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Rjr Rcaliv Discerning Drinkers 


Really Dry Gin 

No. 27,576 

Monday June 5 1978 


Bovis OamnicticaiXiroiEel 


Telephone: 01-422 






to find 

• S KILLE D staff are becoming 
hard to recruit, according to the 
latest Financial Times survey ofi 
Labour could win as many as business opinion. Industrial corn- 
six of the eight Europe an par- panics reported staffing short- 
liamentary seats in Scotland 7® nt 

when direct elections are held “bour. 873,103 doH 1 
next year. Xb e survey shows that while 

The Boundary Commission's consumer demand is continuing 
proposals for Scottish constitu- to improve, the slow recovery 
encies were published yesterday, does not hold out much hope 


Four European constituencies 
in the central industrial belt of 
Scotland, where more than half 
of the electorate lives, are almost 
certainly safe Labour seats. 
Bach Page 

Gen. Zia wins 

General Zia Rahman won an 
overwhelming victory in the 
Bangladesh general* election. 
The rival Democratic Unity Party 
has alleged rigging and says it 
will not accept the result Page 2 

West Bank debate 

of an early reduction in unem- 
ployment. Back and Page 28 

• BUD-MAY banking figures 

g ublished tomorrow will give tbfi 
ity some indication of how 
successful the monetary policy 
laid down by tbe Chancellor has 
been in the first month of the 
new financial year. Back Page 

9 NATIONAL Economic Devel- 
opment Council, which meets on 
Wednesday, is expected to dis- 
cuss overseas investment by 
British companies, which, a 
NEDO study shows, does cot 
compete with UK investment or 
damage employment prospects. 
Back Page 

Israel yesterday celehrated the 
llth anniversary of its capture 
of East Jerusalem from Jordan, • WORKER-DIRECTOR pro- 
while the Government debated posals contained in tbe Govern- 
the future of the occupied West ment's White Paper on indus- 
Bank territories. In London, Mr. trial democracy paid scant 
Ron Hayward, Labour Party attention to junior and middle 
general secretary, warned that management, the director-general 
Israel will not live in peace by of the British Institute of Man- 



neighbouring ter- agement has said. Page 6 

Tough line 
by Renault 

Ford workers to 
press for 25% 
and shorter hours 


The Government was given an important pointer to possible pay problems 
in the 'next round when Ford shop stewards decided yesterday to press for 
minimum increases of £20 per week, equivalent to rises of 25 per cent. 

At the same time, two senior The actual Ford cl aim is London. 

TUC leaders demanded urgent drawn up by the trade union NUPfTs suggested £60 corn- 
action on low pay by setting a side of the company’s national pares with the prerent minimum 
minimum wage and moves joint negotiating committee, of £42.40 for - local authority 
towards a shorter working week. However, the demands of the manual workers. 

The Ford pay targets, which shop stewards are a central, and A number of influ ential union 
emerged from yesterday's meet- frequently decisive, factor and leaders are Increasingly urging 
ing in Coventry of 200 shop this year shop floor represents- policies to combat low pay and 
stewards representing 57,000 tion on the committee is being reduce the working Week as 
hourly-paid employees. are increased. priorities for the trade union 

much more’ ambitious than the — _ movement 

“socially responsible” 15 per Mr/LflfC Mr. David Basnett chairman 

cent wage claim the unions pre- A * WAXU3 of the TUC . and general secretary 

seated to Ford -last year Shop stewards at yesterday’s of the General and Municipal 

A £20 increase would repre- meeting argued that £20 Workers Union, echoed Mr. 
sent a rise of about 25 per cent increases were necessary to Fisher’s call yesterday, 
for the main grade of produc- restore lost purchasing power _ However. Mr. Basnett, speak- 
tion worker. In addition tbe mid improve living standards. ing on the eve , of his onion's 
shop stewards want other costly They also drew attention to conference in ~ Scarborough, 
Improvements, including a five- the greatly improved financial stressed that a full return to 
hour cut in the wor king week, performance of the company — voluntary collective bargaining 
improved holiday and sick pay profits this year rose from was both necessary and possible 
and better lay-off arrangements. £121.6m in 1976 to £246.lm pre- “We want to see an end to 
Ford pay negotiations are tax. direct Government interference 

always important politically In another development, Mr. and tbe threat of sanctions. The 
because of their pace-setting Alan Fisher, general secretary Government should concentrate, 
position at the beginning of the of the National Union of Public in consultation with the trade 
wage round. Employees, yesterday demanded onion movement on creating a 

Last year, when Ford settled that the Labour Party commit favourable economic climate 
for 12 per cent, the Government itself to a £60 per week minimum within which- sensible negotia- 
was faced with the first reaily wage with a shorter working ^ I0 ^. can place.” 
crucial test of how rigidly it was we ek. This threw the responsibility 

going to implement its 10 per NUPE would, he said, fight for f0r . setting bargaining objectives 
cent guidelines and sanctions a clear commitment to these priorities back to the trade 
policy. priorities in the Labour Party’s an< * believed 

This year the negotiations, election manifesto. “ We have “JJ should accept that 

which are normally concluded set ourselves a -target figure obligation. . 
in October, could be taking which we believe to be justified KenaaI ^ stakes challenge 
place during an election cam- and right,” be told the union's French incomes policy, Back 
paign. 50th anniversary festival in ..Page. 

Bengali plea 

Express warning 

Mr. Victor Matthews says he 
can afford to close the Daily 

Express “ and might well do so ” 9 RENAULT motor company 
If there was any major dispute has taken swift action against 
with the print unions. Page 7 strikes and sit-ins staged by 

workers at some of the com- 
pany’s factories in Franco. The 
™ . . r . . . company has broken off nego- 

Flats In London may be set aside tuitions on viking conditions 

exclusively for Bengali immi- and structure, closed the 

grants. The Greater London pirns factory where 400 press 
Council is to consider a request shop men are on strike, and the FINANCIAL 
by 130 Bengali squatters to be taken out a court injunction Britain 

housed together. They say they against a sit-in by workers at ^ 

would feel safer from attack- its plant near Rouen. Back Page 

Financial system ‘ equal 
to oil funds challenge’ 



system in judicious Government interven- banks, mer chan t banks, 
equal to the tion had played a very important merit . trusts, insurance 



Thorpe interview 

e TWO bulk shipping cartels— 
one for oil tankers and one for 
Investigation of the alleged plot dry bulk trades— will be dis- 
to kill ex-male model Mr. cussed by world ship owners at 
Norman Scott is believed to be the Posidonia shipping exhibition 
nearly over. Mr. Thomas Hether- in Piraeus ths week. The schemes 
ington. Director of Public Prose- have the support of Scandinavian 
rations, is to study the result of and Japanese lines, but so far 
a police interview with Mr. the Greek shipping groups have 
Jeremy Thorpe, former Liberal not given their backing. Page 3 


Drucr tpcf the ship repairing company 

Mg formed last year with the back- 

A drug test on the Scotland ing of the Scottish Development 
World Cup winger Willie John- Agency, may buy the Greek 
stan has proved positive. If a Neorion Shipyard on Syros. 
second test today proves positive Page 4 
be will be hanned from the rest 
or Scotland's games. n tie 

Real ailment deal for 

LJSri-f'fflS or” New York city 

ailment — Beal Ale Shoulder. ffi PAY DEAL between the 
Her doctor said she was suffering Mayor of New York and union 
from chronic strain of the leaders of 225.000 municipal 
shoulder fibres since her pub workers is expected to be agreed 
had gone over to real ale. before tomorrow’s Senate hear- 

. . ing on a new federal aid pro- 

17 KlllGu gramme for the city. The pay 

?,« ss M ft g ? S 

“collaborators” for the loss of ***’ 

one white policeman, according e REGIONAL development 
to a defence communique grants for mining must he 
released in Salisbury last nigbL restored if the Cornisb mining 

industry is to survive, tbe 

Briefly ... 

Lotus cars finished first and 
second in the Spanish Grand 
Prix. Mario Andretti was tbe 

winner, closely followed by , fh Whf? _, Jane mine p-™ 4 
Ronnie Peterson. Jacques Laffilc or 1 e Jane mine - Fagc 

Cornish Chamber of Mines has 
warned. The warning follows 
the closure of the Mount Wel- 
lington tin mine and the placing 
on a care-and-maintenance basis 

in a Ligier was third. 

Weekly £50.000 Premium Bond 
prize went to Essex holder 
SYS 0360S7. 

shares will be quoted for the 
ol first time on the British Stock 
Exchange today, following the 
conversion by UK holders of 
Captain Kryst>na Chojnouska- mos t of the 9 per cent eon- 

Sa*** ° vertibie ,oan UK 

U ??rivirt in 0rI P! holders now own 16 per cent of 

handed, armed in Plymouth Alcan Aluminium (UK) equitv. 
yesterday. Back Page * 

China has slashed economic 
aid to Vietnam in retaliation for COMPANIES 

h vintTi i n” urtnam ° “ ° £ • ™SH LIFE ASSURANCE 

mnng m \ leroam. achieved record new business 

An earthquake registering 5.5 sales In 1977, with new annual 
oa the Richter scale bit Van- premiums up 17 per cent to 
couver Island yesterday. There £l0.6m and single premium sales 
were no reports of damage. doubling to £20m. Page 26 


Overseas news 2 

World trade news 3 

Home news — general ... 4,6 

— labour ... 7 

Technical page 10 

Management page 13 

Arts page 

Leader page 

UK companies 

International companies 

Foreign Exchanges 

Mining Notebook 




Govt, and the Commons 
clash over the official 


Trade unions merger: ... 


Week In the courts ...... 


16 International property . 17-24 
25 Word processing 31-35 

Appointments — 
Building Mote* 

Bulncnnug’, Diary 

Contra eta a Teodors 






Men and Matters ... 
Parliament Diary _. 
SUre Information ■ 






Base Lending Rains 27 

Bulmcr and Land* ■ 20 
Ennla - - .. 28 

Entertainment Guide 


Today's events 


Lee Refrigeration _ 



1 Mo ranee - 


Unit Trusts 






WarM Earn. lad. ... 


Alcan (UK) .... 


For latest Share Index ’phone 01-246 8026 

oil. Tt solved some daunting 
problems, sometimes with the 
assistance of Government, and 
left no signs that shortage of 
finance had held up develop- 
ment. This is the conclusion of 
a working party of the Wilson 
committee, set up to study the participate, was a 
performance of the financial lysf 

challenge of financing North Sea part in furthering UK particlpa- panies and stockbrokers—** did 
-s. r* — J **-- tion in the development of not' wait upon events but 

North Sea oiL In particular, it consciously set out To acquire 
says that the offshore supplies the expertise necessary to 
office of the Department of become involved themselves. 
Energy, with its requirement for Without the decisive moves of 
" full and fair opportunity " for certain clearing banks to build 
British companies wishing to up oil departments, British pre- 
►« “ “ major cata- sence on the Continental shelf 

... - would have been much smaller, 

institutions in this field. On the financing side there the working party found. It 

Led by Professor A. D. Bain, was “little need for direct observes that the North Sea has 
of the university of Strathclyde, Government .financial involve- helped UK banks acquire a 
this working party has produced ment" The Government did, ™° r ® International and sopnis- 
a report — published today— however. . facilitate the supply seated outlook which is already 
which describes the magnitude of finance, from private sources, generating invisible earnings.” 
and nature of the problems of In advance of legislation, it gave UK banks are in a position to 
financing the development of banks the assurances that were «*Pl°y their oil skills elsewhere 
North Sea oil resources. With needed for loan packages to be * Q d m this respect they seem 
the aid oE case studies. It shows put together. It also guaranteed to be some distance ahead of 
how “ the financial institutions one major loan — the develop- their European . and Japanese 

meat money borrowed by Tri- co ™P etltor **7 
centroL .The working party also cotn- 

The report notes that in face P^ed statistics which put the 
of the considerable expertise in North Sea oil-financing require- 
oii matters of the American tnent into perspective. it 
banks and oil comp ani es, some Continued on Back Page 

showed considerable ingenuity 
and innovation in making funds 
available to some of tbe 
borrowers and in seeking out 
opportunities for involvement in 
oil-related activities. 

Tbe working party found that British institutions — clearing Editorial Comment, Page 23 

UK may build hybrid reactor 


BRITAIN’S first pressurised 
water reactor could be a hybrid, 
put together from key com- 
ponents designed in different 

of the hybrid approach is that has been having discussions In 
the industry might have to sacri- Britain and overseas in the 
fiee the wholehearted support of search for ■ a new way of 
a major overseas reactor sup- managing reactor construction - 
plier. such as Westinghouse The present two-tier manage- 
Thc electricity supply indus- Electric or Kraftwerk Union. But ment ’structure, instituted by the 
try believes that in this way it Parliament might find this Government in 1974, has proved 
might most easily meet the approach to a basically UB. re- unsatisfactory. The electricity 
requirements of the Govern- actor concept easier to stomach, supply industry has expressed 
ment’s safety inspectors and — The electricity industry has dissatisfaction with the way GEC 
perhaps more significantly — already commissioned Nuclear — chosen by the Government as 
political abjections to the pur- Power Company to draw up a supervisory manager— has exer- 
chase of a foreign reactor shopping list of the features re? dsed this role, and wants the 
design. quired In a British reactor and role abolished. 

It would be argued that the to try to match them against the The way In which the industry 
hybrid was a British _ reactor, specifications of existing designs is reshaped will determine the 
designed to British, specifications for pressure vessel, steam gener- extent to which it will be pre^ 
for performance and safety, but ator, fuel and containment. pared to delegate project man- 
drawing on some of the most How it might undertake the agement for its new' nuclear 
advanced nuclear engineering of construction of a pressurised stations, 
the U.S. and Europe. water reactor station is still an Given a sufficiently strong 

The Government has already integral part of discussions about organisation, the industry might 
endorsed a decision of tbe elec- the future of the nuclear design be willing to place virtually 
tricity supply industry to pre- and construction industry, “ turnkey ” contracts for the new 
pare for an order for Britain’s Lord Aldington, chairman of' stations, and to restrict tbe large 
pressurised water reactor early the National Nuclear Corpora- engineering team at Barnwood to 
in tbe 1980s. tion— of which Nuclear Power the role of ensuring that.- it is 

The most obvious disadvantage Company is the operating arm — “an informed boyer.” 

Dispute over BTR £25m bid 


DISPUTE blew up last night Mr. Owen Green, managing direc- McCray, the president, and other 
about a S45m (£25m) bid tor of BTR, he had been told it directors of the U.S. company. 

approach from BTR, tbe British would not be possible to post- 
engineering and transport group, pone a time limit for acceptance 
to Worcester Controls Corpora* set at 3.30 pan. today, 
tion, the U.S. concern which Mr. Norris, Who . is finance 
owns the UK valve maker, Wor- director of Worcester Controls, 
cester Controls. stated: “ In the opinion of the 

Mr. Eric Norris, who with his British management, sufficient 
brothers Kenneth and Lewis runs time has not been allowed for 
Worcester Controls and owns 13 the offer to be appraised or alter- 
per cent of the shares in the U.S. natives considered.” He believed 
group, said tbe approach other companies, not necessarily 
envisaged a price of S30 a share, American, would be willing to Britain and Europe in the' year 
conditional on acceptance by pay a higher price. to August. 1977. totalled 327m. 

larger holders with 30 per cent Last night Ur. Green said: accounting for more than half 
of the shares. ” I have no comment in the the Worcester Controls Corpora- 

Mr. Norris said he and his circumstances." tion group’s total turnover of 

brothers were disturbed about Worcester Controls Corpora- 651m. 

the position. The first they bad tion shares are quoted on the ' The Norris brothers designed 
known about the attempted take- American Stock Exchange at both' the Bluebird boat and car 
over was by telephone from the $19. There are just over l}m in which the late Donald Camp- 
U.S. late on Friday afternoon. shares in issue, and the larger beti . broke world speed records 
At a talk on Saturday with shareholders include Mr, R. C. -on several occasions. 

Mr..'. Eric Norris and his 
brothers are all vice-presidents 
of the American group. 

Worcester Controls in the U.K. 
claims to be tbe largest manu- 
facturer of ball valves and 
quarter-turn actuators in the 
uJG and Western Europe. It 
employs about 1,000 in British 

Sales of the company in 

to head 


Sir John Cockney, knighted 
In Saturday’s Honours Ust r is 
expected to become chairman 
of Thomas Cook Group, the 
travel business wholly owned 
by Midland Bank. 

Sir John, chairman - of . the 
Crown Agents as well as of 
the Port of London Authority, 
was chosen as a director of 
the Midland Bank at a Board 
meeting on Friday, although 
this has not been announced; 

A banker and Industrialist, 
he. has guided the Crown 
Ag en t s since October, 1974, 
towards recovery after losses 
of more than £2 00m on 
secondary banking and pro- 
perty. from which the agents 
are disengaging. He is to 
give up this role, after four 
years, in October. 

Sir John, 53, has been chair- 
man of tbe Port -of London 
Authority since Last year, in 
which capacity he gave a warn- 
ing that the port could be 
heading for bankruptcy unless 
adequate remedial action was 

His grappling with the prob- 
lems of the Port of London 
has- further entrenched his 
reputation as a trouble- 
shooter which first developed 
when he was called in, from 
1970 to 1972, to handle the 
difficulties of the problem- 
vexed Mersey Docks and 
Harbour Board. 

At Thomas Cook. Sir John 
will succeed Sir Alan Walker, 
the former chairman of Bass 
Charrington who. died suddenly 
in January and was a director 
of Midland Bank. 


Thomas Cook went through 
a difficult time in the competi- 
tive travel industry when ft 
incurred a loss of £lJjn in 
1976. In 1977 it had recovered 
to show as after-tax profit of 

Midland Bank- bought out 
the minority Interests of Trust 
Houses Forte and the Automo- 
bile Association in Thomas 
Cook In March. 1977. to obtain 
full ownership of tbe travel 

- Because Sir John's chair- 
manship at the Port of London 
Authority is part-time, he will 
clearly have time available ro 
nlav-aa active role in the Mid- 
land Bank group, although 
not holding a full-time execu- 
tive position there. . In due 
course, this could extend to 
other duties - which might ' 
Indude .some part in the ■ 
development of the business - 
of. the bank abroad, wbere his 
experience of the Crown 
Agents' large oversea busi- 
ness would be relevant - 
Sir John is bound . to be 
thought of in the City as a 
possible successor to Lord 
Armstrong, the Midland Bank’s 

firm line on 


PARIS, June 4, 

FIVE Western nations will meet tinned in racing fn m 

here ’ tomorrow to discuss _ co- Senegal, toe Ivory Coast and 
ordination of their African Gabon in the west to Djibouti in 
policies in the light of growing the Horn of Africa. 

Soviet and Cuban intervention it is also directly involved in 
in the continent’s affairs- ■ . local wars against rebel forces 
The meeting of senior officials ^ Mauritania and Chad, where 
from the U.S., the UK, France, heavy fighting has taken place 
West Germany and Belgium was ^ the last few days. 

^ There are clear indications 
NATO, min i s terial meeting Jn ,l_. France no longer wants tn 
WMWngton. where the «“se fte rfle of S 

situation in Zaire was discussed ABja ~ by itselt both for 

TM?^s ateo one of the main eeonomie and political reasons. 

This was also one oi tne nun Fn»neh have been the hm™™, 

SB,* fflMT S5SSS S43HSS 

cSLc rZeetol™ the reeentFraoco-Amcan sum- 

. It seems the participating ml JL in . 

countries are not agreed on tbe The French °°P® . other 
agenda of tomorrow’s talks. The Western 30 j n . Il J 

U.S. and Britain want most of providing {M£eulud Jegofral 
the emphasis put on joint efforts expertise ana military equipment 
to provide economic aid to fbrsuch a *° rc ^- . 

Africa and particularly to_ Zaire, _ Our foreign 
whose economy has taken a hard Huang Hub. China’s Foreign 
knock following tbe fighting in Minister now on a visit to Zaire, 
the mining town of Kolwezi and himself flew to Lubumtashi, the 
the evacuation of foreign engin- Shaba capital, to meet r re siden t 
eera and technicians. Mobutu as American aircraft 

Mr. Cyrus Vance, the U.S. started carrying about 1500 
Secretary of State, said at the Moroccan troops to Shaba 
end of last week that tomorrow’s province. 
discussions • should be seen Mr. Huang pledged Chinese 
mainly as a preparation for support for Zaire and criticised 
a meeting in Brussels between alleged Soviet and Cuban involve- 
Zaire and its creditors on June ment in last month’s invasion 
13 and 14, when the economic attempt 

stabilisation plan - drawn up by It emerged that President 
President Mobutu’s government Hobuto’s handling of the prob- 
wfll be examined. lem had helped precipitate the 

Mr. Hodding Garter, the U.S. resignation, of Mr. Makosso 
State Department spokesman, Mbeka, Zaire’s Ambassador to 
went further than this when he -Iran, soon after the rescue opera- 
admitted that '"the stability and tion by French and Belgian para^ 
security, of Africa " would also troopers started, 
be' one of the main items on the Mr. Mbeka is a leading political 
agenda. figure in Zaire affairs. Before 

It ix clear that France, which going to Tehran neariy two years 
sent a force of paratroopers to ago he served as Ambassador in 
rescue the European population Washington, Paris and Bonn. He 
of Kolwezi, wil not allow the is a former Industry and Finance 
discussions to be- restricted to Minister. Officially he resigned 
economic problems. for personal reasons. 

France is the Western The Moroccan troops being air- 
country with the greatest mili- lifted: to Shaba will replace 
tary commttmefet to Africa. It French troops who will bo flown 
has- about*. 12,000 - troops sta- bad;. to bases in France. 

German liberal setback 


BONN, June 4. 

THE WEST German . liberal tbe Upper House of Parliament 
Free 'Democrats (Ft)P) suffered grouping representatives of the 
sharp reverse in . provincial Federal States — still more 
elections to-day, falling below the strongly, in favour of the opposi- 
5 per cent margin of voters’ sup- tion Christian Democrats (CDU). 

SS t re^on f ° r ^ amei * a17 U also raises the question 
representation. whether the FDP will remain in 

The liberal failure in the ~city- existence in the medium-term as 
State of Hamburg and in fte a parliamentary force avaHable 
neighbouring State of lower for coalition with either of the 
Saxony seems bound to have two big parties 
repercussions at federal level. 

ST “Si 1 " TeS 

“ ■«** Esarjfa-ira !x 

\arut. Lower Saxony. Previously they 

Not only will the reverse shift had gained 10.9 per cent and 7 
the balance of the Bundesrat — per cent respectively. 

When you have made the 
most erf business, 
opportunities in Europe? 
where next? 

Down under with NBNZ. 

The National Bank of New Zealand 
Mfehave an enviable pioneering record 
in New Zealand and the South Pacific 
vviththe advantage ofbeingpart of the 
Upyds Bank Group— just the sort of 
compaqyyau want to keep whenyoiY 
are seating new investment opporr 
tr initi es or developing expor t mar kets. 

\ VVfehave branches here and 
throughout NewZealand, where 
we are the only whdfly-owned 

British Bank- And remember wh en 
the time comesNewZealandjs the ■ 
ideal stepping-stone to many 
• Pacific markets. 

Asyournext step call Fred Adams 
on 01-606 83H It may prove to be a step 
.in the right direction. 




ta member of ibe Uqyds Bank Group) 





r ' - Ffei srialtTftiaes ■ 




*5 tolls. 

f r*****-. 

rJS B0N ' Jane 4. 
/IrA ''® S c £ S ga «on led 
V of Fin. nstanc io, the 

f an £ fading 

/ ?i? l V 1u Sarteft r S2, ^e Bank 

/ ln£* In ttHl *y for the 

£ ' Iff O L C0ntin “iDg re- 

i • SS^ties tn Portuguese 

? . Jfetoils. oa > 1 ^ 52 ? Pnblicy any 
£ . standii-Cfclipe trip. n r Cdo- 
’ : on Friday 

- Jalsiw ul Hmate purpose 
5 0» SiS,™ 1 T as 10 raise ,oans 

- ^ ^th the 31 m 

?fert-S^nns PortugaTs 

. ^VSnenL “ d ' of stimu,aN 

' was hoping 

atoftna- asn2J rtu , eventually be 

\ffi 4 gywys 
^£^r bm bT some 

• ^ r ow® Wancio '* delegation 
WasJiuSI s P en{ f a Few days In 
amrinmi awaiting formal 

"-2 SSt»-£L Portugue&e 

' Sr^5 .tat by the execu- 
■ : KEL2 andl of the International 
■lSSSrS 1 ^ Fund. It will then 
for ^ ew York to join lead- 

iF* representatives of major 

• jWtttg aMfl banks, includlne the 
P^oo ‘Portugues do Atlantico, 

. "•“CO Espirito Santo, and Banco 
.. finto e Sottomajor, who will be 
negotiating . with leading U.S. 
commercial banks. 

' - Portuguese authorities are 

- neptog that borrowing from the 
lairoinarket will ease pressure 
on reserves. The Bank of 
Portugal on Friday denied news- 
P*p*r speculation here that it 
«*o been selling gold in recent 
yre* s in settlement of short- 

. tenn credits during last month. 

• Normalisation of diplomatic 
relations between Portugal and 

. Angola, interrupted two years 
• a&o. appears to have been placed 
. on « Ann basis with the arrival 
here yesterday of the Brst 
Angolan Ambassador to Portu- 
-ga£Sr Adriano Joao Sebastiao, 
On his arrival at Lisbon air- 
port Sr Sebastiao said that there 
could soon be a meeting between 
President Ramalho Eanes, of 
-Portugal, and .President Ago- 
stiHho Neto, of Angola, in a 
“Portuguese speaking country." 

Meanwhile. Sr Basilio Horta, 
the Portuguese Minister of 
Trade, confirmed on Friday that 
' he would lead a delegation to 
Luanda next month aimed at 
increasing commercial, ’.links 
between Portugal and Angola. 

Relations between Portugal 
and her former African colony 
were marred in 1876 when a 
representative office in Oporto 
of Angola’s MPLA party was 
burnt down. 

Carter prepares to dispel 
foreign policy confusion 


MR. CARTER is to make a major 
Speech on Wednesday in a fresh 
effort to dispel the confusion 
that dow surrounds his Adminis- 
tration’s attitude towards the 
Soviet Union. 

Officials said this weekend that 
the President’s speech will be 
among the most important he 
has made- For some weeks, bat 
particularly in the last 10 days, 
senior officials have been send- 
ing conflicting signals about 
U.S.-Soviet relations, a process 
which culminated on Friday with 
a newspaper report that the 
Administration had effectively 
frozen further talks on strategic 
arms limitations for the time 

After the President’s unusually 
vehement denial of this report, 
it has emerged here that a week 
ago Mr. Andrei Gromyko, the 
Soviet Foreign Minister, caught 
the Administration off guard 
with a proposal that bath the 
U.S. and the Soviet Union should 
ban all new land-based inter- 
continental missiles. If accepted, 

according to Administration 0 fa- 
cials, this would mean no further 
work on the U.S. M-X mobile 
missile, a new weapon whose 
mobility makes it much less 
vulnerable to a Soviet surprise 
attack than existing fixed-site 

Officials insist that it is this 
proposal, and not Administration 
concern about Soviet and Cuban 
activities in Africa; that has led 
the U.S. to adopt a take-it or 
leave-it attitude in the current 
SALT negotiations. U-S. abandon- 
ment of the M-X would be 
extremely unpopular in tnngress 
and would probably make it im- 
possible for any new SALT 
treaty to get through the Senate- 

It is not clear why the Rus- 
sians chose to make a proposal 
of this kind so late in the day, 
hut there is speculation that it 
may be a last-minute attempt to 
test the Administration’s nego- 
tiating nerve. 

The President’s speech is 
doably important because for 
some time he has seemed unable 


to decide between the view of 
Dr. Zbigniew Brzeainski. his 
national security adviser, that 
the Russians are taking advan- 
tage Of U.S. weakness in Africa 
and elsewhere, and the views of 
Mr. Cyrus Vance, the Secretary 
of State, and others. 

The latter argue that irrespec- 
tive of Soviet activities in Africa 
and elsewhere the process of 
detente Is too important to risk 
destroying it, at least as long 
as there is still a possibility of 
a significant agreement on 
strategic arms. 

According to reports this week- 
end, SALT talks were very close 
to a successful conclusion before 
Mr. Gromyko’s unexpected pro- 
posal. A key remaining obstacle, 
the Soviet Backfire bomber, has 
yet to he surmounted, but it is 
thought that Mr. Carter and 
President Leonid Brezhnev 
could overcome it in a personal 
meeting. When, or whether, such 
a meeting will he held remains 
an open question. 

Editorial Comment, Page 16 

Resignation may 
follow Schleyer 
search report 

By Jonathan Carr 

BONN, Jane 4. 

the West German Interior 
Minister, seems bound to come 
under increasing pressure to 
resign after the release at the 
weekend of an official report on 
the hunt last year for the indus- 
trialist, Dr. Hans Martin 
Schleyer, and his terrorist kid- 

The report finds that lack of 
co-ordination between political 
and police organisations meant 
that a “ hot tip ” received during 
the bunt was not followed np 

The report prepared by a 
former Minister, does not 
criticise by name either Herr 
Maihofer or Herr Burichard 
Hirsch, the Interior Minister of 
North Rhine-Westphalla. the 
state in which Dr. Schleyer was 
captured. ; 

But the nature of the recom- 
mendations and the exposure of 
errors during the hunt are 
widely seen as criticism of both 
men. Both are members of the 
Free Democrat Party which is in 
coalition with the Social Demo- 
crats in Bonn. 

Herr Maihofer is already 
under fire — not only from the 
Opposition but from some mem- 
bers of the SPD over another 
case involving the federal border 
authorities, which come within 
his portfolio. 

Andreotti asks banks to 
help chemical industry 


ITALY’S Government asked- the 
country’s banking system this 
weekend to extend new credits 
to the chemical industry, to 
avoid the threat of closures and 
widespread lay-offs in the 
depressed south. 

The appeal was made after 
the meeting of an inter- 
ministerial committee for econo- 
mic planning, presided over by 
Sig. Giulia Andreotti. the Prime 
Minister. Earlier the financi- 
ally troubled Societa Italians 
Resine (SIR) chemicals group 
announced the progressive 
closure of a number of its plants 
in Sardinia. If carried through, 
the closures could have serious 
reDe reunions m the island, 
where 100,000 people are out of 
work already. 

There are fears that other 
large chemical groups, facing 
their worst crisis since the war, 

ROME. Jane 4. 

could also announce closures, 
which would hit the south 

The crisis has been precipi- 
tated by the decision of the 
hanks to stop advancing fresh 
funds to chemical groups, whose 
losses have now reached extrava- 
geht proportions. "Montedison. 
Italy’s largest chemical con- 
glomerate. last year lost L500bn 
(more than £300m) and its 
accumulated debts amounted to 
about L3,400bn (£2.4bn). 

The political consequences of 
mass lay-offs has forced the 
Government to intervene 

The - Christian Democrat 
minority Government, which Is 
to hold talks this week with the 
other main parties on the crisis, 
says the much overdue recon- 
struction program me for the 
industry will be published later 
this month. 

Desai to visit Europe and U.S. 


MR. M0RARJX DESAL the Indian 
Prime Minister, begins a visit to 
Europe and the United States 

The 82-year-old premier flies to 
Belgium via Tehran, where he 
will stop for an hour’s talks with 
the Shah, In Brussels he wilt 
have talks with the European 

NEW DELHI. June 4. . 

Commission, representing India’s 
major trading partners, before 
flying on to London 24 hours 
later, for' a two-day visit 
During an eight-day stay in the 
XJ.S. Hr. Desai will address the 
UN Special Session on Disarma- 
ment^ and . have i talks with 
President Cartert - /*r.^Re cter- 

The Amsterdam- Rotterdam Bank N.V.(Amro 
Bank), the leading commercial bank In 
Holland, now has a branch in Dubai, United 
Arab Emirates, with Mr. Alex Gillies as 
General Manager and Mr. Hans ten Cate as 
Assistant General Manager. 

Amro of course has been providing its 
commercial and investment services for 
quite some time in the Gulf Region; But 
with trade and investment increasing — in 
an area where personal contacts are of 
crucial Importance — Amro now intends to 
extend its services through a local branch. 

The Dubai Branch is well placed to assist 
business and industry in the Gulf Region 

with services like foreign exchange, trade 
finance;, money market transactions, 
interbank lending, eurocurrency credits, 
syndicated loans, guarantees, bid and- ; 
performance bonds, documentary credits, 
collections, mail and telegraphic transfers 
and trade promotion. ; , 

To discuss these services In detail, please 

Amro Bank (Dubai Branch) . 

Chamberof Commerce Buikiing.Third Floor, 
P.O. Box 2941, Dubai, United Arab Emirates. 
Telephone: 222283/4J5 
Telex: 6778 amro em. 

6777 amrox em (Foreign Exchange) 

amro bank Hi 

amsterdam-rotterdarn bank nv 

Bead Offices: 505 Herengracht, Amstandam. Telex 11006 
119 Coolsingel, Rotterdam, Telex 22211 
London Branch: 2930 King Street, London EC2V SEQ, Tfetex 087139 

Dubai, Jakarta, London, Tokyo and 

victory for 

By Simon- Henderson 

DACCA, June 4. 
Major General Zia-ur Rahman, 
the military ruler and Presi- 
dent of Bangladesh, won ah 
overwhelming victory in the 
Presidential election yesterday 
gaining about 80 per cent of 
the votes cast. Bat his main- 
opponent,.; retired General 
9L A. G. OsutanL has alleged 
that large-scale rigging took 
place and a spokesman For his 
Democratic Unity Front has 
said it wlO not accept the 
result. _ 

By early evening with over 
' 95 per cent of the results 
announced. General Zla was 
leading with 15/141,540 votes as 
against 4J.36.289 for General 
Osnuud, his former superior 
and ex-head of the pre- 
Independence liberation forces. 

Of the other candidates the 
highest number of votes gained 
was by Hakim Manlana 
Khabimddin Ahmed, with just 
over 72,000. 

The turnout for the poll, 
seen by observers as au 
attempt by General Zla to 
further legitimise his role, was 
only about 52 per emit from a 
potential electorate of 38m. 

Both General Zla and 
General Osmani were leading 
six-party coalitions including 
Left and Right groups, and the 
month-long campaign focused 
on the issue of whether the 
presidential system of govern- 
ment . should be retained or 
whether a parliamentary sys- 
tem should he revived. To 
this end General Osmani had 
been planning to. restgir almost 
immediately if he had won. 

- The rigging allegation inclu- 
ded claims that Osmani sup- 
porters had been threatened 
with guns and ballot boxes had 
been, staffed with fictitious 
votes. Genera] Osraanf s 
Democratic Unity Front has 
filed a complaint with t be 
Election Commission but today 
the Chief Election Commis- 
sioner, Mr. Justice JL K 1 L 
Ninnl Islam said It was base- 

General Osmani is expec- 
ted to address - a Press con- 
ference tomorrow after meet- 
ing with the party .leaders of 
fats coalition. General Zla will 
hold a Press conference tomor- 
row evening. 

Hie polling yesterday In 
Dacca and the surrounding 
districts appeared to take 
place calmly, though some 
correspondents reported that 
later In the day they had met 
scenes of near chaos In two 
polling station. 

Final results from outlying 
areas are; not expected until - 
.Wednesday or Thursday. The 
turn-out for the poll is sub- 
stantially less than the 88 per 
cent who voted in last; year’s 
referendum when people 
were asked to show their sup- 
port for General Zia’s rule and 
gave a 98 per cost endorse- 

Lebanese army m 


MORE THAN 3,000 Lebanese 
regulars will' eater southern 
Lebanon is the second half of 
June if Israeli forces withdraw 
to the geographic borders on 
June 13 as scheduled by the. 
Israeli Government 
The Government daily. At 
Thaoura quoting “ observers in 
the' Lebanese capital,*’ 'Said; 
“ Although no date has been 
fixed so far for the entrance of 
Lebanese troops into- south 
Lebanon— as decided by Presi- 
dents Hafez Assad of Syria and 
Ellas Sarkis of Lebanon during 
theft- 24-boor meeting in Lattakis 
earlier this week— these troops 
have been info a status of alert 
since in order to move, south “ 
The Syrian leaders, however, 
are expressing publicly their 
fears that "Israel is stalling -for 
time." and may -not. withdraw 
completely from the area. .If 
this is the case, the joint Syrian- 

Lebafles* plan H to assure legiti- 
mate authority of the Lebanese 
legal government in the -whole, 
south" will be jeopardised. 

Syria - has received assurances 
from the leadership of the 
Palestine Liberation Organisa- 
tion (PtiO) that the Palestinians 
have agreed ‘’ to co-operate with 
the new decisions.”’ The head of 
the PLO’s military department 
was quoted in .the same paper: 
“ The - PLO can assure control 
over 90 per cent of the guerrillas, 
and it is not acceptable that the 
UN troops stationed in south 
; Lebanon be harassed." 

L Daniel reports from Tel 
Aviv: . The Israeli authorities 
may have to reassess their view 
of., a Syrian military, presence 
much closer to the Israeli border 
following the' Assad-Sarfcis agree- 
ment. ; In . the past, ■ Israel has 
Objected to Syrian troops being 


close to the “red line ” of the 
Litanl river. 

Th mw mjozl adds from Beirut: 
Palestinian guerrilla leaders are 
currently engaged In ' lop-leyel 
contacts aimed at reorganising 
-the entire military structure of 
the movement and the relation- 
ship of the eight main com- 
mando groups. 

Mr. Yassir Arafat, chairman of 
the Palestine Liberation Organi- 
sation, told a rally , here yester- 
day the proposed reorganisation, 
will take into consideration the 
experience acquired in fighting 
the Israeli army when it invaded 
southern Lebanon in March. He 
did not give details. 

The main guerrilla group, 
Fatah, which Se also headed by 
Mr. Arafat, is said to have pro- 
posed that the guerrillas in. 
Lebanon be brought into one 
“People's Army” under a 
central military command. 

NYC pay deal expected 
before Senate deadline 


MR. EDWARD KOCH, mayor of 
New York and union leaders 
representing 225,000 .' municipal 
employees are confidently pre- 
dicting today- that they' will- 
reach agreement on a new -pay ^ 
deal before Tuesday's crucial 
Senate hearings on a new 
federal aid programme- for the 

After parting in -deadlock, oil 
Thursday, the two sides .are' 
meeting this evening to' put the. 
finishing touches to a two-year 
contract giving 8 per cent pay 
rises and costing the city a total 
of $1 Jhn. 

It appears that Thursday’s 
“ collapse ” of the pay talks was 
a piece of theatre by the mayor 
who was anxious to preserve the 
hard-line, tight-pursed reputation 
with which he was elected last 

The mayor has had to make a 
number of concessions, to. secure 
a posable agreement He has 
almost certainly conceded more 
in pay rises than he would have 
wished and he has failed to 
obtain the $200m. a - year in 
special payments which . he 
wanted the anions to renounce. 

The mayor could, argue before 
the Senate banking . committee 
on Tuesday that the municipal 

. 'NEW YORK, June 4. 

pay contract is within the city's 
extremely limited financial 
means. It remains to be seen 
whether Senator William Prox- 
mire, the committee’s chairman, 
who opposes any more financial 
help for New York City, and his 
colleagues can he be convinced 
that the pay negotiations have 
been an exercise in fiscal 

Without a pay deal there 
would be very little prospect of 
congressional approval for a new 

federal aid programme before 
the existing aid package expires 
on June 30. In contrast to this 
programme which has provided 
the city with S2L5ba of seasonal 
loans repayable at market rates 
of interest within 12 months, the 
new federal proposals would pro- 
ride only guarantees for up to 
S2bn over a 15-year period. 

The city's capital requirement 
for the next four years is $4.5bn, 
$2 bn of which It hopes to secure 
from state and union pension 
funds with the help of the 
Federal Government guarantees. 

In addition New York City 
banks and savings institutions 
have promised to buy a farther 
Slbn of bonds issued by the 
Municipal Assistance Corpora* 
tlon, without any federal guaran- 

‘Bhutto in exile 9 proposal 


PAKISTAN’S military rotas are 
prepared to allow Mr. Zirtflkar 
Ali Bhutto, the former Prime 
Minister to go into exile, -on cer- 
tain- conditions, accordin&. to^ a 
report in an Iranian, newspaper. 
Mr. Bhutto is at present .-appeal' 
ing' against the death sentence 
pasted on him. more' than, two 
months ago. . . 

Emissaries from' Pakistan are 
said to have been sounding out 
foreign. Heads of State, to secure 
a guarantee that If Mr. Bhutto 
is exiled, he will stay -out of 

TEHRAN, June 4. 

polities for 10 years. 

In a report from New Delhi, 
-Kayhan ..International : .rays 
General 23a ui-Haq has let- it 
be "known that the guarantee of 
•two Heads of Stale will be Ueces-^ 
sary. to . prevent the death sen- 
tence being carried out 
Diplomatic sources here say 
the mose obvious candidates for 
this role are the Shah of Iran 
and King Khaiid of Saudi 
Arabia, though it is not known 
if they would be willing to 
become involved 

Muted welcome 
faces envoys 
to Rhodesia 

By. Tony Hawkins 

MR. JOHN GRAHAM, the British 
envoy involved ' in renewed 
Rhodesian settlement efforts, 
will find little enthusiasm for a 
new all-party conference on 
Rhodesia when be arrives here 

Mr. Graham, accompanied by 
Mr. Stephen Low, the U.S. 
Ambassador to Zambia, will try 
to convince the Rhodesian transi- 
tional Government that it is in 
its interests to agree to new 
talks with the Soviet and Cuban- 
barked Patriotic Front guerrillas. 

The Rev. Ndabaoingi Slthoie, 
the current chairman of the four- 
man Rhodesian transitional 
Executive Council, said last 
week that although tbe Council 
was willing to Listen to the views 
of the Anglo-American envoys 
its position an an all-party con- 
ference on Rhodesia bad not 

Mr. Sifhole said that the 
Executive Council wished to re- 
affirm its determination to im- 
plement ' the ** internal settle- 
ment ” signed on March 3, rather 
than participate in new talks 
with the guerrillas. Mr. Sithole 
also emphasised that the Anglo- 
American visit was taking place 
oh tbe understanding tbat “sub- 
stantive discussions ” would take 
place between the envoys and 
the transitional government. 

Tbe official statement said it 
was anticipated tbat the envoys 
would spend up tn two weeks in 
Rhodesia. The Fact that there 
is remarkahlv little interest in 
the visit reflects Salisbury’s con- 
tinuing belief that the only 
chance of a remotely peaceful 
band-over . to majority- rule lies 
with the internal settlement 
A Defence headquarters 
bulletin tonight said Rhodesian 
security forces had killed 12 
guerrillas and five "collabora- 
tors" tor the loss of one white 

Frv«noai Tim. catiltibctt dally nemi Sou- 
dan and hnUifcya. U.S. utacrTpUofl smo.ud 
c*& freteho £360.00 Crfr main per unai>. 
Second clan po wa pp paid at New York. N.V. 

SharehoMers’Equxty and Liabilities . 
Authorised, and issued share capital— 
10,000,000 shares of KD 1 each: 
• Private- - \ 

Balance Sheet 
' December 31, 1277 




less: Shares iwt allocated 

• 10id00,000 
- ' - - '65,049 

Issued and fully paid share espial 
Stamrory reserve 

Voluntary reserve 

Unappropriated profit 

- 9,934,951 

. - . 70,423 

; 5*7070' 


Total Shareholders 1 Equity 

Current deposit and other accounts 

•'"10,639, 178; 

v i5iii 

Tbtal Shareholders’ Equity and. 


liabilities on confinned credits 
guarantees, and acceptances 
' (as per contra) 

. : -.1 4#5,0*S 

Total Balance Sheet 


Cakh and oraenttecounis^ with banks 

Moneyar call aadshtut notice 

Quoted mvestmentsatthfiloiweccif 
cost or market 

Deposits with banks and ctfhcr financial 
_• institutions 

Advances tocustomers, tells discounted 
mid other accounts 









Customers EaWxties on. confirmed 
- ' -credits, guarantees, and acceptances 
(aspff comra) 




Burgan Bask is Kuwait’s newest 
commercial bank, inaugurated ontfae r 1 
27thof April 1971 

Tfou can see from the figures above; Y.-' 
that we did pretty well in our firsteight .. 
months of operation. - ^ : ~ • ; 

What you don’t see m thebaldfigures 
is our activity on the international scene. 

For example between April and 

December last yeai; we pamripated in 10 . 
internatioiial bond issues to the tune of- 
$37 million and in two international 
guarantee syndications. 

And that is only the beginning.' 

Even in this short space of time, 
we bave managed to gear ourselves- 
to providing a fuU range of 
international banking services; 
including foreign exchange dealing, 

"deposit trading and fi nancing 
transactions directly connected with 
Kuwait’s foreign trade. Plu^ of course, 

managing and partidpatingin local Euro- 
omency loans, credits and bond issues. 
:Cfei the domestic ^seene* you might 

51% owned by the Government of Kuwait 
aid tiie other 49% is owned by 314^527 — 
314,527 Kuwaiti citizens. 

Burgan Bank SJLK. 
Abdulla A) Salem St 
PO Box 5389 
Safer Kuwait 

Tel: 417 100 (9 fines) 

Cables: BuxganBank 

latex: Dealing Romm 
General.- 3309 


Times Holiday -Tune 5 1978 


i' /*??(£ 

1 fte 

;; ' 1 ;>■ ; ’ 

5 $M. 

'} &&}*. 


i i^‘a; 

:j ;^4 : 


' * hi; )?t. 


i ■?»?:£ 



Iran ordnance deal will 
bring UK £400m orders 

Renault may double Chinese mission shows keen 
capacity in Turkey interest in British industry 


“ ■■ if.;' ^ 

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. •:-* »its 

• 1 ,-‘-0 

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!• 'jrj* "JjC • 

i [■": . 

‘w m 

neering industry will collect 
orders worth aroimd £40Om over 
the next yqzr. Jar plant and 
machinery for -.the Isfahan 
ordnance, complex in Iran. 

Some industry - sources . sug- 
gest; that. the. complex will 
require at least aoom of 
machine , tools .’ alone from the 

■ Discussion®-: about- the- -deal 
nave heea : going on for jkbcrat 
three years but: the way" was 
cleared for a- final go-ahead with: 
the signing'of a protocal agree- 
ment In Tehran an May 10. ' 
_Now UK industrialists- expect 
Millbank Technical Services, the 
contractual aim of the Ministry, 
of Defence, to start placing con- 
tracts possibly within weeks and 
certainly in only a Sets months’ 
time. • 

The complex will "turn out a 
unde range of ammunition -as 
well as spare parts {such as gun 
. barrels) . for Iran’s - Chieftain 
tanks. Informed- estimates of. the 
cost put .it at around £770m. 
^Completion will, probably take 
to three and a half-years. - 

The UK will also benefit from 
the civil engineering contracts to 
be placed as the Wimpey-Lalng 
consortium seems likely to get 
the lion’s share of that business. ■ 

One of the major reasons for 
the delay in the project— if it had 
gone ahead as originally p lann ed 
•t would have coincided with the 
depths of the recession in the VK 
mechanical engineering industry 
—was the question of payment 

It now seems almost '. .certain 
that Iran will not pay cash but 

Canadian rail 
cars contract 

will insist on' payment in oil. 
This will involve MTS finding an 
oil company willing to buy 
quantities of Iranian oil over and 
above its, normal requirements. 
The funds Iran Obtains from the 
sale would then he put into a 
separate account to pay the con- 

A precedent for this arrange- 
ment was set by the deal worked 
wt -by. .Iran • with General 
Dynamics of the D.S. and Ash- 

land Oil over the purchase of 
the F-16 fighter. 

Site work on the complex 
began as long ago as 1975 us it 
is normal practice in Iran for 
such work to start before con- 
tracts have been finalised. How- 
ever, more than a year ago some 
of the companies involved found 
that progress payments were no 
longer being made. It was at 
that stage that Iran introduced 
the idea of payment in oil. 

Afghan tractors sale 


nearly 53m. is being supplied 
to Afghanistan by Massey-Fergu- 
son, mainly from its UK plants, 
under two contracts which the 
group says' were won “in the 
face of intense international com- 
petition from virtually all other 
major mana/aetureis.” 

The first order, for tractors 
and implements worth nearly 
84m,. has been financed by the 
World Bank's International De- 
velopment Agency and is from 
the .Afghanistan Agricultural 
Bank." It includes 400 MF135 
tractors made at the Coventry 
plant and matched sets of im- 
plements in be supplied from the 
UK -and three, other countries. 

..The equipment wit! be offered 
by the Bank with credit arrange- 
ments for purchase by individual 

The other order has been 
placed by Afghan Seeds Com- 

pany and involves the supply of 
26 Coventry-made JLF1S5 trac- 
tors and 13 MF520 Super II com- 
bines made at the Kilmarnock, 
Scotland, plant, together with a 
quantity of implements and 
other machines. 

The deal, worth over £700,000 
and funded by the Asian Develop- 
ment Bank, will provide equip- 
ment for four farms which the 
seeds company operates in the 
Kandahar area. 

Apart from one other 3tf-F 
machine supplied last year, these 
are believed to be the first com- 
bines made io a Wstern country 
to be sold to Afghanistan for at 
least ten years. 

On both contracts M-F will 
provide the Afghan authorities 
with a substantial programme of 
training support in the manage- 
ment, operation and maintenance 
of the equipment. 

’ TORONTO. June 4. - ~ 

Hawker Siddeley Canada has •,» » vut/ui uri aiu 
received a C$26m order for 700 ' ° r t --L* Tt/N 
covered hoppCr -.rail- ears, -500 a SMALL reduction in 


Firmer rates maintained 


RENAULT, THE French motor 
group, is considering plans io 
expand production at its 
associate company in Turkey to 
more than double its present 
capacity of between 40,001) and 
50.000 units a year- 

Tbe Turkish concern. Oyak- 
Renault, in which the French 
company has a 44 per cent stake, 
would like to develop on the 
base of its present R12 produc- 
tion into manufacturing ihe new 
R18 in two to three years time. 

A detailed programme has 
been worked out with a view to 
putting this Io ihe Turkish Gov- 
eminent, which controls the 
industry through licensing 
agreements, towards the end of 
this year. 

But before taking this step. 
Renault will almost certainly 
press for Turkish commitments 
on remittance nf royalties and 
relaxation of price controls. 

The problem facing both the 
1 company and the Government at 
the moment is that Turkey is 
in a balance of payments crisis. 
This makes the future for invest- 
ments in the country uncertain, 
while putting a damper on any 
plans for development likely io 
suck in more imports. 

1 On both counts Ihe Renault 
project will cause difficulties. 
Renault has to have some 
assurance that it will he paid 
for its services and parts ex- 
ports. while any development is 
bound to demand the import of 
more foreign machinery. 

So far. however. Oyak-Renault 
has managed to overcome the 
crisis by keeping its plants work- 
ing at almost full capacity of 
about ISO cars a day. It has 
managed to do this by arranging 

-»-■ - -TV'o. • '-2g»' 

various barter and financing 
deals to overcome Turkey’s 
foreign currency shortages. 

By contrast. Fiat, its major 
competitor, which has a joint 
company with the Koc Group. 
Has cut output from ISO units 
a day to about 90. This reduction 
has come partly because Fiat 
which has also arranged barter 
deals, has decided to put its 
main effort into maintaining out- 
put in its truck operations in 
the country. 

There is no tlnuht that the 
Turkish Government would like 
to expand output in the country 
if it can find some way of bear- 
ing the strain on iis balance of 


These difficulties have caused 
a number of companies to cut 
off supplies of engineering pro- 
ducts recently, among them 
Massey-Fcrsuso/i tractor? of 
Britain, but the hope is that 
exports can be built up (o com- 
pensate for the outward drain 
on funds. 

The motor industry will 
clearly be asked to help in this 
area, and will be required to 
export five per cent of produc- 
tion as output builds up. To 
this end, Oyak-Renault has been 
looking at a mimner of over- 
seas markets recently, and sees 
opportunities fur developing 
overseas sales mainly in the 
Arab states of North Africa. 

• Creuxot -Loire company Wean- 
Damiron won a contract worth 
over FFr U»)m frr»;n ; be Soviet 
Metallurglmport for the supply 
of metal sheer production line-- 
which should be in service by 


FOLLOWING THE success of the 
British steel industry in gaining 
; invitations from the recent 
: Chinese sleel mission to visit 
! China there is considerable 
: interest in the outcome of 
! Peking's other industrial delega- 
tion led by Ku Ming. Vice- 
: Minister of the State Capital 
; Construction Commission which 
! also" spent over two weeks in 
I Britain last month. 

Ku Ming had a a extremely 
successful meeting with Dr. 
! David Owen. Foreign Secretary, 
'and also held discussions with 
I the Secretaries for Trade. Energy. 
Transport and Agriculture. His 
! delegation toured British coal 
| mines, ports, power stations, rail- 
jways. petrochemical plants and 
I oil installations, specifically io 
j examine advanced technology. 

’ To cover the widest possible 
! ground, the mission split up into 
■three parties for two weeks of 
■the tour. However, the whole 
I mission took part in the trip to 
Jlhe advanced gas cooled reactor 
iut Hinkley Point “B” power 
I station which fhe Chinese had 
I particularly requested. They 
{were also interested in the 
1 organisation and management of 
(the electricity supply industry, 
the handling of the fluctuations 

in demand and i!,o comparative 
costs of oil, coal and nuclear 
power generation. Since the 
present Peking leadership came 
to power in 1976 its official Press 
has ‘ frequently pointed out the 
inadequacy of ns own power 

• Vice-Minister Ku's group 
vjsiied the National Coal Board's 
research and development estab- 
lishment at Stanhope Bret by. 
where they were- particularly 
interested in the use of com- 
puters and remote control, 
especially the automatically 
regulated decanting of coal onto 
conveyor belts for delivery direct 
to nearby power stations. China 
has already bought large quanti- 
ties of British mining equipment, 
ana Peking's Foreign Trade Mini- 
ster said on bis visit here last 
autumn that it intended to do 
50 again. 

Mr. Ku’s tour also included 
Dll Titanium at Birmingham 
where be visited the production 
plant and held a question and 
answer session with members of 
the main IM1 Board. The Chinese 
are thought to be particularly 
interested in titanium processing 
because of its use in aero 
engines, particularly in the Rolls- 

Pressure for hulk s 



% Change Index 
over earlier base 

covered hopper^ rail ear*. -M0 A SMALL reduction in the days 20 vessels had been pro- 
of which are being .built to r amount of available, tonnage out posed by owners anxious about 
Canadian General Transit, a 0 f nje Middle East last week future trading from other 
leasing company which is -55 per helped maintain the firmer rates sectors. 

cent owned by Hawker Siddeley which have became the main There was no evidence of new 

and 45 per .cent by General feature ' of tanker ' operations VLCC business last week, but 

American Transportation. The since 'April. . * brokers hoped chat resolution of 

other 200 are for North. American Very large crude carrier fixing the proposed Japanese storage 

Car Canada. Delivery is was confined to'petfod employ- scheme would come by the 

scheduled later this year. . ment in- contrast ta the -previous middle of June. Up to 10 

Meanwhile the; Toronto office week. One UB. - oil': company VLCCs would be taken off the 
of George Wimpey Canada has called for large tankers for one, market for use as storage and 
been awarded four- ..contracts two and three year .-time charter a further five could join them 
totalling more than £4m. ' The with early delivery: Up to five in September. This should aid 
biggest, worth; £3m is'.' from the ships may- have been concluded, market conditions towards the 
Ontario Ministry of Transporta- The rate - structure varied last quarter of the year, 
tion and Communications, for between Worldscale; 24 for 12 Elsewhere the American coast 
building a four-lane seven-mile months to 29 for three years. proved to be a difficult area. 

extension of the Don Valley park- The order was proposed at the Brokers advised owners lo fix 
way north of Toronto: . • . end of the previous Week. Within business with speed when it does 

- : • pick up to avoid redundancy and 

more lay-ups. 

Tanker lay-up figures at June 1 
showed that 53.3m dwt are 
• .Engineering' has won -with whom the Kuwait Ministry now idle, representing 1 469 

a Riyal IfABni. <5qn&ict Public Works, Road - and vessels, including 66 combination 
ah .'S&ittlle oiLidpeiine = m-rSaudi . Drainage Departmeht/Tias placed carriers and 85 dry bulk carriers 





W. Germany 



Apr. 78 Mar. 78 Feb. 78 Apr. 77 








7974 = 100 


T 19-0 

17 A0 









1976 = 100 










141 .5 














1967 = 100 


' PRESSURE FOR forming two 
, separate cartels in the bulk 
shipping markets will be the 
• main item for behind-the-scenes 
j discussion among ship owners at 
{this week’s Posidonia Shipping 
Exhibition here. 

Or the two, the oil tanker 
scheme, known as International 
Tanker Services, is the closer to 
fniiiioo and relies for Us pro- 
gress on support from key Greek 

It originated in Scandinavia, 
where owners took the first shock 
{wave of the tanker market 
collapse in 1974-75 and some of 
1 the Scandinavian owners will be 

among those attempting to tie up 
an agreement here this week. 

The scheme's originators 
believe that 40m deadweight 
tonnes of tanker shipping is 
required to make the scheme 

Scandinavians have already 
guaranteed half that figure and 
letters of intent are understood 
to have been signed by the 
biggest Japanese owners, Sanko 
and Japan Line. 

This leaves only one critical 
gap — the Greeks, whose reaction 
remains unknown. 

A second cartel scheme for 
dry bulk trades known as lint er- 

Royce engines in the Trident 
aircraft they have bought. 

The Chinese have no titanium 
industry of their own though 
the country has ore deposits of 
the metal. TheiT interest 
clearly slums front their recog- 
nition of j is resistance to 
ouT'ision in. for example, the 
chemical »r coastal power 
industry, and its high strength* 
io-weight ratio which makes it 
valuable to ihe aircraft industry. 

This visit was followed by one 
In the IC1 petrochemicals plant 
on Tees-side, the largest of its 
kind in Europe and useful to the 

Chinese as an example of inte- 
grated development. They 
showed keen interest in manage- 
ment. safety and environmental 
problems as well as in all the 

Part of the delegation also 
visited the port of Hull and 
Inimincham where they were 
impressed by the modernisation 
grafted onto old construction. 
This experience is particularly 
relevant lo China's needs, as its 
much expanded programme oT 
foreign trade cannot be carried 
out successfully until loading 
and iranjport work in Chinese 
docks is speeded up- 

C^sRuL I 

cargo, originated in Pireaus 
under Mr. Antony Cbandris. 
president of toe Union of Greek 
6hip Owners. 

His plans involves, like Inter- 
national Tanker Service, agreed 
lay-up of surplus tonnage in 
order fu push freight rates 
beyond their present loss-making 

It is at a much earlier stage 
of development than ihe tanker 
pool, and is nm generally given 
much chance of success, although 
Terminal Operators, a London 

consultancy cunt puny, has been 
commissioned to write a report 
on its prospect-'. 



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: «^aud4 Draiiiage Defahrtment,'"has placed carriers and 85 dry bulk carriers 
Arabia:!^ Ifia iend' af ifiext year, the; main d&ntracL '« where the marfcet-for dry cargoes 

; capafcl £ < 300,tt»-* A / - /_ • ' t is slowing the rate of increase 

barrels, of Oil 'e£cb day^-to lin^- W e<w? v t * 

Riyadh. wlt$ the \ Xhurays fields Eggs^ Forrester, brokers, fore- 

to the east The contract, which ? cast on Friday that the im- 
indudes finHdfng’vWa pumping balance between i the Pacific and 

stations ^ud terminal station, 4116 Atlantic, where rates have 

w*» awarSi‘by Saaiiir Arabia’s fiLf” firmed considerably since Apnl, 

general petroleuin and_nuner^S. -ni? will not be sustained for long. 

I, * rtlcuUr ? 

• Bedfor^ the ^a^xh^l fruck ,| ot ?^ rdam com P an y* Logica. Xhe recent spate of chanerme 

manuf aetimng ■ :Subskiiary, ; 4a«t ® Decea has wdn a contract for activity in the dry cargo trades 

Wek passfed'- the -half-mRHdn' the supply and installation of has been largely grain-based, 

mark for production of Its TK navigation systems for the new Brokers reported on Friday that 
flrQ^intrfianced Hewanorra international airport anrine May this activity had 

n ^itUb The . contract, was negotiated by muty grain ports. A 

Welfinibbera. -Hatf of itgootimt: thp Crow n Agenta acting for the ; Ageg, grain sbips wai 
hasbeen export^Twi& Portugal, ot Gommunications/of 30 days for off-loading. 

faculties in 
At Buenos 
waited up to 
ing. the main 

• VoS:^Xv.'.r: W'*£? 


by the autumn. This port congestion, at dis- 

• The SPP^. Qtwp has 'Won. an - Q Siemens medical division has charge and loading points, has 
order value#' at £T5m’for punips won a 9L6m contract to instal had an impart on available ton- 
and anclHai^ Mtripment' for a two computerised exial Tome- nage, maintaining rates. When 

scheme : in grapfay. scanners which wilT be the probtemsare resolved. 
KuwaiL placed by the Hyundai installed at a government hos- owners must expect rates to slide 
Constiurtton of ; Sonth . Korea pltal. and at a private ctinic. « „ marginally. 

* jje already has the biggest convention iadlity 

f m 

Si >- 'V^.-VV 1" 
■K- i> - 

'[ i.'v.vr " ' ' 'V,i$ 

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f ri!ii <*11^ 1 ? 1 vi^a 1 , • I 

StjUnot enough jbr Me. C. He’s 
Standing io 600 sq. meties of&xther 
^jaceweTe bu 2 ding for him m the 
308i floor Ready in Ib&Axdtaoan. Bet 
foa 5 * wait untitlheaa fogreehiniacatt. 

Asiy ageat will tdlyoa me easiest w^to urs 

Next time you fly to L. can 
really arrive in style. 

On a Pan Am747SP. Its been speci- 
ally built for non-stop long-distance 
flying. And it has more first class seats 
than the original 747 . 

If you're thinking of visiting Holly- 

wood, well get you in the mood with a 
choice of two great movies. 

Pius eight stereo channels to choose 
from. (A small charge has to be made 
for these to comply with international 

Superb food. 

AnexclusiveFirst ClassDimngPoom. 
And fhn Am s people to see to it thatyoure 
pampered all the way. 

Flight PAI21* leaves Heathrow at 
14.00. And arrives in L.A. at 17.0; . 

"Who better to get you to Hollywood 
than the world s most experienced airline? 

P^ ^RQnip.R-V -B IUQq£KUS s ELS*TEL;3Zg 3400 - ZEL5i-2^7 

•1>b 4 iAlil ofajht.'itu ai. 


home news 

State aid 

for saving 
tin mines* 

internal rows 
formation of 

Tyne link 
by National 



will bei 

By Paul Cheeserigfit THE formation of BriteL a joint Project management entails Cable and Aeradio have ex-, 

British consultancy group aimed working closely with a inanu- pressed concern over she inanu-; 
REGIONAL _ DEVELOPMENT at improving the flagging per- facturer once the contract has facture of System X. '< ' i --'i 1 1 * >e { 
grants for mining must bo re- foiroance of the UK telecom- been awarded. Cable and broken up between GEC. Plesseyl 
stored by tbe Govern men t if the muaications industry on world Aeradio feel that if Britel took and Standard Telephone* and| 
UK industry is to survive, markets, is delayed because oF on this role, it would be seen by manufactured in a number of; 
according to the Cornish divisions among participants on clients to be simply a marketing locations. 


By Paul Taylor, Industrial Staff 


■ the price commission is reduce it net profit margin on; safeguard, .e'atitittaenis-. -ujjw; 
i believed to have told the Depart- turnover to less than 3 per cent , they /keep aySepaEate set = of-. 

'ment of Prices that the safe- The commission is believed to acroantp. ; ..-i^aj?Ucula£fer ; fo^^^ 

■ guards written into price con- have told Mr. Hatters ley that this .*™POS&- '' 

Chamber of Mines. the role and scope oE the front for System X. While the 

Mr. K. A. Gilbert, the chair- organisation. _. companies rein 

man. told the chamber's annual Discussions on Britel have Upgraded ties, it is felt 

meeting in Camborne that been going on for more than a They have built up their busi- might have to 
Government aid was necessary year between the National ness jQ the world market on the uncompetitively 

lff ,,i,nn.- Tyneside s bus and metro | which protect a company 1 * profits with. . . * 

inannf-^un serwices I during and after one^of-the com- ■ Although the commission is not >Ppesed 

for surface treatment plants and the Post Office Cable and Tallin- STSS& t SS S ^ ?|“S has criticised those ‘ -. 

His remarks follow the re- Wireless and Internauonal judge to be best suited for the which hove been in production nn f l B nn e faaIi but by «me S safeguards which relate 46 a view that -it is n® -it£S tn 

SMSX W«00 report published “K5? &er dlspuir. ..ver S-SE* SS? JFp"* 1«*«£ JMSSSW®*- 

Cornwall Tin and Mining, and „„ year. Sir Raymond Brown e , r he "eenpanie' m7re°^ the future S” oPstandard «•»«<•> <* tbtir own assets. • controls. «j» » » TucH cornpaS Srttaigi" liS igSfc? “ 

by the placing on a care-and- was in fawmr of a consultancy ingly have tended to choose Telephones, a subsidiary of ITT. Agreement in principle has , rt m 2 de £ Sm^tncreaSnllv meaning- douhtedl^woiiH.pSteS 5J£> 

maintenance basis of Wheal composed of the three organisa- systems offered bv foreign manu- which manufactures n dec- b£, *n reached in anticipation of .decision on whether to change becomes increasing*. » discretionary nr 

Jane, the Consolidated Gold tions which would be largely con- KSJJew * ironic Se Mcta^mia. in the planned opening of the first! them but time is. running short J«s as tunes goes on euSs-' — - ' <* ^ 

Fields operation. corned with the marketing of j^addmon Cable rccemlv Sf'/ ini sv'itm M 1 ^a?e of the metro ;n the , because the ; obvious time to do ctmiM»«on Jas gu^. , 

Regional development grants System X. the computer- w uD°rad*d^ts nroiect manage- will r»e in riirerr cnmnctiti..-, I summer of 1979. Previous co- , this would be whfio margin con- 00 * thaL with the end of maTgm R^t^rsleif^s t°- Hr. 

were withdrawn from April last controlled telephone exchange m J nt division andlsmovin-intu it is ihSucht t^itTir-r^r ’at ordination Plans have had to be : troJs expire at the end of July «*£*»> thts suminer. companies Wot: 

year and since then it has been system reaching the final stages areas— such as the provision of h ast nf the L'k-ownV-d leN* abandoned because of opposition 1 and certain othei; consequential will not have ,J^ 1 ® ti £ , ® c *5K5! administer ! .to , 

necessary for the mining com- of its development hy the Post i "! *?™ r. ?“ JJ., ?.«« from National Bus and tbe j changes will have* to be madfe to <*8^“ for calculating their administer. to seek finance etee-) Office and its three major manu- SS? and hoS^ii wbiib neces^ ti be unions to a pooling of assets. J the existing orders. • • / _;. .'V 

where. Costs have been increas- faemrers, jEC. Piessey aod Aeradio ls strong. elTeciivp marketing overseas. ' However, it is honed that the, He has indicated that he would \T 1 ii 1 ' v.'.' 

me. however. Standard Telephones. R^cidni r a »c .u. ..,i executive committee will be able: make hie HPi-icm* lv- 1 / nwlAir Oirfl Al/C I /WW : _ - 

ing, however. Standard Telephones. 

_ ! Tbe constituent members cf 

* ^nC£Hl the Britel project agree on the 

*H>e day is gone when for a need for a common marketing 
fhirly modest investment, a min- organisatiiin for System X. The 
ing company could expect to (problem arises over the degree 
make a reasonable profit," S3id to which Cable and Wireless anti 
Mr. Gilbert. Aeradio will be required to sink 

His particular concern was the their individual identities into 
need for the industry to come to the new project, 
terms with the mining oF low While both In effect are State- 

Besides fears that their areas However, moves in this direction |« 2 cutive committee will be able; make his decision partly on the 
operations will he eroded, have not been annuurccU. j tn integrate hus and metro ( basis of advice from the commis- 

Far Eastern funds lead 

Varley attacks Tory. 

... .jus ««<u ot aa vice rrom the commis- T . r --- •*. *. 

services without, initially atrsron which has the ’job of n A A • J a. 

least, pooling thes» assets. I administering controls. XlOTA Hl5)T) 

Joint negotiating committees # . iJlillv UiUUijUJ JpiCtU 

ore planned under which the: ‘Waste rtf fimp’ , ' _ " » • ' ' l-‘. > . 

executive com.nictce will talk > ’ Ume A FRESH attack on plans out- The existence of the Ibry 

directly with unions on pay and Th® commission apparently Mned in a Tory report to hive oil report, prepared by a : study 
condi i ions and consider related h * s . conflned itself largely to profitable sections or nauoo- group chaired bv righfawteenf 
hnnnc r,r namv i^vinpnu fnr th® technical criticisms of the safe- altsed industries was launcnea s . v.-.l bui.. . 5 ■■ 


bonus or oaruv pavmenis for the technical criticisms of tne safe- allsed industries was latmdied 7 u,>h ^ aa ^ * •' 

.buj, companies* siaffa. (guards. The comments may not yesterday by Mr. Enc V arley. 1 ^ ^r - 

! Travel service 

guards. The comments may not yesterday by Mr. Enc Varley. * . ^ - for t 

be strong enough to give Mr. Industry Secretary. Cirencester and Tewkesbury,, was 

Hattersley evidence he would He told delegates representing confirmed last week.. - "• . 

need to push through Parliament 123.000 Port Office workers that Mr- Varley 1 added:- Tfie 

(V>(. >», 

conference of the rest umce -^-ana oniy mrs. lnaicner could - 
fundamental Engineering Union at Blackpool, clear up the disthUty.. . ~ - 

the commis- . •' . .» •-?*• ■■■j-.. 

:lause which -> : 4 ' V 1 - 

Water charge payment ;; if 
by instalments urged 

&aP*****.. . ^ 




. ’t ■> • > • i ■ 



\Afe ve given one of the 
worlds ten best cars the boot. 

The Honda Accord 3-Door hatchback. Rated as 
one of the ten best cars in the world by Road and Track. 

One hundred points ahead of other Japanese 
cars in the European / Car of the Yeaf Award- and 
voted top by Autocar and the Observer. 

Winner of its class in the 77TotalEconomy run. 

A great car Now we've given it a boot, 15-97 cubic feet 
of it. And four doors. And even more refinements to 
the incredibly long list of extras built-in as standard. 

The clock, for example, is digital.The Radio is 
FMand AM. The heating and ventilation systemis also 
ducted to the front doors for side-window de-misting, 
and to the rear seat area for extra passenger comfort. 

The boot can be unlocked from the driver's 

And so on. 

Any other car would be called a Ghia, a De-Luxe 
or a GLS with the Honda Accord's list of built-in 
extras. But we believe in quality and so 'de-luxe' is the 

We also believe in precision engineering ( the 

HOr.'DA ^CC'JPD A.vii/-’ ' ■-!!. r'E-*C r -. ?. ■■-DOC 1 ? i.’. hOi/Qii’J-.T-.J I 

CJR-AFRfC'iLiC jR. c '^-7A77;i-iEGFGC''i jC.TOPFEcc-.III'f L^DICrfiiTVi ^ ' ANC‘5 v-7 Eii-Ti.. - • •• 

engine specification and high degree of finish will make 
you wonder how; we do it for the price). 

The Honda Accord. 

It's not just a car with an amazing specification.It's an 
amazing car to drive. Try it. 

You' 11 see what all the fuss is about. 

■ • '■ ■ ■ - . V ■■ VVKV-y.Byf.*.-' 

‘ * - „• ' • V- ■ 


LEGISLATION TO force Britain's 
water authorities to accept pay- 
ment by 'instalment to ease the 
burden of charges, should be in- 
troduced as soon as possible, tbe 
Association of Metropolitan 
.Authorities said yesterday.. 

The association also wants an 
investigation into a rebate 
scheme linked with (he rebates 
given against local authority rate 

Councillor Jack Smart, chair- 

man of the association, said: 

“ We want to see legislation that . 
will oblige, the water authorities 
lo adopt schemes similar to -those 
for the payment of local autho- 
rity rates.” ’ 

The chairmen of .the water - 
authorities have already given aa . 
undertaking to government to 
accept payments by instalments : 
whenever that may be required^ 
but so far the Government has; 
not requested such a move. 


ClydeDock Engineering 
may buy Greek yard 

ClydeDock Engineering, the ship- 
repairing company formed last 
year, fs interested in buying 
the Neorion Shipyards on the 
island of Syros- 

Mr. Rankin Durnin, the com- 
pany's financial director, has 
visited the yards, which closed 
down in March, but negotiations 
are still at a very early stage. 

ClydeDock Engineering, which 
was founded by Mr. R_ E. Butler 
with £lm capital, has the back- 
ing of a group of Scottish busi- 
nessmen and the Scottish 
Development Agency, which 
announced a £100,000 investment 
in the company in April last year. 
The company operates from the 
Former yard of Alexander 
Stephen FShiprepairers ) at 

The Neorion Shipyards were 
operated by the N. J. Goulandris 
group, which closed the yards 
and laid off about 1.200 workers 
after a series of strikes com- 
pounded financial difficulties 
caused by over-capacity in the 

According to the Greek maga- 
zine NaftiJiaki International, the 
yard represented an investment 
of- £llm-£13.7m. (820m- 25m) 

when it closed but Jiad credits 
of £fl.9m fSlSm) from the 
National- Bank of Greece and 
£5 .8 m (SI 0.5m I from the 
Development Bank of Greece. 

Flow of wine 

Clearances of all types nf 
imported wine in March in- 
creased 711.000 gallons or 12.7 
per cent to 6JJm gallons com- 
pared with March lasl year. This 
look the first-quarter total in 
13.6m gallons, a rise of 2.68in 
nations or 24.5 per cent on the 
same period of last year. 

Scottish affairs 

Scobs fa economic performance 
and political developments will 
be assessed at a conference in 
Edinburgh on June 2$ and 27 
which has been organised by the 

Financial Times. The speakers 
will include Mr. Gregor Map 
Kenzie. Minister of State for 
Scotland, and Mr. Edward 
Taylor, Shadow Scottish Secre- 

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X>onatlons and informs tiou: 
Major The Earl of Ancurter, 
KCVG.TD., Midland Bank. 
Limited, 60 West Sndtbficld 
London EC1A9DX. 

British Limbless 
Ex-Service # 
Men’s Association 

•CRT 10 laOSE'WBO CAYt-PL£A5£* 


V, e come i rom both world wars. 
Wc come from Kenya. Malaya, 
Aden. Cyprus .. . and from Ulster. 
From keeping the peact rtoless 
than from war wc limbless-look to 
you for help. 

And you can help, by helping 
our .Association. BLESMA (the 

British Limbless Ex- Service Men's 
Association) looks alter the 
limbless frem all the Services. 

It helps, with advice and 
encouragement, to overcome the 
shock of losing arms, or legs or mX- 
cye- It sees that red-tape docs not 
siapd in the way of the right . 
cnuilemcnt to pension. And, for 
severely handicapped and the 
elderly, it provides Residential 
Homes where they can Jive ia 

Peace and dignity. 

bfclp BLEBNLA, please. We 

need money desperately. And. we 
promise ; ou, not a peony ofii wu 


:Jime “5 rISfTB 

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Vr- E*r 
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^ It had to be Scotland.” 

Atom Ttaon, CfcmTmm, 3*» CaledonmAim&r Group ■ 

“We chose Presbwickfor our new Aircraft Engine Overhaul 
and Test Plant because it provides all the facilities needed tor 
SSIfecte operation. With the area's ffetory of aviation work, 
there's a ready pool of labour capable of tacking such 

Sped SDAtaSSnt enabled us to embark on life exddng 


•.:'»■• •* -. Klf-'i.' -r 

fo fad out more: contact James Gorie, our Dkector 

formation, at the address below. Scottish Development Agency 

'■$*? 120 Bothwell Street, Glasgow G 2 7 JR 

7 Tel: 041-248 2700 Telex: 777600 


\ i'>r-L7: r {\r'ri^ r £v:*u<* '^v'" ■ r 

7“’,, 1972/1987 FF 10IMHMMI0O 

NnUi.f U herebv aivcn lo bondholders of the above-mentioned 
iKJin ihai lhe" amount redeemable on July I, 1P78. i.e. 
M-' -{.Ouo.OOO was buughi in the markeL 

Amount outstanding' FF S5.000.00o 

i.iivniilimiru'. June 5. 1978. .. _ 


I In liir- HIGfl Cfil'RT * ■ f-* .HJ«Hl I. 
j Chaatf-ry Divinon Coaipam.s Caiiri In 

f~|ggr ‘ignore middle managers’ 



!wi 01 " n,r Compan ' a the BRITISH inriiluie of Man- cu^s the manaaer’s role in parti- pnsals affecting the workforce 

. notice is nFREr.v mvKN ;t n enK . n( has called f"i- a meet- cipaiion agreements. So far. the with workers' representatives 

Pcciian* fur ili>' V milimr-i.-p of Ih.- > annn-- . . Jh c»,., Minister to voire ftf I h»*sp managers hart hppn hplorp riericii-inc wnrp m-irfo Hu. 



UK companies 

secretive/ Wilson 
Committee is toft| 


HE Wilson Committee ^ 

ibllsbed the -eighth volume of sob^y4)as«i aad aacrpamiin- 
ritten and oral Evidence on the 

I Tiir Crr.itcr Ljndon Ccuncii hereto, j 
qnc no(i<« iiiii Tendei* mil toe received 
tic Chid Atcoun!.,n'.'i Oilicc 'Bant • 
Pml ini-TSi Cjnk a I Engf-ma. Londijn EC2R 
2GU on Mo'iJiv 12'.ti Jane. JI H noon 1 

<No llabilitvi 
lineo'doritccl In Victor ui 
Resisieecd Office- e/o Fell * Surkey 
35 1 Collins Street 
Melbourne. Vic. 3000. 

,ES aswi. l iI"minn B E"".p l Tiir.i management, Jlv. Rm iho effective veto on allowing contraction q£ works ^ [financing of industry and trade. 

ano mai rhe ^jui Pcuimns arc dinci.-'i institute's director-gene mb .in id managers into the proposed joint organisational changes. ' ^ ■ CDmnuTT ™ “ ' 

’ I rh. L, R. , , , :'u rJ Coum of' jilMn-e^sIrand' in G)a *3 ,>w al - the week-mirt. representation committees. This Employees in companies with 

London wcia" jll. .m cl:, -jisih dnr uf He said the institute was was totally unacceptable to tbe more than 2,000 people would 

institute. have tbe right to representation 

on the Board if the.* White Paper 
npricionc proposals were accepted, 

i^cusiuiia Where a voluntary agreement 

The two main proposals from for employee directors to join 
the Government wore to give the existing Board could not be 

net lei* I li5«i £25.000 and mast specify ' 

the «i;l .1 mo uni per cent, ihclna 5 multiple I 
of ode new hJllpennyl which will he given 1 
lor 1 hr Amount applied lor 
J. Tenders must be made through a j 
London Banker. Discount or Broker 1 
3 The Bills Min be issued and paid ai rh? 
Cnil 01 Eniland 1 

1— HMUicition w.u be i„nt b* pos:. en I 
•lie yan>.. da* a-. T-.nidei 1 arc received. . 

— ' ■- — j Solicitor for ihc Pruiiopeps 

■he >•’!»•. da* a-. T.niaeii arc received., PnBgSAilV i NiiTlv —Any person uhi» in:<-n<fs 10 

s company u-^r r ,i* h T .n= * ,., r .v 

1! -r-.e amounts due in mine:! oi such | A UMAIIMOrMTUTC • P“UlIWI' •Hi ,, i vtic on. ur •wh-l 

ar ynted Tenders must be made la The. r» I'll U U Is Vkalyl Cni I 9 J l»y DiKI :o the :ibi><v-iiiinii.-.1. nvliiX "i 

E.isL- oi Ennlanj. s. means ol cash or By 1 I irfiini^ ol his iflTcnijnn su 10 do. The 

EnnVind' Tte?”"""' °"l .so' o.m. on 1 THE COMMERCIAL BANK OF "i*"’'- ""l*"' 

Thrirsdar ISlI June. I9T^ • AUSTRALIA LTD. GROUP I "I in- IhflNOn ijr. 1 1 a linil. |h. riailli- 

- Tenners must he mirte on tne prmiert land .trtilri.v« >.>f ill- firm .Hid Hill-' 

!nrm*. Which n.i, he nhiamed eirhcr Irom MR. O. W STRIDE. I hisiled Itf JJ|.- h-noil nr firm, or hi? nr 

1 he E aid o' England or Irom the Council s 1 Managing D rector. Will continue »s a , hl .. r e„. ,,r ., nr , , 1, . a- The Hall. ‘ Director ol me CBA Group 01 Companies '"'! r So "‘i."- <n. r * -in'l mu-1 I-. 

r - The Greater London v.onnr,i reserve 1 jpllomna His retirement from the Bank ' b' 1 ’ 1 ,>r - “ UMMCfl. milSI On Senl r... 

riahts backed by la-..-. than 500 people, employers two-tier structure, or to the !is?„i^» Vihnut their onera- -iw*. ri®- ? “J -Of BH»r >■- 

The meeting culled for with should be under a legal obliga- existing Board where this was ?»5!° S f l ^hlfr bankers things that hiye. .fiYlfa ddafiTjfher •• 

Hr. Callaghan would be tv uis- tion to discuss all major pro- acceptable lo the company. ^ ons ,® ir , R^ n k ^ an , fiuanciai -‘ • s-^- ■ . 

• Mr. B. W. M ' tc *? e “' At the same time hfe"^ : 

• Of Ain erica, evd that a jost-erf- clwr 8upport of tSe^nL,ft? 

llir ■ inhl p» rr.l.-jtxmn vn* Tr-nd-ri. 1 

Cemptrollnr o! Financial Sijr.icn. 

Thr CniinLr Hall. 

London S£l TFB. 

5-h Juni.. 1978 


NOTICE ’5 H = UE5> GIVEN thal tho ! 
Sh.r-. Booli a* the Comcan. 
■».il u: rl<Ji-?d irom 12 lo 26 Jun- 1978. . 
h-‘S 1 ^:-. incliiSi'd 

Tr.idSlnrs '.houlrl lx lodged rnlh thr j 
C-'mjin-'-i Fnn.<i;.-ars Spain Brothers i • 
"lomojni . 1 ! 10 Bini- 5*rci?t Tdnhriflgc i 

K r ii" hr COO n.m. on 9 June 19TB. 

Fr Ord-- pi ihi- Beard 

J. VI D. COOPER. Secrrurr. 

5 .lime 1075 



In .-rcrv.ii.itidd Ipr Ihp Dmrrrnt pf The • 
lull- ri..if..-nd due iSih Julv. I97S | 

n :hr itvic Sloe' The T.-^n*!ifr M:ii i 
will h-- cljvr.t* h; 1 30 p.m on 23rd lung ; 
.mil nrill hi. rc-oocncd on 2”lh June. 1973. ' 
-livisLnt Sccrpiarv. 

50 Fin # .hii. Sanarr 

Lonlon EC2A 1DD. I 

r\tl Jung. 1975. ! 

o) Jnnj SOin. 



1 pon ill Miffinnci iliii.- Hi i cavil :h> jho-.-i - 

I ii.ini.-d not laii-r than fmir r.-i.-|m-|c hi ihr 
.ifl-.-r-nunll 111 the j::r.| d.ij- uf ,Jiiii.-> 1ST!--. 

