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No. 27,624 


Monday July 31 1978 


** 


15p 


n SURVEYORS VALUERS AND 
AUCTIONEERS OF REAL ESTATE 


B'fedey&ESaker 


EstabSstKdlSSO in London 
29 St-Geor^e Street, Hanovw Square, 
London W1A3SG 01-6299292 

CITY OF LONDON , IIS OLD BROAD STREET 

LONDON EC 2 N 1 AR 01-628 4361 


Fr 25; DENMARK Kr 3.5: FRANCE Fr 3.0; GERMANY DM ITALY L 5M; NETHERLANDS FI 2.0 i NORWAY Kr 3-5; PORTUGAL Esc 20; SPAIN Pfc. 40; SWEDEN Kr 3.25: SWITZERLAND Fr 2.0; EIRE Up 


% 4 V-- \ 


GENERAL 


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Delays 
cause 
air 




Tbi‘work-to-rule hy French air 
traffic ruiifruJJers ha.v caused 
rhaus and Ions delays at 
airimrts throughout Western 
Europe and the Mediterranean. 
In the UK. travellers waited for 
up lu 24 hours for l heir flights. 

At Orly Airport. Fans, several 
airlines asked for police protec- 
in'ii after iiock staff were mobbed 
by angry holiday makers. 

Tut- « on t rollers, who are de- 
mandin'.,' higher pay. belter work- 
ing •'iiiulttiniis and the right 1o 
strike, art to moot on Wednes- 
day to retie* - their action. The 
French wo eminent has not ;.et 
made artv iimvc towards meeting 
tlio controllers' demands, nor to 
open nccntiaiiuns. 

Delays arc likely tu become 
even Ion wr as a result of the 
controllers' decision last night 
to allow only one tlicht jilt hour 
in leave on jny flight route. 
Back Page 

Aquamart offer 

Tin- future of i ho Guernsey 
rruise and supernurkel ship 
Aqua in a. -I will be decided today 
hy Use Belgian Government. If 
Belgium dues not accept an offer 
l- vh.*rge partial payment of 
\ \T fui a nods sold i>n the ship, 
the Anumn.iri experiment will 
rttiur md or have in find new 
? all's. Haif, and Page 22 

Sun talks 

T'*' *».lv.Miry. Conciliation and 
*i i :v m Service will u*y 
today in -•■:ili* '.he jriiimaliids' 
;m-. di-'«ut.' at rh. - Stin. which 


h.!' iMli-i‘*l 
i h* 


In:-, of seven eon- 

e i .1 


Ccn'p?o?s:i : &s 

•; !i, !»• n it ions' 

en. en re-- :i> iv. I" ended 
v.th .1 f.P.'i nei lar.iiiei* nn- 

,dt< -iii'i iVir oi.r.r- 

.:a !•■•; .:i • i ut : I !*.• central 

. e:|e i'll'' Ml .I'.ld Kronen 

•■..i':.!::. lab-nenhon m Air.-'a. 

i . 

Lebanon move 

l.ei',1. .<•»!• :iiii!> .in: •.till head 
t'.i- ;. | ; I r 7 ] r !l 1 . el-.i |l.*ll today to 
ru::b!."!i " <-1 . 1 " .uit'iiriitj ,«kI 

, iirit., 1 'le- i m burdeiiir: 

It.idiii >ai«l the 
f.is-::' ei tvadiaV troops was 
ii.' - ._»•••«: i ■ ■ I'iu' ! In- jirnlilem uf 
: 1 :-. ri v a. e'isei-t s v.l'O »*••- 

.i;ier.::i'.i *;:!■ '.''ll r.irrcs ill 

v.i:. - . Ni :ht.sS militias 

-.1 r„. '..a -.l ie: lift • rmius. 

Pa :■ 

EaSSoora rosctie 

\ l f.fiior 1 1 .-cited the 

t .. f :r:l;- :l !mII«*»UH ,, In vvhii 
-...Mhi.l duv.li ' ..'isl IIUI miles 
• i lii.- ■.•'ici'Cit • oa - 1 after ftiil- 
: i iii.ii.e shy t’.r.- t manned. 
»r:;u.V"|-ril l!i.'h» .icro-s ‘ the 

Vl.ISlft.C. 

Tin economy 

v/jt-r* ill - Sm.tii.iv} Parliament 
r.::-; :sj'»:«i.-s|s »T lunids in 
» i. : :’i<.i ;;;i ranu- The Parliar 

; ; w ,.| . ibjJ jjie. I’liarll'IS 

1% . "• U ti::il, :.- friUI! 

f.*r l.is.'lioa. 

Briefly 

££11,1X111 I.!> preiuiinu bond 

v ,.r. .» tlcilturd-'llirc 

!, oilier e- '.'il'U S’.'«ISo. 

Murder *>»;«•'” leicc lives arc in- 
. 1‘jc do. .til of one 
aid tin* injury of 

af.’dfier a' W.ikvti-. fil N«» oi'CL'MJy 
JJi' 

I .a bull r MP ^Ir. .folio *.«? ^v> 
j|-i.,ls involving racnl issues 
vijfiaM I 1 ' 1 llt-ard by MX Wflltc 
.iuri-r- j!id : *’■ C- Inured jurun* 
l»r. Jfflen "l.irkiulMSli. the Labour 
M«- t.ir Bei w.'lv and Kast Lulhiun. 
rin il }I n-vt.iy. Pose 4 
Situih \t'tneii »-d* have a cencral 

, ■. . Jims \;.».'!nbi’i— 

-• it-: :''»ji-i'e!ldo:n e HI 

l'niu- Paid Si:-- "ei-i-ij d'-o!.ir.-d an 

b...n.r;T- I'd.-i !r. tin- flat sau An 

i-'. l ■'* 

1'u .. .-.Mis !i\«ir.i.!l!..ne ■«> 1,1 
> i:n- v.Vn mi 

. ,'iuiii -tup *v.-j vj»<: •mu 
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1 v li.il ii 


BUSINESS 

Industry 
6 we!l 
short of 
a boom’ 


9 MANY BUSINESSMEN are 
still cautious about the esteni 
of the upturn in economic ac- 
tirity and the immediate pros- 
pects of improvement. 

This will he highlighted to- 
morrow when the CEI's quar- 
terly survey of industrial trends 
is published, showing little 
change in business confidence. 
Industry has heen reporting only 
a gradual improvement in orders. 

At the same lime the London 
Chamber of Commerce and In- 
dustry reports that the economic 
upturn remains uneven and falls 
wcl! short r»f boom conditions 
Back and Page 4 

0 SCHEMES to provide State 
support in the financing of small 
companies are now under con- 
sideration in Whitehall. One in- 
volves a system of Government 
guarantees for clearing bank 
loans and has been under con- 
sideration by t be R oil Commirtee 
since April. 

The other scheme, aimed at de- 
ploying a fixed amount of Gov- 
ernment money to improve small 
companies' working capital, 
came from Mr. Harold Lever, the 
Cs'.iinei Minister with special re- 
sponsibility for small firms’ poli- 
cies. Back Page 

© ECONOMIC expansion sought 
by Uu- Government will be difii- 
cn'\ to achieve because at Its 
own contraints on domestic 
credit expansion, the Midland 
Bank has warned in its latest 
quarterly review. Page 4 

onr agenda rnr Scpk lb’- 

f.i'-’.v* tli.-l Congress will have it* 
y.iit!. ciiL .nit lu reconcile deep 
union resentment against fur- 
IMT •.’.nvornmont wage curb 
with tiif need for pre-election 
tiuiij. Page S 

Q A LEW ventral secretary has 
LTilici>eii the Government For 
m-isluig that pay differentials 
among craft workers be re- 
dressed within the 5 per cent 
l.ii.l >ct rnr Phase Four of in- 
cuiiiejs policy. Page 5 

O TRANSPORT MINISTER is ex- 
pected u> make a Commons state- 
:*n*itt this week on the future of 
London docks: At the same 
time Mr. Lodgers is preparing to 
publish tni> findings of an official 
inquiry into motorway petTol 
prices* and catering standards. 
Pag,* 5; l he rmure for London's 
East End. Page 10 

Six w orkers 
for BSC Board 

0 SIN shop stewards have been 
appointed to the Board of BSC 
by the Industry Secretary, in a 
move which ma> bo seen aF a pre- 
election sweetener Tor the steel 
com u i u miles. Back Page 

0 Til’ employment policy and 
orgr.nisaliun rnmmutee has urged 
tbit A CAS should no longer be 
involved in unfun recognition 
hi a tiers. Pago 5 

© BRITISH INSTITUTE or Man- 
uucmcnl Mincy shows that 
managers of lodyy arc more 
motivated by responsibility and 
;i challenging job than by pros- 
pccis of higher salary. Page 4 

0 AIRSHIPS filled with helium 
and capable of lifting heavy 
rnumtiicn' may he built in the 
Isle of Man. if talks between 
SkvshipN. i he company, and the 
island's Government are success- 
ful. Page 5 

0 CONSTRUCTION site waste is 
custing indusiry a* least *300ni 
a >ear arcnrdir.4 to an Institute 
u: Binidiiig xiinc}. Page 4 

QTIAVS Inti 1 -naimnal Airlines, 
winch has- mad. ana impressive 
i-.-.-.ivcrv from near-bankruptcy 
.cars » bidding For 

\. a ti.iiial Airlines, one of the 
worlds top 25 carriers with a 
c i:ii::iI a> =:i!i<*TT of about S2l5m. 
Page 24 


Alfred Herbert 
spends £10m aid 
in three months 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 

The £10m cash injection given hy the Government to Alfred Herbert, the 
State-owned company which is one of Britain’s biggest machine-tool manu- 
facturers just three months ago has already been spent, largely to meet 
outstanding debts such as a £1.5m tax bill. 

The company has warned the some success In recent weeks in needed relief in April by crea- 
National Enterprise Board, its stemming the cash outflow which tion of £10m of new equity 
main shareholder, that without in the early months of the year capital. But within about two 
corrective action the £5m over- was assuming crisis importance, months the Government money 
draft facility at the bank will The cause of the problems is had been used, 
also be consumed before the the company’s poor sales perfor- In addition to clearing the 
end of the year. mance in the first six months of overdraft, ~about £3 -5m weDt to 

However, the corrective the year and the consequent Customs and Excise and the 
measures will themselves put build-up of stocks and work in Inland Revenue to pay off value 
pressure on the company's progress. added tax and pay-as-you-earn 

already strained cash resources. The company has been the income tax contributions. 

The cost of making redundant most notable victim of weak The NEB was owed £1.2m 
the 720 workers whom the demand for machine-tools, but interest on the stockpile bor- 
eompany has already announced much of the industry is still rowings,' and a £L5m loan from 
must go is put at between £2m working at only about 75 ner the Finance Corporation for 
and £2.5m. cent capacity. Industry was repaid. 

Industrial action which dis- Alfred Herbert continued to The company is again eating 
rupted distribution of Herbert manufacture for stock through- into its overdraft, but more than 
products would cause further out 1977 to maintain employ • £jja has been raised in cash in 
substantial losses. ment and be ready for the th e past two months. 

The company js believed to expected upturn in the market. Th e . more commonplace 
be negotiating an additional The recovery has not come, and machine-tools in stock have been 
short-term loan with its bankers stocks of finished machines offered throughout industry at a 
for up to £S5m. Such a facility stand at about xTra. discount in return for immediate 

is seen merely as a safeguard The interest burden on the payment. Purchasers have 
to cover any purely temporary stock is onerous. The company roost iy been small engineering 
problems. took up the full X5 m f acility compan jes. 

Sir John Buckley, the Alfred extended to it by the NEB under problem of stock and work 
Herbert chairman, has declared a Government scheme to enab e ^ p rogreFS j s being tackled from 
many times in public that he the industty to stockpile both eDds tbnmgh intensified 
would not borrow money to machines. More than £2m was ^ efforts and reduction of 
finance losses. He is likely to borrowed from the private Nought-in materials and eom- 
take a similarly tough line on sector. . . .. ponents. 

the level of redundancy pay- The company had drawn its 
raenisL £5m overdraft to the limit when New md to 


meats. . . . 

Alfred Herbert has achieved the Government provided much- 


halt spiral decline. 

Page 19 


CONTENTS OF TODAY'S F5SUE 




World It-jiic lii'Rs ■ ■ 
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Arts page 

1. nailer page 

L'K cumpanii-s 

International companies 

Foreign Exchanges 

Ml ii Inc Notebook 


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10 

20 

21 

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Tin 1 problem- i.n inc AHrei! 

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SNAM - • T 



Occidental defers building 
Canvey Island refinery 


BY SUE CAMERON 

THE U.S.-EASED Occidental 
Petroleum group is to defer inde- 
finitely the building of Us new 
oil refinery at Canvey Island, 
Essex. 

The group is also likely to 
close its Belgian refinery at 
Antwerp. The net effect of the 
two moves is that Occidental will 
stop all its European oil refin- 
ing operations — at least for the 
foreseeable future. 

The group said yesterday that 
delays in planning permission 
and related cost increases, were 
the main reasons for the post- 
ponement of the Canvey Island 
project 

Occidental originally obtained 
approval to build the refinery in 
1971 following a public inauiry, 
but work was halted In 1975. 

This was because the company 
wanted to add further units to 
the refinery to obtain a higher 
proportion of lighter products, 
such as petrol and chemical 
feedstocks, from the crude oil. 

But planning permission for 
the extra units was held up while 
the Health and Safety Executive 
completed a two-year inquiry 
iuto safety standards in and 
around Canvey. Its report, giv- 
ing the go-ahead to further 
refinery development on Canvey 
Island subject to additional 


safety measures, was finally pub- 
lished last month. 

The Occidental refinery project 
roused strong local opposition on 
Canvey and the group evidently 
fears further delays in obtaining 
planning permission for the extra 
units it wants- 

“As a result of delays in 
obtaining necessary approvals 
and continuing deterioration in 
the value of the dollar, the out- 
look for conversion of heavier 
oils into gasoline has become 
much less favourable,” the com- 
pany said. 

“Likely further delays in 
obtaining necessary approvals for 
construction have increased the 
risks of further escalation in 
costs.” 

Occidental stressed that it had 
not actually withdrawn its plan- 
ning application for the extra 
refining units, although it could 
do so “following further discus- 
sions with appropriate officials 
and our assessment of the likeli- 
hood of proceeding in the fore- 
seeable future.” 

The company was ” not backing 
out of Canvey” altogether, but 
was merely “deferring further 
engineering and ' construction 
work until we perceive a change 
in the - outlook for refining 
investments.” 

Occidental’s Belgian refinery. 


run by its subsidiary, Raffinerie 
Beige de Petioles, has made no 
profit for some time and in the 
first six months of this year, it 
was running at only 30 per cent 
of full capacity. 

The Occidental Board- has 
therefore recommended that, the 
refinery be shut down, unless 
“ conditions improve dramatically 
in the near future.” 

But Occidental holds out little 
hope of such an improvement 

Occidental has written down 
the book value of its European 
refining investments by approxi- 
mately $L22m (£63 Jm). 

The $5i$m book valne of the 
Antwerp re fin ary has been 
written off altogether, with an 
additional $26-5m being reserved 
to meet further possible obliga- 
tions. 

The book value of the Canvey 
Island refinery has been written 
down from SllOm to $20 m. It is 
estimated that the building work 
already completed at Canvey has 
cost about SllOm. 

Occidental said that the actions 
of local protest groups at Canvey 
bad not bad any material bearing 
on the decision to postpone 
building work, nor had the report 
oE the Health and Safety 
Executive. • 

Results, Page 31 


Foreign 
currency 
inflow 
in July 

By Peter Riddell, 

Economics Correspondent 


THE UNDERLYING inflow .of 
foreign currency into the UK*io 
July has probably been easily in 
excess of $750zu (£393m). but a 
smaller rise may be shown in 
the published figures for the 
official reserves. 

July will be the first month 
since February when there has 
been a sizeable inflow rather than 
an outflow of foreign currency. 

The main reason is that tbe 
renewed weakness of the U.S. 
dollar has created a demand for 
sterling from overseas. The 
Bank of England has intervened 
regularly, partieularly at tbe 
beginning and toward the end of 
the month, to restrain the con- 
sequent rise in sterling. 

The pound has still risen so 
far this month by 3.5 per cent 
compared with tbe dollar, and by 
1.6 per cent, against a trade- 
weighted basket of other 
currencies. 

Market estimates 10 days ago 
that there might have been an 
inflow of $lbn were considerably 
too high at the time, though they 
could now be slightly more 
realistic in view of subsequent 
intervention. 

In any event the inflow in July 
seems to have been at least 
$750m and possibly rather more. 
The official reserves figures, due 
to be announced on Wednesday 
afternoon, are unlikely to reveal 
as large an increase. 

This is mainly because of for- 
ward transactions which delay 
the receipt of currency until 
later months. The published 
figures will be affected by repay- 
ment of overseas debt oossibly 
between S200xn and S250m in 
July, less any new borrowing. 

Forward operations may play 
a larger part than usual in July 
if the authorities decide that- 
there are disadvantages in 
announcing too large an increase 
in the reserves in view of the 
impact this might have on boost- 
ing demand for sterling. 

The Treasury and the Bank 
clearly want to avoid last year’s 
position of almost a self -rein- 
forcing rise in the rate. 

The recent inflows contrast 
with outflows of S3.17bn between 
early March and the end of 
June, when a deterioration in 
tbe current account of the bal- 
ance of payments and concern 
over domestic monetary pres- 
sures led to unwinding of 
speculative position in sterling 
built up last autumn. 

The published figures this 
year have been considerably 
affected by changes in net 
borrowing overseas by the 
Government and the rest of the 
public sector. 

The repayment in 1978 of 
S4}bn, out of S25bn due by 1985, 
has been undertaken or 
announced as part of the policy 
of spreading the burden of 
maturities away from the peak 
years of tbe early 1980s. 



order 
raid launched 



esia 


BY TONY HAWKINS 

RHODESIAN TROOPS and air- 
craft launched a new cross- 
border raid into Rlozambqiue 
this weekend to strike ut basbs of 
ihe guerrilla forces led by Mr. 
Robert Mugabe. 

Confirming this the Rhodesian 
i Combined Operations Head- 
quarters said that “'self defence " 
operations had heen launched 
against Zimbabwe African 
National Liberation Army bases 
in Mozambique because 
" terrorists ” there were refusing 
to participate in a ceasefire called 
for in May by the three black 
and one white leaders of the 
Transitional Government. 

This is the first publicly- 
acknowJcdged Rhodesian cross - 
horder raid since the establish- 
ment of the Transitional 
Government and the signing of 
the March 3 internal agreement, 
which provides for a hand-over 
to black majority rule on 
December 31. 

The last such raid announced 
took place in December last year, 
when Rhodesian forces claimed 
to have killed more than 1.200 
guerrillas in an attack on 
Chimoio in Mozambique. 

The official communique gave 
no details of the scope of the raid 
nor of the bases against which it 
was directed. However, it said 
that ” It must be clearly under- 
stood” that external operations 
by Rhodesian security forces 
“are mounted against the armed 
terrorists of the ZANLA Mugabe 
faction.” 

ZANLA is the armed wing of 
Mr. Robert Mugabe's ZANU, 
which along with Mr. Joshua 


SALISBURY, July 30. 

Nkomn's ZAPU makes up 
the Patriotic Front. The front 
is seeking to disrupt Rhodesia's 
internal agreement and prevent 
the hand-over to majority rule 
government at the end of this 
year. 

Tbe statement makes clear that 
there was “clear evidence” that 
the ceasefire was now beginning 
to work within Rhodesia. There 
was also intelligence that other 
groups were showing every indi- 
cation of co-operating with the 
interim government. 

It went on: "Self-defence 
operations against externally- 
bnsed terrorists who oppose - the 
interim government of Rhodesia 
and its stated promise of a true 
democratic future will he 
mounted and continue to be 
mounted." 

The two prominent nationalist 
members of the four-man execu- 
tive Council. Bishop Ahcl Muzo- 
rewa and the Rev. Ndabaningi 
Sithole. are hath out uf Rhodesia. 
It is believed here that the cruss- 
border raid was sanctioned by 
their deputies. Mr. James Chike- 
rema for the ■ bishop and Dr. 
Elliot Gabclluh for Mr. Sithole. 

The statment makes clear that 
the target of the attack was not 
the Patriotic Front as such but 
the more militant ZANLA wing. 
It is accepted that the attacks 
will bring forth a storm of criti- 
cism and new warnings from 
Britain and tbe U.S. about the 
urgent need for an all-party 
conference. 

Since the outbreak of the war, 
security forces have killed almost 
Continued on Back Page 


Accounting of nationalised 
industries to be studied 


BY MICHAEL LAFFERTY 

THE CONTROVERSIAL account- 
ing practices of Britain's 
nationalised indiisti tes are to ue 
examined by Mr. Tote I as Mor- 
peth's Inflation Accounting 
Steering Group, the Government 
and profession-backed body 
charged with developing accept- 
able inflation accounting pro- 
cedures. 

This was confirmed yesterday 
by Mr. Morpeth, v.bu forecast 
that draft inflation accounting 
proposals usually published next 
spring would include measures 
covering nationised industry 
accounts. 

He said that the nationalised 
industry accounts controversy 
only emphasised the need for an 
agreed inflation accounting solu- 
tion. 

“We are coming to the stage 
when we must have something 
which everyone is going to 
follow.” 

The present position, with no 
inflation accounting standard 
and only a set of interim guide- 


lines. was a hiatus period. ,r We 
have to reduce the hiatus as soon 
as possible.” 

Lillie attention had so far 
been paid to the inflation 
accounting problems of the 
State companies. 

But initial thinking on his 
steering group had led Mr. 
Morpeth to suspect that the sn- 
caiied gearing adjustment (the 
calculation by which companies 
apportion the extra costs of in- 
flation between shareholders and 
providers of debt capital) was 
not appropriate to the nationa- 
lised sector. 

An important factor was that 
the owners of the Stale indus- 
tries and the providers of their 
debt were one and the same-— 
the British public. 

Mr. Morpeth conceded - how- 
ever. that such reasoning raised 
questions about whether nationa- 
lised industries should deduct 
interest payments in calculating 
profit. 

Lex. Back Page 


Banking talks may create new 
European venture capital group 


BY NICHOLAS LESLIE 

A NEW European venture 
capital consortium, to provide 
backing primarily for small tech- 
nology. based companies, may 
emerge as a result of talks 
taking place between British, 
French and West German bank- 
ing groups. 

• A key fad or behind the move 
is that it may open the door 
to some form of cheap finance 
from the European Commission. 

The talKS are taking plaee 
between Technical Development 
Capital (the venture capital Sub- 
sidiary of Britain's Industrial 
and Commercial Finance Cor- 
poration). Soflnnova SA (a Paris- 
based group providing risk and 
development capital for innova- 
tive companies), and Deutsche 
Wagnisfinanzierungs Geselle- 
scbafl (DWG — a finance company 
set Up in 1975 by 27 leading 
German banks to back products 
and processes based on technolo- 
gical innovation). 

Discussions are at a very early 
stage, but it is significant rhat 
a fresh attempt is being made 
to create such an organisation, 
given a series of recent failures 
of venture capitalists with Euro- 
pean, rather than just national 
ambitions. 

Tbe most recent has ‘wen 
Sdenta SA (Scientific Enter- 
prises Associates), which was 
established in 1969 on the imya- 
ttvc of Mr. Ronald Grierson, 
former managing director of ;be 
Industrial Reorganisation Cur- 

C oration. The group has just 
een liquidated. 

ICFC was an original share- 
holder in Scieatfl. as ft was is 
another recently failed Euro- 


pean venture capital concern. 
European Enterprises Develop- 
ment, which was based in Luxem- 
bourg. However, it does not 
appear to have been put off by 
these reversals, believing instead 
that it should continue to .-.eek 
a successful formula to exploit 
cross-frontier investment oppor- 
tunities. 

ICFC was reluctant to com- 
ment on the details of the talks 
but agreed that there had been 
meetings between Technical 
Development Capital. Soflnnova 
and the West German group. 
“The whole idea looks interest- 
that it should continue seeking 
stage,” the corporation said. It 
stressed that the talks were part 
of a continuing process of dis- 
cussion to explore different 
investment opportunities and did 
not represent any change in 
policy regarding Technical 
Development- 

Funding factor 

The management of TDC has 
undergone a change recently, 
with Mr. Ian Cuff taking over as 
director from Mr. Tony Stevens, 
who masterminded the group's 
development and is now involved 
in venture capitalism in Lhe 
U.S. 

At this stage. Technical De- 
velopment appears to view a 
liak-u? more as a possible means 
of gelling cheap funds from the 
European Commission than as a 
way of broadening its invest- 
ments on a partnership basis. 
How such a grouping would 
qualify for' sneb funding is net 
clear, and this is presumably 


one of the factors now being ex- 
plored. 

While Sofinnova is also very 
keen to secure funds from the 
Commission, it is also eager, with 
DWG, to create a means by 
which the high cost of backing 
a technology-based company — 
either from scratch or at a later 
stage--can be shared in order to 
exploit market potential through- 
out Europe. 

“We would he very interested 
to do something like this.” DWG 
commented. The German group 
made it clear, though, that ex- 
ploitation of German company 
activity was its prime objective. 

Mr. Christian Uarbach, gen- 
eral manager of Sofinnova, said 
he saw a grouping of the three 
as a means of providing "second 
round finance.” By rtii«e be meant, 
for example, that a company 
which Sofinnova had backed from 
scratch might reach a stage 
where it needed a larger mar- 
ket than France to realise its 
real potential and also more fin- 
ance than Sofinnova could afford. 
In such a case a partnership with 
Technical Development and 
DWG might achieve tbe re- 
quired result 

The talks are taking place at 
a politically opportune time, in 
all three countries Governments 
are sensitive to the econo mi c 
possibilities of thriving small and 
medium-sized company sectors 
and are keen that the means 
should be found to ensure that 
they are fully developed. 

Capital contribution from 
France, Page 7 


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Financial Times Monday July.SfgSBg- 


OVERSEAS NEWS 



Israel holds 
discussions 
in Lebanon 


Sadat says Mideast talks c * t ,'" 15 

. . . . , . off health 

are at a turning point scheme 


* Y DaV ' d A ^ ■ ALEXANDRIA, July 30. 

TEL AVIV, July 30« 

ISRAELI AND Lebanese army PRESIDENT ANWAR SADAT of present situation as a “ very In Jerusalem, an Israeli 

officers met today at the Egypt said today he was against decisive turning point 1 ' Government spokesman said Ur. 

Nakoura headquarters of the fresh talks with Israel unless it Sadat “id Israel would Cyrus Vance, the U.S. Secretary 

UN in south Lebanon to formally agreed to drop its ^ave to take back its statement of State, -would meet Israeli 

discuss the possibility of demands for territorial ^at it was not prepared to .give leaders in the city next Sunday 
sending Lebanese troops to the compromise. Egypt something for nothing, as to help set up new Middle East 


scheme 
until 1983 


OECD predicts recover 
in Canadian demand § 



PARIS, July 3Q, 


By David Buchan 


recovery 


the extension of totat£%taihet 


sending Lebanese troops to the 
south of the country. 

It was announced later in 
Beirut that units of the 


Kjf.r. 

woymenL 


m'u-ui tn« mms oi tnc after-a lengthy meeting last week. The most important^ Speaking to reporters after medical costs and putting off any “8 “ e ""mrf nrm effect of demand management expected to accelerate from 

Lebanese army would bead for E llh .- t d S reA - At 5S225 l * significant new element by Mr. the weekly Cabinet meeting, be new federal oatlay until 1983, of paymeilts perform ’ might be necessary If inflation below 3 per ff p-jSJP”* jSn 

w ^ w *£ *® » ** »« next m^g would be near the end of a possible second , Sbe cut back. It recommends 33 per cent — 

establish state authority and ?°£J-5?. W0 £' * 5814 the dlmax jt was a Cabinet decision not to held a day after the talk* with term for President Carter. Any increase in total demand vgMeast. a voluntary system of seen as slowing d 

serarliv in the rejdon harder- L n Middle East peace negotiations return anything wtbout anything Mr. Vance tcrenOble new dec!- ’ Senator Edward Kennedy, the should be kept roughly to'IfoetllLuitatiJn and monitoring cent The OECD 

ine Israel **ad a ^ re ^ d *" * )een reached. in retorn, Mr. Sadat said. This sions to be made, if necessary-' most dogged 'Congressional pro- with the rise r in' 1 'productive’. the two sides of ever, that these ft 

While Israel believes this is Answering a question on * s rejected 100 per cent from us There was no Immediate com- ponent for national health in- capacity, the OEGD feels, since ^fjJ&norry. on . ? number o 

unnecessary It Is prepared to whether the time had come for and we are not ready before this raent from Israeli officials on Mr. suranee, and Mr. George Heany, on the baas of present policies a system for regular chief . among 

accent (he move orovided it U.S. proposals. Mr. Sadat said declared cancelled to sit with Sadat's remarks in Alexandria, the top American trade union domestic demand is expected to- Achanee of views and inform a- economic perfor 

dues not uw«»t Israeli arrange, he did not want to embarrass *be Israelis. News of his statement arrived leader. lambasted the plan even expand faster than in 1977- SSTl is essential, it argues, if U.S„ the trend 


"SflLSf ^®^ddte®ast peace negotis 

securUy i n the region border- had steady been reached, 
mg Israel. . 

While Israel believes this is Answering a question 
unnecessary, it Is prepared to whether the time bad com 
accept the move provided it U.S. propwals. Mr. Sadat 
does not upset Israeli arrange- be did not want to emba 
meats made before it pulled President Carter. But 
out of south Lebanon last recalled that in February he 
month said the U.S. should act as a 

The 'Israeli team demanded partner and not just as 
that: No Palestinian guerrillas mediator. He characterised 

he allowed into the area; the - 

M good fence 71 crossing points 

between Israel and Lebanon -r m w • 

remain open and that j^L] eg Vfll hi f 

Christians be permitted to 1 AX 1 1 II II I / 

maintain their relations with 

Israel. and that the 

commanders of the Christian BY JOHN STEWART 
forces along (he Israeli border. 


he cut back. It recommends 33 per cent ButGLNP 
» - minntin cvKtPm of seen as slowing down-* 


E een the two sides of ever, that these figures *U depend 
!ttv on a number of uncertainties, 

■Such a system for regular chief . * B SL_SSH i-WS* 
cchanee of views and informs- economic performance .in the 
Sk^eSmtUl. It Mimes. if U-S- fc “LJ ■«« 


Mr. Sadat who appeared tense after the Cabinet' session. before it was announced on Measures to expand d em a n d voider growth is to be achieved prices, about Which rt tends to be 

j . T If. TT r_ i. Bw. IMa J J Ui. — . Tt. annuiuliat TlPSXlAllStlC. anrt Ik. 


Namibia ; endorsement expected =«SS 


harmed. 

Beirut radio, announcing 
tomorrow's troop move, said 
(he deployment or regular 
troops was designed to solre 
the . problem ,of right-wing 
army officers who co-operated 
wllb Israeli forces in recent 
fighting between right-wing 
militias and Palestinians and 
their leftrwing allies. 


BY PAUL BETTS 


ROME, July 30. 


£k£. ^joHNsrewMT cape town, juiy 3o. TfalvV rnliim formula confirmed 

Major Saad Badad and Major THE SOUTH AFRICAN Govern- resolution,, it would nevertheless tomorrok, Mr. Botha' told a Press 9°“®^® neyt year. Mr. J-ldl J ij JL M I rH v IvIlHUlli' VV**M* nk*yu 

Sami ShJdlak. must not be raent is confidently expected by not withdraw from the settle- conference on Ms arrival from Joseph Califano, the Secretary of “ • • • • 'Tm 

harmed. its Sunday Press to endorse the ment plan. New York yesterday. “ The Health, Education and Welfare, BY PAUL BETTS ROME, July 30. 

Beirut radio, announcing Security Council's Namibian South African diplomatic Government -will "tidfo to decide today defended the delay as .Jal . , . 

tomorrow's troop move, said settlement resolution when Mr. sources pointed out that South for itself whether f& confidence necessary to prepare the most ITALY’S governing formula, . fig. Aldo Moro- In many res- preferring to postpone any deep 

the deployment or regular John Vorster. the Prime Africa’s position on Walvis Bay and trust has been^ restored to complicated piece of domestic ^th the Communist Party sup- .Reels, the party appears intent si on until arter the summer, 

troops was designed to solre Minister, and members of his was not as uncompromising as. a sufficient degree S accept the legislation this Administration po^g a minority Christian^# 8 w » it “« same “ ^ew of The CtoistiM »emo«ats have 
the problem of right-wing Cabinet meet in Pretoria indicated in statements by Mr. settlement proposal^? he said, will propose. . npmni L t ««« #- widening rift between the internal problems of their own. 

army officers who co-operated tomorrow. R- F. Botha, the Foreign Political observe#’ have ques- „ Kr. Califano last year visited 5S2?f t ®ST2SSid’Sl ^Smnmnisti and Socialists. TSie party still ha®, to overcome 

with” Israeli forces in recent Noting that the alternative to Minister, after last week’s tinned the style adored by South Britain to took at its National gj*? tatata , of Sis, Bettino ^“tmder 

fighting between right-wing rejection of the Security Council Security Council meeting. South Africa m declaring its opposl- Heatih Service .. nktfonal comdl Which SSd the Socialist Party leader, aj ^Sig. aM *e«8ree- 

militlas and Palestinians and settlement plan would be a Africa bad “repeatedly” >n- tion to the WaWis^ Bay resolu- jew guidelines d^riy mcn ^ ^^fc estabilsh the autonomy of his ment vdtii the Commumsts has 

their leftrwing allies . unilateral “ internal ” settle- dicated that it was willing to tion-.Last night Mr* Botha said reflect the advice of Mr. Carters °" ay - • Mrty from the Communists is caused strains within its ranks. 

Some reports said about ment the nationalist govern- negotiate the future of Walvis that if the Westerns settlement bud 8et officials Sig. Benlgno Zaccagmni, the regarded here as perhaps the election as party^rerident 

1.500 regular soldiers would be mem Press said today that while ^ with a Namibian indepen- proposals could nOP be imple- tbat t J e American economy can- Christian Democrats' secretary most significant political develop- Slg. Piccolt seems to indicate 
involved, but the right-wing the Cabinet would doubtiess Aence government the rources mented with mutaal operation jew opra-ended general, saidtitere %ras at present ^nt of recent weeks. It came 8 “ew alUmue tat toe top ' of. the 

Phalanglst radio said the first reaffirm its opposition to the “W- tile five Western members of the pu jJ lc 8p ?°^J g no altanative to toe five-party *fter local elections in which S“S5^^wi l SElrSL2»9P 

contingent would number 500. Security Council’s Walvis Bay In an editorial, the Afrikaans Security Council would have to Carter political cwdition. But he made both the Socialists and the S? 

■ r Sun day paper. Rapport, says shoulder - the blame. » Americans - comprehensive clear that the agreement should' De m oerats gained votes bjg.,GiuIio Andreotti,, the ^Pnme 

today toat^eater understanding it Is argued that*whUe such J® 8111 ! ca T!f 5 ^ ra ^ e '” protect be considered a temporary irtbe expense of toe Chmmu- ^ 

he list of applications will be opened at in a.m. on Wednesday, of the Walvis Bay issue -has statements were doubtless ealeu- “® m against staggering media formula. nlsts. L®*“A ®? e 01 “ e most toituential 

Sd AUfiL’ST IflTR ANO WILL HE OTJlSCn AT ANV TOUR THEHEAFTEH Qltf THAT -J t, l... w- + n OiilS. to Cllt OUt snbstanaara . . . ■ . . lacuons. 


Noting that the alternative to Minister, after 


involved, but the right-wing _ 

Phalanglst radio said the first 1 reaffirm ~ 'its' opposition 'to the sa^- tile five Western members of the P®™ 1 ® ap ^°^° g -- 

contingent wonld number 500. 'Security Council’s Walvis Bay In an editorial, the Afrikaans Security Council would have to . ^ rter Promise political coalitio 

— ; -t Sunday paper. Rapport says shoulder the blame. * Americans comprehensive clear, that the a 

today that greater understanding ' It Is argued thatch lie such health carecoverage.y to protect be considered 
the list of applications will be opened at in a.m. on Wednesday, of the Walvis Bay issue has statemeots were doubtless ealeu- “® m against staggering medical formula. 


per cent Exchequer 
Stock, 1999-2002 


ISSUE OF £800,000,000 AT £96.00 PER CENT 


PAYABLE AS l-OLLOWS: 


On application 

On Them day, 22nd August HT 
On Monday. 12th September 1971 


SOSO* per. cant 
{■UK per cant 
man per cant 


! the Security Council resolution home consumption, continued ex- SfaduaUy after 1983, after con- 
was neither coercive nor a pression of strong antf-West sen- sideration at each step of the way 
challenge to South Africa’s legal timents came close to^brirtkman- of the costs involved. This 
i title to the enclave. ship and were not in the best approach, Senator Kennedy and 

! The clarifications on - the interests of South Africa at this others, feel would allow 
Walvis Bay resolution will be delicate stage of eveSits in the opponents of national health 
submitted to the Cabinet area. x- insurance to sabotage it piece- 

? meaL 

Wt PallfnTin mill ttiA nm. 


Compromise by the non-aligned 


BELGRADE, July 30. 


WJ 0 per cent 


Eanes seeks caretaker 
Cabinet for Portugal! 


Mr. Califano said the pro- ™ STORMY conference of Angola and Ethiopia, diplomats from outside at interference 


gramme might cost up to S40bn a ^rv. . - . . domination in remarks, 

year But be contrasted This with ? u « lrtd movement, dominated ^_The political committee of the which diplomats said, were aimed 
the Sl62bn which Americans now ^ubas .^-nation .conference, after at the Sovieti as much as the 

MV n hpjfh-,, J*™**'. ». number of conflicting Western bloc. 


the $162bnwhichAmericmis now miUta^ activities In 

INTEHEST PAYABLE HALF-YEARLY' ON 22nd JANUARY AND Zlnd JULY ' g 'q fllTlOf tfiY I SiKp^wniilr) ri«» to 1 ^K»flhn P bw ® nd f d tC ^ ay *^**1 a declaration VteWS OD the 15016, Worked OUt a u. Vrhmw -jj.j - Ko - 

Ttu« sipck is u inu‘rmom laiUfip it'iuiiD Fan it of ihu First srhedme to tiie Tmstee Il yl. lUf JT 11 ll.lly L,§ would rise to §320 bn by condemning attempts to split the «taipromise by deleting an Mr. Vihovec added that the 

Imvsimonr* Ai I9U. AppUratwo has ten rmKla to me CouncU of The Stock V 1983. . movement . . .‘- ^ rp lirtinr, of thaHnW DOU-allgned COUntnes were 

EiLhanpe for the Slock to be admitted to the Official List. - ' 9. * ® .. ” r8tt stating cleaiiy in the final 

THE governor AND COMPANY ,.r the bank of encland are authorised BY OUR OWN CORRESPONDENT LISBOJ^July 30. ^ ^ But the declaration omitted; a b L. « ®^ te ’ docSnt that the develODed 

si^k wm he a charne on the National Loan, PORTUGUESE President holding of earlv ele^ns is the SUDTeilie COUTt ?*?? ted P 8588 ^® ® ■»- If ^ ^ dedaraUo11 countries were to blame for toe 

Fund. will, recourse to me coMoiidaicd Fund of the united Kinadom. PORTUGUESE President holtong ot early eiecfmns is toe uuj/itUK. '- /UU1 1 draft endorsing toe sovereign f 1 standstill in efforts to build a 

u no: previously redeemed, the stock win bv repaid at- par on Bnd January son, Gen. Antonio Ramalho Eanes Is rigidity of toe ronstitoson which » | j- ^ •£ right, of non-aligned states /toB The Ministers point with concern new international economic 

hut Her Majesty's Treasury reserve to thcimehre. the risht to redeem the stock, in expected to appoint a caretaker lays down that coro^hat may flCiaVS l2JlIT12 Oi request and receive ■ foreign-- to -the more and more overt rerdm- Kraa0Da economic 
whole or In part, bv drewlnu or nthrrmai-. at par on or at any time after Rnvemment hi the next few further elections must ’ be held UVltt J 3 receive roreign. , xo ttne more ana more Oven Order. 

:1ml January Iflflfl on Klvtiw not Irsa -han three months' notice hi the London Cazetic. ' rUii, m«r.. yt fi i - • assistance. recburse to interference in the 

tiw s'oex wm he mustered at th.- Hank ot Enuiand or at the Bank of Ireland, days, following weekend talks in October, 1980 This means TT C rhnnrtPT - n Q i*»r,ntoc- - v.. internal affaixs of independent, J?* e declaration condemned 

Belfast, and will he traiuierahio. in multiples of one new penny, by instrument in with political parties, business, that Portugal W&uid face two U -»3« iC^Jvli IC1 Delegated at toe mx-day T>articulaTlv non-aligned nnim- white minority regimes in South 

SZ JCC,n, “ w yfUh ' be s,ock Tri,nsfer Act 1963 - Tnuttfcm wm bo free Of farmi n & a nd labour leaders. general elections in a space of _ . . w . • conference, which ran a day KStTT IJEH nftokSSI Africa and Rhodesia and called 

interest wm hr payable tuir-y.-arb- nn =mi Jammy and zznd July, income lax wiu Such a Government, whose 18 months, further disrupting y r i to otoer^radl^fLeft roun tries todr socio-political develop- °. n Security Council to con- 

a^toeroun^unmSrty t0 “ ^ A judge^to^S.sSfpreme wtljPSSS Jheir foreign poUme^ -Jjg Jffgt 

iupk of EniMd- New issue,. w.ota. street, general elections could be held > White .jSoth toe Mcgcow-line Court has delayed toe^toing Md toduded butjt oppm^by in ^ epe ^ dei ^ c,imscnbe aeir Rhodesian internal settiement as 
London. Emm 9AA. Application, fw wnaintt, et> t®‘t2jpo teock imm bo in maniple, or until the Socialists and Con- Communist partVand the Right- imprisonment of a New York 8 of ™ ore moderate p . , a sham ” and backed the trans- 

■T ■w’lieaUoB, for amcwuta hetwcon oa»o^ , «i.£5oax»fei 0 ck ronit be in maniple, cervatives could patch up their wing ( Social -.Democrats-rthe Times reporter who' was com- countries. Interference m internal affairs is fer of newer to the Patriotir 

LHiSSSriS ilff JSTlSlfttJl SffSiaSs and relaunch their maJor;oppo S iti<,S%-« supportis* 'TcteB of civil oni criminal con- On thn other hand, the hecomin/one of the pnncipal Pronl P Patn0I,C 

bppim f*r Hum accompany each *ppn«UDn. * V governing alliance. The seven- a ckU for early elections, tempt for refusing to hand over moderates foiled to secure a f orm s of attack against^ toe f . 

Lriicrs of allotment in respect of stock allotted win be desparetiod hy pan at tht month old pact collapsed over observers sense a. growing desire confidential information to a ca nt!pjnnation of “ foreten inter- non-aligned movement and toe „ Ifle conference urged all non- 
r« ak ,w of » J,0 fi^ Un,men L w, K ^ 5^ a ^ amo 2 nt £10 ° Sf*. Conservative P disagreement with to avoid this option if possible, murder trial judge. ventiem an? interiKSca in unity of the. non-aligned argued countnen to solve their 

STw^^STcndheSS ■^u Sb Sr’*., Cu^uicic, ^cc B^D Vh,.e issued . “Sf" an“ «*». 

of t SSTi™ ** what - **■ .SSfMSS "SS 


Mr. Vrhovec ,dded tbit the 


BY OUR OWN CORRESPONDENT 


LISBCH^July 30. 


ms is the 
nn which 


_ „ But the declaration omitted a ! 

Supreme Court ■ 

delays jailing of X*? 

v T . . . assistance. . . . t 

U.S. reporter 


campromise by deleting an * 

mtire section of toe draft ^^^J? pa riv° a £i tril rt,<. 

feared by toe host state, ^ S*«. 5 S 


joslavia. The final dwdaretion S™?. dwtod 


ODfto UUU^C. ^ 

Delegates' at the sSx-day' 
conference, which ran a day 
beyond schedule, said Cuba and 
other radical Left-wing countries 


K3. *««« countries were to blame for the 

T~ ' standstill in efforts to build a 

Jhe Ministers point with concern new international economic 
■ ■ to -the more and more overt order, 
reebnrse to interference in the ^ 

internal affairs of independent, t . e declarauoxi condemned 
particularly non-aligned, count- *x- te min ? r rC? rogimes in South 
tries in order to influence and B^pdesia and called 

their socio-potitical develop- ^e Security Council to con- 
menL their foreign policies, _® mbar 8° asains^ t 

and to circumscribe their 5?“^ ^f 0 ? 8 - H condemned the 
independence renodesian internal settlement as 

T ’. , , v. . . “a sham ” and backed the trans- 

Ja SSSS3t m ffl? « f er of Power to the Patriotic 
becoming one: of the principal front 
forms of attack against the __ 

non-aligned movement and the Tbe conference urged all non- 
unity of the . non-aligned countries to solve their 

countries. disputes and armed conflicts 


b<> madr at any lime after allotiam but no dl»ouot vnll be allowed on sot* payment if the Drecedent of Droloneed tile present aum i vi m auuauuu u i penaug uenruaga uu a namw pwr nnnrter 

SLSSS^iJuSS, “EW’ ne goSaon h^thv. with .« of .the higher | ^ ^m^Saprem, Court 


Josip Vrhovec, toe YugosUv Israel's continued occupation of 


c alternation. 

Lpiiits nf allontlCTf 
rvqarct received hi 


' ^ ^ t0 and aU “ mc “ “ def e a t of Portugal’s foreign reserves levels for some decides whether to review toe CuK b8 cke fl ** tiie radicals. Foreign Minister in a closing Palestinian and other Arab lands 

*w may b<* apDr imo denoninaiimi of tmiiunifi of n« on written or itv Socialist Government is to time, he left unstated the bad case. The reporter, Mr. Myron opposed this as an inairect address, reaffirmed the move- and its “ aggression in Lebanon.” 

be followed, a final solution is effects of prolonged potitical Farber- and the New Ywk criticism of its Involvement in menfs resistance to attempts Reuter 


ECttC 9AA. or by *«• of the branches of ih* Bank of Ensbred. on any d«e n« lai« M followed, a final solution IS *^ **““; 

nwa utb scDtemner ins. such requmts must be ahnwd and moM be accompanied only Hkpiy towards the end of the uncertainty, on international which has also been fined, are 
by :b>' letters of aiiotnKiu ibnt letters cannot be out u any inataiment payment rnontii _ financial and investor confidence, hoping that the Supreme Court 

L^^^allMiteBtimiK te surreodod for regiitratioa. accompanied by a completed A stumbling block to toe Editorial Comment Page 10 ^ 

nRluration form wIk- i fth? Snal losubncai la paid, ni% «« payment in fufl baa been information acquirea oy^ a re- 

mad! before ibe doc date, in which case they must be surrendered for resterauon : porter through news-gathering, 

... - _ . is privileged .under the first 


Letti-rs of allotment must be surrended for rcglatraUoQ, accompanied by a completed 
nKliiralfon form -wbc ■ nn- final imtalmnu la paid, nni«« payment in fun baa been 
made before ibe due dale, in which case they must be surrendered for redstrauon 
not lai«-r than Wb September lWS. 

A i-omiiiLwlon at the rat 121p per HIM of the Stock wlU be paid to bankers or 
stockbrokers on allotmonia made in respect of appUoaUotn bearbw ibclr stamp. 
However, no payment will be made where tho banker -bk 1 stocktmriftr would receive 
by way of commtettpn a total of k-sa iban £’. 

AfOUrattod forms and topics or Ibis pmspoctua may be obtained at the Bank of 
Rutland. New Ks&ea. WaiUut Street. London. EfMM 9AA. or at any of the braschw 
of the Bank of Enpland: at tbc Bank of Ireland, ft O. R« is. DoneKall Place, Belfast, 
ivn nm * UuOctts fc Co . IS KMrult. London, BCJR SAN; or at any offi ce of 
The Slock Exchange in ibe United Kingdom. 

BANK OF ENGLAND * 

LONDON 

=Hh July irm. " - 


Editorial comment Page 10 


China border Tow grows- : guaranteeing freedom of • the! BY ANDREW WHITLET TEHRAN, July 30. 

■ ■’ pr A S ' New Tarsev trial hidee la- A . .FORSffiR Iranian- . Prime Independent Prime Minister, Jam&id . Amouzegar, the prime 

. PElCCNG. July 30.: girted ^hat e Srf FarheT^oiS Dr ’ A® 1 ? 1 ' has though -^he suffered politically Minister, to resign. 

CHINA HAS accused Vietnam VNA said jmore than 4500 ^vSStfon^Into ^Political iStotivei^fe^at tSS sponmr^and was kept* to k broad 1 ooSiS 0 ?fli neCeSSit fhp d 

of continuing to violate border Vietnamese refidents of Chinese Syhrff^fSS^Sli iS "a reconciliation between the power by toe United Stated alliance rather 

agreements, while Hanoi says it origin had beeff stranded at the regime and the people.” The The statement emphasises a 1 *? ch ’ be 881 ^ 

has appealed to Peking to re- border since P»ing imposed the F ^^ 0 n sib le^f or Murder moV * follows toe renewal of strong connection hetwemlran's 

open their common frontier to controls. ' itid MiS violent demonstrations against economic ills and the political 1 

those wishing to leave Vietnam. ^ - Vietnamese arenev the Shah and the Government crisis. It says poor erononric 13352 ? « ■ 


Iran 4 reconciliation 9 proposed 


BY ANDREW WHITLEY 


THIS FORM MAY BE XlSED 


For um by Banker or Stockbroker claiming commission— 


more wishing to leave viet^ra. ^ Vietnamese agency i~io E JascaleviX whOSe “« Stab and toe Government crisis. It says poor economic leVttimate nuhif; vphiXi- for 
I At the same tune a Cambodian accuse d the Chinese Embassy in KrSdinz lawSSs bare ar«ed the past week; with a planning has been at the root of SSJn P «rnntti2iS 3 i iJc" 

i nuhtary delegation L has arrived of tuming down requests JgfSg JJSThare^ lc£& to U ^ T of .deaths reported. public discantent Dr. Aminl told W bSn expectef^ ' 

rmhu vine from ortinio — V . In a written statement now the FI nan rial that an 5 expecieo. 


VAT Reno. No. 


in Peking as the Vietnam News for entry visas from ethnic vr Farter’T notetmoks to 111 8 written statement now the Financial Times that an "* expectea. 

Agency (VNA) claims that Chinese who had returned from JJe defence properly The anal circulating in Tehran.; the 73- austerity programme needed a Meanwhile opposition demon- 

several battalions of Cambodian tte border to apply for them, indeewaoted to see the ' note. J® 8 ** 1 * fonner premier calls popular government, which was strations have been gathering 

Trnnnc have been wined out hv juuge waiuea iv uie ouw - ..KaaiI nn<f« chvnati, nnee fianmit <• bchon nnii«> 


SBftiSr •SSJW VNA „« ST Vletnsmew OS SU25M? "LSM " 


nr not registered pin '* NONE ") 


THE LIST OF APPLICATIONS WILL BE OPENED AT HI a.m. ON WEDNESDAY. Ga , “ D ?S la 10 1IS “Oraer OlSp 
2nd AUGUST 1STS AND WILL HE CLOSED AT ANV TIME THEREAFTER ON With Vietnam, ft major CaUSC 
THAT DAY. 9 charn de.terinrnrtnn In- Ki 


Vietnamese force*: in recent vr<a - 53,0 “C viemamese oqoks io oecioe woeuier to y 
boM^cShes Foreign Ministry had asked them on to the defence. 

China has strongly backed China to reopen its borders. . . • . , _ 

Cambodia in its border dispute The Cambodian military dele- Lfllfe-AllgOla aCCOTu 


W! ^ most prominent of 


pace. Serious clashes with police 
* and troops in Masha d last week- 


ffSSHi. JfrgqLa&fggl- nranber of independent poHUca! “J ^ 


tarianism.” He confirmed yester- SHu^ betM .imnded mt m “ d in i nre d. Troubl, 
day this meant a Government of BE? £ iSin “ 8 d02en 


vaiuuiwi* >u its uureer u»|iuic iaq wmiuujiiiui uiuiutry aeie-iAiuuv-iAiigw.* uvwtw aay mis meant a uovernment Ot hrittee tho wniwtn<? wn hctwiin «uwwwsu ua^i a uoaen tOWUS and 

with Vietnam, a major cause of gation to Peking, led by Defence Zaire and Angola have announced national unity, under 3 a new nniw«i cities around the country, includ- 

a sharp deterioration in Sino- Minister antfgVSee-Premier Son that they wUl establish diplomatic Prime Minister, to restore public reLrions onnouitTfm th2 ■*?* some «naD-scale incidents in 

V «X SS2%w. Agency pu^c.y on ^ SStS 

tb^ a Sy ^liberate VietfeNews Agency, in two years o^trafo. The decision said he bad be en asked, to act Arguing the need for polrti- weEt ero lown of Hamadan. 

vtntatSnT or hmSlr rnnirn} 8 report monitored today in was announced after talks -be- as an intermediary because ot da ns. rather than technocrats to 

aereemmts. - Hong Kong, ^claimed that Viet- tween de legations from the two his personal standing. During meet what he saw as a rapidly Tnm . _ 

agre«meuIS- mo<P trnnris in Qmio Ra nm. MimtPiAB in ToirA'c ranital At fha }ll6 14-mnnfh aHmtnlfitrflHnn Hr f?AtAnnYatino eyfriofinn hi. 


12 per cent Exchequer Stock, 
1999-2002 

ISSUE OF £800.000.000 AT £96.00 PER CENT 


a ^Sarencv claimed that Hanoi nam ® se trooM in Song Be pro- 1 countries in Zaire’s capital at toe l^.lf-monto administration Dr. deteriorating situation, his state- 
u cSJto -driwto ,taee fc&fi or Wounded 279 weekend. ; '-Aminl won a reputation as an ment indirectly called on ' Dr. : 


TO THE GOVERNOR AND COMPANY OP THE BANK OF ENCLAND 


±y * ‘ ,r :- """ .t-nui-Aou I woe mnHnuma tr» "Hriyp tn vmci: ubu waeu ui nuuuucu bio 

T»r apaUnat named below reeueats yon to *Uoi to hlm/b«*r in accordance with the I ’* as . con ““„ n ° , l °. Qnv ® 10 Cambodian soldiers and cantured 
trnai of the prowetus ttiied I border areas and harass those . li r 


»h J ul> 1979 


W 1 WI auu utua^ uiuoc _ .JL . w-l.. on 

□ victimised Chinese nationals who 
had not gone through the 

formalities for return to China.” PJJ* T ?,f„ a £? on m tt ® 

Peking moved to control toe area y 2 f' . . 

roods inflow of overseas Chinese refu- A further *00 Cambodians. had 



at the ihore-namwf stock and hereby cngajws to w'lht insiainrenu As ttuy shall gees from Vietnam — now total- been put out of action and larse 
hcvooic doc (w w sHomient that mar be made In Kspvct at this application, as ihn revL__ul 5 

provided toy the hU pnupoettu. The applicant request* that adP letter ol'alknmau more than 160,000— -by quantities of weapons captured 


juiyia/B . 


• mo oiu luuncemeni appears 

as a matter of record only. . 


in rrsoccl of the Stock aHoned to be sent 10 hlm.her by past « his'Ber risk. 


Tlw sum ot to C 


closing its border on July 12 to the same 


deport i namely £13.00 Tor ctcit UDO of iht* Stock applied for', is enclosed, 
c I'Wc dccUn- that the appllcani la not rcaWrtn atnsldc ihe Scficdnk-d TVrrUoclcs d 
and that the smnrtCf Is. not bring acquired Ur the applicant as the nominoe of any 
personis) resident ootside Uwsc TerrUorles. 


h ? telc ito>* *®? mt M required l those who had not gone through province, it said. 


Ben .-Cau 


proper exit procedures. 


Reuter 


.lp» SIGNATURE 

• of. o r on behalf pL ( apslicanx. 

PLEASE USE BLOCK LETTERS ... 


Sudan Government shuffle 


Industrial Development Bank S.A. 

Athens, Greece 


SURNAME OF APPLICANT 


BY ALAN DARBY 


KHARTOUM, July 30. 


MB. MBS MISS OR TITLE 


FIRST NAMBtSl IN FULL — - 


ADDRESS IN FULL 


i 

. i«Hriihiii far amsmtS IIP t» 12,000 Suck mna ba ht multiples of CKO; agpllcc- 
£S«or R00O aart E5O0M Suck must tot la maftlpfe* of £300; 
5"Srarttatti far more than £SMOO Suck must bu la multiples of njno. Appllcatlaat 
^|j?'te^lod«ed at tbc B*«* Easlan* »■* taoof - WatMna Street Lontfoa, 

aTsSS^e daw must ««"W «fh * e '* 1 * m * te 

- Bank of E«laad " and .owed exchequer stock. . 

.. A _i,r,ii on be mad? Ir should be d deled and reference should » 

e i? ^JlSSSd ^Dooaararr or In ibc ReptAHc of Trelaud. an Approved Ageflt. 

m * d * 1° Authorised . DepoaUarlf-a are lLned ra 

ihrotsh oh«E Cl and induce ™« bsnks and stodcbrokere and 

the Bank «* **«^ * Noiiw jQnsdom. th* Channel islands Of the Isk at Matt; 

«v «b.«i •» tbc Bank of Eratad'a 

Notice EC 10 - nrpmitt comprise the United Kingdom, the ChaaBd 


AGAINST A background, of 
severe economic difficulties. 
President Nimairi of Sudan has 
dismissed the two ministers 
closely collected with fuel and 
transport, where shortcomings 
have ground toe Sudanese 
economy almost to a halt 

The dismissals came in a long 
list of changes, which were less 
radical than expected. The 
President reshuffles his Cabinet 
and toe political hierachy once 
or twice a year, apparently with 
the aim of keeping his ministers 
on their toes and of adjusting 
the power balance among rival' 
political groups which thrive un- 
officially within Sudan’s single 
party system. 

Mr.' Mamoun A wad Abir Zeid 
lost his post of Minister of 


Energy and Mining to Dr. Sherif 
Altuhami, a fonner member of 
the opposition National Front, 
and Mr. Abdel Rahman Abdalla, I 
lost toe Ministry of Transport to 
Mr. Mustafa Osman Hassau, the : 
tough army man who earlier this 
year as chairman of the Seaports 
Corporation was able to cut down 
the waiting tone for vessels at 
Port Sudan. He will now be 
expected to sort out the railways 
which have failed to carry away 
toe goods he successfully 
unloaded at the port* 

■ Mr. MahcD Mustafa al Hadl, 
returns as-his port commissioner 
of Khartoum after an absence of 
some two years, and he will now 
be expected to damp down on- 
food and other prices in the 
capital. 


US$15,Q00,000 


Medium-Term Loam ■ 


arranged by 

WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 


provided by 

WEST1B INTBWATIONALSJL 





BY DAVID CURRY . j" - 

as* SW.’SSSW&V "SS»55EB. 


imnromlse. sometamg jorauumig, as xo neip set up new MiOtUe iShSt annoimcea smutames m m enntinued control s wotuu nut . Hemanil.l^i. 

. , . . announced by Mr. Mentoem peace talks between Israel and national health programme lay- Snnrn» t£e OECD says that additional Total doraesuc wmpna fo-the 

Mr. Sadat was speaking to Begin, toe Israeli Prime Minister, Egypt . ing much emphasis on curbing pnon^to^be given steos to bolster the anti-inflation 12 months to JuAe new 

porters after* a lengthy meeting last week. Thfi most important-- snsiirin* »» mniiMi po«t« and nnttine off anv tog the cduntrjrs pnee and manaeement expected to accelerate .. from 


15 

wn^toSf per 

cautions, how- 


•.riflii 11 


LU iwuun a sqmmcaiu riue ror period will be fo the first mantained if Canada’s record 01 

private health insurance, - could nf -1979 when growth in employment is productivity perfcanignce . u 

jeopardise union support for the Ja xSliS^d # be kStupBto is cautions likely to remain very poor, and 

Administration in this autumn's J L whmSt K teyi to- encourage unemployment itself to remain 

mid-term elections and, pooibly, rfto^eSd oTto?^Sneto by shorten at record levels. 


ment with the C ommunis ts- has 
caused strains within its ranks. 


.,!! in 


T\ 




m 




Financial Times Monday July 31 1978 


WORLD TRADE > !• \\ S 


5 



France & U.S. battle for 
$500m Belgian arms deal 


FRANCE and iho United Slates 
arc nckcd in a new battle to 
clincli a hFf I5bn t about $500m> 
ariMN c, in i r act with Belgium. 

The deal is [<,? the sale of 
seine 1 “00 armoured personnel 
earners to replace 25-y car-old 
vehicles. The previous contest in 
IS 1 5 ended in a U.S. victory when 
Belgium along with Holland. 
Denmark and Norway, opted Tor 
the American F-16 tighter against 
the rival French Mirage for their 
armed rureos. 

This trine the U.S. equipment 
<mtv again seems to have the 
edge, according to informed 
limitary sources, although no 
decision has been taken yeL 


. T bc U.S. contender is the 
tracked M-113 armoured person- 
nel carrier, the most widely-usod 
vehicle of this type outside the 
Soviet bloc, with over 6o,qoo 
manufactured. The Dutch and 
Swiss armies are among those 
which use it. The French rivals 
are the trucked AMX 10 and the 
wheeled VAB. 

The search for a new vehicle 
has stirred a controversy among 
Belgian officers between those 
favouring tracked vehicles with 
better cross-country performance 
and those preferring wheeled 
vehicles, quicker on roads and 
more economical on fuel. 


BRUSSELS, July 30. 

As possible compromise could 
be to split the order between 
American and French companies. 

The possibility of the deal 
creating jobs in Belgium will 
play an important part in the 
final decision, expected to be 
taken by the Government in Sep- 
tember 

France was reported to have 
offered Belgian companies co- 
production for the order and for 
4,000 VABs already ear-marked 
for the French Army. 

The U.S. vehicles, if chosen, 
would be produced under licence 
in Belgipm. 

Reuter 


Car industry output declines 


BY ROBERT MAUTHNER 

HOPES THAT the French car 
industry will chalk up another 
rccurd production year now look 
as if they will be disappointed. 
The latest figures, published by 
the Car Manufacturers’ Associa- 
tion, show a sharp decline of pro- 
duction and exports in June and 
a more modest full over the first 
six months of this year. 

Largely as the result or 
strikes at the state-owned 
Rouault plants, car production 
fell by 11 per cent to 270,195 in 
June, compared with the same 
month last year, and by 23 per 
cent to 1.659.430 over ihc first 
half-year, as against the same 
period of 3977. 


Exports also declined by 11 
per cent to 137,223 in June and 
by 63 per cent to 839.829 over 
the six-month period. Thanks 
to large stocks, however, the 
domestic . market was less 
affected by the strikes than ex- 
ports, and new registrations rose 
slightly by 1 per cent in June 
and 0.3 per cent over the first 
six months on a year-to-year 
basis. 

The already depressed truck 
and van sector also suffered 
from the Renault strikes. Pro- 
duction of commercial vehicles, 
up to six tonnes, fell by 8 per 
cent in June, and 1.6 per cent 
over the half-year, while-. exports 


PARIS. July 30. 

declined by as much as 19B per 
cent last month, but, somewhat 
surprisingly. Increased by 1.8 
per cent over the first half-year. 

The picture for heavy trucks, 
buses and tractors of more than 
six tonnes, on the other hand, 
looks somewhat brighter. Pro- 
duction went up by 4.8 per cent 
in June and 0.5 per cent during 
the first half-year, while exports 
ruse by an encouraging 10.9 and 
27.4 per cent, respectively. But 
new registrations of heavy 
trucks, buses and tractors 
dropped by some 10 per cent in 
both June and the first half of 
1978. 


Fall in world chemical profits 


BY KEVIN DONE. CHEMICALS CORRESPONDENT 


CHEMICAL COMPANIES world- 
wide have suffered falling profit- 
ability in the face of reduced 
demand, weak prices and rising 
ensis. 

Only nu Pont of the 15 largest 
chemical companies showed 
inert- a scil profits last year, 
according lo a survey carried 


out by Chemical Age magazine. 

Dow, also of the U.S, which 
has headed the league as the 
world's most profitable chemical 
company for three years, has 
slipped to second place just 
ahead of Imperial Chemical 
Industries. * 

Britain's ICI has retained its 


World Economic Indicators^ 


RETAIL PRICES 



June *78 

May 78 

April 78 

%di*ngeover Index 
June 77 prev. year base year 

Holland 

119.9 

120.0 

119.3 

116D 

3.4 

1975=100 

UK 

197.2 

195.7 

194.6 

183.6 

7.4 

1974-100 

W. Germany 145.9 

145.6 

1452) 

142.9 

XI 

1970-100 

Italy 

132.4 

131-3 

129.9 

118.0 

1X2 

1976=100 

France 

198.9 

197.4 

195.8 

18X5 

9.0 

1970—100 

japan 

May 7B 
123.2 

April 78 March 78 
122.5 121.2 

May '77 
119.0 

3.5 

1975=100 

127.0 

126.8 

126.7 

121.7 

4.4 

1975=100 

usT 

193.3 

191.5 

1892 

1S0.6 

7.0 

1967--1QQ 


position as the fifth largest 
chemicals company in the world 
(judged in terms of sales), 
following Hoechst, West 
Germany. Du Pont and Bayer 
and BASF, both West Germany. 

Hoechst, which tops the list, 
had sales last year of some 
SlObn. ICl's sales of $S.25bn 
represented an 11.3 per cent 
increase on 1976, as good a 
performance as any t among the 
world's top 10 chemical com- 
panies. 

Among the major oil companies 
with a significant involvement in 
the chemical industry. Royal 
Duteh/SheU emerges as the 12th 
largest chemicals company 
followed by Exxon in 15th 
position. 

Hoechst spent most on 
research last year at S443m, 
followed by Bayer and Du Pont. 1 


Russia and 
Pakistan in 
steel pact 

By David Sitter 

MOSCOW, July 30. 

A R167m ff 328.5m) economic 
agreement between the Soviet 
Union and Pakistan which will 
provide more Soviet credits for 
a giant Karachi steel mill pro- 
ject has been signed by officials 
here. 

Mr. Ghulam Ishaq Khan, the 
Pakistan- Finance Minister, and 
Mr. Semyon Skachkov, chairman 
of the Soviet State Committee 
for Foreign Economic Relations, 
signed a three-part protocol 
yesterday which provided for 
new Soviet credits, rescheduling 
of previous debts and utilisation 
of unused existing Soviet credits. 

Exact details of the agreement 
were not disclosed but new 
credits and rescheduled debts 
were understood to account for 
almost SO per cent of the amount 
involved. 

The Karachi plant is designed 
to have an initial annual 
capacity of lm tonnes and will 
cost S3 -935b jl The first blast 
furnace is to go into operation 
in the mid-1980s- 


SHIPP1NG REPORT 

Uncertainty 
in markets 

By Our Shipping Correspondent 

Botb the oil tanker and gTain 
markets now have a mini-boom 
in rates behind them, but there 
is still much uncertainty as to 
whether recent gains can be 
built upon. 

As expected, the grain market 
slipped back, according to sea- 
sonal norms, from the April-May 
highs, but bas started to climb 
again : since the beginning of 
July. 

Broker Galbraith Wrightson 
considers that this amounts to 

definite signs of a premature 
summer recovery.” Certainly 
rates are better tban for the 
previous three summers. 

The overall impression^ is one 
of steadiness and this is reflected 
in the quietness of the time 
charter area, where both orders 
and tonnage are said to be avail- 
able with neither side particu- 
larly anxious to make a move at 
this stage. - 

Tanker markets are also steady 
again, with VLCCs having picked 
up about eight points in recent 
weeks. Rates for Western dis- 
charge from the Gulf continue at 
around Worldscale 26 and there 
have again been a number of 
fixtures for ULCCs. 

Again, though, longer term 
deals do not indicate expecta- 
tions of a large improvement BP 
las: week took an 85.000 dwt 
vessel for three years at a single 
voyage equivalent of WS4BJ8I. 


Japanese trade policy supported 


BY LORNE BARLING 


IN A strong defence of Japanese 
trade policy, a leading Britifib 
authority suggests that the rest 
of the world ought to be prepared 
to reallocate its resources in 
response to Japan's superior effi- 
ciency in some branches of manu- 
facture. 

Prof. G. C. Allen. Emeritus 
Professor of Political Economy 
at London University, also warns 
that restrictions on Japanese 
trade are likely to encourage 
illiberal trends in international 
commerce and retard recovery 
from the world recession. 

High quality 

"The exceptionally fast expan- 
sion of Japan's exports in the 
past two years can be ascribed 
largely to the more general recog- 
nition of the high quality of her 
industrial products and to the 
growing efficiency of her mer- 
cfa anting organisations overseas” 
Prof. Alien says in a study pub- 
lished by the Institute of 
Economic Affairs. 

The study. How Japan Com- 
petes: A Verdict on Dumping, 
points out that Japan's success 
is based firmly on its industrial 
efficiency relative to that of other 
countries during the last 20 
years. 

Although British and Western 
manufacturers bad in the past 
made justifiable complaints 
about Japanese import controls 
and subsidies to domestic pro- 
ducers, these have both . been 
largely removed. 

“ Indeed, Japan relies far Jess 
on subsidies to sustain her indus- 
tries than Britain," the study 


adds, ^suggesting that few British 
companies . have displayed the 
same resolute enterprise in 
their export drives as the 
Japanese have. 

"In the subsidisation of ex- 
ports, or "persistent” dumping, 
Japan's recent record entitles 
her to claim that she is. if not 
blameless, less guilty than most 
of those countries which accuse 
her,” Prof. Allen suggests. 

“The British sustain their 
iron and steel, shipbuilding and 
motor industries by lavish subsi- 
dies. - The corresponding indus- 
tries in Japan have lately 
flourished without any direct 
official subventions. Except in 
a few instances, recent charges 
of dumping have been impos- 
sible to prove.” 

Prof. Allen claims that in 
recent years dumping has been 
responsible for only a small pro- 
portion of Japan's exports. "It 
certainly cannot be regarded as 
baving contributed significantly 
to her large trade surplus.” 

Moreover, the ‘ •• "almost 
hysterical” comments' r ,oyqr 
Japanese activities were: remark- 
able in that imports from Japan 
in recent years made up less 
Than 3 per cent of Britain’s total 
imports and less than 4 per cent 
of the EEC's. 

Admittedly these imports bad 
been' in a narrow range of pro- 
duces, but to restrict their entry 
further would have only a small 
effect on output and employment 
in Britain while it would deprive 
consumers of desired products. 
Such a policy would, almost cer- 


tainly,- bring to an end the 
Japanese -efforts to smooth the 
path for British imports. 

“ It is the consumers who have 
been the chief beneficiaries of 
Japan's industrial efficiency and 
her enterprise in foreign mar- 
kets. It is they who would 
suffer most from further restric- 
tions on the sale of goods for 
which they have unmistakably 
shown their preference." 

However, Professor Alien also' 
points to the problems Japan 
is facing, due to its success in 
outstripping others in industrial 
productivity. For example, some 
Japanese industries such as 
textiles, which cannot compete 
with the high technology indus- 
tries in performance, are now 
in retreat. 

Restrictions 

People who favour import re- 
strictions seemed to assume that, 
unless the threatened industries 
were protected, the resources dis- 
placed from them will be unable 
to find employment elsewhere in 
the home economy. 

“ This result would, of course, 
follow if resources were com- 
pletely immobile, if the wage 
terms on which the displaced 
workers would accept employ- 
ment in another industry were 
out of accord with their produc- 
tivity in that employment, or if 
industrial enterprise in the 
country had withered away. As 
applied to Britain today, despite 
her present economic weak- 
nesses. such a degree or pessi- 
mism is unjustified. 


"In any event, the causes that 
give rise to the pessimism can- 
not be removed by policies that 
increase structural rigidity: they 
would only hasten a decline. 

“A solution must be found in 
the elimination of the mono- 
polistic aod trade union rigidi- 
ties by invrirutional reforms and 
the restoration of an economic 
and political environment favour- 
able to enterprise." 

Prof. Allen adds that the appre- 
ciation of the yen has enabled 
Japan to make substantial invest- 
ments abroad in manufacturing 
undertakings and it migbt have 
been supposed that Britain would 
have welcomed without reserva- 
tion any enterprise which might 
help to redress her industrial 
inferiority. 

But the hostile reception 
given by vested interests to 
Hitachi's proposal to build an 
assembly factory showed other- 
wise. 

“In the light of this obstruc- 
tion and other similar 
experiences, the Japanese may be 
forgiven for supposing that 
Britain's indignation about 
Japan's imbalance is spurious, 
since she has rejected one of 
the most obvious remedies.” 

Prof. Allen concludes that a 
remedy to (he Japanese trade 
problem must be sought in 
eliminatio/: trade barriers and by 
reforms in the international 
monetary system, and in domes- 
tic economic policies that will 
permit more rapid adjustments 
to changes in relative industrial 
efficiency. 


Subsidiaries in UK 6 boost export drive’ 


FINANCIAL TIMES REPORTER 


MORE THAN a dozen Japanese 
companies, some fully/ owned 
and some jointly owned with 
local interests, axe actively, con- 
tributing towards Britain's 
export drive, according to the 
newsletter Japan, published by 
the Japanese Information Centre 
in London. 

Despite the fact that some of 
them are relatively new arrivals, 
almost all are exporting com- 
panies. The outstanding one is 
YKK Fasteners (UK) which 
estimates that it accounted for 
one-third of all zip fasteners 
exported from Britain last year. 
Shipments go to over 30 
countries. 

Sony (UKV believes that it 
may be responsible for up to 
one-fifth of - total exports of 
colour TV sets this year with 
exports, mainly to Western 
Europe, taking almost half -of 
production from its Bridgend 
factory. 

Otbe*- Japanese companies 
nneratffig in Britain have also 
reported- good* export figures. 


Takiron (UK) is now exporting 
about £lm per year of its PVC 
corrugated sheets to Europe 
and bas started to diversify into 
the Middle East and African 
markets. 

NSK contributes some £3J2m 
to the total of British exports, 
exporting as much as 90 per 
cent of all goods produced at 
its factory in Peterlee. 

Niitan (UK) exports half of 
its total production while Toray 
Industries ships almost £900.000 
worth of ladies’ dresses abroad. 
Daiwa Sports has so far made 
little impact upon the export 
market but hopes to built up 
its volume of sales to . EEC 
countries. 

Rikadenki Mitsui Electronics 
reports that .a small ratio its 
electronic chart recorders go 
into larger units which are 
eventually destined for export 
while Sekisui (UK) anticipates 
that by September between 25 
per cent and 30' per cent of its 
total production will be for 
export. 


Production in UK factories for 
sale to the UK market often 
represents a contribution to the 
British balance of payments 
because it dispenses with im- 
ports which bad previously 
supplied the British market, it 
is claimed. 

Daiwa Sports, in Wish aw. Scot- 
land, directly substitutes approxi- 
mately 2.000 fishing rods a week 
in this way which used to he 
imported from the Far East, 
while' Takiron (UK) now saves 
around £lm by producing the 
PVC corrugate sheets which 
Britain previously bought from 
Japan. -Sony -(UK) no longer 
imports' 18ins-22ins TV sets, 
manufacturing them at Bridgend. 

Most of the Japanese com- 
panies report a high ratio of 
purchase of British materials.. 
Daiwa' Sports, which manufac- 
tures its rods from local glass 
cloth, describes this as a “high 
level" of local added value. 

NSK Bearings Europe and 
Rikadenki Mitsui Electronics 


report up lo 90 per cent usage 
of British materials. 

Sekisui (UK) will save FI 1.1m 
because it no Longer imports 
polyethylene foam from its 
Dutch subsidiary and. instead, 
uses British raw materials. 

- Daiwa Sports still imports some 
components from the Far East 
This was seen as the best means 
of launching its factory speedily 
and successfully but. in due 
course, these will be replaced by 
locally produced materials. 

Nittan (UK) and YKK 
Fasteners (UK) utilise 60 per 
cent and 50 per cent British com- 
ponents respectively while 
Takiron (UK) buys all its sup- 
plies from BP. ICI and other 
British companies. 

HIGH PC OF LOCAL WORKERS 

The average ratio of British to 
Japanese staff in these factories 
is just over 95 per cent: ranging 
from 100 per cent at Rikadenki 
Mitsui Electronics and Tdray 
Industries, to 90 per cent in the 
case of NSK Bearings Europe. 



exhibitions of our products. 



\Afe are the Building Materials industry. 
Therefore the buildings above are, in fact, perpetual 

exhibitions of our products. 

The bricks, cement, aggregates, stone, tiles, 

glass, plaster and many ofour360,000otherproducts 

^Sjust like you to think about them for a 
Whl ' After all, they did bring in £1,000 million from 
expt j^ f^t’alUn alUhe Building Materials Industry . 


is a good example of private enterprise working V\feVe also shown the way where energy 

for Britain. conservation- is concerned. Our savings are the 

Wfe enjoy excellent industrial relations. equivalent of one million tons of coal annually. 

V\fe have kept costs under control. So, the next time you see a building you like. 

And our investment record shows a strong think of all the effort that went into producing the 
commitment to the future. materials that it is made of. 



A solidbase for Britain’s economy 







Financial Times Monday July 31 1978 



BY JASON CRISP 

MANAGERS in industry are 
more highly motivated by 
responsibility. Influence over 
the way things are done and a 
challenging Job than even the 
pro.spi'ci of a higher salary, 
according (o a survey pub- 
lished today by the British 
Institute of Management. 

The study. The Brilish 
Manager: Careers and Mobility, 
shows that today's manager 
changes job more often than 
his counterpart would have 20 
years ago, and Is more willing 
to move home if it will help 
his career. 

Eighty per cent of Mie 
sample described themselves 


Mackintosh 
death cuts 
Labour 
strength 
to 306 

DR. JOHN MACKINTOSH. 

Labour MP for Berwick and East - 
Lmhian, and professor of poliiiw 
at Edinburgh University, died 
esterday at the age of -lb'. He, 
was ad ini tied to hospital last . 
week aftor cuMap-ing at homo < 
with acute chest pains" i 

His loss deprives ihe Govern- 1 
meal of one uf its most distin-' 
guished. if idiosyncratic, hack! 
bench supporters. By reducing! 

Hi** party's total Commons: 
strength to :’<06. it leaves Labour: 
in :*n overall iiiinnrilv of 21 to . 
ail other parlies, with two seals 
vacant. | 

In ihcorj. the Prime Minister! 
has the nplinn of holdins j j 
irn*li hv-eleelion in the seal — 1 
n» provide bunco if v.ub :i final, 
to.*; of public opinion before he 
take*, his definitive decision a> j 
the end of next month whether 
to go to x lie eouniry in October. | 

But siieh a move by Mr.' 

Cal-jihan is considered musl • 
unlikely. Or. Mjcki nosh's. un-: 

•wm-led deaih means that there: 
i s n<» obvious eandidalo . 

*-i:.*i'ee,l him. and so marginal is* 

:he -eat that Ihe selection | 
procedure would have io be 
carrier! out with pari ten la r care. 

Hating \*nn ihe const uuency in 
1MW. Tr. Mackintosh lost at "the, 

February. 1374. elect ion. before J GOVERNMENT estimates of 
regaining it from the Tories that , rreijshl carried on canals were 
Oof -i her. But his majority of ; “deliberately misleading ** io 
only i\rw moans it would fall wavuid large expenditure on in- 
a <uing or on iv 2.9 per cent to 1 land waterways, the Committee 

----- jfor Environmental Conservation 

j has claimed. 

I The committee said that 
f Government figures in response 
; to the fourth report of the Select 
! Committee on Nationalised 
industries were highly mislead- 
* mg. weie incomplete and cho.*<e 
to omit recent information. 

This showed that there had 
! been considerable growth in 
freight transport on canals. 

The White Paper in June said 
that commercial traffic had 
, declined markedly since ihe 
; early l»3Gs. particularly in ihe 
19(50s and 1970s. 


Managers may prefer 
responsibility to pay 


us very concerned with career 
success. The main reason 
managers change employers or 
arc willing to move home lSrto 
further their long-term career 
prospects. 

“There is no evidence of a 
widespread lack of ambition or 
lack of Interest in career 
prospecls. The evidence is 
rather that organisations have 
difficulty In fulfilling the 
aspirations of their managers." 

Managers under 30 are more 
mobile and more ambitions 
than their older colleagues. 
“Organisation-hopping" seems 
to be a feature of the careers 
of many young managers. 


Half those now In their early 
thirties have had at least lour 
employers In. the ..last ten 
years. 

Overall 43 per cent of 

managers’ wires are in paid 
employment. The more 
important a wife's work is 
financially to the family, the 
more likely the manager is to 
be interested in changing 
employer. 

“Having a second salary to 
fall back on also allows the 
manager to take more risks 
with employer changes than 
If be were the sole provider." 

Full details Page 7 


Social wage 
expected 
to rise 
this year 


By Peter Riddell, 
Economics Correspondent 


Civil engineering 
work still well 
below full capacity 

BY MICHAEL CASSELL. BUILDING CORRESPONDENT 

THE UK civil engineering and specialised components.! 
industry is continuing to work probably because of previous: 
well below full capacity, accord- cuts in production. But they say j 
, ing to a survey by the Federa- that the general supply position l 
! tion of Civil Engineering Con- is satisfactory. I 

The federation said: ’* Firms i 


THE SOCIAL WAGE— the value | xn cUlrs§ 

of Government social pro-, The survey, published today, 
grammes for each worker— Is shows that although the declining 
expected to rise slightly in the trend of work over the last three 
current financial year, but to lor four years has levelled out. 
remain below the level of three I there has been no significant 
years ago. j pick-up in spite of recent 

A Parliamentary written Government moves to stimulate 
I answer discloses that the social j ™P U - ■ 
wage per head of the working ; 


Airships 
may be 
built 
on Isle 
of Man 


By Maurice 5amuel*on 


have reported increasing activity! 
in invitations to tender. While I 
this does not appear to be 1 A1RSH i PS capable of lifting 
matched Jl present by actual con-} heavy equipment may be built 
tracts places, contractors are a * on the |si c 0 [ Han if talks 
little more optimistic about the between the island authorities 
work outlook. j and a private company are 


l..ir Lull servo lives. 

Admirer 

Author, yc.idemic as well as 
MP. John Itiic.nrn Mackintosh 
took too prickly, radical and 
Ru-hl-wiug an approach lo 
politic** to endear him to the 
tiiajuritj of In.** colleague*. West- 
minster indeed never dominated 
ht« life, euri in tin* Iasi four 
years when Labour's position in 
the O mi iimns was always 
juvcarii'iis 

He w'.is a convinced and 
unwavering pro- Marketeer, in , 
sti tie ut i ho growing unpopu- 
larity yf the EEC. and a deep ■ 
admirer of Mr. Roy Jenkins. • 
whnf* departure to Brussels in) 
1977 symbolised the political ! 
eci;p*o of his most ardent; 
followers. ; 


Government estimate 
of fall in canal 
freight 6 misleading 9 

BY LYNTON McLAIN, INDUSTRIAL STAFF 


Only 43m con-miles were 
recorded by the Government 10 
1976. compared with 94m in 196S 
and 211m in 1953. 

The latest figures for this year 
showed that freight carried was 
up 20 per cent on 1976. the 
environmental committee said. 

.Mr. Denis Howell. Minister of 
State at the Environment Depart- 
ment. said Inst month that there 
had been a '* dramatic drop " in 
Ireight tonnage un the canals. 

Only 300 miles of the 2.000 
miles of canals could carry 
freight, he said. 

The British Waterways Board 
said Iasi week that Freight on 
ihe canals had increased in the 
first sis nionlbs of this year. 



population in Great Britain is 
expected lo be £1,521 in 197S-79, 
at constant 1977 prices. 


however, marginally more 
Civil engineering contractors 


optimistic "about future work 
prospects. According to the 
, survey. 39 per cent oF the c-m- 
This works out at a little more ' tractors taking part in the fed- during the decline and that thn 
than £29 a week, compared with j eration’s inquiry expected an s i a ck is beginning to be taken 


“Unfortunately, this optimism 
does not extend to any sub- 
stantial expansion of the work- 
force. which implies that com- 
panies have retained labour 


average weekly earnings of about : increase 
£75 for adults. 

The concept of tbe social wage 1 
was devised in order to show; 


... business over rl>c 

next 12 months while another 36 
per cent thought the situation 
would remain unchanged. 

. , ■ At the same time, 44 per ?ent 

how much social programmes > thejr order b 00 k s were :n 
henefit each worker. It was . better shape than a year earlier, 
widely discussed about four years The contractors say that staff 
ago, when social expenditure reduction is still continuing, 
was rising rapLdly. and was part [ although not at as great a rate as 
aT1 . - 10 _ P e r^ ade earlier this year. They also con- 

* ._ -- tinue to experience a high level 


up.” 


kers to accept restraint on their 
money wages. 


Spending cuts 


DENIS HOWELL 
* Dramatic drop in tonruipe ' 


The social wage has fallen 
since 1975-76 as a result of 
public spending cuts from £1.532 
per head to £1.486 in the last 
financial year. A rise of 2.3 per 
cent is projected for 197S-79. 

Tbe estimates are based on 
last January's public spending 
plans. The social wage is defined 
! as expenditure on housing, other 
environmental services, law. the 
police and protective services, 
education and libraries, science 
and arts, health and personal 
I social services, social security. ' 


Rothermere’s 
£3.7m will 

Viscount Rothermere. chair- 
man r»f Associated Newspapers 
for 38 vears, who died on July 
12 aged SO. left £4.072.870 gross, 
£3.781.671 net. according to his 
To add to their problems, the will, published at the weekend, 
contractors are still experiencing He left his property to his wife 
shortages of certain materials Mary Viscountess Rothermere. 


of under-utilisation of plant 


Building site waste 
put at over £300m 


BY OUR BUILDING CORRESPONDENT 


successful. 

Sky ships, which registered in tne 
island last month, is proposing 
to build saucer-shaped air- 
ships filled with helium. They 
could be used, among other 
tilings, for recovering bulky 
construction equipment that 
might otherwise be abandoned 
after use. 

Mr. Tim Rcxvill. a director of the 
company, claims that there is 
a world market for airships. 
Skyships would shortly apply 
for Manx Government aid and 
he hoped the response would 
be affirmative- A factorv 
could provide more than 100 
jobs. 

Tbe airships would be powered 
by jet engines. Atnodel is 
expected to be shown .*m»n 
when an announcement un the 
future of tbe project may also 
be made. 


More home news 
on Page 22 


The number of tonne-kilo 
metres had risen 17.6 per cent. '■ , . 

and nearly 7 per cent more .concessionary fares. 

tonnes of freight had been i 

carried compared with tbe same 
period last year. 


Call for more light ou bulbs 


BY LYNTON McLAIN. INDUSTRIAL STAFF 


Une uf ihe few MPs to have a j 

genuine intellectual belief j n A CALL for legislation to control counter-charges about, 
the need for devolution in an j and extend the labelling of lamp companies, 
ovcrcc nt rail serf stale. Dr. ; domestic light bulb packets is The full report will 

Mackintosh 
rumenl of 


British jiower consumption in watts, the 


« J ' :i . “«** Pro-! expected to be included in a Published in September, 
proportional ’ u “* 1 — 


be 
But 

of proportional repre-; _ k*. , the key issue of whether or not ‘* U, P lujuiuuuriurors 

mentation, not only for the new £. cport 10 h f considered by a British lamp companies had tend to display only the wattage 
Edinburgh and Cardiff Aswein- . m , Mlons se * ect committee this done enough to make and market of a ™*! p 00 a P ac h & L leaving 
hiics. but a iso for the first . . . long-life lamps is likely to * , 5S?L7 I “*5 

dircctly-electcd European Par-! , an .? t Sf]’_ no _° ey feature only as a secondary issuo iL-? 10 ^ 


ight output in lumens and the 
average laboratory life, in 
hours. 

.British lamp manufacturers 


Lament in Strasbourg- 1 -'«h-co mini t tee of the Commons 

N*.r was, he renowned tor his ;«pend«tufe committee had 
i. ii'dience i«. the- earn whip , n » hoped to publish the results of 


on 


how long it will last 


«..l- Cntiun.ms. especially umre. . inve.-siigation into the 
fv'ivniij ;i- hi* diH^rn. , h:in;iiiL ,, M tfurnbilify of Gkiiiipnt and dis- 
■■v.iri die -eemin; Letiwanl .lr:,T ch.irgc lamps before Parliament 
" f Labour became in viva Mn jly . rose cm Thursdai. 

■*'.nn. 

Ed ac.i led 


Extra acres 

AN EXTRA 176 acres is to 


Mvl\ llli* ijnllem-. 
l'd:r.i*ur , . , !i K.illi.iJ. ;md Princv- 
|i*:t l"nivvr.-:ti. he was a 
author 


after a call for legislation 
labelling. 

The MPs may. demand that 
consumer protection legislation 
should he strengthened alone the 
lines of regulations in the U.S. 

The U.S. Federal Trade Com- West Lotiiian. to allow, for 
mission in a trade regulation industrial expansion. The land is 
. rule siid it was an "unfair already owned by the develop- 
aradciuics delayed resolution of method r»r competition and an un- ment corporation and brings the 
noted; the issues raised in evidence fair and deceptive act of total area of the town to 6.800 
land there were accusations and practice" to fail to disclose the acres. 


Accountants 
oppose 
State curbs 


By David Freud 


PROPOSALS TO widen 
powers of the Government’s 
Exchequer and Audit Depart- 
ment have been attacked by the 
Consultative Committee of 
Accountancy Bodies. 

Last September the Caramons 
Expenditure Committee argued 
b j in a report that the department 


WASTE on construction sites 
costs the country at least £300m 
a year and the industry must 
step up efforts to end this, the 
Institute of Building says in a 
report published today. 

In a consultative document on 
materials control and waste in 
building, the institute culls on 
the entire construction sector to 


It is frequently caused by the 
inadequacy of design, specifica- 
tion, supplier design, handling 
packaging and co-ordination. 

“Waste is not only a site 
problem, it extends to the build- 
ing company, to every corner of 
the industry and in some cases, 
outside it," the report says. 

The institute calls lo the Clov- 


make a concerted effort over ernment to ensure that state- 
waste. owned companies and public 

A 1976 estimate from the utility operations improve con- 
Building Research Establishment tractual relationships with buti- 
of on-site losses totalling £300m ders employed, 
a year is now likely lo be too Materials control should be 
low. regarded by the building cont- 

inuation, with waste incurred pany as equal in importance to 
on maintenance work aod on other functions, such as planning 
t fj e ! non-site operations, may push and-safety. 

: the figure substantially higher. Materials Control and waste in 
"Waste seen at site is not buttdinrj. IOB Kings Ride. Ascot . 
necessarily caused by the site. Berkshire SL5 8BJ. 


The need 
anui> si? hy 


for independent 
two university 


Ueioiis seek plants for North-West 


BY RHYS DAVID 


,\ FIRST shot in what is likely who have been working in micro- tary in the region said yesterday, the North West were to become 
to bo a major regional battle for electronic technology in the U.S., The TUC Regional Council involved in intense competition 
created in the micro- is expected to employ about will try to persuade political with each other for the available 


t 

job 


electronics industry has 
liivd in the North West 

K.illowing the National Enlcr- 
eriso Pn.ird's announcement of 
i-ov.i support for a new company, 
loin..-. iK'iii'j m*i up In manufac- 
rure aihunced mien rated circuits. 
:!•.*• North West Council of the 
TUC has written lu MPs in the 
r-uiirn urairr,’ I lieiu tu secure tin* 
.■".-jisi'it of ihe manufacturing 
;*:.iniN in i lie area. 

The unions I use their case on 
North West's 7 per cent 
liaenipln;. ment rale. Sum e ureas. 
*i:ch .!■ Morsejside. have .m 
:::r. i.pliivmcni rale in excess i»r 
12 per i ent 

Tne n**w conipanj. brainchild 
n: two Americans and a Eritoii 


been 4.000. 

The Northwest has experience 
in the electronic field. ICL. the 
UK computer company, has its 
main manufacturing base in 
Manchester and other important 
croups in the region include 
Plessey, the telecommunications 
manufacturer. 

More than 1,000 jobs have heen 
lost at riesscy’s Liverpool plants 
as a result of changes in Post 


Office 


telecommunications urbanisations. 


parties in the run-up to the and scarce resources." Mr. 
General Election to consider Barnett said, 
creating a development agency The TUC favours a co- 
for the North West, on the lines ordinating body lo bring 
of the Scottish and Welsh together the work of the various 
Development Agencies. groups -in the a r6& - 

The council has expressed con- Such a move- could help to 
cent at the proliferation of ease fears that the Scottish and 
industrial development bodies in Welsh Assemblies will place the 
the region. Boih Greater Man- area at a disadvantage ia the 
Chester and Merseyside have competition for resources. 

recently established significant 

new economic development 


requirements. 

Bcc-jum: uf ns international 
mitiuv. the new industry would 
rermire good communications 
The North West could provide 
these with Manchester Airport, 


TWO OF the four main operating 
companies of Lucas Industries 
assume a closer identity with the 


BY JOHN LLOYD 

\ VITAL area of microcircuit 
technology ha> >i» far been 
:-:nr>red iiy ihe Government in 
i*!f<irt>- "to make the L : .K. com- 
j’e" itivi- in advanced electronics. 

.mil 1 1 an area in which British 
■/•Kimifucitirets arc steadily losing 
•.viand to importers 

A renor; b> eon<ultunts Larson 
Sweeney un the printed circuir 
!-i..ird industry claims that this 
cmipiineiii— .vhich forms the 
fur micruprocessiir*; and 
may cu<t 304 time* ;i< much — 
w lien made in the UK badlv 
.!i.*nufa* tmed. expeusne and 
dcivered lale. 

By cunir.isi. un ported circuit 
beards fn*m Germany i*r Fm>.e 
:i:c cheaper and of better i|ualii;-. 
lmnorts have jumped from 9 per 
cent ef the domestic marker in 
jo :iS wf p.-nl last jear. 

The r.rirUe: itself has qronn 
from iT7m-E.’rt!n in 1970. lu aliuut 
ioTttt la-t year. Thvs is more or 
!«?>> -Ulio in real terms. 

But :i- Britain embarks un a 
rapid expansion of mocroprooes- 
-.»! and microceraputer memniy 
manubicture. the market is 
expected lo srow rapidli. The 
report concludes* that British 
manufacturers will i«»’ iti-pluccd 
to benefit from this growth 
Domestic production of circuit dmuestic 


The North Weft TUC 
believes that such efforts and 
activities should be directed 
within a coherent regional 
framework. 

“It would be a retrograde . „ . . . , 

Mr. Gnliii Barnett. TUC 'Score- step if the various areas within P a r, e . n - 1 , c , < J!" P jP y f r ? m August I. 

CAV. the diesel fuel injection 
and heavy duty electrical equip- 
ment subsidiary wilt be known 
as Lucas CAV. Girting, the brake 
systems subsidiary will become 
Lucas Girling. Bryce Berger, a 
CAV subsidiary, wilt be renamed 
Lucas Bryce. 


UK circuit board output falls 


profit of the top 20 manufac- 
turer.*; is only 3 per cent, and 
most oC the other companies arc 
unprofitable. 

This compares with average 
net pre-tax profits of the tap Ger- 
man manufacturers of 30 per 
com. the Swedes at -1 per cent, 
the French at IS per cent and by half by the mid-1980s. 


Radio revenue 


the Dutch at 14 per cent. 

Tbe report forecasts that 
British manufacturers will fall 
still further behind their Euro- REVENUE to Independent Local 
poan and U.S. rivals in produc- Radio for June amounted to 
tion and product development. £2.4 in bringing the total for the 
The number of UK board first half of the year to £13.1m. 
manufacturers wilt be reduced compared with £10.3m for tbe 


added -,0 L,vl„,s,on New T*S. i TtSS^SSSSS e*- 

oiency in the Govemmeni 
bureaucracy, as well as measur- 
ing the effectiveness of policies, 
j The committee’s proposal was 
rejected in the Government's 
White Paper reply, published In 
March. Now the Consultative 
Committee of Accountancy 
Bodies has come out largely in 
support of the Government line 
in evidence presented to the 
committee. 

The accountants said: “We 
recommend that the concept of 
value for money auditing should 
not at present be extended to 
review tbe efficiency of policies, 
but should be limited to review- 
ing the operating -efficiency of 
management and administration 
within the parameters of estab- 
lished policy." 

Agreed 

They agreed with Sir Douglas 
Henley, the Comptroller and 
Auditor General, that momtorin 
efficiency would require the 
recruitment of a substantial 
number of highly trained per- 
sonnel of various disciplines 
which would not be cost effective 

The accountants also came out 
against the Expenditure Com 
mitlee's proposal that the depart 
ment be enabled to audit any 
account, public or private, into 
which public money goes, on the 
lines of U.S. practice. 

They stated: "The economics 
and cost effectiveness of the 
concept should be carefully 
weighed. Full advantage should 
be taken of the nation's auditing 
skills, rather than limit the work 
to a specific group, such as tbe 
department It would plainly be 
more economic and a more 
effective use of scarce resources 
to integrate any such special 
reviews with existing audit 
arrangements." 


Girting, CAV 
name change 


Government may buy 
two ship simulators 

BY LYNTON McLAIN, INDUSTRIAL STAFF 


THE GOVERNMENT is urgently 
considering buying two £500.000 
ship simulators in its attempts 
to improve training in safely at 
sea. 

A firm. decision to buy two 
machines is expected in two 
months. The machines will 
almost certainly be British, and 
there are good prospects for ex- 
port sales, according to Mr. 
John Archer, Under Secretary 
in the marine policy division at 
the Trade Department 

He told MPs investigating 
ways of preventing tanker col- 
lisions and strandings that the 
Britisb Government had only 
one ship simulator, at Warsash 
in Hampshire, and this was a 


“good deal cheaper than other 
simulators." 

Russian merchant marine in 
terests had already visited the 
Warsash machine and were 
potential euMomers for the train- 
ing service and for complete 
simulators to use in the Soviet 
Union. 

There was a great demand in 
Britain for more simulator capa- 
city to provide navigation and 
steering training on land for 
masters and crews of oil tankers 
and other vessels. 

Mr. Archer told MPs on the 
trade industry sub-committee, 
which has now completed its 
work on tanker safely, that 
there was also a need Tor radar 
vnlitsir.n avoidance simulators. 


In London. Mr. Terry Walker, 
of the Manx Govern me ni In- 
formation Office, said that “a 
project of this type " would be 
eligible for an industrial 
grant, although he could 
anticipate the Government's 
decision. 

Tbe Manx Industrial Buard give- 
grants uf up to 40 per cent of 
the cost of new plant and 
machinery, as well as training 
grants and easy credit terms. 
Meanwhile, another company is 
close to launching the first 
commercial airship built in 
Britain for nearly 50 years. 
Aerospace Developments, of 
London, has built a liH ft long 
airship at Cardington, Bedford- 
shire. for a Venezuelan com- 
pany, at a cost uf £760.000. 
it has an order for a second 
craft from an Argentine 
concern. 

The AD500 is of the traditional 
cigar shape, it is powered 
b> twin petrol engines, with 
swivel propulsor units, and is 
designed for a maximum 
speed of 72 mph. It will be 
lifted by 2SO.OOO cu fJ r.f 
helium in a flexible Dacron 
and polyurethane skin. Its 
reinforced plastic gondola nas 
room for two crew and eight 
passengers. 

Monitoring 

Mr. John Wuod. joint managing 
director of Aerospace Develop- 
ments said that after inllation 
of the airship there would be 
calibration and communication 
tests. He hoped it would then 
be inspected by the U.S. Naval 
Air Systems Command. 
Designed for aerial surveillance 
rather than heavy freighting. 
It would be ideal Tor coastal 
patrol. The Argentine buyers 
of the second airship were 
interested in using it for pol- 
lution monitoring and traffic 
control. 

• Last year, the West German 
Government pulled out of a 
project to use airships for 
heavy transport work in Africa 
after experls said it was un- 
economic. 


first half of last year. 


Credit curb bars growth — bank 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


boards has fallen from Lla.a:n in 
1970 to £11. Sm lyst year in rr%l 
terms. At present prices. Hie 
volume of domestic production 
is now worth about Liam. 

There are about 400 mamifav- 
mrers of circuit hoards in ihe 
VX. mostly very .*iu;»ll. Nuiiv has 
mere than 6 per vent «*r tin* 

^i'^w i n-fitabili’y n a isisij — 
- - rel uue l.ic- i.| 


THE EXPANSION of economic 
aclntty sought liv the Govern- 
ment will b« difficult to achieve 
in view of iis own monetary 
enn? train la nn domestic credit 
expansion, according to the 
latest quarterly review from the 
Midland Bank published this 
morning, 
lent 

monetary policy concludes that, 
as long as the limit on the 
growth or sterling M3 (cash and 
hank deposits) is successfully 
observed. it is ''doubtful 
wisdom” to insist on strict 
adherence to the limit on 
credit expansion in 
the costs this might 
for 


“the focus of our monetary 
policy." The S-12 per cent limit 
fur 1979-79 is seen as achievable 
without any significant problems 
In selling public sector debt lo 
financial institutions. 

However. the successful 
achievement of the £6bn domes- 


thc domestic 


view uf 
involve 
economy. 

Sterling M3 provided a more 
appruoriate way of "monitoring 
lit* 1 overhang of purchasing 
power which is a potential risk 
•.*•' a:t inflationary avalanche" 
Hum :i domestic credit limit. 

Gou>cifucnliv. sterling M3 
Ivuld '»-■ restored to the post 
ti«n •■artier given tu u by Mr. 


begins to move upwards to a two months, tbe decline was 

level of perhaps 11 m 12 per likely to be marginal. To stimu- 

ccni in the first three months late sales of gilt-edged stock 

of next year. later in tbe year. Minimum 

In another of a series of Lending Rate would have to be 

economic analyses appearing raised. 

rnis morning, tbe Londou Busi- The brokers remain firm in 
ness School comments that the their view that the 12-montb rate 

ti'c'credi't Tim iV '0^197^79 "would Government's economic package of retail price inflation will peak 
tic credit unit .or 19iS-»b would may haT(? ensured at n per cent in the first half 

and also mean that the ecohumv's consistency between fiscal and of next year, 
real -rowib "a^ is itkeh to bl monetar - v P«>»cy. but in the Consequent^ despite short- 
sac tin" towards the beginning l «»K cr **■! Policy w a s term uncertainties, we are 

of ’the next financial year to an ^consistent with hopes of keep- reasonably optimistic : about the 

of the next tmanciai year to an |nj , inflatian in sin „ ]e flqures outlook for long-dated gilt-edged 

No Incomes policy would sue- slock- on inflation criteria, once 

cecd unless it were accompanied election is out of the way." 
by policies designed to achieve The latest monthly economic 
a consistent exchange-rate path, survey from stockbrokers rie 
The same monetary constraints Zoele and Be van comments that 
applied whether the’U.K. joined corporate profit margins appear 
a fixed European exchange-rate *° ^ ave reached a cyclical peak 
system or unilateral! v decided whteb significantly below the 
to hold the rate. “ If the Govern- Peaks of earlier cycles. Thus the 
ment seriously wants to control 
. inflation, a reduction in the 
somewhat budget deficit will be essential.” 

From the City, brokers 


c;::Trt*uf tin UK* lac- n.m ..-artier given tn u by Mr. slacken toward. 

vua'i^S. Awrai,v nci pir-iav Denis Healey, the Chancellor, as rate as annual 


annual rate below the 2} to 3 
per cent range, expected for this 
year. 

Moreover, this might mean 
that the fall of one or two per- 
centage points expected in 
short-term interest rates in the 
next few months would subse- 
quently be reversed and the 
UDwardjiath resumed at the end 
of 197S-79 towards around 
present leveLs. or 
higher. 

The review suggests that the 
growth of living standards will 
slacken inwards a more normal 


recovery in corporate investment 
should be minimal. 

The brokers say that, in spite 
of the rise in unemploymeni :n 


Montagu, Loebl Stanley and Co. July, the underlying downward 


contend that, while ir was ’till 
. ^ . probable that short-term interest 
price inflation rates would fall over the npst 


trend since last autumn shuuld 
continue for the rest of the year, 
and probably until next spring. 


Redemption Notice 

Hamersley Iron Finance N. V. 

9 Vz% Guaranteed Debentures Due 1985 

Uncon ditto a ally Guaranteed as to Principal and Interest by 

HAMERSLEY HOLDINGS LIMITED 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of 
September 1 . 1970 under which the above-described Debentures are issued, Citibank. NJL f formerly 
First National City Bank), as Trustee, has selected for redemption on September 1, 1978 , (the 
*• Redemption Date"; at the principal amount thereof (the “Redemption Price”), through the opera- 
tion of the Sinking Fund provided for in the said Indenture, §721,000 principal amount oi Deben- 
tures of the said issue of the following distinctive numbers ; 

COUPON DEBEXTCKES OF 91 .IH 10 PK EVCTPAZ. AMOUNT OUTSTANDING 
M 4 UCS 2390 3545 4844 6110 7Z75 B79B 9B90 10841 11989 13140 14279 IB 362 1717«1 

2SIf 6133 7307 8802 9301 10880 1U9S 33171 34301 15370 17203 

§sn B «£ «« tu? US HSS iSS W W US! IS 

iS 1417 2542 3696 4935 S 3 ^2 Sg ^ ^ BsS H& fH 

133 143" !UT 37.4Q -ilTf n-xj. 


19274 

19275 

19294 

19295 

8701 10040 11004 12126 Jim flfsl iilM ITm} (b3c| 19377 

3781 4970 6323 7433 9063 10048 11039 12159 13273 14440 15611 17252 78375 15414 

S§ 3532 5007 63*° «W7 100S4 11072 12184 13288 14S04 15618 17295 lmaZ 19«S 

SI® IS 13 3535 3883 5042 6427 7502 90B7 10073 11091 1=165 13326 145D9 1S61B 173ns jSVS 


28141 

18236 

18258 

18291 

18304 


£84 1587 2G06 3905 5073 6-142 7541 9126 10036 

392 1613 2672 4011 5099 6458 7563 9131 10105 

1620 2688 4025 5151 6468 7572 9198 10132 

323 1841 2720 4059 5162 6544 7574 9210 10250 

350 1674 2731 4100 5174 6544 7603 9264 10257 

355 1702 2744 4113 51T6 6562 7678 9275 10309 

372 1733 3763 4162 5210 6563 7777 9304 10345 

401 1790 2791 42U 5217 6573 77C2 9319 10350 

420 1795 2801 4222 5339 6612 7793 9334 103SL 

470 1802 2840 4236 S2S7 0620 7706 9372 10376 

481 1819 2878 4246 £336 6639 7904 9377 

487 ie::o 2 aio 4247 5352 ctto 7905 9412 

501 1823 2933 4248 5393 6734 7*164 9426 

534 I860 2970 429S 5394 67L*t 7098 9428 

634 1931 3023 4343 5398 B829 3004 9466 

647 1043 3040 4392 5442 6841 8140 9487 

723 1903 3121 4465 5451 8852 8171 9529 

3124 4193 5520 6907 8237 9562 10554 
773 1973 3135 4341 58C1 6341 835? 9697 10563 

803 1975 3221 4570 5C08 6942 8237 9800 10SC4 

10568 
10591 
. 10806 

3§t 3J55 33?? ImI locaa 

21*3 331a 4833 5762 7112 6570 9709 1969L 
3076 2204 3330 4664 3827 7263 8392 9734 lolql 

1081 2209 3352 4691 5906 7171 8626 977B 10705 

1118 2238 3403 4717 5977 7173 ?635 38L3 10733 

J217 3246 3409 4796 6023 7215 8741 9816 10731 

12« £288 3449 4798.6033 7258 8781 9M2 10777 
1313 34 . S 4822 C053 7260 3784 9554 10798 


11101 12157 US iliil 

11123 12229 13364 14605 1585? 17361 lalfil lllriS 

11124 12257 23380 14615 15B71 17393 18470 19478 
13414 14618 15873 17400 18488 19526 
13431 14667 15926 17410 18599 1936 L 
13439 14701 13948 17414 18606 19568 


10376 

10379 

1039C 

10456 

10473 

10536 

10538 


11160 12279 
11167 12304 
11212 12334 
11218 12453 
11275 12466 

11304 12306 

11305 12521 
11319 135=2 
11333 12554 
11343 12603 
11356 12692 


13440 14726 15962 17423 186DS 

iihi 4 M’® 1 17433 18620 

13491 14768 1CQ34 17444 18628 

13536 14773 16040 17475 18658 

13563 14774 16054 17480 18700 

13 595 14796 16102 17486 18779 

14829 16149 17433 18781 

11399 127 16 its ills sm 

11420 12731 13681 liall 16277 17577 ifee 
11404 14833 16291 17583 llwo 

14 ®86 16399 17610 1M32 

J3j iS !6469 17630 18 Ho 2 

;“523 }37« 14985 16520 1763G 1EOOS 

14997 1G534 17803 18942 

!3ai2 15044 16538 17809 18367 19962 

lonS? JM12 15099 16542 17873 18985 1P088 

12 ®84 13681 15154 16554 17913 19987 

15136 16384 17 °G7 1B907 

13956 15172 16B94 17979 19068 

tnSin }3?S 1S185 16645 17984 19081 

?39 3 P i?5 9 ? 15230 16605 1TW0 19062 

14043 15269 16872 17992 19008 

140 fg J5270 16882 18026 19127 

14088 15299 16913 1B047 19131 


11486 

11495 

11562 

11563 
11650 
11672 
11725 
11748 
11801 
11812 
11886 


19589 
19595 
19597 
19609 
10619 
19628 
19643 
19700 
1*73 L 
19810 
13812 
19856 
19375 
19BS9 
19931 


11BS8 13041 
11901 13046 

11912 13093 

11916 13098 1415S 


1320 2332 3478 4838 6007 7270 8786 5S3 SSbII ^32 !???! ffiS3 J|gJ J«» 

howir wcr d r ab0ve *1* n b ® J rB f* n, 5 d for J hc Sif ^S Fund at the option of the 


July 31,1975 


presented for payment in. 

For HAMERSLEY IRON FINANCE N.V. 

By CITIBANK, N-A. 

Trustee 



C 


\j,, 

"lav ! 


Financial' Times Monday .Tuiv 31 1978 



HOME NEWS 


ONE YEAR AFTER RE-ORGANISATION 


'lUill 

H 

1,1 \ 


Price Commission in 
search of independence 


THE NEXT in months cnulcl sec 
iho Price i‘n ui mission Ukimi ;« 
more independent stance with 
tiov eminent. That, at least, is 
I he impression Ur. Charles 
Williams, ehuirutan of the com- 
mission, would like in create. 

A man w»tli well developed 
political antennae, he is clearly 
aware that, in a run-up to j 
possible General Election, it is 
unwise to bp loo closely identi- 
fied with a single political party, 
particularly when one of them 
feels that his organisation lias 
too much power to intervene in 
private industry. 

He believes that, with yne 
year's experience under its belt, 
the commission has the rnmpe- 
lence am) credibility in lake »m 
issues such ;.s labour produc- 
tivity. which it has mostly 
managed to avoid in Tar. 

There is rouin for the com- 
mission to do more work in the 
policing of mergers once they 
have taken place according to 
Mr. Williams. 

Few will celebrate the 

re-organised Price Commission's 
first birthday this week. The 
Tories will not — if their leader 
Mrs. Margaret Thatcher's 
description of it as a "Star 
Chamber with Mafia-like powers’* 
is anything to go by. 

Mr. Roy Hatlersey, Prices Sec- 
retary. may stand by the system 
of price controls introduced last 
August, but there arc Ihose in 
his party who describe the com- 
mission's attitude as “wet.** 

Industry regards the commis- 
sion as, ai best, a waste uf time 
and, at worst, as a threat to 
profilabiliv. 

In private, some industrialists 
are less harsh, saying that a 
commission investigation might 
help them get their point across 
to workers or Government. 

Rather mure admit that the 
commission is the least of its 
worries. Unions do not seem to 
have been particularly inter- 
ested in the commission. 

Mr. Williams is aware that the 
commission has not made many 
(rienrJs. Some Government 
departments have tried to see it 
off like sheep dogs protecting a 
fiuek from a stray dog. 

He maintains that the cnninus- 
jinn has achieved much in the 
last year, and l hat. provided its 
powers are not shorn, it will 


cume imn its own over the next 
iw*i or three years. 

There were bound to be leeth- 
inc pm Me in*. Many commission 
stuff were used to the mechanis- 
tic approach of the old Price 
('.ode and were uneasy with dis- 
cretionary powers given to it lust 
year. 

Some early reports, such as 
ihoae on the fuel cost adjustment 
factor in the electricity industry, 
showed these problems.. 

Others, such as that on Metal 
Hex. disclosed the commission's 
unwillingness in get involved loo 
early in the question of labour 
efficiency. 

Bui Kir. Williams feels that 
the Cnminission now has behind 
it a record of producing “pro- 


background information needed 
for future decisions when com- 
panies within the same sector 
want price increases. 

Mr. Williams has always seen 
the commission's role as a long- 
term one. 

Though in favour of merging it 
with the Monopolies Commission, 
be believes that it is essential 
that the Price Commission's 
powers should be retained — 
preferably without the numeric 
profit safeguards which, he feels, 
bave undermined the commis- 
sion's effectiveness this 5 ear. 

He makes no apologies for the 
commission's negligible impact 
on inflation over the last 12 
months — just under half the 
reports have resulted in any kind 



T LABOUR NEWS 


Election TTJC committee Sun peace 


unity on 

Congress 

agenda 

By Our Labour Correspondent 


urges chan; 
in ACAS r 

BY CHRISTIAN TYLER, LABOUR EDITOR 


talks this 


Few will celebrate the re-organised Price 
Commission’s first birthday this week. 

ELINOR GOODMAN, our Consumer Affairs 
Correspondent, investigates the reasons for this. 


ressional. competent and well- 
balanced reports. 11 It has pub- 
lished 26 C-0 on individual com- 
panies and six on industry 
sectors). 

He has not been satisfied with 
all of them, but believes that 
some — such as the reports on 
British Rail and London Trans- 
port. would stand up to any test. 

Such studies have, he main- 
tains. given the commission the 
credibility to lake a more inde- 
pendent stand with the Govern- 
ment. 

He would like the commission 
— nr perhaps the Office of Fair 
Trading if h is commission were 
merged with the Monopolies 
Commission — to have the power 
to decide which sectors of in- 
dustry to study. 

Now the commisison is only 
able to decide which particular 
companies need investigating, 
while industry sectors ire re- 
ferred to it by the Department 
of Prices. 

The sectoral reports are. he 
believes, a particularly important 
part of the commission's work. 

