieman tary estimates should be 

honestly* were proper subjects | operation had shown the need year ended March 31 complaints submitted to the Public budgetary process. control, but underspending may the main criterion in the 

for criticism but. if they were; for wider powers. against local and water authori- Accounts Committee nnd the "We are confident that it will arise from good management. changes. 

merely wrong, criticism should “ The ombudsmen exist only lo ties rose 57 per cent. There were Expenditure Committee, and further stimulate tbe more The committee considers it is Sir Anthony Rawlinson noted 

be avoided. [.serve the public and they are 1,684 complaints for the year, have been general!’- welcomed in incisive approach to financial important to identify the reasons in his oral evidence that f one 


M 







1 : ri » 



. cRhaudSF Tubes Friday Juua 30 197S 


LABOUR \ I \\ S 






Tt 


:-v 




urges action 
disputes i 



in 




• -IT PHtttP BASSETT, LABOUR STAFF 

MR._ HUGH SCANLON, out- .ness in the growing electronics 
going president of the Acsaiga- industry. 
mated Union of Engineering »* - . , 

Workers, made an . appeal yes- *“■ Stan Davison,' assistant 

terday. to trade unions to sort tinner | ecre{a f y °J- tife Associa- 
oiit an effective and acceptable Ji on Scientific, Technical and 
policy to. deal with industrial ™ ana ?en a ^ Staffs, aud that 
disputes in BL Cars, formerly r£ pan s balance of tradfe with the 
British Leyland. • UK in 1977 was £596iu: a 36.3 

Speairfngto tie Confederation P re , v J“ us 

of Sfcupbumrag and Engineering 

Unions •. conference at East .JS per cent of th V aU1 UIx 
bourne, Mr. StianJon said theje mar ‘' ets - | 

were- no problems in Leyland The Japanese had cuf overseas 
which , unions and management investment from $3.46 hi in 1976 
could not solve together. AH to $2.75bn in 1977, an 
unions should enter fully into she could use only 50 
the ■ Leyland participation her own production 
scheme: exporting heavily. 

whatdoes one Cars were a special problem. 

2aH*S ° f t 5 e a ? tsu l In 1976-77 Britain espied 964 

asked to bring money forward mi 1 „n° nf 

and there is no money available holdine penefation of 

because it has gone on lost pro- $5®.^ car . m . a ^ ke ^ I at £ 10 P er 
duction?*’ cent, Japan had In the first five 

■u- ... „ . » . x months of this year -‘already 

XJ0 * v P Iea , sant to reached 60 per cent -of that 
speak on such subjects, nor « eure 
sometimes to say some things to * _ 

trade union members. But it was Davison said fear of re- 
now time for every leader of taliation was argued as^be case 
every trade union of the con- against import controls.; "They 
federation to hammer, out an are already restricting our 

acceptable union policy. . imports, it is us that need to 

He appealed to the trade union reta liate, not the other way 
movement to make Leyland, the round - 

only British-based motor manu- Mr. Bov Sanderson. Electrical 
facturing industry, the success it and plumbing Trades,; Union, 
needed and deserved* to be. said failure of British companies 
The confederation yesterday 110 develop products like VCRs, 
urged the Government to intro- small-scale colour televisions, 
duce selective import controls multi-purpose television, and 
to protect ' industry against sophisticated television games 
Japanese goods, and called on meant that no British "company 
it to ensure British competitive- had a future in these markets. 


Overtime ban likely 
in rail jobs row 

BY NICK GARNETT, LABOUR STAFF 

THE executive of the National The union has been engaged British Rail has always main- 
Union of Railway men will almost in a long-running dispute with tained that it is prepared to 
certainly instruct its members British Rati over jobs, claiming co-operate on filling genuine 
next wek to reduce overtime in that vacancies now stand at 9,000 vacancies. It could not assess 
support of p dispute with British and that railmen are obliged to yesterday what, iE any, problems 
Rail over job vacancies. work too much overtime to keep would be caused by the union 

The instruction, which could services running. decision. nr mhp 

eventually affect services, will The management says this Members 
apply to NUR members working vacancy figure is unrealistically average of 1^4 hours overtime 
for the railways, shipping and high because it partly reflects , , ' e , 'IS i 
catering divisions of British Rail normal staff turnover and estab- Sj *^55 

but not its engineering work- lishment levels which have not cent W “ cb 

Mr. Sid Weigh.!! the onion's rail noods. impose anj fl “Sit MembS 

SffTf 1 -o if h i uSl ^» rd « n Pressure will be instructed to work 

V h S 1 DOt JJi r CS5Ure “ reasonable overtime " and there 

5f!l ai, Sf s - „ n ..”5 der , to . cover The 180,000 strong union will is likely to be a fair proportion 
reduced overtune, tr ain and members to exert pressure of rail workers who will not 

serViCes wou!d be on management at regional staff be prepared to cut their existing 
aisrupien. council level to fill vacancies overtime. 

His executive would be forced tbrougb jointly-agreed policies. The union, however, is hearing 
to order more severe cuts in over- it also told the British Rail Board in mind a letter from the TUC 
time, on which a good part of yesterday that management which says that in helping to 
British Rail services relied, if sbould launch an extended solve tbe problem of unemploy- 
vacancies remained at present advertising campaign to help fill ment, an adequate level of over- 
levels. the vacancies. time would be 30 hours a month. 


Return to work starts 
after Rover strike 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


RECALL OF 10,000 BL car that be was victimised as a shop 
workers will begin today after tbe steward. 

2ES l Sf Jl He said that he had urged an 

S£&n bas Crt £4 “ m W lost p end to the strike because he did 
aucuon. not waflt ^ b e t jj e man j n ^ 

After a personal appeal from centre, causing tbe drivers and 
Mr. Tony Tombes. the shop thousands of other people to be 
steward at the centre of the dis- laid off. 
pure, the 80 transport drivers ^ strikp haIted nroductian 
voted yesterday to return to woi*. of^ver saloont L^Rovers 
They walked : out after Mr. and Land-Rovers for nearly three 
Tombes was sacked for stealing weeks. 

• Mr - GrenviUe Hawley national 

SSiitftfffilSki!? plead- automotive secretary of the trans- 
it^. guilty to the offence. port workers - We 

At a 90-minute meeting at are very pleased with the decision I si 
Transport- -House,’ Birmingham, of -our members to return to nor* I w 


recognition of the role trade 
unionism can play in Britain's 
hospitals and among the 1m 
labour force of tbe Health Ser- 
vice. 


Throw out ‘reactionary 5 bodies 
Health Service unions urged 

BY PAULINE CLARK. LABOUR STAFF 

TRADE UNION leaders yester- the patient aod tbe Health Service. 

day marked next Wednesday’s Service employee or to make "We want to see industrial 
30tb anniversary of the National Health Service workers "second democracy developed and put 
Health Sendee with a call for class citizens ’’ in terms of indus- into operation in industries and 

trial relations or industrial employment generally.” 
democracy. The most scathing attack on 

Since 1948, trade unionism in the professional representatives 
the Health Service had developed of Health Service emplovees 
from less than one fifth to cover came from Mr. Reg Bird, 
But as a warning of some of two thirds of all its employees national officer in the Associa- 
te difficulties to be overcome in ** the most impressive develop- tion of Scientific, Technical and 
before a harmonious and effec- ment in any industry or service Managerial Staffs, whose nego- 
tive industrial relations system in that period." be said. tiators refused in one recent 

can operate, TUC - affiliated Mr. RolaDd Moyle, Health dispute to join the Royal College 
unions in the Health Service Minister, underlined the role he of Nursing in negotiations, 
were urged to band together to and Mr. David Ennals. Secretary „ . ' 

thrnu.- nut “ anti-union nn#i for Health and Social Services. V- e n,us t 6£t rid of the 

had played in encouraging indus- Quast-profes- 

trial democracy in the Health sl0I } a ' or 0 amsatjons. They are 
Service. anti-union ^and arm the labour 

Although the issue had been tnovemenl, he said- 

account for 34 of the 43 bodies left out nf the Government's Mr. Bird said that the profes- 
representing Health Service recent White Paper on industrial sionai groups had been “ spoon- 

employees in the Whitley democracy. Mr. Moyle told the fed” too long by unions 

system, include the British TUC delegates, " We are anxious attempting to persuade them to 

Medical Association and the to have proper representation on join. “ Now is the time to throw 

Roya] College of Nursing. health authorities, including the them out of the regional 
As the traditional professional people who work in tbe Health maefainery.- 
organisations for doctors and 
nurses, they are increasingly in 
conflict with TUC - affiliated 
unions in the Health Service. 

Mr. David Lea. TUC assistant OUR OWN CORRESPONDENT 


throw out "anti-union" and 
"reactionary” professional or- 
ganisations from the negotiating 
machinery. 

These organisations, which 


Dockers agree pay deal 


general secretary, told delegates FELIXSTOWE port workers have employed by the dock company 
at a conference on the Health accepted a pay deal within the in 1977 came to JEI03. 

Service in Congress House that Government’s guidelines. It • About 600 clerical workers 
there was an " unfortunate " comes into effect tomorrow. employed by the Mersey Docks 
view put across by the media ^ agreement results from and Harbour Company are bann- 
Ihat because the Health Service negotiations between Felixstowe mg weekend overtime working in 

rtfnJiSS 5*F™ , ?i2.Jr e L t hiiI Dock and Railwa y Company and = dispute over their annual pay 
a bus service or any other public ihp Transonrt anH General d3im* 

_f_H ade uaionism Workers’ Union, including its The i action is largely affectin 


yesterday, Mr. Tombes initted' mal working.” The' union would '^Sha^sedanr attempt by associated clerical, “technical °JnSae? “teButaS* 1 a^thS 
ftAt he would continue the. fight ask BL to restore Mr. Tombes to outside critics " to drive a and supervisory .staff. Average other sections of the non arp akn 
for reinstatement He claims his original job. J wedge ” between tbe interests of weekly pay of the 1,185 people being hit. 


Tether hearing ends after 13 months 


A CHAPTER m the dispute trol began soon.after Mr. Fisher’s headquarters of the Newspaper imagine what would have tioos, thus giving him the voice 
between Mr. C. Gordon Tether, appointment .. in 1973. in Publishers' Association but not happened if Mr. Tether had be wanted and at the same time 
former Financial Times succession to. Sir Gordon Newton, to the Financial Times. stayed. The thesis he had to offering him his salary including 

columnist, and Mr. Fredy Fisher, Mr. Thomas Morison. for the Mr. Morison added that the deal with was the situation a ny nationally agreed oav in“ 

the newspapers editor, closed Financial - Times, said th3t Financial Times was reasonably where anything written by Mr. creases and an unaffected 
yesterday with the ending of the journalists' and newspaper pub- entitled to believe that the dis- Tether outside the editors pension. 

public hearing of the writer’s lishers' -disputes committee, set P u *es procedure was at an end directive limiting the subjects How could it be said that that 
unfair dismissal claim. up i n ah attempt to resolve the a° d had failed because Mr. on which he could write would was an unreasonable course to 

Tbe case which started 33 dispute, called for contact and Tether was not prepared to have been “canned.” take when there was this running 

months ago before a London discussion between Mr. Tether comply with the findings of the How could it have been in sore argument? 

industrial tribunal has lasted 45 and Mr. Fisher. disputes committee. tne interests of lie newspaper If Mr Tether wrote onlv out- 

days. It is believed to be tbe Mr. Tether had to bring him- . Answering a question raised sometimes to carry Mr. Tethers side tbe ‘ it wouTdbave 

longest running hearing in the self to face up to his editor. bj Mr. Brian Dupe, the tribunal s column and sometimes not meant ^ editor would 

historv of the tribunal THa pnmmitfpo hPld thp door nominee member, as to with the war being waged iv ‘ V 1 * eauo ^ would 

Mr Tpthpr ?I) ooln It w?f nlain that a meet- whether the Financial Times outside the Financial Times. >, where u he 

Mr. Tether was sacked J) open, .it was plain to at a meet .. . . t v av riT> with with articles banned hv Mr s l° od - 'ft would have been 

months ago after a protracted \^Btvieen tte tivo was intended until he retired^ Mr Fisher being published by Mr! «treme!y damaging to the news- 

wrangle over Mr. Fisher's control to be held at the offices of the M “ 5ri „ v-i , Jr ih Tether elsewhere’ paper. 

of his daily Lombard column. Financial Times. If Mr Tether g man unc j er e jceeption- Mr. Morison claimed that it The Financial Times had made 

He seeks reinstatement and com- could not bring himself toraeet al ^ y circumstances for would have been imposing a Probably tbe most generous 

pensation. the editor at the Financial Times, more l j lan years wholly unacceptable burden on terminating offer in a case 

The tribunal will start to con- then what hope was there Tor The Financial Times had the Financial Times. brought before the tribunal. A 

aider its decision on July 12. establishing a working relation- 0 ff eret j itself readv to conciliate. Mr. Dupe asked: “.Are you say- conclusion that the dismissal was 
Th6 chairman, Mr. William ship between them. readv to comply with the disputes in S that the amount of time to unreasonable would be perverse. 

Wells, QCj said it would neces- But Mr. Tether bad S3id that procedure, to work out an accept- ru ° before Mr. Tether's retire- y was the plainest case of a 

sarily be a considerable time in no circumstances would he a y>t e solution— and even that raent was irrelevant?" . fair dismissal, 

before their decision was ready, attend a meeting at the Financial failed. •• i would have thought Mr. Morison replied that he Mr. Morrison asked the 
Mr. Tether, 64, wrote Lombard Times and now was saying, in t^at a divorce was inevitable— was not saying it was irrelevant tribunal to take what might prove 
for 21 years. a grossly exaggerated way, that enough was enough." But the choice the Financial ?o a courageous position if 

He rejected the newspaper’s one of the reasons he was un- As a matter of law, Mr. Times was facing was keeping it feit the evidence established 
compensation offer of full pay willing to attend was that he Tether, by refusing to meet his Mr. Tether on under excep- the propositions he had made — 
until normal retirement age and bad been given legal advice not editor and comply with the find- tionaily difficult circumstances however unpopular this might be. 
in unaffected pension. But this to. ing of the disputes committee, for two-and-a-half years "leaving It had not been a pleasant task 

offer was withdrawn during the It was difficult to see bow any had severed any possibility of him to stare at SL Pauls” or to make the submissions which, 

bearing. ' legal advice could have been trust and confidence. terminating his contract so be in his professional duty, he had 

The dispute over editorial con- given that he sbould go to the He asked the tribunal to could write for other publics- had to make. 


Officials 
to strike 
over new 
benefits 
scheme 

By Our Labour Staff 

MEMBERS OF the Civil and 
Public Services Association at 
unemployment benefit and 
Department of Health and Social 
Security offices id four areas are 
being called out on a week’s 
strike in a dispute over a new 
benefit payments system. 

The members at four unemploy- 
ment benefit offices and 12 
department offices in Widnes: 
Walton; Liverpool;- Cumber- 
nauld: and Burton upon Trent 
have been Instructed to strike 
from July 10. 

The four offices are part of a 
Department of Employment pilot 
scheme operating in 36 offices 
and geared to paying benefits 
fortnightly instead of weekly as 
at present. 

The union may consider bring- 
ing out members in other unem- 
ployment benefit offices. 

Tbe Department of Employ- 
ment said yesterday that it was 
very concerned at tbe union’s 
action. It would be difficult to 
make alternative arrangements 
during the strike and there would 
be delays in paying benefit. 

It believes the system, which 
has yet to go before Parliament, 
would save money and provide a 
better service than the existing 
one. It has assured the unions 
that there will be no redundan- 
cies when the system is intro- 
duced. 

Tbe association says the fort- 
nightly system might lead to an 
increase in overpayments and 
fraud and the loss of 1,000 jobs. 
Tbe department is studying 
means of combating the first two 
points. 

The association said yesterday, 
that it was forced to call the 
strike when it failed to persuade 
government officials that the new 
system was not suitable. 

£785m plan 
for London 
Transport 

By Paul Taylor, Industrial Staff 
LONDON TRANSPORT plans to 
spend £785m on capital projects 
over the next ten years. Details 
are in the yearly capital pro- 
gramme submitted to Greater 
London Council for approval. 

The programme includes 
£l56m for replacement nf buses 
and £108m to buy new trains 
for the District, Jubilee and 
Central lines. 

A further £51m is to be soent 
on station modernisation, £59m 
on bus garages and £12m on bus 
stations and shelters. 

Among the new systems in the 
estimates is the recently- 
announced plan to snend £56m 
automating ticket collection on 
the Underground railway. Com 
puterisetl control systems for tbe 
Underground and bus cervices 
account for a further £9m. 

All the costings are at 
November 1977 n rices. Protects 
are subject to individual approval 
before being undertaken. 


Finding jobs wi 
be big problem 
for next 25 year 


BY CHRISTOPHER DUNN 

FINDING ENOUGH jobs for 
people will be one of Europe’s 
major problems for the next 25 
years, predicts Mr. Norman 
Davis, of the Government’s 
Population Statistics Division, in 
the latest survey of population 
trends. 

There are 2m young people 
unemployed in the EEC, he says, 
four times as many as in 1969. 
Continued growth in the number 
of young people for whom jobs 
must be found is Expected. 

“ In 1973 there were 3.7m 16- 
year-olds. Tbe figure today is 
4.2m and by I960 it will be 
4.4m." 

More young people wanting 
jobs mean more potential young 
parents in the decades to come, 
making a further fall in the 
number of births unlikely, Mr. 
Davis adds. Even if fertility 
remained at its present low 
level, births would still increase. 

He notes the decline in 
demand for migrant workers. In 
3975 only 140,000 workers 
migrated to central Europe from 
seven main countries of origin, 
compared with over half a mil- 
lion two years earlier. 

"The need for immigrant 
workers which has been such a 
prominent features of tbe last 
25 years in central and northern 
Europe will not be present over 
the next 25 years." 

Fertility would probably fluctu- 
ate in future at roughly replace- 
ment-levels average. A prolonged 
increase in fertility was unlikely. 

Mr. Davis details the grave 
social consequences in the UK 
of misreading fertility trends in 
tbe sixties. 

“We now have under-used 


maternity hospitals; so n> 

teacher training colleges 
some are having to be clo; 
and planned new growth cea 
of .population which have drai 
some of our older cities of 
and people to such an ex 
that it may be decades be 
they recover." 

9 A degree does ensure a p 
port to a better life, accorc, 
to an article in the sui 
analysing the 1971 census. ; 

In it Faith Banfield, of 1 
Government's Census divis- 
shows that at each age men v 
first degrees earn more t: 
those with "A" level passes! 
no degree. 

Qualifications affect inct 
levels all the way through 1 
academic scale. The same is f 
for women. At each educatic 
level, average earnings fur t 
were higher ihan those 
women. Earnings increase v 
age only for tbe more hi? 
qualified. 

Papulation Trends 12. SO, pi 
£2.25. 


Changed namt 
in hydraulics 

AUTOMOTIVE PRODUCTS' ! 
craft and industrial hydraul 
division, based at Speke. Lit 
pool, will operate under : 
trading style AP Precis; 
Hydraulics from tomorrow. 

The change is intended 
create a clearer identity for i 
company's range of special 
equipment. 


Chevron fire 
ship for 
Ninian field 

CHEVRON PETROLEUM (U.K.), 
has chartered a quick-response 
fire-fighting vessel to work in tbe 
Ninian North Sea oil field, where 
it is the operator. The vessel 
will be used on a temporary basis 
to allow the Ninian partnership 
to assess its long-term needs. 

Bids for the contract were 
received from 12 companies. 

The boat, the Tender Comman- 
der. is already operating in tbe 
North Sea as a charter vessel 
and will be converted in a 
British yard for its new role at 
a cost of £3m. 

Apart from its fire-fighting, 
the 265-foot vessel will double as 
a support craft helping with div- 
ing. transport and maintenance. 




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THE FREIGHT MME E0R EELIABILITI 




ENERGY REVIEW: NORTH SEA 


BY RAY D AFTER 


Prospects of a big oil find 


w^nnial Times Friday June 3g > 


^ ^ ~“ v: ' s & ite 



•RlTISH PETROLEUM has 
een finding it difficult to divert 
q€ attention of the andustiy 
’way from its drilling activity 
n block 206/8. some 35 miles 
>e st of toe Shetland Islands, 
lompany spokesmen, have been 
<atiemtily T&peating their is 
■othieg to report: .that -the dial- 
mg rig Sea Conquest has not 
,et completed' its operations. Ail 
ery hum-drum, one -would 
hi ok. 

. But BP's calm front cannot 
’■oncea-l the fact -that it -is dril- 
iug one of toe most important 
Veils of the current season, 
rhere is broad agreement in the 

iffgbore -industry that BP and 
is partners, Chevron and 
mperiaJ Chemical Industries, 
■ould be sitting on top of a 
■ery large oil bearing structure. 
.Vhetiher or not the reservoir 
vMi .prove to be a commercial 
imposition remains to be seen; 
ihe 'latest well should .provide 
tt least some of the answers. 

One of the few oilmen to 
lave commented publicly on the 
>il prospects in this West Shet- 
and area is Mr. Dick Fowle. 
he British National Oil Cor- 
30 rati on’s director of explora- 
.ion. He believes it to be one 
if Britain's most exciting off- 
shore exploration regions. 

BNOC has more than a pass- 
.ng interest in BP’s drilling 
activity. The Corporation has 
a stake in a number of nearby 
roncessions, a presence recently 
extended through the allocation 
of sole licences in blocks 206/6, 
205/10 and 208/27. More signfi- 
eantly, at this stage, the state 
Corporation has a 25 per cent 


interest in block 206/7, imme- 
diately alongside the BP block, 
where Elf has confirmed the 
discovery of oil and gas. 
Relatively heavy oil— 1 23 degrees 
API— was tested at an aggregate 
flow rate of 1,700 barrels a day. 

There appears -to be, some 
geological evidence to suggest 
that .the Elf and BP welds may 
have been sunk in the same 
structure. At worst the two 
reservoirs are likely to be 
related. Indeed within the 
industry it was being said this 
week .that there could be one 
big field centred on BP's block 
206/S and extending into a 
number of neighbouring con- 
cessions: 206/7 to the west. 
Amoco’s 206/9 tto toe east: and 
Esso's twin blocks 206/12 and 
206/13 -to the south. Esso has 
already made a discovery in 
206/12: the well was plugged 
and abandoned -in October after 
testing a noncommercial flow 
of 630 barrels of oil. The 
quaii-ty of 'the odl there was 24 
degrees API. 

I>t is quote possible that the 
Esso discovery was made on' a 
completely separate structure 
from ' the one now being 
evaluated, by BP. Oilmen feel 
that there could be a member 
of separate, quite sizeable ■reser- 
voirs in The area. Indeed, I 
heard It said- on more than one 
occasion this week that the 
amount ■ of oil lying in that 
particular part of the Conti- 
nental SheLf could well amount 
to billions oF barrels. Such 
statements, -however, should not 
be regarded as signalling a new 


pMSISr — 


hoooff 


TQ75 '76 77 78 ’79 '80 SI TB2 *83 ’84 '£ 


offshore bonanza. 

Even if the reserves were 
that big there is no certainty 
that they could be exploited 
commercially with existing pro- 
duction techniques. It seems 
from drilling evidence so far 
that the oil is contained in thin 
paysands. To make matters 
worse they are at a relatively 
sb allow depth which means 
that there will be a severe 
limitation on the way deviated 
wells (wells drilled at an angle 
to the vertical) can be used to 
exploit the reservoir. 

The depth to which BP has 
been drilling remains shrouded 
in mystery. The company made 
it clear this week that the well 
was regarded as a “ tight hole.” 
in other words, as a commer- 
cial secret. 

However, there are dues. 
Last August BP did announce 
that as a result of the first 


well drilled on block 206/8 it 
had discovered a reservoir. Oil, 
of 25 degree API quality, had 
been tested from two intervals 
at an aggregate flow rate of 
2,920 barrels a day. “ The com- 
mercial significance of this dis- 
covery will not be known 
pending further drilling in the 
area which will not be under- 
taken by the group before the 
end of 1977,” was BP's cautious 
statement. 

Oil companies are invariably 
cautious when announcing dis- 
coveries. (It was pleasing, from 
a journalist's point of view, to 
see BNOC using an adjective — 
“encouraging” — in its announce- 
ment last week of a discovery 
on block 30/17b.) 

It is worth recalling a pre- 
vious announcement of British 
Petroleum, one which said: 
“BP's North Sea well 21/10-1 
situated 110 miles East North 


East of Aberdeen, in latitude 
57° 43* 50"N, longitude 00* 
58T 1 30 "E, has now reached its 
total depth of approximately 
11.000 feet Indications of 
hydrocarbons have been found 
and testing will shortly be 
carried out” 

Those hydrocarbon indica- 
tions, announced on October 7, 
1970, turned out to be the 
Forties Field, a reservoir which 
ranks among the most attractive 
in the world and among the 
most profitable in the North 
Sea.. It is estimated that the 
original amount of oil in place 
was about 4.5bn barrels. BP. 
which owns virtually all of the 
reservoir (a small fraction is 
owned by Shell -and Esso), is 
sticking to its original estimate 
that 1.8bn barrels of that oil 
will be recovered. 

It is a sign of the maturity 
of the Forties Field, on stream 
since 1975, that some 22 per 
cent of those recoverable re- 
serves will have been taken 
and sold by BP by the end of 
this year. Put another way. 
Forties will have yielded about 
400m barrels — more than the 
total recoverable reserves of 
many fields in the North Sea 
and, by coincidence, the same 
amount of oil BP expects to 
gain from its northerly Magnus 
Field, the next big North Sea 
development project planned by 
the company. 

In recent months Forties has 
beeD yielding oil up to a maxi- 
mum rate of 570.000 barrels a 
day, indicating that BP should 
have no difficulty in maintain- 
ing the average plateau, agreed 
with the Department of Energy, 


of 500,000 b/d.. Under -this 
plan, Forties was scheduled to 
produce at this rate from mid- 
1977 through to mid-1980.' Xu 
1981 production was expected 
to slip to 430,000 b/d followed 
by a further fall to 380,000 b/d 
in 1982. •_ 

However, with the field per-, 
forming even more satisfactorily 
than expected — it seems that 
fewer production wells will be - 
needed in at least these early - 
years — BP is considering apply- 
ing to the Government for per- 
mission to extend the 500,000 
b/d plateau for a further year. 
The possibility is likely to_ be 
discussed when BP executives' 
and Energy Department officials 
hold their six-monthly review 
meeting in October. 

. Much will depend on how oil 
depletion policies are shaping, 
up at the time. The Govern- 
ment has set a target of oil and 
energy self-sufficiency by 1980- 
This has been at the heart of 
all recent economic policies. 
But it is becoming clear that 
it as going to be a close -rurr 
thing. 

According to the latest 
Energy Department statistics 
UK oil production should total 
between 90m tonnes and 110m 
tonnes in 1980. But figures 
published this week show that 
domestic oil consumption is 
already running at a rate of 
92m tonnes a year." 

Mr. Anthony Wedgwood 
Benn, the Energy Secretary, 
announced a few days ago that 
output in May reached a record 
1.1m b/d (equivalent to 54.8m 
tonnes a year). This, he said, 
was “ a magnificent achieve- 


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, Production platform FA id BP’s Forties "f* , 

, -e mapofawe amount to be spent oil pro* 

on our. way to a**J*-*£ mudl been -spent 

UK into one_ of *. &&& words- even 


The Norwich way is to meet your problems 

face to face. 






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important asset of Easton Farm, 
Bishop’s Cannings, Wiltshire. 

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he chose Norwich Union, who insure 
his life, house, cars, livestock, produce, 
machinery and the people he employs. 

He likes the reassurance of a 
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company behind him. 




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he needs to discuss 
them with someone 
with athorough under- 
standing of farming, like 
Alan Pitcher of the local Norwich Union office. 

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UK into one Of toe worm 

major °tiP rod ™^ whan £360nu toe original fpre- 

that j^tified Pr^s caw^t ^ . mes ^been 

guise the « °“£ e ^e spent, there, stilt r«r*hwd a 

0 ^n 0 tion^substantially over -farther £360mto be invested. 
S^nSt few month's to order And even when £72ttm ba*be en 
JhSve. even the most pes* spent BP was faeed wr& 4n- 
SniSc output forecast by the vesting a further -£300111 or ; sa 
Government It was hoped that r nta , t the'.prodagibiffi qiit- 
the- North Sea would yiow ^ Forties lias atiE ntade ; tt 
between 55m and 65m tonnes of ^ iyT ^ ir gmg i ) y prnfitalHe fieSd: so 
oU.this year.. The immediate hive been 

chances of boosting the curren . ^ repay aB of its £360m 

level of output j3 re - hmM ^ahs, .raised -m 1972. ; by -tiie 
Only two new end of this year The money is 

stream to the next sw : monUM befog - repaid at 'twice toe lrate 
and at least one of tnes^ oriMnafly agreed; wito^anks.- 
Ninian, is unlikely to make a •; . 

SScant contribution - before Forties cash ..Jgfljr.-.ir not jMBy 
SeSid of the year. helping BP to expand further 

tne end or ^ / ^ ucti of m fae North Sea (the company 
Delays in the instruction oi ^ developteg the Badiaii Pield 

oii processing lermlna! in- and . preparing to invest £1^5bn 
Se°SheUand W—JgJJ 

S 0 — .iLS 

ments forecasts ofJOm to 95m European operation^ a :£2l0m 
tonnes of output next year. Agreement with ,Veba, tfie West 
On the other hand if oil com- ^ enDan energy '"concern, 7 , and 
panics can catch up on lost time the ,£220ni"piirchas&--still to .be 
and-aehieve the desired goal °? -ratified— of- ihe main part of 
energy self-sufficiency by 1980, Union Carbide's -European 
the Government may be relu<S chemicals operations. : Then last 
tant to open the valves further. \^k BP Chemicals revealed it 
It jnay feel there is little benefit was-, negotiating a £20m deal 
in being a substantial toet ex- to" ■adquti'e; neariy- all the- U.S.- 
porter in the early 1980s when based Monsanto . group’s poly- 
there are forecasts that oil will styrene, interests in Europe, 
be. much more. expensive and in . 

shorter supply in the late 1980s « • 

and 1990s. (This is assuming BrOailfir DES6 
that a government is willing to . • - - 

rate a potential long term bene- - M] ^ ^ designed t0 lay ; a 
fit-above a short-term boost t0 broader base for BFs opera- 
te economy and thus, prgsum- ancfcvto strengthen- ' its 

ably, to the government’s P°£Uc ^oftgi^e^bifetoess between oil 
larity.) , ' ‘‘'production and its final cus- 

\Forties is a crucial factor in tomers, be they, .petrols-consum- 
alK these ’deliberations,^ because ihg^mbtorists or plastics buyers, 
it such an important -contri- : However, , 'toe . don tirurihg 
but oh to Britain’s growing oil supply of crudecdl 3s crudaito 
supplies. .-' tois iategrwtton.- Forties crude 

But Forties; 'is adso toe. majpr accounts for-an estimated 15 per 
contributor to BFs cash flow ^ BP's erode odi si^xphes 
and profitability; .offsetting some of between 160m ; and 170m 
hefty tosses dnetonedt by the tormes. a year. .- 'W^bet happeiis 
group to downstream activities, j n toe tote 1980s wbfen Forties 
Forties has not been a cheap output W 1 M" be; wedi below half 
project Latest figures suggest qf : today's leved ? Gleaiiy BP 
that BP will eventually" spend needs 'to. find some more hag 
jwedil over £lbu on its develop- reserrodrs. The Buchan and 
ment; nearly toree times the Magous Fields ■ wil.l help but 
original estimate. ' This. ' toci- theyJwiU nowhere near jnafce-iip 
dentally, goes someway to ton- for toe drop in Forties prodne- 
firaning “ Q’s Law " as devised tiion. BP ’mustjlook -in? other 
by Mr. Quentin Morris, a axeas. “Just ntoybe, Oihe-'reOTTr 
director of BP Tra®ng. He has voar west ~ of the - j^ettehd 
recognised that, cut least through islands' will make an important 
the initial stages of an offshore tontributionto BP's supptoes at 
devdopraeut programme, tite apiput .the tdmfe. ... 




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S< w 


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C- * 


clashes with Tory 
f over IMF credit 


Dividends Callaghan sees 

aUSWer € ^onoor 5 lri 


HUNT^ PARLIAMENTARY CORRESPONDENT ■ 
JffiNlS. .. r HEALEYi . 'Chan-: with "both sides eager to score 

ir-HT-nwi ■EsenennerL was th^ Vlphatfna . f 


: ■ ct piuuutuuii ngures souwca mat 

accuseSI ^ $tr Geaffrey * Howe, output in the UK wasSg rowing at 
Js ^ ada yr - fiKa^ t tel lor^bf ~a^ detiber- 1 per cent a quarteiY a figure 
a^^^iit-aElegations.; he bad which he hoped the Efouse would 
madft^pcenUng'iiegotiatlons tor view with satisfaction- If any- 
- ;the L ttana : l>y„'eredit with the. IMF thing, this was slights ahead of 




le <C„ 
that out- 
and Ger- 


the:ttana : by credjt with the. IMF thing, this was slight' ‘ ’ 

; - - the Budget forecast. 

Href .controversy concerns a : Mr. Julias Bii 

thade \sarUer by. Sir Harwich^ pointed o ..... 

geoffr^y that thg Chancellor had- put in. Japan, the U.S and Ger- 
££eU-gttiIty.pf-“ deceit”; when he many was still ahead of ours. 
-h»o ;-*oId the House that there But Mr. Healey told? him that 
were no strings attached to the the .German Economic Institute 
IMF credit. ."*■■■ had forecast a rate flf growth 

-Mr. Healey said yesterday, that this year of 2$ per cenfe “ On this 
. he repudiated the allegation. He showing, our rate of growth is 
•.could not accuse Sir Geoffrey of likely to he higher Sian Ger- 
mendacity - because it was for- many’s,” he commeotei 
bidden ■ by the rules of the The Chancellor’s opnfriism was 
House, but he thought the word ohaUenged by Sir Geoffrey Howe, 
“ deceitful” should be with- who said that output for the first 
• ’■ quarter was still below? the level 

At this. Sir Geoffrey intervened of the three-day week under the 
to make it clear that he had no Tories. There had been four 
c^h^Sdown He years’ stagnation under Labour, 
understood the Chancellors The Chani-ellnr rented rhat 
sensitivity on. this subject, but that ye^Snwth Ss for 

-She ^nf nf what higher than -those of 

‘ cdflddur ti) ?h?HotSe?- 1 f Germany and France.'. Our in- 

Returning to the attack, Mr. hp 

• Healey said that the allegation Fig?** * nd , - weW be 

was totally untrue. In announc- be *°* ° f the uA ; 
ing the stand-by credit, he had Considering ihe problems. I 
made it clear to the House that w ® are doing quite well, 
if the sums could not be repaid and 1 *e British people 

on the date they were due, then wU take the same view when 
the Government would have to it bas a chance to express itself.” 
seek a further drawing from the he added- 
■ IMF... This, he said, proved that There were also; clashes 
Sir Geoffrey had been caught out between the two front benches 
in a deliberate lie. over money supply. 

ITie battle of words ended Sir Geoffrey maintained that 
when, after an intervention by there was every reason for ccm- 
the' Speaker, Mr. Healey agreed cern when M3 {the broader 
to withdraw the word “lie.” definition of money supply) had 
Honour was then satisfied when grown by 16 per cent over the 
- Sir Geoffrey agreed to withdraw last 12 months, while Ml tthe 
the expression “deceit” on the narrow' definition) had grown 
understanding that the Chan- even faster. The' Chancellor 
cellor renounce his charge of was creating these problems for 
“mendacity.” himself by the' sizer of the 

Throughout questions to the borrowing requirement. 
Chancellor, a distinctly pre- According to Mr. Healey, this 
election atmosphere prevailed, argument was absolutely wrong. 

Introdiicingtlie ’ 
FinancialTimes European 
Energy Report: vt 


The 16 per cent, increase in 
money supply last year had not 
been due to the size of the PSBR. 
which had turned out to be lower 
than expected, in fact, 40 peT 
cent., of the growth of M3 last 
year was due to the inflow of 
foreign currency, as a result of 
the strength of the pound. But 
for that, the- increase in money 
supply last year had been only 
10 per cent 

Germany was currently more 
m excess of its monetary targets 
than we were, .and this bad not 
led to the ili effects which had 
been predicted. 

Mr. Joel Barnett. Chief Secre- 
tary to the Treasury, gave a 


cryptic answer when questioned 
about the effect that lie altera- 
tions to the Finance Bill might 
have on the PSBR. 

When he told the House that 


1976-79 remained the £8.5bn fore- 
cast in - the Chancellor's Budget 
statement Hr. Enoch Powell 
(UU. South Down) demanded to 
know how this could possibly 
take into account the effects of 
amendments made to the Bill. 

Mr. Barnett replied: “The 
Finance Bill is not yet through 
the House. We do not yet know 
whether there will be any change 
to the Chancellor’s Budget 
statement’ ’ 


Hint of more details 
on air projects 


MORE INFORMATION about the 
choices open, to the Government 
in seeking partners for collabora- 
tive projects for new civil air- 
craft and engine manufacturing 
programmes may be given to the 
Commons -on Monday week. 

This possibility was held out 
by the Prime Minister yesterday 
when he told MPs that his talks 
earlier in the week in Washing- 
ton with the heads of Boeing, 
McDonne-li-Douglas and Eastern 
Airlines bad been “valuable." 

They had shown, he said, that 
there was a very big and rapidly 


growing market for air trans- 
port, particularly in the U.S. 

The Prime .Minister stressed 
that “some difficult decisions” 
would _ have to be taken as 
between the three corporations — 
British Aerospace. BAC and 
Rolls-Royce. 

He acknowledged the need to 
lay the facts before the House 
and said the Government wel- 
comed the fact that Mr. Terry 
Walker (Lab. Kings wood ) was to 
launch a debate on future aero- 
space production policy on a 
private member's motion on 
July 10. 


No monopolies inquiry 


MR. ROY HATTERSLEY. Prices 
Secretary, has decided against 
referring the merger of the 
Hastings and Thanet Building 
Society with the Anglia Building 
Society to the Monopolies and 
Mergers Commission for investi- 
gation. 


Mr. Robert Maclonnan, Under- 
secretary for Prices, taid MPs in 
a written answer: “The Chief 
Registrar of Friendly Societies 
bas considered those aspects of 
the proposed merger that con- 
cern him and is satisfied that the 
amalgamation should be allowed 
to proceed.” 


Assurance on finance report 

A POSSIBLE October general that the commit tee hoped to pre- 
election would not affect the sent an interim report at the 
, timing of a report from the Com- cnd t,ds * ear _ am* \ 
miltee to Review the Function- *W*J? 

ing of Financial Institutions, the were a dissolution of Parliament 
Prime Minister assured the before the committee presents 
Commons yesterday. its final report, the current 

In a . written reply. Mr. arrangements for its work should 
Callaghan said he understood be affected,” he said. 


may soon 
be known 

BY JOHN HUNT 

THERE WERE some signs m 
the Commons yesterday that the 
great dividend control mystery, 
currently the longest running 
thriller at Westminster may be 
coming to an end. 

Cautiously, Mr. Michael 
Foot Leader -of the - House, 
-Indicated that the Government 
may be preparing to bring 
down the curtain on this pro- 
- (faction. He told MPs: “ Maybe, 
the best way to proceed is by 
a statement next week.” 

Statutory control over divi- 
dends runs oof at fhe end of 
July unless fhe Government 
Introduces new legislation to 
extend it- .The City Is wait- 
ing with haired breath to see 
what the Government’s inten- 
tions are. 

Last week, the mystery 
deepened still rorther when 
Mr. Foot said that there 
would be no legislation 
although the Government still 
had not made on its m^nd what 
to do abont »h* eontinnation 
of statutory controls. 

. The storv took a further 
ttplef vpsfer'tn*. w*ien Joel 
Barnett. Chief Secretary to 
fhe Treasury. speme»i to cast 
some 'tnitht on the. subject of 
Irrigation. 

During finest inn rime. Mr. 
John Rtffen fC.. Oswestr* > 
aekPd w r. F-»rnett to etarirv 
trb-it Mr. Foe* had meant 
when He cst^ there would be 
no legislation. 

_ EnlfTtn-Hcattr. Mr. Harnett 
•*vis«»d Mr. Riffen not inst to 
pick no “ on® 0 r t\vn ” north 
of vhnf Mr. Foot had said. A 
statement wn»itff He made at 
the annroorfate time. 

There was a v-arning from 
Mr. Erne«t Fernvhmirii fLah. 
Jorrmvl that |f capitalism t*'«s 
allowed uncontrolled rewards, 
there was Utile dowIMWv of 
getting a further agreement of 
ware controls with the unions. 

Mr. Barnett agreed to bear 
this i*» mind hut nolnted out 
that the crow’ll n* dividends 
over the nast decode had ** not 
be»n all that erent.” 

From the Onposilion front 
bench Mr . Nigel Lawson, 
demanded an assurance that 
controls would not he per- 
petuated by a so-called volun- 
tary system which would 
include the use of economic 
sanctions and the blacklisting 
of companies who did not obey 
the pay code; 


danger in 
Tory pay plans 

BY IVOR OWEN, PARLIAMENTARY STAFF 


THE RISKS inherent in operat- 
ing an incomes policy which de- 
liberately discriminates against 
workers in the public sector were 
highlighted by the Prime Minis- 
ter in the Commons yesterday. 

He -accused Mrs. Margaret 
Thatcher, Opposition leader, of 
having made the “most danger- 
ous speech of the week” in 
Yorkshire on Wednesday ' when 
she indicated that under a .Con- 
servative Government a sharp 
distinction would be drawn be- 
tween pay bargaining in the 
private and public sectors. 

Mr. Callaghan claimed that 
Mrs. Thatcber had promised free 
collective bargaining for private 
industry while giving notice that 
publicly owned industries would- 
be required to keep within cash 
limits. 

There were cheers from the 
Labour benches when he com- 
mented: “If she does not under- 
stand the degree of compara- 
bility between skilled workers 
in public industry and those en- 
gaged in private industry. I can 
assure her that if she ever has 
responsibility, she will have a 
wonderful disillusionment com- 
ing” 

Earlier. Mrs. Thatcher taunted 
the Prime Minister over the 
Government’s decision- to cut the 
proposed increase in the em- 
ployers’ National Insurance 
surcharge from 2J per cent to 
1 i per cent. 


“ Has the Government - finally 
made up its mind about the 
Budget?” she scoffed. 

If so, said the Tory leader. 
Parliament should be informed. 
Backed by Tory cheers, she 
maintained that so far the only 
firmness shown by the Govern- 
ment had been in its support of 
policies of high taxation. 

The National Insurance sur- 
charge. sbe added, would be a 
tax on exports, jobs and food. 

Mr. Callaghan replied that the 
Government made up its mind 
about the Budget in April. Un- 
fortunately, it had not been pos- 
sible to .get support from the 
House for every proposal. 

“If you are now repentant of 
your vote and would like to go 
back to the position announced 
in April, 1 would be very happy 
to do that,” he said. ' 

Mrs. Thatcher then accused 
the Prime Minister of persisting 
with policies which would in- 
crease unemployment even 
though having admitted earlier 
that the tax changes proposed by 
the Opposition would reduce un- 
employment. 

The Prime Minister retorted: 
“I dare say if you go on biting 
for 15 minutes, you will score a 
scratch somewhere.” 

But, be insisted, the Govern- 
ment's economic policy was well 
understood in the country and 
was meeting with increased satis- 
faction. 


Peers fail 
to agree 

on Bill 

of Rights 

By Rupert Com well. Lobby St 

A SPECIAL House of I) 
Select Committee has failed 
agree whether the UK nee< 
formal Bill of Rights. But 

unanimous that if one eve 
adopted, it should be based 


Dell faces criticism 
of Eleni V operation 


PARTIES PREPARE FOR DIRECT ELECTIONS 



ener 


3 Western Europe’s energy ‘mix 
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AN rMMLNENT General Election 
is bad enough. But Britain’s 
two major political parties are 
now having to devote a small, 
but significant, part of their 
energies to those other elections, 
in under 12 months’ time, for 
the first directly elected Euro- 
pean Assembly. 

Whether you regard them as 
the Second European Coming, or 
as the final destruction of 
national sovereignty, no one very 
much doubts that direct elections 
will now take place. With so 
busy a timetable ahead, con- 
siderations for one election spill 
over on to the next. A General 
Election this autumn will be 
followed by the selection of 
European candidates early in the 
New Year, in preparation for 
the big day next June. 

Predictably, it is the Conser- 
vatives by whom Europe is still 
generally seen as a Good Thing, 
who are furthest ahead with 
I their preparations. Applications 
(started arriving in Smith Square 
a year ago, and since January, 
Mr. Marcus Fox, MP for Shipley 
Land vice-chairman in charge of 
candidates, bas been holding 
(preliminary interviews. 

' The survivors go on to face a 
full panel, including one mea- 
(ber of the Tories’ present nomi- 
nated delegation to Strasbourg. 
If they clear that hurdle, the 
prize is a place on the ail- 
important Central Office approved 
list of potential candidates. This 
should he completed by Novem- 
ber. when about 200 names will 
be circulated to each specially 
formed Euro-constituency organi- 
sation. In theory, a selection 
committee need not be bound 
by the list and has the right 
to ehoose a favoured local son. 
Alt h on eh this is unlikely to 
happen, party managers are 
hoping that the list will contain 
plenty of people with strong 
regional appeal. 


Pressures 


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The big question, of course, is 
just whose name is on the list, 
and, in particular, how many 
Westminster MPs. Even the 
voluble Mr. Fox gives nothing 
away. All we know is that appli- 
cants are said to be of a very 
high calibre and include profes- 
sional men, industrialists, top 
civil servants with ' European 
experience and ex-ambassadors. 
It all sounds very much like the 
existing House of Lords. 

Among MPs, silence is golden. 
But :BOw ibat Mrs. Thatcher has 
let it be known she frowns upon 
the “dual mandate,” pressures 
upon them lb. show .their bands 
are growing. On June 15. Mr. Fox 
sent a. letter to all Tory MPs 
asking them to lei him know if 
they were considering standing 
for Europe. So far. he has had 
“several" replies- But, like their 
Labour ' colleagues, most will 
prefer to keep their options open 


BY RUPERT CORNWELL 

until they know their fate in the 
general election. 

Conservative managers con- 
cede that a tiny handful of MPs 
will manage to end up doing both 
jobs, if they want whatever the 
hostile noises from the leader's 
office and the whips. But it will 
require what one termed a 
“phenomenal act of persuasion” 
to convince a selection committee 
that an MP can serve at both 
Strasbourg and Westminster. 

Although both major parties 
are leaning against it, argument 
still rages over the dual man- 
date. particularly for the first 
term of the directly elected 
assembly when many believe 
tbaf firm links between national 
and European Parliaments will 
be especially important. With- 
out some Euro-MPs, firmly rooted 
in domestic political life, there 
is the danger, even pro-Euro- 
peans argue, that Strasbourg will 
lose touch and become the crea- 
ture of the EEC Commission. 

On the Labour side, at least, 
there is talk of compromise. The 
Parliamentary party is asking 
for a special meeting before 
Transport House makes up its 
mind, and some Labour MPs are 
said to have suggested the dual 
mandate be permitted on two 
conditions: that an MP formally 
pledges his first loyalty to West- 
minster — and that he leaves an 
undated letter of resignation in 
the whips’ office. 

By ensuring that MPs could 
be summoned home to a key 
division, and by removing the 
risk of a rash of awkward bye- 
elections, such a formula would 
go some way to meeting the 
central objections to the dual 
mandate emanating from the 
respective whips’ offices, whose 
importance should never be 
underestimated, above aU. when 
they agree. 

In the field, though, there will 
be enormous differences. As we 
have seen, the Tory effort, in 
practice, will he in the grip of 
Central Office. Labour, on the 
other hand, wiH leave large dis- 
cretion to local parties in the 
choice of candidate. This might 
well produce a preponderance of 
anii-market Labour candidates. 
Not very good for Europe, cer- 
tainly.- but an outcome which 
might offer Labour its best 
chance In the Euro-elections. 

Even at titis early stage, it is 
the "differential turnout factor" 
—In other words apathy by anti- 
EEC Labour voters^-whicb most 
-worries Transport House officials. 
Mr. Ron Hayward. General Secre- 
tary. is on reeord with the 
prediction that Labour might be 
necked-and-njeck with the Tories 
at Westminster, but gain only 
15 or 20 of the 81 Euro-seats. 

Each new European seat in 
England. Scotland and Wales is 
composed of between eight and 


ten existing seats at West- 
minster. For the Tories. Euro- 
pean selection committees of no 
more than 30 will consider 
applicants from the approved 
list who throw their hats into 
the ring. But each local Labour 
party will be able to put forward 
20 delegates for every' committee 
and nominate three contenders. 
Consequently, 200 delegates 
could be choosing from as many 
as 30 candidates. 

Two vital questions, however, 
still remain unsettled: the future 
links between. Euro-MPs and the 
national Parliament, particularly 
iF the dual mandate is rejected 
and money. On the first issue. 
Parliament cannot be expected 
to come up with some formal 
mechanism, as this would raise 
more constitutional questions 
than it answers. Both parties, 
instead, are. likely to make 
separate arrangements. 


Emphasis 


Some Tories would like 
Strasbourg MPs to have auio- 
matic access; to specialist back- 
bench committees at West- 
minster. Labour, with its strong 
anti-EEC ejement, especially 
among party workers, talks 
ominously t^f “ accountability ” 
and Transport House is looking 
at various possible solutions. 

Money, of^ourse. means two 
things— the celebrated issue of 
the salaries iof Euro-MPs. and 
the less emotive, but equally 
important, one of how the 
parties will finance direct elec- 
tions, in all livelihood, just eight 
months after a UK general 
election. | 

There is powerful resistance 
to the £25,000 salary figure re- 
ported fromf Brussels, and an 
equal emphafas, in both parties, 

that any such windfall should 
be taxed at TTK rates. Matters 
are cnmplicat|d bv the sensitive 
problem of MPs’ modest pay at 
Westminster. \ 

The worry af the party organi- 
sations, however, is bow to pay 
for the elections. Labour, 
naturally, is the most apprehen- 
sive. having not only to fight ihe 
general election, but also find 
the money far its new head- 
quarters in south London. What 
help will emerge from Brussels 
is not entirely clear. But one 
set of sun*5*Ir Transport Bouse 
suggests it is unlikely to be more 
than £60,000, to • £70.000, com- 
pared with i total cost to the 
party of at least £400.000. 

One neat solution is going the 
rounds, not-, entirely in jest. 
Why not make lavishly rewarded 
Euro-MPs contribute," say one- 
third of their salary to the party? 
With 30 MP?, each receiving a 
total package of perhaps £25.000, 
the calculation could win the 
heart of even- the most anti-EEC 
Labour treasurer. 


BY LYNTON McLAIN 

THERE WAS nothing the Trade 
Department could do to stop oil 
pollution coming ashore from 
the crippled tanker Eleni V 
which was blown up last month. 
Mr. Edmund Dell, Trade Secre- 
tary, told a Select Committee of 
MPs last night. 

Mr. Arthur Palmer, MP, the 
committee chairman, told Mr. 
Dell that the Eleni operation 
was “ badly coordinated and that 
there had been too many fingers 
in rhi? nie.’’ 

Mr. Dell admitted that oil dis- 
persers were “ oot very effec- 
tive.” The Department was still 
“very far from being able to 
guarantee that oil will not pol- 
lute the beaches.” 

Dr. Paul Cormack, head of the 
oil pollution division at the 
Government’s Warren Spring 
laboratory, said there was very 
little chance of designing a dis- 
persant that would work on thick 
oils like that in the Eleni V. 

Mr. Dell spoke after Mr. 
Palmer read evidence from Nor- 
folk County Council condemning 
emergency oil pollution tech- 
niques used during the Eleni 
emergency last month. The coun- 
cil was heavily involved in 
attempts to slop pollution to its 
beaches. It said that techniques 

MPs will 
debate 
devolution 
guillotine 

By Ivor Owen 

DEFIANT TORY peers inflicted 
more defeats on the Government 
in the Lords last night, and made 
further amendments to the 
Scotland Bill at its third reading 
stage. 

On the other side of the 
Palace of Westminster, Mr. 
Michael Foot, Leader of the 
House, announced that the pro- 
cedural motion . enabling 
discussion on the Lords’ amend- 
ments to be curtailed by the 
guillotine when the Bill returns 
to the Commons will be debated 
on Tuesday. 

The Government wants to con- 
fine the discussion in the 
Commons on the Lords' amend- 
ments — they are expected to 
number more than 150 — to three 
days with the debates arranged 
in such a way that MPs have an 
opportunity to express their 
views on the main issues which 
have previously gone undiscussed 
because of the operation of the 
guillotine. 

The Commons wti] start to deal 
with the Lords amendments on 
Thursday, with a discussion on 
the proposal by peers that the 
first election for the Scottish 
assembly should be conducted on 
the basis of the additional 
member system of proportional 
representation. 

The first defeat suffered by the 
Government in the Lords yester- 
day— by 119 votes to 76 — resulted 
in the Bill being amended to pro- 
vide that the proceedings of the 
Scottish Assembly should enjoy 
the same status as those in Parlia- 
ment and have absolute privilege 
for the purpose of defamation. 

This was followed by a 22-vote 
defeat (105-83) on an amendment 
Secretaries, based in Edinburgh, 
to exercise executive powers 
under the Royal prerogative. 

Earlier, during Prime Minister’s 
question time in the Commons. 
Mr. Dennis Canavan (Lab. West 
Btirlingshirel attacked the Lords 
for making so many amendments 
to the Bill, and .described the 
peers responsible as a “ crowd of 
political vandals and hooligans.” 

Mr. Calagban re-affirmed that 
the Government intended to 
ensure, as far us it could, that the 
Scotland Bill was on the Statute 
Book by the end of the current 
session. He agreed that the 
Lords had behaved “irrespon- 
sibly " on a number of matters. 

“ I look to the House of Com- 
mons to put it right” he said, 
aznid Government cheers. 


were patently not adequate to 
cope with oil pollution. 

Other local authorities criti- 
cised Mr. Dell’s department for 
failing to lead in the fight to 
save Norfolk and Suffolk 
beaches. The Great Yarmouth 
council said that there had been 
no one person or body on the 
spot during the Eleni disaster 
with overall executive control. 

The Eleni V collided with the 
Rosaline, a French merchant 
ship, on Saturday. May 6, six 
to eight miles off Happisburgh, 
Norfolk. 

Mr. Deli apologised for the 
fact that his department had 
misled the public with sugges- 
tions that there would be “no 
ecological problem, and no pol- 
lution to the beaches.” This was 
“over-optimistic,” he said. 

Mr. Stanley Clinton Davis, 
LTnder-Secretary for Trade, told 
the committee. “At all times, I 
was assured by all the local 
authorities that they could cope 
with oil that came ashore." He ex- 
plained that responsibilities for 
oi] pollution were held by rhe 
Trade Department for all events 
one mile from the shore. The 
local authorities and the Environ- 
ment Department had responsi- 
bility for beach pollution. 


tion on Human Rights. i 
The committee of 11 peers 
set up more than 16 raontbsl 
after a Bill sponsored by I 
Wade, a Liberal peer, to ensh 1 
a code of fundamental right 
the constitution had wot 1 
second reading in the U( 
House before being referrei 
detailed expert scrutiny. 

Yesterday, after its report! 
been published. Lord W 
declared that the majority 
favour of tbe principle of a ' 
of Rights, albeit only by six vi 
to five, was an “important brj 
through." The subject bad too 
from one of “academic discus: 
to potential legislation." 

The merits of a Bill of Rij 
have been long debated, part 
iarly as part of a radical over! 
•of tbe entire constitution. 

The committee found tha 
Bill could not be made imm 
from amendment or repeal b 
subsequent Act. “That foil 
from the principle of 
sovereignty of Parliament wt 
is tbe central feature of 
constitution.” 

Listing tbe main advanta 
of a Bill of Rights, the rep 
points to the extra protect 
it might give the citizen, its r 
relevance now that Britain is 
the EEC and about to set 
devolved assemblies with le; 
lative powers of their own. : 
the inconvenience dF an lnd 
dual having to use the rem 
Strasbourg Court of Justice 
obtain redress. 

On the disadvantages 
committee says that a Bill 
Rights would cause seri< 
constitutional problems, a 
give too much power to an > 
elected judiciary. It woi 
serve no real purpose since, 
many cases, basic standards 
human rights in the UK wt 
higher than those contained 
foe convention. 

The committee remarks tl 
a Bill of Rights, even if adoph 
would very probably make tit 
difference in practice. 

Next week’s 
business 

COMMONS business next week 
MONDAY: Debates on NJ 
disputes, and on rural planni 
in Northern Ireland: Renrest 
tation of the People Bill, Repo 
Theft Bill, remainin': stages. 
TUESDAY: Debate on empk 
ment: timetable motion 
Scotland Bill. 

WEDNESDAY: Finance B 

report 

THURSDAY: Scotland Bill. Lor 
amendments. 

FRIDAY: Appropriation (No. 
Northern Ireland ord* 
Northern Ireland (Financi 
Provisions) order. 

MONDAY (July 10): Prlva 
members' motions: debate « 
EEC preliminary draft bud 2 « 


TTT group Enhanced Profits 

\/%/0 f Dividends and 
▼ T Prospects 


Prospects 


WAC£ GROUP LIMITED ABRIDGED RESULTS 

Year to Ycario 

51st December 51 si December 


Turnover 

Profit before Taxation f After 



r 

r 

o 


3.S0A6H0 

ns) 

127.900 

305.400 


eU.HiO 

4S.400 


67,800 

55.000 


7,750 2 2 n ,. 

4.fTl 

7.0". ■ 

35.500 ^4S"« 

30.625? 

10.5 y «>_ 

?:6% 



£44.350 

i'59.50n 


Taxation 

Profit after Taxation 
Dividends 
Interim Inctj 
Final (net) 


Retained Earnings £44.5 50 i.'59.5Qn 

CAPITAL INCREASE AND SCRIP JSSUeI ~~ 

Resolutions to increase the Company's Share Capital by a lun her 
5U0.000 Ordinary Shares of 20p each and fora 1 for 3 scrip issue 
were approved by Shareholders on 29ih tunc,1978.App)icjiicn has 
been made to the Council of the Stock Exchange for the new shares 
lo be admitted to the Official List. RenouneeyblcCvriifjcaics will be 
posied on 7 ih July. 1978 and dealings will commence an Monday, 

10 th luly.1978. 

PROSPECTS. 

Profits are substantially higher in the current year ihan in 1977 and 
year profits to 30tfi June. 1978 should be similar lofujl 1977 year 
profi ts. Acquisitions within the industry to enlarge our share of the 
market and broaden our base content plated. 

Copies of the Report and Aceountsareavailablefrum i hi- Secretary, 
WaceGroup Limited, 5/U Eyre Street Hill. London, EC1R 5EU. 


BuHding and Civil Engineering Contractors 

SUMMARY OF RESULTS 

1977 1976 1975 

Turnover £22J 00,000 £23,700.000 £24.400.000 

Profit before tax £671,000 £1,256,000 £1.147,000 

Ordinary dividend* ... 4.09p 3.71p 3.41p 

Net assets £2,862,000 £2,708,000 £2,265,000 

Earnings per share* ... 5.27p 9.76p 8.94p 

“based on issued ordinary share capital at 31st December, 1977. 

The Chairman, Mr. Harold A. Whitson, CB.EL, B-A., reports: 

• Recently awarded £2Qm. contract for Paisley District 
General Hospital. 

0 Intention to increase investment in private housebuilding 
subject to laud availability. 

• Property development progressing well and helping to 
provide work for construction division. 

• Unlikely to be any rapid upsurge in building activity. 

6 Proposals to be submitted for some restructuring of group 
to give greater flexibility in deployment of resources. 

Copies of the full Report and Accounts may be obtained from 
the Secretary. 

MELVILLE, DUNDAS & WHITSON LTD. 

21 Blyfhswood Square, Glasgow G2 4AT 


’ V 




The Property Market 


JOHN BRENNAN 


lilton breaks his silence 


JCY BILTON, chairman of 
cv Bilton Limited, the £60.-in 
ustriai property group he 
nded fifty years ago. has 
ken his eighteen month 
nee over the sudden depar- 
- in 1976 of the group’s 
jier deputy chairman and 
nag i rig director, Bryn Turner* 

auels. , . . , 

peaking at last week s Annual 
neral Meeting. Mr. Bilton re- 
led that Mr. Turner-Samuels 
I not in fact “retired" from 
£15,000 a year job. He was 

laving referred to the call /or 
■full airing of the Turner- 
ouels affair in this column 
t week. Mr. Biitcm told share- 
ders that he lived by the 
(TTCiple that, “if you cannot say 
.thing good about anyone, 
i't say anything at all. But 
explained that. “I have tried 
■d to do this with Samuels, out 
.'appears that sleeping dogs 
■»d arousing at times. So 1 It 
,’ore those principles which 
luenced me eighteen months 
a. and give you the bare 
ilh ** 

Hr.' B ilt on’s “bare truth '' at 
t provides some explanation 
• the disturbingly enigmatic 
uments carried in the coro- 
nv's accounts since Mr. Turner- 
tnuels departure in December 
F6. 

Jn its 1976 accounts the group 
ferred to reductions in housing 
rision profits caused by. 


"certain management weaknesses 1 
and a lack of control ...” And 
Bilton recently reported that it 
needed to make a £600,000 after 
tax provision against pre-1976 
housing contracts, a provision 
necessary, 4, In the light of 
additional facts which have 
gradually emerged since the 
retirement of the former manag- 
ing director in December 1976." 

Mr. Bilton told shareholders, 

•* Towards the end of 1976, 
Samuels was altering and extend-, 
ing his home in Bishops Avenue. 
It happened during the period of 
7S and ultimately cost £100,000 
for alterations and additions. 
Certain irregularities and wrong 
allocations were reported to me 
in November 1976. I directed an 
investigation and this is a quota- 
tion from the initial report. 

•■•I am now quite satisfied in 
my own mind that TS [Turner- 
Samuels] has been lying to me. 
time and time again. There was 
also an elaborate cover-up plan in 
December, not only to hoodwink 
the auditors but the Board of 
Directors and anyone interested 
in the costs.”’ 

Mr. Bilton continued. “I took 
action. 1 consequently fired Mr. 
Samuels. He asked could he use 
the word * retire.’ My Christian 
beliefs made me do so. When 
I got into the saddle again, in 
depth. I came across extravagant 
costs on the Public Housing Con- 
■ tracts. I became aware of very 
’ definite falsifications in the 




.w tfl?* *•}■ .' v; • /.■ 


|. ■■ j : . 

It t* tf,‘ ■ M '. 


monthly report oE profit shown 
against Housing Contracts, 
whereas losses had been 
incurred. Not profits, losses. But 
it was submitted to the Board 
as profits, for - five continuous 
months. During five months such 
spurious figures, had been shown 
and submitted to the Board. : 

“Had 1 not fired Samuels in 
December, 1976. I would cer- 
tainly have fired him for gross 
neglect and irresponsibility in 
April, 1977. 

•• Latterly, or during the last 
five months, there has been snip- 
ing at your company in some of 
the' cheap media about manage- 
ment problems since his depar- 
ture. So let me say in unequi- 
vocal language, the only manage* 
ment weakness was when he 
[Mr. Turner-Samuels J was the 
chief executive.” 

Mr. Turner-Samuels, who 
moved to the South of France 
after leaving the group and sub- 
sequently selling his 1.27m 
shares in Bilton for around 
£1.5m, visiting London at the 
moment. He takes a different 
view of the affair. In a state- 
ment prepared after consulta- 
tion with his solicitors Mr. 
Turner-Samuels says: 

In answer to the points put by 
Mr. Bilton. “ 1 — Months before 
the ‘investigation' to which Mr. 
Bilton refers, the Company’s 

■ auditors had pointed out certain 

■ discrepancies in the accounts 

i concerning work done at my 


•. : *■ • 

X ' 'yyz . '.v v ■. 

7'. J' ' • •• >**• — ^ 



Mcf^I TSue? 

sbouia' effectfvery reffiiqufe& tbey ' S'&SSJ 

Sttfaout a factory non-family »*■*. .£L b3 

representation ^ Iton HCFC 'aiiw-' suggestsr^t 'fact that - 

ert-OTely h«Sthy positioa, h,v- ag ta. **?*?:. , 

tog built it ■ r •: 

of 16 years, certainly to my own ^vour .txf ^.eftong - 

benefit hut more to the * . market -147: 

benefit of ihwfboMgy nd ^ tuft's sector 

especially the Bilton family. ■ by stockbrokers fie 2oete 

H n ■ -X and Bevah. . De-Zoeie l^beves 

In Brief ■ ■ ■ “ that the .net;inflo>voffUdds^ 

III Ul ■ ■ ■ ' Se institutions could, top fTbn 

A POTENTIALLY important th fc year, and that property m- 
precedentin the- housing market vestment is likely to absoro 
passed virtually unnoticed this around £1.2bn of that totaO. - . 
week. The Housing Corporation, jhe - broker estimates that as 
acting through the Housing degearing programmes are cot- 
Corporation Finance Company pitted-, - the: supply - 

(HCFC), has- agreed to lend from property companies wm rajx- 
£1.9m bridging finance for the year's £400m «.««*, 

156 tenanis -of the Lichfield £2Q0m r Increasing JJjJ 
Court flat block* In -filchmond, balance of demand over supply 

atSaptetofonn -tenants’ aaoma- BRITISH LAND is -{**“*. 

■tions to buy- out block freeholds, beneficlary^of^the Post vm« s .- 
particularly during the break-up ap p e tite City offiw P ' 

of William Stern’s residential The Post Office, ' 

empire. Blit. -on. the-few occasions property Services Agency^i sm gBMa 

tenants managed to form effec- take the whole. - J;! ■* -: : -\i± 

tive associations, the problem of 29,000 sq ft Eew £t!ft Fr.r S'- Hiere fe/renewed^ Unrest iA - 
finding a friendly source of 12 o Aldcrsgate -street, , &«-*, . ■.■ aB ^ vc irfBce. s^es^n tiw 

bridging finance has been a a rent of just .aver £iu a .4 ■ fcfcg# <*- West Xind ^ to 

major stumbling Mock. Now the The ' BrfttsTi ' ' judge -by Hasfcmere': Estates’ 

Mtaister. « “SoSSf ^ M » 

Rec Freeson, hopes to resolve Steinberg House four years ago, .. refurbishment ■ on. .the, Croin- 
nroblems and encourage combines . .a _ City-fnnge- 'postaL ; . b w ^West London 




Mr. Percy Bilton — breaking an eighteen-month silence. 


house. I directed that any 
mistakes be rectified immedi- 
ately. and after this had been 
done I did of course pay in full 
for ail work. 

3 — I do not know of any falsi- 
fication in the monthly reports 
of profit shown against housing 
contracts. The cost computations 
were the sole responsibility of 
the accounts department, and Mr. 
Bilton together with myself and 
all Executive Directors received 


exactly the same information. I 
did not — and indeed could not 
— ralsify any figures. 

"3— Mr. Bilton did not ‘sack 1 
me. As various people knew, 
my decision to retire was taken 
some montiis prior to the 
announcement, and was based 
upon two factors. First, for 
family health reasons, but 
secondly because I was unable to 
accept a then-proposed sugges- 
tion (now fact) that the Company 


«» “*>«**•'* ” ° pera - 

to buy out the in th« campaign.: But rent negotiations ,ifcXPDanaged lo get : an_ average 

ing leasehold interests ^ haV (r' involved some CMSCMfbns i dE5^ a sq ft ittthre^separafe 

block, assign long.wwes ^ f com. the initial £310,600 a ^ to R. G. Hunter and 

ex- asking rent, and^ t^e Post ^ce. ; represented byJtfm 

tn he completed in six will have a short rear D . The Simpler Time 

S£&.Sh!!ttI3*C loan wBl :**#A : <W. 

he repaid- . ass0C jatiaQ One aspect of the letttng-.ieems £5j nceU ^ S> 

-asg .ffisSrs - 

te-nts appears Xo^e the only 

S of P S^*pe steadily fie- report of tte-Jettms^deaVthe , 


INDUSTRIAL 





if you are looking 
for industrial 
Property in this 





Peterborough 


Cambridge! 
•Bedford 
©Milton Keynes 


•Kings Lynn 

Norwich* 

Great Yarmout 


•BuryStEdmunds 


Cotehester- 


Ipswich 



LONDON 


speak to the people who 
know their market 
on 01-930 9731 



53b 


SOUTHWARK 



Sll 

Industrial /Office Building, 
FOR SALE-FREEHOLD 
14,605 sq ft 
Covered yard and 
Railway Arch 3,650 sq ft 

Hi* Barrington Laurance 

71 South Audley Street, London W1Y 6HD 
■Jp Va Telebhone: 01-492 0141 Telex: 2G19SS 


\ Send now for your brochure to: 
\ The Industrial Adviser, 


\Thamesdown Borough Council, 
Swindon SN1 2TH 

JSgSffl? TeL* 0793 26161. Telex 44333 

SWINDON 

..■u, - . jJj WL Has incentives no goveronent car offer. 




at the touch of a button. 


Provincial Offices 

Chatham 

SovereignHouse, Pentagon Centre, 

93,500 sq-ft. 

Southampton 

Collingwood House, Nelson Gate. 

Opposite Central Station. 70,694 sq.ft 

Chester 

Windsor House.Prirne central location, 
remaining floor or 10.000 sq it in new 
building. 

Swindon 

Aspen House. 65,670 sq.ft Centrally located 
air-conditioned offices. 100 parking spaces. 

Bletcbley 

Derby House. Town Centre location. 

27,850 sq.ft.newoffices.82 car parking 
spaces. 

Norwich 

Elliot House. City Centre. 29,549 sq.ft- 
Modem Offices. Integral car parking. 


Provincial and Suburban Office Departments. 
103 Mount Street, London W1Y 6AS. 

Tel: 01-493 6040.TeIex: 23858. 

Provincial and Suburban Offices 
Two of thelLWComputon Services 


Suburban Offices 

Western Avenue, W3 
13.980 sqitExt.ensively refurbished 
modem office building dose to underground 
stations. Imminent occupation, 

Staines 

New, centrally situated office building, 

10,890 sqiL Imminent occupation. 

Sutton, Surrey 

New office building in. town centre, 

.opposite main line station. 7,407 sq.ft. .- 
Immediate occupation. 

Tolworth^Nr. Surbiton 
Two remaining office units, 3 ,143 and 8,28 5 
sq.ft, in a modem, recently refurbished 
office building. Immediate occupation. 

Fulham Broadway, SW6 
New air-conditioned building, impressively 
located opposite underground station. 3,690 
to 13,3 80 sqit. Imminent occupation. 


m 


Chartered Surveyors 


BOREHAMWOOD w;; 

57.595 sq.ft. J 

Factory with Warehousing and graces 
TO LET ?-• 


COVENTRY 

2,750-20X100 sq.ft. 
Available Spring 1979 
TO-LET/fOR- SALE - 




ENFIELD Middx. . 

Single Storey Warehouse widi Officer- 

50.000 sq. ft. TO LET 

Rent £1 per sq.ft, pua^^xd; •; 

GLOUCESTER * 

Factory /Warehouse - " •'f-.'V- - "V 1 - 

9 770 sq. ft. ' . V"**.: 

Site Area J6 Acre TO-LET/FOR SALE _ 

HEATHROW (Bath Read] ; 

'■lew Warehouse " 

13.000 sq. ft, 

to let . •. ■- -.-’V 

:;tONpON/SE44^|: : V ; v^, 

Warehouse/Factory i 

18,800 sq.ft. 

. TO ’LET “ IMMEDIATELY AVAILABLf 

SOUTHWARK, SE-1^ ^ 

Modern Freehold 'Factory ' • • V. * 


FOR SALE 

TAUNTON - 

Factory/ Warehouse " 

4 J50-8700 sq.- ft. 

TO LET — IMMEDIATE OCCUPATldN 1 


To 1st 

4Q44 Drumsheugh Gardens 
and 3 Chester Street 
Edinburgh 



19th century elegance updated 
for todayis business needs. 

This. superbly refurbished office building is cenlral to one of the main 
business areas of ttie city. It retains many of the original Georgian features and 
overlooks a preserved amenity garden to which occupants have access. 

The property comprises 34,1 80 sq ft on five levels with extensive dining 
room facilities on the lower ground boor. 

■VIANG w . WSUiW _ 

iHi Wnght&Eartners 


Chart •tbg Surveyors 

10 Castle Street Edinburgh EH2 3AT 32 St James’s Street London SW1 A 1HD 
Tel:- 031-225 6344 Tel:- 01-493 41 21 


















Site seekers 


LonctonSt Leeds Investments Limited, the property- 
develbpment subsidiary of Ladbroke Group UmitOl 
five site seekingL- Major schemes are underway ini 
■Lbndon.'Swindon, Reading, Gloucester, Leeds, 
Manchester, Luton and Nottingham and others are in 
the pipeline, shortly to be announced. Further sites'! 
for industriaJ/warehouse and office projects are 
urgently-required. 

Flexible purchase or partnership arrangements with 
tendowningindustriaiists are of special interest V 1 
Finance, naturally, wiil not be a problem. 


Fuff details, or K. K. KHstock, Esq. CEng MiMechE,/ 

please, to: Deputy Chairman and Maraging Director, 


Fuff details, 
please, to: 

Retained Surveyors; 
A. R Grant. Esq.. 
Grant ^Partners 


SO Mount Street 
London, WJY 5RE. 
01-491 4120 


London&LeecB 

Investments Umrted 

part of -! 

Udbroke A S H S 

CroUP Q gr London. NW 102 > 

Limited ■Hr 0M598031 ^ 


part of 

Ladbroke 

Group 

Limited 


Chancel House; 
NeasdenLan£ 
London. NW102XE 
0W598031 - 


HAM GARDENS HOUSE 

14,300 sq.ft.TO LET 

' Offering tne most modem office facilities z- 
currently available in the City of Bath -• 
in units from 5,200 sq. ft 4 


J P STURGE & SONS 
Chartered surveyors 
2 Wood street 
Oueen square, 

Bath bai 2JG 
Tfel: 0225-29005 


ESAVHXS3 

20GrosvenorHlll, 
Berkeley square, 
London wixtlHQ 

Tet 01-4998643 


SHEFFIELD - SOUTH YORKS 

FOR SALE BY AUCTION 

An imposing Office/Showrbom 'building formerly occupied"' by. 
cast Midlands Gas, with planning permission for use as retail 
shop, restaurant & offices. Freehold. ' 

Total Floor Area 50,000 sq. ft . 
COMMERCIAL STREET, SHEFFIELD. "/ 
AUCTION 4th JULY 1978 IN S’. IEFFIEL6 

PAI 



Eadon Lockwood & Riddle 

Chartered Surveyors Estate Agent's Estabii>had ibao 
2 Sc. Jamas Street, Shaffiald SI 1XJ Tel: 0742-71277 Telex j- 174:*) £Lfl 

JOINT AGENTS:" 

fab Healey & GESaker 

l -Hn Established 1820 in London 

2f9St-George Street, Hanover Square, 
London W1A38G OV 629 9292 


SEIP COflTAIflCD 
OFFICE DUIIDinG 

Clo/e UVCRPOOI ST.*Tfl. 

19,810 /q f t TO 1ST 


LUTON, Beds. 

Adjacent Ml Motorway 
Pinal Two Remaining 

Warehouse / Factories 
10,000 sq. ft. 

incorporating offices 

Excellent Parking * 16 ft Loading Doors 
^ 20ft to Eaves ★ New 25 year Lease 

/ Rentals from £1-37 per sq ft 


St Quintm 

^Son# Stanley 


Connells 
.Commercial . 


& Upper C&artW St,.' 
Luzon, Beds, .9583 S1S3- 


Ch:irliTvil Surveyors 


vuray Bouse, Queen street Place. 

Jioadon BG4H 4ES 
•' ' ‘ Teleohaoe R1-2M 4Mb 







SSiBjiiFSIIIIIISB 


If you have considered amove 
(and even if you have not) 

Crown House, Sittingboume, Kent 
with rent and rales totalling only 
.£’3-iJ0 a sqJt is certain!)' worth thinking 
about Find out more 





Joint Ag&i is 


UwKitd NifMru*! .1.. IV Lundnn WIX iTjL 

01-73481 55 


AnthorryD. 

Lewis 

95, High Street, Esher 
Esher 65555 & Esher 63577 



KIDDERMINSTER 

Industrial Land 

of 

About 35 Acres 
Fronting Worcester Road 

Near to Dual Carriageways to Junctions 5ft 6 of MS 


FOR SALE BY PRSVATE TREATY 


Anthony J. Toll ey, 
F.RJ.C5. 

14 Laid Street 
Beunili)' 

Worceit* rshire 
Tel: Bewrfle/ 403329 


S3 T*rnplt Paw 
Birmingham 62 5LY 
021-543 9351 and 
London 


Phipps & Pritchard 

Bank Buildings 
Exchange Slrtet 
Kidde-miniter 
Wortficenhire 
Telephone: 0562-2244 




>F£R:I!3~t A??=:S Li.V -EO 



Multi-purpose Industrial/ 
Commercial Complex 


m iii 


AS A WHOLE OH IH FARTS 

Approx: 387118 sq.ft Total site area approx 4]] acres 



I SINCLAIR GOLDSMIT 

LI Chartered 1 

II Surveyors ■ 

1 9/10 Fenchurch Street London EC3M 3BE 01-623 6644 jgj 

01 248 3200 

MATTHEWS GOODMAN 
AND POSTLETHWAITE' 

72 UPPER THAMES ST LONDON EC4R3UA , 

n«t 



Richard Ellis 


WANTED! 


j to 2 Acres of Land 
WITH or WITHOUT BUILDINGS 
Suitable for Haulage Depot 
Vacant Possession or Going Concern 

NORTH/NORTH WEST/WEST LONDON 

detained Surveyors:- Chamberlain 

&Wiflows 

Estate Agent* -Sun won -Valuers 

01-8824633 


H&leHouseGrc«n Loses Loud onN 13 5TGTclc\-=J99I(jI. 



Kenneth Hyden and Partners 

CHARTERED SURVEYORS 


J 


EAST LOTHIAN 
MACMERRY 

Modern Single Storey Warehouse/Factory 

and Offices 21000 sq. ft. 

FOR SALE OR TO LET 


head office 7.1 Hanovier^tiBet 
Edinburgh EH 2 . 1 EF -U 


-2256533 > 


FREEHOLD INDUSTRIAL PREMISES 

WINCHESTER 

(Rear of High Street) 

CLOSE TO TOWN CENTRE AND STATION 

approx. 8,500 sq. ft. 

With Outbuildings and Car Parking 
FOR SALE BT TENDER ON T4th JULY 1978 


■ FA REBROTHER, ELUS & CO., 

29, Fleet Street, London, E.C.4. 01-353 9344 


Clwyd 

atthepeakof 
Welsh potential 


With its large, multi- 
skilled workforce, proxim- 
ity to major markets and 
nattonal^ntemation&I com- 
munications networks, this 
progressive Welsh county 
dominates the north-west- 
ern development scene .The 
news in Clwyd is about 
sales, not strikes - and 
it’s a great place to live, 
too. 

Talk to ns about the 
low-cost sites and factories 
plus extensive financial aid 
available to incoming in- 
dustries — well make you 
a deal you can’t refuse. 
Contact Wayne S. Morgan, 
County Industrial Officer, 
Clwyd County Council, 
Shire Hall, Mold (tel. Mold 
2121) for free colour 
brochure. 


f»I On Ihs instructions of Miller Buckley Developments Ltd 


* REIGATE 

PRIME OFFICE DEVELOPMENT 



To Let 

Lift Car Parking. 
Opposite Reigate Station 
Completion late 1979 

20,500 sq. ft. approx 

Joint Sole Agenls 


JOHN D. WOOD I 


kfF Knight Irank&Rutley 

+ 20 Hanover Square London W1R OAH Telephone 01-629 8171 


INDUSTRIAL 
AND BUSINESS 
PROPERTY 
ADVERTISEMENTS 
are continued today 
on the following page 



vs* 






PRIVATE OCEAN. SINGLE-FAMILY CONDOMINIUM HOMES FOR SALE 

Located directly on the beach and intra-coastal, in the most prestigious area on the 
Florida Gold Coast Luxury 2 storey single family 2 or 3 bedroom, with 3 baths, private 
yards and garages, with occupancy in 78 at Introductory prices from £70,000 with 
mortgages available. These units offer future capital appreciation and we will assist in 
off-season renting. For brochures, information telephone the President with more than 
20 years experience of building many thousands of homes. Charles Watson, London 
01-235 8050 or write: 

Peel Properties Hillsboro Beach and Yacht Villas Inc. 

1194 North Ocean Blvd., Hillsboro Beach 33062 Fla., U.SJt. 



Kenneth Ryden arid-JParinef s ~ 


CHARTERED SURVEYORS; - 


OFFICES FOR SALE 


29 Bernard Street, Leith, Edinburgh 

Situated in the main commercial street in Leith the 
property comprises a prestige four storey stone built 
building providing approximately 12,635 sq. ft. oF 
accommodation. 

Total site area Is in the region of 0.75 acres which includes 
a cleared site area of approximately } acre suitable for 
redevelopment or for car parking. 

For further particulars contact sole agents. 


head office 71 Hanover Street 
Edinburgh EH2 ief - . 


031-2256533 


TO LET OR 
FOR SALE FREEHOLD 

Modern Factory/Warehouse Units. S W Birmingham 
Available in units from .50,000-4UO,U(JUsqJt. 

Single Store) Fuji v- Serviced 
Central Canteen Large Yard Area. 




£ Herring' 

S( >i i X 1 )au 



Chartered Survey ors 01-7348155' ^^0^X20^ 


FRANCE— MARSEILLE 

■ FOR SALE (subject to VAT) 

Near harbour and motorway on broad avenue 
Industrial Building *— Newly built 

* Gronrid 3,800 sq. m. (enclosed and asphalted) 

* Warehouse 1,200 sq. m. (dock and floor on same 
level)..; 1 

* Offices 350 sq. m. 

Good location - Transformer 120 kWh 
: Telephone 5 lines - Telex 
Write for 

COftTESSE PUBLICITE Ncl E. 12.S73 

20, avenue de J’Opdra, 75040-PARIS CEDES 01, France 


FOR SALE— FIRST CLASS 
OFFICE ACCOMMODATION 
RETFORD, NOTTS 

Doncaster 17 miles, Sheffield 25 miles, Nottingham 
30 miles, motorway access 6 miles. 

3,530 sq. ft. on two floors. 2nd floor flat. 3 garages, 
extensive parking areas, fire equipment by Protector 
Total site area 1.37 acres 
OFFERS AROUND £40,000 
Further details apply: BREWERY AND WHEELDON, 

10 Market Street, Gainsborough, Lines DN21 2BQ. 

Tel.: Gainsborough (4441) 6427. 


TO LET in GENEVA 

30,000 sq.ft, of 
office space 

■ Modem premises in exceptional location 
H Parking space for 70 cars 

■ Beautiful park 
For informotion contort 

NAEF & Cie - Geneva - Switzerland 

T8. rue de la Corraterie 
Telephone 21 71 . 1 1 - Telex 28 276 


Peterborough 


FACTORY SUES S&™ 


■" . • . 

Ring John Case 

073>689S: . 


Urbanisation Spain 

Approximately 500,000 sq. m. (124 acres) on the Mar Menor 
(Manga). Special climatic lone in a unique location with 
large garden Facilities; 1 km. of beach promenade with palms 
and bathing beach with crystal-dear sea water. 

Price according to expert opinion £6 per sq. m.; in case of 
division into lots, average sales proceeds of £15 per sq. m. f 
immediate development possible since building permit has 
been received. Please send offers with proof of capital to;— 

Box F.1031 Financial Times, 

10, Cannon Street, EC4P 4BY 























Dutch group 


wins in 


Aberdeen 


OX FOUR years after setting 
. a North Sea Oil construction 
vision in Scotland, the Dutch 
□trolled Bredero group has 
»a the contract foMie £25-£3Dm 
lerdeen centre redevelopment. 
Bredero has won the Aberdeen 
ty Council's backing in open 
mpetition against such 
velopet-s as French Kier, 
ylor Woodrow. Samuel Pro- 
rtiijs. Trafalgar House, Sears 
lUiings. Bovis ana Norwich 
tiion Detailed plans will be 
bmitted in the next few 
baths. And if site assembly on 

e Erst phase of the scheme can 
completed by the turn of the 
-ar, the first shops and offices 
. 11 be open by 1981. The 
cond stage will take a further 
•o years to complete. 

.Bredero’s plan means that it 
ill pay for land acquisition, 
zilding demolition and site 


clearance. AH this acquired land 
will be passed to the Aberdeen 
City Council, which will make 
contributions to tbe developer 
equivalent to the loan charges 
on the cost of land acquisition 
until the scheme's completion. 
When the development is com- 
pleted, the Council will grant 
Bredero a 1 003- term ground 
lease and in return will receive 
a share of the scheme's rents 
growth proportionate to its share 
of the total development costs. 

Bredero may arrange finance 
for the development in the UI\. 
But the 3VG division of its 
parent company, the Amsterdam 
quoted Verenigde Bedrijven 
Bredero NY, specialises in pro- 
vision of development finance, 
and so the scheme could be 
funded internally. 

On top of the Aberdeen 
development Bredero has won its 
way into tbe final list of tender- 
ing developers for the £15-20m 
office and shop project in the 
centre of Epsom, Surrey. The 
Dutch group is now alongside 
John Lain?. Taylor Woodrow and 
the Post Office’s pension fund 
pitching for the 230,000 sq ft shop 
and office scheme. 



VE.THB 
LIMBLESS, 
LOOS TO YOU 


FOR HELP 


Donations and information: 
Major The Earl of Ancaster, 
KCYO, TD.. Midland Bank 
Limited, 60 West Southfield 
London EC1A. 9DX. 


Ex-Service 
Mess Association 







Midland Bank's International Department has found a new 
home in the City. In a two-stage deal the bank has sold 
its four-and-a-haif year leasehold interest in 22,000 sq ft 
of P & O's Beaufort House block to insurance brokers 
Sedgwick Forbes, and has taken a lease on the 16.000 sq ft 
6-7 Fenchurch Street building, above. 

The recently refurbished block, part of Land Securities' 
City of London Beal Property Corporation's portfolio, was 
let by City Agents for around £10.50 a sq ft on a standard 
23-year, five-yearly review lease. City Agents also introduced 
Sedgwick Forbes to Midland's agents J. Trevor and Sons on 
the Beaufort deal. But Jones Lang Wootton acted for 
Sedgwick in the lease negotiations. 


•CIV 2 TC 3 E 0 SE nTiO GAVE— fiEMP 


"We come from both world wa is. 
We come from Kenya, Malaya, 
Aden, Cyprus. . . and from Ulster, 
From keeping the peace no less 
than from war wc limbless look to 
you for help. • 

And you can help, by helping 
onr Association. BLESMAfthe 

British Limbless Ex-Service Men s 
Association) looks after the 
limbless from all the Services. 

It helps, with advice and 
encouragement, to overcome the 
shock ciflosmg arms, or legs or an 
eye. 1 1 sees that red-tape does not 
stand in the way of the right 
entitlement to pension. And. for 
severely handicapped and the 
elderly, it provides Residential 

H omes where Ihey can live In 

peace and dicnity. 

HelpBXJcSMA, please. We 
peed money desperately. And, we 
promise you, not a penny 0 fit will 
be n ested. 



Are you a Stock Exchange Investor? 
Does your interest lie in the Far East 
or Europe? Is gold your particular 
concern? Maybe you're a 
commodities expert or a forex 
speculator? 

Are you hungry for the FT Index or 
news headlines? 


Whatever your interest ... 
Wherever you are... 

Ring London , Birmingham 
Liverpool or Manchester 


46 8026 

for the 



and 


Business News Summary 



7, AVENUE SA8NT ROMAN - MONTE CARLO 





■Ehsidence da- 


Chic (Saint liman 


cs wonderful final 
touch to 

the Monte £arlo 
picture! 


Situated very close to the Country Club, to the Beach and to the 
Sporting Club. Two luxury buildings in a wide park with 
swimming-pool, panoramic view of Monaco and of the sea 

H3©H QUALITY 
LUXURYA?ARTME8fl7S 

BANK - GUARANTY 


Commercial offices: 

SALES OFFICE ON THE PREMISES: 

7, Avenue Saint Roman - Monte Car/o 
Tel. 50 . 84.44 -Telex 47.92 23 MC. 



lO, Boulevard du Theatre 
1204 GENEVA -SWITZERLAND 
Tel. ( 022 ) 21 . 16.88 
Telex 289199 SIPI-CH 




Attractively Fitted 

OFFICE SUITE 

sq. 21 00 ft. 


1 min. Victoria Station 
Newly on market 
Sole Agents; 


MBLLERSH 
Sl HARDING 



Charter'd S'jrvarors 
43 ST. JAMES'S PLACE. S.W.1. 
01-493 6141 


INTERNATIONAL 

PROPERTY 


FACTORIES AND 
WAREHOUSES 


ACTON, W.3 


Modern Warehouse/ Factory 

8,725 SQ. FT. 


Yard /Car Park— S. 900 SQ. FT. 
SI -YEAR LEASE-FOR SALS 

Good Access to M.4.. Nor-ii Circular 
3t VYcicvn A* I A. 43 1 


Road 


FARR BEDFORD 
41, Tilt Broadna,. W.5. 
01-57? 9283 


SHOPS AND 
OFFICES 


CLIFTON, BRISTOL 


Business flats available 
together with accommodation 
call 0272 34563, or write lo 


CONSTABLES 
1 Harley Place. Bristol 8. 


Modern 


Cake Building 


«VITii STORAGE AM? CAH PARKING 

510R WELL STREET. W.C.I. 
1 off Bedford Square-) 


V j :j].: pivicf.sior. > fif«j sq. ft. 
f-ur;fci\- 1 tjv 1 si; fr? 
Csafai iicsiiuc 
Ground L.mvj i; y L ars io run 


FOR SALE 
BROOM HALLS 


Cl. Pc lit L'-auvV. o. 1. 


AY i!S BUH ^ n.aoa M It Warehouse. 
Modwri Warenori-.e Premier?; 20 l| *0 
C ®" tra ' Ooc-n 

girt wo 

2 TiHn»lc S, p *■ women-. 

PBone Mfili'. A,lcs0ur »- Te;«.: 


EXECUTIVE OfFlCE SUITES 
BOND STREET/REGENT 
STREET/HANOVER STREET 

Execijtive otfi« suicec fully turmsiicd 
and serviced tor jny p-jriad 1-3 suit A 
company s req^iremenu. cacl'C'Ni 
include eoardrooin. rcicpuanis!,, 
rj.|c;hjnc». icl CJ( . icsreurial, 

W A WAS£ MgNT 5L/SINE55 SERVICES 
Ring; 01-408 1611. R e f: TPL 


CENTRAL 


RICHMOND 


High quality Office relurbuhmcni 
jperc*. 2. LOO sq. ft. plus ground 
fleer rci* ■! unis, available shortly. 
Jain* Agenrt: 

Caittn Barr, or 

Ccmmrrdal Pennin£::ii 

01.543 1231 01-940 2355 


MAYFAIR— 1 Oil? i; 'r *res:i?c;n SCI*. 
«»nUii>3d S'/<3 lmn-cdlr.:e 

occupj'iun. Csenci'!, C-jinmeKui 01 - 
493 4934. 


PENNSYLVANIA 


COUNTRY INN 

INVESTMENT OPPORTUNITY 
100 + FORESTED ACRES Tor Expansion 

* 2 hours New VorK Cuv and PhlL- 
ctelohia markets 

C in heart of HI. Prnnsvlvanu lave 
and mountain region 

* ectaotlshed Inn — G»ner-man«<*d lor 
4 decades 

$ immjcu lately main-jined facilities 
lor 125 guests 

C 2 famous trout streams on land 
swimming oond ara beach. 9-hole 
butting course, tennis court 

* near state oarks. jjmc preserves, 
forest reserves, U*ci 

Sf near recreauonal. i-jltwal. religious 
Includes 

it S month season — abundant local 
belo 

5 financial records t-now substantial 
return on Invesimei.t 
Featured in Counr.- inns and Bacn 
Road;" 1978 edlt'Or*— Ihe source 
book on Inns and reurts worldwide. 
Not lust another charm r,g country inn ! 
This is an ejfablisr.J resort vrllh 
loyal clientele and lor-.-lerm potential 
lor major erpaisien :n commercially 
icncd Ijnd a rare opoo-tunltv to 
secure a maior ,csc-; ano its land 
rcict.is in the ric.,< oi the last 

iiTPo-iant undardeseic --cl resort area 
adijeenr to tne W. h.ngjon-Borton 
corr,dor. 

For inlormanon cones.: 

JIM MARSHALL. Marshall Associates 
Realtors. Telex; 831925 Star Route 2. 
Hawlev. Pa. .18028, USA. 


MELBOURNE. AUSTRALIA. Prestige Office 
Suite. Collins Street. ?or' Sale. Write 
Box T.A91 0. Financial Times. 10. Can- 
non Street. EC4P -JBY - -- • 


FOR INVESTMENT 


By Order of the Sussex 
Property Inrestm .-nt Co. Ltd. 
AUCTION OF 10 


FREEHOLD SHOP 


IfiVESTKEKTS 


in Burgess Hill and 
Haywards Heath, Sussex. 
Producing in towl £19,050 p.a. 

With valuable rewitijns and rent 
revitm form 1980. 
Auctigncra:— 


AYL1NG ft STRUDWICK 


10 Station Road. Burgess Hill, 
Tel: 2328 

and Hassocks and Haywards Heath 
Messrs. Stevens. Son and Pope. 
40a Church Road. Burins Hill. Sussex. 


' EKEAK-UP OPPORTUNITY " — Chiswick. 
VY.4. Freehold bluci; !J Hats. 1G -arant. 
Price L 2i0.DD0. Substantial Incom?. 
Ouic* sal'.- r tauir;j. Dari; & Co. 637 
1061. 


<HIGH ST. FREEHOLD Shoo In, ejtm'.-nt. 
I Kent. Le: ta m-.-lliu'c companr on n-jw 
1 f.m IpjSO at EC 750 D.a. Pr,co 
I £?0 000. DjciS. Wuuiif & Co. 01-430 
I 3621 


: OFFICE PARTITIONING 
! AND CEILINGS 


PARTITIONS PERMANENT DEMOUNT. 
ABLE. Q. Pcierr.un Lid. ShoplMiert, 
Si. S'.anterd HIU. London, N.1 6 
01-602 5252. 





Financial Times Friday Jane 30 1978. . 



MATERIALS 


EDITED BY ARTHUR BENNETT AND TED SCHOETERS Ins ulated 


9 DATA PROCESSING 

New support for 
City operations 


cladding 

material 


INSULATED cladding panels for 
roofs and walls have been ayiuJ- 


WE GIVE YOU POWER 
WHERE AND WHEN YOU 
NEED IT 

generators Lroir. 21-.V/" 
to 2000UVA lor "niie anfi 
hire -wotl-J wide 

D AWSO M - KEjTH 



GENERATE 5 OF POWER 


Te’id>:: 864S'iDeek 


able* for* some time, bat Briggs ^ a rae mber of the Tarmac 


Amaficn reckons it can now ofier (j r0U p*s building products* 

. a much better product than has . 

LONDON office of Gamma Asso* where it is probably the largest been available. 


dates. DEC oriented bureau, commercial and financial outlet , material is manu- 

* a .«rn., k w, hnica hot fnr T»1?r maphinPS. ims CiaatUUS „r 


1UU UUU*M«8 . r. , .8 

r. factured by Perfil en Fno SA of 


The picture could change, how- and is to be 


sold iuthe UK by Briggs Amj«o 
under the brand name Colorclad 
Perfrisa. In consists of an omer 

sheet of galvanised steel (which 

available in three ^j£ er ^J Atlj 
— . - central cor®, of ** 


• handling 

Wraps to 


systems and software house, has for DEC machines, 
launched a new financial systems The picture could 
division aimed specifically at ever, due to an agreement 
City financial institutions. reached with IBM under which 
The company has expertise in Gamma will sell the latter’s own 
tbe financial sector and recent mini, known as Senes 1 ana 
successes include The installation recently given a number of major 

of complete DEC-based dealing enhancements. colours), a cemnu w \? ” onB1 ,5 K qvhPnnanlflsticsismiM. 

systems for two discount houses. Together, with this agreement, polyurethane foam and a lightly ^ 

Smith St. Aubyn and Clive Dis- concerning which there is a %£{£? u stC ei tray witb_ a duw^the 

count. considerable amount of specula- Ea iyanised or painted finish. The Kbbot asparitff wurawtap 

initially tie sew feudal «*»_ * to »m« g__j»_.g™ fteel sheet « 


IS 


system i-Msioc^rconS jp-JE^MS "3 


on farther 
Gamma’s 
accent on banking and finances. 


ping 


r development of under which Gamma will market corporation. 4 . . . *1™ . 

packages with the an operating system for Senes ^ panels are butt-3 anted to PnHotwrap&rin^, , 
iankine and finances. 1— COS L This has the ability - * .L TOOf nr wall cladding The robot i*- *ir antomated. 


aLucui uu uAiiiviuK duu mMua TA - — — — . , , - TQrm lot iuui “*■ 3 • " , , ; i, ;i ~.ii_* 

as well as on developing com- to support the commercial Ian- the joints being covered self -contained.. aroWe paflet 

•--- rnbrtr by SataSiig capping . . pirn -pn- 


piece in-house banking and Suage COBOL. by patching capping^ Pieces atretctH^apper ^ 

insurance systems. A first Series 1 is going in at w >ueh provide 8 weather-tight grammea ^iu^^plf lne corTect 

It will handle nrobiems where Nottingham for training and ^jQt gjid conceal the fixings, amount ^ofj«^teM5oned.fiJai 

systems are required in branch demonstration later this year. Fixing is by means Of self- spiral fadrion^aud .doris so ^by 

environments for users who Gamma is at Compass House, tapping screws the pane s ^ 

sss” ,ack w cMputiDe aper - S& wssras ssu.* 

Gan^a has reached a point office is at 01-6=3 6422. to? 