I \n. Bill is fi of jio- 

. In Ih.. HIGH i.'miihT in-' irSTH’K 
I Chaini-ry Dit-isiuii Oimnann-i r.iiiri. In 

'ill.- ol i;iJRHTM':f I.IUITFC/ ^ t ' . ........... ..... .... .. .. _ __ 

l.S. P|{0PF8TV I v'.* ' ,a, ' r 11,1 0 ti"ns which v.uuM commit for greater cohordinatioo" B of *re^ forthcoming companies were Ministers is a' ; 

] -• '•‘■th-.k is hi i:it.y ..ivf'j i Michael E'.andcn Merseyside management and sources and initiatives needed *’veTy much the exceptions." realistic, is a bit clnser to v.v .t • 

l\VESTMF\TS l ^'.n" f ; n . fur > h . v .pvu.. u ,7r, .7.. un,on ^ . lw in, P ro . v *n« lhe area s to regenerate the local economy. Thev explained that the more happens in indMtry, Ithin » 

H \^Z n S.. X,"™ v ea- rr ^ uU,,,,n . potential and calls for a strengthening of rigorous disclosure rules in the otherwise would bo^v v-" • 

>.000 ACRES TIMBER — 1 fw-».n-.ii i-. id «.n.i ' .:.u!r;‘ 'hr ^1', i,,,^ ? S '*• ‘ L ’i,.,. 1 ' n ' ,< " >ln ^ s ,s recoin mended in a the executive and policy-making U^. helped bankers because com- In written evidence submitted 

\ lltCINIA kJOO nfi iLre 5 U-S f'?. , !.\ , j. SSl ? ;vRnv " r r " !,T ’ , '' s onlribute !•> u.- report dra .m up for the Depart- ar.ns of the recently established panieis "tend to be wilting to for the second stage' 4? tte 

'\Th.\KM OTX Ku! r^rLu- '!T u'ro^S,-| ,M ^ ,,f IndUStry * Merseyside County Economic disclose a tittle bit more to WUson Committee’s imp* . 

(adjacent pwSmi, V ".i -S f h,H '‘2 “ nd L rc v - The report commissioned last Development Committee. bankers than they reyeai to the Society of Iavestment^Ahaintt 

0 wen's land $1100 per acre ! H b ' 1 , h ' , . rd ! >lf, " v 0 '" r ' »* ' * 0d ‘ • : ' ,: * ar *“ • < ' u 85tc« solutions to It sees the development public." argues that the cash Inflow of && : 

"THE ELMHPTONS " I London iu-’wV? «» ;’h!!’"-Vih Tho Pfuklcm. the brokers add j Mersey.-ide's chronic un era ploy- authorities as reversing the con- major investing;; 

nn 2 Island 2.noo Ft prime i .miw jnii *Iiy n nr . omr.i.u- In latent ecmi-nii./ f-n i e- 1 nient. concludes that the area (muing Fall in employment — Annunonkac not grow much faster thAttgttHB 

ucean fronta-'e i nf ‘i-irnHe. vn«tx. is unlikely to reach i ho i can be regenerateo. but that the down between IflfiS and 1975 by ApprOaCIICS domestic product betvTeeh nuw 

shopping cent res. Vlurida !JSTi* or .ibf^ff p^SS i» m,? propor tinris m 1.^74. 1 effort t» ill have m come mostly 11 fi per cent to 4SS.ODO. . T .he US. bankers, however, and 1985. - . - '1. • 

jn) ! TT C. aJS. 
By Michael Bianden 

or Ainenca. clear support of the « 

sales breakdown, details of trade -ector< ._ - vrorkihg : ' 5 . 

/lohfArc niArP fftctfi Ofl ulC ■ _ • , — *- * 

Industrial relations 
cfsarter rccosmHcndcd pan^^ere nSt ch Br,ush corn Realistic : ; ^ 

The U.S. hankers thought that . .. 

BY RHYS DAVID. NORTHERN CORRESPONDENT progress by British industry to- Civil servants, in. partietdir 

- wards more disclosure was gamed from them m ffiat *ak 
•\ CHARTER lor industrial rel.«- The report points to the need "pretty marginal" and that advice that •.’the$'--'.£iyev tn 

ti>ms which v.uuM commit for greater co-ordination of re- forthcoming companies were Ministers Is a - tittle' mw« : 

Merseyside management and sources and initiatives needed " very much the exceptions." realistic. Is a bitclosertb ,wbit 

untoni tu improving the area'- to regenerate the local economy. They explained that the more happens in ihdtistiy, \rfhia jt 

reputation with potential and calls for a sirpn^thoninci <vf nonrmie HisrioLure rules in the otherwise would ‘beT*.** - *- 

ATLANTIf. 1 CJTV I il-ll iMjrl: l.jri . I on-loii Edit 7HL. 

(adjacent ti*i 2,1,5 ,hai *o* , n pluiiuh is itu-euii 

qrjrt ar ri'c [-nri SI inn tvrvr -n-i-r- !n b-: hc.ird hifiin.- ih.- Ouin sillum m 

■•THF nUpTiivS" the u«m dm «>( s :raw i. 

THt tLMriPTOiVS [ Lonc^iln ll‘i.‘2A mi ih* 1 df 

Lnn^ Island 2.000 Ft. prime IK*, -inii anr vr-nii.«r r.r •nmnl>u- 

ncean Fronta-'C I nf ,h '-' •i-irmre. 

CL . . , Mippun or «pp«H<: Ih- nidkiaj of dn 

Sh'ipping centres. Florida I 'inw on ihi- said P.-ttiion may anprar 
randu’S. NV Citv properties i* 11 ,hr 'ini- nf n.-anns m n--r4i.11 at h> 

■ ^ 1 " ] t-( ihr will h« rurnivh-.-.l h. is*.. 

4-JO EAST 1 Pst - under^Iunv'd 10 anv i:rydiiiir *r •vninfiii- 

JlYli NYlOCT’l l ,f iQ' nf Ih- 'jld uomr-Jiiy n ninrnn: sui-h 

21M38 568S/Londun— ; o ° r w ,b" S”' r -' MMal ch3rM 
B lakes Hotel 01-370 6701- 1 ' f. isuiaf. 


I.nino ana aiir ir niL.t 7>r . nnir.i.u- ,n iheir latest ec'>iu>niic f-ire-| nient. concludes that the area (inuing fall in eraploy'meut — A M uot grow much faster that>% W 5 

j lorj- nf id-.- -s.url CDillpan" .J... Iir.-u- ... leasts, is tmlikelv m 1 be .can be rceeneraleti. but that the down between IflfiS and 1975 by ApproacneS domestic product betWete^™ 

issy-v-sr p^ss; JUS S'”*' fr r ‘IS“ , - w - l f™?«i{i. l in hi,ve 10 “i’"’” “?*“?“% ... nt us. loam. “!> >«•' • 

;.i! rhr lim- nf h.- a r in = >■> n .-r4..i, nr h> NovcttMess. they mdicaie in n ; * ™ ,n .I nif1 - , • , In manufacturing, the decline back-nedalled on the main ' evidence deals.. with ■ 

i:i-4 .-nuiiioi i..r ih.n purpiiL.--- ..uri spi.i ial analysis ihal. Icming;, ' 1 . , ' l '- e . s l5i e area lo isolate ivas -*> 7 per cent to a total of fa->t.urp of th^ir written growth in the flmtliclat Brnrernt 

1 nndcnii^M'^A vn.'- *ZJ h ' j 51 - aside North Sea oil production.) individual pruducLs and com- 156,000. 3 much Steeper percent- pv idpnce This su""ested that the institntions- Jtnd. 'Tssthy^t* 

|^WJrM a Sj^^2S the industrial and wmnimial M-tt that might do wl-H, then a? - fall than occurred htS? UK suggestion filt 

|iop« on pajnicm of tbe rwuraied charge sector could he in umii?rlyins ; tO ‘0 altraiL them to the region, as a whole. -idoDted different approaches to should either be costrtffl*i : or 

deficit lo the tunc of £3;bn. . ^ also that Liverpool Est mates fn r inner Mersey- figSLSS fanSfTSSliS harness^ by w£F£m$ 

This ™„d h« r»r 'S V',-; ;M?-‘»-«g.yrt!d.jiP.«. Ji». W q t E3J^ ,, 5SS .fTSS 

\2*5?jw%j2r*j!r , ~ «'*S J'SMtK JSrtifiWMiK' 

Cor tho sarnn. 

ii. F. ilLO.AF. 
Kind's R-.-ani llnii>-. 

Mart- Lan-. 
l.CiiKjon PiUP 7HF. 

□i.ii»oiu1 non Immirri oiler loose. 
...j- po'iiln.j duinonflv tor The lollovrns t; x cross section 
el e-ice- Smnv -heir lonoe is 51 Vj 
A or. I 1973. 


J Mon.-F 

•Vor «u« "« -Ess:® ssm »“ ,w to repay * a aaia 

DSL G .idr 
100 8 I 30 
140 Hj 140 
300 2QH70 
400 TO 11Q 
J'5.50 Id 
.400 70 90 
« 200-140 30 
1-00 130 70 
4:00'2-S 50 
27CC 300,50 

Pr.-e in 1 
PL-r Carat 
4 365 
' "’95 

' 5Y bn,a ,9t .om i ^ n"-' ! ar.'j addr^' i^l^in' 1 ^ l r he brokers conclude. ■■ With mir. ficant benefits and" the creation The’ report rejects the 

Brit. sn W.iiorcolpurs. Until 10m . June ; jr , H — ,k. I Fnr.vp:i«t nf r.n pmmmir 4 nu. n....L., .1 _c 1 

quently disputed by 

report p^etT"mFa^ 0 ‘ n S coacern. ‘ 

improvement in the new! This dist.ncUoii was «ibae- 


view banks and in their oral evidence “^titations. -• 

Jnnr tbe American bankers were at „ After 10 years bL 

icant Pains to stress that they had not pev&Bn. Mi 

omic intended to convey "that other 

hanks use approaches that are JT it .v^ 
dramatically different or demon- 

strably ~ loss sound" than ^ S ^ 

US method growth rate need not persist 

, " ,en,otl - . .. . It believes that this: cash i«w 

In the course of a detailed m. 0 w 

discussion of the American way ing 1 a £20bn^ea^ 
of tianking the representatives of if B GDP growth 4r a 
the U-b- banks agreed that a per cent> or £13^ 
margin of 3 per cent over the J, ominal u ^ 
wholesale interest rate for cen t. 

sterling was needed for an ‘ '7' 

0 00-12 30 

N-J'c D,4H-onri-. m ine rjn^o «■! 
re- .••oriiii-ml |,-.-r ui-^viniQni hi.- .rnpro- 

-nio-j i>, .iDDro 4 iinji ? u 300 ccr ctm. 

«»•'« 1 '•! Julv 1969 

DSL airfrtc n ni.lrtc up ii tollaxs — 
Colour ICMlilf Off 
fo. 120 4 156 

M»l«s 11 Aiv. j>i .-pr, qood 

ail Jrc 9 r. 1 a-.-a in DSL l-nnr.i- 

• 9.--I-1 uF.n-i moil modern aau.p 


Rro-H—c «i:h proC'Tdurc lor Duwng 

Slid y?n.m 5r<*dc-J 4H(1 c-rtllied dia- 
monds 5 s .iIIjMo Irom 

Petersham I J ouic. S7s Hatlcu Garden. 
London EC1N BSD. Tel. 01-405 8045. 


EVE- IS9. Regent 5: 734 0557 A la 

Carie or All-in Menu. Three Socrt-ic-jlar , 
Floor Shows 10.45. 12.45 and 1.4S and 
| music ol Johnni HawL«.wonh j. Friends. 


Wars n«hi up imiil NurHu-m 
lo-lar mean ihai nundredi of ibousands 
>il war vu-fitiM 51 ill ■■<i9|. E-c-91-rvk •• 
men. -i-lilow-r. orphans dvsourjlel.e 
Hied homo. joUs foi»d. fuel and mh- r 
i ssnnua^ ih.? annual Poppy Amvol 
Alone cannot pos'iWy pay fur. Fd-j-aiw 
send dniiaiioiia in; 

The Royal British Legion, 
Mnidsioac. KenL ME23 7NX 

in disposable real incomes ibis I 

Their general economic fore- 
ca.-ls indicate that riurin? 1R7R 
tetai! prices will rise by 11-13 
per cent, nearly as f,i.«t as 
earnings. This will le«i*e scope 
for a rise of only \\-2 per cent 

Farnborough air show 
attracts 420 companies 

c ' ■ ' . * 45 ‘ ' 11 , by MICHAEL DONNE AEROSPACE CORRECPOMncMT Wnoicsdic intcresi rate tor cant ■ ■ - • 

for a rise of only l‘-2 per cent " IU1AfcL uonnh, aeroupace CORRESPONDENT sterling was needed for an ceat * ■• 

Inrnmfr^.ffir -^BOUT -420 companies from the luring companies, airlines and American bank to make a profit . . 

incoin.s. after ..n mcren^e of 6-4 i_;.k and overseas aerospace regulatory and consumer bodifes on a “ hrst class and almost risk- FtlCCtlVC . 

per cent this year. industries will take part in 'the in world aviation will express less" loan. ■ . . ' 

The growth of real gross Farnborough flying display and their thoughts, on the future Lord Roll, tbe chairman of institutional ^femahcS^n 
domuuc prmiuet » expected to exhibition to be held at Farn- trends. Warburgs, appeared before the sSSiS markrtSSS^nS 

exninitinn to oe nem at earn- irenos. warnurgs. appearea oerore tne securities market War 

boroueh airfield. Hampshire. Speakers from the UK will commit lee as one -intimately in-. 5S5S? “ ™ 

from Seolembei- 3 to 10. include Mr. Edmund Dell. Seen- v&lved in the financial aspects of it c ^es one estimate thaibiMti- 

The Society of British Aero- tary for Trade: Mr. tie 1 aid Kauf- Neddy and Hhe “ industrial tutions could hold 70 p» caEr 

space companies, which is ora- man. Minister of Stare for strategy. *' , ail equities by 1985, comnared 

Sa '. ri °'i-n aa.t 1 J? dustrj : r a “ d ..,ip r J 1 Berwick. “ In response totmestions Lord with 50 per cent at preSeqt'So 
facturin" investment also is I nd - lh «i.n- :, . 00 « U Ii -^ onf)a chairman ofBriUrti Aerospaco Roll said that he did not believe it attempts to counter theimpre^ 
^pecVed to slow flown. ! I Kl*? fff B iS? U T» ? Hn ^ , WeSt that market forces alone could sion that this increasing dS- 

hir h nn da '- i> r°[h^ ^ he nfi =? W, ^nmr.ri ^ "'i relied upon to propel British ance is bad for the marked and 

be one uf the most complete be tieneral Jacques Mrtterand, ' industry into thp ri<iJvt inv«>«t for industpi 
exhibitions nr aircraft and asso- president of ACruspati.ile: S c i s i„ ns % 1 ** 1 " It claims that fund manai&ri 

dated products and technologies Bernard. La t hie re. president of u, ... follow di™ dSSSS 

yet stayed in the UK. .Airbus Industrie: and Mr. R..y) ? n the other hand he did not MdSat thffSBSKf 

There will be a strong U.S. Clbson. lhe diroj.oi -general of deduce from thi^ lhat ustitu- 
representation, with exhibitors the European- Space Agency. l| onal funds should be directed ^ a rkS functJons eff^dv^K 
from as companies, including The U.S. speakers will include or channelled into the “ri^ht" 3a (mi that ^ “ then?^ 
virtually ail the leading airframe Mr. E. H. Boul'inun. prcsiriL-nl ofl^rt of investment. creasii nelv h ealthv retek^flS 

and aem-engine manufacturers. Boeing Coinraercial Airplane . He hoped that Neddy and the develooine between- -‘cdrnWate 
Before the Franhorough show. Company: Mr. R«v Anderson, industrial strategy would . im- nianaeen and their iWittifiinil 
the Financial Times will he chairman of Lockheed Corpora- prove British industry’s perform- shareholder?" 
hnlclins its latest World Aero- tion: Mr. James E. Wursham. ance. If and when this improve- The two sides are taHditf 
space Conference, at the Royal vice-president uf the airline pro- ment came about, the finaneial because "more and more com- 

Lancaster Hotel. London, on grammes division of General institutions would automatically Dantes welcome the onnortmritv 

Aumist 30 and 31. Electric of the U.S.: and Mr. respond and provide the needed to d “cuss S olans 

With the theme nf Where T ) n Charles W. Ellis, vice-president funds. !°on£ in au 

We ft o From Here?, the leaders of behcnpier development “It is no grind just acting on formal than the anSnS^BiS 
of the major aircraft manufac- Boeing Vertol. lhe side of supply. It is cssen- meeting." - 

diverse iavofftnefll 



I.- -u-ym ] 


1 I 



Whether you' re in business for yourself, or an 
executive doing a vital job. you may well feel you’re 
getting a raw deal nowadays. 

Suppose your income is £10,000. 

Not so long ago, you could live well on that sort of 
mone\ . . and set aside enough to create wealth 
for yourself. 

Today, high tax levels and inflation have made 
life more difficult. Indeed.The Economist Intelligence 
Unit has estimated that anyone earning £10,000 

1 000 s NET INCOME 

•' fi»— 



Salary needed to enjoy the 

same standard of living 

S-alan before ta* j 

j Salary before tax 

Januan - 1971 

| ' January 1978 

2,500 ; 










Based or. a manned man with r--.o children. 


lOOQs e K> 14 18 22 2i> 30 


Sourer U.k.Ta* Savings lor the Hiyher Paid Pub E .I.U. Ltd. 

A ..oinparncn of net earned income after ta jr, f,./e major 
indu.-rnal ration;. (Example: a mamed man -.vith Tv/o children, j 

seven years ago needs over £40,000 to enjoy the 
same standard of living today. 

Yet the problem isn't insoluble. If you kno , 
how, you can save money that would otherwise 

to the tax man, and use it to provide for your 
own future. 

Todays tax structure, if you take advantage 
of it properly, can help you to create wealth for 
yourself. But. with tax regulations changing frequently 
you need the help of experts. 

This is where we come in. At Equity & Law 
we have '134 years' experience of successful money 
management. We can prepare a plan for you that 
will ensure you are able to accumulate capital free 
of personal taxes, so that instead of you financing 
the tax man, he's helping to finance your future. 

Talk to your financial adviser, or contact us 
direct for more information. But, above all, don't 
delay. For every extra day that passes you would be 
paying money to the tax man that could be working 
foryou instead. 

legal, decent 

honest and 


Advertisers have to beJgF 

The Advertising Standards Authority Wt Mm 

Write io: The Advertising Standards Authority Limited. 

15/17 Ridgmount Sireet London WCIE 7AW liiilliisff 

^waiiM^ Equrty&Law mammmm 


[ ; Equity & Law Life Assurance Society Limited, 20 Lincoln’s Inn Fields, London WC2AJEJ 

Our loss 

i ganisation and^treamlini ng 
S® SfeBritish Steel Corporation is leaving 

r-':4^’vfe: 44:."’ ' ’ YOUr gain.- ... 

444 4 ^tinp^ 

siss®Ea*^#^«!?® : ^ n,s ! ,e 

ik ^ofondaiMKsnttes, and 

! ^^ifibus fegionai^ffir»riu« 


TfteEurppean Coal aruj Steel 


The Steel Committee of the TUC. 

And finally, the full weight of the British 
Steel Corporation itself. 

What you could get out of it 

l ahr>nr A skilled workforce, specially 

trained in advance for your company. 

Sil-fls and premises. A choice of fully- 

serviced industrial sites, many of them 
greenfield, in England, Scotland and Wales. 
Plus advance and custom-built factories. 

Financial incentives 

One. We’ll help you squeeze every last 
penny from Central Government, Regional 
Development funds, and the funds of the 
European Goal and Steel Community. 

We’ll take you by the hand and make 
sure you don’t trip over any red tape. 

Two. In addition to these funds, we 
have our own. We can use these to tailor 
incentives to your particular needs. Our 
brief is to be very flexible, as long as good, 
solid, long-term jobs are being created. 

Three. If you trade with BSC, so much 
the better We may be able to help you 
even more. 

Four If your business is steel-related, 
we may be able to take share-holdings and 
give financial support. Again the critical 
factor is ‘investment per job created. 

So for those companies which react 
quickly, our loss could be turned into a 
very big gain indeed. 

Simple first step 

Call us now on 01-235 1212 . Ask for 
BSC Industry Action Desk. 

Or clip the coupon for more facts. 

.. • ,. s :...; V 

, " r %ki£ ;<$»&« rfl&S Wm. ■. *■* 

,:* v 

po Box 403, 3 3 Grosvenor Place, London S W 1 X 7JG 

^ Name 

.... . , 

-1»-a jy -y'trfv-- - • ••!• 

\ Position 
! Tel No 

„ V. . " >AN«k Hiit.— A 

*3**: it-* <• .» -- 



; Financial. Times Monday June 5 • 1978 



§J?,r*?e oscilloscope 



Counts and categorises Vehicles Aerial goes 

A PROBLEM with existing The . Mk4 vehicle classifier The unit's output can he 111) fl lll O.KlV 
vehicle census systems is that uses inputs from three sensors in printed out on -a teletypewriter *"'■**‘^‘*7 

strength galvanised steel and. all 
the radiators, catenaries and- 
guys, are made from Alumoweld, 
a wire composed of steel core 
with a conductive, corrosion 
resistant welded aluminium coat- 

A PROBLEM with existing The Mk4 vehicle classifier The unit's output can he 11 Tl OlllPKjV with a' conductive, corrosion 

NTAI’Qita _ __ •)! vehicle census systems is that uses inputs from three sensors in printed out on -a teletypewriter resistant welded aluminium coat- 

dije OSCllln^rnTlP 1 although the equipment will each lane to count and classify unM. or recorded on mag- ON AN average site the model in* Insulators are in- glased 

0^^ 1* tea n ,eh i ci “ “sa si^iSssfwis suca zssjssl- -»« 2 ™. 

the OS4100, a general expanding the display horizont- manual methods have to be used number of axles and wheelbase frame comouten Tntprnatinnni rrm mu? ba 



is part oL. ' 



two- Channel digital Morale n!Ki ev * B * fler ® toraae has taken if vehicle categorisation is dimensions. Size of the classifier is 1S4 x erected by four men in. three 

oscilloscope m a pl ??h_ „ needed. Using the TRHL vehicle class 255 x 485 mm, weight is 14 kt hours. 

SS&wK More ° n “ 

a^SSsSr 8 Fibre power 

^°flue,dK convertor op ”“ gaUgC 
png at a 1MHz samnllne rate ® ® 

ili'i « ore “S' ’SSSii ' “Z s 

needed. Using the TRRL vehicle class 255 x 485 nun, weight is 14 kg hours. QtlOP/jr 11Y1 

Recently however, the Trans' listing, which is compatible with and the power consumption is This transmitting aerial is kJr|#fwGUoi ULr 
port and Road Research Labors- EEC Regulation R1108/70. the less than iw from a -vehicle omnidirectional, vertically polar- * . 

tory awarded a contract to the unit can accurately classify 25 battery or the mains. With only ised, and covers the frequency nOCUTtl 
Golden River Company Ltd, separate vehicle types, ranging minor software modifications, it range 32fi to 1605 kHz. UCIjIkU HI 

Bicester, for the development of from mopeds to eight-axle can be connected, to a telephone In addition, it is particularly • . ° „ 

a microprocessor-based vehicle vehicles. In addition, vehicle system for remote retrieval of suitable for . tactical, emergency l%^ini«nri 
classifier which is now com- speed, lane and gap from pre- roadside data. and other temporary applications MLril l. U!j 

mercially available. ceding vehicle is also measured More on 08682 44551. since for transportation purposes 

and other temporary applications UUal U» 
since.for transportation purposes _ _• 

it is entirely self-contained on MAXI printed 

the equipment can save 79 per 
cent in time and 49 per cent in 
cost compared with manual 
techniques. , 

The system incorporates a 
21-in refreshed graphics terminal 
with on-line plotting, greatly 
circuit reducing the overall board 

— to "provide’ a Hewlett ran* j * ^1 • . a wheeled trailer that carries the board designer from Racal Redac development time and allowing 

3dB bandwidth up to 000kHz.' 848 2 1 ^nueba I ||'l HlCp T11C f| Qf £} I JPVp|nillfin' single crank-np tower, guys" and provides users designing a largo photoplotting of a complete 

In addition to faculties for 22 “** wlth 1 Udlll3 UdW A/CVUUpUlg groSd number of PCBs containing dv£l design to he carried out while 

aispiaymg the sum or difference INTRODUCED into the UK by enhanced editing and formatting, . • screen elements matching unit. In-line integrated circuits- and a another board is being designed. 

m»i? e vi put aifina,s - the lnstru- ocnier in Blass optlcaI Exchange Telegraph Company data storage in control systems, Ofm |l/*QrmftC guy anchors, baseplate and tower large proportion of discrete com- Powerful automatic routines 

ment has a comprehensive range P Although w is a disc data storage and database use in micropro- a F mIIL d ilUUbJ Insulator. ponents with a substantial saving for component placement track 

S ..conditioning a nd been us«i for mn7?pL h ? n system making use of a 133 mm cessor computing systems. . • Erected tower heigit is 151 ft. In tins and cost routeing and automatic design 

tiiKer facilities, including a m?i url miSJwS^ now^r” thS C5J ins) diameter flexible mag- The recorder uses a simple (46 metres) and the total weight . Maxi can handle between 100 rule cheeking can be performed 

tngaer-wmdow." in this mode, SSpany hSK todS netic <“« that can accommodate flleoriented form of mass data IOf DUCrOS fa *** » W» There are and 150 dreuits on one boa^ through interactive technique, 

trigger occurs whenever the wite P licht 200.000 characters. storage. A directory is recorded w two versions, for 10 XW or 20 with board sixes up to 23 x 25 and components or routes may 

S5S* goes out side either of two nanometre wavetensth raise and This - compares with about on each disc as data Is entered SCICON has set up a new team kW- ' / r eight track wMfbs. S2 pad be added, deleted or modifiedat 

S2 *’ symmetrically spaced power levels from one micro- 300,000 characters for a coaven- and is continually updated to to develop products and systems . The tower is in seven telesoip- sizes and up to eight tracking any moment. More on 0684 
?i!« Te a , b*J® w the original watt f — 30 dBm) to 10 milliwatt* tional floppy disc and with show the contents of that disc, based on microprocessors; a hig sections made from .high -layers. The company clai m s that 29416L 
Ln °£ er . * eve *- ( + 10 dBm). 145,000 for a cassette, with a A single command retrieves a special laboratory has been ' 

dtoi7»i l Sn 0rtant feature of the Apart 'from its normal use much shorter access time than specific file. equipped with microprocessor m c-a rpTBAMirC ■ A IIAMfll INR 

niguai storage system is a signal with a fibre as tts input, the the latter (about one second as Internal processor software Is development systems from Data • ■ KUWlua W nHiauumu 

aeiay switch, which inserts a device can also be used to re- opposed to one minute). The stored in resident memory so General, Zilog and InteL .* ^.1 1 

th» ,en , gth de,ay tnt0 calibrate other optical measui^ Price, however, is only £1,150. that no operator loading is Wai wm . de veloo lVTp/'ilQniAill I ITIG TflP 

eventi^hini 8 ^ 3 pa ^** 50 111:11 ins devices such as radiometers Known as the Extel 950 Micro- needed. A self irutiaiising appiicatj^ rather ttian software ICvlldlllvdl A Ulv '.UJL tlllllJ 

happening pno r to the and photometers and to perform disc, the unit uses a Shugart facility obviates pre-formating of t Sls for - *- 

jigger event may be viewed on relative measurements on com- flexible disc drive and an in- the disc. that end the orvanisation. called nncnroiv - SAID TO be virtually raainte- Mucon valve and discharge chute. 

An . ponents such as. connectors, ternal microprocessor control to Measuring only 133 x -54 x Scicon m Systems, ^ looking 4 UiJtV t/Io _ nance free, are two .models added Two clamps fix on to the cone’s 

An lb-position rotary switcb couplers and attenuators. reduce the external controls to 298 mm and weighing 6.35 kg, the - camnaniesf whfoh wA to m mn?P nf snimHoner dmm rim. thus activating the unit, 

ranof & sp ?! d -[ at _ e _ J °_ V ,!L th ® Morefroni King Street Lane, an absolute minimum. Fast ®5G replace iriting electro-mecbani- GOULD Instruments of Halnault. iup M^hin-rv. The drum then swings through a 


oeiay switch, which inserts a device can also be used to re- opposed to one minute). The stored in resident memory so General, Zilog and InteL -m *- • n •' w ‘ FTI* 1 

,en , gth de,ay tnt0 calibrate other optical measui^ price, however, is only £1,150. that no operator loading is Wai wm . de veloo IVTA/'ilQniAill I TTIC! flll^ IglTIYIlG 
eventi^hini 8 ^ 3 pa ^** s0 that in ° devices such as radiometers Known as the Extel 950 Micro- needed. A self lrutialising applications rather 4m software lCvlldlllV-dl A UIC .UJL IlllltJ 

events happemus Drior to thp and nhntnmctiirR onrf In rti«* the unit uses a Shu Bart facility obviates Dre-fOrmatHJE of suitware JT 

Sfe/rm 100 “ icros econ$/cm '“to win nersh.” "Wokingh^r* Berk- a^”fiJe“rtorage and retrieval bwiness or "industrial control BhSVoSSs 1 ? roiSSSSSi mSH’Hi ^ SSe^ SSpfete! . ts ’ 

n* hlle Snexpand shire RG11 5AR (Wokingham are included for random entry systems A jore powerful vei- „ t ^ v 2ip“SSn?Sc!IS? r^chand miSnifacturing se£ the operation even on the a 

control offers the facility of 7S4 m 4). applications and universally si on with extra search and edit basefl P P vice for the solution ofmechani- Bu ™Iey Accnng- manual/hydrautic versions, in 

coded batch operations allow faculties will be introduced later . . , cal-engineering problems. ton ’ Lancs. (0254 33004). under two minutes. Discharge e 

^ mass data collection. in the year. Scicon. is prepared to either . , ■ Each of the models can be sup- can be direct into a d roc ess «. 

0 ENVIRONMENT Likely uses will be in data More from 73, Sc rutton Street, develop the products, or to enter The company has already been pried In manual /hydraulic or hopper or an MJP Spiroflow -V 

Kunmcni ,ermii. a l enhuuBment givins London EC2A 4FB (01-739 2041). into, joint venture,, with com- powered “ScoSm“r cm b. Kid t 

J.1, - * • reduced transmission times and becomes president pames wbo bare tbeir own ideas and ^giW, weeing Fatima and, says lbe maker, in to the discharge chute. ,7 

Conditions me air 111 „ . , for usmg micros. comhinaW says the JJ 

fZLrtri y%if%A tirA1/)( l r One of two areas where Scicon hi _ h re roOQ rtion of m wini m The drum is loaded or rolled on company, u particularly ideal ew 

* -re . , i * 11 a VXoS piUC UjTLJJCLI has already been particularly nffdiamS eneineerinp Pm ^ t0 SplroUpper’s platform, the for handling toxic materials or ^n. 

llirfmrnal TllmTIrG „ Arr . *■ ■*!,. fnr ohvsieal fault* in the active is in the development of engm ng. lid removed and replaced with a where dust-free transfer is uas 

UlUUSIllal UI41Ila DATA capture and processing look tor physical _ faults in th sparq^ a microprocessor-based Basically mechanical firms- cone incorporating an integral required. „[„■ 

* • equipment is to be supplied by 5*®** pipes— m particular tne W M«h enables comonter have been reluctant to investi- " ° i ;i* 

SPECIALLY DESIGNED to meet panels to give rigidity, good ther- Mlcro Consultants of Caterham data to bemsmittS over Wh- sate electronic solutions for two _ “ij 

the specific environmental re- raal and sound absorbent pro- . mains ea* nine insnection ^ s ^®’ h °wewsr Bntmh frequency radio links— an appli- reasons: the initial investment in IVyTnf/XY^nl Avn^lu 

quirements of the textile, paper pe riles, says tbe company. for a mams gas pipe inspection Gas is unwillmg to indicate what appu- ^ necessary components and iVI3lCn8I IH6 tCrCCl CXSCtlV 

and tobacco Industries, is a range -The units are built in two project In progress at the On- methods will be used: they could -hi* hofn» ^ equipment can be very expen- •• v 

transfer is {i as . 


• equipment is to be supplied by pipes— -m particular tne d6vic _ enables computer have been reluctant to Investi- ,,r* 

SPECIALLY DESIGNED to meet panels to give rigidity, good ther- Mlcro Consultants of Caterham data to beiSnsmittS over Wh- gate electronic solutions for two _ “ij 

the specific environmental re- mal and sound absorbent pro- . mains ea* nine inspection ^ s ^®’ h *° ® ^ e . r ’ +' Bri ¥^ frequency radio links— an appli- reasons: the imtial investment in IVylnfAY^nl ^n/xfnr/xr) Avnnflvr 

quirements oF the textile, paper perties, says tbe company. for a mams gas pipe inspection Gas is unwilling to mdicate what the necessary components and lVI 2161121 111616160 6X2CHV , 3 ,-f 

and tobacco Industries, is a range -The units are built in two project In progress at the On- methods will be used: they could . . »,pf nr _ ^ equipment can be very expen* «/ 1 . 

of air conditioners from Hall main flanged sections, one incar- Line Inspection Centre of British be magnetic, ultrasonic or X-ray. Z, aive and the outcome can be A MACHINE which can meter action which conditions the l?w ’ s 

and Kay Engineering. para ting the heater batteries. Gas Corporation. There is also no indication of The other is in a range of qneextain unless -the company dry semi-dry; powdered and material, ensuring a homogenous oys 

Called the Climon 2000 series, return air filters, pneumatically Data from special sensors whether the data will be stored peripheral devices like visual hag experience in the technology, itfanular materials to an accuracy d ™s Ity ® nd - therefore, a steady, :D !;; 

they are said to provide close controlled Fresh-air inlet louvres carried on board plgs-essen- in the pig or transmitted to an display terminals and line that hv of nlu* or minim nh» ner cent smooth feed to the screw. aot 

control of temperature, precise and pyramid air filtration bank; Hally cylindrical vehicles pro- external point printers which use micro- s-SSoSSSSSiSSte decmmics ihteh i * to h? The is available with h 

control of humidity and air fil- the other section houses the pelled down the pipe by the gas Micro Consultants, however, processors to hold the necessary ^ whi ? is , said *° fie comparable alternative feed screw/discharge 

tration, combined with minimal motor, axial-flow fan and ato- pressure— will be captured and will design a "data acquisition software to enable bi-llngual 5f?i25SL thTreT irTtn to of gravimetric or similar tube assemblies ranging from 6 .£■ 

cost and ease of installation. miser unit, complete with water processed before assembly in a package” and manufacture a Arabic and English text to be irfriJT7 n j“^r .equipment, comes from Simon- to 50mm inside diameter, and J” 1 " 

The series is of modular con- pump and associated equipment mass data store. number of production units under handled. marxer ieauer*. Some of Gloucester (a Simon the company says it la possible 

.1 F *■ . ... .Ml. nLl .1 ,L. . Mretmn. fire Af cm CCHD .h A1.VU1 1(WI KnUIDDoHno mmnjnvl +re dnarfim. » Trier 

struct ion, employing infilled More on 061 330 6621. 

Object of the inspection Is to a contract worth £im. 

More on 01-580 5599. 

More an 01-500 1000. 





The Egyptian General Petroleum Organization (EGPC) announces a 
public tender locally and internationally for the execution of the 
projected Petroleum House located at Galaa Bridge Square, Giza, 

Companies desirous of taking part in this adjudication are required 
to apply to the Egyptian General Petroleum Organization (EGPC) 
at its Head Offices, Othman Abdul Hafeez Street, Nasr City, Cairo, 
beginning from Saturday, June 11, 1978 and until 12.00 noon, 
Thursday, June 29, 1978 for having their names registered and for 
procuring the booklet giving a brief description of the nature and 
volume of the works involved against payment of the amount of 
L.E. 10 to EGPC’s treasury. 

Companies confident that they are of a level qualifying them to take 
part in this tender are required to file a detailed account of their 
previous works and major undertakings carried out or presently 
under execution within the period from the registration of their names 
and until 12.00 noon, Thursday, July 13, 1978. 

Workers? Council of the Communal Organization of Associated Labour for Water Supply and 
' Sewer System " VODOVOD ", 32Q00— CACAK, Vojvode Stepe Str. No. 8 Is announcing. 


July 13, 1978. 

The Egyptian General Petroleum Organization (EGPC) will then 
determine which companies are to be invited to take part in the 
adjudication and EGPC reserves the right to make on the spot 
inspection of some of the works undertaken by each company to study 
its actual possibilities, capabilities and standard of execution and 
finishing touches. The contracting company should arrange for and 
facilitate the necessary proedure for carrying out this inspection with 
no liability whatsoever to EGPC in the event a company is not chosen 
to take part in the adjudication and with no need for giving any 

Companies finally chosen to lake part in the tender will be duly 
notified by EGPC to procure the tender’s conditions and drawings 
against payment of L.E. 500 to EGPC's treasury. 


Storm Wzur Maio Sewer, at > length of 1,500 
m. of refhforced concrete pipe* die. 1.600 to 
2.200 writ* beginning from the ' “ Morava •• 
Hotel dawn to oodet point torn the Morava 


Ocik. . from Slobodan Penezic Street to the 
Zapadna Morava River. 


22,000.000.00 Dinars . 


ISO dajrs from the dan of receipt of order to 
commence the works. 


45 days from dm date of pobiilhfng the Call 
for Submission of tenders in the newspaper. 


for assignment of Contract shaH be considered 
only the tenders: 

(1) submitted as called for in the Tender Docoments 
issued by the Employer. 

(2) prepared fully in compliance with the require- 
ments set forth in dm Tender Documents. 

(3) accompanied with tbe evidence on registration 
licence ind references of the company and with 
the certifleabH an 'raceeslfully completed con- 
tracts and financial .saws of the company for 
th* year 1977. 


The tenderer shall be considmd succectful: 

(1) if he offers the fixed price. 

(2) if he proposes die shorter hot real dmc for 
completion or the works called for in the 
Tender Document. 

(3) iF he gives the evidence of the technical, 
capability of hi* company, available construc- 
tional plant and qualified personnel. 


The right to participate in tendering procedure 
shall go only no the companlea from the coun- 
tries which are members of the International 
Bank for Recon st ruction and Development 
(I.B.R.D.) and from Switzerland. 

The works which are the subject matter of the 
present international competitive bidding shall 
be co-firtsnced by <he International Rank for 
Reconstruction and Development. 


The decision on selection of tbe tenderer shall 
be made within 15 (fifteen) days from the 
closing date for receipt of Tenders. 


The facilities and works called for Jo the Con- 
tract Docoments have been designed by 
ENERGOPROIBCT. Hydrotadmfca] Consulting 
end Engineering Division, Beograd, Tbe designs 
can be inspected and the tenderers can inform 
themselves of tbe location of the warier and of 
other details required at the offices of the 
Employer on each working day from fi.00 a.m. 
dll 2.00 P-«.. except Saturdays, telephone 
number 032-U-OTS. " VODOVOD Cacak. 


Tbe tenders shall be submitted exclusively on 
tiie forms provided in the Tender Docmnenm. 
Two copies of Tender Document* can be 

— against the charge of 4,000.00 Dinara, 
payable Bo tbe convive account of 
“VODOVOD". Cacak No. 61300-601- 
1076, bold with the Government Auditing 
Office, for tbe local teodetvrs 


— against -tin charge of US $ 200.00, payable 
to dm current account of '* Energoprohkt " 
No. 6W1 1-620-58-25730-42 1 -10.9-1 074- 
bold with Yugoslav Bank for Foreign Trade, 
Belgrade and at the offices of EN Eft GO PRO- 
JECT. Bureau for GootmunsJ and Indastrizl 
Sanitary Engineering. Zeleni Venae Str. No. 
>8. |V floor, telephone number 011-627- 
522/433, for the Foreign tenderers. 


The Tenders shall be submitted to die following - 


Vojvod* Stepe Str. No 8 
32000 — CACAK 

Soltic of Gloucester (a Simon the company says it is possible : f ^ e_ 
. Engineering company). _ to fine-tune the machine anti re. -ther 

Suggested for use with the rate It economically at any time. -V* 5 
chemical, food, pharmaceutical. Feed rate can be set at a pre- 6 ° le 
paint, plastic, cement, and allied selected screw speed or varied 
industries, the machine, called over a 20:1 range, eithci'* la ^ e 
the Mark n Volumetric Metering manually at the feeder or from- su .~~ 
Feeder, offers high level accuracy a remote control panel. 
because of its Improved vibratory More on 0452 36511. 


Designed to thwart fire 

DESIGNED .TO meet new fire vacuum chamber. The Inner 

protection regulations are bulk layers of film become molten * 

liquid storage tanks using and on cooling fuse together to 

aluminium panels .• and butyl make, an = airtight seal. 

rubber .linings which' are- now More on 01-921 6577. 

being, used for processed water 

'storage and cooling water in ifr- jm CFCUDITY 

dustrles ranging from brewing ** i 

t0 MaS?from N8 grade marine C2Sh IS 
quality aluminium, panels and 

fitted with open top butyl f 

membrane liners fabricated CfiTP fTOTTl 
from 0.75 mm thick butyl fifi UUI 

rubber of hot vulcahised con- 
struction, the tanks are called TIT* A 
Sunbridge storage systems and -E-AJ. ^ 

Industries (a subsidiary of be securely stored in burglar- 

proof safes, if the latter are not 
nse -l^ in entirely fire-proof they will not 
the tanks satisfactorily resists a necessarily, be satisfactory 
wide range of chemicals and receptacles for cash, 
solvents smee - the systems offering a safe within a safe. 

Kardex Systems has introduced 
o rated and assembled, they have its 675 model which w*ll cover 
proved ideal for export- A 

^ The external casing insulates 

ST* 6 ” f 2L, th , e *£5? b J* c ffie whole contents from fire and, 
for mariwte in Holland. Saudi ^ company, combats not 
Arabia, Libya, Qatar and the e ff ec ts of heat but also 

prevents ingress of moisture as 

C0 Warrifoiow 1 the 15x6 brigade control an out- 
Modello Works, . Eardisley, Kif i p Maze 

Herefordshire or. on 01-407 of the interior of 

7Z7Z - the safe Is occupied by a conven- 

^ DArffAPliir tional security unit to store cash 

• mviylulllu and valuables. Company docu- 

meats, files, accounts records. 
nnTHTC nnmp etc -. can be accommodated on 
■T-TJL iivlliv adjustable shelves in the lower 

.w . part A high security lock is 

fHa naonn fitted to the inner safe while tbe 

I'JLI.V' ” CIL-Uil outer door has a separate lock 

and key. 

ODD11V*DlV Tbe size of the overall cabinet 

tSCULU CIV - it 525 by 590 by 1248rmn. 

WHEN. CERTAIN pork products More on 01 ‘ 836 2205 ‘ 

have been found to have defeo- ' 

tive packs on tbe production line, a PROCESSING 

the packs have bad to-be ripped w 

apart, tbe contents repealed and n j 1 

packed with extra materials, all .NOffC flip 

of which has been costing J. t-Ilt- 

Saiosbury loss of time and f • • 

m r£l company has now 8111111111111111 
developed a packaging system A HIGH proportion of shredded 
called fusion ** sealing, which it aluminium scrap is exported 
is hoped will cut the numberof from East Anglian Metal 
leaking packs by 80 per cent The Merchants, at Barking, to the 
subsequent saving of £Jm annu- German Rhur district and to be 
ally, says the supermarket chain, sure that the material meets 
will now benefit the company the quality demanded by 
and customer, alike. In addition foreign buyers, the company has 
to the reduction of packaging installed a 36 in diameter ? 
costs, the customer will also have electro- / permanent magnetic t 
a tougher pack that will not leak drum separator immediately - 
if nicked by a fingernail or after its shredder from Eriex •• 
caught on the sharp edge of a Magnetics UK. 

Shopping basket, etc The scrap drum is said to 

The possibility of using a remove most of tbe ferrous con- 
shrink tunnel in the process, taminanls in the processed 
later abandoned as impractical, material without aoy interrup- 
was considered before the com- tion to flow rates, 
pany’s packaging laboratory More from Eriez at Wilson 
came up with the- new metbod Industrial Estate, Caerphilly, ! 
which involves heating, packag- mid-Glamorgan, Wales CFS 3 ED. 
ing film to 110 deg C in a (0222 868501). 




Tender* closing at 1.30 p.m. on Wednesday, 16th August. 1978. are 
invited for the fallowing works for the Bulk Sugar Terminal at Pore 
Louis. Mauritius, in accordance with the Drawings. Specifications and 
General Conditions of Contract for Contract No. I7E. 

The Contract is for the installation and commissioning of 22KV 
switchgear, two (2) 1000 KVA. 22KV/400 Volt power transformers. 
L.V. switchgear and motor control centres, together with supply 
and installation and commissioning of light fittings, cables, distribu- 
tion beards, communications equipment and all other equipment 
necessary for the complete operation of a large sugar terminal with 
approximately 180 electric motors ranging from IKW to 18SKW 

Drawings. Specification and General Conditions of Contract may be 
examined at the offices of the Consulting Engineers. Macdonald 
Wagner A Priddle Pty. Ltd., at Port Louis. Mauritius and at North 
Sydney N.S.W.. Australia, and also at the Mauritius High Com- 
mission 32/33 Elvaston Place. London. S.W.7. England, and the 
Mauritius Embassy. 68 Boulevard de Courceiles. 75017, Paris. France. 
Sets of Drawings, Specification and General Conditions of Contract 
for companies registered in Mauritius may be obtained from 
Macdonald Wagner & Priddle Pty. Ltd.. Rogers Automotive Building. 
Cnr Edith Cavell & Mere Barthelemy Streets. Port Louis, and for 
comoanies registered in all other countries they may be obtained 
onS from Maldonald Wagner & Priddle Pty. Ltd.. 100 Miller Street. 
NorthSyd ney . N .S.W .. 2060. Austral ia-Telex No. 20836. The 
___ refundable charge for each set of documents obtained in 
Mauritius iY ^720 Mauritian Rupees and 100 Australian Dollars in 

Envelopes endorsed “ Tender far Contract No. 17E, Electrical 
Services? Bulk Sugar Terminal— Port Louis and containing a Tender 
accompanied by a Tender deposit are to be addressed to the 
Chairman. Tender Board. Ministry oF hr “ ne *: 

and lodged in the Tender Box. at the Chief Cwhier s Office. 
Accountant General's Division. Treasury Building, Chauswe. Port 
Louis. Mauritius or posted from overseas to reach the Chairman. 
Tender Board. Ministry of Finance. Port Louis. Maurmus on or 
before the closing time and date. 

The Tender Board does not bind itself to accept the lowest or any 
tender and will not assign any reason far she rejection of a tender. 

Ministry of Agriculture & 

Natural Resources 6 The Environment 


Tenders dosing at J J0 # p.m. on Wednesday, 16th August. 1978, are 
invited for the fallowing works far the Bulk Sugar Terminal at Port 
Louis, Mauritius, in accordance with the Drawings. Specifications and 
General Conditions of Contract for Contract No. 17B, 

This Contract is for the design, manufacture, testing, packing and 
delivery into store at Port Louis, and insurance and warranry of two 
(2) main 400 Volt switchboards each fed by a 1000 KVA 32KV/400 
Volt_ transformer and three (3) motor control centres, each con- 
trolling approximately sixty motors ranging from IKW to I85KW 

Drawings. Specification and General Conditions of Contract may be 
examined at the offices of the Consulting Engineers. Macdonald 
Wagner & Priddle Pty. Ltd„ at Port Louis. Mauritius and at North 
Sydney. N.S.W., Australia, and also at the Mauritius High Com- 
mission, 32/33 Elvaston Place, London, S.W .7, England, and the 
Mauritius Embassy. 68 Boulevard de Courceiles. 75017, Paris. France. 
Secs of Drawings, Specification and General Conditions of Contract 
for companies registered hi Mauritius may be obtained from 
Macdonald Wagner A Priddle Pty- Ltd- Roger Automotive Building. 
Cnr. Edith Caveil A Mere Barthelemy Streets. Part Louis, and for 
companies registered in all ocher countries they may be obtained 
only from Macdonald Wagner A Priddle Pry. Ltd., 100 Miller Street. 
North Sydney. N5.W. 1 , 2060. Australia — -Telex No. 20836. -The 
non -refundable charge for each set of documents obtained in 
Mauritius is 580 Mauritian Rupees and 80 Australian Dollars in 

Envelopes endorsed “Tender far Contract No. 17B. 400V Electrical 
Switchboard. Bulk Sugar Terminal— Port Louis" and containing a 
Tender accompanied by a Tender deposit are to be addressed to 
the Chairman. Tender Board. Ministry of Finance. Port Louh, 
Mauritius and lodged in the Tender Box, at the Chief Cashier's 
Office. Accountant General’s Division, Treasury Building. Chaussee, 
Port Louis. Mauritius or posted from overseas to reach the Chairman. 
Tender Board, Ministry of Finance, Part Louis, Mauritius on or before 
the closing time and date. 

The Tender Board does not bind itself to accept the lowest or any 
tender and will not assign any reason far the rejection of a tender. 

Ministry of Agriculture A 
Natural Resources A The Environment 


Sealed Tenders on prescribed farms are invited, from reputed 
U.K. firms of established financial standing, up to 3 pjn. on. 
7th August, 1778, for supply of 318 mobile dinks fully fitted with 
medical accoutrements. All supplies should be of British origin 

Tender farms are available from the undermentioned Office on any 
working day on payment of £5 (non-re Fundable) against a crossed 
bank draft/Poscal Order payable to High Commission of India, 

Director General 
Supply Wing 

High Commission of India 
.Aldwych, London W.C.2 
Telephone: 01-836 8484/329 A 332 


Rate £13.00 per 
single column 


Saves rainwater 

CxteKioB ol'cari nL smc tor DURING THE drought of 1976 flow of water into a butt or tank. 

5oopty of wiroicM AcwasnH more people than ever before Incorporates an overflow regula- 

began to ooileet rainwater which which Is said to obviate 
flowed .toAO. roof *. ■«-. 

and downpipes far nse in the ^ter system when the butt is 
Dow* nun be Hotuv Como a c a i- garden and general domestic full, 
on sSftS^jSiv S™ i&F ,v purposes. Tbe practice was The maker says it Is easy to 

adopted widely «*« [ oag d 3 connect to any circular 24 Inch 
Sr jq jjiamMciEpwh Matin), sunuoer went °n but posed new or. existing PVC rainwater 

Fnr further ri*»tflil« mntort- problems of controlling the over- pipe and can serve harts made of 

* or iurtner details contact. flow when rainwater receptacles a variety of materials. Should 

on 01-248 8000 Ext 456 

'SUS Sow when rainwater receptacles a variety of materials. Should 
bmi cataiosucfc had filled qp- ■ the butt be removed, rainwater 

Aj-TWn: 2 * m»v. ran. Trapper, from Wavln Flashes, rainwater system by simply 

Director Gflnrrai. now been intTOdnced and sealing tbe outlet tube by mean* 

Cohort M. Kan-an. promises to prevent overspill, of a special sealing cap. 

— — The device, while allowing free More on 01-573 7799. 

I tJ 9 U 


LS 9 U 

The Financial Times 

plow do you wan 

With the new Rover 2300 coming into foil P ro ^“^“"'^“ ^ SvOTsSretSelegMt, aerodynamic body 

To help you choose we offer a summary guide to thenwRmer c £ aracttristta and features that are all its own, 

made famous by die g-j-JJJ »SS23f 3£ Sd the Rover range from the rest... 

C A*^ 7 7; ; T with the new Kover 25W < 

1 To help you choose we offer a summar 

made famous by the award-win 
^ ¥ distinguisl 

r^W *• 


N Rover 2300 

' V r Powered by one of the new, 6-cylinder in-line 

‘ °' e * ‘ Rover engines (2350cc) with aluminium head, 

developing a healthy 123 bhp : The crisp gearbox is ' 
4-speed manual with 5th speed and automatic options. 

Rover safety-. 

V !i£cha, *t t ^ e sure stopping 
• power of dual-circuit 

servo-assisted brakes 
Rover safety: 
u lrj, ** in case of accident, 
fuel supply auto- . 

SU bu ^ matically shuts off. 
sriicuUri?, Comprehensive 

ee weather and gnt 

protection: the car s 

There's foil underbody protection, zinc sills 

More safety: 
high intensity rear 
foglamps, twin 
reversing lights, 
hazard lights and 
front door-open 
warning reflectors. 

Rover 2600 

Rover 3500 

a is®- 


■iiiiueier • 

•! ^ P®i 
ice aj : 

!■ '£ v ® 

? M ill Z 
■>d or ^ 
r>n;e. a 
5: is 


T:e is 
'•r:ui iss 
.• «v;«ar 

Inside, an energy- 
absorbing fascia and 
adjustable, telescopic 
stewing column. 

And? on all Rover 

models, a, Triplex Ten T ^f^ S ui«rl^mnated screen, 
the safest production wmtkcreen m the world. \ 

The 2300 doesn't skiriip on comfort; reclinftjg 

front seats hkyfehead resfraints, 

carpeting and an easy-to-clean rubber boot surface, 
i r+cnxr Itohter. twin glove lockers 

The six-cylinder engine is modified to deliver 
1 36 bhp and, like the 2300 engine, features the Design 
Council Award-winning Air Temperature Control unit . 
Together with a belt-driven camshaft, it contributes 
to efficient fuel consumption and quiet running. 

The 2600 introduces a self-levelling suspension 
system that ensures 
that the car is the 

correct height above . ... .... 

the road whatever . ~ 

the load and how- * ..■■£: 

ever it may be 

the 4 beam halogen - 

headlamps correctly 


In addition to . . t 

the 2300 specification you'll find map and glove locker 
lights, a carpeted boot, colour keyed fascia, more 
comprehensive instrumentation, extra comfort with 
box pleated seats, and extra refinement like front 

door-open warning lights. 

The gearbox is 5-speed manual with an 
automatic option: the car reaches 60 mph from 
standing start in 10.7 seconds and has a top speed 
of 1 19 mpht 

The magnificent Rover 3500 obviously has 
everything the 2300 and 2600 offer. And more 

The famous Rover V8, 1 55 bhp engine is fitted 
with electronic ignition, which assists fuel economy, 
reliability and performance.The car goes from 0-60 in 
8.9 seconds and has a 
top speed of 1 22.3 mpht 
The 3500 adds 

steering.The aU- \ ^ 


operated. All five ^ •*-> ? \ 

doors can be secured V.—AtsAi* f**- 

from a central 'pk'- 

locking device in 

the f eatures like the quad speaker push 

button radio and stereo cassette player, the 35UU is 

unmistakeably the range leader. 

The award-winning Rover 3500 will cost you or 

your company £7174.44* (A price which now has 
considerable business car tax advantages). 

&?: With all that safety and comfort goesh^ 

; T- r performance: a top speed of 1 14 mph and 0-60 

rA accelerationxifll 5 seconds. 

All for £5645.25* 

In spite of its additional specification the 

Rover 2600 costs just £5991 .57* A price level with 
considerable tax advantages to the business car user. 

■ y 

Before you decide, you'll want to know a lot more 
about the Rover range than we have space to tell. 

A visit to your Rover showroom will provide 
all the details and the opportunity of a test drive, 
which is usually the decisive experience. 




tr *>* jUi - 

, i ex™ 

-7:* i: 


BuHding and Civil Engineering 

Financial Times ' 


, ^ - v^i^sT- 

£10m job for Tarmac MaintainiBg 

Laing busy in 

AWARD OF a £10m sub-contract Work has Just started on tKe 

for al! the building and civil two-year job which will be to 
engineering work involved in provide the ground work for 


THE CENTRAL Military Com- A special synthetic ffrass loosely arranged in an elongated 

mand in Dubai ha* awarded a Pla^S lh ! \' U " la - v0U i * hi <-h 

t nmn full-siae football pilch, bordered terraces and punlab walls. The 

, . 1 . _ , 4 . 1U11-S16T IWW™" ('“'■“l UUIUCICU 1CIISW3 l»“U puiUiJU nwu. 

£4m contract to John Laing to . an eislit-iane athletics track, foundations and roofs will be 

build a sports stadium seating ^re will be facilities for constructed in concrete, 

ahout 1.000 spectators in Dubai. field events on the west side of The Department of Public 

a road m 

the second phase of construction more than 750 new homes. The 
of the power station at Sharjah company is designing and install- 

in ibe United Arab Emirates has ing more than 3.000 foundation THE GUILDFORD based con- 
been announced by Tarmac piles to support the homes, con-, struct ion company, Y- J- Lovell 


Tarmac’s remit covers founda- 

structing sewers,- providing (Southern) has been awarded a 
100.000 cubic metres o£ 611, and contract for £940,890 for the re- 

ahout 1.000 spectators in Dubai. field events on the west side of The Department of Public 
United Arab Emirates. Due for the track, opposite the stadium Works of the Emirate of Abu 
completion at the beginning of building, with overall floodlight- Dhabi bas designed this project 
next year, the stadium building ing arranged on four lb-metre- an j consulting engineer will 
will be of reinforced concrete high columns. .... .. be Conger of A! Ain." 

frame construction on two levels. At Z3khcr Village. Al Ain. Abu 
The ground floor will acconi- Dhabi, a P ll °t project worth T 
module changing areas, staff £l.lm to undertaken by An iTRQ 

rooms and a lounge for 60 com- Al Nabaodan -<amg. This con- 

p.Milors. At first-lloor level there tract., for i he construction of Ingeco Lam* International 

Works or the Emirate of Abu Epsom. Surrey has been awarded 
Dhabi bas designed this project jj -—-Im consultant:;* ■.•omuii^ien 
and tho r-nnsulline engineer will Ministry Of Public 

the w s 4 TKIVC rr.iiip of 3® the buildings and struc- 
55E« ,?d tores associated, with the power 

lions. culverts, pipework as well building roads and a subway, development of the Wadham 

development 01 - - v . j . • 

Stringer site between Snip Street- to ^ east of the'si and,- ' 

In Iraq 

[n _" in Kuwait to design and super- 

vise ihe upgrading of the dual- 
carriageway Fahahee! road to 
expressway standards. 

This work will involve 37 
International kilf metres of the existing three- 

house. Also included are a 
pumphouse, desalination plant 
and a 7.4m gallon reservoir. 
Main contractor is GruppD 
Industrie Eletlro Mechamche 
per Impiantc AU'Estero SPA of 

Consulting engineers are 
Kennedy and Donkin with Sir 
William Halcrow and Partners 
as associated civil engineering 

SITE investigation contract 

Comprising 26 shops, 10 mai- roofs, hipped roofs vsi^rdQrmer: -* . 
sonettes. three flats and 930 windows and -flat roofs. Addi-l ■ 
square metres of new and re- clonal variety. ,is r - adueved?^- - 
furbished offices, the scheme will using both ^rey and’.blae slates ‘TT' 
be known as Dukes Lane. and mock chimneys.^. EUevstibOf ^ y 1 

The company says an outstand- are finished in. plain '*$&&&&?% - 
v_ -m ^ m.v ia ftp flint nnri DukM I^inA ; -i' •- 

smooih-fliiisli pre-cast concrete and is In be completed by May covering the supply on a turnkey beyond the Port of Shuaiba The 

units surmounted by GRP tip-up next year. 

seats, supported on loadbearing These houses will he of tradi- works 

basis, with the exclusion of civil project a'so includes uDgradinu 

at three kilometres of the" Sixth 

brickwork walls. External walls tional construction, the walls in Qaiyarah. Iraq, fnr the produc- Ring Road westward from its 
will have coloured Tyrolean concrete and bloekwork. with all lion of asphalt from locally pro- junction with the Fahahee] 

National Oil Company , to Soil 

Mechanics Gulf Company, a sub- ■ nniFP <■ 

sidiary of the Bicknell -based I W D 1C 1 fc" -v • h 

Soil Mechanics. • • ' . • ,• L ■" 

Work bas already' started at ® A contract va!ued at ..owr a cm toctwor^^mdjBM^io^j;: _ 
jwais on the Gulf coast about £324,000 has been awarded to the 9 MeUoweg Metfa ly daenihcrof;, . ■ ^ , f - 

spctlcrdash finishes and the external walls clad in locally duced crude oil. Estimated Expressway, 
floors in thn stadium public areas made sand-lime facing bricks, capacity of the plant will be The upgrading operation wi 
will be paved with lerrazzo. Each will consist of six rooms 120.000 tonnes per year. involve the construction nf ] 

Improving Gatwick helicopter centre 

£59m at 

NOR WEST HOLST Southern suite and ministerial offices. 

has been awarded a £24m con 

junction with the Fahaheei or _ Ruwais on the Gulf coast about £324,000 has been awarded to the 9 "euowes .nente .of-- _- 

Ex °^ esswa y- . ... 4‘^SEIYI € fit 125 m>les west of Abu Dhabi Broxburn branch c-f Alexander the RTZ Industrie s Groifo , jibr • 

The upgrading operation will <11 town, and includes detailed on Han and Son. a member of been a’ warded ^con&M. for < 

involve the construction nf JJ and off-shore site investigation Aberdeen Construction Group. ® r : 

grade^epara ed junctions. W J and foundation design for the for construction of a sheltered Haden Yot^ of - 

ground level inte sections, and I |iOf|lpCV|lgQQ aod trtitt cargo houses unit at AlmondaU Road, £000 steel windows; 

the installation of hard-shoulder »*Wfi»aV0URVS4U harbour. Also included are com- Broxburn, West Lothian, is for FVC complex In Poland: v. 
and concrete safely barriers in ^ THE Greater London plete underwater and under- the Bield Housing Association, ... '... ... o ;‘- 

the central reserve. This work Council’s latest award of £3. 5m ground surveys. Edinburgh. • First members, of the ..neWly r*;.- 

will require the construction of to Holland. Hannen and Cuoitts. Snamprogretti of Italy Is to • Taylor Woodrow is to build formed Portnl Praune. JSmiqteis-;* 

? P r ®'“ : j. r ^ sseti for advance civil engineering supervise tiie operations related four blocks of residences - for turers .Association.. ; are: -Atcwt.:-^ 

IS pre-ftressed concrete bridges 

£2m for house modernisati 
have been won by D. T. Builo 
and Co., a member of l 
Whittaker Ellis Bullock Group 

* w V? r * i n . action. Atkins will he W ork in Area S East of the new to the Snd ^NOG Sc S id ^der^at the BeU and Webster. (Stroctetefl;i . . 

iTive aeenm. ^m*: ‘ r3 , ' c *? } ? n 3 riverside town, the company has direct the works for the harbour. Royal Free Hospital, Hampstead, Crendon _ Concrete .Cpmgat^ -: 

Marley Buildings * :ahtff^Ttpat f - T '' 
Concrete. . '■* 

Whittaker Ellis Bullock Group. iag blocks as well as external quarters as well as shaded that renders will be invited this 
One contract starting later this works and including the con- arcades, formal gardens, orna- autumn, 
month, worth £1.5m, is for structioo of a 50 metres x 50 mental pools and fountains. 

modernisation of 324 married metres x 10 metres high hanger White. Young says it is # m 

quarters al RAF Tern Hill, with single span roof. expected that work will com- SJAvricj ITS71HO 

-Shropshire, for the Property Ser- Project manager is the civil mencc within the next 12 months v JL3 Tf 11JU3 

vices Agency. engineering branch of the with a contract period of two 

The other contracts for similar property Department of British years. International tenders are JL /m OYUrcavr! C? 

work are bHng carried our for Airways assisted by architects to be invited. The complex will c&^jL£lL AtihI ltd 

Tam worth Borough Council at Norman Royce. Hurley and cost about £6m. 

isovis wins 
£2m awards 

Bole Hall. Tamwortb. and for the Stewart, structural engineers 
Guinness Trust at South Bank. Ronald Taylor and Associates. 


civil engineers Edwards and 
Blackie who are also the build- 
ring services engineers and 
quantity surveyors John Cobb 
and Partners. 

Work which bas started is due 
for completion in March, 19S0. 


the right shutter.- 
at the right price., 
at the right time. 

centre in 
Abu Dhabi 

THREE MAJOR contracts total- 
ling over £2m have been awarded 

TT 10 Bovis Civil Engineering of 

BjfBijSt* Ttir Wesrbury, Wiltshire. 

1U1 The ,5 rsest is for an under- A 

. 1 ground car park surmounted by y 

FtfTirBiSV’ a s tere and warehouse For Asso- 

y ciated Dairies at Lower Earley, 

. . ... near Reading The building is £ 

A PROTOTYPE of an instant to form the nucleus of a * 
house" was displayed last week shopping centre for the new fii 
at the opening of BTR Permali town of Lower Earlev which will ft j 
RP's new factory in Gloucesler. be developed over the next ten $ ? 


RP's new factory in Gloucester, be developed over the next ten 

The system, called GRP 12U0, 


was conceived and marketed by ii.5m., includes eight lock-up 


Hie Glass Reinforced Plastic shops. of! 
Corporation, toping to offer un toilets, 
answer lo growing demand fur Platt Saci 
quickly erected buildings al a £!m couti 
minimum co<t. build a nev 

A major outlet for the system machinery 
is anticipated in rapidly develop- Lancashire. 

ur Platt Saco Lowell has awarded 
at- a £tm contract to the company lo 
build a new smelter Tor a textile 
m machinery plant at Bolton. 8 
P- Lancashire. This work requires 

parliamentary complex in Abu- ing countries, principally in the the demolition of old furnaces 
Dhabi in the United Arab Middle East, and the modular piling. reinforced concrete 
Emirates, has been awarded to design can be adapted for other foundations and a structural 
consulting engineers White, applications such as hospitals, steel framework Tor the smeber*« 
Young and Partners working in schools, barracks, offices, hotels, control building and electricity 
collaboration with architects and leisure complexes. substation. 

John Brunton and Partners. GRP was chosen because of its At Weffbury the company is 

carrying out a ground v.-rtks 


The project calls for an high strength to weight ratio— carrying out a ground wm-’-:s Artter’q imnrpssion of a now hranrh 
assembly ball with seating acconi- comparable with mild steel— and contract valued at £350.000 for a 

modation For over 500 and its suitability for volume produc- new extension to Tesco's regional or me YOrKS^ nire ri 2U1K being con- 
includes a ceremonial reception lion. storage depot, Structed under ±700,000 contract by 

Henry Boot in St Sepulchre Gate, heavily sculptured facade , will , be / 
Doncaster. The . building has a clad in granite -and bart ; -York y 
reinforced concrete, frame and the sandstone. - - '-"-'V; . 



in 1979 

Sparrows can handle all your 
lifting problems. Which is why this 
Gottwald 1000 ton capacity crane, 
largest truck mounted crane in the 
world, capable of lifting over 1000 
tons with maxilift, joins our fleet 
in 1979. 


The 1000 ton Sparrow will be unique and 
■we'll ship it anywhere in the world you want it 

YVherever you are, Sparrows specialist 
service is at hand. Our 17 U.K. depots cover the 
country and our bases in the Middle East and 
the UEA are a result of our constantly 
expanding overseas markets. Our heavy lifting 
v consultancy is unrivalled and includes 


1000 tons can be lifted on a 16 metre (52' 5") main 
boom, (diagram a) 

500 tons can be lifted to a height of 58 metres 
(190 '3 ") oil a heavy duty fixed fly. (diagram b) 

120 tons can be lifted on a 114 V 

metre (5 75 '2") main boom. yz 

16.5 tons can be lifted to a I • ; 

height of 200 metres 1 

(6560 on tower and | I \ 

luffing boom. | \ 1 \ 

(diagram c) a - B b -S \ 

consultancy is unnvaiied and includes 
|W project management teams, heavy lift and 
f V \ design engineers, erectors, riggers and of 

design engineers., erectors, riggers and of 
course, operators. We can take complete 
responsibility from first analysis 
through to final execution. ^ 

Start planning your projects now 
with the 1000 ton Sparrow in mind, 
and remember that the world's 
largest telescopic crane, the 200 ton 
capacity Gottwald. has just joined 
our fleet and is available for 
immediate hire anywhere in the 

Depots and offices at: 

A BUR DEEM 0224-878060 
AV ONMOUTH 02752-5000 
BATH 0225-21201 Telex: 449246 
BIRMINGHAM 021-556-5UI Telex: 356564 
BRISTOL 0272-55207I.Tclcx: 44707 
DONCASTER 0977-42138 
EXETER 0392-54842 
TALKIRK 0324-54341/4 
G LOUCESTER 0452-26619/24428 
LONDON 028-12-4811 
MANCHESTER 061-794-9921 
MILFORD HAVEN 06462-2598 
ORPINGTON 0689-56141/5 
SCUNTHORPE 0724-65474/7 
*' SOUTHAMPTON 0703-783232/4 
{ SWANSEA 0792-73921 
Jo STOCKTON-ON-TEES 0&12-615431 


1 .■ C.W. Sparrow and Sons Ltd.. 

Jr T co:suSic N S A LTS^3^„ 1 ' 

Tele“ : 9 7 I 7 o“ , 4S! CPh0nC:713 - 445 - 9515 - ’ 


; ;<l /s Do 



ffiSPt E ’ . Al hobar nr - Damman. 

Telex 1 : 6700M. Teeph ° ne: Al Khobar 41066 * 

i % L ’ ‘ v 

i V. 

To: Marketing Department, GAV. Sparrow & Sons Lid 
Lower Bristol Road, BATH B/V2 9ET, Avon. 
Please send me information about: □ 1000-ton capacity crane, 
□ 200-ton capacity crane. □ Heavy lifting consultancy. 

Name - 

Title . .. 

Address ' - 

-- *«!**. 


: V, 

: 6. 


Consult us with all your lifting problems 







i= 0t k 


«**i j. 1 -* 
and. ** i 

IP : »J_ ‘ leV 7 

511,3 5 

;<d^ \rijj ’£ 

iicrc V'c 

i i ii r , _. . . m 

methtods tri^^^sasfci of the 
h um*n T hsfcqg ■ as' ^person and 
regard , iMai.' 1 as f pcfliijag ’.'-'"more 
than a^aaishine ;,wf£jc& Tia$ - no 
soul nor any .naturalpowers of 
recovery, Over-zealtnisness on 
the p art- ;-of :a; stovttng baid 
? E scientifically -- ..orientated 
indmdaals.who appear to. have 
no conception and certainly no . 
faith in the remarkable powers' 
of self-fceaiiag ’ of die human 

body, ...when. hotiT' . somatic, 
and .psychological -_ .factors 
are encouraged .- to comb ine - 
harmoniously;, is -responsible for 
methods of treatment -which, in 
y®«rs to come, may well Tie 
regarded as Treing as j'ojjfdr-.i 
lunate as the ' less ■ dangerous - 
errors of Aviceniia;' the 10th 
century philosopher .-. and . 
physician, who never forgot that ’ 
a patient was.-an individual, not 
simply and callously a u caseJ? 

America, where , even 
childbirth seems to bte regarded 
an abnormal occurrence, is 
the cradle of many- .undesirable 
inspirations and their products; 
pnd from there originated -the 
idea and inception of the 
volunto - compulsory, - annual 
medical examination for execu* 
tives, involving as little human 
participation . as possible.' The 
practice is spreading In this 
country and is no longer eon-' 
fined to American enterprises 
operating far". Jroin home. 
Happily the process has not 
reached — nor, JE-. trust, .will Jt ; 
ever reach—- cancer-like propor- 
tions. - . \ *■ 

For example, there is at least 
one veritable medical' hyper- 
market, so I am;', told,, which is 
devoted to “ processing ■' -execu- 
tives. The building has many 
floors, and- the^ 'examinee is 
whisked, to the top -where -he fills 
in forms which' are then fed 
into a computer. The m achine 
then - tells him to descend- a floor, 
where he is = JX-rayecL - .run 
through, an . electrocardiograph 
and other machinery: Then 
down a floor where' ■'gowned ■ 
and masked. 1 extract 

various fluids- from ,hi$ body; 
and so on_ through ' the floors 
until he reach^ ^ ; memhme' 
floor where ; ( he - is^prwKhted -' 
with a seated jen velope: . This 
does not cootal^ jthfr scientific . 
findings; , only the 'hiii. / , As_ S ; 

The dubious benefits 
of machine medicals 

r j. 



. . regarding him as a machine . . . 

precaution against seizures, 
..perhaps, this may be taken to 
the ground floor.. - 
...Long ago 1 wrote about the 
effect on an executive when bis 
curiously benefirient manage- 
fyatini offers similar- services en- 
tirely at their expense. Now the 
indfvidual : has a seemingly 
simple alternative. He can re- 
fuse. He can accept If tie takes 
the former line, sooner rather 
-than later if he will begin to 
worry ' ! 'ahodl the reactions of 
his employers. Why has he re- 
'fused ? : 'Js he afraid that sonic 
dire disease may be discovered? 
JMaybe, .Indeed, he is: himself 
subconsciously fearful ? Suffice 
it- to; say that a ..healthy atmos- 
’ phene for promotional pros- 
pects Is not created. 


Supposinig he^ ^a^ees .and goes 
tiirbughjthe' batteiy.of tests 
and ’then^qnite" ^fortuitously, 
dttringihe ^cceedlnig^ months, 
he fails toclimb the ladder in 

the way he had expecLed — or 
even drops a rung or two. 

He may well formulate fears 
that some dire medical dis- 
order has been discovered and 
revealed to his superiors. How- 
ever much he may be assured 
that the doctors in charge 
would never inform anyone 
other than their own colleagues 
of some dreadful disease, and 
then only when necessary, it 
is no easy task for an employee 
to put from bis mind that 
those who sponsored the exer- 
cise would uncharacteristically 
squander money from an alien 
sense of innocent al truism. 

Now it is quite true that the 
machines and tests may reveal 
certain tendencies based on 
current notions, but only many 
years of experience will reveal 
the validity or otherwise of 
such surmises. On the other 
hand, it is common experience 
that most maladies of a truly 
serious nature do not remain 
silent for long. They show 
themselves as vividly as the 
feathers of a cockbird in 

spring. These will certainly be 
revealed again by the battery 
of scientific tests: but, alas, this 
does not for one moment mean 
that they can be as easily cured. 
On the contrary, they may lead 
to a state of hypochondriasis. 

I must make it clear at this 
point that I am referring to 
“ £ull*body, total tests ” and not 
to matters more specific. For 
example. regular cervical 
smears should be taken from 
women, as early diagnosis here! 
may well lead to a happy out-| 
come. But here one is dealing | 
with disease that may have 
arisen as the result of treating 
health rather than illness. 

A recent issue of lhc Journal 
of the Royal College of Physi- 
cians of London, reveals that, 
statistically, there is very little 
difference in life-expectancy j 
etc. between groups who havei 
had annual medicals over many I 
years and control groups who) 
have not participated in the | 
exercise. ! 

There is also mention of one i 
complication that 1 had over- 
looked. In some candidates who ! 
art* found to have, say. a higher! 
blond-pressure than is con-| 
sidered normal, there is a ten-| 
dency to begin to take time nff 
from work because of that 
abnormality which, hitherto, 
had not exercised their imagina- 

T must make it plain that I 
am not against annual medical 
examinations, whether per- 
formed by humans or machines, 
so long as individuals desire 
them at their own free will and 
expense, dr. indeed, for any pri- 
vate medical treatment. It is 
their ’right and may promote 
happiness. And it is in no wise 
different from expending large 
sums on bigger, better televi- 
sions or outlandishly lavish 
weddings— practices not known 
among the ranks of those sup- 
posedly underprivileged. 

For those who can afford none 
of these ‘‘luxuries.** then that 
excessively expensive. in- 
credibly inefficient. wildly 
wobbling juggernaut, the NHS, 
should be able to supply all 
their needs as the accoucheur 
of the enterprise, the late 
Aneurin Sevan, honestly and 
faithfully believed that it would 
so do. 

Why employers are 
patently disturbed by 
the new law 

By a special correspondent 

manufacturing industry 

iJraundesigner wins 

British “first? m; . v * ° 

SS:- *>p .B ritish medal . 

of Industrial^ Aftists .-aa'dL, l5e-- the ’West fierman domestic ap- gorik abroad. The award is gen- 
signers ‘award^^t^ aumual De- pHanee.jnaker. ■ f * erala given to non-British de- 
sign Medal-'to^a fiesigsoer Wbpis v\3fc*Sp&e1y., arguj£ that, it is signeA every second year, and. 
a full-time ’ 'employee/ . of ' a tittle more thim' coin ctdence that 1978 wks the turn ol-a foreigner. 
manufacturmg .CQinpany--I)leter Jo a designer ; The Vact -remains that no' 

fl am s, tbie^firUins 1 . behind the JeippKyed/ to'- jpanufactining-r British designer ha -manufacture 
top-class design tmageof Braun, anffc'eogitfeermg, tQ 'bOQt— baS'ing has yet seemed an obvious 
; ■*' “must ** for the medal. 

Rather 1 than blaming the 

[ ^ \ V , “kT ^7' V. W quality of British designers for 

this failing, which epitomises 
the poor design 
many U.K. indu-stria! products - 
and export perfurm- 

an ce — it just 

V' : '> the fault lies with- tlx? indi- 

l. - j ; viaual designer's lack of 

^ :.•> y 9 influence in the companies for 

Which he works. For this, it is 
only the top management which 

r •' *• 'j. r ^ can fairly be blamed. 

-V J" -’5 > ’•! -.f ' ^ So if you want your company 

to be as 

as Braun, take a leaf from us 


book, and make ynur top 
designer directly responsible to 1 
the chairman himself, on a par, 
with all your other directors — > 
in essence if not in name (Rams I 
is not actually on the board). 

This would mean a major | 
change for almost every British 
manufacturing company, whose 
top design executive — if it has 
one — will at best be responsible 1 
to. the board as' a whole (and 
therefore junior to all the 
directors); or answerable 10 
production or marketing, and 
therefore even more 

To Rams, the three yardsticks 
of good industrial design are: 
functional quality: aesthetic 
quality; and “manufactur- 
ability.” It is the successful, 
and cost-effective combination 
of all these three which have 
sustained Braun's success in ihe 
marketplace ever since Rams 
instigated its “design revolu- 
tion " over 20 years ago. 

AS FROM last Thursday, when 
the provisions of the Patents 
Act 1977 concerning employees’ 
inventions came into force, 
relations between British 
employers and their employee- 
inventors have been on a new, 
.very different and decidedly 
problematic footing. 

Up to now. Parliament has 
not interfered in this field. Any 
question about rhe ownership 
of an invention made by an 
employee was left to be decided 
by the terms of that employee’s 
contract of service or. in the 
absence of express terms, by the 
rules of common law. 

Under these rules, difficult 
questions about ownership could 
arise if there was room for 
doubt on whether the 
employee’s invention has been 
made in the course of his 
duties. So. in practice, most 
large employers required their 
employees to agree that any 
inventions made by them at any 

EMPLOYERS and employees 
cannot effectively contract out 
of the new provisions. Section 
42 of the Act. following in this 
respect the recommendations of 
the Banks Committee on the 
British Patent System (July 
1970), provides that any term in 
a contract between an employer 
and an employee which 
diminishes the latter’s rights 
in inventions made by him after 
the date of the contract (and 
after June 1. 1978) shall he un- 
enforceable “ 10 the extent that 
it diminishes his rights." 

For compensation to em- 
ployees, different provisions 
apply, depending on whether 
the invention belongs to the 
employer or to the employee. By 
section 40(l) of the Act, an 
employee who has made an in- 
vention belonging to his em- 
ployer for which a patent has 
been granted, and who claims 
that the patent is of outstand- 
ing benefit to his employer— and 
that it is just that he should be 
awarded compensation to be 
paid by the employer — may 
apply for compensation to the 
Comptroller of Patents or the 

time during their employment 
should be the property of the 

Under the 3977 Art. which 
applies to inventions made by 
employees after June 1 1978, 
the question whether an inven- 
tion made by an employee be- 
longs to him or his employer 
is no longer left to contract or 
the common law. It is 
governed by section 39 of the 
Act, which narrowly circum- 
scribes the right of an em- 
ployer to claim ownership of 
an invention. 

Broadly speaking, the section 
provides that an employee’s in- 
vention shall be taken to 
belong to his employer if made 
in the course of the employee's 
duties: and in circumstances 
where either an invention 
might reasonably be expected 
to result from the carrying out 
of those duties, or the em- 
ployee had a special obligation 
to further the interests of the 

employer’s undertaking. In all 
other cases, the invention will 
belong to the employee. 

The Act, also for the first 
time in British patent law, 
enables employees to claim 
compensation for inventions 
they have made. 

The good intentions of those 
who framed the new provisions 
are not in doubt. But many 
employers and their advisers 
have serious misgivings as to 
how things will work out in 
practice. Since 'it will no 
longer be feasible for an em- 
ployer 4o agree with Ins em- 
ployees that any invention the 
latter may make during em- 
ployment shall belong to him. 
some employers fear there will 
be interminable conflicfs as to 
the ownership of inventions. 

They also fear that when such 
conflicts occur it may in some 
cases be impossible to reach 
agreement that the invention 
should be exploited pending the 

And how employees 
stand to gain 

court, within “the prescribed 

In the case of an invention 
made by an employee, he may 
also apply for compensation to 
the Comptroller or the court 
within the presented period, 
providing certain conditions 
apply; a patent has been granted 
and the employee’s rights in 
the patent have been assigned 
to his employer; the benefit de- 
rived by the employee on the 
assignment is inadequate in re- 
lation to the benefit derived by 
the employer: it is just that the 
employee should be awarded 
compensation to be paid by the 
employer, in addition to the 
benefit derived from the con- 
tract of assignment. 

The prescribed period is a 
period which begins when the 
relevant patent is granted, and 
expires one year after it has 
ceased to have effect. The term 

of a patent under the 1977 Act 
is 20 years. Employers must 
therefore now prepare them- 
selves to receive applications 
for compensation up to 21 years 
after an employee's invention 
was made. 

The amount of compensation 
for both kinds of invention is 
stated in section 41 of the Act 
to be “ such as will secure for 
the employee a fair share (hav- 
ing regard tn all the circum- 
stances) of the benefit which 
the employer had derived, or 
may reasonably be expected to 
derive, from the patent. . 

And the section contains elaboi^ 
ate addiliona! provisions as to 
what is to be taken into account 
by the court or Comptroller in 
determining the fair share. 

So. in determining the fair 
share in respect of a P3tent 
which has always belonged to 
the employer, the court nr 

resolution of the dispute, when 
it may be too late to put it to 
practical use. 

They believe that the new 
provisions may give rise 4n an 
unwillingness on the part of em- 
ployees to reveal new inventions 
and ideas and to cagmess and 
rivalry between follow em- 
ployees working in ihe same 

As for the compensation pro- 
visions. how is an employer, 
particularly a small employer, 
to clioiv for tlie possibility of 
a large claim for compensation , 
arising perhaps 20 years after r 
the invention was made? 

The pessimistic view was well 
put by Lord Eccies during thei 
Second Reading debate in the? 
House of Lords, when lie 
remarked that tlie provisions 
apeared to do nothing more 
than provide a feast for lawyers 
and would very likely imperil 
the relations between employee 
and employer. Even if one 
does not so all the way with 
Lord Eccles. one is left with 
the feeling that the new pro- 
provisions are likely to do more . 
harm than good. 

Comptroller must take into 
account, among other things, the 
nature of the employee's duties; 
his remuneration: the other . 
advantages he derives or has 
derived from his employment or 
in relation to the invention 
under the Act: the effort and 
skill he has devoted. to making 
the invention: rhe effort and 
skill which any other person, 
has. devoted to making the 
invention; and the contribution 
.made by the employer to the 1 
invention by the provision of 
advice and facilities and mana^ 
geria! and commercial skill. ^ 

In determining the fair share 
of the benefit to be secured lo- 
an employee in respect of a; 
patent for an invention which' 
originally belonged to him. the- 
court or Comptroller must take-' 
in*o account, among other] 
rhinos, any conditions in a- 
licence «r licences granted in 
resp-Tf of the patent, the e:tteot 
to which the invention was made- 
jointly by the emnjovee with any 
other person and the contribu- 
tion made by the employer to 
the invention. 

