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I fenubna 

We fug fighter 


No. 27,573 


Thursday Jme 1 1978 


***ipp' 


!®2jES5^^ 

Buiidin'9 & Civil 
Engineering 

, AM^h«r S( m.E»pr^ sC ^^,rc,:,v, 



,o*o.P^rkH»n k :S»l». 


~~~~~~ NTAL S * UJHQ "™ aUnl, ' A ««■»». frJi, DPIHARK _ KrJJ; FMMCE Fr JJ; Q5RHAHT HBJi B-V L.™: HEW Wlhuag h^'. ,., u ^ ^ ^ miw W* 


^£WS SUMMARY 


fflERAL 


BUSINESS 


nuclear 


by U.S. 


Equities 
rise 6.3; 
dollar 
weaker 


Institute predicts 
more joMess|T3 
higher inflation^ 


pnces 


U.S. 


ACC. KO. IS 

CLASS #©■ 

DATE 


mm by 0.9% 


m rise 


BY PETER RIDDELL, ECONOMICS CORREPONDENT 


price use 

BY jUREK MARTIN* US. EDITOR WASHINGTON. May 31. 


leading equities took a ou j!®®kforthe UK economy next year is gloomy ith rises likely in toth 


®r_R*r Dafter. 

''Vff Correspondent 


THE U.S. received a sizeable, 
bat not unexpected, jolt today 
with the announcement that 
consumer prices rose by 0.9 per 


means that far.tte three months, 
ap to the end of April, the re- 


* ~ tnrafor the iwtterin response unemployment and the rate ofprice Inflatioiiraccordig to the latest quarferiy SpScKfSSrJF Kff »■’" * “ ** 

Cuter yesterday gave ba T yi f s il ? terest - review from the National Institute of Economic and Scial Research publisaed *teir -stations- by between S - This is the Steepest increase 

a finn undertaking that the U.S. j JvT®,*! 1 . dosed at the this morning. .fM 2p_a gallon over the next since February last .year and 

would use the full force of its da ^ s best of 478.8, up O. Gold few weeks.. - means that for the three months 

military might Jncludimr stra- Mines made farther headway. .JJJ® 1 ,“** mde Pendent an increase of 0.S per cent next lin with those of most itfer • *n a fresh attempt' to end “P to the end of April, the re- 
tegfdnidearweaDonTtodJpVd « nwwne . body, has year. noiWhitehaU forecasters. ' the forecourt prictnittiiig war, -tail cost of living has gone up 

Western S ^ As .. result ,dult mtemploy- le institute sun tbc tbe « yfcre »re at a. annual rate of 10 p« rent 

' Warsaw Pact attack i^i oovcrnment Securities Ihdex £ * . ment, expected to remain about siatening of demand for:sgto wlflidraw a large part The Carter Administration is 

! Mr. Carte? told the Washine nsinff 021 10 /0 - 13 - fh?v,rM e J« t ? St i^ VieW stre * ses jj* Present level of 1.4m in in 179 would seem to call Sir a "JLS®* , f* a J er sn ^ i0Tt a** painfully aware of the implica- 

Hon NATO K »rnm^ that oik nnuia *, a . ““Strahrts on any fur- Great Britain this year is fore- furt-r stlmuluTlater this Tear w ¥ ch has hel ted retailers to tioi* of a -return to double- 

«■* ^ • U * S - DOLLAR continued to thdr stimulus later this year, cast to rise slowly to 15mbv the nm-r sumuijis wter uusy^tt. cat several pence off the figure inflation. 

force ? ?°i e STO™ 11 0n concern at even «.a co-ordinated pro- end of next yea? 1 “ Bi any such stimulus -udd schedule price of each gallon. m ^ la£t few fay- Mr 

* an trade trends. Its “J •* the^mid- __The key difference with the revee the current : accouE-sur- -■ The new move . has been led RotertStraS. the pSdeft's 


PresMaoit 


Mr. Carter told the Washing- 


f^N^O* S umo,r that the • U DOLLAR continued to &T53T1S^y2E SSVSSU 'JSfXfiAi 

iff 'ffiy of u s - ?i™Bic forces lose ground on concern at even if a co-ordinated pro! Sd if SSt yS? * 

i io Europe was critical. It meant inflation and trade trends. Its firtmme is agreed at the mid- The kev dlfferoni** urith 


. an attack on Europe would have trade weighted 
the same consequences as an 
- attack on the U.S. itself. f 

• In Prague, Mr. Brezhnev, the -2^i r 

' ■■■QViet President, accused the 

...' *st of “ c.vnical interference " ‘ ■ nlU 

> Zaire and blamed NATO for _ 3 *1 | 

i of progress on disarmament ’’I »*- 

'I'fc Page L 23 

Tairc, the former general in *| ■*“ 

.7^- of government troops in _ rj {- 

• :, 3i was sentenced tn death L 

, 5wardice in the face of the ■ WL/lani 

. ” Page 4 _g« _ IP * 

Jtle thrown I 

Charles _6: 1 

-• --man was arrested after a 

?e was thrown 3t a car in ,* |T977 , 

f® Prince Charles was tour- ■* Dec Jan EV 
"•■-Newcastle upon Tvne. The ^ 


U.S. 

Priees 

ftramiis mouse nw 

pravkwsyiar 

i 

Producer i 
(Wholesale] •-/ 


SON □ ‘ -J 
1977 


F M A 
1978 




!"S e reSa‘;S«Sf 0U p^fX Dereus. ftge !2 -Urea, oftte new ttaiotfSTSS 

tion anrf ranf^ved^st-ipTiatJoni nf Editorial co mment; Page 18 A coordinated programme by *7.!?’ . . . likely to get worse before get- 

SJSmt infcSoffJSupiS Lex, Back Page all th major SoSmT-uS ting tetter. Both said that the ability to get a grip on food 

carious balance of pvmeuts^im^ -f *** But even if roU-cttve would be puces ‘ 

provement." and forecasts that thn action as agreed, the UR could follow suit. particularly bad. Easing restriction on imported 

The inVitute suggests that a in aveSeeamSiBs^ll^SShS ? ot gonuc £ furt her than it. has There is now speculation This ^ ^rgely because of the beef would be “the most posi- 

brief ancf mild recovery in S SIS%^SSt^tte2^ *»“ wiS UtadSy SStetora soaring food costs. • tSye thing I can think of." he 

round. ( the_ institute regards *te end of the year companies _ In April,, the food index rose d ““. C M 


likely to get worse before get- today, about the administration's 


Dec Jan Feb Mar Apr May! 


low splintered, but Prince . _ 

E les was unhurt and made ** dened t0 5 62 ter «snt from 

'• : i of the incident when, at a 5,11 per wnt on MoodV- Ster- 

•tre centre in Sunderland, he ^Dig gained L4S cents to $LS330, 

I to staff working behind a although its trade-weighted 
>s screen: “ Is this to stop index was unchanged at 6L4. 
ople throwing things at vou? " 

• GOLD rose SL50 to $184^75. 

Royal wedding: Tiie New York Comex June 

~ & settlement price was 9184JI0 

The Queen, at a Pnvy Council fS183 90) 
oeeting. gave her consent to the 

imposed marriage between O WALL STREET was up 8 14 
. rince Michael of Kent and at 842.34 near the dose 
aroness Marie-Christine von aese, ‘ 

. nbnitz, a Roman Catholic • ITALY faces a red ■•*** ■ 
vnrtee. She was formerly sharp increase in hihatibu-'lincl » 


be !ed by private consumption a rl^ of ateSt lT per SJtil **SL dflterlonian in hyls 'perrentroWared urtth ^ JffSn 

an w, mT ^^ ment ’- « the most probable outcome. 1116 tras balance. mission for authority to raise March. Grocery stare prices thereto re be politically. diSuuit 

' P ic k-up is, however, ex- It expects the rate of consumer On thibasis of present policies, tt* e base price of petrol, pre- went up by 2.4 per cent, beet t0 accomplish. 

reirJLref J5 11 P ric e inflation to move up out tbe ernnut account surpjos 4his sently an avenge of about 74p prices by 6.6 per cent and fresh So far. the Administration has 

year as the rate of of single figures later in 1978 to year is expected to be about * gallon on four-star grades vegetables by 9.7 per cent ' received some useful but still 
price inflation catches up with a rate of 10 per cent In the year £300m vth a steady lap rove- sold in urban areas. In the three mouths ending in mainly symbolic commiimenls 

pay rises, ending the rapid -to the fourth quarter and to ment aflr the big first quarter April, the food index has risen from some major companies to 

gro. ■.-in in living starxards. about 11^ per cent over the defldt. at an annual rate of over 18 per hold the line on executive pay 

Economic growth; as measured following 12 months. Howevr this compares with a NiPTIiUCF cent T bis pace of increase is and prices, 

by real oross Domestic Product, while the projections In infla- surplus 1 fljbn projefled by no t expected to continue, bnt But last month's consumer 

JLJ f ^ ,ni .* tiot ? C0IlflIct with Government the institte in its last renew in- p nmnin | ni rnn ; n f. inr there is now much more pes- price figures show that influ- 

rise of 3.7 per cent this year to aspirations, they are broadly in early Marta, - ^? ni P an * es are revising their t ^, e f 00 d nrice fmnt tionarv nressures in the economy 


M U6 w.« n uiwui uicfiiwc\4UU' uj A.O 1-cilL. tuuqioicu nriLU ^ 

mission for authority -to raise March. Grocery stare prices Poetically .-diffiuult 

the base price of petrol, pre- went up by 2.4 per cent, beet t0 accom P lls “- 
sently an avenge of about 74p prices by 6.6 per cent and fresh So far. the Administration has 
a gallon ou four-star grades vegetables by 9.7 per cent received some useful but still 
sold in urban areas. In the three months ending in mainly symbolic commiimenls 

April, the food index has risen from some major companies to 
at an annual rate of over 18 per hold the line on executive pay 
Si PrllliP - cent This pace of increase is and prices. 

QOt expected to continue, bnt But last mouth's consumer 
„„ ... there is now much more pes- price figures show that influ- 

j e c 5^! S * n g simism on the food price front tionary pressures in the economy 


Companies are revising their 


ftoya! wedding 


Britain and France face 
legal action over oil 

BY GUY DE jONQUIERES, COMMON MARKET CORRESPONDENT . BRUSSELS, THay 3L 

1 r • » . . ■ .“'i, ■■ * 

[E ElirnnMn rnmmiccim, it tha **t_ .. ", I 


■ DUUUUl UU LUC 1VUU U1ILC UUU1 uuuiuj |>»KUin »■ “C 

than existed a couple of months are not confined to the food 
because of their concern about ag0 T front and will therefore require 

TSlSlu. 01 016 P ° Uad The Agricultural Department wide ranging acts of persuasion 
i" T;_ » _ _r 4K lias revised upwards its projee- if the .voluntary programme is 
tion of the increase in consumer to work. 

u U L_°* * tffrUllg tes dropped food VT - ice& this year. Housing costs, for example, 

by ab@at 7 per cent - It now foresees an 8-10 per roes by 05 per cent, with the 

as crude oil is traded in cent a n nua i rise. Two mo utils financial cost to homeowners, 
douars it Is estimated in the gg 0 ^ forecasting a 6-8 per boosted by the recent rise in 


oil industry that a 2 cents drop eent advance, while at the. end interest rates, going up by almost 
in . the value of . the pound of last year It anticipated a mere twice as much, 
reduces the annual profit on 4-6 per rent. The housing index has gone 

petrol sold In the UK by about Mr. Strauss was far from con-, up so far this year at a 10 per 
£6.5m. fident,'in a newspaper interview cent plus annual rate. 

A further drop in the value 
of sterling could prompt a Price 


_■ v \ . ; — • ■ • 11 .1* - I Dictuug cvuiu jiiuuuH b ri icv 

iri mL Trou-' Jw balance of payments difficul- THE European Commission is the reauirement that all Nbrth formal- nromH w Commission application for a 

Idgc. a merchant banker. ^ Jg* J eIie ^ * nearing a decision Sea M S be £mJ u!k price incase, 

s.,:^ ■ DOr ° f of Ita ^ y> ^ age 2 whether to open highly con- territory unless a special waiver beyond the aitman^ BI* Oil. one of -the top three 

swindlers jailed SJ h S.'X' ft e . SS2. S .5K “B* “SfeflS 


Dollar crisis threat 


r the so-called Hungarian Circle Page 2 

tne Old Bailey. They were 
invicted of trying to swindle /^av-xr j 

.nks out of mUlions of dollars Ur.iVlN abailUODS 
• usms forged bank drafts. «muuuuuo 


BP OH. one of -the top three 

petrol sellers in Britain, said BY MICHAEL BLANDEN- 
yesterday that it was watching • 

“E Markgtlpg pofdHan closely. MR. hENKY KAUFMAN, 


• usin, 
igc 6 


;t-“ viola,c shor ' SrSfiriways 

s? ^■ ,o raforce 


ay guard shot e GKN has conceded defeat in which the French state resulatw Brussels competition experts be- about 18 months ago on the basis 
security guard was shot dead „ att ® mp l *® ix * bolding the French oil industw ^ U 5 ve th , at ir constitute an of a complaint *y an mnamed 
i a £200.000 payroll robberj- at ? ach f 0f o ^est Germany from Commission officMaare aware * b H“ °f s . tate “ ono P°l y P owers oU T «®P«iy. 

he Daily Mirror's London head- cen } to *?. per that to art againrt the UJC could ^f e * r 37 of ^ Rome It alleged that the require- 

juarters. A witness said one ““rSSIS - a bld to l invite a politically ^ ’*!**■ ”!, nt o C , 0Q ?i ct ^ ^ » 


move on Sachs 


1 delegated monopoly 


effect for about 50 years and requirement Tiis was initiated 


move. Back Page 


IX., “ a um 10 , nv j te a politicallv chareed win- aucul wuuicieu wun Aiucies 3U 

of four raiders asked the Security rf p^, i - i Rf nn hi^.L- SuPre !S e fron tation with Mr. Anthony _ There is still some hope in of ^5 Tre ah. which saw 

Express guard to hand over ^S 5 SfL bl ocking the Wedgwood Benn, the Energy Brussels that efforts to persuade Prohibit quantitative restnctions *et^ 

money. He refused and was ove - Backpage Secretary, who has said that he ^ Fren ch Government to adapt ^l„ oth ? r ‘“pediment to- im- 

• ford b putting up cur price, ^“ckIuK ®T "°“S y on S Tm ^ “tS‘ ^ 

by an average of 3.S per cent «L„ n „ e c*rKim^ ely a natlonal Raymond Vonel, the Com- oil companies fronfcTotW narts Fi 

EwA»e« res T p h 0 .r& h i. t 9’ the I^ e arc^M r , 0 p ^^- 


HSS5 as s ism* asrar £t£*k £yasstfss 

p > - al ?: d kts^sssss = fi-ss.'ssa air ae *-* ssaa-^'SSfiiS 

arm June h ■ -’n ? ritai b a lT ,se - th ^ ■ CommiJ " T * { ' 1 ™' 0 c SSSSS Zt\ S££ 

igc forecast, hut the latter 614 airliner. Page 4. Merger * " 1 

t of the month may be less moves going ahead. Page 35 


for much longe'. the Oftmarission S-rET MR. HENRY KAUFMAN, a In spite of the recent rally in 
itself might be bronght lo court senior U^. economist said exchange markets, the funda- 

by critics of tie. French system ^5 yesterday that the U.S. could mentals surrounding its weakness 

on charges of tailing to enforce J™." p ”}J l “ * face its worst dollar crisis since had not changed . 

“ 1 k» U S., 1 iu "L SSlv loJIticc the second, world war next year, ^ fcll sharply , n 

® "S'ss ^ D £Tc“o v rr op ‘- 

about 18 months ago on the basis pr L^f 10 “arkets, Mr. Kaufman, senior I 

of a complaint ny an mnamed SheI L iviuch has about 20 partner in Salomon Brothers, said It ended in London at \ 221.40 
oil company. per cent of tiie petrol market reducing the rate of inila- aflainst the Japanese currency. 

It alleged that the require- said that over the last few thm was the key to arresting compared with Y222.95 on the 

ment conflicted with Articles 30 weeks tt had reduced its dealer the decline of the dollar But Previous day, and fell against 

and 84 of the Treaty, which support at some 300 to 400 out- the chances of doing so' were Swiss franc from Sw.Frs. 
prohibit quantitative restrictions lets. not -very great. L9240 to Sw.Frs-l_8930. 

and other impediment to- im- *t H a ^° Bt He told a Conference Board The pound rose by 1.45 cents 

ports and exports if the EEC. WWofShells 6,500 have meeting that the U.S. might have to 31-8330 and was showing 

Critics of the pohiy daim that C«mtmaed <m Back Page t 0 introduce controls , over- the further gains in later New York 

oti companies fronfi other parts Ford prices up. Page S | international flow of dollars. dealings. 


company. 


support at some 300 to 400 ont- 


It Is estimated that about 
1^00 of Shell's 6,500 sites have 
Continued bn Back Page 
Ford prices up, Page 5 


tied. Weather, Back Page 


Reed’s after-tax loss £16.8in 


BY NICHOLAS COLCHESTER 


The artraordinaiy Jnss taken 


/Ovid Cup to help the financially troubled Jveeu s aiier-iax loss tlo.om 

“ UK textile arm of Lonrba, which 

>Undi-UD - Iast . week Issued redundancy BY NICHOLAS COLCHESTER 

.... ,, T . . _ . notices to 400 employees. It will . , j 

ius Aires today with a oo^a loan 1 to^toe^rompany 1 ^ EED U^TERNATTONAL, the news that two of Reed's problem The chief source . of Inge for 

rii between defending chum- Lonrho results. Page 30 and Lex Srn Cr ' Packaging and publishing areas, its Canadian operation and the year was Reed'sr prJ^fmmp 

ns West Germany and Poland “ ^ Sge JU attd ^oup said yesterday that write- a paper mill in Stouth Africa, to grt VSips 

-ront of 75.000 people in the • COOPERATIVE society re- In * ma ^ n ? progress operations to Canada. 1 ^ e 

er Plate stadium plus a tail executives are concerned II led 1 11 afterJ|Lax loss back toward break-even. m., * . 

^ idwide television audience about the tradinc position of of i £16 ‘3?-*- , Tte dividend, about which ext T aord i na f?, t nss , taken 

/mated at Ibn. some co-ops because of the rpiutt 8 ' l0 jf* *^5 ttiere has been much specula- 311,1 'vit e-offs there 

let security is being enforced hiyh rt reel price waiTlVo of thl ^ , was set at 8p,downtrom Mr.ilex Jarratt. 

al i r 5*? s arOUn i f the bi fiS est co-ops, the London and rate deficit nf^SOm^nS 61131106 S e R 1 ^ 0118 Y ear » thar nfSlv disclosed 

idium closed four hours before Royal Arsenal, have reported Thp nJL r e S“ ^ ^e Board said that it expected JJ a J P, 311 ^ 38 a res^t of cost 
e kick-off. losses. Page 5 P if* ®« ed stere price, down to maintain this rate ofpay- con *«>l measures the Canadian 

■e Primate or Argentina will e t0 Jtt Par value meat for the current year. operation was already running 

.-ss the tournament at an • DE BEERS Central Selling ?’ rt ^ e Bp ? n ,i£ e ““ounce- The management said that^ ^ at operating progt and would 
jjnins ceremony which will Organisation is cutting the sujv Sa i««=if Sp ‘ Ji ew S divi{lend level was chosen Pf? b! * ly £f turn J5 J 1 61 profit 

‘lude the release of pigeons charge on gemstones to 15 ner company s losses were offset to be sustainable in the future After financing- costi, by the end 
a gymnastic display. cen? as spStiro tSd^S ,?2L P l° d to - anab,e - Reed to reduce iS of year. : 

^ Ambassador in Buenos diamond wanes. P^e 6T cSrtiS profil 1x1 ^ ^ and by financial gearing. Figures, Page 33 

tested at the five-hour airport jewellery operations are to be 
jntion or philosopher Bernard brought together and a stock 
in Levy, ■covering tne to urn a- exchange quote sought. Page 35 

at for several magazines. CONTENTS OF TO DAV>c iceiic ‘ 

anwhile, Scotland manager ® MARLEY made pre-tax profit WIT I CM I O Ur TU-UAY S ISSUE 

y MacLeod was fined £10 — In of £7. 54m f£6.76m) in the six European news 2 Technical pace ' t t„*i vs™.—-.. • • 







Gives yoa room to grow.... instantly 


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minutes, you can add-on, relocate, or vary their use as your needs change. 


CONTENTS OF TO-DAY'S ISSUE 


absence — by Ayr magistrates months to April 30. Page 30 
speeding. and Lex 


ilEF PRICE CHARGES YESTERDAY 

ices in ponce unless otherwise NatWest 275 + 7 


European news 

2 

Technical page 

7 

Overseas news 

4 

Aits page 


World trade news 

- 4 

Leader page 

- 18 

Home news— ^general 
— labour . 

— 12 

UK Companies .. 
Mining 

28, 30-33 

-31 


indicated) 

RISES 

ccham Cti2 + 7 

ots 103 + 5 

ent Chemicals 186 4- 5 

own iJ.) 376 + 6 

it’s Milling 47 + 4 

Mings -10 + 4 

Ison 32+4 

lidrive 74 + 10 

stcD Minscp 162 + 6 

*n 9fti -i- e 

ath (c! E.) 273 + 10 

j"wood Williams ... 110 + 6 

■me Charm 172 + 6 

wden 1.4.) "New" 14pm + 5 

B. Holding* 72 + 3} 

Shoes — ... 72+5 

viand Paint il + 5 

>vds Bank 282 + 6 

& G. Group 123 + 7 


Nova (Jersey) 43 + 6 

Ocean Wilsons 100 + 6 

Property Partnerships 110 + 5 

Reed Inti 128 + 6 

Sedgwick Forbes 396 + 12 

Shama Were 116 + 6 

Spirax-Sarco — 159 + 11 

Tube Invs. 3S2 + 8 

Guthrie 322 + 7 

Anglo lltd. Dev 172 + 14 

East Drie. 758 + 44 

Gold Fields of S Africa £13 4- ; 

Mount Lyell 36 + 4 

Paringa 38 + 8} 

Rustenburg Plat. 84 + 4 

Tara Exploration £11J + ; 

„ FALLS 

Pemr (H.) 264 - s 

Stebens tUK) 404 - 30 

M.LM. Hldgs. 207 - 7 

Utah Alining Aust, ... 370 - 40 


Construction equipment: A 
hard dig ont of recession IS 
Economic viewpoint! 
summer report on 

Labour 27 

Business and the courts: 
sizing up market abuse 16 


FEATURES 

A test case for the Bank 
and the City’s money 

brokers 32 

Friesland: Feelings of inde- 
pendence run strong 2 

World Bank recommend aid 
for India 4 


Inti. Companies ... — 34-36 

Euromarkets 34-35 

Wall Street 38 

Foreign Exchanges 38 

Farming, raw materials 39 
UK stock market' - 40 


Poland alms for trade 

balance ; : 4 

California 'tax reform: from 
mirage to mandate 3 

ifr SURVEY 

Kenya ....4 ^9-26 



Appointments ........ 

Appointments Advts. 

Badness Advts. 

CrMOwrd .... 

EcomnHc luflcuttrs 
g w ams M BCnt CeWc 
European Opts. 

Jam Cohmm — 
Letters 


Lorabatil 

Man and M attars _ 

Money MaiJcnis 

Radnf ' 

Saleroom .... 

Share Information ~ 

T»«l«y , s Evntts 
TV and Radio 


Unit Trm 
Waattrer 


Basa Lending Rate 


INTERIM STATEMENTS 

Carr's Minina 33 

t«H*o an 


For latest Share Index 'phone 01-246 8026 


ANNUAL; STATEMENTS 

Coats Pstnns - 29 

Oea. Mon a Fin. M 

HopkJnsow HUgt. W 

french K*rr . 31 

Legntnd T 

N newest EMst - zr 

frnnge of BTi«m ■ 3S 
need inUfnatknml 28 

Wood and Soot . ■ 35 


making the best even better 

Buy outright or hire. Get tfio full fads now. . 
Cali John Benedict oh 0904 28960 (Telex 57849) 
or dip the coupon and post today. 









Sr - ■ 








I 



■Financial -Times Thursday June -1 1375 



of Italy head fears 
increase in inflation 


PAU *. BETTS 


ROME, May 31. 


! . - ?AFFI. Governor continuing increase in labour rate of about 4.5 per cent by the 

fiat (here of IlaIy * said tQ day costs before the door could be last quarter of this year.^ 


nr 


danser of a 
inflation. and 


opened to greater credit. 
While there 


inflation not exceeding 14 
cent. Economic Ministers 


per 

arc 


the 

«>nflnned 


: -■setjjgS.SKSBas SWja-ffiSjTSS 

' *w>“. recent measures to contain fe ' enlggea P 

: flf thT^? 8111 * the annual meeting approved by the Government sector deficit to n 

t ' Hut ^L? Mpa ! bank, he indicated were expected to go some way year to ensure wbattney 

f- :-o£ ijT?? re could be no loosening to curb the State sector deficit, growth without inflau on. 

credit controls as long the key problems of the economy Sig. Filippo Pandoifi. 
"“idamental structural still had to be resolved. Sig. Baffi Treasury Minister, coni 
■ 'iKinlS?* 68 of the Italian recalled earlier warnings that a that Italy is seeking to negotiate 
tfcfciarfV Were not adequately growth rate of more than 3 per new loans with the International 

■ .cent on average over the next Monetary Fund (IMF) and tne 
?*S- Baffi implied that there few y ea i* was hardly possible European Economic Community 
* to ^ concrete indications without endangering the pay- next month in view of «« 
toe country's readiness to take tnents position. Government’s _ recovery P™' 

^action to reduce public The Government's current gremme -and its possible inn 

i'enditUre and to contain the target is for an annual growth tionary repercussions. 

He said there appeared to pc 


EEC and Comecon agree 
to exchange information 


By DAYTD BUCHAN 


BRUSSELS, May 3L, 


a cautious willingness on the 
part of the international 
markets to extend new credit to 
Italy, but this was conditional 
on the atitude of International 
agencies like the IMF and the 
EEC. 

Italy is in no immediate need 
of international support with 
foreign exchange reserves stand- 
ing at $7.4bn and with the con 
turning stability of the Italian 
currency. 

The Treasury Minister con- 
firmed that the Government 
would introduce new measures 
to cut the enlarged public sector 


Bonn tails 
crucial for 
payments 
problems 

By Robert Mauthne*-- ' . - 


Of 


1 ROSPECTS for 
[ the payments 

t e' major Westerf? 
t untries are almost' 

< pendent on 

2 concerted growth S 

t e eeononBcmmSft 5* 

b held in Bonn to 


FflENCH MOVE TO ENCOURAGE SMALL SAVERS 

Tax incentive should benefit industry 


«ey will 
iately. 


be applied lmme- 


IpES EEC has embarked on an tiating all the practical commer- 
. irrev ers ibie development of its dal issues ane-by-one with 
relations with Comecon, Herr Eastern bloc countries. 

^"commissioner C °fer Comecon officials this week deficit es^l'y Mrt'm'onth' before 
Bueraa! AffVirVSid tndYv after re P eated thelr demand for a the arrival in Rome of an IMF 
nE dayi ofttlks m Moscow wltt reriew teMn - Pother measures 

Mr. N. Fadeev Comecon’s secre- H. 1 He P H ff er !^? p !“5. t0 . day are expected to be taken next 
lari-, and other officials of the if Important that both sides yea in what the Minister de- 
Eastern bloc organisation. had , a sreed to respect each scribed as a general overhaul of 

‘ The talks produced almost no otl ?? r s p, 2£ tic 5. s ’ st * uc . tur e “d the economy, 
concrete results and Herr Hafer- P° ,lcies ; T h ® Commission takes Sig. Baffi, in his report, dwelt 
kamp would give no estimate for S“J“ *£ fi0 “ e k"*** on the insidious 

the signing of an eventual „ * ^smnent that the distortions created by the auto- 

• ' co-operation agreement. He said if n v l e^mpped t0 matic wage indexation system 

the two bodies had agreed to ta * a ‘ ,ppt trade, having no com- and other automatic infiationary 
hold two further rounds of talks S' 100 poljc y on customs, quotas ar processes. He urged the adop- 
in Brussels, at technical level in ‘ ree movement of goods. tion of more elastic labour 

July and political discussions in Herr Haferkamp said various P°Uries and referred to the 
. October. East European countries were concept of a social pact and the 

Herr Haferkamp placed some known to be interested In taking principle of labour mobility, 
hope in the possibility that the U p the Community’s offer dating Slg - Luci ano Lama, leader of 
Soviet Union might want to see from 1974, to all State-trading CGIL . the Communist-dominated 
an agreement reached with countries for a framework trade and lar sest Italian trade onion 
Brussels during its presidency of agreement So far only China confederation, has called ' for 
Comecon. which starts this July has taken up this offer having moderation in negotiations for 
for one year. It was possible signed an agreement with tpe renewa l of * number of 
that it might use its predominant Brussels this spring But the mi U° r national labour contracts, 
position within Comecon to make Commissioner said recent sector But Si 8- Giovanni Agnelli, chair- 
CD Kntt S1D °5" u . .. . agreements on steel and textiles man , of Italy’s largest 

® ath - sides , h3W a P“d that with some East European coun- prl Y at * enterprise. said today 
Uie first step should be tries had shown a desire to come t £ ere we ^ n ? substantial 
exchanges of economic informa- ta terms with Brussels indications so far that moderate 

tion such as planning targets. ‘ policies were acceptable to the 

statistics, and environmental “A permanent broadening of union rank and file, 

policies. The July and October contacts is beginning to emerge " Labour costs in Italy. Sig. 
talks will concentrate on between the EEC and Comecon, Baffi said, were on average about 
achieving this. Herr Haferkamp Herr Haferkamp said. Asked three times higher than in other 
stressed that the EEC also whether issues of human rights industrialised countries. While 
wanted to speed up and deepen could reverse this, Herr Hafer- the increase in the gross output 
its ties with individual Comecon kamp would only say that the per individual worker increased 
State*. Commission had publicly insfsted by only 13 per cent last year. 

This is the crux of the drawn- on the full implementation or gross wages rose by 25 per cent, 
out diplomatic two-step between the Helsinki Agreement. EEC or 6 per cent in real terms 
the two organisations. The EEC officials privately say that the Sig. Baffi said Italy now faced 
only wants a formal agreement climate fhr negotiations, if and a major challenge in unemploy- 
wiih Comecon tnat does not when. they begin in earnest, will ment. According to official 
touch in any way on trade as the inevitably he .affected by political statistics, there are L5m unem- 
necossary first step towards nego- consideratipns of this kind, ployed in Italy. 


Dutch chemicals outlook ‘gloomy’ 


BY CHARLES BATCHELOR 


AMSTERDAM. May 31. 


PROSPECTS are gloomy for the in recent years means that the will always be necessary to pro- 
Dutch chemicals industry over tempo could now be slowed. duce synthetic materials, 
the next few years, according to The cost of environmental r,. .. . . , . 

Mr. Eppie ter Horst, chairman of measures has risen so rapidly . , u , producers were 

the Dutch Chemical Industry that they now form a substantial ap e main tain turnover at 
Association (VNCtl. part of production costs, he said, , f . ig77 

In his annual report Mr. ter and the reduced level of profits 
Horst describes 1977 as the worst makes it difficult to keep up the 
year since the Second World Pace of recent improvements. 

War. with the industry growing The disparity between energy 


SY DAVID CURRY 

A -PROGRAMME of substantial The concessions will last until ..The proposals also include 
ta concessions to encourage in- the end of 1981. M. Rene chapters Jo aid company fund- 
?„ I- Monory. the Economics Minis- raising directly. Foremost is 
^ ter. said today that the next the Creation of preference 

dptiy has been approved by the _f 0ur yeaxs _ covered the period shares which will rank as 
pinch Cabinet. Parliament is w hen France would have to give - priority for dividend but will 
ePected to vote the proposals priority to the financial health not carry voting rights: This is 
i to law by the end of June and : and competitiveness of its in- to encourage smaller concerns 

dustry. A later Government to seek funds from the market 
might identify different priori- without risking the loss of 
ties in the. light of. changing .management control. 

The centrepiece of the pro- world circumstances. . To encourage companies to 

trannuc is to- -allow households However, the concession ' will raise ..new. capital, dividends 
to deduct FFr -5,000 (£650) a fast for 15 years for people how relating to newly-created shares 

(This was one of year from th^r tavahia rp- *fied 50 so that they can build can be deducted from the cam- 

eCsions of the S^Sfe^vehLs up a portfolio of & P™- pany*s tax liability for seven 

plTup on balana^^^^T “f! l “ 3 estme ® t “ sh***. paration for retirement. ' yeara instead of the present five 

okblems. which . ^^ution they .will be able to At the moment tax law in years. For preference shares 

H increase the investment by France permits Investors ±0 de- the exoneration is raised to 10 

FFr 500 a year for each of the duet from, their taxable income years. 

first two children and FFr1,000 the first FFr 3,000 a year they The Government is also mak- 

a * or subsequent Children, receive from shares or bonds in- ihg it possible for certain official 
The investment can be made dividend*;. From now an in- loans to companies to be assimi- 

m - quoted or unquoted com- vestors will have to choose be- luted to the capital by sub- 

pames, but in the latter case tween benefiting from the' share ordinating them for all dividend 

the snares must be bought as purchase concession being In- purposes. - 

part of a capital increase by the traduced or the existing treat- In one respect taxation Is In- 
company. ment ! of share income. creased. Up to now holders of 


nber countries 
ierday on a hhinsm-rm- 

- °n 

dusnaUsed world a t5 D r 

'ofay’s. 

liough a substantial numP r 
of he member States relee-’d 
the OECD. SecreS‘ s ^I, 
wh:h quantified the ntim.us 
tha should be given to “ e 
dorestic demand -of each ofsix 
leaeng economies, there is Hli 
wid agreement that some hid 
of (incerted growth policies are 
reqired. 

U5. sources said today 
the bances of the Bonn svunit 

conng up with a more inering- 

ful greement on a co-ordi*tion 
of eonomic policies than t 2 one 
re ace d at the last summit® met- 
ing n London were “ jir to 
favorable.” The genen view 
of d legates was that contries 
like Vest Germany and lapan. 
whic will, be required 0 Pro- 
vide the biggest stimuli, will 
waitintil the suaunlt leeting 
takes place before givig any- 
thing away. 

Menwhile the bal?ce of 
paymnts picture for 1(8 is as 
bleakas that for growth though 
sever! of the leading nember 
countes. such' as the tS- feel 
that te OECD Secretaitt is un- 
duly lessimistic in it predic- 
tions. 

The Secretariat is f recasting 
a cunnt account defid for the 
U.S. c S24bn, some Sbn more 
than : 1977. while U.: officials 
thong: it was more liely to be 
in the region of S18b roughly 
the sme as last year, he effects 
of thewent depreciaion of the 
dollar negative durin an initial 
period would begin 0 exert a 
benefits] influence, on the 
balanc of paymers in the 
serondhalf of this yar. 

The Secretariat ws also ex- 
tremel; gloomy ihout the 
balanc- of paymen; prospects 
for tb two biggst surplus 
countrs. Japan ah West Ger- 
many. The 1978 Jpanese cur- 
rent a count surplu is. expected 
to rise to at least $15bn from 
$llbn last year ari West Ger- 
many's surplus t> S5bn from 
SS.Sbn. in 1977. Switzeriancl’s 
.surplus this probably 

be in lie r^attBPd -s^abn, and 
that of the .■ fM '$Libn, according 
to Hie Wpretirtat In thh '• case 


Fi20.7bn ($9.1bn) with great dif- 
Chemicals is 
nevertheless the second largest 
industrial sector In Holland after 

the foodstuffs and tobacco pro- 
war. WIIII I lit' IllUUSiry giuwiuy *“>- CUCI 6 J> inJnRjT™ 

worldwide at only 3.5 per cent prices in neighbouring countries tC30ilJ e 
a year, compared with more than and prices in Holland, where the Exports fell slightly to 
10 per cent in the recent past, price of gas is related to the F117.88bn from F117.96bn due to 
and says That excess capacity price of imported oil, also puts tbe greater rise in costs corn- 
will be 1 aken up only slowly. the Dutch chemical industry at paced with foreign competitors. 

The main problems are the a competitive disadvantage. Exports nevertheless accounted 
high level of wage and energy Mr. ter Horst regards the long- for S6 per cent of turnover and 
. costs in Holland, the high de- term prospects for the industry represented one-sixth of total 
mauds made on the industry to as favourable, however, thanks Dutch exports, 
protect the environment and the to the Increase in the world A number of companies made 
volume of low-priced imports population, coupled with a rise losses in 1977. the first time this 
from East European countries, in living standards in developing has happened in the post-War 
Mr. ter Horst called for a countries and the continued period. Investments rose to 
more balanced approach to en- striving for improved comfort F12.3bn ($lbn) in 1976, although 
Mi-onmcnia! protection in and health In the Industrialised thils increase was the result of 
HnHand. saying that the consider West. The scarcity of many decisions taken in earlier years, 
able progress made in the field natural products means that it the Association pointed out. 


Of the Tk£ the Secetariat seems 
to be atopting a tore optimistic 
view thn given by the latest 
private forecasts of Treasury 
officials. 

On otter asjjets of the U.S. 
economy Americm sources said 
that because of ne recent sharp 
rise in aiploym-nt and high in- 
flation ntes, fit U.S. Adminis- 
tration iad revsed downwards 
its targq for he “desirable” 
rate of gvwth n 1978 and 1979. 
Thus th» US. was now aiming 
for a GEP inc ease of 4-4.5 per 
cent, insead of 4.5-5 per cent 
as initial)- projected. 

Thougl the rise in the April 
and Ma? consumer price index 
in the UJ. ms particularly high 
due in patimlar to the jump in 
food pries, the rate of inflation 
was expired to taper off sub- 
stantial!! in, subsequent months 
and, for the year ah a whole, 
would r.obawy be around 7 per 
cent \ 


Krup^Gulf office 

Krupp hs opened a Gulf. head 
office in Dubai and expects to 
open otfcr offices throughout the 
region a the next two years 
Celia Mjy reports' from Dubai. 
The offi« will supply industrial 
equip men and seek turnkey 
projects. 


PARIS, May ,il- 

substantial portfolios of &«'** 
interest investments hare w" 1 
able to pay a straight 33] 
cent, of tax on this income tat*' 1, 
than having it added to tfe' r 
global revenues and subjed l " 
income-tax. For all fixed intcic* 1 
holdings except bonds Issued^' 
certain semi-state lnstltutiOf- ; 
this rate is now raised to 40 *'■ 
cent. 

The net cost of the operate 
is Fr 2.1bn to Fr lJ2bn and it f 
hoped that up to Fr 5bn a y t ir 
of new money will be invest*! 
in industry. H. Monory said tto 
object was to reach new cate- 
gories of investors and “recon- 
cile the French to their indus- 
try." The general policy 0! 
encouraging industrial invest- 
ment was part of the overall 
strategy of bolstering the finan- 
cial strength and respectability 
of industry - — a strategy which in- 
cluded the ending of controls on 
industrial prices promised before 
the middle of October. 


Saudis will back African move 
to counter Communist influence 


BY DAVID WHITE 


PARIS, May 31. 


SAUDI ARABIA has expressed African countries, he said, ment, did not come up for 
support for joint African initia- “would find responsive chorda discussion, 
tires to offset Soviet and Cuban in the Arab world." Under their existing economic 

intervention in the continent. The “ wide-ranging discus- and technical agreement, France 
Prince Sand, the Saudi Foreign sions ” held during the visit also and Saudi Arabia were carrying 
Minister, said here at the end of covered the Middle East situa- out joint research into alterna- 
a two-day official visit by King tion; on which the Minister said tive energy sources and discus- 
Khaled that Saudi Arabia shared their points of view were “ very sions on co-operation on peaceful 
the - anxiety of non -Communist similar." uses of nuclear technology were 

African countries and was pre- “Any initiative that Europe “reaching a stage of conclu- 
pared to cooperate with them, can take,” he said, “will be a Sion," the Minister said. 

His Government, however, had welcome thing in the Arab world No firm deals were included 
not discussed possible Saudi and especially in Saudi Arabia." during the talks, but the Minister 
financial backing for an African On oil pricing arrangements, said there was room to increase 
mntu at defence force. The initia- the Minister reaffirmed Saudi both the volume ana extent of 
tive would have to come from Arabia’s position that it did not Fran co-Saudi economic relations. 
African countries themselves, the consider a price rise justified in Shattering some 
Minister said, warning that out- the present market circum- French hopes, he added that 
side intervention risked extend- stances. A new oil agreement Saudi Arabia had not discussed 
ine the scope of local conflicts with France, following a pact Frances planned new Mirage 
and introducing new elements last year under which France -4000 fightw venturc and wa* 
into them buys 12m tonnfes a year direct satisfied with the F15s that the 

Moves in this direction by from the Saudi Arabian Govern- U.S. had agreed to supply. 


Schmidt hopeful on uranium deliveries 

BY JONATHAN CARR BONN. May 31. 

CHANCELLOR Helmut Schmidt Herr. Schmidt left for the recall the UE. promise last year 
has reported making progress in Government officials here had that it would not change its 

fflMM sSMVSar^ 

to 1116 hr** W1 “ ssa 

Herr Schmidt told a West According to the officials, Herr than another year. 

German newspaper interviewer Schmidt planned to make dear Asked if West Gennan-u.S. 
in Washington that during his .that the EEC was ready . to. tallt differences, on economic policy, 
hour-long discussion yesterday Wr with Washington tte pretK-M^heen ^Ironed out,. Herr, 
witt’ the President very clear lems of uranium delivery arising Scbnfr®? said, the positions of 
dens had emerged that accord . from passago earlier this year of both, sides had become much 
could be reached on the nuclear the U.S. Nuclear Non-proUfera- closer. He forecast a success 
Is-Jr ' tion Act for the world economic summit 

He gave no details. But before But the Chancellor would also conference in Bonn in July. 


Malta plan 

targets 

‘achieved’ 


By Godfrey Grima 

MALTA, May 31. 
ALL ECONOMIC targets laid 
down by Malta’s seven year deve- 
lopment plan, which expires next 
March with the complete closure 
of British bases here, have been 
achieved. 

This was claimed in Psrl&a- 
mexrt by the island's Develop- 
ment Minister. Mr. Wistin Abela, 
while putting forward a Bill pro- 
viding for & review of a number 
of bask targets set oat tin. the 
original plan. 

Mr. Abela told the House of 
Representatives that this supple- 
ment to tiie plan -was made 
necessary by the worldwide eco- 
nomic upheavals of recent years. 
But it did not mean that tibe 
original objectives had. not been 
met. 


Charles Batchelor pays a visit to Holland’s “country within a country” 



WHILE THE Dutch province of 
Friesland has become increas- 
ingly integrated into the 
economy and structure of 
Holland as a whole in recent 
years, it still remains in some 
respects a country within a 
country. Its independence, 
separate language — Frisian — and 
separate character are a source 
of pride to its 560.000 inhabi- 
tants. But for a long time they 
-were also a major reason for its 
backwardness. 

It is now only little more 
than an hour's drive from 
Amsterdam across the dyke 
enclosing the former Zuyder 
Zee or across the new Polders. 
But Friesland and its two 
adjoining north-eastern pro- 
vinces of Groningen and Drenthe 
are still far enough away from 
the crowded “ Ranstad ” cities of 
Amsterdam, Rotterdam and The 
Hague to be considered distant 
destinations by many Dutchmen. 

Post Office employees in tbe 
Hague are putting up a strong 
fight against Government plans 
to remove their headquarters to 
the north-east. And for many a 
Frisian " The West " is an over- 
crowded conurbation of Jiign-rlse 
flats and motorway eloverleafs. 

Friesland, with just over 400 
people per square mile, has only 
one-fifth of the population den- 
sity of the Rands tad. Its exten- 
sive lakeland is a major .recrea- 
tion area in Holland. Tbe main 
economic activity-dairy farming 

3.nd related industries — conforms 

more m the traditional picture 
i*f 1 he Dutch 

The province's rich pastures 
n,’i>ro%ent nearly 20 per eenL of 
the permanent grassland af the 
Netherlands and Friesland 
accounts for a similar share of 


Feelings of independence still 
run strong in Friesland 


the country's milk production. 
Almost 40 largely cooperatively- 
owned da ries convert the milk of 
the familiar black and white 
Frisian cattle into a wide van Ay 
of dairy products, including the 
Frisian clove cheese which is 
widely sold throughout Holland. 

Farming and related industries 
are the largest employers In the 
region, although mechanisation 
has cut the number of jobs to 
22.000 from 60,000 at the end of 
the last war. The production of 
nearly 2bn litres of milk a year 
has been achieved by a pro- 
gramme of redistributing land 
to make more efficient farms 
and extensive use of covered, 
cattle-sheds coupled with in- 
creased quantities of cattle feed. 

Tbe coastal strip provides 
excellent conditions for the cul- 
tivation of seed potatoes. The 
shortage of land for potato grow- 
ing has thrown up a plan to 
reclaim 3.000 hectares of the 
Waddenzee, a narrow strip of 
water enclosed by the offshore 
Frisian islands and the mainland 
which continues to Denmark in 
the east. 

The floods of 1953 stimulated 
plans to reclaim the whole area 
and shorten Holland's coastline. 
But the shallow sea. much of 
which is turned into mudflats at 
low tide, is now recognised as a 
unique area of natural beauty, 
the- home of large colonies of 
seals and the breeding ground for 


Y 


many sea birds. The Friesian 
potato growers’ plans would, not 
take much of a bite out of the 
sea, but with the area already 
endangered by tourism, indus- 
trial effluent and oil and gas 
exploration any further threat is 
strongly opposed by environ- 
mental groups. 

Tourism is a mixed blessing 
For Friesland. The flotillas of 
summer motor cruisers and sail- 
ing boats bring economic activity 
to the area, but tbe jobs created 
are not of very high quality and 
the ever-growing throngs of 
visitors put increasing pressure 
on the delicate balance of natural 
forces. 

In the 15 years to 1965 govern- 
ment incentives and the 
province’s native attractions suc- 
ceeded in stimulating industrial 
investment. Since then Friesland 
has suffered a period of economic 
stagnation. But while unemploy- 
ment has been higher in absolute 
terms in the past two years than 
at any time since the War. the 
Picture is not nnrelievedly black. 
The province was losing an 
average of 5.000 inhabitants a 
year in the 1930s as job seekers 
moved to the more prosperous 
west, but the population is now 
increasing. 

All the same the economic 
situation is expected to get worse 
before it gets better. Agriculture 
continues to shed jobs while 
increased automation msans the 


industrial sector is also offering 
less ' employment- ■ The local 
authorities see tbe province's 
.greatest hope in the attraction of 
civil service departments and 
higher education and research 
facilities from- the rest of the 
country. 

This posed no problems in 
boom years but local authorities 
elsewhere are now fighting for 
every 10b they can hold. The 
province's low level, of indus- 
trialisauon , has spared it the 

spectacular company failures 
which have lengthened the dole 
queues in other areas. Apart 
from the agricultural industries 
Friesland employs 14,000 in the 
metals sector— engineering and 
shipbuilding. 

Two important individual em- 
ployers in Friesland are tbe 
electrical concern. Philips, and 
Douwe Egberts. Philips employs 
nearly 2,000 people making 
shavers and other 1 household 
products at Drachten in the 
east of the province, and 650 in 
the Frisian capital. Leeuwarden, 
in telecommunications. Douwe 
Egberts has a workforce of 1,600 
in Jonre blending aid packaging 
tea and -producing tobacco and 
instant coffee.' 

The industrial .expansion that 
has been achieved has been 
partly due to Gover&neht assis- 
r tance. in improving communica- 
tions, education .'facilities and 
housing. Friesland, like other 



development areas in the 
northern, eastern and southern 
fringes of -the country, '.has 
benefited from 25 per cent pre- 
miums on new investment The 
precise. impact, of a new system 
of investment Incentives, which 
assesses aid according to factors 
such as the number of Jobs 
provided, environmental impact 
and energy saving, is not yet 
dear.' ... 

- In spite of the bilingual toad 
signs which welcome the travel- 
ler to Lionwert as well as to 
Leeuwarden,' Friesland does not 
intend to follow the Belgian path 
to bi-lingualism. . Policy is aimed 
at increasing the opportunities 
for using Frisian in everyday, life 
and strengthening its position in 
the education system. A recent 
survey sbowe dthat 97 per cent 
of Frisians understand the lan- 
guage, 83 per cent can speak it, 
an dm ore than 70 per cent use it 
regularly at home. 

Asked what would happen if 
the province were to carry out 
correspondence with ministries 
in The Hague in Frisian, local 
officials say the number of 
expatriates working there would 
ensure that the letter received 
a reply. Certainly the latest 
plans to split Holland's 11 exist- 
ing provinces . into 17 more 
manageable units leaves Fries- 
land intact. The Frisians see 
this as only natural respect for 
the countzx which, when the 
Dutch . branch of the Royal 
Nassau Line died out, main- 
tained the succession is the form 
of the Frisian prince of Nassau, 
Willem IV Karel Hendrik Frisco. 
Whatever may be decided in The 
Hague the locals are -determined 
to remain Frisian and- free,- or 
as- -they prefer it, “-Fnrsk eh, 
frij.” 


1 


Gunman shoots 
W. German 
defence lawyer 

WEST BERLIN, May 3L 
A GUNMAN today shot and 
wounded one of the defence 
lawyers taking part in a major 
urban guerrilla trial here, 
police said. The counsel. Diet- ' 
mar Hohla, was Mt in the legs 
as he was about to get into his 
.car in the West Berlin district 
of Wilmersdorf. 

Mr. Hohla is the court- 
appointed lawyer of Ronald 
Fritzsch. one of six suspected 
guerrillas accused of the mur- 
der of West Berlin’s chief 
judge, Guenther von Drenk- 
mann, in 1974, and the kid- 
napping of the city’s conserva- 
tive party leader, Peter Lorenz, 
In 1975. 

Mr. Hohla. was taken to 
hospital hut released after 
treatment. The gunman escaped 
in a yellow saloon car without 
registration plates which was 
found soon afterwards, Reuter 


New meeting 
on Aegean 
dispute 

By'Our Foreign Staff • 

THE SECRETARIES GENERAL 
of the Greek and Turkish Foreign 
Ministries. Mr. Byron Theodore- 
pouios and Mr. Sukru Elekdag, 
are to meet in Ankara on July 4 
and 5 in an attempt to make 
progress towards resolving 
problems over the Aegean. 

This was announced in a brief 
communique Issued after the 
meeting on Monday night be- 
tween . the Greek and - Turkish 
Prime Mi rasters, Mr. Constantine 
Karamanlis and Mr. Bulent 
Ecevit The two met In Mon- 
treux in March but the follow-up 
meeting agreed between the 
Secretaries General was post- 
poned in April at Greece's 
request Public opinion in 
Greece was incensed by Presi- 
dent Jimmy Carter's request to 
Congress' that . it lift the arms 
embargo on Turkey. 


Barcelona metal 
strike averted 
by pay deal 

By David Gardner . 

BARCELONA, May 3L 
A 48-HOUR strike due- to have 
started tomorrow in Barcelona’s 
metal industry -has been called 
off - after acceptance of a 
management offer by. the two 
principal unions? involved, the 
Socialist General Workers’ 
Union and . the Communist- 
dominated Workers’ Commis- 
sions. ' . 

The ' sting has -thus been 
drawn from the most important 
series of labour disputes in 
Spain since the. elections a year 
ago. " At one 1 ' point more . than 
750,000 strikers were ' involved 
in Barcelona province. 

The agreement comes after a 
warning from the.' Ministry of 
Labour that continuing dead- 
lock would, lead to obligatory 
judicial arbitration, a survival 
from labour legislation which 
the unions have attacked as an 
infringement of free collective 
bargaining. Minimum wages in 
the industry will be raised te 
Pta 29.000 a month with a fur- 
ther Pta ' 800 a . month from 
October.. The unions had de- 
manded Pta '33,000. " 

The recent strikes, centring 
on the textile, construction and 
metal industries has divided em- 
ployers. The employers' federa- 
tion in the key Babe Llobregat 
area; had threatened a 24-hour, 
lockout for each day lost 
through strikes, .tot .-the move, 
wa. strongly criticised .by: Cata- 
lonia's .leading _ employers 
organisation. 


Portuguese coup leader 
held by military police 


BY JIMMY BURNS 

AIR FORCE Major Jose Ignacio 
da Costa Martin es, one of the 
main leaders of an attempted 
left-wing coup here on Novem- 
ber 585. 1975, wds arrested on 
arrival at Lisbon ‘airport this 
morning, and taken by piflite 1 ? 
police to the top security prison 
of Caxtoi. He had' fled the. 
country after the coup attempt 
and. lived in Luanda until his 
recent expulsion from . Angola. 

- Major Costa Martinss’ arrest 
represents, the latest In a series 
of steps taken by Portugal’s high 
command to “ depoliticise ” the 
Portuguese armed forces 

The gradual separation of the 
military from politics* (no easy 
task given the fact that the 
Portuguese armed forces ' have 
been Involved in attempted 
coups and. counter-coups for 
more than two centuries) has 
involved a gradual purging dur- 
ing the past two and a half 
years of many of the young 
officers belonging to the Armed 
Farces Movement which, backed 
by civilian forces, succeeded in 
overthrowing nearly half a cen- 
tury of dictatorship. 

Significantly the military high 
'command is working on a Law 
of National Defence with which 
to substitute today's constitu- 
tional definition of the Portu- 
guese armed forces, as the 

guarantors of the country's 
s transition towards Socialism.” 

Critics on the Left here regard 

the- “ depoHtUasation w of - the. FDUMCM£ Any omm s. . 

armed forces as^flr^Iy^weighted f ^r®jio U Mr* , ^> ,> S? 55£ 
in "favour- of - the-'Righti- They swotm ex** nosum pa« at n™ ’T ort. m. 


LISBON, May 31 

point as a farther example 
this to the dismissal last mor 
of Major Vasco Lourenco f7n, 
his post as Governor of t± 
Lisbon Miliary Region. 

Perhaps a more balanced vie 
on the current changes with 
the military is tha t 1 
modernisation of tbe anr 
forces, outside a political c 
text, is necessary if Portuga, 
to become both a capable s. 
trusted member of NATO. 

This view was reflected in 
speech on Tuesday by Gene - 
Ramalbo Eanea, tbe President 
Portugal and chief of the arm 
forces, at the NATO spring so . 
mit in Washington. “Portu: 
must be considered a strata; 
area that is essential for NAT 
defence, given its potential c 
trol of the Atlantic routes l' 
the entry into tbe Medit 
ranean," he said. 

Also reflected in his spee. 
was the feeling held by the Pc 
tuguese high command that su 
port from NATO is not as fort . 
coming as it might be. Keepir 
politics uot of the armed force . 
Sr. Eanes feels, has been a tout 
business until now. It is up - 
NATO ddw to provide the kii .‘ 
of up-to-date equipment ai . 
money which can keep restle 
officers such as _ Major Cos 
Martin es responsibly occupu 
for a long time to come. 


V . 



Strikes hit 
W. German 
vehicle 
production 

By Guy Hawtin 

FRANKFURT, May 31. 
THE WIDESPREAD metal- 
workers' strikes in West Germany 
hit the first four months' produc- 
tion figures of the country’s 
motor industry. As a result of 
the stoppages, in supoprt of a 
pay claim, car and estate vehicle 
output was ‘only slightly higher 
than last year's performance, 
while commercial vehicle produc- 
tion was rather lower than the 
actual decline in demand. 

According to the Vcrbaod Dor 
Automobilindustrie (VDA>, the 
Industry's trade association, car 
and estate vehicle production 
daring the first four months of 
the year totalled 1.363.300 units, 
after 1,356,406 ' units during the 
comparable period of 1977 
Strikes, said VDA. cost the i? 
dustry some 56,300 units. 

At the same time the comm/ 
rial vehicle sector, which b 
been suffering from a substant 
drop in demand, saw the fir.s 
four months’ output drop by IB 
per cent from 1977’s 11256S 
units, to 95,000 units. The metal 
workers* strikes lost the secto 
production of 13,000 vehicles. 

The strikes, which look place 
during March and April this 
year cost the industry _ilsel: 
some DM I.Tta (9S05m> in los* 
salcs-_ Wheji the effects of thi 
stoppages on associated indu 
try and the retail trade is take: 
into account the total sales los; 
amounted to DM 4.7bi 
($2_23bn). 

Exports suffered particular, 
in ApriL when shipmem 
abroad fell heavily in both tt 
car and commercial vehicle se 
tors. Car and estate vebic 
exports totalled 148.200 uni 
compared with 149,407 in tt 
same month of 1977, while e: 
ports of commercial vehicle 
dropped from 15,177 to 9,90 
units. 

Car exports during the firs 
four months of 1978 increased 
by 2 per cent to 654,100. against 
the 640.419 units shipped during 
the comparable period of last 
year. Commercial vehicle ex- 
ports during the same period 
dropped by 23 per cent from 
65,826 units to 50,900 units. 

On tbe bright side, in spit/ 
of the fact that the industr 
believes that its boom peake 
last autumn, domestic deman 
remains lively, the VDA r 
ports. Car and estate vehic 
orders during the first foi 
months were still runnii. 
slightly above the level for ti 
comparable period of 1977. 
the same time home demand fr 
commercial vehicles is, to 
degree, offsetting the decline . 
overseas interest. 



L 


V, 


Thursday June I 1978 


AMERICAN NEWS ! 



CBase 


copper mine earnings 


Ranks to 
sell new 
housing 
certificates 


| CALIFORNIA TAX REFORM 


mirage 


BY MAURICE IRVINE IN SANTA MONICA, CALIFORNIA 


mtikm. Uso-rifs 


NEW YORK. May 3L 


CHASE MANHATTAN 'BANK; as collateral for further finance, 
wmftrmed here .today That jt sent, Im^earlier talks with Peruvian 
a 'telex’-message to-Peru earlier" bank officials, including a pre- 

- this month requesting ;a govern- vious president of the central 
.• anent deaep to-guarantee that bank. Chase and other U.S. banks 
^ earnings- irom ' the: private^ suggested that a law guarantee, 
-owned -Cuajone -copper mine ing the present system of pay- 
. would contfmie to be paid to fhe roent should be a precondition 

- -creditors -and shareholders of thg "for further finance for the 
•r Southern Peru Copper Coipora-iproJec^ and Chase subsequently 

don, w4»ich aerates the mfce, sent the telex summing up their 
mot diverted, to pay the' country's view of r the meeting. Although 
debts.: : ' v ‘ '=. . ■ the Peruvians at the meeting did 
: ; But i^is described -the We&sage not then take exception to the 
•as. part 1 of. a-negotia'ting; J stance XJ.Si h a nk s* demand, the telex 
cij .talks abootra:. further 353.4m provoked a sharp official 


loan -foE. .Cuajone, and gtresyRd response in Lima. ._ 

• t h ^t- - tiwrj nmi g hq 1 pwtr hflt wffln - . Chase was at pains today to 


* t h fft. . tfmrp .Bp’ fek between - • was at pains today to 

Thfor ip flii HTirt fliipTt w*' whip h .the ^uukE it clear that, although the 
Peruvian Govemment ts seeking telex said^ the decree was a pre- ; 
to ease'its balance - of payments "Condition for further co-Dpe ration 
problems. . ; - • ; ' hy T4JS. banks on Peruvian 

A /delegation %eadedibyftlie finance, this referred, strictly to 
Peruvian CentralBankPresident, .? 11 2151:6 *»T Cuajone, and had no 
Sr. Manuel- Moreyra, arrived in bearing on finance for the 

•kt it » iti. w balance of navmpnN 


PArfJfl/'OfAC 1 S- J ‘¥ ?vis - a , P ort, y- ®t*f alternative but to support stations, parks, even zoos, fore- contingency nlan* tn <w ^ ... , 

IvillllLdlvS «&ra. d manufacturer such bills, and he admits that telling thatif Jarvis-Gann passes ony pSt S-SI d ? lh , C3 , !,forma WaS npe for a t« 

- . . w . and failed politician who vaguely Proposition 13 would force him “this facility will be closed.” thousand* nTJ-Sfili ? 8 ° f rev l 0lt A mixture of inflation 

By John Wyles resembles the late W. C. Fields, to introduce drastic economies The proposal is assailed by a ceiv^n aS „JL f . teacb , ers ° ave re ; and speculation has sent housing 

NEW YORK, May 31. seems an unlikely candidate for at- every level of governmenL broad array of unusual allies— nmi™. provisional disuussal prices soaring. Homes which 
US BANKS and savim* as f, as 6inatiQn. But anonymous California’s state and local Bank or America, AFL-CIO, the aehS dr-SfiJ 10 ®® - ^. ngeIes so!d for S50.000 three years ago 

in^tmK wUl he S c - allers have ? varned him several "overn meats collect some S4Wm Lea^e of Women Voters vS ^ - tnat lt D0W f ®*ch 3150,000, resulting in 

tomonSw to ^start h selling JHf® fij® -a' 1 axes annually. Proposition California llanufacturers’ _W of 60 000 by^boJt til-tMrd^ 2®^' UX • leaps . of , 100 per 

con trover «a! siv.numth Mif j 0t . Proposition 13 — the i«: would cut Drouertv tax ciation, California Teachers* aoout two-thirds — cent or more in a single year. 

Sues certificates which arr re * onn measure of r ^enues in the coming fiscal Association, and hundreds of r-* - ’®®® other Yet the state treasury' bulges 

designed to increase funds J? h , 1{ y h I s co-sponsor— passes in ye gy f rom ^ estimated $ 12 bn others, large and small. Governor r ^ uca ^ Dn a ?. * e £' lth a 541,11 cash surplus. Mr. 

available for house^rtgaSs S referendum on toJSbn. But local government Brown, a Republican, calls it “ a destroyed " arlSd?™ W Sf W iJ ,e Er0v T n *i ,ec l to hand somG of 016 

But some economics reaTthat JUQe 6 ' depends heavily on property fraud, a np-off and a disaster” Wilso°/ Rile* S 5^* °K M , r ' su , r . p l u ? b , ack throu ? h a Slbn tax 

they could further push up . Mr - Jarv13 shrugs. “Listen,” tasp—which now stand at -Nearly all Democratic politicians chief 011 “ *** ^ * tate schools earlier this year. It 

short-tenn Interest rates. P he says i* 0 ' 1 3 ust the nuts abairt 3 per cent oF assessed in the state agree with him. Ma’vnr T«m nf T 1135 Waited by the State Senate. 

The new certificates w»pp wbo are out t0 destroy me. It’s value — to pay for schools, fire Californians seem largely un- XnatJal tlrLT °L»^ 0S r Wlien ,l became dear that 

conceivedX Ml the whole liberal establishment pr^ction. flood control and ^ Un ‘ '^eles talks of slashing 3200m Jarvis-Gann had great popular 

ing remilaiers as a means off That ’ 3 how I know I'm doing otfafei essential services. support, the Brown admin istra- 

shellering the housing sector sorattllin g right” FWPerty taxes are set J>y the A gTOUp of Californian citizens is seekinff to roll rival JlSSrft 11 a 

of the economy from the Proposition 13 is a citizens' sta^ and . collected by local back the prooertv tav tho f T Q an ,.;„ n i 8 ™ fOU Senafm-’ Mr” pin? R y », a 

« ? Initiative. Mr. Jarvis and iris aut&tfities. Each county has its R . .. Ffwperiy tax, the U.S. equivalent Of rates. S2. ,e t ,S l, f t0 [: JL r - Peler Behr - 

ally, Mr. Paul Gann, a 65-yeaMld asseWG an elected official, who the Governor, Mr. Jerrv Brawn savR “thp ’ il d thl S lhe J p JSP 0S i t! ? n 
short-term interest rates to h retired estate agent, had little de te&njnes assessed valuation. State will not act a emrarJaHR, + i* 5 1110 ? he BehP 

three-year high. Flow-i Af trouble collecting some L3m In (SUforaia. assessments have 1101 act 3S a SUgar-dadfly to local gOVem- f *l v f properly ownsra 

money into aviies and signatures for petitions pladng rise^faster than anywhere in ment. ° un „ cut ■ aad ^ ke 

associations, which prmdE the matter on the ballot. Tim the' J&. p v * red “ ced c pr °“ 


they could further push 
short-tenn Interest rates. 
The new certificates wt 


Mr. Jarvis shrugs. “Listen,” ta 


tion threw its weight behind a 
rival scheme, sponsored by a 
State Senator. Mr. Peter Behr. 
and tied to another proposition 
on the ballot. No. S. The Behr 
Bill would give property owners 
a 30 per cent tax cut. and make 
up some $1.5bn in reduced pro- 
perty taxes from the Slate 


or. Manuel- Moreyra, arrived in «««•«** iu* me 

New York lakrweek to seekdeht oaJance of payments, 
rescheduling from 16 U^. and 11 was therefore wrong, a 
other e&dit>EL ' ‘ * sourcejaid. to suggest that Chase I 


outer- eredstors, • - • . — -r-r*-- - 

Chase also saf^ iLiad sent the was trying to bally the Peruvians, 
message as agent for the group same source admitted 

of 2S banks in the Cuajone loan th ?‘» 1 SfU was “,* vltably some 
consortium, "btrt^added that this tuo^? Between talks on finance 
did not'mean it was speaking on for jB.^? De on debt 

the consbrtfaan%- behalf. resdi«|aling, because many 

Cttajobe, -6hich ~iles' wa£- 500- were mvolved “ botb - 
miles jaonQj-eafiL 'of-' rant*, is No-one here is willing to 


rising and the rate of bouse Proposition 13. also known as Criflte of Proposition 13 point ^ ® treatment needed Sau Francisco, San Diego, and first TV ^commercial 

building is threatened. I Jarvis-Gann. would roll Back out tMtf the taxpayers who will ^ b ( n ?| nB b ‘f.,SO'ernme n t to its other major cities come equally behalf calls ° 

With their interest nitron property tares to 1 per cent of get the hpest break are pot dire predictions. The Sab S ila“ d " D,7,S,n^™ 

PlirrLylSLWfj? is already Sw Jh, u 5n25 atm £r” 1 “-'.Bill in', witten Uattt? 


mues. ijSOHureafiL OX. IS m nrimug lU 

Wholly ojvoed by a group of U^. speculate what the Cuajone bank 
f^m pgTnA^Tibrt dAti hy AttaW fij and consortium would do if Peru re- 
is largely finaneed':5y 'D^"- eom- fnsed to issue the requested 


is largely fiitaneed by 'O^^ eom- fused to issue the requested 
- laertfalbailfeMid the Eximb anfc. decree.' ‘ However, It is under- 
T^e-~ .jjroj«t\‘':haS- ' already stood that Chase, as- gent, would 
absorbed '$726m- in finance' and Assess the situation and recoin- 
requires - the . extra 553.4tn to “end a ..course of action to thei 
-ftp * complex other banks. But since, as Chase 

andfppreh&se Materials.' ^"Earh- indicate today, the telex was 
"ings^frbm the project liaVe, far mo re of a negotiating ploy than 
jpore-.than i vyar, been sent via an mrtri^t demand, there may 
the .'PjexnvIan-'Centra]' Bank to yet, be room for compromise. 
ChastnLMabba^nj-.in' New York Meanwhile, there have been 
i. fbr, dlstxfliation to creditors and nordevelopmente in the debt re- 
i ahatjaheddera ■ ' • sdSeduIing talks which started 

^.;Hgweyer,; UjS.banks fear that here last week. A source, close 
.JreHvy; : debt of the JPeruvian to rthe talks -said that the Peru- 
7publfe:^tor' estimated to . total . vian delegation had been to 
provoke the gov- Washington, and would hold 
^ernment-to div ert jt hese earning s .further . talks with . New York 
;to itK'?w n amrtmt nr use them -bankers thin week. 


with their interest rated on property taxes to 1 per cent of gei “ fCdR not T *“» predictions. The San faced fraud ” Dr FriP-imnn c,™ 

short-term savings pegged at 1975-76 assessed value. In doing jndmdfeal homeowmers. who own . e J5J w ? t * the treatment Francisco-based Bank of America the Bill is so written that 

5-6 per cent, savings asspria- so. it would deny S7bn in annual only '^e-third of ^ b]p “Laired* having effect. Mr. agrees that Jarvis^Iann would legislature mum JnJ 
tions have been nnable lo com- tax revenue to local governments property Restate Tw(>thirds ruiuli na for re- result in “a drastic reduction around it and return In 

pete with money nujrket and schools. The measure offers of . cut . wou ^ benefit is \ ear, has moderated of sciential services or a sign ifi- old habits once ihe ihr 

instruments such as Treisury do suggestions as to how that }J*. c <Jl g l e ^ ( . T l^" dc, ^ n 1 e 1 rs ‘ laa d- * on Proportion 13 in cant increase in other taxes— Prop 13 was gone The fn^f 

bills, and federal officials loss might he made up. SSi ercisd ' mdustrial fbat? 1 t F w m * a “ lrase most sa-Ies and income- of Prop iTrelSondedbt SS 

calculate that the new 3rtfJi- H ow can the gap he bridged? pr °Pf?Y own " rs - \acJ^TLl°^° W U ?. m our duefng oot o?e b?t two Nob^ 

cates eould attract np toTsfibn ipoisiature threatens to in- California has been thrown (i a .p tn p.^oi/ ,e f? me 3 man ' . Mr. Jarvis, a sometimes over- laureates of their own who 

^ un, ? s : . . 1 crease sales, income, and other into a fit of Jarvis-Fever: even- level whielT'weTl^aw ?n ^f 3nng debater, dismisses the oppose the Jan'is initiative. 

a h?7 n TJ ,e state taxes by 60 per cent or T-shirts, bumper stickers, bill- ca rrv ouL E ^e neonli w^nt it 0 c “ m P ute "sed mailing of How will California vote? 

able to sell the new iistru- more _ Bills to this effect are boards, TV commercials in Mr ' Brown is * ng n + otl « s „ to teachers as Latest polls give Jarvis the ed"e. 

ments in minimitni donilmina- already in the works. The millions plead for ves or no nuhiiitw J L w i- s yms .J n ? care tactlcs - The state con- 42 percent to 39 oer cent. Bur 

lions Of $10,000 rnt tig same Goveroor, Mr. Jerry Brown, says votes. University- chancellors Ja^GaSn will “l™ that f ihltion "9^^ that the state should Srop 1 3 P pass Mr 

v.f as . l s |f■ montJ, T fc sur y that if the proposition passes and Nobel Prize winners debate Many ^ “curtailment" publlc ed «^on ‘Tbey'l] Brown's aides say it vrill be tied 

bills, which were aiutioned -* ctata win not net a« a the issue in nnv,i;#. i- . . * curtaiiinents have find the monev. Besides, whv nn in 


meats in minimum donilmina- already in the works. The millions plead for ves or no PublirtW ] f no h W i SayillS ,K in “scare tactics” The state con- 43 per cent to 39 percent But 
lions Of $10,000 at thg same £‘ 0 veroor, Mr. Jerry Brown, says votes. University chancellors Ja^GaSn will ifi™ that ^ hltion tJ,at lhe state ^hoSld Srop 1 3 P pass Sr 

v.f “*l*!f“ onU, T fc Sur 2 if the proposition passes and Nobel Prize winners debate illam' - curtailments ” fi”f‘vt pUbl,c ^u^tion “Tbeyi] Brown's aides say i t vviU be tied 
??IS a ]¥ tlone , d “the State wiU not act as a the issue in public. In towns been ‘^pelt out Ureadv h Tn fhS,M he m0D f y - Besides - wh 7 “P in the courts for months 
last week at iJ4 pt* cent, sugar-daddy to local govern- up and down the state signs have horrid detail hv ■»’ Y 'r n 1Q sh ? uld Pr°P ert y owners pay for perhaps years by legal 
S&ETVSF! ‘fcS' ment " But loathe wiU have ^ ported at Ubrurie,. Are eot uj Mr. *t£Jt !ES ££ ^ 

higher. However, f- some . - 


higher. However, j - some 
mortgage associations! fear a 
movement of funds /out of 
existing accounts andm corres- 
ponding Increase in the cost of 
their money.. J i 

This, in turn, c/uld push.' 


Proxmire to hold NY C hearings Canada N-weapons delay 


This, in tarn, renld push * BY OUR OWN CORRESPONDENT NEW YORK, May 31. bt VICTOR MACKIE OTTAWA. May 31 

sstmAssi. il : T with 4 ss-StW^f =K froT”ha? 'Z ^ vri 

s^j^jsrs as- SLrf«-«sr»*S2ss f 0 ho ^f r 7 0 fer,r,r^t! sssaj? js » 


BY VICTOR MACKIE 


OTTAWA. May 31. 




• NEW YORK, May 3L 
Ttt-b 'iiUi&ji j-'.-Depaj^ment ; of .Jhgu fftr . the- Department's 

■ Transportation found' ih : National Highway Traffic Safety 

favour^ nf •' Goodyear- and Administration to approve sale 

• RabbeHCtmiany in ite disoiite “e.^tyre. In .the meantime 
with Genera] Motors over the G ®n e ra* Motors made no secret 
safety of a new elliptical tyre. J* a ^^ eB about the Mfet y 

- Goodye^c^unyeiled the twe a Goodyear k free to market the 
year jgo. billing H as the .“ gas-, tyre from Mfcday aid both Ford 
sayer which -yields 3ff more miles and Chrysler ian go ahead with 
cna full tank^of. petrol”- Since plan? to offer 5Fas an option on 
Xhen the COtc^any has bgen.waft- certain 13^9 care. * 


protect the hcrfsiiig sector Soxmire and before an audience short-term ban programme due !?fh *0 veto transactions which Canadian Defence Staff, told the Trudeau in his 1 
from the effedTof higher to evpire or*June 30. this delay he^veo were beyond the city’s Commons Defence Committee the neutron bomb 

Short-term InteiSt rates could P ut the city under creat pressure. bscal mean ®- today. The Deputv P 

i. t™. — _ As chairman of the committee. r‘ « Hp u. 


SS5 M 1SE.SS' S= days ofhearings 


short-term in terfct rates could ^ P ut the city wider creat pressure, fiscal means. today. The Deputv Prime Minister 

make the eroSmy less sen- Se ^ ^oSSre^h^q sSTduied aIthou Sh crufai elements of this However, the major New York m ! Ie h sa !? that Voodoo aircraft Mr. Allan MacEacheT disagreed’ 

sitive to tight^ credit condi- ™ davs oThearinM nort lSS programme Remain unattained. banks and institutions have ““J be d,s P. la ^ ed J jy J, 983 b y new *aying that Canada support? tho 

»* «— f0ur daVS 0f heariDES D,?Xt ^ City negotiator-; are tn resume the / wil1 not purc hase ?®? n ^ r L^ h ' c L^% G ° Verament decision of the U.S. to poSoSS 

tal^ withlSuniilpJ? un™ »*****>’ ^ of the special b?tt”e- 


short-term rites to levels . ^ “^Wednesday and for the ^ union the Slbn Securities necess^ is & th ® ™ arkrt J° buy - Produaion of the special battle- 

higher than fironld otherwise two dajS ** foUowm,, j d lnda ^ n a ne p w tw o-yeir for CI 'ty’s operations over the [ *° toId j he 5 e,d n ^>tron weapon. Canada, 

be the rose. , -ft commlttee was t0 tow psy deal Xr S>^Z“e ® “!«»• 

~ U.S. COto-ANY NEWS !?A™ S! ■” y f4. ti S a „ U ? n of “!? “o™ , f om ' l ' Jslve d,KUS - Powers to' wiie, Is removed from Ie .f b)ast a con- restraint in ?t s de™oyn,enT Jr 

tn nrr.TT^j GOhn 1 R SAn Priwm r-... j. , the legislation.’ “ r^j 0 " 3 ! “ u ,?^ r ^' ar M- f™*- He claimedTbalTheU.^ 


» - trugsE sFSSS,® 

JTZftSSZ S5SL»A.^_«”« | w‘y 9? “!!!»«- SSL'ftJHS*. .WiKE. ? Ir - oZs ^SSSTuu 


TT A —'-a- -• • m __ ucaLJii^j *VU c IJULTIITU U v LUc ““-ui "mui UJ ill iJU UIU -a fen trvina fo 

V£ m Steel Massey* Wisconsin Senator when the pay concession i tn ibe unions, legislation to increase 

Feqwro. se«HWI ; quarter City failed to tine up the various Meanwhile. 1 , New York state fns powefs of S M 

- ' I ..Page 34 . elements of a complicated pro- legislature is ;lose to passing Assistance Corporation 


t which makes' minimum also trying to move swiftlv nn i»i a L A lI ° e ^ Minister. Mr. An Opposition member said 
concessiui i to ibe unions, legislation to increase the borrow preSfo^hen U *h« T ^ T™ d «»u;s speech to the UN 

sanwbile, t e >;ew \ork state ing powers of the Municipal rp'n^ D S, spo »h e at l he h i? d a false impressiov ” 
lature is [lose to passing Assistance Corporation rCLd? J hat i har , Canaria wa ^ moving out of 


r. , wiai -.atiJuu wa-s moving out ot 

Canada was renouncing nuclear nuclear weapons immediately. 








A 


Briandal .Times; 


<)\ F.RSKAS NEWS 


.WORLD TRADE NEWS 


Pakistan seeks $800-$900m 



BY DAVID WHITE 


PARIS, May o 


THE WORLD BANK'S Pakis- 
tan Commit lee of donor coun- 
tries meets here tomorrow and 
Friday to consider Pakistan’s 
request for an increase iu its 
debt relief programme for the 
1978-79 fiscal year. 

Pakistan is reported to he 
asking for a total aid package 
of between SSOOm and S90Qm. 
In 1976-77. the group of donor 
countries pledged about S700m, 
including grants, soft loans and 
project loans. The amount of 
aid increased by about S per 
cent in 1977-78, according to 
Bank officials. 


The committee groups 11 
member countries and the 
Asian Development Bank, plus 
observers: from international 
organisations, and will discuss 
medium and long-range devel- 
opment prospects. 

The committee last met in 
December after the postpone- 
ment of its regular annual 
meeting in April last year 
because of the Pakistani 
political situation. 

Iqbal MSrza adds from 
Karachi: Along with the aid 
commitments for the nest year. 


Pakistan has requested the 
committee to provide it with 
relief In connection with the 
repayment of debt which will 
become due from July 1, 1978. 
The debt relief- or reschedul- 
ing which Pakistan is request- 
ing is between S25flm and 
S300m a year. It includes 
nearly half of the committee 
debt while the other half is 
due to be paid to the lion- 
committee members of the 
World Bank. 

In the four-year period 
which will end on June 30, 
1978, Pakistan received a total 


dehi relief or SiSOm »'l 
was rescheduled. Pakistan 
requested the committee 
non-committee countries 
such a debt relief is reqt 
to maintain a net inflow o 
and ensure that its halan< 
payments position was 1 
strained. This is after tij 
jnto account the maxi, 
feasible effort which ' 
country is expected to r 
keeping in view or it*._ 
capita income which isjj 
mated around $190 io^ 
with the population estl 
at 78.6m. 


Sales of 
Scotch to 
U.S. up 28% 


WORLD BANK REPORT ON INDIA 


Record aid recommended 


6Y K. K. 5HARMA IN NEW DELHI 


THE WORLD BANK has presen- has resulted largely from inward periods. Net Uansfer of resources S”* * C * 0 I 0 u?abh l ® n “ 

,cd a « m ™ T t ,o «n, 532 above S"# «£? oTgkAZ S' 

bers of the Aid India consortium g™ 8 * 1 * ** fonger. in feM t0 as utile as O.S per cent fortable gram reserves 

of major western countries and Britai * and |he u.S.l The between 1969-70 and 1973- <4. stability, the bunk offei wara 


SCOTCH WHISKY exports in thq 
first four months of 197S rose 
by 13.3 per cent in volume to 
32.7m gallons and 22.5 per cent 
value lo £187.5ni compared 
with the same period last year, 
our Industrial Staff writes. 

The main reason for the 
upsurge was a steep increase in 
shipments to the US. the world's 
biggest market for Scotch, in 
front of price increases 
announced in February hut 
which for technical reasons were 
not implemented until May 1. 

Scotch whisky exports to the 
U.S. jumped by 71 per cent in 
volume in April alone and for 
the four-month period were up 
by 27.67 per cent in volume tu 
li.76m gallons and 26.54 percent 
in value to £57.2m. The industry 
expects shipments to tail off 
steeply from now on. 

For the world as a whole 
during the four months, exports 
o£ Scotch blended and bottled 
in Scotland were ahead by 10.4 
per cent in volume and 22.4 per 
cent in value to 22.5m gallons 
(worth £160m>. 


Japan which meets in Paris on g an |;- s v j ew j s shared by the India's repayment liabilities on ing. 
June S and 9, hut has neverthe- Government's «*<*nnnmisic who past loans are estimated at “ 


economists who past loans are estimated at “ A new situation ha.*? e ° 
less recommended substantially have cautioned against complac- between S450m and 3500m which the plentiful .si d = 
higher foreign aid. The Bank ency just hecause of the export annually over the next five roodgrains. other basic*" 1 ™' 
feels that although the Indian boom and the rising reserves. It Y®” 5 - , r, l,e f £ nd e £^ : jwever 

Government's development stra- is likely that the Bank's conclu- The Bank welcomes the draft not be absorbed. Tbisr . 

... - . - , - mm m . m m -1 1 Til U/.4L In >>/i.v rtnrtL*c fi f FtTt llfl. l n Tint DfAtfAnr tnn ■ 1 UlC 

tegy will lead tu a rapid 
development expenditure 

bring the economy to a , - - -- - . . .... .. 

dynamic growth path. “It will similarly envisages continuance circumstances present a great pulses, edible oils, i 

also advance the date when the 


nt stra- is likely that the Bank's conclu- The Bank welcomes the drait not be aosorDca. 
rise of sions have emerged from discus- Plan. With large stocks of foud- did not prevent the 
e and sions with Indian officials. grains and an improved supply oF price inflation 

a more India's draft plan for 197S-S3 of foreign exchange, it says uie basic consumption Ue 5u ' n . as 


growth of the economy will, once 
again, bp resource-constrained.'’ 

The Bank forecasts that the 
trade deficit and the current 
account deficit will reach high 
levels during the second half of 
the 1978-19S3 Five Year Plan. 
“Hence, the llow of external 
assistance will once again become 
an important factor in equilibrat- 
ing savings and investment as 


Foreign aid to India could rise to a record 
level of $2.4bn when foreign exchange 
reserves are high at $5.5bn. 


dairy 

products and even tr es dur : 
ing 1977. The ca-or' nce oE 
excess supplies in sr sectors 
of the economy wi demand 
pressures m others 35 P er " 
plexed students of ' Indian 
economy; it has a * 0CUSli d 

attention of policy m. rs 0D tite 
problem of how to m ti* e best 
use of the cnhancr res0l ' rces 
during the 1978-S3 fr'ear plan 
period.” 

On industry the* 30 ^ has 


well as in balancing the external of foreign aid on a substantial opportunity for promoting the on '"diistry .the*™, < 
payments”. At present savings scale ti> meet tbe /eso*rees ea^ Indian JMBoaiy.^; "bread and sophist®* ^dus- 



Export 

pulp and paper 

BY JOHN WALKER 

SWEDISH pulp and paper ex- p aper and bowde^orix rose aft. amounted ^n 

.ports during the first three JjMg “while the SuStilE' ... 




STOCKHOLM, .May- SL ’ 


months of this year showed a d ^^u»s 0 Fpaper and hoard for -yyjth. growing deliverie s tfa n 
considerable improvement, the consumption in Sweden has meant a considerable ; rjapor 
Swedish Pulp and Paper Asso- remained at the same level as tion of .pulp stocks. This .trend 
elation sav S in their latest that achieved in the first quarter is continuing 
Monthly report. of 1977 . • quarter and is 

'.Total deliveries of pulp rose Substantial increases in rt- stock? to * ‘““Kii 
by 16 per cent to 1.09m tons ports were noted JOT end of, the first half of tMa yoar, 

and those of paper and board by paper and matetial .. -for ’ corra- The deliveries., of chepifeal 
lrper cent to P 1.32tn tons com- gated fibre board production. paper .pujp showed the 
pa^ed with the same period in The steepest to ^Swetoh rise in shipments far bl g^a d 

19717. 


Britain wins £3.5m 
banknote plant deals 


to 


Portals has won contracts 
install banknote paper making 
facilities in both India and 
Switzerland, a Financial Times 
reporter writes. The Indian deal, 
worth an initial £2jm. is to 
double output at the Hoshanga- 
bad mill. The Swiss agreement, 
incorporating British equipment 
and technology valued at film, 
is for a cylinder mould paper 
machine at Landquarl to allow 
banknote paper for the National 
Bank of Switzerland to be 
manufactured domestically. 


exports was to countries outside-. _ u | P jiite qualities. - The- damand 
i*i e production oi gaper — Europe while . trade . wg for * bleached' hardwood sgptoe 
ho aid increased during the first Sweden s two main markets. . ije : also strong during the 

miatter of this year by 33.000 ILK. and West Germany only months. -DeHvenes.aT 

tnnsTur n 4 per cent. The pro- Increased cm a minor scale anp mechanical pulp showed an Im- 
ducAm of ^wood-free printing hr^pedlnthec^ofDTOmarV pr0VBraent oE ^more than^per 
pjpcT noted a , charn unswine The deliveries of paper w ^unnp the first QQsrtoc .of 

and also in the 


noted a sharp upswing The deliveries i of paper during the first quarter . 

. case of news- board to other nimttw ^ ^ 


and Jlso in tne case ui dlmlkved' a this year, , 

print a positive trend was noted. Common Market display Chemical paper pulp exports. 


prim n uuMute un.u — — ; 7, , -j unenuctti , — r — , . 

In contrast the association says roved demand to Western -Europe increased^by 

that production of magazine reduction of 9 per -cent.- More .than 625.060 


paper and kraft paper decreased ^.Swedish pulp, ^duction^ were “delivered during 4he 


SKf-t if ^uthUe wrapping JB-T 


1 


Romania in new airliner talks 


.vllinc*'* 1 




ik’P* 


BY ADRIAN DICKS 


DUSSELDOK?. May 3L 


\ 


i- Joint Production^ pro^uune 


$ 


Aluminium study 


are marginally higher than The Plan has been stalled fur Plan responds lo this opportunity ana sophis 

investment. political reasons since the by projecting a rapid growth in trul base and tha Jfoucuon 

National Development Council, real terms of both overall invest- has increased signify in the 
When the consortium meets in 0 f v^-hicii all Chief Ministers of ment and public expenditure." last three years on tne 
Paris, it will consider the Bank s Indian stdtes are members. The Bank is impressed by the demand side, the &as neen 
recommendation that foreign aid called ror a fresh version, to be Government's strategy for the liSe m incomes a 
in 1978-i9 should he raised to considered again in November, agriculture sector. “ Rural devel- exports. But 
a record S1.2bn from member But the draft makes it clear that opment is the centrepiece of “private investoiern industry 
countries. This amount will he ^ Planning Commission also develoDment stra teg v and the has stagnated and the second 
matched by the World Bank, envisages a resources gap -to be dra ft plan allocates an increased ha,f of 1977-7S t growth in 
most of the funds comm? from fiHed by foreign aid. share of public exnenditurcs lo industrial product slackened 

its sort-loan affiliate, the Inter- The World Bank pointl3 out ^ lura , sector . The Plon ati0 again and Fell ba to the low 

national Development Associa- external assistance to India responds to the urgent need to rate ear L v 1970= 

V°?r . g 4 s - at a ,irae wfien has increased in the past three reorient the country's develop- On population ro wth — eon- 
indias foreign ex cnange reserves years, commitments rising from ment towards improving the liv- sidered India's problem 
stand at the high level of sa.ohn an average of R1.4bn a year in ing conditions of the poor. This now that the popiion is rising 
and the Government is finding 1974.73 period to an average is reflected in the principal at 2 per cent ann;ly — the bank 
it d'mciilt to put them to profit- 0 f §2.5bn a year during 1973-78. objectives: first the removal of says the momfint of the 
able use. foreign aid will come Net disbursements have in- unemployment and significant family planning -gramme has 
to the record level or S-.4bn. creased from an average of underemployment: second, an yet to be recaptu'. particularly 
This suggests that the World $S00m to an average of Sl.Sbn. appreciable rise in the standards } n northern ind since it was 
Bank thinks that the surpluses But the Bank points out that of living of the poorest sections: abandoned fblimg the 1977 
in India's trade for Ihe past the contribution of these Hows and third, the provision of basic election. Tl)c tk hopes that 
couple of years are temporary, to India's real import capability, need to the low income groups." the population ;wth rate will 
and with them the rapid rise of given world inflation, did not Though impressed by the come down tf ur id 1-1 per cent 

foreign exchange reserves which increase between the two Government's emphasis on the by the turn of t.centpry. 


Pechiney of France is studying 
the establishment of a 8150m 
aluminium smelting project in 
Sabah. Malaysia. AP-DJ reports 
from Kuala Lumpur. The project 
envisages production of billets 
and ingots. 


ROMANIA IS once again en- jui. 11, air- Romania would nave to tase run 

gaged in talks with VFW-Fokker. under which as m > * T^ u j lt responsibility for - production, 
fi.. r.nnnnn.'nmrh acrosoace craft were to nave uee > s j nracnmiihiir 


the 


group, over possible production in 


aerospace craft were lo Va.^1 acd woold presumably therefore- 

Romania and exported tp Eas- ltfi ov ^ arrange. 


of the VTSW 614. the short-haul tern Euf°Pf- 



with Rolls-Royce and 
builders of the M45H 
engine that powers the 


rescue by the West German Gov- been assume® ’^^Vnw "'The possible rev real pfRoma?, 

erninem last December. vfw fSS no Funds with nian interest .m the. aircraft is 

Herr Johann Schaffler. deputy VFW-Fokker has . S3 on not geen in West Germany as. a 
chairman of VFW-Fokker. con- which to continue production 01 ^ ^ ch^cea of the 

finned rummirs circulating here parts ff| de cIear British BAC One^leven, joint 

; .W^rSf'-S.S^b* rt- British Aerospace. - . .. 


Zairean 
general to 
be executed 


LUBUMBASKi. ZAIRE. 

May 31. 

THE FORMER GENERAL com- 
manding Zaire Government 
troops in Kolwezi has been sen- 
tenced to death for cowardice 
asainst rebels who occupied the 
niinms town two weeks ago. the 
official news asency Azap 
reported today. It said sentence 
was passed last Saturday on the 
officer after an 11-hour session 
of a military tribunal, officially 
called a "council of war.'' 

The officer, named as. General 
Tshiveka. was accused of with- 
drawing troops 3nd fleeins in the 
face of anti-Governmem rebels 


Lebanon truce threat 



BEIRUT, May 31. 


BY IHSAN HIJAZ1 

RECURRING TENSION in Sarkis the Lebanese President 
southern Lebanon is threatening and Mr. HaFez Assad, Syrian 


the fragile truce there a tier President, 
twelve people were killed in two The situation 


Israel must 
act against 
inflation’ 


Freighters for Vietnam 

ftanematsu Gosho of Japan has 
signed a S12m contract to supply 
four used freighters lo Vietnam. 
AP-DJ reports from Tokyo. 
Vietnam will use a syndicated 
Japanese bank loan to buy the 
two 10.000-dwt and two 12.000- 
dwt vessels. 


India in Dubai plan 


Gammon India has secured a 
rupees 50m contract to build 
and install a desalination plant 
in Dubai, Our Own Correspon- 
dent writes from Bombay. The 
plant is one of the Dubai Elec- 
tricity Company's main projects 
for converting sea water into 
boiler feed water. The work in- 
cludes units processing 14,01)0 
cubic metres a day. 


Allied Breweries win big 
Iran consultancy contract 


BY KENNETH boODING, INDUSTRIAL CORRESPONDENT 
ALLIED BREWERIES has won about a third of the Iranian beer 


an engineering 


technical market. 

It is already exclusively com- 

*■ . 1 _ c i-vvl 1 *1 <*ar 


SrrS^'S mlt'ted to *SE 


I" 1 llr s ‘;““ S! infe m h« "A invojyed 
is the quality control service, with pr«)- 


lechnfilocy overseas us 

basr.vass**® 

,h Thc m Tehran e brew^ry\is the SkoMs brewed 

second largest in Iran saA will ? nd T » ld brand to- 

hectolitres (roughly 90m pints) Beales of 9m hectolitres (l.6bn 
ayear. It currently accounts for pints) this year. 


Middle East’s 
. rail network 
! ‘set to expand’ 

By Our Transport Correspondent 


By L. 


AN 


in 


TEL AVIV. .May 31 
;E.\7 request to the 
southern’ Govern/wnt > cut the slate 
budsct/'»y Hon (more than 2 
l£2-3bn 

surrounding villages. leaders in their first meeting in; morem .ax^n 

The Palestine Liberation six months. ! r ?„rt of M? Ara^ 

Organisation . <PLO) whose Jr. Sarkis is : known to_ warn | jj" the Bank of 

Israel, Tibmited to the Knesset 
finance committee toda;-. 

Thes- stfps are urgent 


days of heavy shelling of the Lebanon is expected to dominate. |!othM*t Up- 
town of Nabatiyeh and seven the discussions between the two. p< - r h ., ci _ nf 

surrounding villages. leaders in their first meeting ini more ra the basis ot 


nine miles from the Israeli on the Palestinians so they stay 

border, has warned that it will out of the United Natiorw- 

retaliale if the shelling con- controlled region in southern 

tinued. A communiaue by the Lebanon. 

Palestinians said that five people Last week. Mr. Yasir Arafat, 

.. .were killed and 17 wounded in the PLO leader, issued strict; 

who invaded the town in Shaba 'heavy pounding of the town and instructions against infiltration 
province. ( neiHhbmirinq villages last night by guerrillas into the UN con- 

Mean while in Lusaka, it was | alone. Israeli gunners and their trolled zone, 
reported that Zambia's President.; Lebanese Right-wing allies have Last night Mr. .- 
Mr. Kenneth KaunUa. would fly) been 
to neighbouring Angola for talks artillery 
with President Agostinhu Ncto | on Tuesda 
next weekend. A Stale House; The 

snokesman declined in suv what i talks today between Mr. Elias vicinity continues 


inflation is mt.to get out of hand, 
he waned. The Government has 
been Jtimfing I£1.5bn 'monthly 
into ti; e:onomy in excess of 
budgeitd -.-xpenditure. and this 
has -Ireidy caused demand 
inflat m. If this trend continues. 

will rise from 



the two leaders would discuss. 
But Government sources said the 
main topic would be the recent 
fighting in southern Zaire 
More than 1.000 people, includ- 
ing some 200 Europeans, are 
reported to have died in the 
fighting which began three w eeks 
ayn when Katangese rebels in- 
vaded Zaire's Shaba province. 
The rebels were repelled by 


Fresh Rhodesia talks bid 


Japan TV sales fall 


Japan's colour television exports 
fell 12.7 per cent in April to 
264.418 sets from 302.862 in 
March and down 3S per cent 
rrcuii 422.867 in April 15b 1. 
Reuter reports from Tokyo. The 
Japan Electronic Industries 
Association said the fall was due 
main I v to reduced shipments to 
the U.S. and West European 
countries. 


Belem project move 

Jr, 30 Paulo dos Reis Yelloso, the 
Brazilian Minister of Planning, 
told a press conference that 
formal agreements on a S4bn- 
S5bn agricultural and aluminium 
project will be signed between 
Japan and Brazil next month. 
AP-DJ reports from Tokyo. The 
ventures are an aluminium 


Chinese interest in UK’s 
North Sea oil technology 


/ HONG KONG. May 31. 

CHINA is interes/ed in British Colin Wilkinson of Phillips 
m 15 mu c ' d petroleum Exploration and Mr. 

North Sea oil epp'oration and Kirkby of British Petro- 


worm oca u,. vpf M Kirkby 

extraction techno/ogy, the leader 
of a British trafle mission said Lord Glenamara said the know- 
here to-dav. / ledge pritish oilmen had amassed 

“ China has enormous oil re- during the search for Norm Sea 
serves but now needs the know- nil was now the information the 
how to exploit them." he said Chinese wanted to use m expand- 
oS return from an 11-day visit to ing their own oil exploration and 
rhina production. ... 

iS?d Glenainara. formerly Mr. Dunng the vtsSti tte mission 
Edward Short, deputy leader of met Vice-Premier Kang Stah-En 
the Labour Party, said three oil Minister in charge of State 
experts on bis mission had stayed Economic Commission, who asked 
behind in China to visit oil in- Lord - Glenamara to help 
stallations at the request of the arrange exchanges of oil techno-. 

Chinese. *° i y JS?** 1 

Lord Glenamara led a mission Loro 


A SIGNIFICANT acceleration in 
the expansion of railways in the 
Middle East is foreseen in a 
report published today by the 
Economist Intelligence. Unit. 

The report, which 'surveys the 
whole transport and shipping 
scene in the area, says there is 
still the possibility of “great 
rewards" for companies in .the 
industrialised world prepared to 
accept the risks and challenges 
of involvement in .transport ex- 
pansion in the region. 

Most of the railway building 
and improvement will, the report 
says involve conventional 
systems, although Saudi Arabia 
may possibly opt to experiment 
with the latest Japanese tech- 
nology on high-speed rail tints. 

Middle Eastern avrlroes. wWcb. 
have also showed strung fzrcVth 
rates, are expected to provide 
more work for _ industrialised 
countries, with sizeable orders 
for new aircraft over the next 

^Oo^shippins. the report pre- 
dicts that a dramatic nse in oil 
and gas exports after 1980 will 
do much to remove the surplus 
in tanker and gas earner tonn- 


_ 1 • r* *• J » 


-- \ K 


iv 7 t t £-• 

; jX iJ ^ ^ 


<-*• 


$Q. 


\i 


i. 


t - 


Glenamara said the 


.--- - . 1 organised by the* North of Eng- Chinese also expressed interest 

smeltery with an annual capacity mum-si Thp in nnnine machinery and had 


ot.Vmin'i 1 Ta'nd' Development Council. The in ironing machinery 
?ipacitv|threc men who had stayed behind u.ked lhe Development ^oui 
L'f a SOO.OOO tons Tn the suburbs I were Mr David Kemp of the to send another mission soon. 


' ii, ‘ 

There is no support for the 


plant with 
of SOO.OOC 
of Belem. 


British Gas Corporation, Dr. Reuter 


theory that Middle East coun- 
tries are likely to embark upon 
massive expansion of their fleets 
to take a large share of me 
freight involved 4n that expan- 
sion. 

The future of road haulage 
services in the region is viewed 
optimistically. Progress is being 
made, the report says, on easing 
administrative restrictions ana 
reducing transit fees; . 

.Middle East Shipping and Trans- 
port j 978-85. Economist I nteir 
licence Unit, Spence House, ■&.' 
St. James's Place,. London, 

I - SW1A IN T. £25 or 355- 


injection 
amo'Jiiis into the economy has 
already raised prices or real 
cstai.and dorable goods and will 
rest.;; in a new round of wage 
deujnds. Economists also fear 
the expansion of exports in 
rec«i months will be halted with 
the home market absorbing 
imrorts of such good* as cars 
Both 


BY MARTIN DICKSON 

BRITAIN AND the U.S. today guerrilla movement has accepted 
launch a fresh di pi on a tic effort the idea of n cunference. the 

designed to pave ihe way for a parties 10 the so-called internal 

round lable conference on Rhodesian settlement said last j am electrical appliances 
Rhodesia. but Inc mission month that such a meeting would 1 tre-tfs would reverse the 
Frenchman if Beisian paratroopers, i appears to stand little chance of be “ dimmed to faiiare." Since iumivement in the balance of 
The invasion has embittered ; success. then, there has been nothing in | trj;„ dur ing the past tw. years. 

Zaire's relations with Zambia I Mr. John Graham, a Deputy indicate any change of neart by , * yjje Israeli pound has fallen 
and Angola, with the Kinshasa , Under-Secretary at the Forvlsn the internal leaders. : b 14 per cent against me dollar 

Government of President I Office, arrives in Lusaka today Quentin Peel writes from vras floated on uetober _s 

Mobutu if-'"'' Kmii , tn iii.ini iin v,-iih Mr. Slnnhcn Johunnesburc: A new wave ofl L> vo:.r at a tentative rale of 

countries 
The 

meeting'" with President I diplomacy, will tour southern as a possible attempt to head off 1 Ltien by a further 7 per cent 



Mobutu soon after ins talks with [ Africa in an attempt to set up demonstrations timed to coincide • nice the end of April and Is now 


the Angolan leader. 
Reuter 


a round table conference. with the anniversary of 

While the Patriotic Front Soweto riots on June 16. 


the! Wag sold at I£17.51 per dollar, 
vhde banks buy at 1X17.S9. 


Burmese-Bangladesh tension increases 


BY SIMON HENDERSON 


DACCA. May 31. 


SERIOUS BORDER tensions and leaving by the Burmese army without result hut he would h-.- of the Burmese race, 
strained relations between and that joimg men and women leading another delegation t.> j| j 5 also noted that the exodus 
Bangladesh ami Burma have were being kept behind to work Rangoon on -Tune 6. He saM coincides with the announce- 
resulted from the forced exodus as forced labour. They also both sides had an agreement t-i >ie nt of the revival of political 
of thousands of Moslem refugees claim that some have been senle problems bilateral!:.- an-! activity in Bangladesh and the 
from Burma 10 Bancladc<h. Mr. murdered and many women through negotiation. His Covers, fjampaign for presidential elec- 
Tobarrak Hussein, ihe Eangla- raped. mem's line was that the refuse'.- tfons which are to be held inis 

dash Foreign Secretary, said The refugees started crossing should be allowed to retur.i. Saturday. The implication is 
here today. the frontier after the Burmese Bangladesh could not conte 1,- that Rangoon acted while it 

Some 15U.OOO refugees have so authorities began conducting a plate assimilating them, he S3 i. thought Dacca was otherwise 
far arrived, he said, adding that census. The border Arakan pro- and lo this end they were n-i; occupied, 

no country had the moral or vince has many Moslem famiites being allowed outside ihe «un-. : . rj»jj e refugees, who arc still 

political right to expel a who over the past three cen- The refugees who were mO;:'y comin g across the land and river 

minority- He said some of the tunes have moved from what is poor farmers had also expressed border at a rate of several 
refugees were driven 10 the now Bangladesh and now form a the desire to return if conditions thousand a day. are being looked 
border by gunfire and there bad large minority. When the improve. alter by a relief scheme eo- 

been some shots fired across the Burmese authorities started Observers here say the-.- ordinaled by the United Nations 
border. There were no Baogla- issuing registration cards many suspect that the Burmese A.\uv High Commissioner for 
desh casualties but in several refused to be labelled as is moving against the Moslem's Refugees. So far st3m has been 

c iscs arrnv units had to fire foreigners and it is those without now because they fear a non- committed, according to Mr. 

back in self-defence. a card who are now being Buddhist majority in ijj C Hussein, and there was no Short- 

Outlinin'* tiro latest position of expelled, according to sources area within u few ;-eurs as e water or medicine, 

the refucees. who are being kept here. and consequent insur:.'a c y But the newly arrived monsoon 

In nine camps established along The Bangladesh Foreign as they have on <>:nF*r was making living conditions 
the °00-niilc border. Mr. Hussein Secretary said talk* he had with borders. They reject the s^ggs- difficult and mass inoculations 
said* the refugees continued to the Burmese on the subject in lion that the Rangoon Gwent- were taking place against 
claim that thev were forced into the past two months had been ment is aiming for a purification cholera, smallpox and typhoid. 


Poland aims for trade balance 



ien 


BY ANTHONY ROBINSON. RECENTLY IN WARSAW 


, “aaqi 

Vbnauc 



attitude to tills 
studying the 
i. We have 
that field, but 

19S0. But future plans for the i^vvashln-wion^VjuIv’ I o'sm if p;»n or the year coupled with a membership involves a number 
expansion of coal and raw a ° niore , -anise’ financing major and continuing export or factors, including of course 

material industries m particular arrangement can be agreed in. effort. , OU m Df C0u ? ec0I1 ;K,r 

m£.n iii-i Poland cxnceis to con- he added. According tu Mr. hrask. Meanwhile there are signs that 

tinuc bi rrewing on Western The Polish authorities empha- P-.land's trade deficit dropped the more Rrajnnatic. reformist 
Slal SaSt-lH for ihe foresee- sisc lhal ihe bulk of their foreign from S3bn m 1976 to S3hn last elements within the Planning 
capiuii h Fjrst Depuly borrowinu has been directly year and is now expected to and economic structure have won 


-'Jr- 


• I'k.;-' - 


FinanS 1U Mlniltcr. ‘ Mr! Markin linked" to K invcstmcnV and"i'mport drop -further to around SI bn in tlicargument for managerial 

Krak Wd the Financial Times „f sophist Scaled plant and 1978 with balance being achieved freedom 1 for larger enterprises, 

ki an interview in Warsaw. licences. A high proportion con- cither by late 19j9 or early 1980. In effect it is a repeat pe^ 


an mie ■ n f ’ -nvcrnmcm credits and Substantial surpluses are hoped formanc-e of the 1973 reforms 

The- financial authorities arc s st* of overnment creuus anu ^ ^ 19 ^q s as p 0 ] and - s which were abandoned in 1975 


me u.u«..v. sv , D0 | ier cred its. ror in tne issos as roianas woicn were aoanaonea in vn* 

dearly 5^? ri 5 T t l r JL e s According lo Mr. Krazk. “future massive investment programme v/hen the centralisers argued 

ourable Western FTcss comm * borrowin g w jn continue for long in new mines, factories, ship- that competitive bidding for ‘ 

thc terms a^reea on same v ^ ars t0 come _ h ut at a decrcas- yards, chemicals, and energy labour and other resources was 


on 


cently sicned ug^ree- .-^“Y af " pr'p V Y ded both sides are come on stream. a major inflationary factor at the 


menu, 
have been 


about afireed.” but he added, "we do The temporary import restric- time. 


P^nri^hititv tuhear the heavy not want the West to use the tion a imposed at the start of the Now greater manai 
K “o4ir nn and repayment argument that we are too heavily yi . ar helped to cut imports by dom is to be allowed 
h 7rbirin led for the early indebted to raise the cost of 15 per cent in the first four enterprises but within the con- 
charges scheduled for tne ear* exports rose by text of enhanced powers for the 



IPSOs. 

Unofficial 


put 


There arc signs, however, that 10 per cent. This reduced the banking system which will have 
rerent Polish loans have trade deficit over this period to to try and keep the overall 



painful 


which the inosi '"‘Portani is tiic hv B an h Handlowy with a group oV imports that Poland is looking Bank of Poland is believed to 
senes uf bad harvests w nun 11a - of eJCC | UH , velj Arab banks led for its economic salvation. Funda- bo preparing to set up a special 


led to heavy imports of Western. 1>y ^ n i„ n dc Banques Arabcs ct mental structural changes, such export fund, similar to the 

mainly U.S.. grain. Francaises (UBAFl. The spread 3S Poland's conversion from forint fund set up by 

Grain and fodder imports arc or 1.125 per cent over LIBOR being an importer of cement in National Bank of Hungary. Its 

expected tu cost around S2bn in looks high compared with current the first five-year plan to being function will be to provide 


45 bn 
the 


the 1977-7S period and the Polish spreads on much larger loans to ;in exporter of 2.5m tons this finance for those schemes 

authorities made it clear at the other Coniecnn borrowers like year lie behind these hopes. promising a rapid and substan- 

start of the year that they would Hungary. When a balance is achieved, tial flow of hard currency from 

have liked the U.S. Commodity But Mr. Roman Maicsu, Presi- Poland has plans to develop the exports. 

Credit Corporation fCCC) to dent of Bank Handlowy. claims convertibility of the zloty. °ne black note, however, is 
agree lo a formal 10-ycar agree- r h at t ni s WO s an atypical loan, initially with its Comecon that the Government is now 
ment lo replace the existing being the first with an exclu- partners, to be followed by some apparently resigned to living 
three-year arrangement with the S ively Arab group and specific- form of partial convertibility until I960 with the present 
U.S. Agriculture Department ally to finance oil and phosphate with: western currencies, anomalous, food price structure, 

which expires next year. imports rather than a future although this is still a lone term which obliges the exchequer to 

The U S «ave a further S50Um export generating Investment prospect or rather indistinct Pay out more in meat subsidies 

credit Tor grain and fodder i»ur- project. . . outline at present than it spends on all the social 

chases this vcjr and U.S. Agricul- Nevertheless the authorities As for reports that Poland was services combined. By then tr 

lure Secretary Bob Berg I and. in have been sufficiently worried considering rejoining the IMF hopes that meat and fodder pro- 
Warsaw earlier this month, con- by the Western attitude lo the Mr. Krazk said that "at present duction will match demand. 




0 




Coal Board [ SOCIETY MERGERS may be key to progress 


UStry hit by EEC 


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energy row 

8jr John Lloyd 

THE NATIONAL Coal Board’s 
marketing plans- have received 
a serous setback from the in- 
ability of the Common Market 

countries' Energy Ministers to 
agree on a. proposal to subsidise 
EEC-produced- coal. 

The proposal to spend about 
£200m over three years in subt 
sidising - EEC coal— largely 
British and German— for use Jo 
power stations was regarded by 
the Coal .Board ■ as a means for 
breaking into the European 

market-. 

It estimated that it might sell 
about 5m .tonnes by lS8t Ex- 
ports last year were about 1 m 
tonnes, main! v to Europe. 

The Coal Board .'needs extra 
market for its coal, partly be- 
cause its , production is rising 
due to the incentive bonus 
scheme and partly because sales 
to the. steel industry remain 
low. In addition, its largest 
sin air customer, the electricity 
industry, will probably cut its 
order next year by as r/uch as 
5m tonnes. 


Government 

advisers 


High Street war poses dilemma 
for co-operative movement 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


Ford puts! Enterprise Board 


up car 
prices 



inquiry 


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- Bjr Philip Rawstome 

THE Civil Service Commission 
is considering whether changes 
should he made in the rules 
governing . the appointment of 
special advisers to Government 
Ministers. At present, political 
advisers can be appointed only 
as temporary civil servants for a 
period of five years. 

Several advisers to Labour 
Ministers would have to resign 
next year if.. the Labour Govern- 
ment is still in office. A Down- 
ing Street spokesman, however, 
denied reports tbat Mr. James 
Callaghan had initiated the 
inquiry into the situation. 1 

Though the- Civil Service 
department is involved in the 
inquiry the Prime Minister is, 
understood, to have made no 
proposals himself for changes 


j FINANCIAL losses in the last 
i year by two of the biggest 
j Co-operative retail societies, are 
increasing the serious concern of 
a number of the movement's 
senior executives at the trading 
position of some individual 
societies during the High Street 
prices war. 

One of the two societies, the 
'Royal Arsenal, reported a net 
loss of almost £970.000 in the 
year to January 21. 1978, on 
sales figures of almost £L24m 
and faced severe criticism from 
its shareholders. 

The second, the London Co- 
operative Society, was forced to 
sell assets, including shares in 
London Weekend Television, to 
finance a £986,000 trading loss. 
The London's turnover last year 
was up nearly S per cent lo 
£207m. (In sales terms, this 
makes It three-quarters the size 
of British Home Stores, which 
reported pre-tax profits of £27m. 
last year on sales of £274m.) 

Difficulties faced by some of 
the 206 individual societies in 
competing with private traders 
such as Tesco were raised at 
this year's Co-operative Congress 
in Scarborough, which ended 
yesterday. 

The feeling is that unless the 
performance of these societies 
improves, the Co-operative 
Retail Services — traditionally the 
society which takes over others 
i in trouble — could find itself with 
[too much on its plate. 

With profits under pressure 
the price war among grocers, 
[and the increasing need for 
capital lo build the really big 
supermarkets, there seemed at 
Scarborough to be slightly less 
resistance to the idea of change 
than there has been for several 
years. 

Two societies irr the South 
Midlands, for example, are to 
merge to form a new single 
society with annual sales of well 
over £30m— a deal which may 
be followed by others among the 


traditionally fiercely independent Co-op was part of working-class This would have been along 
retail societies. life. the lines recommended by the 

The figures show that the These two questions, as several regional plan. But the discus- 
movement failed last year to speakers pointed out. arc inter- sions apparently foundered on 

sustain the improvement in mar- related, because without profit the question of what the new 

ket share which it had achieved there is no money -to finance the society should be called 
in the previous three years. Its movement's wider objectives. Enfield apparently- insisted on 
share of total trade fell frac- Resistance to change still re- theinclusionofthe\vord“high- 
‘"SSh." *I- per , » mains extremely strong in spite way” so Luton turned instead 

tL r!' r « of th ? murmuri °gs about the to Northampton, which under 

“ eed f ° r larger societies ‘ the re S ional P^a ^ of an- 

wMe variations inwrioraanS Thc central executive has other regional S roup. 

Some KSvHubI soSeties Uke ,on S favoured a grand regional Z he I s - theref °re a good 

the NoJ^MidlSnd did well but P lan which would reduct a ? d a bad ?“* from ^ P oim 
otberohTve 1 !2u *U&ntLZ* « «?«»* Julies to J^v.ew of advocates of the 

Such worries are not new in rf_ J!i _**!$ iff* i bre ? y eai ^ fi ^ * 

thp movement, whose autono - | ® number of mergers has fal- On the ^.ood side, the merger 

m ous societies are ultimately ^ tncKie. has nol come about ihrougft 

controlled by its members. But TaUcs get hung up on points weakness— though bivrii societies; 
the emergence of superstores — which in other organisations must have come under pressure 
each costing several million seem inconsequential, from the price war — and tbei 

pounds — as an important feature Luton Society, which is now idea seems to he lo enable the | 
of the grocery market, has mcr E e with Northampton to larger group to build the kind; 

meant that societies need" more £ on ? 1 a Dew South Midlands of jarge modern stores it needs : 

capita] than they can sometimes Society, was previously in mer- if it is to compete effectively, 
raise on their own. ser Jal^s with Enfield Highway, with groups like Tesco. 

Societies, even some of : the _ 

larger ones, have been criticised 

Allied Breweries workers 

^A n eir T^u nd ha,e iun given details of changes 

S ^K IS J 10111 DETAILS OF the major reorgani- division, who was appointed after 
inifUttaL “ton of Allied Breweries’ beer the departure of Dr. Kilkenny, 

mitiatives by the Coops govern- division — which led to the has tnld employees there will be 

The rnneress alsn demon ^enation from the Board of no enforced redundancies or loss 

-2?*- a Dr. Bernard Kilkenny in January of terms and conditions. 

3Si ed J he tC 1 S,“o',SSS^hl?h - ha,e now been S iven 10 “> e So far - "» talks have been 
mSke IMinmiSle^o JudeTlt u involved. started with the unions, but it 

hS? anotha? ?uoMmariS? ctouo - 11,6 plan sp,lts the beer divi_ mu s l assumed that Allied will 

fiehtiM tt fiTr ^ hoSewif e? S10 ° , “ t0 11 .separate companies, be hoping to cut employment 

nnrS^ S f0r ^ noijsewues becoming an independent within the division bv way of 

P In mite nf the concenAn some profit c , entre - In some of the voluntary redundancies and 

companies, the sales and admi- natural wastage. 
t£ rt ^ii»^£»w d wn!f Sr mnrp Bl * trat,on side will be merged Many of the names used for 

brew i°S and distribution, the new companies are already 
S STS? The companies will be given in use by Allied-such as Lnd 

«WT aamcult questiqn of how stronger management teams and Coope, ellev and Ansells— and 
best to preserve tin e movements “ hand-picked men will be drafted the reorganisation marks the re- 
s octal purpose in a world very m to look after the finance and appearance or Tetley Walker, 
different and much more affluent personnel functions.” which will be the company 

than it was when me Rochdale Mr. Douglas Strachan. new operating in the North of 
pioneers started it Jail and the managing director of the beer England. 


BY KENNETH GOODING 


by 3.8% 


BY STUART ALEXANDER 

FORD began a new round of 
car price increases yesterday 
when it announced rises aver- 
aging 3.8 per cent, with effect 
from midnight last night This 
is the first Ford rise since 
January 7 this year, when 
prices went up an average of 
4.8 per cent, and hopes con- 
tinue (hat the spiral of rises 
every 9U days has now been 
broken. 

No other ear manufacturer 
followed suit immediately but 
it is known that British 
Ley land has a round of 
increases in the pipeline and 
these arc likely lo become 
effective within four to six 
weeks. 

Vauxhall and Chrysler are 
bolding off for the time being 
but it is unlikely they will be 
able to maintain their prices 
beyond the end of July. 
Yauxhail last raised prices on 
January 1 as did Chrysler, with 
the exception of Sunbeams anti 
Alpines, which went up on 
April 1. 

Ford can afford to be first lo 
put up its prices as it is taking 
over 30 per cent of the UK 
market and, in the Cortina, has 
Britain's best-selling car. It has 
avoided discounting and Ford 
dealers should be making 
healthy profits. 

It blames the rises on 
increased costs of raw 
materials, components and 
services. 

Examples of some of the 
new prices, with the old 
prices in brackets, are Escort 
Popular 1100 two-door £2.205.36 
(£2,122.58), Fiesta 1100L 
£2,611 (£2.538). Cortina 160OL 
£3342 (£3,120). Granada 

2800 (iL automatic £6,143 
(£54)12). 


BY MAX WILKINSON 

THE National Enterprise Board 
was accused yesterday of grossly 
under-estimating the cost of its 
plan to set up a new semi- 
conductor plant in the UR'. 

Mr. Jack Aker man, managing 
director of Milliard, the Philips 
subsidiary, and chairman of the 
National Economic Development 
Organisation sub-committee for 
the industry, said the board's 
calculations appeared to be 
adrift by at least a factor of 10. 

He said international studies 
showed that some £500m would 
be needed to set up a viable 
semiconductor company com- 
peting in the market for world 
standard products like computer 
memories and micro computers. 
However, it appeared that the 
Enterprise Board believed it 
could be done for £S0m or less. 

Mr. Akerman added: “The 
amount it is reported they are 
prepared to spend will not buy 
much more than a do-it-yourself 
kit for semi-conductor manufac- 
ture. It is totally inadequate to 
compete in a field where tech- 
nology is highly complex and 
changing all the time." 

Philips had invested around 
£500m in semi-conductor' manu- 
facture. including the purchase 
of a US. company. Signetics, he 
said. Other multinationals w-ith 
experience in the electronic mar- 
kets had invested at about the 
same rate. 


Experience 


The French and Japanese Gov- 
ernments both understood that 
expenditure running into hun- 
dreds of millions of pounds was 
I needed to keep pace with 
research and development and 
manufacturing techniques, as 
well as to gain experience in u 
highly competitive world market. 

“You can easily lose £10m a 
year on a single product. Then, 
as soon as you start to design a 
new product, you find that half 
your equipment is out of date,'* 
Mr. Akerman said. 


He was astonished that ihe 
Enterprise Board should have 
gone ahead with its plan to form 
a new company without consult- 
ing anv of the industry repre- 
sentatives on thc NEDO sector 
working parry for the industry. 

“ I am chairman of ihe sub- 
committee for active components 
which is supposed to be working 
out an industrial strategy for the 
UK semi-conductor industry. 
Our report will he delivered to 
the Government shortly, and we 
suddenly find the Enterprise 
Board is doing something com- 
pletely different.” 

The working party will 
endorse the Department of In- 
dustry view that the setting tip 
nf a “main line” semi-conductur 
company in the UK would cost 
about £500m ami prove ton ex- 
pensive for the UK to consider 
on its own. 

Advisers tn the French and 
German Governments and Euro- 
pean Commission officials have 
also concluded that a head-on 
challenge to U.S. or Japanese 
semi-conductor companies would 
be very risky for any single 
European ununrty and perhaps 
prohibitively expensive. 

The German Government is 
contributing £75m to a four-year 
Investment programme uf 
around £I50m up to this year 
centred on aid to Siemens. How- 
ever, the Germans have so far 
concentrated on special purpose 
circuits rather than world 
markets Cor standard products. 

French Government support 
for its industry is said to depend 
upon plans for a partnership 
with a major U.S. company, 
possibly Mostek. 

Siemens, in Germany, and the 
General Electric Company, in 
the UK also believe that acqui- 
sition of a U.S company or a 
partnership with one of the 
leaders of the industry may he 
the best way to enter the U.S. 
and the world markets. 


©NEWS ANALYSIS — CAR LEASING / 

Tax battle looks imminent 

I 

BY DAVID FREUD 

THE Intend Revenue indicated offering schemes with this owner- treated In the same way as any 
dearly for the first time this ship provision. However, the other equipment under the 
week' that it plans to move Revenue has given firm indica- capital allowance provisions of 
: strongly against what it considers tions that It intends to disallow the 1971 Finance Act 
1 tax abuses by some members of the tax ciaimsV when they are This meant that a lessor of a 
jtbe mushrooming-; car. leasing . eventually madeq.'- ■ ’ ‘ car could', claim full tax relief in 

industry.'- V. ' ... Three elements have come a Jingle /year against his pur- 

• ’ Haroid-.^eiry, , a main .Ford . together to caustf . the present- effase: rather than spreading the 
dealef^fgrealed thiat the Revenue clash. rdief oVer four years, as berore. 

r was ppppsii^ the 1977 tax relief First, two decisions by. Special The decision doubled the tax 
claimed qn^-Si leasing activities. Tax Commissioners in 1975 advantage of leasing. As before. 

Although, 1 ' the exact grounds changed the tar status of leasing rentals on leased cars were fully 
for th'e.opp^sition have not been . cars, making the practice vastly tax deductive for companies, 
disclosed . bv 'either, side, if is more attractive. and deductions for a purchased 

km>yirEL i .rthat . the Revenue has This,, combined wjtb the looser vehicle ; were Astill spread over 
-become increasingly dissatisfied credit controls introduced last four years. \ 
with-&ome'6f^the uses which have July, has 1 fuelled" an incredible . Additionally, tyie lessor gained 
been, made .of the favourable tax upsurge, in car leasing. The a 100 per cenL tax write down, 
status. value of the business' was csti- the benefit of wbich he could 

It ha? no ^objection to. leasing mated- at £6rn. In 1976; £5 9m. in pass on to the lessee If be had 
arrangements by' car hire com- 1977; and this year there are sufficient profits to set the 
panies, biutus more sceptical of projections of total activity in allowances on against. This 
cases iii which companies supply the region of £200m. requirement explains the fact 

leased ears to their employees Finally, the Inland Revenue lb at . ™e leasing industry is 
and directors. - seems in the last few years to dominated by the big cleanne- 

And .the. Revenue heller*” that haved adopted a much more, banks and their subsidiaries. 
cuTTem'‘Iegl5lati oiT'alread y rules vigorous attitude to tlx their reliable profits, 

out" favourable tax treatment avoidance. schemes to- wirioi the 

where the "car ends "up in the The special commissioners’ objects go a stege 

hands of the employee or director decisions in favour of Godfrisy further after the leasing period, 
after the .Teasing period. . • Davis ..and Ford Credit in July winch is normally two years. 

Several companies have been 1975 meant that cars could be Clearly vehicle cannot be 

■ • , -t — ; — : — * : — tt sold direct to the company which 

y , •- ! ' . is the leasing customer, since this 

- | • X'7-.y - " .. . V ■ would transform the transaction 

’’ Into hire .purchase and remove 
mfff the tax advantages. 

»» Instead Ihe car is sold under 
: the schemes to the executive of 
: the company at a value far below 
its real worth in the second-hand 
market — typically at about 10 
V A1F1’ ^ P« cent of the original capital 

When ifs a question ; "£^. » 

— . .. ,T1 f* . -| * looks as if it is preparing to put 

of aiievvrlanduaqe-fasH 

__ •- _ ,y , , r ? present legislation. 

For- one hUMredyeaiS the Berlitz method. OI First, at may deny the company 

laz^iage tuinotthas been teaching the world to ;= 

. . speaks Quiekhc efficiently and enioyably. You ? secondly there are signs that 
leamjustlikeyouleam ‘ Sfaer^^^LoSt m *§51 

• tST™, bit at ae tea, 

■ •' jri fo itTnffibiL piOVC to. you that It WOIKS. cmnpany itself. It could do this 

either by obliging it to bring the 
fmU open market value of the 
; car on sale into its calculations 
of capita] allowances, or if the 
ragreements always lead to sales 
QnPnlC to executives, it may argue that 

jfJCUN. ■ the .ear is not a capital asset bwt 

1 '- . .-v.LQSDmui^Sb^a Gt6wwi»-6S62sra )HflNCHHSTii?06i:2?8^v . stock in trade and does not 

^ A334^i£EDS 0532 3»$/7 edwsjrgh 031 ^'£77 fthcrefore, qualify for first-year 

■ jt " • . • ' ' v. ' ' - j . . - ••••'■• • aUowances. 



igi 



Overseas Containers Limited was formed by four 
famous British shipping lines to concentrate centuries of 
experience in maritime trading into a modern system of 
cargo transportation. 

Today, nine years after operations started and well over 
a million container loads later, OCL has invested over £500 
million in a fleet of purpose-built containerships, containers, 
terminals, hardware and equipment and, most of all, people. 

With a route network now linking four continents, OCL 
has become Europe's biggest container transport operator 


and a world leader in international trade, and in the process 
is helping to shape the patterns of world-wide distribution. 

Serving over 40 major ports, the OCL Group, its 
subsidiaries and agents, provide rapid, efficient and total 
transportation of containerised export and import goods, 
door-to-door, between virtually any locations throughout 
Western Europe and Australia, New Zealand, the Far East, 
South East Asia and South Africa. 

And that is only the beginning. 


of a nev^ language-fast! 


^Bjoigiiage fuiiioixltas been teaching the world to 
• . • .• spe^k Quickly efficiently and enjoyably. You 

leamjustli&eyou learned your mother tongue- 




! ; ' you that it •works. 


BERLITZ 


! i jecjehing ihe world to speak. 

\ ■ P?&fl)OTi»6S625E? WANCHESTTR06];Z283^r 
i • V 1 v ;'^tfg^0216Ca33-).[£ro EDWBUffiH 031-22ti^'677 











Financial Times r| fliurKlay : ^U^£ i ‘-iSR#' 


HOME NEWS 


- --~TV.r fjPj-T- 


De Beers 
cuts gem 
surcharge 
to 15% 


JUDGE URGES HOME SECRETARY TO DEPORT ‘HUNGARIAN CIRCLE' 

Five jailed for bank drafts swindle 

. , * i, nrr , in Hi, mania, case was so grave that it must Great skill had been 'Used to 

JAIL SENTENCES ranging £15.000 prosecution costs and the Argentinian „hiain- he dealt with on the basis of its ensure that the forgeries would 

between 41 and 14 years were question of his defence costs was who rave led inc * or au gravity rather than the interests be of a quality that made detec- 

1 imposed at the Old Baily yesler- referred to 4he Legal Aid jng s^naiures nn ' uld 0 ( the individual. tion well-nigh impossible, 

day on five members of the Commission. araits wniui * 4 , He believed it was of such He also took into account the 

“Hungarian Circle.' 1 who tried to Francisco Fiocca. 48. of West- ' a i«r copj. w.is j.mto i •- inlrinsic gravity mat the offences fart that many articles, from pass- 
swindle banks out of millions of bourne Gardens. Paddington, a - " L,~ -Li „□ £500 proved could have caused a great ports to travellers cheques, 

dollars with forged bank drafts, master forger, was jailed fur u ‘ ^ deal of potential damage to the stamps from embassies and other 

Judso Gerald Hines sa-id he ei 8 ht >' ears for his partin two deience co. ts. f community. H e had to have items, had been stolen in various 

intended to recommend that all conspiracies, and ordered to pay , ^" rd t * h "- eOTe regard primarily to the public parts of the world to enable the 



in response to 
Eleni V criticism 


BY PAUL TAYLOR, WDUSTRIAL.STAfT . • • _ 

THE RESULTS of two internal .Ijie. secondv. report ior/'Mr, 


po b 


BY PAUL CHEESERIGHT 


Judge Gerald Hines, said he eight years for his part in two • fnr community. He had to have items, had been stolen in vanous ^ requested bj the Caflaghan, M due to' be corn- 

intended to recommend that all “ n ^ rac,es - a P. d ordered to pay Snihc ' case feprd primarily to the Public parts of the world to enable the Jg 1 ^J t0 ^ Depart- pfeted by July 1 and Will make 

“ - xr -sfis smts and up sirBii" detemna “ of cm. 

P xx -s f!K „fe ifSa-iW “525*5* ft «w-**T* - - ■ 


i morrow umui ± ***■» , , *L flV . 

» ggZ-SmF- SSHkSS SSSsSSF ISSEESff 


that C.run- 
ed, but in 


V future' : handling ■ 


in deciding tne maximum retd s part was limited, but in JTT, j"" tn ^ made, emergencies.' 

ft1SSL f "*K .rzsss'L.'a 'S3, 


pollution 


iMPSJMSM: K-Es*;! sw-tit Ul rj^siss'&«To“«i« ""‘L escluaed thB possi . of&Jsr&arpspsi 

oZ S e on e ™_ ot.no; .. its “* •!“' *L 2!"* *£££!■ ft’V.S !»*«*» S»« this S£ Ml. Xtty . «»**-<* «. that B^^"*?*** «u 


for such 
murder. 


■- A very' serious aspect of the. 
case was the offences under the 


next London sale would he cut the question whether they should TJ vnpr u»i (> 
to 15 per cent. be sent out . nF .^ e country as XiyperDOle 


Although', publication. oF/fbe 


. .. _ soon as possible." he said. 

The ttrsanisation controls the Tb heavi ; Mt sentence was im- 
flow of about i>5 per cent of the nn . nn Uonr .. nh . r |.. rf . 


Two men were jailed for six nu 


finu, r»r 'ihnut S5 uer cent ot tne — — ,, — ■ . , .. years. They were Andre Biro, -- ----- T meumuauu mai auu uie mm ‘"■r*" 1 uut „«,msu »-vu» -ut 

world’s rough gem stones on to ¥h, r pndon n Road b Nottjn- r H?iV 5 “' of Rossl * vn HiI1 - Hampstead. which ha* Robber >' case in which there was a Wholseale abuse of the Act in 

Hie world market and holds 10 ?/, C ] ar I end ? n Roj d. Nottmg Hill. descr}bed ^ tbe auur iermasier »Jd: This is J case whicn nas qu|tp vicious brutality. order to travel freely without 


being readily traced. 