• SAFETY & SECURITY SgSg Tr eT U not a« pa«« 

square metre. Under present wrapping qpfenafflnns,- and bemg 
arrangements. Briggs Amasco.is fully portable is partacalariy 
brrng&T’ the material into this suitable -where it is necessary 
HISTORY SHOWS that 10 times Three dry powder extinguishers countr/by road from Spain and or desirabre fdt wrapping to: toe 
more fires in tbe home occur for the home, caravan or boat it will both deliver to site and. carried out atm we aimi one 

during the night than in the day- are ava nable in 1, li and 2 instal. The company is already jwint Tt -/uhetions on .any 

time and. because people are j^. _ ndels Hand-held and marteiing the panels in Saudi reasottaWy fiat surface, boHi ta- 
slhseping the fires are often well +v ,_. Arabia and plans to extend the doors and outdoors, and m high 

advanced before discovery. A capable of bein*, recharged, they S0rv | c? t(J 0 tije r Middle Eist heal or refrigerated areas, tak- 

conipany which for the last 67 can easily be earned to the scene countries. mg rather less than two imniites 

years has specialised in fire pro- of fire. Full details of the cladding to wrap an average size pallet 

tection in industry and the ship- Su-^ested as a quick antidote can be obtained from the com- load. . , 

ping world, has now introduced Dar ticiiiarly those Pa°y at Goodwyns Place, Tower Borden Thermoplastics, Re- 
range of products for this H i 11 Road. Dorking. Surrey. RH4 sinite, ; CoUey Lane Estate, 

rlfof o A nr jnonc CO'S -31 DfImui A RnScm 


Fighting fire at home 


a 

market. 

A smoke detecting device. fihr - ela ^. 
called the ^recall Smoke Alarm. fiDre S lass 


oils on the kitchen stove, is a 
fire blanket which 

rJT ' ‘ comes in a case which can be 
is designed to emit immediate screw _^ or na j]e^ to the kitchen 

a 3 penetrating sound 0 impossTble wall : ™ s “obj’ect^^nd °im 

zsszMstJsra a 


2 AW (0306 5933). Briggs Amasco Bridgwater, Somerset. 


is fitted with a battery said to 


the source of fire. It is suffi- 


have a 
months. 


minimum fife 


J “ ciently large to wrap round a 


• BANKING 

Swift takes its chance 


~n^ s ‘«f A th» y ,^S to "himself and, 'if not ex- tronic funds transfer organisa- nised as official vendors of the 

ip<£ ^njs ni ,'o wraa •»- “ ss^tejsmsjss muks 

when^fbatteiyWii, SS Farther ftom L. and a Fir. yquip.n.nt .id SID. 


small child who may have set SWIFT THE international eleo- (Bnrrou^is and ICL) recog- 


week of life the unit indicates Appliance Company, 235. Rom- by *he General_Automation Com- it has succeeded in satisfying 


this by 
bleep. 


sounding a 


Withstands high pressure 


nairaies rtppjiauce i^uiuhauj-, uuju- -c fnr 9 _ “ **“A-*^«-*— M. 

warning ford Road. Forest Gate, London 9 S!a.J!S5SLJ i-t Swift at the same time as improv- 

E7 9HL (01-555 13U). ban ? th «, ing its trading position to the 

woi± now Unkmg countries, extent that in the current finan- 
This step means that Swift c j^ year turnover- will be $100m 
now accepts fill! responsibility p rt )fits of S6m. This includes 
for the GA equipment and highly a ur turnover of 33*m with a 
complex software Jhat has had pro gt 0 f jjjh against a loss. of the 
to be written in order to ensure same magnitude- last year^- - 
that information fed through is ** . . ...••• . 

accurate and secure. More - banks are v -3olning the 

For General Automation which Swift network and-GA is actively 
Derinhprv***The massive door'and has had unsatisfactory results marketing to them.lMain «nnpe- 
opy’ S2r “bSd'v are nSotaSna Sd fob two years, the acceptance is of tition in .Europe is expected to be 
SSStifrl te^niSk^iSSS' ^ racial importance, particularly from IBM. . although thatcom- 
anri — an i s f-nph dSmeSFcn^ 2^0 as it has equipped 186 of the 500 pany is not a ; certifleir vendoc. 

high-tensile steels. thT'range. door which can withstand 1.000 *£ C *m ttSSons i^ffiM^iri^enf'as^kS 

called Multi-Lock, has been tonnes can be manually, opened ^ashadfo put m a ttemmdons use _IBMequi^mi^^U« kg 

developed to cope with pressure or closed in- less than three- with fax smaller resources Swift will -not taketespomibiJity 
ratings up to and beyond Class minutes. 

ftfr.A i Ji. a _ j* TtLa 4. 


SUGGESTED FOR use on pig progressive and efficient-transfer 
traps, water filters and all types of load. Tbe closure is locked 
pressure vessels in a new and unlocked by expanding and 
range of ultra high-pressure contracting this ring which is 
closures from General Descaling loaded uniformly over its entire 
Company. Retford 
Worksop, Notts SSO 
(Worksop 3211). 

Constructed in weldable 


than*-, the two other companies for tiie transactions. 


2500 m pipe diameters from 
8 inch to 80 inch. The company 
says that the adaptability of the 
basic closure design provides un- 
limited potential for high 
intrinsic loading at any 
diameter. 


The door opens on a two-stage 
cycle and has a positive relock- 
ing feature. To ensure safety, 
the action is monitored by dual 
bleed plugs which inhibit open- 
ing until the internal space is 
vented to atmosphere. The drop 


COMPUTING 


largest 


It owes its name to a sprung can be manually opened or, on 
ring-locking system using multi- the larger diameters, by optional 
surface engagement to confer power assistance. 


Teaming up 
to handle 


Movement sounds alarm big jobs 

A XT ilirm/inD Frnm nr tmirorAo tha Antnnbnr ' • 


by linking ax- -of - the 
capacity drives; . - . 

A new transaction processing 
system. TPS, is also announced, 
supplementing the 1 existing, 
range of Level 62 communica- 
tions - softwares • packages. The. 
new system was : designed and 
written by. HpneyweH -Informa-. 
-taion Systems Italia -for easy: 
programming .and simple , instal-; 
lation and use. / . 

More on 01-568 9191. • ' - 


Inexpensive 


AN OUTDOOR microwave radar from or towards the detector,, FOT T owtnc in th* wafcp nf tbP 
sensor. TDM 1040. forms the and the non-progressive move- wake ^of the 

basis of a system from Lawrence raents of, say, a fencing board ^ Jfmethrne »pn Seirmi 

Electronics (Yorkshire! that will swinging in tbe wind. It can, if totheU.S. some tnr^ago, Sc.con 

serve either as an inttuder required, be programmed to i^S^team-and^he National 

detector or as a courtesy device ignore movement in one direc- \ -i 

able to s’Aritch on floodlights tion or the other, 
when a vehicle or 

approaches a pre-selected — , - . 

At maximum sensitivity the control and power supply- unit, -Funds are being made a ‘ va “'.. ni _o T . M 
detection range for a moving a daylight sensor which prevents ®ble under the government s B^/GIAN ccrapMy Vector?nte - 
human target is about 100 ft, lamps being switched on during Advanced Computer Technology 
approaching or receding. In the day. a 300-watt floodlamp and and development 

fact hprause of thp DoddIpt 3 chime uniL A siren can be should nave an immediate com-, quantity^ whateygr the numoer 

1 a - f t " e «i. I,0P 2, e ^ energised if needed. merrial application to such areas supplied the customer gets .tom- 

radars ability to sense the actual Approved by the Home Office 38 real-time control, transaction plete schematic, and service 

direction of movement, it can t j, e S y S tem radiates only 10 mW Processing arid communications, documentation ■- including sign^ 

discriminate between movements a t about 20.5 GHz. More on Aim is Jink micros or minis by Hewlett-Packard 

, * . sipnarnrp anaiTSPr - ' 


Physical Laboratory are to build 

ted area. jea: issst micro cards: 


of a progressive nature, away 0274 25388. 


Safe in hazardous areas 


JO JURA uuwwa Vi oi"-,,,,*-** -nnlirrn; 

a high-capacity communications 
ring able to channel Sm words/ th^us^^K. provided 

second and to support as many , a 

as 250 processors. card Which he can easil^jnodify 

Like ICL-s array 


to suit his qwn needs^ A T^sq' cm. 


INTENDED FOR export to prevents the engine running on pre-drfUedWire wrap : areaiaccepts 

Kuwait where KeUog Inter- flammable material after the . ana i la 8 iie : digital cfli^rters,. 

national Corporation is the main fuel has been shut off. -while a maths' dhips, controUmr^diipa or 

contrartflr for a eas nraressine hvHranlir* startinu cectom avnliic WOere large nuzilDers Ol activl- other interface • modules. 1 - . Onto 


contractor for a gas processing hydraulic starting system avoids « ilf ^ 1 <> f interface modules: Onto 

Sbuaiba. is a 4 tonnes the need for conventional bat- place_ ^ parallel. For the customer has tested - iiis 


plant in 


1“ wnnmio. |J » ^ iiiiuw UH 1|GCU mi n/uiciiiivuai UdL- mctQhrtfl u urill Ha nnneihlA i. y-- 

capacity double barrel winch tery. motor and electrical vrir- IrSfr, j JLw p0SSi0 j. T0 design. Vector undertakes serial 
equipped with a specially pro- ing. divide large databases on a disc mwtaVHnn-- ' • • - 


large 


prodnctiDn; 


tected dicse! engine. It is being In the event of hazards arising fff.fr ’” L T 1C , .7^1 v Basic card -bas-8k bytes -.of 

supplied lo Balfour Beatty Power through the presence of a flam- “^2? partl ‘ electrically programmable read- 

Construction by Sykes Pumps. mable material within the area. cu,ar nsi . m emaeni.-- ■ ...'.only .memory. . paraHel 'and 

The Perkins engine driving the safety system can be operated Scientific Control Systems, opto-isolated’ input-output, pro- 

the winch has Pyreban's protec- resulting in an immediate engine Sanderson House. , 49 Berners grammable memory mapper;' a 

tive equipment which includes shutdown, any temporary heat Street, London W1P 4AQ. 01-580 five voif supply and r-mrified biiS 

- J *- ‘ . .interface. " _ ' 


inlet and exhaust flame traps. 3 a tos caused by the harardous 5599. 
water cooled exhaust manifold. c 9 n A 1 ^ 0 ? being easily contained 


r* r !r T/ ust gas 22 ^JKSSSS“ 

heat exchanger. In addition, an Sykes Pumps, Woolwich Road, 
induction air shut down valve Charlton, London, 5E7 7AP (01- 
operated by inert gas pressure S58 8121). 


Risk of a 
flashback 
lessened 


QUALITY 

CONTROL 


SHELL UK Exploration and 
Production is to protect produc- 
tion equipment on platforms 
located in the Leman natural gas 
field in the southern North Sea 


Oil engine 
approval 
in Italy 


Honeywell 
boost to 
small units 


Available is an expansion -card 
with: 8k of EPROM and 8k-.0f 
static .random access' memory, ‘a 
Ik CMOS memory card, and - s 
Minifloppy- control ^aidl V 

. More _ from .the^ _ 

B-3004 Haas rode. Research':: 

Belgium,, - - . 


PROCESSING 


MOVES TO lift performance 

ceilings of Honeywell . small - A I* wr A ’ 

system Level 62 computers to AllrniailVE 
an average .of 50 per. oeot have ■. 

been disclosed by the* company. _ _ - 

The increase in power comes 111 V]|jrHT|f}ll ’ 
from a re^eeified • processor . T =: 

that speeds throughput;, and FOLLOWING p rolo nged develop- - 
ffrom an extension to ' the ment-Sturteyam Engineering Kb: 
number of devices that can be ducts. has devised and is market- 


Wlt *Y l2 i fl f nie r ?J7 es ! ers GRA ^°l MOTORI Trieste operated. Processor • prices ing ah alternative to established 

suppbed by Ania-l of Birmmg- works are the first to -be approved reinam ti - j * •- — ’ — ^ ■ • - ---- 


ham, an IMI company. 

The flame arresters will 


approved remain the same with the result .vibrating screen . equi pmen t. . . 
m Italy for the production of that the • computer’s price/ mis is based on the SEP range 
a*. m . * v ■ ma rine oil engines, under the performance ratio, is much of mechanical air separators and 

fitted to jents from bearings L]oyci > s Register Batcil Line improved. / effiriently nnd deanly classifies 

°V a D compr ® ssors pow ® r £?. Production Scheme. Thn Level 62 maximum memory, materia is which previously have 

•t: on - gas ^ ^previously 256K bytesrS required vibrating screens with 

aod should a bearing seal fail to approval applies to _ two high- been . ^tended to 5X2K - by 


perform, gas will be vented ‘and speed four-stroke engine mod^ wt^71adneywelT SSctcv .30 and 3«1 

nared-otf at the top of the gas types 230 and 210. the maximum .the market will '. - It offers cut .point r v3riation— f 

turnme exnaust stack. Tne use Application, of the scheme require. -.The'- ^doubtin^ Ijas^ 'heen/witlrin : r given- parainetera-^F 
Ji! . u „‘ n v,^ 111 , 1015 ^ means that instead of each ^ achieved through toe ..introduce simple adjustment r w1udi can .fee 

the possibiliiy of a flashback and = havinc tn bp tion of. I6K .memory . chips as : made. even-iTritKithe-:cqiajwneDfe ' 

Ot flames reaching the gas L„X lflg J; 0 bB compared with 4K chipsT^ i.rutming and.regardH^^ate’ : 

compressor. individually when a Lloyds A new family of disc, storage' throughput^:- -.- -constant-- efficiency ' 

Tb? compressor sets maintain Register Certificate is required , omits called LSMD (or large with respect to tim' extractiQb'o/-' / 
the pressure of natural gas to ail engines produced (together storage module drives) inanif .fines or oversize.".^- 
the share processing terminal at w ;th their spare parts) 'win be factured hy M^netic' Peripherals • As much as a 75^ perfect r^duo 
Thrn?,^hmn rF ' it; f0 i r iK l,t hJ l,t SII eU 8 ible for a L1 °r d ’ s Register g c ' the company formed by tion i n toe fioor-ttea :rkiuir^ for - 


throughout the UK by the Certificate" after^finir insneti^' 'associtfteff ^'wito [ an' instailatidh- to. handle 7 *^:/ 

;ork. *- e runc3ie aner nnai inspection, t-ipnj, , vla :|,kt a . l| i^ rM T«rtJAi a tusT 


POI 


suit 



V 

s, 




British Gas Corporation network. 

More from IMI, PO Box 216, 2nd 
Birmingham B6 7BA (021-356 have 
484$), Register’s surveyors, * 



- 1^00 megabytes -can be achieved; TeL;-06i : y- j’- 1 " : ; 


A-rr.Vniia--! ■ 




i 

k •\ w . 








\ ■ -‘Sj 

* run. 


v % 




(•h--nv 


1V.4 

■ i i.W^ 




v^anefil^ine^-iFrlday “Jiuie 30 1978' 




17 


EDITED BY CHRISTOPHER LORENZ 




up to the giants of 
the U.S. contracting world 


WITHIN .Davy International, tions on a relatively? modest 
the- LondMtbaaetf eugineering scale. 

and- construction group, Kaiser “We aimed for firsts division 


West Germany and the U.S. ing and construction profit last there were many companies 


were chosen as the twin launch- ?***■ 


there that -viewed Davy as an 


Engineertf will long be ’remem- status and we have -ot there infi poimts for Tntenationa 1 o The awmnt that Davy Power- American group. On the face 

bered as ihe one that got away, although we are notks high expansion. “Our market is a Sas^ contnbutes to group funds of it this might seem to be an 

-Davy badly wanted to acquire up the ^ — -- Js not Polished but Mr. advantage in a country which 

Kaiser,: a division of the big wish,’ 1 commented 
American Kaiser Industries Davy Powergas., 

Corporation, in order to -extend based U.S. subsidiary -df Davy restrictive," said Mr. Withers. * 0 m~ouwide‘ of”the‘uK companies ordering expensive 

its U.S. presence and to broaden International, reached 25th posi- Even now, -in .these tomes of The hub of these operations processing units were more 

its range of engineering inter- Von in the league of American recession, orders are being is SJDall bv almost any stan dard: interested in proven technology 

estSi m parbcular m the mining contractors last year, according Placed un .the US. It ds a big just .35 staff in the London and tight construction 

*Ddr metals businesses. Kaiser, to the weekly Engineering News market on its own but people headquarters. “We are almost schedules, however. When it 

based ^iu San Francisco, Kecord. In 19/6 it ,was>ranked there are not about to order decentralised. We have a policy comes to choosing a contractor. 

California, and employing some 39th. - . V work to be done by people who of letting the decisions be taken cost is not always of paramount 

2,000 people, fitted the bilL - . Davy’s, decision to challenge Live 5,000 miles away." where it matters. We call it importance. 


Amid- strong .competition 
Davy bid some $32m for Kaiser, 
many times more than it had 
ever paid for a U.S. company. 

But it| was pipped at the post 
Some 14 months_ago Kaiser was 
acquired- by another American 
engineering group,. Raymond 
International. 

Mr. Roy Withers, Davy 
International's managing direc- 
tor,, makes no secret of the fact 
that he .was “more disappointed 
than most” at missing out on 
the Kaiser opportunity. Over- 
night it would have transformed 
Davy’s U.S. operations where 
currently 1,400 people are T7q 

employed. Indeed. Mr. Withers U ‘ S - marirat soes hack to 



Mr. Roy Withers 


Ray Dafter describes how Davy 
International has established 
a strong presence in America, 
but is still hunting for a 
major new acquisition to 
strengthen its base there 


It is reckoned that for every 
£100ra earmarked for a 
construction project, a 
maximum of £10m is spent on 
software. A 10 per cent increase 



The Green Springs, Ohio, synthetic gas plant of Columbia Gas, built by Davy Powergas, using British GK 
Corporation technology. It is the biggest plant of its type yet built. I 

only Eln^to^he overall consu,tanc >' company which pro- They are free tn employ whom for the life of the local agrc 

the project but it mi«ht make vides eD SineeriDg and construe- they like although in practice ment but also for a further yea 
all the difference between the tl0n services cost Davy J ust ma n. v of their construction in effect, a one year moratoriu 
best or a second rate iob £Llm - Payable over two years- employees are union members, on wage increases. At the co 
Not that U s customers are Less than half that amouru was The importance of Olseo to elusion of this period wages wi 
totally disinterested in Daw's paid four years 350 for the Davy ia lhat Ih,? con, P an - v does be adjusted to a cost-of-Iivir 
Darentaee Several time* Mr sma11 ° ,sen Engineering com- provide an option if a custo- formula, up to a maximu 

SfSr. has had”o iy to fhe pany ’ mer ~ a them5cal or 0,1 cora - increase of 0 P er cent - 

U.S. merely to provide potential Thc sma,InRiS: of the sums is a P ao >; for instance— wants a j n order t0 redute the traVl 
customers with assurances about reminder that contractors are p,ant tu . 0UtsIde tne of construction workers. Da\ 

~ the Davy group. “They want funded on people and their union-controlled system. and ^ un i ons have agreed 1 

to see a big base. They need to expertise rather than capital “ You have to be in the U.S. operate shifts of four, ten-hoi 
Davy Powergas designs and a Commonwealth style of roan- know you are run nin g on “We are after people for years before you can really days instead of the usual fiv 


mnTViro fpi7~Vhar calt the beginning of the 2970s when constructs process plant units, agement with each company sensible lines and on a°soIid companies. If they do not wish understand our labour system,” eight-hour days. Furthermore. 
S Sed into his wo™ it was rising fn. tho ashes »>*>«* aacoootable and foundation » to be acquired there is no qoes- satd^ Donaid Wg-n.,!^ construction work is interrupts 


With this in mind the Davy tion of us taking them over. Eowergas’s vice-president for by bad weather or other reasor 

. * a e. . .. ^11 ... 'it' _ 1 . r*nnc! fimUrin Tr> nrmi>i n.iint - . » 


when a few months ago of near-disaster. “The Company chemical industries Individual the chief executives and mar- 
Raymond reported record earn- had -run out of money and P ^^f c If 0 ., ha ^ ed 
iogs for 1977 with Kaiser con- profit at ahe same tomtit was ?. y h f e p ^™ par O-fcild .over 

SSSSS 11 This is hi gW i 6 h,ed b y the to over fSOu, in.tbe pest three 



Olsen, like Hallanger, did ex- ^"reement designed to “ensure da y p ay W ill be at the norm: 


1 i lcu uy luc ^ an Luc pool mi cc v lahniip n r pp -lahiHc o J r J 

,, ^ ^ . .Jt is estimated that the U.S. way in which complex local years through UK acquisitions tend Davy's range of technolo- V**™' ” rate except when the labou 

Undaunted, Davy continues to -the mainstream of ahe busi- j 5 now involved In labour, tax and health and like Head Wrightson at the end ?ies and geographic spread p [ pdpcliVlt y . ,n force is asked to work more tha 

its hunt for U.b. acquisitions, ness, was one description of projects worth a total of around safety regulations— while appre- of 1976 and Herbert Morris last Ba sed in Houston. Texas— an _ ^neniicQls a 40-hour week when H will b 

“We wish to have a substan- Lhe old prtrf>lems. This was not £400m. This must be seen in ciated by the parent manage- year. important centre of the U.S. |- > [ p f i n , hicin P ro ® ramrae m ikorth paid time and a ha lf. 

tially stronger presence there journalese, however. the tb e light of well over £2bn ment — are bandied almost In the absence of a Kaiser petrochemical and refinery in- a ‘ Commented Mr. Gagnor 

— at least two or* three times report of live iihen-named Davy- worth of contracts being entirely by the local sub- agreement. Davy’s U.S. dustries, Ol6en specialises in gas “ The agreement will asure suf 

our present size,” said Mr. Ashore company in a 197-3 handled by Davy International sidiaries. In Davy Powergas It purchases have been on a much treatment processes. AoTPPTYIPrrf stantial cost savings to tb. 

Withers. That seems a tal lord er letter to shareholders -advising last year. Not that this is a is noticeable that many of the more modest scale. They started But Olsen is important to client Among the major co^ 

but Davy. --r unlike other UK them to reject a bid by Simon wholly accurate yardstick of senior executives are seasoned in lAn when they took over Davy for another, perhaps even The agreement, signed with savers will be the make-up daj 

process plant contractors — has Engineering. “Left free to Davy's success. Its true turn- U.S. contractors, often reared Wellman Lord, a company which more important reason. The the North East Florida Build- no travel or subsistence pa> 

already managed to take on the press forward, Davy 4 will-become over in 1977 was £329m of in the bigger groups. had concentrated on phosphate company gave Davy an entree jog and Construction Trades ments. use of apprentices an- 

giants of the contracting world one of the world’s^ great which £249m came from engi- In Lakeland, Florida, the processing, but which, for the into the “open shop” method Council, covers the employment trainees up to a third of th 

such as Bechtel, Fluer and engineering and contracting neering and construction. Non- headquarters of Davy Powergas, first time, gave Davy the of labour employment Most con- nf up to 1,400 site workers. The number in each craft, show-u 

Kellogg on their U.S. home companies,” the letter pro- UK companies contributed Mr. Gerry Stevenson, vice- opportunity to expand from tractors are subject to agree- document contains an un- time of only one hour, a centre 

base, largely ’ through acquisi- claimed. The Simon bid failed. £5.9m of the £13.1m engineer- president of marketing, said within the U.S. It is significant ments with construction trade qualified ban against strikes and lised toolroom, and overtim 

m ^ m ^ m m mu that Davy has won 38 out of the unions: when they build a plant lock-outs “for any reason.” A premiums of not more thai 

last 43 phosphoric acid plan they employ workers provided special grievances* and arbitra- time and a half except fo 

— , . . _ . . contracts awarded in the U.S. from the union pool. Davy In- tion procedure ensures that a Sundays and holidays.” 

c TS* rSi.! th! and the Davy/Wellman-Lord temational. which currently has hearing is conducted within 24 It is hard to believe that sue) 
?!r™,J ? ulp 5^ r r . ecovery process now 2 - 50 O construction workers in hours of a work stoppage. A an agreement could be reache. 

h . as „ 28 . um , ts ® p l ratJD f commer- the field quite apart from its special arbitrator can issue a with a labour force on a UP 

full-time staff, is one such back-to-work order which is contract site. It is even harde 


COMPANIES AliL over Britain, 
and in a wide range of- in- 
dustrial sectors, have just, been 
presented with a new - design 
challenge:, open your doors to 
a prize-wimndng, student, and 
take him or _ her on “ attojh- 
mcni ior s^veralmo crtiis. 

. •The request has come from 
the RoyaT Society of Arts, whose 
aTVimad Design. Bwrsaries Com- 


Industry challenged 
to open its doors to 
top 




petition mhos year included teachers and their students, but process operates in practice, allegation 
attachment schemes for the also for the companies which from origapal idea .to produc- The RSA expects to raise at 
first time. These have been an agreed to sponsor jtrize-wiinners tion, marketing and retailing.” least 15 per cent more sponsor- 
imtmrvfale success, according to and take tisenin on attachment: Seven of this rear’s student shi ? money for this year's com 
t-he 8SA, not only in the eyes of showing them bow their design winners are spending time with Petition than the £33,000 il 
— — 1 — : i ' ■ • as attracted in 1977-73, itself more 


infamous 

gap ” in an area, design, where ci^jy in the U.S. and Japan.’ 

many companies are particularly Davy has managed to obtain unionised contractor. enforceable by a court. to comprehend a British-base< 

critical of the lack of good job a toehold on the U.S. West Olsen, on the other hand, is On the wages front the deal company getting to grips full; 

ap ?.!? tS ' . . Coast through the acquisition in based in a “right to work " means that rates of pay negoti- with such American labour deah 

At the same time, designers April of Hallanger Engineers area where contractors need not ated for each union involved in without working from withii 

consistently complain that in- in C . 0 f California. This private take workers from a union pool, the project will be paid not only the U.S. 

dustry under-rates their pro-j : 

fession: many a product in 
British industry bears out this 


PORTSMOUTH 

BUILDING SOCIETY 

Notice is hereby given in accordance with the 
Society's Rules that as from 1 st July 1 978 the 
following rates of interest per annum will be paid 
• on the various types of investment account 

Ordinary Shares 6.90% Equivalent 10.30% 

. Monthly Income Shares 6.90% t0 

6 Month Term Shares 


2 year Period Shares 
3-year Period Shares 
. Subscription Shares 


7.40% (where 
7Qnv income tax 

/Jd\i7a j s payable . 

8.20% at the basic 
8.40% rateDf33%) 


10.30% 

11.04% 

11.79% 

12-24% 

12.54% 




Interest rates paid op discontinued previous issues of period 
shares wiK increase by 1-20% net. Rates paid on accounts 
subject to basic rate tax will be increased by 1.20% p.e. 

FffigmBntGsoam 

176 London Rd. # North End, Portsmouth. 

Member of Building Societies Association 
authorised for investments by trustees. 



their sponsors — companies __ 
diverse as Bally Shoes, the John tiian double the figure of three 
Lewis Partnership, Olivetti and years before. 

Philips Industries. The 1978-79 Alongside the introduction of 
competition, for which the RSA industry attachments, the 
is now soliciting sponsors, Society has initiated another 
could include up to twice as improvement to the competition 
many such attachments, with by establishing more engineering 
further increases in future; the categories. It had traditionally 
Society says several companies focused, mainly on craft-based 
have recently approached them consumer products, but in 1977- 


on their own initiative. 


f 


Air 

Conditioning 


Offices:Faetaries 
Shops: Restaurants 

Permanent 
or Portable Units 
instantly available 
ForSateorfrfire 

. 13 Branches 
throughout the UJC 

ANDREWS S 


! 

I 


Tel: 01-648 6174 


1978 there were three engineer- 
ing categories — hospital equip- 
ment, * office products and 
domestic audio-visual equipment 
(and the RSA says it wants 
more) though this declaration of 
intent is oddly absent from the 
promotional brochure. 

The Society dearly has some 
way to go before it can claim 
that its competition will do 
much to improve the design per- 
formance of British engineering 
— one of the main reasons for 
our poor trade performance 
Only a small fraction of last' 
year’s 1,500 contestants entered 
for the three engineering 
categories. 

Christopher Lorenz 


Viisamiowicaiientappearsosamatterofrecordonty. 

OLIVETTI INTERNATIONAL S A 
US$20,000,000 

MediumTenn Loan 
Unconditionallyguaranteedby 

ING. C. OLIVETTI & C.,.S.p A 

managedby 

AMSTERDAM-KOTTERDAMBANKN.V. 

andprovidedlgr 


AnKtedam-RotterdamBank XV- Bank of! 
Bank OppenfrrimKersonfc S A 




I BanqueEnropeenne de Credit (BEG) 
Basque delTndodhine et de Suez 


Corner Banklimited 
Agent 

Amsterdam-Rotterdara Bank N.V. 


Jimz,197S. 


Dawson 




19 7 8 


for power worldwide. 

SaleandHire 

■; Ibday Dawson-Eeith, one of Britain’s largest manufacturers of 
diesel generating sets is to be presented with the Queen’s Award 
for Export Achievement by the Lord Lieutenant of Hampshire. 

On this occasion, Dawson-Eeith thanks its customers and 
suppliers all over the world for their confidence in the reliability of 
British design and engineering. 



GENERATORS OF POWER 

Da wson-Eeia Limited, Deekay Hons e, North Street, Havant, Hants F09 1QH, England, ^telephones: (Sales) (OIOS) 4Z4122 (Hire) (0703)47603. 


MtmfaaroTtfw 
Association o< Brtish 
O enara in gSt 
Uanubettsm 









_ 18 

MBARD 


FfeancfeT 





ublic default, 
ublic profit 



Successfully upholding the 


iS ANTHONY HARRIS 


WELSH LAND 
AUTHORITY 


BY ROBIN REEVES, Welsh Correspondent 


s; ttikxTT.- x ™ • . , , mm _ PVEN’ THE most ardent tiro- established in April. 1976, LAW been sen in waies m a number justify its compulsory purchase planned tins year— ana me can- law nas u^aue su u. U u. 

of England is much real assets worth £S 3 bn at 1975 _ onen ^ 0 f { j, e 1975 Community deliberatelv set out to foster of w*vs. it has stepped In to decisions to a Government tinued repayment o£ its debt to workmanlike a start towards-. 

b£ 25 ^. 3 * with’ the build- sort out a number of mul- Minister only (the Secretary of the public purse. And as things implementing the 
S 3 helpj^ to achieve a 'vit r^d £24bn at noSl values that it has generally failed to ing industry. Welsh local bple ownership problems State for Wales) whereas local stand, it expects to have earned land act than English. local „■ 

Jo: take-over of real assets (and the national debt rose toy meet its twin aim of ensuring authorities, and other interested which were causing certain authorities are liable to have to sufficient surplus or profit at the authorities • | 

r both Conservative and £20bn at market values), leaving a more rational supply of land parties. Working via detailed sites, particularly in town and go through a public inquiry, end of five, years to begin dis- One advantage is that LAW <* 
‘ ur Government in the last a surplus of £55bn over nominal f or development purposes and consultations, it aimed to assess city Centres, to lie derelict for But LAW officials insist this is tributing a dividend to. the is purpose-designed tor the tasl c" 

de; and some of the nation- debt or £63bn over market the return to the community of . development land demand and years. It has purchased large a power which the authority community (part to the With an eight-person board and 

■w 5 Jn ^, ustr i es have in real values. _ part 0 f t he profit accruing to supply in all parts of the areas of land earmarked for uses very frugally. To date, it Treasury but most to the local an executive staff of only some 

fe f* n^Xrf ed inripvariojf^h^rt land ffiven developm em status Principality and then proceeded housing, but beyond the finan- has issued 20 compulsory pur- authorities)— the basic purpose 50 people all told, it is able to 

Se Si5 mav JSfi bi« "n at t£ SS’nk of except, that is. in Wales. to concentrate on those areas C ial reach of small and medium- chase orders, but it describes of the Act v react quickly, ud m a com- 

S SLd b?eS ien or Said f“ 8 the l4 dSade Unlike the ■ rest of the where, for one - reason .< or size d builders and split them up the vast majority as “ techni- Indeed, LAW aims by then mercial fashion to ■ markqt 

ir in real terms. 8 These are insfead of the entrenched oppo- country* the Government chose another - development «n ' &*“»* into marketable parcels for cal’— issued to prptect subse- to have built itself a tend baitis opportunities as they, arise. In 

£is of the odd. tout I believe nents who actually run the tom r«i»uIbUitvf»r imnle- heJd “P by ]ack ot Sreely - individual builders. quent purchasers of land from equivalent to two to three years’ contrast. jn England. the 

S' l conclusions which emerge thing. The answers are not quite mpn1 j n „ t uT nrovisinn^ of the 8 y ailable land. possible future ownership dis- development land need, in order Department of the Environment 

v , 1 a study of the State what Mr Rudd might suppose. w a ]pJ £ ,• sinele To an extent, LAW operates rp. , , * . putes in instances where land to give itself the role of natural, has kept local authorities on a 

M- nce^heet by Rowe Rudd, the Even if the who 1 ® of ihepubhc ™ bod v th e Snd like any other commercial con- Ilgllt market .titles are obscure. Should any though not exclusive, supplier very Ught rem. requiring them 

f 3*2 ffiSSSTte wffi CLAW? cero buying and selling land. a >. SI dispute over land ownership of land to the building industry, to submit each transaction for 


•, £«! the odd, tout I believe nents woo actually run toe to vest responsibility for imple- . — 

; I conclusions which emerge thing. The answers are not quite mentinB the nrovisions of the available land. 
iu* a study of the State what MrRuddmightsuppose. To an extent, LAW operates 

" SSte? 6y R ° We BUdd - 166 sectors h.YSe™ bSj/theKi like uy other eommerc.ot eon- 

a? ie fact^o which Rowe Rudd Indexed from ' 1966 onwards— Authority for Wales (LAW), cern buying 2 nd seeing land. 


Tight market 

At times the lack of infr a- 


3 . o S f Sf because V- fuTher^ore paid SSK„"- S To the rarta. MteW otter LAW been able «i Sve^pnten. land price," is. .net Another Important *«;. 


p, it peopletend to forget espe- (the sums cannot be done accur- Freescm the Housing Minister. have compulsory purchase Beyond this. LAW has also of 227 acres which realised duct— the house— less building local authorities in England, 
s- Jrt?!"®*' v We n u ^n 1Sh ^rr^t tahneMheet surp/ui of £24bn haS r ?« rted in ^ past month erfi and obviously cannot in- brought its weight to bear on £2.6m. This lefr LAW holding costs. Where necessary, LAW has to 

iding aboie the line and On the likelier wErking assump^ l °“ J0 mpjementins the a« duige ^ ldle laod specuUtion. instances where the develop- approximately 677 acres which • Furthennore, the authority apply, for planning consent like 
ft atment below the line in the tion that only new long debt was ***£ ot 55!SSS«1I? and LAW’ 5 « hirf executive, Mr. ment land market has become it conservatively estimates are can fairly claim its operations anybody else. 

& get. is what the State is indexed, the rise in debt would m ° r ® y E. W. G. C. Howell, maintains exceptionally tight — and expen- worth £6.6m at current prices, are not conducted behind closed Finally, LAW, because .it 

H -owing for It is entire! v to have been halved to about flSbn oirerea iiuum o \< er zne near two ■ o£ j ts s ive because of the refusal of Thanks to its busy start. LAW doors.. Purchases and saies are takes a Wales-wide view, is able 

R «! 'h-est^r,,. . •*•}»« S!E RTS “ ln h .7*2 Arrowed cpiUl ba in prac- local landowners to sell or be- has already started repaying its being made within the. frame- to remain detached from the 

E > the state borrows depreciat- in the balance-sheet of the public i^w announcea it naa ex- imposed a strong commer- cause certain builders have borrowed capital— £900.000 in work of an annually published parochial concerns of local 
D monev and buvs real assets, sector. ceeoea US largeis lot tire , J. mi .1 ..Il-rf tha .milakl. ...Tibi., Anri tra.r nlimb ennn land nnliev Statement and biithnritiBc nnd •• tha TVvIiNpsI 


7 - ire rapid inflation and neea- financed by the real losses of D0DuJar the Welsh” build- over in order to repay its public in such cases. Moreover, like shortly be in a position to after the consultations with the and bureancratic as to be insen- 
B returns set in it now has a holders of Government debt — industry borrowing as quickly as possible, new town corporations, it has finance both its land acquisi- interested parties. • - . sitiye to local needs and condt- 

c tive balance-sheet value of Mr. Rudd has perhaps forgotten - lh moment it was LAW’S impact has already the privilege of having to tions— a further 190 acres is The question remains: why tions. 

7 laps £l30bn cRowe Rudd's that holders did receive partial rivm llluulcllt u ' r ■ — — — ■ ■ , ■ ■ ' ■ ' - 

S -oushlv believable estimate !■ protection through high interest 

11 this, according to Rowe rates. The rest, perforce, was rv /« M M IM K1 8 QLlH IHBI B8 8 8 1 9 HH 

i hi$rB{'E£ Inkerman backed down to 9-2 

l , A T . , T\ TL cc l^b, , ® C arr al c ^ , ^ edB theatres . ■ ™atoes - 

I n done we would not have to 1975-and have piled up more f A M Coflirrloi/^C Tl*lCil IfPrilV OPERA & BALLET “WES' VSo^-t. ^.“ajS? 55 ' 5 iS£? l TiM2i'*lfo; AT% Vfi 

f an unplanned State take- since— in spite of apparent Tfir ^/| j lIlTliM V S JJ. ■ Ml JL/C1 M T OPERA & BALLET hindce wakes by st^iey ^^ .y- uosoc 

z r of nearly a quarter of the deficits is a novel one. It arises k-Fttiltl J cou^m^ cretfi^«r^ fi oi. 2 « 525 a. haymAjHiiet «o mm. ~ - 

= l assets in the countrv. Well, from the fact that the Govern- cta .„ . Th _ im ?NCR[D^ERc»ii3< good 

c and no. It is a sound argu- ment has had a consistent INKERMAN, WHO never looked in theGaUmue StakesatTbe NEWCASTLE I**!! 7 & 'SSttJSA Wtx4tl WBat WEN rg. Y HIS HILLER francis a Sw £ » ~ T Pi ; ' 

S tt— with my known pre- surplus over current spending like justifying the confidence of Curragh in May However, it CASTLE^ SSMiJ 0 ® i£ - bBSTSS 

: ices, 1 think it is superblr (the old meaning of a balanced backers which forced his price would be wrong to write off bi& 6.4» i| rt wish d ou7?6 "nSSwal sau^t M^ A aSnit«* uSm sSSm*. a tmJ H moSSt15» ,s 

i nd—hut things are not as budget) and the fact that infla- down to 4-1 from almost double chance. OBnea would not he Mffi, jui', Ws.** ” €n ' 80015 mavmabkst. 55? waz. WofiJi SS wom.o-s longest-™ run 

■ pleas that. tion accounting transforms the those odds a few minutes before saddling a no-hoper. h «* t0r covent — gardenT — cc — 555 — iosSl o«>eij..j»re«s. jujv 4 s «a.o. opera a sm v£ar — 

} he best way to see this is to picture for nationalised indus- the off at Epsom, is again in one man who could look back a.o*— Ktoeuaro ’ &,r<,ench TiSE ro^al c op«ra 6 69o3,: paul Icofield T S^». SSJSfc cSSi £S» ^riiai 

< a little further at what tries. But for explanations and strong demand. oa this week with mixed feelings _ . . . Tonight. & Mon. next * t.m. Penoa f u:\SaS R1/ ANDRE TB S evo« babSWaIsS 

i ially happened between 1966 implications, you will have, as All the major firms yesterday is Raymond Carroll. The ex- H ® 15 f p i“S L^^toT° m Th'ufi. u ^M!t exl at at 7 oo ; ^ . . 

t t 1975. The State acquired they say. to watch this space. perienced Irish rider, who pilots t£S‘ 0f P S *" d l ° los.bxau, to pa jug uav 

' NET^IRTH OF THE PUBLIC SECTOR Tflsn) ~ fiSI' ?SL %£«. $£m“* SS*«" ^ 


Inkerman backed down to 9-2 
for Saturday’s Irish Derby 


2660, Eveninss S.DO. 
Sat. 5 30 and B_Sa 
PLEASE— 

BRirtSU 


NEWCASTLE 
6.45 — Luna Nueva* ¥ * 
7.10 — Lenwade Lady 

8.05— Happy Hector** 

9.05 — Ribellaro* 


cc — The** theatres aoce« certain credit THEATRES THEATRES - 

cards by lei eocene or at Sox oflloj. insitinw uitniw 

GREENWICH THEATRE. USB 775 S. STRAND. 01-836 2660. EveflinSS S.DO. 

rineni o dii | ct Ereniins 7.30. Mat. at. 2-30- MaL. . Ttnir*-. 3.0. Sal. 5-30 and H3fl 

OPERA & BALLET HINDfcE WAKES Dr Stanley Koagfrian. NO_StX PLEASE— 

COLISEUM. Credit Cards. 01-240 5258. haymahketT 930 MM. wc JSsS E rJ? R r- , o^TieT - ' 

Reservations 3161^ "^HSSSTi, .To— ^ 4J0 Kd° 2.0 SSS^" 87 

Eves. 7.30 Mku. s/tfrandwed. Joly 'SvHlutR GOOD SEATS C4.QO-E1JO. 

K AL LJTT 2 ' I I th an 0°n« FRANCIS 57. MARTTWS. CC. 836 3461 Era. B OO. 

J GODra 5 f ATERSOF l TOEMOofi lJKA MKinee Ti^ 5 and *■ 

L! . "i*" “I® M^StST 5S sjggmt. • 


Reservations 01-536 3161. 

NUREYEV FESTIVAL 
Eves. 7.30. Mats. Sets, and Wed- July 
5 at 2.30. with LONDON FESTIVAL 
BALLET, Tonight and Tomorrow Gtseile. 
Next Week Sleeping Beauty. July 10 to 
15 with DUTCH NATIONAL BALLET 
Nureve* will dance at every part. Scats 
available July 10-1S. 

CO VENT GARDEN. CC. 240 1066. 

UGardeiKharoe Credit cards 636 6303 J. 

THE ROYAL OPERA 
Tonight. & Mon. next at 7.50. Potass 


WE'RE BRITISH . _ 
THE WORLD'S GREATEST 


HAYMARKST. 930 9832. Boat Oftce Now 
Open. Preis. Jujv 4 g ai« ^ 8.0. Opera 

PAUL SCOFIELD 
' HARRY ANDREWS 
ELEANOR TREVOR 

^HRON PEACOCK 

and IRENE HANDL in 
A FAMILY 


run 

25th YEAR 

TALK DF THE town. CC 734 5051. 
■.DO. Dim oa. Danckw (Ban often 7.151 
9.30 Swar Rene . 

RAZZLE DAZZLE 

U» BEAlSp*V>eL PjUtAGUA* * 


NET WORTH OF THE PUBUC SECTOR (fl>n) 


1943 

1966 

1969 

1972 

1975 

1978 

35.S 

37.3 

42.0 

47.S 

612 

91.S 

35 

4.6 

62 

4J 

8.7 

4 JO 

323 

32.7 

35.8 

43 S 

52^ 

87.5 

26.0 

33.1 

44.0 

61.7 

1 15.9 

2I7J 

T&J) 

0.4 

8.2 

18J 

63.4 

130.0 

— 

» ■ — 

— 

— — 

— — 



RACING 

BY DOMINIC WIGAN 


begins a four-day suspension a . 

few days after the race for riding 5f2S 


July iMd'BM* June 1. "" ^ Oitwed ii CASPER WREflF _ 

GLYNDEBOURNE ' FESTIVAL OPERA. KAJEffTT 5 .. CC. OV-UO 


DW play by RONALD HARWOOD. VAUDEVILLE. ASfi 9MB. CC- Era. H.OO. 
OitKtMi S 1 CASPER WREOF 1 Mat, Tp«- 2-45- Sat ll and S. 




few daj's after the race for riaing once-raced Luna Nueva is UntH Au »- 7 wtth the London ptmnr- 8«nu»a» 0 c » } ~ *“* 3 ‘°°' Tt * N “ v . tST whodunnit 

with “eross carelessness at once-racea l.uus ixueva « monle Qrchewra . Tonight, sun.. Tue. & . . . 5S?i E . , £^}7i 4 _--by agajha ghristif - -v . 

v «« WoHnocHnu among the runners for the Faw- piur- «« « b.is: l» non*™. Tumor. ,B AtfSnK.v R li™ffv?? d ' A.Z££ a £V mioibw '■wa -4 


Leopardstown on Wednesday “™ on 4 ?,,^ 
evening. ?° n fil !> 


don filly stakes. This nippy-look- pooiSfe 

ing daughter of Galivanter Lewes, e. sumw 10273 anam 


ANTHONY NEWLEY-S 
TRAVELLING MUSIC SHOW 
wltti Derek Griffiths 
Directed by BURT 5HEVELOVC 
LAST 4 WEEKS. ENDS JDW 22nd. 


KING’S ROAD THEATRE. 352 748ft, VICTORIA PALACE 
Mon. -la Thun 9.6. rn- SaL 7.30. 9 JO. : Bode. Now. B25 


Mon. -to Thun 9.0. rn- Sat. 7.30. £ 
THE ROCKY HORROR SHOW 
NOW IN ITS Sth ROCKING YEA 


'ublic sector debt held outside the public sector (March 31 each year) 
hortfall of market value below nominal value 
4arket value of public sector debt in (1) 

Jet capital stock of the public sector at current prices ( previous 
December 31 ) 

Jet worth of the public sector 

1978 figures are all mid-year estimates Source: Rowe Rudd 


■«* N»^_aM W3S-5. 834-154 7:.';.- 

§gfis“&gsaf. 


^CTBrien 1 fields'aMther runner ca ®^ e sta? ers ' event. HMor could well jnnMy thn THEATRES 

in Encyclopedia. The Reviewer Sea Pigeon, veteran of the nopes of his in-fonn twiner Chve ADELM| cc _ 76U j] 

P.^it nrnvori nn match for Inker- oartv. heads both the weigbLs and Brittain, m a weakly-contested mj* Mats. Thors. 3.0. s«._ 4x 


Later in the evening Happy 
Hector could well justify the 


THEATRES 


colt proved no match for Inker- party, heads both the weights and Brittain, in 
man when partnered by Piggott the betting, as might be expected, race for the SL 


-Ytad. ana Sots, at' 6.10 and a JO. 
THE TWO RONNIES 
In > SMctacctar Comcdv Rcvua. 
TWo extra performances 


Sunday July 16 at 5.00 & 8.00^- 
Book. now on bot-tlne 437 2S55. 


Book, now on 
LYRIC THEATRE. . 


rV Radio 


t indicate Programme in {ff "BSt "1 

black and white. Minstrel Show. 

BBC 1 iJt0 Sykes 

AAILS'L. A 9 QQ a \ eWS- 

>40 am Open University (Ultra gj >5 Petrocelli. 

gh Frequency onlyj. llJfS ig.js Tonight (Lon 

icket; Third Test— The Cornhill South-East only 

surance Test Series; England 10.45 Regional News. 
Pakistan. 1J0 pm How Do J046 The Late Fi: 
u Do?. 1.45 yews. L55 Wimble- Mountain,” : 

n Lawn Tennis Championships. Spencer Tracy. 

8 Regional News for England . „ _ c RBr 

xcept London 1 . 4.20 Play .u^Lnnt!^ 

h ool (as BBC 2 1J.00 am). 4.45 foUowirig times.— 


8.00 Hawaii Five-D. 

9.00 The Foundation. 

10.00 News. 

10.30 Police 5. 

10.40 Russell Harty. 

1L40 Baretta. 

12.40 am Close: A painting by 
Van Gogh, music by- 
Mozart. 


race for the St Oswald Stakes. >*«** THE BEST MUSlCAL «««!*. 

of 1976. imrnl 197BI . LYTUc THEATRE. J CC 03-437 

'^JSNDON-l jJ«V IHT OuV^ 

&«a%TB ,r 8. T 8J5a iiSjSr S e aVJy %he£ v t^go?£ e ajg r . : .:: . 

Adventure* Oi Cwiam Nemo. SJSI Cress- CRE DIT CARD BOOKI NGS B36 7611 W KATE, ffl ««. Eras, ft fat ffJO 

1 no u'.r LH D1.MFI Al MBV IU U7D .... u W«L MIL It-3. 


oaraan. 836 5808. Ram Sh, 
Ccmpany. Tom. • Tiff Djnd 

Pjjt jail oDurr .ae albie 

AM *C4tv El.ao. -Aar. BkcrcL 
J"*** ■Kur* 


— tines. 1J0 Those Wonderful TV times. 


6.00 Report WesL 605 Report ALBERT. 836 367B. Credit card bfcus. 


VVaJes. 6.30 Emmurdale Kam. BJ» Thu , 
Incredible Hulk. 10J5 Los Sylphides." ; 
XLBS The Laic Film: *• The Rise and ; 
Rise of .Michael Rimmer." 

HTV Cymru /Wales— As HTV General 
Service except: LZ0-L2S pm Pcnawdau 
N’evrydiljon V Dydd. 4J54,® Camau 


636 1971-3 from 9.50 *.m. Part 
Mon. Tues.. Wed, and Frl. 7.4 
Thors, and Sat. 4Jlo and B.O 


5.40 News. 8.40 Join BBC 1 (Wimbledon) 8.00 Hawaii Five-o 8S. aSrS. ‘fiJSS 5S3P' F&* 

5^5 Nationwide i London and 10.15 Kane on Friday. J0.4a-10.4fi 3,00 The Foundation. Adventures at Caaiaia Nemo, sja cross- cre dit card boo 

South-East only i. Neus for Wales. ^ J0.00 News. _ roads. «•»«•"»* “jfff Wi.'fJT. 8 ’- 

6 15 Wimbledon highlights. Scotland— 3 .53-6.13 pm Report- 10 JO Police d. Wales, b.30 Emmyninie Kann. mo Thu bm 1971 ^. from a.. 

7-43 The Black and White ing Scotland 10.15 Breathing Russell Harty. l^fe Fdm: ''Xtt ™ou saSUi” ^jWts 

Minstrel Show. Space. 10-45-10.46 News for 11-40 Baretta. . . . mse of .'.tichaei Rtnuner." lioncl 1 

o“nn Sykes. Scotland. 118-458 nm 1 vTn Gogh music ” by HTV Cymm/Wales— As HTV General “MIRACULOUS MUS 

9.00 News. Northern Ireland— -L18-L20 pm Yf" m J Survu* except: UO-IJS pm Pcnawdau SJUJROY HUDpan 

9J25 Petrocelli. Northern Ireland News. 5>5a-fi.la Mozart. sv-u-yddion v Dydd. 4J5ft« camau .£PJ‘ s J® £ ?_ e v % w ^ 

10-15 Tonight (London and Scene Around Six. 10.15 Life- IBA Regions as London Caatemo. *.«wa5 v Dt«w. k ° J - 

South-East only). times. 10.45-10.46 News for except at lhe ro Uowing times:— 0uUook - AL rSy^ 

10.45 Regional News. Northern Ireland. . - . htv w««-as htv General Service •« reomoire. Tmuow 

1046 The Late Film: “The England— 5.55-6.15 pm Look ANCjLIA cxu,ut:iJo.uopm Report West head- « 

Jrountatn,’* starring East (Norwich); Look North ujo am Fne^ of Man. 1 a 5 pm Unes - Repon west. ivmi: coriolanus , i 

Spencer Tracy. mShl 6 !: ““i hS SCOTTISH 

All Regions as BBC 1 except at p„J!^ dS \Vest day (Br < i?toS^ g Smith S 30 E1 , etU V ^7, DUu 2 "■ bwwniuu— The Don Wonder. raiv ^gs _0 

hp following times - — Points *’ ,es t (Bristol). South Friday Lai e Film: The Man. 12.45 am Ttu 1 boxer WtuuaKur Show. US pm aLMOST FHEE. ass 

nef0U0Win„ rimes. Today fSoutiiani p toa , ; Spotlight Vour Music at Nigh:. £l j£.d B upo/T UOUou^paAy. SZLS'xW 


£*. a. Mat. Thura. 3^1. SH.SD6 
L JOAN PLOWRIGHT 





JOAN PLOWRIGHT 
COLIN BLAKELEY 
-- raJIMENA . 


,m. Partv Ratet 
Frl. 7.45. p.m 


Uf BXO. Wed- Mat- at 3. 

WELSH- NATIONAL THEATRE CO. - 
DYLAN THOMAS’S 
UNDER MILK WOOD • 


■sma 

1?! Stw 


THOUSAND TIMES WEi.COM E. -- if MERMAID. 2 «a 7CS6 Restaurant 24& 0»l . Raymond nrwrnnT tfte^sWKiutuut-- 

uo s.Kr s 

srraK s°rnd AR ^ Wirab-M 

THE DANCE OF DEATH, “Emerges as 


928 22S* 
and Toroor. 
> hr Ibsen 


*: the Wolf (cartoon). 4.50 Take WaJes— 1J50-1.45 pm O Dan Y South-West (Plymouth). 10.15- aTV 

irt. 5.10 Tabitha. 5.35 The Mor. 5.10-5JJ3 Teliffant. 555 in .45 East (Norwich): On Camera: 

ombles. Wales Today. 6.15-6.40 Heddiw. TfijHlands (Birmineham) It's Your ma am tthai Ea 


OO pm. No »'W tomor. 8 AMERICAN BUFFALO by 
David Mamet. Many excellent coup rats 
. - ■ — all 3 threat™* day of pert Car park. 


F.T. CROSSWORD PUZZLE No. 3,706 


Wales Today. 6.15-6-40 Heddiw. Ifodlandi (Binningham) ITs You r uTcSSS SSTffi & SS 

Affair: North (Leeds i Direct Line: H «pii*i. ftis These Wunderi\u-TV Times. o, gi... 

nTT< 7 f 7 Y 17 xr i itui North-East (Newcastle) Friday koo atv Today, a.oo The incredible 

PUZZLE No. 3,7Uo North: North-West (Manchester) Hum. »jo The Ftidw Nirtu Film: SOUTHERN ' 

c - - .c •• Tti«. Nlchi Stalker. ' 


■ur HUS1C ac ^ ssfysjr iMur-wst ^ 

Sn-aa® ^ .° &t .- 5 ss *-- 

20 ll-PO Laie Cali 11-05 House of Horrors: Saundersi Tucs.-Sat. B.O nm. No shows = • _ Ml . 

o&vitol. 5.15 Those WunderrMl -TV Times. ■■ Twins of EriL" Mora- OLO vrc____ ■ -926 7616. 


^«MES 35 Si-.s: 

ilLyggfia- Isptass .7jQ-^strtncio<ira-s *• MO -- 

S^Edan-JfTB ^S^bSnSSL Ton-t 2S? TBKMrj 

l < r^& v J?%o£5*Sn* r ,bsw 

Pcter l-rAnroN Kiwi. Toot Cam - 

Nichols PRIV ATES ON PARADE. 7-45. Tomor. 3, and 7 .43 BEDROOM ^M- SM IOTl^from B.XObju.. Mon^ 

LLMOST FREE. 485 6224. LunchBmes t .. - S, “ ENORMoS?; 8-30- - 

"Ore Off" by Bob Wilson. Tua.-bl. COTTESLOB tPMl) andlforlnm). ' Ton t • veav ^ 

isis.-Bsar «• .' L 

iLMOST FREE. 4e5 5224. Even Mbs Kort |marant*928 2M3. Credit' <ard Skns. ~* Sopttoc nMtaioa.^ '■ 

yonnequffs^ - PUver Ptano " by Jam« 928 30S2. ■ . * 

Saunders: Tora-toL 8.0 ran. No shows oTo V^~~ ^^BTEia. ’ 


"**■“*“ *• M JO Elenl V— Diary ot a uisaster. lain nynoniuii— The nng w ^ndur I WchtHs ‘ Priv ates on PARADE. 7 as. Tomor. 3. and 7AS BE 

Points ' Ves t (Bristol). South Friday Laic Film: “The Man." 12.45 «m mao The Koser WhiUaker Show. U> pm I AJUMOST free. 485 6224. LunchBmes , 

Tndaw I.Cnrifhamnfiin I- «?nntJi«rhf Vm.r Uml^ af Nib hr 7^71 **“. ,ZT.i . TrJi..rTL. I "Ore Off" by Bob Wilson. Tues.-5at. LOTTESLOH snmorWm). 


One Off" by Bob Wilson. 
1.15 Pm-Suns 3.00 and 5.0 
shows Mora. 


7-45. Tomqr. 3 and 7^45 BEDROOM 
F ARC E bv Alan Ayckbourn. 

COTTESLOB rsmxO judUoriom). Ton't 



Champion Brass; Souih (South- 
ampton! Report South: South- 
West r Plymouth) Peninsula; West 
(Bristol) Public Life. 

BBC 2 

6.40 am Open University. 

11.00 Play School. 


The Nlehi Sialker.” 

BORDER 


SOUTHERN 

10.20 am Adventures In Rainbow 
Country. 10.45 The Knter Wum^xtr 


AMBASSADORS. 
Nightly at 8.0 


OLD VIC • -928 7616. 

— . PROSPECT AT THE OLD. VIC 

01-838 1171. June- Sept. Season. 


XOUNG VIC 

New Campan 


10.20 am omomim-' The Dob Wonder. Staw. !■» L rI P7 , T S u ^Sf^ z»* Women 

HL45 The Rosvr Whntik. r Show tL2D P_m Tta» W E 0 " de ^^ri T1,n f J l 1 SLSSE 


at 8.00, Matinee Tua. 2.45. THE LADY^ NOT FOR BURNING. '-New S e aso n . B*ss. 7^451 

Saturday 5 «nd ft by Chrlnooher Fry Previews tonlgtiL 5at BWf ■»«« 2ra 

: CARGILL and TONY ANHOLT 7.30. Flrit night 7 pm Juty 3. y__ BAgTHpEOMEVY FAIR 

In SLEUTH Eileen Atldn* as roong VK Festival Jnfy 2-23. 


PATRICK CARGILL and TONY ANHOLT 7.30. Flrit night 7 ocn Juty 3. 

In SLEUTH Eileen Atldn as 

The World-Famous Thriller SAINT JOAN 

by ANTHONY SHAFFER "A great performance" The TVna*. te- 

"Seeing the play again is in ract an turns July 6. 
utter and total lay." Punch. Seat prices- TWELFTH NIGHT 


A«-«a me Kuucr nmuani r omn> i*— »>» - - ar*Aral c » rmramads. »ee«™ me pin again IS in an corns jwy t*. • - 

Border News. 505 The fartndto Family. Only. 500 rfeekenft MMr and total loyj” Punch. Seat prices- TWELFTH NIGHT CINEMAS 

An/} KoOkaratm d Friday 800 The MO Oaj By Day «J0 The GncKw WaiB. £2.00 la £4.40. Dinner and Too- once "An outstanding revival.'* The Times, nt* juk 1 * * 

hX MJB fSbvbI- APPlete 1“” MuUt - turns July 10. . 8861 £p* p S £fif 1 Sf«5V jAV®. S36 

Horso Fa,r_and a dismay of Wsioric ***» ^ '^SuiSaVH A 2Z£*'^.22 » 0n * AIR. Regent's Paris. Tel. 436 2431. ODYssIy 

tehl'-lcs at Mallerslaln ll.ma*. UJW Lalo SWcr a J d,? - li2D * m Soumcrn News Mats. Thura. 3.00. Sul S-M and 8.00. A MIDSUMMER NIGHT'S DREAM- KT 'J5- * Sun. 2J5. 755, tale sXE2 
vtSiT- I Monster ' 1 Vl2JQ am Border E*™- .. _ DONALD SINDEN fiygs. 7 AS. Mats. Wrd.. Thor. & Sal. 2.3q 5*^ ” BIUTis cO Wk A 

L 1 T oorocr _ r _ r .„ "Actor at tha Year.'' Evening Standard. wRh RttLA LENSKA. IAN 7 TALBOT. 5 - 3a » * c Late Su ITJo 

News Summary. TVWC TCCv •• ic cupcdr" m.w fiI 7 aiuctM cctfmcpij navin uiccmu ■ 2^4 . ■ * “I'- 


11. 00 Play School. vehicles at MaJlerslaln ll.mae. UJO Lale SWcr Hyde. 1 IZ2D wit Souihcro News Mats. Thins. 3 

2.05 pm Cricket: Third Test/ Film: ■■ 1. Monster." tli30 am Border ExlTa - "Actor of tha 

Wimblerinn. Siunmary. TYNE TEES " '5 SL 

7.50 News on 2. CHANNEL , - 2s am Tfac Good Wort followed by S think 

7.55 Westminster Reoort. ... — ^ North East Nuws headlines. 18-20 Wild "Wkkedi 

* ■3 Tortelier Maelereloss. “il « IS SH"ut“S, SL’eST «™“SS m 

9.00 M. H. and op: Flvepenny R.W The Blomc Womao igj» Channel ?Snkirou^ UO ChXnxfof the In ^i» 

Piece With Mike Harding. Lale News. UU2 summ. r ol TS. 11.00 ^ j« r u “ 64^ Nonhwn Ufl “Hilarious . . 

9^0 Wimbledon highlights. TV blotle: ■■ Cnnaoirrem." 12.40 an. iS^cSSta al llXISporti 

n»n Th* HovlTc Pmurn Nows and Weather m i renvh. n k Thr Friday Film: cireua raturoara. 


10J20 The Devil’s Crown, 

11.15 Late News on 2. 

1155 Cricket: Third Test high 
lights. 

11.55 Closedown: Reading. 

LONDON 


GRAMPIAN 


8.25 am First Thin*. 10.20 The Beach- 
combers. 10 AS The Koger Whitiakvr 


time. U-0S The Friday Film: " CircUB 
of Hurrora " J2JS am EpUague. 

ULSTER 

HUB am The Lost Islands. 18-40 Roger 


" 15 SUPERB." NoW. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 

" WKlcedly tunny," TTmex. 

ARTS THEATRE. 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

“Hilarious ... see It." Sunday Times. 
Monday to Thursday 8.30 Friday and 
Saturdays at 7.00 and 9.1 5. 

ASTORIA THEATRE. Charing XRoed. 
01-734 4291. M on. -Thun. 8 pjn. Frl. 
and Sat. 6.0 and BA 5. (Buffet food 

available.) 

ELVIS 


ELIZABETH ESTEN5EN. DAVID WESTON UHDni m A ,~ ™ ' 1 

Shatrti DARK LADY OF THE SONNETS. Camden Town Tube). 

Pm- 2.00 aTTS 6 SoBA^UtS ^*^-. ,XK 

PICCADILLY. 437 450ft Credit card Mega. »*>our u pm. .'? 3 ' 6 4 °' 8 -* s - Late “ 
, 838 1971-8. 8-30. am-8.30 pnt. 4. Retained hr Public E - ' 



BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
LunctoUme Then fee Mon. -Frl. 1.15 Dm 
"Nc* Much Change Irma a Fiver.* 1 


bv Peter Nichols, 
PRIVATES ON PARADE 
" Riproaring triumph.” S. Express., 
BEST COMEDY OF tHE YEAR 
Ev. Sen. Award and 5WET Award. 
FULLY AIR-CONDITIONED 


OYn am Miutnru ImunH Vm. j!!Credthlc HUlV 10J0 R/Bi-Cllonl. 1DJ5 roads. 6J0 Re pons. 6J® Polloe six- 6 pm Perl. only. ‘ ' ' nm ''SioAnr 

. M *“ st .?. r3r Aro Ji nd X2} L The Knday Film: "Tlw Vampire LorerE." a. 00 The Incredible Hulk. MJ0 Dan BEST MUSICAL OF THK Y8AR .. nt ,, ^* S > L Y* T ^.„S^ h PARADE ^,. 

9.33 Plain Sailing. 1(U0 The 12J5 am Grampian Lar-: Niftht headlines. AnfiiisL U-M Bed U me. l ,, n ,^IS IN WHib5 M fc^r l ?Fri W 1 R 1S cm BEST* CoSdEDY^DF" Tm YEAR^ 

Undersea Adventures of Captain followed by n M report. u;rcTtv*Dn e«. si. A^ra and swet ISart. 

Nemo. 10 JO An Asian Notebook. HR 4N APIA WE STW ARD fully a. renditi o n ed 

11.00 Popeye. 11.05 Goostrey— a OKAiNAlIA UL25 an . Evoluoonof LH>. UM The 8 &?c„Sy^ B- s.« ^and I d.S0? ' PRINCE EDWARD. CC. Ifortnetly Casteo). 

Village 12 00 A Handful of M-20 am The Lone Runner Show. 10.40 Roger Whltlaker Show. lft2T Gus ,p, tdmbi 01-457 6877. Monday- Friday wit. 

Con™ 1 * m Journal. 10.55 Kathy's Quiz, 1J0 pm Hnnej-btui 1 ' Birthdays. UD pm Westward ExeiMnp Black African Musical ftM. Mat Thur. 3.00. sat- 5 JO and MO 

Som.5. I- 1 # pm Rainbow. lZ^U Thu Js Your RiCht. LJO The Amazmg News headlines. 6.D0 Westward Diary " Pa %** "J" <n‘ rror ' w, nm mm Lloyd Webber - 

Golf. 1.00 News plus FT index. World of Kn=s*ln. 5.10 What's New. SOS and Sports Desk. 8.00 The Bionta Woman. it? ° ' i 


MASSAOIE IX-OLC.™* CH/VI " 

^0^°ESSJSff'J!UL«- 3737 


■ COBdlHon— ■ 


1.20 Hein! 1J30 Bcrvl's Lo*. 2.00 Crossroads. 6JI0 Granada Riports. 630 1038 Westward Late News. 10 JO Summer 

Monev-Go -Round. 2J15 Golf 4.15 Summer Spon 800 The Incredible Hulk, of 'T8. 1U» TV Movie: Crosscurrent.' 1 

Golden Hill. 4.4a Fanfare " 5 la 25^® Reports Extra. 1LOO Friday Film 1140 am Faith for Life. 

LiOiaen Xiiu. -L-ia r am are. SJa Premiere: "in Search p( Gitcon." siar- «>rvni.'Ciirnr 

Emmcrdale Farm. ring Julie Chrlsue. xuo am A LilUe \ORK.SHfRE 


Seat Pncra £200-£S.50. 

THIRO GREAT YEAR 

Dinner and top-price scat £6.73 ' Inc. 


01-457 6877. Mondav-Frway eyg*. 

B.00. Mat. Thur. 3.00. Sat. 530 sad ft40 
EVTTA 

by Tim Rlc* and Anorovr Lloyd Webber, 
with David Essex. Elwrie Paige and Joss 
Aklsnd. Directed .try Harold Prince. 
Please note, from July 22 Sat %fs. will 
W at 5.0 A BAD. - . • ; 



ACROSS 

I Ambassador and member 
dined (6) 

4 Dressed orchestral players 
and got older (Si 
0 Metal hoop for musicians 
(5. 4 1 

II Which person gets contrary 


6 Poor man could be the losing 
pugilist (4-3-3) 

7 One in charge of Arabs’ cum- 
(5) 

g Deceive trivial lord in river 
i6) 

9 Roman Catholic or religious 
person in the past (6) 


5.45 News. 

6.00 Thames at 6. 

6-35 Crossroads. 

7.00 Winner Takes All. 

7J30 The Pink Medicine Show. 


Nish llusic. 10.20 am The Outsiders. UO Pin import) 

UTl * Calendar News. 1-M House pa ny. 505 v 

Mil out of Tohti 6.00 Calendar lEmley Moor pjj- a f.r 

10-33 am M oney -Go-P ound . IOjQQ The and Belmont ndloons’. BJJO The Incred- 
Rocur WhittaFvr Show. L20 Pm Report ihle Unlh. 10J0 Oh No It’* Selwyn 
West heauuin-s. US P.L-wrt Wales head- Fraa&it. UJW Scorpion Tales. 


CHICHESTER. OI-U, 8131Z. M at 5.0 A Mg- ' . • • 

2.aof t THE l,l |NC^N5TAhrr CQUPLt July PRINCE OF WALES. CC. 01-930 8681. 

imm** A W0MAN w HO e,bs 8M - 

0 1-9 30 ~ a B 7ft BROADWAY^OM^MUStCAL 


■ — — — — oorti- Mon. Scats £1.25 £2.25, £2-50. 

.0 Metal' hoop for musicians ffi) RADIO 1 M7ra Concert -S>. 9.00 News. 1.05 This Week’s News. . 3-05 ^Ltternoon Theatre. flJO — — — 

a J H u.uaKcia. loi tsi Hr» M h«i e hnodua Composer: Banok 1JS Yuan*; Ninth. #.115 Tie M«m Who Thought He CRITERION. 930 32>15. CC. 835 i07i-si 

, , [“•?’ „ . , 9 Roman Catholic or religious CS, |^n^ MMHurn h Wan M Artlais Recital iSi. Idas BEC Northern Owned Broadway iS>. #J5 Story Tim. ■ ^. »a. SJO-S^w. Ibum. .3.0. 

11 Which person gets contrary person in the past (6) SM am ‘EitoSto ft noT Dave l« 0r,J, r ;lr f ,s ' crrtvi: SJ» pm *■« Ewruire within^ now ^n s| its secow . year 

directions for a convolution? 14 Culture in manners requiring Travis, i.oo simoa Bates, ma Pain J***' i p*h«« b indud- sss weather-. Drocramnw new. t-™ 1 , n six w one 

f a. rlurifionrinn i Enrm.tr intliid^ I1M on S«™hVii 08 L3S P"i News. l.» PlaybiU. 2.00 News. 6J0 Goins Places. 7J» News. HALF-A-DOZEN uauGHe A MINUTE 

.„‘ 0) .. . . clarification (101 IETtIJ, kSS'i;,,™ Lutichtime scirL-tHianJ. E.OO LifellnKS- 7.05 The Archers. 7-2G Pick of the Week SECOND HILARIOUS YEAR 

12 Dnim fur sailors' dance (4) 1? Mutton-chop dresser? (9) jtSumnlTsj!^ tremin and Recreauun. 7.#o Variations iS«. 8J0 The Phijjp Jones ^Brara ■ very funny/ s. tci. 


"An unoara lleleo four de Ittrce-" S. Times. I QUEEN'S THEATRE. CC. 01-75# 1166. 
7ues. to Sat. at a.O. bun. at 4.30. No Evps. 8.00. Wed. 300. Sat. 8 00. 8.30. 


3 at^.OO. A WOMAN OF NO *... n.O.^^J^aed ML ^ 

r. o t ^^vb bboa ^^ o ^ d v 5 ,^ usical S&SAsr* 4 ■*“- ^ 

limited engagement tool July 16 starrinu ROBIN ASKWfTH On EON ' HAYMARKgr ..T 

CREDIT CARO BOOKINGS 930 084 8. Jane FoSda. V?^ T 

ipara lieieo tour de farce." S. Times. CXJEEN'S THEATRE. CC. 01-7^a 1166. 017^30° sxs 8*45 

a Sal. at a.O. sun. at 4.30. No Ev«s. B. 0 O. Wtad. ftoo. Jat. 6 00 . 8.30. 6 ,obrftm. Aj| 8 ^* F £5£rJ?‘'Li-«. 
Mon. Seats £1.25 £2.25. £2-50. .‘5S32i OM X.Syf l i?, LE «, — ~ ?** » *-”<“»• « theatre. 

w , : g * «nr ± ™t- FArn4 M E «oa LDR,DG£ s PJ? 6 ""- 

ON. 330 3215. CC. B3S 1071-3; In AUl Benn ett'S : - KIND CAIlSSu r ? e THIRD 

b. sacs. 1 JO. 0 -- 10 - Iburs. ,3.0. .THE OLD .COUNTRY - 1 . 0 S. 4 15 74 J 5 “WE,* S* T - ^ ww » ooen 

OW IN 175 SECOND. YEAR Plan and fjftavere Londox Crjtla .Award Dam lits.Jf “KT Fr ‘- * SM. 

LESLIE PHILLIPS ’BEST PLAY- OF THE YEAR : _woors open 11.15_gjW. AU seat* bkbl*., 

in SIX OF ONE . Directed by. CLIFFORD WILLIAMS ODEON Mime ,L.. - 

ECt?r?D N HILARIOUS ^R ,NUTE RAYMOND REVUEBAK. CC.OI-734' 1 5W. %%§? . She 

■■ VERY FUNNY? ft I«£ At 7 om. 9 Pm. It pm rppen Suiut) S2. i yV’ y Sfr K? 04 , Mon.-Frl Door* 

— sgl - »■ _ - PAU L RA YMQWO WBW». - . « li ?7i J*" DoonSOTen 

LANE. 01-836 8108. Every THE FESTIVAL DP EROTICA ■ iiZTJ. *L' T: 4 ?. Late show F ri A Sal. ' 

. 00 . Matliwo Wed. and fat. S.oo. Fully aLr-condHJaned , - ’ l 1 5 o.m, ah teats fektiie; 

A CHORUS LINE 2 fir SENSATIONAL- YEAR m advance cacenr late sAowC 


negligent (6» 


22 A cut 


caught rntild hpl Allan ,s> - aJ0 Wawinners 1 Walk, a.as Schulx.-rt Sous. 
. u re. De jjnhn Dunn .Si. 7J10 With Radio 2. I8JXI ■■■■.- 


21 Dance about with the Spanish particularly small (6 > 1 with Radio l i2Jifr2.ia am with Radio 2 . „. , {!! ,F T^u'? a a ,T* rjp ^' wnivcreiiy. 7J» 

fTi oa * «n cc v I with MW. 11-25 English Son>iS >S#. 


BBC Radio London 


fl Ml Sensational Year. 


ROYAL ALBERT HALL- ,589 . 8ZT2. PB,NC E OIARLH. Lelc. Sq. 437 8181. 

TonlgM 730. Wnu Performance. . . BrcKiki 

WORLD'S GREATEST ACROBATS W g ANXIETY (A) 

. . ._THE CHINESE . -. FBTte. Dly.. line. Sun.) 2.45. 6.15 

ACROBATIC THEATRE .- |-“- LMb Show Frl. and S«. fjlis 

front LIAONING. CHIMA. Se»N Blrtle. Ue*d Bar. 


' < « 24 Awaken monarch on river (5)1 _ . 1>1 C __ — — -- o.w. am .■« n j WV 

» « «“ or “«• 26 ?r* »W «tt M« in . n.c« B 1 W 02 IS iSttUST *s« , »sf & 


may be (5*5) 

25 Skilful band-leader in the 
drink i4) 

27 Rodent for doctor to employ 
(5) 

28 Affirm it could be part of 
speech (9) 

29 Man or beuit civins little 
credit to Oriental at river (8» 

30 Ov used unusually in flight 
( 6 * 

DOWN 

1 Left one lo scold and set free 
(Si 

2 Source of wine and informa- 
tion f 9) 

3 Teumleader gets request for 
work (4) 

5 One who quotes copper rising 
in summer t7) 


SOLUTION TO PUZZLE 
No. 3,705 


GHBOHHH anrasniaa 
n El d □ 0 Q a El 
3BE3QH OSH3DDBOOU 
H B H B Q 0- 0 0 
□□CSQ0QBan 0SE0H 
0 0 B * H Q 
35 2EHH naBQHHHHH 

a dob a □ 
ananHBQQH asHira 
a a o h e 
cjbbhq EantaDBrasa 
a a q a □ q a q 
□QQBnQQEaH EBHB0 

□ m s m a a a a 

□□bbbqb asaatjaLJ 


Wf »■ £3jggL*z 

far ; W. 10.02 John Ttem -Sv .nd^bJ, l^ow-™" S. ^!£ a ?“ W * 

12JL5 pm HavxorwrV WaD.-. 12JB lYw Id- a -Si. '...rlbTm SlnTonla Kal10 *■ 

^^a^s^rirD^^ EntemWl - **'»•»* mw- London Broadcasting 

Wunbli-don Latvn Tvnitis Cbamnionshuts n • r\IH 4 261 ni Rod 97.3 V HF 

indudiUK 2JS. 3. #5 Sports Desk. 430 UrtUlU -» 5 -50 am Mamins Music. 6.00 AM: 

Wacqoni-ra' Walt t.ls VHP>. 4,#S. 5.#S . 434m, 330m. 28nm and \HF non-stop dl-wu. information, travel, sport. 

SpnriH Desk. ftU CrvssOuimirt Motorins 6 . 15 am tl7 TnH _,. 10.00 Brian Haros Show. UO I.BC Reports 

information and 6.45 Sporis Desk. 7JQ tas uutu the Hour J Tji ^ Cwrw Gak-s 3 O’clock Call. 4J» 

The MMntie Folln-s Orchestra and 4vr«l Thdai 7JS L'P to th- n'ralr miminupdi LBC Reports (continues). 8JM Alter Elaht 

Substitute In Band Parade lS< includin'; ij| C Ji*Jin= Th auLhi h,r ,2* ,cjrt) Jan Cilrtlrisl. ftOO Nbdubnc. 


->nBm and 94 -fl"VHF DUKE OF YORK'S. . 0T.B3B SI 22. 

-- . ,,,? n , „ Evening* S.OO. Mat. W«t> Sat. 3.M. 

5.B0 am As Radio 3. ft30 Rush Hoot. Limited Season mutt end August 2S, 
J2.83 pm Call la. JOHN G/ELGUD 

4.03 Home Run. ftlO •" J h a LF- ij r^ 1 



TonlgM 7.50. Pinal Performance. . - 
World - s greattest acrobats 

. . .THE CHINESE 
ACROBATIC THEATRE. - 
from LIAONING. CHIMA. 

ROYAL COURT. .730 1745. -Air Good, 
by Bill Morrison. 

A tumlMw dteptay of .farce.** run. 
ROYALTYT Credit Cards, ofinos wjoa' 
Monday -Thorsday Evenings 8 .00, Friday 
.5.30 end 8145- Saturdays 3.00 and ff.oo 


1JS snorts wm. ULK Frco spin. in. 30 ULts rii..t-ntini in» n,.7 . - 

Banff G0 „ L £\Z 1 '* V.- 4 ? Mornm* st'ory ll.M S\ w. UM 


194m and 95.S VHP 
6J» am Refer Youtw's Braakfast Show 


■ UT Bill "IWTIj™. _ . 

"A B unUsned dfsptay of farce.** mu. H DT . rt A| a gnitC 

ROYALTY- Credit Cards. OTiaofi 8004 *'***' t3» 

Monday-Tbursday Evenings S.OQ. Friday ; ■ ■ 

.5.30 and 8145- Saturdays aura and ff.oo - ■ 

London critics voto BILLY' DANIELS b> MALL GALLERIES. The Mail ftrai- 

Bookings accenred- ms lor credit cards. Adm. zoo. unn[ J *l» Ath- 

SAVOY THEATRE- CQfiT| ln 01«S8B«8- 1 'SPWrfiffi. 

waPSt^ hjIMK: - — -• ••••' ; • 1 • • 

EVOS. NT. 1 |3g V W^ * r . 1 CL URC c '• 


CLUBS 


Band. U.02 Brian Mafriumr introdtKvs Analysis. 1U5 LeitJr^ from Fv^rYwhurp 'S' qjhj Michael 1S1 QJ) Dave 

Rnnnu M'dbtaht. tacMdUte liOO News. 1211 Zrt, “ "» Srn^er 8«f“. 7M 

2.00-2X2 am Sow Summary. I2J7 3ly Uisie i®i. i? y c Weather: LootJon Today <Si. 7 JO Adnan Love's 

RADIO 3 464m, Stereo &VHF 1 p ^, yi ^!!J TK •"***■ WWJIw IVorld al One. Opra Une t»*. 9.00 Vcror 

^ Ah hers. 1.45 Woman's Hoar Moihcr Wouldo'i Lika H iSVU-00 Mike 

.s.^'e'SS V- 7J" I™ m Birmineham. n.-hirtinc 2JKL2.02 Allen's Laio Show tS«. 2J» am lail 


muafe M-jSbnjyB^^^g 1 , 1 


duMdt tat. Asdtt Christie u smtabw^nb , 

dajmtariiiaSr^^ 


NOW IN ITS Sth ROCKING YEAR ' SHEILA HANCOCK. • O. . 

THE GREAT ROCK *N* ROU MUSICAL' , - f - -Ir..'. 

lo woon pXi^« u m. cc T 5i ' ^87 737ft ***2” ^ : 

NOW UNTIL AUGUST 19 WAREHOUSE. Donmar Theatre Cnmiv 

Mou.. Toes.. Tbure. and Frl. atft Garden. 836 



r — 1 

* ftsb 
















$$m§ 


r£ottesfoe 


by NIGEL ANDREWS 


American Buffalo 


YC" ; David Mamet brings you to the 

D«n’f Cry For „ ~ Coiintry Vf U totalitarian ^Tand DletSf ren h iains - ^ com ' has not shaken off and tbc DOW NoUus/the fSce^on^but^e 

little Mother^X). • Gala Royal militaristic manners which fSS £!«» n0 m ?u C t *Jf. n ten minutes ' mandatory cynicism of the post- cunning deployment of everyday 
■■ . £i|fbt be «£SSSf«r^£dSr SE? Be * °" hlni bef °re he Vietnam age. Expletives pour Ameriin speech patterns that 

Death TX):^; ^Warner 2, Swiss After running the hedonic;,- Jim jL 1 * concentrated in an-deleted from every character’s cut comers and pure grammar 
- ' Scaoie.' .Qasac Oxford Street g aun tiet of affairs wlth%nmiVv sijlish fights at the end. For mouth— -not least Lancaster's— to distil hard meaning and 
The jpeocBy Females' CD men of State she hefts ann T>lfL rest A, tiie filn t’s director allusions are rife to such veiled threats from the frenzied 

: "R6yaJ r Charing Cross Hoad marries the Fomin* vfan hi™ IL L f - Clouse has resorted to un-heroic matters as dysentery, banter of a trio of articulate 
(So TelLIhe Spartaas (X) self one General Pinare? With bldeous device of using VD ‘and drug-taking. The film bunglers in a downtown junk 

■j. : '-'j London Pavilion h er ’ nubile assist another actor {a Lee look-alike is a failure— swept now that way, shop. Hearing Pinter for the 

l.Watuta BfoM 'Ponr JBtknd (A.) he^nmoc il. unnamed in the credits) for now this by its conflicting first time must have been some- 


bv MICHAEL COVENEY 




-'iDU.u-onc.DXHirac weeiv* 1U u -. rf ”., h ine «orv is oaa a new sopmsucation an a ■ 

the -cinema -from "which a crruc he J* JJ" i-Jl 8 . b! fh 1 enou S h h J‘ itself, an overcooked chantment in war movies. 

surfaces sweat. Wonder- ^r°*“ 3 s ftf «sassmaUon pn the ragout of intrigue, revenge and * 

Vtream Da I* 01 ?y o£ ner P aJ a«- ! murder orxcari hiit net ...... 


great in itself, but in context it 
rattles with an angry, exciting 


Or, even , more . luguieningiy. a ^ a g . Je Jca j. . tha'inovie's „ v P resenCl \ t '* ue a n Jascer, Bealiemania. a timely and noisy The play was written in 1975 
waking xeaUty.-_ Did ao ^agemg melodramatic overkill the poor hV? and Hu r b 0 Brian. reminder is furnished by I and progressed from off-Broad- 

Burt iAD.carier re^fy Jtnp to ^ ^ aJ d jiIj in hut in tampering with Lee and Wanna Hold Your Hand, way to Broadway last year with 

tj*® imperial wheelchair fsfie has b j/j ’ e £ end - V? e makers have Directed by Robert Zemeckis Ken Duvall and A! Pacino in the 

foe Ifretaategse Tttiai in- Go Till b . weels with * dded desecratl0n to insult anti and produced by Steven Spiel- cast. British audiences first met 

T& chrierai Sh« the SLJtfS UI,Ury * * berg, this pop-world comedy Mamet earlier this year with an 

really come ba<* from the grave str !|. es solatterine her r* **. * *, follows the adventures of seven oddly matched double bill at the 

** £i vLi * Ll «,^ me blood all over General Pinare=; jt } otJier ,.J\f nd . s ^*} e Deadly ill-assorted teenagers — four girls. Regent. The promise and noise 

the . Evita Per on -legend really ^ ■ . * Females, with its story of a three boys— who trv to sate- of a true original is confirmed 

aufto the,^_^ imbembties of hv w prostitution .and - assassination SJJJ New York’s Plai Hotel in BHI Brydea's powerful pro- 


reviewouBi wt™ V7 .. Ui u !> lUB ««iu- ^uuu.au »inm. a veteran ui n w hi c h the Beatlps made their 10 Metnoa mannerism, it Com- 

cdileagu^S. and .duhfuUy caught Winning moment being- one the British sex-cinema circuits. S, aUEU r al American 8 SoDearSfce Plates entirely in its devotion 

up; with me this week, turns out lovers enraptured remark- to the the film is doomed by its market. nd gu = JJJLt, J L-naee ^nn to the swing, beat and pulse of 

to be such a ■terminal piece of heroine-seductress, “You^ could The sole raison d'etre of the l v . 1pr j“ pop Mamet’s glorious froth, 

drivel as The Deadly Females? raise the dead." The inovies movie seems to be to pack in x h " I a 1 „ Dew ? h ' Th* iiTnk- ,h nn 

TVia ife the we'et " t« • nurture nutitteal (■nrrnntiftn mini: cranpc nf imdrucina The film _ belongs tO the _ PB JUQK S Op QE OQgS lO 



Michael Feast and Jack Shepherd 


LiX'iiurd Burl 


a film column from the worst orilv does’ the heroine inaii-uraTe the censor will a/lnw and tWn ^ ic-strip nostalgia: but it is “ as .^ so,d . a buffalo t-oin for 90 in a soil of business association encircling, vividly suggested off- glum, persecuted desperation, 

movie upwards* ifonlv out of a Marfna Pinl?es FhariLahie audieife aDnetile (oroaiienw) also a minor loUT dc force in its b -u^L be '°f? reahsui S ^ P°s- continuously threatened by para- Mage world of gin games with Grant Hicks has designed th 

^mDathy fo^'tbe reade? for Fund whose proceed, aSSar to will tSdSlM The womcS hS oWn nghl ' iD the farc j cai varia ‘ slbll . ,ty -.°[ lt t gre J at * r va,ue - Ha n . oid outbursts of rivalry on all aggressive f emails and other pre- sort of titanically detailed set i 

whom a steady ascent from the so evdusivelv^to Marine P pinarps; ters in the film are all repressed n0DS 11 ^ nss on a slender theme, wants it back and the chance of sides. Each lioe. almost, sets out lenders to territorial rightg in would take all night to invei 

Sto’iriKeK. h OUm ^ or XfflC KdSSSi a ? d io ' he tamalisipg way it an escapade mfects' his different to redefine through humorous the cluttered den. Mr. King is an tury-1 saw toys under plus- 

p? 0 bably ^pr5erable to^ i nasi and hhlSmiil ?S *„ ? 5 {he m/n «re S m^SSSi u * ^“P*" °f the Beatles relatiqnships wth an impression- inflection the state of play impassive bulwark i 0 all umbrellas, fencing masks, bo^ 

&»V|SS?SL? ”° 6 * deStenj of SS£ ’winter WSS » JiSSfUL S? VS± *%£*•*£! f &L-U. HS&LSOS'. »„ ■"« bom^ botties aoi 


fbr ioTera SfSHgb Ciump; but in brSs'i^ .SSBSWS « creain Ibon,^ One oMbe t ? n aS e I— • » «F »« whW, wiU «v,por.te into an studies o, nervous bravado anl PbUMp, 

it? virtuoso absurdity it offers a 0 f hokum to London, but its social satire seem the height of ' J' aa |fs acmaiiy „ets as far as 


refreshingly hack-handed tribute badness has "an "all-out vitality presum pltuousness. ~ the Beaties' hotel suite and 

to the overblown myth of that that finally wins one round. The * JiSnwSS ®t- iohn r S f Smith Square 

Famous Lady from Argentina, film goes so far in the wronz Go ™ The Spartans is beds. No sooner is she M 9 ^ 

One is tempted to suggest a direction that it se«*ms to come slightly better news. This is the and Pohtely evicted than the 

shuttle service from the Prince out again the other side. story of a battle-weary American nc “ 5 cameras and jouroaltsts -|- 1 Tk 1 

Edward- Theatre to the Gala . platoon defending a doomed out- f v V° op up . on . b | r in . ,b ® I 

Royal, for- audiences who wish . * • post in South Vietnam. The film lobby, and in five minutes she v^d-XA V^'lCmU-V J. VJ. CLl cl Ly , 

to wash .their minds out after the Game of Death, by contrast, has a drnmatix personae com- bas been immortalised on the 

meUifluous hagiography of Rice has no redeeming features. at all. posed almost exclusively of stock s . mal] scree P- Such is the mfec- T ean ^, 31 . dp ic mturt . . t# . . . 

and Lloyd Webber’s musical by If cinematic necromancy: were Hollywood rharacters: from the tiousness of stardom. ia “ ® Juaigoire is in start from the end (that is. 

seeing the'tattered corn to which an actionable offence, the. makers cynical-kindly C.O. (Burt Lan- * of w,-S55S?2 ,r b f ? * &) ‘ B ° IS ‘ 

Eviia Perbn’s legend can— and of this film would be hauled up caster i to the rule-book fanatic A more reluctant star is tbe ArirtP at mven^nardiS^n uH* * r«. ^ ^ u w ^° ve , n cantata 

possible should— be reduced. Jn court. Bruce Lee is biUed as (Joe Unger) to the fresh-faced juvemJe-deliquent hero of The da7- i which hnu ! it i.’ th2r L ? Si, he i„f 4 ^ 

The- film’s heroine is athesUrofthisHonsKong.aciionwould.be hero l Craig Wasson). Slain Actor, a new film from iVcced- there S f still L S.rfL^ n, 0 eXpre ^ IVe - b , l V? L ' 
curvaceous blonde called Marina farrago, but as most of you But the film gains interest Germany. Written and directed rickets ’avaiUble ) On Wednesd^v sJnhi. Rn.ii!- < E?r l 25i d b> 

( Christine Kruger), whose well- know, he died. several years ago. steadily, not least from tbe colli- by Reinhard Hauff, this is partly brought Ws ensemble ^ Sjfc miJtf.™' SSSSfiKi 

mascata’d : eye for * the . main Undeterred, the makers have dis- sion between the war-movie a film-within-a-film, showing the Grau^ Ecurie er la SLw a nf pT a r ih * « 

chance leads. her rapidly up the interred him: or at least bis stereotypes that Hollywood still boy acting out his real-life role g oy {J ft. John’s S^to SqSa re smuesque during eve y pa^e 

.•*: =- for a qu^ocumentary movw l0 wann up for the occasion. At and then burst with sudden 

being made bj a young director least I hope they were warming passion into song, straining each 


Jean-Claude Malgoire 


bv NICHOLAS KENYON 


Pn J J %i SOi ;* J.L iD , ! r0 > m , cn ^ (that „ shotguns and jingle bells in his Ihe vacuum cleaner (just): its 

England for the important the original beginning). Bois- scores, and if alive today would repertoire of one arDe*°io wa* 

rfi?? 0 ?? et ?-u? ier ’ s r 3kilf V Ily . W0Ve 1 n cantata doubtless have beaten Satie to exSausiivelv explored 'In ^hc 

i”‘ e °L9"S en °fl Su v* D H }rer found the players at the typewriter and Hoffnung to three-movement V piece. and 



, u to warm up for uie occasion. At and then burst with sudden T7^,, . l r> i II T t-> i 

Vadl “ciowna? partly a'Sdl leaS K r hppe - lhey w ® re wa ™ing passion into song, straining each F OUlth BniCkllCll JclZZ FCStlV^l 

(Vadim Giowna) partly a study up: ^ p j a ying was by no means note to its full worth and acting 

.t&TTtg %SSl zjsrts ‘iLM ?^, dra, ’ ,a wiU) bri,t,e - ,ense rJSL, r -*r.!. /»«"* «»i. Bn.„h _ e „ 


involvement in me snooting, expect from Malgoire’s lively fervour drama with bnltle ’ lense u Vjl „ Br i H n e 1 1 Amf,n ® t ^ ,e Bn,,sh P'^ups 

when the excitement and sense records l - Jtv 0T1 ' u y P l51 > in e fre Eltun Dean's Nine- 

of purpose have died away and r .. . There was nothing so striking ® *..”!!? r.! P S» * en!,e - thc ' Sian Tracey/.John 

he is left again to his own in- . The small hand of original in either Jean-Claude Veillanl's an ® e In Britain of »j\ist Urnet.e Sur||1 . jn dl , hP Boblu wellins 

adequate mental and emotional instruments consisted of single deftly tripping account of a GoLnun j-. well a.-, the Bmish , ho ' Prnni4 C V.. , ' 

resources He returns, slowly stnngs. plus flute and oboe: ia Leclair Concerto (Op. 7. No. 3. dL,|l ut.s or violinist Leroy Jenkins HHailcl. the F.onnie Scott quin* 

and inevitablv. to a life of Ghambre sons I'Ecuiie. which played on the flute), or in Michel and saxophonist David Murraj. let featuring Louis Stewart, the 

delinquency. ' was a pity, because Malgoire’s Henri’s slightly unsteady jog Coleman s sextet will have two Lonnie Best quartet and several 

The subject is intriguing, but trumpets and drums can always through the Handel Oboe C-nn- drummers, one his son Ornette pianists appearing in a session 

tbe treatment is curiously drab. *> e relied upon to add vigour and rerto in G minor: both lacked Denardo- Jenkins will play with entitled A Fistful of Pirmisix. 


Christian* Kruger and Ivan Desnjr in * Don't Cry For Me, Little Mother • 


and from this film one can 
understand why. It is locked 
into a TV-style naturalism that 
suffocates the subject for lack of 
imagination. Tbe young hero, 
crew-cut and sullenly defiant, is 
a distant cousin to Truffaut’s 
Antoine Doinel in The 400 Blotcs: 
but the film never smuggles us 
inside his own mind, nor com- 
municates to us the reason and 
reality behind his compulsion to 
violence. (His vandalistic 
specialities include smashing 
cars and setting fire to cinemas.) 
As the only movie of tbe week 
that offers a serious treatment of 
a serious subject. The Main 
Actor deserves some respect. 
But without a lacing of passion 
or vitality, seriousness is not 
quite enough. 


Covent Garden 


Pelleas et Melisande 


Who’s got the answers to the 
6 most commonly-asked questions 
about trading with the Netherlands? 


bv RONALD CRICHTON 


The latest revival of the 
Covent Garden Pell&is is well 
worth seeing for the perform- 
ances of . the title-roles by 
Thomas ■ . Alien and . Anne 
Howells, and for the quality of 
the . orchestral playing under 
Colin Davis. There is a 
mysterious - .alchemy about 
Debussy's marvellous score by 
which, when the theatre is even 
slightly too big for it (as Covent 
Garden undoubtedly is) the 
orchestra comes up and the 
voices go- down. .Not this time. 
Has there erer been, in this 
theatre, a performance of tbe 
work -at which so many of the 
words .were audible as on Wed- 
nesday? 

The French- coaching of . 
Janine Reiss and the generally 
high standard of diction must 
share. the credit, but the biggest 
bouquets go to .Mr. Davis and the 
orchestra for playing that was 
taut and luminous as well as dis- 
creet. Sometimes, -for -example, - 
in the scenes 'with Golaud, the 
pulse slackened — there is a nar- 
rative aspect of the- score which 
Mr. Davis hasn't quite- mastered, 
but the perfect reading doesn’t 
come in a bury. There. is plenty . 
of fibre, for the climaxes. 

Thomas Allen’s Pelleas is a 
lovely piece of work. The high 
tessitura seems to bother, him 
not -at all (the. first Pelleas. Jean 
Perrier, also' sang Searpia and 
Collide — one -wonders exactly 
what, sort- of a voice be had 1 . ' 
The sound of a genuine. forward 
high baritone is consistently 
beautiful. Mr. Allen looks young 
• but not effete (as apparently 

\ Maeterlinck, who was a great 

big glutton of a man. wanted 
him to he. Every phrase is 
sensitively hut also strongly 
placed, he- gives the impression 
of a youth completely, helplessly 
enthralled. To Melisande Anne 
Howells (also singing the role 
at Covent Garden for the first 
time) brings her special qualities 
of intelligence. theatrical, 
instinct,' and musicianship. . 

This is not the ‘fluttering, 
bruised, teasing moth of a- 
Welisande. but the quiet, secret 
kind— more attractive and more 
dangerous, using the eyes (fixed 

Dftea on somethmg .m tbe' dis- 
tance unseen by the. other 
characters) more than the eye- 
lids, jad, elusive, appealing. Miss 


Howells makes it plain that 
Mdlisande has not been happy 
in the past bur is reasonably 
calm, about it — too much is made 
nowadays of the supposed" bruta- 
lity of . Meiisande’s former 
husband Bluebeard — a gloss 
added subsequently by Maeter- 
linck when he wrote the libretto 
of Artane : et Barbe-bleue for 
Dukas. Miss Howells gets so 
many phrases heartrendingly 
right that one may perhaps 
suggest that she makes too much 
of the. unaccompanied song 
from the tower (not a great 
statement, surely, but rather an 
absent-minded “bum”), and. too 
little of the deathbed scene, 
where the voice must carry even 
if the result is unrealistic for 
a dying woman and a frail one 
at that. ' 

The experienced Golaud of 
Thomas Stewart comes from 


another less idiomatic world. 
This is a strong, often gripping, 
performance which suffers from 
a tendency to slow down the 
declamation which must ahvays. 
in this opera, preserve some 
relation to human speech, occa- 
sionally also from a tendency 
to chop up the vocal line under 
the stress of emotion. 

‘Robert Lloyd's Arkel, on the 
other hand, is thoroughly 
stylish: his refusal to allow the 
old boy to become merely the 
usual sententious mouthpiece is 
admirable, Patricia Payne sings 
Genevieve in place of the 
indisposed Anna Reynolds. Miss 
Payne looks mighty impressive; 
her vowels are fine but one 
shouldn’t read letters aloud 
without consonants. The grat- 
ingly boyish Yniold of Gillian 
Rainsden remains a pleasure. 