The author j.s- 0 pc 

Bayerische Vereins&aiik 
\ announces the opening 

of its 

This advertisement appears 
as a matter of record' only. 

DM 300,000,000 
4 ?/ 4 °/p Deiitsche Mark Notes of 1978/1983 

• /. • ■ par. . . 


r-.-'y. J ; 

ftwwmwnt CwHwnr 

‘V •- — 1 -trV. 


Wofeagesafeeteft . 



i Algernons BankNflderland N.V. 

Sanque BruxoJ lifts Lambert SA. 

Luxembourg . 

Berliner Handels^ ■ : 

und FrnnWtortar Bank • 

IMS Bank , 

- .vr-r 7 

TBJ iptfinrati^nat : >’■ 
tPvdaque',_Seaub{cn . 

pe ri.V^ ; 

-■ .■ V', 


ICredietbankSA. Lttxembourgeoise 

McLeod. Young, Ww International 

TTta HJarfonal Commercial Bank 
(Saudi Arabia) - 

PitfWdlMackayFfaw y 


:' Brothers httflmatianal 


Union Bank of Switzerland {Securities) 

Morgan Stanley International 

Wood Gundy Limited 

A. E. Ames & Co, 

Banque Nationals da Peris 

Bayerische Landesbank 

Bums Fry 


Dominion Securities 



Kuwait Investment Company (SJUC) 

Merrill Lynch International & Co. 

Nesbitt, Thomson 
Untied . 

Richardson Securities of Canada 

Sod&teG&ndralQ da Banque SA. 
SLG. Warburg & Co. Lid. 

Bayerische Vereinsbank, 
one of Germany's major banks 
(consolidated assets DM 65 billion), 
is expanding the scope of its international activities, 
Our new London branch is an important part of 
B V’s foreign network, covering financial centers 
such as New York, Chicago, Los Angeles, 
Grand Cayman, Tokyo, Luxembourg, Paris, 
Caracas, Johannesburg, Rio de Janeiro and Tehran. 

Bayerische Vereinsbank 
(Union Bank of Bavaria) 

London Branch 

40, Moorgate, London EC2R 6 AY 
Telephone: 6289066-70, Telex: 887876 bvlg 


Dr. Bars Graf von Wallwitz 

Bayerische Vereinsbank 
Head Office, International Division 
Kardinai-Faulhaber-Strasse 1, D-S000 Miinchen 2 
Telephone: (089) 2132-1, Telex: 523321 bvmd 







BERNARD CORNFELD, the exchange rate Is actually likely 
well-known investment unit to be. There is, apart .from any- 
promoter, has left us with one Jf&ot is called an 

memorable phrase if little else it ® rauve P robl *“ here. The ex- 

«£SS S5B. 

telling his salesmen that they petltiveness and offset . relative 
mast be prepared to put their inflation; but. the inflation .rate, 
consciences into cold storage for includlngthe movement of wages, 
the duration, he simply posed a b * strongly influenced by 

JSS'S. ^.•lff'5ira.V , 5JS35 

laook title. Do you sincerely j g sure how to define or measure 
want to be rich?” competitiveness, and you are in 

I have sometimes thought that deep trouble. If you take further 
if I wanted sincerely to be rich, o£ Fact that the 

T «-nr,M .. T * pubh cation of apparently authon- 

T would concoct a best seller. It tative forecasts of inflation which 
would be called Zen and the arc -in fact based partly on guess- 
art of monetarist forecasting,” work may itself influence wages, 
and be sold at some enormous prices and the exchange rate 
price. Forecasting is a growth and your trouble -becomes 

industry, and the monetarist fP dee J? ft* 1 g^e&on might be 
\ ... _ w thought the better part' of fore- 

approach, which simply derives castin- 3 P 

one set of numbers from another . - *4 

is wonderfully 'labour-saving. 

All you need 13 something least the merit that it represents 
approaching religious faith — a an honest attempt to apply the 
mind above the sordid details of National Institute’s own methods, 
what money actually is and who What the Bulletin confesses 
owns it. It is, in short, an ideal ? bout trade a “ d investment is 
uccupalinu fur th. do-i.-you^lf 

enthusiast. formulae have simply broken 

v) , || down. Both imports and exports 

KCSDGCianlP have been growing faster than 

ivc^ctidUlC the Institute can complain. In- 

The econometric approach, by vestment is still worse; it has 
contrast, which is based on the riisen sharply when the Insti- 

a a r, p ‘, tosp f fy , sn f r a r &£■ u own S ho i sr°^ p is 

a host of significant relationships sharply, 
in the economy, and thus 
embodies a statement about how 1111 

the economy works, is nothing i£ Oil HI UJi 
not hard work. It may not work Far these purposes, then— and 
frightfully well— after all, fore- they are absolutely central to 
casting would not be a growth aa >‘ econometric forecast— the 
industry if anyone did it fright- * Drmu “ e have simply been 
fully well— but it is Intellectually suspended. Instead, the forecast 
respectable. At least, it has been projects trends which the fore- 
in rhe past casters do not even pretend to 

The doubt confessed in the last understand. In the real world 
sentence arises From reading the ?*,“*. moment, in which very 
latest Bulletin from the National ^! e ls happenuig, this naive 
institute of Economic and Social for “ o£ projection happens to 
Research. This is not only an vrodnee P^tty accurate fore- 
earnest and hard-working body. casts; but , Ats economic content 
but an uncommonly honort one! «*“w ate . nt t? equipping the 
It does not just offer forecasts; Meteorological Office with a piece 
it confesses its own doubts and o£ computerised seaweed. • • 
difficulties in producing the The fact that what one writer 
□umbers it does offer, as well as has called the awful , cussedness 
frank post-mortems on its past of things in general is reducing 
performance. That is why the even serious and earnest fore- 
Bulletin is always worth reading, casters to mumbo-jumbo does 
even if you disagree violently tell us something about the real 
with its analysis. world. When financial flows are 

This month it has some very highly abnormal, and confidence 
startling confessions to make, is manic-depressive, the normal 
It recognises, for example, that rules are suspended. Un- 
the exchange rate is centrally fortunately this very atmosphere 
important in its forecast, and increases the general hunger for 
even assumes that it knows the forecasts, which confer a 
Government's policy about the spurious air of predictability on 
rate and. still more hazardously, things. It is perhaps time for 
that the Government will succeed honest forecasters to shut up for 
in executing that policy. But a time, and leave .the. field to' 
even with all these assumptions, those who sincerely want to he 
it has very little idea of what the rich. 


Shades of 

■ J^maBCial Tisies- Moiidajr ;iftmiE££L ; 19ES, 4 ^ 



It came OK on the 
misguided media men 



AN ITEM in the Press -last week by the involved and politically pleas to the- heart are more evi- 
prompted the immediate reaction committed public as not just the dently in play. There is little 

that the Mfe a lawyer is client's mouthpiece but also his doubrthatra; lads ; of objectivity - : Ti.mI 

becoming more than * little active, sympathiser in hta cause. ia_ the .advocate tends to • BY - -ANDREW CLAIRE BUENUo auu», a use *• 

gggjgt-.- ?' roi? to"lh e THE FIRST matt of the World invitation, to take 

Stiff lSS» JS“mb duct Of their cases and they seek advantage of the client's case. Cup finals was a duel of political with the buigermctster. filed a cable of about 2,000 

cadon of toe lawyer with ins ^ ^ . representatives Yet more and more clients are cynicism between Germany, and Fine, so long as you didn’t words and watched gstbe highly 

■ • allies beyond the mere forceful asking to : be represented by Poland. Most of the othexgames change spurmuid-. “ Vas, you no trained operator _ begat^ mtung 

»us uc. nauinucu-v *». uuiu »>w presen ta tion ox tneir ui Minjen. woo axe jsnown sympa- over the. first weekend were ton'ger vish to see der spiel mlt toe Telex hei^hrow 

fessdonally disturbip* and in the J^urt. thisere to- their causes, and not marred by fouls and/or inept Estonia^ unt Antamca ; y ou. vant tiv^ips of two finger^ ner orq 

long run Unhelpful- to clients The Ideal type of represen- just in their strictly legal con- football and yet you can .find .£> See Sfcotlamd Instead?- They fiirrowed “-she sougnt_a 

litigious; if not political,- causes, tation' is said- to he not- just text - no journalist la Angentfixia wear- “ ad ?»ays. they sort of implied, the keyboard for me k in ocoi 

- a lawyer involved lir the West ah accessible ' person, with As in other .fields of human fng a -scowl. to make you walk to the game land. 

B^Lin^tioTSStSmS- knowledge, experience and Skill endeavour, there are legal horsee h ^ for wUch^u were schedule t And no one will ever erase 

hwt »f who takes command of the case for courses. There are barristers , ~r e 1 tSJ-rvJ+El At the Montreal Olympics toe f r0m memory the sound of a 

June ^dovemen?^ad beelTshot and assigns hisclient to a passive who practice exclusively in com- t 2w»S^6^^ad» t ^f Stfl ? wore - magenta suits and reporter’s voice when told next 

fom m Court role- What fa ; sought Is a part- mercial Jaw, or hold, themselves 52™*“*“* loolai of , ^ arth day that his cable for a Glasgow 

SiisevSS wSnotSiMtatoe nerehip or joint enterprise out as experts In taxation, or eagerness to piwse morning paper had finished in 

Which goes beyond the -strict have some other speciality which - mea , m , that broke your heart You the office of « -Dundee evening- 

confines of thTcourtroom. is not widely . available among fW ^bal sporting events, expiaioed how you needed a bus Tickets; A week many had 

&at _Two years ago the then chair- the general run of practitioners. .press centre .is- a. new to get to the rowing centre, waited, unable to leave for pro- 

and anarchistic movements. man. of. the. Bar said- toe con- ..-But they offer their expertise planet . ••• They. undertook to fix. it in five vinciwi centres -until they- had 

• The West German legal prof es- cept of representation. as n 5 otot ttr all comers, irrespective of In BHtain in 1&85 the pTess 6 ® 0011 ^' left— and never ever multi-coloured slips of paper 

sional has been seeking comfort enterprise ' might ' “ptasibly claims to professional or per^ desks were maimed by members c ^ le getting them into the matches 

and morel support from its necessitate a greater identifies- sonal sympathy. of -the. lower echelon of the ■ -- ; • they had come across the world 

brother organisations abroad in tion bv the - lawyer- with his ' it is fundamental that a client es tablish ment, blue blazered; ^ r *OSS to see. No one. at the end of the 

its fight to maintain its rigorous client than is normal in a more should have toe lawyer of his picked because they were “used' vm ai« th„ four-hour and six-hour queues 

independence. traditional practice.” • duuce. No one would want to £ deai^rith n^”“ that ***** were § ot 

If none. of toe. uglier occur- _ . . * . ® wSLtt. jrtWeU enough T&5ffSJk & «acUy what, they wanted. 

Wnat the leaders of toe legal tm>vid«ri thev were not - eon- hiwi»r> . ,nd a One corresoondent was 

e&ces on the Continent has had Resistance 
its counterpart in Britain, -there 

provided they were, not - con- the boxing stadium and a 0ne correspondent was asked 

r- .rrr — - » — - — r* . to j wony about is that fronted 1^ foreigners looking machine would chatter opt who to sign a form acknowledging 

is little room for complacency. ^ independence is ^ dammhed RigSos with open was leading with five laps to go toat he had received an envelope 

sffaflff Hi Sp^ffiaS5-g?ff'53 S3 Si"S?S 

- SFbs.w. sHHHI zp. sb£Us ‘ - ^ 

Only recently the Court of admit that the solicitor is bound if such Influences -prevail. i^pWnl-w Sadly we have- no P^ces for 

Appeal (Criminal Division) sat to bold his dienfs hand through -This concern is not so much 1x1 Mes £° ^ 1970 *e centres fafested wito ladi« w Ooeota ite you.” smd toe Jady. . . Next. . . * 
unprecedentiy at the Old Baiiey toe thickets of toe legal process, a reflection of toe apotheosis wer f- f*"®? 4 „ by gorgeous ■«* £?/?% * nd A ° r ?2ff r ^2u*fSLSS „. E ' ^entually it was sorted out. 

to hear an appeal by IRA ter- and inevitably to become 

rorists because the security fidant, '■ while leaving 

arrangements at the Law Courts intricacies of representation m to ensure that 

the prompted by thearden t desire famines who had acquired their chests indicating which languages languages and a million smiles 

_ to ensure tort aU'reprerentation la t*0uagei in -finishing school nm Most of toem are between them, four stern looking 

in the Strand were considered codrt '.to the barrister who can should be the best available. by nuns toroughort Europe- - AH P et ter de ^ > ” ted ^ a S„^ eside ' nt members of the ruling das, and 

MS pro- teatos j'tf - the legal w^oddnTpi^ ^ ^iy ^, and incomparably more a pile of ba^ notes three toches 

ritliaut tffe profession ia Xr gland are not Inapproptrote colour, for -When ua £,*“f' v. , R . . . - high that purchased the use of a 
lal associa- uonaturallv worried' that a fusion vou broke the 1 news that vou . Eut their first task, it soon telephone in ihe stadium, to- 

lnadequate. detacbedly conduct 

Lawyers engaged in cases may fes&ianal exercise without , _ _ 

have escaped- anything worse distraction of personal associa- unnaturally worried' that a fusion you broke the news tort you ‘ ^ ^ . 

tb an special searches of their tion or sympathy with the chenti of the two sides of the profession were not^ ^intrt«sted In an outing i b ® cana f c ’ ear * w “ t° cast a gloss gether worked toe miracle, 

persons and belongings. But Banisters do their job best by will serve only to increase the to a Mayan tomb but J merdy «L,5 m !u ns ' k , But scars voll never be healed 

there is a fear that they too leaving their personal views, out- identification of. barrister with wanted to know what bad °!5 r ■ £ c “ a0 ® tbe for ! be Groek wnter who stood 

may be vulnerable to the side .the courtroom. The most his client happened to the cable you had SS5S?55£ outsld ? *£* cen if e / or 26 hour *- 

extremists. successful- advocates- have been The trend' in present practice sent to Manchester or Munich for'® 12 ^ 0 - Al I e J £p tttr S °>? 9®* unable -to use any of 

Despite the taxi cab principle either, insensitive, to the causes is the most powerful factor in crissakes toey turned bright S^up-and^ ^d.irwn five fioora, and the official languagM and sd ut 

-that every barrister is bound they pleaded -or-, have been promoting toe preservation of a 'and ShrtedaSay^ ' ^ 5 tM ^ tS • *,- d f y Si e 10 -*? isc ? v ^ t f at f e ' ^ 

to accept any brief offered him thoroughly - schizoid,- Personal divided profession, even If the in Gei^v for toe -SSriii nun d0 ' hUndr ^ S J °, f -. been waitmg m line to get casual 

if he is not otherwise profession- identification with toe client's financial of maintaining the mSt bv ilS JilCR misguided work as a seller of coke inside 

ally engaged-— it is weD known case gets in the way of the most Status quo is more than the of Jaff to aoDle SSn wbowSd '• ■ , a ? tadi '^; 1 . 

tort some barristers are ; chary of effective advocacy.' country's economy can bear. nor ha^S a ^t /narl- Incredibly, .when the ^imtball 

appearing m cases .involving the Courts are more receptive to It is a trend which is likely ISLJi™ up - Tlrc ' shuttle service fo far began we found the Argentinian 
most violent, politically mod-' the advocate who appears to to colour the recommendations part5 of ^ ^ Argentina promised for claim that It would be all OK on 

vated accused, even to the poinlr argue his case in an Objective of .the Royal Commission on ^ rey ; “ se “S d •°£jS5f* B ® foUr years did not ejdst I i for <Hd absolutely justified. The 

stress -ara s s-sss?js r- 

^ *- - - 1 were wmppea. up against a wall. Nor did the arrangements that stadium had. ynterj of ihe world 

snot by a Polaroid caraera and scurrying writers get priority on almost sobbing with Joy— you 
enMpsuuteain a plaMSe.identity planes over Baireaus nipping up dialled your oflke in London only 
card which came whizzing across to see mum in Mendoza. oncer. ■ and . thereafter . merely 

toe reception desk together with Communications: looked an pressed an extra button and a 
tickets for every game you bad -area. of. disquiet Some of us computer got your call for you. 
requested plus notrto-be refused will never forget the look on Magic _ ; ./ 

frequency of such represents- 0 f jury trial where rhetoric and reporting early next year, 
tion. .... 

Identification: with a certain 
class of accused, it Is feared, 
might .attract retribution from 
disparate sources outside the 
courtroom. Most, if aot all of 
this anxiety is associated with 
the terrorist cases and not 
ordinary, non-political crime or 
civil litigation. 

There is little sign 

Drive to boost Highland 
tourist board 

THE SCOTTISH Highlands and visitors into rooms, by advising 
of the Islands area tourist organisation and involving themselves in 
Mafla'-hired lawyer fn Britain, launches a drive. this week to promotion,, marketing and 
although the police, prompted make Itself more self-sufficient development 
by some utterings of Sir Robert by increasing, the number of However, the organisations 
Mark, the former Commissioner trade members— hotels,, guest could not play their full role in 
of Metropolitan Police, are fond houses and , shopkeepers — who Highland tourism without a 
of pointing the finger at some now provide. 20 per Cent of its strong , trade membership. By 
firms of solicitors for aiding and income. . .. . joining the tourist organisation 

abetting professional gangsters ,Dr. David' Pattison, head, of the trade not only supported it 
in their escapades in the courts, the board's tourism division, said financially hut could become 
The worry stems from the at the - week-end . that, tourist 'involved in determining toe 

simple fact that a client’s lawyer organisations provided, a unique future policy of its local organi- THIS YEAR,' for first tJiufP U 

is seen more and more nowadays service, pot confined to booking sations. ■ In my memory, bookmakers IP •ONE igdc 

Derby hope 

Mariner in 
top trim 


CornhlD has bought 

. .. — - r ignores toe Rest of the performing 1 marvellously with 

really do seem prepared to admit world series .which wis swiftly bat and ball for Sussex. It undet- 
that events have fallen jnto i aserted in,*, oroeramme to ,ines *** Averse effect the 
place rather satisfactorily. They ■ • ®“ pr , ftm ; e “ Packer circus' is already having 
could hardly do otherwise. compensate. -fqr toe loss of toe on totorStional <$K 
Ante-post backers have been South African -vlmti toV present ■p n „r anf . nnrl 
[reeling ever since early spring. Same at &ihaston is the first 
First there was Red Rum and sponsored Test matoh in this 

BBC 1 

f Indicates programme In 
black and white. 

South-East only). 
«JM> Nationwide. 

6^0 World Cup Report 
7A0 Angels. 

8.10 Panorama. 

9.00 News. 

9.25 The Monday Film:- 

Account I1J5 News and Weather 
for Scotland. 

Northern Ireland — 3-53-&5S pm 
Northern Ireland News. 5fi5 
. Scene Around Six. &2A&50 Land 
’n* Larder. 12.00 News and 
Play Weather for Northern Ireland. 

be able to avoid desertion to the 
Packer camp, by rewarding their 

Vt.LIk. . 1> . it:_ • 

Dirty.” starring Michael England — 5^5-020 pm Look 

Caine. East (Norwich): Look North 

1120 Tonight (Leeds, Manchester. Newcastle); 

12.00 Weather/Regional News. Midlands Today (Birmingham}: 

All Regions as BBC-1 except at Points West (Bristol): South 

6.40-7.55 am Open University. 

9-"S For Schools. Colleges. 10A5 
You And Me. (1.22 For Schools. 

Colleges. 11.42 Cricket — First 
Test: The Comhill Insurance 
Test Scries— Enqland v Pakistan. 

1.20 pm Camberwick Green. L45 

News. 2.01 For Schools, Colleges, the following times: — 

2.00 Cricket— First Test: England Wales— 120- L45 pm Pili Pala. South West (Plymouth) 

v Pakistan. 3-53 Regional News 2.18-2,38 For Schools. 5£S-6£Q 
for England (except London). Wales Today. 1L20 Wales Down 
3J« Play School (ns BBC-2 11.00 Under: The 1978 Welsb Rugby 
u.m.). 4J20 The Oddball Couple. Union Team v New South Wales 
4.40 Checkers Plays Pop. 5.05 (highlights). 12.00 News and 
Blue Peter. 5.35 Roobarb. Weather for Wales. 

5.40 News. Scotland — 5.55-6.20 pm Keport- 

5.55 Nationwide (London and ing Scotland. 11.20 Public 

10.00 News. «*w»rt Wales Headlines. LM Landscape, the continued heavy support for COUfftTV.' 

10A0 The Savage West: ’ “ Hang SSL. Hwi S2? rt ?.- WtmcUy him right up until the eve of the Cricket 

■«_. tjj*!, 11 pii B , Mittafe! "The Games” starring Wdild Grand National at u/hinh nnint “ — z~~z. r:or- r— ^ vh* 

Em Hirti, starring Clint Crawford. . us umyerattr amiicnge. JjJrr® SrSffS. « sponstoxtepr Indeed,: it would be of money is not. available fn the 

Eastwood. ft-M Import West. i2D Report Wsles. GinjCr McCflin finally sn oouncfid nn ^vacr p tfratifin ' ta SAV Chat thp Wwit TndiflS PAkistnn and Tndin 

13J0 am aose: A painting by- "tv c» m rT^w^«^ htv central that toe battle bad been lost 2-2 "“““7 ’ ■ InTfia ' 

Rembrandt with musk by hKE," That was l^ly followed by to ^ ^ surprised ^ at least 

Beethoven. - b ?to try My Bert and CherrJ S™P^yS5‘ ** P™*** 

All IBA Regions as London »nv wsst-A* htv GenenU Service Hinton failing to justify massive nationalandlocaltevels froman- SfS?? 0 do ° ot . tor 
except at the following times-— «“*«: izshl* pm Report wot Head- support in the 2,000 Guineas T ? 0 . , e ^’ ^P. m an Packer at the end of this tour 

except at tnp following tunes. lhu * am*ae w <«. and 1,000 Guineas respectively anny of commercial concerns. and join their five colleagues 

Since then the rot has pro- reason why Testa -have aiready committed. whicly unless 


UH« Report 


T® (^S ): s«g 0,“ vrnmTEriilSrmm. IX. gressed ^ith a succession of not been sponsor^ before is that * cached, must 

Myatery Movie.- -McMillan and wife. 4Jto Ganiening Today. 225 Monday Him favourites for the Derby, inelud-' *^cy w are- already making suffi- some ^UPg of a nonsense 

ing Leonard da Vinci, a top- dent money from gate receipts r ? we ° ed Test « 

mb quoted 5-2 chance little more aud television to produce a sttb- JjaQia next winter. 

BBC 2 


Mystery Movie; -McMillan and Wife. M* „ „ 

Cartoon Time. 5JS University Ch.ii.n g. Maltare: “Tlie Girl Most Uteiy 
M0 About Anglia. XL» am Reftcctinn. «l| jS**?*? 0 gy i ' - "£: 

Lot. SOS University QuReoge 

g 40 am Onen University - A TV *•" crtajede * 1 ‘- ^an three weeks ago- stantial profit, and it wiU be Cornhill Is sponsoring Test 

ltoo Now the dubious honour of #** , sporting cnoket in Bnghrod tor the nest. 

2.05 pm and 4JO Crlcket—Fast Thirt-wntr narrin* Joseph cotten ud SOUTHERN being market leader has fallen administrators turn to sponsors five years and will pay the Board 

Test: England v Pakistan. WeU e». ms University ouSmge. jzj* m saatbern News, loo Farm —hopefully for the last time— 1101 ' tro 01 choice, but from xira, index-linked, or £200,000 a 

*°° ATV Today. HUH Left. Right and Prosress. 2M Honsenarry. Z2S Monday *#» Tnlurmen mental n r _r_i r„* necessity year for the fight 




I Sounds a cool place to work 
in (6) 

4 it is needed by a street artist 
in difficulty (6) 

5 What we'll be with more fre- 
quent get-togethers (7) 

S Mike for a spokesman (7) 

11 Hostilities confront the 
Church in Wilts (10) 

12 •* Take man's censure, 

but reserve thy judgment ” 
I Hamlet) (4) 

13 A chap expresses gratitude 
for a blanket (5) 

14 Charm one over fifty in the 
sea down under (B) 

16 Something left out? Then it 
must be put in (8) 

18 infection isn't commonly 
started by team leader (o) 

but to a sailor It 

26 Cali to the Faithful in Rome 


1 The last order for the rising 
generation (5j 

2 Tbcre is an opening here for 
the final word (7) 

3 Neat employee gives singular 
evidence of innocence (5.4) 

5 Fish is right for a drinker (5) 

6 Stirs up a short reply about 
Hereward (7) 

7 Ditch worker is cutting (9) 

10 Condition intended, we hear, 

as a formal account (9) 

13 Type of sherry for one pos- 
sessed with thirst (6.3) 

15 The letter and possibly the 
final part of it (6,3) 

17 Puts up with objects round 
the river (7) 

19 Make a mark with self-con- 
fessed connection with Fleet 
Street (7) 

20 Irrational, 

21 Pla^mSBg^cattta caused 21 This Charlotte is sweet (5) 
hv smmne dfer's prim (10) 22 A disptay of temper can be 

23 After this period clothes ju»i part of an act (5) 

2i rSmnaratWely^ hu? to re- The solution of last Saturday's 
25 They agree with everything with names of winners next 

- - saturday- 


6.35 Open University. 

7.00 News on 2 Headlines with 

7 AS Taking Shape. 

7.30 Newsday. 

8.15 The Two Ronnies. 

9.00 Play Of The Week. 

9-50 Tales of India. 

10.30 Sea Tales. 

11.00 Late News On 2. 

1L1Q Cricket: First Test (high- 

c^7»jSf i Tte mSES?* i TJ*°wg ar &J$* JSSS t0 Inkennan, quoted at 5-L But necessity. 

•Em High- starring ca to EaSrtod aS bSv^ L ot^sS for toe fact that this Vaguely About half this sum will go 

loser Stevens. Savoy Days, un prt by Day. 3238 «m Noble colt is trained by Vincent SnrrprnPYt direct to toe players in Drize 

BORDER ‘ • sontown News Ezmu O’Brien and ridden by Lester SOCCCrneXI moneyi tQ ^ Spires, and^S 

tuso pen Border News. u» Qsrfaung TYNE TEES Piggott it is doubtfuJIf he would until last summer the cricket payment of salaries for overseas te®„ am0ng 016 tat ’" x m ** authorities bid been tolnktog t0UTS ‘ 

Carnocfc way. 6 M Looi c «n wnd„MgoJ a T. rZ ™/' ra c>,ai rnH ._ oiTfir . ahout capitalising on interna- The supporting back-up for 

ana umwrdbr chanenge. «n ^ ^ ^ wiid. 2-S jftiwer without The Cashel colts best effort tional games, but without a . n F successful sporting promo- * 

£2°*y. . 3-28 Generation scene. taC» to date was tne stx-iengtns urcency or outcome, tion usually finishes up nearly 

CHANNEL -Elf 116 K * E g | ^. J &- defeat of second-rate stable * **-- - - 

harder News Summary. 

tto Little 

^^^cSL'aja wIS £S! 

Knttpee: •’The Paradino Case.” SJJ ttt pto) 

UnJversUy Challenge. 6JM Channel News. 

U8 The Am»gin B Qun and the- w LnncbUmc. LU SorrtvaL 2 M 

Clan. MJ« Oianzwl bare News. *32 T 0U T,¥S mlay --. Moodas Manrae: 
S arrival. UOO The Savase west: "Sana “Thai Rmen Tanch" starring Eric 
„ _ . , _ 'Em High." ua am News and weather Morecambe and Brute Wise. CIS Ulster 

9-30 am Schools Programmes. In French fo flowed by Channel Guatte.- NewB Headlines . 505 Urdrenlty 

12.00 Jamie and the Magic Torch. rn . _ . . Jhaitoaitc- cm uimr TetwWM Mews. 

12.10 pm Stepping Stones. 12J9 _ GRAMPIAN Partners. Reports. 1230 am 

News, plus FT index. 12.55 Help! „ 9 -° ■? Ttung. run pm Grampian 

1.00 The Rolf Harris Show, lio S* Sto" “s«2i VV ‘ 1 ^ C WESTWARD 

1L40-11^0 Music at Night. „ ^ 

js . isa atrss ^ ^ ' s * 




Now I have little doubt toat tb, L thc i ™ tial outla y- 

the time is fast approaching .~ orn “f u . has estimated this 
when' soccer will follow cricket's Wl " cost J* a *? bu V P er 

lead and a number of its com- ^ hospitality to 

petitions will come on to the Si» J 5 ***** Imponderable, 
sponsorship market to produce HjfiilSf * is 

extra cash and stop mass emigre- to faiaflM ** *** x t0 

tion of bur best footoaUers. he closer to £ 2 M, 000 . 

Tfe Tests aeainst Pakisran v re AJtoough the operation may 

“fi™ expensive. It is not so when 

~7- r-^ -- — - . — — ua aimpiy aevnns. ?n uomuy f » w * t , ruu/ mate Encyclopedic at the TWt*c« ^ measured against what would 

About Britain. 2.00 After Noon, Matinee: “Can Her Man" starring UJff pm Cor Honertnn’s Birthdays. Curraeh recently with the onlv T.^* Series. Sponsorship was the jhave been achieved with a 
2-25 Monday Matinee: “To Hell Connie Slevtna, 5JS Univereijy OuHenve. I2JB Westward News Headlines. U» * ec ?f ^ direct outcome of Kerry Packer £250 000 advertising camn9(>m 

and Back-" starrinE Audle Cna 'P iaa Today, ua Ttw Electric inner Space. +2J5 me Mondar Mittoee; contender of note, Icelandic, cigninEUDa- ht?,h orooortion of ™ D r^ a 5r«r3r«* 
ana oacK, ^ show, ma am Reitectiwa..-riia Pandine Case" starring Gregory sickening with a virus, and trail- * ino^T over one year in the Press and 

aonemoard. - - - — - 505 umva«iiy ing In Ust r e bfiSt criCK * tws i D _“ e wprifl on television. Such a campaign is 

" n, ’~ ** I shall be more than surprised last summer by offering' toem whAt Comhill was considering : 

Peck and Ann Todd. 

Challenge. S-00 Westward Diary. US 
Sports Desk. 1U8 Westward I^te Neva. 

Murphy. 4L30 OapperboanL 4.45 JSSS” 

The Tomorrow People 5.15 Mr. 7 T t Zt Be "™' 

“SJfffe™. a— ^SU*“uS^S., 1 SSS-Siif ‘tlSM.i'.SKof wtamoS « S’ J&ZvSfL ^ ^ ^ce-oo^eT'^d 

BjOO Thames At 6. IS Monday^ Mature: -rbe caii/omi* ’Em High." us am Faun For| S aid “He’D run ha the Derby, earn aI 0181 01116 111 lests - the sponsorship must represent a 

635 Help! *“ r_ * ‘ ’’ ‘ ' " c ‘ " 

6-40 Whodunnit? 

7.30 Coronation Street 

225 Monday 

aMieuif 11 £M rI Graada I 1 ^PP 056 - because I’ve' nothing Recognising the threat the 8e °^ ne esitertally for 

this te Your Right. mj« RwSSftiiWce. YORKSHIRE Jelse for the race " can complete Packer circus posed to inter- ?. company which, deals so much 

ujMjniG savage w«: "cunt Eastwood 12^0 P m cateodar News, iso How Tola Derby hat-trick for PiggotL national cricket,' on which the through brokers. 

8A0 You’re Only Young Twice. “ “**** ,J5lD mtL " 

SL30 World In Action, HTV 

9J)0 Strangers. lass pm Report We« Hoaduna*.- izSs 

Stay Alive. 225 Love Story. 3JSD Mr. j 

»»* r^r ttt TT n i r J r .v i K ^ be intriguing to see whole structure of the game 

; liSffi: 2SH 1 Who Is backed to beat Inkerman. depended so much, possibly too Prestiffe 

is wl Bebsm odwoosj. 1 1 expect heavy backing ou the much, the Test and . County ^ 

day for Julia Mariner. His Cricket Board acted with unusual ' Tt is a rarest! ze soansorehin 

^}«isL»»*s5» sL^psessit js-t' jz.-^^'W.’^asSS 

RADIO 1 247m MobIc Itaidog Crum Ma&cheoter (B^ FM - Reports. SM Down the Garten hopes- for this son of Blakieney. accepting Cornhiil’S Offer to art comnanv or a huildino «nr*i0tr • 

^Mssrssrf'jg^. u. saJ«iffi“«3ss. < ¥j B a?a? i J2 ws.'ss “■«* •», »Sjr. sssr SL’wSSS'JbS’S- 

BsTaSJrt £S a jsusivBsa « anc «as a SsiSnS*— assJraa g^gg- iaa ^aa *s- 

^.^’3 ssrura «m a /L ^^7£ e! £y atever teTC “jaxsyiS 

Ruu. • I-, us m u3ftn5* Fln “ a “ wnr “ “fjward Hi4e*0>ld41nE "it-'neUM they can earn as able mileage in the national 

aar- r “I ?BC Radi0 ^ vhp ES.ISlSl K-SJsrm 1 "^ SSSStS^ 

RADIO 2 l^OO m and VHF v,^ unf ujs uuday Conceit' twit i ‘ sm km as Radio • 03 a Rash Hoar, him do his final serious work at 3° d a J_*^ ey lea8t ’ days a year ' 

5.00 mjt>. News Summary, sjk Roy «i. urn jm a am. izu Midday c*? *?-, id? Newmarket five days ago. In a would m those ersatz Packer It Is difficult to add the specific 

8 M S WO p^ T ?o e r E MT r WSS yg g agflua ^ puw. « to*- UMfil- bB ^ d eve °- Of those two prime sites 

Wocan (S) Including SJ87 Radng Bufleda Redui frt. 2JB Mattnee MncRMla tSl. Brgkthnnisli. 18AB Late Nighi London, finished ten lengths dear of csiBewoere. WniCD are regularly shown by 

2?' hL b £2L3? & lua * « SSUS UJ *- aa ^ i ** Radi0 1 stable mates Ribellaro. Royal the cameras during what could • 

Sja^plfe Sara.*® MS o^fuSiT^a.^l^wlS^wf*’ Loedon Broadcasting Tiger. Cavo Rico and Caven Boy Dancfir ' exceed 180 hours of television, 

— after heme rniistpri hv Rfrla => . 

lDrindimE Lee Motor Cycling (news Of 261m and 97.3 VHF after being rousted by Hide ° - including peak viewing times on 

? g rt Mtaa TTjtamf ata ms RADIO 4 sjm am Momina Music. u«AM: non- Brittain, who was for a long The ■ Cornhill sponsorship, ***e news. 

Sttta^s s^3.« sSoxSm? Jb 434m, ssOm^MSmaad VHF £L tb P 051 : which would not have occurred Put it all against what it costa 

KWSSrtiJMfci tie LBC - CM c*£Z ^ trainer. Noel Murless. at without : Kerry Packer, has to advertise on commercial tele- 

as- ^ .“ H 2£S • countered tte. immediate danger vision and the sponsorehip must 

BBC Northern Radio Orchestra tsi. 7J8 Today. 7J5 Up to the Host rcoottawd^ GOchrtK. un fflabtUnir^viUi Mt»o £?, ' Pc. ^°?, a or England losing, the services &I be cheap, very cheap. 

Sports Desk. 7J3 A l a n Deli: 733 The jso News, s-io Today iucukuhe ass jjodbn. lb »m Nigh^ Knr y « im' mn.. Palace- class 1 — ahead of St. Paddy two exciting young cricketers, . .. . . . • 

Dance Band Days. 8.M The Bis Band News he.dltaw, weather, paper* «K0-t |£tL but no Grepello. That was the ^rtham and David Gower , test * “Odertaken after- 

Soaod (SI. VJ>2 fluntohrer Urtteltan With 8-35. John Ebdon with the BBC Sound 'hrmc we over had ** “5 ^° T Um i - ■7 | b0 *? f ' the original Involvement Showed 

The Best of Jast- on records ts>. ms Nows, ms Stan me week Clapltal Radio »>est Dorse we ever nan. yet Packer has. by signing rhe a —-i-j increase . £ “ uweu 

Sports Desk. lnJO Tim and Cmnitrv with Richard Baker. In M M»i ' HLSS- “ I ^ T1.T.IM — 1 nT.f.w. a IZtarKea increase in 

1 tS». 9-02 UuntphrcF Uytzelian with 845. John raCop with the BBC Sound lw W p n-ar>r had’ 

Best of Jazz mi records <S>. US AfdMee*. 9J0 News. IMS Start the Week 'Capital RadlO * Dest “V™ We ever nao * 

s Desk, uuo Town and Country wltti Kkhard Baker. Kuo New*. ML® “ lumaidasst 

Quiz. 10JM Sur Soand. 1WU Brian Wildlife. 1030 Dally SerrSe: lOJfi - • „ IS4m and 9SJ t 

Matthew taRrodnces Bound MW night, In- Moralag Story. 1L9Q Neva. njOS The U> am Graham Denet Breakfast Show 
clodlOB IS. DO News. 2JtKUQ am News Prince Of Dandies. UL58 Announcement*- (Si. 9.06 Michael Aspel (Si. Dive 

Snmmary. - 12JH. Nears. 12A2 pm Too and Total. Cash 'Si. 3-Bfl pm Baser. Scott (SI. 7JM 

n A rn/t •» 4Um Stmmi A VRV U - 2T Brain of Britain - 1878. J2J5 London Today (S). TJtr Set Book Repeat 

RADIO 3 stereo *vhf Weather; prognuamo news. jjta -TM (*>■- “JoUtta Omtaai.- «J» S 

U5 am Weather. 7J» News. US World at One. US The Ardbert. UA Norton’s Open : Line * (SI. 9J0. Nicky 
Overture (SI. S.BD News. US Mannas Vi'omaa’* Hoar Including imsm News. -Horae's Toot Mother Wouldn't Lftc It 
Concert . >SI. 9J» News. . 9-OS This U& Listen With Mother. SAB Neva. 3J0? (51. XLD8 Tony Myartrts Late Show (51. 

Week’s Composer; S ch u m ann tsj. us Attemoon Theatre. 05 story Time. Uf 2J0 am Peter TotnuTs “Night Flight (SI. 

12S— glnrptalket 
IjS 5— Carafleld 
2JS — Gimra 
2fi5— BeUe Reef** 

2.«fr--Aragtni*** ; . . . 
3.00 —Sumv Baron* 

rimDor? awa ^' ne “ 1 of ^he'^ Corn toll name/ 

S«^to?SSe«rt t£l five yea ^ 11 could 

.auce cr we present -test. become. a household word among 

It does not really make sense the very people who are likely 
for the tourists to be struggling to want insurance. In that casa 1 . 
against England while Zabeer this sponsorship must be worth ' 
was 2uHin& double ,-centmy.jconsifierably -more -tham if ii : 
• for Gtoiicestershlre and Imran costing! ; 

I > 




. T&aBcIal -I^5nes Mtinddy JCfce 5 '197$'' 


Jdi Coriolanus 


by B. A. YOUNG 

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1 soke um 

A mood of intransigent excite- 
ment-breaks ottttbe uwaoent the 1 
stage is fit -and it -aeryer -relaxes 
for the 'Whole --of the magical 
evening. Downstage, the citizens, 
egged on by Barrie. Rutter’s 
radical First ,Cit, r seeui ready to 
Jump down over' the front of 
the. stage .and Set. about the 
stalls with their - pikes. Lucky 
for us rha t Graham Crawden's. 
Menenius, cabnljr settled on bis 
shooting-stick, ig' - so - emollient 
with his cunningly " longrdrawr.- 
out tale oE the belly and-, the 

The evening is long; the play 
lasts about three hours- and a 
half;, yet the tension never 
slackens for an instant. The 
production, directed by Terry 
Hands, is in what might be des- 
cribed as last year's .Stratford 
house-style, with a minim um of 
scenery, lively crowd -scenes 
conjured up (rather astonish- 
ingly in a play that depends so 
much on the temper of the 
people) with a handful of 
playere, events following one 
another as fast as physically 

‘ The outstanding performances 
are naturally those of . Alan 
Howard as Coriolanus and 
Haxine A ad ley as his. mother 
Volumnia. Miss Audley is as war- 
like as her son, yet unremittingly 
patrician in the dignity . with 
which she trumpets forth ber 
faith in the dictatorship of the 
elite or goes through the motions 
of praying her son to be a two- 
fold traitor. Jill Baker's quiet 
Vlrgilia must have found life 
In. that, household, pure agony 
when her husband was. as usual, 
away at the wars. 

About Mr. Howard I have some 
strong reservations. There is no 
doubt that with paeans of sound 
from his emery-edged voice he 
can raise up. a martial ' music 

that sends them in the-- gallery. 
This is known as splitting the 
ears of the groundlings. My 
case is like Desdemona'sr ” 1 
understand a fury in your words, 
but not the words." The 
emotions sound as they should, 
but it is a rare thing if Mr. 
Howard Inflects the lines in 
accordance with their natural 
.meaning, or .indeed with any 
meaning.' He might as well, be 
singing .them from a musical 
score. I don’t deny the physical 
pleasure I get from hearing him; 
but how much better if 1 could 
add to that the actual sense of 
the words. 

There is much good common- 
sense speaking from the char- 
acters around hint. John Burgess 
and Oliver Ford-Davies bring the 
Tribunes to life In the very 
Image of General Secretaries of 
Trades Unions; 'and at the other 
end of the social ladder there is 
some notably good playing by 
Jeffery Dench as Cominius. 

The Volscians are encapsu- 
lated in Julian Glover’s icy. 
statuesque Aufidius. half a bead 
taller than Corioianus and sug- 
gesting a soBder character. All 
the same, when he has his hand- 
to-hand fight with, his Roman 
adversary— a band-in-hand fight 
in fact— he is the loser, and has 
to be rescued by his minions. 

Farrah’s forbfddinc set. the 
grey trapezium-shaped blocks 
that line each side of the stage 
capable of cunningly swivelling 
on their axes to enclose small 
areas, or to represent city walls, 
fits well Into the Aidwych. The 
lighting, by Terry Hands himself, 
-is often particularly interesting 
as it selects small areas or 
special concern. There is a fas- 
cinating moment when . Cono- 
lanus. standing apart behind the 
crowd, casts three menacing 
shadows on the back walk 

’ Argesbh 

• e sU 0K« 
JusiiScd. ft 
Kr-e: pfe 

: 7> jo*-* 

• Leadon «u 

ftfcr -juajj 

Mu.-jp ay- 

-j'i TO? Tj; 


Bath last week had royal 
weather almost as spectacular as 
that for the 1977 Festival during 
the Jubilee days. Once again, 
though there was an unfortunate 
clash between the opening of 
Glyndeboume and the first per- 
formance, by the John Alldis 
Choir, of Holloway's Hymn for 
Voices. Sir William Glock’s pro- 
gramming has shown his great 
flair for choices and juxtaposi- 
tions that turn out so stimulating 
in performance even when they 
look comparatively ordinary on 
paper. The first week was notable 
for a number of chamber con- 
certs of agreeable variety and 

At lunchtime in the Guildhall 
on Tuesday, the gifted Arditti 
Quartet introduced to this 
country a work by the Viennese 

composer Kurt Schwertsik. 

Sfeizren uiwf Enururfe was a com- 
mission from an art gallery — the 
Hamburg Kunsthalle, no less — 
for their bicentenary show of the 
painter Caspar David Friedrich. 
Schwertsik has a slightly surreal 
sense of humour which leads 
inevitably to comparisons with 
Satie, an affinity neither to be 
exaggerated nor dismissed. His 
score is prefaced with an instruc- 
tion borrowed from C. D. Fried- 
rich: “ . . . these pictures are to 
be looked at to the accompani- 
ment of music.” 

Four pieces respectively titled 
" Hoqueius." “ Lied.” “ Nacht- 
stiick ” and “ Ostinato-Bordun ” 
alternate with “Fragments" oF 
varying length and degree of 
completion, thi- lasr of them u 
recent addition, not ending but 
breaking off. a musical equivalent 
more or less of painter's sketches 
of clouds, foliage, drapery or 
limb«. In spite of the visual 
affinities this is musician's music. 
Srhwemik is an experienced 
orchestral player: everything 
“sits” precisely and effectively, 
some obscure and muddy drone 
effects in the “ Ostinato-Bordun " 
sound as exactly calculated as 
anything else. 

Schwertsik was preceded on 
this occ ision by Webern's Five 
movements np. 5 and followed 
by Ligeti's String Quartet No. 2. 
These engrossing performances 
and the even more striking read- 
ing by the Canino-Ballista piano 
duo on the previous afternoon of 
Ligeti's Monument. Selbstpartrdl 
and Reicerpina. suggested the 
possibility that wc may be enter- 
ing a Hellenistic age of music 
with Webern as part-precursor^- 
a time of small-scale sophis- 
tication, subtle conceits and. 
stylistic amhivalence. The Ligeti 
two-piano pieces were especially 
taking, most of alt the one with 
great clappings and misplaced 
accents, like church bells beard 
through an unevenly revolving 

The Canino-Ballista recital also 
included Schubert's four-hand 
Divertissement A la Hongroise. 
of which, even with such good 
plavers. only the third move- 
ment fully deserves public as 
opposed to private performance. 


The Bath Festivair 


and Cbabrier’s Souvenirs de 
Munich. This set of quadrilles 
of themes from Tristan is only 
apparently irreverent— a true 
satyr-play, the only way 
Chabrler's individuality could 
release the musical tensions 
set up by exposure to Wagner's 
masterpiece, at once so potently 
attractive to him yet so opposed 
in many respects to his own 
musical nature. 

On Wednesday at the early 
evening concert, the Lindsay 
Quartet gave the first perform- 
ance of Hugh Wood’s Quartet 
No. 3, a single-movement work 
assembled from short sections, 
the score signposted with un- 
attributed literary quotations 
(from Donne. Herbert and 
others. I gather). Though these 
indicate a basic programme of 
the winter-spring, darkness-light, 
grief-serenity kind, the differing 
moods in the music are not so 
much developed as set against 
one another. There are big 

gestures and big sonorities with 
geoerous use of arpeggios and 
widely - spaced accompaniment 
figures. The result, in a render- 
ing clearly devotedy prepared, 
was impressive but also, in the 
worm and heavily-resonant 
Assembly Rooms, oppressive. 
Further chances of hearing the 
work wilt surely come soon to 
sort things out. 

There was a single perform- 
ance on Tuesday evening by Rye 
String Opera of a double-bill— 
Pergolesi’s La serea padrona and 
Mozart's Per Schauaptcl-dtrcfcior. 
The company was presumably 
selected on account of the 
Dushkin Chamber Ensemble 
conducted by Michael Howard — 
playing rough in detail hut 
vigorous and full-blooded in 
acneral effect, producing in the 
Theatre Royal sonorities 
unattainable for example in the 
low-roofed auditorium at Glynde- 
boume. Both pieces were given 
with English recitative 
(Pergniesi) or dialogue (Mozart) 
with arias and ensembles in the 
original languages. Unfortun- 
ately the productions were arch 
in intention and cute in execu- 
tion. Of the singers the two 
men. Martyn Hill and Stephen 
Varcoe emerged with the most 
credit but that they were doing 
in this goitre, goodness knows. 

No such reservations were 
needed for Thursday’s big 
Mozart evening by the Monte- 
verdi Choir and Orchestra under 
John Eliot Gardiner in Wells 
Cathedral, pairing two great 
and dissimilarly incomplete 
works — the Mass in C minor and 
the Requiem. Strong perform- 
ances. well-judged For speed: 
Wells is good for sound as 
cathedrals go. but not foolproof. 
Hearing the two works one after 
the olher. the Requiem seems 
much the more consistent, the 
difference beiween the sublime 
and the merely grandly impos- 
ing parts of the Mass suggesting 
that Mozart did not complete 
the score because he was con- 
scious of the inequalities. 


Fault's Requiem. written 
following the death of his 
father, may seem a gentle work 
when compared with the emo- 
tionalism of certain other set- 
tings. but its response to the text, 
to the religious matter of the 
mass for the dead, is no less 
serious. What MacMillan has 
done in his realisation of the 
score Is t° match at every point 
Fauri's refinement and subtlety 
of means: without bombast, or 
hysteria, or penitential wallow- 
ing, he finds images and streams 
of movement that treat with 
deepest sincerity of the hopes 
and fears we know in the face 

of death. 

I reported fully on the work 
at its Stuttgart premiere 18 
months ago. Now the Stuttgart 
Ballet has brought it to London, 
and it was seen in a triple bill 
on Friday night — or rather, 
partially seen, since Yolanda 
Sonnabend's settings were 
mauled, and the lighting was 
horrid. Despite this, the piece 
was given a magnificent inter- 
pretation by its original cast, and 
stood revealed as a major work 
of art. MacMillan has avoided 
anything that is conventionally 
or commercially pietistic — I have 
long treasured the memory of a 
staging of the Nun's chorus 
from Casanova in which a group 
of chorus girls dressed as nuns 
collapsed, white bouquets held 
on their backs, to make a cruci- 
form pattern uf black draperies 
and white blossoms, which is the 
sort of tosh ro stilt an audience 
with the beauty of religious 

MacMillan's procedure is 
totally other. Requiem opens 
with 50 dancers shuffling on 
stage at the Introitus. their 
mouths acape. fists beating 
heavenwards in a prayer for 
eternal rest: in the Qffenorium 
Richard Cragun— gloriously ex- 
pressive — cries for liberation 
from tbe deep pir and the lion's 
mouth, his body soarina in 
supplication and then curled in 
a knot supported on the ground 
by his hands. The most beauti- 
fal single moment in this 
beautiful hatlet is that when 
Marcia Haydee is borne on and 
curves down to Cra sun's body, 
touching him briefly on the 
shoulder in a Heeting gesture 
replete with hope. Haydee 
throughout incarnates the hone 
of heaven. To the inverted body 
of Birgit Keil in the Aanus Dei 
she appears yet again as the 
promise of pence: in the Pte Joku 
she has a solo of child-like 
innocence and trust: in the clos- 
ing In parndinnn a Ware of liohi 
shines on the assembled dancer;, 
and they leave ihe stase. walking 
in angelic couple';, or home out 
in high lift.';, with Haydee bliss- 
fully sailing in the arras of Reid 
Anderson and Crasun. 

Reid Anderson and Egon Madsen in 1 Requiem 

Mac Million's dance - language, 
which has found some of n» 
inspiration in the drawings or 
William Blake. Poses like those 
of the three boys at the words 
O Doinine in the Offertorium will 
be recognised by anyone who 
visits tbe Tate Gallery's Blake 

Requiem is a ballet that needs 

almost to stand by itself in a 
programme, so deep are the feel- 
ings it engenders, so powerful 
the performances its inspires 
from its admirable cast. Music- 
al lv rhe score went well under 
Stewart Kershaw oo Friday: the 
Ambrosian Singers were in fine 
voice, though 1 disliked both 
soloists- But when it comes to 
London again — or when Covent 
Garden summons up its courage 

and acquires ReQuicm for the 
Royal Ballet — Yolanda Sonna- 
be-nd's luminous setting must be 
seen in full: on Friday we were 
shown only three of the six 

translucent pillars that make up 
the design: and the ballet must 
be decently liL 

The resr of the programme 
brought our first view of choreo- 
graphy bv one of Stuttgart's new 
talents. William Forsythe's Flore 
is a young man's ballet, full of 
Balanehinesque fervour, to 
Handel concert! grossi. It is 
right that Forsjlbe should show 
that he can deploy dancers in 
plotless dances, and he also pro- 
vides excellent design for the 
piece. The pas de deux work 
is often over-complex, and the 
ballet is far too long, but 

Forsythe is □ fiuent step-maker, 
which is a good thing, and his 
dancers — notably his quartet of 
soloists: Annie Mayet and Lucia 
Montagnon, Barry Ingham and 
Kurt Speker — do him proud. 

About John Neumeier's Der 
Fall Homier (The Hnrniet Case I . 
also in the programme. 1 can 
record that Haydee. Cragun, 
Madsen. Anderson and Lucia 
Montagnon are all involved: that 
ir boasts a score by Aaron Cop- 
land having all the dulcet charm 
of a berserk steam-hammer: and 
that it merits the attention of 
the Koval Society for the Preven- 
tion of Cruelty to Audiences. The 
dance style is harsh: psyches 
rampage: characters are ga rotted 
between other character's thighs: 
maybe we are seeing Elsinore s 
team for It's a Knockout. 


Don Giovanni 

Throughout, we can sense the 
freshness and potency of 

The revival of Don Giovanni 
in Peter Hall's now celebrated 
production (rehearsed by 
Stewart Trotter) brings another 
chance to admire the intelligence 
and perception uf the handling 
and. with the aid of John Bury's 
adaptable sets, the admirably 
continuous flow of the action. 
Also, and rather more strongly 
than before, the grim determina- 
tion of producer and designer to 
rid this opera of conventional 
Latin-country glamour. 

There is a new Giovanni, the 
American baritone Brent Ellis, 
h^ard last year as Ford in 
Falstuff. Mr. Ellis is an excellent 
singer with a compact, well- 
rnrmed voice and a gift for 
absolutely clear, rhythmically 
secure, rapid declamation (in- 
valuable for Giovanni's repanee 
and for the drinking song). There 
is so far not much range of 
colour: the singing never dis- 
appoints. but it produces no 

In appearance Mr. Brent abets 

the Northernisation of the set- 
ting, a snub-nosed Lieutenant 
more likely, one feels, to be lead- 
ing a commando raid than plot- 
ting seductions in Seville. A 
potentially dangerous customer, 
but not obviously marked down 
for Hell. Stafford Dean is back 
as Leporello. the mainspring 
(though Mr. Dean is anything 
but a selfish performer) of this 
cast with his command of the 
sta<>e. burnished voice and razor- 
sharp timing. There is a new 
Commendatore. Leonard Mroz 
from Poland, who would seem 
better still if one could forget 
Pierre Thau. But the most 
interesting of the newcomers is 
the Anna. Norma Sharp, an 
American soprano noticed last 
year at Bayreuth, shows achieve- 
ment as well a* promise in this 
assault-course of a role. And she 
brought the quality of surprise- 
one was not prepared for the 
sudden melting of her tone in 
the sextet. . . 

Kenneth Montgomery conduct-. 
(Nicholas Braithwaite takes ore.r 
later. With the aid of the 

London Philharmonic. Mr. Mont- 
gomery supplies some of the 
Southern languours missing un 
stage. They are worth it. even 
at the expense of some tauincss 
in ensemble. Others who return 
from one or other of the 19 n 
casts are Rosario Andrade 
(Elvira), Philip Langridgc- 
(Ottavio). Elizabeth Gale (Zer- 
lina) and John Rawnsley 
iMasetto). One development 
that is not an improvement is 
the back-lighting for the Act 2 
scene with Elvira. Giovanni and 
the disguised Leporello — last 
year one could see Leporello s 
features, now they are lost. But 
the lighting of the sextet, though 
it is a little fm«y. helps the 
action while maintaining the 
fiction of darkness On Friday 
the first-act quartet ’ Non tj 
fidar” unme as near the ideal 
fusion uf word, movement and 
music as one is likely to see— a 
long wav nearer than efforts 
dignified with the dread term 
“ music theatre " 


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Coyent Garden 

\ Pavarotti 




Alan 'Howard 

To judge - by the applause. 
Luciano Pavarotti's numerous 
admirers, who filled coven t 
Garden to bursting point for the 
Italian tenor’s recital last night, 
would obviously have preferred 
their idol to no , thin5 n , b “ l 
operatic music by Verdi or Duni- 
zetti. The excerpts from La 
trauiata and Lucia di Lummcr- 
irnoor that he included were re- 
' ceived with the rapture and 



CC — Theie iheatfcs *«eot «ft»in eredii 
canli by telephone or at toe boa omc*. 




:.j\ The MB*- 
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Oporiffionir’ aalts name- tallies, 
is ■ an- arufcuiiatqa' 
visits 'the «aalifiry -theatres -of, 

ing ■ counties.- ^Lkst/year 1 - heard 
a .resectable oraance -of. 
The - -Marriage* i . at 

Dori V 'severr dlgrcot 

centrest^hAff W 

^wogate - ;^Tbea^e,~' ; Bari)don. 
Thoiigh,'it 'fe' . yNnjfi. Tp...pretpntl 
that e^nstssm-.«in_always 

finish "to bpera.ft.-TS equally nus- 

tion of amafeurs’can 
achieve 1 a»; .^siua^shinfily . 
standard. . ' . -Having .rheard Dob 
jmdefioupe ■ ; the 

less'-, completely -rabsqrbed by 

Tames looking 

rjennapent ^sei;spfi7es;'the :■ prohr 
TmsOitaWe^^y: ^ 

-thp eraveSi^' where .the - Loin- 
Mmes'frthn’hehiud .^ e . 


.ensures . smooth tran position 
from scene to scene. He allows 
"the characters to stand kui 
during ensembles, otherwise 
gives them sufficient movement 
to'lceep the action plausible on 

a .naturalistic level. So Don 
..Giovanni is presented as a 
.dilettantish seducer by Peter 
Sidhom; vocally Hght-we^ht but 
.with enough strength of P» r P“® 
to - uphold his defiance of he 
avenging statue when relribuiion 

overtakes him. Anna 

: Sheila. ' Amil's -Donna Anna 
combines a forceful personally 
with -firm-toned singing m a 
Derformance of- some- power *rcr 
Don Ottavio. David 
kept in subjugation throughout 
he phrases "Dalla sua pace 
■j'the opeta is. sung m 
DunnV -E^fch translation)^ 

wifh' lyrical Tirdoim but los« 
“H mio tesoro. Mi tradi a 
-also -ciit -which seems a shame, 
SpElaine- Padmore sings the 
rest of Donna Elvira s music so 
S&SI- Her lady from 

Burgos has. *he corrector of 
monamjania: - seldom have — t 

heard an Elvira •uccmnb so 
whole-heartedly to Le f 0 J5 , .l^ 
disguised-a5-Don Giovanni. Clive 
Constance as Leporello- milks the 
Catalogue aria for all it is worth, 
but otherwise does not overplay 
the comedy. 

Dilys Buckley is a trifle too 
sophisticated in manner for 
Zerlina. but her singing sounds 
fresh and spontaneous. Martin 
Nelson’s Maselto is a believable 
character with a mind of his 
own, and no stupid country 

bumpkin. John .Rusbby-Smitb 
makes an imposing Slone Guest, 
but looks — and sounds— too 
young for the living Commen- 
datore. The conductor Howard 
Burrell, has the vigorous, rhyth- 
mical beat necessary to keep the 
performance moving and the 
ensemble together without 
undue hustling of the singers. 
The- small orchestra plays 

devotedly for him. and if string 

tone occasionally sounds under- 
nourished, it is through lack of 
numbers and not of accompush- 


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; ‘3 U.s. $20,000,000 

Eurodollar Revolting Credit Fadfity 

■■■■’ J-HenryScl®*!®^® 4 Co ' U “ dtid 
& m V. -.'V' • Svriss Bonk 


v Swiss Bink Corporation (International) Limited 
r . ’ . s G. Warburg & Co. Ltd. 

, •■•v-.'rC:. ' ? ' -O 5 i ' Manager " ' 

; ^V-5^.' :..J. Henry Schroder Wagg & Co. United 

ecstasy usually reserved for pop 
singers, while less spectacular 
items or his programme, which 
gave equal or greater pleasure, 
did not rale nearly such tre- 
mendous ovations. 

In the group of classical 
Italian songs with which the 
recital opened. Gluck s “ Che 
fart senza Euridice?" was sung 
with too wide a vibrato, but in 
'* Che fiero costume.” a splen- 
didly ironic pie»'e on the destruc- 
tiveness of Cupid. from 
Legrenzi’s opera Eteoclc e 
Polmlce (1675). the tenor's elo- 
quent diction was admirably 
employed, while a genuine trill 
set fhc seal on his interpretation. 
Similarly, in the 19th-century 
songs that followed. Beethoven’s 
“In quests tomba oscura ” was 
overloaded with emotion, but the 
seamless line on which Mr. 
Pavarotti can thread his words 
when he wishes was in evidence 
both in Donizetti’s “11 barcaiolo" 
and Rossini's “La danza.” 

Two of Liszt’s three settings 
of Petrarch sonnets made up the 
surprise item of the programme. 
Their very wide range caused no 
difficulty to this singer, while a 
certain element of theatricality 
introduced by the composer was 
well suited tu Mr. Pavarotti s 
operatic altitude towards even 
the most introspective of song 
texts. But ii was perhaps in a 
group of songs by Tosli that style 
and content were most equally 
matched The sentiments of 
Aprile ” and '* Ideale.” sympa- 
thetically phrased hv a voice of 
such calibre, and accompanied 
with the discretion that John 
Wustman brought to the piano 
parts, can provide a genuine if 
transient thrill. Id “ Marechiare ” 
a more dramatic vocal line 
tempted the tenor to an over- 
indulgence in tremolo. 

Among the extracts from nine- 
teenth-century opera it was 
neither Alfredo's “ De’ roiei 
boilenti spiriti ” from La 
traeiaia.. which was sung with- 
out much involvement, nor 
Edgardo’s “Tombe degli avi 
miei” from Lucia, fully com- 
mitted. but unnecessarily loud, 
that deserved the most applause; 
more subtly phrased, interpre- 
ted with deeper insight and 
better disciplined in volume of 
tone, Nemorino’s “Una furtlva 
lagrima" from L’elisir d'amore. 
sting as an encore, rightly won 
that accolade. Here again 
musical content, vocal style and 
interpretative insight were 
balanced in proper proportions, 
and immediately a feat of show- 
manship became an artistic 

London Choral Society 

Simon Rattle ha.s been 
appointed principal conductor of 
the London Choral Society from 
September 1979. Mr. Rattle, who 
is 24. is assistant conductor of 
the" BBC Scottish Symphony 
Orchestra and associate con- 
ductor of the Royal Liverpool 
Philharmonic Orchestra. 

Ton-< To^r^W^V. '.-g. 

rniiliin BilH, ftvauivin. TtiuF . Fr». •mef 
fiW. Tide. Carmen. ^ 

always, available from 10 ,'i m LQ d NDON 
13 10 



CAMBRIOSE. 836 60S6. Mpn. SO Thu«. 
8.00. Friday. Saturday S.d 5 and 8 JO. 

Exciting Blart African Mwul 
•• The olrls are beaatihilJMre and 
bouncing.' S. Mirror. 

Dinne- and too-price *Mt SJB.7S Mid. 


Ton c. 9 7 2 i- 2252 

CHICHESTER. _ 0 , n 

Tan, ah-- June 

0243 .8T3T2 
O June 10 


June 8. 0 i 10 at 7.00. 

i. •, a .v — June S at 2.00. 


rnrviFDY 07 -950 2578 

c hf35. a.OO. n»ur. 3.00 Sav S!0 S.5fl 

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CHANGE 7 0 H FS B R 0 0 Y G^MV-7u Vh r t% 97« 
The RO%al OBera Houvc 

25 a ™«on.n?rfate rVent Plans tor 

7rTdaV_21 1uly:_nomma 


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and murder.” T.mes. J* " aod dwl 01 
lun. Evening N«»s. 

CRITERION. eras,- Cards. MO 3216. 
E.enir-.-; 8 0. Sa:.. 5 iO. 8 JO. Thuis - n 



LESLi- „ 

•V£EY FUNNY. - Sun Tel. 


Travcn . „ . 

comsiOE Ismail auditorium,- Ton l 
8 Timor 8 LOST WORLDS fr W.ISOn 

Ma'ny HS e,<clltnl cneao Jeaii a'l S 
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028 2033 Credit card b^si 928 30 j*. 
Air conditioning. 

V16 7616. 

Ma/ 2d-June 3 
The I nler rational TurHs* Pl^rers .n 
The Ti.mish Clogs Or Nee«' CiiJO". A 
musical r-medf •" Englisn. h:*d on a 

Toriisn A*we. Today ai 2 .J 0 S- .--o 
a Week 01 Sundays June II'- 
Isia Bla>r Julian Glsuer. Ha,aid lend- 
...•n: Derek Jacob'. John Rc«<f Pr unci'.’ 
Scale,. Timoiny Wes;. TWiijn as 

Svdnev 5mnn in Smith ol Smi.ns. 

The Grand Tour 

DereL Jacobi as Byran in 

The Lunatic. The Lorcr A me Paet. 


ST. MARTIN'S. CC^ 836 1 443. EvOS. 8.00. 

ass sa <& 



Evenings 7 30 P.n^ , 

DRURY LANE. 01-936 6, ° S c... Von’ 
nigni £.07. Ma-.inec Wed. mo Sa:. 3 OD. 


•• a rare dceas-.ut:pp. ia*ous. aiiani^n ug 

itunner Sunday Timci 

OPEN AIR. Regents Park. Tel.. 466 -431 
E*gs. 7.4S Macs Wed.. Thur. A Sjt- 


DUCHE1S. oZb 62 a j _ Mou to -hurt 
E.en.ngi S uu Ft-., aai o 15 anc, 9.00. 

■■ The Hucfiiv siuninnv Daily Tei 

dib Se..-a tior,al )ear 


£<cr,iii;s 3.00 WN.. Sal 3.00. 
■ii Julian Mi: .ncW's 

■■ Brill ami lv wiitv . . no one &tvould 

infill it." Harold Ho&son rDramjl Instant 
crefli: card reservavof's. Dinnei *nd 
tcro-orite seal L 7 00 . 

ncLa P'anP 1 1 cations al rra d v mhjN V* 

Eai-Wi wsa&WfSa 

to d ^ r ?^.ik^ va lo^ pe p r ? m-- 
harmonic Orch«lr.j. Tod 

Wed . F 

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Tomoriu-. 'ihur 'and Sai ai 5 30: Do.i 
Oiovani" POSSiblu return on'-. 
nllice ol»r.d..-bOu,ne. Lws. E su.ji 

ol " c,: 10273 812411 , 

FORTUNE. 936 2238. Evgs. 8.00. Thur. 3. 
Sal. 5 00 and 8.00 __ 

Murid Parlov. as MISS MARPLES in 
7n,rd G-eut Year. 

GARRICK THEATRE. CC. 0l-i2b 4604. 
e,nv. 8 0 Mai Wed. 1.0. Sal. S 50. & JO. 
Cdn "NOT TO BE MISSED." Times 

PHOENIX. 0 1-8 Jb 2294 Evenings 8 '5. 

Fndav and Saiuiday b.00 and B-jij-. 

GARDEN male us laugn ' 


VAUDEVILLE. 436 09Be CC. E*gs. B-OO. 

Mai. Tubs. 2-4S. Set- 5 end B 


•• Pe-emcr A<ialhe with another whn- 
dunnll h.L Agatha Christie IS »l«JLi"B 
\vesi End vet again with another oi ner 
iono.shlv .MNiHt S» r, “ 

FelU Barker Evernno News. 


V S Q NaV , 0^“'473S.B. 01 -834 1317. 
Boot Naw s ? RATFO RD JOHNS 


Evgs. 7.30 Mats. Wed, and Sal- -<»■ 

Tho'rHi Cerr.odV H». .gPX? S. p .' 

••LAUGH, wn* . mUUCHT 1 

HAVE DIED." Sunday T,m ?? 1 - 1 neCkf,* 

PICCADILLY. AS7 4S06 Credit card bkgs 
836 T 97 1-3. 8-30 a m.-8 30 P-IJJ- 

Evgs 7.30. Sat 4 30 A 8. Wed mad 3 0 
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by Peter Nichols 


- Riproarlng triumph.' S. Eenress. 
Ev. Srd. Award and S.W.ET. Award. 



ssrti^ c sa5sa. waunaUiff- 

WESTMINCT6R. TO &*** ° 2B3 ' 

••TRENCHANT HUMOUR." D. Telegraph. 

•• SHARPLY TOPICAL." Financial Times. 

•■ Trrmendous Impact. NoW. 

Evgs 7.45. Mat. Wed;- 1.30. Sat. 4.30. 

"e”£ E B A 30 U ™. and Sa,?I 0 iI5 66 a 9 nd VoSj 
PauT" R'aAond prewnu ^/ ^ riM,lorlal 
R dTeP TH*ROA C r l 7 

Due to overwhelming public demand 
Season extended. 


Kin-'- and dance, i> , o ,, ‘ 

E sat. m-:. s -o 


‘f^'zVVSLSJSk. 3°o" 8 ^u 7 V.o: 


Cf 1976. 1977 and 19.6 

IRENE „,,r" 



GLOBE THEATRE. . 0--437 ’S?*- 

tv'ii. £ IS. Wvfd 3 0 >ai 6.0 d-jfi 
ALAN ArCkBOUPNi New Comed* 

• Thi, mu'.: be :hn n.iDDieil taugnler- 
mait.-r in London" O. Tel An •rrci'^i- 
1. onioy iHe evenir.c, Sunda, Times. 

PRINCE EDWARD CC. 01-437 69.? 

P.-3. pn;e pre»s June i Z 1 ? ,l na ,x'‘ 
6.0. June 17 S 30 and c..ZO. Opens 
June 21. 


Monday ui Fildav at e pin Sai-eda* 1 
a: 5 30 anc T J f. 

•uarrma ROBIN Aiswl.H 
□ all. Express 


^"ul^SIVmonS "ei™- 


"O'&irnF'lX* 0F ™ E , 

•• Takes ip unprecedented “J" 
pcrm.sSIblc on Our lh !J W ' 

You may orinv .mo smoke >n the 




STEfRIC 836 3878. Party R 4 t«--_ Crcdil 



ABUS TO 5 £EJT_AGAMY.^_Oaily_M>.'TDr. 

ALDWYCH. £36 6404. In'® ®cn 

reuertoire Tonlghl 7.30 CORIOLANUS. 
-The «i6i»9«*. dear** » r ' d 1,10 
Sis lent ShDGKwarc I ^ JJK 

Tu h ^ e i'!. r 5SSbwV« T, ?SI' oance OF 

DEATH.' RSC also at THE 

(see 'unde' Wi and at Uw 

t “atld ' n Peler Nichol/ PRIVATES ON 

.>! ur-.--- nr 


Even ngs 7.30. Mala. SalP. ^.3Q 
A ola* by Cron Taylor. 

•• sura KcMciman h suoerb as ntnuren 

. . jul<an Cui.y is a splendid Snaw. M 

QUEEN'S THEATRE. CC. 01-731 Hob. 
£*45 8.00 Wed. 3.00 6ar S O 3 8 30. 


Play', and Players London CniKF Award 

s 30 p m. r, Y ls e.30 

.try "FUNNY ‘ Evening News. 
mji-v 0 Mail-, s sm.isn >m Comedy 

• Supreme r ^ 


LAUGHTER. Guarcian 

HALF 31 DON THEATRE. J&0 EJ65-488 

33 M.iv-17 June at BP.m. 

ha-MAKKET. O’ -3 JO 9BS2. Evgs. 8.00. 

Mi" Weto. 2-30 Sal- «-30 *** A- 00 - 




■• Congraiulations cn com ole.o ca » ac • t ir 
and retort! making show. Must unfa 
tunaX hmsh on July 1st *»•■« » 
commitments ol mb Jpyw" Dame 
Wendy Hiller. . . 


^ N^n:ir al 8.00. Mai. Wed. 4 45. 

rAiniw |n SUIUTM 

The World-lameus Thriller 
-Seeing me Slav again Is m la « an 
utter and total ioy." Punsh. *ert P r ' ■ K ' 
:o £4.40. Omrcr and T»-Pn.t 
Seat E7 50. . 

wiih DtreY Grifhins 
Directed nv BURT SHEVcLOVt 
■■ || -s oacYed to Hurtling pom! w R" 
the personality and Sheer energy of Bruce 
Fcriylh." Sun. Express. The audience 
’cheered." Sunday Telegraph- __ 

Al 7 o.m.. 9 P.m.. 1 1 p.m. irner. Sunday) 

PAUL RAYMOND prrtents 

Fully Air-Condilioned. You i ml* * nnlt 

and smoke In the auditorium- 


Evgs. 8.50. Frl and Sat. 7.0 and 

■■ETegarrt. good numouren^-ngaging. 

A now musical 

■" Caustic «d Con’"- ' Times 
- Show scores In songs. D. 

•• Unda Thorscn . . a revelajm?. I'S 

YOUNG VIC i near Ola Vlcl. B3 | 3 ' 



IKHm -■ - - 

rAuncu PLAZA- 'OOP- Camden Town 
7.00. 5.05. 11.00. — 

KING S ROAD THEATRE. »£ 7 g 4 |“- 
V.on. :p Thurs. 9.0. f .i ill, . ■ -30. 3.3D. 

XpnJ-O. 31-4 37 2665. Evenmcs J.00. 
Mats Tnijis- 3 00. Si:. 5 00 and 8.00- 

Actor c* the Year, £■•> Siano.ird. 

-"-■tckedlv tunny. ' Times. 

AHtTyhEaTRE. 01-aS6 2132. 



•• Hilarious ■ ■ sec is." Sunday iim« 
Monday :s ^Thursday B.Sp. Fr.oay and 
Sa:ufda» ai 7.0 and 3. IS. 

ASTORIA THEATRE. Char.ns X Rf- ^'« h 
lull* IUe- ••<?.' 0 ' -7! J 4291 
NMrm luce Toriennam court Rd. m#b - 
Thurs 3.00 OJn. Frl. S Sat &.00 A 3.45. 
I ns: ant credit card booking. 


“ infectious, appealing, toot-siomoing and 
noarc thumping." Observer 


Seat pr«« £1 50-1:5.50. Dlnner-ioo-prKc 
sea* L8-50 Hall -hour bdore ^npw any 
available HWrt» tickets £2.50 Mon- 
Thjrs. ana Frl. 6.00 p m. pcrlorm. only 

LONDON PALLADIUM. CC. 01-437 7373. 
Mon.. Tu«- Thurs. and Fri. at 8. Wed. 
iiia Sits, at 5.10 and I 8.50 
In ,i Spectacular Comedy Reyue 
Sundav s June 25 and July 16 « 5 A ■■ 
Special EociLing Hotline 01-457 2055 

, vmr THEATRE. CC. 01-437 3686 

0 S.O. sal s .0 & 


royalty. Cremr Card*. 01-405 BOW. 
Mrnday-Tnursdav evening S.00. rrioav 

SJO ana B.45. Satwaavs 3-0° - nd s - uo 
London critics mte 
Besi Musical of 1977. 

Bookings accooiea Maior 'rr£i 
Special reduced rate For mahne« 

limited period gnlv. __ 

BOYAL COURT- 750 1745 Air eond. 
Ton i, at T-45. Tomor. at 8. 

Lucinda Childs. Robert Wi'PS.Q 


„ . Mir t a e. 4, o»iord Street. lOpo. 
C Tottenham Ciurt Rd l •-«}**• 636 OVUL 

1: Alan Bates. SuMnnah York. «« 
SHOUT (AA). Proas. 2-^0. 4.35. 

ii 4 !h»rlton H«»r. GIULY LADY KWN 

s*LMT°l' DAYS'' Wall 'Disney's JUNGLE 

KiarfW«. ^ <x, 

2.30. 5 20. 8.15. 

SAVOY THEATRE. 01 -WS B® 2 *' 

Opening June 13. TOM CONTI ' n 

with JANE ASHER w _ tl 
TO SEE IT - Gdn. - 

£,05. ai B.O. Fri. and 5ai. S- a 5 ana 

MERMAID. 248 7656 Rcsiauram 24B 
2035 w-.d. to Sat. 8.30. Mat*. Wed.. 
Fri and Sat. at 5.45. La>l week. 

Mon. ano Tues. at 8.15 P.m. 

Alec MeCowcn S 
rSuns. at 7 30 p.m. all seats sold) 
'Pret. June 13. Open* June 14. 
Sub*. 7.30 and 9.1S 
A Piece lor Actors and Orchestra. 

Scats £4. L3, 12. 



EVERYTHING." S. Mirror. 

SHAW THEATRE- _ „ .??-S*t1 3 E1 
Prevs Frl * Sat. 7.30. ALL 
Opens June 12 at 7.00. 5ul» E»g»-, 



STRAND. 01-856 2660. E.cni-jg! 8.00 
Mat. Thurs. 3.00. Saturday* a 30 * 3~'°- 


GOOD SEATS S4.00-L1 .50- 

IS i*bM 

5th Great Month- 


Sfe iz s. 

and Sun. 

^sri-jsrv'SSi. » isw??.* v™ 

tirrZ ■SU u Kf,. ,A, -rS’- , TS: 

2 . 45 . 6.00. 9-00 AI1 ieaC5, hLblc at 


SSmmm'of the 0 thIrd 
S ai. Dcor* op^n 11. IS n.fn. All Kois 

mav too booked 

ODEOK. Marble Arch. (723 2011JZ.1 
THE BETSY tXJ. Sco. »nnv. Mon.-S»t- 
1 SO. 4 45 B. 1 5. All Scats blrble «ceot 
1.30 perl. MOn.-Sat. 

mince CHARLES, tele. So. 437 81B1. 

Perl*. Dly. line. Sun.l 12.15. *■ *5. |-15. 
goo Late Show Nightly '145. Seats 
Bookable, ucenscd Bar . 

V ■ * ■ ;.* y-J _ . z' ‘ ... 

M •- - -t.i 


•bfriierxe* •i77'» , .‘: 



Finandat Tiines 5-^19^ 


Telegrams: FtnanUmo, London PS4. Telex: 886341 / 2 , 883897 
Telephone: 01-248 8000 

Monday June 5 1978 

SALT in 


THE PAST few days have seen In SALT. Washington has now 
a distinct toughening in Amen- apparently rejected a new Rus- 

can attitudes towards the Soviet sian P"J°“L ' * ou “ bav ® 
_ , m J , prevented tlie development of 

Unmn. .After a period of some ^ ncw American MX missile, 
confusion last week. U.S. air- and has publicly warned Mos- 
craft are now in operation to cow not to expect any further 
help protect Zaire from a new U.S. concessions. The tough 
invasion ami Washington is American response has 
taking an increasingly firm line prompted reports that the U.S 

i-n the strategic arms limitation aim . Is n . rm ' t0 de [f i ’ the C01 ?. 
talks with Moscow. The new elusion of the negotiations until 
mood in Washington is partly ate *\ 

the result of real concern at the eIectl0 ^ £«" tr> 

jread of Russian influence in g™ th ^ e report . bu?^ere is 
Afnea It a'so. however reflects m(e dmlbt Aat fhe case for 
a broader «a'e of anti-Soviet j usr suc f| 3 delay has been put 
feed rig i-n the L.S., to hjm by some of his advisers. 

... , Their argument is that any new 

Limited war SALT agreement is bound to 

At the same tune. President come in for a massive dose of 
Carter has reacted Lo the grow- Public criticism, to the detri- 
ins Soviet military build-up by ment of the. Democrats. electoral 
clcarlx reaffirming the U.S. com- chances. . . . ... 
niiLnient Lo defend Western WI, 1 U d ta ^ l ' be ar f u ' 

Europe against an attack bv n, 5 nI K f “? her . and £ * u5S , tl ' ,n 
i lie Warsaw Pact. Hu. pledge whether there ts any point in 
m use. if necessarv. the full negotiating a SALT TI agree- 
furce of American milita ry raent lhal ‘ s ual,ke, >' to be 
power. including strategic ratified b >" Co 2*™* 10 118 pre ’ 
nudear weapmis. at last week's sen . t IUC | P£1, ^ a, ^ ur ® 10 5eci J re 
NATO summit, conics at an ratif. carom would be a major 
appropriate moment. There is Wow l b,llh to Prestdent Carter s 
growing and justifiable concern prestJ ? e and to Easi-West rela- 
m the alliance, particularly in 1,d ” s in ^ enera ■ ® ut lber * ,s 
Boon. at the steadily increasing M j U a case u r °F P reS5ins 

power or medium-range Soviet ahead ' Ea ' :h month that P assts 
nuclear weapons targeted on * iUl0ut an ^reement gives 
Western Europe not so far Moscow more time to modernise 

and strengthen its strategic 
.systems. The indications arc 
that President Brezhnev stiU 
wants a SALT II agreement and 

covered by the SALT negotia- 
tions. It is obviously oF tiie 

n tm o*; t importance that Moscow 
should not be allowed to gain ... .... 

the impression that a limited w^ld lje unlikely to be respon- 

war. whether conventional or 

sive to further arms control 

nuclear, could conceivably be tions if the whole pro- 

fougiw in Europe without the cess " ere La ed off- 
risk of triggering the main cle- j rfWt -nr* 
ment at the allied deterrent — 

the American strategic arsenal. Failure to reach an agree- 

Tlla r nieni would trigger a new arms 

„ rx •*» , ihat tv 

* . massive waste of valuable 

programme is no less important! . ce50urces »" ***«*“•»• There 
In the first place, it raises the ** reason "' hy 11,6 L ‘ S ' s ^ ti 
nuclear threshold bv prolonging w,n such a ”«• Provided 
the time in which the West ?"?*■» , made the necessary 
fiuld hope lo contain a Warsaw fuad8 available. 

Pact attack by conventional v If 11 d,d QM - resources would 
moans. In the second it have 10 be d,verled to improving 
strengthens the Western posi- the American strategic deter- 
tion in negotiations with the renl al lhe expose of the con- 
East. U is no guod expecting ventio-aal build-up endorsed in 
the Soviet Union to agree to Washington last week. But there 
Ihe Western aim of force reduc- 15 nn avoiding the fact that the 
tions in Central Europe out oF Soviet Union’s current .policies, 
sympathy for NATO's defi- whether in Africa or on human 
ciencies. The Washington sum- rights, are playing into the 
mit confirmed that the alliance's hands of the strong body or 
overall policy musi bo to opinion in Washington that 
approach arms limitation agree- opposes a new SALT agreement 
meats from a position of on the lines now being 
strength. negotiated. 