den co to justify the -jrcgjn. ^rds^n SSI aod^the Tr^S «£3t ^ t o!l patches and P^vent 

Passing sentence. Judce H«nds Robbery case in which tbere was a wholseale abuse of the Act in further coastal pollution. . Jocal_^opte the 

said: " This is a case has qllit v j Cious brutality. order to travel freely without Sonar surveys of the wreck. ,HSVS^ of the 

lasted a subsiantial time and being readily traced. completed j-esterday. showed that 2<May Eieni V . wt « r * 

about which — I do nnl tninK anj- Fvfrpmp carp was an abuse of the very jt is still basically intact and Yesterday, the Department of 

one would dispute — there i* v existence of passports and such lying 110 ft below the surface. Trade said a IogDn,the Eleni V 

great gravity. "This case. I think, misses documents to facilitate the fraud However, the Department of would be published next week. 

He said comment had been that, though perhaps not by a which was the subject of a Trade says it does not consider Both the Departmens of Trade 

made in the Press ancl elsewhere very great margin.” Notable in separate conspiracy. the wreck to be a shipping and Envirohmeht are . preparing 

about ihe case hut, as the Judge, the present case was the absence In the judge's view, the pass- hazard. -• advice for local authorities and 


sale* n vear Tor about 300 1 West London, said during the and South American controller lasted a substantial time and - • b ei ng rea dily traced, 

selected clients. trial to have been a man or many in lhe Hungarian Circle, ami about which— I do nnl think anj- Ejrtrgjnp It was an abuse of the vi 

Thn np it* itfarrh 1 identities and a master of Enji]l . Fleischmann. 0 r Ladbroke one would disputo-therc w JCdA « c,n « existence of passports and s< 

The surcharge ** ,f *“* p 5!| disguise. Mews. Notiing Hill, a stateless great gravity. "This case. I think, misses documents to facilitate the frs 

ncr cent aiitsmosnrecentsai? ] He was described by the judge Hungarian born in Budapest, He said comment had been that, though perhaps not by a whicB was the subject of 
fn May as the central and major mem- who also assumed many idenli- made in the Press and elsewhere very great margin.” Notable in separate conspiracy. 


M 3 ' , , , her of the organisation and ties as he helped Oberlander to about lhe case hut, as the Judse. the present case was the absence In ^he judge s view, the pass- hazard. -• advice for local authorities and 

The policy of levying an extra 1 0 . « pa forsed bank draFts. he felt he must den! with the of violence For which credit port fraud was equal in gravity The first of the two inquiries individuals on compensation 

charge on a flexible basis was jailed for » total or w ywrs con w ordered fact-; as they hud been estab- would be given. to Ufe conspiracy to defraud “st ot tne two inquiries dalms The Tride Department 

adopted in March in a bid to ^ rren£ ° n cacb ° f ^ “f 1 to pay £2,500 prosecution costs ushed in court. The frauds were Planned and banks-. He- rejected a defence ls a pureiy rou tine reponpre- hair already annotmeed it will be 

quell speculative trading in spiracj OTar^es. tie as and not more than £5 000 defence in deciding the future of the earned out with extreme care submission that these offences pared by Department officers submitting a £2m bill for anti- 
rough stones. finca on , e “ ' ^ * C0S Ls. five men and the question of and the profusion of forged docu- were not intended to harm after any major incident. Such pollution measures undet: the 


f » n(11l sriM individuals on compensation 

if the two inquiries daim5 _ The Tritde Department 

routine report pre- baa 1 already ahnotthced it Will be 


— C-Jtjnnn nn p,fh .harnp and not more Ulan lO.UUU in deciding IULU>S '■ l,v «"‘5U uui Willi muiiub «.mc suuuumiuu Widi U 1 C 3 C uucum . a ■ — — 

rough stones. TT nV,-- 0 ”,-. 6 m “. nlh , E ‘ jn ’ costs five men and the question of and the profusion of forged docu- were not intended to harm after any major incident. Such pollution measures undet: the 

Stockpiles crew in main dia- " J r 1 an extra i- luonuia r f , . -- . Q r deportation, the judge said he merits was of considerable Britaid hut intended for fraud a report was already underway terms of industry-based and 

ond cutting centres. particu-! de , r ? u,t &f P“ yraent ’ , r-i BnlS 10 * nsiurillaed had first to consider whether the variety, the judge said. in countries abroad. over the Amoco Cadiz disaster. international clamas provisions. 


mond cutting centres. particu-S 
iarly Israel, and stones were 
changing hands at a premium 
nf up la 100 per cent on the 
organisation's list price. 

The progressive reduction of 
the surcharge indicates that the; 
level nf speculative trading has 
lessened, and that the rough 
diamond market has returned to 
conditions approaciring nor- 
mality. 

De Beers said that the alloca- 
tion of stones to clients would 
be virtually normal in relation 
to their demands. 


He was also ordered to pay Clarendon Road, a naturalised had 


More tourists stay 
in London hotels 


BY SUE CAMERON 


Slowdown 
of profits 
in May 


Co mmis sion acts on sale 
of cheap imported steel 


Powell 

warning 


BY ROY HODSON 


xo uieir aemanas. MORE TOURISTS stayed in decline over the last few years rPOOi ftS 

. London hotels last year than ever in the number of guests going * A IN NEW moves to chec 

Deprived before, according to a survey for holidays to seaside hotels Financia , Tim „ Rep0 rter of cheap imported ste 

_ carried out for the English charging under £b.50 a night Tor British and European n 

Thi* gives little clue as to Tourist Board and published bed and breakfast. TAXABLE profits in the 212 the European Commissi 

whether the amount at the sale, yesterday. Average occupancy in seaside industrial company reports and taken action against 

starting next Tuesday, will be urv _ v based on monthlv hotels went down from 39 P c «" < accounts received during May Germany and Australia. 

; through- cent in 1976 to 36 per cent lai lhoweU the smallest percentage Bnth counlrles are all 

Ma>, hut suggests tnat clients s England showed that an l'«r. increase on the comparable year- have been selling their ; 

will not be deprived of stock as ver CB “ of 6 g oer CPnt 0 f be( j s Hotels in big towns and more ag0 fibres since raid-1976. below the import prices 

some were in April. 8 Qf f00n)S Jn lq,,. expensive seaside hotels have The' rise of 7.4 per cent com- the EEC Davignon Plan. 

Over the last two months. don bot ei s were 0CCU pied during h c«?n able to maintain or increase paros w ah the previous mooth’s The commission has im 
premiums offered on stones in 1977 the numbers of their guests. 15 g per cen t increase. Some of definitive anti-dumping 1 

lhe secondary market dropped i n ‘ 1976 the figure for beds partly because or conference the b i« ser companies acting as some types of zinc-coate 

markedly. Some goods have necuuied was 57 per cent and trade. a drag oo the overall performance and plate From East Gen 

been selling at prices of 10-15 in -1975 was ll0 j v 51 per cent. Figures for the regions showed included Dunlop Holdings and Such duties are alre 

per cent under the level of the Durin* last year, seasonal there was a drop in occupancy c uest Keen which showed res- force against some oth< 

De Beers list price, plus the 25 occupancy rates for beds in Lon- in lbe ^onh. pective falls of 29 and ly per German steel products, 

per cent surcharge obtaining in don bo tek varied from 83 per This was particularly marked cpnt The move is seen as an 

May. ..pnt in j.Hv to 46 oer cent in in the North West, where figures 0n lhc othe r hand. Richard ant development in Com 


on 


power 


By Rupert Cornwell, Lobby Staff 


London hotels last year than ever in the number of guests going a IN NEW moves to check sales for re-rolling, will be extended. The British Steel Corporation 

before, according to a survey for holidays to seaside hotels F inJinc iai Times Reporter of cheap imported steel into A feature of the commission's and the private sector steel- 

carried out for the English charging under £6-50 a night for British and European markets, measures against steel imports makers belonging to the British • 

le clue as to Tourist Board and published bed and breakfast. TAXABLE profits in the 212 the European Commission has is that the rate of duty is Independent Steel Producers* 

int at the sale. yes t er day. Average occupancy in seaside industrial company reports and tafceo action against East variable. Associticra say that the import |#if 7* VI 

?sday. will be urvev base( j on monthlv hotels went down from 39 per , aCCO uhts received during May Germany and Australia. restrictions are broadly having 

•f e /h?t rSnu fibres from 420 hotels through- cent in 1976 io 36 per cent lasij sh0 wed the smallest percentage Both countries are alleged to Arrangements intended effect B Rupert Cornwell, Lobby Staff 

. J , clients ® Fnpland showed that an year* increase on the comparable year- have been selling their Steel at ° «srapl nriwK hive hardened in 

ed of stock as ™ of & Pe? cent of beds Hotels in big towns and more aR0 flquri!S sin cc raid-1976. below the import prices set by It can he reduced to the f JJ" Etiope frSm th? DIRECT ELECTIONS to Earn™ 

rd ‘ w 75 oer rent of rooms In iTn- expensive seaside hotels have ' xhe ' rlse 0 r 7.4 per cent com- the EEC Davignon Plan. extent that the importer satisfies an “ |®Ss of S? vear ^ 

two months. don bot 5i s W ere occupied during h cen able to maintain or increase paros w ith the previous tnoDth’s The commission bas imposed a European customs that the P . . . ■' ' ^ 

on stones in ““ P the numbers of their guests. Jgg per cent increase. Some of definitive anti-dumping duty on import price is lower than the Although trade is still bad com- of the end 

arket drooped i n ' 197R the fieure for beds partly because or conference the higger companies acting as some types of zinc-coated sheet basic price because of the pared with the levels before 1975, hood, ana ^wouip Teduce^. the 

goods have 0 cc[l ui edwas57Der cent and trade. a drag on the overall performance and plate from East Germ any. inferior quality of the goods. British producers now believe status of the ‘co^wthidtiie 

irices of 10-15 ? 7975 it was rt niv*51 per cent. Figures for the regions showed j nc i U ded Dunlop Holdings and Such duties are already in otber steel -producing coun- 4j at the Government and ffinc W Mr 

le level of the n ..vincr l-,cr V- m r cr-^<nnnl there was a drop in occupancy Guest Keen which showed res- force against some other East trips nnmerf in recent eeg anti- tbe commission -are determined [Midlan^ i Mr. 


0 TOOLS 

sier to cut to 


Enoch Powell said last night 


Stones have also been coming December. r—. 

back on to the market from The total number of overseas 100 

Israel viritnre to London was 7 Sni in 1976 t0 53 percent in 1977. 

Demand for polished diamond* 3^ of^British fii^e ^wdeT ffi 1 yea^wS 

2lj£«K. remained constant ^ 

stage of manufacture— has been dl of wight. 

quiet but firm. In other parts of lhc country. The London Tourist Board said , n . 

The organisation s flexible the ® cc “f a .i2 that it was pleased with the re- 

policy makes predictions about remained^ static: cheaper .easide sultg Qf tbc survey because it 
future pricing difficult. But it hote 's ef b ® dl \ suggested that the spare hotel 

i* believed in the industry that was balanced by an upturn in capa clty of previous years was 25. 

the 15 per cent surcharge may J he business done by hotels in be j Qg util bed. The aim now 

be the last, and that the organi- * ar 8 er towns. would be to achieve a more even + 

salion will raise its list price to The survey, carried out by spread of hotel guests throughout 

meet lhe surcharge level within A. C. Nielsen, shows a steady the year. u 

the next few weeks. 1 ~ 


unrestrained cheap imports. The Ulster Unionist MP fort 

The latest issue to be raised -South Down, returning to hiifl 
with the Government by British favourite anti-Market theme, 
steelmakers is the sales of cheap argued that as a result of EEC 


PRETAX 
PROFITS 
>j e 


steel imports into EEC markets _ , > _ . steelmakers is tbe sales of cheap tbat-as a result of EEC 

from the Comecon nations. Etienne ^Davigiion, j ta || aa slee i | nt0 Britain by the naembershlp,. Britain had already 

In its action against Australian the Industry Coram isioner, who Italian compin ies, K« the power to run its own 

trading, the EEC has decided devised a plan for protecting the ^ ^ B re5C i at1 ',. trade policy, its own fisheries 

against a definitive anti-dumping European steel industry and ■ policy, and its own agricultural 

^Gty allowing it a breathing, space to Talks arc in progress between p 0 u C y! 

Instead. provisional anti- stabilise, has secured trilateral the Government and the commit Britain’s existence as a “col- 


| dimming duties already imposed steel trading arrangements 'for sion in Brussels towards timiting ]ecUve entity” was now. the 
ion iron and steel coils from the Community with EFT fii mem- this-- trade, etther by EEC action^ central point at issue. 

. . - _ . .. . . rr J 1 a. h .6 " 1 tinil'T^np'i Pmf ten mDVA «w* n vr - _ 1. 1 4 t. . rv. j.1 u _ 


% n 


Australia, exported to Europe here and other countries. 


or by. a unilateral British move. 


DIVIDENDS 


Enterprise Board assets 
‘should go to industry’ 


BY MICHAEL BLANDEN 


t V ££:- 


JL lililiL. C U A Co.sUin stood out With a 55 per 

Should 20 IO industry «nt prom gain, and others con- 

j gVF UlUUaUJ nected wjlh ^ building indus- - • ' ' 

flPPnS BY MICHAEL BLANDEN try which made good progress "A 

, included AP Cement, up 30 per fl§i • Hmjp m 

A DRAMATIC reduction in the abolished, exposing the eslab- cenL and Ready Mixed Concrete. 

OirlllOoFmn* amount of Government interven- lished companies in industries up 23 per cent, while Hawker B§ 

CUIlvailUIl tion in industry is proposed in such as pharmaceuticals anil Siddelev. with a gain of 30 per M M 

a new Hobart Paper published computers to active competition cent, and Delta Metal. 221 per ^ -JPPK1&.. 

„ by the Institute of Economic from new and smaller companies. cent> W ere also prominent. -X. .■ .. 

OH insurance «**■ • Allowing competition against Dividend costs m the May T 1 W.W^-% 

v*i laikiua huv v The paper puts forward radical the nationalised industries and reports showed a rise of IS* per .1 “ 

Bv Eric Short proposals, including removal of enforcing financial discipline cent on tJ ic previous year. This ^ i 

1 the monopoly positions of the would lead to more rapid | j S be i ow the 26.6 per cent rise mtSr -r v 

INSURANCE COMPANIES nationalised industries, abandon- closures of inefficient steel works | April reports l>ut slightly A 

needed to do more to educate the i^S the attempt to sign planning and coal pits, and the postal sidei better than the first-quarter ^ 

public about insurance matters agreements with Industnr. and of the Post Office would contract increase of j 6 .3 pC r cent. t ^ fi gHBBMW fi 

and to tell them the facts about ft* assets of the National —though its telecommunications llijflHHEli 

life assurance, especially its Enterprise Board back to private ^^uldvpand 

iehi(>v<Miipnt« tfr ir.o industry. • Abandoning government in- 

Shap "Jn Pra l ^ nr ' he Written by Prof. S. C. Little- quiries into controversies about T^y pv_pHitnr HHA 

n r n .r child of the University of Bir- planning permission does not 1 X “ tX-eUIlUl 

® ?nnrfr I'SSSiw ^ mingham. the paper provides a necessarily mean that external . 

a seminar m London >eslerda>. cr j tique 0 f present UK economic issues such as the environment \ Wine Q 111 C(1<1 1 Mr ’ Tony Bo - vt,cn (ccl 

Life insurance had much of i thinking and policy from tbe would be ignored. w the Lord Mayor of Lon 

which lu be proud in its opera-i point of view nf the Austrian Private property rights should . THE ROYAL Television Society (rig 

linns. It was one of Lhe more | school of economists, whose main lie better defined and enforced j has awarded its 197S Gold Medal 

successful or British " indus- 1 spokesman recently has been so that these less tangible goods' to Sir Geoffrey Cox. pioneer ' 

tries.*" Yet like a Jot of other 1 Prof. Hnyek. could be transacted in the [editor of 1TN and creator of 

hndies. it was condemned un-' Prof. Littlechitd concludes that market. -Nows at Ten. This medal is „ 7 : M 

justly simply through lack of," the present extent of Govern- 9 To abandon the attempt to I awarded each year for good cun- \jl3SS20W tYJII 
understanding. ment intervention cannot be sign planning agreements would j tributions to television. i 

Up ..nn-idoi-PH ihnt if oi-orvr.no \ j ,,sl,n,c fi «f lhc aim is to viicnur- remove a potential hindrance, Sir Geoffrey resigned his leic- : vaoht raPP 

inderiS d ^ bSter Ih-r ' ft°i« ? sc an efficient, responsive and from the larger companies, and, vision directorships last .sear to; 01 } aClll idU? 

- n!i L« \ 1 J-LJT rocroasmglv wealthy economy.” io sell back the assets of the. become spokesman f., r the inde- „ 



Mr. PoweU told the Federation 
of Sussex Industries that even if 
the fundamental political draw- 
backs to membership were laid 


aside, the economic case wis 
itself inconclusive. He implicitly 
suggested that unquantifiable 
“quality of life” considerations 
also favoured Britain pulling out 
of the Community. 


rVifl 


Supreme issue 


Attempts to measure such 
concepts as the standard of living 
and economic growth ignored 
many factors; he said. “Aspects 
of life, even of the individual's 
life, which -he values more highly 
than some of the ones which can 
be measured." 

The question of British mem- 
bership of the EEC was the 
supreme political issue of. .the 
time. “ That is not to say that it 
is party political," he declared. 
“Sometimes it is, and sometimes 
it- is not. But it can never he 
answered other than politically-” 



SW0f-5Sf£ttS 




ITV ex-editor 
wins a medal 


Afthlrw rtafarood 

Mr. Tony Boyden (centre), campaign organiser of the British Industry 1500 Club, with 
the Lord Mayor of London, Sir Peter Vanncck (left), a vice-president, and Sir John Methven 
(right), who has accepted the presidency uf the club. 


Midland raises 
personal loan 
interest rates 


Blegr 




By Michael Blanden 


lie considered that if everyone [jjjjp an c p’, c ient. responsive and from 
iiodcoiood belter w hat it was : increasingly wealthy economy," io sc 
Irjuig in «lu. and how n was try-] ■ “x *»l it, 

mg io d<« Ii. it would receive | Eff e cti V e pruai 


BRITISH INDUSTRY is being general public, as well as yacht 

asked to raise more than £1.5m clubs, will also be invited to AN INCREASE in interest rat« 
.to sponsor a challenge for the contribute. nn personal loans was arinouocCd 

Glasgow winner “U up >-*■< rac,ns bu ^ IS b: ^ SS!S! fflSJTSSS 

, ..Wilt the oadorjemcn 1 Qf Sir he , aunch cd'hy builder, 


money will be used to bj T “f 

The increase follows simiisr 


John Melhvcn, director general Marine at Gospori next January I and LI ? yds * reflecting tbe recent 

of the Confederation of British i r FcbVwry ulus Sn older rM^ fleral rise in toe ]eve }, oI 
Inrincirv :,nH Sir iWr V.mnnck w . *?**??**• F * an aiaer b . . interest rates. Since 


more sympathetic treatment 
from politicians and others. 


effective 


There w 0u !d he much less talk | achi , evin -= ^ 

about direction nf investments .) t0 P r ® m01 ® the com petit m. industries would suffer. -j» et m a gene v. 

and a general desire by polil !-| rTZZ initially, but consumers. b ' 

run Lbe insurance l iSnlfll un V:i*» a S™l t !''' 6 bene8, : 1 .: 


indu-iry. 

Mr. Macharg said that the 
British Insurance Association 
and the Life Offices Association 
had produced some excellent 


,l,>urdnu J entry and by strenfithemne the 
j system of private property 
said that the I rights." 


Employee* jnd shareholders in ' man of an international news- hert. Loch Fync, with a score Industry 1500 Club, which will be able, a second new boat would) The effective interest rate for 
«-h industries would suffer, ui ' film acencv. of TS? points. He heal info third the vehicle Tnr raising the be built for the year of the new personal loans at the Mid- 

asi mitiall'*. hut consumers ‘ place The reigning champion, money and helping sponsoring challenge and all three boats, , land from todav will be equira- 

id Taxpayers would benefit Nick Stratton. companies to benefit from their plus two complete crews and lent to 16.7 per cent fora two- 


• .. » ncm ■ . prr 'f. Mttleehlld says tiiai : ... 

private property adopting the recommends lions >>rj IjprilTISirlx VlClf 
the Austrian economists would; ^««UUIaIIk VI511 


C lr _ llnn in hts new half-tanner contributions. Sir John will he other campaign personnel, would year loan. This compares with 
siiauon. in his new Pait-ionncr prt , sident of xhv cluh spend at Ieast 10Q days pra ctis- 14.7 per cent previously, and is 


.lust Djinn. chalked up 511 points 


ranee Association) Prof. Littlechild puts Tonvard op \ um „ 0 di 3 tcly solve Britain’s, yr R , OH v FRASER Minister 110 w,n lhe 
L 0U I ma ‘ n PP ° P “ Sal5: , „ problems. _ | Pri5^ S cS^J j championships. 


resident ot the ciuh. spend at least iuu days practis- 14.7 per cent previously, and W 

Minimum subscription fnr each ing in the waters off Newport equivalent to a flat interest rate 


the Scottish hall-ton of the first 1,500 companies tu Rhode Island, ahead 


come forward will be £1.050. The elimination series. 


tbe! on lhe initial amount of 8} per 
'cent 


, a r 0[nc excel| W“ • Tbe Monopolies and Mergers Though many people would j Protection, is on a tbree-dav visit I — 

educational kits for schools and Commission should no longer be benefit, others would initially) to Denmark during which he 

other educational centres cover- responsible for mergers. This experience "serious and un-iM-iH meet the Danish Consumer I 1 TT . A 1 „ . A ^ ^ • .• 

insurance. He w° u id make Ueasier for efficient moasamebanges in their lives.- ' OmbSan.Mr ^els tn?on-\i loch OQ H PUT hrftW PYlPTi^lflfl lllflllirv ftllPYt 1 
urged that more use be made of large companies to expand and The FaUacu of the Mixed > reich and members of ihe I Lli3 1. J.Via.1111. TT V'X.at^-l-V^JLA JLE.IU UJLX. T V 

these. withdraw protection from com- Econom;/; cn ••Austrian " critique j Consumer Council. He win also) ** * 

panics whose assets arc not being of economic thinking .ir.d poficp; I have talks with Mr. Erling ; BY MICHAEL DONNE AEROSPACE CORRESPONDENT 

used as efficiently as they might Prof. .S'. C. L itilechild; Institute'' Jenson. Minister of Justice and i 

be nf Economic Affairs; Hobart: Mr. Ivor Norgaard. Minister of! SHARP DIVISIONS of opinion the Department of the Environ- work until the mid to late London and the South-East" 


Clash as Heathrow extension inquiry opens 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


fe- 


Parents press 
for drug 
damage inquiry 


Patent monopolies should b*» Paper SO; SS pages: i. 


i Commerce. 


ss.ks r* r 

-> Hc=,l.n.w Alrpon trnc^cd !^oi en ,n' ,hn iKStST 

yesletday when the puhlic tennim.1 by the mid-MSfe. so as various parties, including the a ?ase for^^mu.i^rth^ 




J J. X 4 . • _ 1 | yes I erd ay when the puhlic terminal by the mid-19S0s, so as various parties, inc 

1 XitllCI I Dl DrPI*IHO , nlll^V /inquiry into the plan opened in in increase the capacity or airports authority an 

^ ^ R/C-cJL L CM. L TT tfi. i-Vl AllkL B/Ula j jLondun- Heathrow from the present 30m ning bodies involved. 

Lord Silsoe. «jtt. for the British passengers a year to 3Sm. But the broad sh 

PARENTS -who believe their) CHRISTIES' yesterday started Best price was £.' 10 . 000 . plus a George ill maho-any Pacuda i ^iporls Authority, argued that The inquiry is being presided inquiry began to cm< 
children have been damaged by j one of it* biggest house sales 10 per cent buver's nre*iiium cabinet in lhe .stv]t of Thumas lh<? ,. pr K i,0 ?. Cd f, a |j n ' - tcr ‘”, na ) 0Vl ' r ll >' Mr. lain Gliduwcll. QC, day. with the sharply 
hormone pregnancy testing tab - 1 disposing «t the contents or paid by a Suanihh private "hti^er Chippendale ' jwould a vitallv important witla the assistance of two asses- views ^0 Mb e various 

lets are IQ See Mr. Roland IWalcrincburv Plnen Kent whirh fnr -in ...... _ c ‘ " 


being led by Mr. Jack Ashley.! 

Labour MP. are angry at Mr. I 
Monies refusal of a request for 

an inquiry during a Commons;. .—<-»»», WI * a £22.900 from a private Swiss levanto marble bust Of ihe| 3rB a around Heathrow, aeguert 

debat ? Iasi week. i BY ANTONY THORNCROFT buyer for a Swedish king wood Emperor Yuellius made j n I that lhc proposed terminal should 

Dairacc attributed to the; - vcw bureau cabinet of the Rome. c. 160 0. It was bought by j *?. ot permitted until the 

rtru-s withdrawn in 1976 for ; mid-lSlh century ; the £21.000. the Mtisec dc Versailles. In 1S62 ! f'uvcrmnent itself has chmfied tts 

nrawanw testing, include heart Mr. Style has subsequently from Partridge Fine An of it scild at Christie’s for £525. i long-term strategy for airport 

-iftd limb defec!.* and cleft I built up the fine collection which. London, for an ormolu ebony A pair of late George |j i development m lhc UK and 

naiaies. it has been estimated! is being sold this week. The first and pietra dura side cahjnel mirrors went to Christopher iS. ;ipe t , ' lil ' ,y m 1hp Sou th-East of 

that thousands of children may [day total ot 163 LSI o was com- c. ,1S30: and £20.000 from R. A. Gibbs, the London dealer, fnri“ n ^' and- 

have been affected. jforiaWy above estimate. Lee, another London dealer, for £12.000. 1 The inquiry has been called by 


£13.500. a pair of George III mahogany commode. 


SALEROOM 


marquetry commodes. 


■ “'V “ , Ii.-Iiimi.il tiy me imu-maw, so a-, various parties, inciuaing me a msp fnr in nypnlual fifth ter- 

inquiry into the plan opened in ,« .mrea w lhe capacity or airports authority and the plan- mtS couW be made oufin the 
Lomiun - Heathrow rrom the present 30m oing bodies involved. “me eround^l^at There would 

Lord Silsoe. <jt:. for the British passengers n year to 3Sm. But the broad shape of the be chaos without it ^ 

Aipurls Authority, argued that The inquirv is being presided inquiry began to emerge yester- 

ihe proposed I50m. terminal 0Vt . r b y Mr. Iain Gliduwell. QC, day. with the sharply contrasting t> j i 

would he *'a vitally important W j t ], j|,y assistance nf two asses^ views of the various parties. ivOSuWOrkS 

part of Uiis country’s transport gq rs , Mr. Rubin Good i son, former Lord Silsoo, for the airports Woreowr the Tear* extended 

system, wtihout which there deputy chairman or the Civil authority, stressed that the . **>***1*7}°?% 

would be a shortfall of airport Aviation Aulhurity, and Mr. J. H. authority regarded the proposed { bc th B U ££ui!diM nwL^S It 

capacity to handle the expected Chater a Principal Planning terminal as essential. The avail- a ° q .,iii 

growth'of traffic in the 1980s. Seemr in ^ DepartS^? ? f ^le capacity at Heathrow. Gat- JJSfS 

. ji". .shk: ftiui 1 ? .sis* thc zz wjsysxsa « a*™, sis* 


• .*•- ’■V ' 


\ ^ y ;■ • • 


The same sum secured an tion. including various envtron- 


Othcr good prices were the Italian porphyry and rossn i mental groups representing the* plnnnjnR hntlipc 
2.000 from a private Swiss levanto marble buM of ihi* 1 arej around Heathrow, argued * 


19S2 and 1935, while some ele- roadworks were completed. 


BY ANTONY THORNCROFT 


£22,000 from a private Swiss levanto marble bust Of 
buyer for a Swedish king wood Emperor Ytiellius made 


There arc over 400 objectors 


roents at Heathrow would be At °tie stage, lhc objectonsf 
surfeited ea/ler. . case was applauded by the pub- 

There ts nn way in which lie in lbe nail, but Mr. Glidewnlj 
expected shortfall in caps- silence t*nd stressed 

can be met without lhc thaT “expressions nf enthusiasm 
Vision of a fourth terminal," «r lack or it for what a speaker 
said. ■■ The failure tn nm. has to say is not A matter which 


• V *'■- 

• _ *-i . ■ : 

- . 

r-’t.'fe. - 


me Aouin-bust or .\s a result, lhe inquiry is vide the terminal would be t 11 an >' stage of the inquiry will 

expected to lake several months detrimental to national in- impress or help me." 

has been called by and is nnl likely to complete its teresis and lhe interests uf The inquiry continue* today. 






vy-T- c 




7 


^ TBoniiay June 1 1978 




L>® O 



TEXTILES 


for 

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; -‘ WCEiESST ■ conquest of ' the. raicr^ 

jantcfissor- is. the. industrial sew- 
fog;. mafch ine.. Later eu this year, 
The . •Sumer. 1 - Company will be 
introducing^* model - that wail be. 
. likely -Jo have a dramatic effect ' 
on tte^rag trade. . 

• KooWp as ’.the Programmable 
Centnripn, the machine. Is the 

- outcome' of. a project io!. custom 
MOS-aesign amdertaken for the 
company by -Aifl.' Microsystems! 

Its" main: effect -will be tha t 
the: operatac^wjll aot have to 
remember ,- . compile ated " work 
sequeSLCeX^ * As" soon as the 
ma ch i n e .has been used once in 
the. prescribed manner, the pro- 
Kram Js stored in, random access 
. memory": from then: on the 
operator: (or any other operator) 
sinrply'has to guide the material 
and hold thd .treadle’ down. 

: For,garia ent industry man age- 
■ meht-.’.Che machine- means that 
• igsteSd . of -givinc lessons to 
. operators,- the sewing machines 
themselves will, receive the train- 
mgj, 'countering staff turnover 
and . training cost problems. 

. Regardless of complexity, the 
machine -remembers up to 50 
. Jobs and 'repeats them flawlessly 
at speeds:up. to: 100 stitches per 
. '.second, -r. . : V- . j . . 

‘It.sewa -ffie same number of 
the santo type of stitches -at the 
same speed as the operator from 
which . .the procedures were 
memorised; stopping at the same 
po {atsr^foEr' the- same length of 
time'-io. allow- for. a change of 
. direction. It. lifts the needle, or 
leaves it dawn, 'as learned- and' 
if .'staSts- and . ends the. sewing 
sequence- with the appropriate 
back tacks to secure the stitches. 

- As operator .becomes more 
proficient in -guiding, the fabric, 
the speed of any portion of the 
Cycle loan - be increased without 
affecting the rest of the program. 
■/:^^e AMI chips are involved. 


One of these is the processor 
Itself, which controls and over- 
sees the complete program. It 
counts stitches and measures 
time periods and machine speeds, 
pulling the selected program 
from the memory (RAM) and 
employing an operating system 
resident on read-only memory 
(ROM). A second chip, an 
“ interrupt ” unit, deals with the 
flow of signals through the elec, 
tronics circuits, while a third is 
a touch pad interface chip located 
in the operator's control console 
on the top of the machine. The 
touch pane) with associated lights 
is used by the operator during 
the programming work. 

The machine has several 
modes .of programming and 
operation. In “ auto learn ” for 
example, it simply learns what 
the operator has done, and in 
“auto sew” will play it back 
exactly; 

But in “control sew,” althoush 
the detail played back is the 
same, the operator has control 
of the treadle, the delays, and 
therefore the overall machine 
speed. 

In the “ key learn ” mode the 
machine will only learn the 
actions, not the times : maximum 
speed and the exact delays are 
pre-set. There is also a manual 
setting in which the unit 
becomes a conventional sewing 
machine. 

Other modes take care of basic 
machine, setting up. repair (in 
the event, of a problem during 
sewing), and the possible need to 
abort a program for any reason. 

AMI points out that although 
there are other sewing machines 
on- the market offering elec- 
tronically controlled, operations. 
Centurion will be the only one to 
capture data, with programming 
for. rather than simply by the 
operator. 

More on 0793 31345. 



• INSTRUMENTS 

Taped data translated 


HIGH RESOLUTION satellite 
scanning radiometer images of 
the UK and surrounding areas 
—of particular interest to 
meteorologists and ocean- 
ographers— are being produced 
on a regular basis by the Elec- 
trical Engineering Department 
of the University of Dundee, on 
the SE7000A high-performance 
instrumentation tape recorder 
supplied to them by SE Labs 

(EMT). 

Dundee started the service — 
still the only one provided in 
the UK— just two years ago. 
They have used the SE7Q00A for 
continuously recording data from 


NOAA5 (the American National 
Oceanic and Atmospheric 
Administration) wealber satel- 
lite ever since. The project is 
funded by the Natural Environ- 
ment Research Council and 
images arc available to anyone, 
who is working on an approved 
environmental sciences project 
in a UK university or research 
institute. Commercial concerns 
are charged a fee for the service. 

The satellite analogue data 
signals are .recorded on the 14- 
track SE7000A running at 30 ips. 

More from SE Labs. Spur 
Road. Felttaam. Middlesex, 
TW14 DTD. 01*890 1477. 



GENERATING SETS 

For prime power, 
standby, and the 
construction industry. 1 

Dale Electric of Great Britain LW 
Electricity Buildings, Filey. 
Ybrfcs.Y0149PJ.UK. . 
jel: 0723-51 4141 Telex: 52163 / 


Versatile recording 


PUT ON to the market by Gulton 
International is an oscillographic 
recorder with a response up to 
140 Hz and a capacity of two, 
four, six or eight channels. 

AH models have an eight-speed 
push-button selection ebart drive, 
with speeds from 0.5 up to 
100 mm /sec. 

Writing is by thermal styl! 
on beat sensitive rectilinear 
grid chart paper, and automatic 
heat compensation in the stylus 
maintains a constant trace den- 
sity whatever the speed of the 
paper. The trace density can 
however, be adjusted to suit 


the user. Sturdy coaxial styli 
are standard, but long life 
ceramic tip units with a. two 
year guarantee are an option. 

In all there are 30 plug-in 
signal conditioners that can be 
applied to any of the eight chan- 
nels: the eight units plug in 
across the top of the front panel. 
Parameters covered include 
voltage, current, temperature, 
strain, frequency conversion to 
DC, AC conversion to DC and 
many others. 

More from Technirite Europe, 
Gulton International. Old Shore- 
ham Road. Hove. Sussex, RN3 
7EY (0273 77S4D1). 


Easy check on rust 


•gHAND TOOLS 

Easier to cut to shape 


Rolls-Royce is to supply the main generating 
plant for a 140,000-kW gas turbine power 
station at Cowes In the Isle of Wight. Two 
70,000-kW sets, each powered by four Rolls- 
Royce Olympus engines driving a Parsons 
manufactured generator, will make up the 
Installation. One of the four two-stage power 


turbines that go to make a single gas turbine 
installation is shown here being positioned in 
its pedestal. The sets will he used to boost 
the power system during peak periods and 
emergencies. Rolls-Royce says the sets will 
provide full electrical output in about three 
minutes at the pnsh of n button. 


AVAILABLE FROM Morgan 
Berkeley and Co. is an accurate 
diver-held voltmeter which is 
able to monitor the corrosion 
and cathodic protection poten- 
tials on submerged offshore 
structures. 

Made in the form of a gun, the 
unit has a digital display at the 
rear whicb shows either cathodic 
protection (if the surveyed 
structure is so protected by a 
sacrificial anode or an impressed 
current system) or corrosion 
potential relative to a built-in 
silver/siiver chloride electrode. 

A hardened cone tip (which 
will penetrate coatings) is used 
to contact the structure and the 
reference electrode is positioned 
on the gun body 100 mm from the 
structure surface and is 
surrounded by a shroud which 
ensures a well defined and con- 
stant sensing area. 


The internal electronics are 
driven by nickel cadmium 
batteries and frequently a full 
survey can be carried out in a 
single hand-held dive. 

More from the company at 
Moorsidg Road, Winchester. 
Hampsirc 5023 7SF (0962 
69622). 


IN BRIEF 

The UK section of the Inter- 
national Solar Energy Society is 
to bold a one-day technical meet- 
ing on Wednesday, July 12. Solar 
thermal power generation- is the 
theme of the discussions which 
will take place at the Royal In- 
stitution, 21, Albemarle Street. 
London, Wl. Further informa- 
tion from UK-ISES. 19, Albe- 
marle Street London, Wl 
(01493 6601). 


O HEATING 

Watches the 
flames 

A SYSTEM for supervising con- 
tinuously operating boiler 

burners in industry has been 
introduced by Landis and Gyr of 
North Acton. London, which 
claims it is the first to receive 
approval from tbe Gas Council. 

Comprising a flame guard and 
flame detector, the system is 
called Detactogyr and can be 
used for supervising oil burners, 
gas burners and dual-fuel 
burners, and also with manually 
operated burners. In combustion 
plants where heat production 
musr be maintained, an active 
redundancy circuitry can be 
achieved in the event of failure 
of tbe (lame supervision controls, 
says the company. 

Full details on 01-993 0611. 

Laboratory 

burner 

SIMPLE to operate 3nd needing 
no special training, is a portable 
laboratory burner with its own 
energy source, called Labogaz. 

Introduced for use through the 
medical field, pharmaceutical 
and veterinary surgery and for 
dental mechanics, opticians or 
soil analysts, there are three 
component parts — a chromium 
plated brass burner fitted with 
perforated stainless steel head, 
a jet/tap unit and a pressed 
steel body which houses a butane 
cartridge. 

The burner weighs 590 
grammes and measures 19 cm 
by 9.9 cm. With a burner off- 
take ol 60 grammes an hour at 
an ambient temperature of 20 
degrees C it gives approximately 
3i hours burning time from the 
disnosable C200 cartridge. 

More from Camping Gaz iGB>, 
126-130. St. Leonards Road. 
Windsor. Berkshire. Tel.: 
Windsor 55011/7. 


. • i'll.*. 


- :.j-: . ■ 

. - 


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. r.-Jrf/' 
- 

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' ;; ; r;> 


TWO’therm dcuttin S tools, called 
• JHGSr'i20 ; and ZTS -21 and made 
. .. Welwyn Tool Company, 

g- haye --electrically heated blades 
fpr' speedy and accurate cutting 
. off- xubber- iaod plastic sheet, 
tom, foti and cloth. .; . 

The- tools V4o not stress - or 
nausea cracks fo form along, the 
f- cut edges, ws itbe eompany, as 
' -other heat^seals.: the end M the; 
■ ^fibres thus preyeirting^raying, . 

pf -a r.handJe j, dmj; 

T A -wade range of. blades 

' blafle$ for ■ sliding 
carpet, - a notched side 
c trimming- excess plas- 
ce ’ .from. moulded or 



diecast parts and a pointed blade 
for describing intricate shapes 
plus eStra-long blades for sheet 
materials up to 50mm thick), the 
tools are' powered by a 120-V 
infinitely variable mains trans- 
former. 

There are a number of special 
attachments for plastic foams, 
ineluding a variable loop hold- 
ing device -for-intemal shaping 
. and. hollowing -put. A fretsaw 
attachment and . bench t or 
•mounting the cutter camjjo'sup- 
ififed. and .this enables materials 
up to 80mm thick and 270mm 
wide to be handled. 

Further froqr the company at 
Stonehills House, Welwyn Gar- 
den City, Herts. 


.r . -£7 , 

- r 





t7\' . -S." 


iMum 


• NO MINIMUM 
LENGTH 


typesandsizesinstockfor immediate delivery • 

NOl SG1&rf8 ABEmEENmQ3235&Z 
7 MANCHESTER on-m-4*** . 

.. .v.' ■rnVfcictrar'Aii rWAnfiFK fiLADiy ACCEW I tD 





I'RJIVIDCJ-l u l w. w-w 




•: • 



rai> 

loaf 


ELECTRICAL FITTINGS' 
r ,' - r Pr'i^rcssxOa of the dividend on 
. increasedliy 20 % 

’ -*• '-£?-• wfe£-.' iots fhio -R rmrA nf Di recto 



on a capital 


2,1978, the Board of Directors approved 
’ i0T 1h * fo*”* 11 vear Frs million) 

Frs 1.0332 

> : Tptal'^timiMiver , amounted to 

. ■ Ag^St^rs^7“iu7Bion, an increase of 17 % , 7fi5 

. compared with 1076 73 2 

profit after tax totalled - Frs ’ ' 


1 ! ^^^^^r il^dcration'nn a lease-back transac- 
> investment on 
A^^^el&#T£AL:for Frs *21 million 

into account til€ f® two excep '. ’ Frs 59.5 

i ‘ftoi^-.xqjetations,- the profits reached rr5 - 

l^aitg»hS&%f394% .ctimpared with 1976 . j3S jj 

fc tag' totalled :■■ ■■; 

PrW ^ S ’ 

^ o^. foreign markets- which totaUed Frs. 2275 

.^aehe^:*4%. The 

total turnover increased from % 

neW-aubsidkries: 

( AJlstna) 

1 - ' FTS 562,1 

Frs. 129F 

toSed ... Trs. 00.7 
on' 

.^^^^fapSestment in 

-: ' tia^fe-ffovnafter tax totallefl 

;i - 'Aff fafeaiB D ri£31-756' 

.1 

thP "payment ° one bonus share 

*>y th6 .^Sr^october 1977, compared ; 

shares heU, 2^ /dividend will be made 

3, 197» Mating thfr same day . 
^fe^l^drdiMiy^Gjje^j^toTlsutog 8,000 hew 

9*e. increasing the capimi yy >, ntre renounced 


Frs. 42.0 

Frs. 108.5 


auivfas by issuing 


im 


of 1 ^ r ‘ 


• MATERIALS 

A non-move 
surface 

A HIGH relief, high build, 
elastic textured finish, called 
Monolasteic, which can be applied 
internally or externally, with ex- 
ceptional adherence to virtually 
any substrate, is the claim of 
liquid Plastics of Preston; 

It can, be applied by brush or 
spray, says Ibe company, a single 
coat giving long-life protection, 
biding defects and enhancing 
appeiraneeA It cures to a fine 
textured finish or, alternatively, 
a variety oft special textures 
effects v^n result from a simple 
roller treatment to the applied 
film whilst still'wet. 

The manufacturer says that 
usual self-textured coatings tend 
to give a low gritty relief that 
chips or flakes, -especially under 
substrate movement, but its pro- 
duct eliminates this possibility. 
It also combats the danger, of 
blistering and subsequent rup- 
ture of the skin through moisture 
being trapped in the substrate— 
a common reason for failure of 
ordinary- flnisbes. 

Tbe elasticity of this coating 
in five colours, mist grey. light 
green, tight blue, magnolia, and 
pale lemon, as well as white — 
cures to' a silk screen, aging to a 
full matt. • • 

Further from the company at 
P.O. Box 7. Londdn Road, Preston 
PRI4AJ. 

• HANDLING 

Dump trucks 
are quieter 

THE FITTING of a noise sup- 
pression pack that can cut noise 
output by up to 10 decibels— to 
levels well within the toughest 
British and European standards 
— is a feature of Aveling-Bar- 
ford's biggest-seliing off-highway 
dump thick. 

The company has developed 
the pack for its Centaur 50, a 50- 
ton capacity dump truck used 
extensively in opencast mining, 
quarrying and construction pro- 
jects around the world. It meets 
the stringent new noise limits 
being set by tbe National Coal 
Board for all site equipment and, 

says the company, achieved out- 
standing results in a series of 
tests under the new NCB 
procedure. 

No additional maintenance js 
said to r be, necessary for the 
noise pack which is available in 
kit form and can be fltted during 
machine assembly or added to 
machines already in the field. 

More from the maker at 
■Tnvicta Works, Grantham (0476 
67351). 

Safer for 
operators 

ONE OF the prime features -of 
an electrically powered pedes-, 
uian controlled die handler, 
handling loads of up to one ton. 
is, says the maker, C.M.T. 
(Mechanical Handling) the 
safety of the operator. 

Thus, the machine, CTS-1S, has 
full wheel protection to prevent, 
it being driven across the 
operator's feet automatic safety 
reverse (eliminating the possi- 
bility of a man being trapped by 
his machine in a confined space); 
anti-finger trap protection, and[ 
guard against moving machinery j 
on the hydraulic lift in the form • 
of a full length transparent 
plastic screen. 

Further from, the company at , 
12SL Stratford Road. Hall Green, J 
Bir mingham ; ”021 777 976L 



$ you Japan 



Before you go tojapan , it’s a good 
idea to know something about this 
fascinating and very different 
country 

That's why Japan Air Lines have 
■ published two superb books that 
will make learning about Japan a 
pleasure. 

‘Business in Japan’ will give you 
important insights into Japanese 
business practice and procedure. 

And Introducing] apan wiligive 
you a broad picture of Japanese 
history, culture and religion. Like 
we said: Japan from yen to Zen. 

When you get to Japan, you'll 
find thatJALis on hand to give you 

, more help. 


InTbkyo, on the mezzanine floor 
of the Imperial Hotel, you’Ilfind the 
JAL Executive Service Lounge. 

With everything you need 
except the overheads, it’s almost 
better than having your ownTbkyo 
office. 

The lounge has regular office 
facilities -free or at anominal charge 
-and the JAL staff there will take 
care of your travel and accommod- 
ation arrangements. 




They will also help you with all 
aspects of your business, including 
introductions to Japanese com- 
panies, through JETRO, the Japan 
External Trade Organisation. 

Remember too, these are just a 
part of the JAL Executive Service, 
the first and still the most compre- 


FLnd out more by contact! ng the Executive Service Secretary 
:it your nearest/ AL office, or maiJ this coupon today. 
Tojapan Air Lines, S Hanover Street, London WlR 0DR. 


• JAL 

EXECUTIVE 

-.SERVICE 


hensive package 
of business aids 
for executives 
visiting Japan. 

It gives you all 
the help you need - before you go, 
on the way and when you get there. 

With at least 25 flights a week 
from Europe, and JAL's incompar- 
able in-flight service, you'll realise 
why JAL fly more Europeans to 
Japan than any other airline. 


Wfe never forget 
how important you are. 


Namc- 


.4iiiiress_ 


Position. 


Company- 


FT 23 







, .Financial : 


THE JOBS COLUMN 


How to pick the people 




the work /"corporate 



BY MICHAEL DIXON 


Finance 


READERS acquainted with 
America will know there was 
nothing hollow about this 
column's early warning lhat use 
oT generally stated educational 
gradings as criteria for job- 
selection is potentially illegal 
in the U.K. I refer to "qualifi- 
cations ” such as five pass 
grades at the Ordinary level of 
the General Certificate of Edu- 
cation. two at Advanced level, 
or a degree. 

These can easily be shown to 
be held by a significantly 
smaller percentage of. say. the 
West Indian, community than 
of the population at large and. 
very likely, by a smaller share 
of women than of men. 

Consequently the use of such 
gradings as employment 
criteria is open to challenge as 
indirectly discriminatory under 
the equal opportunity Acts 
covering race and sex. 

To refute the challenge, l lie 
recruiter would have to show 
how these criteria were rele- 
vant to the successful accom- 
plishment uf the work in ques- 
tion. And even I — in that filing 
cabinet right over there — have 
more than enough evidence to 
show they cannot be relevant. 

The reason is that the dif- 
ficulty of obtaining a pars 
grade in CCE clearly varies with 


subject and, although less 
clearly, with the Board con- 
trolling the examination. Degree 
awards also plainly vary in dif- 
ficulty with subject and evi- 
dently with university as well. 
So "five O levels” and such- 
like cannot signify a standard 
attainment of anything. 

Facing a challenge a recruiter 
might, I suppose, argue that the 
criteria were relevant, not to the 
work, but to success in some 
college-supplied course of train- 
ing that was relevant to the 
work. But a determined chal- 
lenger could then surely 
demand to be shown how the 
training course was essential to 
adequate job-performance and 
how the criteria were relevant 
to the training course. 


Metaphysics 


In the end the recruiter 
might win the argument, 
especially if assisted by a 
snappy metaphysician. But there 
do not seem to be many of 
those around (for example. 1 
can't lay my bands on anyone 
to explain how Epicurus and his 
gang decided a thing's appear- 
ance must be estranged from its 
essence — which is much the 
same sort of question). 

Besides, becoming involved in 
such a challenge with a deter- 
mined and scrupulously in- 
formed plaintiff, would surely 
imply litigation of a length that 


would set the average lawyer 
polishing his spectacles in 
avaricious glee. 

Bewildering goings-on of this 
sort follow naturally from the 
recklessness of starting to legis- 
late against inappropriate dis- 
crimination according to only 
some of human beings' many 
characteristics. Thereafter, less 
discrimination by sex inevitably 
leads to more discrimination by 
class and so on until one is 
morally obliged to have a 
separate Act and attendant 
bureaucracy to guard against 
unjustified discrimination by 

anything. 

Should readers still need 
convincing that every employer 
ought to institute a radical 
review of selection procedure, 
they have only to take a look 
at developments in the United 
States, which is a bit farther 
along the slippery slope than 
the UK has slithered so far. 

The Police Bureau of 
Richmond Virginia, for instance, 
has apparently now been forced 
to concede that its staff shall 
not be assessed for promotion 
by any direct employee of. not 
just the bureau itself, but the 
whole city corporation. As a 
result, $95,000 is being spent on 
assembling and training around 
.15 external assessors to run the 
cops over the promotion hurdles 
under the direction of an inde- 
pendent company called 
Psychological Consultants. And 


thereby hangs a series of 
coincidences. 

Psychological Consultants 
chief executive is Professor Bob 
Filer of the University of Rich- 
mond. And I met him last week. 
And he happened to have sold 
the company to the Inbucon 
consultancy gToup. And it 
happened to be holding meet- 
ings of senior manpower 
managers in its London head- 
quarters. to discuss systems of 
selecting people for recruit- 
ment and promotion which will 
probably remain legal under Ihe 
equal opportunity Acts. 


More effective 


Happily, the systems — known 
in the jargon as assessment 
centres — also promise to be 
more effective than traditional 
methods in identifying people 
who are actually capable of 
doing their job well. The best 
illustration of the principle was 
supplied by Inbucon's own 
selection boffin. Ray Jeffery, in 
the following words: 

If you want a good cricketer, 
you don't call for candidates' 
educational certificates or give 
them psychological tests or have 
them interviewed by a personnel 
officer. You send a skilled 
observer who knows the game 
to watch them playing cricket." 

Hence the assessment-centre 
procedure which starts with 
analysis of the work involved 


in a particular managerial-type 
post, to determine which 
abilities are more or less 
required for success. The 
analysis is converted into a list 
of ■' dimensions.” for example: 

■* Leadership. — Effectiveness 
is bringing a group to accom- 
plish a task and in getting ideas 
accepted. Commands attention 
through respect and personal 
accomplishment. 

" PJnmi mp and orprxnisinp. — 
Effectiveness in planning and 
organising own activities and 
those of a group. . . And so 
on. 

The next step is to design a 
series of manageriaily lifelike 
exercises during which can- 
didates' behaviour will reveal 
their ability to measure up 
against each of the listed dimen- 
sions of the job. 

Then one obtains a team nf 
trained observers. Managers 
already in a company ran 
usually be given sufficient skill 
in a week. I'm told. 

The last step is to find some 
empty rooms, or book a hotel, 
and make the assessment centre 
happen. The observers watch 
and note the candidates’ per- 
formance in the exercises over 
a couple of days. The observers 
then get together to decide who 
is most suitable for appoint- 
ment or promotion. Where 
appropriate, the conclusions can 
be discussed with the can- 


didate with the aim of determin- 
ing each individual's needs of 
training. 

Like virtually everything else, 
of course, the assessment centre 
system is capable of being used 
stupidly.! 

If, for example, the " dimen- 
sions" are drawn up so 1 as 
to clone the jobs* present 
incumbents, instead of related 
to the employing concerns 
prospective development, the 
new system is likely to prove 
merely an extra-efficient means 
of hammering managerial nails 
into the corporate coffin, 

” A business recruiting senior 
people needs to take account 
of its position in the market." 
said Len Brooks, Inbucon's 
managing director. “ Say it's 
coming 1 up against a period of 
static home demand, like the 
food iadustry is expecting. 
Then it ought to gear selection 
to whether it plans to diversify, 
expand overeas sales, or sit. 
tight and reduce costs." 

All the' same, the new system 
offers a means to select by 
working ability, rather than by 
social acceptability to the 
established caste. Perhaps that 
is why, as. Professor Filer said. 
President . Marcos of the 
Philippines has down-graded his 
civil servants on to temporary 
appointments pending re- 
recruitment' to permanent jobs 
by assessment centre methods. 


c. £©#00 


. ,w«h 

F" .. . 


One of the largest -flnanciaL institutions in 
the City of London seeks at you ng a nd . 
ambitious person to join Its Corporate 
Finance team which provides top manage- 
ment with back-up in projects, new business. 
Fin an dag and corporate finance. Remuner- 
ation package, which includes exceptionally 
attractive pension scheme and. house- mort- . 
gage' subsidy, negotiable around £10,000 a 
yedr. Preferred age 24-28. : . ;; 


.4/ 

~ r 


Candidates will be Chartered Accountants* 
and perhaps honours graduates, with atiqast- 
1 2 months post-qualification experience* 
ideally, in the corporate finance function in 
the dty or in industry. An analytical mind, 
application and sound fin an dal. judgement 
essential. Progression to general management 
and indeed to an executive position in. the 
Group is open to those demonstrating leader- 
ship and creativity. . 




For a’ fuller job descriptitfi, ' 'write *<> 
W.T. Agar, John Courtis & Partners Ltd., 
Selection Consultants, 78 Wgmore Street, 
London W3H .9DQ;.. dtemorBtrating - yww-' 


relevance briefly, but -explicitly ‘and quoting 
reference 203S/FT. This is an equal oppor- 
tunity appointment. Replies will be treated 
in strict confidence. 


Scottisf 






Personal Investment Schemes- 

Can You Successfully Market Them? 


c. £10,000 


Our client is part of a major financial group, which 
covers most aspects of fund and investment manage- 
ment it has recently expanded very rapidly through 
skilful, professional marketing, careful design of its 
funds to take account of financial and taxation con- 
ditions, and its professional reputation. 


The Board has now decided to recruit a Senior 
Manager, preferred age 28-40, to develop business 
within the Professions (accountants, lawyers, 
insurance brokers) in London. This will involve not 


just selling a range of funds, but advising on their 
individual relevance to investors, making allowance 
for all their personal circumstances. 

To be considered, you should have an understanding 
and experience of both investment management 
and marketing. This could have been gained in a 
similar organisation, stockbroking, or banking. 

The terms are very attractive, including profit sharing, 
and reflecting specific experience, and there are 
excellent prospects of further promotion.. 


Please contact Peter Wilson, F.CA, in strict confidence, at 
Management Appointments Limited, 

Albemarle House, T Albemarle Street, London W.l. (T el; 01-499 4979). 


Management Appointments Limited: 



en 



Manufacturing group 


from £10,000+car 


The group has manufacturing and marketing 


experience in investment analysis. An 


interests tn both the UK and overseas and has dose understanding of manufacturing industry gained 


Bnkswith a major European organisation. It's now from within is essential. The head office is in the 
atthatseewherethe Group Financial Director must North V\fest and generous bet wiD be given with 
appoint a senior executive to help hkn if the plans for removal costs if necessary. Salary will be 
future growtharenoitobe held up. Emphasis will be negotiated to attract the right person and a car is 


on taxation and investment analysis but the post wfll 
also cover cash management, budgetary control 
and monitoring of results from subsidiaries. It 
represents an excellent opportunity for the 
ambitious man or woman to join a gnawing 
organisation with the possibility of promotion later 
on. Applications are invited from chartered 
accountants, aged 3CM0. holding a degree in 
Commerce. Economics or Law. They must have a 
broad knowledge of Commercial and Tax Law with 


provided. 

PA Personnel Services Reference AA27!6442;FT 
Initial interviews are conducted by PA 
Consultants. No details are divulged to clients 
without prior permission. Please send brief 
career details or write tor an application form, 
quolfng the reference number on both your 
tetter and envelope, and advise us it vou have 
recently made any other applications to PA 
Personnel Services. 


Accountancy/ 

Bookkeeping 

Salaries £2.000-18.000+ 

•■e' nr^ ,.n;« o: .-.all l-jj •JP?,.: Qur 

Free Lists 

oi /.tc-fcicies. «v.wleV' r eM 

Commerce & Industry 0.% 

ir.i vri-io.’A'* 

part-qual ified- Experienced 

L> -t vrii.i i.J 0'J0-i5 ‘jC-tJ 

Ihe Profession •> •(.■**> . 

I .-1 

ftciul.i o-.en A - .vriaicf i 
AvrfiLV 'DO Mdi-I t.lie EC JP V y. 

Tel: 01-638 3833 


Advanced Manufacturing 

Electronics 

Substantial Five Figure Salary 


Our client, a major electronics -group, is 
embarking on a programme of automating 
its manufacturing processes and procedures. 
In addition, the transfer of advanced elec- 
tronics technology from development into 
manufacture is a difficult nut to cracl^-the 
major challenge of this appointment. ; 

Reporting to the Director.of Industrial 
Engineering and Manufacturing, the new 
Manager will be responsible for all Industrial 
Engineering and Production Engineering at 
a group level-The group employs in the region, 
of 12,000 people at a total of some 12 sites 
spread throughout, the U.K. 

The ideal person will have experi- SJT'Ia" 
ence of Industrial Engineering at a 
senior level in a high technology P jg 
environment. A strong engineering rajg 
base is seen as a prime requirement. ’ -v 
We will be looking for high analytical Hill 


abilities plus the management skills a job 
of this nature demands. In addition to 
these personal characteristics, business 
and financial skills are of great importance 
as the Manager; Industrial Engineering 
will be responsible for a major investment 
programme. Age: not over 45. 

The job is based in Southern England - ' 
and the remuneration package will attract 
-candidates with the right international track 
record If you feel that you can match this 
very exacting brief, 'phone Geoffrey King, 
Managing Director; who has been retained 

to. advise the company, on- this •. 

gg§§g§ appointment. At- this _ stage all 1 
HgggH .approaches will be treated in the 
strictest confidence. Please quote 
reference MLE. 

This position is open to both men, 

I WBm and women 


Cambridge Recruitment Consultants 

9 Brunswick Walk, Cambridge CB5 SDH. Telephone: Cambridge (0223) 311316. 




Charles Barker 

Confidential Reply Service 


PA Personnel Services 


Hyde Park' House, 60a knighkbridge, London SW1X 7LE, England. Tel: 01-233 6060 Telex: 2,"8r4 


Gulf 

Merchant Banker 


Group Financial 
Controller 


£15,000 


A well known and profitable British public 
group is an acknowledged leader In its 
specialised field of chemicals. Turnover is 
currently in excess of £40m. and its product 
range has wide appfications throughout 
manufacturing industry. The new post of 
Financial Controller is being created, with 
responsibiSty Jo the Managing Director tor the 
continuous review of the financial, 
management accounting and information 


technically based process environment is 
ctearty important, since the task will involve 
introducing a common thread where a 
standard approach is unlikely to be appropriate 
for all subsidaries. Earnings, including 
incentive will be of the order of £74- 1 5,000 and 
other conditions are attractive. 

Location: London. 


A major international Banking Group is seeking a young Merchant 
Banker for its Gulf based Merchant Bank. Applicants should be 
Chartered Accountants with at feast two years Merchant Banking 
experience preferably in medium term lending. They should be 
between 25-28 years and prepared to live and travel in the 
Middle East. 

Please reply with full C.V. to the Security Manager, quoting 
reference 1469. 


WARDLEY MIDDLE EAST LIMITED 


Wardley Middle East is the merchant banking arm of The Hongkong 
Bank Group in that area. Based in Dubai, it operates throughout the 
Middle East, and in particular in those countries where The British Bank 
of the Middle East, another member of the Group, is represented. 


Tehran-lran To £20,000 tax free 


A consultancy company requires to recruit a small team of 
specialists to carry out a wide-ranging assignment for its client, 
3 major steel corporation. 


If you feel that your experience would enable you to promote, 
design and implement systems successfully in the areas of: 


FINANCIAL & COST ACCOUNTING 
MANAGEMENT INFORMATION 


INTERNAL AUDIT & BUDGETARY CONTROL 
O&M 


TRANSACTION PROCESSING BY COMPUTER 
GENERAL ADMINISTRATION 


and if you have a depth ct experience in the steel environment, 
together with outstanding ability in your chosen field of specialisa- 
tion, you would find this challenging assignment of great interest. 
You would also require to be diplomatic yet forceful and would 
expect to work with a high degree of autonomy under pressure 
in testing conditions. 


You are likely to be 30 to 45 years old with a degree and/or a 
professional qualification. 


Interviews wilt be held in U.K. from 8 June. 

Please apply in writing without delay enclosing a comprehensive 
resume of qualifications and career to date, to: 

R. R. HARBORD 

« Winchester Street, London, S.W.1 


CHIEF ACCOUNTANT 


Required for Lloyd's Brokers who are members or 
Ihe Jardine MaUtestm Insurance Brokers Group 
of Companies. 


PA Personnel Services Ref: A A3 644 1 FT 


systems used within tee group, and for profit 
panning, internal audit, cash management 
and capital budgeting. This appointment 


Initial interviews are conducted by PA 
Consu/fanfs. No details are divulged to 
clients without prior permission. "Please 


requires an ACAorACMA infosor her mid 30s send brief career details or write for an 


who is thoroughly conversant with 
management accounting in its broadest sense 
and with tee use of computers to produce 
accurate and timely information for top 
management Relevant experience in a 


application form, quoting the reference 
number on both your letter and envelope, 
and advise us if vou have re centiy made any 
other applications to PA Personnel 
Services. 


PA Personnel Services 

Hvde Park House. 60a Knightsbridge, London SW1X 7L£. England. Tel: 01-23’ AObO Telex: 2*874 



Wardley Middle East is expanding its activities and is now seeking to recruit 
two young graduates and/or professionally qualified .persons for ils Dubai 
office, for an initial lour of two-three years’ duration. Candidates will 
preferably have some merchant banking experience, particularly in the 
fields of corporate finance or medium term lending. 


An attractive salary will be paid, together with free housing, annual home 
leave, and other benefits normally provided by a major international group. 


Applicants should write in confidence to : 


The Personnel Manager, The Hongkong and Shanghai Banking Corporation, 

OR Bishopsgatc, London EC2. 




Interviewing will take place in London. 


The successful applicant should be qualified and experienced 
in Lloyd s Insurance Broken) accounts. 


Age preferred 25/35 jears. 

LocaUon: This position will be based in Chelmsford. Essex, 
where the financial sen-ices or J.M.LB. are situated Some 
U-avel io the City will be essential wUh the possibility or 
H railed overseas travel. 

Duties: The Chief Accountant U-itl hp rpcnnngilito fnr 


Duties: The Chief Accountant will be responsible for 
reporting directly to the Managing Director on the trading 
and management accounts. 

Salary: By negotiation subject to age and experience. 


Benefits: Bonus. 50p per day L.V’s, Group Pension Scheme/ 
Permanent Health Cover. 


Interested applicants should, in the first instance, icrtic 
for application fomt to : — 


T. Monaghan, Financial Director. 
Jardine Matheson Insurance Brokers Ltd., 
Elizabeth House. 2$ Baddow Road, 
CHELMSFORD, Essex CM2 OEH. 







9 


\ihitWiim *nrra 


'•* 'V‘: ' 


Financial & 

Administrative 

Co-ordinator 


Edinburgh Beer Production 

Scottish & Newcastle Breweries Limited is one of the 
L cpunby^most progressive brewing groups, laying 
considerable stress on professional management at ail 
levels. Accordingly, the above post has been created in 
prderto co-ordinate all the administrative support 
systems throughout a major brewing complex 
mending accounting, production control and industrial 
engineerings should therefore appeal to senior ■ 

managers wfth a background in one-or more of these 
areas. - 

The jofr spacfficaBqn demands considerable expertise 

in In fr vrrrt aH nn wre ta mc rloeinn 


<tala ana| y s ®- Man management skills will 

be vHaL especially in the co-ordination of the work 
offun^onal experts on multi-discipline projects and 
otyaptives agreed by the General Manager. The holder 
.wB be a member of the Complex Senior Management 
team-and.wrfl be expected to provide advice ana • 
sup port to toe General Manager throughout the whole 
range of accounting and administrative activities. 


BUCKMASTER 


ITS 


to enter btockbroking 

‘ Bitckmastpr & Mooro, a ntainrfirm located in ihn 
•; • Stock Ex-change* are. in a position in oikt several cippnr- 
tunilies to thuse seekirtj* to writer a career in .Vockbrul.n ig. 

he persons appointed will be given a comprehensive 
gaining in a stimul.'ilii iq em irrinment and r\w eno >ui <igc- 
.'jwnt: to develop a » jiver in one or our specj Jlist^tock- 
•‘tirbkingcIt.'iMrtmenis. mwt >une» 1 to 1 1 it-tr latent and ability’ 

important opening-; are at various fpvpfe and 
^^fridiclalos'shoujd be eclu< ated to '.V level or degree 
i.s^nda'rclwith two U< three \vaiy successful experience 
^i^riSridustrv or finance, Applii at ions irom profewion.illv 
-• i qualified candidates aie also welcome. Howwei; nn «>t 
?. <wsenbalH r tbev must foeemhuriastic self-motivated 
f;vindividuafe;wfth the initiative amlposilive attitude Lo 
*v'- inakeasucttss in this demand ins field- 
. “ Safari- and benefit? are ihose absoci.ttedwilh a major firm. 
* Please write, in confidence, w ith dcUiils ot age, education 
andqareertodateto:- ’ ■ 

C Risdon, Administration Pjrttier, . . 

Buckmaster & Moore 

• > '■ J ' — • ; • • • \ t ,• 

’5 ; t OrheStocKExdiaiige, London EC2P 2JT. „ 


Lease Management 

c. £15,000 car 


-v... 

Stiti comparatfvely new in the’ U.K., equipment leasing is 
..finding faster than any other form-of external financing. 

vttjr5cfieiits are one of the established leaders in the field— 
£a;<sd6cessful,’ vibrant private company with a young 
‘‘-jTHriagemerit team. The prime activity is the leasing of 
'icbpifpe^clal vehicles, but other capital equipment is 

part’ of their planned programme of expansion 
iWeskshtf thw-next stage v of -their development being the • 

tdndon based’ Finance Company utilising their 
ma rket position as' a springboard into the 

-Tjre'Jrfa^^er wifi i>e active fy -invo Ived ir» setting-up and 
'•^qulcady' estaW rshing'th is new venture on sound commercial 
• ^fei^l^aiyb^ive^ wUtbethe raising of finance for the 
leasing an AH-.P.; agreements and the overall 
; dj^jcQQTr'pf a-team of leasing sales executives. 

- J[te3iteaTpersori wi If be isomeone with leasing and banking 
r -eaaSfeKeLfcorrtacts and respectability in the city, and 
.toofcng .the oppqrt^ to create a successful, 

I ioSfeTrehSurie^ation will be negotiable around £15,000 p.a. 
.iBwe'#fean addffionai substantial commission area. 

excellent future potential and prospects. 


fjPIemse tetapfeone John Swift; PER 
^Manchoster <Q6_1) 236 9*01 EXT 66 

^-Applications from tioth men and 
: :.Women,are welcome. 



£8,000+ Car 


It is anticipated that applicants will Hold a degree 
and/or a professional qualification in a relevant 
numerate discipline but it is essential that they are able 
to demonstrate a job history which includes proven 
administrative achievement in a manufacturing 
environment with line responsibility for accounting and 
industrial engineering functions.- 

A generous remuneration package includes company 
car; non-contributory pension and life assurance 
schemes. Please send a full curriculum vitae to> 

A W Savage Esq 
Group Selection Manager 
Scottish & Newcastle Breweries Ltd 
Gilmore Park 
EDINBURGH EH39SB 


STOCKBROKING 
CHEMICAL ANALYST 

„ to £1 2.000 

29-32. With at least 2 vn. 
relevant c*». atiiJ the flair lor 
future Partnership to assume 
resoonilbfiifY tor established 
sector with malor firm. 

DEALER 

„„ to £ 6.000 

20-25 wni) i-i yrs. eouitv 

exp.. French and, nr German, to 

join c Banding International 
dept, of well known firm. 

RESEARCH ASSISTANT 

, t5JMO-£7^)00 

23-26 Graduate with t-5 yri. 
hnanclal investment research 
exp, and good verbal ability 
to assist Senior Analyst and 
tnen take o.cr coverage oi 
small arouo of eo. a. lor top 
firm. 

OIL ACCOUNTANT 

C7.S00-C10.50O 
A leading multi national oil 
w- urgently rcQulrc* two 
aualifled accountants (23-35). 
worklnp in me sales, market- 
ing and distribution depts-. 
candidates must have had 
previous oil or contracting 
experience. Excel lent career 
prospects. 


Stephens Sckx-iion 

a., Duvit .S treet. London VVIX SRA. J 
OHSGiiSlT jflk 

KctniitniL-nt Consuftann> Sr 




I f + m 

•1 

[" mT\ J 





\T* 

pi 3 ■ -nfmjtW f 

A 31 Itfl l 






AUDITORS AND 
BUDGET MANAGER 
FOR SAUDI ARABIA 

Group of companies is in 
immediate need of qualified 
and experienced personnel to 
fill above positions. Excellent 
salaries and working conditions. 
Please send resume stating 
telephone number to: 
CONCORDIA 

20, Wcstboume Park Villas, 
London W2 SEA 


INTERNATIONAL OIL 

RECENTLY QUALIFIED FOR CORPORATE TAX 

London EC2 c. £7, 500 + Benefits 

A lecogniMjd masket leader in the oti industry, out client is one o( the world's lorg*#i .nciusma,. 
companies v.-ith the scale and complexity oi their woiid wide operations present mo a ccnslanl 
challenge if the lax function. 

Promotion creates the opportunity lor a qualilied accountant or graduate wiili Pevenu*- 
experience to join a department dieting a breadth d mvolvemenl in corporate ta« d nd the 
opportunity lor structured career development. 

Candidates, probably aged in their tmd-20's, should demonstrate the pdenliol to progress to a 
monagement position in 2-3 years. They should have a year's corporate tax experience although, 
candidates with less who are considered lo have exceptional potential will be oonsidereu 

Inlormation on the company and the appointment will be provided during the initial 
interview programme. For a personal history iorm, contact Nigel V. Smith. A.C.A. quoting 
reference 2049. 

Conraraaf. mjstrH Drvaon 

Douglas Llaxnbias Associates Ltd. 

, Ak-i-ttiuil -uhry £i Maougan* n ■ fi“''iuusipnl Cu.a.1 1 u n: 

4 to. Slid od. Loadoa W<r2RC<N5 M/m -836 9501 
12 1 Si. Vmwn I Sbeei . Ghsgc-w G2 5ff.V Tel 04 f -ZX, 3 101 
u. 3, CoalH Place, Edinburgh EH2.7AA.Tek 031-0^5 7744 




The Specialists in Executive and Management Selection 


London based with 
\ International Assignments 

\ £9-1 3,000 incl. overseas weighting 

Thelprojects you will be engaged on with this worldwide manufacturing group will 
encornpass the entire financial spectrum, including acquisition appraisals, locum 
menagement duties, systems development and operational unit investigations. 
These will provide opportunities to visit such places as the Americas. Far East, 
Africa and Europe. Age is less important than flexibility and mobility, 
communicative ability and strength of personality. You will be a Qualified 
Accountant with several years wide industrial expenence. possibly including some 
in consultancy. Previous overseas mvolvemenl and spoken French or Spanish 
would be helpful but is not essential. 

Telephone: 0 7-036 1707 (24 hr. service] quoting rel: 0460 FT. Heed Executive 
Selection Limited. 55-56 Si Martin's Lane. London WC2W 4EA. 

The above vacancy is open to both male and temate cainJfdj!< s. 


London Birmingham . Manchester L— ds 



PARTNERSHIP 

SECRETARY 

DONALDSONS, CHARTERED SURVEYORS 
of 70 Jermyn Street, London SW1Y 6PE 

Applications, addressed to the Senior Partner, are invited for the 
position of Partnership Secretary. 

Candidates should have an accountancy qualification, be aged 
between 35 and 50, preferably have had practical experience in 
administration, with particular reference to Partnership Law and 
Employment Legislation, and be available on or before 1st Sep- 
tember 1978. Knowledge of the surveying profession would be 
useful, but not essential. 

Salary: In the region of £10,000 per annum initially, plus car. 


Financial Controller 

Surrey up to £10,000 


For ah International manufacturing 
company, a market leader In its own field, 
with turnover exceeding £500m. A young 
Management Accountant is needed in a 
new post to assist in the rapid growth of a 
European division. 

You will apply your, creative financial skills 
to: 

-itr computerised information systems 
* capital project appraisal 
cost analysis 
: * long range planning 

liaising with Data 
Processing and 
Financial Management 
throughout Europe 
and the UK. 


The company will use your ability to the 
full, offering rapid promotion and 
exceptional career development 

Aged 28-35 you will be a qualified 
Management Accountant or MBA with a 
finance specialism, and must have 
experience of computerised financial 
systems in a large industrial concern. 
Business French would be a great 
advantage. 

if yo.u want to realise your potential in a 
dynamic business environment please 

Contact: Barbara Bailey, 

London (01) 235 7030- Ext. 210. 


Applications from both men and women are welcome. 



Treasury Management 

Major International Bank 

An attractive career opportunity has arisen within our Client’s expanding 
Treasury Division which has a reputation for the provision of high-quality 
advisory sen/ices to leading multinational companies. 

Candidates, aged 25-30, should have a degree or professional qualification 
and a sound practical grasp of applied economics. At least two years 
experience in an international environment is required. 

The position will involve regular client contact at senior management level 
and qualities of self-motivation and maturity are considered essential. 

A competitive salary will be augmented by substantial benefits and excellent 
prospects for further advancement. 


Contact A. J. Tucker MA, A1B, in confidence 
on 01-248 3812. 



60 Cheapside London LG 2 - Telephone: 01 '-248 7 '3.8L2/3/4;^s^^ 


Group ® 

F inancial Manager 

Jefferson S mm fit Group Limited 

Thd-iri'iip is primarily en::a«c*i in paper. p:u. Lacing jiiJ. pi iut . .•j'ci.Hcs inicm.iinm- 
ally and is a leader m many iif iis fields nfaenviie. It employs .ipprnxi match '.’.imu 
people- has a turnover in excess of iMUUni. and has a very slice Os- In I grt»u ill icc*»rd; 
earning* have increased hy mure than 30" u per annum mi a compounded hisi- over 
the 1j*i ten years. Jr is well Mruci tired. JeceniralFeJ. and is run hva strong L'roup of 
independent profess iona Is who work together well as a team. Thefirmip l-mauual 
Manager Mill be uholly responsible for tiroiip accounting, legal and scviciari.il 
matters. This will include i|jc treasury Junction., ellecmc I manual n<nin>l. m-h 
management and imaginative tax planning. 

■J be.Mici.es.sJul candidate mil currently hold a senior linativi.il position in a muiti- 
nalional company and will have had sevei.il yeais* liM luiul experience ■*! iitlei- 
nat tonal nperaiiunsand ol working in a multi -viirrciu veuvironmeni . I'rohahlvai the 
lower end of the 35 to 45 age group and comfortable operating directly with prolit: 
centre managers vigorouslv pursuing their omisccior.il achieve incut-, ihetunuioiial 
responsibiJiivoffinance transcends all other disciplines within the t \ roup. Ideally. .1 
graduate chartered accountant with .some foreign language capability \ tlmugh 0111 - 
si jnding experiencccOiUd be more meaning! 11 1 than specific academic qualiltcai ions. 
Demons! r.ihle success over a period would probably result in .1 main boa id 
directorship. 

Salary is i or discussion around L20.0UV and Ivnclils arc fuil.v appropriate. J.t«c,it/ou 
Dublin. 

Tleasc write-in confidence -to II. W. J. ] r Jannery ref. IJ.L'3177. 

7 1. : . - /• •: 1 •; 1 •: ;■< :«- i. J 


BpM IRELAND LIBV8BTED 

h 9 M r * A b f M t N T C f 1 N Li LTA N I S 

49 UPPER MOUJVT STREET DUBLIN 2 


Financial Controller 

(DIRECTOR DESIGNATE) 

London 


c. £10,000 plus Car 


A Financial Controller is required for (he house bmlciinri dirision oi a hioft!/ 
successful group. The division is growing rapidly, is effectively ivianaoM. 
and is implementing advanced control procedures. This appointment give?, 
the opportunity of involvement in both financial management and the 
broader aspects of the business. 

The successful candidate will be a qualified accountant, probably onr-d 
cSP-35, with construction site experience almost certainly gained in house 
building. Reporting to the Managing Director he/she will have overall respon- 
sibility for financial and management accounting and the implementation 
and development of computer based control systems. Success in !lu s 
position will lead to a Board appointment. 

The initial salary will be about £10,000. A car will be provided and other 
benefits include' a contributory pension scheme. Candidates should apply 
in confidence giving personal details and an outline career hisfoiy quoting 
Reference: FT/I5S/F to: — 


Wi 


Turquand, Youngs & Layton-Bennett, 
Management Consultants, 

11 Doughty Street, London, WC1N 2PL 




Jonathan Wren ♦ Banking Appointment 


pBi 


OIL BANKER £7.000-£1 0.000- -j- 

Our client is a major international bank, long established in London. The 
bank is currently expanding its energy financing services, creating a 
career opportunity for a candidate satisfying all or most of the following 
criteria : — 

1. Aged between 27 and 35 ; 

2. Holding a degree in either Economics or Business Administration; 

3. Having several years' international banking experience, which should 
include a sound credit background and experience in the marketing of 
bank services to both existing and potential clients ; 

4. Possessing in-depth knowledge of oil and related industries ; and 

5. preferably having both written and oral fluency in at least one 
European language. 

The salary bracket indicated will not be a constraint in the case of a 
particularly experienced candidate, as there is considerable scope lor 
flexibility in making this appointment. 

CONTACT; Sophie Clegg, or Kenneth Anderson 

PENSIONS/BENEFITS ADMINISTRATION £ Negotiable 

This vacancy occurs within the Personnel Department of a leading 
merchant bank (Member of the Accepting Houses Committee). The 
bank wishes to engage a person who has substantial experience to offer 
in the field of Fringe Benefit Administration, and who, in particular, can 
show a creative approach to the tailoring of individual pensions while 
working in conjunction with professional advisers. The successful 
candidate will work within a professional personnel team and will 
receive a generous salary commensurate with experience. 

CONTACT: David Grove, or Kenneth Anderson 














CO 

GENERAL 


The Cork Savings Bank, established in 1817. provides a wide range of 
banking services from its Head Office in Lapp's Quay and eight 
branches in Cork City and County, and now has funds in excess of 
£60 million. 

The Board of Management wishes to appoint a successor to the 
General Manager who is due to retire shortly. This position of Chief 
Executive of the Bank is of major significance, responsible to the 
Board for the management of the Bank's operations and services. 

The successful candidate must be capable of continuing the development 
of the Bank's growth and of expanding its services in line with the 
widening possibilities created by membership of the European 
Economic Community. The position demands wide administrative 
experience and a successful record of achievement in general 
management. 

An attractive salary will be negotiated in line with the importance 
of the position and fringe benefits include non-contributory 
pension and car. Relocation expenses will be paid. 

Please write, in strict confidence, giving brief details of career to 
date and quoting Reference No. 1595/0 to E. Johnson at Harcourt 
House. Harcourt Street, Dublin 2. 


Stokes Kennedy Crowley 


MANAGEMENT CONSULTANTS 
DUBLIN. BELFAST, CORK, 

& limerick. 


Financial Controller 

HOTELS GROUP-MIDDLE EAST 

High negotiable salary tax free 


Our Client is a well established company in 
the Middle East now diversifying into Hotels 
and their Management Two will be com- 
pleted next year, three more are already 
planned and others will follow. 

The Financial Controller will 

■ act forthe Client and be fully respon- 
sible for accounts and reporting for 
hotels under construction 

■ provide feasibility studies on further 
expansion 

■ establish sound accounting and 
control systems 

■ help to maximise profits from hotels 
which are operational. 

This appointment offers the right man a first 
rate opportunity to enter an expanding 
Hotel operation at its inception. 

Applicants should be fully qualified 


Accountants with a minimum of three years 
experience at senior level in the Hotel 
1 ndustry. Experience in property develop- 
mentand of operations in the Middle East or 
other developing countries would be added 
advantages. Age under 45 . 

A high salary, tax free in the Middle East wilt 
be negotiated. Furnished married status 
accommodation, servant car and all running 
expenses will be provided free. Home leave 
entitlement and airfares include family. 
Suitable Schools are available for up to 
9 year olds. Medica I care is free and 
hospitals are modem and of high standard. 
P/ease write stating age, current salary and 
how you meet our Client 's requirements, 
quoting FCHJ 3942/ FT on both envelope and 
letter. No information will be disclosed to our 
Client without your permission. 


Urwick, 0 rirr& Za ''" 



**r l 1 '.TS-W*-' 



West Midlands 


c. £8,000 + car 


Our client, a well known British mecSum 
engineering group with a turnover of £20m, 
requires an experienced Financial Controller to 
supervise the operations of its four foundries. 
As a key member of the team, the person 
appointed would be directly accountable to the 
Group Chief Accountant for maintaining and 
improving the managementand financial 
control functions within the four units. 
Candidates must be qualified accountants, 
preferably with a good working knowledge of 
French and previous experience of the foundry 
■ industry. 

The salary will be negotiable c. £8,000, a 


company car wifi be provided and there are 
excellent terms and conditions of employment 
Assistance will be given with relocation 
expenses where appficable. 

(Ref: B9540IFT) 


REPLIES will be forwarded direct, 
unopened and in confidence to the client' 
unless addressed to our Security Manager 
listing companies fo which they may not be 
sent. They should include comprehensive 
career details, not refer to previous 
correspondence with PA and quote the 
reference on the envelope. 


PA Advertising 

6 Highfield Road, Edgbaston, Birmingham B15 3D| Tel: 021-454 5791 Telex: 337239 




Charles Barker 

Confidential Reply Service 

p.. '• career dr s’- km Hi sesame'* cenpams to we shou W pet 
' • . c ■ j .. - oey IWtfo me fsiDWicP ruirooron !fti? envelope ami 


pen :c w tOTitai w n*. 30 Far-jigoon Sheet. 

Lcndcn 5C4A -w 


5?. 


Opportunity 




Merchant Banking 

Not less than £8,000 p.a 


Our client, s leading London merchant bank, requires an experi- 
enced Financial Analyst to fill an unusual and challenging role. 

In the first instance the successful applicant will join the bank's 
highly-regarded Investment Research Department. He or she will 
progress within a short space of time to join a new unit being 
created within the bank to give strategic economic and financial 
advice to corporate clients. This advice will be tailored to the 
specific requirements of- the client and will be supplied on a 
confidential basis. For the right candidate the prospects for 
promotion are excellent. 

Candidates should be aged between 27 and 30, have a good first 
degree and, ideally, an M.B.A. or other numerate post-graduate- 
degree. They should, in addition, have had' at least 2-3 years’ 
experience in industry or commerce, perhaps within a corporate 
planning or treasury department. Familiarity with the use of 
computers would be an advantage. 

Salary is negotiable according to experience but will not be less 
than £8.000 p.a. Benefits include a non-contributory pension and 
life assurance scheme, 4 weeks’ annual holiday, free luncheon 
facilities and a house mortgage subsidy scheme. 

Plaase reply with full c.v. to the Security Manager, quoting 
reference 1474. 




' f,- 7 s,? V 'V -ji 


From £7Q00+Cor 


This is a career appointment atthe Central London Head- 
quarters of a major British Engineering Group. 

Planned expansion dictates the recruitment of an addi- 
tional qualified accountant, ideally with at (east two years 
post qualification experience and a sound corporate tax 
background.to augmenttheir existing team. 

Duties will include the calculation of tax provisions arid 
the preparation and agreement of computations for a 
Group.of U.K. subsidiaries as well as involvement in varied 
tax planning exercises. 

In addition to salary, the generous benefits which will in- 
clude r.e- location assistance, where appropriate,are those 
associated with a forward looking major group. 
Applications in confidence should be made to theGroup's 
Advisor I.M.G. O'Hare, 1 24 New Bond Street, London W.l 
Tel: 01-4091371 


lv Wmm 

^ MANAGE, 




A rrv?T:S>*j •: ( °-'i ’r.v 'r.Vi .yttf 


OVERSEAS 


TTSVa flfSfPael 


KNOW-HOW: vital to (fewfoiring countries 


Regional Economist 


Indonesia 


To be member of team to assist Directorate of City and Regional Planning in developing 
alternative s rowjh strategics for Surabaya sub-region; particular!/ with cos: analysis, 
impact on employment and housing, and demand for transport facilities; analysis of 
Government policies: economic valuation of alternative strategics: and to evaluate total 
fresh vegetable, fruit and meat requirements. Applicants 28-50 must have Doctors/ 
Masters degree in Economics with an engineering background and minimum of 5 /ears 
experience in project appraisal, regional planning, including urban and rural. 


Appointment 1 year. Salary «UK taxable) £S.500-£1 0.500 pa plus overseas tax free 
allowance £2.01 0-£4. 220 pa < Ref 328X). 


The pose is wholly financed by the British Government under Britain's pr-sr-amme Q f 
aid to the developing countries. In addition to basic salary and overseas allowances 
other benefics normally include paid leave, free family passages, children's education 
allowances and holiday visi:s. free accommodation and medical attention. Applicants 
should be citizens of the United Kingdom. 


For full details and application form please apply, quoting reference Stating pc;; 
concerned, and giving details of age. qualifications and experience to:— 



A|i|» lint mi.' »t Offui-r. 

MINISTRY OP OVT.KSIi.4S DEVELOPMENT. 
Rumn 301. Eland House. 

Slag Place. London SWIESDIf. 


HELPING NATIONS HELP THEMSELVES 


CONSULTANT 



Our client, a major international bankwith assets currently in excess of 
£1 5 billion, is looking for an experienced man or woman to join its Foreign Exchange 
Advisory Cervice as a consultant, to help with the growing demand for the service 
from companies in the UKand Scandinavia. 

This London-basedgroup provides specialist advice for international 
companies on every aspect of foreign exchange hedging policy, international money 
management, and corporate structure for exposure management. 

A sound knowledge of each of these areas should be backed by a degree or 
equivalent finance nullification, and at least three years' relevant experience. 

In addition, you should be prepared to accept a high degree of responsibility for 
client relaiions. 

Ar excellent salon/, appropriate for this demanding post, will be supported 
by a wide range of benefit? including low cost mortgage assistance, non-contributory 
pension scheme, free lunches, B.U.P.A. and profit sharing. 

if you think you meet the requirements, please write in the 'first instancewith 
full detail; to Mark Wfebsterat the address below, quoting reference CFE/254/FT. 

List separately any companies to which your application should not be forwarded. 

All replies '.trill be answered. 



CONFIDENTIAL REPLY SERVICE 
Benton & Bowles Recruitment Limited, 
197 Knightsbridge, London SW7. 




SENIOR EXECUTIVES 


INTEREXECs eonfidcmidl services are solely directed 
to helping senior executive), in secure new appointments. 

1NTEREXEC provides the most comprehensive end 
largest carver advisory and jnh searchinti service for 
holh U.K. ami overseas appointments. 

1MTEREXEC undertakes all the research, maintains all 
ihe information and docs ail the work of iht* job search. 


APPOINTMENTS 

WANTED 


Our professional service secures appointments Taster. 
THE INTF.REXEC REGISTER LIMITED 
The World Trade Centre. London El HAA. 
II1-4SI 9977 


AUDIT/OPERATIONS 
German, Banker, 37 
looking ter challenging petition in 
audit (bank or Industry) or opera- 
tions/ administration (bank). Consider, 
able mtf. experience, familiar with 
U.S. accounting /audit syatemi. 
Language!: English. Spanlfh. some 

French. Relocation and travel no 
problem. 

Write Box A.AJ69, Financial Timer, 
10. Canaan Street. EC4P 4BY. 




■n 

-gni 



m 

TiETuWM 










mtm 








LEVI STRAUSS GERMANY GMBH 


Our Management Information Service is 
expanding in Europe. -We are looking for 
qualified personnel for the'; following 
positions: . 


Organization & Method? Analyst 

2-3 years experience, Forms Design, 
Data Flow, and Departmental 
organisation. 


9 

Analysts / Programmers 

3 year minimum experience, IBM 
System /3, RP(3 H, CCP and Sstotal” 
Data Base experience advantageous. 


Programmers 

2-3 vears experience, IBM System /3, 
RPG H. r 

Positions based near Frankfnrt/Main, must 
be willing to travel ,30 per cent throughout 
-Europe. 

Send resume and qualifications in confidence 
to: 


Personal Manager : . . 

Levi Strauss GMBH 
Postbox 1260 

D-6056 Heusenstamm, West Germany 


Internal 





Europe 


Hertz, Europe's leading car rental company requires a - ■ 
qualified Accountant to head their corporate audit 
function based at Marble Arcb. The audit team of some 
11 professionals coversEu rope, Africa and the Middle East, 
Reporting to the Vi ce President Finance, through the. 
Director of Auditing inNew York, the job entails 
monitoring the application of Hertz policies and 
procedures by local management, co-ordinating external 
auditors and recommending improvements in both. 

operations and financial reporting', 
will probably bo in your mid thirties, with experience 
in operational auditing and preferably th« planning and 
control of audit coverage. You should possess well 
developed management and communication skills. 7 
TVavel in Europe will amount to 30% of your time 
including visits to the USA. 

"We are offering the successful man or woman a highly 
competitive salary and excellent benefits package 
including a generous car leasing scheme. 

Please apply to Ms ^\andn Skinner, Hertz Europe Limited, 
Isle worth House.. Groat West Road, Isleworth, Middlesex. 


The No. I Company 


K ENGLAND 


(GLAND £10,000 + Car 

Chief Engineer 

Major Works Chemical Industry 


The advertiser is a member of an international group with 
I urge-seal «.* chemical Works in the North of England. The 
operations there involve u wide range of specialised equip- 
ment and metals techno logy, as well as sophisticated control 
and process techniffues. The good performance of the Works 
is crucial lo Ltae profitability of the U.K. operation. 

The appointment demands a good honours decree in 
Mechanical Engineering, many years previous experience of 
continuous petrochemical process plants and some direct 
experience of industrial relations. The person selected will 
already he a trained professional. Career prospects are first 
class. 

Salary will Ik* negotiable but is unlikely to be less than £10.000 
plus a car and there can be other substantial benefits. Any 
major relocation costs will be paid in full. Please write brieUy 
to the Group Personnel Manager. 

Bax A.6367, Financial Times, 

10, Cannon Street, EGiP 4BY. 


All replies wifi be acknowledged and treated in the 
strictest confidence. 


PLANNING ENGINEERS 


ROYAL COLLEGE OF R3SJSIC 


FULL-TIME CHARTERED ACCOUNTANT 

Nori-residcnliai vacancy Is: October. 1978. 

For further parhe-jiars and application form write by 23rd Juno 10 
Bursar, Royal College of Music. 

Prince Consort Road. London, S.W.7. 

Decision before mid-July 


CHARTERED ACCOUNTANT 
Age 37. Surrey bated. 15 years" 
industrial experience allied to a real 
fed lor consumer goods marketing 
tceki ptHititm of responsibility. For 
C.v. write Box A. 6368. Financial 
Timet. 10, Cannon Street, £C4P 4BV. 


? c 1 mteutnum a t fi-c yam related work experience in planning and 
scheduling using critical path analysis. Mini have a thorough knowledge of 
network based scheduling srtsemi and be familiar with data processing and 
scheduling software packaging. 

Urgently required to work on Telecommunications Project m Iran. High tax 

free salary — accommodation. 

Rush resume? to: 


ADVANCE PERSONNEL SERVICES LTD. ( AGY) 

The White House, Lodge Ron). London NW4 

or telephone immediately on 01-202 I for .in interview. 



; Vi 


r. 1 -=rar=' 












Tnnes .Thursday June.l 1978 


Manager 


'.. Light Engineering 

Scotland £20,000 

' ro * c within a public company with a world genera! management in mass produced engineering 
reputation for technical excellence whose products. The management skills necessary to lead art 
«« c ^tcn5ively used at home and abroad, established plant through a major period of change 
^ W "J achle 'f e Profitable results by are paramount as is the ability to achieve objectives 
me ene.cn ve us ® °r resources with particular emphasis through a management team. Remuneration 

on improved productivity through mechanisation, will include car, profit sharing bonus and success will 
Applicants with appropriate qualifications will be lead to an early. Board appointment with further 
a ®’ e to demonstrate a record of successful scope for personal development. 

; ’ ’’ . J.C Brown, Ref: 313SQIFT. 

Mate or finals can didates .should send a written C.V. in confidence or telephone for a 

Personal History Form to: 

. . M-EEOS: 0532448661 , Minerva House, 29 East Parade, LSI SRX. 


Chief Accountant — West Africa 

• Subsidiary or major U.S. rubber manufacturer • 

• Responsibility is for botfi the operating record • 

and Investment in community facilities 
• This is a family posting for a qualified accountant • 
in his early 30’s and with recent industrial experience 
• Company car. company school up to 11, free house, free • 
utilities, facilities include golf course, .wimming pool 
and hospital. ‘i-year renewable contract: U.K. leave. 

■ Remuneration is from £12.000 p.a. and there is also • 
a provident plan 

If you are interested, please send v brief resume, quoting 
Ref. 7200 to John Nicholson. Aslral Recruitment Associates, 
Astral House, 17/19 Maddox Street. London Witt 0EY. 
Telephone 01-629 2357 


Just retired ? — Early Redundancy ? 


Small shipowning company in Fencburch Sweet seeks 
Company Secretary/Chief Accountant. This need jnot he 
a full-time position hut would he interesting for a. CA who 
has broad experience. Salary c. £8,000 car. Please write 
to M. C. Baker, Cardigan Shipping Co. Ltd„ 130 Fenchurch 
Street. London E.C.3. 


Tmm 


fill A 


Executive Selection Consultants 

BIRMING HAM, CARDIFF, GLASGOW. LEEDS, LONDON, MANCHESTER, NEWCASTLE and SHEFFIELD.. 


SENIOR AUDITOR 

£10.400 p.a. TAX FREE with 
Free Accommodation and Gratuity. 
Whether or not you are qualified please hear about this 
3 year bachelor status contract overseas. Maximum ape 45. 


j 01409 0427— DON’T SPEAR JUST LISTEN j 


Investment Analysts 


ly'r ^ As a result of increased demand for our Investment Management 

. sferyicss we wish to expand o ur investment research department. 





rr .rvit-Ti I 


Young Qualified Accountants 


London 


To £7,250 + benefits 



We are seeking two experienced investment analysts whose responsibilities 
will indude: 



idehtifyingpotential investment opportunities in the U.K., 

;/ . Q. establishing and maintaining contact with stockbrokers and companies, 
- D. Producing written reports and liaising with fund managers. 

... A competitive-remuneration package will be offered. 


“■ - Applications with curriculum vitae and details of present salary should 

be forwarded to: 


Our client is one of the main national brewers in the UK with diversified subsidiary 
interests and expanding overseas markets. Due tc re-organisation and internal promotion 
vacancies have arisen in various areas of the Head Office finance function for qualified 
accountants with experience of large professional firms and/or industrial groups. These 
career opportunities will include exposure to computer based records, sophisticated 
management/financial reporting procedures and the review and interpretation of the 
performance of operating companies. Candidates will also be expected to act in an 
advisory capacity to subsidiary company management and to travel occasionally within the 
UK. Promotion prospects within the group are excellent. 


. D. Woodward. 

- Personnel Manager, 
County Bank Limited, 
1 1 Old Broad Street, 
London, EON IBB. 


Applications to Miss Morion W idioms 


Reginald Welsh & Partners Limited. 


Accountancy & Executive Recruitment Consultants 
123/4 Newgate Street, Condon EC1A 7AA Tel: 01-600555 7 





A member of the Motional Westminster Bank Group 








P 






l yfvT7» « 

2 



B5S! 


1^3! 


nuld takeTc omplete responsibility for 


SOwL ECU’ m- 


ar “’ 


'~T Mtit * m SEVe r 
-rrJl- $ S " fe .-VACANCl ES for 

ANALYST 


--.t/Vi ' *%r m . mm 

1 . ,1, rf-, o,| and energy related 

concerned wr j fe . ^ on 




0 TiHM 


HUNTING? 


OVER £5.000 
UNDER £25.000 


UNDER 57 



Charles Barker 

Confidential Reply Service 


t, MC-c'Wf;:Jr..T«'aiS> -ur.j ;c-- v \ .r i;a-;rjn> j v .-.i- i itne . - o-i v 

iQr.-jjtdycittco./ !*•.-< ' r-e : t-'ive r r . .-Ttot r c ■ i :*'<■ on-, l .'t ,>? . re.-* « 

in aurtti'sen o-'-_ _-. JOfjnns CL* 7 ■ - 


anc 



Ifyes 1 toiiirti»«, we 
are 90% certain w&can 
help you g«t a belter lob 
quicker. We are not an 
mey but Europe's most 
dienced executive and . 
prtrfesaonaf career 
jnsdlors, eo telephone 
now lor more information 
about our services. 


For a major manufacturing company in the Midlands with turnover exceeding 
£20 million and considerable potential at home and overseas. The Company 
forms part of a highly successful British owned international Group. 


Percy C0UTTS & co 
01-833 2271 


Responsible to the Chief Executive, the position requires a personality 
capable of directing the financial affairs of the Company, making an impact 
on its existing profits, and contributing to the management of the business. 
The emphasis shortterm will be on improving management and cost control. 


140 Grand Buildings. 
Trafalgar Square. WC2. 


The requirement is for a qualified accountant with broad financial experience, 
particularly in disciplined management control systems. Preference would 
be given to candidates who have operated in a multi product light engineer- 
ing environment. 


APPOINTMENTS 
ADVERTISING RATI — 
C 14 per single columi* 

centimetre 


Salary would not be (ess than £f1,000 with an attractive benefits package 
including a Rover car and generous relocation expenses. There are oppor- 
tunities for further career development. Reference 1475 


de ZOETE & BEVAN 


require an Institutional Salesman/Saleswoman to join an expanding 
section specialising in: — 

U.K. CONVERTIBLES 

STERLING DOLLAR CONVERTIBLES 

TRADED OPTIONS 

Previous experience and technical knowledge an advantage but not 
essentia/. Attractive salary and good prospects. Candidates should 
preferably be under 35 years of age. 

AppJfcatJom Will be treated In the uric tart confidence. Apply In writing la : — 

S. M. de Zoete. 

Messrs, de Zoete fir Bevan, 25 Finsbury Circus. LONDON EC2M 7EE 


FINANCIAL WRITER 


Inccmition,/ fimiKnl orgjniiation requires experienced financial writer, 
to write comprehensive economic analyses, in reportorni style, on the 
various principal industrial countries, on i per article basis. 

The organisation will provide the research material required to write 
the articles. to be written about various countries, as designated, bi- 
monthly- the articles to be written about a tinjle country, in each case. 

The successful applicant will have a background <n international financial 
reporting. The fee for writing each artrile. of approximately two thousand 
words, if £ 100 . 


Please reply, sending resume and examples of work to: 

D. S. Lowery, 

P.O. Box 9533, Nassau, Bahamas 


PARTNER — SEARCH + SELECTION 


Successful 'one man consultancy seeks similar person to jointly 
expand growing City Blue-chip and general business. . 
Write Box A. 6366, 

Financial Times, 10, Cannon Street. EC4P 4BY. 


FIRST-CLASS OPPORTUNITIES 

available co qualified students and 
experienced accounting personnel 
Contset 4fee Moore on 01 - 62 B 269 1 



DRAKE 

ACCOUNTING 

i M*. KV/O* «, 


SAUDI ARABIA 
ACCOUNTANTS 
£13*250 tax free 

Gulf trading company seeks i»o 
Auditors. One to understand or ideally 
sprak Aiabit. 

GEORGE CAL LA BY" ASSOCIATES 
International Selection Consultant;, 
Gorselands, Shores Road. Woking, 
Surrey. Tel: 01-404 5011 or 
Woking (04162) 4091T/7T07? 


ANY 


GERMAN GOVERNMENT INTERNATIONAL 
5f Per Cent Loan, 1930 
STERLING BONDS 

Fun her to in* nolice of redemption concern, m the an-.e 'Jjl'ijl 

was bum itricd on J7’.n *nrll 1970 the Governor and Comeaux Of he Bam 
ol England announce thn*. tne Con„ors,on Bqnjs which hcen scietneo nv 

lot lor redemption on 1st June 1978 end coupon No. Si - m reopen w hi* 
months* interest due on 1st June 1978 are pavaOic ar the ipiiowmg ra.es-— 
Nominal amount Actual amount at which Actual jivount at wh tea 

of Bond * Bond Is oavihie Coupon No. pi ts pavoolo 

£100 M0S.S6 

£300 I2.028.2S 

£1.000 £4 056.52 J.vi.27 

The anosc *afua tor tho Bends and CauMis hire bee" csrsfjiKhmf 
the Purtd«Bftchut4«nvcrwallung. i»'lh reference io >C’ Gi -^riiciic v- 

of the London Agreement oo Gorman External Dcdls djfed 
1953 and Article 2 0* Annex 1 thereto. Dv re:oicuii:jng the s.eriifig amounii 
due to bondhaWfirs on tuiiS oJ IMC middle rjic Of exciunss or sterling 

apainst the Belgian Franc, ruling tor cable transfers in Brussels on Ml June 

1 97S . 

The Trustee has advised the Eank of England uurt it is unable to ? 9 T*» 
with the tie* ol the Bunde&schuldcnberwaitung that. the purposes r»1 tnc 

eschangi- guarantee, the Belgian Franc is. the eurrenev o.' fjsjfsr wftitn. on 
1st June 1970. has depreciated the least since 1st August 195— Tne rigncs 
ol bonanoidL-n so any additional amounts which mu - boepme nay-talc nave 
therefore boon reserved hv the Trustee, irrespective o! whether Bonds drawn 
lor redemption and Coupons due 1st June 1978 Jtc prcsenicd lor payment or not. 

in view of the passible adjustment which mav he it.adc .■»» a filler date. 
Collecting Agents snould retain detail;. 01 the holder* at ^enversion Bonds 
lodged lor redemption and ol the holders of Con»ersion Bonds on whose behalf 
coupons are lodged. banj< Qjr ENCLaND 

1st June 197B. 


IRELAND 9-1% 1975/1982 UA 2S.OOO.OCO 
On May 16. 197B. Bonds for the amount of UA 3,125.000 have been 
drawn for redemption in tiie presence of a No:ary Public. 

The Bonds will be reimbursed coupon No. -r and following 
aaached on and after July 7. 1978. 

The numbers of the drawn Bonds are as fallows: 

19.722 to 22.846 inct. 

Amount ovrscandingr UA 21,875.000. 

Luxembourg. May 31. 1978. 


THE FISCAL AGENT 
KREDtETBANK 
S. A. Luvcm bourgeoises 


GENERAL MINING AND FINANCE 
CORPORATION LIMITED 

(Incorpararncf In !hc 
Republic ol South Africa; 


i TRANSVAAL CONSOLIDATED LAND 
AND EXPLORATION COMPANY LIMITED 


NOTICE TO MEMBERS 
ANNUAL GENERAL MEETING 


NOTICE IS HEREBY GIVEN that Me 
ievemy- eighth annual general meeting 
PI the members ol General Milling and 
Finance Corporation Limited will he 
held in the board room 6 HoilartJ 
Street. Johannesburg, on Thuisdav 
22 June 1973 at 0900 hours lor the 
iotlowing Purposes; 


1. To receive and consider the annual 
financial statements for the year 
ended SI December 1977. 


2. To elect directors >n accordance 
with the provisions o' the com- 
pany's articles of association. 


2. To determine the remuneration el 
tnc auditors lor the year ended 
31 December 1977. 


4. Special business' 

To consider and. it deemed hi. to 
pass with or without modification 
the following resolution as a 
special resolution: 

" Rescued that Oir articles ol 
association as submitted la the 
meeting and iniii.Micd bv the 


chairman for purposes of idem i- II and j oo pm. 


A Member of the Darlow Rand Group 
PAYMENT GF COUPON NO. 78 
With rcli-re-ic* to the company s interim 
rpoert and di'iocnd notice advertised in 
Me Press c-i 12th M.ir 1 973. the lollowing 
information is oublishe: to.* the guidance 
Of balder: ol mare warran li to Dearer. 
The di.idene was oecl.irea m Soutn African 

currency anc in jCLorcjancc Mih ihu con- 
ditions of Piiynien; of :his dividend, nav- 
men trim the oifiC'.* of th* Secretaries 
of the company in ti-.c United kingdom 
will be made in United Kingdom currency 
At Me leic.-.rjc-luc -.ranslor rate- ol e.change 
between Johannesburg and London wfiicn 
ruled on 30M M.-i. 1973. 

Payment will be marie against coupon 
No. 7B on or .liter 5M July. 1978. in 
U.K cur-cno at tie London Bearer Recep- 
tion OHi-:e Charter Consolidated Limited. 
JO. Holhcrn Visin'.: London EC1P 1AJ. 
or in French currency a: Credit Lyonnais. 
19 Boulevard des li aliens 75002 Paris. 
Coupons must b-- roll lor at least tour 

Clear pays lor l-* animation and may no 
prnsenrod an» wees da/ "Saturdays 
crceplodi between 'he hours of 10.00 a.m. 


fixation be and are hereby Republic ol Sjuil 

approved and adopted as the i shareholders' '.ii « 

article* Of association ol the .the rate o* 15 PL" 
company in sututilution Ipr and dom income '..i. w 


Republic ol S 511 th Alnsa npn-rc*idenr 
shareheldcrs' Li» will he rlennctcd at 
the rate oi 15 py cent. LMited K'inn- 
dam income t.i> will als* be deducted 


to the delusion ot the coating [llrom coupons trescnloij lor Payment at 


articles ol association.' 

A member entitled to attend and j 
vote at the meeting mav appoint a 
P'ovv or provics to attend and SocaK [ 
and on a poll to vote in his stead. , 
Such pro.v need not be » member el ' 
the company. Irstru-ncnts appointing ■ 
a prow must be deposited at the 
registered olhee ol the company in > 
Johannesburg or the London office at | 

least lorty-eight hours before the time i 
at the meeting- ' 


11k London Bearer Reccotisn Omcc unless 
coupons are ,ic companies hv Inland 


Holders ol share warrants to bearer 
who wish io attend or be represented 
at the moetinq may obtain reformation 
regarding the lormallties to be rom- 
otied witn on application to the London 
othcc Ol the company. 


Re.enuc rtc tlaratiens. 

YU hce surn deduc- 

tlon, arc made -fi- 

nr; Amount ol the 

di.'idcnd ir- a 5 Tcilows — 



Seuth 

U.K. 


Alr.c-n 

Current . 


Currency 

Equivalent 


Per Share 
Cents 

Per Share 
Pence 

Amount ol di- idciid 



declared 

Less- South Aim an 

25 

22.08333 

non-rc&.rtom Sbar?- 



holdcrs lay. at 
15". 

S.2S 

3.31257 


29~5 

16.77126 


For the purpose ot the meeting 
the registers ot members ot the com- 
P.ln, will be closed tram 16 June 1975 
to 22 June 1973 both davs inclusive. 


I Less- U.h. income 
tav at 19".. 


4.19593 
14 57533 


By Order ol the Board. 

R. A. WILSON. Secret *r. 


Rraislrrcfl Othcc: 
General Mining Building. 
6 Hoilaid Struct. 
Johanrcsbura 2001 . 


tenrton Othce: 

Pr.nccs House. 

95 Gresham St- eel. 
London EC3V7EN. 


30 May I97S. 


EUROPEAN COAL AND 
STEEL COMMUNITY 

5U.SJ0.000.000 
8.75% BONDS DUE 
JULY 1, 1982. 


; Secretaries ai the Company «n the 
I Uni led kinortom 
' Chjner Ctnrot.iiy'.C'J Limned 
40. HolbC'i n Viant'C'.. 

I London EC IP ' AJ. 

30M Mav 1375 j t 

NOTE. The Comnanr h.v. l-tcn a-.i'-.l by 
tr., CommiiSiPfier '• o' Inland Ecvenus io 

Under”" i hi- double li.j'ion anre-im-.-nt 
• between the Umictf a'uigdpm awl the 
r col n iic cl South Atr.ca. 'he Soutn 
Af'i’.'n non-r-r.oent t n.nrehoider'. lav 
.-ipplic.iblc so the dn Mend it HluvjtHi? 
as a crcdi*. a9.i.n«: the Unitc-J Kirgnam 
■ tan OA/ab'e in rcr-pcct c-i tr.e d-n cn?ncf. 
I The deauct'pn ol :>« at me r v luted rate 
iol 19-i, instead cl at the basic rate of 

H 34 01 , reorasvms an .llowji.c.., ol credit 
at the rate ol 


S.A.T. INDUSTRIES LIMITED 

NOTICE TO HOLDERS OF BRITISH 
AMERICAN fOB 4 7CC COMPANY 
LIMITED BEAKER WARRANTS 


The Scheme ci- Arr.mr.ement under Sec- 
licn 206 ol the Companies Ad 1948 


. m. olvlhg the nv. r er o! Br.li'.h-Amerlr.an 

The Commission of the European 1 4ecunt°t ^raM^Compwy* Limited to* loerf 
Communities inlorins hcrewiti the Bft t Induilr.c; Llmii.vd became eltedive 
hoarci*a ot bonds chat a selection _ bv . -- r<! , ?7t IC |, r ..,..g approval b» 

lot lor - J , . , ‘ n 5 '??' the Sind holder , ol both Combines and 

1 r Ol rfif rt S:SPSi‘ff 0 r7~ « hr - Fahct.'VlIt Ol -he High CoU-t P( Ju5f.CC 

rnade re the presence oi a Notary . . ic - c rt,ncr. v.tfi ;nc um: •-»! ihe 

Puhnc on May IS. 1973. at the , c [h . m( , o! Avr.ino-mcm the Ordinary 
Cartauc ac Paris cl dcS Pavs-Bas Pour -, oc i- Er ,i h. American Tobacco Com- 
te Grand-Duche de Luxembourg — ' p,,nv i.r.-icd w.is canteiied and lormer 


The Commission of the European 1 securiiios Tru-i Company Limned id lor 
Communities inlorms herewith the ■ □ A T indusir.c: Llmii.'d became ettocii 
board's ot bonds dial a selection by ; jjfi i? 7 i iolc..“N .-I'r-awl I 

lot lor redemption Ol a principal . Ih „ Sinrl holder , ol C3iT.bvr.OS ai 


Baitnue He Paris cl des Pavs-Bas Pour 
Lc Graird.Duche de Luxembourg — 
LuvembOurg. 

Numbers ol bonds selected bv lot. 
8375-430-8431110574 
Numbers of bonds selected by lot ol 
1 7.76: 23135 

1.7.77: 6431 5458-6546 G7G0-BZ63/ 

B2B8-B291 -9291 ■ 122- 
8369-S J7I-8175 78- 
Principal amount unamom-ed alter 
July. 1978. SU544.000.000 — 

From 1 July. 1978. ihc bonds 
selected by lot will no longer bear 
interest. 

The bonds presented lor reimburse- 
ment should be accompanied by 
coupons ol 1 July,. 1979. and follow- 
ing and will be parable re accord- 
ance wun the terms and conditions 
shown on tnc bonds. 


L'Agcnt Financier 

BANOUE DE PARIS ET DE5 PAYS- 
BAS POUR LE GRAND-DUCHE DE 
LUXEMBOURG 
1 June. 1978. 


CLUBS 


EVE. 189. Rcgcni St. 734 OS57 
Carle or All-in Menu. Tnrcc Sn* 
: Floor Shows 10.45. 12.45 and 7 
i music of Johnny Hawlcsworth 5 


“'"V l£ r ~?Wi t ?£ 1 uwhwT swip 3 /e. 
.45. 12.45 and 1.45 ana ... i„ nr . 1*174 
r Hawlcsworih J. Fr.enas. , 


p.inv l.r-Kd •».«* cancelled am lurmer 
' Sicid hold -r: rc-vei-Cd 12 -fird n.-irv Siiarcs 

■ el 2Sp C'-h and 1 Cel: red Ordinary 
' Share ol ISr lull/ Paid ol BAT 1i>- 

fliisiric-. lim.Ld lor e.rr . L2 SO ot 
Ordinary SlgrU el Frii.sh - American 
Tabat^o Cnmno-iv L.n.i'i .« "Ornreriy field. 
Shares ol BAT |nr1 u snes vut Lined 
in rcii'.iotctl arid u'i in beiier for hi. 
Holdn.-S at C.A.7. Co- Lid. Bearer 
; W.- r ran is who l,;»e r.o*. *it. in .icrot.1- 
’ ante wiih (he lerms Of Ihc Scheme, 
surrendered lhr-i V/arrnwls 'poeUier with 
• Talon No. 5 ml Coupon Nos. 17B-ZS3 
| inclusive alf.-Ciiod- t* Morgan Guaraoly 
Trust Compai" ol New York. Coupon 
1 Department. 23 Lombard Street ■ London. 
. EC3P 3BH. should d-> so i mined ialely In 
1 order. Ihal Ihc appropriate number at 
| Ordinary and Deterred O-dlnary Shares 

■ ol C.A.T. Indus tries Limited may be 
aliened to Ificm. Fr.it rloni .»r/jinp on 

I a’lotmeni win be .legreTuied and sold re 

■ the marly: ,-nd ihc net prncecos disiri- 
1 Mfcd rjleafi'v in oroporiion to cntiilc- 
1 ipenl'.. 

i Tnc rrehi <<1 .illulnitn: ol ft A 1 . 

■ Induslr.c - . Limited "hjii.' nndcr ihc pro- 

cedure 'ct above will IcmuMic on 
’ 23rd J"1» 197S and will i’c by 

‘a r>dn: to r-.—Ci..- a rail nnrrtiCM *n 
yirrcfl.-b.c- ».-i:h ihc nor 'ions Ot the 
, S-ficmr of A- 1 inri.-m,- 1 . Muiiiwm'e. the 
Warr'nu iS"il..-r no Ijrrhc-i rrehl on the 
holders a-'d canuol hr faded on the 
Sloct E -rhan-ii- 

E / Order m i-ie Board. 

r. C. BAKER. Serrotarv. 
. Wcsim.nster Men s. 

7 M 1 11 Pan*: 


[GARGOYLE. 69 Dean Slrccl Lanoo". W.l. 
; NEW STRIPTEASE FS.OORSHOW 

I THE GREAT BRITISH STRIP 

1 Snow at Midnight at I a.m 

• Mon.-Frt. Closed Saturdays. 01-437 6455 


EE GEERS CONSOLIDATED MINES 
LIMITED 

< Incorfbra’cd in the Republic 
of Sonin aincai 


■ MICHELLE 5 Cabaret Club, superb 'cod 
j 6. Ormond Yard. S.W.1. 930 2E42.-3. 

I Dancing partners. 


LEGAL APPOINTMENTS 


C.A.C.I. 

r LEGAL COUNSEL 

for Multi-National Company 

Circa £10,000-£14,000 




NOTICE OR DIVirENDR DECLARED 
ON PFE'EREtJCE SHARES 
Dee far jf ten ol Ci ride-id No. 1 35 on the 
40 Per cent Cumulatt-c Prelerence Shares 
ol P5.D3 each 

Dividend No. 1 36 01 One Rand iRT.TiOl 
per share re rrspev* 01 the ii« "nbnlh-- 
on/fing 30lh June 197? has he-.-" declared 
payable 10 Ihc holdc's Cl the 40 per cent 
preierencn shares rcgis::red re Ihe bool's 
r-l the Company a’ the clov» 01 business 

en "Oifi /ur.-. 1P _ 8. an-' to Pir-icres pra- 
■ei-i,na rouror Ho 1TC dct-iched irore 
the nreicenc.' share w.:rv.-.n».. io b-;arev. 

notice roaardin * pai-mrnr 01 flividonris 
r.n CO'. Pen M - 133 ( l -'’lC‘Cli Irrm share 

warren:'. *0 hearer will fir ouhiisln'd in 
•hr- pre-s hv the lerde-i r-itrclar.es 01 'lie 
Comnanv on or ahogt 23ril June. 197B. 


& Le^a 1 Adviser 


Rapidly growing multi-national corporation with offices in London, Amster- 
dam, .Hamburg and Dublin seeks an experienced self-starling Lawyer to serve 
as its European counsel. The position win be located either in London or 
Dublin, but travel win be required. The ideal candidate will enjoy working in a 
professional environment where his or her contribution will have a substantial 
and noticeable impact and will be knowledgeable and experienced in each of 
the following areas of practice: 

* Business and employment contracts in a multi-country context 

* . Banking relations 

* Labour laws 

* Company law 

Since the successful candidate will work closely with both the operating 
departments and the Corporate Tax Counsel, the position gives the 
opportunity to gain further familiarity with European and United States tax 
laws. 

The Company operates in a multi-language environment, therefore, foreign 
language capabilities would be helpful. 

Interviews wUl be held in Europe in June and July. 

Address replies, including salary history, to:—. 

Dr. William W. Fain, President, 

CAC1, Inc. 

1815, North Fort Myer Drive, Arlington, Virginia 22209, USA. 


A ULll-csaWishcd inicmuLiorul ejoup in the suciacc 
coJtiniri indujiiy a-quirts a qualified J.ir.Tcr Giptibic 
of Micci^dinmo the pcb-ifion ofVximftiny bccnnnrv in 
Approvimaidy mu \cjts. The .ippijinunenc will hear 
the GrraipV hcaJ office in Ccni ml Jusodon. The Ctutip 
h.is .miuLil turnover uxoxdinq 1'hom. from munu- 
t.iCUirintiOpL'rjcJuTVjin 2 u different lerriiuriia. 


Apj-I ic.mifi '-■! eiilicr «e:; -ahuulii lie in iIic.lv r.in^e 
;i>4s . L :.|A rieme in ihu burituri.il fuuctiwQ is 
dcjrjbii'l'm ni.ir LoScmul. 


’Mil, maiX:Mu 1 :'P| 'licint will in Jut Lvurse lie 

Tki-pi iomHc li if - 


* 1 he no n 1 ..f i J ui iiA of j comp j d \ ieert u ry 

* -VII piopcriy, in.fiurj^L'c .ui J pension l'uad uuiurs 

* Lkg.J advice to all Ji visions of the group 

* Pjrtidpuucin tncoinmeiculncgocurionj 

PI cisc tv rite io conlidencc with loll personal and 
career deLiiis in: A, K. POSITION NO- AKCliyo-j. 
Austin Kniijbc LimiuJ, London V\'i A iDS. 

AppUctdonti an: fi.r.'-jjJLJ tu ihc clicnu cun- 
CL-mctl, the Tel ore comp-m ic; in winch you an. m.-i 
jincroted slioulJ he hsud in u coverinu kucr il* ;lie 
P«:i>itii.in Number Supcn isijr. 


' Oorbrjiicin el Blv.-.-frnd Mo. 5 on 'h. 
. 8 ccr esn' CvroihK-c Si-soiwf Prelerence 
Sh.—ci n! n.fiO e.'w'i 
Di.idrna Ho a c i J coni: nnr a fi^r— 

• re '<SSE<''* 6l -fir- : ■» niou’.fi' k-nflinn 30tl* 
| Jure. 1071. h.i* hotn Cetlarctl parable 

<0 tfie li'>l.- , rr' 1 cl rli<- 3 no. r.tnt. 'uniu- 

• l.iti'C crc'.-rcn-j r<-n iJt-reri 

• in the ol thr Coreoen* :r me close 

j Ol i-.-rti-.v--'. o- “oifi ,‘ti-it ’r,?!}. 

; For f.iroai: ot 'hoc dnnfcKH 

•'he p'r‘cvc"c<. !"ere ir.re-inr iv(|i-|i>it 
and ri-nr.tcre ol rr'-i-.*-ers nvilt D-- clore*} 
' ItoiTi TU Juiv. 1*173 to 14m JuK 
' 1 0-, 8 . OjI 1 ’ ■•‘a*: I'-c.-jri-’. ;rei* m/rr.ir:-'. 

' w-H t-e rot t'.-fl Ivon the Johsorirtbiirq 

• ana U'lilaf* ''iniftoTn irerl'-r orncc-* on 
J or pfio--- 3rrf Aijou-.J. 1173. Srw'eretJ 
. -fi.-.rufioHtrr. paid Imm -.he Url-.c-H Ktnn- 
: eoei A-.ll r-:»-.- ifir fi— -.e-* Kin-. ■*-.■/! 

• c.'r'-^ncv .’oui -.'i-nf on ""kt 1 . lulv. lO^R. 

; nl lh.< r.nd Vtilui- Ol r hci> fl.vlfleni*'- ilvki 
i .’Prropr>*-K I jyr* 1 A», 'ufh «fiavehoJ/frr 

J mav. hawcvei. elect r o P' paid in SO"*ti 
I t l.'iwn v U rr.."w. provifl'd "hit -he 

r^ir.'i .v rece'vod it ifii Comnap'i 
•v-rev-er oB-rv. in |i>h.<nmr.,m or ihi- 
> i*-'-~rf Fftiv-.rinrn <iii cr neJoik? Min June. 

: i9"8 

Tfif. r-.*-:l-« ■ v.»c a' eon-rpj.aenl tnare- 
1 hO-«*ri' 1'. 15 or-r -er- 
I Tfi.i ili.i-'eeifs .*»L- M‘ 'M* '•.•'Hiecl tfi 
- rfin'ii!-"' r-fif-fi c>n ece«fe»< jt fi>e 

jhr.rt pl^r.; -.nrf I OH-fpn Ofiiff. O' 'ire Cfim- 

• Ti.n, ppn Akfl =: >'••> »‘oniD.-n , lr.— '.’rr 

. n-'irnr. 1 Joliiin-io-Ourg and ihc Ijfiiied 
; Kipydam. . 

i Bp Or ■**■' r -l ••*- P.-.-...4, 

I F M HT-OG'vtn. 

| Group Secretary. 

Heart Ollic: 

“T, s toAd'ir ."'a-.;-:. 

! Kimhe'lflu BjOl. 

, ^ontfi A'v'i 
; London Office 
■■o Holnpvn Vl.ldli.'t. 

; EC IP I6.1. 


i<i“’ce cH the Umlcd Kingdom TranMer 
• c '-c r c-*ric'. 

1 re.-i-irv Co"coi'*‘ , >'eei Linuicd. 

1 o n p 0 r Ng in? 

! rfi.’i-tvr Ho-j'.e, Pi- 1 . Stvt-i. 

Aihiord. X«nt. TN24 &C-~> 

I 3nifi Me.. 1?78. 


INTERN *TICN6L P7.CIFIC 
SECURITIES TRUST 



Certih'.aCec tor uni is in me must were 
DOSlo-.: 13 shari-r.aic-.rj ol lm< ru^liDtml 
PaCihCl^SKurUpcs Comr.inv Limilid on 

On ih- haiii ?f me net iine: -..line 

-* 26tB Mav 1??3 ii.e eraiiip'. nrir.-r oee 


1 















NATIONAL INSTITUTE OF ECONOMIC AND SOCIAL RESEARCH — BY PETER RIDDELL AND MICHAEL BLANDEN 

outlook for UK economy in 1979 



A CLAOAI V outlook For the 
UK economy in 1B79 afier a 
ijrief recovery in demand and 

outpnt this year is predicted 

by ihe National Institute of 
Economic and Social Research 
In its latest quarterly review, 
published to-day. 

The balance of payments 
constraint upon re-expansion 
was not coiiBned to Britain, 
though with floating exchange 
rates it was more difficult than 
it used to be Tor countries to 
reflate nni laterally because of 
fears about (he impact of 
depreciation. 

There was a need for a 
co-ordinated programme by all 
the major countries, with the 


onus of adjustment on the 
surplus economies. 

However, in any move there 
might he to collective 
reflation, the UK contribution 
will have to be judged in the 
light -of the likely rapid expan- 
sion In real consumers' 
expenditure this year, and in 
the light of the UK’s appar- 
ently chronic high demand 
elasticity for imports and the 
low elasticity of world demand 
Tor UK exports. 

The institute warns that 
without a further fiscal 
stimulus, consumer demand 
will virtually cease to rise 
next year, private investment 
Is likely to slow down and 


public spending will continue 
to grow only slowly. 

There was likely to he a slow 
increase both in unemployment 
and iu the rate of consumer 
price inflation. 

The appraisal section of the 
review, however, underlines 
the strong external constraints 
on a further stimulus. 

It notes that “ in the longer 
run, the policy problems 
remain those of pay inflation 
and renewed stagnation of out- 
put in the face of a still 
precarious balance of payments 
improvement. 

“The slackening of demand 
which wc foresee in 1979 would 
seem to call for further 


stimulus later this year, but 
any such stimulus would 
reverse the current balance 
surplus, with the risk ol 
driving down Hie exchange rate 
further and exacerbating the 
rise in inflation. 

“This means that even in a 
programme of collective world 
reflation, the UK could not go 
much further than it has done 
already without a significant 
effective devaluation: other- 
wise our trade balance (which 
is already, aside from oil. >n 
chronic deficit) coaid well 
deteriorate further." 

The review discusses the 
experience under a regime of 
floating rates. It was by no 


means clear whether the 
implicit accommodation of 
differential Inflation rates by a 
regime of floating exchange 
rates had exacerbated the 
general problem of inflation. 

Nor was it obvious that the 
positive hopes for the floating 
rate system had been realised. 

While noting the complica- 
tions imposed by the 1973-74 
commodity price explosion, the 
review says it would be hard 
to maintain that greater 
exchange rate flexibility and 
the supposed greater scope for 
fiscal and monetary policy have 
helped the industrial world to 
maximise employment and 
minimise inflation. 


“ While domestic inflation 
rates vary as widely as they 
still do. a high degree of 
flexibility of parities Is 
inevitable. 

“ But the experience of float- 
ing is beginning to call for 
careful reappraisal, against the 
hoped-for day when differences 
in rates of domestic cost 
inflation become a good deal 
narrower than they now are.' 

To ensnre that the rate of 
price Inflation continues to 
slow down, the increase In 
average earnings during the 
next pay round should be no 
more than half the 12 per cent; 
rise assumed in the forecasts. 


SUMMARY OF THE FORECAST 
(March Projections in brackets) 



Real Gross 

Domestic 

Product 

( per cent 
change, 
year/year) 

Real personal 
disposable 
income ( per 
cent change, 
year/rear ) 

Unemploy- 

ment 

(Fourth 

quarter, 

million) 

Money 
supply 
(per cent 
dnnge in 
sterling M3, 
fiscal years > 

Consumer 
prices 
( per cent 
change. 

yeir/year) 

Current 

account 

balance 
(year. £bn) 

Public 
sector 
borrowing 
requirement 
(fiscal year. 
£bnl 

1977 

1978 

1979 

OJI (-0.1) 

2 S ( 2.7 ) 
TJ ( 25) 

-13 (—221) 
5.4 ( 43) 

M ( 2-7) 

~4 (1.4) 
1.4 tM) 
15 (15) 

152) (13.0) 
1221 (163) 
11.0 (145) 

~ 143 (145)” 

9.4 ( 85) 
11.4 ( 93) 

— (0.1) 
03 (13) 
121 (13) 

5.7 

83 (9.4) 
9.0 (9.9) 


Payment imbalances 
key to slow growth 

THE LARGE and growing rate of inflation in Japan had 
imbalances in the external pay- been reduced, 
merits of the leading industrial The overall increase in con- 
countries have generated con- sumer prices in these countries 
siderable international friction should be down to about 7) per 
and been an important cause of cent this year and probably less 
the slow overall growth or the next year, after rising to nearly 
world economy, the institute says 9 per cent last year, 
in its report on international Differences in annual inflation 
conditions. rates were largely due to the 

The review comments par- course of commodity prices, 
ticulariy on the special problems After a decline in the second 


CHANGES IN MAIN COMPONENTS OF DEMAND 
IN OECD COUNTRIES 

Percentages, annual races in real terms 
1965-75 1976 1977 1973 

(estimate) (forecast) 


Consumers' expenditure 

Public authorities' current 

+4 

+ 4J 

+35 

+ 3i 

spending 

+31 

+ li 

• +2V 

+3| 

Grass fixed investment 

+ 3 

+4i 

+6 

+4 

Trade balance 

— 

- i 

+ i 

— 

Stockbuilding 

— 

+ 15 

— 

— 

Gross domestic product 

+3j 

+5J 

+3i 

+35 


faced by Japan as a result of its 
economic structure, and suggests 
that these tend to be under- 
estimated in the West. 

The small proportion cf total 
domestic demand accounted for 
by public consumption, the 
special characteristics of the 
industrial structure and the low 
level o! manufactured imports, 
made it difficult for the Govern- 
ment to alter the balance of the 
economy. 

Greater aid from Japan to the 
developing countries could help 
to ease pressure on Japanese 
industry and its competitors in 
other industrial countries. 

If this was combined with 
more effective economies in fuel 
consumption in the U.S. and 
a change of priorities in West 
Germany, "the outlook for the 
world economy might look a 
good deal less gloomy than it 
does now." 