The staging is now ascribed 


to Ande Anderson, who has 
abolished almost entirely the 
distracting mimings that used 
to go on during the orchestral 
interludes. Some of the scenes 
look a bit empty, as though the 
cloths have been sited too far 
back. In many cases the light- 
ing bas improved, notably in the 
second fountain scene, where the 
lovers’ references to dark and 
light now make more sense. On 
the other hand the discovery of 
the blind men in the grotto 
remains inept, and thc new solu- 
tion for the tower window at 
which Melisande does (and un- 
does) her hair suggests that 
.Arkel and his family were 
troglodytes — perhaps this scene 
will never work without a 
return to old-fashioned natural- 
istic scenery. The programme 
bas a fine crop of period photo- 
graphs. 



Vfhatsfe the advantages of starting 
a business in the Netherlands? 

Excellent communications, 
Including the largest port in the 
world at Rotterdam; stable and well 
organised labour relations; a long 
business tradition; excellent living 
conditions. Some of the world’s 
largest;companies — Philips. 
Unilever, Royal Dutch Shell. — 
are there. 

Does the Dutch Government 
encourage new business ventures? 

Yes, ft does. Foreign-owned 
companies are treated in exactly 
the same way as Dutch companies, 
and. in some instances, even have 
favourable tax treatment 

Are iheCustoms tricky? 

Typical of the flexible Dutch 
customs system Is that you can 


Amro Bank 
of course ' 


store goods brought into the 
country indefinitely in bonded 
warehouses without payment of 
duties or VAT (Value Added Tax;. 

What import duties wild have to pay? 

Import duties were abolished hr 
EEC members on 1st July, 1977. 
Associate members, and some 
other countries, have preferential 
trade agreements. VAT (Value 
Added Tax) is levied on most imports. 

What do the Dutch need most? 

Predominantly raw materials, 
since the country has a shortage, 
and finished products, to support 
the national chemical, 
metallurgical, petroleum and 
electrical industries. 


What are labour relations like? 

In the last few decades, there 
have been very few labour 
disturbances and strikes, largely 
due to the fact that employees 
and employers have good means 
ol communication which they 
exercise to reach satisfactory 
wage and conditions agreements. 

Amro Bank is a leading Dutch 
bank, with overSOO branches 
throughout the country. Amro has a 
network of correspondent banks 
stretching round the world, and is a 
member of European Banks 
International (EBIC). If you want to 
know more about doing business in 
or with the Netherlands or for 
details of our commercial banking, 
trade finance and business 
promotion services in Europe and 
internationally — please contact us 
at either of the addresses below. 


Thomas. Allen and' Anne Howells' 


mm bank i 

amsterdam-rolterdam bank nv 

Head Offices: 595 Herengracht, Amsterdam. Telex 11008 
1 19 Coolsmgei, Rotterdam, Telex 22211 
Branches, subsidiaries or representative offices In Antwerp, Curasao. 
* Dubat, Jakarta, London, Tokyo and affiliates In 2l*counln£& 


Financial Times Friday June # 1978 ■. 


FINANCIALTIMES 

BRACKEN' HOUSE, CANNON’ STREET, LONDON EC4P 4BY 
Telegrams: FLoantlmo, London PS4. Telex: 886341/2, 883897 
Telephone: OT-248 8000 


Friday June 30 1978 


Race for the $5bn 


memory 


r 

k better grip 


!>n 


HAS long been thought desir- 
( i)le to assimilate the system 
v; cash limits which was applied 
the greater part o£ govern- 
ment spending two years ago 
tyth a reformed system of Par- 
.amentary estimates. The 
nnual presentation of three 
•■>ts of figures — cash limits, sup- 
Jy estimates, and the public 
xpenditure White Paper — all 
■elating to the same pro- 
rammes and all based on totally 
afferent assumptions about 
rices has not merely made for 
pn fusion. It has made a 
nockery of Parliamentary con- 
sol of expenditure. 


distinguish 


■ The purpose of cash limits 
^as to restore administrative 
ontrol over government expen- 
diture following the large over- 
pendings of earlier years. Thev- 
ars based upon estimated out- 
turn prices fur the year ahead 
:nd represent the amounts 
i hich the Government proposes 
Should be spent on the services 
:oncemed. Supply estimates, 
ipon which Parliament has tra- 
■itionally voted expenditure are 
i<ased upon pay and prices rui- 
ng at the time of their prepara- 
l ion. This means that Parlia- 
ment has to be presented each 
| ear with a large number of 
'upplementary estimates in 
vhich the effects of inflation, 
iiolicy changes, bad estimating. 
<ir sheer lack of control have all 
oa often been impossible to 
•listinguish. The Public Ac- 
counts Committee and the Esti- 
mates Committee have therefore 
joth been pressing for an early 
Alignment of parliamentary and 
government control on a full 
iash basis. 

* This will not simply be a 
natter of changing the price 
iissumptions in the estimates, 
rhe present structure of both 
estimates and cash limits will 
nave to be altered since only 
about two-thirds of voted expen- 
diture is presently subject to a 
cash limit and it would clearly 
be essential to make the distinc- 
tion clear. The main exceptions 
t cash limits are services upon 
which expenditure is largely 
determined by demand, such as 
‘social security benefits. (The 
distinction is not clear-cut: the 
National Health Service is cash 
limited but not the Concorde 
programme or the National En- 
terprise Board, while, in the 
nationalised sector, the British 


National Oil Corporation alone 
is excepted.) As a result, it is 
now likely to be 1980-Sl before 
the new system could be 
brought fully into operation. 
In the process, too, it will not 
always be possible to align 
supply votes with tbe mana- 
gerial organisation within de- 
partments and with the spend- 
ing blocks set out in the annual 
public expenditure White Paper. 
But the overall effect will be to 
improve short-term cash 
budgetary control by restoring 
the significance of supple- 
mentary' estimates. 

The key to the new system 
will obviously lie in the assump- 
tions made about inflation. Tbe 
operation of cash limits In the 
past two years may have been 
assisted by the Government's 
pay policies. But were the rate 
of inflation in future years to 
be substantially different from 
what had been expected, then 
the limits may have to be 
adjusted. So far this has not 
happened, although in 1976-77 
at least inflation was under- 
estimated, with the result that 
spending on cash limited ser- 
vices was cut back in volume by 
more than had been planned. 
To that extent the inflation 
assumption has been a policy 
objective rather than a forecast 
If inflation were over-estimated 
(an unlikely prospect in the 
immediate future) then, accord- 
ing to a Treasury memorandum 
to the Public Accounts Com- 
mittee. the limits would prob- 
ably be reduced. This would be 
done as an administrative 
measure; there would not be a 
series of “ negative ” supple- 
mentary estimates. 

Welcome 

At stake here is not merely 
the operation of cash limits. 
Medium-term control of public 
expenditure, for which the 
annual White Paper is designed, 
has been made more com : 
plicated by the underspending 
of the past two years to which 
cash limits have contributed. 
This year’s increase in volume 
can be interpreted, for example, 
as one of 2 2 per cent (planned 
over planned) or S per cent 
(planned over outturn). The 
improved operating efficiency 
which cash limits have brought 
is certainly welcome. Even more 
important is, re-establishing 
Parliamentary control over 
expenditure and priorities for 
more than just one year ahead. 


China looking 
for capital 


T HE RACE to perfect new 
types of computer memory 
promises to be one of the 
most exciting commercial 
events of the next few years. 
The winners will be difficult to 
predict: large fortunes will be 
lost and won; and the- Anal 
result will have implications for 
the whole of the business world. 

The competition has become 
of particular interest to the 
British taxpayer because of the 
decision by the National Enter- 
prise Board to place a £50m 
stake on an outsider with no 
previous form. The Board’s 
money will be used to sponsor a 
new seind -conductor company 
which intends to move straight 
up among the front runners 
from the U.S. and Japan, now 
jostling for position in a rapidly 
expanding market. 

The NEB’s main objective 
appears to be to produce a 
computer memory with the 
cryptic name of a 64k MOS 
RAM. In plain terms this is a 
tiny chip of silicon on which is 
etched 64,000 microscopic 
memory cells. 

However, the MOS RAM (the 
acronym of metal oxide silicon 
random access memory) is only 
one of a range of different types 
of memory including -two new 
contenders, bubble memories 
and charge-coupled devices, 
which have on the face of it 
great possibilities. 

The civil servants and politi- 
cians who are now having to 
become experts -in the complexi- 
ties of semi -conductor produc- 
tion have therefore to decide 
not merely whether the NEB 
can win the 64 k RAM race but 
whether that is the right com- 
petition to enter in the first 
place. 

A further difficulty for any 
newcomer is that micro- 
electronic technologies are mov- 
ing so fast that the established 
companies can afford to lower 
prices 35 to 40 per cent a year. 
To make life as difficult as pos- 
sible for their rivals, they often 
lower prices well before they 
have gained the advantage of 
.volume production or a techni- 
cal breakthrough. 

Big companies like Texas 
Instruments can afford to carry 
heavy losses for a while on a 
particular product, which they 
recoup from profits on other 
lines. This highly sophisticated 
form of gambling on future 
markets obviously carried great 
danger for a small company Like 
that which the NEB appears to 
envisage. Details of its proposal 
have not been announced. 

Unless it can rapidly outpace 
the competition either in 
design or production techniques 
it could easily find itseli at the 
losing end of a ruthless inter- 
national price war aimed 
specifically at its products. 

This market, including all 
forms of computer storage, is 
growing at the rate of about 25 
per cent a year and is now 
estimated to be about $5bn a 
year worldwide. 

Only a few years ago memo- 


REDUCTION IN PRICE 
OF COMPUTER MEMORY 


US SALES OF 

INTEGRATED 

CIRCUITS 


SOU ■ CM . MX l: /V -'. .. - 5-- 


°1968- 

10 t — 


BIPOLAR RAM MOS !— 


■ COST AND SPEED-] 
OF DIFFERENT I 
COMPUTER MEMORIES 


h-OOOlf 


000001 1 

•000000001 


* CHARGE- ! 
I COUPLED I 
I DEVICES | 

imp] 


SCutOT'AUO. cow Van is 


BY MAX WILKINSON 

i hnifv nf MOS Circuits' -'belli? 

^ . Sm 4 jtnn . 5 qu ee zed out l>etweftn' i "fast 

^Sm (us price for 1m. units of memory) j — — p hinolars OD the one handand 

1-8 It ~ ■ J the high capacity - CCDs’ and 

is \ REDUCTION IN PRICE - (JS SALES /\ I a 11 ® 05 * anything ^is possible 

14 A of COMPUTER MEMORY -INTEGRATED L. m 

\ _ CIRCUITS / bit chips. 

1-2 \ / Ualike ‘ the CCD, which Is : 

X / •. made on the same prodiKaiga 

1-0 X - £ 1,000 lines as other integrated 

/ circuits. bubble ' • memories. 

0-8 — . *"■ • / • depend on a new. technology.’ , 

/ They are made from-waf efs Vif j 

0^j \ — / non-magnetit ;ganiet- gem- '.oh'- 

/ - — 800. which is .deposited a thin film' 

Q4 — “ ’. f of magnetic, garnet. . . 

’ / The film canbe made to.brcik V. 

0-2 — - — ; / into small ; domaiis ;f''qr‘ 

/ “bubbles” of magnetised- 

n !OUKS: cm.w:/v.-..-s^ J — 600 - material, ea(* about a :iSlSanth: 

t 968 i 70 *72 ^6 *78 80 , X ' of a metre vride^Thea*tbid3iLesJ_ 

10 r-— — i 1 / can be moved -throqgtt_-.'&e 

7 . B, !X*r ™ot A Kin QDPm __ / ' • crystal by electromagnetism: so 

1 1 “ M L.. 1 niPPFRFMT / that they give their anfonration , 

IS, J / . — - 400' tp minute sensors deposited «n • 

=* COMPUTER MEMORIES y “ top of tbecrystal . . - \ 

= IKlilliJ -eA-. f The. big cdiomeroal yiaitteoi 

s *01 ^ f facing bubble ^ joaem6^;haJiieti' : 

| - ■ - • is- -.that 100,000 bits per^Jeviie- 

s charge- “ ’’ S - ^ 200 .- - may not be -enbugb,; fcowevier. 

3 ' mvkk j ^ ' "•-• . remarkable 7 ‘ the . teflihical'' 

£■0001 . achievement.’ To start rampet- 

■s bubbles I : ; ing with: ■ inaghetie flfscs^ ^he - ' 

{S j 7APE ^ sou«r*M*a conhvakis bubbles mist cost'-Iess'tlMm.;*.: 

.1 [ ] I ' - t -I 0 thoiisahdlh of a; ".cent. permit" 

000001 1 1 iQfiA ififi »R8 f 70 ’72 *74 ’76 - which imptira that shot: 

■000000001 *000001 *001 1 1000 w 00 at this- maiket,mu^ hejwi&v 

Time needed to gain access to gain ofn>eniory(5g^^) M __ j ^ — — — able. tOStOTe - lm bitxT- . 

rp t Bubbles and CQDa -are thexe- 

ries could be divided neatly into able for files which can be bubbles, which already offer - the ^t‘e s fote- wi^^ 

two types: the core memory loaded onto a faster central prospect of storing more than is mark . etl “ g ,^ nnoh%* nfid familiar ^etaeken^nd^^ ptpb* 
which stored information at the memory for processing. Mag- lm pieces of information in a stores^about 100,000 bits of m- Iem of the mdagfjy tepusdM 
very heart of a computer, and netic discs and drums, though device the size of a domino, formation. - • what is’ called the:, learning 

magnetic tapes and discs hold- more expensive, allow more Other U.S. companies compel- However, the theoretical curve.” ’ This .ciirye f Expresses. : 
ing large back-up files of data rapid access to the information, ing in the development of advantages of a new memory the fact that a&^h^tbluine^Of - 
and programmes Core memory Access time is measured in bubble technology include In- device are not enough to assure production builds up.: «MSts;atie: 
consisted of large numbers of hundredths or even thousandths ternational Business Blachines, it ^ a market in a rapidly greatly reduced.- On- top.ef tiiat,;, 
iron rin^s with a network of of a second. Intel, the giant American Tele: changing world. Everything, increasing^ densities ; ::of ;&mr \ 

wires criss-crossing through None of these magnetic stor- Phone and Telegraph. National depends upon producing large ponents are ^steadily- 
them. Each ring could be a ge systems, however, allows Semiconductor and Sperry Uni- enough quantities at the right the ^cost per bit 'of memory* \> ; 

magnetised or de-magnetised to random access to the informa- vac - . ^ Japan. EIxjicsu and pr ice;at the right time. _ The. exueuie 'Sens itivity .^ta r . 

store a single “ on/off ’’ digit of tion. The computer can only ob- Hitachi have joined the race Thus CCD memories now have volume stems from 

information. The great advant- tain the data in a serial fashion in Europe Plessey and on i ya relatively smaH iead over the senucoddpetor pianufariur- . 

age of core memory was that —that is, in the order in which a Ef a ] so doing work on ^ rtva j jjqs technology. Faiiv “g prooe^ 4? 

the computer could extract it was stored. . bubbles. Total research into the f or example, one of the fu L Perhape\ (SO^pet 

information from it extremely Great excitement is now being ^Probably of tbe order ^ CC D. found, when it 

rapidly. generated in tbe computer world o£ £100m t0 date - _ . introduced a 16,000 element f beir 

Although core memories are by the emergence of two new The amazing possibilities of CCD memory that a 16k MOS have .a ereCtt: apo 

still used, they are being super- types of memory whose price bubble memories can be gauged ram was well on the way to throwp away., . - 

seded by different types of semi- and performance lie somewhere from the fact that AT and Ts development, by Intel. . 

conductor memories which between those of the fast, ex- Bel] Laboratories, which mven- ^ keep ^ Pairchiid 

store information in thousands pensive RAMs and the cheaper ted the idea in 19B7, believes . . nn- to a 64 OOO-bit CCD - S°od- reini ng pr q^- 

S"SJS 25 S? switches, in a U storage devices. that m tte „«t Oe«de bubbf« -S-fi S S" ' 

random access memory (RAM) 0ne of ^ the charge- JJ 11 ? J J ^5? ft i 0 n ? 0 _ r tiJ2?? r .S}? the end of last year. But in ^fmsejves All. this fine tunh«- 

the computer can turn each coup i ed device or CCD which is of information on a single chip. g ite - of toe that MOS tecb-^ 

switch “on” or off individu- fabricated in much the same greater densities ttan n0 j 0 gy \ s inherently more^ which ^ the 

llly. It can also find out whether way ^ ot her silicon chips. Fair- ^ appear to be thoreticaliy gc^- a ■ 64k ‘ MOS -RAM has _*• 

any s.witch is on or off with child, Texas Instruments and possible. A chip which could already been produced , in •. tTnless 

lightning rapidity. Intel have all invested heavily store ithis amount of information sample quantities by Fujftsii.; in' •« f^v5Sra^.ibiB«ifi®o* r .: 

Tbe most expensive RASIs, in tbe development of CCDs (equivalent to -0 to 30 novels) j apa n,\aihd leading- U^. P° m * turers are 
called Bipolar, allow tbe com- because they seem capable of would clearly make a nuge aeni pan ies including “Intel are ex- cost ** xiding'jjthe' ted^g 
mter to gain access to stored storing data for about a third ° aar f e , t . f0T pected to follow suit this year, curve “nrolriWtKfe^vrawheh - 

in a foul hUHnnthc nf tho nrino nf thn nrAcnnt dlSCS, and might fiVeU displace . * * , • ^ . 


•000001 


1000 


Time needed to gain access to gain of memory (seconds) 




^formation in a few bihonths of tiie price of the present disra and “ ! g ltev ^ A similar, battle is...^ ^being thed^sSi? 

of a second. The metal oxide RAMs. The CCD s advantage is W s * A ™ ge ' “ j™' waged at the top .end, of the exwUent ^d-rth^prodnctioir,.’ 

silicon tMOS) RAM is a cheaper that it is a basically simpler de- 8 aSd market hetweep’the MOS RAM technology 

type which allows access to m- sign, so that memory ce ls and the faster, more expensive .exact 

formation in a few millionths can be packed more densely, omce equipment. Bipolar RAM- This is happen- to the_i^lsirf.:OT^^e-ft(fiqP;- 

of a second. but it is slower and does not Both magnetic - bubble j^g because of the natural ten-- which decides , ;-iiucce^ :^or r 

At the other end of the scale. ®^ ow ran ^ om access - memories and CCD have .the dency in electronics*. -for ; any- 1 , failure... ■ - 

magnetic tape units can store a The other contender in the basic advantage over rival thing smaller to work faster. ;■ ^ For ^ese^efcwns jft ^ls. ^vnotj-y 
given quantity of information area between fast and slow stor- methods of storage that they Hence, as the ciTcinf elements ■ 03^x^faBcif^;.vi6.V:',^9h' , 
for about a ten-thousandth of age is the magnetic bubble have no moving parts. Conse- ^ xediiced in size by- about market wHctf ; »lhe^Natibnall 

the cost of the most expensive memory, which has attracted ?®i, more half each year, -the MOS RAMs Enterprise 'Bbari/jjftipsses ^tq ^ 

semi-conductors. However it even heavier investment than reliable than discs which are are becoming faster and faster. enter to amegg a^^spwm'Tice . 

may take the computer several the CCD. Texas Ins trumente and f ! ^ ,ays “able to mechamcal Hiey are now beginning to chal- along a. hi0i wife. To Succeed, 

minutes to obtain the informa- Rockwell International, the t^ure. lenge bipolar ‘ tedmology . for it-will need luCk, good manage-: - 

tion it requires from a tape; so leaders in this field, are believed Bubbles are already appear- speed. But it would be a rash jn&xt, a - great deal. of^money. 

this type of storage is only suit- to have invested some $25m in ing on the market in limited man who ruled out the posM- an^ a dtrewd'dyeiito^ie-^^^: 


. i?i * - 

■ !■ r ; - 


THE CHINESE vice-premier, 
Li Hsien-mien. is reported to 
have told a British delegation 
in Pekin? that China would in 
future borrow From banks 
abroad including British institu- 
tions. This may not be quite as 
dramatic a turnabout in policy 
as at face value it would seem. 
The official line in China has 
been that foreign loans are 
taboo. Unofficially, however, the 
Chinese have been borrowing 
abroad through a number of 
covert means rrom deferred pay- 
ments to acceptance by the 
Bank of China -in London of 
deposits placed by other banks 
for far longer terms than is 
normal in the -inter -bank 
market. In private conversation 
Chinese officials freely refer to 
these inter-bank transactions as 
“ borrowing.” 

Open economy 
What is new about Mr. Li's 
remarks is that they suggest that 
the Chinese government has 
aow got over its ideological 
antagonism to borrowing ancl 
thus will be willing to look at 
further ways of raising funds 
abroad. They are also confirma- 
tion that China is moving 
towards a more open economy 
with more extensive contacts 
with the west. Vice-Premier 
Teng Hsiao-ping recently told 
another foreign delegation that 
China had suffered from a 
closed economy. 

China would certainly have no 
trouble in raising a substantial 
loan on the international 
markets. But the obvious first 
stop for the Chinese in extend- 
ing their range of borrowing 
would be to look for export 
credits. This would also go down 
» 3 well with capital equipment 

M \ firms which are currently 

) pressed by the Chinese into 

_ raising suppliers’ credits. 

. There has been some specula- 

— I tion among bankers that 

China might seek a syndicated 
"'sl Ioan - This would have the advan- 

(i lage of providing longer term 

j I finance than is available through 

) 11s .j nt pr-bank activities and 

— v _-_ t avoid the rigmarole of rolling 

^35$ "ver 1* short-term obligations. 

, It. would also mean that China 



could obtain funds against a 
sovereign guarantee which 
would not be tied to any particu- 
lar project. But for the moment 
such a loan seems wishful 
thinking by the financial com- 
munity. 

China's reasons for looking 
for further foreign finance lie 
in the massive investment pro- 
gramme over the next seven 
years that Chairman Hua Kuo- 
feng announced to the National 
People's Congress in March. To 
recapture the high growth rates 
of before the Cultural Revolu- 
tion and in an effort to make 
China a major economic power 
before the end of the century. 
Chairman Hua rolled off a for- 
midable list of large-scale 
projects — steel mills, power 
stations, rail networks, ports, oil 
and gas schemes and mineral 
development. To this should be 
added an increasingly ambitious 
military build-up. The number 
of Chinese missions shopping 
for equipment abroad are a firm 
indication that the Chinese are 
serious about their declared 
intentions to purchase foreign 
technology. Relatively few con- 
tracts have as yet been signed 
but a good many are in the 
pipe-line. 

Need for finance 

How much in practice China 
will want to borrow abroad to 
fulfil its dreams is . inevitably 
pure guesswork. Its demand for 
capital goods will be limited by 
the capacity of China's ports, 
roads and managerial skills to 
handle such a massive pro- 
gramme in so short a time. It 
will try to buy as much as 
possible on barter terms — 
largely the basis of the recent 
S20bn agreement with Japan. It 
has had an average trade sur- 
plus over the past two years of 
nearly $lbn a year, and foreign 
exchange reserves are currently 
estimated to be between $2-S4bn 
— meaning that China is running 
a comfortable external account 
On the record of its other com- 
mercial transactions, China's 
approach to new borrowing is 
likely to be cautious. There will 
be no grand leap into the inter- 
national markets as many banks 
would like. 


MEN AND MATTERS 


Chinese lanterns 
in the City 

The Plaisterers' Hali in London 
Wall had an Oriental ambience 
last night. A reception was 
held by the Shanghai Commer- 
cial Bank to celebrate the open- 
ing of its representative office in 
the City; managing director 
K. K. Chen had flown over from 
Hong Kong to greet the guests. 
It was, perhaps, more strait- 
laced than the junketings that 
marked the recent opening of 
the Gcrrard Street branch of 
the Hongkong and Shanghai 
Banking Corporation — a cere- 
monial Chinese dancing lion 
was brought out then to ensure 
good luck. 

But the Shanghai Commercial 
is not primarily interested in 
retail business. “We shall be 
most concerned with trade 
financing,” says Jock Frazer, 
who brings to his task as the 
bank's adviser 40 years' ex- 
perience in Far East banking 
— latterly with NatWest. “There 
is a growing relationship 
between the Hong Kong textile 
industry and the EEC to look 
after.” Understandably, the 
Shanghai Commercial Bank — 
which has 18 branches in its 
home base and one in Sau Fran- 
cisco — hopes eventually to 
receive Bank of England per- 
mission to start a full branch 
office. 

A contrasting policy is being 
pursued by tbe Bank of China. 
In a few weeks it will be open- 
ing up in Shaftesbury Avenue, 
to establish a presence among 
the Chinese restaurateurs of 
Soho. Political factors apart, 
there is a big— and rewarding 
— flow of remittances to the 
East 

The Bank of China will be 
competing for the patronage of 
the Gerrard Street community 
with the Overseas Trust Bank, 
which has been in Old Compton 
Street for five years, as well as 
the Hongkong and Shanghai 
Yet the experience of the Dao 
Heng Bank is a reminder that 



44 Smithers is our expert on 
what the Liberals will say 
‘No* to.” 

there is sour as well as sweet 
on the Soho menu. The Dao 
Heng, owned by Grindiays. 
quietly faded out at the end of 
last year after being the bank- 
ing pioneer in Gerrard Street. 
I asked a Grindlays official what 
went wrong. “Business never 
came up to Their expectations.” 
In a bid to lighten the gloom 
he added: “ Perhaps it was their 
habit of celebrating the 
Chinese New Year by banging 
pound notes wrapped in cab- 
bage leaves out of the bank’s 
windows on pieces of string.” 

Over an oil barrel 

Who has been twisting whose 
arm? Only two months ago, 
George KeWer, vice-chairman 
of the Standard Oil of Cali- 
fornia (SOCAL) was publicly 
attacking the Government’s 
North Sea policies — the 
British National Oil Corpora- 
tion’s role in particular. Now 
he has written to Dr. Dickson 
Mahon. Minister of State for 
Energy, in quite a different 
tone. The Energy Department 
yesterday made public a letter 


from Keller saying how pleased 
he is to learn that the northern 
production platform destined 
for the Nini-an Field has been 
built in just one year, without 
serious industrial action. 
iSOCAL’s Chevron company is 
developing the Nirrnan Field, 
due on stream later ibis year.) 
" We recogra'se tius as a signifi- 
cant goal in the development 
of Ninian and I would like to 
express my thanks to you for 
the part you have played in 
helping us solve some of the 
very difficult day-to-day pro- 
blems -that interfere with the 
progress of the work,” writes 
Keller. 

I hear that he recently 
changed the schedule of a Middle 
East trip to visit Lord Kearton, 
chairman of the British National 
Oil Corporation, to explain why 
he had made his attack on a late 
night TV show- That visit, and 
the subsequent letter, might not 
be unrelated to Chevron’s 
interest in obtaining further 
North Sea oil exploration 
concessions in the forthcoming 
sixth round of licences. 

Health check 

The thirtieth anniversary of 
the founding of the National 
Health Services has been accom- 
panied by moans of gloom: 
600,000 people are awaiting 
operations, facilities are in- 
adequate, doctors and nurses 
overworked and underpaid, and 
the only growth sector is the 
bureaucracy. But at least the 
Trades Union Congress has a 
brighter view. “ The trade 
union and labour movement is 
enormously proud . . . We have 
been its staunchest friends,” I 
heard David Lea, Assistant 
General Secretary of the TUC, 
tell a conference on the NHS 
at Congress House yesterday. 

Lea complained to me later 
that the media often suggested 
that health workers “wilfully 
ignore the interests of the 
patient.” Two-thirds of hospital 
staff are unionists and they 


should not be treated as second- 
class citizens in industrial dis- 
putes, he added. 

Some 200 unionists attended 
the conference. In the past 
several of the unions have been 
at daggers drawn in their fight 
to win members in the health 
services, but yesterday the dele- 
gates were united in criticising 
the NHS “as a friend would a 
friend ” and in calling for more 
expenditure on health. 

Figures were quoted to show 
that Britain comes below all the 
original members of the EEC 
in public expenditure on health 
per head of population... The 
first applause came for a force- 
ful speech on just this point by 
Douglas Hoyle, a Labour MP. 
The delegates warmed- to an 
attack on tbe “enormous 
profits” of the pharmaceutical 
companies. They also were told 
that the children of poorer 
families are twice as likely to 
die as those from richer; homes; 
that Britain now lags 2 .behind 
some West European countries 
in child mortality: and 'that 48 
per cent. of the hospitals were 
built before 1918 — 6.5 \<per cent 
pre-date the Great Exhibition 
of 185L ' . 

But sadly, -the Secretary of 
State for Social Services, David 
Ennals, could not be present to 
bear TUC speakers say how 
unionists must change £U this. - 
He was Hi. -\; 


Cold light 

In a recent conference with 
his senior executives, a main 
board director of, a. leading ' 
British supermarket, group - 
stressed the importance of; dis- 
tinguishing cieariybetweenfact 
and fiction. To illustrate his 
point he said: “ The following 
three statements are - always 
fiction: . 

“Of course I’ll still. love you 
in the morning . 

“The cheque is in the post”; * 
“We’re from bead office. 
We’re here to help you. n ’■*•*: 


Observer 




:Tobeg^n v wi^ 
paymeotsup 
<ian pay -up to 
:} f . Whkf s mor^oi 
on 

holiday ' "'/> £ v*-s 

; ; The staifi 
to tdl you 
I/s justane 
the Lfic&teb^ > 


7 ' 

; * '• > . . ’ % 


•t "V 

-A/— 

- .V- ■' : w- - • 





2 1 


\ y ' • 


Financial Times Friday June 30 1978 




POLITICS TODAY 





*1£Y NAMES Sue, ^wys tils sirl educate her in the mAfi) t ra j: i;*, . 

apologetically, “hut they've got tional Tory ways if 0 n the b’Jf 5 ?°F e I or 3ess -, in ful1 who bav ® actually paid their 
tae down as, Susan.” And over other hand thpu !«!«. MPs who b . eIons 10 the vari - subscription. Among the former 

there there's Dave reading the Thatcher will be out and the thhim?® S l | ch ® s t the « Mr - Francis Pym, the most 
Guardian... and Steve in jeans, party vrill find a ne/ltaSS ^Z G ™ up « «». Fabian senior member of Mrs. 

• ;4s ■■ inteflse-awjkmg - female more suited both to iradtifnn S??!? °« the Lab J ou [ s,de - and Thatcher's team to address last 

dutches a copy of New Society, and the times tUtm J, be Bow Group and the Monday weekend’s meeting and now her 

The ieans- are outnumbered but t. ^ _ Uub on the Tory side. The entry most likely successor. Among 

only by about two to one. and in p™™ ? 5 words. , the Reform submitted by the TRG, however, the latter is Mrs. Linda Chalker, 

fact nobody seems .to notice who ab "? t ’ ab °« its parliamentary adber- the only MP to attend the 

is wearing what. . J 10 ^ ,ta ctics. aDd a fairly ants runs simply: “this Group whole of the session in Cam- 

Peoole are discussing the a 0 - o§ ' ,term that. The supply this information bridge. Tory MP S are not 

motions, which .iheiude^ Si ’MdS* * ^ "^ Uon* * 15 f ° f pubUca_ en couraged to identify them- 

for- sanction? against South ™ Zi selves Wlth the party sroups ‘ 

Africa and the removal of the Tbe m itself Q ‘ s a * pre- One explanation offered for so Mrs. Chalker’s presence was 

charitable status of Public S€nt of M Sre®* sigrriflcance tha * is modesty: that is. the something of a political act. 

Schools: There is also some talk “J* ™ore -than an number of Tory MPs supporting Disraeli apart, the most for- 

of an emergency resolution on of mere irendiiness. Its “* e was too embarrassingly mative influence seems to be 

Ulster membership is nriimte— perhaps sma33 to print Another is that Mr. Harold Macmillan. Some of 

ThT-c" i« not some offshont of 340 at national level, and the T* 10 did not wa “t to have our members, it is explained, 
tJllboiir Partv in the late ™ajibe anther 800 or so la ioeal t0 ^ nclude <»£ MP are too young to remember 

early 19603 It the aTld especially university asso- e nloura Se on its letterhead, as Macleod. but they have seen 
irt” r nations (The Undversitv o.r has happened to other Tory Macmillan and heard him speak. 

SSw L ln E Cambridge cL Ze dU roupings. (Their letterheads in It appears that the former 
cSbr ffifta? JS2 m f ;«’ have . *?““ a political Prime Minister is stiff active 

C,amoria 0 & iast weeK-ena. ««,»■« do a statement in themselves). But at university gatherings and 

To the- outside, observer other JJfJJJ* , ri e £” s *** ® d ° ubi hns the real reason seems to be that dinners, and indeed it was 
oddities abound. In the formal m *■“* pasi 3ew monms : an awful lot of MPs want to remarked last weekend was an 

proceedings, for example, Mrs. hedge their bets. Many of them appropriate time for the TRG 

Thatcher is mentioned only IYavI 51 fill m would be prepared to go along conference because it coincided 

once, and even that reference •L'tTlflUUlIlbi.. with the Reform Group in prin- with the 40th anniversary of 

comes_ from Mr. Robert Rhodes There are itswa possible ci P ,e . but not in public. ib e publication of his book The 

James, the Tory J1P for Cam- explanations for the increase* None of tha t Soes, of course. Middle Way. 

bridge, who is not a member 0 ne Js that it was only in the for the Group's leaders. Its So what does the group do? 

of the Reform Group. After Jftw ilhftt jj r _ patron is Mr. Peter Walker and The answer to that question is: 

dinner, however, the group Thatcher won* off on her deviai iLs President Mr. Nicholas so far not a great deal. But it 
plays its own parly political ^ provokrin" a Scott - Mr - Scotf . Iike Sir. Wade, is only just beginning to get 

broadcast. It includes the ^ T ‘ reai0t j on - fh^ wa « once an assistant to Iain down to serious work and the 
follow^ exchange. Xr t thM theTS™ hew Mac,e " d - Tba lis ' “f 'ice- group i, nothing if not 

Question: Is it true that Mrs. . rio ‘ Wn presidents reads like a roll call ambitious. " By this time next 

Thatcher is behind you ? . of the Tor>’ Left. It includes year.” says a member of the 

Answer. Yes, about 10 years. ac “ t h nflJ . ■ 1- ™ an °,,r re Lord Boyle, Lord — the former National Executive, “we would 

There is very little mention 2L“S r cajlin f ^ 1S Robert— Carr, Lord Carrington, hope to be dictating the 

of the forthcoming General . Gerry wade, a personal s ir Ian Gij mour _ and jjr. Wil- political debate.” The themes 

Election. The assumption seems to . tbe , iate Iam liam Whitelaw. The latest are familiar, though perhaps 

to be that Mrs. Thatcher is just M , iei>d - 1Ir . W adc has a net- recru i t j s Lord Butler, who has Il?ss so coming from Tories: 

a passing phase, an aberration war ^ contacts among former j us t retired as Master of electoral and constitutional re- 



frora the Tory “One Nation” Young Conservatives, members Trinity'. It is true that none form, the use and expansion of 
tradition that goes back through °. f Federation of Conserva- 0 f these people appear to do leisure, the inner cities, com- 
Macleod, Butler, and Macmillan tive Students and whizz-kids of very much, but they do provide muhity relations and, of course, 
tn Disraeli, If, by any chance, pre-Thatcher Toryism, wtaich he a formidable umbrella for the Europe. 

the Tories under Mrs. Thatcher is now explmting. Group’s activities. The future of tile Group 

win the election — and clearly There is also a mildly con- As for ordinary members seems to me to depend in large 
many in the Tory Reform Group spiratorial element. The Poli- among MPs there is said to be part on the outcome of the gen- 
think .that they wil! not and tical Companion, one; of the a list of some 55-60 sympa- eral election. If Mrs. Thatcher 
cannot— it will be necessary to guide booklets to British poli- thisers, including some 25-30 loses and it comes — as one in- 


volved Tory MP puts it— to “the 
real battle for the soul of the 
party " the TRG will undoubt- 
edly be a key factor. It will be 
argued that the party lost be- 
cause it moved too far to the 
right and away from the concept 
of "One Nation.” But if she 
wins, although the fight will go 
on. she will have gone some 
way towards demonstrating that 
the Tory Reform Group is the 
ghost of the past rather than 
the wave of the future. 

There are also some wider 
points. One only has tb talk 
briefly to Conservative MPs to 
realise how deep the rifts in the 
parts' no w are. and to reflect 
how different it might have 
been. Mr. Edward Heath may 
be a special case, bur how is it 
that Mrs. Thatcher can go on 
keeping out Mr. Peter Walker? 
How is it that so many of the 
party's elder statesmen — Lord 
Butler. Lord Hailsham, Lord 
Home and Mr. Macmillan— are 
opposed in varying degrees to 
Mrs. Thatcher's approach? Mrs. 
Thatcher, in short, has gone off 
with a vision of her own that in 
no way corresponds to the 
party’s idea of the best of its 
past. 

Continuing gap 

The word .this week from 
some, though by no means aLi, 
Tory MPs was that *he struggles 
now are over. The election 
manifesto is almost complete 
and is solidly based on The 
Right Approach and The Right 
Approach to the Economy. Mrs. 
Thatcher, it is said, has decided 
to return to the path of modera- 
tion. But there remain a 
number of doubts. Her recent 
remarks on Ulster, for instance, 
suggest that she has still not 
accepted the principle of power- 
sharing. There is the continu- 


ing: Sap between Mr. Norman 
St. John-Stevas and Dr. Rhodes 
Boyson on education. (“Are 
you a St. John-Stevas or a 
Boyson Man?” MPs report 
being asked in their constitu- 
encies.) 

There are a-lso fears about 
what Mrs. Thatcher and her 
closest supporters might say in 
the heat of -the election cam- 
paign. Above all, there is the 
fear that Labour Iras been given 
too much ammunition. Mr. 
Callaghan can say: “Mr. Prior. 
Mr. Pym. Mr. Whitelaw are 
all right, but do you really want 
Mrs. Thatcher, Sir Keith Joseph 
and bis henchmen; for -it is they 
who ruJe the Conservative 
Party?” It .is a curious reversal 
of the Tory approach that Mr. 
Callaghan may not be bad — 
but look at the 'lefties behind 
him. 

Nevertheless, if Mrs. Thatcher 
does win after all. the imme- 
diate litmus test to be applied 
by the Tory Left will be what 
happens to Sir Keith. It is 
assumed that she would now 
need a very big majority 
indeed to risk making him 
Chancellor of the Exchequer. 
But there could be other roles 
for him which the Left would 
regard as almost as worrying. 
For instance, he could go to 
tbe “Think Tank” as part of 
a kind of merger between that 
body and his present Centre for 
Policy Studies. Or he could 
become Chancellor nf the Duchy 
of Lancaster, a sort of Tory 
Harold Lever whom the Leader 
consults on ail the basic ques- 
tions of economic policy. There 
are many possible variations on 
that theme, but the point is 
that it is the fate of Sir Keith 
that will determine the Tory 
Left’s first view of a Thatcher 
Government. 

There is one other appoint- 



ment which excites considerable 
interest, and that tis Northern 
Ireland. Will it be Hr. Aurey 
Neave or Mr. John Biggs- 
Davison. or should it not be Sir 
Ian Gilmour or even Mr. Pym, 
who briefly succeeded Mr. 
Whitelaw in the last months of 
the Heath Administration? 
Again, the chmice will be taken 
as one of the first indicators of 
the course a Thatcher Govern- 
ment intends to take. ~ 

Up to now the Left's strength 
has been the belief that when 
it comes to Cabinet-making, 
Mrs. Thatcher cannot afford in 
overlook them. She cannot, for 


instance, easily make Mi 
Norman Tebbit — ihe Tone* 
Dennis Skinner — Home Seen 
tary. nor Dr. Boyson cither. I 
the end she will have tw fal 
back on the Left, most of wiior 
alsu happen to be Heathiner 
But the te't is very near an- 
in the past Tew months Mr. 
Thatcher’s feelings towards tii 
Loft have not been exa»:«I. 
warm. The only real cenaintie 
are that if she loses. >!u- w ill l« 
out. and that the nucleus of ; 
Tory Party reborn from sts oh 
traditons remains. 

Malcolm Rutherforc 


Letters to the Editor 

Qiitnmoflnn tbe ^ractly elected European turer enforced dual pricing collector’s or investor's view- 

XlU!)pvtL3 lUi aUlUIllalKUl Parliament comes into being. illegal; the phenomenon now point, this kind of limited 

From Mr. J. Mills . devise steps aimed at increasing ^ Political debate during known as “ parallel exporting ” edition is something of a gamble. 

Sir— In recent weeks much numbers available. The forthcoming direct elections has arisen as a direct conse- whereas an edition with ia finite 
weeKs muen , tj f , - . will focus attention on the long quence. number gives the collector a 

publicity has been fl^en to pro- ^ programme " term P°* en tial of the Community The problem in essence was measure of confidence in the 

posals for establishing in UK a S to raise and deploy funds for that prior to EEC membership issue. We strictly adhere to 

manufacturer of general-purpose . r 8^2 the reconstruction of European a manufacturer could sell a this principle and though it 

microelectronic circuits. As you .. , tec h no iocv though industry and the relief of unem- product for £10 to a customer in might be tempting to go beyond 

indicated ui ' your leading article . ® , rn ^Yrihnturv ployment, as well as filling the the UK and legally prohibit tbe the number when our issues are 

on June -26, there; are -several J? jJninrh more difiti vacuum created by the with- purchaser from exporting it. oversubscribed, we stick rigidly 

ways m which this -might be promemis muenmore tunv drMj of ^ us from the Since UK prices were lower than to the limits set, usually by legis- 
donei .ranging from setting up a cult .than this. ^ e verm e less tne majQr role4t has played in world world prices the manufacturer lation 0 f the issuing country. As 

new, company under the National '“gm ana snoma not oe since the last war. 1 could sell the same product for a result we have seen some of 

Enterpnse Board tq a joint ven- f»^ cured b y microelectronics. ^at w'hen the electorate £20 or £30 for export. The Treaty the recent coins of Isle of Man. 

tura with one -of the foreign . nr nhlem lies in what weighs these considerations in of Rome, primarily article 85, such as last year’s “Grown of 

companies already established in ' ea _£J S the balance against tbe potential prohibits such price differentia- crowns ” double in value, 

the business. All concerned with pr f ° ? n !? 0 Ju cl ?J ng „j£ dangers of withdrawal, the non. As a direct consequence ^ fundamental point which 
microelectronics will welcome ? ost * introaucing ,tne new sppins o{ i9T9 vvil] see a con _ 0 f this parallel exporters found - 

the importance that now seems levels of jgjjmatoon. s f der abie change of sentiment it profiable to buy pharma- JJ r ' t e"“c{Jrt ^pieces wbS are 

to be widely accorded to this towards the Community. Vand^Ae^ tcX* “ agenuTne^ircu- 

" - ,o pm p , *" 1 — ■“ - 

emphasis on a related issue to Alton, Hunts, 

which you made reference in subsequent updating programmes. ... 

your leader. A microelectronics Taken, across industry, costs will ProtPOtlfinKf 
production capability will not m f ar exceed any^bf those mentioned A rUICLllUllldl 
itself assist the user industries recentJy jQ th e mirroelectronics 171?/^ 
or bring about the introduction debate _ As Max Wilkinson tin- LLL 
into both the manufacturing and piled, it is time now for a start From Mr. N„ Biiitch- 


GENERAL 

Prime Minister addresses Con- 
federation of Shipbuilding and 
I Engineering Unions’ conference, 

I Eastbourne. 

Mr. Waller Mondate. U.S. Vice- 
[President, arrives in Tel Aviv. 

International Air Transport 
Association meeting opens. 
I Montreal. 

Railway Staff National Tribunal 
[considers ASLEF productivity 
.claim. 

Representatives of workforce at 
Singer’s Clydebank factory discuss 
company's proposed job cuts with 
Scottish Labour MPs. 

International Whaling Commis- 
sion annual meeting ends, Mount 
Royal Hotel. Wl. 

Alms sponsors International 
' conference on The Revival of 
Freedom and Enterprise, opening 


Today’s Events 

at Washington Hotel. Wl' (until 
July 3). 

Football Association summer 
meeting, Bournemouth. 

Rugby League annual meeting. 
Blackpool. 

PARLIAMENTARY BUSINESS 
House of Commons: Motion on 
Northern Ireland (Emergency 
Provisions) Act J97S ) Con- 
tinuance* Order: and on Northern 
Ireland Act 1974 (Interim Period 
Extension) Order. 

House of Lords: Inner Urban 
Areas Bill, report siage. Inde- 
pendent Broadcasting Authority 
Biff, committee. 

COMPANY RESULTS 
Final dividend: National Car- 
bonising. Interim dividend: 
What lings. 


COMPANY MEETINGS 
Advance Laundries. Si ratio: 
House, Stratton Slree!. W.. 1 ? 
Ayrshire Meta! Products. A>r 
shire. 4.30. Head lam Sims am 
Coggins. 5. Albemarle Street. V. 
II. Hield Bros,, Bradford. 1? 
Hill (Charles), Bristol. II. Hot-rot' 
Trust. 23. Milk Street. EC, 1)4: 
Hunting Gibson. 1J3-I27. pjri 
Lane, W.. 10.15. Keyser Ullm.mn 
23. Milk Street. EC 12. Ltsnc;. 
Products. Tower Hotel. E., 12 
Mentmore Manufacturing. W m 
Chester Hou.it. EC. 12. M-nr 
O'Feirall. Brown's Hotel. V'.. u 
Melville Duntlas and V.' 'ha on 
Glasgow. 12. Sabah Timber. 1-t 
Great Toner Street. EC 1 1 
Scottish Ontario Investment. Edin- 
burgh. 12.30. Sclmcouil. While 
House. Albany Street. NW. 11. 


petition with the original manu- 


lating legal tender issue are 
acturers in ex DOrt" markets regarded in coin catalogues as 

Manufacturer, Se therefore S™".?™'"! , a „ nd n ei, ? n e : 
under pressure to raise their UK ? r h t 

home prices. In addition the UK lj * ? ™°S. P ?i?L t0 / hat K ext f at 
Government were under similar „ t M i n°» °fn St fh^ k 
pressure to permit home price Franklin Mint in the past 14 
increases in an attempt to reduce - v . ears ® ver w ® n ^. ] pto genuine 
the differential between home circulanon and it is this vital 
Since there factor which. I feel, has tended 


be raade on s . ucb a Programme sir,— Protesting his adherence and export prices. . 

SS wnfctaiST «„ even to0U S h *IS IS a time when t0 a belief in free trade, tbe is a considerable scope for 10 raIs t ^suspicions of collec- 
Max wiiKinson reterren m nxs inij ustr y d oes no t have available chairman of the London Euro- product interchange in cbemo- tors and a*»®nate their interests, 

article on June i- large suras f or investment In pe an Society (June 2S) belies therapy the price of imports Precious metal versions in silver. 

While some may argue that re-equipment Here again is a su th a virtuous claim by indulg- would rise in line with home g0,d . and plaimum have a vital 

success in such areas may be difficult problem and one which jug in an orgy of special'pleading prices. and important role in modern 

independent of the source (i.e.. will need to be tackled by both a s to why the EEC must protect During the period 1967 to 1977 numismatics, but without the 
UK or foreign) of micro- Government and industry. steel, agriculture and textiles for UK drug prices at wholesale backing of base metal circulat- 

electronic production, there is no After a period of 10 or 12 starters. level rose 280 per cent. During ing coinage their status is open 

doubt at all that - it. will be years in which the implications jf be loves New Zealand so the same period the retail price to question, 
critically dependent- upon an of microelectronic technology much be should reject the com- index for ail goods rose 190 per Derek Pobjov, 
indigenous supply of capable have been dear to many mon agricultural ' policy— lock. cent. From a base of 1970 = 100 .. 
systems analysts and experts in specialists but in which little stock and barrel! Instead of sub- the terms of trade in pharma- 88 . 

computer software development, decisive action, has been taken scribing to the fraudulent oon- ceuticals fell_ to 70 in 1977 while i>u ' no ■ -surrcij. 

To rely upon foreign sources for we are now at what may prove sense of tbe Lome Convention, the terms of trade applying to - “ 

such people and for complete to be tbe point in time when a be would perform a service to the economy as a whole fell to \ 

■ systems of hardware and soft- clear choice has to be made: is the developing countries by SI. Tbe general terms of trade /Vli UUlla 
ware would be to condemn large the UK to move into the new age supporting free entry for their were much more affected by the i 

areas of our industries to lag- of ralcroelectronic-based automa- textiles to the benefit of 50m UK oil price explosion than were the UUK 
gin' 1 at least one generation tion or to drop out of the pro- consumers, rather than boasting terms in pharmaceuticals. In 


behind our major rivals overseas, ductivity race? 

As the computer industry J- R- Mills, 
kmnrt well, high quality systems Little Chewton, 
and software staff, fully trained Ch-etpton Farm Rood, 
and inventive, are in desperately Highcltffe. 
short supply and it is difficult to Christchurch, Dorset. 


Outlook for 
Europe 

From the Deputy Chairman. 
Conservative Commomoealth 
and Overseas Council 


about European aid which is no 1977 pharmaceutical imports as a I row .I/r. .4. Fraj/fr^ 
more than hush-money paid out proportion of exports were about Sir. — British Airports has 

of the taxpayers income. - 38 per cent and our favourable advertised widely the new Gat- 

Brtish industry needs cheap trade balance while stiff substan- wick/Heathrow airlink. Included 

steel; if Europe cannot supply it, tial is certainly less secure than in the advertisement is a state- 
let- others do it. The British formerly. During the next decade merit that "flights are timed to 

housewife needs to keep her food if the trend continues it could coincide with peak international 

.. bill under control; then allow vanish. In the L.S. during the arrivals and departures at both 

^ p„t. iae in their Zealand, Australia. Canada same period U96. to 18.., accord- airports." 

C * nt J? JJHELEJ Vhi influence the U.S. to provide her mg to the U.S. Bureau of Labour Recently I wished to make a 

efforts to conn tor the influence ^ ^ nsWe fooi j would wholesale drug prices rose 25 per booking to travel .by this service 

°v VSSLS™' SSSSr Me to buy my shirts, suits and ?™t. while the consumer price to Heathrow to connect with a 

throughout Western &uraP e - uuderwear from those who will mdex rose SI per cent. flight to New York but i was told 

Inevitably, there would be a Qffer me a bargain - Mr> , Tt would be _ interesting to that it is not possible to book 

slowing down, if not an abrupt p rag thinks this a most unreason- know if other industries have - dn d that no -arangements are 

halt of the impems towards tne bl reouest. and that in the experienced similar effects as a available to transfer luggage 


Democrat. Conservative and 



draws attention to tbe May. find- the ascendancy of lS0 } at *®° 1 . a J like a “good” European learn ^? ei T 
ings of Market Opinion ‘Research sentiment in -the U2>., it «nua lQ Ju it , C. J. feiL 

' that if another well ' weaken the ,_AUantic NqI Newton Jones is Croum House, ^eicport, Essex. 


International 


No! Mr. Newton Jones 


lULCJUiauvuui . in ” , . j i tux. v « 

referendum were to be held 48 Alliance and would aimMt ce - There is an abundance of 



rely on being able to board the 
flight which connects with my 
flight out of Heathrow. 

Can British Airports please tell 
me how, if I am not allowed to 
hook, it is going to make my 
flight connections "a whole lot 
simpler." as stated in the adver- 



aj 

Tjuitf t ir' - 7 


however; a reasonable assump- potential savings to nauo ai j s SBt 0D keeping it at arms COlHS 

tion that of this 4S per cent many defence budgets- . length from the British consumer From tlie Clia/mjan, Pobjoy Mint tisemenL 

people, particularly Conserva- When all the above factors in those native industrialists Sir, — The article by David A K S Franks 

five voters, also support ^the the context of the security oi w jj 0 a ] M require cheap material Lascelles entitled “An end to all ' -* 

policy' put forward by Mrs. the West are taken into account stocks, if they are to remain com- the glisters” (May 27) contains 
Margaret Thatcher Ip her recent ^ becomes clear that one can- pe titrvc in the world at large, several points which. 1 feel Maqtobd- 

Brussels sDeech That the West not possibly reconcile a pouc> N ^ Bllitch . require comment, especially Tonbridge, hent. 

must continue to seek under- 0 f withdrawal from the com- g Ruskolme Road, 

standing in its relations with the inunity while supporting the PutneVt SWIS. 

Soviet Union and other Com- concept of the West workiiio to 

munist countries while working maintain pofftica! Tntnnrtc rt-f 

to maintain political and military strength to bold in check the lllipOnS OI 
strength to hold in check the threat of Soviet expansion. ^ 

threat of Soviet expansion. atr R ut herford also makes the QrUgS 

Western Europe has been at p(rint the 48 per cent of o 

r A H wrhinb inevit- fi i in thpir Wish tO "r07n J*!'. "ell 


require 

since my company might be 
regarded as one of the “other 
competitors in the field,” though 
we have been in the business of 
minting coins, tokens and medals 
for many years — before the 
advent of the Franklin Mint. 

It is unquestionable that the Sir. — Discrepancy in times 


Time to deliver 
a letter 

From Mr. Norman Dorrington 


one - wonders, therefore, wnetner economic performance i 7„ d V h 7YiM.Vii^ Vmdir aod no one can dtny ^ ^ey wnen eleven i items of man, ail 

those who at present favour our £ ouW suggestl however, that is S„S.eturer- raised the standards of medallie posted in England, were received, 

withdrawal fully appreciate the DOti perb^s, the whole story’- dual pricine firoduction _ consldenbly. W«^ at Three items took two days, one 


extent to which such a po^cy ^ertnaft of the 1973 oil ^VeTprices for theTa ml **** Mint like to think that to? to dSST m 

would be potentially disastrous creating isarray in ^ ^ home and n we have surpassed them with out fi ?e days, three six days and one 

to the future security of the m0DeaTy systems, coupled wtth » British drug prices for multwtnkm* technitjues which eight days. The three taking six 

wide trade recession. * eive our nrodnets such a march- rf.vc wpfu ?rnm T i,!mi Tnnhriiloa 


items of 


Mint to limit editions-not by a de i ivered tbe following dav 
stated number as we do, but by 


were all 


i» * ^ .E/J’SJ.SS « Wtoi •»* oi »-i 

of ^ p w j th strains that could not he fo enjoyed a healthy and seemingly 

will. Furthermore, our wixn- seeQ at the 0 f our entry. secure favourab ie trade balance stateu numoer as we uu uui oy gir wnUajll Barlow 'could turn 

-drawai Y 0U, fJ a e iT1S n a &ective Furthermore, the wish of 48 in pharmaceuticals. usmg a cut-off date. Theoretic- his aUent j 0n t0 i mpr0V ino the 

ab^ty to sustain an effe • ^ cenr of ^ electorate to For' about five years I have aliy at least, an edition limited second-class post now-that he has 
ifnd p0 hJ? ?hS mdor withdraw must also in some attempted to draw public at tear by such a time factor could, m been thwarted iii'oth-- s — 

mic resources by tte majo reflect the subconscious tion to the effect upon the trade fact, run to many millions, let b the Union 

Western powers, wl j kJ fVuitration of any direct political balances and drug cost to the aione thousands— the on-going n . rpln ^ 

undermine not only tbe ere ffi ^i^workings of the NHS of continued membership saga of the Silver Jubilee Normal Dorrington. 

biiity of ' tne. free «Btorpnse icwb ^ Community of the Common Market. The crowns struck 3t the Royal Mint 31, Mayfield Road. 

capitalist system -but a«o tne not be achieved until Common Market makes manufac- is a case in point From tbe Timperley, AUriad 


WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


In Nigeria you'll sec us a lor. Standard Bank Nigeria Limited is one of 
the big three domestic banks with over 90 branches right across the country 

Our long-.sT.inding com mere Ld in voh ement in Nigeria means tlut we 
caa help solve local business problems, including the geographical ones. 

W hen Standard Chartered offers such coverage in depth and local 
know-how, why go to anyone else? Our direct branch-to-branch links to 
hO countries across the world cut out delays and the extra expense of 
intermediate banks. If you don't believe it, ling Keith Skinner now on 01-623 7500 
and discuss ir. 


.-Mfrzscharn, Cheshire. 





Bank Limited 

helps you throughout the world 

Head Office 10 Clements Lane, London EC4N 7AB • Abseu excit'd £7,600 million 





Financial Times Trilay Tune •’30 






Overseas faU leaves Renold £2m down 


■ ALL in overseas companies’ 
\t« from £ 6.49 m jo £4.27 m 
- pre-tax profit* or Reoold 
In by £3m ar £10.37m f or rhe 
’• 1 2. 1978 year, on external 
\ of £1 13.5m compared with 
. 2m Iasi time. 

■f halfway, Renold was down 
'•j f5.68m tn £5.04m but the 
.-tors said ihai some improye- 
,1 in results was likely during 
! ; second half. 

j some extent, Mr. Iieslie 
■fpy. chairman, says, the slag- 
pn in world economic activity, 
Fins a depressive effect on the 
"and for "roup products, was 
, cipated. And. as a result of 
on taken earlier, the perform- 
,!> of the l«K companies was 
rauarded; trading profit was 
■"lightly al £S.7m (£8. 62m). 
'owever. overseas there was a 
Jit lion jn almost all countries, 
"lie actions were taken W 
nteraet the sluggishness of 
^ tstrial demand and output and 
.'deterioration in the economic 
"d-kions of the countries con- 
ned, Mr. Tolley says that the 
Refits are not yet reflected in 
ylts. 

je “a» that it is difficult to be 
■Stive about trends in nhe 
jedia'c Fuiure for products 
Ve demand stems from -the 
id to expand and modernise 
Md manufacturing capacity, 
vever. sonic sections of Renold 
•■ine.-s arc shnwinjr -tails of 
■■•roved -.irencth: new products 
J new applications are con- 
.j-nlly expected to make 
;ater contribution in I97S-79 
«t subsequent years and 
■Iciency is being improved enn- 
/.lously in operations both in the 
and overseas. 

We cannot forecast greatly 
Proved re-ults in the short term 
Tiough we have no hesitation in 
:ire«s.iriE our confidence in 
-cess over the medium term,” 
>: adds. 

Tax on ED19 basis was tower at 
"43m (£4.75m». after stock- 

ier. due to higher relier for 
J>nal allowances in the UK and 
*> reduction in overseas profits, 
to comprised oT corporation tax 
■ £2.2Sn? i£2.Mm) after deduct- 
• double tax relief i’n.RSm 
;l.S7mi and including unrelieved 
1 T, and fl.lttm t£2.11m» over- 
ts tax. 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Col. Company 

Page 

Cof. 

Albany Life 

23 

3 Humphries 

22 

S 

Barker & Dobson 

12 

3 Johnson & Barnes 

22 

2 

Braby Leslie 

22 

7 Leboff (S.) 

23 

S 

Concrete 

23 

4 Levex 

22 

5 

Courts (Furnishers) 

23 

1 Nat. Carbonising 

22 

6 

Crosby House 

24 

1 Premier Oilfields 

23 

4 

Dunford & Elliott 

23 

3 Renold 

22 

1 

Durapipe 

23 

1 Sangers 

23 

5 

Euro therm 

24 

8 Stead & Simpson 

23 

7 

Giltspur 

22 

4 Sturla 

24 

6 

Hargreaves 

24 

6 Weston-Evans 

22 

3 

Hill Samuel 

24 

i Wintrust 

22 

i 


1 

IbTT.TS 



fftnn 

(om» 

‘Wnal 


116 1U 

-DrcciJiion ... 


:.(M 

dma nrofil 

i*.3r: 

13.102 

.K. cniupjnn*5 

s.«w 

f K15 

vor^tas iCinl panics 

4.27” 

6.V'7 

nara ►)[•.-* 

S.HII7 

2.J3S 

■lit before la* 

19J6S 

12.347 

{ .. .. 


A.T4H 

■ priiHi 

S.S'Il 

T.K21 

mlnorm** 

,-s 

no 

.ifjfren * dividmfli . 

•u 

24 

iraonfmarv **iwlii .. 

sr 

t?K5 

cha/ir f loss** 

I.KiT 

*l.r.T 

nbuuhk .. . . 

3 -US 

s.*ri3 

■'rim dii-deiirt 

1 (H9 

l.(KW 

'ial dividend 

t.7«l 

2.-W2 

jplc menial for 13»T»i-77 

.nr 

— 

.Tained 

i.«j 

3.324 


L*ss inresimeiit income. > Debit 
nrplns. 

Balance no longer required for 
.ferred tax. amounting to 
7>.7"ni. has been taken to 
serves. 

There was an extraordinary 
edit for the period of £57.000 
265,000 debit i and also exchange 
sses on ED2I ba*H of £1.64m 
'1.73m surplus/ on net current 
■sets of overseas companies 
suiting in an attributable profit 
>wn from £8. 94m to £5.23 m. 
Directors say results of over- 
-a> companies are expressed in 
crling ar rhe exchange rale of 
jecembor .11. 1977. Rut had rhe 
files at April 2. 1978 applied, 
jichango loss would have been 
!»dueed to £0.81m. 

[Stated earnings per £1 share 
fefore extraordinary items and 


exchange differences were 17p 
t"lS.3p) and the dividend ix 
stepped up to 9.44 lp tS.5442p» 
with a net final pay mem of 
6.841 p. 

Group balance sheet shows total 
a wets at £120.1 2m I £ 120.74ml and 
net current assef-s £3fi.71m 
i£56.l2m). Shareholders funds are 
Little changed at £96.88ni 
i£96.1Sml. 

• comment 

Lack of demand in France and 
Germany, coupled with very flat 
trading conditions in the UK, 
were the key factors behind 
RenoM's turnover and profit drop. 
Gross margins were squeezed by 
a lower throughput (in a volume 
sensitive business) together with 
increasing competition, particu- 
larly from German and French 
producers. Costs would have 
been helped by low steel and raw 
materials prices but these are a 
relatively .small part of the total 
cost structure in comparison to 
wages. The outlook for the 
company Is not particularly bright 
as there is no sign of any signi- 
ficant upturn in engineering 
demand in its major markets nor 
is there any sign of any easing 
of competition. The share price 
rose fip yesierday to 12fip and at 
that level it looks fully priced 
despite its high yield of 12 per 
cenr i covered less than ll times). 
The p/e is 7. 

Midway loss 
by Johnson 
& Barnes 

WITH TURNOVER down from 
£l,13m to £0.94m. Johnson and 
Barnes, the knitwear group, 
reports a net loss of £98.752 for 
the clx months to December 31. 
1977. compared with a £30.109 
profit. For all 1976-77, a £25.459 
deficit was announced. 

The half-year result was struck 
after £48.738 t£1.422) profits on 
the disposal of plant and 
machinery, a tejnporary employ- 
ment subsidy of £95.090 I nil) and 
a low of £173.454 this time, on 
the closure of Azet International. 
There K again no tax charge. 

No interim dividend is to be 
paid tsame ) — the last payment 
was 1.564flfi25p net in 1975 which 
was Followed by a onc-for-one 
scrip issue. 

The directors stale that the 
company has embarked on a 
policy of increasing Its sales out- 
lets and the initial response has 
been very encouraging. 

Successful implementation or 
this policy would allow the com- 
pany a greater degree of flexi- 
bility and has already provided 


an improvement in margins, they 
add. 

The financial year-end will be 
extended by six months to Decem- 
ber 31. 1978 to run concurrent 
with that of the holding com- 
pany. Grend Cent rial Investment 
Holdings. 

Barker & 
Dobson’s 
£0.31m 

FOLLOWING THE recovery from 
a £511.000 loss to a profit of 
£22.000 in the first half. Barker 
and Dobson reports profits before 
tax of £312.000 for the year ended 
April 3, 1978. against a £049.000 
deficit in the previous year. Sales 
totalled £41.07m compared with 
£4 1.15m. 

. A further loss of £391.000 
(£40.000) from the retail division 
is disappointing, the directors 
say. but the recovery in the con- 
fectionery division continued 
strongly in the second half. 

A first half turnround in con- 
fectionery - front a £38*2.000 low to 
profits of £26.000 improved to 
profits of £61*9.000 (£GS7.000 loss) 
at the year-end. 

Within the retail division, 
margins in Oakeshotts deterior- 
ated sharply. w hile Lewis Meeson 
did not achieve its anticipated 
profit level, the directors say. 

Earnings per share are shown 
at o.44p 1 0.92 p loss). Again there 
is no dividend — the last payments 
totalled O.Sop in 1973-74. 

Peak £1.7m 
for Weston 
Evans 

AS FORESHADOWED at the 
interim stage, record profit 1 ! are 
reported by Weston-Evans Group 
for the year to March 31, 19iS 
with the taxable surplus ahead 
by 20 per cent from £1.411.211 
to £1.699.758. At midway, the 
figure was higher at I66S.44S 
against £581.332 
Mr. Fred Crosland. the chair- 
man. reports that the group's ITS. 
companies have again been res- 
ponsible for most of the increase 
in profits, mainly due to the 
excellent performance of Brown 
Products Inc. which, de-pite sub- 
stantial competition, continues to 
increase sales and profit.* and 
evidences good prospects for 
further growth. 


The UK companies produced 
results which are encouraging, he 
says, when compared with the 
difficult climate of industrial 
activity in the home trade areas 
and the uncertain economic con- 
ditions in the export markets 
they serve. Mr. Crosland feels the 
results achieved are most com- 
mendable. 

He adds that order books 
indicate that the current year 
should produce satisfactory results 
once again. The strength of the 
group is wLthout question, says 
the chairman and he faces the 
future with a feeling of quiet 
and steady confidence. 

Group ' sales for 1977-78 rose 
from £11. 65m to £13.9Sm, split 
as to: engineering £9.46m 
(£7.7$m) and packaging £4.52m 
(£357m). Tax takes £897,787 
(£821,145) and earnings, were up 
from lip ro 14.9p per 20p. share. 

A final dividend of 2,13365p net 
lifts the <totia! payout from 
2. 7 604 2 p to the maximum per- 
mitted 3.05036p — if the ACT rate 
is reduced 4o 33 per cent before 
the AGM, then the net payment 
will be increased accordingly. 

The goodwill element arising 
out of the acquisition of Brown 
Products has been eliminated 
entirely, thereby disposing of all 
goodwill considerations from the 
accounts. 


>•■.• :SV/v,v£ : -s y. . 

mm-m* 

IS 


N^gg 


fa 


Wk-C 

Ite ' •; 


wm 

p 

is&re 






Record 
£3.2m at 
Giltspur 


Mr. Leslie J. Tolley, chairman of Renold. 


DIVIDENDS ANNOUNCED 


AFTER ADVANCING from 
£0.5Sm to £1.05m at midway, 
taxable profit of Giltspur ended 
the March 31, 197S year ahead 
from £2.19m to a peak £3 .22m on 
turnover up from £64 .93 m to 
£73.4m. 

Directors say that given a 
reasonable economic climate in 
the foreseeable future they 
expect the group to continue tn 
mak' further progress this year. 

The result is after interest of 
£0.93m t£l. 04m). After tax of 
£1.42m ( £)>.42m i, extraordinary 

debits of £113.000 (£2.78m) and 
minority interests, attributable 
profit came out at £1.68m com- 
pared with a £l.0lm loss last 
time. 

Earnings per lOp share are 
shown at 9.76p (9.72p> and the 
final dividend of 1.9p net lifts 
the total from 2.6p to 2.9p. 

• comment 

Giltspur’s profits are 45 per cent 
higher, in spite of a disappointing 
performance by the freight for- 
warding activities which h.»ve 
been hit by the trading recession. 
The packaging companies more 
than compensated, however, and 
the Bullens division's profits 
jumped by over a firth, thanks 
to some new contracts, including 
a large one From Vospers. In- 
creased vehicle sales throughout 
the country are reflected in the 
motor distribution division, where 
profits are 21 per cent higher, 
while Expo (exhibition and display 
services) jumped by 29 per cent, 
due mainly to demand for the 
NEC*, facilities in Birmingham 
and the closure of the loss-making 
German and French companies. 
The enmpanv cees steady progress 
in the current vear from all 
divisions which would leave the 
shares at Win— on a n-e or around 
fi and a vield of 7.6 per cent — 
looking attractive. 



Current 

payment 

Date Corre- 
of spending 
payment div. 

Total 

for 

•year 

Total 

last 

year 


int. 32.it 

Aug. IS 

2.73 

5J55T 

4.54 


1.94 

— 

1.76 

3 49 

3.1S 



Auc. 23 

1.7 

2.9 

2:6 


.int. 50f 

Aug. 3 

50 

— 

125 





0.9 

1.76 

1.6 



Aug. 15 

5.95 

9.44 

S.54 


1.67S 

Aug. 9 

1.48* 

2.13 

1.89* 


213 

Aug. 21 

1.94 

5.05 

2.76 

UTntrusl 

l.M 

OcL 2 

1.95 

3.03 

2.98 


Dividends shown pence per share net except where otherwise staled. 

•Equivalent after allowing for scrip issue. f On capital 
increased by rights and/or acquisition issues. + Gross throughout 
? Includes 0.0227p in respect of previous year. 


Humphries Holdings 
back to profits 


AS .ANTICIPATED. Humphries 
Holdings has returned to profits 
in the year ended March 31. 197S 
with £260,263 hefore tax compared 
with a £34.968 deficit in the 
previous year. Turnover was 
slightly higher at £10.35m against 

no.oim. 

The profit is after redundancy 
costs of £48.234 l £93*50 1 but 
before tax of £73.388 against 
£146.781. Last November, the 
directors said net profit was likely 
ro be in excess of £100.000 
excluding a net capital profit of 
some £115.000 arising from the 
sale of Twickenham Film Studios. 

After an extraordinary credit 
of £146.826 (£14,031 debit) and 
minorities, attributable profit for 
the year was £322.126 against a 
£207.044 loss. 

Earnings per share are shown 
at 2.32 p (2.55P loss). Again there 
is no dividend— the last payment 
was in 1969-70. 

The group. motion film 
developer and printer, is a 
subsidiary of the British Electric 
Traction Company. 

Levex rights 






« 


‘ '£ ,U Y* 

„ 


Hill Samuel Group 

New relationships 
and resources 


to raise 
£163,000 


Highlights from the Statement by the 
Chairman, Sir Kenneth Keith, and from 
the Review of Operations. 

The most significant event of the year was the 
creation of new international relationships with 
Banque Arabe et Internationale d'lnvestissement 
and with First City Bancorporation of Texas, Inc. 
These relationships will take us a major step 
forward. The £9.2 million additional funds 
raised will give us the necessary' new resources 
to increase our activities when the opportunity 
arises. 

* Group profits, before exchange differences and 
extraordinary' items, were marginally better 
than last year. While some parts of the Group 
have performed notably well and made 
substantial increases in profit, others have 
suffered from the adverse factors in their 
particular markets. 

* Record profits were contributed by corporate 
finance, investment management, and by the 
computer services company, Lowndes- Ajax. 
London Bridge Finance and the leasing 
company both had successful years. In 
contrast, the severely depressed state of the 
shipping-industry resulted as expected in 
substantially lower profits in this area although 
shipbroking business completed was up by 
more than a third. 

* Shipowning has been effectively discontinued. 
T wo more ships of the original fleet of four 
have been sold during the year and full 
provision has been made for the anticipated 
losses associated with the remaining vessel, 

* The Group is well placed to benefit from a 
revival of world trading activity. 


Results 

for the year to 31st March 197S 
Sources of profit -after tax 

197S 

£000 

Merchant Banking 

Banking* 4.030 

1977 

£000 

4,072 

Investment Frotits 

2 $9 

191 


4/329 

4,263 

Broking and Consulting 
Services 

2,772 

3,458 

Life and Investment 
Management 

785 

501 

Other Services 

341 

306 

Shipowning 

— 

(314) 


8,227 

8,214 

Lr«: 

Interest on loans 

1,375 

1,502 

Profit before exchange 



differences and 
extraordinary items 

6,852 

6,712 

Exchange differences 

1,729 

235t 

Extraordinary items 

(1,970) - 

5S6 

Group profit for the year 
(after tax, exchange 
differences and extraordinary 
items) 

6,611 

7,533 

* nflrr transfer lo reserve for conHngtnJts 

T alter £ / . 7 5 million surplus tratiiferred to frflii 

ling reserve fot 

tfliii/jigniriffi 

+ lone* it.'$iK»tiW with fmniitiifion of shipowning 



Lcvcx, engaged in the printing 
of knitted fabrics, is raising 
£163.000 net by way or a one-for- 
one rights issue of* 3.6m ordinary 
5p shares at par. The proceeds 
will be used to repay exist In*’ 
bank borrowings and help finance 
expansion. 

The shares last night closed }p 
down at *Jjp. 

The company, which last year 
incurred a loss of almost £20,000, 
has recently liquidated its knitting 
subsidiary in Wales, which was 
losing around £10.000 a month. 
Mr. K. Maharajh, managing direc- 
tor. said trading at the priming 
subsidiary was ahead of Iasi year 
and he expected the company to 
return to profit in the current 12 
months. 

The directors considered that 
the company’s existing bank 
facility nf £70.000 was inadequate 
to finance working capital. It had 
proved difficult to obtain a facility 
elsewhere on acceptable 'grms due 
to past losses. 


The issue has been jointly 
underwritten by Energy. Finance 
and General Trust, and Roue 
Rudd and Co. Dealings in the new 
shares will begin on Monday. 

The shares are being offered to 
existing shareholders registered 
June 21. The latest 'ime • * 
acceptance and payment in full 
will be July 21. 

Wintrust 
well ahead 
at £0.57m 

WITH PRE-TAX profits up from 
£364.496 to £573.460 For the year 
to March 3J. 1978, the directors 
or Wintrust banking group, 
confident ly expects that profits 
in the current year will show a 
material increase over the figures 
now reported. 

Internal management figures 
for the first three months of the 
current year reflect the continued 
growth in profitability previously 
anticipated, the directors State- 
Profits for 1977-78- are before 
tax of £296.336 (£181.919) includ- 
ing deferred tax of £295.083 
(£221.631). 

Earnings per 20p share are 
shown at 3.9p (2.7p> and a final 
dividend of 1. 99588 p lifts the 
total from 2.9842p to 3.03006p. 

‘Rexco’ chief 

executive 

resigns 

Mr. D. F. G. Stroud has 
resigned as chief executive and 
a director of National Carbonising 
Co., manufacturers of “ Rexco ” 
smokeless fuel. 

Tbe resignation, which was 
announced late last night, comes 
less than 24 hours before the 
company is due to announce its 
results for the full year to March 
31, 197S. During 1976-77 profits 
amounted to £27.000. 

The shares were last night un- 
changed at 42p, which is 3p above 
rhe year's low. 


Braby to f 2.39m 

including "ff ^ f ?£ 

sidiaries acquired during the year, (7Q-3p) (7417,817 shires 

sms %&£*!£ 

andC^as acquired >«m Alcan adequate for' present;. and, ^ 

K forliea 000 cash mated- future - .requirements 

1 1977 S Briggs including pforaed capital expen- - 
^d S ^cq'uired with S* liture; «y. thedirectp^ - -.«•<£: . 
Srn inril 1 1977 for £56,682 The groups properties-, h^LVe 
an2 r im ohiinary shares of been .valued on an openfflarket- ; 
■^, h on March 7 197S, basis as at March - 31. The- tcrtal 

IT *W Ed^hfll Equipment was- of the .valuation,^ exdudmKS 
acqujred'?rith effect from Feb- quarry ground, . 

ru2ST-J97S. from Richard Threl- mg asset ampuffnig » 
foil mntdines) An initial has been reflected in the books - 
payment of £260,000 cash was and the surplus of ^^,032 has 
made and the balance of £28.191 been taken to reserve*.-. 
cash h&s smee been paid follow. Good progress waif-., made - 
Ing a final valuation of tbe stock . year “ Jown, 

‘and work- in progress. °f Cable Lines. The ^le -of the 

The director; say that Braby freehold ProP*^ 

Group including Auto Diesels was finally con^leted^on . 

•Braby has again made the largest 30. 197S, and the- r ealiSai prt^t 
contribution to profits reinforced of £60.707. after tax <rf £7365. j 
by the acquisitions. The pur- has been inched m Uie accounts : 
chase of Briggs has been more as an extraord inary item. , ■ , 

than justified by excellent results. . Due ro tbe continued- -d echoing . 
they m members Auto Diesels market for satampjd prototer . 

• Braby maintained a high volume « was decided after the end of 
of exports, in excess of 60 per. Use .year to disccmlroup-, -flxts . - 
cent of turnover. .'• • acuity at Liverpoo4 Worfts.^./- 

Continuine restrictions on pub- Tbe -directors propose to recoin- . 
4ic expenditure, coupled . with m«ml a one-for^ive^ ^ scrip ; T ssok- 
severe weather conditions in Scot- Di consequence the rate per Share- • 
land badly affected the results of any final ^ordinary dividend 
of Tam's Ixmp Qoarries, particu- may be-affected. . . . ‘ v , . •; 

. larly the road surfacing activities - - - .i.\ 

but despite these difficulties ® COmtTlCn^ ■. ; .. 

George Leslie achieved record. Although taxable' profltsvat Braby ~ 
profits; Leslie are: up 58 per. _cent;;lhe 

Generally the forward order pbsition. is virtuaDy unchanged, Sf.' : 
position is not unsatisfactory acquisitions ahd the;prbvisioTi-for--- - 
althougb in certain . subsidiaries. Cable: lines last time are stripped 
the owler books -are not at the but A static performance from - • 
high levels enjoyed in the recent Auto Diesel and^ Braby - LdVetpoel . ' : 
paKt -has meant that, their -contribution •' 

Tbe board has again decided is oow do\vn froitf 80 perfeeut to. - 
not to provide for deferred tax about half of -group pro8te. Trad-' - 
on stock appreciation relief except Jns. here has not been bright and . 
in those subsidiaries where it is new export markets are actively . 
considered possible that stock being sought. ;as .competflion 
values will reduce in the fore- abroad gets tougher, v With, its ’ 
seeable future. As a result the. high degree of - . technological 
lax charge for the year at £383.000 expertise, the group -is eyeingmp . 
(£294.000) is £796J»00 lower than possible partnership schemes .-m.- • 
it would hare been if provision the Fai^East and South America.-- 
had been made in full. The new brewery equipment sub- 

Earnings per lOp share are sldiafy.' Briggs, contributed Lthe 
shown at 2 3.8p f!7.7p) based upon bulk of first-lime profit but .is . ... 
profits, after tax. and 8 per cent not expected to repeat -this level 
preference dividends of £2,003.720 in the current year. I However 1 , ; 
and on S.417.SJ7 ordinary shares. EdgehHI -is better placed while . 1 

Had the group suffered a full E. C. Payter is String toteH with' . 
tax charge earnings would have rationalisation pjans at the Bristol • 
been I3.5p (lOfip). - • . storage ; container- plant; ^ 

A second interim dividend of troubles in . the petrochemical " ... 
3.25p net is declared; making _a industry, demand - for.: drums 
total of 53!ip (4:5423pK A reso- {Braby.. Liverpool) coulrT- 1 be 
lution 1 will be put to the AGM . erratic this • time -but the : group. . 
declaring a final dividend if ‘the is looking for more.acqmsiticxns. .. 
rate of ACT for 1978 is reduced which wifi be necessary-,- to . sus-:-. 
from 34 per cent. Tt is probable tain growth. Net borrmyings ?T.e 
that such final dividend Would -be virtually nil. though ^ Mgher tax -. 
paid -at rhe same time as .the charge next time will -Wte' ipfo 
interim dividend' for. J97S-79.,,- cash flow. At 98j» the 'diares.stond /. 

Group net tangible assets Tier on a pfe of. just: dikiei;. : 4 and 
ordinary ‘■hare at March 31. 1978, yield.8.4 per cent. '• r •; ' - •• 



( Facing Brick M ahujacturers) ^' 

Satisfactory increases in^-" 
production quantity iuid quality 


• • I r-V 


The Annual General: Ttteetfitg of Blockleys Limitedvwas 
held on 29th June, 1978.'^ ^ at' Wellington^ Sal op- . The following 
is the circulated review' of.- the. ^halnuah aiid Managing' 
Director, Mr. T. J. B. Wright; -B^c; (Eog.);. CJ:ng., MJ.CE, . * 
Mi W.E.S.:— v, - v . - :■ yr ■■ : r 

I consider that our profits for 1977- weTe.ntos.t .saUsfactbry >. 
and attribute this improvement to an increase, in both The . : - 
quantity and quality of our production during.: this period. - v 
Not all of these bricks have been sold, and th& size of our 
siocks is in line with the farge, quantity, of- Itficlt' Mocks' held.--’ 
.nationally, but .as our facing, bricks,. m?ture;.wUh:-|^ff I have 
no doubts that the fired rfay in stock will bej sold, profitably. 
Following -a poor- start to the ciirrent yeac, exkcerhated by: the 
weather, we now appear to._be_moving.ihto j a.'peri6d of reason- ; 
able profitability. The present depressed state' of the biillding 
industry militates aeainst the making .of a forecast of the 
results for 1978, although the results shouid -be reasonably y; 
rewarding for shareholders in an. industry -which is being - 
clobbereffby -Government policies: : 

New machinery costing . over : half a million pounds- has ■ 
been ordered so that our production cart be totally automated. 

It gives me great enco'urageritem to report that .Within some 
12 months from now. the first time our bricks are handled. wjU 
be on the building site. Development of this nature will 
inevitably, cause our extremely competent staff considerable 
extra work -and worry. Ttie final 'outcome , will,., however, be : • 

the complete processing of 4he. highest quality facing bricks 

in rhe United Kingdom with the minimum of labour involve- 
ment. ' r • : . ' .. ' 

. In the meantime, we “will contInue:to.make as. many facing - - 
bricks and special bricks as we can-and, although ^oui: stocks 
are high, we see no justification a t . all-' for.. cutti n g production . 
wliich would. drastically increase the .manufacturing -cost of- 
bur products/ We have plenty of stocking. space; we are able- .. •- 
to finance heavy stocking. and when demand returns, we will 
reap the benefits of efficient' production. '. 



’’ j i! 

4 Ji 


Cfl F u * °f I,,e Rf r« rl a,:(i Aw »" li the Chairman r SlnUmtitl m full car. be eblaineA Iren ihe Secretary: 

Hill Samuel Group Limited 
100\#bod Street 

w- — London EOP^AJ 


in its basic markets. 

The results of Hargreaves Group for the year.to 31st March , 
1978 show further steady progress. Turnover rose 14% to 
£153,341,697 and pre-tax profit advanced to £.3;421,502, 
reflecting the underlying strength of the Group in its basic « 
markets. - ' - ^ .. r/ 

During the year nearly £44 million was invested in new \ - 

plant and equipment and, for the current year, capital; v ’ 
expenditure of some £33 mi I lionh as been authorised: 

The current year has started well and .opportunities have - 
been created for the future. - T 




Copies of the Report 9rid Accounts are avafiabfe from the Secretary: ;-rv. , 
Bowdiffe Hall. Branham. Wether by. West Yorkshire LS23 6U s '.'TdephonerBo'stonSpa 843535f 









23 


.FinajQCf^^Times Friaay June 30 197B 




record 
more to come 


■ • j Leboff down at £1.02m 

nses to 
£ 526,783 





pwr THE yeaf- ceded March 31. 

. 1978 .profits before tax of Cowls 
(FumbhersV "rose from £4.87ro 
fn increase 

from -£L058»-r* B , i2:i9m ** the 
- first ‘sfaE'tincfbtfts, ' 

77,^ directors say that despite 
proflt^ bebiE;;.^. re cord, trading 
coadttfoiCT- »"• the UJC— where 
turnover was up £2.45m— and for 
some.oft&'e more important 
overseas sObsicUaries. were dlffi.- 
cuJt-for much of the year. - 
However, Hading conditions in 
iJie '-UK -and: overseas have much 
improved; in current year 
arid • provided this trend con- 
tinues, the: group should be able 
to - achieve satisfactory results. 

The- yearns pre-tax profit is net 
of transfer, to deferred profit of 
rt-TVm and includes property, 
disposal- profits . of . £40,000 
tfso.oooji : 

Eirftings : per. share are . shown 
at Ifl.5p (15.4p) and a final divi- 
dend of 1.93>25p lifts the total 
from 3A7614p to 3.49375p. 

• ~ •- Year 

. . • . 1B77-78 1OTS-77 

• too# aoo 

Tunwwr* • 44.9S* 47,343 

profit- : Ajssa 4«i 

Property disposal, profit ... 4ft SO 

Profit before tax W un 

UK and overseas tax 3.286 2.417 

Set profit . 2,an7 2.4M 

Ex diaper debit ... — 96 r3D 

Minorities 350 266 

Available 2361 2318 

Preference dividend 34 24 

Interim ■ Ordinary — 219 1 09 

Final' Ordinary " 273 .248 

* Excluding VAT. t Credit. 

The effect of exchange rate 
fluctuations was . considerable, 
with the pound’ increasing against 
almost all world currencies as 


BOARD MEETINGS 

The following companies have notified 
dales of Board meetings to Uiq Stock 
Exchange. Such meeiinea art usually 

SfiJLi3 r lh ,?».? orw)6re * n»«dcrliis 
dividends. Official indications are not 
available whether dividends concerned 
are _ interims or finals and the sub- 
divisions shown below arc based mainly 
on last rear’s timetable. 

TODAY : 

Interims— -p erri iron , Dcwhnrst Dent. 
Grange^Xrnsr. j. y, Nash Sepurltics. 

Final*— BaUeys of Yorkshire.. James 
Crwpor. Edward j 0DW < Contract ora i. 
Robert Moss. National Carbonising. Wharf 
Mill Furnishers. 

„ FUTURE DATES 
Interims— 

Barr (A. C.) 

Braid 

Howard Machinery 

Ladles Pride Outerwear 

Watson and Ptnllp _ 

Finals— 

Crown House 

Duncan (Walter! and Coodricbe 

RedJaod 

Stroud Riley Praromond . "1. 

Waddiiunon •John» 


July 3 
July 6 
July 24 
July 34 
July 13 

July 10 
July 5 
July 27 
July 6 
July 5 


fluctuations reflect the currency 
profits or losses arising on trad- 
ing transactions, while (profits or 
losses resulting from the conver- 
sion of opening net current assets 
are now charged' direct to 
reserves. 

During the year new stores 
were added in the UK at Truro. 
Clapham Junction and Mansfield, 
and overseas at Toowoomba, 
Australia. A new store is open- 
ing also in Darwin, Australia, and 
other prospective new stores are 
in the pipeline. Re-siting to very 
much bigger premises Is taking 
place in Singapore. 

In the UK ■ re-locations to 
larger premises and extensions to 
existing stores are proceeding in 
several towns. 


compared with the levels apply- 
ing at the previous financial 
year-end the directors say.' 

The effect on trading results 
was^ such that had exchange 
parties parities been maintained 
group turnover would have been 
£48.77m and pre-tax profits 
£5.89m. - 

In accordance with changed 
accounting policies this year, no 
deferred tax has been provided 
where the deferral is beyond the 
foreseeable future, and exchange 


Setback at 
Dunford & 
Elliott 


Profits for <the half year to 
March 31. 1978 of Dan ford and 
Elliott slumped from £L69m to 
£121.000 subject to lax of £30.000 
(£71,000). Turnover was £39.5 6m 
against 140.17m. 

Profits wore struck after interest 
of £l.0«m i£1.79m). After extra- 
ordinary losses of £508.000 
(£126,000), the attributable loss 
is £417.000 (£1.4flm profit). 

The company is a subsidiary of 
Loor-ho. 


Encouraging start for Durapipe 


TURNOVER AND profits o-f Dura- 
pipe International' so far in the 
current -year are encouraging and 
1978-79 . should result in records 
being- established, Mr. J. F. Pearce, 
the chairman says in his annual 
report. 

Ansell Jones- and Company — 
maker of pulley Mocks and lifting 
tackle — will continue to produce 
a helpful contribution to group 
profits and if current plans feu: 
extension of its activities are 
realised, prospects will be greatly 
enhanced: ' 

The group's attitude towards 
overseas trade will be main tained, 
the chairman says, -while at home 
and in Europe the group will 
strive for an increased market 
share. 

Much is expected from Dura- 
pipe Limited with its presence in 
North America, growing interests 
in Australia, the. proposed ware- 
house facilities in Europe and in 
The Middle East and from the 
developments taking place in new 
processing technology. 

Group', profits before tax. for 
The year ended March 31, 1978 
rose 19 per: cent to a record 
HJtlm, a result achieved with 
some difficulty says the chairman, 
due to the effect' of unofficial 
strikes at both operating com- 
panies. ' 

UK sales ■ rose 22.5 per cent 
to £7J»5pt'. and = -the i_ tLS. sub- 
sidiary bobtrawifed ELSIht £rpm 


date of acquisition. Total dividend 
for the year is 4.079p (3.632pi. 

At Dunaipipe Limited, substan- 
tial capital expenditure is being 
incurred and plant and machinery 
are currently being installed 
including a system of male rial 
storage and -handling. Expendi- 
ture continues on the develop- 
ment .of new .product lines, some 
of which are expected to be on 
the market in the next year. 

In Australia, directors are 
currently negotiating the merger 
of both the marketing and manu- 
facturing interests of Dorn-X 
Durapipe and Dam X Wilts while 
in the U.S. a break even position 
has been reached in the first three 
months -this year, although tradi- 
tionally this is a lossusakting 
period. 

Several new products are 
currently being launched by 
AraseH Jones and there is every 
indication of good market 
acceptability, says Mr. Pearce. 

The Board is always on the 
lookout for opportunities to 
extend this company^ activities 
and certain projects are., being 
investigated that provide growth. 

GRESHAM HOUSE 

Pre-tax profits of £271.000 
(£250,000) achieved by Gresham 
House Estate Company for 1977 
were r subject to ' tax of £147,000 


(£33,000) and not £17.000 as stated 
in yesterday's report, due to an 
agency error. 


Albany Life 

premiums 

increase 

Albany Life Assurance, the 
British subsidiary of the American 
General Assurance Group (UK), 
saw new annual premiums rise 
from £790,000 to £1.62m during 
1977, while new' single premium 
business increased from £431m to 
£S.12m. 

After a transfer from the estab- 
1 ishment account of £433,000— 
which represents the extent by 
which management expenses of 
(his relatively new entrant to the 
UK life assurance market are sub- 
sidised from capital until recouped 
from future renewal premium 
income — the life assurance and 
annuity fund at the end of the 
year amounted to £7-2m (as 
against a restated £3.8m at the 
end of 19/6). 

At the balance sheet date some 
£2. 42m of the £9.42m investment 
portfolio was held in gilts, while 
another £293m was held in shares 
and unit trusts. 


A SECOND-HALF profit of 
£225,439 compared with a loss of 
£150,163 enabled Premier Consoli- 
dated Oilfields to finish the March 
31, 1978 year with taxable profits 
ahead from £156,641 to £526,783 
which included £40,152 from 
S.F.E. North Sea Holdings, its 
contributions since acquisition on 
January IS, 1978. 

Turnover was up from £1.71m 
to £2.38m, including £78,155 this 
time from operating fees, with the 
£2.3m sales of oil and gas split 
for the period as to: UK £63917: 
U.S. £i.46m; Trinidad £0.77m and 
Italy £5*271. 

The year's result included an 
exceptional credit of £64,191, 
comprising profit arising from the 
sale of Oil Exploration (Holdings) 
shares. £38.074 and the £26.117 
provision for cost of premium on 
investment currency no longer 
required. 

Tax for the year was £366.268 
against £244.210 last time, 
comprising Trinidad £323,173 
(some 97.9 per cent of profits): 
U.S. £53,102 and UK :£1D,007 
credit, for the period. 

Net profit came out at £160.515 
against a £87.569 loss for- 1976-77 
but was subject to exchange 
translation losses of £42,315 
compared with gains of £47,779, 
leaving a £117,200 profit for the 
year (£39,790 loss). 

Again there js no dividend and 
earnings per 5p share are shown 
as 0.26p (0.i7p loss) before 

exchange translations. 

The directors state that for the 
first time the group showed 
earnings from the British North 
Sea through its interest in the 
Piper Field, acquired in January, 
1978. 

Mr. H. T. Nicholson, chairman, 
says that Premier held a 
geographical spread of interests 
in oil and gas producing areas and 
that these provided a sound basis 
for continuing exploration in the 
British North Sea and elsewhere. 


AFTER AN exceptional debit of 
£853.692 compared with £352,588 
last time, pre-tax profits ' of 
S. Leboff (Fobel) fell from 
£1,166J.52 to £1.019,958 for 1977 
on turnover ahead from £17 .83m 
to £19.l7m. 

At the interim stage profits 
were up from £762^248 to £876,614 
and directors said that they con- 
fidently expected to show record 
profits for the full year. They 
now say they expect results for 
1978 to be satisfactory and to 
reflect the real potential of the 
combined group for the first time. 

The exceptional debit for the 
year arose from a decision, made 
m November, 1977, to close the 
stock-holding distribution depots 
of the electronics division in 
France and North America. 
Directors say it was clear by 
then that, as Indicated first in 
autumn, 1976, the two factories 
in Hoog Kong could sell their 
production more profitably direct 
to major buyers throughout the 
world, without the heavy over- 
heads of local distributing com- 
panies. 

The closures involved redun- 
dancy payments and compensa- 
tion for employees, plus disposals 
of stocks, leases, etc., and have 
been provided for in full in the 
1977 accounts. 

The court case in Germany Is 
still proceeding and some 
recovery is expected. This has 
still not been, resolved and it has 
been decided to provide for the 
remaining amount in full and to 
bring in the recovery wben it is 
made. 

Group policy in respect of taxa- 


tion has been changed in accord- 
ance with ED19 and the charge 
for the year is down from £Q.G3m 
to £0,3m_ Had this policy been 
applied in 1976 the figure for that 
year would hare been £448,664. 

This change leaves share- 
holders funds at £5.58m (old basis 
— £4.01m). 

Stated earnings per IOp share 
are 4.14p (S^tp) and the- divi- 
dend is stepped up to 1.76p (1.6p) 
■with a net final payment of 
0.9917p. 

The DIY division experienced 
a year of minimal turnover 
growth. While expenses con- 
tinued to be affected by inflation 
and the effect was inevitably a 
reduction in net profits. 

1076 


1977 
£ £ 
19.170.461 Ii.832.M5 
1.S73.645 1.518.740 
653.692 132.558 

UU.9.WD LUSOS2 
29T.lt® 628.056 

722.764 640.096 

7.486 113.980 


Toruover 

Grotto profit 
Exceptional debit 
Front before tax .. 

Taxation 

Net profit ...... 

To minorities 

t Prom. 

However, this stimulated a re- 
view of certain policies which has 
had a most beneficial effect and 
has substantially increased sales 
to major UK groups and Europe. 
The pattern of turnover growth 
has been resumed, while costs 
have been contained as far as 
passible. 1 

As a result profits from this 
division during the current year 
should show a welcome increase 
over 1977, they add. 

The electronics division’s 
business has shown a more pro- 
nounced seasonal nature during 
1978, but has a very healthy order 


book which should keep produc- 
tion at a high level for the rert 
of the year. ,-New and exciting 
products have been developed, 
directors say, which will be on 
sale by the autumn. Including a 
number in which the group has 
a marked technological lead. 

These new products will reduce 
the seasonal nature of the 
business, which should increase 
profitability further in 1979. 

Stead & 

Simpson 

advances 

FOLLOWING A rise of only 
£12.000 to £956,000 at midway. 
Stead' and Simpson expanded 
taxable profits from £1.836,520 to 
a peak £2,230.214 for the year to 
March 31. 197S. on turnover UP 
by £4m to £22.5 lm. 

After tax of £J.16D.S32 
(£943.769) and extraordinary 
credits £113.897 (£414.051). net 
proilts were down from £1,354,502 
to £1,174.279. 

Stated earnings per 23p share 
are- 3-68p (3.27p> and a final divi- 
dend of 1.672p. which includes 
0.0227p In respect of the previous 
year, effectively lifts the total 
from an adjusted l-SS84Sp to 
2.132p net. 

The group’s business involves 
footwear retailing and motor 
trading. 


Expansion plans at Sangers 



1977-76 

1876-77 

Turnover 

2.731^43 

1,705*170 

nil and gas sales ... 

J.303.»S 

1,705.170 

Opera tint; fees 

78.155 

— 

Div. and 1m. income .. 

153.267 

122.002 

Mlsv. income 

Profit on sale or fixed 

24.S43 

26.460 

assets 

IS. 70S 

— 

Exceptional credit 

64.191 

— 

Total revenue 

2.642.251 

1,853.632 

Production costa 

1.0S7.8S1 

773.554 

Amort, and deprec. .. 

574.145 

320.511 

Exploration expend!- 



litre vnluen off 

10.044 

328.213 

Operating and admin. 

407.714 

2M-0S2 

Short-term merest ... 

35.564 

5.651 

Pre-tax profit 

526.783 

156-MI 

Tax — .. 

366.26S 

244.210 

Net profit 

160,315 

*37.569 

Exchange Josses 

43.215 

t47.779 

Leavmg 

• Loss, t Gains. 

117,208 

*39,700 


Concrete 

Products 

Concrete Products of Ireland, a 
Marley subsidiary, reports higher 
pre-tax profits of £907,000 against 
£770.000 for the six months ended 
March 3L 1978. 

Profit is afrer interest payable 
of £114,000 against £133.000 and 
before tax of £408.000 (£356.000). 

Earnings per share are stated 
at 6-225p (5.175p) and the interim 
dividend is stepped up from 
0.975p to 1.25p-khe total in 
1976-77 was 4.875p from pre-tax 
profits of £2.16m. 


FOLLOWING the purchase of 
eight companies in the retail 
optical field during 1977-78, the 
Sangers Group of wholesale 
chemists, etc., has a substantial 
programme of further optical 
practice acquisitions in hand, says 
Mr. Hugh Nicholson, the chair- 
man, in his annual statement In 
addition the group intends to open 
new practices in selected areas as 
soon as suitable sites become 
available. 

The directors believe there is 
much potential in this area which 
will be reflected in current-year 
profits. 

At the year end, group capital 
expenditure of £95,000 (£218.000) 
had been authorised, of which 
£15,000 (£214.000) had been con- 
tracted for, and since the year 
end the directors have authorised 
spending of £)m on further acqui- 
sitions of optical practices. 