They cnahie the commission to 
tackle an issue in a way more 
diriiv.lt lu achieve when re- 
stricted to looking at one com- 
pany. 

Sectoral examinations also' 
provide the commission with 


of commitment by the companies 
involved to restrict prices. 

He has always seen the job 
more in terms of improving 
industrial efficiency than in cut- 
ting prices. 

Improving efficiency through 
price control is not going to be a 
quick process. In November. Mr. 
Williams talked of a ten-year 
programme. 

In the last year, he has been 
confronted with the problem of 
what the commission can do if 
it finds a company to be 
inefficient. 

It could hardly broadcast a 
company's financial problems but 
it could perhaps be more out- 
spoken about the quality of 
management 

In some industries examined, 
such as footwear, the commis- 
sion's activities have already 
resulted in more competition. 

In answer to those who criti- 
cise the commission for being 
nothing more than a cosmetic 
device. Mr. Williams claims it not 
only increases competition by 
looking at a sector, but also 
ensures that monopoly profits are 
not being made at the public’s 
expense. 

Mr. Williams' conception of his 
job has evolved over tbe past 12 
months, but his basic belief that 
lack of competition is one reason 


Tories study merger laws 


employment. 

The aim. like ilia l <»1 the 
Government’* committee on turn- 
petition pul le}. would he hi 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 

COMPANIES would be required Mimer Council, much to the basic premise behind the existing 
t«i justify large-scale mergers ny indiunaliun of the consumer legislation, 
showing them to he in the fob by. and it haci been .thoujdU jo place of what it saw as the 
imprest* oi consumers under that the same Tate would befall present essentially favourable 
proposals heme examined |.v the present council if they were approach to mergers, the Govern- 
Mrs. Sally Oppcnhcini. Shadow elected aua in. * ment committee proposed that! 

Minister lor Prims and Con- Mr*. Oppcnheim, it seems, has the .Monopolies Commission j 
Mimer Protection tuM the Council, that she thinks should adopt a more neutral 

The idea would be in chitnm* it has a role In play in the approach. > 

1 he cnien.i In which iiutj.u s future. It favoured retaining the basic j 

were judged to give more weight Its remit might be narrowed definition of the public interest.; 
to eon<iiiner interest and b*Ss t » from representing consumers’ encompassing such things as; 
v.ieh issues uf ptihlir intent; ,i> mterw* across the whole spec- regional employment and en-; 
employment. t ruin 01 national is.Mies to a nar- couraging exports, as well as: 

The aim. like that «>1 the rower mie, dealing primarily protecting consumers’ interests.; 

Government'* committee cm turn- *ith the public sector. Mrs. Oppenheim supports some! 

petition policy, would he :n The whole field of competition of the committee's findings, but 
reduce (Ice number uf mer-ers „„hev is being studied by tbe does not believe (hat employment 
between large companies which uncrnmcnl. considerations are the Coramis- 

at present are allowed through The first part of this review sion's primary business. She says 
unchallenged. reccun mended increasing tbe that if the commission gave more 

Tlie Tones would probably try „ uni her of mergers scrutinised weight to the consumer's case! 

m achieve this by narrowing the bv Monopolies and Mergers fewer mergers wouid be? 
definition of the public interest Commission and altering the approved, 
rather than b> altering the ha.*;e 
assumptions on which 'he 
present legislation rr*is. 

M-way catering findings 

Mrs. OPiii'iihenn. 

aJSS'SaK may be published soon 

*10:1. which she ha* a l lacked 

n ltert) in the just. -he sa>s Mia! FINANCIAL TIMES REPORTER 
ihev vViiiUi review all the bodies 


M-way catering findings 
may be published soon 


FINANCIAL TIMES REPORTER 


in iln* field to ►«■*• tu "hat extent MR WILLIAM RODGERS, been looking at 

the> overlap and wheihu new T Secretary, is pre- fauranl standarc 

power* were needed m deal Mills iram-i-mt mwi ir>. is pie- ^ la#l 51X 

Mich clung* a> restrictive* paring to publish the findings or 

practice* an official inquiry into petrol The commitu 


>en looking at prices and res-; 
ura n l standards on motorways, 
r the last six months. 

The committee, set up after; 


-.lower iliei killed Hie eld 


•'f n- Du1hi«t, the cider cmiiptmy. has stations. It says that the aim j 

” should be to bring the average' 

standard up to that of the best! 

■— ■■ ■ —* existing service stations. ; 

A member of the committee . 
_ AM«vv T said yesterday that the report, » 

L DE * fijiJvM written with advice from an} 

mi IVJETP’D independent firm of catering con-) 

7. J ij vXto rm sultants, had endeavoured to I 

\l.UERAH.\STO Oi ) give a balanced view. 

non OP.n • A writ for libel and slander 

JU ,UL*U,UUU- Was issued at tbo weekend 

V T inn “I against Lord Bernstein, chairman j 

irer Notes iy/2 Of Granada, by Mr. Egon Ronay.j 

in-7 r: /tn-jn whose organisation bas produced 

: ly f Of i7 fy a report on motorway catering. . 

The proceedings come after) 
irintccd bv Lord Bernstein's criticisms of; 

• Mr. Ronay at a Granada service- 

i lb lie oi Finland Station last monlh- 


R EG IONA L DEVELOPMENT 
FUND LIMITED 
tK.EH1TVSAl.Un RAH ASTO OY) 

Dfis. 30,000,000.— 

614% bearer Notes 1972 
due 1976/1979 

guaranteed by 
the Republic of Finland 

V iw.iJ.il in the Terms »nJ Conditions 
oi the ;:N>\c men;. on-* J n.v.*s Redemption 
('■roup No. A anti'- ml in-; 10 |Tfh. 
h,is Ivondr.oMt for redemption on July 2.!. I-/S 
and consequently liie note bearing consecutive 
number 4 ;mJ all notes* hearing ;i ■.oiinCCUUvc 
number which is 4 or a multiple ol 4 
hmher than 4 .ire pax able on 

September 1, 1978 

at 

Bunk Mecs & Hope NV 
(Central Paying Agent) 

Afeemine Bank NcdcrSaod N.V. 
AmstcrdanK-lioiU'rihun Bant NA - 

Pier-on, Heb’rinr, & Picnon N-V. 

:u its: t; srnhtin : 

Bank d H«?e NV 
in //..v/i/’iifS 
anil 

Kiuique t.’eflcrulc du Lovsnbovsg l =-A. 


MR. CHARLES WILLIAMS 
* bound to be problems * 

why British industry lags behind 
that of so many other countries 
remains. • 

When he took tbe job, he said 
that the commission would be 
more properly named tbe “ Com- 
mission of Market Imperfection.” 
Its work has borne out this. 

Virtually all its reports have 
covered areas where competition 
was thought to be less than per- 
fect and those common themes 
which have emerged from the 1 
commission over the past year| 
relate lo this point 

Broadly, these common themes 
can be said to be a dislike of 
uniform prices which take no 
account of the cost of delivering 
goods to different points a pre- 
ference for more openness in 
pricing; and a belief that com- 
panies should not automatically! 
be allowed to subsidise ineffi- 
cient operations by high profits' 
made in other divisions, where 
competition is less. 

This latter point is tbe one, 
that has made industry most ner-| 
vous. 

Whichever party wins the 
□ext election, it is likely that 
the commission will eventually 
lose its separate identity. 

Mr. Williams, a Labour Party 
supporter, is obviously aware 
that cbances of the commission 
retaining its powers within a 
merged Prices and Monopolies 
Commission Would be greater 
under a Labour Government. 

For tbe moment, he is keeping 
out of party- politics in public. 
But he admits that his life will 
be easier when the Election is 
over and his every move wilt not 
be interpreted as a political 
manoeuvre. 


Thames 
Nitrogen 
plant 
to re-open 

By Kevin Done, Chemicals 
Correspondent 

THAMES NITROGEN, which 
was forced out of business more 
than a year ago because of severe 
com peri live distortions In the 
nitrogen fertiliser market hopes 
to resume substantial production 
this week. 

The company closed its 100,000 
tonnes-a-year plant at Rain ham. 
Essex in March last year. 

It claimed that nitrogen 
fertiliser prices were being kept 
artificially low in the UK. 
because of Imperial Chemical 
Industries’ access to cheap 
supplies of ammonia, the raw 
material for the fertilisers. 

1C1 is the dominant supplier 
in the UK, with more than 50 
per cent oF the market, it manu- 
factures its own ammonia from 
North Sea natural gas (methane) 
which it receives under a 15-year 
contract with British Gas. 

The price of the gas supplies 
was fixed in 1969. before the 
1973 quadrupling of oil prices 
and there has -been little room 
for price escalation. 

Other fertiliser manufacturers 
forced to buy ammonia on tbe 
world market at much higher 
prices found it difficult to com- 
pete. while Thames Nitrogen, 
with 7 to 8 per cent of the UK 
market was forced to close. 

Late last year, British Gas 
renegotiated the supply contract, 
when 1CI agreed to pay sub- 
stantially higher prices, thus in- 
creasing nitrogen fertiliser' 
prices. I 

This in torn has allowed 
nitrogen fertiliser prices to nsei 
by 15 per cent in January and 
another 10 to 11 per cent in j 
June- ,j 

These price rises, combined 
with a fail in world ammonia, 
prices, has allowed Thames | 
Nitrogen to resume business. 

About 125 employees have! 
already been recruited and , 
trained. Another 25 are expected 
to join the company by October.l 
when full production should; 
resume. I 


British Steel hits 
at its critics 


in LuxarJws- 


July .*/. i97S 


BRITISH STEEL, which last 
year ran up a loss of more 
than film a day, has hit 
back at its “sneering critics. 

“We are not the stupid, lazy, 
careless steelmen that the 
knockers would have the world 
believe." said Steel News, the 
corporation's monthly news- 
paper. It has devoted nearly 
half its latest issue lo hitting 
back at “ BSC bashere." 

The naper- lists eight facts 
about British Steel which all its 

employees are urged to use lo 
"t lathe themselves ” against the 
nasty things being said about 
them. 

"The reasons for our losses 
have been distorted, our internal 
differences exaggerated. Most 
of us are absolutely sick of these 
constant attacks.” 

The paper says: K We reversed 
the investment trend. Our in- 


vestment record was the worst in 
the developed world. Then we 
began investing so hard and so 
fast that we shot to the top of 
the world investment league. 

“Then we werebit by world 
slump after tbe big rise in oil 
prices. Developed nations were 
hit hard, and no longer was 
there money For bridges and 
boats, hospitals and homes, roads 
and railways, schools and shop- 
ping precincts. 

“Then we were bit by world 
surplus. Developing nations 
began pouring steel out on to 
the world market, as did the 
countries oE Russia's common 
market bloc. 

“We are taking action on 
imports, wc are cutting costs and 
manning, we are holding ourj 
losses, we are increasing our 
market share, we are enjoying I 
more customer satisfaction. 1 ' 


THE TUC's task in reconciling 
deep union resentment against a 
further Government wage ceiling 
with the paramount need for pre- 
election unity at the September 
congress is revealed in the con- 
gress agenda published today. 

Tbe National Union of Public 
Employees says a re-elected 
Labour Government should l-j ra- 
in it itself to a different strategy, 
whose main points should be 
included in the election mani- 
festo. 

NUPB wants more state owner- 
ship, public supervision of com- 
panies, investment policies, con- 
trols on inward and outward 
investment and a “ national 
planning centre.” to draw up a 
national economic plan. 

It wants a big increase in 
houseboilding, local authority 
control of rented property and 
public ownership of land 
required for public housebuild- 
ing. Defence spending should be 
slashed and wealth redistributed 
on a Urge scale. 

By contrast, the right-wing-led 
engineering union merely calls 
for trade union support of 
Labour,, and congratulates the 
Government on its record in 
office. -' 

Priorities 

The pay policy itself is 
attacked by most of the unions, 
although some, like the munici- 
pal workers and NALGO, the 
local government officers, qualify 
their attack. 

The municipal workers union 
says that the TUG itself should 
set negotiating priorities, while 
NALGO endorses the Govern- 
ment’s plan for annual agree- 
ments at national level on what 
the country can afford. 

Some of the other public 
sector unions are concerned 
mainly to ensure that ihe 
private sector will not be allowed 
to win bigger pay rises than 
their members- 

At tbe other end of the spec- 
trum, the miners, the white- 
collar unions TASS and ASTMS, 
the clerical civil service union 
CPSA, print unions and others 
call for a straightforward return 
to free collective bargaining. 

A number of resolutions say 
tbe TUC should support any 
union, that Lakes action against 
the 5 per cent limit of Phase 
Four -that comes into effect 
tomorrow. 

At least ten unions have put 
down motions- directly dealing 
with unemployment and calling 
for the 35-hour week. 

Welcomed 

The threat to job's posed by 
new technology, particularly 
micro-electronics, is noted by 
four unions. 

The staff section (TASS) of 
the engineering union and the 
Society of Civil and public 
Servants welcome the National 
Enterprise Board’s involvement 
in micro-processors, but say 
the social consequences must he 
studied with retraining for dis- 
placed workers. 

TASS ■ wants protection of 
society from “ further exploita- 
tion by Governments and multi- 
nationals using micro-elec- 
tronics.” 

Boyd call 
for more 
craft pay 

By Christian Tyler, Labour Editor 

THE GOVERNMENT is criti- 
cised today by one of its 
strongest supporters in tbe 
Labour movement for not allow’- 
ing craft differentia Is to be re- 
dressed outside the 5 per cent 
limit on pay settlements set for 
Phase Four of the incomes 
policy. 

Mr. John Boyd, genera] 
secretary of the Amalgamated 
Union of Engineering Workers, 
writing in the union journal on 
the eve of Phase Four, says the 
Cabinet has “erred badly in its 
judgment by its weak, almost 
meaningless," references to 
flexibility./ 

He says the White Paper is 
vague in its promise of special 
treatment to a few groups in the 
next roun4 

There should have been a clear- 
cut recommendation lo allow an 
additional* percentage of the 
national wags.? bill to be used 
for improving established and 
recognised differentials, for 
supervisors and managers as well 
as craftsmen. 

’‘Wrong policies 9 

Mr. Boyd defends the Govern- 
ment’s right to “advise.” the 
country of what it thinks can be 
afforded in wages, and warns the 
union’s L5m members that they 
will have to “live with the results 
of our decisions” in favour of 
free collective bargaining and a 
big increase in minimum pay 
rates. 

He says that the Cabinet should 
have allowed for the fact that 
“ differentials have been dan- 
gerously minimised by both 
wrong trade union policies in 
the past and recurring incomes 
policies.” 

Whatever his misgivings about 
Phase Four Mr. Boyd is likely 
to be prominent in his defence 
nf the Government at Sepiem- 
ber's TUC. for which the Right- 
wing-led AUEW has put down 
a motion supporting Labour in 
| the election and congratulating 
tbe Government on its achieve- 
ments of the past four years. 


A TUC committee has suggested 
that the Advisory, Conciliation 
and Arbitration Service, should 
he removed from the arena cf 
trade union recognition. 

The service has found itself 
at the centre of legal and 
political debate because or the 
notorious Grumvick case and 
others involving management 
unions or non-TUC staff 
associations. 

The TUC's employment policy 
and organisation enmmittee is 
now suggesting that union- 
employer recognition disputes be 
taken straight to the Central 
Arbitration Committee, which 
under tbe present system, can 
become involved only after the 
advisory service has failed. : 

This proposal follows the 
failure of two TUC-backed 
Private Members' Bills to amend 
the Employment Protection Act's 
recognition procedures, in the 
wake of the unsuccessful Grun- 
urick fight. 

The committee does not appear 
to favour any further attempt to 
strengthen ACAS' hand against 
employers, possibly because addi- 
tional legislation could bring 
more problems than it solves. 

Mr. Jim Mortimer, ACAS chair- 
man, is known to be dismayed 
at the extent to which the 
organisation's decisions have 


been challenged in the courts, j 
and at the way in which contru- 1 
versy is damaging the service's! 
good name on Ihe conciliation I 
front. j 

One uf the management unions 
with which ACAS has become 
embroiled is the TUC-affiliated 
Engineers and Managers’ Associa- 
tion, which has been bidding for 
recognition in private engineer- 
ing and in the nationalised I 
shipbuilding industry against the j 
combined weight of already 
recognised TUC unions. 1 

Tbe association published its 
reply at the weekend to a circular 
to unions from the TUC commit- 
tee, rejecting the idea that the 
Act should be amended to allow 
ACAS lo withdraw from deter- 
mination of recognition cases. 

Instead, it said that ACAS 
should be able lo make legally 
binding recommendations and 
should have legal powers to force 
employers to co-pperale in 
questionnaires. i 

It should recommend union! 
recognition if a clear majority 
nf ibe worker? concerned wanted 
it, provided that nn other union 
had bargaining rights or majority 
membership. 

ACAS' governing council of; 
nine should lie extended by the: 
addition of five independent! 
seats. 


By Our Labour Editor 

AX ATTEMPT io settle a 
journalists' pay dispute at the 
Sun. which has caused the loss 
of seven cnn&eculix e issues, 
will lie made today by (be 
Advisory. Conciliation and 
Arbitrations Sendee. 

ACAS officials will meet 
reprcscutatii es of the com- 
pany. the National Union of 
Journalists and the Newspaper 
Publishers Association this 
morning. 

On Friday, Ibe uuion’s execu- 
tive gave official backing lo Ihe 
dispute after the 220 editorial 
staff had been dismissed fur 
taking industrial action 

The journalists. are claiming, 
in addition in a 10 per cent 
Phase Three pay rise, a pro- 
ductivity deal that would bring 
the toiai pay claim lo an 
average of around £2,000 a 
year. 

Last week the paper said that 
it was not so much the size of 
the demand as the union's 
interpretation of uhat consti- 
tuted a productivity deal that 

was the problem. 

(t had not been able to devise 
a productiiity arrangement 
acceptable to the Department 
of Employ men! which did nnt 
Invohe either an increase in 
working hours or a cut in Jobs, 
both or which the NUJ mem- 
bers had rejected. 


JVoffce of Redemption 

Borg -Warner Overseas Capital Corporation 

S % Guaranteed Debentures due 1979 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of Sep* 
tember 1, 1969, under which the above-designated Debentures are issued, $2,500,000 aggregate principal 
amount of such Debentures of the foDowing distinctive numbers has been drawn by lot for redemp- 
tion on. September 1, 1978 (herein sometimes referred to as the redemption date): 

*1,000 Coupon Dcfeaatum Bearing tht Freflx letter 31 

8 2070 2923 3575 4314 5358 5986 6824 7763 8388 9020 9779 10984 '11388 12133 12934 14117 

11 2080 2925 3576 4318 527S S9B8 6925 7784 8393 9024 9781 10585 1139B 12133 12937 14134 

12 2093 2936 3595 4317 5294 5989 6826 7786 8397 9030 9737 10592 11402 12145 12939 14136 

49 2095 2941 3601 4319 5295 5990 5H29 7777 8404 9034 9803 10599 11404 12153 22940 14139 

69 2096 2945 3611 4320 5302 5991 6830 7783 84tt> 9038 9809 10614 11406 12154 12942 14140 

76 2103 2949 3612 4322 5303 5995 6G31 7791 8409 9039 9011 10616 11407 12177 12945 14145 

81 2104 2952 3616 4329 5306 5997 6838 7797 8411 9041 8812 10618 11415 12178 12948 14146 

83 2112 2955 3623 4334 5313 6001 6841 779B 8412 9048 9813 10640 11431 12179 12956 34148 

86 2114 2957 3624 4338 5314. 6006 6845 7799 8M9 9069 9816 10648 31435 12180 12962 14149 

50 2116 2960 3625 4340 5316 6015 6846 7800 8431 9070 9824 10649 11440 12182 1296S 14154 

96 2118 2963 3630 4342 5325 6019 6859 7802 8433 9073 9833 10650 11441 12184 12967 14155 

304 2120 2966 3659 4348 5328 6023 6860 7810 8434 9074 9837 10652 11443 12185 12990 14156 

107 2121 2968 3663 4349 5334 6034 6862 7311 8438 9075 9847 10654 11445 12188 12993 14158 

138 2134 2969 3664 4357 5340 6037 6866 7816 8437 9076 9851 10655 11453 12197 12996 14335 

141 2127 2993 3666 4359 5342 6040 6867 7830 8444 9077 9892 10668 11460 12211 13004 14340 

146 2133 2999 3688 4362 5351 6043 6869 7S33 8445 9080 9893 10670 11464 12212 1 

148 2140 3000 3701 4363 5355 6048 6B70 7834 8446 9089 9905 10682 11465 12213 1 

174 2148 3004 3716 4354 5373 6049 6872 7845 8451 9092 9909 10683 11471 12214 1 

186 2154 3007 3738 4366 5380 6050 6873 7B4B 8477 9103 9911 10684 11475 

194 2161 3020 3734 4367 5383 6057 6874 7852 8483 9106 9918 10688 11484 12217 13 

195 2168 3021 3736 4368 5364 6058 6875 7859 8486 9107 9919 10691 11498 12219 13 

200 2177 3023 3741 4369 5385 6059 6879 7865 8497 9108 9927 10693 11499 12225 

201 21B2 3027 2742 4378 5387 6060 6880 7867 8498 9110 9929 10701 11502 12232 

4 3745 4382 5388 6062 6881 7869 8499 9111 9932 10702 11504 12234 

9 3746 4384 5391 6065 6885 7870 8501 9113 9942 10704 11506 12235 13 

2197 3048 3759 4390 5393 6071 6893 7878 E502 9114 9947 20705 115 

3050 3771 4393 5404 6072 6897 7879 8505 9123 9949 10706 11 

3051 3793 4398 5408 8073 6898 7882 8511 9126 9952 10707 11611 12255 13 

225 2218 3055 3799 4403 5411 6100 6900 7885 8614 9129 9953 10712 11518 12256 13 

234 2240 3058 3802 4409 5420 6108 8904 7866 8516 9131 9961 10713 11530 12234 23 

335 2241 3081 3805 4410 5423 6111 69M 7887 8535 9132 9364 10723 11532 12288 13 

4 3812 4416 5426 6131 6310 7893 8533 9133 9979 10726 11533 12290 

“ 3815 4418 5430 6134 6912 7904 8539 9136 9981 10729 11536 1 

3816 4552 5431 6144 6971 7917 8540 9137 9982 10751 11537 1 

072 3818 4560 5441 6167 6 972 7918 8541 9139 9984 10753 11539 12334 13171 14471 

500 2252 3073 3821 4563 5454 6212 6975 7921 8563 9154 9987 30754 11548 12336 13251 14472 

501 2257 3075 3827 4566 5455 6221 6377 7929 8555 9158 9990 10750 11550 12340 

264 3079 3829 4571 5457 0232 6978 7933 8566 9158 9991 10764 1X551 12343 1 

892 2265 3080 3830 4572 5470 6233 69BI 7934 8S81 9160 9994 10768 11555 12347 1 

594 2268 3081 3834 4573 5479 8234 6983 7937 8582 9162 9993 10769 11557 12346 

597 2269 3082 3839 4584 5461 6241 6985 7960 E5B3 9157 10009 10772 11561 12352 13271 14496 

600 2370 3084 3843 4595 5439 6243 7032 7961 8537 9173 10017 10779 11 S62 


13035 14378 
13Q36 14406 


3849 4598 5491 6250 7035 7977 8SES 9176 10070 30791 1X572 

3856 4602 5494 6251 7039 7978 8559 9185 10126 10795 11573 

3857 4603 5500 6253 7049 7985 SS90 9192 10137 10802 11574 

3861. 4604 5502 6260 7057 7988 6593 9201 10138 10303 11575 

3862 4612 5503 6261 7067 7087 8609 9206 10143 10819 11579 

3863 46X4 5504 6269 7068 79B9 P51D 9209 10148 10827 11593 

3864 4636. 5514 6289 7078 7997 8617 92X1 10149 10829 11599 

3866 4637 5515 6298 7087 8000 8619 9212 10151 10B31 11607 

3867 4638 5516 6300 7088 800S 8621 9213 10154 10837 11608 

3870 4640 5518 6304 7089 8004 8622 9220 30156 10850 11610 

3871 4641 5525 6305 7093 8005 8627 9321 10161 10852 11619 

3875 4654 5529 6320 7103 8009 8637 922C 10163 10853 11620 

3877 4656 5530 6321 TIM 8011 B64D 9329 10164 10560 11623 

3878 4657 5533 6330 7111 8022 8651 9233 10167 10863 11633 

3880 4668 5537 6331 7244 8026 8652 9234 10170 10865 11636 

3881 4673 5530 6334 7240 8029 8656 9238 10171 10866 11663 

3882 4675 5540 6337 7250 8038 8657 9244 10174 10871 11668 

3883 4677 5541 6338 7257 8040 8674 9252 10178 10884 11672 

3884 4682 5552 6340 7258 8041 8G76 9256 10180 10885 11675 

3888 4683 5553 6341 7273 8043 8630 9258 10181 10887 11682 

3889 4684 5554 6345 7274 8055 8681 9259 10191 10892 11630 

3890 4690 5557 6349 7277 8056 8682 9260 10192 10913 11693 

3B91 4691 5558 6350 7291 8065 8663 9261 10197 J0916 1X694 

3896 4693 5561 8352 7292 8066 8686 9281 10206 10921 11698 

3900 4694 5562 6359 729 3 8068 8705 9286 10207 10924 11702 

3905 4696 5566 6360 7297 8069 8706 9287 10213 10928 11703 

3911 -4697 6567 6362 7298 8070 8716 82E9 10215 1D929 11704 

3925 4702 5563 6363 7300 8072 8717 9290 10218 10930 11707 

3927 4703 5587 6364 7302 8073 8718 9292 10217 10931 11709 

3929 4704 6600 6368 7307 8074 8721 9321 10220 10933 11735 

3930 4707 5601 6397 7308 8075 8722 8324 10231 10940 11747 

3939 4713 5602 6398 7317 8078 8724 9326 10224 10949 11752 

3942 4713 5615 6399 7320 8079 8725 9328 10241 10950 21754 

3943 4714 5616 6407 7321 8080 8726 9357 10244 10955 11768 

3952 4723 K17 6408 7323 8087 8723 9364 10253 10956 11803 

3960 5§i a kfiS S925 * 729 3389 10255 10958 i 18 ^ 

3964 4728 5621 6532 7329 8104 8730 9371 10274 10959 11804 

3955 4733 5622 6538 7334 8103 8733 9372 10304 10962 11806 

3966 •‘S® SK* 6541 2215 8107 8734 9375 10306 30974 11806 

3969 4737 5K5 6542 7354 Bill 8735 9378 10307 10977 11 BOV 

3970 4739 8637 6552 7356 8114 8740 9383 10308 10979 11 BOB 

3972 4740 5638 6561 7357 8120 8748 9383 10309 10981 11812 

3973 4743 6640 6563 7374 8121 8755 9389 10312 10983 31814 

3977 4745 5B«l 6568 7383 8122 8762 9392 10313 10394 11818 

3980 4746 5646 6574 7384 8134 8766 9394 10321 10998 11819 

4014 4754 56 50 E577 7385 8125 8774 9395 3D32K 21001 11820 

-HUS 4757 5654 6587 7393 8327 aT7a 9399 10331 11003 11824 

4024 4759 5655 6591 7397 B133 8762 9413 10351 11006 11829 

4025 4762 5677 6593 7407 8137 8783 9419 10352 110U 11930 

4026 4768 5684 6602 7410 8140 8786 9432 10353 11013 11B31 

4028 4770 5686 6606 7414 8141 8792 9440 10357 11024 11833 

4032 4771 5693 6609 741 E 8143 8793 9443 10353 11030 11843 

4040 4773 5697 6613 7425 8143 8796 9451 30363 11056 11845 

4047 4777 5699 6618 7436 SI 46 8737 M57 I03fis J10e2 JIB47 

406B 4779 5700 6640 7*45 8148 BBD3 9458 10374 11071 1184B 

IS 57 USA SIS ffSi SiH? 8810 9462 10391 11074 11853 

40B0 5707 6644 7457 8354 B816 946S 10392 11078 11854 

4067 479G 57OT 6646 7478 flj* E617 9467 10394 11079 11B57 

4077 4808 5716 6646 7479 8170 8318 946B 10399 11030 11858 

4081 4809 5726 6647 7481 El 71 B820 9469 10400 11083 11B73 

4082 4610 5733 6652 7464 6177 g&S M71 1W03 11039 11874 

4093 4811 5734 6654 7467 B1BI BiaQ 0472 10410 11090 11877 

111 8 mi fffS 312? 9473 10411 11093 11878 

4129 4318 6744 6659 7491 8193 8847 9476 10414 11096 11879 

4125 4825 5762 6660 7505 8 20 0 3853 9477 10419 1H69 U88L 

4126 4827 5765 66§S 7506 82M ggj 94BO 10421 11171 11883 

4127 4840 5772 6653 7511 8214 ^ 10423 11177 UWS 

4130 5014 5775 G668 7512 8220 jjar.O 949 L 10424 11231 11887 

4131 50X5 5779 6569 7513 6222 Bail 9497 10428 11233 11888 


12698 1377S 14857 

12699 13778 14859 
12701 13786 14850 
12704 13787 14862 

12709 13790 14864 

12710 13794 14871 


3411 415_ 
3413 4172 

3420 4189 

3421 4204 
3428 4208 

3438 4210 
3442 4211 
3447 4216 
3450 4220 
3459 4221 
2456 4222 
3467 4223 

3469 4227 

3470 4228 
3485 4529 
3487 4530 

3439 4232 

3440 4238 
3408 4345 
3497 4S4.J 

3499 4254 

3500 4257 
3503 4262 
350* 4267 
3510 4273 
3512 427.4 
3614 4282 
3518 4283 
3833 4389 

3550 4296 

3551 4297 
3558 4298 
3560 4300 
3564 4301 
3S6G 4306 
3567 4310 


5037 5784 
5039 5785 
5046 5786 
5065 5788 
5078 5791 
5083 5793 

5090 S7B5 

5091 5799 
5111 5800 

5119 5805 

5120 5809 

5121 5812 
S125 5822 
5131 5825 
5133 5»?fi 
5170 5033 
5188 S834 
5190 5839 

5196 5840 

5197 MM2 
5199 5345 
5207 5847 

5209 5843 

5210 5861 
5216 5880 
5317 5888 
5218 5889 
5221 5800 
5=22 5B95 
5226 5897 
5234 5906 
5248 9807. 
£255 5911 
5268 5960 
5263 5962 
5266 5975 


^7 6WT 
9230 8B8& 

laii 8889 

£11 H 


Sr! 8839 

25 ss» 

5££2 B909 

&9M> 

H - 4 Hr ugi*i 

Sqh 

SSSS 8914 


KM* 

S S3 
Wi 88 

P*' « BMT 
8318 Sgss 
9320 
8?-l 

8343 
W44 8944 
1047 B943 
8351 8952 
8354 law 
S3 55 Baa 
8362 8 
8370 8 

8373 8 

8374 8986 
8377 9000 
B37B 9007 
S38G 9014 


The Debentures specified above are to be redeemed for the Sinking Fnnd^fal at the WCG- 
Corporale Bond Service* Department of Citibank, N_A. (formerly First National City Bank), 
Trustee) under the Indenture referred lo above, III Wall Street, 2nd Floor, Now York, New 
York 10043 or (b) subject to any laws or regulations applicable thereto, at (he main offices of 
Citibank, NA. in Amsterdam, Frankfart/Main. London. (City Office) Milan, Paris and Citibank 
(Belgium) SA. and the main office of Banquc Gencrale du Luxembourg in Luxembourg. Payments 
at (he offices referred to in ibj above will be made by a Veiled Slates dollar check drawn on a bank 
in New York City or by a transfer to a United Stales dollar account maintained by the payee with a 
bank in New York City, on September 1, 1978, Lhe dute on which thc>‘ ^hali become due and payable, 
at the redemption price of 100 percent, of the principal amount thereof, together with accrued interest 
to the date fixed for redemption. On and alter the redemption date, interest on the aid Debentures 
will cease to accrue, and, upon presentation and surrender of such Debentures with all coupons apper- 
taining 'thereto maturing after the date fixed foe redemption, payment will be made at the <*«d l 
redemption price out of iu&ds to be deposited with the Trustee. 

Coupons due September 1, 1975 should be detached and presented for payment in the usual manner. 


Borg-Wamer Overseas Capital Corporation . 


July 31, 1978 


■V 



'Financial Times “Monday "July “31 "1978 


ineenng 


£12tm plus for Laing 


Biggs Wall 
contracts 


CONTRACTS TOTALLING more reinforced concrete panels. The of a mile away, when it is com- 
than £12 jm— for a hospital scheme will also involve con- pleted next year, 
block, dairy and industrial estate strutting a new medical gases Under a £l.5m contract from 


Cooked meat top £6fm 

plant 


Sn-SJHS" » j 3 S compound. IWwbBS the British SteelCorporabon.the S% 

Lame Construction. lahorator.es plus engineering cnmpany Is in provide the ,n- °^Z£ETS*Zl ELr-TSTn."^ & 


laboratories plus 

in "Dudley, a 419 bed hospital work and landscaping, 
black for the new Dudley 
General 

Fields Road . _ 

ElOm-plus contract awarded Le. coster's main dairy. 


and neighbouring town areas and works at Totnes, Devimjs to use 
is due to he started later this an osygen-based activated sludge 
ve , r process. This major development 

The latest work, coupled with in the holiday town will incor- 
othcr recent awards— including porate an on-silc oxygen generat- 
a two-year period mains and lng plant, said to he one of the 
service laying contract in the first of its kind in the UK. sup- 
Fgus worth around £2.Bm and plied by BOC. 
various works for water authori- The delivered volume of gas at 
_ ties and the private seefor of the works is 1.65 tonnes a day,, 
PIPELINE construction ana industry— bring the total value which meets the sewage treat- 
mains and services work worth con tracts recently awarded to ment plant’s requirements of 
nearly £3ra is to be earned out .. comnany to more than £6.5m. about 1.5 tonnes of oxygen a day. 
t»..jg S wall and Co. under ' B0C is providing support, 

contracts awarded by 


M 


the smews 
of industry 

CRENDON 


precast concrete 
structures 


CRENDON CONCRETE CO LTD 
Tharrse Rti.,lonqCrendor., 
Aytesbury. Bucks! HP 18 5 B 8 . 


Tel; Long Crendon 20348V' . 


construction 

id Lng at Outwood. Eastern Gas. The first is the « • < i 

ss JSsE St-j EEl saafc J Copmg with 

id is to be built under head office for Kirby and West, Work there will include the con- fe«f£X ftfl awa SELS m " IU S cw tET J2£d 


tv... _... _ .,_;i a 0 „-„. Construction, Wakefield, by of 200 mm and 150 mm coated 

a Eium-pu:* cnniraci awarcien Li.Ksiers mam uauj. The new strucuon of a lj-raile access A„o n< . iat p H namp« nf T i: nf ,j n ; np This ' 

by rhe West Midlands Regional milk and ‘Team processing plant road, foul and surface water Associated Dames of Leeds. seamless lined pipe, lb 


seamless Lined pipe. 

Production and storage areas valued at about £400.000 and is 


g holiday 


liquid oxygen, a combined supply 
package stated to be unique in 
this country. 

In ali. the SWWA is spendin 


“ £ 2 im worth 


£7m on new sewers, diverting iimrlr 

*" d 01 worK 


Health An'.hnri jv. This will be in Richard III Road will replace sewers, and the installation of wl T^ on the er oi£dSr *£ KSSuweeta 
u' :-ren« and in situ concre.e .he present head office in electricity, gas and Post Office S' **5? * **"2? .SLS25 5X1?“ 


iv uh Vudiiin?” nutniy of glass- Western Boulevard, a quarter services to the new development. — — 8 second contract. ^OT® 


existing sewers in Totnes 
the surrounding area, a new sew- 
aee treatment works and a Sood “ __ L nvif l 
alleviation scheme in Totnes. ||| 

The new sewage treatment 

Water plant is being constructed by WORK HAS started on 
- Brown 


the 

and 


Road work 
for Mowlem 


bridge structures. The main local water authorities and 
structure will be a 920 t't long include a project valued at over 
U-span viaduct over the River II. Ini for new sewage treat- 
Great Stour. Work is due to meat works in Gravesend, Kent 
start at the end uf August and The VJ1 , UC of a CODt r acl from 


and plant equipment on the first £2.6m. invokes a two-yeat penod cnifTH WFRT Water Plant is oemg consirucieu uy «un« xi.no < 

floor and in a single-storey build- for gas mains and service laying THE SOimt WEST water w - Unox aad wi]1 a]low for seC ond phase of Brow 
ing. Construction is scheduled which will be .earned out m the has amimunced that ^ tpd population of 26.000 Jackson’s development at Priesl- 

for completion in mid-June 1979. Ipswich. Colchester, Chelmsford its new £2.5m sewage treatment r J oom Qn site T0 dPve j op ^6 ley Road. Manchester, compris- 

cater for a further 13.000. ing 112.750 square foot of light 


i u . n „ h the Anglian Water Authority is 

•J, 1 422.000 for the construction of 

£3.. ; ni LI Til r act io — 0O-OOQ- l£e oF a sewase treatment works at 

J. vm Mmi-lem u- hui Id phase two toSler Bridge indudes Hitchin - nnd a i° h for 

"■ the Sandwich hy-pjis m East T^ ck in® and SrfaSSa 5 Tharaes Wa,er Authoriiy. at 

K. T.L SflSK £L£?n?l tt * n».02U. involves pha,e one of 


*:e\T COUNTY 
rderi 


Council has 


the 


The onlnct call? for the con- „ in be carried out during week- {Jj,* f c 'S e RodinS flo,3d aIlevia ' " -! : X: , ' : j . J 

rutiien a 24 ft wide .-ingle em] vossei?ions of the bridge llaascbenie - K , , : £- -l -P 

iiT.-viv ay. •>.. long, on atK j will i-'iart sn September with tompanj has. als-o been •■•JF • . . . rg* 

o C'.M #-idc of Sandwich link- ccmpl^tiaD anlicioatcd next ^ A* ^ contract valued at .V*. 'Jv <- ■ ft 


u the A25ri. .V_5i and A25S. jpnD->. 
is intended to relieve lltc 


next 


Mears £2m 

■en Sandwich • • T TT 7~ 

w „ r „,, blc jobs in UK 


•r.ncndeJ between 

,:;-ii!-..-.il E;-. ii».\ 

Tlii* road v. iil _ 

hlacK-lup vunst ruction and have FIVE CONTRACTS 
■: :i fi •« 'd.- i ard'Tied edm* -itrip. valued at over £2m have been South 


v.'.rk im) tides the hmlding of won by ill ears Construction. 

>u:idaiM:u^ and inrec The first three jobs are for 


p cj 62.000 by the London Borough 

of Camden for the replacement 
of an existing canal *ide retain- 
ing wall between the future Elm 
Village Development and the 
Regent Canal. 

Finally, in South Wales, the 
company is to undertake a ; 
together LJ23.U00 contract, awarded by the 

•sh ire District ! 


Pembrokeshire 


:’.ir 


Folvstvrene 


Council, for cliff protection to 
the holiday resort of Tenby. ■" 

. u. f . r • . 


i^l 

ILL 


eaas 


method of reducing heat loss is through - exhaustive tests, 
io minimise heat escape from received an A? remen t Certifi- 
wall?* and began its search for cate and has dsveh'ped it 5 own 
the- ideal cavity wall insulating injection process for the pro- 
material. duct. It claims the beads will 

It came up with the poly- find a good market in the bous- 
styrene bead, which it claims ing sector and eventually in 

provides a high level of cavity factories and commercial 

insulation and. most import- premises as well. It has already 
anll}\ preserves the original func- won a EIH7.000 contract to inject 
Til™ POLYSTYRENE bead is t:on of the cavity by permitting a DRI-FIL into 800 local authority 

t-.e*" latest participant in the 1,1,1 it«fi_ amount of air movement homes for Aberdeen District 



An oxygen-based system was industrial and warehousing 
chosen because Of the smaller accommodation. A similar 
capital investment involved and design and butid package for 
other advantages are the minimal 100.000 square feet of space at 
odours at the works and the flexi- Shepcote Lane. Sheffield, v.-orth 
bililv to meet holiday influxes. £857,000, will start in September. 
These principles are said to have Other work being carried out 
been proved by recent installs- by the company includes a 
tions by BOC at Bournemouth, £127.000 extension tn the Ynlnax 
Hants., and Charmouth. Dorset. Plant for ICI Organics Division. 

extensions at Bnltnn for 


Warehouse 

extension 


WiHiaras and Glyn’s Bank worth 
£144.000. and a new public 
house for Greenal! Whitley in 
Manchester at £148,000. 


Two awards 


keat loss 


Co. and 
Consulting 


The new Metro rail bridge over the River land Bridge and Engineering 
Tyne is now nearing completion and tomorrow Cementation Construction, 
the last piece of decking will be lowered engineers are W. A. Falrhurst and Partners, 
into position ceremoniously by Hie chairman Fallowing tomorrow’s mid-span closure of the 
of Tyne ami Wear County Council. The bridge decking, rail tracks will be krid and tile bridge 
was built by a consortium formed by Cleve- painted green. 


appjrezitiy mr\tf rending debate E ,j ay ijelie* ed most existing The product ■marjnt^cd r or 
oil w hai con>muic a the best in- insulation methods were vulner- 3o years i? claimed to he up to 
a-jlaiam material for cavity able to *shnnl:jsc and Assuring 3 q4q per cent cheaper than 


through it. 


Council. 


HUNTING GATE Construction 
h ;w just started work on a large 
extension to an existing ware- 
house let to the SU Butec divi- 
sion of BL Components at Thame, TWO CIVIL engineering con- 
Oxfordshire. Designed to com- tracts in Sussex together worth 
piemen t the existing 63,000 £636,000 have been won by Til- 
sq ft of warehouse and office bury' Construction, 
facility, the 24,000 sq ft extension Under the larger contract, 
costing around £jm. is scheduled worth £378,500. Tilbury Is to con- 
for completion at the end of struct an access road and carry 
this year. out ancillary work at the 

Construction work is taking Beecbam Pharmaceuticals plant 
place oo land developed in part- at Clarendon Road. Worthing, 
nership with South Oxfordshire Sussex. Work has now started. 
District Council, and follows on The other contract, for Craw- 
from more thaD 130.000 sq ft ley Borough Council and worth 
of building already completed £257 .337. is in connection with 
on the site by the company. the Gatwicb Road extension 
The ernup says that its built scheme and involves the widen- 
and retained properties now ing of Radford Lane and con- 
excced £lm in annual rental struction of a roundabout, foot- 
income from almost 100 tenants, ways and fencing and drainage. 


\*jiia in modern buildings. and absorbed potentially damn?- m i ne r a R ;v oof but 20 0 V.i) per 
T.iere arc apparently as many ing waler. After tests, which cent dearer than foam. It will 
opinion^ on the subject us there began in 1976. it concluded that C n st. says Eljay. between rjMI 

a.e r. 1 a tenuis and the subject the polystyrene head carried no ant j £>60 f or the average three- CONTRACTS TOTALLING Other work includes 

ha.- recently received some les-s such disadvantages and was hed detached home hut will save alm-jst £i3.5m havn been awarded and construction 

than welcome publicity follow- extremely easy to introduce to U p tn £fti) a year in fuel unis. i 0 G. Dew and Co., the Oldham- factory and office 

ing the activities of 1 cowboy the walls in question. According to Mr. Stan^Held based civil engineering and Bainber Brid r, ° 

operators whose foam-fill opera- John Stansfteld. a director of - We e::ptct DRI-FIL sales in industrial building 

Rons cast a shadow across the the company comments - ■ - ~ ‘ 

whole industry and leH many beads are inert and v 
customer' far from satisfied. into the cavity settle 

Now from Eljay Insulation, completely small obstructions by our ability 10 cope with oF EcHes efflueni treatment Vive!la~ Home Furnishings 


IN BRIEF 


im awards to G. Dew Over £lm for 

ubject the polystyrene head carried no and £lob For The average" three- CONTRACTS TOTALLING Other work includes the design VI 7^ Trt«rr./v ft Block Plant Engineering of i 
r '„! c 2 hom * ;n: l "!" «« ?lnw.t_«*n Huk been awarded and construction of phase one \V HI. 1 3 WSC oXU' vntaod at over £ie».000 


i director of “We expect DRI-FIL sales in industrial building contriwlnr I.ongton Machinery Supplies, at „ , L * 1 ' 1 ,V r vllj J 

nentr: "The the first year to reach between (part of the Royal Adriaan Vil- around C235.000: construction of f . ra . c . . r l . ^ ? 1- . 1 

when blown £350.000 and £500.000 and our ker Group of Rotterdam I. paint «iiop and modifications to L*’' n ^.varrieo I-ao o 

le to enclose growth will only be restricted Tbo-e Include reconstru-iion exhling premise? for Carrington |* r;jl11 Pl* in Regional « 


the Wuk ing- based thermal insu- such as brick ties, venlilator demand. Higher building works costing around £2.4m for Chiniey. Derbyshire, value about Servlces 


Block Plant Engineering of Ash Scotland for two warehouses 

at Govan, plus car parking and 
external landscaping. The huild- 

Prp-tnn for fr° m a number of UK concrete ings will be of steel frame con- 

cont T -ii*tnr I nn«ton VarMnerv SiimiiK -ii ABERDEEN CIVIL engineering block manufacturers for hand- struction with viny] coated steel 
coniT... mr London Macmnery buppltes. al Ta ° se has ling equipment cladding and roofing and a power 

'onr parts hv floated concrete floor. 

Council for • The Crane and Mining Divi- 
the Department of Water l! on _- Babcock Construction 


at 


aiUil \Jl uauvuin wa* w.y _ _ - ■ _ n-.i* 

Equipment, at Rochester, Kent. • 'n-IUS 1 

has received an order for five 


lation specialist, comes a devel- ducts and pipework. They can- standards in every type of enn- the North-West Water Authority, £439.000: additional work at Sul- One worth £339,309 is for an Sf^-pr .-ran« 3 vihled at nve? has been awarded two con- 
opment which promises put not shrink, settle or crack and struction rill demand ever-' and design and construction of a tom Voe for the Shetland Island extension to Bracken Reservoir, ci igWi from J. Jarvis and Sons, tracts, totalling £120.000, covcr- 


_ - . , . . , ... . , - - — d construction of a tom Yoc for the Shetland Island extension to Bracken Reservoir, nig. non from J Jarvis and Sons tracts, totalling £120,000. coven- 

, , _ Great do not have to set. In addition, mfreasing levels of insulation factory and offices for Inter- Council for £300.000 and. also at near Turriff, and the other, at ' ing the supply of piling com- 

lns'ilation Debate. they will not support, absorb or and we think we have found a national Cm ... ... 


fresh interest into the 


Eljay beaart with the assump- carry water..” 
finn tint the mn«t cost effective Eljay has 


put 


product to 
DRI-FIL demand - 


national Computers at. Ashton- Sullom Voe. a new auxiliary dis- F70.466. is for phase two of the e Scottish Equitable Life ponents to its licensees for use 

he n meet that under-Lync at a value of about trlbutlnn depot for BP Oil, Lon- Collieburn trunk sewer at Pater- Assurance Society has awarded a in major projects in Mauritius 

MICHAEL CASScLL £2.6in. . . . don, for about £460,000. head. • contract worth £350.000 to Gilbert and Spain. 



EDITED BY ARTHUR BEMNETTANB7ED SCHQETERS 


© MATERIALS 


e AVIATION 

Hydraulics will be 


O PACKAGING @ SAFETY 

Stops regale UpMstery fire risk examined Flint with 

Ojl Sliaoe' SYNTHETIC materials, espe- The researchers are careful to However, the use of latex 

* ciallv flexible fuaius. used in ordnt out that the resulta rhev mhher psvp a itnwnpriijg gf pet- W VV- vl. i v 

finish 


METAL 


kept in good trim 


SYNTHETIC materials, espe- The researchers are careful to However, the use 
ciallv flexible foams, used in point out that the results they rubber gave a downgrade ot per-. 

BOX has been doing modern soft upholstery, are obtained are only precisely formance even in comparison 

something about th* problem easily ignited and produce fires applicable to the particular with the standard foam, 

that most user’ 1 of products in which are relatively intense, materials they used and the 

plastic tubes, will have noticed— rapid in growth and accompanied specific conditions of the test. 


HYDRAULIC lot installations 
■ r,, r Tornado aircraft at two 
Km.iI Air Ff.p i' o l :ri.di:-li merits 
ar>- i:'i !■(• d«->:;nril !»;. Yickors 
II- •L'.i.rji . <•;' Swindon. 

to the company, its 
'J*'' 1 For s tn> l>p«f nf testing 
i - ;: - .- :« .'.Tea! -t-.’p fonvard in 
d .n-i.ipn-i.-ni ul uii\rjft 
- i'i.i4 'o tisi'ii'.i anil it ..ay a 
• .i-:j."\i.> 1 i- IMHTI .-.-1 i- iin\v lic- 
V,.-.- ii by major airline 


. io 


airviafi h.'drauiii: 
li.i'ii /'ini iesicd with 

. po.-ijilc lost I'lgb. 

> .‘Ui-. r.i ,i:ij pres -urea 
u.c.vai-oil ;,.r niodu-m air- 
- .u.>e i milled from 
i i.i .- i.i cv'iui: —j 
'■ *‘i*v '-::jI ii lu- Income 
*i: :-r..vi:i'e for suuu? per- 
jmi «]:recil> ir,\ olved in 
■ • i n . '.i - i leave the mmieili- 
- r.ii: \ ii.mil;.. 


va;: H-ju io a significant 
m >.:ie turn round lime of 
...l beinv serviced. iMiriieu- 
j •? til-. 1 changing of 
voninujcni.-. also 
< proiiacted running of 
tes: ri^s while Hie 
:r.s - control are eominualiy 
■.s'eii to de-.i».TJLlU Lite SyStCID, 
en certain aircraft can 
j vritid.' of u,i to eight hours, 
i* er. notse level van now 
.‘.-.n.atically reduced, it is 
■new. 

system designed and 
..lied by Vickers in the 
Aorosnace Tornado pro- 
:ioa hangar at Warlon, Lancs. 


is capable of testing the 
hydraulic systems and functions 
of up lo four aircraft simultane- 
ously. 

Vickers engineers have been 
completely responsible for the 
project, including all hydraulic 
and electrical control equipment, 
as well as the intricate under- 
floor pipe system. They have 
a ho designed and built the logic 
carrying consoles. 

The hydraulic system is 
powered by eight hydraulic 
pumps installed in a purposc- 
huili sound-proofed power house. 
High pressure oil is fed to a 
srries of six access points built 
flush in rhe hangar floor and fed 
th’-iiugh an underfloor piped ring 
main. 

The system interfaces with the 
aircraft at four small mobile 
control consoles and has led to su 
much sound reduction al Warlon 
that Vickers hive been asked by 
F.rlii'h Aerospace to fit red 
warning lights on the console to 
indicate that the aircraft coni rots 
are live, tn ihe past the nol-o 
from the testing itself was con- 
sidered sufficient warning. 

The consoles also provide 
remuie control and monitoring 
for ihe mam and auxiliary 
pumps, deaeration unli, and 
incorporate system pressure, 
icmycraiur? checks and digital 
read-out facilities. 

The system, although designed 
specifically for the Tornado has 
universal application and is 
niiju* table over a wide range to 
suit any aircraft type or mixture 
of aircraft that might occur in a 
general maintenance hangar. 


such tubes will not stay- 
in the shape to which they have 
been squeezed. 

The problem is not. in fact, 
trivial. Plastic tubes tend to act 
like a bellows and suck air hack 
into themselves. The trapped air 
can degrade the contained pro- 
duct causing colour changes - in 
cosmetics, erratic dispensing. 


by large amounts of smoke. 


Civil 


Engineering 



Smoke production varied con- 

. . , _ siderably according to the foam/ A CRUSHED and graded white I 

Rpsp-irrh inm th« ianiiinn a nH J^HufjE, 8 con * cover combination. PVC gave a calcined flint for decorative 

««^ nary noDv P0or performance while latex finishes, road surfacing and the^ 
burning chdracteristics of thes? fla-m^-relarded covers over m h bpr vne thp wnr^t nffpnripr Droduction of white concr^tp ...... .. . 

materials has been in progress standard polyurethane foam, as rubber was tbe worsl offender- JSr?S{SacS D „cSt butidinz 10 P e - ldeal decoratin 8 a " d 
for some time at the Fire used in many domestic appiica- The results show how easy it is nroducL; is now available from pr ? t ? CUng . walls exposed to 
Research Station, Borebam Wood tions, can be ignited with a to ignite modem upholstery Robert Brett and Sons Brett rain and i he r fine . grades 


and a report has now been pub- candle flame and so cannot be materials even with very gmail House Wincheap Canterbury Y e - recommended for ,ntenor 
lished. relied upon to resist ignition by flames. The Fire Research Station Kent CT1 fCante'rburv 66855)' finis " - 

In the study, cushions made of matches and cigarette lighters Eor points out that some of the com- Various decorative effects can When applied to road sur- 
ind -* tonrionrv fnr air covered by fabric were instance. binations tested (even as a be created, according to the faces it should make driving 

ana a tenoencj tor tup air ^objected to a range of seven Furthermore, interlmmgs and single mock-up chair) would have grade used and all grades have, conditions safer by increasing 

naming ignition sources of in- the new trade foams were not given only a few minutes after sa ys the company, exceptional light reflection and improving 

ervasinp thermal output to deter- observed to improve the Ignition the igDitiou time for escape weathering characteristics and tyre adhesion, says the company, 

lnme th- largest source of performance because the outer before the local environment resistance to loss of colour and Used as an aggregate with whtte 


trapped hchird the product in 
the tube to produce a small 
*■ explosion " 3t rhe nozzle ihc 
next time i; is used. 

Accord indy. ?-1otal Box has 
p reduced n dciicn Inccrporatine 
a small spicot in the nozzle of 
the tuhe. The screw thread on 
the nozzle acts n* a bellows so 


lunition which the cushion com- fabric is the critical Factor. 


bi nation could resist without the 
o.-vt-iopnienl of sustained 
bullion. either 
siiuiulderin 


became intolerable. 


Tbe subsequent rate of burning 


Nevertheless, careful selection 


iiaincd com- is dependent on the material and rtf ^ « 
flaming or It was found that flame-retarded J a J2? n ;. the 


water absorption. cement, it enables white con- 

Called Perrawhite, medium and Crete to be produced with 
large grades of the flint are said enhanced tensile strength. 


The enemy of the covers over standard foam gave F,! n m I er Jl h 016 improv * d 
d from that of a a marked improvement In this » a very 


sources ranged 


*t! a, u W n 9n . l n" * uhe >s squeered. candle burned for two minutes respect, as did the use of inter- SLaril ' a l improvement 


9 DATA PROCESSING 


the bellows flexes away from the 
spigot and a’ lows the product to 
be dispensed. But when the 
use*- stoos squeezing »no spigot 
mnvnf hack and seals the open- 
ing in the tuhe. 

Vnfor*una*" ,, \ atihovveh th 
device is suit? We for pr 
such a« cosmetics, hard 
and shampoos, it ri" not 
for tooth naste. which 
ri'cous ?Toro from the corip?»r’' 
at Frrtii,»-v B-ort Reading FG1 
3-fH 10734 5^1177). 


under the sample to four linings. ' Cold cure foams gave a The Fire Research Station is at 
crumpled sheets of newspaper less rapid rate of Are develop- Boreh.am Wood Hertfordshire 
allowed to burn completely. ment than the standard type. WD6 2BL fOl-953 6177) 


€> HORSE MOVIES 


:n * 

Film vies with tape 


A MACHINE called Ecstasy — small module that stores betting 
basically a Texas Instruments shop programs and plugs into 
TI-58 programmable calculator 


9 METALWORKING 

Cuts and 
bonds the 
components 


tbe back of the calculator. 

. . CROM has been specified in 

likely tn suit those with a deep 5tted w 11 ? a . CU5t0 “ “esa&ned such a way that com . 

enough pocket. The camera, program module— has been plicated variations of bets — ■ 
which makes use of only two introduced by Efficient Comput- doubles .trebles, block bets, each 
17 ran vidicons. will cost £L350, * n S Systems of Douglas, Isle of wav bets and “anything to 
A PORTENT of a coming mar- colour: there are 4.500 colour l ° which another £700 has to be Man, to provide answers to most come" bets— can be handled in 

kci struggle whether home lines per inch, nine times as added f ° r tbe associated tape of the complex netting aritnmeuc a single operation, with a prim- 

movies of the future are to be many as the old Dufaycolour re ? ort l er - It can be expected that experienced by bootuna ers. 

nn film or vidpotanp — was whirh was nlen arfHitiva prices will drOD as volume Dro- Te-raa believes the unit 

last 


on film 
afforded 


videotape 
week by 


was w’hicb was also additive. prices will drop as volume pro- Texas believes the unit will 

almost After exposure in the camera. duction builds up from _ a grow- become standard equipment in 


simultaneous UK announce- tbe Smm cassette is transferred j! n ? market, but for the time 

ments from Polaroid, on instant to the projector which also acts be > n E most sales seem likely to 

myvies. and Japan's JVC, on as a developing unit. The film occur in industry, 

home video. is ready for projection in about Sensitive enough to use under 


many betting shops. Its secret is 
a device called Custom CROM 
(constant read-only memory), a 


out produced straight away on 
tbe built-in printer. 

More from Texas Instruments, 
European Consumer Division, 
Manton Lane. Bedford MK14 7PA 
(0234 67466). 


90 seconds. 


Th«» Polaroid svetem Pniir w »e™nub. normal room lighting conditions, ^ ■_ _ 

vision, had its European unveil- h The L , 01 l do {! demonstration Je camera bas a 6:1 zoom lens. T^|Cff%loVC ffll* 1VJ irflsST&fi 

ing in June in Monte Carlo and ha , s rev « a L ed the t J ua!it y o f the viewfinder and a ViJ XU1 IIIC lVIIUlrillU 

was described in the Flnanrial c ?l our 1° be although defi- built-tn condenser microphone. r ^ 

Times on June 10. ninon is not outstanding and Inclusion of sound in such a 

. . , fi , lm latinide may leave some- system is almost automatic. The 
technical thing to be desired. 


BY SEPTEMBER, some 54 Har- By complementing existing 
ris 8170 display units will have remote job entry systems, the 
been < installed for the Midland Harris installation will give the 


PUT OV the market by Adcola Some additional recnmcai thing to be desired. lack of it in Polarvision mav K, W L. iMr , Harris installation win give the 

Products is a high output elec- details have emerged however. The system will be in the well prove to be a shortcoming ^“^“SSSPSSLSl rfPVPhS bank's development team the 
ironic component cutting and “jgWy * al h jj®. ^tern l s shops in the autumn and will be and Inclusion of sound is not systems, develop- sa7iog and l0l . a i computer 

bending machine which allows additiye rather than subtractive paced at about £400. likely to be announced for about 

changes In tbe lead lengths to aswuh normal transparency The offering from JVC is only two years, 
be made without the need to ■■■■ — ■ — 


© PLASTICS 

Alternative to metals 


: PRODUCTION Engineering 
arch Association ba> carried 
a survey which highlights 
increasing use of plastics as 
acetncr.i' 5 f«ir inctals. 
the survey, supported by the 
innical Engineering and 
hfnc ' Tools' ReMUii-emenls 
of the Department of 

istry, eight mum pn ? , " e ‘J 1 "E 
-striec wore covered and ba 
ifie examples «.f components 
-orted from metals to plastics 
> identified. In order of 
ilantv, the factors which 
lenctd conversion were, low 
sbt, corrosion rcststance. low 
s wear r*-si-.'tiinee and guad 
itxical insulation. 


High energy corts have caured 
price increases in both metals 
and plastics but. in recent years, 
costs of metals have risen far 
more than pta«t:r.s. For example, 
since 1973 the cost, by volume, 
of Nylon 66 has risen by about 20 
p.-r com. where as the cost of diu- 
easi zinc has risen bv more than 
25u per cent. 

i.'nmparison.-, conducted by 
PERA between plastics and 
metals, as part of it- investiga- 
tion. emphasised the >.upcrior 
properties and performances of 
plastic* which marie them the 
preferred choice For certain 
types of applications 

'lore from PERA. Melton 
Mowbray. Lcics. (0664 4133). 


UU Uv 

3ther, • the rip « 

ss 1 wo days of 
i wave energy 


change the cutting wheel. a COH^E^EMCE 
Easily moved from one produc- 
tion point to another, • the 
machine offers serai- 
operation from bandolier-1 
components. Each turn of a 
crank handle cuts and bendi ~ 
components, resulting :n an 

Jooffi’ °tS :1 A CONFERENCE is to be held 

h?n-Jh i- rTf-rt V a - lfl ‘- i-Ofibon Heathrow Hotel 

I *?'- 1 - 1 '^ d . ^ V 1 'j 11 !* c ' n >ovember 22 and 23 at which 

' ..V - ' ^ J- 1 ' «'i’ d j :flG results of the first phase of 

l len.- n ..C -1C n -J._ ar..j ihe UK lt-ave pnsm- nraidnmmu 
to :imt. 

Sym;>10 # .r:;.;i nr awmes- - li-:r 

wire length and bending width-, 
can be preduced and it is also 
ri-isd’i’e in cut the wires with- 


ment work. urae savin S ana tocai computer 

The first stage of 10 screens power advantages deriving from 
was completed io .June and is on-line interactive working, 
located at the bank’s computer Tbe other 44 units are to gn 


jfjgg jg* dirt5lu“"ta SteKML intVMiiSd-rnwta.m.tior,','! 

Tbo SBf-SSE- ,,"TSaSS"to*SHS Kg* n ^SSS v, S£Sl aSguS ? 0 ** in Cl " non 

wm^lbouTxiM in Putey the S5 )>..( 35. Bury 

SShSL ‘ P y ^ SS ■» bei °S ^ for interactive Mead Road, Hitchin. Hertford- 

%gj! B bought at to* loal Post program development. shire, SG5 1RT (0462 53462). 


More from the conference co- 
ordinator, B10 2S. Harwell. 

Oxordshire OX11 ORA (0235 
24141 ext 2536). 


out bend: ci 

Components up to 14 mm in 
diameter anr! wire diameters up 
io one millimetre can be arconi- water column; 
mndated. and a maximum over- rectifier. 
j:1 length of 6o mm. 

More from ih? company al 
Gaudcn Road, London 5\vV6LH 
(01-622 0291). 


the UK v. - ave energy programme 
wiil be reported and discussed 
in public for the first time. 

Papers will be presented on 
the four major devices that are 
being developed as part of the 
national programme: The. wave 
operaied * ducks:” wave con- 
touring rafts: the oscillating 
and the wave 


O IN THE OFFICE 


Makes a good joint 


Stops trips 
to the 
Post Office 


Office. 

The development is to be n .... 

launched in tbe UK by Hauler $ WELDING 
which will be making the value 
cards available in £100. £1.000 
and £5.000 denominations as well 

83 Also J firriw« rS *} <> i»rw»r mifhina Sma LLEK USERS of Sifbronze’s for use by garages, body shops, 
(uu io Se »“,’ , - im|,reB ° :,ted bruzius rod. ooach biildor,." ,h«l rae.ol 

card system is expected to Drove 5, L se *? te ’ , now have a choice of fabricators and in production 
Dorni “hS a *“ndy l kg pack. Cooforming line welding where it ensures a 
Sf nSd to ?ake me meter 1845/CZ6. the rod bas been fast low-distortion joint, 

to the Post Office for re-crediting JP^^Iywrated sothatthe in producing the rod— also 
In addition the machine has apped ,n s “ a11 p0ckets - available in standard 2.5 kg and 

a water heating system 
enhance the efficiency 


ensuring a measured amount of 7.5 Kg packs— the company has 
its .J n &_ s . u *??, ,ed . at tbe rigbt taken the opportunity to go over 


The conference will be restden- AMONG IHE new equipment to auxiliary self-adhesive f label o° standard metric diameters of 

tial to allow for maximum inter- be introduced at the Mailing dispenser for package franking. 1 Thp 2 and 3 m ™* 

nnri rt n industry in Efficiency Exhibition 78 wiil be Hasler is at Progress Way for br^nn milri r ^ 

engaged on a fast postal franking machine Croydon (686 0901). S y * -°-— b - S -- d - sle - el com P°- Gippint* Works. 


action 

general 


between 
and those 


nents. and particularly suitable Suffolk IP14 1E\'. 


company at 

Stowmarkei. 



1 ] 




-x, : ■ • f . . . 

r \ ■ 








Financial Times Monday July 31 197B 




e’s and Office World 


EDITED BY CHRISTOPHER- LORENZ 


CHRISTIAN KA&BACH 

approaches venture capitalism A ® J Ij a • a • "■ ^ ready put money Into 23 com- 

asss* A capital contribution from France 

safer areas of financing he Batlnnova. formed four years 

thaflt is “m o^™ in terefti n J" V activitiS" ***** m h ' S a . few ’ years bacfc menfs in five years, and now has designed partly to bring back his experience of American atti- and has made a handful of ^rks°amT^ coistructhfn Sidus^ 

and anywiy one should UanH Marbach says that four years a portfolio of around. 50 investr SDRs closer to their original tudes which, he says, are more “seed capital”- investments tries. It has decided that these 

make the effort" ^ Like virtually every other a 5° f* e was able to sell Sofin- ments. role. * positive. Entrepreneurs there where it has provided around areas harbour potential far 

European venture capitalist, nova’s shareholding in a com- Marbach’s policy is to agree a The problems Sofinnova faces are good at explaining what Frs 110,000 (about £13,000) Just considerable innovation in pru- 
Rut his outwardly mild Sofinnova is still small by pany for around eight times minority investment in a small when trying to agree the basis they want for tbeir companies to enable a product idea to be duct and technique, although to 

manner belies a tenacity and finance company and banking, cash flow, whereas these days or newly-created company, while of its investments have a and know how much money they developed before a company is date its investment record is 

sharpness (very noticeable standards. It is also involved only three to four times is being at the' same time arranging for familiar ring for British counter- need to achieve their objectives, even set up. modest — only Frs 4.25m (about 

when it is he who is asking as much, if not more so. i n achieved. On the other hand, either one of the banking share- parts. The French entrepreneur. Another difference in approach Aside from Sofinnova other £500.000) having been invested, 

the questions) which has development capital. This Sofinnova is still able to get holders in Sofinnova or one of says Marbach, is an intensely is that Sofinnova operates within group companies include Sofin- Finally, there are Sofinnova 

helped to spearhead the crea- means that rather than backing seven limes cash flow for its France’s Society de Developpe- private person who is reluctant the context of a national ambi- * ova International which has Nederland, a Dutch offshoot 

lion during the last five years a new company or process from American investments, which ment Regional (SDR) to pro- to give up any equity in his tion for venture capitalism made investments in the past with local partners which 

of a group of financing com- scratch, with no security perhaps explains Marbach’s vide additional financial back- company. He says that entre- “whereas in America, the ambi- f 0ur yeajrs totalling around theoretically aims to invest in 


Nicholas Leslie reports on a Paris-based venture capital company which has plans to expand its international operations 

ARBACH * « 

e capitalism A ^ ® J 18 A ■ #“1 A • £* 1 ready put mi 

asi A capital contribution from France s? 1 

Snanoin? h* -H. . Batlnnova. 


safer areas of financing he 

replies in an almost vague way to the next major step in his just a few years back, 
that it is “more interesting — group's activities. .... , 


parties, lead by Sofinnova SJV., provided on the money invested, 
throughout Europe and in a number of Sofinnova’s equity m 

America. It is a dedication fired investments are in companies 
by the research he carried out have at least some record 
in 1971-72, which convinced him an< * are looking for further 
that an institutional venture Soaoce to hack a new phase of 
capital system, based broadly development 
on American practice, could in common with many other 
work in Europe. venture capital companies, [ 

jf • Sofinnova has had its share of | 

Enthusiasm p f < ** ' or3 

investments it has made since Bannnova &A. 

His enthusiasm for backing beginning operations in 1972 (France) 

innovative people and com- more than one-fifth have failed etc in 

parties is dearly spreading to make the grade. The precise I |!h W l7 L 
across national boundaries and level of losses is undear, but 
perhaps his most ambitious Christian Marbach is quick to construction 

plan at present involves a cite the changing conditions — companies 

three-country link to enable a like high inflation and down- 
wider European market to be turns in borne and overseas 
exploited. Towards this end markets — that have made his 
talks are taking place between Job more difficult and thus 


SOFINNOVA’S INTERNATIONAL SET-UP 

SOFINNOVA S A. (FRANCE) 

Invests venture and development capital in innovative companies 


tion of venture capitalists is 10m (about £1.2m). though an V European country apart 
more local and they are only tteBe have c]ear | y been small from France, but which is 
interested m capital gam. says since it has made about 30 in . rather inactive, and Sefinnova 
Christian Marbach. vestments. This company Spain, where Sofinnova has 


vestments. 


companies 


Sofinnova 

International 

Uses French 
funds for 
mvestments 
in the US. 


• Sefinnova 
(Spain) 

Invests in 
partnership 
with Spanish 
banks and 
• industrial 
companies 


Sofinnova 
Nederland BY 

Dutch-based 
but has brief 
to incest in 
all European 
countries 
except France 


Sofinindex 

(France) 

Invests 
in export- 
oriented 
companies 


This is a significant point operates in association with a essentially a management role, 
since it spotlights a possible local venture capitalist, T. A. fi °ance being provided by 
factor behind the American Associates. ' local hanks and industry, 

venture capitalist's enjoyment Sofinnova's future activities 

of a closer and more involved . _ are dependent upon a number 

relationship with his entre- AltrSOtinn of factors. A key one is whether 

preneur. i«uui.uuu talks with the French Govem- 

Sofinnova avoids gettin® One of the major attractions ment about getting special 
involved in the management of Marbach sees in American ven- loans will be successful. Sofin- 
its investments, preferring (like ture capitalism is both the gen- nova is what is known as a 
most European venture capi- eral attitude to it there and the societe financiere d'innovatiun, a 
talists, it seems) to back what sreater market for new pro- status introduced by law in 
it thinks are good managers ducts. He contrasts this with 1971. This allows its share- 
and leave them to get on with tbe difficulties experienced in holders to amortise half the 
it However, Sofinnova does l aunc ^i Q S products in France, equity they invest, but, as Mar- 
try to assist in some areas. Particularly if they are techno- bach points out, this does not 
such as administration, export- logically advanced and need a mean more money for Sofin- 
ing and representations to market. It is impossible, he nova itself. He hopes for 
Government And. since it also says » t0 se ^ ®“ ch products to recognition of this by the 


MarS a ’is managing director ftEST Sofinn ° Va ’ S of enlhusiasm for the U.S. market in*. The SDRs, set up by bank* preneurs also find great diffi- STteve montWy C finInci°l the 'French Government and government and for some raone'? 

T«rt?ni<al Sofinnova itself is confined Chambers of Commerce and culty in explaining clearly what reports from ^ companies !n public corporations and this to follow. 


Tnaminl r<: p . . . ilia aunaij tv c«uii fliv/vcu- — — — — •w-. « , — — ~ " " ~ ; dt/ uim uiia Ldli UC dCflicrciu, **•*"*’ ^ auuic lira* * ivaara 

ir niSIJ" Corporation) in sofinnova’s activities, as a new process for crystallisa- French regions, raise much of put more personal capital into Regular meetings and telephone the UK). its early stages it moved into 

x ft a8n # weJ^' he M >' s - Economic recession tion of vegetable fate, a nuclear their money on the French their own companies, even if contacts are its other means of Two other active offshoots of profit by realising investments. 

tx Q r 1 “ I? (WS . G) : has curbed his ability to sell medicine data processing stock market Though they they have it, which is rare, and keeping in touch. Sofinnova are Sofinindex and But with its ability to sell 

tne wnnin venture capital so me of Sofinnova’s investment-' system, and electro-mechanical have strayed over the years into then, when they have benefited The average amount of invest- Batinnova. The former, equity stakes curtailed by the 
concern which has the backing in order to realise funds for products. Its present capital is providing term loans rather from the injection of outside ment Sofinnova aims to make is launched just two years ago, in- poor economic environment, it 

ot some -■ major German banks, further investment and. even Frs 58.5m (£7.3m> and the than venture capital, an initia- capital, do not want to be sold from around Frs 500.000 (just vests solely in- companies with must be more difficult to realise 

Although' these talks are at a where sales arc achieved, the total amount it has invested is tive launched by the French when Sofinnova wishes to realise under £60.000) to twice that high export potential. It is pro- sufficient funds each year, and- 

very early stage, Marbach amounts realised are poor in around Frs 50m (£6J25m). It Government in early 1976 to its investment figure. However, it has gone viding what is essentially de- so maintain an investment 

appears to view them as the key comparison with those available has sold about 20 of its invest- encourage small enterprises was Marbach contrasts this with well either side of those sums, velopment capital and has al- programme. 


THE MANAGER of today is 
much more willing to change 
jobs and move house to get on 
in his career than was his pre- 
decessor of ten or twenty years 
ago. He — for they almost all 
arc he — describes himself as 
highly ambitious, seeks ** chal- 
lenging and enjnyable ” jnbs 
and feels the need to influence 
and innovate at work. 

Although he is naturally keen 
to cam more money, respon- 
sibility. influence over the way 
things are done and the chal- 
lenge of his job arc the real 
things which motivate him. 
according to a fascinating sur- 
vey' published today by the 
Bi :ti-h Institute ol Management. 

Twenty years ago. according 
to a survey conducted then. 34 
per cent of managers: had spent 
liieir whole career with one 


firm; now, according to BiM's 
latest research, this only applies 
to 13 per cent of managers. At 
the other end of Che scale 37 
per cent of today's managers 
have had five or more employers 
compared with 13 per cent iu 
1958. 

The survey also shows that in 
the last ten years just over a 
filth of the managers questioned 
had been offered a change of 
job that would also have in- 
volved moving house: about a 
quarter of them refused to 
move. 


Why managers prefer a challenge 


At all costs 


Inevitably it is the younger 
man who is more prepared to 
move. In the last ten years the 
survey found the number uf em- 


ployer changes made by 
managers aged between 30 and 
40 was nearly three times that 
of the group aged 50 and over. 
And half of the over 55s had 
changed employers at least onre 
in the last ten years. 

As for moving house for a 
job change the BQI found that 
the majority of managers are 
at least prepared to consider 
such a move. Only 4 per cent 
declared that they would avoid 
moving home at 2 ll costs and 
20 per cent expressed a prefer- 
ence' for staying put. 

An. interesting aspect of the 
survey is its study of managers’ 
attitudes and what motivates 


them. Eight out of ten are con- 
cerned with “career success” 
and a similar proportion said 
they preferred jobs which test 
their present abilities rather 
than those which they are con- 
fident of doing well. Even six 
out of ten managers declared 
that, forced to choose between 
a job they liked doing and one 
that paid well, they would opt 
for the former. 

There was also a strong need' 
on the part of the managers to 
influence and innovate at work 
but as the survey's authors. 
Yvonne Guerrier and Nigel 
Philpott, point out; “The desire 
to influence the way things are 




run - at work is not usually 
taken to its logical conclusion. 
Only a fifth of the sample ex- 
pressed a strong desire to run 
their own business.” 

Asked to list three things 
which would add to tbeir satis- 
faction from life the greatest 
number of managers said they 
wanted — wait for it — yes, more 
money. Next, and in roughly 
equal - proportions, managers 
listed such aspects as more 
leisure ’ time, a change in 
society/government, more job 
satisfaction, more responsibility, 
and more travel.' Interestingly 
only 2 per cent mentioned job 
security. Four per cent, though, 
wanted greater recognition of 
the worth of management 


Putting the desires of 
managers into context Guerrier 
and Philpott note: “Almost a 
third of the factors which 
managers seek to improve are 
related to their work or career, 
while only 16 per cent of the 
comments concerned money, 15 
per cent leisure and 11 per cent 
families." 

Demotivated 

These results, they note, are 
similar to another recent survey 
on management motivation 
which had concluded that a 
sizeable minority of managers 
were demotivated because of a 
decline in tbeir standard of 


living. 

Young managers appear to be 
more ambitious and more will- 
ing to take' risks than their 
elders, rather as one might ex- 
pect But after the age of 30 
there is no relationship between 
age and willingness to move 
home. Young managers though 
like to take risks (58 per cent 
said they did), prefer things to 
change quickly (67 per cent) 
and do not feel a need for job 
security.’ Also 56 per cent said 
they did not feel an obligation 
to the firm they worked for. 

Younger managers were more 
concerned about reaching the 
top. “ perhaps because they 
have not yet realised how com- 
paratively difficult it is to pro- 
gress in the later stages of a 
career when promotion is less 
frequent," note the authors. 

Similarly 60 per cent of the 
under 30s believed a career 


could be planned while only 43 
per cent of the 30 to 40 age 
group held that view. 

On the subject of family cir- 
cumstances the survey found 
that 43 per cent of managers' 
wives are in paid employment 
although 79 per cent of 
managers consider themselves , 
to be the main breadwinner. In 
the under 30 group. 44 per cent 
of managers said that both their 
own and their wives' salary was 
essential. 

'HIM Management Surrey Re- 
port No. 39 — The British Man- 
ager: Careers and Mobility is 
available from BIM Publica- 
tions, Management House, Par- 
ker Street, London, WC3B 5PT 
al £7.50 to members, £15.00 to 
others. 


Jason Crisp 








SNAM S.p.A. (Eni Group) Milan— Italy 

ANNUAL REPORT 1977 

The main activity of SNAM is the purchase, transport and marketing of natural gas and the 
operation of the gasiine network in Italy. SNAM also operates oil pipelines, owned by SNAM itself 

or by other companies controlled by ENI. 

SNAM also owns and operates a fleet of 21 tankers. 

The following is an extract from the Annual Report for the year 1977. 

SNAM's activity during the year 1977 

rv,.no 1 677 SNAM met approximately 16 % of foe national energy demand, thus covering about 26% of the total industrial needs and 24% of the 

SKSariit vear me number of customers connected with the SNAM pipeline network throughout lhe national temtoiy reached 4403 units, of 
.. v. -.. -lj-i-i ., nvjjor industries i£4S munrcipai networks and 186 important domestic customers. 

important mremational projects, i.e. the Nerhertands-haty and USSR-Uaiy ppefines, enabled the company to 
natural qaHvailab.i.ty. when m 1977 reached* total o: 25.7b.lwn cubic mettsjhe national producton reached 1Z7 
UHlsmnmn'S inULSOT I«W rwiun*. HO. £ . icod marhert 5 Mlinn raiNe rnAtrns nnri 4.0 hfflkm taihir molm* ras»»ethre4ir awl 9 R 


w^^Vnrt5«21.tahi>CTS aoJ has, a D.W. Capaary ol 2^08.000. equal to approximately 30% of the total capacity ot medium and large tonnage 

Wmhtod 40.7 million tons of crude oil and other oil protkicls of which 222 mfflion tons were conveyed by to own fleet 
Transport by ori SSSjbSScS £ and otter oil products, had an increase of 14.9% In respect ot 1976, reaching a total ot 26^ mffion tons. 

Balance Sheet of the year 1977 ' . . 

. , n „ nr ., nr -jiHnuMT 1077 ware 1600 billion Ure, an increase of about 33% in respect of 1976. 

TtaSSs^’fho year snowed, as in the past. 3 Wgh degree otseK-Rnandng with an increase of 24% in raped of 1976. 

Tno so#-hnananc ro3ct»d 77% of 

At tho end ol 1977 the Company's wn0en 65%. 

33 1976 was raafized by means of the cash flow. 

expansion programmes and to o rdg to q apewith toe in creas in g dotnretlc demand ofnahaal gas. SNAM entered 
i977 pro ^awtartfie purchase o! 12 J 6 biSon cubic metres d natural gas per year 
ovo'r apc^ia to* 8 TransmecSteronean pipe*®. The 2500 km pipeline 

from who"’ *t vn« km-acro*s Sicily. 15 km across me straits of Messna (here the maximum depth is 360 metres), 

throu..h B.itv is dndM VSnRSne northwaixb to reach the Po Valley pipeline network. 

720 km .urn*.. Seiflhem Km ^upto Rome. ^30 km be a total of 8 compressor sum along the pipelne. 

E'-’W**? «* Stra<ts of Messina w* star: during 1978. 

in. ■ t.-st Ptv;v* o' Uwngmc * '**££££ Caaoro So ol SA1PEM. launched in Trieste on July 22 1 978. 

££ *S coSrurtion ol the p^eltoe during the period 1976-1984 6 in^ rai^ of 2400 baton ^ 60% of which is 

ipti".'4tfd ai UAf. 

PRINCIPAL economic data about the company 

— * ' 1975 1976 1977 


Capital Stock 
— - Shjio Capital 
— Reserves 

Revenues _ . 

Rt--.ii Property. Plants & Equipme nt 
A^aued Dpptooahan and Amorti=3iton 
Dr. pii>aation end Amortisation of the yoar 1977 
Labour Cost 

Empwees fun*l 

PipoiUK> network IWhi 

s* ““ tv Snffn pipciii 


200.000 

151.843 

739,838 

1.130,810 

534JH3 

74.019 

75,969 


Pipouno network l km* 

■ Vonatton due to the wnster of some activities to ot*** company^ 


in million lire 


200.000 

179.672 

1200.184 

1384.751 

715501 

192374 

91^21 


5.500’ 

13204 

25.104 

22982 

42.787 


200000 

182301 

1.600,587 

7.516^64 

918,009 

208^55 

84.895 


iFortUator 

EsSnSniOiofCififanii 
7. literrwxraj Business Mach. 
aCuttOI 
9. General Eledric 

l^Me^rtanal TeL&TaL 
12.5tanterriOi 

13. Atlantic Richfield 

14. Shed 03 

15. US Steel 

16. 2 Ldu FtontdeNamoue 
17. Continental Oi 
laiMotem Electric 
laTennet® 

20 Procter & Gambia 
2L Union Carbide 
22 Goodyear Tee &Rubbw 

Ikcst 

26, hbstm^tiuse Electric 

27. Ocackmtal Petroleum 

2&1r*maUorol Harvester • 

29 Eastmen Kodak 

30 RCA 

3LRDdt*eflWem*fiond 

’ssssrjau 

34. Urrited Tedwotoaes 


■ia 

.40 General Foods 
4L R.J.Rwnokis Industries 
42As««i04 
-41 LTV 
-,44.Uonsanta 
,46b Amerada Hess 
■46. FTrestone Tire A RAber 
AJ. C*jk Service 
4|l4ar3ttwi0a 

50 UMng&Mts. 

51. WR Grace 

52. F^Sc Uoms 
53Gre?wjncI 

5&GeorE»^Cife 
g.lnlematenal Paper 
» Contmental Group 
a. Gulf & Western Industries 
SC. Deere 
fLCoceCota 
62ArmcoSted 
eapapsco _ . 


65 American Can 
62 Champion Wemefaal 


issMSssr 


iChc mcal 
son & Johnson 


7. Ccr&cZ&i ed Foods 



94. Mand Steel 

|!&i 

lir^l 

,9a.PPGlndusia 

lOL United Brands 


101 American Cyani mid 
1 02 . Burth^on Industries , 
103 FMC 

1W. Reynolds Metals 
105 Cams on 
ICfeCeiamse 
107 Boise Cascade 
108. Crown 2eUerfaadt 

110 AnWOT Motors 

111. 8 P. Goodrich 

1 12. Teledyne 

JI3.BnstoHty*S , 

114. Kaiser Atumwum & Ctereal 

1 15. Central Soya 


llOKerr-McGea 
117. Standard Be 


Standard Bonds 
Nabisco 


120 Inpreolt-Rand 

121 Eaton 

122 Gener#Tre& Rubber 

123 Burroughs 

124 Teas Instruments 

125 Combustion Engneering 

126. Pfizer 

127. BorgWaroer 

123 iwo Beef Proceffiois 

129. St. Regs Paper 

130 Whirlpool 

13L North American PWHp6 

132.Batxxck&W4coK 

UlNorttwesttad^ilas 

1 34. !C Industries 

135 H.J. Heinz 

136Anheicer8tiSch 

137. Motorola 

135 Mead 

139. Emerson Electric 
ldOFiuehiuf 

141. Dm 

142. American Standard 

143. Campbell Soup 

Simon 

145 KunberiyOark • 

147. Merck 
14B. Hercules 
149. Avon Products 

150 Associated Uflk PnaduaWS 
15LGotdd 

152 American Broadcasting 

151 Northrop 
154. Dart fndjs&ies 
lbOAgway 

155 Ogden 
157. Gi ate . 

155 NL Industries 
lbOkteco' 

1 GO Levi Straw 
161. Grumman 
162 Quaker Oats 
163-X P. Stevens 
164.Alt»Chalm« 
165-KeBoEg 

166 Diamond Shamrock 

167. CoB Induces 

165 Scott Paper 

369. Eh Lilly 

170 Control Data 

17LDel Monte 

172 OMensConiinBFSnAs 

17awUerKdde 

174.01m 

175 JohrrS-MamrSo 
175. Pilsbury . 

1 77. Martm Barietta 
175Crtartor 
179.6m Walter 
MO Paccar 

.131. Land Olikes _ 


! 37. Squibb 

lsastudeteta Worthington 


200 AMU 1 ah o ataa t 


201. WifHMiB Companies • ■ 
202 SbuSer Chemical 
^.fehrn&Haas 

205 Msrmon Group. Inc. 

2C6 Emhart 
207 Foster WheHer 
20ft Oscar Mayer 

209 Genesco 

210 Staring Dreg 
21 L Heubtem 

212 US. Gypsum 

21 3 Teaaro Petroleum 

214. Warner Communications 
215 Renton 

215 Chromaky American 
217. Upjohn 
2iaCrane 
215 Times Minor 
220. Murphy Oi 

22L Doming Glass Wbrte 

222. A.ELSSley Manufacturing 

223. Geo. A. Home! 

224. Armstrong Cork 
225 Union Camp 

225 American PetmTma 

227. Tosco 
225 Pet 
229. GAF 
Z30 Polaroid 
23hD&2i Equipment 

232. G3dK.st 

233. Crwi Cork &Sefll 

234. Sunbeam 

235Ason3> 

235 McGraiaEdison 
Z37.SherwiivWiT)£ims . 

235 Joswh E. SeasSm&Sons 

239. c5fe&Ca*e 

240. MetftOYj Ludtum Industries 

241. Wesrvaco 
242 Brunswick 
241Zwyrh Radio 
244.MBP7L 

245 Da mono brlematimal 
245 LiBbeyOwens-ford 
247. National Cao 
24ar«*en 

249. Whre&wPirtsburtfi Sled 
250 Phelps Dodge 
25LAmsar 

252. Andenon. Clayton . 

253. Air Produds a Chenecals 
254.ScherinscPlo^fi 

255 Uruted 6ei53rrts t Mfrs. 

256. Jos. Seta itzBrewmg 

257. Commorweaai04RelWng 

258. Kan necott Copper ■ 

259 Great Northern Netaosa 
260-Eftra 

261.Aireo 


263. Evans Products 

264. KanfrM Ster 

265 Brown Gnxm * 

266 MCA _ 

267.Bb*Befl 

26a Clark Oi & Refining 
General Signal 
27Q,Ctort# 

27L Lone Star Industries 

272. Mortm 

273. International Muttifoods 

274. G-D.Searte 

275 Batter Traverd Labmotories 
275 ractsrdsoriMerea 

277. PonrmSt 

278. Retonce Eterirk: 

279 Certavnead 
2SO UfffUGnxo 

SSL’riigf FWrfjjpejsfl 

221 PAdWtotlklf _ . . 


287.SL Joe hbieals 


294. Naoonal Gypsum 


300LCarboruidum 


301. Bator IrfemaKonaf 

302. ACF industries 

303 Soeny A Hutchinson 

304 EaaemGasA Fuel Associates 

305 Potlatch 
305Hanco 

307. Cooper Industries 

306 Joy Manufacturing 
309 Rextihold Chemicals 
3lOScoriu Manufacturing 
31 L Hen hev Foods 

312. General Host 
311 R.R. Donnelley &Sons 
314. McGraw-Hill 
315 t«w Steel 

Issir 

3iaMoftasco 
319. WUbmdte Industries 
32Q Teaanseh Producs 
321.Cydops 
322.SunjfcU3nd 
323. Harris 
324.0uttmrd Manna 
325. Anchor Hocking 
Startey Works 
3T7.AlunUK 
32B.Bems 

329. AMP 

330. CF Indudnes . 

33L Witco Chermtal 

332. Spencer Foods 

333. General CaMo 

334. Cessna Aircraft 
335Square D 

335 Southwest Forest Industries 

337. Chicago Bridge & Iron 

338. McrttxvMorweh Products 

339. Consiatawd Aluminum 
34Q Pitney^Mes 

341. Indian Had 

342. Cram CemraJ Peboleim 
343tnmont 

344. Revere Copper A Brass 
345 Addresswapri-Mull^raph 
345 Becton, Dcionson 
347. Addpli Coon 
L4S Hoover 
349 Ctoett Peabody 

350. Federal C& 

351. Flint>i0lc 


263. Norm 
354.GAIX . 

355 Pa bst Brewing 
355Nenmontktrnus 
357. UV industries 
358 Cabot 

359. ThomasJ. Upton 
3bO.D3vco 

361 t5rtelnd*Mes 

362 Dampen Spark Ptog 
363A-TO 

364.HartSchalfnerAManc 
365 Bangor Punta 
365 Reovncd Enterprises 
367.Natomas 

363 Gannett 

369. M. Lmrendem&Sons 
37ClBucyius£rre . 

37 LAmsted Industries 
37Z Superior Oil 
3 73- Sawn Industries 
374. Fsimort Foods 
375Shefler-Glot* 

375 McLouth Sleet 

377. ConAgra 

378. Cincmnati MKacron . 

379. National Service Induriries 

3SO.UAPCO 

381. CuUer4tonmar 

382. Great WBsftrr.Un?rf 


387. Porter- Hannifin 

S6NVF 


,394-Pewey 


4CaTwasgulf 


4D], Wheeiabrdar-Fiw 

402. MJes Lotmtones 

403. Green Giant 

404. American Bakeries 
405 UK. Porter 

405 Hobart 

407. Wallace Mimav 

408. Eaci^Picher Industries 

409. Mabnd4te 
4taVF 
411.Questor 
412SimmoTO 

413. Envirolech 

414. HarniscWeger 
415 General Instrument 
4 15 Coffins &Aikroao 
417. General Cinema 
415DPF 

419. Mill tndttines 

420. Fakchid Camera & first 

421. Kell wood 

422. SioWjrA&n Camp 
423-Tefttrtaic: 

424 Masco 

425 Hughes Toot 
425Memore!i 
417. Ball 

42B. Ouaker state Oil Refio'ipg 
42CLEx-CeW) 

430. Thiotol 

43 L Nalco Chemical 

432. MasrnBe 

433. Wart Foods 

434. H.P. Hood 

435 Washington Ftost . 

435 Cameron Iron Works 
437.PeriunElmer _ . 

435 Lcuriana Land &L rp teatka 

439. US. Filler 

44a Avery International 

441. Feno 

442. Beech Aircraft 

443. Re Merest Mills 

444. Amiet 

445 Hamer Bad & Bearing 
445 Hanes 

44 7. Bluebird 
■Mg. Dover 
449. Nashua 

4 51 Do» Corning 

461. Jonathan Logan 
452 Gerber ProduclS 

453Congoleum 

454. Inf NO) 

455 FavchJd Industries 
4E5Wm.VW«ieyJt 
457. Federal Paper Board 
455 fill and Comaner 
459. Pacrfic Resources 
46aScottfiFet£tf 
461 Globe Union 

462. Peabody Inlerrational 

463. Cdumba Pictures Industries 

464. BnggsiSlraUDn 
4® Coftlndustnes 
466 Befto Petroleum 

467. National Semiconductor 

465. Mata , ^ 

4ta. HoudaiBa Imfiotries 
jraWaraaco 

471. Rotier 

472. Handy £ Hamm 
473 OUn trail 

474. Westmoreland Coal 

4 75. ffausch £ Lomh 
475FG&G 

477 . varian Associates 

478. Maryland Cup 

479. Amencan Chain ACaMs 
430 Johnson Comm* 

481. Uidand Cooper 

4E?. Ha rcourt Brace Jmflfavich 



505 McCormick 


When you consider that more than half of the 
biggest U.S. industrials do business with Marine 
Midland, you get a good picture of how big we are. 

hi fact, ourdeposits total $9.9 billion, with $2J5 
billion in personal savings. We Ve got 5641 million in 
capital and reserves, and sssets totaling S12J. billion. 

As much as these numbers tell you, they don’t 
say weVe been a major money center bank for many 
years. Which means weVe got enough experience in 


loans. And manage major international credits. We can 
also assist in generating funds in other capital markets, 
through our associates. 

Of course. Marine Midland has the facilities to 
carry this out With our base of international operations 
in New York City's financial district, we have 300 
branches throughout the state, and key people in 22 of 
the world’s major financial centers. 

Some people may not expect aB this from us. 


foreign exchange and foreign currency management to But after aQ, Marine Midland is the 13th largest bank in 
generate major money transactions, lb provide direct the United States. 

MARINE MIDLAND BANK@ aafignTBs as tfMardi 31 , 19 % 


n * 




s 

LOMBARD 


The right terms 



BY HUGH OSHAUGHNESSY 


‘■IT'S WHEAT I would call collec- 
tive colonial i.-m." said the charge 
d'affaires nf a country which 
shall rc-nuin nameless yesterday 
at lunch. Now the charge 
d'affaires :» anise and perceptive 
man whoso acfiiiaintance I value 
very highly tiiuuuh we differ on 
pniiiical issues. He is not given 
in Latin hyperbole and I always 
Take what he «iys with the 
mm oat seriousness. Ho was talk- 
ing shout the process through 
which the dot eloped countries 
.ire mo re and more dictating the 
conditions under which they lend 
:iu i net m the developing world 
and lie was. as always, talking 
si*n*e. 

-That's quite right." added 
the man fruni Whitehall, “but 
ii> inevitable, and the case of 
Zaire has proved it. The 
economy of that country is in 
such a mess no foreign govern- 
ment is going to risk its tax- 
payer*' money with the admini- 
stration in ' Kinshasa unless 
there's some reasonable hupe nf 
influencin'.! internal policies 
towards reasonableness." 

“Yes.” said the charge 
d'affaires. *’ that's all very fine 
but. leaving the special case of 
Zaire apart, why should wo 
developing countries take what 
the international financial 
institutions and your govern- 
ments say as gospel? We want 
to run our own affairs in our 
0'iin way." 

*■ No one is slopping you 
running your affairs in your own 
way but don’t necessarily expect 
•»ur helu if \ou don’t lake our 
adtice." countered the man front 
Whitehall, 


are being made available to the 
countries of the Caribbean. The 
arguments are not heard exclu- 
sively in Ihe West either, Chile 
under the late President 
Allende and Guyana under the 
current rule of Premier Forbes 
Burnham made approaches to 
the Soviet Union for assistance 
at critical times which were 
turned down. 


Reasonable 


Assistance 


1 have quoted this exchange 
because I think it typifies well 
an issue which is going to 
debated even more holly in Che 
future Uun it has been in the 

pa it. 

l! is or course the case that 
for year* past many politicians 
and <’Conoiuu%is in the poorer 
countries have railed against the 
term? imposed by the Inter- 
national iinnotary Fund in 
oxchange fr*r its credits. They 
have argued — and in iho ca*e of 
Peru, for instance, still argue— 
that the deflationary policies 
imposed 1>> the Fund arc 
unrealistic and unfair. 

The argument, however, is get- 
ting much wider than the policies 
of the Fund and is embracing a 
great rangr of financial trans- 
fers. from the money which 
flowed into Portugal to assist the 
c. re :ie of Premier Mario Soares 
to the special facilities which 


The refusal of Soviet assistance 
to Allende was a major contri- 
butory factor in the fail of his 
government and is no doubt 
weighing heavily on the mind 
of Mr. Burnham today. 

An example of Western think- 
ing is given in the case of the 
Caribbean where under- the 
newly agreed credit facility, 
which is administered in close 
collaboration with the Inter- 
national financial agencies in 
Washington, recipient countries 
have to undertake to give reason- 
able opportunities to private 
business. What is “reasonable” 
is decided in the last instance by 
the international financial 
agencies. 

The fact that a debate has got 
going about the legitimacy or 
otherwise of the richer countries 
imposing conditions when giving 
aid to the poorer ones is in my 
view a very positive develop- 
ment. 

Given that some conditions 
are bound to be attached to any 
transfer of resources between 
two governments 1 am keen that 
whal reasonable men would con- 
sider to be the best set of con- 
ditions are agreed on by donors 
and recipients of aid. 1 certainly 
don't want my tax money to go 
ro support the economy of SIo- 
bodia if I know that the 
President of Slobodia, already a 
millionaire several times over, 
has the right under local law to 
51 per cent of shares in any 
enterprise which benefits from 
foreign financial assistance with 
his economy minister having a 
right to a further 25 per cent 

But while conditions should be 
agreed which would stop this 
sort of tiling, conditions should 
nm be imposed which effectively 
give countries the choice of 
doing without assistance or 
accepting a regime of austerity 
which could only be enforced at 
gunpoint. There must be a 
middle way, based on an under- 
standing of the recipients' need 
by the donors and on the reali- 
sation by the recipients that they 
must convince not merely 
governments but the electorates 
who give the money that it will 
be well spent. 


THE WEEK IN THE COURTS 


Ways of speeding up 
commercial arbitration 


ATTEMPTS to recapture for 
the City of London the inter- 
national business in arbitra- 
tion as a means of resolving 
commercial disputes were 
given a boost by the recent 
report* on Arbitration by the 
Commercial Court Committee. 

The Committee, which makes 
recommendations urging swift 
legislative action, was chaired 
by Mr. Justice Donaldson and 
included all the judges of the 
Commercial Court. 

The pressing need for reform, 
before links are irreversibly 
formed with arbitration 
tribunals abroad, entails the 
need to provide a speedy 
appellate system and to allow 
parties to contract out of any 
appeals system. To those ends 
the Committee makes a num- 
ber of specific recommenda- 
tions. 

In recent years the stumbling 
block to greater international 
use of arbitration in England 
has been tbe way the courts 
have applied a provision in the 
1950 Arbitration Act. Under 
section 21 of that Act an arbi- 
trator may (and, if so directed 
by the High Court, must) state 
his award or part of that award, 
or any question of law arising 
in the course of the reference, 
in the form of a special case 
for the opinion of the High 
Court An award in the form 
of a special case rarely gives 
any reasons for the arbitrator's 
conclusions of fact or for any 
tentative decision on questions 
of law. It is thus wholly 
different from a reasoned 
award. 

It is the general pattern of 
awards in England that they are 
given without reasons. This is 
in striking contrast to arbitral 
awards held under the laws of 
most Western European coun- 
tries. The giving of reasons 
there is obligatory. 

The English tradition of un- 
reasoned awards has been fos- 
tered by section 21, which in 
terms gives the arbitrator a dis- 
cretion whether or not to state 
his award in the form of a 
special case; it also gives the 
High Court the discretion 
whether or not to order the arbi- 
trator to do so. Whenever any 
real point of law arises, arbitra- 
tors have tended to use the 
special case procedure. And the 
High Court has encouraged that 
practice, even where there is no 
great sum of money in dispute. 


BY JUSTINIAN 

and where no point of general 
importance is involved, or where 
the answer is reasonably dear. 
The effect of that judicially 
sanctioned practice has been to 
lengthen the arbitration pro- 
cedure to such an extent as to 
defeat one of the primary pur* 
poses of businessmen -preferring 
arbitration, to litigation. 

If the courts had been more 
willing to allow points of law to 
be dealt with by arbitrators — 
many of the leading arbitrators 
in the City of London have the 
ability and experience to dis- 
pose of all but- the very knotty 
points of law that might require 
high judicial expertise— much 
of the problem would have been 
solved. But in 1973 in Halfdan 
Grieg and Co. A/S r. Sterling 
Coal and Navigation Corpora- 
tion and anotherf the Court of 
Appeal reaffirmed the very 
English rule that when parties 
agree to arbitrate it is on the 
assumption that any point of 
law can, in a proper case, be 
referred to and dealt with by 
the courts. This reflects tbe tra- 
ditional view that arbitration in 
England is a mixed procedure, 
with layman and lawyer comple- 
menting each other's expertise. 
Most other systems of law adopt 
the philosophy that parties, hav- 
ing chosen their tribunal, must 
accept its decisions. 


Solution 


Thus the attempt to put a 
brake on the frequency with 
which the special case pro- 
cedure is invited — very often by 
a party seeking to put off the 
evil day of paying under an 
arbitrator's award — failed. 

The Donaldson Committee’s 
solution is both simple and 
sweeping. The system of review 
by the High Court based upon 
tbe special case procedure 
would be replaced by one based 
upon reasoned awards, as in 
other European States. Appeals 
from arbitrators to the High 
Court would only be on points 
of law. and would be restricted 
to the cases where either the 
parties agree or the High Court 
gives leave. And tbat leave 
would be given only where the 
point of law in issue would 
affect the rights of the parties 
under tbe award. 

The Committee justifiably con- 
siders that these proposals 
would mean Quit parties suc- 
cessful in arbitration proceed- 


ings would be able to enforce 
their awards speedily. Unsuc- 
cessful parties would be' able 
to obtain relief against an im- 
pugned award in the compara- 
tively rare cases where the 
arbitrator misapplied the law 
in a material respect, but would 
be deprived of the opportunity 
of avoiding or delaying their 
obligations by procedural de- 
vices. 

Tbe allied problem that the 
Committee went oh to consider 
was whether the parties to arbi 
tration can ever agree not to 
go to the courts on an arbitra- 
tor's award. The case-law on this 
subject has established that 
there should be no sphere of 
national activity in which the 
Sovereign’s writ did not run 
that there should be only one 
system of law for everyone, and 
that those who were commerci- 
ally weak should be protected 
against those who were com- 
mercially strong, in the courts 
of law. In two respects the 
Committee recommends that 
this entrenched right of appeal 
to the courts ought to be 
modified. 

First, in the case of all types 
of arbitration agreement there 
shall be no entrenched right of 
appeal in relation to particular 
disputes once those disputes 
have arisen and have been 
referred to arbitration. The 
ousting of the court's jurisdic- 
tion by a blanket agreement 
reached when tbe contract was 
made and before any dispute 
had arisen would remain sub- 
ject to the rule that a right of 
appeal is entrenched. At least 
that would be so where the 
contract was governed by 
English law. 

Contracts governed by foreign 
law which provide for arbitra 
tion in England would, however, 
permissibly not be subject to 
the entrenched right of appeal, 
though of course the parties 
could agree to opt into the 
English court procedure. 

By these recommendations 
the Donaldson Committee adds 
a powerful voice to those 
clamouring far a very greater 
share of this profitable business. 
One estimate of the loss result- 
ing from the existence of the 
entrenched right of judicial re- 
view, and hence the arbitrations 
being conducted elsewhere than 
in England, have been put as 
high as £5 00m a year. 

•BMSO CmncL 7 284 

If 1973) QB 843 



■\ Indicates programmes in 
black and white 

BBC \ 

C.4» am upon University (Ultra 
Hil-Ii Frequency nnlyi. 9.35 Pail- 
diiiuti'n. Ili.iiil .lack.iiwry. 10.15 
Tar.-an. *S1».S5 Belle and Sebas- 
tian. 11.25 Cricket: First Tot— 
Tiu- Curniull Insurance Test 
Series. Kn eland v. New Zealand. 
1.3i» pm Mr. Bonn Goes B.nllonn- 
1.15 Nous. 2.00 Interval. 
2.l(t l rivkef: First Test — Eneland 
\. Xl\\ Ile.ikiml. 4.IS Regional 
Nov.- lor England (except 
l-.'in!i*ni 4.2ii Play School (as 
F.BC-2 11. (Mi .i:nt. 4.43 Baileys 
t •n:n ,, v 5.1» i »u With Nuakes. 

5.u5 The V.'unii'li's. 

5. id New-. 

5.55 .X.ilinimule (London and 
Stun |» E^sl uni) » 

(5.20 Yafiemt ule 

K..-«U 1.1:1110 Ei.irk Mr?. No. ill 


7.20 The World of Jacques 
Cousteau 
S.10 Headmaster 
9.00 News 

9—5 The Monday Film: 
“ Baxter!" starring Patricia 
Neal and Britt Ekland. 

11.05 Mr. Speaker. Sir! (portrait 
of The Rl. Hon. George 
Thomas. MF 1 

11-13 The Spinners sing songs 

12.05 am Weather ''Regional News 
All Regions as BBC-1 except at 

Ihe following times: — 

Wales — 1.30 pm Pili Pa la. 5J55 
Wales Today. 6.50 lledd’iw. 12.03 
am News and Weather for Wales. 

Scotland — 355 pm Reporting 
Scotland. 12.05 am News and 
Weather for Scotland. 

Northern Ireland — l.lS pm 
Northern Ireland News. 3.55 
Scene Around Six. 12.05 am 
Weatherman. 12.06 a.m. Night 
Class. Luughsidors — travelling 
t (trough Lough Erne. 1226 News 
and Weather for Northern 
Ireland. 

Lngland — 5.55 pm Look East 


FT. CROSSWORD PUZZLE No. 3.732 



ACROSS 

1 S’ :<•':! reirv<ti:iH*nl is heavenly 
i Si 

5 Strive for higher thing* like 
,i rood engineer ti>> 
li J).,udctV> hero takes a couple 
of sailors within (Si 


DOWN 

1 Changes essential features, 
we hoar, in church (6) 

2 Herb makes the fellow fly 
into a temper (fi) 

3 Light-hearted after walking, 
and ready to broadcast (2. 3) 


10 Sandwich for one with a high Copy onc_ friend who has it 


in hsm (7i 

6 Vigil after a period gives 
precision timing (4-5) 

7 To make a formal charge 
about the engineer is not 
straight (Si 

S You can’t 2S without breaking 
this (3-51 


tempera lure- to follow (3. 3i 

12 Retrospective in heraldry (P) 

13 The merit of a speechless 
nuet (5) 

14 Goods fro at a Hertfordshire 
town c -4 » 

15 Visual effect of a disorderly 

coal tip lii jj Became an emperor although 

19 The poor man s one possesion starlin3 from nnthmg H) 

(3-U Fn 15 “ Or sport with in the 

21 Sporting call in West End shade «' (Milton) (9) 

district (4) 17 Portrayed an ancient Briton 

24 Escapists dwell in ibis kind in th,; act (g) 

of tower (5 1 .18 Uncle [rum Spain in English 

23 What a sprinter should an to county shows consecration 
a meal (9> t'S) 

27 Afflictions including the P 0 *- 20 Ruthless ball-player (4) 
sibles and probables (6) 21 Strange clients make master 

■*& x disorderly performance— sheet for copies (7) 

* [ 0 vour conversation 22 It's a large botrle— we need 

unintelligible ($> the bus. lad 16) 

*9 The irl is in the valley (6)23 Take heed— an abstainer is 
This "boy can do no wrong coming to object (6) 

* 26 Jack’s a rogue (5) 

. ^ solution of hut Saturday's prize puzzle will be published 
with >u^ cs 0 f pinners next Saturday. 


(Norwich); Look North (Leeds, 
Manchester. Newcastle); Midlands 
Today (Birmingham); Points West 
(Bristol); South Today (South- 
ampton); Spotlight South West 
(Plymouth). 

BBC 2 

6.40-7.55 am Open University 
11.00 Play School 
■L3Q pm Cricket: First Test— 
England v. New Zealand 
6X5 Open University 

7.00 News on 2 Headlines with 
sub- titles 

7.05 World Chess Championship 
Report: Anatoly Karpov v. 
Viktor Korchnoi 

7.30 News on 2 
745 Grapevine 

8.05 James Galway’s World of 
Music 

9.00 Eleanor Marx 
9-50 Hospital 

10-35 Late News on 2 
10-45 Cricket: First Test (high- 
lights) 

11,15-11X5 Closedown (reading) 

LONDON 

9.30 am It’s Life with David 
Bellamy. 9.55 Paint Along with 
Nancy. 10.20 Oscar. 10 JO Little 
House on the Prairie. 1150 21st 
Century. 11.45 Felix the Cat 12.00 
Paperplay. 12.10 pm Rainbow. 
12J0 Untamed World. 1.00 News 
plus FT index. 1.20 Platform. 
UO About Britain. 2.00 Summer 
Afternoon. 225 Monday Matinee: 

• Drum Beat.’ 4 JO Clapperboard. 
4.45 Enid Bly ton’s Famous Five. 
5.15 Batman. 

5.45 News 

8.00 A Town called ... St. 
Albans 

6 JO Cartoon Time 

6.45 The Kenny Everett Video 
Show 

7 JO Coronation Street 
R.00 A Soft Touch 
SJO World in Action 

9.00 Out 

10.00 News 

10.30 Appointment with Fear: 
’The Return of Count 
Vorjuu’ 

12J0 am Close: A painting by 
Turner accompanied by the 
music of Vaughan Williams 
All IBA Regions as London 
except at the following times; — 

ANGLIA 

10.20 ana Djnoniurt— Otc Dos Wonder. 
10 AO You Cap Make Ii. 1135 Maalc 


Circle, mo Rogue’s Rock. UJO pm 
The Open Air. US Anfcga News. UO 
Housepartr. 225 Monday Matinee: “She 
Wore a Yellow RiUbon.” 5J5 University 
Challenge. MO About Anglia, ifijo 
Speedway— Match of the Week, n 
Low Centre. 1235 am Reflection. 

ATV 

10J0 am Survival. 2045 Inner Space. 
11.10 Young Ramsay. 1240 pm Sinbad 
Junior. 1235 Summer Alier Noon. 128 
ATV Newsdesk. 200 The Many Wives of 
Patrick. f2JS Family FOm Theatre: 
••The Iron Malden." 425 Popeie. 5J5 
University Challenge. MO ATV Today. 
1 DJ 0 Movie of Today; "Sara T: Portrait 
of a Teenage Alcoholic." 

BORDER 

10-20 am Ghost Buffers. IDAS You Can 
Make it. 1US Magic Circle. UJO 
Rogue’s Rock. 123* pm Gardening 
Today. tU» Border News. 230 Honse- 
parry. 225 Marine*: “Horae of Secrets” 
starring Michael CreJs. 5.15 Garnock 
War. MO Look arc imd Monday. 505 
University Challenge. 10 OB Look Who’s 
Talking: .Ulan Stewart. 1140 Miss 
Uxdvcr&e. 3200 am Border News Summary. 

CHANNEL 

L28 pm Channel Umchtbuc News and 
What’s on Where. T2-25 The Monday 
Mariner: “Anna Karenina." 525 

University ChaPunge. 040 Channel Nevri. 
6J0 Sloppy. 1045 Channel Late News. 
1042 Code ’R." true Late Night Movie: 
“The Lady Vanishes.” 1230 atn News 
and vrealbcr In French. 

GRAMPIAN 

4-25 am First Thing. 1040 The Winds 
of Fogo. U40 Yon Can Make U. iuo 
Magic Circle. 1U5 Rogue’s Rock. 
1230 pm Home Nursing- 120 Grampian 
News Headlines. 22S Monday Matinee: 
••House of Secrets.” 5.15 University 
Challenge. Mo Grampian Today. 5.19 
Top Club. 1940 Reflections. 1035 The 
Mo-day Film: "There’s No easiness Uko 
SK*w Business" starring Ethel Merman, 
wttiald O'Connor and Marilyn Monroe. 
1240 am Grampian Late Night Headlines. 

GRANADA 

10-25 am Sesame Street. 1120 S flippy. 
1145 Kathy's Quiz. 1230 pm The Open 
Air. 220 Dodo. 1225 Monday Matinee: 
"The Man In Grey” starring Margaret 
Luckwood, James Mason. 525 Those 
Wonderful TV Times. MO Granada 
Reports. 520 This Is Your Right. 1030 
Close Encounters of Various Kinds. 
1205 am A Little Night Music 

HTV 

1020 am Drnomuo— the DoK Wonder. 
10.40 You Can Maks Ii. 1135 Magic 
Circle. 1130 Rogue's Rock. 1230 pm 
The Open Air. 120 Report West Head- 
lines. 125 Report Wales Headlines. 230 
Job-Line. 230 The Monday Matinee: 
’■Long John SUvcr/’ 525 University 
Challenge. 530 Report West. 522 Report 
Wales. 1035 Cinema dub: "The Bitter 
Tears of Petra too Kant." 

HTV Cymru As HTV General 
Service except: 12 0 22 5 pm Penawdau 
NuuTddlon y Djndd. 200230 Hamddeo. 


MM22 y Dydd. 830-9.00 Yr Wythnoa. 

HIV W&t— As HTV Geoerai Service 
except: 123-125 pm Report West Head 
lines. 622-MS Report West Headlines. 

SCOTTISH 

1020 am Tbe Beachcombers. 1030 You 
Can Make Ic U2fl Magic Circle. 1135 
Rogue's Rock- 1230 pm Gardening 
Today. 125 News and Road Report. 
1225 Monday FOm Matinee: “The Iron 
Malden" * tarring Michael Craig. 420 
Cartoon Time. 525 University Challenge 
630 Scotland Today. 530 Crimedcsk. 
1030 World Worth Keeping. U30 Late 
Call. 11 .05 M 'Lords, Ladles and GentJe- 
men. 1205 am The Big Break. 

SOUTHERN 

1020 am Woody Woodpecker. 1830 You 
Can Make Ir. 1135 Magic Circle. » W 
Rogue’s Rock. 1230 pm Farm Progress. 
120 Southern News. 230 Houseoarty. 
225 Monday Matinee: "The Girl In the 
Red Velvet Swing” starring Ray MlUand. 
525 Lavernc and Shirley. 530 Day by 
Pay. 1030 Talking Bikes. 1130 Southern 
Nows Extra. U21 The Law Centre. 

TYNE TEES 

925 am The Good Word followed by 
North East News Headlines. 1020 Ride 
to a Spanish Vlndn. 1130 Cartoon Time 
1X35 Magic Circle, 1135 Rogue's Hock. 
.1230 pm Last ot the Wild. 120 North 
East News and Loo ka round. 225 Power 
Without Glory. 320 Generation Scene. 
3-35 Cartoon Time. 330 The Adventures 
of Muhammed All. 525 University 
Challenge. Mi Northern Lite. MO Police 
Call. 1030 Revolver. 2125 -Law Centre 
1225 am Epilogue. 

ULSTER 

1020 am Lost Islands. 10.40 Yon Can 
Make U. 1135 Magic Circle. 1130 
Rogue's Rock. 1230 pm The Open Air. 
120 Lunchtime. 225 Monday Matinee: 
••Heavens Above’’ starring peter Sellers 
420 Ulster News Headlines. 525 
University Challenge. MO Ulster Tele- 
vision News. 5.05 The Beverley HLD- 
h lilies. 530 Re pons. UJO Fireside 
Theatre. 1125 Bedtime. 