Government and 

over i 


B ACKBENCH MPs have published last September said: 
launched a determined ’'Our system of public audit is 
campaign to obtain greater out of date.” 
control over public expenditure. The Comptroller, at present 
Their efforts are likely to bring Sir Douglas Henley, a former 
them into sharp conflict both senior Treasury official in 
with Ministers and Whitehall. charge of public spending, has 
The campaign is led by the responsibility for auditing the 
Expenditure Committee, one of expenditure of central S'jvern- 
the most powerful of the ment departments. He also 
Commons Select Committees, deals with some quasi-govern- 
The specific target is ihe official mental bodies by private agree- 
aud j L ment or practice, but has no 

The committee wants the responsibility for the nation- 
official responsible for auditing aHsed industries or local 
central government expenditure authorities, 

— the Comptroller and Auditor The committee s report said 
General — brought more directly ^ at the Exchequer and Audit 
under the Commons’ control Acts pf l86 ® and 

and his powers extended. It £ 21 1 s f 5? u,d be am ? ndtd t0 bnd ~ 
would also like him to go £? . UK r P ^ ,tf0 " * utu >“ e 
beyond the purely financial and J? 1 ,,f , tbe u - s - . Th «, A® 1 * 
regulatory auditing, on which should state as a principle ithat 

he concentrates at present, and ' _5??5 <|u i 1 r . and .. A “ d * 
to take a more positive role in en ^ *51^ 1 

monitoring managerial efficiency ac 0 nt 5 int ° ^ bltb P U ^J? C 

“Jiarss: b T“S: srsr^irs 

mented. would “clearly give the ^“ ,pts such . ai >' lXinl .^ 

Commons far greaterinsight \ he ^ P n ^ I C ; r ra ° a ney 
into and control over ihe Civil “ f ^ ? CL,ot,ru ' ^ 

Service than .t enjoys - h & AD should alwa - V3 aud * t 

Whitehall, and especially the ^g ,w mode “ 1 0 ‘^ 1 ultimate sense that, like a private, in. the country. _ ^ 

sur> ‘ department be empowered to i ud ^- can only be dismissed The clause reads: « The Permanent Secretary of toe gmm Pape t ’iTJET.- 

conduct audits of management by Parliament. The Commons Comptroller and Auditor Treasury, replied: “ I accept 1977 proposed t0 transfer the 

efficiency and the effectiveness neither appoints him. nor can it General shall examine, if so re- that as a hypothetical analysts responsibility for the staff to 

ture Committee claims that the of 3,1 those h audited financially. diret : 1 him tu iiutiale 311 ^uired by the Treasuty and in of the present legislation, but an iMtitution made up of local 
; B rri- Vili in Whi!e th ^ department has made in ^} ry - _ , accordance with any regulations it does not have that effect In aut hority representatives and- 

some limited movement in this The Expenditure Committees made by the Treasury in that practice.” Environment Ministers and dni- : 

eluded unnecessary delays ami djreclfon In reccnt yeari , thijS report proposed to estabtish the behalf, the accounts . of all The White Paper is at its servants. T - 

would be a radical change m relationship is not formalised principal accountants and any most equivocal when it deals . 

the nature of its work. ' 11 ®*' d: “ regard the Comp- accounts, whether relating with the committee's proposals , , . - 

The main problem of such a *»“« and the E & AD as directly to the receipt or ex- l0 expand the practice of MSHOf UDSUT26- 
development — a.s the commit- properly part of the staff of penditure of public funds or efficiency auditing. It said: “The * . . ® 

tee itself pointed oiti — wuuid Parliament, although the rele- not, which the Treasury may, Government welcomes the ioten- omnnff IVlPc * 
be the burden on the current yam Arts do not. Any amend- by minute laid before Parlia- tion of the Comptroller to'. dUIUU ft 1V1J7 3_ r ; 

staff, which is simply not '"S Act sb ° u,d p,a £® “tP 1 - direet." develop further his operations - The committee argued that 

The committee is now plan- equipped to handle the tvrn- dnder . tbe H °ui> e of Lommons The discovery of thts in- i n the fields of efficiency and neither under the present nor 

ning to step up the pressure plexities «’f efficiency audits - om mission .so inat . a ^vuracy over the^key .question value for money, while recog- • proposed arrangements were the 

Mr. Michael English, MP. chairman of the general sob-committee of the Expenditure 
Committee (left) and Sir Douglas Henley, the Comptroller and Auditor General 

; GAO's .worfe tisey say, end it 
- seems to have abandoned finan- 
cial -auditing almost entirely. 

. t Wjhae&ail also beMeves that 
oo depsrtmepd: was ‘ ever m»je 
effideot'lhrnidgh extemM pnods 
-and : pressure. . . Efficiency,, it 
argues^ is ■ intwiaBy, a 

process wMch botffr the Treasmy 
and Civfi Servkx! Depaitment 

• have a role in. encouraging. 

The prime requirement Is to - 
have a body capable' of doing- jr 
proper job of tegulatory audit- 
ing. say officials.. They, would: 
-prefer.. to. see. k. separate body 
set iip. starting from scratch, 
if it were -decided to follow the 
U.S. model. They believe this ’ 
would be easier than conver ting 
and E & ..AD into something 
like' the GAO. r ' ; ; ~ ' ". 

The committee's proposals to 
expand the Comptroller?*, 
powers oyer a - larger area of 
public spending were also 
opposed in the White Paper. Ih 
particular the Government re- 
jected the recommendation that ' 
Sir Douglas should take oyer., 
ultimate responsibility, ’.for 

Anthony Rawlinson, Se “^ d -Government’s local aatbority 


The taxpayers’ 

spread support among MPs. required to be graduates. Until . The legislation for the Com- good six months to be published 
“The case for monitoring then many were school-leavers. [ , ' IS!iion * s currently going — right up to the normal dead- 

This is a caveat that Sir executive because their duties 

'"any were school-leaver JJ House and * w t J U "„, h Douglas himself undermines m are laid directly on them by Act 

public money ,s usually re- Tn sulee this difficulty .he " d if la ^ U fina. t un & u1 it had {STETSS a ^ para,c “Uter more of Parliament. 

garded as fairly strong by the committee said: “In our opinion , " a ’ r v lt 

average taxpayer." he points the E & AD should change its fr ^“ S! he L p i ul - 

welcoming reply to the com- Mr. English points out: “Both 

the City 

THE WILSON Committee has one. Nor was the establishment 
two achievements to its credit, deterred by the scale of the 
It has prompted the financial required financing, 
establishment to produce a The inference is clear: 
valuable self-portrait of the way demands for finance are made 
the financial institutions work, of our financial institutions, 
and it has revealed a consensus they respond. How can the 
of opinion that this establish- demand for finance for less 
ment is not a bottle-neck glamorous forms of investment 
restricting Britain's industrial in . British industry be 
growth. stimulated? Is the answer a 

Tli is second achievement has ^ be tas s ^ en J- 

grown wearisome to the ear £® r,d ® ?' C °“ Uo 2 k 
through constant repetition. A rh P P ° 11 C hT ,ate i ' P» 

h° r ro b hh ni ri n ; de °f l0g,CaI f m v e r as uni ° n tates25St 

has robbed u of impact Ye an d must industrj-'s anpe Te for 
it is worth remembering that funds be whe tted with forred 
when the Wilson Committee infusions of pension ° f d 
was conceived, two years ago, m0ney o 

the City was still a potential The' question whether 
scapegoat and discussion of our Britain’s institutional funds 
financial system’s apparent should be “direr-ted" into 
short-comings found a receptive British industry ha? been the 
audience. key issue underline the first 

stage of the Wilson Committee’s 
North Sea Oil inquiry. In the latest transcript 

A report by a Wilson Com- S° ra t ™ tfee ; s . hearings 

mittee working party on the w . rhll I^, ’ i h f. ch airman of 
financing of North Sea Oil. out rwL SSSL tl, J t ba,nnan r of 

today, is an excellent example tte ? of F * nanCe f . nr 

of the Committee’s two achieve- -Jf. push *d quite 

ments. First it is a clear "" question by 

account of a complex subject CoTnin,ttee members - 
It sheds light on the financing iy-„, ft eman d s 

of North Sea Oil. yet leaves no 1 aemanas 

doubt as to the magnitude of The banker’s answer is nnt 
the problem. In a matter of pure capitalism. He feel? that 
years the financial establish- the “Industrial Strategy” and 
ment had to gear itself up to the activities of the Sector 
finance the equivalent of one Working Parties can help Bri- 
quarter of the UK’s annual rate tain's industrial performance, 
of industrial investment — all if only by keeping civil scr- 
enneentrated in one strange and vants. bankers and trades 
risky business. unionists in touch with indus- 

The Committee regarded this tri®! reality. But he also argues 
as a test case for the financial th®* ? s soon as the indus- 

institutions "since in this area tidal improvement occurs the 

the demand for funds was financial establishment will 
undoubted and any deficiencies react, without prompting, to the 
in the supply mechanism would new demands made of it. 
be likely to be revealed.” Yet It is a case of official involve- 
the working party found that ment in industry, but hands off 
the financial system had been the financial sector. Interest- 
equal to the challenge. The insly, this mixed attitude is 
system was not risk-averse, for borne out by the report of the 
it produced equity finance for WUson Committee's working 
situations where the risk of a party i>n North Sea Oil. While 
total loss was very high. It was it commends the performance 
not interested only in quick of the financial establishment it 
return, for it produced finance ivrtainiy does not present the 
in the certain knowledge thal sucessful exploitation of the 
the period between investment North Sea as a triumph for un- 
and reward would prove a lung fettered free enterprise. 

to M, .tow die Genera. Acum- n.endation, hTJ!ins"iS 1 tlC “HU UliU1 - ,n * "f* “ d and’ TatteraT^ini" .UlSTto fir"*? 

ing Office operated The U.S. department to monitor the effi- fcTf rj |Sp’ would havetaken the advice of ^tJon.” dependent.” 

office has responsibility for dency of the bureaucracy. They H a ^ their departments officials. . |irMJS „. f . riririricir . n . The committee's- immediate 

auditing ail federal funds were all turned down in tlie Th „ V /hite Paper cave short Mr - E °S hsh sees evidence of J he ^ F opposition p|ang ^ tQ make a reply ^ 

except those used by certain (jnvernment's White Paper in -hrirt to this nrooo'Tal savin-’ Treasi, ry self-interest in the officiali. to further efhd- rhe -^Tiite Paper, followed by the 

federal agencies engaged in March replying to the cum- Ihat the Government considered dra “‘ n S of the reply in the fact ency auditing seems astern full _ scaJe ^mong debate, 

bank su pen- ision and in intelli- mittc-e. Similarly, ihe White j t l0 0 f cardinal importance Uiat a l 1 th<f «>“™ittee’s pro- from turn niatn causes. White- Theye {s considerable strength 

gerice services. It can chase Paper rejected proposals for that the Comptroller should not P°. saI * in the are a ofaodit were hall is far lei s impressed by the Qf fee! j no amon g MPs of ab 

public money wherever it goes making Sir Douglas and his be subject tu directions “from rejected t XL ' ept . for an '* Th,s actlvlty ° £ ft.b. General parlies a £ out Gov- 

whether In ^rantf to individual department part uf the siaff of anv quarter” in the exercise of was for the Prime Minister. to Accounting Office tGAo) than erniueilt has rejected the rfe- 

Sta es or subsidies to private Parliament. duties laid on him to undertake consult with the chairman of is the Expenditure Con. mittee, coromendations _ which were 

0 ™ pan,ts * It i* over this area thal the 3n effective audit and scrutinv \ he PA 4, befor « ' Ahjle lher , e 15 a PMtmux fur a „ reed uoanimous , y byconm tit- 

rts audits concentrate heavily main friction has developed. rtf th»* expenditure of the fl,ture Comptrollers. “They managerial efficiency lo he t * e me “ beTS . 

on nnn-flnancial aspects, with The department and the executive don ’ 1 m,nd 1,Q,,tin 8 u,e prin, ° nuroduced from w-ithin rather whethnr or not the proposals 

rime 90 per cent of resources Omniums' Public Account? Com- This replv. as the committee M »™stcr's power of. appoint- than imposed by an cxtarnal are eve ntuaJly adopted the 

devoted to inanagemenl audit mitiee were both set up in the discovered after length*- and n ‘ cm -'' Mr - English says, "but body. initiative— coming at a time of 

and cost bench t analysis, its lS6us and there has tradition- painstaking research, was based they don t want lo have anyone Officials tn Whitehall believe merger talks between the two 
staff includes specialist*— ally been a close relationship on a mistaken interpretation of looking at their own efficiency, that the U.S. office, which with powerful Public Account* and 

economists. engineer* and between them. the law. Mr. English is blunter. The general -sub-committee's 5 -W<> is 10 times as big As Expenditure Committees— re- 

statislicians equipped to The Comptroller normally “ it was a lie," he said. Under suspicions contributed to some UK department, has spread presents a major upsurge in the 
handle this approach. reports to the PAC and he pays the 1921 Act. Sir Douglas is sharp exchanges about the :ndc- itself too thinly. There have determination of backbench MPs 

By contrast, the lllh Report a great deal of attention to what indeed required to submit to pendence of the Comptroller at been a number of sharp erili- to wrest the monitoring of pub- 

of the Expenditure Committee that committee says. It is a external direction from one a public bearing of evidence cisnis about the quality of the lie spending from Whitehall. 

Novel gift 
for LSE research 

Th? major international com- 
panies have had their roles 
scrutinised by the UN and their 
activities frequently questioned 
in the Press. So when a major 
university accepts £2m from two 
such companies the inevitable 
question is whether this w4ll 
affect the direction of the uni- 
versity’s research. When I 
asked professors at the London 
School of Economics they said 
they too had been worried about 
this, but were certain that they 
had a no-strings gift in the 
money they have just been 
given by the Japanese car manu- 
facturer. Toyota and Japanese 
whisky manufacturer, Suntoiy. 

It was French champagne 

rather than Suntory’s products and Sir Huw insisted that the 
which was being drunk. only exclusions were “ high 

As for Professor R. Dahren- living " and studies outside the 
dorf. Director of the LSE, he very broad categories set out 
was careful to stress that in the deed. 

Research goes its own ways. The students told me: “We 
Its results cannot be predicted, will be watching matters 
because it is an exploration of closely.” But their leaders were 
the unknown.” far less outspoken than the 

Discussion of the gift with slogans on their walls — perhaps 
ihe Japanese companies was because it is examination time 
initiated last year by Professor and. they say. they have become 
Micbio Morishima. a Japanese used tn what they see as 
mathematical economist who symptoms of the school revhrt- 
has been with the LSE since iu? back to neo-classical 
1970. Students told me that he economics, 
used lo have a reputation for 
being on the left. 

Morishima is now working DiiIa hv Horeoo 
with Professor: Alan Day and rsu,e °7 USCree 
Basil Yamey on establishing and After 12 years of military rule 
preparing the research centre Nigeria ha? now found a novel 
which is to use the income from way of ensuring stability. Its 
the gift. Would the gift not Constituent Assembly ann oun- 
discourage research into ques- cod this al the end of last week 
tions which might cast a shadow when it decreed that from now 
on large companies such as onwards there should be no 
Toyota? I asked Day. But he more military coups, 
insisted: “ If the steering com- The Assembly which is work- 
mittee at the Centre took the ing out a new constitution in 
view that there were serious preparation for civil rule next 
question? lo be tested in a year (or sometime or . .) has 

critical way. then this would go announced that thi* constitution 
ahead.” He thought that re- will reign supreme. An araend- 
search in this field had so far ment lo a section of chapter 
been “ rather bad." one say*: - Nigeria fhall not be 

For him it was “as liberal a governed nor shall any person 
trust deed " as you could expect lake control thereof except in 

accordance with the provisions the next collection is made 
of ihis constitution." One local head postmaster was 

Nigeria has had four military recently waxing enthusiastic on 
coup? since it became indepen- this and on the services the 
dent in 1960. Still it is good to rural postman gives — such as 
?oc people learning from carrying stamps for sale, 
history, though there may be The Post Office Users Asso 
some grumbles fron>_ officers elation in the area was duly 
who beheved that " saving their impTessed and svlggeatBd *ese 
country was a fundamental unexpected servicS be adver- 

human right 

tised. But "Oh, nn.” was the 
answer, "We do not want too 
many people knowing about 
them." Impressed; by the ser- 

Footbal! tie 

However many Argentinians vices.’ if "the" Po'st Office's 

may have been worrying about aDtitu d e , I tried to buy a stamp 
whether their country could from a po SlIIian outside London 
afford (he SwOfim which it has .. We slappcd carrying them 
spent nnVsting*be World C(.P years ago." he told me. 

(he touo : v's cab driver? had 

long looked forward to some ■ ■ ■ ■■ . ■ 

bumper weeks. But it seems L- j- - . ■ 

that many of these are now m3VtGr OT pi*lu6 
ruing the day that football T oug h as a Turk, the saying 
fever came their way. The I.on- g oeSi and the visitor to Turkey- 
don mammne. Taxi informs me fi00Q finds ^ it is a ma]e . 
that the city anthnrii ;C s in dominated country. Male 
Buenos Aires are so keen that tourists without moustaches 
they should make a fine inipres- attract disapproving clucks from 
smn nn (her \lsitnr? that the rU ral women and sympathy for 
city s cabs have boon spruced tbeir wives that their husband 
up too. is “not really a man.” So all 

Best described as " highly the more embarrassing for 200 
individualistic “ the cabs now graduates of the Muda Cnmmer- 
carry illuminated plastic roof L -iai Sc-houl fur Girls in rslanbul. 
sign? on their roofs— many nr The L'OO were in fad boys, but 
which work— and registration had to he sent to the girls' 
numbers on their doors. But. school as the local boys’ school 
worse for the driver? has Hcen was full. 

that, despite the h««ar. they have The buys had few complaints 
been obliged to wear grey or while studying. But, when they 
blue shirts and match* nc ties, graduated, their diplomas made 
The police, not famed for them the target of ridicule from 
diplomacy, are said tn be en- potential employers. Now this 
forcing "the rules vigorously, year’s crop of male students 
Taxi, in brotherly sympathy, have been out boycotting their 
says the drivers are just waiting lessons and protesting that the 
for the crowds to go so they can all-female staff of the school arc 
burn their ties. not understanding tw them. But 

they have one consolation, the 
u " support of i lie girl students — 

Rural rides 800 of thcm - 

More in our scries on services - - — ■ 

the State does not want us to 
know about. The Post Office 
has replaced it* regular mail 
vans in various rural areas with 
mini-buses, meaning thal when 
the postmen go to collect mail 
they can also pick up passen- 
gers. These can then be 
returned lo their homes when 

Go away closer 

Sign a( thy entrance to a pint nr 
land in a Sussex village: 
” Private. Church property. 
Trespassers will be forgiven.” 




Every detail of the self- 
winding Patek Philippe 
movement is hand-iini&hed. 
Even the tiniest screw 
is individually polished. 
steel caw is ant 
lo depth of 120 metres 
(396 feetj. 

The swinging mass which 
winds the watch while you 
wear it incorporates a piece 
of 2t ct. cold (added weight 
ensures optimum winding 
etnc.-er.c, i Amazingly slim 
Hautiius b_, Pelek Philippe 
with matching slsel 

Catalogue and of auihonsed ;ev/ei;ers irom Patek Philippe 
Depi. F. PO. 3o< 35. Ma.denhead, Berks SL6 3BQ. 

Fiiiaacial' Times Monday June 5.1978 

. A&u - *B 



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After the collapse of property markets in the early years of this 
decade, investors, developers and occupiers have been cautious to say the least 

Now there are signs of a revival of interest in Britain, Europe and e sew u 
the virtual standstill in new building prospective purchasers are finding 
it difficult to find suitable outlets for their money. 

. V fyb,. -ifc- J.-I 




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Financial limes Monday. June 5 • ISOT 


Corporation and a continental 

uwjwi as iu»esio« me usurers- UueSt ecooomHic ~ ~~ — • ^ 

ing their activity abroad. The Ktlle hope of an immediate threat to the accessibility pf the' 
limited size of the X^iitch iinprovem^t: ‘ . . • 1 

atnvrv ic no* nf ihe few Five vears on it is once again as even the most asset-hungry Where then are ihe in-t-M- problems prevent any mass .. ^ 7 

SsASwSS iHu.ii.d 5 LS • Ti/vj off 

enthusiast advocates "of over- mlnoeuvres as lease-back deals the portfolios of established international flow of property HV/lvUllft . , -t 

eas er to talk simultaneous y n e - ; n .-p S hnent London with established owncr-nccii- property investment companies, finance, as individual market re- . • y- 

the investment markets of the throngs with U.S. “advisers” piers, as well as forward lease many 0 ^^’^°ow.ha^ links views in THERE IS a growing oversupply, t*. poor demand for most sectors road giving priority to piiblie 

hSsu r,ra sam =^= arisoa ,0 

to uniformity. as Dutch cash flows into Ger- o n- institution illustrate a more „ Cross-border investment may market and the - restricted 1\ The important Dutx3i export °J“«inhi h^\re^own rtttle 

While a money broker is many. German marks move institutionally backed devcl- „ ut " £ , Wished help t0 rel,eve some oE rhe b “»* number of prime properties' sector will: increase foreign sates movement w the T»st yew and 

equally at home in a City of back into he UA and Spain opments are not m themselves ***** £££ »“* pressure generated by the have brought rtSay SSSS STTZr £7* volume Phis are now around FI ». Cfliq^ 

London dealing room as in its and French francs vie with ¥l ,fficiemly common or suffi- prop - rcy companies as.ei* increased weight of invest ibie DrBS5ure viel Z in zL; Sw « ctedine ol 2 per per square metre for gopd 

mirror image in Singapore or their heat’ierwelght Swiss coun- cienfly sizeable to resolve the funds. But we are unlikely to sect0fs QVer ^ Yp * JJJJ , • „ Qniino to . c«,- modern offices in: the .. ^‘Rand- 

New York, the property investor terparts for Canadian proper- supply problem. And that leaves The remaining alternative se e a repeUti on of tb crash over- wheSL th? stad." the Amsterdam, Rotter- 

remains as dependent on local ties, it is quite like old times fund managers with the further source of prime quatitir geas b ^ programmes of the dam ‘ -™ Utrecht 

advice as a Victorian tourist again. option to lower their sights and properties lies outside of the earl StoI Quite apart from S? *JsF£? But *JT 1 tSTLT regIon - ^vinrial - city reqt^ 

setting out on a grand tour. . to accept secondary quality institution’s home market. But hp ^ lesson of earlier , ^eir own borders tihere are expected rate of 5 per eeoL this are around FI ISO. Savills fore- 

In the earl v 1970s there were properties. in the property market n’.vr- . . »i. e Euro Dean a so ^ [ gns that foreign investors, will represent a further Joss . of casts arise to FI 300 in the next 

plenty of unprepared travellers Definitions of “Drime" and seas investment is subject to a ^ aditjon of direct equ uy^par- ? otaibly ^ Brijph and West foreign markets. Unm^JoynoCTi few months with the new, Build: 

in the properly world. They The crash has. however, left .. S econda^” quality property’s myriad of problems. The incorn- fj cip 5iSn in commercial and in Ge 5“1f S ' ta ^ 1>s ** utterest ■«*“ remain above 200.000 tins ings which come.; the 

included the British developers scarred memories, and tor the But^it goes against the P at| bihty of international some markets residential in Holland. - y«ar and there axe growing market of a lower, but still 

who set out to repeat their time be ing property investment - fund managers to property vaiuin E standards. nr _ nprtv i«; heenmine in. DemaiMi *«f owner-occtaried fears that GovernJoeat measures highly acceptable -standard mb, 

successes in a tightly controlled away from home markets is obviously differing tax laws, the difficulties p p r2' *hroni»ho!it P ro P ert y in th« private housing tb create new jobs will pared with the. boom of 1975-73. 

British market in other but less tempered hy a fair degree of . d buildings locations of portfolio selection and man- . T . cc.n-?pnuenriv m- sect01 ^ shows littie sign of abat- adequate. Private consumption Rentals for. modem industrial 

amenable markets: the U.S. caution. This caution is now and lease c0V enants tn poten- agemeni at a distance— plus the creaspd JocaJ competition 7 for despite sharp price rises and continues to grow at a very or' warehouse space in the 

pressure on 

yields in most year after a decline of 2 per 

S’®S:. a Sl2l? 5S.SST stad ” the Amsterdam.:Rotter. 

option to lower their sights and properties lies outside of the garl 1970 ^ Quite apart ff0m “^^ aggressive operators out- But if world trade grows ai rne re g lon Provincial ' city rents 
to accept secondary quality institution’s home market. But h y ^. lesson of earlier , d ^ eir own lw>rders ***** m expected rate of 5 per een-L this are aniind FI ISO. Sav3ls for2 

properties. in the property market burnt finders the Eurooean aIso ®‘gos that foreign inmtors, wU represeiw a further Joss. of «sth a rise to FI 300 in the W 

De H„i ti o„s of -prime- aod 

Bim-iidMiv v..v ^.VJ. . : , and lease covenants tn poten- « * ummtc — nrp ,™H Inral rnmnefition for ‘“e 1 “ «acs uju M v* me 

banks who poured chcao finance threatened hy a problem com- t - -I|v more troub | esQme fnnge added complexities of rperating „ . in- v«tmJnt .•»»!« centraJ hank curbs on credit, slow rate — 3 per cent this year “ Randstad ” are steady areuiid 

into developers’ pockets: and mnn to most of the major ■ rtj and it 5c imnrnhahJp in different currencies— cninhine p , , and commercial demand is against 4 oer cent in 1977 and FI -"60-80. Smaller units con- 

into developers’ pockets: and mrm to most of the properties, and it is improbable in different currencies— jninhine p u. rrx ^ r in „ and commercial demand is against 4 per cent in 1977 and FI 60-80. Smaller units con- 

the Continenial funds drawn to financial markets nf the world. tbo SU ppiy crisis will be to keep the overseas elements . ° restrained by low levels, of investment, by contpaities is tihue to attract a good deal of 

back leisure schemes along the problem of too much cash reso)ved by a sustained -lide of most funds relatively low. u QS - economic activity. -Bankruptcies, expected to aacrease only 3 per interest when, offered .for .sale 

Soain’c Mediterranean coast, chafing too few ins.itu tonal j nmnurh, nu^iitv Even in the current search for John oTGrinan mcrseR anri a eeneml . n>ln/wt. cant •wvmnorwl with Ifi ner cent -or lease. ■— - r — ."r." ■: 

back leisure schemes along the problem of too much cash 
Spain’s Mediterranean coast, chafing ti« rt few institutional 
All or them eventually pro- quality property investments, 
vided plenty of work for the -p be inflationary growth nf 
receivers and liquidator-?. in vest able funds in the hands 

The crash of J 973-7-1 resulted 0 f the pension funds, ami ti» a 
in endless screeds of critical lessor e:;tent the insurance 
analysis. Banks rediscovered , - on , panic, and their equiva- 
the age-old tradition that lend- | e nts. force' 1 fund managers into 
ing short to invest long is a keen competition for good 
sure route to bankruptcy, quality property. There has 
Longer-lenu investing insiitu- been m-uflicient new dcvelnp- 
tions agreed that it helped to men t Q c prune space since the 
look beyond the seemingly high ?ns h tn fc’d the institutions’ 
capital returns on overseas de- increased appetite for these 
velopments to rhe unacceptably investments, 
high risks involved in markets Fund managers who cannot 
they did not understand. satisfy their properly invest- 

dnwn the 

property quality Even in the current >eart-h for 
good investment property - those 

Jonn orennan mergers and a general - reluct- eeoit compared vnth 16 per cent -or, lease. ~:~.L r 

Property Correspondent ance to invest have contributed last year The annual survey of the 

- ‘ Some successes have been Butcb propertj- magazine ■ Vast- 

achieved, however, in the areas poedmarket published- .earlier 
*' of inflation and wages. The year showed more than 

. consumer' price index is ex- • *?.' sq metres of ^pace in* 

pected to rise only between 4 n ) e . d ' lu ? 1 J“ ed “ la J« e coBtner- 
- per cent nod 4i per cent this ' v , b “,t 1 ' ne , S ,"‘ 1 “ ff " c °”P an!d 
reer (it was 6! per cot In I97T) »«h ^ 

• • . and moderate wage roses seem ~ ne ■« 

, -a Hkely to prevail for the next 12 by 

sector shows tfee 


monfhs. Despite recent uncer- araouDf of 0 ^ ce ^ce for iSe: 
tainty on the foreign exchange or renU direct]y available! or. 
markets, largely centred on the under construction, in huildjaag 
U.S. dollar, the giulder has 0 f [east 500 sq metres, had 
remained firm and sufficiently t0 950.000 sq metres from 

The surviving property com- 

ment requirements in their MOST OBSERVERS agree that seems “real and imminent’’ to sels at no more than 400.000 notable exception to this trend in. line with the other major 900.000. The decline in the 1 
home markets are faced with a ^ ,e sharp rise in the overall quuie from a speech made at a square metres. This is the basic is found in Antwerp where the European float currencies for amount of; office space in 1975,- 
OtliCtJ number -if choices. They can in take-up of office space in Brus- recent seminar presented in assumption upon which Jones move towards rentals has been central bank intervention to be which was due to a number- of 

The surviving property com- theory cm tin. 4 property ’dement Stf i s la:it >’ ear was d ut- partly lo Paris by Jones Lang and Wool- Lana base their arguments for accelerated by the availabilitv heid to a roiDUhum. Dutch very large sales Transactions, 

panics either blamed the local nf their investment nurtfnliov special factors and that as a re- ton. The international estate a speedy return to supply and for the first time of good, . air- interest rates have been falling was, as expected, not continued 

advice they had earlier ignored Blit ihaf v..u:ld go against the suit new leasing is unlikely to agents back up their claim by demand equilibrium. conditioned buildings. This steadily for the past few months in 1977. The. amount of office 

or had nof bothered 10 consult, established assumption that grow at quite the same rate in pointing to the growing number The commercial market in type of building teuds to sell ajiq fears that central bank space sold or rented last year 

the vagaries of ex^hnnee rates pruperty holdings are a hasic 19«S. But any check to the ot foreign investors, notably Brussels is perhaps the last ro- roadily as an investment, curbs on credit volume would f^l to 310,000 sq metres from 

they had not jnve^iigati.-d in vkmenf. of any institutional underlying flou of favourable Dutch, now returning to the .warning major centre in Europe On the industrial front cost push them up again have not 580.000 in 1976, according To 

sufficient detail, or acts of God. porif-dio. an assumption ihaf statistics should not prove too commercial market in Brussels. to shake off rhe constraints of and value have also moved out hPi»n reains»»d VaxtaoedmarkeVR survey. For 

any institutional underlying flow of favourable Dutch, now returning to the .main ing major centre in Europe On the industrial front cost push them up again have not 380.000 in 1976, according To 
assumption ihaf statistics should not prove too commercial market in Brussels. t( , shake off the constraints of and value have also moved out been realised. Vaxtqoedmarhel’R survey. For 

unreason in the early I970--. Mipply pmhlem is to finance the Brussels market is no longer cial statistics are available, hut and compounded the problems trial buildings have recently most far-reachin® but because space ,aksn U P in Amsterdam 

Remarkably few overseas pro- dvrcJonm.-m of new -mldings. suffering from the over-supply the agents reckon their pro- o{ high dem and from EEC and been sold for occupation, and of this with perhaps a very and Rotterdam fell sharply. The 

periy investor* were locked up What de-.elopnicnt activity is position built up during the jection s are in line with those n vrn.linkpd it«=prct • n„t th„ lettings apparently continue limited rhanee nf imnlpment*. Hague was stable, while other 

—either for their 

buildings have recently most far-reaching, but because space taksn U P in Amsterdam 
sold for occupation, and of this with perhaps a very and Rotterdam fell sharply. The 
is apparently continue limited chance of implements- Hague was stable, while other 

peny investors ■w.-uen up « nai uv.ei».*pnivni ac;iv;ry is husiuuh uum up uuriug me jecuuns arc in i«w wiui muse N-\TO-linked users) * But the lettings apparently continue limited chance of implements- was sraoie. while other 

—either for their own safety now under way tends to be in boom years of the late 1960s found elsewhere in the property nmvn * strennh of ‘ neighbour- steadily enough. It is felt, how- tation are proposals for the centres experienced a strong 

or the peace of mind of their response to this institutional and early 1970s. But the pros- market and that most people put t n t property markets is now ex- ever, that the large programme introduction of inflation rise - Rentals' in the three large 

shareholder;. pensioners or buying pressure rather than to peel of a balance between the the present available pool of ~ Ied , n ' h over jnt B *. of building in tbe port area accounting The business anti c[ti *s were around Fl 20 0 per 

depositors — after the crash, prelected u-uant demand. But forces of supply and demand office accommodation in Brus- gi(Jm and aS a resuJt aclivity could well take some time tb property world is still digesting sq . ,UEfr « , ; rtsta-r to Fl 300 for 

!* n Brussels has surged upwards. dlgeSt ’ . ... ... the recommendations made in s !!?f!i er “ mis ’ .. EJsew ^' e ™ 


Tenants and purchasers are A s for the shops market the 350-page Hnfttra ReporL generally around 

now beginning to realise that through the country, Jones Partly- because inflation is * J49'IS0, accordu^ tp; 
now is the time to take deci- Belgium stress, that this now less than iia If tin* 10 per ' ’ •./ 


- v 

'•'X ^ 

H e 



seminar underlined this point _ f v e v „ eminent, could afford the which had bpen standoff m 
UDder normal Belgian practice A fealure °f overall pro- unpopularity which , . some for a.!™? time were Takbp h 

a lease will be for nine vears perty raarket ** the degree of aspects of the proposals would comcany failures, 
with mmual options on behalf state coatro1 ? at has . begun arouse. Holland’s . largest reasons, bmoghr .. afionf 

v - , • 

extend leases hv as murh a<t t v hitherto has been a classic present form: The. fate of other on offer. Modern indi 
cxienu leasts ny as muen as is n e *nrn a c e J - our! 



r ■ • * . r --. 

r i .- v ' 


I-. • . 

th L Be !:! UJ !u ,n,rket - plan* to introduce mote compre- Another mainr reform nrn. att2, 'bcd office space, 

] i« li fcJI n *? ft ln p ^ operty hensive legislation. This “will posa | 0 f t f ke previous Centre * at * d 31 <>fn aI1:in Price. 7^^-. 
thrau.h IrZ * * he . Left Govemmern-for W ?S a ™-" f ™ ; 

plans to introduce mace compre- 

colate through existing pro- meas ures which up to now have 

nn offer was unchanged arndfia 

ff r ! , llfAA 1 . lhe 5 I .?. f . Placed somewhat ad hoc con- ^ £3g£t£x at theS Top, 




The independent Partnership 
of Healey & Baker provides 
a comprehensive Estate 
Agency, and Consultancy 
practice in Commercial 
Real Estate throughout 
the United Kingdom, the 
Republic of Ireland, France, 
Belgium, Holland, and the 
Channel Isles. 

The service includes ail 
aspects of Real Estate 
Investment, Finance, 
Management, Valuation, 

Town Planning, Development, 
Consultancy and Agency. 

to a contract utilises his break lroIs upon the annual indexa- of ^e ^momh-oid rpntre! nf Fl l ’ 00n <S440) per 
option in order to adjust the tion of rents, notably the o; a v. coa iiuon Profit art( * mnre are n . nw : . 

rental being paid to market con- tightening of the system to com- h “ nrnvpd „ cip n ifi«.nnt ^ Pr sma ^ er un* 15 . io main- ; ^b£. ; 

d",ons Thi* potential for a bj *.«««« of inflation. Vl ? d “ l "''I'M 

rapid build-up of property Over the past two years the Hotiand ove? thp oiS ?v o ?n pnrne sh ?- n ^ ps streets- iav^-' 
values, once the present log ceiling on rental increases have zJl three big towns. 

^ a 

... ■ Vi 7^ 

r* a 1 -lit. . 1 . , _ . JMVIU '<*-1 ' 

Dutch will have taken into tificales has remained at a rela- industry a more generous return arc now amonc the lowest -%;• 
account the possibility that a tively Jow pitch. Direct invest- on cap itaJ before ereoralno «'C Ky * ope - ^ it iat yields nffitS 
ronipletc revision in income ment in prnpertj' has always ■* excess ” profits. The pVrcen- are b per oent in iiqUWdf' 

stream need be no more than been problematical and in lages to pald h ave alSiTiven c, l mparctl vvith yl - P«r cep<Jfc> 

three years away. Timing is all order to widen the investor base reduced and. even more si” n flic- 8 pw cent^te - .' 

important 3nd nn one can be a number of financial institu- ani aQy transfers thi* i ‘' rar ’f r '- Percent in Bplglim 

totally sure of full commitment, tions created this market just - excess ” profit fund can be set ^ 7 p * r ™’ in The us -^' 

Bui more and more develop- over ten years ago. Since then a-ajnst corporation tr: ,2j »Paee are_.8 : jKT 

ment funds arc beginning to more than 40 issues have her-n docs t jj e r.iai’iel look in H,,lland c^mpareff wrt^ 

hedge fhc.r bets. made enabling projects worth Crom paV emetit level’ In ra!£s ijf b " KvC - n s ' an d Wrj&. 

BFrs 6 5 bn, or around f llOm. s prin R survey of the cesnr.ierei.ii ce ^ . :n . otiier eoUndJg 

hi client inn to he undertaken. Almost three- nninftrf - Tn . r i.p, in i?niln n ,i V* market, M 

“ excess " profit 



property market in Hoi Ian cl. the 

The funds now nibbling ted to the financing of distnbii- rcpr(rts mut . h discussion uf. ami ^ vniC , 

away at the Brussels market Hon companies while the bal- intercst i n> commercial sr.acu { '* inflation, and % 

are widely spread intemation- «w* have underpinned the but rcIa tivcly few transactions l!rn ' 1c ‘ rl of nrst^?. 

ally. Out of a total market leasing of office buildings and p urchascr s and tenants appear ''V^Vr . , pWpcr1,< *’" 

share in Brussels Inst year of shopping cenrres u» be waiting for a turn in the ?!!" * 1 “SS'S® 

138.0U0 square metres. Jones The leasing certificates relate economic tide before coming ‘ The f f VQU ? 

Lang Woutlun Belgium sold to Rems nf property which in batk imo vhc aiarkc . t ' 0n the r^sniriw nave been Belgft*. 
sonic 70.000 square metres of most cases carry a long lease supp | y s jde. developers have ‘ ,t ' r f 7?a " y ' f J anc . e - Swilzerlaitg, 
office building in just nine with an option tn purchase in done ’a lot of preliminary v.ork 7j ja i‘? L " S - 


these five favour »f the lessee at the end 




the rest spread between a Swiss .. r , , what they need on the market, 

insurer, an American insurer. Before 19 1 3 issues or real f, avo started development pro- 
one Dutch property invest- c sca .te certificates were primarily j cc j s 0 f their own. 

ment company and a UK unit wnecra^ with leasing opera- market ha? boon 

nrarKv* mss m«st trviisactioa* 
1 hat ha la ken place hfi>7 
been -n thi: privp.le sector." -'’ 

concerned wiui teasing opera- ™, . .. . , bume cnmmc-rcial properly^ 

tj- 11^1 tions of this type. Since that T f *? c ' .^, np ma ”‘ e ’ hd / s bo ‘' n t>»rmeriy m tiie hands of British 

a nf fhi> Rn,«pi, year a second category or cerrl- Particular! fj ac .-e wi«h ihe rouip.-jaies and eonsistnwr 

A refleLtiun of the Brussels ficate i, ave c0mc on to ih e dearth of units on tne mam mainly <,f i»niec gnd industrial 

reXVn a r Sss a ihere h Lnn?vU Set These arc Z covered popping streets of An^terdam buiUliug have been p- " the 

JJJJJ* hee,nnfne h Jn h^ni^ hy lon ” lcase contracts. They nnw . ha ^ n f spread r . ln many market. Dutch companies, such 

il!5.. J bCgl 52? B -ii relate to real estate let or tn P« ,v 'ncial towns. Hwvever a a -, Ll.-u-.vhocd. The property 

fa A 

\ '-^^7 Established 1820 in London 

\&jy 29 St George Street, Hanover Square, 

London W1A 3BG 01-629 9292 




“ nt Svl to one or more tenUt^ r ? y -Msb.n «C ' the^ tronsport. 

r„r f „ h. in ,^ generally on the basLs Of 3 tradi- decs, on of \V H. Snmh and a * : d property holding 

n " tinna! Iease of n ^e years with the Dutch publisher L!,evi,r to r.^ r *ny. PMihned. uly, reduced 

t tKr options every three P«n «n*t of thaw joim remihng ihcir-r-niuii.^ T ne amminr of 

v.nere Belgian and interna- ears venture, Sims, which sell*. p-, inf ,- v OVA 1Jie 

liona! companies readily appro- ^ certiBcales are fre e!y **»**. stationery a«. d lett ure mark.-':,: j 9 77~ from' ln«e 
ciaie the attractions which this n0 ..„ tiab i c WIth pnces published articles, when it faik-d to find it a=: beer. .uu*. at 

location has over other areas ot -- 

the City. 

The certificates are freely bo « k f- stationery and Itfiture 
negotiable with pnces published articles, when it fai.t-rj to find 
fnrimchtiy in Belgium’s finan- 3 market in Holland. Ii :s onr 
cial Press. The certificates arc ? f lhe , m V y L ’ K rola . ,!er< ,n 


Elsewhere in Eelgium tbe t J ed , h R n , ssc i s Amsterdam’s prime shoppmj 

purpose-built office rental mar- * 0UT “X a ™ e 'Zjor bTZll «««. the Kalvorsiraai. Th* 
Ret is strll at the embry-o stage t . erwfra | ise t h pir Supp |y a nd s «tiiation in Amslerdam i*. of 
with many occupiers preferring _ wriinri ,-, market growing concern tu many bu.M- 

to purchase floors or apart- 
ments for use as offices. One 

create a secondary market. growing im □u.m- 

I . n Jiessmen. - Plans In surround 
jenrey tsrown the centre With an Inner rin^ 

ihe-r-r- The a^tmmr of 
pruper-y om* me 

mark':' in 1977 from tnese 
iia.* been p'.r. at 
f‘"' : M.?un « Funds 
wrro with =n»,je inert.- 

C2.:i- iii: cl c.n'm:rciai hinks 

v. d::r.'i to provide up to ldti 
per evni finanun?. 

rti I. o - j i . i ... 

Claries Batcfacipr 

«iiRMcrdah; Correspondent 




Richard Blis, Chartered Surveyors 


■■'■> W 

h H 
. ;>> 

V 1 


. -■ Ot- 

NOW 3^T &c_ elections are 
pari of history & mote favour- 
able business climate has settled 
over France. JPoliUeally Triince 
may now be - able. KrelDpk • for- 
ward to a ' period of some stabi- 
lity. However,' Tt 7s .debatable 
whether the ■ French' elections 
really had as-mueh of an effect 
on the property /narket some 
claim. Institutions, 'fctoich npr-. 

malty invest in property, prob- 
ably had few alternatives .but to 
continue investing' in France 
and individuals may well- have 
considered property as good a 
Pl* ce as any to invest. 

Sp investment may have suf- 
fered only a little in the run- 
up to the elections, but letting 
.was in worse straits. There was 
a clear downturn in -the letting 
market which was accompanied 
by. a reduction in the amount 
of -completed properties coming 
-into the market. 

However if politically France 
is now. looking on a firmer foot- 
ing the French economy has 
been slow to recover. Industrial 
production improved in 1976 
after -the fall in 1975 and last 
year saw a very unimpressive 

Vet the analysis still talk of a 
continuing recovery. Foreign 
trade »as picked up and unem- 
ployment has declined, while 
the rate of inflation is not ex- 
pected to be much above the 
9 per cent of 1977. So the; 
economic background is' not 


.Meanwhile the property 
market is finally , showing signs 
of having pulled itself out of 
the problems caused hy the 
over - enthusiastic development 
programmes of the early 1 970s. 
This property explosion,, which 
was largely British led, was 
caused by a number of overseas 
developers becoming hooked on 
the French markers potential. 
This resulted in a substantial, 
stock of properties 'and not 
surprisingly, wben the 1974 
recession came along a number 
of developers caught quite a 
cold. • ' ' r .. 

However, by and large, .this 
stock of .properties has now 
been taken up.. It is understood 
that the take-up of office space 
in the Paris area last year was 
around 700,000 squaro metres 
which was . we) l : ahead of the 
figures, recorded, for 1976 of 
590,000 .square: .‘metres^: Some 
agenti , w V nowj saying -teat 

there is a shortage of suitable 
investment properties. 

The most commonly quoted 
figure for the amount- of office 
space available around Paris is 
lm sq m. and this represents 
to a significant estunt properties 
in the new towns where the 
excess supply may lake a few 
years to disappear. . And. of 
course, the Paris area is by 
far the mast important for the 
property market 

A concentration of invest- 
ment in a country's capital is 
fairiy common weri.dwidc, but 
in France the centralised 
nature of business activities is 
far greater than In any other 
European country. 

.. The population of the Paris 
region is almost a ' fifth that 
of the entire country, so not 
surprisingly most of the com- 
mercial development in recent 
years has ’ been concentrated 
around Paris. - 

- This is not to say that other 
areas, such as the provincial 
cities and the ports, do not 
offer opportunities for invest- 
ment. But basically the Govern- 
ment’s pressures to decentralise 
have not created a significant 
movement away from the Paris 
area. Occupiers are reluctant 
to move out to the provinces 
and new towns, so obviously the 
investors will not go out of the 
centre unless they are con- 
vinced that the demand is there. 

Apart - from the centralised 
nature of the French property 
market there are also ji number 
of other fundamental differ- 
ences which distinguish it from 
say the IfK property market. 

Insurance companies are the 
most important single force in 
France. Yet oddly enough the 
pension funds do not play a 
major part in the property 
market as they do in most other 
European countries, particularly 
the UK. - . 

One of the most fundamental 
characteristics of .-.the French 
market is the rote played by 
the banks. These control the 
two leading property investment 
companies and ..also have 
influence over some . develop- 
ment companies . and estate 

Robert Lipscorobe. a: partner 
in Jones ."Lang Waotton in 
France, recently cited a case to 
illustrate this point. *% . JLW 
acquired a scheme for. a UK 
investor from a Freni# lagent 
acting oil behalf ot a'deyelpper 
belonging to the same y banking 
gron& Part ortke scheme being 

subsequently resold to an 
investment subsidiary uf the 
same bunking gruup." 

As fur French property law 
this can be summed up very 
broadly by saying lhal land 
tenure is equivalent to freehold 
basis. Parts of a property 
which arc owned in a type of 
co-ownership can be equated to 
a form uf flying freehold, 
according lu agents Richard 

Leaseholds are structured on 
a nine-year term and there arc 
break clauses for the tenant 
every three years. These break 
clauM'.t Coincide with rent 
reviews which take place every 
one or three years. Whether 
annually or every three years, 
rent reviews are based upun a 
published mnstructiim index, 
which shuwed a tut at rise uf 
under 8 per cent in 1977 com- 
pared with 14 per cent in 1976. 

In France, rent increases for 
residential premises are subject 
to government control. This 
year increases will be limited to 
6t per cent for revisions due 
before the beginning of next 
month ami to S5 per cent of the 
construction index for those 
falling due tn the second half 
of the year. 

Investment demand has been 
reasonably good over the past 
year — Dutch pension funds were 
evidently active in the latter 
half of 1977. Most of the 
interest is centred around com- 
mercial and industrial property 
where the prime yields are con- 
siderably higher than on resi- 
dential developments. 

networks influence these sites. 

The improvement in the ware- 
house investment market has 
not been marked. Though 
stocks of un let properties arc 
gradually being taken up there 
is still suBicient unlet space to 
deter most potential investors. 
There has not been much move- 
ment in rental levels over the 
past year and broadly speaking 
yields are in the region of lb 
to 12 per cent. 

Historically shop rents have 
been protected and ownership 
of freeholds do not ch:iiUL- 
much. So there has not been 
a lot of interest for investors in 
shopping areas apart from a few 


decentralised -hopping area 
developments which can be 
likened to Brent Cios>s in the 
UK. Certain uf the develop- 
ments have been ryj<} 3 s invest- 
ments but pre-.Mirc-j from 
traders in the central area have 
curtailed the growth of thi* area 
of the market. 

How docs the overseas inves- 
tor fit in? Tin-, is obviously 
difficult to judge hut it has been 

estimated that foreign invest- 
ment accounts for about id per 
cent of the woperty market. 
However. The French cxerct-sc 
strict exchange controls which 

mean that foreign comp-urc- nr 
individuals cannot French 

local fund?. Local financing is 
only allowed where there is 
joint ownership and tins is 
related to the relative stake or 
the French partner?:. 

It was lu a certain extent to 
protect the market from any 
adverse effects of cutting out 
some overseas investment that 
the Government came up with 
Ihe “ Plan Barr?" in 1976. This 
earmarked Government funds 
for use in aiding house construc- 
tion. industrial properties and 
public sector construction. This 
policy is still important for the 
property market. 

Terrv Garrett 

Slow return of 


As we have seen, take-up oF 
office space has been increasing 
in the Paris area, and probably 
most investors will agree that 
the market now offers very few 
bargain buys. Office yields in 
Paris in the central area are 
mainly around 8 per cent while 
some of the top properties are 
nearer 7 per cent. Suburban 
offices offer a little better with 
prime yields of around 9 to 10 
per cent. However, with the 
possibility of a shortage of office 
space in the centi-al areas, rental 
levels could harden, unless there 
are any significant increases in 

Turning to industrial proper- 
ties the main areas around Paris 
are. in the north between the 
capital and Roissy airport and 
in the south around Orly, air- 
port. Obviously communication 

CONFIDENCE IS returning tu 
the property market in West 
Germany but it is a slow process. 
The key influence is dearly 
economic activity which remains 
sluggish along with the world 
trend and at this stage lew 
observers are prepared tu 
predict the actual liming of the 
next upsurge in the property 

Where they can be pin- 
pointed, overall patterns suggest 
that the mood among investors, 
developers and estate agents is 
one of cautious optimism. The 
market has been stable for some 
months and there is a growing 
concensus that the bottom has 
been reached. At the same 
time, the West German 
economy, although flat, remains 
one of the strongest in the 

Like so many property 
markets in Europe, that in 
Germany is plagued by a lack of 
official statistics ur any reliable 
guide to market momentum. 
Difficulties in appraisal also 
arise from the fragmented 
nature on the market with 
activity spread among no less 
than six major cities — Hamburg. 

Diisseiaorf. Gdugirn. Munich. 
Stuttgart and TrunUun — ail uf 
which differ in i naraeler and in 
patterns uf demand. Tin- 
absence uf an vneracnv .-e rural 
market of ih»- sort found m 
Paris. BnmeJi ur L undnn com- 
pounds the problem. 

However, fur the record the 
residential market iimimuc’* to 
suffer from nver-supply: indus- 
trial building i- heavily over- 
shadowed by i he slackness of 
the economy : office development 
is spasmodic with a certain 
firmness -dtuwins through in 
Frankfurt: the -hop market con- 
tinues lu hu-.k the general 
property depression and prosper 


Given its nongraphic local inn 
at the centre uf Germany, ir>- 
status as th»* ‘.nuntry s banking 
capital and ii- major airport. 
Frankfurt g perhaps ihe prime 
area for office development, t ine 
of the band of UK developers 
active in Germany. Slough 
Estates, reckons its modest, 
12,000 sq rt development in the 
city could soon be largely let. 

having stood empty since its 
completion at the end of last 

According to Slough, whose 
lixed assets in Europe now 
amount tu abuut an eighth of 
the group total, the market in 
industrial property in Germany 
has been holding level for tunic- 
six to nine months. The com- 
pany recently acquired an addi- 
tional six acres uf land adjacent 
to its Cologne site on which it 
win build a complex of some 
65.000 $q ft before the end of 
1H7S (65 per cent of the pro- 
perty is pre-let). 

One uf the attractions of 
Germany to a group like Slough 
is the favourable cost of money. 
Rates of interest may have 
hardened marginally in recent 
weeks — partly due to the unset 
nf the summer tax paying sea- 
son — hut the economics of bor- 
rowing in Germany are probably 
the must favourable in the 
world. Swaziland apart. Dur- 
ing Jbe first quarter uf 1978 
mortgage lending by the savings 
institutions was running almost 
40 per cent up un 19* «: and the 
major commercial banks, which 
were hit especially hard by bad 
debts following the property 

crisis of 19711 an<| 1974, have 
recently been edging up then* 
facilities tu mortgages l| f 
between 60 per cent ami 70 
per cent. 

In the eyes :.f the majur 
i estate agents the property mar- 
ker in Germany has already 
| begun to recover. Weathers! 1 
. Green and Smith cite tne aefive- 
jness uf UK institutions as well 
:as a strong retail market, while 
[Jones Lang and U'uotton reckon 
to have noticed a steady return 
of confidence over the past 12 
| months. 

! Wealherall puinis out although 
j UK institutional activity is rela- 
; lively modest in terms of the 
| overall market in Germany, a 
j growing number of transactions 
are being carrii-U out mostly 
I with UK developers and ihe 
"trend is continuing." The 
agents see the Dutch, who 
appear (n be •'witching Iheir 
concentration uf funds away 
from the Du*>H«iurf conurba- 
tion and ulher cities m the Ruhr 
as among the most active 
foreign institutions. 

Commenting un the office 
market in Frankfort, Weather- 
all says that Him over-supply 
position is mostly concentrated 
outside ihe centre of the city- 
The bulk or the 400,000 or so 
square metres of office accom- 
modation thought to be over- 
hanging the market is mostly 
found in the new offices areas, 
like Nicderrad and Eschbum 
and in certain large lower 
blocks on the periphery of the 
city. " It is. o completely dif- 
ferent si tu at inn in the main 
banking centre, especially in the 
Innenstadt where there has been 
a constant demand fur new 

A good illustration of this 
can be seen in ihe I'.fC. lower 
where the agents were involved 
in letting some 12.000 square 
metres of accommodation some 
.months before the block was 
completed. In such prime, air- 
conditioned space rents have in 
certain instances moved up to 
DM 27 per square metre, and 
have been even higher for snidil 

The agents see ihe industrial 
market as remaining quiet. They 
point out that attractive interest 
rates have meant «hat the pre- 
ponderance of German industry 
wishing to invest tn new 
premises will ihcso days tend 
to build its own accommodation 
rather ihan lease. As a result 
very few speculative industrial 
schemes are being carried nut. 
Conversely the retail market 
has " remained firm." Despite 
the prevailing Jujfgiyhnev? of 
the official retail sales statistics 
in Germany, the country's 
retailers show none r.f the 
caution of their industrial 

brothers. Shop expansion is 


Jones Lang and IV nor Lin inane 
the point that growing difficul- 
ties m obtaining e’ann’ng con- 
sents for certain types of retail 
property have helped in wnie 
ways iu enliven this market. 
This is especially relevant in 
areas like hypermarkets where 
the rapid development uf the 
past decade is now slowing to 
q trickle, institutions are now 
bey inn in.' lu invest in this 
seetur v. iier.-as previously the 
market was dominated by the 
private investor. 

Without any doubt, however, 
ihe must sought after types of 
investment are pure office 
investments and shops, ur 
mixed shops and offices, pro- 
vided the location is good. 


Investor interest is by nn 
means I i mi red tu what might 
he regarded as first-class 
locations. Bmh property funds 
and insurance companies are 
prepared tu purchase pruperry 
in relatively secondary areas 
provided yield values are 

Stimulated by the interest 
rale structure in Germany 
which is now at its lowest fur 
sumeihing like 20 years, the 
demand for quod investment 
prepositions U considerably in 
excess' of supply. For this 
reason, the agents suggest, 
institutions are beginning to 
turn lu mure speculative situa- 
tions such as Lite purchase of 
empty bidding*, forward com- 
mitment purchases and in some 
cases, development. It is clear, 
however, lhal not all German 
institutions are tins daring. 

The major investors in Ihe 
commercial property market in 
Germany are the insurance com- 
panies and the closed and open- 
ended real estale funds. Both 
invest un a national basis. Pen- 
sion funds also invest in 
property but their activities are ‘ 
limited by size since the private 
pension fund industry in 
Germany is relatively small. For 
obvious reasons the private 
individual will tend to concen- 
trate on i he smaller end of the 

The open-ended property 
funds lu emerge intact from • 
the recession are once more be- 
ginning lu flex their buying 
muscles. In the past huth the 
closed and open-ended funds 
have tended not to differentiate 
between investment in residen- 
tial and commercial property: 
they now show a marked prefer- 
ence for the commercial end 
•if the market where there is no 
rental control. 

Jeffrey Brown 


Elysees Rond Point. 
324.000sq.ft. (30,106m 2 ) of 
prestige office accommodation 
on six levels. 2 levels of de luxe 
shopping, restaurants and 
underground car parking. 

lo Let 

Contact Raria Qffiw 


Aurora Building. 

22.000sq.ft- <2,000 nr) office 
accommodation and n 
10,760 sq.ft. (l.OOOnr) showroom 

ft Let 

Contact AmatmtanOfflM 

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Modem flatted factory investments 
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For Safe 

Contact Hong Kong Office 

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For Sale 

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Pi*-- whole or will divide 70,770sq,ft 
(6,575m 2 ) centre main 
business area, ideal banking/ 
insurance.4 million US$ 

Contact BnrtBDSiraai Dffic* 


84,400sq.ft.(7,840m 2 ). 


: accommodation t ;• 

available in Australia s 
-largest office building /■ 

Contact Bnitan Street Offlea 

Fribourg 5Y.1HSRLANO 

29,380sq.ft. (2,729 m 2 ) 
office property investment 

For Sab 



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Investment Property 

We started our property service in 1962. 

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in good times and bad. it is a continuing and 
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dubuns office market: ^ d p^ s w! 



ANY REVIEW of the property 
situation in the Republic of 
Ireland begins and virtually 
ends in tbe Dublin area — but 
not quite. The country can be 
divided into three parts — Dub- 
lin, the south and the rest. 
Activity is picking up in the 
south of the country, hut the 
rest remains virtually un- 
changed. It is in the Dublin area 
where it is all happening and 
there is much that is going on. 

Activity in properly is always 
very much tied in with the state 
of the country's economy. The 
Irish economy has turned round 
from the depressed situation 
and there is an air of increased 
confidence. This has resulted in 
the demand for office accommo- 
dation stepping up considerably, 
much coming from Government 
requirements, and the supply 
is just not there. 

All prime office space has now 
been taken up and the demand 
has resulted in rents exceeding 
£4 per square font, a level long 
regarded as being the upper 
limit for rents. Mr. Michael 
Lucey, the property investment 
manager of Irish Life, the larg- 
est financial institution in the 
Republic, reports that all 6pace 
in the Irish Life Centre has 
now been let, much of it at 
rents above £4. He confirms that 
there is very little space coming 
onto the market — and only 
50,000 square feet of new space 
in the pipeline. 

able, neither is it accepted by 
the authorities. The demand 
is now for much smaller 
h I ocks. no mo re than 50.000 
sq ft with smaller parking 
facilities and the authorities 
are imposing certain obliga- 
tions for residential develop- 
ment in planning permissions. 
One objective is to avoid the 
blight seen in other countries 
of massive office development 
in town centres with decay in 
the residential areas that once 
occupied the sites. 

This means that many de- 
velopers are seeking new plan- 
ning permission based on the 
current style. Once this has 
been obtained then develop- 
ment can go ahead again to 
meet this growing demand. 
Irish Life has applied for new 
permission for its High School 
site in Harcourt Street in 
Dublin. Originally it was 
planned to have a iaree office 
block on the site with parkin? 
space. Now this ha?, been 
changed to a series of smaller 
blocks — about 40.000 sq ft with 
smaller parking accommoda- 

half as high again as the 
average footage occupied over 
the last 15 years. 

Dublin and its surrounding 
area is also the centre of indus- 
trial development in the 
Republic. The Government is 
pledged both to get inflation 
down welt into single figures 
and to reduce the level of un- 
employment On the first count 
it looks likely to keep inflation 
at T per cent but the second 
pledge is more difficult to ful- 
fil. The Industrial Authority, 
a Government agency, is buying 
land to encourage foreign com- 
panies into Ireland. But the 
activity is intense From the pri- 
vate institutions for industrial 

The city has always been 
inadequate in providing ade- 
quate shopping facilities for the 
population it serves. Irish Life 
has a development scheme in 

Moore Street, including a 
covered mall plus car park and 
200,000 square foot of shopping 
space. The project is estimated 
to cost in the region of £15na to 
£20m. Rents of £30 per square 
foot are now obtainable in 
Henry Street. 

In the south. Cork is now 
occupying a lot of attention. 
The entry in the EEC has meant 
prosperity for Ireland's farming, 
community and the benefits 
have come through most to the 
fanners in the South. The area 
has become prosperous on this 
account alone. , 

But now is added the pros- 
pects of oil being discovered on 
this part of the coast and the 
speculators have started to move 
into the area in anticipation, of. 
an oil boom. Cork could become 
another Aberdeen if the hopes 
of oil are realised. Already it 
has become difficult to get pro- 

perty in Cork Itself. A new 
office block built for Friends* 
Provident Life was recently 
topped out in Cork, providing 
16.000 square feet of office space. 

Finally, the remainder of the 
country sees very little change, 
the main activity being centred 
in Limerick around the Shan- 
non and the industrial area 
development adjoining the air- 
port. Although there has been 
considerable development, the 

promise of this area Inis hoi 
been completely fulfilled; It wa> 
expected that this would be verj 
much a “ go-go ” devetopibba 
area: These expectation received 
a nasty setback when the Dutch 
company Ferenfarpulled ojjf oi 
its operations following a pttf 

longed strike: This does not 
mean that the development l&V. 
complete write-off, but. 'it Was-* 
serious reverse to expectations. 

Eric Short 



The Irish Life has also a 
revised development nearby in 
Adelaide Road and this site dries 
include some residential 
development The company has 
never turned down investment 

Emphasis on industrial 

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Modern office development be- 
gan on a massive scale in Dub- 
lin during the early 1960s- Since 
then nearly 5m square feet has 
been built But until recently, 
supply and demand has re- 
mained more or less in balance, 
until the recent upsurge re- 
sulted in demand far outstrip- 
ping supply. The main reason 
for this arises from a change in 
attitude towards the type of 
development that is acceptable, 
including a new outlook from 
the authorities. 

Much of the planning per- 
mission already granted was 
for the old style monster crea- 
tions of 100,000 sq ft or more 
with massive car parking facili- 
ties incorporated in the de- 
velopment. This type of 
property is no longer market- 

in residential property, unlike 
most LUC financial institutions 
which eschew such investments. 

But it is held in the main life 
fund of the company, not in any 
specialist property or mixed 

PROPERTY development within 

T' f e r£ israars 

ing office properties to rise 

v-i.w, i . f „i Un take on the characteristics of 

!??!?/■ l** 1 .?! 1 the West in the foreseeable 

j l _ a * _ _ _ in? * v cot in uir luxcscraui? 

to the B t o 6t per cent range. Euture Propert de velnpments 
e . ,d .Jf m the Communist countries are 

purely nominal since there are eSiv Unked vri h 

PW.-U, extend industrialise- 

__i_ Tk;.. i/. 1 ; 1.^,1 M ^ y mai ia v\* cmcuu 

u °" « 

u,,u ‘ are more cautiously planned in 

come on stream from about ... j 

1980. But it needs to be 

their initial stages than would 
be the case in the West where 

emphasised that demand will be lu* ".V, ”, :,,'Z 

strong for the next decade. the property s,de “ f such 

Junes Lane Wootton in its 

developments can often be 
carried forward somewhat in 

latest survey on Dublin Office * 

Property estimates that a ot the rest of the 

growth of mSiTum offi« 

jobs each year would generate not d,sguIse the scale of “ ch 
an annual demand for about 


400,000 square feet of space — 

or tbe 




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The outlook for tourist prop- 
erty development, now of such 
significance in many East 
European countries, is difficult 
to assess. 

Much of the success of 
tourist development must rest 
upon relative cost which at 
root is the major attraction or 
repeflant For the package tourist 
on whom such developments 

of economic growth in the coun- 
try has of necessity thrown the 
bulk of investment into the 
industrial sector. Bat there are 
indications that this bias has 
eased over the past couple of 
years. This has meant further 
concentration on agricultural 
land, which contributes about 
one third of the Gross National 
Product Current plans are for 
an increase of 20 per cent in 
agricultural production, with an 
increase of sorne;^ 400,000 
hectares in irrigated farmland. 

Developments in the tourist 
sector, however, will clearly 
play a major role in property 
activity. The State Committee 
for Tourism is laying great 
stress in the coming five-year, 
period on developments in the 
Black Sea areas, where it sees 
a growing - demand from 
Scandinavia and West European 
countries based upon the attrac- 
tions of the climate.- 

On the coast there are planr. 
to extend the existing material 
facilities and tourist infra- 
structure. But perhaps the 
most interesting developments 
will come in the hinterland. 

One possibly significant 
development for the future 
has been East Germany’s suc- 
cess in attracting a loan of 
$22m from an Arab syndicate. 
While not large in itself .the 
loan is thought to be the pilot 
project for much larger loans. 
In view of the evident - desire 
for further industrial expansion 
in East Germany, the Arab loan 
will raise hopes of further 
lucrative contracts over the next 
few years. . . 

The prospect of economic re- 
forms in Hungary has opened 
up valuable opportunities for 
the West in terras of property 
developments, especially as 
these opportunities will cover 
a wider Tange than, the purely 
industrial sector. • ■ •• 

■ A meeting last Summer of the 
UK-Hungarian Joint Commis- 
sion spotlighted ‘several areas 

in which Western, and specif 
cally UK co-operation would- He 
welcomed. A major opportunity' 
may be the building of a new 
Budapest airport. But plans for 
an irrigation project in the 
Tisza region and also agricul- 
tural development elsewhere in 
the country will also play a pro- 
minent part in developments in. 
the. immediate future. 

It may safely be said then 
that there are still. many oppor- 
tunities : for development in 
East Europe, despite the general 
recession. The liveliest pros- 
pects for the immediate future 
will probably remain, in the 
industrial field. But the success 
of.. Western hotel and- tourist 
groups V in ' helping; - .to' develop 
tourist oporttznitles - suggests 
that the. longer tenn^pos&SbQl- 
ties may lie in this direction. 

S2 i 

By a Correspondent 

At present East Europe has m 

the reputation in the West of IlltBntlOD 
offering great opportunities for 

the development of reasonably The intention is to build 
priced tourist opportunities, substantial number of “ balneo 
but this may not be as true as logical centres ” which will con- 
generaily believed. Much will ta i Q no * only the traditional 
depend on the experience of accommodation but also a wide 
Western visitors to the Olympic range of therapeutic and 
Games in Moscow in 1980. An recuperative facilities. For the 
expensive experience here immediate future — until 1980 — 
could cool off prospects for a this will mean the extension 
number of tourist developments and modernisation of existing 
elsewhere in Eastern Europe, buildings and towns. But if 
In Russia the impetus WJ to attract what are now 

supplied by the Games has been “ u ‘ , * , ed medical tourists ** 
all the greater because of the P rove ® successful, then there 
relative scarcity of the more ?. r ® t0 increase substan- 

basic elements in property y J^ e , rate . budding and 

superstructure, such as hotels, * ev f ,opme !“ ***** 

residential complexes for visit- S ^ 0ldd Ifie 

ing athletes and even road i V 4 P n I -jJ^ a ^ n H ll rrant fur |ber 
systems on the scale needed to f t ^ er ® are pians 

accommodate the Games farS? r™ n S? n re *? rts 

While there have not been S l 

any firm public estimates of the *i. e _ asi , fi^ e Tnnn ^ st i_ Gerraany 
number of visitors wntel to Uniwm on som/sSamS 
visit Moscow, the stress _ laid bj developments, with the stress 
the authontaes on new building laid on industriaI nt her than 
emphasises the significance of tourist activities. The Japanese 
the event for the industry are at present building a new 
Western groups have been international trade centre in the 
involved in the contracts for middle of East Berlin and seem 
massive improvements to likely to obtain the contract for 

Moscow’s catering and com- a chemical plant at Schwedt on 
munication fatalities. Some the Oder. Tbe plant will cost 
sources indicate that hotel some $450ra and has been 
accommodation in the Russian eagerly fought over by several 
capital will be quadrupled by Western countries, 
the opening of the 1980 season. East Germany is known to 
Moreover, the cost of extensions have several other development 
to the Moscow road system and plans in the pipeline, and it is 
other improvements within the likely that the coming year will 
city has been assessed at around bring another bout of com- 
the equivalent of £240m. petition. But such contracts 

are expected to be restricted tu 
SOOSt heavy industrial plant where 

property involvement takes a 
Nor has the boost to Russian back seat to the provision of 
tourism from the Games been machinery and buildings. 

restricted to Moscow. Property Thus another substantial in- 

developments in the form of dustrial contract to build the 
camp sites or motels are for Tnaking motor trans- 

planned in other major cities n V 1 s I s i° n systems, although it 
such as Leningrad, Yalta, be one of the_lareest indus- 

E re van and Sochi. 

trial contracts negotiated in the 

Seaside resorts on the Black E “ t .. I ^' rm " n 

r. Government, is unlikely to 

Sea are confidenUy eapecttng to intiudJ „„ v mn . in H rirtr j a , 

double their number of visitors 


. , . __ . _ st ruction. The IlflOm cost of 

and there have been many pro- thc pl>nt plare . s it aninnB the 

3 ects to develop new resorts. In most iucnlive on the world 
nation still regarded as a marked 
newcomer to world tourism. 7^ arp aIso hinls of 
there can be no doubt that the another fertiliser plant develon- 
Games have opened up mppf ahead in the Rostock area, 
significant opportunities within But the exclusively industrial 
tbe property and construction nature of these contracts seems 
industries. tn rnske them prime targets For 

Tourist developments are Western industry and coin- 

likely to continue to be a major petition is alwgvs strong. The 
feature of the property sector RoKtork contract, it is thought, 
in Bulgaria. During the past mav go to rretwt Loirs at an 
two decades the powerful rale estimated DM 300m. 

fnternationa! people 
are^iscreetiy choosing 


or Hie Riviera 

A ynugue village 
perfectly sited 


In 60 acres of fragrant pine-lands and gardens 
on the sea’s edge looking out 
over the Bav of Cannes. 
the property includes 2 club houses,, t 
2 swimming pools, several beaches v r 

a 180 -berth private harbour. 

Fishing, sailing, water skiing, diving 
and many other sports are available. 

And with many other services for : 
a carefree and leisurely Jife-. . 

- 4? 

A first class investment 

30 minutes by motorway from 

Nice liiteaiUitioiHil Airport 

Houses in clusters with 3-6 rooms 



174, Bd HACSS MANN ^ PARIS 81 

On site: Thfeoule (Aipes-Marittmes) 
Tel. (93) 90.30.48 


London Office 







Ring 01-493 6787 for further information on " ” 
^ Wrnr ^9°V SOUTH WALES 150.000 U). 11 . S/S Did ui trill bulidfe; 
18 -jktc rreohold site. FOR SALE or TO LET. 

EAST MOUSE*. SURREY. 24,500 iq. ft. S/S warchousr. 22ft e*i*' 
( cwo-tcorey offices), TO LET. £33,000 it*, ex. 

BUXTON .WEST MIDLANDS. 155.000 sq. Ft S/S iftdustriil -quit io 
4 bin. TO LET. Lonz Lwe. " 

Lct on Lon; Luw. Producing £20.000. pj. rising to £27.DDO f i ' 
FOR SALE. Free hold. .* ■. 

T^Vvr F " C0 * ICIined CJt ' taoltfn * olfites uperbl/ appointed. 2.800 *q. ft 

MITCHAM. SURREY. S/S warehouse 10.400 sq. ft with offices. TO W 
Long Lease. 

Manchester Office 



Ring 061-834 1814 foT further information on 
SKELMERSDALE, LA NO. Modern factory unit 624,000 sq. ft 60 
seconds from motorway network. 

BRADFORD, YORKSHIRE. Modern office/ laboratory/ ware houj, premises. 
29.4SO sq. ft. FOR SALE. 

WA^EN /vraRSLEY. LANCS. TO LET. Last remaining new unit 
9,600 sq. St. Adjacent mocorwirs. 

All DENS HAW , MANCHESTER. TO LET. 14,670 sq. ft. New warehone 


« Sp oirktag. Client will split. 

BOOILE, __ LANC. 8.000 sq. ft. Modern vrorkshop/ wholesale 

FOR SALE. Oan to docks. 


plant .lnUM-jcm.TjrvVld'jRrcAijclicn.-jr: 

sAsiotaoi^EsiaioAfior.ioaptl . 


lOGartasPl.-ic*. GrcownorSauAro. LcPdan W1Y6HA. Tel: QT-J*53 6737 
KmrjsCoijn.Erchanaejtfo-M. Manchester M23AX 1&T061A341R3A 

AKwiBimimqbam.Dubhn acd Overseas. , - 


I iy * 

ii . »\ j 

rfe s hj. 


' l -' ,n Tt«, 

on f «*i 

*** i 1 
■; s Hoe/ 

^ ,; •• 

'l-r., . *■• 

■ • •::• 7 f - 
i .,-\;;w. : 
>•• ' Pi'. lllT 
!'■ ■■-■i c:.- 

•: ;ct 

: .: V. dc'.t 

•.err! posit 
M • fl.r-'idtt 


THE PROPERTY.- market in entire . property industry- But re 
Italy has 'retniuoe^ under the SGI, with all its difficulties, was d: 
shadow i;ast ivtJ»e -other sectors also Europe’s largest .property tr 
of the nation’s -economy.- • The and -construction group and ns ei 
persistent 'recession' 'in Th&no- survival ;is of central import- m 
facturing industry- . has -.sti6ed ancetothe industry. a< 

demand far 'otiteg&'o? factories. 'Indeed the p&st fortunes of C 
And with its ' toiiriiit ' industry SGI provide an all too accurate ei 
already well developed oyer the mirror of the fortunes of the T 
past reniurjvltaly has not been Italian property industry. ft 
able to rely on the boom in During the. early 70s Italian nr 
hotel building which has helped investors fled from inflation (a U 
maintain the momointnin in the terror hi that country rauier o 
properly industry elsewhere in 'earlier than it was elsewhere) e 
the Mediterranean or North and from a collapsing currency a 
African countries, v - (also a pheisondmea which w 

; In some ways, in fact, the appeared in Italy before it p 
rapid development of the Arab became a threat in other turn- 
world, which has often pro- pean countries) and Ii 

vided a safety net for' other the traditional path of ooui p 
sections of European industry, peasant and sophisticated nnan- f 
has worked to the ■ detriment cier by purchasing ‘real assets _ 
of the Italian property sector. Nothing of course is so solid v 
With little indication . of ■ a as a piece of land. But on the s 
revival in coiumercal property other hand, nothing is so im- ( 
development at home, Italian movable as' a piece of land j 
construction -companies 1 - have -when the bottom has dropped , 
concentrated on opportunities but of the market and the asset 
oversea*, and have tended to having become too expensive to ^ 
draw after them such resources develop, proves also to lie too 
of skill and finance ' as unwanted to find a buyer at 
might perhaps have been made any price, 
available inside Italy. ' Thus The new SGI Intends, while 
property development inside maintaining its expansion into 
Italy has continued to languish overseas ventures— at present 
while the major Italian con- ranging from North Africa to 
tractors have ranged abroad. South America — to base its 
to Algeria. Libya and elsewhere recovery on the domestic popu- 
in the Mediterranean basin. lar construction market, vwtn 
On the surface the picture the Government as well as a. 
is not loo bad. The 21 credit hanks keenly interested in 
institution? providing finance such a recovery, any P ® • 

for property development lent at SGI will be good for the 
a total of Li.552bn last year, an rest of the property raar .* 
increase of 13 per cent over the' Some of the more 
previous twelve-month period, critics of the industry n 
and total loans to the property pointed to ore possible danger 
sector probably clear L13,149bn in the concentration oir over- 
at present. - seas opportunities ^bich ha. 

But after allowing for in fla- become the m ^ fe * tUre Do a s . 
tion. these details confirm the Ihe industry, 
sluggishness of new business sibihty. that the . 

(luring the neriod. The Govern- pricing P° Jl ® le . s 

ment hones to stimulate con- overseas marked, wtare imhan 
stmetion activity but this policy entrepreneurs cnn sUl ^und r 
must take its place in the queue cut the competition eoujfl le-d 
of other pressing-; industrial to the traditional error over 
problems. Until such measures loading the urder ^ oob H ^^ p° 
take effect it is hard ‘to -see how profitable ,roplrac^ . However, 
the property sector -can be res- there have been no _ sgns 
cued from its- present malaise, such problems yet. 

But there arh signs “that the Tourism, al&oughjiqt alwaj s 
ouilook is -brightening. Of con- the mainstay of th . e yP roperl * 
siderable significance has been industry, has provide? some 
the rescue* of Socjeta Generate extraordinary examples of 
: jmrnobiiiare— -Sogene. (SGI) by entrepreneurial • — or 

39 Italian banks. The; past four profiteering, depending upo 
h at i epan the problems of the point of view.- • 

^ ha ve k The most recent upsurge has 

been' estimated at L500,000m^ been in Sardinia. 

> loom threateningly* over the. property values^even by sfll the 

recent inflation-inspired sian- in 
dards has rocketed. Well after pi 
the end of the, war a site large in 
enough lo accommodate a 
holiday chalet could have been in 
acquired on the now celebrated ol 
Costa Srueralda for a mere 3p ai 
equivalent per square metre, di 
The same site would nuw sell hi 
for at least £30 per square o 
metre, and so on all the way up w 
the scale. The scale is nf d 
course hs extensive as might be i> 
expected in an area designed us h 
a playground for Lhc very rich. 

with the Aga Khan consortium i< 
playing a major role. P 

A few years ago it might ~j 
have been feared that the ^ 
period for such ultra-expensive J, 
property development was over r 
— at least for the present. But 
work is in hand now for :i mas- 
sive further investment on the 
Costa Snieratda. with some 
£3m equivalent total commit- 

( Elsewhere, huwever. pruperty 
| development is still logging, a 
. victim perhaps of the repula- 
L tion Italy has fur being a rich 
, man’s paradise and luerelure 
\ not over-attractive to the cisl- 
- price operators who provide the 
J stimulus beneath the expansion 
3 in tiie Iberian peninsula or in 
. Greece or North Africa, 
i The inability of the South of 
J Italy to share in tins world 
i tourism phenomena has been 
s one of the most disappointing 
p features of tiie past decade. 

Property speculation in the 

s South, and there was plenty of 
e that in the sixties, concentrated 
r on optimistic commercial pros- 
•- peels in I he major towns. Such 
s developments have been largely 
f halted by the general recession 
s- in the economy. Outside Naples 
e or the Sorrento peninsula there 
n is still a lack of impetus fur 
n tourist development which 

r- could do much to revive 

d property development. 

r- An underlying problem for 
Q- the properly sector remains that 
f. of persuadiug Italians, who are 
^ among the world’s greatest 
savers, to take a direct interest 
rs in property investment. Per- 
ly sonal savings continue to follow 
ie die traditional path into bank 
of deposits — more than 50 per 
>r cent of personal savings of 
>n L64.063bn went that way in 
1975. With share ownership 
as playing an almost non-existent 
re role in personal savings, this 
le has left the banks on their own 

in providing finance for pro- 
perty — as they do largely for 

This faclor may have serious 
implications for the latest hopes 
of reviving the construction — 
and thus Ihe property — in- 
dustry. There are believed 10 
he firm proposals to extend the* 
official control of insurance 
company investment in order in 
direct a major share of such 
investment towards popular 

At present insurance company 
investment is directed towards 
permitted investments including 

Government bonds and pro- 
perly. But property investment 
has become less attractive since 
rent restriction has curbed the 
rate of return. There are now. 

it is understood, proposals in 
the offing by which minimum 
and maximum lending limits for 
each investment category may 

be iwp°*eri. 

These restrict inns would aisu 
be imposed >»n the lnV assur- 
ance companies, although these 
in fact play a subdued role in 
Italy— attracting mu!; ’J per cent 
nf household savin.'.. Tne snog, 
from ihe point m \ kw of the 

insurance indn-ir.. i- that the 

life companie.- Ji:n-> attracted 
j,-,,, much aite-.u:««n i'r- m thoeo 
political circle* a'ixmus to 
discover a source of finance 
for r'ne despcr.ii-.-ly depressed 
domestic housing indu-uy. With 
premiums of around £2.3bn la-t 
year, the life c'mpanif might 
indeed prove t«> he the source 

i!.»u=h price, arc i«rt movin,. ' 

!he number of .ales , S ereepm; ,urh^-» of ,he 

“ The mo.l Henres.ej seelnr of collapsed C.Wn Ami i P™P"£ 
(the property market is withour group. ?. ‘ -j t 
'doubt ihe office letting bust- centre 
! ness. In Johannesburg Ihe modern buriding utin a re “ 
i amount of vacant office space income uitcr c ,- P r*ooOOO a 
Stop. 300,000 ,, uieires. and the ? 

market in Italy as ha\e hrofcina and valuing firm. t« be -- per ciut ,m ' e J f h it 
h-en in other Western »cieues.j Dnlv ar0li!ld 70.000 sq metres potential for icutj! l 
But f«.«r the present tr.w remains » ; Jn C;]pe . Tl , w - n there is fetched at auction «nlj R*- 

conjecture. : m bre Ihan 100.000 -:j metres of tmun'eipa! wiiiotion 1 * -j ■ 

Many banking sources :n iati ; surplus nffit* space: in Durban pep.jceii.i n. *. ■- “ rt ' 

lake a relatively optimistic j it ' is duscr m 200.000 sq giving a yield 0 1 around 1-, per 

view or the properly sector. jmejres. l,y ” f ' oualitv 

They point out that the Govern- T , ^,, 11 , al - e n «»t surprising ror - vn m - 

menfs slid dose of economic ; J hfil no r ., lv building: ^ 

medicine has begun w “f 1 second, a rent price war. It is eoutem- 

!,>h the nations seir.con.idenUj 3 tenMlt# - market and I-np ■ ■ ■ . man 

against ihe general recess:un. , - rad(? vacanl „flhc space van p. 

it could he that the domestic j aow had in central Johan- oS \ SOf^S 

property market, via the ^jnesbw* ai R3-20 per sq metre ; re unl ; K , lv }n , et 

■na sector, which will ha. e fir_i 1 pg,. monl h :mii uuv.ard-s. hetic-r "all that ?oon ‘ in the 

priority m political in.aameaj rarlion Centre, a f .„. 

to rebuild Ihe economy. 


WHAT WOULD in belter days 
have been a momentous occa- 
sion in the South African 
property market has come anti 
gone with hardly a ripple, in 
April the Government at last 
announced the beginning of the 
dismantling of the country s -m- 
year-old rent control apparatus. 
The property industry had 
lobbied hard for this, thumping 
away at the standard Jirgumenis 
about how control distorts the 
market and how its ahuliuan 
would lead 10 more confidence 
on the part of residential 
developers and consequently to 
more residential building. 

The decision to do away with 
rent control was loudly hailed, 
bur has had little real effect in 
the market place — no marked 
upturn in residential building, 
no stampede to buy up old rent- 
controlled blocks of flats. 

In part that may be because 
of the phased nature of the 
de-control measures lover five 

years with rent increases hnstied 
tu Id per v.-nt a year for 
two year.-, for oe-controllvd 
premises I, hut liter j is another 
and more tunda mental reason 
for the slow rend ion. It is 
simply that Hie property market 
is in its wor-t sluipe since tne 
depression 01 the Linrtie*. 

The residential market one 
of the worst hit ?edors. Except 
in civil servant-packed Pretoria, 
there are vacant flats all over 
ihe country. In .lonune*hurg a 

10 per cent \avaney factor for 
a good modern uncontrolled flat 
block is not unus'jai. E\en rent- 
controlled Hat--. !<>r which you 
once had lu pay a premium in 
the form or " key money ' ju:-t 
to get in. are lively available. 

House prices refuse to budge 
from the recv-iou le-ei.- they 
>tuck at in U74. Indeed the 
lop end of ihe house market 
(R40.000 and upwards 1 i> a 
disaster area. H'lu.-e.s thai com- 
manded R3n.wi'« a mere five 
years ago are selling at under 

rioritv in political lmaamea Eien Carlton Centre, a . nil , ntf v ti-v property 

a rebuild ihf cwnomv hiahiy dearable l>watiOD. now , nvcstmcnt js nut <m!y come 

J err\ oj land I battles to attain its asking an j m;iV nn . ( je t - or months 
rents of KS.4H a .-1 metre for Tht .' bank-' lingers are 

small areas and R5.92 a so sinnnint; rnd in any case 

metre for large areas when- j olia . lerni deni^ns and private 
ever vacated Mwce .comes on savin; , J . are swinging away Trorn 
Lite market. __ _ Hie mortgage granting houses 

Anglo-American. »»ne of SA's lo ,j a . nu mcnius Government 
higaest landlord.-. obtained sav j nafl schemes, some of them 
R3.23 a s(i metr<- fur new air- tax-free heneiits. The only 

conditioned office space in rca j source# of money arc the 

Johannesburg in 1972 and is j,i S jj;utions wiii their con- 
Vr nmv getting only R4.5l> for lr: j,.i llu | t . a si] Hov.*. 

similar space, an increase of Wuh a m.-sstw t-inM-up cF 
39 per cent. This sounds ,. ri ^h resulting from the last 
reasonable durin.- a recession, t lirigc* years *>f relative in- 
Bm in the same period ihe ilL .ij V uv mi their part -hey J*re 
_ -w consumer price index has „ llVV ij|.\>ng acam — selectively 

^ \ / climbed by more than TO per am j al yields 1 !?■.'« like (12 per 

j 1 V cent. eeni and up v.-h'-n tliey twist 

J Shop leases have mil fared arms lone enough ». They p re- 

bel ter. Three and five-year f er im. ihe industrial properly 
_ . tl .. simp leases now expiring are market where they get long 

IMii.ijCO today — and .a\<ru j >> hein; , , enew ed al discounts of fully-repairing leases with blue 

the seller ha» . es '?, r «*«r up to 30 per ceni. >ays Dunlop L hip tenants, 

money tied up in ihe ‘ o' Hevwoud. High Street shop Tln . >t . iwiv i and most i.n- 

,™Sr as J turnovers are md rising. .In „.,rian. reas-n - by the property 
l0 . l,le o nri^ r ' n JZ*' hnme- are the shupping centres now pop- market is imt likely to recover 
about — °J® "J h “j!® v !t . ping up al! over South Africa swn is because it Jacks that 
s.anding unsold n ! turnovers are better and land- e ,- sen t ia ! and elusive element of 

waters land complex .urround Jords have the a(lrfit ioiial ad- aM blooming property markets 

in T ,i«f n i!I » f -w’uwk- agents vantage of cheap -round cost __i r .ns-ierm ei.nHdencc. Angola. 