As reported on June 2 pre-tax 
profits for the year to February 28 
fell from JE2.44m to £L65m on 
turnover of £90.8m (£80.5m) 

Mr. Nicholson points out that 
profit* were struck after 
charging a number of items of an 
exceptional and non-recurring 
nature amounting to £240.000. 
They include the pharmaceutical 
division reorganisation costs, in 
particular the closing of the 
Liverpool branch; the reorganisa- 
tion of the Northern Ireland 
pharmaceutical and grocery 
businesses; certain redundancies; 


and the non-recurring costs in 
setting up the optics division. 

A statement of source and 
application of funds shows an 
increase in working capital of 
£0.95m (£1.74m) and an increase 
in liquidity of £403,000 (£779.000 
decrease). 

The chairman sal's that the 
group is now employing more 
than three times the net assets 
that it was 10 years ago. The 
major reason for this is inflation 
which has pushed up working 
capital. This ail has to be found 
from profits after tax and 
dividends on preference and 
ordinary capital. Further 
expansion into optics has also got 
to be financed and this means 
that the group has to consider 
all the time how- it can reduce 
capital laid out in the wholesale 
pharmaceutical division, often by 
revised methods of trading. 

It is the long-term aim of the 
company to become a balanced 
health care group, less dependent 
on its traditional pharmaceutical 
wholesaling business. Although 
there are difficulties in pharma- 
ceutical wholesaling, the Board is 
confident that the problems can 
be met. 

WM. JACKS YEAR 
END CHANGE 

The financial year end of 
WUUam Jacks and Co. and its 


subsidiaries has been changed 
from June 30 to December 31. 
The change will be effected by 
preparing group accounts for the 
IS-monUi period to end 197S. A 
second interim statement will be 
Issued in August covering the 12 
months to June 30. 197$. 

Hunt Chemicals 
expands in 
Belgium 

Philip A. Hunt Chemical 
Corporation of the U.S., in which 
Turner and Newall has a 52 per 
cent interest, is planning a S2Jm 
(£1.38m) expansion of the manu- 
facturing and warehousing 
operations of its subsidiary N.V. 
Hunt Chemical at St. NifcJaas, 
Belgium. 

The plans embrace the construc- 
tion of production facilities for 
the manufacture of both 
photographic chemicals i for 
colour and black and white 
processing) and electrostatic 
developers and powdered toners 
Jor office copying equipment; as 
well as an extension of the 
present warehouse area. 

The development will be 
financed by cash deposits held by 
Hunt in Belgium. 



LOSE 

ALL 

Our specialist loss 
assessors will take a look 
at your present insurance 
cover on buildings, 
plant, machinery, fixtures 
and fittings and negotiate 
your claims - including 
any consequential loss. 
Can you afford to take the 
risk of not consulting us? 

Beecroft Sons 
& Nicholson 

71 South Audley Street, 
London W1Y6HD 
Tel; 01-629 9333 Telex: 261988 



# 


Established 1842 

J;: ■iro-TiaL 1 !:.i Eimw:, U.-v re 





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Industries 



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$ 

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Interim Report 
HdfVfear to 31 March 1978 


At a meeting of the Directors held on 27 June 1978 it was decided to pay 
on 2 October 1978 a second interim dividend for the year to 30 September 
1978 at the rate of op per Ordinary Share of 25p. Transfers received m order 
by the. Registrar of the Company up to 29 August 1978 will be m time to be 
passed fob payment of Hais second interim dividend to the transferee. 

The first and second interim dividends amount to 9.4p_(19/7 / .5p) per 
Ordinary Share of 25p. The increases made in these two interim dividends, 
being in respect of only part of the total dividend for 1978 are within 
prevailing- legal constraints and any continuation of dividend limtanon 
mav cause restriction of the final dividend payable on 2 April 19 '9. The 
increases reflect the Company’s desire to compensate shareholders, at 
least i n part, for the substantial fall in dividends real value since 
statutory limitation came into operation in 197L. 

The amount to be retained for inflation out of net profit attributable to 
B.A.T Industries for the half year to 31 March 19 (8 is estimated at 
£32 millions (1977 £26 millions). 

For the half vear to 31 March 1978, foreign currency items have been 
translated to sterlings rates of exchange ruling on 19 Jime 19/8, exceptior 
Brazilian cruzeiro items which have been translated atthe rate against the 
US dollar estimated to be ruling at 30 September 1978. The comparable 
results for the half year to Si March 1977 have been translated at the rates 
of exchange ruling on 30 September 1977. The net effect of currency 
moments on GrSup results was slightly adverse, ignoring the devaluation 
of the Brazilian cruzeiro against the Ub dollar. 

Lower UK profits have-led to a reduction in the UK tax : charge, offset to 
enme extent by an increase in taxation on dividends received from 
overseas? Overseas and deferred taxation have increased. provision 

has been made for deferred taxation on the same baas as hitherto. 

iCtoSS profit attributable to B.A.T Industries is 
£101 mfilicS compared with filOemilbonsfcrtbe comparable penodof 
the previous year. 


Group Results (unaudited) 


Half Years to: 

31-3.1978 

31.3.1977 30.9.1977 



£ millions 


Turnover 

3,294 

2,967 . 

3,245 

Trading profit 

222 

213 

199 

Investment income 

30 

30 

31 

Operating profit .. 

252 

243 

230 

Interest paid 

31 

28 

. 29 

Profit before taxation 

221 

215 

201 

Taxation 

108 

97 

87 

Profit after taxation 

113 

r 118 

114 

Minority interest . . 

. 12 

12 

10 

Net profit attributable to 




. B.A.T Industries 

101 

106 

104 

Analyses by Industry 




• Turnover 




. Tobacco 

2,135 

1,925 

2,179 

Retail 

786 

685 

706 

Paper 

296 

275 

277 

Cosmetics 

71 

56 

49. 

Other activities 

6 

26 

34 


3,294 

2,967 

3,245 

Duty and excise included 

- 



in tobacco turnover 

1491 

1,089 

1,242 

Operating Profit 




Tobacco 

171 

170 

178 

Retail 

23 

19 

5 

Paper . . ... 

27 

29 

24 

Cosmetics 

4 

2 

1 

Other activities . . 

27 

23 

22 ’ 


252 

243 

230 

Taxation 


— 


United Kingdom taxation 




on income 

7 

17 

(4) 

Unrelieved ACT .. ' 

2 



Overspill relief 

— 

(1) 

— 


9 

• 16 

(4) 

Overseas taxation . . 

78 

65 

70 


87 

81 

66 

Deferred taxation .. 

21 

16 

21 j 


108 

97 

87 


' 





Tobacco 


vx 


Group cigarette sales volume increased at a greater rate than in the 
previous year. In the United States, domestic sales and profits declined 
marginally, hut were partially offset by improved results from the export 
business, which included Lon) lard brands for the whole six months. 

In Europe, Germany increased its domestic and export volumes, resulting 
in improved profits. In the rest of Europe, volume also grew but profits 
suffered because price increases were insufficient to cover higher costs. 
Export* from the UK continued to progress but profits were adversely 
affected by the influence of exchange rates on export prices and the initial 
expenses in connection with the introduction, nationally, of Slate Express 
in the UK market. 

Sales continued to develop satisfactorily in Latin America. Jn Brazil, 
higher volume and a price increase earlier than expected, resulted in better 
profits, whilst in Venezuela, market share and profits rose substantially. 
Greater demand and additional profits were achieved in Asia, particularly 
in Indonesia. Restoration of margins in Malaysia improved profitability 
there. Similarly, in Africa, restoration of margins together with volume 
increases brought better profits. 


Retail 


In the United States sales in Saks stores grew' substantially. A yond 
Christmas season, better merchandising in existing stores and new store 
openings were all contributory factors. There was also some improvement 
in margins. 

Gimbels. too, benefited from the buoyant Christmas season, hut pnor 
weather conditions in the north-east of the US in the spring have adversely 
affected sales which are marginally down on the comparable period. 
Overall, there was an improvement in profits. 

Kohl continued to axpandits supermarkets in Illinois and its department 
stores in Wisconsin, both c*£ which show improved sales and profits. • 
However, the expense of promotional activities in the Wisconsin 
supermarkets have more than offset profit growth elsewhere. 

In the United Kingdom, severe price competition in food retailing has 
intensified, substantially diminishing the profitability of the industry. 
Action taken by International Stores to maintain sales volume and market 
share has been successful but at the expense of trading profit in the short 
terra. The decline in trading profit has been offset by property profits 
realised in the course of the stores redevelopment programme. 


V •• 


¥ 


f'i 

M 

j -i 
■ : 

Fi 

> i 

> - • 

Si 


: '• 
V : 
•; • 
( ’ 

i; 


f : 

... / 

H 

? : 
? '• 


Paper 


Forecast 

Sales of tobacco products should increase in the second half year 
at the same rate as in the first half, but operating profit will be 
affected by higher costs in Europe, by UK launch expenses and by 
lower profitability in exports from the UK. For the year as a whole 
tobacco profits are expected to show a small increase on 1977. Better 
gross margins at Gimbels and Sabs should lead to higher operating 
profit for tiie Retail division, notwithstanding the effect of 
competition on International Stores. The acquisition of Alliance 
Wholesale Grocers will strengthen considerably the cash and carry 
business of Kearley and Tonge. In paper, a small improvement is 
expected over the year as a whole. The proposed acquisition of the 
Appleton Paper division of NCR in the USA, expected to be 
completed shortly, should bring some benefit net of interest 
charges in the last quarter. Cosmetics division expect to be able to 
maintain the profit improvement achieved through to the year end. 


The overall volume of Wiggins Teape sales has shown little increase over 
the same period last year. Profits, though higher than in the half year 
ending 30 September 1977, have not fully recovered from the more difficult 
market situation which developed in mid 1977 affecting margins in the UK, 
Europe and most countries where Wiggins Teape operate. This was 
followed by a steep decline in the price of woodpulp in Europe which in turn 
weakened paper prices still further. The market has not yet stabilised but 
some improvement in the second half may be expected so that the result for 
the whole year should be similar to that of last year. 

Mardon Packaging International experienced slightly less buoyant 
trading conditions in the first half of the year, but. due in part to the 
purchase in the UK of the Cundell packaging group in September 1977, 
sales increased over the corresponding period of last year by 16% to 
£15-1 millions with a comparable improvement in profits. Two businesses in 
the USA. Michigan Litho, a specialist label manufacturer, and Western 
Litho, a web printing operation in California, have been acquired through 
Lawson & Jones, Mardon Packaging's Canadian subsidiary. 


Cosmetics 


M 

i -,t 


Sales in the six months to 31 December 1977 rose by 37% over the same 
period in the previous year. Growth benefited from the inclusion of Ju vena 
but, in the US, Germaine Monteil expert enced difficult conditions and the 
US operations of Yardley are being run down prior to transfer to a 
licensing operation. 


The improvement in operating profit is due partly to the inclusion of 
Juvena and to a reduction in the losses of Yardley in the USA, but also to 
better results from Lentheric and Germaine Monteil in the UK and 
continental Europe and from Y ardley i n Colombia. 


Subject to movements in exchange rates, operating profit overall 
for the year should show a rate of increase comparable to that 
achieved in the first half. However, increased interest paid and 
higher taxation will probably 

attiibutable to B.A.T Industries B AT INDUSTRIES LIMITED 

for the year falling slightly short _ 

of theievd achieved last year. Vba^ Tobacco -Retailing • Paper ■ Cosmetics- Worldwide 

Westminster Houm, 7 MUlbank, London SW1P3JE 


K'. 


1V4" 

■AVi 






Ill 


! 



’s Ok Tedi prospect Finlas buying 


accounts qualified 


has gold deposit 


developer 


iyf KENNETH MARSTON. MINING EDITOR 

. ’Ej<T fiWESTIGATIONS by used. These would give a daily 
Broken Hill Proprietary con- ore throughput of 65,000 tonnes, 
.ium into the big, but low But there is a tentative decision 
?j c . Ok Tedi copper deposit in to employ serai-autogenous ore 

1 -i. _ r Vahi tiPfin^rcinrr TKIp motliAd 


: Star Mountains of Papua New processing. This method, which 
hea have revealed the would require only one large 
*ence of a gold enriched cap grinding mil], might halve the 
i^rtn" the primary orebody, capital cost but it would also 
hrt.s^ Colleen Ryan from Port mean a lower daily throughput of 
’^sby, 30.000 tonnes. 

.♦ccoffiinc to preliminary esii- Meanwhile, the general con- 
ges the ‘leached cap contains setisus Of opinion is that while no 


.je 30m tonnes uf material with early yo-ahead decision on Ok Tedi 


told comen i of 3 to 3.5 grammes is likely, it will come eventually 


tQrme The gross “ in ground ” whereas only a few months ago 
,*? of the -old would thus be the feasibility of a mining opera- 
• roachinc .\$6Wui (£375mi. but tion was being viewed with 
: net profit from mining this scepticism. 

Aerial would obviously be very 


tell less. Even so. one con- _ . . T « 

Mt. Lyell wins 

jfVn ^tn ; SS inins op,jra - three months 


then, after November ll, by the 
Commonwealth Government alone. 
Gold Fields will make a decision 
about the future of die mine, 
which it has already written off 
in its accounts, after hearing any 
Government proposals for its 
future. 

The IAC pointed out that with 
the exception of Mount Lyell, the 
Australian copper industry had 
adjusted to the depressed copper 
market without Government aid. 
It noted that MIM Holdings, the 
country? major producer, had 
not sought any assistance. 

The Government's aud to Mount 
Lyell extends for three months 
from July 1. Mount Lyell shares 
were unchanged at 30p in London 
yesterday. 


f Lhe <»k Tedi project goes 
'tad— and Ihiv is still subject rPfiriPVP 
'further metallurgical tests and iv r liv T v ' ; 

outlook for copper and gold MOUNT LYELL MINING, the loss- 
Jcos — Hie cap gold would be making copper operation in Tas- 
Ccovsed .separately and exported mania owned . mainly by 
runretined gold bullion whereas Consolidated Gold Fields, has 
i ctod content of the primary heon given a further three months 
i’boriy would be exported in the 0 f life with the decision of the 
Vper concentrate Australian Government to extend 

’.’fttal ore reserves are estimated federal aid pending negotiations 
;25«lm t o "(nim tonnes grading on the company's future. 

per cent cupper, o iH2 per cent Government announcement of 
flyhdenum and 0.55 grammes further aid. made yesterday in 
“d per tonne. The lield work Canberra, coincided with a report 
f lion oT the feasibility study was from the Industries Assistance 

i npleted earlier Lhis month and Commission which came out 
oratory tests are expected to against federal support for the 
finished by the end of this year, copper industry, 
r’he consortium, which apart On the subject of Mount Lyell. 
jm BHP 1 57.5 per centi. the IAC recommended that aid 
jludes Amoco Minerals (37.5 should continue for three months 
tf- cent) and Germany's Kiipfer- after the date of the Govern- 
■jloration group (25 per cent), ment’s decision on its report. 

to present its proposals to The official statement in Can- 
<■:- PNG Government by May next herra said that the Government 
j»r. If a decision is taken to go was negotiating both with the Tas- 
‘jBad with a mine, production manian authorities and Mount 
be expected to start in Lyell about the future of the 
j>3. However, there is still doubt company. In fact, the scope for 
tether the decision will be taken negotiation is slight. Gold Fields 
year or delayed until the has made it clear that Mount 
Hy 19805. Lyell is not viable without Govern- 

Ifhe cost of the project, in w hich ment aid. 

le PNG Government has an Mount Lyell has been subsidised 
5tirn to take a 20 per cent stake, since -lune 13 last year, first by 
■*put at As l 2bn <£750utl if con- the Commonwealth and Tas- 
'Tntional processing methods are manian Governments jointly and 


reprieve 


MADAWASKA SETS 
STEADY COURSE 


-.uld be expected to s 
| >3. However, there is stil 
nether the decision will b 
lyt year or delayed tin 


Madawaska Mines, the Canadian 
uranium producer whose contract 
price problems with Atrip. the 
Italian Stale energy agency, have 
just been resolved, is earning 
C$14 (H5.73I before tax on every 
pound of uranium it sells. 

This figure wan given to" share- 
holders of Consolidated Canadian 
Faraday yesterday by Mr. W. 
Clarke Campbell, the president at 
the annual meeting in Toronto. 
The company owns 49 per cent of 
Madawaska. the remaining 51 per 
cent is held by Federal Resource s 
Corporation of Salt Lake City. 

Based on the negotiated price 
of CS42 a pound for the Agip 
contract. Madawaska last year 
made a profit of C$4 .2m (£2. 02m) 
on revenue of CS17.6m. Produc- 
tion was 440,753 lbs of uranium 
oxide. 

In the first half of this year, 
output is expected to reach 
274.600 lbs and in the second half 
“we hope to do better,” Mr. 
David Kelland. the mine manager 
said. 

In June the ore grade rose to 
l.S lbs of uranium per -ton of ore 
from about 1.5 lbs in the first five 
moptlts of the year. The higher 
grade is expected to be main- 
tained. 


For a total consideration cf 
£707.850, Finlas Holdings has 
agreed to purchase the capital 
of Proctor Bros. (Grimsby), a 
building developer. 

The consideration will be 
satisfied by £507,650 cash and the 
issue of 120,120 ordinary shares 
and S0.0S0 £1 cumulative redeem- 
able preference shares of Finlas. 
The preference shares are 
redeemable at par in W87/SS/S9 
and carry fixed dividends of 11 
per cent per annum net. 

Net assets of Proctor at 
August 31, 1977 amounted to 
£809.000 t including £157,000 
deferred tax). The company has 
shown an average annual profit 
before tax of £167.000 over the 
past five years. Pre-tax profits for 
1976-77 were £124,000 and the 
company has traded successfully 
since that dace. 

At present production levels. 
Proctor has sufficient land for 
some four years work, comprising 
around 350 building plots with 
planning permission. 

Having regard to the 
imminence of the acquisition, the 
progressive integration of the 
group's fine art publishing 
interests, and a wish for a year- 
end more appropriate to the 
group’s development activities, 
Finlas is changing its accounting 
period to September 30, 1978. 

It proposes to pay a second 
interim dividend of 5.lp and a 
final of 3.S5p to bring the total 
for the 18 months to ll.55p net. 


there is no present intention - of 
making a bid. 

The shares were purchased 
partly for cash but mainly by the 
issue of DolasweUa shares. 


A.-INDONESIAN 

CORPORATION 

The 18 per cent stake in 
Anglo - Indonesian Corporation 
sold by Warren Tea has been 
taken up by other substantiar 
shareholders. 

Scottish American Investment 
has acquired, a further 160,000 
shares bringing its total to 5-32 
per cent; Rothschild Investment 
Trust has increased its stake to 
612 per cent and Old Court Com- 
modity Trust now has 62 per 
cent. 


OIL AND GAS NEWS 



Optimism oyer NZ venture 


ARMSTRONG EQUIP. 
ACQUISITION 

Armstrong Equipment has 
exchanged contracts for the 
purchase of Hillcrest Engineering 
for a total consideration of 
£340.000. Of which £135.000 is to be 
satisfied - by the issue of .Arm- 
strong ordinary shares and the 
balance in cash. 

The number of shares to be 
issued will be fixed at completion. 
Che of line vendors of shares in 
Hillcrest is non-resident, and 
accordingly exchange control con- 
sent from the Bank of England 
has been applied for. 

Hillcrest, situated in Birming- 
ham, is a maker of metal press- 
ings and assemblies for the 
automotive and furniture indus- 
tries. Sales at present are about 
£lm annually. 

LILLESHALL STAKE 
IS INVESTMENT 

The Board of Doloswella Hold- 
ings, wishes to make it dear that 
the recent purchase of 150.500 
(6B4 per cent) shares in LilleshaJI 
is intended as an Investment and 


UNILEVER RECEIVES 
TAX APPROVAL 

A meeting of shareholders of 
National Starch and Chemical 
Corporation of the U.S. has been 
called for Augusr 15 to vote on 
the proposed $4$0m take-over by 
Unilever. The meeting will also 
carry out normal AGM business. 

This follows approval by the 
U.S. Internal Revenue Service of 
the proposed acquisition terms. 
Under -the deal holders of 
National common slock will 
receive 873.50 per share, or can 
opt for tax free share exchange 
for newly issued S73.50 pre- 
ferred stock in a new corporation 
which will own all the shares of 
National. 

The new stock wifi carry a 
cumulative annual dividend of 
53.31 (4.5 per cent.). 

The acquisition was agreed last 
December but is subject to the 
March merger agreement which 
entails approval by .the National 
shareholders. National expects 
that the proxy material and 
information .relating to the 
exchange offer will be mailed to 
holders soon after July 10. 

The preferred stock in the new 
company will not be listed and 
transfers will be restricted. The 
common stock of the company 
will be wholly owned by- Unilever 
United States Inc, a subsidiary of 
Unilevc-r NV. 


MR- R- J- KNIGHT, the chairman 
oF Sturla Holdings, reaffirms his 
belief that the finance group will 
return to profitability at the 
interim . stage this year in his 
statement with .accounts. 

A further improvement « 
results for rhe full year to 
January 3L 1978. is forecast. 

He says the reduction id the 
pre-tax loss in past year from 
£0 72m to £93.000 was the product 
of’ a great deal of hard work and 
that the year was a decisive one. 
Directors have now clearly 
established the basis for con- 
trolled and profitable expansion, 
not only in its existing busmess, 
but in the development ot 
selected new services, he says. 

The accounts have again been 
qualified by joint auditors, 
Cohen Arnold and Company and 
Edward Denton and Son. They 
say they are unable to verify the 
directors’ assessment of the pro- 
vision for bad and doubtful 
debts or its adequacy. 

They also say that the addi- 
tional £0-Sm provision made for 
bad and doubtful debts in the 
last year — recommended by them 
last year— should have been 
charged as an exceptional trading 
loss and not as an extraordinary, 
item. On this matter the 
accoun ts do not comply with- 
SSAP 6. 

Mr. Knight says that on a 
conservative basis the net worth, 
of the company is £t.23m after 
bad debt provisions. Total 
receivables are more than £3m, 
although reduced to £1.4m in the 
accounts after deduction of 
unearned interest. He says the 
borrowings of less than £0.2m 
represent a very low figure for 
a company in the financial 
services sector. 

“There is therefore considerable 
scope for expansion, subject -to 
negotiating suitable credit lines 


and to profitable investment uf 

fU LaS year, after raising -<L42m 
(through a rights «turlj 

settled, bank debts^of £2.3m by 
the payment of £0.35m. . 

Hr. Knight says that under the 
new group structure live. existing 
personal loan business will be 
consolidated and carried on by 
Sturdy Finance with Stuna 
Finance *md Sturifl Loasmg' mar- 
keting consumer and business 
asset financing plans. - - • 

The long-term objective; is to 
become a national name in the 

introduction and development of 
innovative finance and related 
services. Next jear -Lbe group 
reaches its -centenary, and Mr. 
Knight says It wiU have more to 
celebrate than. Its longevity ana 

resitience. 

Srnrla intends lifting its borrow- 
ing limit from £3m to £7m to 
develop the new finance fields of 
Sturla 'Finance and Sturla Leas- 
ing and to expand the consumer 
credit business of Sturdy Finance, 
in the north west of England. 

Anglo Scottish Investment Trust 
owns- 0.43 per cent of shares and 
Mentlefh Investment Trust 5 .95 
per cent. Both companies .are 
managed by G artroore Divestment. 
A. Dobson and Trued ene Company 
sold -their substantial interests to 
the year. . - 

At balance date the group. had 
n & t current assets of £lJ5m 
against £17,000 liabilities pre- 
viously. 

' Meeting, Dorchester Hotel,: WL, 
July' 25 at noon. 


Established to- Re- 

export processing at Bataan, 
the factory isxiesigned to service 

xhe^ -growing -tennis . markets of- 
South East Asia; It is planned, to 
reach fuH. production capacity of 
5.5m balls a. year by early 1880- 
With an -initial tovestmeot. of - 
£lm J-be , company formed to 
operate «th’e project, International 
Sports Company Philippines). 

Is 70. per. ten* ' owned . by 
Dunlop International, the -mam 
Dunlop operating company . out- 
side Europe, and Sff per.yc ent 
owned -by Dunlop Austrasiatr 


Eurotherm 
on course 
for £2.5m 


DUNLOP OPENS 
TENNIS BALL Y 
FACTORY 


Dunlop has opened a tennis, 
ball factory in the PhUippmes; 


REPORTING TAXABLE pfdfit of ' 
£978,000* for the. ss .months- to 
April 30, 1978,: the directors of 
Eurotherm International reaffirm 
the . forecast made in. the-.ifay, 
-1978 : prospectus , that the figure 
for the current- year will; -b^about- 
£2.5iz). ‘ ' 

- The- expansion projgramme'in-- 

ibe latter "half of thc^previotis 
year, 'iis . beginning to . bMit ; . fruit 
and is a- major: : contributing : 
factor to orders in hand -at. the. - 
half-year being over 40 per cent 
greater than at April 30, 1977, 
the directors say.. •*: , ■■ 

- F5rsC-haff sales: amouated to 
£759m, split, as to; >UK- XS26 itt .. 
and overseas' "£4733m. After UK 
tax. £391,000, overseas “ tax &7JH0Q 
and :minoilties-pf £2,000, attribut- 
able profit emerged, at Stt^pOQp*' 

The group, is 'engaged in the 
manufacture and sale • • ?of - 
electronic' equipment . for indus- 
trial, commercial and scientific 
applications. 


Hill Samuel Group well placed 


CUSTOM AGIC 

Mooloya Investments has pro- 
vided additional information on 
certain material contracts related 
to its £lm bid for Cnstomagie 
Manufacturing. This followed an 
unusual move by the City Take- 
over Panel last week requesting 
this information. Details of these 
contracts were reported in the 
Financial Times on June 23. 


BY DA t HAYWARD 


WELLINGTON. June 29. 


HE FRENCH and New Zealand 
‘overnments have the biggest 
ake in a new offshore oil 
rospecting venture in New Zea- 
ind. An agreement to sink one 


‘respecting well in Tasman Bay. 
jorth of the South island, lias 
jeen signed between the New 
iealahd Government and 
kquitaine. 

i The North Tasman Hole will be 
Link in 280 ft of water and will 

S o down to a depth of 8.000 ft. 
. is in an area that oil men think 
as good prospects of success. It 
: only 12 miles south of Maui 4 
l-a well sunk some years ago. 
; nd which in 1970 tested 575 
farrels of oil and 544m cu ft of 
j-et gas a day for the Shell, BP 
. odd consortium. 

; The Maui field is now a large 
jeale producer of natural gas. Oil 
,nen have said that the North 
l.’asman area could have a reser- 
voir of light crude oil five limes 
nigger than the Maui field, 
j The new North Tasman Hole 
jvill also be more accessible than 
llaui which is in 360 ft of Fairly 
[•ougih seas. The New Zealand 
.jovernmem stake in the partner- 


ship is through Petrocorp, a 
Government company recently set 
up to handle the New Zealand 
Government's oil prospecting. 

The agreement .with Aquitaine, 
although only for one hole, is 
something of a breakthrough for 
the New Zealand Government 
which alienated the big oil 
prospecting companies with its 
controversial high oil tax policy. 
The major companies claim the 
tax would take too big a share of 
the proceeds from any successful 
strike. 

In the North Tasman deal, 
Petrocorp will put up 40 per cent 
of the prospecting costs and 
receive 51 per cent of any dis- 
covery. 

The State will take a 12.5 per 
cent royally from any discovery. 

The Aquitaine consortium con- 
sists of Aquitaine (NZl — which 
is 99.9 per cent owned by 
Aquitaine Australia — Home Oil 
(Canada). Beach Petroleum 
(Australia). L and M Oil (New 
Zealandl. Murphy NZ Oil of U.S. 
and Odeca NZ (U.S.). 

L and M Oil is the only 
company giving the New Zealand 
public a direct interest in - this 


exploration. It is one of the few- 
direct investment opportunities 
through New Zealand companies 
in oil prospecting ventures. 

L and M has 1 0,000 share- 
holders and 40 per cent of its 
shareholding is held by one large 
New Zealand Transport Company. 
The cost of the North Tasman 
No. 1 hole is expected to be about 
NZS4m. 

The big prospecting companies 
of Hunt. Shell, BP Todd, and 
Phillips have still refused to sign 
any agreement with the NZ 
Government under its present tax 
structure. 


Single extending its 
gif tware side 


CV His ANNUAL statement Sir 
Kenneth Keith, the chairman of 
Hill Samuel Group says that the 
group is well placed to benefit 
from a revival of world trading 
activity. 

As reported on June 13. profits 
before exchange differences and 
extraordinary items are marginally 
higher at £6.S5ni. against £6.7 lm, 
for the year to March 31. After 
exchange credits of £l.7Sm 
(£235.090) and extraordinary 
losses of £1.97m (£586.000 credits) 
associated with the termination 
of shipowning the group profit 
was down from £7.53m.to £6.61 m. 

The group balance sheet shows 
fixed assets at £33.99m f£3S.6m), 
investments at £29_93m (£27. 05m), 
advances of £438.42m (£392m), 
loans to local authorities and 
banks of H50£J9m (£129.32m). and 
deposits of £298 27m (£266. 54m). 
Current, deposit • and other 
accounts totalled £8B7-S5m 
(£776.56m) and acceptances 
£209.07m (£1 74.9m). 


• Sir -Kenneth says the most 
significant event of the year was. 
the creation of new international 
relationships with- Banque Arabe 
et Internationale dlnvestissement 
and with First City Baucorpora- 
tion of Texas. 

These relationships will take the 
group a major step . forward, .he. 
tells members. The £92m addi- 
tional funds raised will give the 
necessary new resources • ’ to 
increase activities - when the 
opportunity arises. .. ' • 

The second feature o£ the year 
was the discontinuance- of ship- 
owning activities: One ship was 
sold - in 1976 and two -more drips 


were soid during' the; ‘financial 
year. Full . provision has.: -been. .. 
made for the anticipated loss on 
disposal of thei .last shfp-'m-- the 
fleet. -• -r . . 

* As a result of the arrangements 
with its new shareholders the 
group -should have the capadty to 
increase income substantially 
.without, a corresponding increase 
in costs, states the rchairman. Hill 
Samuel is lass : dependent, op the 
strength of :the UK economy foe 
its growth than heretofore: and he. 
believes fhSi flris-yeartr develop- 
ments' have -given . the. ' group - a 
more solid base for the future. - 
■■ Meeting, 100, Wood Street. EC, 
oh July 25, it nooii. ; . '. 



At present, NZ companies have 
to pay 45 cents in the dollar and 
overseas companies 50 cents in 
tiie dollar. New Zealand Aqui- 
taine Petroleum is regarded as a 
New Zealand company. 

If the North Tasman No. I 
proves a success there would be 
an upsurge of interest both from 
the other big companies which 
have already spent much time 
and money drilling at various 
locations around the New Zealand 
coast, and by some of the smaller 
wild cat American companies. 


Crosby House accounts delayed 


Arrangements are' being 
finalised for the' acquisition by 
Singlo Holdings of the capital of 
Barnum’s (Carnival Novelties) for 
£240,000. 

This is- to be provided out or 
I a vendor consideration placing of 
1,131.765 new ordinary shares in 
Sioglo at 21i-p each. The new 
shares will not rank for any divi- 
dends in respect of the year March 
31. 1978. 

Barnum's supplies and hires 
carnival novelties. games, 
costumes and equipment for car- 
nival*. fetes and other social 
events, the business being carried 
on from leasehold premises in 
Hammersmith. Singlo believes 
that the acquisition will proride 
a useful addition to its gif tware 
division, and a continuation of its 
policy of increasing its assets and 
earnings. 

For the year to January 31, 1978, 
Barnum’s profits before tax were 
£67231 and its net tangible assets 
were £181,790. 


Morton-Norwich Products. The 
deal was announced yesterday 
but the terms were not disclosed. 


Morton Quality Products pro- 
uces controlled-Dortion food 


duces controUed-portion food 
products for the food service 
industry in the U.S. It has 
annual sales of over 820m. 


Hargreaves to 
spend £3.75m 
in 1978-79 


Sangers Group 


ESTATES & GENERAL 
MERGER THROUGH 

At the extraordinary meeting 
of Estates and General Invest- 
ments. ordinary holders approved, 
on a poll, the merger with County 
and Suburban Holdings. 

The other condition of the 
merger, namely a clearance being 
obtained under Section 464 of the 
Income and Corporation Taxes 
Act 1970 from the Inland Revenue, 
has now been satisfied. Accord- 
ingly the merger will become 
effective as from July I, 1978. 


Publication of Crosby House 
Group's accounts for 1977 has 
aeon delayed to September 
because of the late completion 
of the accounts of »is overseas 
subsidiaries and of Hs UK com- 
panies. 

The company said yesterday 
that the delay overseas involved 
ils subsidiaries in Hong Kong and 
Gibraltar, one of which has sub- 
sequently been closed down. 

Delays in the preparation oF 
the U.K. companies' accounts 
were due to substantial change 
iii the group's U K. management 
in the lost two months and the 
"consequential review of the 
company’s operations/' 

Last month, Mr. .1. R. M. 


Kealley. who became Crosby's 
chairman and chief executive in 
March. 1973. following the resig- 
nation of Mr. ill. J. Walsh, sold 
his 10 per cent stake to a private 
Jersey-based investment com- 
pany, International Investment 
Trust 

Mr. Keatley had explained then 
that Crosby, which issued a writ 
for £l.lm on the Thomas Cook 
Group in October. 1977. was badly 
in need of a permanent chieF 
executive and that he was unable 
to give it the lime required. 

Crosby also needed better finan* 
cial control which he hoped 
would result fro mthe appoint- 
ments of two IIT directors to 
(he Board. Mr. Keatley retains 


a 1.9 per cent stake. 

He had added that the loss- 
making divisions of the group, 
which operated in the red in 1976 
3nd the first half of 1977, were 
being reorganised. 


DUTTON 

FORSHAW 

REDEMPTION 


W. HENSHALL 

Fetford appears to have failed 
in its last ditch attempt to pre- 
vent Bovbouwc raking over 
>V. Hensball and Sons (Addle- 
stone). 

Yesterday the full Takeover 
Panel refused an appeal against 
rulings by the Fanel Executive 
which forbade H. ns ball to issue 
new shares to P.-tiord, -thereby 
diluting the 50.6 per cent of 
Henshall's equity jlready held by 
Bovboume. 

The Panel’s re.<-ons for refus- 
ing the appeal w |i be published 
shortly. 


AEGIS AG 

An investment advisory com- 
pany has been established in 
Zurich under the name of Aegis 
AG. The shareholders, through 
wholly-owned subsidiaries, are 
Standard Chartered Bank, Robert 
Fleming Holdings and Jardine 
Mathesdn and Co. 

The chairman of the board is 
Mr. J. Burnert-Stuart. 


Dutfon-Forsbaw Group intends 
to redeem at par. on September 
30. 1978. the .nominal amount of 
stock and principal money — 
£475.845— of the variable rate 
unsecured loan utock 1978/80. 


RECKJTT & COLMAN 
A U.S. subsidiary of Rcckitt 
and Culman. the RT French 
Company, has agioed to buy the 
Morton Quality Product Unit of 
the Morton Safi Division of 


■ i,S ■?, 




SALIENT POINTS FROM THE ANNUAL REPORT 1978 


share stakes 

Rights and Issues Investment 
Trust — Energy Finance and 
General Trust and its subsidiaries 
have increased their holdings as 
follows — income shares purchased 
17.400. making total 225,863 (9.41 
per cent): ’shares and capital 
shares purchased 160,169, making 
tola! 333,099 ( 20.S2 per cent). 
Mr. E. D. Barkway has purchased 
50.000 shares: Mr. J. D. Robert- 
shaw has purchased 15,000 and 
Mr. J. V. WooUam 20,000. Alt are 
directors. 

Century Oils Group — Com- 
mercial Union Assurance now 
owns 428 . 730 ordinary shares 15.07 
per cent). 

Hargreaves Group — Britannic 
Assurance has purchased a 
further 25,000 ordinary shares and 
is now interested in 2,115,000 
(8.01 per cent). 

Lindsay and Williams — Mr. P. H. 
Giles, managing director, now 
holds 156,400 ordinary shares 
(15.03 per cent). 

Wettern Brothers— W.^ and J. 
Glossop purchased 5.000 ordinary 
shares at 95p on June 28. 


At the present time, some 
£3.75m has been authorised for 
expenditure in the current year, 
says Mr. D. A. E. R. Peake, chair- 
man of Hargreaves Group, in his 
annual statement 

For the year to March 31. 19<8 
some £4.45m was spent on. the 
replacement of existing assets 
and the acquisition of new ones 
for development. 

The chairman states that the 
1978/79 year has started well and 
good opportunities exist for 
profitable work in many areas. 

As reported on June 16 pre- 
tax profits last year rose from 
£3 .27m to a record £3.42m on 
turnover up from £13 4 lm to 
£15334m, and the dividend is 
increased to 32 167 p (2BSp). per 
share. On a CCA basis, profit is, 
adjusted to £153m (£l.l2m> after i 
extra depreciation £l.93ro 
(£1.8Sm). cost of sales charge 
£0.6m (£0.94m) less the gearing 
factor of £0.64ni (£0,6801 )> 

Mr. Peake says that while the 
year’s results do not show 
spectacular progress. they 
reflect the group's underlying 
strength in its basic markers. 
Particular difficulties were faced 
in certain areas of activity, but 
he says despite this, profits 
advanced steadily and opportuni- 
ties have been created for the 
future. . 

Ample facilities are available, 
he adds, from the group’s 
bankers, including a medium- 
term facility of £3ro which has 
not so far been drawn down, bui 
which has been arranged to 
cater for the needs of future 
expansion. 

Meeting, Wetherby. West 
Yorkshire, July 25 at noon. 


Turnover , ■ 



Profit before Tax ■ 

t 

- i-ZAGk-Z. 

Profit after Tax : 

V r 7&y 


Dividends 

522 

: JS2Z: 

Earnings per Share. 

^:;y:-8sbp- 

;v13.31p 


^ Profits would have been substantially higher 
but for exceptional items — - Dividend ' 
maintained;"' 


wholesaling;" 


Much potential in retaifopticaJ business WHJ 
be reflected in currenty ear’s profits, . ; ? 


3^ .Long term aim to become balanced Health. 
•- cafe group. . j : : ‘ 


Copies of the full Report and Accounts-are 
available from the Secretary:—; •• . . 


THE SANGERS GROUP LIMITED^ 

Cinema House 225 Oxford Street London- W1R1 AE'Ttv: 


^ Sales improve 15% to new record. 

Profits increase to £722,086. 


BANK RETURN 


Capital investment programme 
continues. 


£ 

9,139,669 


continues. Profit before taxation 

Surplus on revaluation of freeholds Taxation 


amounts to £249,316. 


Profit after taxation 


Net assets reach £3,387,966 or106p Dividends 

per share. 


Dividend increase of 10% 
recommended. 


Retained profits 
Earnings per share 


722,086 

182,300 

539,786 

201,863 

337,923 


£ 

7,930.446 

661,703 

64,830 

596,873 

178,577 

418,296 


[ W?lne' , <5j' | Im 1 . i+i n 
j .( niK 1 2* ■ lln.fc— i 

■ 1973 . Iiirvnt 


BANKING DEPARTMENT 


l.l \BILITI KS ; £ ! £ 

•.'•tl-itnl I UJ63.0M: - 

HiiHIk D(|«kiI I 2fi l 0It.l!TiJ+ ).7®2.5 , 3l 

LVponil*..' 160.iW.li — 

Odukerv | 5&5f,162.W - 4 1 .1SS.921 

Kfcrfrves Al Olheri 

AA» | 631.965, S22|— 42.555.7al 

|l,S3S,8TI.366!— 8^,0u5^g4 


16.90p 18.69p 


POLYTHENE PACKAGING MANUFACTURERS & PLASTIC REPROCESSORS 


mm 

? 


ASSETS J | 

Govt. S*riirrttw..jl, 147,591, 067 +102,10S.99B 
AiivaocedlOthen 

Ate* 210,455.291 — 190,898,669 


Ate* 210,456.291 -190,898,569 

Pnaralses.Equiij'l 

& other 6era 811.169,598 — 60,267 

iVntei I7.496.7fc7 +■ 820.696 

Coin .................. 17B,i533 + 1«,937 



:■ ■ .-PACKAGING 
■ - : GROUP 
LIMITED 





[L58fc.571.5fifi'_ 88.0032S4 


ISSUE depaktubnt 


_ . . ■ ' ’' H M , r o' - r —' "'."o'-; "* • 

'•fLfYDlAC' nf.'tKp .KonWrt : 'artr? ’ ?. * J'"* T. •--- - :; y >* 


Copies of the Report 'arjcT,:. 
Accounts' are avaflabie from ' ■ • 
.The Secretary; Rccnor Gate. :.- m 
Heanprupcrby^hire Q£7 7RG.- : 


Notes Insue-t. 2.2607X0,^0.4. 76.000.000 

In CircuuilU>Q.;8.2a2.504,255 + 7a. 179,004 
In B*.nk'i< tiept' 17,495, 76T|+ 93J.690 


A5SF.TS ! ; 

lifisl . Until* 11,015,1CQ| — 

HMwr fit, si. 7.154.45P.8D0;— 70,970^12 
Other tie>ajritles. l t.0S4.623.03Q’ 4l5a,'37fl,612 


This announcemeniappears asa matterpf record ori^ j-J-y. 




AB Garda 






through a U;K. company ,V * ; 

(75% owned by Weibull and'25^ owned by Cairdo) . 
have acquired the business, gopdwilland the exclusive right 
to use the name of- . v 


Sutrtons Seeds Limited 


The undersigned acted as financial advisors feW. Weibull ABarid 


Scandinavian 


3i 1 1 ii f 














p&Sicialltftes ftrifiay June 30 1978 


■ i.. ix 


iS? 

- S'u 


*11 fc 





.'.j 




NORTH AMERICAN NEWS 


iglf 5 ’ Cavenham U.S. offshoot Treasury 

i • ^ j» * bond issu 

tor stores group 


Oii&rio 



bond issue 
at 8f% 


;j(]f Robert Gibbons ■ 

' JWNTftEAL, June 29. 

rORD GANADA .needs CSTdhi in 
provincial and Federal grants to 
go ahe«T with an engine plant 
at Windsor, Ontario, rather than 
at Lima Ohio. The plant would 
cost over C$50Om and create 

- 2^00 iobs. ' 

■ The -Toronto Star claims that 
a. cwJffidBnUaf Ford Canada docu- 
ment sfcys- the -plant would cost 
-.US^ SSTm -more tD build in 
Canada than in the IJ.S. . 

“Botfr Federal and Ontario 

- Gove r nme nt s are' in- dispute on 
how the grants .should he made 
available' in Canada, according 
to Mr: Jack- Horner, the Federal 

- industry Minister. 

Husky suspended 

Trading in the shares of Husky 
OQ remained halted past midday 
yesterday on the Canadian Stock 
Exchanges- and . also on the 
American Stock Exchange in New 
York. Exchange sources said that 
further news was expected 
shortly on the contest for control 
of Husky. Last night Alberta 
Gas Trunk Line, which now has 
35 per cent of the Urn Husky 
■ shares outstanding promised tc 
make a statement, reports our 
Montreal Correspondent 

MacMillan Bloedel 

MacMillan Bloedel, Canada's 
largest -forest products , group, is 
spending C$17m on improvin'* 
efficiency of its British Columbia 
and Ontario logging operations 
this year.. Total capital spend- 
ing wfll be about C$125m. writes 
our Montreal Correspondent. 


BY JOHN WYLE5 

GRAND UNION, the ninth 
largest supermarket chain in the 
U.S. and a subsidiary of Sir 
James Goldsmith's Cavenham 
(USA>, has made a SIJSm offer 
lor Colonial Stores, a leading 
grocery chain in the southern 
states. 

If successful, the merger would 
be the first major acquisition by 
Grand Union since it was bought 
by Cavenham in 1973. 

Colonial Stores operates 360 
supermarkets and discount stores 
in the south and is generally 
given a high rating ■ for its 
management and -financial 
strength. The Grand Union offer 
ia for S30 a share in casb/whieh is 
a 26 per cent premium above the 
company's closing price on the 
New York stock exchange, last 


night of $23 s. 

Mr. James Wood, president and 
chief executive of Grand Union, 
sent the offer in a letter to 
Colonial's chairman Mr. Ernest 
Boyce which follows recent dis- 
cussions between the two com- 
panies. The letter points out that 
330 a share is a 50 per cent 
premium over market prices 
“which prevailed until a few 
days ago" and is ^ a full and 
generous ’* offer. 

But Mr. Wood acknowledged 
that the offer was based on 
publicly available information 
and did not close the door on 
further negotiations “to take 
into account any additional con- 
siderations you think might be 
appropriate.” 

Mr. Wood requests a meeting 


NEW YORK, June 29, 

with the Colonial Board and asks 
for a quick response “ but in any 
event not later than July 10." 

Acquisition of Colonial Stores, 
which promised a statement on 
the offer later today, would give 
Grand Union an important 
presence in the fast-growing sun- 
belt. Colonial achieved net earn- 
ings of $10.9m or $2JS7 a share 
on sales of Sl-05bn in 1977. Tbe 
company expects to spend S20m 
this year on capital expenditure 
and to open 25 new stores. 

Grand Union's offer of 10.4 
times last year's earnings could 
well be considered conservative 
by Colonial and since analysts 
are expecting an 3 per cent rise 
in the company's earnings this 
year, further negotiations may 
be on the cards. 


Wet weather checks Cyan amid 


MAINLY BECAUSE of lower 
earnings from fertilisers and 
pesticides, American Cyanaraid's 
second quarter net income is 
expected to be about level with 
a year earlier, despite. a 15 per 
cent increase in sales. So fore- 


casts Mr. James G. AffJeck. 
chairman. Last year's second 
quarter net income was S39-3m 
or $2 cents a share on sales of 
$600.7m. 

The second-quarter estimate 
indicates that the first-half net 


EUROBONDS 

$30m convertible for Boots 


BY MARY CAMPBELL 


Packers cbeerful 

Canada Packers, Lhe largest 
meat processor in Cauada, savs 
its. first , quarter ended June 25 
will . show . .‘'.-modestly better " 
results from a year earlier, but 
Will - . be below expectations 
because of .labour disputes, 
writes our Montreal Correspon- 
dent The domestic food business 
is showing “considerable 
recovery,’’ but ' results for the 
year -will depend -** very heavily "* 
on how. quickly labour, troubles 
in Canada can. he "settled. Capital 
spending • this year will be 
around CS33in. 

Shell purchase 

l SheH-.Cmaada . has ; -bought lm 
treasgry shares of-AIphaiext of 
pilawm-tar €$4m. The company 
Operates > - . computerised 

_ hg h effing ..: aervicfefr field, reports 
our Slonfee^fc Correspondent. - 

B^of.Moatreal 



THE DOLLAR sector picked up 
a little yesterday, as did tbe U.S. 
dollar domestic bond market. The 
recovery in London was, however, 
said to be mainly technical. 

The main new issue news came 
from the UK— two issues, a float- 
ing rate note for Midland Bank 
and a 330m convertible for Boots. 

The SlOOm Midland Bank 
floater will offer a margin of a 
quarter of a point over LLBOR. 
with a minimum of 5i per cent, 
terms which look generous by 
comparison with many com- 
parable quality issues recently 
until one looks at the maturity 
~a 15-year bullet Lead managers 
will be European Banking Co.. 
Credit Suisse White Weld and 
Samuel Montagu. 

Activity in th<? Belgo-Luxem- 
boiirg area is moving apace, in 
addition to the Renault and BAT 
Luxembourg franc issues, the 
Industrialisation Fund of Finland 
has launched a LuxFr 250m. 10- 
year (7 S year average ■ life j S 
per cent placement via Banque 
Generate du Luxembourg, while 
the European Coal and Steel Com- 
muniiy. is raising, BFc \2on. 


(S6lmi on the Belgian domestic 
market. The issue offers an Si 
per cent coupon for eight years 
at 99 Lead manager is Socieie 
Genera] de Banque. 

Tbe Autoroute Basque's unit of 
account placement was yesterday 
priced at 991. 

’In Germany, the DM 50m 
convertible for the Japanese 
company Izumiya was launched 
last night, well ahead of the 
expected date. The coupon is 
35 per cent and the maturity 
eight years with the conversion 
premium indicated at around 10 
per cenL Bayerische Vereins- 
bank is lead manager. 

In New York, the price of the 
Ito-Yokado convertibles shot up 
tu well over 105 in first-time 
trading yesterday morning. 

Brazil has agreed the terms of 
its proposed yen issue, while 
Pemez has indefinitely postponed 
its issue. Reuter reports from 
Tokyo. The Brazilian issue is 
Y30bn for 10 years at 6? per 
cent. The issue price is 99.45 
per cenL 

Boots issue details. 

See Back Page 


' ■" ~ v 

ffiBOgefi fi . ttL2S.B6ni9U&^a3a^ 
aV quarter from the previous 
28B cents with tbe August 2n 
payment 'to shareholders of 
record July » 31, reports : our 
Montreal Correspondent 

Maple Leaf Mills 

Maple . Leaf Mills, the major 
Toronto-based milling group, 
expects 1978 earnings will be 
slightly below 1977’s CS 14.2m or 
CS1 a share. Expansion pro- 
gramme in the U.S. will be con- 
tinued after certain tax rulings 
are received, writes our Montreal 
Correspondent. 


Profits rise at Pillsbury 


MLYNEAPOL1S. June 29. 
THE MAJOR food concern, Pills- Donalds in the fast food business 
bury continued its profit growth among its subsidiaries some 16 
into the fourth quarter, : 

ing net income 27 per cent ..... ^ .... — U4 « auaie 

for the final period at S15.7m. against the S3159 a share for the 
to give S9 cents per share against previous year, 
the 70 cents for the same time Fiscal 1978 earnings include - 
last year. gain of ST.2nt on the disposition 

Fourth quarter sales were also of discontinued businesses which 
ahead, by .22 per cent to S475m. comes out to 7 cents a share. 
For tbe full year this brings the Sales for the year axe 12 per 
company which numbers Burger cent ahead at Sl.Tbn. 

King, the competitor to Me- Agencies 


Airlease International Finance 

Limited 

• U.S. S20, 000,000 9 per cent. Guaranteed Bonds 1986 

REDEMPTION OF BONDS ON 1st AUGUST 1978 

Notice is hereov given that, in respect bt me year ending 1 st August 1976 . a drawing of 
bonds oi the above issue- tooft plate on 26 th June 1378 . attended tsy Mr. Edwin Bruce Walker of the Ann of De 
Pinna Scorers & John Venn. Noiarv Public wren 1.090 Ponds having a -total principal amoun: of U-S.SI .DOD.DOD 
were drawn for reaemotian at their principal amount, leaving U.S. SI 6 . 000 . 099 .. principal amount outstanding. 
The following are the numfteis oi the bonds drawn: — 


19 

45 

63 

92 . 

•123 

26 a 

286 

303 

321 

34 0 

462 

500 

5)8 

536 

554 

70 1 

719 

737 

754 

772 

915 

932 

962 ' 

937 

1014 

1199 

1219 

1237 

1255 

1272 

145 S 

1476 


1567 

J 59 B 

1771 

1799 

1825 

1874 

1 698 

2058 

2076 

2094 

2111 

2123 

2272 

22 B 9 

2307 

2325 

2343 

2485 

2503 

2521 

2 539 

2556 

2699 

2717 


27 52 


2912 

2910 

3943 

2966 

29 S 4 

3126 

3144 

3162 

3179 

3197 

3340 



3393 


3553 

3571 

3 ES 9 

3607 

. 3624 

3767 

3785 

3802 

. 3820 


• 3580 • 

3993 - 


4034 


4194 

4212 



4265 

4408 

4425 


4461 

44 79 

4621 

4639 

4657 

4675 

4592 

4835 

4853 

487 D 

4 833 



5043 


- 5144 


5395 

5413 

5431 

5449 

5467 

5631 


5686 

5704 

5722 

S 90 s 

5921 

59 J 9 

5957 


61 17 

6155 

61 S 2 

6 1 36 


6363 

63 B 1 

6199 

6417 

6435 

6577 



'6630 . 

6648 

6819 

6 B 3 B 

6 E 55 

667 3 

6 E 51 

7047 

7065 

7083 

7101 

7118 




7342 


7502 

7520 

7538 

7556 


7743 

7761 


774 G 


8007 

8024 


8073 

S 3 23 

8472 

8498 

8529 

8547 


8830 

3910 

8542 

9017 


5536 

9354 

9372 

9 ? 9 Q 



9676 


9724 


9924 

994 3 

9964 

9932 


10340 

10356 

10376 

10447 


10740 

10758 

10759 

10307 





1 1021 





HI 46 


11407 

11424 

11454 

•*1472 

11490 

11799 

1 1817 

1 1 STS 

11653 



12059 

12076 

12094 





12308 


1 2469 

12486 


12521 





12735 



12913 

129*1 

1 


13109 

13127 

13144 

1 3162 





1 3)76 



13544 


13389 


13750 

13767 

1 3785 

1 3903 


1 

1 1 

1 ronq 

1 jni 7 





14230 


14 J«I) 

14408 

14436 

14444 


1 « 65 £ 

14622 

14640 

1*1657 


14818 

1483 ^ 

1 S. 85 S 




15705 

15058 

1 5 £72 

ljBSS 
1609V 
16313 
16526 
16740 
16954 
17167 
17381 
17594 
17SOB 
1 802 Z 
18233 
18440 
7 8662 

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19090 

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19517 

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16117 
16331 
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18680 
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1 9 1 07 
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19748 
19962 


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7 5071 

16135 

16148 

IP 562 

16775 

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1 6793 

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1914.3 

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1933 
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161 

376 

S34 

303 

1049 

1309 

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216S 

2373 

2592 

2806 

3073 

3233 

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3E74 

4087 

4301 

4514 

4728 
4944 
5197 
5517 
£757 
6010 
6248 
6470 
6705 
6930 
7154 
7596 
7614 
7900 
5183 
£605 
9149 
9445 
9778 
10062 
■10S79 
10861 
110S6 
1-300 
11361 
11909 
12143 
17361 
12575 
1 2788 - 
13002 
13215 
1J429 
13643 
1SSS6 
14070 
14284 
14497 
147H 
14924 
1513B 
15352 
15565 
15779 
15992 
16206 
16420 
16633 
16E37 
17060 
17274 
17483 
17701 
17515 
•19128 
18342 
18S56 
18769 
1 0983 
19196 
19410 
19624 
19337 


179 
39 J 
612 
826 
1072 
1334 
1582 
1969 

1^1 
2610 
2823 
3037 
3251 
3454 
367 8 
3591 
4105 
4319 
4532 
4746 
4965 
5215 
5535 
5775 
6028 
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7172 
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7919 
8237 
8630 
9168 
9497 
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10120 
10620 
10878 
11104 
1 1 318 
11579 
11927 
12165 
12379 
12593 
13B3G 
1 5020 
13233 
13447 
13661 
13674 

14038 

1 4301 
1 451 5 
14720 

14942 
15155 
15369 
15533 
1ST 97 
16010 
16224 
16437 
16651 
1 6265 
J 7078 
17292 
17505 
17719 
17933 
- 18146 ■ 

19.160 

18573 
18787 
19001 
19214 
194 28 
19641 
T9SS5 


197 
4rt 
630 
843 
1112 
1JEQ 
1700 
1987 
22D0 
2414 
2628 
2841 
3055 
326B 
. 3482 
3696 
3909 
41 is 
4335 
4SS0 
4764 
4983 
5233 
£552 
5021 
6046 
62BE 
6506 
8742 
6971 
7201 
7431 
7672 
7935 
* 8407 
8648 
9190 
951 S 
9813 
10138 
10653 
10396 
11122 
11335 
1 1597 
11943 
12153 
12197 
12610 
12824 
13035 
15251 
J 3455 
11678 
13892 
14106 
14519 
14533 
14746 
laSbO 
15174 
15387 
15601 
15814 
1S028 
1 6242 
1 64 ES 
16669 
16882 
17095 
1 7310 
17522 
17737 
17SS0 
10164 
18578 
1B591 
IS BOS 
19018 
19232 
19446 
19659 
19073 


214 
429 
6J3 
861 
1130 
1397 
1718 
2005 
2218 
2432 
2645 
2359 
3073 
3286 
3500 
3711 
3927 
4141 
4354 
456 B 
47E1 
5002 
5253 
£571 
5350 
6063 
6306 
6524 
6765 
6994 
7220 
7J49 
7690 
7953 
8419 
6672 
9212 
953S 
9831 
10156 

I 067 D 
10914 

II 140 
11353 
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11962 
12201 
12415 
12628 
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154B3 
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1 5619 
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169C0 
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ISIS2 
18365 
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19035 

-15250 

19463 

19677 

19891 


232 

447 

879 
1149 
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1736 
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£236 
2*50 
2663 
2877 
3090 
3304 
3518 
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415S 
4372 
4 506 
4799 
£045 
5294 
5589 
5553 
60BI 
6228 
6341 
6733 
7012 
7242 
7467 
7707 
7971 
3427 
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9230 
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10174 
10700 
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11157 
11371 
11745 

11930 

12219 
124 32 
12646 
12SB0 
13073 
13287 
15500 
13714 
T392S 

14141 

143SS 
1 4563 
14782 
14995 
15209 
15423 
1 5536 
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16064 
15777 
164B1 
16704 

16918 

17132 

17345 

175S9 

17772 

17986 

moo 

18413 

18627 

18840 

19054 

19268 

19481 

19698 

15308 


250 

465 

6S3 

897 

1181 

1440 

1754 

2040 

2254 

2467 

2581 

2B95 

3103 

3322 

3535 

3745 

3953 

4.176 

4390 

4603 

4917 

5063 

5362 

5607 

5385 

6099 

6546 

6SS9 

6801 

7029 

7Z71 

74S5 

7725 

7989 

8454 
8737 
9319 
9531 
9906 
10300 
10722 
1D950 
11175 
11339 
11731 
12023 
.72 237 
12450 
12664 
12977 
13091 
13305 
12513 
13732 
1394 5 
14159 
74373 
145B6 
34300 
15013 
l £227 
15441 
1 9654 
15868 
16081 
16295 
16509 
16722 
16936 
17149 
17363 
17577 
17790 
18004 
18217 
1 8431 

18645 

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7 9072 
19285 
19493 
19713 
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Witness: E. S. Wflkc’- NMarv Puoile. 

On or after - 1 st Au,u«' W. «. **« j 

amount a: :hB ^ e^a^s -non presented far redempt.on must be a-tompamea r»v all 

reverse cl each bonti l*rt< ol tin **** coupons ar* nar aaacned. tfte amount of tn e musing 

the coupons maturing after ip* «««"»'*" ” 1 ,. r Mvmtn!. The coupons due on is: August 1973 

unmafurea coupons w.ll he dtaucec from if'- « |,p w® ,9r Mvmcn " 

ji-e p id Be presented tor payment m :he norrut manner. '• . • ..... 

Airlease International Finance Limited 

30th June 197* 


WAYNE. June 29. 

will be about S75.7ra or -&.5S a 
share, up from S7Q.9m or S1.-4S 
a share a year earlier, and that 
first-half sales will be about 
SI.34bc against SI.lThn 

Mr. Affleck states that full- 
year earnings should rise by a 
greater percentage than for the 
first half, although he declined 
to be more specific. For all 
1977 Cyan amid had a net in- 
come of 5139.4m or S2.92 a share 
on sales oF £2.41 bn. 

Current quarter sales of 
agricultural products — which last 
year accounted for almost a 
quarter of total returns, will be 
up slightly from a year earlier, 
but earnings will be off about 
20 per cent. An unusually wet 
spring delayed plantings in the 
U.S. . corn belt. hurling 
Cyanamid'5 fertiliser and 
pesticide operations. 

Second-quarter chemicals and 
fibres sales combined (last year 
representing 23 per cent of the 
total) are expected to produce a 
10 per cent increase and a 10 to 
15 per cent earnings gain. 


By John Wyles 

NEW YORK, June 29. 
THE. IMPACT of inflation on 
Investors' expectations was 
highlighted yesterday when 
the U.S. Treasury attached the 
highest ever interest rate to a 
long term bond issue. 

At per cent, the historic 
coupon on a $1.75bn 15-year 
bond issue will almost cci^ 
taiiily hasten the antral of a 
9 per cent rate on a high 
grade corporate bond issue. 

New long term double A 
rated corporates have been 
yielding around 8.9 per cent 
recently, but in order to main- 
tain their traditional spread 
over Treasory issues, the cost 
of corporate borrowing will 
have to increase. 

Short term Treasury Issues 
have often sold for more than 
9 per cent but the previous 
high on a long term Govern- 
ment bond was set at 8.5 per 
cent in 1974 on a 25 year issue. 

Yesterday's landmark was 
reached at an auction on the 
Treasury bonds which pro- 
duced an average yield of 8.G3 
per cent. The Treasury 
received $4J3bn of tenders. 

The 8J per cent rate is fuel- 
ling general concern about the 
direction of interest rates, 
particularly short-term. Last 
week' the Federal Reserve 
Board raised its target rale for 
Fed funds. Investors and 
economists expect the rate to 
rise by another quarter per 
cent at least over the next 
week or so, while the strength 
of loan demand outside New 
York could lead to another 
round of increases in hanking 
prime rates, perhaps as early 
as tomorrow. 

Mean while, an increase in 
the cost of Government backed 
mortgage loans has been 
approved for the second time 
in a month. After rising from 
8} per cent to 9 per cent on 
May 23, the Government Is 
allowing a maximum per- 
missible rate of 9$ per cent, 
the highest since August, 1974. 


Stock market listing Southern 

O a <rrt-d m 

sought by Global 
Natural Resources 


GLOBAL NATURAL Resources 
Properties fGNRP), the last 
surviving offshoot of the Fund of 
Funds, the flagship of Bernie 
Corn f eld’s failed 10S empire, has 
begun looking at the possibility 
of seeking an unofficial listing 
for its shares among some of the 
world's leading stock markets. 

Currently the group's shares 
are only traded in an over-the- 
counter market in Frankfurt, 
changing hands recently at 
around $4.50. 

Mr. Frank Beatty, the 
American president of GNRP. 
told shareholders at tbe com- 
pany's annual meeting here today 
that the group wanted to increase 
the marketability of the shares 
and had been pursuing tbe pos- 
sibility of an unofficial listing in a 
number of centres including 
London and New York. 

He said however that there 
were a number of obstacles still 
to be overcome and that it was 
unlikely that the group would be 
able to achieve an unofficial 
listing in lhe current year and a 
full listing was even more 
distant. 

Tbe recent share price in 
Frankfurt reflects speculative 
interest in the group's Arctic 


JERSEY, June 29. 

natural gas interests which were 
transferred from the Fund of 
Funds to GNRP in 1970 in return 
for ail of the issued share capital 
of the group. These shares were 
then distributed to FoF fund- 
holders as a dividend. 

Of the 21m shares issued to 
the FoF holders around Sim are 
still unclaimed and are in the 
hands of Mr. E. R. E. Carter, a 
trustee appointed by the 
Supreme Court of Ontario, 
Canada. 

Mr. Beatty said that gas ex- 
ploration was progressing success- 
fully within the Arctic area 'and 
that another company Pan Arctic 
Oils, had recently successfully 
proved the commercial possibility 
of extracting natural gas from 
the area with the installation of 
a well-head beneath the Arctic 
ice. 

Mr. Beatty said that proven gas 
reserves of between 20 to 25 
trillion (million million) cubic 
feet within the Arctic were neces- 
ary if a pipeline to distribute the 
gas was to be commercially 
viable. Currently reserves of 
around 13 trillion cubic feet had 
been discovered from seven fields 
currently operated by Pan Arctic, 
but an eighth field had recently 
been discovered. 


Hart Schaffner Kaufman and 


optimistic 


CHICAGO. June 29. 
LOOKING forward to high-level 
consumc-r spending which should 
bring improved results in the 
third and fourth quarters. Hart 
Schaffner Marx, the clothing 
company, reports second-quarter 
net profit ahead by some 23 per 
cent to 33.8m to give 44 cents a 
share against the 36 cents for the 
same period of last year. 

For the first half, the company 
is 23 per cent ahead with net 
profit at S9.6m. and with $1.12 
a share against 91 cents last time. 
AP-DJ 


Broad ahead 

LOS ANGELES, June 29. 

Life insurance and housing con- 
eertr Kaufman and Broad reports 
secood quarter profit ahead by 
87 per cent at S8m. to give 37 
cents a share against the 19 cents 
for the same period last year. 
The latest quarter includes an ex- 
traordinary tax credit of $336,000 
or 2 cents a share. 

For the first six months this 
brings tbe company some 50 per 
.cent higher to S6.3m at net profit 
level (or 3S cents a share against 
25 cents for the same period of 
last year). ' AP-DJ 


plans $170n 
financing 

NEW YORK, Jane 29 
THE PRESIDENT of Soutbe, 
the utility company, Mr. Ah 
W. Vogtie Jr., told analysts tl 
four financings totalling $17< 
are scheduled during t 
remainder of 197S. 

The company's Gulf Pou 
unit plans to sell S25m of fi. 
mortgage bonds in Septemb 
Georgia Power expects to s 
S75ra in first mortgage bonds a- 
SBOra of preferred stock 
October and Mississippi Pow 
expects to sell $10m of fii 
mortgage bonds in December. 

Due to the heavy downwa 
pressure on this year's earning 
any recommendation of a di; 
dend increase would have to ta 
into account Southern's considi 
able need for rale relief, co; 
mooted Mr. Vogtie. 

Southern recently increasi 
ils payment to 3S& cents fro 
36 J cents in the fourth quart 
of 1977, and has paid high 
dividends to shareholders 
each of the past 23 years. 

The company expects tl 
fourth quarter of 1S78 to tl 
second quarter of 1R7S* to I 
the most likely time for its ne 
offering of common stock, h 
plans are not definite. 

The construction timetab 
may be stretched by dclayit 
certain projects scheduled fi 
completion iD the mid- to lat 
19805. 

But under present plans 84.31: 
is expected to be spent in tt 
next three years, of which aboi 
$1.2bn is budgeted for constru 
tiem activities in 197S. 

In financing constructio 
expenditures, Southern's nea 
term goal is to maintain coi 
solidated capitalisation ratic 
within the ranges of 55 to 57 pe 
cent debt, 10 to 12 per cent pn 
f erred stock and 31 to 33 per cer 
common equity. 

Earnings of 41 cents a sbar 
for the five months ended in ' ' j 
compared with 70 cents v... :■ 
reported this week, leaving ru- 
earnings for the 12-month perio 
at S1.64 against $1.76. Total ne 
for 12 months was S215.6n 
(S215.3m) on sales of $2.Sb* 
tS2.4bn). 

Agencies 



Re port No 3 




: new moves in specialty 


resins 


CHEMICALS, PLASTICS AND INDUSTRIAL MATERIALS 
GROWTH IN CAPITAL EMPLOYED 

£138 m 



1975 


1976. 


1977 




Highlights of 1977 (Chemicals) 

Capital employed in chemicals up £31m 
New investment in the USA: majority holding 
in Philip A Hunt Chemical Corporation^ an 
important manufacturer of specialty chemicals 
for the photographic, electrostatic, graphic arts 
and electronics industries 
New £15m investment to double production 
of PVC resins 


* 


Turner & Newell/ the world s leading 
producer of amino plastics moulding materials/ 
is now one of the biggest UK suppliers of 
PVC compounds/ and a major manufacturer of 
PVC resins. 

We are in specialty chemicals too. 

We are growing rapidly in chemicals/ 
plastics/ automotive components/ man-made 
mineral fibres and construction materials.’ 

We are growing in the USA market/ as 
well as continental Europe. In 1977 we invested/ 
expanded and diversified at a more rapid rate 
than ever before. We are very much more than 
‘the asbestos giant’. 

Why not take a fresh look at Turner 8c 
Newall? 

C Write for our new corporate brochure today. 


TURNER 
& NEWALL 
LIMITED 

Providing what the future needs 



r 


i To: Public Relations Dept Turner c< T \e».vaii Lid, 
j 20 Sl Mur/s Parsonic, Mancf^ier r/i 3 £ML 

| Please send me d .copy of your corporate brochure and or 
j Report and Accounts. 


“1 


Address 


FT 











■Smancial Time* gppz 




Legal moves to smooth 
multinational borrowing 


>. Bf Charles Batchelor 

1 . AMSTERDAM. June 29. i 
I'OLLAND has introduced a 
revised scheme of government 
support— worth around Flsl3bn 
r (§5.Sbn> over the next four 
i years — for company capital 
* investment The new invest- 
i| nient scheme will grant pre- 
^ miu ms on investments and 
•! will take the place of the exist- 
'? ing investment allowances and 
- a.relerated depreciation which 
would have injected Fls.5bn 
v into the economy over the 
i same period. It will also allow 
‘l loss-making companies to 
. benefit from investment aid 
for the first time. 
j7he new scheme was first pro- 
.- posed in June 1976. and its 
( first phait* has been made 
; retroactive to May 24. 197S. 

? and will promote small scale 
enterprises, regional economic 
development and major pro- 
r 1 jects. The second phase is 
i expected to rake effect From 
| January 1. 1979. and will make 
additional money available for 
•. innovation, energy conserva- 
; lion and improvement of the 
environment. 

The new Stale investment sup- 
.. port is being mounted through' 
j a complete switch of proce - 1 
l dure. Previously capital [ 
[ outlays were deducted from! 

profits before tax was levied. 

1 Under the new scheme, cor- 
? poration tax is reduced 
,1 directly by the amount and 
7 importance of the capital 
■, investment involved. 

New investment in fresh bnsi- 
4 ness premises qualifies for the 
t largest reduction— of almost 
, half — in corporation tax. 

J Thereafter, tax reductions 
| descend in order of irapurt- 
[ a nee from investment on 

* existing fixed assets to nev; 

1 plant. With few exceptions 
« assets qualifying for the 
j allowances are the same as 
t those under the previous 

investment schemes. However, 
capital spending on houses. 

'■ land, private cars and packag- 
1 mg is excluded. 

Investments in the special 

regions, covering parts of the 
provinces of Groningen. 

. Drcnthe. Overijssel, Friesland 
and Limburg, will also qualify 
for extra lax reductions. To 
encourage the dispersal of 

• businesses out of the crowded 

centre and west of Holland, 
investment allowances will be 
offset by a 15 per cent levy 

on new building and 8 per 
cent on equipment installed in 
the areas. 


BY MARY CAMPBELL 

THE Bank of England has taken 
action to eliminate a major legal 
block to borrowing by certain 
! multinational institutions under 
English law. ■ 

The impediment arose as a 
result of a legal opinion given 
by counsel in connection wiTh a 
8200in Joan for the East Euro- 
pean organisation International 
Bank for Economic Co-operation 
(IEEC) in January 1977. Mr. 
Maurice Mendelson of Counsel 
who gave the opinion has now 
reversed his view. 

The new opinion opens the 
possibility of hanks in London 
again arranging loans under 
English law to organisations like 
IBEC. 

The 1977 opinion was given 
by Mr/ Maurice Mendelson to 
lawyers Slaughter and May act- 
ing on behalf of Bank of 
America, one of the lead man- 
agers for last year’s 8200m 


abortive loan. Mr. Mendelson 
cast doubt on whether Interna- 
tional organisations set up by 
treaties to which the UK is not 
a party could sue or be sued 
on loan contracts under English 
law. As a result of this qualifica- 
lion. Bank of America decided 
it could not go ahead with the 
IBEC loan. 

Loans were subsequently 
ararnged by East European 
countries via banks in other 
countries, notably Germany. This 
caused concern to the Bank of 
England since it meant loss of 
invisible earnings by banks In 
London. 

At the same time there was 
considerable argument among 
lawyers on the subject. 

The Bank therefore decided to 
do what it could to clarify the 
position and obtained the views 
of the legal specialists at the 
Foreign and Commonwealth 
Office. These specialists basically 


said that it did not see why 
there should be any problem, if 
only because London banks bad 
been doing business of one kind 
or another with Treaty organisa- 
tions ever since they were 
established. 

The view of the Foreign and 
Commonwealth -Office was set 
down on paper in the form of 
a letter to the Bank. 

It is understood that on the 
basis of the Foreign and Com- 
monwealth Office's view plus 
views expressed ’elsewhere by 
memhers of the legal community. 
Mr. Maurice Mendelson indicated 
that he would be prepared in 
future to give a different view 
from the one he bad given over 
the IBEC loan in January 1977. 

At this point the Bank of Eng- 
land retained Mr. Mendelson via 
lawyers Freshfields to give an 
opinion. This new opinion has 
now been distributed by the 
Bank to City lawyers. 


.vaereer order intake poor 


BY WILUAM DULLFORCE 

NORWAY'S Kvaemer Group 
reports a 14.7 per cent increase 
in sales to NKr 659m i$122m) 
during the first four months. It 
gives no profits figure, because 
financial settlements are spread 
unevenly over the year and the 
four-month figure would give a 
“ misleading ” impression. 

The management, however, 
repeats its forecast that 1978 
earnings will be relatively good, 
although considerably lower than 
the NKr 169m pre-tax achieved 
on a NKr 2.4bn turnover last 
year. 

The order intake during the 
first four months has been poor, 
only NKr 496m against the 
NKr 505ra obtained during the 
corresponding period last year. 


Further orders valued at about 
NKr I70m were obtained in May, 
but the order position is 
described as serious. Group order 
books had dropped by NKr 145m 
to NKr 1.42bn since the begin- 
ning of the year. 

However, Kvaemer is in the 
final stages of negotiating a 
NKr 3-5bn contract for the 
delivery of a floating gas 
liquefaction plant to the National 
Iranian Gas Company (NIGC). 
An agreement in principle has 
been signed with NIGC which 
has in turn obtained a 22-year 
contract to supply liquefied 
natural gas to Columbia LNG 
Corporation of the U.S 

The final contract depends on 
the approval of the Iranian and 


STOCKHOLM, June 29. 

American authorities and on 
satisfactory credit arrangements 
being reached. The Norwegian 
trade ministry has already 
indicated that it will guarantee 
up to NKr 3bu, and Parlia- 
mentary approval is expected to 
be a formality. Kvaerner hopes 
to have the contract clear by the 
end of the year. 

The group held liquid assets of 
NKr 366m at the end of April, 
in addition to unused bank 
credits and advance payments on 
ships of NKr 81m. Liquidity was 
boosted by the delivery of a ship, 
and will decline during the rest 
of the year. During the report 
period Kvaerner took up a 
10-year DM 20m loan with a 
coupon of 5] per cent. 


Enskiida Bankeo expansion in Europe 


BY OUR NORDIC CORRESPONDENT 


SKANDINAV1SKA Enskiida 

Ban ken (SEB) is increasing the 
share capital in two of its Euro 
pean operations. Riksbank 
(Swedish central baDk) approval 
has been sought to place a 
further DM 10m in Dentsch- 
Skandioavische Bank. Frankfurt, 
in which SEB holds 50 per cent 
of the share capital. Deutsch- 
Skandinavische's share capital 
will be raised by DM20m to 
DMfiOm 


SEB has already received 
Riksbank authority to double 
the share capital in its wholly- 
owned Luxembourg subsidiary to 
LuxFr 500m. This bank was 
established only a year ago. 

Deutsch-Skandinavische, the 
youngest of SEB’s associate 
banks, is in its third year of 
operation Its balance sheet grew 
by 68 per cent to just over 
DMlhn last year, and an increase 
In share capital is needed to 


STOCKHOLM, June 29 

maintain the capita) ratio. In 
addition, the larger share capita) 
will, under West German regula- 
tions. allow the bank to raise 
the size of its loans to individual 
customers. 

The Scandinavian Bank tn 
London, in which SEB has a 35 
per cent interest, recently 
increased its capital base by 
£lfim tn £81 m through a DM2Qm 
loan and a 820m loan taken up 
in Bahrein. 


This announcement appears as a matter of record only. 




Steyr sets 
targets for 
new BMW 
venture 

By Paul Lendvai 

VIENNA, June 29. 
STEYK-PAIMLEB-PUCB, Aus- 
tria’s leading motor concern, 
expects to produce between 
100,000 and 150,000 diesel 
engines a year under the 
$145m co-operation venture 
announced this week with 
West Germany's BMW. 

A joint Austrian company 
with a basic capital of 
SchgOOm has been set up and 
the plant, whose location will 
be decided this autumn, is due 
to start operations in 1982, 
Steyr managing director Herr 
Michael Malzacher said. 

Steyv-Daimler-Pnch, con- 
trolled by the country’s 
largest bank. Creditanstalt 
Banfcverein, already makes 
some 30.000 diesel engines a 
year for lorries and tractors. 

Those to be produced under 
the new venture, one of the 
country's largest industrial 
projects since World War Two, 
will mainly consist of 100 
horsepower motors, intended 
fur ears and also suitable for 
boats. 

Shares in the new company 
are held equally by Steyr and 
BMW, with a 2,000 strong 
workforce and Sch3-5bn yearly 
turnover envisaged. 

Steyr is also currently work- 
ing on joint projects with 
Daimler-Benz of Germany on a 
cross-country vehicle, with 
Italy’s Fiat, and with Polmot, 
the Polish slate motor concern, 
in the lorry sector. 

The company is putting the 
emphasis mure and more on 
the export of high qualify 
technology and on co-operation 
with strong foreign partners to 
compete with Japanese com- 
panies. 

Co-operation with BMW will 
be further expanded in the 
future, and Steyr stressed that 
in view of the contributions by 
the two sides, the 50/50 
interest held by Steyr and 
BMW was justified. It ts 
reckoned that abont half the 
annual outpui will be exported 
to third countries. It is also 
possible that diesel engines 
Trom the new venture will be 
bought by Fiat, a long stand- 
ing Steyr partner. 

Or. Heinrich Trefchl, chair- 
man of the supervisory hoard 
of Creditanstalt, noted at a 
Press conference that the pro- 
ject involved the export of 
Austrian technological innova- 
tions such as the diesel motor 
invented and developed by 
Professor List, the Austrian 
scientist 


Rising costs and currency 
swings hit Henkel profit 


BY JONATHAN CARR 

NET PROFIT of the Henkel 
Group, one of West Germany’s 
leading detergent, home chemi- 
cals and cosmetics producer^ 
fell sharply last yw to DM 56m 
($27m) after DM 75™ in 1976. 
Total world turnover rose by 5 
per cent to DM 6b o. (S2.9bn) 
of which foreign sales accounted 
for 51 per cent, a slightly higher 
proportion than in the- previous 
year. 

Dr. Konrad Henkel, the chief 
executive of the 
controlled concern, named the 
following key problems ih 1977. 
continued stagnation of domestic 
consumer demand; unusually 
high increase In wage and social 


costs; and severe currency 
fluctuation, notably of the dollar. 
An unusually high provision for 
pensions payment also affected 
last year’s profits figure- 

Despite the problems, Henkel 
maintains that ft has gone far to 
achieving twin -aims . 
strengthen its long-term position. 
One is to obtain a roughly equal 
balance in its range' between; 
brand articles (PersiL is one 
Henkel product) and chemicals. 
■The other is to ensure, .that 
foreign sales account for a' good 
half of total business. 

The key company development 
last year was the. purchase ^for 
DM ...175m of General Mills 


.. * 3QNNi Jone'29. _ 

Chemicals of Minneapolis; , Here 
the Henkel . strategy is nofcoaly - 
to build ap an. even stronger 
position' ob: the I£S- .che$tlcals 

market— -the'- wbri^s biggest-—. 

from the inside;; it is_atsb;tOrgainL 
access -to research and know-how 
which will feed 7 hack to. benefit; 
the products and results p£ the 

German parent; : = V 

.Last year:Hehkel^-.4nvestment 
expenditure rose Vby DM 30m 
against 1976 S. to 1 DM ; 13 Tin. . 
Roughly laif- went- to.' enlarge- 
ment and renewal; of the means 
of production: * ’About Ahe same 
investment suitt : is plsiijed 'for 
this. year.- ? • • *- 


Downturn at Foirifento ®Qil»fas 


BY DAVID GARDNER 

FOMENTO DE Obras y Con- 
strucciones (FOC). one of the 
five largest building contractors 
in Spain, turned in gross profits 
last year of Pta 556m <$7m), 8.3 
per cent down on 1976. Capital 
and reserves increased slightly 
to Pta 3.Sbn. while turnover was 
up 13 per cent to just over 
Pta 14 bn (S170m), approxi- 
mated 12 per cent of the 
Spanish market, which last year 
experienced an estimated 6 per 
cent drop. 

The company’s annual meeting 
took the decision to dispose of 
a considerable portion of its land, 
holdings la favour of the renewal 
and improvement of its capital, 
goods assets, and to ease 
liquidity. In addition, the com- 
pany proposes to decentralise its 
activities, in tune with • the 


future process of Spanish devo-: 
lotion. FOC. is . Barcelona-based 
but -, conduits some 70 per cent 
of its business outside. Catalonia.. 

The company’s order book was 
worth Pta 19bo hv the end .of; 
last- month, including valuable' 
private and public contracts in: 
Latin America and. the -Middle 
East' Further, international con- 
tracts, which could more, .than' 
double the .company’s .current 
order book are under negotiation 
in -:2raq, Kuwait and .Saudi . 
Arabia. •„•' . . ‘ 

At borne it has- won several 
important contracts, among them' 
one ; to build extensions, to the 
Barcelona underground railway, 
one for the building of -a new 
gear-box factory for the Seat car. 
company south of Barcelona, and 
another for sections, of: the 
Bilbao-Zaragoza motorway. / ; 


f •• Barcelona,, j&n&m; - • • 

_• But although : -FOCs foreign 
[contracts are. beginning 'to- make 
UP for the 'contraction '6t ; the 
home 7 - market, 7-tfie ■' company 
fpoints to [ difficulties ' in - getting 
"} payment * for public [contracts 
from, increasingly Insolvent local 
^authorities. Barcelona tdwohalL 
, £pr^ example, has accumulated; 
debts of around. Pta 12bn'.'.in 
' public transport alone. \ 
./While , _the:. .fall in, private' 

investment is- affecting' all sectors 
of Spanish-Jndnstry, .the .bride - 
and mortar of the major. Spanish 
contractors has., traditionally - 
been the public contract. . Thus 
the -completion; of only "30- . per 
cent of the .Government’s public 
housing programme for last 
•year was a heavy, blow for the- 
construction industry as .a 
whole. - ••••'• • • . -> 


$75m Colombian loan 


BY MARY CAMPBELL 

THE COLOMBIAN electricity 
authority, lnterconexion Elec- 
trica (ISA), is to raise $75m 
from a group of international 
banks in . a loan which will be 
arranged under Colombian' laws 
and jurisdiction. . The loan is 
guaranteed by Colombia, and is 
for a final maturity of 10 years. 
The margins payable over Inter- 
bank rates will be * per cent 
for the first two years, 1 per 
cent for tbe^ subsequent three 
years and If per cent for the 
last five years. Orion Bank is 
lead manager. 

The mandate for- Morocco’s 
proposed 8300m. loan- has now 
been awarded. The loan will be 
for eight years at a margin over 
inter-bank rates of one percent- 


age - point The managers • will 
be -Bank of America, AmRo, 
Bank of Montreal, Chase Man- 
hattan. DG-Bank. Sod.Ste Finan- 
cifcre Europ6enne and .Standard 
Chartered: 

la Japan, a syndicate of 2L 
Japanese banks is to lend Yl8bn 
(SSBml for 10 years- to the 
Algerian .State-owned shipping 
company Cle. Nationale' Algeri- 
enhe de Navigation (CNAN). 
The rate will be 7.7 per cent 
for...' the first five years. Renter 
reports from Tokyo, that is.- the 
current Japanese prime lending 
rate of 7.1 per cent plus -a 
margin of 0.6 per cent At the 
end of the fifth year, the rate 
wlQ be changed to. the then, 
prime rate pins the same spread. 


This announcement appears as a matter ol record only 


Disputes hit . 
Audi output; : 

. ’ : BK • . 

Volkswagen subsidiary Audi NSU 
produced 142.500 vehicles in the 
first five mahths' of 1978, -dbm . 3.7. 
per cent from the same period of 
1977, :Atidi management - Board 
chairman Herr Gotlieb ■ Strobl 
told the annual meeting; • 

Hie -lower, volume was due to, 
the -wage: disputes earlier, this, 
year, he said, -adding' that -the: 
company’s, sbaire of the domestic 
market wa&rlittier changed from 
last year’s 9.5 per cent? . -■•!-. .. 

The contpany aim^toachleve a 
DM 4.41m ($2.2bn) tornoVer-this 
year, up from last- yKtris. 
DM4^ba.: . J /:•£. t!.,?-.- V 
Reuter - 


•fopetSff9 





••• • r-v 

•• • ■ ■ 


Centrais Eletricas Brasileiras SA 


The Council for Development and Reconstruction 


f <1 

\i] 
: 1 

f-d 

1 H- 




US$250,000,000 

Project Loan 


Unconditionally and irrevocably guaranteed by 

THE FEDERATIVE REPUBLIC OF BRAZIL 

Managed by 

CREDIT COMMERCIAL DE FRANCE 


MANUFACTURERS HANOVER LIMITED 


BIFEN -1NCB 

BANQUE INTERNATIONALE POUR LE F1NANCEMENT 
DE LENERGJE NUCLEAIRE 


Co-managed by 

BANOUE DE L'UNION EUROPfiENNE ♦ CHEMICAL BANK INTERNATIONAL LIMITED * SOCiETEGENERALE 

BANKERS TRUST I NTERNATIONAL UMITED • THE BANK OF TOKYO, LTD. ♦ BANQUE EUROPEENNE DE CREDIT (BEC) S. A. 
EUROPEAN BRAZILIAN BANK LIMITED- EUROBRAZ • THE ROYAL BANK OF CANADA ♦ SECURITY PACIFIC BANK 

Provided by 

ALAHU BANK OF KUWAIT (K.S.C.) ♦ AIWSTERDAM-ROTTERDAM BANK N.V. • ASSOCIATED JAPANESE BANK (INTERNATIONAL] UMITED 
BANCO NACIONALS.A. (BRAZIL) Nassau, Bahamas ♦ BANCO DE PONCE • BANKERS TRUST COMPANY 
BANK OF BRITISH COLUMBIA • BANK OF MONTREAL INTERNATIONAL LIMITED • THE BANK OF NOVA SCOTIA INTERNATIONAL UMITED 
THE BANK OF TOKYO. LTD. ♦ BANK OFTOKYO AND DETROIT (INTERNATIONAL) UMITED 
THE BANK OF YOKOHAMA UMITED ♦ BANQUE ARABE ET INTERNATIONALE D'INVESTISSEMENTS {BALL) 

BANQUE COMMERCIALS POUR L6UROPE DU NORD (EUROBANK) ♦ BANOUE EUROPEENNE DE CREDIT (BEC) S.A. 

BANOUE FRANQAISE DU COMMERCE EXTERIEUR - B.F.C.E. ♦ BANOUE FRANpAISE ET ITALIENNE POUR L'AMERiQUE DU SUD - SUDAMERIS 
- BANQUE INTERNATIONALE POUR L'AFRIQUE OCCIDENTALE (BIAO) ♦ BANQUE DE NEUFUZE. SCHLUMBERGER, MALLET 
BANQUE DE L'UNION EUROPEENNE ♦ BARCLAYS BANK S. A.. Paris ♦ CHEMICAL BANK 
COMPAGNIE FINANCIERS DE LA DEUTSCHE BANK AG ♦ CREDIT CHI MIQUE ♦ CREDIT COMMERCIAL DE FRANCE 
THE DAIWA BANK LIMITED * EURO-LATiNAMERICAN BANK UMITED- EULABANK 
EUROPEAN-AMERICAN BANKING CORPORATION « EUROPEAN BRAZILIAN BANK LIMITED- EUROBRAZ 
FIRST NATIONAL BANK IN DALLAS * FIRST PENNSYLVANIA BANK N.A. • FRAB BANK INTERNATIONAL 
THE FULTON NATIONAL BANK OF ATLANTA « GIRARD BANK INTERNATIONAL COMMERCIAL BANK LIMITED, London 
INTERNATIONAL ENERGY BANK LIMITED * INTERNATIONALE GENOSSENSCHAFTSBANK AG 
INVESTITIONS- UNO HANDELS-BANK AG (London Branch) • KYOWA FINANCE (HONG KONG) LIMITED' 

F. VAN LANSCHOT BANKIERS (CURAQAO) N.V * LONDON & CONTINENTAL BANKERS LTD. • THE LONG-TERM CREDIT BANK OF JAPAN LTD 
MANUFACTURERS HANOVER BANQUE NORDfQUE « MANUFACTURERS HANOVER TRUST COMPANY • THE MITSUI BANK LTD ’ 
NEDERLANDSCHEMIDDENSTANDSBANKN.V. • THE NIPPON CREDIT BANK. LTD. ♦ N OR DFINANZ-BANK Zurich 
PROVINCIAL BANK OF CANADA (INTERNATIONAL) UMITED'Nassau. Bahamas * THE ROYAL BANK OF CANADA ♦ THE SArTAMA BANK LTD 
SAITAMA-UNION INTERNATIONAL fHONG KONG) UMITED • THE SANWA BANK LIMITED • SECURITY PACIFIC BANK 
SOCIETE CENTRALS DE BANQUE * SOClfTE F1NANQERE EUROPEENNE RNANCE COMPANY N.V. * SOClETE GgNcRALE 
THE SUMITOMO TRUST AND BANKING CO.. LTD. • TORONTO DOMINION BANK • UBAF BANK UMITED 
UBAN - ARAB JAPANESE FINANCE LIMITED • UNION DE BANOUES ARABSS ET FRANCAISES - U BJLF. 

UNION MEDITERRANEENNE DE BANQUES ♦ WELLS FARGO LIMITED • ZENTRALSPARKASSE DER GEMEINDE WIEN 

Agent 

MANUFACTURERS HANOVER LIMITED 


April, 1Q78 



US$150,000,000 

Medium Term Loan v ’ 


• • -i -• -i 

■ ’ ...V-.V. .“ ..' ’ 
• . ' • ' •> 

■. •• _ ,f.. 


■ Guaranteed by 5 ! . : '.-J m !; '..y J ; "- 

The State of Lebanon 

• Managed tv ' '' " • 

Arab Bank Limited • f- v •' 

The Arab and Morgan Grenfell Finance Company. Limited. ~y : . v f ; 

BankAmerica Internadorial Group ^ r ; : ; - 

Banque Arabe et internationaie d’lnvd^ssement (B.A.U ) : /, 

Banque de Tlndochine et.de Suez . ; " V ; V >- 

Banque Nationale de Paris- 7 , v ( : 

Credit Lyonnais - .. . • : ' ; r ; ^ 

Union de Banques Arabes et Fran^aises - U.B-A.P; ■ V : 

Co-Managed by . 

American Express Middle East Development Company S.A.L. 

The Bank of Nova Scotia' v : :;.c r .- ; - -- . 

Chemical Bank (Middle East) S.A.L/The British Bank of The Middle East . ‘ - 

Frab- Bank (Middle East) E.C./European Arab Bank (Brussels) S.A. :; - 
Republic National Bank ofNe^r York : - . ' ‘ I - 

Standard Chartered Bank. Limited ' 

. Provided by ■ i - '• 7 ' ' ■ 

Arab Bank Limited -O.B.U. Bahrain - V ' .... ■ . Bank of America NT A SA . 

Banque Arabe et Jntemationale d’Jnvestissement (B.A.IJ.) ’ . BOTquederifKtochineefde Suez- ' 

Banque Nationale de Paris ' _;v;: - f. Cr6ditLyonhalsI : ’ 

Union de Banques Arabes etFrancaises-.UBJCF- 7- .. . V- .• 

American Express Middle East Development Company S.A.L. ; . - 7 :.~T : ' The Bank of Nova Scotia 

The British Bank of the Middle East . . .-.ii-: ... .Cbemit^l Bank;(Mid.dJe r Bast) : SlA.L. ' 

European Arab Bank (Brussels) S.A. -ri-.i f -f Frab“BanW{Middle East>£& r :: 

Republic National Bank of New York, Grand Cayman f stand Branch ' ' . StandardChartered Bank Limited 

Trade Development Bank, London Branch ;> 

Banque Libanaise pour fe Commerce (France).& A . . Banque Trad-Cr6dftL^onnafs(France) SA. : 

Saudi National Commercial Bank- Beirut/ . --T '. ' 

Arab African Bank (Beirut Branch) Banque Commerciafe pour l’EuftJje du.Nord (Eurobank) - 

Alahli Bank of Kuwait (K.S.C.) • \ ThO Arab Libyan Tunisian Bank SAL -r Beirut 

Bank of Lebanon and Kuwait SAL V; ' ’f Byblos Banfc-SAL. 1 V 

Credit Commercial de France ' 'i.' ’■ -'7:--'.7 >C : S- ■\ t . CreditStiisse.. 

Nederlandsche Middenstandsbank N.V. : ; ■ - V 3- . Banique 7 * 

Banque duLibanetd’Outre-Mer SAL -Beirut ^nqtreLibanc^itmca'raeSAL^B^Ut. V 

Banque de ('Orient Arabe et Bi^.queSabiSaQ^I^'caise 

d'Outre-Mer (Banorabe) Litex Bank SAL- Beirut | - pour/e MoyeD Orterit (Frarisai>ank) ; 


Agent . .. •' - > - j ^ -; •. • , ^‘7;'‘:-' : 777..--.‘..'- 

BANK of AMERICA '7 " -v 

IWERNftnONALUMIIED ^ 



■ Friday Tune 30 1*978 


INTERNATIONAL l l\\\ CIAL AN D COM PANY NT AVS 


ci^J 


m 


■ '• '-j • b ■ -r^p 

JAPANESE COMPANIES 


Record half-year for Matsushita Shar f s ain 


gt Cft»W^,SMITH 

REdORO-Ssi^^^Pr 0 ^ have 
beeu regi^eisi' by -Matsushita 
Eleetn^ ^ 2 ^ 3 ^ Company, 
the.- parent-^compaay of the 
Matsbsbit*--.' «roup. during the 
first half of its new fiscal year. 
Nei proftfis in creased, by .13.7 per 
cent rto X26.4bn (^L28^n). 

slfes fbr^he siri months to 

M*y*20, it;.Y75Ubn ($3.6bn), 
v/etB 75 . per cent higher than in 
ifie same period of. the previous 
year;' and Current profits rose 3.5 
pfr -cent ttf Y50^bnl 

Matsushita thus : retains its 

• position;;** ^ «ne. pf the Japanese 

Increased loss 
atKanebo 

By Our Financial. Staff 

KANEBO, the deficit-hit Japanese 

textile company, made a taxed 

loss- of Y2.6Sbn ($l3m) in the 
yeaxAo April' 30, compared with a 
loss of Y907m in the previous 
year..- 

Sales were- reduced by 16.6 per 

cent to Y360.2bn ($1.7bn), from 
Y43i.97bn, The . dividend is again 
passed. ? . 

Kauebu has -suffered with other 
Japanese synthetic fibrexuakers 
from -the prolonged recession in 
the industry, and has been hit by 
theorise in the yen in the foreign 

ex chan ge - mar ket. 

'k 

Mr. Hisao Tsubouchi, ,63, has 
been formally named as' presi- 
dent of the financially-troubled 
Sasebo Heavy Industries the 
major Japanese shipbuilding 
company, in place of Mr. Akira 
Murata, AP-DJ . reports from 
Tokyo. " : 

The company's financial crisis 
came to the fore in the latter half 
of .last year as a result of the 
prolonged slump in.' the world 
ship marke.t - ... 

Its main bankers, including 
Dai-Icbl Kangyo Bank, recently 
agreed to coperate in its rehabili- 
tation. This came after the Prime 
Minister,. Takeo Fukuda, had 
instructed Transport Minister 
Kenji Fuknnaga and his aides to 
take steps to! help- the company. 

The new Sasebo chief executive 
officer is president of Korushima 
Dock Company, a smaller but 
prosperous shipbuilder. • 


electronics companies which have 
maintained or increased profits 
despite the adverse effects of yen 
appreciation on overseas earn- 
ings. 

The export-dependency of the 
Matsushita parent company is 
Jess «han that of some com- 
petitors — with exports* at 
Y159bri, accounting for 28 per 
cent of. sales during the later 
six months. Even so. it would 
appear that Matsushita had to 
rationalise production processes, 
reduce materials costs and adopt 
a variety of other measures to 
retain competitive strength in 


the face of the yen appreciation, 

Tlie company faced fewer 
problems of adjustment in 
highly sophisticated sectors 
such as video-tape recorders 
(VTR) than in standard produc- 
tion lines such as colour tele- 
vision. The success of rationali- 
sation and cost cutting efforts 
is reflected in a 10 per cent rise 
in export earnings. 

Matsushita is forecasting 
sales for the year of Yl_55bn, 
up S per cent on the 1977 level, 
and current profits of YlOObn 
marginally up on last year’s 


TOKYO. June 29. 

Y99.7bn. The company never- 
theless appears to believe that 
adaption to the effects of the 
Yen’s latest rise (to a rate of 
just over Y200 to the dollar) 
may prove more difficult than 
the adjustment process carried 
out earlier in the year when 
the Yen was rising through the 
range of Y250 to Y230. 

Maintaining profitability in 
ttbe Y2G0 range wiU depend 
more than ever on the ability 
to maximise sales of high value 
added products which face 
relatively limited competition in 
overseas markets. 


at Toyo 
Kogyo 


Aluminium industry reshaping 


BY ROBERT WOOD 

MITSUI GROUP companies will 
acquire most of Nippon Steel’s 
share of Sky Aluminium, an 
aluminium fabricating company, 
in a large-scale reorganisation 
of part of the deficit-ridden 
Japanese aluminium industry. 

The Mitsui companies include 
Mitsui Alum ini am. a refiner, and 
Mitsui and Co., the trading com- 
pany of the loosely knit Mitsui 
confederation. Sky Aluminium 
is already 2725 per cent owned 
by Sbowa Denko, a diversified 
chemical company with an 
al umin ium re fining subsidiary. 
The grouping will lead to 
co-operation among Mitsui, 
Sbowa, and Sky in sales, produc- 
tion, and scrapping of excess 
capacity. 