Growth of output in Lhe indus- 


half Of last year and tbe first 
quarter of this year, prices were 
expected to drift gradually up- 
wards over the next IS months 
or so. 

The institute's index of com 
modity prices exported by pri- 
mary producers was expected t< 
fall by about 9 per cem between 
1977 and 197S. with a rise of 
nerhaps 5 per cent next year. 

Prices of manufactured exports 
from the industrial countries 
had increased roughly in line 
with their domestic Inflation, 
and would probably continue to 
do so. 

The terms of trade must 
therefore have been moving 
recently quite rapidly in favour 
of the industrial countries, and 
the institute expects them to 
improve for the OECD area by 
3-4 per cent in 1978. 

With the growth of impels 
expected to be fairly slow, the 
institute predicts that world 


INCOME TAX THRESHOLDS AND EFFECTIVE TAX RATES 
1973/4-1977/8 

1973/4 1974/5 1975/6 1976/7 1977/8 


income tax thresholds 
cvalued at 1973/4 
■vices* (£m) 

P-asic rate 1 34%) 
Higher rate {40?,j) 
Highest rate (83%) 
Effective tax rates on 
personal incomet 
( per cent) 

Income tax 
Expenditure taxes 
Total 


(per cent) 


1.116 

1.097 

942 

980 

1.065 

6,116 

4.912 

4.003 

3.982 

4,250 

21.176 

18.098 

14583 

132)17 

12.223 

13.2 

14.6 

16.1 

16.1 

15.0 

12.9 

11.5 

11.4 

11.4 

125 < )2.0)+t 

26.1 

26.1 

275 

275 

27.5 ( 27.0 )tt 

tax 

ion 

50.6 

56.0 

58.6 

58.3 

54.2 1 55.3)tt 


Discussions 
on future 
UK growth 
rate urged 

A MORE intensive and public 
discussion of the varying views 
about the future growth rate of 
the UK is called for in a special 
article in the review by Mr. 
T. D. Sheriff. 

Discussing medium-terra plan- 
ning in nationalised industries, 
he says that views range from 
ihe 4.2 per cent growth rate 
requirement in the Cambridge 
Economic Policy Group model, 
to the per cent assumption 
made by" some nationalised in- 
dusiries. 

The reasons for the differences 
should be explored, and it would 
be useful to examine the effect 
of a higher growth rate assump- 
tion on the investment plans of 
ns^nnalised industries. 

The inquiry could also be use- 
fully extended to large firms in 
the private sector to see whether 
the assumption of slow growth 
is a common one. 

“ The public discussion of 
mediuru-term economic projec- 
tions has languished in recent 
years. This brief survey of the 
medium-term planning pro- 
cedures in nationalised indus- 
tries suggests that it is time for 
a revival.” 

The study highlights a dilem- 
ma faced h v the nationalised 
industries. They remember their 
unfortunate experience of the 
tpfips when they were pressed by 
the Government to plan their in- 
vestment on the assumption of 
a 4 per rent growth rate. 

Evolution 

The industries are wary of 
repeating this experience with 
the danger of overcapacity. 

On the other hand. “ there may 
be a certain oddity about a group 
of industries in the public sector 
each cumins to its own separate 
conclusion about the likely evo- 
lution of the British economy." 

This involved possible duplica- 
tion of effort, and the danger thar 
excessive caution in these pro- 
jections may become self-fulfill- 
ing. 

If nationalised industries and 
large firms in the private sector 
plan on the basis of an expected 
slow rate of economic growth, 
then those plans could briog 
about a slow growth rate. 

“ Because the planning experi- 
ments of the 1960s were un- 
successful. it does not follow 
that there was no truth at all in 
some of the ideas which lay 
behind those exercises." 

The expectation of a slow 
growth rate, need not make a 
faster rate impossible, but it 


Current account surplus 
of £ 300 m predicted 

THE SURPLUS on the current is expected to begin to turn up ensure a current account surplus 
account of tbe balance of pay- again in the second half of this of a round £Ibn next year, 

nicnts h expected by the insti- year, as a result of the recent The institute forecasts a pub- 

tute to be much smaller this decline in the exchange rate and tic sector borrowing requirement 
year than previously projected the assumed 15 per cent rise in 0 f £8.3bo in 197S-79 near the 

by itself and other forecasters, average earnings in the current official estimate and ceiling of 

A current account surplus of P ay roun d- £S.5bn for the period. 

£30Cim in 1978 is forecast, with By the last quarter of this The review also takes into 
a steady improvement after the year, consumer prices are fore- account the extent of official 
large first quarter deficit, com- cast to be 10 per cent higher financing following the expected 
pared with the £1.3bn. surplus than a year earlier. A further capital outflows reflecting sup 
projected in the review at the slight acceleration to a rate of port for the exchange rate, 
beginning of March. “ “J* 1 * P er cent « But even given relatively 

This is the main change in the e t0r buoyant bank lending to the 

institute’s forecasts in the last . Keal personal disposable private sector expected as a 

three months: the broad pattern incomes are expected to rise by result of the pick-up in economic 
is still of a brief and mild re- per cent this year (with a activity, the S to 12 per cent 
covery this year, which will tail >' ea r-on-year increase of 51 per target for the growth of sterling 
off by the start of next year. centi, but remain flat thereafter, m 3— the broadly defined money 

thp fr, rp.-i.it- ic HicpH on thp 1116 savings ratio — the percen- supply — can be met with rather 

assumption of unchanged fiscal of d ^P° sab,e *»«»» saved lower sales of gilt-edged stock 
policies, which now assumes a “fJSfl f° rema,D than 10 tbc ,ast tw0 - vears - 

change in income tax allowances * U ™£+ 97S . but "F** >' ear - ** This level of sales requires a 
in Lhe spring 1979 Budget in ll i c ?, m ! es ** rise in interest rates, with 

line with tbf rate of price infla- pro . J ecte{ * to lead to a faff in tbe Treasury Biff rate reaching a 
cion. r3ll °; . peak of 10 per cent. 

Thp ..climate akn assume a This is forecast at .15.1 and 14.2 The institute estimates a 
15»cr cent rite m eareingl in per cent respe « lvel y the two domestic credit expansion of 
the Liinvot oav reund to Julv yea F S ’ spared with 14.5 per £7.flbn. in 1978-79. which would 

*£ ™n, d ‘ScSe cent 0n last ** «lUn* 

probable in the- 12 months from frim nirlenn ot Jtbn. for the period- 

this summer. comparison Forecasts for 19iBS0 would 

Tbe institute bo lives that the A rise in real consumers’ * m Pl? a small rise in public 
general economic climate should expenditure of 4.7 per cent is secl ® r borrowing to about £9bn. 
be relatively favourable to pay forecast on a year-on-year basis With some fall in bank lending 
restraint since living standards, this year, falling to 2.1 per cent to the private sector associated 
as measured by real personal dis- in 1979. with the ending of the recovery, 

posable income, will be about On a fourth-quarter com- continued capital outflows and 
five to six per cent higher in parison. the increases would be reasonable sales of gilt-odged 
1978 than during last year. 4.6 and 1.2 per cent respectively, s* 06 *- ^ere would again be no 
The review notes the difficul- The review also contains a a 

ties of defining exchange rate disaggregated forecast of con- **•£. cent . u,on ®J ary tarj jet 
policy. But the forecasts assume sumer spending. , The review discusses the over- 

that the rate will be supported a very raDid growth in durable a i l ? s ^ stance by estimating 
at about its present level for the expendUuS is projerted tbi! S** b y d ® e . t b , alanC ^ at a c * onstant 
next six months. ££ but a sh Zplyfi^teof ^ 

After that, the expected down- expansion in 1979^— up by 14 and this basis, the public sector 
ward pressures will be only 2.6 per cent respectively on a I s W ,lu E 

partially resisted. year-on-year comparison — is also t* b0 V l in 1977-78). though 

Consequently, tbe trade- forecast. this is not unprecedented, 

weighted index should fall by . Spending on cars and motor In the 7 ears following the 1967 
about 62 in tbe second and third cvi -ics is expected to fall back devaluation (up to 1971-72), 
quarters to roughly 58 at the s fi gh Llv towards the end of the there were , simiIar U ful1 
end of next year. year, while furniture and floor men J surpluses, when employ- 

“Fairly strong" growth in coverings should benefit from the “ e “ l P ot ential was considered 
private consumption and private expected housing boom. higher. 

investment is expected this year. Non-durable spending ic fore- Nevertheless, the stance of 
partly offset by continued stag- cast to grow by 38 and 2 per cent budgetary policy is substantially 
nation of public spending and respectively in the two vears more restrictive than at any time 
by rather rapid import growth. \5?thin this category drink and since «*l-72. 

Real Gross Domestic Product tobacco should benefit from the Allowances in force in 1977-78 
is projected to rise by 2.5 per failure to index specific duties were sufficient to raise the tax 
cent in this year compared with Th ® Th * ' . threshold to about 95 per cent 

last, and by 1.8 per cent next an? SliS \ of i(s 1973-74 level. In real terms. 

r ,“£ 

Volume ness o^f U.k!* exports of mXat s^ped^bf mffation. there 'has 

On a fourth quarter to fourth lured goods after the middle of th?' thrwholds 

quarter comparison an increase this year. the liteher ?nd hfahSt rate 

of 3.7 per cent is forecast during With world trade io uanufae- thresholdl^-to just under 70 and 

the course of this year, followed tured goods growing by an ex- Jj™ SllTof th?Ir 

by a rise of only 0.S per cent peeled 7 to 7* per cent during SiK ^ 

during 1979. 1978 and slowing to 5J to 6 per The lot , (tIirect and indirect) 

Tbe decline in the volume of cent io 1979 exports of manu- e ffecrive rate of tax m pei3 

public expenditure is said to factured goods are expected to j ncom es hardly chan°ed last vear 

explain almost the whole of the rise by about 44 per cent this per cent * 

continued stagnation in tbe ye« '««■«■} ffSPS But the income tax rate had 

economy last year. JUS* M d b> 11 P 1 ncn been reduced from just over 16 

Total public spending on goods y par - to 15 per cent, while the 

and services this year is pro- r . expenditure tax rate was raised 

jected to rise in volume terms by UDpOnS from Hi to 12J per cent. 

only ) per cent, followed by an Tolal expnrts of R00ds and pn the basis of the expected 

increase of almost 3 per cent services ar< T projected to rise by br,e ^ recovery in activity, total 

next year. , 64 per cent during 1978 (34 per employment was likely to rise 

The review discusses the rela- cent year-on-year) and by just a ,n . *' ie course of this 

tive strength of manufacturing un d er 2 per ce nt during 1979 (3 ab<Jut ? per cent— but 

could make it more difficult to 1 investment relative to projections p er ce nt vear-on-year). fal1 sIow *y in 19<9 - 

achieve. I based on output growth and capa- lmports ' flf goods and services ^ f i or , u tho 

ritv utilisation. _ rf , evnertcd (even atinr allow- continued growth of the labour 

are expected (even alter allow S||pp , y this hnp | ies , bat adu|t 

unemployment in Great Britain 


.\oEionol Institute Economic 1 c itv utilisation. 

' For example, the forecasting fng STSTlT '"t 
relationships in lhe institute s relatively rapidly this year, re- u jtc 

model predicted a 15 per cent fleeting the recovery of final JjJ* .™ f niarly?4in durinc 
f-.ii in invocimpnt between the tlnmnnrf level or nearly l.-t-m during lytts. 


able price IHJJO for single issue 
.from 2. Dean Trench Street. 
.Smith Square. London SW1P 
3HE. 


Multinationals 
nrobe grant 


’ Applicable co a married person, income all earned, with two children 
not over il. The reduction in child allowance in 1977/8 has been 
ignored. The threshold is that level of gross income at which the rate 
begins to apply. 

t Income tax payments plus accruals: toial. allocation of expenditure ! 
taxes ( including rates) to consumption; calendar years. 

ttExduding the national insurance surcharge. IJ1UUC ^,2 Hill ] lions surveys and indicate an 11 The institute, to j limited The review discusses the 

(rial countries continues to trade win continue lo grow only MRS. JUDITH HART. Minister ■ per cent rise in manufacturing extent, discounts lhe sharp uneven profile of unemployment 
lag behind their official targets slowly. 'of Overseas Development, has ' industry’s fixed investment (other increase in imports in the first and suggests that liie seasonal 

and uur own expectations." The current balance of pay- 1 approved a grant of £200.000 from ' than iron and steel) this year. quarter of this year on the pattern may- have changed. 

grounds that there may have School leavers aged IS or over 
been some stockpiling of imports join the adult register in the 
in anticipation of a faff in the summer, producing a large but 


if d T am! - , J, , hut rise slowly durmu 1979 to 

fourth quarters of 1975 and IHT7. An increase of 41 per cent is about 15m bv the end of the 
as against the rise of 14 per cent projected for 1978 over the total a „“ 
which actually occurred. for last year, with a rise oT 3i “ 

Consequently, the latest projec- per cent m 1979. reflecting the r [npmnfnvmpnf 
tions rely on investment inten- slowdown in the overall recovery. |»»vjr 


and uur own expectations." The current imiunce oi pay- ' approved a grant of £40O.uou from than iron ana s'.ceu itus year. t 

Vg'- resale production in the nionts of the OECD countries aid funds to assist the technical But because the recovery in : 

OECD area rose b\ unJv about should improve greatly, probably j cooperation programme of thci demand j S expected to peter out l 

:5i ncr cent Iasi vear ‘leaving movin S int0 0VCraI1 surplus in , UN Centre on Transnational ne xt vear. a rise of on! v 4 to 41 i 

..l in- 1979. j Corporations over the next two : per C ent is forecast io 1979 on the exchange rate. 


unemployment higher at the end 


nF the year th.n al Ho besionios 9" mc ° ta «'.»‘ li 'V. 


I same basis. 


Nevertheless, the base point 


generally temporary increase in 


in all major cuumries except the * ur P ,u * of . t ^ ie °'' producing' The centre, which studies the! including the public >ector. the for the balance of pdvments a PP aren f 

U.S countries is expected (o be j implications of the activities of : JS ofeross fixed investment forecast is lower than assumed uncmpJoymentat the endof the 


Even allowing for measures of multinational corporations, is at ! ^'expected to rise by about yi by the institute in February, and 3 hntfl 

^lj e vE thisyearaQdby2iper tzTSr rate proieclion 

was expected ttes year or next in T vol!ime by reM tert fh e V NetheriandsJ^Nora'ay f and I This ] eaves . the Y 0,utn ^ Consequently aFler allowing \nxhe underlyte^uSmphjyraenf 


Growth should be faster in year . is expected to increase by Swed^ The centee's work next year below the 1971 level for invisibles, the expected cur- Ievel . 

Festern Europe, particularly about 5 per cent this year and ' covers mainlv advice w govern- 1 3 nd - as e mm%mi of Gross rent account surplus of £300m is with the lab 

ns year in the UK and next year by 6 per cent in 1979. There will [menu ^Ld inforaition sfrvicS Domestic Product ’ fo , ed in 7 cst ‘ ^ oul , £lbn smaller than pre- inc tfl srnw . 


Western 
this 

in France. Italy and some remain “massive imbalances 
smaller countries. These accelera- between tbe countries of the 
tions would be roughly balanced OECD area. 

by progressively smaller in- In spite of the depreciation of ... . Tj . » 

creases in output in the U.S. the dollar in 1977 and the early I j'tNAL'LT. widely estimated to ; 


in | meats and information services. 

Renault entry 


labour farce continu- 
Lbere was no 

prospect that unemployment 

nearly 22 per cent. m_19<l to a stabilisation in the volume was likely to fall from the 
[about 19 per cent in 1979. nf imports next year and a sharp present record levels in the 

The rate of private inflation rise in export prices should immediate future. 


A similar pattern emerges in months of this year, the institute ( !l e spending well over £lm in; 

relation to the rate of inflation, foresees little change even by | lf?. e “ orli to win tbe Le Maos, 

with a gradually improving next year in the deficit nf the ! “4-hour race in two weeks time., 

trend in Europe but a worsening U.S.. and the Japanese surplus' “® s . un y* 1 *S“ „ a nipn 

one in the U.S. An overall rou Id well go yet higher Alpine VSTurbo to head its six- J 

improvement for the OECD area after the appreciation of the j car challenge against 1977 j 
■i, foreseen, partly because the yon. 


PUBLIC BORROWING AND MONEY SUPPLY 


Financial years £m 


THE PUBLIC SECTOR FINANCIAL BALANCE. WITH HIGH 
EMPLOYMENT CORRECTIONS*. 1973/4-1977/8 



Financial balance 
l£m) 

High 

Actual employment 

Weighted budget 
(per cent of h>gh employment 

Grots Domestic Product) 

High employment 

Change in ol which due to 
Balance balance expenditure receipts 

1973/4 

1974/5 

-3.411 

-5.933 

-3.400 

—4.600 

“ 9.3 
-10.3 

— 1.0 

- 1.5 +05 

1975/6 

— B.259 

-3.400 

- 8.6 

f-1.5 

-0.4 +1.9 

1976/7 

-7.387 

-2.000 

- 7.5 

— 1 3 

-r0.3 +1.0 

1977/8 

Budget forecast 

-7.577 

^ 200 

- 6,0 

-1.5 

+2.1 -0.6 

Out turn 

-5-762 

J- 2.800 

- 5.4 

1-2.1 

-2.5 —0.4 


■ Estimat'd br ubina calendar yew 1973 ii the ” high employment “ bale and 
alt uni ins an underlying rate of growth of productwi potential of 2 : per cent per 


winners. Porsche. . 

The car. fitted with a 2.1 litre 1 
turbocharged engine, has been 
undergoing secret lcsi$ at Paul 
| Ricard circuit in southern France 
j and has been seeded No. 1 of the 
55 Le Mans entries. Bucking it 
will be three less powerful 2-litre 
Renault Alpine VS Turbos and 
two similarly-engined Renault 
Mirages, entered by an American 
team, which has close links with 
Renault. 

The Le Mans race, in the] 
doldrums during the early 197ns. | 
has been revived by the intensity 
oF the Porsche-Rep.auli rivalry of! 
the past two years. Renault, who 
view the race both as a promo- 
tional exercise and lesi-bcd far 

long-term development of turbo- 
charged engines, will have an 
SO-man team at the Sarthc cir- 
cuit. 




Sales of 









Chance 

The experiment, which means 


Public 

sector 

borrow- 

Sub lie 

debt to 
non- 

Chinee 

External 

financ- 

ing 

Bank 

lend- 

ing 

Bank 

lerid- 

ing 

Bank 

lend- 

Domes- 

tic 


Banks' 

non- 

deooslt 

in 

money 

stock 

that the branches will be open 
continuously between 9.30 aui to 


ing 

bank 

in 

of 

to 

to 

ing 

credit 

Fore'igt. 

llab'ili- 

{ sterl- 

3.30 pm on weekdays, starts on 


require. 

private 

cur. 

public 

publ'c 

private 

Over- 

eap-sn- 

current* 

l : es 

ing 

Monday. 


nrcflt 

rector 

rancf 

lector 

reersr 

sector 

sell 

iloo 

finance” 

(net) 

W) 

The union was unhappy about 
the proposal — by the Royal 
Bank of Scotland, the Bank of 

1975/76 

10583 

5588 

463 

1,157 

3575 

'”—336 

404 

5.063 

591 

862 

2,453 

1976/77 

3,769 

7572 

886 

178 

333 

3525 

213 

4,935 

1,153 

776 

2528 

Scotland and the Clydesdale — 
and only agreed to co-aperate 

1977/78 

5JOO 

7500 

900 

-4.700 

1.700 

4500 

1550 

3.450 

1,400 

850 

5.900 

when the banks accepted four 
co ndi firms. 

197B/79t 

8500 

6,000 

1500 

2500 

—700 

5500 

400 

7.900 

-500 

900 

5500 

These were that all staff 

1979/80; 

9,000 

7500 

1,000 

1.000 

— 

4,700 

400 

7.100 

-500 

950 

5,650 

would continue to have a one-i 
hour lunch break, that additional j 


* Foreign currency bank lending to the public sector, overseas sterling deposits, and banks’ foreign 
currency deposits (net), 
f Estimate 
I Forecast 


Fihaocial Ti&es ‘TKlirsda? JuEe/TZSTS' 


LABOl R NEWS 



may gain worker 



BY PAULINE CLARK, LABOUR STAFF 

■ riiB 900-BED Brookwood sentatjves might take seats on tho 
psychiatric hospital- in Surrey, committee.- .■ ■■ 

scene of a workers’ council “take- The workers^ppuneil was set 

over” by disgruntled imises and up nearly -a fortnight ago under 
other staff, nmy become the first the leadership of unioa .repre- 
hospital to adopt a workers’ parti- sentatives, including Mr. Joe 

P?t,e Minister last ^ 

The plan is believed under sen- and j, ave presented a list - -of 
ous consideration by me area grievances to’ the health authori- 
bealth authorities after joint t ^ es< - including criticisms of 
talks with union and staff repre- personalities in con- 

sentatives at the hospital about jj 0 | the -running of the 
the need for improved industrial jjosphaL 

relations procedure there. . Today’s meeting, is expected to 

2ss*fis£* m m 

Si? sau - ersw- sr-a 

aSSLWS. decision to set up a workers* 


353? ‘AM take Indus- 
present 12-member workers’ triaJ act j 0n vvhich would have 

councu. affected patient care. 

If the idea is accepted, the hos- The nurses have yet to publish 
pital will have made history in. their full list of grievances, but 
the health service which.' ironi- are known to' have objected to 
cally, was not mentioned in tbe certain instructions by manage- 
recent industrial democracy meat - 
WhitP Paner The authority of ward sisters 

_ , , ‘ ... v._ is said to have' been undermined. 

The logical result woul d be f(jr instanpg by orders concern- 
setting-up of a penu ^nt , fixed tea breaks, which the 
workers’ participation committee maintain baVe been wi th- 
at Brookwood, with union repre- ou . the needs of 

sentatives joining hospital pat j en ts an d j 0 the responsibili- 
administrators in determining 0 j nurse in charge, 
overall policy on running the » un i 0n 1^5 complained of 
bospitaL sackings of nurses without the 

Area health authority repre- presence of a union officer. 


Threat to Llanwem 
after walk-out 

BY ROBIN REEVES, WELSH CORRESPONDENT 

IRON AND STEEL production total labour force of 9,000, of 
at BSC’s Llanwem works. South whom about 6,000 are in manual 
Wales, was halted yesterday by grades. 

a dispute involving about 500 The No. blastfurnace has a 
blastfumacemen. capacity of 34,000 tonnes a day. 

Unless resolved quickly it It was commissioned in Feb* 
could lead to a complete shut- ruary, 1976, at a cost of £27m. 
down of the plant which pro- Meanwhile concern is grow- 
duces 40.000 tonnes of steed and ing among steel unions in Sooth 
steel products a week. Wales that BSC is planning 

The dispute began when about further redundancies at the 
100 men working on Europe’s nearby Whitehead, Newport, 
largest blastfurnace — Llanwem works. 

|\fo. 3 — were laid off by the BSC Plans are reportedly afoot to 
management for working to rule close a relatively new steel bar 
after a rejected pay claim. mill at the works, which makes 
Yesterday, another 400 blast- a number of specialist finished 
Furnacemen walked out in products, because of the con- 
sympathy. resulting in the shut- tinuing depressed state of the 
down of the onTv other furnace construction industry, 
in operation— the No 2. The Local steel union sources jn- 
No. 1 is at present out of com- dieate that they intend to resist 
mission for relining. any such move strongly, on the 

All iron and steel making at grounds that South Wales has 
the plant was brought fa a halt, already had more than its fair 
However, there are sufficient share of steel job losses, 
supplies in the pipeline to main- The Whitehead works em* 
tain production in the finishing ploys about 1.000 men of whom 
end of the works. at least 100 would be affected 

BSC’s Lianwern works has a by a closure of the bar mill. 


AC AS acting in Bank row 

BY OUR LABOUR STAFF 

OFFICIALS from the Advisory, the dispute arose because the 
Conciliation and Arbitration bank began replacing its mem- 
Service are due to meet repre- bers by non-union workers in 
sentatives of the Bank of breach of the union’s recogni- 
En gland and the Society of tion agreement. 

Graphical and Allied Trades to- The unioQ wprned ^ ^1 

fa/ !«™ifa ,S at V th^ hankvf Stf printing and distribution would 

remain halted until the sacked 
SSKriS «■* »-e reinstated. 

The dispute involves about The bank says SO GAT is try- 
500 women note examiners who ing to institute % closed shop 
together with drivers, binders in an area where half the en>- 
and other groups, all members ployees are non-union members, 
of SOGAT have been dismissed It says it is working towards the 
by the bank for alleged breach organisation of an examiners' 
of contract. closed shop to be introduced 

SOGAT said yesterday that “ at an appropriate time.'’ 


Scorpion tanks moved 
after blacklist clash 

BY NICK GARNETT, LABOUR STAFF 

THE SCORPION tanks marooned which was also party to a guide* 
at the Alvis factory. Coventry, line-breaching pay deal last year, 
because of a pay blacklisting dis- has been told that it will no 
pule between the Government longer receive Ministry of 
and a Midlands road haulier Defence contracts, 
have been moved b.v a private The company was told this last 
contractor hired by the Ministry week, the day alter it had moved 
of Defence. two Scorpion tanks from the 

Union officials and road ^lvis factory, part of British 
hauliers had said that the tanks J-eyiana. A number of hauliers 
would not be moved unless the P ave been involved in the past 
haulage company. Capel’s of in ibnvms tanks from the factory- 
Coventry, was given back the ^' ie Ministry of Defence said 
contracL yesterday that the back-log of 

. ... . , Scorpions, about 12. was moved 

Another haulage company, early last week, before Capel’s 
Joseph Fouikes, of Wednesfield, case had much publicity. 


Bank hours trial agreed 

SCOTLAND’S clearing banks tary. said that the experiment 
have agreed with the National was “ill-conceived, ill-timed and 
Union of Bank Employees to ill-planned.” but the union had 
open 16 main branches in decided lo go ahead in the 
Glasgow, Edinburgh. Aberdeen public interest, 
and Dundee at lunchtime for a 


6-months trial. 


temporary staff would be taken 
on to maintain staffing levels 
between Jl am to 3 pm. that the 
working week would remain at 
36 hours and that special atten- 
tion would be paid to security 
ov»*r the lunch-time period. 

Mr. David Paterson, the union’* 
Scottish deputy general secre- 



For Winter fusl 

saving PLUS fresh 
air in Summer, install 
JJlnbfB'lioits 


J J Ventilation Limited 

13 Dowry Square, Bristol BS8 4SL 
Tel, Bristol 291295 


»?3 • •'••;.• . :;v .■ • -; 


% 

aft 


■ ;■ ' '-"'w-V'r' 


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The Financial Times 


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The delicious taste of ice-cream in Italy 
could well come from Bush Boake Allen - 
the Albright & Wilson company that is one 
of the world’s leading suppliers of 
flavours and fragrances. 

These flavours are supplied to the food 
industries of many countries to suit local 
tastes and ways of life — flavours for biscuits, 
savoury flavours for snack foods, spies 
extracts for sausages, fruit concentrates 
for soft drinks 

Albright & Wilson have manufacturing 
plants in 1 5 countries In 1 977 alone, overseas 
production resources were increased in 
Australia, Canada, France, Malaysia 
Singapore, Sweden and the USA 

Worldwide, sales last year were £338m, of 
which £1 94m were earned overseas, 
including £92m exports from the UK. 


. ..... . 


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r =r 


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Iagf fet 

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Albright & Wilson Ltd. 1 Knightsbridge Green, London SW1 X 7QD. Telephone 01 -589 6393 






• fragrances • line chemicals • flavours • food additives • fruit juices 


• g\ 

* natural drug extracts • pharcnaceu 


is*' 


metel firishinfl anu 








There are some people who believe 
that the advertising of certain products 
should be banned. 


And that, providing he exercises 
those rights with a sense of responsibility 
to the society in which he lives, no 


The current favourite for the 
attention of such people is the advertising of 
cigarettes. 

Closely followed by that of alcohol 

But the list can be extended to the 
advertising of products made from animal fat 

Or of products that contain 
saccharine. 

And even of products that pollute, 
and collide with each other, and put their 
drivers into hospital 

Those who believe in banning the 
advertising of such products would extend 
the list further. 

All they need is time. 

But there are others who believe that 
the citizen has certain inalienable rights in a 
free society. 

The right to exercise free choice 
for instance. 

And that this, by definition, must 
include the right to smoke. 

The right to drink. 

The right to eat dairy foods. 

The right to drive. 

The right to take the risks he 
knows about. 

The right to measure those risks 
against the pleasure he gains. 


lWgiUXUUVW WOOW1X1UJ.J OJLXUUXVi w 

him access. 

» • • 1 . 

If that belief is well-founded, then 
the advertising agency Allen, Brady and 
Marsh believes that free and honest trading 
of cigarettes, alcohol, dairy foods and motor 
cars should continue. 

A • ' . _ 

That, just as governments should be 
free to warn of risks, manufacturers should 
be free to advertise their products. 

Of course there should be safeguards 

The health of the citizen should be 
protected. 

But the health of democracy is also 
important 

President Hoover, in 1928, put it 
better than we could hope to do: 

cf Free speech does not live many 
hours after free industry and free 
commerce die.” 

The advertising launch of State 
Express 555 King Size cigarettes started on 
24th May 1978. 

Allen, Brady & Marsh is proud to be 
responsible. 



ABM House Norwich Street London EC4 

Tel 01-405 3444 





The Marketing Scene 




*.<.vv >^«S: ..* 


EDITED: BY- 




abuse with self-contro 


ConsoiUers, consumerists 


iW l^CHAEL THOMPSON-NOEL 

Tiiir ?X»tE3jRY OF protests and — 
ftK^J^toentB ■ Trith which W n W -TT 

Underset*! the EEC Com- £ w «ELi3. 

missiezrts . -draft directive on 5L5?5. 

unfair and- misleading advertise pu 7? ■ 4S_* 
mg-pnbliahed in.:. Siarch-toS 
died down for the present, to be 
replaced by a mood of wariness 
which in one quarter, at least, * J 

is beginning to sbade into quali- ' ““Si* , r 
fied optimism. The IS 

pat quarter U a very import- ““ JJf h l 
ant one mdeed, occupied as it is Matt Bin’ 
by Lord Thomson of Monifleth— .itLri 
chairman of the European Move- l 

me;t (the - ill-party. pro-KEc, d,ra J*!? ‘ 

lobby), chairman of the Adver- Thnwcl” 

tising Standards Authority and 
previously one of the UK's first 
two EEC Commissioners. a “ 

Lord Thomson's views on the lea dine.” 
absurdity of European barmonis- FoUow 

ation for its owp sake, and on o/ eomph 

the pleasureless joys pursued by si deration 

the bureaucrats in their sleepless i 599 a E J 

search for . uniformity, hare the order 

endeared him to the advertising “or ih- 

and marketing communities in about ath 

Br ^ L . , . . deliver go 

Which Is not to say he is goods ar« 

incapable of turning round and advertises 

administering a clip behind the sibUity fi 

e-ars . when necessary. At the saiisfactoi 

Advertising Association's, confer- complaint 

enee In Brighton, Lord Thomson Thi/rvpr 

saidjhe was encountering, within received 

the-;« advertising business, percent, 

dangerous, misconceptions as to Dr ii,t a d\ 

how advertising control works in J,in e weef 

Britain, plus a disturbing degree - 
of . complacency' as to bow the ~ 

Brussels ' draft-' directive — which “ But 7 the 


HOW “LEGAL, .decent, honest and truthful'! 
Is British advertising? If the reaction of the 
public is anything to go by, it scores extremely 
well. The Advertising Standards Authority 
conducts a national ad campaign of its own 
each year. Inviting complaints from the pub- 
lic. The 1978 campaign Is running now ( see 
Inset). 

Hie 1977 campaign began last August and 
ran for three months, enlisting the support 
of folk heroes like Marjorie Proops and Sir 
Matt Bushy. It cost £150,000. ] D addition, a 
further £64.113 worth of free space was 
donated by the media. 

According to ASA chairman Lord 
Thomson of Monifleth : “The evidence from 
the ASA’s own operations certainly does not 
show any widespread grass-roots feeling 


among consumers that advertising is mis- 
leading.” 


Are you 
legal decent, 
honest and 
truthful? 


Following the 19 n campaign, the number 
of complaints which came in for ASA con- 
sideration. over a nine-week period, totalled 
1,592 against a background of something of 
the order of tSn ads published each week. . 

“Of that number; 183 were complaints not 
about advertisements but aboni a failure to 
deliver goods ordered by mail. (Because such 
goods are bought as a direct result of an 
advertisement, the ASA has special respon- 
sibility for bringing such complaints to a 
satisfactory conclusion). Or the remaining 
complaints, 295 were found to be justified. 
This represents 18.5 per cent of ail complaints 
received in the period but only O.OOfi 
per cent, of the estimated total number of 

print advertisements published during the 
nine weeks concerned. 


Advertisers have to be 


The Achertlwig Standards Amhtuliv. 1 

Wlrkilir »ik uiuxng kaCft h- <ud> 04 . 1 muni 
1 / Bulpm mnj ; 4 Kril >>iikU VM.li 



“ The complaints which were upheld ranged 
from technical breaches of the Code and 
genuine over-sights to a very few intentionally 
misleading claims. A substantial proportion 
were concerned with questions of taste and 
decency: an area where self-regulation need 
fear no competition from the law.’* 


ling 


Brussels draft- directive — which 11 But there is no element of son: advertisers can’t always be to the consumer at all. 

proposes uniform civil and permanence. We have to work expected to anticipate some of i n the ASA’s annual report, 
criminal legal proceedings at it . The. speed with which the more ingenious complaints published Uist week. Lord 
throughout the Nine to counter advertising claims are substan- that are concocted. Second, Thomson warned thal it was not 
unfair and misleading advertis- tiated is of the greatest import- there are areas like hi-fi where only the bureaucrats in Brussels 
mg — «n best be tackled. ance. Second, those who work the experts themselves differ but ideologists at home who 

More, recently -Laird Thomson on the creative side must be greatly as to what constitutes a were out to tilt the balance of 
told me: “I am sow reasonably willing, consciously, to work fair claim or statement advertising control decisively in 

optimistic that we will get from well within the letter and the [ n t hi s connection it is easy to the direction of statutory 

Brussels ah amended directive spirit of the code, whereas see w h y ^ord Thomson believes enforcement; 

^ 0W n^ Ch a SL 0f tl e \ pre ‘ the EEC Commission to be guilty “If statutory control went too 

of “pious hope" in believing far it would quickly create new 
advertising, control and still ledge of the c od «^— tbe substan- that a much more overtly and costly armies of enforcement 
achieve- the. very worthy aims of tiation is looked for afterwards, legalistic system of advertising officials, and new and costlv 
the. current directive. There are those who think it a control throughout: tbe Nine courts to administer ihe new 

He believes that the. control of sign of creative brUhance to sail would help introduce quick, laws It would cost the adver- 
advertising in Britain— a mixture as closely to the code as possible, effective and inexpensive legal tising business a great deal more 
of statutory- enforcement and “The code of practice states facilities for combatting adver- than the present 0.1 per cent, 

industrial self -regulation via the quite unambiguously that adver- tising abase. surcharge: and it would cost the 

ASA- and its Gode-of Advertising. . risers should possess the means it would be a feast day for the consumer much more than the 
Practice (plus the: work of the for justifying their claims, so lawvers, says Lord Thomson, price of a stamped complaint— 
IBA) — Is: sufficiently well- that when the ASA asks for whe’reas the current cost of if they were still as ready to 
organised at present, and suffi- comment it should get a reply administering the ASA for complain in tbe absence of the 
d«tl2testtceessfiri,>to be allowed by return of ppsL” There are example (approximately £500,000 present guarantee of confiden- 
to continue along present lines, two exceptions, says Lord Thom- a year! represents no direct cost tiality." 


Lord Thomson’s remarks about 
complacency within the advertis- 
ing ■ business arc also easy to 
understand, fof while it is 
important not to exaggerate the 
degree of concern rbo citizenry 
at large harbours about advertis- 
ing (matters of family, govern- 
ment and the trade unions rank 
way ahead of advertising in the 
neurosis league) it is equally 
clear that in many parts of the 
world the cnnsuracrists and other 
pressure groups are creeping up | 
on advertising virtually from 

behind. 

In a great many ca?es they are 
now within a stone’s throw of 

their objectives. In Berne, the 1 
Swiss Parliament is debating I 
whether cr nni to ban all tobacco, 
.and drink advertising. fin I 
Britain, tobacco advertising may 
well be outlawed withlh fivoi 
years and drink advertising | 
strenuously represse d.) In Wash- 
ington, singer Par Fiooue. whose I 
company. Conga Mooqa Inc., re- 
ceived 25c for even.- $9.50 bottle 1 
of Aene-Statin sold as payment] 
for his endorsement of the pro- 
duct. has agreed to a settlement | 
holding him personally account- 1 
able for false and deceptive 
advertising — the forerunner of: 
rigorous new endorsement stan- 
dards now being developed by 1 
the Federal Trade Commission. 

In Brussels, the European 
Consumer Law Croup has stated 
that in the absence of firm legis- 
lative control iif acKertiringi 

(which it favour.- i. seif-regtila-; 
tory bodies should be required 
to operate under the aegis of I 
consumer organisations and 
trade bodies. In addition, the 
group want* very special alien- 1 
tion accorded advertising 
directed at the young, the elderly j 
and the ill. as well as ads de- 
signed to help lhr sale of “harm-, 
ful and hazardous products sti'.hj 
as tobacco, alrohol. pharmaceuti- 
cal products a tut sweets." 1 

The list is endless. In a great] 
many instances ibe moral case 
for more rigorously framed rules I 
on advertising « -onriuct and cnn-| 
trol seems to speak for itself.. 
But there are many areas and 
instances where the rights of the 
advertiser need strong protection, 
too. In Britain, the advertising 
industry js fortunate lhat it bas 
someone like Lord Thomson to 
chivy it along. 



TALE OF THE MACABRE No. 1: 
In the U.S. recently, the Food 
and Drug Admin istration decided 
to crunch its Teeth on the Ferris 
Coffee and Nut Company of 
Grand Rapids. Michigan, writes 
Michael Thorapson-Noel. For 
why? Partly, it seems, because 
the federal agency was concerned 
that the firm’s mixed nuts failed 
to comply with the FDA’s food 
standard ’ because the product 
label did not bear the words: 
“Mixed nuts." The agency said 
the label failed to Indicate that 
the product contained up to 60 
per cent, cashews and that the 
optional nut ingredients were 
not declared in descending order 
of predominance. The FDA 
criticised the lack of a net 
quantity statement on the label 
and the failure tn declare the 
presence- of pistachio nuts. The 
FDA told the eompanv that the 
zip code in its address was 
omitted from the label and rhat 
use of the term “P-Nut Oil” 
was not an acceptable Dhrase for 
declaring peanut oil as an 
ingredient. 


Tale of the macabre No. 2: In 
Washington two weeks ago. 
Sen. Wendell Ford of Kentucky 
scored the first victory in an 
announced attack on red tape 
hv amending the National 
Traffic and Motor Vehicle Safety 
.Act to eliminate an obscure pro- 
vision requiring that all 
retreaded car rvres be registered 
with the U.S. Government. Since 
1971. some 63m tyres have been 
reaistered. But durins thar 
entire period a total of only 
eight tyres were recalled, at an 
average .estimated cost to the 
registration programme of Soin 
per tyre. S.’id Sen. Ford, with 
classic understatement-. “We 
found that since each retread is 
a separate, individual product, 
the chances for a product recall 
are very remote at best.” 


It is no coincidence that both 
those stories come from the 
-U.S. They were supplied last 
week by Jeffrey H- Joseph, 
Director of Government and 
Regulatory Affairs for the U.S. 
Chamber of Commerce, speaking 
in London at an AGB seminar on 
consumerism. 

It is Mr. Joseph’s belief— a 
belief increasingly shared on 
both sides of tbe Atlantic — that 
the consumer movement has 
gone too far. too fast: that 
whereas the original problem, 
pursued with great vigor by 
activists like Ralph Nader, was 
to provide protection for the con- 
sumer. an even greater problem 
is now perceived to he the 
bidden and ever-mounting cost 
to society of regulating the con- 
duct and practices of business 
and industry. 

Quoting studies by Prof. Murry 
Weidenbaum. Mr. Joseph indi- 
cated how tbe U.S. federal 
regulatory agencies generate 
large costs in the private sector. 
In 1976. the estimated cost to 
U.S. business of complying with 
federal regulations exceeded 
S62bn. or 20 times the $3bn 
budgeted for operating the 
agencies themselves. 

Federally-mandated safety and 
envi ronmema) features, says Mr. 
Joseph, will increase the price of 
the average American passenger 
car this year by S668 for a total, 
to U.S. motorists at large, 
approaching SlObn. 

The Federal Paperwork Com- 
mission estimates that the total 
cost of paperwork imposed on 
private industry ranges from 
$25bn to S32bn annually and 
that “a substantial portion of 
this cost is unnecessary.” Regu- 
latory requirements imposed at 
federal. State and local govern- 
ment level are adding between 
$1,500 and S2.500 to the cost of 
the average new house. Accord- 


ing to Mr. Joseph, approximately 
SlObn of new private capital 
spending is devoted each year to 
meeting mandated environ- 
mental, safety and similar regu- 
lations rather than being 
invested in new projects. 

General Motors says it costs it 
$3bn (plus the full-time efforts 
of 22.900 employees) to comply 
with auto emission and safety 
regulations. The Dow Chemical 
Company says the impact of 
federal regulatory costs on its 
U.S. operations alone is costing 
SlfWm annually. 

According fa Dow Chemical's 
president: “Ultimately, the con- 
sumer ends up paying for these 
costs, which really amount to a 
mandated hidden tax on con- 
sumers.” According to Mr. 
Joseph, the problem is growing 
in all dimensions, although so is 
awareness of the problem. u It is 
my hope that this sort of aware- 
ness will spread to all govern- 
ments who contemplate novel, 
aggressive solutions to possible 
problems without first attempting 
to measure die cost.” 

During the seminar's lunch 
lull. Gordon Borne, the UK's 
Director-General of Fair 
Trading, expressed the opinion 
that consumerism had become 
the whipping boy for everything 
that business and commerce 
found unpailatable, on whatever 
front. 

But The mood now. both in 
Britain and the U.S.. is that the 

consumerists have to date 
enjoyed an overkill of rhetoric. 
As Harry Shepherd of Marks 3nd 
Spencer said last week: “The 
choice I would like most to 
argue for is the choice between 
heiiefits and costs— a choice not 
yet offered to consumers, perhaps 
because while the benefits are 
well publicised, tbe costs have 
been apparently difficult to 
estimate.” 


The Alliance changes tac 


3tor Pan Am raises hackles 


dbe 


PAN AMERICAN World Air 
ways’ decision to fire Aliy and 
Gargano and instigate a competi- 
tive scramble for its S32m. 


account bas Ngtirred tempers in 
the *U.S- :- Earlier this year Ally 


uid 


abd Gargano . lost its $l2tn. Fiat 
Motors business , and has now 
been.forcedr tp sack an estimated 
fifth oTs- ifs Vstoff.; •, 44* 


Gargano handled Pan Atn’s 
domestic business worth S12m; 
the S20m overseas account is 
handled by J. Walter Thompson. 

DKG Advertising chairman 
Shepard Kuriait observed that 
Aliy and Gargano’s work had 


hopes, their dreams. They have 
just made it painfully clear that 
they don’t care at all.” 

Tbe A&G head. Carl Ally, 
received 4S hours notice from 
Pan Am. He was at a funeral 
at (he time. 

Pan Am says it wants a single 
^agency to. handle its account 
World-wide. JWT reportedly has 


the inside rail. Its 14 rivals 
include McCann-Erickson, Ogilvy 
& Mather. SSC&B. Ted Bates. 
D’Arcy-MacManus & Masius. and 
Needham. Harper k S leers. A 
decision is expected by late July. 
O Campaigns and Accounts: 
“ Cm on Colman’s. light ray fire.” 
is the phrase employed by a 
scantily-clad nymph on a tiger 
skin in the first of a series of 
three new ads devised by JWT 
for Colman's English Mustard. 
She is chomping a chicken leg. 
Colman’s is spending £400,000 on 


English Mustard this year. . . .1 
National Holidays, part of the! 
National Bus Company, has 
given its £300.000 to Bastahle 
Market Development . - . Trebor 
is putting its Sharps Extra 
Strong Mints into posters for the 
first time, via NSW Partners. 
Extra Strong is said to have 25: 
per cent nf ihe £"0nt pressed 
mints market . . . Brooke Rond 
Oxo is spending £250.000 on 
Dividend "D” in June. Divi- 
dend reportedly has 10 per cent 
of UK packet tea sales. 


THE TED BATES AGENCY. 
Britain's eighth biggest, has had 
its ups and downs lately, losing 
three board members and more 
than £2 m worth of business, 
though the business losses have 
been more than counter-balanced 
by gain such as Pint Size. 
Cadbury Typhoo's new instant 
milk product, and the £2.5m 
bunch for Mars’ new Banjo 
chocolate snack bar. 

One of Bates' losses was the 
Alliance Building Society, 
siphoned off by Doyle Dane 
Bernbuch. 

Partly because the societies 
offer such comparable services, 
the return on their advertising 
investment is relatively easy to 
evaluate. They certainly spend 


enough. Total MEAL-type 
spending by the societies in the 
12 months to March 31. 197S. was 
f 9.94m. Tbe biggest spenders 
were Abbey National (£1.3m). 
Halifax (El.lm), Leeds Perma- 
nent (£830.500). Nationwide 
t£1.2m) and the fun-loving 
Woolwich Equitable (£780.000). 

Over the same period the 
Alliance, which is the country’s 
sixth largest building society, 
spenr only £300.500 a la 
MEAL. But it is now concen- 
trating more on TV, so its total 
ad budget this year is more like 
£550.000. 

It may he the sixth biggest, 
hut it knows it is not the sixth 
best known. The nicest thing 
that can be said about Bates' TV 


work for the Alliance is that it 
was dull. The ads showed 
general manager Roy Cox 
explaining precisely what ser- 
vices the Alliance offered and 
huw investors could count on 
good rales of interest, security 
and personal service — a 
strikingly different approach to 
the jingles and jokes and bikini 
tops paraded by the Abbey, the 
National, the Leeds and the 
Woolwich, for example. 

“We want to retain the serious 
approach,” says Roy Cox, 
“because we want to achieve 
much more than awareness. At 
the same time, we want a new 
creative approach, a new style 
and personality." 


V \ 

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; v|iS5®-S : Take a closer look atthcman deKverii^ industrial gas 

, . ■. - - - - 

& % mmWW. 1 British. Oxygenis one of thirteen compames participating in 

u aims to increase 


owing 


^ ^ see tbiaags at firstiancJ. 

There is much for them to appreciate. _ 

/• , ■ product design,labour relarions,business systems, sales training, 

; inaI1 aCTemengreseardi programmes, employment practice- 


For our part, we commentl the M.P.’s to a weekly copy of 
The Engineer. There is no better starting point for an appreciation of how 
British industry works, solves its problems and creates its opportunities. 

A year’s issues add up to a hiscor}-in-the-making of industry- a continuing 
narrative of fact, opinion and debate, charting events, ideas, relationships - 
^tracing all the major influences on the direction of industrial change and 
growth. 

And it is as stylish, lively and readable now as it was 120 years ago. 

Ir s nor surprising that in the engineering industries more engineers 
and engineering managers read ’ll® 

The Engineer than any other 


publication? Every week. 




Wfcts 


, , avqt - 


MANAGEMEfH 

JrioRyn-Gianipun (BublLUca) Limited, 30 Cildarwood Sticct, LondonSEIB bQH.Tdepiionc pi-855 7777. 



Financial Times Thursfey/ ^e X 197? 



ling with the 


Sizing 



unions 


BY ADRIAN DICKS 


NEXT TIME Mr. James 
Callaghan manages to get 
together for an evening’s quiet 
reflection and soul-fearing with 
his good friend Helmut Schmidt, 
it would not be surprising if it 
■were the British Prime Minister 
who found himself being asked 
for advice. Not, you may be sure, 
on the matter of reflation, where 
Mr. Denis Healey has once again 
in recent days urged his un- 
welcome views on Bona. Where 
Herr Schmidt could be forgiven 
for feeling a certain sense of 
bewilderment right now is in a 
realm where foreigners have 
usually taken German success 
for granted — the social contract. 
West Germans are beginning to 
wonder whether an essential 
ingredient in the formula may 
now have altered its properties. 
Have the unions gone sour? 

Earlier this spring, .in the 
hitter and hard-fought printing 
and metal-working disputes, the 
West German trade union move- 
ment delivered a costly reminder 
of its existence to those who 
might have felt tempted to 
assume that Lhe logic of an 
appreciating currency, a stub- 
bornly high unemployment rale 
and continuing demand weak- 
ness would force another year 
of wage restraint acceptable to 
the economic establishment. 


Deutsche Gewerkschaftshund 
(DGB). the counterpart to the 
British TUG, was unusually cool. 
Both the Chancellor, himself a 
trade unionist like many other 
social democratic politicians, and 
the Federal . President, the Free 
Democrat Herr Walter Scheel, 
were subjected to some unaccus- 
tomed heckling when they 
warned the delegates against 
yielding to luddism, or systematic 
resistance to labour saving 
innovation. 


Frustration 


Expensive 


The disputes were expensive 
by anyone's standards: official 
statistics show a loss of 3m work- 
ing days for 1978 so far, cora- 
oa red to a worst-ever year in 
3971 or 4.5m. The metal-working 
ami engineering employers have 
calculated that the combination 
of strike and lock-out cost them 
a good DM 2bn. while the effect 
on’an already faltering real gross 
national product will certainly 
be to make the government's 3.5 
per cent growth target for 1978 
a* a whole still less likely to 
come off. 

To listen only to the employers’ 
side of it, you would think the 
spring's wage rises of about 5 
per cent, coupled with the agree- 
ments on job security that both 
printers aud metal-workers 
managed to win for themselves, 
were the last straw. Now that 
first-quarter company results are 
heginning to come in. however, 
the picture does not look so over- 
whelmingly black. Boards are in 
a growing numher of cases ex- 
pressing “ qualified confidence 
nr referring to “ relatively satis- 
factory earnings.” or similar 
phrases. 

It is the unions, now that the 
• 197S wage round is over, who 
■ seem to be. gnawed by self-doubts. 
'The reception accorded to Herr 
‘ Schmidt a little while ago at the 
Hamburg conference of the 


What seems to worry not only 
Ministers but trade union leaders 
themselves is not the spirit of 
impatience shown towards such 
homilies (aU too rare), but the 
deep sense of frustration felt by 
many in the movement. The job 
guarantee clauses have brought 
no great peace of mind, for many 
on the uniun side are fully aware 
that their effect may be merely 
to make union members still less 
attractive to employ, compared 
to machines. 

Similarly, calls from the 
leadership for further discussion 
of reducing working hours in the 
interests of cutting unemploy- 
ment have met with a certain 
shuffling of delegates’ feet. 

Most frustrating of all is the I 
unions' belief that they have no 
way out The Free Democrat 
Economics Minister, Count Otto 
Lambsdorff, keeps appealing to 
them to return to the Concerted j 
Action Conference which, if it: 
worked as was once intended, 
might indeed be the right forum 
to discuss the deep-seated struc- 
tural problems that afflict West 
Germany no less than other 
industrial societies. Yet to do 
so now would he to bow to the I 
employers' federation, whose pro- 
vocative constitutional lawsuit 
against the workers' participa- 
tion (Mitbestimmuag) Act was 
the ostensible reason for the 
unions' walking out The DGB’s 
attempted counter-move, of seek- 
ing legislation that would ban , 
the use of the hated lock-out 
weapon, has been snubbed by the j 
Social Democratic Chancellor ! 
himself in unambiguous terras. 

Employers or academics who 
have been prone to blame the 
unions would, however, be ill- 
advised to rejoice at their 
present discomfiture. For yes, 
even in Germany there are dele- 
gates to the DGB polishing their 
rhetoric about the class struggle 
and counting off the days until 
the present generation of men 
at the top take their retirement, 
doubtless amid official tributes 
to fbeir statesmanlike good sense. 
That is a quality their successors 
may prefer to dispense with, 
unless it is fairly quickly seen; 
to deliver the goods. 


IT IS sometimes assumed that 
the EEC Commission only inter- 
venes to curb abuses of market 
power in cases where the 
offending company has a sub- 
stantial market share. Recent 
reports from Brussels inferred 
from the case of United Brands, 
which has a 42 per cent, share 
of the relevant banana market, 
that a company with less than 
a 40 per cent, market share has 
really not much to fear. 

Such optimistic conclusions 
are quite wrong. In the same 
way as other anti-trust agencies, 
the Commission and also the 
European Court are steadily 
moving away from using the 
market share as the only, or 
even the decisive yardstick of 
market dominance. There are 
at least two recent decisions of 
the Commission where com- 
panies whose market share was 
under 10 per cent were held to 
be market dominant. 

In its decision of October 1977 
the European Court held that 
SABA, though, holding only 6 
to 7 per cent of the TV sets 
market in Germany, was m a 
dominant market position 
making it subject to the. rules 
of Article 86 of the EEC 
Treaty. SABA was one of eight 
producers of television sets in 
Germany which together 
controlled 91 per cent of the 
market. It is remarkable 


that the Court gave greater 
weight to the Commission’s 
view that the company was in 
a dominant position than to the 
Tact that SABA had less than 
a 7 per cent share of a highly 
competitive market for products 
which appear readily inter- 
changeable to most consumers. 

The Commission appeared, at 
first, to be in a somewhat 
stronger position when, by its 
decision of 19 April 1977 (Offi- 
cial Journal 1977 L 117.) it con- 
demned the behaviour of three 
Dutch subsidiaries of the British 
Petroleum Company during the 
1973 oil crisis. The Commission 
accused BP of having unduly 
restricted supplies to indepen- 
dent distributors. The case was 
originally brought against all 
the major oil companies operat- 
ing in the Netherlands but sub- 
sequently dropped in respect of 
all but BP, which had only a 9 
per cent share of the relevant 
product market in the Nether- 
lands. In reaching its decision 
the Commission did not rely on 
market share at all but argued 
that it was impossible for an 
‘Independent" distributor to 
find a new supplier at a time 
when the oH majors were 
restricting supplies even to their 
own outlets. In its decision -the 
Commissi on states: 

*• Firms hold a dominant 
position wtiere they are able to 


act fully independently — in 
other words where they may 
conduct their business without 
regard to the actions of com- 
petitors and customers. This 
can happen when general econ- 
omic circumstances and par- 
ticular market conditions com- 
bine so that firms with an 


Moreover, It contests the Com- 
mission's interpretation of EEC 
rules of competition in the 
European Court, and last week 
received backing in the Opinion 
of Mr. Advocate-General J.-P. 
Warner. To put it briefly, Mr. 
Warner concluded that BP was 
not in a market-dominant posi- 


BUSINESS AND THE COURTS 

BY A. H. HERMANN, Legal Correspondent 


established market position, 
access -to raw materials and a 
adequate industrial capacity 
and capital resources, find 
.themselves in a position to con- 
trol production and distribu- 
tion in a substantial proportion 
of tbe market’’ 

The Decision went on to say 
that in these circumstances 
■■ For reasons completely out- 
side the control of the norma! 
suppliers, their customers can 
become completely dependent 
on them for tbe supply of 
scarce products. Thus while 
the situation continues, the 
suppliers are placed in a domi- 
nant position in respect of 
their normal customers.” 

BP argued that it had can- 
celled its contract with the com- 
plaining distributor some six 
months before the oil crisis. 


tion: did not abuse market 
power; and, moreover, its action 
bad no adverse effect on inter-, 
state trading in the Community. 
He proposed that the Commis- 
sion’s decision ought to be can- 
celled in its entirety. The Court 
will now have the final word! 

* * *•" 
THOUGH the Court never refers 
to the Opinion of the Advocate 
General in its judgment; one 
wishes rt would -take a stead -on 
a fundamental issue raised by 
Mr. Warner. It concerns the 
legislative activity of the Com- 
mission and indirectly also that 
of the Court. After saying that, 
in his opinion, the function of 
allocating supplies in a time of 
scarcity is essentially a function 
of Government, Hr. Warner 
continued: “ The Commission’s 
view seems to be that where 


there is a lacuna in whatey^ 
governmental measures may 
hare been taken. Article 86 may 
be invoked to fill it." . .. 

One. could add that this sort 
of legislation, “ by fiUmfi . the 
■gaps,” is very widespread in the 
realm of EEC law. The Euro- 
pean Count is not only applying 
the tow, it is also creating iL. 
as. a sort of EEC equity. The 
trouble is not that . it Is done, 
but that it cannot .be done 
property behind closed doors. 

Speaking about equity - In 
international law at the Petro- 
leum Law Conference in Cam- 
bridge recently. £. Lauterpacbt. 
QC, . an eminent international 
lawyer, said that when equity 
roles are being created there 
is a real need for debate, not 
only between the parties but 
also between the parties and 
the courts In his view, a pre- 
liminary assessment of' the case 
by the court should be followed 
by further argument. In. the 
case of the European. Court it 
is not It legislates without dis- 
cussion. 


THE BOCHE/Centrafarin trade 
mark case No, 102/77. was finally 
resolved by a judgment handed 
down oh 23 May. A nsweri ng 
the . question of ' whether a 
branded product, repacked with- 
out the trade mark owneris per- 
mission, may . be labelled . and 
resold under the original .trade 


mark, - ■/tra;..: 5 Court ruled 

that in principle trade 

mark rights canbe invoked 

agains t a party which 

uses - the trade mark without the 
owner's permission-^ - ^Howeger 
the. Conrt said th at trade, niark 
rights .mu^tnot . beallowed -’to 
stop the' repacker if it: can. be 
shown -that in th e c ontex t bfffi e 
owner’s marketing system -terete 
marks: are - usedas-a- diSginsc d 
barrier, -between national: mar- 
kets la the Comm on - M&rkfet.- 

Tbe court If on<rk^ th»efi)rB 
the-Opution-^ 

.General Francesco Capotdrti, 
reported eariienin thiscolnrhu, 
but - added to the . Conditions 
under- -which such ^repacking 
may be' cariied qut^WhKe the 
Advocate General demanded 
that the prodnet remifrh 

unimpaired along with'notifica- 
tion of repackaging r on- jhe 
container, the . Court added -tiie 
requirement that . the trade 
mark, owner be notified. As 
Centrafann had nqti^afonned 
Roche of ; tbe repacking,' the 
German Court which referred 
the case to -Luxembourg, will.be 
able to find In .favour of-Roche 
and therefore render , a decision 
not much different from that at 
which it would, arrive according 
to German trade bark law. Next 
time, however, Centrafarm will 
not fail to notify the juannfac- 
turer and— In all - probability- 
will have its way. . • - 


Interest in Pyjama Hunt rising 


ANTE POST DERBY activity 
yesterday switched in no uncer- 
tain terms to France’s Hunter- 
combe colt Pyjama Hunt and 
the now sole surviving Seven 
Barrows contender. Formidable. 

Although there is still a possi- 
bility that France's champion 
jockey. Yves St. Martin could be 
claimed for the rank outsider 


lose substantial sums yesterday should collect after the ^Shore- 
have had an equal amount of ham Stakes in which Potemkin, 
interest in Formidable, another a promising second to Twice Rich 
colt to have worked well in the in the May Stakes at Newmarket 
last few days. on 1.000 Guineas Day will prob- 

Formidable had some particu- ably be at prohibitive odds, 
larly strong work to tackle in At today's other meeting. 
Crow, Leonardo de Vinci and Carlisle. Faverdate should be 
Maiecite. Those who saw the good enough to open her account 
way in which he quickened when in the modestly-contested opener, 
asked to go about his business the Buttermere Selling Stakes, 
came away impressed. With the — - ““ 



CC — Ttic*c thenres accept certain until 
cards by telephone or at the', box oftce. 


OPERA & BALLET 
COLISEUM, emit .Cards. 01-240 MSB. 
Rosen** Hons oi -436 5101 ; Until June 10. 
Evgs. 7.30. Mao. Wed. and Set. at . 3.00 

nfUTTGART BALLET ' ’ ■ 


I THEATRES ‘ . • - j - ■ THEATRES 

I FORTUNE. 836 .*00. 1*UTT. 3 

hiLu NMSS marPlE la "tleoanx.'Sood humoured en»Ming.~ ©an. 


Muriel Paviow as JKUKJS £ RPl -^ 
Third Great. Year 


Ton't Onefttn: Tom or end Sat.: Pure. 
Der Fall Hamlet, Requiem: Mon.. Thes. 
and Wed. next: Jnnere Not: New ' Mac- 
millan Ball at. Sane of the Earth. -.96 
balcony seats always available (root 
10 am day cl Pol. 


RACING 


BY DOMINIC WIGAN 


Bilal, tbe consensus is that be 
will be allowed lo ride Pyjama 
Hunt, one of France's leading 
juveniles last season. 

Pyjama Hunt, a 5,000 guineas 
yearling, more than repaid that 
modest investment in his first 
season. He landed the Prbc des 
Foals at Deauville before finish- 
ing second in both tbe Prix des 
Chenes aud the Grand 
Criterium iboth at Longchampi 
and has been clipped in most 
lists from 50-1 to 33-1. 

Pyjama Hunt worked con- 
spicuously well on a left-handed 
gallop on Saturday and experts 
are more than hopeTuI that he 
can give an extremely good 
account of himself on June 7. 

Mecca and Playboy book- 
makers. who both laid him to 


news that Pat Eddery will he 
aboard him a further shrinkage 
in his current odds of 20-1 lin 
some cases 16-1) seems likely. 

Turning to today's racing 
Walwyn and Eddery will be 
found at Brighton where it 
seems likely that the luckless 
Acolyte can get off the mark in 
the Portslade Stakes, a mile 
event confined to three-year-old 
maiden fillies. Eariier in the 
afternoon, favourite backers 


BRIGHTON 

2.00 — Bamstar 

2.30— Potemkin' 

3.00 — Happy Donna 

3.30— Acolyte** 

4.00 — Waniockhead 

4.30— Pickling Spice 

CARLISLE 

2.15 — Faverdale*** 

2.45— Rosellio 

3.45— Come Here 

4.15 — Fas cad ale 


GARRICK THEATRE. OI.tSSG 4601. 

8.0. Mat- Wed. 3.0. Sat: S JO. 8-50. 
TIMOTHY WEST. GIMJW JONES. 
MICHAEL KITCHEN. 

•• In HAROLD PINTER’S 


rES T ‘ . - • - J*** T , . » 

r.nAf.g Ai new musical' - . _ ■» 

"Causae and -Comte/’ Ibw / £ 
• "Show icon?? W stopS.”. O TFL 

sM ffl- “sflEar.- id wtSse for 


ROYALTY. - Credit .Cards. - -01-406 - 

Monday -Thursday even tops 0.00, . Friday 
• 5.30 and *.4S. Saturdays '3.00 Omf. B.OO. 

London crimes vote . . 

XCEL- • 'BILLY DANIELS Hr • ” 

3.. Tel- BUBBLING BROWN SUGAR ~ - 

ORK. Best Muwi cl 1977. *■ 

Times.- Bookings accepted: Motor credit card*. 

Special reduced rat* tor ■ 

1S92. M ml ted period only. . , . 


Lottery plan for Olympic teams 


THE BRITISH Equestrian 
Olympic Fund is to promote a 
lottery to raise funds to send 
Britain’s equestrian teams to 
Moscow lor the 3980 Olympic 
Games. 

The lottery will he organised 
by Nat Op Lotteries, part of the 
Victoria Sporting Holdings 
Group, and run on an “ instant 
win " system with tickets at 25p 
each and prizes from 50p to 


£3.000. The purchaser simply 
rubs away the print on the ticket 
to reveal hidden numbers under- 
neath. 

Tickets will he on sale at horse 
shows and riding events through- 
out the country, including the 
Herts County Show. Burley-on- 
the-Hill Show. South of England 
Show. Leicester County Show. 
Essex County Show, the City of 
Glasgow Show. Hickstead and 
Burghley. 


COVENT GARDEN. CC. '2*0 ' 066. , 
.Gardancharge credit cards 836 6903) ■ 
THE ROYAL' OPERA - 
Tonight A W«J. nmt: BM Tris*ari_ond 
Isolde. Temor. &. Tuei. mart: 7.30 
Ftlgotetto. Sat.: 7.JO Mad am a fiuttetity-! 
65 A/nohi’ seats avail, for all peris, .from 
to a.m. on dar of pert- 
COVENT GARDEN SUNDAY CONCfiRIS , 
This Sunday at B.OO 
LUCIANO PAVAROTTI , 

All seats add. 

THE ROYAL BALLET 
CHANGE OF PROGRAMME JULY J978 I 
The Royal Opera House regrets that pro- 
8 ram me changes hj*e oad to be made ’ 
to accommodate recent plans lor the 
television companies Involved Mt the 
transmission to the United States of the 
w-Dfrra mme on Juiv 22nd. 

The previously announced performances 
have had to be altered and the revised 
oregramme far the week of July 17 is as 

MONDAY 17 July FOUR SCHUMANN 
PIECES (THE FIREBIROiTHE CONCERT 
Tuesday IB July Norma 
Wednesday 19 July Anastasia 
THURSDAY 20 JULY ANASTASIA 

Friday 21 July Norma 

SATURDAY 22 JULY TV Performance 
^.ailneTand mining) FOUR SCHUMANN 
PIECES Irenlaces H rebird n DIVERTISSE- 
MENTS/ ELITE SYNCOPATIONS. 
Unfortunately these changes haw caoscd 
a delay in the return cf postal/ i aoN'M- 
tfons and PERSONAL I TELEPHONE 
BOOKINGS FOR JULY BALL® PtH- 
FORMANCES WIIL NOT NOWJ OPEN 
UNTIL JULY 1. Priority allocation lor 
•he above performances will be given to 
postal applications already received: -The 
Royal Opera House greatly regrets ftese 
changes and any inconvenience caused 


THE HOME COMING 
” BRI LLI ANT— A TAUT AND.. « Cgf 
LENTLY ACTED PRODUCTION. D-Tel; 
’’AN INEXHAUSTIBLY RIQH .WORK 
Gdn. "NOT TO BE MISSED. Times.' 


GLOBE THEATRE. 


01-437 1592. 


' ALA* A^KBDURN’S -Cotnedy - ■ hySnoo^rJ^Wa^Prefntere,'" 


TEN TIMES TABLE .... ■ -’arduSotcon 

*• This must be the happiest laughter- 

maker In London.” D Tel. ” An irresIM-- SAVOY THEATRE. 


■.- BrUUaot comic writing-" 

0T THEATRIC r 01-856 JJS8J 


ibiy onloyaole evening.” Sunday Times. Opening June 1 3- TOM CONTLIa 

I WHOSE LIFE IS IT ANYWAY 7 

whti JANE ASHER -Z 


GREENWICH THEATRE. 85B 775S. « with JANE ASHER - 

R E*enln9 7.C. Mats. Sats. 2.30. . " A MOMENTOL^PlAY.-I Jlfifif .YOU 

THE A CHURCH LETTERS - TO SEE IT.' Gcgt-’ - ■ ' ‘ 

A plar or Don Taylor £vgj. at B.OO.-Fri.'A Sat- 5_«4S --A 845- 

” Sura KtsWman is superb as , Actiureh rr ! -B5B ASM. 

■' -. . Julian Carry Is a sotemfid Shaw FT. “SjSt^rtury Ave WCa^HhjIi pbiborp -end) 

HALF MOON THEATRE.. 480 645S-4SB JjoHN -REARDON* Vod -JOAN 

” WE CAN'T PAY ! WE WON'T **'* 3 " - „ A 5^*5^ HIT^TFriS MUSfCAL HU 
. 23 May-17 June at a p.m. EVERYTHING.'.’ S. Mirror. - « 

01-930 9832. EvBS. 8X0. CREDIT CARO BOOKINOS jjR.a^ 
Maw. wSl’ 2.30 sat. 4.30 and 8.00. SHAW THEATRE. 01-388 1384. 

Mats. w «f tiGR , D BERGMAN . Evfii. > 7-30. Mat. .Today. 2.50. 

WENDY HILLER , - LAST 3 DAYS- ^ - 

DEREK DORIS FRANCES . ROOTS '_ 

GODFREY HARE r^HTA • ’ Arnold WdSttafL OteSla ' A- 

in. ."Still stirs the 'heart," D«-. T«l. -. 

watfk an rUr MOON Low- Prices. E2SY ferkfttK 


WATERS OF THe MOON Low- Prices. ’ EasY, ftrMhg; 

- Congratulations on . compete capacity siHAND. . 01-836 2*60-. EvontnfiS &00. 
and record making show. Mim unKR- *f at . Thurs. 3.00. Satgrtsayy S JO ** JO. 
turwtefv finish on July *st <J *V f 2 w NO SEX IHJEASC— 

commitments o* M.ss Bergman and Dame WTRE SamW . - ” 

Wendy HlWcr. THE WORLD’S GREATEST -1 

R MAJESTY’S. _ CC. ^ D !’ 9 C 3 ° * 'GO '^ATS^- SA 00^- 


HER MAJESTY’S. CC. 6606- 


■Evenings fxJrs’ytH S * t ' 300 STRATFORD-UPON-AVON, Ro** 1 


GLYNDCBOURNE FESTIVAL OPERA Until 
I Aug. 7 with the London Philharmonic 
Orchestra. Tonight. Sat.. Mon. and Wed. , 
next at 5. 30‘ Die -juberliaie. Tomor.. 1 
Sun. & Tue. next « S.30: Don Gjwanni. 
Possible returns only. Bor oOk* Cirnde- , 
bourne. Lewes. E- Sussex <0273 812411* 



Y iuuicatcs programme in 
black and while. 


6.40-7.55 am Open University. 
11.15 On the Move. 11 J5 Cricket, 
Fir>t Test: Cornhill Insurance 
' Th.sI Series: England v. Pakistan. 
1.30 pm Lhiglcy. 1.45 News. 2.10 
Cricket: First Test, England v. 
PakLstan. SJH Regional News for 
England (except London). 3.55 
Flay School las BBC 2 11.00 am). 
4.20 Sinbad 3nd the Flying Carpet 


4J10 Heads and Tails. 4.45 Laff-a- 
Lympics. 5.05 Blue Peter. 

5J55 News. 

5.45 Barney Bar (London and 
South-East only). 

5.50 World Cup Grandstand 
from Argentina: Opening 
ceremony and opening 
match at 6.50: West Ger- 
many v. Poland. 

9.00 News. 

9.25 Des O'Connor Tonight. 

10.15 Spend, Spend. Spend. 

11.40 Weather/Regional News. 


F.T. CROSSWORD PUZZLE No. 3,681 



All Regions as BBCI except at 
the following times: — 

Wales — 1.30-1-45 pm Mr. BeniL 
4.45 Crystal Tipps and Alistair. 
4.50-5.05 V Uewod a Mislar 
Uostyn. 5.45-5.50 Wales Today. 
11.40 News and Weather for 
Wales/ 

Scotland — 5.45-5.50 pm Scottish 
news. 6.50-9.00 World Cup: West 
Germany v. Poland (Scottish com- 
mentary)- 44-40 News and 
Weather for Scotland. 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5.45-5.50 
Northern Ireland News. 11.40 
News and Weather for Northern 
Ireland. 

England~-5.45-5.50 pm Regional 
News (except London and SE). 

BBC 2 


ACROSS 

i American attorney joining 
hoard can be met by appoint- 
ment t7i 

5 Taking possession of officer 
on river (7 • 

9 Under IS team meets army 
commander on way back (5) 

0 Found tn be lacking safety 
connection f9) 

1 Pour down restraint on ticket 
Tor future u*e (4. 5) 

2 Missile making a right line 
1 5 » 

Wise men caught by super- 
natural means (5» 

5 Giwn lhe jub a backward 
parent indicated i9i 

» Affliction cut down in the 
Pennine* (5. -U 

9 Like party to have property 

ID) 

1 Permit key to become old- 
fashioned 1 5 1 

3 12’s launcher has a drawback 
i9) 

3 Military form it ion not con- 
fined to commission (4. 5t 

6 Turkish capital letting money 
eo to river t5i 

7 Frank has subsequently 
igined engineers (7) 

S English poet sounds woolly 
f") 

DOWN 

1 Month taken to love strong 
drink with propriety (7) 

2 Reproof for addressing . . . 

it. 2i 

2 . . . bachelor— spelt like this 

— is fundaincnlal (oj 


4 List provided by oriental 
good at figures (9) 

5 Lip everybody has to face (5) 

6 A price Pat varies for each 
person (3. 6) 

7 Seat attendant is useless 
female f5» 

8 Gifted object to nothing and 
marry (7) 

14 Cooked soles care Tor dish (9) 

36 A puppet master has to use 
influence f4. 5i 

17 Try one Scuts loch for short 
temper (9) 

18 PC takes notes rich in words 
(7) 

20 More crowded close to the 
Queen |7) 

22 Self-starter bird finds grim 
15) 

23 Shift key in Cornish resort 
f5i 

24 Let it be given a name f5) 

SOLUTION TO PUZZLE 
No. 3.6S0 


6.40-7.55 am Open University. 

1L00 Play School. 

4JQ pm Cricket: First Test. 
England v. Pakistan. 

6.40 Tyrone Power in **Tbe 
Black Swan." 

8.05 Gardeners’ World. 

8.30 In Deepest Britain. 

9.00 Tyrone Power in “ The Sun 
.Also Rises." 

11.05 Cricket. First Test (high- 
lights). 

11.35 Late News on 2. 

1_1.45-11.55 Closedown: Sir Hugh 
Casson talks about 
** Interior in Venice ” by 
John Sargent. 

BBC 2 W ales only— 8.65 pm 
Heddiw. 830-9.00 Eisteddfod Yr 
Urdd. 

LONDON 

9.30 am Dynomult. 9.50 To the 
Wild Country. +10.40 ** Abbot and 
Costello Meet Frankenstein.” 12.00 
Gammon and Spinach. 12 .10 pm 
Pipkins. 1220 Treasures in Store. 
LOO Mews plus FT index. 120 
Help! 120 Crown Court. 2.00 
After Noon. t 2J10 “ Gold Is Where 
You Find It " starring Eddie 
Byrne and Dermal Kelly. 3.00 
“ Lost Horizon ” starring Peter 
Finch. 

5.30 News. 

5.45 World Cup *78: Opening 
ceremony and West Ger- 


many v. Poland. 

9.00 Best Sellers, part 4. 

10.00 News. 

10.30 This Week. 

11.00 Dan August. 

12.00 What the Papers Say. 

12.15 am Close: Xanthi Gardener 

reads a poem by Angclene 
Paterson- 

All DBA Regions as London 
except at the following times: — 
ANGLIA 

9 JO a.m. Manfred. 4.6 Animated 
Classic i Tbe Prince And Hie Pauper’. 
UJ5 Fi-aiun- Film: ’’Sink The BlsmarcK." 
L25 p.m. Ana! 1 1 News. 200 Honscparty. 
2J0 Fell ure Film: "Ujh Honzon.’’ 5J0 
Vboui Anglia. U-W TV Movie: "A TUne 
For Love." 12.15 a.m. The Living Word. 

ATV 

0.00 a.m. Untamed Fremwis. +10.05 
Mornlns Mallitec: "A Talc of Two Cillcs" 
Hamns Dir* Bogarde. L20 p.m. ATV 
Fewsdesk. 2J0 "Lost Horizon" starring 
Peter Finch. 5.08 ATV Todar. UJ8 
Hardening Today. 1U0 Dan August. 

BORDER 


and Ur lUtajann. 54# Report Wen. 5J5 
Report Wales. tUJ# The Late Film: 
■•The Camp on Blood Island” starring 
L'arl Mohner and Andre Morel!. 

HTV Cymni/Yfalea — as HTV General 
Service except: 120-125 p.m. Penawdau 
Newyddion y DydJ. SM-5.15 V DrdtI. 
10JO Eisteddfod Ccnedlnethul Yr Urdd 
10JS. 11J# Mr. and Mrs. UJI This 

Week. 1ZOO-12JO a.m. The Cuckoo Waltz. 

HTV West — Aa ITTV General Servuv 
oxerpi: 120-UO p.m. Report Wesl Head- 
lines. 5.15-5 JO Sport West. 

SCOTTISH 

10 JO a.m. Bailie of ilte Bulgf. 10J0 
TV Movie: "The Masieiau." 125 p.m. 
Metis and read report. 2J0 "L051 

Horlfon" stirring Peter Finch. 5J# Scot- 
land Today. 11.00 SomctliinR Special 
U.aS Late Call. 11J0 Star Maidens. 

SOUTHERN 


SADLER'S WELLS THEATRE. KMeMiY 
Av- ECl . 837 1672. Until Sal. BALLET 
INTERN AClONAL DE CARACAS. Today 
at 2-30. Fn. and Sat. at 7.30: The Moon 
And Tho Children it Possessed. Our 
Waltzes. Ariel. Bod in Mlsfn Vie. Tontgltl 
al 7.30 and Sat. at 2.30 Shadows. 
Weems. Scriabin. The Wver. June S to 
17: GONG SAW AN MVSJc and (»«crs 
Iron* Bali. 


• BRUCE FORSYTH STRATFORD-UPON-AVON. RaVM'SMOB- 

•••“ . HI LESLIE SRICUSSE and pcare- -Thi-atrer . W0789 -aZTRri- -*TI«JgTt» 

ArcmONY NEW LEY’S . immediately avaltaorfl for RSC-fti-THE 

- TRAVELLING MUSIC SHOW TAMING 6f THE IS 

flurtti DercJc -Griffiths ImaLJ 23 (maij. tHt TEffl PEST- June 

Dlre«ed by BURT SHEVELOVE 12. IX IS. 29. Recorded Boofep Info. 

it is eacved lo burettitg oolite with C0 709 691011.;. 

perwnalltv an d s neer otw of B™“ ST. MARTIN’S. CC. 836 1443: Ergs. 0.80. 
Forsyth. Sun^ CKPreu. Matinee Tues. 2.4S. Salurdavs 5-6-8- 

cheered. Sunday Telegraph. AGATHA CHRISTIE'S . 


immediately available rer Rsc-m*-TH» 
TAMING OF THE SHREW rjWlfc 94.' IS 
fmatl 29 (nutj. THE. TEMPEST - June 

12 ‘ ”■ ,S ' «¥789 R T9^.. B °5f^ ) , ?'°- 


KING’S ROAD THEATRE. 3SZ 7488. 
Mon. to Thurs. 9.0. Frl- Sat. 7.30. 9.30 
THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKING YEAR 


WORLD'S LONGEST RUW 

26th YEAR 

TALK OF THE TOWN. CC 734 6051. 


THE GREAT ROCK N' -ROLL MUSICAL 8.00 Drflhig Daftehtg (Bars, open 7-15). 
— 9.30 Super Revue 


THEATRES 

ADEL PHI THEATRE. CC 01-BM TSH. 
Evgs. 7.30. Mats. Thurs. 3.0. Sats. 4.0. 
IRENE 

THE BEST ^MUSICAL 
ol 1976. 1977 and 1978 

•’LONDONS BEST NIGHT OUT. 1 ' 

Sundae Pfcpi'-._ 

ALREADY SEEN BT OVER ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARD BOOKINGS E36 7611. 


LONDON PALLADIUM. CC 01-437 7373. 
Mon.. Toes.. Thurs. and Fri. at e. Weos- 
and Sats. at 6.10 and 8-50. 

THE TWO RONNIES 
In a Spectacular Comedv Revue 
SPECIAL SUNDAY PERI'S. 


RAZZLE DAZZLE' 


and at 11 u.m. 
FRANKIE STEVENS 
From Monday: _ 

LOS REALES DEL PARAGUAY 


THIS SUNDAY fjtme 41 at 5.Q * BO. ™ tATRE Tn „ , 

Also Sundays Tune 25 and July 16. v ‘J®JJ'1!0 w 7-40_d. 

Social Booking Hotline 01-437 205S. 1978 YOUNG WRITERS1 


LYRIC THEATRE. CC. 01-437 3686. 
6*. 8.0. Mai. Thurs. 3.0. Sat S.O A 8.30. 
JOAN PLOWRIGHT 
COLIN BLAKELY 
FILUMENA 


VAUDEVILLE. 836 9988. CC. tVSS. B.OO. 
Mat- Tues. 2.45. Sat. 5 and 8. 
Dinah SHERIDAN. Dulcle GRAY __ 
Eleanor SUMMER FIELD. James GROUT 
A MURDER IS ANNOUNCED 
THE NEWEST. WHODUNNIT 
hr AGATHA CHRISTIE 
” Re-enter - Agatha witft another r«h«- 


*20 ajn. World Leaders: Siallo. 10JO 
Certain Women. U2S Untamed W’orM. 
UJO The Undersea Ad vultures of Captain 
Nemo. 1120 P.m. Border News. 2J0 
’Lost Horlttin." SJ# Lookaroond Thurs- 
day. 1180 Danger In Paradise. TU-S5 
Border News Summary. 

CHANNEL 

U2 p.m. Channel Luodulmr News and 
What's On Where. 138 Keatnre Film- 
"Lust Horizon.’’ 5.80 FantaPic Voyage. 
kJO Channel News. 1028 Channel Late 
Hearn. 11JJ0 Police Woman. 1280 The 
F.lccirlc Theatre Show: Richard Harris. 
122S a.m. News and weather id French. 

GRAMPLAN 

*55 a.m. First Thing. UUN Technoflash. 
10 JD Search lor the Super. UJO The 
Mary Tyler Moore Shnw. US p.m. 
Grampian News Headlines. 2-10 Feature 
Film: ■ Ln;j; Hnrtenn. - ' 580 Grampian 
Tnda: - . 1180 Cover in Cuter. UJO 
Rcflediont. njs Streets M San Fran- 
Cisvft. 12-30 B.BI. Grampian Uie NliJil 
Headlines. 

GRANADA 

*J0 ajn. Sesame Street. 102S Heal 
Hare. 1L3S The Lone Ra/aw Show. 
1.20 p.m. This Is Your Right. ZjO “Lost 
Honzon - ’ siarring Pvtcr FioDl 5.0« 
Granada Reports. 1180 What s Op. UJO 
What The Papers Say. tUJO The Un- 
touchables. 

HTV 

9.90 a.m. Sesame Street. 1088 "A 
Queen Is Crowned.” 128 P.m, Report 
West Headlines 12S Report Wales Head- 
lines. 280 Roral Bath and West Show. 
2J0 "Loat Horizon” starrlog Frier Fine* 


9 JO a-m. Return (o the Planet of lhe 
Apes. 1-55 Sinbad Junior. 10.10 "David 
Copperfield” starring Robin Phillips and 
Susan BauTTpshlrc. 120 p.m. Southern 
Nows. 280 Housepariy. 225 “Lost 
Horiion” siarring Peter Finch. &80 Day 
oy Day. 1180 Southern News Extra- 
UJO Danger In Paradise. UU8 a-m. | 
Whal The Papers Say. , 

TVTSE TEES 

940 a-m. The Good Word foUotred by 
North Easi News Headlines. 1.15 Star 
Riders. 980 Valley of the Dinosaurs. 
11080 Moraine Movie: "A Nlfifct To 
Remember'' starrinfi Kenneth More. 
120 p.m. North East News and Look- 
around. 280 The Bath and West Show. 
22S " Lost Horuon" starrlnR Peter Finch 
and Llv UUman. 5.00 Northern Lire. 
1180 Double Top. 1L40 An Audience 
With Jasper Carratt. 1240 Uja. EpUugue. 

ULSTER 


ALBERT. 836 M78. .Party Rate*. Credit 
card bkg». 836 1971-2 from 8.30 a.m - 
A. 30 D.ifl- Mon.. Tu«.. V/«d. ano 
7 .45 B.m Thurs. and Sat. 4.30 arvd a.DO 
" A THOUSAND TVMES WELCOME IS 
LIONEL BAHTS 

MIRACULOUS MUSICAL.-’ FInan. Times. 

with ROY HU DO and JOAN TURNER 
“ CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN. Da IN Mirror. 


MAYFAIR. CC. 629 3036. “ Re-enter Agatha witft another ^who- 

M92vH. Fr, :.ASH: T® 1 - 5.30 and 8.45. dunnit hiL Aaatha Christie i& stalking me 

GORDON CHATER Brilliant £.N. In West End- vet again with another of nor 


THE ELOCUTION OF 

BENJAMIN FRANKLIN Felix Barker. Evening Nt*i* 

by Steve J. S pears. AIR-CONDITIONED THEATRE 

"A compassionate funny fiercely eloquent — — : - 

plav.“ Gdn. --Hilarious.” E.SW. "Wickedly V i C T? ,, lfL PAL ^H‘ i . „ 


ftendlshlv ingenious murder mysteries." 
Felix Barker. Evening News. 


amusing." E. News. "’Spellbinding." Obs. Book N0 'j T ratFORD 3 ^OHN^ 3 ** 1 
«BMA|B. 248 7656. Restaurant SHe,L ANNtE C0 ^ K 

STS? l-Jl -.^.-730. Sat . 2 AS. 


Mermaid. 248 7656. Restaurant 
24 8 2835. Wednesday to Saturday B.3Q. 


ALDWYCH. 836 64tK. Into. 836 ..53 M 
ROYAL SHAKESPEARE COMPANY In 
repertoire. ToiHgtit 7.30. R-HWCed #*]* 
previews. CORIOLANUS. “The wrongest 
ctoarcst and most consistent Shakespeare 
I have seen anywhere for vaan. 5. ims. 


TOM CONTI. JANE ASHER 
WHOSE LIFE IS IT ANYWAY? 
Every Mon. and Tues. at 8. IS pm. 
Alee McCowens 
- ST. MARK’S GOSPEL 
tSuns. at 7.30 pm. all scats sotd.i 


I nave xvn n w »vi •- r — -j, 

Witty from 1 3 June. Strindberg > THE 
DANCE op DEATH. KC jho »t THE 
WAREHOUSE (sec under W) M** 

Piccadilly ThCTtrc In Peter Nichols 

PRIVATES ON PARADE 


Prev- June 13. Onena June 14. 

„ _ Subs. 7.30 and 8.15. 

EVERY GOOD BOY DESERVES FAVOUR 
A Piece far Actors and Orchestra 
by TOM STOPPARD and ANDRE PREVIN 
Seats £4. £3. £2. 


WAREHOUSE. Donmar TMMR. .C&trwte 
Garden. 836 6B0B. Royal Shakespeare 
Company. Tont 7.30- -David RodkJn’s 
THE SONS OF LIGHT. ’’ Sheer poetic 
energy- Guardian. All ' seats "S7.B0- 
Ad* bkst. Aldvrych- Student Standby. £1. 


Ad* bkas. Atdwych. Student Standby. £1. 
Westminster! ' .“ 01-534 o293~. 


- . SENTENCED TO LIFE 

ehestra by MUGGERIDGE and THORNHILL 

*E PREVIN “ IS ANT HUMOUR." D. Tel, 
"SHARPLY TOPICAL." F- Times. 

, ’’ TREMENDOUS IMPACT.”. N-O-W* 

928 2252. 7 -*5. Mat. Weds. 5.0. Sat. 480. 


ALMOST FREE. 46S 6224. DISTANT 
ENCOUNTERS by Brian W. Aldris. Tues.- 
Sat. 1.15 B.m. Sens. 3.00 and 5.00 pj». 
No Show Mondays. 


NATIONAL THEATRE. 


OLIVI ER 1 open stage): Ton’t 7 t note 1 wuitcu ,1 1 ftiloTH* f . — — 

narly. JD.rt, brand b* Ibsen , ver 1 T*^^ Frt. and 7SS: 


U80 a-m. Scan U1l> Lepnchaon. 11.10 
Undersea Adventures of Captain Ki-mo. 
U4S .Lnlmaird Special. 120 p.m. j.ttnrb- 
Ume. 280 Fratlire Film: "Lost Horizon" 
sianing Peti.r Finch. Lir Uilmano and 
Sally Kvllvmian. 5.00 Let’s Look at 1 
Ulster. 520 Reports, UJM lIoR.m’s! 
HiTA’t. 1125 Living and CrowllW. . 
1180 Bedtime. 

WESTWARD 


AMBASSADORS. 01-836 1171. 

Nlglttlv at 8.00. Mat. Wedj- 2.4S. 
Sats 5.00 and B.OO, 

PATRICK CARGILL and TONY ANHOLT 
In SLEUTH 

The World- 1am ems Thriller 
hv ANTHONY SHAFFER 
Seeing the play again is In fact an 
inter and total lov-’ - Punch. Scat Prices: 
£2.00 to £4.40. Dinner and Top Price 
Seat £7-50. 


LYTTELTON fproscemum staget: Today “ "dED THkdaT ^^ - 

PLUNDER r 'br 1 TOm0r ' 7 45 DUC ***** 


COTTBLOE i small auditoriuml- Ton’t 8 


Season extended. 


JEWS 'ARABS by Ron Hutchinson I WINDMILL THEATRE. CC 01 M7 6312. 


'workshop!. Tomer, e Last Worlds. 
Many eerct lent cheap seats all 3 theaVes 
day of perf. Car Dark. Restaurant 928 
2033. Credit card bkgs. S2B 10S2 
Air CoothHonirp. 


Twice Nightly 8 .od and 10.00. 

Open Sundays 6.00 and- 8.09. 
PAUL RAYMOND Presents _ 

RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA ’ 


1.45 a.m. CIol Club. 10.10 Woobmda.; 
18.3S "Cry of the Wild.” 1227 p.m. C.in 
lloavl'bun's Binhdjjs 120 Wnnwanf 
Nows Headlines. 220 Fi-ature Klim: 
"Last Horizon” surrnuc Peter Finch. 
LOO Wes; ward Diary. 1028 Wesnrard 
Loir News. 1180 Police Woman 12.00 
The Electric Theatre Show. 12-2S a-m. 
Faith for Life. 

YORKSHIRE 


APOLLO. 01-437 2663. Evenings 8 00. 
Mats. Thurs 3 00. Sat. BOO and 8.00. 
DONALD SINDEN 
Actor ol the Year. Ev. Standard 
~ IS SUPER* ’• N.o.W 
SHUT YOUR EVFS AND 
THINK OF ENGLAND 
*’ Wickedly Funny." Times. 


May 29. June 


928 7616. " Takes to unprecedented limits What 

3 , permissible on our stage.'' Ev. New 


_ . ‘NTERnational'seASOn I You may drink and smoke in the 

The Inirrnationil Turkish Pl»var* THE ' Aoflilorium. 

ssr- 

■I W T.« «« tin a I 8 ’ 30 Dm ’ Mon.-Thurs. a. Frl. and SAL 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

■• Hilarious ... sec ir." Sunday Times. 
Monday to Thursday 8 30. Friday and 
Saturday at 7.0 and 9. IS 


9. SO a.m. Davy Crockett 1029 Tin* 
Undersea Adventures of Captain Nemo. 
10.3 Ljssiv. 10.45 Ride to a Spanish; 
Vintin. 1125 Clue Club. U. SO Cartoon 
Time. 129 p.m. Calendar News 2.30 ! 
“Lost llonzon" Slarrliw Peter Finch \ 
5.0 9 CjK-ndjr. 1188 Oatwer tn Paradu: i 


RADIO 1 247m 

(S) Stereophonic broadcast 
' 5.DD a,m. .Vs Radio 2. 7.82 Djvo L /-.■ 

Travis. 180 Simon Bares. 1U1 Paul 
Bnrni-tf Includms 12.38 p.m Newkbeal. 
2.W Toar BlacPbura. 4J1 Kid Jroscn 
induduu S so Nri'itma: . 7..0 Country 

Club <Si ias VHFt. 9.W A' Radio 2. 
10.02 Joft.T Peel tS>. 22.tO-2.B2 a-m. .L* 
Radio 2. 

VHF Radios 1 and 2-5.00 a an. With 
Radio 2. including J.5J pjn Good Listen- 
>nx 643 John Doan >S- n-rmunued: 
Radio 2. 4.30>. 7.02 Coocrrr Club -«S-. 

1.00 With Rad.a 3. 20.08 HTlb Radio L 

12.00-282 a-m. With Radio 2 


iHfflEHSH >QBI5B!3n HE 


EEraasra ' BiisfaSEiHra 


E!3BEf3HEB^Q!3IIEES 


BHSP IHQ@ 


■ EHBHSnS 




BEKQEianH . . cHsnaci 


ransasi ibe 


RADIO 2 l ' 500m and VHP 

5.03 a.m. Next Summary. S82 Ray 
Moori- ■ S i Kith The Early Show, tnrltid- 
inc 4.14 Pause for Thonsht. 742 Terry 
Waian «S i includhu ? Z7 Racial* Bulletin 
and F.4i Pa us.- for Thoushi lfl.tc Jimmy 
Young ’S' 1245 p.m. Wa^soners' Walk 

1240 F«lo Murra- ’s Open House iSi 
melndins 1.43 Sports Desk. 240 David 
Hamilton <S> tncl udips 2 43 and .141 
Sports Desk. 440 Wj^aanirs’ Walk. 
4.4S Sports Dv5k- *40 Juhn Dunn <5 ■ 
iBctudiPS 5.13 Sports Tjf.v and fi CC Cross- 
Channel Moionrs Information. 44J 
World Con Special: Wes; Germany v 
Poland including • *3 Raima Results and 
die ket scoreboard. 1.02 roltv»avr #S>. 
945 Sports Desk. 1082 Goad Luck. Scot, 
land. 1182 Brian MaiUicw Introduces 
Round uidirihr. iRclBd'ag :i 00 News. 
T.ea-2.02 up. News Summary. 

RADIO 3 ^ni. Stereo & VHF 

(B) Binaural broadcast 

LS aJn. Wea liter. 7.00 Npu-s. 7.05 
OveRtire i?'. 9-00 Ifeam. S8S Montlnc 
ronevn ‘Si. 84S Rural Rhjme*. 9.00 
News. 985 Tali WcCK a Composer: 


Claudio MunLe verdi 'S.. 985 Music For 

Two Pianos «S>. 1020 Thr- Sound or 

Criekel IS’. U4S Cricket: Firm Test. 
Fnsland v. Fokirun. conaueDtatr. 
comments «nd summaries; close of play 
summary. 6-10 Lifelines: The Wider 
World. 7.40 Seotrish National Orcboxtra. 
tart 1 «Si. 845 Maw. Be Id la Voice. I.JS 
S coltish National Orriiestra. pan 2 tS-. 
9^S "Tbe Revenge”, play trdlMut words 
by Andrew Sachs 'S and Bi. 1045 Plano 
Recilal *S>. 1U0 Purcell concert is-. 
1145 Ns-xs. 1180-1185 Tonisht's Schubert 
Sotw ts-. 

VHF— 580-7.00 a_m. Open Unjvrrsitr. 
TJH With Medium Wave. 1L15 Mahler’s 
Third Symphony 'Si. 180 a.m. New. 
LOS Moxart and Mictecn iSi. 1-50 
■’Plafce.” comi-dr-ballct in n prolomic 
and three acts, music by Rameau. Pro- 
logue and Art 1. 2 .43 word.. ... by 

Pamela Beer. 24d ’’Ptafee." lets 2 and 
3 345 Vincent D'ibdr ‘S* 045 The 

Sam; of a Great City .?>. 5.05 Bernard 

Van Diem iS>. 5.1S Open L'mecrsil>. 
T.ao Medium Ware. 

RADIO 4 


News. 3.05 .sn.-rnoon Th'-atrc «S>. 4.00 

News. 4.0S Jack de M.Him Pn-or.’ly. 
4.35 Story Time. SJH PM Repurts. 5.40 
Serendipity. 5-SS H’l-jfber: tiruurammc i 
neus. 680 News. (JO Brain uf Britain 
19T». 780 News. 7.05 The Archers 720 1 
rh'-eir point. 7.45 The r.ounirycMc In Early 
Summ-r. 8J0 Eliub..ih jam- Howard: | 
retleetluns of a wnler. 0.45 Analysis. 
1J0 Kshidovope. 9 JO Weather. 10.00 
The World Tunir.ht. 10J0 .\ny Aimerf’ 
11.00 A Book At Bcdttm-:. 1145 The 
Financial World TonlRhl. UJO News. 


ASTORIA THEATRE. Charing X RO. rwith 
fully liCCULtd HcUurantl. 01-734 4291, 
Nearest tube Tottenham Court Re Mon.. 
Thurs. 8.00 pm. Frl. & Sat. 6.00 A 8.49. 
instant credit card booking. 

ELVIS 

’’ Infections, appealing, loot-stomping and 
heart-tliumulnq. ' Observer. 

ELVIS 

Seat prices Cl .50-S.S.5O. Olnner-too-orlce 
seat LB. 50. Hall. hour before she** any 
available top-oricc tickers £2 SO Mon - 
Tngil. intf fn 6.00 pen perform, only. 
BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


Turv-sh Classic. 

Today at 7 30. Sat. 2.30 A 7.30. 
PROSPECT AT THE OLD VIC 
A Week Ol Sundays June 11-7 7. IsU 
Blair. Julian (Hover Harold Innocent. 
Derek Jacobi. John Romo. Prunella Seales. 
T.mollrrW«L rimcthy West as SvaneV 
Smith in 

SMITH OF SMITH5 
, THE GRAND TOUR 
■ . Derek Jacobi as Byron Jn 
THE LUNATIC. THE LOVER A THE POET 


, 5.1 5. 8.30. 

*’ ENORMOUSLY RICH 
VERY FUNNY,’’ Evening News. 
Mary O' M alley's smash-hit Comedy 
ONCE A CATHOLIC 


Dally Teiecranb. 

JCStt .SH^ KC WITH 
LAUGHTER. ’ Guardian. 


— ■ • «- — CINEM AS 

0 A^fHGMMh?NiqNnrB DREAM. Rts! A ?? 6 | 1 
n f ki pr«njT»B TaoAy & Sa'i 41 2.35 • - E — 1 ALL SEATS BKBLL 


.«-d 7-45. Fn 7.45. v- fpTruZa LEN 5KA 4 

^,o TALB ^s4^ Aa ^ E 4 5TE ^ MjttAa flBE ^ IAJ ‘ 


-NTrtONY SHARP. 


CAMDEN plaza loop. Camden Town 
Tube). 4B5 24A3. Brigitte Foster In LZ5 


BBC Radio London 


CAMBRIDGE. 836 605 C, Mon. to Thurs. 
8.00. Friday Saturaav S.4S and 8.30.. 

IH YOMBI 

Exciting Black African Musical 
** The oiris are beautiful, bare and 
bounclnn.” 5. Mirror. 

THIRO GREAT YEAR 

D inner a nd ton-p rice seat £0.7 5 Mel. 

CHICHESTER. " 0243 81312*. 

Today at 2.00. June 3 at ".00 
A WOMAN OF NO IMPORTANCE 
Tonight & June 2 at 7 00. June 3 ji 2.00 
THE ■ N CONSTANT COUPLE 


PHOENIX. 01-836 2294. Etc<iim>- n tV J2fKv.5S 5 Foster In US 

■ tAAI • ap0 - 

m \ t KSZA&A S 6» of?S: 

’ LAUGH *WH , v 0V i avTON - 1: Alan Bales. Susannah York THE 

haJp V.' 1 Thought I WOULD ( shout >aa j. Progs. 2.30. -1.35. 6-«0. 


434m. 330m. 293m and VITF 
6.15 a.m. Nr US 6.17 Van.-i.iLl Tuday 
645 Up lo rhr ITonr 7.03 News 740 
Today 745 Up to the Hour ' continued ■. 
LOS News. 340 Today, m-ladlng P :i3 
.Yews hcTd-'inrs. wr-aUfer. piprn. sport 
i»i>ep' SW anJ East b.jj Handful 
of Dust. l.tH N-’-aS. 9J05 These You 

Have Loved 'Si 10.00 New*. U8S From 
Our own UofTrSTondiDl 10.30 Dally 
Service. lO.aS Vonunt story. 11JJ8 News. 
11.85 Own Your Way 11. as CJo sv4 

World of Lott. 1280 News. 1282 p.m. 
Yen an} Yoon. 2227 llany a Slip. 
1285 Weather; pnwramme news. 188 
Hie World ai One. 140 The Ardh-rr-. 
L 45 Woman'* Ilnur irUudlnp S.oo.r.*rj 
Hews. ZAS Lli'.ea w:ia Hothc. JJJO 


206m and 948 V!1F 
5.80 a-m. As Radio 2. 640 Rush Kuur. 

1.00 Lond.*n Live. 12.83 p.m. t'.-ijl in 

283 206 ShourL'as>’ 4 03 llnnti- Run 6.U 
Look. Slut/. UJtn 7.30 Rl.n-V Lotnloii-ra 
8 JO Suul 7s. 10.03 l_at.- Nighl Lnn>l»n 

J2.tn-^2IOre R.irtio 2. 

London Broadcast in? 

Mini anil 97.3 VHF 

5.00 a.m. Mom.r,: Mus>r. 6.08 A M 

10.00 Pr'.jn Hay « 5ho«- 1.00 n.m f !!f*i 

ports. 3.3J n. -or.-., rii.l .’s 1 i*-, jni k 

4.00 u8U rteport-. f .’or 1 1 n . i . — i 1 
8 80 Aire- l:l.:u\ 9.B0 Nishtlm.- l.Oua.m. 1 
rfishr Exira. | 


COMEDY. 01-730 rsro. 

E»0n. B.OO Thu. 3.00. Sat. S 30 8.30. 

MOIPA LISTER, TONV BRlTTON 
Margaret COURTENAY. Dermot WALSH. 
The Hit Comedy Thriller 
MURDER AMONG FRIENDS 

Bl.l.l in*.l .ir-.rd robbery double blillt 


Company in ' ’ 
THE OUTRAGEOUS ADULT COMEDY 
bv Peter Nichols 
.. .. "“** TIS ON PARADE 
Rlproarlng tnumoh." S. Evpress. 
r COMEDY OP THE YEAR 

S.W.E.T. AMaid. 


b.uo. 0 20. cate snow ll p.m. 
Fassbinder’s FOX AND HIS FRIENDS 
iX>. German Dialogue — English subtitles. 
4: Bertolucci's 1900 Part 2 (X). Progs. 

if- 0 8.15. Late show 11.10 p.m. 
1900 Part 1 1X3. 

CURZON. Curzon Street W.l. u99 3737. 


' a O m Wert t 10 and ’’'iF* 1 P, °“ “* 1.SO not Sun.l. 

FUlgy A^Mffm tSNlb ■ Iib 5 Gr«t° mSmI..* 30 ' HeW ^ 


»urtJ ? r • Tlnii?n, “A now ifffwl at, 
fun ' tvrn.nn N«rs. 


Capital Radio 


IMm and 95.K VHK 1 
6.00 a.m. Graham Dtr-'s BreaFlarij 
Shaw iS*. 9.00 MK-hirl As Del *Si. I2.pg 
Dive Gash is». 540 B . m . Rne.er 5e.ni 
iS. 780 Lord G.-ora. -rtrtjwn'-. Capital 
Commentary «jf«. 740 Ltm-ion Today *5«. 
788 Srt l«ijpk Be peat: ’ The Mayor of 
CasierbritbL." iS‘. Bryin Woir-'s 

Open Line .gi, sjio .Vicky Flornc’s Yonr 
Mother WimWn’l Uke n H.00 Mike 
Alt-n's Lll* Shoe >Si. 2.H a-m. Duncan 
Johnson’s itfhl FLyii: iSi. I 


cnutaiON. Credit Csrd* osn ins 
C*rnm— n 0 Sn, 5.50. r 30. 'Wr 3 q. 
NOW IN ITS IFrONri YEAR 
LESLIE PHILLIPS 
■n SIX OF ONE 

VERY fU.VNV ’ Sun Tel. , 

SECOND HILARIOUS YE*R 
DRURY LANE' ' 01-836 01067 ' Ews-y 
niont B 00. WiMiinr wm) end >:at. 3. 00 , 
.. A CHORUS CINE 

A rare tb-MUailos ivtm.t avonishin] 
Uunner ” Sued a* limri. 

DUCHESS. 33G P4 J3. Mon^io 'T'iu<r. 
ErrninOb 3.PO Frl S.u C.IS and 9 00 
^ OH! CALCUTTA! 

The Niirfit t IS sRineinn ’ Dally Tel. 
8th Sene., i .onal Year 

bum or YORK’S. “ oi-bsg" sisai 
Eros. fi. M.«: Wed.. Sat at 3.00. 
JOHN GIELGUD 
in Julian Mccncu’s 
HALF-LIFE 

TH£ ATRE production 
D riilUntlv witty . . no one should 
•RJ5J R. Harold Hob con COranui. Insurtt 
credit card reser rat tom. Dinner and 

top-price teat E743U. 


a no. June 17 S 30 inrt r,S w i D »• COMING HOME Xl. Sep. progs Mon - 
June ll r SO and E.30 Opens l Sat. 1.30. 4.4S 8.10. Sun. 3.50. 7.45. 

tvrri ! L ** e '-ha** Fr. & SaL 1 1 4S i m SeaN 

L*7 i th bn booked ,n advance tor 8.10 prou- 

O* WALES. CC 0I-P3? acsTl Mon.-Fri ind all progc. Sat. and Sun. 

Monda* to F'.c.i* a; 8 p m siiufr'.ii No b'.t «;■ backing. 

s A?*n; 5 4S I DDEON MS yijVn te F~r ~ latn 9 iToiny 1 1 


WNOON AND BROADW.-.Y S 
COMEDY. MUSIC4L HITI 
I LOVE MY WIFE 

- . *:::r4 "SSIn ask with 

all J us ^ ii ^P®D CLEAN FUN." 

- CHE _ C 2T.. CAJIL. 80 <7 it) NOS 9*0 0B*7 


OOEON HAYMARKCT 1930 2738177711. 


lane Fo-.ss. V)r,rit Redgrave In a Fred 
Zt enema rn Mm JULIA ■« 1. Sea proos. 
P'7i 2 i 3 5- S.45. 6 45. Feature Dtv. 2 A 5, 

6 00. 9 PC Late >npw Sat. Prog. Comm, 
i t AS c -r Feature 12.00. All irate 
ol-b’-r ar ThTATTe. 


OOEON LEICESTER 


ana RACHEL KEMRSON 
'"ALAN SEN NETT'S 
_ 7HE OLD COUNTRY 
Dl B S T e. PL4V THE YEAR 

P'ayr-i Leruten Cr.fics Aware 


"J.ARBLE ARCH 1723 JOIlIf. 
TH E “CTsY i*1. Sea. proa*. Men.-Sat. 
f 30. 44S. S 1 5 Sun. 140. 7.30. Law 


Direcfed^^ CLIFFORp_JVILLIAMS_j Shaw fry A SaL Has p 


RAYMOND REV U E BA IL CC eT734“lS93 | fcktl|,: Tvccpt t- 33 pe rt. Mpn.-Sar. 
Al 7 MM? <p=h?i Sunday, t PRINCE CHARLES. Lei 


PAUL RMMONO Ke " I CHARLES. LeiC S3. *37 81 £1. 

THE ftotJP. P JS ent3 ■ MEL BROOKS 


THE FESTIVAL OF 
EROTICA 


MICH ANXIETY fAi 


™,#-sss?zr*a 




•' h r- ^ 


lj 


Sssce 


The Bl 


Onl 


yl 


V- ' • 1 
! L i . 




‘ tJ|iH , *> 


A 






Tnnes ^ June “1.1978 




VDV 





•*ev(I 

tola* 

*s 

** 

1 

■ket 


'. :-r4> '•• 


in Dresden 


by RONALD CRICHTON 


Covent Garden 

Madama Butterfly 


2 ?«* 


dv 


**5fc . 


Won 


collin 

***45 ■ 

raa ndfcj 

re n»aia 

u* 

Wed the 

% *** 

' d - At - 

rates** 

lie . 
refers 
?• Mllb, 

>Jt Rocs; 

‘ decisitu 

ra thai g. 
aL-vordi,* . 
law. v 2 


„ .--tenner capital of modem, intimate theatre across his cards on the table too soon. inconsiderable con tnbu 

. izg^oiie of the principal the river, where Festival visitors In the early scenes' tension was the conductor. ox 

.Zeroes, .'b£..-. ,; East ' Germany, has were offered a pleasant perform- already screwed up almost to Blomstedt. was 10 secure 

• Ydc ct &ed -to . add .to the large ahee of Paisiello's ■ Barber of breakiog.puint. Colaud (Werner tinuallv warm and 

• , - j 5 jnhber "of - annuaL festivals -in Seville in place of the promised Haseleu) and Miilisande (Nelly ing from we JJresoner 

\i decision was tq kg n. Wranteky Oberon by a Viennese Ailakowa) were both nervous kapelle without covering a 
.■ ^^ ■were' told,- largely because company which failed to materia- wrecks at their first encounter, sung on *“£*■. t fh . pom . 

. concert - audiences have Ese. The so-called Grosses Uaus Genevlfeve (Use Ludwig) a c ^® f pf ^™dedares himself 

changes and the en- 
’uest singers. Well 
.Jit depends on what 

programme include Pidelfc andD«- FreiMbife ell lot old Arkel (RolF TmnjjBewtiK “to 

• ; ‘concerts, orf various kinds (with which were given there in the a crotchety invalid with crutte >°u dare to 

.5&32*«id the Bar™ PhUhS first week of the Festival. wtaeeU-taalr appeared a most 

. : .JmomeinaJring.their "East German : Of these, only Peltfag was normal. There is "JJJJ ^huMre- Florestan and Max. His Pelleas 

idehat^ and * other interesting new. Debussy's opera was m tion ter tin* ' W?** 1 : bl,t HJ 5|; was promising. with a real aware* 

v, • -thzngs like a film retrospective of fact being given m Dresden for cause the producer held so httie the aro0 unt of lyrical 

;the, wbrk. of r -the iate - Walter the first time.. The producer was back the appalling scen.s mU sic there is in the part. His 


Puccini's Butterfly arouses character, 
mixed feelings in the Japanese. ,n ,v. w mmoetent sup- 
one hears: respect for a token J"JJJJ ,enU £J2 11 - c 0 SucU>r Anton 
of sympathetic Western interest Port roughly 


Anton 

? r« 

Sl a ^d l fo m a T^ee h of high jje 

professional seriousness for toejtfdinsJJ* and tee prelude 
decades now. but Japanese to the: tovedMi. ..uiVUV ^ 
sopranos must still chase their to the finjMe “““j rather 



Puccini's never-never land is as strikingly. Lieutenant Pinkerton 


authentically Oriental as that of was Stuart Burrows. l 0 °ki^S.hot 


The Mikado, as exotiAo them ?nd unromfortnbly $*£*£* 


e »naano. as exotic to iuvm ,: n m n a ener- 

as to us. The music is of course 5“, \tylSSy after a 


. 

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; Tels eastern." the " influential 

-' . .'dir^br of ;fhe iKofliische Oper 
in- East Berlin, :the emphasis is 

• on/opera,. of .the grand,' chamber 
-ahd open-air: vaxieties-- 

- :- ,jThe ^decision was A risky one. 
considering ^ that the famous 

.- Dresden -State Opera associated 
: with Schuch; Strauss, Busch and 

- other great nameg. Was ruined in 
~ - A .the : devastation towards the end 
- :T of the War.- ^ That theatre is being 

-^amstakiiiflly rebunt. The delay; 
r : w'asTprin<apaIly-' raused ho doubt 
• -.^y.the priority given to housing, 

.. -bu#.., ’partly, .also because of a 
■ v .^teinrttaaflon to. do . the job 

- -thoroti^hly; - One of the good 
J Jtfiiospf .-about - tte " ctilture- 

- cohacipus side of - the. present 
V.tjjQCj • :is that the designers . of 
. ih&atres hr e^at last being granted 

’ J 'of 1J»- attention formerly 
M-.7\ for; builders of 
^ fand churches;- public 

. ' I^^d^ees,' j5' to vor ' palaces-, and 
'houses. 

; ^rv-€otfmed Semper, one of the 
vheaifing - 19th century German 
.>'■ -architects (he was in London for 
JJa.Smft- after the 1S4S revolution, 1 
> andvhis advice was sought - by 
. - 11 ieV.«^er«erious. and enquiring 
. JPi&nce - ConsorO -.designed .the 
: c. State OpenL not once: but twice — 

J -hla^first building (not the first 
.Jon. feat «ite) was burnt down in 
\?±BK> 1 tXater -In the century the 
redecorated 

• " "Intenudiy by another' hand. ' 
. .^Bince the equivalents of what we 

. rndght-xaU High- Victorian design 
are Slow- prized again, : intensive ' 
'jriiitearch is being done in Dresden 
- >Js temper’s original decoration. 

- - ■-.'Meaiiwhile • the shell is already.: 
-lassily recognisable through the 



da LU UO. A I IV. IllUiWV AO VI VW“* , mm 

purest Italian, and i: must be r ot Vn . Something 

cold comfort for a gifted singer ^ n !^ r ^ e f han S ^I' ^el^congratn- 
to know that she is specially tenderer than Die seii-con^ ^ 

sought for the visual effect she ceremony would 

fix the character more happily: 

the ardour of the duet 


makes. 

The 


Royal Opera's new 


Florestan had flashes of fire hut 

some forcing, his Max in 
Freischutr sounded understand- 
ably morose. Rolf To-nuszewski. 
an interesting Arkel but a dull 
Don Fernando in FKlehO- 
managed to save quite a lot of 
energy' for "Weber s wicked 
Kaspar. Nelly Ailakowa. a 
Mclisande who improved greatly 
during the performance, was a 
routine Agathe. I liked the 
gentle bass of Rolf \V 0 Ilrad 7 - 
Rnceo in Fidelio. Kuno in Frftf" 
fltutr. and Bartolo in PaisieJlos 
Barher. 

About welcome rarities like 
the Paisicllo. one need not be 
over-particular, but it must be 
said, in the friendliest manner, 
that the performances of Fidelia 
and Freisrhflt*. though they bad 
their points (the first act of 
Fidelio in a by no means new 
but still taut production by 
Kupfer was almost painfully 
gripping, freedom being no less 
a matter of concern in the GDR 
than anywhere else) were not 
vocallv of festival standard. 
Blomstedt conducted Fidelio 
with a tautness in the first act 
to match the producer's but not 
much breadth or finesse in de- 
tail. Rudolf Neuhaus was in 
charge of Paisiello. and "Weber 
At the open-air stase at Rathen. 
further up the Elbe in the 
“Saxon Switzerland. where 
FreiichfLtz is often given in sum- 
mer in a real-life Wolfs Glen. 
I caught part of Zeller's amiable 
operetta Der Vopelhdndler— 
nicely done, hut the super- 
romantic scenery won. . • 

There was plenty of music to 
Nelly Ailakowa and Reiner Goldberg choose from. Dresden' s fam ous 

• v.— v„!„ih Kreuzchor. at the extremely 

of Felsen- Golauds forcing the boy Vmold . gl op( 


Butterfly is Miwako Matsumoto. as it is ----- n «whpre 

n costumes with seems to ^me from nowhere. 


who wears her owr 


grace. The opera was revived on Of the other rftle *: 

Tuesday night in the antiseptic- Francis Egerton mak es ihucb ^ 


sets of Sophie his properly shifty marriage- 


allV prettV SeiS 0 I oupmc mo K*yv " U n n 7 A 

and staged „by broker: J**? * gg* 


Fedorovitch. — e. — -. . 

Richard Gregson. Miss Mat- and William qiereo- 

sumoto does w-ith winning ease \amadon are . . srnrdv 

what Western sopranos generally types. Gillian - e 

attempt with coy self-conscious- Suzuki would . ." ai !? h h -hp 
ness: more, she allies unshake- domestic detail. . though she 
able dignity to 5 ne dramatic brings _ due weight to tne 
cunning, and as the theatrical dramatic ^ lses ', p ^ h f- C s0 f a V a 
imbroglio develops she creates Jonathan Summers »s so far a 
her pathos without easy tears, promising sketch, full of sober 

The voice is dear, precise, a little decencj and not^much ^ mQrp 


dry: "even "a V the 'outset it. sue- might allow himself a 
ge'sts a maturity which qualifies ironic eye in the ■ . - . ' 

any impression of a mere child- and more elaborated - 

bride, and later she draws unon the second act. It is left t 
darker range to much effect. Miss Matsumoto to carry the 
isicallv she sounds wet?- weight of the action, ana sne 
schooled' not especially indi- does that 
vidual (and her Italian is less creating her own little traced, 
than lucidl. but her .means are among these la> figures. 

more than sufficient for the 



I'urt 


Tim Myers, Elite Smith, Peter Styles, Mike Fields, and Linda DobelL 


Round House 


DAVID MURRAY 


11 -V - r- ' : c" 

r- %■ 

k:-4--, «««• 

x 

Kti.-j-.M. it; 


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If.O' !'•- 


fxi/ 

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enara th R - Harry Kupfer. one of Felsen- Golauds toremg .tec ‘boy ^Ynioifl fQrmal opeQing ceremony, sang 
' r ;' :^e. stein's young' Turks, lately to spy on tbe lovers and b'S ^companied motets and part- 

1J« ; PWtico is back !~S,Lible for the Welsh subsequent attack on Melisande including an example by 

position the air if Jond with Opera Elefemi. Rightly, in Arkel's presence lost their s one of ^ grea t 

- 1 h *i£ hip ?J 5e °i SSnf er lised a German transla- usual power to giock. elories. For a first go. the 

sandstone— this^. Is an .... , existing one revised Like other Felsenstein fol- was efficiently organ- 

. officiaJ Juseutfohjekt_ The gran- ensan*. ^ lowers Kupfer can handle though for the comfort of 

; dear; - : tee Neo-Renaissance eterli nek’s play is commonly physical action most expertly. v . s j t j ng cr jtics there were too 

^ theatre ‘ on its ^eehiccdar site- __ makes it more, not For once , Golaud s stalking of manv clashes. In addition there 
. . , 4 MPfroirting.the J S^mportant that it should be the lovers at their last jncoun- powerful distractions in the 

rival temple across a wide space ■ th0ugll Debussy’s ter was genuinely exciting on an m P f ^ art collections. The 

abweT the' river "jan J»st be unde tood. g word-set- ordinary vnll-he-catch-them ^levelL J, ? in and t h e “modern 

appreciated from the windows of gyg offfi pleasures of Other episodes which sometimes - *w. 
the picture GaUeryr— anoteer of was not Maeter- fail to come off. 


s* a*** — 


>; 6 ii 


'“fzX part of the Picture Gallery were 
the picture • uaueoi— wkh»w -jj-i f^r: french was'not Maeter- fail to come on. like toe a is- e h main part of the 

5 £!*v’ m&onVe and his co very =of the Wind men in the was bumming 


“t" u^eut-Z' 


s£Tr- 
tC*» 

». cc ~~- i -T 
J .e«- «»“•■■■ 

n*zni 


•iUSB 


; courtyard of_ the aIr 5 ady n 5® b ^ oriSnalT“ not salSanrt. The grotto,:: 'were equally wej, — " p -^ e V of schoolchildren 

• Zwinger. .■ More and more, one ong • - te eas n y handled. Though tee curtain strange Slavonic 

StoGeraian^ ^jhougl?.a touch of remained up d “™-J s f l?_ e p e \ er ‘ tonguesf The paintings are 
• J Teutonic abo^l wUh 

SrjS 0 ? to T?££ry or 6 GrL.es 
another" te London, J bere rp GewSIbe came as a surprise. 

gSif ££. SSrofS^Vhi^lirande-s Stataura «< l- ** ^ “ b ™ r I Se i lways seem, to be . 

^ * irS?K« 

Kupferis production bourse stagings of this P pbjects inside, admirably dis- 
•« -^nadler;. ohe'. u* . - appa 1 ®^ 1 -^ * ,r. • ^ 

Festival Hall/Radio 3 


.. : i*uteiihg.^d^ra 


rji» 

In '= ^13'-: 

,(4 ' --'..lieu 


. .The Ball Game : : 

. ' ' , : v Boa In, 

~ a • .. -•- Gam&^EveiL -.X suspeev-^ Jrr _ n ^ PbvlRs, bringing - their 
7 Mother who is aching to jgn to 

ha7 s.?- 0 i le . d . 


Cf Sffitairts. 


bad its first performance on 

Tuesday under Charles Groves, descrlbe in ou tiine than to pin 
bringing to a chmn d ovm in intention. The Tamili ar 
P0>er8 TEJ?*?S a g*£l Sdjectivesj.re.el ^empt^. 


*3 


J«N.t 


i^^yteiD^but- 10™ - om ““^"to carpet 
nmrfhtna but won Tin 


IOM’ 










:w3S anything but =won ^ Asexual fanta^fbe 

thejp] ay.; ltbel0 ,r ^ alt^ys wtars a Snpennanjo?- 
'tot otee school .of: Neil aiwys ^ ^ clothes. Phyllis 
t^fmore I«» her«ex 

tt^^rye.mptbmg^nucb bas one '^on while it shows 
rgT’airt-'wben it^s^ funny, bat on to Cars00 show.jAt 
IPYB* & -Sr endo? a sequence of absMi- 

«lv-jEwwa^ teet line* a. ^ laid on with a trowel, Henr y 

^t^about- tobaceo-Pipes, la {> r JL r j j 5 in his costpme; 


9 


sRSa^coTpi 

'‘^^^•^parfeSt^on the 20th Riding lights, for fie oid-la y 
JjyJ.B«ry (AnnjWay). . . r-* 

ft~n^wn* i 7 Bi ri ■ An d ■ . .v. .- . ; n-i r> rob abili ties ^"the 

UJfJor poured 5 out the _ JesB 
^^v^M^rrTGreflves)-^ ■-Gut-Tauthor P«ux looking back. 


■l.* 


--pz to pieces, sort out 


the good 
all over 


Berkeley Symphony 

i„... urarke lev’s Fourth Syni- whose tone of resttained opti- 
bv the m ism Is contradicted by pensive 


Berkeley's music is difficult to 
about— always easier to 



Big Sin City 


by MICHAEL COVENEY 


On, d„ someone .will initiate to Jhe «n.«epmM. ^ 


face of 

an L, nward y ror ,, ^be ,, Worst BriiTsh British showbiz when 
K,3 mI of file Year and then Eurovision S-mg Comest ratens 
iitA Rio Sin Citu will have supreme and everyone lives 
arrived. While it does not quite away as though auditioning for 
make Fire Angel look like the part of Lionel Blair. 
Oklahoma !. it is not far off doing fhe director is Bill Kenwrigbt 
so. The sin city in question is 0 f his company, only Michael 
a place of coloured lights floatine p^ce as Al. given the one mar- 
indeterminately in the wake oF g i na lly acceptable song of the 
TV light entertainment where a evenin'*. ”H’ll Be Man." makes 
hapless pop singer treks thro 11 ah any 0 f impression. I am 

a not very nasty underworld in nDt convinced that it is a good 
search of his beloved Dolores. one (better, certainly, than Su 

When he finds her he is not even Po , ]ard - s 0 f Mae West) but at 

gentlemen enough to share the j east j, e coines across. And that, 
microphone, with the result that j n a contemporary British musi- 
oid Dolores dies, quite literallv. ca , something, 
speechless, as a rival hoodlum 


sticks a knife in her belly. 

The pop singer is befriended 
by Jack Wild as Slic in a three- 
piece suit, a character modelled 
on the Artful Dodger in Barts 
direr ’ in which, of course. Mr. 
Wild made his name. The 
rousical-spottins same does not 


Royal Ballet 
programme changes 
in July 

The Royal Opera House has 


end there. Sin city is populated announced that a further chanee 
by two rival gangs in a faini has had to be made to the 
acknowledgement of West Shiv advertised programme of the 
Sinrn and a pasty-faced Disco R 0 val Ballet during July in 
Kid is an echo of the emcee in addition to the reversal or 
Cabaret. Having gone thus far. .^nrwta.rin and the triple-oil! 
^ ^ ^ — — — originallv scheduled for July i« 

Boots page will appear 
in tomorrow’s paper. 

The cast at both performances 


script throws in fatuous 


«■» »».-r- — — v - . n»i<. !c scheduled to be Anthony 
send-ups^of The Fnnz ra n Dowel1 _ with Lesley Collier. 


floppy Days. Mae West. Starsky j enni fe r Penney. Wayne Eagling 
and Hutch. Elvi ^ Pre ^^ a an d Julian Hosking. The rest of 
punk rockers. No human life is ^ programme : the Divertisse- 

th £, r f- WIM smieaks away like ments and Elite SjmcopatKm-v. 
an Mr TESS ^ Andrews. - P ^ 0USly 

V wSrl n t S' i ". , ..,n 0 tle-S? n »° h , .le nU S c h an E e See 

rock hand perched on high thuds been made to accommodate 
tediously away at a score berefl revised plans from the television 
of charm, talent or melody. The companies to voi yed in te® 
whole sorry affair, credited to a mission ’u the United Kmedont 
fraternal trio of Neil. Lea and and in the United States oE 
John Heather, is a dismal tribute America. 


lions. AimoBi a umwuF »■*« -rt ^feept- thelf use implies praise, 
other first perform nces - precision of the com- 


from the both for the precision 
f short. Poser’s craftsmanship 1 and for 


many — 

separate the wore 

Third Symphony (1969), a soon, j£" s ‘ u ~ btl V manner of' its employ- 

single-movement span which ^ ps 

seemed to indicate a newiy ^ j jes a cr iticism. at least in 
S^ n J? t 5JL5^25SS2L^ the P context of a symphony: for 


sinewy straiu m uie- ~ - 

musical thought Now Berkeley th J T ”^'^,tral unwillingness to 
- to test further the ^re a llst( , ner ,. attent i 0 n. by 


Sadler’s Wells 

Caracas Ballet 


has returned to test further ine clajm ^ listener’s attention, by 
gains and discoveries maae «* f 0rce jf necessary, to hammer 
the earlier work. out an argument by demonstra- 

The Fourth Symphony is m physical gesture, as well as 
three movements of classical b thoughtful patterning, begins 
shape and influence (despite tee t0 feel ^ a limitation. There 
absence of a key signature in ape episodes in the Fourth 
the first two movements, it »s Sym phony of discreet, under- 
really a Symphony In E-minor stated beauty— the middle move- 
and major in the outer move- meot especially, carries an air of 
ments respectively, A minor in poetic refinement in its match ot 
tbe middle). In the Lento intro- material to orchestral colour, 
duction to the first the bass But there is about the outer 
clarinet -theme, quietly curling movements a certain shortness 
around a semitone-before stretch- of breath, and about the work as 
ine itself upwards, holds the a whole a lack of sweep and 
store of material- dominating the kinetic force, of dynamic energy 
ensuing Allegro. In the middle B nd combat, that ultimately 
movement five distinctively con- overrides the careful symphonic 


*5S'“g ,K ^i nl> „ c ,_ W» eona-jees. b>- Bobbin,^ 


f rnTn a theme of slow and muted . 

lvricaf character, with the - sug- dent, decent in mtenuon. convimr 
Srion Jn the 'string part-writing ing in an externalised way. I 
th& harmonies of a Tudnr hope that m its P^Sth 


The Ballet Interaacional de mercurial speed and a lovely 

Caracas is just over two years 11 Lada's other work on tbe 
old. At its first London showing Tfte Moon and the Children 
on Tuesday we could appreciate jt p l>m .. WC d. is le menu lour ti- 
the extreme dedication shown by an( j spends much of its 

the dancers. And then pause to t j me W bippins itself and its cast 
re l left that within the short inlo an ethnic frenzy before 
space of its existence the collapsing into the . direst 
company has acquired a cabaret roauishness. It offera a 
repertory, and what is clearly a ser j es G f incomprehensible 
strong ensemble feeling among efunees led by Zhandra 
its 22 members. Which must Ror 1 rigue 7 . the company’s 
servt- as a preamble to the Tact ballerina and a dancer of lithe 
that most of the dances on show brilliance whom we knew with 
prove, once again, that ehoreo- American Ballet Theatre, 
■zraph'irs are very, very hard to this, and in a predictable duet 
come bv. by John Neumeier entitled Ariel 

1- iss^'^ssisvii^s 

s T^ s £%Hu cb ' , Sirr 2E5i sr. zsstjsS'Si 

stands in : be shade She also appears With an 1 m 
ballets about mensely willins cast, in Mar.o 



rent of 
Carreno. 


dancers and a piano, hut it !s Sappinkton's Rodin mix en ne 
neaiiv made and shows off its This presumes that Mi* 

" .-II er-i_ - .'.inn,, nearl Cannin"tfin C cht 


fantasia. The finale is a kind ance the work is ^rased. with 


well The piano used Inst Sappington's choreography enn 
nieh," was , brale: ihe sir's hrln= enythlns -e life; i< fllee 


night 


S^Rondo— “ kind of M does scant greater suppleness and considera- 

of Konao— tu 1 — tv, ^in.Tt fe.- th«» melodic contours. 


dresses are cut to reveal Their for me. was to suggest that only 


- tA tht> concision in tee tion for the melodic contours. 

^ the composer has com, and that the djmarruc markings 


S. bSt tee cast of ten be- the brief moments which eopied 

iteve lotallv in what they do. and the poses of Rodin sculpture had 
c . ..J ...Uram I traL-ra tr. ora,' vilalltv. 

CLEMENT CRISP 


a danseuse in red. whom L take to any artistic vital rt v 


Asarccis 

basic I© 



, Mrrn 1 P a ri i S th^ "quts" of batteries which start cars 
and other vehicles" provide emergency back-up powerfor 


Incorporated. 120 Broadway 




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ToNewOrieang, 
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A 







Financial Times Thursday ■Sjm3?j8&Z 


FINANCIAL TIMES 


BRACKEN BOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Fiuantimo, London PS4_ Telex: 886341/2, 883897 
Telephone: 01-248 8000 


l v ’ ; "< \ / " .* • 

:> ■ j ;\. v “ ■ " .‘s 

*•/ * 4" ■ ‘ ' 

h^{; • }*.*• ,.s 

*. } 



ction 


Thursday June 1 1978 



Uncheerful 


outlook 



out 


THE NATIONAL INSTITUTE’S 
latest Renew presents what is, 
in its own words, a gloomy pic- 
ture of the economic outlook Ear 
the UK In the rest of 1978 and, 
more especially, in 1979. The 
picture would probably have 
been more gloomy still if it 
had been painted in the light of 
the latest information available. 