1 1 h ,1 taikin . about "faint antI !ower taxes - But the mar ' Biki>. the banning*, tiie Soweto 
^ Jr? -iun n 5?e houS l:er “« * els th3t l,ie count T tronbles-a!l h,vc ih-ir effect 
h,nt ? f t,?? 3 ?.,!? h i«.d 2 rt‘Sd already overbuilt wth on , ilc pn ,perty market. 

Y rransfer^Iax on suburban shoppius centres. Six ] u . k tlf ,.. lin fi donee telescopes 
the*' sale of vacant residential hypermarkets have .been built , hl . bivestmeni time span. The 
Plots sold Tor RS.OOO and less and ano.her mx 01 se\ .n . j. pL . op b ? vho deplny capital want 
and houses sold for R2h,00«i and on . lhe c,rr, 'r 11 it rein rued » inner. You cannot 
1 ■ Thi oave n mild filiio ^ uU, I‘ Af rica s ^ lil buv or creel, buildings in that 

m 1 , MllVJ aS™® h ‘S U-S^tue nnin , lf mllldi B „, they w«re 

channel 624 per cent of their ° r flo ” r ’ ,/r,Le <ln q the recovery happen again this 

1 ora l lend in'- to loans of RI 8 .W 1 O fl1 - .. time nmnd? That is ihe flues- 

ir “Lu Su l,r»-r loans.— lIos,t The ufflet leums troublw are 11(m t . vel . v soulh African inccs- 

m the avcra°e R2S.000 price of naturally reflected in ihe m.ukct )f , r i :ir ,. c . t , r s m a !l. must answer 

a bouse for South African prices for investment properties. fur himself. 

Whites— will be easier 10 obtain. Very few ehanRd hjnds nuwu- ]Sic StathaklS 

Many house agents agree that days but ooMsionallj a must 


Financial Times Monday June . 1978 - r. 


(Incorporating Property Executives) 

Bank Buildings 

20 Kingswnv. London \\ClIB 6UI 

Tel: 01 - 40 a 0732 01 - 4 M 5 SS 4 1 


Advice and assistance tu surveyors and members of 
all branches of the property profession in matters 
relating to: 

(al Appointments lal all levels i U.K., Europe. 

U.S.A., Middle East. Australia, etc. 

<b) Partnerships/directorships: Private practice and 

All enquiries and correspondence treated in strict 
confidence. Interviews by appointment. 

N.B. U.S.A. Real Estate. 1 ’ New opportunity fur real 
estate executive with at least three years’ experience. 
Applicants must be U.S. citizens or have required 
immigration status to work in U.S. A. 


362 acre zoned " Manufacturing plate mapped with 80 foot 7 - 
acccss street;: " hi^h and dry bordered on £3St by railroad, on 
North by State Highway 207; li miles fiom town/ocean/air trans- 
port. ''Interstate Highway I: advantageous cay situation. S6.000 
MJSC* acre: 39% down payment. I0 r ; interest on balance — 
negotiable, amount of cash up front governs terms. 


380.000 acre cattle/dr/ crop ranch; 146.000 acres deeded; 
balance — Federal and railroad leases Ample adjudicated water, 
exceptional modern house, pool, air strip, work buildings layout — 
S41 1 USC > per deeded acre. 20%. down. 9 > - interest on balance. 
Write Box T.48S7. Financial Times, 10. Cannon Street. EC4P 4BY. 



(Wide powers, registered Panama) 

Offer; MODERN ANDALUCfAN VILLA 300 sq. m. built around 
central patio with marble fountain, all on one level. Extensive 
living room, four; five bedrooms bathrooms *n suite, kitchen 
etc., marble floors, cavity walls, telephone, solar heated domestic 
water supply. 10 m x A m. tiled swimming pool, auto-filtration 
Standing on c. 2 ha. with citrus, olives, vines, etc., abundant 
irrigation water POTENTIAL Country Club. Restaurant, luxury 
villa sites. Panoramic view; Mediterranean and Africa, alticude 
500 m.. Malaga Airport 20 km. Near skiing, sailing, riding, tennis, 
golf and Casino. Sale by transfer of Bearer Shares, nominal costs, 
absolute discretion. Swiss Bank A/c included. Ho liabilities. 

Price DM700.000 or equivalent, negotiable. 

Banker’s reference essential with initial enquiry. 

No Agents. Available now. 

Ft ptr Bo • T *8t4. F rime:, 10. ’.annon 5 :r:eC. Lcmrfcn £ 1 Z4F 4 HY 



but not booming 

BEYOND A shadow nf a doubt 
the U.S. real e.staie market is 

pulling strongly out of thn re- 
cession which reached its nadir 
at the end nf 1974. On the 
other hand the climate is nnt 
ail set fair pointing towards a 

In fact the present stale of 
play is a hotch-potch of conflict- 
ing indicators. For instance, 
over the past two years over- 
seas investors have been flock- 
ing to put money into American 
real estate. One recent estimate 
puts the value of money 
invested over this period by 
foreigners at Slbn. spearheaded 
by Canadian commitments, 
closely followed hv German 
investment and then Dutch. 
Mexican, British and Japanese 
tlhe larter particularly on the 
Wi.-bt Coast). 

Now. one of the main atlra*> 
tions for overseas investors has 
been the relatively high level 
nf yields on prime properties, in 
comparison with the European 
Continent, for instance. In 
recent months, however, that 
attraction has begun to be 
eroded. Free and clear yields 
on prime properties (over and 
above debt financing) have 
come down to between 6 and 7 
per eenl.. compared with well 
over 8 per cent two years ago. 

One of the factors in this 
movement has been the increas- 
ing — and still relatively new — 
competition for investment 
properties from the native 
institutions. Until a couple of 
years ago these institutions did 
not invest much in real estate. 
Sometimes their articles uf 
association actually barred them 
from this investment medium, 
but more generally the? pre- 
ferred tu build up more liquid 
assets. By about 1974 there 
was widespread evidence that 
the funds were seriously con- 
sidering changing their views. 
They had begun to react favour- 
bly to property'.? attractions as 

hedge against inflation. 

At about this time, however, 
Lhc banks' more traditional 
nvnlvement in property, by way 
if mortgage financing through 
Real Estate Investment Trusts 
(REITs) was turning distinctly 
sour on them, and this pul a 
brake un a natural inclination lo 

further property commitments 
by way of ownership of invest- 
ment properties. 

The institutions a 1 e still not 
large enough to dominate the 
market and in many eases their 
investment is still not much 
more than tentative. The pen- 
sion funds, for instance, have 
only recently been permitted 
by law to add properties 10 
their investment portfolios and 
so, by comparison with the I'K 
or Holland, for instance, their 
property assets are still minor. 
The largest manager) com- 
mingled fund, for instance, is 
claimed to he that run by lhc Department of Fir?t 
National Bank of Chicago. At 
the end nf last year its portfolio 
consisted of 40 properties worth 


The natural momentum indi- 
cated by the new trend towards 
institutional investment, how- 
ever, would soon sec such 
figures quadrupled even if the 
funds chose lo put only a minor 
percentage of their new money 
into property. But it is possible 
that there will be a check to 
this momentum in the next few 
man tiis as the residual p ml denis 
of the REITs raise their heads 

At the beginning nf last 
month the Chase Maithacan 
Mortgage and Really Tru.-i 
announced that it could not find 
the cash to repay $36.7m of 
borrowings. Although this had 
heen one of the heavier hu 
REITs during the 1974 collapse, 
it had always been regarded as 

secured by its relationship with 
Chase Manhattan Bank. In fact, 
it appears that the bank has no 
liabilities as far as the REIT is 
concerned and is only one of a 
couple of dozen banks who are 
owed $150m by the REIT. 

Last month's announcement is 
likely tu revive fears about 
initial financing of new develop- 
ments. Most of the REITs who 
collapsed in 1974 were involved 
with shurt-term construction and 
development lending rather 
than long-term equity financing. 
That could, in turn. lead to a 
hiccup in the supply of such 
finance 3t a time when now 
building is just beginning to 
start up again. 

Since the turn of the year 
there have been the first signs 
that developers are satisfied 
that the significant overhang of 
.space on the market since the 
boom building period oF the 
early 1970s is now sufficiently 
absorbed lo warrant new 


One indication of tit is new 
revival of interest in develop- 
ment — ami involving an over- 
seas company at that, and one 
known for its caution — is the 
office scheme in Chicago in 
which the British firm Slough 
Estates is to take a 15 per cent 
slake. The plan is for 800.000 
square feet of offices in the 
heart of the financial sector of 
Chicago, which will cost £32m. 
This deal is already financed, 
through a 82-year fixed interest 
mortgage front rhe New Yurfc 
Life Insurance group. Slough’s 
own equity commitment will 
only he a quarter -uf the 
development partners' SlUra 

equity. The other major partner 
is the U.S. firm Draper and 
Kramer, and some 15 per cenr 
of the space is already pre let 
at around SL3 a foot. 

The funding arrangement for 
the scheme is in the. true tradi- 
tion of U.S. real estate mort- 
gages. But there are signs that 
cracks are appearing in this 
tradition. In recent months a 
number of deals have been 
signed up in which the funding 
bank or institution has inserted 
a revision clause 'somewhere 
about the middle of • the ’mort- 
gage (normally between 20 and 
30 years duration) permitting 
them to increase the mortgage 
rate at least once during the 
term of the mortgage. 

Behind this trend lies the 
recent volatility of interest 
rates in the U.S. On May 26 
prime rates reached a three- 
year high of 81 per cent, the 
second increase in a month and 
a 40 per cent increase from the 
low of 6 per cent, at the end of 
1976. At the end of last year 
mortagage money was available 
for property developments at 
around 9J-9| per .cent. On that 
basis typical cash-on-cash 
returns were around 7 per cent 

Although rents in the major 
centre? have been improving 
over the past >ear the growth 
does not appear to have been 
such as to allow developers 
easily 10 absorb this probable 
full point increase in finance 

This partial inhibition to new 
developments comes at a time 
when the popularity charts for 
types of property are; in any 
case, changing, and local 

developers are feeling their 
way into new types of schemes. 
There is. for instance, a marked 
move away from residential 
development which was tradi- 
tionally the most popular type 
of building. Both condominiums 
and residential estates are being 
affected by this change. 

Hie prime area -for residen- 
tial estates has been the 
subarban fringes of urban areas. 
Over the past couple of years 
both the newly awakened 
energy consciousness of U.S. 
citizens and authorities, and 
some degree of evidence for the 
adoption of rent control regula- 
tions ■ by tiie authorities, has 
made new estates on these lines 
look less of a secure loug-term 
investment, than formerly. 


As far as condominia. are 
concerned the simple problem 
is a market related one: there 
is still an oversupply of such 
space. According to a recent 
report from estate agents, 
Richard .Ellis, some of the 
slack has been taken up by a 
resurgence of shopping centre 
construction. The firm points 
out. however, that the emphasis 
has been on neighbourhood and 
community centres, “as most 
areas have reached a saturation 
point for regional shopping.” 

- One other factor which may 
be a reason for this trend 
towards centres with a pedes- 
trian orientation rather than 
the traditional car-centred 
schemes, could also be energy 
consciousness, although it- is 


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■i l r . ■*'' 
* -<• 4 3. 'A' U 

m > •"* ». 

* V rft . 

rt »* a 

can advise 


sales — acquisitions — lettings — investments 
planning - development - rating — valuation 



Delta House. 44-48 Borough High Street, 

London Bridge. London SET 1XP 
Telephone 01-407 5321 

01 , wjo« - 03 1 o- 1 - iijr 

rial well 

ttauiluniptDn TO Cl CTSI 

■) -i ■ 

Conflict of economics 
and population 

debateable whether this is * 
genuine reason or just a selling 

.Richard Ellis also notes that, 
by contrast, there is a lower 
rate ef growth in warehouse 
and light industrial sectors. 
Apparently, supply of such- 
premises is moire than, adequate 
in most centres to meet .exist- 
ing moderate demand. 

As far as offices are. cobceraei^ 

there is general agreement, that' 

supply . .is being ■steadily'.' 
absorbed, and pr^Iettiigs ^ 

becoming familiar ' again after- 
several years*: absence. V Even 7 
in mid-town- Manhattan, accord- 
ing to Jones Lang Wootton, he*:, 
development . is heiug p lanned . 
The firm' published a - report 
early this year which suggested 
that some- '4ns. square -feet- 6F: 
space in six hew schemes .’are^ 
on point of. starting.’-. 

JLW links this new .develops 
ment activity firmly _ to , th*:- 1 
improvement in rents. After 1 
four years of stagnation, it; 
claims that mid-town rents have-' 
risen to as much as ’$16520 per 
foot for key prestige building^/ 
though Downtown, even with axf-' 
active market, is-stili only fetch- 
ing $9-$12, little different from 
the levels of 1975 or 1976.. , ■ 

The soutitem “boom" towns’’ ’ 
of the early 1970s- such -asr 
Houston, still seem- To be show- 
ing growth prospects, and 
rentals- are correspondingly 
buoyant Denver, Chicago.- and ' 
San Francisco are also gener- 
ally being pinpointed as areas o£ - 
a degree of shortage of space! 

In short the U.S. real estate’ . 
market has apparently found lts 
feet again, but it is not bound- 1 
ing ahead except in isolated ■ 
areas, and the general impres- 
sion is of an industry logkipg 
over its shoulder at a range of. 
niggling pursuers, from the. 
economic indicators including 
the weak dollar to changes ’in . 
investment popularity and re-_ 
strictions to some of the tradi-T: 
tional property favourites. 

Christine Moif 

MEXICO HAS emerged on a To the new half million or. so 
sea of newly discovered oil ami compel in os Mural people with- 
mineral wealth. La^t month's out land ). who arrive each year, 
international property and plan- Mexico City offers the illusion 
ning conference in Mexico City of opportunities for a fresh 
highlighted some of the prob- start to life and easy employ- 
Itms facing a country where ment. The capital is also seen 
new found economic power is as a good location For firms 
being harnessed to update needing access to die Federal 
commercial and residential Government, a large labour pool 
property markets that are to draw from and a good com- 
currently unable li* keep pace municatiun.s network, with prox- 
witli the explosive population imity to the largest markets. At 
growth. present, all roads lead to the 

Reasons for the decline and capital. On the northern borders, 
fall of the ancient Maya civilisa- Mexicans find it expedient lo 
tion in Middle America, before cross into the l%>. to gain 
the arrival of the Spanish con- west access, and then re-enter 
qiiisiado res are still obscure, but their borders, 
there is strong evidence to sug- 
gest that infertile soils, with Apiifp 
decreasing yields, and the agri- 

“I*""! % st ™ of "ravin* tram Thl . con[inufrt i„ve Sl mpnt nf 
«ld to Bold. «orc primary 3nd L . ila| M<xlw 

caus«. Modern Mexico, with ns city , 5 b „ und to increasc , ho 
many potentially r,eh resources a i r0ild aculL . pr „„ lems r „ r 
is unlikely to suffer a a, radar mcQ -,. polllan ar)d rllral cl .„ nit 
fate, but with the eoonttys ex- mies , and ln lurn liniit ccnn0 . 
plosive population erowth over mU . 3r0wlll in 1IllKr „ s 
the last all years , -op, n? with a th „ na(i „„ al 

rapid pace of land development „ ud „ , , hc 

is again a real problem. cily area. Bum on a lake bod. 

Mexico’s current population of subsidence in the capital is a 
65m is expected to double by serious problem. The urban area 
the year 2000. Mexico has the has sunk Some 7.5 metres, 
second largest growth rate jn during i lii> century, increasing 
the world and in Latin America, costs while reducing the pnssi- 
ouly Brazil can boa-t of a lar- bility of building upwards, 
gcr population. The -train of There are also serious mfrac- 
population growth i> most acute siruclun' pruhlems. the main 
in the drift lo the towns. Over part being sump 12 moires he 
60 per cent, of the people live In-*- the surface uf the basin, 
in urban areas, while aarieul- t'unscriiivnily. sewage has ru lie 
ture suppori> .inmv 4u per cent, pumped up. before being dis- 
A round 25m people I/ve ill eharged. U has beeuiue inerea-- 
94.000 small, scattered i-ommuin- inglj e;:pfii<iic lo supply I he 
tic*-, of not more than 2,500 i-apital with new water sources 
people. t barely adequate lor the eurreni 

In contrast. 13m people live population i. fn an effort in 
in Mexico City. By the elose of augment lhc supply to the cily 
this century, it ir. expected to be and reduce the withdrawal rate 
the largest city in the world: a nf the aquifer immediately be- 
capital of 30m people. Mexico low the eilv. groundwater in 
City already dominates the adjacent agricultural areas, par- 
urban pattern of the whole Ocularly in the states of Mexico 
country, concentrating a mas- and Hidalgo, arc being tapped 
sive proportion or people and and the yields pumped back lo 
wealth. the metropolitan area. 

Not least of the problems is 
the city's inadequate traffic and 
parking system, used by over a 
million vehicles, which are re- 
sponsible for some 60 per cent 
nf the capital's high level of 
atmospheric pollution. A study 
carried out by the United 
Nations in 1973 shows that 
toxicity in the Federal District 
nr Mexico City is lik) limes 
above the admissible level- 

Demographic and economic 
trends imply further urbanis- 
ation in Mexico City. But most 
of the additional 10m to 15m 
people expected are unlikely to 
be accommodated in the existing 
physical space of the capital, 
and will need to be provided for 
in planned communities outside 
the present built-up area in the 
valleys of Cuernavaca. Puebla, 
TIaxcala and Toluca. 

Mexico remains a country 

with large, as yet untapped re- 
sources. not far short of those 
of the U.S. The country is not 
only rich in oil reserves (esti- 
mated by the Government to be 
over 60 md barrels), but also in 
uranium, phosphates, copper 
and silver (once the largest pro- 
ducer in the world). 

In the next 25 years Mexico 
is expected to develop her 
natural and manpower re- 
sources, to become a major 
power in the Americas. Mean- 
while, Lie Jose Lopez Portillo’s 
main task as President includes 
the restoration of confidence in 
the economy as a result of de- 
valuing and floating the peso, 
by carrying out a programme 
uf economic stabilisation. 

Mexico bas to industrialise in 
order lo create employment 
opportunities and at the same 
time maximise agricultural out- 





Excellent ' invexonenc In S.W, VA. 
250 miles S.W. of Wuhmgton. D.C 
Close eo Roanoke. VA. (the espial 
of 'S.W. VA.). B.I5X riec'rwMr 
return realistic. ’.100-acre to mart' 
rinn 5.000-icre tracts. 1200 an acre 
and up. . Growing timber and . land 
value Increases make excellent Invest- 
ment plus strengthening of Che dollar. 

Ben L- Angle 111 

Roanoke Land * Auction Company 
1 W. Salem Avenue 
Roanoke, VA 24011 U5JL « 
Td. No. 703-345-4704 


S.000 acres in northern New Jersey, 
less chan one hour from New York 
Cicy on new interstate highway. 
Available in sizes from 100 to 2.000 
acres. Priced as low as S2.S00 per 
acre. Brokers protected. • • 

Morton Salkind, i World Trade Center, 
Suite 8859. New York. NY 18041. 

Roy Wheeler Realty Company 
The Lender in marketing V/rglnta 
Forms and Estates since f927. 

For brochures and a resume offering 
the finest selection ol outstanding 
Virginia Firms. Estates and Period 
Homes, olease write or call- 
aur wheeuw realty company 
Court Square- Cbartonariile. va.. USA 
■ 804 > 296-4171 

- v 




Superb country bouse sec on the edge of 13 hole golf course. 5 bedrooms. 3 bathrooms. 
2.400 sq.m, of land, well maintained gardens, swimming pool, garage and outstanding views. 
Immaculate condition throughout. Well equipped kiicheni. Price: £83,000. 


This highly exclusive apartment building is set within peaceful terraced gardens on a hillside 
overlooking the Bay of Villefranche-sur-Mcr. Each principal apartment has outstanding views 
of Mediterranean. Built to the highest specifications complete with security system and 
superb swimming pool. Les Rcscanques is designed to afford each appartment ideal orivacy. 
Price: from 350.000 French francs. ' 


'Internationally known throughout the world this “City on the warcr" is offerin' for sale 
” Fishermen style " houses, studios and apartments. Each property set 'within rhe lovers 

paradise ' have their own private berth and attractive gardens. Architect Francois Spoerrv 
who created this " lake village " has skilfully maintained the Mediterranean mood in the new 
Phase of the Development. Price: Studios (2 rooms plus kitchen and bathroom) 350.000 
French francs: Individual houses from 68S.OOO French francs. 



* Milner Street, 
London SW3 
Tel. 01 584 4501 
Telex: 916087 

10 Avenue de la Liberation. 
06600 Antibes. 


Tel: (931 33 60 33 
Tele*: 970926 

Mu-lle Ribera 4. 
Puerto |oio Banus. 
Marbclia (Malaga). 

Tel: (521 81 / 722 
f 52 ) 812 125 

your central 

fans© in 

Rotterdam ro 

adjoining ‘.h*? ;ncin lines ■: f ■: on - , mu me at ion !;>■?! r: ?.v.ndinavia 

anil S’.vir “ri.ind. ?.nd b-r<v:=-?n Eastern Euiop? • me: ir.e r loihorionds. 

The;: ir. iliiiJo !h*? motorways Hambuig -Sa\'te Berlin - Rotterdam, tee rail links C :c -3nbrtCSft - 

i oil-, tviid Vvarb-d .v - Paris <»n..l tor air travel me large airport ai H-nno 1 . or - Linger, nigen. home 
ol ll>?!:..-.u .ti-. :i.j!.’. , : , i •£.- E -ti:: nli-J ri. 


Vitiereindusiryineetee- er -year all he Hanover 
Fair and al man oe :.ah-..ea exhibitions. 

Home ana manu;a. !ijrinip-j :i efcvcori«.' J inie , 3 
suchasConunemal l^re;, .oJkswagen, Mjsse /- 
Feig ij'.-on- Hanom.-. a. 

Generous rro.-isiin rc-r f-jf-j:* grovvlh of ImIIb:. 

A ciiv whose mteihcenl planning hav lurried 

il into North German .% nir'iopolis. 

BeauMui surroundings id?.:l tor leisure activities. 


Your base in Hanover for international 
business. In a brand new business 
development area. 

Next to main railway station and City Air 
Terminal. Underground station, urban 
motorway and extensive parking facilities. 

Both its location and its design meet every 
need of managements active on an inter- 
national level: 

The 24-storey building with a total area of 
23.000 sq. m. of office space offers 
telly air-conditioned office floors of 
between 1.000 and 1,650 sq.m. 


0-«'r’.-l.v..,:ri: - 3 .: e - -.h c ; . ro. terlrg 

£ sl-ifclisIvrr-iTi! .. jr-d 1— 1 >ijr -2 

O'. Iheupps: »hr-25-pjf.rnfijl3. 

■: c-r (.-jikirig ^ ;e; '.viihr, buiicimo. 

Furlherinfomv.slron fT'Xiilh^. vstw ;• i-j-ri.- -. 

IL (Sty Raschplatz 

A company in the Bredero Group, HoHand* 

r 1-.H H.v-H,-.;- .| D :.coo 

-.1 y'-r:. 'OUlioi 5011. 

Financial Times Monday June 5 1978 

iy * * 







• ia i: 

: a C 





»«. Jr 

• . • 



fpfn*'.*' - /» 


APART FROM oH. the com- £5 ™' -rw '**’'•’** i..- • 
modity Cha-t the Middle East is 
not short of as entrepreneurs. i: 

They abound and the kind of 
skills which British developers 
have used with such remark- r<r ~ 
able effect elsewhere in the 
world are in every-day use in 
tfee Middle East. 

The skills which are in great 
demand throughout the Arab 
world are those of the pro- 
fessions closely connected with 
the construction industry, such *&, 
as civil engineers, architects £• 
and quantity surveyors. Because L; 
generally the British profes- £ - 
sums provide a wider and . 

better service than their Euro- 
pean and Japanese competitors 
it had been assumed, that they 
would get the lion's share of * 

profitable work in the Middle FA»i 
. East. 

But many appear to have 
been missing out recently on 

the concept of consultancy work £ 

which is gaining favour with 
Middle East clients, where a 
consultant defines the para- 
meters of a project and leaves 
the design work to a contractor 
who quotes on a turnkey basis. 

Nevertheless, invisible earnings 
by UK engineering consultants 
in the Middle East amounted to 
around £130m in 1977. 

The giant UK construction 
groups, which are large even 
by North American standards, 
are carrying out vast schemes 
throughout the Middle East, 
work which they get in fierce 
competition with other con- 
tractors from places as far 
afield as South Korea, Japan 
and India, hut they cannot be 
considered to be in the premier 
league. The structure of the UK 
construction industry appears to 
be against them when in com': 
petition with operators from 

“TbXS'W Woodrow TlieBan k ol Credit and Commerce ’^tiomL O^ “““* 

International is building a 350- by Bernard Sunley to a design by architects* FiUroy RA . 

bedroom hotel for the Sheraton ... f T . , n j 

«roup, for a total cost of around _ n thpr „ w iii bcSOnoijO t.q ft of space including A ]ornt team of l.j is 

SW “Ss ,™ re of »%*"■?*; will Krpor, «»«« Ahh. 

STrSifir House nMdlHf >**?•» “fifcntaflS! An preliminary or.,p., and Iroerna 

t&SNrsra&JS s£ss - at 

. S K-Mpt « 2 *. & J25ZS2 

: MSgSeS taM SffiTS MK 35 sJ«" 2 ! 

and Partners. 

Many of the development 
t -. t rried ou: hy Li.'i’..-:’ «i;«: : ru-v- 

non groups jr-: .:i parvr.or^Kp 
with either anoriicr L K huildcr 
or a local company Tnc reason 
/or this appar-.-m r^uctant-e lo 
take on tilt; mes-tvc pro.icfts on 

Ihoir own is lh.. ■<.-«. ;:r--:r. err. 
of a performs ru-_* I. oil':. At lu 
,,. T cent of i.on : r‘!i; : value 
British cciniruciur- iur.c pre- 
ferred to >piva*! Cn-.-.v r s -k* 
rather than U-- u;« •• ;-.-i in 

one single, cmitra;'.. 

It is clear liiai 
iractors arc facuu •.-un-icii r.ihic 
competition from ■nur- 
naiional group- !->■- 

competition is !sr ■:>' to : . c.rinc 
fiercer in llie :tilo:v. there uir.y 
also be a ri;:it : .u:i- •. :-:nonu 
Arabs to cm ploy vi.-m he.a;:.-.- 
it is claimed lii.i. Ocy to 

solid top IIKM ’0 i i! p. ■ ?C j 

contracts. i 


a complete property service 
to industry and commerce 
throughout the 
United Kingdom 
and Western Europe 



3-4 Holborn Circus 
London EC1N 2HL 
Tel: 01-353 6851 
Telex: 25916 


l A i‘A 


l ? 


b * iv 


-CT of Credit and Commerce International building in Abu Dhabi , built 
Tte B « nfc ba % e L ^P Sunley w a dcsi3n by architects Fitzroy Robnwm 

Arab autimnt i . > a!-- :in..I that K 
the British ?!.<• • ! jr m^vr 

importance **n :!v. ._<':.-raci ■:"n- tj 
ditions than kLi.-ts tU-.-h as the & 
French. But Iwrcausc the ^ 
French con.-.tri; ‘I pt. indu’Ury i- 

owned largely the hanks who 

arc in turn »tate nwn«:-'l. French 
contractors pr- hahly believe 
that any problem- can be sorted 
nut at the end the contract 
at snvemmeni lew!. 

There i.s al>o ■:omp-‘*t:ti , »n 
which all other factors ^rc 
facing from South Korea. The 
South Korean.-, keep costs down 
hy shipping huee amounts of 
low cost lahi.ur to cepe with 
even the lanes: contracts. This 
problem is one which i- c difficult j 
to overcome. I? if estimated J 
that the South Koreans have j 
current contraer; worth ?.t j 
S2bn in the Middle East. Must 
internatinnai cor/rartors nope 
that the improv'd South Korean 

construction industry will in- 
crease its open r: i initio* hotn ai 
home and ahn'Sd and that ri ■ 
will then no l«neer be able to 1 
1 count on 1 labour costs for j 
• its competit’vcness. j 

1 ^erv FerT"Fort [ 

Chartered Surveyors, \hluen. Agents and Managers 
of Industrial and Commercial Property. Rating and 

Compensation Surveyors. Plant Si- Machinery \ alt lers. 

Investment, Finance and Development Consultants. 






TELEPHONE 01-351 23B3 

'srzrs, a, 

fy * fTiitn griTfs rfTgli 

rise complex with shops, hotel ^ e «ite agents to set vp cen e plus ing out the development of a 

and offices. . * - thPTP - Debenham Tewson and hotel and exmmiwn icmre p s^nivm aluminium smelung 

But those roost Closely con- ■* " ith 15 f °$°Z sq ft 01 C ™' lunT in tZl All. Also at 

nested with “Babrain agree that cwttons following later. These mumty facilities. J abal AIj Tay j or Woodrow is 

the construction -boom is over. j,- Bve ^ been appointed as . constructing a port in a contract 

at least until work, begins on letting agents for two of the J^nOWPieCC worth around $l02m. Cementa- 

the proposed- ...Bahrain-bauai orestigious developments * tion in conjunction with 

Arabia causeway, a 15^Jf S^ahrain. Debenham is the Kuwut Galadair are building a hotel 

four lane expressway connect- jetting and management agent is tbe sho^lece of Middle tast !ex worth $ss.4m at Dubai 
ing island with mainland over . Ig-storey office building airports and it is hard to beiieve Tflrniac in partnership with 

M22 i 

a series '’of embankments ind »nn«micted by Higgs and Hill, that it is less than a genera ion ■ of pubai are develop- 

». ■.,■ ... SSTSi £ Bahrain Tower ago that « S control towc . Ghora r shoppjo 

The cost of thialhugeprojeot J^fo.nt.iomE some 95.000 si with «"«««►“ r ™'° re Iideot1al complex at Doha, 

has been-estimated at^OOsnrbut ___ c „ housed in a tent. was and t hc same team are also 

with rapidly, rising-. coMBuMion 1 c!u ttons’ scheme is the mixed ^^f^tSminal build- developing a f hopp ‘" s th an « 6 i?m 

costs it could, total S«00m to resident ial and shops its 30OJJOO eq ft ttrmni om dentjal worth ^ l2ux 

$950m by- the time it is started. ® ’ lex known as the Manama mgs will J L^T-nr alone at Deira. 

If it is carried PuL aud while The offices appear to J t0 the air- Bernard Sunley has contracts 

the Saudis have. a firm commit- we il and tenants the approach roads to a value of £i&0m currently 

| ssassaai -s-st *^ 5 -^ safe. s .ss ; -rr=* 

gin Provence,; the Lanauedoc-^ go ing ahead at-a between^Mitsubishi and Saudi Dhabi Corn «che a ■ ^con^ 

|gou»lllon ,rn or In C 0 ™=.| hu^. new scheme. , B M|' coromercwl buildings m the 

\ . -MEOTBERRANK \ ^^Tro^flStfnS where some fm'Shcr^lesi^lS building fro 

k sr~tstr| gagaf~j£ s,sss assr ssu » ■— ! 

ii.. . - ’ ■ ««r. as a safe# the C* 3 ™ 1 

[if you are dnsming of a. hous^l 
iin France, orr ib.e Cfite d'Azur; j 

I in Provence,; the .Languedoc-, 
K Roussillon area or in Corsica,? 

J read ■ j 

5 . -MEOrrERRAN® • ] 

% - . "IMMOBIUERE * | 

Stou wiii find in -this magazine j 

I the hotfie. flat or plot .of land j 
that you have been looking for, 
for your holidays or- as * safe 
investment. ; ■ 

Order nb»v. the apedrf 
Summer Edition " of AWditer- 
ran&e. Immobility which will 
be &nt~oa rcceipt af aa Interna- 
tioaal money order equivalent 
[to £U addressed tds , ; • 

i* liflgblTERRA?®^ 

[r. . 

l 1 ^ toe 'de :Riehel|eu TSOOT— 

[• : . farir {France) ; 

► - — 

I i V H 

• m ihiul 

Vtj It 



S -IfltifRiWW . ■ Because the 1917 Constitutinn 

.- ' fped - n increasing popu- environmental impact of pro] ct each stale „ being 

■fS* The British Industrial requirements. autonomous it is likely that m 

inhibition in Mexico City in In the north-west, a large most of the planners now 

vSl be aimed at pro- portion of capital investment ^ at the new 

2S5?£ Mexico badly needed used to provide commerua 1 wiU be fully utilised by 

eauipment (such as steel farDflin g in the states of SoD °™’ ^ states which lack this 

^ S^emicalpiantsand Si ^ gad Guanajuato The lD deV eiop their 

?SSS^Xchines), Government, und ” t 5 e i f 1 ^ plans for submission later to the 

&s aaisp ^£TL£ v £ ~ « - 


IMPORTANT MAJOR -TOWN ^ the .COim^ P^^ 1 ^ tourist faC i^' ^ Caribbean Onjas. are tackling with strong 

^ SKd WJELOPMENT •• 198 2 js expected to ®* - rf - new Cancun in »® conviclion. emphasising the 

Sis a day, nearly haH of Stete Quintana Roo. Matat an con " l \ ‘ lear anri practical 

-S Wbe exported. A ^ ^ 0 n the Pacific side «ej l w c a eountr> - whe « 

Acapulco, ^ n ^ nt ,’ OD lb is extensive scale! 

‘aSWSSA^ffaa^ to the to ^ StatC ° f £ irSS ^relatively new phenomenon. 

SSjJSSc. - *" P There are many contrasting 

Intfi.- ; ■ lniancll w bon l cr wi ^TJ? assisting in the ^ . . nf urban environmental problems 

\ Bank of Mexico. To deal with tne l0 be tackled— not only the 

■ r :- 5ld^?emphasis on the economic, social amd hea ^ concen rration of people 

with increas ing e P me ntal problems v£ such rapid >duction in Mexico City. 

^ dev^npment, the President has ^ - n thf ^ needs of 

m * created the Secretariate 01 ^ surfl as Ti jua na. on the 

" 1?T ORlDA Human Settlements as an exten- bonJer with thc UiS .. and Vilta- 

^ ;.;v ^orrial Sion of the Public hermossa in the oil neb State nf 

' / ; • . : and commercial Ministry. This essentially new and j n the development 

•Wide'** rang© J" .resiae advice-assistance. Ministry’s tasks also |nc,u “ 0 f towns such as Mazatian in the 

• available. . Mortgage a Dr operty the assessment of environmental agricultura j State of Sinaloa, as 

properties phis escorted proper y o[ Mexi , 0 - S massive u the traditionally nch 

' Exi^'rt impart ^ F.C-A.-regiStered real dc ^g l0 pment commitmcDt. citie5< such as the Charming 

Inspections by oew 1976 law , the Guanajuato, with its deep bis- 

estate agentresideo 1 Miami G^^roeu, requires »11 sales ,„rie and .rehnecturol 

rt GoJJinson, F-C-A-, M J> •» to prepare their own plans for cance. 

- 58 Brompton Square, three levels of rievciopniem. j- AntOttlOU 

-• LondonSWS. __ state, city and conurbation. 

mfmmu ■' 

*ss-.\.i 1.; tise—'sa' 

!... Irtrr5 ^ 

1 ^ .. * 

©WOOD GREEN is one of Londons strategic 

commercisi centres. 

©WOOD GREEN has the largest shopping 
centre north c-f the river. 

©WOOD GREEN 1 5 minutes from Oxford 
1 Circus (Piccadilly Line) which provides a 
direct link with Heathrow Airport 

©SUNLEY HOUSE A new air-conditioned 
office building available in units from 4,000 
to 88, 600sq.ft. approx. 

©SUNLEY HOUSE Rates and rent combined 
are less than half those for comparable 
buildings in Central London. 

©SUNLEY HOUSE Immediate occupation, 
telephones and switchboard already 

staff recruitment. 

; •'•Jontift! and commercial 
•Wide r range .f 1 . ./“yo^ge advice-assistance, 
properties available- _ escorted property 

Exf^ ^.-registered real 


. ■ ■■■■%i t &£S£l2SS"' _ 

-. •> V ;• o =•; j* * rjiwtSKkn n 

|r Vs3: 

[ "*” Forcoburnro=hurevnth floor pians, clip the coupon and setwiti 

j Joint AgenLs, Sunley House. 101 New Bond St., London W1 9LG 

Henry Davis & C^d: 

grtW§ufveyorB'; : CtvirtefodSurveyorsx; . ' '^^*^0^^002-27.1 '.--v. 









1 Undershaft. London, EC3P 3DQ 
Tele 01 623 4541. 

Company for sale 

Incorporated and Bonded Licensee 

Large estates of residential land 
Could be sold separately 


50 Epping New Road 
Buckhurst Hill, Essex. England 
TEL: 07-504 4444 TELEX 25679 



Financial Times Monday Tune = 5 197S^ ;-j . < 

* . * • • J*\Z. 

Chronic surfeit of 

THE AUSTRALIAN properly deferred because of oversupply, 
market suiters 

surfeit of space _ w „ . 

boom and bust days of the early rapid escalation in recent years which comes up with a much immediately by property Eleven in 'rt a testate loans as much, as tihe “scene. fatsome 

1Q?nc Hnininn v.i-iu mlrtpillv . Tfca filial klnhar Cm.ra tu.n Bnvi TIiii n : .. U ' . ... 1 _ . ■- — ■ ’ — u 



. “L~:-r ‘HU* 

Since then, however, no other the building and- .property- vision for real estate losses Lsrgatbered steam.. 

from a chronic and because rents available have than the Sydney City Council group. Mainline Co^oratidn, now AS58in. “ 'how substantially curtailed^ 

. a legacy of the not risen to keep pace with the itself has released a survey collapsed to be followed almost Of I AC’s A$347m remaining ' Aostra&ian operations. ,’or^ 

iteiT ftf tho 09rl V «>n r% ■ #1 AfA«fn»L 2 _ — A-. A PI* VOOFC U'hi/tU ft n •■•itU <» vmvimK : L L .... . __ ^ ilk A <nMnA Li Ann 1-. **' 

iiioui ui iuc oyaney was tnererort: auwui uju m i»/o ai square 10 advance almost 100 per cent, imrr^wment in 

interested groups sugpste that 478£39 sqi metres I ,5.15m sqtt). metres, which on the annual of ventures brought to them by: now down to 30 per cent of total Agents. • L ASter n* 
it will be 1983-84 at the earliest This is being steadily absorbed consumption rate would take a entrepreneurs. As the boom- receivables con ' J '“- * ' “ — 

r r -1 - — . - - vm UI5 tUUilUei tU ICUaUlC, JULiUUIXIg aUl all L.5 OU lap OaSi 

« r ?u S CI ^' d n . ey : ^ should stabilise sround 19S3-S4. S ome buildings constructed last increased land value: 

ic SHLuSUl Actual total leasing of office century. Just over 44 per cent The result of- this 

problem __ __ 

meats and the group is. expect- recent mbadfe*;. aiteev*-^ 

Austra.Un s^cT to Syd ^'Ts cio*T» SiSVSfiSTS S#*SbmE12L“ ‘‘ B,0 “ “ *** ?* ■*■*■*•**« 


came the financiers ' CAGA has written .off more .Many fo. aid it 

jJJSEi jSSili 150 - 000 sq^e metres, or more vacant space, 330.000 square crashes 

bJSdi *he off S hL S L dis- ssjsk" f“ u " d “““ '•**■**> a^xiita «*•*■**.«» ^ra.^5e5?ssaSJ 

SSTsSf JfJjSSi XTn “«• V ” of vacancies ^occurred S-JS vMfcSS P *“ ' 

influx of orofessional ^erouos modeni accommodation. often j n buildings less than ten years put up as security and with the T ^ ^°°! a1, <an ^ ^ e °® tea itoS 

hoping t°o p a P rticS and 8 boo S P t ^‘he added inducement of old. The Council said that in develoVrs^un^le to^mSt LOSHS Sl^J^SSS!^ 

ing the demand for office accoin- alt racti\ e specials, such a-, rent- 19 <6 18 per cent, or more than their repayment schedule. The A]mn , r A£90m of the AS223m ’-«£ 

modatlon. A recent survey fee space tor up to 12 oionibs. 939.000 square metres of the finance companies were forced are sWon a *h? 

suggested at least one major Matting cotti at landlords CBD lay vacant compared with to carry these loans *"» m property JQ“? the -AMP, Mr. Alair t^UB 

office building should be started expense. deEerred rent reviews on j y 5 per ce nt j n 1971. 

in Perth this year if shortages and payment of transfer costs, 
of space were to be avoided by . some cases new prestige 

011 non-accrual basis but property 

. «the r Xn • v, “ a percentage of total receiv- oa tfapgst, 

- by Snanses^^H wholesale ables bas been reduced from a property. _ Hesaid: 

ive collapses and nsk undermmme ...... 1. =n na r ~» n t in min-i«7S ^ ^ ror wm 

non-interest accrual 

Vacant floor space rose 

SSSS- 5 S 4 szjs: oS ^ w’er.™ rsasu*?? ara 

The survey suggested that of close to 700.000 empty sq. tors on whom they relied for ^77 P ^@5 

Perth needed between 100.000 r f?p“ metres approximating 86 per the main source of their funds 7l _ ^ tfie 

and 250 000 sq ft of soace a to re-lease. BOMA believes tha^t cent 0 * *be total increase in the tor lending. Other finance compani es h ave aard early 1970s, bitt : I wo# 

year for’ the next four years to from ^econdarv^eeammodation floor area - Twenty-three per The U.S. banking giant,- Citi- ted <ta, S!Lf J S S 2SS stress tfiat untiMte 

avoid shortages. Until recently f^^henpw^nrp cent of the ciI >'* s office s P ace corp, for example, had to pump ences, relanve to thdr me, in the nany offshore propel 

there had been a surplus of hm ji!finp?^ii H^n^ n thP was vacan t during the time of ASI50m into its Australian property and are ' ^ deveSopers i&era liras oot : e*k£ 

about lm sq ft. ne^ t^o o^thr^ The ^ survey. The Council finance offshoot IAC' fHold- other areas of business areh as craaidon of rental space iatfi 

A e iLfTt ? JPll described the big increase as togs) late in 1974 to prevent its *S£Ln* 

In Sydney, the position is Association also feels that, since .. 

much more severe. The most the detailed planning and coo- . “?* significant and worry- wltapie. The . group'- ^is now jQr inves tors— are also ex- 

ar^xv-fss ;r^Si» 0 SrH ri 

SHS ~ — 

vacant office space was “ very onwards, 
substantially less than some of 
the figures which have been L'rrQr 
bandied around over recent M ~ jL 1 U1 
months.” The BOMA sur\-ey “Previous 

The life offices — Australia’s u 

I- believe that those whe lei 


their lesson and .-an 
dev elopaneat woM be .wA'itaw# , 
The largest of the life offices, ally in keeping. <wiih 

exceed demand for years to The financiers originally the AMP Society, invested H«mand .that te as 

come and would lead to prema- hoped the property market A$598m in 1977 compared with demand in any pt&er sectw^ 

tu re obsolescence of older would eventually recover aad A$510m in 1976. But the amount “ The very ‘natace <rf 

buildings in the CBD. they could avoid facing heavy going into property dipped from ^ - 

of The fingers most badly burnt writedowns. _ A«31m to A$ll7m.__ makes real estate mi hteal out 

came up with a figure of 359.147 vacant office space have fallen in the collapse of the property Sj e ^ fw funds ***& .^e sotffle 

sq metres, or more than 3.8m into the error of assuming that boom were those of major ^ n f, r l^ e !] s _ ^ j, 0T l t * ie ibis fact is fuiiy ackoowfledga: 

sq ft, of vacant lettable office every project with council ap- finance companies, backed by 

James For& 

bullet and announced heavy mant as a major source of ^ better. The dumeiag natUB 

space as at October 1977. BOMA proval and those not even to local or overseas banks. Several loss ^ s accompanied by investment opportunities over 0 j ^njjrtoyiment with something, 

asserts that a pool of vacant that stage will proceed. There of the largest financiers jumped accelerated programmes to dis- the next lew years. . appTOaddns 70 per cedt of '^n 

office space or “stock on the has been no due allowance made into property during the heady P°sc of their property interests. Local finance companies and workforce in the tnrtiaivp ’gectin 

shelf" is necessary to promote in these surveys for delays, years, bankrolling ambitious IAC for example. In March property developers were not jjiat there wfij :Jie 

a stable leasing market, and that which is a crucial factor in an entrepreneurs and in some reported a group loss, of t he o nly casualties of uie pro- growth in commercial accoifr 

this is a factor which is usually Intelligent assessment of the cases entering directly into Af51.5m for 197/ after provid- perty hoom and txust- Vv modattan needs of kinds. 

overlooked in survej’s of the oversupply problem," asserted property development. The tog A$45.8m lor possible real properly c omp a ni es were quick 

surplus office space position. The BOMA. bubble burst late in 1974 when estate losses. The total pro- to move in as the boom 

Association said this vacancy ... 

factor fluctuated in a range from 
2 to 7 per cent, with 5 per cent 
regarded as a norm. It is only 
when the supply moves outside 
either end of this spectrum, that 
the situation could be described 
as one of shortage or surplus. 

The current vacancy factor is 
18 per cent. 

BOMA determined the total 
amount nf new and old 
privately-owned office space in 
the Sydney central business 
district at 1.99m sq metres 

21.4m sq ft) of which the 5 per START of construction on 
cent stock on the shelf would ^ g^orey Hopewell Centre, 
represent 99,406 sq metres or biUed ^ ^ taUest building in 

f cn a t h aCtI ? harp us South-East Asia, is a powerful 

of office space therefore came „. mbol 0 r strength of Hons 

2 £« 2 V°° sq KO^S pretr? mfke°L f Con & - 

o ” o’KSi tractors poured concrete for the 


Construction records 

HONG KONG: Commercial Property Supply 

there was also a further 230.632 
sq metres (2.5m sq ft) of office 

first stage of the cylindrical 
tower at the end of May and 

One of our most important services 
is telling you what not to lease. 

Someofcur most valuable advise is concerned with what our clients 
shouldn't do. 

What factory premises not to rentor buy. Which location not to select for your offioe. 
Wha t property not to invest in. Why it wouldn 't be a very profitable idea to choose that 
particular sue for development. 

In most cases, this advice involves professional skills and experience that our clients 
can't possibly expect 10 possess themselves. 

Which is why they come to firms like ours in the f irst place: 

For nearly 150 years, St. Quintin, Son & S tanley have been providing surveying, 
valuation and estate agency services to companies in every field of 
commerce and industry. 

Today, we can of fer a country-wide service in the U . K. 

(from of rices in London and Leeds) . as well as all 1 he help 
you need in Europe (through our Brussels-based company). 

(f your plans in any of these areas involve property, 
the snags you can’t foresee now could be the best reason 
ot all lor getting experienced professional advice. 

space under construction all of f . fl7n nnn « n ft «rrn« floor 

which should be completed by ^ L ^ . 

1980. The survey did not take “ j* to f 8 

into account sites where develop- SS£vi m HRsawS^oH 

ment approvals had been HK $500_ m 
obtained but work had not yet o£ ^ bujld,n * next 

started. In practice many such ye H* n n -. , __ 

development projects have been The sq ft °[ offi . ce 

accommodation completed m 

1977 was a new record, topping 
the 2.7m sq ft completed in 
1975. But large schemes are 
still going ahead and the fore- 
cast by the Government’s 
Rating and Valuation Depart- 
ment is that yet another record 
—over 3m sq ft — could be set 
in 1979. 

The abundant supply has kept 
rentals down, helped improve 
standards and accelerated the 
trend for companies to save 

Chartered Surveyors 

Viniry House. Qu*euS keel Place. 

London EC 4 R 1 E 5 . 

Talsphone; 01-2364040. Telex: 0812619 

and at la Park Place, Leeds 1 . Telephone: 0522 460235 

Rue Joseph II 36-38 

lOW Brussels. Telephone: OIQ 32221 9 32 83 
Tefex: 61182 


(Central Area) 

ming pool on the other side of- 
the water for the same money. 

Symptomatic of the trend is the: 
establishment by Jones Lang 
Wootton of a residential depart- 
ment in its Kowloon office six 
months ago, to take account 
a general awakening to the l»ct- 
that high-rise blocks are not the, 
only accommodation available 
in the Colony. 

Rent and purchases price 
rises have been fuelled by ‘ a 
strong speculative element,' 

which a number of developers r 
are trying to combat by use af;i . 
ballot system. Other less scnrpb- 
lous developers are causal 
headaches with dishonest or in- 
accurate descriptions of planned 
developments and pressure hss 
been building up for legislation 
to protect buyers. 

The boom has been fuelled _&L 
the banks, which have been fall*' 
ing over themselves to provid* 
mortgages. The youth of 'the 
population and the increase -to . 
marriages (an almost 50 per 
cent increase in the annual niuo* 

money by ignoring the prestige meirt itself describes as “ a were approved; 950,000 sq ft tectionism that existed in many her of weddings from the 27J35& 
to be gained by a central staggering 13m sq ft," with a of lettable space on the industrialised nations, a gradual in 1972) ensures a steady de- 
district site. Central rents are continuing large supply Admiralty site (again pulling slowdown of our manufacturing mand. With the continuing riss. 
being - sustained and the area expected in 1980. development eastwards away activities in 1978 seems in- j n construction costs as;’* 

will continue to dominate the This is helping to counter- from Central) and an entire evitable. Coupled with the result Of the extraordinarily., 
upper end of the market as balance .the years of excess township on a 25 acre site over coming on stream of an all-time large number of major construe; 
there is a rump of companies demand from 1972 10 1976. Sun the main depot at Kowloon Bay. high of 12m sq ft of flatted tion projects currently under; 
which will always want to be Hung Kai Securities' April 197S Average rents in the last factory space in 1978. excess way, and high land prices, a slotf- 
there. But Causeway 
Wanchai. the latter 
as the Suzie Worn 

the days of rest and „„ fc „ u v . J 

for American servicemen, is New Territories with a 30 per unde, ’ str ong pressure this year, to come, 
now firmly established as a cervt sharc of toUi wp „\ y The h ' s '“ nc however m the early 1980 s the effects BuStliriP 

secondary area with rents fetch- ]g76 d acc0U iHjns for only 30 P"h t ?, aid 1 i dl ! r l f 1 of the approaching expiry of the ^ 

ing from HKS3 to HK$6 per cent vacancies the uptake If"! f re . h,tt * n3 K h,ghs - lease on the New Territories wUl To V p P i? CeS d0W ?' fl ^ 
sq ft (compared with HKS6 to p .„ U Wllh ,and and building costs hp<»in ro nlav an inerpa^inplv irn apart from toose at the upper. 

KK$I0 per sq ft in Centtal )- ™ described as enthusiastic, inning at about HK$200 a sq 5oS!nt fartor mL™ i end o£ ™rket-are becom-,. 

A "irof m ,re «eano^upply rauo was R and factory MlIing prires at ing smaller. Of the 16,550 smtOi 

buying offices in order to aroid about HK * 160 there « dearly * d ° jn * j “ anle ^ by Aa<s completed last year almMt 

noUiWe rent escalation and atudy pomte out lhat «te s.tua- a element nt -hope b„™ Loidon and PeS? anj - S5 ^ “ Dt *> ad *” 

tion could change, affected by value " in the situation. 

less (than 651 sq ft and neariyv 

F . or cx Pcri®nced developers, i^ jS^o^TroupTe'Tf in **“ 525 

find new locations which offer a y with plenty of cash in hand from large companies are known to ^ & 

more efficient use of space than profits made in recent years, the have briefed real estate agents injs Du ~~ in & nrarket place ts 

their existing premises. Alan problem may be temporary, to omit the New Territories J ery a Pre&erae of local 

Hill of Jones Lang Wootton £ r0QU0flCV They tan afford to replenish when looking for possible fac- I ^ r “y because ther? . 

believes that in the earty 1980s _ ^ .. ... . toeir land holdings even at tory sites. 

is abundant local expertise;:* 

ui be a complete The railway is beginning to present high prices, and to wait Record prices have also been f*f Uy . be ? ause . a , considerable, 
of office users into ente r the industry’s prugnosti- for demand and supply to paid recently for non-industrial °? 15 ava 5 r a .*S 

:iej>t build-ings. many cations with increasing fre- approach equilibrium, which at land, but there have been differ- ^ p - a ^H y because wfJJ 

there will 
more efficient 

of which are now under con- quency. both by Us indirect present rales of up-take could ing forecasts Tor the residential 
struction. There 
demand for offices 

the and 3180 by its Property place, pushed by the recentTpaie crearing' reifstance ''irom^com- “S""* of S* 

thev cajT^ out of development plans. There was a of legislation to improve work- pany managements to allowing '?i ch ® n ^ Sh pro ^?? 

in rol T3u5 that great deal ° r rcsentment about in g conditions. But some new- the rent spiral to continue- Two got “?» Europe. C er- 

Snt^Rl hSo^ rmS the Participation of a Govern- comers to the game who are years ago SHK 5,000 a month to* <^h flows from places 

posed new budding and sit back Mass Transport Corporation has In an export-led economy like But a disenchantment with le X?J of ac^ty- . 

and wait for it to be ready. carried on regardless, and says Hong Kong’s, the entire pro- some of the traditional areas on ihere is * however, a limited 

A record supply was also the capital received from perty market reflects overall Hong Kong Island, parti v be- f mount outward-looking In- 

achieved in flatted factories last property development will make economic conditions, but the cause of deteriorating traffic terest as Hon « Kon S investors, 
year with almost 9m sq ft, 1.3m a “substantial contribution " to industrial sector is particularly conditions, is shifting attention e 1 ' re , r cautiou s about putting *B 
sq a above the previous high, costs. Some of these schemes sensitive. For that reason, the to Kowloon and the New Terri- l “® lr ID °° e basket, look 

and, again, for 1979 the Rating are massive : a 24-storey block Sun Hung Kai report painted a tones. If an old 2,500 sq ft flat ab ™ ad ; notably, at the moment, 

and Valuation Department's on the old general post office cautious picture: "In view of the in Pokflnam costs $HK 6,500 it “ ie Coast of the United 

forecast is for another record of estate in Central, 50 per cent gloomy outlook on the world is worth considering a three- “totes. 

completions, what the Depart- p re-sold even before the plans economy and the growing pro- bedroomed house with a swim- R qp nj NfilSOII 

^ imes; Monday Jui* 5 1978 


*■ beautifu 

small lsn 








more & 

yeeifs chairman -of the TUC, 
agreed' . eothusiastlcajiy ..In’ . -a 
recent .television interview that 
big is beautiful, . • , ' v_ 

snesfoon was provoked 
not by Mr. Basnett’s own com- 
n»apd«gphysacal-stature but by 
th6 ...size of his General and 
^amapai - Workers Union 

^ “watf- poised to 
grow i*jr another ^'lSO.ood- menu 
bers -i&tii the' incorporation of 
Uta5?: Amalgdma-ted- Society of 
Bjwtettnahm. * - • . 

• for Mr. Basnett -"to the Boil crnraJcers* 
cfflrfi?re**e hot relish the 

Mte^of^hiir'144-ytarWrW craft 
ms&kxary ..being absorbed- by 

fhVigdftw ttaec A-nl...:...' 

than usually positive edge to 
some of the discussions taking 
pla'ct*. . Technological .change in 
industry and inflation have com- 
bined to make smaller unions 
uncertain about the future. The 
mass of labour relations legisla- 
tion of recent years has 
increased the number of 
spejaalist services .which unions 
have to offer, their member?. 
And the: rising corporate rule 
of' the. TUC' has led.. some trade 
union- leaders to’ the Conclusion 
that the ! . doors of greatest 
influence "are opened to those 
who command the most votes 
at tie 'TUC Congress. 




*. hr 

d “ ^ 

■ p **‘ 
1 n * * 

t C 

L but 1 it 
* he aid? 
ore nj* 

*'** floi ^ 
space in * 

ihc-r secfe 
re oiWtg 

and ba^ 
i aa ideal. 
13 ihe ».- 
na "^D' )£ 

%*ith want 
•er cm: af- 
her? wj • 
nercisl « 
*f ail tisi' 

imes Foe 

aflfr-.tiie Irian has suffered a 
$MK!y' Afai. -'setback: 
.?J^Oh^theress the subject of 
aasmgannatDon is. very much in 
the-.v££*ijs . and ininds of the 
tt^& upionl movement at the 
mom en t. Recent developments 
S^Ude;^ talks . between two 
giants of .the TUC — the Amat- 
gattucted Union of Engineering 
TVorkere arid the Electrical and 
Phimbirig Trades Union— which 
woiitd^ if ‘ successfirf. make ■ a 
big ' impact on the political 
struotore. of ' the Labour move- 
ment: ' 

^ ' "l-i - — ’ ■ , - , 

' .j Although . is generally 
agreed" ; £ftat there are still . too 
to.apy.- unions' In- Britain the 
tretitf towards! mergers is not 
qffl£*S/is testified by the full, 
name of- one. of the participants 
in. the 'present discussions— the 
Amalgamated Society of Boiler- 
makers, Shipwrights, Black- 
smiths hnd Structural Workers. 
/TT^ere 1 i s ; therefore nothing 
un Usual _in one union having 
tentative amalgamation talks 
witK-'riffOthcr and equally there 
fs nbflhng unusual in snch talks 
Cdnliitg to : nothing: ' At the 
moment- - however, - there are 
Sfewife}-- factors giving a more 

Trade union amalgamations 
involve \the submerging and 
compromising of long historical 
traditions to at least as 
great an extent as when 
old-established companies 
merge, and they are seldom 
easily accomplished. Agree- 
ment among union leaders that 
a merger would be a good thin a 
is of little value if their 
members have always had con- 
flicting interests at local level- 

The logic of amalgamations 
is, perhaps, most .easily under- 
stood when unions representing 
different grades of employee in 
a single industry - discuss the 
advantages of coming together 
— the thinking behind the 
current talks to create a single 
union for the printing industry. 
D'.scussions in', this ' Industry 
have not been without their 
difficulties: the original time- 
table has already been extended 
and the severe demarcation dis- 
putes for which the industry is 
notorious, plus the unsuccessful 
outcome of previous amalgama- 
tion attempts,' do nojt guarantee 
a successful conclusion. On the 
other, hand a common challenge 
(.some regard it as “ the 

enemy”) in the shape of huge 
technological changes, and the 
sirong personal belief of rhe 
print union leaders in the need 
to create one union for the 
industry, hold out some hop*?. 

Matters become more compli- 
cated when, rather than two or 
three single industry unions 
coming together as equals, a big 
union is seeking to attract a 
smaller organisation in an area 
nf common interest. Here the 
issue js inevitably seen as a take- 
over raihcr than an amalgama- 
tion in the pure sense of the 
word and two or three large 
unions can sometimes be com- 
peting in woo a particularly 
nubile partner. 

The Boilermakers is such an 
example. It would be difficult to 
exaggerate the sense of horror 
with which leaders of the 
Amalgamated Union of Engin- 
eering Workers learned a year 
ago thi .1 this prestige craft 
union, which they had long seen 
as a natural ally, was talking 
’« Mr. Basnett at the UMWIJ. 
Six years ago the AUEW's 
dream of creating one union for 
the engineering industry suf- 
fered a serious blow when thu 
largely unskilled Transport and 
General Workers Union beat it 
tn a merger with the National 
Union of Vehicle Builders. Loss 
of the Boilermakers to another 
general workers union would 
shatter for ever the ideal of 
one engineering union. 

Mr. Hugh Scanlon and his 
colleagues at tlv* AUEW havp 
been spared humiliation, at 
least temporarily, by ihe dele- 
gates to the Boilermakers con- 
ference. In spite of impressive 
efforts by the Boilermakers’ 
executive to convince their 
members that the widely held 
view of the GMWU as no more 
than a union for unskilled 
public sector workers was 
■■ hopelessly inaccurate and out- 
dated " the conference called off 

amalgamation talks largely for 
this reason. White the full-time 
Boilermakers' executive, who 
might be thought to have the 
most to lose in terms of indepen- 
dence. unanimously recommen- 
ded continuation of the merger 
talks the craft jealousies of 
delegates proved too strong-— 
vividly summed up in one 
motion describing the GJTWU 
as predominantly representing 
“ gas workers, dustbin men, 
road sweepers and other local 
council workers." 

Many Boilermakers members, 
particularly left-wingers, would 
prefer an amalgamation with 
the AUEW. and Ihe engineer- 
ing uuion renewed us 
approaches only days after the 
conference decision. This doe? 
not, however, appeal to ihe 
Boilermakers' executive which 
dislikes both the unsatisfactory 
slate of the existing AUEW 
and the sharply divided politics 
of the union. 

The executive also believes 
that it is unhealthy for 
democracy in the trade union 
and Labour movement “ for too 
much power to reside in the 
hands of too few giant com- 
binations." a tendency which 
an amalgamation with the 
AUEW would entourage. It is 
therefore possible that the 
Boilermakers’ leaders will test 
the GMWU amalgamation pro- 
posal in a ballnl of their whole 
membership before abandoning 
thp idea. 

What make* an old-established' 
and industrially powerful union 
like the Boilermakers contem- 
plate amalgamation at ail? It 
i. - ; nut that unions of the Boiler- 
makers’ size— or smaller — are 
necessarily unvlable. but it 
becomes increasingly expensive 
and difficult for them to provide 
the facilities for research, shop 
steward training. specialist 
officials and other back-up ser- 
vices which the bigger unions 
offer. As the Boilermakers’ 

executive said in a document 
explaining its decision to seek 
amalgamation, “ trade union 
power and influence can now 
be brought to bear on decision- 
making at plant, company, 
regional and national Level on 
industrial planning in a way 
never before possible." 

It would be possible, said the 
executive, to remain aloof from 
these developments and continue 
to rely exclusively on the 
union's strength and intelligence 
at the bargaining table, but to 
do this at a time when other 
unions were “forging ahead m 
exploiting the new opportuni- 
ties” would not be rhe bi«t way 
to serve the membership. 

The. question of a hat ha opens 
after an .amalgamation depends 
very much upon the parent 
union's structure. A merger 

sometimes invoK-.-s a change oi 
name and adoption of a different 
form of organisation: the Boiler- 
makers and GMWU were think- 
ing of a completely new union 
with some clear departure- from 
existing GMWU orgum.-alion. 

Terry Kir* 

.Hr. Hush Scanlon of the AUEW (left), and the Municipal Workers’ leader Mr. David Basnett: 
rival unions for a merger with the Boilermakers 


Unions which have cor.v info 
the Transport and Genera! Wor- 
kers Union tend to huvomc 
quickly absorbed into mat guu« 
union's structure and >u.*ne offi- 
cials dC ahsorht-d or^ani-atiori!? 
today hold high office in the 
TGWU. So much do..-- ti: v TGWU 
appear a single entity that it is 
sometimes forgotten that it was 
born out of anial-^amatiun in. 
1922 and has since increased in 
size in the same i- ay. 

Organisations as varied as 
the Vehicle Builders, thu Scot- 
tish Commercial Moiormen. ihe 
Watermen. Lightermen. Tug- 
men and Bargemen, ihe Union 
of Bookmakers Employees and 
others have all entered the 
TGWU in recent years. 

In complete contrast is the 

style of amalgamation which in 

the early 1370s brought about 
the AUEW. The unions which 
now form ,1s engineering, 
foundry, i.-onstrucliun snti TASS 
( •vhi t c collar ) suet i ons ca me 
together under a loose, federal 
.- (nurture with their leaders 
toisimiiicrf ij achieving o 

ciimniuii rule inmk -nrl organs- 
.-ation after the initial amalga- 
n:;i»iL>n. This h;.* pro-, ed beyond 
their capabilities. Year? of 
diM-u.->ion ;«r. a common rule 
buck, methods n;‘ select ing 

officials Ln«i i!k' .-i.e of polity 
.ivr.iorenecs become in- 

levied by deepening political 


With the i.easti::-.* ama.^sma- 
L’-m m this precar.ou? .-.tate «h? 
AUEW on -#u nee ring section i 3>t 
year -cm oul a general "come 
and loin us” cai! jo a‘:l other 
untMii-i in inv •.•!igi:--:vr:na :n- 
du*r fy. Dnuet-.-rs -..or.di-rec 
whether, will: l;ic nrohiems Ol" 
rhe lour seciiox- sj Djmicly on 
di-ploy, ihe v.\i*rc!.-e would 
prove "Aoith tiic vo-t of the 
po-tage. In fact the AUEW has 
been iw.u.-rlvd v/ijf. what i> 
potentially the mo* - , .mportani 
omsi.-oniaf.Mii fieveionment of 
recent years. 

Mr. Frank Chappie"? Elec- 
trical and Plumbing Trades 
lij;un responded quicxjy and 
began talks with the AUEW. It 

was not the first time that these 
two union? had looked at the 
idea of partnership though the 
two unions hud previously failed 
to reach an agreement. The mes- 
sage this time. is that 
:he talks are going ■.veil. Hurdles 
are plentiful. The AUEW is 
organised geographically and 
the EPTU industrially, the 
former union U devoted to the 
periodic re-election of officials, 
both have quire different 
decision-making conferences and 
the EPTU has a ben nn Com- 
munist official* while the 
AUEW’s TASS section is led 
by one. 

Gradual Jy. J hough. the 
obstacles are being overcome 
2 nd ihe chances of success are 
*lumi!aled by ihe ejection of 

Mr. Terry Duffy, a staunch 
believer in ihe EPTU merger, 
to tm- Al’EW pre.-jik-m-y. For 
iiis part Mr. Chippie thinks 
such an amalgamation would uu 
important in producing a 
counterbalance to ihe power of 
the TGWl’. which lias more 
ihan 2 m members and is still 
growing. Mr. Duffy, Mr 
Chappie and Mr. John Boyd — 
ihp A L'EW's general secretary 
— hold similar politico! beliefs 
to the Right of the trade union 
movement, and a L*m strong 
union led by such men would 

be a tremendous force through- 
out Labour polities. 

The potential implications of 
the birth of such a creature 
have nor gone unnoticed in the 
existing AUEW. Mr. Ken Gill, 
Communist general secretary of 
TASS and his colleagues are, 
to put it mildly, nf a different 
■political persuasion to Mr. 
Chappie- To make the EPTU 
merger feasible the AUEW has 
In overcome its existing amal- 
gamation difficulties and the 
absorption of TASS and its 
elected officials is at the centre 
nf these. No one is going to 
give ground easily. 

At its recent conference 
TASS accepted the use of the 
1964 Trade Union Amalgama- 
tions Act to try to overcome 
some of the barriers to a com- 
plete merger with the engineer- 
ing section, hut — worried about 
possible future constitutional 
chances to accommodate the 
EPTU — insisted that the law 
must never again be used to 
alter union rules. It looks 
increasingly likely that the com- 
plicated problems of the 
AUEW's uncon stimulated mar- 
riage will end up before the 
law but at this stage the parties 
are uncertain whether they are 
on their way io the registry 
office or the divorce court. 

Letters to the Editor 

'• 7 r -s 


m -me. 

Frorn'TiTichnel S&oic. MP - . -> 

agree -with your lead- 
ing ""article’s' 'strictures on the 

• . . 

These are. the anoual .yield per 
cent figures -on month ly„premiums 
(Ignoring: tax relief) .paid! .to a 
leading life company on Ordinary 
Branch endowment":* contracts 
maturing -this year: • 

* i - Young man 1 Middle aged man 
entry - s at entry 
IDyrs 5.44 lOyrs 4.85 

IS.yrs 6.42 15yrs 5.64 

35yrs 5J6 . 25jrs ' 620 
It may be that (say > 5.44 per 

r? r siot ; 

fl? 303P 
treed u: 
(ones t 
iuri fl'i’a* 
n office ! 

■ iccwtf' 
: to 


Council of Miuisters* negative 
attitude towards the Community 
Budget (May. 26) but I would 

not wish your readers to gain -j — — . 

the impression that the tortb- cent Is a good average yield over 
coming budget procedures are a the last ten yea. <. But one 
matter between tbe'Coudcil and wonders; after alL the death risk 
tbe Commission. ' 7 is almost nil. More obviously, 

In facVHOW that -the Commis- 5.3$ Percent seems fair over the 
sidn . has!7-p reseated -the ^re^ last S& years. Even allowing for 
liminary JJraft Budget ;f or ~197K tax -relief on .trie prenuumg. the 
its official-! eFOle suggest life^assur- 

altbougb its ► important •> cm- ance as * a’ ^mrist” for investors, 
sultative role 'will conti nue- The particu Jarly ' when' -the 7 inflexi- 
determination : of the' r - 1979 ■ bility aspect is included. 

Budget is now in the hands toI . A cyriic might say that these 
the two. budgetary, authorities. g<1T . t 0 f yields are the reason why 

4 V* Vurnnaon- PanIiaiYlfltlf. Jinn.-Uf. m fliv c.r-filrt 

ijic * ■. — • - . : ovii i vt j ictus die luc a cam 

the and- Jife. jasiraQce pepple so. rarely 

the -Council;. : egen^ -tnsutuuptt-, jjMfjffiffn - : tbem. jCet : nie's: 

..;itV fV. » Qnilnal in' lUh . ' " - - 

me •ujunai;.. essn. . hbuwuuu, memon tnem> 'juer nie _ 
deal l_ng.-Mfith Bu dget , in^.tw.o \ am a -.great- -believer in life 
readings. .- ,. / • ■ .' . ' -xsstirincc,. 'but. I believe that 
' A" bopkleb^Qf 'mine- tD oe puri-: fnost- huyers are motivated by 
Hshfed next month, ifescribes the the : simple thrift, rather than 
respective roles-tiu- practice oL - investment cbricepL 
the ParUamepU-iTid the .CnuncfL^v \xr. Krng 
Here I.jwoiild-'ju#. record -that : Burtrcry Ttoad, SE6- 
t be • Parliam ent has icoasiste . ;■ .., .. - • : 

adopted i fat. . 

minded attifride fhWthe Coon- - 

aed attitode fhgU toe conn-- -• v % 

ca, . indeed. ;I ■ would say., that • Lll 2 n 6 r 6 (l 
tie: Cou&Cif^-m.dul^S^Ta-." its . 


beeausfi-it jfr3&&sn*?$> -rafy-z-oh .. 

the Parliament;; -sub^naently . lp r^= j_.j_.__ 

adtmtins a mrifio; »aaon4bto-aK*:, Mr. CUgoTtl Jackson 
tude. ti.phtlv*dr*wn . Bir^-r-Tri, practise as an engi- 

heer or an acepuntant you need 
Draft - Baflaet^ it -be ;to be ^Bartered; and as a raarket- 

?Sntl^fo^Ke-?CoW.c« ^o mg or. personnel manager to 
adopt' " ; ’a ^- -CbmminWtv:- mlDfled have- a . diploma. • To bereme 

thfa. Chartered need, to satisfy a 
v par -if •prn^re**! urto^he ninja-; \board :-ofr .-exammera that you 
ta toed Cnro-rhave snfficwnt professional- know- 

mSut. Butot an imUumfnt ledge, .^sough . merlence o 
SMDisF^fr'^-s-’r apply that knowledge, beneficial ly 
ti- J •••• : ’l and' ..are. ' a' .suitable person tn 

r. : - e-v- ^i v-v-.-v.-; cv- tiYet tfiese akiIls :<rit 3 l though 

^ Tthey- arc-h'hre -of far Jess impor - 
rant?- to the success of a-eompany 
.-—and hence, of British industry 
. . • — than the quality of the board 
"T which decides its policies, moni- 
- iors.tbeTr 'execution .and oversees 

posais and lightly stresses the 
need For an early start for the 
development of several British 
processes beyond their current 
research stages, in order to 
provide for lh«? rapidly approach- 
ing time when our North Sea oil 
and gas wealth runs out. 

It is regrettable therefore that 
the article refers only to 
scientists, but never to engin- 
eers. as being the people prin- 
cipally concerned with turning 
these idea* into practical 
realities. While the chemistry 
of a process is Of course the vital 
first step on the long and un- 
certain road to the start-up of 
the first full-scale commercial 
unit, tflCy problems 'of most sub- 
sequent \[eps are primarily of 
an engineering nature. Tbeir 
solution requires the "collabora- 
tion of professional engineers 
and ■ scientists of many 
disciplines, and with this type 
of process' it is the .chemical 
engineers in particular who play, 
a key role. 

.Many chartered engineers 
irill -make important — • indeed 
essential — contributions .to ibis 
development - programme. The 
engineering profession is subject 
to •-inuch current debate and 
there is justified anxiety at its 
lack of appeal to our ablest 
young people. No opportunity 
should be missed to. show the 
value of engineering to society 
$nd how tt can provide reward- 
ing "careers. 

J. M. Bo! belt. 

Georee E. Davis Building. 

165-171, Railway Terrace, Rugby. 

revolution in consumer durables. 
Richard Cop ley-Smith. 

Clapp and Poliak Europe. 
2-10-332. A cfon Lone, W4. 

Don’t blame 



Capital value 

,.n to sons-of- 
retired ' admirals and 
» training 

'53^vSSB^dSS£o'wS?“'S5r effective production, and the 


eS "!<■' 
1 -i i?.r 

K ’ »■?.. 



markP- ■’ 

w : 

acSUes : of 

&6fja}VfS‘: '■! fo-say that M toe- -WUte i ps P i ^; 
ndriementfi- Occu^ ahtiL.lbC 1?^. rtAcoe a method oE selectio® 


i v-** 

]s 3 ‘ J ? 

-■if •* 



if . 

€ taK-.f 

lead ip 

_ J, awarding : am appropriate 
>er*iladc?_ .- 

. : cuFford Jackson- - 

. -, L '.',-25; va Biirlxngton Street, wi. 

:as ;; 


p ;':: 


4* n 

C* e 

r :Ct- 


23 . 

•life Fbow the president 

Science EflitorJ. 
newly .announced Gpvera- 

an informative 

"Supppl"ts - these PV°”_ 

From Mr. Richard Copley -Smith 
: Sir.-^-in his call for more 
government research. Professor 
Freeman rightly stresses the 
enormity of the!** microprocessor 
revolution " (May 24). 

But when an academic scien- 
tist .calls for policy reviews, is 
there: riot a danger that the rest 
of us may be lulled into feeling 
that, .change, however, funda- 
mental, is still a comfortable 
distance in the future ? is-not. American, German. 
French., Italian. Japanese — and 
some British — products alreadv 
feature microprocessors. Not just 
jn . rdmote scientific, medical "or 
technological applications. Nor 
just ephemera like ftobbj’ com- 
putdrs, smart door chimes or TV 
games. But in ordinary, every- 
day-consumer durables such as 
washing machines. sewing 
machines, vacuum cleaners, hair 
dryers- power tools, ovens, lawn- 
mowers, cars and central heating 
controls. Almost any product 
wbleb runs on electricity or has 
a. motor could probably be im- 
.proyed with a microprocessor. 

■ The new.products are coming 
ou"!stream now. Nowhere, was 
tins more aoparent than. At the 
Am eri c an Design Engineering 
SboW jtrst ended in Chicago. The 
triaSa -feature Was a “band-on 
non-mtimidating seminar about 
microprocessors for product 
-designers-. This.. was oversub- 
scribed many times by U.S. 
"designers anxious to learn about 
ihre new technology. Tickets 
were as' bard to come by as Cup 
Final tickets in Ipswich. 

In December this year, the 
seminar is being repeated at tbo 
Draign Engineering Conference, 
-National Exhibition Centre. Bir- 
mingham, for- the benefit of 
British design engineers, where 
.Chieaga seminar leader. Andrew 
; Singer.- is bringing 25 micro- 
computers to enable British 
design engineers to tuu their 
own practical experiments. 

. Today’s initiatives are in the 
hands of British design and pro- 
duction. .engineers. Micronro- 
ressors are available to them 
now. Government R and D 
backing, however welcome, could 
-already he.- too. late for the 

From IV. Grey 

Sir.— With respect to Mr. F. 
Courtney (June 21. blamine the 
American multinationals for all 
tbe ills of this world, and for 
the plight of the -developing 
countries in particular, is like 
blaming tbe trade unions for 
inflation — and then giving them 
no credit when inflation lessens. 

It is. quite simply, to mistake 
the symptom or even the 
doctor’s helping hand — for the 

In fact, the growth of those 
multinatiortals has ■ not been 
“ financed ” by— any more than 
it is responsible for — the 
“chronic surpluses” of others, 
but -by the chronic (and now 
recrudescent) deficits Of the 
Americans themselves, which 
have done so much to build up 
the Eurodollar market, on which 
they allegedly feed, to its present 

The troubles of the Third 
World would be incomparably 
worse if that market, and its 
numerous other (including now 
petrodollar) varieties, bad not 
done so much to help tbe 
devetoping countries and others 
in their present hour of need. 

Nor. of course, do tbe multi- 
nations “ get their raw materials 
cheaper “ if those countries — 
whether “as art IMF condition 
for further aid " or. more prob- 
ably. for other reasons — are 
“ forced to devalue their curren- 
cies.” seeing that most raw 
material prices are expressed in 
the multinationals’ own. 

W. Grey. 

12; Arden Road. N3. 


Department of Industry pub- 
lishes investment intern ions <>f 
manufacturin';, distributive ar.d 
service industries i itCS and lUTUi. 

United Nations special session 
on disarmament continues. Now 

Mr. .Ualcolm Fraser. Australian 
Prime Minister, in U-S. for trjdc 

Mr. Bruce Mi!Ln. Scottish Secre- 
tary,- visits Lerwick to discuss with 
local officials a proposed Govern- 
ment arnendmen; fo ihe Scot '.anil 
Bill which uouiii vnaulc him to 
adjudicate in any dispute between 
the Shetland and Orkney Islands 
and a Scottish Assembly. 

Mr. David Ennals. Sucnil 
Services Secretary. addresses 
Royal College of Nursing con- 
ference. Harrogate. 

1 odav’s Events 

See Week's Financial Diary on 
Page S. 

Mr. Mor/.vn Kce<. Koine Seen?- Miryor of London, and his 
tary. lnti'rnation,il Pro- Sheriffs attend rornu-J opening 

less ional Securii* - conference 1 , of Session!, at Criminal 

Wembley Conk-rence Cenire. 

Post •’.iffice Engineering Union 
conference, EJ.-.i-l»p*oJ. 

Court. E.C. 4 . in.3u r.m. 

Industrial Process Coutrol 

InstrumenUilion ami Systems 


CM Northern Re-ionai Council ^IJ' ll0 , n 
meets, Washington. Tyne and f/’i.fl Lj/i e rtanj Place. M. 

. i until June 9). 

(ipiK-r.i! nn.l Mnnii-mr.1 British Hospitals Exhibition 

Worl.-fra" V % uei} conference °l Jt;ns - Ulympia i until June S>. 

S-aibr.rou-n " Decorative Products trade 

B.fccrs ’ i-Viud* -n. 1 i J /ied o.ffiibition opens, Natioual Exhj- 
V.’SibS? conference 0 H;±!S ^ion Centre. Birmingham (until 

.June hi. 

ion. Juj,p »• 

L-yndjii Chamber of Commerce COMPANY RESULTS 
irade mission continues tour oi Anglo American Corpomion 
maior Spanish industrial centres, nr . South Africa dull yeari. 
Sir Peier Vanned*. l.ord Metal Box dull year). 


The 62 Group (textile artists) 
summer exhibition. Common- 
wealth Institute. High Street, 
Kensington. W.S (until June IS). 

Anglo- Jew ish silver. Victoria 
and Albert Museum. South 
Kensington. SAY. 7 (until July 9). 

Royal Academy summer exhi- 
bition. Burlington House, Picca- 
dilly. W.J j until August 13). 

Josiah Wedgwood exhibition. 
Science Museum. .South Kensing- 
ton. SAV.7 (until September 24). 

Cricket: First Test (fourth 
day, England v Pakistan, Edg- 
basion. Golf : Amateur cham- 
pionship. Troon. 


From D. B. Logd>.m 

Sir. — Could any of your 
readers help me with an 
apparent anomaly. 

Where an agent arranges work, 
for example for a draughtsman, 
he must apply PAYE to the 
remuneration he handles on 
behalf of his client. 

Where the agent has barristers 
as bis clients, the system is con- 
veniently stood on its head so 
that the barristers can enjoy the 
benefits of Schedule D assess- 
ment. while the agent, working 
without a master and servant 
relationship or any security nf 
employment, must subject his 
expenditure lo scrutiny under 
the more rigorous Schedule E 

After trying for two years to 
get to the bottom" of this with 
the Inland Revenue, T was 
eventually (old from within that 
department that they could not 
understand it either, but their 
orders came from a higher 

My attention was drawn to the 
high proportion of lawyers in 
the House of Commons! I sug- 
gested this might weli he unre- 
lated. but was reminded nf tbe 
timely switch made by MPs en 
bloc From self employed tn 
employed status when it suited 

My cynical Inland Revenue 
informant suggested that MPc 
lasing their .seats in the next 
election might well he claiming 
redundancy p3vments. 

In view of their hvsteria over- 
tax avoidance schemes. I eannm 
re?llv imagine that they wmifr* 
exhibit such ruthless self interest 
as ihe ahn*<» suggests. 

T). B. Logdon. 

Meredith Whittnme Logdon and 

flonfe King Street, 

Tring , Herts. 


Our new operation in Dublin and Cork shows Standard Chartered active in 
yet another Common Market country, and ready ro help you with the increasing 
volume of business between Ireland and the rest of the world. 

Like aii ou r 1 500 Group branches and offices, StanCharr Bank Ireland 
Limited deals direcr with the appropriate Standard Chartered branch in any of 60 
countries. This str ".light- through service sues you money and a lor of headaches too, 
Keith Skinner will tell you n? t irc advantages on 01-623 7500. 

. g/r p 

iv=«S virfS 


helps you throughout the world 

^kadU£bA.iUCL;iihii'.- Lane, Lurnfu.'. LC-J.N 7 Ail 

.-Li i-:.i v -.1 mJLua, 

**' .J- 

Turriff expects to maintain performance 

A RATE of profit growth to match 
that achieved in lBu is hoped for 
in the current year at Turriff 
Corporation. The overall picture 

The directors consider it likely 
DAADn urrTlUAC thta the sale of the company's 

DUAKIf IVILEi I IliUw properties now would realise a 

Tbc fallowing companies bare notified Fhmls — Aoslo American Corporation of surplus on cost. 

for 1978 is satisfactory, and a *?« Hie directors believe that the 

.7„. „( „rnfitc ic Esclwnne. Soch meetings are usually William Reed, View Forth Investment -«-» rt f _ f„,i r vnlni- 

groivmjj proportion Of profits IS (or , hL , purpose of considering dirt- Trust. Westtwol Investment Trust Sf* Professions I vail U3 

coming from overseas, and dends , official indications are not avail- future dates tJon of Properties every year IS 

niaruins are improving. Mr. W. G. able whet her dividend* concerned are r| „ w«ii:a not justified when there 15 no 

Tun- ill. the chairman, says. mtenms or a nate jna tne »ub-drvt*wns shanks June 8 present intention of selfins them. 