Japan's seven aluminium 
refiners have accumulated Y6?bn 


(S325m) in deficits since the oil 
crisis raised Japanese electricity 
rates and cot demand for their 
product Aluminium produced 
with- foreign hydroelectric power 
js now cheaper than Japanese 
aluminium, but the Japanese 
Government believes that when 
■world demand recovers the 
domestic industry will be 
needed. 

Aluminium has been designated 
a “ structurally depressed indus- 
try." eligible for Government- 
guaranteed loans to pay retire- 
ment allowances to surplus 
personnel when equipment is 
scrapped. But the Japanese do 
not plan to close any of their 
seven smelters, because of the 
difficulty of finding sites for new 
ones if they are later needed. 


TOKYO, June 29. 

Nippon Steel's share in Sky 
Aluminium bad beea identical to 
Sbowa Denko’s. The Mitsui 
companies will acquire 17 per 
cent from Nippon Steel, which 
will make their share approxi- 
mately equal to Sbowa Denko's 
when added to stock they 
already own. 

The grouping is consistent 
with the Japanese Government's 
policy of encouraging alu min ium 
companies to cooperate to deal 
with the current slump. Officials 
have been quoted as saying that 
when industry reorganisation is 
complete, mergers might leave 
Japan with as few as two 
domestic aluminium refiners. But 
Mitsui and Co. said today that no 
merger between Mitsui Alumi- 
nium and ShOwa’s aluminium 
subsidiary was contemplated. 


Pawl Y Construction setback 


BY RON RICHARDSON 
CONSOLIDATED net profit of 
Paul Y. Construction Company 
fell by 30 per cent to HK$16.24m 
fUS$3.5in> in the year to March 
31, in line with the setback 
reported at mid-year. 

Although no reasons : were 
given by the company for the 
lower full-year profit, the 30 per 
cent reduction in first half profit 
was attributed to heavy costs the 
company bad had to bear as a 
result of delays in beginning 


work of Hong Kong's Mass 
Transit Railway (MTR). 

The company holds MTR con- 
tracts which it valued last year 
at HK$572m. It has announced 
that it has lodged “substantial 
contractual claims” — believed to 
total almost HK$100m — against 
the Mass Transit Railway Cor- 
poration for costs it has incurred 
because the corporation failed to 
give possession of a number of 
construction sites at specified 


HONG KONG. June 29. 
times, and because of last-minute 
changes in contract specifications. 

Directors seem more confident 
of the company’s earnings now 
than they did at mid-year, as the 
final dividend is 10.5 cents com- 
pared with 9.5 cents last year 
(after allowing foT a one-for-ten 
bonus issue). The interim divi- 
dend was halved to 2.5 cents, and 
the total payout of 13 cents 
compares with the previous 
year’s adjusted 14.5 cents. 


STRAIGHTS " 

Alcan Australia Slue IMS) 
AMEV Site 1967 u.... 

Australia 84 pc- 1982 

Australian Jtf. t S.; 9Jpc *92 
Barclays Bank sy pc 1992... 

Bbwtter Si pc 1992 

can. N. Railway Sipc .1886 
Credit National. Sine 1686... 

Denmark 34 pc 1SS4 

ECS 9PC .1993 

ECS Sloe 

Ei£ 84PC 1993 u. 

EMI 94 pc IMS — 

Ericsson Ripe lass 

Esso Spc-JBSS- Nov 

Gt- Lakes Paper S.’pc 1984 
Hamenfor Mor 1992 .7?.:..;.' 
Hydro Quebec spe J992 -._ 

ICI Sipc 1987 

]! 

Mai 

Massexf B-anenn 

Mtctieun 94DC 1S£® 

Mlfflaod Tnt. Fin. Sipc '92 
National Coal Bd. Spc 1937 
National Warm ostr. 9pc '86 
NaU. Wstmnstr 8 dc '86 - B‘ 
NqwfoinuUand 9pc 19s9 .. 
Nofdic Inv. Banc SJpc IMS 
Norses Korn. Rk. s»dc 1993 

NMBfPe 84 pc 1989 

Norsk Hydro S4pc 1992 . 

Oslo 9pc 1988 

Pom Amonomes 9pc 1991 
Piftv. Quebec Spc 1993 ... . 
Prnv. Saskatcbwn. 8 Idc "86 
R*d International 9pc IB87 

RKJI 9pe 1992 

Selection Trust 8?PC 1989... 
Shell Inti Fin. Ripe 1990 .. 
Skand. EnskJda 9pc 1091 .. 

SRF «PC 1987 : 

Swedish rK'domV8iDc 1997 
United Biscnja 9pc 2339 
Volvo 9pc I8$7 March 


lSC;Cansd4^9inc,l986 
MacnnQan Blocdel 9 pc 1992 


Bid 

Offer 

9« 

m 

93 

954 

92 J 

95 

964 • 

971 

944 

9J 

■ 964 

97 

94 

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95z • 

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98; • 

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97 

95 

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941 

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991 

S7s 

98 

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98 

95 

94 

93 

934 

90 

91 


95% 

97 

97i 

914 

924 

934 

944 

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• 973 

924.. 

•934 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Bid Otter 

NOTES 

Australia Tine 19S4 <T«i . Pi 

Bell Canada 7ipc 3957 954 96 

Br. Columbia Hrd. 7;pc *83 914 . 924 

Can. Pae. Sipc 39 S4 96) 97j 

Daw Chemical Spc 19S6 ... 9S4 99 

ECS 7} pc 1982 914 ■ 93; 

ECS Si PC 1989 93i . «r 

EEC 72PC 1BS2 95 95i 

EEC 72pc 1984 « 94: 

Enso Gotzen 64 PC 1961 ... 96 9*i 

Gotaccrkcn ilpc 19s3 954 fWi 

Koekum* Spc 19C 96f 974 

Michelln Sspe 1983 ...... .954 . 924 

Montreal Urban' Slpc 13S1 - ' 9Si 99 

: New- Brunswick -Spc 1984 ... S3 SCI 

New Bruns. Prov. Blue 'S3 931 - 994 

New Zealand UPC 1986 954 96 

Nordic ttr. Bfc ?!pc 1994 94 .- ' Mi 

Norsk Hydro 7|pc 1SS2 . . .. 95i 98 

Norway 74 pc 1982 941 9a 

Ontario Hydro Spc 1987 ... 95 93i 

singer 83 pc 1982 99i 1004 

S. or Scot. Elec. Sine 1991 971 984 

Sweden iK'domi 71 dc 19R2 94? 93) 

Swedish State Co. 7.’ pc '82 9’4 9* 

Telmex »Jpc 1BS4 934 99i 

Tenntco 71PC 19f? May ... 914 924 

Volkswagen T|pc 1967 93 935 

STERLING BONDS 

Allied Breweries Ulpc *90 FT! SS; 

Citicorp lOw 1993 904 -91+ 

Connaulds 9 SPC 1969 SSj 894 

ECS Pipe 19«9 « 95 

E1B Mpc 1W8 9« 951 

ErB 91 pc 1993 911 92i 

Finance for Ind. Sipc 1987 S94 904 

Finance tor Ind. lOpc 19S9 914 92+ 

Fisoafi 40ipc 1967 95 96 

Westerner Ilpc 198S 90 91 


Bid Offer 

DM BONDS 

Asian Dev. Bank sipc 1963 ftfi 9«1 

BNIIE e:pc 1B6G 964 974 

Canada 4itc 1962 975 93+ 

Den Norske Id. Bk. 5pc '90 994 10>i 
DeutSihc Bank 4Ipc 2983 ... 971 95 i 

Ei2S 54 pc 1990 94 942 

Era 5) pc 1990 94 w; 

EU Aquitaine aipc 19S5 ... 94i 95 

Eure tom 5:pc 1957 972 954 

Finland Sipc 1966 97; SS 

Ears marts 51 pc 1990 974 9S 

Mexico 6pc 1955 93 Wj 

Noccent ifpc J969 994 lOtlj 

Norway ;42 d C J9S2 99 99J 

Norway 4ipc J953 97 97J 

VK Banken 5|pc 1 55S 94 965 

Prov. Quebec flpc l«0 ..... 965 97+ 

Rauuruukln 5»pc ’955 9S K4 

Stain 6t>c 193S . 954 ' 96 

Trondheim 5=pc 19W 98 981 

no Power Co. 6 pc 1953 .. 932 97j 

\eneanela 6pc 195S 96+ 97; 

World Bank 5ipc lMti 97i CS- 

FLOATING RATE NOTES 
Bank or Tokyo I9S4 8ipc ... 994 

BFCE 1964 Slpc Mi 

BNP 1953 SljfPC lf-Oi 

BQE Worms 19S5 9pc 95- 

CCF 19S5 >|pc 99 

CGMF IBM SUI6PC .... 994 

Credkanstali 1954 SJpc 99 

DG Bank 19S2 9pc . 150 

GZB 1691 51 1^1 pc .. 291 

Inti. Westminster 1954 8pc Swi 

Lloyds 1983 SIS16PC ICfli 

LTCB 1953 ?pe . Mi 

Midland 1987 S9if.pc . ... 994 

Nat Westminster ’90 9S|$pc 992 
Source: White Weld Securities. 


1M 

992 

ifiO* 

99 

99+ 

991 

994 

1004 

IMi 

991 
108* 
:oo 

992 
991 


CONVERTIBLES 
American Express 4! pc '67 

Ashland 5 pc 1958 

Babcock L Wslcox dlpc '97 
Beatrice Foods +4pc 1992... 
Beatrice Foods 4Ipc 1992 . 

Be cob am 6ipc 1992 .. 

Borden Spc 1992 

Broadway Hale 42 pv 1967 . 

Carnation -Spc 19S7 

Chevron Spc 195? 

Dart 42pc 1967 

Eastman Kodak 42 nc 1953 
Economic Labs. 4Jpc 19S7 

Firestone 5pc 19SS 

Ford 9 pc 1955 

General Electric 4jpc 1937 

Gillette 44 pc 1987 

Gould 5 dc 1957 

Golf and Western 5pc 19 3S 

Harris Spc 1992 

Honeywell 6pc 1956 

TCI 62pc 1992 

ISA 6PC 3997 

Indiana 6!pc 1992 

ITT iipc 19S7 

Jusco 6pc 3992 

Komatsu 74pc 1990 
J. Bar McDermott 4ipc '67 
Matsushita 6?pc 1990 .... 

Mitsui 7:pc 1990 

J. P. Moraan 4 -dc 19S7 . 

Nabisco SI pc 19SS 

Owens Illinois 4>pc J®-” ... 
J. C Penney 4+pc 1987 ... 

Hevlon 4Jp.; ’957 

Reynolds Metals 3pc 1955 . 

Sand rife 19SS 

Sperry Rand 4ipc 1987 ... . 

Squibb 4: pc 1957 

Teaaos 4*pc I9 f 5 

Toshiba ktpr 1992 

Ty Co. 5t>c 195+ ... 

Ty CO. SI pc US'S 
Union Carbide line 19S2 
Warner Lambert 4Jpv 19S7 
Source: Kidder. Peabody 


Bid 

82+ 

92; 

102 ; 

96 

108+ 

95 

9* 

755 

75 
1244 

79 

S3; 

76 
80+ 
S5+ 
794 
74- 

114; 

854 

177 

S44 

S3 

93+ 

111* 

77+ 

1154 

140 

17 • 

127 

95 

104 

mi 

rs 

1:0? 

>li 

iO-5 

914 

St 

-3 

7.-.I 

n-t* 


Sccurnles. 


Offer 

54 
94 

103+ 

97; 

ms 

96 

Mi 

794 

128 

864 

55 
79i 
K 
87 
SI 
75 

116 

57 

179 

6 ti 

S3 

97 
117; 

TV 

HA* 

Hi 

157* 

1 ~; 

129 

OR4 

io:-4 

112 

77* 

122 

S3 

1!0 


By Our Own Correspondent 
TOKYO, June 29. 

A SHARP recovery has been 
staged by Toyo Kogyo, one of 
Japan’s top four car manufac- 
turers. Current profits for the 
half-year to April 1978 
amounted to Y6.I6bn ($30m) 
— a gain of 157 per cent on 
the Y2.4bn registered in the 
six months to April, 1977. 
After-tax profit was YS^fibn, 
against Y2.68bn. 

Sales amounted to T323.6bn 
($1.6bo), an Increase of 6 per 
cent on the previous corre- 
sponding period. 

The profit recovery in the 
first half reflects not only 
improved sales but also a 
redaction in Toyo Kogyo's 
previously over-large inven- 
tory of completed vehicles (by 
more than 20,000 vehicles from 
last autumn’s level of 50,000 
vehicles). Reduction of the 
inventory means that Toyo 
Kogyo has been able to reduce 
its outstanding borrowings 
from hanks. 

Production during the six 
months totalled 398,892 
vehicles, up front 367,944 
units in the same period of 
last year. Total sales, how- 
ever, came to 423.13S units. 
The difference between the 
two figures corresponds to the 

reduction in inventory, which 

Toyo Kogyo claims is how at 
a “ normal ~ level in relation 
to the rest of its operations. 

Toyo Kogyo is forecasting a 
continued profit recovery 
during the second half of its 
business year. reflecting 
unproved operating levels, 
reduced financing hardens and 
a relative lack of exposure to 
exchange risks (carried in Toyo 
Kogyo’s case by the trading 
companies which handle its 
exports). 

Export sales rose from 
222,089 units to 270,049 units 
between the first half of the 
1977 business year and the six 
months ending on April 30— or 
by a margin of 21.5 per cent. 
Domestic sales in unit terms 
rose by only 5.4 per cent from 
145,226 units to 153,089. This 
performance increases Toyo 
Kogyo's already high ratio of 
dependence on exports, which 
ranks as a potential hazard in 
view of (be increasing tendency 
of foreign countries to erect 
barriers against Japanese car 
exporters. 

In terms or vehicle numbers 
the export ratio works out at 
63 per cent, one of the highest 
in tite Japanese motor Industry. 

The other disturbing feature 
in the company's sales 
performance is a decline in 
passenger car registrations in 
the Japanese domestic market 
(compensated for by a dis- 
proportionate rise in truck 
registrations). Car sales fell 
from 93,724 units during the 
six months ending April 1977 
to 78.258 units during the latest 
period. At this level Toyo 
Kogyo's overseas passenger car 
sales were more than double 
its domestic sales. 

The disappointing perform- 
ance of domestic car sales sug- 
gests that Toyo Kogyo has still 
noi found ii* feet in the home 
market following the series of 
problems it experienced with 
rotary engine car sales after 
the oil crisis. A new rotary 
engined ear. the Savannah RX- 
7 launched last spring is said, 
however, to be proving very 
successful. 


MALAYSIAN TEXTILES 



ard times follow 



BY WONG SULONG IN KUALA -LUMPUR 


THE MALAYSIAN textile 
industry, which received a sharp 
boost in the early 1870s from 
the spilling over of investments 
from Japan, Taiwan and Hong 
Kong, has fallen on hard times— 
in the face of protectionism in 
the developed countries and 
fierce competition from its Asian 
rivals. 

This is borne out by the dis- 
mal balance sheets of the textile 
companies quoted on the 
Kuala Lumpur stock exchange. 

Of the eight publicly-quoted 
textile companies, three — Folex 
Industries. India-Malaysia Tex- 
tiles and Malaysia Textile Indus- 
tries — suffered losses last year, 
while the other five recorded 
odIv marginal gains. 

The biggest textile group — the 
unquoted Pen Group— which is 
a venture between Toray. of 
Japan, and Alliance Textile, of 
Hong Kong. has incurred 
accumulated losses of 60m 
ringgits l - some US825mi since it 
heean operations in Penang iD 
1974. 

“ Most Malaysian textile com- 
panies are now operating on 
hank overdrafts." says Mr. Ng 
Ufong. secretary nf the Malay- 
sian Textile Manufacturers 
Association. 

For the Malaysian textile in- 
dustry as a whole, output fell by 
3.2 per cent last year, after rising 
by 41 per cent in 1976. Exports 
rose by only 6.7 per cent to 323m 
ringgits, compared with a 45 per 
cent rise the previous year. 

Unless new markets are found 
quickly to lessen the dependence 
on such traditional markets as 
the EEC, North America and 
Australia, some of the smaller 
textile plants are expected to 
close before long. 

With restrictions in the 
traditional markets stunting 
growth, Malaysian textile com- 
panies are finding, to their frus- 
tration, that the local Malaysian 
market is being eroded by their 
more efficient rivals from Hong 
Kong and Taiwan, 


Folex Industries. which 
suffered a loss of 3.3m ringgits 
last year, to bring its accumu- 
lated loss to 30.Sm ringgits, 
blames its losses largely on such 
competition. 

Last year, the Australian 
authorities put a ban on shirts 
from Malaysia, this nearly 
put an Australia-Malaysian com- 
pany. Midford, out of business. 

The Midford episode served 
to crystallise Malaysia’s resent- 
ment over growing Australian 
tariffs, and after much pressure. 


Hard times have come to 
the Malaysian textile indus- 
try, following the investment 
boom of the early 1970s. 
Most of the major companies 
made losses last year in the 
face of competition from 
Asian rivals and protectionism 
In the developed countries. 
Malaysian manufacturers wel- 
this year’s EEC-Malaysia 
agreement hut fee! they need 
greater support from the 
Government 


Hie Canberra Government this 
year relented by allowing Mid- 
ford to export 168,000 shirts out 
cf the global quota of 380,000. 

It is therefore not surprising 
that Malaysian textile manufac- 
turers are privately pleased 
with the deal from the EEC. 
Under the EEC-Malaysia agree- 
ment, signed this year, only 
nine categories of Malaysian 
textiles arc subjected to 
restraint (with growth Tates 
limited to a 0.5 per cent to 3 per 
cent), in contrast with severe 
restraints imposed on Hong 
Kong and South Korea. 

The agreement cleared the 
uncertainties prevailing through- 
out last year. 


The industry is unhapf 
however, over the Government 
attitude towards its plight ai 
has presented a memorandu 
seeking help. 

Basically, the industry’s ce 
tention is that in the curre 
situation. the Governme 
should restrict the local mark 
to local manufacturers, ai 
give more subsidies to allc 
them to compete overseas. 

The memorandum points o 
that the import tax for textil 
and gjannents among Malaysia 
neighbours is several tim 
higher than Malaysians, whi. 
textile plants in these countri 
are heavily subsidised by tl 
state. 

"A. (Government! re-examin 
tion of the overall policy fi 
Litis industry, which employs 
labour force of 50,000 to 6O,0( 
worfeers. is sorely needed . 
this time,” says Mr. David Le 
chairman of South Pacii 
Textile Industries. 

But manufacturers admit tl 
industry lacks the politic, 
force to nudge the Governmei 
•info action. 

The Government, for its pai 
feels that textile companies a\ 
receiving adequate incentivi 
and protection, with some beir 
granted pioneer tax-free statu 
while others are located in ti 
firee trade zones. 

The authorities believe th: 
toe companies could sharpe 
their competitive edge if the 
streamlined their operations ar 
improved their management 

Malaysian officials are confi< 
rflit the country's textile industi 
■vill surge forward once th 
industrialised countries recove 
They base their optimism on Lb 
•expectation of internation! 
economic recovery bein 
followed by a relocation of textil 
^plants, and see Malaysia — wit 
its relatively cheap ar.d skillc 
■labour, and plentiful supply c 
land and power — as well place 
to provide a new home for sue 
plants. 


Yeo Hiap Seng plans takeover 


BY WONG SULONG 

YEO HL4P SENG (Malaysia) 
Berhad. (YHSM) the fast- 
expanding manufacturer of 
canned foodstuffs and soft 
drinks, has announced plans to 
buy Leong Sin Nam Farms 
(LSN), another rapidly growing 
food company, specialising in 
the growing and processing of 
livestock products. 

YHSM proposes offering 5a0 
shares of one ringgit each plus 
376.28 ringgits in cash for every 
1.000 shares of one ringgit each 
of LSN. 

Directors of LSN said the offer 
was a fair one and they them- 
selves would accept the offer for 
4.44m shares, representing 63.4 
per cent of LSN’s capital. 

The offer is conditional upon 
LSN shareholders' approval for 
sale of some LSN assets, not 
related to its principal business. 
These assets, mainly a minins 
subsidiary’ and several shops, are 
valued at 2.6m ringgits. 

The proceeds of the sale will 
be equivalent to the total cash 
portion of the offer, which means 
that YHSM would not have to 
use its own cash in the deal. 

LSN has a paid-up capital of 


7m ringgits. Its tangible asseffs 
at the end oE October last year 
amounted to 8.67m ringgi.ts, 
while pre-tax profit was LO'.lm 
ringgits. 

YHSM is a subsidiary of YHS 
Singapore. 

★ ★ 

After suffering an accumulated 
loss of 3.3m ringgits (U.S.S1.4ea) 
over the past three years, 
Synthetic Resins 3falay$ia. 
expects to turn in a profit in 


KUALA LUMPUR, June 29. 

the current year, Wong Sulon; 
writes from Kuaia Lumpur. 

In a reply to the Kual; 
Lumpur Slock Exchange quer; 
about its recent <two-for-fiv< 
rights issue, the company sair 
that it expects a trading profi 
of 645.000 ringgits for the yeas 
ending June. The rights issui 
would bring in an extra 2.56 iy 
ringgits, which is needed foi 
working capital and acquisition 
of fixed assets. 


cic group 

The leading 
private 
hanking 
organisation 
.in France 


Credit Industrie! 


LONDON 

74 London Wall EC2M 5NE 
Telegraphic address: 
Canonicus Ldn EC2 
Phone 638 57 00 (20 lines] 
Telex 886 725 Canonicus Ldn 
Foreign exchange 
telex 888 959 Canonex Ldn 


DOES THE 
POSITIVE ATTITU 

CHANGE WIT 

PARTY IN 




Since Ireland's planned industrial revolution was initiated in 1950, all three parliamentary parties 
have held office. 

There was no break in the continuity of Ireland’s industrial progress; no break in the rapid 
expansion of her industrial export trade. 

"The agreed all-party policy of advancing the economy through thefiactive encouragement of 
herenterprise has been rigorously adhered to. 

There has been no dixUnution in. the level of cash grants to private industry. 

There has been no discrimination between domesticand overseas companies wishing to 'expand 
in Ireland. 

No party has ever suggested rescinding the concession which exempts exporting industries 
from profits tax. 

No companies were nationalised - or even threatened with nationalisation. 

During the 8 years since its introduction, the National Wage Agreement has been consistently 
adliered to and re-ratified. 

And Irish Government policy has the continuous and unstintedhacking of the Irish trade 
unions - irrespective of the party in power. 


-COME AND SEE HOW 

"S VVtn Europe’s most dynamic Industrial 

\ A A WlrT_rJw.jFj.ttJB is only 50 minutes from London- 
|| .| _ 9 by air. Any company with expansion 

in mind should get a first-handpicture of the sperialadvantages the Republic 
, of Ireland offers. The Irish Government’s Industrial Development 
Authority wifi gladly organise a personal presentation and visit 
to suit your particular interests: factory visits, frank 
discussions with overseas industrialists operating 
in Ireland, meetings with trade unions... whatever 
and whoever you want to see. 

The IDA is responsible for all aspects 
of industrial development, including 
administration of the unique financial 
package which the government offers 
expanding, exporting industry. The 
IDA has helped over 700 overseas 
companies- almost 500 of them European— 
to establish factories. It is the only organisatioa 
your company would heed to negotiate vrah. 



Confidential: To Hugh Alston, Director, IDA Ireland; 28 Bruton Street; London W1X 7DB. 
Telephone 01499-6155. Telex 051-24751. 

Please telephone me with a view to discussing an investment package to suit my company and afoniliarisation trip to Ireland 


NAME. 


.POSITION, 


COMPANY. 

ADDRESS. 


.TELEPHONE. 




Financial Times-.FrMay. Juse # *|?g ~ ■ 


APPOINTMENTS 



'P 


Group Finance 


• expansion and the growing complexity of UK and overseas operations 
have created the need for two senior posts at corporate level both 
reporting directly to the Finance Director in a weDrknown British 
public industrial gronp. Turnover world-wide is rising above £sam; 
there is a healthy profit record. 


STOCKBROKERS 

require . 

AUTHORISED 

CLERK 


French franc and 
pound very firm 


f HE POUND SPOT FORWARD AGAINST £ 


Onqmonib.i^ P^-.t 


• the first post-Head of Group Accounts— embraces responsibility 
for group consolidation and repents, accounting policy and standards 
and for developing current reporting procedures. The requirement 
is for a Chartered Accountant, aged around 35 , experienced in financial 
accounting systems in a medium to large international industrial concern. 
Salary will be up to -£ 12,000 plus car. 


Experienced person re- 
quired, good working 
general knowledge in the 
London Market. Applica- 
tions in writing stating 
age, experience and 
salary required to Box 
A.6399. Financial Times, 
10, Cannon Street, 
EC4P 4BY. 


• the second ppst— Head of Internal Audit— carries responsibility for 
establishing and developing an effective group internal audit function. 
Practical internal auditing experience in industry is therefore essential. 
Preferred age 40 plus. Salary around £ 9.000 with car. 


BOTffposcs will be based in Central London. 


Write in complete confidence 
toj. B. Tonkinson as adviser to the group. 


TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

10 HALLAM STREET • , LONDON WIN 6vJ 
12 CHARLOTTE SQUARE • EDINBURGH EH2 4 DN 


FOREIGN 

EXCHANGE 


There was a good commercial 
demand for the French franc and 
sterling in the- foreign exchange 
market yesterday afternoon. The 
market appears to be full of 
rumours at present' about the 
European currency snake, and it 
has been suggested for some days 
that the French franc may rejohr 
the joint float' agreement in the 
near future. This now seems to 
have fed through to the pound, 
with rumours that sterling may 
be another candidate for. member- 
ship of the snake pushing the 
pound to Its highest le.vel against 
the dollar since April 13. The 
pound opened at Sl.853<M.S540. 
and touched' a low point of 
$1.8525*1.8535, but was slightly 
firmer by mid-afternoon. At about 


FOREIGN EXCHANGE AND 
' STERLING DEALERS 
(with gilts experience) 
Age 25isb. £7,000-£8.00n 

FOREIGN EXCHANGE. 
STERLING. INSTRUCTIONS 
AND SETTLEMENTS STAFF 
Age 20+ , £4,000 
For these and many other .1 
Call DELLA FRANKLIN 
- 24S 6071 or 236 0691 

ALANGATE 
EMPLOYMENT 
AGENCY 


■him 


iGILT SETTLEMENTS — E>P. Cleri to tile 
I o.cr dent lor Institutional Co Ex. 

salary A perks. Phone Mr. Kowon. 
1 C B. Personnel CJ-49T 5641 



GRADE V! 

BUSINESS STUDIES 


(Salary within the range 
£9345 - £10305 p.a.) 


A strong and enterprising Head is sought, with the 
vision to lead the Department into the next decade, 
building on its existing strong links with industry and 
commerce and the wed established degree in Business 
Studies, and diplomas. The successful candidate must 
be committed to Polytechnic education philosophy, 
bringing proven success preferably in both business 
and education, keen to develop co-operative links 
with departments in related disciplines. 

Application forms and further particulars may be 
obtained from the Director, Lanch ester Polytechnic, 
Priory Street, Coventry CV1 5FB returnable by 
24th July, 1978. 



\jjl '^pe^lisT^riih^i^nageiTieri^of private..^; 
j« ; * : , i ns i i tutiona l a ri d pension t iv ndfc V 


Assistant 
Fund Manager 


INTERNATIONAL APPOINTMENTS 



\r- 1 .* 


I , i • HHI \ 

^1*. 

«J -ill 

A ^ H ■ | h ■ 




Schlesingers have an exceptional opportunity 
for an additional Assistant Fund Manager, based in 
their Hanover Square, London, W1 offices. 

Candidates, aged mid-20s, must have a 
minimum of 2 years investment experience, and a 
degree or professional qualification would be an 
advantage. 

This is a challenging opportunity for an 
ambitious, hard-working person to join a successful 
and expanding investment management group. 
Funds under management exceed £100m and include 
the Schlesinger PI MS unit trusts, the Trident range of 
insurance funds, private client and pension funds. 

Salary will be commensurate with age and 
experience and the position offers outstanding career 
prospects within the company. 

Applications, which will be treated in the 
strictest confidence, must include a detailed 
curriculum vitae and should be addressed in the first 
instance to 

K.G. Mersey. Director 
Baslable Personnel Services Ltd 
18 Dering Street London Wl 
Recruitment Consul unis 


this time rumours surrounding 
sterling appeared to prompt 
strong demand from New York, 
and the pound closed at a high 
point of SI .8660- 1.8670, a rise of 
1.20 cents on the day. 

Sterling's trade-weighted index, 
ns calculated by the Rank of 
England, rose steadily to 616 
from 61.4 on Wednesday. It stood 
at 61.4 in early trading and 61.5 
at noon. 

The French franc's nse was 
also because of rumours about 
the snake, and it closed at 
FFr 4.4850 against the dollar, 
compared with FFr 4.5325 
previously. 

The present members of the 
joint float were fairly steady 
against the dollar, with the 
Belgian convertible franc 
unchanged at BFr 32.61. and the 
Dutch guilder unchanged at 
FJ 2-23JU. 

Most other currencies were 
slight I v firmer in terms of the 
dollar, with the Swiss franc 
quoted at SwFrs 1.S545, against 


SwFrs 15605 previously, and the 
Japanese Yen a little stronger at 
Y205.20. compared with Y20 d. 6G 
on Wednesday. 

Morgan Guaranty's calculation 
of the dollar's depreciation 
reflected the U.S. currency's 
overall weakness, widening to 
7.3 per cent from 7.0 per cent. 

PARIS— The dollar lost ground 
against the French franc in ner- 
vous trading. It finished’ at 
FFr 4.5140, compared with 
FFr 4.5265 late Wednesday, fol- 
lowing continued rumours about 
the French franc and the snake. 
News that French banks are to 
lower base lending rates next 
Monday also helped the franc, and 
it Unproved to FFr 2.1736} from 
FFr 21790 against the D-mark, 
and to FFr 2.4320 from 
FFr 2.4365 in terms of the Swiss 
franc. Sterling also lost ground 
against the French franc, finish- 
ing in Paris at FFr R.S6S0. com- 
pared with FFr S.3960 on Wed- 
nesday. 

BRUSSELS— Fears of a realign- 
ment of the currencies in the 
European currency snake tended 
io depress the Belgian franc yes- 
terday. The West German , 
D-mark rose to BFr 15.741o from < 
BFr 15.7265, moving the franc 
nearer to its intervention point 1 
of BFr 157650 against the i 
German currency. 

The French franc continued to 
improve however, and was fixed 
at BFr 7.23325. compared with 
BFr 7.I8S0 previously. 

FRANKFURT — The dollar 
tended to lose ground on news 
that the Bundesbank has increased 
liquidity in the banking system, 
bv raising Its rediscount quota by 
DM3bn. The U.S. currency eased 
to DM 2.0737}, but moved up 
again as it became apparent that 
no cut in the minimum reserve 
requirement would follow the 
rediscount move. The dollar was 
quoted at DM 2.0753 in late 
trading, compared with 1 a fixing 
level of DM2.0736, and DM 2.0714 
st the previous fixing. Trading 
was fairly quiet in the morning, 
but picked up during the 
afternoon. The Bundesbank trade- 
weighted revaluation Index, of the 
D-niark against 22 currencies was 
145.4 (143.6). UP 0.7 per cent from 
the end of 3977. 

TOKYO — The dollar showed 
little change against the yen in 
moderate trading, closing at 

Y 205.471, compared with 

Y 205.321 on Wednesday. After 
opening’ at Y206. the U.S. 
currency traded at about Y 205.S5. 
before falling to Y 205.35 towards 
the close. 


H sis-: fiSSSr 

SS S ! 3.84*-5.W4 ' -3-67:8.811: 
RjruS*- I IB ! IfcMJB 80.18*6.68- 

| me 1^6-1.3874 1.596-1.897, 

SwlkJ.t. MJMM* WIT 

French Fr. \ ^3 S.5S-8;41 

swedShKrJ 7 MM-Mj 8.S5-8.B4-. 

V ^ , 27B-3&B M2*-3W 

Austria ‘4**1 IUIW‘ 

affiM.Fr. . 1 6.444-5*474 -6-48 -Ss4T-v 


0.50-0.40'ip™{ . 2.W 
jL - 1 b.48 ins -fils c-im" 
53-29 x-. pin f 7 ' tis’ fsfiiS &ro- 
«*44ow4i*- {^-5*9; 

2lS-11ipl.pmS ;7.5Sj8i-7lTpfVffl^' 

55-155 1 -. din-, r— 1 U4nW-4» o- du 


45-155 uv dia. !r- 1 UWHH-WB svuui 
1 w- 100 c. Snrt-4.08: BW7B c-di* 
par*) Ire dirk&re; Ig-Iire <U» ' 
per-2 creRi* wt'TS’ IwejedJt. 
ii.t: I /r iN laajw <* 


2.76-151)*. prer 4M5-M8 Ft« 

17-7 ntv pm l 6.16 «&2fixoptt 
34-24 Cptfl“T 9.W jMOjpni*'-. .1 



Belgian rare to for convertible *ancs. 2.77-trit 1 

financial francs S0m4O.TS. 13-pJOMb 5J54J5C ten • *, 


THE DOLLARrSPPTV l FORWARD AGAlNi 5 £ $' 


CanaifrrS 
Guilder 
Belgian Fr 
Danish Kr . 
D-Mark 
Port. Es 
Lira 

Nrwgn. Xr ■ 
French ir 
Swedish Kr 
Yen 

Austria Sea 
Swi6S.Fr 


• ■. Day’s 

spread - Owe' ; -, • : 

SgJMMl ' : - 88.8488.87 . 
2J22B&-Z33TT ■; 

32.64 J2J4 - TOj&yLBt^ 

S. 6300.5-6340 -5-6380-5.63^5 

'2JI745-2JOT0 - 2JJ7HMJPSS 

— 45.67*45.77 

SS5.60-856JB 855^5-ES-85 

53960-5^035 53960-53970 . 

45153-4-5325 4JX5545W. 

4513545830- 0.5715-8.S725 
2Q5J&toS-80 205^5295125 

- .14.96-14-9658 . 
1^47-1^650 ■ 15547-18557 


One month 
O.O1-OJ0C pm 
0-71-0J5cpm 
8-7CPJB ' 


•94. 

p4LThten«t«wrthc gj. 
““o-JJ . r M7-RWc 
. ' -5.71 US^Uc'pm 7- 3Jh 
3M. asocm' - 3LS7 


D-82-0.77pf PM. 


2.49-2- TOUred Is 
p'«4.70cdH;. 
VwUSjrptn' 
L0MJWc,hm-, 


■“'■iipFTSa lieaoiq:-' 'is 

“L56 ISKElfflcdls, '-^2 

• : s» ‘us^nyW-. : si*. 

, ; i«3 : £2T-522C ^WV .- 481 


cents per Canadiaa'V; 


(CURRENCY RATESr VJ CURRENCY MOVEMENTS 


Su-rlmR ... 

U^. dollar 
Canadian doOar- .. 
Austdas scmllingf. 
H ni.-Ofi franc ... 
Dsnrab (.-rone- 
r.nHgftte Mark 
CmW#, 

Frnufi, ' franc 
Lira - m l .. .. 

Yea-.v , 

f.'orTn^iaD ftrope- .. 


Swpdfaj Kreoa — 

Swf»'f r,nc • 


* Speefaf 
-. Oraudn9. 
- - RIjlHa , 
0-667381 
L23tn 

unn 

145287 ; 
4X4972 
6.93828 
ZSTiXl : 
2.76663 . 

5- 60161 ' 

1059-08 

SW9 

6- 68272 
97^458 
5.65874* 
2-3052S 


fartpcnl.- 

:-,owfe*h- 

ACCOBMt-' 


Bukaf. Morswr : 


. , Eosland fimm lir “ 
-todeir 7 dtaas^s 


- A.6HI50: - 
US4S- 
149662-.: 

I3J441. 
445998 
■fcj998a.-: 
:25786ll 
2.7 MK 
SA6U. - . 

. lOSJ-TT - 
255-tryzj 
6.6064 . 

■ 57.MS4 
5L6E107- . 
2J3al4-- 


Sr^rlftw ' 6J-fil' 

U^.' dollar ■ ; 87J2 

Canadian- dollar Sd-80 


-129'-' 


Awgrtan . dcMUng 13 MJ.'o . : +34* 


■ Belgian . frxric 
Danish krone ' 
DeuiMhc' MarK- 

Swiss franc 

GutMor 

French franc. r T..., 


uai7 “ '-mix 
n«55 - - +.-5.6 • 
J40J2 , • -63S-S ' 

163.07. . ,+7SX 

120.59 _ +18.0 

99^3 3J. 

5627 -=443: 


Yen r.::.: . 

Based on trade. weldutsJ chan»aa_lroiR : 


Washington" agreement' December.- -1*71, 
(Bank of EnRland- lndea=l00).. .. 


OTHER MARKETS 


Xotwtore 


ArvetrtUM Pr-— . 1.463- 1. <17 2 786-5 » 788.6«A«.»lrau...^:..ii.: 

\ 1 iktralfa 1 IS. Hat... i.6102 t.6263 O^Ol-O^d^jeulaium- 

iioMnd .■'lA.kU.... 7.9350 7^550 4. 3545-4. 256fflDeott»rfc.l._;._.. 

KrtMUni/etre 42.32-33.82 17.58-18-12 Fiance — 

Greece firwhn*.... 67.565-69.236 36.20.-37.09, Gemanyr^— ... 

Ucuit «•••>•* is.nai 8.60>4 ^.03»» 4.6535-4.8555 lUiy — 

Iraitklrl 1 12t»-ld2 67 . 50 . 70.78 

Kuwait LimariKlnj 0.502-0.512 . 0.2689-0.2743 Xetbcriapd 
DixemNuire Fraud 60.80 60.90 -32.6tL32.02 . Jinrway 
I xlflai -. ! 4.58-4:40 2.3650-2.3670 ftvrtUKXl 

N e'» 3 mi 1 .x >hl 1A>I lull 1-7911-1,6093 0.3660^1.9754 i.pal& 
w,u.l. Jniiiw ffiraii 6.33 6.43 4 ^ 9 - 3.44 S»-ij«y!aiwi^, 

<iiu»Dn'.' Unllxr .... 4 . 29 » 2 -4.314 2.3220-2 J230. Unitwl wateeu.^ 
4»njth tfnran 1.6025-1:6193(0.85880.8676 Yusralavla. — — 


035^1 .6 193|0'.8586-0.9676'l Hjiomlavta— . 
Rate 'given for Argentina is free rate. 


' • 27V9&0 
6 O- 6 H 4 . 

10-30-10-45 ■ 
8.35-830 
380-3 JK) 

: 1560-1590 
380-390 •. 
4.058115:. 

■ r- 9.85- lOOO 
• ' 8084 : 

_ V1.-4A-1-46 
- 3.40-3^50 . ,- . 
I_84^L86 
:3486... 


• - V-. r < 


EXCHANGE CROSS-RATES _ 

.l.rn^CS ; Sterlinpl f.S. l*oH«r 'tieui^beMerLl i« ( *oeue Yen | Fren.-li Frin.- f 


$«■„ Fran.- | Dntub Gnllderi IUUu Din ICarauln Do! l^| Bel«1axr Brain - 


•Vi.ii l su.nuj 
I.'.-*. I ii •! ij» r 


ZioD\ 

1.125, -•'32.60 


HeiiiK-he Murk 

Yen KCiX) 


i'm Hill 1-raiK lu 
-!».»* I'nt.k- 



.1.075 - 
10-86 - 


0.642, }. . J5.70-- 

5A7iS::>f,- 158.7 ' 


I'ulvll • iuiiiic: 
lunsn Lira I. 1 ?' 1 


• 4.979. . I.' 
v l gQ2 /=L 


1909. 

460.8 


1- 

2.600 .. 


•2.6 JO • r ’JSJW ; * 
0.606- t-i217.8& ■' 

.-0J5Q4 . {•■>.. 14.61. 

, v;i3ib ;;_ : 


,mw .'nil U'iIIh. 
-.■i* ini. Fran.- K *0 


0.476 I 
1.643 ! 


\ti •' 4-> 2898 ~ - 
3.450 -- .f .'..KJO-f.,: 


EURO-CURRENCY INTEREST RATES* 


Deep-sea 

container operations 


;»uni lei in ... 
I n -ilC-., 

M..IIII 

Hire*.- iihhhIi»... 

-1 • in. *lll le. 

f*nv i.-.ir 


Ni-ritnu 

Lai in- (in ii 
ll'.llar 

l.S. Mtillnr. 

I'tiliui t.ulKicr 

. -Hi I ranr 

H. I.iciiiiati-' 
Man- - . 

.Kreouli Viiuk.-- 

-• ini- la ii Lina' 

Asian S . : 

Japanese Tot/* . • . 

9ii 101* 
1053 11 'a 
lllg 11*8 
U-UJe 
2 BU l ts 6 

ni-au 

V'j-oU 

7Sr-6 

61 S CS8 
b'v-e.s 

83* 9 t e 

f'l »>; . 

7i 5 7: s 
- 7' ■ 8tg 

Sir. Lift 

9 ="« 

9... S. ; 

31; 4 
ol; 4 
-i-,1* 
4J8-,5e 
6i a -:i3 
Sie-5 

- . 

2 > l 3 

- lift Hi 
: Jl; 153 

2 218 

2 is 2 14 

4-."; It. 

-ri 

did *^- 
3ifl ois 
ii; 35g 

,-ifi S.V 

' • 85< - 

’ 'BSaSTa . 
5**1 . 
•93,10- 
ICl^-lUJs 

11 J« lUe • - 

. 10 J3 . 
lOh 114 

l's-»2 : ' 

' 12i a -13 % 

131B-141S.. 

77 B « : 

- bTfc-8 #- : - 
»-91b v 

v \\y- <. 

- S ik'-- . . g ' • 


EDUCATIONA 


Established deep-sea container shipping line 
requires a senior managerto lead its Continental 
European organisation. This is an important 
appointment and the successful applicant will be 
responsiblefor achievingthe company’sfinandal 
taigetwithinthis region To this end the manager will 
have full re^x>nsibilityforallthecompanysariivffies 
on theContinent including marketing pert and inland 
transportation operations and computerised 
documentation systems 

With headquarters in the Benelux, the 
continental managerwill haveawideknowledge of 
the transport industry in asenior manager position 
most probably with acontainerised shipping line. 
Aproven record of successfully directing arid 
integrating the efforts of individual marketing and 
operational units within continental Europe is 
required and therefore fluency in English, Dutch and 
one other European language is essential. 

Salary is negotiable with benefits which will 
secure an outstanding man. 


Asian rai..** ar<» dosing rates in Singapore. 




fg ^iAAA 


INTERNATIONAL MONEY MARKET 


GOLD 


French banks cut base rate • Wfeaker 


5 i: i; Snte'-sJ’ International Boarding 

" ■T-' s ,Ss ;5: i-L..- S cl tool for Medical 

I/ Education and Language 

Studies 

Combinrrrg a lu;i dass resj.ienii.il educanon «nh me Thorough irairjng 
of an in;ere;in.g prolusion otlenng e'celleni p-assi I mIi nos 

- Medical-technical assistant {4 semesters 

- Doctor's aide <3 semesters) 

- Doctor's secretary/ secretary (2 semester > 

- Language courses in French and English, ai o as one 

semester's preparatory studies. | 

Co -•?"du , .--3 1 . ond l SOh.iol m a un. quo and iplerviid pUj'7“ Sc»>: -jS arid rviw | 
arranged r«.ms Strong fiench-tanquig^ eduodnon Compleia choice of 
sport, leisure and cultural activities 13 -,^r.nis 'i-our-;. c->: -. g-,rn hall. I 
"■Vnriq. !■:>?• <.1 aurvgl Sr-rnesi-jr. L-^qm ir. jul'.imn ari.;i tprirfl ® 

F-gr derailed inforrr^iion please ivnie 10 ; I 

College International des Avants. CH-1833 Les Avants i Montreux) * 
Swicerland - Phone 3051 - Tele* 364S4 eida ch a 


Reply in the first instance with brief career details 
to Box Na A6394, Financial Times, Bracken 
Houso.10 Cannon Sheet, London EC4P4SY. 

All enquiries will be treated in strictest 
confidence. 


iivS 


COMPANY NOTICES ART GALLERIES 


Societe Generale is to out its 
base lending rate by 0.25 per 
tent to 9.05 per cent from July 
1. and other major banks quickly 
followed suit Only last week ML 
I Rene Monory, Economic Minister, 
l repeated an earlier prediction 
ihal French banks would soon 
reduce their lending rates, and 
so yesterday’s move had been 
widely anticipated. In recent 
months, money market rates have 
been sieadily declining. Day to 
day money now costs in the 
region of 7}' per cent compared 
with 10$ per cent in early 
March. Some sources suggested 
however, that the cur in rates 
would be insufficient to radically 
•.liter investment levels and that 
the Banks' decision was partly 
attributable to the recent firmer 
trend in the French franc. 

Longer term rates were quoted 


at 7j?. per cent for one-month 
and 8$ per cent for three-month, 
both of which were unchanged. 
However, the six-month rose 
slightly to 8A PW esm -from 
8S per cent while the one-year 
rate firmed to 9J per cent 
against 91 per cenr previously. 

FRANKFURT — The Bundes- 
bank announced yesterday an 
increase of DM 3bn in’ the 
rediscount quota. This is the 
amount of funds that banks can 
obtain from the Bundesbank at 
the discount rate for trade bills. 
The move is seen as an attempt 
tc increase liquidity in order <o 
meet the requirement for 
central bank money to be met 
and is effective from July L 


Interbank money market rates 
were firmer throughout with one- 
month funds at 316 per cent from 
3.55 per cent and tbree-month 
at 3.7 per cent from 3.65 per cent. 
Rates for one-year also rose to 


SB per cent from 3.75 j>er -cent. 1 
However, call money was! 
unchanged at 3.55; per cent. - 

NEW YORK— Orite again* the 
U.S. Federal Reserve intervened, 
in the New York market yester- 
day to make: overnight repurchase; 
ingi orders, ■ Federal -funds-' were 
quoted at 8 per cent from 7fJ 
per cent which seems to 'lerid 
even more' weight ' to., the- possi- 
bility of : banks moving- thetf 
prime lending rates' to 9 -per cent! 

. . Treasury' ’bill’ rates* tended; to 
ease slightly with -13- week bills 
failing to 6.88 per cent framrlB 96 
per cent - early on Wednesday 
while 26-week bills slipped; to 730 
per cent from 7.50 per cent/. Onc^ 
year bills were quoted 1 -®* 9.69. 
per cent from . 7.72 per cent. 

HONG KONG— Money market 
conditions were a littlfe easfer with 
call money at ,4£ per cent com- 
pared with 5 per cent and over- 
night funds dealt at. 4} -per cent, 
down from 4J per cent.. 


! : Gold; fell. U to ' 3184-18451 in 
Jalrly, quiet trading.' The ' metal 
opened -at $1844-1851, and was 
fixed ari $184.60 (£99,552)- in the . 
morning and 'at $184.30 <£99J225) 
in tije afternoon. - . 

In Paris the 124 kilo bar- Was 


nuiVOT - l -.. 

.•lu-f...,— jSI M-1WJ . SUB-1851 .- 


Uceiiin-.-....'..;..Z!'!!l3 1844- 1861 1 S U l&bj 
Mnrtuna 184JD- ' S1 t5.25 


Mnni'ina ilimv {*184 JO ' gl-b.2S 

linrrnooo ' SI b.E& 

•' "jl£39i!26)’ : ;- (£99.919) 

Oolrl Cnim • ' • 

fiomewU'tiliy -.-it-- - 
Kruusrnuiii: • ; S-ItB.197 


PLEASE NOTE: Senior management within the 
company advertising are aware of this appointment 


One of the largest banks in Europe seeks for its 
international subsidiary located in Luxemburg a 


NOTICE IO BONDHOLDERS 
MASSEY FERGUSON 
NEDERLAND N.V. 


9ij% GUARANTEED BONDS 
OUC. 13 91 

NOTICE IS HEREBY GIVEN that, 
pursuant to Paragraph 5<ai ol tnc 
Terms and Con a it ions or the Bonos 
US>4.500 000 principal amount thereof 
ni»c been purenwed h* Swiss Bank 


Corporation. Zurich, as Purchase Agent 
during the year June 1st. 1977 to 


during the year June 1 st. 1977 to 
Mav Slst 197B 

During the previous rear comment* 
Ing June 4 th. 1976 the °urchasc Fund 
had not come into ODeration. 


MASSEr FERGUSON 
NEDERLAND N.V. 


.NEDERLAND N.V. 
S/: THE CHASE MANHATTAN 
TANK N.A 
London, as Trustee 
June 197H 


UK MONEY MARKET 


ACHIM MOELLER GALLERY. 8. Gros- 
renor Struct. On Bond Street. W.l. Tel: 
*93 761 1. Selection or hi teen paintings 
h * JV&ypfNSKV «id 20TH CENTURY 
MASTERS. Modigliani. Leper. Braque. 
Monorlan. Ernst. Miro, Klee, Picasso a.o. 
through July. 


Adequate credit supply 


nomounuiy -. if a _-r . 

Kruger mini ; Li!$19li-1S3i : S1iB-J£f7 

- . .'. I- }v£1D2i-l05i) (£1[iSJ-*51) 

-- jt£29J-801i C 

Old So«er^£ini„^_;5Mj-584 ; SB 4^6^ 

-. : tezaj-AOfc) 

Ctoll Coins 1 -- - • • 

■.iflSennitionaJly- -1 

Krucemux* _i^J818B4-1fl7i‘ BJ&U-19SJ ' 

Sow ftw n i fa ii - • fMCLUtL CIUn ■ 


Kru^ernifiil j — 

Yew t&vareagim 

Old Sbjrer«la3Bi w i_]; 


BROTH ERTON GALLERY — WATER- 
COLOUR SKETCHES HY CHARLES 
ROWBOTHAM .185S-192H. Until SOCK 
June. Mon.-Fri. g jq-s.SQ. Weds. 7. 
Sac. 12.20. 77 Walton Street S.W.3. 

589 6848. 


BROWSE & DARBY. 19 Cork St- W.l. 
Roam Pblllpson — Women Observed. Man.- 
Frl. 10.00-5 30 SaL 10 . 00.12 30. 


He should have a professional qualification (finan- 
cial analysis), a working knowledge of French, at 
least 3 years' experience of international banking 
and a proven track record of direct lending to 
multinational and commercial customers. This 
position requires frequent travel throughout 
Europe. 


CLASSIFIED ADVERTISEMENT RATES 


Bank of England Minimum 
Lending Rate 10 per cent 
(since June 8. 1978) 

The surplus of credit in 
yestei day’s money, market was 
larger tnan that on Wednesday, 
the principal difference being 
that sufficient funds percolated 
through the system so that the 
authorities were not required to 
intervene. The market was 
helped by a slight number of 
Treasury bills maturing outside 
official bands and a very slight 


excess of Government disburse- 
ments of revenue transfers to the 
Exchequer. This was in addition 
.to a sizeable decrease in-lhe note 
circulation and’ above target 
balances brought forward by the 
banks On the other hand there 
was further payment to be made 
on the Treasury long " tap " 
stock and the repayment of 
Wednesdays small ■ market 
advances. , I 

Discount houses, were pairing 
anything up to 9$ per cent for 
secured call loans and conditions 
remained tight towards the dose, 


where balances were taken af.8i-9 
per cent. •••'••• • . ■ 1 -. - 

. In the interbank market^.oyer;. 
night loans, opened at* 95^95- per. 
cent, and eased to 9-&£ per cent; 
on news o f the surplus. However J 
rates soon firmed.' again, to. Vi-9t 
per cent before .easing ' to-8i-s| 
per cent At the close rates were 
somewhat higher at 91-9L, per cent 
Thursday’s -announcement , by the 
Bank of England. left; -Mihuhum- 
Lending Rate unchanged at lfi per 
cent.. '.- . ; .■'■ 

. Rates, in. the. table below are. 
nominal in some cases. 


New 6 trvore£en#_. SS5J-&51- . - • 

.„l, a '■'.'=•■ (£S8fr-284) 

OkLSovMJjjm-— Sfia^SH 

7: V:- : CE28i-2S4V.kia#i-6W) 
J5277J-ZS0± g.77i-il0i 
31«Mffi . ' 6I424-.MB4 
r- .-^.;....- , S58-ifl5 r ;ieioo- 195, . 


This position offers outstanding future growth 
possibilities, excellent salary, extra legal benefits. 


Please send your application, along with curri- 
culum vitae, under reference MM -420. 


STAFF SELECTION SERVICES SA 
avenue Brugmann 32 Bfe 7 
B-1060 BRUXELLES 


Commercial and Industrial Property 4.50 

Residential Property 2.00 

Appointments 4.50 

Business & Investment Opportunities. 

Corporation Loans. Production Capacity, 

Businesses for Sale/Wanted 5.25 

Education. Motors. Contracts & Tenders, 

Personal. Gardening 4.^5 

Hotels and Travel 2.75 

Book Publishers — - 

Premium positions available 
(Minimum sue 40 column cms.) 

£1-50 per single column cm. extra 
For further details irrile to: 

Classified Advertisement Manager, 
Financial Times, 10, Cannon Street, EC4P 


single 

column 

cm. 

£ 

14.00 

8.00 

14.00 


LONDON MONEY RATES 


fixed ..- at: FEr 27 I 175 -".p0r._]d]o 
($186.64 - per ounce) :Irl the morn- 
ing and at FFr 27,050 per kilo 
($18534} ■ in' the ^ aftetnooiC com- 
pared with., FFt 27,200 : . ($18B1S2) 
on .Wednejsday afternoon. ; : 

- 'In:-PraaMurt the- 12i k2o bar 
. at ;DM 12,345 jar kflo 
($184.74 per ounce), compared 
with DM . 12^1® - ($185.44) pre- 
vjonsly. . ■ V • - • 


Slcrlln^ tsim] 

CvriiilLutt Inrerlcnk Authority 

ill »ll>|i(»«k* ilcpnsU j 


Itsical AuttiJ Finance 
;y uecntinhic H.iuni Company 
i | iwmils 


Dlvcooftt I • Blifliblfr; 
market . f fratAfer ' ILmlf '-;. 
ctdtoic , B>11»9 Oiling' - 


mlf;.lnnr Tnutr- 
i" -I Blllsifr .- • 


IfOKEY RATES 



Lflca 1 ' .-uihonty an** finance house? seven da s‘ nonce, others seven days’ Hiort tonopr-ivnii ttoal-authbrity ttonRiu^ mie 
noaioallr Over y cars J1J-11J per rear: four yesrs ti per sent: five years l2f-J2J per eeu. OBank bUJ rates hr raOSekre 
hunnc rali-a loi ormi-: wiper. Buyion rates tor four- ip opiBc me. IU | 6 per e«*m: vwr-mernth tnwlF . 


Approximate selling rates (or ooo-montb Treason* Dills per cent; two-tupoUi Bj per cat: and three- roomo PjMlsz 

per cxrnL Appr-winute selling rate for one- month ban* bills «• per cent; sod iwo-moo rh per. cent: sad ihro* --ft. . ' 

3^u-92 per cent. One-month trade bfils 101 per cent: rwo-munrh ) 0 J per cent.* and also three mouths lot per cent.: v - - lc l ' 
Finaate Haute Ba.. Rates i publ (slu'd by the t'loanco Rpum'% Assonartoni 81 from- Juno l. | 0 »s doarutg-, »aok 

Ocpbsii Reies 'for <an»i- sums at seven days* notkei 61-7 per root. Oeartu Saiu Base Rates for Isndmg io . per’-; cant 
Treasury Bills: Average tender rales ol discount 9-2546 per cent .... .o.’. :• V: 


. u fit 























June 30 1973 




2ft 


post at BP oa 



Mr. J. W. Bnshby 


Sus&fty has been 
BP OIL 

« l ^bxctoiv~^^^ ct uri^ and 
Spofr *ni^ *®??raw . He was 
previously JyJc^residdrt, techni- 
•;•- • JfTVndSa>o^planiilng of BP 
; S^lSSbSS in the U.S. Mr. 

Pet Sf“ 

SfflL’-gpent a number of 
refinery. In 1959 
i,kx**ot to Canada for the com- 
... of • BP'S Montreal 
wtoery. He lhen^held appoint- 
rnSnts.in [ hejd offiee and at Llan- 
darir refinery, before moving to 

" . -Mr. A. C- BJ'nwn. chairman and 
managing -. L< director of Spirax- 

- Sarce ~&ginee* 5n g> - has., been 

■ appointed' t o the Board . of 

- TUKRUTVi COJtKutATION as a 
non-executive' . director: He will 
becoEM^dep^ chair m an on the 
impendnST- ret^&ent of Mr. R. G- 
Lewis. J ' ' r T "'-^. 

■ - : Mr." PL L Bramwyche, senior 
Mhordhiator. overseas, in BP 
CHEiOCALS^associated companies 
and licensing r directorate; is 
retiring at , the end of August 
Associated companies co-ordina- 
tion ‘ responsibilities . outside 
Europe will be . amalgamated with 
the UK under Biz; F. W. Wheatley, 
senior co-ordinator UK and over- 

***-.;': 

Mr P»ter Reynolds has been 
appointed -to.. -the, m ain Board of 
TOZER KEMSEEY AND MILL- 
BOURNr (HOLDINGS). He also 
becomes executive chairman of 
its international trade finance 

■ division-. For the last two years 
Mr. Re ynolds has been. Chairman 
of TKSi. (USA) Inc- responsible 
for ,‘the division’s' operations in 
North America. 

: * 

: : Mr. X C. Lewis, the former 
representative ' of Pahang Con- 
solidated on ' .the . Board of 
PLANTATION. HOLDINGS has' 
bow resigned, from Plantation, 
following Pahang’s sale of its 
25 per cent stake some time ago. 

Mr. R- P. L. McMnrtrie. managing 
director, of Plantation’s lieht 
engineering division joins, the 
Board from tomorrow. 

* become estate surveyor 

Hr, G. J. Crampton has resigned manager Scottish region 
from the Board of YOUGHAL BRITISH ’ RAIL PROPERTY 
CARPETS (HOLDINGS). BOARD from July 3. Also from 

;r . *■ 



Mr. A. C. Brown 


retains the responsibility of chief 

rt*^ c, Ji? ve t? nd ^ r - Han ds becomes 
deputy chief executive. 

★ 

{■ C S. Lcpine has retired 
chairman of the RE- 1 

offices associa- 

b . een succeeded by 
Patrick of Mercantile 
and General Reinsurance. Mr. 
A- L. Preston, of Victory 
bas been appointed 
deputy chairman of the Asso- 
ciation. 

* 

Mr. J. w. Klitsie has been 
vice-president of the 
UNITED BRANDS company and 
senior officer for Europe. 

* 

Mr. L. W. Baker and Mr. A, 
Watson have been appointed 
directors of Touche Remnant and 
JK* Parent company 
TOUCHE REMNANT HOLDINGS 
from tomorrow. 

* 

Mr. Bert Ferrimond has been 
appointed a director of PORTS- 
MOUTH AND SUNDERLAND 
NEWSPAPERS. He was formerly 
with Dunlop Holdings and Upper 
Clyde Shipbuilders. 

* 

The Ssecretary for the Environ- 
ment has appointed Lord Allen 
of Fall owfield as a member of 
CENTRAL LANCASHIRE DE- 
VELOPMENT CORPORATION to 
succeed Lord Greenwood of Ros- 
sendale from tomorrow. Lord 
Allen is general secretary of the 
Union of Shop Distributive and 
Allied Workers. 

★ 

Air Chief Marshall Sir Neville 
Stack is to take up the appoint- 
ment of director general of the 
ASBESTOS INTERNATIONAL 
ASSOCIATION from tomorrow on 
the retirement of Mr. Alex A. 
Cross. 

★ 

Mr. Geoffrey J. Chibbett. group 
finance director of DOBSON 
PARK INDUSTRIES, has become 
a divisional chairman. Mr. Graham 
H. Edwards has been appointed 
group finance director (desig- 
nate). Mr. Edwards joins Dobson 
Park from Linread where he was 
deputy group managing director 
with special responsibility for 
^d finance, 
of 4- 


A new opportunity for private 
enterprise in car telephones 


BY STUART ALEXANDER 


Mr. Kenneth Thomas has been 

timTdate^Mr. Ak£ R. F^r wiU s JI?\ nted d «P uty - dir « ctor - 
BANKERS TRUST INTER- be estate surveyor (management) ^LMRER ^RESE^CH 5 ’ °2 
NATIONAL has made three and Mr. Peter J Dennis, estate DEVELOPMENT ASSOCIATION, 
appointments; Mr. D bom Morgan surveyor (development and 

Stife, E&l D e£T S S£$ Mr, «. h« been 

s-eL ses “ d ““ ,ser o£ r reEi ° I, ■ ssasTwissaa 

KBP&W* -«*»» Mr. George Kuctaett erecu- L™S“e ff&ZS 

* . tive chairman of the NATIONAL panv 

Mr. James C. Corcoran has HOME IMPROVEMENT COUN- * 

been appointed a director of CIL, is reducing his personal M Gp( .__ n _ khv h h 

made cSefTieeoS^of ^e co". 

LIFE ASSURANCE CORPORA- the NH3C from toddy. Ho ^iiH Tyip r «: a t riirfcinn nf bt tp vrtt I 
HON. He has been general continue as chairman in a part- and hat i aa Shirf nnmmrS; 
attorney, and chief executive time executive capacity-. . Mr. S >L iJ N jS 

officer of "General Accident’s Ernest Cantle, deputy director, n^nSiiiSSBi 11 K?n» FuSf I 

American • organisation since will be concerned with all day- SjJTjJj; £J?5E5Sii 

January.!^.. Reparation. ■ SSSSU S WESSLSSU? lfl lK 

■ - ■- • . .... S. Foss W. WiDiaras, a director of 

. Mr. Robin Phillips has joined • Mr. Roger H. Lawson has been Hallam Polymers and Engineer- 
BUNZL ADHESIVE MATERIALS appointed assistant manager in j n g, has become a director of each 
as a director and general manager the London area office of the „f the other three companies in 
of its Scarborough plant . INDUSTRIAL AND COMMER- the division Mr. Trevor Lowe has 

-*-r . CUVL FINANCE CORPORATION- been appointed managing director 1 

Mr. R. H. Jenkins has been where he will be responsible for 0 f Hallamshire Industrial Estates, 
appointed . works director of corporate banking. part 0 f construction division 

FLOTEX, a subsidiary of the Low * > of Burnett and Hallamshire Hold- 

and Bonar Group. . Mr. Bong Peirce, marketing ings. Mr. George Helsbv has 

* ' • manager of Lyons T§fley, has resigned as managing director. 1 

Mr. Laden S. WIgdor has been been appointed sales and market- - * 

appointed a non-executive ing director of TELFERS, a Mr. B. I. Pitman, a joint seneral 
director of the WEIR GROUP member of the J. Lyons Group, manager of LLOITJS BANK until 
and chairman of its subsidiary Mr. John Nowell, a director of recently seconded as an execu-: 
Weir Pumps. As chairman of TelfeYs and of Lyons Meat Pro- tive director of Lloyds Bank 
that subsidiary he takes over ducts, has taken over response- International has been appointed 
from Mr. J. J. B. Young, who will bihty for the expansion of Lyons assistant group chief executive, 
devote more time to his executive Meat Products into overseas He ‘takes un his new Dost at the' 
position as group managing markets.- group headquarters of the hank 

director. • ★ on October 1. 

Br SSj. Wgdor held posts m ■ M £ u A. Hudson. Mr. A. G. * 

. H,V r °o ean ™ rways -^"d Lee, Mr. C G Mabey and Mr. Iraq Petroleum Company, Abu 

ire Corporation of the £ w . Spreckley have been Dhabi Petroleum Company and 

y.~' f ~r° r ,. e “anaguig appointed directors of A. L. associated companies announce 

Refla f ri “i? STURGE (MANAGEMENT) from the anpointment on August 1 of 
Woo and vice-chairman in 1969. tomorrow. Mr. Geoffrey StockwelL the pre- 

He was a corporate consultant to ^ sent managing director, as chair- 

* e Company from 1960 man of the comDanies in the 

to 1972 and deputy director v Ha SnnK5r ,T t trf group. Mr. Ian Macnhereon will 
° f . the Confederation of ^nffirv succeed 5tr. StockweU as manas- 

British Industry from 1972 to £bSURANCE SOCIETY, has - director on the same data 

1978- After leaving the' CBL Mr. been a PP° mted t0 Board from Mf stockwell became managing 
wigdor became a director of the tomorrow. director in 1970 having been on 

Rothschild Investment Trust. He * the Boards since 1959 as repre- 
ss also deputy chairman of Leslie Mr, Terry Hands has. joined sentative director for BP. Mr. 

and Godwin (Holdings). Mr. Trevor Nunn as joint artistic Hacpherson at present holds the 

+ director of the ROYAL SHAKE- aupointment of executive director 

Mr.- Douglas R. Leslie is to SPEARE COMPANY. Mr. Nunn of the companies. 


NEW INTEREST in car tele- 
phones has emerged via a re- 
working of the David and 
Goliath parable: the traditional 
battle between small private 
business and a state monopoly. 

Car telephones have been 
around for some time — about 19 
years in the UK — but the high 
cost of good quality equipment 
plus limitations on the area of 
use has meant that, even now 
there are only 5,350 subscribers 
and the Post Office predicts no 
more than 6,000 by 1980. 

But more cars might be 
linked into the national and 
international telephone system 
if the announcement that the 
Post Office is prepared to give 
up its monopoly of hooking up 
phones in cars to the system is 
as momentous as some people 
in car communications aay it is. 

For alongside the official tele- 
phone system a number of 
private companies have sprung 
up offering a message aud 
paging service, but they are not 
allowed at present to connect 
their customers into the tele- 
phone service. Instead of simply 
putting their customers through 
to the number required, as the 
Post Office Radiophone service 
can, they have to take a message 
from the man in the car. make 
the call themselves, and then 
radio a reply back to the car. 

(Most of these private opera- 
tors have so far worked on a 
local basis, but recently seven 
of them grouped together to 
form Network Communications 
Services as a means of widening 
their scope.) 

The independents, under the 
banner of the National Associa- 
tion of Radio Co mmuni cations 
Sendees, have battled with the 
Post Office for two years in an 
attempt to end its monopoly 
and to offer a service they 




Rrcipient 

Recipient 

Message 

service 

X 

x via ^ 
telephone 
exchange 

V 

X-fT. X 

£ 



T u 

X lJ 


COST 


COST 


Rent 

Installation 


£43 per month 
£60-000 


Call Cost 

Minimum 3 minutes at 
operator rate plus 
ip per minute surcharge 


Rent 

Installation 

Call Cost 
Local calls free 
Trunk STD rate 


£37 per month 
£20-£6O 


badly need as a selling point 

At the end of the day the 
Post Office will gain in terms of 
increased telephone traffic, 
while it should be able to re- 
tain the balk of its own existing 
customers. And by opening 
the doors to the private opera- 
tors the Post Office will be able 
instantly to extend the area it 
covers without the costly in- 
vesment required in transmit- 
ter . stations. The Post Office 
needs an expanded network of 
transmitting stations to cover 
more of the country; it only has 
22 at the moment and their 
range is limited to about 20 
miles each. 

The private operators say 
that development of the market 
has been slow because the Post 


Office service and approved 
equipment is too expensive 
compared with the limited area 
in which it can function. 

It has also meant, they say, 
that a telephone in a car has 
been seen more as a status 
symbol than a working business 
tool and they expect to pick up 
a lot of the new business which 
a telephone link will generate 
from ordinary people constantly 
on the road in vans and cars. 

Certainly the equipment 
approved by the Post Office is 
more sophisticated and more 
expensive than that required by 
the private services. Only two 
manufacturers are approved by 
the Post Office, Pye and Storno. 
The Storno equipment comes 
in two versions and can be 


either bought outright or 
rented. The nine-channel model 
costs £900 or can be rented at 
£90 a quarter and the 55- 
. channel £1.180 or £130 a 
quarter. In addition there is a 
telephone subscriber charge of 
£10 a quarter while the opera- 
tor linked calls are charged at 
a minimum of three minutes 
plus a 6p a minute surcharge. 
Installation charges, including 
the antenna, would be anything 
from £60 in a Morris Marina to 
£200 in a Rolls Royce with a 
mini switchboard and two or 
three handsets. 

Air Call quotes only rental 
charges for the three types of 
service it now offers. These are 
£18 a month for a personal tele- 
phone answering service and 
£18 a month for a paging ser- 
vice under which the car is both 
bleeped and called by voice. 
For £37 a month Air Call will 
take messages or instructions 
from the car customer, pass 
these on through the ordinary 
telephone system and radio 
back any reply. All local calls 
are free up to 120 a month after 
which they are charged at lOp 
a time. Trunk calls are charged 
at the STD rate applicable when 
the call is made but with no 
minimum time charge. Cost of 
installation is between £20 and 
£50, says Air Call, while an 
antenna will cost between £2.50 
and £18 and must be bought. 

The private services feel that 
their ability to mix their 
message and paging system with 
the direct link phone calls will 
give them the edge over the 
Post Office if and when they are 
allowed to offer the telephone 
link in about six months. 

There is, however, a less well- 
publicised angle to the sales 
pitch the private companies will 


be able to make when they ha\ 
the link to the Post Office, 
concerns, you may have guess e 
the tax man. For a telephone i 
a car turns a means of trad 
port into a place of businft 
and that means there is a bettj 
chance of charging It again] 
tax. 

While the private servi( 
operators stress the slowness ; 
the British to copy tf 
Americans in the field of coi 
stant communications they al^ 
know that a tax benefit 2a , 
good sales weapon and it is on 
they will not be slow to use. 

And looking ahead they ai 
also keen to see the introdu 
tion of citizens* band rad- 
whach is so widespread in tk 
U.S.. Germany and Franc 
While this offers a cheap fon 
of car-to-car and car-to-base con 
mnnication it is seen as littl 
threat to the car telephon 
service because the range c 
operation is usually limited \ 
five miles. But it does whe 
people's appetites and is see 
as a means of leading them int 
bigger and better systems. 

The Post Office now seen, 
content to draw up licensin 
procedures — at the moment th 
private companies include th 
transmitting licence fee in thei 
rental charges — and it ha 
Deceived assurances from th 
private operators that they wil 
state clearly that theirs is no 
an official post office system an 
will offer to' customers both 
message and an interconnec 
service. 

, What seems strange is thai 
travelling up the motorway 
'man in a car can call the Unitei 
,States on a telephone but th 
man on the railway, along whic) 
the telephone lies run, cannot 
In some Continental countrie 
he could. 


U.S. RUBBER UNIROYAL HOLDINGS S.A. 

The Annual General Meeting of . Shareholders of the above company was held in Luxembourg 
oh May 2nd. 1978 — Mr. A. Elvinger acting as Chairman. The Balance Sheer and Profit and Loss 
Account as of December 31st, 1977. were unanimously approved. 


BALANCE SHEET AS AT DECEMBER 31st 1977 


3 1st Dec, 
1976 
US.S 

736,295 
18J16 
3.772 


LIABILITIES 

Notes payable ... 
Accrued interest'. 
Accrued taxes ... 
Other liabilities .. 


US.S 
1,417.099 
784,066 
• 20.300 
5.026 


3,f5T,247 

Long term debt ? 
maturities 

4702,430 

47,630,73f 


Intercompany 


— 

129,127 . 

payable 

— 

300.011 

40250,480 

Long term debt „ 

40.128.860 

9,600.000 

Capital Stock ... 

9,600.000 

638,845 


* (authorized 

59,800,000) 



71.282 

..Legal Reserve ... 

78,040 


1,428525 

Earned Surplus ... 

. 1.51 3397 


-55589,2 44 


57.849.218 

55289244 


3Tst Dec., 
1976 
U.S.S 
15,654 

6.784J26 

19,477 


ASSETS 

Cash 

Short term 

Securities 

Interest receivable 
Intercompany 

receivable 

Ocher receivable . 
Investment in 
parent company 
Deferred charges 


U5.S 

119381 

3.377.000 

16,885 

53,236.51 6 
312^36 

300,01 1 
486.989 


57.849.218 


PROFIT AND LOSS STATEMENT FOR THE TWELVE MONTHS 
ENDED DECEMBER 31st, 1977 


12 months to. 
Dec 3fst, J976 
U-SJ 
3,108,723 
27,650 
8,602 
2J59 . 


Interest Income 

Debenture purchase profit 

Dividends received 

Gain on fluctuation of major currencies 


3,414.457 

11.589 

8.602 


u ss 


2,708269 

223,048 

80,738 


135,179 

1294,838 

1J32 


3,147234 


Total Income - 

Interest on long-term debt *‘S?’«on 


3.434,648 



3,012, OK 


Other charges 

Provision for taxes 

Loss on -fluctuation of major currencies —•••••■ 
Loss on early redemption of Long-Term Debt 


Net income y 

Earned surplus at beginning of year .. 
Transfer to Legal Reserve 


225,990 

79.413 

82J56 

316.140 


91.630 

1.428525 

6758 


3343.0 i 8 


28525 


Earned surplus at end of year 1J13397 


ST of 1%. d,. comply issued UMBWMH I 7}Si 

redeemable at maturity on October 15ch, 1984. ac P* r * ^ _ rhereafrer on October 15th of 

option of the Company, in total only, on October JSth. 1981. or thereafar on October 15th 

year to 1983, the premium rates varying from 1 , 0 1981 ® 1 0,1 " * 

Provided no major fluctuation of any major currencies occurs, the company s profitab«iity should 
lain about equal to the results achieved in 1977. . 



The real test of a 
good scotch. 

Is to taste it, not knowing which brand 
it is, mixed 50-50 with water. 

And then compare it with some others, 
similarly unidentified. 

Recently eight experienced whisky 
drinkers were invited by Decanter Magazine* 
to a "blind tasting" of six well regarded 
blended whiskies and six highly priced 
de luxe blends. 

Five of the eight people thought 

Teachers was a 
de luxe blend. 
We know why. 
j jf achers contains 
'anexceptionally high 
proportion of expensive malt 
whiskies includingThe 
GlendronacK to give it its 
distinctive smooth taste. 

So its not surprising that 
Teachers is Britain's favourite 
■scotch! 

\ As one enthusiast 
remarked, There's more 
to be said for a bottle of 
Teacher's than a case of 
ordinary scotch! 


Teacher’s. In a dass of its own. 

•Decanter Magazine February 1978. tNOP Jan.1978. 




■V* 1 ' 






r 

4>' 

i v id 


S t 1 3 


ri 


ii 'ill 


The new town of Glenrothes, which is celebrating its 30th anniversary, has brushed aside 
the failure of the local coal mines. It has developed into a thriving community, hew 
industry has moved in and the original population target has been easily exceeded. 


* 

A new 

l 

iown 


the traditional Scottish mining rothes is well on the way to 
areas, like Lanarkshire. The meeting its new target of 
new town was to provide the 55.000. The population is 
miners with high quality homes younger and more fertile than 
in pleasant countryside and the national average, so there 
they were to work nearby in is also a good chance that the 
the modem Rothes pit The town will grow by natural in- 
eollicry towers that once crease to its expected maximum 
housed the winding gear still size of 70.000. 


stand, but they are now used 


fir* L Those early lessons have been 

i.T’-JS well learnt by the Development 


works 


hoses, because the pit was r^-rv^rir.™ ...u ioh 
found to be too wet and was '- hlc t h no ' 

abandoned in 3961. ?" ess f es l ? lversity . l " the towns 

.. “ . . , .. industrial mix rather than re- 

bince then the town has had ij ance on a f ew large employers, 
to survive on little more than The town is. however. 


jiy Ray Perman 

Scottish Correspondent 
GLENROTHES IS a new town 


ILv attractions both natural dominated by raanu f achIri ni 
and created as a congenial industrv . instead of havin t 


*hat seems to have very little 
■eason tn exist. The industry 


place to live and work and the x proportion of service 

wide range of financial i nee n- iobs . which fs prohaWv a re . 
lives new towns are able to flection of iLs aWJity t0 QfFer 
offer incoming indwtry. There ready _ made and ^ ston3 . bui Jt 

ti’oc o fm«1har c£»thbr.L- U'hon e 



t was founded to serve has 
:one. there is no overspill 
iopulation from nearby conur- 
bations for it to absorb and it 


was a further setback when a factories and a range of induce- 
projcct tn open a major merits such as regional develop- 


An aerial view of Glenrothes. 


near the town's edge. Housing of the small scale, light variety 
is in precincts of 1,000 homes such as electronic and electrical 
grouped around a primary assembly, light engineering and 
school and a shop. 'Ten .such light manufacture. There is, of 
precincts are presently -'com? course, some heavy industry and 
pie ted and two more are under paper-malting, which, p re -date* 
construction. .. ~ .the new tswn, ;: and is still a 

Neighbourhood . “ shopping major employer, 

centres provide smaller shops TO some extent, geography has 
and .services such: as libraries, also Shaped the industrial mix of 
for groups of. precincts and' there, the town. Because of the way in. 
is a network of fast access roads -which it began, Glenrothes is not' 
linking the precincts and the in* the best placed new town as far 
dustriai estates. as communications ' are con- 

The size of the designated cerned - It is in a central position 
area allows for low density * the Fife region, and if is 
boasuig, which means' there is D ^ ar the M9, a major route to 
only, one high-rise block in the " tke mazn-Edm- 

town (and a waiting list to fill burgh-Diindee-Aberdeen railway 
it), that houses can have large ^ ne > ^ JS on tbenvTbe 
gardens by Scottish standards connecting roads are wutg.up- 
andthat there are several quite graded.-but th^y afe. still more 
substantial open spaces. These suable * or hght than for heavy 


processing plant collapsed, hut ment ,, rants industrial rate “re- nn thp ■attraction nf johs as essential instruments of econ- years, 
the town has kept going and auctions and low interest loans. as. thc provision of houses, mine development as well as “In 


give Glenrothes a great feeling 


traffic. 


the last financial year, . 


tv hardly strategically placed, 
Seine a little off the beaten 


there have been only a few vhicll are airne(1 nrindpallv at Th,? P r,iuar - V consideration was vehicles for improving the for example, we put on 1,000 
years since 1948 when *h e manufacturers ^ v * nut the rehousing of families housing slock. new jobs in the town and from 


being a little off the beaten 
[rack. Yet t he town is thriving 
Jnd this year, as it celebrates 
:ts 30th anniversary, it can look 
lack on an unbroken record of 
Vowtb and forward with 
.-easonable confidence to more 
,jf the same. 

1 The town is situated in rural 
■'ife. midway between Loch 
...even and the sea and about 40 
jniles from either Edinburgh, 
Hcross the Firth of Forth to 
;he south, or Dundee, across the 
' 7 irth of Tay to the north. It 
,'s in the heart of what once 
■vas the Fife coalfield, and that 
was the key to its beginning.' 

■ Glenrothes was started as 
hart of an attempt to exploit 
r:he rich coal seams of Fife to 


annual increase in population 
has been less than 1,000. 


from overcrowded or sub- Thp r arl u as nnt bp „ n a i wavs the building that is going on at 
But this ratio of 60:40 niami- standard areas and. as Mr, easylVlielatelSeOswas aS the moment - both new 

•nljimno tn i* O n ■ l am a 1 axrni ,-ta f av » m ^ t .‘M. ■ . r * O « _ _ . .» x ■ _ 


cials exhibit the enthusiasm of cwion otinc Regional council to little sense to move people from j me slment has made thinss L000 this year. We only need 

creating something new. and make olcnrorhes Us head- one area to another if they are harder 1975-76 saw a net loss sorae easing of the world reces- 

nnt yet the world-weariness quarters, with the opening of an still going to be unemplovetl at of ne ' a j-j v sqq iobs in tQvrn sion for us to make a quite 

of unchanging administration. f> ”v e block and a computer the end of the exercise. but the ‘ following year saw a ra P id •dvanee here in Gien- 

There are. of course, some fric- jntte. and there will be more The creation oC jobs has been turnaround with a net gain of rothes - 0ur industrialists are 
tions between the Development Shop employment as the town seen as vital to the towns ro j e *22 and tire report for 1977-7S moderately optimistic and are 

Corporation and local council- grows Several major stores have and jt has helped to . shieJd whejl it is pu blislied within the *<Ming to their factories at a 

lors who resent the freedom of f 3 '* 1 ' vlU .insider moving cJenrotbes (and the other Scot- next few months, will indicate rate unprecedented in the 

action that the Corporation has, l ” t0 shopping centre when t j sb ntfW t0 wns) from the change a net gain of between 800-900. history of the town.” 


? n . er tn! h 5 t0W I h i*,K e ' nf^nnn^ind^when in Government linking which Mr. Cracknel I is optimistic: The town itself occupies an 

come an accepted part of the .. ’ f led to the cancellation of Stone- “There is absolutely' no doubt area of nine square miles 

local community working we [J Seand ISarH^h ar^ ^tafcen ,inUSe New T(,wn a °d the trans- that competition from other between the older settlements of 
Sio i n I o 0C 3 a ! t nfM? ,n !f r l t accnun^that^ini^cannot ^ er . re ®°u rces to the rehabili- areas for inward investment has Leslie and Markinch. and 

t!T»hv! t l-Q»ri t:knDW ^ iedged benents , awav latum or Glasgow s East End. hotted up considerably within development radiates from the 

. * e „ ' ' . _ . ln wm firming the growth the last year or so, but we are shopping and administrative 

The original target of a Because it has not been tied targets of the Scottish new mildly confident because our centre. Industry Is grouped into 
population of 3Z.o00 was ex- to an overspill scheme, the town towns, ministers have made it record show? that w e have five industrial estates, one close 
ceeded two years ago and Glen- has had to place equal emphasis clear they regard them as grown substantially in recent to the centre and the others 


Counterbalance the decline of 


of airiness and roominess which But the tendency towards light 
is attractive to Scots from other industry has meant that there -Is 
areas. Only 9.5 per cent of the a high proportion of 'jobs for 
present population moved to the women, helping to compensate 
town from south of the border for the present .shortage of 
and a further L5 per cent from office and shop employment It 
abroad. has also meant that the size of 

most companies' withia "the town 

Co mm u ting is fairly thjt 

•v" w closures, when they do ; occair. 
Some 60 per cent of the work- have a limited, effect The 13 
ing population has jobs within, companies which either ceased 
the town itself and most of the trading or left the town in 1976- 
others work within a few miles. 1977, for example, employed be- 
In addition there is a lot of tween them only 79 people, 
commuting in the other direc- This it one «? the nuam thet 
hen: more flrnn 5.000 people Glenrot h e5 .. has' managed hot 
travel rnto the town to work 0o ]y to maintain a mmi lower 
from the surrounding towns and nne mplo^nent rate ..than its . 
villages. neighbouring older towns, bur 

Despite a fairly forceful mar- has also been less. liable to 
keting campaign by the Develop- wide fluctuations in 'unemploy- 
ment Corporation which, among ment The ^smaller , size of firm 
other things, describes CUenr could- also bn. a factor in tile 
rothes as a gateway to the North good industrial relations in the 
Sea oil fields, most industry .is town. •- 



But don’t take our word. 

In a survey* of companies operating in 
British New Towns, Glenrothes came 
out on TOP. 


AH ratings for New Towns 

throughout Britain. 




?va for recommendation (94*?o 

would tell other companies, “come and 
join us!”) 


A nice birthday present in 
our 30th Anniversary year from the 
Industrialists of Glenrothes. 


Further proof? Read the quote 
below from Scottish M.P. Willie Hamilton. 


'.w WW for Business Environment 
(90% of Glenrothes firms said, “Good!”) 


for Industrial Location. 
(92% said, “We’d choose Glenrothes 
again!”) 


“Glenrothes, with 160 firms 
in a town of 3a, 000 people has industrial 
relations “par excellence” I don’t believe 
any community in Western Europe can 
compare in industrial relations with 
that area. The number of working days 
lost through strikes is minimal.” 






eli 


***■ ■ for Fulfilment (75% said, 
“Glenrothes is fully up to our 
expectations!”) 


For full details contact: 

John A. F. McCombie, 

Commercial Director, 

Glenrothes KY7 5PR, Scotland. 
Telephone: Glenrothes (0592) 75 4343. 
Teler. 727125 


■ % 
'A*. '■■■*• 


e 







The ideal location for your new U.K. branch* 


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expansion 


nr.m jgojsBES IS one of the of success has not been easy, 
first generation of new towns Glenrothes is perhaps unique 

ia Scotland, but its rate of in that its raison d’etre virtually ^ •'■iM 

growth over its 30-year- exist- disappeared overnight in 1961 p/- T/ - •.■*-■- : '>^Ks aL- 
ehce-has been relatively gradual when the big new Rothes &v* ' 

and this perhaps explains the Colliery had to be abandoned tj '■ ■?. ■ V ; “ 

result of’ . a recent survey by. the National Coal Board 

among industrialists which put because of insurmountable :-■■■- ? . ■ ,/hr- 

'Glenrothes in the top place flooding problems. The new 
among UK new towns. town had been virtually planned 

Tha survey conducted bv an . the pit, one of the 

in£&MhSS£ teS-iSlS-“*» ******* NCRin * 

649 .companies in 17 of the 28 years of nationalisation. 

UK new towns and Glenrothes Glenrothes had to light for i-j- 'yY** 

gained the highest score -for survival, for new industry and f 
providing a good business even for population because the bpS- ^ 

environment and best fulfilling town had no natural pool of | ^ ^ 

the expectation of industrialists population as the new towns in 

settling there. A .total of 60 of the West of Scotland had. Its ^SJa^t fagcgL^ 

Glenrothes’. 150 companies industrial success during the ' '■Crfp'* 3 

answered, the questionnaire and 1960s was spectacular, particu- 
75 per cent of these .said the larly in gaining electronics 






NmvbargtT 


» ft Cowdenbeath 
pUNFEHMUffifi,®v uq^ 


T kibipui n y= 


General Instruments Micro- firms to start up. at- Edison 
electronics was one of the last House, 
electronics firms to establish in Mr. John McCombie, com- 
Glenrothes and was one of tbe mercial director of Glenrothes 
few to weather the recession Development Corporation says: 
and to expand culminating in a “ We provided (fight factories 
Queens Award for Industry this at Edison House and they are 
year for export achievement all let, but I cannot claim it is 
The Glenrothes factory is an unqualified success. We have 
Europe’s largest and most one possible expansion from it. 
advanced MOS-LSI microcircuit but basically the trouble is the 
facility and virtually all the lack of risk capital, 
technology has been developed is m shor , age of 

U TM Se a L? tenr0toe f .. people with ideas, but the prob- 
■ ^ ° uts,de . U ; e lems of finding the money for 

indostiy the company can fairly new Tentures is stiu daunting 
chum to be ffie originator of the alth<mgh now th at Scottish 
TV game and its circuits are the Development Agency is well 
heart of a wide range of con- e^bu^ed this could well im- 
snmer products from calculators ove ■ We m considering an 
docks, appliance tuners, and pension at Edison House at 


»o per cent or uiese saia me iany m gaining electronics . entertainment systems Thev T " j .sm k t-- 

town 'measured up to expecta- firms, ■ roost notably Beckman Industrial Revolution while roads into the export market are also used in telecommunica- 'il® °?° JDen ? 811 d I we still believe 

tions fully wbUc nationally only Instruments, Burroughs, Gen- Ti |IIis Russell are relative new- where their prime target is tions circuits losic svstems and there 13 potent !? 1 . in - slvjng 
50 -per cent “were fully satisfied, eral Instrument Microelectronics romers established in 1809. Europe. Exports have almost microcomputers. help to get new small businesses 

In further questions 92 per and Hughes Micro-Electronics. Russe,t is still an doubled in two years and the Situated on the East Coast. goi . n jr 

cent replied ihot they would Th p if . became the inde P enden t Scottish company new machinery will give the Glenrothes has been in a eood *. 0ur . general strategy re- 
make the • same decision on ^tre of^theTmbnS Sattteh ^ ,s of the most successful capacity to attack the French, position to Se adv^ta4 of mams . tke *“!£ Prov,dl - ns s ° od 

location against. 75 per cent e ? e ctronics 4durtr7 and even p £H er making ““PMie* Swiss and Benelux markets, g* North Se^ oil indtSw and "S* J ? S- recession has 

nationally and -94 per cent today 19^efceX the 4ork- ** *****"* in ™ry high They have already made SJcethe oil toom bSS hu ri L° wed us „ per ? aps w 

would recommend . Glenrothes J™ is emnloved in the fodul quaUty papers includin S some dramatic inroads into the concentrated on attractine tbf take - * good look at what kind 

tar is^is^&sss^ £f™s ,ch "• market - jsrsSiS'itaSrsa.m ,r 

tabttriS**' ujfli Srf ^ r i y ,™° S >., Uni ^ “h St Dther 0rer ^"30 years of Glen- „“= n . agiB ® .. dirc « or - « r - ” e “ “ the high technology f hat tb ere is r00m for d more 

the Fife town is the almost rothes’ existence Tullis Russell Sfrirfi ^ fiSicSai lii? nCW towns distributive and service indus- 

uncanny strike-free record in adv . ant ^ ! ^ ofpD ? have maintained a labour force fu5i ded v S / + ni l ne - r pruiclpl T ® industr,a l policy- tl7i t h e mc j re specialised the 

Glenrothes. Industrial relations ' of about 1,500 but have more w nf DifFiAulf better. In the past we might 

in new itowns are generally iuL ^ e . on * .^ ut .Jf 1 than doubled output through a a , tux »f an i T «r J-JlIUCIllt have tended to ignore this 

better than older metropolitan few y ears » the diversity high investment policy which ° £ ™°n e >^^ e were the only UK . . _ . sector of the market but this 


Glenrothes, industrial relations v.Te ot aD0Ut i.oiw out have more ! .T't. rvi£f: li. oener. in tne past we mxgni 

in hew itowns are generally ^ase on. bi ut uj, jjj an doubled output through a hken a lot of time and a l^ IJPlIUCIilt have tended to ignore this 

better than older metropolitan few the diversity high investment policy which of . 1 ? 1 I 0 ^ ey 1 * e were the only UK sector of the market but this 

areas, but Glenrothes’ officials - lts stna ^®£ ® on ?p. a “ ie ® a ^ d has totalled well over £50m at ex ^ 1 ^ ltor the international During the last three years of industry is becoming 
are convinced that their record propensity for high present day prices including a f aper ejd J lbl V°° m Germany with very little mobile industry more essen tj a ] t0 service manu- 
is second to none in Western provided a bonus of steady new £13nJ ma ^ lut year for instance-but Je available, it has been difficult facturing industry effectively." 

Europe. - expansion which cushioned machine which is due for con f. effort is beginning to pay off.” to attract any land of industry Indus trial inquiries have 

With 150 new companies pro- Glenrothes to some -extent missioning in September. The TAhile tbe electronics industry let alone high technology, but shown a significant increase this 

riding ' around 7,500 jobs and tbrou & 11 ' the recession. policy has paid off because the PD , d 0M“i a l®s the there have been some successes year an d growth, particularly 

two successful paper -making While the mining industry company are running virtually ? nd “stml base of Glenrothes, it in attracting speciality services f rom existing companies is 

firms which were sited in venture proved a disaster, flat out with a range of papers ,sstd * tb ®* a J'Sest employer with with a technology contenL beginning to accelerate to the 

Glenrothes before designation Glenrothes other indigenous which include cheque paper, around 3,o00 workers and after With a diversity of small to ex t en t that the new town in 

employing * further 2,000, industry — paper making — double sided art paper and tb f. setback in the early 19< Os medium companies, Glenrothes June f, ad on jy 10.000 sq ft of 

Glenrothes has a relatively hi^i has maintained steady employ- insulating paper. which hit the industry world- has always hart a strong com- advance factory space available, 

employment base for its popula- ment Fife Paper Mills . have The new plant being installed Wlde - are renewed signs of mitment to giving the maximum -yy-jtli a big building programme 

tion of -34,000,. even by new been in existence in Glenroihes will ease the situation and allow f row “ l - Most of the electronics help to the small business. It un derway, this situation will be 

town standards, but this kind since ihe beginning of the the company to make further in- “ rm , s are American owned, but has established a craft work- overcome over the summer, but 

m almost every case, there is a shop centre at Balbirnie in the is i ittle doubt in the Cor- 

high degree of autonomy and former stables of the mansion pora tio n ’s mind that the 
A • ■ -f i- • , most of the *™ s are ““ su ^ house f . or a of craftsmen economy is beginning to climb 

A. rA n 7Y 7>/\ porting technologically, with and in another ambitious t of recession. 

/A I 1*4 Til 1 T1 111 I* IB VI Tl CT r-^ their own research and develop- scheme developed a complex of ¥ ^ n , 

- rtvlftly Ll I f C. CV-/ ment facilities. factories to encourage new John Drummond 


out of recession. 


John Drummond 


IN THE Fife village of Thorn- was one of the most difficult “This in turn generated busy A TT T /-X T T HT 

ton on the edge of Glenrothes, . Sir George has ever had to make railway traffic.” I Al jT \ \\f III 111 Ill 

Sir-George Sharp still lives in about his own political future. Rllf . hv thp 1hpr . JL 1 Tv 11V/ wl-L7XXX$^ 

the same street -where he ^ mean the end of a b een a catastrophic collapse of 

brought up as a young lad who. dedicated and distinguished m ^ n j n n He blames the 

was to develop a profound con- career in local government fallatrv of cheap Arab oil as a GLENROTHES WAS intended consdstently quire flexible, paths and traffic separation are 

cera about the social depriva- which began as a young coun- major contributory factor Sir t0 be a very s P ecial :ki7ld of Glenrothes does not perhaps common to every area, but there 

tion he saw 1 - around him. • cillor 33 years ago. But the George points to’ the minutes new town— a twentieth-century attract quite so much architec- is no standard “ Glenrothes 
The local poor house was former railway engine driver 0 f a meeting held in 1954 when version oE the colliery towns tura! and planning attention as house ” in the sense that certain 

only a few hundred yards' who was k nlghted in 1976 was Government and the Cnal which sprang up all over Britain Cumbernauld, or even Living- other new towns are dominated 

away. “ If reflected everything Te * Ay to accept a new challenge. Board were forecasting that bv in 1,16 ^te eighteenth and nine- stone, but it has always steered by one particular architectural 

that* '-wasr Wfirst * about ' society/' ! ’® r George was one of fte- d i e year '2000 there would still teenth centuries. well clear of- the monolithic, vogue. 

be recalls.. .“ There were ^ the , lea . ders of the successful cam- be 3,000 miners in West Central Wliat this meant was that quantity -oriented. approach. Glenrothes is also a popular 
Dickensian overtones, the high paigT1 Fife _ a gatdst the Fife. “Yet there is not now Glenrothes, in order to house Those vague words of tbe early place to live. Not only are 
grey building, the. eight-feet Proposals of the . Wheatley one cogj j a the whole of about 6,000 miners, was planned 1960s, the neighbourhood and people anxious to qualify for a 
walls, one saw the hearse going Gwmmssion who wanted to Central Fife," he points out to grow to something around the precinct, have held co-nsis- rented house, but also keen to 

down the road ,the inmates pad- the county into two, uncertainty over the future 30,000. What happened though teat sway. Housebuilding has share the community and colli- 

ding about the grounds. . spbttmg its adnynistration 0 j coa j mi^g was 3 i fi 0 signifi- was that the future of the coal been steady ratiter than tnercial attractions of this 
Sir George has - witnessed cant tri future development industry changed rather more dramatic. From 1951 to 1957 it vigorous new town as owner- 

what he calls a “bloo<uSs of new town. Much was rapidly than a new town could a t about 300 a year; since occupiers The older Fife 

revolution" since those days 2*2 ISS? wJSfi? S t0 de P end on Prosperity of be brought to its target size._so then, the figure has fluctuated J? 2? 


treme^ j pove^^^e “un”" ment^bSriikf which wasT0 be a major' factor town liberaUy mixed with i^d" I 983 ‘In 1967"- 

At 59 he is « chairaan of a t f the eronomy of Glenrothes, 'other todes and ocropaDo^ wim ^ average . roaring at ^SK bl n y „ i :l n e , al ?"‘., 1 i f i? L n ^ 


now — are 
ts rise: a 


I. : memoir or me county council closed d own ; n LarnarbshirE employers. C i ^ , can be a threat. Designed to 

ge^dsmn to accept the in 1945'. Fife was very dependent miners were to be transferred The varagies of Glenrothes’ hui *[ “ 9i484 by cater for a traditional industry, 

post of..<2iairxnan offered by the nn coal. “ The stuff just spewed t0 pjf e ' But problems were industrial future have naturally Go^rolaon, 328 by the ^ with traditional homes. 

Secretary of State -for Scotland out of the ground, he remarks, encountered after the nit was been reflected in its housing bical authority, and 43o by Glenrothes has brushed aside 

W- ■ V • and it was n^er to growth. It started with a target ^terprise. the failure of the mines, left 

\ prosper. of 32,000 population, housed on Current housebuilding rates, behind the tenement flat, and 

- A ' — - -- 1.950 acres of tbe total site of run out at about ra pj d ly become a rounded and 

‘ ' PporpffilMp 5 ' 730 acros; ^ 1S5 6. tiie 601 ? a y^ar^ 41141 Proportion attractive community, where 

V - v JVCjj,! National Coal Board's pessi- f° r sa 11 ® nrust move th e managers of the new fac- 

\ “Month after month a big niism was reflected in tbe consistently upwards if Hie town tories are happy to pay £20, 000- 

- ir question mark hung over the Development Corporation’s ad- is to expand its present proper- plus for a modem home. 

V .r . ’ Rothes Pit and this posed an mission that the population was tion of owner-occupation, at 13 gamton 



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question mark hung over the Development Corporation’s ad- •*? 10 expana its present proper- plus for a modem home. 