In the first place, the NIESIt 
estimate of capital investment 
in industry might well have 
been revised downwards if ifs 
Forecasters had been able to 
take into account the sharp drop 
in the official statistics of ex- 
penditure in the first quarter. 
The high level of investment 
intentions in relation to the 
likely growth of output has 
puzzled many observers: the 
recent drop in actual investment 
chimes better with forecasts 
based on past experience and 
with the growth of pessimism 
about business prospects reflec- 
ted in recent surveys made by 
tbc Confederation of British 
Industry. 

fit the second place, the 
National Institute sets the scope 
for UK government action to 
improve the outlook firmly in an 
international setting. It will be 
strictly limited in any case, hut 
it will he very small indeed 
unless the leading industrial 
nations can agree on concerted 
action to achieve a faster rate of 
world trade and growth. This 
forecast seems all the gloomier 
for being published at a time 
when the Economic Policy Com- 
mittee of the OECD seems to be 
demonstrating that its members 
are more united on principle 
than on any course of practical 
action. 


official expectation which has 
itself been halved. The balance 
should be better in 1979 on 
unchanged policies, but this 
goes for the industrialised 
countries as a whole and largely 
at the expense of developing' 
countries with no oil resources. 

The balance of payments is 
almost the only feature of the | 
economic situation which the ! 
Institute expects to improve, 
without intervention during; 
1979. Consumer demand will 
virtually flatten out, especially 
if the savings ratio recovers 
from the expected fall The rise 
in average earnings will fall 
onlv from 15 to 12 per cent, 
in the next pay round— twice as 
much as needed to keep infla- 
tion in single figures— and will; 
work with a slowly-depreciating 
exchange rate to push the 
annual rate of inflation next 
year hack to ll-lli P«?r 
GDP will grow by only 1J to 
2 per cent next year, and unem- 
ployment will begin to move 
slowly up again. 


recession 


By KENNETH GOODING, 
Industrial Correspondent 



The dilemma 


The dilemma which the 
National Institute (and it is 
not alone in this > finds itself 
unable to bypass is the diffi- 
culty of maintaining a faster 
rate of growth without stoking 
up inflation or worsening the 
balance of payments. This year, 
indeed, it foresees a “ brief 
recovery” in demand and out- 
put led hy higher consumption 
and investment. But the growth 
of GDP this year is put. even 
on slightly dated assumptions, 
at only some 33 per cent, with 
unemployment levelling out 
only slightly below its present 
level. 


The balance of payments is 
expected to improve ias. in 
fact, it already hast from a poor 
first-quarter average but lo pro- 
duce a current surplus for the 
year only half the size of an 


Bonn summit 

The main reason why the 
National Institute does not. in 
these circumstances, recom- 
mend unilateral UK action to 
maintain the growth of demand 
is our high propensity to im- 
port. A further stimulus of con- 
sumption would probably cause 
a sharp drop in the expected 
balance of payments surplus 
(which itself depends on North 
Sea oil) unless there were a 
deliberate drop in the exchange 
rate: and either course would 
tend lo push inflation higher 
still. From a monetarist point 
of view the prospect is slightly 
worse than this. Although the 
National Institute believes that 
the Government can meet its 
monetary targets with the help 
of some further rise in interest 
rates, its calculations imply a 
growth of Domestic Credit Ex- 
pansion even in 197S-79 which 
is considerably faster , than the 
commitment to the International 
Monetary Fund. 

Tlie UK. in short, is and musl 
remain an economy particularly 
dependent on the state of world 
trade and business activity. 
Whatever minor disagreements 
there may be about specific fore- 
casts. nobody can quarrel with 
the conclusion that domestic 
economic policy will be circum- 
scribed in 197S-79 by the degree 
of success reached at the Bonn 
summit meeting in July. And 
that in itself, as the markets I 
noted some time ago. has im- 1 
plications for the timing of the 
next general election. 


The rewards of 


T HERE WAS an atmo- 
sphere of desperation 
among the Europeau 
I manufacturers of construction 
'equipment who gathered in 
I Paris last week for a major 
international exhibition. They 
! face so many problems 
I and have suffered so severely 
during the recession that 
jfiuding something positive and 
! optimistic to report gave them 
j great difficulty. 

But the French came to the 
rescue. They were able to point 
to the results of some recent 
work they commissioned from 
the BIPE market research 
organisation. It concluded 
that international trade in con- 
struction equipment would grow 
at an average annual rate of 3 
per cent in the years to 1985 
compared with a 6 per cent 
growth expected for total trade. 

This caused raised eyebrows 
among the British in particular 
as this S per cent forecast is 
right in line with what they 
themselves were expecting in 
1976. In the light of the past 
couple of years' experience, 
however, the British have 
adjusted their expectations 
downwards. 

In the 18 months to the end 
of 1977 the UK construction 
equipment manufacturers saw 
absolutely no growth in demand 
for their products and output 
remained at about 1800m a year. 
There have been redundancies 
and shon-time working has 
been, and still is. commonplace. 

The French also have been 
scattering statistics to show how 
badly they have fared. Last year 
production fell by 7 per cent 
front the 1976 level to FFr 6.8bn 
(roughly fSOOm) and. since the 
peak period of demand in 1972, 
employment in the French con- 
struction equipment industry 
has Fallen by 15 per cent. 

The West Germans dropped 
broad hints that life has -been 
■•ven tougher for them because 
ihe Deutsche Mark is so highly 
valued compared with other 
currencies, making exporting 
that much more difficult. How- 
ever, they managed last year to 
keep output at around the 
DM 5.29bn level (£1.37bn>. 

In the Face of completely life- 
less home markets. the 
Europeans have been exporting 
as never before. But competi- 
tion in the “active” markets 
has. in the words of one pro- 
tagonist. •• to be experienced to 
be believed.” 

It is not just the Europeans 


who have been under pressure. 
In 1977 Caterpillar, which 

dominates the industry’ with 50 
per cent of total world sales, 
pushed sales outside the U.S. 
up only marginally from 
$2.945bn to ?2.966bn. Komatsu 
of Japan, second in the con- 
struction equipment league with 
a 10 per cent world share, 
managed a modest (for 
Komatsu > 5.2 per cent sales 
increase to Y424.4Bbn ($1.9bn) 
last year. 


the distribution and develop- 
ment of construction equipment 
would be “ fully supported ” 
while the studies were being 
carried out. 


The above chart, though not comprehensive. Illustrates the 

of the main sectors. There Is a wide range of products within each-sect&*V so 

example, wheeled loaders, companies may specialise in the heavier machines, and not compet^. 

directly against those offering only smaller equipment- . 'V 


carried out CKN-Sachs motor components a reputation for tearing down much effort-^o itnnrfOTQe®-*nd 

Of course, a big cut-back or merger would suggest. price structures whenever they put pressure - - on the -Japanese 

closure by a major group like The British manufacturers are enter a market in a serious Way. to open - up thetr - marketer 

M-f would make a lot of typical in this contest. For the Makers of equipment in large construction equipment. 'Tactits 

difference to the over-capacity nact Thw* „ n rrirailarlv con- win be finalisefKat a"fe'eetii& 


The major (published) 
disasier story to emerge from 
the industry so far has involved 
Massey-Fcrgusun — one of the 
top six manufacturers — which 
reported in February estimated 
losses on its construction equip- 
ment business of $<50m last year. 

M-F. at one time mainly an 
agricultural machinery business, 
has been investing, heavily in 
construction equipment manu- 
facture in recent years and has 
plants in Akron, Ohio: Brazil, 
and April I a. near Rome. Its 
major investment was the 1974 
purchase of Hanomag. a West 
German concern operating from 
Hanover. 


whether it would do much to have been dropped by the one British executive in -Paris, Meanwhile, -it -Is- hoped. .-the 
halt the seemingly inexorable Department of Industry and “that the Japanese appear- to Americans can raise the subject 
rise of the raid ti -nationals, National Economic Development want only a 2J to 3 per cenr at- the- current: round, of gAly 
which in the past 15 years have office officials that some reshap- return on their investment- negotiations^ - • ^ ris-a&f-- 

changed the face of the con- ing 0 £ the UK industry was whereas my parent company is- This: latest', bid- .to get .-the 
struebon equipment industry to necessary, indeed, the latest looking for 15 to ; 20 per cent:” Japanese to bow :t»-the epneejR 
lhc detriment of the small paper from the industry’s sector So far it is not -possible: to of “equal - opportunKy.”:..'iij 
companies. working party, published .in forecast just how fierce the trade is. more: about a. matter ^ 

The Committee for European March, suggested that if the 1980 opposition to Komatsu will be principle “than about -- opening 
Construction Equipment targets were to be achieved among the British. But there is : u-p- a tremendous new madflset 
fCECE). representing menu- " and for some UK companies to attte doubt that the group wfll for the European, coasisructintf 

set up in Europe. Its - main equipment makers. V* 

— — — ■ — .i . , incentive is not so much -the • The feelings -of many -UK 


M-F is currently carrying out 
some studies to discover the 
exact amouut of losses on con- 
struction equipment in recent 
years. This is not an easy task 
because of the high degree of 
integration of manufacturing 
and marketing operations for 
the farm industrial and con - 
struction machinery lines. 

The outcome of the studies is 
of great significance to the 
European scene because the 
heart of M-F’s construction 
equipment operations is at 
Hanover. There seems very 
little likelihood that these 
operations will be cut severely 
and none of its rivals appears to 
believe M-F would contemplate 
a complete shut-down of its con- 
struction equipment business. 

The construction equipment 
plants take Perkins engines and 
other expensive components 
from other M-F divisions and 
the cumulative impact of 
closure on the rest of the group 
would be substantial. And 
would it be politically feasible 
for -d multi-national like M-F 
to close down recently acquired, 
major plants ? 

M-F took a gTeat deal of 
space to display its equipment 
at last week’s Paris show, called 
“ Expomat." and it certainly 
gives the impression of 
*’ business as usual.” Indeed, 
ihe M-F Board has piedged that 


. avoidance of discriminatory manufacturers -were -summed tip 

£ P) flPQTPP of irkill^trV import regulations but the need id the comment: -“I-AmnHa’t 

• . . . d UC5ICC Ul lilUUbliy ta m tjlnsport costs . High- sell a thing. -to. Japan. ^..Th^y 

- , - added value items like engines- would only copy it and^eit .it- 

restructuring may be fieeaed some other components back to me made better ami 

0 J would still be shipped out of more cheaply. . ' .- 1 

• ,1 t IT/ j , a ' janan but most of the com- What of - .'the. -. imm ediate 

111 the UK-owned sector „ . . 9 ponents such as heavy castings future? The- British: «rer very 

would be made in Europe. .. reluctant to make any forecasts 

. .... 1 11 As well as -the UK, Kohiatsu at -the moment- because changes 

. . A . „ has been looking at potential have been so sudden axidrtSF 

facturers in seven countries, sun-ive thereafter, a degree of aites ^ Belgium ° Holland and expected in the past coup* -of 


points out that Europe ranks industry restructuring may be w Germ * so the propo- years. The order intake has 
second only to the U.S. in out- needed in the UK^wned sector nents Qf K( ; raatsu ' s possible often picked - up; -only- -to fatesrr 


put terms and produced around to ensure that sufficient financial ^ . ta Britain Van argue and ^faU away again. ;• ^ 

£3bn worth of construction resources are available. . .. .. . - . . ... - 

equipment last year. And, But in spite of all this jolly- ...m 


equipment last year. And, But in spite of all this jolly- t ^iiTinniv it ub • 

because the U.S. manufacturers ing along, the UK part of the on Britain’s 

expert a relatively low mdusny shows absolutely no ^?,2? n er ,f F .^r “ mm ' s 

Cte iSu? mergersS B°K SfoT?" ££ 

ci m. cbce dis- 

amone 800 European manu- their main preoccupation • ^. u * create 'increasing -ffem^nd 

facturers. How are they to However, some of them are Jl e . energy, food, housing; minerals 

compete with the major groups also currently agitated about , m ow 4 , and ' transportation. More jand 

in such things as research and another topic— the prospect of more construction^ equipment 

development? Compared with Komatsu setting up a European “fjf _ 15 . " will he-needed tq coper wife 


LCU dUUUL • - m, . . AllU UftuakAU LAUUII. _a-xx>a 

respect- of ° f controversy. Throughout mc|re £onst ruction equipment 

European 15 n T ® se "Sf^ 'wffl he- needed t'q coper wife 

_ a about the wav .Taoan is making - v . -i-uiii.: 


UCvcimujiiciil: warn jwuioipu scillua uu n. uui wjjcoii , " . , . ^ T ^ „ nui ucjtccu^u iu wjiv wjw- 

ihe annual $9m spent on R and manufacturing base in Britain, ^ nTt-hf demand. Ai'datei^ThC^s 

D by the UK companies. Mr. Kenji Sakai, president of “J ill dent ' 'Ur. - '* Robert - 


D by the UK companies. Mr. Kenji Sakai, president of ■ “J " * dent Mr. Robert . JJMhKCl 

Kotmatsu spends around $2Sm Komatsu Europe, said in April ^ or J^ s 'ul -pointed’ out recently, .tnfejSflr* 

and Caterpillar S94ra. that a decision about this would economic output must increase' 

There has been much chatter be made by the end of the year. 0WTl do ° rs tl S lltl > * hut against mQre 5Q rem . Q . : . 

among the Europeans about pos- So far. apparenUy. there has im 1 K rt S{L i S.r!S!III? KnhiHn 3 the next 25 years to provide the? 


sible technical co-operation deals been no formal approach by /r. Heinz-Gunter Kohlen. a £ * 0 f IMdc' 

and about swapping or sharing the Japanese to the UK Govern- director of Orens em and hop- ® r Wpu S ' 

R and D facilities. It seems that ment. But already s pme British Pel (O & K) of West Germany “J™* ] 0 '™ 
the concept of full-blooded manufacturers have told the and current president uf the IDe earLn 

mergers .between eompMles Dep.rra.ent of InJustry in no '9.^1 " However: wh.t Ute Eumoetf? 


the concept of full-blooded manufacturers have told the and current president ur-rne ~.r 

mergers between companies Department of Industry in no European committee (CELhi - * ; -. ? 

from different European uncertain terms feat Komatsu complained: “Japan is at wl9 I Ilf h. tn l, f i' h aw v^rv 1!™* ' 
countries is not being given should not be allowed in. present a closed market This -manufacturers ha\ -e very 

much consideration. To start On the face of'it the protest has to be - stopped. Tne m ““a «s that nobody 
with, the companies themselves is a little illogical in that other Japanese must be made to guarantee them a fair snare oc • 
are often very individualistic multi-nationals, notably Cater- understand that trade is a two- this future growth in demand, 
and fervently wish to preserve pillar and International way operation." H require some dramatic ; 

their independence. Then the Harvester, already account for Dr. Kohlen has just initialed changes if- Ihe multi-nationals 

current mood in Ihe EEC seems about half of UK output But the talks with representatives of the are. -to be iprevented from 

to put international mergers out British-owned manufacturers American manufacturers- and increasing their domination of 

of favour— or so the ban of the maintain that the Japanese have has persuaded them — without the industry. . 


BETWEEN 1963 and 1973 the 
chemical industry in the U.K. 
increased its output per hea^ 
by 8.7 per cent a year, the 
motor industry by only 1.9 per 
cent. The chemical companies 
raised their employees’ wages 
faster than the car makers, but 
showed a much better perform- 
ance in gross output, in unit 
labour costs and in price 
stability. If the reasons for 
these differences in perform- 
ance between one industry and 
another were more fully under- 
stood. then perhaps the key to 
a virtuous circle — high produc- 
tivity, high wages, hish exports, 
high' investment — could be 
round. 

Definitive answer* are elusive, 
hut some useful light on the 
problem is shed by a new study 
on trends in employment, pro- 
ductivity and labnur costs 
between 195<1 and 1973 carried 
nut by the Department of 
Employment's Unit for Man- 
power Studies: the main find- 
ings are published in the May 
issue of the Department of 
Employment Gazette. 


concerns the relative importance 
of the movement of labour from 
low to high productivity growth 
industries, as opposed to pro- 
•ductivity growth within indus- 
tries. The earlier study showed 
that 50 per cent of the total; 
growth of labour productivity in, 
1924-50 was associated with 
shifts of employment between 
industries. The results for 1954- 1 
1973 show that while labour j 
productivity grew by 117 per 
cent, only 10.3 per cent was 
due to employment changes. 1 
This may reflect the greater j 
obstacles to labour mobility 
which have grown up in the 1 
past twenty years and which 
have been reinforced by recent 
legislation. 



MAHERS 


Close watch on 


Eminent Persons 


Employment 

The study shows a general 
tendency for industries either 
to do well on all measures of 
performance or to do badly: 
industries with above average 
growth of labour productivity 
also experienced above average 
growth of output and employ- 
ment and below average growth 
of labour costs and prices. But 
the statistical correlation be- 
tween productivity and employ- 
ment growth is apparently much 
weaker than in the period 
between 1924 and 1950. for 
-which a similar study was 
undertaken some years ago. The 
earlier study found that indus- 
tries with the highest levels 
of productivity growth also 
experienced the highest rates 
nf employment growth. No such 
relationship was found for the 
1954-73 period, although the 
later study provided no evi- 
dence that productivity growth 
leads to a general decline in 
employment: while this may he 
true of particular sectors, it is 
not true for all industries. 

Another interesting difference 


The new study confirms that 
the level of capital investment 
is not the primary determinant 
of labour productivity. Only 27 
per cent of the differences be- 
tween industries in labour pro- 
ductivity growth can be ex- 
plained by inter-industry differ- 
ences in the growth of capital 
per head. “It would appear,” the 
authors say, "that increased effi- 
ciency in the use of existing, 
capital and labour contributes 
just as much to raising produc- 
tivity growth as the addition ofj 
new investment. This does not 
mean that increased investment 
is unnecessary but that the full 
benefits of this investment will 
not be attained until changes in 
practices and methods of pro- 
duction raise all-round effi- 
ciency.” 


Attitudes 


A greater willingness to 
accept these changes, and 
greater labour mobility, are 
two of the necessary conditions 
for an acceleration of produc- 
tivity growth. But how are 
these changes of attitude to be 
brought about? One small ray 
of hope is the finding that indus- 
tries with above average pro- 
ductivity growth also achieve 
higher than average increases 
in earnings per head. If this 
differential ran be enlarged, 
despite trade union pressure in 
the opposite direction, the out- 
look for productivity will be 
a yood deal brighter. 


Blood pressures in the board- 
rooms of some big international 
companies are likely to leap in 
the next day or so. with the 
publication in Zurich of a 
heavily-documented report on 
“The Infiltration of the UN Sys- 
tem by Multinational Corpora- 
tions." 

The report has been prepared 
by two liberal groups, the Bern 
Declaration and the Europe 
Third World Centre. It is com- 
I posed largely of letters and 
memoranda that circulated 
among the managers of Switzer- 
land's largest multinational cor- 
porations (including Nestle. 
Ciba-Geigy. Saodoz. Hoffman-la- 
Rnche, SuL’cr and Brown- 
Boveri) a few years ago. They 
document how these companies 
created a committee to lessen 
the possibility that a UN-ap- 
pointed “Group of Eminent 
Persons" might make some 
severe recommendations to re- 
gulate the operations through- 
out the world of multinationals. 

The Group’s recommendations 
were, indeed, rather meek and 
mild: proposals for a permanent 
LiN body to oversee multi- 
nationals were rejected. The 
Zurich report claims that these 
developments were due to the 
efforts of the committee. 

Two leading Swiss, connected 
with members of the committee, 
were appointed to the 20-strong 
Group of Eminent Persons: one 
was Arthur Fllrer, then general 
manager and today managing 
director of Nestle: rhe other 
was Hans Schaffner. a former 
Swiss Federal Councillor who 
served as Economies Minister 
from 1961 to 1969, and who is 
now vice-chairman of Sanduz. 

The Food and Agriculture 
Organisation suaplied material 
for the Group. The Swiss com- 
mittee’s own report nn multi- 
nationals was accepted as an 
official FAQ document, via a 
body called the Industry Co- 


operative Programme, which at 
that time represented “agri- 
business " within the FAO. The 
companies’ top-level .committee 
also devised a strategy to 
counter the leading critics of 
multinationals, among them 
former EEC Commission Presi- 
dent Sicro Mansbolt (also an 
Eminent Person). 

One aspect which will raise 
a few eyebrows is the way 
Schaffner. nominated to the 
Group as a governmental repre- 
sentative, was in close contact 
with the companies’ committee 
while the Group was hearing 
evidence. The document also 
reveals an active co-operation 
belween top Swiss government 
officials and Nestle and other 
private firms in efforts to take 
the sting out of the UN 
investigations. 


Just the man 


Chief executives nowadays use 
variety of techniques — even 
handwriting analysis— for choos- 
ing their successors. Sir Max 
Benvrose was explaining yester- 
day that when he decided to 
relinquish the chairmanship of 
the Bemrose Corporation, the 



best idea seemed simply .to ask 
senior managers which of them 
wanted the job. 

He told me how he first 
packed each manager off for 
three days of intensive manage- 
ment therapy. A five-day session 
with the American Management 
Association had convinced him 
that behavioural science and 
the study of management philo- 
sophy could revitalise the 
group. 

The managers were asked to 
write a report on their ex- 
periences and. six months later, 
describe how they had imple- 
mented their ideas. Sir Max. 
who retired yesterday after 25 
years as chairman, says that 
some did not bother to reply 
and that by far the best report 
came from David Wiggles worth, 
then the new divisional manager 
of the flexible packaging group. 

Sir Max relates how when 
asked ]f be wanted the job ot 
Chief Executive. Wiggiesworth 
turned it down. But six months 
later — in what Sir Max describes 
as a classic reversal — Wiggles- 
worth applied for the job. He 
was duly given it As a foot- 
note to this anecdote, ] might 
add that on December 31 last 
year. Wiggles worth by himself 
and as trustee had 133.621 ord- 
inary shares in the company, 
only just less than Sir Max, as 
well as 4S.IKX) Special Ordinary 
Shan*. Ills mother was a Bem- 


in a new business, wife an 
undertaking to sell them baric 
at purchase price plus an in- 
terest fee five or ten years 
later. 

Bank chairman Pieter Niessen 
admits that Limburg’s unem- 
ployment problem, caused 
mainly by the run-down of local 
coal mining, is tiny compared 
with that of Greater Manchester. 
There are about 19.000 unem- 
ployed men in Limburg, concen- 
trated in two or three towns: 
nearly a quarter are over 50 
and have opted for early retire- 
ment The Greater Manchester 
area, on the other hand, has 
six-figure unemployment and is 
getting special government sup- 
port. 







The next timeyougo to the 
States on business take your wife 
and do it the cheaper way 


Fighting fit 


If you’ve always thought that crossing the Aiiandcon the world's 
most luxurious ship, Queen Elizabeth 2,w« a little extravagant, it’s time 
to think again. 


If energies ever flag at board 
meetings of property company 
Brixton Estate, there will be no 
shortage of war stories ft) stir 
the blood. The company’s newly- 
published 1977 report lists the 
re-election of Marshal of the 
Royal Air Force Sir John 
Grandy; his fellow drectors in- 
clude Rear Admiral fee Earl 
Cairns and Major General Sir 
Gerald Duke. The chairman. 
Michael Vcrey, was himself a 
colonel in the Warwickshire 
Yeomanry during the war. 


In Uct, crossing on Qii2 cm actually work out cheaper than regular 
air faxes. ’ 


The reason is a new special air/sca fare by Canard and British Airways, 
which allows you to «/J out on QI*2 and fly home all for £395. On if yon 
prefer you an By out and sail home for the same low price. 

Here is a comparison between these new fares and normal air fares to 
•New York from London;- 


First Class QE2 Air/Sea fare round trip "£675-£77$ 

First Class Air round trip £74$ (Cpn<:oide£905ft 

Tourist Class QE2 Air/Sea fare round trip £395 -£46& : 
Economy Class Air round trip £340-£4)4 i 


Hard sell 


Dutch treat 


As far as 1 can tell it’s a 
plea for bail . . 


A bold attempt to switch in- 
dustrial investment away from 
Britain to mainland Europe 
takes place in Manchester to- 
day. At the city's Chamber of 
Commerce, local industrialists 
will be wooed by development 
officers and bankers from Lim- 
burc. an area of southern Hol- 
land which juts down into 
Belgium and is flanked by Ger- 
many. ,\s well as financial in- 
ducement. rhe state-backed NV 
Indu<trici»ank LIOF is offering 
joint venture capital. It takes 
up to 50 per cent of the shares 


A reader who was recently in 
Greece tells me that while buy- ! 
ing a eppy of tibc Fix»nci*l 
Times near his house he pointed 
out to the shopowner feat a 
sign in his window was rather 
misleading. “ ft says * All Lon- 
don newspapers sold’,** he told 
hint, “and some people might 
take that to mean that you had 
none left.” The shopkeeper 
thanked him for the informa- 
tion. and later in the day there 
was a new sign in the window: 

‘‘ All London newspapers not 
sold.’' 


Bear in mind 100 that once on board QE2 virtually the only things 
you pay lor arc drinks. 5 days of superb food and high living axe all included 
in the price. .... 

If you travel regularly to the United States on business, take your wife 
with you on your next trip and sail one-way on QE2. You will find It makes 
a nice change from the usual Transatlantic dash, and for the cost of an 
rare, sailing on this wonderful ship is a marvellous opportunity fhryou to 
enjoy the holiday of a life-time together 

QE2 crosses the Atlantic no less than-30 times between April and 
November. Many ot her voyages are made over weekends so your return 
journey could cosily t ak- the form of a long weekend away; f 

Be warned though, once you have tried crossing the 
QEZwjy, it cnuld casiiy turn into j regular ha hit. J - 

For all the dcuif. of this remarkable offer, f & 

contact Cunard or .i-.k ' ■ mr rra - . el ageiK about it. . 

Cunard, 8 Berkeley Street. London 'vt'L " . v 

Tel: (0!}4?1 3930. - 1 1 AYr^ - *^ ' xh 


Observer CUNARD QE2 




# I1S 






.... 


TO 

















• Times : Thursday Jme 1 1978 


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FINANCIAL LIMES SURVEY 


Thursday June 1 1978 


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ByMartinDidfson 

*FACE?J* . yilTEL major profc- 
natural for policy 
7nakett :p> t}i£Tife of~ the easy or 
.■ *o£t«^:ctit; Zt has, Jodies and 
... genUeraen, taken us the last few 
accept that the era of 
~spft^}opiidnS' is : \ooer.” — Mwai 
Kibaki.. Mimsterof Finance and 
Hanning, January, 1978. 

, JSsese- words go to the heart 
af;'. tide ' uiaior challenge now 
faring, Kenya, and form the 
theme ;*>f' this survey. Over the 
■ aexrfjw years the country will 
haveto -face some very tough 
decistoits across the hoard. — 
^coni^aically, socially and poli- 
ttcadly-jifr. Kib aid's remarks — 
nfade~ftt' a -conference of top 
K#nfaasto discuss the future of 
toe wanti^-show tbst many 
government - leaders are aware 
of theproblems < facing them. 
It^rjemains- to : be seen whether 
they, have .the." political resolve 
andhconomic means to translate 
. grand • sounding words into 
‘ effective' action. 

* Since independence in 1963 
Keriy* hiscbalketi up a highly 
impressive list of achievements. 
Ite <3DP has grown faster than 
vjrtirally any. other non-oil pro- 
ducing African State. Jobs held 
'.fcy^Vhrte repatriates have 
passed relatively smoothly into 
- Kenyan bands. " Farms formerly 
held by British ' settlers have 
been redistributed to Africans, 
: tijjt'.; ..and large .. In " an orderly 
. fashion, ‘ and the country has 
built up one . of- Africa’s best 
smallholder agricultural sectors 
(although; there; is much .that 
can still be dope here)’. • \ 

All these achievements have 
been ;■ underpinned -by the 
country’s ‘stability, attributable 
Jargely to the political acumen 
bf JPresident Kenyatta, .whose 
magneiSm transcends 

gt JUS: careful balance 


Political stability and a high rate of growth have given Kenya the reputation 
of a Third World success story. But it has now entered a more difficult stage 
of development and faces some tough political and economic decisions. 


ing of tribal representatives 
within his Cabinet, bag gone a 
long way to defuse latent ethnic 
frictions. 

Yet if Kenya's reputation as 
a Third World success story is 
superficially symbolised by cen- 
tral Nairobi, with its heavy em- 
phasis oh material goods and 
its free-wheeling capitalist at- 
mosphere, the polythene covered 
shanties.on the outskirts of the 
city point up a different lesson. 

There is a wide gulf between 
the have-nots and the small, rich 
elite of Kenyan society. It may 
be no worse than in some other 
African countries, but that is 
little consolation to the poor. 
What .matters is that there is 
considerable grassroots resent- 
ment^ over the amassing of 
wealth by the elite, some of it 
by highly questionable means. 

Some of the Government's 
policies since independence — 
such as Kenyanisation of jobs 
aniT* land reallocation — have 
acted as a political safety valve. 
But there is now not that much 
more land to reallocate nor 
many more jobs to Kenya oise. 
With tougher economic times 
ahead, there can be no guaran- 
tee that this safety valve will 
continue to work. There can be 
no room for complacency. 

-■ The challenges faring Kenya 
have in many respects been 
visible since the early 1970s 
(and have , been well described 
by the International Labour 
Office and the World Bank) but 
they have now. crystalised more 
clearly-than ever. 

Central to them is the need 
fora more eqfitable distribution 
of- wealth. -This . is accepted. 
-Government 1 policy, '’but'.'there 
are powerful vested pol iticaT 


and economic interests which 
could militate against achieve- 
ment of the goal. 

Moreover, this policy has to 
be pursued against a short-run 
backdrop of looming balance of 
payments constraints (which the 
tea and coffee price booms of 
recent years have delayed but 
not averted) and a rate of infla- 
tion which is at present causing 
concern, particularly since 
much of it is domestically 
generated. 

Much of Kenya's high rate of 
development since independence 
results from the greater utilisa- 
tion of resources which are 
relatively easy to exploit, such 
as land of high agricultural 
potential. This is one of the 
things Mr. Kibaki was referring 
to when he spoke of past “ soft 
options ” — though in fairness to 
Kenya it should be said that 
while the options may have been 
simple to choose, implementa- 
tion was not necessarily easy. 

The country is now entering 
a much more difficult area of 
development, where the 
returns are likely to be lower. 
And a lower growth rate will 
make more difficult the policy 
of “ redistribution through 
growth ” — the more equal 
distribution of future income 
increments. 


Seriously 


At the same time, the Govern- 
ment has to address itself more 
seriously than in the past to 
two particularly thorny long- 
term issues: a very high popula- 
tion growth rate (officially put 
at 3.5 per cent a year), which 
Government policies to date 
.hive proved ineffective in deal- 
ing • with, and concomitant 
Tnobntiiig’ , pressure on the land. 


Kenyans, like most other 
Africans, have an almost mysti- 
cal attachment to the land and 
believe that it is every man's 
right to own a plot. Leading 
Kenyans tell you that, with 
good land in short supply, it will 
be necessary to disabuse people 
of this notion. But it is difficult 
to put across this message when 
the landless man can see estates 
in the hands of the very people 
preaching to him. To highlight 
these problems is not to say that 
Kenya’s future looks grave. Its 
people are remarkably resource- 
ful. But economic restructuring 
is intimately bound up with 
politics, and it is in the latter 
sphere that many of the most 
difficult decisions will have to 
be faced. 

International politics are 
already having an impact on the 
development process. Kenya is 
now more isolated from its 
neighbours than at any time 
since independence, with the 
break-up of the East African 
Community last year and tur- 
moil in the Horn of Africa. 
Fears of a Somali invasion of 
North East Kenya (similar to 
Somalia’s abortive drive into 
Ethiopia’s Ogadea) have forced 
the Government into much 
higher defence spending, which 
is going to have an impact on 
the balance of payments. 

As regards domestic politics, 
the prime issue of debate ends 
in an unanswerable question: 
What will happen to Kenya 
after Kenyatta? Given the im- 
portance of continuing stability, 
this is perhaps the most crucial 
single challenge facing the 
country. 

The President is still firmly 
in command but be is now well 
into ills eighties. The .Kenyan 
constitution is clear on what 


would happen in the event of 
his death: the Vice-President, 
Mr. Daniel Arap Moi. would take 
the reins of Government for 90 
days, during which lime elec- 
tions for a new President would 
be held. 

However, during the past two 
years this formula has been 
challenged in a manner which 
points up tiic jostling for 
power within the elite and the 
coalescing of two loose, rival 
factious — one centring un Mr. 
Arap Moi. widely considered to 
be the front runner in the 
succession stakes, and the other 
on Dr. Njnrtige Mungai, Presi- 
dent Kenyatta's nephew. 

These rivalries came clearly 
into public view in late 1976. 
when politicians associated with 
Dr. JUungai proposed that the 
constitution be changed su that 
the Vice-President would not 
take over fur the 5HJ-day period. 
Instead, a neutral figure, 
perhaps the Speaker of Parlia- 
ment. should head a caretaker 
administration. 

The movement was halted — at 
least publicly — when Mr. 
Charles Njonjo, the Attorney 
General, declared that the 
debate touched on the health 
of the President and that discus- 
sion of this was a crime that 
could be punished by death. Mr. 
Njonjo. one of the key figures 
in Kenyan politics, is close to 
Mr. Moi, as is another of 
Kenya’s most impressive 
politicians. Finance Minister 
Kibaki. 

Although shifting in nature, 
these two broad alliances still 
exist. They are based on a 
multitude of factors, some over- 
lapping and some conflicting. 


wilh very little, if any, ideologi- 
cal base. The factors include 
traditional strong competition 
between members of the 
Kikuyu trihe from the southern 
Kiambu district (the President's 
home area) and those from the 
north: rivalry' between those in 
lhe political ascendant (the Moi 
group) and those challenging 
them; and perhaps most impor- 
tant of all, personality factors. 

Cutting across all these issues 
are elements of straightforward 
political bandwagon jumping — 
members of rhe politically domi- 
nant Kikuyu and factions 
within other tribes associating 
themselves with whichever 
team they believe wiJJ emerge 
on Lop. 


Olympian 


For example, a feature of this 
jostling is an apparent, though 
shadowy, flirtation between the 
“ change the constitution ” 
group and followers of Mr. 
Oginga Odinga the veteran Luo 
politician, who left the Govern- 
ment and ruling party, the 
Kenya African Natinua] Union 
(KANUL in 1966 to form the 
Kenya People's Union (KPU). 
which was banned in 1969 
during the unrest which fol- 
lowed the assassination of his 
rival for the Luo leadership, 
Mr. Tom Mboya. Mr. Odinga 
still commands widespread sup- 
port among the Luos, who 
remain divided, but to date the 
authorities have frustrated his 
attempts to make a political 
comeback. 

Competition between the two 
power groups was a feature of 
tlie strong campaigning last 
year within KANU in prepara- 
tion for elections for the party's 


top posts. The Moi group had 
been widely expected to sweep 
the board but the elections 
were called off without explana- 
tion at the last minute, after 
delegates had begun assembling 
in Nairobi. Some say the 
postponement was due to 
President Kenyatta being 

temporarily indisposed, others 
suggest that he would not have 
wanted to preside over intra- 
party bickering. But whatever 
the cause, the fact that the elec- 
tions have not been held subse- 
quently means that the Moi 
group has not been able to 
formally consolidate its posi- 
tion. 

General elections for parlia- 
ment are due to be held next 
year. If they take place, they 
will provide an important test 
of the standing of the two 
groups. At present. Mr. Arap 
Moi still appears to maintain 
his lead over potential rivals. 
He has put in a great deal of 
effort touring the country, can- 
vassing grass roots support. As 
a member of the minority 
Kalenjin group of tribes, and 
having the backing of some 
powerful. Kikuyu members of 
Government, he is well placed 
to appeal above ethnic parti- 
cularism. 

For his part, President 
Kenyatta remains Olympian, 
seemingly above these manoeuv- 
rings, having consistently 
refused to name an heir 
apparent or overtly take sides. 

Prognostications about the 
future stability of the country 
vary immensely, but a wide 
body of opinion believes that 
too many people now have a 
vested interest in the system to 
allow it to be disrupted— not 


only people at the top, but the 
smallholder tea and coffee 
farmers of Kikuyuland who have 
benefited particularly from the 
boom in these commodities. 

While obviously of im- 
portance. these jostlings for 
power are in a sense a side 
issue to a central challenge 
facing Kenya — to what extent 
can entrenched political 
interests accommodate change. 
Little can be expected in the 
short term, but a future 
administration might well wish 
to establish its credentials and 
popularity with a more populist 
programme. But just as vested 
interests may prevent future 
instability, so may they thwart 
fundamental change. 

Kenya is, after all, a country 
remarkably devoid of overt 
ideological disputes. Although 
a vocal minority at Nairobi 
University espouses radical 
causes, many Kenyans *eem 
geared to achievement within 
the existing laissez faire frame- 
work. But there is no way of 
knowing whether more radical 
ideas are circulating among the 
discontented. 

During the pas.t few years the 
authorities have not shown 
themselves to be benignly dis- 
posed to those few politicians 
who have questioned the order- 
ing of society. Although some 
lively debates still take place 
in the Kenya Parliament, it is 
not the place it once was. Some 
of the most critical MPs are 
now in detention and others are 
silent, fearing that if they step 
too much out of line they will 
go the same way. 

J. M. Kariuki, one of the most 
outspoken and popular of Ken- 
yan MPs. was found brutally 
murdered outside Nairobi in 
1975. Just who killed him will 
never be known. Although the 
national trauma created by his 
death has now faded, there 
- remains a residual fear of 
potential violence lurking 
' beneath toe surface of political 
life. 

Since then, several critical 
MPs. including the Deputy 
Speaker, have been detained, as 
has the Left-wing novelist Ngugi 
Wa Thiong’o. But despite the 
detentions. Kenya remains one 
of Africa's most open societies 
as regards political debate. And 
it has a far better human rights 
record than many countries . 
There are estimated to be 
only about a dozen political 
detainees. 



CONTINUED ON PAGE 21 




















KENYA H 


Financial Times Thurs^’y' Jiine i ; ^75 







Boom coming to 



K£407m 

K£330m 

£97.7m 

£6L3m 


-Imports from. UK 


Ifyouoould see our whole 
organisation, youH understand 

* O iiri 


you m Kenya 


BY ANY standards Kenya's esti- three times as great in 1979. - ““ — 
mated GDP growth of 6-7 per when officials expect IMF aid BASIC STATISTICS 
cent this year— albeit down on willj be necessary. fstnnre miles) 244JMfl 

197Ts 8 per cent— is impressive. The deficit will be partly due Arg (square mues) 344*360 

and some of the results can be to the falling prices of coffee Population ■ lUm 

seen in the modern, bustling and tea. The boom had a drama- (197^) -K£L37bii 

capital of Nairobi The country tice effect on exports. In 1975 ; g ^ 

is still enjoying the impact of the two commodities accounted rer m P )ta 

record coffee and tea prices and for 34 per cent of total exports. Trade (1976) 

every sector of the economy Tbis rose to 49 per cent in 77 vrtiQlm 

benefited in 1977. 1976. and to 60 per cent last - - £ L- 

Nevertheless, the boom — year. This year coffee earnings E xports K£330m 

which led to the remarkable re- are expected to fall about 35 imports from UK £97.7nz 

cover? over the past two years, per cent to K£130-135m, and tea — r rtE : 57«r 

following the oil crisis in 1974 down 25 per cent to K£55m. Exports to UK tbUim 

and the crippling drought of Meanwhile import licences Trade (1977) 

1974-75 — is coming to an end, issued in 1977 increased some -imports from UK £118ra. 

although the lag in receipts 43 pe r cent in value over the — . — __ . 

masks this fact. This is likely preceding year, and some Exports to UK 

to be underlined in the coming sources believe that the trade Currency: Kenya shilling/ 
months by a fall in coffee earn- deficit in 1978 could exceed pound £l=Shsl4.4 

mgs. This year's crop of some KfoOOm. £1-K£6.72 

75.000 tonnes is 25 per cent. Although foreign exchange ■ ■ 1 ■ — 

down on last year, while first reserves reached a record 

indications for 1978-79 suggest K£235m in July. 1977— then through increased •• extension 
that the crop will he around equivalent to five to six months services and access to credit 

70.000 tonnes. imports — the subsequent trend facilities. 

Without the massive leap in is disturbing. Latest figures In the industrial sector, most 
export earnings from the two show that the quarterly import economists recommend- the 
crops — K£6Sm in 19 75 and bill rose sharply during this faster development of agro- 
K£276m last year — the Kenyan year from K£12tm in the first industries, a diversification of 
economy would have been in quarter to K£135m in the fourth exports accompanied ' ■ by 
serious trouble. As it turned quarter, while foreign exchange improved export incentives, and 
out there has been a valuable reserves had fallen to K£210m the establishment o£ more small- 
breathing space in which the by the end of 1977. about four scale industries in the rural 


£U8ra. 

£lS5m 


✓ / economic planners could pre- months imports at the current areas. 

The Bank of Credit and Commerce Group has 1 5fi offices ' n 32 countries. 45 orthem are in Britain- P™ from coffee pros . ^^r^/gereh^ng^ ^ 

and no less than 18 in Africa, including - in ken>u. All >our banking business can be processed at There is a growing acceptance pects and import levels there is neither the modem nor the 
branch level, no matter how complex it may be. or how wide the international ramifications. And yoi amon g both politicians and civil one ou [standing reason why IMF “informal" sector (described 1 
wffi find that besides our knowledge and experience of commercial banking, we have an fit/ra servants that the counuy must aid will be needed: increased elsewhere in this survey) can 

commitment to personal service. Our on-line, real time computer system is an adjunetto this, not a brace itself for a tough and defence spending. meet the demands, 

substitute For it it puts our whole worldwide network instantly at your service. “EJSl A. « *£ 


of the Bast. African 'Common 
Market, and has forced Indus:- 
trialists to -j look to - Europe*. 
North America and the Middle 
East fornew markets. _ 

Inevitably , the ■ inadequate 
export performance raises the 
question of devaluation. . Some 
of the exhibitors at the. recent 
Kenyan trade exhibition, in New 
York returned complaining that 
they simply were not competi- 
tive. However, the Kenyan, 
shilling, by being tied to the 
SDR, has been floating down 
<by 5 per cent in 1977) against 
the EEC countries— Kenya’s 
main trading partners. 

A strong argument 1 against 
devaluation is Its impact on the 
prices of imports, only one-fifth 
of which are direct consumer 
products. But it could force 
industry to make greater use of 
local materials and encourage 
them to. -turn to agriculture- 
based manufacturing, and allow 
Kenyan exports to become more 
competitive. The alternative is 
a continuation of the export 
subsidy policy (10 per cent of 
the value of exports provided 
local content is at least 30 per 
cent.) But this has proved 
ineffective- • 


substitute for it it puts our whole worldwide 'network instantly at your service. have at? rite™/ ftZSt 

Contact us at our Africa Regional Office: 9 TalatHarbSlreet Cairo. Telephone: 33936/25^4 Telex: ie ^ted issues are J“ U d^ but rose to ?s per'Jem yei Even if- there is a six 

252) UN BCCI or at onr Nairobi Office: P.O. Box 440S0. Koihagc Street, Nairobi, Kenya. Telephone: not new , but the framing of the after the K£63m supplementary per cent annual increase .in tne 
333826. Telex: 222493 BCCNBI or at the address below. 1979-83 plan concentrates atten- estimates, and further spending 900,000 strong modern sector— 



Bank of Credit and Commerce 

I VrnrED XT A T , T/'YVT A T UNITED KINGDOM MAIN OFFICE: 100 LEADENHALL STREET, 
■UN 1 EjKJN A 1 1UIM Al_ LONDON EC3A JAD. TELEPHONE: 01-2*3 8566. TELEX: 886500. 


Bangladesh. Cayman Island*, Djibouti. Egypt France. Gabon. Germany I West L Ghana, Hong Kong, India, 
Indonesia. Iran. Ivory Coast. Japan. Jordan. Kenya. Komi (South). Lebanon. Luxembourg. Mauritius. 
Morocco. Nigeria. Oman. Pakistan. Seychelles. Sudan. SiMirerland. Uiui-.il Arab Emi rales. United Kingdom, 
Venezuela. Yemen ( Ncnh). 


qoe: 


Discipline 










waacn 





inns® 

l wi vro 


ig gfii 


.n^r'. r -V •' .y-fr* -y ^ ’ ■ V Vi 



Bima House, 
headquarters of 
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P.o. Box 20425, Bima House, Harambee Avenue, Nairobi 
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\ _ / 


not new, but the framing of the aft er the K£63m supplementary per cent annual increase .in tne 
1979-83 plan concentrates atten- estimates, and further spending 900,000 strong modem sector—, 
lion upon them: the need to com. j s necessary because of an optimistic forecast— that still 
bine efforts to bring about a instability in the region and, leaves some 200,000 Un addition 
more equitable distribution of i n particular, concern about to existing unemployed) for 
income: to make industry more what is perceived as Somalia’s whom jobs must be found in 
export-orientated; to ensure that intention to pursue territorial agriculture, petty trade and 
a greater proportion of Govern- claims in north-east Kenya. other “ informal” sources of 
meat and international aid The third problem is inflation, employment 
reaches the marginal and semi- currently about 14 per cent and The majority of the work 
arid areas which represent 81 rising according to some seekers will, it seems, have to 
per cent of the land and house observers. In the first ten years find Jobs 0,1 the land. Given 
about a third of Kenya’s 14-15ra 0 f independence Kenya expert- that the average size of smail- 
people; and to reduce the 3.5 e nced little or no inflation. In holdings is a mere 2.3 hectares, 
per cent population growth. 1974-76 much of it was jt win be hard t0 phad. them. 

imported, mainly due to the oil Cleariy more labour intensive 
Disc inline price increases, but 1977 saw techniques, ' accompanied by 

1 - the beginning of domestically 1 technology appropriate for semi- 

Kenyans will have to accept caused inflation when money arid lands, small-scale ranching 
Chat the average 7 per cent supply increased by a stagger- 311(1 vilJ age workshops will be 
(GDP) growth between indepen- ing 47 pe r cent as coffee and necessary. - 1 

dence in 1963 and 1974 will not tea money poured in. « • . , 1 

be reached under the new plan. Last month the central bank KQUltflDlB 
In the words of the central bank introduced tighter measures to ^ 1 

Governor, Mr. Duncan Ndegwa keep the supply In check. Over- According to one estimate.' 
last month, an “ emerging ail credit expansion by the com- durin fi . the 1960s ? 0s } ®, 

resources constraint (will) force mercial hanks will be 22 per ca P ital Investment equivalent | 
a harsher discipline on the cent during the fiscal year 1978- 111 to-day's prices to about j 
economic choices facing the 1979. After taking into account for each new job 

country ... all of us should be expected credit to Government, created j n the modem sector- 
prepared to face changed this will limit credit expansion compared to a mere KI40 m 
economic circumstances in the to the private sector to about th c informal sector. . 
immediate future.’* 18 per cent in the year ahead, Econommts also believe that 

If this sounds gloomy, then It compared to the 33 per cent 1116 pl3n sIl °uld attempt to pre- 
should be said at this point that expansion in bank credit to the vent rural-urban terms of 
given the right policies — and private sector in 1977. tr3(le returning to favour the 

equally important, the deter- Adding to the planner’s diffi- “ rban sect ? r - ? 5 W aid until 
nu'nation to carry them out in culties is the fact that the J*! e crop pnce increases in 19f6. 
time — Kenya’s reputation as development issues must be The terms must, as coffee and 
what one diplomat calls “A tackled by a series of what the prjce s fall, swing away from 
Third World success story " can Minister of Finance, Mr. Mwai . , rural sector, but through 
be maintained. Kibaki, called “hard" policy pncmg °9 , “ P 0 .* 1 ?* 8 

The theme of the plan-of options. Government cquld mam am the 

which more later— is allevia- As set out by Mr. Kibaki. the . fn l6VCl that 

tion of poverty through “soft options" of the past have e Jf™. *“ ^ Jn 

satisfaction of basic needs. But included: Kenyanisation of the .-l? 761 ? 11 3111 in 

ibe planners set about this task public sector: redistribution of 
against a background of three the "scheduled" (white-farmed) 

problems in particular, coming areas; attraction and protection at 19( ® ten 25 l du f 1Q fl 
upon them almost simul- of direct overseas investment; * ear The rate of foreign 

taneously (in addition to other development of financial and mvestinent is also expected to 

equally demanding problems): other secondary institutions to remain constant. - lat *o_ 
a widening trade deficit leading serve industry in urban areas; 10 ® j as * 

to an overall balance of pay- development of the urban in- mflows tend to be offset by 

ments deficit; greatly increased frastructure; import substitu- outflow in the form of remit- 

defence spending; and a worry- tion; and extension of basic J ances °f Profits and dividend, 
iag rate of inflation. education. leaving net foreign in vestment 

It was the first of these prob- Each of these has a hard °f zero (l^oosh it fluctuates 

lems that led to the unpubli- counterpart for the future: f rom year t0 . yea i[ m But , re ’ 

cised visit to Nairobi recently Kenyanisation of the private investment of P 10 ”^ accruing 

by a small delegation from the sector; raising agricultural pro- fT” 113 f0rpl 5n funds runs at 

international Monetary Fund ductivity: reclamation of mar- a year, ana is expected 

I DIF), and they will return ginal land; extending infrastrue- tD remain at that lereL 

after this month’s budget ture in areas of margins} pro- Th ®, pl3l ^ s ,. se J 

The balance of payments de- ductivity; development of local currently being debated is 0 

licit is likely to be K£I7m this entrepreneurs; development and P er 3 year, though this 

year (compared to a K£115m protection of local infant 1 nduv be reduced to 5 per cent, 

surplus in 1977) and two or tries; rapid rural development some observers oeiicvt- 

— — 1 1 Tin part through greater agricul- 13 J?. more realistic figure. 

tural credit; rapid expansion of The reason ?° m * of e * h ! 

— • — domestic marketing and distnbu- resources available m the first 

tion systems; development of decade are cither exhausted or 
rural infrastructure; diversifica- reduced, and certain “soft 
tion of industry, and integrat- policy options are, as Mr. Kibaki 
ing industry and agriculture: Points out. now closed. One of 
generating employment oppor- the most worrying consequences 
It tunities; and modifying the edu- is the severe pressure on 

cation system to meet future land. Resettlement of previously 
needs. white-held mixed farms is now 


The planners must also fill 
some of the gaps between in- 
tention and achievement under 
the 1974-78 plan. Of course, no 
government can stick to de- 
velopment plans to. the letter. 
Economic conditions on which 
they are postulated are almost 
eertain to change. As one ob- 
server. put it, the plan should 
be treated as a statement of 


Government intentions, . which 
often .> may ' not" be . fulfill ed, 
within- thfi: period set down: but . 
at least^he plan; can . help shift ’ \ . 
Goveri^ent poli^y in the right • 
direction.' - • * "'■? ' 

That said, if is nevertheless 
worth raietng one - area 1 where ^ 
the 1974-78. plan: failed to meet; 

. targets— because. : it- has, n»ade 
some of the tongh options-' thatv 

lie ahead .even. Rougher; 1 . - Th^. 
commitment to r redefine “ — 

size" of all co-operative and low - 
density - settlements ^: and . ;- the - 
criteria for" 'laid "Ownership/* " 
as part of an effdrt- to create 
350.{KW new "agricultural small- 
holdings, was hof ; Wefc“ r^r-r ’ : - 
: in the view of -sQHJ'e obse rvers^ 
there has been a tendency ’to'" I " 
allow the economy- to -drift; 
because’ tberd ■is.'jno short-term ' 
economy- ' management • “Nbtii- 
ing happens between budgetSrr, 
and then little happens in' the ; 
budget - itself,” ' co mme nted one • : 
economist. But there ^ix iidW’- 

more scope ■ for -independent 
change of tariffi policy sidce lhe T 
demise of the 'common -external ’ 
tariff of the-EAG* : 

Yet what remains Impressive-' 
is ' the . vigorous, often": public, 
debate taking place ^bontr poticy * 
priorities and targets, with tio - - 1 
lack of self-criticism about. j 
formance in the past- V ".' . . .. ! 

The biggest ^uestiopi; thebi 
that hangs , over . • the Kenyan, 
economy is ■ whetiter. the.’ 
decision-makers, will be v.pre- : 
pared to implement' the^toiigji:. 
options that have been.. 

; identified. - - .. . . -r?: . 

Michael Holman 


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thing to stem the 3.5 per cent, marginal lands, and perhaps 
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idle land ami subdividing larger 


What, then arc the plan’s farms, while maintaining rapid 
targe 1 sV It will not ho pub- growth of non-agricullural 




lishvd until later ibis year ami employment opportunities. 


| only I he broad principle-, arc A further demading issue Is 1 


available. Bui. given the inten- the requirement that there be 
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Kisuinu and north to NanyukJ in 1977 over 1976 this was 
— which produces the bulk of entirely due lu culTce and tea 


Tsovorite . R'Jby.Tcnzonite. 
Amethyst , Rose garnets. 
Quartz. 


marketed agricultural produce, sales, and at constant prices the 
up tn 60 per cent of small* growth of exports has been 


Quanta 


holders are currently benefil- slower than the growth of the 
ing from cash crops. But the economy as a whole. This is 
remainder should be encouraged partly because of the break-up 


r- -Vo ■;-<*=* r?-.- 

1 -'K'-.e&K-.Zj 

Nous potions Francois 
Wir spreeften Deufcch 



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rfr . ‘ i \ "* i 






Times Thursday - June I 197S 


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KENYA IK 



Heavy emphasis on agriculture 


Planners ■« hoping that over 
- aL£ 5'-- most 0,0 aext flpe years agricultural 

52, achievements. Even output will continue to rise at 
JS-one of Africa’s a very respectable 5 per cent 
r crucial P er annum (7 per cent for the 

JJSSJPIJJ 1 - resources, there monetary sector ana 3 per cent 
, whil * I** 9 * *or non-monetary)- Nevertbe- 
efiecoveiy mobilised the agricul- less, the way ahead will be 
Kenya has dons increasingly strewn with diffi- 
lar .more than most, though culries, which boil down to two 
much remains Xo be- done. crucial long-term issues: In 
Agriculture forms the back- Africa the two central pillars 
^° me 90 of the social security system 
Evi 'ffiSlw 1 *’ population stilt are children and land. In Kenya 
-i V * ® n d earn there are far too many of 

their livelihood jpredommantiy the former and there is far too 
f rom the land. The sector pro- little of the latter. 

SStSH ■■«»&« 
s^-taS ss 

: making -up the largest propor- v.: ■ ■- , . 

tion of this). Agriculture makes Yet good quality land is in 

up ground 30 per cent of the very short supply, and the most 

OH? per cent of the productive allocation of what 

Possessing, no significant ?5 S £* j S u 10 ? on ? e . ea ’1* n * 
mineral resources, Kenya has J P^ ibjted by exc 1 uslvl5t tribal 

hadL Uttle /choice but to lay ?]*““ on P** 1 ™. 1 " •?«*- It 

heavy ^emphasis on agriculture, 3 » USt ,, 

and it has-been helped (though ?? lc ?/■ b . and ,s 

■some would argue as to what ’^herentiy- suitable for inten- 
;extortV v by the exigence ofj * 1VC Only about 18 

.reasonably well developed in- ^ f, eil V^I*?- e COuatr ? ( ?* ost 

‘ Ifrastracture :left by the British Sf u Ki stretc hipg wesl from 

settiera.-- . sn Nairobi) can be described as 

Biit even' with these comoara- ha ? in f- , °/ . medium 

thre advantages it i« •> Potential. Much of the rest is 

able /. fcSwMf tSt^ the ° t nly ^ itab , le £ , or s , tock ra ! sing ’ 
a&rfoiltubd: sector (monetSy at various IeveIs of intensity * 
and- npn-m'otietary) had an 
•annual average growth rate of Pnnillafofi 
-4hout -five: per cent per year in ^- • 
r^ J terms between 1964 and Since much of the high poten- 

' , r.r,„ - . tial areas are now heavily 

■ Between 19*3 and 1976 the populated, the Government is 

. sector . was hard hit by drought, having to concentrate more and 
^ V ;* a . something of an more efforts on the so-called 
achievement that . the growth “marginal areas” — which covers 
rate. was just prevented from land of widely varying poten- 
becommg -• negative. Better tial, from the semi-arid, suitable 
weather, conditions in the past for certain crop mixes, through 
-t\va years have helped a. strong to zones suitable only for low 
recovery. , Gross marketed pro- intensity pastoralism. And 
ducuon , was estimated to . have capital input-output ratios in 
increased 'in real terms by some these areas { described by one 
12-.per cent . in 1977 over the agriculturist as a ‘‘potential 
previous .year. .. ;■ development nightmare”) are 

Two particular' Strengths of likely to be lower than in the 
Uie . sector heed - emphasising, high potential areas. 

First, it has become vwy well Before -looking at both the 
diversified,-- to * a considerable high potential areas and the 
extent protecting the country marginal lands it is necessary 
from the boom-bust cyeies of ro consider Kenya’s land-hoid- 
mono-crop-. economies. . Second, ing structure. A striking 
it has made Kenya virtually feature of the agricultural 
self-sufficient in food, entailing sector is the important contri- 
a valuable .saving of foreign, bution made by Kenya's 1 .5m 
exchange] . spme.^WQhld smallholders, who farm plots of 

arghe^tiiati: tng ‘ Ghver^nedt'S^ up . to 30 J acres./altSongh sbme 
‘‘seiX-saffiaen^’. doctrine ■; cah ; 60 per cent mf/theseLfamtiies 
h^f^riied... to' ^ ^ ; ho) d oidy five, ^cres or less. 

Ai — : - - 


After independence, many of or not to ameliorate this rural be done on the technical side hydro-electric power, it will to the cities. If pursued with so much one of jobs not being 
the old mixed white farms in employment problem by break- of developing these areas, allow savings of foreign ex- sufficient vigour, aii these agrl- available but of labour mobility, 
the high potential areas were ing up many of the remaining covering such questions as the change on cotton imports and, cultural policies will contribute They point to current short- 
broken up into smallholdings large farms into smallholdings, development oE small-scale perhaps most important of all. to this, as will a greater ages of labour in several 
or co-operatives, while in the as well as looking at the water management schemes, will help alleviate land pres- emphasis on the informal sector sectors, including tea and 
tribal areas the Government apportionment of land on co- moisture retention by the soil sure. of the economy; a new educa- coffee, and believe there is 

has progressively consolidated operatives. The argument goes and crop mixes and crop Aid donors are now being tional strategy emphasising substantial scope for helping 

individual holdings and granted that the only large farms vital strains. Crops suitable for strongly attracted to the technical rather than academic the “working poor” by devising 
individual title to the owners, for the economy are lhose used these areas include drought development of marginal lands, training and. moves for the sctiehieS'tD 01076 labour around 
Many people attribute the sue- for stock breeding and the pro- resistant maize. sunSowers and in tbe past few years decentralisation of industry. .the country- from surplus areas 

cess of the smallholding sector duction of high-quality maize (Kenya is Mill an importer of Kenya has heavily reorientated The mral — urban terms of to those of shortage, parti cu- 

to the granting of individual seed. vegetable oils) and cassava. its own disbursement of trade have swung strongly in larly on a seasonal basis. How- 

title (a rarity in Africa). As it is. a substantial number With few major rivers. Kenya development funds towards the favour in. the rural areas in ever, it remains unclear just 

though there is an influential 0 f the large farms have already has only a limited potential for agricultural sector. The main recent -years, largely thanks to how practical such schemes 
school of economists who dis- been divided dc facto into large-scale irrigation schemes, problem now is not so much the tea and coffee boom, which would be if implemented, 
pule this. smallholdings, and these will which arc expensive and require the level of funding but the is now abating, and partly And in the longer term, a 

Smallholders now produce be given de jure status under ver y. careful management, rate at which it can be absorbed because urban workers’ pay has vital issue remains that of 
some 50 per cent of Kenya's the new 1979-S3 development Particular controversy at pre- by the sector. Unless projects been held down. The Govern- population control. There is 
marketed agricultural produc- plan. But what of the re- sent surrounds the Bura are planned carefully, money ment is hoping to hold the an ever present danger that 
tion (the remaining 3.200 large mainder? The influential large development scheme on the might be simply poured down terms of trade steady at the existing smallholdings might 
farms, plantations and ranches farm lobby is naturally against lower Tana river, where the the drain. There is not 1976 level, but there are some eventually be sub-divided into 
contributing the rest). But sub-division and Government Government plans to settle necessarily a correlation economists who fear a rever- uneconomical units (with pro- 
this figure under emphasises policy remains confused 10.000 small-scale farmers, between greater expenditure sion and believe that unless duction reverting to subsistence 

the importance of the small- But even the Government lar S e| X growing cotton, at a and higher output. inflation abates considerably, agriculture) unless the popula- 

holders. Not only does non- were co a head sub-division cost oE S100rn - Some aid donors How does all this impinge real per capita rural incomes tion grows more slowly, unless 

market production account for wou . d on j v be a ’ rlia | Dall j a . argue that the scheme is just 0 n wider questions of develop- might decline over the next sufficient jobs can be found 

up to 60 per cent of their out- tive l0 ^ rural employment oor fina,Kia ^>' viable. juent strategy’? A central few years. Others, however, elsewhere for the landless and 

put. but they produce most of pro biem “ven the laree Kenyans, however, maintain problem facing the Kenya argue that these projections are unless people can be persuaded 

Kenya's pyrethrum and about number °f landless who need thaT the p,an has 10 be looke( l Government is the need to based on far too gloomy that there is not enough land 

half its most important foreign t0 be absorbed and the limited at 36 a wt *lity and not just alleviate rural poverty, narrow assumptions. for all. Kenya has still to grasp 

exchange earner, coffee. number of lar«e farms The a P° und f °r pound equation the income gap between the Planners also argue that to this politically sensitive nettle. 


However, there remain wide emphasis has to be on develop- between inputs and outputs — towns and the countryside and a considerable extent the prob- 
income differentials not only 0 f marginal lands and the s «-'heine will venerate some stem the drift from rural areas Jem of rural employment is not 
between those smallholders in on otber policies 

,n ^ hi ^ 


Martin Dickson 


potential areas. 

Much can therefore still be 


conditions. Three broad pos- 


done to raise smallholder pro- 

duetivity in the high-potential arable f , arra,n S l ? th . e les ? and 
areas. including ^proved 
access to credit for inputs such 


Options 


CONTINUED FROM PAGE ONE 


access to credit for in nuts such titm schemes; and improved There may be force in the the leadership more isolated. from any gratuitous desire to emphasis on the “ informal “ 
as fertiliser (in the nart credit ranchin S in the more arid argument of one weU-placed Corruption is recognised by criticise. There is much to sector of the economy, as also 

has been more easily available areas - source that the Government has many Kenyan leaders as a admire in Kenyan society, not suggested by the ILO. But 

for the large farmer) better Development of the less arid to look after the interests of serious problem. Only last least the Government's relative words still have to be translated 
crop mixes (with perhaps an arab le areas is in itself very 12m Ken vans and not *' 12 month the outspoken Attorney willingness to accept criticism into action, 
increasing emphasis on labour- ^cull, not least because subversives.” Stability’ is one General said it was an “open and even sometimes to act on it. ^ C0Ulltry > s new five -year 
intensive horticultural crops) fanners entering these areas 0 f tjie country’s most precious secret ” that this existed among In 19/- the International d e Ve i 0 p n ient plan, to be un- 

and improved extension ser- frora the h, Sb potential areas assets. top Government officials. And Labour Office, in a major report vejJed at ^ end of this year 

vices. Although Kenya has a brin £ with them farming tech - But it remains debatable last year the official Government on Kenya, pointed up some of ukes as its theme “the allevia- 

much higher ratio of extension m 9 ues , which are totally un- whether the interests of society rad »o commentary complained the major income imbalances in l - Qn Qf poverty.” Realistic 

workers to farmers than most suitable, leading to crop failure. are jj est served by detaining ^ at . ^ incidence of eorrup- society and suggested ways of K en y ans admit that there will 

African countries, the quality desertification and increased those who point a finger at its *‘ on ! n ,,^ e coun ti>- especially remedying (hem. The Govern- j nev j ta 5(y be a lag between 

of the extension service is open poverty - failings in a country which is a 1116 c ‘ vd service, threatens the meat accepted some of :ts f ormuLat ] 0n and implemema- 

to question. . Heavy emphasis is therefore de facto one party state and vcr - v fabnc of society. criticisms and said it would act |jon The p0 nticai challenge 

Another important issue in placed here on integrated agri- where that party is not in itself The Government does, it is P" Triort hac nnr facin S the country is to see that 

the high-potential areas — with cultural development pro- an effective channel for grass- true, take action against eorrup- JS there is. clear movement 

strong political overtones— is grammes for a whole area, with roots feeling. KANU may (j on . which is not as pervasive in m.mSfc SpL I! towards implementation and 

the future of the remaining a strong accent on bringing spring into action when parlia- as j n some other parts of the ?5° 0 " h h ,hat the time gap is not too 

1.800 mixed farms (but not credit to the smallholder. There mentary elections are held, but continent, but by and large it mac acuon Das Deen 100 S10 "- great, 

plantations) owned individually are. however, some who would it does not appear to do a great j S the small operator who gets But it tal{es t* me t0 change 

or by smaill groups, some of argue that in the past too much deal at other times. Indeed, last caught entrenched attitudes and allow- As Mr. Kibaki concluded 

which are making very efficient emphasis has been given to year's postponed party elections ance must be made for this. It after examining the " hard 

use of the land, while others immediate credit (with a Jow won-- have been the first in ^ ^ is only now. for instance, that options" facing the country; 

are most certainly not repayment rate) rather than the over a decade. In Kenya much rTODlCIllS lhe Government seems to be "We can avoid, postpone or 

- Kenya now has an estimated provision of the infrastructure of the responsibility for articu- moving towards changing the even rationalise these issues 

400,000 Umdless people, and for which has to underpin higher lating popular feeling therefore If this article points a finger educational system along the away. But sooner or later these 
yekrs the Government has been output. falls on back-bench MPs, the at some of the problems in the lines suggested by the ILO and and other questions have to be 

indecisively debating whether Also, much work still has to detention of whom may make Kenya body politic, it is not at last seems to be placing more resolved." 

— — ~ ~ ~ ^=-^ ADVERTISEMENT= — ~ ~ = ' - — - 


that anion has been too slow. tinH! Sap is not 100 

But ft takes time to change 

entrenched attitudes and allow- As Mr. Kibaki concluded 
ance must be made for this. It after examining the “ hard 
is only now. for instance. Chat options " facing the country: 
the Government seems to be " We can avoid, postpone or 
moving towards changing the even rationalise these issues 


vi 


FOREIGN INVESTORS ARE WELCOME 

IN KENYA 






THE 


OF THE CENTRAL BANK OF KENYA 


■•= iutrodnctloii ^ 

vdibmes local and foreign entrepreneurs to 
. “.'t : ih vest in the country. . Kenya has a mixed economy 

which-- fee private sector, plays a crucial role m 
the 7 ‘ estabMshment of production activities. The 
/Government supports therpriyate sector through, para- 
-•••- statal development -finance . institutions (the most 

■ -important ones being the Industrial and Co mmer cial 

. Development Corporation, the Development Company 

;.>vcV^; of : Kenya and. the Industrial Development Bank) which 
' long-term loans and partiespate in the equity 

' t flmts as and when considered desirable,. ; 

■ ; v The ' transportation and * commimicfltions astern 
. within the couhtry and with other African swt^and 

of .tbe worid. are « 4 enu«e tl JSre, fSti« 
improving. ' * Kenya, has good infrastructural facjties 
like roads' ’ cbrmectliig Nairobi, the capital “g-*} 
i";': : different centres ;wjthin the c « u ?^_ and . 10 
T : >V;^VxSiean countries >ike Uganda, Tanzania. , Etompia. 
,. -. 7- . i^hiflbiai ’ Rwanda,- 1 Burundi*. Zaire, Central African 
.fr-^ISSuc.7Came7ooa ..and Nigeria, to . I^s^The 
- 1 -u .-.^^iVboujntry iis also being .connected to. Sudan. Commaur 

Trarih nal.’alrDoyts at Nairobi and Mombasa. The i gm - 
• tbw5s.«itSin the amndr abd East AInca. 

J The Slate of the Economy f 

I Keova had sa estimated population of 13.8 ration 
‘ " W ' is Vowing at an. approximate .aflauol 

x-:i The^totsl population is ejected to be 

s : - health and stability of-the 
- : ■ • r . ’7and- r 19 T 4 -mdicamig „ ^ spite of world- 

> : : Kenya economy- *?iI^i* 7 a^ , p Sfon>ahce of the 

^ of the devdop. 

^ : ' S > ™“^ e “ iTsooe iadostrielised eouetries. 

^ Hnmestic product increased by an . 

■ tops re P ™ terns, and the-Mejd 
’.V: >^H-®SC3w'-S««|2£fL in the forthcoming. 1979/83 

v-v,. ;feveidi«nent Plan if, wound 6%. - > ■ 

H SAhe^onitary rector. 

r/vH - ofr;K^' ^ developed a diversified 

. - J -.Sin<m todependence._^^ a ^ . r lt _ fa ^ r&suit 

; ... and Tigorous; 0 f the foreign and Tocal 
.. ; - of the ttt? “ d “^* e 0 f country and a frW 
S^^ovemment and the prtyaao 

Protection of Private Investmait 

& i .V ; v -'iTSSi ioffiomi 


compulsory acquisition through provisions contained 
in the Constitution. In an extreme case of unavoid- 
able acquisition in public interest full and prompt 
compensation payment would be made. 

The Foreign Investment Protection Act provides 
statutory protection to approved foreign investment. 
Under the Act, the Government issues a certificate of 
Approved Enterprise to foreign nationals who invest 
foreign assets or re-invest their profits in Kenya. A 
holder of such a certificate is entitled to two major 
ranges of protection with respect to repatriation and 
compulsory acquisition. The repatriation guarantee 
permits the transfer out of Kenya in the approved 
foreign currency and at the prevailing official rate of 
exchange: (i) the profits after taxation in proportion 
to the investment in foreign equity; (ii) approved 
proportion of the net proceeds of sale of all or part 
of the approved enterprises: (ili) the principal and 
interest of any loan specified in the certificate. 

Besides the Foreign Investment Protection Act, the 
Government has recently established the export com- 
pensation scheme which is intended to encourage 
manufacturers to increase their exports to countries 
air over the world. The scheme provides for payment 
to the manufacturer of 10% of f.o.b. value or 10% of 
the foreign, currency proceeds of exported goods that 
are locally manufactured. Duty draw backs are also 
given io certain cases where raw materials required in 
the manufacture, are imported. Tariffs are also used 
to protect local Infant industries against stiff external 

competition. 

IV. Industrial Licensing 

Kenya has a very liberal industrial licensing 
system. No licence is required to set up manufactur- 
ing activities in the country- Except in a few cases, 
anyone can establish an industry to manufacture any 
product whatsoever. Prospective local investors are, 
however, advised to inform the Ministry of Commerce 
and Industry about the investment proposal in order 
to ensure that there are no superfluous investments. 
Foreign investors are advised to get their projects 
approved by the New Project Committee so as to 
facilitate the issuance of the Certificate of Approved 
Enterprise by the Ministry of Finance and Planning. 

V. Taxation 

The corporation income tax in respect of corpora- 
tions (i.e^ firms and companies) resident in Kenya 
is 45% while the rate for noo-resident corporations 
is 52.5% of the profits excluding dividends received 
from resident companies. There is a capital gains tax 
of 35% of the capital gain realised on the transfer of 
chargeable property. 

New investments enjoy a number of generous tax 
reliefs in Kenya. In addition to expenses wholly 
incurred in the production of the income, various 
other deductions for the purpose of income tax are 
permi ssib le including annual deductions for certain 
oiawg of capital expenditure incurred for business 
purposes. Industrial buildings such as factories, ars 
allowed to deduct 2.5% annually of the expenditure 
incurred on their construction, or an increased deduc- 


tion where the life of the building is less than 40 j'ears. 
For hotels the deduction is 4%. Plant and machinery 
are allowed 12.5% to 37.5% on the written down value. 
In mining ventures, 40% of the expenditure in the 
first year is eligible for deduction, thereafter 10% in 
each of the successive six years. In farm works, 20% 
of the capital expenditure is allowed to be deducted 
in the first year, and each of the four following years. 
An initial investment allowance uf 20% of the cost 
of new industrial buildings, plant anil machinery 
initially placed therein, is allowed lo investment in 
manufacturing outside Nairobi and Mombasa. 

VI. Investment Priorities 

Agriculture is the backbone of Kenya's economy, 
and the country depends heavily on agricultural 
^products for its foreign exchange earnings. The 
emphasis on investment priorities at present is to 
shift from import-based projects into industries that 
make heavy use of labour and other natural resources 
of the country. Abundant labour is available and 
there is a tradition of harmonious employee-employer 
relationship in Kenya. The aim of this new- approach 
is lo utilise as much as possible of Kenya's own 
materials in order to create employment opportuni- 
ties. save on expensive imports, increase valuable 
exports and generate wealth and expand all kinds of 
supporting businesses in lhe countryside where Lhe 
bulk of tiie population resides. 

VI f. The Role of the Central Bank 

The Central Bank is the principal financial institu- 
tion in Kenya, with technical powers of credit creation 
and legal powers lo regulate the operations of com- 
mercial banks. Apart from being a source of expert 
advice to the Government on monetary policy and 
fulfilling the function of lender of last resort, the 
Central Bank acts as banker to the Government, and 
is the administering agent of the national debt. In 
its relations with the money and capital markets, it 
is the means of encouraging the development of local 
financial institutions and of guiding their operations 
to meet the broad economic goals of (he country. 

The Central Bank thus supports the Government 
investment objectii'cs specified above. It firmly 
believes that available limited foreign exchange should 
be used for productive purposes. The Bank also 
believes (hat economic production must be soundly 
based and industries should have a strong local input 
of labour and materials. It should also he undertaken 
by Kenya citizens, whenever this is feasible. As a 
conscious policy, therefore, the Bank is limiting the 
amount of credit that can be borrowed by foreign 
controlled companies engaged in marketing and distri- 
bution. For foreign owned manufacturing companies 
and corporations based in agriculture and tourism, 
the borrowing limits are not unly liberal but these 
sectors are also given every encouragement for invest- 
ment. It should, however, be noted that Kenya's 
exchange control is mild and libera] in comparison 
with many developing countries. .Mnrenver. the 
Central Bank has usually been quite flexible in The 
way it administers the controls. 


Kenya has a fairly well developed financial infra- 
structure which Is dominated by 14 commercial banks 
operating around 273 branches, sub-branches and 
agencies, besides mobile banking units. This gives 
around 25 banking offices per one million of the 
population or one banking office for every 40.000 
people. Some of the banks in Kenya have inter- 
national links and the big four are the Kenya Com- 
mercial Bank, Barclays Bank International, Standard 
Bank, and the National Bank of Kenya. Together they 
account for about 76% of total bank deposits in the 
country. The remaining ten are the Grindlays Bank 
International, Bank of Baroda. Bank of India. First 
National Bank of Chicago, the General Bank of 
Netherlands, Habib Bank, Commercial Bank of Africa. 
City Bank, tbe Co-operative Bank and the Bank of 
Credit and Commerce International (Overseas) 
Limited. A fifteenth bank. Habib Bank A.G. Zurich, 
has been registered and will shortly be opening its 
offices in Kenya’s booming capital city. 

Kenya also has a diversified system of non-bank 
financial institutions consisting of a post office savings 
bank, bousing finance companies, hire purchase firms, 
industrial development banks, development corpora- 
tions and several insurance companies. Many of these 
institutions solicit deposits from the public which arc 
not disposable by cheque. The lending activities of 
these institutions are more specialised than those of 
commercial banks: yet they do exert some influence 
on the money supply in the course of their lending 
activities though that influence is not as pervasive as 
that of commercial banks. 

The monetary policy pursued by the Central Bank 
aims at managing the financial system in such a way 
as to contribute to the Government’s objectives of 
increasing the level of employment and investment 
and reducing the rate of inflation in the domestic 
economy. During the twelve years that the Central 
Bank has been in existence, Kenya has maintained 
sound money. i.e., money that is an acceptable and 
relatively stable medium of exchange and standard of 
value, and a dependable store of wealth. Available 
evidence shows that the Kenya currency is not only 
sought after and held by our own people but is also 
desired by nationals of neighbouring countries, it is 
in fact trading at a substantial premium in border 
areas. The economic growth that Kenya has achieved 
since independence owes a great deal to the sound' 
currency that is circulating within the economy. 

In conclusion, it may be said lhat Kenya offers 
attractive opportunities to investors both local and 
foreign, seeking fast and profitable opportunities, ft 
lias a large surplus of labour and a tradition for 
political stability and economic pragmatism. 

Kenya’s outstanding reputation for stability and 
efficiency has played a very significant role in the 
expansion of her economy. The Government's con- 
sistent policy measures have stimulated an orderly 
and rapid industrial development which has led to a 
gradual transformation of lhe economic structure. 
Domestic resources have provided a sound base for 
the development of industry. The search for new 
profitable opportunities for further exploitation of 
local resources is a major priority. 




Financial Times Thursday vloiie I MT8. 


KENYA IV 


INVEST IN 

KENYA 

WITH ICDC 


We are one of the largest financial institutions 
created by the Kenya Government for the purpose of pro- 
moting rapid industrialisation in Kenya. We enjoy the full 
confidence of our people as well as that of the world business 
community. 


Since Independence 15 years ago, the political 
stability prevailing in the country has made Kenya an ideal 
country for investment. For example— we have established 
60 joint ventures with international and local investors. 
These investments are in the various areas of the Kenya 
industrial sector including mining, textiles, steel rolling, 
tyre manufacture, vehicle assembly, pulp and paper, 
pharmaceuticals, vegetable dehydration, plastic goods, corn 
starch, and many others. 


The Corporation invites businessmen and Corpora- 
tions from all over the world to invest in Kenya and will be 
pleased to provide information and guidance on possible 
areas of investment. 


For further information please contact: — 


INDUSTRIAL & COMMERCIAL 
DEVELOPMENT CORPORATION 


P.O. BOX 45519, NAIROBI, KENYA. 
TELEPHONE: NAIROBI 22031. 


TELEGRAMS: INDUSDEV 


TELEX: 22429 


mport curbs possible 


THE LARGEST overseas trade 
fair ever staged by Kenya took 
place in New York last month. 
The aim was both to attract new- 
foreign investment and, perhaps 
even more important, to give 
Kenya’s exports a sorely needed 
shot in the arm. 

In recent years the country's 
overall export performance lias 
been disappointing, although 
high prices and production of 
tea and coffee have had an 
ameliorating short-term effect. 
The break-up of the East 
African Community last year 
has added to the export diffi- 
culties. 

One indication of the sluggish 
performance is that between 
1972 and 1976 export* are 
estimated to have grown by 
about 27 per cent a year, but 
most of this was due to price 
rises and only 1.7 per cent to 
volume increase. Nor did 
exports show' any volume im- 
provement last year, apart from 
tea and coffee. 


coffee prices mean that Kenya 
now faces a deterioration again 
in terms of trade and the likeli- 
hood of a serious trade deficit 
by the end of the year (possibly 
of more than K£200ml, which 
could rise further in 1979 and 
I960 unless strong measures are 
taken to curb imports. It is 
therefore possible that before 
the end of the year Kenya will 
impose restraints on imports, 
which were showing a worrying 
rise in value terms towards the 
end of last year. 

Britain remains the country’s 
largest trading partner and 
would be affected more than 
most others by any such move. 
Excluding oil imports. Britain 
last year accounted for 23.6 per 
ceat of Kenya’s imports by 
value, with Japan holding 16.7 
per cent of the market and West 
Germany 13.6 per cent. 


SUDAN 


Lokftauag' 


ETHIOPIA 


, 100 
M3es 


Rudolf 


’Jtoyate 


Lodwar 


UGANDA 


’Marsabtt 


(Kakaraega? 


It is argued, however, that 
last year’s poor export perform- 
ance is in part attributable to 
high domestic demand and to a 
substantial amount of smuggled 
exports to Uganda. 

The tea and coffee boom of 
recent years ha* provided the 
country with a breathing space. 
Kenya’s terms of trade improved 
by 20 per cent in 1976 uver 
the previous year and was 
restore d to the 2972 level, 
thanks primarily to the very 
high price of coffee. 

Continuing high coffee and 
tea prices, together with record 
production of both crops, were 
also largely the cause of the 
estimated 47 per cent rise in 
the value of Kenyan exports last 
year over 1976 — from K£31Sro 
to K£489m. With imports up 
by an estimated 32 per cent to 
K£533m. this left the country 
with a visible trade deficit of 
around K£64m, down from 
K£S7m in 1976. 


During the past two years 
West Germany has overtaken 
Britain as Kenya’s largest 
export market, largely because 
of its demand, for coffee, 
although a significant pro- 
portion of Kenyan exports to 
German ports may in fact be re- 
exported to other destinations 
in continental Europe. 


Maralaf / 

p" K * E ( N 

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\ Faifs . 

IsffitHkW ✓*'- Wanyuki 


iOMAU 

REP, 


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p ^Kericho 

Visa VJftrf 

llait*® WX 

, NAIROBI N 


AMtSeny*' 


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Balance 


Carsen»< 


A significant feature of Anglo- 
Kenyan trade in 1977 was that 
for the first time the bilateral 
trade balance swung in Kenya’s 
favour because of high tea and 
coffee prices. British exports to 
Kenya amounted to K£85ra 
while UK imports from the 
country were worth K£112m. 


Jag**' 


usmjm 


Matin*: 


TANZANIA 


i Mombasa^ 


Tanzania used to be Kenya’s 
fourth largest export market 
and the loss of this trade 
through the break-up of the 
East African Community and 
the closing of the common 
border was a tough blow. 


Kenya has traditionally run 
a substantial direct trade deficit, 
with earnings from invisibles, 
above ail tourism, reducing this 
but still leaving an historical 
deficit on current account One 
unusual feature of last year's 
exceptional performance was 
the recording nf a small current 
account surplus. 

However, falling tea and 


In the short term, domestic 
demand, the growth of new 
export markets and a rise in 
exports to Uganda, the third 
partner in the Community, have 
helped offset the loss of the 
Tanzanian market and that of 
Zambia. (Kenyan goods bound 
for Zambia are by and large 
transmitted through Tanzania.) 
But a significant impact on 
Kenyan exports could still 


materialise unless the border is 
re-opened, and it is not dear 
whether this is likely in the 
immediate future. 


Kenya and Tanzania are still 
both angry, each -in large 
measure attribute ng to the 
other the collapse of the Com- 
munity with its common market 
and shared transport and com- 
munications corporations. 

The Community, which Caine 
into existence in 1967, collapsed 


last year -when the three States 
failed to approve the 1977-78 
budget for the partnership’s 
General Fund services. How- 
ever, this was largely- no more 
than confirmation of an existing 
state of affairs. It was in 
February last year that the 
Community effectively reached 
the point of no return when the 
jointly run East African Air- 
ways Corporation collapsed 
under a mountain of debt. - 



Crops meet 


iJiij 


problems 


Kenya, which bad financially 
carried the airline for a long 
time, refused further support, 
grounded the fleet and immedi- 
ately launched its own inter- 
national airline. Tanzania 
responded by closing the border 
and impounding Kenyan light 
planes and tourist vehicles. 

It is probably impossible to 
attribute blame for the collapse 
nf the Community or to look 
back and find a definite his- 
torical point in time to date its 
decline. 


But one contributory factor 
was the differing political 
ideologies of Kenya with its free 
enterprise system and Tanzania 


with its African; socialism. 
Another was Kenya’s greater 
economic strength compared to 
its partners, which increased 
rather than diminished over the 
years, and inevitably led to 
jealousies and the evaporation 
of an ideal into- State 
chauvinism. 

The Kenyan Government is 
now hoping to see the establish- 
ment of a much wider customs 
union, embracing countries in 
East, Central and Southern 
Africa. An agreement of intent 
on. this was signed by many 
countries (but not Tanzania) in 
Lusaka earlier this year. The 
Kenyans believe that by bring- 
ing more countries into a 
customs union they will he able 
to overcome the tensions 
generated by a three-legged 
partnership. 

However, the Kenyan scheme 
still appears somewhat visionary 
and there is scepticism that, 
even if implemented, it will 
make any significant contribu- 
tion to the country’s export 
earnings. 


M.D. 


5 f 

'• wSfev-.*." > 


banking 

and 

country, 
of banking 



lobe able 
ice and 


our 



Commercial 
Bank Limited 


.... • ••• ieJ'y... ' ; ; f 

i * 

» •W*’*".' ■ iv X r~ 4 

- /wav ': ■ 

J ' - •$**** : v.v... ;*!■' I*. t! - ' i :* 

■kjl : , : ■ *->-*--* -**- 




(Incorporated in Kenya) 

Head Office: Kencom House, Government Road, 
P.O. Box 48400, Nairobi, Kenya. 

Telephone 336681, Telegrams KENHO, Nairobi, 
Telex 22231 


Mmm 






Kencom House, Nairobi, headquarters of Kenya 
C o mmerc i al Bank Limited. 


Subsidiaries: 

Kenya Commercial Finance Company Limited 
Savings & Loan Kenya Limited 
Dyer & Blair Limited 


PAUL NJOROGE is building a 
new house. A tea-growing 
smallholder in Kenya’s Central 
Highlands, be lovingly shows 
you over the four-roomed stone 
bungalow which is going up 
alongside his present timber 
homestead. 

Mr. Njoroge is one of the 

115.000 Kenyan smallholder tea 
growers who, together with 
small-scale coffee planters, have 
benefited greatly from the steep 
rise in the world market price of 
these two commodities in 1976 
and 1977. 

A new house is Mr. Njoroge’s 
biggest windfall gain. But he 
has been able to pay for a 
barbed wire fence around his 
small cattle pen and a few years 
ago tea money enabled him to 
pay for a borehole to be suDk 
on his land. His neat clothes 
(Wellington boots, grey flannel 
trousers, shirt and cardigan) 
are in marked contrast to the 
scruffy garments his barefooted 
neighbour wears. 

His neighbour has never 
farmed tea and now bitterly 
regrets iL He follows you round 
Mr. Njoroge’s new' house, 
clearly envious. The neighbour 
grumbles about his children, 
who. he complains, were not 
prepared to help him plant any 
tea. They wiJJ Jive to regret it. 
he says. 

Coffee and tea are not only 
important for the individual 
farmer, they are vital for the 
nation, being Kenya's two major 
export crops. Last year coffee 
exports brought in K£204ra in 
roreisn exchange and tea 
£K71ni, together making up 
nearly 60 per cent of foreign 
currency earnings. Admittedly, 
this was a year of unusually 
high prices and production. In 
1973. a rather more typical year, 
coffee contributed 29 per cent 
of export earnings and tea just 
under 14 per cent. 

Coffee production has grown 
steadily over the years from 

4 1.000 tonnes in 1964 to 80.000 1 
tonnes in J976, with small-! 
holders and large estates now 
each accounting for about half 
of the output. Last year the , 
industry was very lucky- 
favourable weather conditions 
helped boost production to 
around the 11)0.000 tonne mark 
at a time of very high prices. 

This year, however, the out- 
look is not so good. Net only 
have the coffee prices fallen on ; 
the London terminal market ! 


from their peak of over £4,200 
a tonne in March last year to 
about £1,500 a tonne now, but 
Kenya’s production is expected 
to be down by a massive 25 per 
cent, to around the 75.000 tonne 
mark. One major reason is 
very heavy rains which have 
affected coffee bush flowerings. 

Early projections suggest 
next year’s crop may be as low 
— or even lower — than this 
year’s. The industry’s prospects 
over the next few years appear 
to be mixed, unless, of course, 
disaster again strikes the 
Brazilian crop. While coffee 
market prices are falling, the 
cost of inputs, such as fertilisers, 
is not and there is a danger that 
smallholders may neglect their 
bushes because of falling 
returns which would jn turn 
affect total output. 


GET TOGETHER WITH 



KENYA’S SAFARI EXPERTS 


for TOURS 


Our itineraries are designed to show you all that 
Kenya can offer by way of its abundant wildlife, 
dramatic scenery and fabulous coastline. 

If, however, you have your own ideas on where to 
go. we will help you plan your safari and look 
after your transport and accommodation arrange- 
ments. 


1 


THE SCUT 
SUGAR •; 


■ **PtC 
$ DU ST Ft 


r>. 


b r . T - . ».*. 
■ *■ 


Disease 


and CAR HIRE 


Disease is at present not a 
problem. The last serious out- 
break of coffee berry disease 
was in the late 1960s and a 
recently discovered bark disease 
seems to be well under control. 


Our car hire fleet ranges from small saloons to 
large minibuses and four-wheel-drive vehicles for 
self drive or chauffeur driven hire at economical 
rates. Vehicles are available at both our Nairobi 
and Mombasa offices with hire-it-here-and-leave-it- 
there convenience. 




There are plans for a rela- 
tively small increase in coffee 
acreage and for an improved 
infrastructure for the industry, 
but both these projects could 
be hit by the price fall. And 
looming on the horizon is the 
possibility that international 

CONTINUED ON 
NEXT PAGE 


CALL US AT 


ROME NAIROBI 

Telex: 63444 BLUETOUR Telex: 220S2 
Tel: 838S577 Tel: 23131,23132,331825 

VIA SALARIA P.O. BOX 40097, 

40S ROME NAIROBI 



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Looking into Ihn Indian Duun tins 
cicrllnni hotel is situated on the 
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JCeNlRALRLSLRWAnDH OTTICL. PHONE J 3 KJ 3 NAIROBI I 


I 

.j 



\ -X... 




.Financial Times Thursday June 1 1&7S 


23 


iS 




\ Tji 

I i i t 


/C 


hi..-;- 




KENYA V 



needs to 



KENYA HAS ENJuYED a 
remarkable rate of industrial 
development since iucle pend- 
ency. making it the most indus- 
triaLised of the dod-oU produc- 
ing independent African states. 
East year, stimulated by record 
levels of internal demand and 
new capacity- coming on stream, 
output in this sector rose some 
12 per cent in real terms and 
■the pace was sustained into 
1978. 

But the comment last June in 
the 1977 economic survey — that 
medium term prospects need 
to be reappraised — remains 
valid. Industry is approaching 
the limits of the *• soft " post- 
independence option of import 
substitution. If the momentum 
of the past is to be maintained, 
new export markets must be 
found. “ Otherwise.” warned 
the survey, “there is a danger 
that the expansion of the manu- 
facturing sector . . . may falter." 

The volume growth of 
merchandise exports between 
I960 and 1976 was only 2 per 
cent. while import dependence 
(defined as the ratio or 
merchandise imports to GDP in 
current prices) has not been 
significantly reduced. At present 
only about S per cent of manu- 
factured products are exported. 

The emphasis in the years to 
come, say officials, must be on 
export-orientated industries 
looking to markets outside East 
Africa. A comprehensive 
reassessment of industrial 
strategy is. it seems, under way, 
and the results should be seen 
in the forthcoming development 
plan for 1979-84. The main 
points are likely to include: 

• A differentiated and increased 
export compensation scheme. 

• Greater efforts to ensure a 
regional distribution of in* 
dustries. 

9 Use of appropriate tech- 
nology. 


9 nationalisation of the tariff 

® Greater use cf dumcsUc 
resources in place of 
imported items. 

® More* effective backing of 
^mall-scale enterprises. 

9 Encouragement of a labour 
intensive approach. 

Efforts are already being 
made in some of these areas. 
For example, both the World 
Bank (through a Slum credit 
front the IDA) and the EEC 
are assisting Kenya Industrial 
Esiares in setting up factories 
For the -smaller African business- 
man, and workshops in rural 
areas. 

The existing export compen- 
sation rate of 10 per cent of the 
fob value of lilt- goods, provided 
the import content does not 
exceed 70 per cent, has proved 
ineffective. There arc- delays in 
payments, sometimes a.-. long as 
six month*, say Ini sin ess men. 
What they are pressing for 
apart from speedy payment is 
both an increase in the amount 
and a sliding scale according 
to import content. 

Difficulties 

Rationalising the tariff 
system will present considerable 
difficulties. Under the existing 
conditions industry is given 
little incentive to increase their 
efficiency and often, the result is 
unnecessarily high prices. 

Yet at the same time, there 
arc often complaints from in- 
dustrialists and trade unions 
about the threat to factories 
and jobs from foreign competi- 
tion. Adding lo the Govern- 
ment's difficulties in rationalis- 
ing tariffs is its own stake in 
industry, through three public 
agencies — the Industrial Com- 
mercial and Development Cor- 
poration (ICDO. the Industrial 
Development Bank, and the De- 
velopment Finance Company of 



THE SOUTH NYANZA 
SUGAR CO LTD, 

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EAST AFRICAN SUGAR 
INDUSTRIES LTD, 



Partners 

in 

Industrial 

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Development 

Managed by The Mehta Group International Ltd. 

Tel: 26694, 337729/30 
Telex: 22499 SUCCESS 

Cable: Success. Nairobi, 


P.O. Box 41175, 
Nairobi, Kenya. 



NATION NEWSPAPERS LIMITED 

P.O- Bex 49010. NAIROBI. Kanya 

nation 

East and Central 
^ Africa’s largest 
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Distributors of over 

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For your next Conference 
meet at the 

KENYATTA CONFERENCE 

CENTRE 


Enquiries to: 

Director, 

Xenyarra Conference Centre. 
P.O. Box 30746- Nairobi. Kenya. 
Tel: 331333. Cables: KUTANO. 
Telex: 22035- 



Kenya (DECK). The first two 
arc directly controlled by Gov- 
ernment. 

Understandably these public 

sector agencies will he reluct- 
ant to see any change in policies 
which protect them. Private 
business has realised this, 
hence the tactic of welcoming 
Government participation as a 
form of insurance against a 
lowering of protection of their 
particular business. 

Despite these and other 
problems, it should be said that 
the new development plan will 
lake off from a sound industrial 
base. Although food processing 
continues to be of major 
importance, there is an impres- 
sive and widening range of 
industries — textiles, chemicals, 
paper, cement, soap, glass, foot- 
wear. tyres and vehicle 
assembly plants. 

Some 10,000 ..-timmem <1 

vehicles will this year roll oft' 
the assembly lines at 

Kenya's three plants — Ley land 
at Thika. General Motors in 
Maim hi and Associated Motors 
Assemblers (a local con- 

sortium consisting uf lnchcapc- 
Maekenzie, Lonrho and the 
Kenya Govern menu at 
Mombasa. 

Apart from employing about 
3.500 people, the plants have 
given rise to a growing Dumber 
of service industries. These 
now include batteries, tyres, 
paint, wiring harnesses, trim, 
mats, glass, canvas hoods — and 
radiators and exhaust systems 
will soon join the list of local 
products. 

Unfortunately the .textile in- 
dustry. an investment of over 
K£40m and employing nearly 
20.000 people, has been under- 
going severe difficulties which 
led to the collapse of the Nan- 
yuki Textile Mill last December. 

The authorities placed most of 
the blame on '■ dumping " of 
textiles from the Far East, and 
banned import of all second- 
hand clothing and ail textiles 
similar to those produced iu 
Kenya. 

But to make up for Nanyuki 
there is a string or recent pro- 
jects which are doing well, and 
others are about to come on 


stream. The K£Sm Kony:, 
Furfural Cumpany at Lidutvl 
will manufacture furfural, 
acetic- and formic acid fpji.i 
utilize cobs. 

In Kisumu. Western Kenya, 
there is a K£2.6ni 51 per ceni 
Government owned plum which 
will produce alcuhul. brewers 
yeast, vinegar and citric acid. 
Cadbury Schweppes is building 
a Kil.4m soft drinks factory a; 
Eldorer. white a fertiliser plain 
is due for Cumpleuon at 
Mombasa where Erst Africa 
Breweries is building a new 
brewery. 

The examples illu < - , .r:ii.e the 
range of the country's recent 
industrial development Ken; a ns 
are paying a major role in new 
developments but '.here has 
been a marked change in mis 
role over the years. 

Their pre-independence base 
was the agricultural >.n»*l liinld- 
ing. but after independence ;l«e 
effect of measures such ns trade 
licensing. Government - cun- 
i rolled financial institution*, and 
Government direc-iivo on .illiiea- 
lion of credit, -led to increased 
Kenyan activity in other .-.eclurs. 
In particular these were real 
estate, passenger road transporl. 
and a growing share of ihe hotel 
and restaurant business. 

The main areas which 
Kenyans have yet to dominate 
arc construction, financial ser- 
vices and manufacturing — due 
to limitations of capital and 
expertise. But both obstacles, 
in particular the former, art- 
being overcome. 

Financial syndicate*. State 
economic institutions and mer- 
chant and industrial banks — 
such as the Industrial Develop- 
ment Bank tIDBi — are provid- 
ing the means for increasing 
Kenyan access. 

Currently business is boom- 
ing for Kenyan businessmen 
and their foreign partners. Bui 
as the impact of high coffee and 
tea prices recedes and domestic 
demand for their products in- 
evitably falls, they will have to 
make greater efforts to find ex- 
port markets—*' the major 
challenge in years to come.*’ as 
Industry Minister tiuid 
Mwamunga puts “ M.H. 


Crops 

CONTINUED FROM PREVIOUS PAGE 


coffee export Quotas might be 
imposed again. 

The rains which have so 
seriously hit the coffee crop 
have had the opposite effect on 
tea. Production is expected to 
be significantly up this year 
on 3977. which was itself an 
excellent year — production rose 
to 86.000 tonnes of made tea. a 
39 per cent rise on 1976. How- 
ever, this year’s rise will not be 
as steep as it might since the 
rains have meant difficulties in 
getting the crop to factories 
along muddy rural roads. 

After years of virtually stag- 
nating in real terms, tea prices 
rose sharply on the back of the 
coffee boom but have also fallen 
sharply — last month the average 
price of a kUo at one Mombasa 
auction was Ksh 11-74, down 
more than half from the 
Ksh 24.96 at the same time last 
year. 

Reasonable 

Kenyans expect that the 
price will remain above the 
1976 level for the remainder of 
this year and the long-term 
prospects appear reasonable. 

Hie organisation of the small- 
holder tea section is perhaps 
the most impressive of all 
branches of Kenyan agriculture. 
In the early days of the indus- 
try, many cynics maintained 
that tea was just not suited to 
smallholder production but 
Kenya has proved them wrong, 
largely because it has set up a 
veiy well integrated production 
structure, with a particularly 
efficient field service. Produc- 
tion per acre is still significantly 
higher on the iarge plantations, 
which last year produced 61m 
kilos compared to the small- 
holders’ 25m kilos, but the small 
man’s output frequently fetches 
higher prices than that of the 
estates. 

The price paid to Kenyan 
Farmers for their tea and 
coffee is set by the world 
market price — a rarity i n 
Africa where Governments 
usually fix a producer price for 
export crops and then sub- 
sidise farmers :f the market 
price is below this or keep the 
profits if it is above. Pricing 
policy for other Kenyan pro- 
ducts can, however, sometimes 
present problems. 

Pricing policy is, of course, 
extremely difficult in any 
country, with Governments hav- 
ing to balance the conflicting 
demands of producers and 
domestic consumers. The 
hazards this can entail are 


iSS L Jffi nt 






Hr s&i wmM\ 

s ii id -2; ' 



re’s 
men! 


K«nys ;<a:-3rtffl Csp^tat Corporation Limited, new situated 
cn zhz rtoor 3? National Sank House, has been 

d to provide a full range of merchant banking 
crpc.-cis finance, raising cf capita!, 
rsa-iaation new issues, acquisitions, mergers, 
r. t.-.d project finance - advisory, arid 
it v: rrices for companies, corporations, end 
i r. fancies. K ENVAC is active in trade finance, 
er.zort finance, end provides medium to long term 
fids and investment purposes. 


services - z 
capita rs o 
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gave: 

finar. -* 




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• ~ .. * . y yrj *.sJmc k«w/n3ieiC?ultr.-. t Ke-.y* 'r 



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shown by the current Kenyan 
maize glut. 

In 1976 the Government 
suddenly raised the producer 
price of a bag of maize from 
KSh 65 to KSh 80 and this, 
coupled with good weather, has 
now produced a huge surplus. 
There are estimated to be 5m 
to 6ra bags in storage (Kenya's 
strategic reserve is some 2ni 
bags; and there is nowhere left 
to store the maize that is stiil j 
coming in. Difficulty in off- 
loading their crop means that 
farmers have been having ti» 
sell lo middlemen at a price 
much lower than the official 
one. 

There is a strong dehate going 
on in Kenya about the possi- 
bility of exporting some of the! 
surplus. The Government ) 
appeared to be on the verge ofj 
doing so at nne stage but then i 
pulled back. And the effects of] 
the relatively high maize price; 
appear to streteh beyond thisj 
crop. The production cm- 
pyretiiwni flowers i used in in- 
secticides) was 13 per cent down 
on 1976 in the first nine months 
of last year, which some 
attribute parily to Tanners 

switching to maize and partly to 
the rapid iu crease in labour 
costs in rural areas. 

But such price hiccups apnrl, 
Kenya’s agricultural base is 
relatively strong and well 
diversified. Sugar, for example, 
has heen a considerable success 
story, particularly the huge out- 
growers’ scheme at Mumias. 
Kenya is still a net importer of 
sugar, though the rapid expan- 
sion of the industry may leave 
it with an export surplus by the j 
early i9S0s. At present, how- 
ever, production costs are sub- 
stantially above the very 
depressed world market price. 

One of the most encouraging 
areas of agricultural expansion 
is in the horticultural and 
trnpicai fruits sector. Displaying 
its usual commercial acumen. 
Kenya quickly realised tiv; 
potential market in Europe f»>r 
its beans, pineapples, mangui.- 
and fre&h flowers and produc- 
tion has been growing steadily, 
both on smallholder plots and 
large farms. 

More horticultural extension 
staff may be needed tu b»"i*r 
output further, but one of t!>- 
industry's major problems i>| 
simply the supply or air ear>ti 
space to freight the produce i«{ 
Europe. Lack or souihhmnni 
cargo from Europe to Kenya 
can make tr.e Kenya -Europe ii> 
uneconomical for the airlines. 

tf.D. 



r.-r. r £*> * - “ ^ .^3 rt' v- r*® 

w' D-' •“ 

f'S-r rapidly growing 
acid km° neEshbou?s 








■«.;FE"'w' — - ccn 




rii.Ttr temple*; is h^ir.g developed. 


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mfi ww^ P PTK E ft. PITY 

ti I: ii tl >j% fit fe bl 


Mj: 

VMS 


* ..L 

sr • : ■ 


i’CtLSR: ii'-t* vital sy:ip ji't of K^nya is 
c-v-?:] bv KENYA PORTS 

O V 

TiO PITY. The port has i-5 deep 
K‘ i: v'tr.s -my:, one more under con- 






ansnorsucs. on 


terminals and modern equipment for 
handling all types of truSic quickly and 
efficiently. The port also has full 
bunkering facilities ior both water and 
fuel oil. 




l V .'il 


- *7 t - r . ■- - ;; ,1 - : 
• Vw 


Tclex dld4:> ‘ Bandar i. 


Grants * Harbours : 




Financial Hints Thursday June 1 197 S o 



KENYA VI 




MOST PEOPLE 
KNOWHOW TO 
DRINK A BEER 


But only a chosen few 
know how to make it. 


The East African Breweries Limited 
current production reaches nearly 
..a half a billion bottles of quality 
beer a year. That's the current 
production figure for the four brewery 
installations owned and operated by 
Kenya Breweries Limited 
the wholly owned subsidiary of 
East African Breweries Limited. 

Based on more than half a century 
of hard won experience, Kenya can 
now assist other countries in 
Africa, the Middle East and 
Indian Ocean areas establish their 
own domestic barley growing, 
mattings and brewing industries. 


ASK KENYA'S Minister oT At the heart of this pulley is and also carries nut feasibilityborrowing by foreign controlled 
Cuiitmcrve arid Industry. Eliud tin? Fnreign Investment Pruie<- studies of plant .sites. companies in Kenya were 

Mwamunga, about investment u«»n Act 1964 which arming However, earlier this year liberalised in May 1977. Until 
opportunities in the country and other things guarantees full and the Minister or Industry in di- then foreign controlled com- 
he is likely u» begin his answer prompt compensation should caied that the K1E programme panies' local borrowing had 
by handing across two booklets, property be compulsorily taken was aimed mainly at the small been restricted to between 20 to 
One is a "lossy 6<i-pa"e "uide over. African businessman. He spoke 60 per cent of investment. But 

•Your Business Pa liner in Once a putcnlial investor has " f his concern about “ The ten- as money -supply sharply 
Africa," which am»na other satisfied the Minislrv of Finance dency of non-citizens to dupli- increased during the coffee 
things sots nut incentives, that the project meets basic projects already covered boom, foreign controlled com- 

proccd ures. taxation rates and criteria: raises the national Kenya Industrial Estates parties were permitted to 

plant location policy. The other income, brings new ir>cJinoJoyy. programme, noting that he had increase local borrowing to a 
is a regularly updated eyeiu- creates jobs, increases exports " «m several occasions called on maximum of 100 per cent of 
.styled survey of potential or reduces imports, and divcrsi- » ur la wr industrialists to leave their equity for a period of two 
projects. The latest one gives hes the ecnnumv — the Minister l be small-scale sector to African 

information ranging from the may | SiUe a " Certificate of industrialists— but it seems this The provision is that the 
number of lavatory eysterns Approved Enterprise. bas fallen on deaf ears." facility is used for new invest- 

imported annually to a brief .... ... . . .. The minister warned that ment of expansion in the agri- 

summary of a proposed KI20- mis win permit ine runii- - Government will critically cultural, manufacturing and 
£25 m mini-integrated steel plant P r .v. 1 ,‘V scrutinise all applications for tourist sectors, 

at Mombasa with a capacity of P ^ P " r . t I on raw materials and machinery D 

K and Inkiest o? In* ’"an which may- seek to POllCy 


250-30U.U00 tuns a year. * pm-eeds of sale, and the prin- 
This efficient and imaginative cipal and interest of any loan 
approach is one reason fur sP r-, ‘ihed in the certificate. 


cipal and interest of any loan *1}'* m . a >' seek t0 


Overall Government policy >s 


The Technical Services Division 

within the East African Breweries 
group provides a wide range of 
consultancy and management 
services including: 

□ Preliminary market surveys; 

□ Feasibility studies; 

□ Design of complete 
breweries and mailings; 

□ Design of process systems; 

□ Financing and procurement; 

□ Supervision of 
construction and start-up; 

□ Product marketing; 

□ Personnel selection and training; 

□ Development 

of barley growing schemes. 

For further Information please contact: 

Technical Director (Development) 
East African Breweries Limited 
P.0. Box 30161, Nairobi, Kenya 
Telex: 22628 


Kenya's ability to have attracted There are oilier incentives. two niain Government-sponsored l ? m .°? from import-substitu-, 

British and U.S. Investment of Newly established companies development banks the Indus- tl0n in <* ustr,es *o those making 

£ROm and $lSu-200m respee- can delay the year m which tax tr i a j Development Bank (£DB) S reater . use of domestic 
lively. and profits will start, and dedue- and the Development Finance f esourc es- Hence Kenya is look- 

Not foreign investment — tinn* fur capital expenditure Company of Kcnva (DFCKi. ing for investment in areas. such 

mainly from Britain and the tan he made at the folluwing jdb apart from d rawin' 1 on as mea * processing, dairy pro- 
l/S. but also from India and percentage of initial value: ]0l , a] ' sol ] rct . s oI - finance ° has ducts - and food pro- 

U’csrern Europe— is nii. say hotels 6 per cent per annum, lltlk5 witb the German Develop- cesiiin X- ^gar, cotton and mixed 
Ministry of Finance officials, industrial buildings 2.5 per cent m ent Bank the World Bank and fibre texti,es * wood Processing 
because incumin!! capital lends p ( . r annum, factory machines tbe FEC Glia nans institutions an< * furniture, chemicals, 
lo he matched by the outflow I3>3 por f;u . m per annum, trucks r or t I rin , oar . s * d machinery insecticides, cement, machinery 
uf profits and dividends. But and tractors 37.5 per cent per ,. rec jits nrtinlv to finance the raanu f aetures - arj d others, 
remvestment of profits amounts annlMn . rorei ?n currency component in CondiUons and incentives for 

to *«me K140m a year. industrial nroieefs Investment in the tourist 

Ask foreign businessmen * ji DFCK is iointlv owned bv the industry are similar to other 

inri' Kt ;^. Allowance Kenya Govcrn “ } ent (thi-oush ««ors. except that hotel, in 

/“ pL'm/t lh, pi£ 3„ err„n ... on.,.„ra S e 1CDO. the Commonweal. "f^V/TSolt sfTr^m 

independence record of political industrial develupmem in Development Corporation. »' e Tte Kenya 

stability, and an ability to smaller centres there is an Netherlands Overseas Finance local y J™*. Ttan Kenya 
combine an official commit- initial allowance of ‘20 per cent Company and the German Tourist ^ Developmem Con)0 
mc«u to "African Socialism “ of rhe c»M of industrial build- Development Corporation. It t ' cn . a ®‘ 1 “ wlUl invesuneni m 
. there arc over 50 parastatal jng.s. plant and machinery Tor was formed in 19691 and has the industry. industries 

n im! •aUiuil 111 lirmc \ n inrfuvlrfiov' -orofl uiirsfifo ihu since invested over K£llni itl ■Protection 10 JOC.ll inoustn 


manufactured goods, with higher 
rates on cars and luxury items. 
New industries may also be 
granted administrative protec- 
tion bv import licensing: 

The’ Kenya External Trade 
Authority (KETA) established 
in 1976 is a government spon- 
sored body leading Kenya s 
export drive,' publicising Kenyan 
products abroad and carrying 
out surveys of Foreign markets. 

One of Kenya’s attractions in’ 
the past has been its position 
in the East African Coro- 
mum ty, the association with 
Tanzania and Uganda which 
ended last year. The closure 
of the Tanzanian border lost 
Kenya what was irs fourth big- 
gest market in 1976, and also 
ended access to Zambia. 

Sudan will help fill the gap, 
but the Government is also 


looking for 'markets in the 
Middle East. Europe and- 
North America— hence last" 
month's . Kenya 1 exhibi Bon'' : in 
New York. . As. a>sigimt6ry to 
the Lome' Convention, - Kenya 
enjoys tariff! and trade;, Conces- 
sions in the EEC market#; -and 
under the Generalised System 
of Preferences; Kenyan exjiorts 
may receive preferential d^ty'; 
treatment for certain lnari.itfaer: 
tured -goods and- agricultural 
products -in .'the U-S.^.' and- 
Canada, Australasia, - Eastern-. 
Europe. Japan -and Scaiidinavia v 

There is no law . goyeriditgi 
local participation in aimpaJiiies 

but as the investment: "guide' 
tactfully puts ..iv .‘•-invcstois; 
would find it. to .their advantage , 
to do so." - . 


MJI. 


KENYA IS 
GROWING FAST 


hep.* about the appeal of Kenya /\llOW3nC6 

aurl a loins l invariably they * 

begin by point ing to the post In an effort i«i 


bodies and about 40 firms in industries sited outside the since invested over Kfllni 


which the public sector has a two mam cities. Nairobi and 71 projects. 


majority ' control) with Mombasa. Conditions affecting local au per ve«u « ui« >*iu C .. 

capitalism. • Local authorities will provide 

And in addition to a network land, especially jn rural areas, 
of commercial banking services fur indu'd rial projects at low ✓ -jr~ 1 y 

there are several government rates, and Kenya Railways Cur- (i 9 /~\ -4^ i 

finoneing organisations which go pnratinn also provides land if I I I I I ) I 111 dm I 

nut of their way tn encourage the site is served by rail. | jj \ k _J 1. JLJLAv^VJL 

foreign investment. Combine Tax rales are 45 per cent uf 

this with an ample supply of taxable profit for companies 
labour. a well-developed resident in Kenya. 52.5 per cent 

infrastructure and an enter- for nun-resident companies. j 

prising class of Kenyan busi- Dividends are subject to 15 per /^V T* 

nessmen and one can see why cent tax. loan interast 12.5 per XI .1 . I I I I 

the country has attracted some cent, management fees 2d per L*/ A 

ui the leading names in British cent and capilal gains tax 35 
industry. per cent. 

British Leyland, Cadbury Kenya Industrial Estates, a TW n KIKUYU ladies, mother sector, for the theme of the 
Schweppes. Shell. EP. ICI. subsidiary of the Government- an<1 daughter, arrive on our coming 197JF83 Development 
Unilever. Lonrho. Metal Box. owned Industrial and Commer- doorstep twice a week, and, by Plan, which sets out Kenya’s 
Portland Content. Brookc-Bond. vial Development Corporation arrangement dump their load development strategies, is to be 
Hooker McConnell and others < ICDCj finances industrial 0 f aat j vegetables the alleviation of poverty and 

have taken advantage nf cstaie« in Nairobi. Mombasa. f ro)T) 3 car in our yard. From more attention is to be paid to 
Kenya's investment policy. KKumn. Elduivt and Nakuru. uiis base they set off lo hawk the informal sector to promote 
■ 1 their wares round the houses its growth. 


is provided by tariffs of up to I 
local 30 per cent of the value of I 




*rrTF¥wm 

MnMMiwwnw 


nwiiiiiHi 


‘Informal’ 



sector 






f i - 








W 


in the area. Moreover, rhe new Education 

The fruit and vcselablw. come 10 

cither from their little sliamba. ur S es ,h. G °22aTm»nt 
or plot, or are bought in the auclerate the enforcement or 

market. It Is a tough job. ana neressarj' legislative and 
they set off on their rounds administrative measures to 
with heavy sacks on their backs. f bol '5' h ” s “ . f „.t™n 

coming back at intervals for " r *™ al . s! ' c,or " nd 

facilitate its growth. 

. It has been recognised for a 
They are ju.st two more of the j oni , t j mc the informal 

tens of thousands of hawkers sector is highly productive and 
operating one man businesses tends t0 con tribule to social 
round Nairobi, in both ihe pro^ stability> It is based on se | f . 
peruus and the poor areas. In employment, and the little busi- 
aeivr- to - lie - forgotten jargon, nL . sses often handed down 
created by the 1LO in a report f rc ,n) father to .son or daughter, 
on work and labour in Kenya. jj ao y roadside workshops 
they belung to the "informal employ one or more workers, 
sector. The ladies might be Their goods and services are 
surprised lo know that that is generally not aimed at the more 
how they are referred to in a prosperous sections of Kenya 
series of reports. society, but to the people with 

The 1LQ regard this class of small incomes, for, in theory at 
the smallest businessmen and any rate, their services are 
women as of very great import- cheaper. 

a nee to the economy, specially There seems no question that 
in the rural areas. How are they jf the Government is to inle- 
getting on? grate the informal sector into 

In spile of the Sessional ( bc process of development it 
Paper on employment in 1973, should grapple with the prob- 
when the Kenya Government Jem very seriously, providing 
recognised ihc essential role of proper coDditious such as water 
the informal sector in national and sanitation in which to 
development, little appears to operate on a permanent basis. A 
have been dune lo help this recent cholera scare in Nairobi 
class of wurking pour with the and Mombasa brought a justi- 
kind of economic encourage- fi a blc ban ori all fond kiosks 




The corporate objective ot the Bank is to promote 
and stimulate industrial development in accordance 
with the Government lonj term industrial strategy. 
In order to effectively play this role in the 
development of fcenya. IDB seeks collaboration, 
through joint ventures with overseas industrialists, 
who are willing to provide capital, technical know- 
how and general management to the investment 
project, insuch Helds as mining, tourism, 
manufacturing and agro processing. If you are 
looking for an investment opportunity think of 
Kenya^nd IDB will assist you shape and implement 
your investment proposal. 

To date more than £ 20 million has been com- 
mitted in 50 projects. Future outlook is good and 
IDB hopes to finance more than 10% per annum of 
the industrial investment in Kenya during the period 
1978 through 1981. 


CAy- 


^ & 5 * v 

■*sv m 


DSV 


Ail enquiries to the Managing Director, 

^ INOJSTRAL#^, 
DEVEIDRMENT f IDI 
BANK LTD '%£=*? 


mt'iu given to bigger businesses, operating in insanitary shanties. 

Many were put out of business, 


Disrupted 


but it was inevitable that they! 
should pop up elsewhere in the 1 


National Bank House, Harambee Avenue Box440S6, 
Nairobi . Kenya . Telephone 337079 
Telex 22339 

Cables Indevbank, Nairobi 


They are still harassed by lown - 


councils. Si line times 7 ’Ijc informal sector 


shanties creeled by them as ' n legral part of Kenyan society, 
workshops, bnuiiqueri uf that as it is in many other countries. 


word can hi- used in this sense). an ^ ti cannot be spirited away 
little eating places and kiosks al wave of an economist s 
”et swept away in sudden police wand. 

blitzes on 1 hi- slums which con- amount of pressure from 

tinu-nllv fester round Nairobi 'be formal sector can uproot 
and Mombasa. Their little such . determined and per- 
busi nesses are disrupted, but tina cions men and women, and 
mte characteristic they have in fbe economic planners must 
common i> tenacity — and inevitably get round to recogms- 
survival. They always spring up ' n S ihero as an economic force 
again for the simple reason that 10 reckoned with. The ILO 
they have In live and this is team - which did so much work 
lh>* only way they know. on l be informal sector, could 

Nut by any means, as ihc no * estimate what its earnings 
ILO recognised, must they he wcrc * but found there were at 
regarded as "unempluved." In * eas ^, '-0.(100 freelance traders 
lact they art most gainlullv in ^airobiand Mombasa, and 
employed * perhaps 140.000 in the rural 

Every Visitor lu Nairobi lias low " s anri t vi, lages. Most arc 
nulic-d the keriiside rubber Perhaps only marginally pro- 
stamp makers, the shoe shine ductlve, hut it is better to have 
buys who proliferate at rverv and spending 

- 1 reel .-..rner, rhe kerbside seller lhan ^andiiig round idly in 
uf md ha nil Playboys and l,n cmpio.vment queues. 

Penthouses, the man who irics T , he Government is now obvi- 
lo sell you elephant hair brace- pusly recognising that this scc- 
leis. the al fre.se, . hairdresser ,nr of l ' oonomy COBl,nu « 10 
with his vjIi.ii under a tree. »™. w “" dcr ' ls ° wn n,0t, 1 Vall °! 1 ' 


For modem economic 
building systems 
choose: 


Simbarite 1 


S^nce; 

v5«ai: 


Asbestos Cement 
Construction Materials 


.-iiJk 

. : c“« 


Super Seven and Standard Three 
corrugated Sheets and accessories for 
roofing and -cladding. 

Flat Sheets for ceilings and partitions. 
Comprehensive range of moulded 
products. 


• K ; 


caiering Tor both men anf i with htUe or no support, largoly 
wim-n, the bicycle repairer, the d,,c *® Predominant mflu- 


"garage" in a waste Jot which ence °J JJ* modc ( r " In 

spcc.ali.sos (he has to) in beat- v, r ew ,? f thc . m °“ ntlI,R donee 
up cars, charcoal sellers. All ® f » h « us ® fulness - 

these l.nle businessmen holnn.T specially in the rural areas. 


Appointed Agents in> 

UGANDA. RUANDA & SOUTHERN SUDAN 



Commercial Bank of Africa Limited 


these little businessmen belong « ■ , . c 

to the "informal sector" 10 he 

They may not earn enough to niL P *!* 

pay taxes— say K£25 to Ki:w a ss ^ ntl f ro !. ,n n ab0nal dc\cl- 

muuth among the pooror-but m m 'ST* * 

, their miini-v rnnrl nnrt b ' '? - ilvc P«pte 


KENYA ASBESTOS CEMENT CO LTD 

P.O. BOX BOSB2 MOMBASA KENYA TELEPHONE 485901/2/3/* 
TELEX BAMBU 21266 CABLES SIMBARITE 

KENCOM HOUSE BOX 30669 NAIROBI KENYA TH_ 331 750 CABLES S<MBABnE 


i i 



their money is good and goes 


P 0 Box 30437 Wabera Street, Nairobi Kenya 
Branches in Nairobi and Mombasa 


round ;ind round. 


credit facilities and manage- 


It may ha iha. n-al r.-L-Ofm- m, ’ nl s,,d ,,:c ' ,n, “ l 
tiun ts coming for Ihe informal John Worrall 


AN ASSOCIATE COMPANY OF 8AMBURI PORTLAND 
CEMENT COMPANY LIMITED 






Switch in education 





r-sa 

r r -K 

id sj2 
a * '*ȣ 

■ n taniji^ 

jr^ltur, • 

, ^ *■ 
Ea '-1tn 

l ' an *«ta5 . 
* ov *r#i»- 
1 1 a *?W 
a -"‘ a, 

,r| ve*i fr , 

l* ad van,.. 


or- "^ppcopnste” - education, leads to high wage employment Kenyan resources to We limn. goes w ^ ‘v, Fducation by developing new 

tat«a4^ «pup joung people In the moSrn. when sector. An imports aspect of Kenya’s education from standards one to Mucau™ j>y „ 

fax tfce ? realities of Me” in a - “-Youth will need to be educational aims at that time four, which is a comparatively ™ . MS 

fasf-4oyeid^ now exposed to the realities of work was, and still is, to promote recent breakthrough^rne lo - P y s remarkable Harara- 

und«ri^oppd?rati<ai fa." Kenya while at school," says the report national unity in a diverse eom- ernment J® e “f_ be e experiment fast gainins 
wifli-^tlie^/PiibliCation of the Vocational training wild need to munal and tribal background. “ enmndTn the rural areas is the 

report 'of the be oriented towards rural self- ln 1963 tbe enrolment in stanflams Dy i - “Village Polytechnic," which 

.NatoW^raatteVon.Edma- employment' ; primary schools was 891.553. bee " ( ££ has grown from the need to 

, tion^ecSyes.and Pohcies. .... Sharp, emphasis is to be This has jumped spectacularly launched the haramoee i g work oppor tunitics in 

- • ' i a heln) movement in me cany . . 


tiqn JWgetgjy es. and Pouci es. sharp, emphasis is to be This has jumped spectacularly i7f M _r“r L early provide work opportunitics in 

■riierepost, lotig awalted.'pro- placed on agriculture-related to about 3m today, about 90 per help) movemeni ui j simple crafts and skills among 

viiteSvU'pltarfor Kenya’s rapidly skills, even in the eariy years of cent 0 f a n eligible children. In yea ^ t °„‘ n -”J 0 «»i>pia’ilv in the country boys and girls who have 

jinDFcifuincp nvaAc ' Jvf-hnnlin« 'hf-t-nilSi* it IS on a2ri* 10A4 t>jpr 0 upr* 30 l£fl pnrot- CftUgM OH I8SL, ““r . * - , nt nrimarv level, or 


employment among graduates generally found in the formal from 17,000 to just over 100.000. Schools. T *| . h | oua i needlework, agricultural skills, 

of i^e iforjtoal ^isttem:; Parar system. Nairobi University, created in buJt „ self-neln motor mechanics, bicycle re- 

doxicaliy, -/ mqjor areas .of Kenya has achieved impres- 1970. has 5,000 students. The commuw® locally pairs, building and home crafts 

development,-; ih -rural areas give results in providing prim- Kenyatta University College was basis, witn me j tQ people who seek to set 

Isapecjally/ ^ / Seriously ary, secondary and tertiary ed a- bom in 1972 as a secondary raised funds. . up self-employed trades in the 

tampered TQr . i . lack .of: workers cation for its people in the 14 school teacher training college They have piayeaa ° s p infornia i sector. Local communi- 
withi.tiieriipprppriate attitudes, years since independence, and has 1,200 students. J? ^ not ties raise money, build and set 

knowledge 1 ‘and ddUs. . ' Certainly it is a better record There are two major Polytech- two ® lttance t0 Gov- «P schools, using local 

'unvifiii Tvfatwnp th*» formal than most other' African nics, at Nairobi and Mombasa, able to gain _ materials and local skills. There 

JgS^S^SSlJS^ With 4,240 students between eremef £ ^TeSn or are now well over 20U v£age 

form, it - is Educational opportunities for them, and several, but not “ho?Jf t? . limitation poiys scattered all over Ken> a 

Sttem^fy %£* tefore S SS 5^T throughout the SSSb? 

ras “sa -£. ms Efcrss r.ss 

SSSZ&’ZSm Of Ha and more. There are 700 schools bom 





te ch n ril hg tcaF^ah d - artisan skills 
will berjpAreasingly. in demand, 
partitii&irly ln the rural areas, 
if . : money - •; incentives cap be 


Strbri^j-eniphasised is the 
iaudf#tfz&i^~tn train better an d 
more' - qualified teachers; ■ with 
varying altitudes, especkdly for 
the^riiriaiy. ; sdhools. At present 
. most teacher^ brought up in the 
formal academic system care 
di^ fitted to 'teach' Inside the 
: system^'. 'J;' 

. With, the increasing need to 
improve grbwth ' ih the . -rural 


Banks as an aid 

to development 


by local communities to serve 
their special needs (at the 
slightly more advanced level 
than the village polys in crafts 
and technology. About eight 
are now in operation. 

The growth and encourage- 
ment of village polys and the 
institutes of science and techno- 
logy. with their emphasis on 
rural crafts, science and artisan 
skills, are a significant pointer 
to the new trends in Kenyan 
education. Some 90 per cent j 
of the population lives in the | 
rural areas, and one of the big- 


WHERE IN THE WORLD 
WILL YOU FIND 



LUU.& u, — tr- : . . . I/, ripvplnn- deposits are me *»b iuui ■ *ki per cem miLwt — -f uon iui — . . . 

mg. selfi^flnplpyincnt^^port^^ independence economic dfi P- “®P ya Commercia j 5^ Bar- supply last year as earnings eeare d more to the deprived 

ties ahd.T^tterjbb: rewards to clays Bank International, the from record coffee and tea crops areas. 

attract :■ school j leavers. It.is . Td^ay there a^ 15 commer St dard Ban j. ^ the National DO ured in. Last month, the New programme* and curn- 







iQm- 




bjmks is te be to the region of 22 S ng changed to the science, 

STS5ffl« asr -ss -Mrs ShTSS-s ss 

SSASTiffU n °ThT little ‘ VUlage 

sms ssasaMffl iv\:"Zy ] z .?> 

?rZT S„d Comniree ^ Inter- July 1978 to June 1979-a sharp knn ^ as -Craft Train, ng 
Sfi 1 *,' t .ieS«TiS Three fall compared to the 33 per cent centres” and are to have 
S a n ktSSntal Illinois expansion in bank credit to the stronger government support 
Bank! *Buk of Toklo and Bank private sector in 1977. ^ ^ and encouragement 


BWd 


:at>'U 

all**"- 

k .jT*V".t 






■ : ; !' \ r--- v ".7 ", ~ 

--’jj .--v gt 


flu ■- !l ■ . 

.... . . n; O- 
I ‘ l 

, . ~r 'lOv 


• qpin^ft slip?ay- used by ai 




IB-: ' 




' 9 °wbam 





DegBl^rer^nii 


7.0 m 










iter* 


h -8.8-539^ -- 






JJallA,' v* — — - - - 

I igoslavia— have represen- He also stressed the role ot 

offices .in Kenya. ' commercial banks in the 

ks been a busy time for country’s policy of 
e&jal banks. The volume development from urban 
rose from K£358m at rural areas, 
d ofi-1976 to K£525ra at the •* The authorities expect I 
f 197$, and: their liquidity commercial banks to help in 
per -.cent became over- channelling some of their sur-| 
ung. . plus savings into the develop- 1 

ley kept voluntarily by the ment of rural area, lutnd 1 of 
at the Central Bank— transmitting them to urban l 
as the centres 

Tior, Mr. Duncan Ndegwa mainly J° r 

—rose from K£21m at the Commercial banks which are 

f 1976 to K£53m by Decern- ***** ^hlfuld^ot^xpect Uie 

re33S&rga«8ffJ 

a for Investment of surplus I 

l b noted Mr. Ndegwa. The most important aspect ^ of 
.v r. this development policy is the 

an at these peak levels no ovlsion o{ credit to African 
announced lower mter«t aQd small businessmen. 1 

although generally hanks ^ Jn ot h er countries, it is done j 
prepared to make loans at ^ encoura ging the banks to I 
ung from 7 per cent up- lend a percentage of their J 

s. deposit liabilities. j 

the moment Kenya does There has been limited suc- 
lave any organised discount Despite what the Central 

;et, but the Kenya National ttarilr described as “ excessive I 
tal Corporation, owned 60 liquidity ” throughout 1976-77, . 

cent by the Nation^ Bank j me 1977 the Commercial I 
[enya and 40 ; per cent by gangs’ agricultural credit was j 
^National Assurance Com- only 31 per cent of their net 
and established recently, deposit liabilities. Only four of I 
be able to provide discount tbe 14 banks then operating l 
Ices' in bills of .exchange, had reached the 17 per cent! 
Mrs acceptances and govern- target There are signs, how- j 
t paper. It .aims to provide everi that the position may be I 
diaiit and investment -bank- improving. In the quarter end- j 
services and offer invest- jug December 1977, credit to I 
t facilities for companies’ t he agricultural sector had risen I 
ilns funds, in deposits, nearly 22 per cent pushing up 
Is, shares and property. agricultural credit to five points I 
iere is also a wide range below the 17 per cent target j 
non-bank financial institu- The main problems are the I 
s' consisting of a post office comparatively high rate of risk! 
ngs bank, housing finance j or the banks in lending to I 
pkhies, hire purchase com- smallholders, but equally im-l 
ies, two .industnal. develop- portant is putting banking I 
it banks and two locally services within their reach— | 
►rporated non-bank financial hence the Governor’s warning j 
itutions, the Kenya Finance against “ purely urban centred 
poration and the Continental banks." 

dit Finance Company. Nairobi maintains a small but I 

he Central Bank of Kenya vigorous stock market in which! 