Pre-tax profits last year rose lr,aUUl ' 0X1 1851 Associated British Foods June 12 but as the portfolio is significant 

from ICl.Slin to a record £1.06m ye4r ‘ Great Portland Estates J“» if in relation to the company's size, 

imerinw-'-Martln the Newsagent. St. Hill Samuel Jane 12 i£?2L?££. COjlsiderin g havi/lK 3^fu_U 

John DVJ Rev Mir Inn. Northern Securities Trust June 21 ~ 

on turnover down from £36, 61m 
to £33.S7m. The d'rridend_ is 
increased from 2.0797p to 2^547p 
net per 25p share — as reported 
May 12. 

The group entered the current 
year with a reasonable order book 
but UK activities were adversely 
affected by bad weather in the 
first quarter. 

Looking beyond 197.8 the chair- 
man says it is difficult to be very 
optimistic about prospects iu the 
UK. He says that apart from the 
difficult business climate, the 
weight of legislation is becoming 

valuation for inclusion in next 
year’s accounts. 

Metal sees 


Despite the disappointing 

tiHine suits of the se c° n d half of 1977. D f than £1. 

However. Turriff continues to Mr. W. -S- Wilson, chairman of 
sireno then its base for future Ayrshire Meta] Products, hopes n f 

expansion A brea? geographical that the fi rat six months of .the PgCe maV SlOW 
coverage has been built up. and current year will produce a sum- J 

a good base of specialisation and lav c 
experience. Its marketing effort time _, nBnnn 
generally has been strengthened reached £408,000 
and the group Ls identifying an For the wta>le of 1977 «P ro ? * 

increasing number or opportune was „- d - ow " fr °°J e 

Ibi on sales of £l3m. 

received in respect of 'approxi- 
mately 95.5 per cent of the 10.8m 
shares offered by way of rights 
to shareholders at 3-lop per share. 

The shares not tahen up have 
been sold at a net premium over 
the issue price df approximately 
58. 3p per share which will be 
distributed in proportion among 
entitled shareholders. No Pay- 
'S - m_ent will be made for any amount THE PRESENT outlook for More 

OTerral! in Great Britain and 

at More 

when taxable earnings 

at English 

U Tiio Chairman is confident that c’S.tWm)— as' reported “S.‘ fo’£137J9oln 1977-78 pre-tax "earn“ the company's 
The chd ! r ma ^ is co m mem^tnat ^ ^ divid £ nd ^ 35123p „, gs 0 f English^ National Invest- through^ 1977 

Ireland for the rest of 197S gives 
the directors cause to be con- 
fident that the year's results will 
show continuing improvement on 
tlie £0.9-1 m seen last time. 

In his annual statement Mr. 
E. R. More O'Ferrail. the chair- 
man, says that the return of con- 
Fo I lowing a rise from £117,638 fidence which boosted demand for 

" super sites ” 

thrt .Y.mmnt vhniilri hf» ahle to 'me net uiviaena is o.Ji^op mss v* iwuuutu wvcsi- B -w»i has remained 

Secure s-i&icfent of these on terms (3.1776p). ment Co.. Mr. D. L Hunter, the strong in the current year and the 

win r-nable the -roup to at The reasons for the fall were chairman, says income is unlikely benefit of plant investment and 

i p ,,t miinriin iic nosition threefold. Firstly an £88,000 in- to continue to rise as sharply in marketing innovations is now 

Mr Turin" ^avs overseas busi- crease in group bad debts, a the forthcoming year, although visible. In the UK. therefore, the 
nesc Will continue to be difficult £43.000 loss in Scandinavia, and the directors will continue their company is eDjoying a much 
to secure but with the ^roup's considerable maintenance and investment policy of increasing higher rate of sale than in former 
ability it should obtain its* share site improvements carried out at investment income wherever years. 

C.ond nroiits were earned in Irvine which ' vil1 continue during possible. The directors beUevc that their 

construct on in 1977' with in du?- 197a - . , j In his annua^ statement the marketing strategies will not only 

t-i^'anU comm^rcia I ‘ constrict ion Work mg capital at year end chairman says that after substan- allow them to achieve the maxi- 

work cnnlinSn" to be the primary was U P £217 ; 1 ° 7 (£22,930) with ba I dividend increases m the past mum return from plant in the 
interest n of Ui ^his° dfvistou^The bank overdrafts lower at £183.239 two years, he feels it appropriate current buoyant conditions, but 
-enShical coverage has been ^16,193). Capital spending ran- to sound a note of caution as it also give them a firmer base even 
fuNher P ex ended to enable the “H* amounted to £lll,o00 is unlikely that percentage if the general demand for outdoor 
Zn lu S more rapidly [£ 7 3,000l. j increases in earnings, and there- space should slacken. 

fnii^rniLtionally rapituy. Sales a nd profit were splir as fore dividends, will be maintained 

A successful year was 

financial Times-Mondiy i 

Life JL*»x 

da b 

New ■■ annual uremlums In --.the through the 

ordinary branch Increases by 17 anct operations: 
cent to £10.6m and single 

premium sales doubled to &Qm— 
this latter growth coming both 
.from high income bond sales .at 

u/psiu^re ^ In U unit-linked bond pension contrac 

toM CMG# ’ ' 

■remained buoyant with new ** jrrj-V* JA” . * 

annualised premiums 14 per cent - QericaL Medical -ajMr- jGew* 
higher at L4nu - Life A^nrance Sorfety. la .t ^ ' 

"Armual premium sonal Pen^on Goutrlct td sj - 

SS5T Jravsa- » m 

and sing' - 

Income I 

to £20nt Claims and .expenses p^ion p raw utim elttoteL . 

ove ,t, £ ^ ni thol.^ 1 tr«f l n n fSln lar tim>ngb=tf'j2| ' 
£30m so tiiat there was a £54m single premium paymffirtJ-Sh 
excess of income over outgoings. provi^^vestore^S^SS 
Assets relating to unit-linked flexibility as to paymaJt of^^ 
business showed a £20ro capital buttons."- --. •» 
appreciation resulting In a £74m . 7^0 n Tnn <« •«'-< ■ 

increase in life funds to £277m. a^lnlstiation : 

The industrial branch fund in guaranteed rate - 

1977 rose by £4m to £4Sxm whfle S5ff®LS2t? ^ uSmhiS 
the expense ratio was reduced added. The rernlii- , 

slightljrto 52J per cent of «9fiSSSS& - 

premium income. from the • 

Last year’s valuation of fd. reflect -the «afrjn{« 

ordinary business disclosed a sur- fncorponft'ed.hrthe two 
plus of £2.78 m. of which £54.000 initial bonus rate.£s.(U3-»TM ; . 
was transferred to profit and loss per: month;. ' comparedUwidr'^ 
and £2.15 m. allocated to. policy- per. eentf oivtthe;,slngIef^p^iS5 
holders. The reversionary bonus con tract (0^67 . per- cent'- S ' 
rates for 1977 are £4.775 per-cent, declared at tbe-last tri al • 
of the sum assured oh first -nie-contract off^ iMikd^ ■ 
senes policies and £5.75 Mr cent, flexibifity ; regarding 
on the second series, with add I- premiums. ■ They - C33*be^m5 • 
bona! rates for policies that bare annually. half-ySrJyTquartori^, 
w force for long periods. . monthly and can" be 
The terminal bonus rates, pay- ja^r .increased ' 
able on death or matunly, is certain limits.: on - 

fixed at 25 per cent of attaching terms. The. benefits 
bonuses. On the Industrial usual flexible form,indWk5_S 

■fi -■ 

/. JR 

Freddie HomtidU ' - 

Sir Arthur Norman, chairman of De La Rue Company which 
is expected tomorrow to announce its 1977/78 results. 

Tootal hopes to improve 
after dull start 

branch valuation a surplus option to commute parUof'S 
nf ~h,«h »— a completely tax-f^ 

bales ana prou t were spur as fore dividends, wiu bemaima.oed They are continuing to expand 
A success, IU year obtained ^ SSSn f ^d Franre mv f stmen J in France and Belgium 

in the engineering and pipeline fiJJ^KLden £343537 i£300 713) !,^p * “ r a further ? nd are finding a very encourag- The current year at Tootal, the Meeting, Manchester, June 28, 
division, in spite oE exceptionally wS 5 m Sfii imi ,n ™“ over 1977 '7' J ,n S nsponsejrom the advertising textile manufacturing group, has at noom 

u-j .1 V.„J i n «h. and loss iJb.olH (prom il/I#. At the vear end. unmvesred market. The „ aw 

bad Weather, and activities in the a,, “,r" At . ^ J ea f marfceL company's new open ed in the same dull condi- 

oil and gas areas continued to ‘t-L J ass f ts sto °? at £113 - 147 (£42,359» ^ r ”/ ,E .®“ en . t „ »«th France Rail dons seen towards the end of 
ai-ow. a h i eh ,'fi el of a ct*«*y ' tnrmi|n and members are told that Publicity will provide significant 1977/78 hut improvement is 

Sluggish business climate jj 0s£ of the £ ear although the directors will firowth in the Paris region in hoped for in the second-half 

coupled with -substantial pre- He ‘ e n n 5 a Si c P ntJnue t0 make ? e . lecUve P“T 197S - tte chairman states. says Sir George KenyoS the 

liniinarv expenditure incurred in second half as a resitit of a fall chases as opportunities arise, it Conditions in France now chairman, in his annual review 

Saudi Arabia, in anticipation of back in its traditional markets. ^ fe ]t appropriate to keep a appear to he returning to normal 

future work which did ®re ^der way to modest amount of liquidity for the following the election, and the is^akm- U^ disD^itiSl to b£ 

m-iternlke resulted in mech- change the market base at SL time being. directors expect rising nrofir in 15 ™ aK ^Pe. its dispositions to be 

anical services not achieving the ^"^alSiit *a senera^streaSf- Mr. Hunter explains that during this market. In Belgium the S?emational^ *««« w 

profit able trading basis the group {££- Meratio”s y !^ ulvestor confidence number of sites is being increased CQrae eventualhandthpgrSS Third M»lc Investment Company 

was hoping for ," g , °.L_ ir>creased ?s. interest rates fell with resulting improvement in ^ability provided bythe show a small increase in turnoyS 

w re-negotiated Multi-Fibre Agree- an ^ Profit, and Mr. j. E. V. Rice, 

£25.000 was transferred to profit 
and loss and £648.000 paid to 
policyholders in the form of 
bonuses. ■■ 

The directors say of the com- 
pany’s withdrawal from member- 
ship of the Life Offltw Associa- 
tion In respect of its UK business, 
that they had come to the con- 

lump sum. 

Johnsen & 


First quarter 
increase at 
Third Mile 

Johnsen and Jorgensen 

elusion (hat it was admlnf- togs) announces the forms tfoiT7 
me to one rate a new company to ' mannfa«*m 

First quarter 1978 results of 


nuu has. «• u. v • -uirii. 

the chairman, says in his annual 

Overall, 'profits overseas were At Irvine, capacity was at full sharply and there was widespread revenue and profit, 
below expectations. In addition stretch throughout tne .year with optimism in the balance of pay- Group taxable profit in 19i» 

to the Saudi Arabian setback, a the exception of partitions. The me qts as oil began to flow from soared to £940.791 (£370.001) and ™ ent aUc,urs wel1 he saySl 

project in Iran incurred a neew forming hne at Metal Tnm, t he North Sea. The company's the net dividend Is stepped up to 

con rid-rable h« as well as Javei nlry; « fully operational and liquidity level was substantially 3.3997p f3.(M38p). Further pro- araU^bto 

tint-up difficulties in P ow ; making a significant contn- reduced to participate in the grass in both turnover and nrnfir a ro uaD ‘ e> .. 

Vonozuela. button, but Metal Trim Scan- market rise, but «nhspnn«»ntiv n-ac; Current year results will better estimation of the full yearis 

n, sa 

_ - — — rrnun « writ niirori tn tafco statement that he hopefully 

The company s the net dividend is stepped up to advantage of the opportunities anticipates another good year. 

ic cuhctanriatlv 3 9QQ7n riaiia n \ auianiage 01 me opportunities r 0 _ 

He adds, however, that for a 

ciihcMiupnriv n-ae mario h« tu, ' «-urrem year resuus wiu uctter estimation of the full year’s 

S^Santinn n“™»tol?*n £.,£ J* RriiS",!? depend to a large extent upon results, he says it will be neces- 

orld sary to wait until the. first-half 
con- results are known and when the 

stratively cumbersome to operate 
two commission scales and there- its range 

fore two sets of premium rates Y*icb _ 

—one for Ireland and the other sole supplier in the;' 
for the UK. Sinces the scale for pany is formed in collaborafo 
Ireland was still related to the yrith an associate. Wegt.^h arm; 
sum assured, it had been decided rubber, a leader, to" spadiflt 
to revert tn this system in the moulded" rubber closures andocb 
UK rather than continue with a ponents for -the- oharmace BHrg 
premium-related basis. This move and medical fields. 
meant resigning from theassocia- Mr . R 0 Tre rt Johnsea chalmc 
tion— a decision which the com- of j. and J. said that the^ 
pamv took w r ith reluctance. - . party had ~faeen ’ under : great' 
Planning is now far advanced sare t0 pr0 irkr e - ' fide 


;i v 

for the company to set up- a manufacturing facilities, for ^&> 

In spice of these disappoint- din avia had a difficult year as a increased somewhat as a reaction operating in France and BeMum .. _ . . 

... — * - --dated t0 fhe strong moveme nt and the 50 per cent owned Adshei H?Lf eKre * of mansion of world sary. to wait until the first-half 

tech- S eemed likely. hue etnn ■Fhai)s, iuii.a.ti.;n, trade and 

ments the group continued lo be result of _ problems associated 

:i dive in many overseas markets ' v 7tb obtaining necessary tech- seemed likely. bus stop shelter advertising enn- ^" a ^ e anc * a recovery in — 

on a range of different projects, meal approval of the product, and Th e chairman states that cem iirted profit to £3is!ooo sumer s P end,n = m ^ ^ ~ r ° f mn SL 

During the year the group the dramatic downturn of activity p rope rty investment must be (£144.000). As reported on April 28. group 

undertook a thorough review of in ^ are{L looked at in the longer term and Liquidity wus up £76.onn rdowm KS - *** P™ Bt a ^f aj JS? < L fram Sn £? us«d d< * ampet,to ^ 

iho way it undertakes and the directors still feel that it £8.000) at year end with bank fli - 7Sni to a record £ for ““ 411 oe assessed. . 

develops its overseas activities and AVTD 050/ ATrEDT would not be in hte best interests overdrafts standing lower at year to January 31, 1978, on As reported onMay II net profit 
it was decided to combine the CIVLK95/b ACCEPT of shareholders to sell the com- £87 421 C e 116 433) bank balances sa ^ es £361.19m (£324.65m). H* 77 was £72^53. compared 

group’s total skills and experience ROWNTRFF RTflHT^ pany ‘s Property portfolio, particu- and cash higher at £74.270 State d earning.^^ w-ere S.lp ^15.90) ^ ±/^l9 on turaover 

into a single international organi- nUTTillRCL JAIiTtl IS j ar iy as rent reviews are due on (£31.589) and sbort-term loans and ^e dividend is stepped up to £'83,986 against £181389 

«atton. As a result Turriff Rowntree Mackintosh announces the majority of properties in the and deposits up from £80,011 to S.7238p 1 2.4639 p) net. Third MQe recently purchased 

International was established. that acceptances have been near future. £130.481. The continued improvement in a debt from National Westminster 

UK results in the second-half was Bank and another from Slater 
particularly satisfying, the chair- Walker, owing to each of them by 

building society operation, to toe Securitainer. ~ The initial inwS. 
Republic. This development which ment wfll - be in excess ^ 
Is no* likely to be well rwofved £500,000 which shows the stmt 
by the five major established determination to solve ' -S 
societies has been taken in order Securitainer supply situatloii id 
to exnand Hie company's services the future. Production is pl&nno 
to investors — provtaing short- to start early in 1979. 

These securities having been sold, this announcement appears as a matter of record, only. 

Finnish Export Credit Ltd. 

(Suomen Vientiluotto Oy-Finlands Exporikredit Ab) 

Kuwaiti Dinars 7,000,000 

1 \ per cent. Guaranteed Notes due 1983 

Unconditionally and irrevocably guaranteed by the 

Republic of Finland 

man points out. Sempah (Holdings), amounting to 

Overseas, a declining profit £1S6,907 and £873,658 respectively, 
trend was arrested. In Australia, Total purchase consideration was 





' iSUES 

record profits were achieved, £43,500 and completion was 
while other overseas operations effected by a cash payment from 

j .1 ■« Ilia nfimnonn'o MnAurfinp 


showed little change overall 
terms of local currency. 

However, the relative strength 
of lh-- pound against the U.S. 
dollar had the effect of reducing 
the .sterling equivalent of profits 
of the North .American companies 
—profit* from a number of other 
overseas operations and from 
exports were similarly affected. 

Exports accounted for £55^4nj 
f£45.07m) of UK sales, while 
exchange rates reduced the 
sterling equivalent of overseas 
profits by £719.000. 

Expenditure on fixed assets 
during the year amounted to 
II l.4iti of which £6.3m was in the 
UK. The Board is revrewinc the 
value of group properties 
throughout the world with the 
aid of professional advice. 

the company's liquid resources. I 
Further discussions with Sempah] 
are now taking place, Mr. Rice 
says. Third Mile currently has aj 
7-39 per cent stake in Sempah. 


Salient point? from the statement by the Chairman, 
Mr. J. H. Nunnerley:- 


.£v ^Sa ' u ro f n /. es tm 1 e n r ; • ^ 

r'fi V ‘M a qj 2Ci n en ( Co r - L (u . ' 

CAiN NpN*1REF.T.T.C4M €XD ■" 
/ ' Tc it^fc on e: •: 1-5*6 1425 • ' V : 

Rates paid for W/E 4.6.78 


7 day 

3 month 

% p.a. 

% p-a. 

% p.a. 




















★ Pre-tax profits increased from £1,438, 00C 
to £2,187,000. 

★ Maximum permitted dividend recommended. 

Balance sheet is strong and there is 
adequate finance for future development. 

★ Policy of continued capital investment has 
ensured increased efficiency and the group 
is well placed to benefit from any further 
improvement in trade. 

★ Profits in current year expected to be not 
less than figures now reported. 

This advertisement is issued in compliance with the requirements of the 
Council of The Stock Exchange It is notan invitation to subscribe for or 
purchase any securities. 


Issue Price 100 per cent. 


Kuwait Investment Company (S.A.K.) 
Kansallis-Osake-Pahkki Union Bank of Finland Ltd. 

Bank of Helsinki Ltd. 

F.°\r Ml r !'■ 1 .i:k! Ii.1. J. : .5 w ll* 

Abu Dhabi Investment Company 
Alahii Bank of Kuwait (K.S.C.) 

Algemene Bank Nederland N.V. (Bahrain Branch) 

American Express Middle East Development Company 

Arab African Bank - Cairo 
Arab Finance Corporation S. AX. 

Arab Financial Consultants Company S.A.K. 

Arab Investments for Asia (Kuwait) k.s.c. 
Arab-Malaysian Development Bank berhad 
Arab Trust Company K.S.C. 

B.A.LT. (Middle East) Inc. 

Bahrain Investment Company B.S.C. 

Bank of Bahrain and Kuwait B.S.C. - Kuwait Branch 
Bayerische Vereinsbank International 
Societe Anonyme 
Bu reran Bank SAX. - Kuwait 
Citicorp International Group — Bahrain. 

Dillon, Read Overseas Corporation 
European Banking Company Limited 
Euroscas Banking Company (Qatar) Limited 
Financial Group of Kuwait K.5.C. 

First Boston AG 
The Gulf Bank k-S.c. 

The Industrial Bank of Kuwait K.S.C. 
Kredietbank N.V. 

Kredietbank N.V. - 03.U. (Bahrain) 
Kuwait Financial Centre S.AJC. 

Kuwait Foreign Trading Contracting & 
Investment Co. (S.A.K.) 

Kuwait International Finance Company S.A JC. 



issued and 
fully paid 

50,000,000 Ordinaryshares 
of £1 each. 




Kuwait International Investment Co. s.a.k. 
Manufacturers Hanover Limited 
Merrill Lynch International & Co. 

National Bank of Abu Dhabi 
National Bank of Bahrain, Bahrain 
The National Commercial Bank, Saudi Arabia 
The National Bank of Kuwait SAX. 

Nederlandse Credietbank N.V. 

AI Saudi Banque 
Societe Cenlrale de Banque 

Union de Banques Arabes et Europeennes - U.B. A .E, 

Union deBanques Arabes et Franpaises -U.B.A.F. 
Bahrain Branch 

WardJey Middle East Limited 

Wood Gundy Limited 

Following conversion of £8,285,213 nominal of the 
9 per cent Convertible Unsecured Loan Stock 1989/94 
(“the Convertible Stock”), all the share capital of Alcan 
Aluminium (U.K.) Limited (“the Company"), issued and to 
be issued following full conversion of the Convertible 
Stock, has been admitted by the Council of The Stock 
Exchange to the Official List The outstanding £1,801,089 
nominal of the Convertible Stock remains listed on 
The Stock Exchange until converted. 

Particulars relating to the Company are available 
in the Extel Statistical Services and copies of these 
particulars may be obtained during usual business hours 
(Saturdays excepted) between 5th June and 16th June, 
1978, both dates inclusive, from: 

Morgan Grenfell & Co. Limited, 
23 Great Winchester Street 
London EC2P2AX. 

London EC2R7AN. 

HoareGovett Limited, 
Atias House, 1 King Street, 
London EC2V8DU. 


9 Bishopsgate, 
London EC2N3AD. 

52 weeks to 

2 Apr 1978 

53 weeks to 
3Apr1977' - • 

Group sales 


£24,000,000 : 

Profit before tax 


£1^38,412 : 

Profit after tax 

. £1,049^21 


Earnings per20p share 



Dividend per20p share 


2. 80648 p . 

Capital employed - 
including loan 


£6,251,858 } 

Copies of ihe report and accounts can be obtained from 

□ ret6 ^’ Bulmer & Lumb (Holdings) Limited, 

Butter shaw, Bradford BOB 2NE. a • 

« *■ .- .•** * IT J 

k*TS" 0FFE 1 


LE *D|fc 


(telephone number m 


gross Interest Minimum Life of 

Barking (01-392 4300) 

Barking (01-592 4500) 

Barnsley Metro. (0226 203232) 

Knowsley (051 5486335) 

Oxford (0865 43811) 

Poole (02013 5151) 

Poole (02013 5151) * 

Redbridge (01-478 3020) 

Thurrock (0375 51221 

Thurrock (0375 5J22) 

Worthing (0803 37111) 

Wrekin (0952 505051) 

W rekin (0»32 505051) ” 




bond V 






« ; 




4-6 •: 

- 11 



• 5-7 


4 -year 




4 -year 












4 -year 




4 -year 




4 -year 















G Rj 


Depute of £1 .000- £25.000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposit*' 
received not later than 9.6.7S. lor oeF V B * 

Terms (years) 3 4 5 6 7 s o l0 










7 8 9 

. 11} II? 22 . 12} 

Rates for larger amounts on request Deposits to and further 
information from The Chief Cashier. Finance for Industry 
Limited, 91 Waterloo Road, London SEl SXP (01-928 7822, 
Ext In). Chernies navnhl* in' " n-mi, j _ xrtre" 

^ , 17 Ti- f pa >' able “Bank“of‘ EnglMuTT/c FFL" 
FFI Ls the holding company for 1CFC and FCI. 

^Financial Times Monday Jane 5 197& 


t y 


'? a %. . ' Tie. dates when some of the more important company dividend 

be expected in the next few weeks are given m the 
l 111 % ioBpwteg table. Dales ohm axe those of last year's announcements. 

' ^ ...«riSJft*-wher& the -forthcoming board meetings {indicated thus ) 
officially published. It shonld be emphasised that the 
drriiwMisto be declared, will not necessarily be at the amounts or 
rates^ cent shown in" the column headed “Announcement last] 
year’’- .Preliminary profit- figures usually accompany final dividend 

..'irCi Annonim* 

Date mem lut 
■ rear 

AWftrlMfr. i« Fatal 1 . iso 

. • 'if ifntlflfT 

Definitive study reco 
making progress slowly 

EjS~»»» ww see iSKUSUS S2 wJ 

last week 


.June ? 

owni last 
im. 2-75 


from Mr Mensaros 


the industry 

increasingly under 

, „ ,h-ji “there are iframme. The EEC Is putting up 

Inlfl deride SS r ‘prSe h0 of per cent. interest 

.-'■r :. -4 

Aiua} bbswb* ■ Juwrti 

1 st. 4 i 

IjGrp,.., June'S Diva, doo 
- -H. mag 

-inL-t • 

Final : 5 .«S 

la. acc*. 

Final 2 . 7 G 53 
Final 3.21937 
lot *53 

-ttro'io TmtKvaal ' 

’ - -wCoas^a^. Jnna 8- Final* dap 

S Rtf. Has 

Final s.m 
sec. int. LMS 2 

0}i ^l 


.iampot . 

. tatBam; .-Jaw 23 

.. - 

-..- T -.tiBiessairtis-Jmr 4 

iJnnr 23 

;c«L>..- 3 une a 


i-STr-’.Wiflartd^Unir s Un-U 

Final uua 
Final- 3.147 

Final 4.0336 

■Harem Trust 
-*HnTizonsafid - 

CroshcM..J«K ' 

"fftcksan-WcIcb ,.J»« * 

•Bin Samac! .^.-Jaoe 13 
IC Gas ...^...-. Jone ai 
imctridl Cress . July 14 - 
jo'bm ■ - • • • 

Cansottfued . Jane 

laanltCT. Jane 14 
"Land Sees. _.Jsse fl 
•Umtanrtes ....-Jaw 51 - 

■" LOPS “ JrmU 

Lyons fJ-> “ 

Mercury Sec*. -Jul* 

«*Vctal Bov ..K- Juno a 
- 3 !K ElKtrtc .■-■ Jw« ® 

A«Sd*ito .M U im. M «nre 
Mcas fin. June 29 lot* 

aiuuy groups — cumpuacu ui m- -- 7 ,,«=k« bv It IS toe PUie iniinvaL»vn v 

aurance men and women who duced on cunbirucuo r . rhat poses the grvuiwL problems. 
meet in their own time to the Lun f.°“ J?™? nubnStSd In this corner of the insurance i 
research aspects of insurance «ro«P*r; the si- end market. as in *o ,n any others, the * 

environments! lubbyists. from the "not" o* group* of ' paper- m 1 Le venture which i is chairman 

Commonwealth Guvcrnnwiil n»J[ uc™ urn. ^ g Mr . - Bill " Cummins regards as a 

ml from a 
a urn ion which 

segment of public i^rJ^l-Ku-^^eadcr has con- weil worthwhile exercise. The 

Float 7 . 1 TO 
Pinal 3. 254 
Final S.B« 
Final 3 .KX 6 
Final 5 JSS 
Final 3 JSM 
Final 7.48 
Final : ?» 


lung the 
I been 

,tion and 

sss 1: 1“ 
jssssnsr"'" for “ <no " SSS 4 ® wH’« B,,e 

It is not cheap but as there contractors or a t.Jffl 

is no similar up-to-date wide- specialist con tract ■ 

. ranoinp rir>finitivp. work avail- At its widest, t Jl. • • 

beiici es 

that Meanwhile, a 

....Ulari thin 


its main partner with 50 per cent is 
' B Explora- 



.the ^ 

r*wt.W>>-Jwoe IS lot. 3 S 

Pools June IS .Final 2.414 

ranging definitive work avail- “ a "'“hor' nF "narlin doing 

able, the book. ia a.very neces; ™vor a miraber IB Df “ , urfe 

Cumbria rejects 
Pennine pian 

Minister Mr. Andrew Mensaros in ^^-'bstacies lo surmount mine'Vn^rela^drSoWim tonnes 
Chamber of ? per Knt ^bined metal con- 

tent have so far been located. 

other side of the 



v * boS.^ 

b ‘b« 5 ; 





: : ■ tt»T: 
f-hennL 1 

; s «nwte 

5 « w ,■ 
- tuinrf 

^ ar ? % 

... jtrtv ia Jm. us 

V»BOC Sit - IS Tar. 1 M 

, Bps - J gpe 2» Sec. Int. 3.428 

'lMOaBft -Coomb.. , 

-SBJoptofe. JKOT 16 Final 0345 
-:m*Mr-AoUjl..>-Jiioe 24 Sec. Int 5.28 
8 Final 1.7B 

s Final. 4 . 6 K 42 
■ ritttSiU.' , J ima IS See. lot- 3.4 
■! chtti b‘ 

mny Mafl .-aad: . - 

' *■ Flnal lMa 


iiBtinniey^Junr is -FjoiI <-Wi 

Financial Times Reporter 

.•image it- up Countr- -id*.- Cum mission 

InL 1.5 
Final 1.7873 

Final 7.512 
.Final 1 J 823 
Final 8.4 Test. 
Final 4.-0388 
Ini. 0833 

Final B.S 

tiros. ... June 1 C Scc-InLdik: 

plaWV Jnpc il . 1"L 

Pow-SJ IWiffryti June 21 ' FinaT s.i 38 S 4 

Pr0P " lone SB Fhul 1 TB 8 

Raeal EiLi P rornc. - J naeS: Final l.l >4 
-Fi-UJH-.ion :..JiiHr« FM 13 .U 5 

Ir.t.-nijiimal . lub ‘ 

•fW Crana _ ..: Jtm« v 

Scot, and Mwcst!- 

Bn-w. Jtflr 13 
Scot, and Univ. - 

!nv... JBly 14 
sgr .. ...._. Jnne 28 

Shwpbridcc^ jBreW F1nal2J738 
jMmte Final 1 . 6 I 

aoie. me dpok is a very uircca- ki - j- D r 

sury purchase for all cuncerned several dmerenl kinfla 01 
in obtaining or providing cover against not _ 

in this very specialised sector 
tbe insurance market 
It is significant perhaps that 

^ gs-sr 

an eddress to the State's 

of Mines " also critical or tbe North Kalgurii 

reSurew tax^vhiS'loom- _wjSse ni^" “'whatever 1 ^ happened 8 w" AtiantiMJ.S. "steel is still drilling 
as one 



TS 3 l SS uSnmni o 5 " "SS.* 7 w* Sabina's zme prospeclatBathurst 

s in the profi lability of the fasl from readers following thex , n New Brunswick. EQd-i 97 S is 

ry’s poientiai uranium revival m t he AusrraUan mininR the crucial date for J's venWr^ 

I..A-- m-irkei Unfortunately it is not snbinn also has an lnteresi in a 

P ‘m- yfensaros so id that “reduced p OS sible to provide ihc h:ch -crade lead-sinc-silver mine in 

I incentive will rhe motive ans wers. In racr. some of the 
■\hich miners currency have to companies seem to have been 

■ inrop amounts of riSK -..-l. ...ithnui trace 

Ftna! 1-1815 
Float = 

[ensured that there can 

British Columbia which Mr. 
Cummins hopes will provide a 
.sufficient cn-'h flow to cover tbe 
company's overheads. 

But it is still :he Red Lake gold 
property in Ontario that brings 
- gleam to the Cummins eye. It 

criticism 'that the” report 'is "a broker or underwriter, anes inin D y rham are in favour or ;n-.* . u should 

vehicle for restrictive under- the construction insurance ]u - propo sal. the Cu.m-i ia u i:iim.i t -t t , hc d 0 wn-unde 

wriitee views without appreciating . the mU P * ^ by a ia .-;e majority a lir , y Jh0SP m 

iSlSL ^ L* involved in any Particular P.o- rtf F menda iion shat the pro- Australian, state 


Final IJ 32 SS 

remnin 1 ! on ice. But he would like 
to <we Sabina go it alone on this 

Final 257 
int. 3-5 

1 “ • IS ’ InL 1.75 

MdnlaF « Sec. km. 3.11 



Dlvs. doe 



e fonsmn, 

*■ roanujjfr 

> la«ncii fei 
■ t'K hb, 
• v.nlabit 
V. tit ft*. 

m si** 

'• GCW t S^.^ :^.iaP. 3 Final 1.892 
< 3 enrwSt 3 m^UM: I Mvs. due 

Genetner- M 
Granada ..-’.J. J®®.® ■ Int- 1.9648 
S_lat. L 8 

* GL PW »££ijTO'lS r: ibud 2 .M 67 

-GqWoea* IA£ .^ 3 ™* wL ??® 4 
•Guthrie ^ CMdt-JTOj* >5™ 
Hamtiror. : ri . «««*■» 


Sna! auiifml ■ Jtm* ^ Final 19.323 

Sraveley Into. .UWJJ £?’ I bbm? 

T »-iro June 22 Final d.k »7 

Thom Klee -Jnhr 8 ^ 4 J 5 C 

■TnDl.'.s Padre. . .Jffl »15 Final 2.»9 
Trust Houses . w , _ 

Forte. Juhf 3 Jat 
"URO Hit ..i.-Joot ® 

Vatu Brews. ’fSF’iJMM 

Word <T. W.J... June 3 < llrt. 1 J 1 S 75 


I dealing* “Sf SSTSS ""* 11 

j KSITpS SSS p*"J22£ « >*■- ;°; p « 22 

the assessment of risk, with risk line. , _ . . „ mini . nf the evidence of i.ieir *vpu-i 

invest large amounts of tisk sunJ . w ithout trace 
c imtn! in exploration and margi- does not apply, howev er, 

nallv economic development to former Kalgoorlie gold-mmer 

It is certainly a refreshing l Norlh Kalgurh although this 
e , i:-n* , e to hear a Government conce rn has suiTered a decided 
Minister putting forward such ^f^k fro m the decision by 

It should gr-’e fresh heart ggie^non Trusts bpargoulie tu . 

t-under miners particu- nj-kel mine to discontinue sen a- one tt -mioui the major farm-in 

this particular . ^ ore for treatment at the p3rmers which it has been so 

Croesus plant which was con- adept - m finding for other 

Meanwhile, the uranium miners verte ,j f r om gold to nickel opera- p ros pects. 

«“*•" ,n nearing uie tioll# 1975. ,. ^ . Xt 36p the shares are near the 

jrtom end of their range in 

,% uek of good newswasrounucu now> switch the Plant oacKiro... venrs The management 

.lacers ann .me ri Q n of natural Iwauiy was better y fl! 

■ W .^, har Hi n w^ .be in in .he hnnd, inral penpie. „ c 
matters. Howei.r. 1.1 rftunC iii ur Trevor Far re r said. a2 

Final . 3.7 

WOOdae ?T ftn«B i , Junrl7 Final 4.B3M 

Baa'd mwflltt#. % R ^!{ 2 i P lace - 

issue ' Vice made.-, t Tax f ree- i Serin 
issue - ice made from reserves. 

pay nse 


The last third is given over to risk placers 

extracts from the text of the 11 ™ n,f,rs 

construction contracts which the these ^T al J e h ' something to Councillor 

group reckons to be in most group dops cl ha ^ ( ,. “I do not fee! th-:- i-ounir%side 

common use. and while it is con- sa.v on Pr“^‘ hl >- minent is Commission arc ihv nghi : people 
venient to have these all in one In oMnwrance to stimulate economic improye- 

inevitably users of the made “the wor d of msuranc ? mpnl Wlth 40 per ee 

isr c ^ep to Ss e S8S ~i;i*?sss sap- ™ 

"Cip,, there h . foe,- KSK ^ > "«* J-JT 
note to the Contractors’ Plant resisted in another. 

Association conditions saying 

■ii last seem to be neartn_ ^ 

lens-awaited “off" signal. A So w hai does North Kalgurii do h d 

T good news was rounded now 3Wltch ,h e plant back from bo r tom cna 

oil on Friday by the statement „j Cke j l0 gold? It may do just 
i-i Sydney by the chairman of the thal with finance provided by tne 
”K Alumic Energy Commission Western Australian Government 
i-.t Britain is in the market for lvhich has offered the company a 
^00 short tons of uranium oxide sAO.Sm l£ 0 . 3 m) loan for the pur- 
nnuallv Tor 15 years starting in „ iC Government, with employ- 
1 !)S 2 and that Onahsm? tnc ment always in mind o£ course, 

necessary nuclear safeguards aP n 3 rentty consider^ it not a baa 

reement should be only a ide3 t0 have a private enterprise 

continues to desenre full marks 
for trying even if no sure- tire 
winner has yet been produced 
from the hat. 

week or two” away. 

The potential producers particu- 
u-nirnmed the decision by 

t-usiora mill in the area for gold 
ore treatment. 

What could encouraj 


Northern Line 
radio link plan 

L the concept or desig i- lracted formation oi ;ne down in 197 a. uevciopm.eni wui* . 
is being debased. I think Ir.overnmet's Marketing Authority. 3l t h e time had indicated a A similar system nas been 
• -*- — 1J of course, sufficiency of ore to warrant a operating on the Rakerloo Line 

* ■ jL_ V. 6 nun nA FY> I r* * ° . _ 

Nevertheless, in' all. markets nation 

down in 1975 . Development work quarters. 

that a new edition of these con- there has i neen a lation should 

ditions is expected this year. ?o include in one policy m c authorities . 

' "tjpatTt.y'. ?ncr - jiwfh r managers Another award by tbe com- 
•<’-resEnds 'atVw on mittee announced yesterday was ■« . nvrT 

phiraiaat nUnper awarded 5 per f 0r mo re than 1.000 riencal | MONEV MARKET 

cmtpay Si^rto by , the workera at the : HHlington and 
ven. A® .. Central East Kflbride factories, of Rolls- 

■ c to 

- to JaniBiy: °“J“f hfSSed to last -December. 

Snt Phase workers In Scptiand-are^making 
,g». to 25 per a similar fainvages elaim, which 

has been a crowing trend ^ h^^own 8 approval Opening in tbe rfeht economic for ‘several' years. 

r «as t SrSrSSJS* SASeal -The Northern Line plan is part 
nrnposc-d imposition of minimum year . 
prices for uranium exports, what . 

SS- T'Sh™ Lml Irish plan Win be centered by 

fresh in their It was in Noi ember that atten thfi Greater London Council s 
lion was drawn transport committee next week- 

of an overall flOm scheme to put 
tube drivers on all lines in radio 

der rreai ■ 
it addJtc 
•i!iii»s fe- 
’ iai-ji! je 
! r. ssog* 
‘.vs the jar 
y soht . 
y >iiu 3 iin 

ti-’.R -j, pK 

Trading remains nervous 

| r-uun fry's beach 
i industry is still 

The' point has been colourfully participation in a Northern Ire ^ Trjnsport says it would 
put bv the ebullient Mr. Lang lan «| ™ ' of Countv mean shorter delays when mn- 
Hnncock who describes any such 'Jj ^ bechmim with dents occur and better mforma- 

• r^nnirement as a Tyrone, ll is now „ «•„_ na «f.npers. 


and ,fc farther A 
Three' rise: -?u>t 

Discount houses received 

“ “aifs tor'Sfe Sm bills nffered SnM ^ IK Eh ^ O.T’ISS’ll.orllK, 

^wFblbSaiW^wnmlttee lm p«d Vi.ldfoTumlr' TJ.i.urj Bid. SilVVed tTSii»r.. «««*• 
on June 14. _ 0 ...... «Ss&,te KS SAS' “ 

SSHrs mi wj.'-m: 

recent issues 

“y ^SJ r S 2 ? r dated bSSS k back S^^nus^feH on the discount j^'Tnves'imenis. w’iih money 
nf EnJtend. bouses once more to take up the generally in good supply last week 

to the Bank of England. is _ fc wne houses probably took ltiere was no , too much oppor- 

iue — ~ .. , , KiIIq 

™ ^£°i a °di?g SSllmost^e bins again last J^rty * te sril 'long-daied bills 
Min i mum fjemun^ jj U j. nn rather better t.,« 4 iii 



I tween . 

the weekly Treasury biU tender 

2 :?t 4 J 







ni has 
; group 





£ 98^4 


tesa E 5/8 

■ rjs.' ■ Itwil 
n.e^ £16 



Amw.iSccnW In' Fin. VarxWe ^ 

ArWtt*pflU-> IV l » l ».*ji ,> 1 pa< - — 



I^inw We.*- oj«» t’n" 

BnctTV r nttc 72 B«E - 

lOCp :#tis 

: » ^ : ■■■x-JasriBBJBSg.- - «>i 

1+ <w 

Friday, but on rather better exce ^ on Tuesday. 

Zzs Spected "to lead to a closer teras. 

relationship between rates for They 7 "r”. h *vr- nnt bflugni onis irom un- 

SaSuni bills and other paper, higher yldd, but we probab^ not gnffiand ^ these were fairly 

S>ank bills ami rier^ too wort^pnmdiM tberew ort ^ atfid matunUeSf which 

certificate of deposit, but this every project of seUteg tnese phg mazket 

did not happen immediately be- bills fairly qiucWy. Market nerves was m.i*t pecuhar. 


the' announcement on 'jggSS&A ffi-fmS 

2-“^^ Si Wtt Si'MWM stsTfiras ’ssj-assssssa 

a Minimum Lending JJj^vy with this, bilfs from the authorities. If tbe 

counting a. Minimum 
Rate of 10 per cenL 

^foVHc^e as something cover waT^^P ^ of SSS^I 

_.|of-a ^riM_v*en the Treasury r ^ p have been more 

107*pi - 
I01» - 

ioari ' 

101 «i 

26 I - 
47 a*| — =■ 
99 **. . — 

1 W 

difficult on 

remained under HJ per J"® 'their hilis on Tuesday, Friday, p-^ssibly giving rise to the 

cent on the JWday beforalwL of last week, chance of sell ins longer b.Us to 

SSier^mo^rieSr JfS TufSZ* ■ W —re short- the Bank erf England. ^ 


> not 

;TOi 6 lia teok* 4 ' 



i weeks to 

jApriS 77 

> 4 . 000 , 
y. , 438,412 
£ 535.412 
7 . 93 P 
2 . 505 — Sp 

sejsJ 2 *e 

3 t /5 

83 f 6 




isnjjenM BHh 

Mining-- 1 

Brawn uovwi K ® 51 

tionpya !tw-*w-«"- — 

: ? 0 bbi ffowaem (atand*r».w — * 

• $ 88 >* Kownwee Mfcnlnwn * 1 

ijpin Wellott-.;. — — = — 


2 toy* notke.. 

7 d«p« or 
7 rtays w«OB- 
Odo -month ... 
-IWkJ toonilu— 

Three monUj?.] 

Si* mooUu.— I 

Nine roontbe.-) 

c »It_ or lS 5 fSIi: 

I 66 |un 
44 pm +1 
33 pm r-i*. 
28 (im 
20 vm 


■ 12 pn> — t 

410 . +B 
4 **p"' 

b«al ajMtarittel ll 2 S V 'centrr.v, 127 u,-l 24 per oin 

a Bank hill r 

iBmrinflUl'Arec ycara Ill-Ill wr'cMK r«mr-tiwn.n ind« hiiij. * 

bujlnc rates far pnpe Dal J eri TreaBurv bills Hl-B'm p»-r wnt: iwo-monUi |i , r cum. anl ,h - 

. «M to ^ and iwMMntli -»■« ;** W c 

. AjnrrDxuuaiB ftn«jnonih bank bills ki ner cem: ann iwo-mnm 

I DeptsH Rates tior small snms at .seven das^jw ^«'J nt « r « ni - 

BS'Ws V m mw p« «*■ 

lbn-x nn-nlh W 

. . ni ir-n- Juni- 1 

CuTarins “uank Base Rates mr ■•-" 4 ina f i :- 

gold market 

Jllll -- 1 



June S 

Marker Uates 



n. 8200 - 1 . 8 27 H 1 -BEa ■ I. 8 WB 

■.r.CS '- 558 



, i , ’r.ilM 

|Z.L 386 ■ MDj 

4 .LBt- 4 JI 8 t 

6 ^. 40 - 69.86 


2 J- 670 - 2-0380 
4 .D 6 - 4 .B 7 
68 . 45 - 69.66 

nJS 5 -BH 
lS .60 

146 80 - 14 B. 1 H 
I,b 7 H- 1 . 47 «i 
d.ri*- .ON 
8 J 44 -HJ 58 

8.41- .45* 


5.42- 6.45 

ci wrl nia 


loiii-lOJS* Canadian ...... 

3 . 73 - 3 JO Aii« nn «.■'* ■■■ 
c 2 . 88 -' iS 0 Uelaian tram-- 
146 J 6 - 14 &-B 5 UanWi Uww 

1 .* 72 *- 1 . 673 * Ueutwlieu* A 

BSsS-t-BSl LluLcb Riilkler 

Dmi oi 

Big hts I A o noun t 
Juu >.-2 | June 2 

i.-. .1.1 r. i: .• 


«. In-,.-.. 
U|-.IH'IL • 
M'-niin^ i' 

AllL-rn i 

BJ 6 *- - 38 * 
B-Jl}- -421 

4 li 2 J- 4 t 4 * 
27 JSO- 7 . 4 ' 


1 3.4£*-3.46* 

-g^MS ^.' 9 * . 

: Keysar tmmann 

in *"***&:;&: 

Frankfmt close JW« 1 -SJlWfflJ- 

Zurich cl ose- 1 -^. 45 1 - 3 . 461 . 
tUtUS fiJwri for convertible franca 
Financial francs 5 BJ 5 - 5 B.T 5 . 

Frem.-b Irani- 
Italian lire.... 
J«l«une vvb. 
Jiora-ay krone 

Spain ifthera.. 

hived isli krone 
Salsa haocH. 







1007 18 





4 u.L :548 











S1B5 185‘. 

*184 384 ; 
v $ 184 . 5 -. ■ 
i-lOl 079 
. .. S 184.7? 
(£ 101.505 

•* 183 - 16 S^i 
: 1 S 3 -j lc 4 . 
- I? 3 .i 5 

.L' 100.016 

.£ 100.109 



















1 JD= US$ 3 . 17 1 APPROX.) 





Sister Institutions: 









ti., 1 . 1 1 
ll' ■iin-I' 

UIiISm’.- ^- i 

...= 1S0 192 

£104 j 4 

...-' 63 'i - 5 «: 

■ L'li 9'4 3 v --4 

..£561-1 -SB’-; 
.<£31 a 2 , 

-IBS 190 


s52 1 j l4. • 
£ 2 - 50 - 
.i* 6 i*.?ai 2 

. £ Si l-*£ 2 - 

GllM I.-S- 
tlllUl ll" 



&'$) tn -:\- 

„!190 192 
.£1 4,-1 5 i 

- ?62:; v4:j 
£19 30 

- i-5612 -jB! 3 
.£31 s£- 

■278 £81 

. 5183-190 

.tl- 3 -l*- 4 i 


■ EJOdv 
>S 0 iv fSE- 
.£* 1 f 2 ■ 

28 -"; 


• 3^-5 

3 , 0 *W 

25 i) 

IA ® 1 


.v»,% ;,>: S:'Be^ori fi : ^ ^; 

Jane 2 

muikjurt^v* Titr < 

furib i 

Dllivclr | Lirti.h'ii r 

Tn.-i'.i'ni /.Min-l' 



Pirir.' w i— 

ika*«'K — ■ 




: - • bD 7 »f^ 

2 i 9 WSW [ 4 . 68 »tew 

UlSw «gw» • 

A 79 » 0 . USS&- 3 & 
107 . 145 - 1 *! SSJ 81 SJJ 
WU 582 4 K 7 ! 1 . 88 k ®2 


a.M ! 

. 7.10 13 
8 j 5 *^ 6 * 
4 r.flI»H 66 
. 0 ^ 497 -iBO 

h-se -39 ! *•»*.; 
i ^513 -IB&LKS) 
14 .U 22 &-US 6 ;,a 5-5 47 V&- 
i W.& 2-67 
59 . 4 b- E 6 1 - „ 

6 . 1 - 426 - 76 ' ! 

ib .7625 7524 ! 3 . 4319 -&- 

U.T.UU 23 - 5 S 1 Iftifr-W 

82 2 * re 

: 'to.ii si : 24 i..a-A >,4 

1 H. 60 H i 11.19 36 

a.ObUi ! 

- ■il 6 . 36 t >-435 

If 4. 1 Ms &iS.' 

Ars'-m • 
UlVDI . 
S- in tan- < 

% -SSfftostw 

* ‘ 4 ^.-; -g ecuri ty. Tnist-Co . ^ ^ 

% : "'■ 1 I IIeuro-currency interest rates 

Iran.. • 
huv.n.1.- • 
Lii'si-m 1, r - 

Mb in \ • i.’ 

3 . /.L-rtllll 

rdi ii 
M iv'ei-i ' 1 

This aniiouncemenf appears as a 

matter of record only. 


I ■•Hill'll' . 

L.-'. -• 
' naic 



t erf - d£ c>' 


^ 'WSiltea^ JjJJf f ”• ■*• g^% 

_4«a5^^Tl'#2S5S4-*» ***“ "*■“ 

“*■ artoA" 

* June 2 

U. 3 . Ui'llBI 



Snif i >' licrinau 

Inlllv i mirk 

1 — 

tjfiiort ier™ — ■ 
J rtnyr BOlAtC 
Mooih— — — 
Tbroe mootb 1 . 
Su inniUi«M« 
•Ow Te*r 

lOU 10 i 4 i 1 8 

101 * 10^4 l 7 B 

101 s- 1 ‘' 7 b! BtrUVb 

11 113 b 1 Bii ref- 
ill* 11^4 1 
lB 12 S« i fclaS’R 

7 SR /Sfl 
756 Ob 

758-778 • 

BBa-t 58 
8 I Z MSi 

4 ig 5 la 
4 TJ 51 s 
. 47 3 5 la 

4 la 3 la 
54 da 
aij 5 »i 

LIU 1 JiiSiii 


l„- 1 .; s* '5 

Hi lin 4 5 « ‘,- ! ih SJO 
_ ' . 36 i*_a;;i 

one-BKffltb • s W’»!¥,Jf r 
f*ar . 1 niH-vear 1 SM 0 I 

X"V- 7 ..| '• 

M.'i.U'-' ' 


I5r» •• 
C-:'' H :’ 4 " 

l.l-l-"" .. 

twMrv 10-101 per emi: s«'cn- 4 ay W-W ^^L-oni. -,|.„i l i.i. 

"“ “ *.Ii!»h 


three jears SL-5 1 '. a ..|. 

I i-kI. 

. , , two-tfav 10-101 per crnll scvcn^W) ».-^r r*T uiu. 

no”' ihrl^Snm s»! 6 -9“» per uent; irt»in«u. umo: p« 

cent: '-Mwar WD ware 8u»S»-» ocr rent: 

■- LoBR-tena Eamdcillar aeowa ■ » a-pi per cent. 

— I . 1 r-jlrnrer* 

I . jrfHu-iarui *—■ L„ 5is ,.«i— Mf eeun five yeari b-di per kiu, 

SSgLSSrS&SE Ui ' — - “ ir,: ” -- 





I» , .l ■ ' 

!. 42 I I 127 ni inn 

xLQ? t.r il Virl'!".. 

i*i Mi. 

»I.h 9 62-69 •!-."i"iiii" . 

or.- cl 

7 . Q 1 . liyun..- 

;7 te 

.' 7.418 ( 9.094 .iIhm.Ih.. 

2 .|i;.-t.ka 

t.- 3 ; --.b 1 . H'rini'irl , 

ii. 2 b- 4 U 

'»5 Ul Fivi-*— 

P. 3 u 

-I. 4 S 9 -.'.‘.OB '.i-i n-iri'. . 

• *■!*'"? 1 

9 S. 4 B 59.55 "r>".>-... 

.£? I . J . U [ 

- iOMl 4 .til 0 l'.H 

. I 65 U- i-»l l \ : 

I ,i 900 1 . bUJii|«i'— 

-t-U 4 b 

J \.'i ii.-p'ii 

.: 4 . 1 lb 4 . 2 f 

:.i« 2 fl- 4 . 560 aN-i''iy- 

i.t 721 - 1.5373 !*• r:i«.i'i 

. I . .BS 

mi" .... 

. I 4 i; KS' 

■hi H.-‘ In” 

.i 5 -U : S' 


... I. 5 .JI 

, 7 ?. 45-»‘*.49 V •I'.- .I-. 

"l 4 -i< 

■ -:i Jor Arg-n'iiHa ii s 

Ire-; rj'u. 


i.iue nil. i.t i 1 lii- 

i.-i r.ii'iilli- 

i. 47 - 0 .i 7 *i i ■ 1 i' 

'.'jtj .Mil 

. 4 l> . 50 - .i ii 1 • J .-773 

1 .| »' 

/!j il; .|.m 5 - 1 *.- 

- I 111 

y 2 * .|,iir 8 j 

s .,■■■“ 

' : 5 'i •! - i < . 


; • . I'm (■' , 11 " • -'••■■■ 

. >, I-I ' 'I' 

. j-!(K).'.iii> •! 

J v * 

. 1 .- 1 15 .”i- i = C- 

c.Z . 

1 4 i.n* ■( i- 7 ' l 

I'l 1 HI: 

_ 4 i '•• .Ii- 4 6 

'■ ! ■ 

1 . f.-n • |*r 2 -; 

l l s.-r 

, •• i'll. I, •!■. •'» S'-. 

1 H # iiTM ,.111 

.' J i-iii a - 


jIh-^'b 1 fc ''i- 

7 -i IV l"H 

u b rnrKT rd rt.-iilar -7 

0 -_ line 

5 . 704 jac um. 

Nordiska Investeringsbanken 

(Nordic Investment Bank) 

Private Placing 

U.S. $10,000,009 
8f per cent. Notes Due 1938 

Daiwa Eur ope N. V. IBJ International 


Fuji International Finance 

Sumitomo Finance International ■ 

S. G. Warburg & Co. Ltd. 

r-Vi’^Trir ■- Vrt i * ” ; * " — 



FT Monthly Survey of Business Opinion 




OPTIMISM about both the 
genera] business situation and 
the outlook for the UK economy 
bas been waning visibly since 
the beginning of the year, and 
last month's survey showed that 
the trend has not halted. 

As one might expect at this 
Stage of the recovery, with con- 
sumer demand leading the way. 
the level of confidence in the 
two consumer orientated sectors 
covered last month — stores and 
consumer sendees, and cars 3nd 
consumer durables — is signifi- 
cantly higher than in the third 
sector, electrical engineering. 
But. even in the first two 
sectors, the level of optimism 
was lower than in January. 

Baku? sfDpsnDmnc' 

, L 1_ L 1 1 

1973 74 75 ’7fi 77 '78 

At a mure tangible level, the 
electrical- engineering and cars/ 

consumer durables sectors were 
less inclined than they had 
been when they were last sur- 
veyed four months ago to expect 
their export volume to be 
greater over the next 12 months. 

An increasing number of 
companies throughout industry 
arc also now citing the level of 
export orders as one of the con- 
straints on their output. 

AH in all. the outlook is 
dominated by the slow rate of 
recovery in the UK and abroad, 
plus some concern over the 
next phase of wages policy and 
the uncertainties generated by 
the coming election. 

Are you more or leas optimistic about 
your company's prospects than you were 

four months ago 

More opti mistic 

Less o ptimistic 

~ No answer 

4 monthly moving tota l 
Feb.- Jan.- Dec.- Nov.- 

May Apr. Mar. Feb. 

May 1978 . : r 
Elect. Consumer 
Eng’g. Durables . Stores 

28 TO . 60 

72 12 40 

— IS — 

EXPORT PROSPECTS (Weighted by exports} 

Over the next 12 months exports will be: 

Hi gher 


• Lower 

Don’t know 

4 monthly movin g total 

Feb.- Jan.- Deo- Not.- 
May Apr. Mar. Feb. 
% % % % 

69 75 77 75 

16 13 9 8 

12 9 li 14 

3 3 3 3 

May 1978 . - 

Elect. Consumer 
Eng'g. Durables Stores' 
% % % - 

50 . 63 - .68 . 

49 . 6 31 - 

1 -3? ; 1 



Only a partial recovery 

CONSUMER demand continues 
to rise but the upturn is a slow- 
one and it has yet to filter 
through to the non-consumer 
goods sectors of industry. 

This is shown by the contrast- 
ing reports for orders and 
deliveries last month. In the 
stores and consumer sen-ices 
sector I he rising trend con- 
tinued but both the electrical 
engineering and cars/consumer 
durables sectors were less 
inclined to report an improve- 
ment than they had been in 
January. The net result was a 
decline in the overall balance 
of “ups" over “downs” for 




i. 1 1- L_ 1— 

’1973 74 75 76 77 78 

The electrical ei 
and stureb/consumer 

sectors wore also more Inclined 
to say that their level of pur- 
■ chases over the next four 
A — months would remain the same 
rather than increase. 

_ Looking further ahead, the 

stores/consumer services sector 
had become slightly more 

bullish about sales volume over 

the next 12 months, whereas 
the other two sectors had 
~ become less so. 

All in all. with an election in 
i i the offing and other industrial 
> ’77 ’78 countries reflating relatively 
slowly, the outlook was said to 
engineering be tinged with a good deal of 
if services uncertainty. 

The trend of new orders in the last 

4 months is : 




No answer 

4 mon t hly mo ving total 
Feb.- Jan.- Dec.- Nov.- 

Apr. Mar. 

May 1978 

Elect. Consumer 
Eng’g.. Durables Stores 

% % % ■ 

50 51 73 

31 37 27 

19 12 


Those expecting producrion/sales tum- 

over in the next 12 month s toj 

Rise over J0%_ 


Ris e 10-14% 


About the same 

F a ll 5-9% 

No comment 

4 monthly moving total 

Feb.- Jan.- Deo- Nov.- 
May Apr. Mar. Feb. 

May 1978 - . 

Elect. Consumer.' 

Eng’g. Durables Stores 
% % - 

4 6 3 

— 50 •— 



4 monthly moving totzl 

Raw materials and components over the 
next 12 months will : 

recruitment difficulties at so 
early a stage of the upturn— 
and one which, moreover, is still 
largely confined to the con- 
sumer goods beeiorv — is both 
remarkable and worrying. 

The difficulties have been 
cited for some months and 
apply to all three i-areyories nr 
manpower listed in the tabic — 
executive staff, skilled factory 
personnel, and manual labour. 

In electrical engineering, the 
complaints ranged from s-eninr 
personnel to engineers and 
scientists. inspectors. and 
unskilled staff. In cars, high 

Factors Affecting 
* Production 

were cited. In stores and con- 
sumer services, it was good 
quality store managers, and 
hotel and catering staff. 

— Uttar lea imp V 
i olifiaifcr. 

1973 ’74 75 ’76 ’77 ’78 

grade litters, marketing siaff. 
mechanics and repair personnel 

Taxes and pay policy were 
widely blamed. Differentials 
had been compressed and it was 
difficult to persuade people to 
w ork overtime. Pay restrictions 
were also given as one of the 
reasons for the frequency with 
which labour disputes are being 
cited as a constraint upon 

The biggest constraint, how- 
ever. continues t» be order 
levels including, for an increas- 
ing proportion of companies, 
export orders. 

I ncrease 

Stay about t he same 


No comments 
Manufactured goods over the next 12 
months will ; 


Stay a bout the same 

Decre ase 

No comments 

Jan.- Dec.- Nov.- 

Apt. Mar. Feb. 

% % % 

40 45 44 

4 2 40 47 

1 6 13 8 

2 2 1 

May T97fr 
Elect. Consumer - - 
Eng’g. Durables Stores 
% % % 

27 17, r 36 

50 70 30 

23 13 14 

— — 20 



. 45 











4 monthly moving total 

Feb.- Jan.- Dec- Nov.- 

May Apr. Mar. 

% % % 


4 monthly moving total May_1978 

Feb.- Jan.- Dec.- Nov.- Elect. Consumer 

May Apr. Mar. Feb. Eng’g. Durables Stores 

% % % % % % % 

Abo ve target capacity 

Planned output 

Below ta rget capacity 
No answer 

_/o _/o_ 

JO _ 9 ^ 

57 60 

~32 31 

1 — 

_% % 

J25 17 

57 67 

18 16' 

Home orders 

Export orders 

E xecutive st aff 

Skilled fact ory staiff^ 

Manual Labour 


Raw materials 

Production capacity (plan t) 


Other s 

Labour disputes 

No answer/no factor 

M a y T978 

Elect. Consumer 
Enp'g. Durables Stores 
% % % 

64 68 83 

41 86 60 

27 43 3 3 

59 6 4 20 

23 37 73 _ 

8 ' 24 — ' 


LABOUR REQUIREMENTS (Weighted by employment) 

4 monthly moving total 

THE PROSPECT of reducing 
the number of unemployed has 
waned, with more firms now 
expecting to make do with the 
same or a smaller labour force 
and fewer firms expecting an 
increase. This month it was the 
electrical engineering sector in 
particular which has scaled 
down its forward requirements. 

The main factor by far was 
the lack of demand, actual and 
fureseabii?. This leasmi was 
mentioned by 6fi pur cent 
(weighted) or respondents in 
the last four morphs as against 
only 3# per cent in the Novem- 
ber-February period. 


Requirements! upcctal 
w Itir Dune 

'75 '76 '77 

After demand, the oUier. 
reasons given have been, in 

descending order, the potential 
cost of redundancy payments, 
plans to raise productivity, diffi- 
culty in recruiting staff with 
suitable skills, other aspects of 
employment legislation (besides 
the cost of redundancy pay- 
ments). high wage and other 
labour costs, and uncertainty 
about the future. 

Companies often made the 
point that, because of recent 
employment legislation, they 
now had to be much more 
certain oT an upturn before they 
took on more labour. 

Meanwhile. Lite prospects Tor 
increased investment spending 
remain reasonably good. 

Those expecting their labour Force over 
the next 12 months to : 


Stay about the sa me 


May 1978 

Elect. Consumer 
Ene’g. Durables 5tores 
% % % 

6 3 5 48 

63 65 2 8 

31 — 24 

CAPITAL INVESTMENT (Weighted by capital expenditure) 

4 monthly moving total 

May 1978 

Those expecting capital expenditure over 
the next 12 months to : 

InreBicA in vninrma 















Elect. Consumer 
Eng’g. Durables 
% % 



increase in ▼uiurne 

Increase in value 



3 1 



but not in volume 








Stay about the same 







_ 4 









No comment 









Inflation rate steadies 


4 monthly moving total 

INFLATION expectation!, have 
remained very steady in recent 
munths. with the median fore- 
cast increase in wage costs over 
the coming 12 months ranging 
around 12 per cent, for total 
unit costs about 1U-11 per cent, 
and output prices 10 per cent. 
There is no sign so far of com- 
panies expecting a deterioration 
next autumn and winter. 

One interesting point to 
emerge this month is the 
number of companies which 

contract to the government 
which are taking the Govern- 
ment's “ black list " seriously. 
Elsewhere, there appears to be 
a greater readiness to take a 
more flexible attitude to the 
official guidelines. 

The outlook for profitability 
has brightened a liitie. For 
profit Diargans, the “ ups '* now 
almost equal the “ downs.” 
while for earnings on capital 
employed the balance of “ ups '* 
has become a little larger. 

The stores/consumer services 
and the cars /durables sectors 
have both raised their earnings 
expectations, while the electrical 
engineering sector has become 
more bullish about ina rains. 

These surveys, which are car- 
ried out for the Financial Times 
by the Taylor Nelson Group, are 
based upon extensive interviews 
with top executives. 

Three sectors and some 30 
companies are covered in turn 
every mouth. They are drawn 
from a sample based upon the 
FT-Actuaiies' Index, which 
accounts for about 60 per cent 

Wages rise by : 

Volume of 


No answer 

MayJ 978 

Elect. Consumer 
Eng's. Durables Stores 
% % % 

2 8 — 1 3 

45 100 87 

4 — — 

Unit cost rise by : 

r EabnCJfnprld'lbllwlfllB' 
i 11 i 
1974 1975 1976 1977 1978 

Q- 4% 




Decrea se 
No answer 

of the turnover of all public 
companies. The weighting is by 
market capitalisation. save 
where alternative methods or 
weighting are cited. 

The all-industry figures are 
four-monthly moving totals 
covering some J20 companies in 
tl industrial sectors (mechan- 
ical engineering is surveyed 
every second month). Complete 
tables can be purchased from 
Taylor Nelson, and Associates* 


4 monthly moving total 

Those expecting profit margins over the 

next 12 months to : 

Impro ve 

Reman the s ame 


No comment 








F- b. 


















s igc- 

. . : ( Established . 

The Management Board announce that; on- tha jtod- June 
thT' General Meeting of shareholders^appro ved^, 2 he aohbaT 
accounts for 1977 ^and the prpfit appro^toan^^BOd fereia. 
as confirmed by the Supervisory Uoard. : The - for lb* , 

“financial year iffTT gto » beferf toad .a t^Dfie: .^ .per-Mg. aBr 
Ordinary share, of which an interim dividea-d- of Dfls. -2J& 
already been, paid in October; I977-; Jnste a d JOf the final dividend 
of dAb. 4.75 per Dfls. 20,- Ordinary share in cash, shareholders. 

Steer to receive Dfls.- 0,75 In xHhwd. 
shares from the Share Premium -Recount. For shareholders ^ 
holders of Ordinary share certificates wno wish'to receive the 
•dividend in cash, coupons 

Of their securities will“be payable. at th6 bead_ofBre!r*f the 
following banks with effect from 13th June HTBl. 

A -Rotterdam Bank N.V. . _ . 

Algemene Bank Nederiand N_Y. 

Nederlandsche Middenstandihajik N-V, " “~- 

Kersou, HeWririg &.Hert»h.rCV^ , v..: ...:.; - 

Bank Wees & Hope • > ?■ :/ 

Nederland se CredietbaiMt 

N.V. Slaveaburg’s Bank : • - - r ? . *.;• : : r ■ 

Van der Hoop, Offers &7toobN;V. r* : ' - 
• at' Amsterdam, Rotterdam and The Hague. 

For each Dfls. 20,- Ordinary 'share or Ordinary 1 share certificate ’ 
Dfls 075 will be payable on coopoa number 24,andJ)fls:'4.^ 
on coupon number ,25.. this being- the fin^ diridehd. Dividfend T 
tax is to be deducted at the tate "of 25%. „ Shareholders-' an^. , 
holders of Ordinary share certifi rates who wish ip’ receite tbe- 
dividend in Ordinary shares or Ordinary .hhafe’ certoficatea^ ^ 
coupons number 25 of their securities wiil receive -ohe iew - 
Ordinary share or Ordinary share . certificate of" Dfl& .g aft ! 
nominal value against delivery ot every 30 c6upon$fnumbeietfrj 
25 of Ordinary shares or-Ordinary sfrare-eerBflcatee 
including 31st October, 297S. The new shares and 
cates will participate fully in the .prefftty declated : foe 
subsequent years. 

In order to obtain new" securities -reaofesCTffife 
Ordinary shares with coupons number ' 26-. ■ and? .sacee gJtffi g? 
numbers attached, the requisite number of coupato'nnnt^^jv 
25 of Ordinary shares must be deposited at the head offices o&: 
above-named banks not . later than 31st rpctoh«r-1878r-Tfer:: 
coupons must be accomp&hiod by a sfetemeiit ^yjng-falTTaiBe' , ; - 
including forenames and addresses, etc: .i -vi,-. 

In order to obtain new certificates' of li 5 :orS0.Gn4iittaiy shares - 
with, coupons number 26 and succeeding' numbers attached the- 
requisite number of coupons numbered 25: of ; .share certificates : 
and/or Ordinary shares must, be deposited at Admlnistra- ' 
tiekantoor Christiaan . Huygens, KeiMrsgracht‘558, Aihsterdain: ^ 
not later than 31st October 1978. Ctrapo ns numbered ® 'nrast v ; 
be deposited with the name' of the deliverer' endorsed, oh the"' 
back and accompanied by an advice fh. duiflicate.“ If 'dedred,'* 
the new certificates will also be- avaflable by way-ofT Bearer 
Depositary Receipts (BDRs), each. representing^ a 'feny-paifl - 
Ordinary share 1 Entiia ■ wiU -pay. ifh e ^cuMomar^comniisaon ta-- ■ 
the members of the Vet^niging vopr; de Effectetihandel in 
order that the conyerdon of coupons number 25=may-be made- 
free of commission to the boldersr.’T HcStJers '.of r^BIIRs wfij • 
receive their dividend. -in; cash or.itt-OrdHMLyy jatarfr^fHfl ^ tp g - 
through the intermediary of the institutions Where the'^ ^codpotr^ 
sheets of their share certificates were deposited da the 2nd' J 
June. 1978 at the office's closing time. . - . 

After the 31st October 1978 the final dividend will be paySbler - 
only in cash. - : .. •: " ' ■ i'",t 

In order to obtain new coupon sheets with coupon no. : 2fi and :, 
succeeding numbers attached, . the talons . Of _ the K-certific&tes- 
must be deposited at N.V.. Adminiatratiekantoor Chmtfaan .^ 
Huygens. Keieersgracht 558, Amsterdam, with the name of the 
deliverer endorsed on the back. . ; *• ' _r ’ 

In order that the members of the Verenigitig voor'de Effccten-'- 
handel may execute the conversion free of commissioh^to their 
clients, a payment of Dfls. 0,55 + V.A.T. will be made for each ' 
new coupon -sheet. • 

The Hague, 5th June, 1978 .. Amsterdam, 5th June, 1B78 

Churchillplein I Keizersgracht 55S •’*-* 

ENNLA N.V. 1 - N.V. Adzninistratiekantoor - * 

Management Board Christiaan Huygens.. 



AUTOMATED FOUNDRY. R«dy for production, 
box size 1350 ir 900 x 700/300. Suitable for 
large tractor or s'wnilar castings. 

DRAWING MACHINE equipped with 3 speed 
200 hp drive, 20" horizontal draw blocks. 

22" vertical collecring’block and 1000 lb 
spooler. (Max. inlet 9 mm finishing down 
to. 1.6 mm copper and aluminium ). 

DRAWING MACHINE in excellent condition 
0/2000ft./min. variable speed 10 hp per block 

By Farmer Norton ( 1972). 

SLITTING UNE 500 mm x 3 mm x 3 ton capacity. 

MILLS Ex. 6-50" wide razor blade strip 

and tube drawing plant — roll forming machines— 
slitting — flattening and cur-to-length lines— 

I cold saws — presses — guillotines, etc. 

by Noble & Lund with batch. control. 

1970 CUT-TO -LENGTH LINE max. capacity 
1000 mm 2 mm x 7 tonne coil fully 
overhauled and in excellent condition. 

machine by Farmer Norton 27"— 29" — 31" 
diameter' drawbloeks. 

by A. R. M Max capacity 750 mm x 3 mm. 

with 22" dia. x 25 hp Drawblocks. 

5.000ft/Min. with spoolers by Marshal Richards 

— pneumatic single blow. 

1.700 mm wide. 


965 mm wide. 

6-ron eaoacity lattice jib 

STRIP ROLLING LINE 10” r 8" rolls x 75 HP 
per roll stand. Complete with edging rolls, 
oirks head flaking and fixed recoHer. air etc. Variable line meed 0. /750ft. /min. 
and 0/1500 ft./min. 

Thompson and Monroe. 

08893 3841 
or 08893 4638 

0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Terex 336414 

0902 42541/2/3. 

. Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541 *2.3. 

Telex 336414 
0902 42541/2/3. 

Telex 336414 . 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

BAR PEELER— 4 B CENTRELESS. Reconditioned 
BENDING ROLLS S'xf. Excellent. 

reconditioned, will turn and index to maker's 

PRESS. Bed 48" x 40 200 spn. Double roll 
feed stroke 35 mm excellent condition. 

DEEP DRAWING PRESS. Condition as new. 

36" Stroke 8" NEW COND. 

MACHINING CENTRE. Capacity 5ft x 4ft x 
3ft. 5 Axes continuous path 51 automatic tool 
changes. 5 rans main table load. Main motor 
27 hp. Had less than one year's use and in 
almost new condition. For sale at one third 
of new price. 

WICKMAN 21 6SP AUTOMATICS 1961 and 1963 

4,000 TON HYDRAULIC PRESS. Upstroke 
between columns 92" x 52" daylight 51", 
stroke 30" 



01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 

01-928 3131 
Telex 261771 

01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 313' 
Telex 261771 

01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 

01-928 3131 
Telex 261771 
01-928 3131 
Telex. 261771 
01-928 3131 
Telex 261771 


and tube drawing plant — roll forming machines 
—slitting— flattening and cut-ro-length lines— 

cold saws — presses — guillotines, etc. 

0902 42541/2/3 
Telex 338414 

T rrb 

.. n . j 

r ‘ r 


i <>:■< I wLltt fc t n LfrJ V/ fr) tl* 

Lee Refrigeration 


l (y 

‘ . Points from, til? Accounts and Statement by 
ihe Gtiainmn, Mr. C. R. Purley. 

it Turnover up by 20.3% to a new record of 

. £26.7 million, exports up to £7.7 million 
from £ 4.9 million. 

^ Pre-tax profit' of £1,644,489 (1976- 

£1,769,155) satisfactory in a difficult trad- 
- irig year. Total dividend for year 3.9305p, 
maximum permitted. 

* Sales for first quarter of 1978 show an 
increase of 13 %, hopeful of another suc- 
cessful year. 






This magnificent 1924 Brev«ter Salamanca is one of 

Silver Ghosts entered: else 1925 . Sepe«:hir £ ed Mertedes. two 

vintage Bentleys. T,pe 44 Bugatti, Alvlses. Ugondas. Astons. 

Austins. Sunbeams,' etc. 

— Further entries invited. Catalogues £130. 


14, ©ROADWAY, S.W.1, Enquiries 01-834 9225 

Notice of Redemption 

Western J 
targets s 

By Michael Btanden n 

expects to borrow up to 
AJSlOOm (USS112m) a year, 
rising to perhaps A$500m by a 
about 1990, to support the 
development of its rieh mineral r 

This was stated In London by J 
Sir Charles Court, premier or J 
Western Australia, as part of ; 
hi> Eu.’opi-aii visit lo interest 
bankers in the Stale's prospcc- 1 
ti\e growth. 

The move follows the i 
changes which, fur the first i 
time, have enabled the indlvl- < 
dual stases of Australia lo 
cuter the international markets 
for funds, rather than relying 
on the Co mmou wealth to pro- 
vide finance. 

Sir tfisiles underlined the 
potential of W e si e r n 
Australia's resources, including 
coal, iron ore, olfsUorc gas and 
possibly oil, aluminium and 
uranium. He emphasised that 
any international borrowing, 
while with a Stale guarantee, 
would be linked io specific pro- 
jects and justified on their own 
profitability. . 

He described a number of 
infrastructure projects planned 
bv the State, including a 
AM 00 gas pi peline. 

Ennia margins 
improve again 

By Charles Batchelor 

ENNIA, the Dutch insurance 
group, said gross receipts rose 
by nearly 14 per cent in the 
first three months of 1978 while 
expenses rose by only 6 per 

CP The board maintains Its 
earlier view that profits per 
share will rise somewhat this 
year despite an increase in 
share capital. 

Net profit rose 20 per cent 
In 1977 to FI 42.9m (519m) on 
gross receipts 21 percent 
higher at FI 1.85bn <$820m). 
1 Expenses rose by 9 per cent. 


Exchange gains boost performance 

I . . fit*- 


DESPITE a slump in power con- 1 
sumption rellecting sjugS'*n i 
industrial activity. Japans nine ; 
major electric utilities pul up ; 
favourable earnings penonn- i 
ances in the half year lo March. : 

Exchange gains due to yen 
appreciation, totalled YttJMbn 
(S3-5ml. Four companies in 
particular, Tokyo. Tohoku. 
Chugoku and Hokkaido, posted 
record current profits. Eight of 
the companies (Hokkaido being 
the mid man out) retained 
YM.Bbn out of exchange gains 
in special reserve funds. 

For the current year ending 
March. *979. lhc nin . c . P uwer 
companies expect combined ex- 
change gains of “°. 0I 1"' 3 “ 
the record 91.4bn of fiscal I9ii. 
In particular. Tokyo Electric 
expects exchange aa'ns for fiscal 
197S of YRObn <V»hn in fiscal 

19773. Kansai Electric 3 40bn 
.v-’-iThnl and Chufau Electric 
at YSShn (Ylfibn). The eschanue 
qalns are big enough to cover 

lar-c capital by the 
nine and. of cour*<\ i... maintain 
a hioh level of profit perform- 

Jncv for fiscal 1978. Kish: of ihc 

companies (af;iin excluding Hok- 
kaido! will forego ;:.inng elec- 
tricity charges for the next two 

^During the half-year under 


_ (Ybn)_ 

107.4 I0.» 255 

*3*r “ 7,j 

■S2— — « 15 

Hokuriku ” -J 37.7 {-M>_ 

-Chugoku ™ J J 1LI 6.4 

sa: as « *- 7 — 

- Accounting to be changed to annual basis from March 1979 term. 

review, household consumption Combmcfl 
of electricity rose by a.l percent. 

Applies wmX U industrial con- 


higher. — . 

ear to END-MARCH. 1978* 

Current JJjL 

t EK % BCL- 

io.o « m Hi 

4? ™ S »» 

TOKYO. June 4. 

Combined current profits for 
the sis months rose ny W P« r 
cent, to Y251.1bn of which com-; 
bined exchange gains accounted ( 
for 29 per cent. Kansai aw l 
Hokuriku Electric suffered set- 
backs in current profits due to 
a dry spell which increased t neir 
fuel cost burden. 

JYbn L 










25 S 



(-7.4) . 





Exchange ! 





14.0 j 

w i 


in talks 


CORP. said it entered into 
preliminary discussions for Ihc | 
possible sale of «s aviation- 
division in American -•« 
Industries. Reuter reports from I ( 
Pittsburg. ; i 

Rockwell said the discussions;] 
related to the Bethany. Ok la.. ! , 
opera Don of the division which i 
mak« and sells the Turbo 
Commander 690B. Comni.mdcr , 
700. Commander 
Commander 114 and the bhrii. 
Commander 500 aircraft. 
American Jei said if it acouirc^ 
the Rockwell division it will 
continue to support all of its 

ssTO^Tiautf trs^s 

development and production.. 
American Jet said. 

The companies said they have 
not yet reached any agreement 
No other (Wails were given. 1 


Profits improve at the banks 

stock to be 

TOKYO. June 3. 
CHISSO CORP. shares will be 
delisted from Japan’s seven stock 
exchanges from next September 
or October, it failed to cumply 
with the now slock exchange 
listing standards effective fro™ 
March 31. the Tokyo Stock 
I Exchange said. 

The standards call for a 
company to bt* delisted n V ls 
debts are in excess of cnuiiy m 
the last three-year period ana i* 
no dividend is paid for five years, 
it said. ^ . . 

On Friday, the chemical 
company reported an „^ tcr ' l f H * 
deficit of YS.S4bn (. 439.9m) for 
Ihc year ended March Jl. this 
! vear.’ compared with a dehcit 
I of Y4.78bn in the preceding year. 

! Hit bv ihe recession and 
i burdened with compensation to 
i residents m Southern Kyushu 
'suffering fruin mercury poison- 
ing Cbisso's cumulative deficits 
rose to Y33.9bn in the year ended 
. March 31 from Y27.6bn in ihe 
preceding year wiih its debL * 
Y27.Bbn in excess of equity 
compared with YlS.Sbn in the 
preceding year. Chisso said, 
i Reuter 


Canadian Imperial Bank of Com- 
merce. which coin poles with the 
Royal Bank fur to;, position in 
size, has repo r led earnings of 
C$39.2m (US$35 m i iur its second 
fiscal quarter against $-4 .Sin. on 
revenues of $70Bni aaainst mS-ih. 

In the first half ended April .10 
earnings were sftil.ttm gainst 
<5S.8m on revenues uf SlJbbn 
against Sl.lSbn. Figures arc after 
tax but before loss appropriation. 
Assets at April 30 were »J4.9bn 
against S28.9bn a year earlier. 

The bank saul that earnings 
from domestic operations 
i improved sharply from depressed 
I levels a year earlier The 
improvement als-i resulted from 
I higher assets and interest mar- 

MONTREAL, June 1- 

Ads switc 

at ScMitz 

pins. Earnings from international 
operations also increased despite 
lower demand for commercial 
loans and narrowing interest 

However a comparable rale of 
improvement should not he 
expected in the rest of the year. 

* * + 

National earned L* 
fUSBHjgin) in second quarter. 
•Balnul «5.Sm a ieur farller. 
on revenues of CSloini 
iCS140mt. First-half earnings 
were C$1 3.9m against 
on revenues of . cs ?. 18 ‘" 
(fS284ni». Assets on April 30 
were C$7 4hn against C$6.18lm. 

B^nue Canadienne also dis- 

closed that it plans a rights offer j 
of two new shares at CSH.ia a 
•share for every nine shares; 
already held. The offer expires, 
Julv 12. and is designed to bring ; 
capital into better balance. 

* * + ( 

THE WESTERN telephone ! 
utility, British Columbia Tele- 
phone. is making a rights issue 
on the basis of one new share at 
C$14.30 for every five shares held 
of record June 9 The right* 
expire on July 6. General Tele- 
phone of the U.S., which owns 51 
per cent, will subscribe full:- for 
its ri-hts The issue will bring 
I in nearly S54m of new money to 
meet the utility's capital spend- 
■ ing programme. 

JOS- SCHLITZ Brewing Com- 
pany said it ™» ied w “ 
advertising agencies Ui 
two of its major brands. Ar-L'J 
reports from Milwaukee. 

J. Waller Thompson Company 
was named as the agency lor 
Schlivx beer and Benton ana 
Bowles for Schiitr malt Jmuor. 
Leo Burnell Company had been 
'• the agency fur both brands. 

Cunningham and Walsh con- 
jtinues as the agency for two 
I other Schlllz products. Sehtilz 
1 li n hi h^r and Old Milwaukee, 
i lour Financial Staff adds: last 
i Wednesday. Schillz announced 
j that it would start laying off 
! workers at Us eight breweries 
! n-er the next t«o or three weeks. 
| Marketing, observers noted then, 
had been one of the group s 
' major problems. 


-10/ Guaranteed Sterling/Denttche Mark Bonds Due 1987 

NOTICE IS HEREBY GIVEN to Weisofthe md C pnSdSn die reverse 

visions of paragraph 6 Finance Limited has elected to exercise 

of " lcmedmiespen 

ftfflne A&biin 

from the sum due for payment. i-. _ -nd the other. Paying Agents are now 

6010 thoss mendDD cd * f- ^ 01 

lbt SjKGl>AVM^TS 
bwiffertransfer to a 


'the close* of busikesson 

The annual general meeting of A/BSKF 
was held in Soteborg. Sweden, on May j: L 
The annual report to shareholders onthe year s 
results showed that while the steel sector 
continued to make losses largely due to ^Sh. 

in Siwprien. the rolling bearing 

strip, springs and saw blades made in West 
Germany under the Eberle brand. Sales m 1977 

rose 9.6% to U50 million kronor . 

rtnricmn nnerations mainly 

Notice to Shareholders of _ 

magnum fund limited 




"" ii A, rommon Shares of Magnum Fund Limited 

To Purchase all the . i0 United states funds, any and 

all of th^ COtnmOb net asset vdiie.P® ^ auditors of Magnum and ..nee 

t0 IncreasS^npr^uctivity to meet inflationary 
costs had been greater than increases m market 

° f 'HieGroup's income statement as previously 

published and the consolidated balance sheet 
were adopted. An unchanged dividend oi 4.5 U 
kronor per share was approved. 

Extracts from the year’s results 1977 1976 

5^““ 8,004 6,981 

Operating income after 

depreciation . . 4 ^ u 

Income before provisions 

and taxes ^4 

Capital expenditure tot o/ 

Reseai-ch and development 118 ^ 

* Restated in accordance with the nw 
Group accounting principles adopted in 
1077 to conform with new Swedish 
company law and international practice. 

subsidiary SKF ; Toois ana norma / 

•Twist drills of both brands account for the 
major share of division turnover which 
includes, taps, dies and nulling cutters Sales 
rose 18.9% to 365 million kronor in 197 7. 