WESTWARD 

1020 am Sklppy. U30 You Can Make 
It. 1135 Magic Circle. 1130 Rogue's 
Rock. 1227 pm Gus Honeybun’s Birth- 
days. 1230 The Shape Of Things. 120 
westward News Headlines. 1225 The 
Monday Matinee: "Anna Karenina 1 
starring Vivien Lelah and RatPb Richard- 
son. 525 University Challenge. 6.00 
Westward Diary. 525 Sports Desk. 1028 
Westward Late News. 1030 Encounter 
tli-00 Late Night Movie: "The Lady 
Vanishes" starring Margaret Lockwood. 
3230 mm Fatih tor Life. 

YORKSHIRE 

1020 am Power Without Glory. 1120 
Clue Club. 1135 Wildlife Cinema. 
1230 pm Farming Outlook. 120 Calendar 
News. 1225 Monday Matinee: ’’Love 
From A Stranger.” 425 Cartoon Time. 
525 University Challenge. 530 Calendar 
< Em ley Moor and Belmont, editions 1 . 
UJO Calendar: The Best Sellers. 1130 
Law Centre. 


RADIO 1 

(S) Stereophonic broadcast 
fMcdiuiu Wave 
(B) Binaural broadcast 
5.00 am As Radio 2. 732 Dace Leo 

Travis. 030 Simon Bates. 1130 Peter 
Pom’ll with the Radio 1 Roadshow from 
Ho fist an for. 1230 pm Nenbeat. 1235 
Paul Burnerr. 230 Tony Blackburn In- 
dudUtg National Pop PancL 421 Kid 
Jensen including 5.3d NorshcaL 730 
Sports Desk 1 Joins Radio 2t. 1032 John 
Petri 'S'. 1200-207 am As Radio 2. 

RADIO 2 I* 5 * 1 ® and YHF 

530 am Seven Summary. 532 Richard 
Vaughan with The Early Show iSt includ- 
ing 6.13 PatKv for Though r. 732 Terry 
Wogan (Si Icdudl&S 8-57 Racing Bulletin 
and s-4i Pause for Thought. 1032 Jimmy 
Young fSi, 1205 pm waggoners' Walk. 
1230 Pels Hurray'* Open House (Si In- 
eluding t.43 Sports Desk. 230 David 
Hamilton 1 S 1 including 2.43 and ;.4a 
Sports Desk. dJO Waggoners’ Walk. 
0.45 Spnns Dosk. «J0 Bill Prince CS) 
including 5.43 Sports Desk. 630 Common, 
wealth Games Sports Desk. 732 BBC 
Northern Radio Orchestra •£■. 730 S pons 
Dusk. 7a3 Alan Dell: 7.35 The Dance 
Bnnd Days: S.IH Thu Big Band So and (SI. 

4.02 Humphrey Lyttelton with The Best 
or Jarz on records »S«. 435 Sports Desk. 

10.02 Town and Country Quit 1030 Star 
Sound 1332 Brian Matthew introduces 
Round Midnight, including 12.00 News. 
230-2.02 am News Summary. 

RADIO 3 464m, Stereo fit VHP 

635 am Weather. 7.00 New. 735 
Overture (Si. aji News. 835 Morning 
Concert fSi. 939 News. 935 This Week’s 
Composer: Bocchcnai (Si. MUM C-P.E. 
Bach and Mozart puna recital iS'. 1030 
Song Redial iSi. 1L25 Cricket: First 
Test: England v. New Zealand Inducing 


Ui pm New*. 1.40 Your Lctiors Answered. 
—00 Lunchtime scoreboard. 530 Life- 
lines: Rome and Family. 730 Proms 78 
concert, pan I: Brahms (Si. 838 Tbe 
Work of a Lifetime.' Gilbert Scon. Henry 
Cote a ltd tbe Albert Memorial 830 Proms 
73. port 2: LutDslawski. Dvorak <S>. 
9-20 "The Revenge.” play without words 
by Andrews Sachs (S & hi (repeated 
U.15 pon. 430 Piahtsous and the Rise 
of European Music <S>. 103 O Dennis 

Brain. 1035 Jans In Britain: Tbe Stan 
Tracey Quartet (Si. 1135 "The Revenge" 
(s & bl. U35 News. 11 Tonight's 

Schubert Song on record. 

VHF— 6.00.7.00 am Open University. 
730 With M/W. 1L25 BBC Scottish 
Symphony Orchestra concert, part 1: 
Mazan >S'. 1130 In Short (tafki. 

1230 Concert part !: B'l-cl haven (St. 
130 pm News. 135 Humnhray Procter- 
Grass concert to mart bis S3rd birthday 
(S>. LSS Royal Festival Poll Organ 
Recital (St. ZS9 Matinee Mini cate fS>. 
530 Uw Wolf sons recital (Si. 4.35 New 
Records or music by Balakirev fSi. 535 
Bandstand (Si. 535-730 Open University 
730 with M. W. 

RADIO 4 

434m, 330m. 285m and VHF 

630 am News Briefing, fa. 10 Farming 
Week. 530 Today: Magazine. Including 
7.90 and 3.00 Today’s News. 730 and SJO 
N>VS Headlines. US The Week On Four. 
8.45 James Cameron wlih the BBC Sound 
Archives, 930 News. 93S Start tin Week 
With Desmond WtiCW- 1830 News, 9335 
wildlife, tuo Dally Service. 1035 
Moraine Story. 1130 y KV a. XLCS 
Workers’ Playtime (S). mg Announce- 
ments. 1230 News. 3232 pa You and 
Yours. 1237 Brain of Britain ISA. »-« 
Weather; Brognmmo news, loo The 
World at One. XJ0 The Archers. L6 
Woman's Hour including 3.00-239 News. 
235 Listen with Mother. 338 News. 3.05 


A/iemoon Theatre <5*. 435 Story Time. 
530 PM Reports. 530 Serendipity. 535 
Weather: programme nows. 530 News. 
6 JO Share and Share Alike >Si. 730 
News. 735 The Archers. 730 From Our 
Own Correspondent. 735 The Monday 
P 1 W: “The Merry Wives ot Windsor" by 
William Shakespeare (St. 435 Near 
Myths. 430 Lambeth Conference Report. 
930 Kaleidoscope. 439 Weather. 1030 
The World Tonight. 1030 Origins. 1130 
A Book At Bedtime. 1135 The Financial 
World Tonight. UJO Today In Parliament. 
12.00 News. 

BBC Radio London 

206m and 94.9 VHF 

530 am As Radio 2. 530 Rush Hour. 
430 London Uve. 12.83 pm Call Rl. 233 
204 Showcase. 433 Rome Run. 7.00 From 
tbo Original soundtrack. 730 Black 
Londoners. SJO Breakthrough. 1633 
Late Night London. 1230 as Radio 2. 
1235 am Question Time lrotn the House 
of Commons. LOS— Close: As Radio 2. 

London Broadcasting 

261m and 97.2 VHF 
530 am Morning Music. 630 AM: non- 
stop news, information, travel, sport. 
1130 Brian Hayes Shaw, loo pm LBC 
Reports. 3.00 George Gale's 3 O’Ciock 
Call. 430 LBC Reports (continues). 8.00 
After Eight. 930 Nigh time, 130 am 
Night Extra. 

Capital Radio 

194m and 95a VHF 

530 am Graham Dene's Breakfast 
Show (S», 930 Tony Wyatt (St. 12 . Bo 
Dave Cash (Si. 3.00 pm Peter Youth (S'. 
730 London Today (SI. 730 Adrian 
Love's Open Line (St. 930 Nicky Same's 
Your Mather Wouldn’t Uko It tSJ. n «D 
Mike Alton Late Show iSi. 230 am Mike 
Saiih’e Night Flight <S>. 


financial Times Monday JQlj; SC PB7S 

ATHLETICS B Y MICHAEL thompson-moie 

Decathlon: boy stars 
and supermen 


LEAP THAT HUBDLE. heave 
tbat shot, grow a little weary ana 
you lose the lot. It is a presiding 
irony that the true supermen of 
the species, the world-class 
decathlgtes, could pass muster as 
a rock band when brought to- 
gether under the trade name that’ 
grotesquely hut inevitably fits 
them best They are the Super- 
Who?— a small group of mania- 
cally dedicated thoroughbreds 
whose exploits over the two days 
of the decathlon read like an 
assault course devised by de Sade 
in a particularly foul mood. 

It is odd how some athletics 
events attract mass-media in- 
terest at the expense of others. 
The 100 metres invariably up- 
stages the 200 metres which in 
turn can fare better than the 
400: the glamour boys of the 
1,500, 5,000 and 10.000 metres 
attract an adulation that the 
3,000 metres steeplechase and 
110 metres hurdles stars wouldn’t 
even start to covet, while the 
marathon men enjoy an apotheo- 
sis that is uniquely their own; 
the high jump lords it over the 
pole vault, the long jump over 
tbe triple, and there is something 
inherently more attractive or at 
any rate communicable in a 
sweaty shot putter than in the 
Incredible Hulks of the discus, 
javelin or hammer. As for a 
30 kilometers road walker, would 
you let your daughter marry 
one? 

Muscle-breaker 

By rights. It can be . argued, 
the decathlon should tower above 
alL By rights, it could be rea- 
soned, Daley Thompson, a 
superbly gifted decathlete of 
mixed Scottish and Nigerian 
blood, should be Britain's best- 
known athlete. 

Daley Who? Let us not start 
that for at the tender age of 20, 
Thompson is probably the UK's 
surest bet for an athletics gold 
medal in the Commonwealth 
Games which start in Edmonton 


• * 


on Thursday— a statement which 
by no means ignores the chances 
of Scotland’s Allan Wells »n the 
100m and 200m, England’s Soma 
Lannaiuun in the womens -JJm. 

Brendan Foster « the 10.000m, 
Loma Boothe in the womens 
110m hurdles. Geoff Capes jo the 
shot Tessa Sanderson in the 
women's javelin or Aston Moore 
in the triple jump. 

The decathlon in a points-based 
musc le-breaker that stretches 

over two days, five events per 

day. Points are awarded in each 
event according to a norm of 
excellence and it is a measure of 
his extraordinary talents that 
Thompson earlier this season set 
a new DK record of 8,410 points. 
This i< also the world junior 
record, the best performance by 

any Commonwealth decathlete 
this year, and an indication that 
before too long this remarkable 
young man will be setting his 
sights on the world record of 
8,618 points set during the Mon- 
treal Olympics by Bruce Jenner 
or the U.S. 

Let us lav this on the line: 
event by event, Thompson stacks 
up as an almost surefire favourite 
•for the next two Olympic gold 
medals, let alone Edmonton's 
Commonwealth trinket. Tbe first- 
day events in the decathlon, 
together with Thompson's best 
performances, are the 100m 
(10.68 seconds), long jump 
(26 ft 1 in), shot putt (4S ft 
6! -in), high jump (6 ft 10} ini. 
and 400m (47.31). Those figures 
mean he could take on the Com- 
mon wraith's best jumpers in 
their own speciality events with- 
out removing his .track top, 
while his sprinting is of national 
team standard. 

Day two is tougher. The events, 
again with Thompson’s personal 
bests, are tbe 110m hurdles (14.S 
seconds), discus (173 ft 101 in), 
pole vault tl8 ft 5 in), javelin 
(196 ft 10 in), and finally, sadis- 
tically. the 1.500m (4:20.0). That 
1.500m mark wouldn’t impress 
the world’s 1,500m specialists, 


CRICKET BY TREVOR BAILEY 


Minor blemishes, but 
Gower comes of age 


AFTER THREE days at the Oval, 
New Zealand are 123 for 7 in 
their second innings and. unless 
the weather interferes or some- 
one proves capable of staying 
with Congdon, who has the tech- 
nique to master tbe conditions, 
it is difficult to see how England 
can avoid going one up in the 
series. They have achieved this 
position because they are a 
better balanced side. England 
have two slow bowlers able 10 
exploit a pitch becoming increas- 
ingly responsive to spin, whereas 
the tourists only have Boock; 
they also have a brilliant artist 
behind tbe stumps whereas bis 
opposite number, Edwards, is no 
better than a club keeper; a 
more formidable seam attack and 
a stronger tail. It was this last 
factor which enabled Brearley's 
team to graft their way to a 
45-run first-innings lead which 
in the event has proved decisive. 

Both sides are short of bats- 
men of real quality, which makes 
it ironic that the two most 
accomplished players of either 
country. Boycott and Turner, are. 
for different reasons, currently 
involved in county cricket. 
During l his Test yet another 
Boycott century set up a York- 
shire victory, and while New 
Zealand were floundering oa 
Saturday, Turner hit 150 for his 
adopted county, Worcestershire, 
including a century before lunch. 
He is obviously better equipped 
to deal with the pace of Willis 
and the swerve of Botham than 
any of the tourists, so that his 
presence could nave made a con- 
siderable difference. 

Although the batting has in 
the main been short of shots and 
class, two innings have shone out 
through the general mediocrity, 
both by young left-handers 
surely destined to delight the 
crowds for years to come. 

Gower’s century — he was the 
youngest Englishman to achieve 
this feat in a Test since the war 
— marks the coming of age of 
our most exciting prospect for 
more than a decade. There were 


blemishes, including two easy 
chances, both at mid on, 
moments of anxiety outside his 
off stump, and possibly too much 
bottom hand in some of his de- 
fensive shots, but it was the way 
he made his runs, not just the 
runs themselves, that impressed 
so much. A bouncer that would 
have troubled most of his col- 
leagues was despatched to the 
boundary with time to spare. He 
also used his feet when playing 
the lofted drive wbich took him 
to within a run of his century. 

Edgar's second-innings 38 for 
New Zealand was scored against 
formidable English attack and 
with the memory of an unhappy 
duck in the first innings. He 
reminds me in build, stance and 
the way be dips the ball off his 
legs of Neil Harvey. Like any 
left-hander would have done, be 
had problems against Edmonds 
who bowled over the wicked into 
the considerable rough outside 
the off stump. This method has 
become more effective through 
the new law allowing a batsman 
to be given out padding up out- 
side his off stump. As a result 
he is now forced to play strokes 
at balls that are liable to behave 
unpredictably after pitching and 
should be left alone. 

The big talking point at the 
Oval has been the ICC meeting 
at Lords which heard the pro- 
posals that had been put by the 
Packer representatives, Andrew 
Caro and Lynton Taylor, to the 
president and secretary of the 
ICC during a secret meeting in 
New York. Not surprisingly 
these were unanimously turned 
down, even b'y the West Indians, 
because they were pitched so 
high and were so impracticable 
that one could not help wonder- 
ing whether rejection was the 
intention. 

However, the position became 
even more baffling on Friday 
evening when the Packer repre- 
sentatives hastily convened a 
Press conference at the 
Dorchester Hotel. Here I learned 
that their proposals were not 


intended to be taken too 
seriously, and were merely a 
starling point for negotiations. 
This was just as well, as the 
ICC could not approve and sup- 
port ten months of Packer- 
organised cricket in varying parts 
of the world when, as Andrew 
Caro freely admitted. the 
organisation he represents has 
no intention of doing anything 
for the ICC. 

It has now transpired — at 
least that is my interpretation 
of a somewhat confused meeting 
— that "World Series Cricket 
would settle for a world knock- 
out tournament lasting between 
five and six weeks in February 
and March. It would be staged 
in Australia between official 
teams from England, the West 
Indies. Australia, and one other 
Test-playing country to be 
decided by another competition. 
Whether the eventual winner 
later toured elsewhere would be 
up to tbe countries concerned, 
though a visit to England in 
mid-September did not look a 
natural winner. 

In addition, I assume that the 
Packer pirates would continue to 
operate in the Australian sum- 
mer with an emphasis on night 
matches. It is interesting that 
tiieir programme this winter 
does not seriously clash with 
the Anglo-Australian series, not 
one suspects, to accommodate the 
Australian Board of Control but 
because genuine Tests have more 
appeal live, and on television, 
than friendlies, whatever the 
prize money or ability of the 
players. 

A compromise remains an 
eventual possibility, but this 
strange handling by the Packer 
contingent has put back tbe date 
and unified the ICC, which was 
beginning to drift apart. The 
u .l 5 D , ow starting to wonder 
whether In the long run Packer 
floes not need it more than it 
needs his players, sad though it 
would be if Vivian Richards has 
taken part in his last interna- 
tional. 


RACING 


BY DOMINIC WiGAN 


Price team is one to watch 


^k N PElQ ?’ ' w kaseSiiprenie Lady, is improving all 
Findon team has got into top the time and proved that tbere 

Eii Q a , D °r^ nOTC 0 , U i d ?' as n ° fluke ^ about hS. four® 
dominate the home scene in the length King George V victory 

c ming months. over Valour at Royal Ascot when 

He seems certain to get a good defeating the well-fancied Palm 
run from Whitstead in the Sl Island almost as easijv in a New- 
Leger provided that the ground market handicap 
does not ride firm (an unlikely Valour gave a tremendous 
event), while two other big prizes boost to the prospects of the 
in which he is sure to be repre- Price colt when taking the War 
f£ nt ™n- re Tote-Ebore and ren Stakes at Goodwood on 
Futurity. Saturday and it will come as a 
M-Lolshan sad Le Soleil could surprise if the 12-1 being offered 
both represent- him in the Ebor about M-Lolshan is available for 
and Baden's Ride is firmly com- much longer, 
mi tied for a tilt at the William Incidentally. Le Soleil i TO - 
, , , r „ , ~ pressed a good many racegoers 

whitstead and McLolshan, both with the determination with 
anpea] as sound each-way bets for which he battled on to beat 
their targets. Whitstead, who Burleigh in Hip Trundle Stake* 
beat Shirley Heights by no fewer on Friday and he, too will 
than 10 lengths In the classic almost certainly shorten con- 
Trial Stakes at Sandown. is siderablv in the Ebor lotting 
clearly a different horse when from his present odds of 33-i ‘ 

the ground comes up muddy and Although he did not win quite 
his present odds of 9 or 10-1 for ss easily as some racegoers had 
Britain’s oldest classic appear to expected. Baden's Ride, a $50 000 
offer far better value than the a-2 Grey Dawn II two-year-oid went 
quoted about He De Bourbon and about his work in pleasing stvle 
the dual Derby winner. when getting the hetter of well- 

M-Lolshan. a three-year-old fancied Newmarket challengers 
brown colt bv that remarkably at Goodwood and it is worth 
versatile racehorse Ley mass out rempmberine that Price has enn- 
of the Grey Sovereign mare tinually reiterated that stamina 


vill-be this juvenile’s main forte, 
Jon jo O’Neill returned to the 
winning trail at the first oppor- 
tunity when bringing home 
candymay in a selling hurdle at 
Market Rasen on Saturday, 

He returns to the Lincolnshire 
course this afternoon, when his 
mounts include Hot Shot, Hkelv 
winner of the Holland Long- 
distance NoviCe Hurdle. 

This Bill 'Watts-trained six- 
year-old. who made the frame in 
each of his three races last 
season after a long lay-off. 
appears to have little to beat and 
pe presence of the champion on 
board suggests that he is ready 
to do himself full justice. 

Because of industrial difficul- 
ties outside the Financial Times 
’.t is possible that some of the 
suggestions listed below may not 
run. 

RIPON 

4.00— Abdu 

FOLKESTONE 
4-15— Roses All The Way 

MARKET RASEN 
4.30 — Hot Shot*** 

5.00 — Fine Fellow* 

WOLVERHAMPTON 
6.15— Evasive** 

7.10 — Swatilinbar 


but if they were asked to rua 
their event after two days’ 
decathlon torture, they>fl be 
lucky if they hoard the starting 
gun. let alone reached ihe 
Thompson not only possesses 
the magnificent physique of the 
decathlete— he has the death- 
lete's customary intelligence, 
too. He wants to get to the top. 
truly to the top, because then 
“ you’re made, aren’t you? You 
can get on. with a gold medal. 
Somebody's bound to want you to i 
work somewhere ■ - . You need 
the right son of personality to 
So with it, but I've got that” 

A millionaire? 

During the two days of the 
Montreal Olympic decathlon i 
watched Thompson closely from 
my seat in that astonishing, 
salad bowl stadium. And while 
I watched Thompson he watched 
Jenner amassing that world l 
record S.61S decathlon points, 
The moment Jenner knew he ( 
would win the decathlon gold 
was when he soared 15 ft, 9 in. 
in the pole vault He lay down, 
covered his face with a towel 
and cried. A Russian rival, 
Leonid Litvinyenko, walked 
over, raised the towel, and 
smiled wryly. “ Bruce," be asked. 

“ you going to be a millionaire?" 
Thompson watched closely. 

These days, boxed and pack- 
aged by the marketing men, 
wooed by Madison and courted 
bv Hollywood, Jenner is earning 
an estimated 5750,000 to $Xm a ' 
year. He lives in Malibu, drives 
a 935,000 Porsche, earns as much 
as 56,000 a speech, is a popular 
TV commentator, endorses 
'Wheaties and lends his name to 
a line of sports clothes marketed 
by Leisure Concepts. 

Whether Thompson’s career 
follows that sort of track, time ' 
will reveal — whether he would 
wish it to. only he can show. But 
if there is a youngster in tbe 
world who can follow In Jenner*! 
footsteps, it is hei 





t 



in. 


i- 1. 
i ; 


1 n Financial Times Monday July 31 1978 

' QfSjj Albert Hall/Radio 3 

Messiaen and Stravinsky 

by ANDREW PORTER 

•„ Th ^ as an even ; wiUl ™. I could achieve a more tion was well judged— but he 

ioiouL^ The hri n?cJ 1DSlrumenlal precise visual response .to the should look up the English pn> 
niSS‘McSlaM ! 2*£?2#E? nvrf s JU 0 !*,'* *** lte *"« m his Bird nun cl a tion of Jocasta and Laius. 

Via L *"*■ 9 ofn k >ff I* e for P iano - are intr0 ‘ Excellent chorus, the men cf the 

■ ^uT ®^ccio. and then duced by vivid descriptions of BBC Singers. 

if Wex - T h e the landscapes where the sub- The only Hall 6 Prom of the 

first half showed off the splendid jects sing. The background for season, the previous Saturday, 
acoustics of ihe hall. The bird Et exspecto includes Mayan opened with Gordon Crosse's 
PJ52L w,th unusua J and ,. Egyptian monuments. Some Marches on a Ground 

« arl *y- Plenty of space around medieval cathedrals, thoughts 0 f FI970), a parergon to his opera 
the if» players, plenty of space SL Thomas Aquinas, and the The Story of Vasco and an 
aro U*?i the music, and yet no solemn, powerful scenery of the arresting, imaginative LZ-mlnute 
muddle m the sounds. The Dauphtng Alps, Messiaen’s (and stretch of music. The perfor- 
5 1 *" 0 . wilo was played by Jean- Berlioz's) birthplace. The Albert mance was not ideally balanced: 
Koaolphe Kars, its most elegant Hall is a noble building rich in the march variations, for winds 
interpreter since he won the history, patinous with associa- and percussion, on a buoyant, 
Messiaen Concours, with this tions. but not inherently a place Ockegfaem-derived theme, tended 
piece, at the Royal Festival ten of splendours mystiques. So, in to obliterate the simultaneous 
years ago. preparation for Et Exspecto. I string variations on a different 

in a^ preface to the score of allowed memories of the Sainte theme which provide both the 
Et erspecto, the composer recalls Chapel le. of Chartres, and of passacaglia ground and a 
its first performances; in the hard dawn light in the Dauphing “ground swell" behind the mar- 
Samte Cnapelle one sunny May to flood me. The hall itself tlal events. Maybe the composer 
morning when a blaze from the seconded the resonance and has slightly overestimated the 
windows “ added new splashes of grandeur of the music. Despite ability of pizzicato detail to 
colour to. those of the music." some moments of straying en- carry through full ensemble; 
and then in Chartres, after High semble, the winds and oercus- maybe the hall favours sustained. 
Mass, with Dc Gaulle and suire sion of the BBC Orchestra, under at the expense of plucked, 
in the south transcept and Serge Baudo (who conducted the sounds. (Pizzicato statements 
Andre Malraux (who commis- first performances of the piece), also disappeared in the otherwise 
sioned the piece) and much of enacted a large and awesome marvellously audible account of 
the Cabinet in the front of the ceremony. Maxwell Davies's Symphony, four 

nave. Messiaen’s composition Oedipus was conducted ’ by days later.) Some Marches— it is 
methods are lucid to the point Andrew Davis — his third Prom recorded on RCA, by the Louis- 
of being schematic, but his aim in a week— with a well-nigh ideal ville Orchestra — deserved to 
is to communicate rapture, to combination of energy, claritv. become a repertory piece, 
celebrate faith, love, and joy. A and lyricism. The instrumental John Lill as soloist in 
listeners surrender is likely to playing was first-rate. In' the Beethoven's First Piano Con- 
be most complete when either title role. John Mftchinson was certo was unremarkable. The 
there is. or by memory and commanding but unsteady of Elgar First, which closed the 
imagination he can evoke, the tone. Janet Baker sang Jocasta 's programme, was disappointing, 
adventitious aids of appropriate aria with eloquence and beauty Having read that the Halle 
settings natural or numinous. but lacked force in the tarantella under James Loughran is in 
The performers of Exotic duet John Shirley-Quirk's Creon excellent shape, I looked forward 
Birds are urged to study the and Messenger sounded feeble, to hearing it in the symphony 
composer's account of the Anthony Rolfe Jomson’s singing that it first played, in 1908. But 
various birds' appearance. (After of the ‘lightly accompanied rec- the tone was poor, etring/wlnd 
years in America, home of many conto del pasiore was sweet and sequences were unbalanced, and 
of the exotic songsters pictured pure. John Westbrook's naira- the movements did not cohere. 

Warehouse 


9 


* * t 


■< i 


nut 


> - 

r 't 

* ti 


Sit: 


? \ * i* - j ‘ 
- * ;* ‘ 


A & R 


by ARTHUR SANDLES 


Any writer whose work passe a t the Rock Garden, the The acting side of the evening 
demands both music and the Covent Garden pop centre i? very much held together by 
spoken word from performers is erarcpiv „ ,h mu from one °f the f ew non-musicians in 

1 rc-ading a perilous path. The fS Warehouse iself Tnd yS ™st, Barrie Rutter as the 
actor-musician is a rare beast current en ou®h to be compre- recording engineer. The engineer 
and. while the cinema has grown hencihlp Ahha vnu mav recall is with? 11 10 as a blt °f lisht 
skilled in using its gadgetry to w.retnoolnethehM KraSln relief and *■ Ule emulsifier f° r 
shortfalls in either ’KSo'rdlnY Mo i poS the pl.v'i i verious parts. It works, 


disguise 


field, the stage can leave any in- S j n 


adequacies cruelly exposed. Parker) 

A. & R is a new play by Pete name, is experimenting with the 


inger (plaved bv David Shaw- Anne Raitt is suitably confused 

barker) "with one hit to his :,s tne sln S* r 0n the brink of 
h th* «Pt»na out of the music business. 


Atkin, a writer-niusician who has sounds which might give him £f55 r nuances to 

suffered in the cross currents of new access to the charts. He is convjnce S h e is hooked for- 
pop music's cut-throat business joined by a woman singer from David Shaw-Parker had a 

manners, and offers the dreaded a group which has just broken Stebv Sin but settied dowS 
mix. with surprising undisas- up (.Anne Raitt) and a *ong- J“ CD L ! ■££ a f L gonss wider 
trmi« ri’sulis. First performed writer whose war with the world £ js helt _ a performance which 
at Edinburgh last year, and now has been helped along by some wi jj probably grow over the few 
considerably revised, it concerns crushing financial manotivres by w£ , ekg ] e ft in the play's run 
musicians being made and record companies (David Threl- in ^ Warehouse summer 
broken by the pop system and fall). repertoire, 

tlieir reactions to it It makes All this sounds a bit daunting 1 walked from the Warehouse 
nn judgments, other than to if you <j 0 n0 | happen to be deep on a hot summer Saturday even- 
sugeest by implication that what into pop or rock— not necessarily, ing through what Is increasingly 
happens is wrong. You emerge ih«? same thing these days. But an active, indeed festive. Covent 
as irritated hy the unwornliness the total effect is quite pleasing. Garden area. The sounds of 
of aspiring roek stars as The music/play mix obviously punky group Sore Throat came 
depressed bv the manipulation causes confusion to some. On from the Rock Garden cellar, 
tu which they arc subjected. the night I saw it the audience Clearly it is a sound in some 
Atkins play is not a musical, was not quite clear whether it demand, for there they were 
although the music is an integral should applaud the band’s num- again on ATV's horrid mish mash 
pari of it. It is set in 1976. bers a In musical, or stay silent of a late night pop show, 
which is shrewdly far enough n la play. Well, that at least Revolver. 
back to excuse the fact that this shows Atkin is doing something I had been muob belter off 
ic.ini would be considered a bit different. at the Warehouse. 


Guildhall, E.C.2. 


Sarbu/LSO 


by ARTHUR JACOBS 


Friday's concert with Iho Lon- pleasant at first in the loud and dtmdo) at the vital point which 
d.m Svmpthony Orchestra served exhilarating sounds of Berlioz s leads back to a return of the 
prinianlv to introduce, within Corsair overture, but rather wear- opening. Individual detail was 
the context of a normal orchcs- ing as Ihe evening progressed, balanced against a long-range 
tr.-ij programme the winner of David Atherton was the con- span, smooth delivery against 
the r-irl Flesch International ductnr. The blurring of sound bold articulation. The slow 
Violin Competition Eugene caught him unawares once or movement was likewise aamir- 
Surbii seized ihr occasion well, twice by submerging the open- able and I was surprised to 
Thanks to the organisation of the ings of themes in Sibelius s detect a certain unease — in 
C.tv of London Festival, this was Fifth Symphony. The slow intonation as well as in expres- 
alMi a r.irc ojipnrlunitj- to hear movement, moreover, came to a non — in the finale. Bui 1 do 
orchestral music in the City's ralhcr abrupt end. But in pace not doubt that Mr. Sarbu is a 
hi si nric Guildhall. and character the symphony stayer. . 

In the ear* of London concert- carried its usual conviction. I owe apologies to two of his 
"oer< the accoustical norm has From a choice of concertos fellow-finalists to whom I affixed 
fnr liver 25 \*:irs been set by the Eugene Sarbu had selected wrong gradings in later editions 
RoVa! Festival Hall-a rather Brahms’s in the com petition of last Friday's paper. The full 
(Irv sound i-vvn under the system itself and now repeated it. At tally of prizewinners was: (1) 
ot' added' resonance introduced 27. he must be considered a fully Eugene Sarbu (Raraaiua), (-) 
IfA' tail ww opened. The maUmi Ptor. ■ wi.h _ a m«tery Tata*. S™- IJaffin,. 



Georgina Hale, Estelle Kohler, and Janet Suzman 


Leinuint Burl 


Open Space 


Boo Hoo 


by MICHAEL COVENEY 


A '40s dance band plays the promiscuous business is sacrl- accusations of latent lesbianism, 
song of the title before curtain if. a series of internal with the clinically detached 

song ui ujc. . encounters for a strenm of grandeur of a natural top cat 

up. It is a wwpy foxtrot wmose tntt j e statements on the theme Mr. Marowltz’s production is 
mood is briskly despatched as 0 f f eT ninine paranoia. We may resolutely hollow. playing 
Philip Magdalany’s abrupt never get to know any of the bravely for laughs and building 
comedy presents us with a trio- characters very well, but we inexorably to the funniest final 
of high-class whores gathering in certainly learn how to take them. 20 minutes I have enjoyed in a 
a Miami penthouse in the shadow There is Melanie, into therapy long while. By this time, 
of an economic summit confer- and stiff drinks, a horrendously Suzman's Minerva has come 
ence. In 1974, Charles Marowitz temperamental bitch played at clean with a confession of 
directed a Magdalany comedy for mercilessly full throttle by maternity, but even this 
the RSC which penetrated a CIA Georgina Hale. Sally arrives in information is no more to 
underworld of homosexual a state of charged desperation, Melanie than a cue for a sharp 
intrigue and shower-room follies, anxious to involve her buddies line: "How can sbe be my mother. 
The actual business of sex was in the murder of a millionaire I've known her all my life?" Is 
kept flrmlv at arm's length, much husband — Estelle Kohler is both the latent lesbian a dominant 
as it is here. vulnerable ' and demanding, mother after all? 

The play Is all surface, hectic- switching expressions of com- It all amounts to a fast and off- 
ally constructed around the odd plieity '.and friendship in a beat entertainment, a sharp can- 
genuinely funny line — “A wife superbly maintained display of coction to be downed hastily like 
is only a whore with an exclusive accelerating hysteria. And, pre- a well-mixed Martini that leaves 
customer" — but tantalisingly siding. over the convention. Janet you thirsting for more. The 
devoid of central passion or real Suzman swans around the apart- snlendidly witty design is by 
point. As an exercise in a kind ment with its deco windows and Tiraian Alsaker; the ladies' 
of camp, dry style relatively new Allen Jones coffee table ready clothes are a goreeous guide to 
to British theatre audiences, it for anything, whether it be news what the best-dressed whore 
is fascinating. The world of of the latest boudoir folly or wears nowadays. 


Coliseum 

L3. Boheme by ELIZABETH forbes 

Despite the warm and sultry the awareness of the writer, Colline. bids farewell to his 
weather. Puccini's immortal conscious that today's painful ex- venerable garment in resonant 
Bohemians shivered convincingly perlence is tomorrow's literary tones. -David Marsh cannot 
on their return to the English subject. match his three companions in 

National Opera's repertory et the Chiistian du Plessis as Marcel size of voice, but gives 
Coliseum on Saturday night also conveys something of the Schaunard an appealingly youth- 
Jean-Claude Anvray's production artist's twofold response to suf- ful jauntiness. Denis Dowling 
of La Boh&me. now rehearsed by feriug; the painter’s feelings for repeats his sharply drawn and 
Seven Pimlott, has been consider- Musette - are probably deeper contrasted sketches of Benoit 
ably modified since its first per- than Rupdolpb’s for Mimi, while and Atcindro. David Lloyd -Jones, 
forxnaoce just under a year ago; his violent, jealousy is matched conducting, obtains from the 
in particular, activity during the by equally fmpetuous bigh-spirits orchestra delicacy as well as 
scene outside, ihe Cafe Momus in the Bohemians' horse-play, luxuriance, cheerfulness as well 
has become less frenetic. Never- John Tomlinson, an impressive as heart-break, 
theless th’s act remains the least 


Monte Carlo Sporting Club 



I don't know when or bow, 
RenCe Jeanmaire bpcarae finally 
transformed in “Zizi," but tbe 
lightning flush of tbe name suits 
her wonderfully welL The double 
nature of her art — dancer and 
goddess of the Music Hall — is 
entirely reconciled in her show, 
which I saw last week at the 
Monte Carlo Sporting Club. Only 
a dancer, because dancers are 
the most adaptable of theatre 
people, could encompass what 
Jeanmaire does, from songs 
delivered with a fine emotional 
Sourish to a final apotheosis 
amid a cascade of ostrich plumes 
— pink ones, of course. 

London remembers and loves 
Jeanmaire first and foremost as 
a dancer, supremely as Carmen 
In ber husband Roland Petit’s 
ballet, and she has remained 
true to something very like the 
boyishly bobbed bair that 
Carmen first wore. Jeanmaire 
the chanteuse. the divinity of 
the stage spectacular, with all 
tbe trappings of fur and feather 
and frenzied chorus limbs, wc 
have seen only once when her 
“show" came to London a 
decade ago. It is Paris and 
Broadway and Hollywood which 
best know Jeanmaire as the 
incarnalion of all we think of 
as Parisian chic. wit. verve. 

These are still the qualities 
nf the essential Zizi: in the 
Monte Carlo show, devised by 
Roland Petit, and with the back- 
ing of a group of boys from 
Petit's Ballet de Marseille, she 


is singer, dancer, star — and quite 
Irresistible. The first appearance 
is in a cloak of feathers — Saint 
Laurent dresses her throughout 
in black and silver — which is 
thrown off to reveal a little 
pailietted tunic, the vivid, 
magnificent smile, and impec- 
cable, witty* legs. 

There follow the songs — of love 
frustrated, adoring — which Zizi 
-sends out into the world with all 
the proper semblances of despair 
and joy. but given an extra edge 
of intensity because gesture is 
so apt and controlled, and be- 
cause the dancer’s body doesn't 
waste a single effort: the way in 
which she "choreographs" these 
songs is exemplary. The dance 
numbers are electric. In white 
tie and tails she offers Just a 
Gigolo with all the stjie in the 
world, and in English; in another 
SL Laurent outfit she joins what 
I am sure are known as “ses 
boys " in Peanuts, and seems 
somehow to get herself involved 
as a passerby in i left nip hat in 
Haiti. She has a number with 
Luigi Bonino (a fine soloist from 
the Marseille Ballet) in which a 
dinner date turns into an adagio 
dance; and as a final explosion 
comes her celebrate Mon true 
en plumes. This is Zizi in 
exccisis. with ten boys, each 
armed with an enveloping pink 
ostrich-feather fan. to surround 
her with a foam of plumage from 
which, like a Venus of the Music 
Halls, she seems to he born 

CLEMENT CRISP 


Albert Hall/Radio 3 

Jeunesses musicales 


A symphony orchestra of teen- 
age musicians can. in tbe right 
circumstances, and under the 
right conductor, not only match 
the standard of the finest profes- 
sional orchestra, but actually 
surpass it. The performance of 
Stravinsky's Rite of Spring given 
five years ago by the National 
Youth Orchestra under Pierre 
Boulez was an unforgettable 
event. Every detail of the 
score emerged new-found — new- 
minted. sparkling with detail, 
vibrantly alive: it was withou* 
exaggeration, and without need 
of any special pleading, tbe most 
impressive, and the mast excit- 
ing, account of the Rite I have 
heard from any orchestra in anv 
concert hall. 

Whatever the particular 
alchemical mix may have been 
on that evening— and I suspect 
that Boulez himself was the 
chief catalyst — the recipe is not 
infallible. Youth orchestras 
change their members from year 
to year; and by no means 
all conductors, accustomed to 
working internationally with 
professionals, respond to the 
rather special needs and sensi- 
bilities of a young and inexperi- 
enced band. The Prom concert 
given by the Jeunesses Musicales 


World Orchestra on Saturday 
evening under Lawrence Foster 
was enjoyable in its fashion, but 
not specially remarkable. It was 
hardly an indulgent evening. 
Almost all or Foster's tempi 
were fast, and some of them 
were very fast indeed: the whole 
of his Brahms third symphony 
seemed a race against time, 
every section driven breathlessly 
on. unyielding, unrelenting. No 
trace of broadness or centre in 
any movement: even — strangest 
bathos — in the final brass 
chorale. 

The pleasure of the perform- 
ance. and also that of Bartok's 
Concerto for Orchestra which 
followed, were chiefly incidental: 
much fine wind playing, creamy 
horns. pungent trombones, 
several exceptional flute and 
oboe solns, and a brilliant young 
girl trumpeter from Sweden who 
showed off stylishly in the 
Bartok’s finale, some lovely 
transparent instrumental tex- 
tures; and everywhere, an in- 
stant and willing response. The 
overture. Britten’s Prelude and 
Fugue for strings, done in the 
circumstances very creditably by 
a group of IS from the orchestra, 
flashed by at breakneck speed. 

DOMINIC GILL 


much greater prolongation of immediately demonstrated in the Kona Vanderspar 


(3) 

(UK), (4) 

enund at the Guildhall came first movement. I noticed par- Vanya Milanova (Bulgaria). (5) 
-it limit i*« -i shock From the ticularly the controlled tension Krzysztof Sraietana (Poland), (6) 
rnumi II not u«- (with a* barely perceptible ritar. Valentin Stefanov (Bulgaria). - 





satisfactory of the four, despite 
Hubert Monloup's superb set 
(which elicited a round of 
applause, fulls deserved but very 
distracting, at curtain-rise). 

Musette’s Waltz Song is more 
persuasively staged, but 
Scbaunard's gratuitous girl- 
friend still masks Mimi and 
Rudolph, forcing them to stand or 
climb on their chairs in order 
to be seen and heard — incident- 
ally, if Musette and Lucille 
(Mimi) as in Murger, why not 
Rodolphe, which better fits the 
vocal line than the Anglicised 
version? However, though Ms 
handling of crowd scenes is 
prone to overexuberance, 
SL Auvray’s direction of the 
main characters has many 
thought-provoking, Murger-in- 
spired ideas: for example, the 
emphasis on the relationship 
between the four Bohemians 
which, less intense naturally 
than their love affairs, is ulti- 
mately of equal or greater 
importance to them. 

A strong, evenly-balanced cast 
ensures that tbe audience’s atten- 
tion is focused where Puccini 
intended it to be, on the princi- 
pal singers. Lorna Haywood, who 
last year sang Musette, now takes 
over Mimi, a role to which she 
is in many ways ideally suited; 
her voice, large enough to cope 
easily with the score’s climactic 
moments, fines down to a thread 
without loss of tone quality, so 
Himi’s death scene has irresis- 
tible pathos. On the dramatic 
plane Miss Haywood, credibly 
consumptive, is no less successful 
in her assault on the spectators' 
tear ducts. 

Lois McDonail, cast against 
vocal grain as Musette, is incap- 
able of making the shrill sounds 
that some singers of this role 
deem appropriate, but she ex- 
presses the generosity of heart 
underlying Musette’s prodigality 
with her favours unnsuailv 
clearly, while her teasing of 
Marcel, though exceptionally 
good natured, is tbe more effec- 
tive for being so sweetly sung. 
As Rudolph, David Ren dal I not 
only fills the Coliseum with ring- 
ing. unforced tone— hot weather 
is supposed to be good for tenor 
voices — but suggests both the 
extravagance of the poet, whose 
emotions, however genuine, are 
often slightly exaggerated, and 


Sir Peter Lely 
exhibition 
for London 

The first exhibition ever to be 
devoted entirely to the work of 
Sir Peter Lely opens at the 
National Portrait Gallery Exhibi- 
tion Rooms at 15 Carlton House 
Terrace on November 17. Sir 
Oliver M filar. Surveyor of the 
Queen’s Pictures, has selected 
the exhibits and written tbe 
fully-illustrated catalogue. Tbe 
exhibition comprises 59 oils— 
portraits and a substantial group 
of subject pictures — and almost 
as many drawings. 

The exhibition will remain 
open until March IS. 


ENTERTAINMENT 

GUE0E 

CC — These theatres accent certain credit 
cars by teleohsne or at the Box Office. 

OPERA ft BALLET 

COLISEUM. -Credit cards 01-240 5ZEB, 
Reservations 01-836 3161. 
ENGLISH NATIONAL OPERA , 
Tomer.. Thar, fr Sat. at 7.30: The 
Manic Flute. Wed. at 7.30: La Boheme. 
Auo- 4 Performance cancelled. 104 
balcony scats uvilaple (ram 10.00 on 
day of perl. 

IMPORTANT NOTICE: New production 
ot Menettri The Consul replaces, 
scheduled perfc. of Carmen. For further 
details ring 01-240 S2£0. Now booking 
for Sept. Tel bfcgs. tram Tomorrow. 


GLYNDEBOURNE FESTIVAL OPERA Untl 
Aug. 7 with the London Philharmonic 
Orchestra. Tonight at 6.15: La Boheme. 
Tomor., Thur. A Sat. at 5.30: Cosi fan 
tune. Wed.. Fri. & Sun. noxt at 5.30: 
The RakeY Progress. Possible returns 
only. Box oAce Glyndebonrne Lewes. 
E-Susse* (0273 812411). N.B. The 
curtain tor Cos! will rise at 5.30 share: 
There is no possibility 01 admittance 
lor latecomers. . 

KpYAL. FESTIVAL HALL. 928 3191. 

Last Perfs. Tonight. Tomor, Wed. and 
ITjur. at 7 JO: 

„ The sensational 

StTWfY* DANCE Co. with 
GALINA & VALERY PANOV 

ROYAL, FESIWAL HALL. 928 3191 

Aug. 7 ro 10 . Evgs. 7.30. MaL Sat 3. 

Great Star* of world ballet in a 
_ GALA SEASON 
ujLBrnT D JnJ&JE C*erv pert.: 

F PJ!U y " MAINA GIELGUD. 

MAKAROVA. YOKO MORO- 
«il?A„n GA y NA PANOV. LYNN 

^YWOUR and FERNANDO BUJONES. 

JFFFERtES. JONATHAN 

*»AGY. VALERY PANOV. 
TETSUTARQ SHIMIZU, CORPS DE 

_ BALLET. 

Details from Box Office. 

W ELL3 THEATRE. Rosebery 
A «" ,“ 1 '_ M7 1672. Tonight until 
Aug. 26. 6K7J0 Mats. Sat. 2 JO. 

MARCEL marceau 
with PIERRE VERRY 

theatres 

Wjrew-.K- 01-835 7511. 
E rtW' 7.30 Mats. Thurs. 3.0. Sat. 4.0. 
,RE tm= -i >REME IRENE 

_ JgE_BEST MUSICAL 
iSt Jr 7G - 1Q77 and 1 P7B • 

•• IRENE IRENE 

LONDON'S BEST NIGHT OUT." 

CREDIT CARD a B©o , K?5(t5 035 7611 

A j»SFvfcri 8 T B r 38 Credit ca-d bkgs. 
mm 10 rllf ,r 2P ®- 30 am Party ra'i-s 
M ts™ arri Frl 7 45pnr 

A THn7lc*>in 4 , 30 * nd 8 - 30 

A THOUSAND TIM Ek WELCOME IS 
tlOMBL n SRT'S 

f "’ ‘ nnws 

*rnue?i?M HuDD a 1 " 1 JOAN TURNE*> 
AR| C S N ¥r?lev V S U 55 ElF LUCKY TO BE 
ASLE TO SEE rr AGAIN " Dali* Mirror. 

A ^WYCH. 836. 6404. Info 83 S 5332 
CPrloi ROYAL SHAKE- 

Tan^Sf 7 * n repertoire. 

SSdP! ^22 "KJnlftht oremlere Steve 
RoS!ljY 11 iMj fl !^ reN PIRATES ANN 

??T‘|yY’ A wo maby read. wi»h 

DANCE OF DEATH 
W AO rwnii'c RSC a, a at THE 
the "pUSiiif, uneter W1 an0 *» 

P,*I rr Ml? Yhearre in MmI ports. 
Peter Niehob PRIVATES ON PARADE. 

5 s5 6 =? 4 - Lunchtimes 
V te* C v 800 Wilson. Tues. Sat. 

show] "on Mnsn*: 0 ,nd 5 -° Ho 

Sfc U n n SS. TDW -™ BrooSm. No IwSZ 

XBgjh.-s&tai'ta. vii: 

PATRIC^CARGT^, 1 and *Toivy^" ANHOLT 
in SLEUTH 

™* SteStf*"® 1 ® Thriller 
SHAFFER 

... again Is in fact an 

c?°nn Punch. Seat prices 

£2 00 to £4.40. Diner and Top-pr.ee 
seat £7.50. 

A £<?LL°. 2M3. Evenings B.OO. 

Mats. Thurs: 3 JMfc Sat. 5 30 and 8.00. 
DONALD 5INDEN 

Aelor 5?. ,he v ttr " Bvealnff Standard. 
_ 15 SUPERB." N.O-W. 

SHUT TOUR EYES AND 

THINK OF ENGLAND 

TNitkedly lunny." Times. 

ARTS THEATRE, 01-335 2132. 

t^stoppapd-s 

..l, .. . DIRTY LINEN 

"H.larlous .. .»** II.” SumUr Times. 
Monday la Th irsday B.?B. Friday and 
Saturday at 7.00 and 9.15. 


CHICHESTER. 
Tonight. Aug 


0243 81512 
7.00. Aeg. £ 


2 & 3 at 7 
at a.oo 
LOOK AFTER LULU „ 

Aug. 1, 4 * 5 »t 7.00. Auo. 3 at 2.00 
THE A5PERN PAPERS 


C6KEDV. 01-930 2570. 

Red. Price Pre*s. Tue-.. & Wed. at 0.00 
Opens Thor, at 7.00. Suhs. Mon.-Frl. 
0.00. Sat F.no A 0.30. Mat Thar o.OO. 
EDWARD WOODWARD 
BARBARA JEFFORD In 
THE DARK HORSE 
With STACY DORN ING and 
PETER WOODWARD 
A Cracking New Ptav by Rosemary Anne 
Sisson. 


A Sj ar i cc Sharing Cross 

Rd. 01-734 4291. MC4i.-Tnun. 0 D.m. 
Fr.. and Sat 6.0Q an- B 45. -Bullet 
food am ‘la Die.' 

ELVIS 

■Infections appeaim?. (act Kamnliw an n 
he^rt-Uw’npiM.*’ Obiervor S-ets C2.D3- 
£5.00. Ma!f-honr before shew cerr avail- 
able seau £3 00. Mon.-TI-urs. and Fr- 

6 n.m. pert. e>nty. 

BEST MUFIfTAL OF THE "TEAR 
EVENING STANDARD AW A PD 


CAMBRIDGE. CC 9V? 605G. Mon. to 
Thors. B OO Friday, Saumiaw MS and 
0-30 

Eteettina 9 laek T Af?£ln Muflul 
■■ Packed with wrteiY,- d«v Mirror. 

Seat Brices £2.00- r B SO 
. THIRD GREAT YEAR 

Dinner and top-prtca seal £0.7S Iik. 


CRITERION. 930 3216. CC. 038 107T-3. 
Evgs. 8 Sats. 5.30. 0.30. Thurs. 3.00. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
in SIX OF ONE 

A HALF A DOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR 
■' VERY FUNNY." Sun. Tel. 

DRURY LANE. 01-B~6 BIDS. Mon. to 
Sat. 0.00. Matinee Wed. and 5at. 3.00. 
A CHORUS LINE 

A rare, devastating, fovon*. a*tonl«nlnQ 
stunner." S. Times. 3rd GREAT YEAR 

DUCHESS. B36 8243. Mon. 10 Thurs. 
Evenings 8.09. Frl.. 5at. 6 15 and 9,00. 
OH! CALCUTTA! 

"The nudity Is stunning." Daily Tel. 
9th Sensational Year. 

DUKE OF YORK'S. 01-836 5122. 

Evenings 8.00. Mats. Wed.. SaL 3.00 
LlmKed Scare-t. Mirt end August 26. 
JOHN GIELGUD 

In Julia Mhrtmll's 

HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
" Brilliantly witty ... no one should 
mfcs It." Harold Hobran (Drama). Instart 
credit card reservations. Dinner and Top 
price seats £7.00 

FORTUNE. 836 2230. Evs. B.OO. Thurs. 5 
Sat. 5.00 and B.OO. 

Muriel Pavlow as MISS MARPLE In 
AGATHA CHRISTIE'S 

MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 

GARRICK THEATRE. CC. 01-836 4601 
Evos 8.0. Mat. Wed. 3.0. Sat. 5.30. 8.30 
TIMOTHY WEST. GEMMA JONES. 
MICHAEL KITCHEN 

In HAROLD PINTER'5 

THE HOMECOMING 

■■ BRILLIANT — A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION." D. Tel. 
” AN INEXHAUSTIBLY RICH WORK." 
Gdn. "NOT TO.BE MISSED." Time*. 

GLOBE THEATRE. 01-437 1592. 

Eves 0.15. Wed. 3.0. Sat. 6.0 6.40. 

PAUL EDDINGTON. JULIA McKENZIE 
BENJAMIN WHITPOW In 

ALAN ftyrKnnijON'5 n.k Comedy 
TEW TIMES TABLE 

" This must bo the happiest laughter- 
maW in Lnndan." D. Tel "An lrr*Vif‘bly 
enlevable evening " 5undav Times 

GREENVI'CH THEATRE. 01-B5B 7755. 

WILLIAM DOUGLAS HOME'S 
Newest plav 

THE EDITOR REGRETS 

Reduced price prevs. Tomor & Wed. 
Owns Thur. 7.0. Subs. 8.0. Sats. 5 & 0. 

MAYMAR'CET. 930 0B32. Evgs. B OO 
Wednesdays ? 30. Saturday 4.30 and B.OO 
PAUL SCOFIELD. 

_ HAPRY ANDREWS 

El EANOR TREVOR 

BRON _ PEACOCK 

and IRENE HANDL In 

A FAMILY 

A new ptav by RON4ID H*»WOOD. 

Dirwr^fH by CA5PER WRFDE 
" An admimb'e dIi«. honest, well eun- 
eelverl prpnerty wnrked put IresMv and 
htfinolv wrinen— rtchlv satisNInD — *»aul 
SroheTd at hb beet.” B. Levin. 5 Times. 

HER MAIF*TY'S. CC. 01-930 F906. 
Evgs. 0 0. Mats. We-*. Sat. 3.00. 
JAMES PARLY KIMC5 as 
■4UI ROBESON 

A New Plav by PWlln Hayes Dean. 

KING'S ROAD THEATRE. 3S2 740B. 

Mon. ho Th-r 9 O. Fri.. Sat. 7 70 9. SO. 
T*** P-WW Hntioop mow 
DON'T riDEflM IT. 5EF IT’ 

LONDON “ALLAD1UM. CC. 01-437 7373. 
NOW UNTIL AUGUST 19 

Mon.. Tues. Thurs. and Fn at 8. 

Wed. and Sat. 6.10 and 0.50. 

THE 7WO KONNIE5 
_ In a Spectacular Cemodv Re«uc. 

Book now On hot tine 01-437 2055 

LONDON PALLADIUM. 01-437 7373. 
September 4- For one week only 

MAX BYGRAVES 

LOMSON PALLADIUM. 01-437 7373. 

Sept. 25th. For One Week Only. 

LENA MARTELL 

LYRIC THEATRE. 01-437 3686. Ev*. 8.0 
Mat. Thill*. 3.0. SaL 5.0 and B.3D. 
_ JOAN _ FRAN 1 ' 

PLOWRIGHT FINLAY 

FILUMEhlA 

bv Eduardo de Filippo 
.. Directed bv FRANCO ZEFFIRELLI 
■■TOTAL TRIUMPH." Ev. News. "AN 
EVENT TO TREASURE." D. Mir. " MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday Times. 

MAYFAIR, fi’s 3036. Air rand. Evs. n 
Sat. 5-30 and 8.30. Wed. Mat. 3.00. 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 

UNDER MILK WOOD 


COTTESLOE 'small aud-torlumi: Ton't. 
ard VomorT 0 AMERICAN BUFFALO O* 
David Mamet. 

Many excellent cheap seats all 3 theatres 
day pi pert. Car park. Restaurant 928 
2033. Credit card bugs. 920 3PS2. 


OLD VIC. 92B 7616. 

PROSPECT AT THE OLD VIC 

June- Sept, season ... . , 

Eileen AtktiK. Brenda Bruce. Michael 
Dentean. Derek Jacobi In 
THE LADY’S NOT FOR BURNING 
•• fre*h and buoyant. . Dally Teleftntpn 
Today. Tue^.. Wed.. Thurs. 7.30 
TWELFTH NIGHT 

"an outstandinu revival. The Times. 
Fri. 7.70. Sat. 2.30 8. 7.30. 

Derek Jacobi as 

* IVANOV _ „ 

opens Aug. 21. Preview Aug. 16. 17. 
IB. 19. 


STPAND. 01-B36 2660. Evenings S.OO. 
Mat. Thurs. 3.00. Sal. 5.30 and 5.30. 
NO SEX PLEASE— 

WE’RE BRITISH 
THE WORLD'S GREATEST 
LAUGHTER MAKER 
GOOD SEATS £4.00 -£1.00. 


OPEN AIR. RMditT Park. Tel. 486 2431 
A MIDSUMMER NIGHT'S DREAM 
Tnnight. Wed . Fri. A Sat. 7 A 5. Mats. 

1 A Thur. 2 30 with RLM-A 
I.ENSKA. IAN TALBOT. ELIZABETH 
ESTENSEN, DAVID WESTON. SMW* 
MAN OF DESTINY and DARK LADY 
OF THE SONNETS Tomorrow A Thur. 
0 00. Sat. Mm. 2.30 Peter Whitbread 
In EXIT RHRRAGE Lunchtime Today. 

Tomorrow * Fri. 1.15. 


PALACE. CC. ,01-437 6834. 

Mon. -Thurs. B.O Frt. and Sal 6 A 0.40 
JESUS CHRIST SUPERSTAR 
bv Tim Rue and Andrew Licvd.Webber. 


PMPr^’X. I»1-p*5 2294. Fvcnlw 9 15. 
Friday and Saturday 6.00 and 0 40. 
"TIM BROOKE TAYLOR. GRAEME 
GARDFN make us laucih ■■ D. Mall. 
THE UNVARNISHED TRUTH 
The Hit Comedy bv ROYCE RYTON 
"LAUGH WHY i THOUGHT I WOULD 
HAVF OIFD " 5urdav Times. “ 5HFER 
DEUGHT" £v. standard. ■ GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


p— rAPHLY. 437 4506. -Credit card bk« 
P36 1071-3. B 30 a. m -It 30 D.m 

Ev03. 7.30. Sat. 4 30 '"»• 8. Wed. mat. 3 
LAST WEEK 

Royal Shakespeare Company in 
THE OUTRAGEOUS ADUlT COMEDY 
by Peter Nfrt'ol'- 
DRIVATPS ON PARADE 
BEST COMEDY OF THf YEAR 
Ev. Std. Award and SWET Award 


PICCADILLY. 437 d50? 

Credit cards (ram 0JO am 036 1071. 
Mnn-Thur 8 Frl.-Sat. 5 nnd B.15. Special 
Season from a up 9 fISrh at 7i 
SYLVIA MILES 

". . . SPECTACULAR PfPFOBMiNr't 
FROM EVERY MEMBER OF THE 
COMPANY " Gdn. 

TENNESSEE WILLIAMS' 
VIEUX CARRE 
fThe “Old '. Qliar-er" of New Ortons' 
thnse who rtetmht in the con'inusd 
power -of HHs arrat writer . . showing 
off his Marvellous Comic Gilt," Tbs. 


PCWF F n, **ARO. CC ifnrmrrlv Casino' 
01-437 6877. Performances This Week 
Evys. 8.0. Mat. Thur. 3.0.- 5at 5.0 B.40 
NOTE CHANGE OF SAT. PERF5 
From AUGUST 5 Sats. 3.0D and 0 40 
and from 5EPT. 2 s**« 2.00 and 8.00 

EVITA 

bv Tim Rice and Andrew Llovd-Wehbrr. 


pr-INCE OF WALES. CC; 01 930 0681 
Evenings 8 . 0 . Saturdays 5 . 3 o and 8 . 45 . 
__THE HILARIOUS 
BROADWAY rOMBDY MUSICAL 
I LOVE MY WIFE 

Sdnrrinu ROBIN ASK WITH 

_ Directed -hv GENE SAKS. 

CREDIT CARD BOOKINGS 930 084S 


ST. MARTIN'S. CC. 836 1443. EvS. 0-00. 
Matinees Tues. 2.45. Saturday's 5 and 8. 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST-EVER RUN 
26th YEAR 


TALK OF THE TOWN. CC. 734 5051. 
0.00. Dining. Dancing. (Bars open 7.15) 
9.30 Super Revue 
RAZZLE DAZZLE 
and 11 pm 

LOS REALE5 DEL PARAGUAY 


THEATRE UPSTAIRS. 730 25S4. 

Evenings 7.30 pm _ 
IRISH EYES AND ENGLISH TEARS 
bv Nigel Baldwin. 


VAUDEVILLE. 036 9988. CC. EvS. 8.00. 
Mat. Tues. 2.45. Sat. S and B. 
Dinah SHERIDAN. Dulcie GRAY 
A MURDER 15 ANNOUNCED . 

The newest whed-innlt bv Agatha Christie. 
*■ Re-enter Agatha with another who- 
dunnit hit. Agatha Christie is stalking 
West End vet again with another Ot her 
hetidishlv Ingenious murder mysteries.*' 
Fella Barker. Evening News. 

AIR CONDITIONED THEATRE. 


VICTORIA PALACE. 

82 B 4735-6. 834 1 317. 
STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Ergs. 7.30. Mats. Wed. and 5a t. 2.45. 


WAREHOUSE. Donmar Theatre. Covent 
Garden. 036 680s. Roval Shakespeare 
Company. Ton't. 0.00 Pete Atkin's 
AAR. All seats £1.80. Adv. bless. 
Aldwvch. Student standby £1. 


WHITEHALL. 01-930 6692-7765. 

Evgs. 0.30. Fri. and 5aL GAS and 9.00. 
Paul Raymond presents the Sensational 
Sen Revue of the Century 
DEEP THROAT 
6th GREAT MONTH 


WINDMILL THEATRE. CC 01-437 6312. 
Twice Nightly 8.00 and 10.00. 
Sundays 6.00 and 0.00. 

PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OP THE 
MODERN ERA 

"Takes to unprecedented limits what Is 
permissible on our stage." Ev. News. 
3rd GREAT YEAR. 


WYNDHAM'S. 01-036 3028. Credit Card 
Bkgs. 836 1071-3 from 8.30 am. Mon.. 
Thur. B.OO. Fri. and Sat. 5.15 and B.30. 
'■ ENORMOUSLY RICH. 

VERY FUNNY.” Evening News. 
Mary O'Malley's smash-hlt comedy 
ONCE A CATHOLIC 
“ Supreme comedy on sev and religion," 
Dailv Telegraph. 

"MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


0"*TN'S THFATRF. CC. Ol--»54 11PA. 
Eves. B.OO W«f. 3 oo. Fnt. S no and 0.30 
ANTHONY OUAYLE. 

FAITH Bf>Or»r M'CHaFi. nmRIOGE, 
»n* RA>-MEI. "EMPCON 
in ALAN PEMVF ■ I 'S 
THF ni.o ranurpY 

Plav.^,^ 

Directed WILLIAMS 


—•FEN'S. CC. 01-734 1166 
•rom August 16 Opens Aunust 23. 
roy nOT«*tre iamfs vhuers 
and RICHAPD VERNON 

GEORGE CHAKAB|S as DRACULA 
THE PABSION n or DRACULA 


ReVDEJBAH. CC 01.734 15P3 
9 _pm 1_1 om. Opens Suns. 




At 7 i . . 

PAUL RAYMOND nrevmt? 
THE FESTIVAL OF EROTICA 
Fully air-conditioned 

=1st SE NSATIONAL YEAR. 


SSfjTt - C J rC - Libe.1 01-637 

E*WS. 0.30 Pm. Thu and Sat. 
7.D0 and | lH° _ R « | u«d prfc„ for pre- 
.. ..''PS 5 3. 4. 5. 7 AuO. 
EHS E _£S.' 5 HOLLYWOOD '■ 

THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
AN EPIC FOR SIX PERFORMERS 
Credit card b»tn. 01-637 9862 3 


K°TAL COURT. 730 174 5. Air. Cond. 
Prevs. at 8. Opens August 2nd a? 7em 
World premiere ECLIPSE bv Lelati J-Vt.' 

SKiiS** ftwj Bowl«. Vam« 

Cosn re. Leonal J OG ^‘J|^ on and PAUL 


MERMAID. 248 7656. Restaurant 248 
2835. Evenings 7-30 and 9.15. 
EVERY GOOD BOY 
DESERVES FAVOUR 

A play tor actors and orchestra by TOM 
rTDpPARD. »"d ANDRE PREVIN. Sent* 
£4 £3 anrf £2. " NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC ART CAN POSSIBLY 
MISS THIS PLAY." Sun. Times. 


NATIONAL THEATRE. 928 22S2. 

OLIVIER (open stage) : Fri. and Sat. 
7-30 How price nrevs.) THE WOMAN 
a <wtw puy by Edward Bond. 
LYTTELTON (proscenium stage): Ton't 
* Tom or. 745 PLUNDER by Sen 
Travers. 

I 


'uIwP’ti. Cards. Or-405 8004. 

Manaav-Thursoav Evenings 8.00. Friday 
f ma MS. Satcrdavs 3.00 and bToq 
L ondon critics vole BILLY DANIELS In 
BUBBLING BROWN SUGAR J 
B*M Musical erf 1977 * 
BcwWims acceatnd Major er »a| t res. 

oi-836 aeas. 


SAVOY THEATRE. 

TOM CONTI ... 

WHOSE LIFE IS IT ANYWAY) 

With JANE AS HER 

" A MOMENTOUS py * ■ I URGE YOU 
. TO SEE IT. Guardian. 

Ew at 0-0. Fr,. and Sat. 5.45 and 8.45. 


01-836 6596. 
Hole or n end). 


SHAFTESBURY. CC. 

StianeUKirv Ave. iHign 
“FANTASTIC 
GODSPELL 
"BURSTING WITH ENJOYMENT." D. Tel 
Prices £2 to E5. Biffl seat* fjvj i-.nsu' 
before miotv at Bo* Omen. Mon.^Tnuf. 
8.15. FrL and Sat. S.30 and e.33. 


CINEMAS ' 

ABC 1 A 2. Shaftesbury Ave. 836 8861. 
Sep. Peris. ALL SEATS BKBLE. 

I: 2001.- A SPACE ODYSSEY tU ) 70 mm 
film. Wk. & Sun.: 2.2S, 7.S5. 

7: THE SWARM LAI. Wk. & Sun.: 

2.00. 5.15. 8.15. 


CAMDEN PLAZA (opposite Camden Town 
Tube). 495 2443. Tavlanl's ALLON- 
5ANFAN 'AAi. .Bv the di recto- of 
PalRE PADRONE . 1 4.45 6.50. 9.00. 


CLASSIC T. X. 3. 4. Oxford Street (OPP. 
Tottenham Court Rd. Tube). 636 0310, 
y .*"*! A-.Pro®?- Children half-price. 
1. Wall DUiky's HERBIE GOES TO 
MONTE t^RLO (ID. Progs. 1.30, 3.40. 

Z. Doun‘ McClure WARLORDS OF 
ATLANTIS (A). Proas. 1.10. 3.30. 535. 
® -20. 

MWUF™ tu, ‘ PrMS - , - 20 - 

t-. Si 1 ™ LONDON f A). Arabic 
Dialocue. Progs. 2.00. 4.10, 6.25, B.35. 


CURZON. Curran Street. W.l. 499 3737. 
Sf.S 11 , Air Condltl&nlnq). DEK5U UZALA 
TUI In >0 mm (English sub-tltles). A 
1RA KUROSAWA. "MASTER- 
PIECE." Time*. “MASTERWORK." Ob- 
server. " MASTERPIECE,” Ev. News 
Film Weekdays at 2.0. 545 and 0JO: 


L l , .5iRI E,, » SSi 1 AR 1 THEATRE (930 52S2> 
S J!? Ber Moore. Rkchnrd 

_ K Tuaer in THE WILO 
LiFESE fAA) Sep. orogs. Wk*. 1.00. 
5 ?°' 8 J®, Late shows Weds., Thnre,. 

Sats. 11.45 pm. Seals may 
bo booked In advance (Or B.10 prog? ay 


REVENGE OF THE P?NK PANniER 
St*, profs Dly. Doors open, mnn 
shew am Oaot San.1. Flrst°p 

1.45. 2nd prog. 4 30 Evn. progs. 7 

wr.w jnwftBEr-S £ 


ODEON. Ha v market (930 Z73MI sni , 
Jane Fonda, Vanessa Redoravcin a FrLt 
Zinncrnann him JULIA CAL San 
Dhr. 2.30 (Not Son.lT sab‘ 

Feature Oly. 2.4s imm l-JS. 

9.00. All Mats bKble at tfiSmk 6 0 °' 


PRINCE CHARLES ln|t cl — TT: 
6 S S».aile * Lt 1 '-*S- 


J 

d: 



financial Times Monday Jirty.#!; -1935 


FINANCIAL TIMES 

BRACKEN BOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Flnaatlmo, London PS4. Telex: 88630/2, 883867 
Telephones 8l-fflW8W- 


TheMiUe^ Id tarn Ihe tide 


* j ' 4 "1 '!?' ' 


Monday July $1 19PB 


if&llki 


Yet another 
lame dock 






^ALAMPIKE 


THE BQCKLANDS to , 
of ? London repSgsf 
“te®ssa angle area^i 


derttopmaat in ^Brno^-today 

1 ■_ largest tkat ftas arisen 

IglQC UllCK glg^s^tne Greats 

^^w*^*-** T&ase woe the breathtaking 

teems® i» wfcirii a. planning re- 

THE SLOWDOWN in the both, the Bnyate and the India I g 0 **, **° 

growth of world trade has and MitiWaUi ere n^ofr upstream ^?^^ W . e f..P ie t SC ^ e 0f , a 

created a now threat to- employ- docks for at? least .* further- £ ^^_^)^ PpiP ^T. Stra1 ^ y to 
ment hopes in many countries period. 

us well as exacerbating the If the difficulties* o£ the- u»- ° f inn * r Qty declme 

difficulties which various, in- stream, doctor looked; like- being 

if us trial sectors have been a pasting groWenr ar- if ti>es- report itself, the London 

experiencing as a result. of tech? had? arisen sut ftftarifr ami ™* Docklands Strategic Plan, was 
nological or structural change, expectedly and! efforts to. restore not greeted with immediate re- 
But it has not basically altered their- competitiveness had 1 not: j° ! <clng in the streets of East 
the choice of responses available been, previously made* such a[ 'London. There had been other 
to- governments in dealing with decision might, be excusable. : reports through the years and 
the consequences at the level of. But none of. these gjiaUfifcatums, “One had been able to overcome 
the individual firm. apply. The docks, concerned 1116 central problem — the fact 

Where the threat to employ- hase been losuiataadft for yeatrs. that policies of successive gov- 
men t genuinely appears to- be A. combination qf tMbgpla^kal ermnents had persuaded or 
temporary and there is a. real change — -i® this.- intowce con- compelled Industry to move 
and. early prospect of a company taiperisstion. and tbs: dfi.yelop- elsewhere, 
regaining viability. a case might meat: of modern fi t Mtfiti ea flown- in more recent months, how- 
be made for the grant of state stream- at Tilbury- — over- eve r, there have been «i>"c of a 
financial assistance to help tide manning, restrictive . labour slight awakening of confidence, 
the company over its difficulties, practices, and intter- union Not only did the Government 
provided always that such aid is rivalry }m made; it Impossible acce n t the Strategic Plan but its 
used in ways which promote for the FLA to o'®* traders inner Urban Areas Bill is de- 
rather than hinder its adapts- the service and thA price they signed t0 remove the institu- 
tion and provided, too. that the expect amt ace. a#e t0 obtain barriers to industrial de- 

aid is given only when and for- elsewbaue.. velopment in areas like toe 

^J 11 " as it is necessary. docklands and to revive both 

When these conditions do not Slow. KesgM&e the economies and Bring stan- 

eiusL the only sensible course 

is to concentrate upon such Tins is not the first time the d f ^ inaer aties. -- ... 

matters as retraining facilities. P J-* has br«jached the question f"* ^ n(i T M , n !!l2! manual jobs compared with less which things are deteriorating." half this number will be avail- 

redundancy terms, and en- of closure. It was persuaded to than half in the mateworkforce The Dockland Joint Com- able vithin the designated 5,300 

couraging the creation of new keep open-- the Royals group two . . rnMmmcnt h,,. 6 of London as a wholes This pat- mi tree’s priorities for tackling acres and if is intended that 

activities, so- as to provide years- age*, on the promise of a . t J tern, alongside a tristory of this massive canvas of problems the remainder will be provided 

alternative jobs. To try to pre- Govermri^nt - guaranteed loan , three urrrim declining industries.^ has left are completely different from elsewhere in the five boroughs, 

serw Jobs for which there is no and trade union offers, of ‘ he parts of the area with an unem- those of a previous ^starred „ 7gM0 - 1nhq in , 

longer any requirement is not- mpiowed working practices. ““ 1 d i *522; ployment problem to rival some package of solutions to East “ Y„ 

only a futile- waste of public Tta improvement hss not «“ 1 Si tee worn StepSI’ in tee Si dm7iu“-tee Ira ““?? 

money but can also be economic- materialised and the losses the ^ ozen T s °J mterest Sro'ips in coimtry *y_ t Travers Moraan olan. This en- m ,*• .“H* dispute that a 

ally and socially harmful. Ixl that upsteeam docks have Incurred East London were mobilised to “^strategic Plan for tack- vSSd droSSns toe bSfne® 5™?* of this size ^ necessary 

it Wilt dAifltf thp mpvitahip hav-t resist the. Port of London f'T ““ visagea developing the business for Qj e *rea. The decline in the 



-If - ’* . -A - Terni Srk 

Symptoms of inn» city decline — a tower block overlooks the reprieved Royal Docks and 
rubble left after the demolition of industrial premises. 


t ie past 15 years— and new initiatives in such spots. 

[y m the last five— Meanwhile the deve^meot 
f jobs has outstripped of the actual docklznd&araa 
toe in the area’s since the publication of jtha 
i strategy two years ago fiar not 

.undwork on the plan been above criticism. The; M* 
“e fortunes of East lands Forum, an inteng grgnp 
as coincided .with the on which trade uxuoa^cpm- 
□fs ™ strategy to munity organisations antf-numy 
° the inner cities and other East London bod ies are 
luction of its toner represented, argued in accent 
reas Bin. This gives report' that despite - some 
orities powers to pro- advances progress hat been 
rideffinancial and other aid to “ desperately stow and that 
tfifc&ner cities and the London the area’s industrial declme was 
Idel&mds have been declared still “outstripping the. .plan’s 
seven partnership areas most ' p es s imis tic predictions.” 
duSllriiig fof ■ special assist- The Forum estimates that 
arilir One of the ' greatest between 1973 and 1876 manofac- 
qmSiaints of thie past is being turing jobs in the docklands 
tfuilied and in future dock- area declined at a rate'ef 4.7 
will have, second .only to per cent a year while Tower 
Exalted areas, top priority Hamlets and Newham- lost 
fm§f‘industrial . development 17,600 industrial jobs— 21 per 
ce^B cates. cent of their total— during the 

‘ vjErred on by this sign of the ^ree-ye^ Period. The Forum, 
G^^nmenfs good intentions, the unions, re concerned 

wwk on the dock- t fae JtaJJJ 

SIT strategy has already improvement in -industrial 
3d. The biggest single development certifirate pnoritr 
p^^tial development area is »PPfoes only to tiie directly 
Beckton in Newham, designated dodtiands area and 
mjjsre the plan envisages n P l to East London generally, 
b^ween 9,600 and 12,000 new The Docklands Joint Commit- 
j<@; by 1986. TTie local tee has responded by annonn- 
a^ority-has embarked on the C ing a cash injection of more 
phase of 8,000 new homes than £230m from national and 
an# there are plans for new ] 0ca j funds during the coming 
shipping and other facilities four years which will, it hopes, 
aHJF a district hospital. Hopes demonstrate to the East London 
also, remain that communi- pu0 lic that the strategy is 
cafitfns to the area will even- actually under way . . . and 
tisffiy be improved by the w ju act as a stimulus to the 
ddfelopment of the new Jubilee crucial task of winning industry 
underground line to Beckton. - back into the area. 

But thd Beckton site is in the _ for *»,_ Royaij 

ISTv^SS tee GovLZeoT^ 

^ eor ® e v d ® ( * s * the tQ announce this week 

mdpfinitplv Sin« wU1 not - in itse,f * guarantee a 

New- 52i-» “SL “5 


*2 of tr,e B®swlck. steel, to alter the prospect. Even if ‘ e "*' k ‘““ ™ which the Greater^ London the “West End into the 
plant closures review, to cite efficiency were to improve cut of J 11 } th L^f k S Council and the borouchs of End.-" 

just one of any number of all recognition, the upstream throughout the Greenwich Lewisham, Newham, . 

examples, demonstrated. docks would need to attract C0 "“ , “ I JJ; Southwark and Tower .Hamlets ' . , ... 

» . - almost 50 per cent more traffic , The fight to save the Royals were renresenced. -- «* A mhltlHIIQ 

ft**™ to become profitable. been based upon far more we ™ ffSEti the-wmmittee ' Am01llUU » 

It had seemed that the 11 maj be that another Shs described the background to the {aK tor Opt 

Cremmcnt^dlearevd teb SSl P-»lem in tee« wor*: -tat to® 


Ie«on!' When the*TO~me~Miitfster ; a avoW P lans W S™“ed “i" “^JS LonAon - “ d P^ 0 


West End into the East M population. The formgr 
importance of the Port of Lon- 
don, coupled with good river 
A mKifinvic • and ^ connections and the 
/AinUltlUIlS attraction of the metropolitan 
, , . market, were responsible for 

100 13X26 1 the area’s original industrial 

J ® growth. In more recent years. 


r dock- Such an approach is rejected however, road traffic congestion 
p same by the present strategy which has reduced the communications 


May about the Ron of London d ® 5 kland. But, as an article on wh it has involved groans with tune as older '-’fedustnal concentrates Instead upon advantage and tiie. development 
Authority's- proposals 'A>r the tb,s , pa ® e the P^ht direct employment mterest 31645 ln the Mld ^ lds 311(1 mod ern is in g the area ; s tradi- of' modern container-handling 

closure of its remaining up- of do^fand has been made a _has been a fear that the image North of the coun By. D uring tional industrial base and faciUties at Tilbury has led so 
stream docks in East London, s ootf deal than it need f . ^ do - gtrU eelinE to toe la6t war lt warTK ® mdst wooing lost joft^back to East tile ‘decline riot only ~ih ' do(3? 

un. ... have, hoore Kv- The clnu H.traaTi- 01 r, * St LOaUUU ’ SLlUgSUIlg IU c nnl h a j tnrerei Y rttl . 1 


jul uji* L-uuuiiv, myr. v-auttBiidJi y 1 - loss of such a niaior nart ot-one- nuuiu uv auic w Huricueu juduuuu. . 

explained, if we were to con- ceived yea^s ago but -it is only j. ^ basic industriM. t- ^‘closed id±quick ^cession. Now lost industrial employment and ;r This reduction in natural 

tinuc* permanently to subsidise relatively Recently that policies -. a comolaint freouentlv heard il bas aI1 th ® symptoms tof de- says that, in any case, “ the advantages ’ has been!, 'exace r- 

facilities for which there is no hav e began to be adapted. This • docklands boroughs is cIine of the 0,< * 6r uri3an areas social upheaval that would be bated by years of government 

use. It now appears that other Government has talked a lot *u_ t j n ot h er oar ts 0 f of 1116 country ' man y of which likely to arise from East London policy which has encouraged 

thoughts have prevailed. The about the need for greater Britain-- and for that matter have long since been recognised- adjusting so rapidly to a radical many long - established East 


Dr. Soares in 
trouble again 


.Britain — and for that matter aave Ions since been rec 9« nised adjusting so rapidly to a radical many long - established East 
Government has evidently efficiency. Yet it has invariably I th D3r tr; 0 t London 'do not “ needin g special-help towards -ehange in the employment base London- firms- to move to 
decided to provide tiie PLA faited to set a lead when it is aMp^ciate the imnortance improvement * \ '‘AVoald be unacceptable.” assisted areas and new towns, 

with sufficient finance to save presented with a chance. th . ._ M H TT "f 5 c: “The signs are not just un- The area defined as docklands In one of the dockland 

mamr ritw iMhurhs thiT employment statistics, which in the Strategic Plan consists boroughs — Newham— at least 
j . Lrfren wnn.T** *** onl y ^ o£ the iceberg of 5500 Thames-side acres m 120 local firms have closed down 

nrimaHiv candinJ 30 d do not fuUy reflect the Newham, . Tower Hamlets, or moved away during the past 

jL economic state- of the area Southwark, Lewisham and decade. The effect of this on 


London boroughs are not 
primarily dormitories sending 


MTnmiitAK tn Am vi um ujuumptun, ucfiJNiaiu ouu uduiuc. A up cucli Ui. uiw uu 

because it is part of a larger Greenwich— the bulk of it in the structure of the labour 
pioyment in central Donaon. conurbation. The signs are ..the the first two of these boroughs market has been dramatic: in 
About two-thirds of the male overall economic, • housing, to the north of the river. It a single year 41 per cent of 
population of the docklands transport and environmental was envisaged in the report 6.000 men who moved out of 
boroughs of Tower Hamlets, sfate of docklands and the dock- that 76,000 new jobs, must be the borough were foremen, 
Southwark and Newham are in lands boroughs and the rate at provided. Land for less than supervisors and skilled workers. 


hi. reuncl^r hareVoken 

5&pi^«opte*s e Lre i*:rs ,0 £ 

fjSt ro^remde thc Govern * nd »e Royals open. If the 
SSt that the closure would authority had been' allowed ™ 

USA to the markc-t beiny flooded *» ^ t ^ 

wffa cheap warehousing and tee Royals next year the Indte 

Xr industrial activities in old J™" 

dS buildings which = would survreed. but only on pr^ 
utarcut .the proposals, for hatjon to see if .^ cfliciemy 
oXriy. modem industrial de - ™u!d improtte. • Without new 

vri&pment as well as presenting ™ ! hl ' F' )f FFF 

thSn With up to 681 acres of both sld « o* industry, schemes 

pfetiai urban decay. f °r their denme can be expected 

Sowerer. while tee threat to t0 l]1IlcrI ' e a** in - 
tw upper -docks has given rise However, a decision to close 
•to- intense campaigning and any of the upper docks at 
lobbying in recent weeks It & fliitf critical milestone in the 
not- the only aspect of concern redevelopment of East London 
amonktrade unionists about the would have left the Govern- 
appbesfjion of the^Governmenfs meat’s inner cities policy with- 
:inner cities ctiatejgy in London, out any hope of reprieve in 1 

EaHie? this month another tiie eyes of London trade 
trade - union delegation, from unionists. As one trade union 
the Greater London Association representative told Ministers 
of Tradfes Councils and . the when the South-East TUC went 
South East Regional Council of to Whitehall earlier this month, 
the TUC, went to Whitehall to the closure of the upper docks 
complain that what was needed " obviously would make non- 
was both . involvement of the sense of the Inner Urban 
unions and a “ massive increase Areas Programme.” Mr. Peter 
in restmxces ” . for the worst Shore was not among the 
affected aireas tike East London. Ministers present but, as both 
if the philosophy of the BUI Secretary of State for the En- 
was.to turn ^concrete, form. The vironment and an MP for Tower 
unions are calling for the Hamlets, it is a statement which 
National -. Enterprise Board to must have caused him much 
exatnine the feasibility of direct concern in recent weeks. 


THE REMARKS of Portuguese autumn. The Community’s Itfl t Hi ANil ilfl * 

politicians should not ajrwa>> be decision to negotiate with III Hire ■ m0 lilfft I I SbiIV 

tak^n at their face vajue. After Portugal was not -taken on ' _ £ 

hi » dism^saj from the Premier- economic grounds. Its main |U|Anpu.ma|(arc British cast — even though the seems that apart from the Seddon, was reproduced in a 

svixp ny president thanes at the purpose in agreeing to the ,V J ■ show is a pastiche of Hollywood freely-flowing Pol Roger, scent newspaper — and it reminded one 

end of last week. Dr. Mario admission of new Southern mQ L- a m(T m iidr to the Betty Gfable era. : and liquor were sold by the reader of a large oil Sainting 

Soares, the Socialist leader. prr>- members is to underpin the nidwn8 hiuoiw ^ deferential cabin staff at rock- ^ch his ^wife bad related to 

dauaed that his days as Prime aed®lxn®r democracies in Athens. It is said that the quickest way in 0 doubt tbit thev expect to bottom prices. ^ attlc 501116 years ear ^ er - 

Muuster were permanently over. Lisbon and Madrid. It will .want for a show-business newcomer ""J thesWbSin^vmrld But no loneer The Civil ** m » nand his wiff whose 
He ha, now agreed to go on nm- to be qiAte ciear about the to lose tos shirt is by backing a ~ ™ A^oritT name ? r«nain_. secret.^ down 


British cast — even though the seems that apart from the Seddon, was reproduce® in a 
show is a pastiabe of Hollywood freely-flowing Pol Roger, scent newspaper — and it reminded one 
in the Betty Ggable era. :. and liquor were sold by the r ®** 1 ® r ■ torge oil Minting 

i iLui. i deferential cabin staff at rock- which his wife bad relegated to 


Fii 


A 


caSL!^ S^nd at t^“Ln n J ^gSteaSSSSta*o3 . .SSJE^SJgL 1 ® hS 

rnn^.rwa toipe must be that Dr. Soares Englishmen have decided they people go into it’ blindfold.” Westminster fell on stony complete with fuU Arab costume 

S’ can patch up his differences «« ***1 the omfaous tradition JESis lings toe sarnTtmTe: ground. So toe parliamentarian and a cameL “Of course, it 

K£*f DIor JJJJISJT m fPL wito the Conservatives and con- |W runnm « «. musical as though -when Tm selling somebody a will have to be booked on «&?“£ be to the Natior^ Port- 

that hn had no mten. tinueto office. The two parties tin of paint, I can’t live on workaday scheduled flights for 


longer. . T1 
- Authority 


-J. “ names remain a secret, g 
nas the painting and took its 


o- rtf v ““ “t* uuiciBUMx, . : . , .. . jxiwiiib biiiKs uic same lune: AIUUUU. oh me um i i mii Kiiini mils »«■ 

J5ZZ firrt ^ tiie Conservatives and con- |W runiim « «. musical as though -when Tm selling somebody a will have to be booked on *p“U be to the Natior§ Port- 
Soam^s coalition, first »pbe two narties 11 were a business venture: they nnint Tran’t iim nn workaday scheduled fliehts for rsut Gallery, says Tony €arral), 

announced that he had no inteit are opening, their first West £ S ^ScfS E^o^SsfS one of the FAS staff. “We Offered 

turn of bringing down rhe ^7TT“ End production next week. The in thA t u oat -*» 1,601316 137 ctartlne nn Wpmhm- 27 Tn them a very considerable sum of 

Government, and then withdrew eldesi Jeffrey Taylor, aged 35. t0 T in thejrtre - what ^ mw £ “«W if Did they 5*ept? 

m maVinit i* vimiiiv blew up. when hk Cooserva- s _ _ «t _ ...... i In the mime nf mm<h mnn view or wnat else may oe they were so chuff e 3 thnr 


Government, and then withdrew ^ eldest, Jeffrey Taylor, aged 35, , of wh7 m he “ one ^ for iL " Dld to ey ^cept?, 

from it— making it virtually „ i T^ Cocser y*‘ a director of a finance and 111 tiie course of much more 7^- w {£« SlSe an ^ ay “N 0 - tiiey were so chuffed that 

inevitable that President Eanes 10 insurance broking group. His 111 similar ebullient vein, I 5?™* **1® they just twik the picture; home 

would initiate a Governmental J* Soares s minority Socialist papers are Ronald Monds, 31, gathered that the venture is a -^ n «^ nd t- for ™ omeat ^ 

crisis by dismissing Dr. Snares. toe managing director of a com- «*ting » ^>7 »0.000. Various H absence could well siuln, looking at it. 

ago— after it had fallen lest yjngg more than 100 “angels” have come in; the « numerous. 

Elections DecannK" the widely do-it-yourself shops, and actor Theatre Investment Fund, . 

Elections expressed hope was toat toe Anthony Andrew, who is 30. whi ch has Lord Goodman and g . .. ... " ... 

Both party leaders seem to cooLkboh would tost until the -The teio have brought over ^ Littler on its committee. Light relief Meant to Win 

tare gwe rettar further teau schedule,, geuer^ elediore Erom cSlfonS. a S oilW hu also giren repport. But the ‘ fonttlotes ^ , h . “ Wm 

they intended. Dr. Soares wants in J980 ^ *e rupture is now -The cr Mt American Bach- “1° h,ve been modest in their Tbe ripon 111 this “'teun about 

to remain Prime Mnuster and irreparable, early elections may «sie Mustad.” which! has ™ choice of a theatre-the 600reat 'S" SfZ'h'LS a- father- and sun whd taught 
does mn want to precipitate have to be held. But legal and for a year in Los Angeles. They S egentl aear Broadcasting i S V f a H n ? °?p 1 a Tnn 200 copies, .of the Firikhcial 

early elections. Nor does Sr. admirustrative complications are have also mooned the orieinaT House. Until a few years ago ^ Times just to extract theshare 


Meant to win 


early elections. 


Freitas Do Amaral. His blunt bound to delay tbe poilTproS dTrert™aS^orTO^pher!“in St was a cinema. conc^Siting Ildiji. ^ OU S ex S a PP Hcatj on forms evoke^sev- 

chaBenge to Dr. Soares was in- at least ogxt j an g laIy> the belief Britain does not °® ^'titles. But om musical - th^^mort'R boar? eral of similar .bids' to 

• u PiMd ^ir fear L^^ e h? e w ensurifl S breed such beings for muricals. J® 8 S* 1 ** sh0w ” W r tL^?Msh^rtS sh °2S 1 the ^ ^ “ ost re " 

be overtaken on his nght by uncertainty and confusion. But they have recruited a Morris firmly. - • n . u T ^L , “fj markable is bf a reader— a man 


cinema has been in- 


eral tales of similar bids' to 


the newly reorganised Social 
Democrats, who. have been ftfood 
launching sham attacks- on ■ 

bothDri Soares and President There is no obvious atterna-. 
Eanes from the eppositinn tive to a coatonatioa of tbe 
benehes Sr. Freitas Do coafasion. Dc. Soares is 

AmaraPs Conservatives feft unlikedy to feel able to work 
they cooW: no farmer afford- to wito the Social Democrats, with 
muBle tfieir genuine resent- whose leader, Sr. Fraoctoca Sa 
ment at the Socialists’ land Canaei«N be Inc tong been at 
ownership and health policies- daffieto drawn. He afeo has; 

both Use too- left-wing fer sm se to reaHae that a 

their liking. coalition with the Communists, 

It to not a good- moment fbr who have long catted for an 
another Portuguese political opening to toe left, is politic- 
crisis— even if most of the ally impossible. Hie mood of 
country is on holiday and not the country is moving to the 
taking pnEHics too seriously for right, and Dr. Soares does not 
the next few weeks. The in any case want to do anything 
Government- sfiiH- has to con- to comprootise bis democratic 
vinca* Portugal’s foreign ere- credentiafe <m toe internariona! 
ditora that toe country is being freat H he* w»e to try to carry 
run- efficneofily. An important pa.wfth * Hnnoraty G ov»Mient, 
S300m American. loan, to due to wife w mMSerstandtaig wrHLaqy 
be sigpedin Iff days’ toue, and ofees pac®, 
the . Government hopes to open &***■ * 

EEC entry negotiations to tbe feonrone moment to toe nesL 



• - - =whTrenTto 

"' 1 . at ti* e competition In the magazine Good 

_ . . f 881 ^ irp °?_.?.. Per r y ’ Housekeeping. All were Photo- 

Down to earth . ♦ -iSffi 1 J5E ^ of &e origi ? a! •*» fOTm 

„ „ ' Lourdes— where the sick tradi- ^, d ^ ^d different answers 

Countless thousands of tionally pray for miracles— These “saturation" methods 
travellers, crowded fa airports were given special clearance by apparently plrifrif by winninfc 
all over Europe, are -realising the. French air traffic controllers, ^ereo ecminment 
text there ii little elyle end The pilgrim, were only a few ^ 


WE'VE A IOT TO Of SR. 
YOU’VE A U)T TO GAM. 

' . .the Lothian Region, with Edinburgh at its heart, already 
has a formidable roll oil of satisfied industrial customers. On 
industrial estates owned by the Lothian Regional Council there 
are now 147 thriving companies with 11 ,000 employees. 

Outstanding among the reasons for the success of the 
Region’s industrial estates is the quality of Lothian labour. The 
playback we receive from employers leaves us in no doubt that 
Lothian labour is very highly regarded, indeed. 

Our access to good road, air, rail and sea communications 
is rivalled only by our access to commercial money. Edinburgh 
is one of Europe’s foremost funding and investment centres. 

: fipr the businessman who can’t wait we have immediately 
available 22 fully-serviced industrial sites, 10 modern factories 
and 16 of the latest warehouses. All ready for occupation -now. 
. , fly up and see us sometime. Soon. 

■ If you want to know more before you take off, call us. 

Or write to: 

■- |* Shanks, Industrial Development Manager, 

' Lothian Region Development Authority, 

18 St Giles Street, Edinburgh EH1 1PT- 


Countless 


thousands 


UUM. I Here 1ST Uiue Style ana me pusiuus were uurjr n icw and * small mnimtaln nf rnmn. 

elegance in flying these days, minutes late leaving, whereas Dhone re-rd* snmo- 

So perhaps we should shed one ordinary travellers waited up 
tear for the demise of a British to 18 hours-. 

Airways de luxe charter service, - - 

where champagne awaited all - . i , • 

passengers immediately they ... . . IflStailt ' 

had mounted the steps. - " ' 

oenophiiisi 






-'■EDINBURGH < 


NORTH-1 

BERWICK* 


The flight vent three times a A|| dressed UD 
year from Heathrow, for the Ml 


BATHGAEE ; LOTHIAN REGION 

l. ' . -- 




j>wtr ixum ueamrow. IOC We .wy---, . . 

parliamentary sessions of the People still do find masterpieces 310 news P a P e U' In 

Council of Europe. About 60 in their attics, as witness this 17*^ nflon ” ste f? ruits WQ rihy 
British representatives from s 101 ^ - from tiie Fine Art Society 01 nknie tne wine waiter will 
Commons and Lords plus a like “ Street The FAS has just P° ur a small quantity of the 
number of clerks ’and other h^ “ exhibition Of orientalist wine into your glass for you to 
minions, were whisked sumptu- ?* te and ,«"««.(». If it 

ously to Strasbourg and back. Sj!S3 1< S^S f 5?® 3 n ' ,s i y ’. must y flavor tell 

“It «a Jolly good Junket.- hSSjoSnS " ' “ s “ rlanE ’” 

one of the parliamentarians told to Mecca. The watercolour, by 

me wistfully . tins .pxeRaphaellte . artist- Thomas .Vr Crop# i DGT 



DIAL 031-229 9292 EXT 3432. 

DEVELOP WITH THE 


A ly'jl!. 
lilt ‘ 

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ftvr*wi 


K > 

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' A 

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pffranda! primes Monday 3ffily 31 1978 


financial times survey 


Monday July 31 1978 


A risk 
of doing 
too 
much 

By Roger Matthews 
Cairo Correspondent 

THERE ARE days, stumbling 
through the wrecked pavements 
of Cairn, pushed and jostled by 
the pressing mass of Cairenes, 
prey to open manhole covers, 
unfilled trenches, noxious pools 
of water, suicidal motorists, 
street sellers, moneychangers, 
oppressive heat and choking 
dust, when the future of Egypt 
seems at best obscure. 

"There are days,” said Presi- 
dent Anwar Sadat in 1974, “ in 
the lives of nations that cannot 
he measured in units of time, 
but are measured in terms of 
the hnriznn« they open up. the 
hopes they present, the ideas 
they inspire, and the resolu- 
tions they inflame.” 

For Egypt's nearly 40m popu- 
lation. being added to at the 
rate of almost lm every 12 
months, crammed into the 5 
per cent of the country that is > 
habitable, with a literacy rate of ' 
just over 40 per cent and a , 
gross national product per 
capita of $310, hope must in- 
deed rank second only in im- 
portance to the River Nile. And 
hope is something that Mr. i 
Sadat provides in large doses. 

If the first springboard for 
hope in Egypt’s modern history 
was the 1952 revolution, the 
second was the 1973 Middle East 
war. By crossing the Suez 
Cana] the Eg? -ptian army 
reduced the myth of Israeli mili- 
tary invincibility, restored 
enough pride to make peace 
negotiations a serious option, 
and raised the possibility of 
being able to free the country 
frmn part of its crippling 
del once cvpenditure. With 
Egypt’s former economic model 
having rim nut of both steam : 
and credibility, not just because 
of iho $431»n spent on military' 
exploits, i he achievement of 
1973 should never be underest i- 





In his Middle East peace initiative and his attempts to reform 
Egypt’s political and economic systems, President Sadat has 
attempted much. This Survey assesses his success so far. 


BASIC STATISTICS 

Area 386,900 sq. miles 

Population 

3S.lm 

GDP (1976) 

E£5.Sbn 

Trade (1977) 

Imports 

E£1.9bn 

Exports 

E£6G8m 

Imports from UK 

£I90m 

Exports to UK 

£88.1 m 

Currency: 

Egyptian pound £1 = 

: E£ 11.734 

Tourist rate £1 = 

:E£1.27 


mated. Today the opportunities 
for both peace and economic 
advance have rarely seemed 
brighter, and nor need they any 
longer appear mutually exclu- 
sive. However, they are both 
tantalisingly just outside the 
firm grasp of the regime. 

Mr. Sadat naturally runs the 
risk of overreaching himself. He 
talked a week ago of peace being 
attainable “within hours" (if it 
was not for Mr. Menahem Begin, 
Israel's Prime Minister) and 
regularly promises that Egypt 
wifi be out of the economic 
tunnel and into the sunshine by 
the end of 1980. He is, as he 
always reminds, his audience, an 
optimist. But it is a charac- 
teristic which, when applied to 
excess, could raise unrealisable 
expectations to the point of 
seriously provoking even the 
gently cynical and fatalistic 
Egyptian masses, whose patient 
acceptance of the status quo has 
given the country notable politi- 
cal stability. 

Egypt’s recent performance 
in the domestic political, inter- 
national and economic arenas is 
inevitably closely linked to the 
interests, strengths and weak- 
nesses of President Sadat 
rather than to the abilities of 
the Government. The President 
enjoys sitting alone and sketch- 
ing the broad, often sweeping, 
lines of policy, but is irritated 
by details and application. For 
an essentially conservative man 
who draws his inspiration from 
the unchanging life of the rural 
village, the breadth of Mr. 
Sadat’s actions has been im- 
pressive. 

Economically, he is trying to 
transform what is a largely 
publicly-owned, centrally 


directed, low-wage . inefficient 
and heavily bureaucratic system 
into one that is open to market 
forces and has a flourishing 
private sector. • Politically he 
dreams of a western-style 
democracy with “ responsible ” 
opposition parties- that criticise 
respectfully but do not 
"subvert.” Internationally he 
wishes to bring, peace to the 
Middle East and has already 
adequate )y demonstrated his 
genuine desire for a settlement 
that would return occupied 
Arab lands and provide a solu- 
tion to the Palestinian problem. 

Whether so much should be 
attempted simultaneously and 
with such haste is debatable, 
especially when failure in one 
area must bring the threat of 
collapse in the other two. 
Although presidential aides 
argue that Mr. Sadat can 
successfully compartmentalise 
issues, it must always be 
difficult for a man of such 
sometimes volatile temperament 
who tends to see problems and 
successes in highly personal 
terms. Thus the close and vital 
relationship with the U.S. was 
until 18 months ago expressed 
in terms of “ my dear friend 
Henry ” (Kissinger), an 
affection that has now been 
transferred to President Jimmy 
Carter. Mr. Sadat similarly 
believes, to the anxiety of 
American diplomats, that he 
could swiftly achieve peace with 
Israel if he was negotiating 
with Defence Minister Ezer 
Weizmann or with opposition 
leader Shimon Peres, instead of 
the "intransigent" Mr. Begin. 

On the domestic front, poli- 
tical opposition is narrowed 
down in the President’s mind to 


a couple of hundred people, to 
those who exercised some 
influence before the 1952 
revolutoin and those “ centres of 
power" {‘shorthand for Moscow 
supporters)- that tried to oust 
him" after be succeeded Presi- 
dent Gama! Abdul Nasser in 
1970. 

Within the Arab world the 
leaders : of countries that 
opposed. his visit to Jerusalem 
are characterised as “the mad 
bedouin ” (Colonel Gaddafy of 
Libya) or as “ pygmies and 
dwarfs." When, in February,- 
Cypriot national guardsmen cut 
down 15 Egyptian commandos 
trying to storm a hijacked plane 
at Larnaca Airport it was 
President Spyros Kyprioanou 
who bore the brunt of a bitter 
personal attack, and relations 
between the two countries have 
still not been restored. 

Economic matters perhaps 
through lack of personalities do 
not figure largely in Mr. 
Sadat's speeches, although he 
has twice this year taken time 
out to tell a long and rambling 
story about how he borrowed 
£lm from the Ruler of Qatar, 
put it in his personal bank 
account and then forgot about 
it for two years. The point .of 
the story was to counter in- 
creasingly public allegations of 
widespread corruption within 
the regime and to demonstrate 
that genuine and theerfore per- 
missible mistakes did occur. 
The President also becomes 
highly indignant at the vast per- 
sonal fortunes that are being 
made in property development 
and land speculation by a few 
people in Cairo who have been 
swift to see the profitable short- 


term opportunities made avail- 
able by the much-feted “open 
door” economic policy." But 
try to .question Mr. Sadat about 
overall economic policy and he 
indicates 1 only limited interest. 

However, the economic effect 
of Mr. Sadat’s policy switch 
from alignment with the Soviet 
Union to the U.S. and the West 
has been dramatic. Initially, 'and 
partly as a .result of tbe rapid 
worldwide increase in inflation 
after the 1973 war, Egypt 
plunged Into an alarming spiral 
of balance of payments deficits 
from which it is now only slowly 
reeovering. With the country's 
ability to generate foreign 
exchange severely limited and 
exacerbated by arras-payment 
commitments to the eastern 
bloc it piled up external debts 
and was forced increasingly into 
the costly short-term market to 
purchase essential commodities 
and to- meet debt servicing pay- 
ments.' 

Egypt was also inevitably 
pushed into the arms of the 
International Monetary Fund, 
within whose embrace it will 
have to remain for the foresee- 
able future. After the initial 
near catastrophe of trying to 
reduce the growth in the Govern- 
ment's budget deficit by remov- 
ing a number of basic subsidies 
—which provoked the bread 
riots of January 18 and 19 last 
year — economic reform and re- 
structuring has progressed with 
greater caution and probably 
with more effect 

While the underlying position 
is still extremely serious, Egypt 
has nonetheless successfully 
broken’ out of its external 
financing difficulties via a re- 
scheduling .of debt commit- 


ments. massive assistance from 
Arab friends and western coun- 
tries. plus a strongly improved 
domestic capability for' genefat- 
ing foreign exchange. 

The credit for the at least 
temporary removal of this major 
constraint must in large part go 
to Dr. Abdel Moneim el- 
Kaissouny, who quit as Deputy 
Premier in charge of the eco- 
nomy earlier this year. The 
conflict between Dr. Kaissouny 
and Prime Minister Mamdouh 
Salem appears to have been the 
predictable one of economic 
need measured against what was 
considered to be political 
expediency. International 

anxiety over Dr. Kaissouny’s 
departure has not been entirely 
dispelled, although a further 
three-year $720m IMF extended 
fund facility has been nego- 
tiated, albeit linked to ever more 
specific reforms such ■ as 
measures to check population 
increase, to trim inflation, unify 
exchange rates, raise domestic 
interest rates more in line with 
international levels and control 
Government spending, especially 
in relation to subsidies. 

At the first meeting last year 
of Egypt’s main international 
creditors. the Consultative 
Group for Egypt arranged under 
the auspicies of the World 
Bank, the Government received 
total aid pledges of more than 
$5bn. This year the U.S. alone 
will contribute $lbn — an indica- 
tion that it is not the total 
amount of foreign support that 
is Egypt's problem but ratber 
the ability to use tbe money 
efficiently and according to an 
agreed set of priorities. The 
difficulties experienced by aid 


donors in getting their assist- 
ance utilised productively and 
on schedule are similar to those 
experienced by businessmen 
from the private sector, who 
.Complain not necessarily about 
tbe lack of opportunities that 
Egypt offers but about the 
bureaucratic inefficiency which 
prevents them from moving 
ahead. 

President Sadat's Cabinet re- 
shuffles have so far failed to 
resolve the problem and pro- 
duce the political drive that he 
recognises is needed, and there 
is no immediate indication that 
the new political structure he 
is planning wild prove any more 
effective. A liberal at heart. 
Mr. Sadat undoubtedly wishes 
Egypt to remain free from the 
concentration camps of the past 
and enjoy an amended form of 
Western democracy. -The bitter- 
ness of 'his attacks on the Left- 
wing Unionist Progressive Party 
and the conservative New Wafd 
in May and June this year re- 
flected both his sensitivity to 
criticism and liis distress at the 
advantage that he thought some 
politicians were taking of his 
Liberalisation programme. How- 
ever. hiis tactic of calling a 
national referendum to crush a 
few dissident voices was greeted 
among many Egyptians with the 
same scepticism with which they 
heard former stalwarts of the 
politically repressive Nasser era 
shouting for the right to free 
speech and ful-l political liberty. 

Angered also at the unruly 
behaviour of the People’s 
Assembly" (Parliament) and its 
slowness in passing legislation 
that it did not much care for 


(the Tax Bill). Mr. Sadat has 
decided to sweep the lot away 
and then rebuild virtually the 
same ingredients in similar hut 
iiutwardly different form. He 
is to launch and head a new 
party that will inevitably enjoy 
a substantial majority, while 
also encouraging the formation 
of another couple of parties 
that will be primarily Egyptian 
and will reflect only a slight 
left- or right-wing bias. At the 
same lime a Code of Ethics is 
to he drawn up to govern 
behaviour in all walks of public 
life. The result. Mr. Sadat 
hopes, will be moderate and 
responsible Parliament, a more 
substantial popular power base 
for himself, a democratic model 
that can be displayed proudly 
to the rest of the world, and 
perhaps even membership of 
the Socialist International for 
the majority party leader. 

Although Mr. Sadat has 
emphasised that his position as 
'* Father of the great Egyptian 
family” will not be jeopardised 
by his decision to form a 
political party, there is no 
doubt that it will bring him 
down into the day-to-day con- 
troversy much more emphatic- 
ally and force him to take more 
immediate responsibility for 
Government failures. Further- 
more. and perhaps more 
threatening to the President 
over the longer term, the Parlia- 
ment will more decisively not 
represent three important 
trends in Egyptian political 
life: the conservative Wafd, 
which dissolved itself recently 
in protest at the President's 
“anti-democratic” actions, the 
Marxist and Nasserite Left, 
which while numerically small 
has a certain Influence in the 


i CONTINUED ON NEXT PAGE 


EGYPT’S OPEN DOOR POLICY 


Has a great deal to offer 


Egypt is now a favourable place for 
profitable and rewarding private 
investment. Our Investment Law No. 
43/1974 offers: 

Tax holidays for 5 years, with 
possible extension of up to 15 years. 
Guaranteed prompt remittance of 
capital and transfer of profits. 
Guarantee against expropriation or 
nationalisation. 

Exemption or deferment of payment 
of customs duties on capital assets, 
imported construction material and 
necessary components for your 
project. 

Tax exemptions on salaries. 
Complete freedom from local taxes 
for projects established in the Free 
Zones. 

Freedom of restrictions, duties, and 
taxes for all imports and exports 
entering or leaving the free zone 
areas. 

Egypt is a member of World Bank’s 
International “Convention for the 
Settlement of Investment Disputes 
with the Nationals of other Coun- 


tries,” in addition 14 Bilateral agree- 
ments have been concluded with 
other countries to provide protection 
for foreign investment in Egypt 

THE ECONOMIC SCENE 
For four years now Egypt has been 


the Government has sought to create 
a new structure. The establishment 
and expansion of a parallel market for 
foreign exchange, the reduction of 
exchange restrictions, the reform of 
the banking laws, decentralisation of 
economic decision-making and the 
increased participation for the private 
sector, have been major steps. 

The inflow of foreign, private and 
public investment, the increasing Suez 
Canal dues, increased exports of 
manufactured goods, plus growing 
receipts from petroleum exports, 
tourism and expatriates are all positive 
factors in the economic scene. Priority 
attention has been given to modernisa- 
tion and expansion of the economy’s 
infrastructure. Port facilities, tele- 


communications and transport, public 
utilities and urban housing are all 
being improved by major projects 
currently underway. 

Egypt has also invested heavily in 
manpower development The N indus- 
trial labour force is estimated at 
1.2 million, half of them employed by 
the private sector. ' Ample labour with 
practical industrial experience is one 
of our main assets. 

INVESTMENT OPPORTUNITIES 

In considering investment proposals, 
priority is given to projects which will 
add tp Egyptian technology, promote 
exports, encourage tourism or reduce 
the need to import basic commodities. 

Almost all fields of investment are 
welcomed. However we recommend 
the following areas: 

Agricultural projects including land 
reclamation, fruit and vegetable 
production, animal and poultry feed 
mills, and fisheries development. 
Industrial projects including build- 
ing materials, food processing, 
mining, metallurgical, engineering 


and electronics. 

Tourist projects including hotel 
construction, tourist villages and 
recreation areas development. 

PROGRESS SO FAR (Table below) 

THE INVESTMENT AUTHORITY 

The Investment and Free Zones 
Authority is the competent body 
responsible for granting the privileges 
specified in the Investment Law to 
newly established projects. We have 
the right people in the right place at 
the right time. Their intimate know- 
ledge of Egyptian business conditions 
equips them with a reservoir of up-to- 
date advice from which you can always 
draw. So come and talk business in 
Egypt through: 

INVESTMENT AND FREE ZONES 

AUTHORITY 

8, Adly St. Cairo, 

P.O. Box 1007 Cairo. 

Tel.: 902645 
923677 
934349 

Telex: 92235 INVST UN & 

348 GAFEC UN. 



Inland, Pnhfic and Private Free Zones Approved Projects 
31/12/1977 


(Value tat LX. 1060) 


A) Inland Projects 


2. Investment Companies 

Z Banks and B a n ki ng lmUtatloas 

3. Tnirut Projects 

4. Bourne Projects 

5. Transport Pnijeits 

6. BeaHb Projects 

7. ApncnKaral Projects 

8. CoatxnrttaE Projects 

9. Edatalkm and Trustac Projects 
ID. Textile Projects 

1L Pood and Beverage Projects 
li Orcmleal Projetu 
11 EnRtnue ring Projects 

14. Budding Materials Projeds 

15. Stetillinxieal Projects 

16 . Pbarmanaillul Projects 
27. lUstne Projects 


B) PbUIc Free Zane Projects 
X. Cairo Public Pm Zone 
2. iUsasdra Enbbe Ftn Zone 
B. Sac: Pub Dr Free Zonl 
■4. Peat Said PobtK rite Zone 


C) Private Free Zane Pro te ns 

1. Cairo Private Free Zona 

2. ‘Alexandria Private Free Tape. , 

3. Suer Pa* ale Tree Zone 


Local C. Fardgs C 


Total 

Investment 


SKI? S7TDJ 

4440 9K» 

313S5 TJJ.TS 

ZBZbg 37398 

2S4S= 23628 

9SM 13527 


SI5 2B7BS 

WS2 KStS 

1427 14,-6 

3W1 90525 


am aoQ 

4560 224970 

134 20 MS 














12 


Financial Times Monday July 31 1978 


EGYPT II 


Economic policy changes course 

srt*jS3S asSS&S 


IN ITS discussions of the from which it is only now 


that would have to he tackled this problem, and it is against cl>ra P ar ed with $i>.86bn 


At the end of last year Egypt’s Egyptian workers undoubtedly decisions that may be needed, come. 

197S-S2 draft development plan emerging, inevitably much of total non-military med'um and weakens the domestic labour President Sadat's' preoccupation encouragement may be torth- cuts abanaoneo ui r"' ^'inm7t"ted in ils previous polia- 
ror Egypt the People’s Assembly the Government’s energy was l0Qg _ lenn debt stood at « s H>il pool their balance of navments with his Middle' East peace coming from the IMF. Official could be introduced by other tomimn ‘ b ^ 

identified seven main problems directed toward grappling with ^2“ LL* £ ££££ and his outburst estimates put the current rate of means. «k.BS work 

become r>f vital #gajllst ^ omest j c criticism argue inflation below 10 per cent, but However, with wage increases, p ^ lb]jc 3l . L . ni . k , s . 

Tilt* 1978-SJ draft plan InnVpd 
for even higher annual rates m 
of the real GDP growth, suggesting vi 

u did sene to illustrate both Between 1973 and 1976 meats of S850m, had dropped contributed ' Close to 5550m, “ TV “““ ““““““ **'- pereon’s income bracket. 

ihe growing national awareness Egypt’s import bill virtually from S2.3bn at the end of 1976 while tourism earnings are G ernment fears rttemptinglu’rther measures io even though it was far in excevi 

— -s&ss sthis snsnJM « “ 



nungs are -rj . 

of the extent of the difficulties tripled, climbing from $1.6bn to to Sl.lbn. Although the burden estimated at somewhere a F8.IS0 
that were faced and the highly over $4.2bn. Over the same ot short-term debt is still heavy between $375m and $430 m. 


complex mix of 
structural faults 


deep-seated period the value of commodity and represents a serious drain However, the 
and more exports rose from Slbn to on Egypt’s external payments earlier this year 

: e SI fihn AtThnnnh there, lupro in. i. . 


i—__, However, there has been some has urged that more uti« _ ri ,„: rioK nnpT ^ ri k v 

- ^ praise from the international efforts should be made to reduce of essential provides ported 

of Dr. Abdel- *h A HuHoor — which e&<u>n- its own built-in frustrations, int annual 


a project ion of an 
increase in investment 
real terms 
<>n current 
Egypt's 
The Guv- 

S3E STS £ SS"tLS STZ "7 i™»V XS 

mounting inflation a substantial Eternal ^pltaffoUinJ 19,6 10 a lltUe over ?° P er cenL illustrates just how difficult and §J e eventual goal of establishing steadily and then accelerated But at least the reasonably this yeans nicomplt-teprujeL-is 

and persistent balance of pay- , ' $2bn in 1976— a de" There is, meanwhile, some frustrating it can be * — L 

meats deficit, a fall-off in the L .jj ne of o^ore than Sllibn encouragement to be found in through the parallel 

productivity of the labour j. . was suddenly desperately the performance of the country’s reforms that must 

force, inadequate savings and sb ‘ nrt Qjr f ore jo n exchange and main sources of foreign taken if another crisis r „ 

investment a lack of pro- f(jund jL5elf unable to meet all exchange earnings, in particular occur within the coming high official rate on- to the overall budget deficit showed, at an increase in aggregate investment, 

fessional skills at managerial j ts commitments on servicing of workers’ remittances from months. Dr. Kaissouny's parallel market. Exchange con- just below $2.6bn, only a very employment of an estimated S said to be backed up in the 

level, and finally the nbsiruc- jts S h or t-dated debt and simul- abroad. Taken together — direct departure does not yet seem to trol restrictions have also been slight increase over the 1976 per cent, a treed that is thought pipeline awaiting utilisation, 

live effect of deeply ingrained lane0UiS jy ran j nlo serious transfers and as a form of have been the blow to inter- eased on the parallel market figure. Nearly half of this figure likely to continue, although Further development assistance 

arrears on banking facilities financing imports — these remit- national confidence that some of Yet the Governmental fear that was financed from the banking qualified by the Governments from a number of western 

t a nces shot up in value last year his supporters predicted, but transferring remaining com- system. Estimates for 1978 intention of reducing under- countries and the World Bank 

by nearly 85 per cent and are neither is there a great deal of modity imports on to the suggest that the cost of employment in the public could well total S’- bn tins year, 

estimated to have been worth evidence that anyone else has parallel market would act as a subsidies is again rising sharply sector. Inflation has been a substantial rise over 19n. 

some $1.53bn. Although the picked up the reformist mantle further strongly inflationary despite the fact that the Govern- having some limited effect in Roffer Matthews 

In 8n urgent Attempt to export of so m&ny nr l* n«naroH t«* tota ♦vie harch fa^tAr will ho rtiffimiit tn nvpr- mpnt hflri fmmrf u numhpr of mishinp workers out of heavily o 



traditional attitudes. 