Rothes Pit and this posed an mission that tbe population was tion of owner-occupation, at 13 Rarnton 

even bigger questio D' in ark over likely to fall between 15,000 pgr cent, up to tire official target 
the new town,” says Sir George, and 18.000; by 1959, the Forth of 25 per cent. Com m u n ity 
“While it is a regrettable com- Road Bridge and an overspill participation in' the design and 

ment to make, it was only when agreement with Glasgow had planning of new housing has 

a decision was finally taken to put the target up to 32.000 once consdstently been welcomed, 

close the pit that at least some again; in 1963, the derision that although one experiment in late 

measure of certainty emerged Glenrothes- should become a 1976 aimed at involving tihe 

about Glenrothes.” “ growth point ” in Fife had existing population in the plan- 

'Rie new chairman views the raised the target to 55.000 : and mug for the future population 
Rothes Pit crisis as among the 1966, the Development Cor- attracted less than a dozen 
moments of despair which faced poration was planning for an visitors. Neverthriess, houses 
the planners of Glenrothes, end-of -century population in the currently in hand for the north 
Another was when a Govern- region of 95,000. At present, a f town lave been designed 
ment Minister asked the County the population is about 35.000 ^ ba Ve their bedroom on the 
Council to undertake responsi- —and it Is planned to reach gro und floor, and .their living 
billty for the development of 55.000 in the coming decade. room on the first floor, offering 
the new town and the Council Glenrothes has benefited a rtew ^ towj ,, 

replied that there was no way in from its chequered career. The a&d gr^tar mjbdic space: it may 
which they would be prepared Development Corporation has sound dullj but -„ y ^ general 
to do this. “It seemed to us at learned, and applied, lessons of . gcottiah public 

that time that if this option had which might with advantage it ^ revolutionary, 

been accepted it was going to have been taught elsewhere. As 
be a very short step to the they detailed in their 1967 re- U IP XI 016 
Government drawing two red port, adaptability bas proven of . .. 

lines below the new town and greater use than rigid planning: Nor is it the first example of 
finishing the whole conception. “ Over the 15 years since the Glenrothes’ willingness to be 
As a county councillor, Sir 1951 outline plan for the town flexible above and beyond the 
George closely watched ’ tbe was prepared, dramatic changes Scottish norm. The first pre- 
progress of the new town since have taken place not only in cincts to be built in the town 
its very beginning. He was Planning theory but in social were Woociside and Auchmuty 

present at a meeting in Kirk- habits and also through the — and Auchmoty had a high ^ 4 /. **'•' a • ♦.« . 

caldv in 1947 when Joe West- turn of events. These have proportion of 491 flats, which is W.. -V; ■> .. • 

wood. Secretary of State for rendered obsolete nearly every almost 30 per cent. Tradition- yA . J. -vu !,{,:•> w/ ... v • 

Scotland. announced the for the original plan, ally, Scotland has built far more Wfa.611 YOllVe ffotan PVC DTI PYnflflQirttl TYniTI r^nlicp- 

Government's proposal to create Th«e has been the remarkable flats than England, but the post- r — 1 J uu vtL ” 5 UL e UIi expansion \ OU li realise 

a new town which was to be increase in the ownership of war era has seen a pronounced tUattliere are many questions to be ailSWCred. Industrial 
“smokeless” The first offices and the consequent need shift in consumer preference j . , 3 

of the new town were in a house for vehicle/pedestrian segrega- towards the house. In I960, the lHVeStDieatlS a Complicated and pU^^lillgbUSmeSS these 

owned bv a local paper mill- tion and for vast urban motor- Development Corporation an- (Jays 

He considers the development ways and elaborate traffic in- nounced that it bad recognised . * -r> 1 11 ^ ^ 

of the new town since those terchanges; there has also been this shift, and that there was WiHCH IS Wiiere UailK Ol OCOtland Can iielp. WChaVe 

davs as a remarkable achieve- the failure of Rothes colliery, M considerable resistance to the +t,«1 rMnw 1 _ j r- 

ment. resulting in recognition of the general, reduction in work- letting of flats or maisonettes.” tJlC JSHOW-JlOW TO meet LO.C CVeT-clianglllg IlGeds of 

Glenrothes as°one of the main jug hours, the increase of as a result of which is had re- industry and COmmerCC and a Wide range of SDPCialist 

electronics centres of Western leisure and the revolution that solved to reduce its target pro- jx M - % . , .r" 

E Ur0 p e has taken place in the ways in portion of flats from a third to TlU c UI Clcll S0TV1C0S tO DElCKlttlp. 

sir George believes that the pwp 1 ' “«■ ei " <ra : ab “ ut “ This^aipi, CH'erdrafV? Term loan‘d LeasiTiff^ Ora rnmr>Vfr- 

new town could have developed 110,131 O'* 1 ' 111 15 mi reduced the future building re- _ ' voxuj.oj.li xc,xxjx juou. ur A LOmjUCtC 

faster with better communica- this is altering the location and qulrment for- fate. since so financial package? tVhether VOU’rC Operating OH a local 
e tt 0 prifiri«»5 successive sizes of senior schools. Demand many had already been built. j . • j. j.- i gyuoiutai, 

governments for their failure to for elbow room has Visually, the town’s housing H£itlOUcU OT mtCTOatlOlial Scale, W’G Can liclp YOU SOlvC tllC 

provide a much-needed first- increased. Learning therefore, is not only vari^ in itself but investment pUZZlc. 

ri ac « rprinnal road Iinkin w with from these things and from the aided by the undulating nature . . _ _ 

the approaches to the "forth chequered history of the town, of the site. The individual pre- dimply talk It OV 6 V With VOW local Bank Of Scotland 

r,or^t''doe^ nSth^ !bgSetrpX°fe“b: ^cfo^r » n-e S Meager WflO Willghdly P Ut JOU in tOUch. 
this direct access and I would niques and statistical analyses, their names: housing in Wood- 
like to think that things will accept that the real challenge side differs from that in 

move faster in the years ahead,” to their planning is to main- Auchmuty and from that in . tv 0^1 

he cavs. flexibility.** Macedonia, TansbaJl, Caskieber- » fg mr g % n CfflAIBV A WTh 

In terms of 'bousing, the ran, Rimbleton, Cadham and IU ouli X uAHll 

jVOaiael Dayidson approach has in fact been Collydeam Gardens, trees, foot- 


When youVe got an eye on expansion you’ll realise 


BAHK OF SCOTLAMD 





Slow Wall St. advance as holiday nears 


Indices 

NEW YORK'- I>OW J01,ES - ,JW,w 


. 0 ^ 


^ f < 

! * lit 

. r>yA ' 


, INVESTMENT DOLLAR 
$ PREMIUM 

.! 52.60 to £1 — 1I2J% (111%) 

^ |EfFertivc SI. 8665 — 52'% (50-196) 
■ STOCKS MADE minor gains in 
i* lull trading that was limited by 
^ inticipation of the Independence 
: Day holiday. The market's weak 


At p ward bias may have conic from 
■foomc short-covering and last- 


.Mminute portfolio adjustment.?. 


j However, trading was trendless, 
Jrtith most trader unwilling to 
.-'■.akc positions before the holiday 
Uanri publication of li.S. money 
if up ply and consumer price 
c statistics. 

$ After the close the Fed reported 
•' Ju.S. money supply (Ml) fell Si.Sbn 
JJand today the market awaits a 
-rppnrt on May consumer prices. 

which rose 0.9 per cent in April 
,'nr 10.3 per cent on an annual 
, ' basis. Also due today are reports 
\ on factory orders and farm prices, 
i The Dow Jones Industrial Index 
t r0 p C 1.73 to S2t.fi4 and advances 
'« led declines about four to three. 

Volume was 21.66m shares against 
t 23m shares on Wednesday. The 
^Transport Index sained 0.63 (o 
i 210.32 and Utilities edged ahead 
„n.ir 10 J 04.30. Storks were 0.62 
.jahead at 2S2.93. 
f National Airlines, the most 
?J active is-sue. lost 25 cents at S17}. 


>j active issue, lost *■:> cent^. at e**,.. 
^Turnover included blocks of 
'173.000. 55.0 no and 96.nno .'.hares. 
iKamada Inns, the second most 

cfnpL- nut nn .ifl ri>nt« 


^■-tcrive stock, put on 50 cents to 

fcgSl. 

i Tropicana Products last SI I- to 
>45 before trading was halted and 
Beatrice Foods added ? ro S23$. 
Beatrice said the L’.S. Federal 


Trade Commission would chal- 
lenge its planned acquisition of 
Tropicana. 

Ingersol 1-Rand. forecasting 
record second quarter and first 
hair earnings, gained $1J to S53J. 
Trustees of the bankrupt Penn 
Central Transportation Company 
asked a U.S. Federal Court to 
authorise completion of its 
reorganisation plan. The stock- 
cased -1 to S2J. 

Memorcx climbed 52 to 5471 
after reporting that SlOOm of new 
financing announced on Wednes- 
day would yield a 520m. increase 
in borrowing power. 

National Starch and Chemical 
was outstanding jumping 86? to 
$70j. The U.S. Internal Revenue 
Service ruled favourably on its pro- 
posed acquisition by Unilever N.V’s 
U.S. unit. National holders will 
vote on August 15 on the deal 
which would pay them $73-70 a 
share. 

Colonial Stores spurted 841 to 
$284 after Cavenham’s Grand 
Union unit offered to buy it for 

C7ii q chijfp 

Tele dyne picked up SU to S102, 
Ferro gained $2 to $33}. Boeing 
Co. rose SU to $531, and MCA put 
on $1£ to S4fl. But IBM lost S2[ to 
$259? and KJL.M fell SIS to S62J. 

American Stock Exchange 
prices rose in slow trading. The 
Ames index gained 0.61 to 145.G9 
but volume dropped to 2.75m 
shares against Wednesday’s 3.13m. 

Oil and Gas issues were active 
again. Damson Oil in second place 
added i to< $13L Ashland Oil 
Canada eased 25 cents to $20}, 
and Total Petroleum North 


America eased 25 cents to Saf, 1S0.82. Banks gained 0.26 to 274.69 DM 5 to > DM IMS.- raiSETS"* « 

Resorts International “A£ the and Papers 0.80 to 113.36. sKn/ -sSned DM at cents at R6.70. which dealers said 

most active issue, gained $24 lo ^ _ S. 1 * 111 *"?* renresented a correction of the 


‘i ; • ; 

Jnne June rfcuwlJw 
& » 87- [ 38 2a \ 


most active issue, gained $24 to 5ajueu w «presei 

sw Str losses both ° £ up “ m 

SI to $6*. Foods. Department Stores, lex- * . . _ . . ■„ trading. 

f-n-J- tiles and Pharmaceuticals rose on The market went hb» h * r 

Canada ■ a recovery of personal spending, fairly active trading due to the „ 



Canada 


^anaoa ■ a recovery of personal spending fairly active tracing que w u» U nna 

Canadian share prices closed although the uptrend was curbed firmer franc, the fall m the call nvJiig I\uug , 

higher in active trading, with the by late profit-taking. money rate to 74 per cent from , ^ Hong Kong market ciosea 

Torontn Composite Index up 2.3 Export-orientated shares rose 71 per cent and the cut in base s |jght]y higher in moderately 
at 1.125.3 and advances leading slowly, despite an uncertain out- rate by Ste Generale to 9.0a per active trading, and the Hangmen* 
declines 239 to J7S. Eight sub- look on tbe Tokyo foreign cent from 9.30 per cent. Banks, index rose 3.71 points to a*a.3o. 
groups gained while six were exchange market. Sony rose \ 60 Foods, Constructions and Oils Hong Kong Land rose -0 cents 


1 5S5 2iSSo\ lf.d 8 UmI*S* Ufa* 

• ; i ' !■ - 1 — > — 

1 *B iua^ol Index changed trom Angytf 2C 


- -< 


June 23- l Jone-16 ' 


Jml.dir^yieWiX 


5-68. .1 


Jems ST Tear hjjo fSpprox3 
5.43 i - 4.83 :• 


lower. Metals and Mining jumped to Y1.760. TDK Electronics gamed were the best maintained led oy t o HKS9-bo, Hone Kong akD POORS 

ahead 11.3 to 9302 but the Gold Y40 to Y2^90, Pioneer was also Bouygues and Elf Acqtiitaine. up 10 cents to HKOTJO.. Wheehwk STAKJ3ARDAKD yooits 

- , . .« -f i iir 1 ir in J A— VI AhW Pfmh — !l_ T)..LL. MA .nUhlip \T*oia*ilfvi r: *« UVWin SWlFC PdCluC — ' 


anean U.ii (U uul tug vjuau i tu iu a a ivmw- onu •**' 7*- 

Index fell 10.7 to 1,416.1. Y40 ahead to Y1.S50. and Ricoh while Rutoers, notably Michelln. 7.5 to HKSS^O and Swire Pacific 

Alberta G as Trunk "A " was the put on Y10 to Y339. However, Engineerings and Chemicals were 5 to HKSS.10. But Jarame 
most active issue slipping i to Matsushita Electric fell \6 to well maintained. Matheson and Hatcmsoit 

?14? on C 101 3 9? shares. The com- V723 and Toyota Motor slipped Among mixed shares were Whampoa were unctaagedat 

p!my which has acquired a 33 per V4 to Y929 on profit-takuig. Printemps and Navale Dunkerque HKSla.bO and BM&U 

cenf in teres t in Husky OIL invited Public Works .shares. Real Normandie, while among those to Amoi« second bnan gjjj ggj 
p>tTn- Canada and Occidental Pete, Estates. Communications and ] ose ground were Raffinenes de rose 40 to HKOsgp. H0 "f 

Maehinu do*d hi R h,r ta .et,™ satat-Louis. BHV » al tousat- Wbrf 20 to HKSM50 and Cluna 
Ss,nd other cornpMies to trading, while Steels. Heat? Loire. Redoute shed Fr 1 to Ensioeers 10 to HK3.0.). 

participate in a joint venture to machine s an d Sluphuddmg closed p r 543 1 end Lepm c I lost Fr 2 to jyjj. 


1 Jnne i Jane ! June') Jane j June ) 


smpjtar'. 
f. jCow 


104J2| W4^.105.3& 196.^1! 110.*! 89.62 j'-tM.M | W2 
[ I ". (9W | (W> jfiliW8M( S0*32J 

84^8-84.601 .86^8 *‘MJ0 I 125:BS 1. 4.« 

, .. j." ■ r-nn- r'iw 


June 14r | S« 


exploit the heavy oil deposits in slightly lower. 
Saskatchewan and Alberta. Pormom 


Saskatchewan and Alderta. pArmanv 

Andres Wines rose 50 cents to Vxerniauy 
SIS?. Intermeteo put on 5 to $94 Frankfurt: Share prices were 
and Cohy Distilleries “ B ” gained mostly firmer in lively trading on 


Fr. 1.60S. CTT Alcatel plunged 
Fr 15 to Fr L065. Dutch Oils and 
some Golds were weaker too. 


Amsterdam 


Milan InLtriiv. vifM % ■ _ . 

Milan prices closed irregularly ... 1 . 

higher in quiet trading. P‘ re “* — 

Pirelli Spa, Snia Viscosa. Monte- r-iovt-HoiKi yield ■ 

disnn. Fiat and Olivetti Ordinary — - — 

were leading lodustnals to show . . 


:«£P.l*pprox.i 
4.57 . 


tS?*k25r£iirt*J5!5iS ^ ,. Ph . u 'e s ..;r. d «4kuawt AfJlc .- ?" d .. Pir fSi . i . ■ » 


Bian ud-Mli 

.--.|Jone-E0j Jozi»2F.Jqm 9T 


u Royal Dutch edged lower in other- E /-< %ve re marginally lower. IF1 1 June June ; June j Jane h 


22 l 27 


"ta «ta£3rtl» Industrial Icd« Linda rose DM 4M to DJI 254 fiidd’«SSSdrtSS 

j J n 19 trt 1S1 fin and th(- naimler-Rpnz was ahead DM 2 *' nnu * nv.i. ances was arm. 


edsed ahead 0.12 to 181.00 and the Daimler-Benz was ahead DM 2 ££ Fl'TTowir. Weak ances l ““ , ‘ , 

C omposite Index moved up 0.28 to at PM 301 and Lowenbrau rose . ^ JQcludec i RLM, fi 6.5 lower Switzer lan d 

.tz tttt; i,« i zunch P n« s ^ 


. Imoes traded. 74 J 1.867 j' -L886’ 

“ Rises- ..I 830 I. B26 658 

. Vails I 590 IT MS [ W8 

— Uactojxaed.^.v.,..’ 454 I- _ 4S8.1.| . 4U 

. ■ — (7--“" 

.New Lows — ; — -..26,i - — — i 


NEW YORK 


June 1 J une 
SU 1 2? 


ttOHTBXAD 


June i June 


j Ahhvit Labs. . . 

i..\ Jdre ?- oei-iph .. 
•>erns Life it n?-- 
"An Produ>.i>. 

, AL.jSjDLVIiiiniai'ini 

* IliXm 

■"iAil«i:. 


;,Alle^hetir P"i»*r. 
A' Alli«-i C h'miuii.. 


fi Allied tror*--! . • 

'. Alii- i-hslmer* . 

1 All AX 

Hen. . 

') A Mr. Ai'imci.. 
V. Aner. Brand*.. 

4 1 Atrff. BpudaM. 
'.t Amet. r nn.. . 

I, Amor, ilyannmi'1' 
1 Amfr. Ills!. Tel.. 
j* 1 Airier. Klee. P*. ,r z 
111 Amor. Ej.pi •??.». 

, . Amer.Hr-rne Hn.-i 

! Aner, MtdK*l.. 

I- $ Araw. .Ifctorr.. . 
i|, Auer. Net. (,**..• 
.» Amcr. #t»n.lsivl..| 
’• Amer. matts. . 

. Atne:. Tel. A Tel 1 

1 Amerefc ; 

t AMF 1 

...U1P | 

Amie-A 

- Acdl-’C b .-Jklnc.i 
tj Anheusor Buv:b.. ( 

1 A 1 wo 

•» A *.A ...? 

Asauemi'U. .. 


i;.,mio£ r. Ins*... t 561s 
i PC Int'n'iinnaV 51 

Crane S8S; 

I. i.s-ken Nai ... ■ 831? 
1. rr.uo ZellerPsi:h- 31^i 
CuMimin" Engine 3? 

1. mii«> Wrij-lu...; 165* 

C'sd« 27 tr 

U«n Induftnet.. 42Js 

L'eere 52 

frel M note. 25T^ 

Deli line 11*2 

Ueni*plv Inter... 2 25a 
DeTiv-ii Ivluon. .. lb*r 
Dwuitei'libs'nrk 2Scj 

Dii*raijlj.tne 14 Jr 

Dig'll.* Equip 465; 

Disney (Writ,.... 4Q'* 

DwwCorpn. . .. ; 44 '1 
Don Client leal.... 24 A® 

brant i 265* 

Dresser 44J$ 

Dupnnl lid's 

Llymo Indusirtesi 401 , 

Eicjle Pioher 2454 

Kas t Mrltue » . . 12-S 

E«»( man R'-tdak..; 54 Je 
Ksi.io 36U 


56*2 ! 55>v 
51 : Sll. 

28S; 1 28*r 
251? . 2519 
3Ui . 31 
37 ' 38 


Johns Jlunn lie .' 
■lobn*..<n Johnson. 
Johnson Control. 
Joy Mmjutsctur’g- 
K. Mar Coip...... 

Kaiser Aluuiinfnt' 
Kaiser In-lim lies' 

Kaiser Steel ' 

Kay ,....• 

Kranmn 

Kerr JIcGee 

Ki,i>le Wa|i»*» 

KimberlT Clerk..' 

Koppers • 

Krall ; 

Kroner Co 

Lea seway Trans.. 1 
Tarri Straus; 

Libbv Ow.Fooit.. 


6tod. ■ 

£M> 

26 

Revlon 1 

48J« 

481* 

RertirtM* MetaleJ 

28 

281* 

Rern-.Mds R. J. .. 

56 

547* 

RichNon Merrcll. 

zai 2 

25*i 

fleck well loter . 

32 

3D? 

Rohm & Haas 

S3 

33s? 


24 Jw 1 24 b 


23ot 1 23*3 


RE.eal Dutch ' 58 lj 

UTE ' 14^. 

RUbS Loss 125s. 

Ryder eystcn 25 
Sale*rae Store*.. 391? 
^t. J.>e Almeralt. 24 1 a 
?l ISecis Paper... 27 1? 

MfitaFelmi? 35 

sanl I O vest ........ j 6 

^asrm [n<is I 65a 

sVblitr Bn>miq..i 13 (a 
••sehlumberger 837a 
aCJI I 18*8 


58 lj I SB.'j 


Iwooiuxrth i 19 . 186s Loans wi 

Wvly - 4 i 4 

Zapata 1 15^1 j 15*. AjITlS. 

, Zenith kailio . . ! I4*t 141& Boloiflf 

1 n.S?.Tre**4^ 193C tMlg • tM.W "* •*' 13 1 

| t:STreaaAi%76»5 5797 8 ♦797 r mObU> I 

t-.S. 90 <iar bills.. 6.89£ I 6.90» Hoboken 


h„h 2S» were Zurich prices closed steady. 
But H> A. Deli and Rolinc° were Eank Leu ^ among otherwise 

among issues to advance, btate ii tt j e changed leading Banks. while 


rJutte | Jtni 

r.'SS J ..2B 


June June. I Jiiuef 
.28. 27 86 j 


Loans were steady. 

Brussels 


Belgian share prices were 
mostly lower in quiet trading. 


Eiektrowatt and Oerlikon-Buehrie • ’ 
showed some strength in Fin an- TORONTO 
rials. Except for firmer National- 
were Versicherung Insurances were JOHANNEaBTOG 
ding, unchanged. Among, steady Indus- • i D d U «tn*r 


JndostrtaT 

Combined 


180.581 180.8 


' ~ fiigb- 

ks.08 iim 


I ‘ c :; 


1«9JS{-H8J4 18i2g 1B9;76j I84.00'(8y6) ' 

ei ITB.fi' il. 122.8 1120J; 1123.7j 1 148 J3 (15/6) 

1 


is2jn nSi2> 
17BJ2 (30/1)' 


33SJ2 (a0/li 


Hoboken and UCB rose by trials Globus participation cwufi- 
BFrs 30 and BFrs 10 respectively cates firmed Afusnsse and Her* 


! 22U 223.4 221.8 
[ 257.3 23814 238.8 


224.9(21/6) 

242.200/6) 


194JM13^> 


CANADA 


Awrc-’ 

1 A.ibiin-1 i.'il 

. All. Ki'.lilipM • . 
■' Auto 1>»<» Fr--. . 

-• A V C 

1 

VifO Pr-.iduil*.. 
i; Brit »«* F-'dJ 
. F-ink Anienva. . 
i" banker? Cr. S.Y. 
f. Bait*»i' Oil . . .. 
j B»xtvr Iravrooi. 
j Heart we F---I... . 

[I Hei tnaliu.'keoi--M 

[ Dell A H- -v eil.. . 

Jfr . O-tLV .. . . 

Heasnei tun* 'H’ 
■ Bethlebem N«l. 

PHi k.v L'r-.'kni .. 
’ K-eius 

&>,*<» l_IU«.H'li'.. . 

. H->r.ien 

' Hi'iy Wfliiiet 

Braniff lui 


E. C. A C. 1 

El Past- Nat. Ga* 

Kllra 

EmciBt-n F.leeiru-; 
bnieiTAitir'tubt 

Kmbart ' 

fc.31.1 

Enselbarri I 

E-mark . . 

Elbvl 

two . .. 

Fairchild Camera) 
Fe-i. In 1*. »!•**•, 

Fir»l--ne Tli*: 

F*l. >'«i. Hi-ton. 
V'lesi Van .. . . 
Flmikr.tr . . . 

F lurid* Power.. . 
Fluui 

F. M.t 

F-int Mu tor . .. 
KuieitiuM Mck.... 

Krt.-itx-IV 

Tranklia Mint. .. 
Fieepvt Mineral 

Fmcbaui 

Fa-jup Ind» 


Linger Orimp 

Lilly iEIy< j 

Litton I adust 

TiOcklmd Airer'lil 
Lojie6r«r Iadu5.| 
I/*nji Island Lid. 
Loimiap* l^nd.. 

L*iiiriv.*l 

Lucky Store* 

L'ke runirst-Vn. 
’lauMillan ... ... 

M«.-y k. H 

Mtts. Ha Drier... | 

Mapec 

Marattaun OIL... 
Marine Midland. 
Marshall Field ... 


45i 9 1 481* 
21 1 2lJa 

21?* ' 22 


■>.*on Paper | 16s* 


Hmnl Mix 20 ' 20 


Sae Duoder ! 


Abtnbi Paper.... 12ta 

AenKe- Ea^ic 5-50 

AksoAlumimnm iOlj 

Algmnt Steel i<0*» 

Asbe*tr.» 44 ia 

bank ot M-rntrea:: <s2': 
Bank .Vni» Scotia. BDS( 
Basic RettrtJtvc*.. 4.50 
Bell Telepbr-op.. s6s* 


while Sofina, Sidro. Cobepa, trowatt rose SWE 
Astuxicnne, FN and VVagons-Lits respectively, 
fell. Societc Generaie gained A MC #raliD 
BFrs 10 to BFrs 1.920 but Soc. AUMldlW 
Gen. Banque lost BFrs 45 to The Australia: 
BFrs 2.905. Petrofina and Ameri- mixed with a sli 
can Petrofina rose, but Canadian in slow trading. 
Petrofina was unchanged. cents to AS6.90 


trowatt rose SwFr 15 and SwFr50 v ' 29 .1 viow ! High T Low . . 1. a* f yiota-j-nigtt[ *** 

respectively-. *32^7 . <98.78 j 50L34 j 44Uft Spajjn- 101.59 {101.96 j iiMb B7|9 

Australia Belgimn (|> 1 W-SS i »«.88 J lOLte ! • BCb»3 Sweden. (e)| 576.51 j 377 JZ j527|& ^,14 ‘ 

The Australian market closed w , • ; • ... 1 . ~ • _ . - a • ; ff£L ~&!*X 1 

mixed with a slightly firmer bias i wnr V i*«> 94^5- 94.63 ]. 98.13 94 Xio Switwrldf/ 294 A . 283-8. -M8XS 
in slow trading. BHP gained 6 ... i'iW* ] «» ! . . 1 ' ■ ,ffl *«■ 4) 

cents to -AS8.90 and the Bank of France <ti> 67 - 4 J 1-.T. 1 " — ! TT” 


. ~| June : 
! 29 . 


Pre- r WWifMW 
vious Hitrb T Low 


Pra- ( ISTS* 19/4 
vioos : I-Bq[l» Xow 


Vf): 101.59 1 101.96 ' H0.7K 87 AS 
1 >■ mi nzh , 

lr)i 576.51 377.32 lofl7J&}3aj,74 


i Bote Vallvr lad.... 30 


110,2) ;-{174?) 
o7.0 , 76.0 
(9i6» ' <M) 


Sen Container. ...] 

Seapam j 

SearteiG.D.) 1 


277- | 275 9 


Seara Roebuck... ! 23ia 


32s s I 321< 
m 47 S I 4b 


Mar Dept.etoi-M 

ML A 

McJ.Vrm.jft ■ 

Mclt-uneii Doutr 
McGraw Hll . .1 

Mem- -its 

lien* 

Men-ill Lynch. ..■ 
Mom Peirrlenm., 

MOM 

Minn Minx&Mts, 
Mobil Oorp.. . . 

Mcntaaib. 

Montna J.P j 

Muloiula 

Murphy Oil . .. . ' 



'■fcv- Cb-*niicai..i 
; .VnUr-oal ».ao 


6EDCO aS^i 

Shell Oil j ala* 

Shell Ttaovpoit... 40 

aisnal -rale 

Siitnode Curp .... [ 57 Ja 
Simplicity Pat...' 14 

Singer..,' | 20W 

Sir I tli K'uoe. • 78 

S-illtP-n ' 

SfflUhdwu 29^8 

S-uuthernCa I.Ed 1 

^■uihero L-o. 1- it 

StbD.A'at Ket- 1 375® 

Souihenj Pacirtc.' 3 Ur. 
5-Hit beraBai In avl 471? 


a2?» ; 23 
14 j 13 -'a 
23<a I 234 
a5a* ; 3548 
ala* I all* 
40 1 39: 5 

*31* ' 45 
a74a 1 37 


BP Canada 

Brbcan ' 


Brino. ;1.20 


Caljjary lWer .... 38 ie 
Lamflow Minet...' IS 
Cana- la Cemen 1 .. 11 

CatiH-Ia MV Lan. 114 
Can. ] mp Bk.C.-m 281- 
L* oarta InduM .. 201a 

Can. Paeitic 1839 

Can Pacific 1n». 191; 

Can. super Oil.. 56 1? 
Utriins’ O'Keefe 5.00 
La*atar Aike-to-. 10J* 


in Petrofina rose, but Canadian in slow trading. BHP gained 6 „, / j . $'}) J 

etrofina was unchanged. cents to -1S6.90 and the Bank of France (W B7-4.. 66.9 , . T— 

NSW rose 2 to AS5.98. ANZ '■ 79L8 j 7fl0 .9 iBj-! '7a9> THURSDAY’S 'ACTIVE STOCKS'" •. 

Tnhannpchunx dropped 2 to AS3J0 partly on &fl?]0aIiyt | \ iun!) jtiTfii _ Ctaw 

JOnanneSDUTg overseas selling. Waltons shed 2 Holland (iS> S3.o 1 85.6 > o7.a , 76.0 r 

South African Golds were to 88 cents m generally steady i. « Iar , DM t Sami ' D ir^ 

arrowly mixed, but tended softer Retailers. In mixed Uraniums, Bag Komre^-^j&w-^ - si.. +1 
n balance in line with lower Pancontinental fell 50 to AS12.90 ‘TJ, 6L91 1 6L67 ? Si S ! Kx<m Seare Roebuck no7t7W =n 44 

uiJfon prices. Anglos shed and Queensland Mines added 6 to u ry. I i*3s^lil0/h Arien HeaJty 234,-wcr .. .4! ■ -t 

cents to R5.50 in Mining Finan- AS2.4S. Jipin W 41&M |«M.9 b] 41634 ;3M« »}g. ..gv^ 

1 " . — -- Siniratxjre ! 5«0-57 1 536.89 j 340^57 1 262.0 Boe/ng lS3.7fflP. 53*'. +11 

NOTES: Overseas prices shown belour and/or scrip issue, e Per share. I Francs. ™ 4*29/6)1 d.ft Citicorp 161 J00 331 . 

Edudc S premium. Belztan dividends o Gross, dlv. %- L Assumed dividend after General Electric ._ 133,600 501. +1 


2«W rose 2 to A25.98 ANZ 79L8 j 790.9 1 81M-« »•' THURSDAY’S', 

TnhannPKhur? dropped » to A$3A0 partly on i J (iu«2> i‘{17J?) 

juiiaiiitcsuui^ overseas selling. Waltons shed 2 Holland U|> B3.o 1 85.6 • O 7.o , 76.0 

South African Golds were to 88 cents ha generally steady i. • 1 N _ riDn . t Ajr,^ 

n arrowly mixed, but tended softer Retailers. In mixed Uraniums, Bag JS53£[ .£5 ...... 

on balance in line with lower Pancontisentai fell 50 to AS12.90 -« 1 6L67? I t$M Sears Roebuck . 

bullion prices. Anglos shed and Queensland Mines added 6 to u fy. ” ‘.i _• | i *22*) I iiOJ) . Artea Realty: :... 

5 cents to R5.50 in Mining Finan- AS2.4S. Japain tai 41&5* I <14.92 1 416.34 : AMJ04 Ejctou -~—v 


... SC3.6O0 
.... 338JM 
.... 307; 7BQ 


are after withhold I rn: tax. 


Belstan dividends o Gross, dlv. %. li Assumed dividend after 


4 DM5Q denom. unless otherwisv stated, taxes, m lax free, n Francs; Including 


scrip and/or rights Issue. A After local} T ^u~ c: and base dates tail base valors Corp. 14930 -*-f 

•ufnE m 0 _ 1 av f foo «v k rn nnq" 1 nplinl I no I ’ — . _ _ ■ : • • *■ ■ _? : : ■ • 


Common — 50 


*>« e 2 y? LL ■!*!?• tlndt- stfadards and Poors -10 and Toronto i»i Commerabanfc Det.lWa, ««>;Anw«. 

v PusJOO denom. unless other-vise stated, and yield exclude special payment .tinai- ^ based on 1873). dam. Industrial 1970. • m> Banc Seng 

j. Kr.inn denom. unless otherwise staled, cared dfv. u Unofficial trading, r Minority - . . imwuIb tim twiintriaii Bankll/7/H ■ ildn HUin Ul/n: dilTiam 

• Frs.500 denom and Bearer shares holders only, v Merer pending. - Asted. tfcdudmg *«*?•„* ^ 


1. 1. ! ItU 

37Se f 56is 
311- , 311* 


Clueftaln 

l-owoco .. . . . 


• Frs.jOO denom ana bearer snares nwuera ooi>. v merer pvnuui*. i ^ m-pmann. and km> RE 4/1 jssT th> rtuIm 

sssffissssS; lysffsrgi yg ~ " i aWB ,, <a Bs ££%£8rsg&st 


| Gou». bnthunt ..: 27 1« 


unless otherwise Stated. S Price at time xr Ex rights. *d E* 1 
nf suspension. n Florins, b Schillings, scrip Issue, xa Ex all. 
e Omt. J Dividend after pendms riahn increased. 


a liucrtm since I ij|V Belgian SE 91/I2/B3. (**1 Copenhagen <e) Stochhoha industnal 1/1/3& (fi Swlw 


1961. Bank Com. (ul Unavailable. 


Bin ...an' A' ... 

13- i 

14 

Hmtnl Myers.... 

46 

35's 

Brit. Per. \L*K 

loi+ 

151? 

Brt«kT»ay'.rias-i..‘ 

33ii 

33 

Riunatvkk , 

151; 

15 

Bucyius Kne .. 

19 

15 

Bulovn War,. 'li.. J 

O'l 

6>i 

BorlraKton >’i hr. 1 

38'; 

37i f 

Eurivujtbi | 

72ls 

72 

L?m|.bell t.>iir- 

a3«? 

34 

Caue-tlan Biil-i he' 

161* 

161? 

Canal Rmdoipb.. 1 

1U1 = 

10I-! 

>. arnation 

27-H 

27 lj 


R.A.F 

1.. nnne,i 

'••.•n. Amer. Im.. 

1.. A.I.V 

».',vn. l.al,ic 

■ inu. Dynamic* - 
lien. Bleetnct.... 

Gen. F,*,b 

Geuerai Mill*.... 
General 31<?i„i*.. 
Hen. Pul,. I'm... 

i,en. Signal 

i',en. Tel. Eleci... 

Geo. Tvre 

Cteue-o | 

Genre'* Pacitlu. "i 
Getty i-hl 


Nai. Di fillers.. . ! 
.\«i sei^ice Ind. 
NaiKmal Steel....' 

Natotna* 

ACK ; 

Nejimuelrnp. .1 
Ne« Eugland El. 
\»u EncUin-i lel| 
.'mean, Mnhankl 
Mn-ara share... 
N.L Induatnes.. , 
NorfalkAVraeiTi. 


southland 23tn 

S’tr'l Baushave*.. r6G 

fpcrrv Hnt-A I»>* 

speny Han<i a l^? 

Squtb — 34i* 

Handaid Brandi.) 26*> 
std.i.nlCalKornir 39 1- 
Std. Oil Indiana. I 481* 

Sid. Oil Ohm ] 613* 

SiauB Chemical-.' 40M 
StvniiA. Drug.. ..' 1 d7j; 

srudehake, b23p 

sun Co. • 4 1^ 

suiHlttrand 1 45 

'.cme- ; 29:3 

technicolor ' Hi; 

T*fctn>oir ! -»1U 

tcle-ivn*- I 102 

I Tele* 1 


48 CotL'Ufner Ga... ., 
_ *.^~«ka He-ouf.-e- 
48-a3 Cnuam 


GERMANY ♦ 


TOKYO ^ 


AUSTRALIA 


BRAZIL 


345* j 341, 
26J* Mlj 


D»on Devel. 

8»; 

8*8 

DeoUon Mice*... 

711* 

71-* 


t6L- 

67-'* 

Dome Petiole" >m 

ei-s 

62 

Dominion Brvt^e 

24'* 

t*4«« 

Liomtar 

17 i; 

171? 


Price 1 4-rrl Div. .Tld. 
hi». ■ - . % ! S 


Puces 1 + or ! Div. Tld. 
Yen 1 - i % 1 S 


j TFSoo 'i+.ariJ? 
■ Crns‘ j •] Cr 


; D,**Mnt 

I Falfno'geMckei. 
1 Ford Motor Cau 


t |4t = . 14^>* 
*2U 1 213* 
'.43, i t75U 


-*li* 1 40* a 


«S} 17,* ^ i »»« 


teforo Petroleum; JOig 


North Nil.i'm ..J 
I Ntbu. Slate* Pwq 
Ntbae-t 4iriinfc. 


24;« J 24 j a 
39Je I 40 


Carter Hamer 
CaierpillarTraot- 

I . &? 

LciancieL'’*rr,n .. 

t entral A tr.1V.... 


\l eruioiced.. .. ' 
i...>na Al'i.'iall 
X.ha-eMdnhaiia'i 


,'t h-v-ici 

•. inerama 

’ 1 in,.. Milaoion .. 

1 itiuotp 

l itiunerswe.... . 
C ity lDvesDni . 

1' .-.-a lol* ... 
t’oluaie Palm.. . 
Lollin'! Aikmnn... 


1, 1 lie tie. I 

B. F... 

1 i.— Hear Tire....; 

Guul-T. ! 

i, in* W. L' 

Gi. Allan KrcIm' 
Ctrl. S'oilb Ip,n.l 

• >revh„(ld 

Gull A Western.'. 

Gull 1J1I ' 

I Halll'Ufion 

Mauiv* Mium*;- 
H*,ui«i'bie*:ei ....j 
H«lrl, 1. urpn.. . 

Hem/ H. J 

HeuMein 


Columbia Ga* ... 
Coin Dll'," Pmi. . • 
Lom.lneCo.OlAm 
Comfin it ion Ltik. 
C-.'mbusM'.ni l>i . . 
1 'nr- lh Kdi—nJ 
Cm'ir'rhOil Kci.j 
L»inrn. saiclliiv.. 
C r.nipntenfcitfaee 
Lonu L;ie In?.... ' 

f." ; 

I.'. m. Edison \.Y. 
l.,.n»,'l . .. 

t.oa-ol ,\ii. G.i*. 
Consumer Power; 
1. jniiaeutsl Girt 
Louriuemal Oil.. 
L.'nrmentBl Tele 
Control Data.. .. ' 
C ,«,|er I no us .. 


He" le Pa,;luu-I... 
lay Inn* — 

Home-take 

Honeywell 

d>.-,ier 

Ho-i-C'orp. Amer 
H'-jsinn .\al.Ga* 
H'uit' Pb. \ ' CLrti 
Hun on ib.F.i.. . 
I.C. Industries... 

i.N \ 

Iii*;er*.-ll Kan,l... 

Inland s-teel 

Insileo 


IBM ' 

lull. Fla* ■'lira,, 
lull. Ha net lei 
I nil. M111S Chem' 
Inti. Mniulnvls.., 

1'lOJ 

inn. Paue, 

IPG ( 

Int. liectiber | 

Ini. Id. A lei.. .1 

Intent 1 

l,.i*« lk-ci I 

If International 1 
Jim Walter I 


Notion Siw>n.. . 

181* 

181? 

iXudenini Petn.; 

327; 

22>* 

Uuilvv 'lather. .. 

55)* 

55 if 

Ohio tdi*on.. . 

Ibis 

let* 

Mhn 

141* 

141, 

l.1ier*e«**blp».. 

251, 

25', 

l>*ni torn my . 

30', 

30i 3 

t.'v eas Iiraoii.. . 

alls 

si 

P«i ill; '>■*.. 

Jf 5*>i 


f-beili*' Li^lildia- 

19 J i 

1 9-H 

Pfd Pm.* Ltd. 


21 

IlmAn, M>.,ni tii 

6-; 

©J; 

PhrLct Hauulliu. 

*41* 

23.H 

Pea' M Ini.t. . 

241* 

241; 

Pen. Pn . \ L. .. 

!tOT 5 

auri. 

IVnnv J. t. . .. . 

361* 

;6)« 

IVnnrotl 

2817 

281; 

I'e.'pieb Druu .. .. 

10i* 

10), 

People* '*e* 

4 5 

34 

Pepskt 

29** 

29', 

Perkin Klmer 

23 '* 

23 

Pet 

52<« 

517; 

Pblrl 

43'^ 

32 >i 

Plielpi Oort je.. 

k0; a 

20:? 

PliilaOclpbia Ele. 

1 ,i ; 

lit* 

Philip Jl'ffnt 

66 is 

661* 

Phillip" Pet ro m. 

323s 

321, 

Pilshnrr 

37 ia 

36; 8 

Pitney Bone*,.. 

23>a 

231* 

PlttSIOD 

i2b 

22* 

Pleisej- Ltd ADR 

l6Sa 

161c 

Nin+I ... it . . . 

371* 

381? 

Potomac Ele,-. .. 

15l« 

ibl* 

PPG lodiut ri®».. 

271; 

27i* 

Piwier C, am Pie . 

661* 

85 

PuP Sent blevt. 

2 3* 

22 Jg 

Pu/lmaa 

33s.; i 

3Z-* 

’iii» 

171.5 , 

1 / 

Junker Unl» 

! 

24^e 

ivpM Aiuenran. 


9H 

tarthe-'n 

47i 3 

47 

K'.'A 

27 

267; 

fepunllc Steel...., 

. 231b ! 

231* 


Texaco • 24 23 7 a 

Tcsaspiill I lttie I 175| 

Vesas Eastern...., 41 I 41 1* 
T«a» Iwi’m.. ... 793 5 j 783, 
Te>a» cftl 1 Ga, J 50^* | o 1 
Texas l.'tiUtlcs....i 201* j 201* 

Time* Ins 40** I 407j 

Time* Mirror. . . ■ 283* 28ij 

Timken ; 50 , 50 

Trane : ont* . 34sa 

Transmema. ' I43{i ! 15 

Transco I 181* 18i* 

Tran, l moo I 35 j$ • 35 

Tran- way Imr’n.! 263a 1 265s 
Tran- World Cir.l 19r* I 19Tg 
Traieiers : i4'<* ■ 35 


Gewtir ■ 2hl? 291* 

Giant lei'n knitej 123* 123* 

Gull OilCanaita..! *6^0 : 27 
Hawker Sul.L'an. 1 77; , 8 

Hollinsei I 3 6 , 3ai- 

Home dll -A' , 42 ' 42 

Hud*on bav 'Inc I’H- I l'/'a 
Holsoti bav . . 21 ! 20)j 

Hu-isonOil AGasj 431? , 431a 

I.V.C .a 19Ja 19ie 

InjRsoo j chi* 333; 

Imperial Oil l«->2 ! 183 E 

lini. - I 1835 ' 18 


.AEG 78.4 — 0.4 

Alltan; Versich... 489 ;+4 

BMW 244* -.5 

BA.4F 13O.0«1 +0.6 

Hater. 131.6m + 1.1 

Harer-Ht po.... . 234 +1.6 
Barer-X ereinafik.; 31b ,+0.5 

C‘.t'Ulnt..'fd.nrti ; 165 ' 

ConujierrtwDls 228.7 - 0.5 

Cool Gumnii 75.1+1.0 

Daimler Beur 30im+2 

Dec'itra 259.8 + 0.8 


78.4-0.4- — , — I Arabl Glial. , 


489 ;+4 i 31.2 3.2 Canon 478 

244m ,5 28.O0J 5.8 Casio.- j ff4 

13Q.0m +0.6 18.76. 7.2 Chlnno 36D 

131.6m + 1.1 18.75 7.1 Dai Nippon Prinll 547 

234 +1.6,28.12 4.9 Fuji Pimto..'. • 547 

316 ,+O.s: 18 12.8 Hitachi 248 

165 ‘ • — 1 — H.*nda Mmors — ; 572 

228.7 +O.51 17 •’ 7.4 House rood '1.800 

75.1+l.Qi — t.ltoh. 227 

30im+2 '28. 1 Z' 4.7 Iro-Yokvta L400 

259.8 + 0.8 17 , 3-3 Jaw* ! 695 

157 • + 1 1 14 '4.4 J.A.L. 2,bb0 


547 J+7 -- 
547 


— 1 l 14 I 2.1 ACMIL f2b centi | 

+5 12. 1 U Actow Australia.....—-.-. h 

+ 23 -23 1.8 Allied 3Iog.Tr«I*. Ind*. SI 

+ 10 ' 20 I 2.8 Ampol Exploration— 

+ 7 -' 18 • 1.6 Ampol Petroleum.. — 

15- , 1.4 Aaaoc. Mineral*- 


12 ! 2.4 1 Awe. Pulp P»V«r 51 1 


1.6 Araoe^Can. Indusirie* 

1.5 Aust.Pouaitation'iDveat....; 

2.6 A.N.I ■ 

1.1 Anriimco I 

0.9 Au»t. UilAGa 


t0.64 1+0.01 A cent*. UP 1 1.00 i+M*jJ ( Ut|r2.M 

fO.04. ' ...... Ha noj do BradL.i : ^.04 ;+nA ^*1,1740^3 

1 1.50 1+O.Ob Belf?> Mtnetra OP, 2-1B f-lEQl lj0at,.bJ . 
tO.BI --0.0I Luja* Amer. UP. J .3.20 :+ 0.06^:20 6i14 

tl.16 Petrnbras PP.....J 3.17 j-0JJ9,J;13 Kjl 

tl.26 ...... p«ei ft. -L4> 

1 1.62. , ....... r*wraCn.*,OPw..l 2.fc6.-^IL01 1 [ #J5}t83. 


ti'02- ,+fl!ro I'uip PK.A.i:._ 5.J2 

ll.a6 1+0-01 } "'V Kk, Doce PP- - LW ‘^.^.:..|a.l8 16.1Q' 


3SDiry 


[lemac 157 +1 1 14 ■ 4.* J.A.L. Z.bDU 

DeuL'.-h*. Bank... 303.8«l *-0.8 '28.12 4.6 Kan sal Elect Pw ,L170 

Dre+Jner Bank. .. 239-2 +0.7 28.12,5.9 Komatsu ■ 348 . + 2 

D.wkerbofl Zetnt. 192m +2 19.38:2.5 , 279 '.. 

Guiehuffuunii.... ■ 207.0 +0.2, 12 12-9 KyM,+LeramK-.!. ! 4.100 —10 

Ha pec r.lovd I 119 0.8 14.04. 5.8 Matsushita InH .._ 725 —6 

Hai^t-ner." 295.5 +1.5 .*16.72' 5.5 Miisu tosh iBank.., 278 ........ 

Heecfam I 127.6 +0-6 1B./5I 7.3 MiW.Nrhi Heavy* 123 —1 

Roescb i 45.1 4 4.4 Mitsubishi Cnrp.. 424 !— 3 

Horten ! 131 1 : 9.36' 3.6 Mitsui A Co. 320 +2 

Kali im-! sal*.... 1 134 -2.1 14.0*' 5.2 Mllsulwshi . 598 +16 

Karsudl I 320.0 —0.5 ,23-44 3.7 Nipf-.-u Deu-m.... 1.460 —10 


Cn Cowlflental ..' ls»c 


r.R.V • 371, 

3Ji b C eonirv Fox *84? 

I .A. I . . 2bi« 

I. A 111! 0 *4 

L'Gl 19i* 

Lnneier 3,1* 

L'unerer N V . 33'r 

I’ni'iD Hanwri 1 — 2®Ja 

Union Car hide... 37 •* 
L’ci-'ii l.'immeicv ,1? 
Union 1 hi Cain .. 4 7t* 
Union Pacitir 4iJj 


Indal : H'8 

Inland Nat. Ga«. 107^ 
luCp. v Pipe Linei 147; 

Kaiser ftesourves* 15 
Laurt Fin. Cert,.. 853 
G?Wa«' Cora. *B'.' 4 05 
Mernlli'n Bloedt.1 181; 

Ma-sey Ferspjfon, 12 

McIntyre • t42ta 22i? 

M«»>re Cort«i 37*3 375* 

Meuntaioste'eJt; 3.65 I 3.70 
Neranda Mines.. ' 26J* I 251; 
Nwita Koirsy.., it't I 
Mhn. Tetes -n,.. 1 30is 
Nuitiae Chi t Ga*' 35i? J 
dakaood P-irl'n, m.15 
HicineCepr''r H. 2.00 j 


— Bam too Creek Gold 

4.3 Blue Metal Ind 


Harptner. 

Hoecb't 1 

Roescb j 

u, ...... 


123 -1 
424 3 


KauihnL ; 226 al + 1 

Khvkner DMKO.t 90 

KHIl I 185 

Krupp. I 94.2 —0.5 

Linde 1 254.0 +*.5 

Lcnenbrau 100. — j 1,435 +5 

Lnfrhanw I 109 ; + 0 


320.0-0.5,23.44 3.7 Nip*-u Deu-m....' 1.460 
226m +1.5 il8.fi; 4.2 -Nippon Shi a pan.. 710 


_ , — Mtsau Motors -i. 


185 ‘ !18.7B| 5.1 Pioneer. 1.850 ;+40 


.1 .. stanyn Electric;.... 
25 ! 4.9 SeWKiii Pretab.... 


271 ;+4 

ess : +.11 


1 18 | 2.6 BousalnsIHe Cmiper 

■ 15 1 2 7 Brambles Industrie* 

; 15 . n'4 Broken Hill Proprietary.;. 

i °D I 14 BH South ...» I 

*n 1 I B Carlton United Bravery. *;■ 

■ 12 1 4 9 C- J- Cole*. t 

th ' ? 2 C,x.'kbum Cement 

30 ■ 17 Cons. Goldfield a Au«C 1 

15 : o!5 Doalalner -....1 

! 12 1 0.8 Conwuc Kiotlnto...—™ 

' 16 ' J A) Costaln Australia 

48 : 1.3 Dunlop Knbber tSl) 

; 12 2.2 Bscuta 

I SO 1 1.7 Elder*8niibb | 


t0.25 1+9.03 
tl.ll 1 ...... 


Turnover; _Crll5.lin. . VtBtiaie Jlfn 
Source; Rio de Janeiro SEc . ■ 


tl.84- i-O.Ol OSLO 

t 1.72 1+9.40 r ; 

t6:9o r+0Jii ■ • ,... 


11.17 1-9.06 
T1.7B ! 


- ; '{ Frrco + or ' Div: 

June 29 | Erpher ; — - ■ { % 


iz-oi -49:k teZEFrA-ujA' W3SC*. 

12^99 HJJU creditbank -106.^+0.if{ 19 \ '9,4 


t3 24- -D-fli ^ £ ® DWB ■■~..-..j:''2A [--10*UP . 

+225 Conn Kraditkawn L.T./J04.Z5f+0.7fll ■ 10-6 
+Z.Z5 0-W A 0nAH .rorokrJO 178.U!+3 a1i 2. 6.4 
T2.45 ;-0.06 Storebraart J 88Al+JL5‘*7 K)3 


I+OJH 
tl-38 ': 


Ml' 1 :... 

lUnDerniaou 

Mela 1 ices 

Mvim.'heuer Ruck 
Ne,'kermsnn I 


201.0+2.5) 

139.0+0.&! 


543 +1 | 18 : 1.7 

135.7+0.7 


Uairorsi 

1 nited Brand*....! 

U*> Baivrr.rp 

L ; GvpMira ' 

I. 56boe [ 

l'» steel 


FV-jh,.- Pet p.i* iim *3'? 
Pan. Can. F-t'm.' 321* 

F*lin>. tl5*« 

Peoples Dei'' *...' +4.75 
I'UKeCanA 0.U4 

PlacerDerc:..rnni bi'a 
FncrerCorr*„ar'n' 1' 

Pint 14lj 

c^uetw; atu! ceun 1 1.35 
f I laager Oil 32 


PreusMi; DM lOOj 115.0— 0.3 ' — — 


U.S T+chnolocies., 42»* 1 *3 


UV industries 1 19.JS , 19.Ui 

Vtruini* Elect.... *41* 14 >* 

Walcraen 24 1 « ■ +3 7* 

Wamer-Cunima..! 4Us I 41*^ 
O'trwiainmi. 1 28, s ! 2B4j 
'Va.te-Man'meni; i*3>* j i*35* 
WeJifc-Fargo.. ’ *61* ! 26** 
Western Barv.-oipl abi* *s?i 

"extern 1 . Amer; 271* ; 27>* 
Me-iern Cnmti... isig lbs* 

t Vesting hie El ex- 21.*? I 21 '« 


Keert >bac- j 

K»., Algr'PI 1 

Royal Bk.c, i.an.. 

fi'"y 1 1 Tnifi ; 

ecewroK'*, ice;' 
Beagraro-.. 
rrbe-ll canad- . . ' 


hb+rritt-G. 1 line*- 5.37 


tVeyerhaeuser 25 


45 Jp j 85+* 


Whirlpool Zil 

While Coo. lad...' 22 

William Co. i 18 

tViseouu □ Elect... 28 


Meben- 2 b*j 

Mmpsnn 5 b 

?teei 01 C»i,»ib.. 25 

steep Bnck '"'O.. rj.85 
rt-aco Cana-ia .. a&lj 
lunewUi'-bi. 1 19?* 

I'ran«C«nPi,»rLuj 15 1; 
fmu- MeiimOps 1 91* 

Tn.» : j rli 

Union Gar Ill* 

I- W. 3iaooe M me* * U 
Walker Hlra-n.^.; 321* 
n 'tM Cia,tl ■-* u>., 1 1 1 8 
iVestooGec- ....I 17 


»3'7 | n5»a 
321* - 32l 3 
154* ! 

i4.75 1 4.80 

0. U4 ' 0.93 

2l<2 ' 21>* 
1< M ! 1U4? 
J4I* | 14 

1.55 I 1.55 
32 I 32 
lull l It)'* 

42 I 31? 1 
ait? ■ aZk; 
Ifls* 29 

77, I 7), 
35T, 2 ST,*. 

1. **, 13>i 

5.37 5.12 

gb», 28 'j 

5 b 1 +'* 

25 1 25 

2.85 , 3.82 
a9lj 39 
19?, 19?* 

15'! 16S» 

9I S | 9 

li ; Tin 
13U > U 
,1* j 7*? 
331* 32* 


TiHimut I 292.5 +1.2' 16 

S,id bucket I 245 +0.1 26.56 


117.7—0.1 17.18, 7.3 1 
173.5 + 1.5, 14,4.01 


Ibrs*eiv A.G ... . 1 117.7 — 0.1 

Van* I 173.5 + 1.5 

VKB.V I 121.1+1.8 

rcreinsA WestBl! 291 . . . 

Volkswagen 213.4 +0.9 


AMSTERDAM 


Price I +nr ; Div.,TI<l.. 
Fi*. j — ' t . % 


ahisevli* 

1.160 

+ 20 

20 0.9 

7on.r 

1.780 

+ 60 

40 1.1 

Tauho Mamie.. .. 

231 

1 

11 2.4 

I;ke<a Uhetnica 

396 

,+ i 

15 1.9 

run 

,2.290 

.'-40 

30 0.7 

Tet*m 

117 

-3 

10 4.3 

V„kK> Marine 

476 

—4 

11 1 1.2 

’li>knt Klee l I'uirV, 2.0^0 

' 

B ! 3. it 

T,ikv„ .San*' 

321 

-4 

.12 j 1.9 

T«Ato 5hii»ura . 

141 


10 3.9 

Torav . 

145 

i+’i 

ID 1 3.4 

r,'i«.ta Mhos'.. .. 

929 

-4 

20 1.1 

Source NiKfco Seminnea roxy*- 

BRUSSELS /LUXEMBOURG 




1 

Div. 

JnneSfl 

Price 


Fra. dirt. 


F re. 


X* '■ * 

MM 

12,370 




:v.su •- - '* + - j- > -•>** 

SIS JOHANNESBURG. C 

il.bb l ' :* .MINES , 

12.28 '-0.12 Jme 17 _ ' .. ; --:r — : _ Ttaod' -+9I- 

10.70 -0.02 Anglo Ameri, an .Count. -J 6J0.' .—IBS 
12.18 1-0.02 Charter Ctmtolittaied ,MA- 
:0.28 Bast Drteiootem ■ ISiSO, -0J3 


•lours ■ David).. 


♦1.15 1 _... Eisbmor 


Neni I 

Nicholas InternationBl J 

Xortli BrokeuH'dinca ftOex 

UBkfirhlge- -~-j 

CHI ?>eandi: .~ r ^‘. 

Oiler EvplomtioD^— 

Piwieer Concrete 

1 tec kin. ii Uilmaa-..: 1 

H. C. ritetgh - t:., j 

•X+U bland Mrnlog 


T2Jj5 H-0.0S Gold Fields SA 
♦0.82 I Union Corporation:.. 


105 ■ ,2i: 3.< 

28.7 -0.1 — ; — 


C. KK. Cement....! 1. 1 5U 1 100 8.7 

Ahold 105 • 3.4 Ua.'fcenll 1 456 ' 1 — !— u-5^. 

AkmiFlJOi 28.7-0.1 - j- KBE» :2.K55 —5 : 177 j 7.9 — 

Alcem BnkiFl.KW 364.0 + 0.3 ; 28.6' 7.8 Kiectrobel |6.430 ;+10 4iO 6.7 . 

.VMEV (F 1 .IO 1 .. .. 80.50- '50,6.2 l alnyue >at '2.625 !— 39 .170 • 6.5 PARIS 

Amrobank (FIJUil 76.3| + O.l ' 23.5 6.9 Ci.B.lnur- Bm.„. 2.170 f+a 150 6.9 

Hijcnkoil 90.0, — 1.5 1 26 I 5.8 Gavacri 1.300 ;— 6 1 86 1 6.5 r... 


-Walton* - ! 

_ WoMrn Minina >60 cr'nUul 
■j g Woniaorthe..: 1 


Band 


33fr. 

.-3»S 

■•v,* Ab- 


' 


! IS7‘- 

-B.W 

■ AM 


■ 

-1.10 

' 3J». 

.-OJO 

.13 

. • 

• 

HUO 

3i«) 1 : 


7-325. . 


_'6.79. 

-o.O 

■ ■■3A6:-. 

' * -* ' 

• 4.7* 

’'40.19 


Amrnbnnk (Fl.^Oil 
LiljCDkoif ' 


friUaWera'miFlOi; 118.7+0.7 


6.7 Hoboken 2.283 


!+» 1150 6.9 
;—6 r 86 I 6.5 
1+aO 170 : 7.5 


Burlrm icttemtej 72.8;— 0.3 ! 26 | 7.1 Interguni ! 1.725 f— 5 |142 1 b! 3 u.-,-*, 

Ksevier \ iFliO,.. 279 — 4 .27 A, 2.0 hnnw k -740 , an i-jon , a . i<n n „« 


-r.'. tO.ll East Rand ‘Pty. ,u * 4.7B' .’.+8,W 

tO. 36 Free State GeduM- WJW --HLS3 

J tl.SO '-9.08 Presldein Brand .r .rjr* 

• 12.85 -I Prestdenr Stayn — - ' 1L7S r:M* 

• to.72 SUifonteln _*:.r «*»«,; AM r-.-BM 

;.. tO.31 i ...... WeQann v, --4.79r . 

1 tQ.32 J West Drtpfomein 39.09'' HUJ " 

— . 1 1.89 U0.01 Western HtddlnsS 32.09- 

i^Ara.i SB I -0-0 ' INDUSTRIALS 

tl'fl AEO •_ t'79 " '4?»' 

, ■ I— v Anilo-Amer. Industrial SS9= r- • 

. Barlow Band ... S.© 

OTA Invesrinents -2L73 

+ or, Dw.IT iri. Currm Fiaanqe 9.n- 

Fra. — p«J « De Beers Industrial tlOSO . 

___l j _gj - 0 Edgars Stores tS^S- -«3 

746.S 0.4 4t*: 0.6 C,rer ReBdy SA ‘ ' +B - 83 

366 1+6 '21.16, F ederate Voitebelengings . .1C» ’ 

tool |+ss|'i6 6 57 'Gretrteonans Stores.'.—.. “22S. '■'-■^99u 
607 +16 l26^4b{ si- Guardian: Assurance • ISA)- M-SA J+9AJ. 




+ or. Div.l 
PiTk 


366 i+6 
591. 1+3. 
607 +11 


495 . l+*.lyuZSl 2.8i 


t HUL : Asked. 5 Traoett. 
* N»w stock 


EUROPEAN OPTIONS EXCHANGE 



BASE LENDING RATES 

A.B.N. Bank 10 % ■ Hambros Bank: 

Allied Irjsii Banks Ltd. 10 % a Hilt Samuel 

American Express Bk. 10 % c. HoarP & Cn. 

n"£Ti« ™ 5 s. Hod,, 

A P Bank Lid 10 °f, Honcknn^ si 


Henry Ansbacher 10 


Banco de Bilbao 10 ^ 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Ltd 10 % 

Ranque du Rhone 10i<£ 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Eremar Holdings Ltd. II % 
Brit. Bank of Mid. East 10 

i Brown Shipley 30 % 

Canada Perm : t. Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 

l Charterhouse JapheL.. 10 % 

Choulartons 10 

C. E. Coates 11 

Consolidated Credits... 10 
Co-operative Bank ...*10 % 
Corinthian Securities... 10 

Credit Lyonnais 10 

The Cyprus Popular Bk. 10 ‘5, 

Duncan Lawrie 10 ^ 

Eagil Trust 10 *5; 

English TransconL ... 11 


niambros Bank 10 % 

'Hilt Samuel 510 % 

C. Hoare & Cn t 10 % 

Julian S. Hod-.e 11 % 

Hongkong & ShanEhai 10 % 
Industrial Bk. or Scot fl *r n 

Keyser Ullmano- 10 % 

Knowsley & Co. Ltd.... 12 % 

LJoyds Bank 10 % 

London Mercantile ... 30 % 
Edward Mamon & co. 

Midland Banl- in o' 

Samuel Moot+au 10 % 

Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Kefson & Co. ... 10 % 
Rossroinster Accept’cs 10 % 
Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 115% 

Security Trust Co. Ltd, 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 <5 
Twentieth Century Bk. 11 % 
United Bank nf Kuwait 10 T» 
Whiteaway Laidlaw ... lOJ.^i 

Williams & C.lyn s 10 % 

Yorskhire Bank 10 % 


UiinivrU.in.100j.: 24.3' ' 13 

K.L.M. <Fi.lO0i...H 136.5 -6.5 I 
lot. MuIIctiUMi... 48.0!+ 0.4 / 
Nurden iFl.lOi . .| 3o.3;— 0.4 I 

X«l. X«*t In».i F 1 10.i 102.9—0.2' 

Sedl.redBkiFI.20. 53.5- 1 

S'edSIhUBk i FIJx>.| 193.9—1.31 

OcetFI.SO, I 154.5 • 

'#□ Ommeren.... 142 1 1 

Pakbwd ,Fl. Sfti.j 40.2— 0.8 I 
Philira iFI. 10,. . I 26.2—0.1, 
i;jn*?hVvriFLKWi| 81.2 +0.2 \ 
l/dtwc, {FI, Ml 170.5 4 0.3 


2 j 4.9 SiliiiH ,|3. 100 

8 I 5.8 MMvar .2.365 


7.9 Tracil-io Ele. i !2.5e0 

3a.3\~ O.*. 1 12.6| 5.6 Ut'B i 956 

102.9 —0.2 | 48 | 4.6 UcMin-illU, j 714 


86 J- +55 3 , 42 1 419 


40.6! 8.1 
.' 75 ! O.0 


=SW x a ■?." . ' 

ty.F6dwvv;+.-4.....‘ ihffi .•.■■■• 

t- - - *.7fr..- +M® 

aara 7.M •" +996 

' MlUtnc - a +«.« ; 


53.5> 1 21 7.8 

193.9—1.5 I 22 ! 5.7 
154.5 • 56 , 4.7 


4.6 Ud MJn.iV tu> , 714 

7.8 \ i cil|p y^Umnel.510 


+ 10 — i -T~ 
-2 60 7.0 


1 40.2^0.8 1 - S ' fj 6 1 SWITZERLAND • 


Price I + o 
Fra. i — 


I:, ill □>_-■. i FI. S0i.. 

Korenl.' I FI. bOj . 


26.2-0.1 , 17 6.5 
81.2 +0.2 j—l — 

170.5 40.3 .A 256; 7-5 L 
13 1.0. +0.5 : — j- ■ | 

J22.8' J4 ^ 5.8 Aiuniimiim 1.285 j +- 151 


+ lo 140 7.3 Gems..;.. 503 [+» " 40.&I 8.1 McCarUy.Bodviv. 0JB 

-30 215 j 6.9 Garret our..— I.ouC'j.. 1 75 ! o.O ^ 

-5 ,3219 8.9 U.G.E. 641. 1 + 5 1 51 9.2 J-=3 

-5 170 ! o.6 «-«.!. a:rateJ..._ 1.065- —16 l7t6o! 7.2 trr T J“®e 

+ 10 — j -T' CteBwtaura 610 • [-0.5 1 »' 'SS^?V2S2f?' 

-2 ,60 7.0 UubMert.ier 3B9 |+.io iIMfr 2.9 

- I- Credit Own Fr’ce 18 110.1. 

CreiiMjt Loire _■ ,73.5i+ i.fl | | _ Kmabrandi Group .... .-a— . . X.TO 

Dumas- —... 727 j+21 :sfi.75j 4.6 .^S°WAirt.nr;" , "~ M "" ! fan 

Fti Petjmea .143 J+a.lin;iO 9J» .'.iS. 

Ctt - Ocutrientalcl. 187.6. +05 1 8js! *K3 cfc? Sn^*S£r-Z”: ' *» 

l + Of lBiv.,nd. .Imerai ...... S*,. • 61.51+1.4!. 8:7 9:3 SA nWSia IM 


K.iyairujtrhiFI.SPj 130.6—0.2,53.75! 6.3 BEC-.f |1,640 1 + 5 

■?l«. vnlMirjj : 247 —1 19 | 7.7 v-lh* Goat lFt.igO|l.ll3 

MevniGrp iFI.20, 129 -1 27e! 4.2 LVv Phrt. l.ert.i SbU I 


, ^ Ja+Muet Betel 
r*ilkrg« 
1'Oral 
, 3,1 Legrau, 


i — Tbter'Oata and Nat. Mills. 10.06 
,lt?7. 6.7 unjsec- r JJ7 

8.1' ■ CMnrffiL -Xt-inii* XT !Q'C 


T..VvoD>e. Hl*i».«! 124.0' + 0.5 


Unilever iFI.*2L‘i. 
Yiklnslle^. MLITli 


IM. Phrt. Lert.j 8b0 
!>■. Kvs | 593 


13Q.0* + 0.2 42.8 1 7.1 1 Cte>lil *iit««e 2,160 <—10 


W>*thin ’.In.. Bank! 397 


20 . 1.2 Klci'tmuait .. _...{1.7eu +20 10 2.9 
33 ; 4.0 Ftvtlier Uiroisv).. 6ii0 1+10' b i 3.6 

UnffnianPt LVrt*. ,74.000 1—250.550 I 0.7 


8 , 3.1 
IU 3.0 
22 1.9 

22 , 2.b 
22 ; 3.7 
16 ; 3.7 
10 2.9 
bi 3.6 


3*2 
&3 

52.5S 2.6 
asUr?.7 


Securities Rand U.S£72£ 
(Jpis^nmt of 37-2 9&) 


L»«*. oijiBli) ,7.375 78 :-55 i 0.7 

Inrt.m R 1 AM. , 9K i 91 .on 


COPENHAGEN * 


Atidelshanken.. ... 


DsBfkeBflnk 

EsatAsifiti Co. 

Figensbnnben J 


For. IViplr..... 
TlBrnllrahank 


G.N'rb'n U.iKrOTj 

\nrH k'ohci) ■ 


Kflh# ' 

Oltefabrllf 1 

PnretheDk 

Ptmlpebauk : 


1341 2 


11 

8.2 

415 

*5 

15 

3.6 

123 


12 

9.3 

1610* 

+ 21* 

12 

7.4 

129 


13 

10.0 

361 


12 

3.3 

76 

+ 4 



124 


12 

8.9 

263 


12 

4.1 

192 

+ 1 

13 

6.3 

7SU 

1291* 


- 


136 


11 

8.1 

400 


12 

3.0 

178ia 

-l* 

12 

b.7 


iniPHiKKl B 4.029- '—25 i 21 2.6 

Icliw.Ii iFr. 100|. 1.446 I 21 i,o 

Svstle iFr. I0Ji....!j.5uU |+S-_ 2.4 

1>J- K« 2,236 +5 ,»da.f 3 A 

Ore M Uftttfi. I F.JJM 2,680 +25 } 16 1.4 

Fireman'll'' t<x» vsb -a. < 15 a.a 

Mmicw <lV^S0)....;3,9«iO „.| 26 ' 

Dn. Pari Certr.., 488 26 


77J5f4.7 


-5 1:6.6 


26 2.7 
12 4.0 


14. 4.0 
10 4J 


ia f a.e 

40 2.1 


20 3.3 
44 I 2.1 



+ or 1 Div. T1.1. 
1 Ltrai t _ 


VIENNA 


First London Secs 10 *Tt W Hrenhew at thr AeMpuns Houms 


First Nat. Fin. Corpn. 11 % 
First Secs. Ltd. ... 13 % 

m Antony Gibbs 10 

Greyhound Guaranty... 10 % 

Grmdlays Rank ..±lf) % 

* Guinness Mahon 10 % 


Commit we. 

■ T-d.iy deposits T ? i, l-month deposits 
rr,. 

■. T-day d^aosiLs on sums of HO.WM 
and und»r un to £25.ijn|) 71'.; 

.inn over E'.non 7»*.;. 

- Call deposits over 11 .MO Tti. 

1 Dcmann deposit TJ'-i. 


I'uve +er lllv.'Thl. 

■I « 1 * 



ttnppfit 

*tpyr Daimler 
V«it Maene-n 


1 8* | 4.3 
• 14 ; 6.0 


96.75 

451-0.' 

1.787*^ 

I. 4i7»'. 
108.50' 

II. 950' 

211.0 

53.740 




* 
















33 


FAO wants 
emergency 
locj# fund 

• • ^'KOKE; June 28 . 

•■LOcbsi^XPERTS at. the TIN 
: pooB'.^ Agriculture Urganisa- 
r ;tioa' -^40)'.ha y e .called for a 
■:$ 3 m emergency plan to combat 
yjSjjanns of ;locusts ! in ' Ethiopia 
^ aliS ' Somalia. " • 

■ -The KAO’s top locust- expert, 
vM..JeanjHoy, -told .Reuters that 
: 'S0 swanqs are moving through 
■Ethtopt8‘rand ''Somaihi and the- 
jEforpofAfrica was. in the early 
stages -oTa plague : of the insects. 
—Each ; Waim" occupies ' about 
«*> sq^hm. The plague could 
•^spreaflTliito ' the Sudan across 
._j^»ea 4 ^.and -.ov-er-. the Arabian 
j ^r jtnsula, tq. India and Pakistan, 
■he said:; 1 - 

.'One :“swarm. has already been 
■'Ipeated in the Indian state of 
■Gujarat, and. ships ; crossing the 
Arabian Sea have been, infested 
by flying swarms seeking a place 
to rest, M. -Roy said. 

'The meeting of experts in 
Rome recommend that S3m 
should be' donated to the Locust 
Control Organisation fpr Eastern 
Africa as soon as possible, "an 
PAQ spokesman .said. 

•: * Efforts "to "control the locusts 
.ip Ethiopia; and Somalia have 
■/■been held up -by receht fighting 
between Ethiopian forces and 

- Somalis in .the .- O.saden .Desert 
and by the rebellion in’ Eritrea. 

Change in NZ 
wool sales 

. WELLINGTON, June 29. 
THE , NEW ZEALAND Wool 
Board.. has modified its "extra 
choice w selling scheme, Mr. John 
Clarke, Wool Board chairman, 
-said in. a statement 

Tbe- scheme, operated for the 

- past two seasons, allows growers 
to sell direct to the Board 
crutchings. lambswool, and 

.second; shear wool at current 
auction rates. 

Extra .choice .sales .have, been 
. held every’ two or three. weeks, 
many coinciding with auctions. 
For the new season, extra choice 
dates^ will now fall between 

■ auctions. 

' Mr. Clarke said the Board did 
. not" wish to impinge -Von the 

- auction system. 

Reuter 

OIL FIGURES 
REVISED 

WASHINGTON, June 29. 

■ THE-'.UR, Agriculture ' Depart- 
ment has revised its May esti- 
mates of world potential produc- 

. cion hf protein, meals, fats and 
oils. ' ,■ 

. Total world meal production 
is expected to decline to 76.5m 
tonnes in 1978 Jfrom.a previous 
‘ estimate of 76.7m tonhes, it said 
in- the 'Weekly* wornr commodity 
round-up, . 

Reuter- - 


New decline depresses 
London copper market 


BY JOHN EDWARDS, COMMODITIES EDITOR 

rURTHER decline in copper Zambian deliveries are also 


A FURTHER decline in copper 
prices to the lowest level for 
three months cast a shadow of 
depression over the London 
Metal Exchange yesterday. Cop- 
per cash wire bars fell by £10.25 
to- £687 a tonne, below price 
levels prevailing ' before the 
invasion of the Shaba province 
in Zaire which pushed the mar- 
ket 'up some £100 above current 
levels. 

.Yesterday's price- decline was 
mainly caused by the overnight 
fall- in the New York, market, 
which triggered off further stop- 
loss selling. 

Dealers are at a loss to explain 
why copper prices' have' fallen 
back so sharply. .Despite claims 
from Zaire' that copper pro- 
duction is back to above-normal 
levels, the general .belief is that 
output at. the . Kolwezi .mines 
remains disrupted and is unlikely 
to recover for some time yet. 

While supplies in the pipeline 
are helping to cover the shortfall 
temporarily, there must be con- 
siderable doubts about future 
supplies from Zaire. Paradoxic- 
ally, free market' cobalt' prices 
have started to- rise again in 
anticipation of supplies from: 
Zaire becoming even scarcer 
during the fourth Quarter of the 
year. 

Although Peruvian copper pro- 
duction reached: a record 341.000 
tonnes last yean' compared with 
220,000 tonnes in 1976, shipments 
this year are continuing to be hit 
by labour and technical 
problems. 


still badly disrupted by transport 
and production difficulties. 

The various supply cutbacks 
have been reflected in the big 
decline of copper stocks held in 


Reuter's index of world com- 
modity prices dropped by 12.5 
points to 1,476 yesterday 
following a 7.7 point decline 
the previous da; and now 
stands 93.5 points below its 
level of a year ago. 

All 17 primary commodities 
included in the Index fl931 — 
100) were down with the excep- 
tion of groundnuts, meat, rice, 
wool and maize which were un- 
changed. 

The Financial Times Com- 
modity Index fell last night to 
242.00 (1952 = 100). This com- 
pares with 249.97 a year ago 
and 250-34 a month ago. The 
FT Index includes an equal 
proportion of 12 sterling and 
dollar quotations, while the 
Renter- index is based on 
sterling commodities only. 


the LME warehouses. But this 
is the seasonal quiet period, with 
industrial activity at a low ebb 
during the summer holidays in 
the Western world. Consumer 
demand is reported to be remain- 
ing very sluggish. 

Last night tbe U.S. Council on 
Wage and Price Stability said it 


opposed the domestic copper 
producers' renewed requests for 
protection against low-price 
imports by the introduction of 
a quota system. 

It estimated that quotas, could 
cost consumers as much as 
S1.4bn a year and argued that 
imports are not the major cause 
of the problems facing the U.S. 
copper industry. 

Tin prices were hit by the 
decline in copper and an over- 
night fall in the Penang market. 
Cash tin lost £70 to close at 
£6.645 a tonne. It was confirmed 
that a mass meeting of workers 
at the Capper Pass smelter will 
be held on Monday to consider 
proposals for a settlement of the 
dispute that closed the plant 
down on June 12. 

Despite all these "bullish" 
influences. however. dealers 
generally seem to feel that the 
steam has gone out of the tin 
market and that it will not get 
back to the ali-tinie peaks levels 
reached last October when cash 
tin was more than £7,000 a tonne. 

The downturn in copper has 
also bit the lead market bard, 
despite the continued strike at 
the Amax refinery in the U.S. 
Cash lead fell by £6.25 to £301 

Cash zinc too lost £3.75 to £297 
a tonne. Dealers do not hold out 
much hope of positive action 
resulting from tbe meeting of the 
Intern a ti oral Lead and Zinc 
Study Group in Vienna next 
week. 


‘Desperate’ 
dealers sell 
cut-price 
tractors 

By Our Own Correspondent 
BRITISH TRACTOR dealers 
are catting prices as they 
" desperately attempt " to find 
customers, Jordan Dataquest 
reports In a- new survey of tbe 
farm machinery business. 

Exports, too, have suffered 
from a sales slump, and tbe 
r-r-vey quotes tbe machinery 
makers' association view that 
the short-term outlook remains . 
dim in markets at home and 
abroad. 

Profitability throughout the 
industry is low. More than 
two-fifths of the companies 
involved, were found to be 
earning profits of less than 
5 per cent on turnover. 

More than 13 per cent of the 
companies sun-eyed were 
losing money. 

The authors also claimed to 
be surprised that almost none 
of the large private companies 
showed any significant export 
business even though agricul- 
tural machinery might be sup- 
posed to be a seetor particularly 
“ amenable ” to export. 

However, private companies, 
even though they did not have 
a worthwhile share of the 
tractor market — which accounts 
for SO per cent of the whole 
farm machinery trade— per- 
formed ai least as well as tbe 
bigger firms. 


UK AGRICULTURE 


Placid contentment 
and wishful thinking 

BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


EEC grows 8% more wheat 


BY OUR COMMODITIES STAFF 

COMMON MARKET farmers 1 
have planted 8 per cent more 1 
wheat this season and increased i 
their barley acreage by at least j 
1 per cent Given reasonable , 
weather conditions, they can c 
expect a large crop, says the EEC c 
statistics office in Luxembourg, s 
The area under oats and rye 
has fallen but the sugar acreage f 
is about tbe same as last year. 1 
The office reports that most j 
winter grains were sown in good 1 
conditions. Wet weather delayed I 
spring cereal drilling and held 
up. the- root "crops, but the hold- 
ups were made good when the t 
weather improved. c 

• Total grain output for the t 
EEC last year was 103.6m tonnes \ 
including 38.5m tonnes of wheat s 
and 37.7m tonnes of barley, i 
Annual average so far this c 
decade is 101J36m tonnes. t 

Beet production last year was 
7T.S6m tonnes which yielded f 
123.6m tonhes o£ raw sugar: ‘ t 
In London yesterday Mr. Jorge t 


Zorreguieta. the Argentine 
Under-Secretary for Agriculture, 
said his Government would 
remain adamantly opposed to an 
International Wheat Agreement 
which provided for restrictions 
on extreme price movements or 
quantified guarantees of grain 
supply. 

He told Reuter that wheat pro- 
duction would expand or contract 
in response to market forces and 
producers could undertake to do 
no more than take all possible 
measures to provide supplies in 
the event of a world shortage. 

Mr. Zorreguieta, who will con- 
tinue as head or tbe Argentine 
delegation when the wheat pact 
talks resume in Geneva next 
week, said any attempt to 
stabilise world wheat prices 
would succeed or fail through the 
operation of a reserve stock 
mechanism. 

Some countries, where the 
farmers, were guaranteed a price 
divorced from world prices; were 
concerned only with the effect 


reserve stocks would have on 
the price of imports. 

Argentine growers* incomes 
would be directly affected by any 
internationally agreed price 
stabilisation measures, since 
their prices have a fixed relation- 
ship to international levels, Mr. 
Zorreguieta said. 

For the 197S-79 rtop year the 
Argentine Government has 
guaranteed wheat growers a 
floor price of 80 per cent of world 
prices and for one year only has 
given further guarantee of sup- 
port with a minimum price of 
S100 a tonne. 

Asked whether Argentina 
would have sufficient storage 
capacity to meet any obligations 
under a reserve stocks pro- 
gramme, Mr. Zorreguieta said 
they would be -provided under 
current plans to expand produc- 
tion of grains and oilseeds * 

He estimated that Argentine 
wheat stocks at tbe end of the 
1978-79 season might fall .from 
the 600,000 tonnes expected this 
season. 


Limits set 
on oil-based 
bio-proteins 

ROME, June 29. 

THE ITALIAN National Health 
Council said it had decided 
to propose limited use of oil- 
based synthetic proteins as 
animal feed, restricting them to 
animals not destined for human 
consumption. 

It called for further studies 
[on the possible effects of bio- 
proteins on health. 

The National Health Council 1 
ruling affects two. companies 
with plants for production of 
bio-proteins which are at present 
lying idle in Italy. They are 
.Liquichimica Spa and Ital- 
proteine Spa, a subsidiary of 
Anic/British Petroleum Com- 
pany. 

The board of Italproteine 
recently decided to put its 
Sardinian plant into liquidation, 
because of the long delays in 
obtaining a decision from the 
Italian Health Council. 

Reuter 


I HAVE returned from my 
travels to find the far min g scene 
one of almost placid content- 
ment. 

There is hardly a cheep out of 
the National Farmers Union. 
The Green £ is do longer men- 
tioned; and apart from some 
murmurings about the pigmeat 
monetary compensatory amounts, 
and tbe fact that the French are 
imposing levies against British 
lambs against the explicit orders 
of the Commission, there is no 
vestige of complaint. 

Nor can confidence be lacking. 
Although sales of machinery are 
slack, and in the case of tractors 
very slack, the prices of store 
cattle and sheep are at all time 
highs. 

This market is for short time 
investment, and farmers expect 
a profitable return within a few 
months. However, 1 would think 
the Fairy Wishful Thinking was 
sitting on some buyers' shoulders 
when they calculated the limits 
of their buying prices. 

In fact. fanners seldom calcu- 
late these buying prices well. In 
spring and early summer the 
grass is growing, and they don't 
like to see it going to waste. 
Numbers of livestock available 
for sale are short partly due to 
the export of rearing calves over 
the past 12. months. Farmers feel 
they must go on stocking their 
fields, and hope that the results 
of inflation will get them out of 
trouble. 

But it is in tbe land market 
that the exuberance of farmers 
is really showing itself. .Nowa- 
days £1.000 an acre is old hat. 
Whole farms of very ordinary 
land are making £1.500 an acre, 
while blocks of accommodation 
land, as they are called, are 
fetching well over £2,000. 

Today's wise vendor cuts bis 
property up into convenient sizes, 
so that they will come within tbe 
financial limits Of his neighbours 
who may lack the capital to buy 
a whole farm. The logic of these 
operations is that many farming 
families have quite substantial 
reserves, or else are capitalising 
on their profits. 


If, for example, a farmer has 
substantial profits, and, pace the 
NFU, many have, he would 
rather spend, them in tax- 
deductible Interest payments on 
purchased land, than pay tax cr 
buy machinery on 100 per cent 
write off. As long as the inflation 
of land values and profits per- 
sists he is all right. But 
some of the deals 1 have been 
told about would not allow me to 
sleep at night if I bad done them. 

The country- looks well too. 
There has been a quite remark- 
able recovery in the autumn sown 
crops of wheat and barley, which 
suffered a long winter and a 
rather cold spring. They are all 
well in bead now. and looking 
very promising with dense thick 
stands. 

There have been reports of 
yellow rust, and other diseases. 
But so far these are not thougbt 
to have caused auy real damage, 
and have been sprayed in some 
cases. 

As fanners we are all much 
more conscious of these attacks, 
of which in general the symp- 
toms are a yellowing of the 
leaves. Tbe trouble is that the 
yellowing eau be caused by any 
amount of identifiable factors for 
which there is an antidote, and 
also by what is called stress for 
which there isn't This stress 
might be drought excess mois- 
ture, cold or heat or even 
physical damage. Diagnosis is 
often a case of guesswork. 

Yellowing leaves eventually 
die. and if they die too soon, the 
grain does not fill and yields are 
poor. This is why. although the 
wheat crops look very well, 
I would not begin to prophesy 
yield. This all depends on the pat- 
tern of tbe ripening. 

At the moment the cool 
weather is keeping diseases at 
bay and allowing tbe wheat to 
develop slowly. So slowly, in fact, 
that I do not think any of mine 
will be ready until nearly the 
end of Agust, a week or ID days 
later than usual. 

Winter sown barley is much 
closer to harvest and the grain 
is well formed with the crop so 


far standing well. It is changi 
colour now and I would exp 
to get tbe combine going sot 
time after July 20. At i 
moment it looks as though it vs 
be the crop of the year, lb auks 
an almost complete absence 
disease. However. 1 would rea 
like to see some hot suashi 
now to harden off tbe grain i j 
advance tbe ripening. 

1 am rather concerned ati 
spring barley. Both May u 
June have been dry month? 
many parts and spring sown b 
ley needs a lot of moisture. Wh 
even indifferent batsmen h; 
been making runs, spring bar: 
never seems to yield as well 
after a wet May and many due 

Somehow, although the spri 
barley came up well, it has no, 
thickened as it should, aml^ 
some areas is looking very t’r 
indeed. It is well in bead □*. 
rather earlier than I usually h 
to see it, and l doubt very mu 
if even an inch or wo of r„ 
this weekend would do much 
mend things. 

Regrowlh oE pasture sfter b 
or silage making has heon qy 
slow, except where there v 
rain last week. This is mal.i 
many ilockmasters, jnckri. 
myself, very nervous. I had 
bad spring for grass acd r 
sheep have been much shor 
of keep than for many yea 
On the whole, the earlier :a-:’ 
have done quite well, hut t 
later ones have not made t 
progress I like to set*. 

Selling them i< tricky. T 
price is still well above 1: 
year's levels, thanks to rero 
exports to the EEC. But t 
market is bouncing up anti do 
like a yo-yo. The market h 
fallen about 7p per kilo From 1- 
week. but by seven in the moi 
ing I had had two buyers od l 
phone trying to buy at the rv. 
price. 1 -said that if they real 
wanted them they would have 
bounce the price up again. Thv 
is a good safety net this year 
that the thinner “ store " lam 
are worth almost as much as > 
ones. A factor of which I intci 
to take advantage. ' 


Jamaica changes bauxite price 


fl’fpsriTr 


BY OUR OWN CORRESPONDENT 

THE Jamaican Government is to troversial bauxite production 
earn revenues totalling S200m levy imposed by the Government 

tromttetowate and I alumina p r< X£ 0 ' S of "5 1 m tomes thiS 
industry this vear. This repre- year Output last year was 11m 
sented a marginal increase in tonnes. 

production over last year, Mr. xh e Mini ster also disclosed 
Eric Bell, Finance Minister, told that the Government had reduced 
Parliament. the bauxite levy on the companies 

The revenue, from the con- here from 8 per cent of the 


COMMODITY MARKET REPORTS AND PRICES 

DACE UTTVlb Cathwles. three rannihs £702. Kerb: the pound denres-ei the r«nc*. Clumst coals per pound)— Daily price June 2S: » 

DAoL UaE. . Wlrebars. three months £706. 5, 5.5, 6. selling led to a pru* of ifi.300 fcef.ire a 14J.7S iHOM* Indicator prices June 29: 

^ Lirxa — .r~ *ji close on the Kerb of £6.1:0. Turnover: 154ay average ISMS iI3S.45i; 22-dav : 

-COPPER— Weaker following tbe sell-off COPPEfi, [+ 'Tv, . ,+or l.'.lO tonne s. average 1M.W iZ54.5s>. 

on Conies overnight which led forward I ■ i 1 . if 

metal IU start lower m London at £707 • | £ r £ j £ : i- fix ufik-.k - L'noaww ' ' COFFEE 

and d e cline immediately to £703. There- Wirehars I | — . — _ ... . U&«mber....il 

after the price steadied and held around Cash 1 686.5-7 '-n.5!68&.5-7.5 -W HjfH Grade x ' t * £ February |1 

007. encouraged -b y a steady -Comes dawntin..! 706.6-7 j- Hi 707-.5- -10i Ua&. J £675-80-77.5 6640-50 -72.5 ^ 1 

6 - 2 ■■■;;■ ^8^35 SSSraSut teal 

fS£sq^--| ■SEA -« 8sSS.nMQ-«6e«Mo--i. sfifiAi 

tonnes. r neuJ'm'ntieaa ,-15 - ! -- 0555-65 -35 ; G530-3 -65 brealrhronri. The MJUAJ 

Amalgamated ■ Metal Trading reported — — Pr-. 3-D !* . - • 2T 11 '..iVSfL “J,- ~ market eased as disappointed longs toon LONDON D 

that In the morning cash wlrebars traded. TIN— Easier with forward metal marked “T- 6i /iD i _ “ — Pjrths and at a quiet dose values were £99.00 (106.00 1 

at £fiB6.. three months £797. 6.5. 0. down at tbe start to £6,510 alter the fall S Pf l 0 _ — .... _ m" unchanged. August shipme 

6 j, i. ®j.. Cathodes, cash- £682.' $1.5, tp the East overnight Bear covering and Alornmg: Standard, cash ±0,610. so. re- .. . 7 : was fixed at i 


4 -t u.»iu~ r~ Granny Smith 8.60: S. African: Cranny PRICE CHANGES 

\e=*erday +ur ; Uusiu*-.. g J0 ;yhne Winter Peannaln 7.40. 

t-uwt. — 1 uoue starting Delicious S.20-8.40, Golden Prices per tonne unless otherwise 

— — Delicious S-20-8.60. Yorks 8.2U-8.M: sialed- 

~ Chilean: Granny Smith Start- i 


— , - , ■ nen.ianm.ofl Chilean: Granny Smith J-sUS-M. Start- 

*+••'■ rrtCCTi: Augu*i 1 IB-.20- IB.b -0.60 119.00-18^0 inB g.lO-SJO: Mew Zealand: Stunner 

oth-.-w — LUrrtfc O.-toUrr ']‘“- 6 tS2-E - 2-35 : !2I'52'SS^S Wppb* 1*> *■«>. ns ».00, Granny Smith 

pfiRiicTAQ - ri »n 120.1M0-2 — O-BOi W)-00-Sfl.fl0 Italians: Rome Beauty per pound 

« *-■ Vi 1 Ml 112UM-Z2JJ-0.50: 121.00 0.1*. Golden Delicious D.16. JonaUians 

40-50 -72.5 nSfiSmS M*" 1 -- 1SUM5.5.-0.75 - o.lL Ptas-S. ADican: (Sw Pacfc 

60.70.-60 ^ ^ - ,126.00 ham's Triumph *50. Josephines 9.00. 


une 29 4-or Month 
1978 — ago 


KINGSTON, June 29. 
average realised market price 
aluminium ingots to 7.5 per ca; 

Tbe average realised mark 
price being used by the Cover 
ment for this year is 33 cent.- 
pound. 

At the same time a basic nri: 
for raw bauxite ore of .SI?.! 
would be applied tc* all sales 
the ore. 


Metals dip; 


ben reported. Commission House mop- no 275 _, 0 S n! “ 

liwc hitvinc tho miApi Sr™ ™ .lllglJ-l-. I^I.UU-Z/.a -rU.SU — 


ham's Triumph 3^0, Josephines 9.00. ' 

Peaches— Spanish: Trays 2.30-3.50; u.,,i. . I 

Italian: Lame 2.6W.40: French: MUL2K. SSSSiam ^680 '£680 

Crapes— Israeli: Perlette 4JH): Cvonet: .1 T,..-,.™.* ?,nnn ■ 


6.5, 7, ■ cathodes, - cash-' £682,' $1.5, in the East overnight -Bear covering and -Morning: Standard, cash £d.6ij. SO- 

82, three months £701.5, 2. Kerb: Wire-, pricing caused, a rally ro £6.575 bm in three months £6.550. 55. w. Kerb: 


three months COFFEE : 


s. three months. £7tej. 7, .7.5. After- the afternoon the lack of physical demand. Standard, cash £6,673, three mouths 
a: Wlrebars,. tbree^monihs £707.5, 7. the influence of copper and rbe rise in ,* 70. Afternonr.: Standard, cash 

• ■ T • ; ^ g.EM. 40. three motuhs £6.333, 50. as. 


an active session bor dealer selling at W t35) lots or luO tonnes. -.6^.40. rrenoi. Aluminiam £680 

I1.S23 basis September prevented "any Clift A U SmlSSP-- Free market to) *1.050 

breatrhronRh in tbe afternoon. The hs£Jsh- 5 Ml* SlSl afldO Copper re.h W.Ba«J£687 

market eased as disappointed longs toot LONDON DAILY PRICE fraw sugarl 5 ,0S aSiato 1 nnSflo 3 months do. do. E707. 

proflrs and at a tjuie: dose values were £93.00 CJEM.OOi a tonne cir for June-Julr- Anrlcots— SDantsh- 5 "'slm Cwh Cathode. (£681 

about unchanged. August shipment. White sugar dally price ian^i^ZjaSaJein- Perwmnd nlli 0 momJta do. do. £701 

,-_,t : — was fixed at £105.00. (same 1 . Avocados— Kenyan- Flierte m/v'« 3.60- Gold ....Troy 02- $184.1 


mixe( 




K " enSrSo 3 month* do. do. |£707.26 -10.25 '£788.25 SEW TOiffi. J-v "» 

« Cash Cathode l£6ai^ -11.0^761.25 pBErff ,.,_ ^ , r “ J *' ; 

a — 3 - 60 ~ Laad'ciwhl ESDI t6.25'£313.5 CoB ?. e r f»™ihad near unchanged :a .t.. 


l£ per tonne 


offered 23 points .lower than overnight 0 


I.G. Index Limited 0X^351 3466.- 
29 Lamont RoacL Lozh^d SW10 0H$. 

- L Tax-free trading^n commodity 
2. -The commodity futures market 


LEGAL NOTICES 


50, 40. 85. 40, 35. 30. Kerb: Standard. — TTT:T"c. t Q levels immediately on the opening and l 5 q : Israeli- 340: Efisotian- ■» 50-" 

three months £0.510. £6^00. £6.305. 10, J u'.y 1686-1627 -IO.B. 1668-1625 fnrtJltr 5,03,! losSu . s were quickly snanlsh- 2J0-1W l^ffi^Cynri« : 
20. 25. -•ptemoer.. 1497.1408-08.5 1525- ]«5 recorded before bujers "sellers were well 


currency considerations to close at ihe 
day's low of £309. Turnover: 5.500 tonnes. 


Nori-inMt 

January--- 

..j 1403-1404- D2.6: 1428-1396 
..1340-1346+1.5 11359-1330 



Jalv 

..; 1025-1250 +17.5 1225 

Sates: 2 

S75 < 3.0921 Jots Of 5 tonnes. 


I F ,„ 1 rttSLi , + Tnofficiai + - ARABICAS— Close: June lSfijO-ira.OO. rw-^m ' |S 
LEAD ( Official — inoflkiai — iS2.iW-180.OO. Ausnsi 173.00-177.00. umreded. L W 

"! Oct. lSS.OO-lUf.tfO, untraded, Dec. 148.00- ^ ■ 

^ ft , ft , 155.00. untreded, Feb. 140.00-149.00. un- 


the close. C. Czaraibow reports. 

guitar | ] 

Fret. 'Yesterday's Preci.iu* an-ines 
t'wiini. 1 Cl.j*e Clow Dune 

Con n. ' 


Enolisb nred^^Pnl^'^Per « lb £6,53 2.5 : - 65. 0'£6,4 45.5 I Sales: 2^“ “ 

2.:o.2.40. Leuuee— -Per 12 OjO. Cos 0.80. lM7 ,36 '''3'7Bil3Z3^ 6 I Copper— June dele, ed. Julv J; :.l •" 

Webbs 0.60. Rhubarb — Per pound, our- ~ sfnfi 7s'Zln few n *«*»■ »■!« i».«»'. ?cm. to 7*. 

door 0.05-0.06. Cucumbers— Par . tray 5SS2n S ' Jdn. 61. M. March i^.Su, .Mpy 

12 tS4's a.XLl.iO. Mushrooms— Per pound Producer#. — £560-6DD £500-600 1 «.so. Sept. t3.v0. Dev. H. -i. ^ 


'pioo- * 14X.3fly. Dec. 129 Ja. ’Jan.h T2v.i"i. 

Platinum trey oz.. £133.0 £1Z2T X3.l.ti>, July 131.25, <5(. 3 r ' t.i 

Free Market £132.4 «136.3 6 S7 Mrs. " 

QulcUilver (760>.) 5126(30' _.i5127;52 coffee— ■■ C " C«-r.:raV— ii-:- 

tear- j» KS®9» -iLb. W. USM 

6 months.. 296.7p |— 1.7uU2.Sp lUrch 3:7.75-T n 5 no r.t, v v.., lV , 

&SSSJ = Si&SP l . W 1^.30-M, ■ Str:! “ 


XOv 001934 of 1976 

in the HIGH DOUBT OF JUSTICE 


No. 002055 or 19T» 

10 thi' HIGH COURT OF JUSTICE 


Chancery Division Companies Conn. In the D,v !5 ta - I ?PnK J i!L li: Co SS,- J? 