Other products, many of which have been a 
spin-off from bearing operati.ons have more 
than doubled in turnover during the past tour 
years and accounted for 820 million kronor in 

^Textile machinery components, machine 
tools, fastening systems (e.g. circlips), sealing 
products, ball and roller screws as well as 
airframe and automotive components are 
majorproduct groups contributing to turnover 
in this area. 









Share of Group sales-1977 Mkr 

Rolling bearings 
Special steel 
Cutting tools 
Other products 

Figures include internal sales between 
product areas 

me ^"TTTI'.pV nni later at 8-0 JUi * 

certificates or ^ irer a duly completed Acceptance 

^ ° f *■ 

letter - rmnucT mMPANY, XJMTTED 

toltownp . NATIONAL m5C m 

‘ WM6M14 u 

• A^tPtirion: Stock. Trans icr *“ w^indrie et lc eommcTee 

:•£ BANQUE EC3A ^ 

3791) - , >h 

... — aforesaid wilii a bank or other 

share»wiwr^f« — - id ^ d one of the coropw «« ^ r- fe or anaarial iostituuon no*™ 

any instructions revived from 

Id deals with sudx siiai^a 

rmoany sa noftifietL ■ . additional- tenos and provisions 

ie CHf^'pre6ptg>^ 

***'*** ofthe ,bove 
arraiits -deposi^ .. .. ......... C 0 PTHALL f TILBURG) BV. 

jdre^es. ■ v •■.•• >. ... • . . Per:' 

ane 5 , 197 S : . - ; - ;; - . - Joseph Schuldenfrel 

•'•'■.'•‘S'.-. ’ • A. ,; - ’• .. General Manager 

Ooerationallv, the Group is now restructured 
into two bearing divisions, a steel divisio * 
cutting tool division. Lidkoping machme tools, 

bearinas and associated products, special steel, 

cutting tools, and “other products . 

The European Bearing Division comprises 

the main manufacturing/marketing comwn^s 

in W. Germany, Italy. France, Sweden and the 
UK, and includes the sales orgaiiization of 
maioritv-held companies markeung blvb 
products in other European countries and to 

^TjJe Overseas Bearing Division is made up 
of SKF sales and manufacturing compames 
outside Europe and USA, and includes 
opCTatoiswSi associated bearmg companies. 
The Steel Division (SKF Steel) has been 

restructured with a number of product sub- 
divisions which apart from special steel 
manufacture like strip, wire, ring, and tube, also 
rUdude finished products such as pressurized 
oil rouritn^s. 

Sales outside the Group account for more 
than half division turnover which includes 

1978 activities 

Group sales rose some 17% t? 2-2 j 9 mhhon 
kronor (1,9 15 in 1977) m the first three montns 

filing bearing sales increased by 20.8%, 
steel sales by 14.6%, cutting tools by ^7.8 to, and 

0,h t SSSSwo«depn».ta«^ 


taxes dropped to 14 million (^0) largely d 

increased financial expenses. Signs oi 
improvement were noted in the steel ^s^tor 
although losses were made m the first months 



profit increase may not be as greatas o 

assumed. Despite the subdued result ottne iirst 
three months, the ino-eases bemg sho 

sales indicated a profit upturn lat year- 

SKF Group Headquarters 

S415 50 Goteborg, Sweden 

The Financial Times 

The 1979 Financial Times diaiy shows 
a number of improvements over the 1978 Financial 
Times diary. 

Firstly, design. 

We commissioned James Shurmei; 
who has produced work for the National Gallery, to 
completely revise the interior styling. 

He provided us with a nicely understated 
thin-line treatment of the main diaiy, together with 
a matching design for the information sections. 

Secondly, it 

occurred to us that there 
were insufficient months 
in the year. 

Hence the 1979 FT 
diary starts on November 
27th, 1978, and finishes 
on February 3rd, 1980. 

So you can 

slip into 1979 whenever 
it suits you. 

We’ve also 

extended the business 
information section. 

It gives a comprehensive 
list of useful information 
sources in thirty 
countries of the world. 

You can trace 
anything from a Belgian 
consumers’ association 
to a Polish translation 

On the subject of translation, the diary also- 
contains a French and German business 
vocabulary covering everything from ‘cash’ to 

It could help make letters from abroad a lot 
easier to understand 

Next, we thought we’d put an end to writer's 

To save you having to copy out hundreds of 
addresses and telephone numbers at the end of 
each year; we’ve incorporated a detachable address 

Now, on the assumption that you do a fair 
bit of travelling, we’ve listed the passport, visa 
and vaccination requirements of all major countries, 
along with world time-zones and 
air-travel distances. There is also a superb 48-page 
colour atlas. 

Statistics, we thought, were vital. 

In the 1979 FT diary you’ll find an 18 
page section containing analysis charts, monthly 
expense sheets, weights and measures, 
metric conversion tables, both metric and imperial 
graphs, and international clothing sizes. 

Finally, we decided that no-one wants 
a marker-ribbon that falls to bits, so we’ve attached 
a non-fraying marker ribbon. 

In addition to the desk diary, there’s a A 
slim pocket diary and wallet, in black leather; with^ 

strengthened comers and real gold lettering. 

It contains a colour map of the City 
of London, tube and inter-city maps, a list of recom- 
mended hotels and restaurants, information on 
road, rail and air travel in Europe, calendars, world 

address book. 

If required, the desk diary, pocket 
diary and address book can all be gold-blocked with 
either your initials or company name and logo. 

So you can give either yourself, your staff or 
your best clients a personalised gift 

Which will add a very nice perspective to any 
desk top. 

To: Geoffrey Phillips, The Diary Manager; 

Business Publishing Division, Financial Times Limited, 
Minster House, Arthur St, London EC4R 9AX. Tel: 01-623 1211. 

Please send me your brochure and order form. 










time zones and metric conversion tables. 

We’ve also designed an attractive matching 

- Mnnrfai- J'nhfi T TOTO 

Although tlie technical development of word processing equipment is well ahead of demand at the 
)fl(j .:i moment, some manufacturers foresee 40 per cent growth in the UK alone this year. Projections of 

?/:> y growing demand in Europe and the U.S. suggest that it will become essential office equipment. 

THE. RELATIVE sluggishness 
of the .market lor word process- 
ing, equipment makes an extra- 
ordinary contrast with cite 
rapidity with which the pro- 
ducts. themselves arc develop- 
ing.; Almost every month one 
of -the. 30 or. more, companies 
which are currently marketing 
word processing equipment 
.announces a new product or 

A complete new vocabulary 
has grown up tt> describe the 
technology of automatic typing 
and computer-aided text 
editing, which is still far in 
advance of what, still happens 
in most offices. '. 

Olivetti, for example, is pre- 
dicting a growth of 30 per cent 
to 40 per cent in the OK market 
this year, admittedly from a 
fairly small base. More cautious 
estimates, however, put current 
growth at 15 per cent to 20 per 
cent. Although market estimates 
vary, it is generally agreed that 
about 7,000 word process sys- 
tems arc now installed in the 
UK and that sales this year will 
he between 2.000 and 3.000 
units. However, because of the 
very rapid advance of equip- 
ment it is now somewhat diffi- 
cult to define what word proces- 
sors essentially are. 

writers dev doped from 
machines first marketed in ml 4. 

These earliest machines v.cre 
typewriters driven by punched 
tape rather in the manner of the 
pianola, to produce si.inikud 
letters. This principle was 
developed in the mill IfliWK so 
that typewriters could be driven 
front text stored on magnetic 

piece of silicon and reduced to 
the sire of a postage stamp j. 
dense semiconductor memories 
and other products of the micro- 
electronics revolution. 

This p roi-e>.' of the refine- 
ment and adaption of computer- 
like equipment for a muss office 
market is siill in lull swing. 
The most sophisticated typing 

to be used for storing or editing 
documents which originated in 
a different oilh-e altogether, or 
on nn ordinary t» pen rite r. 

The more •.•••nplicaied <->- 
toms. are. hu*t-**-.i\ relatively 
expensive, ronij.% frr-ui 
ii» more than iir. nun. h j> 
likely tha; il.«- v.uid 
processing maiket m!! split in 

movement in this direction: 
i lien, as microprocessors 2 nd 
solid slate memories continue 
lo fall m price, the addition of 
memory capacity will become 
relatively standard among the 
better ila.'s <<f typewriter. It is 
entirely possible that mass pro- 
duction will enable the price 
>»{ juiumaiic tyoe writers to be 


The general definition 

reached, it would be wry diffi- 
cult to predict any limit to the 
growth that would be possible. 

Within Europe, the main mar- 
kets arc France, Germany and 
the UK of which Germany is 
the largest, probably because 
the high wages paid lo secre- 
taries make word processing 
equipment a more obviously 
economic proposition there. 

The current number of word 
processors installed in Europe 
is estimated at around 100,000 
units compared with perhaps 
35O.O0U to 400.000 units in the 
U.S. where the word processor 
population is expected to double 
by 19S1. 

wun a mixture of short non- 

standard letters, lengthy docu- 
ments and pru formas, it seems 
that the improvement could be 
between 100 and 150 per cent. 

Tile improved efficiency will 
clearly depend partly on th<* 
extern to which the equipment 
is liked by the secretaries, and 
in this area, the industry is sun 
in the testing and proving stage. 
It appears generally agreed that 
typists like the simpler form nf 
word processor because it 
relieves them of tedious retyp- 
ing and makes error correction 

much easier. 


£'A* . 

Tlttri. ivhsri entries 6®^:^ 

TE$50i wort as a a«kpitMc : 

Rpekfiftf. • •• .. ■'/..'v;.. 

■ " "Dit'ijUiu'T.lfyKij.vcc printer types JoC’or- 

50$ dear v^ri-per rtunutc, : ” V 

puid-'chan;_ij v-.r rosT |Wg i\ aw &hic£-- 

v»ih’pe sfii'.'V, pfvho* ' ... I 

/UrJikv- &v;k .<\^renu v OHvieniV'lS551 1 -* 
cao^rinr ddier sr^fe' sheet? cvcaftanubu^.'.;’ - 
fursis. Aiiromariv*^ 1 jtv 


Uv. is ?Jsd'2ti ir^ss^ye.h!H2^s3i^ 

■ jf^TKe dpudeiiiik ,;fni powe^f^'f^ 

isSKjtor* rVr; Ashe isdk*ytnfK&j t.iftd 
.. ' -Vv irh a sjon\?:e on each flop^y diSKof^ 
one hunJrcH f a>j«f a 

‘ess. rihi-r.. >iie jw-wd ; TES5Dj-wiH 4smefr'- . J-.-Jv 
torsnd y.:pr)v tyr.'C-i-copi-ys c*r till vcvrpr^Mpui ! 
conv??Cnticncd ■ 

While the experts are 1 dis- 
cussing the competing merits 
of daisy wheel and ink -jet 
printers nr video display units 
(VDUs) versus " thin window” 
plasma display, it is sobering to 
remember that almost half the 
typewriters; In .-use in the UK 
today have not yet been con- 
verted from manual to electric 
and that orify about 2 per cent 
of typewriters' sold have any 
sort of electronic memory. 

adopted for this Survey follows 
the precedent of IBM io 1964 
when ibe phrase was coined lo 
describe all automatic equip- 
ment used to help the prepara- 
tion of documents from 
conception, through the dicta- 
tion stage to the printing of 
the final draft 

By Max Wilkinson 


The. general 'slow ness to auto- 
mate the. production; of letters 
and documents does, however, 
represent a challenge and an 
opportunity for manufacturers, 
as the large sums spent on 
research .; and . development 
clearly show. • 

It now appears that after a 
sustained campaign for the 
wider acceptance of word pro- 
cessing, manufacturers are 
begwjqing to : see their efforts 
rewarded. •-.•,-■■■ 

From the office manager's 
point of view this definition is 
helpful because it focuses atten- 
tion on the competing claims 
for investment from different 
types of equipment aimed to 
increase office efficiency. For 
example, in some offices 
sophisticated dictation equip- 
ment may be a better buy than 
automatic typewriters: or it may 
be evident that both are needed. 

• The use of the term “word 
processing" is. however, gener- 
ally becoming narrowed so that 
it refers only to computer like 
equipment which handles stores 
and prints out text These more 
sophisticated products' do, in 
fact, have, a different genealogy 
from the simple automatic type- 

tape. The main advantage of 
such machines is that a first 
draft of a document can be 
captured and siured on tape and 
corrected so that there is no 
need to lyjie nut ihe complete 
document a second or third 
time for a lair copy. 

The improvement of auto- 
matic typewriters converged, 
however, with developments in 
a very different field, the mani- 
pulation of figures in computers. 
It was quickly realised that the 
Techniques used for dm a pro- 
cessing could be applied to 
automatic typing to produce 
“ word processing." 

The full application nf com- 
puter techniques to the secre- 
tarial task became possible 
only recently with the develop- 
ment of the microprocessor ia 
computer etched on a simple 

equipment i> already beginning 
to look vein- like a computer 
Irnninai, vwlli 1 decision-} ike 
screen, fully electronic key- 
board, sometimes separated 
from Ibe screen, magnetic disc 
units, and a separate printer, 
often in a different part of the 

Such systems nut unly look 
like computer terminals, they 
arc- beginning to behave like 
them as they are given extra 
capabilities to interrogate cent- 
ral computer files or to commu- 
nicate directly with other word 
processors in the manner of a 
teleprinter. Word processors 
are also being developed by. for 
example Philips, which have 
ability to read text prepared 
on another machine. This 
“optical character recognition " 
tOCUi allows a word processor 

ihe next few ; .vr- mi* luo 
distinct sect inj}.-. v-hich roughly 
correspond io me historic divi- 
sion already mentioned. The 
more expense. computer-! ikv 
range of product including 
systems in whieh several mirk 
stations arc wnvd up to a 
shared processor and printer, 
will be aimed at the larger 
offices and typing pools with a 
high volume ot work. 

The other section of the 
market is likely to be the 
development i.f fairly simple 
automatic typewriters with a 
limited memory fur mass use. 
The first step will he to replace 
most of the moving parts of 
electric typewriters by elec- 
tronic circuit’.. The golf hall 
type of machine which has a 
single print head instead of a 
basket nf type lexers is the first 

lowered -u far that they ran be 
sold the domestic consumer. 

Ip ihe next few years, how- 
ever. much uf the manufac- 
turers' efforts will ne spent on 
persuading businesses and 
government departments of the 
substantial economies which 
can be achieved through the use 
of word processing. 

Mackintosh Consultants esti- 
mate that in Europe as a whole 
the total market for automatic 
typewriters will increase from 
about $60m in 1976 to about 
SI :51m by 19SJ. However, by 
the niid-lf*$Us most people !it 
the industry believe the market 
i-nuld increase very rapidly in- 
deed. Comparison with the 
plain paper copier market, 
which has, grown in little more 
Than a decade to a worldwide 
figure of some $7bu. shows that 
once a lake off point has been 

If the market in Europe is to 
follow the American pattern, 
Two conditions will have to be 
fulfilled. First managers will 
have to be convinced of the cost 
benefits and the increases of 
efficiency possible in their par- 
ticular offices. But equally, 
secretaries themselves will have 
to have a positive attitude 
towards the new machines. This 
will be particularly important 
in Europe where unions, and 
particularly public sector unions 
are mare powerful than in the 

On the question of efficiency 
a large number nf separate 
theoretical and practical studies 
have been undertaken, but it is 
difficult to generalise the 
results, because the gains in 
different applications vary so 

Fur applications like mail 
order, where large numbers nf 
repetitive standard letters are 
produced. improvements in 
efficiency of perhaps four or five 
times have been claimed. How- 
ever, for a more general office 

However, -ome -if the newer 
configurations with television- 
type display » have met with 
resistance as they can produce 
eye srrain. One of the problems 
is that keyboards attached 
display units often do not allow 
adjustments to be made in 
accommodate operators with 
different preferences nr 
different physical characteris- 
tics. These problems are now 
being tackled by most of the 
major manufacturers, but it 
seems likely that a settling 
down period will he required 
before the best configuration 
becomes generally agreed in 
the industry. 

Generally. however. the 
reactions uf those who have 
installed word processing equip- 
ment appear tu be favourable, 
and since the idea has many nf 
the merits of that olber labour- 
saving device, the plain paper 
copier, there seems little reason 
why word processors should not 
so. in be accepted in a similar 
way as an essential part of 
most modem offices. 

*SS v V>? 

teach ., 

Word . 


Dcciinie'il 0073? No a c« Page \ Lem 1 1 


► fi^PLACF /.HAT? ► T-.pewritsr ^ 

► ht.-'L-at. f t y Word processor ^ 


Us* : 

mm w 

Document 0073z Nowon Page 2 Line 1 Pasilion 1 ' - 

?' ► 

. v • 


A-S' 1 - y'm ; : v^.rV-? « -i.vf :• . ' . 

..VSt. 1 ** 


.** : 

|f. - Document 00131 Now otfPage'3> Line 1 Position -1 ‘ - •’**- - - 

f .i.1 . . > ; . 

I' ;: 4 ? y: ' .••' .y ' - ' 

I ■■■ '. 7 A A -^y 

I 4 , 'i 1 • k npi ftp wVm a' * s y -',i . " 

® yon.havo to produce reports. 

Specifications, r r > ]m ^ «r r or 

maili ngs you'd find word processing 1 a 
great help, ff you choose tha rig ht system . 

The problem many people finding 
Word Processing syatamsis tharlbe 
operator rejects the system. EspeciaHyif 
they're used to anlonwtic typewriters. 
Wang hare pm that right. 

Unique “TalkJJack 1 * screen guides 
ope rato rs 

We've made onrcaachines 
self-instructing. With a screen drat talks 
hack to the operator. Asks questions and 
gives instructions that h*»ip fl n» operator. 

As you can see from the pictures, if 
you want la replace a word or phrase, 
delete something, re-spell something or . 
search something out, the Wang Word 

Processor makes sore it’s clear what it 

has to do. 

Which takes a load off tha operator's 

shouldeKs.andmakes.the job simpler and 
easier to do.' 

No other system otfar g jT> rarr foilwifn 

Ziaxge legible display screen 

Nor shouldyon overlook the fall 
24-line display. Even in documents 
rumung to 4,000 pages, every word can 
be checked. 

Expau^ as yosr bnaijieas expands 
A Wang installation ccroldmeet all 

your present needs. 

With the added benefit that you could 
expand the inflta Thtifln tQt^p nat^ 
your own growth. And bear m mind that 
four Wang stations could do the work of 10 
automatic or 40 ordinary typewriters. 

But don’t just take our word for it. 
Compare ub with the rest Jnst contact us. 

Wang Electronics Limited 
Office Systems Division, Chichester House 
278 High Holbom, London WC1 V 7EE 
Telephone 01-403 0828/0M91 4241 
Telex 823498 

A period in which tty linked , to allow standard pre- paragraph, like amount of Initial keying-in of material, 
most bewildering variety of recorded paragraphs orpassages money, date, or name. The However, if a large amount of 
^5 tup “5 lt 1188 been offered on to be printed out automatic al ly operator then merely has to. pre-recorded paragraphs is 
me market under. the latel oc'^nto.a.-document-wttich.also In- press a keystroke to indicate being used, or i£ the typist is 
word processing, mahufac- cludes _ new ^natter, possibly, the standard paragraph, and . making many drafts of length v 
turns now appear to have dictated by a prauapsL The final then type in the" particular documents, a higher print speed 
reached some «»rt of consensus document, which 3s an amalgam detail. The computer automatic, is obviously aiTad vantage, 
abont the basic requirements -P r f _r p c< 2 ,le d and. ; new ally inserts the extra details in The recently developed 
for a system. 18 oa the the correct places and types out "daisy wheel” printer matches 

These ingredients were, d es- forfinai printing -* letter neatly. ' this need with a print speed of 

Icribed by one _ of ^the leading SSJJJS" **&?*** As “smarter” processors are about 55 characters per second. 

uj uuo vl urc icdUiiif _ . , ■ ■ = — r 

companies as the - ^ three Ds possibly amended.' 


‘smarter’ . . 

to powerful . memory it uses a flexible print head 
need is created for which . looks like a spoked 

each . . , 

would have been consniered ments. will he typed 
rather advanced and expensive pause.'. 
for inclusion in word proces- 
sing systems, bat It now seisms CfArona 
that mass production and the wiuiagc 
demands oi the market will Diskette units or 


, r l ir-: 

5?: ► DELETE 

.. . j 


__ _ . mrilLCl pi 

The last woxd in word processing at speed. 

Branches in London vNorthwood, .. ry 1 * •, 

Uxbridge, Harrogate. Huirbr , Manchester. 10l)ll Cl LV 


Philips present the £ast,effideiit 
way to your words onto paper 

display units, disc drives and "The 1 disadvantage of ea^ette stores, 

daisy wheel printers. Not decks is that an operator may the opevalor to have some form wnma tne size oi a jam jar lid 

everyone would agree that all need .to spend some time search- of * c window” into the elec- without a - rim. Each spoke 

this equipment is essential for *^5 through a. tope to ■ find a tronic storage, so that she can fames an embossed character 
a medhun-powered word proces- Particular passage. Even -where see what is being written or or characters. The wheel re- 
ring system. However, it does toe _^system incorporates a recalled franrthe memory with- volves to place the keyed 

appear from the 30 or more method or rapid mdexiiig, the out frequent recourse to a print- character uppermost so that it 

systems •. now available . that rewind. speed of Hie' tape limits out. The most common way of 1:80 be hammered onto the 
these items should be at the toe amount of searching which achieving this is a visual dis- paper. One disadvantage of the 
least a minimum talking point practicable. Cassettes are play unit, which is a modified daisywheel printer is that the 
for potential customers. •“™" e -suitable . for blade and white television P™ heads have only a limited 

Only about three years ago relatively straightforward appli- screen. A full page display will life and are relatively expensive 
Lch of these peripheral units cations . whent lengtity docu- hold about 6,00f) characters, to replace. 

«t.M >»—« «"•***»«<» ments will b* wi without And although costs haw been More recently. IBM has 

' falling, such displays are still announced an ink jet printer 
likely to cost between £1,200 which has very few moving 
and £3,000 depending on the parts because a thin jet of ink 
size of screen and the facilities is directed onto the paper by 

. _ . . , tu.n9. wi "floppy offered. electro-magnetic forces to form 

make them increasingly com- discs” seem likely. to replace Various methods are used to the characters at over 90 per 
mon even in medium-sized cassettes partly, because of their allow the document to he second. As yet, this system is 
°“ ces - ' , superior storage capacity— now scrolled from right to left or hot reported to give as good a 

“L? Bp 113 ® toey are all closely more than 100 pages - ‘ but fr° ra top to bottom to- allow the quality as the best impact 

unkM for tee advance m one mainly because of the fact that operator to read vorfe of any printers, and it is incapable of 
technology, like storage, for ex- the recording and playback head^ length or size. Such a screen producing carbon copies. How- 
ample, created demands for lm- cail search and find any portion h as‘the great, advantage that a ever, the lack of copies may not 
provements in other areas. It 0 f the text in a small fraction typist can make »A immediate be a great disadvantage in an 
is convenient, however, to start 0 f a second. This capability, of correction to a word or para- office with word processors and 
by conadenng memory, since retrieving any portion of text SraP h or change the layout copiers. Before long it is 
this is tee essence of any wqrd almost instantaneously allows a whi,e the worb is to the expected that the ink jet 
prw*ssmg system. word-processing system to have completely “fluid” electronic printer will be developed to 

computer-like capabilities for a state. give as good a quality as its 

ments of punched paper and very low cost. Twin units are A cheaper and neater, but rivals, 
later magnetic tape memones, normally supplied, so- that one Iess flexible alternative to a AL . 
the most widespread system can & e for a file ^ display is tee thin window (JOVIOUS 


Each card, a^nt the size of a ^Uhti^JSStiy, disc drives Slralate? Sow. ^Thf ’ SSputw- 11 ??? *1^* X ° M 

were consideraWi more £*Z developments to' be expected more th?n S? 

bold a Pft?6 of text It is qjwp than fanA Hrrlrri Kut *u A in the next few vear^ arp rnn- ulRQ One typists 

[ i 1 nt0 | a . r ^? de 1 r which difference in manufacturing ttoued reductions in costs with shared J °8jc 

stands by the lyptott desk and costs, has been rapidly nSSw® » Parallel improvement in the » SF*** 

is lin ked to an IBM golf ball ^ and, for bulk purdiases «t'* uaW *y af displays. Full page ^"V e by companies like Word- 
typew ^ e f- toe typist least, ft is so oa likely to dis- displaj-s are still very expensive ^ 1C ^. ® pecjal ! S€ , m c th « 

operates her Aacbine. earii key- appear compared with a - black and toe market. Such 

stroke is recorded electronically Disc ^ thereforc ^ white television set which costs «“ suited to a typ- 

on the «ird as well as on tee provided with most of the better onl y about £60 and- is made up 1113 P®? 1 wdc f e s®y era L operators 
paper. Etvots can be .rapidly machines, and it ir likely teat fTQm very , similar components. 5^ ose together and can 
corrected by . overtyping and they wiU become accepted as Indeed, the Post Office’s View-- thmefore conveniently walk to 

tee card ean be used to play standard before tone. The data system has shown that a coUectwork from a printer, 

bade directly into the type- superior capabaities of discs modified domestic television set systems can also be 

writer producing a new copy nced to be „ atcbed by can be quite adequate for use Hn J“ d 10 a main frame com- 
at speed. cessing power which can * n occasional display. How- P uter so that details. like cus- 

orgknise the material on the ever . toe quality required by toraers credit ratings and 
magnetic file, ' retrieve exactly tyP“** vh'o must watch the °^ de < JL. ca “ ««Hed up on to 
the right sections heeded for screen all day long- is somewhat toe typists screen and inserted 
This - system still has the printing; and edit or reorganise more demanding. -In the longer automatically into a letter, 
merit of simplicity and con- a document if an insertion or completely flat screens • Probably one of the main un- 
venience since each card can deletion is made after the first uatog liquid crystals will prob- certainties about the word pro- 
be attached to a first draft For draft In some applications a * bl * become available; but it IS C ““"S market is the extent to 

filing or play-back of passages mini-computer is used for this unlikely they will have signifi- wluch tee high cost of fast 
which do not need to be purpose, . but increasingly the W ptece in the market place Pinters and other "peripherals 
amoroiij t+ <o iwnHaKin c^iii for at least the next few years. w “* dictate a move toward 

| amended. It is probably still micro-computer etched, on a 
the most widely : used and in single chip of silicon is taking 
some applications even has ad- over. Disc based systems are 
vantages over more sophisti- capable, in addition to normal 

cated rivals. text processing, of being - used - Improvements to displays, 

The next stage was to -increase flexibly to synthesise letters processors and memory units 


will dictate a move towards 
shared logic systems. Some 
people argue that the creation 
of more typing pools would be 
undesirable and that the future 
therefore lies with stand-alone 

A Philips word processing 
system is designed tor speed 

Designed to cur out all the 
time wasting activities that go 
svith traditional office methods. 
This dLX'sn'r mean rime 
a Philips system is 

Fin«r. all you have to 
do is speak your mind. 
Philips will record you on any one of two notetakers 
or desk-top dictation machines, a portable dictation 
machine or a Philips remote controlled dictation svstem. 

Your words arc t hen accurately stored on a Philips 

Now hand the M ini-cassette to an audio-typist 
Using a Philips transcription machine, she can then 
start watching TV. 

While she’s transcribing your words, they appear on 

the Video Display Unitof the Philips WP5001 TOrd 

By watching the screen, the typist can be correc ting, 
editing, revising and laying out, just by pressing a 
button-before commitment to paper: . 

Your typist doesn’t need a degree in electronics to 
do this. 

The Philips WP5001 is simple to use and requires 

only a short training time. , . 

In fact, any competent typist will feel immediately: 
at home. 

Philips have a business system to suit every size and. 
type of office. 

And they have the experts to help you choose the 
right one. 

Tlie one that’ll help you move your words faster 
and more efficiently. 

For more details on. .your system, fill in and send the 
coupon to: Philips Electrical Limit ed, Department SI£ 
BO. Box 3, Horley, Surrey. 

tee memory capacity by attach- from a large number of stan- have in turn created a demand J ? sten “ p ? ssibl - v through 
ing casette tape xecordera to dard pre-recorded paragraphs, for faster and better printers. to^al telepbooe 

typewriters or printers. The One large mail order house. The IBM golfball typewriter, ^em. Companies may wish to 
great advantage was teat tee for example, has a system by still widely used in word pro- c ® now ^« te °nth e creation of a 
cassette recorder mechanism has which customers* lettere are put cessing systems, produces a ? leas , an * Y ork i?S environment 
already been highly developed together by a clerk who . simply high quality of print, and is for deri 5 aI staff even at toe ex- 
for audio and hi-fi equipment writes down a series of figures capable of about 15 characters p ~ ns . e of 5 ?® e Possible gains in 
tepe ^ are Widely each of which refers to a stan- per second. Since this is twice „ c l ency - majr ®»toer see 
aval Fable at low prices. Cassette dard pre-recorded paragraph in the speed of most typists this w0 / d . Proceaors as a way of 
recorders allow tee typists to the disc file. After each- figure machine is quite adequate for r ? d ““ n 8 staff, or in some cases, 
store quite lengthy documents tee clerk writes any particular word processors used mainly for makinfi eaa ierfop 

some inforination which should be letters and reports where tee __ . 

^sterns, two cassette decks are inserted into that particular most time is taken up with the Max Wilkinson 

The battle to keep 

LABOUR COSTS and how to the rate of 100,000 every three 
avoid teem, naturally set much years, of whom one third will 
of tee context within white tee be typists. At the same time, 
future of word processing sys- typists’ wages— partly because of 
terns must be viewed. These their scarcity value— are incxeas- 
labour costs are not confined to ing both relatively and abso- 
office staff; It is increasingly the lutely. Employers of . office 
case that the costs of the labour- labour have thus a built-in, and 
intensive mall service are pro- rapidly increasing' Incentive For 
viaing a spur for electronic capital expenditure aimed at re- 
omce- to- office communication, during labour costs, 
white in turn depends on at — • 

least a rudimentary processing T Thea ® are the obvious costs., 
system at each end. ? j€SS obviously, the rising costs 

T5K- ^ . of mail, especially when related 

I?!. “to" ^ or , P a f a_ to the costs of telecommnnica- 
i meterg which will exercise in- rions. are beginning to give the 

° n ^ VeIO i > ' ““toufacturers further sales 
ments are tee pressure towards lines for their clients. Man 
increased efficiency within tee costs in this country have been 
offices a pressure dictated held down, more or less, since 
either by competition or by igra b Ut the two big iSreSes 
bureaucrattc decree; and the of. that year were sufficient to 
technological developments in encourage the. larger mail users 
Sh themselves, white to either fa) put pressui?^ 

! win tend to manifest' themselves the Post Office to keeD oriceS 
inincreased flexibility and rela- down or (b) investigate MhS 
even absolute] y-de- media. It- is obvioufto ct«S 
creasing costa. ■ one that the costs .of the mail 

, . cost conriderations, vrili rise again, possibly sha^r 

however, appear « take: pride it also seems likely thktfwKie 
° toe minds of the the UK service remains oneof 

manufacturers of word process- the best in the world, it will 
mg equipment it is a safe pre- tend to deteriorate, if f or n “ 
sumption that they are similarly other’, reason than that iV 
important to their clients. The becomes increasingly difficult to 
manufacturers quote- the Gov- persuade workers to work un- 
ernment ^ foretaste that office social hours, unless they are 
workers in the UK increase at paid substantial amounts of 

overtime r— : white, in turn, are countervailing influences 
increases costs once more. which have, in recent years. 
Office efficiency is more diffi- made such institutions more 
cult to, define. Between private aware of technological develop- 
. companies, •• the competitive ments — while at the same time 
pressure, classically, tends still being less willing to order 
towards better work practices large-scale redundancies on 
(teongBlin real life that is not cost-saving grounds, 
always, the; case): In Govern- .The technological develop- 
ment offices, or in those of local ments in the industry are the 
government or state industries, third decisive factor. In coin- 
toe pressures are classically man with most electronic corn- 
meant -to be. in the opposite modi ties, the price and size 
direction — towards ^ a larger of 'word processors will tend 
bureacracy. However, there to fall, while at the same time 


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The experiments arc to c ? n 
tinue with a third earth station 
brought in to add complexity to 
the transmission problems, pro- 
vided the FCC gives permission. 

It is significant that- part or 
the original testing was 
•/imulalrd facsimile transmission 
and that the IBM research and 
development target in this area 
ot equipment is understood to 
bo a unit that can scan a docu- 
ment at half a second per P a S e - 

TALKED ABOUT for many achieved partly through a ; 

sf to. years, probably. since the birth “clever ” tenninalby Digi-Log 

ie a Si of . fa't^^e tiansmission, elec- an<? partly through an array of 

ra ®>Ws trbnic mail, first crossed the central processing equipment 

the . threshold between a possibility including- Univac and Lnteraala 

and a praetic^- solution to' an machines. 

?r industrial- problem some' ten Users gain access to tne net- 

years ago when a director of vrork by dialling a charge-free 

dpw the second largest public rela- number. New users arc re ! 

ini Er ’ tions and - advertising agency in quired to set up a data bascot 

Hint- the U.S. invented “ instant re- standard messages and address 

rs r.M ' porting.” . ; lists which are stored centrally, 

e pri^ Something of a computer These are identified by 
e 3 ^^ -' genius in tis' own right, he figure codes so that aU the user 

a evolved »■ method of encoding has lOrdo to set «P.5 ul J® C0D 1‘ 

fV,> the account executive's assess- plex texts is to provide the cor- 

?. * meat of a client's needs so that rect sequence of <^ es - •; 

a .report could be produced preparation time ■M^mouslj 

| quickly and accurately at a ter- and, similarly reducing message 

l0t , * minal, checked- for ' content — transmission time. 

.J * 'as and spelling —-by a central Such messages would be pre- 
* ^ ! • computer in the latter’s spare pared and checked on the termi- 
tian«, and then distributed to nal display followed, bv trans- 
branches all over America. A mission to the switching cent rc, 

, , Iy i W -great deal -of interest was once the latter has checked the 

e! - r «W aroused, both In the Burroughs user's right to-be on the line. 

equipment used by the company The message is verified aua an 
k and the text-handling procedure, accept or reject signal sent to 
***! Since then,' with the advent the originator. If J 

„■ ** a** of. the “ clever “ word processor, 1®S number « ihe 

ai ' n the speeding-up^ of facsimile message is switched over the 

WUr? capabilities ft- a few seconds for Western Union land and sat - 
f0| W*i|J idA 4 page ‘by- Muirhead, and lite network, to ^ie port office 
T intensive efforts by European: at The receiving end read> lor 

this San, and U.S. manufacturers, includ- morning delivery. 

: h Vv, 

ed Will,, 

T ' 


S<'» i s ing ffiMi to briaig^own the cost . 
be»t ihm of + ^«acsimilft terminal to a AtOUl 

ttfS S£ ThU l. a 1-*aw . 

™ ssafsSMKS 
~ j- a-jssra.'Ss 

:■*£?[* «™oSr^'5r«entdefini. inters services 
•"c "nt ■* tion Of this method of inform- ingly, Combustion Ep^n.eermg 
[if * ation t ransfer .^ Competing with did it without ^preliminary * which study. Late in 1977. it set up a 

u ih uae.-freqimntly Seen warned by pilot project under the acronym 
(^ngresstonal' ^Committees' to “Atom” 
piopSwiift ander— Western mission uf Matt. 

Union Electronfc Mail has been company could afford to go this 
• "b' ions Uni set lip .as. a wholly; owned sub- way since the CE ^ project is 
•■T-. and p* sidiary uf Western Union Tele- based on an IBM l^»mputer 
P^uKr £ , gra^i CorporatiorL Its objec- costing; several miUion debars 
..r craze!, could live is -to -provide a guaranteed: — but. it. does give GE 

an one t«pBL H-hour mall' delivery servi ce. : with appropriate terauMls the 
haTc lE » Th* “Maiteram” network, ability to create mail .virtually 
:t, dcveifiS Presupposes installation of wiywherc in Ihe- ■ J?Sj’ 
... vu vend terminals -at user sites to scan and forward (.with nota- 
a' if n S ‘peed pr^Son of messages, tioris) maU sent by others in the 
■:?** JS Sttmg Uie cost of traditional network, which givesjjach 
r.^.-, a S £ aaflpreparatioh-.,and speeding participant a secure electronic 

' J ' \ niri n its transmission^ enormously mailbox. • ■). 

•.c.a. operaton ^^^^i what U.S. users The pUot scheme is 

S^cstome^.to- ^m^jg^ • ;weUi - ■ and • the 

& Dnnter. 

. in also bs 
Ivame coo- 
:u.!s. hkc my 
: 5 ,, .ng5 aQd 
ai>i.i i'P on B 

: \ fil-l iSliBltcd 
;.j 3 :»:Mer. 

;.(C mainiin* 

■ -Aord pro- 
• -stent t<* 

of W 

V. v.c lOivards 
•'tenia. Same 
"nsiils v-ouW be 
‘-i 13 l ihc fo rare 
.; :i! ,;and-alone 
linked ibrou^ 

■rnai telephone 

■ e* ^i3>‘ w,5 b 

^ration of a 

j'. enrironB® 1 
• r ,en at the «• 

-«■ f'So' 

ir isi *****% 

,, i ; ;c easier for 

ability for executives who arc 
travelling to use portable ler- bi 
niinals and remain in constant th 
day to day touch. 31 

All this is, however, very ^ 
small beer in face of ibe all- c. 
enibracing plans of Satellite ‘ 
Business Systems. This organi- 
sation. which first saw the lighi 
Of day as " CML Satellite Curp" » 

in 1971. will in 1381 have the 0 
first synchronous satellite in 
orbit dedicated entirely in busi- ' 
ness coimuunicalions — cmipulcr 
data, audio, video, conferencing 
and . . • document transmission. 

The key to the vigour with 
which SBS is likely to pursue 
its goals lies m the fact that 
in 1974. IBM twilight nut two of 
the three original shareholders 
(Lockheed and MCI Communi- 
cations). True, the Federal 
Communications Commission 
then demanded of IBM and 
Comsat that they take a third 
partner. Aetna Life, but the 
major impetus is coming from 
the giant computer company 
with an eye on estimates that 
U.S. business communications 
1 will grow to $61hn in 1980 and 
! to $100bn in 19S5. 

Launch of the first satellite 
is expected for late 1980. with 
a full commercial service 
beginning in 1981. Two satel- 
lites will be active with one in 
1 reserve on the ground. Capacity 
‘ of the system will be 43m bits 
i (binary digits) of data per 
1 second or the equivalent of 
> 14,000 voice circuits. 

S The initial target is to sell 
9 the idea to over 400 companies 
a in the U.S., following a series 
u of studies of the five services 
r mentioned above, including elec- 
y tronic mail, and of a number of 
s undisclosed applications, 
s The electronic mail study 
r showed that over the companies 
■s examined, some 50 to 80 per 
is cent of documents generated 
e could be captured electronically 
ly and 20 to 50 per cent could be 
J. facsimiled. 

a- At the same time 50 per cent 
le of company mail was internal 
:h to the total organisation while 
ic 40 per vent was aimed at other 

organisations. Of this last share, 
►s- almost nine-tenths could be 
ie . handled by satellite 

With several lengthy battles 
behind it in the U.S., both wiili 
the regulatory body Mhe FCC) 
and with opponents or any muvo 
to dilute line traffic. SBS is 
extremely guarded in its pro- 
nouncement* about possible 
traffic tn Europe. 

But it seems very plain inat 

tin.- question is n»»i " whether" 
but “ when -? Firstly, many >>f 
the companies taking the n , r- 
vicii in Ihe U.S. will have major 
affiliates in Europe — anmc doing 
more business in the EEC lhan 

at home. In the meantime, IBM 
and Comsat last year carried out 
a significant experiment to link 
up two compuicrs 4,1)00 miles 
apart, at La Claude in France 
and Gaithersburg in Maryland, 
using the Franco - German 
Svmphonie satellite system. 

■ Information wa« moved at 
1 . 5,11 bites of information a 
second, a rate nur-tnly 3U‘» limes 
as much as can lie provided by 
the ordinary lok-ph.ine line. An 
error rate or one »iii:[t in 100 m 

was achieved. 

In Britain, Logica is carrying 
out a £lm study of the tele- 
communications scene for the 
whole of the EEC area and will 
take some 12 months to present 
its conclusions. This company 
has been involved in various 
aspects of communications ana 
networking for years and won 
a number of significant data pro- 
cessing contracts on the basis or 

The company's Tarifica report 
nn telecommunications costs in 
13 European countries will pro- 
vide part of the study hasis. And 
not surprisingly, electronic mail 
will be one uf the main chapter 
headings. Logica has already 

developed a word processing c 
concept which will allow com- t 
panies to progress towards a t 
generalised electronic mail s 
system as external services i 
expand. Unilever and BP are i 
users. | 

Nuw that a fir-* European 
experimental communications ' 
satellite ha* finally been pul 
into orbit, it may be th 3t 'he 

European PTTs wiil overcome 
their aversion to rapid progress 
and begin to move towards a 
point where they can meet any 
SBS competition and provide 
counter-competition. After all. 
Canada has longer experience of 
satellite communication for 
business uses than even the U-a. 

From the first European 
business communication satellite 
! operating in 1985 or thereabouts 
. to a universal business com- 
munications system where key 
company staff would each have 
1 a pocket pager capable of print- 
1 ins or displaying a message 
- from any origin and in complete 
1 security, as envisaged by Multi- 
^ tone, is only a short step. 

I Ted Schoeters 

Necessary growth of 

office managers to make a 
choice. Butler Cox points out 
that there are 30 suppliers of 
such devices in Britain with only 
7.000 machines installed, or 
under 2 per cent of tlic total 
typewriter population and that 
die sarae applies in Europe a.s 
a whole. However, it sees display 
word processors as quickly be- 
coming generally justifiable in 
intensive use areas regardless of 
work mix. and even when the 
work load is not heavy. thc> 
will be used for ibeir ability to 

Butler Cox sees the stand- 
alone versus shared logic debate 
disappearing because of a 
merging of the areas over the 
next two or three years, partly 
because of the rapid growth in 
1 the power of the electronic 
elements used— higher perform- 
ance microcomputers with 
solid-state memories of greater 
capacity, used either in hard- 
wired or software-operated 
form; mini-computers with capa- 
bilities virtually indistinguish- 
able from those of large general 
purpose machines: and main- 
c frames which manufacturers are 
* having to improve to beat off 
the above competition. Work 
stations themselves will become 
multi-functional to cover data 
entry, information retrieval and 
problem solving as well as word 


IN A RECENT interview. Dr. : 
Carl Hammer, who is a pioneer 
of data processing and director 
of computer science at Univac. 
asserted that. even now. 
civilisation as we know it would 
collapse were it not lor the use 
of computers. 

But men were going to have 
to depend more and more on 
these machines to run an in- 
creasinglv complex society and 
the machines themselves would 
have to be altered to suit the 
problems to which they are 
going to be applied. 

To underline his assertions. 
Dr. Hammer pointed out that 
Government agencies in tech- 
nically advanced countries arc 
collecting information about 
each individual in those coun- 
tries at a rate now estimated at 
: around lm bytes per capita and 
per year, while in the U.S.. 
i total information of this type is 
• expanding at a speed of lm 
, bytes per second. 

. Meanwhile, he said, the com- 
puters in America's Federal 

and State agencies were doing ; 
work which would otherwise 
demand the manual efforts of 
400bn clerical workers. 

He described the coming prob- 
lems as belonging to the realm 
of “ gigantic*).." :i realm in 
which computers are the only- 
solution. While it is hard in 
escape the feeling that com- 
puter begets computer to the 
nth degree. Dr. Hammer is un- 
doubtedly right in pointing nut 
the vast span i>f new possibili- 
ties computers have opened up. 
And. looking at word processing 
and text editing in particular 
he saw these as areas for an 
especially rapid development in 
technology, winch by the turn 
of the century could make ex- 
isting secretarial functions re- 
dundant— in the U.S. at present 
some 10m people arc doing 
, work of this type, 
i The human element would be 
i eliminated lb rough develop- 

ment of high quality text-iu- 
- voice and voice recognition 
l equipment — already existing in 

a comparatively primitive form. 
It would mean that a letter 
could be produced by a machine 
as last as its user could speak it. 

Whether Dr. Hammer is right 
or not In his turn of the century 
timing will be verified by many 
reading this text. What is cer- 
tain is the speed a: which word 
processing is expanding, par- 
ticularly of computer-based 
equipment which, according to 
Olivetti is moving to users at a 
rate which this year will show 
a growth which could be as 
much as 40 per cent. 


The company is moving up 
quickly tn the Number 2 posi- 
tion and believes that, as time 
goes by. customers will place 
greater emphasis nn the ability 
nf the unit tu communicate so 
that it can function as an elec- 
tronic mail terminal. In other 
words its processor will have to 
become more powerful. 

Mote power is also needed 

to meet the requirements of a ■ 
large sector in the middle of the 
market where information re- < 
trievat is becoming most im- : 
portant. The company is launch- 
ing a software package to 
interface word processing and 
information retrieval. It has also 
developed WP machine-to- 
machine and machine-lo-com- 
puter communications facilities 
for its TE5 501. a unrt which is 
helping to solve the EEC’s worst 
headache — its sis language 
translation problems which will 
not be helped by the addition of 
communications in Greek. Por- 
tuguese and Spanish. 

Olivetti marketing experts 
see a considerable growth 
potential for electronic type- 
writers with simple magnetic 
storage at the low end of the 
WP market. In this they are at 
variance with a recent study of 
. the word processing arena car- 
■ ried out by the Butler Cox 
i Foundation, until now. restric- 
ted to membership. 

[ In the study, intended to help 

In iis conclusions, the report 
says that in 5 year-?, today's 
equipment will cost 60 per cent 
of today's prices which suggests 
that many businesses would be 
well advised to move into 
limited use or display word pro- 
cessors now. 

This is, of course, music in 
the ears of organisations such 
as Wang. Rank Xerox and 
Logica. all of whom have con- 
centrated on video typing 
systems supported by computers. 
Logica has recently expanded 
tfie power nf its Unicom WP 
equipment, giving it ability to 
support 16 input screens and 
keyboards, up to 20 Megabytes 
of" disc storage on-line to the 
computer and with more power- 
ful discs to come. 

Logica claims a cost per 
station of £6.800 to £8,000 
which is less than many stand- 
r alone WP systems, it asserts, 

. yet gives users a 50 to 100 per 
cent greater productivity in- 
. crease over conventional office 
J equipment lhan is possible with 
* stand-alone units. Logica bases 
‘ this claim oh the fact that the 
L shared central machine has in- 
s hcrontly superior storage and 
. management ability. 

. The debate will undoubtedly 
‘ end when builders of stand- 
K alones offer con nectabi lily as a 

matter of course. 

Ted Schoeters 

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Work out the cost of your secretary over the life of a typewriter 
say seven years- and you're looking at a veiy hefty figure indeed. 

Salaries alone will cost you somewhere in the region ot *. ju.uuu. 

and that’s only at today’s rates. . 

Typing isn’t cheap. And it’s false economics to assume that a more 

expensive typewriter is more expensive. 

Watch your secretaiy at work next time you give her a letter 
to type. Notice how she gets slower and slower as she nears the end. inats 
because she’s wary of making a mistake and having to start again. 

See how long she takes to correct a simple error. Watch her 
retrace what she’s already done to underline something. And if its an oia 
typewriter she’s using, watch her stop to rub her poor aching neck muscles 

after an hour or two. . 

When we developed our range of electric machines, we watched, 
typists at work day upon day month upon month, year upon year Noticed, 
what slowed them down, what irked them. And then spent ages over the 
keyboard ourselves, eliminating the stumbling blocks. 

The results of all this application can be seen in our range ot 
electric typewriters. In our wide range of word processing equipment- _ 
including dictation machines, communicating typewriters and photocopiers 
and typesetting typewriters that allow you to print like a professional without 

employing a specialist 

But before we proudly bring them ovei; we’d like to spend an hour 
or two with you, listening and watching. Just as we listened and watched 

in the past. .. 

So we can be sure of recommending just as much typewriter as 

you need from our very comprehensive range. . 

Call us and invite us round. Or ask your secretary to fill m and clip 

out this coupon. 

She'll probably put more enthusiasm into that small task man 
anything else she's done this year 

i Please show me how you can help improve my office 

efficiency: I am interested tn learning more about: 

Electric Typewriters □ Typesetting Typewriters □ 
Communicating Typewriters P Memory TVpewnters u 
I Word Processing D Dictation Equipment □ Photocopiers u 
■ Office Systems □ 





OP Sales Information, 

i lBPvT United Kingdom Limited. 

28 The Quadrant, Richmond, Surrey! 
TW9 1DW. Tel: 01-940 9532. 

i'lhcdi^al '^I’fines 





Falling dollar depresses market activity 

As IF the continuing rise in 
interest rates was not enough 
(Citibank joined other leading 
U.S. banks last week in raising 
its prime rale) the bond market 
had to Taue a fall in the value 
nr the dollar against the stronger 
currencies last week. 

There is now only one straight 
bond on uffer in the market, the 
S50m private placement for the 
European Steel and Coal Com- 

In the floating rate sector only 
the S30m for Arab International 
Bank remains on offer. This 
sector of the market did, how- 
ever. put on a better performance 
than the straight bond sector. 

The two floaters priced last 
week were increased, the $-5m 
for Banque Worms by S5rn and 
the St 25 m one for National 
Westminster by $25m thus 
making it the largest floater ever 
launched in this market. Float- 
ing rate notes are usually placed 
with other banks but in the case 
nr National Westminster good 
institutional demand was 
reported by some dealers. Both 
issues held up well in the 
secondary market. Banquc 
Worms was trading at 9S£-99 on 
Friday afternoon and' National 
Westminster at 984-991. 

The straight sector was weak 
though a technical rally occurred 
on Thursday and went on 
through Friday thanks to a better 

than expected performance of 
the National Westminster 
straight bond. On Friday it was 
being traded at 98£-99i. a price 
slightly above the limit of the 
selling group discount. 

The only other issue priced 
during the week was the con- 
vertible for Tyco Laboratories, 
which was increased by $5m to 
S25m. U.S. convertibles are rare 
animals; but despite this one 
having its coupon set at the 
tighter end of the spectrum (the 
conversion price was set at $111 
for a premium of 6.33 per cent 
over the $193 closing share price 
an May 31), it held up well in 
the secondary market. On Friday 
Tyco was being traded at 99-89}. 

None of the straight issues 
priced the week before was doing 
well in Lhe secondary market: 
Canadair was quoted at 97-97 V. 
AG A at 97J-98 1 ., while the per- 
formance of Dominion Bridge 
was particularly lack-lustre: it 
had sunk to 96 '.-96; by the end 
of the week. The weakness of 
the straight sector also caused 
the SBOm for Mexico's Comision 

Federal dc Blectricidad to be 
held over for the second week 

Fuji Bank will offer S20nt or 
three-year floating rale certifi- 
cates of deposit. The issue will 
be managed by Fuji Interna- 
tional Finance and the interest 
rate will be set at one quarter 
point above the London inter- 
bank rate. 

The Yankee bond market was 
also weaker last week: the pre- 
ference displayed by many inves- 
tors for shorter term paper was 
illustrated by the shortening of 
the maturity oF the SlOOin bond 
for Finland, from . seven years 
to five. This enabled the mana- 
ger to improve the terms 
offered to the borrower. In 
the secondary market. French 
issues are holding up better than 
those of some other recent Euro- 
pean borrowers, a reflection no 
dnuht of the more optimistic per- 
ception of the financial and pnli- 
liral outlook in France. The 
terms nf the Caistc Centrale de 
Cooperation Economiaue are 
expected to be announced to- 


The dollar's weaknoi* had the 
usual result of pushing up prices 
in the Swiss Franc and Deutsche 
Mark sectors ol the market. 
Turnover in the latter improved 
last week with prices moving 
up by anything from one half 
to a full point. Better condi- 
tions in the domestic bond mar- 
ket in Germany also helped. 

Japanese convertibles did par- 
ticularly well, helped by a ris- 

ing Yen and even more impor- 
tant. by the strong performance 
of the Tokyo slock exchange. 

The Sank. vo convertible was 
trading at 100-105^ at the end 
nf the week while’ Seiyu Stores 
was quoted at 100-lQli. 

A decision on whether to 
reopen the primary market is 
expected this week when the 
Sub-Committee on Capital Mar- 
kets meets in Frankfurt. While 
most bankers were ruling out a 

reopening a week ago, some are 
now more optimistic. 

The liquidity in Kuwaiti 
Dinars is leading to an increase 
in the number of hoods denomi- 
nated in this currency and an 
improvement in the ''terms' 

offered to borrowers, twelver, 
vear maturities are becoming 
more frequent as . witnessed . toy 
the two latest bonds, for Banco 
National de Xredlto .Rural ami 
Banqne Nationale d’Algene. The 
latter was increased by KU 1m 

and priced at par. Thejaextbc 
win also . be- for an Alger 
borrower, Compagaie Nation . 
Algerienne de Navigation 
amount - is . expected* to., 
KD 10m' and the ... matin 
twelve ‘ years. ' . 



/ m. 

M atu r i t y Av-lffe 

Lead manager 

Federal Fund Rates 

(Right-Hand Scale) Si 

Medium lerm ... 
Lang lerm 

Cede! . ... 

Juae Z M« » High Law 

40. M 2.04 <M.41 7.96 99J4 (19/4) 99.15 (16T) 

92.99 a 69 HMk 8 .U 94.07 <».'«> 92.99 (1/6) 

(nominal value In 5m) 

IU. dollar bonds 
last week previous week 
... 1.412.9 1.634.5 

618-9 497.1 

Other bends 

loot week previous week 
29Z4 385.2 

2»L5 ZUJ 

/ • \ 

«/.' Deutsche 
/Mark Against' 
- * The dollar | 

(Left-Hand Scale) i 


Nate; Federal Funds rates, the key short term U.S. money market 
races, are those ac which banks in the U.S. will lend to each ocher 
spare balances they have with the Federal Reserve above the 
minimum reserve requirement. 


tt&to-Yokado So 

ttlto-Yokado . ' 20 

TtCCCE (steed France) 75 
ttffinland 100 

t§Tyco Laboratories 25" 
t«ElB «y 

t Nat West 75 

+t Nat West 150 

ffBanque Worms 7 30 

tArab Int. Bank . 30 

«ECSC 50 


tAPB 15bn 

jBNA - Q 


Oy Nokia 20 

1985-90 — 8J 

. Goldman Sachs "■ 

Goldman Subs '. 

Dillon Read. r' FJ'i ’ 

Salomon Bros. : -.•!• o» 

Kidder Peabody j 

lstBan.,5. Paolo ■' liV--— '■& 
County CSWW, Orion- ."j 
CoiMtjr. CSWW, -Often-- ~Si 
CSWW, Rest Cttasso - < 

Bancx Comm. ItaKara-" 
Nikko Sec. ' . £ 

Bangle Sondinara «n Soke t 


BNCE(g’teed Morocco) 200 1983 5 8} ' 100 

• Not yat prised. J Final tern. **• Pbcomnt t Floating rata note. 

tt Regtaaml with U3. Secnridas &**»■** Con»nHrioi». 

Notts Yields m atari at*d am AUD basis. 

It MMmm. $ r n m u r fiti fa. ' 
1 Purchase NmL 



Rise® inn b’ai'« 

I June 2: June 1 Sint 51 


NEW YORK-dow jokes 


31 A V 1- 

30' ! 


| l^nv 

! 54.6ft 

1 1 




1 v nes trmled j 1.889 , 

111-*™ • 930 I 

Falla • 358 | 

CnchanutH 421 ■ 

Xw Hi-hs [ — r 

X'*>vl/iv* ,.| i 

lnrfu«»n»1 ... B4 7.54. 640.70- 84D.B1 B34.20 B31.69 1 665.41 B5B.67 
| • ' i ' » !7<£>i 

H'iik B7.9BI 87.96 B8.01' 8B.14 88. IS< 6B.75; 90. SB 

! • 1 I i4.ll 

Tran 7226.04 224. SB 225.9a 224. D8. 225.7 0 224.14] 251.50 

I ■ I • ; ili.'Oi 

liilirie* 106.09! 106.76-' 105.5 1 104.87 704.47i 104.53, 110.90 

I * ] | I I ) t5;l> 

Trailing i.»l. ! j ' 1 

UMj» | 51.B60 28.760 29.060 21,040-21.410 28.410; — 

"Dm-ci* <il hide* el unified Imru August 24 

luil. .Ii\. _i ii<M % 

June ' June { May Mar 
2 ] 1 ] 51 SO 

183.61 <24, vj 
192.86 1 25*i 

1.895 1.891 

■711. asa 

751' 546 

4-51 417 

56 67 

52- 44 

I [>2.30 1 1" i.1 

170.62 IcCl'l i 

TORONTO Com^wite) II 52.&1 1128.6' 1128. 8 : 1125.2! 1166.3(23,5) 



■ adust rule 

tel 212.4 218.7 tl.2> | 185.0(20,4) 

(••i 225.0; 226.1 i2/d) ! 194. a rL-uA) 

| June [ Pre- ; 197& i 1973 
i 2 clous | Hiffh i Low 


Year iap|/ni*.l 

, : . "Since L'<.ini|illai'n 

.June ( June ! 5l«v 1 Hey ! Uar- • Alec , 1 J ■ — 

2 j l J 51 J 30 I 26 ] 25 j Hitfli | Low 1 Hg,-b | l>.,r 

;ln.luatn»le; 108.48! 107.60: 107.5 ll 107 .98 106.78 107.03} 110.31 \ 96.52 1 134.64 j 5.52 

| ! i I ' j iWt) I il>, ’3> ill/l^i'loOftrlS) 

fLurapuaite | 98.14- 97J6; 87.24 86.86 06.58, 96.80 89.60 ( 86.96 125.85 [ 4.40 

I l 1 I i I ! 117.51 I 16/5) ,(ll/l»73)i <1/6(32) 

I 31 a r 31 \ 31 ay 17 j 31ay 10 i 3'enr np.i !Bp)irt>t.t 

ln>l. dir. vipld ^ 
llii. P/R Keiiu 

1*111;; ft. -I lil jii-W 

I 5.04 j 

1 9.16 f 

’j 8^43 T 

Aastrallartiij W.7I 
Belgium >f< 05-78 
Denmark (**< 96.23 J 
France (tt), 60.2 j 
Germanyitt)' 735.9 
Holland 86.1 [ 
ELonfr 479.86 ; 

Ztalv 151) 62.65 < 
Japan ud' 409.19: 
Singapore 1 517.64 1 

496.92 ■ 501.06 

. (5URi, i 
96.70 iMl.lh 
I «/6) , 
06S6 9B.L5, 

(9/1) . 
71.1 . 71.2 I 
| (30(5i : 
TEA. 8 '812.7 I 
iic#t» ! 
S5.5 . c/ij | 
! '1»6. ! 
477.25 1 479.85 
I 12.^. | 

62.92 I WiS I 

' i22.0) ; 


I il-'iii i 

51IL28 1 31?. 20 , 
« 11/6)1 

Spain (*'105.98 105.56 I UO.ic ' 37. or 
^ i I itft-i | 1 17,5. 

Sweden fri. 369.41 369.24 , JS7. te i 7 * 

I . (oi?i , i4,l> 

SwiL-.errdlf.289A 288.7 523.7 i 2TSUu 

l | t!4-2i • i2b.-4i 

Indices and base dales Tan base values 
100 -rap NYSE AD Common — So 
Standards and Poors — 10 and Toronto 
300-1.000. the last named based on israi. 
t Excluding bonds. 1400 industrials 
4 400 lads.. 40 UtiUUes. 40 Finance and 
20 Transport. <n Sydney All Orri 
1 1|) Belgian SE 31/12/63. <—> Copenhagen 
5E 1/1/73. itt) Paris Bourse 1961. 
in) Commerzbank Dec. 1043. (?.vi Amaer 
dam. Industrial 1970. mil* Hang S— lut 
Sank 31/7/64. Milan 2/1 /t; 'a> Tokyo 
Mew SE 4/1/68. (b)StraJu Times IBho 
I t*) Closed. idi Madrid SE 30 '12-77 
iciSiockbolm Indnsirlal l/l ij. </■ Swiss 
Park Com mi Unavailable. 



lnv. 5 Prem. S2.6I) to £— 105i% (105%) 
Effpciivp rate ($1-8230) 44% (44%) 


Hiltb I Low 


High Low 


Ripli J Lnw ', 

32'a ! 25 -.1 

24 1* 107a ,> 

4li, 3H« / 
ESij 22>a i 
50 53-t 11 

29 Ia 33 y 

48 505« > 

30 1 b I 177a ’ 
20*8 17 la > 

44>, i 54 U M 
25s« lBj« !.-> 

33 la 221 fl M 

385e 31 U --I 

351$ 237a IS 

15); , 91b 

50 U 59 '7 
51'$ 345b |1 

4H a ! 345t 
29 la i 23 >b 
241; 21 33 M 

38:, 3158 S 

3LS« 1 

26 1 4 ! 168a !.' 

6ig j 38s <1 
45 j, I 39*< 
46ij 323* -S 

34 J 2B'a :* 

634e . 57i a ,* 
35i„ 37 S 

19 1 a ; IS'-a 
33:, I 241- .4 
17 Jg ' 10 -A 
30U • 255, I A 
251- 1 171a >A 
5 lit 1 26 [A 

22 U . 19Js A 
13ia B‘s !* 
20', 15*8 A 

31 U ; 271« V 
52 j# ' 431- :-t 
32 • 239, V 

1 O: 0 , 8.-g -4 

27 u ; 153a A 
56 1 4 44>« \ 

26 1 * 24 jg « 

25i* 30 la U 

39 : g 34 U 

29 1 2 253s a 

43 ii I 33 '« 

25 lg 22 -d 
40/3 31)6 U, 

21 j, 14 Ui 

40 33 il 

414 212 t* 

25 14 20U A 

21 1414 ui 

SO '4 25 m u> 

30 22*g •■>. 

31*g 27ii is 
32 i a 251; A 
15 9 'Hi 

15' i 12Tj Hi 
3£l.| 28 Hi 

16iB I 13- * 'Hi 
341- 1 25-il Hi 
16<D I 13 >g .Hi 
21 ! 16ag 

699 I 5 Hi 
4 Hi 36 '« Hi 
74/, B8-)l Hi 

35lj 31:, >i 
171; 14:g li 

12 10' 5 >1 

29 Tg Z4*» O 

15 11*1 » - 

20-5 15 :e *--1 

59 453 * lj 

55 43»a K I 

43/; 36 I- 

16 'i 1 15 •-« 

241- 18?3 .-i 

37 ■« 29 'l 

33?i 27 :? --I 

44 jg 371* -.1 
8b 20 *) ■- 1 
55 ia 291; *■! 
551- . 42 -I 
201 1 : 141- U 
13*i | 10'< vl 

41; ! 11* 

30 Jb 1 18 U --I 

26l. t ! 19 'c =*•■ 
54 1 1 45'a >1 

15.a I I I 'd -v-i 
44i s 35i* .... 
22 >4 198 b 

IJja | 101; 

28 V, ( 261, -- 

19-1 I 13i, -V 
19 U J 14 Ig A 
411; > 3H4 -.V 
201; lSJj .* 

28. 8 26 .'B 

21- I 21- k’.i 
44 J 29 '4 

12 8 it 

bO/g 3U, 
25^8 I8V5 -■ 
25) g 2iy t V 
25 23 r - 

44. fl 341- ,-".i 

23 -J Zl'l 
33 la 29.J 
31 'a 25 ; 

165.1 lbw 
32 'j 1 23:g • " 
5i-g j 40-i |»-v 


High | Low 



Jane 2 -Rand -for— 

Annin American Corpn. „ U3 

Cbaner Consolidated 5 j# 

East Driefooteln _'13.J6 +0.U 

EJsbnrs ... ... ijg 3 

Harmony k-o 

Kloor sjBO +ms 

Rusr on burs P latinum l 43 

Sl Helena — 18JM -BJ0 

SoutiiraaJ — JJ50 +0Jfl 

Gold Fletda SA was +8.35 

L'njon Corporation <47 +0.02 

De Beers Deferred g£2 

East Rand Per. 3a . 

14 . 4.5 Free State Gednld KSJ0 -UG 

Z8.12; 4^ President Brand 1500 -fc2« 

28.1!; 6.1 president Steyn tlLOT HUS 

9.5B 3.1 SrUlonielD 4.® 

la I 0.1 weal DrletOntein 37-3 —O-S 

12 ! 6.4 Western Holdings M.8 

Western Deep 1X23 — B.13 


AECI 2.65 —0.05 

* , * Angio-Amor. Industrial 94a -HJJO 

Barlow Rand 3.63 

44 CNA Investments 1.70 -0.15 

' I Currie Finance 0.6B -0.01 

De Been Industrial 10 J) -fOJO 

Edgars Consolidated lnv. 12.0 

Edgars Stores 25.0 +025 

EverRexdy SA ...... tl.65 -0.05 

Federale Volfcobetegglngs U35 +0.DS 

Great ermans Stores +2.15 +0.03 

I Guardian Assurance (SA) LSO 

LTA tl^3 —0^5 

McCarthy Rodway OSfl 

Ned bank 2.45 

OR Bazaars ,8.60 

Premier Mining ... 5.40 

‘ Pretoria Cement 2S6 

Proiea Holdlnga , L26 

Rand Mines Properties .... :L8S -0.IC 

Rembrandt Group 055 

Reico (U4 —0.01 

Sage Rowings 1.46 -0.03 


C. G. Smith Sugar t3.® +0.03 

SA Breweries L29 . +0.01 

Unisec LW +0J11 

Sccurites Rand US$0.73£ 
fBiscotmt nf 36.30%) 


—0.01 Nlcbdna launiattonal 
-0.03 North lirukan UMlug* 


25 'Ahteitt Lati» ! 

1 J+B ,AiMre»--ur,f'b ...I 
3H, Avltn Uleiltis/J 

22 1* Air Pr.nlin.-m 

335* lAireo 

23 'AluanAlninlalum 

3B5. f\leua 

177a Mlejs. LuiJiiim... 
17 lj Allegheny ^-»er 
34 U ■\lli*-lCbeniu*l..l 

18^4 lAllle*l dtiuev j 

22>g I Hu- Chal mem... 

31U -VMA\ J 

22Tg ■ intends Hen ...| 

91, ,.\ mw. AirnncB..,: 
59'7 'Amor. iJnn.1‘^„ 
345g |\mer. Bruadca-I' 

34^4 (Amer. Cun 

23 lg .\ iner.Cveiianii.l! 
2iij ilnier. Ele>s Kiw 
31+8 Aliter. hspre.~r... 
2&i» lAimr.UoinePww: 
16S,t !A,nor. Ale 1 mi... 
36g lAnwr. IU«Uirt..„: 
39*4 : Amer. Nat. lias..' 
32 ig Amur, btaadan!,! 

26 1, : Amer. til vita • 

57la , Amer. Tel. A Te*.j 

27 'g Anieteb ' 

15:, I.VMK. I 

241- .IMP I 

10 jAmpex • 

255, |Ain-hrtr U>«bin-.! 
171a )An'ieuser buN.-fa.', 

26 i.Vrnu-iidievl ■ 

19 Jg 1 

8*r ! l-flniem Ml*....^’ 

13ig .Awit-o 

27 lg V 1 I 1 land Du ; 

43l- [All. KWlitieid.... • 
23 j$ Into IUM Pin.... 

a/g 41 c 

153a Av.v _ 

44*4 \i-'D Pr-liMa...- 

24 jg Hail Uo> Eie-I.... 

30 Ig Unuk Ann-ni-n 

34 Hanker- ft. X.V. 

2558 .Bei+cr Oil • 

33 -Bsiu/r Ini-uni.. 

22 .daln.vfim 

315, 'Be.-umlM -kedM.-in 
14 Bell A H-.-neii ; 

33 Hemlu 

212 ikiiiiuti 1.11111 ‘O' 
20 U HvMi.eHeni siee*. 

14 >4 Ulwk l Hn-krr .. 

25 m Hi win- 

22 lg ■ iViim- Ca» e-le 

27^4 Hunlen 

251; Hi«ru Wamer 

9 •Hnmtli 1 (IL 

12+3 Hiavan ■ \' 

28', 'HrwtMi liters • 

13-e 'i*ni. I'ei. AUK.. • 
25-1 Hry*'t»-a.\ ■ ■ *«■.. 

13<g Uruii-ini-l. | 

165, .Biicirii' hrie ! 

5 Hni.-va ll'aldi .... 
36 '4 Hiirliiij;li.ii> Nihn' 

68 J i ' dumHuitir ' 

31:, ;«.itiii|iiwli s«hi|, .. 

14 ."g . I'huiuIihii 1Aiuiiiv| 

101 5 >Biinl KaniloipL.j 
24 1 1 I'araiflh'U 

1 1 ifl * -mer A 1 lent- in • 
15 ;e Mi-fur Hauiei.. 

45?t L^Luivlior I roi-l.- 

43 KBS- ' 

36 lew iitsi' l vi 1 iii . . 

15 trunsmt.U... 

1853 .«-etlainiee*i • 

29'r e— nit .\ir»-iHii... 

ST -f Int*** .'IhiiIiiiiihii- 
371 * wliniikvi bk. \V 
201 , ■. liertfiniili |4in.i..- 
291; tlin,iifSWi-iii.. .! 
42 -In ■"«*• Bn. tee... I 
141- Clin -ina Hi if ■' 

10 '» vln-yi-ier • 

. mermna 

18 U -wiim. Miim-HM, 

19 m : iiiK-oi|i 1 

451 * luiu aeitw 

1 1 vj \ i(.\ Inv-e-tin-.... 

351 1 t'jtn Cuia 

191« 't.-.'lgale I'li'ii.. ..| 

IOI 2 .vi-iliib Alhimu... 
265, .iiliimbii ! 

IS 3, ^V>iiiinhla Plvl.... 

14 lg .•iin.ln-CbjClADi 
31<4 •.■-.niiriin-tii.'O B/UiJ 
I 5 I 4 .i.iinlMi-iiun bu— j 
26Ie -"m'tt'rli bili^-n, 
Z’s | *1 'll' Mil Itt-li 
29'j . .'uni 111 . Sul irl Hie..' i 
8 1 *. -«>ni|iul«rswieim 
31), Lire Ins... - 

18 Vg .niimir 

2 It* Vli. Kilt «-d 5.1 .. 
23 'a p-'ii“ii Ki"-h ! 

341- j.'iin-H 
21 ', : . iiiiv.iiii.-i Ptiuci- 
29, a ' Jii'iHiii?iiC,i. <■' 

25'; mil utrniHl kill... 
1 )i,,i -is : ■ n?n m 1 t-ii-.i 

Sots • ■■i: 1 mi ilto - 

40 -1 j H* r l n . I u t 1 

I, I'vi/muig lno*».... 

U l- PC iDL'n'ti'XMi; 

) 4 [l nine. 

lg I'rmjJter Nau 

Hi Umnn/etlertaclii 
lg Cumoiin- Engine] 
ig w'nnihi Wn-bt...j 

>4 llAlM -....I 

.Dari, ludn-trles.. 

[Ltwre 1 

I 4 JUtd Monte : 

, jlMtona I 

14 iDeJlUply Inter...] 
a |Uecn'iit i 

, L/Lamooriybamrk I 
lg jDicUpbone.-..^..; 

ig .Lfiuiu kqntp 1 

a 'Di»i«y rival,) 

;Hiirer C-iri-n j 

6 iD"n Chemicals. . 

a Itiresi*? 

4 jDu Pout J 

a il'ynii, Ini in vine,; 

■J ' M*l¥ I*li4it-r 1 

bast Airlines ' 

4 ; tan nun K-nlak..; 

1 talon 

4 B. U. Jc li 

g Hi Paso Nat. Gu 

g R'i™ 

B tmerson Klei-jnc 
g bmelj .VirPr'iubl 
t Km hurl 

a i 

g hngelhnrd ■ 

g Ksnuu-k ! 

Ktliyl I 

2 m J 

Kaiivbild Cn ineraj 

. t ol. Den. bn ires: 
r irtaii.ine Tiro....! 
P^t. Aul. bi-i-ui.i 

rlest Van.— ' 

9 JPlIltl kl,tH 

g jrtorula Power....' 
g iflU'ir 

: it.M.C ; 

a P”*’l Motor. ! 


3 [ I 

B , Franklin Mini.... 

9 i+'rceiori Mmciv'i 

1 Frucbaur 1 

, iFb'iiih linl> 

1 Ri-Ajr'. I 

i jkiauaed J 

I Men. Amer. Int...- 

1 f,.\. T.f. 

I JI. 1 C 11 . Cable ! 

I jl'iwi. Ilj'uamicv...' 

! !i>cn.KlentnM | 

9 -klenenu r<-- 1 a.... 

1 Cionerai .VI in- J 

) .lieiierai Mntors...' 

1 I'Ml- Pi lb. I- til.... | 

Ceil. -"Ignm 

I tiwi. Tei. Kiei-t,..; 

I re 

I ;i»ene»«-j I 

1 * leiT-ia P«i/irte...J 
’ iMIV Oll^ 4 1 

I .Gillette 1 

'■ji*r«1rliJi b. F 

I -G-'-.lyoir Tire. ...! 

1 '••■Uhl : 

| ill ll. a? VV. H, j 

I .t,». A I Inn hu-I'n 

'•■«. -Ni>nh Iron..] 

Mrevl i.Miiid I 

;i,uu A Wc-teni. 


| U-lltMJtl.HI I 

i iManiui Mima-....' 

1 rHirni- lueuer 1 

'H n it, Corpn : 

Mi-iny H. J ; 

iVIviil.iem i 

i Hen tell pML-knrii. 

H-.'li lav Inu- 

H-mier-lnke ! 

i Hi mey » * 1 * ......... ' 

'Hna>»cr.... j 

i I Ha )..Cr>rp.Anier. 

I ;Hnu-»..m Nnl.lbl '• 
i Hunl ( Hb_V,Cbm! 

Hutton (K.K.) | 

I.C. ludu-Lrie- .... 

ISA : . 

In*enmll Kaud....; i 

jin 'and Slot i I i 


Jlniensini Knertrvi 

mbm :.! 2i 

.mil. Flevoin*.... ; 
jlntJ. Harve«»r...| i 
jlnO. Mtnai'heM * 
l|ntl. Uultiliiiui,] , 


Ilntl. Paper ! ‘ 

.ii« ; j 

hit. Keutirtu - 

!lnl. Tel. &. Tel....} « 

|(ii*enl 1 

'i.-vj, Heel i i 

li: liiienuiiiuini.j 1 
|-J iiu tValter. .] i 

2Bi* Joiiua Usavilte. 


Monday; Juiie 5 1978 

_ pro 

^ -/. fv ? -r.- f ; . ..--J: • ^ ' 

6 hi u 

u® I 

37 .. 


>bcy life Asconnce Co. ltd. - - General Portfolio Life In*. C. lid.* NPI Pensions Management Ltd. 

^PMtfaCt«ttltfjfftbBC4-~ OWMplO WBntbblntxtewCLWrithraOtite. ,W»1K1 M,G«iccchurchST .EC3P3HH 01 -03 4200 

«MyPW— a-B,*:. ' " 



>perty Arc.,.,- (UU- 

“ a Aw— 


avertible Fundv 


lU-Pcooerta'^. 0712 


Security — _.pg53 

ilan. W-Ser.' 



ffi** 1*47 , 


1( joJ^FdLSer ^t 


Portfolio Fowl— I 

Pontolio Capital — .|<U _ *t 

. Gresham Life As**. Sk. W* 

I - Manawrf PurJ . |I499 1561] . I - 

-ii«4 — mv-cs June J. Next dosjlmi July. 3. 

New Zealand Ids. Co. tl’.'K.) Lld.y 

Abbey Unit Trt.. Mgrs. Ud. «a> 


Abbey Capitol 
Abta-y Income. 

Ab£?y wnT*~.|« 3 m -0-^1 

Allied Ilambro Group* (aHR> 

I lambroHre . Hjmw^wnwgA 
01-S8S 2851 or arenlwood '02771 .u«w 

SEEfSlh si ^3 is asssfe'fflf w 

lylnv.Trtra yaw iiil _«U 352 ... ►:»«. Tru*. l-?* L 

C.. "jJPrtM* OEWata Rd- B'Jrantft- 0202 TS7S55 MaiUaml House. Souuwjvd SSI 2JS OTUSSSSU l ^ urt- * 

KiwiKeylm .Plan . 037.5 

a,, i r d. SeTi-duLl '! ^3 T-"! 

S 3tb,loheyFd. S«bvA„PBHI . *. 23**^ J 

uses ?tMay3a Valuation Donulbr Tuesday. 

l»ny life' ASBampce Co- LtA. ". 

<9d Burlington St^WJ. QW37SBB2 

"•■ ■■■ 3j5| ••“ 

r; i . c«xb Fond ' 

CJLEqnUyPuad -htOA IBS -> J — Srnnll Co's Fd 

ft t. eiuBtind BM5 ling • — H “ Tedionlucy Fd - - [164.2 

ft l . Twtt Fond plfc.7 lZ28j — ■■] “ EttT* lflrFd . — ]10V-2 

1BL2 i -— 1 “ A»*SWnWt -•- 

Growth * Sec. life Ass. Soc. Ud.* cSiEds«lFiL ";.J 
Weir Bonk. ftray-W-Tfeunaa. Berta. MMOH Con. Deposit Fd. . 

-•-•■ ~ Norwich Union Insurance Group 

i — A VfJBo* 4. Norwich NR13SG. 

M1B . _ 

looe -a.fl 

105.7 HJ.M 
1045 4 04 
1MJ -0.4 

Man need Knrwl BOSS 

Equity Fund 

.. M.MIH) Property Fund 

01-2 BJ j 1CV Fixed InL Futd 





I lire. Ace. 

■ilfeaAee_. oi* 

I dUon Pamftcc. . :2ft2 
IKnANte.'. 1»3' 

pie InvjBnAce.lIK.9l 

mi -i. 

■ USX 
• 121! 



CitlPd gwi IZ2J 

American Act JJ5 

p»jLF.IJ5«p.Cap — fflJ 

PexLFSJTeuwc — 1 |S ? 

n»HoL.Alnm7td^7ieiBtte^ Bridle 40101. 


MEV Lite Assurance LHL.V 

Guardian Bap*! Exchange 
Boynl Ejrch*ns».^C3 . 

Propertr Bonds. — P74J 

Hambro life Assimmee Umitedy _ ... 

TOWPatfciWondoa.Wl «i4»orei Phoenix Assurance Co. Lid. 


Deposit Fund . _ 11053 

Nor. Unit May 15.. 


2104 -1 3j 
3575 -Ifl 
134.0 *01 f 
1554 -2 0 

.\Hlt51 £*2 

UMt.Inds- Ktind- ...W 3 
■ inh.&lDc. . • ■ -H 
Uwi & Ind Dcn-J 
Allied Usnilal^— 
HambmVdnd ... 
Hambro Arc. ni._! 

lunar Fuads 

HiRh ViridVd |Wi 

■ Hich Income .. IJ40 

0003 =2200 1 a. 1 1 Eq.lnr — .|»S 

5 SI 

IncomoFvnd Ui S, 

i zjliul.'tM. < Afc-i — 

S-S-o , 

<asi -02| 

ramrore FU nd Manacerh V taMgi Perpetual Unit Trust :Hngal ^.f. !, ' 

narusorr ••• aciui 4JMiaftSL.Uenle»«nThiune* w9 .‘-“* 1 

018 rpeiUiiniptfUi. ...|J5J 42 71. I »** 

3g Piccadilly Unit T. Mgr«. «^! 

uSTiiTTrl'i -- S 3 SJ-ji 

fS ini P.rru-i AtMU- go 
178 I'nuW Fliwl .. - ■ J{3 
Acuimllr- Fund . Jg-0 

3< O 


440( • - ] 03® Acwrican Fund P^ 1 

....^. tVrB! , d . „\ • 1“ Practical Invest- Uo. LuLV ty«» 

*X '»* th rj9siflriit*fw. + I.Bl-a B »buoSq.WC!A2HA O'-riaaW 

435 Govetl 'aohn # ■ MJamuut accMwS “"!»75 720* :T'| 

vhwTjune" ' -1134.7 142 w -3. 3 202 Provincial Life Inv. Co. Ltd.* 

.shldr.JtHW.-rjWo 170 Ij -sn 

3oarf \ 
54 1J -<i tj 
14,7 uJ -1 nf 
34 U -Oil 
63 Z -0 1, 
773 -OH 
14 681-01 
MS -03 
J4A 1 . 

Gibbs tiVutony) Unit Tst. Mgs. Ltd. “*5^^; 
a.«-uf.cidH-^ 7N, ‘ M-amjm wwh - 

la, \Jj, i iW^hy" - j 



Arbothnoi Sec nr i lies iC.I.i Limited 





Do. Accunv UWt- 


VBBVTSaA . ■»■-, 


MEV Money Fd— ffiai ' 

I *E\ r Equity Fd-. Ul*2 

rrow UJe Assurance 



uoi— 4 — _ 
VdSys Life Assur. Cv. Ltd- 
ARomfoid Rd.ET. 0IJSM554* 


MM|*02{ «*-• SElttfCap. M.Z 

22.J — — Pan. Ace — - SS 

BW — ■- TMn.SuEd8.Csn.. 1203 

nu ■- jScutEdlAst.ia* 

K1 -U3 — :. pro. B. It Cap. 035 

— — Pm B.S See. MOJ 

-3«.5 - Tan- DA.P. Can. — 16^6 

3g3 .._: — FqL DAP. Acc — M** 

' v- 4 . - fleart s of Oak Benefit Society 

1SJ7 TmfaBock Place, WC1HBSSI 01-387 5030 F^ouyFUnd 

0»-«*ftm gS^SlSSr Pi 4 3*51,031 - Egu^KWIA, _ 

\ 2" HHI Kiurw l Life Assur. Ltd.v . Money Fund tAi. - 

A-ES:? - GUt-BSSwL'Ai. 

4-5. Hide William St.. ECMP4HB 

Vr'enlth An 



Prop. Equity & Life Ass. Co.y 

IIS. Crawford Street. Will 2AS. 01-4M 0837 

R Silk Proa hd . | 17*1 

Do. &<miy Bd _ .1 • 73J> 

FlexMnney Bd ....... 1 M7.7 

Property Growth Assur. Co. UW 
L/mt How»,Uf’A - rtgo 1 CRS 1 LU 014S8UM0S| 

tli An. PU-5_ U73 . .1 ~ 

Ph Ass. . I* 77.7 _ 1 ...1 - 
PhJEq^.. - 1733 78 5| . .1 — 



Id = 

IMenadnd Food* 

Internal! oncl..- — 

Sees, of America. 

Pacitir Fund . - 

S portal 1st Funds 
Smaller Co.'s Fd-— J53 
, 2nd Srnlr. Co's Fd.-«3 

omoiml Mbm.. 

Overseas GantlnfH 
Emu- Kmlr. fto'*. -«214 1 

Netf dcnlins d»J - j up>- 14 
Grievesou M*wge™° 1 to *^1 

... T. rriha ill St. KC2TZBS 

W8 luniCMiWM 

i acciirl iiiuti'- -— rsr. 
i U Bue.K.V(UuBCl-Ug7 
S H I »« cum llmtst- . - S \ 

5 o 2 EndcavSIsyW-' 

r.vrvum umw-- g 5 * 
sir OmctsU-.JuncS .»» 

5« lAccum Liutai. ■■ St 
S3a L41 ABmh.Msyat .[701 

2.0! 222, Bishopssatv. E' — 

Prolific Iran B}*. 