In Egypt i hey have been 
esacerbaled by nearly two 
decades of neglect, the role that 
the nation plays in the Middle 
East conflict, and a domestic 


and suppliers’ credits. 


political situation that makes stabilise the situation, the gov- 
covernmeiits wary of introdue- ernment made an ill-fated 
ing the much-needed reforms, attempt to reduce domestic suh- 
Followmg the 19<3 war with Sld j es on a number of staple 
Israel, at which point President commodities. This led to serious 
Sadat has since said the Egyp- rioting, the withdrawal of the 
tian economy was “below zero.’ pr j ce r is eSi and unintentionally 
broad policy guidelines were se t j Q motion the international 
laid down for restructuring and rescue operation that has in the 


skilled or is prepared to take the harsh factor will be difficult to over- ment had found a number of pushing workers out of heavily 

The political experiment 



Nasserite life imprisonment for a num- The Government claimed a 98.29 
ber of offences from public per cent vote from 9.4 m 
demonstrations to industrial voters in favour of com prehen. 

at a rapid increase in growth with the assistance of the Inter inherited political machine was In 1976 President Sadat per- tion of the New Wafd after level the President obviously strikes. Turning for the first sive banning measures, which 
to be achieved by removing national Monetarv Fund and the 0,5 longer adequate as a gauge mitted the freest, most genuine President Sadat had publicly found it irritating to have time to a staged referendum a were quickly confirmed by 

some of the constraints from a World Bank, a’ Consultative of political mood. Since then, parliamentary elections ever outlawed its reconstitution around him advisers who plebiscite was called in which Parliament. The Now »\afd 

heavily centralised and largely Group for Egypt was set up when he has had time to turn held in Egypt The result con- showed that he might have brought ill tidings. 96-69 per cent of the 9m or so party promptly dissuiven nseif 

publicly owned economy, while and a t ft s first meeting in May attention to internal politics, all firmed the political grouping of started a process which would With no advisers who were voters allegedly took part, of in protest. This rather defeated 

a! the same time encouraging last year produced pledges of his efforts have been towards the Prime Minister as the ho difficult to stop. not themselves isolated from the whom 99.42 per cent favoured the Presidents aim, which was 

the small and demoralised more than S5bn in aid. A^major finding an accurate political majority body of the People's If President Sadat found it realities of daily Egyptian life, the repressive measures. to have the taming ut the 

private sector. One or the component of this was the Gulf barometer. Creation of political Assembly. Opposition groups, hard to accept that the Wafdists the role of Mr. Mamdoub Salem, At this point President Sadat N° w „. a JJ . y an . d . 

principal targets was the foreign Organisation for the Develop- parties at the end of 1976 was which at that time were should be represented in the a senior policeman who became found the judicial system not channelling undci new leaders 

investor who would, via a scries nient of Egvpt (Saudi Arabia. an attempt to replace the Arab "tribunes” of the Arab Socialist model of democracy, which he Prime Minister, became para- totally satisfactory to deal with into a direction lave u red by the 

nr incentives, be encouraged to Kuwait. United Arab Emirates Socialist Union, the single party Union, the only legal party, regarded paternallistically as a mount as the means of staying people he regarded as enemies regime. 

establish manufacturing facili- and Qatar), which provided of the late President Nasser, gained enough seats for the gift to the people, he found in touch. Criticism became of the regime. Many of those President badat has un 

ties in Egypt and take advantage si.47bn in loans for direct bai- by a system which would enable President to turn these it impossible to acknowledge raore closely identified than arrested after the riots, some occasions referred publicly tn 

or the undoubted potential in ance of payments sunoort. Bv him to exercise power and ‘•tribunes’’ into political parties, continued support in some ever threats to the regime, of whom were held for long the cunning of lus opponents m 
local. Arab and international the end of last vear Egypt was receive genuine political feed- The right-wing group under Mr quarters for Nasserism and the After January. 1977 the Presi- periods without trial, were matters of law— that is. t.ieir 

markets. clear of its short-term debt back through Parliament. Mustafa Kemal Murad, with 12 Muslim Brotherhood. Ironically dent wanted to hear about a eventually released because the abUity lo use the law fur their 

But. as in some other areas of arrears and was up to date on But his experiment with seats, became the Free while he worried about what Communist threat, and that is courts naturally enough did not own ends. The political banning 

Egyptian policy making, the its debt repayments. The democracy— as he has insisted Socialists, the left wing with two he saw as a threat from exactly what he heard. One apply the post-riot legislation order is a new development. To 

breadth and vision of the initial achievement of financing the on having it judged as such— seats under Khaled Mohieddin “Communist conspirators” reason v/h y the Marxists, who retroactively. apply it Mr. Sadat called un a 

announcement has not been balance of payments deficit of has been an exercise in frustra- former member of the-Revolu- whom he wrongly blamed for are not a force with P°P ular -V , vague enforcement body, the 

matched by the willingness or about S1.56bn. amortising med- tion. On the one hand, by tionary Command Council, the January. 1977, riots a more su PP ort ia Egypt- were regarded flnfflanlr office of the Socialist Prosecutor, 

ability of ihe bureaucracy lo ium and long-term debt by hanging the faces near the top became the Progressive Socialist real threat * to the framework as dan 8 erou s was because the It had been created in 1871 

ensure that it was given every S790m and finally reducing he found himself surrounded by Union while the Prime Mini- he was constructing was com- left v,ing and intellectual A year after he had used the after the May “ Corrective 

chance to succeed. Thus the short-term debt by $840m was sycophants in government, s ter's controlling ®roup held “>80 inz from the richt-win° Wafd eleraent of Cairo “anaged to referendum to by-pass the Movement" and was used in 

"open door” policy has been something of which the govern- political life and the State- seats and became* the Arab (for whom the " operT door " Use t0 voice hard People’s Assembly for the first 1977 to enforce the lir.st 

unkindly dubbed the " door ment was justifiably proud, controlled Press who were less Socalist Party of Egypt «?oon reforms were too slow) and h,tti °S criticism. Following time President Sadat again felt expulsion from the People’s 

ajar" policy, and perhaps not However it was no more than *han useful as a political baro- known as the Centre Party The from the extremist Moslem toe Januaf y 1977 nots the left obliged to go round the institu- Assembly of former Vico- 

surprisingly it has so far tended a breathing space, and this meter. On the other, he hated position of 48 independents Brotherhood which io 1976 bad wing ma S azin e A! Talia, which tional system to outflank his President Kemal Eddin Hussein. 

10 emphasise the imbalance in year’s meeting or the Consults- genuine criticism in Parliament was interesting since these later begun publishing its own maga- hadbeen publishing articles of entics, who this time were not The Socialist Proseeutur 
the country’s economy rather live Group in Paris showed and the Press which he came formed the core of what heeame zine Al Da’wa nhvinuslv with similar _standard to a serious rioters but the ever-present whose investigations at 


than helping to provide the clearly that Egypt’s creditors, to see as a “campaign of doubt" the New Wa j d Partv which lhe tacit IDDro Val of President rad,cal J° urnaI in the West, was Left-wing intellectuals and the designed to he referred to the 
broader and more technologic- and especially the main Arab of conspiring enemies. developed informally during Sadat. F turned overnight by govern- newly reconstituted Wafd party, judiciary and the Pem!e*« 

ally advanced industrial base countries, are unlikely to be so The political barometer has 1977 ^ hecame a politick ^ - ment order int0 a magazine of whose leader, a former semi- Assembly, started proceedings 

that is sought. generous in the future. The given repeated readings not to Dartv in February 1978 RflrftTflPfpr science and household manage- feudal lord. Fouad Seraggeddio in j une ‘ig7$ irUo lb e affairs of 

In part this is due to the ex- IMF. which has recently agreed the liking of the President. On P in ebruar >’. 19,S ' , ment. Pasha, was making frequent and JV pr ori^ 

ception.il circumstances that to a S72nm thrc- -ye.ir extended such occasions he has side- importance of the When the President started The turning point in President incisive attacks on the estab- including w r Muhanmi ni 

prevailed in 1974. The prices of facility for Egypt, will be rnoni- stopped his newly developed or creation of the New Wafd Party bis experiment with democracy Sadat’s frustration with the lishment. Hassanefn Heykal Uie former 

food items anil other essential luring closely the progress of rehabilitated institutions — in « three-fold. First it showed it was the means to an end institutions was the January, In May this year Mr. Sadat ed i tor 0 f Ahram and con- 
Eeyptian imports soared, the the reform programme, and the effect breaking the glass on the t* 131 t^ e Parties artificially — creating a political barometer 1977 riots, from the shock of again called a referendum, for 0 f" p r * C5 j den - Nasser" 

balance of pay men Is deficit second and third year tranches instrument and choosing a new created from above by President — not an end in itself. The which the President has still no reason that was immediately By ju j v ,u e . , ’ 

worsened significantly, while arc und-'itnnd to be linked to barometer. Each time Mr. Sadat Sadat failed to reflect the experiment was faced with a not fully recovered. Because he clear. The results bore even Egyptians at home arid 
the Government budget was the performance of the previous has felt compelled to by-pass aspirations of the Egyptian number of obstacles which and those around him did not * es s resemblance to the abroad under in- estieaiinn hid 

pushed further into the red. 12 months. CODE, which re- the courts and Parliament he body politic. Second, the were not apparent One was wish to see the riots for the observable voting pattern than f a u en f rom a nublishel figure of 

Combined with the need for n*- ceives a report on Egypt's has widened the gap between ability of the Pre-Revolutionary the absence of capable people spontaneous reaction they were, tAe 1977 plebiscite. The jgg including the fiv 

stocking after the war and the economy from the IMF every what he wants and what he Party twhich took its name from to place in political power and a communist plot vras conjured referendum covered six vaguely literary fieu res Uai "* 100 nVe 

length oT time that i- required two months, ha.- yet to announce creates. This is one explanation the Wafd or delegation which government when men of high up. By-passing the elected worded principles and was The si°nificanee of the inve-r 

10 disbiir-e foreign aid commit- its total commitment, hut it is for the defensive tone of many had demanded independence quality had been systematically Parliament Mr. Sadat issued aimed at three clear targets — ca tions not rh t fh * 1 

menls. t'jym was plunged into certain lo be ued more closely r.f his speeches and his need from Britain) to muster support removed from senior positions the most repressive decree of the New Wafd party (" political rL % inialisr 3 Prf'T ^ 
□n external payment-; crisis to specific projects. for public self-justification showed the failure or modern as Mr. Sadat dismantled the his career to date, demanding leaders active before 1952"); oc,a,,st ruseeuror s 

* — Nasserites (members of the uny 

["centres of power from 1952 



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might be sent to prison,, 
which seems unlikely. Rather 

to 1971”): Communists !* e *»■» af t raid 

f” atheists aod those suspected non /' , c -?- u ^ 

of being members of illegal f J7 ed T, 0f P0]lt,Ci ' , 

action. His attempt to 


organisations 


impose a 


The crucial difference from S! U . !cal bannins 0 5 der on those 
the 1977 referendum was that ^ ose p0 . mt uf 11 eu Cl ^ 
this time it was not trying to democrac y J ® different from his 
establish anti-Govemment acti- ^ir i ^ fr V s ' 

vities, post boc, as criminal but H. at V! g an ^ se ^? f ? atlD ~ as the 
was aimed at banning creatlon of artificial parties. 

individuals from political life. Michael Tingay 


Risk 


CONTINUED FROM PREVIOUS PAGE 

main population centres, and 
the ultra-religious Isl ami c fac- 
tions that campaign for stricter 
adherence to Koranic law, and, 
in the shape of the Moslem 
Brotherhood, is reported to be 
steadily gaining adherents 
especially in the universities. 

Each in their own way f.- a n 
utilise the social tensions that 
the crude disparities of income 
in Egypt inflame, and which the 
“open door” policy has made 
significantly more obvious. 

Mr. Sadat’s other main pre- 
occupation, of course, is the 
fate of his Middle East peace 
policy, which after the first 
hectic burst last November, 

December and January, has now 
lost much of its impetus. It is 
difficult to see the President 
abandoning the policy despite 
his deep frustration, first 
because he believes deeply in it, 
second, because he thinks that 
it can still succeed, third, 
because as time passes it is 
more difficult to find a credible 
alternative, and fourth, because 
his other major policies are 
tied to Western support. 

Mr. Sadat’s simplistic and 
highly personalised approach to 
Middle East peace may not, of 
course, be the best way of 
achieving it. But he cannot 
honestly understand why Israel 
should refuse to return Arab 
land when in return tt is offered 
full peace and every security 
guarantee that it could require. 

Equally be believes that it 


should be obvious to the Israeli 
that lasting peace cannot h 
achieved without a solutiun l 
the Palestinian problem. Th 
reason that Mr. Sadat initial! 
pushed so hard For a decia ratio 
of principles was that, one 
agreed, all the details n 
withdrawal, transition pc rim 
early warning systems, securi: 
guarantees, normalisation u 
relations would fail into plac 
and become progressively casie 
as Arab and Jew came to tall 
and understand each other. Thi 
Americans arc now t tying tin 
opposite approach, seeking 11 
identify small areas of detail 01 
which agreement can hi 
reached and hoping that lhij 
will eventually lead to a mon 
substantial edifice. Natural !j 
this does not appeal to Mr 
Sadat, especially when foliowee 
by Israel's refusal ti 
contemplate even the symbol u 
gesture of returning Moimi 
Sinai and El Arish to Egyptian 
administration. 

With neither side willing tc 
be seen as the more inlran 
sigent and both vying for con 
tin ued American backing, the 
chances are that the prose n I 
pattern of accusations 
manoeuvring, meetings and 
apparent stalemate will con- 
tinue for some while. The 
chances of it being broken, for 
better or worse, may well 
depend on internal events 
within Israel, Egypt or the Arab 
world. 


) 









Financial Times Monday July 31 1978 






Our 







S ^ 


Five years ago London saw what was to prove to be one of the 
most exciting and popular exhibitions ever staged in Europe. 

Displayed in the British Museum, the treasures of 
Tutankhamun were to stimulate the imaginations of all who saw 
the exhibition. An interest in Egypt, dormant in the minds of 
countless men, women and children, was stirred by the breath- j 
taking beauty of the boy King’s golden mask, and the fabulous / 

wealth of riches embodied in the artefacts recovered from P 

his tomb. £g 

In all, over one-and-a-half million people queued to see pi 
Tutankhamun in London. At any one time there might be a fipj 

wait of as much as eight hours before visitors could gain 
admission to the Museum. Even on the very last day of the B| 

exhibition’s phenomenal and unprecedented run, people yJ8| 

were still hoping to gain admission, only to be turned away as S\ 
the doors closed for the last time. #1 f I 

Now such scenes are anticipated in cities throughout /it . 
the United States of America. In Washington DC, where the j\ \ \\ 
exhibition s tour began, it has been as popular as it was in JAV V 

London. And, in New York, where the Metropolitan 
Museum of Art published a specially commissioned 
illustrated volume priced at $35.00, Tuta nkhamun so 
caught the public’s imagination that the first edition of the iANy, 
book was sold out in a matter of weeks. 

Thus, the first of Egypt’s ‘ancient ambassadors’ has I $?// , 

done much to rekindle interest in a country whose history I 
goes back to a time when, over 3,000 years before the birth of 
Christ, Egypt, under the rule of the mighty Pharaohs, gave 
the world a culture and civilisation which has seldombeen pi*? 

matched for its achievements and its grandeur. 1;^ 

An ambassador for the future fi 

Today, while the memory of Hitankhamun still lingers 4|| 

on in Europe, fostered by the boy King’s enchanting good . 15 “ 

looks and the fascinating tragedy of his all-too-short life, a It 

second 'ancient ambassador’ is abroad, maintaining interest m 
i n a land which, while mindful of its past, now looks forward 
to its future W 

Rameses n, whose treasures have been on display in §1 

Paris, was one of the last great warrior Pharaohs of Egypt. f 

A man of i mmense energy, he was the author of the plans to 
build the magnificent temples at Abu Simbel. Now moved to a 
new site, beyond the reach of the . . . 

rising waters of the Nile as they 
gather and fill behind the Aswan *■ .. 

High Dam, the temples stand as 

testimony to a culture and a way \ 

of life which, for centuries, has 

been an example to the world. : 






Growth for the fjsL 

next decade ^ 

The Government has been 

pursui ng an 1 open-door’ policy Fj&J* *■ ^ r 

designed to rehabilitate the ■ t ..... • I v 

country's economy and ~ -.J lyv^Sv^Jlv 

re-establish the country’s wealth 

following the events of 1973. At the same tune, positive initiatives / 

have been, and are being, made by President Sadat and his n 

Government towards the positive realisation of permanent I- * 

peace, based on-justice, in the Middle East. rts 

This ‘open-door* policy aims to encourage foreign 
investment in Egyptian-based projects with a view to Mil v 

augmenting the efforts being made on a domestic leveL 

Where once much of Egypt’s industry was in public 
ownership, a system of management by objectives and results 
is slowly being introduced as more ancLmore industrial control 7833 * 

pocgPg into the hands of individual companies. Free to make investments m 
renovation and modernisation, companies are also being giventhepower to 
determine their own levels of production, and their ownpnces. In the agricultural 
sector producer prices are being brought more closely into line with international 
prices, at levels which provide incentives and rewards for fanners. 

Similarly various proj ects are underway to deepen and widen the Suez 
Canal with a view to increasing Egypt’s involvement wito world trade. At thesame 
time work is in orogress to construct tunnels under the Canal to make a closer 
link between theNiTe Valley and Sinai, in order to achieve the rehabilitation of the 
Egyptian Peninsular. 

These moves are seen as essential to Egypt’s long-term growth. They 
a firm sten in the right direction, a move towards achieving a 
progressive growth pattern stemming from Egypt’s ; own efforts as well as from the 
introduc tion of foreign investment encouraged by the open-door* policy. 

New projects under way 

industry is the strong backbone supporting the national economy. It is the 
sector most capable of meeting the greatest aspirations for social and economic 

development. 


£ 

1 

"til 

0=2 I 

,1 u 


n o 
% ** 


i l the new industrial projects initiated recently, one of the 

e aluminium complex at Nag Hamxnady. It began 
in April 1977, producing 100,000 tons per annum. 

irly, as part of the integrated plan for economic and 
.evelopment, a substantial investment is being made to 
the scope of Egypt's iron and steel industry. It is estimated 
j total production of the iron and steel consortia will reach 
lilhon tons when current developments 

;her proj ects in hand include 
ploitation of the Baharia 
and the expansion of the 
itry’s lime-stone quarries 
dolomite industry. 

Many other projects 
iit implementation, all of 
ich will contribute to the 
adth and scope of Egyptian 
lustry, to the benefit of the 
country’s people and 
her national economy. 

Making the desert grow 

Egyptian fanners were among the first 
practice organised agriculture. Through the ages this 
cpertise and knowledge has been developed, nurtured as 
is by the natural gifts of an equable climate and the life- 
jiving waters and fertile soil of the Nile Valley. 

Now Egypt is transforming barren desert into 
xluctive farmland. The rock-strewn, dry, sandy areas of 
Western desert, once fertile and productive, are again 
uninglush, green fields. The desert is being given new 
Numerous reclamation projects are in 
i to prepare the neglected land for /h^k 

.vation, production and permanent /j| |*j| 

beneath the Sahara. Between 
[1969 alone, nearly one-and- 
illion acres ofland were 
id. Families and experienced 

ry and scientific expertise, 

ans, sugar cane, lettuce, 

ries, citrus fruits, radishes, 

sets, com, barley, artichokes and - 

n the Western desert, 100 miles from Luxor and the 
ie Kings, another reclamation project is taking place, 
lat has seen rain only once in 100 years is being converted 
fertile crescent of unproductive wasteland into a food- 
•ea of several millions of acres. This ‘New Valley,’ which . ; 
lei to the Nile, was one of the most fertile areas of the ,* - 
ng the time of the Pharaohs. It was once inhabited by 
aople. 

aly rich in natural fertilizers, the soil in this reclaimed 
xiuces crops of rice, com, barley and alfalfa. 
i farming, cattle and fish breeding programmes 
t plans to develop industries in an 8.000,000 acre area rich 
iserves of gold, iron, phosphates and coal. 

:tion of history 

n 1922, Lord Carnarvon asked Howard Carter what it was 
. see as he peered into Tutankhamun’s tomb, Carter 
ed: ‘Wonderful things. I can see wonderful things! 

[ay, fifty-five years after their discovery and thousands 
i since they were made, the ‘wonderful things’ from the 
g’s tomb are still a fascination to the world. Their 
executed craftsmanship and design alone belie their 
age, givingevidence of Egypt's majestic achievements as a nation in 
the forefront of almost every aspect of cultural, political and economic thought. 

And, as the patterns of world trade change, as the features of the earth's 
face alter with each passing generation, the treasures of Tutankhamun and 
Rameses II remain . imm utable as ‘ancient ambassadors’ for a country which, with 
its forward-looking outlook and strong sense of purpose, is committed to a 
programme of growth and development the Pharaohs would be proud of. 


sasm 



ARAB REPUBLIC 
OF 



State Information Service 
Farther information from.- 
Press & Information Office, Egyptian Embassy- 
26 South. Street, London, Wl 



14 


Financial Times Monday July 31 1978 



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EGYPT IV 





AMID THE brief euphoria In changing its focus and drive in this fundamental assumption which stated “that there must linked warplanes sale <60 F-15S It 

Cairo last November there were order to sustain the Impression, was being questioned. In turn be a resolution of the to Saudi Arabia. 50 F-5s to ^ g a ^ at abandoning his peace 

a few people involved in the exe- of both action and flexibility, this had serious implications Palestinian problem, in all its Egypt, plus 75 F-16s and 15 ^ there is no real 

Ii "Sypfs foreign poilcy Whether this represents inter- fox Mr. Sadat's declared objeo- aspects. The problem must F-15s. to Israel) was given evidence either that the 

mariP «^ e L^ 1 ?cS e i ir D - national statesmanship of the tive of achieving the basic recognise the legitimate rights despite a massive Israeli cam- Egyptian public or military are 

dent Sadat's trio to Jerusalem highest order, the stuff of which conditions for enabling the D e ®Pl e -* n d paign, backed by the powerful eager to resume a confrontation 

aem Moats trip to Jerusalem . ^ enable the Palestinians to tZZI lobby m the U.S. to policy with Israel. Mr. Sadat 

it. It did not mean that has already skilfully shed a 


was for them the conflrxSST/of Nobel ^ Pri^wtenm are made, other Arab conflict states to Jl 


process that had started when {“*■• P° uti cri j«P ed i er,cy or open negotiations ■ bilaterally £££$ m ***4 lt ’ 11 did DOt mean * at d^e^resnnn^bflity fofthe 

“ •?*». -0«“»er war with with tod. D«prte iteta. mudjto Egret militarily, but it 



■ *«■ cuuii iii- uccij giuueu, um u taai anyway iust as w 

voived led these people to the they had expected It to he a international guarantees to East policies. More optimistic any further contacts with Israel 

conclusion that it should never long process, and finally that ^ Jordan. Yet even this move away officials also believe that the responsibility to world peace 

again be repeated, if Egypt Mr. Sadat has not irrevocably from the fundamentalist increased concern by Western would forbid it It is a role of 

not make peace then it given anything away to the that mV Assn no position expounded by Mr. radar nations and the more conserva- great attraction to a man, and 

going to face economic Israelis. .nSniSJT hpZn during his address to the Israeli tive Arab oil-producing states perhaps a nation, brought up to 

er, senous internal poiiti- SiSta peace iStiatire^meaS Knesset in November has not over the Soviet Union's iqng- beiieve in Egypt’s historical 

nsions with the threat that' +Z HU been enough to suggest that the term- intentions in the region greatness. Everyday politics 

.d to the moderate and VlltUe , ^Sue ^STRltolSRkSn will .eventually lead to more demands, however, that there be 

Jising policies of President ? J? 81 ? . 0 Beein can ever he bridaecL - sustained American pressure cn some signs of movement, and so 

Sadat, and finally, it would have To some extent this? might be “*•*«« tJ^ESSSf 7vL # „ Israel does the U.S. Hence the Leeds 

to seek a rapprochement with seen as making a virtue out of XjJSSJJjjJ T Castle conference, held despite 

the Soviet Union as the only necessity, but it does reflect how SfnjS? 1 ?? n ^ >-»'? , the fact that Foreign Minister 

country m the world with the Mr. Sadat has recovered his £!5S *** *51' Gr€StUrB Kamel knew from the political 

potential willingness to supply balance after the bitter disap- now £T^U!S< V, ^ lU1C committee in Jerusalem that the 

the ever-more sophisticated pointment of being forced to the proposals unveiled a negotiations with .the >y&e recent decision by 16 chances of making- progress 

weaponry needed to fight conclusion that it was*’ going to montIj ag0 ‘ Government which wtilreptoce men j bers the Arab League to "with Mr. Dayan were, at best, 

another war with Israel Israeli prove impossible to (jto a deal So irritated is Mr. Sadat by thatof Mr. Begin. Encouraged ^ political and economic limited, 

attitudes since Mr. Sadat with Mr. Menahem Begin, toese Arab “pygmies'- as he by [Western lam * .essenXMly ^ ^th South Yemen was 4nri h pn,P Mr 


launched his peace efforts in Israel's Prime Minister. He describes the leaders of the five that, of the United States “““* a^estirreHf^ disgust u 

November have not altered appears to have reached this countries^ which actively administration^ by at- - the Aden Government’s bectlc bohday in Austria, where 

’ J *” “ "" involvement in the murder of 

peace-making with Mr. Shimon 
opposition 
Mr. Ezer 


these people’s views of Egypt’s point "late in "January ~ after opposed his initiative, that he doubted stature on the world SS-^TCment^n the” murder" of he once •■■In managed to 
future, nor probably have they having recalled Jiis negotiating no longer^appearsjo carewhat ^ e v c Jj a ,} he n d h i ^ 0Ils h 7 t S tbeftorthYemeni President. It neace-n: ^ P ^ that 


altered thoee of Mr. Sadat. — — - fiTSi tf . weaHeeiegof the Jewiahlobby “7™;™ 1 '" «5S fTT ^ 

Egyptian doves, * or realists as Until then Mr. Sadat appeared Jordan, who has avoided con- in the U.S. ^ ^ ^d^ment by Soviet client we1Siann 0r "S Defence 

they would say,, much the same t0 believe in Ws ofteiArepeated demnrng Mr. Sadat s visit to tions from &™A(sudb as -tiie Mr Sadat - s well-known S r nn ; the 

statement that tiie Arab-Israel Jerusalem and is understood to Peace Now movement) that Minister w 


reasons have been advanced by statement mat the Arab-lsraei uerusaiem uu is unueratoou ro reauc anti-Soviet sentiments 

Israeli hawks to advocate a rorJ conflict was 70 per cent; psycho- see some merit in the Esjpthm people there are beginnii^ to beea increased by 

* jiat plan whereby responsibility for understand the degree r* 

the the West Bank would revert to Government’s isolation. 


have 


Minister, would be altogether a 


more practicable possibility 


tmuu™>e iasTKSi. 


believe will fnr<i th7 « sustained him • through the the West Bank would revert to Government's isolation, wr. Vf Tmen feelings that are , 8 „ « ^ * 

Government to moderate its “.effectual Cairo conference, Amman for a five-year tiansi- Sadat can choose to tjUuk : tort by Saudi Arabia and San^to believe «J?t v 

demands and e™ a the unproductive meeting with lion penod. with Cairo taldng a Mr. Begin s days may be politic- ^ A b ^ t in ^ GuK Jwt 2i be ^?JL “l? 

ia ou Christ- similar role in the Gaza Strip, ally numbered. Thus Mr. Sadat s - h anrieties are thoueht ^ JS*- ®® gl ? W J? 
the sessions Although ■ Mr. Sadat continues accepted the U.S. invitation to t0 ere Saudi Arabfa’s stumbl f n ^ block. The differ- 
_ nSSttef mid Pubtidy to advocate a poHcy the London talks between Mr; 5^“^" fSf betwe . e ? ** J wo « s,d ? s ’ 

the late President Camai'AbduI AMUp* with considerable along the lines taken at the Kamel and the Israeli Foreign hSmore than enough to bSance wth ■ or r Mr ‘ 

MmSkLm» apprehension, to the political P* Arab summit meeting in Minister Moshe Dayan, even £e"oub “ that eSrtedin”” a / n substantial and the 
dictahfy JSSfTtoMhS committee in JerusalenL Only tobrt-ttit is Ml Israeti with- though he saw very little chance the a^mpte to "SJSL JSJSl 

so far of the talks with Israel then, with the Egyptian delega- drawal from all occupied Arab of progress bemg made. The ^ an a^eement with Israel iSSJ^tSSSi rfJLSSEZ 


o produce rasulto But whfle tion.’ headed by^ MfewSS territories, including East Jeru- only limiting elements in Mr. u^t tho^ tbey are ov« Se hensl I e ^emeot increasingly 

ti.JSSSfft ?raign ^ister IttSLmed LJ5* M SK 



produce nothing, they do admit behaviour of Mr. Begin, did it P™”™ uv-w* or xne muxm . jms meet i n g m Cairo to have been 

to some surprise and even dawn that the: Israeli .“4 of tb* opinions of its key creditors am^ng the fiercest advocates of brea f dow p ^ Ea . st 

greater amusement that— in Premier was serious*, about Palestinians to their own state in the Arab world, essentially action against South JJ 87 } 1 **? . that he Wil1 lssue ID 

their words— “the Israelis retaining Jewish settlements in Yemen, a policy Mly supported ^ tatenm - • 

should be so stupid as not to S} ™' was not floing ^ relin- Yfrsations have shown Jurthow continued strong links with by toe Egyptians. R-M. 

realise that with a few kind West B ?F and S 1 he - 15 00 WlUlIlg 1 fndge the United States are a critical l 

words and a couple of concilia- wouJ d not contemplate broad “ ese , 1SSU ® S '„ part of this strategy, even! 



tory gestures they could have declaration of principles that Implicity Mr. Sadat does not though. Mr. Sadat may be dis- 
taken Egypt out of the conflict envisaged the establishment accept that the- present leader- appointed by. the adminiigra- 
for years.” Their parallel bitter- smne time in the future of a ship of the FLO represents the tion’s unwillingness to exercise 
ness at Mr. Sadat for the Palestinian entity. / Palestinians and neither is he “ real ” pressure on Israel and 

seriuus divisions they accuse Having dismissed the return adamant that they have to be the doubts that some Egyptian 
him of having caused in the of all Sinai to Egypt (with the given their own independent officials express privately about 
Arab world- Is only tempered by necessary security guarantees) state. Rather he goes along with Mr. Carter’s grasp of Middle 
the confidence they now feel as a foregone conclusion, Mr. President Jimmy Carter’s East affairs. Congressional 
that the President is utterly Sadat suddenly found that even Aswan statement on January 4, approval for the first-ever 
committed to a barren policy . t 

that must eventually bring his • 

downfalL ' • 

Indeed there can be little 
doubt that Mr. Sadat is going 
to stick with his policy, although 


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Foreign banks 
move in 


FOREIGN BANKS were the 
first and quickest to respond 
actively to President Sadat’s 
change of economic policy after 
toe October, 1973' war, and since 
1975 banking has been the 
fastest changing 1 , sector of the 
economy. Teething troubles 
still remain — some structural 
ones and others -the product of 
infrastructural .."inadequacy — 
but in just three years foreign 
branches and - joint venture 
banks have become an integral 
part of the foundations as well 
as a symbol of the new 
economy. 

The newly established banks, 
with some exceptions, have 
been minimally involved in 
investment in the productive 
sectors of the economy. They 
were swiftly drawn to trade 
financing and the service 
sectors, which prosper despite 
the broader uncertainties of 
Egyptian development This 
trend has been the subject of 
spasmodic criticism over the 
past year in the Egyptian Press 
and Parliament, but bankers 
defend themselves strenuously, 
pointing out that they, as much 
as anyone, wonld appreciate an 
increase in sound lending and 
investment opportunities. 

Development of the foreign 
and banking community has 
created something of a paradox. 
New banks are criticised for 
failure to invest in the economy 
but are prevented from full 
active competition with Egypt’s 
four nationally-owned banks. If 
the public sector banks lost 
their monopoly position as 
bankers for public sector 
companies, they would stop 
making the huge profits they 
now make. They are unable, as 
the Government had hoped, to 
compete loan for loan, service 
for service. If the Government 
moves to protect them from 
competition implicit In regula- 
tions it will create an 
impression of back-tracking on 
the open door policy. 

Egypt now has 34 newly 
licensed banks established and 
operating under investment law 
number 43 of 1974. The total of 
establishment including repre- 
sentative office and other finan- 
cial and' Investment institutions 
is more than twice that figure. 
The past year has seen a fresh 
spate of bank openings after a 


consolidation period following system within Cairo. Over- 
the initial flood in 1975-76. This coming this is problem enough, 
year new names .'fnctu'de' the but there. ik also the question of 
Arab Investmeik Bank, Feisai .linkage with the bank branches 
Islamic Bank, Delta Inter- in .Alexandria and Por^Said, 
national Bank and Arab which , are to all intents and 
Solidarity Bank. - Because of the purposes - isolated froi^ the 
acute shortage of office space capital as far as telephones are 
in Cairo these particular banks concerned. A small conflation 
have set up shop in the' build- is the low cost of intemawTelex, 
ing of the now defunct Arab which enables at least ora bank 
Socialist Union. In the past maintain an open lira 1 from 
the ASU building offices were Alexandria to Cairo (whbn the 
reserved for non-commercial if n e works) fer a' cost w^iCh is 
activities. a fraction - of the commercial 

_ ■ value of the link. 

flVArhanlrPfl The communications situation 

V Ct UdUACU is so desperate that banks Can- 

Uncertainty remains about ^ 

the role of some of the latest 
arrivals and the share they will 

^ 1 ? ^ mosfSftiie 

already widely acknowledged to ZirLr ‘T, ^ 7? 

be overbanked. The new names g^ ttor m^n£ of th^S 

, fi^ently used to receive return 

linked with the campaign to en- rf ^. ^ floating earth 

courage and develop banking means that telexes when 

atigned to Koranic principles, an ^ "SSdSS 

idea being widely promoted in t, ± £ niff htmare whe 
Saudi Arabia and the Gulf. 

Feisai Islamic wiU not charge 252 transactl0ns 816 COn ’ 
interest but wm cover its costs ^ m0 nto a prominent 

adv ®rtisemen t appeared in the 
Egyptian papers, placed by five 
rill? leadln e bante which had the 

to share a single 
butiflbag which fell victim to a 
bank work ^ s through the cable 


which began operations in Janu- 


nvo ■ «_ . on a nearby building site. The 

ary. 1978, is^the .progeny of a banks simply apologised for 
persona! agreement between ^eir inabiUty to offS banking 
President Sadat and Presidmit services while lines were down. 

SnSS^S!i^SS££i: ^ ^P^dented action was 

f S pS ^ p E hte?tevpMnripSn? taken partiy to urfonn clients 
alternative high level inde pen d- 0 f crisis partly to shake 

ent intermediary with IsraeL ^ G ovehiment into action. 

A boost to competition has The irony was that the banks 
been given by the latest in- had anticipated the imminent 
creases in interest rates (they destruction of the junction box 
have been rising steadily under by digging and flooding and had 
IMF pressure) from 6-9 per cent in vain invested a considerable 
(plus 3 per cent commission), sum t o have it moved before 
In June, 1978 the Central Bank the nearby building work 
set rates, at 9-11 per cent (plus began. 

| commission). Bankers believe Only two of Cairo’s well 
that the 2 per cent spread will established joint venture banks 
generate eompetitioa'and point have pushed hard into invest 
out that tor the ment in productive manufactur- 

borrowers will be able to shop ing sectors of Egypt’s economy 
around for finance. Misr ^ Development Bank 

One difficulty in establishing and Cairo Barclays Infer- 
tile hoped-for interbank foreign national have rapidly expanded 
currency clearing system is the their loan portfolios. Cairo 
appalling conummications Barclays International, whose 

CONTINUED ON NEXT PAGE 


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Financial Times Monday July 31 1978 


15 




EGYPT V 


The ‘open door’ policy 


I.V TIHC four years since Pre- 
>id«‘nt Sadat introduced the 
" October Working Paper." 
which was named . after the 
October War or 1973, his policy 
nf a political and economic 
opening with the West lias sur- 
vived the onslaught of political 
criticism front without and 
within, resistance from the 
entrenched public sector 
bureaucracy, serious reversals 
because nf price riots in 
January. 1977 and. fur Sadat, 
the exasperating success of 
iialh'v chans and national 
inertia in fuiling all attempts 
to speed up the process of 
change. 

The ” open door " policy has 
in an astonishingly short period 
wrought a cnmnlete chance in 
U.S. forricn policy. Washington 
is now totally committed to the 
survival nr Sadat’s Egypt and 
success of his policies. Egypt 
has become the lamest recipient 
or non-military aid from the 
IVS.. getting more each year 
than total disbursements for 
L:;fjn America. During the 
process, which coincided with 
Egypt's worst paternally genera- 
led economic crisis, most of the 
Western world has become com- 
miffed to his eerteral line and 
Arab donor states have devel- 
onr»rl and maintained economic 
funoort despite distaste for his 
eeiji ical gamble in visiting 
Israel. 

Large-scale productive invest- 
ment has so far failed to appear, 
but the aid pipeline has just 
runic on stream and marginal 
improvements in infrastructure 
*r-> just beginning to make 
themselves felt. Administrative 
rhnntes are still needed, but 
thr Government has been will- 
ing to adapt Egypt's investment 
law. responding to shortcomings 
pointed out by foreign inves- 
tors. This year’s finalising of 
imnlemcmatinn regulations for 
the amended law has prompted 
sumo businessmen to say that 
a true in vest men I climate is 
sinning to impose itself for 
the first time. 

Glian ccs resulting directly 
and inti i redly from the open 
tl'ior policy have transformed 
the face uf lhe economy since 
lu7J. although they have not 
touched the fundamental 
■dnsefural malaise of pnpnla- 
i’on growth accelerating against 
lower ncr capita production. 
l:ic changes ' arc structural, 
aduuniilrativc and financial. 


Twenty six foreign oil com- 
panies have signed agreements 
lo explore fur petroleum both 
on and offshore. Thirty four 
foreign banks have established 
operations of one kind or an- 
other under Investment Law 43, 
and a host of other banks and 
other companies have opened 
representative offices in Cairo. 
The Suez Canal has been 
cleared and opened, and 73 
ships a day are using the re- 
opened waterway. Tourism has 
blossomed despite the total in- 
adequacy of the infrastructure 
to handle visitors comfortably. 
A large number of Egyptians 
have left to work ^abroad, some- 
thing which previously was not 
freely encouraged. 


Principles 


The Government has passed 
Investment Law 43, covering 
the broad principles for foreign 
companies to operate in Egypt. 
It has passed a banking law, 
which was quickly 1 taken 
advantage of. In June, 1977 it 
passed Law 32 which amends 
Law 43 and improves it. This 
law was the direct result of a 
report from the joint U.S.- 
Egyptian business council, 
which analysed the investment 
climate and identified a series of 
problems. The most serious, 
an anomaly which obliged com- 
panies to import investment 
funds at one exchange rate, and 
export ai another dis- 
advantageous rate, was changed 
in the new Law. 

Together with development of 
the banking sector, a series of 
monetary reforms have swept 
through Egypt. First, a parallel 
rate of exchange for the over- 
valued Egyptian pound was 
introduced to. encourage 
tourism. The scope of this 
parallel market was extended 
each year, while the actual 
exchange rate was adjusted 
upwards towards the black 
market rate so a larger and 
larger portion of foreign trans- 
actions were carried out at a 
commercially realistic rate. As 
more Egyptians each year went 
to work abroad and restrictions 
on Egyptians holding hard 
currency were eased and then 
lifted, sn the so-called “own 
exchange" marker developed. 
Coder this system Egyptians 
could import goods with 


currency held abroad. 

While structural and admini- 
strative changes were slow to 
have any effect on the dally 
lives of the Egyptian people — 
the period was characterised by 
a trail of unfulfilled targets, 
missed goals, broken promises 
and unfulfilled plans — even 
President Sadat at his most 
optimistic did not anticipate the 
swiftness with which the U.S. 
economic assistance would 
materialise. 

Since 1976 the main difficulty 
with U.S. aid has been handling 
disbursement The inadequate 
physical and administrative 
structure was to blame. At the 
end of 1976 Egypt had spent 
only 530 7m of available Ameri- 
can assistance leaving $674m 
unspent. In 1977 $3l0m worth 
of assi sta nee was absorbed, 
leaving 5608m in unspent 
obligations from ‘ Wash- 
ington. Despite this absorption 
failure the aid pipeline was 
coming on stream. There were 
Improvements in power genera- 
tion. transport and storage 
facilities. Purchase of 1.600 
buses for Cairo, Alexandria and 
intercity routes . was the 
most noticeable benefit Apart 
from road transport a long 
list of infrastructure projects 
from railway stock renewal to 
vocational training projects 
have been started. 

The great difficulty in 
analysing the effects and 

development of the open-door 
policy stems partly from its 
implementation during the 

worst economic crisis Egypt has 
known. Not unnaturally critics 
of the policy associated the two 
events. 

Liberalisation was intro- 

duced when Egyptian wheat 
import requirements were ris- 
ing rapidly.- World wheat prices 
soared, as did the cost of other 
essential commodities. This 
caused a huge trade deficit and 
threw the budget deficit totally 
out of balance. Economic 
policy decisions by the Govern- 
ment were dominated by the 
struggle with the foreign debt 
Non-military medium- and long- 
term debt rose from $2.5bn at 
the end of 1973 to $5.9bn at 
the end of 1976. 

The most dangerous point 
came when Arab and Middle 
East aid donors began to hold 
back.' The problem of channel- 
ling funds into Egyptian 


development seemed insur- 
mountable. The Gulf Organisa- 
tion for Egyptian Development, 
set up in 1976. saw most of its 
money diverted into balance-of- 
payments support. Then Saudi 
Arabia and the U.S. forced 
Egypt to bow to the demands 
of ibe IMF, which itself was 
at first unable to adapt its 
ideological brand of capitalism 
to the peculiarities of the 
economy. The result was the 
January. 1977 riots caused by 
the Government's attempt to 
impose an ill-thought-out pack- 
age of subsidy cuts. 

Last year aid donors forced a 
measure of external manage- 
ment on President Sadat with 
the creation of the Consultative 
Group for Egypt, in which the 
World Bank began to chair a 
group of international creditors 
and interested parties. Only 
then were Arab aid donors satis- 
fied that their money was not 
being frittered away. Con- 
tinued support, despite opposi- 
tion to President Sadat's nego- 
tiations with Israel, is a measure 
of both confidence and political 
necessity. 

The most significant single 
development in the foreign 
investor debate about Egypt 
was when the joint U.S.- 
Egyptian business council put 
forward recommendations for 
.changes in the investment law. 
In 1976 a study, edited by a 
senior employee of Chase 
Manhattan Bank, whose 
President David Rockefeller is 
personally trusted by Mr. Sadat, 
analysed the main investor 
complaints and made specific 
recommendations. The result 
was law 32 of 1977 amending 
Investment Law 43. 

The three important changes 
are: removing the single largest 
obstacle to the importing of 
investment capital by permitting 
foreign companies to transfer 
funds at the parallel rate of 
exchange instead of the .official 
rate: strengthening and clarify- 
ing provisions for tax holidays; 
making some provision for 
Egyptian private investors to 
benefit from Law 43. 


Confirmed 

Many foreign, businessmen 
now seem confident that the in- 
vestment climate has improved. 


Some still point out what they 
see as ominous signs. 

Three important changes 
have taken place. Cairo 
airport is an unrecognisable 
model of efficiency compared 
with three years ago. The 
administrative mafia of Alex- 
andria port still prevails, how- 
ever. . Marginal improvements 
have occurred in roads and the 
telex system, but railways and 
telephones remain appalling. A 
World Bank study showed that 
50 per. cent of freight trains 
scheduled in Egypt never get 
on the track because of defec- 
tive rolling stock. A private 
study of the phones showed a 
26 per cent dialling success rate 
in Cairo, which seems high. 

Public sector reorganisation 
bas produced success stories — 
like Egyptair and the Delta 
Company, which makes white 
metal products and machinery, 
both of which have generated 
more foreign currency than 
they can reabsorb immediately 
— but has shown no signs of 
reviving ailing industrial 
monsters of industry like Hel- 
wan Iron' and Steel Plant and 
Nag Hammadi aluminium 
works, which seem hopelessly 
uneconomic. 

Effects of political debate 
have also been felt in the field 
of tax reform, which is widely 
thought to be the most 
important outstanding item of 
economic reform. Three years 
of discussion produced a con- 
sensus on tax reform based on 
four points. First, moving from 
indirect to direct taxes by re- 
designing the system. Second, 
reviewing import duties on 
products for the rich classes to 
show sensitivity to visible 
differences in consumption. 
Third, Introducing capital gains 
tax to. draw revenue from vastly 
increased asset values. Fourth, 
reforming the agricultural tax 
system; which is based on rent- 
able land values, and bringing 
untaxed cash crop farmers into 
the tax net 

Somewhere in the formula- 
tion of the tax reform law 
which recently passed through 
the People's Assembly, internal 
politics were not given sufficient 
consideration- After all the pre- 
paration, opposition from power- 
ful circles to certain provisions 
was too strong and the Presi- 
dent rejected the law. 

M.T. 


Foreign banks 


CONTINUED FROM PREVIOUS PAGE 


joint general manager Mr. 
Gavin Green is one of the few 
foreign managers with a serious 
understanding of development 
role of banks in Third World 
countries, has concentrated on 
developing a pipeline of small 
and medium-sized projects. It 
has been boosted enormously by 
its removal from the Arab 
Boycott list two years ago. The 
bank made $lm profit last year 
and expects to dpuble its profit 
in 1978. Cairo Barclays Inter- 
national is - involved in 12 
operating projects i n cl u ding 
paper manufacture, shoes, 
furniture, textiles, aluminium 
extrusion and services. 

The newly established Bank 
of Alexandria and Kuwait' Inter- 
national (Bank of Alexandria/ 
Misr Insurance 51 per cent, 
Kuwaiti and Egyptian private 
capital 39 per cent. Sharjah 
Group 10 per cent) is also in- 
tending to follow the line of 
drawing foreign remittances into 
productive investment within 
Egypt 

Most bankers in the foreign 
community admit frankly that 
foreign branches and joint ven- 
tures are failing to invest in in- 
dustrial and manufacturing pro- 
jects. Private sector trade, much 
of it purely for consumption im- 
ports, owes its boost of the last 
two years largely to the “ own 
exchange " system (whereby 
Egyptians can import using cur- 
rency classified as held abroad). 
Bankers examining other lend- 
ing opportunities inevitably find 
that the swifter safe return on 
investment is in the ser- 
vice sector, which has received 
the largest part of capital and 
intermediate investment since 
the open door policy. 

The shortage of good lending 
opportunities is reflected in the 
discrepancy between the huge 
growth in total assets and the 
low proportion of loans in rela- 
tion to assets. Instead of being 
used for productive loans, 
deposits are placed on the Euro- 
dollar market Awareness of con- 
tinuing outflows of bard cur- 
rency to Europe triggered a 
series of reactions last year 
from Egyptian bankers, editors 
and politicians. Foreign banks 
came under fire repeatedly 
from critics who said they were 
only taking from the economy 
and were draining resources. 

But it was the Central Bank 
whicb. until last year after pres- 
sure from the IMF. had been 
failing to use the foreign cur- 
rency to whicb it could have 


had access. Last year's issue of 
S200m of development bonds, 
most of which was taken up by 
banks, was the first attempt to 
remedy the situation. However, 
foreign bankers had another 
legitimate explanation for their 
failure to make local place- 
ments. The problem was Egypt’s 
low interest and high reserve 
requirements. 

All banks in Egypt (not off- 
shore banks) have in the past 
been obliged to place 20 per 
cent of reserves as nbn-luterest 
bearing deposits with the 
central bank. Domestic interest 
rates have been so low that they 
are quite out of tunc with 
international trends. The Cen- 
tral bank complained that 
foreign joint venture banks did 
not make interbank placings 
locally, but it insisted that they 
conform to the 20 per cent 
reserve requirements. A banker 
pointed out that for every 
$100,000 placed $20,000 would 
bear no Interest, thus requiring 
commensurately higher interest 
on the $80,000 left Finally 
responding to foreign bankers 
on April 1 this year, the cen- 
tral hank waived reserve 
requirements on inter bank 
placing, Urns enabling foreign 
joint venture banks to place 
money locally. 


Different 


Egypt is a home for two 
different ' banking species. It 
has been said often that Egypt's 
big Four nationally owned 
banks. Bank Misr, Banque du 
Cairo, National' Bank, and Bank 
of Alexandria are “ enormous, 
inefficient . . . and vastly profit- 
able.’’ Egypt’s loeally estab- 
lished foreign banks (i.e., 
not the Egyptian branches of 
foreign banks) are small by 
comparison, efficient by com- 
parison and naturally enough 
absorbing the cream of accounts. 
The bastion which preserves the 
profitability of the big four is 
their monopoly position with 
public sector activity (which 
still acounts for over four- 
fifths of the economy). 

One privilege of the big four 
local banks is that during spring 
the central bank’s 20 per cent 
reserve requirements are waived 
as the nationally owned banks 
finance the new cotton crop. 
Reserve requirements are 
dropped temporarily to 10 per 
cent. This is just one example 


of how the public banks main- 
tain their position. Last year's 
reorganisation of public sector 
companies » malting them >emi- 
autonomous by the creation of 
western-style boards or direc- 
tors) was meant to pave the way 
to independent financing carried 
out through the new banks. 

When one joint venture bank 
approached cotton co-operatives 
with the offer of finance, it was 
refused nn the grounds that 
money had to come through the 
traditional sources. Investiga- 
tion with the Central Bank clari- 
fied the manor and permission 
was given. Technically a con- 
version period ended on July 
1, 1978. when the public sector 
companies could theoretically 
turn to the new banks Tar 
finance. However, many foreign 
bankers suspect that pressure 
will still be applied to the com- 
panies to slick with the 
nationally owned banks. 

In the background is a strong 
defence being pm up hv the big 
fnur. who fear ihey ran not face 
open competition with the new 
banks. On this subject one 
banker said *‘fV»r us it's Catch 
22. We are criticised for not 
investing in the economy. But 
we are not allowed to compete 
with the big four." 

A crunch is obviously loom- 
ing where the Government has 
lo decide whether or not to 
remove this contradiction. The 
problem is that development of 
local banks (their modernisa- 
tion and improvement) has nnt 
taken place at the speed which 
was hoped. 

In 1976 banks were released 
from Egypt's salary restric- 
tions. Ii was intended that a 
cross fertilisation of methods 
and personnel between the old 
hanks and the new would result 
from the new climate. This has 
not happened. The big four are 
less efficient than ever 

All the outflow from the 
over manned local banks is of 
the best personnel choosing 
better conditions, salaries and 
working climate in new banks. 
One newly established bank 
reportedly took 14 top 
employees from the National 
Bank of Egypt. It will take 
many years for efficiency to 
work its way into the old 
system. Meanwhile nationally- 
owned hanks yield considerable 
influence and may fight a con- 
siderable holding action to pre- 
serve their position. 

M.T. 


ADVERTISEMENT 


SUEZ CANAL For All Ages 


On June 5, 1975 President Mohamcd Anwar 
El-Sadat declared the re-opening of the Suez Canal 
for world navigation, in order to perform its mission 
t’l linking up ends of the world. The President said. 

“ The son of this good earth, who dug the 
Canal, with siceat and tears, to be a link 
hetnwn continents and cirilisatfoiis, then 
crossed it with the souls of 1m blessed martyrs 
to spread peace over its banks, re-opens it anew 
for navigation , making of it a channel for peace 
and an artery for prosperity and co-operation 
between till peoples.” 

From this date and up until now, the Suez Canal 
nlu vs a great role for the prosperity of the whole 
world and protecting the world economy against 
4 Ik* losses it has been suffering during the period of 
closure from 1967 to 1975. The report of the United 
Nations Conference on Trade and Development, neiu 
in Geneva on October Id, 1973. estimated the loss 
sustained on the world following closure of the Canal 



This stage is scheduled to he completed by 
mid-1980 and it is most essential for the Canal to 
enable as many loaded tankers as possible to be 
received. It was able before its closure to receive 
74% of the world tanker tonnage against 25% at 
present due to the increase in the size of tankers 
during the closure of the Canal.. Nevertheless, the 
percentage will come up to 50% after the execution 
of the first stage apart from most of the world tanker 
fleet either in ballast or partially loaded. Total cost 
of the first stage is estimated at 1,150 million dollars 
of which 660 millions are earmarked in foreign 
currency. 

In the meantime, all studies forecast a noticeable increase 
in the Canal tolls from oil following execution of the develop- 
ment project according to the following tabic: 


•V'V- -V \ 




A i2 S.C.A. dredger participating in the execution of the 
development project i chile regular navigation in the canal 
is organised. 


During the active period in 1975, the daily 
Tr ^ hVmlindoihrV' duringliie period from mid-1967 average number of transiting vessels was 26.9 units, 

last May it stepped up to 60.3 units, against 5S.2 
transits in the year 1966 before the closure of the 
Canal. 


Canal revenue from 
oil following 
development project 
Canal revenue from 
oil in case 

developmentproject 
is not executed 


1977 78 79 SO 81 82 S3 S4 19S5 
(million dollar.;) 

150 360 155 239 378 393 537 710 728 


150 160 155 113 104 93 18 73 68 



iinlil 

did Jars. 


on 


-A- Characteristics of the Present Canal: 

— The Canal was opened for navigation 
November 27. 2S69. 

— Length: 173 kms. — Breadth between buoys: 
HQ — permissible draught: 3S feet. 

— It saves from 17% to 60% in distance between 
Post and West. 

— Lunuust Canal in the world with no locks and 

(ieepot Canal after execution of its development 
project. . 

Able lo be widened and deepened when requited. 

— -\ speed limit is imposed in the Canal; K vanes 
from 11 to 15 kms. per hour, according to the 
category and lonnaae of ships 

— On average, a ship takes 13 hours to transit the 

— Vessels up to 611.000 tons fully !^ d ® d 
250,001) tons in ballast are allowed to transit the 

Canal. 

* Evaluation of traffic and the Development 
project 

Now. .h, third year M W je^mpttor . of 

world the fact that SS^cSf 

nrierv linking the West and the Ei evident, 

trade The following figures make it more evioem. 

The number ^vessels that transited lhe Camd 

since Juno 5, 1?7 ? , until the end 

amounted lo 51,bb~ xei f c tie thirefvear witnessed 
tons net (Canal tonnage). ^ jn jl lien tons 

transit of ao.7M Il« 
net compared with i iim e is thus 

million tons in the firjt >«■ tn * {^nage. 

07.$% in number and b9.6% in ne 


Studies also show that the Canal revenue, following tbe 
developmentproject, will develop as follows: 


The dailv average net tonnage expanded as 
well, from 240,000 tons during the active period in 
1975 to 640,000 tons during 1978, the increase of 
266.7%, is thus registered. 

Traffic in the Suez Canal by Category of Vessels: 

Tankers , „ _ , 

Since the re-opening of the Canal until the end 
of last May, 6,956 tankers transited the Canal 
totalling 194.6 million tons net and 393.7 million 
tons deadweight. 

To point out the development in the sizes of 
transiting tankers, the following table gives a 
distribution of their number by size: 

Up to 100.000 tons 6,031 tankers 

From 100,000 to 200,000 tons 661 tankers 
Bigger than 200,000 tons . 264 tankers 

It is noteworthy that tankers of more than 
100.000 tons were not allowed to transit the Canal 
before its closure. 

Vessels other than Tankers: 

Traffic of these vessels registered a noticeable 
increase both in number and net tonnage and this 
year witnessed the transit of 17,763 units .totalling 
155.5 million tons, equal to 230% of their traffic in 
1966. 

In the meantime, the average net tonnage per 
vessel also expanded from 6,017 tons in 1966 to S,755 
tons this year. 

The Development Project: 

The first stage of the development project aims 
at stepping up the west cross-section of the Canal to 
5.600 sq.m. and the draught from 38 feet to 53 feet. 
Volume of works equal 1.25 that was necessary for 
digging the present Canal and 2.25 that was necessary 
for digging the Canal at the time of nationalisation. 


1977 78 79 


Total Canal revenue 
following develop- 
ment project 
Total Caoal revenue 
in case development 
project is not 
executed 


80 81 82 S3 
(million dollars) 


84 1985 


375 400 381 541 668 696 855 1,045 W00 


375 400 381 388 394 396 399 40S 421 — 


Execution of the first stage of the Suez Canal development 
project: 

Earth Removing Works: 

— Number of working sites 
— Number of working 
contractors 

— Volume of work completed 
— Percentage of progress 
Revetment Works: 

— Length including Pori Said and 
Deversoir by-passes 

— Working sites 

— Contractors 


President Sadat on visit to writing site at Timsah 
Lake area accompanied by Engineer Hash hour Ahmed 
Alashfiour. chairman 0/ the Sue: Canal AuUioriVi. 

In summary the total volume of dredging works 
for the first stage of the project is 564.171,000 cubic 
metres of which 125,000,000 cubic metres or 22%. 
have been accomplished up to the end of March, 
1978. 

30 dredgers are now deployed in the execution 
of the project of which 13 units belong to the Suez 
Canal Authority. 

Decantation basins: 

— It has been contracted to construct dykes for 
13 lots. 

It has been contracted to construct the east and 
west dykes for Port Said by-pass. 

Number of contractors 5 Egyptian 




72 


32 sites 

8 contractors 

80 million cubic metres 

80% 


Length of removed revetments 
Length of constructed revetments 
Percentage of execution to total 
work contracted for 


175 kms. 

5 sites 

4 (Arab contractors and 
Canal Harbour Works 
Co„ General Company 
for Land Reclamation 
and Kamal Badran 
Co.) 

55 kms. 

71 kms. 

55% 


Dredging works: (widening and deepening): 

13 lots are under execution. The quantities 
dredged reached 96,000,000 cubic metres repre- 
senting 26% of the total volume of work for these 
lots (372.000,000 cubic metres). 

The Suez Canal Authority dredgers are executing 
6 lots (M, N, O, P. Q, R,). The total volume of work 
being 140,120,000 cubic metres. The work executed 
amounts to 38.000,000 cubic metres which represents 
27%. 


— Percentage of work accomplished 

Caisson works and concrete mooring posts in the 
lakes and entrances 

— Percentage of old caissons removal 95% 

— Percentage of new constructions S0% 

Work in the execution of the first stage started 

in January, 1976 and it is scheduled to be completed 
in four and a half years. 

The Suez Canal development project is not 
restricted to developing the waterway only as 
the Authority has embarked, in the meantime, on 
developing and modernising its productive and 
service activities including the following: 

— Carrying out the automatic navigational control 
system aiming at increasing the capacity of the 
Canal and ensuring traffic therein. 

— Modernising the floating and land equipment. 

— Developing the shipyards and the workshops. 

— Accelerating the Authority training centre. 

— Developing and increasing the capacity of the 
water works in the three Canal cities. 

— Increasing the capacity of Port Fouad and Port 
Said power stations. 

— Building many housing units for the personnel. 

— Developing Port Said Harbour. 



Financial Times Monday July 31 1978 .. 


EGYPT VI 


A weak industrial base 


trucks of 14 textile factone ® Ewnomf an^Finance* Sfiu£ 

tralian Britain this summer as guests But jo-20 per cent of 

ea are of the Department of Trade and nationa | industrial production 


tie tom "lou snoum not series of state-ownea taciones arrive, ureauus ***.- wi me ituu mm _ _ , . — . ■ Manufac- j.. <»ivilian control in 

started from hero." This, in buiIt in ^ Jast decade i nc lud- which wonld stimulate improve- mill, military aircraft factory Employment effect of Indus- off the road J vl *’ h ?™ tenanW the .Textile M W Military factories of Ministry 5 

effect, is what is happening in 1 n t steel ment in fte naSonalised and car assembly l.nes built in ctowlopiMptof « and spare part problems. tnrers Assnaanon. wTa?d War PradnSnT^w 

Si th “ c S°!Si^ worn Scarnnd’fnutnbe^ industries. The complexities the last 20 years it is said that JSSlm nTS W , *£ ** P '“, M 

fio« assess the development of of chemical and metallurgical, of a changeover from central IJjf iji built >«-£»£ ,<*««* the ironies of Deu ta tracks and trailers, and ^^^’orgSisations, ^^SS^SS’&SSS- 


Sadat's "open-door " policy but import’ substitution. The most Egyptian industry has been the Arab world. The- compara- lOJHM) vehicles a year with .a SS?5^ UD (now part of the trolled elsewhere. J® 8 ” 

because Egypt's inability to pay important locally produced con- The greatest sin Je impetus d j ed M ^ abundant supply of tive labour advantage then, is local content which exists on 0 f Petroleum). In fact, *S° ^nes and ®P iri JJ ■ 

its wav internationally means suraer goods are textiles, shoes, that has been given to policy g^ap labour. Western thinking exported and lost. Increases in paper rather than in fact, and •—“* th e m D i 0 yees have the Ministry of Agncmture, 
external direction is now para- processed food, beverages and changes in industrial develop- main tains that this comparative services and Government produce them more expensively {~~ y • aferred t0 the cement to the Ministry otitecon- 
raount in moulding the economy, cigarettes. The chief inter- men t and management has advantage has been jeopardised employment ' administering than the cost of importing the tec hnical stni ction ““ P ap ? r t0 “ e 

nns drawn bv the racdiat<? , ® ood . s ,. are ^uUduig come from Egypt’s accelerating since -the nationalisations of public sector industry are them- same cars, despite a number of * which replaced the Ministry of Information. 

Conclusions drawn oy ine «- atAI ., a l- fertilisers- chemicals . ■ , w, 1QR1 Kw nuanmnlnuniMt in tVlP nf nimrtinAohla mlna ...k.Ui., Whan Vnnl'c SCCTe canals wulu F 


ment) and neglect in> develop- productive activity. 


industrialisation have not con- ta^nt cue. to the public following Q5F policy pent) and neglect in develop productive activity. planoed.en^eand veWde pro- “^ ric ^ p olicy ha. become ^ck ■ people, bureaucrats or- 

tnbuted to economic growth in sector, of which the key 0 . gyp __ ® , , l "S efficient management and Egyptian industries suffer duction plant at. Alexandria ^ subject of a long battle workers, whether or not they 

optimum fashion. Instead of recipients in the 1974-76 plan *<?”**• The. nature and sc^.e skilled labour supply. . from chronic problems. The < now dependent on _ removal be ^ e J Q ^ Minis try of Supply fulfil any function. Egypt does 

stimulating other sectors the period were engineering, tex- of Egypt s problems were such Expansion of industry in l. 5m tons capacity iron and steel 7^ ra . b (whiSi used to control prices) not even possess an uneraploy* 

contribution of industry has tiles, chemicals and food. At that conventional IMF advice Egypt was the result of pro- mill at Helwan has never pro- i? ey twrtTe™™ and^fae Ministry of Economy ment relief, system. So the 

been limited to direct increases the start of the "open door” was impossible to implement tectionlst policies. In a free duced more than 600,000 tons a Automotive mat xne com- wants the new boards of excess of hundreds of thousands 

in national income and indirect period in 1974 private sector ( f or political and social market system large segments year. UJS. steel is now assisting S? 'pwMfr companies to have real of employees is. shuffied 

increases in employment through industry employed 8 25 - 000 reasons). By 1977 credit of industry cannot and could in attempts to increase produc- ^ mamfcement independence), between one unproductive 

the service sector. In addition, people. This figure has certainly . . econoni j C manage- not compete abroad, and many tion but appear to be finding W1U * ren UJBes The^organisational chaos despite- administration body and 

industry* fails to perform effi- risen in the past four years, . _ . t sinele would fare badly at-home if problems ef bad planning as worsera. changes is illustrated by the another. 

ciemly because of infrastruc- though not by as much as i* ment were o . nF protection were removed. Much insurmountable as Soviet wwr ^ ministerial structure controlling K» 

tural weakness, organisational suggested by the large increase focus with the creation of industry" taa strong linkage advisers (who are still there) \\ JlSt<12G industry. . Untl i K today M aS ^? U ™f 

“ d maCii " ery - — difficulty m measuring k « MtSSSVS 22. new SS. TnS SS'&M ^=o£ot 

Changes in policy and style « industrial efficiency for a host of 2 h..^5J2£* ,22?' ^Ttoo comniSS P through World Bank funds, ex- industry. However, Dr. Abdel p opula ti 0 n either directly or 

are being implemented. These FftCtOrV reasons— bad accounting, irre- 52S2.£! fl 5fL . . . p . _ ’ . . perience heavy wastage of raw Mon&m Kaissouny, retired indireetiy Agriculturally based 


policies. 


ment and machinery. 


Changes in policy and style . 

are being implemented. These _r EClOrV 
may improve performance of 
individual industries but they By 1975 private 
will not alter historic trends in reached E£10Sm, t 


Will JlUt ilUlM llioiuiiv- uvuua in r-y _i . - ■ ' ; ... ' — — . • — UI LUC IftW UUUULL U1U UldUUliCb, 

industry. A wide spectrum of of the total and seven times the Pnces are fixed on industrial sumption. The textile industry t h e railway from Bahfireya lack of maintenance, inadequate answerable not to 
economic systems since 1930 previous year's figure. „ . products on a basis, which dis- takes a proportion of the cotton Oasis where the iron ore is supervision, ineffective manage- souny but to Mr. Ahi 

* . .a f-i: •• urnulH /itKnmnco j . r ’ _ . ° _ . 


have not altered the funda- Small-scale industry in the regards costs. The public sector which would otherwise m in e d. 

mental industrial structure, private sector (generally class!- has been ingenious in finding. bee " exported and pro- 

Egyptian industry has tradi- fi e d as establishments employing way s to avoid passing on' price flaces maim y for «xport. 5^^ 


tionally drawn its resources 10-50 workers) accounts for j acre ases, such as passing in- 


mption. Tne textile industry the railway from Bah?reya lack of maintenance, inadequate answerable not to Dr. Kal 8 ' experience underuse of capacity 

kes a proportion of the cotton oasis where the iron ore is supervision. Ineffective manage^ souny. but to Mr. Ahmed Sultan, because production varies with 

mined. men t, negligence and lack of Minister of Power, who held the the season , others like sugar, 

ff&T Dee " exported ana pro- Infrastructural weakness has financial incentive are respon- title 'of Ddputy Prime Minister £ ra j t and vegetable canning and 
ices goods mainly for export, struck, too, at the Nag Hammadi aible for wastage levels of up for production. Dr. Kaissouny ^ dairy industry suffer 

The same with food. Industry aluminium plant in upper Egypt to 28 per cent of the cotton, won tbe battle for control and p erman ent underutilisation. 


from agriculture. The change in one-third of the value added and ^..cpd into state-owned suPP lic s agriculture with ferti- where the political dispute with Britain has- a special interest in the Ministry of Industry was next de . cade should see 

structure will take place as a more than half the employment. ® 7: *? R . liser and little else, and this is the Soviet Union had already the textile industry for his- moved under the wing of the petroleum complement agricul- 

rosnit of the rapid growth of The sort of- factory in this bank-financed loss *“- " Ul 016 not really inter-sectoral stimu- scotched the third stage expan- torical and commercial reasons. Ministry of Petroleum. Pricing ^ the source of raw 
petroleum resources over the sector would typically be a hot, now believes that the new lation but import substitution, si on from 100,000-ton capacity to Tbe head of Egypt's general controls were also partially materials, 
coming decade. dusty sweatshop making leather three years extended fund This is why Government 166,000 tons a year. Travellers organisation for industrialisa- wrested from the Ministry of M T 

E°vntian industry emulovs S 001 ^ furniture, or engaged in facility worth $720m will da the stresses development of agro- from the area report that tiwo- tion (GOFI) and the chairmen Supply, coming within the DIF- lvl.l, 

1 -'m workers about 13 ncr cent engineering. The artisan class trick. Credit Tranches are . . 

ofThc labour 3 f 0 rce. ^heir mlt- of i^uxtiy has !ess than 10 d >«^^ ' * 


nut accounts for about half of employees and usually has no of industrial products. .When the 
Egypt's wrt ( \ rise from access to credit from any source,, process is completed Egyptian 
nno ?hirrl ts f*xm]ained bv auSlT- not even from the co-operative industry should be. at a zero 

Sn of the Lrellcl StEEZ societies of wtiibh ’ a ‘ bout ^ point ' fr0m Whi0h t0 *** 
rate.) A substantial part nf the artisans- would- bn members, rebuilding, 
these exports is derived from Both classes of industry are Meanwhile foreign analysis 
domestic agricultural raw under-mechanised, of low has come partly to beHeve that 
materials, chiefly cotton textiles. ^tensity and coUectiyely Egypt’s industrial base was not 

This proportion has been ar ® employers. suited to the economy. This 

declining since a decision was When the "open door” argument claims that textiles, 
made to import short staple policy got underway foreign for example, is not an ideal 
cotton for the textile mills and advice did little to touch the industry because the Egyptian 
use smaller volumes of high inertia inherent in the market is more suited to Jow- 
quality long staple cotton for centralised system. President grade products requiring short 


process is completed Egyptian , • * ^ ^ 

industry sbould be. at a zero "l I* 

s “£ m Ominous signs on the tarm 

has come partly to believe that £ t 4 

rre TRADITIONAL / agricul- President Sadat calls it "The and south west of Alexandria in: Miiftstry of Agriculture cover- from 1978 to 1982, agriculture 

. 1 J ? - ^ 1 V Mn Alwi n M P D a a” it in k«v fVi A ' HrAPt AaiM maJ pnutVi Itut#. urhaot rino laniilc rlriPC Tint faW» milpVl hAttPT 


the market is more suited to low- sified its drive to cultivate the and the peace initiative. But western agricultural advisers forced.by co-operative societies Ministry 


Agriculture 


President grade products requiring short desert. 


THE 

PETROLEUM 


ARAB 

PIPELINES 


CO. 


v (SUMED) 

THE INTTIATION of 
A UNIQUE PATTERN 
OF MIDDLE EAST PIPELINES 


The Arab Petroleum Pipelines Co. SUMED has completed the 
construction of a two-parellel 42-inch diameter pipeline system 
for the transportation of Middle East crude oil from The Gulf 
of Suez to the Mediterranean. This is a unique pattern of pipeline 
systems in the world in that it begins and ends in the sea and that 
the feed in and out is done by tankers. The system thus provides 
deep water berthing for super tankers up to 270,000 dwt. 

The pipeline system starts with a receiving terminal owned 
and operated by Sumed on the Red Sea (Sukhna) coast. The 
pipelines capacity is 320km and ends with a loading terminal at 
Sidi Kerir. The pipelines capacity is 80 MTA (million tons 
per year). Planned expansion will provide 117 MTA. The pipe- 
lines system is designed to handle types of crude oil. with sufficient 
segregation to minimise comingling or contamination. The first 
trial test of the pipeline system started on December 14, 1976 
at Ain Sokhna terminal which received the first shipment of 
one million tons of light Arab crude oil. The first tanker loaded 
at Sidi Kerir and departed January 27. This operation, which 
initiated the pipelines system, established the quality control and 
the high efficiency by which the Company has been operating ever 

since. 


9 Amin Yehia St. Zizenia - Alexandria. Tel. 64138 - 44139 
PO Box 2056 Alex. Telex : 4108 SUMED UN 


a lot more hangs in the balance generally agree that Egypt is in the .rural areas. These crops officials, who would like -to see 
than the future of the Sadat m^ng a mistake in Investing^ .are then bought by tbe. Govern- a 24 per. cent annual capital 
administration. ^ heavily in horizontal develop- n5ent at controlled prices below investment, note that since the 

| Time is running out on ment of new - land. Land w hat the farmer could receive 1960s the Government has 

^Egyptian agriculture. There reclamation, they say, is a costly on OP® 11 market Only emphasised industrial develop- 

■are now more than 38m operation that has yet to yield "those farmers who grow vege- ment and has expected the 

Egyptians, whose lifeline is the significant returns. It has been tables near urban areas are fanner to pay for it. 

Delta, a fertile stretch of land estimated that reclaiming an exempted from cotton require- The current price policy for 
which opens like a -Lotus flower acre can cost as much as $2,800, ments - ’ cotton,. Egypt's main export 

just north of Cairo where the including roads, canals, schools. Lately, Egyptian agriculture, crop, according to Dr. Hassan 
NUe splits into two branches, housing and hospitals. like ? ther sectors of ™e Ali Khedr, an economist in the 

South of Cairo there is a fragile At the same time, according economy under President Sadat, Ministry of Agriculture, means 
sliver of green on either side to a study by the U.S. Depart- has been opened to foreign in- “that the farmer is in fact 
of the river running to Aswan. ment 0 f Agriculture, ifroduc- vestment, and there are a subsidising all the other sectors 
Overall, less than 3 per cent avity in much of the netf land number of joint ventures under- of the economy and the growth 
of the country, 6m acres, can now under cultivation is limited ww- Coca Cola, for example, is of those sectors is attributable 
be -successfully cultivated, and, j, y poor so ji conditions: and co-operating with an Egyptian to him." 

in the past 10 years thousands inadequate drainage facilities. company to grow oranges for The Government buys cotton 
of agricultural acres have been f or Egyptian planners export near Ismail ia; a Japanese from the farmer at levels well 

lost to urban and industrial land reclamation is needeti not company" is engaged in fish below world selling prices. But 
development. ou i y t0 expand agricultural out- farcins in the Great Bitter profit in hard currency earned 

Since 1952 Egypt's cultivated put but to ac commodatie the Lakes near Port Said; and West by cotton sales abroad is then 
areas has increased by °o!y alarming population increase Germany is providing financial committed to the industrial 
.500,000 acres, while its papula- Cairo a city des ig ned 3^ aid for a. poultry producing sector and does not return to 
tion in the 26-year period had pe oplb is already breaking - the fa^er. Such a policy, both 

risen by 18m. down beneath the crush ff 10m is plenty of Egyptian and foreign agricul- 

More ominous is the Tact that ^habitants and Egyptian Government involvement in tural experts have pointed out. 
the fertility of Egyptian soil fficiaJ a ' e tbat tl X e js agriculture, there is compara- eliminates the farmer’s incen- 

bas deteriorated alarmingly. A nowhere t( f z0 but |Ҥ! fhg tively little direct financial in- tive ana enthusiasm for the 

survey completed five years ago desert _ 6 % vestment. Agriculture accounts cotton crop. Cotton is con- 

revealed that only 6 per cent _. : rt however j L not for nearl y 31 P er cent of th © sidered a burden imposed by 

of the -soil in cultivated lands t heeim t ' b io 0m _ ’asd the country’s gross national product, the Government, 

could be classified as excellent, tTadltlnTI _ 1 lftnd _ are 60 per cent of its exports, and The impact is more than 

while 45 per cent was con- - J ® half its labour force, but is psychological. Farmers are 

sidered good and the remaining K^? t |JSslSive ! - 

AO oant medium nr nnor. Egyptians alive. fi 


allotted only 8 per cent of instructed to plant cotton from 
49 per cent medium or poor. ^ Go vein ment involve- capital iitvestin^nL And in the mid-February to. mid-March but 

termed ^ mentTn aSc^e ta sSable. new pl “’ running frequently try to postpone 

- shocking An increase in soil Q uotas determined b| the CONTINUED ON NEXT PAGE 


salinity, caused by excessive 
irrigation and inadequate drain- 
age, is believed by most experts 
to be behind the deterioration 
in fertility. 

Egypt Is becoming less and 
less able to feed itself and relies 
heavily on imports of wheat, 
canned food, meat and poultry 
products, to the extent that its 
agricultural exports are now 
earning less than what it must 
spend on imported foodstuffs. 

The 2m tons of wheat pro- 
duced each year is less than half 
of what the country needs- 
Egypt last year bought 4.3m tons 
of wheat abroad and by 1979 is 
expected to be purchasing 5m 
tons a year, which will make it 
the largest wheat importing 
country in the world. 

Confronted with all this, the 
Government has committed 
itself to what is known as “ hori- 
zontal development," the recla- 
mation and development of bar- 
ren arid lands to supplement the 
country’s traditional agricultural 
acreage. Land reclamation is not 
a new policy in Egypt, since it 
was first launched by the public 
sector in 1952 just after the 
Revolution, but with the popula- 
tion explosion it has assumed a 
central role in the Government's 
development, plans. 

More than Im acres have been 
reclaimed thus far ana anomer 
324.000 are planned for this 
year. By the year 2000, when 
Egypt’s population has been 
predicted, to reach 60-70m, "the 
Government hopes that a total 
of 2.8m - acres will have been 
brought into, productive use. 
Land reclamation projects are 
scattered throughout the coun- 
try, the largest being planned 
in the Delta 10 the south east 


vcai» . L ry~ d r r ,.n 

Miamfwvf w.-J ;■ .-JSSf- 



_j - 


‘swr 5 *- 

Barrani 


1 Mera 




V 

^ Swa 0*si* 

isiwa^ 


<s< r 

c*U/ 


CAIROj 

Helwan; 

FayyunrJ 


teuailra 


•.TB KHITOKT 

RECOVERED 


S I N A I 

t Abu - 

Rudeis 


! JORDAN 


SAUDI 

ARABIA 




Kh argJ 

Tlv-Gfeat lj 
Onus' / | 




Aswan: 


1 Wadi Haifa 




r 


Financial Times Monday July 31 1978 


k. 


EGYPT VII 


w 


E9 


Steady income 
from oil 

g£ (& safa&“ : &s£=s “ 

Jj>hPd it^Uf in the small class of found in commercial quantities, of the five year nlan aw ^ 

economic activities which are The companies pay signature E£T84m of which locaJiv Gas Production. which started 
J .*! 1 ,f, un ‘ s J"°°| hly financed and bonuses for agreements lasting generated investment is « l® 75 with , . “ 0Ut P“ t of 
hiciili' profitable. Even before 2-12 years. (Egypt has received E£340m. Of these allocs ‘^■000 tons at Abu Ifahdi in the 
the open door policy the sector 592m for signatures, and the lions one third is for investment Nile ? eIta ' now ? irecte 5 
was gu-en special privileges companies are committed to in exploration and production ■ towards P ower generation and 

which permitted it to control spending $1 bn on exploration), rather higher penwnSge fo? industry - E** 8115 * 011 of Abu 

foreign exchange flows. Flexible The arrangement is based on re&iing and a lowT^ntage Ab « ** *** 

and fair relationships with profit-oil and cost-oil. The for transport and distributirm. *™ U!L] Production 

In-!) 1 ” 1 * ®°“'P“ 1,es before the foreign company lakes back its This means that average annual tw lf- Consumption has 

liii.t war led_ directly to the production costs from part of investment through the joint JF tb® P* 51 bee P lower than pro- 


fasiest take-off of any sector production varying' 'fronT 20 to" venmre " Vartners^woT rise^To * w ?° n ^ p * dty because twoj 
with the advent of economic 40 per cent, according to the E£160w, although the five year p .™ ]6cts : “ehaUa al Kubra tex- 

Egypt possesses small 


rv. wu., me ciiuuuj, aimouga uie nve year . _ — . 

circumstances. The remainder, plan optimistically cites a multi- , es ?. ^ an * ron . ^ ’ 
oil profit-oil. is divided from 75-25 billion dollar figure in additional ,agged behind in conversion pro- 


reserves. but steady develop- per cent to 87-13 per cent in investment from separate 

A j U favour Df the Government If foreign company exploration 
R ude.ii oil fields in Sinai made costs are higher than antici- activities, 
it a net exporter of crude in 

1975. Production of crude oil is 

rising steadily, and although 
Egypt will not meet President 
Sadat's publicly proclaimed 
target of Im barrels a day by 
IPSO it is expected to reach 
700.000 b/d. enough to push 
crude oil exports to 12m tons. 

Expansion of investment levels 
suggests that Egyptian exports 
may be dominated by 


PETROLEUM AND NATURAL GAS RESERVES, 
(m tons) 

1976 1977 1976 1979 1980 1981 1982 


cesses. Apparently insurmount- 
able difficulties with the furnace 
conversion have muted talk of 
a gas fired extension at the Hel- 
wan Steel works, and the 
concentration is on the Talkha 
fertiliser factory and a series of 
pipeline power stations from 
Alexandria to Cairo. 

Slightly more than half last 
year’s crude output was refined 
locally last year, a substantial 


petroleum by the second half of 
the next decade. 

In order to offset this 
imbalance efforts should be con- 
centrated on dovetailing petro- 
leum and gas production into 


Petroleum 

Production 16.7 20.9 25.8 3L8 36.4 41.9 46^ . 

Reserves end of year ... S17.S 33SJ) 339.0 3563 367.8 373.9 368.1 ™provenieiM : because of com- 
pletion in 1976 of repairs to the 

crude Natural gas Suez refinery, which went out of 


Production 0.1 0.4 0.8 2.0 2.7 2.7 

Reserves end of year ... 74.6 74J2 73.4 71.4 68.7 66.0 
Source: World Rank. 


2.7 production during the war of 
66.3 attrition of 1969. Three public 
companies operate six refineries 
in Alexandria, Tanta, Suez and 
•— Musturud (near Cairo). This 
year refining is expected to 
reach the 16.5m tons capacity. 

of products should 


the economy through refining pa ted the excess is rolled over For three years President „ 
expansion. building power t0 yj e next year. jf costs are g at j a t ^ his Government have Export 
plants and development of j ower ^eri the excess goes to told the people that oil is one reach 3.5m tons w 1980 valued 

?oin° rhem, IiS? u By the Government of the billion-strong sectors of at ® m,aL 

1980 more than half the Govern- Exploration and production 1980 — $lbn each for tourism. Petrochemical plans are 

ment s share of crude oil from is out hy joint venture Suez Canal (overestimates) and focused on a proposed plant at 

production sharing arrange- companies w jth (he Egyptian remittances from abroad (now a Amreya. the new industrial area 
men 1- . . * -i Ver j f e . General Petroleum Corporation, gross underestimate) and Ibn outside Alexandria, using 

: n V?? . m’ . 4 lS GUPCO is the joint venture barrels a day of oil. Such a naphtha and propane as feed- 

nc-> t0 “ ou0 e lo3 - 5m loos by Amoco (a subsidiary of target would require two major stock to produce 80,006 tons a 

Standard Oil of Indiana) and new finds to come on stream in year of polyvinylchloride, 90,000 
is the largest and most impor- the next two years. However, tons of low density polyethylene 
5 InWIrv tant oil company in Egypt the 650,000-700,000 barrels a day and 50.000 tons of high density 

operating the July, Morgan which is predicted by indepen- polyethylene. Agreement in 
«... Ecypf ha« been unlucky com- and Ramadan fields in the Gulf dent assessments, is a very principle has been signed for 
5 pared to Libya and Saudi of Suez. Offshore oil in the Gulf respectable return on invest- a joint venture between EGPC 

, Arabia, which have large oil of Suez is found at 10.000-15,000 ment It will mean 12m tons of and Montedison, with SlOOm 

reserves in fields relatively feet below surface under a salt crude exports by 1980, rising to capitaL However, the source of 

cheap to exploit. Egyptian stratum which in the past more than 16m tons by 1982. In the r em ai n ing $3 00m needed is 

fields are small and expen- caused technical problems and that period Morgan and July not yet clear, and approaches to 

sive to exploit. Oil production put up costs. The average cost fields should increase slightly in OAPEC are clouded by the 

m the past decade has fluctu- of production in Egypt is 81.44 output, while Ramadan is expected overcapacity in petro- 

ated because of political and a barrel, which is higher than expected to rise to three times chemicals in the Arabian 

technical events. in neighbouring countries. Gulf its 1976 level. Peninsula. 

In 1967 Israel took over the of Suez production is nonethe- In the past year AMOCO o n the distribution side the 
Abu Riidcis fields in Sinai. This Jess profitable and accounts for (GUPCO) has made two strikes gumed pipeline (from Ein 

In’.* of production was coun- three-quarters of national north of- Abu Rudeis on the Sokhna to Sidi Kreir) has been 

terert by lugher production from output. side ° f ^ Gulf and north running at less than its break- 

Morgstn field in the Gulf of Suet. Egypt has 334m tons of of Ras Shoqair, where Oievron even point 0 f 50 per cent 
No sooner had nil output in known nil reserves, less than a (Standard Oil of Califorma) ca p ac jty # Completion in 1977 of 
Egypt climbed back to 16m tons ? per cent of the world total, with a $22m spending commit- £h e $g<)0m twin line coincided 

a year in 1971 than pressure in a tiny fienre compared to the ment has also produced a show- W ith the world slump in the 

Morgan dropped abruptly, main Middle East producers, ing. Also north of Abu Rudeis tanker market and vast over- 
Vi tinny f production plummet* Reserves are about two thirds of the West German company capacity of transport. Until 
ti-j to 7.6111 tons hy 1974. In the smallest Arab producers in Deminex has an offshore find tanker rates rise or until con- 
1975 water injection to bring up the Gulf, Qatar and Oman. which may be in the same class struction of the strategic 
pre-ware in lilorcun. the devel- Production of crude reached as the southern Gulf of Suez Dammam-Yenbo pipeline in 
•ininent or ihe offshore July and a critical point in 1975 (which, fields. The first production well Saudi Arabia (which will by- 
Kamadan fields and the return incidentally, was the year gas tested has indicated 20,000 b/d pa£S the straits of Hormuz), 
•>f Abu Rudeii brought the level was produced in commercial plus from a pay zone assessed as Sumed cannot be expected to 
back to 1 6 lini tons. Last year it quantities) when output of 1,100 feet A serious resource prosper. Observers wait with 
n-.iched 211111 tons and i* ‘expect 16.5m rons made Egypt a net analysis for Egypt must also interest to see what happens 
f Cl > [ 0 l0 p o 6m tons j n 197S, exporter of oil and products. In include the Southern; Sinai pro- this month and next (when pay- 
From lho creation of the that year production was parti- duction wells at Ras A1 Tur, ments on cost overrun loans 
Ministry of Petroleum (which ally restored in Morgan, and discovered and developed by come due), since previously 
l, ; ,„ m) \v also taken over the July field was further developed, an American company and accumulated interest on the 
Ministry of Industry) in 1973 Two smaller western desert currently exploited by Israel, capital should by now have been 
forivun' oil companies explor- fields at Abu Gharadeq and Sucess in petroleum may spent 

for oil wore exempt from Razak had begun production the ironically create yet another Distribllt j 0n re fining cur- 
harsh restriction* governing year before, and Ramadan field imbalance m emden^ rently account for most of ^ 
transfer t>r miirenry. The Min- was just beginning production, ment— -an export profile do - 35 qqq j D Egypt’s oil sector, 
r.-irj handled problems in im- This brought produrtmn levels nated by crude oil m the latter ^ re whicb ^ 12 ^crease 
porting equipment, and the sec to il.5m ions, and the Sept em- half of the 1980s rather 1 is i it sharply ^ planned invest- 
lur develop,.!! ^nsiderable ber. 1975. agreement with Israel wu dominated by cotton in the went ^ ^ industry . ^ 1953 
autonomy Lack of foreign cur- recovered 4m tons annual pro- 1960s. The levds of myestment crude oil productian should 
renev me.ui while remained a duction from Abu Rudeis and and the history of its produ ij a ve reached 46m tons, of which 

giva'l restriction on Egypt's in- Belay im. . tlve . I £ l 2I s ^ Government's share will be 

deju-ndenr efforts in exploration Production can be expected to agn cultural and industrial sec- 33 m tons Half of ^ waI be 

and development. Since then 47 rise steadily in proportion to the ten ! bacta ; up Uus refined locaUy producing 3.5m 

I'xploratinn and production consistently high levels of invest- To sidestep such a development t0JJS ^ pro a urts f or export The 

agreements have been signed ment. The bulk of investment analysts ^ industr 7 by 16811 ^ emptoy 

with foreign oil companies, capital comes from the foreion Consultative Group for Egypt (53000 people. 

' Egypt has followed the In- partners. Investment m 1977 assert that crude output should 
Jonesian style of production totalled E£l02.4m (E669.9m be used as much as posible to 


M.T. 


Farm 


CONTINUED FROM PREVIOUS PAGE 


seeding until they can harvest 
one im ire non-con trolled crop, 
usually clover (hersot'm) for 
animal fodder, which they enn 
h:II pnifitably on ihe open 
market. 

Late planting adversely 
aliens ml ion quality and often 
ineap-* tliat Government quotas 
.ire no! mel. And. What is 
Vvof: i*. by extending the clover 
sea-on, tin* farmer unwittingly 
vnetturayfi* the growth of the 
dev a statin;; cotton leaf worm, 
which grows from a moth 
initially attracted to the clover 
leaf. 

While the pricing policy is 
viewed as a significant con- 
straint to Egyptian agricultural 
productivity, the most serious 
problem, one which affects SO 
per cent of cultivated land, is 
inadequate drainage. With 
better drainage Facilities, •■«*>’* 
a recent study by the U.S. 
Department »f Agriculture, 
crop yields could increase by 
a> much as 59 per vent. 

Since tin* early IWlt century 
Egyptian farmers and agrono- 
mists have stressed the 
importance of irrigation, of 
enriching as much land as 
possible will* i he waters of tiic 
Mile. The completion or the 
Aswan High Dam in 1970 meant 


that farmers at last had an 
abundant supply of water the 
year round and no longer had 
to depend on the annual Nile 
flood. But the dependable 
abundance of water has been 
a mixed blessing: it has helped 
bring thousauds of acres under 
cultivation, while at the same 
time it has raised the water 
table to dangerous levels. 

Drainage facilities have 
proved incapable of carrying 
away the excess water and son 
has hecome waterlogged, pre- 
venting air from getting to 
plant roots. The water has 
likewise begun to wash the salt 
out of the soil, thereby increas- 
ing salinity in ground water. 

The World Bank is currently 
funding projects throughout 
Egypt to insial ule drains in 
nearly Im acres by 1979- . To 
date, according to a Ministry 
official, drains have been 
installed to service 650,000 

acres - , ■„ **11 

Egyptian agriculture is sWl 

heavily dependent on animal 
power, as is clear to anyone 
who travels in any direction 
nut of Cairo. Donkeys and 

camels lope along carrying 
loads of sugar cane or clover, 
while blindfolded female cattle, 
harnessed to an aluminium 


waterwheel and driven by small 
children, turn round and round, 
pumping water from irrigation 
canals to the crops. 

While most of the ploughing 
is now done by tractors, 
owned by co-operative societies, 
farmers rely on 4-5m draught 
anim als for pumping, thresh- 
ing harvesting and transport. 

The animals, of course, have 
to eat, and land which could 
be used to grow crops for 
human consumption is planted 
with clover. Man and beast 
thus compete directly for the 
precious few acres that can be 
cultivated. 

Through mechanisation and 
improved husbandry techniques 
animals could be reserved for 
milk and meat production, thus 
reducing Egypt's need to import 
these products and making more 
land available for cereal crops. 
A Food and Agriculture 
Organisation study estimates 
that milk production could be 
increased by 160.000 tons a year 
if mechanisation alone were 
fully implemented, while other 
experiments have shown that 
cross-breeding with Friesian 
bulls from Europe wm lead to 
even higher milk yields. 

Cost alone is not the only 
factor which Inhibits mechanisa- 


tion. Agriculture officials cite 
the farmer’s traditional pride in 
animal ownership and the 
negative effect that automation 
would have on rural employ- 
ment. And, they add, efforts at 
cross-breeding and genetic 
improvement of milk and meat 
producing animals are hampered 
by insufficient veterinary | 
services. 

For all its problems, however, ! 
Egyptian agriculture is still j 
remarkably productive. Farmers | 
in Egypt are widely respected 
for their hard work and their 
ability to take full advantage of 
the gifts of the Nile. They are 
able to get nearly two crops out 
of every available acre, one of 
the highest cropping ratios in 
the world. 

But the farmer, as is his land. I 
is sow being asked to carry a, 
seemingly intolerable load, that : 
of feeding the country and sub- 1 
si dising its industry. Land 1 
reclamation schemes may 
eventually lighten the burden, 
but in the meantime the 
Egyptian farmer will have to 
plod along, working with mini- 
mal Government support for a , 
return that barely allows him I 
to meet his costs. 

Nathaniel Harrison! 


CAIRO 

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EGYPT VHI 


finsBodai Jlmes ® 







Overcrowding becomes 

a major issue 


A view of the Nile at Cairo. 


Vast tourism potential 


THE EXPECTED increase 1 in Suez Canal, and tourism, thump oF pile-drivers as Khayyam palace into the largest 

the number «.-f imirisis coin ms Slightly mure than lm tnurtbts developers rush to meet the hotel in the Middle East, 

to Egypt this year has failed vi>ited Egypt in 1977 (a 2 per 19S2 deadline. Built more than 100 years ago 

Jo materialise a< many .Arab n-ni increase over 1976). from “The majority of the projects by the Khedive Ismail to house 


UNCONTROLLED population Overpopulation replaced ex- shed. In that year the agricul- will have moved on to Cairo 
increase and the inability of temal debt as the top issue for tural sector, which is the basis along with hundreds of thou- 
domestic resources to secrete Eeyptiao development when the 

enough income to provide food Consultative Group for Egypt deficiL importSi t0 millions of unemployed 

and shelter for the Egyptian met In Paris in June. This made bought with borrowed money at and semi-employed. Typically 
people together constitute the it implicitly clear that con- the high 1974 prices, over- he will start working in the 
most critical problem for tinued foreign support for the whelmed the foreign exchange construction industry. After 
Egypt's development. economy is conditional on Presi- earning capacity of agriculture, acquiring experience he will 

JSTSS 5S5WE SMSKSSS JM’iSSJ'.S ££.-1 = 

jsf u r s r/e gss = ^ * 

been established to study the single most powerful directing year. Domestic agriculture each visibiy apparen 
problem but no government has force in the economy, it seems y *? r becomes progressively less been co ti g acPe r er . 

so far been vrUling to create thl possible that Egypt may now be able to feed more and more seven ^J^^erethe 
| executive momentum needed to obliged for the first time to take People. shortage of silled labour in 

* implement a programme of senous steps in this direction. With 3.5 per cent of its ® aQ d shortage of 

* 1975 w p “ sed 1 water - 5 SH? w=sffig=i 

noten ti al srilss s stss? 

tV/xl tldl population of 38,228,000. The f „m * wrira 

x rate of growth is 2-38 per cent °£ reniJttaiices from workere 

a year, but the cities are growing Jh^past^year to Sl.Sbn. the 

as Khayyam palace into the largest coastlines. At Hurgada, on the RXJS* of ° Chronic ^nSSatfon Government, far from trying 

kn io u;AJV ^.<4 DnA ue cause CUrOim. nUgldllUIl c t onE in clf-m vVlP Him 


Red Sea. Sheraton is renovating f 7 0 ml e coincide In 1900 t0 ste P s l ° ***** 

an existing hotel, while along r-™.,,. had inm neonle bv 1950 of 5,{,ils out o£ Eeypt ’ Ilas made 

the Mediterranean, west of In \lm «b. v.vport of labour part of 


decades popu- 


icen anticipated, 
revenue from 


in * - Egypt’s total hotel capacity will pj ex 15 finished, by the end of lead to more production and years’ time. National Family Planning 

Others in the Ministry of increase by 2.000 rooms, next year according to hotel more jobs, while its critics con- Every year more than lm Board opened its first clinics in 

lurism argue that the financial Already, he says, the 112-roora officials, it will make available tend that it is too consumer Egyptians are born. Typically, 1957. jt was not until November 

turn is quicker from tourism extension to the Mena House, more than 1,200 rooms. oriented. Investment ventures the newly-born will be one of 1965 that the Supreme Council 

an from heavy’ industry, mak- near the Giza Pyramids and the . f . , such as hotels and tourist pro- six-12 children in a village for Family Planning was set up. 

? it a lucrative incentive for site of Israel i-Egyptian peace Ecvntia Government is offer- i ect5 - they say. will bring a peasant family. Typically, the It launched the first national 
reign investment But Egypt, talks last December, is m opera- . . p -. pmn Hnn Quick and profitable return for child will receive a rudimentary plan the following year. But 

1 mill hanofit fJijv nioinFxin tinn Anri in tha pnhimn 9 “ HVC-year UA cXcinpUUIl I . ...:n j. , « . :.L I - . 


There h^ve t ?' 1 ’ W,H benefit - Ihe »* malnta,n ’ tJ0 °- , And ™ J* R autumn a S ® e i com ~££ investment toe forei S n investor but will do education, insufficient to equip neither the board nor the coun- 

™!TL r.J ir r 5,nce U b ostiraated that every complex of chalets wiU be nothing to improve basic bim for a new way of life but dl has bad executive respon- 

iVht-a ini new hntel poom w,n create jobs ready at Hurgada on the Red P Khayyam E SyP tian industries. enough to arouse aspirations sibility. which has remained 

S T M , There also remains the which* caeno. be HUM bvllfe divided between the Miniaine, 

s, shortage -Mi- ’mss-. ssrs r; 

.fwHh de i"‘ra S el C, Thr"re crM TstoZ To! “uS^thlTSS —*“*■ W b °^ m th °” ^7, JSSStt.’ 'rXeJts^of sel7g. Starita fof budgetTpend!“I 

S '. ^“f. 1 “S tro^. Pyramids Etoewhere ta Oelro, under a =«£* T.L.m moWog aod driving a motor in which the sufferer has 


has likewise been a notieeahlc 
decline in tourists from Kuwait 


hin VnTZ troversiaJ . $0-5ba Pyramids . fi«wnere w uairo, unuer a -- -- ^ cooking and driving a motor in which the sufferer has 

hlc and is in danger of losing the P ] ateau p ro j ec t. Situated similar arrangement, the Nile “ “LT i- S vehicle. After military service always been family planning. 

a.’s nmriam nln .TTravii •.rrnJJ ?“ *}***?. « f . i*5? 5221 "J 'SJ2L.V. - ... h « wlU visit his family m the _ A ten-year plan town up 


plan drawn up by 
nc Council for 
and Family Plan- 
based on a strategy 
ng the birth rate 
social attitudes. It 
h little success For 
First, the tradi- 


.nriiiin irahinn ti.iindic expected io open a luu-tuom meauwnue ms provincial two reason, rirst, me uaui- 

m V.L.f The Government launched an conference halls. In its first hotel in Heliopolis, just north of expected to visit the country. town counterpart will have Uonal reasons for wanting a 

ambitious five-year plan in 19/6 year of operation, the Ministry central Cairo. In another XT .. . - •_* . found the stimulus of the large family are deeply in- 


cTunfiai mimhitrts k fi,. — :"7.'7“ — J 7‘" f** * — ' — - — — ceuutJi uoiru. in ttiiuuiei ,, - < ¥T •_ found the stimulus of the large family are deeply in- 

i- ur.ini’iiK niui* \mnrn**»n< Ho , ,3U1 * d new hotels, renovate of Tourism expected the project section of Heliopolis, the British JNatliailiel HaniSOn country town unstatisfying. He grained — superstition, need 

Euro pi a n<> and Americans. He „j d nnes aad i mpruV e tounst would earn E£2m and up to comnanv Brent Walker is 

mimiianK with Erm<h t’Slf SOr>,ce , S s ,f ner3Hy - The plan was E ^ 0m c w j ien fipished - . expected’ to inaugurate its’330- 

piipiiijm> with Bril i»h rreuch. rev ised this year and now ex- Mr. Sadat voided the contract room E i salaam Hotel next 

West German anti American , ends from j 97g to jg S2 w hen for the project, which had been January. “t • • j » 

lourists (w hu'c appeiilies have j t is hoped that 1.7m tourists signed with Southern Pacific _ “I g^r 1 n T /^\ 

heen wlie tied by the current wiU be visiUng Egypt annually. Properties, a Hong Kong based „ a T5 e 1 „ In J 1 e ^ 0IltJnenta L^; M 1 M 111 Ti M I Iv I I ITTI K III 

l.s. mur of ubjeiis fnini the M en c ra tjng an income of company after his political has begun reconstruction ^XXXX ^XXXX^^ X 1/ vXX XXk3 l/V-/ 

tomb hi King Tuiankliamunl E£500ni. By 19S2, according to opponents charged the govern- Semiramxs Hotel, while A X Km*s 

will eventually w>flen ihc the pbn . hn1e | capacit> - will ment with having approved less ^ a F r0 S S*Q e .street the 

impact caused by losses m the [ lnve increased by 50,000 beds, than upright land sales and f® n ovation of bnephera s Hotel go QUICKLY has the Suez smoothly into action, running The Suez Canal can accnm- 
Arah trade. Today, therefore, Cairo is after environmentalists had pro- ,s ex P ected t0 be corapleted this canal re-established itself as shuttle convoys between Port modate vessels up to 350,000 

When officials talk ahcul the dotted with great gaping holes tested that construction would ^ ear - . one of Egypt's rare bastions of Said and Suez, SCA tugs now tons in ballast, and a routeing 

".mil days that he ahead lor from which luxury hotels will endanger the Pyramids. Outside Cairo, Egypt is plan- efficiency, the pride and joy of take 75-80 vessels a day through system developed in 1976 and 

ihe Egyptian ccoimmy, ihey arc eventually rise to dominate the But work proceeded on other ning to exploit the tourism the economy, that it is easy to the canal in three convoys. 1977 for supertankers to use 

banking nn large earnings from skyline. The atmosphere is major ventures, including the potential of its magnificent forget it was reopened only Revenues have risen steadily the Cape route for laden 

ih rev Miurcci: ml exports, the punctuated hy the relentless transformation of the Omar Mediterranean and Red Sea three years ago amid a wave of and in 197S the Suez Cana! journeys from the Gulf and 

— ■ — ~~ ■■ .vr: 1 i doubts about its viability in the Authority can be expected to return via Port Said and Suez. 


Shipping returns to Suez 


for labour in the fields, security 
in old age and insurance against 
loss of children from endemic 
high infant mortality. Second, 
the administrative problems 
seem to have been insurmount- 
able largely because of the 
number of official bodies 
involved. They include the 
Supreme Council, the ministries 
of education, repgious affairs, 
information. health, social 
affairs, local administration, 
manpower, land reclamation 
and agriculture. 

That the population problem 
was not the prime consideration 
of the first meeting of the 
Consultative Group for Egypt 
in 1977 reflected the panic at 
that time over arrears on 
foreign debts rather than imply- 
ing that the population problem 
was less irn porta nL The start 
of international pressure in 
Egypt to take measures came 
last year after the first Paris 
Consultative Group raeotivsc, 
when Mr. David Rockefeller. 
President of Chase Manhattan 
gave a Press conference in 
Cairo citing population as the 
most serious obstacle to develop- 
ment of the economy. 

A year later the need to 
remedy the situation is being 
pressed harder by a larger and 
more powerful lobby. So far 
there are few signs that the 
Egyptian Government has 
recognised that it is likely to 
receive carrot and stick treat- 
ment to force it to deal with the 
crisis. Officials in the Govern- 
ment pay Up service to the need 
for a real population programme 
as they have done in the past, 
but there is no evidence of a 
real change of laissez-faire 
attitude. 

If the present mood of the 
Consultative Group hardens 
over the next year and develop- 
ment aid becomes increasingly 
linked to implementation of 
population control policies, then 
there is hope. Egypt's historical 
administrative weakness in- 
dicates that if the Government 
is not forced to take measures 
then nothing will be done. If 
that is the case Egypt will be 
sucked into a frightening spiral 
guaranteed to prevent economic 
development This spiral con- 
sists of more people with fewer 
skills each year living off 
resources which are declining 
not just in proportion to 
population but in absolute 
terms. 

M.T. 


This announcement appears as a matter of record only. 

IV! EEDIUIVI TERM LOAN 

US & * 1 ° 200 000 $***+* 

mLJ Ij <J> -i-tt 

MISR IRAN TEXTILE^ COMPANY 

“MIRATEX" L ~ A n 

Stack Company incorporated under Law No. 43 (1974) 

— ARRANGED BY: 5 — — 

<$!>rd L 

MISR IRAIM DEVELOPMENT BANK 

PROVIDED BY: 


BANK 


PROVIDED BY: 


JOSCLju*^\ v. 

BANK DF ALEXANDRIA 

ARAB AFRICAN BANK 


NATIONAL BANK OF EGYPT 

t Sr^JrA ■- ■* L~. _ i 

NATIONAL BANK OF ABU- DHABI 




THE SAUDI EGYPTIAN INDUSTRIAL 
INVESTMENT COMPANY 


ARAB BANK LIMITED 


XjA A AjjTj y l U AjjftlujJS 


MISR INSURANCE COMPANY 


MISR IRAN DEVELOPMENT BANK, 


Agent 


JUNE 197B 


<$!>vijt jt=* 

MISR IRAIM DEVELOPMENT BANK 


«J£ 3 n 




absence of peace. Since 19o it earn 8500m. But the SCA can demand up to 

has become the main foreign The psychological effect of 6-S per cent extra in a special 

currency earner after remit- Qjj s j s no t to be discounted, surcharge over standard rates 
tances from Egyptian workers About lm or so people have tor these vessels, which has 
abroad. It has also stimulated a moved back to the three canal driven off some potential 
boom in the reconstructed zone cities. Port Said, Israailia and clients. Only seven or eight big 
which runs the length of the Suez,' following' the 1974-75 tankers a month pass through 
canal. reconstruction and rebabilita- > n ballast and representatives 

Everything has not gone \\ an programme. Life has heen of the tanker owners have been 
exactly to plan. The pricing transformed and the Canal Zone- trying, so far unsuccessfully, to 
strategy of the canal when it has created an atmosphere nf persuade the Authority to lift 
reopened was based on the j ts own which contrasts totally lower the surcharge, 
return of oil tankers as the W j t h the rest of Egypt \\T* _ 

main revenue earner. Increased In Port Said the dollar . W IGenUlg 

use of the waterway by oil or ,- e „t ated f ree zone has created The Suez Canal Authority 

dS?1976 n buuStued S off lut som ® th {°- of * b °T- But . il ada Pted quickly to new eircum- 
auring i»(D due leveuea on last must be said that genuine stances and initiated a 

year. In order to accommodate econ omic prosperity cannot be programme to extend the 
*5SE?*S1 based on P r °P erty sP ecuJati ™ dimensions of the Snal to 
eiehf years l °of d closure ° from and smuggling - At Su “ at *.»*« accommodate the bulk of new 
JSry th^.» r»Si U Af.#h«ri#l other end of the canal the ^ lty tanker tonnage. The widening 
j Suez CanaJ Authority has some way to go in physical and deepening project was 

toe 1 waterw ay^The fiSt s sTo" rehabilitation— it w as the worst rightly seen as the only way 
tne waterway. The first sta e e of damaged part 0 f Egypt after 0 f utilising the Canal’s full 
this project onginaily due the 1970 . 71 war of attrition- economic potentiaL 
to be completed in 1979. ^It will but as a refining, industrial and After delays of a year or so 

Mrtlv° W he b raiiw ad thp bef fiMT.i?n0 oU service centre ir has an while Mr. Mashhour Mashhour, 
partly because the financing exce u en t future. Ismailia is an chairman of the SCA, arranged 

ant iri na tprf r t0 arrai3 “ e 111111 admlnstrative town which financing, all necessary funds 
anticipated. houses the headquarters of the for the expansion project were 

® ucz C anaI Authority. found. The largest lender is 

exceuent The Authority hoped that oil the Japanese Government, 

TT nw ._._ thpe _ jja- tankers would quickly retiip to 3214m credit, with which the 

However, despite these diffi- dominating position in the SCA is paving for work by 
culties, the future for the canal tra ffl C pattern of the waterway. Japanese contractors. Penta- 
e f^ Ue S t ‘ A ^i 0ni m C ° n " This has faiIed to happen for ocean is the main Japanese 

ta i^ r #5i l ?L h ! S i PartJy e < ? m f en ‘ two reaso,ls: First - ft* cntir - contractor dredging the 
sated for the failure of tankers pattern of oil transportation southern section of the Canal 
to use the canal as much as had changed during the period after j„ the approaches to Port 
been hoped Completion of closure of the Suez Canal, The Tewfig as well as carrying out 
widening and deepening in 1980 ioo, 000-500,000 ton very large difficult cutting work' further 
I e If *° ta ^ e up crude carrier (VLCC) developed north in the CanaL The Worid 

to 150,000 tons fully laden. Oil „ the chief means of oil triis- K last yea? agreed to 1 
tanker traffic in toe future, port in an astonishingly short $iQ0ra loan 7 fin addition to 
despite prospects for a con- period. These vessels can carry $50ra lent durin® the clearance 
tinued world tanker slump, oii t0 Europe and toe U S. via operation) The Suez Ca^d 
should be assured by the build- the Cape of Good Hope more Fund and^Suez Canal Authorifv 

mg of the strategic oil pipeline cheaply than small vessels using itself are providing loans of 

llZXZTe™ a lhe S95ra - ^ 

to the Red Sea. ment m tankers and toe turn- i s the Saudi Development Fund 

The worst fears of the pes- round m availability of oil with S50m. Other lenders are 
simists have been proved wrong, supplies following the price the Arab Fund for Ernnnmi^ 
International shipping has rises of 1973 have produced the and Social Develo^S 
returned to toe Suez Canal, worst ever slump in the tanker <S4L4m) Kuwait Fund loJ 
None of the predicted accidents market, creating conditions Arab Economic Deveiooment 
took place following the clear- which have temporarily altered (S20.7m) A^ Dhabi Fund 
ance operation to remove vessels the economics of oil transport. Arab Economic DPVPinnmm. 
from the waterway All toe While small tankers continue 

unexploded war material was to use the canal, owners nf toe Deveiooment Rank fsiSm? SJS 
evidently removed. The ad- lar-e vessels ere not even eer- the ' g P ”e?nme„te i? West 
mimstrative machine of the tain that using toe canal for Germany fSiOm) VrZSi 
Suez Canal Authority mored tankers in ballast is economic. (S2m), and UK 


Tliis accounts for all toe 
foreign exchange needed. Work 
is well under w'ay along most 
sections of the canal, with con- 
tracts about to be taken up for 
final stretches in the north of 
the waterway. When work is 
completed in 1980 the canal will 
be able to take ships with a 
draught of 53 feet compared 
to the present 38 feet Vessels 
of 150,000 tons fully laden will 
be able to transit, and 350,000- 
ton ships will be able to pass in 
ballast Final stages of research 
on the dynamics of taking these 
large vessels through are being 
caried out in cooperation with 
French and British institutions, 
the hydraulic research station 
at Wallingford and Societe 
Grenbloise d’etudes et 
d’appiications Hydrauliques. 

Despite the world tanker 
slump, there is every reason to 
suppose that traffic changes 
anticipated by the SCA fallow- 
ing the expensioa programme, 
will take place. The economics 
of toe large tanker market have 
been studied by Coopers 
and Lybrand Associates, the 
British consulting firm. This 
company estimates that canal 
earnings will rise to 81-4bn by 
1985. This implies the SCA 
might achieve its target of 
Slbn revenue a year later than 
hoped by 1981, when teething 
troubles of the wider canal have 
been ironed out. 

In the meantime last year's 
surge of container traffic, the 
result of agreement between 
the SCA and the big three con- 
tainer lines over surcharges, 
continues. The key moment 
came early in 1977 when Trio, 
Scandutch and Overseas Con- 
tainers agreed to pay a 7i per 
cent surcharge for the four tier 
container vessels, which weigh 
upwards of 40,000 tons. 
The container boom should con- 
tinue to take up toe slack until 
the tanker market recovers. 
The big take-off should come 
with completion of Saudi 
Arabia’s strategic pipeline from 
Damman to the Red Sea coasr. 
When this is completed piped 
crude will be transferred to 
tankers which will tranship a 
substantial proportion of Saudi 
oil through what will then be 
the expanded Suez Canal. This 
should guarantee revenue for 
the 1980s. 

M.T. 








i \ . 


'"Financial 'Times Monday July 31 i078 

Arthur Smith reports on the background to the plan for further redundancies at the machine tool company of Alfred Herbert 


A new 



to halt the s 



M 









RENEWED EFFORTS are being 
made to halt the seemingly 
inevitable spiral of decline of 
Alfred Herbert's machine tool 
business. The company, once 
one of the world's leaders in 
its field, has been subject to a 
series of reorganisations over 
the past decade which have seen 
the workforce cut by more than 
half, from around 11.300 in 1970 
to the present 5,500. 

Now. less than three years 
ajlcr heing rescued by the 
Government, management is 
seeking to push through another 
720 redundancies, most of them 
at the Edgwick plant in 
Coventry at the very heart of 
the empire created by the late 
Sir Alfred Herbert. The move 
has caused a predictable outcry 
from the trade unions at 
Edgwick, where around 300 
workers left under a voluntary 
scheme earlier this year. And 
there are real fears that this, 
the company’s biggest plant, 
once reduced to the planned 
900-strong work force, could 
become a candidate for total 
closure. 

Management has been forced 
to take tougher action than it 
would have wished because of 
the machine tool division's poor 
sales performance in the esrly 
months of the year. The com- 
pany submitted a review of its 
corporate plan to its owners, the 
National Enterprise Board, only 
last month indicating that the 
trading situation had deteriora- 
ted considerably since the 
original plan prepared at the 
end of last year. In the face of 
low demand both at home and 
overseas, orders are well down 
on forecast, particularly for ex- 
ports and for the more tradi- 
tional machine tool products 
produced by the Edgwick plant. 
The company is also paying the 
penalty for having continued to 
manufacture for stock through- 
out last year in order to main- 
tain employment in the hope of 


Scope for the 
innovators 

From Mr. A Fax 

Sir. — It was perhaps fortiiiiou> 
but particularly appropriate that 
David Fishlock's article “New 
hope for the innovators” should 
appear above a letter entillieil 
** Who would want to invest ? ** 
l Ally 24). It most okarl> illus- 
Mfites the undoubted pvohlems 
affecting British technology in 
the utilisation of ideas. 

It certainly appears that 
British indust ry/c*i»verimient has 
become far more circumspect 
both in its ability to react 
.speedily and in its view of risk. 
Our cam !» line instincts with 
respect in industrial application 
.if iniinv.ii inn appears to have 
declined »n direct proportion to 
the increase in our personal 
nauinhii.: habit. So many times 
;bo need in elm) mate or quantify 
jil risk till dies and causes pro- 
jects to be abandoned. 1 believe 
tins tv be a basic Haw in our 
thinking process. To quote De 
frino'% Law — “ An idea can never 
make the beat use of available 
'.nfonnation "—but so often we 
wish to see every problem 
fiivisjcoJ and solved before it itf 
t‘\ on encountered. 