Matter Of WBSTYZELD HOMES LIMITED JJf Mattel r iff ^LUhCDON HOUSE 


0.40-0.50. Apples— Per pound Bramlcy's Oils 1 1 

0.10-flJO. Tomatoes— Per I3 lb English Coconut. (Phil) IS665p — 5.0|S660 

2.4O-2.60. Greens— Per crate, Kent 1.00, Groundnut. [£704 £749 

Cabbage 1.20. Celery— Per UMS's 3.50- Linseed Crude ivv£362 '8385 

4.00. _ Strawberries— Per 4 lb O.16-0JI5. Palm Malayan Ig635.i l$630 


and In the Matter or Tho Companies 
Art. IMP. ' 

- -NOTICE IS HEREBY' GIVEN. ’..that a 
Pennon for the' Winding- up of the above- 
named .Company by the High Conn of 
Justice was on the JPlb day. of June 


D HOMES LIMITED mkoj li^, wn ad- w 3 be Matter Uortiin- Cash ±303 3 5 2.^ three « ,nl i ? W* wand': Colombian MIM. Mo n-li . 718.01 08.0fll0s.4IWte.50 1DS.GD-07.7& Caullffowers-Per 12 Lincoln 2.W-2.:0. 
or Tho Companies 'V The ComioS^Ac^lWS monJTob cs u 12 5 r^a Kerb : unwashed M.v .. 1i0.70-1l.00ll 11.80- I2.0D 112.0 MO M Broad heaw-Per pound 0.974J.0S. Pens- 

, . , f NnTncE “s^EREEY cIv-c-N that a K monib M ‘ yiinmS'- Three ^£ lcas .k 2 ^ i lr4 - MK oa,t * mild Auk- • 1 H4 JO- 14.55' 1 15.60 15.75 I I5.BB-M.4i Per Pound 0.12-0.14. Cherrtas-Per 

F«55fSr 'fh.wXi^r^e Un^^ufiu. iKrt: SSS JttmS?* 117,75 = d 0.5M.60. Gooseberrie^Per 

"ffie HiKh^Coort^t named Company by the High Court of months £3!0. 9.5. 10. 9. 9J. «J4 LjO>. Hally average I50.B2 (la-OOi. sales: 2J66 « 1 lors of 50 tonnes. POUdO — . 

tpjh ffitt of tiiw Josh re was on Ihe 27th day of Jure ZINC— Moved narrowly after starting Taie and Lyle . ex -refinery price lor 

inn Hay .or June h„ ia. u . (nr— rSA7.r-:no r<n ■ «mn i-riniiliiavl huk Jil 


March OS.iO. May w til. ^a|.- : - 4.7. 'i 

Cotton — 'No. j • Juiy 3.3 w-57.li, • v 
Ot-L 59.no liP.-gi. tj.ift-. 1,1 j 
S2.0D, Slay w.Su hid. juji- .,4.^;. ;.i, 

fi4.4ll-b4.yi. D^l-. 64 i'0-05 'i'}. ia!-. :: 

baler. 

•Gold— June UeM:d. July ’j.v.rr 
Ang. ISJ.'J'i 'IVo.'jD/. Sept. ;i.-. 
158.66, Dp.-. I jO.-iu, ;p_ 


ttCJ granulated basis white sugar was £242.40 

*3 1 same j a mnne lor borne trade and 

FUTURES 1 GAFT A 1— The £J53 - 00 tOaj.OU 1 for export, 
d IDp higher on wheal and ... 


rr pounu o.u-o.34. Cherries— Per gmuf. I 1 , ~ — .cm ,,..V ■' 

as? . A-y-* ! ■ » Hgfunip, « -u,mw SEft'SS ;£$?", 4?' /':,.'" 

pound — 6^«bean kD^.)....|$277.a’- 1.5 !8a03.5 i9;.60, June 19S.7U, -.-.i ■,) 

204. fO, Dec. 26J.ll'. feb. 2!:.jr.' 

TITTp ..til 1 214.30. Sale-,: s.951 j..t . 

flf gjni j 1 I rLard— Chicago Iv.-e j-..vj -..'.n. . 

DUNDEE JUTE— Firm. Pnces e and EEC ' : : ; NY prime ? uam 24 o n<1 „. ■ jb i.r. £. 


214.30. Sail-,: u.951 !- t'. 

rLard— Chicago -..vj -..on. 

NY prime ^-uaui 24 73 non- -25 i-r. 


SMS. W. S5LFSS5S& K MS SSJPiS WOOL FUTURES ^ SWrfTaa i Mfc^:::^ 1 - 80 ;^- 26 ^ 85 - 7 . 

bean. Wore th\_ Court -suUng at the ^ _________ ‘ _LONDOI.-The marfeet was leatureleas. J™**™** «««»-• 3 Am£103.5,j £105.25 ^ . 


Royal Courts of Justice: Strand. London Cornu or JiMiiue. Srrand. London . «-n.. + vr- pjn. t+or Selll0 

WC2A ILL. on Lhe 24th day of Jub- 197B. 2LL. on the 3ISI day of Juti - . ZINO . OB-wl — . CnuCr.-ia' — l0 cI| 

and any creditor or 'contributory of the “*>»f creditor or cuntributory of the 

said ' Company desirous to smwort ' or said* Company desa-ous to support or . £ £ ~ ^ 

«Dpos» the malting of an Order cm -like uppos* making of an Order on the Ca^li j 297.2^.5 296-5-7jB — i-75 

said PeHtinn may appear at the said Pemion may appear a: ihe lime of dnmi:rfw..!3Q7.2S-.5 -Z.5J; 306.5-7 .—4 

hearing, in. person or by his counsel for bearing, in person or by his counsel tor s , m 4 . n t.....| 297.5 — o • — - M ntl 

that purpose: .and a copy of the- Petition that purpose: and a copy o. thv PeuUoo Pnu.tVeat! 29.al_- 

will be furnished by -the- undersigned to ^ be. furnished by (he umkrsiaieB to ~ h h »Pi. 

any creditor or cixdrihntory d the aaid aD T crediior or contnhuion- of ^l^aid Morning. LJih_£Ji< .a. 97. three Sov. 

Company requiring such cow on payment Company reuidnng such repy on Payment nib, t>. ., 6.o. S. i.*. Rert. _ Tlweemom 1 ^ Jan 
of the .^STcharge *?£ fi SL of the regWa^ dta same. *£ 

ERA6Y £ WALLER, . 5 New Sonare. Uucoiu's Inn. £366. 3. 3-5. 

2/S. Hind Court, London. W.C2. Ref: RGV.' .VJB. *Cen:s per pound, t On previous bus 

Fleet Street, • ■ Tel: 01-405 MIS. Agenis for: official dose. : SM per plcui Nor. 

London EC4A JDS. c. R. JONES. Bedminster. 92.S0-I 

Ref: WITH- TeL- Dl-533 S51L Bristol BS93 UR. Barle 

Solicitors for the Pen doner. Solicilors lor ihe Petiuoucr. ClT VCD Jan. 


£307. Afternoon: Three mouths £305. 5.5. \r«r 
7.3, 7215. 7. 04. 175. Kerb: Three months n. ' 

£306. 3. 3-5. 

• Cen:s per pound, t On previous Bn 
official dose. :SSI per plcui Nor. 


TcK-terdsy' 

uiwe 

*■ + or ll'esteutaj-'* 
[ — i. close 

+ ,j r 

84.45 

— o^b! 

79.00 

-0.311 

87.20 

. — o.soi 

81.80 

-0.2S 

89.90 

-OJD. 

84.50 

-OJU 

92.50 

•—0.201 

87.20 

—0.10 

95.15 

1 — 0-2DI 

89-70 

—0.16 


Australian Xeste«rj-s,+ oil 
txTWsy'Vool Gii«e | — j 

busluess 

Done 

Jalr 

1 1 1 

..C30.0-33.0 '-0.50! 

238.0 

U.-iober 

..240.0-41.5 1 

— 

Decemner.. 

J24 1.0-43.0 J 

— 

ILnrcti .„... 

..te4B-lM9Jl 1 

— 


l«fl yards: July £9JH and £7J4: August Ao.KHarti« inter 1 . : ; : : April 24iJ0.£47, 

£9^5 and £7217. " B " rullls £20.88. £20.53, Englab M tiling.. |£1 OS £102 252.50-253.70. J 

£27.43. Yarn and cloth very quieL Cocoa Sblpmens....j£1.890 •—14.0X1,759 1.651 luu . 

Future slept. '£1,762 —34.5X1,660.5 -silver June 

Coffee Foture ! 1 I ■ 534.70 ■■ .'iu=. l 


•.Platinum— Julv •242.-.J. 

245.50- 24C.QO ■ 245.90- . 4jr.. iiS.'ifc’i:- • 

April 2172!0.£17.46. Jalv .•Vi C r 

252.50- 253.70, Jjd. ili :<0-.o7.i , i 


'Silver— June clul^ tr-d 
534.701, Aug. 527.50 ..‘.Is.; 


vouee rnnire ■ 534.70 ■. Aug. 527.S0 ■51s.5J-. <■:. - - - 

VFfiFTARTF firr<2 ^ dapt, — £1.497. 5 1 — 8-5 £1.721.5 Dec. 343.1U, Jun. 547 C, M;.,-,' ' 

vLUEl ADLE U LLj Cotton *.Y Index—. I?0.55r 1—1.0 70.9c May 3CJ.S0, July .TT.'.co. Sen!: . 0, 


July ....... 246-0-46.8 

O -tol«er 24ff.O-fiaja - 


i nun nil bum mi n..i> ^fuW>er hUo. '55p — 1.2556.25p 593JI0, Jan. 5W.S0. vj? 

auQ?eS D ° , Salef- L, NiI 0,L-D ^ 1 ' M <*“!?■-.- H 1,0 * is sfl - Sale .; 10.360 I.,:-. if 3 r. j- 

quoted, hales. Nil^ _ Wooltopa 64» kjlo...| 283p I J281p Harman mu: bullion: c^.jj . 

. . Soyabeans — July r.7S.r.70 <»r. i. 

GRIMSBY FISH-Supply good, demand "RomlngL X Unquoted. L August. 672671 •.wsi*. Sep;^ > ca-ttil, 
sand Prices at ship's side (unprocessed) " Jme-Augutt. n July -Sept. pJuly-Aug. 620. Jan. i»24. March in. May 


Business done— Wheat: Sept. 81.60uS4.50. Dev (248.0-52.0 — 

Nor. S7.60-67JI5. Jan. 90.00-59.90. March Sales: 1 tuU) In of 15.000 kilos. 


d*. 0i.gu-ba— a, Jan. sni.ww.3u, uiarch Sales: 1 idUi lot or 15, WW Kilos. _^ r ^f nn *- chAi# Pnr i r« sn-^on pn ,n ln „ 0 to July. u Augu&l-Sepc. z Jiuc-July. W4- 
.9043.50, MW! 95.1MS.U. . Sales: 45 iloia. SYDNEY GREASY-iIn . ontar buyer. .'SLSHHKt SHSK5 W WAUCTSt - SePL 


iwwaiig? tnS^° n flf*h° giSj^hnnn bem^ng of the said Petition silver wa» fised 1 69 an ounce lower fur HGCA— Ex-larm spot pnces. June 29. 354.4-S53.5. 20: March S58.0. 338.2. S3S.£ S‘5 o" £ 4 l2u ioii ^w ? £5 

must serve Shy the uX server, vr send by.no^ jo. }he ^ % u^ry m ^ M M Una*, JM, Wilt- &7S. 17: Jfcg 362A 3640- 20&WIM.O. 11: 60'SlUto^l-§.'M 

above-named, notice In wrlllns of his above-named notice in writing of his spot u.urere m shire £93.70. Feed barley: South Lincoln July 3«a.0. 363.0. 385.6-363.0. 2: Oct. 367.5. -J-™- Beds emum-m. sajihe S2.oo-a.fio. 

miration so to do. The notice must state- Intention so to do- The uotxe must staie ^Tal fte hi^ icvdS were: rt L _ 367 ^87.s 5: Dec 369.5, 372.0. un- 
tie name and address of ihe person, or. ihe name and address of ihe Person, or Sm lu ie. dou-n 2.0c: three-month 344.3c. , LK monetary coefficient lor week from traded. Total rates: 119. ; 

if a firm rhe name and address of tlw if a firm the name and. address of (be SJL' “^oau, 535.5s. down 2ic: 3 remain unchanged. BRADFORD-Prtces were tmehanped. 

firm and must be. signed by the person firm and must bo rtgned by the Person aad^ 79.n10r.U1 578.1c. down 2Jc. Th? ^ reading ouieier tm* week than last, 

or firm, or bis or their solicitor (If anyi or Arm. or Ms orffimr ssliRtor ; Jl anrt ‘-j; 2S&-296 p i333£-537ci and DirDDED , ®*f r »»» ° BT } rtw ', l 10 

and must- be served, or. If posted, musi and nan be served, or ir posied. must SjSjjp >334-555:0. RUBBER irregularity and caalns in some Ausra Unit p. o wi • 

be sent by posr in suffimeni time 10 he rent by po« m trufflcieni nae 10 cioseu ai ^ nn . hn , nnrfftn »n®> Pflcw at tho closing sales of the Vho rn tol; in 

reach iht- above-named noi later dun 1 reach the above-named not !a:er than EASIER opemn» on the London season. U lfUl X 11 


SILVER 


Barley: SepL 79J0.79.0t). Nov. silo-a.M! teller, business, sales 1. Micron Contract: “ J^^J>addOch £4M medium 

Jan. S4.55-94.50. March unquoted. May Jidy 341.9, 342.0. W.IM41.L 34: Oct. 348 A “ ^ rtalce 

unquoted. Sales: 40 tots. 349.5. WS.0-347.0. 30: Dca 334.2 . 355.0. nw ^ 1 ium ***** 


INDICES 


and must be signed by the person firm nod must bo signed by she person ■ - ^ 57a , c d4WT | 2 _2 Ci n,- 

m. or bis or their solicitor (If anyi O f.flnn.orhlsordiw s ®‘ ir - , ® r d 11 m6ld] 0J>iD z& at 2S9-290? iSSSi-SSTci and JJT fRUPP 

niist- be served, or. If posted, must and must be screed, or. if posied. must 2S6JI-2S7Jp >534-5j5:c. KUBdIIK 

“!» t lr ,.r;.pis.cris"urdj; — — — : — s«™» «•"■« , « * >-»«»■ 

to”.?,!!,'?™*'""” 0 ” 01 -“Mgs «Sf‘s k ™-iSt ' nm ^ ,L ™ : ; Isis' . + _™ ^ i+: ,r Sf a S 


firm and must be. signed by the pe-rson firm and must ho signed by ;he person 
or firm, or bis or their solicitor (If anyt or Arm. or bis or meir solir.'tor mi any* 
and must- be served, or. If posted, must and must be screed, or, if posic-a. must 
be sent by posr in sufficed time 10 he re-ut by po« in aufflcieni time 10 
reach the- ■ above-named noi kuer than j reach the above-named noi .a:er man 
four o'clock in Hip afieraoc-a of the [Tour o'clock m ihe aficinoon or me 
21fl day of July 1678. I 75ih day of July 197B. 


Market Reports 


■ r Q3B5? .. 


Spot , 288.2p - 1.4, 2S7.55p '-2,4 

months., j 295.7p —1.7 294.95p —2.4 
■•iiWUths.. ; 304p —1.7- — ” 

18 ff..htb(. ' 32 0 Jp -1 -7 - • 

LME— Turnover 133 (5¥> lots of 10.000 

azg. Morning: Three months 36. 95-9, 


Leto and Peat reported a Malaysian 
zodotvn price of 235 (237) cents a kilo 
nominal buyer. 


No. I li'est'ntava ! Fren-lbne | Uuslaeu 
K.3.S ! close tiltw • d«'Ue 


rnfguuni^ auu uayns in zmhuf AUMrauuu p m 

rort pnces at tho MR «Jes of tbe 111 

MEAT/ VEGETABLES fiijjhgf nricCS 

SMITH FIELD— Beef: Scottish killed 1 uuuw 


FINANCIAL TIMES 

3 une 29T*I une3 1 J1 on t h agt- Year ago 
— 1 1 

842.00 | 244.73j 250.34 24&.S7 

(Bane: July 1, I95i=i00j 

REUTER’S 

June 23"J une 28 (Month agoj Year ago 

1476.0 1488.5 I 1508^ t 1569.5 


(Sum September 18. US1=M0) 


DOW JONES 


Inter Commodities 

Limited 

Specialists inFundaTnental Research 


To: Infer C'ommidili« Ud , 

j Elnyris Atrnuc, London EC3>i4D» 

TH'fjihune: tll-^LMl 1101 

Pfcase send me yoiir Market Reports l 0 r 4 ^eekstreeoichanje 
and without obligation. : 


sides 56.0 to 59.0. Ulster hindquarters ; 1476.01 1488.5 1 1508^ I 1569.5 

’YJL’ MJKT SBfg ."lift n By Our Commodities Staff "a«Wi.r«a»r 

ZS-SVl RUBBER PRICES fell sharply OOW JOHES 

Pork: Encllsb. under 100 lbs S7.0 to again OD the. LOOdOO market "Dow j Jane June Month! Year* 
440. 109430 lbs. 3&.0 10 42.0. 120-160 ibs yesterday as speculative selling J<wa ! £9 3f *gu 

j 5 M E AT^COHMISSION- Average fiustock gathered StrengtiL On the spot ..1559. 14o59. 14)355. 74393. 43 
prices at representative marttets on June physical .market the No. 1 RSS Futnresl34G.12i34S.70i357.74l3E8.fi2 
29: GB came T2.2P Mr tt-i.w, spot price was cut by L25p to fAVOfagfl UIMHSSIW} 


Dow I Jane 
Janet! j £9 


Tune Mont 
2 S ago 


Spot ....1359.14^58. 14|355.7«;393.43 
Futuresl34G.12i345.70357.74l3E8.62 


3.3, 3.5. 3A 


rATA * Jan -Mari i5^-S5.8S: 67.60-67. 65.15. 

LULU A Apr-Jae 55^67-40: 68-9068.05 - 

After a quiet day. the dollar's weakness Sales: 457 (40S) lots of 15 tonnes and 
ted to arbitrage sefflng on ihe dose. GUI 37 i5t lots of 5 lonnes. 
and Dallas reported- PhvsIi'Jil clnslnc nrlces (buversl ■wnre: 


Physical closing prices (buyers) were: price lOS.7p (+16.61. 


cent, average 7|.67 d f — i-39t: sheep up the futures market the Septem* 
9 per cent average price I«.9p (-6.0): i,_ P nn cition fpll hv 1 fin tn W ft5n 
Pics down 3 per cent, average prices °er posiuon reil Oy lJJp to W).l»p 

Slip ( + 12». Scotland— Cartl'- mimlv-rs a KUO. 
down 3.1 per cenr. average price 73.36p . 

1 -^O.ifii: Sheep up 53.2 per cent, average Market sources' said that the 


(Average 1W4-2W6=1W) 

MOODY'S 


June June Month Year 
Hoodie j 59 22 ago ago 

.- i , 1^ . i q ctom ■jf QO*y ? 411 CPUiS per full C«-— f 5r*:ho.iS? 

bpie Commtyi9l2.Pl915.7i 9Z7.6 miess otherwise; staitil. * per l-oj* 

(Decerntjar 31. 1931=160) ounce— 100 ounce iuli. * CWeagn !oo.c 

■ - 11—.. — —- 1 gs pur 10O Ibv— Dcpi. of A 4. pn-.v? pn-- 

clous day. Prime s:es:» fab. ."V tji-; 

tank cars. ; Oeila r*?’ jf lb bU'-iK-T 

rATTAAT warehouse. S.fll’O busln-l lu’.i. ; -S - r 

J, ,| j iroy ('MW for -9 or amt • vf i"' •• r : r 

1 cent parity delivered YY. • r-ms -...r 
COTTON. Uverponl— Spot and shipment I truv ounce crwva rehouse. “ ••. - I: 


u. average Market sources said that the 
m steriins renewed fighting between Cam- 


IlSoyabean Meal — Jal/ V.'f-'T- 
ll72.Ui>. Aug. 173.7rt-!7t.0ri '17.M. *•_ 
373J0-173.S9. Oct. I7J CO. Dec. , . < 

jan. uo.£M7u iiq, gijrch ”... 

1TJ.35-17J.S0. July 17::.on. 

Soyabean Oil— July i'5.:;,v:: _■ -- . 

Aug. J4.75 i24.-13". icpl. .' .• l:-'- 

•23.60. Dec. 'JJ.Ou-L'j 0:,, Jan. '. 

I llarch 22.<O-^;.70. May 22 J®. .'j'- jj ' 

1 Sugar— No. H: JuJi- c 97 . 

1 7.04-7.00 iT.:3i. Ocl. T. 19.7.1;. - 7 • 

; 7.70. ’.larch 7.SS. .".I.iy S.iiS. JM- . 

I Sept. 9.13-S.31. Ocl. R 610.1;.:. ?•]... 
lots. 

Tin— 5.5750*5.6100 n-jtii. t y.l. :-i-"7 -v 

uom ». 

M Wheal— July 3iu 3ful • J:u' . S-’.L - 

313i i313j.<, Dec. 318131: . y.*r.! , 

319:. Slay 316. July 307;. 

WINNIPEG. June Iff. -Rye— Jul; ;:.-o 
bid <102.09 hid.. c*cl. ?ji.. b>»i <10: -j 
ashed*, Nov. 97.W qi-krt, De-:. Oi.lO o:g. 
May unquoted. 

7:Oats— juiy ro.it bid ,-72. n-. o:t. 
asked < 72.20 >. Dec. 71.29 hrl. Mann it.,.- 
bid, May 73.50 nom. 

JJBarl^— July TD.flo bid '72 -10 O.’. 

73.30-73.Gu bid (73.M-7C.70.. 1-:%. 7C.T :• 
a sited, March 7t.i» united, May M-i 
^Flaxseod — July 2s;.su bid '--'wo b.l , 
Oct. emu bid <213.80 » p jrcd'- 
asked. Dee. sii.oo b:d. May. 2 1^.10 asiuc. 

(i'iWheai— SCWRS 13.5 per c»n! rirot';.;! 
content elf Si. Lav.Ttnrc* 1E2 22 ilii.Sii. 


' .-icKiavV 4- of ~Lu7tB» ' Spot 35p t56J3i; August SB.ep 157.75); COVENT GARDEN (Prio n in Berlins ‘ ' r ‘‘ . &u * & u ' 1 . C . 6U Y*"* 1 

Close — ! Done ScW. 57p (33.2ai. per package usceH where elated): bodia and Vietnam had Only a 

— imported produce: oranges— Cronot: limited, temporary, impact It 

is 5 U 513 JJ. 55.0 SOYABEAN MEAL Iff“ hmie U 4 .aoSjkb. «« W ^pjcuigaw 

lalsiaTs .781 v Italian- umaso's now crap 4tKH.au in recent weeks had pushed 


COTTON 


Address 


.•TcfephoB* No - — ■ — - — — •' - • — — 


'ft**-* - E3 16S wa .o 5Ux ABtAir MtAL- Navels 4.^Io. Lemons— Wf ‘ — SS onrit} del.vcred YY. ■ r^s ^ 

luiv ... vi B ,!«' ,»iv , ... , . Italian- lonnso's now crap 4tm-4.a»: in recent weeks had pushed COTTON. Uvenwol-SDOl and shipment irov ounte cr.-warehous.-. ' ••. ■ 1: - 

i7n ina -tjito Prices fell In early trading on mixed spanfsh: Travs 1.30-1.50. large bosefi prices tOO hifih. The reaction in safes amounted 10 100 loatres, brtngmg couirau in 5s a ihor: iu.i ter lull- iu-s 

; semnc ,vW3 tote top |hc 3HH.40; s African: 4 .50-5.50 Grw nwrhnnohi mXrhffrf h«»n U» MUd for the week so far to 3S2 lounes. or 1U0 short ions dd lured u-.l. 

]riB.5-1<.5 -sQ-7S ]{= marfcet ibv values held to the downside fruit— s. Ai/ican- 27/72 3.40*4.50: Jaffa: an O v erDOUgm market had beep w _ F _ T at tersall3 reported. Misceflaneous Chicago, Toledo. Si Lou:i a-:i aIm-,. 

|B80. ;-as.o — -gi.a iii ra-ir iu maritej the' values heW to the Duwslde 20 kilos 4.50-4.60. Apples— French: accelerated oy breaking through purchases In certain Middle Eastern “Cents per ufl il> bushvl nn store 

luiv Ifirt.OfM "MEKramB through most of the sessloc In a rc3a- Golden Delicious 20 lb S4's 3.«KI.fiO. 72 'a a chartist selling point that wouchs were again reported, but tbe l*Ctms per 24 1b biisbe!. crccms yr: 

•ten* iBM.O-So-u — m.a iasaji;iu.u tivdy lifitit trade. At ihe dose losses i^n-3.60. Jumble boxes, per round 0J6: hrnimhf a now wavp nf "nrofit was narrow. Minor replentetancnt 45 lb bushel cx-wan, house. *! C • n-2 r< r 

4a!cs- " 606 13 4431 lots ol 10 tonnes. ranged from 50p M £J. SflW Commodities w. Australian: Granny Smith S.70; u ‘“ UoU1, “ wave u* yruur nceda w . erc sought m Latin American 36 U» bushvl cs warehou;.-. LOVj Lutid 


Internal io naf COM4 Organisation (VS. reported. 


Tasmanian: Siurmer Pippins 8JO-S.SO, thkihg. 


and African styles. 


1 lots, tn SC per ion&t. 



vli 

li 

i 


Times Friday June- 30- 1978- , 



STOCK EXCHANGE REPORT 


Effects of gloomy economic predictions short-lived 

loiiitv leaders and Gilt-edged recover to close higher * 


;, flL TIMES STOCK INDICES 


minimal reflecting 


the bullion 
is finally $1 
■ ounce, 
share prices 
hanged but 
ements were 
Gold Mines 
i 162.4 for a 


GoTproment 

Fixe*) EniMWt 

Iniiii^tru! Orrtio*iy- , ‘- 

final Miron.. I 

Uni. far. Vi eld [ ~'~~l gg: 17.&3 1 16.86; 16.74; 1&.86, IE. 

E.micj>.V , lrtJ 1 f!i l ""'’j 752 ' 7-5 4' 7.94: 8.0li 7.94. 9 

P.fc italic (rot, (Vr c J 34 gj 4 0, 8 ; 4.47ft 4.394i 4.436] 4.896] 4.« 

Dwlinjp uiarteJ , 66 8S j 57.37] 61.07! 91.94’ 85.59! 63 

Kiliiity tn mover ■■ i “ j ^ j 06 | ,3.155] I5.7 0si 15.69 9; 14.5 1» 15/ 

Equity hung in * JM. 1 9“ 4i3 “ 

,0 am U3. s m 3P"«S£ 

-WiaiSA tm-MH 

- BJSfd on o- per cent mu 1323. Ini On!. 17/3S. C 


69.01 69.2& 68.881 69.21. 69.69j 67. 

7l , 24 i 71.1* 71.23] 71.07, 71.68J 71.93] 68 

45 7 3' 455.5. 456.3! 453.0: 456.3] 452.7] 46 

.gn 4! 160.6' 157.6' 158.1; 161^ 161.0 . H 

c 80 ! 5.83! 6.81; 5.84; 5.79; 5.84! 6 


A rnnlinuatiou of Lha uuward buyer: neural Bar ana tievwooa 10 a peait ot oaa. matting « jump r j«p n r 

r take PU« pressure on US. short-term levels Williams both firmed IS lo 3$P and of « since last Friday sevee Went buying on bid hopes^ helped tt -6y th ' * beaV javeigh1 
a „ earlier. _ lhe Federa , funds* rate I22p respectively, while Johnson- annua! results; the group has ff " , ch 11 kb tost a further 5 ran-ed up to l as in Randfontei 

;is r ftr . , *L K !T creased 1° R , per «"t yeitei- ^ _ ■- ■ - — - v t0 nsp after comment on tlie at £34. while West Driefontei 

«nted by day-caused a late reaction in f260 \=k^===z===^^^i"- m ^ = - ~ S - disappointing second-half per- put on i to £21. and Wester 

I Project the shorter maturities. Corpora- ="-g-='~w‘ * =* i i^=: Cfft J. -m farmance Holdings i to £19 J. 

fntiie for lions traded narrowly and first- B® B BP ^ Although Motors and Distribu- In the lower-priced issue, 

ide w hen. time dealings 1 in Strum Variable Q5Q & A Vllvl tors closed with the occasional improvements of between - arr 

II a small 1963. most of which was placed m. W T cmnii f»ir 1 ho nnriPrtnne remained 10 were common to Kinross. 3* if 


1 New time" dealings may take wace pressure on U.b. short-term levels 
9.30 am two business days earlier. — ^ Federal funds* rate 
[ ar ic pessimistic analysis nr UK increased lo R per cent yester- 
r' ; iomic prospects presented by day— caused a late reaction in 
Cambridge Growth Project the shorter maturities. Corpora- 
• ailed investment incentive for lions traded narrowly and first- 
1 jtios until the late trade when, time dealings in Sefion Variable 
!-n attempt to explain a small 19S3. most of which was placed 
■ r °ved ’ demand. specula lion at !»ui. began aL 100 before a close 
loped about possible puli lien I of 09;. 

|b*' es hi the shape of a new with institutional and arbitrage 
j or 'L.ab pact. interest following up the pre- 

f more positive influence was vious day's late advance, the 
rots' intention to substantially imcsinwtu currency premium 
Jlc- ease in jinn [ dividend nay- rose to 11-5 1 per cent before a 
1V's r . if restraints are abolished, reaction to 112 J per cent for a 
I ”3 ,|ii N ",-ivt? the market renewed gam on balance of 11 poinra. 
( T 'e. Mr. He. 1 ley's reference to Yesterday's SE conversion factor 
l“G.v satisfactory rate ol growth was U.K.iSfl (U.tfliDS). 

■r. industrial output made liUlv Activity diminished in Traded 
, •resMon on .-.entmu.-nt. Options and the total number of 

ijaiusmess m era if. however, contracts done fell to 3.13. com- 

rriaini-d ..T.tiemelv Ji-ht and was pared with the previous day's 
T.v slightly belter than the “»4U. ICi were the most active 
B vious day which, measured by with Tl contracts and the October 
•■uri.il markings, was the lowest 3'ifl series cheapened 2! to 2IJp. 
Si-C Christmas, once again, in- Marks and Spencer followed with 
uli'-nal bujers were content lo Wi and its October 140 lost 2 to 9p. 
their funds and showed mi 

IBtcsI in line.' of selected Hambros down again 


pj^F.T.-ftlfTllARl'KS lAljgXgEg 




FEB MAR APR MAS* 


buying on 01a nopes mm *>•- -- --- hparV V Ve i2htS 

Pauls and Whites to improve 4 Gains in the ^ 

to 114p. Chubb lost a further 5 ranged up to g as in Rafldfontem 
10 lisp after comment on Hie at £34. while ^eSt Dn 
disappointing second-half per* put on J to £21. aJ1 °- 
formance. Holdings i to £19J. 

Although Motors and Distribu- In the lower-priced ^ * 

tors closed with the occasional improvements of ben^een ^ an 
small fall, the undertone remained 10 were common _ to 
firm. Abbey Panels were dull at Blj^opr. 328p. SUirontein. -/op, 
54p. down 4. while small offerings and Southvaal, 500p. i ac t ed 
clipped 2 from Fodens at 53p and 

3 from York Trailer at *7p CGSB f ad^DfliwSS 

finished a shade off at 21p on ^ n 4 0 ° Ameriran 3 more to 323 d 
further consideration of the 770 uc 

interim report. Amomr the finaHy a 

leaders. Lucas Industries . , t 2 3 dp a ft e r a year s high 

rebounded from 296p to close a o j. 0 ^ (1 p 

net 5 better at 302p. London-rezistered Financials 

Leading Oils quiet .ended jodnftm^bdu^uad^ 

American interest prompted a ejsccption with a rise of 3 to 171p 
recovery in British Petroleum to folio wing Press mentioD of a 
the overnight level oF S4Qp. after broker's bullish circular. 

834d, while Shell traded quietly Rubbers took the recent market 
and drifted 3 easier to 342p. The re-rating a stage further as 
substantial tumround from loss London investors took more 


JSSA®# £Si» w**- 19 ^ 

HIGHS ANDJ-OWS 

"i«s IS? ince CnmpltatKm 


S.E. ACTIVITY 


High ' 


^ l mo JR ' 68-T9 Aar--' I r v*ii4-™*w— / ■ +•* 

Govt. decs... . 78.30 ^ (9/I ;56) ] U-M/j6j ] | ni .i II ,ine» — : 141.6 1 13 

-• 0rt --i ^ j i ffiml «&* i ££: iS:J 1? 

—H w I i ssa.'-aa» i jssrn- m. £ 


! —Daily 
| Gilt-Bd««J. 


Inrf nrH ; 4973 1 433.4 ] 549.2 I 49.4 ■ 149.1 

ImL Old... j. 497.3 ^ j (14; g /77 i| ,SG fifi* i | ni | II%lr i a | R ... 144.3 


r^inr Ai'nice 
liili'-Kdseri— 149.1 14 


42.7 t- 
96.6 ! 1C 


ACTIVE STOCKS 

No. 


Marks and Spencer followed with Richards Tiles were supported announced flOrn modernisation 10 profit prompted interest in interest following renewed buyina Shell Transport- 

mi and its October 140 lost 2 to 9p. an d closed »i higher at ytip In plans for its industrial equipment Premier Consolidated. ^h'lm in the Far . East. Gutn asain BATs Dcfd 

contrast, small selling lowered in Clydebank. Other leaders closed fractionally better at 16Jp featured «Jth a rise 0 U tc uJp KI 

Hambros down acrain Mllhury S to pop. Closed narrowly mixed. Elsewhere, after lip and. in belated response for a rise of a3 on t imminent tin's “A” 

Ildiuwruh UUWll dgaui - 1 fal , nf , the Board's encouraging remarks to the chairman’s confident amid vague talk of GLb A 

■\w.aii in" the m.tenme ,sf rh* . ,CI * r ?* d . ol ?. •. limit nrosnents nutwaiehed tho remarks in the annual statement, developments. JWTue ^London Grafltl Met 


SS*e Christmas. Once again, in- Marks ana spencer followed with Richards Tiles \vi 
ulii-na) bujers were content lo Wi and ils October 140 lost 2 to 9p. and closed fi highi 
M their fundv and showed nn . contrast, small st 

B-rcsl in lme< nT selected HaillbrOS dOV\Tl again Mllhury s to 90p. 
Bindary is-t/os which were thus . ICI erased an inn 

’cult to place. Awaiting the outcome of the . hc m(k( j est i ale U| 

, grading announr.menis brought S ™“P ' **}*' dose was a net 3 1 

■ ivMual features and sonie p . m * U " mbr,H con ' Similarly. Fisons n 

1 , ' imued to drift lower on nervous nvv rnl«hT level of 3: 

r ?J a D . c ? ,V cr ' P rL nunent. offering 1 - and touched 170p before croda^ Inlernatior 

7,f, lh0 ? x ;2&r ^ ea-er an bu'^ce^' lT4p. ,1"'™?°’ 

"irm/l br -el v rron, thr Fu r E,scwhc " m a . Ie *harsie banking broker's bullish circ 

. n , , .ei> irom int for seclor _ the major clearers edged «p||i n e I'linned 5 

"\L ■ i.™™ f,iruarfi in 'bin trading. Midland national Paiiit at 7U 


for its industrial equipment Premier Consolidated. which in the Far East. Guthrie aeam B ATs Dcfd 2o: 

lydebank. Other leaders closed fracUocally better at 16?p featured with a rbj» id £1 

narrowly mixed Elsewhere, after 17p and. in belated response for a rise of a3 on the week so tar 

oard’s encouraging remarks to the chairman’s confident amid vague talk of GLS A -o. 


Awaiting the outcome of the lh i U JSff late* upturn and tl " about Prospects outwafghed the remarks in the annual statement, de velo prnems^ Whi I e Grand Met 

group's .Norwegian lalks on ship- £ "S a net -J hP>her at 37!n lower annual earnings 2nd Renold Century put on 2 to 6 lp. bpecula- d fenor of the Imperial Group ... 

ping guarantees. Hambros con- FboL reverted to the Put on C to l»p. . Buying ahead live favourite S.eben8 <W Gains of Leigh fats. -New” 

t.nued to drift lower on nervous OV emight level or 35Sp. after 353p. next Tuesdays preliminary jumped 18 to 3oSp folJovvm, J.te chairman sl | jn pj antatiott WI Furn j {lire ... 
offering*, and touched liOp before rrndi Iniern-itional added a hgures prompted an improvement demand. „ onri Knllm ' irA . . ^ 

closing 3 easier on balance^ 174p. gj? tS “SK “IT Ssponte to a of 3 to «0 P in Tex Abrasives. Sinic Darby. Mill on Far Eastern Mni ^ re 3n P Led X * Jpeneer 


from Inter- around the previous day's closing day gain nf 13. Other 


Ape speculam... London business C | 0wd boUer at ^Op an d 

\:hrie stood out with a rise of \ a ti\'esi the mm harder at 2o5p. 
'* more m JH.'ip on various 


.lAinurs ranging from a pending I-cslie and Godwin improved 2 return to profit and were unmoved 

.a nee of domicile, merger hopes more to lisp and rhe 10 per cent at 12p. 

cxpansionarv plan*: details preference were called a nominal 
. , the proposed Arab venture Sft P follow ina publication of the MFI easier 
' 'o released l-ito in the cvenine SSfCCd bid terms from Frank B. .... . , . 

•* Z * ' ! . * JlaJJ Elsewhere, within ihc sector. -Stores displayed no -ct trend 

a he Fl Industrial Ordinary p : ro u C rs gave back ail of their aricr a *»■ tradc - Prc-fir-taking 

.Jre mdw. illurl rated the da vs p rcv i nus jav's speculati\e -rains arter lhc recent speculative 

rjnK being 2.7 down at ihc Alexander llowden dipped 7 to spurt on bid hopes brought about 
1 \am. calcu'auon .md finally a and C. E Heath lost 5 to a f^H of 8 to 94p in MFI Furni- 

A 2 point- higher at 4.17 3; the 230p ' lure, while Liberty receded 7 to 

I gain in Boot-- accuiinted Tor .. . . ... l"*Sp in a thin market and Yan- 

•Jiut (1 s or the rise. Buildings displayed no set trend lona dipped 5 to llfip. The direc- 

' A .. . .. , . •*fl* r ? '^ ,n trade. Contracting tors' encouraging remarks about 

;A n e lies or incentive was tw-n and Construction issues drifted current-year trading helped Court 

: n , Er,f, ± ' i? M ! r ™- of 5“y?« with frumKhersi to pic on aTo iu2? 


HWcsfthe mm harder at 2S5p. „ V "?' Processors Humphries 

Hold tugs fiulc-d to respond to the 
Leslie and Godwin improved 2 return to profit and were unmoved 


Iif, nr l Vvana fnrtionallv to :?7 1 n Significant movements m uixoi- generally iwie m s-. 

nLkLr. VSeA n l?p on further mem Trusts were restricted to of the down-under fax year. . ICL 
,r J . P h, n idm overseas issues. Selected Risk Tins, particularly the Malaysian- 


lomina- 

of 

Closin 

cr 

Change 

197S 

tion 

marks price t 

p) 

on day 

high 

25p 

11 

542 


- 3 

5SR 

25p 

10 

. 26S 


- 3 

296 

£1 

10 

371 


3 

306 

23p 

s 



— 

312 

50p 

7 

104 


' — 

ll"i 

2>P 

7 

76 


— 

SI 

NH/pd. 

7 

17pi 

a 

+ 2 

2lpni 

lOp 

7 

04 


- S 

ltc 

25p 

7 

140 


— 

160 

30 n 

7 

460 


— 5 

4K5 

23p 

6 

S3 


i 

94 

XI 

6 

S40 


— 

$92 

5p 

6 

72 


4- 4 

70 

-»P 

6 

111 


- 1 

131 

£1 

6 

294 


— 

302 


'\nm. calculation .md finally a 137p and c E . Heath lost 5 to 
A 2 point- higher at 4.n 3; the 230p. 
i -J? gain in Boot- accounted Tor - _ .... .. , . 

'l.ut n s or the rise Buildings displayed no set trend 

a after a ihm trade. Contracting 

;A”ne kick or incentive was even a nrl Construction issues drifted 
iA re "PM-'Tvru in British Funds, lower on lack of buyers with 
.A sli-hllj !ov\er opening quota- Taj lor Wood row- and March wlel 


NEW HIGHS AND LOWS FOR 1971 


A is eventually attracted a few easin' 
1 ^-an buyer? wilh the result that and 


around 4 apiece to 35(ip 
2Sfip. Elsewhere. BPB 


Trust Houses Forte at 217p “ in ‘ a]Wrc L ; niled Overseas Bank for Ma]avSla n stocks in general. Sh J r ^ 

aye up .. of the P™* 10 ”* dj ^ recently increased ifa sharehold- especially Rubbers. Killingbalt attainetf n e « Highs ano lo*s ior 197a. 

inter m in -- hardened 2 10 l 97S ?** k oF led the wav " ith an improvement NEW HIGHS (441 

?tter-than-e\pected interi in Financials. Suez Finance of 2 o to 5l0p. while rises of 10 Canadians hi 

? urC£ - moved up 2! points to £441 in were common to Malayan Tin. hoii;>w 

Boots good late SgiJgg*- 225p and s °° th " , ‘ »•'«•' - ' 

Late details of (he company's re-rat mg a stage- further a* bon- Etsevrhere, continuing rumours Brem „^ RAI ’ EBY . 

itention to pay a near-doubled don investors took more interest ^ a gold strike beneath the Dewhrot Samuet tH.j - a' 

■ t-iflaiiri for the current trading following renewed buying in the n ’,..KnHv nrnmnted ELECTRICALS >3) . 


E R.G.O. 
Elantfsrand 
U.C. Invest. 
Aver Hitam 
Berjontai 
Gopeas Cons. 


.TEAS «1) 
MINES <T2) 


Killinghair 
Malay. Dretfg 
Peeling 
Southern Kin 
Southern Ma 


Westbrick Prods. 


PRICE MOVEMENTS 


\ June 2a 

.»3AC»\' 

J I.Nmidi A 1 per ton l.tlpn 

, British A.l per ion J.07.) 

lri>h Special per ton 1.003 

• a Ulster A 1 per ton',: 1.063 

piLTTER 

t? NZ per 20 kg 12.31 32.i 

b English per t wit 71.83 72.! 

1 Daniel .-ailed per cw|v ... 73.9S/7H. 

• fcHEESE* 

1 NZ per inrme 1,161.30 

f English Cheddar trade per 

\ lonne 3,164.30 

JKGGS* 

{ Jfomc-pmdiue: 

{ Si/c 4 2.:*n.2.so 

j bue 2 3.(10.4.60 

1 

J June 2H 

I p 

•bi-ie r 

j Scotli-b killed -ido cv- 
J K KCF 3fi.0. 30.0 


Week ago 


Month ago 
£ 


{lamb 

3 English 

| NZ PLs-PMs 

iMUTTON — English ewes ... 

[PORK (dll weights) 

'POULTRY — Broiler chickens 


l.tiim 

1.090 

3.090 

J.07-1 

1,075 

1.075 

1.003 

1 .063 

1.065 

1.065 

1.005 

1.063 

12.31 J2.U2 

1 2.5 J- 32.62 

11.41.11.32 

71.83 72.93 

71.85 

66.91 

73.98/76.72 

>3.88 75.44 

71.50/75.SS 

J. 161. .50 

1.161.50 

1.161.50 

3,164.30 

1.164.30 

1.202.10 

2jtn-2.S0 

2.25 ::.0ll 


3.90. 4.60 

3 .SO <4.70 

— 

June 29 

Week ago 

.Month ago 

P 

P 

P 

50.0 39.0 

56.0 59.0 

54.0 37.0 

33.0. 36.0 

-,3.0 36.0 

JO.O • u.i.0 

60.0/62.0 

60.0. 66.0 

64.0. 711,0 

53.0.54.0 

51.5. 53.0 

5U.0. 52.0 

35.0 44.0 

35.0-44.0 

36.0 45.0 

30.0,39.0 

36.5/39.0 

35.5/31 .0 

price per 

120 eggs. 

t Delivered. 


recognition ot me company - demand far Boots winch closed of .i3 on the weeK so idr amis 

diridend pajnng potential, while J0 higher at 20 1 p. after 21)2 p. vague talk of imminent develop- _ . T r o 

Cable farm responded to Press other miscellaneous Industrial nients, while London Sumatra IHSfC AIND FALLS 

comment with an improvement leadcrs , M hich had earlier drifted advanced 5 to faap on Jie v 

of 4 to / 2p. Ferranti. whicJi i.s quieflv fewer, also tended to perk optimistic tenor of the chairmans 1 1 S I tKlsA I 

dealt in under Rule MB (2l were ljp Beecham rallied from B2Sp to statement. Gains or around 3 vjrc 

raised 50 to 420p nominal follow- c|flSe o harder on balance at seen in Plantation .Holdings. «.p. ErjLjsh Fll!1( ,, 

ing Press comment on the pre- y33p while Glaxo ended un- and Kulini. 59] p. while HME were corpus. DomiPion and 

liminary results Elrrtrucum- changed at the o'.crnisht level raised 9 lo lOOp. Foreign Sonits 

ponents moved up 4 to 44 tp for of 54 7, p a f* er jinn. After news r' 1 industrials ■■■■■ 

a two-day gain of 17 on the sub- of b ' s \ approval of Unilever's Golds firmer o£ a P ' ~ 

stamially improved profits Thorn aec , u , & jtion of National Surch. The higher investment currency 

Electrical, however, shed 4 to a Unilever reacted to 30Sp before premium was the mam influence Mjncs 


British Funds 

Corpus. Dominion and 

Foreign Bonds 

Industrials 

Financial and Prop. ... 
Oils •- 


OPTIONS 

HEALING DATES 


rallying to close unaltered at in a firm South -African Gold Recent issues 
3Mp. Elsewhere. Aaron son Bros, shore market where business was Totals 


promoted electricals >3) 

Electrocom ponents Highland Elect. 
IS. -Alurehison, Energv Serv.ces 
! at 270p. ENGINEERING I3i 

- Brown (John) Warwick Eng. 

Clayton. Son 

riflC INDUSTRIALS (1) : 

PALLo A a ran son Bros. 

SHOES .11) 

)AY Headlam. Suns 

X TEXTILES ’(3) ' 

Up Down Same Kicking Pentecost Toray 
m 1 T Seker* Inti. 

j TRUSTS ra» 

„ Equity Consort Deld. Haw Par 

IJJ Ifli naa _ . OILS tl) • ■'••• 

22 Ccntnry .* '• 

72 95 349 OVERSEAS TRADERS O) 

STM B ousted / .Si me Darby 

lb 1 IS RUBBERS IW V 

41 23 42 Eire <Africa) T5«?. ,a Kfdoi> ? 

■» M ^SSSSSmtiJn.eMi.SSS&H v ‘ -• 

iM m M39 Highlands plantation Hldgs. 


NE1V LOWS (25) 

BRITISH FUNDS ID 
Treasury Sdc 1 932 

CORPORATION LOANS C 
B ham 9 “hoc -79-61 Bristol 7-jpc 
DRAPERT AND STORES I 
Martin The Newsagent 

ELECTRICALS f3) 

Eml 8 ' 20 £ Coov. 1981 Thorn-Elect. 
PHeo 

ENGINEERING «a) 
Bailey tC. H.l R.H.P. 

Bristol Channel Tube ln«. 

FOODS m 
Brooke Bond Liebig 

INSURANCES (1) 

Pearl 

PROPERTY 141 

CcDtrorlncJal Second City 

Do. Can. Town and Ci 

SHIPPING IS> 

Common Bras. PSD Dcfd. 

Lyle Shipping Reardon Sm 

Ocean Transport 

TEXTILES «2> 
Carrington Vive I la ... lw« 

oils ny 

CCP North Sea 


| Jun. 20 July 


Last For 
Declara- Soule- 
lion ment 
Sep. 14 Sep. 26 


LONDON TRADED OPTIONS 


July 4 July 17 Sep. 28 Oct. 10 
July IS July 31 Ocl. IS Oct. 24 
Far rule indications see end of 
Sh a re l u /• irinal ion Sen ice 
Stocks favoured for Inc call 
wore Town arid City Propenics. 
Westland. Premier Consolidated 
Oil, Filch Lovell. Thomson 
Organisation, English Property. 
London and Northern. Pacific 
Copper, Dawson International. 
Burmah Oil. Group Lotus and 
Hampton Areas. Puts were done 
in Ocean Transport and Taverner 
Rutledge, while doubles were 
arranged in Lonrho. Westland. 
William Whitlingham, Ro yvo, 
Dawson Inter national. English 
Property and Burmah Oil. 


h- "n iv >. 


FT-ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actu 

and the Faculty of Actuaries 



Eurotherm Internationa! <§> 


Eu.glneim Intw njiioptJ 


Limiio.1 

Industrial electronic control and monitoring 
equipment for world markets 

Interim Report 1978 



Six ftlmuhs ctiiivd 


30th April. 1975 


ronu 

Sales 


United Kingdom 

3.-JW 

Overseas 

4.028 



Profit before taxation 

— - 

and minority interests 

ors 

Deduct estimated taxation 


United Kingdom 


Overseas 

!:I7 

Total taxation 

4SS 

Profit after taxation 

Jim 

Deduct minority interest 

■;> 

Profit attributable lo shareholders 

48S 


t'kmrvs for ihc corresponding previous period h,ve n>n been given as these are not 
cmipnrable. 


cmupunible. r 

The expansion programme in the last six months of the ore vious financial tvar 
^inmng in bear fruit and is a major contributing factor m ci'iders in hand at 30th April 
19.8 being over 40 per cent greater than at 30th April 1977. The Dirm-irs repeal the 
rorecast in the recent Prospectus lo the eflcvt that in the absence uf uDforeset-n 
vneuxii stances ihe profit oE the group before taxation and extraordinary items for the 
current year will be approximately £L\5ni. 


INVEST IN 50,000 BETTER TOMORROWS! 

wfrpnclf 5 » B the K, fi"dom suffer from progressively paralysing MULTIPLE 

RELIEF ■Jn’d'-HOPE 1 ^' ^ CUre ° f whieh are sti11 unknov,-n— HELP US BRING THEM 

OF T«'?TVpi r p d c^pS«S,S nable us 10 ennrinue our work for the CARE and WELFARE 
£ Th-, i* s '® sufferers and in continue our commitment to find the cause 
dncI c,,r,? t,f MULTIPLE SCLEROSIS through MEDICAL RESEARCH. 

a donation today to: 

Room F.1, The Multiple Sclerosis Society or G^. and N.I. f 
igbsSa A Tachhrouk SlTfcl, London SIVI JSJ. 


I«f 

if 

up 

up 

'.HIM. I |||l,l| 
'. '.HI. I 
..i'll •. €•••!•■ 
t .ill-. 

L"*Hirl.ml.G 

<..•■Ill4.ll.l- 

I '.ini rmil.t- 
L.niunuLi^ 
i.Ki 
it t< ' 

HKI 
' ■ h'l ' 

f>r.uwl '' c'. 
limn. I 'Mi-:. 

■fiw.lal Mvl. 

/ft 
l< l 
li. I 
III 

t-t.i.i 
I ji'.-l 

I, Hill . 

’.-.rs- i 
1 Im:i.s.‘. '•j.. 
Jl«rt ■ t ~j. 

I 

«'n.|| 

-li^ll 


EQUITY GROUPS Thur., June 29, 1978 

GROUPS & SUB-SECTIONS “1 b*. c™*] ewT 

Ev&bv Dir- • PfE 

^ .iMrmhWAl fade* Day"# Yleld% Y1eltt% Ratio 

Fisnres in parentheses show number ol ^ Cbanjge (Max.1 (ACT (Net) 


100 

13 " 

is 

18 

.. 

19 

— 

H2p 

110 

S«j 


11 

1 

13!; 

— 

„ 

120 

1 


6 

2 

9 

— 


ISO 

•4 

- . 

z-. : 

25 

6-: 

— 

„ 

220 

40 


46 

5 

52 

— 

25 7 P 

240 

20 

s 

29<i 

. — 

59 

12 


2e0 

8 


19i : 

6 

■ 27 

— 


280 

2’: 


10 ij 

5 

13 

— 

.. 

100 

5i- 

3 

10 

8 

. 14 

5 

IMp 

110 

Hi 

4 

6 

5 

9 1; 


.. 

120 

1^ 


31; 

4 

6 

2 

* 

350 

42 

23 

50 

4 

54 . 

7 

370p 

5l?0 

15 

10 

241; 

5 

' . 

5 


3*0 - 

S 

10 

111; 

— 

• 201; 

2 


420 

1- 

• 

5 

— 

1 . 

— 

.. 

1B0 ‘ 

24 


271- 

5 

31 

5 

202 P 

200 

6t, 

— 

12<- 

5 

171; 

— 

1 " 

220 

•; 


4': 

— 

8 

— 


120 

21i; 

IS 

26 


29'; 

— 

14lp 

140 

A 

10 

101- 

25 

l = i; 

5 

.. 

100 

1; 

• 

4 

11 

8 

— - 

.. 

500 

45 " 

• . 

62 

5 

73 

— 

543p 

550 

a 

1 

25 

10 

43 


- 

600 

1 

2 

10 

15 

20 

1 

.. 



154 


162 


57 



stocks per section 


CAPITAL GOODSH7M 208.08 +0J. 18J6 

B nBdliH Materials (28 1 ... 184.95 — 19.02 

Contncting-Constniction (27)__ — ! — 33529 — 20.74 

Hectricals (15» — 446.46 +0.8 15.41 

Engineeiinc Contractors (14) 387 S3 -01 - 1931 

Miprha f|iea?RngineeriiiEf?2).. 166.49 — 03 1939 

160.04 +0JS 17.94 


at 34%)| . Corp- ' 
I Tax £8* 


7.01 335.42 
9^0 442.76 
6.82 30735 
6.99 167.07 


20639 20651 298.64 
W.93 18432 186.95 . 
332.77 330.40 332.93 
437.93 43748 44125 
30645 304.96 308.73. 
266.98 16675 167.90 
359.94 



h.f. 50 6 
K.f. 57 
► .I*. — 


io Hnn«l|iC.U. 85 14.5 , * X 8.0 +5 « 

14J Kun.il.cim -162 \ *•3.641 5.0; 2.5 IB.4 1 46 

V riiHi.ro- I'IMV... 1 34 +1 ,/)2.0 i 2.3' 8.9. 7.4 


FIXED INTEREST STOCKS 


j at* : 

/ 4 ? :+« 


|-i”| High' L..« 


• 90i. ■ BOji \llwt IwwilierO^ I'tof SO]. | 

C98 |t 10 .22.9 : 12 .li Uirnei »«*■- !S*e< I 10 | 

Ml 7,8 i|l;|..i. ii-lk'n '.nnv. frfrt. HiS— E.' ! 6|nn|— 1 

lOOp • _ 1 lOi;. lOlif KivIcmjim'bI lu^.UiUivIO^I.-e.iamU.miifiet' 10 Up; — 12 

I |>>.. ^ |ui hi m .hi 1 all il’u.i ••!. Gi. ItHi*- lytJa ;100 ] ... 

.-;Di7.5S F.t'28'7 ‘ ^'2 9iJ* !>«*•': Water 't% tint, fri-i. likvn j 9 Bi 3 i 

;i KM*. '25 S ,'jbifii hi*» Fain inn K-.t-. IM. , I41.u1. 

OO »;50 25 B fl" 5 ••• a*l^ tl "Vi'ii* i.-li .Ip.«i . llnnvri .11.*^ Ihil. I9SU...' 47 '+.< 

• • _ . 9i„'. 97|. JU U'.i.ini”- li.»f fill ; 98i, . ... . 

Iw,. l(p»[. Ulllrr (l\. 1 1"? I'.rt 104p _| 


■ 109 K.f. 21:7 . 
995|' ~ - 1 

tiyd'j L'lO 20, 10 
C99 C1U 21 7 . 
tiaaii L50 1 9 

C98'j L25 15:9 


Urn- I [jj, I'rfl 


209,1 -■ 


U> 397j >rii.i. .'let- IW.iiudi •■! jViir. l.'HU-lick. 19J5 99.';,; 


Mi. '..i.ilirti-l .-li-'i-H 1»?. Hi-'. Wl 

l‘‘> U li. Tl In’.'l’li" LlJ'? k< , l. IdtS 

ri'n i*. in- \ itVtM t>; 1 

2;.i«: Calc Koiit AVhi.t 12% Z »*.-1 ■. 1356 


&t RIGHTS” OFFERS 


8U' 

9 -‘a 

43 -I; 

24 1-;— li 


45 [ \»t I 7:7j 2 3iB lajim. 3|.iu Urii.i»li Tac fi. illicit 9|iii|i_] 

28 ! >i> . — : - - 1 bpiu*ta|eu'Bn».kv T.»jl Kug ! 4 to pm 1 — 1« 

B2 | Nil . 7:7. 18.&' 2£|<ni; 1 1 , ■■ ■> ' Khti i\ i_-l lli.iu! |” 

Nil | ; lspi.i >|m Heiilyv I 12pm — n 

Nil j 3<7 28.7 l L-'.-.jitii9l;|.in Hym"n il. Jc * •., rl2I?|.ml .*! 


— J “ • *?!•’" ^f'4 1 ' I'Ul-rtM- I 17|irn; + J 

7.-/ 28-7 ?.•,».! Mc.M.-hk-v 17pm — Vs 

— • — 1 -’I'ui illpiii bi-i >jrii.iTUr->ui> I 21|nn-— 2 

— • — ■ ££|'«i 13|iin- l>'. A. iN.V ; 18{.m—2 

— j — 1 icjnii Clpi.1 ^niiriiv Jvni.ir. ■ 21i.in_2 

— . — - a d t«<- 2%'i N-*. V. , 2O11111 -? 


lieimpviiiimn .isuniii aai tor oraliru tree or stamp noij. r> i* mures 
Kajen «<. uroKwcrus e<anndt«. u -vs-.imsu nivm-mi and vietd. •> Kanjcsst divid-rin- 
i".i-r rm-c-.i uu priimns vtar's •'aniimu r Oivmcnrl anil yield ha*a»rl on prospy^rus 
ur (HH-.T oilti-UI icnmjT^ inr l't.'b oGnn« rMshr^j asAurtiefl. • Cover ilk.w* 
lur i.unv.-mnn 01 stiap-a noi raw rankmc tor 4U-iriend p r rankms only Tor restrict erf 
iheld'.-liu:;. t flacinu ones.- in ouKUe. v'- Kv-ncv imku otherwise md. cared, -j [ssoert 
dv minor, tl ufleree 10 bo Wore nt urftlii.iry in..r« as .. nuhis." »■ igsu-w 
Ky u-'jv uf capiiiiliMiinn. tr Minimum lender price, S3 fii-imrodirced. 5S Issued 
in cimneiiinti with rsor-aniwnnn mentor ep take-over |||| intraducLon. rj Ismed 
tn irmTwr Pirlroence holders. • .\ll«ment tellers (ur hiilj-wul). • Provisional 
or parity-paid allotment letters. + With warrants. 



15 

20-yr. Red. Deb & Loans (15) 57.19 


57.25 

■ 57.25 j .Si 

16 

Investment Trust Prefs. (15) 51.29 

13.80 

51.38 

51.38 j 51. 

17 

Coml. and Indl. Prefs. (20) 70/59 

13.11 

70.63 

■f 

-70.6.8, j. TO, 


■ront. with re organisation mensr or" takeover ||j taTi^SnefaSn. H l”!Sd ltTO t t R0,1 a mpCi “, y'cW Hlgusana tows recprtr bau Paw* and values win c«nsUtuent ebangosahe '-V 

ZS?2SJZ£k **Wi5S* i= >- • "3S3 r T*"*? . ?*' 




-‘V* 


,4." 















































BONDS 

; s a?f v S=T“^ m 

'“ Pon/oIU,Cap|ifll.._kl9 Mor'"J *“ Mj:i « I Ka !’ d — P« 9 « 

l' 55 J S: — Cnth,. Cl. 4 - June 1 Next doall 





toy : -3ime '30 "1978 



01-623 COO 

156.1| | — 

dealt nu JnJy 3. 


Gresham Life Ass. Soc. Ltd. x, - . . , 

= Pri-w or Wale* Rd . B-mouUi 0202 -*>&& New Zea!and 3ns - Co lU-K.) Ltd.* ' 

CJ-Cn-V. IUI , /KG J ce. 


Maitlan>tHoiue.&oj(heodS!$<SJS 070262355 

K;vrt Key Inv Plan 

Small Co* Fa 

Ti-chnuloci Fd 

Extra I nr Fd 


aoro22>' TueKlay. ^.fcS. super Fd, 


0l-f375M2 
ltt.fi-za «. 

144 0 

i»| 4SJe -_ 
SK? ro 

219.6 -3.4 

1813 

135.7 +02 

W : L0 

205.6] -1.4 


S'K£ BBh f' u, d 966 10171 1 

J..L-Equtt r pund™ 103.V 3091 I ~ 

G.L. Gill Fuad 1 M 2 3151 

CflnG.FWT... usj uf* H = 

GL.Ppty. Fucd — _{%_5 ioi.5 .L. I — 

& Sec- Ass. Soc. Ltd.* F^Ea-rFd 
Weir Baafc Bmy-M-Thames. Berta. fifi»W284 Vr lltE,1 «d f«l_... 

Leudhanks^f e ”| I J_. j +» C«LfcpHHFit-. 

“ LandbankSci Ace.|u6.4 ^ **1195 5, ~ Norwich Union Insurance Groop 

PO B«r4, Norwich NRI 3N*G> 06032230C 

Managed Fund i207 h 2le_5} -Ci, 

331.9 M93 -2.4 

123 1 134a ^ 

Fteed tut Fund .. 1W.C 157.2 +0,1 

Deposit Filed 105J 1112 +0J 

Nor. Unit June 15 _ 268 L 


1425 
SSJ 
92 S 
,0 
ICO 5 
102 5 
US 4 
[96.6 


MM 

93.fi 
97 
93.fi 
IDS 9 
u;fi 
1 ua.fi 

loifi 


+0 5) 
+0 1 


+ 05) 


+0J 


Guardian Royal Exchange - ^ 

_ 01 -283 7107 Property. Rim* 


1»M 182.D1 —.. | _ 

Bambro Life Assurance Limited V 

TOM Park Lute. London, wi . fll-439 0031 

g^ totPep -^ir- 


— Property... 


Managed Cap 
Managed Axe 

OvBTBea* 

Clll Edged 

American Are. __ 
Pou-F. i.Dep.Cap__. 
Pea-FI.Dep.Acc— . 

w - - Pen. Prop. Cap. 

Ret gate 40101, Pen- Prop. Arc 


1392 —13| 
122.0 
1105 +0.11 __ 
1132 +0S; 

- 0 - 51 
102.0 _... 

102.9 

103J 
103J 


Pen. Man. Can. 

Pen. Man Ace 

Pen. Gilt Edg. Cap.. 
Pen. GUt Bdg. Acc„ 

Pen. B.S. Cap 

Pen.B.S. Arc. 

PeothA.F. Gap 

Pen. DA7. Aec 



1 762 son] I — 


Phoenix Assurance Co. Ltd. 

— 4-5. Bing WOUan Sl. ZC 4P 4HR. 01-626 9876 

— Wealth ASS... 

— EbTPh.Ass... 

— Eb*.Ph.Eq.E. 

— Prop. Equity & Life Ass. Co.fi 

~ 119. Crawford Street. W1K2AS. 01-483 0857 

H_ Silk Prop Bd | JEa8 I I _ 

Da Equity B4 1 73 5 II __ 

_ Flex Money Bd 1 1417 J _... [ _ 

Property Growth Assar. Co. LCd.fi 

— Leon House. Croyd »n . CR9 !LU OI-S3O&506 


Abbey Unit Tst, Mgrs. Ltd. CaV 

^P , t° | ...--[317 33.7f JP™ " 

Abbey Income _ .. 38 2 ■Wk-OJ 

Abbey Ini T< Fd- 353 37 3 -01 

Aobej- Gen. Tst [93.8 46.6) -0 3 


“tor, Gartmorc Fund Managers 9 (alb!) Perpetual Unit Trust RbgmtV fa) 

-®.Ln.chou*Hd^AO*bun-. ^5^1 - SLiSaxy Ase.EC3A,BP. - 01^3531 ^LtS^Bertl^ipl^un* 


)Jaa l5tAmen«nTsL.._ 
BrllishTa.iAm. ' 


049126888 


283 

543 


Allied Hambro GroapV (s)ig) 

RnahroHie- Hu Hon. Rrmtecuxl. Es«t 
01-SE8 2851 or 3renb+t>od i02T7.' 21X459 
BaUncrd Funds 


Allied 1st 

SritTnds Fluid 

G«h.Hi» 


II, 


Heel & lr.d. Dev.alz 

Allied Capital ft93 

Hambro Fund loo 4 

Hambro .Act Fd ]ll4J 

lEcomo Funds 

High Yield Fd 168. 9 

High Income 63.4 

A±L Sq. la c — 137.7 

ImcrnstiimaJ Funds 

IsiernatioDal 

Pacific Fund 
Secs. Of America. 

U-SA Erempt*. 
Spedsllst Funds 
Smaller Co.’s Fd.— 35i 
aid Smlr. Co's Fd. - 43 4 . 
nerwerySiti — _ 8Z.7 
Met Min. & Cdty. - 39.9 
wwnu Earnings. 55 4 
Expu Smlr. Co'j -fgu 



au oiiiitn iK.irtCCi.nj 

725 Commodity Share- 15S1 
Extra Income Tst— — 
1 n For East Trust- 35 9 
High Income Tst— 576 

Ineome Fund 71 J 

Ins Agencies 1334 

Inti. Exempt Fd 836 

u ilatl Tsi t Aee.J _ 327 


303rf J D.U FpetualGP-Gth. — 199.9 42^ .—-I 341 

Uo 5 ^ III Piccadilly Unit T. Mgrs. I** MM 

2531 9^ Wardg'li- Hsc.. S9a I Andon Wall EC2 CH 0»1 


SSW+O.ft 
u.« -oa 


079 
8 60 


Extra Tn come— — 
Small Co's Fd — 


63 -0 ) 6.63 ri^unJ Fund “ZT 

-03 iff&ipfei: 

“LJ -03 Ui Mni.ninH 


k n\ ft* 7K PrieaieFUod-- — 
5 60 1 35Jq -D^| Accumllr Fund— 

5.79 Gibbs ( Antony) Unit Tst Mgs. Ltd. Ter fanology Fund. 
SJ 7 . S 3 . Blomfleld St, BC2M7NL. 01-^ 4m SSSSCC 


5^ isl AC. Income’ — WLQ 44 

?'3{ laiAG.Grnuihtt— 37.7 905 

wi A c. Far East*— [zs.7 25 

* Dealing -Tuet tfWi 

VJ0 Govett dohnMf 
688 77, London WalXELC— 

720 STildr. JonelS 1140.0 W. 

■ Do. Accum. Unit J16S3 177- 

2m Next rtealtng day Jane 

|g Grievcson Management Co. Lid. 


28 6 
370 
418 
4)2 
338 
582 
536 
264 
235 


305) 

392^ 

«7d 
47 3d 
36a 


572 

28.3 

25 3d 


+0.2J 

-Oil 

+o.a 

-02 


623) +02] 


+ 0.1 

+D2| 


990 

532 

4D7 

3.01 

445 

m 

L60 

250 


490 Practical Invest. Co. Lld.V (yXe) 

030 *J. Bloomsbury Sq.WCIASBA 0l«38MB 

Practical June 2&I. I14&3 436 

Arcum. Units— .[209 7 223.0) .....J 436 

0l ’“ a “2p ProFtoeial Life Jnv. Co. Ltd* 

LW 22% Bishops gate, EC2. ■ 0l«7B53a 

Prolific Units — --1814 B7 3 1 

mi 115. Sj | 


H ig h In c o me. 


333 

7257 


1_99 SO Gresham SL.EC2F2DS. 
Barrington lmdB.MU 

,,, [Ace um. Units) 214 & 

A64 2>tng.U.YiUtme2B. 17M 

533 (AccuaLUnital- 19« 

AU Btdcar. J1UW27 19X1 

5-36 fAcaia Units) 199.9 

4- 72 Grncbitr. June 33- 94.9 

5- +7 (Accmn. Unlta) 98 6 


Anderson Unit Trust Managers Ltd. 


206.9] 

2243 
UU -liJ 


Dl-flQg44?a PmdL Portfolio Mngrs. Ud.V falfbKc) 


4JS Holboro Bars, EC1N 2NH 

485 Prudential P200 

UK 


w life Assurance 
Be Hoad. W.12. 
iFd.Cp.Unt.. (82.9 87: 

JFtLStUnt— MM 104. 

gd.Fd.Eg — 013L8 137. 

gd-IAL— FX-fllXa 114. 

ays Life Assnr. Co. Ltd. 

mford BA.E.7. 


301.6 
102A 

Hearts of Oak Benefit Society 

13*17. Taelstock Place. WCZB^M OKW7SOW iaiTimiiiif T~ iT .... 
01-748 8tU Hean s°iOak J36 4 345) .— .1 — Equity Fuad— 


Property' Fund. 
Property Fnsd>.\ . 
Agnculturol Fnr.d. 

Aerie. Fund fA> 

Abbey N+L Fund — 
Abbey Nat Fd iA 
Tni'esuneat Fun dL 


.V.:r™ am samnd Life Assnr. Lid* g^ ,Al -~ 

-i-J — NLA Twr,. Addiscomhe RA Cmr oussiwi — - - 


ybondx"_ 

nzt* 

a 

lm>rt 

1090 


104.0 

•d 

106.9 

88J 

css-Accmn. _ 
MU - 

954 

BJ 

94.7 

9L9 

a oo.* 

97.4 

ljpy»nxA«L_ 

Pens. Are.— 
Hal- 


102.6. 


3 ST 


NLA Twr.. Addiacombe Rd, Croy. 

1606) 
1D6J 
269.6 
1003 

Mom? Units — 1204 326 ! 

Money Series A 97.4 1C 25 

FtxedlaLSer.A 9L5 96.4 

Pna. Managed Cap- 140.7 

Ik 

upi 

Pens. Equity Cap _|97.7 


Managed Units 0611 

Managed Series A.. «3 
01-3845544 £Sie©d Senes C_^2J 
3285..... 

118J -02. 

1 ^ 

1003 
983 
99.7 

3 ffl — 


Peas. Equity Ace _ 9t0 
PnsJxilntCap— 94.7 

PaaFxdJnt Acc 95.0 

Pens. Prop. Cap 95.1 

.95.4 


0Jr«W4353 Money Fuad (A 

Actuarial Fnnd__ 
GlJt«lsedFixnd. _ 
GUt-Edged Fd.iAi, 

« Retire Annuity 

Oimmed. Ann't>— 



Puns. Prop. Ace — 

in Life Assnr. Co. U«L¥ Imperial Life Ass. Co. of 

nbardSLECX 01-4231288 Houso.Goildlord. 

meJuKM .328.76 I —4 -- P^Fd.Vu^a!:^ 

da Life Assurance Co. Man««i Fu^l."|M3 

gb SL. Potters Bar, Herts. RBar 51122 Tixcdlnt. Fd 95.8 Tool 

[ | — Secure Cap. FA W6.0 - 10L0 

I 4 Equity Fund [963 . . lttUl 

. Irish Life Assurance Co. 


1313 

1798 

757.7 
7513 
153 4 
153.2 
675 
«J 
164 6 
164.0 
lifl.O 
1393 
31?? 
121 * 
1218 

261.7 
1433 


— PWx CmtU Pecsioos & Anntrfttei Ltd, 

— All W-tber Ac. UUJ12S.9 135 5) | — 


VAltWeather Co p . . 
einr. Fd. uu 


abJUJuufO. 
.FW. June 6. 


603 

1193 



fv-aunn Fit Dts 

Conv. Pena Fla 

Cer. Fna- Cap. I'l 

24an.Pew.FdT. 

Man. Pens. Cap. ftj 
Prop Pens. Fa .. . 
ProivPens.Cap. Vtf. 
Bdgg. Soc ftjn. Vi. 
Blog. Soc. Cap. U: . 


124.7 
1062 
332 2 
2439 
1323 
145 S 
1329 
130 B 
1231 


3* 


on Assurance Ltd-f 


LOWS 



tBond 

f, -Acciub. — ini 

"•+: op^ty 1045 

- — ^ 

- ; >posit_— — 567t 

‘ -ftjSiJEe” Sf 

pFens/Aee.. 107.9 
gd. Pens/Acc 983 
- 'eu Pens) Ace. 936 
~Dt Pens/ Act 05 

. .. iLT J7A 

■5LF.2 263 


101.9 +02) 

102.4 

953 

9&1 -toil 

114 7 

1042 rfjff — 
164J _Z[ 

93.7 

40.0 4031 

+o3 

Current value June Z . 

■' n .al life Asnnncef 

"on House. OiapelAabWton 0B0228SU 

T’lveM.Fd [ 10121 | J — 

mkertnvJd.. ' 102.03 ] — 



Prop. Mod. Gth [1932 

King & Shaxstm Ltd. 

A2. ComhiU, ECS. 

Bond Fd. Exempt _1103 25 . ..... . 

Next dealing dale July 5 

Govt.SM.Bd. 111943 12536) J-.. I — 

Langham life Assurance Ce. Ltd. 

JLangbamHa.HolmbrookDr.NWL (81=33 5211 
1 jnfb.m >A> FJaiu. tt33 67. 

*Prop.Bond U4L3 148 

Wisp (SPt Man Fd J785 
Legal & General (Unit Assar.i Ltd. 

Xlngnrood House. 

Surrey KT2Q6EU. 

Cash Initial.. 


Provincial Lite Assurance Co. Ltd. 
X2. Bishop! gn :«. £.C2. 

Prov. Managed Fd.. 1113 2 

Pro* . Cash Fd. 1M5 

Gilt Fend 2) iU42 

r , ~ property Fund ..... 9£ C 

Eqait>'Fuod 97.4 

_ )| — • Fxd JnLFUOL |953 

Prudential Pensions Limited 1 ) 
-cassia HolbomBars. EC’.NS.VH. 

440 EquiL Fd. June 21 _ ! £24 £9 
— Fxd-lnt. June C!_.. 1518.72 
— Prop. F. June 2:__ 1*25.78 

— Reliance mutual 
Tunbridge Veil, Kent. 


01-2478533 
11931 _ 

uolj , 

1202! „.„4 
1M.5J ... 



100.4| — . 


01-W59222 

HeJe 


080222273 

fll-'H35433 Eel. Prop.Bdy. 1 1981 | j _ 

104.63) +?i:i — Rothschild Asset Management 

St. Swi thins Uie. Lardon. ZC4. 01-826-056 

N.C Prop. Mur . 3 L. 11143 12L6rf _T.| — 
Next Sub. Day June 30 

Royal Insurance Groop 
Nee Hall Pbce. Liverpool. 051 2274422 

Boy al Shield Fd ]1323 139.9] ] — 

Save & Prosper Group? 


m = 


■ Merbonse Magna Gp-V 
_ ajuers Sq, TJxbri dge DBa 1NE 

V— V— « MbS. Mil 


ie Energy 
• m. Money. __ 
i-,* w. Managed. 


B63 

29.4 

37.6 


39.ff 


Fixed Initial 1147 

Do Accmn 116.7 

IntL Initial— 962 

Do.Accum. 963 

Managed Initial. 115,1 

02JS1 Do. AecunL U7A 


Fe.Equity— l'S*j2 __ 363j ...._[ — Exempt CaablalL- [96.4 

r +Q.9) — Do.Accum. 98 0 

+oi| — Exempt Eq^r. lull- 121.9 

3 »t of Westnisstcr Assnr. Co. Ltd. Fnod ToiL m.b 

«ad House, S Whitehorse Road. Do.Accum. 111-4 


H ARE IXDHE 


mCROlJA. 

Top. Fund— .160.4 
r edFtond — .SlS 

-Fund jiks 

and Fund 1734 

- ■ Fnnd 1 120.7 

' md 

tngd-Cap.„ 1163 
, Jng d.Are. . 1205 
dooeyCap. - 466 

doneyAcc 483 

Equity Cap.— 52.6 
Equity Arc. _ 5 45 

: currently cloved , 

m Unite | 2048 | | 

sf Westminster Assnr. Soc. Ltd. 

- unm 01-884 0684 

Ud r 

uerclal Union Group 
i’s. L UndeahafL EC3. 01-2837500 


O1SM8064 H»*L ’ 

Do.Accum. 1218 

ExraptProp. Init.- 96.4 
Do.Accum. 1988 



1023 90 1; 
1223 cO °l 

123.7 H**, 

120.8 r0 4 

1229 -DA 
1012 *0 9l 
101.4 +0.°! 
1212 -0 3; 

1233 i.. < 

Property Initial [1172 1233 ^_=l 

Do.Accum. pM.9 1063 ‘ ...( 

Legal 6 General (Unit Pensions) Lid. 


- . 1 j oavc » m *. uajic: utuu^jy 

*• GtSLHelec's. Ladn.. EC3P CT. 01-554 8889 

6 uffiTr. l BaLIuv.Fd. (12b.O 133 4J+03) - 

Property Fit*.. “ 

Gilt Fd 

Deposit Fdt. 


[126.0 

133.41 + 03 ) 

. 

1527 

16Lfi .. .. 



U83 

124fi —0.6 


123 2 

129.? 



190 3 



177.4 

1B7^ -0 J 



213.3 

Z30fi „ ... 



91b 

965 -05 



i®27 

103.fi -02 

— 



Comp-PKisFd.r 

EqofcyPeni Fd 

Prop.PeraEd.' — 

G1H Pens. Fd. 


T Weekly dealings 

Schroder Life GroapV 

Enterprise House. Porismojth. 

Equity June 27 J 225.9 

Equity 2 Jure iTT ;213i 234 7 

F gu iljS Juce 27 __ 1 115 3 


' C7C527T33 


- Fixed laLJunv 27 .|134.1 

- FlxedlatS J'jr.c 2TT Id. 3 

- IntUL Juse27_ _-l!59 

- K&SGntJucv2T„ I4L1 

- K & Sc. Jure 27 — !l!92 

- Mngd. Fix. Ju = e 27)129 4 

Legal Si General Prop. FA Sign. Ltd SKjSm 5 * 27 

11, Queen Victoria St, EC4N4TP 01 -248 98TB Jure 2?!Z‘bl7.4 

taorry.™. JvnvB^W.V 10171 ' 

Next sub. day July S. 

Life Ashtit. Co. of Pennsylvania 

38-12 New Bond St, W17 ORCj. 01-483 8385 MnPnCpE Su se'r T 1:963 

LACOP Units |9B7 1036 ( | — MuPuAccBJ rn«27- =333 

Lloyds Bk. Unit Tst Mngrs. Ltd. - 

71, Lombard SL.EC3. 01-8231288 Pn>piPwi.Cjp3^..|959 

c “"“' 1“ «4-< BSSt'go’tigi 

Money Fen. Acs. S_ : r 3 9 
Overseas 4_ i9£3 


iH»:27. .£554 
3. unc 27 .1153.1 
BS Ptf CpB .’line 27 Il22 0 
B5PB,vecEJane27. 23L6 



Lloyds Life Assurance 
*0. anion SU EC2A 4MX 
Bit. Gth JuneS L 3S45S . .™, 
0pt3 Prop June 29.1123.7 1303] -MJ.1, 

Opt3EqtyJun«®.pS9 133-&I -D.£ 
Opt ffir. Ju 


127C 

DU 
20 >. 

lcla! r.:.! 

Hz 

ica?{ LT- 


June 29 — 


Ojrt3Man.Jane29.p45 5 
Opt3 DepUanc29-P2lb 




The Leas. Folkestone. Kent 
Cap. Growth Fund. 

SFIex. Exempt Fd. 


led June 34) 53.96 j ..-..] — 

nulty Uts__| 1734 f+0JS| _ 

tderatioa life Insurance Co. 

Woery Lane.WCSAlHE. 01-0420283 

[1516 1592 

© L®--i - 

20J 
1*8.4 
183.4 
130-6 
_ 374.0 

. 01-C85410 Sv^T^t^dZi; 

r* f J — »bJuBei3_tl23_ r 
..... roJuaelS^KtO 

Z. t «nJtm20L-pM.« \1 

T. ifAt^Snmeice ldfiirance Pers. Peuaion— _ 

gatMa d wWIBag. 01-4397081 Coov. Deposit* 

c + .-■) - gsassP— 

r. j a Xtfe. Agsnrsnce CoT'Ltd.P Family si -so^ 

;».I : * ’UtaHaa. Woking, GU21 1X9^)48625033 fond 


157.7 



Scottish Widows" Grenp 
POBox302.3ditbi:rghEHl555~ C31-8S56000 

-O-J — tevJlyAner I 1102 9 .102.9] 

“2 ? — Iw- PW- Series r _ 97.1 

+1U| — Inv. Cash lun- 23 — [97S 

KAndon Indemnity & GnL Zns.Ce. Ltd. 

3 820. The Forijnxy. Beading 58391 L Mgd. Pea June 21 _... r 2111 

MM^iS ^ o lo bj to il — Solar Life Assurance limited 

Fixed Interest P3.8 356) -03] — l«l2ElyPlaceLcndc.3E.i:iNeTT 052422905 

The Leaden A Manchester Ass. Gp-P s«Ia.-Atjz9<ccS__|^5 p 12L« -DJI — 
-■ ~ 

SeUrFxtlnLS — 1H4.1 


1C 23 

103.21 | 

14231 

1387! ..._ 
26L2| . 


2018 
208.9 ... 

= 

7LM 

/todcrsonU^flfwJ 6 ^ 511] GoanUaa Ooyal Ex. Unit Mgrs. Ltd.- Q w r n inlty W — ,1644 

H 1 Royal Exchange, EC3P3DN. 01-8288011 SekfardaT.(Aee.j_|4i2 

Ansbacher Unit nSgmt Co. Ltd. lag' GuardhiHTa- (86.6 S9.7)-0J| 452 SekfordeT.lae . — \mi 

1 Noble st EC2V7JA. .01-6238378. Hendersqn Administration^ (afichg) Ridgefield Management Ltd. 

Inc. Monthly Fund ,1165 0 173 0) V -J 8.90 Premier UTAdmlu, 5 Bayleigh R oad. H utton. 3840. Kennedy Sc. Mancheaier 0812369521 


01-4058222 
32751-151 4.61 

SsaI -ill 1 % Qnilter Management Co. IlA* 

" " 01-5004177 

110.7] J 4.60 

i^oianuu ukopio^iu;/./ 231-71 -» ..j 7*91 

i* Reliance Unit Mgrs. Ii±P 

Reliance H*e^ Tunbridge Weils. XL 088222291 
68.9) — J 5.46 
44.1] -O.ll 552 
<3.51 -oil 582 


1-ff Tbe Stk. Exchange, EC2.V iHP. 
ioS Quadrant Gen. Fd. ,1107.3 
,45 Quadrant Income _]1Z7.7 


Arbuthnot Securities Ltd. (a^e) SMe *' 


107 


262 


37 Queen Sl Loudon EC4R LBV 
Extra Income Fd... 

High Lae. Fund 

<u Arcum. UnitF) 

■«9% Wdrwl Dili 
Pro/ereBce Fund.. 
■■Aceum.Unltsj__ 

Capital FSiru) ....- 
Commodity Fund ._ 
iAcrum.JjOitSI.~w 

i t<p« WdrwLL'J 

FitviProp FtL 
Giants Flrod.. 

< Ac cum. Units) 

Gro»-Lh Fond-__, 

iAccuul Units) 

ddafier Co's Fd . — _ 

Eastern & IntL Fd. . 

'S*» Ui'drwLUta.)— 

Foreign Fd. 

N- Ajoer. It InL FdJ3L4 



1234 


ni-wn*, L'.IL Funds . 

Cap. Growth lac. — 

1146 Cap. Growth Ace.— . 

9.20 locoiae 4r Asset V-- 
2-S BUgb Tommr Fnnd 

4§ && 'SSSszz. 

Sector FUads 

Ta FinanctalilTU— la.7 

Oil 6 Nau Res ]27 8 

5 73 International 

3JU) Cabot-- 1867" 

290 lnsernatronalw— _ 

290 Wrid Wide Junes. 

3 05 Oversea* FdtkU 
305 Anstraliflij 
4SS European, 

137 Far East 

137 North Amer. 

X75 N-Am.GrsHjan«IO.,_ 

200 CabotAmer^m-Co. ^74 



990^ ~!ij 10.43 

|-g Rothschild Asset Management lg> 


0277-217238 Ridgefield InL UT.flO: 

Ridgefield Income. [93. 


634 72-80, Gatehouse Rd . Aylesbury. 


N. C. Equity Fund_. 164.7 
8.15 N.C. ESjgy Rea Tsi. 1098 
■ 73 S.C. Income Fund. Z434 
N.C. IntL Fd. (Inti 90 2 
a « N.C. IntL Fd. fAce.i 90^ 
N.C. SmJIr Coys Fd 


2.72 


1505 


1755J MU 
116 a +E4 
152 -05 
95 9] +L2 
95.9 +L2 
1M.5] -0.3 


3.09 

261 

648 

3.75 

175 

4.65 


Rothschild & Lowndes MgmL fa) 


, 4s St Swt thins Lane, Ldn. JEC4. 01-&M 43S8 

457 NewCT Exempt — (£125 5 1325) .._..] 354 

Price on June 15. Next dealing July 17. 

|*£ Rowan Volt Trust Mngt Ltd. 9 (a) 

§jg City Gate Hse.FiusbmySq,EC2. 01-0061068 
L36 American June 22.1685 ~ ‘ 


239 Securities June 27.. 1161.0 


Archway Unit Tst Mgs. Ltd.¥ fal(c) Bm ^? oel ™* Mgrs.t (a) 


45 Beech SL, BC2P 2LX 


317. High Holbont.WTT V7NL 01-8316233 
Airhwav Fund — J7*-6 M.4eJ| -L?L 6.45 


(b) British Trust— 


Prices at Jure 20. Next sub. day JoJy d. 

Barclays Unicom Ltd. fahgjWcl ,b,Ftnin e «ifTSi5: 

l’uicornHo.252RotafordRd.E7. 01-5345544 1 b) Income Trust 

**' L24 ib) Security Trim- 


gi 1 


Dollar Troa 176.6 


U uicern America _ [233 

re.Aun.Acc 723 

Do AusL Lnc — _ So 9 

Do Capital. 67.0 

Do Exempt Tn. 104.9 

ivi. Extra income .. 271 

Do. Ftiuoci'aJ. 57.9 

Do. 500. 713 

Do General 20.4 

Do Growth Ace. 39.2 

Do. Income Tst 824 

D0.Prt.V3s.TsL. 133.7 
Prices s: June 3q. Next sub 1 

Dh. Recovery— 4L3 44 . 

Do. Trustee Fund— 107 5 3J6-2r< -0 

Do. Wld wide Tst— 443 S3 +0. 

B'cstJnJ'dlnc U 5 63 ol -0 

Do. Accum. 693 72J -0 



7151 

17LM , 

Sgi!? 

97 il 


0.97 

435 

7.95 

7.95 

4.17 

4.17 


Capital Tmt_M5 

(b)Higb Yield TtL. {28.6 
^ Intel. f (aKg> 

6 62 15. Christopher Street. E.C A 

lnteL Inv. Fund |8S3 92.0) ->-0.4) 

Key Fnnd Managers Ltd. (a|(g) 
25. Milk Sl, EC 2V8JE. 

Key Energy In Jd.. 1753 


136 High lid- June 29„[5L7 

1 Accum. Units) 173.0 

Merlin June 28 763 

01-6288011 lAncum. Units) (923 

H Tst Can. Fd. Mgrs. Ltd. 

82J) +05 2.78 54. Jermyn Street, SWJ. 01-8298252 

30.5 -0.4 4.93 Capital Fd _|69.6 735| ^...J 355 

93J'-03 4.96 Income Fd. |7L9 75 i] J 743 

2&0 — 753 Prices at May 15. Next dealing June 30. 

Sofia IS Save A Prosper Group 


4. Great St. Helens. London EC3P SEP 
m wrwn 88-73 Queen St_ Edinburgh ER2 4NK 
01-2177243 ueajtngg t0; 01-554 883S or 031-238 7351 

Save & Prosper Securities UdV 
lntersaUonsl Funds 

8 


6.65 


l¥u UL ' 

1^. ,5-8 "0-2 5C Univ.Growth. 

7 h 2 BLOjt -02 S.§ Increasing Income Fuad 

60.0 12^. High-Yield 1 51.4 

Dj . 993} — O.sJ 6.31 .nigb income Funds 


395s 


312 

424 

203 


Key Fixed Int-Fd... 

Key Small Co'a Fd- 

fn. Klelowort Benson Unit Managers? High Return K4.6 

551 20, Feucbureh SL.E.CA 01-8238000 

Baring Brothers & Co. L4d.V faKz) ^LB^Uni^LAc^ “ -tiHl J 509 Equity [4L6 

Sa.LcdenhaUSC.EC3. 01-588 2B30 KR. Fd. Inv. Tsts._ [S5i 594—4 447 Overseas Fundeu) 

§££££ : 0 M‘ol d « L&C V»K Trust Management 1 ML* fiK!z=B& 

Next roib/day j£|y ff 4 The Stock Echange. ECW IHP. 01888 2800 uJ!!Z 

Bishops gate Progressive Mgmt. Co.P lac iSu iGeaFtf ^2 ni'.j 207 cf£Z£>ty~. 

9. Bi(hop5£ate.ECO. 01-5888280 LflWSOD See*. Lid. ffeXc) Energy 


552) -03] 755 


M 3 


43 


865 

934 


44.7] -02} 4.99 


S'gaLePr.**J une 20. 1134.4 196 4c 

-Aec Uis'*Jnne20_bH6 233 9 ..._ 

B'gatelnL June 27 .[1725 183.6 ... 

’.Accum. 1 June 27 J199J 2025 

Next sub. day ‘July 1L '‘July 


366 

366 

284 

284 


Bridge Fnnd Managers^ a |(c| 

King William St, EC4R3AR OJ-C34951 SAccmnT'nite) 


83 George St_ Edinburgh E&229G.031-2M 39U 
*Raw.Matenalj_l38.0 
JCfAccum. Uniaj — 1427 
■Growth Flrrw) . | 

*1 Accubl Unitii 1 


ttGUt and Warrant. 
iAmerieun Fd._, 


America 0 fc Gen4- [24 8 

Income'-. [49 8 

Capital lnht |34.B 

Dp. Arc.r 


"High Yield 

"(Accum. Units) 




Financial Secs— ... |7P2 

, „ nigh. m*i.niHi Fundi 

fas Select InteCnaL |253.4 
Select Income (5L3 

HI Scotbits Securities IXd-V 



Scot bits 


050 Scotylekl- 
LB.92 Scotshares. 


7221-Oj M^92 Scot Ex. Gth 

if*. ~*FtL e— ■ a. via -* 


ScoLEx.yli-0. 
Prices at June 


II 

2339 

160.7 . 

Next sub. day 


sK 


59^4 -04 

1 July 12 


3.98 

7.83 

4.52 

221 

7.60 


27.2&&. 

Britannia Trust Management <a) (g) 

3 Lond on W ill Buildings, London Wall 


Deal. ftMon. ’Toe*. tfWed. TThurs. 

Legal & General Tyndall Fnndp 
18, Canyngr Road, BriatoL 027232241 Schlesinger Trust Mngrs. Ltd. (a»2l 

Dt& June 14 157.8 614 — •[ 5-K flccorporarihg Trident Trusts 1 


n=i 


London EC2M5QL 

Assets [69.4 

504 
544 
775 

PU 

Extra Income (385 

Far East feL7 


01-638047^/0479 LnoDteh. 


Next sub. dwr July 
Leonine Administration im. 
2 , Duke St, London Will SIP. 


5-26 140. South Street, Dorking. 

Am. Exempt |ZL5 

Am. Growth {27 0 


(0308i86441 



Fin an rial Secs 

Gold U General — 
Growth 


Inc.fi: Growth. 

listl Growth—— 
st. Shares- 


level LTsL 

Miner a! a 

NaL High Inc- 

New issue 

North American — [2S.9 
Protessional. '**' ‘ 


Property Shares — 
Shield- 


Status Change— 
\n.-v Energy 


60.6 
902 
765 
705 
625 
455 
37.4 
792 
34 0 


—1«53 


128 

44.0 

®5. 


74.7] -0J3 
545 -05 
585 —0.6 
83.Sn) +0.7 
39.1B1 -03 
1195 +05 

415 

23.4 +03 
652 b -05 
97.0al +25 
82>a -05 
75.9 —05 

67.6 +05 
49.0 -0.4 
402 +L0 
855 -0.< 

36.6 —0.11 
suri 

500.43 -3J 

13.8 ....J 
47 4 -03 
328 ..-7| 

33.9 -05 


Ei- Sa^llgj gssSsfcr 


534 r 

c.13 Lloyds Bk. Unit Tst. Mngrs. IliV M inc. icr% wdnri^ 

d .Mm™ SftS.'Sfcr: 

First CBadncdJ [4B.0 5U| -B.4| 4.69 


253 


25.4 

Ldrx_ 245 
28.4 1 

37.7 
286 
479 
24.9 

27.8 
Z7.0 


$22 FlrxUBatocdjl__)4I.B 5L6j -0.4j 4.69 

EE; 54^ Jg pK%FSiCBi 

IS S5tgSK=IK ^ +05 352 

55? Third (Income) 79 3 852 -0.5 6.44 rPKr.nK Ac^l 

Do. (Accum.)— —HZ 1085 116,4 -0.7 L44 n k (MhDW.™' 

$-g Fourth CExlncj, gj •-» UiGrth.DisL 


54.6s ...... 

688 +05 
852 -05 6.44 
U6.6 -0.7 6 M 
6L6S -0.2 832 

753-oJi 8J2 J. Heniy Schroder Wagg fc Co. m.¥ 


22 bj +DJI 
29.S +02 
2671 -OT 

2554 -0.31 

3051 
4353 
305 xw[ 

515 +0.4I 
■ 26Ss)[ 
29.9rf -DJI 


185 


272 
435 

. 472 
29.0) +0.1] - 


24.0 b 
267 -0.3 
285 -0.3 
225 -0.3 
199 


281 

165 

855 

454 

9.78 

10.07 


1260 

234 

264 

5.18 

518 


3.62 Lloyd’s Life Unit Tst. Mngrs. Ltd. 120, Cbeapside. £C2 


323 

853 

429 


7280. Gat choose Rd, Arloabuiy. 
Equity Accum. [1323 169 JI 


4.94 
297 
452 
509 
26X 

The British life Office lid.9 (al 
Helicsre Hse . Tunbridge Well*. Kt 088222271 

BL British Ii(e (432 510) -0.4 5 JO 

KL Balanced* K55 48 667 

BLDividend* -Ml 4 44J| | 933 

Pricos June 28. Next dealing July 5. 

Brown Siipley & Co. Ltd-T 


+0jj 1J9 MAG Groups (yXcXz) 


02985941 Capital June 27 
j SJS lAccum.) 


Three Quay*. Tower HUL SC3H 8BQ. 01838 4688 


American 492 

(Accum. Units).— 50.0 
Australasian. — — 522 

(Accum. Units), 531 

Commodity—. . 761 

I Acciub. Unite; — - 8L9 
Compound Growth. 1040 
Cun version Growth 6L9 
Conversion Inc. — 627 

Dividend 1142 

(Accum. Unite) @65 


Mngrs; Founders CL, BC2 


♦Exempt Prop. Fd. 
•Exptlnv. TsL 


FdJ 


224.4 


13U 


S95 


149.7 


lias 


137.0 



B2.6 



Property Fund 1 

MAG Groups 

• Throe Quays. Tower Hill SC3K 63Q 01-829 4388 
12143 
118.0 
134.8 
1552 
179.6 
n».7 


• C 

• t 


jii 


lFnm) Act .[98.9 
*c 1 FtLImnu— . JB.9 
JFd.I«xL- — HA 

i‘i 3JIACC. 973. 

"Fd-Iugs — 772 
■ ' F^tnSL— 773 
*WFd. Act- 95.6 
tyFAJtecm_ «5 
-WFi tait- 95.4 
4W.Ace_-. 15 4 

‘-Fd-Inou.. B.4 
'.Ed. fitfL — 153 
■nt.Fd.Arc., J58 




.WLAcci^— . ^ 

W-Inan._ 105.0_ 
ifiKA- 95.9 
'Fd-locm — 95.9 

A lda n . _ J7* 
-Bit. Inv. '.A Wi 



7(K Intern atnL Bond**. 
35'tl _V Ex. Yield Fd . Bd * .. 

5 nn' Recovery Fd. Bd.' - 

_ American Fd. Bd.*. 


538 


1020 
1363 
3527 

79.0 
60.8 

.520 

Japan Fd.sd- 1542 . 

Prices on "June S& ""June 29. """June 16 . 
Merchant Investors Assurance 
125, High Street, Croydon. 



Property- 


•pro per ty Pea*— 
Equity.. 


»*l _ .. . . 

Equity Pens.— 

a 99 Money Market 
_ Money SOS- Pens.-' 

a 75 Deposit 

»o DepoxitPens. 

Man 

Ar Zmnmnoe Co. Ltd. iwl . 

+How* tower n,ECl 01-8288031 J^M anageA 

.tp. Jqne«_p0J - 795] ..._.] — NEL Pensions lid. 

-.«» Iwrorfflfidlwid Ass. ■ MiltoaCourC Dorking Surrey. _ 

>6»«il4St,HC2. . 01-588102 sS«E^'A??im.-bo9.0 114 J| -03 

^M; rWte_J54J . 539) ) 631 Melev Money Cap -Eli £5.0 

Ntiex Mon. Acc^M 6 g 


1528 
359 4 
561 
1604 
239.4 
180.0 
3285 

139.9 

102.9 
134.0 
3045 
1029 


iiSl± = 

Iffljj+O.^ — 

m ~3 - 
= 

204W 1 — 

SaUrlatL P< _|778 103.3! +02] — 

Sen Alliance Fund M an gis t. Ltd- 
sin AlUe nee Rouse. Horsbwn. 0403 GCK 

ExpTdJnUuueU. 105050 160.00] 1 — 

Xnt.Bn.June 27 [ £23 94 ] I — 

Sun Alliance Linked Life Ins. Ltd. 

Son Alliance Eoase. Horsham 0403 64141 

Equity- Fund 1125.4 322L5{ -f-0.21 — 

HKUtarostFd.- 103.7 1C92|-D|J — 

Fruperti Fu+d 1969 L.4 7| +0.1] — 

Interaarc-sal Fi— ;105-2 

Deposit Fund — 7 

Managed Fucd — 12035 

o Sim Life of Canada fU-BL) Ltd. 
014M89171 2,^4.CoctepurSL,S3TlY53H 01-9205400 

Madde U. Grth 1 

— ila!_* Vtaa&d.- 1312 

ileU.Eqtj 1SJ 

inLFtaFi [ 2008 

;et Life Assurance Co. Ltd, 


SMar CascS >99.9 

Solar IdU S 978 

Sola.- Managed ?_ !l» 7 

Solar Property P 11213 

Solar Equ+'y P !15r.9 

Solar Fid. :=CP — 13138 

Solar Gash P (99.3 

-J978 


1247 

U5.C +2., 
1913 +02) — 
1245 +05) — 




son 


Ttejtet 33 our e. Gatehouse M- Aylesbury, 
si a. -nylesburyt 036)341 

Mfa. Fund Joe MD.3 

Min. Fuad Ate 3253 

Prop. Fd. lnc _ — '107.8 

Prop Fd. Acc 1 13E0 

' Fi lav 233 

InL Fd. lac. 1063 


r- 'ffAUt Life Asg. SOC. LtAT Xriex Gth Lnc Cip-j47 J 6 58 

■sf ^tenRowLachltyconiba 049*33377 Neiax GHlIhvAcc ..}«.6 * 53’! ! 