; Inaugurated in September some 70 counters are traded. I 
6 under "ft statute which set Not surprisingly, the past year 
\faur principal objectives, has seen a high level of activity. 1 
;sq are: to regulate the issue Transactions on the exchange! 
notes and coin, to ensure a amounted to 9.3m in 1976-77 
monetary, a® 1 compared to 5.9m in 1975-76, 

iking system and to serve as while the value of transactions 
ji-banker- arid adviser to the rose' K£2.8m to K£20.5m. The! 
rarnment The Central Bank index of prices shot up from 
Kenya“ Act stipulate* *e 197 in June 1976 to 288 a year 
lits-'to the total credit, that later, fund now stands at around 
^eminent' can take directly 430. , . I 

indirectly from the Central very few companies have 
njt ’ gone public in the past few! 

me conservative fiscal polices years, but the case of the in- 

the Central Bank; have been Austria! and Commercial De- 
impbrtant factor. in. inter- ve iop m ent Corporation Invest- 
tional confidence. . The broad meilt Company illustrated the 
licies have remained the same potential demand for shares. To- 
ice independence: .to mam- war ds the end of last year, the 
in sound money and control company sought to increase its 
e rate' of inflation, to check gbare capital from KSb 6m to 
bid - deterioration in - the j^gj, igm by selling 1.2m shares 
lance of payments, and to pro- t0 public at the current 
ct the key. productive sectors va ] U p 0 f 13 sh per share, 
the-econoroy— namely agncul- The result was over Sh34m 

re, niahu&cturing exports and in ll 0 oo applications, 99 per 
ifliv African business. . cent of which applied for less 
The rate of inflation— arpund 2 ,000 shares each, repre- 

•'■percent and possibly rising genting 77 per cent of the 








In 60 countries around eWorld, almost anpvhere thatyou may .vant 
to do business. In Kcnva, for instance, tre are along-established part of 
commercial life, "with 34 branches right across the country. _ 

When vou use Standard Chartered for your Kenyan business j ou sat e 
yourself mono'- and time, because ourU.K. branch nearest to you u-Jl contact 

Sssssgrsssasss^^ 

SSlandard Chartered Jl 

fill Bank Limited ,, W 

helps you throughout the world. 

Head Office: 10acmenisLanc.LomlonEC4N7AB • Aswta exceed L .,0)0 mllU-.-a 


imazirg story of 
mational money and 
Ise has turned one 

lyas largest natural 

litres into paper. 



The Panafrican Paper Mills venture is 
a success story brought about by inter- 
national co-operation together with 
the Kenya Government's farsighted 
policies on development. 

While possessing one of the largest 
resource of tree plantations in Africa, 
Kenya has had to import some 60.C00 
tons of paper each year . . . because 
there was no pulp and paper mill. 
Now— thanks to the vision and invest- 
ment policies of the International 


Finance Corporation, a World Bank 
acency, who inspired this joint venture 
—Kenya now supplies most of its own 
paper needs. Needs that increase every 
year in pace with Kenya's boomirig 

development. s 

Kenya's neighbours have benefited 
from this industry, too ! 

This dramatic change was spear- 
headed by Orient Paper Mills— Asia's 
major paper producer— which is under 
the management of the Biria Group 


of Industries, one of India's largest 
industrial complexes. Orient have 
provided the management and tech- 
nical know-how in this K£21 million 
investment project 
In line with its policy of progressing 
towards economic independence, 
Kenya continues to encourage plans 
to develop its natural resources and 
is now working closely with Orient 
in a major expansion of the pulp and 
paper operation. 







: . ^ I 1 '■ ■ ■ ^ 

; ■.:^vT 1-,1 



'H pet cent and possibly rising se nting 

become particujarly .worry- amount 
■fa p ~ and last month the governor 
SSse of 1^ determinatioa to 


MB. 










26 


Financial Times Thursday . June 1 1978 


THE FIRST ESTABLISHED MODERN SOLVENT EXTRACTION 


KENYA VIH 


a 

£ 

00 


Santo 

PURE CORN OIL 


30 

ffl 

■Yl 


Hard fight for tdtWsth 



^HTthe* AmericaS KtoTte SKSto* ' 

^Jfnlace these 


a dangerous place 
one tour operator. 


told me. 


I KENYA'S CLASSIC tourist zania is now trying to sell Us This has had its effect on hotel 

attractions are still among the own wild life attractions, and rates, conservatively estimated 

I finest and most varied in the its own beautiful beaches, very by KTDC at between 10 and 15 

world. Growing numbers of hard in the world market. per cent higher in a year. 

(people come from Northern Thus tbe Kenya tourist others in 

vutjous authority is forced to spend however, are not so happy vf^Thi^jhink" Idi Amin especially in western -Kenya, 
hotels on the sunny Indian much more money on promo- 3bout nsiog prices. The Kenya ff^ coc T ^ wh^le continent, which .has ^n i. ^tgeiy 

Ocean coast. Others come to tjon in continental Europe. Association of Tour Operators terrorises tl,e w — 

safari among the game parks Britain and especially North recen ti y expressed concern 

where, despite the depredations America: this year close on about “escalating prices.” and 

' K£lm (£1.4m;. 


of poachers, large herds of 
elephant, zebra wildebeeste and 
antelope roam, and lucky 
tourists can photograph lion 
with their kilL The hunting 
safari Is definitely “ out,” by 
law, at some cost to profes- 
sional hunters and government. 


warned that this .trend could 
adversely affect the Industry. 
Mr. Gideon Kago, the chairman 
said it was becoming increas- 
Kenya has recently opened a ingly difficult to sell safaris up 
spectacular new airport at country because tourists re- 
Nairobi at a cost of K£30m to garded the hotel rates as “pro- 
cope with increasing numbers hibitively expensive.” 



ua “The trouble is they are weak- induced to openap-newjtea 

, . , , _.tbe tour business. * and African of • the country 

Europe to stay ar Ju.vurious authority is forced to spend however, are not so happy °E think Idi Amin especially in ' western ~Kehya, 

" u “ v mroies the whole continent, which ..has - J^n^'i^ly 

the <Serri!la war in Rhodesia neglected m /tb<? pasfc tA xww 
te doTTbe .S and we are 

right in the middle of the Horn opened^tm^Lake ,^hctona,-:near 
of Africa/* - Kisumu. -wiridt is-a 

Snectacular M*- Gid ^° n the chairman Si 3 for we plans tiy open 

spectacular said it wtI inmas . 

ST tourists *“»/*£*£ *°™gg»*** 

Saf3riS “ 0,6 businessmen, diplo- 0 n the whole It seems to be SSSSSw» f “<Sr2t« fro£ W° d< ^5-‘’eW* 

y ‘ . . and official vjsitors. easier to sell coastal holidays west Germanv who are now lands be yo n d Mar^ abit ^ „ 

Because Kenya knows it has The old airport at Embakazi than safaris up country, which to? of ti»e league,, followed by Q ne comparatively new trend 

an unrivalled product to offer handled 1.5m passengers a year take in the big national parks British risitoi^ many others is the establishment. of;* amps 

tourists, and tourists keep com- a t its demise, compared with and game reserves cwitreriand Italv for touristB Wiro Hke Iheopen 

'«*• *j“» “ • = 50 ' 000 *» .“«• "• ST, 5& worries, which fflSt K «* 

complacency in government and port is designed to handle 1/100 are n JJ t new Kenva has bailt are being tapped in immediate presenceofthe bush 

!*“ tourist lrade ' .*»<•.“««: departing and 1.200 arriving &SU ?apan ^d TmonTewSutes £ and its “ 

dustry. which has brought a the Middle East with nowhere ^jr 5 ' a + *• 
great deal of foreign exchange to go. ' either te 

into the countiy, second only to The Germans, the Swiss and can come for aboutK£2o a-^ght 

agriculture. This year, accord- the Italians «re mostly per twm tent with full pottrit . 

ing to Government estimates, it .attracted to the Kenya coast Operators are np^ng^iip 

is likely to reach a record and its fine hotels. Since the attractive 
K£50m. recent exp ansi on of Mombasa isolated. Lamiv the "ost Island" 

Tourism is a sensitive plant ^n>ort, the Germans have up. the eoast new the Somali 


-.4 

■T: 


*• i 

.♦ * 

• * t 
* 

• V 

■U 




I is beginning to realise it cannot passengers every hour, 
afford this attitude and. semi-circular passenger and 
allhough optimism abounds in cargo terminal is unique in 
some quarters, the going is Africa and is like only two 
likely to be tough in coming others in the world, 
years- The head of Kenya's biggest 

Kenya is now having to com- hotel owning and managing 
pete hard with other long-haul chain, African Tours and Hotels, 
destinations. Many of them are Mr. Henry Daly, says: “We are 


flights border with its historic -Arab 
- ias , 3 , ° t . °° ^arrvine 500 at a time on cheap Swahili traditions and arcfaitfic- 

(and therefore air fares! are compete favourably, but we are economic and political stability. n , ol ; ao <f tnurs ture is Idsing itsr maccasabaity 


very attractive, though distances just right on prices and can and depends a lot on internal ® own * n on weekly 


H 

< 

Z 

cc 

Ul 

H 

2 


Backed by a century of 
Italian tradition in quality foods. 

Made in Kenya by 

ELiAINTO KENYA LIMITED 

P O. Box 7333 Nakuru. Kenya 

Telephones: Nakuru 3501/3510, Telegrams: Elianto Nakuru 


01 "BIO NMOD 3J3fid ‘G3Nld3M All fid ONIOnaOlfld 'WMU30 


bigger. They include Hong having to work harder to main- Tourists will not go to trrabled Pa ^^ Se n „ t ® U ^ ear has Dot been with regular light aircraft com- 

Kong. Singapore. Bangkok, the tain present levels . Places In the Third World, J ■ 5JSJ5S The mumcations. - 

:lles, Mauritius, the West The Kenya Governments political stabtii^ can be dis- b ^ u _ of the East African One tour operator is bjgahia- 
Indies, and soon, it is forecast. Ministry of Tonrism and. Wild turbed at the stroke of a pen Commun f ty had big repercus- ing tours of the remote .isLmds 

South America. Life says tourism is still riding or the movement of a tank, With the collapse of East of theLamu Archipelago "where 

A keen new competitor is high and will continue to do so. President Amin's coup tn neigh- AfHran Airways, tbe Community Arab-™*™ abound, usin g smaB 

developing in Kenya’s neigh- The industry is of course bouring Uganda, and its reper- carrier. Kenya had to create in pg^mi Arab dhows equipped 

hour and erstwhile partner, haring to contend with rising missions, . destroyed a pros- a very short time its own ^ barS- •: 

1 Tanzania. Kenya-orieniaied costs in almost ail directions, perous tourist industir. national carrier, Kenya Airways. Kenya scoies tremendously. by 

tourists can no longer go into from higher air fares to higher One indication of the sensi- The break up, we have s j ® en '_ bav i n g hnilt up oyer.fee-yeais 
Tanzania. (The Tanzanians said eJectricitj’ and water costs, not tiveness of this plant is the also led to the closing by Tan- a tfj 0rou gh-going tourisi uifiv-' 

with some logic that Kenya was to mention tourist orientated falling off recently of the 2 ania of the common border, ^and gtmeture. ' Tour " operators, 

taking the cream), and -Tan- imports like wines and spirits. American tourist traffic, estl- a complete break with Kenya in , aboundi jnahy now run.’ -by 




end of the 
hunting safari 

FOR YEARS world eonserva- The next heaviest concen- The Government believes that 
tionists have been sniping at tration is in Kenya, which Dr. the ban on hunting will under- 
Kenya. Where is all the wild Douglas-Hamilion estimates to line its concern about the 
life going? Is Kenya neglect- have had 150,000 in 1970. but decline of wild animals. It was 
ing this priceless heritage? It now has about half that number, felt that the hunting ban would 
may be that time will show largely as a result of poaching, help the Game Department to 
that Kenya, in the words of the Armed gangs of poachers roam control poaching, since all those] 
celebrated British elephant the elephant country, some found with firearms would be 

expert. Dr. Iain Douglas- coming in from Somalia. They automatically under suspicion. 

Hamilton, is now becoming a are masterminded by ruthless Banning hunting without' ban- 
•model for Africa” in con- meT1 1,1 the cities who have the ning i^ e proceeds of hunting 
serving its wild life. It is not means , “J® , the ne twork to was thought to be illogical, so 
too soon! smuggle the ivory out of the lhe Government's next step was 

Last year the Kenya Govern- MacSre firt reug“t !? pUt a on 1 ™ ph ^ s * les ip 

ment banned both organised big £ £n "ere ^ the bLih o?mov- < ? no sh « ps of Na i robl f nd + 
game hunting and the sale of f^^lpSls atonSthe reidl ^ ombasa - Tbls K was do " c Ia ! 1 

The wildlife . c0 “® 1 ^ Rhino horn, sold in the Far disposed of their vast stocks of 
issue is crucially importan E aS [ as an aphrodisiac, leads to carvings, trinkets and bracelets, 
the tourist industry, to con- ^ s | au ght e r of hundreds of They went for knockdown 

servatiomsts abroad and in the scarce and sby rhinos, prices, as did skins, horns and 

Kenya itself, and to the Kenya jeopard s kj ns ar e an even rarer lion’s teeth. 

Government, whose name has find and sen for fantastic sums ... w wprfl 

been besmirched abroad for a foroad. Zebra are hunted for 
alleged neglect of this priceless tbe j r beautiful skins, 
heritage. 

Take the elephant. And it T>f|ripf|p|-c 
should be said at once that X l/ilLUCI .3 
Kenya is not the only country j s -^ged daily on the 

in Africa to contain large herds pp acbers by the armed anti- 
of these majestic creatures, poaching squads run by the 
They inhabit 33 countries from K enya Game Department Tbe 

the west to the east coasts. Dr. ppjjce have a special anti- uv#u€ii uauc it jyui 
Douglas- Hamilton, who lives in poaching unit based up country. “ “‘Z’ on "Hone Kone J 
Kenya, says almost all elephant The Ministry is now stepping j* . ' ’ 

herds are diminishing fast up the war with sophisticated thc elephant in Africa is 

He estimates that after weapons. radio apparatus, on ^ f’ r 5 at n e “ d p ° ac , h ' 
decades of slaughter the present vehicles and planes, including W . tiireateDed b> 

African elephant population is helicopters. population, 

about 1.5m. Man and his lust Tbe world Bank has recently cu j tU re it is* U i C rtain r "hai 

for ivory ornaments U the cul- ^ Kenya KElOm for im- Sants in th a a ore 

P "h “2* yrStTS to km pr f °; in3 r Th UU • lifC re f urc ^ doomed, for elephants and 
rich quick in Afr ca u i to kill Kfim of this is going lo anu- aBri cuIture are incumpatible.” 

__ - n a rw -.oachuig campaigns. says D r. Douglas Hamilton. 

ammon. -Ti’rr or ^ a pjsation of Local people cannot regard 

The heaviest concentration of w ’’ d has been taken over by elephants with much sympathy 

.JhLnt* II in tS. which the MiniSlr y 0f T0UnSm and wh" n ThPV hr«l r fnn,^ 

ephants is in Tanzania, wnicn WUd Llfe which enlailed the 

has about 3(W000 end of the National Parks in 

number is falling tnrougn . u _._ .... .... t 

poaching. 


tourism. Tour agents many Africans< with fleets of mini- 
based in Kenya, used to comb ne buses ^ aircraft -laii .om. at. the 
Kenya game and coasrei toms ^ of a hat (most country 
With tours of Tanzania s spe lodges aQd hotels have landing 
tacular berengell Plmns, the strips ^ and trained couriers 
Gorongoro Crater and Mount ^ a knnw1&dse 


Kilimanjaro. All that has now 
ended. 

Only a few weeks ago. the Tan- 
zania Tourist Corporation said 
the border would remain “per- 
manently closed," as far as 
tourism was concerned. . 

For some months Kenya 
tourism was badly hit by 


a knowledge of the 
country. Roads have . been im- 
proved enbnnbusly and there 
are few mam centres not 
reached by a good tarred road; 
but a lot remains to ; be done 
where access to smaller lodges 
and camps is concerned. - ; 

•••••- ••* w. 


ijfi 


cated by the Government The 
question is now: what is 
happening to the unsold ivory? 
The Government may be intend- 
ing to hold the ivory auction 
sale to end ail sales. 

The elephant experts know 
that the final answer to poach- 
ing is to smash the interna- 
tional trade in ivory which 


their autonomous form. Some 
game wardens complain of 
bureaucracy. Some in the wild 
I life business allege- that poach- 
l ing is organised by unnamed 
men in the Game Department. 

I Taking its new responsibilities 
I seriously the Ministry created 
a new department. Wild Life 
| Conservation and Management 
i Services. 

Early last May the Kenya 
Government took the dramatic 
step of banning regulated game 
hunting altogether, although in 
the past certain species like the 
elephant, the leopard, the 
cheetah and the rhino had been 
protected from hunting. There 
I were 2.482 licensed resident 
hunters in the country, and 
[some 120 professional hunters 
operating hunting safaris far 
wealthy overseas clients. 

Gun licences were withdrawn 
and weapons had to be handed 
in. For Kenya it was the end 
of the era of the hunting safari. 

This step was both praised 
and criticised: criticised by the 
pro-hunting groups on the 
grounds that armed profes- 
sional hunters and their clients 
were more effective in warning 
off poachers Lhan the anti- 
poaching units, which are still 
thin on the ground, and that 
ranchers and private land- 
owners who rented hunting con- 
cessions would no longer have 
the incentive to allow wild life 
to remain on their property. 
Somewhat paradoxically, pro- 
fessional hunters are among tbe 
most dedicated conservationists. 


when they break down fences 
and trample over crops. Thc 
same applies to other species 
such as the buffalo. 

One of game’s worst enemies 
is drought, and losses of wild 
life ran into tens of thousands 
two years ago. Now. however, 
with good rains all over Kenya, 
bringing green new life tn the 
bush this year the animals havi- 
a chance to recover their 
numbers. 

j.w. 



THE 

FIBREGLASS PEOPLE 





SPECIALISED MOULDINGS (K) LTD 

PO. BOX 43928 NAIROBI KENYA 
PHONE 556304/557725 



•*. •- 


1 .. . 



|gjggg|g| 

WORLD'S END brAJLHrata 
Mm a wW* utoatoa ok- 

'P8MTS ‘ORIGINAL PAINTINGS ' HAND-COLOURED PHOTOGRAPHS 
THi RRMffi GALLERY 

t«M Notts*. Mama Ngma Strut. PO. Box 40077. Plums 2S23I. Nairobi , KSBfV 









sfigap 



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er report on Labour 




f,, » vf> 

openicg , I 
rtuuT^ll 
lost isiJv • 
* the s2 

lUtorie 2 
and archj^ 
oaet-ess^ 
aircraft^ 

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emote is!**' 
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*vvr the £. 
toun-t 
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no .v iu£ j, - . 

■tfU Of fflj. 

ltd :.n a; it 
irno-t enjrs. 

; have iac® 
iuvd tour* 

Of t’ 

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sly snd i» 

ctr.nes ? 
id torred pe 
ns to be ir- 
smsi'er !ozn 
cere «-d. 


r° f *5? 1118 *** hB had discovered the have become so unstable that ternal confidence in Britain last yet It means w essence that piicatoori of paying 5 nr 6 per 

* 01 , ttUS secret & growth— a claim he the financial markets have year would have been far more any strong improvement in .the cent in real terms on Govern- 

^ ir . a X e 1 1 P 11 nevBr ™de — which has been become almost totally remote helpful if the Government had balance of payments wild pro- meat debt. 

1 e *ploded. That secret still from the process of real invest- allowed the private sector to duce a repeat performance of However, some muddle is to 

Ba ^ e . des “s- ment Some good marks for reap some of the overseas bene- the fchrd of inverted crisis we be expected from those who 

Ca ? a S han would also no effort, but must learn to do fiL have just suffered. It actually simply muddle through — and 

'■'Inr'fhe'inomWt at Ip act claim incomes policy and better. Exchange controls mean in drives -the Government to im- we have come through. We 

V Vawdhier' su^ests that Gnd industrial peace as Socialist These central issues of fiscal effect that when the private see- provident management to pre- might have come through with 

at/lSur • rotor Gerr^nTir » tnnmphs. The truth is again and monetary management have tor achieves a surplus overseas, vent the North Sea ort balance a stronger economy, but we 

^ ^aro- rise^of-Teal 4acnmt><: sn * ex P erience bas been the precious little to do with the State claims a monopoly producing a solid surplus. Any naight have done a great deal 

- WnMnmS ij® 8 * tt * cber - The unions have socialism, except in the sense right in acquiring the cor res- talk of uses for North Sea oil worse* Md been a great deal 

‘Sinurte the ] earned understand the link that crowding out as a way of ponding overseas assets. This 0 thfcr than enhanced consume- more divided and angry than 

“tween wages and inflation, life-a result of the way the means that it must not only fin- tion is largely a waste of breath. we “ Mr. Callaghan can run 
h'» - ti4rinw aad - tWEen inflation and un- Government deficit is financed ance its own excess spending. . as a national manager without 

anfneebfrt triwmiPrS J-fff employment. The facts of life rather than its sheer size — has but its acquisition of foreign continuing limitation of too many blushes. 

''^ZSPSkS*' ^K od nr UnWrS have W0D ' driven industry into the arms currency. A failure to acquire dividends is by comparison a As a socialist, on the other 

, .-^7^°;^ ri . . of Government for its money, sufficient currency, and to fin- minor irritation, but it helps to hand, he has a less impressive 

*} s Same CriQK Stock relief, investment ance its ■ acquisition soundly, compile -the job of stifling record. He is probably glad 

rSg ^vwfty uWA'WV • «.» allowances, and the various means both a sharp temporary growth. It means simply that of this fact, and counts it an 

^ tSSfiSSr^dtia? " 1 — mnr ' a rsiWfTi T ^ ie fa bts of life have again lame duck schemes have become rise of the exchange rate, and a investors cannot take -it for electoral asset; but from a 

taugJlt the need to control an industrial money trans- sharp rise of the money supply, granted that a reaLIy successful national point of view, it is 

r? ?eSlv D it “ edit T he Prime Minister took fuaon service. There is no Meanwhile long interest rates company wiU be a rewarding almost certainly a pity. We 

^Sth - > -cbhsideSnff^ify offlce at a ti® 1 ® when lax credit sign that this extension of cor- are much higher than they need one in which to hold shares, and have no need of any Goreni- 

* ^record anrf -rvrncl contro1 had produced an ex- poratism was in any sense have been, and the financial re- helps to explain Why share ment determined to reinforce 

n «7fnt,,To change crisis, and seems to be planned, and indeed the covery of the private sector is values in real terms have fallen trade union monopoly powers 
*= .^■^:T^ s .. a 7 y iuuire. contemplating asking for a new Government has done little to impeded. The result, so far from by -more than half while output —about the only field where „ 

Gcw^mnent’s greatest term during a muted replay exploit the power implicit in keeping investment funds at has just achieved a peak higher 1116 Present Government has UNLLb J/w 

j ? <flai^tb:crediti&sknply that it of exactly the same crisis. It tiie dependence of industry on home, is to reduce investment, ^han the last, five years ago. It established any legislative 

bas ; fit>n;q.;ferq ugh, and learned was found always dear analytic- goodwill; it is inadvertent <phe second stage of this is an aspecr if von wish of tegacy; but there arc some jobs mitt.ee. proposing an expendi- Financial ruismanagera 
' from The ally that- a regime of floating socialism. drams, aggravates the damage, crowding out. It 'ensures that ^ a socialist government can ^rc- tax to achieve the same a failure to tackle The 

: ;; battenirgj.thas-Taken. Inspired exchange rates would make the The Government has lugged The rise of exchange rates to takeover is cheaper than real b ® expec J, ed t0 do . more readily objective. »/ne Cabinet mentals look like tw 

by ne^atir- and. a monetarist control of credit far more only two pieces of explicitly an unsustainable level erodes expansion, and inhibits the flow °“®. a Conservauve one. and aijnisier has said a vrord abtuii different charges, but th 
' nnportant, and with a far socialist baggage into this finan- margins in export of new- issues which would fund n ? ed u doing ; . , it. Socialism still sionds for no have the same ro«r 

' 7 ra0re a ?“ t tun f*? Ie * t ? n * s-T . change . control Smr ket s. and undermines Indus- bank indebtedness just afeffec to hv sl^HaroM inve,ftive - and il n « d 71PL Callaghan and his col 

* -£! S ® S i<ms ^ ±Xed exchange dmdcad control. Each has M confideoce . The rise of lively as the latest tap stock. ^ Uou^in- again chows the Gov- Have never thought i 

v.-^COTa^^o-growth with rates were (Credible- Unfor- in fact helped to prevent tire supoly and ^ P Wilson, in one of the more the relation between 

j.^aHtmaart i isocraUsm 7 ro which tunatelv technical mismanage- Government from achieving its if® Unito i'ccia convmang of bis standard eminent s : ack of dec ^c?jcai 

ment has made it difficult to own economic objectives, and ££ HUge ISSUe ****** tu™*? will obsen^ antique 



UNCLE JIM 


tap stock. 


mittee. proposing an expend i- Financial mismanagement and 
ture tax to achieve the same a failure to tackle The funda- 
objeutive. i^ui une Cabinet mentals look like two very 
Minister has said a word abtuii different charges, but they both 
it. Social Lim still stands for no have the same root; Mr. 
incentive, and it need not. Callaghan and his colleagues 
Housing again shows the Gov- “ ve never thought through 


which need doing. j t Socialism still stands for no have the same root; Mr. 

One of the most urgent used incentive, and it need not. Callaghan and his colleagues 

WiWif T one P of the more Housing again rhuw* the Gov- have never thought through 

convincing of his standard eminent's lack of ideological * !! . 

speeches, as the task of favour- vnurayc*. Since I discussed this *9J« a " rt taP'tal values They 

ing those who earn money recenily, I need only say that w, |) observe antique dOoHias 


- .the place- -’'of .economic incen- achieve and technical mis- helps to explain the veiy * TOm lls w ing those who earn money recenily, I need only say that w,, ‘* 

.‘■tive-hq^KiWfed Only that a de- understandins has directed disappointin^ace of recovery aame f0T confid- His also parr of the strategj- rather than those who make it. the heaping of fiscal privileges and cause damage uhich they 

• fidr sufficient fb ^set an ex- attentio^t^be J?ong mLsures. now-^ot reTlly what the BD f\ Al ^ ofjbe cyvie w tech has led io huge issues of He never starred on the prob- on ouner-oevupiers goes far to “■£« „.f„ p ‘i 1 c J t n " c J^' 

cessive desire izr the pri v a te t>u- „ Government had in mind when inflationary fears and anterest high coupon debt. This means, lem. explain not only the oppression T “- " 1 “ not latK,e _ radlca * 

;ieetoir;'ttt:'*''M«[.-ea»n prevent a go0(1 me ®^ “ P the inpact^of lt planned its economic election ra1e f ar . e they mcidemally. that if another The present Government came of private tenarns — -pro- reforms because ihey do not 

recession: -from timing into an f~5V mliw ii rS strategy would otherwise have been, real Labour Government succeeds -in to office with a commitment to tec ted ” in a way which has understand the need for them, 

•■-outright economic collapse. f 1 f Tl ,7 y - ,, /f 8 ,™ n ‘ . .. . growth ds less; yet the weakness its treasured objective of introduce a wealth tax. which destroyed the market — but it Uncle Jim seems rather com- 

tave Sv“hlS?«?^h « ^ «“*- “*« th< Mr - Healey »id that to hoped .teo eyplaios the fact vhy 14 jwnt t In Uj 

4>een planned or tolerated in all becomes the relative importance and investment is difficult to ex- of fart of the reserves acquired at will at -last have achieved a to use to reduce the higher rates years of interrupted socialism f« hl0n : ^ 

- deveiSefl Countries, and the of domestic credit Mansion. pl£n to a sceptic, because such make « appear £suTO to argae genuine redistribution of per- of income tax. This is an idea have done nothing at all to alter his ^ cwa . l ln d . 

’tfaMy ibepign 1 tecession which The combination of errors has controls, if they are kept on for ** ™** T m-omes. One or two per that even the Institute of Hirec- the distributiun of wealth. Sir ^ 00 . T^dfv iminsDiri^ 

; has resulted, are in fact a meant that a policy aimed at more than a short time create « ff without exchange controls, cent of national income will tors os prepared to countenance. Harolds objective has actually Pw.t is sadly uninspiring. 
-■•irmawA 1 of . mi® ■ TCevwesdnn ctahi- mhifin « ctahif. thpir own iiictifirafinn Tho fact This is an expensive piece of have been transferred from tax- but the wealth tax was botched, been stood on its head; it is the 


■■trmaqjb ' of . true • Keynesian stable exchange rates and stable their own justification. The fact This is an expensive piece of have been transferred from tax- but the wealth tax was botched, been stood on Jts nead; it is the 

- management It is only the monetary growth has failed on remains that the recovery of the baggage, and we may be iura- payers -to holders of private and Che -idea seems -to have died, earners who have footed the 

neo-Reyn esian error of suppos- both fronts, while interest rates balance of payments and of ex- bered with -it for a long time sector .pensions. That is the im- Later came -the Meade Com- whole bill for socialism. 


Anthony Harris 


: • \.ur < '-.- :-■ •• 

v. - v ’ -■ • 

-.Gradjiates for 
indiffistiy 


article on property in Scotland the practice here For the solicitor but to specialise and condemn a 


PEOPLE 


_ . ^ - --- -- GENERAL ~ ~ 7 ~ COMPANY RESULTS 

Letters to the Editor diSuS e worid n Sad r eu*SS- t Sde!t°t Today S Hi vents fiquw* Charterhouse ^Group 

XJvlIvtv tvP UIv UUHyi Carter in Washington. * (half-year!. Coalite and Chemical 

««d. on property Is Scotland U.e ? r a cUce hore for the soUcitor M : to ? emlise eood^o a Jgfc u| £™ 1th tfSSPll %8LE? ."-.'“S SSK ( ^e/Se S , M Xl 

«SS% &2*^JS£S£t22. Futures Trad,n5 s a'^.r #t undo,, „*»* 

Scottish Correspondent. to dKdOSe the amount of that xeDective of an accurate assess- th e Advisory Committee on Lord Allen of Abbey dale, Chau-. luncheon uith Institute of Clive Discount. 1. Royal 

As i^'oractiBlnk solicitor in offer and 01811 ^ udsuccesrful ment of any system. Asbestos covering proposals to man of the Occupational Pensions Chartered Shipbrokers. Ralbc Exchange Avenue. EC. 12, Euro- 

Ai^deeir and hTvTnff exnejienrp « fferer S are a11 satisfied that jus- Iain Fraser. . . -license asbesios insulation com- Board, announcing proposals to Exchange. ECS. nean Ferries, Winchester House. 

Vrf vMri 1 nrol tice has not only been done but po Box 65. Invent ment House, panies and also suggestions for stody pension rights on changing The Queen and Duke of EC. 11.30. Parnell Electronics, 

-oerrv market I can at least reolv seen t0 be d0Be - Occasionally g Union Rote, Aberdeen. improving techniques for measur- jobs. Edinburgh visit Institution of Queen s Hotel, Leeds. 1. Felix- 

if 2 with embarrassment arises if offers ’ ’ ing air in factories. Commonwealth Development Civil Engineers at Westminster. stone Dock and Railway. 11. 

H DOt Witfl are identical and' then these Officials of Shetland and Orkney Corporation annual report. Prince Charles attends captain Waterloo Place. Vt 10. Greens 

authority. offerers are given the oppor- islands meet in Lerwick to discuss Statement by Automobile Cnok anniversary celebrations. Economiser. Connaught Rooms, 

II would seem that Mr. Perman tunitj’ to rfroffer. Obviously the -\r common policy on status prior to Association --Drive" magazme on Whitby. H g"*® 1 ,. iJK pSKL't-i w 

has been., faced .with a.series of system favours a seller, hut the INllIl'lDCrS Ol meeting with Air. Bruce Atillan. driving schools and road safety Special ^Ssion of United rfestair. Hyde Park Hotel, ^>VV. 1-. 

unfortunate and regrettable cir- time may come when your corre- Scottish Secretary, on June 5-6 Lord Mancrort speaks on “Evil Nations i.enerai Assembly on Thomson T-Line Caravans. Park 

ewm stances which are most cer- ? c „ . n] i„ y c „| • for talks on new clause in Communications Corrupt Good disarmament continues in New Hotel. Falkirk 12. Toye, L.on- 

unions Scotland Bill. Business- at luncheon meeting of York. naugM Rooms, WC. IX. 


From^£:%.W. Prior- - ■' ' . * « fferer s are all satisfied that jus- lain Fraser. . . 

■Wonde^crrdfi^f :*. § d y ea ra in p S Uce has not 0Tlly been done but PO Box 65. Inoextment House, 

Sir^T^^arti*^ by Nick-Gar- -n er ty market, 1 can at -least reply seen t0 be done - , Occasionally 6i union Row, Aberdeen. 
rett of your Labour Staff in last from experience if not with embarrassment arises if offers 

Thursday’s.' : paper. (May ^.25), authority. are ldenUcai ? nd then these 

'seems' to - ibpse. of us who' are in offerers are given the oppor- 

dai-ly contact, with the graduate , Il would seem that Mr. Perman tunity io re-offer. Obviously the \r 

labpar^markCL^tg. slriXe-'aii- un- has been.. faced with a senes of system favours a seller, hut the IMilllDGrS Ol 

justifiably glooiny note. ; While unfortunate and.regrettable cir- time maj- come when your corre- 

it is. difficult fo comment la' cumstances wbieb are most cer- spondee t is a seller. Solicitors iinf Anc 

detaiUsince the. Department of not typical of. house pur- estate agents alike and in- U1UUAI3 

Ewlo^hei^P^~lQBBt: :■:&*? t^oughout -&»tiand. and deed the owners, of properties p — chairman 

n0t J ^- ^- aT - ea - cannot be 'fully informed as to w 

fli .stilicf- -the ’value of any particular pro- A<i ? i5 * n Y: Conciliation and 
iff h^fi^eduKLti'on,- many^Qf /ds-.tors jn Scotland: "V^io ■ fiatte -Tiart- perty\until that property has Arbitration service. 


Numbers of 


unions 



IK) LTD 

KENYA 

25 


ticulari^bjr^dustiy tMs o'ear. “ cradle-to-tho-gra ve . y. sennee. b & prepared to put his best foot jug shipbuilding agreement relat- 
Thfi*:- Central ..pSiij^oUy.^J4X. Perman considers forward and offer -a price which ing to management staff as a 

SemctevI^i^^foifc^ tneL tbat that i our.jy stem jft he «aw Jt it is thought would secure the “representation agreement*’ It 
thejju^ekhTao^^ 'should- bp-. buried' From the : deal for him. - is. in fact a collective bargain- 

his listir 1 Is. mbmfent rof . contact a solicitor - evstem in Scotland iD S agreement, which enables 

■S? ? ^SSS2Sr ,l S r Sf cl EU unions not only to make 

^ov^the^e^y^f &6 saroe time of property _on the mwket mer \i that once an offer has representations on questions 
last he wrong any - i- particular location, been accepted in writing there affecting individual members but 

for eiopIoyers.o^ttndergTa^ates approximate. price .nought, ^ then normally a binding con- also to raise collective issues 
K tract and there need be no fear affecting members and to submit 

4 least, st ^~ JW./tfle formation of tire con- - n the minds of the parties con- national claims. 

\ plus of^gradira.tes.''. Indeed, in -tract, the funding of the opera- , . . .. 

* area<? _ sach T V.as ^QT&dutitis and. tirm and Indeed every facet of cerned that the property in- A representation agreement as 
- SS*S&i3e at property right >o^ed may stiU be unsold, normally understood by ACAS is 

^ ovS”^k<5of Nomaljf people .coming into one which provides only for the 

... a,*-- £t 2 • fhv door There are many Scotland are surprised at the unions concerned to make repre- 

* 1 ^ . aDti dt hers from speed and efficiency with which sentations on behalf of Individual 

mero , rdIffia^i‘;ro;predicL -.WnaL^ ^ surveys/valuations can be members with no right of collet- 

■^&SSgStJSs^ efifaVi ■ssSuftt"- 1 " 1 * pur - ss sssst <£ srsst 

: «>- J&s * *»:. :*.* to** *«*>** of «w ®gss^‘ss?ftass£ 

; ; attempt, 




'■*£ ■ < > % - 

\ > : * - 'HUB • *• 






•2. ■■*!& 


V--. =' N.-. I 


guch ihe Whole operation can ;^,ole situation in Scotiand and ^ fetetio^Act'w??. 


*wMclr^aiv^M^ e for'^radnarteS- -bte ^aiTied out system involved that your There is do doubts in my view , 

■ Higher educational .q UatiScatioBS xhe term “upset price-" is not -correspondent should, attempt to t jj aT CSEU agreement in ship- 
Wtll -px^veito.rbe 1 . P^es^^ry-hi-bjie .which is commonly known ^ujvocate his misfortunes with building provides for collective 
• many o&Hs y'' and- - hopefully lit - the Aberdeen area and^ that of a system wMA would bargainlog. 

: i Mr. I*™- approach .rad e 




1 S 78 


^,rn(A ^ jnsT ^for - « irhnnd £ 
i-Jor ott^cs-rPros- are 


Competition is good for busi- union representation in engineer- 


Turnover 

77 ,, 



iWrJJndekftffdei . . _ 

Ooti^jafiojwF'Adviaory Service 
- J’dimec 


Bu^g^Bouse 




Tfprpff MSB,. injustice ^ by apparent, yith' estate agents. The concept further fragmentation of trade 
•“gazumping? but I : can , ass Y,re Qf Solicitors’ Property Centres in union representation. Most 
JdU . tBat “2!? .-r^'-Scotland is" one which appeals employers- and most trade 

Aberdeen, area where-tn^ne s those looking for property unionists do not. 

competition iqr a ftain _P £e ^ r 7fi;iere an intending house pur- Mr. Lyons is entitled to his 
for --offiersi the • rtpt«*ntaar«r 9^'*' ^ °±*? A * 


ffiosfr offering attend at the office proportion of property on the cannot disregard the views of 
yvP th'p-Kolicftor actine for the ? ® ark * t aU contained In a pro- all who may be affected by recog- 
--ffSEL at Terty bulletin available at a nition claims. 

seller and offers are- opened at, cost ■ r * 

i' the closing-time, in the presence, C0SL J- E. Mortimer. 

an : ;'ol those offering/. It is certainly _Every system has its faults, Cleland House, Page Street, SW1. 

capital proijetts W / 

|/' : :-;^.c^W’^f^ :the''GOigmisgog. whiefi-and raising of Objections. These The • Public Inquiry which 

would -cohrist Pf^ small perma- Avould be- available so that those would probably - still follow. 
R^^f^:i J £CrS2iSrTMi. Tk® nitmihved to liaise with-interested could see each other's should be relatively simple and 




1:1 

!f§ 

%ys.r-: 

K- -~-i " 


' r r<*'X 


Pre-tax Profit 


$0 

'&£*: n 


>fs 

*. -r »i j* 

A ^ v-f 
'C/l* * 

r-A-f-t. 


ase^’for 


'.proposals. - ; .The 

well'witt " 


jtice and such practices are have been done. Furthermore, 
•hg preferable to those of Govern- tile . public would, have easier 


- n - -.-a amvne' comment, out qo not aiiow a aimcuity. 

° U,er ' S ^ «« of Implementing t 


SSS f. o Uw-menaw. meot Departments which also access to information, currently 

— *1®D3- Treasury. It mwl roe nnunw w comment but ao hot allow a difficulty. 


£ 70 m £ 75 m £ 88 m £ 5 . 2 m £ 3 . 5 m £ 2 . 3 m 

any angle ifs 


tee dti ^project employment- T Interested parties should then portani. Only for road proposals 

Utir t>m /mstrates^ v ' Nni-rnsltv a new proposal -.ssres .^ nd report . on further is there sufficient precedent to 

to .follow withabrief P pre-:*5 tud J r they -wantspon sored totbe gauge possible cost Alternative 

rti.hvnffifct xyjamx**. ■ ^ Department Comnussion. Where accepted, schemes have been assessed and 

^^ -Ml-Tfe would^out^e- study of the alternative preliminary designs for highways 
orthe deSment aud-^wdd^ 1 * f or a; “grant in prepared for approximately one 
01 Afle uevmopm. t ^ Thp commission would set per cent of the capital cost of the 

^^ic^ Their rOle--^ ^ brief, list criteria for project. Such a sum should 
— that of the : ^ n ^ re assessment, set out a pro- allow comparison of alternatives 

feSS iting proposals rOTiaae and agree these with and their publication in sufficient 

^M^Ssmy^aSdy^bids for;*® -®?P s,I 2S! nt ® nd objeetpre ..detail to be of value. Potential 
oec»jnavij^«uay . _, The Department or its agent savings on schemes then executed 

..IhternaBonai .^rouid be responsible for the can be disproportionately 

mStS-w^thbahfc^P^. ^^^Afiesign of flic, schema, it .favours greater. Overati. the Commit 
Either the ^SfiSSwi the -appeUants and their S ion should save more than its 
Hstivieiy. a^^ 0Dt r!2, 0I T g. < * S?advisors . would prepare the costs. 

SShSPanS K is ***** to widen the 




fee /payment or single 


% ’ - . ^ . suggested procedure is im- 

Interested parties should then portent. Only for road proposals 



0 




it is. -to? 

the-ifitentm 

ahtfals^rih! 

/■ -fopraB® 

" 

ffliffi 

n 


PRELIMINARY RESULTS-£000 




'titer Ideas received. 


• • • -• :sites, and their conditions, giving develoumem and it is Derhanc 

.WtsL?** *' 


(unaudited) 

GroupTurnover 

Group profit before tax 
and extraordinary items 
Group profit after tax 
Extraordinary items 
Attributable profits 
Dividend -27.5% gross 

^Includes l POP. OOO exception jI / •icfili 


1978 

£88,230 

f5,1 57 
2,394 
623 
1,771 
417 


Year to 31 st March 
1977 
£75,632 

3.474 

1,626 

649 

977 

370 


1976 

£70,433 

2,247 

794 

(139) 

933 

225 



. ... , . .’fTT*?*-- 'xtoifrrtineat wbttidr^e'ishoWn Cnnunission . 

to suit "information. 


,.. v ........ , public and tbeir elected repre- 

,«rawn6-..i^aer:-ireritfuS''h^afitii^te suit information. • sentatives should have the] 

: 1 heHnaiure - , of^the::deveIopment.' . .-^p due - course there could facility for. assessing why and 
>jfK iKtrr 1 wm^-KeamlfleiVthfi Leztch. >0®;-' therefore • be - -two : teehnicai how such resources are deployed. 

' .'-on -headings .gindies..bothpubllshW- as public Tfip Malar r.aoital Develooment 






1 ? ■ A -vl-.T* 

rfjrFM?'u"r ijd » V". 


^nfflsrSe should he-stated... fieed to restrict publication, but , n . 

^n^iSwQuld then-- >allow«i on^ where public good can be S. B. T;etz and Partners 

discussion- esublished. mi. Mocftlw Street. WC2. 


Copies of the illustrated Annual Report and Accounts may he obtained after 3Cth June from 
the Secretary. Not west Hots: Limited 35 Chesh&m Place. London SWIX 8HB. 


k 



total capability its casts ! tstsfssa 







gjTfTwk 


ifltTwitfM 





NEWS 




ahead £0.43m to peak £9.65na 


TAXABLE PROFITS of Alfred 
Dcnhli! finished Hie year to 
March ai, 1978. ahead at a record 
CJ.filjni against £9.22m after a 
rise at the interim stage from 
f 4.26m to £4.6m. Turnover for 
the full period was well up at 
£52.5G(n compared with £37. 83m 
last time. 

Earnings per lOp share are 
»)inwn as 51.2P lal.lp) and a final 
dividend payment of 6.05431 p lifts 
the total to S.71651p |7.SS686p) 
net. absorbing £730.000 i £036.000 1. 

The directors state that profits 
3nd lo.-oes which arise from con- 
verting the opening net assets of 
l In* overseas .-ubsidiaries ai year- 
end exchange tale, are taken 
direct lo tt serve.*. For the year, 
the amount involved was a loss of 
£114.000 (£254.000 prolitl. 

Tax took £3. 02m i£4.74m) and 
comprised. UK corporation tax 
£2.2Sm r£3.43m): overseas tax 

£1.93m (£ 1 . 0 nmi and deferred lax 
iO.Slm (£0i7ra). The attributable 
balance came out at £4.32m 
(14 31m) attpr minorities £0.-3m 
( £0 ! Gm > and after dividends, 
£3.56.71 ( £3.63/n > was retained. 


mums 


Full-year figures from Reed International are accom- 
panied by a sharp drop in the dividends and a reduction in 
shareholders’ funds. However, Reed is sounding slightly more 
hopeful regarding the outlook. Meanwhile. Marley's profits 
are below expectations and the improvement in France is the 
main reason behind the H per cent increase in profits. Lex 
identifies the treatment of House of Fraser as an associate 
at Lonrho which has added about £5m to Lonrho's profits. 
That aside, the underfying trading performance is poor. John 
Eright shows a significant profits drop though the second half 
did show some improvement. Invergordan’s profits arc 
buoyant and Nonvest Holst is also well up. Billon's prelims 
contain no nasty surprises and the market can now look- 
forward to the results of the recent revaluation. 


charging' an exceptional debit of 

£271.000 for the year in respect of 
a loss on the purchase of raw 
cotton, and interest, this limn, 
paid on the medium term loan of 
£57.000. 

Also there was depreciation 
£412,000 (£405.000), interest: on 
S per cent Unsecured Loan Stock 
£64.000 (same), and interest 
received £29.000 1135.000). For 
the period there was a credit of 
X373.QQ0 from the Temporary 
Employment Subsidy and a 
£ 160.000 interest relief grant. 

There also an extra- 

ordinary debit of £9S."0fi beinu 
the provision for closure costs or 
the Preston unit. Last year there 
wa« a gain of £89.000. 

id".:; 


loan stock 
conversion 


Two new 


fer 


TWO NEW non-executive directors 
have been appointed to the Board 
uf a. Munk. the building company 
in which St. Firan has been show- 
ing an unwelcome interest. 

The two men are Mr. J. E. 
Bynaler, former chairman and 
chief executive of Sime Darby 
Holdings', and Mr. P. W. Robinson, 
.i director of Davy International 
and chairman of Herbert Morris. 

In January this year, Monk 
refused to accept any representa- 
tive* of St. Piran on to the Board. 
St. Piran owned 20.58 per cent of 
Monk at that time but Mr. William 
Whilringham. chairman and 
manni'inx director of Monk, said 
he could see no advantage in 
having a Sr. Piran representative. 
He commented: “All the present 
directors have been with the com- 
panv for a long time and bringing 
in an outsider would upset the 
pattern.” 

La-r month St. Pirnn's slake had 
reached 2,695,000 shares (25 per 
cent). 


Holders of 82 per cent of the 
outstanding Alcan Aluminium 
/UK) 9 per cent convertible loan 
stock have given notice of con- 
version and the remaining 18 per 
cent might be compelled to con- 
vert. 

As things stand. 16 per cent of 
the company's equity will soon be 
in BrilLsh hands. The Canadian 
parent held £1,540.000 of the 
£8,280,213 stock which is to be 
converted. 

Mr. Donald Main, finance 
director of Alcan Aluminium 
1 1 > K i <%:•_. t! yesterday lhai most ol 
the shareholders who had not 
converted were private indi- 
viduals. Compulsory conversion 
will probably be used “in their 
own interest,” he said. 

/Mean has applied to the Stock 
Exchange Council Tor a listing. 
If it is granted, dealings will start 
on Monday. 


£UJ)5m were incurred in the two 
previous years. 

Rlr. Christopher Bland, the 
chairman, says the better result 
rctiects improved trading condi- 
tions in the commercial colour 
print market, with the Eastleigh 
division making a small profit in 
contrast to a substantial loss last 
time. 

The re-organisation of_ the 
London division and continued 
steady growth in the Eastern, 
Couchman and Folding Box divi- 
sions were also responsible for 
the improvement 

The profit came on turnover of 
£5”6m (£4.76m) and is subject to 
tax of £ 18.000 (nil) and before 
extraordinary losses of £60,000 
(£31.000). mainly related to re- 
dundancy payments in the 
London division. 

Mr. Bland says that although 
the group continues to operate 
well within its facilities, bank 
borrowings are still high, and no 
interim dividend is proposed for 
the year. 

Dividends of 1. 67081 25p were 
paid in 1973-74 when profits were 
£222 .869 


Turaoi cr 

Profit before tax 

Tax 

N,-i profii 

KMraurd man* iK-btt . 

Lt-jriuS 

Prefuiunce dlvld.-ml . 
Ini. rim dividend . .... 
Final 


Recovery 
continues 
at Causton 


J. Bright 
more than 


halved 


& comment 

Despite a profirs slump of 
almost 80 per cent at John Bright, 
the second six months showed 
some improvement after a first- 
half contribution of only £ 101 . 000 . 
This partly reflects the raw cotton 
market, where prices fell by 35 
per cent between last April and 
November, but have since climbed 
back by some 20 per cent. Never- 
theless, cotton stock amounting 
to £271,000 has been written 
down, most of this coming in the 
first six months. Demand from 
tbe rubber industry for the 
group’s industrial textiles is still 
depressed and there are few signs 
of recovery. The tyre cord divi- 
sion. however, has escaped the 
effects of Goodyear's switch to the 
continent and Bright is the only 
UK supplier to retain business 
from this customer. However, the 
closure of the Preston plant is a 
sign that rhe company sees con- 
traction as the only answer. Con- 
sumer demand is everybody’s hope 
for 1978 and this at least may 
help carpet yarns. The outlook, 
however, is not exciting and 
although the second balf improve- 
ment has been maintained in the 
current year there are no signs 
of any permanent recovery. At 
33p the shares stand on a P/E 
of 9.7 and yield 11-6 per cenL 



although TAXABLE 'profftB for/ 


w» 


although dactidtf SvouHrbaw TO;be 

&i*rV£J2S* t g' ££i War TO ;--4M ■**£%£. 


s# 


£*si as? tip' 

■£SKH£« sssjr- 

any realistic ■ . 
but the directors explain that the A year. - . • 

fimin, 9 rilM TTI 07 T* from “V * 


Air. IL W. “ Tiny '* Rowland, chief executive of Lonrho. 


DIVIDENDS ANNOUNCED 


Current 


Corre- 

sponding 


P. Billon 


John Crow tbe r 

Du bilie r 

A. Dunhlll 


Invergordon Dlst. 

Kelsey Inds 


ill & G Second Dual 

jtJarfey 

Norwcsl Holst 


P'-- 

lament 

payment 

div. 

year 

year 


3.ya 

July 21 

3-34 

6.18 

5-53 


1.47 

July 20 

1.47 

2.42 

2.42 

inL 

0.96 

— 

0.8S 

— 

2.63 


u.uo 

_ 

0.59 

0.65 

0J9 

ini. 

0.53 

July 21 

0.48 

— 

0.99 


G.05 

July 27 

538 

8.72 

7.89 


Nil 

— 

0.65 

Nil 

0.65 


J.JW 

A us. 3 

L4 


2.02 

int. 

1.23 

July 14 

1-25 

— 

3.23 

Ini. 

1.31 

Jun. 23 

1-38 

— 

3.46 


231 

July 18 

204 

5.06 

4.34 

inL 

1 

Aus 7 

1 

— 

2.49 


4.0St 

— 

4.19 

' 6.88 

6.3 


204 

Aug. 15 

-7.04 

8 

13 

i int. 

S.5 

July 17 

6.4 

10 

7.5 


but the directors explain tbarthe - a :^ ar ' • i I-:/ 

higher figure arises more from -« .y . 

increased prices paid .for raw . [VI A jl IT Tfl '■ 
materials, than from a greater Jl; -^ 1 ; Ar JL- JtlJL 

volume of business. And profit . _ I-.-; • : ~J-wI r '" : ‘ ' ‘ r -\.- - ■ 

margins have not kept pace with QT 

costs, they add. IU U tTHI dt ;■ - ’ 

On increased capital from scrip ^ • - . . .. .. r .... - 

issues and consolidation, earnings , 

per 25p share are shown as 8 -5p j j V vIRUllI - 

.(lOp) and the Interim, dividend • - 

payment is unchanged at lJSp-^ AS FORECAST'pr&taxr prafes“of~ 
last vear*s final was l-88475p. Invergordon Distillers (Holdings) . 

Net profit was £325343 continued to rise In the second 
(£459.415) after tax too*. £457.000 half of Che \year to Marcb\3i, 
compared with £522,000. . 1978. -and w^'tO'jncftHerttoni 

Exports continue to be a major -£L04m. to for via. period 

part of the sales of the manu-the s_fufl yaa^figtlre_ flwsiwd at 
facturing companies and the £2.8m compared vwnth fl.Mm. • . 
jointly-owned company in the At the- Interim stage “whiftr 
U.S., BIB Hi-Fi Accessories Inc, reporting ah Advance' "from ittSm 
is progressing. to £L23m the directors said that 

The order book of. the roofing they expected the Improvement 
contractor company is in line to continue for due rest'of'ihe- 
with budgets but the amount of year. 

work completed has been. Sales for the 12 months' Were 
adversely affected by the long ahead 43 per cmrt at £X5^3m and 
winter. the directors now. say that 

The principal activities, of to date^ indicates a further 'imt 
Kelsev are the manufacture- and more modest- increase -ia thA | 
sale of solder, soldering and current year. ' ' ... 
audio accessories, sealants and Earnings per Mp* sSfere- V are 
mastic compounds and carries on stated at 12.44p f7-D4py and the 
business of industrial roofing net 1 final dividend Iff tSSSip f 0r 


and insulation contractors. a a^SSSSp. (2.021SSpJ f/rtaL^. 

After tax of £377^08 agamet 
£470,185 the net baUmce ranereed 

JNeW insurance £ 1 . 06 m higher at 12.43m. : L r 
company rules Profits' at -Invergordon Distillers 

_ . are up 53 per cent ihanlca to a 

trom August inaBase : in yohmie- sates 

® and slighBy better margins on 

NEW REGULATIONS come into exports.' The heavy' capital invest- 
operation at the end of July men t of the last five-years V how 

have recently become directors ^ ter 111 1 97A This wfl], not have 
or managers of, existing insur- a dramatic effect; on profits but 
a nee companies. should help to. keep doym.cpsls. 

They supersede regulations What is most interesting .Is. .the 
made in 1975 and take into boost to reserves’ from a i revalu- 
accoant subsequent develop- ation of four malt distilleries- and 
ments and experience. other properties daring the year 

They require those affected to just ended. A surplus- of £L3m 
give slightly more information was added to shareholder ? foods 
about themselves and resolve in the last accounts after a stouter 
certain doubts over the applies- exercise at the ■ main. ■ distillery 
tion of the earlier regulations, compos i„ invergordon. Theconi- 
The information is needed to mmy saya trading in, current 
enable the Trade Secretary to year shows sales slightly up' on 
consider whether a person con- ^ bur be difficult 

cerned is a fit and proper person “rf., ”7 

to hold such a post. to ” ain l!' n ** 

profits growth. .M -:101p the 

(ilTDfl^r fTlTC shares stand on a P'/E. -of just 

jllUAC 11113 . under .8 and. - yield 3.4 per 'bent. 


New insurance 
company rules 
from August 


machine 44 

Dividends shown pence per share net escept where otherwise stated. 

* Equivalent after allowing For scrip issue. t On capital 
increased by rights and/or acquisition Issues. J Gross throughout. 


Grays inquiry 
chief named 


THE CHIEF Registrar of 
Friendly Societies has appointed 
Mr. Murray Stuart-Smitb. QC. 
as an inspector to inquire into 
and renort on the affairs of tbe 
Grays Buildinq Society. 

Mr. Stuarl-Smitb's appointment 
is in addition to that of Mr Ian 
Davison already announced. 


THE RECO\ r ERY begun in the 
second half of 1970-77 at Sir 
Joseph Causton and Sons has con- 
tinued with the trading profit for 
the March 31, 1978. six months at 
£288,000 compared with a £23.000 
loss previously. 

The pre-tax profit was £259.000 
against £35.000 and while last 
year's result was assisted by em- 
ployment subsidies totalling 
£283.000, these contributed only 
£84,000 this time. Interest charges 
were halved to £113.000 rn the 
period owing to lower interest 
rates and reduced borrowings. 

For 1976 77 pre-tax profit of the 
lithographic and Jetterpres* 
printer was £318.000. Losses of 


FOLLOWING A fall at halfway 
from £415.601 to £101.476 John 
Bright Group, yam and fabrics 
manufacturer, finished the year 
to April 1. 1978.- with taxable 
profits more than halved from 
£l.25m to £506,000 on turnover 
little changed at £20.87rn. against 
£20.7m. 

Earnings per 25p share are 
shown to be down from 5.56Sp to 
3.25Bp and the dividend is main- 
tained at 2.42p net, with an 
unchanged final payment of 1.47p. 

The directors say that demand 
for group products became 
increasingly affected by the world 
wide recession in industrial 
activity. The modernisation of 
the industrial textile division Is 
now in an advanced state, they 
add. 

Results are arrived at afler 


Sieff wins top 
Aims award 


Shutdown fear at Short’s 


BY OUR BELFAST CORRESPONDENT 


THE National Free Enterprise 
Award for 197S will go to Sir 
Marcus Sieff. chairman of Marks 
and Spencer, at the World Press 
Centre on Free Enterprise Day — 
July 3— Aims for Freedom and 
Enterprise said. 

A special award will go to Mr. 
Paul Johnson, former Editor of 
the New Statesman. International 
awards will go to Mr. Anthony 
Harrigan, executive vice-presi- 
dent of the U.S. Industrial Coun- 
cil .and Mr. Trygve de Lange, 
recently retired as director- 
general of the Norwegian free 
enterprise organisation Llbertas. 


SHORT BROS, the Belfast aero- 
space company, faces a total 
sbul-down soon because of a pay 
strike by 1.500 white-collar 
workers. Mr. Philip Foreman, 
chief executive, said yesterday. 

About 600 of the 4.000 produc- 
tion workers have been laid off 
so far because of tbe strike by 
technical and design staff and 
Iheir clerical and administrative 
colleagues. 

The dispute began over the 
widening of pay differentials 
between staff and shop-floor 
workers. A bonus scheme offered 


to the staff was turned down. 

Mr. Foreman said: “It is a 
very serious situation to which 
we really see no solution. A 
shutdown could lead to a loss of 
important component orders 
from Boeing and Rolls-Royce. 

The Micbelin tyre company, 
whose Mallusk. Belfast, factory 
has been closed by a five-week 
strike by 250 employees over dis- 
missal of a shop steward, has 
warned in newspaper advertise- 
ments of “the obvious con- 
sequences " for the 2,500 
workers and their families if the 
stoppage goes on. 


ones* 


STRIKE HITS 


LE NICKEL 


though most attention fs possibly 
focused on the possibilities. 'now 


come out on strike. The manage- parent 



1 1 


:fg^; bJ -J ? 




■g 








LIMIT 






Preliminary Results for Year Ended 31st March 1978 


Overview 

A year ago the Board made it clear that a period of 
rationalisation and retrenchment was needed. 

The principal tasks since then have been to improve 
the return on existing assets and to make careful plans to 
sell or shut those operations which are either irrelevant to 
the main stream or are unable, for whatever reason, to earn 
a satisfactory return. 

Efforts so far have produced: 

Record trading results in the U.K. of £75m (£5Sm 

-1976/77); 

A number of disposals realising approximately £40m; 

A major rationalisation of the Canadian business. 

A great deal remains to be done as the real return on 
the business as a whole is too low. It is still a primary 
objective of the Board u» reduce the gearing. The strength 
of the U.K. business, a strong U.K. cash position and the long 
term of much of the debt continue to provide a firm base 
from which to tackle methodically the Group's problems and 
to ensure that any further disposals are made at the most 
propitious time. 

Results 

Compared with the previous year sales increased by 9% 
and trading profits by 11 %. The principal improvements 
came from Paper, Packaging and Publishing in the U.K.: 

Trading Profits fra 1977/78 1976/77 

Paper & Packaging 32 25 

Publishing & Newspapers 33 24 


The Board support the proposals in ED 19, but have 
decided to await the issue of an agreed standard before 
adopting them. If ED19 had been adopted, taxation for the 
year would have been reduced by approximately £5m. 


PRELIMINARY CONSOLIDATED PROFIT STATEMENT (unaudited) 

for the year ended 31st March 1978 


Extraordinary Items 


J Moiitns t:n uo<J 


The principal items were £23m resulting from the 
Canadian rationalisation programme and £16m arising on 
the sale or writing-down of the investment of shares and 
loan stock of MEPC and the property revaluation in MEPO 
Reed. 


This is an increase of 33%. 

Decorative Products remains a difficult area. An 
improvement in the U.K. and Europe was more than offset 
by reductions elsewhere. 

Against a background of severe competition in Building 
Products, especially on the Continent, and the costs 
associated with the opening of the £5m expansion at 
Twv fords, profitability has improved. 

Overseas. Africa and Australia did well in difficult 
conditions, but Canada suffered a major setback. The trading 
profit of the North American Pulp and Paper interests fell 
from £llm ro nil in 1977. The Canadian losses in the quarter 
to December 1977 have been halved in the quarter to March 
197S £nd are expected to be further reduced in the quarter 
ending June 197S. 

Taxation 

The taxation provision is made on the same basis as 
the previous year and is exceptionally high as losses incurred 
in Canada cannot be offset for taxation against profits 
elsewhere. 


Dividends 

After giving careful consideration to all the issues 
involved the Board has decided lu recommend a final 
dividend of 2.0445p per £1 Ordinary Share. This proposed 
final dividend together with the interim, will make a total 
of S.Op for the year, compared with I3p fur the previous 
year. 

The decision to reduce the dividend reflects: 

The need to reinvest in the successful businesses; 

The objective of a reduction in financial gearing; 

The objective of paying a dividend which can be 

maintained in a period of economic uncertainty. 

In the absence of unforeseen circumstances the Board 
expects to maintain total dividends in the current year at 
S.Op but intends to reduce the interim to 3p, a more normal 
proportion of the total. 

Subject to approval at the Annual General Meeting 
which will be held on 3rd August 197S, the Final Dividend 
will be paid on 25th August 197S to Shareholders on the 
Register on 30lh -June 1978. 

Funds Invested 

Shareholders’ funds fell from £412m to £356m. In 
addition to the deficit of £26m transferred from (he Profit 
and Loss account after extraordinary losses there was an 
exchange loss of £30m caused by the strength of most uf 
the Continental currencies in relation to a number of other 
currencies, notably the Canadian dollar. 

Loan Capital has fallen by £22 m to £377 m . compared 
with an increase of £100m in the previous year. Net short- 
term borrowings w'ere also reduced, from £35m to £7m, 
reducing total net borrowings by £50m. At the end of the 
year the Group had cash and unused short-term facilities in 
excess of £170rn, of which over £100m was in the U.K. 

REED INTERNATIONAL LIMITED REED HOUSE 
PICGADELLY LONDON W1 A 1EJ 


31.3.77 

tM 

31.3.78 

420.7 

4 ts. y 

220.8 

2ii./ 

199.9 

182.7 

2/.v 

£U.O 

1.4 

1.4 

29.S 

Ml-0 

19.9 

27.7 

9.4 

2.3 

(9.0) 

(7-3) 

A-.3 

U.I 

10.7 

12.6 

6.3 

113 

4.4 

13 

9.0 

lu.l 

2.1 

1.8 


SALES 


United Kingdom and exports. 
Overseas 


TRADING PROFIT 

SHARE OF ASSOCIATED CO’S PROFITS. 

OPERATING PROFIT 


United Kingdom 
Overseas 


INTEREST 

PROFIT BEFORE TAXATION 
TAXATION 


Year tn 

ded 

31.3.78 

31.3*77 

£M 


1623.2 

1468J- 

•887.0 

797.8 

736.2 

690.6.; 

106.6 

9a.6 

9.8 

14.4 . 

116.4 

IIU.O 

80.1 

62 J 

36.3 

47.9 

(35.4) 

(35.4) 


United Kingdom __ 
Overseas 


PROFIT AFTER TAXATION 

MINORITY INTEREST 


EXTRAORDINARY ITEMS LESS TAXATION, 

PROFIT {LOSSj AFTER TAX AND 

EXTRAORDINARY ITEMS 


(41.5) 


t 


DIVIDENDS paid and proposed 

Preference 

Ordinary 1978 8.0000p per share _ 
1977 fS.GOOOp per share _ 
Total dividends 

PROFIT (LOSS) RETAINED 

EARNINGS PER SHARE 

BEFORE EXTRAORDINARY ITEMS,. 


(16.8) 

• 19.9 

0.2 

02. 

8-9 



14.5' : 

9.1 

14.7- 

05-9) 

s2,: 

2l.9p 

25.8a 


FUNDS INVESTED AND EMPLOYED (unaudited) 



Shareholders' Funds 

Deferred Tax 

Outside Shareholders' Interest 

Loan Capital 

Net Shore-term borroxvings 


Fixed Assets 

Investments 

Goodwill 

Working Capital 


£M 

313.77. 

£M 

356 

412 

56 

43 * 

50 

62 

377 

399 

7 

35 

346 

951 

317 

340 

58 

99 

173 

185 

2*8 

327 

846 

951 ' 


Notes: 1. Overseas results relate to the year ended 3) December )977. 

Z- Translation of overseas currencies into sterling Profit S Loss items at appropriate average rates- good- 
w,H at rates at date of acquisition; other assets and liabilities at rates a? balance ^shee? 





i 

n 


-n-:* •_ ■?•<•.. 

":c- • : - ; 

l .■>!;- ?• •'*. w .•■%? !iv; V 


Thursday June T 1978 




Parliament 
uranium 



1 


ion 


ie 

•lar^T 

8*j8 

-7 Atm ' 

1=e ri* 
rom r*2 ■ 

■* st 




nrti? 

5.93 m 

131 <fl£ i 

JOfapT? '■ 

« in £ 


sbar? 


an' 


<•;*] * [ 
08 a2afe : 

enuu ; 

n. 


JKRAUI CHEBHtlGHT 


Ti^Teskfi^tfve i framework for 

tfctf rdeyebpment of , Australia’s 
. urvdsxB:;' deposits Amoved . into 
jgacfc yesterday when the Federal 
Parliament passed a series of six 
Bipf riefininp the conditions for 

fffmp f f: '-'-- 7 .' - 

- .Thp^MOs require only the for- 
Bud , consent 1 of the- Govern or- 
General to hecome law. . 

'- -They - cover the protection of 
the immediate :envlroTmient of the 
deposits , likely to be developed, 
land rights for Aboriginal .owners 
and the prbvi^on of nuclear safe- 
guards fpn .mining and export: 

- Mr- George Meyer, the general 
manager-fot urahinin at EZ Indus- 
tries* on&jdf the partners at the 
Range? deposit In the Northern 
TerritoiyV^ -com m e n ted that the 
legislation provided the guidelines 
the .companies needed to go ahead 
with ■ thete ^ initial development 
pfauts. - -t - : 

v As srueb»the passage of the Bills 
denoterVthe dosing' phases of 
sharp- and- bitter internal, debate 
dating bAck to the -days of the 
iWhit&m .Government Uranium 
-mining -hak been the subject of 
■- lengthy official inquiry and intense 
opposition from, parts of the Aus- 
tralian trades -Onion: movement . 

Since a : Commission headed by 
Mr. Justice Fox endorsed, in 
October 107& .^a .policy of the 
gradual- development of Northern 
- Territor y uranium . deposits sub- 
ject to srtringent conditions, the 
Australian" Government has 


mpyed warily to achieve this 
object 

-The passage of the bills, after 
six weeks of exchanges between 
the House of Representatives and 
t>: Senate, means that the light 
for uranium mining has changed 
from red to orange. 

The fact that it bas not changed 
immediately to green kept the 
immediate reaction on the mar- 
kets at a low key. Pancontisental, 
which holds the biggest of the 
Northern Territory deposits at 
Jabiluka. saw its shares gain 25 p 
to £13}. EZ Industries were 
unchanged at 205 p, and so were 
Peko-Wallsend. EZ’s partner at 
Ranger, at 510p. 

What is still required is legis- 
lation establishing a uranium 
marketing authority which will 
supervise export sales on the lines 
of the Canadian Atomic Energy 
Board and the completion of 
negotiations with Aboriginal land- 
owners on royalty payments. 

A further round of talks with 
the Northern Land Council, repre- 
senting the Aboriginals, will start 
on June 12. The Council, in what 
Is widely regarded as a nego- 
tiating ploy, has proposed a 
royalty of 38 per cent on gross 
profits. This has been bitterly 
opposed by the companies and 
does not appear to meet Govern- 
ment policy. . 

, Australian reports have sug- 
gested that Mr. Doug Anthony, 
the Deputy Prime Minister, wants 


the Aboriginals to receive a 
royalty from Ranger set at 1-75 
per cent over and above the 2.5 
per cent to which they are 
entitled under Northern Land 
rights legislation. 

The companies are anxious that 
the royalties issue should be re- 
solved quickly so that construc- 
tion on the mine sites may start 
during the current dry season, 
thus enhancing the chances of 
br.nginc Australian uranium lo 
the international markets by the 
early 1980s. 

FIRST INTERIM 
AT PENGKALEN 

Pengkalen, the London-based 
tin company with Malaysian 
mining interests, is maintaining 
its first Interim dividend for 1977- 
1978 at lp. Its total payments for 
1978-77 were 8.5p. 

The directors stated yesterday 
that the rate of the first interim 
ii- >(<end carries no implication f-'r 
the level or dividends later in the 
financial year. 

With the output of tin concen 
t rates down to 52.23 tonnes in the 
six months to March compared 
with 94.25 tonnes in the same 
period of the previous financial 
year, pre-tax profits for the half- 
year have been reduced to £58.000 
from £138.000. The shores were 
unchanged yesterday at 62p. 


BIDS AND DEALS 



Kellock moves 
for full quote 


n Dinai^ 
tanks it i 
/aiufl szh 
uurernj * 
•Pdal mt *9 
••es75 is ft 

: and a ns 
JiiUiie^ i 
e on nra- 
r.atna 
proSc k 
UOVX {3a . 

'“3; uta" 
a rtTb - 

* 

’-he jaf. 
l us Of ah., 
■ •idvrs" Lai', 
a si;' 
tiiitd's; 
on 

i 'be OiTE 


Indonesia seeks investment 



INDONESIA, ANXIOUS to 
encourage, a recovery of mineral 
consider- 
ing » revision of the' third genera- 
tion "• joining contracts,' writes 
David Housego from Jakarta. ' 

Id. an interview here, Mr. 
Stibroto, the newly appointed 
Minister for Energy and U/Ones in 
President Suharto’s reshuffled 
Cabinet^-' saidt that? the Govern- 
Ufttt. /tf* 3 studying .. bow to 
ittipreve- the' third generation con- 
tracts .-.-to.- - make ; them more 
attractive', to foreign investors. 

Since' the' new. regulations bn 
mhaing came inter! force under a 
prcsidential" ’decree- in ' August, 
1978, Rio Tihto-Ztne is the .only 
company to .'Davi - signed- a' third 
generation ,. contract. . This was 
for the base metals exploration in 
North Sulawesi.;': 

At the time - the Government 
intended.': the" agreement 'to serve 
as a model .for future mining 
contracts. Before signing RTZ 
was able to secure a substantial 
modification, oh* a :,key clause 
under which.; foreign; exchange 
had to be 'raGitafd'hy the Bank 
of todoneaa^, t%rjoeptCTt harjc. 


and contractors had to apply for 
permission to use it. 

Mr. Subroto declined to say 
what further revisions he had in 
mind, bur said that he had a team 
within his department studying 
the qurstlon. He added that he 
was open to suggestions. 

The main new feature on the 
third generation contract were: 
A 10 per cent export tax on 
unprocessed minerals; a windfall 
or excess profits tax of 60 per 
cent when profits exceeded 15 
per cent of % investment over a 
three-year period, and foreign 
companies must offer 51 per ernt 
of their * equity to -Indonesians 

within 10 years. 


Large bauxite 
project for 
Guinea 

ALU SUISSE, the Swiss aluminium 
group, is studying the possibility 
Guinea, involving a bauxite mine 
of a 5L3hn f£714.Bm>. project, .in 


based on the proven existence of 
150m tonnes of reserves, an 
alumina plant and an aluminium 
reduction plant. 

Mr. Paul Muller, the Alusuisse 
president, said in Montreux 
yesterday that the group had 
been commissioned to draw up 
plans by seven countries: Guinea 
itself and Egypt, Iraq, Kuwait, 
Libya, Saudi Arabia and the 
United Arab Emirates. 

The first stage would Involve 
the construction of the alumina 
plant and would cost S600m. Pro- 
duction would be 1m tonnes a 
year. 

Mr. Muller predicted a sizeable 
gap between the supply and 
demand of aluminium by 1985 and 
said the gap would wideD if some 
smelters were phased out for 
ecological or energy reasons. 

Meanwhile. Swiss Aluminium 
Australia, an Alusuisse subsidiary. 
Is taking a 40 per cent share in 
Nabalco Aluminium, which will 
study the possibility of establish- 
ing an ..aluminium smelter in 
Australia, the country’s fourth 
The remaining 60 per cent is held 
by Gove Alumina. . 


Thomas Tilling is showing no 
sign of turning off the acquisi- 
tion trail. Yesterday it announced 
its third significant UK bid for 
the past 12 months— a £5m sur- 
prise offer for Fluidrive. the 
Middlesex hydraulic coupling 
croup. 

Earlier this year Toting 

successfully bid for 'UITTIara 

Lawrence, the furniture croup, 

and Uner Concrete. At the same 
time ti has been concentration its 
icquisition policy in the U-S. 

where it has made four major 
acquisitions in the some period, 
the largest hein^ the Efim pur- 
chase of the Vide locks and 

security side of the Enton 
Corporation, a deal which is stiU 
in ihe process or completion. 

Yetinrdav Tilling explained 
that Flu'drive would cnmnleroe-U 
the emup’s existing interests in 
hydraulic eouolinss which ccntr" 
nn the Antwern-hnsed suh^diarv. 
Hansen Transmissions. Hrmsen 
makes fixed speed products 
whereas Fluidrive snecialises in 
variable speed machinery. 

Terms of the offer are five 
■-haras of Tiffins for every ei-rhl 
trtitidro'e. On the hssN or vesica 
daw’s closing Price of UTn for 
Tilling this values each Fluidrive 
share at 73n and represents an 
ex 1 ’ n>e of jn*t under 7. 

The board of Fluidrive said lh-it 
it had only received the offer on 
Tuesday eveninc and was still con- 
sidering it. Shareholders wt 
advised ro lake no action until 
the board publishes its reaction. 

The kev lo a successful take- 
over of Fluidrive must lie with 
the institutional share hoi tiers. 
Some 27 per cent of the equity 
alone is held by five funds. 

In the past full vear Find rive’s 
turnover was £S.26m and orv-iax 
profit amounted to £920.000. In- 
terim figures to March reveal turn- 
over or £4fim and nre-tas prnffis 
slightly down on the comparable 
period to £3°9.00t). 

Consolidation of those figures 
within the H-’isen groun woi»M 
nrovlde a si‘ , n»fif ! »nt expansion of 
Tiffing’s hydraulic ipierests. 
Hansen made n-nfits'of £i "tjn on 
turnover of £15. 64m for 1977. 


The total Gramos Group sales 
are expected to be in excevs of 
£5m following the acquisition. 


BOUSTEAD 
Boostead has sent shareholders 
details of its proposed sale cf 
Windsor (F5!S) Rubber Estate 
which was first announced on 
May 18. The borrowings of 
Boiisteed are' shown as £5.lm on 
April 28. 


GRAMOS CHEMICALS 

finmos Chemicals, nr Po"s- 
mouth, has purchased Tak 
Chemicals. 

Th«* ch°m ; es|s d'viwon o r the 
Gramos Group with the addition 
nf T.nk brings together products 
markrted in similar fields, largely 
rmraTlel laboratory and production 
techniques, with the addition of 
textile products for which Tak 
has long .been well known. 


Mitchell Cotts 
Transport 
valued at 84p 

Mitchell Cotts Group, ihc trad- 
ing, engineering an d transport 
concern, has now reached agree- 
ment on an offer to buy out the 

22.DP per cent minority share- 
holding which ir do**, not already 
own in it? subsidiary. Mitchell 
Cotts Tronspor'. The Terms put 
a worth of some £i.3m on the 
remainmfi shares which are the 
su**tect oi the bid. 

The offer. ro!lo'*-ing nn 
announcement earlier thi« menui 
that such a move was hems dis- 
cussed, values the Tran- nor i shares 
at S4 p, compared with Kilo on 
Mav 5. the Inst business dnv 
Wore the talk-! were revealed. 
Mitchell Col's G mm. i? bidding 
two nr its own pharos. '-> down 
at ^2n last night, for each share 
in Transnnrt. whose price was tl> 
un yesicrdnv n« «.3'» ll i.-- i«rnnos'-d 
ihnt the arnnisj-inn should be 
carried mil throi« ,- h a scheme of 
arrangement under Section 206 
of »he C'invinnies Art 1!'4S. 

The bid vsIumc jhe ' r rapsi>ort 
shares at *u*t above the .®2n :it 
which a 23 «er cen« hoid-ng mi 
that companv v.r.s sold off. 
fhmueh a riehts i«sun to Mitchell 
Cotis Groun shareholders, in con- 
nection with the launching ff 
Tranpoort on the slock market in 
?.Jiv 1072. 

But Transport has nn* developed 
as an independent entity in quilc 
the wav envis:i5 n d when its shares 
went public »n Ihe htmm days c ix 
rears aco. The great hulk or ihc 
Transport sh’-ir^ are believed s«'U 
to be owned hv invest *«rs who are 

also shareholders in Mitrht '1 

Cons G rou o, and around two- 
•h i, -ds of tb“ 2.mn or so yh-.re- 
holrlera in Tnnsnnrt l’o'd fever 
thun 101 shares eaeh. The parent 
grotto thus sees the pr-seot b'ri 
as in *he nature of a tidying up 
operation. 

The Trstnsntirt directors, who 
hsve been advised bv J. Henrv 
Schroder Wagg. consider the bid 
terms fair rnd renmnahle and 
recommend Hum. Tlie directors 
arc backing 'hr rake-twer scheme 
in resnect rf their own holdings, 
totalling 6 3in shares 10.1 P"r 
cent). Mr. P P. Dunklev. Mr. J. K. 
Slnnr and Mr. .1. R. Vren. who 
are directors of the Milcheij Colts 
tlrnuo and nf Transport. h:i*-p not 
taken part in the discussions lead- 
ing to the bid. Hill Samuel, 
advisers to the group, will 
despatch the bid as soon as 
possible. 


monthly journal Systems Inter- 
national. for £400,000. plus & sum 
equal to the net asset value of 
the company as at the date of 
completion, which is expected to 
be in Ihc order of £50,000. 

Peter Yapp, managing director 
of 1PC Electrical-Electronic Pres, 
said: Systems International slrenB- 
Lhens our already established 
position in this particular publish- 
ing market tilting in very well 
alongside journals such as Com- 
puter Weekly, Computer Products 
International. Electronics Meekly, 
Electron, and Data Processing. 


BRITISH STEEL 

CONSTRUCTIONS 
At the annual meeting of 
British Steel Constructions 
(Birmingham) the chairman. Mr. 

R W. Ah kirn, advised share- 
holders that the closing dale for 
oqers for Quaiter Hall and Co. is 
June 1 and the sale should be 
completed within six weeks. 

The dispute relating to the 
ownership of the company cannot 
be heard m the Courts before 
,iulv. lUTII, and therefore he hoped 
that the dispute could be setied 
without resorting lo litigation. 

ASSOCIATES DEALS 

On May 28. Seligmann. Rayner 
bought l'j.OtM ord W. Henshall and 
Son*; (Add lest one) shares on 
behalf of Pi-:furd. and on May 30 
purchased 10.0UU at 23p. 

On .May 30 S. G. Warburg sold 
on behalf of nn associate 1U.OUO 
Albright and Wilson at 163p. 

Kill Samuel sold for discretion- 
:irv investment clients 20,000 
Albright and Wilson at 163p and 
G.0U0 at lU2p. 

SHARE STAKES 

Willis Faber— Mr. H. E. Gumhcl 
sold on May 25 2S.000 Urdinary 
shares at 2H2p and a further L_,000 
Ordinary shares at 257 p. 

Lambert Ilowurth Group — 
Throgmorton Street Nominees 
i registered owner) on behalf of 
ihc Throgmorton Trust i beneficial 
owner i, has acquired lu.000 shares 
nuking their total bolding loa.OOO 
(5.2 per cent). 

Fainlev. Estalcs (Enfield) — 
Goddard Nominees t-lersey) has 
reduced its holding to below 5 
per cent. 


Within Wo years Kellock Hold- 
ings expects to regain a Tull quote 
for its shares, if its plans to take 
over Bclgrave Assets are success- 
ful. 

Kellock. which is bidding for 
the other 00 per cent of Belgra\e 
that il does not already own has 
sent out its offer document to 
shareholders. It says that the 
rather complex bid terms have the 
support of merchant bankers. 
Brown Shipley— called in to pro- 
vide independent financial advice 
(or Belgrave ordinary and Joan 
stock holders. 

The basic offer is 5G Kellock 
ordinary shares plus 44 convert- 
ible irredeemable subordinated 
variable rate unsecured loan stock 
plus £1.58 cash for e\ery 200 
Belgrave ordinary shares. 

There is an alternative offer 
which includes the issue or re- 
deemable cumulative preference 
shares and no cash element. 

The shares or Kellock. Belgravc 
and another subsidiary Lothian 
Investment were i-r’-uended at the 
beginning of this year a Tier the 
status of the companies altered 
with the launch of Kellock 
Factors, in which all three com- 
panies had a stake. 

Since then the companies have 
been tidying up their relation- 
ship and 1 jjthiun v.as acquired 
by Bclerave last year. This 
latest step will enable the en- 
larged group lo be quoted on the 
Stock Exchange unlisted securi- 
ties market under rule 163 (2). 
This should lake place on July 
31. 

Terms of the merger have been 
based upon the net asset values 
of Bel grave and Keltock. The 
cash element is being offered lo 
compensate Bclgrave holders, who 
accept the equiiy offer, for the 
reduction in income they are 
likely lo suffer until Kellock is 
in a position lo increase its divi- 
dends. 

The directors anticipate that 
further benefits wil come from 
the recent systems review at 
Morris — Ke Dock's subsidiary 
which distributes pel-food and 
horticultural products. 

Factors is also expected to 
continue growing. The directors 
are exploring the possibilities of 
sales or sales and lease-backs of 
Morris' freehold and leasehold 
properties. 

In the first four months of 
this year Factors has continued 
to increase Its turnover which is 
substantially up on last year. 

The abnormal winler adversely 
affected Morris' business but the 
directors expect that the outcome 
for ihe year will be satisfactory. 

Shareholders’ meetings are 
called for July 3. 


machinery and to provide working 
capita! resources of £150.000. 

The Tower Group, based u* 
Bristol, has interests in the 
manufacture, sale and lure of 
scaffolding both in the UK and 
the Middle East, where U is m 
partnership with two major local 
construction and trading com- 
panies— AI Futtaim in Dubai and 
Bin Laden in Saudi Arabia. 


GROUP 

1PC BUSINESS PRESS is to pur- 
chase Gcr shire, publisher of the 


BKRA Fluid Engineering has 
been awarded u contract worth 
£7b,O00 bv the Chemicals and 
Minerals Requirements Board or 
the Department of Industry. The 
funds, which will be spread ovc-r 
two years, will finance a pro- 
gramme aiin-:d at developing 
scaling laws Tor the time-averaged 
and fluctuating stresses to which 
mechanical agitators and aucillary 
equipment are subjected. 


NEB now has 
18.5% of BBK 

The National Enterprise Boartl 
has now raised its holding w 
Brown Boverl Kenr. the Swiss- 
controlled process equipment and 
instrument maker, from 17.6 per 
cent to IS. 53 per cent. U was 
recently made known that the 
State owned - NEB wanted to lift 
Its stake in the company to 20 per 
rent*, the level which would allow 
it to bring an appropriate pro- 
portion of BBK’s profits into its 
own accounts. 

The NEB is also, as already 
foreshadowed, taking up its allot- 
ment or the rights issue of new 
shares at present being made by 
BBK. As a result of this, and. of 
the recent purchase of 4S5J00D 
additional shares at an average 
price of 53 3p. the NEB has raised 
its holding of BBK shares by 
2-2S4.734 to 10.05S.G72 (1S.53 per 
cent). An NEB spokesman said 
last night: “We still want to raise 
our stake to 20 per cent but not 
beyond it.” 

The shares of BBK. 54 V per cent 
of which are owned by Brown 
Boveri. of Switzerland, last night 
closed unchanged at 59p. 

MOVE TO BUY OUT 
EDWORKS MINORITY 

The minority shareholders of 
Ed works, the South African foot- 
wear group quoted in London, aic 
to be offered 145 cents per share 
by the controlling Dodo family. 
The bid was foreshadowed two 
and a half weeks ago when the 
shares were suspended at S3 cents 
per share. 

The Edworks Board forecasts 
earnmgs for the year ending in 
June of not more than 23 cents 
per share i ID cents per share). 
Existing sis reholders will receive 
a 4 cents final dividend per share 
making a total for the year of 
6 cents (4 cents). 

Holders of R2 preference 
shares arc being offered 132 cents 
for each 6 per cent preference 
share and 154 cents for each 7 
per cent preference share. 

Hill Samuel hBS been retained 
lo act for outside shareholders. 


ICFC BACKING FOR 
TOWER GROUP 

Industrial and Commer- 
cial Finance Corporation has pro- 
vided £400.00 to finance expansion 
within the Tower Group to meet 
demand for forklift components 
and mining equipment. The ICFC 
12-vear term loan will be utiJfcerf 

<n armiirp 1*250.000 plant Shd 


HILTONS FOOTWEAR 
Hiltons Footwear has sold the 
freehold property at 93'9o. High 
Streei. Guildrord. for £1.-4.1,000. 
An extraordinary profit of 
approximately £950,000 before tax 
will arise from this transaction. 

Proceeds will be used to develop 
the company’s business. 





nauditefli 


1465.2 

I47.S 


^^ Oroup taxabl e profit almost doubled 
,‘to £6,006.000. Earnings per share 


"netfrpm0.5p net. 

:lndrea.sed; prof it co ntributio n from 
^ Gon^tcuctipn companies at home 
artd overseas. 'X . 

iM. Ptbducts and services companies 
' • - maintain ed turnover. Further scope 
antici, 


^ Improved results from property 
development and investment 
companies. Now entering more 
constructive phase. 

Further reduction in borrowings 
and increase in cash balances. 
Convertible loan repaid to 
Department of Transport. 

UK order book held steady. 
Overseas orders maintained 
despite increased competition. 


Corporate structure reorganised. 
Wide range of technical skill, 
construction ability, manufacturing 
capability and property 
development expertise in the 
service of many communities. 

^ 1978 taxable profits expected to be 
not less than 1977. 

Highlights from the circulated statement of the 

Chairman , Mr. J. C. S. Mott, F.l. C.E., F J.Struct.E. 








, -.1. ■: 'y~ . : 

r '- • • - .J y.'* • < -. V.<-; 1 

■- j] 


FRENCH KIER 
HOLDINGS LSW1ITED 

50 Epping New Road Buckhurst Hill 
Essex IG9 5TH 







r 












An EEC test case for the Bank 
and the City’s money brokers 


Financial Times Thursday -'June -T' '3L 


BY JAMES BARTHOLOMEW 


COMPLAINTS to the European 
Commission last August that 
the British money broking 
system is a " closed shop ” have 
led to a test case of whether 
the City's idiosyncratic methods 
will be allowed to continue in 
the EEC. 

For the first time, the Bank 
of England has been called 
upon to defend its informal 
regulatory system. Sir Harold 
Wilson, chairman of the “ Com- 
mittee to Review the Function- 
ing of the Financial Institu- 
tions.” has defended it. and 
other European central banks 
arc rumoured to have exerted 
their influence in support of its 
independence. 


Complaints 


The original complaints to 
the EEC were made by Sanabex. 
a Middle East money broker 
with an office in London. 
They were that entry ro 
London's Foreign Exchange 
and Currency- Deposit 
Brokers' Association t FECDBA i 
is effectively denied to new 
companies and that commission 
rates are considerably higher 
in London than in other EEC 
countries. 

The FECDBA countered that 
right new brokers have been 
admitted in the past eight years 


and none has ever been refused. 
The commission rates vary 
from one currency to another 
but. said the FECDBA, in the 
main trade in London — that 
between sterling and U.S. 
dollars — the spot rate is very 
low at 30p per {100,000. 

The FECDBA requires that 
five London banks should 
sponsor any applicant, but Sara- 
bex remonstrated that this was 
a - Catch 22 A broker had to 
be a member of the association 
in the first place before the 
banks could gain enough ex- 
perience of him on which to 
base sponsorship, it said. The 
FECDBA replied that sponsor- 
ship depended primarily on 
whether the broker had suffi- 
cient qualified staff and ade- 
quate systems to offer a 
satisfactory service. The “ Catch 
22 ” did not exist, it claimed. 

Jf embers of the FECDBA 
deny that it is a “ clnscd shop.” 
New members can easily join, 
so they say. as long as they are 
sponsored and vetted, to ensure 
that they have capable staff and 
systems. One condition is that 
members must not be owned by 
banks because a broker might 
give the banks privileged access 
to attractive deals or informa- 
tion about their rivals. 

It is true that the FECDBA' 


commission rates are generally 
higher than on the Continent, 
though by no means In all 
cases. Members claim this is so 
because they offer broking ser- 
vices in minor currencies which 
are not profitable and to small 
banks which do very little busi- 
ness. Moreover London brokers 
are not allowed to deal for 
their own account and make 
extra profits that way. 

The British style of control 
differs from the continental in 
depending on consent and selC- 
regulation through associations 
rather than law. This has 
left the FECDBA open to 
the accusation that it is 
an association in restriction of 
competition which is prohibited 
under Article 85 of the Treaty 
of Rome. 

The Bank of England, the 
FECDBA and the British 
Bankers Association agreed last 
year that their defence on this 
front should be based oo the 
Bank taking more overt res- 
ponsibility for the ' FECDBA 
They could then claim the pro- 
tection of Article 90 of the 
Treaty which blunts some of 
the teeth of the regulations 
when an association or mono- 
poly is granted by the State 
and where application of the 
competition rules would 


obstruct performance of its 
“ particular tasks.” 

Subsequently, members of the 
FECDBA have detected a 
keener than usual interest by 
the Bank in its quinquennial 
negotiations with the banks 
over commission rates. On 
the other hand, the new 
Sterling Brokers Association, 
which is likely to be offici- 
ally started this summer, is 
set to be run very much on the 
same self-regulating Hoes as the 
FECDBA The Bank Is likely 
to- keep a more careful watch 
since the Sarabex case but it 
does not want to give up the 
traditional element of regula- 
tion by consent. 

The Bank believes that this 
system has proved success- 
ful and that far fewer instances 
of corruption among brokers 
have taken place in this country 
than elsewhere. There have 
been no major broking scandals 
such as the collusion which was 
part and parcel of the fraud ai 
the Lugano branch of Lloyds 
Bank. 


Challenge 


But the Bank of England's 
view has been challenged by the 
International Currency Review 
which asserted last year: “it 


would be stretching tilings too 
far to suggest that London 
brokers have established a 
higher ethical standard than 
their foreign counterparts; for 
the reverse is, in fact, the case.” 
Not for the first time, the ICR 
alleged that British brokers are 
among the most eager to offer 
kickbacks to banks in return for 
business. ' 

Establishing the truth is 
impossible for an outsider 
because corruption is by nature 
covert. But. all the public 
evidence suggests that London 
is among the most ethical of 
broking markets. 

The most convincing argu- 
ment is that corruption is 
simply not worthwhile for 
British brokers. They have 
international reputations to 
maintain and the extra profit 
they could make by, say, freely 
offering gifts as some Con- 
tinental brokers are alleged to 
do, would not be worth the 
danger to the rest of their 
business. 

Moreover, the rules under 
which the brokers operate make 
corruption difficult, in fact 
much more difficult than for 
stock brokers. Money 'brokers 
are not allowed to deal for their 
own account and the only giEt 
or entertainment they may 
freely offer is lunch. 


: ^ ■ 






:r s ::' 3A :vO?:.i 






■ x rj :■ ay* vij " 1 1 l a i r ■ f ' j s v r A m ‘ r. 1 *. 

■*’ i.***®*”' © Ass**iato tiss thw sox ovncsj © Parent 


The 15 members of the Foreign. Exchange and Currency Deposit Brokers’ Association are 
nearly all private companies* Their most important expansion has been in the last decade. 
The owners are varied bat discount ' houses predominate. R. P. Martin is the only one 
publicly quoted so far but others are expected to follow suit. 


The high reputation of the 
London market is such that 
when Bahrain and Singapore 
wanted to set up their own 
markets they chose the London 
market as their model. The 
more ethical standards of 
British brokers have probably 
been one of the reasons for 
their international success, 
especially n«jw that the world 
has become so conscious of 
bribery and corruption after the 
Lockheed and other scandals. 

Few people outside the City 
know what money brokers do or 
recognise the success that 
British brokers have had over 
the past 10 years. 

In dealing rooms resembling 


SAVUiLS run the farm. 






while you iTin up to London. 


For most men of substance, the thought 
of owning' a farm or country estate is an 
attractive proposition. 

It can also make very good -fl-na.-nffisi.i 
sense, as any professional adviser will 
confirm. 

Savills have an excellent track record in 
finding - farms for private buyers, and in 
providing a full management service. 

People are sometimes put off by the 
thought that they know nothing of 
farming, forestry or agricultural finance. 

Never mind. Savills can take care of it all 
for you, while you drive up to town for your 




own kind of working day. 


/ . employ and supervise staff 

and provide a full farm accounts 
service from our local office. 

Stuck in the sticks? 

Not at alL Fine farms within easy 
commuting distance of London regularly 
change hands. And if you’re careful to pick 
the right one, you can successfully enjoy 
the best of both town and country worlds. 


As well as doing your financial best for . 
your family and yourself. 

First stops to the country life 

Incur London office we have qualified 
agricultural surveyors, who know a great 
deal about land and about the many farms 
within daily travelling distance of London - 
and further afield as welL 

You'll find sound advice on every aspect 
Of faw n purchase, finance and TnanagBrnant 

The Partners responsible are George Inge 
and Guy Galbraith. 


SAVILLS 

The complete property service. 

80 Grosvenor Hill, Berkeley Square, London W1X OHQ. 

Tel: 01-499 8644 


Banbury Beccles Chelmsford Colchester Croydon Fakenham Hereford Lincoln Norwich Salisbury Wimbome 

Paris & Amsterdam 

Associates in Scotland. Represented in Guernsey. 


space mission controls,, com- 
puterised consoles keep them in 
direct- touch with hundreds of 
banks. The brokers— who hold 
no money themselves — bring 
together buyers and sellers of 
foreign currencies and bor- 
rowers and depositors of .foreign 
currencies and sterling. They 
also service the secondary mar- 
ket in some paper instruments, 
such as certificates of deposit 
and act as intermediaries for 
local authorities and large com- 
panies wanting tn lend or 
deposit money. 

The 15 London brokers com- 
prising ' the FECDBA have 
limited monopolies on the 
Toreign exchange and currency 
deposit markets. For example, 
aity of the 300 plus London 
banks wanting to deal in foreign 
exchange in London must go 
through a FECDBA member. 

In return the brokers guaran- 
tee not to poach the banks’ 
commercial and industrial cus- 
tomers. They also agree to 
service the various poorly 
traded and unprofitable markets 
such as Finnish marks. 

Over the past 10 years, the 
business of British money 
brokers has mushroomed both 


Expanding overseas can be a 
risky game. The ideal is to 
open up in a growing financial 
centre, partnered by respect- 
able and influential local 
interests, becoming well en- 
trenched before the rest of the 
international brokers come 
trooping in. 

. But If it goes wrong, the 
broker suffers financial losses — 
which will probably not qualify 
for U.K. tax relief — and the 
indignity of pulling out again. 
The casualty list is long: Astley 
and Pearce pulled out of Dusnel- 
dorf because it could not break 
into the market: R. P. Martin, 
the only broker so far to go 
public, threw in its Parisian 
venture because it could no 
compete against those Iocb 
brokers who, it alleged, use 
substantial “kick-backs” to c 
business. 

New York is the second h 
gest market after London I- 
even there the business is !• 
by British brokers. M. W. M; 
shall has merged with one lot*.. 
company, Lasse r Brothers, tn 
make the largest money broking 
company in North America and 
most British brukers are repre- 
sented there. 



at home and overseas- It is one Tokyo is being closely 
of fho City of London's unsung watched at the moment: it is the 
success stories and a source of only really major financial 
invisible earnings which, al- centre which has nor developed 
though still small, is likely to an international money broking 
grow more significant. market. Astley and Pearce 

The primary reason Tor the announced last month that it 
success has been the presence would be the first overseas 
in London of all the world's broker ever allowed to open 
major commercial banks. there. But subsequently it has 

British brokers therefore had run into difficulties. To begin 
a tremendous advantage in the with at least it will be 
late sixties and early seventies allowed to deal only in 
when the markets in foreign ex- the domestic currency but in 
change and Eurodollars ex- due course it hupes lo be per* 
panded dramatically. nutted to offer a wider service 

Meanwhile the domestic foreign currencies, 
sterling markets were stimu- 
lated by the growing debt of pi i«n IV inScm 
local authorities and the volah- V* II all YJLulMIl 
lity and distortions in interest 

rates. Local authorities obtain The authorities m Japan have 
a high proportion of their short made u difficult for foreign 
and medium term funds via brokers lo set up shop. And 
money brokers, and treasurers even the European banks with 
of large companies anti multi- offices in Japan have com* 
nationals woke up to the fact plained of the conditions, Mr. 
that the best rates were not Christopher Tugendhat, a mem- 
exclusively available from clear- per of the European Conunis- 
ing banks. il * on ' has been lo Japan to 

British money brokers have investigate alleged disciimm- 
capitalised ■ on their initial atury ireatincnt. 
advantages and in expanding Chauvinism is nuc of the 
overseas they have put the biggest problems which brokers 
stamp of London broking face. Whereas they used lo 
methods on several new inter- insist on owning 100 per cent, 
national financial centres and of any overseas office, they now 
caused many older ones to move recognise that it is safer in the 
towards London's methods; long run to have a local partner. 

Most of the overseas expan- The icad of the British 
*ion has taken place quite brokers internationally looks 
recently. M. W. Marshall opened unassailable but their original 
In Singapore in J972 <the first base in London is more vu liter- 
British broker there). Hang able because other financial 
Kong a- year later, then Panama centres are growing, 
m 1975, Bahrain 1976 and Most brokers think London 
Kuwait and Luxembourg feat will keep ahead of Hie field 
year_ - . . because the foreign banks are 

The new offices are, in one already here, the Bank of 
sense, a defensive move to pro- England supports the market 
tect the British share of total flexibly and sensitively and 
world, business. London is in- London is located in a good 
evitably losing some of its pre- time zone. Being between 
eminence, as other financial America and the Continent, th»* 
centres begin developing their City can service both major 
own markets. Bnt the world-' markets in normal business 
wide industry is still growing hours, whereas New York and 
and British brokers now have a the Far East are at the edges 
lead internationally that will be Q f the money broking day. 
difficult to overtake. If they The EEC Competition Dcpari- 
keep anything tike their current nien t is expected to rule on 
share then their operations in the Sarabex case in the next 
ten years’ time will be even few months. it currently 
more substantiaL looks as though the Depart- 

Three British brokers. Mar- ment's initial sympathy with 
shall, .Charles Fulton, and Guy Sarah ex’s complaint has 

Butler -International, Can truly dwindled. It was forced to 
claim. “ We never close/' When recognise what a political hot 
their London offices are shut- potato it was handling— coming 
ring, those In New York are in U p against the Bank of England 
full swing, then the business with the Government behind it 
moves on to the West Coast and the other central banks of 
of the U.S., the Far East — Europe, whirh are by no means 
Hons Kong and Singapore— the keen on the Commission Start- 
Middle East and then back to » n g to lell them how to regulate 
Europe. their markets. 

The gist of the likely eom- 
' ITvnonrinn promise is that applicants to 

H/XpallMOn join the FECDBA will have to 

he admitted if they can meet 
This international ring of stated and objective criteria, 
offices improves the services Most of these criteria, con- 
brokers can offer. They can ceming numbers of staff.' their 
telJ clients in Singapore how experience and standing, and 
the markets have been behav- the capital structure of the 
ing in the other financial company, are already applied 
centres overnight And the sun by the FECDBA The difference : 
need never set on a customer’s will be that the criteria will be 
order. . A Bahrain bank can. for . formally stated.' Any new 
example, give instructions to applicant will know where it 
“try to gcr X per cent, on stands. 

$10m. for three months before The new rules arc also likely 
morning " and that order can to give an applicant, who feds 
be transferred from office to wrongly rejected by the 
officer until being satisfied by a FECDBA, the right to appeal 
bank in, £ay,‘ San Francisco to the Bank of England, 
while the Bahrain banker, is The Sarabex case has done no 
still asleep. real harm to British money 

The. greatest successes so far brokers. Its greater significance 
have been in new centres such is that the Bank of England 
as Singapore and Hong Kong has met the Competition Depart- 
■ which have been 'growing fast, men! on its own ground, the 
Thegains has been tougher on Treaty of Rome, and will prob- 
Uie Continent where the British ably come away with the right ; 
have found it difficult to break To continue il* regulation by 
into the existing establishment, consent rather Ulan law; 


L. — 


U 9 t J 


v 









Times .Thursday June 1 1978 


Production cutback costs 
hit John Crowther 


% * 

■ ■ iv 

•n n ■ r - 

.«. - 


Reed 

Int^irtfoaaV^incrMaftfl- I&tm- to 
£22.701 '•leaving ^thfe.- pre-tax ' profit 
'-of tbf : group ;5p_,-feOE £74.6m to 
iSlmiu &c Marab'^'-ldTS. year, 
'.-.. But^atisv ^eztraarSfnary looses 
:oi mto“36^^; ;«ax, df £4B5m 
: (£40.4rnV jpfeoidty .interests of 
£7J8m. (^m^and. a much reduced 
. distend payout tf.JE8.9m against 
! fldiSm. Tfc* end result was a 
:J25^? T ' _ refeiriea "loss' '(£5J2m 
; JJWjflt)- ': :• '-■* ' ■ V ■■■; 

> The' -^xtraordi iwy "‘I osse s com- 
,-jp , jfee'-'--l8$ni- from the Canadian 
raSonalisataon, ilflm from ME PC 
“ share? ^nd'-loan - stock "and MBPC- 
■ Resti' proB«±tfiS- and. £3m from 
,'d flfir- sourtes. Directors point 
OUC-tSAf jwfcen-lhe MEPG interests 
/were . „aequL?ed - ; in -1972-73, a 
jeva]uaTicm:3urs>lus-of £25m was 
’ ttapEtfarei to reserves. '•' 

' ' ^Dowink: the "warning 7 of V 
’ review of „dividen d policy and the 
final .diviaeiid, \t3tre ; jps^nea t has 
been >«&£.- from '7.0445p:-net per 
£1 ahar^-to 2.M45P. for a total 
of 8p against lSp. v. Directors say> 
this reflects the need to reinvest 
in the L siticeesful 'businesses, 
objective Of redudns gearing and 
the objective of paying a' dividend, 
which, 'ean~ixr= maintained - in ■ a 
period.- of econopaic uncertainty. 

- Dir^ctors^say. that , a year ago 
it ■ waaVf'ri^ude.'.. clear .; that, a 
rationallsrtibn-; and retrenchment 
.period was- needed. Efforts so far 
have!. produced- a record- UK trad- 
ing profit ^CSm t£5Sm>. a num- 
ber. of disposals, realising, some 
£40m ahd a major rationalisation 
of the 'Canadian business. 

These r actions -combined with 
exchange?, movements' have re- 


duced net' borrowings by £50m, 
but -after- the retained loss stem- 
ming from the extraordinary 
write-offs added to exchange 
Josses of. £3 Dm, shareholders’ 
funds . have fallen by £SBm to 
£356 m. 

- Despite gearing therefore be- 
ing unimproved, they believe the 
balance sheet is now stronger 
than a year ago. 

' 'They say the primary objective 
is fithl to reduce gearing. The 
strength of the UK business, a 
strong UK cash position and the 
-long-term nature -of much of the 
£384m of debt continue to pro- 
vide a firm base from which to 
tackle the group’s problems, end 
to ensure that any further dispo- 
sals are made at the most propi- 
tious time. 

Sales for the year were fl.fCbn 
(n.4flbn) with the overseas 
operations contributing £73BJJm 
(£690. 6m U Overseas results are 
for the December 31, 1977 year. 

• Of ■ the £1 A7m ” ( £96m 1 trading 
profit the North America^ side 
contributed a £3m loss against 
a £6m profit. Of this, pulp, paper 
and packaging produced a break 
even f£llm profit), the decorative 
products side a £7m loss (same) 
and -pu-bKshmg a £4 profit. 

Directors point out that the 
Canadian- losses iu the December, 
1977, quarter were halved in the 
March period and should be fur- 
ther reduced in the June quarter. 
These losses were expected to be 
no less than film for tbe year. 

On trading results, much of. the 
UK increase came from a 33 per 
cent rise to £65ni by the paper 
and packaging and publishing and 
newspaper operations. 


The decorative . products area 
remains difficult, directors say, 
with improvements In the UK and 
Europe offset by reductions else- 
where. 

Building products profits im- 
proved against a background of 
severe competition and the costs 
of the opening of a £5m expan- 
sion at TuryfordSo 

African and Australian opera- 
tions did well in difficult condi- 
tions. 

The tax charge, tor the year 
is exceptionally high becau.se 
Canadian losses cannot be offset 
against profits from elsewhere, 
directors. say. If ED 19 had been 
applied the charge . would have 
been some £5m lower. 

At- year end loan capital was 
down £22m to £377 na and short- 
term borrowings from £35m lo 
£7m. Directors say the group 
had cash and unused short-term 
facilities "in excess of £170nt at 
year end, with more than £l00m 
in the UK. 


Su>s 

UR and exports 

fiv.TSv.as 

Tradln* profit 

Associate profits 
Opcratlns profit 

m 

overseas 

Imprest . .. . 
Profit before tax 

Tax 

LK 

Ovorsi-is 

.V.-l t.rofi' 

To lYilnonues 
KvtraonJ. d«-bus 
Prrfwrnce (Lvidctu 

Ordmarv 

IVtoim-d loss . - 
« Profit. 


19T7 -7B J 970-77 

tin 

Xm 

. . t.«2!.? 

1.4m 4 

. . .. SM.O 

797.8 

;hk * 

680.8- 

. - . 10fl.fi 

05.B 

fl.9 

14-4 

nn.i 

110.0 

SO J 

63.1 

-Ji.J 

47.0 

35 4 

334 

OJI 

TU 

4S.> 

40.4 

SI 4 

2H.!> 

t;.« 

1S.6 

J.'.S 

34-^i 

.. T H 

7.0 

. . . . 41 .* 

"j! 

i»i 

o.c 

M 

14-' 

. . .. 2i.9 

15J 


HIT BY write-offs . and ’redun- 
dancies of £210,000,' the, Pjre-mx 
1 ms of John Crowther Group 
increased from £125,710 'to 
£257.678 in 1077. . 

Turnover for the period 
advanced from £4. 88m to £6 -31m 
and the loss was struck after 
depreciation of £129.442 (£114.697) 
and interest of £217,514 (£16a,49S). 

At midway a turnround from 
a loss of £64,038 to a profit Of 
£24.323 was reported. 

Tax rclitf amounted to £70.517 
(£90.000) for the year. The 
dividend payment per *are 
is raised from 0.59p to O.flap net. 

In addition to the specifii; items 
of write-offs and redundancies 
there were further heavy losses 
incurred due to under-recovery 
and other inter-relaled (actors 
considerably in excess of that 
amount through the necessary 
severe production cut back. 

The expansion which was taking 
place prior to the sterling increase 
of 1977 would have resumed in 


the growth of profits developing 
in the- first-half figures. . 

lbe-. result of the percentage 
change of more than 15 -per cent 
in the value of sterling in the 
company's principal selling period 
seriously affected 33 to 40 per 
cent of the total volume of the- 
company’s business which was 
then especially competitive with 
imported fabrics. 

This, together with the uncer- 
tainty created at a time when 
the company's shipments and new 
orders were normally at their 
peak could not have been 
anticipated, sav the directore. . 

During the equivalent period m 
the previous year the pound fell 
to a low of 51.56 and in 1977 It 
reached a hig of 51.92, a rise tf 
23 per cent. Imports, therefore 
were becoming increasingly 
cheaper and the company’s ability 
to trade and compete both in 
home and export markets was 

undermined accordingly. 

From the last quarter of 1977 


onwards the. company has been 
'substantially J reducing depea-' 
dence on the type of trade 
affected by the sterling rate by 
developing different products and, 
is operating at a relatively high 
level of activity in most areas of l 
the group, the directors state. 


CARR’S MILLING 
INDUSTRIES LTD 


• comment 

Special write-offs, a jump in in- 
terest charges and a strengtherung 
pound put paid to John Crow- 
flier’s attempt to return to tne 

S3 SSrt ****£& 

mark it posted a - £24 ?^ 0 ?S/?f 

profit after recording losses total- 
ing £474,168 in the previous two 
yeak Since the trouble m the 
second half the company has been 
progressively reducing depend- 
enceon trade that b * 

changes to the value of the pound. 
This essentially involves develop- 
ment of different products. The 
share price was unchanged at azp 
giving a yield of 48 per cent. 


Sales 

Less Inter company sales of 
products for re-processing 

Sates to External 
Customers 

Profit before Taxation 
Estimated Taxation 

Profit after Taxation 

Net Profit Attributable to 

the Group 


Interim Statement 

26 weeks to 27 weeks to 53 weeks to 
4th March, 5th March, 3nJSept., 
1978 1977 1977 

£ £ E 
13,137,000 13,031,000 24,556,000 


•1,214,000 

1,244,000 

.2,451,00 0 

11,923,000 

11,787,000 

22,105,000 

458.000 

237.000 

376.000 

195.000 

719,000 

50,000 

219^)00 

181,000 

669,000 

219,000 

181,000 

669,000 


See Lex 


record’ criticised 


BesuJts. over fhe past ten years . Earlier Mr. Broughton Pipkin 
.at BlCC, the UK’s -.leading cable had stated that it- was still loo 
.manufacturer,-- suggest that there early to be commenting further 
. is a lack of effective individual on the -prospects for the full year, 
"incentive within. ; the .company, in his statement to shareholders 
major shareholder claimed yester- in the annual report he had said 
'day. - ' he believed the company would 

ism* asra* e 

ctadjSK of WTC rataESS SEX Ito" 1 '??/ tad SMS 

Dorman Smith, said BlCC enjoyed f He had 

a- high! reputation Tor the gentle- that on actmunt of The company 

oU^” te SiSiioh ld sh^ Sere w^ an improvement in that 
added: ‘T db wonder -if all the direction. 

- directors appreciate that the ten Yesterday he added that he 
’•' year rSord P 'of the company is could at least say that despite 
'Uttar arid that rturffse year record dlfBcult trading conditions the 

• is worse." -Additional -capital, he company was making progress Jn 

appeared to have been those matters «fuA tt ^uid con- 

raent ti-ith'nut commensurate trol or influence, with regard 
renirn wtule- the retford- suggested to world economic conditions. 

■ Th&t^there was-« ' lacknef effective however; he could not see any 
individual ■ incentive. « • positive' evidence of the recovery 

■ ■ A+ta-t-r,*- for which everyone was hoping. 

• onnri nc it-chYmld be The results he. had reason to believe the 

_ fa^yearJvSe .substantially better SJ^Uthe 

fmprov^^eni.^ ^VVdn C hhre'^Tne AmcPhr^n c<Knpan^d ^s^ot take 

e inrentives in the' company to- the ^ d 

bu? tormal differ to Genera! 

^A«Sld"all-be very Cable, BlCC has ret a price ^of 
: ItlBM per. share^more than S^m 


for the 2.S7ra shares involved 
After the im»;Ung Mr. Broughton 
Pipkin said BlCC had not yet 
been notified oJ the US company's 
decision. 


F. MILLER 
PREF. SCRIP 

• Full details of F. Miller (Tex- 
tiles) scrip issue of preference 
shares were announced yesterday. 

The issue will be of 720.000 
cumulative preference £1 shares 
with a coupon of 11 per cent. 
They will be issued on the basis 
of one for every 15 ordinary 
shares held. 

energy services 

The directors of Energy 
Services and Electronics slate 
that there was a small error in 
the UK tax charge In the 
preliminary figures for 1977 due 
to a miscalculation of ACT on "the 
dividend. ... .. 

The correction of this has the 
effect of increasing the charge to 
UK tax by £47.000 with an equiva- 
lent reduction in profits after 
tax. from £661,000 to £014.000. 
and a reduction in earnings per 
lOp share from l.Sp to 1.67p. f 

NO PROBE 

The proposed merger betwecen 
Associated Engineering and Tem- 
pered Group is not to be referred 
to the Monopolies Commission. 


SHARE STAKES 


Office and Electronic Machine— 
Mr E. Marcus, chairman, has dis- 
posed of 100.000 sharce. 

UDS Group— Prudential Assur- 
ance Group now holds less uran 
per cent of the issued equity 
capital. 

London United Invest men Is — 
Mr G C. Thompson, director, has, 
sold 50.000 shares at 170p. 

Monument Securities— Mr. C. J- 
Armstrong, director, has disposed 
of 50.000 ordinary shares. 

Mooloya Investmnets — Mr. M. 
Cambell, chairman, has purchased 
3.230 shares al 5filp. 

Fine Art Developments — Mr. 

D L Barnes, director, has dis- 
posed of 250.000 shares reducing. 

his holding to 1.08m shares. Mr. 

G B. Barnes, director, has dis- 
J of 250.000 shares reducing 
his interest to 1.59m shares 
Ready Mixed Concrete — Mr. 
C. S. Aston, director, has sold 
33,500 shares. 

Willis Faber — Mr. R. N Bowes, 
director, has sold 75.000 shares at 
2G3p. 

Antony Gibbs Holdings -Lort 
AMenham. director, has sold 
00.000 shares at 39Jp. 

Slag Furniture Holdings — The 
following 10 per cent preference 
shares have been sold: Rad- 

ford beneficial 21,0<3; P. V Rad- 
ford beneficial 52.22!!: J. D Rad- 
ford beneficial 13^14: P. V. 
Radford, as trustee, 46^06. Total 
sales, less duplications. S.,<4fi an 
at prices between 99.54p and 100p. 

Stag Furniture Holdings— 21538 
preference shares in which V. 3v 
Radford hart a beneficial interest 
have been sold at 102Jp. 

Crossley Building Products— UK 
Temperance and General ..Provi- 
dent Institution holds aOO.OOO 
shares (7.42 per cent). 

Crosby House Group — Inter- 
national Investment Trust Go. of 
.fersev has an interest in 1S9 ^oO 
shares <24.2 per cent). 

Finance and Industrial' rnirt— 
Harmer Finance has bought 11.H02 
shares making total holding 
LG65.00 shares (64.4 per cent). 

Montagu Boston Investment 


Trust — Commercial Union Assur- 
ance Co. has sold 140.000 shares 
reducing holding to 1.05m shares 
(10.3 per cent i. 

A B Electronic Products Group 
—Stockholders Investment Ttust 
has acquired interest of 200,000 
shares (6.01 per cenn. 

Empire Stores (Bradford) — Mr. 
j Fattorini. director, has disposed 
of 50,000 shares. 

provincial Cities Trust— Commll 
Insurance has acquired a further 
32,000 ordinary shares bringing 
their total interest to o09.3»o 
(10.51 per cent). r 

Regional Properties— Mr. F. G. 
Cotton, director, purchased 1,000 
ordinary shares and Mr. M. 
Hardie. director. 101.000. 

Crosby House Group— jI- E- 
Newby, director, has sold M.OOO 
shares. M. D. Goodwin, director. 
12.500 and F. Jamieson, director, 
12* 300. All at fiSip. 

De Vere Hotels and Restaurants 
— L. Muller and A. T. W. Harvey 
have sold 256.000 shares out of 
their joint holding. 

Bullougb — Following recent 

rights issue. Mr. and Mrs. 1. 
Bloohn’s holding has changed to 
669.451 shares (7.66 per centt. 

William Pre>> and Son— Mr. 
W A. Hatvken. Mr. D. D. Decarle 
and Mr. A. J. Gravel ins. directors, 
have, as trustees of the group 
share incentive scheme. 
ferred to participants 14.400 ord 

Sh K«fyser Ullmann — -Director, Mr. 
G. A'. Naggar. on May 24. sold 


22.000 ord shares at 4S^p. _Mr- 
N'aggar had a non-beneficiai 
interest in these shares. 

Midhurst White Holding— GCT 
Investments on May 22 sold 

100.000 ord shares and on May 25 
250.000. Reducing holding to 

550.000 shares f 7 -32per cent). 

Idris Hydrauhc Tin— 

has reduced its holding from 6.M 
per cent to less than o Per cent. 

Bank of Scotland— Kuwait In 
vestment Office has acquired a 
further HO.OOO stock units of £1 
making a total holding of 
£1.913.000 f 5.938 ner cent). 

Olives Paper Mill Co^Pf 1 ^. ” 
Mr. A. S. Roscow’s shareholding 
has increased by 15.000 to II5- 000 
Ordinary shares (7.18 ner cent i- 
Tove and Co. - J. B. Havward 
and Son (Medal Specialists) now 
hold 184.000 Ordinary shares (»- 

^T&eiat! — Mr. R. Marsh no 
longer" holds 7.140 Ordinary glares 
registered in his name (1428 per 
vent), having di<?posed of fi.aOO of 
his bolding. Names of holders 
boldine 3 per cent or more of the 
company are: Rohert Marsh and 
Mrs. M. J. Marsh (trustees of A. D. 
Marsh, deceased) 7.406 pej 

rent) shares. A. J. S. Drnharrt 
3 498 (7 per cent) shares. ». •>- 
Walker 4.547 (9.09 per cent) 

shares, and Mrs. K. D. Brambam 
2.7B5 (3.57 per cent) shares. 

Energy Services and Electronics 
— F. G. Rollason has purchased 
75,000 shares on May 22 and a 
further 25.000 on May 23. 


The figures for the 26 weeks to the 4th March, 1978 (and for the 
comparable period of the previous year) are unaudited and show 
estimated taxation at 52% of the profit for comparative purposes 
'only. In my view it would be misleading to estimate the tax charge 
on the basis of each half year as many factors affecting this can 

only be assessed over the year as a whole. ' . „ 

However, having regard to the Capital. Allowances and vsrtoy® 
reliefs available to Group Companies It appears to be unlikely that 
the rate of charge for tax for the current financial year will differ 
significantly from that shown for the 53 weeks- to the 3rd September, 

1977. . 

Profits at a satisfactory level were achieved by the Company s 
subsidiaries engaged in flour milling and the manufacture of animal 
feedingstuffs but a loss was incurred by our frozen foods factory. 
This operation started a year ago and with rapidly Increasing sales 
tt is not unrealistic to expect a contribution from Society Fare Ltd. 
in the next financial year. The major sectors of our business are 
continuing to trade well and although It is too soon to make a 
definite assessment it appears that the recent reduction of capacity 
in the bread Industry will be beneficial to our bakery interests. 

It the present control of dividends by legislation continues it will 
be necessary to limit the total dividend to be paid for the year. With 
this is mind the Directors have declared an Interim Dividend on the 
Ordinary Share Capital of the Company for the year ending 2nd 
^ontember 1978 of 0.96p per share (Interim Dividend 1977, 0.88p 
per share). ’The dividend declared will absorb £48,000 of the profit 
and wilt be paid on the 3rd July, 1978 to those registered as 
Shareholders on the 23rd June, 1978. 

Carlisle, 1st June, 1978. Ian c - Carr (Chairman) 


New bwc 


iivinisni 




2000 WINS DUKE OF EDINBURGH DESIGNERS 
PRIZE AND DESIGN COUNCIL /WARD 
FOR THE JAMES NEILL GROUP 




MICB02000 




postCouponto: Howard Moms, | 
James NetB (Sheffield) Ud., " 
Napier Street, Sheffield S118HB | 










r IW-.-'i 


t 








These Bands having been said, this anooaamenl appears as a matter or iworf 

NIPPON SH1NPAN CO., LTD. 

Tokyo, Japan 

DM50000000.- 

Convertible Bearer Bonds of I5W198S 
Issue Price: 100% 

Interest: 3)S %pl a* jajabfe wmHuiOTHy »» April October 1 

Final Maturity: April 1, 1985 ... 

Omvasioii Bight: fiwn AagKt 1, WSlnto stares of Common Stock of Nippon Stanpan Co-Ltd. 

at ■ cwiTerstan price or ¥ 738 p«r share 
Listing; FrankfaitCMabO 

. . tj Daiwa Europe N. V. 

Berliner Handels- nnd Frankfurter Bank 

Sanwa Bank (Underwriteis) limited 

Credit Suisse White WeW. Hmfted 

N.M. Rothschild &ScnM limited 

Smith Barney, Harris Upbam & Co. Incorporated 


jUstncor R»nlc Nederiand N. V. 

Bana del GotUrdo 

Bank ten Intenutamd lid. 
Raoqne de rindodtloe et de Snex 

Banqoe de Paris et des Pays-BM 

Bayerfsd* Hypatheken- and 
TVechset-Baak 

Bhrth Eastman Dillon A Co. 
iDtemUnaal United 

Commeczhank 

AkuenCHdlsdnft 

Du-khi Securities Cb„Lid. 

Dentsdie Bank 
.Uficnpsdlsd>>It 

Dresduer Bank 
AktitaccMDsduft 

Glrozeatrele and Bank der 
osterrekUschea Sparkassea, 
AbtHBtKcUsdnft 
Hfil SamBri&Ca. 

liwiM 

Klemwort, Bem»n 
Liadicd 

LTCB Asa 
limited 

Morgan GreofeU&Ccr. 

United 

The Nikko Securities Co-, 
(Tmupe) Ltd. 

SaL Oppenhdm jr.& Oe. 

Rothschild Bank AG 

Sodeie Generele do Bmqae S,‘A. 


Trinkaus & Bnikhardt 


M. M. Wtrtorg-BriiKkioaim, 
Wirtz&Co. 


A. E. Ames ft Co. 

Limited 

Banco Ambrosian® 

Bank Mees&Hope NV 

Rjtnqee Intereatiauale 
a Luxembourg 

Ban one Rothschild 1 

Bayerische Landes bank 
Girorentrale 

Guswdes DepSts 

at Consignarions 

Credit Commercial de Franca 

Dahra Europe 
(Dents dll and) GmbH 

DG BANK 

Deatscfae GenossmchaftsbanK 

First Boston (Europe) 

Limited 

CMdman Sachs 
International Corp. 

Indostriehank von Japan 
(Deutschland) 

AUteajndbdnft 

KredktbaakN.T. 

MannTactnrere Hanover 
JLtaOttd 

Morgan Stanly International 
limbed 

Nippon European BankS. A. 

Orion Bank 
limited 

Salomon Brothers Itrtenwtfoiwl 

Swiss Bank Corporation 

(Oreroeas) 

limited 

Union Bank of Switzerland 
(Securities) 

limited 


Amslcrfam-Rotterdam BankN.V. Banca Commeraale Iteliana 


Ttawlc of America International 
Limited 

Basque VnoeDes Lambert S. A. 
BtmpK DUJonale de Faria 

Raring Brothers & Co, 

Bayerische Verdusbank 

Chase Manhattan 
Limited 

Credit Lyonnais 
Daiwa Securities (HE) 


Deutsche Girozentrale 
- Dentsdie Kommunalbank- 

Robert Fletuing&Co. 

Limited 

Gronpement des Banqnieni 
Frires Genevois 


Bank fnr Gemeinwixtsdtaft 

Banque General e du LmumhouTB 
Bamqne de Neuflae, Schlumberger. 
Mallet 

Baring Saawa 
Limbed 

BHF-BANK InteniatiiHial 

Otioorp Inleroational Group 

CreditansUh-Bankrerein 

DBS -Daiwa Securities 

International 

limited 

Billon. Read Overseas 
Corporation 
Gcnossenschaftliche_ 
Zentralbank AG - Wlcn 

Hambros Bank 
Limbed 


1st Unto BancariO 
San Paolo di Torino 


Inter- Alpha Asia (Singapore) 
Limited 

X Itd Wba»VS.A.Lnmbo^»ise 
Merrill Ljudi Intenuliotml & Co. 


Nederiandsche 
Middenslandsbank N. V. 

Nomnra Europe N. V. 

Pierson, Heldring A Pierson N. V. 

J. Henry Schroder Whgg&Qb 

Limited 

Tajjo Kobe Finance Hong Kong 
Limited 

Vereins- und Westbflnk 

AUlCUgesdlschaft 


B. Mcfzler seel. Soiui &Co* 
Kew Japan Securities Co^ Ltd. 

(kterreichisdie Landeriank 

privathankeu 

AlUKsetslmb 

SodetcGenerale 

Tnkai Kyowa Morgan GrcaTeU 

Lbmled 

J.Vontobel&Co. 


S. G, Warburg & Co. lid. 
WUtianu, Gly»i*0»- 


Wcstlalcnbank 

AkiteniwdbdBlt 


Wood Gandy 


West dentsdie lAndahank 
Girozenlrale 

Yamaidii Internafianai 
(Europe) LuL- 


.■ : - ii 



INTERNAT I ONAL FINANCIAL 



NEWS 


NORTH AMERICAN NEWS 


Fewer new 
chemicals 


Labour cutback underline; 


projects problems at Jos. hcnlitz 


By Kevin Done. Chemicals 
Correspondent: 

TUB U.S. chemicals industry has 
sharply reduced the number 
of major capital expenditure 
projects announced in the first 
■luartcr of the year. 

Accordi uv to a report from 
Salomon Brothers, the New 
York stockbroker*. far fewer 
new capital projects were sanc- 
tioned in tbe first three months 
of the year than in any 
quarter fur at least five years. 

There was not one announce- 
ment of a large chemical plant 
cost in^j more than $25ui front 
an} of the top 40 L'.S. chemi- 
cal companies, from U.S. 
conglomerates wilh chemical 
interests or from foreign 
chemical companies operating 
in l lit* U.S. 

Only the ui) companies were *till 
active nt launching major in- 
vestments. including Shell 
which is building a new ethy- 
lene plant in Louisiana. Four 
largo chemical plants were 
announced by nil companies, 
hut even for this sector the 
number of new initiatives was 
sharply reduced. 

Salomon Brother* forecast that 
capi la | spending on chemicals 
in the U.S. will be virtually 
llaf in absolute do/far terms 
during 1976-79. Chemical 
capital expenditures in 197S 
will total tome SS.abu. consist- 
ing of $5:5bn from chemical 
companies. $1.5bn from oil 
com pa Dies. SI. Obit from 
foreign companies and S0.5bn 
from U.S. conglomerates. 

Civer the four years to 1979 the 
building of new plants will be 
excessive, nutst ripping the 
growth in demand for the 
products. 

However, if the low level of new 
announcements cunlinuos. as 
is expected, new plan Is will 
mily he adding 1-2 per cent a 
year in industry capacity in 
ihc early insets. 


BY DAVID LASCELLES 


NEW YORK. May 31. 


JOS. SCHLITZ. one of the bis 
Sve U.S. brewers, which is Ashl- 
ing a losing battle to keen its 
share of a fiercely competitive 
market, today announced from 
its Milwaukee headquarters that 
it would start laying off workers 
at its eight breweries over the 
next two or three weeks. 

It gave no precise figures, but 
said the lay-off would affect “ less 
fhan 5 per cent " of the work 
force, which numbers 7,150. 

The announcement is the 
latest symptom recently dis- 
played by Schlitz that all is not 
well with its operations. Only 
three years ago the company was 
in an undisputed number two 
position behind Anheuser-Busch 
in the 150m barrel a year U.S. 
beer industry. 

Now. it lies a doubtful third 


aFter Miller Brewing, which has 
made spectacular sains since it 
was taken over by Philip Morris 
tn 1969. Schlitz's sales declined 
last year for the first time in a 
decade, and earnings of S20m 
compared to 1973’s record 
S53.7m. 

In retrospect, it is clear that 
one of Schlitz's big mistakes was 
its failure to perceive the rapid 
growth of so-called “ light beer.” 
a lager-like brew which has shown 
the fastest market gains in the 
last four years. In contrast. 
Miller Brewing was right in on 
the start with its own brand, 
Lite, which it brought out in 
1973. 

In the last 18 months. Svhlilz 
has been grappling with mount- 
ing problems, including an ill- 
conceived advertising campaign 


EUROBONDS 


Strong demand 
for NafWest 


Massey-Ferguson lower 


TORONTO, May 31. 


By Francis G hills 

THE MARKET was fairly active 
yesterday, with prices somewhat 
mixed. Some dealers are begin- 
ning to feel that short-term paper 
might move up a little, and 
report some investor demand. The 
floating rale note sector was very 
quiet. 

The National Westminster issue 
was priced last night: the $l25m 
floating rate note tranche was in- 
creased by S25m to SI 50m as a 
result of very strong demand and 
priced at par. This is the largest 
Boating mic note ever. 

In the Deutsche Mark sector, 
prices moved up again yesterday: 
the recent Industrial Bank of 
Japan issue has seen its price 
move from 97.3 to 98.4 since the 
beginning of the week. 