We seem also lo be 2 really 
jtilhi cured and possibly 
enr.inuiircd of tbe rl.i'sii' failure. 
I n'lke David Kishloek I believe 
XSM failed because the product 
■s.'jiipJv wasn't uihjiI rnouch. U 
did m«i |*o»ses» all the qualities 
of a ci i ad smoke 

1 la vine rerenlly listened to Ur. 
MjUm-'s lecture “Engineering 
excellence in manufacturin'.; pro- 
cesses.” I wa% tremendously 
< -neon raced th.it someone was 
attacking and succeed ine in 
channin^ some of the basic think- 
inr of my own profession of 
chemical eiisneermc. 1 believe, 
however, there is siili a luna way 
to y.i in 1-riMiinq an environment 
in which creative thinking i» 
sujmurinl and in which risk i 15 
taken. indeed there are many 
napm-s which straw that unlisa- 
tfim of innovation is most uften 
practised in smaller companies 
for whom the risks generally are 
creator. 

In the s.mie paper. Malpas 
shows that whereas «*ur ability 
to conceive and manage chemical 
emu pi eves. our _ chemical 
engineering contracting skills, 
are the equal or lie iter than any 
other in Europe, uiir ability lo 
provide the hardware for the 
projects, nur process equipment 
and manufacturin'.: .skills, is in 
many major areas laccins 
behind An example perhaps 
again of the ability to think hut 
nm to do. To quote Malpas. in 
answer to a question “d teeuu n led 
cash ilow is the enemy «f 
strategy.” ^ 

Jf is pleasing to hear that Mr. 
navies is to encourage the appli- 
cation of ideas. 3nd to learn that 
he has added engineer lo his 
title, but bearing in mind his 
aims. I am caused to wonder 
about the order. Mr. Davies has 
written in the past of the three 
ages of industrial chemistry and 
makes the contention that the 
vast costs of introduction «. 
innovation at the present time 
have initieated acaiust its uses, 
lr he has not already done -so. 
1 reel Mr. Pavies should rapidly 
mount a .-ludy into the essentia! 
requirements of viability. Many 
times evaluations art* carried out 
to quantify risk only to find they 
have contributed httie useful 
data for the decision inking pro- 
cess. How may manhours are 
expended fruitfully and what are 
the really important qite-rinns *.o 
ask ? Lei us study success a tittle 
more and an lyse failure some- 
what less. 

As a footnote to this loiter it 
is said that 3 creative engineer 


an upturn in demand which 
has not materialised. 

Tbe present efforts to reduce 
the labour force, costs and bring 
capacity back in line with de- 
mand. have become ail too fami- 
liar. From its ascendency in the 
immediate post-war years in 
both domestic and world mar- 
kets, Alfred Herbert has seen 
its position steadily eroded. By 
the early 1960s, criticism of the 
company's alleged conservatism 
in design and sluggish response 
to technical developments be- 
gan to make itself felt 

Boardroom changes saw the 
company embark upon two 
ambitious projects in 1966 with 
the purchase of BSA’s machine 
tool interests and a joint manu- 
facturing venture with Ingersoll, 
a U.S. milling machine com- 
pany. The objective was to 
exploit the growing market for 
computer - controlled machines 
aimed particularly at the needs 
of the international motor 
industry. Though Herberts paid 
out film in dividends to 
Ordinary shareholders in the 
six years up to 1968. profita- 
bility was on the dec! ine. 
Troubles intensified with the 
deep recession the industry 
suffered in 1970-71. With losses 
climbing to nearly £9m, the 
labour force was trimmed by a 
third to just over 7,000, stocks 
were cut and the cash flow 
position was improved. Herbert- 
Ingersn]], in which the UK 
company had invested £5.23 m, 
went into receivership in Juno, 
1972. 


Problems 


The three-day week of early 
1974 coupled with rampant 
inflation added to Herbert's 
financial problems -and held back 
necessary investment upon new 
plant and- products develop- 
ment. By late 1975 the Govern- 
ment was forced to step in to 
prevent total collapse. It pro- 
vided a £25m equity injection 


to replace fixed interest debts 
and losses, and a further £L25m 
to buy out remaining share- 
holders. Sir John Buckley, the 
man who turned round Davy 
International into a successful 
company, was called in by 
Mr. Eric Varley. the Industry 
Secretary, to do a similar job 
for Herbert. He; found him- 
self chairman of a company 
which had piled up Josses 
totalling around £27m in the 
previous seven years. 

He quickly highlighted the 
problems which he believed 
should be tackled: capacity was 
too great to meet even the most 
optimistic market forecasts; 
management was inefficient and 
over-centralised: and the pro- 
duct range limited and often 
outdated. 

Mr. Walter Lees, recruited as 
chief executive from Tube In- 
vestment’s machine tool division 
where he was managing direc- 
tor, introduced eight different 
profit centres. 

“The objective we are still 
pursuing is to decentralise as 
as much as possible to give each 
unit control, responsibility and 
accountability for perform- 
ance.' 1 

He argues that it is wrong to 
view the company as a whole. 
Even the four machine tool 
manufacturing plants are 
treated as separate profit areas, 
with different problems and 
performance. 

“ It is a mistake to talk of the 
Alfred Herbert problem. It is 
really an Edgwick problem. It 
is that plant that has been the 
principal drain on cash and 
profits." 

Operations at Alfred 
Herbert are organised in three 
broad divisions, each with its 
own managing director. Of the 
total £54m turnover last year, 
the machine tool division 
accounted for around £34m, of 
which £4m represented dis- 
tribution of other manufac- 


turers’ goods rather than 
production. ' The tooling 
division, which manufactures 
and distributes products such as 
dies and micro-bore equipment, 
made a profit after interest of 
£864,000 on a £16m turnover. 
The controls and instruments 
division also showed a surplus 
of around £500,000 on a £4m 
turnover. 

. The tooling division with five 
manufacturing sites and 1,240 
employees, Is seen as a profit- 
able growth area. The sales 
and distribution operation, 
currently based at Edgwick, is 
scheduled to move shortly to a 
new warehouse and office 
complex at Exhall, Coventry, 
which, it is hoped, will increase 
distributing capacity by 50 per 
cent. 


Profitable 


The two operations embraced 
by the controls and instruments 
division are scheduled for an 
important role. Herbert Sigma, 
a Letchworth-based subsidiary, 
has a staff of 370 involved in 
the development and manufac- 
ture of measuring and 
inspection equipment, primarily 
for the engineering industry. 
This is a profitable and growing 
business. 

Herbert Numerical Controls, 
with 90 workers, at Woking, 
specialises in the supply of con- 
trol systems for the .machine 
tool sector; this is an area which 
Herbert is anxious to exploit in 
order to expand the more 
sophisticated high added-value 
products. 

Within the machine tools 
division, the principal debate 
has centred upon the best way 
to trim capacity to meet the 
expected level of demand. The 
company has indicated to the 
National Enterprise Board that 
likely order intake over the 
next five years could put at risk 
either of the two biggest plants, 


Mackadown Lane. Birmingham, 
with 750 workers, or Edgwick. 

Mackadown, which supplies 
single and multi-spindle auto- 
matic and other turning 
machines for high volume pro- 
duction, has won enough -orders 
to ensure its short term future. 
After showing a small loss last 
year, the factory is expected to 
break even in the current 12 
months. Updating of products is 
under way and market investi- 
gations are being conducted to 
seek alternative machine tools. 
The main question is whether 
the plant will be able to justify 
investment of £7m in a new 
range - of . multi-spindle 
machines. 

Edgwick suffers from the size 
of plant -and consequent heavy 
overheads, and tbe fact that 
it has an ageing products 
range. Manufacturing different 
types of turning machines for 
small batch production, the 
plant’s market for common- 
place capstan and turret 
lathes has come- under attack 
from low-cost countries, such as 
Poland, Taiwan and Korea. 

Management sees no -long 
term future in the more com- 
mon machine tools and pins 
hopes for Edgwick on the intro- 
duction -of a .new range of 
computer-cobtrolled lathes. Pre- 
production machines are now 
being built and full manufac- 
turing . should- begin next year. 
Some Herbert executives would 
argue that the dependence of 
Edgwick upon the new range 
of products presents a strong 
argument for closure now. in 
order to introduce the machines 
at Mackadown. 

The strategy adopted by the 
Herbert Board, however, is 
merely to slim down Edgwick 
operation^ in tbe hope that 
losses can be stemmed. But 
the risk must remain that 
unless the redundancies can be 
negotiated smoothly and 
quickly, manufacturing might 


halt completely- Spare capacity 
is clearly available elsewhere 
and management has made it 
clear to the shop stewards that 
it does not have the resources 
to make redundancy payments 
very different from those made 
in the past The unions, basing 
their demands on awards made 
by Massey. Ferguson, at the 
nearby tractor plant and by the 
British Steel Corporation, are 
seeking a gross payment of 
around £ 10.000 for a man with 
20 years’ service. 

The gap between the two 
sides is wide. The unions know 
that by picketing the Edgwick 
plant they can hold up supplies 
for the profitable tooling 
division— r a stoppage which 
would cost the company around 
£500,000 a month. But the 
damage inflicted would be self- 
defeating as it would almost 
inevitably lead to the loss of 
the remaining 900 manufactur- 
ing jobs at Edgwick. 

• But in the management 
debate that preceded the deci- 
sion to tackle the Edgwick 
problem arguments were not 
always one way. One body of 
opinion held that a more 
sensible solution to tbe problem 
of over-capacity would be to 
close not only the Mackadown 
plant but also the Red Lane 
factory in Coventry, employing 
440, and concentrate production 
at Edgwick. 

Such, a move, it was suggested, 
would present the opportunity to 
operate plant facilities at a 
more realistic level of capacity 
and spread overheads. Sale of 
the Red Lane site, worth per- 
haps £lm. and the Mackadown 
site. £2m. together with surplus 
plant and materials, would 
realise much-needed cash. 

In the words of one senior 
executive: “It would be far 
better to consolidate production 
in one place than to scatter 
resources over three sites and 


run the risk of steadily reduc- 
ing capacity at each in turn.’’ 

Tbe plan finally agreed by the 
Board will involve a little 
consolidation with the transfer 
of manufacture of grinding 
machines from the Red. Lane 
plant to Edgwick. Around 150 
workers will be affected but 
some will be offered a transfer 
rather than redundancy. Space 
vacated at the plant will present 
the opportunity for alternative 
uses, but the 290 -workers 
remaining at the Red Lane 
plant will continue their profit- 
able work of reconditioning 
used machine tools. 

The fourth machine tool 
plant, at Lutterworth, with a 
520-strong labour force, seems 
to have remained untouched in 
the debate over future capacity. 
The factory, producing drilling, 
boring and milling machines 
was profitable last year and is 
again expected to be in 
surplus. 

Reorganisation 

A recent management 
reorganisation saw Mr. David 
Davies, the finance director, put 
in overall charge of machine 
tool operations. His principal 
role will be to provide the link 
between manufacturing and 
sales and marketing in order to 
prevent production running 
ahead of demand as it has in the 
past Plans are well advanced to 
strengthen Herbert's sales 
efforts. It is acknowledged 
within the company that 
although the international 
market is depressed, part of tire 
reason for Herbert’s poor 
showing can be attributed to the 
lack of edge and drive shown 
by its selling organisation. 

Sales and marketing functions 
are still considered too 
centralised and changes will be 
effected later this year when 
the department transfers, along 


Letters to the Editor 


and thinker of Mr. Malpas's 
calibre should be leaving the 
country for wbal his been quoted 
in the press as “tax reasons." 
Bui that again is another British 
environment problem. 

A. G. Fox. 

28. Armadale Road. 

Lndirbridgc. Bolton. 


Liberty in 
Iran 


From llii* Press .ltluche. 

Jinijcriul Iron in ii Embnssfi 

Sir.—.\ number of allegations 
made at a Teheran Prc=s confer- 
ence on July 11. or Ihe “ Commit- 
tee for the Defence of Liberty 
and Human Rights." and reported 
by Andrew Whitley on July 12. 
require a reply. 

H is ironical that the commit- 
tee spokesman. Mr. Mehdi 
Bazargan. should be lamenting 
an erosion of freedom for dissi- 
dents since the inception of the 
Government's liberalisation pro- 
gramme. while he was enjoying 
free access to the Press in an 
open forum. 

Mr. Buzargan claimed al the 
Press conference that acts of 
torture had resumed, a baseless 
allegation. The Iranian Govern- 
ment has repeatedly stressed 
that Inrture no longer lias a place 
m Iran, and instructions have 
been issued to that effect. Any 
allegation to the contrary, unless 
il can be substantiated, is as evil 
:i>j the act itself. 

Mr. Ejz-irgaii also claimed that 
demonstrators imprisoned in 
Isfahan for their illegal activities 
— lie put the figure at 70 — had 
been- seriously beaten up in 
prison l»> other prisoners. Again 
the charge, as he stales it -is 
groundless. The facts are that, 
firstly, the number of demonstra- 
tors imprisoned in Isfahan fell 
Tar short of the figure produced 
by Mr. Bazargan; secondly, while 
a" prison disturbance did take 
place, it involved inmates sere- 
ins* sentences for other offences 
and not those detained on charges 
or am i-Govemment activities. 
Bahmau Azmoudeh. 

JO. Princes Gale. SW7. 


mat retirement date or that the ensure that the system selected, 
employer ought to devote that suits their purposes and for the 
profit to in nation-proofing the sake of simplicity so far as they 
early leaver’s deferred pension, are concerned, and as long as 

In practice, in recent years, funded schemes are preferred, 
the level of inflation has been this should be the transfer of 
such that, even allowign for any funds from one pension fund to 
technical profit to their pension the other, 
fund from early leavers. V. C. Hender. 
employers have generally bad Kingston Road. 
to increase contributions to their Staines, Middr. 
funds quite substantially. 

It would accordingly be wrong n f . , 
lu impose any retrospective obli- PflklStcin 
nation on an employer to amend 
the terms of benefits granted for 
service before the date of any cIvCllUO 
legislation. To do so would 

penalise those emoJoyers who From ihe Press Counsellor. 
currently offer generous pension Embassy of Fakjswn 
benefits but would impose no Sir, “ D » vi 2_, H0 J“*“ 0 ^ o *“ s 
additional obligation on those analysis 'July 26) of the Govern- 
whn proinis nothing at all. l.do ment of Pakistan s White Paper 
not oppose legislation on the sub- on the conduct of the General 
ject sa such, but if there is lo Elections ra March 1977 main- 
be lecisation it should apply to lained that it eontams httje 
benefits for future service only evidence to show that Mr. Bhutto 
so that if need be, an employer had a direct hand in manlpulat- 
could renegotiate the terms of ing the final result” To support 
his scheme to take account of his “conclusion" he voices the 

ihe increased costs which will be doubt whether the Larkana 

involved. Plan” was prepared personally 

u Griffiths by Mr - Bhutto or was it “ one of 


GENERAL 

Phase Three of pay policy ends. 

• Mr. Anthony Wedgwood Benn, 
Energy Secretary, discusses EEC 
Commission's intention to 
challenge several, of Britain’s 
North Sea policies with trade 
union representatives from the 
UK oil industry. 

British Airports Authority seeks 
injunction which would restrain 
airlines from selling stand-by 
tickets ' at airports and oblige 
them to sell only to town , ticket 
offices. 

Hotel end Catering Industry 
Training Board publishes survey 
or the industry. 
PARLIAMENTARY BUSINESS 

House of- Commons: Considero- 


Today’s Events 


tion of Lords amendments to 
Transport Bill. Motion on Drivers 
Hours (Harmonisation with 
Community Rulesi Regulations, 
and . on Community Road 
Transport Regulations. Scottish 
Orders. 

House of Lords: Dividends Bill, 
committee and remaining stages. 
COMPANY RESULTS 
Coral Leisure Group (interim 
figures only). Sterling Credit 
(full-year). 

COMPANY MEETINGS 
See Week's Financial Diary on 
page 23. 


MUSIC 

German National ’ Youth 
Orchestra, conductor Volker 
Wangenheim. soloist Georg Faust, 
in programme of Debussy iLe 
Martyre de Saint Sebastieni; 
Haydn (Concerto for Orchestra 
and Cello in Ci: and Tchaikovsky 
(Symphony No. 6 Pathetiquc). 
Fairfield Halls, Croydon. 7.30 
p.ra. 

EXHIBITIONS 

Royal Academy summer exhi- 
bition. Burlington House. 
Piccadilly. W.l (until August 13). 
Henry Moore drawings, rate 


with head office staff, from the 
old - fashioned administrative 
buildings at Edgwick to 
Draywood House, Coventry, a 
new office block and showroom. 
A centralised field sales team 
will be retained but the aim 
will be to get an earlier and 
stronger involvement of the 
individual plants in the sales 
effort 

The issue at the centre of 
the immediate cash flow prob- 
lem is the decision of the com- 
pany to carry on building 
machines for stock through last 
year. Interest On the stock, 
which currently stands at £7m. 
is a heavy drain on finance. 

The interesting question is 
whether it was simply a bad 
error of judgment, or whether 
management was inhibited from 
taking tough action sooner by 
the fact that it is supported by 
Government money. 

In its defence, Herbert might 
argue that many other com- 
panies expected the market to 
improve, it would have been 
costly in redundancy payments, 
and there was the risk of losing 
valuable skilled labour. The 
NEB has given the company a 
fairly free hand and there is no 
suggestion of political interfer- 
ence. 

Whatever the reason for tbe 
delayed response, management 
now seems to have steeled itself 
to the task. Attention will now 
focus upon the redundancy 
negotiations at Edgwick, and 
whether the company can 
achieve the smooth rundown 
that it requires. 

Alfred Herbert, under a 
series of different manage- 
ments. seems to have been at 
this point before. Each outbade 
is presented as the one that 
should herald a revival. The 
present Government has placed 
its faith firmly in Sir John 
Buckley and must gamble that 
his judgment will be correct 


Gallery. .Mill bank, S.W.2 (until 
Au-Ust 28 ). 

World Wildlife Fund/Kodak 
photographic exhibition depicting 
the Fund's work in Britain and 
abroad. Kodak Gallery, High 
Holborn. W.C.1 (until August 4). 

Josiah Wedgwood exhibition. 
Science Museum. South Kensing- 
ton. S.W.7 (until September 24). 

Sir Gilbert Scott centenary 
exhibition. Victoria and Albert 
Museum, South Kensington, S.W.7 
(until September 10). 

SPORT 

Cricket: First Test, England v 
New Zealand. The OvaL Tennis: 
British junior championships, 
Eastbourne. Yachting: Cowes 
Week. 






Revaluing 

pension* 

From Mr. .17. Griffiths 
Sir.— Eric Short argues (July 
26) that there is a strong ease 
for an employer to be obliged to 
revalue the deferred pensions of 
those wltn leave his service 
before retirement age in line 
with national average earnings. 

He snv- that the employer 
should have taken into account 
fuluer inflationary increases io 
salary in fundlnc for the ultimate 
pension. Front this he draws 
the conclusion that tbe employer 
should, therefore, accept tbe 
responsibility for preserving tne 
real value of pensions based on 
the salary or employees 

when they leave bis employment 
and that by nut doing so the 
employer makes a profit, tub 
these is realty wont stand 
examination. . , . _ ___ 

In estimating the future cost 
of any parueuJar package of pen- 
sion benefits one im ist take 
account not only of lh ? 
effect of future salary' 
but also of the probable effect of 
early withdrawals from the pea- 
sion fund. The costing on which 
the emrl ovor has al) sed h ,s 0ll ^ r : 
i? Siduon. of pwiaioii riflbis 
will have allowed for the limited 
rights given to early leavers. Had 
ihe employer had to allow for 
•nflytion-prnofing of deferred pen- 
sions he would within any given 
budget, have had to offer a lower 
basic level of pension. II **■ 
therefore, incorrect to conclude 
that The employer makes *"? 
’’profit’ when an employee leaves 
the pension fund before his «*- 


M Griffiths oy air. onuuo or wag u uuc u* 

Grrffil h< and Armour those windy documents drawn up 

Hll Dwi? HoS by a sycophantic official." How 

Erdionqe Flag, Liverpool can David Housego or anyone 
M m else have any doubt about its 

PSin authorship when Mr. Bhutto, in 
Akiuaiiw note ^th the document, re- 

produced in the White Paper. 
drSUC says ** 7 have prepared a scheme 

® _• . for tbe elections both Central 

From the Managing Director. an( j provincial for the district of 

United Glass Larkana "? In the light of this 

Sir. — In Eric Short’s article on c j ear proof, one wonders whether 
pensions (July 26) the stale- D av id Housego's doubts are due 
ment is made that experts do not cynicism or bias -or both, 
like the concept of transferring ^ analysis, David Housego 

a lump sum from one fund to jumped to the conclu- 

anotber, and he suggests that si0Q t j,aL since the Inter-Services 
because of the differing pension intelligence, in association with 
schemes the actuaries could ^ intelligence Bureau, had 
argue for ever. p Vei j an assessment of the pos- 

As one of the laymen referred sjbel e | er tj 0 n results, it raises 
to 1 do not see why this should question what other activities 
be so. The pension fund that tbe Array carry out to fur- 
the man is leaving must nave Bhutto’s victory? The 

some lump sum available, based a5se ssment of an Intelligence 
on all past contributions, which Agency does not mean its or the 
it thinks is adequate for the obli- Army’s involvement in any way 
Stations which that fund has at w^j, Bhutto's objective to 
that moment for the man in ques- u ^ n an overwhelming majority 
tion. This degree of adequacy means fair or foul. It only 
can be vouched for oy 'their indicates that Mr. Bhutto was 
actuaries. . . . collecting political information 

If this sura is transferred to through all the agencies. As the 
the new'fund it may not be ade- ur hitg Paper makes clear, he was 
quale for that fund's obligations at ^ using Govem- 

berause it might be a better jjjgnt officials and public funds 
scheme. In that case it would be j or ensur i n g the success of his 
the responsibility of the new jp tij e elections, 

fund either to see that the sum j t a j so interesting that while 
is supplemented or alternatively Davi -,j Housego has quoted the 
the benefits for the man must be intelligence Report that Mr. 
reduced to meet the sum avail- Bhutto would win a majority of 
able. Most probably the former seats, he has overlooked the 
course would be chosen because Party’s own pre-election 

the new employer w 2 n \ s J™ r f?T* assessment which gave the ruling 
vices of the man and. therefore, partv a to i a ] 0 f only 93 seats, 
has more incentive lo see tnat j nc iu^j n „ the 22 captured witb- 
hc is attracted. Tne past 0JJf a L . 0 r,test. which would have 
employer has no further interest meaat ^ un3cce ipiable defeat, 
in the man and wm always oe j, ; s j nc jeet 2 significant that 
dnjng as little as possiule to aau x> 3 %*id Honsego concedes that the 
to its costs on his behalf. White Paper “brings out the 

As an employer 1 Machiavellian side of Mr. 

that 1 am Quito’s character.” but tries to 

at the prospect of having to keep shm , he blanie nn a “ gyco- 
de tailed J«ords of every hantie officia ].- This is peculiar 
employee who ever worked .or r _ • , 
the company even though he may ^ Zubair A1 , 
have lefi 30 years J> ef ore- To i^cndes Square. SW1. 

Index, al! these records for infla- ^ .1 

linn will be complex, time-con- 
suming and. expensive. To set T7'f x . yvir vl rkrr ;^f 1 7 
arbitrary limits from time to time JlilV HlOlOsUCol 

because inflation may have , 0 
exceeded some preconceived OnnitV 
“norm” will also be difficult. ... 

T believe that the sheer From Mr. J. McXtce* 
administrative cosi of this has Sir, — 1 have read that fiscal 
not been adequately considered, graffito which goes by tbe name 
IF labour turnover is 20 per cent, of “ Changes in company law. 
i 0 the average length of service The boredom of reading this tur- 
25 five years, a major employer gid prose was relieved only by 
tike 1C1 or GEC or BL could end the amusing feature refating to 
ud with records of 1 . 5m people Welsh companies to be found in 
instead if the 200.000 whom they S.8S(2)(ct of tbe draft Bill 1 
current lv emoloy. wonder how many of OUT Welsh 

There" is a large number of friends will wish to see the status 
employees and a small number of their company specified as 
of actuaries. Ultimately, the coni- “ Cyf “? 
panics arc going to bear all the J. J. F. N. McNivea. 
expenses of whatever system is Dunton. 
adopted. 1 believe that they South Road, 
should exercise their influence toweybridge, Surrey- 














57 v - r - x Jus! call the\^rrington team 




Tina White speaks for the friendly, professional team at 




• ra i 


£< Vferrington Development Corporation. 

P They'd like to offer you centralised control of your entire 

distribution from one of the most remarkable buildings 'ever 
purpose-built for storage, handling and distribution. 

From the loading bays, there's direct access to the M62, 
just before it crosses the M6. So you’re within one hour’s drive of 
15 mil lion customers, and on fast routes to every port and major 
town in Britain. 

Inside, everything's already laid on for you. Even the office 
carpets. But if you particularly need an extra vehicular door or two, or 
an evengreater-area of bronze-tinted windows-or even an extension 
.to double your 1 10,000 sq. ft working area ... then just ask Tina. 

’ Herteam lovetocut red tape, get things done -and ensure that you get 
the maximum available financial help. 

Really, there’s no other distribution centre quite like it. Except, 
perhaps, the ones Tina's team has already provided for 
fete -. Safeway Food Stores, Goodyear, Vtoolworth, Littlewoods 

and Rowntree Mackintosh. 











’ ,A/Zt-. 




TELLTINA-NOW! Phone her on Warrington 10925) 51 144. 

Or send coupon to: Tina White, 

Warrington Development. Corporation, P.0. Box 49, Vtemngton, 
CheshireWAl 2LF.Telex627225. 

Pleasetickasrequired: 1 — . . - - 

I’d like a meeting | | Please send full literature I I 

Name 

Company " ^ 

Address - , , 


Crossover!! 

at Warrington JJ| 


FT/F 


» 



Financial 'Times Monday July 31 1978- 


COMPANY NEWS 




Improvement continues at Renwick Group 

IE IMPROVEMENT cadent last greater if substantial losses bad Devon Conversions will continue Despite the reduction in size of 
nr at the Renwick Group has not been incurred, again In freight to manufacture Volkswagen motor this division and Its ability now 


THE IMPROVEMENT evident last 
year at the Renwick Group has 
continued into the current year, 
Mr. C. IV. Wilton, the chairman, 
tolls members in his annual 
report. 

With the financial and trading 
bases largely reconstructed, the 
xroup -.vould have every oppor- 
tunity to prosper should there be 
n real and sustained period or 
national economic growth, says 
Mr. M ilton. 

Duo to the increase in working 
capital required to service tile 
wrong development in the manu- 
facturing companies and to ease 
creditor pressure in freight, 
borrowings have not been reduced 
vci to the targeted levels. 

Nevertheless some progress has 
heen made and changes in trading 
patterns should improve this 
position during the current year. 

For the year ended April 1. 
I'lTS. profits before lax increased 
from I47U.(NK> to £ 1.04m on turn- 
over of £43.Glni against £3S.41m. 
The dividend is lp per 25p share 
(nil). It is also proposed to in- 
crease the authorised share capi- 
tal by 2m ordinary shares. 

Pmlfis of Western Fuel Com- 
pany. in which Renwick holds a 
."hi per cent interest, exceeded 
£lm. a record. The company has 
made a good start to the new 
year, the chairman says. 

The chairman says the year's 
prolit would have been materially 


greater if substantial losses bad 
not been incurred- again in freight 
activities, particularly on the 
international side. The Board 
took radical action in relation to 
the freight division when per- 
formance deteriorated again dur- 
ing the second half and the group 
had the resources available to 
withdraw from shipping and for- 
warding operations and from the 
Dutch transport company. 

AH remaining goodwill relating 
to the group's freight businesses 
has been written off as an extra- 
ordinary charge. 

A Tier doubling sales in the 
previous year, continued demand 
fnr all craft produced by Marine 
Projects, coupled with maximisa- 
tion of production within existing 
facilities, resulted in a further 
increase of 65 per cent in turnover 
Tor the year. Exports to Western 
Europe continued to account for 
a high proportion of these sales. 

A. H. Moody and Sons, which 
markets overseas the “ Moody " 
range of sailing cruisers manu- 
factured by us. has recently won 
the Queen's Award for Industry. 

Currently a slackening is being 
experienced in some overseas 
markets but to date it has been 
possible to maintain production 
levels by increasing sales else- 
where. It is too early to foresee 
whether this situation will 
enntinue throughout the 
remainder of the year. 


Devon Conversions will continue 
to manufacture Volkswagen motor 
caravans and buses and, to 
increase its share of the total 
market, vehicles from other manu- 
facturers are being studied for 
suitability. However, the poor 
supply ' position presently 
encountered in the commercial 
vehicle market may cause. delay 
In Implementation of long-term 
plans, the chairman says. 

In the motor division, a 
new Volkswagen /Audi franchise 
commenced in Truro, a BMW 
franchise commenced operating 
at the Hereford garage. 

Reorganisation of the business 
at Newport has progressed well 
and further improvement is 
expected over the months ahead. 
Profits from commercial vehicle 
distribution at Plympton have not 
come up to expectations and a 
DAF franchise bas been added to 
the existing Dodge to broaden the 
product range. 

The freight sites at Brad Ford 
and Greenwich have been retained 
as UK transport, warehousing and 
distribution depots, which Is ' the 
type of business on which all 
efforts of the fined down division 
are concentrated, to develop a 
profitable future. ■ 

New depot facilities are also in 
operation at Avon mouth to lake 
advantage of increased business 
generated from recent develop- 
ment in that port. 


Despite the reduction in size of 
this division and Its ability now 
to concentrate on fulfilling its 
basic role free of extraneous 
activities, an adequate return on 
the capital employed cannot be 
regarded as immediately aebieve- 
able, the chairman states. 

Meeting, Paignton, August 22 at 
2.30 pun. 


w 

m&L 

pg- 


„ ISP* 
|gpi| 

iplpifc 

mshse 


Kellock scheme 
effective 


The scheme of arrangement 
merging Kellock Holdings and 
Be (grave Assets was approved by 
the High Court on July 24 and 
became effective on the 27th. The 
securities of Kellock will be dealt 
in under rule 163(2) of the Stock 
Exchange from today. 

The capital of Kellock now' con- 
sists of 344.163 ordinary lOp 
shares, 317,822 U per cent con- 
vertible Irredeemable cumulative 
£1 preference shares 1093-98, and 
420,644 convertible irredeemable 
subordinated variable rate un- 
secured loan stock of lOp each. 

Unaudited interim profits of 
Kellock for the six months to 
June 30. 1978, were £69.114 

(£86,797). Earnings per share 
were down to 9.16p ( 13.49 p) or 
2J>Sp (429p) diluted. 


i Aw : 's ' 



Courts expand its 
property portfolio 


Scot. Equitable extends pension range 


FraUde Ktaufield 

Mr. Nicholas Coral, chairman of Coral Leisure Group, who 
is expected today to announce the first half results. 


The Scottish Equitable Lire 
Assurance Society is extending its 
Rinue of investment services to 
its pension fund clicnls by intro- 
ducing a series of exempt managed 
funds operating through a newly 
formed subsidiary Scottish EquiU 
a I be (Managed ) Funds. 

This new company will provide 
a comprehensive investment 
management service and if desired 
•a pensions administration service 
for the larger employer who wants 
his pension scheme to participate 
directly in the investment per- 
formance oT the underlying fund. 
This is achieved by purchasing 
units in a pooled fund, the value 
of which reflected the underlying 
market worth of the assets. 

The company is offerin'; three 
major funds, an equity, a property 
and a fixed interest Tor invest- 
ment. together with a mixed fund 
which ime<ts in the three main 
funds. Clients can make their 
own choice of investment mix. 
with or without advice from the 
company, or they can leave all 
investment decisions to the com- 
pany by investing in the mixed 
fund. 

Pension schemes can use the 
funds to invest only part uf their 
portfolio. Tor example, use the 
property fund for properly invest- 
ment. and need not be existing 
clients or Scottish Equitable. 

Scottish Equitable already offers 
imestment management through 
its insured deposit administration 


pension fund contract SEF which 
has grown ro over £50m since its 
launch in 1971. 


Institutions 
invest less 
in shares 


By Our Economics Staff 


of the Stock Market and by the 
amount of new capital being 
raised by rights issues. 

But even alter adjusting for 
cyclical variations there has" been 
an underlying rise in prachases 
of company securities by pension 
funds, though not by insurance 
companies. 

For example, while the formers' 
purchases last year were more 
than double the 1972 figure, 
insurance company buying was 
a fifth lower. 


held by wholly-owned subsidiary 
Grovewood Securities. 

Anchor Chemical — Lord 
Hewlet, director, has sold 50.000 
shares. 


Substantial rise 
for Friends’ 
Provident 


Tesco considering special 
offer to shareholders 


FURTHER properties were pur- 
chaced by Courts (FurmSbOTSl aJ 
favourable pnees during the year 
to March SL 1978, and ftjjjjjg 
gether with the existing portfolio 
have resulted in an estimate sur- 
plus over book value of £7.04m 
(£4- 04m). , . 

Mr. Edmund G. Cohen, chair- 
man. says the bulding up of a 
strong balance-sheet Is not con- 
sidered in any way contrary to 
the efficient development of tne 
group. In some cases a measure 
of short term profit Is sacrificed 
for the long term good of the 
group, but this is just one 

example of the conservative 
policies which the directors fol- 
low and which help to ensure con- 
tinued profitability. 

Of the 109 stores currently trad- 
ing worldwide. 60 are freehold 
and 49 leasehold. It is estimated 
that of the more than l-2m square 
feet of net showroom area 
throughout the group, 0.74m 
square feet Is freehold. Many of 
the leasehold properties are held 
on long leases and on favourable 
terms with infrequent and some- 
times without rent reviews. 

Certain other leaseholds over- 
seas contain options to purchase 
the freehold at some future date 
at a pre-determ ined price. There 
are also many freehold and lease- 
hold warehouses, a few .shops 
owned but not operated by the 
group, and bouses and fiats in 
tiie UK and overseas which are 
included in the group's property 
assets. 

In 1977/78 new stores were 
added in the UK at Truro. Clap- 
ham Junction and Mansfield, 
while the lease of the store at 
Richmond, Surrey was sold with 
completion in the current year. 
In Australia a store was acquired 
at Toowoomba, Queensland and 
since the year end a new store 


BOARD MEETINGS 


The foUowtaK ctwuamps luw> niHiBaa 
dales of Board m Mints « me gu** 
Eidians'.'. Such nutthiEs arc usually 
helil for the pumotva of considering 
dividends. (Widal indlcaiions are nut 
available whether dividends concerned are 
interims or finals and Ac sub-divisions 
shown beln w are based mainly on last 
year's timetable. 

TODAY 

Interims:— Clrec noia i ProDonk-s. 
Finals:— Anglo American Asphalt, p. p, 
Sevan. J. and J- Dyson. Sterling Credit. 

FUTURE DATES 
Interims:— 

English and New York Truat Aog. | 

NotuitSham Maoufaeionns Aug. u 

Riwr anil Mercantile Trust Auu. j 

VrnvOltUK Roltactotlij Aug. s 

Finals;— . 

Cowan Pc elroot Au«. O 

(taunt i Rowland) — An*. - 

James 'John' A**g. .1 

Kennedy « Allan) Ang. .1 

ft F AOS. . 


has successfully opened in 

For the year to March 31. 1978. 
as reported on June SO. taxable 
profits improved marginally from 
£4JB7m to £4 -89m. The directors- 
described trading conditions as 
difficult for much of the year and 
in fact the second half did show 
a £170.000 downturn. 

However, the chairman says 
that trading conditions In the 
UK and overseas so far in the cur- 
rent year have improved con- 
siderably and at this stage both 
sales and profits are ahead ot 
those for * the corresponding 
period. 

Provided this trend continues 
the group should again be able to 
achieve satisfactory results, he 
adds. 

The AGM of the company will 
be held at Crown House. Morden. 
Surrey on September 27 at I! am. 


BY DAVID CHURCHILL 


FT Service-calculation 
of dividend cover 


Purchase or UK company and 
overseas shares by Gnanciai 
institutions fell back during the 
first three months of this year 
from the high level at the end of 
1977. 

Official figures published this 
morning in the new issue of 
Financial Statistics show that 
pension funds and insurance com- 
panies bought a total of £562m 
of these securities in the January- 
March period, against £666m in 
the previous three months. 

Pension funds remain the major 
purchaser, accounting for £364ra 
of the first-quarter figure. 

During 1977 as a whole, pension 
funds bought £1.42bn of UK 
company and overseas securities, 
while insurance company pur- 
chases were XBSfim. This com- 
pares with totals of £1.1 bn and 
£261 m respectively in the previous 
year. 

The variations in the figures 
are partly explained by the state 


SHARE STAKES 

HU1 Samuel Group— With the 
sale of 350,000 shares Sir Kenneth 
Keith, the chairman, has reduced 
hi.s beneficial holding to 200.000 
shares. The sale, which was made 
‘'to meet personal loan commit- 
ments," realised around £315.000. 

Stag Furniture Holdings— J. D. 
Radford, director, and his wife 
have realised 52.663 10 per cent, 
cumulative preference shares at 
07J. 

Scottish and Newcastle 
Breweries — A trust in which 
E. H. M. Clurterbuck has a non- 
beneficial interest has disposed 
of 29.000 shares. 

Flexello Castors and Wheels — 
S. J. Menko on July 25 sold 3,000 
shares reducing holding to 
163067 (4.93 per cent). 

Roberts Adlard — Eagle Star 
Insurance has bought 23,500 
shares increasing interest to 
649.500 (27 per cent). Shares 


A substantial increase in new 
life and pensions business during 
the first six months of this year is 
reported by Friends’ Provident 
Life Office, a leading mutual life 
company. New annual premiums 
for ordinary life and annuity 
policies rose by 70 per cent to 
£3.9 m from £2.3m, with self 
employed pensions business being 
particularly buoyant New 
premiums for group pension busi 
ness and individual pension 
arrangements for executives were 
20 per cent higher at £3.75m. 

The worldwide new business 
figures for the company showed 
new annual premiums increased 
by £2.5m to £9.7m, while new 
single premiums nearly doubled 
to £4.6m. Much of this latter rise 
came from expanding immediate 
annuity business where the 
amount invested totalled £1.15m 
against £185,000 in the corre- 
sponding period last year. Busi- 
ness in Canada, however, was 
down on 1977. new annual 
premiums amounting to £580,000 
against £790,000 in 1977. 


These securities having been sold, this announcement appears as a matter of record only. 


NEW1SSUE 


JUNE, 1978 



Banque Nationale d’Algerie 


Kuwaiti Dinars 8,000,000 
8| per cent. Bonds due 1990 


PROFITS IN excess of the record 
£30m pre-tax seen in 1976-77, are 
forecast for the current year at 
Tesco Stores (Holdings). 

The directors are also investi- 
gating ways af increasing the 
return to members in light of 
dividend controls. Mr. Leslie 
Porter, the chairman, told the 
annual meeting. However, he 
thought a free issue of interest- 
bearing notes such as had been 
made by Genera] Electric Com- 
pany might prove too expensive 
for Tesco. 

After a year of dramatic change 
when the group's decision to drop 
Green Shield stamps in favour of 
deeper discounting depressed pro- 
fit to £2S.58m, the company is 
well placed to return to its more 
familiar pattern of growth, he 
said. 

" Operation Checkout ** scheme 
which replaced the stamps activity 
had amounted to direct costs of 
£2m. In addition the sharp in- 
crease in sales, which were up 
43 per cent in 1977/78, had 
created unprecedented demands 
on the group's distribution net- 
work. This had resulted in extra 
non-recurring costs of over £Im 
relating to the hire of transport 
and temporary warehouse accom- 
modation, he explained. 

Mr. Porter said the effect of dis- 
counting on profits had been 
“ fully anticipated in our strategic 
plan.” 

At other annual meetings the 
chairmen report as follows: — 

UKO International — Sir Ian 
Morrow, deputy chairman and 
managing director, said H for the 
first quarter sales both In oph- 
thalmic and catering were ahead 
of last year, and profits were 
about tbe same. 

Lindas tries — Overall profit for 
the first quarter showed a satis- 
factory increase, said Mr. W. E. 
Luke. Tbe improvement was com- 
ing mainly from engineering com- 
panies with the textile side less 
buoyant than it was a year ago. 
“Given a fair wind we should 
once again be able to show an 
increased profit at the end of the 
year." 

Electronic Rentals Group — Mr. 
M. A. Fry. said that with three 
months' figures of the current 
year now available, he could con- 
firm that a further substantial 
advance in results could be 
expected in the current year 

A deal would be announced 
shorUy in connection with the 


expansion of activities into 
Australasia. Benefits from this 
might not Sow in the current 
year, but could be expected in the 
next and subsequent years. 

Francis Parker: Mr. R. K 
Francis said that trading results 
in first half had exceeded 
budgets and if continued in 
second six months should produce 
“ meaningful " pre-tax profits for 
1078. 

Recently the company had sold, 
exchange or completed the sales 
of some £2.5m worth of land and 
a further £95m is currently under 
negotiation. He added that the 
continued effort in negotiating 
future land sales and re-deploying 
some of the proceeds would 
result in further improvement 
next year. 

Jonas Woodhead and Sons— 
Mr. Ernest Simpson reported that 
the general level of demand was 
now slightly better than he 
expected, and estimated results 
for the first quarter to June 30. 
showed an improvement Beyond 
that it was also possible that the 
group would improve on what was 
a satisfying profit figure for the 
first half of last year. 

This profit target for the full 
year was in excess of last year’s 
£4.95m and the company was 
poised to give this kind or result 
providing there was good sense 
in labour relations both from 
within and outside the company. 


NOW THAT dividend controls 
have eased slightly, companies will 
be increasingly anxious to see if 
they qualify for the new dividend 
cover loophole. 

So for the Treasury has indi- 
cated that It will not lay down 
any one method for calculating 
the cover but will instead con- 
centrate on the accounts of each 
individual candidate. 

In response to queries from 
many readers, it should be 
explained that the column headed 
“cover" in the Share Informa- 
tion Service of the Financial 
Times is worked out on a variable 
basis, depending on bow much 
corporation tax a company pays. 

The vital component in calcu- 
lating dividend cover by the FT 
method is the cost of a company's 
dividend payment Total payable 
is not just the net dividend <to 
shareholders) but also Advance 
Corporation Tax (currently 33 per 
cent) on that total, shown in the 
form of a tax credit to stock- 
holders. 

The company, meanwhile, is 
permitted to offset its ACT 
liability against Corporation Tax. 
The snag. Insofar as it relates to 
cover, crops up when a company's 
corporation tax bill is less than 
the outstanding ACT. 


In this case the balance is not 
recoverable, thus resulting in a 
higher payout from attributable 
profits than simply the net 
ordinary dividend total. 

Companies like British Petro- 
leum, with large overseas earn- 
ings, pay correspondingly only a 
little tux in the U.K. 

In these cases the Financial 
Times calculates cover by using 
the gross dividend figure and 
adding back to net earnings the 
maximum amount of notional ACT 
recoverable from the Inland 
Revenue. Based on ACT of 33 per 
cent and Corporation Tax of 52 
per cent, this will work out at 
33'52nds of the company’s total 
corporation tax liability. 

Taking the example of Tube 
Investments in the year to Decem- 
ber 31. 1977. earnings attributable 
amounted to £44.8m, the net divi- 
dend payout came to £ltm while 
the total corporation tax payable 
was only £2.3m. 

By . adding £l.6m (total ACT 
recoverable) to attributable earn- 
ings. making a total of £4G.4m, 
cover works out at 2.92 times 
based on the gross rather than 
the net dividend. This compares 
with a multiple of just over four 
if no adjustments are made. 


This advertisement is issued in compliance with the re quirements of the 
Council of The Stock Exchange. It does not constitute an invitation 
to any person to subscribe for or purchase an y Preference Shat es. 


BRYCOURT INV. 


The portfolio of Bry court 
Investments at June 30. 1978. 
showed an unaudited value of 
about £S.42m, compared with 
£7.88m a year earlier. The 
attributable net asset value per 

(■inn chars ur.ic nn frnm 1 ly Sn 


£50p share was up from 112.5p 
to I20.3p. 


KSIMCD MONEY FUNDS 

j;: SatuwvTrivestment • . • 
■; jiVIan a gem eot Co.~I.td. ■' ; 

f-2U C’A NXON S I KJ TT-KC4M riXD; •'? 
- '•-Tel«plinoc;6r-g J6 1425 ' 


Rates paid for W/E 30/7/78 



Call 

7 day 


% P*. 

. % P-3. 

Mon. 

11392 

10710 

Tues. 

11.013 

10.605 

Wed. 

10.719 

10.624 

Thurs. 

10758 

10.635 

Fri./Sun. 

1070! 

10.627 


(redeemable at the option of Banque Rationale d' Algeria on or after 15 th June, 1979 and 
at the option of the holders on 15th June, 19$5) 


Issue Price 100 per cent. 



. THE HENDERSON-KENTON GROUP j 
(Registered in England Wo. 730129) 

Capitalisation Issue 
of 1 ,282,499 1 0 per cent. 
Cumulative Preference Shares of £1 each. 

The Council of The Stock Exchange has admitted the above 
Preference Shares to the Official List. Dividends will be payable 
■in advance in equal half-yearly instalments on the March 1 st and 
September 1st in each year. The first payment, amounting to 
5.9S63p per share (net of the associated tax credit), will be made 
on September 1 st 1 978, in respect of the period July 27lh 1378 to 
February 28th 1979 to holders on the Register on August 18th 
1978. 

Particulars relating to the Preference Shares are available in 
the Extel Statistical Service and copies of such particulars may be 
obtained during normal business hours on any weekday 
(Saturdays excepted) up to and including August 14th 1978 
from:- 

N. M. Rothschild & Sons Ltd., 

New Court, 

St. Swithin's Lane, 

EC4P 4DU. 
or 

L. M esse I & Co., 

Winchester House, 

100 Old Broad Street, 

JULY 3l5f 1978. London EC2P 2HX. 


Kuwait Investment Company (S.A.K.) 


GENOSSENSCHAFTLICHE ZENTRALBANK 
AKTIENGESELLSCHAFT 

Vienna 


Abu Dhabi Investment Company American Express Middle East 

Development Company S.A.L. 


Arab African Bank-Cairo 


Banque Nationale de Paris 


First Boston AG 


U.S. $25,000,000 Floating Rale 
Notes Due 1981 
For the six months 

31 st July, 1 978 to 31 st January, 1 979 
the Notes will carry an 
interest rate of 9§ per cent per annum. 

Listed on the Luxembourg Stock Exchange. 

By: Morgan Guaranty Trust Company of New York, London 
Agent Bank 


KCAINT 


1 977 Audited Results at a Glance 


LOCAL AUTHORITY BOND TABLE 


Turnover 


1977 

£'0OO 

26,275 


1976 

£'000 


Alahli Bank of Kuwait IK.S.C.) 

Arab Finance Corporation S.A.L. 

The Arab and Morgan Grenfell 
Finance Company Limited 

Arab Trust Company K.S.C. 

B.A.I.T. (Middle East) Inc. 

Bahrain Investment Company B.S.C. 

Bank of Bahrain and Kuwait B.S.C. - Kuwait Branch 
Baverischc Vercinsbank International 
SocieieAnonyme 
Burgan Bank S.A.K. - Kuwait 
Byblos Arab Finance Bank (Belgium) S.A. 

Citicorp International Group 

The Commercial Bank of Kuwait S.A.K. 

Donaldson, Lufkin & Jenrettc Securities Corporation 


European Arab Bank 
The Gulf Bank k.s.c. 

Kuwait Financial Centre S.A.K. 

Kuwait Foreign Trading Contracting & 

Investment Co. (S.A.K.) 

Kuwait International Finance Companv S.A.K. 
■KIFCCr 

National Bank of Abu Dhabi 
The National Bank of Kuwait SAK. 

Nederlandse Credietbank N.V. 

Societe Arabe Internationale de Banque (S. AJJ3.) 

Societe Cenlralc de Banque 

Union de Banques Arabes et Fran?aises - U.B JLF, 

Wardlcy Middle East Limited 

Wood G undy Limited 


Authority 

(telephone number in 

Annual 

gross 

interest 

Interest Minimum Life of 
payable sum bond 


% 


£ 

Year 

Barnsley Metro. (0226 203232) 

11 

{-year 

250 

5-7 

Knowsley (051 548 6555) 

11} 

J-year 

1.000 

5-7 

Poole (02013 5151) 

10} 

2-year 

500 

5 

Poole (02013 5151) 

lli 

i-year 

500 

fi-7 

Redbridge (01-47S 3020) 

11 

{-year 

200 

5-7 

Thurrock (0375 5122) ............ 

Hi 

{-year 

300 

4 

Thurrock (0375 5122) 

11 

{-year 

300 

3 


Profit (loss) before 
taxation 


17,722 


Earnings per share 


1,975 

3.0p 


(7,567) 


In his Review, the Chairman and Chief Executive, 
Mr. Paul Bristol, said. 


FINANCE FOR INDUSTRY TERM DEPOSITS 


Deposits of £1.000 -£25,000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 11.8.78. 

Terms (years) 3456789 io 
Interest % 10} 11 11} 111 11} 12 12} 12} 

Rates for larger amounts on request. Deposits to and further 
Information from The Chief Cashier. Finance for Industry 
Limited. 91 Waterloo Road, London SE1 8JCF (01-928 7822, 
Ext. 177). Cheques payable to “Bank of England, a/c FFI." 
FF1 is the holding company for ICFC and FCL 


"Now that we have weathered the storms of the past 
two years, it is time for KCA International to move 
from the largely defensive position that resulted from 
the Algerian situation and turn our attention and 
efforts to the positive aspects of your Company's 
current strengths and future potential.While it is 
necessary to note the substantial losses incurred in 
Algeria during 1976 and 1 977, it is equally important 
to note the Company's return to profitability for the 
year with pre-tax profits of £1 ,975,000. and the 
renewed financial stability as a basis for future 
growth which will result in an increased profit for 
1978." 


Copies of the 1377 Report sod Accounts may bo 
obtained from Tbe Secretary. KCA International 
Limited. 9tb Floor, Berkeley Square house, 
Berkeley Sqsare. London WJX SB Y. 


Ki, 

# c " 




\ 




< 

5 T 


j*.j . fSnaacM primes Monday July 31 197s 

Pending dividends 
letable 


21 



/r»"s 


-l 


: i 

k> •" 


The dates When some of the more important company dividend 
ibiraienia may be expected in the next few weeks are given in the 
following table, pales .shown arc those of last year's announcements 
except where the forthcoming board meetings (indicated thus*) 
have been officially published. It should be emphasised that the 

dividends to he declared will not necessarily be a t u, e amounts ar 
rales percent shown in the column headed “ Announcement last 
year. Preliminary profit figures usually accompany final dividend 


announcements. 


Mrnnmn 

•Arrow 

AlbrUbi .ind 

WHnoh. 
AHW l>iiirk-ti . 
•Ault and 

Wiliars 

Automotive 

Prate... 

•B^hr tJ.» 

DWc 

HUckn-nad 

] laden. 
BIOi' Circle 

dwilrr 

PET 

Bdusb 

IVtrolL-unt 

Cadbury 

Schveww* 
Carpels Int. . 
•Cirri net on 

VirrUa . 
•Cut Offlcrt .... 
•Commercial 

Union 

Conh 

contain iFt.i . 
•Cvra. do Groat. 
Do Boors Cons.. 

Drcca 

■Dixons rtK40. . 
•tiro. Accident .. 
Glrnvn*] 
Cuardlan Royal 
Exchange. 
Guinness Pont 
Hambros Tat. 
He pw Orth 

Ceramic 

■Hoover 

Hie. of Fraser. 
Howdcti f Alex ■- 

1CI 

•James rjobot . 


.Aids. 2 


.A op. ik 
A lts. 25 


Annnunrp- 
nn.nl lust 
u-ar 
im. n<ii 
Final i.nto 

1 111 2 

Hoal 0.0325 


.Auk. e lnt. 0.B6 


i.AUC. II 
■AUK. 9 
Scot. 8 

■Alert, fi 
, Alls. 25 
JepL 8 
. Sept. 1 


lot. 1 
lot. ;ji 

im. a .is 

IDI. H.9G7 test 
Ini. 2.B6 
lnt. 4 
Final 3.B2S 


Sept. 2 lot. 11.961 


Scot. S 
■Scot. 7 

AUK- 9 
AUK. 1 

AUS. 7 
Ail*. 17 
Sept. 6 
..AllE- S 
. AUK. 24 
. Sept. 3 
AUK. 2 
AUK. B 
Aue- 18 

Srpt. 7 
Scot. 2 
■July 21 

Sent. 7 
Auk. 3 
auk. 19 
Sept. 1 
-Sepi. 1 
Auk. 3 


lnt. 0.95 
lnt. l.ss 

lnt. 0.59595 
lnt. 0.77 

lnt. 2.564 
lot. OJJ 
Final 0.0246 
Final 1.173 
lnt. 17} cents 
Final 7.85352 
Finn] 1.34 
lnt. 3.75 
lot. 2.45 

lot. 4.335 
Final K.45C 
Final 1.13 

lnt. 1.5s 
Im. .1 S] 
lnt. 1.059M 
Im. i j 
ini. 9 

Final 1.4KS 


■To'hurK Cow. , 
•Klelnwort 

Benson. 
Lalril Group . 
Land Inc osiers 
■Lex Service .... 
Lon. Mere lumt 
Secs.. 
London l ltd. . 

Lonrhu 

Maitln-v-E 

WrlBWson. 
Muccouvrete .... 
•Not l Ingham 

Man., 
ocean Trauspi- 
Phoenix Anxco. 
Prop. Sccuruy 
Inv. 

Protr. Ftokncl. 
Fiv HUkb. ... 
Re vertex 
■Royal Insce. . 

Secuncor 

Sudmclck 

Forbes. 
Slouch Estates. 
Smith and 

Nephew . 
•Smith Bros, 


Sun Alllanre 
Smiley (B.) . .. 
•Transpt. Dev. 
■Tube Invostmu. 
Turner and 

NcwaU 

Union Corpn. 
Wacon Finance 
Weir Group ... 
•Wltier iT.i . 
"IV ool worth 

IF. W.l 


Date 

Sept. 7 

..sept. 20 
.Scm. 3 
Sept. 1 
AUK. 17 

..Sept. s 

AUK. M 
Auk. 24 

-Sent. 1 
-Sept. 1 

.Au«. 15 
Aue. 23 
..Sew. 7 

Auk. 9 
..Scot. 6 
Auk. 19 
Sept. 5 
APK. 17 
AUE. 10 

,Ane. 25 
AUfi. 31 

. -VIE. 9 

Auk. 9 

...Sew. 7 
■Auk. 4 
..Auk. 17 
.Auk. IB 

..Sept. 9 
...Sept. 6 
. Auk. 15 
.Auc. 31 
..Ajus. 3 


Announce- 
ment lam 
year 

Final 130 cents 

lot. IAS 
lnt. 1.46 
Final 1.8 
lnt- L3S6 

Final 0475 
Inf. 2. M3 
lnt. 2J3 

IRL 5-2197 
lnt. 14789 

1DL 0412 
ltd. 8 8867 
lnt. 4JJ78 

Final X4205 
lnt. 14125 
IM. 1JSS 
Im. 1.W 
Jut. 8412 
lnt. 94885 

lnt. 34 
lm. 0.7S 

lnt. D.7B1 
Final 3.41444 
forecast 
lnt. U 
Final 2495 
Ini. L12S 
lnt. 9.B29 

lot. 4 

lnt. 12 cents 
InL 1.25 
lnt. 3.694 
Im. 6.08. 


Auk. 10 lnt. 1423 


•Board meetings intimated, t Sights 
issue since made, t Tax free. ) Scrip 
Issue since made from rese r ves . 


Public Works Loan Board rates 


Effective from July 32 

Quota toons repaid 


Wo n mra ta toons A* repaid 


Yuan 

tavEIPt 

AX 

at 

mat&rftrii 

bvEIPt 

AX 

at 

motor! tri 

Up to 5 

11Z 

Hi 

HZ . 

121 

12* 

tti 

Over 5, up to 10 

Hi 

12 

12} 

12} 

12} 

13 

Over 10. up to 15 

121 

12! 

12} 

125 

13 

13i 

Over 15. up to 25 

12» 

12} 

125 

13} 

13* 

13} 

Over 25 

12 J 

i2i 

Hi 

131 

13} 

13} 


* Non-quota loans B are 1 per cent higher in each case than non- 
quota loans A. t Equal instalments of principal. $ Repayment by half- 
yearly annuity (fixed equal half-yearly payments to include principal 
and interest). §With half-yearly payments of interest only. 


RECENT ISSUES 


EQUITIES 


FIXED INTEREST STOCKS 


if . f- 

i'f a I 




MW 


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lavd on prowmiy .■rttlitjlc. u .Isoinitd ditjd^ amJ «i'U. v Forecast dindand. 
xm bask'd on previous year's carnmz*. r Dividend and yield based 
or Other nKi.-ial •'Manati-> lor 1979. u Cross. tHkuti-s assumed. • 
fitr conversion or shan-s noi now ranking fio- dividend nr ranfU ns only for restricted 
livldnids. 5 nacuiK prhv !■/ public. »• tvif i* udUm otlwrplsc indicated. i*«{od 
by lendvr. OtT.-mJ Id holdi-rs or UidJnjrjr shares as a 
bv way uf capiulis.iuon. t* Minimum icndi-r pn«.v. Ryl nmapw -a. 
in LtBuu.dinti with ivors anlBAUw) mcraor or talw-ovcr 111 ! Iniroduciuw. C3 
to former Prelinnm rnddin. ■AUwunem Utters tor lulb'-pauli. • Protmonax 
ir partly-lMld aUoimcnt letters. * With warrants. 


1NTL. FINANCIAL AND COMPANY NEWS 


HA to bid for 



BY JOHN WYLES 

TEXAS International ■ Airlines 
(TIA) a regional carrier which 
has made an impressive 
recovery from near- 

bankruptcy six years ago, 
is pressing ahead with a bid to 
acquire full control Df National 
Airlines, one of -the world's top 
25 carriers. On Friday National 
had a stock, market value of 
around S£25m. 

The move has seemed on the 
cards for some time since Texas 
International disclosed earlier in 
the month that it had spent 
514.4m acquiring 9-2 per cent of 
National's outstanding stock. 
Complying with federal aviation 
law. the regional airline has now 
asked for Civil Aeronautics 
Board approval to gain control 
of National. Zt said it would 


continue to buy National's shares 
in the market but would not 
acquire more than 25 per cent 
without CAB approval. All nf 
its holdings would meantime be 
placed in a voting trust. 

Texas International's strategy 
has drawn an immediate chal- 
lenge from the CAB’S Bureau of 
Consumer Protection which 
warns that purchase of more 
stock without the agency's appro- 
val would be ' a “ knowing and 
wilful violation ” of the Federal 
Aviation Act. 

National's ' reaction at the 
weekend was as-muted as it was 
when Texas International’s first 
round of share purchases became 
known. The Florida-based airline 
had no comment and said that 


it had had no contracts with 
Texas International But some 
sections of the airline industry 
expect it to resist any takeover 
by the smaller airline. 

The CAB may also take a criti- 
cal view because it is anxious 
to step up competition between 
airlines, and not to reduce it- 
th rough contraction. 

It has been actively promoting 
the cause of regional carriers and 
encouraging them to challenge 
trank airlines like National, 
which is at the moment resisting 
an application by Texas Inter- 
national to offer competing ser- 
vices on routes out of Houston 
and New Orleans. 

National's stock rose 51 f to 
S268 on Friday when Texas Inter- 
national's plans were announced. 


NEW YORK, July 30. 

This capitalises the airline at 
around $225m as compared with 
shareholders equity totalling 
5193.9m. 

National has been struggling 
over tiie past couple of years to 
win back passengers lost through 
strikes in 1974 and 1975 and in 
the year ended June registered a 
42 per cent increase in revenue 
passenger- miles. 

Texas International recently 
reported a 114 per cent increase 
in second quarter net income to 
53m (47 cents 'a share). Earlier 
this year the airline raised 527m 
through a new equity issue and 
through a debenture issue. It 
disclosed on Friday tbat it is 
planning a . $25m convertible. 
Debenture issue outside of the 
U.S. 


Declining Swiss bank profits 


BY OUR FINANCIAL STAFF 

Lower profits for the first half 
of 1978 are reported by -the Swiss 
Bank Corporation. Last week the 
Union Bank of Switzerland 
announced a similar deteriorat- 
ing earnings pattern,. 

Together with Credit Suisse, 
the two banks .make up. the “big 
three” banking groups in Swit- 
zerland. Described as “satisfac- 
tory" in the circumstances, the 
overall operating profits of SBC 
are nonetheless lower and. like 
the UBS, the bank cites low 
interest margins plus the ban on 
sales of Swiss securities to non 
residents as the prime causes of 
the setback. 

Since the end of 1977, total 
assets of the SBC have risen by 
4{ per cent to SwFr 58.24bn 
(USS 32.4bn). Over at UBS the 


balance ' sheet total has barely 
moved in -the six months, emerg- 
ing at . the end ’ of June at 
SwFr 56.89bn against 
SwFr 56JL2bn at end 1977; 

SBC said business development 
in the first half was mixed reflect- 
ing the new monetary measures. 
Income from securities business 
was markedly lower following 
the ban on purchases of Swiss 
securities by foreigners, and this 
decline could “only he partly 
offset” by the active Issuing 
business. 

Interest business income was 
similar, to the year ago level due 
to higher volume despite reduced 
interest margins. Costs showed a 
modest rise, but were still within 
the budget 

Customer deposits rose by 


SwFr l:33bn to SwFr 32.62hn. 
Total lending to domestic and 
foreign customers increased by 
SwFr 376m to SwFr 21.28bn. 

Last week the UBS reported 
that . first half 1978 income 
was not only lower but 
below expectations. Detailing 
business development in the 
second quarter the bank said in- 
terest business income rose 
against the first quarter because 
of better money market yields, 
but the interest margin on credit 
business was ‘still . under 
pressure.” 

Earnings on securities and 
issuing business were little 
changed but they were higher on 
foreign exchange and precious 
metals dealing costs were within 
budget. 


is- !rtf. 

I-Uf 2 ft 

Prlre 


! 

jsrp | 

• :? t + nf 

to 

c 

~ ? 

> £ 

L 1 
E F 

w 

*5 

; c 

f > 

£ 

Huh 


I 

75 1 F.I* I 30 61 HJ 

■a 

lUnminll iL-.U.) 

-1 89 j 

r4.5 

3.1 

7.7] 

4.8 

55 i F.I*. 1 3116 

7a 

71 

iL'ml H-h, Siijn'rfiHul. _ 


W2.4I 

5.1 

4.9 

6.7 

r.r. ! - 

VA, 

10 

'Kinrer 

..! in.' -J- 


— 

— 


100 • F.!\ 1 5,7 


US 

'l-.iit.-l hi’i in 

..'161 i-1 

1.2.64 3.0 

2.5 

15.3 

8b : F.I*. I 24 8 

M 

FS 

iHiuiUn-' Prtr.SwrowM 90 |+2 

4.65 

3.0 

7.Bj 6.3 

115 j P.P. - 

14P 

US 

,-Johm tE-> iJ«.-tt'lr*ll0wl4Q • + ! 

£5.5 

2.1 

5.9)17.2 

»34 J F.I*. • - 


.V 

tnutiui- 

..j 35 I 

M2.D 

2.5 

B.7j 7.6 


BY COUN MILLHAM 

UJS. money supply figures con- 
tinued to. improve last week, 
taking some of the pressure off 
New York money rates. The Bank 
of England kept the UJC Mini- 
mum Lending Rate at 10 per cent 
last Thursday, but may be 
encouraged by recent events in 
the UJS., with money supply show- 
ing a better trend for the second 
consecutive week. 

If the U.S. Federal Reserve can 
now think twice about a further 
tightening of credit, then the 
UK authorities may also soon find 
on opportunity to reduce MLR 
from its present level of 10 per 
cent, which is well above the 


CURRENCY MOVEMENTS 


BASE LENDING RATES 


n . 

L ’■ i 


^r r : 

r ; • 


A.B..Y. Bank 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank 

A F Bank Ltd 

Henry Ansbacher 

Banco dc Bilbao 

Rank of Credit & Crnccj 

Bank nf Cyprus 

Rjnk of N.S.W. 

Banquo Beige Ltd. ... 

Banque du Rhone 

Barclays Bank 

Burnett Christie Ltd.... 
Bretuar Holdings Ltd. 
Bril. Rank of Mid. East 

I Brown Shipley 

Canada Perm*!. Trust 
Capitol C & C Fin. Ltd. 

Cayjur Ltd 

Crrfar Molding* 

I Charterhouse Japhet... 

Choulurtons 

C. E. Coates 

Consolidated Credit*... 
Cooperative Bank ...’ 
Corinthian Securities . 

.r.-'lit Lyonnais 

• 1‘yprus Popular Bk. 

Duncan Lawrie 

Eaqil Trust 

EagJi.tb Transcont, ... 
First Nat. Fin. Corpn. 
First Nat. Secs. Lid. . . 

* Antony Cihhs 

Greyhound Guaranty... 

Grindluys Bank ' 

I Guinness .Mahon 

llarabros Bank 


10 

10 °c 
10 % 
10 % 
10 % 
10 «h 

10 *7, 
10 % 
10 "a 

30 "o 
10 % 
10i% 
10 % 
Jl % 

11 % 
10 *o 
10 % 
10 % 
in ‘j, 
10 % 
30J*n 
10 % 

10 « 7 . 

11 *n 
10 

■10 % 
10 °. I 

10 « 7 » 

10 °T> 
10 

10 «, 

11 S 

12 

12 '« 
10 « 
10 _ 
:10 % 
10 ‘V. 
10 


T> r 


■ Hill Samuel 510 % 

C. Hoare & Co tlO % 

Julian S. Hodge ; 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot- 10 % 

Keyser Ullmann 10 % 

Knowsiey & Co. Ltd.... 12 % 

Lloyds Bank JO 5 

London Mercantile ... 10 % 
Edward Manson £ Co. 114*5; 
Midland Bank 10 °p 

I Samuel Montagu 10 Vo 

■ Morgan Grenfell 10 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Kcfson & Co. ... 10 J 

Rossminstcr Ltd jo 2? 

Royal Bk. Canada Trust JO % 
Sehlesmger Limited ... 10 

E. S. Schwab JJ*3? 

'•yrify Trust Co. Lid. JJ 

Shenley Trust Jl « 

Standard Chartered ... 10 ^ 
Trade Dev. Bank ...... JO 

Trustee Savings Bank 10 
Twentieth Century Bk, 11 % 
United Bank of Kuwait 10 % 
IVhiteaway Laidlaw ... J0»% 

Williams & Giya's JO ^ 

Yorkshire Bank 10 % 

iMrmbm o* t!» Acccpdns Honsra 

Corwin mi- . 

Titov dcpoais Vi. 7-nxmiIi deposits 

-may cii-posiis on tana •*««;» 
and under « m to CW* 1 «■- 
jtid aver eh.uoo M 
CjB depostis aver £1.000 7tt. 

Demand depnsttB 7}°i. 


LG. Index Limited 61^51 3460. One m0nth Gold 20t3S-203^S 
23 Lqtaout Road. London, HWStf OHS. 

1. Tax-free lading on commodity J“J a r*f’ n er investor. 

2. The commodity futures market for the smaller invest 


Deutsche Bank 
for Far East 

SINGAPORE, July 30. 

DEUTSCHE BANK is to open a 
wholly-owned merchant bank in 
Singapore with a paid-up capital 
of SS25m (USSl.lm). 

Mr. Wolfgang Mathey. the 
managing director of the 
Singapore subsidiary, said that 
the new bank, Deutsche Bank 
(Asia Credit) would commence 
peration on September 1. 

The new bank, which has an 
uthorised capital of S$50m, will 
iclude Asian dollar market 


KBB share swap deal 


BY CHARLES BATCHELOR 

ROYAL BIJENKORF <KBB), 
the department store group, 
plans to carry out its acquisi- 
tion of the privately-owned 
sports equipment retail chain, 
Sporthuis Centrum, by means of 
a share exchange. 

Details have not yet been 
finalised but KBB will issue new 
shares to meet the expected cost 
of FI 18m fS8m). The cost of 
the acquisition is low because 
KBB is taking over and con- 
tinuing the existing financing 
arrangements at Sporthuis 
Centrum. 


AMSTERDAM,- July 30. 

KBB will take over 11 stores 
and integrate them with its own 
Perry Van Der Kar sports 
equipment chain of 10 shops 
under the name Perry Sport The 
deal will take effect on 
September L 

The' joint holding company 
wbich store group Vroom en 
Dreesmann (V and D) set up 
jointly with KBB to manage the 
40 per cent stake V and D 
acquired in KBB .recently will 
participate in the new share 
issue in proportion to its present 
holding. 


Occidental 
Petroleum 
in the red 

By Our Financial Staff 

A DRAMATIC move into the red 
for the second quarter of 1978 
is announced by Occidental 
Petroleum, the U.S.-based multi- 
national oil group which is 
currently at the centre of 
near 5500m. bid battle for Husky 
Oil. of Canada. 

Occidental has returned a loss 
of 51.09 per share for the 
second quarter, against a profit 
a year ago of 49 cents. After a 
first-quarter surplus this means 
that the group has lost S0.75 
share for the opening six months 
of this year compared to a 
surplus of 50.66 for the first half 
of 1977. 

Occidental's poor showing is 
part of a mixed but largely 
deteriorating batch of second 
results from the major U.S. oil 
companies. Last Friday Texaco 
reported a decline of a third id 
net earnings taking profits for 
the first half of this year down 
by 28 per cent 
Occidental has decided to write 
down by about S122m the book 
value of its European refining 
investments and has changed ine 
company’s accounting method of 
reporting oil and gas operations 
from “ full cost to the successful 
efforts method.” 

The writedown results in losses 
on the new accounting basis of 
$68m for the second quarter and 
$35.9m for the first half. 


Currency, Money and Gold Markets 


Results of a weak dollar 


GOLD 


J u iv 1.8 


July 28 


Bank of Ms 
Eiglnd Guaranty 
Index change* % 


SI i-r line - UJS —ns 

U.S. dollar SW5 - M 

Canadian dollar 83-59 —13.8 

MUtnon schilluiB ... 133.72 +IU 

Belgian franc U»J5 +U-5 

Danish krone - 113.44 + 4.7 

Deutsche Mark — . 139.78 +54.9 

Swiss franc — 189.66 +83J. 

Guilder . U9J4 +17.2 

French franc 19QJ55 - 2^ 

Lua — H.9B -*6J 

Yen 15431 +5L4 

Based on trade wolahled chances from 
Washington agreement December. 1971 
(Bank of England Index=10fl). 


THE POUND SPOT 

'BKnEf 


'ivinkj 
JuIvlB ,mt«J 

' ( * I 


Day'* 

ifpnui 




British rate of Inflation at the 
moment. 

Any reduction hi interest rates 
will be very much against the 
grain however, when looked at in 
the context of international in- 
terest rates in gen era L Denmark 
reduced its discount rate by 1 per 
cent to S per cent recently as a 
result of a quite favourable 
economic situation, but two other 
members of the European cur- 
rency snake have not found 
themselves as well placed, and 
have been forced to lift their 
discount rates. This reflects the 
strength of the German D-mark 
within the joint float agreement, 
with most of the pressure falling 
on the Belgian franc, which has 
sometimes fallen below its mini- 
mum permitted level. 

Belgium raised its discount and 
Lombard rates to 6 per cent from 
per cent last Wednesday. 
Pressure bad tended to ease 
slightly on the Belgian franc, but 
with the Netherlands Bank 
announcing a similar rise to 4} 
per cent in its discount rate on 
Tuesday, the Belgian central 
bank probably decided that this 
could prove too much for the 
already weak franc. 

Canada lifted its discount rate 
to 9 per cent from 8} per cent 
on the same day as Belgium, and 
this appeared to be a move in- 


FORWARD AGAINST £ 


One month ^ ju. (Three moniiw " 


tended to keep paee with previous 
rises in U5. .rates.. 

An Improvement in the UjS. 
trade figures for last month, re- 
lieved some of the upward pres- 
sure on rates, and any such 
continued trend would obviously 
be appreciated in Japan as well 
as Europe. The dollar fell beJow 
Y200 against the Japanese for the 
first time last week, and at the 
same time gold Yose to a record 
level of over 5200. The tech- 
nicalities of the gold auctions, 
held by the U.S. authorities and 
the International Monetary Fund, 
have played a major part in the 
metal's rise, but concern about 
the U.S. economy leading to the 
weakness of the dollar, is 
another major factor. 


THE DOLLAR-SPOT 


tinul Vlllllvu u Bov 
4wn.fi 

Clout. 


l>|*muv;— 

Moruiu*- h*ins.~ 

Afternoon fixing. 

Gold Com 1 

ilnme-ttcaKy 
Kiugcmuid ..... 

New torerei^TM.. 

Old sovereign?... 

G<Vd Coin; 

mieriuuic-n*J(,r 
Krugerrand ....... 

New Sovereign-.. 

Old Sovereign*.^ 

£20 Knjriev... ....... 

S Id Ha-le. 

t? Kb«|i » — ...... 


SWU 202 
H84 

IS 188.89 

iccjts.gci 

:, G 2fl1.2G 

iICIM-ONi 


5210-212 

itnos no 

SrAi-OI* 

SiB Bl 
.fBOi-ilJt 


July SI 


Sig5i-I841 B 

K194l2-llf&i 

S1S4.70 

'E102.017I 

5164.06 

£10 1.7 Hi 


SS04-20G 

iXIuMlBi 

657U-69U 

/XW-SJ) 

S&63, .&33 4 

t!2sVtti> 


|S207-209 ! S199k-ttli 
-C1074-1DB4 :Ck<4UB*l 
S57ibfl< |S57i-68i 


13061, 

$.-961 

iisoi ;iji 
vJBS 2lB 
*H8 K8 
S1C3 1IB 


(C3031. 

itCi.+i-Slli' 
|S/784-8804 
if 140 UB 
lElOO-IL-b 


July 28 


-Day** 

spread 


FORWARD AGAINST $ 


Cahad'o S* 

a*37 -am 

SS374SjW 

Dm month 

P-o- 

Three month* 

P-O. 

C under 

23125-23143 

23125-23140 

mr-OJQc pm 

DOS 

0LfiML03c dls 

-031 

Belgian Ft 

32333ZJ31 

3233-5235 

0.71-lLMepm' 

339 

1.41136c pm 

233 

Danish Kr 

53T6D-53925 

SJi76(HS.57IO 


2.19 

18-165 c pm 

2J2 

D-Mark 

2JCM.K32 

2JMBWUW&0 





Port- Es 

— 

45JMMS.T0 

0324371* pm 

535 

2. 48- 2.43 pf pm 

438 

Lira 

MUW«4S 

W1-I1M Mb 

— 




Nrwsn. Kr 

5JBSB-53935 

53SB-53BH) 

2.60-330(1 radio -431 

030-9 35Uredio 

—435 

French Fr 


1 Tfifla < TTTVT 

— 




Swedish Kr 

432354-5240 

43253-43270 

(U&cdlo-OJScpm 


BJO-UOc dls 

-031 

Yen 

1UL3O-ML0O 

1W.78-1W.90 

_ 




Austria Sch 

— 

14.7728-14.70 

135-I3fty pin 

73# 

33M-9avi>m 

601 

Swiss Fr 

L760ft-L7775 

L7600- 1.7630 

— 




•U.S. cents per Canadian S. 

135-8. 99c pm 

739 

2.91-23SC pm 

6.44 


OTHER MARKETS 


l ; 3. S 

Ji 4 

l.‘00 I.S8T5 

I.'.24&-I.E26S 0.42 0.£2 -.pm 2JS1 .132 1.12 .pm; 2.45 


9 

2.IS50-2.I83D 

2.1760-2.1760 D.W-e.40 -.pni 2 48 : 1.50- 1.13 -.(-m 

235 


*la 

4.Z3*4.i7i 

434;-.2K 1*2 <-.pin | 5.64 S5g-4ba ir-wn 

432 


fi 

61.70-6235 

61.90-6230 58 20 e. pm | 4.e4 75 fS f-pm 

4-52 


a 

10.61- 10.71 

W.S 8 p 10.704 par-2 ore du —1.12 lit 64 .m .11. 

— 138 

D- Slant 

A 

331*Jl.-4i 

3.9}i-5.833 4-3 t* pm . 7.t5 JSa-bSg pi {ub 

87 .75 BEU25 61-150 e. dia . — 15.76 155 415 irjlia 

7.1S 


w 

B6.7a-rB.5i 

—12. 84 


B 

14734- ImB.W 

1 48.25 14935 par-100 c. dia — 4.L5 '5»!3lc3:n 
LD225 1.G23i 13lnviii> — 0.01 6 8 lire du 

-2.16 

Lira 

111 ? 

1.615 ].r!4 

—032 

Sun*. Kr 

7 

10.51 >0.57 

10.544 11^154 li-ire pnr£dis' 0 68 £ 9 pm 

1.56 

Preach Ki, 

Bto 

8.40-6.44 

8314 8.42a 2-1 e. pm \ 2.14,45c. pm 

B.B 8-, 1 8.70$ 1« orepni-Jrih. 034 3-2 mi*; ran 
366^-664 a.50-23Syp& ; 0. 10 [530 735 ypm. 
22.55 28.40 15 6 pro pm J 4 26 |4Q-bD znipin 

135 

AnliiLiii- 

Bis 

B.64-r.7t 

1.5B 

Yen 

AI S 

56s- 575 

O.GS 


4*7 

2fi.2S-2ij.40 

4.25 

btrim Fr. 

! 

338-5.42 

2.56} -3.579 5-2 c-pen j 830 «-7 .-.j-m 

8 . BO 

Betel JQ 
FMnnetal 

-ate 

rune 

for 000761111116 francs. Slx-maotfi forward dollar 230-3.10C pm, 
63.lM12fl. tt-numih 4.154.05c pm. 



£ 

6 

l * 

July .-8 



| .Vow Ualr^i 


ArsenDna l*ow>- 

Australia Oolbtr — . 
Finland Uanhka... 
HraxU Cmrelrc — 
Greece Urechma^j 
Hijnc Hon- DvJler.i 
Inn Rial J 

Kuwait IXlwrtKIM 
Luxembourg Franc! 
UmaVBta Lkillur — .j 
New Zealand Doftvj 
heirli AnhnUl.nU 
S>mgaf»re Dollar J 
Smith African Hand* 


1.S48 1.SS2 
1 6605 I 6675, 
8.06504.0850! 

34.B0 »5AO 
69.280-70.9B3l 
8.98 9J31 
lal Ia7 
0.618 0.526 
61.90-62.00 
4.50 4.62 
1.6315 ,.B365 
b.46 6.56 
«8U4 40U , 
1.6545 1.6716(0 


0.8647 0.6&58iBelsiuin 

4.1810 4.1830|Deninar1c 

ia08 It. 60 [France 

35.96 36 84 kjJwnmny 

4.6540 4. 65 6GI Ulv 

68.06- ,1:17 Papin 

0.Z67H „'.27£7;NKberiand. — 

3k.1S3u. 19 (Norway 

2. 3 3 60- a. 3 380. Conn*.! 

U. Mo37-0.9560.Spa in 

3 . 35 -3.4 1 vwiteertand. 
2J2765-z.2775iDniied Sterra.., 
'1. 8596-0.8685] Yuenato via 


2 7*4-26 S, 

6&-63ia 
10.60-10.75 
8.55-8.50 
3S5 4.rO 
1590-1620 
360-370 
4.1*430' 
10.26 10.40 
83-90 
lr.451e-l.49 
3.3&-3.5U 
1.9150-1.9350 
35-37 


Ham given far Arsentiiia is free rate. 


EXCHANGE CROSS-RATES 







- 


July 28 

Pnumi a* crime! 

1.3. Ut-IUir 


Jat4HU;9« icll 

rrvu^l' Fiauu 

Fnui- 

lluh-ll llUIIMU 

1 la- mil l.iRt 

-_*JUI III LI- mm 

iii-'jiau l'wn c 


1. 

1.925 

4.933 

1 £66.0 

8.480 

5.373 

4.8SS 

1623. 

. 2.178 

61.95. 

UJS. Dollar 

0.519 | 

1. 

i 2.C43 

; i90.i 

4.374 

1.758 

2.209 

843.1 

1.130 

32.18 j 


0.254 J 

a49o 

! 1 

j 93 07 

2.141 

0,* BB 

1.081 

4 >2.7 

0.53 

16.75 

-lopwreYcii 13® 

8.738 1 

5 260 

1 10.74 

' 1000. 

S5 Ol 

9.214 

11.62 

4434. 

5.844 

169.3 


1.188 

Z.XB& 

4.670 

4347 

IO. 

4.0(» 

5.050 

1928 

2.384 

73.57 

SwIhb Franc 

OJ2b7 

0.671 

! 1.166 

j 10H.5 

3.497 

L 

1.261 

48L2 . 

0^45 

18.37 


03135 | 

OJ453 

■ 0.9P5 

1 156.07 

1.980 

0.793 

1. 

381.7 

0.512 

14^7 

Italian Lira l.CtV 

0.616 j 

l.iee 

, 2.423 

; 225.S 

a. 188 

2.078 

2.620 

luuO. 

1.340 

38.17 


0.460 r 

0.&85 

1.603 

I 168.2 

5.870 

1.350 

1.955 

746.0 

1. 

2B.4B 

Franc ICO 

1.614 J 

3.107 

. 6,348 

J 590.8 

ln39 

6.444 

O.r-64 

?B20. 

5.513 

io>». 


MONEY RATES 

NEW YORK 

Prime Rate - 

Fed FUnds 

Treasury Bills tliwceki 
Treasury Bills iSSwecki 

GERMANY 

Dtatfeum Sate — - 

(hcmitlit ••• 

one month — — .. 

Three momhs 

Six tnomiB .. 

FRANCE 
Discount Rats 

ovomight — 

One month 
Three months — 

Six months . ......... 


JAPAN 

Discount Rate 

Can (Unconditional) 
rung plscou&t Rate 


LONDON MONEY RATES 


-9 

7 .81 25 

4.72 

735 


iJS 

5.75 

MS 


9 5 
7 

TJS 

7375 

1.9575 


X5 

«JUS 

4X5 


Juir IS 
iaii 

rterrin^ 
Ceni4oh< 
d •'-ejt'.i-- 

Intertauik 

Lmu 

AillUnrlly 

UjL-iil AuSh. 

ne*rrmbto 

bil>lv 

Finmice 

Dil-nt* 

C>>oi}*Dr 

Deposit-* 

Ulv.%41Ut 

market 

lepnsJt 

Tro*«ory 
bill- « 

J>l<kllrIU 

Hank 

CUbi* 

FiaeTrajii 

Plll^J- 

Ovum 



9-11 

_ 

— 


10(4-101% 

9to-10 






2 - 1 * 1-1 iwiKt.. 

— 

— 

IOI 4 -II 

— — 

— 

— 

— . 

— 

_ 

_ 

7 itav-f i-r 

— 

— 

— 

— 

— 

10 s*- IC7* 

— 

^ - 




7 OH OuKrTP.. 

— 

105s lOT* 

105* 

— 

105* 

— 

9> : -95 4 

— 



One wn-n v 


lt-.tlUrlr 

JD3e-iDSa 

1 2 - 10 ^( 

ID7g 

lOJa-JOA 


91*93, 


10 *i 

T«'l DKOlIl-.. 

IC,v-9Ta 

10«; -10 1 



10 -* 

— 

Sto 

9^ --* 



T-jrce imi'j-. 

•rl-9-? 

Uri-Uto 

IO.L-IOtV 

ID- via 

lose 

lOie-iOto 

9to . 

9i e -«4 


101* 

MS :iinnl „ 



HJle 101* 


10i 8 lOfo 

— 

«— 

— 

95&-9ii . 

101* 

Ntwtrn -M 1 ;-.. 

10-9t 8 

aO.f-lOla 


10 vi 4 

. lflis 

— 

' 

— 



One i*nr_ 

1J-97 S 

lOris-lOie 

lOU-lDSe 

1&9Sb . 

lOto 

— . 


. — 




Tsnrtsrs..... 

— 

— 

1018-1 1 




— 

— 

— 

• — 


Local anttnrla- and finance houses seven days* nolle*, others seven days fixed-. ' Longer-term local authority uuHisaeL- 
rare nominally three years Jti-ilj per rear, loor yean, lis-i? per rent; years 1U-13 pr cem. «* Banx mu rates in laoto 

are buyins rale for prune caper. Boring rates for foor-raantb* bonk btlls per cent; four-mooib trade Mb 

IM per cent. 

Approximate scUhu rales lor nae- month Treasury Mils 9-9i« per cent; two-month per cent; and three-month 

Pu per cenL Appnrelmate setBaa rate far oae-moetd haift wng fiiiia^Uu per cent; and rvro-momh B9u41 per cm: and 
iferet Mannth ffs-9«%a per cenf- One-month mfie WHs i» per cent; nvo-month Iff per cem; and also thryc-raonUj in per real 
Fbanu House Base Rates ipnhltshed hy the Finance nooses Assndadnnl; 10 per cent team July 1, 1978. ctewtog st 
lUpesk Rates ifar small sams at seven days' notice) 61*7 per cent- Clearing am* Bare Rats for tendltu; IB per etm. 
Treesanr Bills: Average lender rates of discount 0-1138 per cem. 


MINING NOTEBOOK 


A bold idea for 
junior 



BY LODESTAR 

FROM TIME to tim e the problems 
have been discussed in this 
column of the junior exploration, 
companies the mineral finds made 
by wbich have been a vital con- 
tribution to the world mining in- 
dustry in days gone by. 

In recent times their activities 
have been curtailed by a number 
of factors not the least of which 
has been the difficulty of -raising 
the necessary funds to finance 
prospecting in these inflationary 
days. 

In fact the question has often 
been asked whether their exist- 
ence is any longer necessary or 
even practicable. This column’s 
answer has been in the .affirma- 
tive as has been that of many of 
its readers though these have pos- 
sibly been mainly from the ranks 
of those who have backed a 
winner or two. 

Now there has been a remark- 
able development in, Canada where 
such companies have proliferated 
in the past. An independent 
report made for. the Ontario 
Ministry of Natural Resources 
has come -up with the bold conclu- 
sion that a new junior exchange 
should be .established on which 
the shares of such concerns 
should be traded, possibly in con- 
junction with the Toronto Stock 
Exchange; ' 

Both this report and a separate 
report which has been submitted 
from another source are in no 
doubt about the importance of 
junior explorers to Canada’s 
mining future. 

-Another challenging proposal is 
that the Ontario Securities 
Commission should initiate a 
public education programme on 
the risks and potential rewards 
of speculative equity investment 
and should consider “novel 
approaches ” to the raising of risk 
capital which reflect the par- 
ticular circumstances of special 
investor groups. 

It is reckoned that the specu- 
lative urge is still strong and 
needs a wide spread of outlets. 
I rather like the piece which says 
that the popularity, of lottery 
tickets in Ontario “which offer 
speculative characteristics similar 
to the mining exploration venture, 
clearly indicates that speculative 
interest exists and has simply 
been channelled away from a 
historical form which contributed 
to the development of our natural 
resources." 

The study cites the highly 
active speculative market in 
Vancouver as “further and even 
more direct evidence of the con- 
tinuing social demand for specu- 
lative mining issues." 

Platinum strong 

It is concluded that significant 
steps are necessary to reverese 
the “almost complete destruc- 
tion ” in Ontario of the junior 
mining section which has been 
a “ majqr contributor to the 
economic stimulation of this 
country and of Ontario to 
particular." 

It will be interesting to see 
whether these reports make any 
impact on the provincial govern- 
ment or whether, like so many 
others, they will just gather dust 
on the bureaucratic shelves. 

Any adoption of the junior 
share market suggestion would 
certainly mark a complete re- 
versal of recent trends on many 
or the world's stock exchanges, 
notably that in Toronto, which In 
endeavouring to stamp out mal- 
practices have at the same time 
Succeeded in stifling the flow of 
what;- may betermed adventure 
capital. - 

The recent fresh leap in the free 
market’ platinum price, Friday 
afternoon's London “fix" was 




S2 6-5.50 an ounce, has brought up 
the question of whether Rusten- 
burg will be tempted to raise its 
producer quote again from the 
current $240 to $250. a level which 
the big South African mine is 
for long believed to have set its 
eyes on as the target necessary 
to restore its operations to full 
financial health. 

Trade sources consulted over 
the week-end were of the opinion 
that Rustenburg. after the nerve- 
wracking periods that have fol- 
lowed recent advances in its sell- 
ing prices, would rathor await 
completion or tbe summer lull in 
the northern hemisphere before 
making any fresh move. 

Tt has been notable that Impala 
has cautiously lingered each time 
before following Rusten burg's 
initiatives. 

It is thought tbat Russia is still 
short of exportable platinum 
although it is believed lo have 
been feeding small quantities on 
to the market recently. It is not 
considered likely, however, that it 
will “ come back with a bang " for 
a long time yet. 

Apart from following the 
strength of gold, the latest out- 
burst of speculative buying of 
platinum has been partly inspired 
by an American broker’s bullish- 
ness while there has also been 
some short covering by a 
Japanese trading house. 

The big lest will come this 
week when it will be seen whether 
Japanese consumers are prepared 
to pay the higher prices in order 
to augment their contract sup- 
plies obtained at $2-10.- Much will 
also depend on whether cold 
furthers its break above S200. 

Short-term, platinum dealers 
sec a passible period of hesitancy 
but consider that on a six-month 
view the portents are for still 
higher values which Rustenbi'rg 
will be only too cacer to follow. 
The shares were R9p on Friday. 

On -Tune 2fi. when reporting 
here on a luncheon with Mr. Reg 
Hare, Metals Exploration chair- 
man. at which he outlined the 
Australian company’s endeavours 
to emerge from the shadows cast 
by the struggling Oreenvale nickel 
operation in Queensland, it was 
mentioned that the latter was at 
least expecting a useful cash flow . 
from its production or some 800 
tons of cobalt per annum. 

Since then the producer price 
of tbe me'.al has been hoisted 
afresh although still well below 
free market levels which have 
soared following the troubles in 
Zaire. 

I now hear from Australia that 
Greenvale is planning to cash in 
on cobalt's new-found strength by 
moves to mine ore with a higher 
cobalt content with a view to ex- 
panding production to nearly 
double tbe former rate. The June 
quarter output was already up to 
242.000 tons. 

This will not solve all Green- 
vaie's problems in view of the 
continued unsatisfactory prices 
for nickel, but it should help. 
Metals Ex. are 29p. 

y. ,y t 

The battle to save Australia’s 
Silver Valley Minerals from the 
hands of the receiver goes on. 
Alter the surprise withdrawal of 
the- Bridge Oil bid, the latest 
would-be rescuer is a Singapore 
company International Shipbold- 
ings, which is giving financial aid 
even down to paying for the latest 
annual report and the cost of dis- 
patching it 

Shipholdings' objective is a 25.7 
per cent stake in Silver Valley and 
the fact that it is putting op funds 
for updating the feasibility study 
on the company's Mawson coal 
prospect in New South Wales 
shows where the attraction ties. 


INSURANCE 


Average may solve 
premium shortfall 


BY OUR OWN CORRESPONDENT 


“TODAY, a theft from a dwell- 
ing occurs every three minutes, 
a fire every nine minutes, and 
one personal policy in 10 pro- 
duces a claim of some kind or 
another every year.” 

These are some of the unassail- 
able facts of domestic household 
insurance, quoted recently to the 
London Insurance Institute by 
Ronald Reece, personal insur- 
ances manager of Sun Alliance 
and Loudon. 

Another unassailable fact is 
that all insurances providing 
household insurances have been, 
and are srtill, losing money — even 
ignoring tbe subsidence claims 
which have made such a dent in 
1976 and 1977 and are still 
coming in this year. 

The loss is partly due to the 
increasing incidence of claims, 
particularly theft claims, and the 
increasing cost of claims settle- 
ments due to continuing infla- 
tion. 


Experience 

Household insurance, like 
almost all property insurance, is , 

underwritten and rated on a full EQUlty 
value basis. So the failure of so ^ J 
many policyholders to keep up 
their sums insured means that 
there is too little premium going 
into insurers' funds, to meet the 
incidence of claims expected on 
past experience. 

In these circumstances, rising 
claims incidence can only exacer- 
bate the situation, and it is 
difficult for individual insurers 
to deride whether, and what 
increase in rates per cent is 
required. There is no way of 
determining the shortfall of 


insurers have been taking similar 
if more limited action — and not 
all in the same direction. Some 
haste made the imposition of 
average relate to the refusal of 
index-linking for sums insured. 

For example. I have just bad 
passed to me two complementary 
notices now going out to Norwich 
Union's agents and policy- 
holders. 

Starting in October, Norwich 
Union is to make index linking 
compulsory for all borne policy- 
holders, both on building and 
contents. 

The indices are those already 
in use for the company's policy- 
holders recruited during the last 
year, and in wide use fay insurers 
generally — the buildings housing 
cost index of the Royal Institute 
of Chartered Surveyors and the 
durable household goods section 
of the general Index of Retail 
Prices. 

Policyholders are to be allowed 
to opt out of this index linking 
only on pain of these sums in- 
sured being made subject to 
average. 


Within the company market, 
there arc. wide differences ' of 
ion — perhaps as many as 
there are insurers — and this may 
explain why the average nettle 
has not been grasped market-, 
wide. 

But some companies are taking 
tentative steps down the 
average” road. 

Last summer. Sun Alliance led 
the way, with a campaign aimed 
at policyholders who had not 
increased their sums insured 
within the preceding tw 0 years. 
Over the last year, other 


One objection to this partic ula 
approach is that there is n 
guarantee that the initial sui 
insured of any index tinke 
policyholder is adequate. 

The result is that there ca 
be no equity in tbe claims coi 
sequences for different politr 
holders. 

Compare two neighbours — j 
who has contents worth £8,001 
but starts off with a sum insure 
of £6,000 and accepts index iiw4 
ing, and B who also hag contenl 
worth £8,000, but fixes his sui 
insured at £7,000 and refuse 
index linking. 

If both houses are burgled s 
t™® and each sustain 
a £1,000 loss, it seems that A' 
claims may be met in full (unles 
insurers argue about his ml- 
statement of full value at th 
°L„ the year), while B 1 
claim will automatically be cu 
by one-eighth, . 

Such comparisons suggest thi 

along th e average road. "] 
i]™?* i^t.for some./ 

, - ■* right .for alL - 


i 

j , 


22 

FT GROCERY INDEX 

Basket costs less 
for first time 
since March launch 

BY OUR CONSUMER AFFAIRS CORRESPONDENT 


Financial Times Monday July 31 1978 


THE FIRST fall In the cost of 
the Financial Times Grocery 
basket since it was re-launched 
•usl March occurred this month. 
The grocery basket index, based 
on the surveys of 25 Financial 
Times shoppers in supermarkets 
through out the U.K.. fell by l.S 
per cent to 102.41. 

This was mainly due to a 
sharp seasonal drop in fresh 
iruil and vegetable prices. But 
tl\:s reduction was balanced by 
small rises in most other sec- 
tions. fresh meat for example. 

The fall in fruit and vegetable 
prices— the tidal bill fell by 
almost £55 during July — came 
after prices had gone up steadily 
during the first six months of 


Lettuce prices were also down 
in most cases to about lOp to 20p 
each. 

Carrots were much cheaper, 
but cabbages and cauliflowers 
inn re expensive. In the fresh 
fruit section. apples were 
generally dearer. 

The rise in the basket's meat 
1 ,-H — U p by over £8 — was due to 
higher pines for all cuts of 
lamb and topside. 

At about 11.20 per pound, 
lamb should be cheaper in 
August, when more bome-killed 
lamb com ''5 on to the market. 

The dairy bill also increased, 
due to rises of up to 12p per 
pound in butter prices. Sugar 
was dearer in many places 
surveyed, by between ljp to 2Jp 
far a 1 .kilo bag. Coffee prices 


this year. 

In July prices of new potatoes were generally stable, 
and tomatoes were down sub- " ‘ ! * 4 *" 

stjnually. accounting for much 
of the fall io Lhc fruit and vege- 
table lull. 

.New potatoes were selling at 
about •?;» or 5p a pound, often 
little more than half their cost 
io the previous month. 

Tomatoes showed more varia- 
tion in price — at between 2Up 
and 35p a pound — hut most 
shoppers were paying more than 
2 Op a pound less than in June. 


Keen competition between the 
main supermarket chains kepi 
most other grocery prices at a 
similar level to June. Frozen 
foods were slightly cheaper but 
this was balanced by a small 
rise in the price of canned goods. 

Copies of the list used by the 
Financial Times shoppers ore 
fU'<it?ab(e from Miss Irujarei 
Eden, the Financial Times, 
Bracken House. Cannon Street. 
London. EC4. 


THE FINANCIAL TIMES SHOPPING BASKET 
JULY, 1978 



July 

June 


£ 

£ 

Dairy produce 

474.28 

47T.57 

Sug-tr, tea, coffee, soft drinks 

183.41 

179.42 

Bread, fleur, cereals 

232.12 

231.31 

Preserves end dry groceries 

86.90 

84J3 

Sauces and pickles 

40.68 

40-65 

Canned goods 

156.40 

155.02 

Frozen goods 

181.43 

182.60 

Mc.’t. bacon, etc. (fresh) 

435.70 

427.48 

Fru : t -’nd vegetables 

20539 

259.90 

Non-foods 

181.14 

182-85 

Total 

2.177.45 

2J15.13 

index For July: 102.41. 



■ 97S: March 100: April 101.77: May 103.11; June 104.18: 

July 102.41. 


Call to cut phone bills 

AN mp has called on the Post pensioners the telephone is their 

Office to reduce at least by half onl >' contact with the outside 

cois n.ciriariv i«»i.>nhr.n«» world. Yet in many cases rental 
the £b 0 quarterly telephone eharge lg ^ factor whjch 

rental charge for pensioneis. prohibits pensioners from hav- 

Mr. Walter Johnson I Lab.. a telephone. 

Derby South), has written to Sir *• i y^ee that nationalised in- 

William Barlow, chairman of the dustries which make a profit 

Pu-t Office, urging him to do this plough some of it back into the 

“out of the huge profits they are industry. But the customer is 

r.nw making." also surely entitled to some of 

He '.aid; •* For thousands of the benefit as well." 


The sail 
and buy 
ship runs 
into EEC 
snags 

BY PAUL TAYLOR 

THE AQUAMART. a converted 
British Rail passenger ferry, 
whose future might be settled 
today, is a bold attempt by. a 
group of anonymous business- 
men to exploit the present con- 
fusion in Europe surrounding 
duty-free sales. 

The original idea for the 
scheme involving a combination 
of cruise and shopping facilities 
was batched over a year ago. 

In April. Channel Cruise Line, 
a Guernsey-registered company 
with £50.000 share capital, 
bought the Sarnia, a former 
British Rail 4.000-ton passenger 
ferry. In May the vessel was 
refiitted at Grimsby. 

The initial plan was to offer 


?* ■" v ; ?a s'f.is 1 x.*#v v* v ■■ •>.»:! 






■:* if 4--. >$, is.iv.! 



Aquamart, the duty-free shopping venture, sets off on a cruise. 


Although no VAT is charged a reduction in profit margins sion to operators on the air and 

on these goods the prices are and an increase in ship prices, ferry routes between Ireland and 

similar. If not higher, than UK Although the company believes 
liai sho P, Pr. ice s because • the com- the Belgian and French attitude It has been suggested that 

former P an y’ 5 a 101 * or *uS“ er profit mar- contravenes both the spirit and Belgian and French response to 

Sins. the letter of EEC regulations, it the Aquamart operation is based 

However, ten days before the knows that a legal case to resolve on two main factors: 

Aquamart was due to set sail on the conflict would take too long. ^ A concera ^t if ti, e Aqua- 

iIIC 1 .UU 41 u,.,.. w« lu „ uc « J? **2 7 Dya ® e ff om Ostend to The EEC Commission joined m axt succeeds commercially 

Belgian and French tourists and Dunkirk last Monday, toe French toe controversy oyer the Aqua- similar duty free shopping ships 

shoppers an alternative to cross- au thonues announced customs mart last week by issuing a state- will spring up around the 

Channel shopping expeditions tax “, o£ between 2030 per cent meat saying that all gods bought channil ports, 

while also offering cruise facili- on a11 goods bought on board in on the vessel should conform * A £ee ]ing that Channel Cruise 


ties. 


excess of FFr 140. 

Mr. Frank Shaw, the company's *»“*•*. 

operations manager, claims that Belgian 
Channel Cruise Line had already 
received written and verbal 
approval from toe French and 
Beleian customs, immieration 
and port authorities for toe ven- 
ture. 

This approval was based on 
Channel Cruise Line seeking to 
sell British eoods on board the 


toe sailing. 
Government an- 
nounced after discussions “ at 
the highest level 1 ' ■ similar 
customs duties, adding approxi- 
mately 50p to the price of a pack 
of cigarettes. £3 on a litre of 
spirits, 25 per cent on electrical 
goods and 16 per cent on tex- 
tiles. 

800 


The 


passengers who 


vessel at UK shop prices but boarded the vessel on the first 


without Value Added Tax. 
ASSURANCE. 

Assurances 

EEC customs allowances are 
based on a two-tier system — one 
*et of allowances for goods 
bought by EEC residents in ?n 
FF.r. country 'md imported VAT- 
nyir] into another: and a lower 
“third country allowance" for 
gnmls bought nu’cide Europe or 
in duty-free 1 ravel shop*; on ships 
and planes or at airports and 
ports. 

Tn the case of Belgium, the 
Hitrd country allowance is 


voyage and all those who sailed 
later have been handed . a sheet 
of paper detailing the Customs 
taxes which in most cases take 
the cost of goods bought on the 
vessel way above Belgian shop 
prices. 

As. a result the shoppers have 
all hut abandoned the Aquamart 
and crew confidence hit a low 
at the week-end when, faced with 
uncertainty and the additional 
problems caused by the Customs 
authorities, some members of 
the staff handed in their resigna- 


wito EEC regulations granting a Lui e has sought to exploit an 
franchise of 125 units of account undesirable loophole in Common 
(approximately £80) for pur- Market tax regulation. The corn- 
chases within the EEC. _ pany reject both suggestions. 

There is an increasing uncer- If Channel Cruise Line fails to 
tainty over toe status of EEC persuade the Belgian anthorities 
directives and the discretionary to modify their approach, it is 
element involved in duty free likely that toe Aquamart service 
franchises. will be withdrawn from Os tend. 

Mr. Shaw said toe company 
Concent might soon consider whether, in 

. . the light of the Belgian opposi- 

Wbile the EEC tn 1969 issued tj oa to the service, to begin 
an obscurely worded directive operations between Flushing and 
urging the abolition of duty free Dunkirk 
shops throughout the Com- He believes that if the com- 
munity these shops have con- pany ^ forced t0 withdraw toe 
tinued to flourish. service altogether it will have 

Indeed, from March 1 the U.K severe repercussions on duty-free 
granted a new duty-free conces- operations throughout Europe. 


lions. 

Channel Cruise Line aban- TWO 
F.Fr 1.250 'about £2ff) and accord- doned the initial plan to have 
ing to Mr. Shaw. Channel Cruise two sailings a day from Ostend 
Line was given a written assur and now operates a single return 
an cp that this allowance as a sailing from Ostend tn Dunkirk 
minimum would anply to goods daily. 

bought on the Aquamart. Urgent meetings with the 

On this basis and with similar French and Belgian authorities 
rea^ursnees from the French throughout last week have so 
Government, the company went far failed to resolve the conflict, 
ahead. On board Aquamart Official opposition in Belgium 
ROOD out of the 38.000 sq ft of has been based on the vexed 
floor space was converted into question of charging- VAT on 
shopping arcades selling every- goods bought on the vessel, 
thing from the traditional duty- Accordingly, the company last agency, 
freen wines. spirits and Friday offered a compromise Sr. Roger 


Britons to help Panama 
improve sea safety 

BY IAN HARGRAVES, SHIPPING CORRESPONDENT 


SENIOR British marine that the two engineers would 
engineers are ro visit Panama, spend their four-week explora- 
the flag of convenience country tory visit advising the country's 
with one of world shipping's recently revamped maritime 
worst casualty records, as part bureau on how it can improve 
of a plan by developed nations worldwide surveillance of safety 
to use their expertise to improve standards, 
sea safety standards outside Dr. Jim Cowley, one of the 

their own countries. engineers chosen and the 

The exchange is the first under Department of Trade's chief 
the Marine Safety Corps arrange- surveyor, said he would lie 
mem accepted earlier this year basing his advice on the British 
after a UK initiative by IMCO, system. 

the United Nations maritime Panama has the seventh largest 

merchant fleet in the world. 
Decerega. toe in toe 1976 Lloyd's Register 


COMPANY NOTICES 


cigarettes to clothing, shoes, which is understood to involve Panamanian Ambassador to casualty figures it was shown as 

electrical goods, gifrware and the charg'ng of a low rate of London, said after signing an losing 1.4 per cenr of its shu.'"* 

toys. VAT on the goods financed by agreement at the TMCO offices through accidents— the worst 

record that year. 

According to the latest 
Lloyd's figures. 42 per cent m 
Panamanian-Hag . vessels are 
more than 15 years old. 


BANQUE EUROPEENNE 
D-INVESTISSEMENT 


7 '." a Loan 

LcSinwf Pounds 50.000.000 
Bo«.n honors arc Informed that 
LLJ.2S3 000 of the jbo.c mentioned 
loan mas ruaecmeo on 14th September 
1979 rarti, by l no purchase O! 
L12.557 000 In the market and partly 
by arjnlnq on the 13th July 1979 
in the presence of a notary public 
Taking Into account the bonds So 
repurchased the bonds of LL1.000 
numbered betmeen 366111 and 37573 
inclusive will he redeemable at oar 
on and liter the 14th September 1973. 

Tne amount ei -.no loan remaining 
n circulation alter lam September 
1974 will bo LL33. 500.000. 

Li tp.mroura. 

31st Jury 1973. 


NATIONAL COAL BOARD 


U S.'tO 000 300 3 GUARANTIED 
NOTES 11181 

U S MOO. 000. 000 B' „ GUARANTEED 
HONOS 1987 

U S * 50 000 000 B ,- u GUARANTEED 
BONDS 1989 

— . i>i :nr ar-ovo bonds or notes 
a*. .WU..I a fii.ir the Annual Report and 
197? 78 or in,.- N.itionjl Coal 
(!('*■ 1 an- a,.vi.u-i 


EUROPEAN DEPOSITARY RECEIPTS 
REPRESENTING COMMON STOCK OF 
KUBOTA LIMITED 


•ADR 


A distribution of i0.369 per depositary 
share less any applicable lanes will be 
payable on and after July 31 1979.- 

upon presentation of coupon No. 21 
at the o>hces of any of the following 
aeoositarles- 

MORGAN GUARANTY TRUST COM- 
PANY OF NEW YORK 
— New York. 15 Broad Street 
Section) 

—Brussels. 35. arenue d«3 Art* 

— London. 35. Lombard Street 
— Paris. 14. Place VendSmc 
— Frankfurt. 9. Bockenheimer Land- 
strassc 

BANCA VONWILLER S-p-A.. Via 
Armorarl. 14. Milan 
BANK MEE5 & HOPE N.V.. Teren- 
gracht 5*>8, Amsterdam 
KREDIETBANK SA LUXEMBOURG- 
EOISE. 43. Boulevard Royal. 


TANGANYIKA ' CONCE5S IONS LIMITED 


oii ci- » 
Grr 'i.i 

Jli! 


5 G W -rbi.-a 
i Micrl l enfipn 

197S 


CHANGE OF NAME 

Stock and Shareholders arc advised that 
with eflcct from 1st September. 1978. that 
Tanganyika Concessions Limited will change 
It* name to:— _ 

TANKS CONSOLIDATED 

INVESTMENTS LIMITED 

immi-ciion al ihc I The Company's Slock and Share Certificates 
land 5 rock Warrants to Bearer, at present 

In inue. will not be called-in or replaced. 
1 27th July. 197B. 


MOTOR CARS 


As a result of a large cancelled 
fleet order, we have remaining 
(unallocated at today’s date) the 
following specialised FORD 
vehicles available for immediate leasing! 

ManHily 

Rates 

Cortina Ghia 2.3 Manual Roman with un trim and lobacco roof - £164.80 

Cortina 2-3 GL Manual Srraco Silver £146.60 

Granada 2.3 GL Automatic Jupiter Rod £199.80 

Granada 2.8 GL Automatic Saloon Black £214.90 

Granada 2.8 GL Automatic Oyster with chocolate trim £215.80 

Cortina 2000 S Strata with black trim, tinted ftiati. black tnnjrJ roof. 

remote control driver's door mirror. Headlamp iee wash system £148.80 

Cortina Gina 2J Estate Manual White with black trim £189.50 

Cortina Ghia 2.3 Estate Manual Sira to/ black /rear Foe lampl/rear seat 

belu £173.60 

Folly inclusive contracts lor two pears, 20.000 miles per annum. 

Phe-ir Tony Reed. 

RELIANCE LEASING LIMITED 

Paterson Road. Wellingborough. Northants. 

0933/224186 ret 41 


MITSUI AND CO. LTD. 

ORDINARY EDR'S- 
ISSUED BY CITIBANK FLA. 
NOTICE is HEREBY GIVEN that a divl 
d?nd due 30th June 1978 mav now be 
cUi-ued *• ihe rate shown below 
presentation ot Coupon Number 19 
the unoers<gned. 

Gross dividend ner snares = USSQ.017766 
Less if-".! i»oanese With- 
holding Tax = U 5^0.002665 


Net D.v.dend =US«J.015101 


United Kingdom Income lax at the 
reduced rale ol 19*» m the £ will he 
<- - 1 'icted from the amount of thia divi- 
dend cstept In cases where coupons are 
a-'omcanl-d by a United Kingdom Inland 
Revenue Atftdavlt ol Non-Residence. 

Special Listing Forms are available 
from the undersigned. 

Citibank N.A. 

Friars House. 

39-41 New Broad Street. 

London. EC.3. 


CARCLO ENGINEERING GROUP LIMITED 


NOTICE 15 HEREBY GIVEN that the 
TRAN5FER REGISTER ol the Ordinary 
Shares will be closed from 5th August 
to 15th August 1979. both dates inclu- 
sive. for tne preparation of dividend 
warrants. 

By Order of tbr Board. 

• _ A. CUERDEN. Secretary. 

Nlghtown Road. 

C leek hea ton. 

31st July 1978. 


ART GALLERIES 


ACHIM MOELLER GALLERY. 8. Gros- 
venor Street, on Bond Street W.l. Tel 
4 93 7611. Selection nl IS paintings 
bv KAOINSKY and 20th CENTURY 
MASTERS Modigliani. Leger Braouc. 
Mondrian Ernst. Miro. Klee. Picasso a.o. 
inrough July.. 


FIELDBOURNE GALLERIES. 63 Queen's 
G-e»e Si John's Wood. 5B6 3600. 

LANDSCAPES by Royal Academicians. 
MARBLE Carvings YOMA SASBURGH 


CHANOE GALLERY. 5-6 CcrV Street. W 1 
01-7 34 4526. E»hibtlmg oain-incm b* 

GFEGDtY FINK Mon -Frl 10-5 50. 
SiR 10-1. 


MALL GSLLEPIE5. The Mall. S.W t . 
PASTEL SOCIETY 79th ANNUAL EXHI- 
BITION Dally 10-5. Until August 8th. 

A^m. 20p. 


ANNOUNCEMENTS 


MEDICAL ASSISTANCE lor companies — 
worldwide. For particulars write: Tram- 
care International Ltd.. Group House. 
Woodlands Avenue. London. W.3. Tel' 
01-992 3077. 


CLUBS 


EVE. SB9 Regent Street. 734 0557. A la 
Carte or All-in Menu. Three Spectacular 
FlDcr Shews 10.45 12.45 and l .4 5 and 

music of Jahnnv Hawlcesworth £ Frlmrt 



The rww EMW Cenlre ot 
Bishcpsgcti;. in Ihe heart of the Gy of 
LendenTofTersth? decemaig moforisl 
ihe chenw fo own not simply BMWs 

but also some «fhe other better bred 

S^beoutiWPors^PllSC 
Soortin Ihe country? 4 months old. 
1977 "S' Porsche 924 manual Conary 
Yeilawt . . i 

Goss Cotfitry?Tbrmaccr ploughed 
field ore one Io our Jeep Cter°k®9 
VS, 4 wheel drive, ^ ^ req., lots 

of goexfes, MASSIVE. 


entre 



220-226 Bishopsga^r 

London EC2M4JS. 

Near Liverpool Street Slotion. 

'ftone 01-377 8SH- 

THE CGCf**' ^ COAiWUs i UMlID- 


AUTOSEARCH 

MERCEDES-BENZ 4S05LC 1979. 
Mr'al.i t Mill" brswn miiii Cream M-iie 
Fnlrrior Atr -..indiTioning. Allo.eti 
Wheels Tinted liC'irlc Windows. Radi-v 
C- sieitc 1 awi.er 3 000 miles No 

■ nee 

PORSCHE CARRERA 3 COUPE 1977 
Mclalhc Mi erv.i Blue, with hU(> 
irim. He. if !■ Sunregl P7 ivres. 
Recaro Se«u. blue tpdi. Rad>oicauette. 
9 000 miles 1 owner. Full Psrs;*ic 
nisiorv. ElS.450. 

ASTON MARTIN VANTAGE 1979. 

Metolhc Green min beige hide inlu'ioi 
Air c (mo 1 1 idling, rad nut asset le. 7.000 
milei. 1 owner wltn lull service history. 
Euoerb m ciery respect (21.900. 

FERRARI DTNO SPYOER 197d Red 
with black upholstery Servite hiilory 
wun 25 OOO miles £9.950. 

Contact EAST HORSLEY 
(04865) Z74I/2793 


GARGOYLE- 69 Dean Street London. W.l. 
NEW STWIPTEASE Fi.ihORSMOw 
THE G^EAT RPITI'M KTHIP 
S h Ow a* Mi-nlge, ani j i j m . 
Mon.-Fri. Closed Saturdays. 01-437 6455. 