“ _ _ N -^ 


+" 3 HS. E - : WlI -o.il 




. Mxd. 
NelMxd. 


! -0-2) — 


.d.FcLCap — (47 1 

' Fd. A*t— - 1486 

Next Sub. day July 
For New Court Property see un d er 
Rothschild Asset Management 


Dep. Pd. Arc. .nc_,46 7 
. Rei. Plan Ac. Pcts.-f722 
HetP1at.>^>?Fer— 59 7 
BrLPtenMaa Act . .223 • 

ReLPI a itHia Ca p _ .IIJ 9 

Ol: Pen. -\cc. 1287 

ait Pen. Cap (2226 

’Eransinteniattonal Life Ins. Co. Wd. 
’ 2 Bream Bldgs, EC4LN V. £11-4056467 




1 v 


■t. 


-r V 


The Building and Civil Enginering page 
is published in the Financial Times every 
Monday and carries news items relating to 
'/j contracts and important developments in 
i’-' -;L ■ Construction Industry. 

For details of the advertising space 
" available on the page each week, and costs, 
you are invited to telephone 

01-248 8000, Ext. 360 , 
or svrite to The Advertisement Director 
Financial Times 

. 10, Cannon Street, London 

EC4P4BY. 



Money 

Interna ti tntel — — - 
{Fiscal 


.Growth <Jzj>- 
IGrawtk Ace. . 
|PeM. jir.A Cap, -. 

Peas. Kn4d. Arc — 
Peas.Gtd DepCap, 
IPeosXltd Den acc.. 

ftp — 


Mia.Prn.Fd. Cap.. 

Man. Pen. Fd. Acc. . 

llWtfent Life Assurance Co. Ltd.? 

ReusUde House, £2ou vestar 045236541 


G(d.Mjd, 
Proper>- 
Equlty \mcric2n — 
UJLEcr:cy P-jnd- 
“ hlteid 
iGiREdJed 


.12205 

'.243.6 

(346.4 

k?3 S 7 

1355 

1133 


L22.8 


1100.2 

2Z32 


1220 

224.3 

fill 

i§H' 

113 C 
(237.7 


^“1 

nn 

1M.« -0-5| 

1253 
SmI ._ 
106 ol +0.1 

1335 
181 


if 

1297 


4 

+0!lj 

+05 

-Ojf 


Pens Ppt: Cap 

Peas-Pij Ate 

TTOLfwra— — 35| 

•TrdLG I Bond — j*9 

Cash raluc !cr tlOO premiaa. 

Tyndall Assnrance/PensIonsV 
1 C2723S2C 


1230 

-D.B 

162.8 

-?S 

1542 * 

-06 

I0SJ 

+0J 

127.6 ' 

+01 

146 9 


152 

-LS 

169.6 


2635 


1758 

_ — 1 

85:4 

— 


PrAperi’ Juoe29— 

Deposit June 2P.—. 

3wrayPe?-luue=. 

CTseaaTrv.JdEeS- 
Hn P n a.a June 1- 

Do£qtu‘vJuce 1 — 

Do. Bond June I — 

Do.Prop.jBMl 

Vanbrugh Life Assarance 
41-43 Maddox SL.Ld iL 'ffLBCtA. GIWSB48TS 


Managed Fd. 
Equhy Fd.* 
Tntnl Food. 


S3- 3 


-150.® —OLil 


1635 

.40.6 


230 

185.9 

1715 


-13 — 
+11 — 

, -05 _ 

148.l[ +01 — 
124« 


Fixed filtartt Fd — 

Property Fd 
CitjifbAd 

V*nbragh Pensions Limited 
41-CMaddi:xSL-L4iLWIR9LA 0I-4994923 

M«taS«d 1«2 MQJ!-? 

Eqnlcv — 197-5 

Fixed Intaror*—.,'9fJ 

Property [96.9 HE. 

Guar’utced Wins. Base R65M' table. 

Welfare insurance Co. Ltd-? 

The Leas, FolkasroneiBier.t. 03C357333 

RgneymaberFd : 1W* . 

For other hinds, please refer to The le ndou fit 
MnehesM r <3roap. 

Windsor Life Assnr. Co. Ud- 

1 Hich Street, Windsor. WiarisorB8144 


llrto 1 nr. Plans-*— 

jFntareAM d. □ thi 6 ) . 
R.+rrc.AsM(GJIi/t);. 

Hot Ansi Peas. — 
Fits. Inv- Growth 


4300 
£2556 

1358 1£L5< 


BS Units June ITl — 
Do. (Acc) June— — 
Occinlc Trusts (o 

Financial 

General — 

Growth .4c cum. — 
Growth Income — 
High Income . 

LTV 

Index — — 

Overseas . 


01-800 8530 


European..— H78 

(Accum. Unite) — .{48.9 


I207A 

I25&4 

1182 

443 

35.1 

28.9 

20.4 


288 


192 

567 

2S8 


157.9 


35 -Do| 

193 -OJ 
468 -03 
37.2 — 03f 

314 ..Jr 

2L6 

25 9 -04 
206 bJ +D. 
612 - 0 . 
22.1c) — 
603c 


5-S 

5.02 

425 

3.94 

485 

485 

4.74 

3.90 

4J0 

357 

646 

594 

4.09 


Extra Yield WL9 

(Accum. Unite) __ 11095 

Fkr Eastern —(566 

(Accum. Unite) 162.1 

Fnnd of Inv. TsU — (60.4 

lAccum. Unite) [73.9 

General — —062.7 


fVriormancv— 

Recovery 

Erippt. Jure 13 . 

Canada Life Unit TsL Mngrs. 13d. M 
2-6 High SL. Potters Bar. Herts. P.Bar51122 

Can. Gen Dirt. 157.2 3921 -0.2J 485 

Do. Gen .'VccuJn ]452 47.fi - a i] 4.45 

Do.Icc.Dist [32.6 343-0.11 7.91 

Do. Lnc. Accum (426 448) -04| 7.91 

Cape! (James) Msgt LtAV 

Ito Old Brood SUEC2N 1BQ 01-6886010 

f."SShr^r-lS J 7 

Prices on June 2L Next dealing July 6 


(Accum. Units)- 
High Income. — 
l Accum. Unite).. 
Japan Income— 
(Accuol Units). 
Magnum _____ 
(Accum. Unite). 

Midland 

(Accum Units). 


Recovery ■ [75.9 
(Accum Unite)- — ?|5_ 


Second Gen. 
(Accum. Unite). 


1667 

ZS38 

Special B85 

(Accum Unite) J2888 


Income June 2T___ 
(Accum Units). — ] 
General June 28. _ 

I Accum. Units) 


See also Stoc^ Jtechan^DfaU U6 XH 


523 +0,_ 
533 +0.S 

830 +0^ 
W 72 +0.W 
1118 +0.6 
669 +0.fi 
661 +0.29 
1228x1 +Lfl 
232.7 +3fl 
50.W +03J 
521 +o.g 
7.2 +6H 


2732 


Do. Accum Units - |8Q3 


*7. , 

3168 +0^ 

*02 +1« 

661 +131 
64.9S +53 
79.4 +03 
3765 b +15 

2746 + 2.4 
1B48X +0.9 

1764 +3fi 
3675s +33 
169.0 +37l 
217.7 +13 
2735 +23 
UU +0.2 
2937 +0.5 
836S +oi[ 

542 + 03 i 
1B0.9B +13 

2747 +2 d 
169.9 +0 7] 

21381+0.9] 

Spedalised Funds - 

Trastee DU5 

(Accum. Unite) 2735 . 

Chartbond June 27. 109.4 . 

Chsrlfd. June27— 1839 1441J | 

lAccum. Unite) 175.8 1765] 

Pens Jhjuae 28 — [D26 1393 

MannLUe Management Ltd. Tercet Commodity. 

043858101 Target FlnanriaJ — 
527] | 455 Target EqoKy— 



33.4 

1667 


j_qt (Accum Units) 

tS "PenACharFdJ n20 
£S "SpetEx. June 7.._ 12433 
aaj "Recovery June 7 _&95 ^ . .... 

44 "For tax exempt funds aoly 

IS Scottish Equitable Pnd. Mgrs. 12d.V 

66b 28 Si. Andrews Sq„ Edinburgh 001-5588101 

8 08 Income Unite [43.2 5131 — J 551 

408 Accum. Unite [S5.0 , 59 M .... \ 551 

330 Dealing day Wednesday. 

Ufi Sebag Unit Tst. Managers LidA* ta) 
*56 FO Box 513 Bcktbry. Hsc. , E.C.4 01-2395000 

sebag Capital Fd._ (320 3.75 

Sebag Income Fd — ]29.7 33l[ -0J] 846 

Security Selection lid. 

15-19, Lincoln's Inn Fields, WC2. 01-331 BS38- 9 
Curl Gth Tat Acc — I2J2 25 & — J 229 

UnvlGth TFt lnc _ (231 225<d J 229 

Stewart Unit Tst. Managers Ltd. {al 

031-2283271 


IS 
8.66 
666 

45. Charlotte Sq, Edinburgh. 

3.93 tS te w art American Fund 
714 standard Unite — 1643 

ZjS Accum. Unite W93 

52 Withdrawal Unite.. |53* 

5 S "Stewart British Capital Fond 

S 37 Standard IU2.0 1435 

428 Accum. Units— — |l532 164. Sj 
era Dealing tFn. *Wed. 


68.71 — 0.4L 1> 
74.M-0 5I — 
549|-0.4[ — 

-i 


4.40 

440 


SSSS 


657 

657 


Son ADiaace Fond MngC Ltd. 

Sun Alliance 3 sc_ Horsham 04C3 6414! 

. 4J4 

368 


^-oA 

786 Tarset Tst. Mn grs. Ltd-9 (a)(K) 


CariJol Unit Fd. Mgrs. Ltd.V (aftc) 

MUburn House. Newcastle-upon-Tyne 21185 St George's Way, Stevenage. 

Cariiol 166.9 69 « — _[ 420 Growth Units. f».l — — - — _ _ - . - 

.... - 62.3 — I «83 Mayflower Management Co. Ltd. SKSaSSBb!L 


qKt Target Tst. Mngrs. Ltd-V (aitg) 
3L Gresham St_EC2. 

P5.9 


Dealings: 02965041 


Do. High Yield— — |®-? — ~| 


Yield U 

Do. Accuim Unite -JSL3 ,53 

Next dealing date July 12 
Charities Official Invest. Fd$ 
77 London Wall, EC2N 1DB. 


821 

8-ZL 


income June 20— [1324 — J — J 676 

Accum. JuaeSO. [2531 — / --.-I — 

OUiuuth. Only available to Reg. C ha ri ti es. 

Charterhouse JaphetT 
3 Paternoster Row. EC4 

CJ Iniemail too M.fi 192 

Arcum. Unite £7-2 290 392 

C J. Inromc fe.6 348 

CJ. Euro Fin (262 a S.91 

Accum. Units 130.4 K.4 391 

CJ. Fd.fnv.Tsr [27.4 29 2 3. 80 

Accum. Units — —1334 33.6] ...... 380 

Price June 29. Next dealing July 3 

Chieftain Trust Managers Iid.f(a)fg) 
11 New SL EC2M 4TP. 01-2832832 

American (’iff- 0 ?J2 +DJ l 145 

High Income .- 139.9 «-9| 9.62 

Inleraalloca! Tit — M1247 26 fi +0 J 3J4 
Basic Resrce. Tstj263 28J| +02j 442 


14,'lfl Gnuhajn SL, EC2V 7AU. 01-6068069 Target Gilt Fnnd 

Income June 20 — 007 7 113.4 J 613 Target Growth 

General June 20 — (698 73L5J J 5JB Targel.ItitL 

Meremy Fund Managers Ltd. 

3(X Gresham S(_ ECTPZEB. 01-600 4!55 Tgt Pr. June 28 


Mere. Gen. Junes.. 
Acc. U*. June 26 — . 
Merc. InL June 28 
Accm Uts. June a. 


01-2483099 Z5£6Slg*m 




Midland Bank Group 
Unit Trust Mangers LtdLV (a) 
Courtwood House, Silver Street. Head. 

She! field, SI 3RD. ; “ 

Commodity 4 Ges- - (6S.4 

Da Accum. P86 

Growth—., 06.7 


TgL Special Site. 

4 c Target Tst. Mgrs. (Scotland) (aKb) 
442 19. Athol Crescent, Edm.3 031-2298621 2 
Target AmerE&g]e]269 239td +0.4] 335 

Target Thistle-.— 1395 43fi -D.3 6D9 
Extra Income Fd....[S83 627[ — H 1038 


35 


King & -Sh arson Mgrs. 

: CliiinnCCrots. SLJdclicr. Jor+ey. nj r ,343737 
Vull«v Use, t>L Peter Port, (irn.j,. i04ai)24: 
1 TlioiTiJi Street. rHiuriai. I.fiM . .. (OCSSl+l 
Gill Fund iJcrne> ■ [ 9 *?_ 
f.illTruetd uM 1. 1027 
(,iIL Knd. <jL-ernse>i9J2 
Inti. troiL Sec*. TSf. 

First Start inti— 1|*‘ 

FiM lr.d • [185 67 


Arbuthnot Securities (f-I.) Limited^ 
P.O.BojraM.SLHellcr.JenCJ-. 053+72177 
L'jpTsL.Jcracw-..|1160 13001 ...I «3. 

Nett deal Ini! dale Jul' ,<• . _ __ 

East tint] TsuCli. tlloO 1230] 1 285 

Nv.-.c ad* July a. 

Austral inn Selection Fund NV 
Market ttpportunilies, c.'n In<h \oun2 t 
Otitlravzito. 127 . Kc»t Sr - rogiey 

USSlSharec I ' D ' C| -1 “ 

No! A<y:t Value June 

Mnk ot America lalemmional S.A. WTOg Tyj” 

3S Boulevard Ro.val. Uwcmterow: t«.P- riucrn'-c: lnc "" 

Wldmvest Income -I5U9U2M UUi| •— I 'C 3 Do. \ccutn. 

Prices at June- 22. Nvst sob. day Jure 29. FarEait Fd. — 

Bni- of Lndn. & S. America Ltd. ggaSSaTI 
40-96, Cnioen Victoria St.ECd. 01-5302313 k. 3. 'IS.GwIh Fd- 

Alexander Fund— (SU56 44 - I i — Signet Bermuda — 

Net asset value June 2& 


(00414- 

321 12 

Jr* . . . 12. 

12 


9 

L053ni| . 

9J+J-0 

10 48|-DJ5| — 
186 221-0 C31 - 


Kieinwort Benson Limited 


01-623 £t 


"UmfondsiDtel 


SUS11.29 
SL'534 07 
SL'Sll 96 
. 5US4.76 

18.60 19.60| 


+4 


-Oil. 


+P.01I 


-CB ad jjQTLdoo pj>*inc Agents only- 


jjoyds Bk- (C.I.) U/T Mgts> 

p.O. Bos 195. St. Heller. Jersey.^ __ 00* 


BaiiQno Bruselles Lamb ert 
2. Hne De ri Rogence B 1000 Brussels 

Bento Fund LF |18S+ L959] +91 ‘35 - 

Barclays Unicorn Int. (Ch. Is.l Vd. Liosdsftt £w 

LCharlngCYosi.SLHeUer.Jrsy. OSSiTS.-J. 

Overteat income _W68 50 W ..--1 1^ jjoyds International Blgsmt. S_A* 

1 «S+“h 1 ^00 7 sue du Rhone P.o^os 179^211 Ccnora 
•aJSed to fee and withboldins «*ea Uords tot, g rowt h -|sng« .'“j? — I J 

Barclays Unicorn lot. (L O. Man) Ltd. InLincoac.IsFaJJB 

1 Thomas St, Douglas. l.u3L _ M fit G Group 


Unicorn AnsLExL. §5 

Po.Aust.Mln 322 

ro.Grtr. Pacific k .7 

Do Int). Income— 37 2 

Do. I or Mon Tel -67 

Do MaaxMnluai.-. 253 


5571 




-L4 1 



fAwuinUmisi |l754 13#.^ +-3.3] *3 

Bisbopsgate Commodity Ser. Ltd. . _ T 

po Box 42, Dougins. L on. 062+23911 Samuel Montagu Ldn. Agts- 


ARUAC’June5 Ki.isklU X 

CANUHCf-JiioeS-EllSS 12 

COUNT-JuneS [£2512 2 6 

OrJKlnalJjr issued at "SIO and **£L00. 

Bridge Management Ltd. 

P.O. Box 508. Grand Cayman. Carman Is. 

N-bashSJuneS l Y15338 i 1 — 

G.P.O. Box 500. Hon? Konf 
N ipponfd June2a _ [tlSlTil lUfl 

Ex-Stock Split- 
Britannla TsL MngmL (Cl) Ltd. 

30 Batfa St_ SL Hdier. Jersey. 653473X14 


— 1 14. Old Bread SL.EC2. 


1.97 


-1 G.68 


Apollo Fd.june 21. 
Jnmosi June 15. - 
1 17 Grp. Jure 14 — 
l!7JcrscyJi:nel4.. 
1 17 J rsyCi'sJ uneT — 


SF57.90 
tm:uu 
ki isia 95 
pis 
£12.55 


5213 
u n 

11W 

565 

1380 ...._ 


01-5886- 
3 . 


Sterling Pgnmnlaltcd Fd*. 


Growth Invest 
Intel Fd. 


S 13 
793 

Jersey Energy TtL . 133 S 144 6 

Umvsl. 5 TsL s:c S2.ll 222 

High InLSUe.Tiil— (£697 L00| 

US. Dollar Denominated Fds. 

Univsl STet [SUSS 06 £J7 , 

tnc-High InL tbc. — pUSUT 2 32} | 98 pfioeais [alcnutiaml 

Vfaluo June 23. Ne-;t dealing July 3. po Box 77. St Peter Port, Guernsey. J 
Brown Shipley Tst. Co. (Jersey) Ltd. inur-Doiur Pund_|s2-30 2Aa|-fl.B3l — 
P.O. Box 583. SL Heller. Jersey. 053474777. j 


34.M 

E63 


Murray. JohusWue (Inv. Adviser) 

1S3. Hope SL. Glasgow.CS 041-2216' 

■ Hope SL Fd. I SUS3363 J .1 — 

•Murray fund 1 SLS11J7 [ ...- _} — 

■MAV Juno IS. 

Negit SA_ 

J0a Boulevard Royal, Luxembourg 
NAY June 23 | 5US1DJ3 j 1 - 


400 
IOO 
150 

.loo Negit Lid. 

12-00 Bank o( Bermuda Bldgs_ Hamilton. Braid' 
NAY June 23 |£5 46 — | J — : 


Starling Bond Fd. _|(9 70 lo.oi] -... I K.25 Cae6t Kngmnt. (Jersey) Ltd, 

Butterfield Rlanageaent Co. Ltd. p, ; , go* ie+a. sl K eiier, Jersey. 053427^ 

Sils.:-Id Ir.L.| £J I . ... ] — : 

IntL Sec, SI 'S! 

in:L Bd SUSZ I - - — 

-■ ’--ne S3. Next dealing July 5: 


PO. Box ISO. Hamilton. Bermuda. 

Buttress Equity |236 2.42] ( 194 

Buttress [Dccimc (L77 2£M( . ...( 535 

Prices at May 1+ Next sub. day July 10. 

Capita! Inlemztiooa! SJL - 
37 rue Notre-Danie, Luserabourg. 

Capital InL Fund__l SUS1728 1 I — 

Charterhouse Japhet 

1. Paternoster Row. EC4. 


Giuesi 
Ciueft Ini! 
Qucs( 
Pncei 


Ririucotfl Life Ass. Ltd. 
4K. Athol Street. Douglas. i.O.M 


.\diropa_ 

Aditerba- 

Kon-iak 

Fond.'?.. 


C. (131 DO 
0M-NM 
_ DU3228 
_ DEI Ml 
__ SCSifl 
_ SOSHT* 


3270 
52 40, 
33% 
2120 
3 d: 
<u 


ixiTlic S UverTrusL 
Ptichmond Bond 07. 
01-2433999 P° IloMnum Bd. - 
550 


+0.16 


5J5 
543 
5 70 


Du. Gold Bd. . .. . 
Ito Em- 97i02 Bd. 


11094 

1718 

122.6 

.2657 

16S.Q 


122.1' >0.6] 


0624 23JJ 



Rothschild Asset Management <C.J 
P.O.Box 53. St. Julian.-. CLGlinniaey. 0431 283J 


O.C.Eq Fr. May 30.. 
OC.Inc.Fd. June 1.. 
_ OCJilt) Fd t. 


O.C Dlr.Comd^.t... 



Emperor Fund — , , 

Hispane ISUSMI2 <LK| | 2.B3 

Clive Investments (Jersey) Ltd. 

P.O. Box 320. SL Helier. Jersey. 6534 37337. o c"s mCOFd Uy3L.. 

Clive Gilt Fd.iC.1.) .110 03 10 05] ] 1100 OC.Commodity-.._ 

Clive Gilt Fd. 1 Jjy.t. |l0.Cl 10.051 ...... | 1LC0 * 

Comhill Ins. (Guernsey) Ltd. ' 

P.O. Box 157. SL Peter Port, Gnernwr 

lout. Man. Fd |1K.G 17851 1 — 

Delta Group 

P.O. Box 3012. Nassau. Bahamas. 

Delta lavJuM 29 -IJL7D L79I-0.05] — 

Deutscher Javestment-Trust .. _ 

Postfach2G85Biebergasse 6-10 6000 Frankfurt. SSVC A fTDsp?r fnfemanonaZ 

Concentre |PM»7I 21KJ+0I0| — peeling to: 

IaLRentenfonds — (DtiWID 7LZ0j ... . I — 

Dreyfus Intercontinental fnv. Fd. 

P.O. Box N3712, Nassau. Bahamas. 

NAVJune27 U'.'SKJJ I51i|-0.19| — 

Em son & Dudley TstJiSgtJrsy.Lt-J. 

P.O. Box 73. 5L Helier. Jersey 053 i 2 Q 3 P 1 

EJJ1C.T. 11178 2254] ..—] 3 W 


552 59.71 .._..[ 2 . 

147.1 155 93 ..._ ( 7. 

1463 
134 6 

,52611 ... __ 

"Price on June 14. Next dealing June X 
T Prices un June 2L Next dealing July 7 

Kora! Trust (CD Fd. Mgt. Ltd. t 
P.O. Box 194. Royal TsL Hse_ Jersey. 053427* 

R.T. lafl.Fd.. I.IIUS9J5 97<] J 3> 

RT. lal’L ■ Jry ) Fd. .|W 93| I 3 

Prices al June 15. Next dealing July 14 1 

r 

J 


27 Frond St . Si Helier. Jersey 
E-5. ItoUar-denoalnr-tcd Funds 

Dir FstLim- 1417 9.73rij 

7 nsi 


F. & C. Mgmt Ltd. Inv. Advisers 
1-2. Laurence Pountney Uili, EC4R 03A. 
01-823 4530 

CcntfdJnaeni | SUS554 | ] — 

Fidelity Mgmt. & Res. (Bda.) Ltd. 

P.O. Box 370. Hamilton. Bermuda. 

Fidelity Am. Ass— .1 5US2496 

FioeSity InL Fund. SUSZ1.25 
Fidelity Pac.Fd.__. St : S4753 . 

Fidelity Wrid Fd .... SUS1S30 +010 — 


Stnriin^-decoaiuatrd Funds 
fhaa nil Capitals, ps.9 233.91 -01| 


0534-201 


i: 


Chanriel id ands$... [142.4 349.9) -03 

CommcK).— J2L1 127^-21 , 

SLFised—.. -_.llIL4 I175| | 1L + 

Prices on “June 26. ■■Jane 23. «»"June 2S 
tWeetiy Dealings. j 

Schfesiuzer Intero2:ioa2l Mogt. Lt* 

41. La if arts St, SL Helier, Jersey. C534 733 


^ S-ALL. 
__ SAO L. 


Gill rd _ 


•Nest sub. day JBy £ 

Schroder Life Group 
Enterprise House, FortamoDfh. 
Incernallonal Funds 


•Equity 

, SSq-rO 

01-5307657 iFIxed Intaresi 

- 22a SFixod ititerost 

- £Monug«d 

S5tonaged 


150 


Fideliiy MgmL Research (Jersey) Lid. i^iLiFdJjtSIrfrt" 
Waterloo Hue., Don Sl, Sl EeUer. Jersey. . ’Far East Fund — 

0334 27SG1 

Series AumnL) — I £373 

Series B'Raciac) — | £5 22 

Series D iAo_4ss.i| £17.12rf 
Firsi Viking Commoditj- TruGts 
& SL George's St_ Douglas. 1 0 M. 

0624 4u32 Ldn. Agts. Dunbar le Co_ Lid.. 

53. Pall Mall. London SW17 5JH. 01-S3" 

F«. Vik. Cm Tst. „137S 395] -051 

FsLVk.DbLQp.Tsl .. |74.0 790^ | 

Fleming Japan Fucd S_i- 

37. rue Norre-Dama, Luxembourg 

Flrng Junc21 1 SUS5282 | I — 

Free World Fnnd L‘td. 

Butterfield Bldg., Hamilton. Bermuda. 

MAV Stay 31 —I 5US17M5 | . — I — 

G.T. Management Ltd. 

Park Hse.. 18 Finsbury Circus, London EC2. 

Tei: 0I-6S8 BI3L TLX: 8 SSIM 

London Agents (or. 

Ancnor'B'Unite.._p7SH?X 0771+D.K 

AnchwGiltEdse- E9.72 9 70 

Anchor InL Fd 5USM3 4 tSi+O-Cfi 

Anchor Ib. Jsy.Tst.|2&-+ • 210!^ J 


b 

3- 

S> 


arassn 


1117.5 

m 

: I29 0 
1L52 


. Jiy.Til. 

Berry Pro Fd SUS4724 , 

Berry Pac Slrlg_ 275.00 283 Ofi 

G T AsluN SHR9 05 95fi+0 37; 

G.T. Asin Sterling- £14 21 15291+0 

G.T. Bond Fund — 5USI3.W 

G.T.DelUrFd. SUS7.09 

G-TPsciQcFd. SUS14.0C 


+ 0.021 

+cai 


1179 

72 


5 . Henry Schroder Wagg & Co. Lt 

120. Cheapiuse. ECJL 0I-£C8 +'* 

Cheap SJyee 27 | 

Trsda:Ear?Jay31 ... 

Az.ian Fd JuceJS— 

Dar'inc Fad 

Japan Fd. June 23 _ 

S?ztry Assoraace International 1 M 

P.C>. Box 3SS. Hamilton 5. Bermuda . 

aisncccd Fund pUsLHH LSKS| . — [ — J 



Dekatondr ID3S2E: _ K.9M+<U!« 6:: 

Tokyo TsL Jews 2-! 5US3500 | | Llj 


i £| S?ager £: Fried! aader Ldn. Agacts|: 
055 00.CnnnonSL.EC4. . 01-24896? 

ICS 
Lfc2 
156 

g Strocgliofd SSataseEiect Limited ! 
JiS P.O. Bor 3I5.SL Helier. Jersey. 0534-7 1+. 

Gartmore Invert. Lid. Ldn. Agts. Commodity Tri,st.. .1=28 971*1 .....l 

2, St Very Axe Jxindon. EC3. II -283 3531 Suriavest (Jersey) Ud. (3) r 

Gartmore Fund Kngt. iTar East) Lid. Queens Hfe. Don. F*d. SL Helier. Jsy. 0534 577 1 



£5 « 53S \" r^yrund’ 51 - 1 iZT" lm U 

iStaCrtblsK msi 10 % ®3™wRkr.'lo2 «. 

IniLGrth]651 698| I *».0 TTi'rcs cn June 23. Next sub. 


Do. Accum. - 

Capital 

Da. Accum.. 
Income. 


598 


Bol 


Tel: 074279842 Trades Union Unit TsL Managers? 
73 * 1 + 1 M 5 J£ ioo. Wood Street 5 X 2 . 014268011 

|N.l 534] | 5.33 

Transatlantic and Gen. Secs. Co.tf 

91-89 New Loudon Rd- Chelmsford 0345 SieSl 


- 2-8 


Prices at June finest dealing July 3L gtoeum. Unite) 


Do. Accum. [58.7 

InUrnatioaxL W.6 

Do. Accum, pL7 

Hlfh Yield 

Confederation Funds Mgt. Ltd.* (a) -pn 

50 Chancery Lend WC2A1HE 01-2420282 Po Accmn.* JPO-9 

Growth Fund ]403 ■ CS1 1 — «... . __ _ 

O « . uiTm iffTni-n Minster Fond Managers Ltd. 

Cosmopolitan Fend Managers. A wsr^- ct PF4R9BH. 

3a Font SoeeL London SW1X8EJ. 01-235 8KS. 

Cossopoin-Gth-Fd |17.4 38.7] 1 A 99 BOnster June28, 

Crescent Unit Tst. Mgrs. Ltd. (a)(g) 
j+ SfelvilleCree., Edinburgh 3. C31-S28 4931 

Crescent Growth — [26.4 283 -0^ A24 

Cres. Intemnl I — 57.7 6L9i +02 0.75 

Oas.ffiS.DiA— 4i2 ' 45 Jj -0,3 9J1 

CiSRSraes 38.9 41.3 -03 4^ 

Cres. Tokyo — 25Jfl — 0J0 


Xll :a lw TUUT Junel 

42.1 a.M 

302 + 0.1 3.S 

526 +02 323 
543 — O.Z 6-62 
6X8 -0.3 A62 

523e +0-8 219 

55.9 +08 2.19 

63.9 -02 as* 

67.7 —0.3 8.58 


Barbican June 29 _ 
(Accum. Unite.!. — _ 
Barb.ExpUune2S. 
Bucte. Jane 29. 

(Accum. Unite). 

Colemo J one 23^_ 


lcfiSj —28| 5.96 (Accobl Unite!-.. 


5.96 CnmbM. J one 28 


=i 

rat. Ltd. 


5.99 

SAO 


-■lea June 27. 

< Accum. Units) 

Marlboro June 27_ 
(Accum- Unite) 
VaaGwth. J mie27 . 


^Accum.UuitJ). 


p ^ 7 

(1484 

49.9 

54.7 
523 
672 
506 

57.7 

Sl 

697 


Discretionary Unit Fond Managers 

22 alomUcldSL. EC 2 M 7 AL. 


EhcempcMsySL ^97 , _ 

ML.4 Unit Trust Mgenrat. Ltd. 

cad Queen Street, SW1H9JG. 01-9307333. (Accum. Units) 440 

MLA Unite [39-5 <L5J i 434 Wlek-r Jnne 29 53 9 

Mutual Unit Trust Managers* <«)lg) M2 

IS.CopLhaU Ave_BC2R7BU. 01-6054803 Do. Accum. 736 

Mutual See. Flu!._]».4 5104 -§-3 $ « Tyndall Managers Ltd.V 

-p5] 665 laCanyngeRoad.BrisioL 


77.9 _0.fi 
117.4 — L2] 
882a 
BL3al -Lfi 

100.7 -xa 
129.6 
1563 

528 
576 
556 
7X3 
526 
600 
511 
628 
73.4 

44.7 
464 
622 -031 

73.8 -0.4l 
673 
773 


5.78 

5.78 

5.07 
4.96 
496 
6X5 
6X5 
7 26 
7.26 
532 
5il2 
285 
ZB 
3.62 
3.62 

9.07 
6 73 
673 
542 
542 
8.72 
8.72 


Disc Income (160-8 37L5j 1 526 

£. F. Winchester Fond Mngt. Ltd. 
Old Jewry, EC2 , 01-8062187 

Great Winchester-. [18.0 19 fi ( 

GLWinch'er O’eeaj|20.0 2L8[ ] 


70.: 

01-8334485 M^taai High 59. 

National and Commercial 


*95 


Income June 28_ 


95.9 


3X SL Andre w Square. Edinburgh 031-558 9151 


624 

430 


Income jtmr 28— 
(Accum. Unite)- 

Cape June 38 

(Acr inn. Unltai 1 1416 


(Accum. Units'll- 1752 
- — 22X6 

(Accum. Unite 1 170 0 

Exempt June 28 1086 

(Accum. Unite) 15X4 

InL Sena June 28— 237a 
(Accum. Unite) 1264.6 


Vm. nn & Dudley Tat. TWng™»t lid. National Provident Inv. Mngrs. Iid.y F+et jmroM._J_ irtSa 


20, Arlington St. S.W.L 
Oana Dudley Zsl .|673 


Cqnitas Sett. ltd. (a) (g) 

4i.BtebopsgalE.EC2 


014397551 48, Gracechurch SL, EC3P2HH 

726) ] 3.88 NJiGth-Un-Tst-KM 46 

I ACriUn- Units)* — [53.4 _! 

NPl Cteas. Trust— [1Z5.9 


Progressive. 


.(652 


<231 SKSfir 


68.7) -03) 435 



01-8 234200 (Acctnm Units) ___ 
am Eee( fit Cap June 28. 
4^5 (Accum Unite). 


120.0 
1342 

3592 

Scol lnc. J unc 38— [160.4 


10061 

384.0 
1278 

173.6 
1142 
1612 
2498 

278.0 
10X0 

126.0 
14X0 
167.8 

268.6 


0272323*1 
852 

r« 

aw 

528 
7X4 
576 

Tz? 


Equity & Law Un. Tr. M-¥ (a)(Wc> 


Next dealing July 27. 

•Prices co June SSL Neat dealing July 37. 

National WeetmiMteriKa) 


AffierahaniRd, High WSeombe. 

Equity fie Law ___ |64.0 
Framlisgton Unit Mgt Ltd. (a) 

5-7, Ireland Yard, EC45 SDH. 01-2686971 

^fczzIS? 8 ? Slid iS 


0496333T7 161. Cheaptide, H3V JB 0 . 


67 -0.41 434 Capital (AcchelJ— 
Extra Int 
Financial 


Growth Inv. _ 




Income Trt- 


10L6 



Income . 1 34 a 

Portfolio Inv. Fd — [662 
Universal FtUd) — [662 





Lendon Wall Group 

Capital Growth [74 S 

Do. Accum. 8X3 

Extra lac- Growth— 36.8 

Da Accmn. 422 

Financial Prtty 14,7 

032 Da Accmn. — 17,9 

8.03 High lnc. Pri ority.. 60.4 


529 Internationa]. 
537 Special Sits. . 


30.6 


85 JJ -0^ MI 
86.fi -0.^ 

39.fi 

46^+03 
35.7 

24B .. .... 

64.fi +6 J 
32.fi +0^ 


10.80 

Ml 

MS 

2.91 

525 


555 TSB Unit Trusts (y) 


Isl Growth Fd. — [U&0 
Do. Atrium —J1M2 

Friends’ ProvdL Unit Tr. Mg«.¥ 

°ixlm End. Dorking. Q308S0S 

fSSS £^93 440 

G.T. Unit Managers Ltd.f 
M, Finsbury Clicua EC2M7DD 


244 NEL Trust Managers Ltd.y (aXg) 


244 Mtoi ConrfcDwhiat Sumy. 


Nelstar__ 


590 62 lj -061 

[48.9 5Lfi -03) 


“ SSSSSL 


431 

338 


(b) Do.Accum.. 


440 


G.T. Cap. lac 

Dp. Arc to./ 

G.T. Int Fd. Urn— 1597 
C.T.L.S firGen— . l«.l 
G.T. Japan A Gca — S07.9 
MLPeaa3i-Fd — 132.9 
G.T. Int'L Rind - — 12X7 
G.T. Four IdaFd — [543 

G. & A. Trust <sXg) 

S. Rayleigh Rd, Brentwood 
G.& ft —gLO 


Netetar High tot- 

For New Conti Fund Manages Ltd. 
see Rothschild Asset Management ib)Do. Accum 

Norwich Union Insurance Group (h) Ulster Bank? (a) 

P.O. Bo* 4. Norwich. NR13NG. 09X5 22200 Waring Street. BelfasL 

“TiSr Group Tax Fd. 1335.7 3514|-25{ 523 (bjUlaier Growth ....|36.0 



0284621831 


344 

*« 

7.63 

763 

233 


023255231 
38.7] -0.2) 5.46 


to 0=84 83432 

■a 

G5 

466 

-O.b 

95 2 

59fl 

-06 

970 

60Jri 

-05 

59 5 

633 

-Uh 

U5 

86 8 

+0.2 

P7.4 

93.fi 

+o3 


Ffearl Trust Managers Ltd. GjWW Unit Trust Account & Mgmt. Ltd. 


252 High Holbora, WCIV 7EB 
Pearl Growth Fd— K2 g. 1 

Accum Utute— — ta2 gL 

Pearl I dc.—_ — — 1303 



-?oa >5 5Jl Wiliam SL EC4R BAR 


Friars Hse Flmd_[ 
WielcrGrth. FBd._{ 

peart Unit TsL ___ [33.7 36JM-M 5^ Do- A ccubl. 

(Accum. Gmte) [43.6 46.fi -o.4| 5Jo wider Growth Fund 

Pelican Units Adm i n. Ltd- (gM*) gi w: wmiamSLEC4R9AH 

(QSmsSTXQ 81 Fbaatain St , Manchester 061-2363685 income Unite f29.3 

3SL3j-0Jj 5ITZ pelican Uniis____lBL3 87.fi +0J] 339 _ Accum. Units 


01-6234951 

362.0] | 4 81 

30.7 ..... 429 
439 


,-lfh P/M 

jSi 


01-G234B51 
427 
4.39 


Gartmore iBrnttwnt Plact. Ud. 

P.O. 5ox32.Do-.uda' * ■ “ 

GorCnone ' 

GuiaKro 

Hambro Pacific Fnnd r/Jgmt. Ltd. 
2110. Connaught Centre' Hong Kong 
Far East Juneri — 0322'. L?S9) . — 1 — 

Japan Fund _|SUSJC- 73l| | — 

Hambros (Guernsey) Ltd./ 

Hambro Fnnd Mgrs. ‘.CM.) Ltd. 

P.O. Bos 86, Guernsey 0431-S6S21 


CX Ford 


SOS 


(M00 

110506 


Im. Srfis. ‘A* SUS 
Int Svgs. 'S’ SUSi 


SUSIU6S 


* 011=1 


WI 

10X51, 


agers (C.L) Ut] 

Bar-itellcRd.SLSaTicur, Jersey. 0534734? 

48.61 "I, 4% 
ay July 4a 

To’^yo Pcaific Zoldlcgs N.V. , 

Intimis Management Co. N.7, Curacao. : 
WAV per share June 25 5USX55+. 1 

Tcfcvo Pacific Hidgs. (Seaboard) N. 1 

la l lcis Management Co. N.V., Curacao. x 
Js.W per share June 25 SU54L43. ’ 


|ja Tjndail Gran? 


250 

350 

220 


,X02 

_X 0 T 1 Ki __ 

Pnrw on June 23. Nesrt dealicR July S. 

Henderson Baring Fend Mgrs. Ltd. 
P.O. Box N4723, Nassa a , Bahamas 

Japan Fd (SUSHai aC|+9»< — 

Prices on Joue 38. N :xi dealinc 'la:* July 5. 

Hi II -Samuel 8 c Co. ( Guernsey l lLd. 

8 DsFebiTe SL, Peter Port Guernacy. CJ. 
Guernsey TsL (1441 15J2j -LI' 3 S3 

Hill Samuel Overseas Fund S-5- 
37, Rue Notre-Dame. Laaembourg 

|JC5te5t 192FJ+D 04| — 


P.O. Bon 1256 BtellM S, Berttafin. 2-S7CC 
1271-0331 in' 


2 Nra SL. SL Heller. Inwy 
T'JKSLJur.ei; JT725 


(Accum Shares 
Amt-neia June 27. 

1 Accum share?) 

Jcr<eyFd June 28 
i'.'hJ Ace. L'is ■- 
Gill Fund June tei.. 
lAceum. Shares/ ... 
Vlcwry Hcute. Dou 
MjnasedJuce22 


til 70 

gOD 

poc 

|190 0 
60 6 
11058 
136 6 


XK-X32 — 
L7i| 

BU4 3T2SI : 
C:0]-C15j 6.C 
lL5a-0L5 — 
852-2 5 2 3 

• $9 41 To 

iwl3 11 1' 

134 04-6.61 - 


alM. Idle oj Man. 0024 241L 
1129.4 1364] - | _ 


UtQ, Jntoi. MdisedI (C.I i 12*1 

International Pacific Inv. Mngt. Ltd. Malcas ”r stJTs’. Holier. jUt. 

FO Box R2S7. 56, P- >t Sl Sydney, AnsL x’.XB. Fiusii IPJ&'P;* IK cal 1 a-' 

iff in m vri « 1 1 0-p 


United States Tst. IatL Adv. Co. 


Javelin Equity TSt.ISA2.07 LIS] ......I — 

^ Off 

Jersey ExbmL Tst. I1A0 . 1J3E] 1 I — Net *r-sei June 23. 

As oi Stay 3L Next sub. day June 3U. 

Jar dine Fleming & Co. Ltd. S. G. Varburfl & Co. Lid. ’ | 

«th Floor, Counaueht Centre. Hong Eoa; SJ.GmmmSirM.ECZ 
MimCdn Tti l stnreu v, l l - rl Cn-.BdJuat_o.-._.. LSS935 ,-0 01] — 

Encw .!iLJue*2a._ USSI722ri -L2? — 
GrSifiFd Jto>31_. SUS7.09 ..... — ! 

_ Sr.rorJune28._..Ji:aUJ4 ICCJ-OJl) — . 

jSix.be, v;crburg Invert. Mngt. Jrsy- Ltd, ‘ 

ChonnKCroa-.SL Helier, Jsy. Cl 0534 T!74 
CKF Ltd- May 25 U'. IC ,1232 . 12 M] 


Jnrdine Escn.Tst ] 5HE25426 

JordlneJ'pn.Fd."- SRK231 15 

Jardine S.SA SUSI624 

Jardlne FIemlnt._.| SHK9.70 
NAV June IS. "Equirolent 5 
Next sub. June 30. 
Keyselex Mngt., jersey Ltd. 


Bondselex j__ . 

Keyselex Inf I 

Keyselex Hnn>pe._ 
Japan Gth Pend...- 
Kerne! ex Japan 
Cent Assets Cap— 


rnic? 

L5UI 


IrslU* 

USflbj 

1 !... . 

£A.(C 

7.43 J 


£3 91 

4 4 if 

-0.05 

nrsajc 

SC7J. 

-C.04 

£12.74 

13.92 


034, 

.03 /[ 

-Q.0 : i 


J.74 


TiSTJunefl 

TMTLtd. Jun«3 


f 12 55 
£12.17 
bHS3S7 
Q068 


12901 
12 47; 


12 47) 

ten 

ia.5« 


vl'orld Wide Growth Maasgeme nt^> 
lOn. Eoulewird Runs], Luxembourg 
Worldwide Gth Fdl U 5514.25 I-0.06I — 


NOTES 


Pnres do not include S premi dm. except v. !.ere Indicated •>. and are In pence unless otherw;' 
indicated. Yields "i (shown In last column i. allow for aU buyinc expenses- * 0 Ven&prfc* 
include all expenses, b To4t^ prices, c Yield based on offer price, d Estimated, g 



CLIVE INVESTEE-VIS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-283 110L 
index Guide as at 20th Jane. 197S (Base 100 at 14.1.77) 

CH re Fixed InZere« Capiwi 12S.9! 

Clive Fixed Interest Income 114.90 


CORAL INDEX: Close 454-45!) 


gNSUf*AN££ BASE RATES 

t Properly Growth 9} % 

7 Vanbrugh Guaranteed 9.37 l V, 

♦Ato.fi itouji mid'ir isijurjni- End Property Eorid Tabic. 


Financial. Times Friday Jttn6:3flr lS?78; . 
v FOOD, GKOCEREKr-Cont 




FT 


DRIVERS 

JONAS 


DRIVERS JONAS 

Chartered Surveyors 
London - Aberdeen • Milan 


BONDS & RAILS— Cont. 


SHARE INF< 

BANKS & HP-Continued 


INFORMATION SERVICE 

Continued CHEMICALS, PLASTICS-ConL ENGINEERING-Continued ^ 

H IS ** UM w UlSiwi mPU ** I"" 1 ' 1 “ 


1,711 I 

High l/i* | Sunk 

83 82'i in? , and?’;iu '31® 

?i 79 nnav-ar-sfi. 

2t>5 Japan 4p:')iUi;>. 

i'V Pnijnr "R3.S8 

140 PlTU ;'ljw ip" - 


Pnre |-arlm.' 


— I r.rsss \ i»Id 


IK* 

High (off 


m (twi 


Vld 

Or i -r 4 P/E ' 


"if Pnijrr "RS.S8 7I»- .... 6 1110 

MO Peru ?,* V - 140 3 2 1b 

73p SM ins*/— 7Sp ... 867 

M4ij TunnPpc IP?! . 594^ .... 9 9.52 

'5191 1/M81 runr^'M»l-.. DM91 6- 10 7 

97 94 I’ni-ua-'J/ipi - . — 97 3': 3.B 

U.-S. 5 & DM prices exclude inv. 5 premium 


S=ij«d .... 

aft-’i -1; 
365 id .. 
711; .... 
140 

7Sp ... 
S94I; .... 


L'ninn Disc £1 



R^n.-ora um. lup 

RttHOkii lOp 


AMERICANS 


i0jp 

High Law 


ransport apt 78-88 





m 


Asarro Inc. 
Bjfrrlfllti.COTp 51 
Bemejiirp. 
BendixCorp.: 

Belli. Strife 
BrpxncFerclKj 

Bruner, L’k'.'orpn.d 

Burnweh: Carp S3 
CBS KUO 
f P.C 

CaterpiIIaril 
Chase MmuSlId 


(. hesebrfughSl 
i.hr.'lerS8‘i 


IS 


i* 


rio!3 


BEERS, WINK AND SPdOTS 


CANADIANS 


G.LC 12‘jpc TS2. 


LO. «pc 70-70 


EE] 

iflm 



BANKS AND 


High Lew 




4K 5.00 


j 


1NANCIAL TIMES 


_ , . ®aACKEl HOUSE, 19, CANNON* STREET, LONDON EC4P 4BY 

Telex: Editorial 8 Smi/2^3m. Adrectisements: 885033. Telegrams: Flnantiiiio. London PS4. 
\ Telephone: 01-248 8000. 

For Share Index \nd Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 248 802S 
INTERNATIONAL AND BRITISH OFFICES 


EDITOR rAL OFFICES V 

Amsterdam: P.0 Eox J2M. Amsterdam A 
Telex 12171 Tel. 240 535 \ 

BinnJr.sbttm. Ceonte House. George Rond.X 
Telex 338850 Tel. 021-454 0822 \ 

Bonn. Prosshau* I MM Heusaallee 2-10 
Telex 6869042 Tel. 2J0Q39 
Brussels- 39 Ruo Ducale 
Telex 33283 Tel- 512-9037 
C*iH>: P.O. Box 2040. 

Tel: 838510 

Dublin: 6 FttzwiUiam Square. 

Telex 5414 Tel: 78S321 
Edinburgh. 37 George Street. 

Telex. 72484 Tel: 031-228 4120 
Frankfort: Im Sachsen lager 13. 

Telex: 4 J 8283 Tel: 555730 
Johannesburg: P.O. Box 2128 
Telex 8-6257 Tel: 838-7545 

Lisbon: Praca da Alegria 58-ID. Lisbon 2, 
Telex 12333 Tel: 382 SOS 

Madrid: Espronceda 32. Madrid 3. 

Tel: 441 6772 

ADVERTISEMENT OFFICES 

nt ™V n Shfi tn Ocorgc House, George Road. 

Telex 338850 Tel- 021-454 0922 
Edinburgh. 27 George ."Street 
Telex 72464 Tel CO 1-228 4139 
Frankfurt- ijn Sachwniager 13. 

Te|eT 16263 Tel. 554667 

Leeds- Permanent House. The Headrou-. 

Tv>l £1532 454B6S 

SUBSCRIPTIONS 


M ST? 1ie ^S£.O uwn ' K Home. Queen Street. 

Telex 666813 Tel: 061-834 9381 

Moscow. Sadovo-Samolechnaya 12.34 Ap( ,e 

Telex 7900 Tel: 2M 3746 f 

Xew Ynrtk: 75 Rockefeller Plaza. KV. IDO 13 
Telex 66380 Tel: iSL2) 541 4625 
fans 36 Rue du Sender 75002. 

Telex 220044 Tel. 238J7.43 

|! e «iS ne1re: Avenld “ Frel - Vargas 418-10, 

tici: 253 ww 

Hone: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 

SbAkbolra: c/o Sveaaka Dagbladet, Raalambavaseni 
T«ex 17603 Tel: 50 60 88 «*“—**“« agon 

Tehran: P.O. Bo* 11-1879. 

Telex 212634 Tel: 882098 
Tokyo: 8tfa Floor, Nihon Keizal Sblmbun 
Budding, 1-9-5 Otemachi. Chlyoda-ku. 

Telek J 17104 Tel: 341 2820 
Washington; aid Floor, 1325 E, Street, 

N.W„ Washington D.C. 20004 
Telex 440225 Tel: 12021 347 8878 


A'SOpf 172 


Belt 


listEverard— 


3S 
167 
412 
297 
144 
280 
77*; 

31 

177 

39 
33 
116 

44 
98 
4b 

45 
27 
143 

84 | 63 


1 cclii Slone 10 p 


RinfrfMn Pip 

"arnnJior: . 
Willi Bioko . . 
WcFitncii p mt* 
tt 'eneiT. Srui. 
Wfcstlia:-iip 
WhiiihralU-jp 
W'l : 31 ns Cna lOp 
WifioniOinnoll.t 
Wimpeyi'ieo 



CHEMICALS, PLASTICS 


136 
38 151 

19 15 

IB 15 
50^ 401 
30 221 

157 120 
119 SI 



Sid' Stores I 



Cohen fAj Sip 


rolHldgsl 



wanna iLilIow. 





III! 


Attaint, l&p I 42J Z |-Vr 



ML Charlotte 1 % 


-re 

Dele Eject 10p 


1.202) 347 8878 


Manchester Queen s House. Queen Street. 

Telex 660813 Tel- 061-634 9361 
New yq p |f 75 Rockefeller Plaaa, N.v. 1«J19 
Telex 423023 Tel- «2J2| 489 8300 
Paris. 36 Rue du Sen tier. 750C2. 

Telex 220044 Tel- 239.86 01 
Tnly-c- Kaohara Building. 1-6-10 Urhikanda. 
Chiyoda-ku. Telex J 27104 TeL- 285 4050 


Ce.nica obtainable Iron newsagents and bookstalls wnrMm/- *«- _... 

Subscnpiion Dmaa^JiSM^ SS* 1 " »«*«««““ 


AKZfi 

AlhnqhtWilior. 

Alclnalelmis 

Alida Pack 10p — 
Ail'd Colloid 10p. 
Anchor Cbem. 

: Bayer AC.D1L90. 
BUgdenNoakes. 
Brent Chems lfip 
BriL Benzol 19p- 
BnLTorPrd.lOp 

Burrell 5p 

Carl«jupdlOp_ 

frlalin 

CibaiVcy Tat 
[KiR*>Cni8l 94 
I'OJii'eCm t‘9j 
CoaliivChea. . 
Coaiet Brw 
hn V'.'t . . 

t'utj 'H'lrjct'i.ip 
I'md.) ir.i inp 

cr-«-io!o5p - 
EnjJyr. Platt i« r - 

^•ntreed 

FlM'R'lll . .. 

H-’Meart-J.-li'n. 
Hltt-r, Welch nOp 
Hnechjili«5. ... 

la JairjLaJji. 1 


- 2 im 


33 Q16** 
, Q105 


_ 1322 

19 
155 
1276 


Pl> 

ft) 

Pvi 

Klual Elccincs. 

Be 

Rii 


AntAiiLAsphall 




>pe F W. 10pi 
Unitechlflp.„— 
lild.Scienlitit— 

Wardi'njld 

Welles HUj.Sp 

"’eUin^houic , — — — 

bitwortbE1.5p| 16 1 1 0.66 

'htesileFls.2flpJ 135 — «.79 
|14& [Wigfall iH.l — -|207 | — I N 23.5 

ENGINEERING 
MACHINE TOOLS 

1105 ACKiladiiney- U0 1 

APV.aOp. 200 

Arrow HO 

Dn A" 83 

Adued Group _ 252 
Ali-an Uunnnimu . 153 
l» 9pi-*.«ni- . £148 

ilWniEiBaliour 56 
MlenWG. - - 47 

Am.UP-mor .. 137 
Vnri:-n hdvdfi... 65rt 
.in.'lirSwiss... .. 35 

■V: h & Lie: 124 

A-f fcr.llJh II'; p. 7 
AnOt Tnobn'4— 34 
.UralndllOp- 20^ 

Aurura Hid;..— . 89 -j. j3 L «» » 
I 92 AuiUnljaattw.. 103 -1 iTs-3 j 


aylnr Pa] lister 


ex.Abrai.10p 


TytatklWAi Hip 


126 

80 

62 

74 

123 

61 

24 

231; 

81 

30 
29 
68 *d 

222 

8H; 

10 

118 

31 

15>2 

150 

77 ... 

78 

261xd +t 
114 _ 

% 

26 
93 
134 
60 




?i 

iTlfl 



C.H.lnd1s. lOp 



ChrirtiesInCiag 



£20Jj 

34 [Coni Staton 1 } Wp. 

53 KopeAHnuBSp. 

27 ICoordexIOn — I 33 
106 


b 


barlnds.50p 



rfifKHi 


13lnl 
75 

222 

48 

74 

Barter&illiipZ] n 



19 

3.81 9.01 4J 
12 7^1 9.0 



m 






t3.6 I IH 921 7 
43.6 2.6 9.7 t 


11 8.9 

«,£s 

i t.7 

- 2.5 

L8 

12 8.1 
3.0 62 
53-3A 
4%-S 

* 7.7 

a "8 

13 8.0 

l fe H 

23 7.4 

U 7i) 

35 73 
U 9.6; 


d02 - 

Z035 
13.91 la 
t5.08 M 


mn 


1.4 * 

5.42 « 

M5O0 2j 
1.38 3. 

t6-I 1 ; 


4.4 4S 
55 63. 
H 3 J 

IJ 

3.4 8A 

li: 

ii9 Ui 

ll 2.8 

HW 

3.4 Hi 

11 

92 Lg 
A.’ 32 

I, 5* 

A1 4-4 
»3 IB.E. 
15 nj 


I 



































































































































;*j£ijj6neial Tiiaw Friday 30 18TO 

nig • - - 

‘ .'• . .. - tmil 1 


INSURANCE 


PROPI31TY— Continued 


INV. TRUSTS-Contittned FINANCE, LAND— Continued 


1 ,< Sock 1 Tries | + -f 1'S icwl™ 


19H [ 

High Lnti S«k 


| ■}• «r |>iv 

Price - Net 


11 ]-h 


[cvr|Ssl P/E} 

53 4.6 6.3' 
3.4 5.7 7.5| 

- 8.5 -■ 

— J.c - 

— 8.2 — : 

— b 3 — « 


WJR If or f'iv Tld . _ 19!# 

High Lev Stock Price 1 — Set CVr Crt P/Ef HlgA Low 


!+ ori mr i mat . 19?* 


I t tri Div 

- I Net 


Y*ld 

Ctt hr', P.E 


25 

29 

9Ji 

48 -1-2 


I tl-64 43 8.6 4.2 


fully Integrated banking seivlea 


77 04 0 2.2 23 225 

17 ...... f0.94 31 8.4 5 4 

15 tJJlflk 3 0 TO 6.1 

1.0 19.0 21 3.1 

a :::.. 165 1311499 

n.fi _i. 03 ■> 264) 

28 ,1 0.5 4 7 27106 

86 -2 tl 25 4 2 2.0 12 5 

20 ... 3.46 3 7 4 4 8.7 

67 0 68 2 4 1.5 39.1 

46 +1 yoe 1.1 i 7.0 

B -i" - - - 

32 +10 3 6 4 7 71 

>M -3 6 81 35 4 B 9.0 

£3 09 4“.o - *7 — 

11 .... 048 10 6 6 221 1 

LQ1 +2 3 02 1.7 4 519.6 

3Q Q4.25 - 8.5 — 

56 M91 2113.3 59 

- - - 4J 


53u i2i; 022), _ 6 3 - ..... V™ 

^ 1.5 E .f H is r u . I m 

1S J SKSnW 

B0 52 Bean Cons K4.. — 
_ 175 122 Taisejnyjlta i «p... - 

ILS I? 11 £ffi«!fcr- 

ill rjubu 10 


840 22.10 4 2 4.0 9.1 AUMIf 

70id ..... 4p 510.9 12.1 - 15 1Q AcBn sfc 

61 -f — — 77 ; — 132 W Bwisair-il!e»T'iea 

£55nl £4 _ ?!6 j - 125 bJ pHSonlh^c 

7 Z? It 5 Ti Ts ?9 020 150 CemraiPnnlic « 

61 +2 -63 3.1 6.^ ,45 148 L .inline R<oIic:?p ntk 

21 _1 * „ “ r» 72 48 CM KjipWirijf SI.. 

£24*2 QUlfr. 19 7.210.7 ,is S j Hampin ArcasSp.- 


£2412 QHUr. 1# 7.210.7 J38 81 Hampin Areas 5p.- 

IS 1.55 ii inu 48 ,1? S?S,wSW:. 

22 ', +', — — t. - in Mount LvellUac — 


« +1 ♦O.l * 0.5 6 j 4 Newntui iw 

142 - — — — 74 Sonh E Hillioc _. 

1 -8 ! £102 Q14 » — bM.. — lb 8 , Mh.Kalpurli 

On. 320 ...... — — — — 173 uf OstbndseS.M — 

lw- *2 sz r, ,To 50 30 Pacific Copper. — 

2“ vc 111 30 14 £141* 750 Par.tonl l£ov . — 

lo-a +-'4 — — — — 4Q 12 : np_ 

£23, l « -U — — 538 310 Peko-V.’alUendaOi:. 

£47!; +V 0:77:.-, 74 5* 79 Jg 50 gj-j- flj fc 

M2 157" 4~1 T4 Ja 70 35 WMmCMk*-- 

61* 3p H0212.4 - XX 

HI +1B aw;, H fB7 - 30 24 Amal Vicena. 

170 5.8 1215.5 365 2« AverHnamiMl-. 

244tt t 1 — — — B.l bO 4s Serai. Tin - 

142 -1 7 e o 24.5 7.2 - 295 200 BerjunuiaMl 

IK 1Z _ — 145 111 Goner _.. — 

175 yl5.V - 5.3 - 10 B«> Cold k Basel 2'.’P - 

* _ _ _ _ 295 220 Gopengions 

1 165 130 Honslong 

93 78 WriilOp 

OVERSEAS TRADERS % SSsmo'. 

?§? $irii 18 45] 418 % SKte 

is 4 9 48 70 40 iPahanc. 

47 6 2 ll 20.1l6i) 62 50 Pcnctalcn lOp. — 

3 s ,2 :^a?o i is i ® « sigiF 

mi 2$ ,55 safe 

a ir !“ s™ is si s? a | sg 

408 -rS 115.0 3.2 5.610.0 75 55 supreme Lorp. SMI 


35 iwkiimCreek2Ue — 1 50 

TINS 

it limal Virena I Z5 


— 18 7 — 30 24 AmalVkena. — 

,12 5.8 1.215.5 565 Z« AyerHnamiMl— 
_ _ 8.1 b0 4s Serai: Tin . 


60 “ 655 25 16.5 f30> 

411-1 3.4 1.712.4 i5Bl 

248 ^ 13.2 * 8 3 * 

83d 2 .88 * 5.2 * 

175 4-5 47.7 7.5 6.7 3.0 

175 +5 ?7.7 7.5 6 7 3.0 

29 ?4.43 13 t 5.2 

6i> B— — - 


GA 3L2 £2.8 


AND SISALS 

I PH« M & |c 



iy£kW 




Head Office: Osaka. Japan 


MINES— Continued 
CENTRAL AFRICAN 


“ ITT* 

riM - I Set CtrlGrt 

182 — Q50c ^3 23.4 
I6I2 036 7.1 5.1 

149 ...... Q10.0 1.2 6.7 

on Q9"5) 163 8-D 

35 t<27l*c L4 183. 

12*2 — — “ 


AUSTRALIAN 


10 Mount Lyell lac - 
1 j, Ne«neiall(K 


116 :::::: qbc 14 43 

in -1 — — 

230 -2 Q10c 2.2 2.7 

136 412 145 4.1 1.6 

195^ -t Q9c 1.7 2.8 
30 - - - 

i22* i :::::: qbc 1.5 « 

ibi’ z :::::: «Tic 1.9 m 

48-2 — — — 

£12 — 33 

494 +4 Q15c 4.0 1.9 

150 -1 W!6c * 


lJU 

Z&0 Jlali^Oredfiingni:. 

40 iPahanc 

50 PcnptalonlOp 


25 +2 51 3.6115.2 

365 -si *»lj>c 0.9 t 

53 3 75 44 U 2 

295 +2 MUfc f A 

132 . .. 64.51 3.4 5.2 

29s' : +2 15.0 0.9 7.8 

1 TO il 123 I A 213 

76 +l" Z<3153c 0.7 4 4 
510 4-20 0125 +26.2 
410 +10 ttfc* 0-8 5.0 

69 W-75C 03 * 

n h 5 13 16.1 


Si :r: 6.5 uu. 

225 +10 tQMc 1.6 8.2 

49 -1 fil-99 4.6 6.2 

58 -2 4i3 +, 113 

220 +10 tQ77A 1.4 7.6 

315 +5 lQ1313c 1.1 ?.0 


20 W 63 - 4.5 100 85 fraijonclSp -- 
£U.oo _ _ JOO 74 ITongkanHrbr.SMl 

655 23 16.5 f30 . 220 148 |TroDohffll 


315 +5 
220ri ... 
75 ... 
92 ... 
96 ... 

220 ... 


313c 1.1 ?.0 
55c 4> 6.3 

}10c - 2-9 
i.S OJ 10.7 

ifi't i-o A 

)BBc 1.6 G.b 


1.7 114 15 8) COPPER 

« ii * 100 | 70 |MeuinaR050 1 86 |+1 |W0c| Wf i 

73 67 3 0 miscellaneous 


;4A3 Li J « n 35 ESir>1Bin ... 

“7, Ti 2 A 24 9 17 4 Burma Mines ! . I;p. 

h H 5 44 JR 70 500 220 Cons. March. J0c.... 

OS> 5-9 ly 4tE *>4C 


£12 750 Tarj£,pto.Sl _.. 
45 I 43 |7er.id? Mineral' lOp. 
180 120 I Yukon Cons. C51.— 


270 410 tQ3flc 26 

400 - — 

212 -2 93 28 

62 -2 - 

r: is 7, 

165 -1 Q7c 2.9 


NOTES 

lioless otherwise iodleM+4. prices ami act lUrU omb Mc ln 

pence ami denoniiutiOBS are 25p. Estl anteJ pri ce/ earalnff 

raiiiw Bud covers are hosed op latest-aaniMl «TportsBnd^M«mi* 
and. where possible, are opdaMd «■ 
cairnlated on the basis of net 

indicate It per cent, or more dlklereoce if “V™, 

distribution. Covert are based on -mojOnuim ^tritotum- 
Yields «re based ou middle prices, are 0ms, ACToJ 

Mpcr col. and allow lor vptae of declared diatrib^ont nod 
riubu. Seenrttiea with den omin at i ons other than sterllnc nr® 
quoted Inclusive of the Investment dollar premium. 

A sterlln g denominated MCBtillea which include investment 
dollar premium. • 

" J^ghs and C Lo««^ marked thus have bean adjusted to allow 
tor right* Issue* for cash. 

t Interim stock lacreasod or resumed. 

t Interim since reduced, passed or deferretL 
pfc T.n-frea to tum-OMidents on application. 

« Firutos or report awaited, 
rt Unllated securi^-. 

t Pnee ill Liao of sncpenvion. .... 

1 Indicated dividend alter pending scrip and.or rights »sue. 

coven relays to previous dividend or forecast. 

•» Free (of Sump Duly 

+ Mere*- hid or reorganisation in progress. 

a Not comparable. . . . . 

t Same reduced final and/or rcducwi earning, 

( Forecast “dividend; cover on earnings updated by latest 

interim statement. _„ w „_ 

t Cover allows for conversion of share, not now ranking Mr 
dividends dr ranking only for restricted dividend. 

* Cover does 'not allow for shares which may alio rank for 
dividend at u future date No P.E ratio usually provided. 

* Excluding a final dividend declaration. 

4- Regional price. 

a Tax free V ^Figures based on prospectus or other official 
estimate, c Cems d Dividend rate paid or payable on part 
of capital: cover based on dividend on full capital, 
e Redemption yield, r Flat yield g Assumed dividend and 
vield. fa As»ume«1 dividend nod yield after scrip i*vue. 
5 Payment from capital sources. It Kenya, m Interim higher 
than pres mu, total, n Rirthis issue pending « Earning, 
based on preliminary figures. * Dividend and yield exclude a 
medal payment, t Indicated dividend: cover relates tn 
prei i our dividend. F/E ratio bawd on latest annual earnings, 
n Forecast dividend- cover based on previous ^ yey i 
earnings, v Tax free up to 30p in the C. w Yield allows tor 
currency clause, y Dividend and yield based on merger 
terms. * Dividend and yield include n special payment: Cover 
does noL apply to special pjqrmonL A Net dividend and yiem 
B Preference dividend passed ordeferrod. C Canadian 
E Issue price. F Dividend and yield bored on prospectus o» 
other official estimates for 1979-80. G Assumed diridendanc 
yield after pending scrip andiorngbls issue. H Dividend and 
vield based on prospectus or other olficial eslimaiw 10: 
1978-79. K Figures bared on prospectus or other official 
estimates for 1PT8. M Dividend and yield based on prospevtiu 
or other official estimates for J67R. N Dividend and yield 
bused on prospectus or other official estimates for isru 
p Figures bawd on prospectus or other official estimates for 
1BT&-79 4 Cross. T Figures assumed. Z Dividend total tc 

date « Yield based on assumption Treasury Bill Bale stay, 
unchanged until maturity of stock. 

,• b brevx anon;- ulexdivjdeitd:»texKriplssue;g , e* rights: a e, 
I all: dt ex capital distribution. 


» Recent Issues ’* and " Rights " Page 34 


This service is available to every Company dealt in 01 
Slock Exchanges throughout the L’nited Kingdom for: 
fee of £400 per annum lor each security 


REGIONAL MARKETS 


ISSHJtnt. mOH WI WUKJl oaaxr uvv 

are as o.uoied on the Irish e-chanee. 


vVlbany Itrc.COp 23 

Ash Spinning- 45 

Bcrtam 21 

BdCwtr EsL 50p 367 
Clover Croft—.. 26 

Craig id Rose £1 445 

Dyson fR. A.J A . 37 

Ellis &MeHd>.. 61 •■••• 
Evert-d l’J -1 2 

82 Fife Forge ?} 

83 FmlsyPki;..ip. « 

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8.7 Hlgs.-n;: Brew. 1 5 ... 

37 1 O M S;m £1. 150 ... . 

Holu.lo--.t25p,- 263 

Slim. 'M iSmb'" 

Pearce i*.' H'- 165 .... 

Ccci Mills 20 ... 

Sheffield wick 45 .. .. 


52 1 > 

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Cono.9^i ‘80/82. CTPa - : - i 

Alliance Gas. 73 

Arnott a37 , 

Carroll tP.I.i— 22 

Clondalkin - 98 

Concrete Prods . 13U 

Helton 'Hides. I 44 

Ins.Corp. — 

I rich Ropes... . lfO 

! Sunbeam ,29 

UoiU^re 90 


/ OPTIONS 

! 3-tnonth Cali Rates 

S-3 Iddtutrlals 1C.I..- 20 Tube In-zest.^ 30 

8.0 A Brew — & t'ru* 20 L'td. Drapery- Th 

o\ A.P. Cement,. « { ‘-J— g“ viekers— __ 15 

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U.r.S.A* 20 \ 2 Mines 

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Howe oi f iauT. 12 Tru?l Houses.. 15 RioT.7.ine...._| 16 

a H»lei'iinn of »'pU“r.-' tro'lcd is snen on tbo 
Lundiin Stock Eichange Report page ^ 

















































































































ihp 


FINANCIAITIMES 


Friday June 30 197S 





vi 1 


Simpler 

public 

spending 

controls 

approved 


By Peter Riddell, 

Economics Correspondent 

THE GOVERNMENT will go 
ahead nest year with plans for 
a major simplification of the 
present system of short-term 
public expenditure control after 
winning approval for the changes 
from two hey Commons commit- 
tees. 

The Public Accounts Commit- 
tee yesterday published a report 
which “fully endorsed” Treasury 
proposals for the assimilation of 
the cash limit controls on money 
outlays with the estimates pre- 
sented for Parliamentary 
approval each spring. 

The committee, with Mr. 
Edward du Cana, Conservative 
MP for Taunton, as chairman 
said the proposals would go far 
to provide the opportunity for 
Parliament to " reinstitute a , 
modest but real measure of short 
term control over the expendi- 
ture side of the budgetary pro-i 
cess ” while stimulating more ! 
incisive financial management 
within departments. 

Interim report 

The ^Treasury's proposals have 
also L«en discussed with the 
Commoks Expenditure Commit- 
tee. An\ interim report from it 
in the n-Vsi Fortnight is expected 
to give general approval for the 
changes. 

The Expenditure Committee is 
also considering wider issues of 
whether there Should be further 
reforms in Parliamentary control 
and whether this present esti- 
mates provide the right sort of 
information. It is hoped to pro- 
duce a full report by the end of 
the session. 

The Public Accounts Com- 
mittee recommends that the 
changes should be “introduced 
as speedily and as comprehen- 
sively as possible.” 

The Treasury would like to 
implement the changes all in one I 
year but told the committee that 
it might not be possible to com-j 
piete the large and complicated 
task of restructuring the esti- 
mates in 1879-80. 

Cash limits 

Accordingly, there is likely to 
be a transitional year when some 
estimates are changed to be 
aligned with cash limits and 
others are unaltered. However, 
tiie new price basis, in line with 
cash limits, would have to be in- 
troduced at on} time. 

The need for change has arisen 
. because the Iong- 6 tanding spring 
Parliamentary estimates and 
later supplementaries have been 
superseded as the effective 
means of sbort-tenn control by 
cash limits, which do not have 
. to be approved by Parliament, 
i At present, the spring esti- 
1 mates are based on pay and price 

• levels prevailing at the time they 
are prepared with later supple 

; mentaries to take account of 
- subsequent inflation. 

The cash limit blocks, cover- 
ing roughly two-thirds of public 
spending, are fixed to take 
account of expected inflation in 
the coming financial year. 

One result of the changes 
would be to make supplementary 
esti mates during a financial 
year less of a routine matter. 
The Public Accounts Committee 
recommends that Parliament 
should devise a means of sub- 
jecting them to effective scrutiny 
; in order to re-establish a 
measure of Parliamentary con- 

• Irol over expenditure. 

Commons committee report, 

: Page \0 

— Editorial jeommeht, Page 20 


UJK. TODAY \ 

MAINLY DRY in S, same\ain 
l elsewhere. \ 

London, SE England and \E 
Anglia 

, Mostly dry. sunny period* 
I developing. Max. 21C (70F). 

Cent., E England. Midlands, 
1 Channel Isles 

I Mainly dry. sunny periods. 
Max. 20C 16SF1. 


Liberals in new talks 
on Budget shortfall 


BY RICHARD EVANS AND PETER RIDDELL 


SENIOR MINISTERS are to 
[have further talks with Liberal 
leaders next week before decid- 
ing whether to recoup the re- 
maining shortfall in Budget 
revenue. 

The general view at Westmin- 
ster is that Mr. Denis Healey, 
Chancellor of the Exchequer, 
will introduce no other measures 
to offset the impact of Wednes- 
day's decision to bow to Liberal 
i pressure and reduce the proposed 
| rise in the employers* national 
‘insurance surcharge from 'Ji to 
11 percentage points. 

Mr. Healey wilt make the Gov- 
ernment’s position dear during 
the report stage debate on the 
Finance Bill next Wednesday. 


Pay curbs 


Liberal leaders see little pros- 
pects of further agreement with 
Mr. Healey on methods of re- 
couping the £l40m difference be- 
tween alt per cent rise in the 
surcharge and the revenue lost 
from the income tax cuts pushed 
through the committee stage by 
the Opposition. 

That view is held particularly 
as the Treasury has shown no 
interest in the Liberal plan to use 
the surcharge as a method of 
restricting pay rises after July. 

The options open to Mr. 


Healey are to do nothing more, 
to attempt to raise the lost 
revenue by increasing excise 
duties on alcohol and tobacco, or 
less likely, by increasing Value- 
Added Tax; and to cut public 
spending. 

Increasing VAT would be a 
clumsy way of raising such a 
relatively small amount and 
there would be reluctance among 
Ministers to take action pushing 
up the retail price index so soon 
before an election. 

There are also few political 
attractions for the Government 
in deciding not to spend the 
remaining £ 200 ra ■ so far uncom- 
mitted in the contingency 
reserve for 197S-79. 

More probably, Mr. Healey will 
simply reaffirm bis commitment 
to keeping the public sector 
borrowing requirement below 
£8.5bn in the current financial 
year, then promise action if 
borrowing threatens to exceed 
that limit later. 

The £140m shortfall is very 
small in relation to a forecasting 
margin of error of more than 
fllbn either way; that figure is 
anyway equivalent to the 
revision of last year’s outturn 
between the end of the financial 
year and June. 

There remains tittle doubt 
that the Government will secure 


the 13 per cent surcharge next 
Wednesday night after the agree- 
ment with the Liberals, although 
Ministers are having to put up 
with taunts from the Conserva- 
tives on the forced change of 
tactic. 

It was confirmed by Conser- 
vative Whips that the party will 
vote against the 11 per cent 
increase. It is expected to be 
joined by the nationalists and 
Ulster Unionists, which would 
mean that success for the Govern- 
ment would be impossible 
without the Liberal agreement. 

Mrs. Margaret Tbatcher, Con- 
servative leader, challenged the 
Prime Minister in the Commons 
to state whether the Govern- 
ment had finally made up Us 
mind about the Budget So far, 
she said, the only firmness shown 
by the Government had been in 
its support for policies of hi 
taxation. In Iier v iew the 
national Insurance surcharge 
would bo a tax on exports, food 
and employment 
The Prime Minister's response 
was that the' Government had 
made up its mind about the 
Budget in. April, but unfor- 
tunately it had not been possible 
to secure the support of the 
House for every proposal. Hence 
the necessity of introducing the 
surcharge late. 


Fears that 
Plessey 
may axe 
900 

more jobs 

By Max Wilkinson 

FEARS THAT 900 more jobs 
may be lost at Plessey’s tele- 
communications factories in 
Uie north-west are expected to 
come into the open at manage- 
ment union talks next week at 
the company’s factory at Edge 
Lane, Liverpool. 

in all 5,100 people are em- 
ployed there. A year ago, 
Plessey axed 1,800 jobs on 
Merseyside with the closure of 
factories at Speke and Klrkby. 
The company said then that 
further redundancies might 
have to be considered because 
of a drop In orders from the' 
Post Office. 

The Edge Lane meeting, on 
Wednesday, was described by 
tbe company yesterday as rou- 
tine. But it was possible the 
question of future redundan- 
cies could be raised. 

All three manufacturers of 
telecommunications equipment 
in the UK — Plessey, -General 
Electric, and Standard Tele- 
phones and Cables — have had 
to cut workforces because of a 
reduction in Post Office orders. 

The orders fall has come at a 
time when the change from 
electro-mechanical to elec- 
tronic exchanges is be ginning 
to reduce the need for direct 
labour. 


THE LEX COLUMN 


Hall squeeze s | 
into Lloyd ? s I 


Yesterday’s no change 

decision means that Index rose 2.0 tQ 457 3 

Lending Rate will stay at- 10 . 

per cent for a fourth week, 
probably longer than the 

authorities hoped when it was 1 ■ - - ■ 

put up as part of the package ■ __ .. 

on June 8 . It is still just pos- - lOrGC" MOIJtll - ' 

sible that some favourable 1 In fa w h anlr A* 

factor, like unexpectedly good p . “■'WlkUffi - 

money supply figures, will allow - fmift — 

rates to ease soon. But the . Ut JzZ 

discount bouses are gloomy f— — 

about the prospects for further j- ; f-~*. - — 

gilt-edged sales ahead of the ' . 1 ~ 

election, and U.S. rales continue ^ . 

to climb. There is no suggestion - . .} — -=r* 

from the behaviour of sterling, ^ .1 . ~~ i ~~ 

though, that interest rates in ''*JT UJ|jLJt_ — 

London need to go up any r - — — — . 

further. . — T : T978— 


Jan Feb Mar Apr Way Jan 


British Aerospace faces 
court action by workers 


BY PAULINE CLARK, LABOUR STAFF 


TWO OF the leading staff 
associations representing key 
technologists and other white- 
collar workers in the aerospace 
industry are taking legal action 
in the High Court against the 
nationalised British Aerospace 
Corporation. They want to 
ensure that they are not 
excluded from industrial demo- 
cracy plans for the industry. 

Writs alleging breaches of the 
Aircraft and Shipbuilding Indus- 
tries Act are expected to be in 
the hands of the management 
today in the latest attempt by its 
staff associations to prevent TUC- 
affiliated unions from excluding 
other workers from the proposed 
machinery lor employee repre- 
sentation. 

Tbe six staff associations and 
the Rolls-Royce section of the 
UK Association of Professional 
Engineers, between them repre- 
senting 5,000 non-manual workers 
in the industry, formed a 
collective liaison committee last 
December specifically to 
challenge a claim for monopoly 


representation from the TUC- 
afflliated Confederation of Ship- 
building and Engineering Unions. 

They have threatened indus- 
trial action over tbe issue and 
have told tbe corporation that, 
they will not tolerate any agree- 
ment which would ignore the 
voice of about half its total 
68.500 workforce who do not 
belong to the confederation 
unions. 

The battle is reminiscent of 
the struggle between manage- 
ment members of the Engineer- 
ing and Management Association 
and confederation unions in the 
nationalised shipbuilding in- 
dustry where an inter-union row 
over recognition also resulted in 
court action. 

Writs against the corporation 
have been served by the Associa- 
tion of Hawker Siddeley 
Dynamics (Hatfield) Employees, 
with 700 members, and the 
Senior Staff Association, with 
more than 900 members. Both 
are certified and recognised 
unions with branches at Hatfield 
and Stevenage, Herts, and Bristol. 


Their action comes under two 
sections of the Act The first 
puts a duty on the corporation 
to promote industrial democracy 
and the other a duty to consult 
with any relevant union. 

The writs seek also to re- 
strain Mr. Eric Varley, Industry 
Secretary, from laying an agree- 
ment .with the confederation 
before Parliament as the plan 
for industrial democracy in 
aerospace. 

Mr. Tom Smith, chairman of 
tbe Aerospace Staffs Liaison 
Committee, said yesterday: "The 
board of the corporation is keen 
to placate the confederation and 
has virtu a ly ignored the inde- 
pendent unions. We are pre- 
pared to fight for the democratic 
rights of our members." 

Ahead of the July 31 deadline, 
when the corporation is required 
to present its plans for indus- 
trial democracy to Mr. Varley, 
the committee hopes to prevent 
the confederation agreement 
being implemented in the 
absence of other proposals. 


Britain will protect fisheries 


BUSINESS CENTRES 


Arastnlin. 
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Bahrain 
. Barcelona 
. Belfast 
Belgrade 
. BLrmghm. 
Bristol 
Brussels 
Budapest 
B. Aires 
Cairo 
Cardiff 
riiirajso 
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CopniiastJ. 
Dublin 
Edinburgh 
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BY RICHARD MOONEY 

MR- JOHN SILKIN, the Agricul- 
ture Minister, will announce uni- 
lateral measures to protect fish 
resources within Britain's 200- 
mife limit on Monday. 

These are expected to include 
a ban on herring fishing off the 
West of Scotland, extension of 
the " Norway pout box.” a fishing 
zone off East Scotland within 
which industrial fishing is 
banned: and a " one-net rule ” 
which would outlaw carrying 
nets of different mesh sizes in 
British waters. 

Tbe last of these would be the 
most controversial and might 
cause considerable alarm among 
fishermen of other EEC coun- 
tries, particularly the Danes. 

It would help end a major 
method of cheating whereby 
vessels engaged in Industrial 
fishing, for production of fish- 
meal. carry in addition to their 
fine-meshed industrial nets, 
larger-meshed nets permitted 
only for catching human- 
consumption fish. 

This provides them with an 
excuse for carrying large 


W England, Wales 
Dry, sunny intervals, becom- 
ing cloudy. Max. 19C ( 66 F). 

Isle of Man, NE England, 
Borders, Edinburgh. Dnudee, 
Aberdeen, $ Scotland, Glasgow, 
V Cent. High lands 

\ Sunny intervals at first, out- 
breaks of rain later. Max. 15C 
(WF). 

Moray Firth, NE Scotland, 

' Orkney, Shetland 
Sunny spells, then outbreaks 
of raih. Max. 12C-14C (54-57F). 

Argyll, N Scotland, N Ireland 
Occasional .rain or drizzle. 
Max. ]§-16C (57-fiIF). 

Outlook: Showers, rather cool. 


amounts of human-consumption 
species in their holds. They 
simply claim, when challenged, 
that these were caught with the 
larger-meshed nets. 

If only fine-meshed nets were 
carried by industrial fishers the 
presence of more than 10 per 
cent of human-consumption fish 
would provide indisputable evi- 
dence of a breach of Communitv 
ruies. 

The other two measures are 
seen almost as “formalities” by 
the British fishing industry. 

A West of Scotland herring 
ban has been urged by marine 
scientists, and was proposed by 
Britain with European Commis- 
sion support at last week’s 
Brussels fisheries talks. But 
the proposal was voted down by 
the Council of Ministers. 

The industrial fishing ban 
wihtin the Norway pout box was 
imposed unilterally by the UK 
in the middle of last year. It 
was later taken up by the EEC, 
but in a reduced area. Monday's 
announcement is expected to 
restore the area to its original 
size. 


Both these moves would 
probably be accepted by the 
Commission and the other EEC 
members. 

Hilary Barnes writes from 
Copenhagen: Mr. Silkin, who is 
in Denmark for an EEC 
Ministers' meeting, said in 
Aalborg that ft was time the 
countries wiih the biggest 
interest in EEC northern waters, 
the UK, Denmark and Ireland, sat 
down together to work out a 
fisheries agreement 

** We are not interested In 
damaging the Danish North Sea 
fisheries or its fishing industry,” 
he said. The UK would be pre- 
pared to make significant con- 
cessions to Denmark to obtain a 
settlement 

In a television interview . be 
said that Danish recognition of 
the UK policy for conservation 
of North Sea fish was tbe key 
which could unlock the door. 

Air. Silkin denied a claim by 
Mr. Finn Ol&v Gundelach, hte 
EEC Fisheries Commissioner, 
who is Danish, that the UK 
claimed 70 per cent of North Sea 
fish for itself by 1982, 


Convertible 
Eurobond 
issue by 
Boots 

By Nicholas Colchester 

BOOTS ANNOUNCED yesterday 
the first British convertible 
Eurobond issue since last 
autumn, a S30m (£16ra) offering 
to finance the company’s expan- 
sion in the U.S. 

The pharmaceutical group is 
using the opportunity such an 
issue provides to double its 
gross dividend to 8.95p a share 

for tbe year to March 31, 1870. 

As a result the shares rose 
sharply in after-hours trading 
last night to close at 201 p, up 

10 p. 

This is Boots' first inter 
national bond issue. It comple- 
| raents the company's current 
strategy of expansion overseas. 
Last May Boots bought Rucker 
Pharmacal. a US company 
making and marketing prescrip- 
tion drugs, for S25tn. 

The bulk of the proceeds of 
the issue will be used to provide 
long-term finance for this pur- 
chase and for Boots’ recent 
acquisition of two chains of i 
Tamblyn Drugmarts, chemists 
shops in British Columbia. The 
rest of the money will be used 
for further expansion abroad. 

The S30m of convertible bonds 
1993 will carry a coupon of 6.75 
per cent The conversion terms, 
exercisable after February 1, 
1979. will be fixed on July 10. 

The conversion premium is not 
expected to exceed 10 per cent 
of the Boots share price on that 
day. The conversion will be at 
a fixed dollar-sterling exchange 
rate. 

J. Henry Schroder Wagg. which 
leads the syndicate placing the 
issue, is confident that the 
increase in the dividend will be 
satisfactory to the Treasury. 

The planned net payment for 
this business year of 6 p (2.5p 
at the interim stage) a share 
is designed to bring Boot's divi- 
dend yield into line with the 
current average for its business 
sector. . 

There was a brief senes or 
British convertible Eurobond 
issues last summer when ICI, 
Beech am, Babcock and Inchcape 
tapped the market This followed 
a four-year period devoid of such 
issues, and was followed by 
another lull until Boots revealed 
its plans last night. 

Last night's price for Boots' 
shares of 201 p compares with an 
ail-time high last year of 245p, 
and a trading range this year of 
162p to 230p. 


Frank B. Hall unveils takeover 
terms for Leslie and Godwin 


HOLIDAY; RESORTS 


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Is. nr Man 

Istanbul 

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BY JOHN MOORE 

FRANK B. HALL, the third 
largest quoted U.S. insurance 
broker, unveiled its expected 
£25 m takeover terms for Lloyd’s 
broker Leslie and Godwin in 
London yesterday. 

After nearly three months of 
tense negotiations, including the 
announcement of one bid aborted 
by a subsequent ruling by the 

S owerful committee of Lloyd's, 
all has arranged a deal which 
has met with Lloyd’s approval. 

An intricate package has bad to 
be constructed. It includes a cash 
bid for the whole of the Leslie 
equity — for 125p a share — and 
plans for a subsequent recon- 
struction of the Leslie companies. 

The reconstruction — to be com- 
pleted by the end of this vear 

will channel all the Lloyd's brok- 
ing interests of Leslie into one 
subsidiary. Leslie and Godwin 
International, in which Hall will 
hold a 25 per cent stake. 

This complies with Lloyd's 
much-criticised guidelines regard- 
ing the ownership of Lloyd's 


brokers by insurance interests. 
The balance of the equity will be 
owned by non-insurance interests 
acceptable to the committee of 
Lloyd’s. 

Rothschild Investment Trust, 
which has bad an association 
with Leslie for around 10 years 
and whose chairman, Mr. Jacob 
Rothschild, is also Leslie's 
chairman, is accepting Hall's 
offer in respect of its 10-5 
cent interest, and is entering 
into discussion with a view to 
acquiring a holding — either 75 
per cent or less "■ — in Leslie and 
Godwin International “on an 
arm's length basis.” 

Under the new arrangement. 
Frank B. Hall would be entitled 
to only 25 per cent of the profits 
from Leslie's Lloyd’s interests. 

Even so, the new company is 
not expected to represent more 
than a third of Leslie group 
profit, which in the last financial 
year ran at £4.12ni. Leslie's non- 
Lioyd's interests Include a sub- 
stantial life assurance and 


pensions business. 

The new deal was cleared with 
Lloyd’s chairman Mr. Ian 
Findlay at lunchtime on Tuesday . 1 

It satisfies Lloyd's demands 
that day-to-day control of a 
Lloyd’s broker should lie “in 
the hands of those with long 
experience in, and knowledge of, , 
the Lloyd's market, and that 
financial control should not be 
in the hands of an insurance 
company, underwriting agency, 
or non-Lloyd's broker.” 

Mr. Albert Tahmoush, chair- 
man of Hall, said: “We under- 
stand Lloyd's objectives behind 
its ruling. Lloyd’s understands 
our objectives, which were 
primarily to extend our inter- 
national coverage "through a 
merger with Leslie.” 

Mr. Robin Singer, chief execu- 
tive of Leslie, said: “We are 
proud of our Lloyd's connection 
and we were only prepared to! 
do any deal providing we had | 
the full support of the Committee i 
of Lloyd’s." 


Hall /Leslie & Godwin - 

The more you look at the controller of a key element in 
formula whereby Frank B. Hall a much larger insurance broking 
has obtained the agreement of business. The- terms of the 
Lloyd’s to its takeover of Leslie relationship between LGI.and 
and Godwin the more questions Hall .will need some. very, 
are raised. The proposal to sell careful negotiation, 
off 75 per cent of the Lloyd’s 
broking interests— to be par- Boots 
celled up as Leslie and Godwin 

International— enables to Boots is following a path 

comply with the Lloyd’s criteria pioneered by Beecham last 
concerning ownership (though summer try combining a re- 
strictly it should have had to financing exercise in the U.S, 
hive off SO per cent). Mean- with a substantial increase in: 
while the shareholders of L and its divided. Its $30in conver- 
G will presumably be happy tible bond issue is accompanied 
enough with a cash offer of by the promise of a doubled 
125p, representing an exit p/e dividend in the year to next 
of over 13. But the role of March. This gets the nod from 
Rothschild Investment Trust, the Treasury on tbe grounds 
said to be willing to buy the that the equity needs a decent 
75 per cent stake in LGI on an yield if anyone is going to buy 
“ arm’s length ” basis, needs to the convertible, 
be more fully explained. And The shares rose lDp to 201p 
whatever LGI’s legal status as last night, and probably have 
the future owner of the further to go thfe morning. On 
Lloyd's broking business, the the basis of last year’s fully 
financial realities are less taxed earnings, the new pay- 
clear. ment would be covered 2J3 

TTaiT and Leslie were unable times, and the prospective yield 
to say yesterday how much of of 4-5 per cent is Just a touch 
the British company’s profits, of below the current stores aver- 
£4.13m pre-tax last year, were 

Attributable to ttar- U-ytfir- 

broking activities, though it was stuffed with cash, and 'it cur-, 
suggested the proportion was. rently .has no plans for any 
under a third. The vagueness dramatic spending splurge' 
is understandable, for this paper overseas. -However It does have 
vehicle LGI has yet to be plans for expansion in North, 
assembled, and the profits that America built around its exist- 
happen to pop up in its accounts ing businesses, and so feels the 
will depend ou the sharing of need to get a toehold in the 
costs and commissions with its international capital markets, 
associate, Frank B, HalL Ail Successful recent issues by 
this will have to be the subject U.S. and Japanese companies 
of detailed discussions with help to explain the timing.. 

RTF, and to avoid a conflict of In the Boots hopes ' to 
interest Leslie's advisers get Federal approval for its 
Rothschild will here step down Bmlen drag within the next 
in favour of Warburg. year. Marketed under the name 

Meanwhile, shareholders in of Motrin - by ' licensees 
RTF will be curious about the (Ujohn), . this anti-rheumatic i 
trust’s potential pos ition as the produ ct . cur r entl y has nearly 

Continued from Page 1 

Euroloan IVf ^B rha 

ing operation, which should be f 4 Mm 

completed fairly shortly, Is not f •■*•-... v- 

being conducted' on “totally / S iF| TT 

aggressive terms” on the part of 1 * i \ 

the authorities. V ■ 1 ''tSMP' ' 

France's Caisse Nationals des \ . L . . v i||§r 

Telecommunications, for in- X.- 
stance, has just’ raised a $350m .. .XJ; •• ^ 

medium-term credit on the basis ^ 

of spreads of £ to f percentage . S 

points over LIBOR (Loudon 
Inter-Bank Offered Rate)- 

Britain has intentionally / tYST 

chosen to restructure, rattier vj , 

than repay the SL5bn completely, - ' ; ' • ~ 

and launch a new loan. Many 
bankers consider that the UK 

could also have justified a 4 per- V'BjJ ■ 

centage spread if It had decided jh w J, 

to organise an entirely new loan,. 

The $L5bn credit was origin- 
ally signed in February. 1977 -r-wr* 

Ifeed" . WllO && pJeaS6 

strengthen the reserves on “a 'j-VtcxJ-r - ootitT T1 

secure medium-term basis.” LLLCLL JUCW U.I 

This followed the build-up of • 

potentially volatile short-term ^iUodLLCl dlUXl 

sterling balances from .-abroad , > - 1 - ryx tt> 

SJSt ST miS/SS portfolio of U.K 

*fte DK «S£i group employee! 

was arranged with a USUIS 371 efiBcJef 

banks. u S’ ^ WeBt : German sy stem keeping 

Major participants 7 were ' C ihi Ct 1/Sx 

Commerzbank, Deutsche Bank, . UJolb lU CllUl 

Dresdner Bank. Westdeutsche i - 

Landesbank, Chemical Bank, GI13i3llI12 lU gfl 

Morgan Guaranty Trust Royal wuouuus 

Bank of Canada, ■ Toronto - ; . TJltPC m n 

Dominion, Barclays, Midland, ... IVJ IJ 

National Westminster, Williams . ' 

and Glyns. and Lloyds Bank. -nartfr 


two-fifths of a 
worth . $I80m at f 
prices. Once Boots 
Brufen itself. itc» con I 
that sales of its owft. ^ - 
sidiary — currently toLu, f 
510m — win bound HjflSji 

But the emphasis 
on organic growth,-. ^.lo 
chemists shops as wci-le 
tbe pharmaceutical 
days of Boots’ giant -writ 
attempts — Glaxo amble 
of Fraser rr seem, tbf the 

local 

Equity Accoaritolcai 

Hard on the heels 
debate over Lonrha's v/. 
to eqnit y-accou nt its 
cent in SUITS comes nm- 
the Accounting stands M 
mittee is to review tbe m 
of SSAP1;. tbe: stands 
accounting . for 
Appropriately beading 
review panel is Mr. 9 
Gibbs of Phillips and 1; 
one of the few represeJoo 
of users of accounts 
■ASC. 

The review Is a gotf J 
SSAPl has been in 
January. 1971 and -jp 
quickly accepted like 
dards which flatter pro ! 
attracted a fair share feosi 
troversy over tbe year r v S 
easy to. see Why. In 
consolidate . its- atti ■ 
share ' of an associate B -°' 
and assets a company is v 
a feir tiegree of fiesahtl 
the basie rule (wE 
joint venture or a dfa J; r . 

that, it should 'sl 
than 20 per centiT <4 thW-** 
votes end “be ifc a 

exercise a signifilcanf 
over the associafed camm 4 

Yet Midland Bank eqj 
accounts for its 1 ft pea 
stake in Standard 
and Tomer and Newalt fife 
to do the same for ftsBi 
I 2 <S per rent stake IniRf 
Teed Products 

*--- -« — . ftrt qifTTMMn 

panelto bear in mind wf« 
Houses Forte's dedsioiiv " 
treat Thomas Cook, 

Judd 23 per. cent. ashe&5S 
ate in -1975 on the gnmM 
lack of signfficant faEyf 
Oddly enough,. Cook marafi 
that year. 

The greatest dange 
SSAPl is that ft. puts 
mto a company's p vg* 

account andinflates the l 

sheet with figures whiy ci 

not be available BJ.tMe” 

of a crisis. But it look&L 

standard Is here 

way it could be fBatiroWEiKitai 

settbm a -rigid .limit aw. t 

quali&in^share-st^ei---- 


we. u« 

L ' : BKBtE. . 
■ uj 70m iW' 
\ ■*> r Sftow 

Jf+ . wv. & 
atf ” »7-ZO. 

J SAW AN 
gap »e»droM» 

\rf - o??Sl ' 

L I CAIN <XV 

t** Sh. 11 DIB 
«kk THt 
Ms. 1. IQ. 

K .SO pm. . 
SHOUT 
- MS. Uta 

- . »wl r.-p. 

PART II 

imv S.2S, 
IS CHAIM 


p9B 3737. 
kj DERSU 

jrosaSJa^ 

"MASTER- 

n-ACULAR. 

E tmy 
■haunt, . 

taon-s*. . 
nw. TUm 

■w) e.ew. 


Who arejrfeased to annoui g 
their new U.K: contracts^, 
Crusader adtfiiflister a lar^ 
portfolio of U.K. and overscl-, 


930 5250} 
90S. Moo.- 
1.30. 7 AS. 
Seats 


?58-277>J. 
Fin J* FrtV 
Sep. proas, 

I niv. 2 as. 

[At tJicHi-e. . 

30 S11|>„ 1 
IE THIRD 
pors otm 
n. o -Sat. ■ 
-JM bkwe. 

, 012 - 21 . 

E THIRD 
■rt -Doqps 


Continued from Page 1 

Fed chief 

deficiencies and to narrow the 
gap between performance and 
that of other strong, indus- 
trialised countries. 

If this were to be achieved, it 
was . essential for government to 
take a progressively smaller role 
in the economy and for its 
Budget deficits ultimately to he 
eliminated. .... _ • 

He endorsed the Carter 
Administration's goal of reduc- 
ing the Federal expenditure 
share of GNP from its present 
22 per cent-plus to about 20 per 
cent over the next five to seven 
years. 


oosts to alow fcspel, thus 
enabling highly cdtfipetitn 1 “2 
. rates to be Offered. 1Z1 
For-fbll partiettfe^ TOteto* 

Douglas W. Scott Managen-Grouc/s^es & Service Eh^jqrlj s S^. tv 
Crusader insurance Co.LtcL,Vihquta House, Tower Place, pu*r 


| London EC3P3BE 
| / am interested In the following 
_ Companies with 5-50 employ* 
1 Companies wftFi oyerSO etnpk 


I Addi 

I _ 
I 

L__ 


rBooktet( y asi 


t- • 0<TV,». 

pTlSS".. 

I ». OflUJ., 


f Ot Sit Bomutg Group 


Ragtetcred at tto Post, OfBw. mated By St. Qeatem'e. press for audit ' M!s - 
by the Financial Times UCk Bracken. Bom, Cannon Street. London, © - 
S 9 * O The PinancUl Tlmcsi. ■