IN’ LINE with predictions of 
hard times ahead for Massey- 
Ferguson when it reported a loss 
of some $3Sm for the first 
quarter, the company has 
announced a second quarter loss 
of $I6.7in against the net profit 
for the same period last year of 
S2.ini. This was on sales ahead 
by 17 per cent at 5777ra. The 
company reports its figures in 
U.S. dollars. 

Looking ahead. Mr. Albert A. 
Thorn bo rough. the company 
president says that profitable 
operations are not expected to 
resume " until sometime in the 
fourth quarter.” However, while 
the outlook for the remainder of 
1978 is tempered by indications 
of softening markets for farm 
machinery in many parts of the 
world, as the second half pro- 


gresses. programmes now under- 
taken “will progressively 
improve operating costs and the 
balance-sheet.” 

For the firsL half as a whole, 
this brings the company's net 
loss to -S55.5m against a net profit 
of S5.2m or 1 cent a share for 
the same period of last year. 
Sales for the half are 14 per cent 
higher at 8l.31bn. 

While the outlook for farm 
prices appears hi “justify 
cautious optimism" for the rest 
or the year in North American 
farm machinery, industrial and 
construction machinery is ex- 
pected to show little improve- 
ment over 1977. 

Efforts to dispose of part or 
all of the construction machinery 
business continue. 

Agencies 




General Mining and Finance 


Corporation Limited 


(incorporated in the Republic of South Africaj 


Chairmans Review— 1977 


The turnover of the Group, including 
associated companies, has been rising 
iicadily. and for the year under review 
amounted to U2.044 million. The distribu- 
tion of this amount is illustrated below. 


UNION CORPORATION LIMITED 


General .Alining and Union Corporation, 
whose activities are complementary', con- 
tinue to retain their separate identities 
and organisation structures. 


FINANCIAL RESULTS 


Group jjiciune before taxation increased 
ft out R106.S million to R 113.9 million and 
alter taxation from R78.0 million to R8B.3 
million while income attributable to 
ordinary shareholders increased from 
TJ34.5 million to K43.3 million. Earnings 
per share rose accordingly by 25.3 per 
cent from 415 cents in 520 cents. The 
i oial dividend for the year increased by 
7.1 per cent From 210 cents to 225 cents 
per share, ihe dividend cover being 3.3 
as compared with 2.0 in the previous year. 
There was a Iso an increase of 19.7 per 
cent in net asset value per share al the 
year-end from 4.553 cents to 5.452 cents. 

During 1977. General Mining repaid 
K4S.0 million of its own loan capital. 


the Group were experienced during the 
year. The asbestos market which had 
shown strong growth trends became static 
towards tbe end of 1977. The markets for 
other minerals and metals were affected 
by the continued unfavourable economic 
conditions particularly in the case of 
products related to the steel industry. In 
general, however, the Group was able to 
maintain a satisfactory position. 

The activities of the Group's indus- 
trial subsidiaries cover a wide field and 
arc. therefore, affected by a variety of 
factor.?. In general, it has been found that 
the economic recession has placed the 
profit margins of all the companies under 
considerable pressure. The steel industry- 
in particular was adversely affected in 
the export markets where the expected 
recovery of the national economies of 
the Group's important trading partners 
has not yet occurred. 


PROSPECTS 


GROUP ACTIVITIES 

The production of gold remains an 
important aspect of the Group's activities. 
The increase in the price of gold during 
tile uuat year resulted in a significant 
improvement in the profitability of the 
cold mines. The demand for Kruger rands 
ha-, increased and at present there is a 
cungidi-raMu demand in Germany and the 
United Slates. 

Product ton of uranium increased by 
22 per cent during the year mainly as a 
result of higher production by West Rand 
GoD»cihdaicd Mines Limited. Considerable 
progress has been made ;n renegotiating 
.sales contracts which were concluded at 
a tunc when prices, in terms of current 
levels, were verv lmv. This process is 
continuing 

Labour -apply, particularly during 
the second Itali ef the year was satis- 
factory and ii was possible in maintain 
production al a hiqh level. The eleven- 
shift fortnight, however, had an adverse 
■.•lice ( on working cums a> additional 
lu'.if'iir costs were incurred »n order iu 
maintain production. 

It i> exported that supply of Black 
labour will remain satisfactory in the 
immediate future. Considerable attention 
is being given to ihc training and stability 
of labour. 

The present level of the gold price 
i , encouraging and eases the problems of 
marginal mines. 

A prospecting trench was excavated 
in the l .anger Heinrich uranium deposit 
hicated near Swakupmund tn South West 
Africa. Tiie purpose of ibis trench is to 
provide further geological information on 
the nalure and type of the deposit and 
to provide ore for a pilot plant which has 
been established at the Group Labora- 
tories at Krugerdurp to determine ihe 
opiinuiiu dostc-n parameters lor a future 
recovery plum. Related marketing and 
financing investigations were also con- 
tinued. 

The Group's mat mining activities 
continued to expand, with sale-, from the 
Group's collieries increasing by 7 per 
cent over the previous > ear's performance 
In reach 27.S mil bun tons during the 1977 
calendar year. 

To provide replacement coalfields and 
sustain the desired rate uf grow Hi. 
regional pru-nci-nns of po'ential new eual 
area.-,. a< well a< rU tailed geological 
investigations of the cual re-erves in the 
ilichveid. continued unabated during the 
past year. An interesting discovery in the 
No nil era Tran-vaaJ includes a coalfield 
containing a metallurgical low ash frac- 
tion and a power 'si a I ion middlings 
fraction. 

Varying c>»ndi:n.'n- in ihe markets, 
for the minerals and metals produced by 


The results for 1977 were better than 
could have been foreseen at this time 
last year. This was mainly due to a higher 
performance by industrial subsidiaries 
than was expected and a more stable and 
higher gold price. 

As far as the gold mines are con- 
cerned. the trend of the gold price is. of 
course, the most important factor. In this 
connection, the foreseeable level of the 
gold price will depend largely on tbe 
c-xlent of confidence in currencies and 
the international monetary system. The 
price could also be influenced by the 
deciMon* <>rtbe American government on 
programmes of sales of gold from their 
reserves. The indications of greater 
stability in the gold market referred to 
last year, materialised and it is particu- 
larly pleasing that the industrial demand 
Tor gold showed signs of permanent 
growth. The marketing by the industry of 
Kruger rands was also continued with 
particular success, and during the .last 
few months approximately 30 per con*, 
of the industry's rota I production was 
marketed in this manner. Tbe gold price 
in the traditional markets remains to 
some extent sensitive to reduced supply. 
The gold mining industry must, therefore, 
actively pursue its attempts tu create 
new demand fur void through the con- 
tinuation of the promotion campaigns 
which have been successfully carried out 
in the past. 

The increases in production costs in 
the gold mining industry continue to be 


a matter of serious concern. During the 
past number of years increases, particu- 
larly in price-controlled costs such as 
electric power, railage and steel have 
caused unit production costs to escalate 
above the rate of inflation. In addition, 
wages in -the industry have also risen 
much Faster than productivity. In fact, 
productivity has shown a decrease in 
recent times. All these factors constitute 
a danger to the industry and it is neces- 
sary that the utmost discipline be 
exercised in this regard in order to retain 
the vitality of the industry. 

The possible effect on Ihe gold mining 
industry of a continued high rate of 
growth in production costs needs to be 
thoroughly considered by ihc- State and 
all concerned This include i all the 
resultant effects of a possible reduction 
in the nufnber of mines which will be 
able to produce gold profitably in tbe 
future. Possible unemployment resulting 
from the closure of mines and the 
decrease in foreign exchange earnings 
are particularly important 


During the year a decision was taken 
to establish the uranium plant, referred 
to last year, which will produce uranium 
from the accumulated slimes of the. 
Buffelsfonlein and Stilfontein gold-mines. 
Satisfactory financing and marketing 
arrangements in this regard have been 
completed 


The Group’s coal mining production 
is expected to remain static during 1978 
except for Mat la Colliery which will start 
producing on a small scale to build up 
the stockpile for Mat la power station 
which comes on stream in April 1979. 
ErmeJo Mines will expand to its full 
commitment of 3 million tons per annum 
of export steam coal during 1979. 


Application of turnover of General Mining,'' 
Union Corporation Group 
and Associated Companies 


j Income 
* rciainrd 


Dividends 

paid 


• ■ • Ta«3--in 

— * ; p*d 


1,400 1 — 


I 7 39 Sim^y 

Um 


1,200 1 i 

ir 

l> 
1 . 000 , o 

Ii 


j ; and wages 


L jiZ ~ 

I O ■ — 


7 i i -n Miicrial 

17 , , la l EWCIWOS 


jy. i ra ‘ 

I ■ 


The substantial reserves of Trans- 
Natal and Union Corporation place tbe 
Group in a sound position to meet the 
expected marketing opportunities in the 
domestic, power station and metallurgical 
markets, js well as in the export markets 
for which the further expansion of the 
Richards Boy Coal Terminal fan lily is a 
prerequisite. 

Exploration and evaluation of Ihe 
new metallurgical coal field a- well as ihe 
new bituminous coal field- m the 
Northern Transvaal is continuing. Por- 
tions of the hi luminous coal fields are 
uranium-bearing but the economic 
viability of this occurrence has y« tu be 
established. 

The world demand for other metals 
and minerals remains weak. A delayed 
weakening in the demand for a she- lus 
also occurred as a result of the world-wide 
recession although an imprnv enicot in 
ihe medium term is expecu-d. The 
demand for chronic ore is weaker and 
income from this source in ihe current 
year is expected to be lower. There con- 
tinues to be much world-wide surplus 
capacity in the ferro-alloy industry, with 
low demand. This, of course, creates 
problems in respect of ihe new pianr ar 
Tubalse Ferrtiehrome where two of the 
three furnaces are now in nitration. 
Technically, the plant i.« operating 
extremely satisfactorily but the financial 
resulls are unsatisfactory owing to ihe 
low level of turnover and. in particular, 
the fact that power costs at this plant 
are now R3 million per annum higher 
ihan expected when H was decided in 
1974 to erect the plant. 

Owing to the continued restriction 
of Slate expenditure and ihc low level 
of other capital expansion work, ihe 
prospects for a number of industrial 
subsidiaries remain unfavourable for the 
current year. 

With a-slighlly belter operating profit 
for General Mining itself, together with 
the expectation of a somewhat lower level 
of taxation in tbe Group a* a whole, ihc 
results for 1978 should, however, once 
again be satisfactory. 


1973 1974 1975 1975 1977 


W. J. DE VILLI ERS. Chairman 

2 May. /» 7.S 



' ; •< * - - ■. 


U.S. Steel 
in SEC 
inquiry 


which tried to bully drinkers into 
buying Sehlitz beers. It has also 
heen charged with violating 
Federal Income Tax and .Alcohol 
Laws, though it is contesting the 
indictment. 

Thu company's uncertain posi- 
tion has given rise to a spate 
of takeover or merger reports. 
Earlier this month it confirmed 
that there had been talks with 
R. J. Reynolds, the tobacco com- 
pany. about a possible merger, 
but with no substantive progress 
so far. 

However, in an effort to get 
back on the road again. Schlilz 
has been overhauling its man- 
agement. and last month it hired 
Mr. A/lin Proud foot, marketing 
head or Coca Cola, to head its 
own marketing division. 


PITTSBURGH, May 31. 

U.S. STEEL ha s disclosed that BY RAY DAFTER, ENERGY CORRESPONDENT ' . • - / . . 

ii is under investigation by the BRITISH PETROLEUM, Singa- BP. which could invest between cusucra •.- f i 

Securities and Exchange Com- pore Petroleum Company and £30m (854.5m) and £35m 

mission (SEC) “to determine Caltex Petroleum group are. (S03.6m) In the project, pointed pany by Sm^p^e. 


BP and C 
Singapore 


in 



J the Caltex Petroleum group art (SWS.fim) in me prujeci, w iinn&r w 

the adequacy under the secun- to ioia [arces ^ a major Singa- oat however, that its Involve- ^ wa. Md Wwcrat 
ties laws of US. Steel's dis- por e refinery project 'costing ment arose from the company's laoed mgM ftac*. *£***£££ / 


closures relating to environ- 0V er SI80m. 


mental matters. 


SedddlofSpro- Caltex bedding the rem* 
cnnih "East Asian and per cent -m equal share 


BP and Caltex are to take a ducts in Sooth .East Asian and per 


"Thc»«i„.Ucr„dl«a«.„ e TST-a I* «£."■*» 

possnbk- resolution of the 70,000 barrels a day refinery at tional output could evenh^Uy - 

matter through a S>tC PuJau Merliraau. Singapore, and replace existing capacity at BP’S companie^--^taimar(i Off of CbI£. - . 

;• administrative proceeding become involved in a project to small 30.000 b/d refinery in forma &e « 

The company sa id this could :t ud a further 100.000 barrels a Singapore. ... £?SS? * 'wA*» 

invoice ao “offer of settle- day of new capacity. The British company added refinery expairsioa^wtU be otc- sp 

m*;nr- by U.S. steel, which The proposals come at a lime that the Far Eastern market pleted by late • •£*,'. \\ 

might include commissioning when there is serious refinery differed from Europe in that its Mi: Tan B oon Afii K , crounfiMt . ^ 

of an independent study of over-capacity in many parts’ refining capacity would be fully of -SPC and chairuian-cesjgnatd 
cirvironmcntai-com p fiance of the world— particularly in utilised by the 1980s. Europe's of tbe aew &at ., -♦* . 

costs and establishment by the Western Europe — and when over-capacity was expected to all the panicipanis regaraM the- 

company of procedures “to Middle East oil producers are remain for the foreseeable developments as a fj^^dcant 

■■nsiire the adequate disclosure expanding their own refinery future. step forward both for themselves;-. - 

of environmental matters.'’ capacity The arrangements under - dis*. and for Singapore,- • 


BY ROBERT G1BBENS 


MONTREAL, May ZL 


of environmental matters.” capacity The arrangements under - dis*. ana for Singapore,- • -.- - 

The SEC investigation was ~ . ' . ■ ' ■ !’ 

initiated last year and has . ' . 

fHs,„ s £SuS SNC buys New York concent S- 

icsiimony front several U.S. 

Steel employees. BY ROBERT GIBBENS . MONTREAL, May SL- ’j' ’ ; ' 

Tbe company disclosed the R u n3 

investigation in a Form 8 the SNC Group Canada's shares of the Vancouver really Simpsons-Seare, Canada 1 *- . 

UnuYi ‘Si ih« sec. ‘® 5 ^ E ™ 5 - W sa-™? SSL-Sgsga?:,--; 

the same lime, ihe company gineenng and project manage- Olympia already owns 23 per store chain, has. bought . the-,- .. 
amended otiicr. non-environ- nient concern.- has acquired cent 0 f Block and about 15 per former Electrohome home elec- - -. - 

menial details or Us business. Singmaster and Bryer of New cent of oustanding stock is held tronics plaat at Steilarton, Norai: > .. 

These changes offered adrti- York through SNC Corporatioa, by senior officers Arthur and Scotia. It will be used as a dis- ; ; 

tional infurmation about the its U.S holding company Henry Block. Tbe offer is being tribution centre. for some Sears- .... . 

market distribution of the Last c Nr aen niT«d a made for shares held by the lines in the marltimes and later^^ .. 

company's steel products, and mteresr in H^slev- Public. vdll become also a catalogue - ' 

more detailed summaries of Schmidt, of the U.S., forming a Vancouver stock exchanges for clearing centre. 


. rcce " r market conditions affect- joint company operating from 
mg U.S. steel j, chemicals, re- Atlanta, 
source development and fabri- 


Sinamaster and Bryer offers 


caling and engineering subsi- sp 3£d ~wS*E> ta S 


diaries. 


metallurgical and chemical in- 


^ dustries in the U.S. and overseas. 
>lcels bUMncs segment it will continue under its present 


Campeau slips 
into deficit 


Increase at 
Monenco 


amendments were the result name and management No 
uf a broad push by Ihe agency financial details were disclosed. 


to require expanded business Meanwhile. the Erowinc — • — - 'V""' ™ — 

segment reporting by large. Toronto real estate deve^ment CAMPEAU CORPORATION, "the MONENCO, Canada’s largest 

dii erslfied companies. He said company Olympia and York major Ontario and Quebec real engineering and project m a nage- 

liiesc amendments bad no re- Developments, which recently estate developer, showed a first- .ment group, earned CSLSm 

laf ion lo the SEC investigation moved into the New York market, J"" 1 " . loss . . of (U S31^5m) or 52 cents a share 

of ihe company’s environ- plans to make a bid through the gainst a profit of j ^ aaainst (^ 1 ^ 

mental disclosure. AP-DJ facilities of the Tor onto and CS 544.000 or 6 cents a share a ^ nst 

... . ■— , - — year earlier. There was a cash or cents a Y” 3 " earlier. 

(low deficit of C$539,000 against Operating revenues were CS24m 

C8544.000 or 6 cents a share a <C$20m). The company has dis- - 

The loss was attributed to slow josed of its shares in Banister 
■ housing markets in Montreal and Continental, the western pine- 

Thp rnvpfPH wnann - im E group. 


By Our Own Correspondent 

MONTREAL, May 31 . 


By Our Own Correspondent 

MONTREAL, May SL 


nacquir 


mental disclosure. 


The covered wagon 
theory of advertising 
in America. 


Ottawa. 


Some people advertise in America . 
as though it’s 1848, not 1978. 

In those days, small bands of settlers 
set out across the vast continent in 
covered wagons. But the bulk of the 
young nation’s business was in a few 
Eastern states. 

Advertise on that basis today, and 
you’re apt to get scalped. Not by Indians. 
By your competition. 

Some 90% or so of all Americans 
live west of the Hudson River. And 
American business is scattered from 
coast to coast. So when you advertise 
to American leadership, you’d better 
advertise where the leaders are to be 
found. 

That’s all across the U.S. A. Which 
leads you to The Wall Street Journal. 
America’s national business daily. 
Reaching millions coast to coast With the 
same news, on the same day. 

Advertise in The Wall Street Journal. 

Where prudent advertisers stake out 
their claim in the Western Hemisphere. 



Bayerische Vereinsbank Finance ' 
Company B. V. - '• 

U.S. $30,000,000 Guaranteed 
Floating Rate Notes Due 1981 

For the six months 

1st June, 1978 to 1st December, 1978 
the Notes will carry an 
interest rate of 8£ per cent, per annum. 

The Notes^are listed on the Luxembourg Stock Exchange. 


fere in tu 


By : Morgan Guaranty Trust Company of New York, London 
Agent Bank. 




Weekly net asset value . - - ' 

on May 29 1978 

r* Tokyo Pacific Holdings N.V. , . 

U.S. 549.02 - 

Tokyo Pacific Holdings (Seaboard) N.V. ^\) j jjijj \\ j 


U.S. S35.72 


The Wall Street Journal. 
The aH-America business daily. 


Listed on tbe Amsterdam Stock Exchange 

Information: Pforson. Heldring £ Pierson N.V.. Hermoraeht 214, Amsterdam * ' • i > 


Rajirrsnuiod bv DJI MS. In Lnnd"ii. r.ill Kay Sharp at 
!t53.|H47:in Fi.uikKtrl. tnllJoofliiinNunv.u al (01 11 74-57-40. 
«>iIht DJIMb nllici'Mii major hihineft crnlrKhaiutind lb( 
unrkl. 


VONTOBEL EUROBOND INDICES 


PRICE INDEX 30.5.78 

DM Bondi 105.72 

MU Bondi £ Notn 104.87 
U.S. S Sere. Bonds 49.37 
Can. -Dollar Bondi 100.00 


1A$J76=1Q0% 

M-3-78 AVERAGE YIELD 30.5.78 

105.77 DM 8onds 4.61} 

104.95 HLF. Bonds i Notes 7.472 

*9.86 UJ. S Sere. Bonds 8.81 1 

1 00.05 Can.-Dollar Bondi 9.2B4 


May 1978 


This advertisement appears as a matter of record only 



Volkswagen 

international Finance N.V 


7%% US$ 35,000,000.- Bonds of 1978/1985 

- Private Placement - 


Guaranteed by 

Volkswagenwerk AG 


COMMERZBANK 

Aktiengeseilsdidft 



’Enaes,, Thursday June 1 1978 



FINANCIAL AND 


TERM CREDITS 


On 

n 

>ts* 

32g$ 

n,J 

,: vDr v‘% 

•rs Clj i i 


• • 


0 ■■ '* *. 


ern 

:AL »<?* 

•• -yU;h L “ 

Vi;. 

'.I:!:-:, 103 - % 

r. ; eJ 
^ - jViU q*. 

limAc 

;■•• - ano »s 
u »' iai.h. 


• •. v- •;•: -s*.-*. ;v- 

THE “ -COMMUNA^Tfi ■ Urbaine 
fie Moiarea^ i^'nosfog $250m on 
a ®read of^^er^ceiil over The 
interbank - jate- : -for 1ft ye*rs 
Other ienosrjncfiJde a tfc'ree-year 
gtaea -seriod. -Pari of the pro- 
ceeds af flHa ioafi, wtiich is bemg 
leafi^oaziag^l try Chase Han- 
JrattaH,- will he^p refinance, at 

miichlawercos&'to fee- borrower 
a 18200m seren-jear loan raised 
last'fflHraaer..-: " 

: 4 Ifife ■ borijower ‘ paid on that 
occasion Aa spUt spread of If per 
cenf'.'fbr "&e~ first fotrr years 
rising <0lf per cent The grace 
period on' tfce new Joan is al&o 


raising 


more generous— three years com- 
pared, with IS.naanths last year. 

Italian borrowers are also 
active fa the market Two loans 
are currently being arranged 
while a third an much larger one 
for the Italian State Railways is 
expected very soon. 

Finsider, the state steel hold- 
ing company, is raising S55m for 
five years on a spread of if per 
cent Other terms include a three 
year grace period. There is no 
guarantee f orthi* loan which is 
bains arranged by Bank of Tokyo 
and Detroit and Banca Narionale 
del Lavoro. 


The other loan — for FJnme- 
Canlca — is a two-tranche opera- 
tion and is being arranged by! 
BAIL A $15m tranche is for 
five years with a two-year grace 
period and carries a spread of 
lil per cent. Tbe other tranche, 
$35m, is for three years with 
the same grace period and a 
spread of 1 per cent There is 
no guarantee. 

The Commonwealth of Aus- 
tralia is raising F 1300m for 10 
years on a fixed rate of interest 
through a group of banks led by 
Amsterdam Rotterdam Bank. 


-way Spanish bank deal 


O’ r ^53ondent . 

-•••• 'A*.. :• 

. ;r . 

f -- *55 

5- • r T\-. . . . 


U<?- 




BY ©AVID;. GARDNER 

BANC!>T>E ^SANTANDEaC one 
of. Spain's- big seven” 
.nation*!, banks, 7ha» bought a 
majority, holding in "Banca 
Jover r : ah ' 'tfldPestabllsh Catalan 
family ,, -sV&Snl* from the 
Barcelona; - i ' Basedf . ’industrial 
Barikuolbn, rwllch holds 
approximately. 55 per ©eat of 
the Joyer- equity. 

■The sale was confirmed at the 
Bankunion "annual meeting yes- 
terday. for a reported price of 
eight tinted the- nominal value 
of tbe shares^Twhidt ‘Bankunion 
president,. :.' .-Sr Jose -Ferrer 
Bonsoms.'. estimated at more 
than twice .their . real value. 
Bankuiiioii therefore ' likely 
to receive- J»ta fr-Shn (34.7m) for 
its portion of the. Jover equity 

The '. announcement ends 
weeks. of speculation, following 
the announci;ment that the sale 
of Jover was* being negotiated 
through a foreign intermediary, 
which turns out. Ao be Roth- 


schilds. It is thought that 
Santander will be offering 
similar terms to the holders of 
Jover*s 45 per cent minority 
equity, or an exchange for 
Santander shares. The final 
price will therefore be around 

Ptas 6bn ($8m). 

Tbe mechanics of the pur- 
chase — an approach through an 
intermediary empowered to 
make a single, .but substantial 
offer— cuts out any rival bids 
from other, particularly Catalan 
banks. 

Banca Jover Is a small com- 
mercial bank with Pta 12bn in 
deposits and some 20 branches, 
located almost exclusively in 
Catalonia. Santander has thus 
extended, its national coverage, 
while increasing its presence in 
Catalonia, Spain's most impor- 
tant industrial area, and tradi- 
tionally the region which 
generates the highest level of 
savings. 

Bank uni on is left with the 


BARCELONA. May 31. 

Banco de Credos as its main 
commercial arm. Credos was 
severely hit by the collapse of 
tbe Banco de Navarra/MPl group 
at the beginning of the year, 
prior to its take-over by Bank- 
union. Invex the company which 
owned 53 per cent of Credos, also 
has a 13 per cent stake in 
Bankunion. 

At the time o<f the Gredos pur- 
chase. Bankunion increased its 
slake in Jover. it also extended 
its capital increase earlier this 
year to Jover. Bankunion itself 
experts to make good its lost 
coverage by opening up ten new 
branches this year, three of 
which are already in operation. 
The bonus from the sale of Jover. 
will permit faster expansion, Sr 
Ferrer said yesterday. It finished 
last year with profits of Pta 926m 
<$1.2ra>, 2.7 per cent up on 1976, 
total deposits up by 14.2 per 
cent to Pta B3bn. and capital and 
reserves up by 5.9 per cent to 
Pta 8.7bn. 


' . ^ % 

¥DO acquires Sapfair watches 


BY JOHN; WICKS. 

THE German, -.company VDO 
Adolf Schihdltng AG,-- which 
recently -acquired IWC Inter- 
national .Watch : Company, of 
Schaffhamen* • ; has.', . obtained 
control of another well-known 
Swiss watcly concern. VDO Is "also 
contemplating, .a ...rights issue. 
Workl^_lfe?.uglLits. Zurich sub- 
sidiary inistek AQ, J the VDO 
group has taken up over half the 
capital of the Geneva-based hold- 


ing company Saphir SA. 

The company . owns the high- 
prlce-b racket brands Favre- 
Leuba, Leco nitre and Jaeger 
Lecoultre, with production units 
in Geneva and Le. Sentier. It 
recorded a small profit last year 
-after a loss of SwFr 5.6m in the 
1976 period;- A capital restruc- 
turing -was carried out to improve 
its 'financial situation. 

A number of shareholders are 


ZURICH, May 31. 

now said to have sold their 
Saphir stock to VDO. 

Meanwhile, Sika Flnanz AG 
has acquired 39 per cent of Sika 
Chemical Corporation, of New 
Jersey, from the Dow Chemical 
Group. The Swiss company thus 
becomes sole shareholder in Sika 
Chemical, which . Js currently 
expanding capacities for 
concrete additives in Los 
Angeles, Dallas and Illinois. 


iur^c 

srueed 

}1S81 


Bayemvereiii f or City 




Ulv. 

c'-\ L: 


BY 'JONATHAN- CARR . .L 

WEST GERMANY’S Ififth Iargjest 
bank, Bayerische ^VereinEbank; 
tomorictj^4>jpfins' -Jl, fttil^-hranch 
office ^ & ^part ig&i is 

contuu&pg eximnsitm progzimiae 
at homeiiod ab^d. ...r--: ”. ; 

The' liondoii hranftT burfntsk 
wiR; ^tlefly focus onr ^German 


. BONN, May 31. 

customers wantiag^to invest in 
• Britain; But the bank will also 
. be: gaining greater access* to a 
jMccmd/ntaibr Euroma^el-centre, 
following its establishment of a 
subsidiary >ln Luxembourg in 
:197L ,. The- jbanh. has totaf assec 
of -DM * S7.3bii; ' nearly 400 
branches and 10,000 stiff. 


Outlook now brighter at Perstorp 


BYlOlWWAUCER 

PERST&E»r • ' the • Swedish 
chenrieris-.^Hgroup,-' iy- more 
optimistic^ at;, the end of. the first 
elght mecths-of its financial- year 
(Septg?dljeir TS77 to April 1978) 
than lU'barlier forecasts. Group 
sales 7 •umobhted to SKx 773m 




*■? : • STOCKHOLM, May 31. 

(S166m) . compared . with 
SKx r '430m in th fe'same period in 
the previous year, and the fore- 
cast^ for the whole of this year 
is that sales will rise to SKr l.lbn 
compared with SKr 930m in the 
previous, year. 


iboard) NA- 


. - "V - . ; -v 

'l JEarthemrare Manufacturer? . 

--- ; ■ — •• - 16%'. - • 

Tbe# con&raes ; to Tna i utain a strong market 

posi^ffi£OTNali;£ts' mamirodtiels; amt a; heaft&y order 
book:' ^oui&yensOTe conttaued : prosperity for share- 

. - ,.V- V ... i-'-.'. 

In^tte^fcetha&s iti the valtie of the S making onr 

orders on 

-aiiU^inie" ^recordk • . •- . - -< 

• .• - . 5: FRANCIS WOOD, Chairman. 


Yeacip^^ff , ^®l\December 


1977 

£4^09,088 

£237^92 


ir^ s pftr 5p share 

•• • : 
;j.^-.);iaa5i T>ermitted , 


1976 

£3.616,546 

£193,651 
‘ 4Jlp 
18114% 



Dutch insurer 
sees increase 

By Our Financial Staff 

HIGHER profits this year are 
forecast by Nationale-Nederlan- 
den, the largest Dutch insurance 
groupvwhose profits at the after 
tax'levfel rose by 15 per cent in 
1977. \ 

At the'annual meeting yester- 
day. the company said flm 
q aarter 197S revenue was 8 per 
cent higher and would have 
shown an increase of 12 per cent 
but for the adverse impact pf 
(he appreciation of the Guilder 
In foreign exchange markets. 

Actual profits for the opening 
three months are not available. 
For the whole of this year the 
company expects the Dutch mar- 
ket to improve in the non-life 
sector Outside the Netherlands 
an increase in non-life profits 
“seems unlikely." 

if. __ 

Shutdown in Sardinia 

RUMIANCA SPA, a chemical 
company linked to the SIR 
chemical group, said it intends 
to close down Its Rumianca Sud 
petrochemical plant In Sardinia 
temporarily because of lack of 
raw materials, Reuter reports 
from Rome. 

-The plant normally obtains 
supplies from SIR’S Porto Torres 
petrochemical plant in North 
Sardinia, but STR’s financial diffi- 
culties have caused this plant 
tq reduce output, industry 
sources said. 

r . The Rumianca plant is to 
Close down progressively from 
next week and about 930 workers 
will be laid off, Rumianca said. 

Oliveft) sales rise 

JNG C . OIJVE7ITI E C S-PA 
chairman Bruno . Visenlini said 
the group sales In the first four 
months of 1978 rose by 1L4 per 
rCent from 1977 levels to L372.3bn 
f$43Dni), Reuter reports from 
Ivna. . . 

-■ l parent frompimy turnover rose 
$4,4‘ per cent to LI42.7hn, he 
tMd shareholders. 

Orders rose by 10.3 per cent 
WtSVld wide and 20.7 per cent in 
Italy, he added. He made no 
forecast for profits or for a 
'possible resumption of dividend. 


Deutsche She ll loss 

DEUTSCHE S HELL AG, the 
Gentian, unit Of. the Royal 
rDutch/SM group;' reports a 
loss OE DM 34.5 ($l7m) for 1977 
compared with a net profit of 
DM 240.4m In 1976. writes AP-DJ 
from Hamburg. Sales fell 2.1 per 
bent in 1977 to DM 12240bn 
froth DM l2J50Sbn. However the 
company- expects- to return to 
profitability in 1978. - 
. Tbe prime factor behind the 
-better. 1$7S prognosis. Is the 
expectation that the company 
will be able to reduce Its oil 
'sector losses to DM U a ton from 
IMS 19 JO a ton losses in 1977. 


OGA in the black 

THE . Compagnia ’ General^ 
Grande Alberghl (-GIGA) SPA 
posted net profits of L2B5m 
(1340,000) for 1977 after three 
Straight' years of severe losses, 
AP-DJ reports from Milan. 

- GIGA had posted deficits of 
iB.fibir-itt .1974. M.lbn in 1975 
and L2.5&0 in 1976. 

The company, grouping Italy’s 
most luxury hotels, reported Its 
3977 income amounted to L41bn 
up' 36 per cent from the 
previous -year. 


Cartier to 
go public in 
New York 

By David White 

PARIS, May 31. 
THE DIVIDED Cartier 
Jewellery empire is to be 
brought together again into 
one group and plana to lannch 
its shares (or the first time to 
(he public. 

In Paris, where the concern 
began in 1847, Cartier said the 
separately -run operations in 
New York, Paris and London 
would be regrouped under a 
single holding company. It is 
envisaged that the new joint 
company will apply for quota- 
tions of it ss hares, probably in 
New York. 

Cartier began drifting apart 
at the beginning of the cen- 
tury, when It had already 
established itself as one of the 
leading jewellers in Europe, 
and sister companies were set 
up In New York and London. 

The structure that the trio 
of Cartier brothers left behind 
is a complex one. Cartier is 
basically broken up into three 
divisions: the retailing and 
distribution network of Cartier 
Inc. in the 95.; the Luxem- 
bourg-based European opera- 
tions. inrlnding Paris, London 
and Geneva; and the manufac- 
ture of pens and cigarette 
lighters. 

Sales from the different 
branches last year are pal at 
just under $100m. Of this the 
European group accounted for 
rather more than half, wilh 
the remainder divided roughly 
equally between the U.S. group 
and the pen and lighter opera- 
tion. Net profit last year, on 
a consolidated basis, is esti- 
mated at 57m. 

Varlons alternatives are now 
being studied for the site of 
the holding company and the 
launching of Cartier shares, 
but New York is considered 
tbe most likely, being tbe most 
active market. 

Au initial introduction is 
thought likely on tbe American 
Stock Exchange and possibly 
later on tbe New York Stock 
Exchange. 


IVFW-Fokker: no mass redundancy 


BY. ADRIAN DICKS 

VFW-F0KKER. the troubled 
West Gerutan-Dutch aerospace 
group, had not “ come lo the end 
of its existence " because of the 
cancellation of the VFW-6I4 
short-haul jet airliner pro- 
gramme. the outgoing executive 
chairman, Mr. Germ KJapwijk, 
said here today. 

Although he stressed that tbe 
company remains committed to 
;ibe West German Government's 
proposal for a merger with 
Messerschmitt - Boelkow - Blohm. 
Mr. Klapwijk said that work in 
prospect had increased, so that 
there was now no immediate 
danger of mass lay-offs. This 
breathing space, it can he 
assumed, will he used by the 
VFW-FQKKER side lo attempt 
to secure more favourable 
merger terms than those reliably 


understood to have been offered 
by MBB up to now'. 

Talks with MBB are still con- 
tinuing, hui the VFW-Fokker 
chairman offered no indk-alion of 
when he expects them to be 
concluded. He said that they had 
centred arouml the West German 
interests of the group, but also 
stressed that the Netherlands 
Government had given the Dutch 
shareholders and the manage- 
ment a free hand — a move that 
appears to leave the way open 
for the considerable degree 
of cross-frontier integration 
achieved by VFW-FOKKER to 
remain in effect. The manage- 
ment has been arguing for some 
tune to both the German and 
Dutch Governments that much 
would be lost if a politically- 
imposed solution were to attempt 
to unscramble the group- 

Herr Johaon Schaeffier. the 


deputy chairman of the central 
operaring company, said that tbe 
VFW 614 programme had cost 
the company some DM 200m 
(SlOOm) and the West German 
government as much as DM SOOrn 
1,3400m) before VFW-Fokker 
closed it down last december. 
in the form of development sub- 
sidies, loan guarantees and pro- 
duction aid. 

In keeping with its under- 
takings to Bonn last December, 
when the government provided 
a DM 540m assistance package, 
VFW-Fokker has drawn down 
DM 150m from its reserves to- 
wards a DM 157m operating Joss 
suffered on its 1.977 activities. 
This virtually exhausts the 
resrves of the operating com- 
pany. 

For 197S. Mr. Klapwijk said, 
the group hopes to balance its 
books, and should be able to 


DUSSELDORF, May 31. 

earn a small profit in l 9 ?®- 
Work in, progress includes 25 pet 
tent, of the European airbus— 
a 300 programme, with the 
prospect of increasing the labour 
force in North Germany the 
largely Dutch-buiU F-27 and F-2S 
airliners, the Dutch part of the 
F-16 fighter and subcontracting 
work on the MCA Tornado. 

In addition, VFW-Fokker is 
expecting a go-ahead for the 
proposed Franco-Dutch Atlan- 
tique marine reconnaissance air- 
crift, with initial orders worth 
DM 200111. as well as further 
military work from the West 
German government as part of 
its pledge to spread the present 
balance "more fairly. For this, 
Mr. Kfpawijk said, VFW-Fokker 
was still effectively in competi- 
tion with MB ABD the indepen- 
dent Dornier company. 


Streamlined Yarta sees recovery! 


BY GUY HAWTIN 

jTHE RADICALLY reorganised 
Varta group appears reasonably 
satisfied with progress since its 
reconsl ruction. The haitery and 
plastics operations appear lo be 
doing satisfactorily." white tiu* 
pharmaceuticals operation got 
off to “a shining start." Only 
the elec>«val ami air purifica- 
tion concern bad a luugh time. 

Varta. a major industrial 
holding of the Quand'. concern, 
previously operated as a group, 
but last year its three major 
components were hived off into 
independent companies in ordrr 
to allow them lo reach their full 
potential at their own pace. 

While it is obviously ioo early 
lo comment on whether the 
policy has proved a success, 
shareholder do not appear to 
have suffered in any way as a 
result of the arrangement. 

Hans Graf von " der Goltir, 
chief executive of ihe newly 
constituted Varta battery and 
plastic concern, said that for 
1976 holders of 10 shares in (he 
old Varta concern saw earnings 
of DM 70. Their 1977 stake in 
the newte- constituted group 
brought fTiem DJI f?9. plus, if 


they paid West German income 
taxes, the tax rebate coupon 
aliuwing them to offset corpora- 
tion tax paid f.n their dividends 
against personal taxes.. 

In 1M77. Varta saw world 
turnover increase from the pre- 
vious year's DM 1.15bn to 
DM 1.2bn (§56Smi. In the first 
quarter of 197S. the concern 
saw sales remain unchanged 
from the comparable period of 

Tbe turnover figure, however, 
had been depressed by currency 
tluctuations. Sales of its over- 
seas subsidiaries rose by only 
2 per cent in Deuuvhe-mark 
terms, whereas, when accounted 
in their home currencies, their 
real growth was 15 per cent. 

Altana, which operates in the 
pbarmarcemicals and dietary 
products field, reported 1977 turn- 
over up from DJ1738.6ni to DM 
$05.7u7. There are signs that 
expansion will also be strong in 
1978 and first quarter sales were 
up 7 per cent, to DM210ut. 

CEAG. which operates in the 
light and power technology and 
air purification sectors, had a 
difficult time last year. Turn- 
over fell from DM226-2ro to 


FRANKFURT. May 31. 

DM202j2m. However, things 
started well in the first four 
months of 1977 with turnover up 
21 per cent 

Although this puls the group 
on tbe way to a return to profita- 
bility, 197S is also expected to 
produce a loss. The group’s 
1977 loss totalled DM2fi.2in — more 
than double that of 1976. 

Meanwhile, YEW. West Ger- 
many's second largest electricity 
producer, expects profits to rise 
this year Reuter reports. In 1977 
net profits fell to DM S8.9m 
iS45m) from DM 132m. 

Turnover in the first five 
months of this year was 8 per 
cent higher and electricity sales 
were up 6 per cent. The company 
said it expected gross profits in 
197S “ to exceed the DM 200m 
level.” compared with DM 19Sm 
in 1977. 

Last year's lower net profit was 
due to higher natural gas costs, 
special depreciation for the delay 
of the building permit of the 
nuclear power plant at Hamm in 
North Rhine Westphalia and the 
fact that authority' to increase 
prices was "insufficient and given 
too late." 


i West Germans 
make CD offer 

By Our Financial Staff 

THE West German Government 
! is making a lender offer in 
j three- and four-year certificates 
] of deposit Kassenobligationen. 
I The offer closes at noon tornor- 
| row. 

I Dealers in Frankfurt were 
j suggesting yesterday lhat the 
\ terms of the offer — a minimum 
; rate of 5 per cent for the tbree- 
fyear paper and 51 per eent for 
Ithe four-year notes — were on the 
i “tight side” but that the sudden 
! revival in local bond markets 
[had created a relatively favour- 
able background for the tenders, 
j The renewed strength of the 
Deutsche Mark at the expense 
of the dollar yesterday lifted 
domestic bond prices by up to a 
point at the long end and enabled 
Ihe Bundesbank id reverse its 
j recent policy and sell what was 
thought to be a substantial 
amount of stock. Tbere are 
apparently signs of a renewed 
inflow of foreign funds into Ger- 
many. notably from Switzerland. 

The last offer in Kassenobliga- 
tionen (in March) raised around 
DM 1.7bn for the Federal 
authorities. 




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iii mmm' 


For seventy- eight years we've traded as The 
Associated Portland Cement Manufacturers 
Limited and APCM is our familiar name in 
the City. 

But for many of those years we’ve been 
identified by our famous Blue Circle symbol, 
and Blue Circle is what we’ve come to be 
called by customers and the public at home 
and overseas. 

Prom now on it’s the only name to know. 

On June 1st, The APCM Limited became 
known as Blue Circle Industries 
limited. Under our former name we 
grew to be one of the largest cement 


■.MMM 0 



manufacturing organisations in the world, 
with turnover approaching £400 million, 
and with 12,000 employees in the UK alone. 

Over 50% of our profits come from our 
manufacturing interests and investments 
overseas, and we also have a substantial 
export business selling to over 
100 countries. 

We are considered to be world leaders 
in cement technology and, with 
our new name, we expect many 
more years of successful 
growth both in this country 
and overseas. . 


Bine Circle 
Industries Limited 



19 7 8 

WE DUE EM'S AWARD FOR 
EXTORT ACHIEVEMENT 






36 


Financial 'Tunes Thursday 


INTERNATIONAL FINANCIAL AND COMPANY Nl US 


JAL restores payment in 
spite of lower profits 


Two more 
shipbuilders 


«Y CHARLES SMITH. FAR EAST EDITOR 


JAPAN AIR LINES has written 
off ibc Iasi or a Y17bn ($77nii 
low incurred in 1974 and 
restored its dividend after a 
three-year suspension, the airline 
announced today. 

The company also announced 
after tax profits of YS.Hhn for 
the fiscal year ending last March 
— a slight" fall from the Yll bn 
profit registered in the previous 
fiscal year. 

JAL says it had to face a 
“major incf.ase” in uncon- 
trollable costs in 1977 resulting, 
among other things, from a 100 
per cent, increase in landing and 
navigation charges on its 
domestic Japanese flights. 
Domestic traffic, however, rose 
hy 16.S per cent, during the year 
(i)v it per cent, in the first half 
of ' the year alonei while Inter- 
national traffic was up 12.5 per 
cent. 

JAL'* international cargo 
I raffle also rose by 7.5 per cent, 
durins the >ear hui this appears 
l«i have been due solely to a rise 
in incoming freight (up 19 per 
cent.,). JAL gives no figures for 


freight out of Japan hut says 
the “high Yen ’’ (the Yen 
revaluation) bad a ’‘detrimental 
effect ’’ on this. 

JAL’s financial history over The 
past four years, as set out in 
today’s report, starts with a 
massive Y17.7bn loss in 1974 
(when the airline was one of 
the biggest losers among all 
major international airlines). 
The airline reacted by embark- 
ing on a rationalisation pro- 
gramme spread over a three-year 
period which was concluded, 
slightly ahead of schedule, when 
the final Y5.5bn worth of accu- 
mulated losses were written off 
towards the end of last year. As 
part of the rationalisation pro- 
cess JAL suspended the recruit- 
ment of new employees for two 
years and delayed new aircraft 
purchases. 

The completion of the pro- 
gramme leaves .JAL financially 
sound but with a backlog of air- 
craft purchases to be undertaken 
over the next few years. The 
airline is expected to buy some 
seven or eight wide-bodied air- 


TOKYO. May 31. 

craTt per year From J9S0 lu 
around 19S5 at an annual cost 
of about S400m. Decisions have 
yet to be taken on how to finance 
these purchases. 

JAL has nu comment to make 
on the profit outlook for 1S7SL79 
but the airline faces the major 
task of absorbing the high cost 
of operating through Narita 
airport (the new Tokyo inter- 
national airport ». The higher 
landing charges at Narita could 
cost JAL an extra 8100m during 
the coming year and wiii not 
initially be covered by revenue 
increases, since Narita flight 
frequencies are frozen at the 
same level as at the old Haneda 
international airport. JAL says 
it will have to “work hard" to 
cover the Narita cost* but gives 
no indication of its precise 
strategy. 

JAL plans to start a fortnightly 
service to Sao Paulo in June tits 
first service to Latin America). 
A service is also being intro- 
duced lo Abu Dbabi and flights 
to Baghdad will begin later this 
year. 


the gloom BY OUR OWN CORRESPONDENT 


Kawasaki Steel pays less 
after slide in earnings 




TOKYO, May; 31. 


Japan Line loss near $100m 


BY OUR FINANCIAL STAFF 

JAPAN LINE, ibe financially 
troubled tanker opera l or. has 
announced a Y2l.41bn (896.4m) 
loss for the financial year to 
March 31. compared with a net 
profit or Y773i» in the previous 
year, and nf Y2.6hn in 1975-76. 

The company, which has been 
hit by the slump in the world 
shipping market, and bad debts 
of some YISObn at end- 
September last year, has in 
recent months reached agree- 
ment with lenders 10 postpone 
repayment of about Y30hn 
1 8130m) in loans during the 
current fiscal year, which started 
on April I. 

The first year’s plan to 
reconstruct Japan Line’s finances 
is understood, as icported last 
week, to involve measures includ- 
ing the selling of assets and 
securities, and the reduction of 
operating expenses through pay- 
roll economies and negotiations 
with labour unions. 


It was announced on May 22 
that — as part of management 
changes associated with the plan 
lo salvage the company’s 
finances. Mr. Takeshi Kitagawa, 
vice-president of Toyu Soda 
Kogyu. and a former executive 
with the Industrial Bank of 
Japan-rJapan Line's principal 
creditor — had been selected as 
president, in place of Mr. 
Hisbasbi Matsunaga, who was 
appointed chairman. 

The company reported a net 
Joss close to Y5bn at the half- 
way stage. 

★ * * 

THE Bank of Tokyo is asking 
the Finance Ministry lo submit a 
Bill (o parliament lo double the 
amount of bunds it may issue, 
the bank said 

The bank is at present allowed 
to float bonds up to an amount 
of Y1JJ4 trillion (million 
million), representing five times 
its capital plus reserves, but the 


outstanding balance of bunds it 
has already issued is nearing the 
ceiling, ihe bank added. 

The bank's bond issues have 
been rising in rcccni years 
because of the need to finance 
increases in medium and long 
term lending in yen both at 
home and abroad. 

Earlier, the bank reported that 
its profits after tax for ihe half- 
year ended March 31 last slipped 
from Y9.96bn to Y9.03bn 
1 839.8m). The interim dividend 
is maintained at Y2.50 a share. 
Reuter 

★ * + 

TOKA! BANK, the Japanese City- 

bank. has announced an increase 
of 7.7 per cent in net profits in 
Ihe half-year to March SI. to 
Y8.3hn (83.7m.) from Y7.7bn in 
ihe same period a year earlier, 
reports AP-UJ from Tokyo. 

The bank forecasts that net 
profits will be maintained at the. 
YS.3bn level in the current 
half-year. 


JAPANESE COMPANY RESULTS FOR YEAR TO MARCH 31 


Net profit 
1977 


Sales 


1978 


1977 


Company 

Business 

Ybn 

Ybn 

Ybn 

Ybn 

Kawasaki Steel 

Steel 

6.81 

7.75 

935.05 

982.88 

Nippon Kokan 

Steel 

5.21 

10.91 

1,200.00 

1,240.00 

Kawasaki HI 

Heavy industry, shipbuilding 

9.68 

13.00 

567 j07 

539.91 

Sumitomo HI 

Heavy machinery, shipbuilding 

2.87 

4.78 

276.66 

250.25 

Nissan Shatai 

Vehicle assembly 

4.23 

4.87 

318.46 

303.13 

Toyo Seikan 

Meta) products 

6.09 

6.70 

231.15 

20Z43 

Sankyo Electric 

Electrical 

T.72 

1.46 

42.97 

37.25 

Takeda Chemical 

Pharmaceuticals 

7.22 

7.45 “ 

335.09 

30358 

Mitsui Toatsu 

Chemicals 

- 4J8 

- 9.13 

309.41 

30578 

Sekisu? Chemical 

Chemicals 

1.00 

0.90 

212.90 

19350 

Mitsubishi Oil 

Oil production 

16.47 

12.88 

750.05 

765.16 

Nisshin Flour Milling 

Foods 

5.00 

2J0 

222.60 

218.90 

Nagase & Co. 

Commerce 

2J0 

1.90 

309.50 

30250 

Japan Airlines 

Airlines 

8.14 

11.02 

435J7 

394.95 

Japan Line 

Shipping 

- 21.41 

0.77 

272.04 

319.26 


By Yoko Shibata 

TOKYO. May 31- 
TWO MORE of Japan's major 
shipbuilders report serious 
profit setbacks. Following 
yesterday’s disclosures oT hefty 
downturns at Ishifcawajima- 
Harima Heavy Industries 
(IH1). Hitachi Shipbuilding 
and Engineering and Mitsui 
Shipbuilding and Engineering, 
Mitsubishi Heavy Industries 
(MH1) and Kawasaki Heavy 
Jjirinslries announce reduced 
earnings for the fiscal year lo 
last March. 

The current worldwide glut 
of vessels. coupled wild 
weakening international com- 
petitiveness caused by the 
surging yen value led' lo a 
iapering-off of new ship orders 
and order backlogs held by all 
five shipbuilders. Sharp price- 
culling competition in orticr- 
taking and declining operating 

rates (around 30 per cent or 
capacity) weakened profit- 
ability more lhan expected. 

The largest heavy machinery 
manufacturer. .Mitsubishi, 
whose shipbuilding accounted 
for 34.2 per cent of business, 
liflcd current profils 28 per 
een I lo Y45.7hn hut net profits 
fell 16.3 per cent lo V IShn 
1 867 m ) on sales or Y1J8 
trillion (million million) 
(StiJlhn). 

MlH's new ship orders, 
declined by 27 per cent and 
order backlogs were cut by 
46 per cent from the previous 
year’s level. As a result. ME I 
expects a deficit Tor Die first 
time in the current six months 
of the fiscal rear ending 
Sep I ember. 

Kawasaki Heavy Industry’s 
brisk sales of plant machinery 
(up 34 per cent over fiscal 
1976) did nor help the group's 
earnings. The poor perform- 
ance in shipbuilding reduced 
current profits hy 53 per cent 
to Y14bn and net profils hy 
26 per cent lo Y9.7bn ($4 3m) 
on sales of Y566hn l$2.5ofin), 
up negligibly hy 5 per cent. 

Even though HKJ’s setback 
In new ship orders was 
retained relatively small 
among other shipbuilders 
(down 8 per cent) and its 
order backlogs were, in sharp 
contrast, higher by 8 per cent. 
KHf expects a further profits 
decline for the current year 
doe to shortage of profitable 
ship orders. 

The fall in profits recorded 
yesterday by Ishikawajlma- 
Harima Heavy Industries — 
recurring profits fell 33 per 
cent to Y35bn and net profils 
51 per cent to Y5.7bn on sales 
of Y?63.4bn, up 9.7 per cent — 
was particularly savage. Ship- 
building shrunk to only 27 per 
cent of the company's business 
in fiscal 1977. New ship orders 
declined to one third or the 
previous year’s level and order 
backlogs held by the company 
dropped by 38 per cent Trom 
Die previous year. 


pre-tax loss. 

Sales were down 31.1 per cent 
during the six months Lo 
Y46L6bn from Y519bn in the 
comparable period. Exports 


busi- 
one for 


KAWASAKI STEEL one of services ruse, while sales of had been held at Y5 every year 
Japans big five Integrated steel acruai. steel declined. Service since the early* 196QS, _ wnin in 
producers, suffered a 90 per cent earnings amounted to YMJibn exception of 3971 ahd 19*- wnen 
fjll in profits for the half year in the six months to March 1978 the Japanese steel industry was 
ending March 1978 compared compared with earnings of labouring under the impact ot 
with the same period of the Y3.6bn in the same six months the first yea revaluation and 
previous year. of last year. Overseas know-how domestic recession. . . 

Income before the inclusion and consultancy sales are ... . • . 

of extraordinary items totalled expected to represent a fast Although the nau-y-ear 

\M.4bn (S6.3m'j. down from growing portion of Japanese ness term was a »nm oi 

Y 13.61m in the six months end- steel company's export earnings Kawasaki (and tor uluv 

in? March 1977. The 197S profit during the next few years. Japanese steel companies) pros 
figure includes securities sales Kawasaki’s crude steel produc- PectS- for the current term 
without which Kawasaki would Uon in ibe six months ending in distincDybenen^eel P” ces 
apparent* have had to report a was down 135 Mr as 

the company strove to reduce moving steadily up and price 
excess inventories. (For the full increases held over from fast 
year, production was 8.7 per cent year on contract supplies to 

down at 12.2m tonnes on a yeaT do f m I, st i* A" 1 ™" sl ffiL, 

accounted for Y15Shn (34.2 per earlier.) Production cuts be . implemented 5 JJ“- . .. 
cent) against Y 1841m a year increased the ratio of overhead P nces 10 ™ e Ll .,t? n 

and fixed costs to operating fiest overseas market) are also 

revenue and thus worsened the expected to turn up 
company’s financial position moves by the 
during the six-month period. ment to raise the trigger pne . 

Reflecting these and other Production appears to be rnoy- 
factors, Kawasaki decided to cut log slowly upwards in the inte- 
its dividend from Die traditional grated sector of the Japanese 
Y5 per share to Y3. The dividend steel industry. 



yea 

earlier. Net profits for the full 
year dropped by 12.2 per cent 
lo Y6.8bn (S30.6m) on sales 5 
per cent down at Y935bn. 

A breakdown of exports sales 
fagures reveals, however, that 
Kawasaki’s overseas earnings 
from engineering consultancy 


New investment guidelines likely 


BY JAMES FORTH 


SYDNEY, May 3L 


THE AUSTRALIAN Lovero- 
ment is considering an easing of 
ils present foreign investment 
guidelines. 

The treasurer. Mr. Howard. 
Said that the relaxation would 


was to relax but not to under- if it was felt that a genuine effort 
mine the essential features of was nut being made, 
the Governments foreign invest- The proposal is supported by 
merit policy. the jjf c offices and sharebrokers. 

The basic proposal is I hat cow- The Treasury altd the Foreign 
panics which have an Australian investment Review Board are rc- 
be designed to remove some of public shareholding should be portedly opposed lo it as are 
the disadvantages that might granted Australian status when several major Australian cont- 
ext st for companies in which the level of local equity reaches panics, including CSR, Broken 

there was some local sharehold- 15 per cent At present a com- Hill Proprietary Company and 

mg. pany is classed as foreign if .in Peko-Wallsend. which argue that 

“There is a view that some individual foreign party holds 15 it would lead to excessive over- 
companies in which there is a per cent or more, or if the seas control of Australian re- 

majority of overseas sharehold- aggregate foreign holdings total sources and squeeze Australian 
log as well as a not insignificant 40 per cent or more. companies out of the local capi- 

locai shareholding are disod- The proposed changes also tai market, 
vantaged under the existing envisage that companies which However, the proposed changes 
foreign investment guidelines.” declare their intention to reach only apply to direct investment 
Mr. Howard said. a 51 per cent local equity be and joint venture agreements. 

The Government had de- granted Australian status once The existing rules will still apply 
v eloped some proposals which they reached a minimum Aus- on company takeovers. If a corn- 
had been discussed with a traliun shareholding of 25 per pany granted the conditional 
representative group of com- ceot. There would be no time- Australian status made a take- 
panies and the matter was the table on reaching the 51 per cent over bid, it would have to follow 
subject of further consideration level, but the Australian status the current procedure and sub- 
by the Government. would be subject to annual mit its bid to the Foreign Invest- 

Mr. Howard said the purpose review and could be withdrawn mem Review Board. 

Minerals & chemicals keep CSR steady 


puts limit 
on Tisco ~ 
dividend 

By JCr K; : Sharma- • . •.;* /;* - .. 

' NEW bELHt-May’3tr ’ 

INDIA'S largest- . -pel 
. steel plant, Tata-Iron -and . 
•'"Company' (Tisco) 'hair -i^nv 
ordered by. th e .-Go ?et‘KOien&.tQ ' ■=,“ 
limit, its. dividend to - just 12 - ' 
per cent. The' directive^ follower' - 
a ’ decision- to. -raise saleable ^ 
steel prices, by a beftyi Rjitj > 
($26.7)- a- tonae-too. average- - ■ : 
The decision tp raise iprieis .. 
been . taken - by the- .GSrbbwtv. 
following a study- of Titer steel :*r 
industry; the 'bulk of whfrh ia . - 
in the public sector. ; i'- ■ 

The 2m tonne Tisco_p^o1 run 
. by Tata although a- substantial': • 
part of its equity is owned 
public financing institutions. '. 

. Tisco -has been told that any: - 
additional profits must hejised - 
for modernisation of the^plant ■ • 
Tisco -has' placed’ a proposal 
before the Government tog'-’ 
doubling its plant's capacity tV 
4m tonnes, but this is nnljkely 
to be accepted since 'the 
. present policy j? fhat-apy addi- 
tional steel-building : capacity JJ 

- must -be in the~ public Rector, ■ 


Jardine unit ; 
io expand 
UK insurance 






V 


BY OUR OWN CORRESPONDENT 


SYDNEY, May 31. 


CSR. the major sugar, mining, dipped from A15.2iq to A§14m, production vvas either exported 
building products and pastoral the third successive decline since under contract or sold in the 
group, lifted its profits by almost the AS IS. 5 m earned in 1975. borne market at stable prices. 

7 per cent from AS4L0m to Profit of the building and con- Activity in new dwellings and 
8A43.85m lU.S.849m ) in the year slruetion materials division fell in industrial production in 
to March 31. The gain tame from ASIS.Sm. to ASli.9m, but Australia had been slack but an 
entirely from CSR’s minerals and the minerals and chemical divi- improved contribution from in- 
chemicals division: both ihe sion lifted earnings from A812m sulation materials helped the 
sugar and the building and con- to ASI7.9. The directors said building and contraction division, 
struct ion materials divisions that pvoflLS from coal were steady Group revenue rose by 5.2 per 1 

returned lower profits. The but all other major activities cent; from AS876m to A$922m. 
result was also assisted hy a within the minerals and chcmi- The tax provision was down 15 
lower tax provision. cal* division reported increases, per cent from ASs22.6nni to 

The dividend is held at 15 Commenting on the result, the AS19Jm. largely reflecting a 
cents a share and is covered by Board said that world sugar AS7.4m investment allowuni-e for 
earnings of 34.9 cents a share, prices fell steeply, but that CSR expenditure on new plant and a 
compared with 33.9 cents was cushioned because a sub- A#5^m rebate on dividends 

Profits of the sugar division sluntiul proportion of raw sugar received. 


’^Bjr Anthony Rowley 

l HONG KONG. May 31. 

LOMBARD INSURANCE, a 
wholly-owned subsidiary of . . 
Jardine, Matheson, the trading 
conglomerate, plans . to extend . ’ 
its activities substantially 
the London insurance mgHtet, - 
via its subsidiaty — Lombard 
Insurance Company 'HJK). 

This was reported to Lombard 
shareholders by Mr. K. New, 
bigg mg, the chairman, in fife 
annual report today- Lombard ' 
Insurance (UKl — formerly : 
called Maltese Cross Insurance ' 
— had an issued capital 
increase (to £1.6mi last year 
and has been granted a Depart- - 
ment of Trade licence to 
write all classes of general 
insurance. Previously it could 
write only marine, aviation 
and transport insurance. 

Lombard has also set up a new . 

• underwriting agency in Lon- J.. # - 
don — Dunedin Underwriting 

• Agency — jointly with the “ 

National Insurance Company of 

New Zealand and has begun a"' 

direct participation in C. T. 

Bowring underwriting services. . 

.“Other "new underwriting acti-;:]!\ 
vities, both international and ;;l 
in the UK are under considers- 
tion,” Mr. Newbiggiiig stated. 

Lombard as a whole made net 

. after-tax profits of HKSLLOtn 
(USS2-36m) in 1977, against 
HKS7.5ra in 1976. The solvency - 
margin reached 66 per cent, 
partly reflecting the capital-, 
increase in the UK subsidiary. — 
Most countries and classes of 
ihe group's operations • 
improved, including Australia, 
its bigegst single market, 
although the marine hull 
account remains “a mat ter of 
serious concern," 


Canadian Imperial Bank of Commerce 

and 

Hambros Bank Limited 
announce the establishment of 










!‘A 

■{4 





LIMITED 

International Investment Bankers 

51 Bishopsgate, London EC2P2AA 
Telephone: 01-638 0701. Telex: 886337/8 

Representative office in Canada 
Commerce Court West, Toronto, Ontario M5L1A2 
Telephone: (416) 862 4561. Telex: 065-24116 

Managing Director 
T A. J. Boyce 

Associate Directors 
W. T, Hodgson, R. P. Mountford 

Representative in Canada 
C. G. Osier 



Shareholders: Canadian Imperial Banket Commerce {51 and Hambros Limited (49' ). 


STRAIGHTS 

Alcan Aixinha Sine IKO 
AM CV <px t!>,7 

Australia Slpc I9K . 
Australian M. A S. Ulur ’K 
RuKtan Rank #'[«.• 

Bonaur 9lpc IW-' 

Can. N. Railway Sipc I9A> 
Crvdli National A' p<- lOSfi... 
Pemnart: ape I9SJ .... 

ECS *»Pe iw:.’ 

ECS HiiK- UWT 

E1B Sip.- 1913 .... 

E.MT 0,'p.- I9>® 

Erirsson S-pe ima 

Ejsw RD>- 19S0 Kov 

<;t. Lakes Paovr S,|H 1954 
Hamers lev 3,’Ue (».' 

Hydro Qm-h-e 9pe 1993 ... 

Id 9:n*- 1W7 

1SE Cm-ida 9!pr in<»i 

MAemillan KInor|r-| up. 199" 
Maw KmlBvn '31 

Mii-heh'i 1*W? 

UUktihi hit. t in. i 1,'PC '92 
N .111 mm) Cnal iu. Spe 19S7 
Njiional Wstninsir. 9m: 'W 
\.-v fnimdland Ope 19*) 
Vordir In». (Tlr. ,<;pi- J!K9 
Xarsi-i Korn. Uk. Slpc 1393 

Norplp.' S' pc I9.SD 

Norsk Hyrfm 31 ne 199 1 : .. 

i*!0 9pr «DSS 

Pons Atnnnunies 9pe IKU 
Prov. Oui-hie Ope ]u0.', . . 
Pror. SaskarebM «. 5iV ‘-C 
R— Inieriiuiioiui 9 pi- I3S7 
RRM 9pe 

S-.-bH.iion Tnisr s.w )9s*l .. 
Sft.ind. Ensl-ilila 9pv IMI . 
SKF Sue 1PS7 . . 
s-.v.-d.-n ■ h duin ■ S:p- I9<7 
L'lllt-i] Ulsvuui. Piv USD ... 
VoN 9 pc 1337 March . . . 

NOTES 

Unirilia 1’pr Ifril . . 
Rill Cana-lj T.pi 19>» .. 

Hr. O'luniltia llt-l. Tip.- 
an. P,i- «;vr 19* I 
r '"<i i hi mie.if 5 IK- I5 : i,‘ 

W’t T'pr 1«<“ . . 

El'S Slpc !•«.!> . 
t'El' 7-|M- \'i-? 

EEC 7;pe I'M 
Kim l.mnil s' pe u-1 
• fi vn /osj 
kniVums >pe )>e.1 . 
JliV-HIli S’ II i- I9' l 
innire.il l>rlian -1:111 I"*- 1 
:■ v Hruir.'.eh k ?p.; 19M 
\ Rrens. Prin-. s:p-- >: 

-.1- -aland «i;pe ISCh 
N untie lav Rk. 7. Be IW4 
Norsk H>r1rn 7.pe 19.--J 

Sin Jr rim; t«^r 

omarlo H^dm spi. I9S7 . 
Sillfi-r NIpc 'V.' . . 

S. ur Sio! Eke. «' Pt- 1351 

Sun il--n ■ K'iIi-im • J'pe ios-j 
S wedish Si ile i’h. 7;p-.’ S.' 
Trlnii-s u'or 19U 
Tenn-<o 7:pc 195“ May . 
Vulkau 7 ;ik- 1317 . .. 

STERLING BONOS 

Allied Fri'ii * fin la.'pt '. q 0 
ill* cwp I Ope 1119.1 
••unaulils n;ui 1 95k 
FC“ 9:1*.. U-P . . . 

fc-in 9 or tv*. . . 

KIR I. pr -.no; . 
h iimii- e fiW Tin/. 9 Pi 19^7 
k 1 nan. • Inr IrnI Iiivk li-9 
Is. Mir I -'Ip' 1917 
k-.i-imr line 19 — 

1\'\ I'lj. ;->-s . . 

li*'.iini'T lain. i-»~ a 
s-vr; III lor IJKv 
T-nal ml aim. 19,1 ... 

DM BONOS 

\-l.-n I*, v Hi'* Slh !!■-• , 
ISNDV. A.r- Iis.. . . 

r.m.nl.i 1 :im ui.-—: 
n.-n -ir.il- M iik. <.p. --ii 
n- 'll— lie Rank- Aiuv 19-1 ; . 

ECS .l -pc U-'ti 

Eft -up - unp 

Ell A'lillMI'i" :."|V» I'j;-S 

Cur. Vem '-;i» ll.«7 . 

1 inland A.pe 19^; 
nismarls Vn. 19'in 
Tesien -ipc ipsi 


Bid Offer 


9S! 

9ii 

92; 

9i* 

971 

b:: 

«*.: 

9s'. 

9>J 

SH! 

97 ; 

97 J 
Vii 
mu; 

9T' 
s9i 
9.-I 
pr,! 
>oi : 
wt 
97 
1UII 
93J 
91? 

w; 

•s 

95 

fM5 

9»; 

Wi 

99 

9S 

!H 

p;: 

9: 

97) 

1HI 

97| 

■r: 


•U 

M : 
9;: 
*171 

f'i 

"i; 

.n:-i 
«>i l 
Ml, I 


•Wl 

9-. 

97 ; 


1M| 

9 -: 

h.: 

rn 

9:’: 

9.1: 


•r.k 

■IV 

9 ." 


■17 

ns i 

nr: 

!>- 

97- 

9-1 

•J9J 


SELECTED EURODOLLAR BOND PRICES 


MID-DAY INDICATIONS 




BM 

OHer 


Bid 

Oiler 

FLOATING RATE NOTES 



RXCF l«S.» Sipc 

981 

.‘•j. 

r-:,nt of Tokyo ISM Si pc. . 

•j»: 

inn, 

sw. and Clurd SJ 7li » PC 

m: 

inr-: 

HKCE I3S-I S'.or . . .. 

os: 

urn: 

Wnu. an-i »:iyn"s M i n-.- 

98: 

1UUI 

RNP lP-fl Mu, pc 

1MC 

low 

Sour- a- WhiM Weld SccuxiUea. 


« Cl" is*; S.rc 

w: 

sa- 




idw ripe 

9!i: 

lt#*. 

CONVERTIBLES 



1‘niluanMsU 19W S!pc . . 

R9J 

inn. 

American Fxpn-ks 4; pc '^T 

97 


cretin Lvoiinni. 1WJ Sue . 

inn 

IW 

Asblarra 5pc I9SS .. .. 

ml 

;r. 

U«; Uiinft I9C 7Ii|C pc . 

Ini't 

Urn. 

Babcock & IVItcos nftie "97 

ltii: 

in.; 

«T7B I9SI SI |g pc 

inni 

i'll 

Kvatncv Foods 4; pc IK, . 

nu; 

ip 

mil. Wi-jm eider 19M spe 

99', 

99. 

F.. alincc Foods 4ipc 199; .. 

in; 

107 

1 hmln ISXt 7!pc 

inui 

!'■' 

Li.Tdiam liipc l«2 

961 


I.TUU 19S3 Sp.- 

99! 

inn 

Bnrdcn 3pe 1992 

101 

102' 

Mi-Jlnuil 19S2 Spe 

dm: 

mi 

Firnadivay Hull- 4ipc 1997 .. 

77 

7#.; 

.Mi'lljnd 19S7 S 4 ibPt 

9*>; 

r-'i. 

Carnation 4pe I9S7 

76i 


«>h-n ism r, pc 

IUI) 

V*. 

Chevron Ope IKS 

IMI 

I5S 



n.iri 4jpe I8s7 

I. jiiman Kodak iBku 

Evonomlc Lairs. 4;pt- 1987 

K 1 re-stone JIK 193S 

l-ord ape 1988 

i-cncral El in. trie 4|pc 1987 

Cinriie 4iPc ISST 

ROUld ape 1987 

r.ulf and Western Spe 19SS 

Harris ape 1992 

Uotw-Tveli 8 pc 19SU 

1CI 67 pc 1993 

IX A 6 pc 1997 

I nvln.it pe Slpc 1992 

ITT 47nc 19S7 

•luseo «pe igrj 

Komaisu 7' pc 1990 

J. Ray .McDermott 4Jpc '87 

MaiMuhna Clpe 1990 

Mitsui 7Jpc 1990 

Source 


in.' 

."fi 

tv. 

l:m 

e- *. 

9: 7 


Ml. 

HS’. 

Ml. 


m. 

«i 


hi; 

i". 


1** 

i,: 


"i: 

■ij; 


\anvin .'nc iis-i 

inn 

1-Mi 

\nrn .iv 4 "pc 1**- 1 

3k; 

■H-- 

"Imtmv 4-P 1 IV5J . . . 

i'li. 

91} 

1-K P.inlvn 1 .;m- !■»•< 


kl 

I'mv ijii.-l-- « r,|«- lf*>n 

4i4; 

S. ■ 

I.‘3HI amiil V. -.;pi 114. . . .. 

•J ■ 

Ji. 

Sp in sn-- 1* : -i 

•Wi 

-13- 

T-.i->Jh-im j'lii- 19S« 

!«7 


TV»» I’-i'crr rn <-n-- i*i«,s 


P"| 

V.-nr-H- U 5p, I9.li* 

OT 1 

9-1 

World Bani. ;.;pc i»n . . 

9 Vi 

f. 



l-s. 



World Leaders in the Manufacture 
of Valves and Boiler Mountings 


Mr. 1. G. Hopkinson reports highly satisfactory earnings achievement. 
THE YEAR'S RESULTS 

The consolidated trading profit for the year ended 27th January, 1978 amounted 

pa r nnrw ?Q 7 - 7 9 Va whi,sl lhe - Gr0U P P rofit before taxation was 

£4,276,000 (1977 £4.363,000) on a turnover increased by 7.7% accruing entirely 

during the second half of the year. In my interim report I stated that the second 
half of the year would show a marked improvement in profit compared with the 
first half but not sufficient to bring the full year's results up to last year's record 
level. In the event, despite the difficult world economic conditions prevailing 
we virtually succeeded in maintaining earnings per share at the much higher 
-evel achieved in the previous year-an achievement I regard as a highly satisfactory 
outcome in the circumstances. 

OVERSEAS SALES 

The generally forecast upturn in world markets did not materialise during 1977 
in the energy markets to which Group products are sold. However during the 
first tew months of 1978 several large orders have been received for major 
projects in U.S.A., Brazil, Nigeria and South Africa. It is still my firm belief that 
the mam expansion in demand for Group products will emanate from overseas 
markets and that in due course we shall see the results of the sales efforts beino 
made in these markets. v 

THE YEAR AHEAD 

The very limited growth in recent years of the industries the Group serves has 
meant that our efforts have been directed towards obtaining a iarqer share of the 
work available by the introduction of new products and by increased manu- 
facturing efficiency to maintain our competitive ability. With the benefits I 
anticipate to flow from an increased capital expenditure programme Dianned 
for the current year and the continued wholehearted support of all employees 
Your Group companies are weir equipped to enable me to look forward to the 
future with confidence. 


Hopkinsons Holdings limited, Britannia Works, Huddersfield, Yorksilire, HD2 2UR. 







Jtoe I 1975 


&hSZ.-2*Xii\#ri’v?- sr . - • ' • 

IpIEGAt NOTICES 


0 

id 

1 ‘-'aim. *. 

■ air . -.- 

Aa'tV.^-- 

-•‘4 !rj 

I: **ift t £ - 

’■'«!] if. ■>. 

* . u». IV 

::;r- f 'f i£ • 
~J : ; yi ^ . 

*V y pi it; . 

r.' 1 v tb W 

; - s ftnn 

v ^ 

'n :» t \- 


■V tciau. ujMmsQ -i . - 1 . 

. At in T xtr oor dlnarr Omni ‘Moettns «f 


«-.-sja» : duly , pawtt; as a ..Special 

JV ' ^ • a • ' ^ 

.. “ Tint- Uw -Cwmwi Y -li o jrou nd.ua voIimw. 
,W!W with .effect- from -lffth May, 1S78, 
amd-utat Terence- Frank !.***- Webber. of 
t. Ruddle. Dock,- fflqtkfrtar*.. London ECev 
3pp., b« and :ljS-.*. Mwfchy appointed 
liquidator jfor- ‘the _ porpoKS. of the 

" ".- T OLIMtEBVC: ECKEL. Director. 
Name Of ' Company: ECKEL LIMITED 
Nature efi Malms; ENGINEERING 

SSftVICES - 

'Addrau.of Rcststdrcd office: 52r&4, High 
- - : .HofSom. Looeoo WC1 v «su 
r.Uaeidatofs -name and address.- Terence 
Frene^ Lees • -Webber, ■ b Puddle Dock.- 
- - BUrtcfrlars, London ECAV 3PD 
Date pfjdMMMibMfe-IMh M«r. 137§ 

, By whom appointed: Members 




- - -IM THE MATTER OF 
CLEN TON CONTINENTAL TOURS 

. LIMITED 

WT THE: MATTER OF THE l' ; 

■/ ' ■- COMPANIES ACT IM* 

- NOTICE IS. HEREBY. GIVEN that the 

- xredlt6t*“'or- the above-named Company, 
j. which- -Is Jwififl.. voluntarily wound. op. are 

rioolreoV on • or- before the ■ 30th .oar of 

rjOShL 11978. to -send-in tbelir -foil ChrttttftA 

- wid -mrwmc** theb- addrKses and descrlw. 
• tlon^Tna / particulars or twdr debts or 
-ciamn^-and .toe names *nd . addresses of 

tttelr Solicitors m.aovl^ta the undersigned 
■ RICHARD EAGLES FI ELD FLOYD. Chartered 
Accountant of 3J Clifford's Inn, fetter 
t AHj jJwdstar 

r *° U tu- 
tors. 


Ko. D01S50 Of 19TB 

in the HIGH COURT OP JUSTICE 
Chancery IM vision Companies Court. In tor; 
Manor or B.P.S. i BUILDING PROJECT 
SERVICES' LIMITED and In the Mailer 
of The Companies Acl. -IMS. 

NOTICE IS HEREBY GIVEN, ihai a 
Petition for Urn Winding up of toe Hbnie- 
n anted Company br the nuth Court or 


NO. 001536 or 197R 

In for HIGH COURT OF JUSTICE 
Chancery Division Comoamfs Court- In 
ibe Matter of ANUM0S5 LIMITED and 
In ihc Mailer nl Tin; Companies AM, 
1948. 

NOTICE IS HEREBY GIVEN. tout a 
Pel 1 1 ion lor the WIlKlinn up of [he above- 
nami-il Company by lhc lllph Cuun of 
Justice was on UIl- I2to day of May 
19T8. presented lo Ibi- said Court by 
SPILLERS-FRENCH MILLING LIMITED 
whose registered Office Is al uld CUanne 
House. Cannon Sireei. London. E.C.4. 
and that ihc said Petti Ion is directed 
ro be heard before Ihc Court SilUiw at 
Hr- Royal Courts ol JoasUc**. Slratul. 
London WCSA -LL. oh toe mh day of 
June 1975, and any creditor or eunirtou 


BUSINESS AND INVESTMENT OPPORTUNITY 


READERS ARE 


RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING 


justice was on the lath day of May 1 10ry of’ilu said Company desirous 



a, bonan. »r*r.. 

bt.tMr nia-. Company, and. IT i® room. 1 
by potKeiJO-wrltfna from the »W LJoul 
■'* tor. arK MfWfWllY 0 r by thol* Solltjtr 
- - tOvWrm?. brand -swe mtir debts or claims 
it sues - time and place m shall be 
-'sweSta^HR/mieh -notice, or T* default 
there©!' t*ev will be eacluded irom the 
- any ^ dKTribntton made before 




• . P * T ? Ck ^ 1 ‘ rSTE”# LOYD. 7 L lauidator. 
'-NOTEv^-Thls F o tic i is- purelv formal. 
“ illUUfF creditors have been at wllibe 
- p.irt- -Jn-full, . AtMunM with CLENTON 
TOt^tV LIMITED^. are unaffected. 


1978. prtseoicd w the said Court hr 
SAN KEY SOUTHERN LIMITED whose 
rcstNered office Is nlnioie at: 5J-57. ! 
Bakers Lane, Lichfield. Smite.. Builder; ' 
Mercbams. and ihai the said Petition is 
directed >0 be heard before fht- Court 
oUtintt at the Royal Uourta of Justice. 
Strand. London wcja 2LL. on ihe 
IDth day of June i«s. and any eredlior 
or contributory of the said Company 
desirous to support or oppose the makim: 
of an Order on the said Petition may 
appear at the time of beanro:. in person 
or by his counsel, for mat r<urpost-; and 
1 copy or ihc Petition wilt be furnished 
by rhe undersigned lo any creditor or 
Contributory of the said Company requir- 
ing sacb copy on payment of the rcnulated 
chaise -for the same. 

BRAJBY L WALLER. 

13, Uind Court, 

Fleet Street, 

London EC4A TDS. 

Ref; F/TTII. Tel: 0I-SK Mil. 
Solicitors lor the PetiUowr. 

NOTE.— Any person who Intends m 
appear on the hearinc of ib-.- sold Petition 
must serve on. or send by post io. thr 
above- named notice 'in wrlunK ol his 
in lean on so lo do. The nonce muru siuie 
ihc name and address ol thr person, or. 
if a firm, the name and address ol the 
firm. musT be sinned by the person 
of Arm. or bis or the solicitor ■ ir anyi 
and must be served or. It polled, must 
be st-nt by post in snlTlcienl lime lu 
reach thr above-named not later ihan 
four o’clock in th<* ariernoon of Hit- 
18th day of June 1978. 


support or uppohc the nigUnB ol jo Order 
un the said Petition may appear at ih«- 
linn- of hearing, in person or by tns 
counsel, for Ihai punwa;: and a cow 
of the Pennon will hi- furnished by Hw 
undersiRned io any crediior or comribii- 
lorv 1 ol the said Company requliinji such 
copy on payment of the, rapilalvd ebarue 
for ihc muii-. 

DAVID COBLE U Cu„ 
a Dorse l Square. 

London. N.W.l. 

Solicitors for Ihc PMluoner. 

NOTE.— Any person who lAleWlS to 
appear on ilic heariiiu of the said Petition 
musi serve on. or send br post to me 
jporc-oaroed notice m wniiRK oi bis 
tnu-nnon so to do. The nonce muM slaw 
the name and address of the person, or. 
If u firm, ihc name sud addn-vs ul the 
Arm and rau-,1 be- sicued by ihe jx-rson 
or firm, or his or iheir sollciior > If anyt 
Htid musi be served, or. if posici. musi 
be s*.-ur by post in' siHficleni lime to 
reach ih>- above-named uol later thau 
lour o'clock In the afternoon of the 
3ih day of June 1978. 


Q-. riuid.r 


bond d 



NGS 


LAND AND NEW DEVELOPMENTS 
LIMITED 

(In voluntary Liquidation) 

NOTICE IS HEREBY GIVEN (pursuant 
IO Sections Z90 and 341(1) ol the Com- 
oanlcs Act 194S) that a hnal General 
Meeting oi Jhe members ol the abo« 
named Company win be h o*h « !. FudOJo 
Dock. BlacVIriarS. London ECav 3PD. « 
10 a.m. on ath July. 'OJ",’ 
purpose ol having an account -laid he lore 
Them showing tlie manner In which the 
winding -uo has been conducted and me 
property of the Company disposed of. 
and of he arlng any explanation that 
mav be given by the Liquidator, and 
also ol determining by eatraoidlnary 
resolution me manner in which the boors, 
accounts and documents ol the Company 
and or the Liquidator thereof shall be 
disposed Ol. M T fo wle. Liquidator. 

Dated 23rd Mav. 197B. 


SPANISH COMPANY 

SEEKING JOINT VENTURES 
With companies interested in establishing or expanding 
commercial or industrial activities. 

IN SPAIN 

We can provide industr ial land and buildings plus financial 
and administrative support. For personal callers, we will 
be at the XXLXth FIABCI INTERNATIONAL CONGRESS 
in Hamburg, Germany, from June 3 to 9. 

CAMPEL S.A. 

SEGRE 27, MADRID 2, SPAIN. 



V.Jt* 
’'I'Oi&ri 


s 

•• e-'-.li It: g, V. 

•■nMaaut A 

■rLir-un, tL~M 
L- 


r..'- 


• V - 


» . 


l-f- 


•i ui 


ft; 

Iti .- • 

;(!«• ' 

1 •!:: 
If- 


•j-.'-r 


PORTO ALEGRE (CITY OF) 
STATE OF RIO! GRANDE DO SUL. 
5% (NOW 1|%) GOLD BONDS; 
PLAN “A” 

On the 'sui May UTS tht Plan " A ” Bonds tide* 

^^Driwn.'fesSSnW hf 'pKwnttd to if ^P»y'n| Aj«»t 

«S2as 

arrangement. . 

X • > BONDS OF £100 NOMINAL 


. , 90 793 

94 : 794 

>364 1135 

365; ; 1211 

• 1651 

BARCLAYS BANK LIMITED- 
Securities Services Department, 


^718 

- v — - - 


2409 

3518 

2519 

3520 

4281 


4282 

4585 

4586 
4734 
4737 


.54, latuubard Street, London EC3P 3 AH 


FINANCE 


UK ECONOMIC INDICATORS 

EcbNOMiC 

.- facturing output, registered unemployment 

.100); retail- sa^es vaiue-.(iM<i lu ri; 1 „^ s „ nAan ^ip ft (000s). Ali 


- 'SuSS's; (msi - 

- - detail uctaii ■ 


„ , - seasou^uy. Unem- 

f* *■■ r,.- - Eng, ^Retail Ketau ■ V-^r. - - 

5-: ^ ^ .. 1 ord^ - v YOb valufr - p)oy*4. : 

a! toss 109 10^.3 21 M L330 

. * * > . VPA 106 1023 222.0 L330 


Vacs. 


No. 001615 of iort _ 

In Ihc HIGH COURT OK JUST1CT. 
Chancery Dirtsion Companu-t Court. In 
Lhc Mailer or CHASEWORTH LIMITED 
nitil in ihe Matter of The Companies 

A \'OTTCF. IS HEREBY GIVEN. th-Ji a 
Ptiiilon Tor Ihc Windma up uf the above- 
named Company hv ihi lllnh Court I of 
jukiIiv was on the lWh riny W 
iq;« nri*tf»nicfl n» ihf Mii*i wnn ny 
SANEE^' null. DING SUPPLIES LIMITED 
ol S'dllon Mouse, tljirou Road. Wonibley. 
Middlesex, and Otai ihu said Pu'«fo" « 
dir.- tied lo be heard Iteforv 'be Court 
siilitii: at rtie Royal Courte of JuML-e. 
Strand. London Y/C2A ILL on 'hr 
lflth day ol June 197s and any urediior 
or conirtbuiory of the said Co " ,p ,^ 
desirnus to support or'opposi the maMnis 
of an urder on ihe "s.t'd Petition ntaj 
appear at the lime of htarliwi. m 
or by his counsel. lor ihM purpose: and 
a copy or ihe P-.-Utton will be fumlsb-d 
by ihe undersigned io any creditor or 

contributory of to'-’ »» I,J ° > . m , E.” I 
mv such copy un payment of ibL resulaied 

charsc for Ibe same. 

R. M. WALKER 1 CO., 

Swaylands House. 

UlKh Sirect. 

Brasied, 

Soliciiors for the Prtluoner. 
NOTE.— Any Person who 'P'™®* 
appear on the heanne of ibe s^d 
must serve on. or send b^ posi to- in 
above-named notice in wriilnu ol his 
intention so w do. The noilev roosi siaie 
ihc name and address of lie person, ur. 
ir a Ann. the name and address of tin. 
firm, and must be signed hr ihc pcrson 
or firm, or bis or their ' ,r 

and must be served or. if poaied. must 
bo «ni by pust m sufficient i uni 
^ach rhe abuv-e-naiDcd not taler ihan 
toS? o’clock in lhc afternoon of the 
16 th day of Ju ne lffre - 

jii ihf I^lIH ^COURT^ilF JUSTICE 
LIMITED and lu me Mailer oi 

c To”c°E iVremhiV ei.EN. .h,. . 

Pennon for ihe WfodHw Coi?i il 

niiforci S» Is situafo al Twa Elms. 

;r» 

, ?o be* earo before the Court niu.^ a 
I me*-. Royal Courts ol • 5 “ KU i*-. 
LoiiAm^ciA^ 2 Lj-, oa toe aw f 

JUIH! . ” 


Expanding Group of Companies 
wishes to purchase a property 
for own use as head office. A 
facility of £300.000 is required 
Tor a period of 7/10 years as a 
fixed race of interest. Tax- 
favourable repayments. 

Appfo W Box G.20M. Financial T.mei. 

10. Cannon Street. EC4P 4BV. 


to 






n<r- 


. , .Iw" 



April:- 


103.2 

101J 

192-7 

101-9 

1W-5 

105JZ 
103D 
ioa.?: *. 
102^ 
103.6 

109 

106 

106 

107 

100 

103.3.: 
102J 
1043 
104A 
. 106JJ 

2164 

22210' 

234J 

239.4 

246.0 

103.6 
103-2 

, 103.9 

193.7 

103J 

103.4 

103.9 

104-5 

106 

117- 

106^. 
104.9 
- 166.8 
107.0 
1063 

246.0 

241.0 
246.5 
249.8 


L330 

1.418 
1.431 
1,428 

1,409 

1.419 
L409 
1,400 
U87 
1,366 


ua 

163 

151 

157 

163 

188 

180 

187 

196 

204 

210 


i?-' 


jry. 


iv- 


Metal Textile Housg. 
mnfg. etc. slam* 


* * ’**7^? ♦ , 

. OUTPOT— By raa F ke !‘^^^[ais Q a^d rn ^ r efs 0 > t : d e 0 S^fi^ 1 °^ to ^?nl' 

clotbi ° s 

. goods goods good 5 output 

• : lX&tcjitj;':-.- 

Isfattije ^ilp-8 

2n & 2-A ,. 

8rd:jf5gSa»*ta*- 

.- • - 97$ 10UJ 
197.0. 1 flWJ 


90.4 
97.6 
97.6 
.97 J2 


106J 

105-2 
10A9 
101.4 : 

iolo:. 


ns 



C-TA 7 : 0 -- 

; : j»8 
9S4> 
99.0 


Tosi 

104.0 

106.0 
.195-9 


100A 

98.8 

99^ 

98.8 

98J> 

99-ff 

:io0i; 
r 100.0 
r 100.0 
’ 101.0 


83.9 
80.5 
83 JS 
74 & 

70.0 

: t*® ‘ 

7^9 

■ 76.0 

78.0 
. 77.0 


104.4 

100J 

100J 

99.4 

97.0 

101.0 

mi 

99.0 
100.0 
iota 


193 

25A 

25.4 

20.7 

2L2 

lfcH 

17J6 

17^5 

15.3 

20.0 


,1ml any' crciHlor « 

_a ,fu, a n jrt company dcsiroos 

is 

Jt^^hne of Ioanna, in err*""" 

5AS5TB - - s«as 

lag such cepp on payment nf ihc regulated 

charge fur the H ® c - __ 
wm F. PRIOR * CO- 
Temple Bar Hooac. 

23/28 Fleet Street. 

London EC4Y 1AA. 

Ref: PO.7705. • 

SoUcitors for the FMJB°»w- 

JSttSJSS** -a'T™- 

mn «ivc on. w *end by post to. the 

above-named notice m 1 ?. rH n Sn» siaic 
fnTntion so to do. The nottce mufl sfaie 
ihc name and address or toe htraon. o , 
u a Arm the name and address w me 
8n£. K£i itaned » 

aOrd day of June l»TS 




balance; 

- oil -Terms Kesv.. 

tniae PSibnt 


Wy-srblPTPC w 


¥$& I 


ure 

P 




>-947 

^-11 

-9SA + 

16 SJ.: -r ^ 6 '- 


-505 

-364 

*483 

+351 

+170 
+ 26 


—800 99-0 

-745 100JJ 

-603 - 10L0 

+657 -102A 






-154 

—275 

-646 

-236 

-202 

—208 

-US' 


102.4 
103.1 

104.9 

105.4 
104^ 
104.7 

104.0 


JUSTICE 
In 


No. mWS. tf lKS 

.any_crod., 0 _r 

cooBlbutory of me 


PRESTIGE CARS V/ ANTED 

TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 

Are you obtaining the bat puce for 
.our low-mileage presege moroMirf 
We urgently require Rolli-Royce. 
Merecde*. Daimler. |ag“'* r - Yanden 
Plat. BMW. Porsche. Ferrari. Maser ad. 
Lamborghini. Jensen Convertible. 

Rover. Triumph and Volvo ears. 
Open 7 days a week 
Collection anywhere in U.K. Cash or 
Bankers draft available. Telephone us 

for a firm price or our buyer will call. 
ROMAN OF WOKING LTD. 
Brook wood (04867) 4567 


TOYS •ELECTRICAL* HARDWARE ‘MACHINERY 

We are a well established, successful public company, with 
many happily run ohstioots. 

We are now seeking to acquire further companies tor cash. 
We can consider those which: 

Show net protits exceeding £100,000 p.a. (subject only 
to ta»). 

Are well established with a progressive record, long 
term prospects and capable management willing to 
continue to run the company alter sale. 

Are preferably in one ol the following areas, 

(a) Wholesale electrical distribution. 

(b) Toy manufacturing or importing. 

(cl Wholesale hardware distribution. 

(d) Machinery. 

Ample finance is available both for purchase, and for injec- 
tion into companies where necessary. 

Please apply to Derrick Cowan, Chairman. 

AH replies treated confidentially. 

COWAN DE GROOT LIMITED, 
11 John Street, 

London WC1 


(1) 

(2) 


(3) 


] fynu ;ire :i sharchi iUIlt in un u>r;iblislicx! 

"rtwim; com pun v and you. or \our ounp.iny. 
require butwcun and t I.iIihi.UH i tor :iil\ 

purpose, rim: David W IN'*, ChurtL-rhousc IX’t clopn icntT. 
. Investin': in medium size ujmp.mic« us 
minority shareholders has been our cxcIumi e 
business for over lorry years. ^ e arc prepared w 
invest in both queued and unqui 'ttxl ojm p.-inies 
currently making over OWHMper annum 
pretax proiits. 

CHARTERHOUSE 

UuitltIv *usv IVvdi'pmtnt 1 Patcrm^tcr Ru*. St. P.iuK 
la .n .n l:C i M "I >H IMepI i. .in- *»I-2 1« V “ »- 





FABRICS ! 

JOB LOU. CLEARANCE LINES, 
REMNANTS AND SECONDS 
lob lots, clearance line*, remnants 
and seconds required by large 
indePendint ipec.ahst Ma.l Order 

Company. 

Write with dewili *o Bo. G.202?. 
Financial Timrr^f O^Canror. Street. 


JOINT VENTUR|REJ»RESENTATION 

A N.gerian Comoanv tagjJ 

rrV- sound “Bs-’-AJSTS 

European. American. Middle East h 'J!l 


or f b£incssnien of any na tioMlilv who 

want to take tms opponunitv In a 

iuSBSW-ffBS- .or s « 

Sent to: Attention 34 -^M.to.s 


IrbltK. □ E f- & 91 6786 


A PRINTED BROCHURE IS STILL YOUR BEST PUBLICITY 

11 <ou ma nn lecture a orpduct or n,ar ‘ , ;‘ * e * B fron»’l"ooo a "a ^m iil?on cooies. 
a simple iea«e: to a 64 o jge luM colourjLa la ogu - )Q ’^ b| ' j c “ , ng goods or «rmces. 

lor imoact. 


We 'sc t nought up loti m alternative 
the long run nothing can beat 


lull colour 


printed brochure 

sower ~and- ot course, oconnhiv. 

1 00.000 32 page- A 4 catalogues i" 

503 000 24 page A4 caialooues '■ 

throughout for only 7.5 d each. , onn , 

2.000 lull colour posters for under MOD whde mimUining 

>es «e are contlnual'v achieving bg«N» o( our clients already 

* n lav V » h ‘s u bst antta | rd I ik r ease in dcs.gn and 

,rtwo?r^ss«rs a pr x.uro^^ — - ■ fmure 

cfhclcncv and accuracy right through to drtvw produet manuals, alossv 
Colour loidcrs. catalogues, travel proem, Qur SuSinci 5 . 

e0rP0 ^M*m C n h o U . r to Vo^J^mwSs .but to male money lor you. as we have 
don* lor so many ol Our 'Lents * 0llm Dnon e or write- 

" ’ , ° U 5?mon NuU or Mlc^e. No^rss. BBB DESIGN 1 PRINT 
ig” Campdcn Hill Road. London. W.8. 01-229 6632. 


Our business ss 
merging your business: 
Successfully. 

36 CHESHAM PI AHF. LQWDON SW1. 01-235 4551 


200 used 9.B.1 


BUSINESSMAN 

withes to purchase controlling interest 
in succeuful trading company which 
allows for part-time working participa- 
■cion. Up to £150.000 available. 

Write Bo* C.2P22. Financial T,mei. 
fO, Cannon Street, EC4P 4BT. 


SMALL EB6IIEERIHG COMPANY 

- — 5 .SST. fjsw-s -^‘> 7 :; " 

Excellent nc« product!, well designed, com petitiye and profitable, tell- S 


CORRECTORS. DUAL PITCH. 
STANDARD AND EXECUTIVES 

Contacc: 

The Purchasing Manager 
ARAN OFFICE EQUIPMENT 
3 Westland Row, Dublin 2 ' 

or phone 001-716402 


SUBSTANTIAL FUNDS 
REQUIRED FOR 
CONTAINER LEASING 
INVESTMENT OR 
PARTICIPATION 
Principals only write Bo* G.2021. 
Financial Times. 10 Cannon 5treet. 
EC4P 4BY. 


ARE YOU LOOKING FOR EXTRA SALES? 

Succcrtul company calling on Architects. Developers. Local Auth. 
willing to take on other prodiK.t/iy.temt compatible with «ta. _ ‘ « 

which include section! ol the Heating. Vent.laring and A.r Condition- 
,ng r.clds. win act as distributor for Uk or ovcr.eai cos. Merger corwidtre 
Write, in confidence, to Bd* C.2019. Firmneiof Timet. 

10. Cannon Street. £C4P <Br. 


ENERGY CONSERVATION 

Our client— a multi-million dollar company— due to the success of 
its invention in the above field, is currently offering 

FRANCHISES TO SUBSTANTIAL COMPANIES 
BASED IN 

INDUSTRIAUSED WESTERN COUNTRIES 

Write Box G202B. Financial Times. 10. Cannon Street. E'-’iF -iBY. 


. -V*' 



FABRICATION 

Overseas Engineering/ Fabricating Works seeks contracts for 
light steel fabrication. 

Due to special cercumstances very competitive terms can be 
quoted. 

Write Box G.1984. 

Financial Times. 10. Cannon Street. EC4P 4BY. 


For Hotel Co'mpanicf wishing" to 
redeployment ol lund* but preferring 


ra.se ealh lor bu.KSmg -o-k or 'or 
not to sell shares or the hotel Ircrho.d 
Room Lease or 


Write in tuictest eontidenee to The Chairman. 
CORMID LIMITED 

Enteeh House. Bridge Road East. Watwyn *g£*J°*‘ Herts ' 
Telephone: Welwyn Garden Oty JObJJ I* 


Pauline Marten Ltd. axe now 
epanttaj the Him lull-time telephone 
selling service operated totally 

in-house by full-time people. 

40 Tottenham Lane.Londo n N8. 
i Tel: 01-348 4294.= 


10^ 

14^ 

.13.4 

20^9 

2QJ59 

2056 


20.63 

20^7 
20.7 -j 
20J32 
17.04 


said Company 


achieve'*' 


l«f?3 
f« t 

■ 

t£i ¥*■'’ 
Qjr.y--’ • • 


£ l/: r ~ : 

aivS- ,fc . 
r - 

& r*- '- 

iBse- v ** 


Ufa*'- , 
fr-:sb e - 


. -- | . sterling ^, bank advances , 

r jentoSr^;?' 1 ' 1 P 6 ' 1 - 0 ^’ B u,K „ H j vri 

lending ■ 


SmSSr ,rSe UmTof heariPE. ia P*--r»n 

® r tofSdSn •“ 

JtSiSiWS? J1 rLtnflr- 

reBU,al « 1 

*“ M WTSSasht* co.. 

of 26 Gold Str«L . .’ 

' ‘ NorthamptUL - - 

^Mriiois Tor the Petllldner. 
NOTE.— -W pn«° n who tatendn TO 

STSSft"- -4dre* or «’ 

if. a firm, toe name and addraa or inc 

ir^nr^ £ ^tu 'iio^rti any. 

toH^’cdor. 0 P«lod. mus: 

l ,j. .s, above-named Ml later IbW 
tfA* * ^ftemooo of toe 
l?rd da y of June 1978- : 

roG^WURT^OF JUSTICE 


DESPITE THE RECENT 
RECESSION 

in certain sections ol the ahipolno 
industry, sound long-tern, inyeS.meni 
mpartunltles still e»tM- Old established 
□Derating suhsldiarr of maior British 
shipping group can oner one or two 
investment proiecis tomplcie witn 
minancfnent or manaoo vour 

Ste on worldwide bas.s with same 
care and thought as entrusted Id their 
own fleet. 

Write Bo. G.1275. Pmancial Times. 

10. Cannon Street. EC4P 4BY. 


FOR SALE 

Approximately *00 unus.-d galvanised 
irrd window frimes. varioul imi »l> 
tunable .ndustnal use. Buyer tollecw 
from fjltory m Sourh Esse* Birgam 
in one t« at £2.000 O.N.O. 
Phone Company Buyer 
Guildford 69922 


554 

421 


■ r , . ■ ■: r..vss 

■ «4.--y.-Sg. r 

.173 4 |g-r : Sf 
VS4#a«a ?: ; : - vSi - i- 12 *&; _ 335 


1^049 

588 


1,008 

1,047 

1,149 

1,189 

401 

410 

yw 

429 
' 418 
413 


101 

8 

7 

‘ 7‘ 

?: 

61 

6* 

61 

-n 

7 


„■ " T U nT^n-ifiny 

-:3ssm$ 


/• _wW)lesate ■ pnw* ^ ^ 1 974'= 100 ) : rT 


ihe -salt) 
si the rime of 
or by bts Counsel 
and A copy Of toe 


-aafc J£gm BPI* 



1977 „ 


•3415 «8J 

347.7 

. 3405 267.7 

■'SM--25S 
-km* **S8- . .-.‘S*- 


-latqtr: --Jh? 

- Srd qtr. - v 

4ft Qtr. t .- ^ 



‘FT* • , . 

Foods’ 1 comflty. Strig> 


6L8 

61.6 

61^ 

63-3 

63J5 

63^ 

64.fi 

6fiJB 

66-0 

6L8 


. 276.4 
250JI 
239-9. .. 
234.20 
238-34 
23450 



’•ta. foe Hftfter of 'The Companies aci. 
lqS SoTICE IS BBREBY GIVEN, ttal a 

JUSUCC wn* on ihe i<to day oi «« 

s saffiSAar^H 

Ltfwks- of toe London BorouEn « 
trfthe Cfoie Ceotre. High- Rood 
Kd^fKB. 1 London KSa. and iftai toc 
Mid Pelitlon is dirpefert ro. bf hea ™ 

courts of Justice, Strand. London wcia 

auTwi toe 4w.4f. £ “S 

g«y creditor, or conLnbolory of toL said 
Gantt's ny doslroos io support " 
l^mawnc of an Order on «« 
Penuon may ■ appear 
Marine -in person 

SJjff w ST = U5b«r w'the under. 

|-«umed to any creditor orcomrtouiorv 
^jMhe said Company requlrlns «ucn copy 
STrtOTfalod ebarw for 

jr. NEVTUiB, Chief Solidtor 
civic Centre. 

HisJl Road. 

• Wood Green, NJS2. 

. solicitor for the PeUUooers- 
vnTE, — AW person who Intends 
aopcar on toe bearing of toe said Prtuio" 
K grree on. or read by.oost to, toe 
atfove-named tibik* In wnuns of ms 

intention so to do. The nonce musi siafo 
toe name and address of toe pereon. or. 
if a fim." tof tanw: and address of tor 
Him. and most bo dsned by toe person, 
ol firm, oe bis or their solkdtor.id any* 
and musa-'bc awregd .or. If poMcsL musi 

bo scat ‘‘ta pea to snfflctenl . Ume w 

reart top-. abav<*tUHiied -not later flun 
tow o’dorf:-. m iihe-’ aflernooff of tor 
Uto day of June 197S. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRESS CO. REGISTRATIONS LTD. 
30 City Road. EC1. 

01-628 543-1/5/7361 


9036 


Old Established 
trading company 

uuh ‘jra- capital t- 3 * 1 -’ s ’ 1 ^ 1 ,r ’" ,in ‘ s 
q.tujtwi.4 pruU-rably .n c.tpon. Aqu,- 
<, ill'll ■•r mu.TB-.-r i-onxidf-rid. 
unll . u, i-onfidtiiec io Chairman. Hoi 
tl.lfiHi*.. I- in a ni-ia 1 Tiiiu-s. 1". •'annon 
Riri- ’l l- W -M’-Y. 


Copywriting. Translation and 
[Typesetting for Advertisements. 
Pome of sale. Brocnures. 
contact: David wealing 
pan-AraB publications Limited 


SPECIALISED 
PROCESSED FOODS 

Established international com- 
pany with excellent contacts in 
Saudi Arabia, Gulf States. 
Nigeria. Ghana. Kenya and Tan- 
zania seeking additional special- 
ised processed foods for existing 
markets: allied lines also 

considered. 

Write Bo* G.20;6. Financial Tfmei. 
10, Cannon Street. EC4P -B7. 


I GROSS FUND requires income in 
I quantities. Any ideas wtloamea 

I Bon G 2016. Financial 

I Cannon Str«t. EC4P 4B1 


l.ii go 
Wntt 
TllT.CS. 10. 


e 


Full Service is our Business 

9 Law and Taxation. 

Mailbox, telephone and 
telex services. 

© Translations and secre- 
tarial services. 

© Formation, domicihaimn. 
and administration of 
Swiss and for»-i’in com- 
panies. 

Full confidence .md discretion 
BUSINESS ADVISORY SERVICE 
i rue Piurrc-Falio. 12DDI Geneva 
Tel: it 05 «a. Tcle*:2:JS2 


... Water troal- 
ifitcreited in becom- 
ahciributor ol an American 
iturcd Ulli 


CEMENT BSS. 12/58 

available tor delivery. »ubject to 
soniraec on C & F bam against fimi 
order* and confirmed lerter, of credit 
shipments, tonnage dapendent upon 
shipping arrangements, discharge port 
facilities and dolWcry requirements. 
Order details of tonnage requirements 
and delivery port to General Export 
and Trading Company London 
Tele* 23312- Telephone 01-SBO 4B30. 


ARE you involved 

I munis’ Arc you 

1 ,na - 55?iurcfl* n Ultra Violet Electronic 

1 Cannon Se"«: EC4P 4Bn. 

j COMPANIES ««“.ring Was 120.000 

1 io. W C^O B n° Street. EC4P 4BY - 

1 cais Clinis .n 62 cc.unlr.C4_ ScnJ j 

«? r °M.’ribo , o |J fi h - w,lts - 

i Saiff- traz- o ar.J?S 

! ^TcrLW- ssffi, 

1 MO e5^m?« S £20.00 "IsOJBofjSo* FE ES. 

• Bants Associates. 402 C691 ■ 

1 TELEX— ^ -Whv SocnO £500 a-*-’ Far_iyst 

• 1 Fjc D .a. M,t>scr.i,rion. 

I Bureau Tqieononc 


Business and investment 

Bppwfusiiss 


Every Tuesday and Thursday 

Rate: £'16 per single column centimetre. Minimum 
5 centimetres. For further information contact: 
Francis Phillips, Financial Times, 10 Cannon Street. 
EC4P48Y. Telex: 885035. 

01-248 4782 & 01-248 51&1 

FINANCIAL TIMES 

PJROPES BUSINESS NEWSPAPER 


,r 

■ .JIM IT: aL-fl is] 

IBM ELECTRIC « 
TYPEWRITERS 

Factory reconditioned and guaranteed | 
by IBM. Buy. save up to 40 P-c. 
Lease 3 yeara from L2.70 weekly. 

Pent from £29 per month. ^ 

Phone: 01-641 2365 

STEEL/FBUBBRY INDUSTRY SUPPLIER 

r ■ non 0(10 P.a. turnover manulaeturing and 

Old established company appro.. fl.QOtJ.oou P-a- 

supply, ig specialised eh.mr.al and other product* to the steel ,nd foundry 
indu.tr.es available for salt. Sound management team. Freehold factories. 
Principals only wr.ic .n strict confident* to-— 

OVER 40,000 SCHOOLS AND EDUCA- 
TION ESTABLISHMENTS tan be , 

So* G.2O20. F-nanual limes, i 


reached bv mail. The Educational i 

Addrc-isinn and Mailing Service. Oerby : 
House. Redhill Surrey. RH1 SDM • 
Mcntham 2223 

MERGER BROKING SUSINES5 
PROVINCES 

Expanding Enpincc-rrng and 
Construction Company 

HOTEL 

N.E. SCOTLAND 

Close to Aberdeen 

FOR SALE 

Modem <0 Bedroom Hotel with ! 

conierence facilities vie. 1 

H-£h Qi£u nancy . Turnover 

and Profitt. 

Fall defpi/a from: 

VKJERS McEVQY 
• Chartered Surveyors 

8 Randolph Cie«cnt 

Edinburgh EH3 7TH 
D31-225-7I37 

- 

Very long established, small, but with 
ousumding reputatior,. , 

connections at Chairman 
numerous Public and Private }-“• 
panics Substantial potential Lhaii- 
man willing to remain for an ezr.co ■ 
period on Consultative ban*. 

Write Bor b.ZMI.. Finone/ol Times. 

10. Connon jtreet. 5Cfr -FB'- 

Mam actic.:, comprise-; pro.ision ol 
ts tiled labour ,n-.luc)ing CoCv." welder;, 
lor the pctirptriomn-al an.-- ai:.;a innus- 
trico Current vear s tor.iavr apprcech- 
Inu Sim. Greater -urno.cr pass, Die 

«.:n inlcetion ol work.no odiUI. 

Write Bor C.Z0Q0, Financial Trmei, 

1 0. Cannon Street. FC3P 4&1 . 

EQUIPMENT & METAL 
FABRICATING COMPANY 

producing !n Dorset a wide rjr.gc Ol 
plant and labricaied construcuons «P 
to 20 tons. Shilled labour lorcc. Full, 
equ.pp-af lac lory Ol 19.003 so »• 

tax lass csKPJunr 

COMPANY WITH AGREED 
CAPITAL LOSS OF 
£43 MILUON 


Ircchold. Sale lor cash regu.reO. 

Replies lit writing lo Clement ^eyes 

Write Bo* C.20.1S. Financial _TIme*. 

PLANT AND 

B15 1RL. 

10. Cjnnan Scree:. E C4P 4B1 . 

MACHINERY 

BUSINESSES^! 

/VANTE9 

; generators 

Over 400 sets in stock 
| lkVA-700kVA 

Buy wisely from toe manufacturers 

1 with full after sales service 

CLARKE GROUP 

01-986 8131 

1 Telex 897784 

1 PRIVATE COMPARY 

wish to acquire a business whiih 

1 needs lenure or retail flair and :an be 

I conirolltd Irom lhc N.YY. of Englmd. 
Substantial funds are availing to 
purchase or acquire a conirbHmg 
shareholding in a small public company- 
Write Ban G.ZQII. Financial Times. 
10, Connon Street. EC4P 4Bf. 

LONDON BASED FREIGHT 
FORWARDING COMPANY 

Wnh own packaging and warehousin’ 
facilities wish to purchase .‘or cash a 
similar situation. Could suit owner 
loolin? lor retirement. 

Wnte B"» C.ZOn. Financial Times, 

Id. Connon Street. tC<P [ 

-> 

! GENERATOR 

I New 500 kVa Pol Is-* owe dieje 1 - 
i -400/450 void 3-Phase- 

1 Suitable lor all climates. Immediately 

1 available. 

GENERATORS 

i (New) 'S kVa. 25 kVft. IS kVA. 

1 Perkins dieiel leu. *500/ -1 1 5 % o!ll. 
j 3-Phj5c. S0H*. Suitable lor UK and 
. 0 .trj<,as Immediately available 

Tel., H.B.K : Motor Kew ndi Ltd., 
j Coventry 89510. 

! SHEET METAL PRESSWORK 
& FABRICATION COMPANY 

Wish to acquire similar concern 
preferably in Northern hall of England- 
Order book/prolinbilicy /cash fo* 

1 unimportant. 

' Write Bor C.2023. Financial Times. 
j 10, Connon Street, EC-fP 4 ®'- 

i 

BUSINESS REQUIRED 

Well qualified .net gene cr.cut'.r, . la*-- 
jhnties with lubsiannal :»pital a tail- 
able seeks par me r ship/ acquisition m 
either electrical good:. builders 
merchants ot do-it-yourself ousmass or 
similar 

Write Be> C 2077, Financial Time:. 
10. Cannon Street. IC4P <5f. 

1 


i .j. ' y 










rmancxalTinres 1 


WALL STREET + 0\ 



n i \ !/ 


hsi umvjmmmvi 



rise despite adverse news 


/'■ '**.**. •' ■ v :.v v. ^ , 

gold market f ‘-7 Jtffl 


BY OUR WALL STREET CORRESPONDENT 


SHRUGGING ASIDE a report that 
inflation increased al a double 
di5ir annual rate in April. Wall 
Street moved steadily forward in 
active early trading today. 

The Dow Jones Industrial Aver- 
age was li.84 higher at ST 1.04 at 
1 pm. while the NYSE All Common 
Index rose 32 cents to S54.62 and 
gain* outpaced declines by a near 

Closing prices and market 

reports were not available ■ 
for this edition. 

rwn-tn-nne ratio. Trading volume 
was up sharply to IP.SOni shares 
from yc.-ate relay's I pm figure of 
13.72 m. 

The U.X. Labour Department 
S3 id the Consumer Price index 
ro<c 0 !t per Lent in April after 
a gain of u-8 per vent in March, 
which put the increase for the 
last three months at a 10 per 
cent annual rale. 

However, analysis said the pace 
or mfl:itmn was not as bad as 
statements by Administration 

TUESDAY’S ACTIVE STOCKS 

Clunac 


officials last week had led Wall OTHER MARKETS 
Street to believe. 


Arlril R-aliv 

Stocks Clu+ln 
iradi-d nrv> 

4“ 7 . mm i: 

« on 
day 

r.i-niiuci i^insol. 

4|ft.ihl0 

4! 


Sou.Kh 

. J3-I.4D0 

zn 

■k 1 

Rjllv .. . 

24ft.jO0 

XU 

-11 

.1 H.iy MePcmioii .’2S tW 

;n; 

4- i 

17,’Lji’i ■■ . . 

■jiw.jnn 

: 

4- 1 

i-1-c-ljitd El. 

i+O.i’W 

19: 

-+ ; 

TckX 


6? 

+ • 

rtyn.- 

. lis -ua 

193* 


Ku'-me 

HS.iKJfl 


+: 


The market also faced other 
bad news this mornine. The 
dollar declined on the CPI ficurcs, 
while sources said the U.S. is 
trimming its Forecast of U-S. real 
growth to between 4 and 41 per 
cent from the end or 19>< to the 
end of 1979 from 41 to 3 per cent 
estimated earlier. 

Conference Board economist 
Albert Sommers stated that he 
expects a U.S. Prime rale of 10 
per cent by the end of the year, 
compared with the current 8$ per 
vent. 

There was evidence oT heavy 
institutional activity today, as 
blocks of 100.000 shares or more 
were traded in Bethlehem Steel 
Central Telephone and Utilities. 
General Motors and Southern 
California Edison. 

Hecia Minin? fell 1} to S 6J. 
Superior Oil has dropped plans 
to join Hecia in buying Lakeshorc 
Copper Mine in Arizona and to 
buy a substantial stock interest in 
Hecia. 

Bally lost 11 to $321. although 
it said that it has no reason to 
believe the U.S. Justice Depart- 
ment’s preliminary i n vest iuat ion 
of the slot machine industry will 
amount to anything. 

THE AMERICAN SE Market Value 
Index improved 0.49 to 144.8S at 
the noon calculation on volume of 
1.88m shares (1.48ml. 


Indices 

NEW YORK -now jokes 


\lm Mm Mm Mm • M«v . M» 
>J ST. 1 2« i 25 i 2/ 


1 rail -|k lit.., 

IT linn— .... 


1+ 

Ifilifi 

I.' 

fjll* 

MIIW Ci* 

H11-I1 . 

llpIJMl '|| 

L<» 

9S8.57 

742.12 

lasuoi 

41.22 

1 11 lb) 

(2C.2i 

ill. l.-73i! 

ill? o2j 

JU. >B 

38.14 

— , 

— 

<4.-1* 

iSOltll 



231.30 

lo* .0 1 

270.68 , 

15.25 


14/ 1* 

l7'L'b’.H, ! 

n.I.iZi 

1 10. ta 

102,84 

165.52 ' 

10.56 

■i-li 

U2-Zi 

r2u-4+vi> 

<S3.a<«2> 


TOKYO— Stocks made a bright 
showing in active trading, helped 
by the lirtins or 10 per cent 
cash requirements for margin 
trading on most shares, 'the 
Nikkei -Dow Jones Average rose 
31 26 to 5,469.77 and the Tokyo 
SE index added 2.87 at 409.94. 
while volume expanded to Sillm 
shares. 

Despite the yen strength against 
the dollar in Tokyo, export 
orientated issues advanced, 
followed bv Constructions. Poods. 
Oils and P'i'irmaceuticuls. 

Hitachi moved ahead Y9 lo 
Y2.i2 Toshiba Y5 to Yl-W. TDK 
Electronic Y20 to Y2.020. Pioneer 
Electronic also Y20 to \ 1.790. 
Matsushitn Electric Y10 to Y72S 
and Toyota Motor YLfi to YuSl. 
while Sekisul Prefab added Y17 
at VMS. 

GERMANY — Further widespread 
gains occurred foil owing good 
institutional buying, lifting the 
Commerzbank index 5.4 more to 
782.8. 

Motors were particularly strong. 
Daintier advancing DM 6,89. BMW 
DM 4.5(1 and Volkswagen DM 3-30. 
Kxrstadt rose DM fi in Mores, 
while Steels had Munncsmsina up 
DM 2.60 and Electricals had 
Siemens DM 2.40 firmer. 

Federal Government fi per cent 
Loans were in good demand, 
while Public Authority Bonds, 
after recent weakness, were up 
to DM 1.40 harder. The Regulating 

H.Y.S.E. ALL COMMON 

| i « ! foT? 

Slur )liv ' Wav i Mft« 

30' i* . 2* • Utah ' !/■** 

34.30 54.14 34.24 54.36 55.68 4a.4/ 

' .ll-'bi I 16/Sl 


Authorities sold a nominal 
DM 78.7m of paper, compared with 
purchases of DM 3m lilt previous 
day. Mark Foreign Lo.ms •••‘ere 
also firmer. 

PARIS — The recent advance in 
.share prices faltered yesterdiy 
and the market finished with a 
mixed appearance after fairly 
active trading. 

Brokers commented that the 
raising of the Call Money rate 
to S per cem Trom 7; prompted 
some investors to lake profits. 

Banks. Foods. Hotels and 
Electricals were generally lower, 
but Portfolios, Publishings. 
Me— 2s Oils and Chemicals were 
firmer-inclined. 

Jacques Bore! were slightly 
easier of FFr 122.8 alter renounc- 
ing reduced parent company net 
sales in the first quarter. 

Lorafnmce. Finanriere dr Suez. 
Snunier-Duval. Redoutc. CEM. 

Elf- Aquitaine. Rhone- Putih-nc. 
UTA. Initial and RIC. were 
significantly easier, hut Civ du 
Nord, Olida. Kail. I’nclain. 

Hachertc. Galeries Larayeltc. CFR 
and Lefvhvrc were notably higher. 

AUSTRALIA — Specula ire 

favourites sustained a sharp 
reaction and leading .Minings also 
relinquished some ground as the 
recent heavy buying abated 

yesterday. 

Metals Exploration retreated 11 
cents to 35 cents. Mining Houses 
15 cents to 32 cenLs. Northern 
Mining 20 cents lo AS1.60 and 
Rcnison Tin 30 cents to ASS. 20. 

Rises ano -T • 

Mkv 30 Mav3* Mkv 2t> 

l«»ue* 1.632 1.870 1,906 

l<i*r* 748 588 648 

Fail* 631 829 806 

l.'m.-liMiixt'-l 453 453 45? 

,\n 41 39 10 

,\»vl«inv 39 62- 62 


MONTREAL 


lmluMruii 
L >-iiiIiiii<*< 


• M«\ . Mur i Mkv • Mkv 

| 30 j 29* i Jfc j 25 ; Hmli 

• 180.95 180.74i 180.88 181.71 183.61 rCS.oi 

I 190.07 180.01, 189.97 190.61' 132.88 i24.6i 

c 1123.2 II22.0’ 1 122.5 1123.4 1 136.4 i2a bi 


• 1 ■ ri-a 11*1. , * I 

•J>r- I 21.040 21.410 2B.4I0 61.4B0, 35.230 26.700- — — - j — 

• Uh-i- - iiwiim^i u-am An;n-i Z+ 

Mkv 2h 1 Mkv 19 Mkv 12 ' Year mp. >MppP>«. 

I ii*I. ■hr. i'H-1 i. ; 


Hull 

lnilij*lrml< 


212.4 210.6 i 210.7 
225.0 223.7 224.8 


211.5 216.7 Mil 

224.6 225.0 i5G,5i 


lo2.rO >!■' 2; 
170.62 mj.Ji 

-V.2 L9.1 li 


IB3.0 V.V *i 
194.9 ilsot 


i'rp. ldl<5 . IJ7t 

imi> Illicit Dm 


Pie- l Uic > 191- 

VM-ii- ! Hull D/'i 


STANDARD AND POORS 


-imvi ••■iii-i —l'n 


: Mki . Mkv ■ Mm Mkv J Mkv [ MlV ; , , 

; Aj gd CS . 24 1 aj j 22 1 Uifcfi j I*-** ; Uigli ■ U 

; lii'lit-lrmlt. 107.06, 108.79 107-01 107.30' 106.47 109.70 1 10.11 ' i5.S< 1 134.641 a.52 

; i . <17/Si ; ityai ilLI/fjiTdOfijii 

Il'diif-XU • 96.86 96.58 96.80 87.06 98.03 99.03 1 89.60 i 86.90 i I2S.*S 4.40 

[ , ! . i | Mini | <6;Ji rtl-l- , /9i,il«.a2| 


liul. iliv. virl.l % 
in-1, r-u iiNiii* 

i."i : iini >. III. nil \ ii-iii 


1 Mkv 11 Mkv 1<1 i JUyi : Yen/fts** u*H’n.+.i 
1 4.85 ; SaM | 5.02 , 4.34 

"• SL53 1 gTli i 9.1a ! 10.57 


Australia^ ■ +58.96 

BfUrtom '!> K&.97 

Denmark’" Os.** 

France «tt» 11.1 

German yi--' kit 

Holland t»*i rt>.a 

Hong Long ->72.57 

*•«’. 

I tali MSi «.ol 
Janan *08.9* 
Singaoore Jll.a* 


Spain in’ » 105.16 Ki3.41 llu.ie- ei.:r 

. iii-;. ili 3i 

Sweden w ' 366.63 o97.« ijr.i* 

, ■ . i4 t» 

Swit erl’du' tto-l isu-o -315.7 1 

• a 4i 

Inoives ana base dales tall Pas* valuer 
ltffl ezeem WVSE All Common - }*• 

SidnOaMs and Hours — 10 ann l«r«nin 
Snn-l.Ww. in* las' named based n n |V73i 
t £2vlunnu< Bonds i Iniiiurnjis 

; 4>ni I nos.. 40 Uuliurs. 4« Hnnw a no 
’ll Transoon. n • Svdna* mi riitl 
iii Bv/kui' 5E JI'DR I" 1 Om-iuiasrn 
SF I/L73 i — i Han* Bourse )9«J 

cr:> Conimerzhank IK-.. 1063 ill’ smsi-r 
dam Inrfusinal I97H iSJi llauc S-m» 
Bank 31 'I'M Mill Milan 2/1/73 i»i’ Tnhy.- 
N’-w SE 4'i'6>. '*>> Stram Tim-s iwi* 
’/•■ Clrwicfl id ’Maflna SK Vt-IVT) 
ie> Sioekholm Industrial ri-ja ifiswi** 
Hinir Com im linav-illanle 


NEW yuRK, May 31 . 


while Bougainville Copper. AS1.35, 
CRA, S.A2.80. MIM. $A2.23. and I 
S'pargos Exploration. 38 cents,! 
were each about H cents down. 

Central Pacific Petroleum came 1 
back SO cents to SAS.20 while the' 
other Oil .Shale issue. Southern 
Pacific, receded 40 cents to AS2.7Q.I 

Uraniums turned back from a 
strong start. Panconllnental end- 
ing unaltered at AS14.60. after! 
touching $ A 13. 

Industrials showed no clear 
trend, with BHP giving up S cents 
at AS7.00 but Costain Australia 
improving 10 cents to AS1.60 and 
David Jones 6 cents to AS1.36. 

CANADA — A further improve- 
ment in stock prices look place 
yesterday morning In active deal- 
ings, the Toronto Composite Index 
ridding 2.7 at 1.125.0 at midday. 
Golds advanced afresh by 10.1 to 
1 .413.1. while Banks gained 0.55 
to 271.83, Utilities 0.33 to 173.46 
and Metals and .Minerals 3.6 to 
989.9. 

Simcoc Eric were up l at CS6J 
on higher first-quarter earnings. 

HONG KONG — Market con- 
tinued in firm vein in moderate 
trading, the Hang Seng index 
gaining 3.26 more lo a year’s high 
or 472.57. 

Among the leaders. Hutchison 
Whampoa put on 5 vents to 
HK$4.(!25 and Hong Kong Laud 
10 cents to HKS7.90. allhoush 
Hong Knng Bank, Swire Pacific 
and Wheclnck Marden were 
unchanged, and Jardine Matlicson 
ea.scd 10 vems to HK313.I0. 

Elsewhere Hutchison Proper- 
ties rose HK.si.2U to HKS10.50. 
City and Urban 4 cents to 
HK81.23. Hong Kong Hotel 40 
cents to HK313J0 and Hong 
Kong Telephone 25 cents to 
HKS31.25. 

JOHANNESBURG— iMarket was 
closed for Republic Day. 

AMSTERDAM — Shares moved 
indecisively, failing to maintain 
the general upward momentum 
of recent sessions. 

•Among Dutch Internationals. 
Philips put on O.SO more to FI 27.20 
on heavy demand, but Royal 
Dutch came back 1.10 to FI 126.40. 


NOTES : Overseas prices sflou-n Below 
exclude S oremium Belcian dividends 
are jfter inihhuldlnu lax 

# DM30 rtenom. nnle*a mhennse stated: 

yieldc based nn nei dlvntcnd-i dIuh lax. 
V Hiiis.sno demun. unless oibvrvri^ staled 
A Kj 100 dennm unless otherwise slared 1 
»h Lrs.SDll dnnom. and Uvatvr shares 
unli-ss ntheneise staled . d Veil SO d.-num 
unless mnervuse staled. 5 Price al nmp 
uf sits pens ion. n Kl’inns >■ Schilimns 

I • Cents ft Dividend atiet pending riBhis 
and nr scrip iv.ue. e H>.-r share. 1 1- rones. 
n l.’rw* Uiy % h Assumed dividend alter 
scrip and-or rielus issue, fr Alter local 
taxes m *4 tax free, o Francs: mclucuiK 
l ini lac dtv p Nam. u Share spill, s Dlv 
and viWd exclude special nay mem. i (ndi- 
caiPd div. u unofficial rradmR n Mtiuimy 
holders only, u Mercer oendinn * Asked 

• F.id t Traded t Seller. ? Assumed 
tr Ex rtchta. xd Ex dividend xc Ex 
scrip issue, xa Ex ail. a Interim since 
increased. 


The U.S. dollar continued to lose 
ground in the foreign exchange 
market y ester-day. falling below 
SwFr 1.90 against the Swiss franc 
and also falling quite sharply in 
the afternoon in terms of Jhe 
Japanese yen, German D-mark and 
sterling. 

Disappointment at the U.S. trade 
deficit announced last week and 
concern about the rate of infla- 
tion has put increasing 'pressure 
on the dollar, but it appears that 
this has not yet produced any in- 
tervention by central banks. The 
dollar fell to SwFr 1-8895, before 
closing at SwFr 1.8930. and to 
Y221.10 against the yen. before 
dosing at Y221.40. The firmest 
level recorded by the D-mark was 
DM2.0885, and it finished at 
DM 2.0910, compared with DM 2.11 
on Tuesday. The Swiss franc 
closed at SwFr 1.9240 on Tuesday, 
and the Japanese yen finished at 
Y 222. 95 on that day. 

The doDar’s trade-weighted de- 
preciation, as calculated by 
Morgan Guaranty of New York, 
widened to 5.62 per cent from 5.11 
per cent on Monday. 

Sterling also benefited from the 
weakness of the dollar, rising to 
S1.S325-1.8335 at the close in Lon- 
don. a rise of L45 cents on the 
day. The pound opened at S1.S220- 
1.S230, and touched a low point 
of S 1.3195-1 .8205. It rose above the 
SI.83 level in the afternoon when 
ihe New York market opened, 
and continued to rise after the 
London market closed. 

Sterling’s trade-weighted index, 
on Bank of England figures, was 
unchanged throughout at 61.4. 

Gold remained firm, rising S1J 
to St84-18AJ. The weakness of the 
dollar was probably behind the 
demand for the metal, which 


touched a best level of 5184i-1854 
in the afternoon. 


— 


190 



- 

no 

-1 

160 

J 

150 

1977 

DEC 


Gitkl Bullion. * . 

inline ournrtF J,, 

Gold Cofiu-... - 

domestically- _ - . 

Kmgwrmnd- S19Ha-lj93i* 
^ • f£ 1044- 105 i) . 

S*w9or'gi»^ 89Jtg-S6«* 

Otd Sov’isne.Ut56iji-58U ' 


Plgt.TO •. '• 

teSFffi 

ttsuota^.-'} 


London 


DEC JAM FEB MAB APB B*1 


QoU Colas : ' ■' 

: ■ -V- ' ' 

: - .(SM3LlD4D {£1Q3 o04V . 

Sov’rgB* $B2is-S4i«y " 

Old S6v'ren*l806l4r5Bj4. .jS555vSU* ^ ' 

~ l£30S^-3 P*y- I- 

. $gp Eag1cg..i.l5g?? 3 * L a80 3 4li ag7t »8aoi4 . 


. FOREIGN EXCHANGES ; r 

i I Mjirtrti Hstgj 


CURRENCY RATES 


dterlnuc 

L'S linilftr.. 
Ceneillnu .... 
An>trw ri-li -. 
Belgian Imre- 
Unnlikh krone ' 
Lv.-ut-clium'ilc | 
ihitcti *uiiU<i 
Ktvnt-li Many. 