CLASSIFIED 

ADVERTISEMENT 

RATES 


i Merceaes-Eenz Deal's 

, CLOVER LEAF CARS 

350SL ?*73. Met red. bamboo 
tex. Heated rear window, radio. 
51,000 mile* £7 ,y»5 

2UE 1977 Mod. Sahara yellow, 

ssr 

Tei^jhcr.sCfeivid Jacobs ' 




Sinnlr 

rofaftin 


l,Hi 

m. 


r 

£ 

Commercial £ Industrial 
Pro3>;ny 

4 3b 

14 Oil 

R'-s-d'-'niial Prouttm 

2oa 

SOU 

Vnooirimonis 

4 50 

14 O') 

Rasin-.-ji.; & TnvcS'mrni 
Omiorttiuhi s, C3ranra:ian 
Logits. Production 
Capacity- Businesses 

For Salt* TVan;"d 

5.U 

lfl.00 

Education. Mo'ors 

Conira'.ts Sr Tenders. 
Perioral 

4 25 

ISM 

Hotels and Travel 

2.7* 

10 M 

Book Ptihi’sh'-rs 


7.00 


APPOINTMENTS 


International Energy 
Bank, senior post 

Mr. Chase Waring, previously responsible for all UK activities 
of Morgan Guaranty Trust Com- including fire engineering, elec- 
pany, New York, petroleum tries and security. Mr. Albert E. 
department, has been app ointe d Lambert has become managing 
a senior vice-president at INTER- director, fire protection division. 

Mr. GraJoam Sturt, previously 
company secretary, has joined the 


PI \M & MACHINERY 
SALES 


Description — 

100 TON CAPACITY COINING PR^»by 
Taylor and Chalien— virtually unused— fully 
automatic— 160 *.p-m. x 24 mm strode. 

IN LINE MACHINE for simultaneous surface 
milling both sides of continuous and Mp 
continuous cast non-ferrous strip up to 16 wide. 

9 DIE 1750 FT/MIN SUP TYPE ROD 
DRAWING MACHINE equipped with 3 speed 
200 hp drive, 20" horizontal drawjblocks. 

22" vertical collecting block and 1000 lb 
spooler. (Max. inlet 9 mm finishing down 
to l.fi mm copper and aluminium.) 

8 BLOCK (400 mm) IN LINE, NONSLIP WIRE 
DRAWING MACHINE in excellent condition 
0/2000ft/min. variable speed 10 hp per block 

24'* DIAMETER HORIZONTAL BULL BLOCK 
By Fanner Norton (1972). 

SLITTING UNE 500 mm x 3 mm x 3 ton capacity. 

TWO VARIABLE SPEED FOUR HIGH ROLLING 
MILLS Ex. 6-50" wide razor blade strip 
production. 

MODERN USED ROLLING MILLS, wire rod and 
cube drawing plant— roll forming machines — 
slitting — flattening and cut-to-length lines — 
cold saws — presses — guillotines, etc. 

1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 

1970 CUT-TO-LENGTH UNE max. capacity 
1000 mm 2 mm x 7 tonne coil fully 
overhauled and in excellent condition. 

1965 TREBLE DRAFT GRAVITY WIRE DRAWING 
MACHINE by Farmer Norton 27" — 29" — 31" 
diameter drawblocks. 

STRIP FLATTEN AND CUT-TO-LENGTH UNE 
by A. R. M. Max capacity 750 mm x 3 mm. 

6 BLOCK WIRE DRAWING MACHINE equipped 
with 22" dia. x 25 hp Drawblocks. 

2 15 DIE MS4 WIRE DRAWING MACHINES 
5£)OOft/M!n. with spoolers by Marshal Richards 

3 CWT MASSEY FORGING HAMMER 
— pneumatic single blow. 

9 ROLL FLATTENING MACHINE 
1,700 mm wide. 

7 ROLL FLATTENING MACHINE 

965 mm wide. 

COLES MOBILE YARD CRANE 

■ 6-con capacity lattice jib. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLUNG UNE 10" x 8" rolls x 75 hp 
per roll stand. Complete with edging roils, 
turks head flaking and fixed recoiler, air 
guaging. etc. Variable line speed 0/750 fr/min. 
and 0/1500 ft/min. 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE (1973) by 
Thompson and Munroe. 


Telephone 


SCH'JLER 200 TON HIGH SPEED BLANKING 
PRESS. Bed 48" x 40" 200 spn. Double roll 
'feed stroke 35 mm. excellent condition 

TAYLOR & CHALLEN No. 6 DOUBLE ACTION 
DEEP DRAWING PRESS. Condition as new. 

VICKERS 200 TON POWER PRESS. Bed 40" x 
36" Stroke 8". NEW COND. 

MACHINING CENTRE. Capacity 5ft x 4ft x 
■3ft. 5 Axes continuous path 51 automatic tool 
changes. 5 tons main table load. Main motor 
27 hp. Had less than one year's use and in 
almost new condition. For sale at one third 
of new price. 

WICKMAN 2) 6SP AUTOMATICS 1961 and 1963. 
EXCELLENT CONDITION. 

4.000 TON HYDRAUUC PRESS. Upstroke 
between columns 92" x 52" daylight 51". 
stroke 30". 

ANKERWERK 400 TON INJECTION MOULDER. 

Reconditioned. 

UPSET FORGING MACHINE 
4" 750 tons upset pressure. 

200 TON PRESS. Double action bed area 
132" x 84". 

2JOOO TON PRESS. Double action bed area 
132" x 84". 

WICKMAN I i" Automatics 6 Spindle. 


0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 


0902 42541 / 2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 


01-928 3131 
Telex 26177! 

01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 


01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 

01-928 3131 
Telex 261771 
01-928 3131 

Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
Telex 261771 


WANTED 


MODERN USED ROLLING MILLS, wire rad 
and tube drawing plant — roll forming machines 
— slitting — flattening and cut-to-length lines — 
cold saws-— presses — guillotines, etc. 


0902 42541/2/3 
Telex 336414 


Premium posit kray available 
(Minimum size 40 column enu) 

(El -50 pc*- Finale column cm extra) 

FVir <«rflu»r ij.-tnilt irrli- fn- 

ClassLfied Advertisement 
Manager, 

Financial Times. 

10, Cannon Street, EC4P 4BY, 


NATIONAL ENERGY BANK 
* 

FIRESTONE TYRE AND RUB- 
BER COMPANY. Mr. John J. 
Hines has been appointed trea- 
s ure r /director for the 1 UK He 
replaces' Mr. Kenneth P. Lord, 
who is returning to Hie U.S. Mr. 
Hines was previously controller 
of the Salinas California tyre 
plant. 

*■ 

Mr. K. B. Cox, general manager, 
treasurer. Midland Bank, has been 
appointed a director of MIDLAND 
BANK INDUSTRIAL EQUITY 
HOLDINGS, Midland Montagu 
Industrial Finance and Midland 
Industrial Investments. 

★ •- 

Mr. Peter Coppack has been 
appointed managing director of 
GAS CONSULTANCY INTER- 
NATIONAL PTY., m Penh. 
Western Australia, from August 7. 
Until his retirement in April this 
year, he was managing director 
of Shell International Gas. 

*■ 

Mr. H. K. Fltrlteraicl. a director 
of Associated Fisheries has joined 
fhe Board of ns principal subsi- 
diary, BRITISH UNITED TRAW- 
LERS. Mr. L. fL Sv-uine. secre- 
tary of British United Trawlers, 
has been appointed financcial 
director. 

* 

Mr. Fay McNeice (44) has been 
appointed managing director of 
AXRFDC CRAYON1YE after 23 
years service with the company. 

*■ 

Mr. W. E. G. Manning has been 
made managing director of 
JOHN TANK SECURITY foHowtng 
the resignation of Mr. B. A. Evans. 
Mr. Manning will also assume the 
chairmanship of several subsi- 
diaries, including John Tann, 
Strafford Safe Company and 
Katner Safe Compjn>. Mr. G. F. 
Heath has been appointed to the 
Board of John Tann Security us 
financial director and secretary. 

★ 

Mr. Roland Sperrj n- Jones has 
been appointed a director of Jar- 
dine d'Ambrumenil interna lion a!. 
Mr. Sperryn-Jones h a former 
director of Hartley. Cooper and 
Co. and more recently ,i director 
■-T Christopher Moran and Co. 
Jartiine cTAmbrumeuii Inter- 
national is the international 
marine, aviation, construction, 
and overseas non-rr,3r;no subsi- 
fiijry of JAR DINE .MATKESON 
INSURANCE BROKERS. 

★ 

3Ir. C. J. Head, technical mana- 
ger of CHIP ALAN. it as been 
appointed to the Board. 

+ 

Mr. John Lenaniup. who has 
been elected chairman of rhe 
TSM3ER RESEARCH AND DEVE- 
LOPMENT ASSOCIATION. is 
managing director of John Lenan- 
ton and Sons. 

★ 

Mr. Robert J. Moore has been 
appointed managing director of 
MATHER and PLATT. Previously 
managing director of toe 
machinery group, he is now j 


Board of Mather and Platt as 
financial director. . 

★ 

Mr. Michael Parkinson, chair- 
man and chief executive of 
Crompton Parkinson, has been 
elected president for 1978/79 of 
the BRITISH ELECTRICAL and 
ALLIED MANUFACTURERS' 
ASSOCIATION. Mr. H. W. 
Jackson, a director of GEC Man- 
agement. has been appointed 
deputy president of BEAMA. 

★ 

Mr. E. Atkinson has become a 
director of Diamond Refractories 
and Mr. J. M. Thornton, a Joint 
managing director of Dyson 
Refractories, subsidiaries of J. 
and J. Dyson. 

★ 

Mr. D. M. Reid has been 
appointed finance director of 
BARGET. 

* 

* 

Mr. J. D. Traynor has been 
appointed a director of GUIN- 
NESS MAHON and COMPANY. 
He is deputy chairman of 
Guinness and Mahon, its Dublin 
banking subsidiary. 

-> 

Mr. Denton Y. Smith is to join 
the Board of BARR AND WAL- 
LACE ARNOLD TRUST from 
September 1. He is managing 
director of Data Sciences Inter- 
national. a subsidiary. 


This advertisement complies with the requirements of the Council of The Stock Exchange 
of the United Kingdom and the Republic of Ireland. 



Standard Chartered Bank Limited 

(Incorporated with limited liability in England) 

US$100,000,000 

Floating Rate Capital Notes1990 

The following have agreed to subscribe or procure subscribers for the above Notes : 

European Banking Company Limited 

J. Henry Schroder Wagg & Co. Limited 

Morgan Stanley International Limited 

Bank of America International Limited Banque Nationale de Paris 

Deutsche Bank Aktiengesellschaft Samuel Montagu & Co. Limited 

Schraders & Chartered Limited 

The Notes constituting the abova Issue have been admitted to the Official List by the Council 
of The Stock Exchange. 

Full particulars of the Issuer and the Notes are availabfe in the Extel Statistical Service and 
may be obtained during usual business hours (Saturday excepted) up to and including 14th 
August. 1 97 B. from the Brokers to the Issue : — 


31 st July. 1973 


Cazenove & Co., 

1 2 To kenho use Yard, 
London EC2R7AN. 


7>JsX> joa-n-w cor^Vai r.A& ^‘■ciritrri'yncKrr a r.-v Ccmc, 'of r.la S(c-:/c£jtz£&> 5 a 

offt-oUm;joK : njdoaorni tfutRcpuMC ollrrJOnd. 

Charterhouse Japhet 
International Finance B.V. 

{Incorporated wiih low retr batiiity in ou .VartBriOTl:} 

U.S. $10,000,000 
Guaranteed Floating Rate Notes 1985 

Cu jcuJuidTiawd Basra » npjimj'i: oi principal a-ilirai.;:? y • 


Charterhouse Japhet Limited 

i 'k ;!jxniccf i its*! 5.71/icdi iMr/in Znounj) 

orpnMmaut»wrrt«rsioiihcafca , /er.'oLu>- 

European Banking Company Limited 

Banque Populate Suisse 5. A Luxembourg 
Banque VYcums 

Chemical Bank International limited 
Rothschild Bank AG 

J.Vontobel 4 Co. 

Tr..y Noms wwtf'utto.i ftdstaw fcsvt* i»w* n n admitted » tfic Of fold! Us: bt die Couittil 
Ot pH* StSiJ - EMJ'ftnjo. T>13 Iku pi* J i : " 0CCV. 

Fuji W(U ir: f ! itw Imuw and ail! ;-.:m arc .T.j.ijWa . n u.n Exttl Ural rial 5W«» and w 
b-.- owji-rt durnj Kim buiintea twifs iSmroayi up to -nd meluding i>d 

Au^rJ. 13/3!i(a CM UraLiiis Id tl.olsiuv.- 

GriMuiCiMiBlCs, 

59Ci«riuni5l>M^ 

London ECtP2DS 
and 

3fstJu!y.1973. TteStMSEidui^e. 


^UROFIMR 

European Company for the Financing of Railroad Rolling Stock 

Third annual redemption instalment of 

Ms. 50,000,000.— 5 3 /4% bearer Notes 
of 1972 due 1976/1979 

In accordance with drawing effected on July 10, 
1978 pursuant to the Terms and Conditions, 
notes belonging to Redemption Group No. 2 will be 
redeemed on and after September 1, 1978 

(Redemption Groups Nos. 1 and 4 having fallen due 
before) 

Paying Agents: 

Amsterdarn-Rotterdam Bank N.V* Algemene Bank 
Nederland N.V ? Bank Mees & Hope NV and Pierson, 
Heldring & Pierson N.V H in Amsterdam: Banque 
Generate du Luxembourg SLA. in Luxembourgand 
Deutsche Bank AG in Frankfurt am Main. 

Notes belonging to Redemption Group No. 3 will be 
redeemed on and after September 1, 1979 








r 



Financial Times Monday July 31 1978 


23 


FINANCIAL DIARY 





• The following is h rocnrd of the principal business and financial 

g encafiL'iiWflls during the week. The Board meetings are mainly 
fer th« pun>«w? of con- Moving dividends and official indications are 
Nm»l always available whether dividends concerned are interims ur 
finals.- The «iiwli visions shown below are based mainly on last 
year's tltnciubto. ' - 


TODAY 

COMPANY MECJING>— 

Qtmrinnitfn, ifrtt. cl Ctiailcrcd Auaunlmts, 
{ C 1» 

imin 4iKJ Aggncv Connaught Rooms. 
Great Quwn Slifcl. WC. Ii 
Property PaiMiti-shiOi. Holvl Norwich. 
KcrvrKh 1 . 

Pindilli. cUrWloo Road. Boron am Wood. 

Hrr.N.. 12 

Rowiiinon C«rt*lioiUcn. London House. 

RiiiMdn. srecknc.ii. i; 
jerp .o., Albany Hold. Aotkncll Street. 
liUi-qa*. I ’ 


board Mil TINGS — 

Sinaia: 

Annin Alim... jn A^ptialr 

Pe*an »D. f • 
pr>»n Ij jnd J.j 
il"iUna Crr.nl 

Iptirlmu 
Cricr.i:.il Pron^. 

DIVIDEND A INTEREST PAYMENTS — 
Alicbeni* Ln. 3>-pc iCoiw.i 
Alliance Prop. Do. 4 '.PC 
Alliance Tru-.l Ob. 2*kPC 
Allmj Polvmot Ln. 5pc 
Angh) Nordic sniupmo Ln. b'rpc 

Aurera Ape 

crlVJyr 'HI.wkhr.Tlht 7ocPI. 4.9PC 
C entail*. Vm» Pf. I.MSoc 
B».nopM)Mi- Trmt Sw.P1. I 75K 
■Oil nil HOI Tonlilr Prlnlees 6prPf. 2 UPC 
He ii on Ti-«tile Mill Ln 2.907 3 p 
naolh <11111.1 1 75K 

(..in. and National Trust 5lK.Pt. 2li. 2 I :DC. 
□Qt. 1 4 pc 

Carlijl Ihvi-sL Trust SaCPt. 4tK 
rp-iiit m jnu'art-trinq and Trading Ln. 
P-ri»— -«i "H. w' 1 m tnrDh, 


Crane Fruehauf 1956.91 at par plus 
_ accrued interest 

Croda Food Ingredients BpcPf. 2 -Sdc 
D avies and Newman 4.3688820 
Decca Ln 3 PC 

DCrDY 13';K Rrtl. 1982 6 ‘.PC 
Drayton Commarclal Invest. ApcPf. 1.4 pc. 

Dhs. 1 Z 2 '. and 2 'apc 
Dykes U) HucPt. 2 .bk 
fleclra Inveat. Trust Ord. 34n 
Cl snlck-Hoppcr g.So 

Essex water 2.45 m (Imly. 3i;OCI Pt. 
1.225 k. 3.5pc ifmlv. 5 PC) Pt. 1.7Spc. 

3 15nc llmly. 41, pc) Pt. 73-7B 1.575 k. 
5S? ‘1">l»- Sec) Pt. B0-B1 1.75PC. 

3.B5PC (Imly. 5>:K> Pt. B1-B3 1.925 k. 
a 02SOC (Itnls. s. 4D c< PI. 77-79 2.01 Z5pc_ 
,4.2pc Ifmlv. 6 pc ■ PI. BA-Bb 2.1 PC 
Falrcloueh Constr. Conversion at Vine 
Cnv. Unset -Ln. 90-95 into Ord. shorn, 
or repayment at par plus arnrued 
Interest ov 21 17 
Comme 5.4p«pr. 2.7oe 

l*WM d Frj w S'zoePt. I.925K. - 4«jpc 
Pt 1.575PC. 7'rocPt. 2.625K 
}■*£" » n 5 Elliot bpcPI. 2.1 PC 
Lcboff (S.i (FOOCI) Ln. 4BC 
M and C Inc. Fund Inc. Units 3.4Sp 
Macaltan-Glenlivet B'.dcRI. 3.062SK 
McCcrouodale S.75p 

MacDwiald Martin Distillers 5 «skPI. 

McKrchnic Bros. BpcPf. 2.1pc 
Bi"** 1 y< F- ’ Secs. SkW. 1.75pC 
R i£T r - F,a,e *10 General Invest Trust 
Do. 2 laDC 

inker's Finance and Invest. 4.5 OS. 

Sale T1nev SpcPi. i.75pc 

SCCITH 2.43170 

Scottish American Invest. O.Sp 

l?n!£i an flJi?i^ eW B As 5P e - SI ' DtP I' 1 -925 k 
T unn*! Holdings B Or At 7.62330 



Dfls. 60,000, 000.— 

6% bearer notes of 1972 due 1976/1979 
of 

THE BRITISH PETROLEUM 
COMPANY LIMITED 
(incorporated in England with Limited liability 
under the Company (Consolidation) Act 1903) 

THIRD ANNUAL REDEMPTION 
INSTALMENT 


(Redemption Groups Nos. 2 and 4 
having fallen due before) 

Notes belonging to Redemption Group No.l 
will be redeemed on and after 

SEPTEMBER!, 1978 
In accordance with drawing effected on 
July 10, 1978 pursuant to the T erms 
and Conditions. 

Paying Agents: 

Amsterdam-Rotterdam Bank N.V. 
Pierson. Hddring & Pierson N.V. 

Bank Mees & Hope NV 
Algemene Bank Nederland N.V. 

in Amsterdam and 

Banque Generate du Luxembourg S A. 

in Luxembourg. 

Notes belonging to Redemption Group No. 5 
will be redeemed on and after 
September 1, 1979. 

July 51, 197S 


Western Ground Rents Db. 2Sr>c 
. TOMORROW 

_ COMPANY MEETINGS — 

Bristol Evening Past. Temple Way, Bristol. 

L s?ree" “^e Northern. Esse* Hall. Essex 

BOARD MEETINGS— 

Firm It: 

Arlington Motor 
S»»» <J- »nd J.) 

Hales progs. 

Interims: 

Citv Offices 

English and New York Tst. 

Sharpe (W. N.) 

Small shaw (R.i (Knitwear) 

Wcstlnglwusc Brake and Signal 

DIVIDEND A INTEREST PAYMENTS — 
Alliance Invest. Ob- 2pc. 

Alnwick var. Rite BOs. Red. 2CHIB1 
£5. BIBS 

American Trust SocPI. 1 JSk 
A auascntuni and Associatea Companies 
7<.-pcPf. 2. 625 k 
A rcnton <A.i O.60179O 
Associated Fisheries Ln. 4iiiK 
Atlas Assets Trust SpcPI. 1.75 k 
B 9A 5KPf 1.75K 

Birmingham 7-«« Red. B0-B2 2 iK. 9Udc 
R ed. 79-B1 4 Wk 

Border and Southern Stockholders Trust 
SpcPt. 1.75DC 

Boston 71. DC 80s. Red- 7:2(79 3»|6PC 

Braid SocPf. 1.75K 
Buna/ Evening Post 3.67o 
British Guiana 3pc 75-78 t>;k 
B raadlond lO'znCBds. Red. 27:1iB2.5AK 
Brook Street Bureau of Mayfair 8.031 » 
Bury 7J*DcBds. Red. 7 <217 9 3<*mK 
Calderdalc 9'iPcBds. Red. 2B 1IB1 4”wOC 
Caledonia In vs. Db. 3 k 
C ity Investing 75 CtS. Conv. Pt. 50 cb. 
Cleveland 7'nicBds. Red. 7.2 79 3 ” k,PC 
Continental Illinois 33. as 
Corby 1 0 i-acBds. Red. 27H.B2 SUK 
Decorum 7 So; Bus. Red. 7'2 79 JiiieK 
Danieii Breweries Db. 2 Use 
Dcbenhams 6>;pcPf. 2.275 k. 7 k pi. 

2.45K 

Dover Harbour Board 4 '.pcTndRed.Db, 
76-93 2 Hik 

Dudley 9bK Red. 79-B1 4VK 
East CambridBcsnire Var. Rate Bds. Red. 
27'1/B2 E3.S1BB 

Edinburgh 7<«ocBdi. Red. 7.‘2r79 ]"»K 
Edinburgh American Assets 4 >;kPI. 
1.575k 

Fenland BocBds: Red. soiiibo 4<^c 
Flnlav (Jamesi 1.0451 So (2nd) >oa vr. 
19771 

Foreign and Colonial Invest. Trait Dbs. 
2 ») ana 3Uoc 
Grant Bros. 7>:pcPI. 2.625 k 
G reat Ouse Water Authority 5'<K Red. 
86-88 2 -*pc 

Greek 6 k Stabilisation and Refugee Stig. 
Bis. 1 92B (Assd. with Acceptance Cert.) 
3 k 

Hepwortn >J.) 7KAPt. 2.45 k. lOuBPf. 

S.Snc. bocPt. 2.1 DC 
Hertfordshire 6VK Rod. 85-87 3*iK 
imperial Chemical inav SncPt. 1.7SK- 
Ln.* 2t«K 

Industrial and General Trust Ob. 2 'k 
I nti. Invest. Trust Db. 2 ':k 
J amaica PuMIc Services Db. 3 >ik 
lamtuit o.3d 

Lanark 7>iDCBds. Red. 712^9 3'i»oc 
Lewis Uonn) 5KPT. 1.75PC. 7pcP>. 2.45 k 
L ewis (John) Props. Db. 2 m 
L incoln 13 k Red. 1990 6 1, pc 
Lloyds and Scottish 1.7 p 
M anchester Var Rote 1891 3 k Red. 
1 941 1 i-OC 

MetroDOllar Police District 7Vxini« Red. 
7:2179 S"IBK 

Metropolitan Water Board New River 3 k 
□ b. 1 l;K 

Newcastle and Gateshead Water Dbs. 2 
2 1; tCons.l 2>i (BO-81) 3 4 5 and 
E'-:K 

North Devon 7<tpcBds. Red. 7"279 3 "i 6 k 
N orth East Uncolnsfalre Water Beard 6 'jK 
Red. 82-83 3 UK 

Dutwlch Invest. Trust SpcPt- 1 .7 5 DC. 6 k 
P t. 2. tic. 7 UncPf. 2.71 25 k- DOS. 

5. 2U ZU and SUpc 

P->rt of London Authority 5>iK 75-78 
2 UK 

Romney Trust Db. 1>ipc 
Roxburgh Var. Rate Bds. Red. Z6'Ti’83 
£3 6188 

Shell TrhWDrt and Trading TpcPf. 245 k 
S idrov 7'rKPf. 2.625PC 
South Wight 7WBds. Red. 712.79 3 »mk 
S tandard Trust Db. 2iaK '80-85) 

Sutton District Water 7 k (fmiy. 10KI 
Ord. UK. 4.9 k (Imly. 7K) Ord 
2.45K. 3.15K I Imly. «l<K> Pt. 1.575PC. 
3.BSK IlntfY. 5'iK) Red- Pt. 81-83 
(.925 k 

twair 9”.pcBds. Red. 2SHB1 «Uik 
T emple Bar Invest. Trust 7 kP1. 2.45k 
U nion Intt. TOKPf. 3.5K 
United Stairs Db. 1.1 5n. 3.85KP1. 

1.925k. Db. 2pc 

Uruguay 31;KBdS. (Assd. Bdl.) 1 Vdc 
wakehrld 7NKBds. Red. 7 279 3'»«K 
West Bromwich 5 UK 77-79 2 -‘ik 


wiun invan. aijnePf. i.225ne. Db. 3J«c 
Young Brewery 6 kPT. z.Ik 
• WEDNESDAY. AUGUST 2 . 

_ company Meetings*— 

c i*?t.Gas. 2. Devon* Mr* Sauarr. E.C.. 
ID SB 

Eva mas.. Midland Hotel. Peter Street. 
Manchester, n .45 
Halmo. Dorchester Hotel. W . 12 
imperial Continental Gas. 100.. Old Broad- 
i^ tTF T I - EC *- 11-30 

Wamlord Invesr.. 20. Alderman bury. E.C., 

BOARD MEETINGS— 

Finals: 

Acrow 

Golihigton Textile Pnntcrs 

City ot London Brewery and Inv. Tst. 

Dixons Photographic 

Gncme Photographic Prod*. 

RFD 

Sompanex 
baring and GlLkrw 
Inlcrims: 

Canning iW.i 
Gaunt I Rowland) 

Veeeeniglng Retrsctdrirs 
Yeoman inv. Tst. _ 

DIVIDEND & INTEREST PAYMENTS— 
Anal ^Transvaal Consolidated Invest. Org. 

A 55. B34992B- PI. 31.O1039P 

Anglo- Transvaal Inds. 12 4077 S bp 
Boston 1 0K Bds. Red. 2iB'7B £5.1644 
Cnngldlon llJ>KBds. Rod. 2517*79 5'iisK 
Crewe and Namwtch IOkBOs. Red. 2i6i78 
£5.1 644 

Eostnnoton ISliPcBds. Red. 21,7.78 6 °ii£C 
East Lindsey lOKBds. Red. 2678 
£5,1644 

Eastern Transvaal Consolidated Mines 
15.S09S95P 

Erewash lOpcBds, Red. 218 78 £5.1644 
Gwent 1 1JtKBds. Red. 25.7179 5”«,K 
HoCkncv H <sKBdS. Red. 25'7'79 5"i.K 
Halton 11 hiKSts. Red. 25.7:79 5"i<.m 
Harrogate IIVkBOs. Red. 25.7179 5"nK 
HarteScestfi 


Mic Etectrie. AbBrcom Rooms. E.C.. 12 
Fuller Smith and Turner. Griffin Brewery. 
Chiswick. 11.10 • 

Pttman. Connausht Rooms, Great Qutcn 


Wytiwuhawo, 


Gold 


Mining 


lontcln 

108.5678650 
Huntingdon .and Peterborough County 
9i*K 81-83 4>>K 

MvarcIydD IDtcBds. Rod. 2 8170 £5.1644 
Lothian lOKBds. Red. 2)878 £5.1644 
Medway 13'aKBds. Red. 2U7IB2 6 v uK 
Newport lOKBds. Red. 2SI7B £5.1644 
North Hcvtfordsmre lOpcBdS. Rod. 2 8.76 
£5.1644 

Orkney islands 11'tKBds. Red. 25.7.79 

5 1 1 16 DC 

Renfrew lOpcBds. Red. 3.178 £5.1644 
Slraihkclvln 1 Q pc Bds. Red. 2:8.78 £5.1644 
Sideline Speakman 1.06B2 b 
T amcslde IIHKBris. Red. 25.7.79 5 »mK 
T-n-^ny ki C'iii 6p 

Woods® ring lOpcBds. Red. 2,'B78 £5.1644 
Zandnan Goro Mining 18JD144D 
THURSDAY. AUGUST 3 
COMPANY MEETINGS — 

Anglo- Indonesian. 37. Queen Street E.C.. 

Anderson Strathclyde. Central Hold. 

Glasgow, 1 2 

Bradford Prop. Trust. Victoria Hotel. 

Bradford West Yorkshire. 1 2 
Christy Bras- 171. Broomfield Road. 
Chelmsford. 12 

Chestcmeid Props., Washington Hotel. W. 
Essex. 11 

Chloride. London Hilton, Park Line, W. 
11.30 

Crnpper (Jameoi, Burneslde Mills, Kendal. 


Renew. Ren old House. 

Meneposter. 2.30 
valor. 4. Dowgate Hill. E.C., 12.13 
BOARD MEETINGS — 

Finals: _ _ 

Austin (jsnjM) Steel 
Best and May 
Black CPctdr) 

Firth (G. M-) Metals 
James (Jofirf) 

Kennedy (AJIan) 

Malaysia Rubber 
Midland Tst. 

Ransom Wffl.l 
Interims: 

Adams and Gibbon 

Hoover 

Law ‘Deb. 

River and Mercantile Tst. 

Taco 

Vantona 

'^'□("vi^ENp *6 INTEREST PAYMENTS— 
Atbuthnot Latham 6^3 pc 
C onsolidated BulMonteln Mine - S cts. 
Fortntun .and' Mason Ord. 17.3o 
GMunaland West Diamond Dutlotspan 

G!nldrerd S i2MUs. R « 8 i. 257 ,B * 
inwrgordon -Distillers 1JS5S4P 
Killing halt Tin 5f)p _ j __ „ 

Newham lOeKBds. Red. 1IB79 S’iHpc 
RandforrtPln EdtaMs Gold Mining 20D cts. 
SBItemwIn Gold Mining 16 cti. 

West Rand Consolidated Mines 7'j cts. 

FRIDAY, -AUGUST 4 
COMPANY MEETINGS — _ ^ 

Brickhause Dudjmr. 225. Hagiey Road. 
Birmingham. TZ 

British Dredging. Royal Hotel. St. Mary 
Street. Cardiff, 12 

Ferguson ind.. Appleby Castle. Cumbria. 


69. Fafrheld 


;7 u»n 

Radiant Metal Finishing. 

Seapa!' Saxon ion Motet. Blackburn. 11 JO 
Smith (David S.), Kingsley Hotel. Blooms- 
bury Way. W.C.. 12 
Tecaiofftlt- 77. London Wall. E.C.. 12 
noego MEETINGS — 

Final: 

Phn i- Timber 

DIVIDEND A INTERE5T PAYMENTS — 
Amber Ind. 0-5446p 
Anderson Strathclyde 1.832p 
Anglo American Gold Inv. 100 cts. 
Brown f Matthew) l.lp 
Brunner Invest. Trust Ord. l.BSn 
BuBdsfontetir Gold Mining 110 cts. 
C.G.S.B. 0.44p . 

Comet Radiovision 1.3106SP 
Continental and Ind. Trust 4,1 So 
Folkestone and District Water 7 k ('m!y. 
lone] Max. Ord. 3 Spc. 4.9K Ifmlv. 
7 k) Max. New Ord. 2.45K. 3.5K 

(Imly. 5pci Max. Ord. i.7Sk 
H enderson U. and W.i 4.271 So and 4p 
Jermyn Inv.. 1.59531 5n 
MansAeld Brewery 5.1 9 n 
Mllburv 3.3p 

Northern Goldsmiths 12169a 
Radiant Metal Finishing 1.35p 
Scottish Eastern Invest. Trust 2p 
TecsIetrHt 3X482p 
Trwlev Foundries 3.057 P 
W.G.I. 3. op 


Shelter attacks secrecy 
over council houses 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


LOCAL AUTHORITIES are allo- 
cating council bouses in ways 
which are “secretive and open 
to corruption,'' according to 
Shelter.'the housing action group. 

An article in Roof, the group’s 
magazine, claims that although it 
is generally recognised that 
council housing allocation 
policies need to be altered, there 
has been very little voluntary 
change over the past decade. 

Last week, the Labour Party 
said that allocation policies 
should be based on “publicly 
available" criteria. 

The article, however, suggests 


that one in five local authorities 
still refuses to make available 
any detailed information about 
its allocation scheme, while a 
further 11 per cent do not 
publish their scheme In any form 
and will only answer direct 
questions from applicants. 

Of the authorities that did 
publish, one in four restricted 
the amount of information made 
available. The most usual 
omission concerned the 
operation of the points scheme, 
under which an applicant's 
eligibility is totted up according 
to their creum stances. 


This week’s business in Parliament 


TODAY 

COMMONS — Lords amendments 
to Transport Bill. Motions on 
Drivers' Hours (Harmonisa- 
tion with Community Rules) 
Regulations and Community 
Road Transport Regulations. 
Scottish Orders. 

LORDS— Dividends Bill, commit- 
tee and remaining stages. 

TOMORROW 

COMMONS — Consolidated Fund 
(ADpropriation) Bill. 


LORDS— Transport Bill, con- 
sideration of Commons 
reasons. Parliamentary Pen- 
sions' Bill, consideration uf 
Commons reasons. Family 
Income Supplements (Compu- 
tation) Regulations. Rateable 
Value Orders (Scotland). 
Valuation List (Second Post- 
ponement) Order. 

SELECT COMMITTEES-^ToInt 
committee on Statutory Instrur 
nwits. 4.15 nm Room 4. 


WEDNESDAY 

COMMONS — Debate bn Rhodesia. 

LORDS-r-Consolidated Fund BilL 
Royal Assents to Bills. House 
rises fbr summer recess until 
October 24. 

■\ THURSDAY 

COMMONS — House meets at 11 
■ am. Questions until noon. 
Adjournment debates until 5 
pm. House adjourns for 
summer recess until October 
24. 


Businessman’s Diary 


U K. TRADE FAIRS AND EXHIBITIONS 

Date Title Venue 

Aug. 2 Third National Sheep Demonstration Kenilworth 

Aug. 3—6 The Enterprise North East Exhibition Aberdeen 

Aug. 13 — 17 International Gifts Fair Olympia 

Aug. 22—24 Education and Communication Technology Exbn. Holland Park School, YV.S 

Aug. 26 — Sep. 2... International Motor Cycle Show Earls Cuurt 

Sep. 3—7 Internationa) Watch and Jewellery Trade Fair Earls Court 

Sep. 3 — 7 Giftware and Fashion Accessories Trade Fair Bristol Exhibition Centre 

Sep. 5 — 7 Electronic Displays Exhibition Mount Royal Hole!. London 

Sep. 11 — 14 Electrical and Electronics Exhibition Bristol Exhibition Centre 

Sep. 17 — 20 Autumn Men swear Fair Earls Court 

Sep. 19—21 Firefighting and Prevention Exhibition Easi bourne 

Sep. 24 — 27 Menswear Association Exhibition Harrugjie 

Sep. 24 — 27 International Garden and Leisure Exhibition Nat. Exbn. Centre. Birmnghra. 

Sep. 25—29 Furnaces, Refractories, Heat Treatment and Fuel 

Economy Exhibition and Symposium . Nat. Exbn. Centre. Birmnghm. 

Sep. 26 — 2S Mailing Efficiency Exhibition Bloomsbury Centre Hotel 

Sep. 28 ...'. Petroleum Equipment Exhibition Trectops Hotel, Aberdeen 

OVERSEAS TRADE FAIRS AND EXHIBITIONS 

Current International Fair (el. Aug. 20t Damascus 

Current 16th Overseas Import Fair (cl. Sep. 3) Berlin 

Sep. 5 — 8 Third International Offshore North Sea Technology 

Conference and Exhibition Stavanger 

Sep. 3 — 5 lnt. Hardware. Tools, Household Goods and Gift- 

ware Exhibition Basle 

Sep. 9 — 15 International Leather Week Pans 

Sep. 11 — 15 International Electro and Mining Exhibition Johannesburg 

Sep. 11 — 15 International Mining Exhibition Belgrade 

Sep. 12 — 15 International Congress and Exbn. on Data 

Processing Berlin 

Sep. 13 — 17 Int. Trade Exhibition for Home Improvements Stuttgart 

Sep. 19 — 22 Coffee Symposium and Trade Fair Montreux 

Sep. 22 — 25 Exhibition and Trade Fair of the Turkish Textile 

and Ready-to-Wear Industry Basle 

Sep. 24 — 27 Quojem: Hardware Trades Exhibition for retailers. 

wholesalers and manufacturers Paris 

BUSINESS AND MANAGEMENT CONFERENCES 

Aug. 7 — 11 Turkish Ministry of Foreign Affairs: Seminar un 

the new international economic order Istanbul 

Aug. 7 — 11 British Safety Council: Advanced Management 

Course London 

Aug. 14— 16 Exeter University: Toxic Dust Problems in Industry Exeter 

Aug. 14 — IS ABRAXAS: Synectics — Innovative Skills G'S, Churchway. N.W.L 

Aug. 21 British Institute of Management: Selection inter- 
viewing — Theory and Practice Parker Street. W.C.2 

Aug. 29 — Sep. 1 . Institute of Personnel Management: Practical Nego- 
tiation Skills Homing ford Grey. Cauihs. 

Aug. 30 — 31 Financial Times: World Aerospace . . Royal Lancaster Hotel, Wi 

Aug. 31 — Sep. 1 . Brit. Inst, of Management: Effective Speaking — 

Practice and Coaching using closed circuit TV Parker Street. W.C.2 

Sep. 3^—7 Esomar: Value for Money in Market and Social 

Research Britt ol 

Sep. 3 — B British Veterinary Association: Annual Congress Lancaster 

Sep. 4 — 5 Brunei Univ.: Ergonomics nf Wnrkplare Design Uxbridge. Middlesex 

Sep. 4 — 5 Local Authorities Management Services: Negotiat- 
ing Skills Leicester 

Sep. 4 — 7 British Fanner and Stockbreeder: Outlook for the 

English Wine Growing Industry Wye College. Kent 

Sep. 4 — 8 Institute of Personnel Management: Work of the 

Personnel Department Embassy Hotel. W.2 

Sep. 4 — S BAC1E: Techniques of Instruction. Part 1 Suekvtile Hotel. Hove 

Sep. 5 — 6 Institute of Personnel Management: The Secretary Whiles Hotel, W.2 

in Personnel Management 

Sep. 6 Brunei University: Noise in industry Uxbridge, Middlesex 

Sep. 7— 8 Brit. Inst, of Management: Management Accounting 

for N on-Financial Managers Parker Street. W.C.2 

Sep. 7 — S Brunei University: What is organisation develop- 
ment? Uxbridge. Middlesex 

Sep. 10 — 15 Inst, of Personnel Management: Advanced Inter- 
viewing and Assessment Skills Oxford 

Sep. 10 — 15 Bradford University: Practical Skills of Managing 

People at Work Bradford 

Sep. 11 Brit. Inst of Management: Unfair Dismissal Parker Street. W.C.2 

Sep. 11 — 15 Abraxas: Synectics — Innovative Skills 6S Churchwuy, N.W.l 

Sep. 11 — 15 ...... Brunei University: Production Management and 

Human Behaviour: also — Workplace 

Negotiations ... Uxbridge, Middlesex 

Sep. 11—15 lost or Cost and Management Accountants 

Summer School: Achieving Productivity and 

Reward Farnborough, Hants. 

Sep. 11 — 29 Brit, Transport Staff College: Strategies' in 

Passenger Transport— Present and Futbrc Farnborough, Hants. 

Sep. 12 i CAM Foundation: Selling Solutions— not just 

White Space Daily Mirror, E.C.4 

Sep. 12—14 lost Personnel Management: Manpower Planning Whites Hotel. W.2 

Sep. 13 — Henley Centre: Background Forecasts for 

Corporate Plans and Budgets to 19S3 Carlton Tuwcr, S.W.l 


CONTRACTS AND TENDERS 


DISTRICT CONSORTIUM ‘ BRIANZA MILANESE AND 
EST MILANESE’ FOR MUNICIPAL SOLID WASTES 

DISPOSAL 

International tender for the design, construction and possible running in 
of a municipal solid wastes recovery and disposal unit 

This lender represents a formal invitation for Italian and foreign firms or 
pool of firms who intend to participate. 

Bidders are invited to quote for design, construction, supply and possible 
management of one plant for recovery and disposal of solid wastes produced 
by the municipalities uf the above consortium, according to the tender 
specifications and its enclosures. 

Bids to bo addressed to: Segretevia del Consorzio Brianza Milanese — via 
Palest ro, 33— Seregno -tMilano) within the tender dosing date 12 a.m., 
October 31st, 1P7S. 

Copies of the contract spedfication and its enclosures can be obtained from 
the Segreterla del Consorzio. 

AH requests should be in Italian. ^ 

A ropy of the tender has been sent today to the Official Publication Office 
of Ctit. 


The Secretaries 
Franco Cierosa 
Nazario Carnhini 


The Chairmen: 
Vigilio Sironi 
Alessandro Cantu 



GENERAL AUTHORITY FOR THE 
REHABILITATION OF GINNERIES (GARG) 
Modernisation of the Ginning Industry in Egypt 

‘frisp I Uf the modernisation of the Egyptian cotton ginning 
ndm-try is a project financed jointly by ihc International 
levelnpniont Association (IDAi and the Saudi Fund for 
icvHojmiL'jit (SFD). parr of which, ihc rehabilitation of six 
;inncni‘s. requires the following: — 

Fabrication and supply with an option for erection of 
abuul 2.600 tuns nf structural steelwork for framed 
buildings. A further option may be requested for 
assuriatod roof and wnii corrugated sheering. 

■hn rteniwurk Is to be in accordance with tht relevant British 
tandards or thrir equivalent. Detailed designs will be 
repared by C.AUU’s consulting engineers. L. H. Manderstam 
nd I'artnrrs Ltd-. London, but interested organisations may 
isn offer their own equivalent design.* 

JAR r, invites interested organisations, from World Bank 
icrnbcr countries and Switzerland, to furnish such details ax 
i ay qualify them to bid for the supply of the above-mentioned 
iatcn.il. • 

>etai]s. which will include evidence of the successful 
miiplciicin taf similar contracts, company status and any other 
clevam information, should be submitted to one of the 
ullowiqg ;:<kirc35cs by I5th September, 1978. 

L. H. Mundersbim & Partners 
35/37 tlrnswiu*r Gardens 
London SW1W UBS 
England 


or 


;.\rg 

•H! -4 El TUaj’cr fcu titling 
• ue S.iliii ziutiutii 
•lexandri.f 
>U. Egypt 

.hi.itir.ving companies will lie notified at least twu weeks in 
ilvantr of ihc sale of bid ducuimrnis. exported for second 
uif uf llctubur. 


CONTRACTS 

AND 

TENDERS 

Rate: £13.00 
per single column 
centimetre 

For further details contact: 
FRANCIS PHILLIPS 
on 01-348 8000 Ext. 456 


REPUBLIC* DE PANAMA 
INSTITUTE) DE RECUR 50 S 
HIDRAUL 1 COS Y BLECTRIF 1 CACION 


NOTICE OF PRE-QUALIFICATION 
ANNOUNCEMENT 

Be i: known by This means that the 
Director General oi the Institute de 
Recurs os Hldraulicos i Etectrihaclon 
of the Reauhllc ol Panama, lor the 
purpose ol pre-oua Wring the list ol 
firms who aualfy lor the Fortune 
P reject development, will accept pre-. 
Qualification applications at the 
Deoartamento de Proneedurla def 
institute de Recursos Hkfraulicos y 
Eiectrrtraclon 'JR HE'S Procurement 
DeoartmenU offices located in Edifltlo 
Poll. Avnida Justo Arosemena and 
Calls 27 fate, in Panama City. Panama, 
until September 15. 1978. Ik Public 
Pld No. 535-79 pertaining -to Civil 
Works 1 ol the Fortune Proiett. 
embracing the tolfonlngt 

1. Preparation ol terrain and opera- 
tion o* aairrv lor construction 
of a Dam involving the following 
approximate eacavatlon Quantities: 

a. Common racavatkun 1 -5 million 
cubic metres; 

b. Rock excavation: 550.000 cubic 
metres. 

Z. Construction of cofferdam for 
closure ol rlrer Bow. Involving 
the following dimensions' 20 
metres in height ana an approxi- 
mate volume of 60.000 cubic 
metre*. 

L Construction ol a lined diversion 
tunnel: 9 metres - cl ia metre . horse- 
shoe section and 240 metres long. 

4. Construction ol a Rockfill Dam: 
60 metres in height SOO.Ooo 
cobK metres In volume, with 
upstream concrete face, ungated 
spillway and apocurtenant works, 

IRHE will welcome the participation 
0! Joint ventures In which local con- 
tracting firms mav take part. How- 
ever. this factor shall not be taken 
into consideration for bid evaluation 
purposes. 

Firms who were previously accepted 
in the or e-pua Mi ration for the overall 
Fortune Protect Civil Works, and who 
desire to participate an the pre- 
oojlih: jLron- are hereby notified that 
only The suhmittai o* oertinetw up- 
dated additional information will 
suffice for them to apply 

IRHE has obtained from the Inter- 
national Bank <or Reconstruction and- 
Development loan No. 1470-PAN. 
made up cf various currencies and fur 
in amount equivalent to FORTY-TWO 
MILLION US. DOLLARS 

iU5t42.ODO.OOa). to contribute to the 
defraying of Fortune Pra'ect cost. In 
accordance with World Bank regula- 
tions only those pre-quallbeailon 
applications from Contractors estab- 
lished In World Bank member countries 
and Switzerland will be accepted. 

»RHE intends to reeaesl bids From 
pre-ouaiified contractors for the works 
during the las: smarter of 1978. 

Instructions for pre-oualincation of 
firms will be given separately upon 
receipt pt application. 


CAPITAL DEVELOPMENT AUTHORITY 
DODOMA - TANZANIA - 
INTEGRATED CONCRETE INDUSTRIES 
PREREGISTRATIO.V OF TENDERERS 

The above Authority invites interested organisations to submit 
credentials for consideration for pre registration of tenderers 
for Phase li of the quarry and concrete products complex for 
Dodoma, Tanzania. Tenders will be called for mobile quarry 
plant, crushing plant, tile-making plant, pipe and vibrated 
products plant, bituminous roadstane' plant and associated 
facilities. 

Tenderers are required to have proven operational experience 
and they will be required to provide to the Authority 
operational and management assistance for a period of up to 
five years after commissioning. 

Construction of the works is scheduled to be completed in 
nud-19S0. 

Submissions .for preregistration must be received by August 
14. 1978. addressed to Ihe Capital Development Authority c/o 
HRPL-CMPS Joint Venture Consultants at the Consultant's 
Head Office in Australia with copies tu their Dodnma and 
UK addresses. 

Interested organisations should make contact immediately to 
oblaio further information and a questionnaire from: 
HKFL-CMPS JOINT VENTURE CONSULTANTS 
369 Royal Parade 9 Pickhursl Hoad PC Box Sli 

ParkviJJe Vic 3052 Chiddingfold Dodoma 

Australia Surrey GU84TS. UK Tanzania 

Telex: AA30680 Telex: S3177 

Tel: (03 ) 3471311 Tel: (042S79J 3077 Tel: (Ob‘1) 20421 



Lembaga Letrik Negara Tanah Melayu 

National Electricity Board of the States of Malaya 
Bersia and Kenering Hydro-Electric Project 
Electrical Equipment 

TENDERS ARE INVITED FROM MANUFACTURERS FOR THE FOLLOWING: 


CONTRACT No. 5734/21 — TRANSFORMERS 

This contract comprises the supply, delivery and 
erection of the following packages: 

Package A — Bersia 

1. Three (3) 22.5/30 MVA three-phase 50 Hz, 
295 kV, 1,050 kV BIL ONAN/ONAF oil 
immersed, forced air cooled generating unit 
transformers. 

2. Nine (9) 288 kV station class lightning 
arresters (surge diverters) for mounting on 
power transformer as in (1) above. 

Package B — Kenering 

1. Three (3) 37.5/50 MVA three-phase 50 Hz, 
295 kV, 1,050 kV BIL ONAN/ONAF oil 
immersed, forced air cooled generating unit 
transformers. 

2. Nine (9) 2S8 kV station class lightning 
arresters (surge diverters) for mounting on 
power transformers as in (1) above. 

Tenders will be accepted for each Package 
separately or both Packages as one Contract- 
Tenderers shall be manufacturers or consortia 
of manufacturers of the items described, and 
should have had previous experience in the 
design and manufacture of equipment having 
the characteristics described. 

Full details of manufacturers’ experience and 
their technical and financial competence must 


be forwarded with their application not later 
than September 1. 197S, to: 

Project Manager 

Bersia and Kenering Hyrirn-Eleetric Project 
The Shawinigan Engineering Company Ltd. 
620 Dorchester Blvd. West 
Montreal, Quebec, Canada H-3B INS 

with copy to: 

Project Engineer 

Bersia and Kenering Hydro-Electric Project 

Hydro-Electric Division 

4th Floor. National Electricity Board 

129 Jalan Bangsar 

P.O. Box 1003 

Kuala Lumpur, Malaysia 

accompanied by a documentation fee of USS250. 
international bank draft or monev order, pay- 
able to LEMBAGA LETRIK NEGARA TANAH 
MELAYU. 

Tender Documents will be issued by: 

Project Manager 

Bersia and Kenering Hydro-Electric Project 
. The Shawinigan Engineering Company Lid. 
620 Dorchester Blvd. West 
Montreal, Quebec, Canada H3B INS. 


The document fee will be refunded only 
applicants not issued the tender documents. 


tn 


Tenders shall be delivered at the head office of LEMBAGA LETRIK NEGARA TANAH MEI.AYU. 
129 Jalan Bangsar, Kuala Lumpur, Malaysia, on the dates indicated below, but the exact dale and 
place for submission of tenders will be specified in the tender documents. 

LEMBAGA LETRIK NEGARA is not bound to accept any application or to accept the lowest or any 
tender. LEMBAGA LETRIK NEGARA is not liable for costs incurred by tenderers in preparin'"- 
tenders. 


5% 


Document .Issue: About October 1, 1978. 


Tender Due: About February 1, 1979. 



’i 

■■vl 

■ it 

i V 

■ 



21 


Financial Times Monday My SI 197S 


(JVKRSt'AS MARKETS 


CURRENT EUROBOND ISSUES 


INTERNATIONAL. MARKETS 


BY FRANCIS GHILES 


Borrowers 


Amount 

m. 


Av. life Coupon 
Maturity yew % 


Price 


Lead manager 


Uncertainty remains the keynote 


UNCERTAINTY rrni. lined the 
kejnotc of iho international bond 
liuirkct l;:»t Meek i lupus uf a 
ret-mery winch had arisen the 
week he tore did nut iii:ncria1i«u 
d'.-'Piie iln> sharp upward move 
:n pru-e> in the dollar sector on 
Friday mornin-j. 

A senes of factors conspired 
in push prices up in the dollar 
•eel nr i*n Friday nmt-mne but 
after increasing hy as much js 
three liuartur.; of a point in some 
cases names ended Ihe day 
where they had started. The 
l>. lnuney simply flmires were 
uiiorl. ihe Chairman of the 
Federal Reserve. William Miller 
had sue Justed that interest rales 
!:ncht snon peak out (rates on 
six month dollars did fall 
between last Thursday and Fri- 
ll fn-iii 5*1 in S ■ -!J while the 
i iCOD in its six-monthly Econo- 
xm ic Otitluuk said that if the 
crniimiiiuenis made by the major 
indii.-iri.d nations ai the Bunn 
sum in it were implemented 
CP-ater siabilily uf major 
currencies would ensue 

However. hy the end of the 
morning .nine of the enthusiasm 
hail ei.ipor.itud. The dollar 
reached record lows ucainst the 
y.-n and the Swiss franc. In the 
bund markel. -hnri coverintt. 
prom pi ci l by this heins the end 
of the tiki mh --ave way lu profit 
lakm-j and prices fell back to 


their opening levels. Most of the 
trading was professional, as it 
had been throughout the week. 

The increase in the price of 
gold to over £!0Q an ounce on 
Friday afternoon was symbolic 
of this renewed uncertainty: the 
ru-sli into gold is traditionally a 
fair barometer or investors' lack 
of confidence in other instru- 
ments uf investment. 

One new convertible issue Tor 
Coen Cola Bottling Company and 
a Heating rate serial note for 
Panama i which will pay an in- 
terest rate or 1 per cent above 
LiBORj were the only new issues 
last week m the dollar sector of 
the Eurobond market. 

A Ji30tn three-year floating rale 
certificate of deposit from Bank 
oF Tokyo is expected this week. 

In New York a new Yankee 
bnnd was announced for the Ex- 
port Development Corpoartion of 
Canada. 

The most interesting develop- 


ment in New York however was 
the final pricing of the Citicorp 
floating rate issue. This clearly 
went much less well than its 
sponsors hoped at the beginning 
of the offering period and the 
size was cut and the terras 
amended from the minimum 
levels indicated to make it more 
attractive to investors. The 

amount was cut from the S250rn 
originally scheduled to S*200m. 

As originally specified, the 
terms were fixed in advance for 
the last ten years of the 20-year 

final maturity but left. open for 
the first ten years with indica- 
tions of rninimums being given. 
The minimum for the margin 
in the early half of the issue’s 
life was indicated at 100 basis 
points while it was stated that 
the lowest level the minimum 
rale would be set at would be 
7 pec cent. 

In the event the m-inimum 
rate was set at 7j per cent for 


BOMDTRADE INDEX AND YIELD 

1171 

July 21 High Low 

99.10 a. 07 91.84 (19/« 98.9b (29/0) 

1.76 92.7* 8.78 94.07 02/4) 92J0 (29/6) 

EUROBOND TURNOVER 
(nominal value In Sin) 

US. dollar bonds Other bands 

Iasi week previous week Iasi week previous week 
.. L 773.8 91S.1 240.4 1SSJ 

. 601.9 *0.6 1975 199.0 


Medium icrm 
Long term 


Euroclcar 

Ccdcl 


July 28 
99.05 LN 
02.81 


the first five years and 7 per 
cent for the next five while the 
margin to be paid over the 
Treasury bill yield equivalent 
was set at 120 basis points for 
the first five years and 100 for 
the next five. 

The Deutscbemark sector con- 
tinued to fare badly last week 
and the new issue calendar has 
been restricted. The size of 
West "German Government deficit 
financing continues to unsettle 
the domestic bond market which 
was again heavily supported by 
the Bundesbank last week. The 
Central Capital Markets Com- 
mittee has halted any new 
domestic bond issues for the 
time being: it is scheduled to 
meet again on September 12. 

Conditions on the German 
domestic market were more 
stable on Monday and Friday but 
the Bundesbank was still forced 
to take up DM O.Sbn in paper 
last week. This means that the 
central bank has been “ in the 
market " for DM 3bn in just 
three weeks trading — easily a 
record for such a short period. 

There were signs on Friday 
that markets may have begun to 
find a new level: dealers were 
hopiDg that yields of 7 per cent 
for ten year mortgage bonds 
would prove a pbsycological 
sticking point since real returns 


are now at something of a peak 
level. For their part, the 
issuing authorities were clearly 
at pains to assure markets that 
any new found confidence would 
not be unsettled by new issues. 

Apart from a private place- 
ment for U.S. Uni royal and a 
straight bond for Nippon Steel, 
a DM 65m Issue was expected 
early this week for Mitsubisni 
Petrochemicals. The indicated 
coupon for this five-year bond is 
expected to be 5} per cent with 
a five-year maturity. It will be 
arranged by Westdeutsche 
Landesbank. 

The recent weakness of the DM 
sector seems to have prompted 
the Central Capital Markets 
Sub Committee to decide that 
ail bonds and private place- 
ments for South African 
borrowers in excess of DM 20m, 
be they for short maturities, 
should be agreed in advance 
and included in the monthly 
calendar of new issues. This 
should help ensure a more 
steady market 

Reuter reports from Tokyo 
that the Goverments of Finland 
and Mexico and CompanhJa Ener- 
getics de Sao Paulo are planning 
to float Yen denominated bonds 
in the Japanese capital market in 


US. DOLLARS 
tfBanque Ext. d'Algerie 
ifStandard Chartered 

ItAlahaii Bank 
ftCharterhouse japhet 
§Coea Cola Bottling 
t Panama 


35 

1984 

T 

8J'i 

100 

100 

1990 

12 

5i« 

100 

25 

1983 

5 

5M 

100 

10 

1985 

7 

6 !i 

100 

♦ 

25 

1993 


61 


50 

1992 

7.72 

7 il 


125 

1983 

— 

— 



First Boston (Europe) 
EBC. Schroder* Mon, 
Sean. 

West LB 
EBC 

Bljrth Eastman Dillon 
Dillon Read Overseas 
Salomon Bros., Wood 
Gundy 


D-MARKS 

tN urges Kommunalbank 100 
$§AI! Nippon Airways 100 
{World Bank 200 

{World Bank 200 

Chase Manhattan 100 

"US Rubber Uniroyal 35 
Nippon Steel 100 

(g'teed Ind. Bfc. oF japan) 


YEN 

World Bank 

SWISS FRANCS 
{Gen. Zentralbank 
{Euro tom 
Denmark 


75bn 


100 

80 

1000 


1993 

123 

ii 

100 

Nomura 

6.61 

1993 

rt.au 

4J 

991 

UBS 

455 

1983 

nJ. 


TOO 

Credit Suisse 

435 

1990 

na. 

Ak 

100 

UBS 

450 


• Net ret priced, t Fuel terra. -• Placement. t Float! a* rate. note. _ ll_ Minimum. 5 Convertible 
tt Registered with U5. Securities and Exchange Commission. 1 Puichase fund. 

Norm Yields are calculated on AIBD basis 


October. The size of these issues 
has yet to be decided, pending 
developments in the primary and 
secondary markets for Yen 
denominated issues by foreign 
borrowers. The uncertainty of 


the Yen-Dollar exchange rate is 
also a matter of concern. 

The Mexican Government post- 
poned an issue originally sche- 
duled last June in view of market 
conditions. The only Yen deoomi- 


Offer 

yield 

o/ 

/a 


8.551 

S-8’1 

5J58'.' 

6.09:1 


1990 

8 

6 

100 

West Lb 

6 

1988 


31 

100 

Deutsche Bnak 

3.5 

1984 

6 

SJ 

9U 

Deutsche Bank 

585 

1988 

10 

6 

98 

Deutsche Bonk 

6.28 

1993 

10.75 

6 

* 

West LB 


1984 


5.75 

99 

BHF Bank 

5.95 

1985 

7 

S3 

m 

Deutsche Bank 

• 


nated hond expected before 
October is n Y50bn offering from 
New Zealand which decided 
recently to postpone for a few 
weeks the originally planned sign- 
ing date of August 15. 


N.Y.S.E. ALL COMMON 


Indices 


Rises and Fall* 

■ July 2S , July 27 ! July &• 


Jll't 

n 


•I III v 


July July 

M ;!) 


j l!*7S ' 

l.-iw- im.Ip.. ; 1.881 I 1.887 1.887 

: Hire 960 1.0G3 ' 981 

■ r-vn 1 1 Ann 


NEW YORK —DOW JUNES 


tvil* . . 

l<n -liaiive-i 



I. .Inlv 

.1 ■ 1 1 x Jill* JilLV ililM 

-•* .i-? 21 i -1 

1- 

'1 “ 

, Mfiei- isini|,'>ai'n 


Mic" | 

L-« 

j Hi C i< 

1 Liiit 


?'is.:9 8ats: 

347.1? SJS.57 661.60 855.45, 

4t+.t 1 

/4..I2 

j IDbl./LI 

4 1.22 


• sr*5 37.48 

07.2? 87.18 37.70 87.20 

i+.e. | 
7U.Sc : 

ii.r/:i 

tD./S 

|< ll.l.Va; 



:^e. 3 t2JS.tr 

558.00. 135.05 2J#.#5 22T.S6 

J 1 1 

258.51 i 

ill/i 
1? .al 

1 il . .88 i 

13.23 

1 ll..::— .... 

IQS. IS 106.02 

108.96 105.98 105.38 105.07 

■ j 
• I./.., . 

i4l) 

102. ,4 

■ < i '/,S /, | 
166.62 , 

,eii ,32) 
IUJio 

1 T-» l.lis 

' 13.970 3J.9S0 36.630 35.4Q0 25.380 36.080' 

>3 ll 

i&iVt 

! 

1.7:442) 

• )'.,.. 

'•? ll •*Nn1I||I 

i-l I" -Ill \ll4lU-l .» 

* 






■lull \ 1 .lull l» 

lu i 

■ ileai tpi-niv., 


55.16 65.50 56.61 SS.27 »e.4u *e.l< vn turned 1 

1 it - (v) ih.Ji .Net* Hicli- 

Sen l/.w ...I 

MONTREAL 


July • .Inly ! July 
26' j ET j V> 


ln-1u**rw 

Oxn* 1 ”!* 1 


1 192.40 190.82 1*1-11 
200.84 198. 65* 198.01 


July l 
2S 


537 497 I 472 

384 387 ■ 434 

144 121 ■ 118 

10 1 B 16 

I47f 


Hugh 


190.17 192.40 C£f?i 

19511): 200.84 <28.7. 


IU2..-U i)e& 
1/0.62 i30.1 1 


TORONTO 1189.5 1187.3 H8t.fi 


JOHAN NKbRUMU 
dual 
ln.lil -1 rm 


259.5 255.0 254.6 
252.0. 251.2 260.9 


IIM.? 7189.6 i28/7i 


252.4 } 

251.4 f 


253.5 1 28 7i 
■&..! (29,7) 


-rab.2 i30/ 1 » 


114.0 I2U/4) 
194, r (13/3) 


Jmy ZS 

PnL-e 

luu. 

+ nr 

tin-. 

i. 

KM. 

* 

A Ml 

80.3 

—0.2 



Alnaiu Ven+ li...’ 

479 

+ 2 

31-2 3 3 

BMW 

268.5 

h.4.5 

20.0: 

5-2 

B.AbP u 

13S.4 

—0.2 

10,/fi' 6.9 

Haver. ' 

139.7 —0.8 

ia.r: 

b.7 

uvn-Uv,D _...- 

290.2 


20.1 3 

4.9 

Barcr-5 ereiiL-bk .' 

bttU.b 


10 

2.7 

D6tlnLN«l.wn- 

ISO 


— 


Comnier+lank 

233 


36.56-11.3 

Com CiummL ■ 

03 

1.1 

— 

- 

lkunner B«,l- 

319 

— l.a 

20.1? 4.4 

Ueuu‘K« 

263.5 

-1.5 

1/ 

3.2 

Demax. — - 

165.5 

+0.4 

14 

42 

DeuLsche Hank„. 

508 

+ 2 

20.12 

4b 

Dre-dih.+ Bank.... 

244 

-0.2 

20.12 

5.7 

Dvckerboff Z«nii . 

200 

-4 

9.3b 

23 

i*uteboffuunu-...t 

209.5 


12 

2.9 


Jn>\ 

28 


Hr*. 

Hull- 


NIC | IVIB 

Hifil. Ij>« 


Jim I I’re- I Wlc I 187' 
LB ' vi'Hi- ! Hiah ! lew 


6.62 


4.81 


SI AN HAS U AND POOKS 


l 


J Hl\ al«H\ 

_7 , _*n 

i l 

In v ‘ July 
:/■ , 2» ! 


I9i- 

7<nye Cumpnal'n 

t 


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H-l'Ii ■ 

l-» ' 

Hi; ll | 

I,"* 

r 

; lii lu-iriv - llO.t,) 

110.09 103.55 10b.D= IQi.rb 

10". U4 

1 

1 1 

| 

9o.a, 

i •’Hi 

Ia4.c,« ' 
1 l;'l</ii: 

3.3? 

.3L»"i32) 

I 

\ 

1 1 - n, (••ill iOO.OO 

99.54 99.00 

90.44* 97. i2 

41. lb 

liMI.SJ i 

1 

4d.SU 

12s. o : 

ill'l/iji 

4.4U 

U-lSi) 


Aoniraua.'* 1 &13-IS 
Belgium • 11 1 
Denmark'") vi.0d 
France n» '*6.7 
Geraian.T'::i b1 ^- 4 
Holland ft*) e-M 
Hong Ron^> afl-3« 
Iiaiv iiii «s.73 
Japan fen «^32 
Smeanore 3o*-* J 

iN 


oll>8 

*.4-J 
96.93 
M.4 
519.9 
£4.4 
id ! 
62.77 
421.04 
3K.-.44 


015.18 

iiE.ij 

Ul.lr 

le.bl 

lull 

76.7 
» n 
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ll97i 
■> 664 
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MM.lO 
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4i.n 

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Sweueo in 5x9.5; 1 396.48 ! $*•. t \ 32 a. V» 
j l28 7 Orb 

8wu eri'di. 1 — : 281.6 asc.p.- 1 4ia.O 
* | ia»c. , iioA| 

J/t/71 rt Paris Bourse 194L it Comznorx- 
banc Dec.. 1933 4) Amsterdam Indusmai 
19,0. K Hans Sens Hank Sl/7'44. (ill Milan 
2T/73. (I Tokyo New SE VI/ 88. h Siraii' 
Tim,!* 1968 c Closed. d Mutnri SF. 
50/12/77. uSlocknolm Indratrlal 1/1 '58 
I Sul w R.md Coronranon a Unavailable 


FRIDAY'S ACTIVE STOCKS 


Ctunse 


■in iv 12 


.Inn .- 


June '*■ I Year <i>» ia|,|,rn<.) 



*ir. yi/i'il « 

1 - u , 

1 b.lo 

! 5.11 1 

4.4b 

* 

t i . I- ! l.«i» 

y.12 

■3.9.7 

+.04 

10.12 


Indices and ba»> dates tall has* values 
lflU cxceiii NYSE AU Common — 30 
Siandaras and Poors — 10 and Toronto 
300— 1.UU0. [Or last named based un lB73i. 
t Kvcloding bonds. ' 4110 Indusrnals. 
IW Indusmals. 40 Utilities 4n I- mance 
and 20 Transport. ' Sydney All Ordinary. 
■■ It-’lBian SF. 31 1103 - ■ rnn^nhdK^n ip 


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Slocks 

Closing 

on 


traded 

prii.-e 

day 

British Petroleum 

455.600 

Hi 

+• * 

Jim Waller . 

4.10.700 

301 

+11 

Pan-Amer. Air. .. 

T7339 

01 


Texaco 

32L600 

231 

- 1 

Cnicoro 

3O3.S0O 

741 

- i 

Ocodcmal Ptrlm. 

297.600 

201 

- 1 

WrstJiwlise. Elec. 

293.900 

24i 

+ S 

Dour Chemical 

"ks.ooo 

23) 

+ D 

American Airlines 


mi 

+ J 

v, a rs Roebuck ... . 

-Mji-jon 

23S 

+ » 

W7fc . 

High | Low | 

stm-a 


J # 


GERMANY ♦ 


Lk>yd 122. 5«d - 2.5 '14.(141 5.8 

Harpener._ I 314 .-4 |, 18.72; S.2 

132.5 — 0.3 'IB./b 7.1 

49.5 4 j 4.J 

152.0 +2.0. 4.3b 3.1 

149.5- 0.3 14J)4l 4.7 

341 +3 1 23.44; 3.4 

251 ; +l 1 18./. ' 3.7 

96.3+1.8 

189 

103 

067 -1.5 

1.480 

111 +2.5. 


Koeehst 

Hrevti 

Horten , 

Kan un-l **!>.. ..' 

KnrMA.lt ; 

Kaulhnt 

K miner Ir.SI 


KUU„ 


10. /b 4.9 


Krupp. 

Lnne 1 

Uiuenhiau K>j ! 

Luithanm 1 


25 i 4.6 
29 I 6.5 
d.ao; 4.2 


M.SX_ 

llaimenm&nn ..... 

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.Uum.-bener Kuek 
•Sebkennann......; 

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"i 


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xdienng — 
■em+llK... 

Il l /.uekei j 

ln.VA**n 

S Arlb j 

» biOA 

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Snik-H-Agwi ■ 


204.0 — 2.5 - 12 2.8 

174 -0.3 117.18 4.9 
241 1 10 ) 2.1 

579 '-9 I IB 1 1.5 
165.0+2.8) — . - 
124 -0.5 i - - 

179 -0.3 ; 29 ! 6.9 
284 + 0.2:28.124.9 

290.5 lb 2.8 

25U.0 'SbAt- 5.3 

124 -0.7 17.1616.9 
+ 6.5 14 : 3.7 

0.8 12 4.6 
-l 18 3.0 
+ 0-7. 25 ' 5.3 


194 

128 

294 

230 


JOHANNESBURG 

MINES 


July 2S 


Ratid 

+or— 

Anglo Amencan Corpn. 


6 i« 

+0.13 

Charter ConsolUUted 


8.60 


East DrieTomein 


)4 10 

+0 60 

Clshurs 


2.40 

+ 0.20 

Harmony 


7.30 

+0.10 

Kinross 



75<3 

+0 25 

Kloof 


1L40 

+0.40 

RusienborK Platinum . 

, 

t 62 

+0.12 

SL Helena 


16.20 

+0.35 

South Vaal 


logo 

+ 0.56 

Cold Fields SA 


23.33 

+0.85 

Union Corporation 


S-10 

+0.10 

De Beers Deferred — 


6.97 

-0.06 

Bbnrooruitzidn 


6.00 

+0J5 

East Rand Pry 

8-30 

+030 

Free Slate Geduld 

34.25 


President Brand ...... — 


12.10 

+035 

President Sieyn — 

16.00 

+ L60 

Suironnsjn 


5.70 

+038 

Wetkom 


6.20 

+035 

West Drlefonteli, - 


40.60 

+060 

Western Holdings 


39.25 

+0.75 

Western Deep 


1630 

+030 

INDUSTRIALS 


AngJo-Amer. Industrtal 


10.40 


Barlow Rand 



4.07 

+0.06 

C.VA Investments 


165 

-0.62 

dime Finance 


0.78 xC 

-0 02 

De Beers Indiuma) 


111.73 

+035 

Edgars Consolidated Irtv. 

+2-10 


Edgars Stores 


+23.00 


Ever Ready SA 


2.13 

+0.03 

Greeientiaire Si ores .... 


2.30 

+B.0S 

Guardian Assurance (SA) 

2.05 


Hulcris 


1.67 

+032 

LTA 


183 

-0 82 

McCarthy Rodway ...... 

.... 

C.S3 

-0.04 

MedBank 

lttl 

2.70 

-8.03 

OK Bazaars 


7.50 

-0.15 

Pretoria Cement 


t3.20 

-0.65 

Pro lea Holdings 


1.33 

+0.06 

Rand Mines Properties 


2.40 

+0.15 

Rern brand) Croup 


*3 63 

-0.08 


1B- 

040 


Sage Holdings 


1.62 

+0.02 

SAPPI 


227 


C U Smith Sugar 

4.50 


SA Breweries . .. 

.... 

1.41 

+0.01 

Ttgor Oats and Nat. Mill*. 

10.60 

+ u 10 


261- 
23 U 
421* 
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12 
37 1« 
32 Ii 

26 

54 i, 

351* 

27 

19i|, 

72i, 

45 

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247, 

101* 


20's t’«i'**tv Inii., 
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261* 

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32J* . 

245g IVi'iii* 


17t, 

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28 sp 


lire 

Hi*h j" Loir 


et'v U 


July 

23 


20/9 I 
94* 1 

565* . 
19'* i 
16/" I 
947g ; 
824a 1 


17i" .SVimlwonb • 

iWyl.r 

41 tXenxc • 

143, Zapata 

113. Zenit Ii kutfi,.... 

93.1- U..S.Tre**«9!l9cO {947* 
797 S T.STTca»4;*7 1801" 


19 

37* 

564* 

16 

16U 


7. 18 L' 6.07^ L’.a. HO day t-ilU.. 6.72? 

CANADA 

14i* j lui, lAblilKi Paper 143. 

63. I 4.30 Axiiicu Kai;le.. . . 6ig 

341, 1 241; [AlntnAluniiniiim, 34*9 

23T. 141* iAlynrna !>keel : 23 

447* 341* .Allheal, a 40 

2312 171, [Sauk nt Montreal. 226g 

225, 181* iBank .Sinva a>*,ti* : 217* 

73. 1 4.20 Buk- Kevoun-e*.. 4.60 
38*a 1 92 jHell Tele(,hone...| 58 1* 
34>i | 201, ;Bnv S'alley Ind..' 341* 


174" 1 
103, i 
9.0 | 
397, . 

in, | 
in, I 

14>, 
291, I 
211* | 


203a 

211 ; 

641; 

5.12 

Hi" 

Z9i; 

291, 

30 

19). 

81, 

135, 

93, 

00', 

961; 

Obi* 

251; 

20=8 

16 

26 

81 , 

30i„ , 
151* | 
a 2 
86. 
41 
473* 
184* 
22), 
■»77. 
20 
35 

211; j 

207. > 


13>, UPk'anait" 

14U Bram.*in 

2.06 tli-iiif,. „| 

34 1 Bijpirv P>. tier.. . 

lit; k'amrtirtt Mine*. . __ .. 

04. i.aiuiia l.’einriit... 103, 
97* 1 "lunbi .\SV Ian.- 117. 
t Hn.lnii’-Bk I’lar 
I'hiuoIh I n.ln-l .. 

•■ 11 . IVeifi,- ■ 

■.'un. Pai-iiI.- Ini-. 1 
1 an. rinpei I'll ..' 
kmi Iiiir 1 1'Keei,-.-' 

I H •>l"|- Atlv/I"*.' 


221, 

18 

16>2 

13‘, 

51 

5.05 

81* 


161, 

16 

*4.20 

397. 

171* 


28"a 

211 * 

201 " 

211 * 

041; 

4.85 

10lj 


17i* n'hieltaiu ' 

23), Ynnu„i.*i | 

211* 1 'it, iv. Baitmnl... 

131, -i •in-nnter I 

5*, I 11 -ekA IXevimu-ov. 
712 IViAin.. 


67" ' LVn..n U«I el 


52 

701, 

631, 

21V* 

14J. 

12 

163. 


IMilAin Mine-.... 

'It’iin Mine* 

Lkmie Peir>,lei,m 

1 DiiniTiiii.il lln-kie 

Di'intar 

Dllf-Hit 

P»l,i/ii'*e Aii'kel 


69i, .Kvnl JliHiit Lan.. 
254* Hen-tar 

loa. -limuYei'n knife. 
26 'Hull un I'aiiA-lA. 
S lHawker.-id.L'ATi. 

29 iHoliin^er. 

37 [H..mi-nn-V.. . 

153. HiniMin bhv liny 

16'a (Hinlvnn Bav 

401, | H ini'.! 4, 01 1*4 Ua> 
17 l_s.k 

37», 1 1 ina*o. 

183. lrri|i?rial l.m 

1S4 ! I »ni 1 


13S" | 
12 

161; ! 
lb'i I 
91* ! 
4.55 ; 
201; 
lb3g : 
26/* ; 
/.ai* 1 
4 

51 : 

18. ■ i, 

33m 
37 
63* ! 
2.30 | 

44 

371" 1 
17 

6.00 ' 
1.63 | 

V" 

17 ! 

i.7o ; 
37 1 , ; 
lot* 
351, I 
343, , 
191; i 

101, ' 
207* : 
173, 
6.9u 1 
35 
6 

265, 
2.96 . 
44i, 

22 i. 
Ibis 
10U 
tl5t H 
l = 3f 
0>< 
35V 
12: h 
187; 


81, 

93* 

151; 

la 

ei-'a 

5.2a 

15/, 

9,g 

201 , 

283, 

1.9u 

21 

14-'; 

lai* 

14 

3.55 

1.55 


• In.lal 1 

! nlan, l \ai. 

Ini‘|i. 1 Pip. l.m,.. 
Kri 1 -.-r l/iwilllf+r, 
tali, 1 1 Fin. I .Tp..' 
'I** .[am i.nni. -H'. 
t('-nnir,i )li IW iii. 
M,— e\ Fi-uilmii). 

M.-Ir.iue 

Sliv.rv I nn,n... 
Slam nl Ain+inlel;- 
Viminl* Miner...' 
Nonrii KlU‘i;c\ .. 
.Slim. Ti-l,*.-.|ii 

SlIIIIH.- 1.1,1 A klH-i 

I'akUiAhl Petrl i.i, 
I'arirti - 1 ..|.|er)l., 


331; : I‘ai-I6i-I'etnileiim| 
3H, jP«n. l. mil. Pet'ni- 

G3» jPallnu 1 

3.6 J I People- liept. 
U.80 r Place k.an. 1 Oil 
19>, •PliL'erDeveli'pnit 
97" il’tinerLVirunnL'n 

10!" iPru-e 

1.05 lQui+*i> Mu re eon 

201 , Kaj|«erUil 

B Keel Scenb'iuse.. 

243, HioAlaom 

261+ Pnjul Bk. or Uan. 
16 liu.val Truat 

7 3. ak-eptre R'»eurT-e*; 

22t; Sea^TAiiiN ! 

liJ( bllL-JI ['■■M.lji i 

t.3/ Slieinit li.Miue* 
225* ,Mel*.n% ll. I(. 

4.4 j Sin.|-~.n ■. 

221. '•leil ..| 1 . Hiiails., 

2.3U IX. ,-k In-n... 

54 let*.-. l.Him.la , 

I 610 l 

15j, Tnui-k>n Pii^I.ti 
03» Ti-, 11 - M. .uni li|.. 


IO 

1U 

7 

2B.-U 
101 ; 
13 1 ■ 


I M IiiTi I w- . . 
I’l't.'lwi* lliiik 
Walker Hirain. 
k ■•*-! 1 nun 

iWeMnii lii*i 


263, 
26 
30 
19 
Si" 
IlSia 
93, 
76>, 
96'j 
67 ), 
243, 
204* 
143, 
25 
72-', 

30i* 

163. 

29 

8 

393, 

434* 

17/a 

23>, 

46U 

197* 

334. 

19i; 

183. 

133* 

113, 

161; 

145* 

B* 

4.20 
203. 
Hi S 
23'; 
371; 
3.55 
291; 
163* 
35', 

5S!-+ 

4.70 
2.15 

41 
35), 
63, 
5i, 
0.92 
22 ?b 
Ins. 
141, 

1.70 
311* 
101 " 
345* 
5438 
19 

Bt" 
28 
14 U 
57p 

34 >, 
53, 
26), 
2.60 
43/, 
2Q>, 
16-1 
8'i 

:i5 

in, 

8 

36 J. 
12 
lev* 


Securities Rand U.S.50.72 
(Discount of 37.4%) 

AMSTERDAM 


JnlS- 28 


Price 

F-*. 


Ata.nn |F..AJ) 

Skco tFi_S0j — i 

S-sem BokiK .hji.; 
AUKV iF.IJ) 

Sjlipevink tF .H!7 

dijenkim ! 

riotui SVe»t’nn FCl 
O’ i arm Tetteiwiel 
t Lee net V ly.jOSi: 
r.omaN.V. Bearer 




AUSTRALIA 


Ju'y 


; t ^ 

AlllU S . — 


loa^'+o.?, *20 
30.8+ .4 1 - 
364.5 +0.5 | 23.b| 
82.9 +0.3 i 9%. 
76.1 +0-4 ( 23.b| 
94 | + U.C 26 
121.5t+0.9 j 02*j 

72.5, I 26* 

203.0—1 27jJ 
132 -1 1 374 


5.2 

7.8 
6.0 

6.9 

5.0 
6.8 

7.1 
2.0 
5.7 



BM. A'kcd. s Traded. ^ New &«». 


ii ir t B roL-ai 1 e>i K A 

56 1 + 0.6 

20 

5.6 

Heineken(F'3Fi 

. 103.2 + .2 

. 14 

; 1.4 

d.x^oi-en* (Fl.&l) j 57.8 : + 0.2 ( — 

- 

auolerD.(Kl.K»i.: 25.5:-0.: 

12 

4.6 

K.L.SI. /Fl.lLU) . 

ISOzd 

. 0 

4.9 

Inc UullcnLD). 

_i 49.3+0.6 19 

7.8 

Naardeo >FI.IQ>.. 

.- 34.6 +O.J 

1 te.o 

5.e 

.Nai.Nftllna.iKIL 

. 102.7' -0.i 

4b 

U.6 

NedC red Bki PI 30.' 53.4-- + 0/ 

21 

8.0 

Ne.t.«ui BkiFi.56.' 193.8 -j.S 

| 32 

5.7 

•Av ' r’i. _U) 

i lS8.b,+ I 

i 

4.5 

L'jsem. 

29.9 -l.C 

! 23 

7.6 

• an Ijllllllcvcil... 



— 

I**kli,«d Fl. eu: 

37 

,+u.l 


— 

I’tiili,".' Kl. lj)... 

1 2b.0 : — 0.2 ' 17 

6.4 

itjPbchl erlFUU^ 

1 85.5 * .5 

. — 

— 

i«it»een ri^Lij, 

175 

4.0.3|Vb!j, 

7.5 

> (Oil IK.’/ iFl. c6i.. 

; lb 7.2 -t- 0.4 

| — 

— 

iiMrem,, pi. re,. 

122.9+0.1 

; «L* 

5.6 

■f.ival Dub dull.' 

1 lb4.7 —0.7 

K.C 

7.9 

*lfiit'iHnir|> 

249.8 +0.3| so 

8.u 

’leviniirp -l-i-J. 

: 134.0 

! 4/* 

4.1 

1 uk, "1 )'<LC- H L Ir.l 

I 135.0 + l.b 

M.&t! U.b 

L inlevei :Fl./2Ui. 122.U 

‘42. 

7.0 

' iMnuliHv. Iilr t“1 

1 40.3 

i«.70‘ 1.2 

«<Ml.l rr. Hypl.kf 38u 


I 53 

4.2 

COPENHAGEN « 





1 Price 


1 Dir. 

: V i.t . 

Jinv ‘Ji 

• Kmiie, 

1 “ 

1 > 

: a 

1 r 

An.leiabnuken..,. 

1 1571* 




L'aii-ke bank 

125 

* U 

1 12 

1 r»-6 

bri-LA UL.ln 

165 

-U 

1 12 

1 l.i 

* lo»n-r.uikTO 

I32lj +2), 

13 

9.8 


372 




■ ,>r. Papir 

79 U 




Han le.-taiah 

1 * 61 ; 

+ ■< 

12 

1 0.7 

-t.N'ln’n H. 1 K 1 +L 

26o 


12 


’»*r ■ Kvtie 

IbBWii, 

12 


■ > leun+ik 

82/* 




- 

r*rt\ ID-lank 

1581; 


1) 


biipb. Beren-en... 

4101",+ !" 

12 

2.9 

'llJ+rlM 

182 

+ 1 

12 

0.6 

STOCKHOLM 


Price 

f rti 

Uiv. 

r. . 

J 11 . v L-8 

Kiriiie 

— 

Ki- 

% 

AnA All 1 hr Jin... 

240 

+5 

6.6 

2.3 

Lilk 1+,-a Hihtt*. 

150 

-2 

D 



87 


6 

5.7 

\lla> i.v.,a><iKr'^r 

l* 7 

■iis 

b 

4.7 


• 1 
115 




iriu. 

197 

—2 

3-/5 

2:1 

ellnlof. 

hief.n'Iiia-H'ihrr'. 

15o 


b.b 

4.4 


144 




Mrll* -ll” 

*04 


^.6 

3.2 

imnj»n iIpwm 

62. 5< 

t 3.5 



lan - nimibrn... 

369 

-1 

1*6 

4. a 

■1 trfilkni 

UU 

-5 

8 

7.3 

lln I.h+t I tom )■■.. 

70.51 +J.5 


ft 


273 




’.k. + . *P' Km... 

71.0 

- k5 

4.b 

6.3 

’knn.l KaaklMa... 

170 

-1 

8 

4.7 

Lull- Ibtlli ’t)' KrSL 

74 

+ 1 

S 

6.6 

IT iiletr/'in 

59.5 




Vnini (Kr. Dll) 

77.5 

-l.b 

6 

7 7 

BRUSSELS/LUXEMBOURG 






Dir. 


July 2? 

Price 


Fre. 

fn. 


Frx 


No 

% 

AHien^ 

2.365 

+ 15 

- 


dekert 

2.030 



UH.R.Cenieot... 

1.104 

r 

100 

9.1 

L.'uL'kenil 

486 

-2 

- 


K.Uh- 

2.300 

+20 

17 1 

7.7 

b eetroho, 

5.740 

t 100 430 


ratniqur Nh, 

2.790 

+25 

170 


•i.tl.liilHv Iim.... 

2.310 

+ 15 



■ evaen 

1.320 

-10 



Gipe Brtii.rjimi, 

l.b4j 


164; 


tl'4/ikeii 

2.505 

-25 


7.4 

1 ulenv.ni 

1.765 

+ b 

14c 

U.L 

Are-iietianifc. .. . 

b.d3u 

.. 




Ak.MI1. i£a cent) tO-66 

Setou Australia t0.87 

Allien Mo*. 1'rdK. Ind*. Ml 12.20 

Ampr.i tsyplomrinn I ♦ L55 

Amp.’) Petrciieirm ■ t0.86 

Aaaoc. SlinemK' i fl-30 

Amoc. Pulp Paper 21 I tl-25 

Awcat. Coo. inrlusirl^ 71.65 

A urk. Inundation lnvevt....i 7 1.03 

A.N.I ; 

Andunco.... j 

An*. Oil Jt Ga* 

Keoriboj Creek n«ki 

Blue .Sleta) ln>i j 

Bnueain+iHe Copper { 

Brambles Indus trier 

Broken Hill Propri«wry....| 

BH &>uth ' 

Carlton L'nrterf Brewery....! 

Cock burn Cement i 

Cun*. Goktflekis Aurt '■ 

Container (SI) ' 

Ccmrine Kiotin to .......... 

Conam Anrtrelia 

Lhimi p Kubher iS I 

K8COK 



CZ. Inou-ine. 

lien. I’mieTtv I m-l 

Hamel- iev 

Huukei 

ICI AiiMiwIn 

Inter Moppet 

Jennicu>. Irviurtnev, , 

tone* i Day ft) ; 

keruuirtl Oil I 

Metal* Ksploni Ion 

HIM HoWlnKa_„ I 

Myer ttmfKtrium i 

•News j 

Nteb"i«a liiternaikinal I 

Xorth UtukenH'dins" ,50k' 1 

*>aU'i-Uiie....^ i 

OH search _.J 

OUei Pipkaaikm 

Pi'Hieer Concrete- 

deck m 11 0 +man.._ ' 

M. C. bleiuli I 

MHiiblaiid M mine j 

.panic* Kaplnratlnn........ 

liHJlhiS) , 

n\itiin»_ 1 

We* fern lliiiine roOceni* ' 

" ■ ■ ■! wort ha. j 


TOKYO f 


:i.52 
70.41 
10.57 
tO. 25 
tl.22 
f 1.36 
tl.85 
77.76 
tl.23 
71.72 
t2.15 

73.12 
71.26 

73.30 
tZ.50 
72.84 

71.60 

71.35 
tO.85 

12.25 
12.80 
1 1.63 

72.25 
T0.77 

72.26 

70.15 
71.18 

1 1.16 

70.24 

70.30 

72.25 
71.70 
72.28 
^).87 

1 1.36 
>1.91 

70.13 
70.44 
71.55 
72.95 
70.78 
«.56 
10.40 
71.90 
70.87 
7l.a9 

11.60 


j 4-0.0 1 
-0.01 
-+0.D5 
,+fl.OS 


- 0.02 

I 

;+o.o2 

,-D.a I 
1 - 0.01 
r-0.03 
.+ 0.01 
j — 0.02 

l+oiil! 

■+i:o4 


+0.05 

,-0.06 


+0.02 

^0.02 


+0.03 

j+0.02 

1 + 0.01 


PARIS 


Jin, 2o 


Price 

7'r*. 


in*. V .1 

I V- . . -i. 


;+0.03 
,+ 1.1 1 
■-0.01 


Ito.il! 

;-o.oi 
J-O.O! 
-0.04 
+U.-M 
| +0.04 


July 2B 

1 ‘Price* 

| Yen 

* di 

U.v Y . 

t ■* 

Asntn Ulasa 

! 317 

-3 

14 ' a .2 

Canca — 

' 450 

+ 3 

12 1.3 

Caaln 

; 669 

— 10 

25 , 1.9 

Cblnon 

395 


20 : 2.5 

Uai Nic+a/n Prim 55B 

,-a 

18 , 1.6 

rnjl Pboi, 

1 530 


IS 1.4 

Httaih! 

243 


12 1 2.6 

Honda Motora.... 

573 


IB l.o 


11.180 

—10 

35 ■ 1.5 

L. Itnb 

, 235 

j- 4 

12 ; 2.5 


|1.h 60 



Jacca_ 

663 

!+13 

13 1.0 

J.A.L 

•2.630 



Kanssl Klett Pw 

>1.200 


10 4.2 

K.-matau 

: 319 

■—2 

lb : 2.8 

Kubota. 

• 280 

j.. 1||t 

15 2.1 

lyvnto-Cemnw- .. 

4.03U 


35 ; 0.4 

JUt/uRMia ln.1.. 

: 730 

+ 27 

20 1.4 

Mumiliiahi Hank, 

278 


10 : 1.0 

.M itbifi .i+ru Han't 

129 


12 , 4.7 

Ultz-ubl&lil Cory.. 

459 

-4 

13 , 1.4 

UllMli A Co 

323 

1 

14 2.2 

lliluik.nihi 

• 5B6 

—l 

20 1.7 

Arptam Uenwx... 

1.450 

-30 

la 0.5 

-Mpprer >hinpnu. 

., 688 


12 1 0.9 

Altsoii Motor-... 

770 

'*1 

16 | 1.0 

I’l.'Meei 

1.690 

: + 10 

48 1.4 

+ny.> bin.-i n,.-... 

*46 

'-1 

12 2.4 

rekiam 1’reiah... 

• 900 

-5 

30 1.7 

/iilasMti. 

1.130 

,+ 10 

20 0.9 

uny 

,1.590 

+ 10 

40 1.3 

Unali'j Mai me 

, 237 

,+ 1 

11 2.3 

■ ake- ia Abem'ca 

! 413 

-2 

15 : l.b 

1 UK 

,2.250 

+ 70 

30 , 0.7 

KUJIII 

: 119 

—4 

10 1 4.2 

■ t-kir. Marine 

1 4b8 

— 1 

11 ! 1.1 

lokift t.ect P-'t. ' 

1.080 


« : 3.7 

lokyn Sum 

■ 383 

,— 2 

12 ■ 1.9 

1 "T4V 

1 138 

-1 

10 , 3.4 

lot-hlha i-i.rp 

. 149 


10 | 3.6 

»• ,•* ■ M.<t> r .. 

876 

-5 

20 1 1.1 


Source Nikko Secant let,. Tokyo 

SWITZERLAND ® 


Jui> 22 


Prk+ 

Fr*. 


Aluminium ; 1,260 

BBC’A’ -1.660 


Ull« CeiK) (F> . iv.' 
lift. Hut. Cert. 

Do. Kqi 

Credit -ui*ae. 

Uiectruwatt 

riH.-tio, (iieorRAi. 
Hoffman Pt len-. 


l.uTO 
0 1 Ll 
682 
8.170 
1.830 
680 


+ m 


lllr.'Yld. 

r ^ 


Kenle 4^ 

737.0 -3.5 1 41; 0.6 

Viru/uei Uivmi'i'. 

451 

•-4 ,31. Ib 4.7 


538 

+ 4 1 lb.b' 4.9 

Aquitaine 

576 

-4 Jfi.Iib! 4.6 

H1C 

522 

+ 25 lfi./b 2.7 


685 

'• 10 ’ 42 1 4.8 


55lI 

1 + 10 ■ 40-bl 7.4 

Carre lorn 

1.725 

10 i 75 > 4.4 

LUi.li. 

396 

+ 1 : 313- 8.0 

C. I.T. Annie. 

1.119 

+ 11 7fi.W| 6.8 

Lie banc* Ire.- 

371 

+ 5 ■ 12 1 3.2 

Club Meil.tci 

436.8b) +8.3 .11.26 2.6 

Ui fill L+'in t-r’e. 

138.9 +2.9 i 12 9.0 

Creumt Ifi.ire 

76.1—0.9 — — 

Du me.- 

774U +86 13.7S 4.3 



Geo. Oivkletua* 

195.5, ' B.2bj 4.2 

1 metal 

66 

+ 4 , 6.7 8.6 

Jm-que* li..itfi 

157.( 

-3.5 1 — -- 

I+iarce 

212.5 

+ 6 . 0 |lfi.n B.o 

L'Orem 

731s 

+ 11 LB.!!?: 2.2 

Leu rand 

1.755 +5 i3fi.»' 2.1 

Mal-ons Ptiemx.. 

60S 

+ 40 [ 3«.> 6.6 

Mh-lieliu "B’’ 

1.35E 

+ 8 -3265 2.4 

.Uf 1 Urnnemi' 

560 

+ 30 I 12.L 2.1 

Uouhnex 

162. ft— 2.5 1 5 1.9 

I’antMK 

185.1 

-0.4 .la.zfi 11.0 

Pf -hmei 

93.5 

+ 1 . 5 ' 7.6 a.i 

Peru." 1 -K 1 mm. ... 

300.C 

+ 12.5 7-5 2.5 

Peu-e«-t. Ilmen.. 

475 

+ 11 lU.ib. 3.7 

P'vialn 

213.C 

-6.1 1 - 

Kfiin If Iim., >ie . 1 

462 

+ 6 1 3D 5.9 

Kenouie 

577 

rS ; 30 5.3 

Kfaune Pmiicn..' .. 

1 u7.9 

+ 1.1 4 8.2 

3L Gnbain 

159 

+ 4.4 14.55 9.2 

kia 

1.72C 

+ 11 | 39 2.2 

-u« 1 

290 

+ 7 *26.5 8.8 

lelenif «un,f .... 

789 

+ 8 ’ 26.5 3.2 

ihom»,n brniMil . 

244 

+ 1 16.15 6.4 

bVIIHN - 

22.4 

+0.2 , - • - 

VIENNA 




i’hcv ' 

- 4 - .,'i +*.t . t "i 

Jilt* w 


" 0,0 

i.f niau-ult ! 

342 , 

10 ( 2.9 

Omh-r^T : 

2B5 • 

+ 4 9* | 3.2 

te*»cla , 

623 

+ 3 • 38 1 7.7 

?cin peril ' 

01 , ; - 1 - • 

•"ten L'aimiei 

222 1+1 a, ' 3.6 

Vp'i Mv-.ifit. ...i 

222 . 

10 , 4.6 

BRAZIL 





... '. 1 T 1 Yin. 

In . 12 

. Ill* 1 

- Du | + 

icon* t.*l’ 

1.03 :-0.01 -.1* 11.65 

Bnuci.i.i um.'i'.. 

1.97 

-0.03 J.l » 6.62 

da nun luu PX . 

1.33 -0.0 1 0.37 2i .SI 

Bel^-n M mem OP, 

I.eO 

-...6 0.06 5.00 

i-.jk Amei. OP 1 

ft.4o 

. . .,+ 3.79 

Ketn*,™ PP , 

3.49 , 

J.li 3.72 

Piren 

1 57 • 

— U-ti2 J.lc 10.19 

miu Cm# OP ...| 

2.92 

— . 3 0.zi 7.82 


Uiiip Ph 5.70 'J.+P4.3 

>i> J(-.- ik.^Pi , 1.23 O.lfc M3 

Turnover: Cr'a>.3m. S'olmne: .Ml.am. 
Source: Rjo de Janeiro SE. 

OSLO 


-10 
— w 
-1 
]— 10 
+ 30 


Loiii-va,- He. -..:3.79a 

**A" Hud in* |2.c90 : -20 '+J.*' 

I'etr+tiM 3.7 lO 

'iell Hat .3.010 

* *i-ii Ueie'i,iii*:i.945 

■’••’"M 13.190 

*" , "k 2.455 

Ii i.-lt-.n kiH-i.... 2.540 

| I 914 

bu tlm.'l 1- ii . . 1 75a 

' 1 vi Me Mcntaxne'1.476 


ii m 
+ 25 .20ft 
+ 16 14- 

1 20 Jib 
- 15 'S^l. 
-lb 1 1 7i_ 


j.6 

3.9 

4.7 

b.8 

i.s 

o.7 
6.6 
6. / 


+ 22 
— 4 


I 6.6 


l>o. 7.050 

liikenufrl tf :3.„2s 

Jennoli IKr. DU). Il.42b 
.S»ATie iFr. liMi....:3.440 

Du. Iteu -2.r:a5 

■ hn-,ikuill.iF.-Ift.'d.560 
t’lreni 'ilPif touii uao 

Mli.lur. iKr^SkJi 3.77b 

440 
alu 
355 
838 
31,9 


70.300 |— 7a0t 
-76 


8 , 3.2 
lU 1 3.0 

22 I 2.1 
22 j 2.7 
22 I 3.8 
lb | 3.7 
1U | 2.7 
5 1 3.7 
1100] 1.5 


110 
I 20 

1 <jl 

!<a-b| 

1 1 b.r 

+5 . lb 

+3 j is 

1 2b 

1 2b 

12 


lk«. Pari Cert... 
vJmiiliw Ll FK’. 

■ ■ w UIIKr. koii 335 1 14 

m.a,i .k^vM)...! 838 1. 

w, B , Mnu. t.lx • 3c,9 --I I 10 

wim (KeiFrtc-.’...,4.71Q -IS - 4u 

Unmn Bank 3,090 1 ^0 

Anrieli In ! 11.300 . + 100; 44 


1.6 

2.5 

i.a 

2.3 

3.8 
15 

5.4 
1 . / 

3.0 

3.9 
3.9 
+ .2 
2.7 

2.1 
3.2 
2.0 


MILAN 


Juir :a 


A MIC 

bsatuci 

Ptai 

Da Priy 

runlder 

lEaicenienii 

Itaisliler. 

U(dui«iia. 

MoiUP.1 IKTTI 

UlivelU Prlv 

Pirelli * 1 1 \. 

Pirelli j 87S.0nl'-O.S 

•niA \ men** 809.51+3.5 


Price i + i.r ,Div. 
Gre i — I Lire 


150; 8.3 
IS.; 10.0 


125 
476 
1.793 
1.498 
139 
12 

276 ll 
33 . 500' + 1501 |,j2Qoj 3. 6 
159 1+1 1 
1.006 1+3 - 
1.617 !+4 


i+l 
i+3 
1+I8 
; +8 

14of+140j 6ubj 4.9 




130' 6.0 

BO 9.1 


July S6 

I’tlLV 

Krr.ii.-i 

i+r* 

i > 

lln 7 - 

O 

r-7. 

1M-IKUII Uallk 

96.0 


9 

9.4 

riorrcaaar, 

64.. 

.+ 1 : 

— 

- 

L-ryiltbank 

111.0- + 3.5 

11 

9.0 

Krv* rrn> 

225.0 

21) 

8.9 

are litka-u+n 

ID5.5 

-0.5 1 

11 

10.4 

Hy in + r.A 

190.0 

-1 ' 

12 : 

5.0 

•i.Tetir+n ' 

87.50i + 1.25: 

7 1 

10.3 

SPAIN W 





July 

Per cent. 



ASland 


123 

+ : 

j 

Banco Bilbao ... 


33.0 

+10 

Banco Atianiiro (l.ihW) 

247 

— 

Banco Central 


324 

■+■ 1 

1 

Banco Exienor 


285 

+ b 

Banco General ... 


288 

+ 

4 

Banco Granada 1 

11.000, 

150 

ft— 

Banco Hi&pano ... 


2S3 

+10 

Banco Ind. Cat. ' 

ri.000) 

172 

+ 

5 

B ind. Mednerranra .. 

206 

-re 

Banco Popular 


270 

+ 11 

Banco Santander 

«230) 

3W 

+ 10 

Banco Urquilo « l.OOU) . 

2 W 

+ 

b 

Banco Vi^ava . 


2U 

+ 10 

Baoitt Zarastaano 

273 

_ 

Rankonlofi . 


154 

— 

- 

Banus Aodalucta 


205 

— 

Babcock Wilcox 


20 

— 

etc 


82 

- 

- 

Dracados 


240 

+ 

5 

Inmobanlf 


65 

- 

- 

E. 1. A ray one Ban 


51 

— , 

2 

EstxanoJa Zinc 


102 

— 

Bxpl. Rio Tinto 


89 

— 03 

Fees* ' l.OuO. . 


67. 

-*-0.£ 

Fenosa o.ooot ... 


70.75 

_ 

. 

Gal. Prwiados ... 


75 



Grupo Velazonez 

MOO) 

US 

— 


Hidrola 

Iberducro 

Olarxa 

Paoeleras Retmlda* 

Petrol it>er 

Petroleos 

Samo Papa) era 

Snlace ... 

Soueftsa 

Teletonica 

Torras Hocicoch .. .. 

Tubace* 

Union Elec 


80 

BS 

120 

67 

117 

207 

50 

08 

124 

87 

<W 

100 

08 


+ 2 


+ 4 
- 2 


HONG KONG 


H< ini- K.<ni{ S 


-I ill v .fu 


■ui'p. 

13.00 

12.50 

5 275 
1.80 
1 l.'W 


Dim. L*in 

\inni»Hi,mi.sl l.'nl.i >.' r 

l + 'WAler. .. 

• Imi* l.i K lil I’m,,., 

I'llv II 

k|".|in'„ililaii pr„|,-n„v. 

1 !■+•*• tlarlmiii Tiiiui,.[. , 

+.. \-ia XatinHiim, . _ _ • 

Him; Kmi.. Mivmn.. 64" 
H..nj; Kini|> lilafiinr. . 6 . 

HiwisKftii s U„ n 1.,,,,'iviuiu. 27.C . 
Hnn K kmi K lj. 1,,1 1 ,,,,^ 10.4U 

Hnns I 1 . 1111 ; Sluniglmi IWinL 1 19.40 
Hini K KunuSliaiu:tiAiH.iil-! 16 00 

Hnichixin Wlian)|^A 6.35 

Inter, l'ai-llu- be.-i, r n, c -.. 

JapJitkt Mh theri'n 

Jantllie Seen \ 

Kniilier 

ijlme Darby "ji 

Bruit 1 , 11 . I'*,., Pmp. 

Snutbsna Textile 

Svrire pfli'if,,. a 

Textile Alluiu-c 

TeAi 1 lef 4 .rp. 1 i llrtuj. 

Mheetnck Mar.lcn 

SYlieelik'lc Mnritiiiu- 

"ini-iir lii.il,. | ri „ 1 .. 

M I'lln.,. 

xri Ez-diyin+nn • 'Inver 

SU5D Sim, 


:3 

12 

25 

3 

1 

'.l 

1 



onces exclude 3 premium Beiaijn 


itieldenda are 
48 Mias.i,,,, d-num. uul«x «&« 


NOTES : DverBraa 
wHhhuiminc tax 

■iat.* DM i K , ! , "iTV ,n, * SS *ai«l 

n feKi llPfi flrunm nnLv» nl L 

'rthtr wihf siatrfl H Yon Sr» rt-n’nm i» 

'intension o Kind ri]. hslZ„ U '"^ Mated iPrtCr « M 

ann/nr scrip iswie. Per «m a rr nK . W T C ™' s 1 a(ier PT ndln * > 

after sctid arulror rights J ' * At ? c , ’ r ‘ WL '' dlv. ItAHUttatf 
including UnH« illv pNm", ,* y lnf f‘ % tax free. 

payment, i In.licaimi niv ? pl “’ ' Hlw TOrt rteM CiChttf* *“ 

tendme. • Asked 

dividend, xc Ex scrip ^ ur . „ %I1 , - - . 

a lnir-nm rvticp tnctttW^* 










X 


Financial Times Monday July 31 19 TS 


INSURANCE, PROPERTY 

BONDS 



Abbey I.lfr AmuaiM* C*. Ltd. 

.{ 3M Paul TLliurehrnnl FiM til -248 Pill 


Fq'tiiy I--uih1 ... - 

Equil\ Ail • 

JVftHttj Fd. ... 
I* l n|> l i<y Are. 
?-rlcctlv«i Fund 

» IMOTfllhl" l-'Ullit 

Puna - - 

run JVitpcriy . 
rrw WMlv» 
rent.. Xivurtly 
rims MnuMitfSl . . 

l 

VMon W .S»-r 4 
VKquitv Fil 

W«f I- il S.-r 4 - 

•V'Hm m S.-T < 


,349 
... Ul 8 
1148 5 


... 1M& 

- 91 X 
. 131 J 
l??fl 
174 7 
®> 1 
1371 
179 3 
1M1 
U7 1 
1Mb 
35 3 
11 ? 1 

, 110 1 
ftK-rt a July 3i. l aKiodnn ni+muNi Tuesday, 

Albany Ll(r Assurance Co. Ltd. 


30 9 
:;j 
1M.4 
lb? B 
959 
138.J 
1285 
ins 9 
907 
1445 
183LS 
171 9 
134.0 
141 7 
37.? 
1181 
115 9 


Pin 0f e C - KP * Pensions Management Lid. 

” L L ; W all , h “ n, . Cr04 f- ™*l ^.GrarechurrhSUECaPOHH. 01-82! 


rnrtfulio Fund. _ . I 13B.1 I I " ’ " 

rnmotint'^piu'.. _|4u 44 4| _ 

C re* ham Life Ass. Sac. Ltd. 


<3rae«hurehSUEC3PaUH. 01-823000 

Managed Fund 11485' 154.71 J _ 

rnecs July 1 Next dealt he August 1. 

New Zealand Ins. Co. (L'.K.) Ltd.y 


— 2 Pr.nce at Wales Rft. B«nouth. ran 787055 ™ *a «-■*.) LULy 

— GJL Cash Fund 1571 M?2I f _ » niitand H cure. South+nd SS 1 2JS 07X82965 

— G.L Equity Fund .,. (IMS 114.01 ' _ Knd Key Inv. Plan .1142 1 14ftS ... . I 


j.L Equity Fund .. 1083 

i L. i:ih Vund U27 

G.L. lull. fund 1191 

CL Pply. Fund 969 


Growth A See. Life Ass. fee. Ltd.* ^Sp£‘~S»’ 


KiuH Keylnv. Plan. 

£>ma|I Co'S Fd. 

Technology Fd. . 

Extra IncT^d 

Americas Fd. 


1421 

95a 

100.2 

HI 


Weir Bank. Bray-on -Thammi. Merfc. 0878-34284 *;Ul Edged Fd-.... 
Kiel ililv finance ..I C10J8 

Lwidhnnk Fee*. . .1 54 31 

Lnnilbnnk S« Act hlb.2 1193 


5039 


1465 
100.2 +0.9 — 

1053 +15 — 

93 I +0 a _ 

1115 +2J1 — 

1143 +14 — 

1092 — 

102 1 +0 J _ 


31 * 'in Hnrlinctm Si., tv I, 


TFqmlv fit Act. 
VFUcUtnt .\cc - 
ft'.ltl Mimm KiiAc . 
Olnll Si an. Fit-Arm . 
WrntflUAK .. . 
nrpin Inv. Acc ... 
■ Wl/lwt Fli Arc 
Fined l.lVn Ace .. .. 
G'bt.Uon I’m -Arr. 


1190 5 
1401 
1148 
107 B 

1089 

1670 
2257 
177 7. 
.1298 


InU MnrnKd Acc.. 1114 5 


Prop IVnAcr. .. 


123 4 
1204.9 


2005 
1476 
170. a 
113.5 
114 6 
175 B 
3376 
1870 
1366 
1205 
179 
215 61 


R1 437 SPG 


AMEV Hnuni.. 
AMKV Mad 91' .. 

AMKV Money M... 
AUFY Equity FiL _ 
AMKV Fixed InL-. KC 7 

AMF.V JVxp Kd ~ ' 


flfi . . 

M'pli' lav Pen. Acc.. 

AMKV Life Aunnan Ltd.* 

Alma Hw .Alma H«L. Hoi Rule Rcicolo40l0l. 
1159? 146.71 

11103 llfc« 

[1054 UD.9| 

(113 2 11431 

._ 976' llllft 

AME\ McrfPrn.Fd tit, 7 101 91 

AMKV Sad I'm 'll '[97 4 . 102 ol 

Flo ml an I960 ICift 

Arrow Life Assurance 

30. Lxbrldiie Kuril. WIT. 01-7499111 

SeLMLFd Cp U nl .152 9 87.71 1 — 

Sel.MIc FdSi tint (S3 8 104.4 — 

. Pan MKd. Fd. Eq ..[1214 125*1 

'FM.MtiiFd-ri.. 1:1:2 EIH... ] — 

Barclays Life Assur. Co. UdL 

393 noratord Rd. E.7 01-534 5544 

Bair lay bonds* [1254 

Equity - 1194 

Cih'edfed 110.9 

Property .1042 

ibwOKril 112 1 

Vme.. til 

Jfan.PnuLAreuii - 99.7 

Do. Initial 971 

GlHErigPotidArc. . 97 4 

So. Initial 945 

Money reoa. Acc... IMS 

Da Initial . -1974 

*Curren€ unit value Julj- 31. 

Beehive Life Assur. Co. Ltd.* 

7L Lombard St. ECL 
Btk. Horae July lj 127.67 


K 4S StipcrFd Z | £7 910 

Guardian Royal Exchange 
lltttal Kkchonci-. E r .3 
Property Hondx . ,|176 9 1B4J1 .. | _ 

Ilambro Life Assurance Limited V 

7 Old ParVLanv, London. Wl Ol-iUPOCDI 

Fixed Ini Dcp. 

Eaiuity 

iTupvnj 

Uutwin Cap . . 

ManncpdAcc .. .. 

Ortncax 

GillRiiued 

Amrriran Arc 
Pcn.F l .OtTP.L'ap .. 

Pen.KAXH.-p Acc- . 
r--n. Prop, rap . . 

Pen. r«p A it. . _ 

Pen Man. Cap.... 

Pen. Man Arr 
ren f.tll EdtCap. 

Pen. Gilt tide Arc.. 

Pro. It.S Cap... 

Pea. B S Acc .. . 

Pen. OAF. Cap. .. 

Pen. OAF A<-c . . 


Con. Deposit FU.* .(97.0 

Z Norwich I'nim Insurance Group* 

PO Roc 4. .Vortncb KR] 3SC. 0603 22200 

Managed Fond B1S.9 2272j +1J 

n. gnu Uy Fund. .. 350 3 368.7 +4 1 

01-3837107 Property Fund 130.4 137J +S 1 

Fixed InL Fund. 154.2 162 3 +0 4 

Ocpuit Fund. -.1061 111 6 

•Nov. U nil July 15_ 205 8 


1257 

1324 


1017 

15L3 


163.9 

172.6 


1*2.9 ' 

1505 


1757 

186.1 


1341 

1307 


1251 

1317 


98.4 ' 

1036 


12B.B 

1348 


149.7 

157.6 


2042 " 

215 0 


263 6 

277.5 


2062 

2371 


2668 

- 206 


121* 

128.5 

Si 

... .. 

1241 

1307 


14L4 

1409 


1020 

103 5 ; 



— Hearts of Oak Benefit Society 


her Nac. Fund... 
Abbey Nat. Fd. 1 A> 

1ft- 17. Taviidock Place. WCIUtfid 01-3875030 Kd." aT. 

•| — Equity Fund_. 


Phoenix Assurance Co. Ltd. 

4-5. King WiUlaraSL.EC4P4HR. 010289878 

Wealth Ah. 11128 118 

EbrPh.Axs.. I 77.4 

Eb'r. Ph£qE. [76.6 

Prop. Equity & Life Ass. Co.* 

1 19. Crawlord Street. WlH 2AS. 01-4880857 

R- Silk Prop Ud _| 182 4 

On Equity Bd | 752 

Flex Monev B<L 1505 

Property Growth Assur. Co Ltd* 

Leon House. Croydon, CR8 1 LU 01-8800008 

Property Fund. — | • 1825 

Property FundiAi. | 180 9 

A eri cultural Fund. . 762.9 
' _ 7564 • 

1541 

£5’ 


::: :.j = 

«.* 

01-48608 

:rl = 


Hearts nl Oak |365 




Hill Samuel Life Assur.' Ltd.* 
N LA Twr.. Addisrombc Rd, Cruv. 


Equity FnndiAl ... 


Money Fund [141.0 +L2 


132 1J . . 
12S 7i +1.71 
1164 +*>4 



♦Property t ally _.ITM8 
Property ierien A - 101.9 

Manured Units 1664 

Managed Series A.. 98 2 - 
Ktuissed ScnesC .. 95.5 
Money l ; ulc ...1210 

Mann Senes A 97 J 

FnrdloLSer. ,\ ... 93.1 
Prd. Mouaccd Cap 1371 
Pax Majuu'.t+J Acc.. 144 9 

Pns.G3eqd.Cap. 105 5 

Piu. deed. Arc..... 11L5 
Pens. EquilyCap_ 955 


»Xp c :r 


162.6 
157/ ... 
1752 ... 

193.4 ... 
1004 ... 
127/ .. 
1C3.B . 

Ml ... 

S24 

7 

1006 ... 

“ 

99.1 ... 

100.5 ... 

ion ... 


01-888-1355 Money FundiAi 

' - Actuarial Fund 

- Gilt-edged Fund — - 

- Gilt-Edged Fd. iA)~ 

♦Retire Annuity 

-■ ♦limned. Annty— 


682 
1783 
[177.6 +2X1 


1403 

1132 

123.4 

SI 

1433 


Pro^ Growth tadoa 6 Ann alb 


yther Ae. Vtai 
♦All Weather Cap.. 

9 Inv. Fd. L'ls 

Pension Fd. Uta.,._ 

Conv. Pena. Pd. 

Cor. Pnx Cap. Ut. 


PnfcFwLInLAcc. ...194.9 

Pens. Prop t'ap (95.4 

Pens. Prop. Acc .. ..(96.0 

Imperial Life Ass. Co. of Canada 
01-8231288 I rapertnl House. Guildford. 71255 

| ^ _ CrLFd Ju1t2S. (73.9 


029.7 
1219 

134.9 
1306 
147.7 
1330 
1433 
1317 
1472 
1336 
EIL7 
120.6 


m = 


lea Ltd. 

SH:zi 


Canada Life Assurance Co. 

3d High St. PctteiT 
Eqty.Glh.Fd July 3 
Retmt. Fed July 8 

Cannon Assurance Ltd.* 

1. Olympic Wy., Wembley HAFONB 01-9028876 
Equity Units [ 


Pens. Fd. Jaly 28 H 

uni 


Hert ^, PB “i 51122 5 S 33 PBS W:.= SI 

rfl r 171 - secure cap. FtL._... 96.4 

rS - 1 173 I I — Equity Fund |9ft8 


Proa. Bond. Exec .. . 
BaL BU'Exee.’UtuL 

Deposit Bond 

Equity Aceum. — 
Property Acvum. .... 
Ungd. Aceuu — _ 


■jtdManBCi-d..... - 

tnd Eq. PrcxlAcr. 
'ndPrp Pens. 1 Arc. _ 
nd Mgd. Pens- Ace 
nd DvpPenxAce 
od Gilt Pens. Acc 

■ ft KS I F 

■ AES if.: . . 


£1749 




£10.13 

_ 


£1169 



£1334 

U.13 


£1323 

1^00 


1U6 

118. X 


181 



02.74 



1.614 


«5* 

101.4 


104 8 

ID 9 


5* 5 

1D42 


971 

1029 


05 

947 


778 

1035 


108.4 

214.7 


10 9 

206 8 


993 

1051 


n< 

95 4 


390 

415 


275 25.3 

Oll-K .tutv 



Man. Penn. . 

Man. Penn. Cap. Ul] 

Prop. Pens. F<£ 

rropuPennCap. U is . , 

BdrcT Soc. Pro- LtJ 

Blew See. Cap. Ut_ 

P r o vin c i al Life Assurance Co. Ltd. 
222. B Ish opsgate. S.C2. 01-847 6533 

Pray. Managed FtLlmx 11921 
Prov.OertFd...: — 104.9 1105 

G ill Fund 20_.„_ 118.4 1287 4031 

Property Fund 95.9 UHJ 

Equity Fund 97 5 183.0 

FxdTfnt Fund 19»2 99i| — 

l*ni i l » n(i«l Pen al ong Limited* 
01-8288253 Hoi born Boro, EC1N 91 S. 01-4052222 

SL7T+U 

rtt.fcj 4-r j 

1092? >. 

—“I Z Reliance Mutual 

Tunbridge Weils. Kent 068222271 

01-0235433 HOj Fro?-™*- 1 ««» 1 ---I - 

Bond Fd &«nS.. |18«37 106.10|44.U| — Hothschild Asset Management 

_ Nvrt dealing date August £. Sl Swithlns Lane. London. EC4- 01-0284358 

Gort.Sec.Bd.. 1119.40 126.40f._...J — NX'. Prop pl73 123. B| -A — 

Langhsm Life Assurance Co. Ltd. Maxt Sub. day Sepunber 29 l ; 

Lboghxia Hs. Robnbroak Dr. XW4. 01-2035211 Royal Insurance Group 

Laagham AJ Pltut,. IU-2 K5[ I — New Hall Place. Liverpcnfl. 0312=74422 

TOftnvMSwffli - = »^awdw..iuM ^ - -j - 

Legd & General (Unit Axsar.l Ltd. Save * Gosper Group* 

Kinfcf -.jpod _ House, Klngswood. Taduorth. < OULBM. Lndn. EC8P 3ER 01-S54 80 


o» JSfliH 

od Portfolio 

loi.a +1.11 
101.A +0.5 
1013 +oy 

104 [q 42.71 

Irish Life Assurance Co. Ltd. 

11. Finsbury Square, EC2. 

B loo Cbp. J u ly 21 . _ [77.6 
Managed Fund 2333 
Exempt Man Fd _. 103 7 
Prop. Mod. July 1 _ ISO D 

Prop. Mod. Uth. [197.7 ■ 

King de Shaxwti Ltd. 

52. Corn MIL EC3. 


382S3 '' oom aars, M.i.’i il u. ui-viaxz 

500 Equrt- Pd. July 18 _ (£2566- 25JHJ { — 

!_ Fxd.InLJa£To Q982 MJR — 

Z Prop. F. July 1« £26.07 26.8*. — — 


-i — 


386 

40 W 


294 

31* 


394 

41 C 


152. 

37 3 


233 6 



1506 



'spits 1 Life Assurance* 

on an Kixixe, Chapel A.Ot WUm OSOZaSu 
Ley Ir.vcrt. Fd .] 13d 93 

acemakcrlm- Fd ( 101.07 

'hatlerhuase Magna Gp.* 

8. Cbequera Sq . Cxhxdge 13 BS IME 
■hrtltw Enerm- . W 6 
'bribe*. Kano — {294 
hithae. Managed, 
hrtbxe Equilj' . 
tacna Bid Srv .. . 
lagaa Managed- . 

nty of WeatmiHsier Assur. Co. Ltd. 

ungxtead House, d Whiicbonc R»ad. 
reydpnGROilA 
iortProp Kund....[M 5 
lana^rd r and — 171 . 
quitf Fund ..a: 
artnicud Fund .. . 73 9 
IdMyFund , .. ,1712 
IB Fund . (62 6 

('LA Fund . . [1697 

enx.Mogdi .tp.. .(1171 
cms. Masd. Acr —[121 7 
rnx. Moan Cap. .Mo » 
eti* M.-nw Arc . . [43 5 

. •“ Eau it* i^»i> PJ 7 
'VM. Equity A7-- . ft. 9 misiiVJI — 
Fond rnrrvnUy l>» ncir .nvrol racm. 

vrfurml'ni’.y . .j 2010 I . -1 •- 

ity of Weil minster Assur. Sue. 1-td. 

rtcphnre (It-m «9M 

-rotl-n.ix . . [1216 129 7| 1 ~ 

ropeiV 1'ntl’ 11-* 7 57 4| .. j ~ 

onnnercbl I'nion Group 

Hvliqi «. !, l nilcrxhnfL ;C3. 
vAnAel tJiil* » ' St 75 |-:n 

X Annuity l it I 1305 | . I - 

onfederaiioa Life Insurmce Co. 

.Cbgnrcry lant* W.’iVIHK 01 ?«K32 
'quirt Fund_ 
ianagnl 1 und .. 

IP Fund. .. . 
nal Pali Mnud 


Sin-rry LT206EU. 

Cash initial 

Fa. A crura ... 

Equity lot'. I jl... 

T.a. Accu.a. 

Fixed Initial 

I>n Acvum. . — .. __ 

InU. IciUnl — _ 

Do. locum. (1828 

57121 Managed Initial .... 



rroycriy Inirul ._ . 
Du Acc am _ _ .. 
legal 6 Geaera! il 
Exempt Cash IniL.. 

L*o Arcmc. 

Exempt Eqty. IntL. 
I*o Acnim . — 
rvwupt Fixed lnibj 

Du Arc um 

Exempi Magd. lmr 

Dix Acc cm 

Fxvntpt Prop. Inli. . 
DaArcum. 


95.8 

10*1 


977 

1025 


1255 


+L8 

122.1 

Si 

+1.8 

1178 

124* 

+0) 

120* 

1256 

+03 

1015 

106.9 

+L4 

1020 

. 1074; 

+15 

1209 

127j 

♦1.0 

1234 

1299 

+L0 

99* 

IMS 

' 

1012 



'alt Fexdrtuq 

lift 

(97.0 

1022 


989 

1042 



1252 

■ ULl 


1275 

1343 


1135 

1393 

, 

115.4 

13i 

M.. 

1235 

1300 


125.8 

1325 


970 

la? y 

aaa. 

989 

IMJt 



_ P roperty Fi 
_ GUI Fd 1 


Fd* 


DepontFdt. 


stsr 

S?33l 


1238 


137.7 


162.91 .._ 


130.11 
130 4 
7U2& 


+0.4) 


+0fi 


Lornp-Pena Fd-t — P0t4 — _ 

EquityPettiFa tlWll 20fl8[ +271 

Prop.penx.FdV (2228 2353 . — 

Gill Pen*. Fd. 194 6 " 99M .. 

PvpaxJai-Fd.T [993 10* S +0^ 

♦Prices on July 18. 
tWeekly dealings. 

Schroder Life Group* 

Enterprise House. Portsmouth. (710527733 

Equity July 18 

Equity 2 July 23. 

Equity 3 July £5 

FixndT IntJubr 25.... 

Fixed lnL3 July 2S. 

JntUt-JohrS 

K 4 S Gilt July 35 — 

K A Sc July 25 


_ MagdRb.JuhrE- 
_ Managed July 26 - 
t.j Money July 35. 


54*1 -- 


Legal & General Prop. Fd. Mgrs. Ltd MoSri3JdiyZS~:: 

1 1 . Queen Vivian a St. FC4S 4 TP 01-348 9678 Property Jnfy 25 - 
WApMAdrajau , M17I--.J - 

x-r . - MfiAeSlSS: 

Life Assur. Co. of Pennsylvania MapnCpBjiUy23_ 

3»42Nc»BiinJSl.WI70BQ. 01-4838306 MnlhiAccB Joly a. 

-KB 10341 ...-I — 

Llox-ds Bk. Unit Tst. Mngra. Ltd. Prop.Pcu.rapB .... 

7! . lxtmbard SL. BC3 01-823 1288 

Exempt.. ...... ... 196.7 1033J ...._[ 7.98 fiSSS 15t SSc lj 


Li'ox-ds Life Assurance 
20. Clifton St . EV2A -iS£X 
Pll >;th Julvfi 1_ 1.29756_. 


230* 


2229 

234.. 


1217 

ire; 


139.0 

146' 


149* 

157* 


135* 

' 143.1 


MO* 

1435 


118* 

1253 



140J 



1541 



1136 


'"tm 

1243 


1573 

Mi 


154.9 

1631 


1216 

127.1 


1325 

1392 



203.1 

213.9 


2419 



Va 

102.C 

. m 

M2J 


96* • 

1012 


96.7 

1019 


95.9 

. 1011 


96.6 

1011 


97* 

102* 



i*I*P , APniJl>27 1254 132 ol 

P 2J375i» "riA’ATs’lJS 27 IV# 141.M 

P -H.uOL ,i[q ft' A* I? VdJly 27 1565 164^ 

tif-t V.VManJlj- 27 
•lid 5'A'Dp; JXj.27. 


1505 

0220 


0*tnea>4 

Scottish Widows' Group 
PO Box 80S, Edroburgh EH185BU- 031-8538000 


Iui-Mt. S eries 1. —[107.6 
Inv. Ply. Series 2 — 1613 
lnv. Cub July 28 — 985 

ExlTlAccJulylS 139.D 

ExUUacJuly »„.... IBS 


107.6) +181 — 
106.9 +L7 _ 
1837 +02 — 

145J - 

1*15 ..... _ 
271.6 4-1.7 — 


xffgd Miigil Ha. 
ounmtgJ Pen 
xed JM Pm 
ukj I Vtishtt i 
nperty IVjLJun 


1526 160 2.' 

,77 >1* ,C6 1 

-72 6* 762] 

72A 7kl\ 

18* D 

;oc 7 , 

I 


JJ94 

trnhlli Insurance Ca Ltd. 

Combat). Ki' J- 

IxFrb Aut 15 -|—60 

Sii« Aug. 15 M> 

.(tlkc-A iTa.- l .ri n 


Loudon Indemnity & GnL Ins. Ca Ltd. Mgd Pea. July 2RZp70.6 
|Ai*.ThvFarbuiy. Beading 583S11. Solar Life A sau ran ce Umilcd 

MM^IrSSIrtT.Tl.Ki £1 - l 0 ' 12 ny Pl*e Locdjm E.C JNtTTT. 0154X2005 

Kix-dlnimat [343 1- i25j6S2SMl”SH 

The London A Manchester Ass. Gp.* Eq?^¥..—-}i69 J 


■GikFdJuTjW JiTSO 1C? 51 •! - [ 

edit & Commerce Inscranco 
llograt SL. London WlK 5T K 01-»J970m 
CMngU. F>l . . [122 3 U2.3) i - 

own Life Assaraace Co. Ltd.* 

|«U Life Mae . W.Adng. OIT1 lXW OttUftflU 
tlg'd Fund Arc 
■JWTd Fd Itim. 

Jtg'dFd tub 
Uip-Vd ACC .. 
any F*1 Irmt . 

DllrFd Ian _ 
jpettrFd Arr 
jpertt Fd In-ui 
'rfri' Fd li.it 
Tit. Fd Arc 
• T«t Fd I [Km 
Tss Fd InU 
wdlnt Fd Ac*- 
4 Ini Fit inrTn 
n'l Fd Ac. 
er’l rd Inm 
-if; l it .Vcr . 

r.w Fd. Incut. .. 

: t‘il Ini A . (»i4 HOW 
•an Hrt lift.. V JUS J - J 

usadrr InsuraDee Ca Ltd. 

fhla Mon«r. Taw vr FL, EC.4 iKSKMII 

i Prop Jitlv 4 . [?0 9 804). | -- 

fie Star InonifMldland Asa. 

!uvadnrailteM.t3X 01-5881212 

M.d I’aitx. 1516 53 6j+fl4J 607 

ally & Law Life Asa. Soc. Ltd.* 
vtt bam Rond. ti^hWmunbi* OvM 33377 

'.lb- Fd ..... 1 117 1 17221 +: 51 

T-rij Fd 1068 J12.J 

rtt lulmxr y. [1C9 5 ’ « £ - 1 

IVimxitt'd )W4 

ftfF.f— ... |Z»2 


Wtu3lo.lv PptL Exrtcr 
Van Gruwlh Fund . 
ei- Srx. Exempt Fd 
Vrlxcmjrt Prou. Fit 
♦l‘x>4 Inv Tst. Fd 
FIvribl'-r unt| 

OJ-irGMiO in'. Tiu-A i*und. .. . 

... j ftupnty Fund. - .- 
■ | - 31 & G Group* 

Three uugyx. r onTr UiU SC3R GBQ 01-618 4588. 

I>t 9 jynMoa— . ..L_ . 239.9. _ . | +5.b1 


<002-52155 Solnr FxdlnuS.... 


2327 

+53 

135 7 

+L7 

909 

+0.9 

157 9 

+4.4 

1185 

+34 

144.7 

♦31 

835 

+03 





115 7|+fl: 

104 (A .. 
:t8i(+o« 


ton* Deposit*. . .. 0155 

Equity Rand** ilfl.b 

i'liiuilyiairt** .. ... [165 5 

f-'oir.i'ysr-a*** [190.6 

(■ill Bond*** . ..[1068 
Inirniaiil Bund** ['-05 □ 

NuqM _ [142 2 

Property fU- 1593 

F« Yu-f.tVd Bd*. 82.9 
Ki-rm'er? Fd M-. Hi 
American FvL Bd* £2.7 , 

Japan J-'-t Jtd *. .|»3 „ , 58M..J 

lTiver *ji:lv id •■July 27 —July 
Merchant Investors Assurance 
:UJ. Huh firm. Leas House. Cn^'don. 
Didst KlTl ■ 

Propf.1> 

Prnprrii IVltX .... 

Equity . 

Equity Penx. . . . 

Money Market 

Mr-r-er VLrt. Prn- . 
nriNHil .. — .. 

Ik-fKll I'ens 

Managed _ 

Mu.xar.eJ Pens- .. -. 

ItifL llqail* - 

Inti Mono: ... . 

NCL Pensions LUL 
Mill on i'*irt. r^ork-.ric. Surrey. 

Neli-x Eq.l*4|r 
Xelcx Eq Arvum. . 

Nile* Money t'sp . 

\rln Moa acc 
N elcx ‘1th Ine i"»P 
S'l-lri il!h Inv Arc ..15*. > 

Nrl Mxd Fd t’np. [480 

Nei SJxil. t.4 Are _(48J 

NOW Sub. dm' Aruruflt . — 
far Ned Court TTc^rtT tevunder 
BottarhlM Aa»t 


144 2 

+01 

1612 

+0 J 

600 

+1.5 

1716- 

+4 2 

1424 

+07 

184* 

+09 

2292 

+0.1 

141.0 

+ 0 3 

1S69 

♦U 

1392 

+ 1.7 

1081 

+ 0 4 

105.6 

+0.4 


„ _____ Ul 

Solar Cash S 1083 

Solar IMLS WJ 

Solar Managed P._ 129J7 

Solar Fxd.InLP_. 1364 

Solar Cosh P_ »0 l 

Solar IntL P f97J 

Sun Alllnnce Fund Mangmt. Ltd. 
Son Alliance Houae. Horsham. 040364141 

= . = 

_ Sun Alliance Linked Life Ina Ltd. 

— Sun Alliance Houae. Bonham • 040584143 

Equity Fund— — [124.4 13LM +2-1J ■ — 

FUeSmerrolFd... 1063 11LS +0J - 

— Property Fund. 110.8 116.7 +1.1 — 

~~ IntemsiionalPd ._ 1053 UJ-J -0* - 

Deposit Fund — __ 777 102.4 .. — 

z Manned Fund — .. 1U15 114^ +L0| - 

»- . Sun Life of Canada (UAL) LUL 

- 2.3.4,CocfcapurSUSWlY5BH 01-B305400 

. Maple U Grib... _( 2029 

Maple U. Maafd. _ 134.7 

— Maple U.Eqrt-.__. 1293 

— J*ersnl PnlFd. 1 2060 

Z Target Life Assurance Ca Ltd. 

— Target House. Gatehouse ^Bd. Afio^gy. 

B urL Ayleobury 10208) 5041 


01-830540 

31 



+i.ri 




Man. Fund Inc S*J 

Man. Fund Acc 139.6 

- Prop. Fd. Inc. 3flU am 

Prop. Fd Acc.. 1398 

Prop. Fd Inv 1BB.Q 

Fixed lot. Fd lac. IMA 10A1 

Dep. Fd Acc. lnc_. 1003^ 

Bet Plan Ac. Pen. » 370 SJ.H 
BaLPlanCapJ^en — 637 
Ret Plan-Man Acc. _ ZZ7.I US a 

Ret_PUnMnn Cap.. 1366 lg-7 

Gilt Pen. ACC. 130.6 137 J 

Gilt Pat. cap— [123.0 3295 

Transin (emotion td Life Ins. Ca Lid. 
2 Broom Bldgs.. EC41NV. 01-4056 «7 


:y = 


tert-Fd— 


JKbs. Pvn. Fd Cap . 
Man. Pen Fd.. Are. 


FINANCIAL TIMES STOCK INDICES 




JnIV 

L'l 


\ vvar 

Hg.1 


il-.t 


’ hi 


70.74 

70.79 

70 Bd 

71 07 

7D.P9 

70.78 

67.98 

72.25 

T.: 21 

7ft* 1 

72.23 

72.C5 

71.70 

68.54 

492.1 

qflB.a 

482 O 

48S4- 

483 9 

479.2; 

440.3 

1FA.4 

173.2 

17C.U 

175.4 

180 5 

175.0 

116.5 

5.41 

5.45 

5 51 

5.47 

5.bC 

5.54 

5.49 

K> 42 

11-55 

lb 73' 

lb.bO 

lb.t-8 

16.81 

16.41 

a. is 

».uu 

7.99 

8.05 

B.l’l 

7.94 

B.82 

b.517 

4 77H 

5.168 

5.450 

4 9<2 

4.428 

4.855 


76 1.9 

62.93 

8457 

tJft'Jn 

1115.64 

49.63 


tft.465 

lb.Spd 

13.557 

17.1*35 17.652 

11.275 


In +-;i im; n . 


4V. 


' r. 


Noi-a 4" 
i cm 1:'. it. [/in J"*I ■ 
LiFcsi lades 81-746 8876. 
:vr ••'hi ».irpiia5:uu :j\ 
!-'i T'i 1 i»-hI In:. !'JJ* 
i* jq.j.rtiv. ;i47 


jg-.i jtii t 


■I -34. 
ur-I. 1 ' 


HIGHS AND LOVSfS 


S.E- ACTIVITY 


July 


■ !■■■* ■ (Jig.'. 

;u e« 70 1117.q 

4 |. , ■ ' • . i 

Bl.j; . .'O'. A lht.1.4 

i* ,.t H i. 

.q n-ts-.l 


4y‘i 5 -4 : 

.< I • N'-ti 

ia;-i i.-o.d w.'J 


Utt.lti 

I .T.J 
SU t.l 
w 1 .tl 
rty.4 

. 4d.3 



f-IS- 


168.4 

ISD-d 

.47.3 

125.6 

165.3 
I«#l 3 
42 6 

137.7 . 


136.9 

175.3 

31.1 

108.8 

160.1 

173-5 

42.7 

112.7 


FT— ACTUARIES INDICES 


■ali.i 


! 3.1 



•l.l't 

J iili - 

Juiv 


■ 



■ 


d ! T-a.*! 

213.3C 

J17.a + 


*40 "fc 

*4 1.4(1 

sac J i 

I.. 1 ".' 

5.311 

5.57 

6 40’ 

l' 

8 22 

3.25. 

e zi 

*3. ! <i 

scr L’l 

66 

3=: 75 


215.0C 17B.37 


5.49 

S.14 


5.67 

8.S9 

85.71 


lUanjjd Jay Fd loll _ PZ-8 


LIo'.WAcc 


1I4_2 

7214 
129 0 



97.9 103 

Trident Life Assurance Ca Ltd.* 

Rensiade House. Gloucester 04S238541 


.sna— 

Property — ~ - 

§E'SSSSS 3 i- 

High Yield- 


m 

& 

8 » 


.Edged... Ig-2 

Kunrr - 1233 

International — — JW.7 

gls. nl 1263 

Growth Cap — 123.9 

Gro+Th Arc [1283 


+0i 


Peat Mngd Cap— 115.4 
Pens. KacdAee. - 12« 6 
Penn Old. DepCap.. 1C.9 
PetiK.Gtd Dcp Acc. . 1*7 5 
Pen* Prey. lap. — 114.7 

Bens. Pi> Acc. 119 9 

Ttol Bond ■ 3M 

TMtt.C.1 Bood — [98.8 

•full value (or £100 premium. 

Tvndall Assurance/Pensi ons* 


ULl 

156 5 
1592 +Z1[ — 

nj J-T 

3173 +L31 
14U 
129.4 
1299 
1*91 
1341 
1312 

135.6 

1222 

127.7 
1*98 
3138 
3213 
1264 

Ml 


♦3.7 

+421 

+0« 

+1.81 

+22 


18. CanynKC Road. Bristol. 0S72XS41 

8-WayJuij 2? ' 

Equity July — 

Bond July 27 ... •_ 

Property Julv27 

O'seaslm. July 27- 

Mn Pn*-WJu1v3... 

DqliqiuhJilhJ — 

Da. BeadJuIi 3 

na Prop July 3. _ 

Vanbrugh Life Assurance 
41 -43 Itaddos St., Ldn. Wl R 0LA . 

Managed Fd. ..... WM 156 

Equip. Fd. — ... 5JJ-J 253 

fSraS":---:®!. 125 

Vanbrugh Pensions Limited 

41-43 Vaddox SI., Ldn W1RQLA O1-4094SC3 

Mannged W lOAM +0.5j — ; 

:df ; 7 m-fl = 

Property' — — |9T3 302.71 »02) — 

Coarantred see 'Ins. Base Bates' table: 

Welfare Insurance Ca Ltd.* 

Winsiade Park. Exeter . 0392-52155 

HoncrmkcrFd... ■} J064 J +3 #J — 

For other lords, please refer lo The London t 
ManvbostcT Group. 

Windsor Life Assur. Ca Ltd. 

Royal Albert H*e, Sheet Si, Windsor _ GB144 



LKrlnv nans . .... 
F'WurcAmd GOnai 
Futctrsod Gttwbi. 

RcL.Vail Pens...—. 
Flex. for. Grout* 


iWi 19J» 7 ^- 

«1H I 

£25,69 

3014 3ML9j 


Abbey Unit TsL, Mgrs. Ltd. (a) 

7280, Gale house JU. AyJesbWy. 

Abbey Capitol |34* 

Abbey Income UO.b 43. 

Abbey Inv. Tn.Fd..B8.4 40: 

Abbey Ceo. Tst WAS 49/ 


Gartmore Fund Managers * (a Mg) Perpetual Unit Trust Mngmt.* ta) 


372 +o 
79J +0.1 
lib i +i; 
S.4 +L« 


Allied Haubre Group* (a) (g) 
Hanbro Use, HnUon. Bremwood. Essex. 
01-588 2851 or Brentwood lQ277j 2JI450 
Balanced Fnnds 

Allied 111 

BliL Jnda. Fund 

Unh. a inc 

Elect. & lod. Dev. 

Allied Capital 

Tiambrorund 

HambroAce. Fd 

I a raise Foods 

lllsh Yield Fd. 

Hieb iDcaioc .. 

A.H Eq. Inc . . _ _ 
bvranbul Fundi 

I me roe Kuna I 

Psrlfli- Find 

Sen. Of AinerU.-B — 

U S.A Esenpie 

Specialist Fond* 

Smaller Ot's Fd.... 

2nd SmJr ro‘* Kd , 

Recoveiy Sib. 

Met Min. * '.'•dry _ 

Otcnvu Earnuiict. 

ISxpt- Stair Co’s. 


M to sl lib Gibbs (Antony) Unit Tst. Mgs. Ltd. Tec bnoic^ Fund J 

*Uri+0 6| SDB 3. F rrderi clt’i Place. Old J eoay. EC2K 8HD. ; SSSSJfcs'— 

Income- — |4l. 9 44« 1 tu pr 

. Growchtt — [39 6 42 6«* J 4.60 ,. 

.FarEori-.-fea . 3fS „4 030 £- 

Deal ire Tua. ttWed. . Pri 



0S9B5W1 3.fi{ Mary Are. EiU ASBP. 
*06) 439 iiiAaKrieonTri ?A 

6AZ BrtrtihTB-lArCJ- 
435 CommodJiy Share.. 

*-« Extra Income Trt - 
in For East- Trust— 

Ilicb Income Tri — 

Income Fund 

Inx. Aeenciei 

Itttl. Exempt FVL. , 
irdniL TU. rAcc»_J34j 


59.4 

Jib 4 

243 

P.7 

599 

758 

M13 


4 76 01-888 411 
IBIA.G 

wia.c. 

5 -» lajA-G 


01-2833511 48 HartSl.MenJey on Thames M0IS6868 

31671 +0.61 0*1 FpeinoJGpjJih.. — [40 4 954] [ 3-59 

in 9 +il 3.01 Piccadilly Unit T. Mgrs. Ltd.* laUb) 
26 1 +03 182 wnrdgte ll*n_50a London Wall EC2 6880801 

??? Tn 3 2*5 Extra Income E9JE 31-SI -02) 970 

“5 i2i Hi Small Co x Pd 4fl.O 433 +0.S 464 

Capita] Fund 43.4 46.7+0.3 363 

1S 5“ int. Bros.* Assets- 46J 992a -*0.7 .2JS8 

“■3 tl? *7* Prhnle Fluid - 550 386 +0 8 3.98 

36.7 +03J 163 ^eewaBr.FUnd 62.0 67.0 +2J 301 

- ‘ - 586. 624 +12 2-97 

»D 303a +04 L00 

27.0n +0.6 2.00 


Aroe lie an Food [25.0 P.Oiq +0 6| 

Practical Invest- Co. Lid.* (ydcl 

Bloomsbury Sq. WC1A2RA 


01-0238803 

Praeurol Juiy=«..-|15J| l«.l| .-..I 4.09 

7JB CSavett Uohnl* . Acenm. L niu ..— [z253 239 1| .-...[ 469 

*■2 77. London wall, s c.2. oi-M85cao Provincial Life Inv. C®. .Ltd.* 

S-hldr.JulySB [143.7 15L4| +3.W 1.79 222. Btibopsxate. EC2 0I-M7SS33 

235 PoL.Xeeum Uatl_. [1726 1B2.0| +43| 1.79 Prolific Unit* (BT0 ■ 433) +0 8( 3 04 

2^0 Next dealinc day Auena 11. Hirb Income |l366 124^ +12J 7.10 

L» Grieveson Management Co. Ltd. ■ pmdL Portfolio Mngrs. Ltd.* laHhHcl 
1.48 me—b—ro uwaa Hoi horn Bon. ECTK2NH - 01+059=22 

Prudential— 12316 139.0) +23) 435 


50 Gresham Sl_ EC2P2DS. 
Barrinetan July 28. [2A9.9 

■ Aerum. Units I 230 4 

Btnell.Yd. July Z7. 1790 

fACeutn Units' 105.8 

Eadeav. Ju/r25 2*76 

tArtrtim. Doll SI...... 215.2 

4.94 GrncbsuvJuly2B _. 963 


21934 
240 8 
1875 
2156 
2173 
224.9 
1006 
104.4 
736s 
7731 


:°A 


. , ... — , t it cam. Untai. . ... . 

Anderson Unit Trust Managers Ltd. Ln t Brsls.Jaly20.g03 

158 Fenv hureh Sc. EC3M 8A.X 8339=31 lAccum. Unllsi W.9 

Andersan U t. [so o 53.91 A 4-28 Guardian Royal Ex. Unit Mgrs. lid. 

Ansbacher Unit Memt. Ca Ltd. Royal Exchange. EOP3DN. ot-saeotl 
^ (aeiGuardhUI Tst— (936 972( +12) 430 

(U88 176.0J .^f Henderson Attomslraifoti* Kldgrileld Management Ltd. 

Premier l)T Admin, 5 Rayleigh R oad- Huuon. 38-40. Kennedy St_ Manchertrc 

* 0077-217238 R Wxefie d lot. VT I9B.0 

Rld|ieOeld Income. 19LD 


2-S Qniiter Management Co. lid.* 

i« The.Stk. Eieboace; ECSN IBP- OJ-800 -1177 

L98 QaadnmiCet) Fd..|U47 109.3] I 530 

3.05 Quod rant Income-] 1243 328.4^ 1 0-22 

oil Reliance Unit Mgrs. Ltd.* 

423- Reliance Hie.. Tanhridse Wells. KL 08922=271 
' ' 73.21 J SOI 

47.51 +0M 561 
. 46 S +0.7[ 5.B1 


Arhathnot Securities Ltd. (aMc) Br^nnceod. Essex. 

27- Queen Sl London EC4H LBY 01-238 5383 f.g. Foods 


Extra income Fd_ 105 0 

Rich Inc. Fund 416 

*<Aceam I’nrtsl— .. S63 
w drwL L'ts. i 563 
Preference Pond.... 23.9 

(Acnnn Units i 372 

Capital Fund 19 9 

Commndi tj‘ Fund _ 59.4 

I Acvum Units' S5.4 

t!0% WOrwi U l 5L9 

FinitProp.Pd.. 17 7 

Giants Fund 395 

l.xecnm. UnlUi_— . 465 

Growth Fund 36 D 

lAcrum. Unitsi 02 

Smaller Co's Fd 28 2 

Eastern & InU. Fd.. Z68 

<6+« Wdrwl.Uu.i Ml 

Forcicn Fd.. 142 

N. Amer. A Ini. FdpL9 


1336 +0Ji 
45.0 +03^ 
60 6 +0.4 

60.6 +0.4 

25 Jd 
40 on 
2J5 
644 
926 
563 

191 . . 

38 7b +0 4 
465a +05^ 
30.4 +<jjj 
28.9 

22.7 
904 
34 4 +05 


1126 Cap Growth Inc. — 14$7 
9J4 Cap. Growth ACC. — 

934 Income ft Asxets— -P43 
934 DM Income Foods 
12. K High In 

1280 Cabot attn Inc. 

Sector Fund* 

Financial a ITU — 

Dili NaL Bex 

lsiernutonol ' 

Cabot IRA 

International . — 

WltLWide July 31.... [76 J 
Overseas Funds 


520 

521 

5 20 

297 

2.75 

235 

Ul 

258 

4.15 

Ll« 

L14 

360 

1.00 


061 =36 8521 

304M | 2.72 

976? J 10.71 

H2 Rothschild Asset M a n a geme nt <gl 

+o3 5 90 ' 7260. Gatehouse Rd_ Aylesbury. 02985041 

^ N C. Equity Fund— P752 3163] +3.61 5.07 

7 rc N.C EngyJtes-TU. 1116 318.71 +0 l[ ZJS5 

NCInronM- Fund- 1526 , “ 

N.C. InU. Fd tine.; 9L9 
r» j.n XI a is N.C IntL Fd. fAcc.t 936 

fi-3 + 0-3 7 46 M r E—Iir r - H . ea 1AC 


European- 

Far Bui . - 

Nanh Amer (40.4 

Njuu GraJulia...hK5 

CabotAmerAtn Co. BA A 



j +Z.0 7.08 

976ut +0_1 3 55 

9961+02 135 

170.3 +23 4.71 


N.C. Saillr Coys Fd|l6tLl 

Rothschild & Lowndes MgmL. <a) 

Sl Svl think Lone. Ldn- EC4. 01-8184356 

NrwCt-Exempi .10236 130.8) | 365 

Prices on July 17. Nest dealing ^uc. 19. 

2.47 Rowan Unit Trust Mngt. Ltd-*(a) 

City GateHse., F1nshuiySq,EC2. 01-8081008 
t. 40 American Jnly 27 ...1675 

■'''.July 26 - 


Archway Unit Tst. Mgs. Ltd.* (aMc) Hill Sanrael Unit TsL Mgrs-t (a) 


317, HJqh Hoi born. WC1V7NL 0t-831S13S. *6 BeecbSL. EC2PSLX 

Archway Fund JM.t 90.2( I 564 fbi British Trust 11567 

Prices at July Z7. Nen sub. day Aocust 3 ^ ^ 

Barclays Unicorn Ltd. (aKg)*(c) 

Unicorn Ho. 252 Hom/ord Rd. E7. 01-534 55M 


Securities J _ . 
Hiph Md. July 28... 
i Accnm. Unitsi 
Merlin July 28 



Unicorn America -134 6 

Do. Ann. Acc. 774 

Do. Allot. Inc 61.0 

Do. Capital 695 

Do. Exempt TsL 1117 

Do . Extra Income _ 28.8 

Do FUundai 623 

Do. 500 766 

Do. General 328 



I2i 1 ml Trust 175 

(e) DotiarlVuri 793 

<b) Capital Trust-. SB3 
ibi Financial Trust 94.9 

ibi Income Trurt zao 

X76 lb) SecurTO/ Trust _ 535 
176 lbiHlchYl*!dTs!_[R.l 

Intel.* RHg) 

7.99 15. Christopher Street, E.C2. 
fl 9e Intel. Ins. rand 190.7 

§ Z£ fey Fuad Managers lid. (aKg) 

25, M(Ik£t_ EC2V8JE. 


01-0388013 l Acvum. Units I 

153*3 Tst. Can. Fd. Mgrs. Ltd. 

j5j +0 7 2 M 54. Jerrayn Street, S.W.l. D1-82BB3&S 

323« +0 5 467 Capital Fd 1685 7131 .| 3 60 

1013 +13 4 68 Income F4 |696 733R .... | 766 

30.0 +0 7 731 Prices at July 14. Neat dealiOE July SL 

a? ? +0.7 7.S Sava & Prosper Group 

4. Great Sl Helens. London KC3P SEP - 
at v-w. 08-73 Queen SL. Edinborfh EH2 4 NX 
01-247730 Deslings to: 01-556 88B0 or 031-238 7351 

n, ,-trZ 1 “* Save & Prosper Securities Ltd.* 
1®,-- laternadonal Foods 
0I ,'^ 67 SI^ Capital (57.8 


DoUcomeTro:itMT3 946^+0 663 Kby Enern In.Fd_«02 853) +LU 3.13 lt*u !ZZ.Z. (77 0 

■Do.Prt A’ns.Tit — p®3 15061 +1B2J 516 Kgy Kan by a 10A_ 746 +03 436 Xlnlv.Grovrth [700 

Prices at Jttly 31.^!ext sub. day Aumtst 31. ♦KeyExemptFd _ 1S1 0 3606u ..... 631 . - 

Do. RecovoryZ--. M45 482+10 511 Key Income Fund.. 81 5 86.7 +1.0 7.98 locreasinK Ineone Fnml 

Do. Trustee Fond _ El6.1 ULU +16 516 Key Fitted Int I-U. 6a 4 642 ..... 1265 HI *h -Yield (553 

Do.WTdwidq TsL__&JJ 55 1 e +0.5 204 Key Small to's Pd „ 1022 10&7| +0.7] 5-78 HUh Ineotse Funds 

B’trt-To-FdJnc «56 U3 +15 467 Klein wort Benson Unit Managers* High Return 

Do Aceum. [SJJ 78J|+lZ| *67 ao. Fenebureh St.. ECA 01-8338000 l«*o>e 

Baring Brothers & Col Ud.* (aMx> KB.UnnFd. inr. ...966 93.91 | 549 vx. Funds 

SEiSSSc* 01^2830 d VA 

SxattouTsL WL2 W9U —J “| - 

09 Ace tSSrsl ^ Aa2A““l L &C»Unlt Trust Management Ltd.* J»P«b 

a TVs , C 9 SW.L C.banao Or-lM lUD AJ - UK ) ♦aim * 


40.WI +Q5{ 


75. 


314 

5 

1.92 


59.41+0.7] 7.00 


IZZzIma 


7L4M+09| 
473] +0.5[ 


8.40 

838 


49.11+0.7] 4J 


B 


The Stock Echuiee, BC2N 1 HP Oi*6B8 3800 

Bishopegate Progressive MgmL Cm.f iZr^Fa M +sT rn Fund, 

gBixhopseate.E.Ci 01-088 OBBO lAClnU L Geu Fd.[l012 • 104.4) +24 175 [Z3? 

B*atePr*:Jal3rl8-W36 — I Lawson Secs. Ltd. *(aXc) [73 1 

TI^S — | 27. Queen’s St. UmdonE!C4RlBV. Oi -2385282 H TfLHlnh^.^ r n ^ 


Are. Uls.** Ju|y4 —t 
B'galeJntJuJy 25 — t 

(ACCtun.) Jaly S [1962 ___. 

Next sub. day ‘August & “August L 

Bridge Fund Managers*(aKcl 

sins Willtan Su BC4R OAR 


94.41 

112.4 

822 


7931 +05j 


326 

0.73 

124 

366 

1.77 

2.97 


Americao it Gen4 - BJ 
Imww. 1 ... _ . pl- 7 

Capital Ine.r [38 0 



01-823 40S3 


1.42 

637 

3.03 

3.03 

5.72 


277.61 +2.71 219 
58 o] +0i[. 732 


J-2 Select Internal. — 

Select Income 

2.75 Seotbits Securities lid.* 

148 Seotbits [390 4L9ri+oa 3.06 

Scotyield fel.9 ss3 +o3 7J6 

Seetshares [S8-5 6291+03 458 

25T.9| I 210 


030 
030 
1130 
1130 SroLEx-Gth 


2U *Rsw. Materiolx B9.6 427] +0 61 

giAceum. Uotlsi 443 «80 +0.9 

■Growth Fund 571 613 

'(Accum-Umtat — 629 67.4 

ItGih and Warn nL 383 41 Ja 

tA men can Fd. 23 9 252 

h Arvum Units i 24.9 2*1 

“High Yield 45 4 48.7 .. 

**tAeeuBL UniUi— [63.7 6&4| [ 

DeaL JCMon. -Tuea. T+Wed. tTtitm- —Fd. 

S Legal & General Tyndall Fund* 

331 is. canynpe Road. BristoL 0272322*1 Schlesinger Trust Mngrs. Ltd. (a) Id 

DeoJinfi *Tu«*. flted tTburv Prices July Dls.Jnlyt2 [572 ■ 60.6| ) 533 140. Sooth Street. Dorking. (0308)88441 

25J26C7. . lAecum. Ooltsi 76 o| — i| — am 

Britannia Trust M a n ag e ment (a) (g) i^hw Administration Ltd. KHwptHi E h\’id_ 

3 xnMiL.Lma.mtm. •.+.»• gS 

804+13] 4.98 l*?* 1 *-. -12*4 5Mf ■'■?!! f-S loeomeDtxL 

3.71 


ScOL Et Yld. -Vi _ jl63J 1706) ......( 7 j0J 

•Price* at July 28. Next tub. day August 9. 


London EC2H5QL 

Assets 1743 

Capital Arc (551 


Connnfc lod J576- 

Commodity. 

Domestic— »__&9 5 
Kjvurpt... B17.8 


EjM^ucome -H03 

JFarEsst C27 


Financial Secs — 65.9 

Gold ACen era] 1022 

Growth. .(83.4 


Inc. 6 Growth 

InTl Growth 

laieeLTttShares. 

-Xlaanris — s. 

NoL Hi Kb lac 

New Issue 

North American — B0.1 
Professional-- —.(5283 
Property Shares — [141 
SJrfeJd- WO 

Status Change [325 

UmgRnrryy (333 


153 

66.1 

tu 

(23 

84.4 

366 


593 +0.9( 
623b +1.1 
‘ 676 +03 
423 +03 
1243 +13 
433 +03 
243 +03 
70.9b +0.9 
109.9c +13 
813 +J3 
80.9 +1.1 


sx3f +o.g 

35.ffl +L3 
363*1 +03| 


LeoAecum. 1836 882] +0.4] .469 luc. lffSfcWdr+i-', 

434 Uosrds-Bk. Unit TsL Mngrs. Ltd.* (a) InniLGroath 

4.78 n ,i ... rv-— r-a— fc-T.. lav^TSL. Units...—— 

mjrvp i+m Market Leaden 

01-8231388 -nil yield' 


701 

906 

2.95 

430 

262 

386 

734 


4.14 

4.77 

2.45 


American ——[50 6 

i Ac cum. Unitsi SLB 

The British Life Office Ltd.* W Is 

Reliance Hoe. Tunbridce Wells. KHJ8B2 22271 Commodity 7B.9 

BL British Life HL6 54 U +031 5.63 rAcrmn.UnitsJ._-- 16.1 

BL Balanced* MRS 52.3 ..."[ 544 Compouad Growth. 1106 

BL Dividend* |43.0 46.0j [ 9.08 Conreriiou Gsowih)673 

■Prices July 26. Next deaJtnp August 2. 

Brown Shipley A Co. Ltd.* 

liners: Founders CL, EC2 

243.71 1 460 

303 j[ ,.Z\ 


Property Shares — 

Special Sit Tit , 

UK. Grth. Arvum. 
UJC &th. Dial. 


Three Quays. Tower Hill. EC3R 6BQ. 018V 45S8 

See riro Stock Exchat^Deolr y SgSSHfc 


»3 


(26.4 
S.7 
Si 
P9 3 
293 
pO.O 
B7.0 


.0 


. 23.71 +03 2.90 

30.4 + 0.1 223 

27 8 +02 
281 +0.4 423 
3jla +02 1.75 

42J +0.3 964 

316 +02 
53Bn +03 .328 

29.1 +02 4.14 
323 +03 436 

30.1 +03 — 

241a 1237 

293 +03 212 
31.7 +0J 237 

2 (3 +03 467 
ZL5 +0-2 487 


J 2 Registrar's Depu Goring-hy-Seo. 

Worthing. West Sussex. 

5 STS ^ »■«=» 

Second /.Cap.) S43 56.6 +06 264 

Do. (Ac cum > 663 Tib +0.9 264 

Third tteeoiDek. *53 919 +11 368 

Do.fAevnm I 1370 125 7 +14 JM 

S’! tiij L-S Fourth cExfnc.)— .. 60 9 65.4 +06 766 J. Henry Schrader Wagg ft Co. I3tL* 

523fl +0A 33& — cS-5 743]+0^ 766 01240 3434 

453 +03 266 UoytTa Ufo Unit Tot. Mngrs. Ltd. capital J% 25. +„|io6A uo.4l * 

SI tft-? II? 72-80. Gatehouse Rd, Aylesbury. 020890(1 i Arem n-...__ 1269 _1337 

32.4 +02 182 5 ? “jl' w.. 170D< — '* * a tArcum. Urntsi _ 2833 293J '.'.'.Z 

544 7b +9.0 434 M ft G Group* (yMcNz) General July as. 85.9 89.4a 

152 +03 270 Three Ouam. Tower HilL EC3R 8BO. 0I8H 45tt LXc-rum. Uujtsi JOT '2 1J13 

Europe July 27 *16 336 

. I Acvum. Unitsi 34.9 373 _~ 

5521+061 17« "Pen*^harFdJyl8 169.7 174.9 b 

S-StS-a iS *SpecEx. Juljr4 — 246.7 2543 

to3 iS *ftc£werrJtily4— |l813 386.^ ...... 

846al +0.1 436 " Ftor ux exempt funds only 


Gonveiuion lac. — .H6 6 
Dividend [m.7 


lAenun. Units) 


B306 


BS Units July 24 — [2267 
DojAec.1 July 24 — [2823 
Ocaanlr ‘frusta fa) igl _ 
F lnnnrt al— 1362 


n "°72 5SSnuSt£r::ll 


AM 


General— — 193 

Growth Acvum. 46.8 

Growth Income 373 

Rjjg Income . |2?.9 

' to* 


sa^l 



ExmpL July 


49 M +0.5 
+03 
+02 
+0J 
+0.4 
+02 
+13 
+03 


Extra Yield M6.4 

lAcrum. UnlUJ— — (1153 
Far Eastern — (587 


437 (Accam. Unit*) 643 

537 Fund of Inv. Tits— 646 
564 (Acvum. Units). — _ 793 

5.04 General 1736 

1.45 (Aecum. Units) 2703 

338 High Income 1833 

422 CAeesm. Units) 1736 

3.05 Japan Income 1636 

430 tAccum. Unit!) 1653 

6 05 Mosnam 216.7 

530 (Aerum. Unltaj 273.6 

Mtrfiii.ii 1762 

Canada Life Unit TsL Mngrs. Ltd.* i Ac nun. Units! 2916 

2-8 High Sl, Potters Bar. Herts. P. Bar 5 1122 flS2ES7fSS Si 

Can.Gtn.Dist 09.1 412W[ +0* 424 U» rtS) 

Do Gan. Acvum — W82 +o3 424 M? 

Da Inc. DtR. p43 sH+oa 732 U Sb'i 

i6 473J+03 732 fiaarr gS 

Capri (James) MngL Ltd.* SpeeiaUaed Funds 

100 Old Bread SL.ET2NIBQ 01-3880010 S*fiSf SfJ= 

QtpHol {84.6 900] j 5.19 


ill MSL Andre wsSq.. Edinburgh Q3 1-366 0101 

839 Income Unlu [503 S3L« J 5.14 

7.82 Accum. Units p7.8 615) (■ SM 

7.82 Dealing day Wednesday. 

IS Sebag Unit TsL Managers Ltd.* (a) 
830 PO Box 5 1 1 . Be kl biy. Hoe, E.C4. 01-2385000 
5-32 Sebag Capital Fd._B46 36 4( +0.7] 3.46 

235 Sebag lncmae FtL-P17 203) +0.4| 7.93 


70.1 
1293 +03 
2956 +0.B 
543* +03 
55.7 +0.4 
920 +03 
1236 +0.4 
*22 +0.4 
6BJ +03 
696 +0.1 
84.4 +0.1 
1886a +0.4 
2933 +0.7 
109.9a +03 
1849 +a? 
174.4 +17 
1766 +16 
231.9* +2J 
292.7 +23| 


144 

2.44 
664 
664 

3M 

3M 

2.42 

2.41 

4.44 
3.96 
5.18 


235 


221 

221 


B 3 ? 


JaMOM.w — . .. ... [7f.4 WJ5| . 

Pr i ce s on JnJy- IB. Next dealinjc Aopnt 2. 

Carliol Unit Fd. Vgrs. Ltd-V UMe) 


I Accam. Unitsi 
+ jm Charibond Jn1y25_ 

7 ' 7D Chan Id- July 25.— 
lAcetuiL Unitsi. 

Pens. Ex- July 34 

MU born House. Newcastle -opon-Tyne 21)85 M*BttLUe Management Ltd- frW F?naneinl^: 

Cart to I 169 9 72.4) 1 ID St George's Way. Stevenage. 043858101 Target Equity __ 

'tuu _|tl8 . 8631 1 365 Growth Unlt*-+ — )53.4 5821+1.0] 462 frJ»rtEBJiihra8-.. 

05 3 i ] «ii Mayflower Management Co. Ltd. *Do.A«._Uidis — 


4.44 Security Selection Ltd. 

*■** 15-10. Lincoln's Inn Fields, WC2. 01-881 
5 5 UnvlGthTn Ace — [253 268j .._[ 

IS UmrlGthTstInc_[21.9 53[ J 

JS Stewart Unit TsL Managers Ltd. (a) 
i so 45, Charlotte Sq-, Edinburgh. 031-2383271 

5.71 YSmwurt American Fbiod 
„ 3.71 standard Unhs (H3 49.61 — J 139 

«s 31 H «ai=i& m d = 

892 to 1 in ‘Stcwait British Cajdltd Fund 

192bn +DJ 4 96 Standard 0376 1493J 1 420 

2926 +05 -4.96 AccamUruts . 1576 .mjJ 420 

.1-01 412 Dealing tPri. *We«L 

22661 -OJl 432 Son Alliance Rind Mngt. Ltd. 

Sun Alliance Hse-. Horsham 040384141 

KS ExpEaTsL Jly 12j£214 0 2253] — J 423 

Jg VTbe Family Fd_|l0L7 XOSjJ +li[ 3.46 

769 Target Tst. Mngrs. Ltd.* (aMg> 
rfi 31. Gresham St. EC2- Dealings- 0286 5041 

41.7[+0.4I 333 

68 JB +15) 4.40 


+•41 
♦06| 

, 1116 1 — 

151.1 153.4] 

'1B71 190 n 

1402 M7.9I .-.. 


Do. Acvum Until _ 

Do. High Yield [426 


CJ. lovmatl 
Units _ 

CJ. Income 

CJ. Biro, fia- 

Accum. Units , 

CJ. Fd. InvT*t |292 

Accum Units 133 7 


236 

270 

342 

264 

306 


Prim July 38. Nest dealing 


258 

30 3 

372 ...... 

206 

333 ...... 

31.7 

36.4 


836 Target inti _ 
5A9 Do. Rato*. Units 



48 9) +03^ 


2n.fl ee 

301.ll 6.42 

+03 300 

3161 +0.4 459 

291% +0.4 168 
+03 164 

___ J +02 335 

XfOJtad *31 

3261 +03 7.96 

U.96 

+0i[ 432 


Target Glii Fund __ 

- --»■!•••• I ++• will w»n«n B.W2V 7AU. "/“I™ 

.Nest dealing dale dale Ji4r 3ft laeoaeJalylS 005.9 inti 

Charities Official Invest. Fd* General July is — ( to 3 74gj .. . 

77 Loudon Wail. EC2N1DB. ai-5881815 Mercury Fuad Managers Ltd. Sl^jiuVS 

Income July 18 Q34J7 — ] J 666 30. Gresham SL.EC2T2EB. 01JW04365 Tgt_ Inc Z 

Acvum July IB [25661 — ]. [ — Iterc Geo. July 2S_ 196.9 -20961 I 4 2b TrLPref.— 

♦Una uth. only available W. Reg. Chorines. SSf'jjm jiSiCl 255 9 272^ 426 Tg£ SpS&isitr 

Charter house Jap bet* ^brnjW&R.* n M :r] 1% Target TsL Mgrs. iScothtnd) (aKb) 

I. Paternoster Row. EC4. 01-2483099 Mere. ExUuii^T-^ 2296 239.«+16^ 428 EJ. Alb o! Crescent. Edin.1 to 12208821/3 

f-2f i5^ Ul ^ J „ jC7 r-r 7 *- 2 2956) +»5j 428 TKmct AcoerJEMgteQSJ 302a4+OJ| 1.41' 

1.96 Midland Bank Group Target ThisGe -Bp . MH +05^ 560 

J5 Unit Trust Managers Ltd.* (a) Extra income Fd...[99.9 M *! +M 1032 

<34 SPfnrajd Basso. Silver Street. Had. Trades Union Unit TsL Managers* 

tt7i 100. Wood street EC JL 01-82880)1 

tt-ti TOUT July 3 (48.6 516] ....lj 53* 




August 2. 


3.«8 

3.48 


Sheffield. Sl 3RD. 
Commodity & Gen.. [716 

Do. Aecum. (82 6 

Growth iU7j 

Chieftain Trust Ma Mgers I Do. Accum. .{406 

1 1 Ncw5l Edil 4TP. 01-2832832 CapdaL. 

American __^-_kxl232 24.91+021 163 

High Income [416 44 jl +0-5 925 

' - ^ J +di^ 3.08 

+02J 420 


Do. Aec um . a 

Borne Harro. T*L(276 2931+02] 420 Si 

Confederation Funds MgL Ltd.* (a) ^VjeM f ^ 

50 C bo a eer y Lone. WC2A1HE 01-2420282 Eqnitj- Exempt*. 1P6.1 

CrewthFund 1436 ' 456) ] 434 Do Accam.*— .[loti 

_ ‘Priees at July 3L Next dealing f - 

CaaaeiieUtan fend Maaagera. Minster fend Managers Ltd. KESbStJjSSa 

8aPcmtSreet.I^ndcmSWlE9^. »«KB. Minster Hse- Arthur SL. EC4. 01-8231060 r Avcnm Unh*)„ 

Cosmopolu.GdLFd.IlB4 196] +02J 464 Mi Brier JnlyM (3*6 342] I 536 Vao.Gwlh_ July 25_ 

Exempt June 30 _J89.4 936] ] 663 iAcotm Unha) 


S3 aS Transatiantic and Gen. Secs. Co.* 

*** 4 3^ 91-09 New London Rd. Chelmsford 0245 5 IBS i 


sa 

656 
513 
546 
67 7 
711 
117 ft 
1126 


+03 

+02 

+06 

+0.7 


X X Barbican July 27 

633 (Aecum Uni tsj- 


633 Barb-Eapt. Jaly 26 
ckm.Jiily27 


230 Buekm. 

230 (Aecum Units).— .- 
8 07 ColetnoJulySB— 
*07 (Aecum. Units i... 

569 Com bid. July 28 

569 'Acvum Units) 


+0 7 
+0.7] 

' t ' 5 -a 

Aagust'sL Glen. July 25. 


Crescent Unit TsL Mgrs. Lid. (aXg) IT _ H 

4 MetvilleCres^ Edinburgh 3. 031-3284031 

Cres.Amer.Fd B7J TU — J 4.17 

Cres.lnlernat'l. [59 2 WS+oij 0.7S 

47J +0. 

4*ti +0. 

S4J. 86+0. 


CTOS. High. DML — (443 
Cres. Reserves-— (416 
Ores. Tokyo. 


Discretionary Unit Fund Managers 

22. B9 onfield SL.EC23ITAL. 

Due Income- (1672 1713] ( SJfl 

E. F. Winchester Fund MngL Ltd. 
Old Jewry. EC2 
Great Winrberier. -(172 

GL Winch 'cr Oar *3(19 2 


76.1 

1140 

09.0 

796 

906 

1312 

1582 

52.4 

57* 

551 


70.7 

522 

S96 

BJ 

ill 

703 


B 


gij zd 

- - "VanHirJ u]y 29 L._ 

Vang. T-ee July 28.(448 

Old Qneen Street. SWxH 8JG. 01-0307333. (Aecum Units.) (46.4 

MLA Units [452 454]-.-] 3.96 WlckTJuJy27 

IS MotMl Unit Trust Managers* (.Mg) 

JACopthsU Awr.ECZR 7BU. 01-0084003 Do.AceamZ 

Mutual Soc. Pins — 5491 +0.81 
Mutual Inc Tat- -BEl 747U0.fi 

i Mutual Blue Chip_fea 4UM+08 

Mutual High Yld— 4 64.1 

National and Commercial 

31. SL Andrew Square. Edinburgh 031 558 9151 SR.™' 

01-6063187 iBcumeJulyao RS74 16321 | 5759 BSmJniraoin; 

law sal g£flate«-H8K ?Sa VS pSSwls 

I 42* I IS 


81 Jht 

I2S.6 

916 

uau 

1UJ 

1386 +3.1 
1665 +36) 

35i 

612 ..... 

' S47 

75.4 
546 
623 
54J 
666 

742« 

472 
41.9 
653a 

78.4 
7Tt +16^ 
81* +Lti 


529 
5.19 
4.75 
-4.72 
. 4.72 
5L7D 
5.70 
6.93 
tW 
433 
<63 
337 

5 37 
27 
327 
*17 
623 
623 
4JU 
4*6 
123 
823 


73 Tyndall Managers LUL* 

660 ia.Canynge Road. Bristol. 

+06( *42 ineomeJnlySs 
I Arvum Units 


Emson ft Dudley TsL MngmnL Ltd. National Provident Inv. Mngrs. Ud.* Pnf Juiyse ! 

20 .xrtiagwuSl.SW L 01-4007551 «. Greece burvh SL.EC3P3HH 01-003*300 WS¥rSTSSl'=~ 

Emsoa Dudley Tri.{663. 7L5) _ . ( 360 N.PI Gth Un.Tri-.M6 5 4951 -._( 420 fa Sj Lf 

Equitas Secs. Ltd. (a) (g) • N^e^^.pZy • iSl " IM » 

*1 Bishopsgoie. EC2 ^ Aziri^ S?3i S!llE 


Fl+gtiuri m.O 72.81 +881 ■*•■»+ • Prices on July 38 ~N'eiL dealing Aiaguri 9? 

Equity ft Law Va. Tr. M.* (aHbMcKii National Westutinsier*(a) 

ABM-rmhom Ri. High Wyeombe. 0*04X077 tm. Chea pride. EQV SEU. 01-808 8001. 
Equity A Law (U.7 7231 +10| 4*1 Capital I Accum. — gy 72.« +02f 

Frastilngton Unit MgL Ltd. (a) PtSietai— l-LZEs* 37*9 +o'ij 

5-7. Ireland Yard. BC4B 5DH. 01-2488071 &»*««■ — ftB-9 955ri|+U[ 


Do. Aecum 

Extra Inc. Growth. - 
Do. Acc 


American-. ’50 2 5321 1 1 00 

Capital TS. [127 4 ' U5M | 358 

Income Tri. U096 113* . .. ] 667 

Int. Growth Fd. Ul52 122 

Ebi Aecum. 'US. 8 226. 

Friends* ProudL Unit Tr. Mgrs.V 

Prxfaam Earl . B ur Line 03085053 

Kneads PTOc. i:ts- (445 475] +07| A04 

Do. Aerum ]573 6L4) +0.9( 4 04 

G.T. Unit Managers Ltd.* 

01-4288131 
320 


421 Do. Accum 

7.62 High Inc. Priority— 
533 International 

ID Special Stta. 

635 


uo* 

105* 


183.8 

193* 


127.6 

1340 


1798 

288.8 


122.4 

1382 

M . S .. 

1592 

1672 


252* 

2656 


2812 

295.4 


996 

1M6 


123.4 

1296 

.. — 

1406 

147.1 

______ 

167* 



[lU2 

UU 


84.7 

90* 

+0*[ 

863 

913 

+0.6 

38.1 

40.9 

♦0.4 

M2 

473 

*0.4 

163 . 

17* 

+0.1 

19.9 

■2 12 

♦03 

M * 

68* 

+0* 

313 . 

33.6 

+0.1 

031 

35.4 

+0.6 


027232241 
827 
8.17 

4.45 

774 
A45 
7.74 
5.05 


831 

5.44 

544 

928 

5*9 

5*9 

9.68 

9.68 

523 

523 

7.83 

238 

2J5 


1C Finsbar.- Cirrus EC2M TDD 


'GT.Cap.Inc — ._ 

JDn. Acc — 

G T. loc. F«t L'n 

r.T U-S.fi Gen 

C.T.JnpaaiGea— 

I0GL lVna.Ex.Fd [1346 

G.T US 1 rand 136 9 

G.T. Four VdsFd M2 

G. ft A. Trust tat Cg) 
Boiatil RO. Brentwood 
qfcA pa,7 



ftJrtiofioinv FtL.-tTas 7 s3 +ij| 572 TSB Unit Trusts (y) 

I 'nlvc rxol Fdjdi — Ko.9 65 A] -*0 1| 216 21, Cbaatry Way. Ajidovor. Kants 0281821*1 

22b NEL Trust Managers Ltd.* UKg) Deoimga u oasi 0422-3 

1 ^ Nri«r^ ,Itari l£l^-65 91 +0 4l iS 

* 0 '^ l 32 iK!SSS!z:gl Sfl Jo! 

For New Court fend Managers Ltd. TRBScotttsb ns. 4 ion +o 7j 275 

see Rothschild Asset Management ib‘ Do. Accum. |9L5 97.4) +oij 275 

Norwich Union Insurance Group (b) Ulster Bank* (a) 
p.a Bo* 4. Nonrirb, NBI JNG. 080322200 Waring Suvcl Bel fait. 

Group T ol Fd. 13362 374.9] +43| 4.M tbiUlster Growth -pa* 

3^0 Pearl Trust Managers Ltd. (aHgKt) 

2S2 High HDibM-n. Wot V7EB 01-4058441 


OFFSHORE 
OVERSEAS FUNDS 


Alexander Fund 

37. rue Notre Dame. Luxembourg. 

Alexander F und — | 5US695 I — \ — 
Net Basel value July 2ft 

Aibuthnot Securities (CJ.) Limited 

P O. B« 284, SL Heller. Jersey, 0834 72177 

Cap. T b-i J ersey i — 1217* 121 IH 1 433 

Next oraiiAA dale August L 

Eari filml-TW iCU.IlILO 12391 ] 3.05- 

Next sub. August 3. 

Australian Selection Fond NT 
Market Opporritnliire. r o Irish Voting 1 
Oulh+aite. 127. Kent St.. Sydney. , - 

US51 Shares 1 SUSL54 I .....J — 

■ Net Asset Value July 30. 

Bank ol America International S.A. 
35 Boulevard Royal. Luxembourg G D 
Wlr! invert Income. [Sl'SlMIS U141|+0jy 7.70 
Price* ai July 27. Sen sub. day August 2. 
For Bnlt. at Lodn. & S. Amoriea Ltd. ore 
Alexander Fd. 

Banque Bruxelles Lambert’ 

2. Rue De la Regence B 1000 Brussels 

Renta Fund LF [1.900 L959| +2] 7.73 

Barclay* Unicom InL iCh. Is.) Ltd. 
I, Charing Cress. Sl Helirr, Jr»)'. 0S4 7374I 
Overseas Income —(467 49-1)4 +0.31 12 00 

UnJdoUorTniri (susmi M 

Uni bood Trust [iCSUUl lilfl ...... . 

•Subject to ice and withholding taxes 

Barclay* Unicom InL (I. O. Man) Lid. 

' 0624 4856 
160 
1.70 


Kowlex MngL. Jersey Lid. 

PO Box 98. Sl HcUcr. J-.+aey. . iEng. Ol-OWVO'iUJ 


Fonselex 

Bombdrt 

Keyselex Inti 

KeTselex Europe_.[Q*B 

Japan GUl Fund 

KcjscJrx Jopan — 

CcnL Assets Cap — 


I£ai 


py»u« a __ 

li’ruw* iaul 
r&C 7^' 

1 st saw mi 

£24 46 25*81 

£334.96 


! 2.W 


371 


^513 — 


King & Shaxson Mgrs. 

1 Charms Cross. Sl Holier. Jersci'. /0534 ; 73711 
Valley Hoc. Sl. PclcrPoU.Cw. ilWM 
] Thomas Street. Douglas. LO M. iCKEJiyjS^ 
Gill Fundi Jersey i -.[£4 04 9 0Grf . ( S3M 

GUI Trim i l.o. M I. 1045 . 2072] U.03 

Gih Fnd. Guernsey |ci 44 9 4S| _....( L.03- 

IntL Gort. Seen. Tm. 


First Sterling ]£182t IBM — \ — 

IntL .. [S«6 2« 1E6791 -....[ — 


Fusil 


Klein wort Benson Limited 
2U.FenchurchSl.EC3 
Eunmcot Lux. F. | 

Guertuwj'.Iae (64 4 

Do Accum . ' 

KB Far East Fd..— . 

KBlntL Fund. -. — 

KR Japan Fund. 


K.B. U.S Garth. Fd. 

Signet Henmida 

■L'DifondsiDMi 


1*92 

681 

(795 _ 84 

5LS1224a 
5USU.72 
SI SJS76 
Sl'SU.77 
SL S85 00 , 
1940 2050 


ut -621(009 


4 00* 
800 


-1 


DM 


3 21 

4 21 
4 11 
1 63 
196 
070 
07b 
1 C9 
829 


1526 

56M --- 

32.8 

35J -> 

651 

70l 

385 

4L« ... 

46J. 

49.6a *06 

264 

28.4 ... 


Do. Grtr. Pacific. ... .... 

Do. IntL income [385 4L4) . .. J 640 

890 
1.40 

Bishopsgato Commodity Ser. Ltd. 

P.O. Box *2. DcuglM. I.nU. O0S4-23PU 

ARMAC 'July 3 (US2BJ0 3UM J — 

CANRHO*VuIy3_l£1.0S7 1 U»j ...-J — 
COU NT -July* — (£2.400 ZJ54H . ... J 2.06 
Originally issued at *510 and **+1.00. 

Bridge Management Ltd. 

P.O. Box 508. Grand Cayman, Carman la 
K'bashl JunuBO- . ( Y15369 ] — j — 

Nip&uM t J^!^JsfsU* 8 »M4 — J 064 

Ex-Si ix- k SpliL 

Britannia TsL MngmL (CD Ltd. 

30 Bath SL, smaller, Jersey. U534 73114 

htreilng Pcao mlnnu d Fd*. 

- t 34.9 37.7W] +131 3 80 

K.6 99 M +0.7] 1.00 

~ 1402 1519 +1 « 150 

C2JZ7 259+0.051 1*0 

igh InLStlg.Tri. — ^98 l*2j+0.Dl( 12*0 

II* Dollar Deoewil noted lift: 

uSiiLSTri. BUSSJ7 S6B+8.UJ - 

IntHighlnLTsL— ptWff lSJ | 9* 

Value July 28. Next dealing July 3L 

Brown Shipley TsL Ca (Jersey) Ltd. 
P.O. Box MS. SL Helier. Jersey. OKH 74777. 

Sterling Band Fd. -]Qil22 10*7| J 11.75 

Butterfield Management Ca Ltd. 

P.O. Box 188. Hamilton. Bermuda. 

Buttress Equity 130 239 J 1.75 

Buttress Income — |l.97 2*9 1 748 

Prices at July 17. Next sub. day August 10. 

Capital International S_A- 
37 rue Notre-Dame, Luxembourg. 

Capua! InL Fund-.] SUST7.KI | 1 — 

Chaiterhouse Japhet 
1. Paiernouer Row. bc-l OI-S483808 

Adiropa — : — 

Adi verba 

Foe dak 

FcmdiB 


M I45J 

371 


101 

Mm 

2.05 

5 6fl 

0 75 

12.4ft 

— 


Growth Invest 1M.9 

Into], Fd. -W5.6 

Jersey Energy Trt. . 
I'nlvxl STat Stg — 
High InLStlg.ToL— 


EmperorFund 

Hi span D — 


DMSJO 3J.7B . 
1)051 M 5J6fi-0.)SI 
MDJ5* HJti-Ola 
DM23 H M2n+0jfi 
Sl'SJM 31H . 
HTsms . 


534 

5*4 

560 

537 


•KB act as Loudon paying agents only. 

Lloyds Bk. (CJ.) U/T Mgrs. 

P.O. Box 105. SL Heller. J«w>-. 0S3427M1 

Lloyds Ta U'seas— 157 2 6021....] 1*7 

Next '^* 1,T1 F date August 15. 

Lloyds International Mgmnt. S.A. 

7 Rue riu Rhone. P.n Bos 179. 1211 Gcneta !1 
Lloyds InL Growth. (OTg WW ... .] 2» 
Lloyds int. Income. [ff3O0 00 212. U| 1 6--U 

M ft G Group 

Three Quays. Tower lllll FC3R CBQ 01-fiM J5S3 
AllanllcJuh-25 .- |SUC* 3^] ._. | — 
AUH. Ex. July 26 _[srS2«J 2M ... ' - 

Gold ejc jub- as...._[? , suJJ n f 

lAccitntUtuu) |l85* 1931 

Samuel Montagu Ldn. Agls. 
ll-i.Old Broad SL.ECS. a 

Apollo Fd July 19- (SF4650 

JapfcriJuIv 15 (BKS1172 

llTGip July 12. _..msU55 
1 17 Jcnev- Juhr 12 . Jl5 12 
117 JreyO's July 1L.|£31.87 

Murray. Johnstone (Inv. Adviser) 

163. Hope SL. Glasgow. CC. Dtl-221 5221 

'Hope SL Fd J }rS3fc« j | - 

'Murray Fund- I 5t'S10 9b 1 ..—4 — 

■NAV July 15. 

Negit 

J0e SMilnwl Royal. Lutwibsurc 

NAV July =1 [ SL’blUO I -I — ' 

Negit Ltd. 

Bank at Bermuda Bldg'-, Hamilton, r-nnrix 
NAV July 14 Jl 5 M — i .1 — 

Phoenix International 

P0 Box 77. SL Pkit Port, Guernsey. 
Jnter-DollarFund-|SL25 254) . ] — 

Quest fend MngmnL (Jersey! Ltd. 
P.O. Boxl04.St.HeUtr.Jmev. CN7I2T441 
Quest SUgFhdJnL.I U 1....J — . 

. Quest Inti Secs. — [ SfSl I •• ( “ 

Quest IntL Bd. — ... | SL'Sl | I — , 

Prices al July 2ft Next Ocaling Aug'jrl — 

Richmond Life Ass. Ud. 

4& Athol Street. OoucliU LO U 


2.95 


ixtThe Sliver TrusL 
Richmond Baud FT. 
Da Platinum Bd.... 

Do. Gold Bd 

Da Em. 97/02 Bd 


11112 113 ti 

1769 1CM 
1283 USE 
1097 1155] 

175.2 184 dl 


0621 239'. < 

-0.5 lft 73. 

♦oil - ' 

I ILM 


Clive Investments (Jersey) Ltd. 

P.O. Bok 320.5L Helier. Jersey. 053437381. 

Cllec Gilt FdcC.1.1 .11838 . 1031) — J 11*0 
CliveGilt Fd.iJsy-i.iU34 102B, — ,| 11*0 

Corn hill Ins. (Guernsey) Ltd. 

P.O. Box 157. SL Peter Port, Guernsey ' 

IntnL Man. Fd. 1169.8 184*1 1 — 

Ddia Groop 

P 0. Box 3012. Nassau. Bahamas. 

Delta Inv. July 2S — (51*5 1-94] — 4 — 

Deatscher Invnstment-Trnst 
Pasiiscb 2685Biebersasse WOCOOOFranlrfurt. 

CoDcentra IDMZ048 2L7M . . 1 — 

InL Rcn1«llonda_..]p)MUi 794o[+a.ia| — 

Dreyfus Intercontinental Inv. Fd. 

P.O. Box N3712, Nassau. B o hn m a s . 

NAV July 25Z |SIS1«7 15J9| ...„.] — 

Emson- ft- -Dndtoy TsLfifgLJrsy.UtL 
P.O. Box 78, SL Heller. Jersey. 0534 30801 

EJ)iC.T. — ..(124* 131*| A 3*0 

Enrobood BoIdings'N.V. 

Hmhmrie 24. mienUad. Curacao 

NAV per share July 28 SUS2020 

F. ft C. MgmL Ltd. Inv. Advisers 

1-2. Laureoee Pounlney Hill. EC4R OB A. 

01433 4880 

CenLFd- July IB — ] SUSS 59 | | — 

Fidelity MgmL ft Res. (Bda.) Ltd. 

P.0. Box 070. Homilloa. Bermuda. 

Fidelity Am. Ass „ I 5US2L62 . I 
Fidelity Jat Fund. *rs»31 l+P. 

Fidelity PW- Fd._ SUS5489 
Fidelity WrldFd... | SU.SJSJt |+ 

Fidelity MgmL Research (Jersey) Ltd. 

Waterloo Hse- Don Su SL HeUtr, Jeraey. 

0534 27561 

Series A (Tntnl.l__| £4 01 ■ 1+0416) — £ Equity, 

Series Ba>nclfic).i.j £ft97 1 — ™ 

Series D tAuLAsi.J £14.89 ] \ — 

First Viking Commodity Tracts 
ft St George's Sl. Douglas. I.0JL 
0824 4882. Ldn. Agu. Dunbar ft Co- Ltd- 
53, Pall Moll. Loudon SW175JH. 01-0307857 

F*L Vik. Cm. Tst — B4 3 36.1J .-..A 310 

Fri.VkJJW.0p TK-P5.0 • 80*| — 

Fleming Japan Fond SJV. 

37, rue Notre-Dome, Luxembourg 

Fleming July IB — | 5US56.75 | | — 

Free World Fund Ltd. 

ButterQeM Bldg- Hamilton. Bermuda. 

KAVJune 30 .——..] SI’S1B.76 [ .-..J — 

G. T. Management Ltd. 

Pork Hse.. 18 Finsbury Circus, London EC2. 

Tok 01-638 813 L TLX: 888100 


Rothschild Asset Management (CJ.) 
P.OJJox 58, SL Julians CL Guernsey 0481 2E3S 1 
O.C.Eq Pr. June 30 .|5Z2 55 3.. 2.94 

OC.1nr.Fd. July 3. 1526 1623 ... 7 21 

O.CJnllFtlf .. . _. 5131 1J9 ... 1.36 

O.C3mCoFdln30... 145.9 155 2 ... 3.25- 

O C. Commodity* _ 1363 1444 . . 4 C7 

O.C Dir CnrodtyT.- 52601 Z7.6b| . .. 073 

‘Prices on July 14 Nest dealing Ju y -1 
: Prices on July 21. Next dealing August 7. 


Royal Trust iCI) F«L Mgt. Ltd. 

P.O. Box 1*4. Royal TsL Hse., Jersey. 0534 27441- 

JLT.lnl'L Fd. |srS932 9711 . . .( 7 30 

RT.lntliJsy iFd..|il 95) . I 3.21 

Prices at July 14. Next dealing August L 

Save & Prosper International 

Dealing ux 

37 Broad SL.StHelior. Jersey 053+-2K3Z 
t’3. DoUarOnumri noted Funds 

DJr. FiftlnL—t. 1922 9.71# 736 

Internal. Gr.*;. P4J BC4{ — 

Far Eastern*; 145.02 48bG| — 

North American-;. p.79 4 lOi — 

Sepro’t— . -|14*4 I(lM| — 

ITiTlInr ilenmlnslri* Funds 
Channel < 

Channel 1. 

Coouncd.' 

SL Fixed* 

■Prices 

fweekty Dmuingx. 

Schlesinger International Mngt- Ltd. 

41. La MuUeSt-SL Holier. Jersey. 0534 7353ft 



S^ftlL,. 

SA.O.L_ 

GIllFd... 


^9 


[23 0 


Inti FcL Jersey IqJjj 


j-0 + C9 

■i 


024 

4P5 

I1SS 

2.76 


«fffSSSP:-t to x« 

•Next sub. day August 2. 
Schroder Life Group 
Enterprise House, Porisnoulb. 070527753 
International Fuads . 


SEquIly 

£Fi»eo [merest 

S Fixed Interest 

managed 

5 Managed — 


1173 124f — 

1333 143 ^ ._.[ 

14X4 15011. 

@ 105.2 m3 

12 i39.g 

90 126.9 


J. Henry Schroder Wagg & Co. Ltd. 

120, Cheopoide. E.C2L 01K5S<QOQ 


ft* Cheap J July 27 

Tndal ear J u ne 30 _ 
Asian Fd JulylO — 
Darling Fnd. ...._. 
— Japan Pd. July 27__ 


5US11 95 1+0.17] 

SVS12LZ7 

iratw w , _ 

IALOT 2*01*0.22 
Sr57.W S2M+03U 


2.42 

2 33 
530 
0.49 


London A^enl^lor 


Anchor 'B'l 


(STS897 


Anchor Gill Edge_k9.76 9.M 

AqcbcrlnLFd BV54n &Ox( 

ADCborIn.Jsy.Tri.pa3 

Berry PncFd. 

Berry PacStrlg 

G.T.ArioF<L 

G.T. Asia Sterling— 

GT. Bond Fund — 

G.T. Dollar FU. 

G.TJaclficFd 


303| 

29^« S4 3U.9tj 

m 

5L'S1330ri 
tVST 44 
SUS15 41 




Gartmnre Invest. Ltd. Ldn. Agts. 

2, Sl Mary Axe. London. EC3. 01-383 3531 

GzrUnorc Fund MngL tFsr Earil Ltd. 

1503 Hutchison Hse. 10 Harcotut.Rd. HJtoqg 
HR ft Poe. U.TsL — SUK349) SIMt+UHl 2.10 

Japan Fd. STSILIB 171 

N. American Tn — SVSU.WI 111 
Jnti Bond Fund — JT5UJJI5 Iff. 

Gartmnre lnvestmrat MngL Ud. 

P.O. Box 32, Douglas. loH. 083423811 

Garunore IntL lne. Ol* 23 2j +0.61 10.60 
Gnrtxnora InU. Grth)fcfc3 TOftd .-...J 3.00 

Hambro Pacific Fond MgmL Ltd. 

2110. Connaught Centre. Hong Kong 
Far East July 10 — ISHKllfc — [ — 

Japan Fluid Jsf S825 tH] J — 

Haxnbros (Guernsey) Ltd J 
Hambro Fund Mgrs. (CJ.) Ltd. 

P.O. Box Bft Guernsey 0481-28521 


C.l. Fund . 


1146 0 1555 
J106.17 10945 
0U25 -11 M 

Sl.03 LOt. 

LU 


3.70 

830 

250 

030 

250 


Inbil. Bond SU 
InL Equity ' SU 
Iw. Siga. 'A' SL* 

InL Sfgs. TSUI . _ _ 

Prices on July 26. Next dealing August 2 

Henderson Baring Fund Mgrs. Ltd. 

80ft. Gammon House. Hoag Kong. 

japan Fd. July aft- pciaa ZU* J — 

Sri ng Mend. Bond Fd. Julfa SCS10J27. 
Exclusive off any prelim, charges. 

Hill -Samuel ft Ca (Guernsey) Ltd. 

8 LoFebvre SL, Peter Pwt Gocrna+r. CJ. 

GuonueyTkL -..(156.7 167.7] +L9( 3.47 

Hill Samuel Overseas Fond S^L. 

37, Rne Notre-Dame. Luxembourg 

tsrswn 2# 291 -DID] — 

International Pacific Inv. Mngt Ltd. 
PO Box R237, 5ft Pitt SL Sydney. Aurt. . 
Javelin Equity TsL. |5A2 12 233jd>4l*l| — 

J.E.T. Managers (Jersey) U4 

PO Box 104, Royal TsL Hoe. JerscyB534 27+51 
Jersey ExtrULTs _(174 0 185.01 - 

As at June 30. Next sub. day July 3L 

Jardine Fleming ft Co. Ltd. 

40th Floor. Connaught Centre. Hong Kong 


Jardine Estn. TsL 
Jardine J'pn.Fd.'_ 

Jardine S22A. j 

J online FleartJnL.. 
InU. Pac Secsilnc. 1. 

Da 1 Accum. 1 . 

NAV July 14. 


SRR293.9J 
SBK362.70 
SCS1732 
SHE1055 
SHK32.97 

SBKU09 _ 

aaivalent SUST&OO. 


£50 

0.90 

1.00 


Next sub July 3L 


Sentry Assurance Inlernatlonal Ltd. 
PO. Boot 33ft Hamilton 5, Bermuda 
Managed Fund JR’SUW 19HD] ( — 

Singer ft Friedlander Ldn. Agents 

20, Cannon Sl. EC4. 0! 248SS43 

Dekafonds .IWE6J1 277DJ-020) 6.M 

Tokyo Trt. July 3 1 5US37.00 | .... ] 168 

Stronghold Manage me nt Limited 

P.O. Bo* 915. SL Heller. Jersey. 0534-71480 

Commodity Trust-. 168.65 9332|-2ifi| — 

Surinvest (Jersey) Ltd. (x) 

Queens Hse. Don. Rd. SL Helier. Jsy. 053427549 
American ]nd.Tst--)£B.05 ft22|+(liy — 

Copper Trua [£1129 1L55[*5CCS — " 

Jap. Index Tst (£1£20 1£45[*0J5| — 

TSB Unit Trust Managers (C.I.* Ltd. 

BagatcUe Rd., SL Saviour, Jersey. 053473494 

Jersey Fund 1475 SODid .... I 4.C0 

Guernsey Fund — K75 50-M . . | < E0 
Prices on July aft Next sub. day Acgurt ft 

Tokyo Pacific Holdings N-V. 

Intimu Management Ca N.V , Carncaa 
NAV per share July 24 SUSS*Dl 

Tokyo Pacific Hldgs. I Seaboard I N.V. 

Intums Management Co. ,\ V- Curacao. 

NAV per share July 2* SI S45B3. 

Tyndall Group * « 

P.O. Box 1258 Hamilton 5. 

Overseas J uly 28— |WSLU 
lArnim. Unitsi- —pTSLKi 
3-WaylDL July 20 — pL'S266 
2 New Su Sl Heller. Jersey 
TOPSLJuly ST--.— |E7 M 
tAccum. Shares) .. £12.15 
American July 27. _ (84 5 

■ Accum shares/ |N5 

Jersey Fd Ju hi 28- U90 2 
<Soc~J Aee. Uut.-OB02 

Gilt Fond July 26 [U8.4 

tAccum. Shi rosi -|1400 
Victory Roaue. BridriUerMhaMM; 
Managed July M —TOO* 157 2j 

Ltd. IntnL MngmnL (CJ.) Ltd- 
14. Mul raster StrecL SL Hritcr. Jen-if. 

V J.B. Fund IR-Snua ULG&I+D55I ftW 

I nited States Tst. IntL Adv. Co. 

14. Rue Aldringer. Luxembourg. 

UJj.TsL Im.Fnd.. [ S10.93 1+0091 0.91 

Net aszeL July 27. 

S. G. Warburg ft Ca Ltd. 

30. Gresham Street. ECft 
Coov. Bd. Ju)t 27... . | SUS9 67 
Enm.laLJuh 27 ._ SU&1813 

first SPd. June 30- 1 SUS7.M , ... . 
MercEbdFdJ uly 28 . pl'SUlS 1ft 23| [0 29C1 

Warburg Invest. Mngt. Jrsy. Ltd. 

J. Charing C tom-SL Helier. Jgy.LT 053473741 
CMF Ltd. June 29. I5VSU3S E.171 ... | — 
CVT Ltd. June 29.. [02.77 13.1CK — 

Mela Is Trt July20-U3LB9 12 lfl I _ 

T5IT July 14— _ RTsun 111 

TMT Ltd. July 14. -[£1036 10.6 

World Wide Growth Management^ 

10a. Boulevard Royal, Luxembourg- 
Worldwide Glh FdJ SUS1608 |+009[ — 


90.5 
210 2 
297 2 
110.4 
142.6 


124 lift 


01«0 4555 


17 I-DJIII — 

If - 

Iftal 40290 


NOTES 


Prices do not Include S premium, except whore indicated 4-, And are in pence unless dbcriiu 

indicated. Yields % isnown in last column) allow for all buying expense*, a Offered mess 

include all erne m aa. b To-day's prices, c Yield based on offer price, d Eslinsmi. g Tn-die, '* 

opening price- h Dutribuilon &ee ot UX taxes p Periodic premium insurance plans e Single 

premium insurance. 1 Offered price includes all expenses except agent's commission 

y Offered price includfa all expenses if bought through managers, z Prmfus day's pne? 
Net of tax on realised capital gains unless indicated By ft 4 Guernsey cross, f Suspended 
♦ 2 ield before Jersey tax. t Ex-subdi vision — 


Peori Growth Fd — J237 

Arrcm Units 

Pearl Inc. 


Pearl L'Ditm... — 


ffi 


362 


. 02323S23I 
91*1+05] ft26 

Unit Trust Account ft JUgznL Ltd. 

King William SL EC4R OAR 01 -823 4051 

l+n<d 4 79 Frlarx Hs*. Fund |152* ' 161 

134 52 


5*3 


0*6 


Do. AeeuuL . 


tAccum Calu. . — 196* 8M| +0*| 4*6 Wider Growth Fnqd 

Pelican Units Adnun. Ltd. (gHxl King wiin an ,sLE«R oar 

HC77< 227300 8t Kmrotain SL. Manrbcaler H1-238B8RS Income Halls |302 

36JJ+.0J] 4j 61 Fellcaa L'niis fSlA 53^ +03] 4.98 Accum. UnlLs — [34.9 



CLIVE INVESTMENTS LIMITED 

Royal Exchange Ave.. London EC3V 3LU. Tel.: 0I-CS3 1101 
Index Guide as ai Iglh Jnly, 1978 (Base 100 at 14.1.77) 

Clive Fixed interest Capital J29.77 

Clive Fixed Interest Income | 115.70 ' 


CORAL INDEX: Close 480-494 


INSURANCE BASE RATES 

t Property Growth mi«j 

t Vannruyh Guaranteed 0.2 ‘’n 

t Address shorn under Insurance and Property Band Tjb/r. 


~ 1 


Z i 


I 










2S 


KDU 51 H 1 AL AND COMMERCIAL 
CONSTRUCTION 


financial 31 ISTtf || 

FOOD, GKOCERIES-Cont^ 





FT SIT ABF. INFORMATION i SERVIC 


Dltldrsii 
r-u | sbA 

— IljVikliaC'* . 
mb. •j'anrfL.isSasij.j. c tip 
'.i-:. Ovtjryr.. ..... 
•,;*r. Si-pf.!niJaT,A*5n .- 
■.!.!!• ft'ptjf'i:.'!* last’ll 3* 
Anrlousif.'mtpjp 


BONDS & RAILS— Cent. 


- Hopr/ Boot Construction Limited 
. $ London 0J'o75 £494 Sheffield 0246 4W1TF 


Maj-l 

fitu 31 


IJQJ- 
I IX. 
JJ . 

par 

]A • 


Dae 


Trfld 

IaL I Bri. 


BRITISH FUNDS 

I Price (Last 
Stock | £ 1 4 

•Shirts*’ t Lives dp to Five Years) 

99.V 

101,1 


1 "■! 

3 ."»« 


c : 5r- - 
rV-Tru.'- 3I;r^- 

r' , !' r n..'i-: r ' >< “Kii 

CSsTJtr'.rcv.iij: « ■— 

ir--.,rir»-tiiLC'rr*- .o-tp — 



Z:-\ 

It’S 


I u 


:u 


2« J 


If \ 
Jjtl 


1-..1 


:.i.i : i rt-i.ir- . u«tt. 

If/lr-.a-iT-.’i' 1-TWi- 
rw.'-ir 5 

— - 

Tre.-. V.iri'Mu' , jlf}— 

■JfLto'-.octoMti 

T rei !>p- 'S'-LW 

f r:; ~‘iT“' r >: TSZ . “ 

Tr. van line CiS — 
7r.--- V .■•ruble 82 j* — 

!';l .L'.ur- *'**: SI 

ns rich u-.iv :«c 
r .O' S 1 : - * ISJ2A 
foh:-.. c. I95J- 

SinrVhipe ST_ 

17*lj7r.'i'.ar trpe l"*®** - 
1£>‘ *■ 1‘ *>tA n 


ir>M 

i;-r! 

!iM 

1? 

Mu 


W.V 
95 'a 
1001 ; 

95 ’c 
9S5,Hl 

9SV.' 

94 

941. 

104,'c 

301,', 

90 

97 

43 

9h 

So 1 * id 


5.03 

11.36 

3W 

4.43 

1045 

3.65 

4.13 


1M 461 


3.72 

537 

12.49 


95 ‘,J 1C 4] 


104% 

93’ 

SSK 

94% 
91% 
«A 
93 A 
91% 
80 

102 '. 

921; 


a an 38 
io.il 3.88 
10 05 
874 
490 
3.48 
10.17 
12 22 
907 
353 
12 98 


1 

13.21 


Jive to Fifteen Years 

T2P!-’.c!> top-. IMS* 

15J.Tfir.cnc3:.-?r 1C4i“ ®! * 

MJ!ijTro.e»!j 3 rt* JPWS 
IMH'uaums'S 80 

SIll.i Vr«-i.a^T.w - Sj4>C § 1 % 

i.ru.T.-j.a ,-i.« fpe 7WB . « 

1 Vt|7iva' >-• :-|H - .oj'-i 

: -. i ;,j r.v ■ .- : ir-- isevtr_ ios 

:-jl T rvu'fC. .. so J 

JO ‘JiTrc.’ urr !l *«e l:-v! . 7 ®* 

f- A r»rtin!5Vp- «■»!»- ,*?• 

tJJ ;.Tro.L 'i.- ! J W Wf? .. 102 

^ I F!rwa.: :n Mr— tflC. .. 

SS.V irt i.-jpc X . ■ 97%id 


1?4 
&< 

10 1 

I'l 1028 


900 

9.93 

993 

9.54 

372 

1169 


12 6110.00 


1057 
6 67 
9.66 
S24 
9.54 
4.71 
... 7.54 
3 fc] 12.45 
10.33 
1123 


9 

ill 


881 
12 54 
11.65 
12.42 


918 

936 

7.12 

7.96 
997 
6.86 

10.02 

1020 

6.96 
&62 

10.91 

10 96 
779 

11 05 
10 77 
11.10 

ais 

10 59 
1109 
10.68 
793 
11.27 
1144 

10.92 
11.33 
1135 
1L14 

3.14 

1U4 

XL26 

11.38 

969 


liters! 

Due 


Sock 


'Hraf.a.'top.. 

. . _ jlceland Sjpc 3MS, 
iOJ/lielanc/Tl.-pc "81-83 
JS DoWpcSJ-Sf — 
IDUapan-ipc'lUflss- 

3JD Doftw'KWS- 

lOlPfni ,\sR3pc - 
31Xl|S G1 (Pipe J S8H_- 
7nnaflpc 1991 


par 

Uny 1 

I5A lSO{tana6Lpc i984.— I DM91 
1 F.M-A.V. |l : ni ©13V 3l;pc 1 97 



BANES & HP— Continued 

r in. 


[CALS, 


Stock 

_„&Sfr2x20p.f /“■ I 

IrtwrrtRL- j 300 i 34/418 | -j 

lLjfl«ris£I 26W 247 V.23 4f 

kmsM Fla 30p. | « / 30JJ «3^2 / * 
AtiuySeci— / Z13ai|'24^3.79 /■ rJ 


VS. S & DM prices exclude ini'. S premium 


AMERICANS 


10. 

10JO 


10.97 
847 
1008 
12.26 
1138 
1236 
10.; 
12 
12. _ 
12.47 


Z-if jjrnM-up - Iz^retJJ}.. 
'S.it'ii'ii’iti-' i!d.R - 
" •: "'.I'M'.-n I /.pc lisetf 

;» I >ilT.-*?nc.r% M’-x «W . 

,.■»*» 

ITOM.Y tf!?..— 

11' / a ZjJ jiTrca ,ur» i . 

.1 fpc POa, ... 

■ft. ‘a 21J 9vn.W«prlRM.. 

if/; h-.a.j"- 1: .; . 

A‘jryScv ifwa.. 


Over Fifteen Years 

1003,1 76112 53 


2' \ 2 
• 

t.- 
• f« 

Ci' 'I 

.At 


U.* 

l-l 

5- 

■J;. 1 *! 

f.y 


,»r 

•I .'. 
|A.\ 


y jjjr - _ 

oiii-li ii' 'Sfiji. 

.tfi.rtO.r' 

CC/i'Trf.:*-> If. .•< VT“ .. 

iu.ee 

or*£ .p" 1 ?TIn 

I*;irr > .Mio n , .pf K- 

.*!■ ■•SlTrcii 1.1. n.. ■'A*;-... 

C 'N'i .«h !1|*' _ 
Tr-i.ur-fc—. iopssil.. 

If’: Trewjn l^’OcKW. 

I i/ > W £Hp& 
l-jj:ilf CPdi*: j-ii-c S9W _ 

A r - ! 7"*: fxr - £C i£H . . 

ii'i'Trjo. lit 5— pc 
CCJ ."Trci xr-7'.p- 'lMi“ 
IZDjhicalCpc lC-IT . . , 

Undated 

521, rd 


64i. 
109 V, 
110 7tfBf 

461; 
451; 
85', 
1031; 
Sit* 
314~, 
106 >* 
■MI; 
104’* 
£S"inl 
74 ",41 
63‘* 
123 
97-; 
ED'; 
57, 
£96 
36'; 
69": 
49/ 
64 >* 
96i ; 


63 
17. f, 

r 

:s3| 

ioi 

rsji 
10 4 
232 
15 fa| 
17 
fn 
2SJ 
21 

Ed 

124 

1.6 

19.6 


964 
12.83 
129? 
12-58 
11J9 
12.46 
6 70 
LL99 
1265 
11.56 
13.13 
1275 
690 
12.75 
12-14 

1157 
10 96 
13.10 
1258 
1186 
1226 
1250 
9.63 
1288 
1165 
11.99 
1255 


12 

11 

12 

1271 

12.60 

11 

12.53 

9.76 

1231 

1261 

1205 

12.89 
126 

9.65 
12 68 
1ZJ7 
1204 
11.81 

12.91 
1262 
1215 
12.43 
12.53 

10.92 
1210 

11.90 
1207 
1255 


ApJf dJa- . 
kJ.Ap.Jy O 
Mr.Jc.SD. 
MrJn.S-D. 
Apr. OcL| 
iMrJu.S.D. 
MrJuJ5.D. 
4 s|mjsd 
M rJe5epJfc 
Mr.Ju.S.D 
S.D.MJu. 
MrJeS.D. 
F.MyAuN. 
ApJuOJa 
JuApJy O. 
X. F. My Au 
MJnS I). 
Jj.Or J.A. 
March 
J..VJ.O. 
FMuAu.V. 

S n MrJu. 
Mt.JllS.D. 
Mr Jc.S D. 
UrJeS Doc. 
'Au N.FJH 
WaJuJtDcc. 


1 

Ifi'.'-.r Lv.r. ^ 

r.'.pc Vi .\ii — 
■ 0 [”.■•.• J* .ir '!>c fifi.Ai'l — 

'fci'Olj 

Z/pi 


31'* 
55'; 
24Jj 
' 20 >* 
20 *4 


266(12.45 
25.4 1L41 
231 10 19 
2J 12.61 
131215 
23 212.55 


INTERNATIONAL BANK 

13.yspf Slat r-C I 84 | 7.71 5.95 | 9.87 


MaS.J.D. 

F.Mi-AilN. 

-V.Jy.OJa. 


CORPORATION LOANS 


*F. 

IV-.- 

i iv •(<.». u.: 

n - 


l.\ p!'tn'h2M9',pc'7Ml_ 
lN|i;-fiol7 : *pc 7381 

rv;|-7 

>. iC-fjc 1953 

cTM32.... 

-■: •jc::'f;«us-.acTW» 

• • IOi-:;Lr.iTK 0 l 76-78-. 

: «' m i-n ■•i-vmwk 

’ \j " t:.i 3: r: irv-l 

:«'• ii.-- :.‘»r r fJ.pc 8+85. 
V.uc.L. i 76-79 

ir->i i . r.p. v-ji 

:y : -c s :•& 

i ' • j r-i t..i 0 

i J i" « ■ 1 [■•■> Sac fit .-iu 

1- ■! J.ViV.dJ-. .V : |«;liac 

”L’'T. 3 ’.*:■■ .;■ ci . , 3-i:leS'4PC 7.980. 

is\jv.:r>c,cii iz*;** is<o .. 

- co:koni?salth & 

'1A ]-:4A-2.5! ; w 75-78 

1 ji-r-.-TT-oo., 
r.'ji.pcsi-s: 


JAM 


r ; 

3'.‘ 


94J*sI 

89'* 

1C2>4 

101«;«d 

S2'* 

91'; 

99'* 

941; 

26'; 

93 

9do1 

85'* 

601; 

63 

23|« 

92-« 
95 14 
1C2>4 


4.71 933 


:4.d 574 


13 

37.4 

13 

13 

301 

0 

B 


OcL 
.MyAu.V. 
Jjuly Jan 
{July Jan.| 


8.74 

1225 

1225 

1003 


579 
10 45 
12 56 

10 27 

623 

6.45 

693 

811 

997 

1337 

5.69 

966 

1222 


UJ1 

1296 

11.72 

11.94 

13-58 

10.46 

9.45 

run 

112s 

10J5 

1L17 

10.15 

11.33 

11.86 

io"m 

1151 

1LZ5 


£ AFRICAN LOANS 


V: \ 


ts.-70A> 

— . •;>.■* Tt.rc SMC 

7WI. 

1 y.w h ■'r.od. 3;pe ’6>70 . 
jj.-J Cc.fipcTti'l 


1C0?4 
93 1; 
84 
98!* 
92>* jo) 
821; 
95 
52 
■ SO 


232 

655 

3L5 

5.91 

262 

669 

ILa 

409 

JD.1 

647 

Iri 

9.18 

AU 

10.24 

I'tA 




— 


LOANS 

Public Board and Ind. 


IT 

0w 

■:v 

■S-i.f 

V.u 


7-1 lA-—;.- ?J! .ipi- '54J39 

;:r iLanif irclSW — 


1 A!*!i4. Air fjc'k' 

rif’iiMk'Sjvise: 

7IC[C'p wi'JifUlUarranti .. 

Financial 

r ; n . J . : r s ‘ , . : " pf i MI 

2*)riih. iijvcj ......... 

Vr 7.0 yrsrF'-Jvfc nch. nwa . 

: 1 '«!/ J:Nl[’.i 6>*pi-Dl> 3,-W .... 

:;j i:jjp» ui. ; pci'nr.iB. sc_ 

;;.I 1 U Lc UpTi'nsLn »,... 

!:. , [rv.".*r.-vaiiJi »_ 

A'.' J-.- 0! r;Du "'jp-APi.-f K19Z.. 


61 

83 

29 

137 

901; 




8.24 

1296 


1310.79 


657 


M.-.r :. : s 

-Ci's 

2JF !)1A 


.» PI W 

VI- ncla-AC 


102 And 

306 

105 

24 

107 

22.5 

83% 

132 

771; 

1*4 

93 

305 

93% 

JO 5 

96% 

305 

65% 

Ui 

66 

bJ 

77% 

lil' 

70 HJ 

IOJ 


15511023 


13 90 
13.22 
6.76 
8.22 
1L36 
1LP7 
12 29 
1U1 
1147 
1215 
12 68 


10.50 

10.73 

1153 

10.02 

1103 

10.83 

3219 


1136 

13.40 
1249 

12.90 

11.61 
13 50 
1244 
1080 
1180 
1190 
12 Ji 

12.40 
12.70 
12 6C 
12 . 8 C 
1320 


FOREIGN BONDS & RAILS 




Stork 
t Wsf v.i ! M ill>‘ 

;j) r>- 

■.'• n.-.i'i .. 

liiJ-'i-n.ialntT'dW. 
; Ttv A.=J _ 

: rfot -! 

i* 'iUoijr jlncsi \*i . 


Price 

£ 


iLwImrr, 
1 d I Gras 


24 

871 



40 

305 



98 

31 

— 

410 

l i 

4Ly 

54 

25 

3b 

51 

12 


43 

34 

4 


Red. 

VkW 


OJO 

f&48 

1600 

14.65 


Diridnds | 

Paid 

Apr. OcL 
September 
MaJu.S*Du.! 
Ja-,\pJy.O. 

April 
December 
S'aFtMLAU. 
UrJii. S. D. 
D MrJuSP. 

, MJe.S D. 
UnApJy.O. 
FAIyAu \. 
\pJy.OJa. 
MrJuScDc 
j.ApJy.O. 
FJly-AuN. 
F.MvAuN. 
MrJeS.D. 
.MrJn.S.D. 
nWyAu-XJ 1 . 
ISly.Ao.I'i.F 
MyAuNJ* 
F.My-Au N. 
LMaJu.Se.Dc 
My.-VXJTi 
MrJe.S.D. 
ApJv.DJa. 
51.Jn.S-D. 
FJLA.N*. 

|>irJu.s.n. 

J M 0 ' 


stock 

asa — : 

.AMF5**Conr.'Sr— 

Anai SI 

American Express. 
Aroer. Medic. lnL_ 

Asareolnc 

Baker IntnLi'ani. 51- 
BanKsGrp.Sff, — 
BcnduOorp S3 — 

Beth. Steel S8 

Bruicn'eFcr dffj 
Bnussuickforpn II 
PumniehsCorp So 

CBSS2S0 

lc Pa’. S’: 


[Last Dir. I rid 
d Grass CrrtGr's 


kTaterpiiW 

iChasL'Mhmillj- 
CheccbnwKhSl — 
iiThnslcrSfr*. 
|Cvucorp54. .. 

City Ini. SI 2i 

Do. Cm. Pri.BSl- 
Cnliae-P.SI — 

,.'olilnds.SI 

CcitiLUUnoisSLO, — 

Coni Oil So 

ICnmiZeiLSa 

ICutler- Hammer S5 
FwooCrp.5050 — 

j.OlEsnurt 

Exxon il- — - 

F lr?st one Tire [I — 
fFuotChlraso — 
FltiorCorp. Vj- 
Ford Motor S2._ 

JGATX 

Kffli ElecLS2'; 

lGinetleSl 

Honeywell Sl-HJ — 

hurton EF 

IBJd Coro. S3 

IncerwU-RSS — 
(jil Systems & Coa. SI 
I. L‘. IniernsuonaU 

Kai*er.lLS!, 

Man/. Has. t SS7 50 
,Men;aniJr-CSS15 
.iVoiroa Smion Inc. Si. 
tOwenj-IIL SJ lli> — 
toiukcr Cats CSSS . 

I Reliance S02S 

jltep N.Y.Corp 55- 
RemonlSo — 
Rlchdso. -JtrHJ $ 1 

SauliB P ISI 

Shell 0,1 51 _ 
ksinqcriSLO 


( perry Rand $030- 

RWlnt S1-. 

enrwco. 

a. Kh“< LvS'A.91-95 
ssoro Pi VSS0 Iffj-I 

ctacoSfiS 

i me Inc 

nuuanwrira 51 

id. Tech Sir35 

.5. Slee-I £1 

ookontuGi; 

en«Corp.Sl__-. 
Aonicslnc. 10c — | 
OJaApJy. IZjpa^Corp.Zac | 


20'; 

60'; 

2&-e 

291cm 
21 f E 
12ic 
24J a 
167, 
30'g 
13 7 a 
101* 
12 And 
59*3 

& 

44 


18*1 

852 


121 ; 
2D'*rt 
15*40) 
29k ia 
• 22% 
m 
25% 
44% 
29* 
21% 
35% 
10% 
16% 
26>; 
35 

& 

■ 45% 

20% 

r* 

14% 

15% 

JVt 

241; 

.SSfi 

• 527p 
24 
' 141; 
35 
=9% 

.“K 

331; 

' 13 d 
34% 
21>; 
34% 

42% 

675p 

12% 


80c 
5*. 
5175 
5140 
30c 
40c 
64c 
Wc 
52 28 
5100 
40c 
70c 
51.00 
...,52.40 
276) 5250 
14 7] 51.80 
52J0 
94c 


8i 

153 

<5 

3.7 

275 

3-5 

i 


31 

45 

9* 

r 

& 

9H 

4-5 

25: 

35 


26.7 

225 

195 

9.5 

IOJ 

2b 

9J 

28b 

21 

25 

95 

ZO.i 

95 

12.0 

92 


1174 

195| 

30l 


SI. 00 

S1.06 

5100 

52 

5100 

53.15 

51.32 

SL40 

51.90 . 

65140 

5225 


136 SI 84 
9i H20 
28b 51.10 
hi SU0 
2ka 51.20 
„ S3 JO 
16) 52-50 
2«S220 
S16fl 
5220 
$ 0.68 
51L52J 
53.00 
25c 
90c 
Sl.bO 
52.08 
52.20 
76c 
Slid 
51 04 
15c 
5100 
3Sc 
90c 


5180 
60c 
SI. 12 
5180 
5200 
10V 
14.91 - 


3i 

222 

30i 

IL- 

LS 

136 

255 

12.6 


5200 
5150 
80c 
5200 
51.60 
SI 40 
5200 
7%e 
s30c 


22 

35 

27 
0.8 
1.9 
15 

30 
43 

3.0 

2.1 

31 
1.0 

3.1 
3.7 

99 

5J 

28 
66 

3.2 

4.5 

5.6 

3.6 
6.1 
3J 
4.0 
4 


MdlvdSl 
Da71’9i83-SB— 
pune Dec/ DaIOiSlO-88-. 
pm July Minjier Assets— 
puna Dec. KatBLAutSAJ. 
!Jan. July Nat Com. Grp — 
Aug.- Mar. Nat.We5t.il — 
May Nor. SchrodersEL — 
Jan. July SmaanbeUCU. 
Nov. June Smith St. Aab— .. 
Jan. Ang.5und'd Chart £1. 

Juno Trade Dec. SliO. 

Sept. Mar. Union Disc £1 — 

_ L'JIT. 

J. A. Jy. O. r.'ells Fargo 5a— 
Nov. March VTlntm5t2)p- 


Feb. Atifrli Htle% RiKsnOpj 


May 


Jan 

Junel 


Oct Mar. 
Mar. Sept| 

April 


CueB'creFnLOO- 

rreduDaulOp- 

Uo*ds&ScoL20p_ 

LndJScoLFuUCp 

ifoor&eUerr.lflp 
Prin' Financial-. 


St rid. Credit Ii 

Storia H ld*s. l6p 
Wagon Fuanec.- 



Diridendf [ 
Au! ] 


«Mk 


Jan. Julyjrjsmsn 
May Nov./HaKeadfJ.iIOp 
‘AUSk. Feb. HtsD.IFrifiiSto. 

■ n£»rte5“5r-i 

June Xlec.1 ihuinJl&rasIfl-/ 
Apr. Nor. /find niem.E - 
Feb. ME- UqS^KS 
,Feb.- AHsilDt-Paini-- 
July Nov.LaportelfldiSftu 
Nor. ifcr. MK5fcFLKr.»_J 
Feb.' July PtsuIOP—— - 
Apr. SepL HmisomWittIQp 
May Nov.RentriaUOp — . 

‘ - Rereiwx-— , 

Sen 1 - AS Ind. El - 



July N'ov. | 
Feb. Nor 


Jior. Sipsaxt Plastics. 
Oct These Sxrealfo-. 
Oct Wardle'Bcr.iir 

May Toistenbolne. 
OcL VariaCheas- 



Hire Purchase , etc . 


CINEMAS, THEATRES AND TV 


May Nov. AaetaTl A — 
Mar. Oct Ass. Tele. A 
. — , . . jjan. June Granpun A 

I 1 I:S 7.p*l s “--- AP ' 

- -I- liailuay Oct HTV N.V 


May - - . 

Apr. Oct JLWT.V. 


32 25j 73.7.4, ja^ - July Redd. TV'.P'jifl- 
— — I— — Irw. 3lw SwdtTl A 10p 
19 2-3l 7.4 4.4 hcLAnrii Trid'CTV'.VlOp. 


BEERS, WINES AND SPIRITS 


. 86 

2U 

1Z1 

30.1 

37 

155 

-65tt 

30J 

30 

25 

110 

34 

118 

34 

64% 

10.7 

60 

75 

51x1 

24.7 

65 

155 

25. 




t&28 

6.13 

240 

T287 

t3.99 


Sept Mar 
Feb. Sept 
.Ion. July) 
Dec. June) 


.May Dec 
Jan. July 
Aug. Feb. 
Jan. July 
18 April Aug 
4 4 August 
7 Feb. Aug. 
51 Apr. Gcl| 
f,M Feb- Oct 

ii Nov. July 
S_2 Aug. Feb. 

6.7 Aug. Feb. 
3.0 Aug. Feb. 

4 0 Jan. JLuy[i 
24 . 

3J Aug. Feb. 
Z .7 April Nov. 

3.7 June Jan., 
0 7 Jan. Jurii 

5 6 May Aug 
14 Oct Apr.] 
44 Mar. Aug. 
3_5 Jan. Juty] 

29 Jon- Jud 
4.2 Dec. 

3 


llune Nor. 
3.9|Jan. July 
2 . 3 (Feb. . OcLl 
1.8 Feb. Oct, 

3.5 Feb. Aug 
4.8] February 
167 May Dec- 

’Jan- Aug 
5 7 Mav Dec 
, 6 | Feb. Aug 

3 J May Oct 
4.2 Mar. Aug. 
5J5 Aug. Octl 

2.6 OcL May 
0.6 Apr. Nov. 
24 Oct 


Apr. 


S-E. List Premium 47'; r > (based on I S5I.922 per £1 r, t „. 

Conversion factor 0.6783 (0.6838) |,Ha> 


CANADIANS 


May NoriBow Val leyfl. 



3Uromwal£2. 

flk.. Vera Seal 

Bell Cot adaitS 


iRrascanQ 

Can JnmJk. S2 
|CaiLpacificS5. 

Do.4pcDei>.£100- 
lGulf0ilCan.il __ 
Hawker Sid. Can I- 

HoliingerSa 

iHadJon'sBaj'H-. 
HudBOtlG 52!; 
Imperial Oilfl.— . 

Inw.._ 

Inl-NaLCasSI — 

itasso'Fcrgy - 

Pacific Pet SI — _ 

ipbceGaaSl 

RiuAleoin 

Royal BfcCan S2_ 
5ea?ramCn »75L — 
]Tor Dam. Bk. SI— 
JApJy.O. [TransCan. Pipe 


15„ 

34%rt 

39% 

23% 

104*01 

19%xd 

13>; 

St 

3 3 H 

MS 

13 
12 % 
790p 
775 p 
27 

61p 

23% 

23,*, 

18% 

»&?, 


27 4 

5L.12 


33 

3 7 

96c 



3.0 

14.6 

54J 



5.0 

85 

12 %c 


0.3 

506 

sno 


5.0 

m 

5144 


35 

ZBb 

97c 



3.4 

2&6 

4% 



123 

li 

SU4 

__ 

2.8 

1411 

40c 

_ 

3.6 

151 

52.06 

_ 

3.6 

28J 

69c 


2JD 

283 

SL 6 Q 

_ 

2.4 

282 

864c 

__ 

33 

4i 

80c 



3.0 

12 

83c 

— 

4^ 

34 

— 

— 

— 

18 

916c 

— 

16 

610 

5108 



22 

25.4 

5150 


3.0 

126 

92c 



23 

296 

80c 

— 

00 

24JL0 

103c 

— 

4.5 


Nov 
[Jan. July 
Dec. May 
Aug Jan 
lock. Apr. 

|Jan- June! 

Nov. July! 

Jan. JulyjCarriJohni 


June Jan., 
May Nov 
Jan. July 


ICarron 

[Cemeot Roadsi one. 
Comben Gp. LOp 


Nov. JiUjHCostrinR 


Sept Apr. 


May Oct CrmsleyBklg — 
Oct April Crouch i D.l" 


May 

Apr. 


Oct 
Oct 
Oct 
ar. Sept 


Feb. 

Nov. 


May 
Dee. June 
Dec. June 
Jan. July 
Jag July 
Nov*. May 


OcLtEllis i Ereranl— 


SX. List Premirun 477 ;% (based on 521753 per. E) 


BANKS AND HIRE PURCHASE 


Dividends 

Pud 


Stock 


Jag JulyiAXZSAI 
Apr. J iilyiAleundenD.fi 
‘AleemeneFLlOO 
lAuen Barreytl- 
Alliedlruh_:_ 
ArbmhiMt L£l._ 
|EankAmer.SL5Gj 
Bt Ireland £1 — 
Do.l0pcConr._ 
iBk-Uumi HI — 
[EkLeumi(VfCi£l 
BkNS.W.SA2- 


May Aug. 
Oct Apr. 
Dec. June 
Dec. June 
Mar. Sept 
July Jan. 
Mar. Sept 
May Au, 
Aug. Fel 
Jan. July! 


Nov. May[BankScotiand£l 


J. O. Jaj 
Apr.Oet 
Jon. Julri 


ShiBleyLL. 
Jan. JulyfCalerRraerfl^l 

Mn; " ‘ " 


foy. Nov. 
'm. Sept 
May 
March 
Jnly .Oct| 
May 

Jan. Apr. 


May Nov, 
Mar. Aug 
June 

Nov. April 


Bankers N.YJ10. 

Barclays El 

BnwaSii 


jChre Du'nt 2 dp_ 
Coml Aos 
Cflm'rblrDMIOa- 
C'huiJfbk KrlOO 
Corinthian I 6 p. _ 
"red. France F75 
DawestG.Rt. . 
DraurSe Baai MiM 

F C. Finance 

{First KaL lQp 

Do IV ms 7583. 
Fraser A ns.I0p... 
June Dec. Gerrsrd \aoiL_ 

Gibbs >A i 

GlUett Bros. £ I - 
Goode D'rtl^.Sp 
Grindiav’s 


Apnl Ocl Guinness Peal— . 

Dec. July Harabrns 

Dec. July' Hill Samuel — 
DatVamnu.— 
Sept Mar. Hone Shng 5250 
June Nov. lesiel Tornbee.. 
Jan. June JpsepbiLeo'il.. 
Feb. Aug Keysta-CUicana. 


Price 

280 

245 

£124 

320 

204 

155 

£18% 

402 

£187 

18 

160 

548 

273 

£28 

342 

230 

257 

81 

208 

£17% 

£171; 

24 

£23% 

17 

£1131, 
75 ‘ 
2 % 

9*2 

179 

48 

230 

23 

133 

242 

ISOffl 

92 

375 

324 

62 

215 

51 


M 


Div 

Net 


1261 KJ 18c 


ia#i 


28.41(0® 

13j}iu9.‘ 

266 1023 
3i 
305 
132 
05 
3J1 


303 

272 

126 

305 

25 

135 

577 

7? 

25 

577 

1610 


0 
2 ? 
15 7 
305 


1455 . , 

0M( 25] 
19.4^ - 
7.61 


15.23 
QltW .1 
Q16% 
,7.47 

12.6110300 
17.il 1105 
05300 
tl 323 

, S - 41 , 
!hl7.17 
485 
IJlcc 
Q18®, 

k- 

j09.87 e i| 


BT 4 


829 

223 

15.41 

0J3 


341279 


+1015 

976 

4.97 

h059c 

h3J2 

874 

0.67 


Cn|G?s|f/E|Jan. 

{Jen. 


October 
]Jan. July], 
Apr. Oct 
May 

July Feb. 
'uly Oct 
'eb. Aug. 
Mar. SepL 
Feb. Sept, 


5-71 


7.M 


2-6 


71 


3.6L 

M — 

4.7 

9.1 - 
5.6 
9.9 

i 

291 

7.1 
3.4 
6.0 
6 J 
59 

10 . 0 ) 

9 -3 

4.9l 

la 


69 

69 

10 J 

o.a 

3il 

S-D 


Jan. 


4.1 


145 


lAberdeen Const 
AbertiurwCera.— 
Allied Plant Mp. 
|AniDtaEeShnks- 
iBPB lads. SOp— 
iBaggaidgeBrtL. 
[Bailer Ben 10p_ 

Barnbeigera. 

BarrattDer. Iflp . 
Becctmood 10p_ 

BenkixJOp 

Ben/ordM 10 p_ 

Beet Bku. 2up 

jBIorkleys JOp 

iBIne Circle £1 

Blundell Perm— 
Breeden Ume._, 
Brit. Died gnig- 
Brcnvn Jlon. JOpj 
Brownlee 

Bryant Hldt«. 

Bumeai H 

Burt BoullonEl 
IC.Robey'A'li 
CalndenGlDlDp. 