Italian Uni.... 1 
Japanese ven. | 
.Numv Iri one ' 
S|«in | 

;n eriiatilcrnac 
swIbm Irani-... | 


Special 
Drawing 
Rights 
Slav 30 

Q-670253 

1.21738 

1.36164 

18.4737 

40.1979 

6.92081 

2.57026 

2.75290 

5.62977 

1057.60 

272.695 

6.63289 

98.1403 

5.67847 

2.34660 


European 
-Unit of 
Account 
AUy 29 

0.670889 

1.21923 

1.36231 

18.5351 

40^768 

6.93259 

2.67717 

2.75783 

5.65795 

1060.57. 

274.393 

6.66448 

98.6848. 

5.69444 

8-56366 


New York... 
lion treH~. • 
Anutoniam 
Urusseiai — 
Capenhasen 
Fnuikiurt^. 
lavbcm. — . — 

Madrid 

ill Ian... . 

Malo 

I’ana 

Btektaolni.... 
Tokyo — 

V leiuia. 

Ziiirk-h- 


% tipread 1 CTort . - ' .j.it ^ i * 

1 Iain- insaali.Ki&iUBB i >> • j. 

Bla 

4 ’ 4.0&H.124 I 4.114.H ' r,' 1 ^ 

Bl2 B9.6S-60.15 fifttt-s&s . S I r 

9 • fro.B0fcta.56d : 

5 ' S.bM-85 ■ | s3mj 4 VlrJ ul 

18 85.00-W.86 ] Si JS43J8 I i 1 

8 MBA6-M7-M I46JB-MBJS ' 

ms i.«8-i>7.?lmc-imi y 
7 8jTO-»A 6 3.S44U6 
Sis. 1 a.M*4.«* MlfcWSf 
7 8.46-8.50 8,499.50 £ 

Jiff .4811-41 0 405fc«7J . ' . 

5Xfi- 27.60-27.70 27^4742 . 

1 S.4Sfc4-61fc 5.48H^B..- . 


EXCHANGE CROSS-RATES 


r'ntublnri 
ieu YmV« 
Uari- 

tfniMfl-.. 

Lm-i'in.. 

.y m-tili'i'i. 

/.uni-li.. ■ 


^rajiklurl Nth Vork gam i Ittu—rfii ) Luralnu ■» in » ^urH-ll 

"l “ ! 2^20 56 j 6A81-401 1 At3*3 I 33-*^ \ 

• 47Ja-86 ! - 3Ll>*-67 Si^asiOSa’.tAl^lTO I 

.. 811.0040 H.W01.91S - iMjOMOa 

.. lb.W-i-8 152.U032^6 7.U l« - ’'*9.8160.*.. ■ UJXil 

3-83 84 'L 3C6-83K : 84U 424 l 68.8S96 i , - I 4 - ,J 
..107.186 236,^437 -6t2 »e^t-8S |6LM7b-W*5l«.»01MO®' - . - U8 K- •» 

■ 90 .414-574 1 .8 1 363 | « 1.1S5-242 '6.7R88-T7343.4686-66£934,2R.4^ 1 - 

L'.S. S In Townto=llL95 111.98 Canadian •■«««. 

Lanariian S In New Yi.rk=«<U7-40 .-eni». L’.S. S In Milan gfifi.OO-b.a). 

SterHna in Milan 1 .579.25- 1.580.2&. *llat«s for May 23. 


»«0 HA90MIS - ’14.004 038 N. Zealand 7,7S3S-1.BlltfJi 

3+8 lSi.8032^6! 7.11 14 - 59.81 60.96- M Baud! AeaL 6J73-8J5 |X 

S84 'L 3C58335 1 MU I 58.85 96 i - I 4 - !1 ; BUitfapere . «.2B7MA70ttiV 


. f JRatea given - for couvordhlo : iranta. 
Financial' francs W.0340JS5. • 

OTHER MARKETS- , 

- I Notes Bates 

VnienLiua. 1.410-1.414 AigeiitbUkJ130fl-140l 
Australia .. I.603B-I.B20I AiiaDia— 27-W 
UtaJI —... 7 67.72-62.72 JBelgium 63fc8l ' 
Fiuiand.-. 7.B450-7AWQ Brazil HMd- 

Unwe 87.409 89. 175taanada...t. ZAMLOIfc 

HongKona 8.4Bfc»J1i Dearnarfc. 1BJM0I 

Iran. 129-731 (France 8AB4AT 

Kuwait..... OJOO-OA16lti«rniany_ SJSiM 
Lirtemlj'ts 69A5«A5 Ipreece. — BB-72 - 

Malaysia... 4i7WM4820Uiabr ; tBfr.lBlO-.. 

N. Zealaml 1.7335 -l.B11ffiJap«n__.j • 

Saudi A mL 6JE3-8J3 NetbccTnd 4JK4JB- 

B bum pore . 4.267M^7DKiVorw»y ._. 9J64WB 

ij.S — ^a’nain — T4M4# . 


77.65 

jpalo 146.14* . 

Cana, la | . Swltz 1 tuul o.46-fiia 

CSL DJ>.. Laii-LS- 

f.ri. ceutej 89.07-89.10 |XiiffHUv1al_5«7 
~ Rale eivca lor Argentina la a tree ralti ' 


EURO-CURRENCY INTEREST RATES 


Mai 51 I bterho,: [ 

’ 1 

I ab-trv lenu.. 94 10 6^-7i* 

f <iKi- ii.iIhv 31*10 6^ '73< 

Mnol'll IO-IOSb *Sa 8 

lluee ’ lOis-lOtg 77a >. U 

Sis nmnilp....i 11 1186 1 Bn.-fir”; 
line \ Mr !llS«-12 . b <•*:»< 


L>uU-l> 

lu.>. Lkriiai' liini’ler’ 


)M . i.iennau 
I mark 


65« .73 4 7 3e 'S9 

,ag8 7i8-7Ba 

77a wk 77 a -8i# 

8„.^r’ i uk.>2 

bia-tN 6i(«ir 


i-n* | 3Je-a‘2 
1,; i,; i **-*h 
n 2 .is« 1 a,- dijf 


FORWARD RATES 

f One month . .| ThiWi rariiiths' 

New York. j0.404J.30c.pm L15-l.05c.pm Jj 
Mimtieai .|o.35-O.E5c.pm 1.00-Q£8tpn .. - 


A nut ’dam 2-1 .-juii _ 

Hruwets...|25-lDc.pm •" 75-65 e. pm 
Cih> iihcD.'4-6 ore dis lOi -124 ora di* 

Franmirt 2l2-l.li p( pm J*®® 1 ' 

fail on '2o- Ida v. rtis 10O-5UQ &du 

Ifaatrid )3S-116i-. (til 15 0230 c. dU 

Milan .3-6!uedi3 9-13.nredl» 

Oslo ;J|*-31* oredla 2r*-4l* tae dis 

Paris il pin-par 21* -H* c. pm 

Stockholm lfc.irepni-$oredi»'4l4-2l4 orepm 
Vienna ....13-3 urn pm 32-22 gro pm 
Zu rich .3-2 v, pm 1B8 b-786 c- pm ' 

SLr-montb forward dollar LS5-&A5C nmi 
ZJ-momh 435-L55C pm. 


Euro-Frvnvh deposit rales: two-day 91 -#i per cent: aevenduy >* r 
ODe momn »7jfi-si per cent: threc-momb 0&u-99|6 per cent; six-month S«-10 IK-r cm, 
one-rear 10-MO? per cunt t .u. 

Long- term Eurodollar OepncUs, two years 6?-8J Per veni: three years « ,! ib *->i6 
per cent: four years Si-9 per cent: five years Siiib-8iis per cun- . 

The roll awing nominal rates were quoted for London dollar certificates 01 deposit- 
one-month 7.60-7.70 per cent: three-mumhs 7.85-7Jla per cent: six-munUi 5>_0-4J0 

per cent: oiie-yc-ar 8.1 3-8 Aj per ccnL ... 

Short-term rates an? call for sterling. U.S. dotlare and Canadian dollars, two 
days' notice for guilders and Swiss francs. 


6-6 u. pm 
75-65 e. pm 
lOfclSi ora dis 
7 14-6140! pm ■ 
lOO^UCfcdu 
15A-230 c. dti. 
9-13,nredb 


GERMANY ♦ 


TOKYO Y 


AUSTRALIA 


BRAZIL 


1 I’rle* | 
1 Mni. 1 



30.3 

30t 8 

22ij 1 

, 22 

401; ' 

40 

JiP’h 

28 

• 0 

50 

16 

28 

44 i 

441* 

19 i 

1U+* 

16 | 

17*4 

4U's , 

401* 

23i; ! 

23** 

3H; 

3iie 

54 

34 

32 1 

521.1 

12 

1 13ft 

49 

493b 

49 

49t« 

4UU 

4l»4 


,\iiU.ll l j»I — 

A.l.lnr— > n’-K|.h ... 
AeliM 

An l*r»»liK-i> 

Am.-- ' 

A I- -MM. \ll llll III II I III 

A 111 Ml 1 

Allejr. lei-lMiin... 


A I lie- 1 5i-i\- . .. 2312 ■ 

Alii- l Imliue'-... 3U; 

A MAX 54 

Arnem-M H*v- ... 32 1 

A mir. Airline-... *2 

.\ii».-r. Untie I-. . 4M 
Miii-i. UlmiIi-k-i 49!'j 

A mm. Chii 4U't 

Anivr.L'vannniitl’ HBtn 
Amer. Klee. J*b.\t 2t7g 
Amei . b|n«v... 37 
Aini-i-.H--iiiel a na< 294g 
Ann-r. Me-ln-Ki..^ 2 ? 

A ri uf. MiAiin.... 5tj 
Aiiirr. Anl. 93'u 

Amer. MKil'Ionl. 4b "ig 

\iiinr. Mi lie-- 33ia 

A ■iii.-i . Tel. A T--i.. 61 

Ainerek 34 

A M V 164s 

AMI* 32 ;« 

Aii'l'V 16 

Aiivlim H-k.-i.iiil-. 38:; 

AnlieM‘«l Hu-a.-li. 24 1£ 

Armoi ^lei-l 3l.'la 

A.S.A 2016 

A-fliiieiw Oil 13’: 

Ami-' Ji 1 ^ 

A-lilan-t "il 28:* 

An. Ili -lii iciii.. . 5 u<r 
A im- I'aW I'i-i. . 31*-_- 

.Uf 9t/Z 

A»v 2S'c 

A tiili l’n-lli l- ... 33 1 J 

lUn i.-m- K’e 1 .... Shin 
IkiiiW Auierii*. ... 241; 

LlKiiher- Ir. N.Y. 36U 

lUri-i'il'l 2Bij 

lU\ler rut' eli"i.. 41i» 

lii-ii I n.r 1- . - - . . 24 ’7 

IV li.uMi ken-.ii d8fc 
lii-il a H.'i-vli.. . 19'* 

l»vu.lii 59-i 

I .»■> -IV 4’: 




A-liiaii-t i ’il 

All. IJi-liliclil.. . 
Ann- Haw l‘i«i. . 

.Uf 

A»v 

.Umi IV-lii l- ... 
IU’l I.-m- K’e 1 .... 
IVniV A uieriivi. ... 
LlKiiker- Ir. N.Y. 

IUri-1'lHI 

lU\lcr rnueli”!.. 

h.-nl n.T.- !■.«»... . 

IV I--H I ■* ken-.ii 
Ik-11 A H-f.3-11.. . 
I»..<i.li\ 

Ui'iisiivl i --il* "I’" 
IVi meliei" > -t-T . 
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U, >r-l>.'i 1 

IIi-il- Wnniei ... . 

lit* mu I HI... . . 

Hra- -kii "A" 

Hl1M--l >1 %•*!-.. .. 
Urn. IVi. VUl; . 

Un.-k«Pll «.l— .. 

I’nill-ttl k 

H 1 I.-JL Ml- Kr|e 

Hiii"i'ii Wnli-li .. 
Buiiinni"ii Nilni 

UlllT-HIK'ir 

Unlleli >->iif.... 
L m mil mil Hm'-’Ih 
1 . mull I!hii>Iiiu<I>.. 

iMniritl'-ll 

t*riw k*ieiWfKl 
timer Hnnivl... 
f Klerl •Il'Kr'l ruin- 

t l«- 

La-Ill lie—' 1 -'11*11 .. 
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LerlKinlo«>l 


L 1 - -UK 

Lir-ii*il . 

31>* 

t linpa- AIkIIIikIIMI 

31 >4 


11 Llk.AA 

41 

f In-ei'ruh l(-n.| . 

c4Ji 

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33 

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I’r*.l”i-. 

b4 >p 

L lipmm 

ll* 1* 

IB-; 

fin * -Il 



11 V 

L iri>_+7liiui 

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».ltf-.l|a U3U 

L il le- .Wn He. 9 X :« 

L'll \ liive-lm^... . Is 

l.l"K I .aw , 424g 

LialslKli- 1411111 ] 2 IN 

Lullin' AlkiiiKM.-i If; 
f ialinii*HM Mb- 26?s 


1 ,<liiiii 

• IR 

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1. 

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27:, 

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Hi 

III III t 

21- 

i*imi|i 

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Pir lie.. 



Iii; 

l.'iami. 

jii 

III-. . 

8b>i 


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t'alll-ll Xltt.llH-a. 
I a all .nine’ I’aan II 
I mllina-Uiaa ■ a* («. 
I .ill I lie’ll » I’ 'll .. 
t '..ill nil-ill**' 'I 

* ..|lll-l lUia 

fuu).-.r liiilu-_..j 


'-••r 11111 “ Ilia*--. . 

I. Tl' I lll'li'f Im ih 

f mile 

L tackei Ami 

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L ii«ixiiiiii • Lunin* . 
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UHiia 

Ukii liialu-lrn.-.. 

IH-ere 

Mel Mainle 

LVIli'IIH 

UeniHjai i I in i*i .. 

Uelnnl Ball-in.. 
iMnnuiiiaiSliKinrk 

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1 

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la.V.T.X 

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lull. Kin* - 111 ...... 

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lull. IV pci .... • 

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laal III- Mull* llle- . . 
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l/.illidHIu I Jill •'... 



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lie public 


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| Ml, >ic*.. hi. lari . 

W. .. 

M !!*>■> 11*1/1 ElO-.l ... 


46 1 £ 

46'* 

311; 

3 1 3ft 

663* 

581; 

24U 

241, 

3*1; 

33 i* 

33+4 ; 

33>» 

561, 

36'e 

lbJft 

lbU 

12 1 4 ; 

121, 

2 U-* : 

2 o ; 6 

39Ji 

401* 

27 l 8 

27 

29 I* 

29 1> 

351, 

35Jr 


197 a , au 
4-'e ■ 5 

•>2 52u 

1303 ! 15>fl 
153* ■ 1593 

— ; i80-s 

— j 6.583 


iVavm.arili 197a 

'fill.... 4ie 

Xopa\ 52 

Ai4iiK , lh&a 

Xeaitll llalallla 153* 

l.-.lrrLi-4%I-'- 
l S.TrvK-4ii.7f 8: - 

f.>.4fa I III I IhM .. — 

CANADA 


\I-I1I|H lYapel X<93 , 

AcIil-i haair 4.9 a , 

iKvnlAiiiliililMilii 311.-, 

AlKialUK Meo ‘ JJO'4 

AilwHu* ?39l« ■ 

Italllk l>l Meantavn il 
tank .A'- -in ml iii t07a 
U«M. fcWniv e-.. f3>; ■ 

lieu leiophnne.,.. 3/Ja , 
di'ti Vkiijix ln-i..., 28ta 

ui’Lmmu 13:* • 

llne-CHii lc 3j 

Urlue-i • *4.6 / 

•Jatsm 1%. «••■.... »7Sg , 
eanillian M ■■•»,.. 15 lg - 

| Uimu L'eiiitni.. 10>* , 
vsnx lK Alt' Lwi.. * 10s* 

e«nlui|. HiikLoii. /8'* j 
■.HIIH-Ib lll-lllbl....' i20lg 1 

eon tae-ilTi- iB -a . 

■.im. IV ilk- lo* . eO«i I 

LBil. MI|OI i it .. 36 i 

for uric •.•'Kewia-. 1 o.40 

e-KMJiir Aiir>1i*-...a 10 i 

.. lueiimu 18 if. 

I OlllWlCi 28ig . 

liiii- UKlbunl... 273* 
-■■ii-iiiiioi U»... I / ! a i 
L-.-re-ka li'rtUlie 5Jg 1 

L ■ i-lalti Kii-li 133* 

Ok/ 41 Ue> pal ..... 8>; ■ 

IK-iiiv-n Minor..} 69'; : 

tk *tii Mine. j 87 j 

l>unc roiriiieiiui 60 ’* | 
ikirriiokm tfrvhii its , 

U-auitai 181; j 

Uu(ji|il 13 •; i 

rKievm'ee Aia-L e 25’a [ 
t"ol Hilda i. an. 78'i ; 

■aeiialBl 27'* , 

■ <MHI|I Xei*« kill" I3lg - 

1 Mini Uii LaiiKaifl . 284g 

ilKwkerM i.i.hii. 7la J 

rln. iiiiic-i i3Z>* 

— ilaan/o UM -A ... . 39 

.1*1 iron liai Mile 12 lg i 
.1-1 i_Hi elni... . 193* 

/III iuHtMilA laa- 42 l 

i.AJL' 18-i* . 

333» : 

I iiii(wrtKi i 19 ', 

tit- 20'* . 

I« ib 12 i 

■ iiiau.i Nat. U**..' |.>2 . 

Illl'p.l l'l|H- >aina IS 
-Mirer lie/- ii i n.» ' 146s . 

Inlitir'lli LlHfa... tfJ« . 
Ljjl.lau Li-ui.-l'. . t4.23 [ 
M-..'nui>'n u law— it 1 18rn I 
d»r-er F«ri;iia-4a lat; 

Meliurie 25 | 

M,—|.a -4, |. _ . a53« : 

MouTiiAjaslRie-M* 3.5/ 1 
.'•O-an Haw- «83a a 
■lairtni boerej . • 15 

j .Mini. leaeeTHii... 293ft J 
AilJiOi'lfti J fir- S3'B a 
eiakw-MI Hel-'ni.. 3.65 . 
i *Ki.-i oc Li.>| a] 4-1 M 2.00 : 

«'ii-iricl'el n'leiin. 39'< [ 
tan. f mi. tVo’iii 3812 

I’HUB. jtau ! 

z 1 *- a*ia*-* IVfJ.r . 4.1 J j 

•Ih.»- I.Jiir A Ha . I. 5 
a ‘l,a.V'llrt a-lii. in. j4', . 
j L ■•! i-.rn "I.. I5l£ . 

I a’lVa 1-* 1 

J B-tfV Nlll£P I" 1.39 
I alHlIpVI L’l- . ... 33<S ; 

i •mu. • IOi? 

■ /lea \|-I.||| 1 31-1 I 

iiia.ial L-k.-H L h n 3 ,3 » i 
il-aiVa’ 1 /Url . . . ’ IB-6 ■ 
:*|ai:r KViiiit-. Wi j 
--caurar'ar 281* 

-Iii-i LaiiK-ia.... 153* 
rtrarnll U.Muia- 6Ja 
-leiH-n- 11,1a... 27 

I -I ala* w all—. 04 I 

I -lee- ul L'aoKi’Ji.. 25 1 p a 

! lce'i> Ka/'k Irian . 2.7U j 

1 Irxaav LtniK-lo.. ' 37.V • 
liar, llll a ll.afll.Hk 19U ■ 
‘ L'all-L kiiI*hj- Li- 131* 

I IlHIl- M.HII.1 (»|r 91* . 

HUB 'Ill 

e 111-41 UK- - 1* >2 I 

l laL -i-.e-f'li'a* • | 71ft 
IV, ait Hiram. I Sdlj • 
Aral I..4L-I I ••- Utft 
A .•■■•*• la— . I fit; . 
I 

! * Bid. : Asked. 3 Traded. 

1 sleek. 


; 60 

V>ilHiu ker-M la... 465.5 

itUW 237.5 

H.UF M0.O 

ItK.i-cr. 1 140.4 

i%v*i. Hvi 269 *d 

ta.vtr.A ert-in-lak .296.0 si 
i. ita lm.Ac-t.au t- . 165 

f/ainmer.-Niiik 218.0-.a- 

L'oniL'UiiiKii 75.5 

Umujler Ben - 304.8 

1 >•%•■*-* 25 1st 

Herngg 155.0 

limit hAio tank.... 290.0 al 
Llresalner Bank.... 232.9^ 
l>>a.-k(fhllff /*a|Hl. 144 , 

UlllHiaafllimi- 194 

HftfWt La'll". I ’ 117 

Hfirivner 26d.5 

u a. . I 1U 


• HI (III*. ;t a 

+ eL5'! 20 ! 2.0 

♦ 4.5 |26.fl8 5.9 

- J.3 I l,./k 6.7 
♦-0.4I 18.7b' 6.7 
—3 28. 12 3.2 1 

-AJ.5 18 ' 3.U 


Hnre-b- 1 .... I 139 

How-eli I 46.5' 

12a ' 

Koll Hint s-Kir 140 

KMriiK.ll | 305 • 

Kaiuli- •! 215.0 

Kia.kivrliMlLLi 92 

Wit; 177.0 

Kiup, 95 

Lin. V ' 235.5 

Linifiiimii Ilk*... • I.450d 

Luiiliaa-ji i 112.2 

maa iaa 

Viione iiimin 15B.8 

1 AleiKiiBc 207.5 

Muir. -I inn? a lliie'k. 520 ! 

.'ee-keriimnn 126 

I're-u — bb I'M Iiai. 114 
UlieinlVc-i.KHfi. 187.5 

viii-jiiiK 263 

'lemafi- 283.6, 

7i ni Zue-kei 24U 

TII.V- cn A. i a 118.9 

v «ri» 173.5 

' K8A I 105.9 

Vcnin-A tt a— -l tiki 286sf 
Varik- 209.5 


4 0.7 i 17 ! 3.9 
+ l.oi — ! - 
+ 6.8 28. IS 4.6 
+ l . 17 • 3.4 
+ 4.51 14 ' 4.5 
+ 0.7 128.12 4.9 

r ?B-12’ 6.1 

-1 9.38 3.3 

:+2 . 1 3.i 

+ 1 a 12 I 9.2 

+ 1.0' 4 : 3.1 

1 18.75, 6.7 

• + 0.2. • 4.3 

+ 3 ! 9.36. 3-3 

’ 1 i a-s 

• + 6 ,25.44 3.8 

♦ 5.5 ! lo./dl 4.5 

+1 j — i — 

+O.I 18.7S', 5.3 

+ 2 I - I - 

+ 2.0; lo j 3.4 

« • U.b 

+ O.’d i 9.36i 4.2 
+ 2 . • 3.3 

+ 2.6 17.18 5.4 
+ 2.5 lu 1 2.4 

: 18 1. / 

,+ 2.7 i “ j “ 

♦ Ois’ 1 25 j 6.7 

+ 3 .28.12' 5.4 

>, + 2.4 , lo j 2.9 

26.56 6.5 

+ 0.1 U.ia; 7.2 
+ 1.5 14 | 4.1 

i 12 = 0.7 

1 + 1 : Id i 3.2 

+ 3.5 29 ! 0.1 


l-an-an 

.1141- 


HlIKa-llI 


.. Iladl 


Kaa|llKl«ll 


iL+lMIrllltH III''... 


A I -Kn MaHiar- 


! * Puce# j + w. 

| Ven | - 

Uiv. 

. 7. ' 

TuT 

4 

; 337 
| 476 

• + 2 
\*t 

14 

12 

2.1 

1.4 





1 535 

-6 

2U 

3.0 

! Sao 

1 

IB. 

1.7 

1 572 

+ 1 

lo 

1.3 

1 252 

i+9 

12 

2.4 

' 574 

+ a 

Id 

1.6 

1.140 

+ 2J 

55 

1.5 

| 221 

-1 

12 

2.7 

; 1.3 111 


5u 

1.1 

666 

' + 6 

13 

1.0 

.12.64 u 

1 

— 

— 

1.15.1 

:+ lu 

IU 

4.3 

J 549 

' + 4 

IB 

2.6 

.• 2 UU 

; + 2 

lo 

2.7 

3.550 


35 

0.5 

788 

.+10 

2u 

1.4 

378 


IO 

l.b 

• 128 

1 

12 

4.7 

420 

+ 4 

id 

1.5 

530 

!-l 

14 

2.1 

1 &65 

1 + 8 


f.ti 

1.38 J 

1 + 50 

i 5 

0.5 

a 711 

1-5 

12 I 0.8 

791 

1 + 4 

lo 

I.L. 

1.79J 

/4 20 

4a 

J.3 

245 

: + 3 

12 

2.4 

883 

!+J7 

3U 

l.r 

l.loo 

+ 20 

2u 

0.5 

;1.77u 


4u 1 1.1 

1 238 

:+a 

11 

2.5 

386 

l-i-i 

lb 

1.9 

2,1/ 2u 

1+20 

A. 

U.7 

: t*-2 

;+ 1 

10 

4.1 

| 491 

1+6 

11 

1.1 

'1.65J 


» 

3.8 

J 318 

1+6 

12 

1.9 

1 ms 

+ 6 

1- 

5.4 

1 144 

+ 5 

1 

5.5 

981 

' + 16 

t 

1.0 


)+. or 

.Mm 51 V’lat. S j — 


|~Ffu?e L^fcor jTiTr'. 
Gnu — i Cnz/ 


■ •w ' 

■(•4ft M.+nr 


Source Nikkn Sernrttlcs. Tokyo 


BRUSSELS/LUXEMBOURG 


AMSTERDAM 


I | Uiv.l 
Frier J n»| fr, |T 
Hr«. [ — J Nil j i 


Mlaalal 

\k/». iH.3.1 

A ice-ia i Unk iKlI'V 1 ' 

\A|KV 

A/ni.aJMiik fF-.kVi 
lllj-’lka-rl 1 

lla-ki.lVe— I 'ni I t'lLM 

lllirllllai I -H | a- raja 1 1 

Mwnn 1 ik'i.'ali. 

KlIUlH *.t .IkTIlHI 

KliuA'-aall-l I'l.lV 

* a I— I fciaai+'li-alKIla 
Ha.llla-ka-lll F l.W. - 
Ila->i;iiVa.|| 'l i.LiJi 

rJiilile-i ll.it -hf'i 
K.I..M. if’. I". >,.. 
Ini. MiiMe-l ■ liua.. 
Suar-ien -Ki.K'i...' 
A"l . A»-l In-.ll-all 
Ni-iLn-i Ilkil'iJS.' 
A.hI Mlal Ilk iKl^ta. 

l.Vr iKi. iii ■ 

1 bii L'lumcnii. . • 

l-ftkldH-l ah.. Ji,' 
I'll III |+ la^a I 

M jnr»-li\ «-i i Fl. kr. 

KaS+e-aa ifl Zfh | 

III Him- ■ if*. ri.l>... 
KlH+tllallFl. 5*JI.. : 
i:.-VH.| >l*la+|. Fl^A ! , 

•mvi'flt'liraa I J 

Mra III larpi ta i.Je'.l 
1'iaa+a.ta*-. II lair.. -al 
fiiUcvif ih. jji.i 

VlMilcUc-.l Ill^ii' 

\Vr«l lam' llll. taukl ' 


I'rlax- If- "Il niv.-Yal. 

104.8sl : ^ 3.8 <£1 j 3.4 
31.7 +0.3 ’ - 

358.5 +u 5 AZ3.V 0.6 
84.5 >0.8 V*44! 5.2 
7a. 3 — Jr* JS. i; 6.0 
89.2 . . . 26 ■ 3.8 

125.2 -J.2 ' B, | 6.4 
73«a +1 ■ 2b a 7.1 

282.2*0 -1.8 27.5, 1.9 
1+7.Z + 1.2 3/.S. „.l 
6a iu3 . - - 94. cj 3.4 
36.9 - .5 . 23 ! 5.9 
1>/4.B i 0.3 • 14 ' 3.3 


26 ; 8.3 
I3.3I 3.5 
4o 4.i: 

21 1 7.8 

22 5.8 


154sl +2 1 36 ■ 

139.5 1.7 ' 18 

43.a — I 

27.2 +0.8 17 ; 

91 1 - I 

lt.9 t t AZst 

LcG.5 + 1.0 ! - 
131.1'... ._ 14 

1^6.40 — 1.1 aa./S 
2£4.8ri; + 3.6; 19 
135 ♦ 4 27* 

iu6*a — 1 - Ju 

112.6 s* +0.1 42 .c 
41. U + 0.8 JO 1 
4-9.9sl +1.4 33 [ 


Artel 2.425 ■ + 

di|. tire. I Buile... 1.600 

Kck+il -II" 1 1.97 j + 

L. H.1L Ccniem....jl-160a] +■ 
Ltvk+ri ...» ...! 948 ■ + 

KUK; ' 2 . 220 s! — 

Kio-tnAft-i 6.38-1 I. . 

Ffttamiue A hL 2.595 ,+ 

li.l>. IrNi+JJiii ,2.0.0 ir 

u«.-*n«?n l.aoom... 

MiA«4ien 2,260 ■+! 

Inimnii 1.730 — 

Ivn-lH'llaiiili ,6.71U — . 

Lb llaivKii- Hei*i«-..p.790 !, I 

tan IIiibiiiic l^.aaO — , 

ins 3.8a5 i— 

Hap- 1 i+l | I Ib III* lie.. '2 .965 1 + 
>r- fli’li Hi*||;k8lKlJf40 ! -! 

saifiriK 13.1/90 

Ta/ * B V .4.525 j + J 

1 1 1 * 1 -ji. 111 hi, vi '4.775 "... 

' L 1 * .i 940 1 . 

I n Mm. 1 l>|ii| 798 j+! 

V le-iii. Mamns'S-J 1.930 l + i 


SWITZERLAND • 


100 — I 

20 1 72 ' 
60 Ulo I 

4 'low , 
30 I - ! 
10 '177 
>43- 

5 ,1 ru 
15 fiao 

I 60 

SO iWu ! 
10 ;14 2 1 
30 ie6 ■ 
80 »2b 

30 

15 |t/4 . 
15 <tJ* ; 
20 140 : 
75 iia , 
25 ;.U10 
. ...I 7u 1 

2 : 50 • 

20 - ! 


ALII IL 1 2a wilt ; 

Ve-n'W All-trHMH 

\inf*i M nt;. Ip*u. I ml* St' 

VUI|ftlfK+lAa>ntllaall ...' ' 

A mppi Pi-m.iemia ( 

iv. Xnienu-...- : 

A+v-c. Pulp lAq-r Si af 

■A/Ibv. Con. Imlu-irie- ' 

Auai. pa.nn-Wnnn luve+i.. i 

Aiiilnnafa ; 

Amt, tin A liu- 

tiliiij M+lai lud 

Ua.m-nla* Hie Copper \ 

Hiuken Hit- P/rajanetnrr ..... 

till 

LAu+lefti Unite, 1 Brewery...; 

L . .1 . 

'.■SK (51 1 

L'nns. QiHafHeirt- Au»l 

’./aiiiAiner I 

L'mirtnc Kmr iuln - 

Lift-imn AuBirnlai 1 

l>uiil-1i It’JlHvr 1 S 1 1 1 

litifilK I 



U./.. I mli ■-(*+*-* i 

'led. Pix-jvity rm-l , 

Ibtauenalev | 

Hawker j 

j If I Auslmiii 

l<>I*f ^+/Vf«T ' 

I cm tint’ InduHlrie* 1 

■la'I ICK li>SVk|| a 

laeitUM-” Oil i 

)hlMla L.+panrlUeUm I 

MCM HrMlnaft I 

Sl)« him 1 annum .-I 

Ac***..... ’ 

.Atctrulsr IUirrnRU>iiKl......| 

A'.Blb Bnak+n H'-liuc* ’0t*i 

‘ >Kkbr1itce 

Oil ararvii ■ 

Utter bsplaant •***!.._ 

I'l Hiee* I tiie-rrt’- .... 

itee-kllt 4 fa>tn*KO 

H. C. yleltih. 1 

-"iitlitartal Al mini:... ... ... 

K+ [.lamella hi 

IVuUHS* 

IVftlluM... 

(Veti+ni Mining lulc+lil* 

M. i.isnrile-*.. 


[ l*rl/.+> -fc-ir T*ie. Via*. 
Mi\ Jl Fra. — hrs. > r 


Alw.Ib -J L02 Uu.0SM.12 UJB 

vbmeo .10 brau....[ .2.26 1-0-070.17 IM m 

timnw Imii i 1-23 j -.|0.16 J2J0 

uelkuMluefraUi; ■ 2.17- i-O.CfliO.12 5^! j, 
U/jet Aniei. OP.i 3.15 1—0250.20 B/SS :y 

Pet n>l nt*' PP 2.92 UoiftM.10 ^47 

Pin-in — 1.72 H3.DS0. 16.9 J* r 


Pin?i«i 1.72 

+mi>h Lmr OP... I 3.12' 
17 11 if • PK 9.05 


* 0.20 6.-5S Yl) 
4.10 SAi VU “ 
,08(0.16 9J* r . 

7.37 v}i; > 

.53(1.20 2.05 
U ill. 13 9.92 


i VAPK 


( Hip l.-la. U-P+ PI | 1.31 | + *i.Ulll.l3 
vol. CrJ63Ani! Shares fihn. 
Source: Rio de Janeiro SE. 


; Price | + or Uiv. YfcL 
Ktuact I — it i- 


Price + or I Di- 
k'cuoer — j £ 

LM+Ktru tank I 94.0 9 

ek'rnii£Hanl 68 f— 1 — 

^rcaiuJank. ....... 106.0- IL 

luvmo 240*8 +2.5 2U 

JvreaiuLi-'a-n 105 |— 1 11 

I Acf-H Hvrtmkr.". 192 1 + 8 12 

; Tic* ret in* D-i I 92.5xd| + 8-25 


li 9.2 
20 B.3 

11 Iu3 . 

12 6.0 . 
9 9.7 


JOHANNESBURG 

MIRES 

May JU 

Rand 

•For- 

’ll 

Anglo American Corpn. 
Charter Consolidated .... 

T3.M 



Easi Drielouiejn 

. 12.9) 



Eisburs 

. 1.90 

•HUB 

^ . 

Rannnny 

. SJS 

■HUB 


Kinross 

. fi.00 

+0JS 


Kloof 

. 8^5 

-HUB 


Rwenhnrs Platinum ... 
St. Helena 

. L3S 
. 713.40 

+M 


South VaaJ 

. 7.85 

+iis 

" 


COPENHAGEN + 

I’Ml-e- I + aal I I ) I V. Vial. 
Min 51 1 h'lamri 


liiirui'n-r U 

(>■ 11 -Iaa; iWnik .... 

IB I A -IKI I I ... . 
r'llWI* Inilka+I.... 
r-f, ll( KCTIaa'... 

I r.af. I ‘HI all 

HflTl lav /ami 

U..VI l/'llH.i Krtai 
Va-PI hKtft-’.. . . 

* 'lla-lHl-l Ik 

I'l KKltlKOfi 

Pmein-lnnk 

+• a| d a. Ha..Jinpl^.'ll. 

;U|4-I1a + 


135 • 

449 + 19 

1/.2 ♦ l; 

1654* xa r i» 

124(1 

353«S +31; 
751* * 14, 



267-j .. . 

245 <;S! +1- 
79 +2 

129 

Idol;' .... 

386 ; 

188 .+ (« 


Midi 

la ' 3.3 
13 ■ 3.C 

12 I 2 

la llu.S 
12 3.4 

o lu.e 

12 *9.9 

12 4. 

12 , 4.9 
12 | - 
— B.3 

11 i 0.1 

11 : 3.1 

12 - 0.4 

I 


I I'rlre [ + • ■■ IMv. Vi 
Mxe .11 | Fra. I — i i i 

, - 

A iimiiiuim 1 1.270 ‘ o 1 t 

dllL-aV '1.685 45 | lo : 2 

e ; iM« (.Pt**(<K« .aK.' l. 1 15(i'-- 15 22 ; 2 

Il.x. tart. LpiI..: 830+r,-Za ) 22 - 

Uae ites ! 588irt-15 I 22 J 3 

Cl It ill miLx# ‘2.116 I— 111 16 : 3 

Btce'Uoiralt 11,640 | — 15 lo j 3 

Fle-lici 'llerarnei., 650 ... . 3 ■ a 

HiafTuuin IKVrt-.i 74.750l-l.500 jdo ! O 
I*.. If. 500 — 250< 36 . *J, 

lilli-rtiPPl H .3.025 25 I 2u ; 2 

Jcimtdl iKr. im. 1.410 —5 1 21 ; 1 
A'e-O*" *Kr. (ri.h... 3.370 a - 20 I+-B.S 2, 

Ike Kee ;2.170SJ -15 ir-O./l 4 

l*ef ill*. Hill. 1 F.4>h] 3.460 -20 \ 16 1 1 

I'li+an - 1 1- 1 r. Ill > 270 '.. ..‘13 3 

thii i.w 1 F 1 , ftiK.. 3.700 i — 50 2o 1 

II... (Van>,e>-rip +72*0 2b • 2, 

- lull Hi-rA'i,.* I- L*| 295 +3 12 1 4 

-iii/an L ir iF.ifL'i! 338«-7 • 14 ' 4 

in iKa. (*•*. 8270- 8 • 1*J ! 4 

+t* ip— llatu L 1 F. led' J72*u'. 5 : Ij : 2. 

Han— illc. F. ne'i.'4.573 +60 ' 4o 2, 

I Ilia all tinaik J.01&M- *5 , 2U 3. 

/.Iinrla In HO. 175xr — lOOj 44 2. 


Keute* 4A ; 

All iqilC* '.Vi I'l' *| 

Ala IJ/|llM 

A.iiilMliie , 

olf 1 

Ha'4ll|(IU- ' 

UAl.tlm i- 

'wtuivllllll 1 

C.I7.K. 

L.I.l AtaML- : t 

Lie UBra.mia- 

(Juiia • 

L real 1 1 Ca.mi Fr’c+l 
'.iruHil La4rr.....j 

I Villi er : 

l-l. I'rtlaa’l- j 

lapn. (.1 a 1 la-lltH -r- 

tiiietai 

Ixeniir-T Uaf+i ..... 
IbIiik* .. — 

I.LnciU 

Lae^ouiil 1, 

MbimV'i I’Ih.-iii.x,. 1. 

MiilK-lln "ir- 1, 

.(laftri Hriii+M,*-... 

MaHlIInpft 

PlUltM ■ 

I'evhuwt 

Pemni lliati.l ..... 
tVuumi-CIl nvn. ., 

I'-vtaun - 

IClbllal Trvtlll laiMC'.. 

ite-aliiuie 

lUii'iie I'aiuVric ... 

»i. l/riTwin.. 

-k|H 8u»- Igllia* .... 1, 

I tup/ 

! la-PrevUllijLI'...' 

1 I Iii Dram I* iftia.ii 

I I'allpT .. .. 

! STOCKHOLM 


■ 736 

• 4l5 
, 3C9 

i 466 ' 

1 357 
' a a 
389 
1.603 
375 ' 
,1.165 
a20 

,• 423.5 
r 124.5 
\ 84.5 

: B32 
,! 133 

• 189 

68.0 
122.8 
202.0 
786 
1.7oO 
1.025 
1,450 
517 : 
166.0 
; lGo.o 

95.1 
. 278 
. 383 

■ 229 
477 
566 
102.0 
154 

1.650 

278 

764 

199.6 

£ 6.0 


-7 4i. u.6 1 

-2 21.19 3.2 ' 

—3 16.1 3.3- 

-M.9ii.Jb 5.6; 
-18 J*.?; 2J5 : 
-4 **-2 5.0 j 

. 40.s 6.y; 
-47 75 +.7 , 

-3 il.%. d.4j 

- 10 70.50 6.6' 

-S u -.7 . 
-1.5 ll./b <.7 J 
+ 1-4 12 9.7 1 

-0.5. - _ ( 

-7 7.3 0.9! 

-2.5 K. ID 10.61 
■ ■ 8.2a. 4.3 

— 6.B 3.-/ a.4 j 

-2.3 ’16.77 3.Z ) 
-4 a.Ui 

29 Uo.7a 2.1 . 
-Ill 30.V 3.9: 
:-20 j 32.15' 2.2: 

- 1 i 18.6 3.4 j 

—4.1 | 3 1.8 ! 

- 1.5 lls.93 12.5 i 

+ 0.3 j 7.5 7.9; 
+ 1 | 7.5 2.7 
-3 ,17.25 4.S! 

-9 I - - 

-19 ; £1 t.B I 
-1-5) 9 8.8! 

- l 1 14.3t y.4 ■ 

.. 39 2.3 1 

- 9 , te.b 9jz : 

•* 2 • 25.a a 3 a 

-1.0 li. 15 7.6’ 
+ 0.3 . - a — l 


Gold Fields SA 3Lii ■/!; '• 

Onion Corporation 4.45. - 

De Beers Deferred 6.90 — "MS ; 

Blyvoonmzicht S.BO • - 

Ease Rand Pty. + 4.75 *1 .' * 

Free Stale C.eduJd M.W -I IS ■ 

President Brand 13J0 +IM i 

President Steyr* ; 12.53 +tS *. 

sriHomem 4.00 ■ ' 

wolfcom 4.43 V 

West Dnclomcin 37.00 +-0-59- 7 

Wos'ern Holdings - 29.70 -9J9 . \ 

Western Deep — U .60 +BJ0 - 

INDUSTRIALS ' * ? 

aeci tt.ro — fJKi ; 

Ansio-Amer. Industrial ... 9 JO 

Barlow Rand 3.C0 xd -0.» '• . 

CNA Invesunems ;i_So -Ml , . 

Currie Finance 0.37 :-r 

De Beers lnduslrtal 19.58 7 

Edcurs Consol tdaietl Jnv. t!J5 -W®. • 

Edgars Stores 124.00 +AS5 ' " 

East Ready SA 1.70 -662 

Federake VolhBhplec*uncs . tub -AW. 

rire-ji+rmans Stores .. . _ tJJ5 — 6 .®. V 
Giurdlao Assurance (SA> 125 - 5 

I .95 —9.02 . • 

«-TA : 

McCarthy P.odway 0.30 +0.H • 

\<«iU3nk nr -0.0L ' 

OK Barajrs .... 6.50 xd + 0 JS - 

Pn.mK-r ' Miiljn- 540 +O.OJ 

Pn-’ona Cement ...J 2J« 

Prt»t+a HohlmRS i*j # •* 

Raod Mines Pro Denies ... I Sj ’• 

Hembrandi Group 3 - . * 

Retro 525 -fftW ' 

Sag- Holdings ti .43 -o^J 

vappi lbo • / : 

C C.. Smith Susar 5.73 -045 -. 

SA Breweries - . . L2S +06* - 

Tint-r Oats and Nai. MlUg. 9.40 V 

Ltusoc 1.07 

Securities Rand U.S .SO. 73 

(Discount of 36^%) |[p. 


I’ri v . ■ -ii Uai^l > 1 . 
i ' — ! '4 ' 1 




IVr'im--:/- j 

xn- -la 

"‘t-mnfil 

— IPVI 11,11111+1 .. 1 

A Pll AlHL-liexll. 


342 

268 

589 +1 
94 * 2 

187 ' 

240 -1 


ZO 2.9 
9* 3.4 
38 B.1 

8- 3.7 

14 5.8 


AML 

LhUalalU' a. 

Flat 

Ii«j. Pn, ... 

Pill lain .... 
iinkcnimL, 

IM- la**- 1 ..h 

Ua-llaatftma-H 

M I'll! Pal l—ari 

• *ai»*ftll I’ri 
I’l null .A ( • 
llrem 
-ni-Vl^T..» 


l-II.H- I ■ Ul lllal. A 
Lm- | - | I/ipi ; 

"I 05 ! ! - ; _ 

J 479.75 +4.761 - ■ - 
.!l.840((--lu I L5u 8.S 
.|1.630\.-‘— 7 r iol 1 9.-; 

.! 93.75 j — 1 - 

. 12.100 -60 1 tut! i; 
173 +3 1 _ 

33.310 -880 I.ZU0' S.t 
155.78' 4 1.K> - | - 
1.100 -25 
.2.127 1-3 I UU 6.1 

866 + 6 ] 8c 8.1 

. 725 . + 6 I _ ' _ 


(la. A .VifkiJU!.,' 
VilBtacni Li litre*.; 

AlKA iKr. j 

.Attn- l.A'|ier*,'Ki 

,tillcniil.„ 

n»afaara- 

l.«n1o 

l-IIUIaPM 

Kan'I'hiT -t rhi., 

h r ieift« m • I*' 1 K , 

K -+■!»■ -I«- ■ 

I r'a|.+l “Ik 

I aiTTiuitL+a 'I reel 

rUnalV-lift taken.... 

LlatlKlHHI ..... 

ala a l Ja+J I (■ HU- L* a. .' 

-null ll A.*» 

ft.K.F.'U’ Kr 

IhJU/al Jin-kllllB 
I Mill-Ilk 'P' h'r?* 
t-alaiell-a'na 

A'.al* aa iKr. , 1 / 1 .. . 


«G8>3 - 1 
139 '— 1 
83.0*3 —0.5 
1244-1 
81 -1 . 

115(0 

IBS+c + 2 1 

232 . - 1 
131a -1 
134 

265 -S 
sa rf 2 
hj.S -0.5 
538*0' + 3 

IOB 10 

63 +1 

2i 1 ■ * 1 

68 0 .li 5 
153c -1 
75.0m : - 1.5 
S3. 5 -O 5 
74.5a -0.5 


3.3 2.6 , 

3 3 6| 

3 6. | 

o 4.81 

4 ■ 4.9 I 

'•••* 3.3 ' 

1j ' 3.4 I 
1J 4.3 

0.3 ' 4.7 ■ 
3 ' 4. / ! 
O 3.0 1 
- 45 1 
16 ' 4.7 i 

• 7.6 | 

1 . 1 . : 4 ■ 

6 6 


SPAIN * 

May :!1 

Asland 

Banco ftilusa 

Uancu AllanucQ H.wHi 

Bbd-.d Ceoirjl 

Banco Exivnar 

Hnnco Gi-ni-ral 

Raneu LtrjiiaiLa 1 l.ooo> 

E:anvo lllipago 

BadLb Ind. Cal. il.OOOi 
li. led. Aladiii-rrarn-a . 
Banau Popular 
ltanco Saratander 12 M 1 
H.in-.-a l.'nyuiia ■ 1 .OUO 1 
fijncti Vrrcayj . 

Banco Zaraaozano . 

(‘•JllkUIlluU . .. . 

Laitus .Vuij jJjlu 
B jbcaKk Ift-jicojc 

cn: 

Drasadti'. 

Inaiohiiiaif ’ 

E. I- Aracoiieias 

EXCaairaOU Him. 

Exol. Rio Timo .. ... 

Fa -CHS ■ I .Dalai a 

Fenat.i /{.anja 

’.:.i!. I'rcciaaos .. 
•Jruho Vciaaqu>;z i-luOi 

liidroij 

I b+ rdua.ro 

nlarra 

PuDcnras Retnudas 

Pvtru'llvr 

Pctraloos ' 

4.irrio Papjk-ra 

Sorace 

so'ioi'aia 

Tcl.’fonit-a . .... ... 

Turras n.s a, ikD . " 
TiiSJc.-x 
Union lit-*-. 


Per cent 
Ul 
307 

230 

307 

270 



I u 9 * j 



39 



I Times Thursday June 1 1978 


AND RAW MATERIALS 


y x V--% 
J.a-. - juvT' j-i ' -. 


V- . vM 


in London 




' 


ll z Vto* 
r %li 


]. >ss.-.w 


VNGEs 



,10.3V US? 

'5.9S TH 

;•;«•« i4S3 

iJ* 7 *§ 

a# ■& 

mw Ifis 

3-2:.?a i7?r> 
"S';:. 


V-^.®^!?!^\OW»iCB£*5*poiidwfc 

- /'A. vGOLORADb - bestie, .the first 
..-pigfated in Britain. this year, was 
^ wptared aaa lolled in London at 

the.- wee&eod. the Ministry of 
W??ltnre .reported yesterday 
■ Jjm*tet}6yras found in a.Ioad 
of- fruit and vegetables bought at 
. Sahp T s -Berwick- Street market. 

ItL-Twaa-. tniedV.wlt4i; a household 
-^nsect.. "spray, in ' 'Hampstead. 

>5r““^7 ! ^4al8 ace trying to 
-■discOVerironr which country the 
.' beetle came. - . 

- . L j nsget. 7 ', l^hich severely 
-redDces^potato yields, has been 

- ^wipedr^mt bx Britain and strict 
.^cheacs^^re made .on vegetable 
-. - import®: -t cr 'prevent its ; re-intro- 

- dsetieh: here. 

.. S Lasf-y ear the Dutch Govem- 

•■ -tighten its con- 

trols -aaer ^ a’ shipload of grain 
-lacde&dn .Britain from Holland 
'. ■was'fSnhd to: he' heavily infested 
wfth the, beetle. 


ars- 


hfee^s weekly 
sugar tender 

.; iy-OunOwp Correspondent 


n:bl, + 
*{»>. j}. ^ 


WKETS 


. * r «‘ 




» ' r V .... 

\'T " w -t* 
o :i*« .. it 
8-i«y-... 41 

\t-% 

OV.r v., 
a i*. -I.;.. 

N " - ' i[. it. 

. ' ' • •*■' 
t 1 i*- - at a -r 

CEl . r . : .» •».. 


is- 


'S; 


A‘f GERaJABT-^ complaint before 
*k£ ~ European : Court of Justice 
.caused: .the,' cancellation o£ the 
wefeBy -/Common Market sugar 
= export tender in Brussels yester- 
day.. As a result no licences were 
• issued fbr,export8i of white sugar. 
In. .'decent; .weeks about M.ooo 
tonnes^ -vhaVe . heen approved 
weekly by .the sugar management 
COPwnltte^-V .-•>/ *.- . ^ . 

- '.. Hans Dtto/Wagner GmbH bad 

- complained, that the method of 
translating export subsidies set 
in Tmits of - account into national 
■currencies led to a reduction in 
subsidies -paid to ' German' sugar 
/exporters. .''•.'••••■ "’ 

l -lhe court is said to have ruled 
: that- /the - regulations governing 
rthe .weekly, tenders need to be 
clarffled.-. 


E5 



’ *** re 

‘•-r-i ■ 

1 M-1C 

C.BT. 

S-MJil: 


75%£ .+ 


*j ^ ,r 

;?ru 


n 

1 j- E..:-.- 

.t.- 


.* 

b 

-«• u;» 

* • -V ' -n 

■ » 

- 1 ’• I \-i 

r-VTL.I 

- 


i.1 -- 



i ui!.: 

.r ■ 



h«- 

*l.- !•:. 

L :« 



U.S, futures 
chairman 
to retire 

• ' WASHINGTON, May 3. 


j.. : 

J..2-0 

t-.-n 


=MR. TWlUiajS JT* JBagley, chairman 
of the Commodity Futures Trad- 
ing Ctyamisaioa, “ will retire in 
three i or four - months, pending 
re-attthortMitton; of the Commis- 

storL : ‘-a“ il -‘ r -’- • 

Two’JHQe now. before Congress 
would'--, rescind r .his' five-year 
tenure^ and. make the office of 
chairman/ subject to the discre- 
tion of_the_. President. . The legis-. 
Iatiori is expected" 'to T>e passed 
with the CFTC re-authorisation, 
and would, probably be effective 
at the beginning of the 1979 fiscal 
year, October/! - 

: .S.; : 


Surge on London coffee 
futures market continues 


BY RICHARD MOONEY 


A COFFEE futures “squeeze" 
boosted values on the London 
market yesterday, lifting nearby 


believed fears of a frost were crop could set the world coffee 
“ vastly overdone." market on an upward spiral even 

nripft cvnnn 7 This year’s first frost scare greater than that following the 

^ L#L DDe a - 1 came 00 May 10 - much earlier notorious 1975 frost. That 

♦' ifj /* ^eF ee P0SI ’ ^ ia usual, and though it was disaster cut the Brazilian crop 
v e a top ? e dismirsed out of hand by the by more than three-quarters and 
njn _ sI,p * trade ft had a profound effect forced world prices up by more 

10 » r ’tr a tonne * on some speculators. The result than 1.000 per cent in the next 

An ® 0A futures has been a very nervous market two years. 

was earned into the July posi- Tnis nervousness was aggra- Brazilian production is still 

uon, which climbed to £1.761 vated on May 22 when light firsts recovering from this setback and 
during the day and finished £34.5 were reported In southern Brazil, another comparable frost could 
up on balance at £1,743.5 a tonne. Local coffee trade sources said do permanent damage to world 
„ , y x has advanced these frosts had not touched the coffee supplies. World stocks 

nearly £200 a tonne since the coffee growing areas but market were seriously depleted after the 
beginning of last week and speculators nevertheless adopted 1975 frost so there is iittie coffee 
Stands at the highest level since an even more cautious attitude, available to act as a buffer 
late January’- The latest blow to confidence against any new shortage. 

At the start of business yester- came last weekend when several On the other hand consumption 
day there were 1,100 uncovered cold fronts threatened southern has still not recovered from the 
lots of five tonnes each for Brazil. AN veered away before unprecedented prices reached in 
delivery against the expiring doing any damage, but hte scare the middle of last year and many 
May contract, a figure one helped to confirm thp wintry dealers argue that current world 
trader described as “ extra- mood of the world coffee market, prices are still far too high, 
ordinarily high.” ‘ The traditional high-risk Th£ * y P° int 10 reccnt estimates 

Most of these lots were Brazilian frost period is not due th3t world coffee demand is still 
believed to be held by a single until late July Manv traders some 10 per cent below pre-1975 
operator and the “ bullish ” believe a great fuss " is being le v ® l s as evidence that prices 
effect on prices was enhanced by made about nothing. But It is w ‘ l l have to fall considerably 
rumours that this operator was understandable that traders before the world coffee market 
still buying Mar coffee during should be cautious as ' the can « et hack on an cvcn kecl - 
the day. Brazilian crop has already suf- • Reuter reports from San Jose 

Wiht physical coffee command- fered a serious setback through a Ibut Costa Rica's 1977-i8 coffee 
tng a premium of more than prolonged drought which cut this crop totalled 93,085 tonnes. 
£100 over nearby futures dealers vear’s expected crop bv more according to Sr Alvaro Jimenez, 
expected “long-holders" to delay than l*m bags (BO kilos each) to Coffee Office executive director 

tllGir * , Awnrinr» T>..» l r... C «■ 1 mvimmav Ai'iMSircaf) Ahnnor 


Fear of cut 
in supply 
lifts copper 


By John Edwards, 
Commodities Editor 


covering purchases. But about 17m. ~ " Sr. Jimenez expressed concern 

most were surprised that the un- A frost now, say stone experts, about the aiuouDl of Costa Rican 
covered position had not been could do unto! ddamage to the coffee being smuggled out of the 
reduced to- -a more manageable drought-weakened trees: severely country, mainly to Panama, 
level before yesterday. cutting next year's crop puten- because of the disparity between 

Concern about the Brazilian tial. alhtough most nf this year’s domestic and export prices, 
weather continued to be an crop has already been picked Last December the Coffee Office 
important background factor and is now safe. estimated 1976-77 coffee output 

though most professional traders Major damage to the Brazilian at 1,120,000 60 kilo bags. 


World food price pact sought 


BY LYNDON WATKINS 


Halifax, Nova Scotia. May 31. 


CANADA and three other major its exports of wheat, meat and was particular interested in aD 
food. exporting countries will dis- dairy products lo exorbitant agreement. Mr. Bob Bergland. 
cuss, the creation of an inters price increases. the U.S. Agriculture Secretary 

national pricing agreement for ' “ We are only interested in was in favour, although the U.S. 
key agricultural products. getting security and a decent Government had yet to lake a 

Mr. Eugene Whelan, Federal profit for our products and to policy stand. Mr. Whelan cxpec- 
Agriculture Minister, told a see that no-one benefits or ted difficulty with U.S. accept- 
food industry conference here sacrifices at another's expense, a nee because of its concern 
he Jhad a favourable response to We are not looking for in- about a free market philosophy, 
the idea in preliminary con- creases of 400 per cent or more, wouM not Hrav . n nn thp 
tacts with the agriculture which OPEC subjected the L. WOUld not M dravn 00 tde 

ministers of the U.S., Australia world to. But we mean to get a 
and the Argentine. fairer deal than we are receiv- 

They were interested in set- ing at the present time.” 
ting minim um world selling 
prices for grains, beef 


to which tbe prices of 
grain, beef and dairy would 
rise if minimum selling levels 

Similar attempts to get a pro- ^ ^^been^ ef?£J 
and ducer nation pricing agreement yea?^ Canada’s $7hn “ 


FEARS OF cuts in copper 
deliveries' from Peru and 
Zaire, pushed copper prices to 
new highs for the year on the 
London Metal Exchange yes- 
terday. 

Cash wi rebars closed £103 
ap at £778.5 a tonne and 
three months wi rebars traded 
at £804 before profit-taking 
trimmed tbe dosing price to 
£798.75. 

Unconfirmed market 

rumours were that Zaire 

would declare a 70 per cent 
force majeure on its contracted 
shipments. Earlier it bad been 
claimed that only slight 
damage had been caused to the 
Kolwezi mines. 

Meanwhile Reuter reported 
from New York that Mlnrro 
Peru had cui the amount of 
copper cathodes available in 
June, although it might ship 
blister copper Inslead. 

Three more U.S. copper 
producers — Phelps Dodge, 
Anaconda and Copper Range — 
announced increases in their 
domestic selling prices from 
64 cents to 67 t-enls a pound. 
Other U.S. producers made 
similar increases last week. 

Anaconda said it was study- 
ing new pricing methods — a 
reference to the move by 
Kcnnecoit to abandon the pro- 
dneer price system and base 
its prices oti the New York 
copper market spnt quotation. 

Silver and free market 
platinum prices ruse lo new 
peaks. Tbe bullion market spot 
quotation for sihrr at the 
morning fixing was 445p 
higher at 299.75p un ounce. 
Values eased in the afternoon 
and the spot prices on Ihr 
London Mela! Exchange closed 


l-33p up at 297.9p. Free 


market platinum rose by £1.4 
to £138.9 an ounce. 


Cocoa export 
quotas study 


pri- 


dairy products. The matter at an FAE meeting in the Philip 
would he discussed In detail pines three or four years ago 
when they r**:t in Mexico City failed. 

on June 12 to 14 for the World World food prices were 
Food Counci 1 'meeting sponsored higher than in relative terms 
by the U.N. Food and Agriculture and there was little interest 
Organisation. . ... among the major food producers Mr. Whelan meets Mr. John 

Mr. Whelan said it was not to regulate them. World reces- Silkin. the British Agriculture 
Canada's intention To exploit si on Has changed that Minister, m Ottawa this week 

foreign consumers by subjecting iltr. Whelan said the Argentine during his visit to Canada. 


mary agricultural industry would 
have benefited by another Slbn. 

The proposed pricing agree- 
ment will almost certainly be 
among topics discussed when 


ABIDJAN. May 31. 

A special committee of the Cocoa 
Producers' Alliance is consider- 
ing a system of stocks and ex- 
port quotas to help boost world 
prices, it was reported here. 

Provisional ideas on export ex- 
port quotas include Brazil 
228,000 tonnes. Cameroons 
100.000. Ivory Coast 230.000, 
Ecuador 70.000. Ghana 320.000. 
Nieeria 160.000 and Togo 15.000. 

The special committee is con- 
tinuing its review of tbe 1975 
World Cocoa Agreement, and 
hopes to suegest ways to over- 
come cl«iu>e$ which producers 
feel have a negative effect on 
rices, 
euter 


p r' 


SOVIET FUR TRADE 


Exports restrained to 
supply home market 


BY DAVID SATTER IN MOSCOW 


THE GIANT bins of the Irkutsk 
fur frock house bold pelts from 
all over Siberia--lhe skins of 
foxes, mink, otters, wild dogs, 
muskrat, sable and squirrels. 
Irkutsk is the largest of the 
dozen fur sorting bases In the 
country which service the 
world’s biggest fur exporting 
business. It is supplied by 5,000- 
odd hunters and scattered fur 
farms in the Siberian region. 

The sorting bases evaluate and 
classify the Soviet fur output. 
Tbe Irkutsk base is unusual not 
nnlv for tbe volume of furs it 

bandies but because 70 oer cent 
of the pelts processed there are 
*• wild " furs delivered by 
hunters. They include such 
pxntic furs as Siberian polecat. 
Lynx and the beautiful 
Kamchatka fire fox. 

Wild furs were the basis of 
the Russian fur trade from the 
time of Ivan the Terrible to fust 
after the Second World War. 
but they represent only about 20 
per cent of total Soviet exports 
today and their volume share of 
both exports and production is 
f-xDeuted to decrease. Still, wild 
furs 3 «■ the types increasing 
most rapidly in value. 

Before the war the sale of furs 
abroad by Ihe Snvuzpushnina 
foreign trade organisation was an 
important source of hard 
currency for the Soviets and up 
to 90 per cent of exports con- 
sisted of furs caught by 
hunters. 

After the war, however, indus- 
trialisation in Siberia drew 


people from isolated areas into 
the cities (while driving fur- 
bearing animals deeper Into the 
forest! and few members of the 
younger generation chose to 
become hunters. 

The demand for furs did not 
abate, however, and to satisfy 
the export market and the vast 
internal Soviet demand, tbe fur 
industry was completely re- 
structured. The answer to tbe 

decline of the hunter was the 
development of fur farming. 

The Increase in breeding 
farms was dramatic. Between 
1960 and 1975 the number o£ 
farmed mink skins, for example, 
increased from 250,000 to 10m. 

There are now 120 state fur 
farms in the Soviet Union and 
200 co-operative farms. In 1976 
SO per cent oE Soviet fur output 
— 80m skins — was produced on 
breeding farms. 


Costly 

Soviet fur output is to increase 
15 per cent to 20 per cent during 
the 1876-80 five-year plan with 
almost all the modest increase 
coming from farmed furs. The 
shift to fur fanning has affected 
exports. At present only 20 per 
cent of Soviet fur exports arc 
wild furs so, with the increase 
in farming, the wild skins col- 
lected at the Irkutsk base may 
become rarer and more costly. 

The most important wild furs 
for export processed at Irkutsk 
include white polar fox, which 
is found by hunters in the tundra 


north of Yakutia near the Arctic 
Circle, red fox and the prized 
barguzin sable, which sells for 
up to $300 a skio at the famous 
Leningrad auctions. Eighty such 
pelts are needed for a full- 
length coat 

Although the price of Soviet 
furs generally has doubled in 
the past five years, prices have 
at least tripled for wild furs 
such as lynx, blue fox and white 
fox. One lynx skin recently 
brought a price at auction of 
31.900. Other Soviet wild furs 
for which prices are increasing 
include red fox, racoon, white 
fiteb. black fitch, wolverine, wolf, 
marmot and squirrel. 

The Soviets have no plans to 
increase the volume of their fur 
exports, which bad held steady 
for a number of years. The value 
of fur exports last year was 100m 
roubles compared with S2m 
roubles in 1976. 

Officials believe the Soviet 
internal market could easily 
absorb double the current volume 
Of production, but the desired 
increase in fur production is 
limited by a shortage of meat and 
fish for the farmed animals' diet. 

Almost everyone in a city like 
Irkutsk has some article of fur 
apparel and many fur items are 
marie privately. Before the war 
60 per cent of Soviet fur produc- 
tion was exported but in tbe 
years ahead the percentage of 
fur exports and particularly wild 
furs, will shrink steadily, making 
those wild furs the Soviet Union 
does export all the more prized. 


Bigger world wheat crop forecast 


ROME. May 31. 


WORLD WHEAT production this 
vear is tentatively estimated by 
the Food and Agriculture Org- 
anisation at 405m tonnes. 5 per 
cent more than last year, but I 
per cent below trends in the past 
17 years. 

An FAO report says larger 
wheat and coarse grain crops 
arc forecast for all regions ex- 
cept North America, where plant- 
ings were reduced in the U..S, 
and in Latin America, where 
drought has affected the Brazilian 
maize crop. 

It expects world grain imports 
to rise 3 per cent in the 1977-73 
season m 142m tonnes, with 
wheat imports reaching a record 
69m tonnes, IS per cent, more 
than last season. 

But in 1978-79 wheat imports 
could fall to 64m tonnes and 


coarse grain imports lo 71ro. 

The fall in wheat imports 
would be due to a recovery in 
crops after setbacks last year in 
a number of areas, including the 
Soviet Union and China. 

Early prospects for wheat and 
coarse grain crops this year are 
mostly favourable, the report 


says, although widespread delays 
in spring sowing are causing 
concern. 

Production prospects could 
still deteriorate as tbe season 
advances, but tbe l^rge carryover 
stocks should provide a buffer 
if this happens. 

Reuter 


Chinese deal for Argentina 

PEKING. May 31. 
Chinese Foreign Trade Minister. 

The sources said Argentina 
would sell wheat and maize for 
combined total of between 


ARGENTINA has agreed to sell 
China as much as 3m tonnes of 
wheaL and maize and 75.000 
tonnes of raw cotton in the 
three years starting next year. 
Argentinian sources said. 

The sales provisions were con- 
tained in a pact signed by Sr. 
Jose Alfredo Martinez De Hoz. 
the Argentinian Economics 
Minister, and Li Chian*, the 


SOO.OOO and lrn tonnes each year 
from 1979 to 3981. China would 
also buy 25.000 tonnes of raw 
cotton a year during the same 
period. 

Reuter 


""T?! 


2LI.7 ■ *■’. 

:».i= -3.2Jf.i-i-- 


■gAJ. 
\ 7J 
S.H 
9 BS 
t SJ 


o.’ei • 

: it..-- 




MARKET REP(»f S AND PRICES 


PRICE CHANGES 


MfePAES 


-market-- awlnir' to Tumour*- off'* oossttte C*tto<l*scas& C 7 S 9 , toe mombs £7». ^B' 
hy v Zalrv. TWs Kero: wftpfc 


■O ■! 


_ Twills 127.35. 127.73 art £27.96 for F. W. T*tiersaU. Most of the interest 

- taTtmrlMW awJBrttlMi by^Zahv.TU* Kert>: Wfr.bars, thiW toomtm OT. S7. rwectiwshlinnm period. Yam wi centred on African and L»Un American 

. ' ‘ COPPER-Stroni- in active trading on level attracted profit-tattne. imrerer. and 87.5. 8S. ». SS-. U 

' Exchange: Forward price dipped jo £W5 ca tbe S 9, m'"** s ' 1 rnm A ni 1 nnrn 

i.. - r-ir it aafIv dtp-. K<jrb- ’ Ifi tll£ jpftenKKNi reports of Clll- 9S, J7. Wi ClIfiOQCii ilirpe ( I II I lA DDillV 

metal 'rap- to PS5.5 on Uie ear® pre- Peruvian copper months m3. Kerb: Wlrebars. three vv/evr/s •*"' 

. . r - — . i_ M .... — Dj, COO, ISM. 5. £800, Prices closed barely sieDfl7 despite SLIGKTLY STEADIER opemtiK on ihe 

».S. modest consumer demand as Itie spo’ London pbjb.cal marV-i. Lmje inter st at 
/all in the month expired quietly, reports Gill and hli&br-r level*. Uomu*; on an easier now-. 


{Official 


r- 




i*' «. 

•.-a - 7 

JOE C . • • 

~3fi«so — - - 

jut - : 


5 ' 


.-ri ■£ 

Jiw»nffi*y- 777. ; ® ,-6.76 

fcwtwwpaaa 

Cdthodad rV ' 


n.TTi, 'ft-f-or cathodes prompted some treat i buj-lnc months XSM. 83. M _ 

CnoffieiriJ — v-wch lifted fttroranl metal up to OT8 . 13W. £800. BOBa KM. £7M. V3. M.a. modest consumer 


The price then moved further ah«-»>t tn Tta — SUghtly fli mer. A 
touch ISO t oo renew * d Ml* el ihe poa*S- Tenana price saw Forward racial open train*. 


tiihty of a 7» per Cent force maieure lower atJH.3W_ b« Jt. then h ardened fo 


778-fl. -j+ltS *cl»ramm by Zaire- values cased on £6.400 loUowtng some fresh twyme o( 

798.5-9 *9-76 jj, e ^ Kerb with fresh proflt-taking. both cash and forward material. Valnos ■ 

— i . — leaving forward material at £79SA at the drifted in file early aftenmon with forward sr’ratr'r 

h - ctowT Srnoven 26.625 tonnes. ' metal easing back to tt.m However as Ao.H- nitrt. _ 

♦+]? draper rose sharply. t J73SA. 


COCOA 


.VraterrlrnyV +«t. 

I Cke* 1 — ! 


BusinevF 

Umic 


Lewis and Peat rx-poried ihat ihe 
Meluv&ian niarVei was uil CIGi wvius a hg 
• nonunai buyer. June. 


775-A 


793-4- ; j+I4 


*66.5-68 


«G 

MINES 


"EUROPEAN OPTIOWS EXCHANGE 


Anwlgmnated Heta) ta%mp»t£' raUri»1« teSre jgb 1660 ^ff 0 “is 5 B 

— «— ^ « «« *«• ^ S«:S 

March 1615.0-19.0 — aE8,lH7.0- 20.0 

l a-m. t+ or| _ p.m. It+or llay - 1596.0-1S.0 . — 82.6 1912.0-1600 

TIN Ofllcial \ — “ ' 


Xn.1 , Y«*’*ntayV Previ-w 
K>.S Ll-eie‘ 1 i+*x» 


Bn*inv-» 

■ IlHI" 


j that in the morning cas h w lrebars traded easlnff t0 aI 

■ at Sm. three TDMrtta £99. ,8* . W, 88. are to 

S6J, 86. 85. 86, 86.5, 56, 87.3. 8>, S7.a. 


Sa'.i'U 


IVyu.a 


U3 

ir>4 


«!'d 
>. - 


ari - 






... 

a . -- 


A - - 


tWU! 


KS 


ms n . 

»Vi* • - ’ 




q panfry 




Mm 


*20 

, 140. 

If .. 

u«7Q.. 
-SB4Q 
-’*2 60 
;iaao 




S«ur» 




Algaoenp: 
Aunar - 
Amro- 
.Amro-. 

JOai-Sf-r/yi- 
-KLM ’:•> 

■ KUl'icro. 


Ha 

■X&SH2. * 


Ph JRltt 
Hdlips.-. -CC 

I LD-Sjwti 
CuiWfOt'-v . 




5*BB\ 

860.: 


6t e 

t--iU 
.:37» 
LX.:- 

16 

11 


F540; 


, J*380 

~;4 : 'F7g 
T-rza; 

VFbO: 
"PITS 

-FW 
MAO' 


20 
ipiobr 

■Fiw 


I-FIZO 

rwoi 

FRMOI 

W 


July 

;<Jk*o ’ Yol. 


I1J* 

ai a - 

23iu 

r* 


5. - ■ 

8»4M. 
20:00 
1 . 1.00 
G.OQ 
: 6 .-CO 
. 2-BO 
1.10 
54.150 

a^sa: 

20.30 

1B.0Q 

Xiao 


13 


a- 

.3 

40 


hsv 


9JSO:u 87 


-A90 

W' 


■ -aso"’ 7 ■ 


6.00 


17 

ai, 

W4- ■ 

-t< i... 


: Out. 

Cl oso You 


67' 

2 -r 

t*i 

161* 

1U* 

7J*- 

■« 

? v 

l»s 
4 
t , 
281* 
14ia 
7 i 


■-■Sic 

21* 

*8 

30.00 

21.00 
.13:00 
. 8-OQ 

. 7.20 
3^0 
■.uo 
40:00 

36.00 

26.00 
22-50 
18.00 
il-OO 


5-00 

2.50 

1.60 

J0J6O- 

4vOO 

t.00 

7J50 

1.00 

0-50 


1' 
•2 
18- 
■ 1 
e 

14 


' 2 
139 ■ 
218 

• ■ 8 - 
-3B- • 
.. 6 . 


Jan. 

Close Yol. 


Equity 

dwe 


.7*8 

3 

1 

45* 

2M 

161 2 

11S* 

9 

• .41# 

a 

47 S 

166 

115* 

5 

is« 

3Ua 
18i* 
10 
. 6 
27s 
1»* 

89-00 ‘ 

84.00 

17.00 

10.00 
. a .20 

5,10 

2.00 

44.00 

40.00 
[27-00 

27.00 

24.00 


7.00 
. 4-20 

2.20 

1^50 

5:60 

2.00 
-8.50 

2A0 

1-00 


t- 561 


14. 


10 


1 

20 


6233a 

f96M 


€47 


86078 


82615a 


5341s 


. 53 
196 
.30 
5 

: a 


F3SB.50 


F75.30 


P187 


P 113.70 


1 26.90 


P 126 


F 112.80 






St-W-1 

.V- BLOND -- 


J-- 


W • 1 V->3 

1 as* a - ' 
«B3 ■ - 

jt; . 
da* - >• 


■y 


77; Wtoi* 




s.so- 

SAOr ThitfB- obtlK Tr; ■ M ^ j r~ 

— a, darbv, w 7 cnrg. st, W.I7 


IQ.OQ-I ZJOl 


70.00-5^0- . Sat. 




EXHIBITION ■ Mon--6ri- f 
Mill 131th June. Adm. 






-T3 

& 


CLASSIFIEOAOVERTISEMENTRATES 




ifi*,:...*? 

. \ .. . 


. j 


a-iAs;?";*!:':" 


P8C^ 

line-- 

■ £■ 

'-.450-::. 


single 

column 

.cm. 

-■£ 

14.00 

8.00 

14.00 




jfci-; 


i 

:> 


535 


16.00 


*,n. :iA* 


*7— 


T* 

;5>* 


^ ^ ' Xnffg^triz^ Prop^Y ‘ 2XJ0 

;v - ■ 4^0^ 1 • 

CarSktSoirLoani, «oawUon : C»pac«y, 

6 tw«u?fc.^ ■ - J r ,• ’ 

Hotels and Tra^ - .. f . 

Bopjc •• • pyenrimn ; pwiffow available 

. - »C; > Vi rjEjtimain ■ sr*e 40 jtoluM ; 

■■■: ■ i "«a&ffled^tdTM^emerf.Mana^r, p 

10. Street EOiF^pt- 


4251 

2J5 


13.00 

20.00 
7.00 


■h ends £ I 6 
Caali 6500-10 j — 50 


S mouth*. 
Settlem*t.j 
Standard 
Cash..— — 
3 months. 
SeCUem't. 
tStralta R-- 
Xew Vurir' 


6405-15 M9 


6510 


-50 


6495-60 S— 45 


6400-6 -j-jO 


6506 -45 

:S1650 -21 


p.m. 
Canftkdal| — 


£ I C 
6515-25 '+5 
6420-30+2.5 


July 1580.0- 68. 0 -2J.6 1BOO.O-15B5 

SdesTTs?* Tj jm ” lots 6t~a~iotmes7 

International Cocoa Oraanfution iUS 
oems per pound>— Dally price May flO: 
13-1.16 <19C.04>. Indicator Prices May 3J; 


6510-30;+ 4 
6415-30,4 5 


la-day average 139.63 
average 14229 1 143.66 >. 


.Tnlv.... • S7.l3-b7.80 56.75-59.00 — 

Ai.r ' 56.00 54.70 51.75 52.90 — 

Ane 5S.I5-58.70 59.70-59.80. 59-60-53.45 

U.-1-ll.v, 53.65-60.75 60.80-60.85 61.05-59.60 
.run- Mr. 60.70-60.60 61.65-81.90 62.00-60.60 
A|.r ■ I in. 61 75-01.80 63.85-62.90' 82.80-61.75 
Jlr-r+i'i 52.tt5-8S.00 6i.85-64.00- 65.85-65.00 
i.V+-l»tv 6 4.I5-W.50 64 .80-6-1.65 65. IC-W. W 


iMlLMi; 21-day j.'n.Uei- 65:55-68.40 btAI 0-66.05- 66.60te.55 


COFFEE 




_ ROBUST AS showed early strmpih. 

surtiirt, OM. s«s "5"K!.‘2|» iESST SSSCZ 


Sail vr :iW ■ U0> lols of 1.1 ionn-s. 
Physical ilmiu: prio-s ibuy«.-m were: 
Spot 5o in '37.3*: July 55.7ap iab.25>: 
August j«.'.»l> l3T..'ii. 


auii mZmb, 18.400. X6495. 90. 85. M. 

tginii • os £SM0 Kerb: Standard, three mu > c v proni-iakln*. A firm perfOTraance 
moSSis tajM^Ailernw: ^^aid. three f ™° Y ® rk Prompted Inrther buyinc 
K4M. 03 £8.400 03 10 *' !h<? c,0 " t ' valueM had consolldaldl 

ST %g J to£^8? , jST K«t; »n as nrach aa £35 higher on 

Standard, three monUts KAlfl. 


SOYABEAN MEAL 


ViiIiIiIhJ 
■ Li!*-- ‘ 


i-r | liiixiuiYA 

- i Diiiii- 


the day. After crossing the £2,000 barrier 


-£',<eri"iiiie 


n 'Mi i ta S+L reflected 11x1 thc morning the May pqsiUon cspired June 140.00-31.0 -0.25 151.00 

qsiedy at a premium of 1380 over July, .Iiiiibi I31.70-3I.9- 1.05 135.00- 32.DD 


■before r e covering to close at £313.5 on I Yealenlay's; 


the late Kerb. Turnover: 2.725 tonnes. 


COFFEK 


fl*» 


+ *•*■ 


iiKAD 


Cadi 


a.m. 

OfflcW 


1+ or 1 , r-.ni-' +lor 
1 — CnofDrial — 


£ ywr li'Ulie 


Ohm ness 
lAiue 


£ 

303.5-4 


Jroouthn.: 812.5-3 
Sett'lm’ntl -304 
crj — 


£ 

tn 

k«5 


£ 


lUy- 

July 


lilfpnJ 

(>rt.4vr 152^0-52.4 —0.86 135.00-32.20 

Lio-uO-ei ... I SD. DO JO. 5 1.50 152.00-29.50 

IVI.nwn . ... 130.00-52.0 1.60 151.50 

Al-rll 129.50-52.0 + 0.75 

June 129.50-53.0 -0.75 __ 

Sales: 209 1 107 - JuLi uf 100 tonnes. 


<3030.1950 

1743-1744 +S4.3 1761-1715 


TJ-S-Sjcr . 


£ 

304-5 ; + JS September.. 1632-1633 +29.5-1650-1816 
314-.25 -.125 Xctpinlwr —i 1670-1574 + 15.5i 1595-1660 

— — J Bimarc | 1530-1539 +06.5; 1560-1550 

31-83 • Marcli.'. 1500-1513. +D6.51 1520-1501 


SUGAR 


LONDON DAILY PRICE 'raw susnr 

ElOI.tru ■iliC.OOl a I'Tirie cif for lUy-Junc 

li^!Mn»iu May .’....j 1481-1495 -08.5; IS 10 1485 f mna.t.^M-'v eu-w daily Price tyas 

Scas^lV drift 

afternoon: In Une with copper, to close AwWm !.-«•, Robustas 1C.D0. Daily a dav ira.ra ha+l- bind KvHs 

sr mu on the late Kerb. Tomover. ^^S&Sif wcrr dull and fcamrclcss « ^ 

until the dose when dealer prunt-iaSmi: 

t+or caused values to Slip, Drcsel Burnham p n *f. -Yi+icntaT's; Pretr-ui ! 16 ihii«*% 


-?«o -wane*. 


r.-pnris i^. CrarniS'tv. 


hindquarlcrs 70.0 in 74.0. forequarters 

21.0 to ::T.o: Eire hindquarters 70.0 to 

72.0. forcuuarien 33.0 io 3S.0. 

Veal; Enuhsh (a>s 72.0 io 78.0. 

Lamb: Eiiulisfi small new season fif.fl 

lo 74.0. TTKdiuro 60.11 to 72.0. 111! port-'d 
IruArii: No PL 51.5 to 52.0. PM 50.U 10 
51 0. 

Park: English, less ihan 100 lb as.O to 

47.0 100-120 lb S5.0 to 44.0. 120-160 lb 36.0 
M -<2.0. 

Correction: The Central Markets Coin- 
nuiue said the minimum quota ■ Ion for 
Eire beef forequarters on list fur 
May 20 should have read 35.0p a pound 
• rnr 37.0p>. 

HEAT COHNISSION— AvcraKe faistoek 
pro.es at repreaeiHaUTv market* on 
Mas- 31. CB— Oaitlc 70.430 a kjtlw 
i-O.Tli. UK— Sheep li3.Cr» a kg i-s«. 
dew i-2.il. CB — Pics 56. 3 p a k*Iw 
i-3.ii. Engl and and Wales— Catile down 
1.2 p-T Ci*ui. average WKC 7119p I-0J6'. 
Shcsp up HO per cent, a r ere pc prliv 
157. sp i—2.0i. PISS down S.6 per uHI. 
sv erase Pnu- Skip »-3J». Scotland — 
Guilt' down 11.8 per ivm. aver a*.- prlee 
iS>.30p ' - l.Sj'. Sbci-p down 12.4 P«'r 
it-ui, a i erase price io.'>.0p t-M.0 ». Pits 
up 20 . b per nni. average once M.Ip 
i-2 9-. 

MEAT COMMISSION— Forecast roles 
or UK monetary coDiwnsaiory amoonia 
fnr the neck from June 5 (previous in 
brackets*: Kresh or chiUcd beef ear- 
e-is-.-s: :74.20 a kp. '54.20*. erven bacon 
Sides £2.44.06 » lunov ■ C.’-K.06<. 

COVENT CARDEN "Hcrlllqt o packaRe 
uni-?.- dated >— Imporiad produce: Orange* 
— C) pro •: Valencia LatC' 20 kilos 3.40- 
4.01). 13 kilos 3 30-4.00: Jaffa: Valencia 
l.a ted 3.45-4. -M: Egrpilan: Valencia Latcs 
2i;n-. Uvpaih: 2.70-3 "0: Cailfornian: 
22XM.2*; 5. African: Navels 3.10-4.00: 
i-pania: Val-ncla Lates 3 30-3.60. 

Ortaniouos— Janiaican- 5. 50-6.30. Lemons 
— Italian: 1*0 I20‘s now crop 4.50-5.00: 
Snanu: Small irai's 53511% 1.30-1.60: S. 
African: m 5 193 5.no-S"D: Spania: Larpe 
li.is 2>0-4.W. C rapefruit — f j pros : 15 
kil'.s 2 2)0-5. N: 20 kilw* 32JIH.IW: S. 
Alrtcjli: C+-3tt 2J3-3.60: Jaffa: 20 kilns 

3.. 1W1U. Apples — French: Ouidcit D*> 
Itu .Ui 2‘1-lb ‘4-, 3.20. 72's 3 .pO- 3.BO. lar.e 
hi* tfs tL30-72.n: Tasmaiilan. Junaihan:- 
s.On. cranny Smith S.00. Gulden Orliclou: 
7.30-7 .70: iLolian: Rome Rcauiy. per lb 
U.I7. Gulden Delidmis 0 I4-U.1C: S. African: 
Cranny Smrih MI-121. While Winter 
ttrormalh fi.r'a-r.so. Surk<n^ Mlewwi 
;.W6.3: Chilean: (irann* Smilh 6.80-7.i*i: 
New Zealand: Stuniwr Pippins 163 7. on. 
175 7.60. Cranny Smith S£0: Danish: Per 
lh. Si'.irtjns 0 13-0.15. Pears— S. African: 
Can "i is. I’auklwm'-' Triumph 9.00-9-20. 
Ecnrre Fn-c 7. *0-6. 80. Winer NcU*t 7..s(t 


Prices per tonne unless oiberwlsc 
staled. 



UOtfliB > 

Alninialnm ...'£680 '£680 

Free ntorkei icInlS'-ODO-IO 1 .. .. sauS-OM 
Copper cosh W. Bun. £7 78. 6 '+ 10.5 .£b93.5 


i months dot do. 

C*»li Cathode 

S niuniha do. do. 

Gnl*l Troy r>t t 

Ci*-'h_ | 

I nmntho 

Xtektt 

Free Mufcet (tar ibi' 


8798. 75> 9.75 1 7 12.25 
£775.5 j+ 14.0 +6e4.6 
£793-5 J -I4.0 t70Z.75 
5164.575'+ 1.5 9171.125 
C3-J4.5 +0.25 £3t 4.75 
£514.126-0.125 £016.25 


61-95 ! >1.95 

| -2.05 -2.05 


Platiouiu iP.-.y to,. £122 1.5 .£120.5 

Free Market ,£158.9 .+ 1.4 'l - Ii9 

Vh'kMivcr (7i>ib.i'clZ7-52 'J 27-32 

Silver rn«>- ox 1299.75 1\+ 4.55 J75.9|. 

0 nmutti* >..J30M5|i + 4.4b 281 .abj. 

Tin t'anii (L6.S15 ,+4 .'j .c.6.?97.6 

!■ niuiilln (£6.417.5 +5.0 *£6.268 

WfMinnnZlORiUriiiS 131-36 • la7-42 

Zlnr ea»b £3 20 +0.5 ’£30 1.25 

Jmnnrti» (£389.75 £o1j.75 

Producers ; 3550-800 : rteO-BOO 

Oils 

C*.o'Dut (Phil) 16670*; 

re.uo.1mit. £749 

,{£385 
*6401: 


Linaeed CiwiKrj,, 
Palm Maktyau 


Seeds 

Cc*|.ia Philip 

soyabean (LaS^w, 


'-rZJh .5610 

I K74B 

• £363 

■ t 15.0 *570 


*46 By j S407.5 


3307 


) :S9B.5 


Grains 

Burio.r EEG. i ; 

Homo Future*.... '£83.3 1—0.1 £80.6 

Stone : * 

£r ueli Nu. a Am!£JD6.2A.- £106.75 

14 Leal 

No. 1 licit 6t*nuu)£98.5 +1.0 £93.5 

ht>2 Hunt Winter! + ; 

kngltah Mill iii|i.. < £ 102 ‘ flUJ 

Uppia 6ll1pnient....i£ 1.7BB - 10.0 £2.074 
KuwireJvii, .£1.726.5 — lu.S'L 1.974 

£ v*n«e Future j 

.Jw'V _l£ 1.743.6 +34.5, £1.39 1.6 

liuU-jt... 70.9c --J.S.69.7. * 

llutiUcr k ik.. 56.5l* — I.U 52.75|i 

buear (lUtrj :£li.2 — 1.0 '-.1.*1 

W'*r.iHqwh4s kilo... | 280p Z79t* 


zrso 


Qub....._. 

Smooth*.. 


a.BL rf or! p-ffl. :t+or caused values to 
Official | — l-UnoBrial — Lambert reponed. 
1* 1 — - Prices (In urdcr 


7.64: brLmiii: C'Dlimcv 0.134.13: DnUMi: 
li. li. Apr I cats— Spanj'h: 3 kilos 2.10-2.30. 


£ 

318-9 


-.75)319.6-20.6, 


3E8-.& +1.5*329.5-30 
519. -1 | _ 

— . I 29 . ! 


+.6 


Ci,»iin. j 

Prices (In urdcr buyer, seller, chance. c.,,in • 

hUolnekst: Jnao 201^IM2J0. +1.60. 201.50- -J 

OLD#: AUK. 1ST .2547.60. +2 03, 15RJ0- 

87. BO: Oct, 176.10-77.10. +0i3, I7T.10: Dec. 


)*+r 


1 1 * *uc 
I' 


£ f»-r i.Hine 

713 OO.TS'iw.'+lJO. 174 50: Feb 163 00-67 ,00 ! A up : 104. B0-05. 00; 106.40-06.50 105. 60 04.66 

KS «ni Tffi.iiwi.biL +sSrjS *y. •••• 5S-2 


jUtsning: Three months £228, 28.3, 28, 17J50 kllos- 
2 Sj. Kerb: Three months X32S3, 39. 

AfteniBoa: Tbrea m onths i3S8^, 29. 28 j. 

Kerb: Three months £330.5, sa. 32. Si^, 

2*. Cents per .pound, t On previous 
official dose., t SM per plcnL 


135.BWO.OB, +7.50. Sales: 13 tl6i Jois uf 1 !2 


GRAINS 


Bareli .ill8.f5-HB.B5 130.50-20.40 119.75- 18.50 

Mav Jl21.7S-22.00; 123.50-23.75 123.00-25.50 

.tug irS.Ofl-2S.25! lrf.6C-26.S0 irs.M-2S.0fl 

Oci. . ..: 126.25-28.50! 123.50-30.26 126.45-27.60 


SILVER 


LONDON FUTURES fCAFTA) — Some Sales: 1.710 HZ-tei Inis uf 30 mnnfc,. 

ctrantTV movements helped value 10 open Tate aad Lyle i-t-nllncry Pru« tur 
15 points lower bm losses of as much as wanulaied b*«n tthiiv sugar was £.« Id 
45 paints were registered as proKt-ltkers ‘ titnc > 3 lujiofe fur hraiie trade and 
appeared. Some urulcssuraal buyniK was OiC-OO ■ I W- r*ir i-’H*n. 
fiecn at the lows and barley In particular international Sugar Agreement: Knar: 


L:'Si]vrr was fixrd.-4.5P an onnee higher nueat closed whh losses f«r -'lay rr OS. ci-ra: per j-niiM f.ib and 

tor spot ‘deltvenr hi the London oolllon j5-30^nirtts. The barley com pic 1 was Moved tanbhean Dun: Daily 7 31 '7.3SI. 
Inatket nfi^NKn. U.S. emt J.,5 1(me 7A cli reports. lWay averse- ,.:a umn, 


equivalents of rhe fisv fcveJs were: spot 




BARLEY 


jnwh 5S7.Bc. up lLlc. The metal opened 
at S97.74S6.7p l3421-343ici and ctned at 
?86-S87p (5CJ-544CI. 



M'Dtll 

Yeslenlay 

ch*K- 

«' + nr 'YolenlavX + ■+ 

! — • ck+c 1 — 


86.50 

.+ 0.25 

80.75 - 0.05 

X..c, 

88.75 

— 0.30' 

85.30 i— 0.10 

■J an. 

B1.55 

■— 0.30- 

85.90 ; — 0.05 

Mar. 

S3. 5 5 

r~6.BS: 

88.30 ,—0.15 


WOOL FUTURES 


LONDON— The niark-.t v.ii dull and 
Itaiuri'li'M. Pachc n-norls. 

• Pence j »-r him 


Bananas— Jamaican: Per 1b D.15. Avm 
cades — Kenya: Ku*'rtc H-R’l Usa-i.OO: S. 
Arman: Focric 3.?U-4.00. Sirawberria*— 
CaliTurnian: 0 90-1.06; Italian: 0.26+1.30: 
Spanf-li: 0 30-0..13. Cbcn'Ies— I-Teacfir Per 
lb 0.H-IAI: Cyprus: O.efl. Ortons— 
Chilean: Cases .l.SU-4.00: Canary: 4.nn- 
4.20; Datcft: Israeli: UOUB 

Tesis: 4.ar. EtIPUan: 4.10: Spanish: 
7..60. Capsicums— Spanish: Per lb 0.1S: 
Canary. 0.2s. Pesawes— Egyptian: 4.70- 
aril: Cvpnis: o.Ou; Jersey: 22-lb 0.13: 
Valencia: -i.3u-4.sU: Majorcan: 5.60-5,60. 

Enpl/sfc produce-' Potatoes— Per 56-lb. 
While. Bed 2210-2 .40. L«tuca-Pcr t! 
1.40-1.30. C'is 2J0. Beetroot— Per 2S-1b 
;^a. Carrots— Per buy: 0,60-1.40. Onions 
— j'er iu-Ih 2.60-t tn). Rhubarb— Per lh. 
«>mduor 0.03. Cuarnibco—Pcr Iray 12/24's 
7.59-2. M. Muslirooins— Per lb 0.30-0,30. 
Apples— Per lh Brantley's 0.10-0 .20. 
Tomatoes— Per 12-In EnalUh 3.30-3.60. 
Greens— Per K rill 1.38-1.50 Csulk 

flowers— Per 12 LiPcoln l.:». Kcm l.ofi* 
2.04. Celery— Per t2 1? 3.00-"..fi0. Aspara- 
puc — p»r hiiiidjr JKliP't- 2-lb I2ID-I.5D. 
Strawberries— I 'cr 2-lb U .20-0.25. 


• ' NominaL + Unquoted, o May jure, 
j May-AUgnat. fcAiKost. 11 June. 1* Apni- 
Juoc. 10 July, v&lny-July. z June July. 
r Par um. 


FINANCIAL TIMES 

Mftv 30; lia-i S6jAlriUb m ;vf Iwmp* 

k05 1 


254.57 '252.93 £39.1 


266.62 


(Base: July L 1832= ldQi 


REUTER'S 


Jlav 31 31 a\ 30 at, un u ittS Y*air hu* 


1507.4^1508.5' 1455.6 I 1643.1 
'Base; Sepicmber ia, 1931=100; 


rl- 


DOW JONES 


ll-iiv 

J**nc- 


aO 


. ifn\ i .UuuLL| Vial 

1 as 




H»i' 


5|-| ....:359.4B 359.39359.12 422-30 
re *558.72 56S.70i34e.98 588.45 


Aii'.iralmn |Ve-lcnl 1 r>-f- »*r. Jhi-iiie- 

I Jl.'liv 


( ‘I* re- 


Sfnfc— .. 
Jnuntbs.. 
SinantbA. 
tZmenUis. 


IMPORTED— Wheat: CWRS Nu. I. Ui 
1*r rent. May iW.50 Tilbury. UA hark 


Jaf8£ 


sssssSSSBoOT w&“-r!rsr sslsh ^“^.5 -5:6230.0- 

®?6.95p 305.05p f+1.2 {jgjo. jnjy ai.OO, Aug. £91.30 traniblp- th.+ulier ,239.0-40.0 +1.0 238.0 

— ■■ ' xnesl East Coast. iitwnber... .-33-0-40.0 -D.SO 

_ Maize: U.s./Trench JumvJuly flU5£5 llareh S45.0-49.0 ... 

_ 1J4E— TnnwTcr 184 (90S) 'lots of" 10,000 transhipment East Cuast: South African M«v j245.0-48.Q —I 

ins. MornlaE: TTirrc Stf.i. 7.1. WMle jua*jab\ SSI .S»_CfasBme^ Soaih .July. |24£. 0+8.0 


Feed grains 
pact opposed 


(Average "1624-25-26= lOO. ' 

MOODY'S 


■3 : 


7 "7*1 Herbs: Three nttubs AJrican YcUw Juiw-July £31-50 GLascnw. CKr(ul«er J247-I 

SB7J. 7.9, 7.8. 7.7. 7.4. 7J, 7.4. Altemoon: Barley, 5wshupi, Oats: AH unqnoicd. g . . , ni j ; nf 150fl ^ 

Three months 205.7, S.S, iX K ° rMWtt SYDNEY CREASY-nn urdcr buyer. 

Bi3, 4.7. 5. 5.1. K«rt»; TbM Hf?rtJonl £82.i0. sHU'f. business, sales*. Micron Contract- 

OKRKlV 384.5, A4. 4.5.4 A r ^ nl ^ nc '^ r ^ '. hc July Hf.S. .T44.D. 2J4.5-31J.3. II; UcL 


JUTE 


*vt* trom June 3 Js expected ut he uu- 
“chansed. 


DUNDEE JUTE— QuteL PrierB of new COTTON 
crop c Jind ' {..UK for SepL-Nov. ship- * , 1 , _ 

tnem: 3W8 OS 7, BWC 1234, aWD t'«. COTTON, Livarprol— Spoi and sblpm**m 
Toasa: BTB £97. BTC £!SB. BTD £248. sales amoUfllud » ICO ions, briiunn^ ihe 
Calcutta swks e**i*r. quotaihms c and f toul for lh*. wfcck so far id 279 tore. 
UK for nroayx Shipment: 10 oz 40 inch Small purchasvs md luiio In Inert aM- 
os '£7,91 per 190 yards. June ihe scitc-ral turnover and buyers Wi-r* 


:ufii. :.4;j. _W73-j*,.fl. -js; o,,.. y.,i 
S'.: o-rai.'-, 57: May ?“ t, 'ij-j.ii. 
.jfi.u-ivj.: ’*7: May 7+7.S 33 b,ii. 03'- 

ksb. 24 : July s»x. sau. sfif.o- 3 .alJi. 

On. liU.n. .wl. 30 . 3 - ViLli. s. Total 
salfs: 24". 


MEAT/VEOETABLES 


fs^a 73 
am 


SMfTMFIELD * PcDvc u 0»uul i— Beef: 


and -17,71, Jui¥-S«K 0-71 and 17 JS. umriUinj: to look far ahead, repana Sculch killed sides 34. U m 37 u: L'l.-ier 


WASHINGTON, llay 31. 

THE U.S. Feed Grains Council 
said it opposed negotiation of an 
international commodity agree- 
ment for coarse grains. 

Mr Harold Smedley. council 
vice-chairman, said previous sup- 
port in the domestic feed grain 
industry for a pact appeared to 
have disappeared. This was 
because of little. iF any, prospecl 
for obtaining commitments from 
importing countries to ease or 
eliminate import barriers to U.S. 
corn and feed grain imports. 
Reuter 




.Mat nluiiibjlcn. 

Uivrty's 

j 30 ' 

Is6 I ««i*- ] is:* 

'l*'v i.'nmmii 

[rnBr.S33.zJ 902.3 920.8 ] 

j (uecentKr 31. 1931=1 Wi 


US. Markets 


Metals up 


on price 
index rise 


NEW YORK. May 30. 
PRECIOUS METALS clos'd sharply hifihcr 
on wsrcHrve Commission Rouse buying 
and short -*.uv<- ring following a weaker 
ll.S. dollar and >.-* Deviations or a sbarn 
mcn-asc! in i tic consumer 0111.-0 lodet fur 
Aonl. Copper rallied on trodc arbilrace 
buyrnc. Commiasion House short -to vertng 
following the hirt-nsili in Sterling. 

Cocoa— July l+'i.33 U.~5.23». Si-pl. 130.30, 
<133.23*. Dec. KSi.te. March 133. SO. Mav 
121.60. July 120.20, ScoL 118.70. Sales: 
043 

Coffee— ■■ C " Contract: .Inly tss tie 
109.00 1 168.30*. Sepl. 102.2YI82.3h rtS2 70i, 
Dec 153.00-133.23. March 151.j0-l»2 00. 
Mar 14S.tZ-149.V0. July 140.15, Sept. 141.00. 
144 HO. Sales: £10. 

Capper— June 05.30 1 samel. July 63 90 

■ sunji-i- Am. 66. 50. Sepi. 07.10. Dll'. 03 711, 
Jan. 00 20, March 70.20. May 71.20, Julv 
72110. Sept. 73.20. Dee. 74.70. Jan. 73.20. 
March 76.20. Sales: 7.000 lets. 

Caiun— No. 2 : July 60 . 33 - 60.70 ( 6 A.« 4 i, 

net. 02.42-62.45 IS2.S3*. Dec. 63J&b4.D0. 
March Wj>5. May 03. 9u -6.1.33. July 65.80- 
66210. Oct. 6fl.lY6t.40. Sales. 363 000 bales. 
p Cahf— June l&J.BO ure-SOi. July 1 * 5.10 

■ 1S1.0VI. Aug. 136.60, Oil. 1S9.30. Dec. 

182.40. Feb. lS3.4fl. April 1W.-W, June 

201.40, Aug. 204.40. OCL 207.40. Dec. 210.40. 
Feb. 213 40. Sales: 11.200. 

tLard— Chlcaiio lues-.- not available. 
New York prime steam 24.25 asked 1 24.25 
traded >. 

tMaize— July 2701 -270 (2661*. SePL 269i- 
271) UG 6 . 1 . Dec. 274-2741. March 2SU-i80J. 
May 2tt3. Jub' 286. - 


Last nights North American closing 
prices were not available when Ibis 
edition went to press. 


§PI annum— July 2.64.30 I244.:U>. Uei. 

235 sO bid i243.Mii. Jan. 238.30 bid. April 
257.60 bid. July 258.8(1 bid. Gel. 262.00 
bid. Jan. 264.20 bid. Snlrt.: I.G66. 

■Silver— June 340.70 i32«.7Ui. July 34TM 
/ .424.20*, AUB. 347.60, SePL 331 -2D, Dee. 
jKi.un. Jan 567.1 u. March STa.SO. May 
iS4.1U. July SStiSO. S*'pL 601.70. Dec. 
615 70. jail blHJhl. March 629.40. Sales: 

.wo. Handy aud Harman spui bullion 
529.50 <524.501. 

Soyabeans— July 7401-744 it»i. Aug. 
7JY734! 1 7241, Sepl. 7tl9. Kffif. 674j-677. 
Jan. 678Ji79i, March 6st-8S8, May Bifi. 
July 6S3. 

Soyabean Oil-JUly 25.03.29.0(1 CJlIi. 
Aug. 25.2Y2S.30 >27.S7i. SepL 27.50-27.60. 
Oct. 26.63-2G.7J. Dec. 23.35-23. 9U. Jan. 


GRIMSBY FISH— Supply good and 
demand good. Prices a stone jt ship's 
side ( unprocessed 1: Shelf cod I3.5n-f4.00. 
codlings £2.60-13.30. large haddock X3.SO- 
£4.40. medium plaico £3.30-£L50. best 

haddock ir.W-a.IM, large plain- H.20- 

14.40. nu-dluni plalu- n .‘i0-£4.i’'J. hri«» 

small plair* < f3.30-f4.d0. skinned do^fi«h 

• la rue ■ fS.uO 1 medium - £4.4 ii lemon 
'dies < large • £6.50 1 medium ■ £5.30. ruit:- 

8 'h fi.30il.oa. ri-dj 11.6O-C2.nj. pj.Uic 

1 1. 1*8-2.19. 


PALM OIL, London — Clnsin^; Junr 
nno Q0-330JM. Jub- 3nn.nu :i30.fl0. Am:. 
10H.QH-+H 00. Sepl. 29ri.nU-Xlll .UH . riel. 2'*‘| w*- 
330 Wi. Nov. 260.00, ".ti.Oti. Dec. 2^0.00- 
:uuOo. Jan. unquon-d. Pel*, uuquou-d 
Sales: qjL 


5.35-23.30. March '-'3 .25. May 24.99 brd- 
24.95, July 24.60. 

liSoyabean Meal -July 1S5.09-1S5-M 

tltt4 OUj. Allg. 1S4.50 (1S4.40I. Sept. fH.IIO- 
1S3.50. OcL 170,00-179.30, Dec. 170 .SO- 177. an. 
Jan. 1 77.00-175-110. March J79.5iM7S.30. 
May 179.00. July iiF.«MW.W. 

Sosar—JJo. It: July 7.43-7.30 ( 7.31-7.52?. 
Sepl. 7.7S i7.76-7.77i. Pci. 7.b9-iJli. Jan. 
S.'16-S.jU. March 8.70, May SJ3-S.H. July 
9.0(1. Sc pl ».o9. OcL 9.20. Sales: 2-bWJ. 
Tin— Hoi available (540 00-333.00 ashed 1. 
“Wheat— July 339-3391 (332! 1. Sept. 343- 
•U3: «.:»i. Dec- Z49. Atarrii 351-230. May 
331km July 337;. 

WINNIPEG. May :»• ttRyc— May 109 00 
1 107.50 1. July 110.30 ijg7.b0 asked). Oil 
Ilu.iu asked. Nov. 109 JO bid. Dee. 109. 56 
bid. 

•rtoais— ST.Sfl (S7.00 him. July S2 90 
lSa.im-S2.SI Oc(. S0.40 dbfccd. Dw- ih-SO. 
March 79.00 nom. 

JtBartey— May SO. 40 «S0.40 bldi. July 
ttu.U0-30.3U itai.jU). Ow. SO.sO. Dec. Su.-M 
Did. March M.30- asked- 
§& Flaxseed — M a? 2TUJW asked (267.30 
bid). July 27U0 asked (2MJ0 bidi. Qci. 
265.00 asked, Nov. 266-20 asked. Dec. 
265.10 asked. 

r*iWhfi»L-SCWRS 13.5 per cent protein 
con leu 1 Cl! St- Lawrence IfiSilu (168.791. 

All ctnu per pound cz-warebouse 
uuicis uiherwisu stared. * 2s per troy 
ounces— 10U ounce lots, t Clucaco loose 
is per 1M lbs— Dem. of as. prices flrc- 
i ious day. Prune steam lob. NY bulk 
uuk curs. ; Cents per 56 lh bushel ox- 
u-urehoo*.-. 5.000 bushel lots. } Ss per 
truv cm ice fur 30 m. units of 99.9 per 
.s-ni purlL** <ft*~v»red NY. 1 Cents per 
troy ounce es-waCi-ilOuiK'. |: New " B " 
i-uiuraci in tfs j :-fiun ton for bulk lots 
ui iuu short ion5 ddiveu-d I.o t>. car* 
Chicaiiu. Toledo. St. Louis -and Alton. 
“Cents wr *ffl lb bushel m store. 
- 1 1-015 per 24 lb bushel .‘ Cents per 
4S Jb -us ho] o*-h urithonec. 1 ! Cents p.V 
*1 lb bushel ex-M art-house. 1.808 busfiiil 
ots. I’ >L‘ trr tonne. 






I* 

Si 








STOCK EXCHANGE REPORT 


Industrial leaders respond to modest buying 

Share index up 6.3 at 478 . 8 — Golds improve afresh 


Financial- Times Thui^ay;,Jnn^C^^[> 


infi PPCt || FINANCIAL TIMES STOCK INDICES 

Ullclcisi II rwT»T*nTr \-V - i fs 

Mi" 


I 


Account Dealing Dates 
Option 

•Find Dec I a ra- Last Account 
Dealings tions Dealings Day 
May 15 May 25 May 26 Jan. 7 
May 30 Jun. 8 Jun. 9 Jnn.20 
Jun. 12 Jun. 22 Jun. 23 July 4 

- " New lime " dealings may take place 
tram 4 J 0 a.m. lwe business days earlier. 

British Funds and the Indus- 
trial leaders took a turn for the 
better after the recent snril of 
subdued trading. Reasons for the 
change in sentiment were difficult 
to Arid, but a small demand for 
leading shares found the market 
short of stock. Final gains, which 
ranged to 5 and sometimes more, 
were out oT proportion to the 
amount of business transacted. 
The late lone In equities was 
helped by better-thnn-espected 
annual results from Reed Inlrr- 
national. up K at 12Sp. and the 
FT ao-share index dosed at tiie 
div's best with a rise of fi.3 at 
47S.S. 

The absence of any further sell- 
ing was the main factor behind a 
small improvement in shnrl-dited 
Gilt-edged and. with the longer 
maturities rising in yvmpathy. the 
Government Securities index 
picked up from the previous- day's 
1Q7S low to close 0.21 higher at 
70.13. 

Elsewhere, take-over siipcu la- 
tino revived, particularly in secon- 
dary Engineers, following the 
surprise bid from Thomas Tilling 
for FJiiidrivp which vimped Ifl tn 
74n. Companies makinE trading 
sl:H"*nents also hdncH to creo'e 
a little interest. Conditions over- 
all. however, remained cpuu-i as 
reflected in a further fall in 
official bargains to 4.342 compared 
with 4.575 on Tuesday. 

Gold mining shares continued 
to make headway in the wake of 
a fresh rise in the price of 
bullion and the Gold Mines index 
improved 2.5 more to 156.1. 

Gilts better 

Stilt overshadowed bp monetary 
worries, conditions in the Gtit- 
Fil"ed sector remained extremely 
thin and sensitive. Nevertheless, 
scattered demand and *he 
absence of anv further selling 
prompted n revirnl in the shorts. 
Gains in this sector ranged tn 
with the tap. Exchequer 91 
per cent “A” recovering that 
amount tn P3%.. Interest in the 
longer maturities remained at a 
low ebh. hut prices again moved 
in symnath.v with the shorts and 
final ouolations recorded r^s 
extending to 2. Corooraflons wire 
quiet and rarely altered. 

In complete contrast to the 
previous dav's paucity of business, 
dealings in London Traded 
Options yesterday were the 
second heaviest since the start of 
trade on April 21. 906 contracts 
were dnne comoared with Tues- 
day’s 349 and the total was cnlv 
77 short of the highest achieved 
on May 5. Courtaulds with 148 
contracts were the day’s m'st 
active stock, while 1CI totalled 
180 and Cons. Gold 109. 

In line with sterling and Wall 
Street influences, the investment 
currency premium opened at 
around 108 per cent then drifted 


APPOINTMENTS 


lower on evenly matched two-way 
trading to close the day a net 

1 J per cent down at lQfii per cent 
Yesterday's conversion factor was 
0.687S (0.68471. 

Insurances better 

Recent dullness in Insurance 
Brokers, caused by .Alexander 
Howden's surprise £26m fund- 
raising call gave way to firmer 
conditions yesterday. A modest 
demand in a market short of 
stock prompted some sharp gains 
and. although closing levels were 
in some cases a couple of pence 
below the best, Sedgwiek Forbes 
still achieved a gain of 12 at 396p, 
and C. E. Heath finished 10 blgher 
at 273p. Howden moved up 4 to 
160 p, while the new nil-paid 
shares added 5 at 14p premium. 
Minet rose 7 to 193p as did Willis 
Faber, tn 262p. Composites moved 
in a similar direction with Royals 
7 h iglier at 360p. Sun Alliance G 
to the good at 524p and General 
Aceident 5 harder at 2t5p. 

The major clearing Banks made 
progress in thin trading. Following 
the announcement that the group 
is to increase its personal and 
other loan interest rates. Midland 
closed 5 dearer at 365p. while 
Barclays firmed a like amount tn 
33 .ip. Lloyds gained 6 to 282p and 
NetWest 7 to 275p. 

News of improved production 
in Anri) helped Breweries into 
slightly higher ground. Elsewhere, 
Invergordon hardened 2 to 101 p 
nn tb* increased earnings. 

Moderate demand developed for 
Building issues, but gains were 
usually restricted to a few pence. 
Heywnod Williams advanced 6 to 
llOp reflecting the approval of 
the company’s purchase of Inter- 
state United or Chicago, while 
small demand lifted Ibstock John- 
sen 4 to 170p. French Kler im- 
proved 2 to 31 p after the chair- 
man's confident remarks about 
profits and Norwest Holst firmed 

2 to 96p on the annual results. 
Marley however, were lowered a 
penny to 76 d following profits 
below market expectations. 
A. Monk added 4 to 98p on re- 
newed speculative interest and 
Milbury firmed a couple of pence 
to 112 d. Buyers came in for 
Leyland Paint which responded 
with a rise of 5 to 71 p and for 
J.R. Holdings, 3J to the good at 
72p. 

ICI improved -> to 39?n on small 
buying in early dealings and, 
similarly, Ffsnns added a like 
amount to 361 p. Elsewhere in 
Chemicals, Brent 1S6 d. and the 
new shares. I67p both closed 5 
higher after renewed investment 
interest 


a rise of 5 to 273p. Shoes were 
noteworthy for strength in Strong 
and Fisher. 4 up at Uilp. and K. 5 
to the good at a 197S peak of "-P- 
Early interest in secondary 
Engineerings was enlivened con- 
siderably by the surprise 
announcement oT a bid for 
Fluid rive from Thomas Tilling: 
the Former immediately jumped 
19 to 74p. thus matching Tilling's 
share exchange terms, while other 
old bid favourites in the sector 


sharply forward to touch 1-*lp 
nn the much beLter-than-ispected 
showing before closing *> up on 
the day at 12Sp. uther miscel- 
laneous Industrial leaders met 
with an early modest investment 
interest which was enough to leave 
improvements ut up to 7 l>y the 
close. Beecham ended that much 
dearer at G62p, while flnnts. ]U3p. 
Glaxo. 590 p and Pilkingtwn. 483 m. 
all closed 5 higher. Elsewhere. 
Mitchell Cotts Transport %-dged 



• F.T. -Actuaries Index 


SEP OCT NOV DEC JAN FEB WAR APR WAY 


GEC good 


GEC came to the fore in 
Electricals, improving 8 to 264p 
despite reports of unwanted com- 
petition from the National Enter- 
prise Board in the semi-conductor 
industry. Higher interim figures 
lifted Dnbilier a penny to 19lp. 

Home Charm continued firmly 
in Stores, rising 6 to 172p for a 
two-day sain of 14. H. Samoel A 
responded to increased earnings 
and the scrip issue pronosal with 


started to attract fresh specula- 
tive attention. Spirux-Sarco be- 
came particularly favoured at 
159p, up 11, while Tctatlcmit rose 
3 to 137p and Victor Products 
(WalLsend) gained 4 to 136p. A 
dull market of late after the abor- 
tive bid discussions. Castings re- 
vived on hopes that a new suitor 
will appear and closed 4 dearer at 
40p. Hill and Smith gained a simi- 
lar amount, to G6p. as did Delsoo. 
to 32p, the latter still benefiting 
from recent investment commenL 
A combination of revived specu- 
lative and investment demand 
ahead of forthcoming annual 
results helped John Brown _ to 
advance 6 to a 1978 peak of 376p. 
Tabes gained 8 to 382 p and GKN 
3 to 264p. after 265p; sentiment 
in the latter was unruffled by 
the late announcement that the 
group has dropped its bid for 
Sachs AG. 

Foods attracted a better 
business and closed firmly. 
J. Sainsbury were supported at 
188p, up 5. while Fitch Lovell 
hardened 3 to 65p and /Associated 
Dairies 9 to 236p. Carr's .Hilling 
rose 4 to a 1978 peak of 47p on 
the satisfactory interim figures. 
Other firm spots included J. 
Lyons, 2 up at 95p, and YV. J. 
Pyke, 3 better at 33p. 

City Hotels figured prominently, 
rising 7 to 131 p. Other Hotels 
also moved into higher ground 
in the wake of a report that 
hotel occupancy was at record 
levels last year. 

Reed Int. please 

Having moved nervously 
between extremes of 124p and 
!2Qp in front of the preliminary 
results. Reed Intern.it Inna I moved 


forward a penny to Kip in 
response to bid terms from it.-* 
parent Mitchell Colls Group, a 
fraction easier at 42p. Renewed 
speculative support lifted Sharon 
Ware 6 to 116p and Talbex 1J 
to Slip. Foseco Mlnsep attracted 
buyers' at 162 p, up 6. and Sale 
Tllncy were notable lor an 
advance of S at 26$p. Kelsey 
Industries, on the other hand, 
cheapened 2 to 99p following the 
lower interim earnings. 

Motor Distributors recovered 
most of initial falls which followed 
news that Harold Perry, the Ford 
main dealer, is facing a tax test 
case over its leasing arrange- 
ments. Perry ended 8 off at 204p. 

after 201p, while T. C Harrison 
finished 4 easier at 116p, after 
114p. Godfrey Davis, which has 
already won a controversial case 
against Die Inland Revenue, closed 
only a penny off at 92p. Oliver 
RJx, a firm market or late, eased 
l to Sp on profit-taking following 
the interim statement. 

Newspapers and kindred trades 
displayed several notable features. 
Thomson. 248p. recouped nearly 
all of the previous day's fall of 
8 which reflected reports of less 
favourable North Sea Oil pros- 
pects. East Midland Allied Press 
A firmed 3 more to 93 p in con- 
tinued response to the annual 
results. Sneculative demand lifted 
Melody Mills 8 to 9Lp. 

English Property recover 

After moderate turnover. Prop- 
erties closed with a firm appear- 
ance with English recovering 2 
to 46p after the previous day's 
reaction of 4 on Press comment 
and pending developments in the 
talks with an unnamed Continen- 


tal group. Land Securities Grated 
3 more to 212n ahead of next 
Tuesday's preHminary results. 
Speculative favourites Property 
Partnerships and Bernard Sun ley 
had contrasting movements: the 
former adding 5 more to tlflp 
in a thin market, but the latter. 
6 higher iho previous day on h-d 
rumour* finishing a penny off nn 
balance at 217p. Evans of Leeds, 
results due next month, suc- 
cumbed to profit-taking after 
recent .speculative Interest and 
closed 4 down at I00p. Percy 
Rllton. 3 easier at lfiOn, reflected 
disappointment with the results 
and the accompanying disclosure 
of substantial losses on housing 
contracts. In contrast, house- 
builders Rash and Tompkins 
advanced 6 to 112p. 

In a continuation of the pre- 
vious day's quiet trade. British 
Petroleum, at one slace 4 highrV, 
closed without alteration at S T ttp 
awaiting today's first quarter 
figures. Shell, however, managed 
a modest improvement to ofiflp. 
but Riirmah drifted down a penny 
to 70n. Speculative buying lifted 
Oil Exploration S to 246 p TmL 
despite a favourable Press men- 
tion. Siebeos UK succumbed to 
further profit taking to close 30 
lower at 404p. 

Gill and DufTus moved up 4 to 
-70p in Overseas Traders and 
investment demand led to a rise 
of 6 to lOOp in Ocean Wilsons. 
Lonrho eased to Gap on the in- 
terim statement before rallying to 
close without alteration at 67p. 

M and G Group featured late in 
Investment Trusts and Financials 
with a rise of 7 to a 1978 peak of 
I25p on the sharply increased 
first-half profits, while London 
and European continued to attract 
speculative demand and improved 
2 to 29p for a two-day gain of 5. 

Lofs attracted late interest in 
Shippings and closed 2 harder at 
Snip, while interest was also 
shown in Reardon Smith “A", 2| 
better at 37{p. 

Textiles provided a modest 
feature in Nova Jersey which rose 
6 to a 1978 peak of 45p on small 
buying in a restricted market Tn 
Tobaccos, A. Dun hill closed with- 
out alteration at 350p following 
the results. 

Australians erratic 

After being marked down 
sharply at the outset of trading 
following sizeable profit-taking tn 
overnight Sydney and Melbourne 
markets. Australian mining issues 
staged a good rally in the after- 
noon. 

The recent high-flyer. Northern 
Mining, moved within extremes 
of 119p and 133p before dosing 5 
cheaper on balance at 125p. while 
the other members of the Ashton 
diamond joint venture also ended 
with minor losses. Conrinc Rlo- 
tinto dipped 5 to 240p, while the 
London-registered “Tanks" eased 
2 to 171 p. 

As interest waned in Northern 
Mining, speculative buying was 
directed towards Faringa Mining 
and Exploration which advanced 


8 Jto a 1978 high of 3Sp; Par Inga 
has interests in tbe Mount Lind- 
say tin prospect and the Que 
River zinc-lead-copper prospect, 
both in Tasmania. 

Also attracting a fair amount 
of speculative buying were Mount 
Lyell, which rose 4 to a 19.78 high 
of 36p. 

Uraniums were steady reflecting 
news that tbe Federal Parliament 1 
had passed six bills backing the' 
Australian Government’s decision: 
to resume the mining and export j 
of uranium. I 

On the other hand, base-metal' 
producers failed to recoup all of 
their initial losses. MIM Holdings: 
Were finally 7 off at 207p,- after 
204p, while falls of 3 were : 
common to Bougainville, 127p, 
and BH South, 97p. 

South African Golds again 
moved ahead In response to the 
bullion price, whicb was finally 
SI. 50 better at $184,375 per ounce. 
The Gold Mines Index gained 2.5 
marc to 156.1. 

Hopes of increased June divi- 
dend declarations lifted East 
DrieFoBteln 44 to a year's high 
of 76Sp and West Drfcfontein 1 
to a high of £22. 

The recent strength of tbe 
platinum price prompted a modest' 
London demand for Rustenburg,: 
4 up at 84p, and BEsbopsgate, the 
same amount firmer at 82p. < 

Elsewhere. Anglo United' 
advanced 14 more to 172p; on' 
Tuesday the shares were sus- 
pended in Canada but the sus- 
pension was lifted sbartly after- 
wards following a statement from 
the company that it knew of no 
reason for the recent sharp rise 
in the share price. 


RISES AND FALLS 
YESTERDAY 

Up Dm Same 

British Fund* M — 12 

Corpus- Dim. and 

Foreign Bonds ... 3 5 3/ 

Industrials 420 2U 912 

Financial and Pros. ... 154 90 314 

Ofls 6 7 21 

Plantations 5 5 22 

Mtaiai - SO 21 45 

Recent Issues 6 6 U 

T0U1S 710 312 L349 


monthly averages 

OF STOCK INDICES 

~ rSkiy I'Aprif I'TSsr. I FebT 


Government*™ 'I „ ?fl 

PUcffl IntarOBt. —I * j 

Industrial OntinW — j 4,a ' 8 ! ' 

166 '5 *?S 

Ord. Div. YleUL- i 5.59 

PIS Katlo <neti( a t) j a - l9 i _ ' J 

Dealings marked 1 4.348! ■ 

KqulLv turnover Cm —i ^ ' 


70.1(4 70.47 TO4anW» -fig** 


478.8 472.3 470.1 W-H 474 -°j 


152.91 1 S 3 A lSSItUigj^ 
5 . 52 j! 

16 . 70 | 16.821 xuakatfjg 
7 . 99 } 7 ^ 3 |. 

4.479 4 . 657 , 4 . 953 } OjM®, 


88 . 0 s' 82 . 38 | 64.85 




Bqutty t«rn.»ver £n, .... ^ | ' ' j b Q ^ ,6.699^3^1 i d -13^141 14-W 

Uuuity >«qi»u>s inUK. V . -TST?* 

■ — — - ,, am 474 9. Woon 4T7X 1 jm 

” ^ 4,+7 - 2 p^ 47S^ 3 org . .. . -STtSi 

Latest index 01-346 8026. • . 

^ „■ g? JSwf 7STS » » oITi.7.™. afc 


HIGHS AND LOWS 

iaro [since CompMntum , 




Oort. Secs... 78-68 

rjilj 

Fixed lut.... B1JJ7 

lmJ. OnJ 497.3 

I l bill 

Gold Mines.! 168.6 

! Wl5> 


127.4 49.18 

(OAtSSV (3/1/751 
15U.4- 60.53 

[21/ 11/47) tii 1/7W 

549.9 49.4 

/ 14/9/77 1 I2S4S/40) 
443.3 43.6 


-■•SI - 

—Dally i- 

GUb-Sdffed T.43^. . 
induatxioa— ■ ■■ 1493: t8£eUj 
Sueenlacivel. ' 43.8- ' 36ijCa 

Totals — - 98.8 • 104:1^ 

iMlay Av’tapf: .— * . 

Gtlt-BdzrdJ 139 0 142 A -J 

(ndii/i trials...? 168.8 liSiaf J 

»Mculiit)re..r 38.8 ■ 35J \ j 
Tncal*..~ i 07 .S IMfe&W 




y»'t h. 


ACTIVE STOCKS 

No. 

Denomina- of Closing Change 
tion marks. price (p) on day 


2. »• 


Stock tion mart 

ICT ■£! g 

Barclays Bank £1 if- 

BP £1 , 12 

Howden ( A. 1 . ,, 

I “New" Nil/pd- It 

Shell Transport ... 25p 11 

BATS Defd 2op 10 

Boots 2.JP » 

GEC 2-JP 5 

Courtaulds — 23p • 

Distillers ..; 5°P 7 

Dobson Park . 

“New” Nil/pd. 7 

Par In pa Mining ... 5p 
Commercial Union 25p . 6. 

Harrisons Malay. 

Ests. 10p 6 

Reed InU -£1 6 


14pm 

560 

291 

193 

264 

125 

181... 


14pm. 
586 _ r 
. 295 ‘ 
231 

278 • 

131 

187 


,295,%*. ; 

• : 

■ 

' 9p •»* . . 

484 1 •* 
227^ i"- , 
m -y-i ' 
.23* ■ * . 

10B-,^fS 


102 - 


Financial Time** 
(ivviiniui. im 70.S6) 
Fiw>l lniere«l 72.40 
IniturtrtalQrr/. 476.51 
Gold Minn.... 149.«? 
n*allniTF mht*. 5 . 321 ) 
F-T. Actuaries 
lmluit. Grp.„. 209.81' 

500 -Sharo 3333 S 

finuMUi l ■ r>> 168 . 22 } 
'AII-S'UUV ( 660 ) 216.351 
——l S 7 . 77 [ 


options ^ ; 

DEALING DATES Tiuto-Ztoc, , TboinMn ?; 

Flm Last Last For tion, London Bncfc, Dorada, 'Wtef*- 

r~T qpttip- Throgmorton Capital, 

Deal- Deal- Declara- Settle- Redman Heenan, RunuiSi; u ' 

tags mgs tion ment on ^ Capital and CoaS®* 7, 

JSf 2 ? An&. 31 Sen* 14 Messina, and Pacific Copper. f 

*“• 7 J “?* ^ S'm put was done in Staflex Inteiv;.*- < 

Jun. 20 July 4 Sep- 14 Sep. national, while doubles' were/ v ’ 

For rate indications see end of arranged in Charter ha 11. EngfisV.^ -4 
Share Information Service property, Burmah Oil. Caitf;? -:" 
Money was given for the call Gold Fields, Ersklne House, apife. ,i 
in Premier Con solidated Oil, Bio Reed IntemationaL . .. 

NEW HIGHS AND LOWS FOR 1978-Wf'^ 


72.471 76. Ul 74.7B 
7SAQI . 77-871 77A1 
460 J 464 S 467 S 

146 .L 16 fi.<S 

4.02q 4,037 6.626 


199.69 195.191 195^6 
220iaj 215.40 216.72 
160.831 l£2J6l 189.93 
204 JOj 200.371 139.78 
59^81 SOSd GL66 


Induatriai U>n 48SJ (12th) 4G8A (23ndl l 
All-^hiim 218^2 (15thJ 1 209S3 -1 


The following securities quoted In Bit 
Share Information Service vestjrdav 
attained new Highs and Lows for 1978 . 

NEW HIGHS (136) 

FOREIGN BONDS lit 
CANADIANS tl) 

BANKS ( 4 ) 

BEER 5 ft) 

BUILDINGS « 12 ) 

I CHEMICALS < 3 ) 

DRAPERY S STORES C 41 
1 ELECTRICALS ( 6 ) 

ENGINE ERNIG (IS) 

FOODS ( 4 ) 

HOTELS (31 
INDUSTRIALS (331 
MOTORS lS> 

NEWSPAPERS 12 ) 

PAPER * PRIN TING C 2 ) 
i . . PROPERTY ( 4 ) 


SHOES {21 
TEXTILES ( 5 ) - 

TOBACCOS ft) 

TRUSTS C7> 

OVERSEAS TRADERS 44 ) 
RUBBERS 12 ) . . 

• TEAS f 1 > ‘ • 
MINES ( 14 ) 


NEW LOWS (3) 


• . - .*• ,• : 

v.<- 


CORPORATION LOANS (II j • ..'i; ._ : 

ac ’SSuMNGSia, ^ ■% V; 

■Cl SPC Prct. MpwI|iMls . L- ^ 

Staff ex fncematf. SunOfiht SenrhM. V'. 

MOTORS 111 . ; B * 


Rundman (W.i 


LONDON TRADED OPTIONS 


FT-ACTUAMES SHARE INDICES 


.-'Sit-’ V- 


Electrolux chairman change 


Ks'roUc CiiksiDfi 
r>|itina . j-ncc •liter ' * ft l. 


I Ckwixu; ■ 

utter I 1 ■•her I Tot. 


These Indices are the joint compilation of the Financial Times, the Institute of Actuaries! : 

and the Faculty of Actuaries 


Sir Alex Page, a director of 
ELECTROLUX since last Novem- 
ber. has become chairman in 
succession io Lord Luke, who has 
been elected life president. Sir 
Alex is chairman of Metal Box. 

+ 

Mr. R. G. Boynham has resigned 
from the Board of SLIMMA 
GROUP HOLDINGS and its sub- 
sidiaries. 