90 

148 

15% 

741; 

246 

31 

11 

51 
113 

28 

22 

52 
60 
.78 


{Countryside 5pu_ 


Croucb Group 
Douglas RobtAL 
D' wrung G H. 50p 
EconalOp 


£nth- 


FFA-Consfn— 

FairdooghConi 

Feh.In'l lOp 

Da -A* lOp 

Fed. Land A Bid 
FinlasDohnj II 
Francis Pkr.il . 
FruosiUJlUQp 
French Kier. — 
Gall i ford Br. ap 
GibhsD'dyAIUp, 
GkwooflLJ iIOpJ 
GlossopW.tJ— 
ffghCeoperSap- 
HAT.Grp.10p_ 
'Helical Bar 


July HeBd'sn-'A' J0p. 
Juiy Henderson iJ.Wj_ 
:Jan. June HewdenSLlOp- 
„« Jan. July Do.7pcConv._ 
— He3*dWm.50p_ 

Deo. June Riggsft Hill 

{Jao. July Horaingham_ 
{Jan. July DaReaVlg — 
Mar. Sept Howard Shut lOp 

Apr. Dec.LD.C20p 

Nov. May IbstockJobnseiL. 
MO l Apr. Oct InL Timber 


Julyu. Oddiocs 10p_{ 


FINANCIAL TIMES 

SLACKEN HOUSE, 10. CANNON STREET. LONDON EC4P 4BY 
Tele?: EiilcrLl GS6341/2, SS3897. Advertisements: 885033. Telegrams: Fi nantimo , London PS4. 

Telephone: 01-248 8800. 

Ter Share Index and Cosiness News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 24€ 8826 
‘ INTERNATIONAL AND BRITISH OFFICES 


7-®' April Sept Jarvis Uj 
. ii Apr. Sept Jen rings 5.A050- 
^ Feb. Aug, Johnson-Riehaitk. 
July Dec. lones Ed*rL 10p. 
May. Nov. Kent iMJ». U0p_ 
Dec. July Lafarge S A F100 
Nov. June LaiagiJohnr.V. 
Jan. Aug Laihaia,Jj£i — 

May Nov. Lawrence fH.i 

Aug Dec. Ie«i(ffm.i30p 
Ape. Sept. Lniand Paint — 
Not. June LilleyFJ.C— — 
Jao. July London Brick — . 
Apr. Nov. Loieil iT. J >. 
July Nov. MrKeiilGroop- 
Apr. Aug NaeiMt&Stluu 
Jan. June Mai Unson-Denny 
Nov. JunePfandersiHld«i.. 

Narcbwid 

Uariejr. 

Cwt UarsfaallsiH£xi._ 

MojAHasjcll 

Hears Bros 

HeUUleD LV.. 
Hejer'MonL Ll_ 

iHifbury 

MillenStanilOp 
Slixconcrcte — 
Mod. Engineers - 

■MnaLiAi- . 

ilfowfen'Ji 

NewanhiUtl — 
.Voruest Holst_- 
Nan.Bnck50p — 
Orrce Dets I 0 p„ 
Palter Timber— 
Phoenix Timber. 
Pochms 


4-fl 


Dec. Apr. 
Aug Alar. 
Mar. 

Feb. Aug 
Mar. Augi 
Jan. July 
Feb. Sept 
Oct Feb. 
Apr. Nov, 
Ocl Apr 
on; i N ot. Maj 

— I Jan. July 
Jan. July]. 


I Jan. June] 
Jan. Julyi 
Aug Feb 
Apr. Ocl, 
Nov. July! 
Feb. Augl 
Jan. Juty| 
June Dec. 
Jan. Oct. 
Oct. May] 
July Dec 


EDITORIAL. OFFICES 

rl.im PO. Si's 121XJ. AUistcrdam-C. 
ill IT 1 Tel. Ml -’A'i 

F-.rm.r.i'tijRi. '.rfivse lltwi-n. •wH'r-e R><ad, 
.'-J'.TJ Ti!. UL'I-tM Of— 
li--i ; , "«- :'.l'..U': 11 UM Moussjllce 2-ltt 
T.-!— . jUK:'-* 2 TVi" Cli*.U» 

.19 U«c Lniralr 
Tc - ,; . Tel: i>l2v*U7 
U :" ?’■.» Po:. 2 «MO. 

T. J ELL'.! l» 

Ti.'-'ir n l-'iI.v.-Hi.ini Squ.ire. 

"'if* bH'l ”«l 7Ki.Ci 
Il !m'iurr> :T *:■— r ■■■ Mr-Mrt 

Ti'iov ”«* Tel ikll-sai 4 1 'JO 
I'r.ntiltd In Sai'luvnlarvr 13. 

. Titov. 4 WAP Tel .V47BI 
wto.il’.nciatMir'- P". I~.» U13! 

To!,". !'. Ni‘>7 .■'! iuS-T.'A'i 
I -..ten ITir.i n.i Aii-cna 68 - IP, Lisbon 2. 
IVtCN 

y .rfr.d S&r»ra-.BO»!a 7C. Itjdrid 3. 
let. *K 1 tT7U 


Uanchceton Queon'.t House. Queen Street 
Telex 666813 Tel. on 1-834 9381 
Blofi'onr 5udovo-&inv.nechna}a 12-34, Apt 15. 

Telex 7600 Tel: 304 3T48 
Now 3'ort 75 Rodrefeller Plaza. N.V. 1O0I9. 

Telex 68390 Tel: «21C> 541 46=5 
Pjrav M Rue du Senticr. 7500U. 

Telex L3«M4Tel' 23B 57 4.r 
Bio He J.incin*. Aiemda FTes. Torcas 41810. 

Tel: 2KI 44H8 

Rome Via riclta Merce>le SSu 
Telex 6(1)3= Tel: 678 3314 

Fi-H.-kholm: c o Sien-tka OacbladeC, Baal ambsvagen 7. 

Tele A 17603 Tel: so 00 dd 
Tehran: P.O. Box 11 I 8 TO 
Telex 2IW34 Tel: 682698 
Tokyo- Bvh Floor. Nihon Keizai Khimbim 
KuiTilmg. 1-9-5 (Jtemjc'hl. Chiyoda-ku. 

Telex J 27104 Tel. 241 2320 
Wlinjtnil' 2nd Floor, 1325 E. Street 
v \V . Wa^hinclon D C 29004 
Telex 44U225 Tel: t 202 i 347 8676 


advertisement offices 

Pirin:ti , !l>-'' 11 ' 'anr -, 1 liiiu'.e. i.leorge KoatL 
7 i li-B .TSSJ'JH t-'l il.T-trH 0922 


.ir.: 


■ nv-r.;-' 
r.-i- tA't 


; treel. 
i?s 4 ::b 


T »-! i-v 724«!4 

•Vr- i';,ar. In &.irl»-.rnla;:er S3. 

r.-i - 1 Jitriri T.-i. .V-HWTT 
1 * , . Perm j ii- ■■ r : ! nuse. The Head row. 
Til: iftJ£-4.»t>VJ 


jranrhe-trer QucenV House Queen Street 
Telex 666813 Tel: OTt-®4 9&\ 

New York. 75 JtocheJellcr rT.vui, N'.Y. 10019 
Telex 238403 Tel: <?12> 483 3300 
Fan*: :«S Rue du Senticr. 75002, 

Telex 220044 Tel: 23a8e 01 
Tolcj'n - Ka-uhara Building, 2-6-30 fehikanda, 
Lliixoda ku. Teles J 27104 Tel: 295 4050 


Dec. July 
July Nov. 
Nor. May) 
Jan. Janet 
Apr. Oct 


Dec. June 
Oct. Hay 
Nov. July 
July Nov. 
July Ocl 
M ay Oct 
May Oct' 
Feb. Aug. 
Feb. Aiigl 
Aug. Feb 1 
Vrar. Ocl 
A pr. Ocl 
Dec. July| 
July Nov. 
Jan. July 


Apr. Sept 
Not. May 


Mar. 

Oct 

.May 


Jan. 

Oct 

July 


July 

Oct 


'RJflC 

Redtand.. 

R'ch'dx Wall Hip 
|Tt boons AdianL- 
iRohan Group — 
iRmriinson I 0 p».. 

[Rwro Group 

Ruberoid 

RuebyP. Cement 
ISGB Grtwi 


Apr- Oct bliB Group 

Dec. J nlv Sabah Tunts' Ido J 
Oct May Sharpe* Fisher. 

Smart J.jlOp 

SoulhernCou-Sp 

Strerten lOp 

TarmacaOp — 
Tavlor Woodrow. 
TilbujT CasEl— 
Trm is & Arnold.. 

Tunnel B50p 

DBM Group 

VeciisSionelOp. 

Vibroplani- 

tVard Hld^t idp. 

tVimnrton 

M'aoi Stoke 

. treiibnckProdi 

Jan. June)V,'eiien Bros 

tVhaliiiunSAp.— 
Vbit'gh'm 12 ^- 


OcL[Wicj;insCon. I0p 


iWiisooiCcnnollyi 
itunpcviGco: 


260 

74 

108 

38 
153 

621; 

49 

203 

170xd 

39 
23 
46 
52 
88 
35 

198 

46xd 

104nl 

97 

69 

95 

236 

91 

97 

95 

16 

71 

25 

23 

44 

29 

41 

35 

55 

31 

40 
65 
78 
39% 
40 
81 

230 

59b 


M 
65 
S3 
79 
26 
no 

184 

132 

63 

25 

167 

103 

96sd 

11 % 

39 

£35% 

190 

136B 


94 
86 
80% 
70 
73 
36 
40 
207 
51 
97 
144 
80 
120 
67d 
14 
40 
8 Sal 
5 the 
36 
65 
3b 
84 
119 
153 

97 
282 

571; 

100 

157 

142 

121 

155 
80 

98 
84 

100 

35 

40 
81 

161 

38 

41 
41 

7 

20 

156 
370 
282 
140 
302 

70 

36 
176 

34 

54 

121 

491; 

90 

42x1 

34 

32 

139 

62 


31 JS tdfl.55 
10.7 3 28 
15 1818 
?bt L83 
675 tO. 76 
17 4 1.B5 
10.7 tdL73 

12.6 3.88 

17.4 9.48 

10.7 T2.93 
34 5.35 

U7t 
’,7.4 102 
26J 230 

174 t229 
266 d2.89 
247 10.15 
505 L67 

25 1.34 
305 tdb0.92t 

17.4 3.63 ^ 

3.4 h3.00 
126 1.73 

14.9 h2J4 
24.7tdL21 

24.7 44.19 
135 4.00 
34 td2.7Bf 

13Jfrih3JA( 
133 ILST 
272 4t4 02| 

132 511 
54 537 

310 051 
25 M335 
155 dL79 
155 dl.79 

3.4 233 
47* 

175 
5.1 d339 
305 L78 

133 3.12 
3.4 1.85 

305 tl.B7 
1710 192 

10.7 536 
161 2D4 

19.9 ±2.03 
155 4AJ 


3 91 7 81 50 
3.9) 6.9| 55 


126 48.40 
155 hL09 
101 07% 

24.7 4.76 
25 350 
25 201 
25 211 

301 TL5S 

132 d9J2 
3.4 623 

Z3l 2 7.15 
155 hL08 
277 £151 

133 961 
S3 

24J 
276 
25 +2D9 

5.7 <B57s^> 
155 3.17 

24 7 7.73 
17.4 6b0 
266 B674 
155 3.7b 
17.4 254 
174 3.2B 
30.1 3.95 
5177 - 
301 9.07 
155 283 

25 258 
272 t5.H8 
Hi d2.53 
132 693 
24.7 3.11 
301 ±178 
155 274 

24.7 4.74 
266 hZ.44 

25 dfl.76 
34 3.24 
25 2.7 4 

10.7 3.56 
25 660 
25 d* 91 

116 4.65 
10.7 tun 
272 472661 
59(5.52 
t3.94 
tctobS 
5.66 
4.25 
d4.57 
4.39 
254 
d2.47 
152 
229 
313.% 
+5.33 
L65 
bl-92, 
tdZ.03 


W5ll 

141 

5S 

41 

4J 

3.8 

10.7 

3.8 

1 23 
11-8 
11.9 
4>M 


31 

15 , a 

17.4 
2811 
174 
15 J 


Mil 

r.JI 

2t| 

153 

30| 

an 
26. fJ 

7.4l 

17.4| 

25 

266 

12ij 


L72 
9.95 
7.72 
20.34 
d3.87 
1114 
4.37 
T150 
td9 65 
dc.&B 
318 
h234 
152 
15.19 
261 
101 
1157 
dJ.54 
069 


B\j£ * , 

lA Mao. OctlDn'A’NV 
4Jj 5.9| 6.1 1- 


77 I 11 7 June DecJDa 12pc Cnv Prt 
/./in./ i Fflb OctlHarimwiK.^ 


I 

id ao 
3| 5.7, 
Ml 


*- 

1.81 

*_ 

3.fl 

33T 

3.9| 

.if 

oil 


10. 
8.0 

1.7jlLS 

83 

a 


13.2 
53 

2.9 

I2 

2.7 
32 
63 
23 

1.9 
23| 
31 

4.8 
22 
4.6 

?4 

22 

55 

25 

82 

« 

1.1 

3.0 

LS 

10 

10 

3.8 
7 

0.7 

35 

43 

2.2 
101 
151 


103 

113 

7.01 

5.4l 

7.ffl 


* Apr. 

50 January , 

.JjK- a 

7 '^ n 3 ® iT 

* Ocl Mari 
65 Jon. Junei 

1*3 Jun Nov, 
67 May Not 


12.8 

95 

31 

10.8 

if 

9.3 

6.3 

a| 

n.i 

83 

<61 

9.31 
4 At 

7.4 

2-7 

13 


Ian. 

Jan. 


jyjFairdaleTexL 5p 


BUILDING INDUSTRY, TIMBER |Nov. junei Empire Stores — 

M AND ROADS ' ■ 1 -TbmmP 1^ 

L - - ■ “ ■ 15514.68 

155 6.86 
266 0.72 
272 437 
10 7 7.74 
3J 237 


Allied Brews. — 
Ami DuLPr I0p J 
{Bass Cbar'Rton -' 
Bell Arthur 30p. 
Lclharen Brewty 
Boddimnons — 
Border Brew's — 
Brown CUatthew 
{Bucklex*'* Brew.. 
BolitteKUF.i — 

Burton mmi 

City Lou Def- 
t'luk'JlaiUKvi. 
Distillers SOp — 
GordoaiL.i]0p- 


Koueh Br«.20p 
iGrecnall Whitley 
(Greece Sing — 

(Gnlnness . — 

HighIdDist3Jp. 

InverEordon 

Irish DiS U/ers_ 

B an. Glen— 
id£l 
aan 
New20p- 
D-, 

.«w 


Whllhreed A' 

IWo(v. Dudley 

J uL | V cunt Brew'.V 50p 


87% 

35 

166 

254 

49 

105 

78 

114 

47 

128x1 


158x1 

64 

144 

197 

24 

54 

119 

280B 

366 

137 

117 
154 
315 
510 

60 

67 

114 

118 
9S 

208 

155xe 


266 t3.99 
3Q1 0.76 
305 t4.91 
17.4 b4.85 
374 - 

17.4 h2.65 
155 355 
2U t3.98 
126 182 
24J a70 
24.7 3.45 
17.4 2.44 
153 +5.29 
31 737 
376 - 
126 184 
305 +2.66 
24.7 737 
266 +7.13 
17.4 294 
124 236 
2bi +3-55 
34 469 
305 12.64 
17.4 234 
107 3.46 
34 3.05 
305 +4.08 
305 4 00 
126 +5.83 
126 3J3 


2.11 
+ , 
33 

a 

* 

161 

33 

q30 

19 

41 

28 

24 

25 
3.91 
* , 
a 

1 I 21 

I 


6.3 10.7 
3 2 « 

4.4 102 
25 


3. a 14.7 
6.0114 


S^^lAug Feb jBaiers Sira. 


DRAPERY AND STORES 


Jau. Junei 


Mar. Aug Allied RelaillOp 
“J Apr. Oct. Amber DaflOp- 
“ tan. June Aquascutum5p- 


Da l A’5p- 


june Jan. AudiotnauclOp. 

Baker's Sira. lOp. 
3anb«5(vm!w-j 


5-3 I’ JaiL-Jaly - 
7 . 5 J June Sept Beattie ift*A. 

Hit* Maj' BeotallslOp 

- BtoniCua-a 

If 32 Feb. Sept BoantonKO . 

5 ' 7 ,fiJan. June 3olt«i Text ap- 
7 0l «d Dec. May Brenner. 

Jan- July BriL Home Sirs. 
Ifll36 Fet >- Au S- BrowntfnMjJ— 
f-i j! Oct Apr. Burton Grp.5flp 
flilg Oct- 'Apr- Da-A'NVap 
^9 108 Mar Nov-K anioreA Dip 
6:9 <f 


June Dec. Casket (S. UOp. 
| Oct Apr.iOnuTh 


s.a 0 

40 142 I^W NotJCouw ‘A*- 
c, 15 j I June SepLlCmrys 

Jan 


123 

13.81 


July- 

Jan. 


Jn 

July Da'A'Sp 

July Fine Art Devsap 
AolikKi May OcLFardnttiBilOp 
a n lx a Mar. Sept Fonmnsier top 
7 5 « Jaa July Fester Bras, 
iii o'i June Dec. Freemans (Loa>. 

4 Apr. Oct GeHerL4JJ20p 
of^ July Feb. Goldberg A 
10 8 50 Do..- June Goodman Br.Ap 
9 7 11 ? June Not. Grattan Vue 
DecjGt Dniversal 
53| 


as 


Mar. Dec. 


Dress ap 


Jan.|futrnnuigic I0p_ 
JuljnpebenhBSnr. 
KCTJDeiriiiistJOp-. 
Octl Diaoos Photo lOp 


Da ‘.V Did 


Apr. [Gre. Hill eta lOp 
Oct HardyiFnni) 


10)13.2 May Nov. Henriques A 
ej ± 2.0 Jan. June HepmnthiJjIOp'— j 
1 * a* Apr. Oct Home Chum . 
“l Ij Dec. July House of Fraser. 
rq * Nov. June Rouse of Lerose- 
64 & ~ KnonHUllOp — 

o ' 7 Oct Apr. Ladies Pride 20p 
? ; St Ian- July Lee Cooper 

IWiBK l 

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70 I* Feb. Sept Preedj (AJfredi- 
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7 it 1 Mar. Sept Ratnera lOp ■ 

HI 72 Mar - Oe*. Ray beck ldp_. 
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April BamfonfcJOp-- 
3£w Not. Ban ro Con s. W- 
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May Dec BeaufonllDp_ — 
Feb. Oct BeranIDFJpp— 
Mar. Sept BlntodiJtnlcJJt 
Jan. July Brapshm-MuA— 
Anft Feb. B ham Pallet 10p 
|J^ P«. BlarkWd Hodge- 
nr. ■ Sept BmuerEog20p- 
OT Dee. Btmtton Win 10p- 
Feb. Sept. Bratunn Jlfll lyP- 
iJatL Oct BraitbwaibeSI— 
Jan. July Bnuwaj top-— - 
I jan. July BTiouseDnd. top 
April Brsurf Channel - 
July Dec. British Northrop 
Jan. 'Aug BriL Steam 30p 
June Jab. Broekhwiie.^— 
Feb. NOT.Brum'sCastSpt- 
Not. May BrawEngJOp.- 
' April BrnOkcTool 
May Sept Brotherii d P. aOp— 
lApr. Aug Brown Sc Taww_ 
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June Feb. CairfdniEii" " 

Jan. June Capper-Nc 
jau. June CaicloEnt- 
Oct May CirtwnijM 6 Itp-j 
Feb. July Castings top — 

+ Feb. July Chemnoj5p — 
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Aug Feb. Crimn(A120p— 
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I ' '25' Dec. July Domniebrae lOp . 
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fa o n ?r2 May OCL Expanded Metal. 

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Mar. Sept Hal/iteSOp- 

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lf-1 Aug Mar. JacbnJtHB5p. 
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*■" Dec. June Jones Group lOp. 
TW May Oct Jones Shipman .. 
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tpr. July Ley'sFoondrics. 

liTa Apr- Dec. Llnread 

!“■* Dec. Aug UoydlFJI t 

T Jan. Jtuy Looker rTijp — 
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102 

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l July 
l July 
r. SepL 
Apr. Ncn 
Jana an' 


^ Mar. Sept London £Jfi di d 
* Apr. Nov. ILL. Holdings — 


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Jun « Jan. 

f®* Oct Apr. 

— Oct Apr, 

— Apr. Jolyj 
Septesnberi 
25 Mar. Sept 
M Not. Ju$ 

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7^1 ELECTRICAL AND RADIO 

7 olJilno Dec.lAJB. Electronic- 
1 ■ — OrtjAUinl Insulators 
Uudio Fidelity lOp 
AutoTed Settop 
BICCSOp 
BSRIOp. 
iBeroc 


Jan. 

. Octl? 
[Juno -Nov. 
May Nov. 


MmganBnxrtt. 
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MeEElttSp.- 
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Midland lads. 5p. | 
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1*0 Dec- M 

104 Apr. Dec 
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7 Jan. July' 

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53 Aug Feh. 
22 Feb- Octl 
61 

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a Jan. Aug 
/rt, June Nov, 
8 J JalV JH 
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Campbell Itinid. 
Chloride Gip. — 
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Do.CreCam.TB-31. 
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80 Mar. OctlGJLC 


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Elec. Rentals top 
EuansStm. IteJ 
{FarneU EJec. £ip| 
fidelity Rad l®p 
FibtruI Tech. 50p 


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CHEMICALS, PLASTICS 


May 

May 

Dec, 


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July Not,' 
July Not, 
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July 


Overseas advertisement rcoresonauves in 
Central an.1 South America. .Africa, the Middle East Asia and the Far East 
‘•'•■r iurthor detail',, please cuntact; 

_ . , (Horscas Advertisement Department, 

v itt.mvinl Times. Bracken House. 10. Cannon Street, London EC4P 4BY 



nrwsairent<! anti booksulk mirlHviH? or on rocular jubscripUoij from 
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Feb. Aug! 
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Jan. July 
Jan. May! 
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Mar. St-'pt 
Mar. Sept 

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■Tan. July 
SepL June 
Jan. Juoe 
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May W'lmsfcJnrie*.. 
RO 177 I. ,Noy W«lf Elect Tools 

sn a nl Juy Jan- W<4sl>Huchis-.. 
qc SI Apr. Not. STbw*J] Fd> l(ta 
"“ lApr . AUg w ™ j , s . w .‘ 3 ) p . 

Oct Apr. RTi'seBLu! to-^j 


4.15 
+0. 71 
3.54 
fd0.92 
hll8 

5.46 
b271 
336 
3.33 
+147 
+4.57 
b254 
559 
068 
0.88 
483 
t3.98 
191 
t5.42 
15X32 
+0.41 
H105 
tdl.02 
afiji.25 

m 9 

*\ 2 A 

3.4)324 
M648 
t411 
609 
HI 68 
7.81 
555 
+4.80 
bS56 
Q11LS, 
1276 
0.88 
3.90 
667 
4.78 
193 
t5.02 
tlK 
9.58 
3.87 
460 
3.43 
d2.41 
4.45 
dL4fi 
139 

SP 
268 
4.31 
7.89 
4.14 
±025 
d952 
■12. J 3 
h055 
h454 

♦26e 
, +3.53 
2661 9.14 
3.66 
3.25 
127 
455 
15.47 
3.07 
QUV 
fi0.96 
4.70 
2127 
239 
130 
125 
+1.47 
4.76 
9.96 
3.08 


FOOD, GROCSRISS, ETC. 


0.9 4 

4.6 * 

■ 4.8 (641 
4.9 i62 
5.913.0i„ 

4.8 9.2 IP*®- JulfAlpiniMl&inn- 
3.4 831 June Ass. BisctiitlDp. 

™+K'. s 5Sl; 

Apr. Oct 
Feb. SepL 
May Not 


266 hd0.99 
lhJ +313 
2i 7 i+7 13' 
305 14.67 
2c 6 0.S9 

P2.32 

dl 15 
2 49 
hl2i 
+660 
1.22 
d4J5 
U3 2.3o 


62J 4.9( 33. 


1IU 
,(10.31 
2.64101 


^enTbcrMnrti^'WP- 
And Apr. Nvfhcm Fi«aOT- 
Sl July Satdin P k. 'Op- ■ 
Dec. June Panto' ' ' ■■J-- - 
December 

js- 

Jnn! June Riwn'rvcy ^ 

jan. June 

qt-pieaiber Saope-<»— • 
Feta June 

Oct Apr. saairrei H " '- -P- 
AOT. Sep:. Stoda" i J, 7 c f , { 1 - 
Of-i Apr T.iltfS'blrlir • 
SttA?riiT a ienvrn u i3>P 

Mm: Sept Ter»5p 

irw Oct l nutate - - -- 
^ Juncil'niN'd 

Aug 


juneK'nitod P'f 

Mari|W3b*«ri»lp toj 



Id-la InL tor-- 
horel'J Jl-r.MW - 

Brer-Ltijikirao. 

ii'in Hdcl-lilp - 
DcVere Hotclr'- 
Cpii-are5p — 
(Grand Sip. - 
'KniM.il '3! bc-a 
Ladbrekc top - 
lit Thanntie Wp 
itvddleton 50p ~ 

NorfftlVCapAp - 
North 'JL F 'top- 
'PrnceciWalc*.. 
llJuecn'aJluat jp. 
Real on Hrad#-. 
Samjr-V top — 
Ciafcu - 1 Re-' 1 top 
{SajnRi— Ini-’P- 
Trurt H. Forte — 
HarLcrHoi. A'Up- 
!\yheeleraIt'P~— 



. INDUSTRIALS (BSscel. 


0.& 


Apr. OcL|A.A H - -■■ 

J;£l Jtui^AGBReiearc'i.. 
Ocl Apr.|^arDii!«nBro».lop 

Ahbc.i Ltd. 

Airir.lnds.3Jp- 
.tIpiwHidCS.jp. 
AmnLMeuiivb- 
Ang Ain.Vspliilt.- 
..trensun 1 A 1 '-Op. 
AW Leisure 3p. 
Lla Spraj era toe 

lAuriinFle'ilOo. 

[Aion Rubber: I. 

83 A Group 

E-ET.Pefd 

BlVIhuL 

[ETR . 

Baird"' Wm.)£l._ 

Bareli! 1 

Bari'.T RJ. RI'V. 
BarriW-LT.'.V 
r-arrev Hcpbura 
Jj:.',c-P;rtian<L 
t'ancrTrarenol. 

Bert -t>n t'Lark 

G err. ham 

B-.'llairt'or. lOp.- 

Feittum 

Cenr.'nrds™... 

.iBerwIctTlmpo- 

JlOTlBcrtcWl 

MAT oiddleHldCi. , 
lluj EiiurcjtedEng. 
July SilbmUMOp — | 
Oct Blnck.trrowa 
July Black! 


B: 618 , 
247 S3 45 

D^roo 

Ift.ljrtf2.0l 

ij ?.»4 

2.52 
16 05 l 

. +J-M 

!+dl 47 
3.U7 


Nov. Junefl 
MOT Not, 


Black (PlHTdcs- 

[BeiodPeL’A'W 
JuinBooterBcC-S. , 
SeraeyiEairtes-: 
[BortfHenry)50p.j 


Oct| 

Nw.| 

Oct; 


152\ 3.04 
i9.b6 , 
,116-77 
3.05 
13.19 
1 183 
1657 , 
T584 

*V 1 ■ 


33: 


Z 2(105 
62 


C| 7 3| 52 J; 

i-tj 


liOj 


ZB 131 
7.6 

7.0 5.0 
5.9 5.7 
53 7.9 
45 UJ 
9J + 


Feb. SepL Arana Group ap" 43S )'ii 1 -i 3>5 * 4$A b ,. c !' Ik .. 

May NOT BanlcSidn^ 75“ 2& ? Not! g"v*' a, T K "■ 

Apr. Oct Barr i. LG ."..l" » ie?*uTi, Ti JuT" ' V ,: "b 

June pec. BamwISilKna" M J-l « ?3jai*. "M- - 


ENGINEERING 
MACHINE TOOLS 



107 

240 

114 

92 

264 

161 

47 

50 

146 

74 

35 

324 


13.3231 

133231 


37.4 


3.43 

5.80 


F1D.15 


-d 10-05 


4.40 

fif 

2.87 

ffldtb 


i* 4.di__ 

4 . 41 3.a s.' 

3^ 3.m 

3fiJ 3.|io.; 

8.1 

'# 

3.« 




35 5.71 
Z9 92 
1.7 14.0 
33 8.5 
5.4 55 


Z4l 81 


Apr. OcL! 
Sept Mar 
Mar. Nov. 
Jan. June 
Dec. Juce| 
June Jan. 
May net 
May u C L 
Doc. May 


Mav 


=rjjan. May 


^ Bltt F dr. 5ij 

.Ass. Dairies L 

Asi Fishc-ncs... 
Arana Group 5p„ 
8aaIaiSidne>C) 


. BamwKiilinn^l 

AugJ8asMttiGcft,_^ 

Feb. Sept - ' 

Ocl Apnl 
May Sept. 

Jan. July 


iBatlqy VorklOp 

Bejam top 

Bihtn-rJ.) £| ,_ -t _ 

BidinpsSrorej” 


Jao- July) Do. ■ A" ?: v ; ._ 
" " Bleehirdi'otu.^, 

BnL'SuaarSO'j.. 

Bnt Veittfr l|jp, 
Brooke Bimij 
[Cadbury hdr ps,. 

Carr: Milling ' 

iblford Dairies. 

| Do ■ .V \ V 

[Cullens urip 

Dn ;'4"20p , . 


(16.70 

3.24 

236 

hO.79 

±3.0 

Lil 

Td3.66: 


th2.13| 
win 34 
5.7b 

3.70 
Tbl.47 

6.70 
dc.bj 
(i263 
li2 07 
TM.82 
0.52 
tJ.M 
3 09 
+1.67 
2.94 
194 
4J9 
4.59 

6 71 
«.v5 


2 2 7.5 
3(\ 64, 
4ffl 51 

4 » 




Jan. Jnly Boots. 

FeJtyAnNv Buro-W.USSLaO. 

July Nov. BowaterEi 

Jan. Aug Brahy Leslie top. 

Jan. ' Aug. Brady tads. — ~_ 

Oct May BrammeriR.IMp J 
Brtd?EBtfPiW£.5pJ 

[Nov. May Brtdon — 

Jan. May Bndpontaajp— 

Feb. SepL BB&EA 

Ang. BnLrmeT. 12%p_ 

— BritSleelConst. 

Jan. June BriL SypbcaJOp. 

May Nov. British Vita. , 

May Oct Brittains 

Nov. May 8 H. Prop SA2_ 

Jan. July’ Brook St Br. 10p. 

Nov. June Brooks Wat SOp. j 
Dec. July Brown Bov. Kent 
Oct Mar. B rations, ilussr.| 
Feb. Nor. Burcnbean.. 

Apr. Dec. B urn dene 5p — 

May ■ Nov. BtresAnGinlOp.. 
Juno Feb. C. R. tad’ll top_ 

Mar. NovJCampariaip — 

May Not. CarcrcsS'p- 

Dec. July Canaing'w-t 

Jan. May Cape Indcsries. 

Feb. Jur.eCaplanProi.10p. 

Mar. Sept Caravans lnt 20p 

Jan. June Carttcv Lads 

Feb. Aug Cawoads 

September CelartiontadSp 
Jan. July Central Mi?. lOp. 

Dec. Ju ly*C+3L Sheened 5p_ 
Sept Feb. Centrouay30p„ 

Dec. July Chamberlain Gp. 

Jau. Aug. Chart be Ph. lOg 
War. Nov. Chaage Wares top. 

1 March DnCcv.CraiitlOp. 

Apr. Oct Chrjtic-T.lOp . . 

Nov. May Cbnsiies Int. top 

Dec. Aug^Cbubh^Ori .u* 

Feb. JunejCtaikr iCltcent. 1 7-J 
June Dec. Co!cE.i!.'_ 

J uly Dec. Cmpti Webb a>p 

Mr.Je.SJ3. Co-it'l Grp j! 

Apr. July CoetJuborr tog 
June Feb. Cipe Altaian Bp.. 

SepL Stay Copjdv: 10? 

Apr. Nov. Coral U*ii'.10p„ 

Jan. JulyCoiait.. 

May . Dec. Cosrtrv Pipe Jp. . 
[Mar. Ocl Cc-randcCrt tap.. 

"i" ' ~ I'rvaniJ.i.TOn _ 

’’res Nk-hol iPp. 
Cro.-b;- Kovw£|. 
Cn>ib> Spr c top. 
lU’-wkN umn.l 

Do La Rue | 

jlwitiniiH . 
DeaiiCir9ncCi Tl-St 
L'lamundSL-T'IDp 
L , ;.nkieHpcl5n_ 
Diploma inn .. 
P^Smo-i Stark iOpi 
Vim Hidvj Kin... 
IwvwC-vp fail. 

Downs SnrL Uta 
Dufav Eiiam li'p 
Dun'-vi.Vn. inp 
Dund.'niantSp _ 

Diipi-.-l;t.ip 

I'orapipe 

D’'CkC-roapl0p. 

Dyliiv-J.i 

Dysond.&j.) 

Do. .V 

E.C. Case* top. _ 
Bi.-iurn rrwi rtfp.. 
Eluarlnds. 50?^ 

Elhiclip 

Eteco !Cp 

Elect Ind. Sir./ 
c'J.miPhtv lOn . 

Fj.,1..-. i- B.-tihiir 
ELraick H'K-r-'ipl 
Kmharti o.-p 5 :. 
tciprit-s-iT Inn 
:.i.' ft <> cr ]](?! 

Lnv vliiaanjv.. [ 

L P*'ran:.i to'.i. 
tnn-ri-rrii-. 
Sirt*-!IU!iOlp| 
K'-cruon..- Hip | 

raria-m l.-.v-.i? 

"•rtlrt lim 

■«l+.t.i!i..;i 

f> , H , li:.nlfl. . . 

C cr;:,'nun2i’['_ 

Fmrttay..\.i; • I 

Kira I'i-lic lijr.” I 
KiLn.il:,ni ' 
tV'-ile .; < v. 

+•*'43,11 1 i > 

K'M'i'ii 

.-«bvr Hilar ., h 
rraiiUiiiliiu-p 
v ‘tab T!i,» ion 
r:.«liai; |>. 

s Ik »ii.:. ' " 


,11 82 
7.J3 
5.16 
d9.-: , 
H600 


I QS1 SO -14. 
4.35 2.11 7 


10.71 5.53 


0.J' 


11 0 


12 0 »a 7 
31 IS 
'll-:! 72 
fa' 

0 - 1 . 

5.01 9- 
64 .5 2 

1 ?, -- 
4.0 5 2 
>l.4i 7 2 
9 7 15)2 
4.015.7 

ol 89 
3 S| 38 

n A >+ 

-1 'h.i 1 


3 ;5 
1.6i 

4 2f c-, o7 

<- 7 r 'l +-. 

« ' 1.3 1 - 


jApr. .Aug 


| Feb. .And 
Apr. Oct 
[Apr. Ocl 

Dec. 

July. j\‘ 3T.| 
April Nov 
^lay Jjn. 
Jan. Julv 
lJuly Jiri, 
Jan. Junei 
|Jan. June! 
■Mar. Dec 
May Sept 
/ '-bniur^- 
Jj'ly -April 
3iar. \ uv 
lai:. Junei 
niur. Sop*. 
Pvb. A-..; 

|Jan. .I 11 I. 
'*«. Jun.- 
. June 
M'i- Jan 

Jan.. Julv 
J-'i'. .Suj-i 
“ay Not. 
June 

A nr. P..T 
3 “I'-' Jan 
N in. June 
D-.v. Julv 
|Jni.. M;iv 
M— 'uotDv 
Ki.-'i. Nev. 

^Ijuiv iff. 


h\ Hi 


2.0? 

+I-S61 

4.02 
358 
0 33 
4.B6 
+4.60 
*5 55 
333 
*0.76 

SP 

12.26 

2.30 

217 

10.41 
tl 6 
4.82 
3J2 
? 93 
2 ,l«t 
377 
190 
S2.20 
2.56 
t3 50 
227 
609 

3.13 
{2.42 
F2.28 
+8.53 
+3.41 
±9.41 
0.66 

7.41 
10 Q5 
542 

dl.00 
tiO.Zb 
3 50 
b-J 06 
d 

4S220 
2.36 
til. A3 
5 bo 
2.36 
tO 60 

4.14 

0.20 


3.ri 


L'Z| 


31 


4.4, 


M6;; 

. 76*1- 


4.8| 69 A. 

69 ; 


<11.2 98*. 

aS 55 i 


S.3«T: 


tlaoa 
62 

iffllU 




2.11 


If 


17120.5 


67 4(1 
3.9 2.5 



1 cl 

J ' 5 I * {July 


. l .v"r ... 

•- L’P. 

i%i- '/t*,i 

I'SWiVj- I'lnifn In. I 

• -atm wj -1 

. I||.) 

ni’ld;-.. 
tiivrv., .. 
-iri-.-.-ru-t: iii r 
l-.i- 
“ j: to: 


A'tk. Ji'.n-i,|i+ l- .*^p 




u* 



irm 


a; 





F&akciSi TitHeS K&iHjfey Xliiy 31 1978 
INDUSTRIALS— Continued 


27 


INSURANCE 


Wl 

s 


l 1 PlfcB 

-tin5p. I 

Annual lflw 
.. Iny'5 Wharf Li 
Ko^lHi^pworthiVittf.. 

Heoair — 

to Hcwaujap — 

N«r. lliHiQtttl£1 .... 

Apr. HWMal»»av. 

Aufi-HtMRUAi. 

Hollis Bros 

July Hol'.l.MlM.tUp 
Sept llonv#r'.V_ . .. 

Or!. Hisrlroo-'in 

Jlll\ H04tln.sS.HCJp. 

On Howard Teams - 
July UunliDt; Asw. _ 

N«w. Hunllfich IDp-_ 
mberHulrhStawSHin 
Hyman \f£J.*!ip 
r U» 1.11 Industries#- 
Trtv ItTLEl ... 

I SepL Imp font Gas £1 
Not. layallliub. Wp~ 

Aug. Initial Stnim-. 
jHoe (atfr-QtjTDp — 

ITOr. James (John) 

i Jan. IwJiXUitAiStp 
June JardinolLSHKfi. 

Doc. J critique 

— Mutton* Himes. 

Apr. Jotuison Clnn. ... 

Aup. JohnMra MUw.fl 
June JourUiniTuOp. 

Dot. KaUnuconlOp— 

July Krlscyfods.-. — 

Dot Kennedy 5m. IOp 
April KefttawiMSp-. 

Auc Elm-ExeBMO. 

Ann. U’P.Hlds 

Aug. LS. Indt lnvt_ 
Jnn.LR.Clnt.10p_ 

June Lawfex 
Not. Lead tods. 5ta— 

Aur LmfeabiUStetkK 

May LeBasiEd! 

. Mar. LetaffFobellOp 

pol I eta* Harris. 

July Leigh Into 5p-~. 

Aug. Leisure Car. 

. Oct. Up Group l Op _ 

July Lesley Prods. 5p 
. Sepu Ldrasa lOp 

- Lida 1C 

• Not. Lindsay & n». 

Mar. Lindnstnes 

-• ' Feb. Lon. 4 NUmGrp- 
. June Long ilmbiy. lift 1 - 
Oct Lonjimi Trans-- 
L Apr. Lonsdale Tniml— | 

June Low tBonw50p 
e Dee. M.Y. Dart. IOp — 

. July Maranic Ida lep.-' 

> Sept. M'c'rthyPfa.Cffp. 

Way MacfananeGp._ 

Oct. UcEndeRbLIOp 
(. Apr. MtChcnL'A. 

• Not. NttLrHantP.kWj! 

War. Ha'P/ktou (DJ 

■ Sept Ha^aolla Group, 
e JaiLUngmLAEjiJt^l 
Apr. Man. SbipCnn. £1 J 
. Oct Martin* Ind. lOp 
. Jim. Marshall L'ri. 'AC. 

July Marthall stnir. 

. May Mari in Black 

- UnlhcvmsT-^pt. 

S Not. MqynanbSp — 

Dec. Uedmlnster 10p_ 

Feb. Uentmnre&p 

Jane Uetol Bun £1 
June Metal Oosares— 

June Uettar. 

Dec. W-MtaTraplJ 
Oct ITsBnto5pe82-6- 

- MnunatBtiqp_ 

July Morgan CrudbJe 
Apr- MottoII (AfaeP. — 

June MosslRobtllOp. 

— HurtCtlDp 

June Hyson Gp.lOp_ 

Sept. SarbU.F.lSecx 
June Nathan 
A up. SaLCrt'nss lDp 
Nov. N.C.R.«tHt9B- 

- HatwtmdcLeis. 

otter Zambia. 

AuR. NeiUrSp’ocerlOp 
Apr. KewEqaip.lOpi-. 

Aup Nurero* — 

Sept. Nartra&Wr'Lttp. 

Oct. Norvir Sera. IOp 
April Su-Svitt&p 
Nov. Ocr Finance Cv^ 

June Office t Elect — . 

May Ufrwajp 

JuneOren&melSijC 

- PJtAlHohfiusslJ 
1 Oct Parker Knoll 'A‘. 

Aug. Fanis A Whites _ 

July Peerage IOp — - 
Sept Portland lOp 
July PeniwlOp. — .. __ 

• Dec. Do 1ft Cr. to SB} £146 

June Prtrocon t?ji 

— Phillips Patents 
June Photaxilm) 

Dot. nubile 50p_ 

Aug. PiftjnflmBr.a. 

* \^i 

' -ril PV:aursma5p— 
ruhmartlOp— , 

July Portals 

Cowell DniL50p 
. Press. Wm.}5p.. 

• il rrw4u»Gr*MP - 
-.ie Pritchard Sva5p 
Nor. Proi- Uaaaibp. 

CcL Palt«mRAJ..^i 

■Sept R F.D Group IOp 
July RTDGroupalp 
July Radian! atLi3*p 
June Randalls — 

Apr Rook Oman — 

July llrckifi t'dl 50p_ 

Fob. RrdfoaniGlan- 
Jufie Seed t ree. 5p_ 

Auc. Rcoi Inti El — . 

June RUycn PBW5 .. 
rch R runs n Inc. YSO. 

Oct Ranrea Group. 

Sept Hcstuur. 

XAu. Rcuooiv _ 

JntL IillOT|E.JjIPp„ 

Mny'Rnckvare 

Aug. RopwrUldgs — 

.iUF. l*v 'A'. — 

Jul) ltJi.Tnnl3*n — 

Not RmaniFodcn. 

M:iy Mu>iilH I iUC& 

Sept ausxcitiAinip. 

KyaniL'Sp.. 

Not. SayaHallda.« » 

U Fi-GabauiFriWfl 
June Sale T;inr» — 

Apr. ^authont Vartan 
Sept Sarucnurp.... 

Aug ScMoCrunp- — 
xA SrhlumbcrKiTSl 
July Scotens . . . 

June Sent Heritable 
Oct ScnUl'alm^. 
uly Si-aro Hlds 

Mar SeruncorGn. 

Mar Du A‘ K-V — . 

Mar. ScrantysBTircs 
Mur fteVS-V, . 

I'd SiartiaR'arrSCp 
Sell Sn-freCunuan.^, 
luneSitBtniRlBldp. 
lunv Silbournc-.V^., 

July Sth rtitnrnclim.| 18ij 
Jan Kinquun-SrA. 

July stnchlry . ... 

May SKHWtNcph.Wp 
Dot. SwiOBlwhSOp. 

May Soltt.L»-2Pp_ 

Feb, Some 

Feb. SnthcbyP.R I 
Mw SivmartlttlSte. 

\ug bpe^riJ.W.i 

JJOT. Sffilli Pais 
JOT. PftWiCRrJ.lL 
vug. Sutlrtbn. — . 

St^Fanuriue 
Vpr. RtrrUor.., „ 

Sh4u 3toi RU1| 
lug- total taUta. 

■3«. ShxUatr_ _ 
vug Si end) 111 H Wes.. 
im. SunmiTtF.l 
May Sunil cMScjv ttpl 
vug. Sale lific Sprat. 

smiaiiNcrbKSC 
ber SutrrPacdicBQe 
epLSv&we_ 

jy TalluaSp. 

TehbiRWp 

us- ThennalWnd . 
uiy Tfa Tuneava Sp 
an. Third Bile luv„ 
day T/JJiog7.ap. „ 
ing TadhiU & V — 

* . Twc 

eh. rnlaiurH 20p. 

IV Trancl^PSJi 
toy Dampart Oct ... 
uly TnuunwdGn 9p 
— TanwrASceit 


pt. Tamer CWL Suj 

ug. IIKOlUi " 

(ay t'nicura tcdu*t t . _■ 

uj*. Lniflex U)p 

lay I'oilncr. 

tay PavN VJI 12 _ 
oc ruLi'amrre lOp 
pt Ur.iMGeshidL. 
t : .GiuraBli!*Sp. 

ity I'aoehiaar. 

tl» Valor 

ViomlOp - _ 
JR- Vi tden Grp 2jp._ 

■ Riabou l«?j>_ 
uyWa*'PwiR.iop_ 

ay Wallec H«r Su. 
-w WuerfudSp „ . 
rt Wa*staBB'*^_.. 
:k tramaRL Wpj.. 

WcdBvtml 

ilIWcsIb Hoard Site, 
W umin & Ctrl 1 
U-WfcMH Kit 
Jl i'.'-CBOIlC tlliiciJ 
lr. HTulri mlili R 
if. Wfii'nmfl H»p... 
U7 aSifc.'i’ '■•'id., 
uy Rilkes J 
we Wilkmr Mitchell 
rt Rilf-nMir'tf: 

■c. no jOnr t'm . 

*. VtUiar.J . 
sr. iillMfincff' 

!C. SiUr-aBwin Ijlp. 
Re RnuiltkKSip . 

« WlltCr.IbBSW’. 
»■ R0Wli.SntMp.. 
Wood i Art bur i Sp 

c .is ^ 


KiROOltii 
driver. Sp, 


Stock 

( Nov. JunctBovrinciC Tl- 
Feh. ’ 


; lilay Srpt 

rV.M.SD. 

INov. May 

JaW 


.Britnmilcnp- _ 
.x'otabuied Ain r 

tCorno. Union 

lEagleglar- 

.EdialsGroUriOp. 

EittaUKimt'm.. 




June Dee. 

Jan. June! 

Jan. July' 

, ton.' May 
July Dec. 

Jan. July 
(let "Mar 
Oct Apr 
Dec. JuncH 
Sept June 
Nov. May! 

Oct Apr! 

Nov. JuM 
Not. Junef 
Mar. Aug 
Oct June! 

Dec. June) Phoenix 
Dec. WajjPro*kIent"A' 


pec. May) 


410.4 



(Guanuaiificiv-sl. 
HsmhrnLife . .. 


Local Jc Gen. Sft. 
ILec.AGdicn.lDn 


iBwhcvWr. aip 

Kim.-tHldCA.20p. 

MoraaiChnriZOp. 


Do.“B-' 


Mas-terfuce&p — 
Mayployal ^_. 


Trade indemniiy 


Price 

Catt 

Wv 


TO 

d 

Ne» 

CVT 

Gr's 

111 

7531 

299 

53 

4.0 

34 

30.7 

130 

3.4 

57 

166 

51 

9.32 


64 

£13*, 

25 

1051 M 



4.0 

150 

34 

7.77 

— ■ 

7.7 

150 

23 

MS 

6 22 

— 

62 

£116 

170 

155 

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705 

4.90 

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199m 

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133 

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2.9 

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MOTORS, AIRCRAFT TSABES 


■ Motors and Cycles 

f&L50p_ 

Q34o 




MrJeJS-D. Gcn.lUaUnus^ 

(Jam. July LotiuCarlOp 

. August Reliant Btr.ap„, 
|Sept. May Bnlk-fiflj<eMtn.II 
May (VolcoKriO — r 


22 

235 

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11 

104 

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Commercial Vehicles 


3051 


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201 

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August 
Llune Feb 
Xny Jan 

[July Oct 


'FodenstSOpi 

Peak Invest lOp 

PlHUm* — 

York Trader Itipl 


113 

161 

646 

ft 

31 

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5.9 

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Mar. Sept Abbey Panels. _ 
Feb. July Airflow Stream . 
May NOT.AnnsfngBi.lQp 
(July Jan. Aaoc. ntgi — 

Septemba- Anongive 

Aug Mar. Blneod Bros. 
Oct June Brown BmtlOp. 

Mar. Sept Dana Carp 

Apr. Sept DtWtyMjL 

Jan. July DuntopaOp. — 
Dec. June Flight HriaffflJE- 
Jan. June BramSmilHOp. 
.Mar. Dec KwWniHMa*^. 1 

| May Dec. Lucas Indail 

iOcl July Supra CronplOp 
[July Feb. Tinner M&. 


I Jan. JulyfWihwt Breeden. 

Feb- Aug.iWoodbead 0. i_ 

Mas (Zenith' A' S& 

' Garages and Distributors 


52 
46tc 

63 
112 

88 

70 

24<s 

£21i* 

239 

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— Alexander! 5p 19^2 

Not. May AppleyardGrp._ 305 
Feb. Aug AnnuftTM Motor. 133 

Jan. July BSCIntlOp 43 

Aug. Mur. Braid GroapSp- 38 
May Nov. BrtLCarAnc-iOp 44> 2 

July CTiSJ. 10p 25 

July CaflynsSOp. 333 

Sepc. Cdmoretorn.— 32xd 
July ["oaleiT.iSp. — 43 
Aug. Davis Godfrey— 96i. 

JaueDarada — 80 

July Datum Ftedtar- 47 

August Gates (F.C.) 49 

March GlanfieW Lmrr . 30 

May Hanger lnraJQp 49 
Jan. June Hamsonfl-Cj— 331 

Jan. JulyHuniells 101 

Aug. Apr. Henlys20p_ 124 

Ort April HnvmMtr Grp. _ 130 
May Nov balOprCav.„ £210 
Dec. June Hum (Chariest. 87 

Jon. July JeKupslOp 40 

Apr. Oct Kenning Sftr_ 74 
Oct May LexSemceGip 86 
Oct April Lodken — 64 
May Oct Lyon ALyon — 81 
Aug. Apr. ManchesterlOp. 34^ 
- NeLsoo David ft. » 4 
September Pennine Mtr. tft 103* 
Dec. June Perry iH-UOrs— 118 
Mag Oct 0uirtlH.SJ.ll0p- 44 
— Rli(01iven5p — 7 

May Tate al Leeds 77 

I June Not. WadhamStr.lOp. C 
Dec. JoWWesteniMir 89 


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NEWSPAPERS, PUBLISHERS 


ilia 


3Si u 



May Ass. Book P.20p. 
, Dec. fcPB HWfis.'.V- 
Feb. Sept Bean Rroiber.- 
Jolr OcL Blarki.ttO- 
Feb. Sept BrirfoiP«ul.__ 
Oct 
Oct 

Feb. An&L __ , . 

JuJyjE Jlid Allied 'A 

octr ' ' 

todepoidcMf- 


INemint. 


Nov. June » 

Not. July 
Jan. July 

Mar. Sept 1 

.May Oct SharptiVfN) . 
D«c- Jnnetlumsoa 
INov. June 
I OcL Feb 


184 

107 

5.90 

39 

4.8 

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233 

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408 

7.5 

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53 

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2.91 

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62 

6.6 

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120 

17.4 

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7.9 

220 

10.7 

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8.1 

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131 

34 

475 

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4.75 

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PAPER, PRINTING 
ADVERTISING 


5.4 


1851121 


45} ia 


371 4«as 


iUi 


Apr. JnlyUaoc . Paper— 
Jon. July OafltpeConv.- 
Dec. June Anft&ttYbofg— 

Dec. Ma>- Bemrwe 

June Jon. Brit Printing — 
Jan. Jo}}- B running Grp — 
Jon. July DoBenntltg- 

Not. June Boml Puhj 

Dot. JuneCapKolsap 

— Cs-jstuniSirJ 

I Jhn. Aug. napm« Hal SOp 
Sept Sfay v'laviflichanft— 
June Nov.CollcUD'wmlOp 
— CuKerGnard — 

April Driyn35p — . — 

Not. July PRO — 

Sept Apr- hast Lancs Pjt- 

July Nov. EnvalvrKufi 

Apr. Not. Ferry Pick iOp ._ 
Apr. Oct FrelasHoJdings- 
Jazr. J’ja&GcenGm&slOp- 
Dcc. MS!' Ilorrisrm 6 Sons 

Mar. SeptlPCWO* 

Apr. Sept lCTtrcskGni50p 
Dec. June L 4 P P>«er 30p 
Julv Feb. McCcnpsvJilriL. 

Sept. Melody Mill* 

lUnv Nov. Utils & Allen 50p 
[Jul'v Dec. MureO'Fert. IOp 

isS: s & 

IJan. June Oxtey Print Gn>_ 
(Apr. Sept SsjhfWftSaatcfa- 
(Feb. OcL SmltbiDndjCOp. 

Jan. July Smurfii iJeCsitt 
Jnn. July Transparent Ppr. 
Feb. Aug. Tridani Group—. 

Jan. July l sber Talker IOp-) 
Jan. July 1 ffarcGronp20p. 
Feb. Aug. tVaddintfcny.l- 

Sin. MuyjTaUnmichs 

Jon. Sept jVi nuTTCroul Sp-J 


59 J 30J 


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93 

190 

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£42 
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PROPERTY 



— Jaus. Jm-P 


(Ail'd LooiLvi IOp 
lAllnett Umdon 
tajtaagM Sores 
Apes Props. IOp. 
Aqdrv Sees 5p - 
Avenue t'l'sc-Vp 
JBca-imontPr^is 
Rwcnf H <10 p- 
3cllwaj HliUs .. 
iBi-rtrln Kanbro. 
|Ri]tonilViT> 
BrndfpHPri'P .. 
[RntAnrwi.-’p— 
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t«o tlviVSU 
Rrulm Efisr. 
leap 6 Couwirs . 
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Cumpoabrr Sp 
rntrnnWialDJp 
n&CapTto - 
nsederUMa — 
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a Jlstt n | July . Apr. tV-csSmtewllp 

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jaiwlmirsifp- 
Junc Dec. Ccrnngum lOp- 
Jnn May Eng ITup 50p.. 
51aj- S«»pi UoF.-prCro .. 
April Ucl Pe Igpri'm— 
Julv W: i .Vtser. 
N«n. JuncE.‘»s aCcn-ats 
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tirj|u-I.n».h. . 
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Write* 

PrW 

Man. Sept 

Apr. Sept 
August 
July Oct 
inn. July 
Mar. Sept 
Mar. Sept 
Mar. Sept. 
July Nov. 
Oct Mar 
Pot. June 
Apr. Dot 
A pr. Sep* 
Dec. JunH 


PROPERTY— Con tinned 

1 Price 


TNV. TRUSTS— Continned FINANCE, LAND-Con&med 


Start 


Mar. OH. 

pr Nov 
Apnl Auc 
Jan. July 
Apr- Oct 

May Nov 
Jan. July 
Ian. Aug 
Jan. Julv 
Apr. Oct 


[tmry Property— 
Intfreuropeia IOp. 

pcnnvn Invest-. 

Lacd lnvwu_— 
Uiod Sets. S3o... 
TV> “(pri'at "SI. 
Bo.fiV’hGmv.lG. 
Do HPiGwiv’Efe 

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PropUldC (In 
Prop Pan'rhip . 
Projv&Bev.-A- 
r-rop.See.IorS'fp. 
Raglan Prop. 5p.. 

Rtgalian 

April OcL Rettanal Prop— 

April Oct Du jV- 

Jlji. JuneRosli & Taspbna 
December Samuel Props—; 
Aug. Jan. Scot Mem>p.20p 
Mar. Oct Second City 10p. 

Oct May Slough Est 

June Dec. DaliFbCmv-BO 
Apr. Aug. Slock Canvcna. 
April. OcL SunlP iFilnv 
— S-nre Properties 

December ToivnCemnr— 
Apr. Ort Town iCily 10p_ 

Apr. Not. Trail oni Park 

— UK-Propcm 

Nov. April Uid. Real Prop- 
Mar. Sept Warner ESfaie _ 
Apr- Oct SarzrfonJlav.aip- 
April Sept IVebb'Jos'jp. - 
— Waarae-P 20p. 

July OctlWiason Esis 


338 

34 

41 

42 
227 
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134 

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SHIPBUILDERS, REPAIRERS 


June Dec. HainnoinL.50p. 
Dot. JuneSnanIiimlrr:l- 

June Dec. Vesper 

Jan. MayJYarrovSOp 


63 

1173 _ — 

140 

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190 

3.4 i5.0 45 

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SHIPPING 


Dot. Ang. Brit & Com. 50p. 
May Dot CamawofiroK^Tp. 

Oct May Fubcril* 

Dot. May Fumes* WUJjyfl 
Jan. July HBBtingOihm 11 J 
May OcL JaeafKiJ.li3)p- 
Jnlv Lon rTSeai Fnn_ 
Jan. July Lyle ShipplDg-. 
June Oct jl an. Linen 2Dp. 
— Mersey Dk-Fniis 
July Stared Docks £1 
Not. May Ocean Transport 
Mar. SeptP.60.Defd.a_ 
Apr. Oct Reardon Sm. sOp 

Apr. Oct Do.'A'sOp — 

j ul duly RaarinaaiHj— 


280 

112 

165 

244 

104 

32*; 

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% 

72 

107 

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62 

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3 9 I 3-4 
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SHOES AND LEATHER 

Julv Feb.lAilebcce 10p5._; 

Sept. Feb.fsootb'J'.ta'fi 


April Dec. Footseerln-.t- 
OcL June GanurScotblair 
December Eeriba Stiatip- 
Not. MoylHilunisSp 
June Dec, KShoes — 

Apr. OctLaBhalKth.2)p_ 
Apr- Oet Neuboid k Barfn -I 

OcL April Otheri(7r.V 

Jan. May Pitlard Gin. 

Feb. ‘Aug. Stead i Sun' A' _ 
Mar. Nov. Strong U Fislw- 

Jnly Stylo Shoes . 

Sept Apr. "BnerFftElllpJ 
Sept May Ward While. 

February Wears IOp. 


23 

53 

57 

98 

52 

93 
69 
<1 

C8 

53 
40 
57 

Sf 

94 

2?id 


135 1.02 
12 i 4.46 , 
27 2 W3.95 
25 457 
5A5 11.73 
17.4 4.97 
305 1230 
14 322 
272 284 
133 1.90 
3.4 2.81 
10J 21b 
135 14 JO 
228 L75 
3.4 hllS 
3.4 M4.02 
24.7 1133 


201 6.6 (9.0 
3.4128 35 
24124 62 
43 7.0 4.7 
7,9 5.0 42 
23 7 6 8.7 

5.0 5.0 48, 

25 11.7 53 

3.0 B.4 5.9 
27 59 95 
92 7.9 45 

1.7 8.1 1L4, 
24113 5.7 
32 4.410.9 
36 5.0 85 
83 64 46 
26 6.9 85 


May NOT.prit Ena Sere. 5p. 
Feb. A05L Brit Ini 6Gen_ 

Dee. June BnLlnraa 

Oct Apr. BroadsunefiOpI 
Dec. Jane Bnmner 
Jun. Dec. Bnr<»rt&3p — 

June Dec. CJJtPJuv 

Dot. Aug. Caledfinig ijns— 
Feb. Oct CftledooianTst- 

Da-B" 

Jun. Dec, Cambrian ndCet 

Mav Caawiln bn l ! 0p. 
Dot. June Can. fc Foreign— 
Apr. Nov. Capitols Nat— 

— LP.-B' 

Sept. Mar. Cardinal Did — 

Aug. Apr. CarhoHos. 

June Dec. Cedarbu 

May ChanHs.liic.£l.| 

— Da Cap 

AuK. Mar. Charter Trost — 
Mar. Sept CUy&Com. Inc.. 

Da Cap. i£l 1 — 
City 6 r w. Inf— . 
May Dec. □U’ilntmi'tl- 

Nov. June City cf Oxford 

Mar. Sept-CnverbotueSOp. 

— Chttns lnvslOp.. 
Jan. May Ctydexlalelnv— 

Iia-B” 

Aug. May Colonial Sees. Dfd. 
Feb. Aug. Ccnrinentl A Lud 
Dec. June CaidnaJI Union J 
C rts'nU span 50p _j 

Mar. Aog. Crossbars 

January Cutmlusluv — 
Feb. Aug. DanactlDC.lfoGjrt 
— DaiC«p.il0p — 

Aug. Mar. Debenture Can. 
Aog. Feb. Derby 1st lor, fl 
— Do.Cap.50p 

Dec. July DomiiuMiGen. 
Apr. OcL Dreyiau Cam' cl . 

May Dee. DaCona 

Apr- Aug. Da Far Easton 
Apr. Aug. Da Premier — 
Nov. Apr- DnalTsmlnaSOp 
Da Capital £1— 
Jan. July Dundee t Lm _. 

April Edittbuitl Am Ts.| 
Jane Dec. EdSn.lnv.Dtn.. 
Jan. July □ectnlni'.Tst. 

Feb. Aug. Elect £ Gen 

Nov. Julv Eng. &InteroatL 
Oct. April Eng. 6 N V.Tntt-J 
Sept Mar. Eog £ Scot lav.. 
Jan. Sept. BuutiyCimrtfl.. 

Sept Do Defd50p— 
May Dec. Egaitylnc.aOp-. 
Dot. June Estate hnites — 
October F.IC.Enrolriut., 
May Nov. Famlj lav. Ta — 
Sept Apr. nrswoLAm.— 

.Vov. Apr. FurrigBiCri — 

0-7) Jan. J u ly F.L’ GIT.iRO J51. 

' 'May Nov. Ffindlnresttnc.. 
— Do Can _ 

Oct' Mar. GT Japan 

NOT. Apr. Gen* Cream'd.. 
Aug. Apr- Gec-Umscdchd.- 
Sept Mar. General Funds- 

— Da Coot. IOp 

Oct Apr. Gel Invest cfs — 
Dec. June Gen. ScoOirt — 
iJan. Sept Gen. SfUdrt DjpJ 
Mar. Aug. ClasgowSCfeldis—] 
Apr. Not. Glendevao lnft— 

- Da-B” 

June Feb. detumuraylnr.. 

'Da 3'0m 

July-Jan. Globetnv. 

July GoveUEnrope — 

Mar. Sept GrangeTnui — 
Sept. Mar. GtNortb’alnv— 
March Greenfriarlnv— 
Jan. June Gresham In v — 


202 


SOUTH AFRICANS 


Apr. Sept AbereoaROJO— 
Sept Mar. AnsJo.4tiTn.fll 
FenT Aog. AngTr'slnlSOe 
May Nov. Ed worts 10c — 
September Gold Fldi P. PjC 
Julv Dot. Grtnna'A'SOc— 
Feb. Aug. HuIetl'sCpn.RL 
Dec. Slav- OR Bazaars 50c- 
March Sept Prumuse ]0et& _ 


Dot. 

May 

May 


tea Tnmfrea Aoq 175 


July 5A Brevs.20c_ 

Nov. HgerOauEl 

Nov. Unisec — 


105 

£60 

120 

7S 

SO 

125 

90 

420 

73 


77 

575 

64 


26WQ2QC 

Si# 

S3 Q5 3c 
133WP9.C 
-|Q28c 

253] Qllc 
133052c 

34 oW 


17 t 35 
24 67 61 
* ULti 4 
ft 4.7 ft 
12 60 13.4 
0.6 J 93! 
ft is.4 
i:9 83 _ 

a 4*8 

ft 85 ft , 
3.9 5.4 4.7 
12 93 a8 


TEST ERS 


Sept Mar.|AffiedTextjle— . 

Jan. Aug. Atkins Bros 

Dec. July BcaiesiJjap— 
May Not. Beckman A. 10p . 
June Dec. aiaekunodStot 
Apr. Sept Bend St Fab. IOp 
Dec. July Bright Uduu — 
— 3rigrayGrp5p_ 
Mav prit Eokalaa. — 

Apr Sept 3ritMoaao , ._ 
Feb. Aug. BuioerLmb Stp~ 
Jau. July fjird iDuodfCJ _ 
Dec. May Carpets Iu*.50p_ 
May Nov. C zrtpn Viyella. 

October Ca»dawlnd-__. 
Pec. June Coats Paioos — 

Oct MayCcnh 

Mar. Sept Cocrtaolds 

Mar. Sept Do. TN Deb 82.7 
JuN CnrethcnJ 1 — 

Feb. Scpt DanronlmL — 
Feb. Sept Da ‘A’ 

Feb. Oct DirunlDaridi — 
Not. July Early 1C1 & IL 10rf 
Jan. July FreaerUohn) — 
Apr. Not. Hi£g25iJjl0B_ 
Apr. Nov. HlcfciuJtFstSOpL 
July HJddBrotSp— 
Jan. Aug. Highams — I — 
Mar. Oct Hollas Grp ap — 

Aug. Feb. Houdraj 

Oct Mar. nTcwmihSiaip 
OcL Mar. Da'A’Sp 
Jan. Aug. lngramiH.ilOp_ 
Nor. May Jenimr iTIMgt.) 
Jan. Jui>-lOTiisD>ers__ 

November Leigh Hi Us 

— Levesip 

Apr. Dec. Liaer 

Jan. July Ly/«rSi20p — 
May Dec.Karkar Huge — 
Apr.- Ocl.lil n-ki w on Seal* 
Jan. July JJanhuAitSp^ 
Not. June ICllcnF.) IOp — 

Scut Apr. Hcndort 

July Dec Noos-Manfc — 
Mar. Sept NovaJer^aip. 
Jan. June Parkland A' — 
Jan. July Piciles&MCo 
Jan. July Da'A'NVIOp- 
Apr. Sept SiT.lCp— — 
Apr. July F^dleyFastnocs 

Aug. Dec. EeedlWm.) 

Mar. Oet Rrfugff SriifSp- 
May Nov. Richards Kip — 
Mar. Ort SEZT.T?. _. 
July Dec. Scotl Robertson . 
Sept Jan. Srtosbtl^j-, 
Feb, Aug. stwCsrp^LlOfl-l 
June Dec Shiloh Spinners. 
Mar. Sept 5iclavl2ds3)p. 


Jan. 

July 

Apr. 


ayteirdar-^. 


Dec. Snail iTidrsSS- 
Aug. SaVroasaUMO J 
Apr. Auc DaPriv-USaO- 
Feb. Oct SpeaeeriGea) — 

Apr. Nov. S'.nridy rri 'A' 

Jan. July ssach Riley fir'd J 
Jan. May Ters-Ceasalate- 
Mar. SeptTeifnlJisr.iOp. 

February Tai fa ac a s 

Feb. JulyTocUal 


Torev i2J 

April OetiTraSard Carpets 
Jan. JolytTrittrillelDp — 
Mar. Sept Ma-TestSp — 
Mar. Oct 7oriJ.raew.aip. 
OcL MasiYougbal 


152 

51 

75 
73 
25 
30i 2 

74. 

14l 2 

50 

63 

S 

S 

72 

59 

122 

T' 

3 4W 
146m 
80 
28 

37 
222 
103 

49 
69 
45 
33 
31 

27 

50 
65 
IB 

9 

95 

62 

44 

48 

1(0 

41 
68 

131 

44 

76 
15 
1012 
92 

51 
83 
43 
21 
62 
50 
39 

S* 

97 

70 ! ? 

29 
734* 
43 ij 

42 

28 
31 
61 
25 
56 
451* 

27 

6B 

50 

38 
37 


132|td659j 
m 3.73 
395 292 
34 g4.97 
477 fas 
12.b l(A 
12i 2.46 
F74 - 
3' 76 - 
34 2 76 
30 s 316 
67‘ - 
1*11 167 
277 2.13 
24.7 2.46 
305 3 Jl 
13J IBS 
305 7.67 

m 

24 7 3.78 
24.7 3.78 
162 12.42 
335 2.01 
15 5 254 
212 hD.63 
272 7.31 
305 0.76 
126 3.06 

3 02 4.61 
305 d317 
1232 150 
1212 150 
3J 131 
H. 4 h252 
305 hL53 
329 dL07 
171 — 
1212 0.1 
305 4.57 
3.4 d3.35 
302 L67 
135 3J6 

25 L47 

24 354 
155 329 
11 fi056 

12S 3325 

25 0.70 
25 0.70 
125 14.76, 
272M4.00) 
122449 
2?i 2.93 
IS 5 tL05 
32 tdl.67] 
305 2.78 
2&i 153 
117 254 

25 L66 
iihfcai , 
3.4 Td2-B6j 
335 203 
177 - 
177 - 
3.4 250 

132 tL34 
i£7 252 

23 1.67 

133 102 
1112 3.81 

2i 2.76 . 
;au2Qifl%f 
275 1.71 
155 tl.86 
132 355 
26t L8S 
19.5 253 


351 6.6 66 
2.410.9 67 
66 5J 35, 
1-9 102 60 
La tom 


«i 

3.7f 85j 5 j0 
3.9) 75 55 

2.6] 42 iU7i 
3.1 8.714.M 
ft 12.6 
3.4 69 

U 

,105 3.9 3.9 
105 3.5 39 
25 4512.6 
2510.7 67 
ZB 102 5.4 

205 as a4, 

ft 115 ft 
25 8.4 75 
3.0 93 5.4. 
ft 105 ft 
0.9 105 05JJI 
ft 7.0 ft 
ft 75 ft 
ft 72 ft 
3.6 64 5.0 
5.8 35 73( 
25 68 62 


05 

15 210 9.4; 
0.9 312153' 
5.4 53 63, 
9£ 55 43' 
35 5.4 8.0 
23 7 8 85 
45 3i 75| 
ft 19 ft , 
6C 63 S3 
25 65 20.4/ 
25 9.5 73 
35 7.7 55 
35118 42) 
ft 85 ft 
29 202 19| 
3.0 9.0 67 
92 45 34 
25 83(561 
ft 5.9 ft 
ft 95 ft 
13 B.D 15.0 
15 9.4 111! 
48 U 
15114 8.9 


15 93) 81! 
4.0 7.D 53! 
ft 7.3 
50 41 

131oSll2 
23 a 5] 61 
20 L9(545| 

tz 451 5 5 

Ljl* 


PffMmds 

M4 


Start 


Mar. Sept Group Investors. , 
Dec Jnlj Guaufisa lav. 

July Dec Hambros — 

July Dec Hill (PhUipj 
Apr. Ocl BumeHlds.“A"_ 
- ' Da-B"— 

June IccfmidtSL, 

June Dai£i 

Dee. June Industrial A Gea 
Sept Mar. In tonal Inv. 
Sept Apr. lot in Sums— 
June Nov. Investors' Cm.-, 
Dec. July inreaw.T5LCrp.-| 
May JaidiaeJspan — 


Price 

187 
169 
158 
101 

74 
68 
249 
85 >2 
82 
87 
300 
114 
130 
124 

115. 

123 

68!? 

143 
556 

61 

29 

113 

78 

104 

71 
84 

Hz 

jjfr 

81 

252 

203 

121 

197*2 

7B 

26 

92al 

67i?xd 

2lfee) 

144 
200 
137 
152 

43 

202 

62b 

224 

66 

129 

234 

118 

81>2 

93 

lllxd 

144s) 

214 

87 

U" 

102 

178 

T 

65 
163 
148 

87 «i 
M M 
129 
110 
92 
118 
1Q5 
101 
98 
76 

72 

1221 2 

66 
78Bt 

105 
90 
65 
65 

84 
98*2 

188 

85 
83 
S9*< 

775 

55 

79*2 

156 

87% 

298 

162 


1“ 


Mar. SegitUinfiKBacHXSJ 136 


/erwyQLPCIp 
Nov. June lereryGcaB — 
May Oct Jos Holdings — 
May Not. lavelnv.lntttp 
— . Da.Cap.2ji. 

July Fdx RaSaaetar-SOp J 
Nov. Jnn. Lake Vie* lnv._ 
March Lane. & Lon. Inv. 
Apr. Oct UwDebentnrt- 
— AnnlSLlf.fes.l9 

Aug. Feb. Ledotnv. Inc30p 

— DaCip.^i 

January LeValSaaetlnv- 
Dec. July Dm. Atlantic — 


166 

*3 

% 

240 

S* 

II 


October lon.6Gart.S0p 
Nor. July tahLftHdjreodJ 
June Jan. StlA L eman — 
Feb. Oct Ipu.6Iir.t0p_ 
A nr. Oct Urn. ALrenaad- 
Bot. Novi CcWAXartme. 
Nov. JuneLnatPrtiv__ 
Dec. July Loatetetid. 
May Dec. LoaSS'clyde — 

June Dec. Lob. Tv. Dfd 

„ June Dec. LoriaidhiT— 

lflllOJ | j July Jan. DB&)d^n)ita.^i 

-{-1421 _ DaCap.<p 

Jan- June Saa.iBetiop.lsv. 
Mar. Sep. MridremEnv — 
Apr. Sep. HercaatGelav— 
Sept 3Cay ^ereiantsTst— 
Feb. July aon k i hirest— 
May MiatBoston ISp 
— [Da.Wrrts.fl — 

Far Moak?yo 

Jan. SeplMoocpte Inv ' 

Aug. Mar. MowndaTrast. 
1-March Se^tSA-JDST 

A pr JlyDctWW&rae. Inc^ 

UaCBpfl 

Da New Writs. _ 
April RT.6Gntnan. 

Au*. Dee. tSJStoiHt 

May Dec. Nth. Mamie S« 
June Dec. NthaAroericsii- 
Dec. July Northern Sees — 
Jan. Aug. Oil AAssoc. Inv^ 

June Nov, Outwieblav 

Apr. Ang. PeotUsdlfiF — . 
Dee. Ang. Prog Set Inv. KW 
Mar. Sept Prorinds] flliss 
Aug. Feb. Raeburn 
Feb. Sept Reabrooklnv. — 
Apr. Oct HlgiritIss.C«> 
Oet Mar. Hivcrfclierc — 
Sept Mar. River PhleDet. 
Apr. Nov.BobenxBr.iFlSO' 
Apr. Nov. DaSnbSh'sF15 
RolinaNT’FlSO. 
DaSrtSb'sFKj 
Ang. Mar. R«an^niist_ 
Apr* Nov. SosediBiondlw. 
— DaC*p 1 

Sep. Dec.aolbrtBdln.%4 

Dec. June Biiegmd lad — 
Oet - April StAndrewTrt.- 
July Mar. Scot An. bv. 08p— i 
December SenttCtat lav. 
Mar. Dec, Scot OSes ’A'— 
Apr. Oct Scot East Inv— 
Dec. July Set*. Enropean„ 

July Jan. Seot&blsv 

June Dee. 5«4J£art.ftTa 
June Dee. Scot N&ioual — 
May Dec. ScotNcrtem_ 
July Dec. Scot. Ontario — 
Aug. liar. Scot — 
Apr- Aug. Scot Vegan) _ 
— Scot Wertn.-B'— 

Apr. Oct Sec. AUiaeeTu | 

Sept Set G rest Nun.. 

Dft'fl" 

Dec. J one Securities T. Sc_ 
June SrtetHilw.Sra, 
Apr- Sept Shires Inv. 5£fp_ 


TOBACCOS 

aati33i 


Apr. SepLBATr;e- 1 327 

- fEaPefit 284 

. JunejDachJIiAijOp-i 345 

Mar.]te?erial 1 82 

Jan. Sept'SuUsas! -! 59*2 
Jan. J uly |&esa*a as. 1C? .| 61 


ThM 

, 131 
221:, 
15 


883 

5.75 

207 

283 


}33 6.21 56 
- - \ 50 
53 5.X 72 
28 !0li62i 
q&J 5Jl 12 


6fl 


7.7! 


TRUSTS, FINANCE, LAND 

Investment Trusts 

Dee. JuneUtedeefilavy—J 



.theceealKit- 

ALlsa lar — 

lALaicclav, 

iA21;3=ce7r=£t_ 

AfcifaadlctSOp. 

A=*TOcl=.-.Ja£._ 
Da Cap 


i? r 1 Dec. Jure! 
— [Aw. Mar 


Oct 1'oy lD(r,ra?rt£. 

- .\ssncaa j A 'ff 
Aug. Mar T Afl^lcA&. £«s- 
Sepc, Apr As^ft^stCiv _ 
— Da .Vr-4VSr4._ 
June Dec.tA5El>-5rol isv— 
Aug FebLtrelcscitttic.. 

DaCap.i-Jp — 
tree lev iSA w- 
lAi^dcuti iav — — 


— Jur.uar-- {.WaLa-aitifn. 
>16 N<w«abe.-Al2ttc3a»ss- 


Di-i JuneLt'.las Flw: - - 
^•ctobi-r Lt'jV.t ;rt W?' 

‘-I ... 


54 

246 

122 

104 

234 

116 

296 

53 

65 

471? 

46 

1£S 

43 

140 

£* 
90 
142 
131 
60*; 
lOyj 
64fj 
103 
4a Jd 


af|239 

3.37.21 
US 843 
53 0.43 
^i|437 

1*1137 

•in sis 
27i 




?:d 


335 


+L63 

523 


.. pillil 
37t *430 
2S3LD51 
332! 141 
255,193 
17 Jl t2 74 
JS.7! 259 


50*189!! 



55jl0-fl 

Lft{620, ... 

4 0V»6jJaa. AJS.‘i^'w^ — ; X 1 *! 
Z0I24.7] Apr Scpt ir- ’r-L-.tr.. « J| i:£ 
lij ft 1 A? O Jaa;3stai Au«fa— | 80 I — .-i 


10] 6.6 22.4 
■I 52 26.61 

5.6 25-5 
■<.« 33.7 
LOf 46 318 
■i 102 1331 
■0,3 — I 
12.9 10.f 


lT 




la 

1J 

10 

10 
ui 

To 

11 

5.9 

1.0J 

ft 

iS 


43 335 

4J ail 

113 13.0 

52 285 
12 0 125 

98 39aJ 
4.7 Z7.8| 
13 67.9 
06 ft 

43 314 

44 364 
66|22.6 
2. 9l 78 8 

53(283 
3hf378| 
4.2 45 
3.8,264 
95) ft 

TsaTft 

4.9)34.7 


Nm-ember StoweCl^i 

Dec. June Sphere lav 

Dec. June SrUTlae-lOp — 

SPLIT C»p.H(p_ 

Jan. Aug. SunhcpeGai — 

Aug. Apr. SteriiiaTa 184 
June Jan.Sl«kbaMnlBt._ 102*2 

September Tecfawdogy 98m 

Mar. Oct reaptcBsr 100 

April Nov. Hirog Growth— 23t 2 

— Da Cap. C VS 

Mar. Aog. Throgmorton— 75 
M ay Nov. Da^SLom- £U6 
Mar. Oct Ter. Invert. Inc._ 74 

October Do. Cap. 112 

Feb. May rrani.Oeeaaic_ 177 
— Tribnneliwea- 75x1 
Oet Apr. rtplcretlscJC? . 63* 2 
— Dq r.ipilal £1 _ 153 

Dee. June Trust Lakn 109 

Feb. Aug Trustees Corp 143 al 

Apr. Oct Tyneside lav~ 116 

April Dpdnws lac 58 

Feb. Aug. UuLBriLSees.— 135M 

May - Nov. Utd-Caphsls 21 

Apr- Aug. l^Defa Carp 100 

Mar- July UAtGeaBslTst 192 
June 05Tro£FnaiSL_ 8M 
July VikiigResonrr«- 96 
March W.CstfcTenslUp 75 
June Dec Wean® Inv. £1 _ 387 
Aug. Mar. Win ter bottcB— . 206 
Feb. ’ July Witanluv— . 97 

— Da “8* 94^tt 

Apr. Sept reuman Inr— 176 
July Dec yorks.6Lmn_ 31 
— yortgreaill)p_ 

Dec. June(Yauupi'dor£L 


37 

25*j 

36 

69 
75 

m 

57 

3 

198 

120 

79 

44 

188 

>5 

116 

83*2 

70 
«! 
42 

78 

60*2 

102 

830 

IBU 

123 

20 

T 

lte 2 

119 

5U 

57b 

127 

67 

27 

134 

36 

35 

183 

153 

£605a 

606 

£47*2 

475 

’S* 

73 

20£ad 

73*2 

127 

92 

77rf 

164 

147*2 

41 

107 
119*2 
157 

108 

IS* 

104 

202*3 

197 

420 

136 

79 
1W 
156 

61 

1C6*I 


3M 


Mr 

Set 


I TO 
[Cbr Gi*a 


2J K£1 
1411 3.45 
155 4.92 
155 5.23 
266 13.60 
155 RZ53 
155 tl.43 
26.6 856 
1U2| ftl.62 

30.5)355 
28^203 
3SM3.65 
132)486 

272)1386 
M3 3.91 
155 t254 
155 Q15.0 
768 — 
264 12.18 
D3 185 


14 MJ3 
305 335 
132 386 
674 

113 1170 

132 R22 

102 650 
155 155 

103 
113 13.37 
Z&u 0.81 
24^315 

24.7 1h2.44 
24.7 113.63, 

265(7.87 
272 457 
155 4 77' 

132 0.91 
ZJ2 680 
155 4.18 

266 1253 
272 1.12 

133 6.85 
126 5.08 
266 157 
305 3.86 
272 2M 
27 2 249 
24.7 687 
24.7 5 69 , 

25 blO.D5 
25 hi 85 
310 0.86 
U3 3.91 
133 289 
272 73-83 
266 405LC 
155 12.44 

301 tlQ3 
17.4 691 
24.7 73.81 
24.^4.77 

D.4I486 
255(3.40 
8.1 23 
133 t244 
14JU1 1!69 

I i5i 

608 

183 

7213 

13.93 

1.47 

ff 

3.61 

602 

13.77 

Qfflc 
Q9.49 
305 178 
133 266 

■Httf 

22 tQ47c 

Ssoi 

17.4 355 


609 


“H5 

30J 1281 
~25 dL52 

HUb 

266 0.60 

BJ f?33 
124 
305 
3.4 1L40 

124 5L14 

305 - 
24.7 188 
113 127 
3.4 264 
126 162 
3.4 059 

'nance Laud 


S3 


0.41 

289 
350 


260213 

3051155 


1121 
126 
301 
266 
161 
IA 
772 
732 
29 3 
1 295 
1075 
1DT5 
1247 
13J 

24.7 

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m 

266 

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SI 


23.ahl62 


126 

B2 

24J 

B5 
226 
27 2 
350 
305 
155 

243 

266 

305 

24.7' 

135 

274 

266 

z£ 

272 

19.9 

135 

MJ 

17.4 


30 51 
24. J 

30jf 

24lfl 

251 

ctJJI 

■STH 


388 

156 


411 
284 
150l 
73.761 
tlOffi 
052 d 
885 
1 634 1 

^5% 


269 

484 

751 

166 

(457 

1264 

U2 

812 

t4.57 

152 

1260 

35S 

¥350 

3.41 

h2oe 


223 

1556 
283 

619 

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152' 

335 
1433 

351 
1538 
t239 
264 
M82 
191 

4.45 
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ft.Q2 

0.50 
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hl32 
4.46 

3.45 

4.92 

3.91 

027 

ts 

357 

7603 

iff 

0.76 

1697 

t4A7 

233 

087 

7.70 

tfJ2 

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12 

11 

10 

10 

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i2| 

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im 

ft 

l0 , 

I 


53 268 
33 84J 
4.4 331 
64 21.8 

2.9 ft 
62 228 
4.B 30.91 
4.7 323 
92 160 

5.9 Z38 
7.0 192 
3.2 42ft 1 
2548.1 
62 23.7 
4 2 345 
32 467 

__ 67 114, 
10)105 148 


111 

15 

ft 

1.1 

1.0 

10 

10 

11 

1.1 

11 

13 

10 

10 

10 

12 


21) 

0 

10I 

g 

uj 

1« 


is 

11 

1.1I 

2S 

111 


131 


u 

15 

11 

11 

10 

12 

11 

11 

10 

11 

h 

11 

u 

-11 




85158 
4.9 27 J 

4.4 353 
4.9 318 

5.4 25.9) 
55 235 
43 283! 
53 238) 
25149.1 

61)234 

15 303 
4 8 27.2 
4.7 325 


52 23.11 
,4.8 2B2\ 
5.6 258 


53)261 
95| 15.7 


-6m238 
'7.0120.91 
1 69)228 


38)' 


4.9(267 
48(305 
441317 
1293 
64 227, 
4.7 332 
112 ft 

5.4 35A 
9-3iaBj 

69M?8| 
5.0 K.4 
4.7 275 
3.2 42.6, 
55Z7.8 
108 14.9 


62 212 
41 25.4 
45 33.1 
56 24.7 
24 50.4 
4.2 17.9 
. 4.0 38.6 
10( 4.1 298 
58 25-6 
64 238 
66162 


imu.7i: 


Feb. AogJ 


June 
OeL Mar. 
Feb. Sept 
Fe6 Sept 

September 
August 
Jan. Mar 
Jan. Not. 
June Jap. 
November 
Apr. Oct 

October 


461' 


Divitedi 

Md 


May Dec. 
June Nor- 1 
May 
Not. 

Jirfjr 
Not. . May]! 
March Oet 


June 
April 
Apr- AU&J 
Mar. Oct 
Apr. Aug.| 


Stock 


HacbnjTrnrf — 
HamptoaTstBp. 
HavPvr.S Sl_- 
Int Icr.TsUsf. £1 
ImisrtiDculCa— 

KakinIB,'- 

toteh'o.T3fiwU^ 

Kwabmop 

Lamtet Elftu 10pv 
|Loa.Egro.Grp._ 
Lon. Were hanl — 
ty.6G.HMgs 5p. 
Hajaheisn. H)jl_ 
Martin iltP.Vap. 
JlasiUrLtBUj- 

Mooloyatfli— . 
N.U-CJnvs. 12*jp 
jNippunfid. S^-lDp) 

ParambelOp 

8ark Place fnv.— 
FejramiSltSooJ 
PretabT-S. F«25Q_| 
July St George I0p_ 
Dec JScct 6 Mere. 'A'. 
S£-£¥*pcAim_ 
(Smith Bros. — 
Sibn.Pac.HK50c 
Suez Fin. KF1Q0, 


(Trans. ykLTd. Ip J 00*2 


Wstn. Select 20p. 
pea riEn eland. 
jVuIeCaUolOp 


Price 

27 

10 

56 

220 

IB 

115 

75 

22 

17 

26 

96 

118 

66 

50 

w 

18ni 
400 
. 12 
33 

235 ' 
£7B-V 

n» 2 

102 

£51 

60- 

'8*Up 

£50 


27 

55 

79 


toil 

al 

m 


Oiv 

Set 

1166 


346 — 
27JQ4.0 
721 40.45 
.51i «?12Be 

13.3 182 | 

19.4 167 
266 0.3 
155 051 

1212 1127 
126 351 
1451 0.69 
34 *5.98 
175 QSU6 

24.7 145~ 

674 — 
133 1102 
25 691 , 
165 09.4% 
25 0.49 
2811 3.07 

17.4 Q42S 
27 2 t4.98 

305 QHJal 
3.4 tQ43.IC 

132 213 

133 tl40 
135141 


4J1 


a 

ft ?5! 

*.7| 

5| 

a 


irw 
Cvrlcvs, 


23i 


9-21 


a 

8.1, 

20 

11.4 


16 
12118) 

3.7 

3.8 


280 

5.7 

35 

10.4 

4 

98 

13 

85 


1.6(385 
*1 7.6 
67 

lZCrf 


4 H 73 


9.9 
232 

8.3, 1 !: 6 
124( 6.4 
. 41 
-54- 


A 

3.8)102 
3 « 92 


OILS 


lAltoekSOp. 


January , 

May Dee-UnriL Borneo H , 


Not. 

jas. 


Feb. Aog. 
Dec. June) 


May BritPetroTi 
July 


July 


Deceuber| 
Feb. Ang 


Gcntuiy IOp 

CbarterhauSp— 
i.leFr PeiroteBJ 
rfCluSOllfl — 
KCli'de Petrol D 
Endea«mr3)c._ 
KVA 

LASMO. 


iLASJiG HMBS1-83I 


0.979.0 
60 245 
65 211 
42353 

55 235 
55 27.0 
38 ft 
35 38.6 
25 4a9' 

Ta<sa 


May 


Oct Apr., 

Nov. 

Feb. Aug, 

Apr- Oct 
Dec. 

Jan. 


1.2 — 
l3 

4.8)293 

5.W265 

2949.9 
2^483 
3.4428 
(LSI 157.4 
431233 

52)172' 

62123.4 

nan.8 

651218 

3.71MA 

65)221 

63022.9 


125 


14581 

33.7 

345 

32.61 

30.8, 

36BI 

3531 

275 

319 


98jl7_4 


65 224 
45 273 
58 295, 
45 323 
22 55.7, 


10 67 212 
10 73 211 
0.9 67 1522 
18132110 


151163 
■5.9 25 J I 
111 42 335 
■~141363| 
4.4 226 
55 ft^ 
■ 48 318 
W 41 3019, 
■96J2li 
88 ft! 
42 3t9 
45 30.6 


is 

im 

11 

iffl 

i« 

0.9 

10I 

ft 

I 

12 

03| 

l£»j 


12 


a 

10 

72. 

ft 

I 

15 

1« 


6? 

62 227 
'52185 
52 184! 


69 


48 344 
117138 

52 ft , 
75 195 
55295 

43 355 
24 474 
7.4 185 
45 34.6 
55 24.0' 

3.6 37.7, 
42 369 
33 410 

4.7 328j 
4.2 34.8 
3.0 518, 
12 503 

42 346 
33 ft 

4.7 311 

3- 7 , 

9.4 158 
2.9 425 
<2 333, 
.9.7 Z85| 

44 ft^, 
9A 33.0 
35 5U( 

7J 1?3) 
122)133 

9l|l66! 
njl 

103121 


0.9 H 
4jl35l 
1 2. tJ 43.3) 
1050451 

42 30 
53 «■ 
5.1 27.li 
33 30.T 
5.0 ft I 
6.8 232 

5.4 Z75 

4.7 28.6 
0.7 M 

1.7 723 
15 685- 
53 25.61 

3.4 43.51 

65^ 
66 22 . 6 ) 


23.rt 


Usance, Land, etc. 


Feb. 


July) Afcrojd Smitten 
kmamrTstUip. 
Jas. Aug.(Mto7rilBv. 

Arrow. 



Oct Mar. 

Mar. Aug ... 
September CoaBOtaSM.Jp. 
July Nov. Dalfictyfl— 
Apr. Oct DsBuarDa?. 

— ttttriosurtJa.. 
August Edm-icdL 12*d>. 

October 30rs JkmcgWst 

Dec. July Erstiw House— 
Oct July E* Lands IOp — 
October Sp 

Dec. July FJttuEfcGetSn- 
July fimretlwl idp 
— Fiurov Invest — 
— ItinmUaaeSOp. 


217 

10 

48 


144 

66 

£13 

275 

ft3* a 

26 

13 

55 

40 

14*3 

26 

123 

18 

22 

25 


155 2038 

1774 — 

1775 — 
475 — 
4*67 ft— 
^7 QlZljc 

TfsS 

25.7 
153 

34 

677 
228 
an 
228 
222 
305 
266 
574 
1973 


13.41, 

11.02 


di.no 

175 

114 

050 

5.01 

182 


4.7)14.0) 23 
2.7 
61 


3JA 4.« 69 


2.7{ 
6 5T 
11.7 
2-^ 


8-9^ 


sa 


in 

* . 
8.91 



OUlvpLIOp 

Premier Cons Sp 
RangerOii — — 
Rfj-nokUDu le. 

lihl Patch F180. 
SceMreBet — 
MayjSbeU Ttaafi- Beg. 
Da1%PL£l — 
ttsirtouirxm 

tTratroWbCnv, 

JulyfTn centra! 

Intramar ■ ■ . ■ 

JuIylPa 7 pc Cnr.fl- 
Weeks SB-lOcts. 
I PaMtMdlOc- 
IWoodudeAMc.. 


92 

117] 







152 

15 5 

684 

1.5 

67 

856 

3.4 

2243 

4 2 

3.9 

66 

rtf 

5.6% 

Q0.9 

133 

68 

1IJ74 




— 

£58 

M3 

Q8W 



elil 

UOSc 





— 

61 

32C 

267 

3.1 

63 

25 h 

F47 







£23*2 

777 

ftlOfr. 

1.9 

7.6 

425 

_ 

— 

_ — 


126 



1.02 

66 

12 

23*; 









2Vi 

20.12 

0.2 

ft 

03 

154 

— 




£99 

10.7 

Q14% 

— 

elU 

375 

— 

— 

— 

— 

21 

_ 

__ 

|OI 

—m 

220 

17.4 

114 

3.0 

1.4 

18*7 



— 

_ 

— 

£21*4 



— 

w— 

— 

1*4 



_ 


„ . 

£46*7 

153 

QSl 75*= 

24 

5.7 

540 







562 

14 

15.<* 

43 

4.2 

59 

266 

4.9^ 

11321 

13.0 

412 

— 





£57 

17.4 

ss* 

-J 

166 

184 

264 

153 

11-65 

ffl 

1.1 

147 

10.7 

7% 

243 

69 

175 









175 

— 

Q 13V 

— 

52 

71 

— 

— 

— 

— 


92 


5.9 

J5.5 

102 


12.0 


3L2 


167 

88 


OVERSEAS TRADERS 


May 
June 
Apr. 

Jan. 

Jnn. 

Not. Ju 


African Takes — 
Ana.Acric.50e_ 
Oct BeririmffS.ftWJ 
July BteUntickfTVuliflp 
July BousteaddIM— 
Finlay UatlSOp. 


July DecJGiU&DaHiis 


Jane 


IGl NUiaflO. 


Aug. Dec JFrif'M. Ceos. £1. 


Apr. Sept) 
Sep. Apr, 
January 


Oct 

May 

Apr- 

Dee. 

Apr. 

Apr. 


Apr., 

Jan.] 

Nov. 1 


Dot. 

Dec, 


May 
Jan. 

Jan. _ 

Apr. Oct 
Dee. Apr. 
Mar. Sept) 


BoBnongtS.i 

Inch cape £1 

Jacks Vm. 

Jamaica Sngtt— 
Lourtw 


MikbeUCotts__ 
NiffrianElec.a 
Jnjy Ocean Wlsns.20p 


LDa'A’N.VlOp- 


Jan. SeptjSHugCTiJii wp. 


JulySreel Bros. 
June|T<mrEeini.20p. 
Da8peCnv.W. 
1U. City Merc. IOp. 
DaUpcIiLlSpI 


29$ 

13.3 

h3S7 

19JM 

l.rt 

114 

17/ 

Q3.br 

1.1 

15 1 

151 “ 

1)7 

Ihfl.iS 

4t 

4,7 

54 

105 

679 


17.5 

54 

155 

1.52 

ft 

4? 

357 

176 

ri5J»i 

ft 

64 

152 

73 

h4.43 

3.2 

4,3 

£61 

»5 

012%, 


2£ 

537 

266 

♦22.11 

?? 

61 

95*2 

132 

4 3? 

71 

6f 

370 

117 

15.73 

q2.1 

62 

26 

1211 

Z0.67 


— 

13 

Tib 

— 

— 


62 

1)7 

665 

23 

1601 

41*2 

17* 

3 45 

L7 

124 

235 

132 

U.40 

ft 

8f 

92 

766 

297 

25 

4.7 

183 

34 

♦7.8? 

75 

64 

183 

14 

♦7.R? 

75 

64 

30 

Hi 

*4.43 

13 

* 

3* 

674 

37.4 

B— 
hi. 78 

Tl 

24 

242 

75 

66(1 


4.1 

57 

75 

3.15 

2.7 

a? 

£93 

liJ 

08% 

IB. 11 

f»7 

64 

3 A 

rfiO.76 


1 0 

64 

Z73 

f3.4 “ 

3U\ 

C.B 


8.6 

89 

43 

aii 


54 


8.2 


RUBBERS AND SISALS 


Dividends 

PaU 


Start 


August Angjo-Iadooes'n— 
SepL Bertam Coos. IOp— 

— Bird (Africa) 

June BndwalllOp. — _ 
Apr. Nov. Caatlefield Hte — 
Not. JuneCbasooescJIta — 
May Dec. Cons-FluttlOp — 
Jan. Aug Grand Central IPp. 

Apr. J ufy Gcthriefl 

[April Rarisces Uv.Ed. Up- 
Nov. May EgManos K50e — 
[Apr. N ov. Kuala Kepong MSI- 

Jan Ju^ ttKabmUSOc 

October Ldn. Sumatra 10p_ 

Dec. June MalaWmjl 

November MuarBUerlOp, — 
May ,Not. Pl8rtakaHh^s.lDp 
MBw»h [Sungei Rrlin lOp . 



Lad 

IMv 

Price 

ft 

Net 

95 ri 

24.71 

2.79 

327 

m 

3J»i 

16 

m 


57 

25 

1.73 

245 

266 

S2.84 

43 

3.4 

hi 40 

43 

10 

3.4 

17.17 


367 

126 

1523 

116 

13 = 

♦14.06 

121 

1/ 

Q2QBC 

78 

in 

W2hc 

53 

1)27 

Qll^c 

160 

26i 

♦4D6 

75 

15i 

bOibc 

48 

3J£ 

h0.44 

75«i 

24.1 

♦221 

70 

13J 

hU.2 


)rid 

Pvr | Gris 

4.71 4.4 
IS 4 2 

10 45 
10 17 
12 4.8 
12106 
83 
62 
53 
32 
35 


U 


15 

S3 

19) 46 
3^ 14 
28? 4.4 
Ifl 32 


tlnieaa othenvise Indicated, prices and met AvMeads are in 
pence and denend cartons are 2Spi Dtiaalcd pricdemlna. 
hHr — 1 *nTT— "■‘srjir ‘**rr — t-r~** »~1 rr— -*i 
and. nberc tnaslble. are npdatedau half ^ytarly figures. FICs are. 
cateulaasd on the basis «d act dtoribatfon; bracketed figures 
inficalr 10 per cot Sr more difference if calcnlated on “nil” 
dtatribailDB. Covers are based on •‘marlarerrf' dlsfalbulta. 
VMda are based oa ndddlr pices, are gross, adjusted ta ACT of. 
34 per cent and altar ta value a* declared AOritatlona root 
rights. Securities vvbb dea umln a ttatu other (ban sterling are' 
Uprated inclusive of the investment dollar preuduro 


TEAS 

India and Bangladesh 


December lAaamDooars Cl _ 
March AssaroFTOnberfl- 

Septentber Assam Invifl 

Mar. Sept Empire Plants lCfp. 

— UwrieFtaabfl— 
November Nflc od B n a dfl. 

May Nov. Haras £1 

Jan. June RngloHldgs. 10p - 
Apr. July Warren PUnte__ 

September fWmimasooO 


-245 

tnn 

♦9.65 

5 -3 

300 

132 

N1650 

4.4 

118 

?2| 

7-11 

3l7 

29*2 

l/_L(i 

♦201 

li 

350 

— 

b25 



230 

17JC 

113./0 

2.7 

. 370 

25 

15J1 

4.5 

26*2 

Alii 

♦FL/5 

32 

221 

266 

14J» 

4.5 

178 

228 

9J4 

4.7) 


64 


101 

7.7 


Sri Lanha 


Ajr. SeptjLuHnvaE 


200 1 133)558 ! 15) 42 


Africa 


May Nov^IantjreEl- 
Feb. Oct (Ruo Estate*. 


610 

180 


17.41 50.76 1 ft J12.4 
271] 1320 j 24)10.9 


MINES-. 
CENTRAL RAND 


— Durban Deep Hl_ 
Ang. Feb. East Band Pip. RI- 
Aug Feb. RaadfonrnEetBJL 
Aug. FehJWestBandRl 



EASTERN RAND 


May NovJBnckenSOe 

February East Dam fil 

RJLG.0. RH50 

Ang. . FebJCrootvlei 30e 
May Not.) K inross HI - 
Oct MronLeslteSJc — 

Aug. FOTjItoievaJeKaiO 


Ang 

May 


S. African 14. 35c _ 

Feb. TTakfaUemSOc 

Nov. WinkrihaakHO— 
|WiL Nigel 85c 


ta* 2 

36 

392 

117 

438 

ff 

51 

50 
846 

51 


14 7025c 
11 TQ20c 
- FQMc 
264 1Ql9c 
3.4 tv34c 
1« H»c 
261 7046c 
6*75 - 
3J Q2Sc 
14 7086c 
874 — 


15 183 
12 — 
- 76 
18 102 
18 46 
12 3.4 
1.0 52.8 

ft 4 299 
1.7 61 


FAR WEST RAND 


Feb. Aug. BlyvoerS 

Feb. Aug. fluff els 

— Deeikraal BtL20 

Fob. Aug. DooniftaUefai Rl _ 

Aug. Feb. EsstDrieRJ , 

— Kbndsreod GlA20c_! 
Feb. Ang Bfabmggl— . 

Feb. Aug HzrtebeedBl 

Feb. Aug. Goof Gold Rl 

Feb. Ang. UbmcnRl 

February Souttvaal 50r 

Aug Feb. SdHouteinoOc 

Ant Feb. Vanl Beefc 50c 

Feb. Ang Venters postRl 

Feb. Aug. W.Drie 


Feb. Aug Wertea Aren HI. 
Feb; Aug. Western Deep R2_ 
FA. AugJZffidpaaBI 


331 
£10*4 
103 
515 
788 
2 62 
135 
£34*2 
631 
604 
569 
319 
£25*a 
269 
£22% 
204 
923 
246 


2£6j Q63c 
2fc6Ql70c 
17.4 - 
26 i Q50c 
264 1378c 



O.F.S. 


Sept Feb. PrteSJateDev.SOf 

Jun. Dec. P5jCeduJd50c 

F5. Saaiplaas El _ 

May Oct aarumnyjOc 

— LcraineKI 

Jun. Dee. Pres. Brand 50c 

Jun. Dec. Pres. Stem 50c 

May Not. St Ueteaa Hi 

— Ousel 

Jun. Dec. WettonSOc 

Jun. DecjWLHoMiagsSOc 


» 

£19*4 

101*fi 

419 

106 

£10 

£75 

904 

192 

338 

£21% 


713012c 


9751 
97U 06c 


24 


10240c 

Q55c 


iQVOc 

tO20c 

10115c 


23) 103 5c 


r®8Bci 


4 7) 


7.8 


IV A 


FINANCE 


Atnr.'Sept Ang Aro Coal 58c_ 

Jan. June Anglo Amer. 10c 

Mot. Aug Ang. Am. Gold Rl- 
Feb. Aug Ang-Vaal50t^ 

Jan. July darterCons... 

Dec Com. Geld Fields- 
May East Band CrrolOp 

Oct May Gen. Using R2 

Mar. S*&L GyldFlridsiSA.Ec.) 

Feb. Oct JobrogCottHB 

Aug Feb. S6dd?« WH25e 


Mar. OcthlinoreoSB0L4O_ 
Mar. Sept NewWItSOr, 

„ — t PatuoMVFlt5 — 

November Ra^} London 15e_ 

a Jan. July Selection Trust 

Aug Feb. SentrtU* lOt 

May Oct SDvenniaesItp _ 
July Jan.TvaaLCcutLdSl. 

Mar. Sept I'.C. forest Rl 

Hay Not. Union Co™. fiSr 
Sept Mar. vosetoO'jc 


505 

330 

£18 *b 
800 
147 
193 
20*2 
£17*4 
£14 
£13% 
180 
35 
186 
131 
£ 101 , 

434 

219 

49 

£33*2 
244 : 
293 
65 


272 Q60e 
266 Q36 2c 
266 10165c, 
10.7 QU5cl 
126 8.43 
17.9 1919 
23 167 
14Q225c 
DlSlOc, 
310170c 
266 

272 Q12c 
132 Q15e , 
1115 QC50c| 
1710 tOlOc 
25 1431 
266 Q30c 
5.4 254 
153+095 
2711Q30C 
Jn 
15.2 


3.4 61 
ft 66 

11 5L2 
ft 66 
qL4 66 
25 71, 
13 75 

21 7 B 

12 4.7 

22 76 
ft 83 
19 5.4 

1.4 35 
06 68 
ft 2.8! 
3.0115 
1.9 4.9! 

17 

3.4 
12 
16 
LO 


DIAMOND AND PLATINUM 


I -Nov, De Beers DUe , 


«^|Jan. Aug Do.«pcP(.B5.._ 
Nov, May Ljrdenbun; I2*y! _ 
Not. MajlBniPtaLlte 


£41*4 

92 

388 

£11 

68 

89 


34 


0600c 


353 1071c 
34 Ds25c 
266Q2D0C 
1716 ;QZ.7c 
477)^;* 


HI 

1.0 

331 

LOf 


67, 

4.6 

ai 

10.9I 

t 


i.4i a 


Serving the world 
with 

financial expertise. 



Tokyo, japan 


.MINES— Continued 
CENTRAL AFRICAN 



VM 
Gr's 

25.1' 
55 

—.61 
163) 63 


ClT 

71 


{Acmcsfflc— 

BaufimrUIeSeTiKa 

BHSoaihMe 

Central Pacific 

May CdoncP.Hmnto.'Jlf . 

G 31 KalgtvrllcSl- 
flaotnaGoldN.L — 
llanmin.VreasSp.. 

UrtaLEtMc 

lM_UI. Hides, ate- 

MrantLyeUSr — 

iNcwmdal Iflc — 

\ortliB !lill5Uc 

.Nib. Knlgurb 

,N'tb.Wcu Uining- 
June Nov.BJakbridiicjAl — 

(Pacific I'opuer 

PanconlldSc.. 

PjrrncaMi&ip.. 
Pekc-VnllfendSOc. 
Saulhcrn Ijfilic _ 
tfestn. UmineSOc. 
W tun Creek iflc 


Not. Apr 


Oct 


September 

Dec. Apr-| 


June Nov 


Apr. OcL 1 
Oct ~ Mav 


AUSTRALIAN 

14 


128 

111 

600 

256 

62 

54 

134 

29 

201 

29 

4 

123 

33*2 

44 

169 

50 

£14*4 

31 

534 

245 

142 

50 


97-if 


■*37] 

Bl) 


153 


7.4 


19 

l.J 


Q8c 


QlOc 


1355 

Q9e 


Q8c 


IQllc 


QlSe 

TO* 


14) 


l.4| 


22i 


15 


39 


17 8 


39 


2.4- 


40- 

28 


4.0 


4.1 


1.7; 


Nov. 

Apr. 

Apr.- 

Jan. 

Feb. 


June Dec. 


Apr. 

OclJ 

Oct 

July! 


TINS' 


AmaL Nigeria 

4}CrHitomSMl— 
IflerallTin — 
BenontaiSMl 

OctfOeeror 

fculdA Bare uup_ 
IGaprecroos. 

Hongkong 

Idris 10p 


Apr. OcL 


May Nov.j 

. 1 

Jan. JuJyl 
April 

Mur. Sept! 

June. Jun. 

Mar. OctlSaintHran. 
February 


Janurl2*rp 

Ennui mine 311050. 

iviUingfiaiJ 

Malay Dredging SU1 

APahanfi 

Peru: talon 10p„ 
PrtalincSVl 


ISouihCroflylOp 

Jan. JalyjSouth Kinia SM050 
June Jan-lsibnUalayaaSMl. 

ScngeiBesiJMJ... 
Snpremci ofp SMI 

May NOT.[Tanjtau: 15p 

Sept Mar.jTonckahUrbr.SM! 


TttmohSlU. 


24 

355 

52 

272nl 
130 
9*2 
290 
160 
85 rd 
9 
74 
470 
395 
68 

55 
230 

56 
51 

205 

305 

205 

78 

8Sd 

92 

220 


a” 




34l/l_?IJc] 11) 9 2 
6 8 
23 
11.2 
ft 
8.6 


U.5 

3.7 

60 


0.^ 7.9 

13 


, 45 
267 
5 2 

17.J 


0.7) 

OBl 
05 

1 j: 

1.6 a or 


5 4' 
12.3 
62 


COPPER 

June - Dec.jMessina KOjfi | 85 |1212|W30c| 19|. * . 

MISCELLANEOUS 


Ang. Feb 
November, 
Jan. June) 


Not. 


iBanmin 

(Bnrau Nines !7*?p. 
ICons. Nareh. 10c_ 

NortbfmuCSl 

R.T2. 

S«h urn lads. CJ1._. 

T*ra&f*aJf 

JnJjTTeludyilnwaJslOp J 


October STatouCous.CSl~- 


52 





14 

575 - 



225 

31 ±Q30c 

26 

356 

3C.5 - 



227 

25 9.64 

21 

54 

^ m 



875 





45 

25 135 

ft 

173 

.15.9 Q7e 

2-91 


63 


43 

19 


NOTES 


Sterling denominated securities which include in vestment 
dollar premium. 

Tap- Stoct 

Highs and Loire marked thus have been adjusted to altow 
ta rights issues for cash. I 

Interim since increased or resumed. 1 

Interim since reduced, passed or deferred. 1 

it Tax-bee to a on- residents on application, 
ft Figures or report awaited, 
tf Unlisted security. 

* Price at time of suspension. 

Indicated dividend after pending scrip undtor rights Issue: 
easier relates U> prerinus dividends or forecasts, 
ft Merger bid w reorganisation in progress. 1 

ft Met comparable. 

Same interim; reduced float and/or reduced earning* 
indicated. . 

Forecast dividend; cover On earnings updated by latest 
interim statement. 
t Cover altars for con vers ion d shores not now ranking tor 
dividends or ranking only (or restricted dividend. 

Cover does not allow ta shores which may also rank for 
dividend ai a future dale. \'o P/E ratio usually prowictytd. 

V Excluding a final dividend declaration. . 

ft Regional price. 

11 No par vahje 

■ Tax free, b Figures based on prospectus or other official 
estimate, c Cento, d Dividend raw paid or payable on pare 1 
of capital; cover based on dividend on (till capital, 
e Redemption yield, f Flat yield, g Assumed dividend ootf 
yield, b Assumed dividend and yield alter scrip issue, 
i Payment from capital sources, k Kenya, is Interim higher’ 
/than previous total. ■ Rights issue pending q Earnings 
based op pr e li m i n a r y figures- a Dividend and yield exclude a 1 
special payment, t Indicated dividend: cover relates to 
previous dividend. P,"E ratio based on latest annual! 
earnings, n Forecast dividend: cover based on previous year 1 a, 
earnings, v Tax free up to 30p in the £. w Yield allows for 
currency danse, y Dividend and yield based nn merger terms, 
c Dividend and yield include a special payment: Cover does not 
apply to special payment. A Net dividend end yield. &- 
Preference dividend passed or deferred. C Canadian. E tan* 
price. F Dividend and yield based on prospectus or other 
official estimates for I9TB-80. G Assumed dividend and yield- 
after pending scrip andror nghu iicuc. 8 Dividend and yield 
based on pratpectux or other oRivial eaunaies for 
19W1S. K Figures based on prospectus or other official 
estimates ta 19T& M Diridrad and yield based on proepectus 
or other official esUmaics lor )BV8 N Dividend and yield 
based on prospectus or other official estimates for 1879. P 
Figures based on prospectus or o>taer official estimates lor 
1978-19. ft Gross. T Figures assumed. Z Dividend total ta 
dale. Si Viefd based on assumption Treasury BiU Rato stay* 
unchanged until matariiy of stock. , . 

Abbreviations: af ex dividend: jc ex scrip (ssuo; vex rights; aex 
all; 4 ex capital distribution. 


-Recent Issues’ 1 and “Rights” Page 21 


This service is available to every Comp any deatt in cm 
Stock Exchanges throughout (be United Singriamfor c 
fee of £400 per annum for each security 


REGIONAL MARKETS j 

(The following ton selection of London quotations of share* 

] previously Used Only in regional marketo Prices of Irish 
asoes. most of which ore not officially listed in London, 


are as quoted oa the Irish exchance. 

" . Heir 


Albany Inv. 20p 
Ash Spinning— 

Bertam.-_ 

Bdg\rtr Ea »p 
CloverCrtrfl — 
Craig £ Rose £3 
Dyson lit Al A , 
Ellis & UrHdy-| 
Eve red — ^ — 

Fife Ferre. 1 

Finlay Pkg. 5p . 
Craig Ship Cl_, 
Bissons brew... 
I.O.M. Stin. £1 . 
8alWJtol25p 
Ntba. Goldiraiih 
Pearce iC. H.J... 

Peel Mills- 

Sheffield Brick 


. 24 


44 


21 


295 

-5 

26 


463 


33 




16>; 


SO 


23 

-*? 

115 

-f 

77 


US 


263 


56 


1GZ 


20 


4S 

— 


SbefT. R«rxhrot . [ 58nt | 
SiadaUCVVm.L— | 105 1 


miSR 

Conv. 9% ‘60.82. 
Alliance Gas .— 

Amoii 

CarroUiPJ.i—. 

Clondalkin ! 

OmcreielTodi 
Heilon iHJdgsi 

Ins. Corp 

Irish Ropes 

Jacob | 

Sunbeam 

T jl C 

L’nldare 


vnh 

-h 

bb 


350 


105 

+2 

107 

+2 

145 

+5 

50 

+4 

135 

+5 

6T 


31 


195 

+5 

95 



OPTIONS 

3-month Call Rates 


Industrials 
A- Brew — ...I 
AJ*. Cement - 

B-SJL , 

Babcock., — —I 
Barclays Bank. 

Beechem. ] 

Boots Drag L _ 

Bawsien J 16 


BAT. 

British Oitjgen 
Brown fJ.r_.-_-, 
Bariotr'A’ 

Cadbroys -■ 

Couztaulds | 

Debenhams . 
DtsliHers ..... 

Dunlop 

Eagle Star 

EJl.L 

Gen. Accident 
Gen. Elcccric^l 

Glaxo 

Grand Met 

G.UA 

Guardian ... — 

G.K.N 

HaukerSidd . 
Housed Fraser. 


LCA- 




Inverts*^. 

KCA 

La a broke 

Legal & Gen. _ 
Lex Service . 
Lloyd? Bank. 

“Lofs-' 

London Bnck. 

Loarbo 

Lucas lads..— 

LyoitEiJ.i 

“Mams" 

arts SeSpnCT 
Midland Bank 

N ET .. 

.Vat Wen. Bank. 

Do Wiumnts 
Pi IJ Dfd 

Plessev ..... 

RJf.M 

Rank Ore. 'A'. 
Reed !mnL 
Spillcn. 3 

Tcseo | 4 

Tbora. f 22 

Trust HuusesJ 15 


TubrlnvesL— 30 

Lull ever 35 

Uld. Drapery. 7u 

Vickers Iff 

Wool worths S 


Pr op e rty 
Bril. Land.. 
Cso-Cuunlic 
E.P._. 


lnireuropean 
Land Secs. _, 

MEPC ..... 

Peachey _| 

Samuel Props.. 
Town & City— 

Oils 

Brit Petroleum. 

BurmohOi! 

Chorlerhall ... 

Shell 

tlllramar.. 


Mines 

Charter Cons..] 12 J 
Cons. Oold .... lAfi 
KioT. 2inc_... 16 J 


J