* 

Mr. Ronald G. Hooker, who 
became a director of DUBILIER 
in 1978, has been appointed to the 
non-executive post of deputy 
chairman. 

★ 

Mr. M. J. Pyle has been 
appointed a director of M. W. 
MARSHALL INVESTMENTS. 

* 

Lord SaekviUe has retired as a 
director of MINSTER ASSETS. 

+ 

Mr. K. A. P. Jackson has been 
appointed to the Board of C. G. 
PAXTON, a member of the 
McKechnic Group. 

*■ 

Mr. A. J. O. Ritchie has been 
appointed deputy' chairman of 
GRINDLAYS HOLDINGS. He 
joined the Board in March last 
year and at the same time was 
made a director and deputy 
chairman of Grindlays Bank. Mr. 
Ritchie is also chairman of Union 
Discount Company or London and 
a member of the Export Credits 
Advisory Council. 

★ 

Mr. Gordon Brunlon has 
become non-executive chairman 
of BEMRO.SE CORPORATION in 

place of Sir Max Bern rose, who 
has retired from that position, 
but remains on th Board as a non- 
executive director. Mr. Brunton 
is also manaqing director and 
chief executive of the Thomson 
Organisation. 

+ 

Mr. IV. F. Younger has been 
appointed chairman nf UAY-M.SL 
in place of Lord Mais. who has 
retired from that position hut 
remains on the Board. 

■ic 

Mr. John Giannnpnulns has 
been appointed by PATERSON 
ZOUHOX1S AND CO. as director 
in charge of affairs in West 
Africa in succession to Mr. N. D. 
Phorus. who resigns following 


his retirement from active service. 
Mr. Alan Whittaker has been 
made finance director in place of 
Mr. H. S. Stafford, who remains 
on the Board. 


appointed managing director of 
DOWTY BOULTON PAUL. He 
joined this company in 1973 as 
deputy managing director. 

* 

Mr. J. M. Fethcrston, of Thomas 
Mr. Anthony Hayward has been Meadows and Co., has joined the 
appointed chairman of FA IRE Y SIMPLIFICATION OF EMTER- 
MARINE HOLDINGS and chair- NATIONAL TRADE PRO- 
man and a director of Fairey CEDURES BOARD. 

Marine, at Hamble, Fairey Marine . 

(East Cowes). Fairey Exhibitions. 

and Fairey Yacht Harbours. Mr. The Secretary of State for Trade 
Howard Atkins has become has appointed Sir Kenneth Selby 
financial director of Fairey to be chairman of the AIR 
Marine Holdings and Fairey TRAVEL RESERVE FUND 
Marine at Hamhle. Mr. Jim AGENCY for a further period of 
Caldwell has joined Fairey Marine two years. Sir Kenneth is chair- 
as marketing manager and will man and managing director of the 
be responsible for the sales Tnd Bath and Portland Group, 
marketing of the two boatbuilding + 

companies. 

^ Mr. Hamlsh M. Buchanan has 

become New York agent of BANK 
Mr. Geoffrey J. Cbibbett group OF NEW ZEALAND and Mr. 
finance director of DOBSON David P. Oram has been made 
PARK INDUSTRIES, has taken- deputy agent. New York. Mr. 
up other responsibilities within Buchanan was manager in London 
the group as a divisional ehatr- for six years, 
man. Mr. Graham H. Edwards ^ 

has become group finance director 

(designate!. Mr. Edwirds was Mr- G. Tidman has been 

previously with Linread. appointed production director of 

+ WOOD BASTOW AND CO. j 

Mr. John R. Hodges, under- ... „ . . , .. 

writer, of CAMOMILE UNDER- 

WRITING AGENCIES, has been an . d 

appointed a director. The com- J? ab r b T f,™ 

W ri" h tson” Gr mip °’ ,he i,ulllww * UNITED KLXGDOsf^HOLDlNGS 
\\ n^ntson uroup. and USiTED KKCDOSL , 

* * 

air. Dav|d Sinker, deputy ai r . Michael Jefferson, pre- 

managing director ;ind financial \ iously sales manager for the 
director, has taken ever as man ia- Midland* and Wales areas of 
\"S-dl rector of HJ.XT1NG G .VS KELL AND CHAMBERS, has 
SITRVE\S AND CONSULT AN Th been annoimed sales director. The 
on the retiremnet of Mr. r. D. company is a member of the MK 
Weatherhead. Refrigeration Group. 

* * 

Mr. G. I>. Wrong has ^ ,r - Richard Colduell has 

relinquished his position become secretary of the ELEC- 

finance director nf FIRTH TRICIT\' CONSUMERS’ COUNCIL 
BROVtTV to concentrate on in place of .Mr. Peter Holmes who 
divisional activities. Mr. M. A. has bepn acting secretary. Mr. 
Brand has been appointed finance Gol/iwcll was previously with 
director and secretary. CEGB. 

* + 

Mr. P. M. Bonce. Mr. J. Grant A corrected announcement from 
and Mr. D. J. Herod have been MORGAN EDWARDS slates that 
appointed to the Board or Mr. Roy Seamark is joining the 
SCHLES1NGER. Board on June S as managing 

^ director and chief executive, not 

joint executive as published 
Mr. John II. Goodlcr has been yesterday. 


»i* i 

Bp 

HP , 

BP ! 

Cmiii. Union 
Coni. Union. 

Giiis. IikIiI i 

(.'•■IH. tl. 'Ill | 
Cnnnntilda ■ 
Court hu M s f 
C-mrla.il ills ' 
Courtaulds I 
' 

r.Kt: l 

GKC i 

Cmml Met. 
Kn nil Mn. 

■ inind Jlet. 
ICI 

id ( 

'Cl j 

Lhii-1 .Spcs. 

IjiiiiI Sss. j 

Din-1 

HarLt A. »|i. ( 
'tarks i ap.t 
Marks J: >p.| 

Midi ! 
Midi 1 
Slull I 


EQUITY GROUPS 


Wed., May 31, 1978 


GROUPS & SUB-SECTIONS &l g««« esc 

Eanian Mv. P/E 

Fttnnv-n in narenthABM show number of ln d«x Day’s Yield% Yield% Ratio Index 

Figures in parentbesos show number ot No Change (Max.) (ACT (NeU No. 

stocks per secUon % Crap, at 3 t%> Corp. 

TaiSBl TwSS% 

1 CAPITAL GOODS ( 171 ) 214.70 +13 1730 558 7.99 211 % 

2 Building Materials (28 j 190.89 +0.6 18.00 5.68 7.96 18956 

3 Contracting, Construction (26) 342.63 +0.9 20.00 3.98 732 33952 

4 Electricals US) 455.62 +25 15.01 3.90 9.44 444.48 

5 Engineering Contractors (14X 318.14 +1.0 1856 6.41 730 314.95 

0 Mechanical Engineering (71) 173.98 +1.0 ■ 18.43 6 JO 7.40 17223 

8 Metals and Uetal Forming (17) 165 32 +05 1734 8.49 758 163-73 


FrL Thun. Wed. Year?. -»■ 

May May May ago. J - 

28 25 S 4 (awraj 


Index Index Index ladax - - -- 
No. No. No. Ra-., 


21L78 

18938 WMY-~ 
33829 25LB?' 
44617 -50JIC,a>.',- 
31620 25M*S'- - 
17134 362R£ -j- ' 
16433 15126^ - 


LEADERS AND LAGGARDS 


The following table shows (he 
equity sections of the FT Actuaries 

Cold Mines F.T. . ... 

Tobaccos 

Overseas Traders 

Mloiog Finance 

Office Equipment 

Chemicals 

Toys and Carnes 

Mechanical Enolnccriop 

Enqlnrcrins Contractors 

Textiles 

Motors and Distributors . . 
Newspapers and Puhltshtng .. . 

Oils 

iVbtr ilroops • •• 

Metal and Metal Forming 

Breweries 

t'apiivl < 2 oeJ* Htoup 
ji»o Shar- 1 Ind*-^ 

Wines and SpIrtU 
Packaamg and Paper 
Indii$*r-.il nrnnp 

C.mwrtvr c.nuds > Durable' Croup 
\u.4hap' lnd-t 

Contracung amt Constrocunn ... 


percentage changes) which have taken place since Deccntber JO. 1977 , 
Share Indices. It also contains the Cold Mines Index. 

• • +UJ 1 Pharmaceutical Products 

+UJI Bolidlng Materials 

Cnn^um-r Onodt •.\ou-Dorit>>- tiro'i? 

+ 11 . 1 a Entcrtalnmom and Catcrinq 

+ 1 L 0 J Electronics, Radio and TV 

t 8-29 Insurance (Ufe) . - 

7 -41 Mediant Banks 

+ 74 J Investment Trusts 

+ 5 . 7 * Electricals 

••• • T *■** losumoco Brokers 

* 5.57 Hoosohold Goods 

+ SJt Banks 

+ Food Manufacturing 

.... + 2 -kS Property 

. . + 1 - 8 * I -n.n, i ll Croup .. 

1 . 7 b Stores 

• •• * l* 3 Food Retailing . 

+ Shipping ... 

* H-M Insurance (Composite) 

+ 9-S Discount Houses 

+ Mire Purchase 

+ 0M 

- 0 M r. rirntas,.- ihaoics booed oa TutsJa", 

— "’■20 indiv\« 


In (he principal 

- SAX 
... - 1.17 

- 1.02 

- 2-OS 

- 2-28 

- 2-32 

- 230 

- 2.M 

. .. - 3 00 

. - J.® 

. - 3-56 

- 3.V3 

. . - W1 

- 4J0 

- SJ0 

- 7.M 
. . - 8-U) 

- 8-86 
-130* 

- 1 LB 3 

—12.25 

2*ay W. u»7h 



- 10 J ‘ K. V. ' - | 
lJv)..; K.P. ;2n h | 
£98 l£10 22.9 ! 

1 ■ |.: I.r'. ’ 
M£ 97.55 £10 28-7 
tl> 

K 9 B £50 aS -8 

- • r.r. 1 - • 

- - r.r. • 9 c 

lOOri ■ - 23,6 - 

■ ■ i p.p. : — 

U 10 C • F.P. 26.6 
£ 985 t£Ki 19 

— K.f. 16 6 1 


“RIGHTS” OFFERS 


ffrfdffti . . w*t w 

I Ml* — 

A •“ H 1*11 la 14 


20|. - .Nil 

Jb r.r. 

U -M > l 
3Q|i • Ntl 

7Dii Ml 

IHJ15 . Ml 
id F.P. 
145 ; Nil - 
ana F.P. 
aa r . r. 
15-2 F.l\ 


1 tt^pm Mrwl • 'll*, iiihnl- 

gy an l<i-an »«.»-.! K- ni 

ill-m • Intp'-ruii Him. 

' rnfriv 1 Mfl-l'-l—'I lirtni;. . 

28pm &'!"'• n-tl-r-n l*«rt ln-1* 

2l>t»m !-)**•« Klmtil-mml ••••!•! Ululi'C 

, ICB ' 9d -Hi.i.k m tl ••• • 

I4pm> 8|*M» lliioili-n i \li-\nii-1i-ri 

i cue ■ Sbelj K-.viimv M«- kmi-nli .... 

i»4 • «•:*« yot-m 

It., . IM I -mm A \.-v« 1 | 

Ml-nr 


Hemuicunnp tale usually 'ot draltpu H** ul -tlumo rtur> n Kipuie* 

nmJi U p omsot-ciur rM.mun-. a *s*wn*d Hivmiumi and ri»W o Kor./raw drywrwj 
vSw naa.-fl nn urrv].»t> wf* eaminus r IHvi.ltml «nn v.-lrt based on on.SoectUB 
in mhci nflirtji .- s .|!ii .»■■* for 19.9 oi7p«> iKus.ir.-n /.«-inwl :■••»« •*"->- 
,11, ctinin-rgion ilwre; uni now rankiou Inf ilivHli-ni, or ranfclPE nnly fnr resmcled 
livin.-nd^ -- ria.lli- pri.i- to PUPMt v. P-nr. uiil-.-s mh. n»ii« iiHliul.-a. 1 Issnm 
nv irrxl ct. ; OiK-red >0 hnklrrs ol Onlm.irv iliar.-s a- . ■ nth's •• Ismi-m 
hv UMi Ol capna lisanon. ** Mimimim leufler orire. «t RoipinnUicnt. 31 
in Lvnii>-iior« wtm rm.ntan«aiiop meii/PF m Mlw-wor un inirnducUtm. “I Iwnvrt 
m i„n,hn Pn.n-rrr.r.- imw.r» ■ Vimmem tor fully-i/auli. • ProvUional 

or partly -pa id aliutmont Idlers. It wun uaria/iU. 
































































foflgocia] Times Thursday June 1 1978 


- r - 


OIC^ 


GEj. PROPERTY, 
BONDS 


■Al 

LPI 

m 

3 R] 

[SE 1 

D UNI 1 

r TRUSTS 


Abbey Unit TsU Mfirs. Ltd. (ai 


fi art more Fund Managers v «angi Perpetual Vnit Trust MnEmt-V la) 


OFFSHORE AND 
OVERSEAS FUNB 


Vuhsmu miwSi -?®rtJ©H© Life Ins. C- LfcM* NPi Pensions Management lid. 

- S T -T™ «Tr 

Spot yFB. 





■i JifZ.J _ 


ewtiolw Fund. I 1363 1 i _ 

Partial) 9 Capital __]4U 4Sft „,.„J _ 


■a Untvciture 
Utmssvd Fund . .{149.9 l$bi| 4.3.91 — 
Prices June 1. .Nnl duulinc July 3. 


.’Valuation nonnaUy Tns 
ABwSy Xife Assurance Co. lid. 


Prices June I. NiU dunlins July 3. 

New Zealand Ins. Co. IU.K.) L td.V 
tfaidand House. Soulhend SSI 3JS 07U282855 

Kiwi Key Inr. Plan .11373 Ml 81 | - 

Small Co s W. „„hBU 106.4) -‘OW - 


Gresham Life a«« Roe. >j<« 

; lixS — • — 2 Prince of Wales Rd_ jTnwoLb iwo? 767855 Zealand Ins. Co. (ILK.) Ltd.? 

- iw< ILL. Cash Fund IttZ 10L3I+D1I — Mailland House. Southend SSI SIS 07U2S2S5S 

• tut g CL. Equity Fond 1 003.6 109j| -Of) — Kiwi Key Inr. Plan .J1373 Ml — 

.'-373 G.L.GUtfVnd „5W.S 1153 -Ij Small Coa Pd. 101.1 106.4 ^05 - 

...... _■ c-HniLFund^rffiSj mft IgH — Technology Fa. .... . 1042 1097*0.2 - 

1M7 7Z~ ‘Z Gi.Ppty.Fuod ffil lES+Oi _ EMraiue-Pd 100.4 1037 *0.] — 

IMA ' Z r. „-<T m r- ... . „ J .. Amencwi Fd . _ . Ifi&O 113.7 -QJ - 

332.1 Growth & Sec. life Ass. Soc. LULV Far Cad Fd 1305 uas -Do _ 

llM.flJ, _ Weir Bank; Bray^m-Hamm-Bertu. 0828-3*284 3ft D &5S ” 

....:. _ Flexible Finance—! £1053 it _ Con. Deposit Fd.....t962 1013 ...... - 

1ZJ Z LandSni Ic?accJi24.9 ^117 9] j Z Norwich Uhlou Insurance Group 

y Tuesday. G. AS. Super Fd..J| £7270 {Z.j _ PO Bead, Norwich NRiaNG. 060322200 

ua. Rom Excbww osgsan— K5 auiasi = 


7U-BD, tJatehuuce Rd-. Aylesbury. 02960841 5. Si. Mari' -v.e. Ei.3l \ mil*. 

Abbey i.'apltol I32A 349J+0.3I 403 in.YitHsrlc.inT-a . jjBj 

Abbey income B92 4LR +0.31 5.68 . RritnhTai.iAu.i. S»i 

Abbey Inv. Tut IA1 pJA 36ft -0J^ 4-g t onuw«1iV ■■’tare . 159 7 

Abbey Gcn.Ti.1 p56 4Bft +0ft 3.06 ^FupKjkI.IJunL AO 

Hipfi income 7 Vl... 584 

Allied Hambro Group¥ la) (£> li.-ome Futwi »7 

Hambw H*o, Hannn. Brentauyd. Vm i-v. lEd. Exempt Vrt _L 8b J 

01-588 2»J or Rpcnntood ilM77i J1H.4I TVLiAce , 31 5 


ul-Srassn 4811 AC FI- llenley unThana-i 
anT^ . (232 »4|„ .( 0.19 F'pdualiip.ith. |40d 430( l 3Sl 

fyte.fe,S 37x12 :°5l! 1% Piccadilly Unit T. Mgrs. Ltd.y laHbi 

S? *11:211 S’? warden II-.. ^I^JonWallEC' manWl C^S!.!.JB50 UMnS ^ 


rwSlSOWB 
I 3J1 


TeehnologvFd.... .1042 1093*0.2) — 

Kara Inc. Fd 100.4 105 7] *0.1 — 

Aiacnmn Fd . _ . mao 113.71 -0J — 


UkU -D h 
108.41 

1QL.3I ...... 


Allied Hambro Group¥ (at Igl 

Hambro HjW-. Hunan. Brentwood. 

014588 285J or Brentwood uM77i 21I4.W 

Balanced Funds 
Allied 1st 
Brit. Indfi. Fund 
Grth. Aloe. 

Elect. & lud. Dev 
Allied Cajllai 

HambrorUnd IJ042 WM-lM 

Hnmbro Aec. Fd. (128.9 127.2) tUJ 

Ikmc Fund* 


34fl *03 

62.S-0J 

77 1 -0 g 
WTW^OW 
94 .ffl *06 
33 W -O.s 


S3? Wardf'tell-*? .58a _ 

?S F.MT4 1 noune .___ (3L6 53*1 .. .J 9.g •'-xSi'dinCM dale Juw 7 ' ' l ThmnajStreet. Dwe^*, MMJ 

§“ .small Cue Fd...„. 410 43^^* SS ^tlMlTua'I. |U«0 12101 JJJO Gi FUndlJMMV 1 -^ « 

;S Fund __ 4b8 500df— (L2 3*5 sub. Junt B, Gill TniSl U.o.MJ- IJOj/ 

0W inLfnu A-AiwM.1 W.6 So9 .... 131 Gilt Fnd. Cuenise||t9 71 9.3 

1441 mute Fund... _.37.4 *R--. 3<5 AaslraJiaa belectlaa Fund .W iml. cuvt. Sew. T«t. 

td. Aceuftillr Fund. . 516 66. M -j— MnriuH: OpportunUej. t o Irish Young A Firj Sterling 11317 182 

4iii qS i’iulh»all£Ta:. Rent St.. Sydney. FliWtaU 183.63 1«3 

l” 1 FarEasi Krt. ........ 27 7 29^-02 llb5 i Shares... [ SUSL53 | I- 

'"“ncanFund — ps.a 266*4 2.90 America International SJL Klein wort Benson Umite 

0J0 practical Invest. Co. LuL¥ lyVel flS 20.FenchurchSt.iOT 

t'r. ft AU Bnk. of Lndn. & S. America Ltd. KB Far east Fd.— 


7011 +0 
67 In *0. 


Gibbs lAntonyi Lnil Tsi. Mgs. Ltd. Aeeumlir Fund. . 
aBlomfiddSL.ECJMTNI- ui-MW4in 

5.43 miAC income' ...(jj 0 «0f | |20 .vnencanFuiid.— 

t« laiAU.uruwthrt ..Ia9 1 42b, I 5 00 _ . , . 

434 iuia u. par Ratf . I?2 8 24».... 030 Practical Inves 

511 ‘ Dealinc Turn. TlWwl. «.l?loon«nuo Sq. 

*** Govett fJobrtlV Practical May J4 . . 


43 SU'D 2 

500** -0.2 
SOW .... 

■Ml) . .. 
66.M ...... 

61.7.3-81 
29^-02 
266^ 


ft at*. 


King & Shaxson Mgrs. 

1 Chari ne Crew* St. HeUer. Jervey.iiJSMi »G4I 
Valiev Kw. SL Prior Perl. Grnsy. <<MBU2 47t« 
l Thoinai Street. Dwelai, W.H 
Gill FundtJersev.^BS* 92H .. . 


:a Next dealinc dale June 7 „V. — n 

S-3 ^^11^^, J** J »» gi]!Mte.“?&7 105(1 

231 .. ’ ,e . 3UD- JU "! "■ Gilt Fnd. Uterus*] t9 71 9.721 


Gnardbu Royal Escluipge 


AC TlVh, 


rint.A4fcA,t 


iifJKSrf 


Rf.-VMI - 

wl z 

is - 1883 • _ 

•::::: z 


-01-4375062 Royai Zstchans*. ZLCJ3. 


Property Bond* — piu 182X1 *D.*1 - 
Hstmbro Life Assurance 7iniH i» d p 
7 Old Part: Larut, laadoo, Wl 01-4800031 

Fixed InLDep R24X 131.41 . , _ 

goaty* h747 12x3 _ 

Property UU lWit ... _ — 

1453 . ... — 

179fl - 


.01-083 7107 Ptopcny Fiind 3254 3120 *0.1 

182X1*0 41 — Fixed Hit. Fund. . 1ABJI 1553+0 4 

„ , De peat Fund 3653 UBi +01 

* Limited ¥ Nor. Unit May 1 5...- 2866 


ft* -d S anysfe SSJI ::.... 

A-K- Eq. Inc 085 4I.y +0J] b.97 Next JcaUi; d^v June m ZL 

27 v +0l| 251 Grieveson Management Co. Uc 

sSSofAmertra—B.! 56.9id-«] 2D9 MHirwJramS F.C=Pgi*s. 01 -d 

Pacific Fund P93 42Jt] -tL5| 237 Kimnoon May Jl 1204 2 213.91 +1.71 


Aastralian Selection Fund W |aI , ^ T *t, 

am Maricet OpportumUei. c o Irish Young A Firj Sterling IJS 17 ,182tf 

52 iiulhnaiU-. 127. Kent St.. Sydney. FlntlaU 1183.63 1W131 

? S HSS1 Shares— [ SCSU3 | I - . , . , 

Bank of America International SJL Kleinwort Benson Limited 
n ua..imhihi rximi iinMilwiiiv nn SO.Penchurch St, IOT 


106 4i3 . ... 12.00 

9.72] 1 3.01 12.00 


Practical Mn*J4 . 1147 0 256J 
Acturl Units ....... ..|207.9 2201 


Property 
ainzugedCnp 
ManflgadAcc 


• ^±1“ ■■gSSS,,. 

^ , ;As»craiice LtAJf - rSi':i^ pC * p 

Ahut g—,-Al n >» Bfc Reignte. RnlgainCDiDl. gw-g»P^ 

xMVVarpnTC^ 1 7™„5 IBXr _ J*”- **°P- acc. 


ui Arxow Ufft Aasamnce 

lluj •• • 

' P^llbMPirnMi MTV C 


+03 _ 

m -z 

+0.9 — 


Pen. Man. Cap. 
Pen.Mun. Acc. 

Pen-GUtEdg.Cap,. 

Peo.GUtBd8.Aec. 

Pen. BA Cap. 

Peru BA Ace 


Pen P.A.F. Ca p, ._ 

Hearts ox Oak Benefit Society 


126.7 -0,7 
XB3 -0.6 
1303 +03 

as 

102X +0.7 


01.7488111 H^JSi2v kPIa ?£? ,t:lHB S J * 1 0, T J502 ° lfiSSSSSfflAi 

I _ Hearts of Oak J363 38.4| ._...( - Equity Fund 

Z.T - HiH Samuel Life Assur. Ltd.V SSSSW^ 

j _■ - NIA Tut, AdtUscombe RtL. Crop. 01-088 4355 Money Fund iai 

I diPmnerfr 1 Tnlo* linn IMG I iPtiinulal ITitwi 


_ 1 Phoenix Assnnnce Co. Ltd. 

— 4-5. King Willi am St- EV4P4HR. 0NC6B676 

— tvcnllb aw. - 11U.4 U7J| -0.11 — 

— Eb’r. Pb. Am } 74.6 ......I - 

— . Ebr.ph.Eq. |75.1 78.91 — 1 — 

— Prop. Equity ft Lire Ass. Co.V 

Z 1 10. Crawford Street, W1H2AS. 01-4860857 

_ R Silk Prop. Bd. j 1788 { I — 

— Do. Equity Bd I 728 - 

_ Flcx Moo.-y Bd 1 147.7 J -0.31 - 

— Property Growth Assur. Co. Ltd.V 

— LconHoutc. Croydon, CBfllLli 01-680 0606 

Property Fund * “ ‘ 

Property Fund (Ai. 

Anri cultural Fund 
Aenc. Fund i AI... 

Abfcer *wnL Fund. 

Abbey nil FtiLiAi 

• uuv, InreaUKintFund- 


imenudlaud Fonda 

International 

.Seen at America.-. 

KBi-iilr Fund 

Special Itt Funds 
Smaller Co.'s Fd ... 
2nd Smlr.Co «F1L- 

| Recovery SUs. 

Mri. Mln-tC dty.- 
Uvenev Earnings. 
EXpt Smlr. Co'a— ♦ 


77, London Wall. 1?V 2. Ot-SflSMM 4“™* t-nia...- i«/r _ i-.-i-- tlA _ 

S'hldr May ml. -GM4 MS 91 ... I LBO Provincial Life Inv. Co. Lld.V BnL of Lndn. ft S. Amencn Ud. 

Im.Avcum I -nil (IMA 1743) ...... 3X0 ^ rf ■ 0I3176S23 Vn?ionaSl,EC4. 01-93023 

N«t ikaf.ni; d«- June 22. ' iffiT 87 Si *0^ Alf88«d«r Wl«L - -|Ui7J2 _ I — J - 

Grieveson Management Co. Ltd. H^h* i nreme.': Iu0 7 2 llUdj +0^ 7-83 ' - ‘ fl li,uc ^ ay S1 

•Mtuesbnm5i . RCSPsiet. oj -*u>e *433 r*rutU Pnr*7»?in Mnenc. Ltd.V faWbKei &maue Braxelles Lambert 


KB Far East Fd.- 


AijUnSSia KBlnU.Flind..—.- 
01-SS02313 kb Japan Fund. - 

— J — K.B. IIS. Gttlh Fd.. 


4231+0.5) 2.37 KimnRion Moy Jl M42 
i Atcum. Cnilt--. .. S2i* 
573 469 Btfli-H Yd J4oy25. 1757 

JJ-fl " n 'i, 5 17 iArrum. Vnitev — 2019 
note ^41 3 S9h Endeuv Mat 30. - 11)1 
*43 1 I8J 531 

5-*4 LafcBl *u.M Wr s > i 701 


KB Japan Fund. - 
K.B. 115. Guth Fd. 
KlRRri Bermuda — 
■I'nifondaiDM*..... 
*k'R act as Low 


C3 0I-6238MO 

X 056 +2 331 

«J 67 3 437 

78 2 83 0 ..... - 4 17 

S1‘S1062 IB : 

SL-S1L46 2-00 

1 SUSH 19 +0.93 083 - 

Sl'SUXOd . . 0.79 . 

Sl'S4 S3 +0X1 1.66 

18-20 1920 +U0 365 . 

Ion paying j gents only. 


Prudl. Portfolio Mngrs. Ltd.V (aKbMei Basque Bruxelles Lambert • -&B act as London paying j gi 

si r 1 ^ ?! 5SS5 uK™|SS 133.0) -iT^ 7.U uoyds Bk. «C.I.» r/T Mgrs 

lifi Ui Quitter Management Co. LULV Sanity* Vnicom InUCh. Is.) LW. 


177 TheSik. Exchanee. EGOS 1HP. 

ftiadruniGeo Fd..U04X 2U.1I 

2 Quarffjiai Income. (124,1 138.0) 


| Tnit 7Yn«l ManaPfTs UA <Acnim UnUai..- 7571 ' , ».j 4J2 Reliance Unit Mgrs. U« -Sabjeei i o'iw *nd wRUioldinc Unea ^ Riwdu nhtmr. P o 

SSSSiSxSS* .. =™ 2 -S=J SSJaj™ SSS!i 3 Er’ , 1 k? , -T !5 0 BKISSSS.ISa 


Artdenum U.T. HSJ0 52l0| | 4.43 Boyal Dichange. ECjai’SDN'. &l»“fflA™Zt«i «il +0 J 55 

a .k«k.r Iklt Muni fn If A IBRJ IjuanlhdlTsI . |894 9281 -081 £ w J^ eT 43.91*113 55 

EiEStifn* i»u «l TS .'SSSS ■ 

AjfmllUiot Ltd. fHC gldg-Wtat-LT-lgJ Wl ...J « 

r. i ma K+ni „ .. ... HldgefieW loeome. »0 1030) 4 M 


92d -981 "24 sj-irforoeT lac _ . MU 


Arbnthnot Securities Ltd. laKri 
37, Queen St London ET4R1BY 01 23 

Extra Income Fd [105.5 lUJd . .. 1 

High Inc. Fuad ......M.4 *a.zl 

m. Units] pS 8 60.0) +C3] 

Wdrwl.Utn]^ B 60.0) +0 J| 

necFuad. 

(Accuhl Unltsi... 


BreniWJd, Esaca. 

,KCI V.K. Fund* 

01-2365281 Cap,Gf<NnliIiic_.H25 
. ..I U77 Cap. Growth Arr fcgl 
*0.z) 9 07 income a Aiseti- B2. 2 
+03] 4 07 High Income Fund* 
+OJ 9 07 High Income ..IS* 4 


Ridgefield Lot UT.I99 0 
45 J) -04) 354 Ridgefield Income. IHB 


IV Brnluys Voieom InL iCh. b.l Lid. ' “"iu Hjl’tS' 

01 -bOO 41T7 1. Chari r.B Cross. Si. Mel ier.Jrsi. 053473741 Next deal no, dale June 15. 

J 4 23 Oi-eneaa Income ...148 7 5131 110.90 

« f-aes«ss!-..f» «i's p°*>? u 

■Subject lo lee and ullUiolding taxes • Rue du Rhone. PO IT®- J-I* 

Barclays Unicorn Int <1. 0. Man) Ltd. uSd* !nt ulrorae.ljraiffl "- ■! 6:50 

+0 IB lrtwinassu Douglas. IpJU. 06244858 

+o3 553 Unkum Ausl Eicl.( 52J 562 150 M & G Group 

R2'AS5'£S!'di^ - Si' 3 «1 ■ , ' 0lB L78 Three Qurn*. TUwer Hill K3R 8BQ Ot-026 4888 

-- al- si! 3 Sfifc«S M- ■ 

I idi Do Man v Mutual— 25.6 27.6 -DJ 140 31 -• &«." i\VS + Jiii nw 


553 1 Thomas Sl, Douglas. lo-M. 
553 L ! nicuniAuSLEXL.t52J 
Do. Aust.Mlti. — 02 . 
Do. Grtr. Pacific.. .51.1 

r . Do. Inti Lnconw 385 

Do I. of Man Tw. 47B 

9 «? Do Man (Mutual— 125.6 


SgSESr" SS 3 S!^ 


Baxelayboada*. 


pnfiABal 


- 7 ,-:*Oarwit-antt value May at'" 
Bechbe Edfe*Amtr. Co. Ltd.? 

■ nL omijarrlS t JC3. , 01-6231288 

BlRBdnejnxuil^]. '32876 1+8511 — 

Cquda Ub'AMiixDGs Co. 

%* High St, Potto Bar, Herts, P^ar 31122 

EqtyjGlli Jd-JS»v2.. I 585 t I — 

RddmtFod.ApnA.J .. 13A1 j j - 

OmaanrAaimramse IM-f 

1, Olympic Wjc, Wembley HABONB 01-S028S76 

Unlfc--___ - 

TjjittS v 


Managed Series C 
Money Unit!.. 

Mon c+ Series . 

Fixed la l. Ser. A 

Pax. Managed Cap- 

fESSSE!: 

Pha-Cteed-Acc— 
Pens. Equity Cap 
Pens Equity Aec 

Fens FVop.Cap _ 
Pens. Prop. Act- 


Equity Fund 

Eauitj- Fund i Aj 
M oney Fund 


Actuarial Fund 
GUt-edged Fuad 
Gilt-Edged Fd. l Aj 
6 Retire Annuity 
6 lauped. Ann'ty. 


+1.41 — 
+L4 — 


Frma Growth Pnulaas dt Auuuftlec LuL 
All Vther Ac. U15.R27X 133 81 .... | - 


102.9) +2.9 
103 M +32 


100.41 +0.4] — 

Imperial Life Ass. Go. of Canada 

Imperial House. Golldlord. 71255 

M:d = 


All Wtber Ac. Uu.nz7X 
9 All Weal her Cap. . 120X 

VLnv.Fd Uts. 1 

Pension Fd. Uls 1 

Conv, Pens. PVL ] 

Cut. Pus. Can. UL 1 

Maa.Pens.FiL ] 

Man- Pens. Cap. UL 
Prop. Pens. Fd. _ . 1 

Prap.Pni.Cdn Uu. ] 

Bdag. Soc. Pen. UL ! 

Bldg Soc. Cap. Ut... I 


Capital Fund 

CocnaiOdJiy Fund 
IAnusi Um Is) - 
(10% W'drwi.U.i 
Fln.tProii.Kd. 
GUfflU Fund 
(Accum. Unlui 
Growth Fund.. 
(Accum. Unitai 
Smaller Go’s Fd. 
Eaaicrn & Inti. Fd 
drH.'WdrwLUB.] 

FormignPa. 

N. Amur. 4c lot. 


“I ^ iis 

ALOa 5« oii&NaLRes 1273 

s Ji “ 11 ttBSTr - is i 


43. U +tUi 
295a *0.l| 


5?2 International 
3S Caboi 1&3 5 

1 S lnl entail dial — . Q15 

WYld WidcMayCd. - (74 7 

2 92 O v e rsea* Funds 

I® Australian 35 B 

4*1 European— 38 a 

1 da FartSsi . — — M 7 

1_‘W North Amer .... 34 2 

UBO N-Am-Gras-Maylfl. 128 9 
100 CabMAmer5!m.Co. BO 0 


45.31 -0 41 354 + — — 

'° 4 !-& Rothschild Asset Management (g) 

34-31 *0J| 635 Tsaa/tamhoneRd. Aylesbury. 02W«M1 AH^C-MarS.— ..lll'aTH »W I — 

635M*03| 108 vj'c ^R^liuj US couvr^M*?! — Inis? ImZI 2.1 

59^ -oil 643 S£i£82w!:SB omA » -s»o -*3 su* 

s« n.c. inti. Fd. rinc.i «.7 94-3 “S'J J 2 Bridge Management Ltd. 

3i| sjg; a F c«^& iSl 33 5.S - G ™f <^sSa C ™i u '- 

202 Rothschild & Lowndes Mgmt- la] c.P.O. Bm S». Hone Kong "" 

1-62 SLSwi thins Lane. Ldn_ EC4. 01«M43S8 M Ppan Fd. Usy 31 StSB 72 U M| ril AI) O.i 


8 40 Atlantic itlaj 30 f l '-‘5 !7 

■ S Aua.Ex.Mayai_-n.-S2g 

Toil Gold Ex Slav 31. SU54D1 

120 Island — _ ... . 125.7 

L < Accvm I'nlisi _ ....{177.8 


1050) .— I 2.42 W r/.q-u-H «u .Z_ „. @25.7 133 8! - 

10301 J 8-88 BLshopsgiUc! Commodity Scr, Ud. lAcetun I'nlut _ ....{377.8 _ 189-2) - 

igement (g) P.0 Bo* 42. Donglw. i.o m. 0824-238U Swnn .i w 00 taeu Ldn. Agls. 

uv 029SSM1 ARMAC-Msv-3 |JfSI73J I - „™,5L * 

17L « 4.1U ? «, CA.VRHO"May2 . El 008 1.06W j — 114. Old Broad Sl. fc-t = 

U9 3 -oil US COUNT^-Mayi — IE2J37 2 47« | 1U ApolIoFd MayW .|SF44J» S3®j 

ernoi ^.V-a isS Originallr issued at ■S10 and * a £t00. Jsnfcsi May 15 .... SKK1BJ3 11D . 


- 

+04? ~ 

-0.1 !335 
-02 J3J6 


lU 5 88 9uft h-OJI 

— . bl5 333 +o3 

>«._P4 7 79.fl ,._T 


_ 1 14. Old BrcvadSUE.ee 01-588 6464. 

2.11 Apollo Fd MaylM ISF4918 53 ®( 3 53 

I. J safest May li — DiKUlS 11 D ...._ 117 

1 IT Grp. May 17 ...Jh'2»» UW 

117 Jencv May 17. ..[£532 56M .... 0.75 

l 117 JrsyO's Stay 10_ (0234 12.78/ — 

~ Murray. Johnstone (Inv. Advisen 

D7fc JBa.’HopeSL.GUsROW.CS. 041-2213521 

•HopcSl.Fd. [ SLSS207 | [ — 

■Murray Fund — - I SUS1098 | 1 — 

mu -NAY May 15. 


KewCt-ExMiii 
Pnce on M 


Archway Unit TsL Mgs. Ltd.f (axel , 5Be «hSL.EC2P2i_v 

317. High Holboni.WCTV7Nl_ 01-6816233. .biBnilshTnui 1*492 

Archway Fund _ ...J832 88 5) .. I 5 78 igilntt Trust . 37 4 

Prices al May 25. Next sub. day June 1. ,ai Dollar Trust ... (77 7 


Bldg. Soc. Cap. lit...) 1196 | 1 — I 

Provincial Life Assurance Co. Ud. 

2S, BlKhopsgalc. EC2. 01-3476383 

Prov. Managed Fd. UUJ 11931 +L6I - 

Pro*, cash Pd. -g045 U0I +flil — 

Gill Fund 20 [U45 120. N +051 — 


Prices al May 25. Next sub. day June- 1. 
Barclays Unicorn Ltd. (uMgWci 
Unicorn Ho. 252 Romford Rd. E7. 01-534 55 

Unicorn America 


Australian 35 B 363 +6.71 L77 _ " ' 

European-. 38> aid +03 513 Rowan Unit Trust 

NSuSsr' “2 Hi * Dk U? “f ■ £"*5?? 

O.bol^ner-SiaCo.tsOQ sSS| *0.2 050 $0 

HUl Samoel L-nit Tst. Mgrs.t (a) lAccum-Uoim 760 

45 Beech SL. EC2P2LX 01623 SOI 1 Merlin itay31 T7M 

iblBnilshTrusi 11492 159 M +3 4) 535 ‘Accum. Uaas' 1950 

liitiUlTmsi . 372 « W -Oil 324 Hoval Tsl. ran, Fd 

JScSSt^s"' 1S.9 ®yl J 4X9 54. JermynStrccLS W.l. 


mpt— JO22 0 129 X) . ..J 361 
May 15. Next dealing June 15 


G.P.O. Box 500. Hone hung 
Nippon Fd. May 31 jstSUn UM|ri).41| 0.76 
Ea-Afork SpliL 

Britannia Tst. MagniL (Cl) Ltd. 

30 Bath St-.SL Heller. Jersey. 053173114 


-0 

77.71 -0. 


a-s 


OTTi-on Oj+a 

rick. Honda. * 

L3?"jJ. j. md 
i Hcrnan. Be; 
rial and Cwa. - - 
Pacific Coppr aS 
12 Matf« fc ?°bWBrv 

Mg *? 

mah Oil r- C*^btZ Ltf«; Asxnrancof . Equity ipiitai 

h^': gjsSsas^a^ i iS 11 - 

ioiU,. paceotakBdinrJ'lL.i iffiS' -'| ^1. Initial 


itanxiedK^d li®^ I - Gilt Fund 20 lM.b) +0^ - 1 

tefepw:"B lS3 .7" 7 Prudenttal Pensions Limited* • 

Equity Fond ZZZw.7 • UMf Jl. - Holborn Bars, ECliVZVH. 016058222, 

IriBli Life Assurance Co. Ltd. :."l\ 7 

IX Finsbury Square, EC2. 01-6208253 prop. F. May 17 ......155.45 2524) .1 — 

SfiSg8KSd“zgi Is hz|:". | Reliance Wlotnal 

ProiTMod- M»- 2- ff75A ml - Tunbridge Wells. Kent 0B82KB71 

Prop. Mod. Gth.--.I1W2 2032). | - KeL Prop Bdj | 1»82 1+12J ~ 

Mn^Stom W. 01-8235433 »f“ hU f ^ 

“~»fc Mr 1 - »JS5SKaS£ m-ars" 

Govt Sec. Bd. P19.62 125.91) +020) — Next Sub. Day June Ml 

lAngham life Assurance Co. Ltd. Royal Insurance Group 

LanghamHs. Rolmbroolc Dr, NW4- 01-203 521] New HaU Place. Liverpool. 0512974422 

lS5|:d= RoyaJ Shield Fd. _..p3U 148J4 

wiw (SP» Man Fd psx . 79ll' I — Save Sc Prosper GranpV 

Legal & General (Unit Assur. ? Ltd. 6 Gt_SLHe)en'«, Lndn. ecspsep. mss* bbm 
Klngswood House, KUgSwood, Tadworth. . “M ~ 


— I “ Prudential Pensions Limited* • 

7 "| - Holborn Bars, BCIN 2NH. 01-4058222 

ij EquiL Fd. May 17„|£25 07 25X51 | — 

Fxd. InL May 17 — kl674 ISM .... J — 

01-6288253 Prop. F May 17 ...... |e25.45 2624) A — 

i 30 Reliance Mutual 

- Tunbridge Wells, KeoL 0882 22271 

* - KeL Prep Bda | 1»61 1 +12J ~ 

Rothschild Asset Management 

■ SL Swilhins Laoe. London. EC4. 01-6364356 

7"" 1 N.C Prop Mir. 31.-HJ4J 12L64 ...-I — 

-0 JLtH — Next Sub. Day June 30 


Do. AusL Aer 
Do.AuA.Inc- 
Do. Capital 
Do. Exempt TO. 

Do. San Income 
Do. Financial 

Do. 500 

Do. General 
Do. Growth Acc 
Do. income TsL 
•Do. Prf. A'ns. Tsl 
P rice* al April 

Do. Recovery 

Do.TnutM Fund 
Do- WldwIUp 
BlsUn-FcUnc 
OtxAceam. 

Baring Brothers ft Co. Ltd.9 laid) 


lil -SSI 6233 ,bj Bnllah Truxl I149J 

I 5 78 leilnllTnisi .1374 
t June I. i k.i Dollar Trust ...177 7 

wtci ffiftssawa.fe? 

01-534 5544 tbllncomoTrust— 1273 
-Oil 111 il>J Security TricJ .. 1S3 
rSjl 1 m (t*J High Yield T«L- [So 

“S^ Intel. f laKg! 


51J Rowan Unit Trust MngL Ltd-¥(ai 30BatHN..5L Hener.jeroey. -- 

?S? City Gale Hae. Finsbury Sq^ECi OI-OH 1066 Sa-Unff nroamlaaW Fds. Negit S-4. 

Vn American May 24_ MO 725 0.94 Urirethfowwl H.7 35.41 .DU lo* Boulei-ard Royal. Luxembourg 

^ Bss^'issfcSK ? ^ t is «=‘H NAVStoyM — 1 *“ 1 1 - 

on] | MH4taMaym < '~Z ?7'S S3 ^0 8 I* ltf®te25£te.“r? “oS 7Z liffl Negit UfL 

“v c Accum. Unitsi".™.. |950 99Xj -0.7| 4.01 VS. Dol lar Deuaml Mled Fili. , __ • Bank of ^Bermuda HanuRon. Brroda 


xm « , - . - M ... UnivsLSTw ISUSS2B 4 ffl J — NAY May IX |t471 

Royal Tst. Can. Fd. Mgrs. Ltd. inL High i*l Tsl * — srsloaj .....1 9 06 
4ji 5t.Jermyn5treeLS.WI. 01-6298252 Value May 26. Neil Dealing June 5, -ImtiaL Phoenix International 

4M Capital F1L- U85 723 -0.U 3X1 after closes May 31. 1678. po box 77. Sl P«er Pan. ( 

'"^^rMiT^extde^SlV 2 ^ Inter-Dollar Fund _ |2J4 

a nfl „ . ^ P.O. Etax 583. SLHeher. Jersey. 0534 <4777. n.,.. 


M U| ~U_ 

VTll+lU ... 

ZTTS SJSeunVTre-If.: £3 56 cl -0.s| 514 ln S5c*s atM^-Next dealing June 15. 

-03 164 (W High Yield T+L-P9 0 3i.ie( +ol| aoa sa Ve * Prosper Group 

+8i 4« ,nte, 'T «aKg) 4 Great SL Uelerns. London EC3P 3EP 

*0 - 7 A35 l5.Chrliaoph..-r Street. E G2. 01-24 7 7243 68-73 Queen Sl. EdinbUTKb EH2 4NX 

8 43 Intel Inv. Fund.... |88 7 95 51 -rO.Tl 620 Deal mgs to: 01-5S4 8808 or 031-226 7351 

+[>6 f-t* Key Fund Managers Ltd. (a Kg) Save & Prosper Securities Ltd.? 
to2 b!u 2S, Milk SL.EC2V tut, Ol-OMTOTO. Intanallonal Fund* 

+0.4 419 KeyEoerO laFif (78 9 23 01 +6.91 328 Capital 136.2 38.« +0.3 3.C 

+0J 616 Key Ecuity & lien [69 0 733n ,-05 4.73 I TV 1242 26.0+0-11 4J 

... . 5X2 »Kcy Exempt Fd .11049 154 1 .... 6.48 fan. Growth.,. .. [bS 8 70.71 +D5l 2.1 

V nn 5 p!^W?nL , Fd'"' Eo o _1 ' E 12 97 '“trr** 10 * Inrome Fuad 

Ilf SJs2SSniRK. , B? Wt High-Yield J533 573) +051 7.1 


P0 Box 77. Sl P«er Pori. Guorncoy. 
Inter-Dollar Fund -|234 253| 1 


P.O. Box 5H3.SL Hener. jetxey. usxw i+rrt. — . * t* 

Sterling Bond Fd._|£9.» 9.99| .) 12.00 **«*»«> Growth Overseas Ltd. 


1133* +0.7 625 

30 On .... 8 43 Intel Inv. Fund ... .|8a 7 

^ Idj 1 M K *y Funri Manager 
335 I02 610 25. Milk SL, EC2V fU C 

44.2 +0.4 4.19 Key EncnO' I n.Fif (78 9 

906 +0J 6 IS Key Ecuity Alien 69 0 

344^.... 5X2 4Kcy Exempt Fd .JW4 9 

Next sub day May 31 Kay Income Ituid., 782 
45Jf+02T 5M Key Fixed InL Fd , 

121 al +111 5.09 Key Small Co s. Fd. | 


Bntterfield Management Co. Ltd. 

P.O. Box 195, Rami (ion, Bermuda. 

Buttress Equity — [233 2551. | l 

Buttress Income..... p.m 1.961 | 7 


65 5 !« +0 6 1% Kfeinwon Benson Unit Manager^ 

744+06) 4JD 20, Fenehureh SL. E -1 01-«238«W Inwme (427 


Royal Insurance Group 


88. Leaden ball SL .E.C 2. 

Stratttn TaL P675 

Do. Accum. .... BBS 2 


+06) 4X1 20, Fenehureh SL. E C.1 
„ . K B Unit Fd. ir.c. .. M* 9 

V tags) 4K_B.UnilFd.Ac. -P.-fc.a 
01-5882830 K-B.Fd.Inv TiL. . .[525 


01-6238000 y» n 

I 5-g; U JL FmuU 

■ 13 UKEquiW 1431 

... „ Overseas Pundstn 


l BJ7X 1W.« / 4X6 t & C Vast Trust Maitagemeal LULV euto^!-ZZZ...(wj 

srrrFA, 1 The Stock Echange. El2N 1HF. 01-688 2800 Japan. 933 

Next sub- day June 8. LACIne-Fd— ...-.(13tl 140.41 1 7.90 U-B 745 


Prices at May 8. Neil sub. day June 12. 
*njl a 02 Capital International SJL 
70 7 I Id5| 2te 37 rue Notre- Dame, L u x e mbourg. 

Capital InL Fund — ] SUS16.86 j J — 

573) +05) 7.11 Charterhouse Japhet 

I . Paiernimler Row, EC4. 01-24838 

7051 +0J 821 Adi no pa DU3Q5J S-W+teOI |I 

4591 +0^ 152 Adlvertta D»J«W 5S + £2*| 

Fondak I»M51«0 33 BO) +020 6.1 

Fond.. PM2L78 22«+030 5.1 

+ 05i Emperor Fund... SVSZJQ IW — 

HiSaiK.--- SI’S" » «2JM-DJ9| 2J 


28 Irish Town. Gibraltar 
U S. Dollar Fund .. | 5l.'S25.B9 
Sleriing Fund. . .{ 024.05 

738 Richmond Life Ass. Ltd. 


40. Alhnl Street. Do-jgIu. 1.0.3! 0324 23PI4 

ixiTbeSItverTniU.lUAl 116.9) +181 — 
Richmond Bond OT.jULl 190 .7 - 0.3 10 86 
Do. Platinum Bd. ....U305 137 U +4 4 - 

Do Gold Bd hilt 9 112.6) +1.91 - 


0512274422 
1405) - 


>R 1978 

WEE 2 
TILES .3, 
acct»_ 1. 

S TB a DIRS J- 
tns 2 


X.OWS )SJ 

TlON VOahl »• 

JS4NG5 2 

T: ; . ; A”: 

WtCALS 1. 

Striale 2: 

Kt 4*: J,'*- 

J»BS V. 


OttriurtoMe Magna Gpf SSiiStaitiai 

jachaqumxSq^ E&bridgeUBBlNE' .- SZUtl. Dp.acchsl - 

Qothse Eae^y-_l%4 - 40.4} ..;... — Property MMal 

Si&KSi- .Si-z;: -z E SiiT&ssi. 

ChrthwL Eqnhy^i. Of* '■ 'A3 — Exempt Cash Init 

MagnaBM-Soe— - - Ktt .. ...... — Do. Areum. _____ 

M+y+.ta+rtifd.-f 178 B--- +A7) — ^cemptEqly. IniL- 

caty of V«ihiB8tief: Aasnr. Co. Ltd. ^t^XFiwd 1 XnU.' 

HImwmiI Umm.-O WhUhhnrw Rond- Da ACCUnL ._. 


136.4] -0J — 

12B3I +a8| — 


103-1 -03 - 
132.9 +03 - 

124.7 +03 — 


ssaasa&a;:BS^i«j-= 


DepoxJfFdf 122.7 UU 

Cofm.FnuLFd.T-.. . 199.0 2093 

Equity Pcnj_Fd 181.0 1913 

PropJPeus.Fd.*-.— 215 6 227! 

Gill Pear. Fd. 913 .963 

Depos-Fan&Fd.t — 1973 1833 

Price* on May 24. 
rweekhr dealings. 

Schroder Life Gronpf 

Enterprire Roum. Portsmcmlh. 

gSlg^fcljlAO 07 ^. 

Equiro3 May 80- 117.9 124J 

Fixed bit May 30-.. 1343 - 1AJ 


tIJvW BDtf 

3 = 

+83| - 


0. BiabopBKote, E.C2. 01- 

B , 8atePr.-May23.-|lB49 VOSUA 

AncUts.**Btay23-p202 2346) .. . 

B'eattrl0LMay3J-.M? iS?S~l 

IAccmn.1 May 31 — 1791-6 203.91-4. 

Next sub. d«y 'June 13. "June 

Bridge Fond MiuguiV(i)(r) 


ivcm «iu. u^r * LAC Inc. Fd. .[136.1 140.41 I 7.90 U.S |M5 

Bisfaopsgale Progressive Mgmt. Ccl¥ L4CtadtGenrd.|965 995[ .._.4 2.04 f?wv. 

01-U8B280 Lawson Secs. Ltd. Vtawcl E l 

J 3 90 63 George St-Edinburch E3122JG. 031-2203011 Financial Sen Z-.|70 5 
1-29 *Baw. Materials. ..139 7 <321 i 621 nlak-Mtulmum Fund* 


*-±T jhAedim L'mixi ...(44.7 

LM *Growth Fund [5*9 

*i Accum. I'pita — [59.9 
THjUt and Warra cl |36.4 
jylimatiotn Fd . ...«4-4 
I4B51 HAccum lliutai- — [254 

145 •'High Yield 1473 

I -6 l| 659 **t Accum- UnlLii . ,|66 1 


Fixed InL May 30- 
Int_l.rTM*y30 - .... 
K a S Gill May » 

E4c SSC- MnySO 

Mngd. FlxJ4a>-30. 


Croydon CaOSJA. 
Wait Prop. Fuad — jl 


K & S Sc. May 30- . 
Mngd. FlxMay-30 
Managed Mav so... 


•Mt K zez: 

PPLAFand 
PeaaJVtgd.ap.-~ 
Pena. Mngd- Aoo~ 

Fnqfl eurnntly c 


Da Accum. — 

Exempt Mngd. 

Do. Accum.. _ 

DaAeMm??!! — ^-,‘Jffir-' 202S] S.i'l — 

Legal ft General B»|LFd.MgriLUd g«a?S>fglZ B3 S 
It Queen VictorioSL. EC4N 4TP 01-2489678 Property May 30--- 154.4 

^ 

Life Ass nr. Co. of Pennsylvania to^Q^B mw» : 1977 

.3MaNtneSe*dSt,m7tmQ. M-«3B3B5 HW 


2275 -06 
mi -0J 
3415 -m 
1513 -0.1 

142.3 *1.5 

144.4 +OJ 

126.0 +0J 

137.0 +02 
1505 +03 
1125 +02 

123.0 +0.1 

119.4 +0.2 
162.7 +20 
1602 +1.9 
1265 +05 

137.0 +05 


American &Gen_i. B4.7 26.1 ... LAS Hlgn Tie in w/J- w -W - 

Tnmm+* 099 543u -D 1 659 **l Accum. Unlt-Li . .|66 1 72.6) . 

J 51 374 DeaL JtMon. Tuei. nWed. tTbun 

3-g Legal ft General Tyndall Fu 

S^linc!t3Z 155 UJ I"" 356 18. Canyage Road. Bristol. I 

SSjSStt^l— Sl 18J| . . J.66 Dis. Apr-312 (563 b0$ .. 

DmlUk]£ *Tuo&. twed. iThurs. Prices i Accum. Urulai J72.2 76 m .. 

ZZZW2S Next Sun. day June \4- 

- Britannia Trust Management (a) tgl Leonine Administration Ltd. 


ii7 Clive Investments (Jerseyi Ltd. 
— 0 a) 085 p.o. Box 300, SL Heller. Jersey. 083* 
Clive Gilt Fd.iCJ.1 .(9.90 

J 4.04 Clive Gill Fd. Usy ) |9.87 9591+0.62) 


» — D„ Cold Bd ..11069 112U+1.91 - 

Do. Erl B7/02 Bd. [165.8 174^ .. .( U.6J 

Rothschild Asset Management iC.I.J 
a«B)+03Bf 5J25 P.O.Box 58. SLJuIlaas CL Guernscv.0481 2B331 
33001+020 606 OC.Eq Fr. ACT. S8..BL1 54-11 . ... 301 

a«+020 5.68 OC-Inc.Fd May 1 .1)150 8 160.4 k .... 7 JO 

2.™ - OC.lnlLF4t.Z_ BL27 134 131 

eig-039i 214 O.CSroCoFdApr38.tl34B 142.8 354 

14d 0 4 

27 4S . ... — 


2-14 OcSrwiFisprta 
lie Commodity-,. 


083*37381. 
-0.02I 11X0 
OM 1X09 


O.C. DLr.CoilKlly.t.-HZ552 Z7 96) . ...| — 
•Price on May 12. Ne*i dealing Mo>' 31 
1 Price on May 22. Nun. dealing June 7 


High- Mint mom Funds 
Select IntemaL — 1349.0 263 

2 j$ Select Income p».4 51 

J-* Scothits Securities Lld-¥ 


Clive Gill Pd-iCJ-i .(9.90 9.91] +0-03 1150 

80.91 J 4.04 Clive GUI Fd. Usy i-H-87 4591+0.02) U. 00 

tg J 4 CornhiU Ins. (Guernsey I Ud. ^ ^ F *- «W 

M ' P.O. Bo* !57. SL Peter Port, Guernsey » t m M M3 ' U 

*2-3+0.71 235 tntnl.Man.Pd -1168.0 1835) +0J| — RTitafLiJsy'iFd^H 9! 

56 jj +05) 7.48 Delta Group Pnces at May 15. Next deal 

M P.O. Box 3012. Nassau. Bahama s . o,-* * Pmcner Ini+ntit 

415I+0 4I 389 DtH« mv- May 23-1*1.78 UP \ ' — | - Save ^ Prosper Internal 

5*3^3 716 Dentseher Investment-Trast 37Drol£l S 0 |. 1 SLBeiier Jersey 

D '+2^° • , Ihxrti , acb288SB(eberBaase 8-10 8000 Fran kftm. t;u PoUir+laiBtalaatrd vwa 


262.7] +0.7) 
56 3| +05) 


J5b S^ShY-wid*' — fea 5?'! _0 'j 1020 Scotyjew- J?1 h4 a U DentscheT Investment-Tnist 

in .ilSl 72.61 .... | 10.70 p5* M-iid-O?! 4 44 p^acj, joss Bleber£i**se B-J0 BOOOFrsnktai 

128 DeaL *Uon. Tue+. HWe4 JTbura. -Fn. ■ Scot Ex.Cth-0— ..U41J 2Si7KI 1 2X4 c<MI1WBlrt IDM19U 2UN . — j — 

H Legal ft General Tyndall FondV^ -ttStWWfc Jl idT 

1 60 3, SrhJesinger Trust Mngrs. Ltd. OM ^SJSSSSSS^ 

May JR-* ** XSSSSS^XST .«««l»441 

Igl Leonine Admicisiration Ltd. ^Sw8fZZ...&J w3+o.il tn p.o. Box 73. SLHeher Jersey. osstaos 


Royal Trust (Cll Fd. MgL Ltd. 

P.O. Box 194, Ro.--alTtL Use., Jerse;.'. 053427441 

AT. Infl. Fd. IJVS92I 959a ... J 3 00 

R.T. Int'L Usy. 1 Fd. J9K 95a| . ..) 3.21 

Prices at May 15. Next dealing June 15. 

■ Save & Prosper International 


3 London Wall Buildings, London WalL 
London EC2M5QL Q1-838IX7W0*' 


2. Duke SL. London WLM8JP. 


0I-4BS5MI Exempt High YlO 


London EC2U SQL 

Assets 

Capital Act. 

Comm A lad 
Commodity 
Domestic 


FxdJnf-ftsn.CapJt. 
• FXiinbPti-AcclB.— 
Prop. -Pea Cap B— 


.9 98.4 

in 993 
.98 182 


:ces 


-isf - - ' I*ACOPDaita_t«i ; . UB5) I — . RiSSSiSK pOB w! 

” ,wc,, — 1 1 
C^or%ted^AM.>C. Ltd. “• Mo^^AccB-lga X09 

• ■reiiwh«w8jaifiirt:«»t ' V- ' rSZTSSf • \ V Scottish Widows’ Group 

1 ^TjS iMfci.'.y..i- _■ POBoxWafcdintwrghEHJdSB 

stade^swerehattraL.:- mew woo. g 

ttte or tom - »_■ !±f = . S 

Wne8b^^UagS»7i. Solar We Amu ranee LI 

5B.auai«U»Lw«.WC2A-lHE. _ .01'MZ028a, . ICniu - raeBnBflHr 132J, 34.9] -0J1 — inna ElvTiaee London E.C3N 8 

— ; — = W 3 jsE = xW ° Sl 3 3 = 

xss? I SBSaSS^'aH^ra' ^’ r g» I *gri4Ww* ww as.a; fjEMtix. 


Scottish WldowB 1 Group 

PO Box gfukdiabnrgh EBJJSSBU. 031-0530000 

lovJPlv5«rieal WBL6 18551 - 

Inv.rty.SorieaO— 998 JKJ — 

Inv. Cash Mayao — 975 1OT5 . — 
Kx D17VAccM«rl 7- ZJ95 J«J — 

ErtlHrtnc lfcnut.1 lft-J — 

Mgd. Pen. May25-f263J 263l| — 

Solar Life Assurance 1 . 1 m i ted 

10112 Ely Ftace London E.CJN SIT. 0L2422905 
SoUr Man aged S—B265 1^2J +0.4J — 


Property Sharca 
RLtaM 

Status Change 
UmvEnergy- 



ts teafarrdK T M=a ™ SSSC^f 

486 Lloyds Rk- Unit Tst Mngrs. LULV lai 

2-ii Regiatrar's DcpL, iToring-by-Sca, 1 ami. Growth 

J™ Worthing. West Sussex. 014E3 t288 lt« T*f Unit* ._ 

742 First iBalncd.i. — -I5CJ 

931 Do. (Accuul 1 MJ 

344 Second tCap.i lsj-4 

443 Do.iAceum.i 1647 

+ «s Third (to come) 


Income Dial L 


<■99 Fourth iKxIoc. 1 

251 Do. I Accum. 1 . . . 


] ami. Growth 

01-823 UBS inv. Tst. Unit* 

+05) 4 46 Market Leaders-— 

4.46 ‘NU Yield' 

326 Prd. *GUt Trust- 
326 Property Shares-.. 

617 Special Sit Tsl 

637 IXK. Grtb. Ac com 
+UJ1 802 UK.Grth.Dtat. —7 
+0.4{ 802 . n __„ C-kw-1 


sum + 0.; 

42 W +0- 


26.6M ... 

31.4M +0 
295 -0. 
253 .... 
275 .... 
287 +0 


. . Dreyfus intercontinental Inv. Fd. 

,aMzl P.o. Box N3712, Nassau.' Bahamas. 

iMffiiMui NA v May2S IIUBUI lilt) _.'... | - 

jjS Emson & Dudley TstJVIgtJrsyJLtd. 
+0.1 in p.o. Box 73. SL Heller. Jersey. 0S34 2DSB1 

m EDICT. 1117.2 1245| | 3.00 

+03 956 F. & C. Mgmt. Ltd. Inv. Advisers 
+02 957 1 2. Laurence Pountney Hill. EC4ROBA 

+93 — 01-823 4880 

+D1 459 CenLFd.May24._l SUS532 l-OJN) - 

+03 4.45 Fidelity Mgmt. ft Res. (Bda.) Ltd. 
_0J ,7--. P.O. Box 070. Hamilton. Bermuda. 

231 fidelity Am. Asa — l SU^.12 [-0261 - 

+53 252 Fidelity brt. Fund- 5tig20.ffi A - 

+03 9 51 Fidelity Pac. Fd— I SU54802 +0.J4 — 

toi fil FidellfyWridFd -f SUS1397 l+OJPl - 

rn Fidelity Mgmt. Research (Jersey) Ltd. 


aM — J — • DlrFxdlaf-JimOl 7953 " 303*-0.IW 69£ 

A*i| I — Internal. Gr.*t 672 7.271-0 021 - 

fat i HV FiL Far Eastern T [3751 40561+0321 — 

uilBV.ro. Noun Awriren** .5.71 4.o^-ow - 

hamas. . Seprv-t Jll’SDiZ ItTg+D.Obl — 

lilt) — -I — Sterling -dr nmnlnsl+d Fends 

leUrsvXtd. ‘Channel Capital*.. [229.9 Z42.BJ —03) L6! 

Channel [rtand.4-U46 6 1543+03 5.0! 

■»ui3SMaytBi u¥q| ;• .'[ iTa 

rjssr* pnm on m *■ 


2SL Do-IAccumi ITOJI run +U.-H ».«« , D mn c.| in j n Rta6Co Ud< rwcuij ragua. wawitu UICIK71 

357 Lloyd's Life Unit Tst. Mngrs. Ltd. OLMoJ* W-^Bim.DooSua. Heller. Jamey. 

tS TC-80.i1 alehouse Rd. Aylesbury. OHKHMl Capital May 30 I1M.7 ISAS* .... J ZA . OM 


Ttrtirs 1 Wefl 
ju> _ y-r 


mm 


The Leas. Folkestone, Kent 
Can. Growth Fund. | 2205 


'V_l -■•'Ss ioil- Z Cap- Q rowtb Fund- 

— r BBSpsi'r-IW : ■ Is* - 

C^nhnrjbuattonce Co. Ltd. . . 

. oi J es '5 32, C ori d dn .giB^ . awauWO lav. Tru« Fund 

' t Cap. geb-iU n5— tI2E0 -• — f - ‘ Property Fund —.J 

' otJ -;i| Z MftG- GronpV 


"'*** Solar Cash 

— Solar lnQTl „ 

— ' Sctor Managed P, 

— SdlnPimtiW 

= iSsSp 

— Solar Cash 

— Solar lull 1 


X»J +0J — 

119.8 +0.4 — 
1080 +83 - 

105.7 -0.4 - 

MM +4L4 — 

115.9 — 

169.7 +L2 — 

U*.« +OJ — 
1055 +03 — 

Z05.7 -41.4 - 


4.65 American 

253 CAccum. Units) 

AinTtr- nlaclrt n ___ ' 

The British Life Office Ud.f (al lAcenm. Umtsl -I 

Reliance Hue- Tunbridge Wells. Kl 0BB2222TI Lymnnodiiy — 

“■“Ki EI 2 S3 "“ j Omwsfon Growth 

. -Prices Stay BLNwl dealing June 7. 

Brown Shipley ft Co. LULV , £SSS^^.ZZ 

Mngrs: Founders CL. EC2 01-800BS20 (Aceum. Units 1 — . 

BS UnB* May SO — C13 7 22861 ...._) 532 BxiraVield, 

DatAeC-HCaySO — P&6.4 284.9) — 5.12 Lsmin. UnlU) 

Oocenlc Tnuts (a) 

Financial 
General — 

Accum. 
income 
Ugh Income 

tSB 


4.82 Equity Aceutn. — 11541 1665) +2.5) 4.03 (Acrum.i .— ....— 

IH M t r e«.,™a IncmoeMayM. — 

«Tj M&G GrmxpV tkXeHa) lAceum. Uni Ur — 

250 three Quaya. Twer UiB. KL3R 8BQ. 018* 4588 General May 3 1 — 
4.40 See also Stock Exchange DeoliMs. . _ 


-» T| 6WT 

;n Series A Hntnj L*— I I ••••"! 

Ho Sen ea B 1 Pacific). . . £7.0 . | 

^jg SenesDiAm.Ass.il E1759 | — -I 

3-52 First Viking Commodity 7Vnstx 


Schlesinger International Mngt, Ltd. 
4]. La Motie Su SL Heller, Jersey. 063473588 

SA.I.I ,.»1 86+10 S.43 

SAOLl " 0.84 OBf+3.01 5 Of. 

Gilt Fd. 223 225 1222 

lntl. Fd. Jersey 105 110 ... a34 

IntnlFd.Um6re._^058 1L14+0IM - 
•Fhr East Fund — )93 98j 3.06 

■Next sub. day June 

Schroder Life Group 

Enlerprtse House. Portsmouth. 0705 27733 

InteruatJoeal Fund* ... 

lEquity. _ - .0161 1ZS5\ -06 — 

SEquIty 00.3 - 

EFtxefl Interest, — IZ35J ?4?.a -03 [ — ; 


533) +4)2 123 I® 1 

543I +02 123 lAccmnUnitai— .- 

S ilSSsKIS 5 ! 

mil -oi 4.05 ‘Recovero May 10 


1235 -0-61 
129.0 -0 7 

IC.7 -OJJ 

8 Sl George's Su, Douglas, Lo.lt f^lxedlirteresL {W-9 U1.5 -0.4 — ^ 

1m ftLVklbbLOpTii-Bvo 1 +2.0I LW j. Henry Schroder W«gg ft Co. Ltd. 

Fleming Japan Fund S-A. i20.Cheap«ide.E.CJ2. 01-5884000 

Id.d 37. rue Notre-Dame. Luxembourg Cheap S May SB 1 AdELLM {••../ -LB 


W:d 


Dividend—. . 1 136 6 

'Accum. Uni Isi ._.. 12213 


— . 49 .4 

08 

_ 122.1 
..„ 54.1 


B -03 4 05 ‘Recovery Maj ugiss.b . . 4 ojh — . 

... 4-05 -Porta* exempt funds only Fleming Japan Fund S-A. 

_D1 in Scottish Equitable Fnd. Mgrs. Ltd.V 37. rue Notre-Oame. Luxembourg 
+05 864 SSSL Andrews Sq .Edinburgh 0BI-S56B1DI. •'**>' 16 1 SUS45.04 l 


01-800 BS20 UttnmJJniisi* TZ 


864 SBSL Andrews Sq .Edinburgh B8I-55C91DL Fling- May 16 | 5US45 

7.B9 income Unit* H98 53.8) ) 530 Free World Fund Ltd. 

7B9 ArtunLVIn^. -B69 60_5j . ...J 5.10 B ulfcrtield Bldg.. Kamilfon. 

Dealing day Wednesday. I eiijiyr 


Extra Meld . 
lAceum- Units) 
Par East ern _ 


m AcomUnha.. . JM *85} -4 5 . 10 Butfcril . ld aMB ., Kamillon. Bermuda. 

| g Denling day Wednesday. XA v April 28 | SUS173-B9 | 1 

sc Sebag Unit Tst. Managers LULV lal g.T. Management l3d_ 


Cheap* May an *c/s ax->» . ... / 

Trelaljar April 30..1 SUS13A86 J I — 

AslanPy. Jtayl5— W'349* 1S^ ...j 3^ 

Darling Fnd |SALE7 ]j»+0J12) 520 

Japan Fd. May J»-..|»liSfcl3 6Jfl - -J 035 

Sentry Assurance International Ltd. 

P.O. Box 328, Hamilton 5. Bermuda 


Sms Alliance Fund Mangmt. Ltd. 


CtieiRf fc jQw jMgtve laotnrance 


Throe Umiys. TDwer HiH RC3R B8Q.D14W *588 s^Aniroee House. Bonham. 


3611+0 31 417 (Accum. Unita' p93 

ro3 +oi 391 Fund cMm'.Tita ..(599 
«a In i sS 'Accum Unit*.)- 732 

m3 +02 ZiO General 1672 

969 'Aneum Ituiui 2552 

g?a IS! High Income 1026 

27 a +0 4 414 lAceum- Unib • 166.9 

20^^02 334 Japan Income W5.8 

t? i 1 Accum Units) 147.1 


64.40 . . 

re.; . 

183.4 -O 
Z76 9 -0. 
1092 +0. 
177 7 +0. 


Ut SSi5iiSB®-“H3rB WdStUMHar'— “ - 

JJS BeJBWTaw. JB. 3 MI 


saas IS ssss. . .: ..... Hu 

Han * lAreum. Unite M86 

4 Midtaod. ... 1662 

Canada Life Unit Tst Mngrs. Lld.¥ '*SSSK- ,naf ' — ^ 
28 High SL, Porters Bar, Herts. P. Bar 81 122 fXccum UnitaZZ D.4 

Can. Gen Dirt. W.J 3&3 + 8'3 !* Second Gen. 169.7 

Do. Gol Accum W6.4 4 80+0-2) 434 (Accunt I ruLS' .... Z34 

Do.Inc.DUl_— B3.4 ‘ 357id +03) 7.77 Special —...1595 

Da Inc. Aecnm K3.7 46.0) +0^ 7.71 (Accum. Umu-<. ..(200.7 

Capel (James) Mngt. Ltd.9* ******** * 

100 CBd Bread SL.ECSNIBQ 01-5688010 L : rii.. _.B7B 5 

Capita] B86 90.1) I 472 Charlb«KlM+v30. T II 

I Income P98 8U) .. ...| 734 Chartfd. Maj KJJ-S 

• Trices on May li. Next dealing June t. 1 Accum. Units) (J79.1 

Cartlol Unit Fd. Mgrs. UW (awet S^^aMgem. 
lfilbnro House, Newcartle-npon-Tyne 21185 . .. _ . 


Pers. Pension 


»■« ; 

2W.M i 


L’WtaiSBM 


• ^ t 

: * aRaa ! ;* 
{. JM71 i 


r 172. » 

i wai 


ini- ; ^ 


WUtfiFK. 01-4307081 Conv. Deposit*. 

* nMf-'H 

■nee Ca. Ltd.? ' . Pteuiysi^s** 

g, Own 1XW 04882 5033 

1 iR'Sr 

b 3^ - — z . BncovaryFaM- 
f - m{ ' . American Fd.Bd. 

MM -+■■ . jgpanFd.Bd.9 _— bul» » 

j r-ffij : Z’_ ;Mw* on *May SL-Mar ». 
r:-. 3SDJ -Zil.' - ' ~ -Merchant investors Abb 


E ,;Sf£StSl^l Q *aJf ia 1 - 

-■-■ " . Sun Alliance' Linked Life Ins. Ltd. 

'"7.1 _ Son Alliance House. Horsham • 0403 641 4J 

Fund 1314.4 IMS+LPI - 


I2A31 ; z i£ Z ^ 

11 1 sMMlcfl 

1 criuSsr inginEe C>. iid. - v 

*gs ! s* ■ 1 i 


*777, : jjQ2i E^JeafttB^ftSp^^ iv s«l +*&- *** 

55 ;^ ; s «ss ; e 

|£g : 

'IS 5 J 


+0JH — 

ts Z 

“Msy 20. 


FaodTO 

LiepositFDniL.ro 
Managed Fund ■ 


as +uo — 
7.7 +03 - 

«! •~£L9 — 

a=d = 


•Z.' '--Merchant Investors Assnnnce 

ij = 

+03 ' So . ::i 

■— '. P4J 

O iroi rot 3atL §Mged~l_ • 1022 — 


•Stay 20. Son Life of Canada (V.K.) Ltd. 

ice S,3,4,CockspurSL.SWl 15BH 01-081 

5 z 'Sffirl'- ™ Id 

— ' Tgijd life Assurance Co. Ltd. 


293.U +0.9 
es.ri +03 


867 +0! 
1843 +IL 
2753 +0. 
169.9 +0. 
213.7 +0. 


+03) 8.62 Unvl Gtb Tat Inc — CttO Z2JbX| . . ..) 2-50 BerryPacFa- SUS4L06 

^07 1 24 Storart Unit Tst. Managers Ltd. fai Gxl£3Vd!l B .:z: ^ 

+0.: 3.89 45. Charlotte Sq., Edinburgh- 031228 3271 G.T. Asia Sterling— Q3SI U 
+0.2 3 89 iMwiMn nm G.T. Bond Fund .._ 5US32J8 

SSSWJiS^-iK 5 f| z:i l* 

witbdrawfdUniu..|5i2 546) .{ — G art more invest. Ltd. Id 

4^_g 5ji -Stewart British Capita] Fond 2. St. Mery Axe, London, EC3. 

+03 5.21 Standard J333.0 l}4i . — J 4 30 Ca^uacf,, Fuad XagL tVar JEa» 

+D.2 4.19 Accum. Ututa . M*! 1 <3 ° 1503 Hulchirou Hse. 10 Hnrcou 

t 0.3 4.19 Dealing tFn. *t*ed- HKftPac U.Tki — HHBZB5 3 


AuchorGill Edge~ C9.70 976-80113 81 2ft Cannon Sl.. EC4 01=«B^ 

.Vnchor Int Fd SUS4IJ 431 ... L86 DetalOntU—... — )M-B8 K.20)+030[ 6« 

An coot Id ^Tsi. 245^^^2b3 2.98 Tokyo TsL Apr. 2a.. | SUS3560 ) ) L77 

Bony Pac strigZ” 242 m 253 7* 77..". 138 stronghold Management l i m ited 

PTfllSiSSrmB U« iao P.O. Box 31 S. SL Helicr, Jersej IB34-714«0‘ 

GT.B^d F^d^: +GM IllB CoBunodil>-Trtjn..]98.20 94.95) - 

GirnStfi? fiiZZ XUSLZS7 i-2 Sorinvest (Jersey) Ltd. Ixi 

G art mo re invest. Ltd. Ldn. Agts. Queen. 

-Sl. Mary Axe. London. EC3. 01-903881 lin^-iuft - 


ManoLife Management Ud. 


Target Bouse, Gatetanse Kd,~AyU 
Bnckx- Aylesbury 


MO to -TV a» SLG*wi!c'‘- W3 V. Stevenage. 0438 M101 Target Financial 

gaas smz gi 'SSSl-iil ^ 0^0^ pm ** - it i 373 

Da High Yield MU 43AM -051 842 Mayflower Management Co. 13d. eDo.Acc.Umta 

DaAcSm.Unlta-.Et2 a7l -03^ 8.42 ]4f IB Greahani SL, EC2t' 7AU. 01-806 8099 Target Gilt Fund 

Neat dealing data June 14 lBeemt Nay 23 11053 JW Bj | 8^8 

Charities Official Invest. Fd* General KvJst.^.lMA --I 5ja Sf^Si^ unTta 

77 London Wall, KC2N1DB. 01-8881815 Mercury •■nnd managers Ldn. Target inv.__— 

Income May 18 D35J — | ) AM 3n.r.r«xhamS-‘.EC£P2SB. 01 -8MJ *555 Target Pr May3l 

^UWtb^Mjriiv^l+le to Ctauitin. 7 jll cwooCrawthFd 

Chortertunue Jophetr SSSaiSfe SS J -i- . S a 

. xxtlTfSS S3 ::::) « «*2t™ 

Ji m3 -o3 2.00 Midland Bank Group *merAk« 

IS Unit Trust Managers Ltd.V lai StreiSroSSfe 


Dealing tFri. 'Wed. 

Sun Alliance Fund Mngt. Ltd. 
Sun Alliance Hae . Hofxham. 040 

ExpGqTA May 10.1C2M2 215.01 ..... 

fThe Family Fa_. -flSA 181 5| +0.7 

Target Tst. Mngrs. LULV faXg) 
31. Gresham SL. EC2 twalings: 03 

Target Commodity- 1354 3001+03 



. Not Sub. Day May 25 
< Fir-New Cent* Frop gty xe e w* 

httpIlM AxaetJWtnagement 


- Prop- yy. Inc. 10A2 U25 - 

Prep. IJL ACC.— _ . — - — 

^S^tFiTtot 10K2 1U3 UZ — ■ 

»U SEH&uE'gwZ g.7 T75 +o'J — 

— KoUHnnOp-Pen— 593 64.4 +0-7 — 

z Si = 

- cfiSZ^ZZL - a»J +01 - 

— , cm Pen. Cap. PB3 l»0j — -l — 

Z Trvnsintoroational Life Ins. Co. lid. 

— 2 Bream Bldgs, BC4INV.' Ol-dCMm 

:■ TaHp hraLm—tlH? 14851 1 — 

©at 

pn. Pen. PH Cap.. 

■ Baa Pen. Fd. Act. 

^iWd^IJfe Asnuwrw Cfc Ltd.V 


Charterhouse JophetT 

! l. Paternoster Raw. EC4. 

CJ. Interoan B5 .6 

i Accum. Untts -g76 

CJ. in co me ~ 


um 2, St. Mary Axe, Loodoa. EC3. 01-»aa531 

JJJ-3 ■ — i Garttnere Fuad Jtagt tVar Eaxli Ltd. 

765 0) 4 430 1503 Hutchison Hse. 10 Hnrcourt Rd. H-hoop 

•Wed. HKAPhc U.T»L...gmj45 aw 

l ne + ijj Japan F«L. .pliSllMS UMH . . 1 0.70S 

ingt. IMX N Amen can T«l— |IUSI i.E5 lLSJW-aiM L5« 

l 0*0384141 inti. Bond Fund.. ..BUSHS U375) ....[ 5.B8 

K5-21 "nil 5'2S Gxrtmore Invmtmenl MngL Ltd. 

i0L6| +0 7) 356 p O. Box 32. DouglaMoH. __ «2423BU 

td * label Internalional Inc._l2ft0 22.M -0.41 U3B 

r AL*"*, Growth |6U 6531 I 4 60 

"TjjjftSrS 1 B*™hro Pacific Fund Mgrat- Lid. 

M3) +o!7| 438 2110. Connaugbt Centre. Hong Kong 

„40.3 f 5.69 Far East May 3l MDUT U.«+0J« — 

DM 1 5.91 Japan Fund HuSfeJI 7 17f 1 — 


Copper Trtixt 1 

Jap. Index Trt- ( 


“J TSB Unit Trust Manager* (C.I.I Ltd. 

1500 BagfJ rile Rd.. St. Saviour. Jency. 0534734B4 

5.B0 Jersey Fund {46 4 «3 -..{ 

Guernsey Fuad -- .146.4 48.U .... | 4.92 

non Pnces on May 31. Next mb. day June j. 


1 “ 60 Tokyo Pacific Holdings N.V. 


lnlimli Management Co N.V, Curacao. 
NAV per share May 20. JUS4B.02 


Mid SOT K-*' |Si5«- Till — l Tokyo Pacific Bldgs. (Seaboard! N.V, 

^S9?3 liS /" nd "-- --iWSfctt 711) I — lnllln | a Management Co. N.V„ Curacao. 

X2n3 3.00 Uombros iGoernseyl Ltd.) NAV per share May 2». SUS35T2. 

310) +o.fl 438 Hambro FUnd Mgrs. <C.I.> Ltd. „ 

Ji5 po. Box 80. Guernsey M8 1-285=1 Tyndall Group 

92oi3 _o"-> ijS C.I Fund 1142.4 15L7MI 3.90 P.O. Bax 1258 Hamilton 5. Bermnda. 2-2768 

IMTl ..? 431 In ml Bond SUShM64 107^ . ... IO C-vervrxs May 24 -ISl-fUf UJ| 1 61 

lUl-ioi 332 InL Equity Jt-SfiS.M IZflTr 250 r Accum. Valisi +*f - • • | — 

isa its InL Svga. •*■ SurnTw LOS 5-SO 3-Way Int May IB ...SCS258 2H| | — 

20 4 +6 jl 4 54 blL Svgs. B' SLI^LM l.lll ... 2A0 bg 

. ^ L . . PricoT on May 31. Next dealing June 7 mpsi Mav25 


?M4l — -I - 


CJ. Hare. Ftii 
AccnzzL Unite 

CJ. Fd- Inv Trt Q&s 28AI .. — | 3 JB. snemma 

Accum. Units p-'«4 32j)....{ 3.B2 Commoaity AUon..J642 

Price May 3L Nuxt dealing June 7. Do. Accum. [740 

. Growth P6.? 


4.61 TfiLloc.. 

4A1 T 64- fTe' 

233 Coyno Crosrth Fd 

^ Target Tst. Mgrs. (Scotland) farfb) 

A42 IB. Ataiil Cres+enL Ertln. 3. 031-2298821)2 

Target A-nerEoglefgJ .2931 -J 130 

Target ThtiUc M04 43.4«f -tO.jl .5A9 

Extra Income Fd. —|59 A M-l} +0J| 1032 


lutnl Bond 5 U SUM 84 107 ra . ...I 8 40 Overxeas May 24 -Ig. SlJS 

InL Equity St'S10.69 HUS ( 250 t Accum. Vatisi jJlS13 

Iul Svga. 'A' SU8n-02 L09 1 8» 3-Way Int May IB ...BCS258 

blL Svgl. 'B' SLISflDS . l.U) ... 1 2-50 : Sew SI SL Beller. Jersey 

Prices on May 31. Next dealing June « TOFSLMay 25-- “ 

Henderson Boring Pond Mgrs. Ltd. lAceum. sbarosi 
■> r. SL,„ American May 25 


ljj j | 601 


852* 37331/3 
7.90| . ...I 6 DO 


j w Courtwood Hciu<ft, Sihtr Sirf?l, Head. m « _ ■ s t— r* 

J is sh^SSrsiap.D. Tel: 0742 7S&42 Trades Umon Unit 

3.B2 Commodlry AGon..(642 69 Ud ...I 5i>2 ]00. Wood Street. E.C2. 


uji-«»ouj+rx p o. Bov N4723.Nar-.au. Bahamas 

fSa+04 SH Japan Fd. _ ISl'SHM 17JM . . 1 — 

m 3 +Oj| loS Pr1ce * 00 2,L dealing dale June 

T „. Man-a.reti HlU-Samnel ft Co. (Guernsey i Ltd. 

8 LeFebvre St, Peter Port Guernsey. Ci. 


1 Accum share si 
“ ' , Jersey Fd. May 24 
une *■ i'Ncus-J.AccTUis 
L td. Gilt Fund May 24 

, lAceum. Sharesi 


B7J 
87! 
203 < 
2861 
1056 107 6n 

139.1 



794 +0.1 
39 in -0J 
4ft5 +-0.2 


3L7 .. 

55.0 +0 3 

62.6 +03 

51.7 -01 

54.7 ... 
053 +07 
69.2 +0.7 

1093 ... . 


S-JI TL'l"5May2 [49.0 523a< I 5.42 

3]* Transatlantic and Gen. Secs. Co.V 
!« 91-90 New UsudunRd Chelmsford (EHSSISSt 


Chieftain Trust Managers Ltd-Vtaxgl do Accum. — OT.fc 4|3 +0.: 3.M TransaUanUc and 1 

UNf* 5LGCZK-|TP. 01-2833832 El? s i7 " IS 91-90 New London Rd 

fflesferrMr* ad i| sS r .r| 

«snag?bBr» 9 J is 

SSSSSSSS-JT- ■£££ s 3 s^|| I !H Sri 

o— — au- «4 -X « JS&Hw IT g~ys» - gj 

CosmopoliUm Fnnd Managers. Minster Fund Managers Ltd. .AccunTliiutaC.-.. 681 

aa pom street, London SWUK9EJ. Oia358S2ft Arthur SL.E.C4. 01-S23IOM Marlboro Mapr 30— 50 6 

r«mM,s.nt,nni7q ion +0.1I fliu mi nn I 4 47 f Accum. L'niU). ... *77 


i'rj Barbican May 25. - 175 7 
Sll iaccuhl U nitai 1161 

IS tataas^ss 

■ u i Accum. Uml»i 99 0 

□ u I'olerno May 26 1263 

s' J9 i Accum. L'rniaj 152.4 

5 49 CJTOd ltav.lt _. 515 


80.1 .. - . 

320.6 ... J 
88.4* +M 
83.7* ... . 

103 6 

1338 .. .I 
1603 ....J 
545* +0J 
S9.7 *02 
56 Jo ...., 


f-^Li ™rr «* l-Ui«. 8tngmm.jC.Ll Ud. /. 

1 004551831 Itrsuu 19411-11051 — 14 Muleailer Street. SL Holier. Jersey. 


f Jt International Pacific Inv. IHngt. Ud. ujB.+und _.jsvswn inuy | a 16 

453 PO Box R237. 58, Pitt Sl Sydney. Ausl. United Slates T»L. Inti. Adv. Co. 

J|S Javelin Equity TM..ISUI9 219) | - R„ e Aldnnger. Luxembouni. 

sia JJS.r. Managers (Jerseyi Ud- U.S Tst im-. Fnd J JLfSIOJM I — | 0.99 

5“ po Box 194. Royal Tsl Hit.. Jer+ey0534 27441 Ncl aM *' 1 “■>' 

783 siJ+r S. G. Warburg ft Co. Ltd. 


SSSSfSSS" S-a+d IS v£SSi 

Crescent Unit Tst. Mgrs. Ud.(aKg) MgemTt- Ui 

4 Melva eCw a .. Edi^wrgh 3. 03].giB4Mt oldQuwnSlreeliS wiHMG. 01-8307333. VangTee Ma>31 .. 
Crescent Growth — Z m W3 «L3) [ 4J6 < Accum. UnittJ — 

IS SroJ3vS«rrSS Mn^Ui isgfflfc 

Cte&Haemt„ — K».4 «35| +03) 835 . 15iCopt hni| A;e..BC3K7BU. 01-0064003 WicltDLMayaH...-- 
Discnjtionary Unit Fnnd Managers Mutual Sec- ?to -[32 0 »• Arrum 

SSiS!;r tS 4 « affiaaszfc Mai is w * 1 


^ 703 Jer ^5 « April ^ft Nexl sub. di? May 3l7 S. G. Warburg ft Co. Ud. 

if Jardine Fleming ft Co. Ltd. JKSSSBt "luro 58 I fT?" 

fn 46lb Floor. Connaught Centre Hong hong Energy InL Mav 30 . SUS1682 1.. — 

- 33 Jardlnc Ertn.T*L„.l 1HK240.99 3.M Gr St3Fd. Apr.30^, 3US6 85 I - > 

..... Jardine J'pn.Fd.'_[ SHK316.bb ... £■« Mr Eur.May 24 — BJJB .. . { — 

- «J 7 Jardine s£a... — I SU 1 O 340 2.30 , j 

Ai' trq Jardine FlemJnL ..| SHK9.46 — Warburg Invest. Mngt. Jrsy. Ltd. 

-8J 654 NAV Sl,£C8 ‘ J- '-hari nf Cm*. Sl Heller. Jsy Cl 05^1 73741 

53t .Vert sub Stay 3( CMFLid.Ma.v25... IWiSlH lfi*1 .. • - 

- — 5^ Keyselex MngL, Jersey Ltd. CUT Ud. Mai 25. . 02^ J2.W ... - 


3jj Jardine J 'on. Fd.'_ SRK316.bb 
8J7 Jardine SEA... SUKI3 40 

tJq Jardine FleinJnL .. _ SHK9.46 


ui-auu+ODa 

& I:: I - 

la.sttl " .1 - : 


Discretionary Unit Fund Managers 

22, Bl omfietd SL, KC2M 7 AL- 01^38440 


S4,j»HiiiueiaaL I BAUM irti- 01-8384485 M-jtn+1 Blue Chip- M2 7 463( +u 

Disc Income [162.9 173ft* J 521 Mutual Hich^d.._l555 595|+0, 

rt. l td National and Commercial 


J) 6.41 Dm. 

i is ^ 

.3| 8.74 18. 


Tyndall Managers Ltd.y 

18. Canyngc Road, Bristol. 02 

lacoBieMayJl 13005 ICftf) +0. 

tAccum. U»W MOJ +J- 1 


E. F. Winchester Fund Mngt Ltd- “ n “ * «, «„ .... iAreiim.Un.tt) i»2 

fiUlMNWa 01+VK521B7 31. SL Andrew Square. Edinburgh CO] -558 9151 Capital Ma.v31 125 0 

ng. ° income May 3t [152.2 157^ 6ft| (Aeram UnlUi-..-. 174 4 

Sg ( 4 S f Accum. faita. -{S».2 2JA« 6.00 Exempt April 31 X0J.6 

GLwaeDCT irsfl*qAV.7 ZU* I 4» CopLMa,v3t . --P235 328.J -2 4 j 3.47 lAecuoLUnii#) 1520 

Gmom ft TNuflev Tst ttnemot. Ltd. iAmublUtuisi- — P512 1562) - 4.4) >#7 CanyngeMay3i_ 98 8 

30, Arlington Sl, S.W.], 01-4M7561 National Pro VI de nt I n v\ Srtfcraik3)."ltU 

HmnftDudhu^B 69.7, , » "VfS ^'SKeT ^ 

Equities Secs. Ltd. )al lg) iz) (Awtim. L'nlts-* — [549. _5ftg j 525 lAceum. Unitai- .. 166.4 

~ ?60 HcoL Inc Stay 31.-1 


-0.1 654 NAV May v«i‘ s ^“S!v e 9 l i SUS ® 10 ' 3- '-harittf Cross. Sl Heller. Jsy Cl 053*737 

536 .Vc«sub.flf*r3l CMFLid.Ma.v25... KSBJt lfi*) .. . - 

■ — Keyseler MngL. Jersey Ud. cut Lid. Ma. 25- ... ilLP 12.W ... - 

1« Ki Box B8. SL Heller. Jersey.. lEng. D1^067070i MetaliTU May 18.. 0+88 LJ7 .. . . - 
848 Fonselex fnlX 15® . . . iX ™Z«y r.~ ggV j 0 “^ ' “ 

JiS:/: MHhnwecmifc«wi*w«t 

+0.4) OA» tannn/Zth Fund n WJfl N IB — Rm-al LuxembOUrtL 


B «. Japan Gib Fund B SHU - 

fK KejMlex Japan .. GO JO 1L73| - 

J g Cent- Assets Cap.... £133.19 M 0.0?) - 


fa World Wide Growth Management* 

— Ida. Boufev-ard Roj-al. Luxembourg, 

“ Woridxide Gth Fdj Sl'Sl4.bl | I — 


National Wcstminsteriftaj 


Capital Growth — J814 

Du. Accum. 0.7 

Extra Inc Crowib... 17 4 
Do. Accum. 43 1 


2111 +0J3 
67.77 *0lj 


2ft Art; ngtan SL,S.W.J. 01-4807551 n»«n» : ‘ JoLEaro Muy 31. _.. 244 6 257W+0-2 518 

fimOB Dudley lbL.]M8 69.7J | 3.80 48,Groc«lua , '. , h Sl .BiJP3HW Ol-fflaiSW (Acclm Unitai 272^ aSM+0.4 5.U 

, ■ NP1 Glia-TiTrt. K5.0 47.9ri .... 4 00 Scol Cap May 31.... 1398 146.M . .. 524 

Pregroanre™^! 408 » JuL;f 87.61+0^ 5« 

(Tan Hr ft law Un IT M-d (HlbKCI 'Prieoi. on May 1. Neti dealing M.* ai. £ W . Accum. 0.7 895 +0J! — 

SSLfRT^Wvie SmSt National Wwtminste^w, Extra Inc Growth... J74 %2 +0.1 2fli2 

-rtri 4J1 161, Cheapsifle. EC2V 6EL' S0&J. ^ gp- Areuni--™. — « 1 *“-2 T«h 

Equity i Law 1666 70-H +41.71 — HbO 70.9J +0 bj 423 FTnwicj^Pr'rty-. 1 »-S 

Framlington Unit Mgt Ltd. (a} eotbIm. Ma 737* +05 mpM^Ftionty;’ Uifl 67.7 +0.J su 

5-7, Ireland Yard. SCAB SDH. 0l8tt«l GreSohlnx 898 »j +&9 4 99 taleronijoiial 3jL0 |3| |25 

Amcricn 482 50« ..,. IM lnrotne - - -161 388 +0 4 648 Special SU*. -P0 5 3261+031 5.00 

Capital Ta. l^A 124ft ...... 3W portfolio inv hi _ 703 T5JJ +0.7 550 xgR Unit Trusts lyl 

Univurtal hd v .... (58 6 U-jR-DJ ‘- 3S +i . Chantry Way. Andover, Hgnta. 02B4B2188 

Ido Accum. uoS ii76<3 '■ i26 NEL Trust Managers Ltd.? tailg) Dealings to oast $3432-3 

■ „ • MUlpn Court. Dorkilu. Surrey. 50ll tblTBB General..— )44 9 48.U+0 2 358 

Friends’ ProvdL Unit Tr. Mgrs.ft TlelOar - 1612 64.41+0 5) 440 cbi Do. Accum — S69 604+05 358 

Pixbani End, Dorking. &3065053 Nelstarllmhli.r. .150 6 S3 3 -1 7.98 <b» WB Inreow— M 7 6Jta +05 7.M 

Fttends7T0P.Utt._wi2 45irt|+(L3J 426 For New Courl Fmid Managers Ud. J&BScrttShl^' — 'Si 865* . Ml 

Id* Accra ISS 5*3 +0% « b a?e Rothschutl .Uiset ManagBBJTDl ^ Cw. Acc^.'."!'- 1*74. «7| ,Z. 2.71 

G.T. Unit Managers Ltd* Norwich Union Icsnrance Group lb) RankV (al 

16. Ftnsbury Cir*us EC2M TDD Ol^MBUl P.O.Bt»x4.No r vf ,, .- n .NRI3NG. Waring Strmu Bclfa+4. 023211531 

G.T.CBPLlnC— ....WJ 86.6) j 3.40 OrotipT^Lfs • .L«*5 3ilU +J JJ 4.92 (h .l’l«eri:rFv,-Ui.. |378 40.6) +8.4f 522 


5M NOTES 

5.80 

5.18 Prices do not include $ premium, except where indicated*, anrfare in pence daJeKothenise 
5 24 indicated Yields ^ tshown in last colu-“~; "'• ■> l| di'rme 
524 include all expenses, b Today's price*, c Yield on ^ier p^e.a “iiMiea S 
8ft) Dpenin* price, b Disiribudon free ol L'i- taxes, p t^nodic P „ra*i«5Sn 

premium inmiranre. x Ottered price include* all «««*' '^L' 

S k y Offered price Includes all expenses If bought throuan raanapr^ r Prouous dJ>»pHw. 
545 V Net of tax nn realised capital galnr. unless indicated bi Guernsey firois. e Susper.did. 
n » 6 Yield before Jersey va. f Lx-subdirixion. 


Capital TsL Uii ,124ft. — 3W 

Income Tst. U3A Ud2w 595 

IBL Growth Fd___ 1072 2533 2A 

Dc. Accum. -.plO.b U7iq • ■ ■ 226 

Friends' ProvdL Unit Tr. flfgrsft 

PixbamEnd, Dorking. 03085003 


l.G. Index Limited 01-351 3466. Three months Copper 796.0-802.5 
29 Lamoot Road, London, SW10 OHS. 

1. Tax-free trad mg on commodity futures. 

2. The tomraodily futurcb market fur ihe smaller investor. 


G.T. Unit Managers Ltd* 

IS. Finsbury Circus ECiM TDD 

G.T. Cop. Inc fM.5 86-f 

Da Ac?:.- 97* 1041 

gSfctKKi- S! ati IS E'i' 7 ™ M . STrS 

sSSS^ffi Sl - a «ssst--j‘-“:aj ■ si :s| a 

r T vSvdZ BJ 8 566* -'ll Pearl I'mlTs, »3 38.0* -0 3 5 06 rm.Aveum. 134 0 

G.T. Four YdsKd— I53J 566*4 -Ml 720 iAiXanL VlllL , fg 7 44 2) +o ij 5.o6 wfeler Gn«wh Fund 

O. ft A. Trust (ailgHx) Pelican Units Admin. LUL (gtm KinKW,u«wSLEC 4 Rt»AK 

5. Rjylelsh-Kd-, Brentwood iCCTTi 227300 81 +'.juatait..-,L. M.ir-.chcslur Q6]>3306 | B<5 Incomv Unite f29J 

G.fcA 133.4 34.64) +0J| 4.79 J'eUcan l nils 183.0 89.2| +0.b| 5.10 Accum. U mu, 1>40 


3 40 Urou pT+LfW .. -1344 5 JfaU +JJJ At 
3 Ao Pearl Trust, -il onagers Ltd. (aiifiRzi 


023211531 
40.6) +0 41 522 


CLIVE INVESTMENTS LIMITED 
1 Ruvul EschanKe Ave.. London EC3V 3LU. Tel.: 01--83 1101. 
Index Guide as at 23rd May, 1973 (Base 100 at 14.lw7) 
Clive Fixed Inferest Capital 11'7.H7 


Clive Fixed Interest Capital 
Clive Fixed Interest Income 


28*1) fS rbari Growth pJ- 

13951 fl'oo Accum 


ijucn.m rrusl A 0 ™ 1111 *' ^ Mgmi. Ltd. 
^ntl 4« Ktnc William SL EC4RP.VK 01-6534K 

+03 452 Knars H«l Fund -1149.0 157 0t .1 45 

-glQ 2 ;t« Wiel-.TCrth.Knd._ 29 3 30ft J 43 

-P«l 5 06 Ita Ak'CUlA. . — |34 0 35ft J 4J 

+0 4j 5,o6 Wieler Growl h Fund 


CORAL INDEX: Close 470481 



fll-623 4851 

15701 

[ I 43Z 

30ft 


35ft 

1 1 


01-6234851 

30 91 

1 ....i 4J6 

35ft 

1 4 4J6 








































































































































































































































































































































































































































44 




CONTRACTORS 
WHftCARE. 


FINANCIALTIMES 


Rush & Tompkins 


Thursday June 1 X97S 


;|B"und^rs^CiyirEn^h^e^- 



ives pledge 
He’s defence 



THE LEX COLUMN 



SY REGINALD DALE 


WASHINGTON. May 31. 


defeat In £55m 
bid for Sachs 


Reed di 






PRESIDENT CARTER today 
gave a firm undertaking that the 
U.S. would use the full force 
of its military might, including 
strategic nuclear weapons, to 
defend Western Europe against 
an attack by the Warsaw Pact. 

His statement to the NATO 
summit here was regarded as 
the strongest reaffirmation of the 
American commitment to Europe 
yet made by the Carter Adminis- 
tration. 

The coupling of American 
strategic forces to Europe was 
critical, for it meant that an 
attack on Europe would have 
the same congruences as an 
attack on the U.S., President 
Carter said. 

Mr. James Callaghan, the 
British Prime Minister, told a 
news conference that while he 
had not doubted the U.S. com- 
mitment. he was very greatly 
reassured to hear it so clearly 
restated. 

Mr. Carter's pledge was in 
response to increasing anxiety in 
Western Europe at the growing 
power of Soviet nuclear delivery 
systems, such as the Backfire 
bomber and the SS-20 missile, 
which are targeted on Europe 
rather than the U.S. 

In a speech to the summit. 
Herr Schmidt, the West German 
Chancellor, expressed growing 
concern about the increasing im- 
balance of such medium-range 
weapons in the field, particularly 
since it could not be corrected 


in the present round of strategic 
arms limitation negotiations — 
SALT II. 

President Carter spoke on the 
summit's second and final day 
as heads of government approved 
the strengthening and stream- 
lining of the alliance’s conven- 
tional and nuclear forces over 
the next 10 years and more, under 
the so-called Long Term Defence 
Programme. This programme 
was an impressive answer to the 
challenge facing the alliance, 
Mr. Carter said. 

A survey of East-West rela- 
tions approved by the summit 
forecasts that the Soviet Union 
will continue to give top priority 
to its military build-up despite 
growing economic problems. The 
study predicts that the Soviet 
Union will continue to increase 
defence spending by almost 5 per 
cent a year in real terms in the 
coming years despite a decline 
in its conomic growth rate to 
little more than 3 per cent 


African views 


The economic problems this 
causes may oblige Moscow to 
choose between repressive econo- 
mic measures at home and seek- 
ing economic aid from the West. 
The West should be prepared to 
offer trade and credits but only 
at the price of a soviet commit- 
ment to cut its military build-up 
and refrain from provocative 
activities in Europe and the 


lliird World, the study suggests. 

Mr. Callaghan warned Western 
governments against responding 
too hastily to Soviet and Cuban 
intervention in Africa. Before 
the West rushed in with instant 
solutions, it must be quite sure 
it had correctly analysed the 
problem and listened to the 
African viewpoint, he stressed. 

The Prime Minister appeared 
to be directing bis remarks at 
governments like those of France 
and Belgium which would like 
to see the early creation of a 
pan-African peace-keeping force 
for Zaire. The UK is unenthu- 
siastic about the idea. 

Attempting to clarify the 
American position, Mr. Hodding 
Carter, the State Department 
spokesman, said the concept of 
stationing African forces in 
Zaire’s Shaba province was 

worth considering. 

The proposal will almost cer- 
tainly <be examined at the five- 
nation meeting on aid to Zaire 
in Paris next Monday called by 
the French. 

Mr. Cailagbr&n said that in the 
long term, Moscow's African 
ventures might not bear too 
much fruit. Whether the Soviet 
Union made medium-term gains 
depended on the intelligence of 
the West’s response. However, 
he did not want African peoples 
to be subjected to a period of 
enforced Marxism if that could 
be avoided. 


BY STUART ALEXANDER 


THE £55IH bid by Guest Keen 
and Nettlefolds to raise its 
holding in Sachs, the West 
German components manufac- 
turer. from just under 25 per 
cent, to 75 per cent, has failed. 

The British engineering com- 
pany's lawyers conceded defeat 
yesterday, withdrawing an 
application to Count Otto 
Lambsdorff, German Economics 
Minister, asking him to reverse 
the decision of the West 
German Supreme Court which 
blocked the merger. 

“ Having considered the 
written judgment, we do not 
think it is worth pursuing the 
application any more,*’ GKN 
said yesterday. 

West Germany's Supreme 
Court had decided in February 
to uphold an appeal hy the 
Cartel office against the merger 
because of the dominant posi- 
tion it would give GKN in the 
market for clutches and the 
overall financial power of the 
omhined group. It also required 
GKN to show that it would be 
in Germany's economic Interest 
for the merger to go ahead. 

The appeal to the Minister 
was lodged in March, hut 
Sachs did not formally identify 
itself with it No ruling was 
ever made hy the Minister but 


it is thought there was little 
chance of a reversal If GKN 
had gone ahead with the 
application. 

GKN still holds 24.98 per 
cent of the Sachs shares, which 
it considers a profitable invest- 
ment, bat the- company is look- 
ing for expansion opportuni- 
ties, at home, in Continental 
Europe and in North America, 
and is thought to be less 
interested in investment share- 
holdings. 

It Is primarily concerned 
with strengthening Its position 
as a trans-national components 
group with the resources to 
compete with American and 
Japanese manufacturers. The 
link with Sachs formed a major 
part of this strategy. 

The German court ruling has 
raised doubts about the future 
of mergers between the major 
European component manufac- 
turers. 

GKN has high hopes of in- 
creasing its activities in the 
U.S. when a plant to make 
constant-velocity' joints for 
front-wheel-drive cars begins 
production next year. 

Although upset by the Sachs 
setback, Mr. Barrie Heath, GKN 
chairman, said recently: "We 
have quite a lot of other irons 

in the fire.** 


its scars 




cant influence ' oyer ; it . 

s . Amo o ently, Lonrho has convimM^ , 

63 to 4/0.0 aud j tD1 ^ of the latter point tatjj < ||] 


- ... , . oant influence oyer it 

The ^t-edged market was _ « tiy, Lonrbo has convinced^ < 

tatang its cue from sterhag Index TOSC 63 to 478.5 of the latter point WrfH i 

SSJSCf't’Si’.a — t-ssSSSB# 

rajs a - » « «-sr . 


sterling was ‘not alone. AH of • "LEM >' 


yet loa* 1 capital still amounts to correspond^ 

S 77 m.of- which a third is repay- this boosts prete ' 


strengthened against the dollar a bus rzZ T 

and on a trade weighted basis able in five years. This com- fee ■ . 


irezhnev accuses West 
f Zaire propaganda 


Guarantees blamed 
for Meredew’s fall 


BY OUR FOREIGN STAFF 


BY CHRISTINE MOIR 


MR. LEONID BREZHNEV, the 
Soviet President. responded 
yesterday to Western criticism of 
Communist involvement in 
Africa and fears over the 
Warsaw Pact arms build-up hy 
accusing the West of “cynical 
interference" in Zaire and of 
" trying to mar the process of 
detente.” 

He told a select audience of 
Czech party and state officials at 
a rally in Hradcany Castle, 
Prague, that NATO circles “are 
trying to avert attention from 
the cynical character of this in 
tervention by masking it in a 
propaganda campaign about suo- 
posed Soviet 3nd Cuban partici- 
pation in these events." 

Mr. Brezhnev— who looked 
tired and delivered his speech in 
a halting Fashion — avoided 
criticism oF the U.S.. France and 
Belgium by name. But he 
attacked “political circles which 
are openly trying to mar the 
process nf detente, not only in 


UK TODAY 

SUNNY and hot, some thundery 
showers. 

London, S-E„ Cent. Sonthern 
England, E. Anglia, Midlands, 
Channel Is. 

Sunny spells, hot thundery 
showers. Max. “6C 179F). 

S.W., V.1V. Central Northern 
England, Wales, Lakes, I. of Man 
Sunny spells, hot thundery 
showers. Max. 23C 173F1. 

East. N.E. England 
Coastal fog. Sunny periods. 
Max. 22C (72F i. 

Borders, Edinburgh, Dundee. 
Aberdeen. Moray Firth 
Sunny spells. Very warm. 
Max. HOC tfiSF). 

S.W., N.E„ N.W. Scotland. 
Glasgow, Cent. Highlands, Argyl, 
N. Ireland 

Sunny spells. Showers. Hot 
inland, cooler on coasts. Max. 
23C (73F). 

Orkney. Shetland 
Dry and hot. Max- ISC i65F). 
Outlook: Hot and sunny, sonic 
thundery showers. 

Forecast Tor June: Dry and 
mainly warm, hut with some cool 
and less settled interludes, parti- 
cularly later in the motnh. Rain- 
fall mostly near average. 


Europe, and to return, if not to 
the Cold War. then at least to 
a lukewarm war.” 

He also complained that 
Western leaders at the current 
NATO summit in Washington 
were “discussing plans for new 
warlike preparations for many 
years in davance ” and con- 
tracted this with Soviet plans for 
disarmament. 

“There does not exist any type 
of weapon that the Soviet Union 
would not be wilding to limit and 
ban on the basis of mutual 
agreements with other states,” 
he said. 

However, disarmament had to 
take place “without dama gi ng 
the security of anybody and 
under conditions of complete 
mutual agreement between those 
states which own the arms." 

Turning to internal politics, 
the 71-year-old Soviet leader told 
his Czech audience that they bad 
stood with honour the difficult 
‘test after the 1968 intervention 
hy Warsaw Pact troops. 

He praised Mr. Gustav Husak. 
the Chech president and party 
chief , as “an outstanding son of 
the Czechoslovak people ” and “ a 
prominent personality of the 
world Communist movement." 


Mr. Husak responded In kind, 
thanking the Soviet Union for 
“fraternal international assist- 
ance which in 1968 saved the 
country from counter-revolu- 
tion." 

He added that '* ever-closer 
integration with the Soviet Union 
and Comecon is the main line of 
Czechoslovakia's future economic 
development” and .coupled his 
remarks with a sharp attack on 
the “ dangerous and adventurous 
policies of the Chinese leader- 
ship.” 

The ceremony was televised, 
but half of Mr. Brezhnev's 30- 
minute speech was blacked out 
by a technical breakdown which 
unconfirmed rumours circulating 
in Prague attributed to sabotage 
of a television cable. 

• Dissident Czech sources 
confirmed that at least 14 
prominent human rights acti- 
vists. including Dr. Ladisiaus 
Hejdanek, a Protestant theolo- 
gian and one of the three princi- 
pal spokesmen of the Charter 
77 movement, were taken into 
custody in a pre-dawn police 
raid on Tuesday, a few hours 
before Mr. Brezhnev's arrival 

The latest round-up appears 
to be the largest police action 
since the movement began 17 
months ago. 


GUARANTEES to the tune of 
£13.7m for borrowings by other 
companies in the collapsed Bond 
Worth group were blamed yes- 
terday for the failure of D. 
Mere dew. the furniture-making 
subsidiary. 

Unsecured creditors of the 
company, of Letchworth Garden 
City. Herts., were told at a 
liquidation meeting in London 
that they could expect not a 
penny of tbe £2.08Hm owed them. 

The picture of the company's 
affairs outlined by Mr. Norman 
Saddler, the Official Receiver, 
reaffirmed earlier views that 
National Westminster Bank was 
unlikely to recover all tbe £15m 
borrowed by tbe group. 

Mr. Anthony Charles Brown, 
Meredew's managing director, 
blamed the cross-guarantees for 


his company's collapse. The 
amounts owed directly by Mere- 
dew. £819,000 to preferential 
creditors and £883,000 by way 
of an overdraft to National 
Westminster, had proved that 
Mercdew itself remained com- 
mercially viable. 

Now the cross-guarantees 
meant that the bank would take 
all Meredew's assets valued by 
the Official Receiver at £3.07m. 

Bond Worth as a whole is said 
to have an assets deficiency of. 
more than £2Sm. though sales 
of subsidiaries may reduce this 
level to a degree. 

The century-old furniture- 
making business of Meredew. it 
was learnt, has been transferred 
to a new company. Meredew 
Furniture, when the Receiver. 
Peat Marwick. Mitchell has 
begun attempts to sell it 


and on a trade woifrhted ha<ri« aDie m live years. me iuumw — : * "n-.JTW,.-. 

sterling dSiSm^ Pares with tangible net worth favourable for &ewcxnAm ^ _ ' 

If aJUSSl ™e bSound *183“. and last year's big At 
news for the eilt-edeed market write-offs raise further questions at their lowest for -fee year*ufl r 

‘bout the quoliW o£ the ^ 15 per , 

is increasing talk of U.S. prime sheet Disposals raised £4Qm capitalisation is no-mate-th^r : 
rates of 9*-l0 per cent by the over the year-tat *“*“!"*■ .H26m. ^ 

year end and yesterday's US. write-downs of £l!hn. The snake , v;r-' 

consumer price figures confirm t*P iu Canada, which still iVl3J"tCy-- _ /;■ ■ r- 

tbat inflation across the counts for nearly a quarter or interim pretax '.pair- : 

Atlantic has been running at capital employed, reqioiredex- ■ 13 , cent higher afc., . 

an annual rate of 10 per cent traordinaiy provisions .of £Z3nL bat it is- dear that tha : 

over the last three months. And exchange 1 o ss es _ untnrn in the TJK is taMrigi. 

Meanwhile the latest National t° no less than £3ftna- 93tis figure. , on „ r filter through than: ; . 

Institute Economic Review is would have been £8m lower out ^ been anticipated only a few. , 
talking of 10 per cent inflation for the fact that the overseas men ^ ]s ag0# Them, analysts , . 

here in the UK. by the last subsidiaries account on a calen- were es timating that 1978 pri'r- 

quarter of 1978, which is a far dar year basis, yet the anain ex- fitjj woa j d rise . fay around- j»v- - s- V u 
cry from the Government’s 7 planation. is that Reed has too . hfr rf jpfgim but it now icmks ^ ‘J- « 
per cent forecast many soft currency assets and. profits ^ on iy iacety fa 

hard currency liabilities. recover to the. 1976 level "Of - 

Reed could take several years around £18m _. 

Reed lnt. to get back Into shape. Meai£ ^ ^ haIfi all of . 

Reed International is cutting w ^ e a yield of 9 i per cent ana. gj. come from- 

its dividend from 13p to 8p per biaricet capitalisation of £l4im overgo and is due iimost ; : 
share (where it costs £9m) after not “ 1116 barsain basement, '.^ 0 a recovery in the 

a year in which shareholders’ T . •* reorganised French operation, 

funds have dropped by £56m to LiOnrllO Last year’s £0.5m loss has been 

£356ra including intangibles. But Things have not been as rosy turned into a £0-4m profit How. 

the overall tone of the lengthy for Lonrho as the 8 per cent ever, there is not .much' scope 

preliminary statement is sooth- increase in interim pre-tax pro- f or a further sharp improve- 
ing, which was enough to lift fits (to £42. lm) . suggests. First ment here and while the impqr- ■■ ; ^ 
the battered share price by of all, the current figures have tunt Irish subsidiary should 
another 6p to 123p yesterday, been substantially boosted by improve its performance this 
The trading news is encourag- the treat ment of House of Fra- year; the Canadian and South 
ing. Pre-tax profits have risen ser and SUITS as associates for African operations are finding 
from £74. 6m to £81m. thanks to the first time. Together, these th e going difficult, 
a remarkably strong final have probably added around Marleys UK profits have - 
quarter in the UK where an £7m. On the other hand, the actually slipped slightly in the ; • 
upturn in publishing helped to Holt business in Nigeria is now first s is months. On'-the roof- . 
push profits for the three a 40 per cent associate, and its tale ride, which contributes ... 
months up by two-fifths to profits have taken a dip Then perhaps a third of domestic pzift- 
£27.7m. Overseas, Reed suggests again, there is the inclusion of fi te> deliveries were 6 per cent 1 -- 
that pulp prices are bottoing out the AVP hotel business which fairer, but this has been more •' 
in Canada at a time when trad- -was acquired during last year’s tfian offset by a £0.3m. down- 
ing losses there are already second half. So overall it is diffi- turn in export profits and 
being reduced. cult to see how underlying pro- margins on the plastic extra- % : ...... 

So the group expects to he fits for the first six months can skra ride have also, been muter r "'- 
able to maintain its dividend in have shown any growth at all severe pressure. The rise in 
the current year. And the finan- The treatment of the House consumer spending should soon - 
rial position now appears to be of Fraser may raise a few eye- start to feed through to Mar- 
stable enough for the problems brows. To qualify for associate ley’s home improvement fnisi- 
to be tackled in a methodical status, Lonrho has to have more ness but as with many other . 
way without Reed having its than 20 per cent of the Fraser UK companies it is taking 
hand forced by cash needs. shares (which it has) and be longer than expected. At 7Bp 
But there is still a very long in a position to exercise signifi- the shares yield 5.0 per cent 


ACAS faces challenge 
on union recognition 


BY ALAN PIKE, LABOUR CORRESPONDENT 


Continued from Page 1 

Petrol likely 


to rise 


BUSINESS CENTRES 


Amst-'iMm. 

Athens 

Balimln 

Barivlona 

Bi-irui 

Rrlfost 

Belgrade 

Berlin 

BirniBhm. 

Rnslel 

Brussol 1 ; 

B. .»mvs 

Haim 

OntilT 

lUicajio 

L'olocn-' 

ConnhnKn. 

Dublin 

tdinbruh. 

t-'ranHiirt 

Gi-m n 
r.lascow 

Hi-isllill 
II. Kons 
Jfltjur/r 
l .iibon 
London 


’"day 

mid d^r 
•C "K 
P ?«> 7? 
C 2.'. ~ 
•: +» km 
S ^0 


been recently involved in 
price-cutting. 

If competitors increased 
prices In highly competitive 
areas. Shell would almost 
certainly follow suit. 

A general increase in 
pclrol prices has been on the 
cards for several weeks. 
Several top industry executives 
have expressed concern about 
tbe effect of a continuing 
price war on company profit- 
ability. 

Last month BP. the third 
biggest brand name in the 
UK. said that prices would 
have to rise by aboot 16 per 
cent over the next few years. 

The company claimed that In 
real terms petrol prices were 
now the same as in 1973 when 
crude oil costs were raised hy 
406 per cent. 

Sluggish market growth, a 


general over-supply of oil pro- 
ducts and a bid by big com- 
panies to hold on to their 
market shares against renewed 
competition from smaller 
groups have combined to make 
petrol retailing particularly 
competitive. 

In April last year, many oil 
companies were riven Price 
Commission sanction to raise 
petrol prices by 1.5p to 2p a 
gallon. But the level of com- 
petition has meant that this 
increase has been largely lost 
In discount offers. 

The industry >s hoping that 
petrol sales will rise hr at least 
2.5 to 3 per cent this year. 

Companies say that, given 
higher prices, the petrol sector 
could help to improve their 
financial position at a lime 
when the markets for most of 
the other main oil products 
eontinuc to be depressed. 


THE EXTENT to which the 
Advisory. Conciliation and Arbi- 
tration Service should take 
individual wishes into account 
when making union recognition 
recommendations will be 
examined in the High Court next 
week, 

A hearing has been arranged 
for Wednesday in a case where 
the United Kingdom Association 
oF Professional Engineers will 
seek to set aside an ACAS 
decision at W. H. Allen Sons 
and Co, a Bedford engineering 
company. ACAS failed to reconi- 
mend recognition for the associa- 
tion. which is not a party to the 
engineering industry's national 
agreements, although a survey 
showed 79 per cent support 
among the TV. H. Allen staff it 
wanted to organise. 

The outcome of next week's 
hearing is likely to have con- 
siderable implications for the 
handling of recognition claims. 

In a number of decisions, 
ACAS has taken the view lhat 
the opinion of employees directly 
involved is not the only factor 
to consider when making its 
recommendations. Both estab- 
lished unions and the Engineer- 
ing Employers Federation have 
argued that an outside union 
should not win recognition in the 


industry simply by gaining 
majority support in one 
company. 

One of the first cases to he 
affected by the decision will be 
another ACAS finding against 
the association in the water in- 
dustry. 

ACAS says in its report, pub- 
lished yesterday, that the main- 
tenance of good industrial rela- 
tions in the industry depends on 
continued successful working of 
tbe existing negotiating 
machinery and "it would 
appear inevitable" that this 
would he “ damaged and pos- 
sibly destroyed " if the associa- 
tion were recognised. 

In a survey conducted by j 
ACAS. 73 per cent of employees 
decribing themselves as profes- 
sional engineers said that the 
association should have a place 
in the negotiating machinery. 
Tn a wider survey of ail 31.500 
staff in water service. 55 per 
cent of the 53 per cent who 
replied opposed the association's 
claim. 

These results led Mr. John 
Sampson, general secretary of 
the association, to say yesterday 
that ACAS had “come to the 
conclusion that the wishes of a 
minority of the non-involvcd 
people should carry the day.” 



f** C¥’£ 


Half-Yearly Results 


The unaudited results of the Lonrho Group of Companies in respect of 
the six months ended 31 March 1978 are as follows: — 


6 months to 
31 March 


6 months to 

31 March 


1978 

£m 


1977 

£m 


Percentage 

increase 


Turnover (Noiei) 


75Z6 


575.2 


Profit before 

taX (Note 2) 


! I.mcmbrp. 
jM adrift 


S C J 72 
K 71 Til 


S 21 77 
S -.’li 79 
S £ "■ 7T 
S 21 TO 
S 17 « 


R :n as 
C. IS fh 


Manchsir. 

Mi-ltiaurDi- 

Milan 

Montreal 

IVlXCOW 

fHamch 
1 .\Yw '.nrtJe 
; Xvtv York 

Pjn« 

Pi-rth 
rniiju.- 
I Herkpviic 
1 Rio du J 'o 
Rc'mc 
SUUUIPOTV 
! Slock holm 
Siraflinurt; 
Srdiii'j - 
■ T'-lirjn 
|Ti-l Anr 
•Tokyo 
. Toronto 
' VhHIU 
‘Zurfch 


s :i ro 
s :b w 

IT 1! 52 
C 21 70 
C 27 «] 
V 12 H 
2> 22 72 
S 6K 
F 2$ S‘.‘ 
S 23 7.1 


Petrochemical aids run into trouble 


(Note 4) 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


Minority interest' 


R 2.; 73 
R fi -I" 
» 22 71 
K 2:'- 73 
R 2*J 71 


S 22 72 
S M 


HOLIDAY RESORTS 


Ajaccio 

AlEi'-m 

Biarritz 

Blackpool 

Bfiulocno 

Casablnca. 

iJapL- Town 

Corfu 

Dubrovnik 

F Iorcncc 

Funch.il 

Gibraltar 

Guimscp 

lonsbrurfc 

Invi.rr.iss 

i. ot M.m 

Istanbul 


Y'day | 
nnd-dny ■ 

*■: c f! 

S 21 70 Jors-v 
f! 21 Tll'UsPImj. 
S 2.« 77 LOC-imo 
S 27 4J :Muoru 
S 2«J TV ; Main: 4 
C 20 Wi Malta 
S it M Nairobi 

Y 27 77. i Kapler 

S' 22 72 Nice 
K 22 72 . Nicosia 
S 19 *U>|Oponu 
R 29 rc ; Rhodc-5 
S 7fi :SaIrfJurc 
F 21 73'Tcncrirc 
F 1? finlTuni-? 

S 1<> h*i Valencia 

!» 22 reH'uiwc 


Y'day 
mid-day 
•C “F 
S 23 77 
C 21 TQ 
C 21 70 
S 23 73 
S 29 ® 
S 20 7a 
S 22 71 
F 31 70 
S 22 72 
S 22 72 
C 16 91 
S 21 73 
S f" 1.1 
C 16 61 
P 24 73 
!■' 21 Tfl 
r 23 73 


INITIATIVES to speed develop- 
ment of the petrochemicals 
industry based on North Sea oil 
and gas appear to be foundering 
in joint Government-Industry 
discussions. 

Several proposals were made 
last winter in a confidential 
report from McKinsey. the 
i management consultancy, to the 
petrochemicals sector working 
party as part of the Government's 
industrial strategy exercise. 

The working party, co-ordi- 
nated hy the National Economic 
Development Office, consists of 
representatives of the major 
chemical companies, the trade 
unions and the Industry Depart- 
ment. 

The McKinsey recommenda- 
tions included a national 
authority fn develop petro- 
chemical sites, financial incen- 
tives to the chemicals industry 
by low-cost gas feedstocks, pos- 
sibly through a reduction in 
Petroleum Revenue Tax. and a 
commitment from the Govern- 
ment to build a gas-gathering 
pipeline system for the impor- 
tant natural gas liquids ethane, 


propane and butane. 

Tie aim was to increase the 
UK share of the West European 
plastics market. The plastics 
sector is the biggest single user 
of base petrochemicals, which 
the Government and trade unions 
are keen to expand with new 
opportunities offered by North 
Sea oil and gas feedstocks. 

The Industry Department, 
which has prepared its response 
to McKinsey. has ruled out the 
use of Petroleum Revenue Tax 
as a way of offering cheaper 
feedstocks to the industry. 

It has rejected suggestions that 
the tax be reduced in some cases 
to cut the cost of gas feedstocks 
such as ethane for new pro- 
ducers. Changes in the tax, 
levied on North Sea operators' 
profits, would have little effect 
on feedstocks prices, the Depart- 
ment has told the working party. 

The Department holds that the 
best way to reduce feedstock 
prices is hy direct subsidy. It 
has the means available to do 
this under the Industry Act. 
1973, but such a move might 


fall foul of EEC legislation. 

More importantly, chemical 
producers in the UK have come 
out against feedstock subsidies. 
They are wary of Government- 
created subsidies, which could 
be withdrawn later. 

The industry is concerned that 
established producers would be 
unfuirlv discriminated against iF 
newcomers to the market were 
given special privileges It has 
campaigned equally against arti- 
ficially low Feedstock prices 
available in the U.S. and docs 
not wish to be sren switching 
sides in the international debate. 

The idea of a national authority 
to promote petrochemical sites 
is unlikely to be given support. 

The Department of Industry is 
willing to offer guidance to 
foreign companies, and has 
knowledge of sites available. It 
has set up a committee to co- 
ordinate local efforts to identify 
petrochemical sites. 

5everal overseas missions arc 

planned hy the Government later 
this year, some at Ministerial 
level, to promt e the UK as a 
base for chemicals expansion, 


particularly to U.S. companies. 

The ambitious plan to build a 
£5bn gas-gathering pipeline net- 
work in the North Sea is unlikely 
to go ahead. 

Estimates of the natural gas 
and gas liquids that might be 
available in the UK sector of the 
North Sea For collection by a 
totally new pipeline system 
appear to have been reduced 

Without such a scheme ihe 
amounts uf natural gas liquids 
available as petrochemical Feed- 
stocks to stimulate the industry's 
expansion would be significantly 
reduced. 

With falling growth, severe 
over capacity and weak prices 
generally in the European 
chemical industry, the climate 
is hardly attractive for Britain 
to press ahead alone with petro- 
chemical expansion based on 
North Sea feedstocks. 

Briri.ih-bascd companies have 
said for several months that any 
expansion must be based on 
demand, not mere availability of 
extra feedstocks. 

BF in Singapore joint venture. 

Page 34 


Profit attributable 
to Shareholders 

before extraordinary items 


42.1 

39.0 

18.7 

17.2 

23.4 

21.8 

AA 

3.9 

19.0 

17.9 


30.8 



.dv tC. 


Note!. Turnover includes associate turnover of £1 57.3 million ( 1 977 — £21 3. million), *>7- 

2. Profit before tax includes profits from associates of El 1.3 million 
(1977— £1.4 million). 

3. Associates Include Nigerian associates, following the reduction of shareholdirra in 
John Holt Limited in Nigeria from 60 per cent lo 40 per cent during June 1977. 

4. Tax Charge: because of the increasing proportion of Lonrho'sprofitsfromtheUnited 
Kingdom, the tax charge provided at the half year can only be estimated. 

5. The figures for the six months to 31 st March 1977 have. been calculated in 

accordance with Accounting Standards Committee Statement ED. 19 (as slated in 
the last Annual Report). 1 




f 

*-£ : t:- ^ 


Lonrho Limited. 1 38 Cheapside, London EC2V 6BL 


31 May 1978 


Registered at the Post Office. Printed by St. Clemcmv p.p., r ._ llal 
ihe PjMndnl 2 W* it*. Bracken ^ C 

“ “ O Uu Financial Tunes 1972