Hijn laewnu — - ll“» 


Australian Selection Fund NV 

Market iipportanloea. v.o lo>b vpune * 

CHilhoW. 12fi. K*"t Sir ]_noa — 
I'SS! Shares 1 SLSL51 |-tua — 


7 35 

p n mif of America International S-A- 
35 Soukrtnid Bojol. lautrmbonn; UJ- 
Wld invest lnrome..lB;g».n IliJU-O.Wf 6 H 
Pp.ccs ar June I. .'■eta sub djy June 7. 

Bnk. of Ladn- & S. America Ud. 

«ooa.Qu*eo Virtona sit, a.'t 

AlcvaoderFund. . I5US* 91 — 

;;ct i value June i 

King & Shaxsort M53. 

CroK. Si. Hciier. Jersey. ‘JSSSV^^j 


loll Govt. “Sees TM- , 

First StejIlitK — ■»?;. “5S — J “ 
First Inti . .. |J2J 53 1 j- -H .—4 

Kit in wort Benson Limited 

30. F cnchurch Sl. KtT3 
Eurtnvesi lu*. f I 

nuertiscy Inc... g- -; 

Du. Afcum. [73 2 

RB Far East Fd— .. 

___ KBlrrl. Fund —...■- 

01930=313 jju japan Fund — 

| 4 — K.B US. Goth Fd.. 

Spirt Bemnnki - 



SL - a0.i2 \ 
5l.SM.19 | 

SUSUJbd 1 
SUSS *7 

1325) -0 Si A4S 

T?S tluilier Management Co. Ltd-¥ 

177 TlwSlLEvcFJnse.FXaSlHP. «!■«»«■■ 

IS £35Si£i7--B&t !SSS J ?S 

— - m_ a , s/| , 4i2 Reliance Unit Mgrs. Ltd-* 

Anderson Unit Trurt M*nag*w ^^dian Royi Ex- Volt Mgr*. Ltd. f .?f ' Til 

SSSSSS^a “« TS SS-fflB- ,S 5 TSS M « 

A ns bar her Unit Mgmt. Co. Ltd. Henderson AdntluiBtraiionV laitcMRi Ridgefield Management Lid. 

i Noble St.. EC2VTIA. . 0J-823M7B. ,^5^ iiy Adwn.. 5 R*.' Irit::, ^(^^0 33-10 Kennedy St. Manchester 

Inc Monuity Fund. H620 

uitw*® Prudi. Portfolio Mnftrs. Ltd,* (aubnci 

I 4 30 Friv-Nii u:-40S9=S 

{Banqne Bruxelles Lamben 

- ] : nt fnndr. i CM ■.... ■ -1320 1423! 

4 17 

4J0 l!blbcl^lB*^*.BC l?^=N,, 
7 85 Prudential. . — .[125 0 

miuint’*.- 1 *’. - - , 

*£B pet a» LA-inao wmc "no 

"WSf »» Lloyds B1L .C.U V,T Kv*. 

Barclays Unicom l»t- iCh. ls.1 L*L r 

1 . Charing £W*s. SL ^* ,er ' Jr ”, u Neat dv-i date June 13. 

ml -3 4 *oo Lloyds International Ngnac. S.A. 

*■ '“^[bjem w toe >^4tth!t5dins tasea - Rue du Khoite P i > Boc -.7 ?. 12U £ 

ugg-.a-v.ggs m ::d IS 

1 Thomas Sk. Doub 1«.« o«2*«oo 

Fro perry Fund 
Property Fund <Ai 
Agricultural Fund 
Acne. Fund i A, . - 
Abbey NoL Fund . 
jAvettmeni Fund 

Investment Fd. ( At 




>. Initial — fWJL . — -■- 

•Curvem unit value June -5. 

live LU e Assmi-' Co. Ltd.* 

. Lombard St.ECa 

.aoam June l-l 



Hknaaed Series LW2 
Msnaged Series C J»0 

SmUnite gl55 

Hotter Series A : 

FLttBtfInt.£«r. A _-»20 
Pot MsnaaedCaa.hM.7 
Pta-Hnnarm Ace- nmx 
Pns-Gtncd Cao—SSi 



•Retire Annuity -- 

•Immcd Ann'ty. 


757 7 
153 2 
67 J 


Proa. Growth FnuloM 6 Annuities _UUt- 

All wther Ac. Uts.llM.5 
VA1 1 Wv-ather Cap. >1220 
Wav. Fi tin- . - 
Pension Fd Uti 
Com'. Pens. Fd - . 

Cnv. Pm- Cap. L't. 

Man. Tew. Fit — 

Man. Pens Cap. Lt 

Prop yens Cap. Via 

. MO* ^-4 

Iznperinl life As*. Co. af Canada 

BdjK. s!oe. Pen Ut 

__ 12 »a! 

146 2 

1710! 1 8M 

Arbuthnot Securities Ltd. ia«cl 
37, Queen St. London EC4RIUV O!-230128l 

Extra Income Fd ■ - IJM • 113 ^ 

iB1j% VTdnsLllU.1 55 8 
Preference mnd- 

(AcniRLjUnltu S77 

t^pbal Fund — — M0 
Commodity Fund .. 56* 

■ AcetiBLUnlUi H.3 

nm*trdn«i.y.i — 

FiuAProp Fd. . - 172 

Giants Fund JJ-9 

iMum UnIWI- —J61 

Growth Fund S"| 

(Aecum. t'nllsi.-— "J 
Smaller Co's fd J7 4 
Eastern & IntL Fd. *42 

iSKWVlrwl.UtG.i-- 18 9 
Forman Fd. - —■ ■ ^ J 
N. AOMT. 8c In*. Fd.pO 6 

87 Bu 
53 3B 





33 tw 

- 0.2 





9 07 

5 62 


F.K. Funds , 

■rap.>iruwtn me — 
i 'op. Gtvwt n /vc c. - JBi i 
Lncome *■ Assets. 

High Inceow 

High Income. Be 

I'ar^x Extra Inc. — P* 


Oil & Nat Res W 4 


(Jabot- - — K; 

Intemnuonal — — gjrl 
Wrtd WlduJuocZ — 175-4 
Overse a s Fund* lu q 

AudraUan -R53 


Far East— - 

North Amer - - 



103 Did 

99 (M 

10 49 

r= » Pd Boa41*.3*-M. Kennedy 

CTT -1,238 MX 2JS 

- ,, Ridgeheldim IT 

623 Rothschild Asset Management igl 
72-ao Gaiehou»Rd..Aylvsriirj - ® 8 ®2?L' 

S3 3£Wj&aUBH. |« 

N.C. IntLFd .Si nfl 413 

N C. Smllr Coys Fdfl535 16351 -1101 4.1? 

Rothschild A Lowndea Mgmt- lai 

St.SwilhiiuLone.Uln_ ECt. 01 ‘*f a Sr? 


5 69 Rowan Unit Trust Mngt LuL*(ai 
\* C:WCmeH*.n»ba 7 Sq.lKa „ ««“» 

Pnce on May 

7 S American June 1 _ 1*7 5 
SecurttiCi May 30. [162,0 



Soc. Cap. Ut. 

Provincial Life Assurance Co. Ltd. 
222. BtshopsgBie. E.C5. 

Prov. Managed Fd.hI3.2 
Prov.CaohFd — . .IIOJJ - 

GUt Fund 20. 0135 1195) -L» — 

Properly Fund WJl 

EquHy Fund.. 197.9 

FmL Int. Fund 1953 

Prudential Pensions Limited* 
Holborn Ban. KIN 2NH. 01-40S0222 

01-0288252 Equit F<1 May 17... 105 07 25 ... | — 

450 FMl. lnt. May 17 — (55.74 m.99j ( — 

Prop. F. May 17 U25.45 2624) 4 — 

Reliance Mutual 

— _ . Tuptoridzc Wells, Kent- 0(B0Ct2E27l 

v ,, - • King * S h a xs a n W: .. Rai. prop. Bda. I nu I I — 

Z WJgSS?- Bethschild Asset Management 

- - SLSIthln. tame. London. EC4. 

Archway Unit Tst. Mgs. LtAVta Hc-l Jl« 7 

31". High Holhorn. WCl V 7NL O 1 -® 1 ®?- leilnflTnm — 

Areitwav Fund 182-6 87.94- I 5.8B „ ; i UoUarTVuU — 2’ 

Barclays Unicorn Ltd. MKgWHcl ib’ income Tm*£" 

UnUWUllo. 2S2 Komford Rd E7 O1-024SM4 
Unicorn America- OT6 361^ 

{n,< ^ 1288 ImperUd Housed GuUdldtd. 

.22*7*-. .1 J Growth Fd. J a n ea_| 7Z l _ . — 

nxadatife Assontnee Cfc , L 

e + iT~fr;j EOgb St; Porters Bar. Ben*- P5*r.SUffl Managed Fund TO.9 

,!=J = , w** 

j ; J 4 jJlaaM 1 Afmniugti J4S-V •_ ^ ■ Irish Life Assurance Co. Ltd. 

01-2478333 DO. AltR- Ace. 

Do. AUBLlnc 

Da Capital .-. ■ 

Do. Esempt Ttf- — 

Da. Extra income - 

Do. Financial 

Do M0... ... 

Do. General 

Do. Growth Acc 

Do. Income TsL- 

Prices at May *, 

Do. Recovery. — ■- -l - 
Do Trustee Fund— IU2 7 

i«s §r 

% _ 

1 1 pp pt — it-, , i a 7 ! W &-' “ Langham Life Assurance Co. Ltd . 

ti-O-ij - i SSv • b~ 

<* •-» 1i dEo.P»a^A*a.BS*J •.T«l - ~ a l “ - SKSr£^d 'J=Z&»;9 
•1.5 -li UtdT 
:3.9-06 ,Jd 

<bj Kiel: Yield TM- 
Intel.* oMgl 

IniftLlnv Fund -[087 

S1 = Key Fund Manag'r 

IS =5.MllkKt.BC5V8JE 
b 0B Key Energy In Fa...™ 

420 Key Equip &GJO- 
‘ — •KeyhaemptFa • 

Kcytacome Fund... 

Key Fixed lnt Fd.- 

Key Small to j Fo- 

?S Klein wort Benson Un 

20. Ferehnroh SL.E.CJ*. 

K.B Uni: Fd. Inc. .W4 9 

DIAS dull 

-1 2 


-0 1 

3 24 

83 A) 

-u : 


ai. rn 


4 7! 

4 70 

-0 4 


-C j 




01 2 

47 7243 


Lid. <JHg 

01 AUUTt/TO. 

Merlin May 31 - 
i.iccucl Units 1 — 


4 01 

Unicorn AML Ext .153.2 
Do. AuatMln-. -— £>•? 

Do.Grtr. Pacllir— !U1 

Cw lull- Income . -j»5 — . • 

Eissasug: nn ^ 

Bishopsgate Conunoditj- Ser.Ud. 

F.O Box C. DoaglM . l o - u - 0SMJ38H 

— SE7J3 BM J — 

" L S^y = SulS l i ? '»io^ 

Bridge Management Ltd. 
r 0. hoc 5C8. Grand Car»a|t <2ivaisn la. 
N'hashl3uoe2— --I T1SJ38 l 
rj> 0 Bos 390. HonjrKons . 

N W .KM„3,» S = b1i »“. -I »» 

Britannia Tst. Hngmt. (CIi Ud. 

» Bath St_ St HeUer. Jersey. 0®* 13,14 

T S3rS| I S 

« ■aS“a 

M A fi Group 

Three Quoyc. lover Kill B. -R WQ t5SS 

AtlnnricUaySO.- .(It 277 3C?] . . , — 

Ausa Ex. May 31— .St SjJJ •••■ I “ 

GoldKs *4J-31 - fert® UT 

Island — ToSy 

(Acctim Units- 1 178 7 19112 

! ! 4331 

-04 <1331 

Samuel Montagu Ldn. Agt-5- 

114, Old Bread St.. ECi 0l ' c f a ?’^ 4 

laasys ' 51 ps ^i^sj |s 

ll7JrwOXMa»-34 !£1113 — -4 - i - 

Murray, Johnstone tinv. Adviser) 



54. Jerewn Street, sw.t. 
apitalFd ... .ftBJ 1 | 7W 

May 31. Next dealiifi June 16- 
Save St Prosper Group 

DealinRS M 01-554 8808 or 031-326 7251 

Save & Prosper Securities Ltd.* 

International Funds -.-nil 

fK^-.-V-gj »|;s| 

Umv. Growth. .. (637 70 61 oq 

Increaslnx (ncom Fond 
HiKh-Vicid - . 133-2 

High Income Funds 
OHS238UOO Hish Return .. .- jg-J 

ors I 5 06 Income.. 

11S2I 5 0b I- « Funds 

57 5| . I <38 L - K - Equity-- J43-J 

38 81 -031 301 
264 -C5[ 394 
70 61 -0*1 205 

572} — 0 5] 127 

i xlThc Stly er Trust. 1Ji3 n 
Richmond Bond VT. 1^-1 
Do PlaiinumBd. .[122.6 

Do Gold Bd. jMi-2 

Do. Em. 97.-02 Bd — JIMS 



m2 ' _ 

—-I - 

-- Legal & General (Unit Assur.) Ltd. Sxve & Prosper Group* 

a' r 4 - SSSSoST-" "-saxgg^i tygiijr'. _ 

^ — ‘ “v-. , cmtabstial 


= . t -%B8U*. 

*i ti'lUi 
rl -JJ -ti.!. 

,0 79 nilnltal 

f0 -j? «a»31L 

seo-e.5- i Managed IrithtL— ^35.7 

Do. Acczun. M-3. 

VT^iTy TT^rtifl • ,pt»t UUV 

Do. Ace 

- -V^^xSworilWJDwdaw^TMb- 1 " ozm do. A ccnm — 

- “ J -2 4 V.— ,■ 

te -ii vftg$3££g. 

b* -suinarttari-- 
!s -19 > -ifhan 
-17 : n 
55 -3 11 

Initial— (gj 

■ Do. Acctam. — ...... . . WJ 

_ ugd * Geoctplj™* 

‘ — Exempt Cash ! 

: ~ J ■“ ' 


UU _ 

9c. 2 — # i S^f TOmaninster Assur- Cd. U& 

CO -92 asyttenCMWUA-.-iVv. • DoTASoam. — 

yi -2' ^•‘Ja«£3 d -SL S - 

■»5 -is . 

M 5 -c 9 lit 
24 -i i - 


- (SB®' 
— ^as 

027 J 




32U -Hi 

1265 - 

3323 :.- 
3223 ~ 
1245 .,J» 
, 1013 


BaL Inv. Fd. -|1H3 

Property Fd.* JS0.7 

GiU Pd- — — 117.g 


ibh.lPeiu.PiL 90 9 


Prices on May *1 
tWeridy d e alings. 


383 ^ 

1903 -171 



King William St- BCCRBAR 
American fcGon4-f" " 

Income* — 


Do. Acc- T — 


5?^ -oil 050 


Do. Accum. -m-4 Jj5j“u^FdA5:.:|iB-0 

^ ^‘otjswarao lVc UnUTnist Management Lid.* ofmii '¥£*« 

•™ BS=» »| issss^sssr |g ®==i» 

■— 1 ~ . 09 NS* mSTdny June 0. tS-fifi £ feiPd -k 0 99 3 -0 si 224 

. - «f — _____ , RiBhansuatc Progressive Mgmt. Co.* Lawson Secs. Wd- *<a»<ei commodity ■ _ 

i_ '; L on gham Hs. Hidn^co A Pr^N^* otaasu ixjsnxance M JSSSKTraa ° t- sSiae® "S’ k^Th 1 

fssas^ w 

W ^teurah day -Juno 33. -June «■ trOill and Warrant. M * 3v 

•American r a. ■ 

Bridge Puud M*n ag e rs*(aKci hXrotuaUmui..^- 

^ 01-8234B51 “HlghYirid-— 

jt . ^nll 144 — lAccum. Unlui^-wu- 

54 Jn 

9 «-4 

1156 3455 

imemtLliK.t |j|A • 

n^n^ «Tne^~tWed^fftraa- Pricea M*iy »f3l 

7081 — 0 41 

<6.01 -oil 

a ia 


Ulgh-Mlnlmum Fundi 
Select Internal. — J248-1 
2-49 Select Income .. . P» 4 

050 Scotbits Securities LUL* 

sewbiu.. — 1*2 c 

Scotyield nj* ^553 Inf 

Scotshares _[S*.l 605*4 -ut 

Scot. Ex. Gib** -g?J-3 

tThVra -Fn. _ _ 

« usd I W Tyns^l ^ .. 

46JI-0J! 451 














Sterling Fund 1 

June 12. 

Capital International S.A. 

y. nie Notre- Psine. Luaemboure. 1 
Capital lnt Fund — 1 5U61656 I ——I 

Charterhouse Japhct 
Paternoster Row. eu<l 01 Rothschild .\sset Kanagement (C.:.. 


A diver ba [MJ*’ *“ £5 


Emperor Fund 10 

Hispano prsoa 

Clive Investments (Jerseyi Ltd. 
pa Box 200. &L Heller. Jersey «S*W3flL 
Chve Gilt Fd tCLi .g 90 9g --J U-W 





Schlesinger Trust Mngrs. Ltd. (agi) 


+• - 

_ — - — - ■ , i~ - -- 

.-Tyrgt WertartM|«Aaw. r 8*fr^^7 l3 ^ Uft'linnpa 

1 I'iaph** : 


Schroder life Group* 

Bnterpciae House. Portsmouth. 

■SsSKSSfcKl m 

WwS 2 ! il 

r;- DoAdcmn. KiSftife!!.: MM • Wj 

-■•• LmilB fitBHtl Fl^. W-.wirM mSSSoS-- w*-’ ^ 

- .SSnowWsuw^ m » 

XAjOCPC ri te, ..— |l*6 .-"-j ' vtanj_Pnjic3rMJ9<ao. g« 2467 

Ltoy^Bk^Cldt TSL Wng&r £2, . 85 

• -.AMoo«yFraCat>.B. »-M 

.i. :)|OB0FllLAN-lhInJB 

10, dmynge Road. BriooL 
Dm, April 12 & | 

f Aecum. llnltsi P2^- J a -7l • ,i„corooraltng Trident Tmsts» 

Nm euk day Jum- 14 V-EsSuhSUiSel. Doridng. 

Leonine AdnUnis trs tr on LUL Am. Exempt — . — 

0705 27733 [ Rrt lannia Trust Management la) Ig) lDukeSt..l4nidonWJ5-CJr'- OMaBSOjk .. S3 

• 1 ^Umdon Wall Buildings. Umdra WaLL 03.7? -Oil - 62 Mri fWjUtaL; »■* 

LMdooraanaw. wjS 05| SJJ Lloyds Bit. Unit Tst. Mngrs. Ltd.* iai lnco^Dtrt- - gj 

AraeU.- ^ ^ 456 #1 « ^ 

OWital lAec. ^2 

Comm tc lnd — 161 


IStesr::=gS 4 

For East— J95 

Financial Sera.—.. 6« 
Gold & General — B5.9 


JSeSSKbmes - 

Nnt-Hlfihlnc. g3 

New Issue 

North American — »2 
Probnslonal- — *12 

property Shares — J3J 

siaad - — ~ — g* 

; - rsChooSB *■* 


55.1 —05 
M.4 -0.7 
825u -0 -6 
4024 -0.4 
114.2a 7-13 
42J -02 
2JJ -01 
68.0a —O.J 
92.4a -03 
K.4a -B.q 
715a -05 

ax* ...... 

mi *oj 

■ JgJ -92 
832 -0.7 
301 -05 
JUtc .__.. 
S29J -30 
1A3 -01 
491 -05 
33JJ ...... 

342 -0-41 




93 « 










^mmercial Union &pt*P :V ^ . S 

11 I- -VnAri^towa-r: - . 

■ - ’ .t Annnto.TBa-jWi:- . 

2.26 - "1 -5 nMaitlp'Bfe. ifdaiatt va. 

i^ ; agttB a 5 gfe,agff» Baasasasewa 

gS5fe®Sfe- 1aa * 

, Inv . C^oh Juno J 


m^nimyuriwiy. gradi n t ^^-' 


S :. -ijE 
i 3 -^SwSBfJii«. . .. . 

V^ mhtn Inmninop ;C^TM. 

'•'jamt** 3oa*m,"EJ=*; . 


Ut im» 4 jui — I BX. British l^fo— 



SOUsa Ihjai-- gj* 

Ugd. Peo. June! — [264.7 

il “ Solar Life Assozance limited . 1 Mngrs; Fountta^CUBa 

'264.71 +: 


~ J Mfit & CtBOBprg IfcteW' 

■ 147A 

03035/333 srfar ___ 

+05j — SottrSOthS — t 

^ n ISSgJSS?iz:^ 

r= S«flsr pS!& -F — (g|6 

i SZSSZZm - - iriSSSJSiS'^o St 

at - ; Tt*,-MTiaM*.XM 

a ®s st- 

. iSmrt 

A G Gnmp* 

1165 ... .. — 
1695 -X| - 
119.1 -Of , — 

1061 ....y — 

1055 +02 — 

3324 -M - 

ns? .— 

169.0 10 - 

3185 ~m — 
3*58 — 

lesS+iii} - 

The Brittsh Ufc Office L*d.f (a) 

— 0083'*' 


“ | Brawn Shipley & Ce- Ud.* 


(Accum. Unltsi- — rs _ 
Amtralanm..- — B*Z 
(AcctraUnltal — 


jfeniq = I S&sjgi : — g; ,SS|rj5S 

«4J|-05j - I ^^prtST&l^ aoiext dfjriinc June 7. 

Conversion Growth]' 

Conversion Inc .- 
Dividend — .._ 
(Accum. Units). 

Oceanic Trusts t*> i 


General-. • 

.Growth Accum. — 
Growth Income — 
High Income .. 

36.5 -01 
19.9 -01 
483 —03 
388 -03 


216 +04 
261 -0J 
2U ..... 
bios —0.4 
238a —02 
608B —rl 

lAccum Units'-..- 

01-0008520 Extra \leld 

512 lAesum-t ultsi - 
' - ForEMtern— _-.. 
(Accmn. Units) . . 
Fundol tnv.TBa. . 

(Accum. Umts»_ • 

Sonim Units (37-J 

High Income ..' 

iAccuci. Units* 

J-TS Japan Income .. • • 
jj4 (Accum Unite).. — 









i' Accum. Units' 


(Accum Unite' 

v* - "•'•* _ lUnsiLFfl -- — .tnzs r,n28f :<-4 ,T. ; S ggg .^Hv^ I 

,-t , ' »• Bm'Ufe Aosiijm»pe ^ Ltd.* > . — 

• S: 1* WntaAaetxlflULO-- '*0aJt— •J'fT, Minuffl F — y»“ 

5'eo Recovery Fd. 

■-r • Merchant Investors Assurance 

• C< 5 -v- s 

1« . 




1 * -p8B*yFfl-A«.A' 




.Tst.Fdlntt— - 

.sdlnt Fd. Aco. 


'i0.Pd.Acc— • 



S3 ” 



ms — A - 

T TTB ; 


Performance — 


i m z - 


w -i 

_ I Accnsn. Units)-—- ,201-3 296^ 

0010 gbuiband?ti>yic..| U»1 

163. Hope St .Glasgow. •-•2. 

•Hope St Fd 1 JUax-g I 

■UuiTay Fund .... . \ SC >10 S8 i ■■ 
■NAV Mas 3L 

Negil S.A. 

]0a Boulevard Royal. Lu.'.i'nbou. a 
NAV Jloy 2C 1 8US1S 26 | .. 


..1 - 

gMdimP f l ua 

Crowth Invest 

IntnL Fd. ■--■ 

Jersey Enare- Tst. 

UnivsLSTst Mfr- • , . 

HighlntSUj.Ts«.*..l — i 

i-b pi"— Drneminated Fds. 

D^j^htaL-ht*':! 11 - « 

-saw fasg«asas- 

Brown Shipley Tst. Co. (Jersey) Ltd. mier-DoUa.- Fund 15233 -5i!-oM 

po BoxSOa.St-KelierjJwi^^ U3S474T77. Growth Overseas Lad- 

Sterling Bond Fd. . [£9 96 . 9 99( .....J ^ | rtihTlW1 Gihral'^r * ^'h'OIfS 

BnBerlield Management Co. Ltd. . V£ MiyBd • I sattff LvJ I. 

PO. Bos 1«. Hamilton. Bermuda. Sterllot hund 1 c --- ^ 

Bunrcos Equity.- US ?o9 "■"I 738 Richmond LiTe Ass. LuL 

48, Atbo) Streec.DouiUas. 1.0 M C62J2W14 

Negit Ltd. 

Bonk of Bermuda 3ld«-. Hamilton. Brmda. 
NAV May 10 -_.. -1M.71 - l I — 

On 5‘iit Fd (Jw.’)’l987 9891 

Cornhlll Ins. (Guernsey) Ltd. 

P.O. Bo* 157. SL Peter Port. Guernsey 

lntnl.Man.Fd. p5B0 IQ (K 4 

Delta Group 

P.O. Bo* 30111 Nassau. Bahamas. . 
Delia toe. May 30 .... IS 1.75 18«1 ..—4 
Don tsch er Investment- Trust 


olciSmCo FdMyS 1 - JK63 
O.C. Commodity* - f 

O. C. Dir Comd^.T.-ISS ‘ 

•once un Mar 3). Next cexiin" juar 
(Price on M/ip 21 Next dealing June 7. 

Koval Trust tCll Fd. M*L Ltd. 

P. O. Bo* 1W. Rojni TO. Kse_Jer+oy. 0534 27«l 

R.TtaAM_.Kna J 1” 

•■KSSffSC* i^.«t dJS KA ?£- 

Save & Prosper Interna Mortal 
SrSSfe S. SL Holier. Jersey MOWSWl 



8Mrilns4ewnto»ted Funds 
Chxtrmel Ca p:*m$ C31-0 
Channel 1 

Worthin*Weri Sussex. 

First iBolncdJ *45 Mtftol lender. ... »8 

Do cAccmn.1 — ■ — £86 73.W i « ■ -NtlVieid- 27-3 

Second (Cap.) 5J- S5.?ri PretJeGUtTnuo.... 2«D 

Dp.IAmjui .1 M£ 53-a tfj property Shores-. . 259 

Third llnwwe) «■' -EJi'H ^17 Special Sit. Tsl 27.2 

KiJfte=|i 8 Sgil “g 

HS "W'rTIU T .* 1 "S 3 

824 Equity Accum. 1» 1 l** '* J ^ , Ac cumi — ^ 

486 MAG Group* ll HCHS* Income May 30 — m2 192A .... 

AJ2 5iiiara-7«>«EiU.EC»H<Wl. 01029 5^^10731.'." ^ 

*" See also StocVBcciisitee M^O 7DAJ .... 

Mri(*h- — SM S^rfrtt iS Europe Junel r --»5 ^ - 

J«.»PraScharFaAp29i6dO ■••• 

652j -08 2.70 Scottish Equitable FwL Mgr». Ud.* 
668(-va >53 28 Su Andrews Sq . Edinbureh ml 9:01 

7 70 income Units 1*|8 •• 4 

335 Accum. Unite p68 . "“r 1 ’ 

335 Cwallng day Wodnesday. 

c” Sehag Unit Tst. Managers Ltd.* ia» 

2.17 PO B^ 311. BcUbty-Htet. RCA 01.309000 

SehagCapll*lFd.-|a.l -021 

Sebag Income Fd. . P03 H-'l 1 

5U Security Selection Lid. 


Fidelity AULAm.- -|Ug5J2 I . t - 
Fidelity InLl^fd r° H _ 

Fidelity Pac. Fd— SUSW.0Z I . . •! 

PriSS on -M^ £r-tos 31. -jura L 

•Weekly ^■eahn.’i. 

Schlesinger International Mngt. LUL. 
41. La Motte St .SL Helk-r. Jeraev. 05K 735«. 
Sa 4 Jg 

?SLBagi:-pB vAM Is 



P.O. Bo* N3712, Nassau. Bon an a x . 

nav June i proao Ii2tl 4 — 

Bmm i) fc Dudley Tst.MgUrsy.Lid. 

°o Box 73. St-Helier. Jersey 0Q4200B1 commod. Jun- 1 — n2d2 

koE IU72 124 61 ....4 300 StFL-md June^... 

F. * C. Mgmt. Ltd. Inv. Advisers 

l .2, Laurence Pountney Hill. BC4R OBA. 

01-623 4080 

CenLFd.M*y24._ 1 SUS522 I .-4 — 

Fidelity Mgmt. & Res. iBda.) Ltd. 

P Q_ Box CTO. Hamilton. Bermuda 
• • SUS2522 1 

JUSW.02 1 - . 

FideUwWrtdFd-l SUS1421 1*4“1 - 

Fidelity Mgmt. Research (Jersey) 

Waterloo Hue.. Don St-.SU Holier. Jerwy. 

0SS4 27381 

Series A ttaml.1 — | g-g 

Series D lAmAss A 07 2b 

First Viking Commodity Trusts 

B.Si.Georee'sSu.Douidas.l.dSL . 


EEOS£Sife:|Bl -. . ifa::d “■ 

Fleming Japan Fund SA- 

37. rue Notre-Dame. Uraemhourg 

Fling. June I 1 3US4M6 1 4 

Free World Fund Ud. 

Butterfield Bldg,. Hamilton. Bermuda 
NAV April 2B — —I SUSJ7389 | ... .4 
G.T. Management Ltd. 



J>ork Hs*.. 10 Finsbury Circus, London BO. sunajid Fund [SUSlkSa lDSH 4 

Tei- oieaa un Tut onioo 





Z h£y 17 N«*t dcSSg Juie 7. K2TB.M* 30- -ISMA 

ni^-uo, FTicm w Manulife Man-gement Lid. 



m»: .. . 

1352; i 

tsadef- tnaar*** 0 * 

'rote Bw»e.Toaw7L, 

IT s knwom«t.i>*M«air«?. 
-$* Star I iijagJgttnv nd Ata^r^.. ltoMLBa . c «p P 

Stm Ufe of Caaada (UJKO LW- }CarUol Unit Fd. Mgrs. Ud.* HW 

(»^W8m - 3 .v.C5oek«*KirEU,SWlYl®H M-mOMOO MttbunUlnura , 

jS ="'B*SSa*d ®: ^=. BfflaraaElB "«:d 

,ia= SwafcJ. -w N - ■ staassgdB,*^ -J 

Nett doaliBg. date June 16 

Charities Official Invert. Fd4» 

+03T- 'KSS5T 7”. ^ te ?^ < ^^|77i^KiooW 1 dLEca^i^ , OT ^i^ s 

income May lfl.. — B|S8 - I \ uemGeukUo 31 £|22 

Esjpgr -® 7 

01-2483000 Accum Ills. A?rl7 12555 

i» Growth Unite. laat j* TirRetE(JU ,iy , . 

Target E*. Slay 3t_ 1206.9 

a'S Ucvl GthTst Acc — WJJL 
® S Unvl GthTst Inc — (2X8 2224 

Stevnut Unit Tst. Kanagera Ltd. (ai 
3J9 45. Charlotte Sq- Edinburgh. 031-2383271 

tStewsri American Fra4 
5-2 Standard Units Mg 6 rt* -4 L' 

CritodJawSS U'4tel^6 _ .-- I - 

5 12 'Stewart BrUteh UlFnnd 
427 Standard — BS9 "H 

633 Sun Alliance Fond Mngt. UW. 

633 sun Alliance Use.. Horsham. 84141 



m3 - 0^ 


t-urn “ BSWM’wJ, . 

r l53 - Target life Awttrance C®. Ud. 
•fSP — . TugA EouMfi, CtUtoaaeJlfL. 

Troo.Fd.Jwv~— iS l^ 

- sBu.KSdtoL.BXL .toe. UU ..ggg 
Dep.Fa. 3tefcjac^ 985 . »}« 

jtet HartAc-Pra _ JL* •• - JJft 
Rm_Pt«nCtepJ«m..- »8 -9*3 

SSHSSSS:® ^ _ 

SBa " 1 

+02) - 

Charterhonse Japhet* 

1, TnternMWC Bow. EC4. 

iCJ.14«3^; = g5 

- Growth . . 

‘ BSIvff : I *n ?sssr b r..-|l 

— ' Fucd Ka ^ m ^t-a Swr i 

13? 5 — • I ,S TcUteic.. 2" 5 

2517 .... [ 4.61 TgLirof. 138 

jit "1 Coj-ne Growth Fd 




. 8J4 

-0.U 1150 454 


,+0 61 

Schroder Life Group 

Enterprise House. Portsmouth. 

International Funds „ 

rf.-pilty : (Ute? 



EFixed Interest- - 
SFncdlsterosL _. 
rxi»iMirc d ..... — 
SMansged — 






L2“ i. fienry Schroder Wagg & Co. Ltd. 



Aa;»nFd.Swj - t3-" 

DarliOKFrid ._ 

n PtLJune 

RU&6 C b-Kl 




Japan I 

Sentry Assurance International Ltd. ' 

P.O. Box 35U Hamilton 5. Hemuda 

London Arcnte for 
Anchor BTtoJte. 

Anchor Gill Edge _. 

Anchor tot Fd 
.Anchor to. Jiy *». 


G T. Bond Fund — I »?KH* 


iSt. DoUnr Fd 1 W&EM 

C T.PocUtcFd. 1 SDS12.72 

jm Singer & Friedlander Idn. 

iiS 20. cannon St ,EC4. . . 

IB5 Defcafonds — [“ffS*-™-*! " ' •"} tn ■ 

2 92 TotyoTn. Apr.SS...! SUS35.00 I I +“ 

stronghold Kacagement Linuied 

J-2 p a BC-X3J5S.*. Heller. Jersey 0534-714TO 

5 07 Commodity Trust .. 19296 97851 .1 

KS lii Surinvest (Jerseyi Ltd- (si 

Gzrtmore InvesL Ud. Ldn. Agjs._^ ^S-srtcmUnd.Trt.-fr^ “ 

Queens Hw. Don Rd. ft. Heller JW-flOM ^7348 
— i-t+a G-'na-o.mi — 
123^+020 — 

1U7)-«3i1 - •• 

5. SL Mary Axe, London. ECT. miw ,, 

Gartnwv Fund Hngt <F«r E^l UU Jcp UutexTJl J11.14 

TSB Unit Trust Manors .CXlUd 

®H ? si ISSKffiSr-^g \ H 

lnt:. Bond Fund — PUSIW M*51 1 sjw r^r^Siiy pint ... W 4 «B . . I 

Gartcaarr Investment Jtart- Ltd. , Pnrvs on Vwy 3l. Nert sub dm June .. 

KSSffifSSS'r^f "j" 2 ! T^o P=c«ic S0iii 3S s N.Y. ■ 

Hasbro Fxmfftwl Mgml. Lid. TUJSTSPSSi'iLf » *“ s “ sl 

SrVSSSSlSSf^Mr-l - Tokyo Fictile Hides. (Aboard) N.V. 

Japan Fund 739 1 — intmuy Management Co N. V.. Curacra 

Bambros (Guernsey l 12AJ nav per share May ■o. *l S35.— 

Baxnbro Fund Mgrs. (CJL) IdA Tvndeil Group 

^ r-o VTm 

ia = 





xwj4 — | - 

Accu m Uni te 

CJ. Income 

CJ.Earo-iKn 262 2881 

Apniffi. Unttl — W,4 

CJ^tov : Tn___»8 


4.42 Target TsL Mgrs. iScoilaxuij laMhi 

jb. Athol Crescent .Ed in. 1 -aSf’iPfi 8 ?** 

Tstk« Amer5h«leg2 2|3 ^ 

Torert T 7 urtJo_. -J 403 -U-W 

v»rra Income Fd. ■ IMS M.UI — 







tor * 6 

.1 ' 


0462 3«M1 1 Confederation Funds MgL L*d-* Eqidv&tenpt 

SSSSSf^-'iS' 1 ™ «I ..T"Sf ■«SS-i. “ 

Minster Fnnc ?-anagers i^uJ. 


BB.3 a 

47t.5| W7 ’ B : 

Sheffield. St SKI 1 

Commodity & Gc 3 

OBtFrayopf T^u^nnlte.. (308 Do. Aecum 

• TrangiBtemalioxutl Life Ins. Co. Ltd. May sl Next deatow Jura 7. Growth-.^- - 

a Brex iti yi«tgs.EC4 inv. ^ ■ ■ 01^086407 chjeftadai Trust Mnuagers L4d-*faKg) capital — __. 

TUhp invert. Fd._-P40T 74821 4 — . npwcrP. 01J83JSH Do.Accum._ . 

” MraFeh'Fd.C«p..SS| • \ “ SSJ 5S^1 tS"‘ k»"4 7 S.W -03 3-M Iot«™s(ion.-1 

lRet»tadeapwa«*«f Mt '. “ 

|SB£z== |«5 1 

. 1375 

, ml 1D8 




to? £100 pnail dm 

!R<SiBroj*fioiKl.BrijptsL. .- . (C7 ? 82241 let-Wtoch-w 





Z 80 MHiand Bsat Group 

770 Unit Trust Manage** Ltd.V ia* 

488 ctmrtwood.Houw.- iiher v ^ on Vnlt Tst. Managers* 

S3.<fl +U1 550 

__ ]00, Wood Street. EC— 

IS TUl.iT June 1 1*- 1 

3S Transatlantic and Gen. Secs. Co.* 
j'a3 B I ■«■ New London Rd i^teJmriord OSMfl 5J«1 
6J9 Barbican Juno I • Jf.9 
6J3 ■ Accum. Unite.) - 1*6° 

252 Barb£*pt-May 31 - g8 

252 BuclraJuno: wo 

BJ6 .accuo- U nite).. .. ** 

856 colemo June — — ■ 

5.49 lAi-cum Unite)-. — 

549 Cumld. May 31 

t Accum U ntm 

Glen. May 20 j 

(AcCtra Ut) 


547 lAccum JJmtei -1 

5 48 Van-Goth May TO - f 
(Accum. Uoiu/. 

J. vSnftT’raSK'si- 

I « ; 'OSStiSf^: 

Mutual Unit Trust Managers* (aHgl iAc cum. Units;. — 

ss SL u *.i»» H-srssKa^ 

•k Mntuai See. Pirn:.-. Sa'Sn in - -a-.i 






Cosmopolitan V1-. u- SL E.C.4 014C3 loss MorlOorq.SUy 30— 

SarartStrortliOBdraSWlXWn. 01^35^. |35 , 77.3 - 

CkMn0pobiXatbJ^)17.9 J9M ■! "E m/i Fr* Mfl T 31 — P 3,7 

Croscent Unit Tnt Mgra. Ltd. dXg) MLA Unit Trasi Mgemnt. Ltd- 

|'*M^vlltoCrea..Edtoliiirrti8 Old Queen Street. rAtWaJC. D1S307333 

gssssff'-Bi Sn dlaim— - p * 3 


Crm. Reserves 

Dtocre&onary Untt Fund Managers T:; ! U I Tindail Managers Ltd.* 

S,BlamrieldSL.EC22d7AL 01^844M jintunlBlueCHp- r|^ 874 14. Canynw Hoad, Brutal 

DuSSme — J162-9 UMU sil Mura* 1 v.d 1555 ^ income Stoat— ■ — ‘ 

DiKJBitenm i • Nai ^sal and ComtEerctal iaccubi. Uwtei— 

E. P. Winctoster Fund Hngt. Ltd. » AndreK sjuun-.£duiburp.hfoi-»«Bi5i capiui nfjy pi ■ — 

mil., nr wr» oww* 1 * 7 , TLCm-"-*, lliii 157.E! I 6-00 lAc-'um. Unite)..... 

Old Jewry, sea ^ Incone Mjrt'Sl Ug-, zuiol ... J 6M Suxempi Anni 31 

% S 3 ...- wasaife.- 

**mo * Drtw W. SSKSW-wu Inv. Kwx lul* •£SS.'£$Si -- 

ax ArUMton SL KWL M7] «J»J« 4*. Gi^crchurcn ft EL3f>aifH 

12281 . ... 
BSArt ... 
B3 <0 . 
1032 ... 



54 5« 

59 7 .... 
563a .... 
725 •• 
52.7 .._. 



63.6 .... 


47 JB .... 
47i .... 



6954 +0.' 
795 +d-4| 














h 54 

p O. Bo* 88. Guernsey. 

llU. Equity JHaKo’ ^ 
lnt. St*s. ;A SUSU.m l 

ln priro*' cm May 3t Next dwlins "June 7. 
Henderson Baring Fnnd Mgrs. Lld- 
P.O. Bor N4723. Nuuu. Bahamas 

J I^TS» F wi MS'ai.'Ke*?' deallSTSaie Jura 7 - 

Rlll-Sanuel * Co. (Guernsey) Lid. 

8 leFebvre Su P«er Port Guenuey. 
GuernacyTrt 11«87 1592,4 -1.3 350 

Hill Samuel Overseas Fund S.A. 

37. Rue Notre- Dome. Un o w n b ourg 

tmsitn aa +o.oii - 

lhlernaiional Pacific Inv. Mngt. 
pn Box R2ZI. 56. Pitt St, Sydney. Ausl 
Javelin Equity TW..1S289 . 229| .. -I — 

J.E.T. Managers Uereeyl Lld- 
po Box UH. Royal TsL Hoe.. JerseyOKH 27441 
jf p*ev ExtroJ. Tst... (160.0 lTOXt ... 'I* 

T^rtASrii sa Next aub. day May 31 

Jardlut- Fleming & Co. Ltd. 

4Ata Floor, Connaught Centre. Hour KonE 

jardineEstn.TsL._l 5HK 240-W 
Jardlno J>nlFd.‘_. M1AH656 

JardiraEEA 1 5HK13.40 


si -i ^ 


Jortiira FlemJnt — I SHK9.C6 

Keyselex Mngt-. Jwwy Ltd. 

01 58B2K1 
OTAd -C.«i 488 


. sad.ins-j.p 

: r :mn 

■4 ffCfe 




I mi- 







Vanbrniax iiie Assurance 
rt«T<W|d«'SMdn. - 


-0-71 - 

14 IA 


A1.T' 1 

BttMn Dudley TK.. (645 

Equities Sees. Ltd. (a) ig) 

progmsira, 166.1 

Equity & Law Ud- Tr. M.* (agbHci 

-JtWyrambe. 0484333m 

nHj-iUrw |6M J M.fl -0-71 <•» 

Fnmlingtfm Unit VgL Ud-_i»> 

■Js-7, Ireland Tond, BC4R 5DK. 

i Accum. Unit ' 


(Acemn Unite i" 

OHJ234200 , Accum Uni wi — 
4.00 sect. Cap Uey 3 1 — 
4.00 (accubl Units)..— 
280 Srat Ira. May 31 . _ 
ZW London Wall Groep 

|45 0 47 9i 

54.9 »! 

National Wcsi35iast«*Wl ii(i _ i ,. iuii 

161. Che-psido. a, 'Si's® l '-JS2?jS B * 4j6 Financial Ff'fb™"- 

- iW| 7 70 Do.Acrira--..- 

IK IJ a 523 High Inc. Priority _ 
8S 8 -7.1 5.04 lawnauoral-,- 

:3S 9 30 6 -0.: 

r3.1 72.7 m -0 • 

554 --- ' -■ 

174 4 




















(Ci2 32241 

E 06 

CapUal growth 

Do. Accum. --g4t 

Extra 1 nc. Growth. [37.7. 
r» Accum. 

Capital < Accum 
Extra Inc ... - 

sasffi.: - 

387 P^doTioInvVd 
5-83 Univer&d W/dl. 

H2 NKL Trusl Msaa*n Ud.* lailgi 

h'jl Special Site.™. 

...._ - . s.4j tsb vnit Trusts iyi 
627I4-0J1 2J6 +(_ chuilJV Way. Andover, Hants 

Overseas May 31 — 
i Accum. Units*... -E-.3-25 
3-WaylrU.Sioy 18.. .|51.raj3 
Z Nrw Sl_ St. B-rllrt..J 5 rtw> 

TCiFSLJunc 1 

vArcum. Shores' - 
American Jura 1- 
i Accum shares!..— 
jeraej Fd Uny31- 
iNonO. Are. Ute.<— 

Gilt Fund .Hay 31 — 
iaccubi Snsreu . 

Victory Hfiwra. pradlra. Id* 0 .- j?g - ^ ,l1 

Hanoised May 18.. .{1298 155^ — - 1 

li id. Inlnl. MngmeL «C.L» Md. 

M. Mulcarler StweL J * r *!' 

I'.ll.Flind SSU48 1CLSM I 

United Suites TsL I nil. Acv. Co. 

14. Rue .Udrinser .Uraajwt 

U5.Tst.lm.Fnd. .| l I 

Net asset Jura J. 



S. G. Warbcrg & Co. t^d. 





riJJOl — 

.0.471 . _.| - 

Warburg InvesL Ma^t. 

1. CtaScww*. SL HrilW. JtejO D534WT41. 

cMFud.n-y^-BS«f i^| :;• J 

CMT Ltd. Hay ® — -fifS 

Fonscle* 1 

Bonnsclex Irtema 

Keyselex lm' I Jti* 

Keyselex Europe ...K389 
Japan Lith Fund .. plS35i 
Keyselex Japan — -IEU22 
CenL Assets Cap 


£133» IriJ.Cl 

Keyselex wngL. jeroey uo. 12^ ■■ . 

PO Bo* «. SL Helier. Jersey.. (Eug. OI-dOOTOTO) ^ pVTIlit *3 ■• • 

Fonselea 1^: _«» • -l H *** 

World Wide Growl t ftiGnagensenticp 

1 - 5 T-ES. - 


— Worldwide fith Fd| 


Prices do not "flude $ .pnmlan L e»«? 1*ST^U tow ior all hujlnRearanw^ * 
lodicsted fields ^ irtowu to I last.cdoteW.“Jff^. d oa oiler price, d EclmawteB J^f ay - , 
Include all exranran- b Tcvday*B pnv“>* • Sv^iotfie premium insurancoptaM.B SJ 



Denlinga lo IBM 63C£23 










Ig.J.iulr fciliHd limit ed- pLL6 7248di +L3 2J9 ixiuonCoun l»wM"«»!. Surrey. SB 11 ih.ThB General — [44-| 

ISKa&iira -w 

6 44M-OJM 488 For New Coar*. TSBScor.iah- 

1 • E-3 -0J | “ . S**P$[Sr w ' Ut, ‘"E3 5x8 ZoU AM vee Bothiehdft Aiise* Management lW rw.Acc n m. ..... 

2 uJ'SSbto! “ JV .Jr Nonrich Union insurance Group A) Sank* ral 

, » *** tthto- • &.T. Uwt Managers Ltd.* • Ru^iu-,..--ks 3NG «W2»> Wiring street Btlfast 

WU^ JU^wbnee Oo.’LUL* 1C. FUgbray Grate 7PD __ _. ■!^. 1 CrnupTU-f'J J625I -2-01 jDiUUU-r Growth ...075 

I’ftcLHi.TUItebiBfvKnt ■. (flflBSBB M.ciy.hc-— Jjy. 340 -pearl Trust Managers Ltd. IsUgHZ) tinjt Trust Account & Mgmt. lid. ■ TjMr»feBaBOB ffilsl IS 55SKSSST®.™ isa5?«i sssSS^tfaV 1 “"** 

a*** 3 

dr.-*;, 5*2 7. BJ&-. .94P 

-Sg^cte^cr Group. 


IrtiA ,.t £ r .•; ■ ■ ;{-ohK« - if . i.''- :' r:' 

„KtlAfcGo*i— js; 


.Inri-Fond..— JIT- 2 , 
'. Four Vd»Fi.-pSJ 

4Q3(-f)3| 526 

Sepwr.iber i'oITue 1SS2-184G 

I.G. index Limited 01-351 3465. 

29 Lament Road. London SU10 «Hx. 

1 . Tax-free trading v.i to n imo«|aj ^ ; nvrst or. 

2. The commodity f utures m arhti for i c — 

~l- Hlfh i lolhor^. A ' >y "TEB 

pearl ti ninth F.i. SJ SS _njj 

A*s?^ n,K ;._ fli ”i-S3 

Pearl UniiTa . .-'gj 37 9, -03 

Arcum. Unite' - 


4 04 FnarsHse. FuuJ—f 

fc'82 WiekrUrth.Fnd. 

5 G7 Do Accum P 4 0 

5 07 wielor Growth Fund 

Pelican Units Admin. Lid. (£4x1 Kinr William stEC4R9AK 

pflK3C.V*li income UmL< 

BbIkmLhiu. « a. -051 5J» .tacum. Unite 134.0 

* A- Trurt faHgHa) .„_«»» WKao.uMi income unite 

B ^etahlULBlw rocd «“ tluB _..p3A M4|-05| 5J» Accum. Unite 





1 436 

354 -A 436 

1 Ko;.»l Exchange avc.. u'iiu«.i Va-ViBwe ldO ai K.1.77J 
index Guide as at 23rd May. 19.K 
Cliv-j Fixed Inicresr i.apiloi iT?tl51 


Avc.. London E «V 3L0. Tel.: ni-J« 1101. 

Clive Fixed Into real l ncP1 ‘' ,; ' 

C0BAL INDEX: fwsv ^2-4i 


t Property Growth * " 

T Vanliruah Guaranteed 

instir-inre a»‘1 ! roc nr Kftn.1 

,\d<1ri-« Slut” n and'-r 

9 •' 




Henry Boot Construction Limited 
Sheffield Tel: 0246-4101 1 1 


| priee I Mil field 
Start 1 £ | d I In. I R*d. 


II ID Japan 4pc 'into-. 

nai 31 D Do6pcWW.™_ 

1A 10 

30-r*: 1800 

May 1 Turin 9pf 1991 

ISA 150 runnGiyrcl&H 

1F.M.A.X. i. ! rucuai'35;pe_.,_ 



nit Cr 














8 67 









inv. S premium 



Uir ! 

Set ICrr trs PfE 

Tune Dec. XaLSbAnsLSAl. 220d 30i1lQl-' , < 

Jon. July Nai. Com. Grp 75 155 4.s 

aue. Mar. XaL\Te.‘!.£i 270 155 11.4? a * 

May Nnv. Scrtrtykr-. tl 410 3- 11.55 — 

Jon. July SereombeMflL ZlOd 505 UJ4 — 

Nw. June Smith St Aub 82 ZJ 5 01 — - 

Jan. Aug. Siiid'd Chart £!. 402 123 I|tI”S9 3.? 

June Trade Der SL50. SlOnl JOi Os5e 4 

Sept. War. Union Hue U 300] — 

- IDT 38 SIN - — 

ft m hh i 

J.l d> Apr. >'or. Imp. Cnem.£I 389 2741&52 2J 

53 6.1 Feb. Atl£ Da5°bRL£l_— 43N 1212 35 9*7 
6.4 5.6jFeb. Aug. Im. faint 77 1212 2.29 $ 

4.3 — July Nov. Lijturte ifldi 50 {l_ 105 155 6.77 1J 

9.6 — Nov. war. .\crakJtSrJO-. £28V, 3JJ0 012% U 

9 3 — Fob. July PfyaulQp 75 51tiL26 6J 

b.o 52 App. SepL Ransom Wm. 3 Op 190 132 f2J9 7J 

55 « May Nov. RntririUOp 59 133 161 2J 

S.O — July Nor. Rennes 65 k 25 h334 2J 

— 112 Feb. Nov. Scot. .V5.lnd.D- 220 13 Z 12.0 2 J 

3.8 - Feb. Nov. Stewart Flsstki- 146 ZL2WZ81 5,t 

7.4 — May « Jet TnunurSirtKlJn. KP a 34 0.68 3i 

Apr. Oct Va nlle i Berj lOp 22 272 0; 2; 

Nov. May \Volaenboltne_ 205 34 7 82 3. 

8. 81 ID 2 Apr. Oct Turks Obems 99 3.4f 4.77 Jj 


“Shorts" (lives up to Five Years! 

HJulTreanurj lOijpcTBt;— 100 A 

ajSE.vdL5pc7fi.Sn 9BU 15.06 

os Treasury Its.fWt - 101 3 « J»U 11 J® 

HS TrcacuiyJlpcTie- - - W . ,8- 3.16 

-56A 7^3 - 95 h> 4 46 

I \ Treasu.n iutyjc 79t* - 100,1 ?3-J 10.4A 1029| 

1SN Bcrtnc SSjpc 76-79 — 95-\ 10* |67 

3S Treasurt me lfflfi*.,- £?■ 251 9.^2 

14*1 Treasury SlJcTSi*..-- W: 7.4 9.W 

7 5 D Treasure supc 77 A 1 . -93 d 95 3.76 

ISO 78Wn. ,94ri 95 5.58 

25N Exchequer Upc 193** lgjl «< If 54 

25Ja Treasury H’-ipcIOSlt;. 10gJ.« 93211-47 

k , Tnw.Fu'n.w. itrmfl? BBS. 91 3.9a 



|L*4 Dir JVM 
1 U Gross Cllil.l'h 

J. A. Jj\ O.pVeSli Far?o53„ £211*1 23 > SI 40 — 

No-. - . March[«'iDiriift i)p | 62 | 13-1303 1 — 

Hire Purchase, etc. 

8 78 Apr. <Tct. vSA 

8« September AMTS'* Conv.'87_. 

716 UaJuSeDe. AiuciaSI.- ._ 

8.00 JiApJviX American Express. 

Feb. Aug.|t"alfle's ilfdC' 1 10 

Amer. Medic. lnt_. 

qc{“ ill J 367 6 90 December Asarco Inc ... 

075“ -v;] 022 1048 N'aFtMiAu. Baler lntLii'ornSI. 
SjSt “74 964 1035 MrJu.S. D.Bam«UipSe£_.. 
93ri 95 3 76 728 D.MrJuSP. BenduCom.S3.-_ 
Zl™, H cm gta MJeSJJ. Hah. Steel SB 

ISA Treasury SipclSJMI- B8?r J 

1U TYeaiun. 9^oc]BFC_ Jt-s 23 

. 12L) Exeh. S'apc 1981 9 ju1 - 

4.4 Evch-SljpclPBl • 95 29.] 

21 A Exch.3pelS81. ... ~ 85 ,1 lo 

17N neas. varinhle "Sif? — 96. i 3J 

23N Eyck 12',pr 1B51— 103* 17 

JSJa Treas - - 92 91 

i5 A Treasury 3pc '^. — 83 z 9 

IBS Treasury l-Jpc ’ttm — 107*e 7. 

15D Treas. V'ariaUe ■8ZW- 95\te 81 

Nlu Treasury Hope'S? 90-VnJ 1 

-^2* Elrch. 9-4pc 15S2 92** 13 

22SExcIl9‘,pcISS:A« — ^92** - 

SJE.yrt1.P4pc 1983 90-So) - 

21 A EsrhSpcTB.... 801 b 16 

17S TlWhurv 12pc 1S83C- 101 3 4 B 

• Five to Fifteen Years 


83 1 a 


Fundings*: 77 


107l a 
78 m 




Over Fifteen Years 


WbI 45 558 854 SLJe.SJ). Beth. Steel S8 

O", 1£ 4 1Z 54 11Z1 JaApJyJJ. Bnwn-sFcr.cKP,- 

Sr qi3 1107 Ti Vi F.My-Au N. Bninsmcktorpul!. 
§3.= : 8 87 lH «£»*__ 

qj" q«l 0 24 11Z4 Myj\n_V.F. Ciu«»rp54 

833. 9J 360 8J0 Ky-4u.:;j=*. City Inv. SIS 

1070 731307 1159 MyAuN.F. rw.CmW.BSl_ 
8l67 ^rWwaWlL..- 

ur> Jipc "Si 

95'*3 811 678 10Z6 F.My.Au V Coleale-P.SI 

L6 916 1137 MaJuSeDe. Coltlnds Sl_ 

W 4H- 11J 9 W Ul44 M'-V-N Fb Con* IllinoisSta. . 

«? u qS urn ilxJe.SD. Cunt Oil Si 

rSi & 374 is 'Mast aasiea®. 

A W-79 ^ .nS!!!: 

a Years MrJu.SJ). EsxonH 

1159 J-Apjy.o. Fneannerireli — 

10.00 ApJy.OJa. First Oilracn 

10.92 J- Ad. Jv. O Fluor Corp 5V 

10.49 MrJe-S.D. Fort Motor S2 

1126 MrJruS.D. GATX 

9.00 Apr. Oct 'jeo. EDecLS?; 

10.48 MtJilS-D. GdledeSl 

1Z58 MrJitSJ). Honcyroll SI 50 — 

13.66 MJSD HuOun FLF 

1Z72 MrJeSepDc. 1 BALCorp-S 

11.2B MtJllS.D. IngcrsoU-R S2 

12 89 SJJ.MJu. 1m. Sfsenrs & Con.Sl 
1253 MrJe.S.D I. U. Intenssionaill 
i?«6 F.MyAuN. Kaiser AL S'] 

V-.-. ApJuOJa Man!. Han. CSS* 50 

sears Ju.ApJy.O &k)reanaPil.’S325 

12-89 N. F. St. - . Au Ninon Sunon Ik SL 

11.67 MJn-SJ). Owens-DI S3 125 — 
13.03 Jo.0cJ.A- Quaker C bLi I fSS - 

13.09 March Reliance S035 

12.98 J-AJ.O. Rep. N.Y. Corp. 55_ 

1232 F.MyAuN. RexnortSa 

12.90 S.D.MrJu. Richdsn. MrrlLSR, 

18-05 MrJu-S.D. SauliRF.jSL 

1273 MrJ&S.D. Shell Ofl SI 

1295 MrJtSJJec. SiqcenSlOi 

1247 Ao.N.F.My. Stenv ■Rawl SIM. 
13JZ2 llaJtLSeDec. THWlnc-SlV 

13.03 Feh Mi: Mi Koi Tenneco 

9.91 June . Dec. Do. 10°-Ln Stk 91-96. 

13.04 J. Ap. Jv. O. room Pl CS«U6Ij_ 

1281 MrJe.S.D. Texaco Jd3 

1245 MtJulSJD. Time Inc. 

27Sj*d *-5 5175 
29U 4 4 SL40 

19*srtl li4 30e 
13*-*d 35 40c 
20iiffi 25 64c 
lTUnI 255 90-." 

31i, 65 $228 

19Ud 4 6 S1.00 
lt>i; 165 40c 
12K 144 70c 
56^ 303 SLOO 
44 277 S240 

39i a 275 $2.50 
44 14.4 51.80 

241, 26 -i 5220 
19i -yd 25.5 94c 

725pxtl 95 ST-00 
18* 283 5L06 
IV* 28.3 SLOQ 
20* 8 283 S2 
16* 144 S1.00 
411; id 25.5 53.15 
23 v b 2BJ 2 5 132 
ZJiaBl 95 S1.40 
26-Sm 45 5L90 
40 %xd 35 51.40 
SI'axd 35 S225 
23>2 63 SL84 

36*m 95 5320 

10 T a 305 5L10 
lfa> 4 65 51-00 
291, 263 SL20 
38^3 85 S3.20 
22'; 73 52.50 

41*3 23 S220 

217. 2M SL50 
•44f a m 225 SI 90 
13ijra 195 $0.68 
2021; 62 S1L52 
4815*2 105 S3.00 

iSij a 

906nffl 9 
25V- al 9 
29i; 30 

f4 E — Credit Data I0p_ 

3 t Aufi. Jan. Ua-d-.i$i«J»p.. 

2T Feb.^une LnASco(.FimJ(^, ^ 'll “T - liz Mar. Oct. y*TTde.-A"_ 110 301lb6.S5 

1." Oct. Mar. Prov. Financial- 96 1315 4.8“ 23 7.7 85 rSf^rm nl^lVn Ui* rwin 

!i“- s,,, 'SK5 ft, Ei w ir 3 i‘“ N “- Apr l™W- 1* ?SS 
S3 SZIStiS % ■ Hi ^°7] 23 d « »». & S¥ ? T — jg "SiW 

Jan. July ReditTVPnrt £1. 74 516.04 


KSKcS aiiEs ” B ” & iSaSSSSKSSd S HiHIltaiSms 

1. July Bass iThar glm _ lbSnl 305 ta.84 3.3 4.5 10.1 nDiniDV ivn CWIDI’P r„; 

c. June Bell Arthur 50p_ 252 17.-; b4 76 j3 «-9 152 DRAPERY AND STORES IfU5® 

Cie r-Vre FrJOO _ j £55>; I 155 QUM — 

| Last I IKtr | fridl DirUewk 
Price ■ a 1 Net lCir|fe'i|pfE j PW 

389 i 27416321 2JB W] 7^hffny. V» 

Stack Price 

cktff— . 130 
— . 1 6 
ftstSDp. 95 

W E.|^|S9m 

25 b334 
132 1Z0 
E 2 td2-Bl 
34 0.68 
27i 12; 

M 7-8 Nov. MayJMcwktV— 

22 — Apnl - Bailey (C.HJ 

« * rebTiuaeffifetaS: 1 

93 93 April . &amfords20p__. 

it, Spy BraraCootajp.: 
f-5 Nor. May gnteftSMS_Z, 
22 9J May Dec, Beanfeml!6p__ 
4J 133 Feb. Oct SK 

7.8 73 Mar. Sept BiraKE; 

8.3 7.9 Jan. July BmndimlQDtZ; 

2.9 93 Ana. -Feb, B-fcam Pallet )0p : 
x-1 72 Jane Dec. BlacWd Hmta?. 

Jan. Oct BniflnraiteEl— 

MS2S 32}f 
m 021 0 2 5 j 
222 «.a •« u 

155 1-76 3-6 6J 

1< hZl6 37 JL 
3.4 hZ72 S3 71 

dll 57 

& Sons LI SSem 14 hZ72 
rd!0p_ 56 lMfflJJ 
WJSp- .17. fii B133 

Q»,W 62. 272 4.46 

" n 1212 4,42 . 

EttletlOp 98 - W 
UHotaf. 90 Z-5 2.90 

■soeSBL .33 3 « „ 


35 *3-87 3.0 6-7 6.4 May Nor ; fteBaTV-A>| ,77 


1551 Z2 


25 1033 
3.4 ts&6 
3.< «J9 
51 604 

Sept. Mar. Allied Bren? 

Feb. Sept VnuLIHsPrJBp.. 

361 3 95 
501 mO.ii 

□5 Feb. Sept Brabant XHlQp. 39 
__ Jan. Oct BraiflnraiteEl_ 130 

y Jau. July SsssaylOp. . 33 

■ Jan. July IFbcue DtuL JOp 39 

5.9 April BrWrf Channel. - 6 

73 July Dec. Brihh Nnrthrop B4 

6-4 Jan. Aug. BriL Steam 20p_ 88 

93 June Jan. Brockboase 70 

9| Feb. Nor. ftwtfsCajta#. . 30 
|| Nor. May Bronx Eng. IDp— 30 

7.9 April BranteTtni 39 

— May Sept BratbRhdP.np_ 146 
* Apr. Aug. BwmKT«wk_ 98 
62 Apr. Sept BTOroJotoO— 374 
|1 Sept Man BuMoudiaip 144 

161 5:6 
25 Z90 
3-4 1.44 
ZJ2 tbL45 
31 th3.B7 
477 d032 

33 477 d03 

^ S£ 

bT 8 15 5 too 


. July BassiHiargUm- lbSnl 305 tJ.Bi 3.3 4.! 
:. June Bell Arthur 50p_ 252 17.4 t*4 7fi 53 E< 

— (Keihj.en Srmiy. 

Feb. Au, 
June Fel 
Jan. Jan 

| i April Aug BulmunHP.i 148 

Aujuat Burton wood 148 

4 i Feb. Aug City Lon. Det__ 61 
7-4 Apr.- f*icL Clark (AlBtUieiri. 134 

Feb. Cvt Distillers $0p 182 

t-J — Gordon'Li]0p_ 26 
Nov. July Goa gh Eros. 20p_ 49 

132 U6.a 

a? 3.20 

17A Z4 
13_‘ 15.21 
31 6.54 

trL Hi June Jan. AudiotnmiclOp. 30 477 £33 U 
c ? 4 t 01 Aug. Feb Baker sStr*. lOp. 28 1; 161 hdO.57 6. 

f'n k, June Sept. BeanieiJi’A' 107«d 305 232 4.1 

i-5 c q ,, Maj- Sept. BenUUslOp 34 17.4 118 2J 

\\ ?? ZS - El!ann£Con.3ta_ 15 876 L04 0.- 

3.1 S.4 Feb. Sept Boardmaa SO zp 12 V2 31 0.98 3. 

.- 0 I Jan. June BoUrai Text 5p_ X8-!i 2311 0.62 U 

f 0-9 * Dec. Mav Brenner *« iscaiw * 

Aug. Feb. Green aOWhiiJcv lllm 305 t2.62 43 3.6 10.4 jut;- 0-,, HomeStrs. 195 

Aug. Feb. Greene King — 1 263 161 tb33 If 33 14.7 1 

Aug. Feb. Gmnne* _ 177 3.1 7.02 2.6 60 8.3 Apr. C W 1W 

5 , 3 Jan - JutyHi4UdP«-20p. 140 17.4 29 31 194 qc. A ^ r . tm'VXV’SOp- 111 

t-fl Inrereardon 100 2811 _2-- 9 3.4 4 -.-r, r m i ftr -.v*ste 32 

fy.AuB. Feb. Irish £HsiIJers_ 152 1112 3.55 42 3.l|lOJKS;«, ftE' HJiKc .iff *“ % 

S-jJ April Nov. Macaiiao.Gletu. 315 

17.4 118 

^ ill 0.62 

155 382 


« H i-S F **• 

H A Z ? Ort- Feb. 

« iUi 3UL J^ 

31 119 3.0 Jmre Dec. 

U .8152 

17.4 2 9 
2811 223 
1112 3.55 
3.4 4.i2 

5 ±i;-f June Dec. Casket iS»10p_ 
HtS-iOcl. Apt. gw n-h- ... 

June Jan. Borland £3 470nl 305 12.45 2.6 4.0 142Kj or juIylCorab.Eng.12M’ 

Jan. JunejSandeman--- — 65 17.4 2J1 $ 5.41 *_ljVL v ; iSKItoSsSmllrf: 

i « Jan. JuneSandenvan 65 17.4 2.31 9 

— ^-2 May Aug. Scott &\ca 3)p.. 68 272 151 S.O 

Jr2 Oct Apr. Toxnatin lift 3.4 3.00 2.6 

Alar. Aug. Vault 124m 505 14 02 14 

29b 303 S2.08 
3B4, 153 $2.20 
15^3 ^5 EO’a 
b~ixa 95 hSLOs 

19>4>d{ lZS 90u 
472p III74I - 

■S-aMar. -mg. vaux 124ni 505 t4 02 j-4) n.y\u.i i, in -» c» nt crrrr. pna 

?-3Jan. - Jufy Whitbread -.V — 95r>xd 305 3.97 q3J 6.3 6.0 jH?* cS^rToT 211, 

§ 3 Jan. June IFolv. Dudley.... 20§ 1112 +f. 74 3.0 4.2 122 jffiSSSK— 9D* 

f-aDec. Jvl. VmogBrw.VSOp 180 Mill 3.28 9 2.7 4> oSSffinfeZ 72 

Mar. ilcL Dixons Photo lOp 146 

BUILDING INDUSTRY, TIMBER Nov. June Empire Stores 1 172 2 

r — Erecnteraip.— . 29 

AND ROADS ■* an - JulyiFainlaleTexLSp 18 


i-aS-5 May Nov. Courts .V 

47Zp 117 
26 ?b 1 

17SmJ 19 
3 5b 28 
30i’ri 4. 
2§xd 9. 
149m 30 

12.13 JaJlpJu.0. rransamericaSL„ 

13J9 MarJnSpDc IM. Tech. SUS5 

12.98 MrJeAD. US. Steel $1 

12.49 MrJe5.D. WoohwrthBKllj-- 
12.79 ApJy.OJ. XamCorp.$l.__. 

1126 — ionics Inc. 10c 

12.16 QJaApJy. [Zapata Carp. 25c.. - 
S2. Ust Prenuam 43%^ 

19b 3 

34> 4 22 

SSffisuili: 3S §|$2M = HSi 1 

B £ &SS = si «E- Z. gg: 

XaxnCorp.Sl — 4iyi 255 S2.00 ~ 2-B £^P T Sfl Bi 5s; 

XonicsIntLlOc 645p 7l*c - 0.7 My Nw.Brwn Jka.20p 

^pata Carp, 25c — 12^4 9lJ s3fic - L4 ff "• 

- - *___ _ Dec, Mijv Bryant BidEs. — 

^* mn i5 ^« 1 * a «L 0 “®ySi 8236 va £1 Aug Jan. Stmrtt&H 

Conversion factor 0.6858 (O.68SO1 rvr jnr RunRnniinnr.i 

12 b51.60 
195 60c 
205 5112 
45 $180 
95 $2.00 
305 10?i 
14.9 — 
35 $2.00 
722 $1.50 
30 3 80c 
225 SZ00 
IS S16D 
D3 $140 
S 5 52.00 
- 71jC 
91 s3fic 

-i 1 - June Nov A^rdcenCoart. 93 
5 , Jan. July .4henhatrCem._ 144 
il Feb. |'«M. .Allied PtoitlOp. 15U; 

Feb. Oct. Armitcge Slinks.. 66 
, j Oct Mav AP. Cement £1 _ 245 

fn Feb. Aug. BFBLntb.SOp 232 

Vo February BaEgeridge Brt. 31 

31 May Dec. Bailer Beni 0p_ 11 

I VclJan. SepL Bambenjers 

rATfUhay Dec. BamUlDev. I0p- 
'I Feb. Aug. Beechnood lflp_ 

Jan. Julvt Da'A'ap 17 

1S5 4.61 O < .5 ^ Jan. July Fine Art Derefip 48nl 

155 6.7b 3.9 7.1 53 May Oct FoniiirtinJlOp. 29 

B 2 tbD.7 6.1 6.9 4.9 Mar. Sept. FcrmmsterlDp- 148 

271 456 1.2 9.8ill9ljan. July 1 Foster Bros 109m 

17.4 9.34 35 5.£ 7.6 June Pec. Freemans* Lon i„ 324 

MU tb.93 4.6 72 Apr. Oct GelferiAJ.l20p> 40 

31253 ±.41L4 95 July Feb. Goldbeg A_ 6W 

3110 ;d055 18 1112 Doc. June Goodman Br.fiP- lib 

1Z12 tZ9 3.1 8.8 5.7 lane Nov. Grattan Want— 123 

LU 112 15 
32 133 12X4 

40 155 g2J5 

L67 5.4 357 

93 17.4 3 24 

84 2811 dD.48 

13 876 — 

02 135 +328 

U3 25 454 

21b 577«D.46 
90 14 U 55 
72 174 J.76 

,46 au +228 

25b 25 190 
.72 17.4 4X2 

29 F69 — 

18 28.U 106 
17 2811 106 
«Snl 305 183 
29 133 hZD2 

627 q£o 45(l^7 KS-' seS; 

0235 YSifflay gf: *£e. 

15 — L9l — line 

! — Aug. Feb. CramteG«nip_i 
— Peb. JulyOownHonse — 
June Dec. Ctnnmlnn78BH— 
Sept Jan. OsnksGowertcc. 
2-5 Jan. July DsrUBihtv.&t- 
75 Oct Apr. DrtiUetJATOp 
Apr. Oct navy fat-— — 

22-9 p’ebniary Ddsont% 

“ Jan. June Delta Metal 

M-8 Feb. inly DecniaJX.IQp„ 

1 374 

’ M 


S i 


75 , 

160 ; 


OwkW-SheLJUp— 26 ! 

ConwreroflSBp. £5 
GrtmUeGrenp-l 34b 
C»wnSotBe__ 54b 
Cttnnnlna78f9i_ OOOm 
Banks Gowerttm. 68 
DsoWBthtv.fin. 18 

35 M57 19 
32 13.62 2-5 

2621 2.0 2-5 

34 157 43 

332 10 3.9l 

ZS U635 22 
772 1438 32 
132 X858 7.9 

382 1606 5-0 
17.4 1233 44 
IfiJ 12.13 2| 
117 b351 21 
2UJ 201 * 

1222 $3.12 40 
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1222 18 ■ ■* 

35 HO? H 

3.1 1231 5.9 
Zf 439 39 

KT76 — — 

35 t4.9B 6X 
1&5 3X2 33 

305 tZ39 3.4 
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305 gO-9 43 
27.2 >309 14 
165 142 12 

35 H3.03 19 

* MJ * 

1! ao 102 

Z5 80(5-7) 
43 7.9 *- 
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33 SI 7.0 
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2.9 9.8 5.7 
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14 7.4 1*3 

* — Bar. j 
3 95 (5.61 ] 

.0 3.7 5.7 dS. J 

.7 23 7.0 Dec ] 

3 113 MX I 
-6 42 13.6 Jan. 1 
- — 30.B Feb. j 

-9 39 5.8 Jan. J 

.9 9.4 55 jS. A 

■ i___ 153 eI 


10p: 34 
Ls_ 117 
— 73bm 

5) 157 


Oth- 85 , 
a— 89 ! 

_ Feb. Aug. Beechnood 10p_ 

co — Beniox 20p 

V? May Oct Bentord M. I0p_ 

u Mar. Aug. Ben Bras. ZOp 66 

v? Aug. OctBlixUmSOp 75 

4 n Apr. Nov. Blundell Penn _ 68 

t'i Oct Apr. Ereedon Lime 94 

j, — Brit Dredging— 35 

S' 7 May Nov. Brown Jkat 20p 91 
-14 Jan. July Brtranlec 61b 

„ Dec. Mav Biranl Bldgs — 53 

' £l Aug. Jan. Burnett 4H 176 

Oct. Apr. Bun Boulton lL. 180 
Jan. June C. Robey 'A 1 10p_ 28m 

Nov. July *Iat nder'ijM) 10p_ 23 

Jan. July Carr (John.i 44sl 

--June Jan.Carron — — 56 

f-f May Nov. Cement Hoadrone. . 79 
Jan. July Combeu Gp. 10p.. 31 
Nov. July Costain R 292 

5 ? SepL Apr. CountrvsideSp- 40 
5-S May Oct Crossley Bldg— 66 

Zi 18.06 2.5 111 4.91 

Dec. Gt Uni renal — I 282 

2.0 12.0 65 [Mar. Dec. Do.-A'Onl 276 

.09m 305 Z8 
124 23 5.94 

40 Z75 t257 

69td 305 4.11 
lib 550 hO.75 
Z3 17.4 556 
!82 365 t7.43 

176 1U t7.43 

2851 tOX 25 
113 bQ-65 65 
13.2 f9.9 2.3 

35 dl51 0.6 
155 5X2 37 

305 12-82 2J 
303 9.97 * e 
14 552 35 

2851 211 15 

14 15X8 3.8 
305 4.49 Z6 
35 15.69 43 
1212 14.B 35 

1252 12X6 5.7 
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14 3.68 U 
25 d5X5 35 

225 14.03 0J 
30.1 41332 2. 
2811 137 « 

15' 33T M 
2811 13.77 2. 
153 5.7 Z 


IF 1 A Consols 4p?_ 32^ 282312.74 

U ID iVarLoan3bpcC Mb £41158, 

1A 10^-.3iaicCAjC__ 33^ B21057 - MaS J.D. iBk-Montreal S2 

5.A %i SOT^JpcaAk^ 23^ 1j 12.0 - FJIyAuN. Bk. N»a Scotia Sl. 

ya..\JuO CwsolsSic 20m ^1237 — AJy.OJa. Bell Canada $25 

L\ lOrTreasurj-aSc 197 4 232112.86 — May Nov BowVallejII 


15F 15 A[5pc SJOt* 1 1 82*, I' til 6.04 1 10.13 Jan! DatoBeb.tlOL 

JJVpJy.O. GnUChfCajL!/ 




15A 77.4 51.06 - 
14*8 293 %c- — 
41b M3 $42 — 

X-Vd 83 12 be — 
lib 63 SL^O - 
D A xr M3 $144 - ' 

IF. lAjBinn'hamlftpc'JMl 

1 My ! NlEristol 7^pc 7981 

25M 25N uLf. 12l J pc’B2 

10F lOAitfl. Do.l2imclffl3 

15My llNG[aswns9‘.pc , 80«:__ 

22M 22N Kerts. 

lAp I Oct LherDooiSW 76-78.. 

. ISM 15N Do.&pcW-M 

'.JAJ.O. Da Irred. 

10F 10A l-5a.C07p.C2pc 75-78 - 

JA 10. Da8>4pcW85 

2BF 28AUK LC.C.fipc 73-79 

35»f J5S Do 5bpc 77-81 

idj 15J DoSipc'ea-a 

11J . 1ID DoSuK^yRT 

JuJ 10J DoffitpeWM 

. lMJ^.D Do.3pe'2Q.Aft 

15M I960 

10Mr. IQS. Newcastle $>41* 7880. 
•15M 15N Wan+iok 13;^ I980_. . 

^ J.ApJy.0. ColXCbJ Caul/ 

IXtANS Apjy.OJa. Hawker Sid. CnnJi. 

liV ' ai10 ■ FMj-AuN. Ho!lin«erS5 

94»4 35 9.84 1154 Apr. Oct Hudson's Bay II 

90b M.4 8.56 1113 Jan. July Hud.B.CKlG SPr- 

100»4 25412.40 12.08 Mr Je.SJ). Imperial Oill 

104J 2 105 12.41 1230 JaiLAaJ.0. low 

92 214 10.05 12.00 FMy.AuN. [nL Nat Gas SI 

90b 24.4 5.78 1054 MrJe.S.D. Masse* Fere || 

W, 13 5X2 9.40 June Dec Pacific Pel Si 

92 17.410.65 1L74 - Place GasSl 

26b«l 131327 — June Dec RioAlgom 

99, T « mi 6.54 9.40 lUe-S.D. Royal Bk.Can.S2__ 

92 13 1022 1117 SeDeMrJu SeagramCaCSl— 

95b 301 630 1016 FXlyAuN. TbrPoni.Bfc.Sl__ 
85 j 4 152 6.45 10.93 J_ApJy.O. fTraniCan. Pipe— 

lib 1 
31b 14. 

16 b 875 ,0.75 - 6 ? - Aug. Apr. Gr&MUfettslOp. 51b 135 L75 

48 17.4 1.52 4.4 5./ 6-0 Jan. Oct Hardy (Fum)_- 33 81 -02 

66 30J dl.7 5.4 3.9 72 Jan. Oct Dp.'A’NV 291- 88 02 

75 3.10 3.82 t 8.0 6 Sept Helene Lwl lOp. 20b 25.7 D57 

68 31)1 18° 3.4 6-4 6.6 June Dec. Da 12pc Cnr. Prf. 195 155 22*i 

94 3.4 5 27 1.7 8.9 1D.1 F e b. Oct Henderson E»p_ 80 112 dZ3 

35 1176 iO J - d - May Nov. Hennques A 10u Zl 3U0 dlXfl 

91 17.J 1.0 5.0 17 7.8 Jan. JcneHerarorJilJ.tlffD. 61 25 123 

61b 12J2 42X3 2-Bl 5.0105 Apr. OcL Home Charm % 175 . 25 d352 

53 U.4 t226 2.2 5.9 10.6 Dec. Joiy House of Fraser- 144 25 4.77 

76 1212 Idle 9.9 *-a 6.8 Jiov. June danse of Lerose- 54 25 d3.92 

80 132 dl0.15 3.5 8.5 5.1 _ Knott Mill lOp _ 28 674 — 

23nt 305 1.65 $ g.9 Oct Apr. Ladies PndeKu 51b 272 bL93 

23 25 1j 2 2X 8.7 6.2 Ja n. July Lee Cooper 137x3 335 248 

44kd 305 tdhC.51 7.1 3.2 6.8 May Nov. Liberty 160 25 b284 

56 174 ->£8 1-1 !-7(M3'May Nov. iw..\on.yiC.Oid_ 160 25 h2X9 

Xa±S^ ZOb 3J hft.97 3J 7^ S 
110 155 830 13 113 11. 

£100_ 675 676 . — — — - 

Old— 160 
0p_ 58 
elOp. 80 


ncer 145 

20b 25.7 087 7.9 

95 155 12% 20.7 

80 132 02.21 5.4 

21 3110 dlXO 0.7 

61 25 123 2.2 

.75 25 d3.62 4.G 

44 25 4.77 29 

54 25 d3.92 ZZ 

18 674 - - 

51b 27 2 b!93 4.1 
37x3 235 248 9 

60 25 h289 <6 

60 25 h2X9 0 

58 Z7J 3.49 3.9 

80 232 htdL98 Z9 

57* ~ scl°9 L April CiouthtD.)Mp_ 
a£ I — C*ct Crouch Group.— 

,%i - H I Apr. OcL Douglas Robt iL 

u vi uC. ~ A P rtl Oct DVnmgUtiwp 212 

yiP <?nL ~ ? ? Mar- Sept EcosalOp. 66 

Feb. OcL EUi* & Everard_ 82 

90? Mil ci 6 ln ~ H May Enth 85 

~ ?-f»D*c. June FFAConsfn — 15 

it on Dec. June rairciough Coni • 73 

i 5 “ tn J “- Ju!y Feb. (niL lflp — 25 

owS 7. n ■ “ 5 ° Jan - ,ul > Dd-'A'lOp 24 

mF "finl “ T,Nov. May Fed. Land & Bid. 43 

24b 15 91.6c - L7 __ FSnJan Uohm lDp_ 29 

59P r,« -JTm, — T s — FrancuPkr.lOp. 12 

53-99 — ^ October Francis !GJljlflp_ 43 

80 132 dl0.15 3.5 8.5 5.1 __ Knott Mill lOp - 18 674 — 

23m 305 1.65 $ a.9 Oct Apr. Ladies PndeKu 51b 272 bL9; 

23 15 1j 2 2X 8.7 6.2 Ja n. July Lee Cooper 137x3 335 148 

44kd 305 tdh?.51 7.1 3.2 6.8 May Nov. Liberty 260 25 b2ff 

§§ JJ4^j8 13 ?.7fM3'May Nov. iw..\on.yiC.Oid_ 160 25 h2X< 

79 34 62.96 35 3.7(7.61 sept Aor.LuicroftE.30p_ 58 27i 3.49 

31 2311 1.70 « 8.6 $ Nov. Apr. UFi Fund tare lOp. 8S 232 hfdl5 

92 19.9 3.46 1Z4 L8 65 _ MnplelOn. 18 574 — 

W 30J dL19 19 45 (DO) Jan. July Marks* Spencer 145 155 424 

& ,f?5-R S'! H'^Feb. July Uartin.Vews 248 31 6.6 

32 hV-. H &-S J'S Jan. July Menries/J.i 163 1411 h23i 

70 3.4fd2./4 2j 5.9103 _ Michael (Jil4p_ 11 873 — 

S 2'2 21 2-? Feb- July Mid. EducaL50p 92 31 14-24 

1? li-l 3-3 li 5'i Jan. July MomsBIakey 56n! 305 431 

66 2J-2J3.96 25 9.4 4.7 jaj y Jan. Mothctare I0p._ 160 155 Z 92 

« iS-S Jan - Oct EdOro(Hldgsl_ 157 33 15.69 

- 30.f Feb. July EaottWU-Z 107 1232 14.8 

8- 9 5.8 Jan. June Bog. Card Doth. 85 1212 1256 

li 55 Jan, Aug. Eralndnstries- 89 1 222 |48 

a h5 , -1,5 ? May oS. Expanded KetaL .67 . 3A 3.68 

M *21 “ numer(S.WJ 121 Z5 d5X5 

b A H I* Ang. May PinsIderUraSOO B 155 

I f T?n mr - OcL ETrth (CM) I0p_ 25 221 14.03 

£-? Sept Apr, Fhiidmefflp_ 77 30.1 61332 

9- 7 83 Feb. Aug. F(fteiEfon/v« 23b 2tU 137 

no *■» Dec - 3uti * Pmw^lnds 65 155 337 

H S'Z Jaa - Jima ®nntnL20p-_ 76 Sail 13.77 

Jjj* Nor. June GutonEng. 1%-. 86 155 5.7 

?-? H7? J«n- -Aug- GejLBiSfidJftJ Mb 3J h0.97 

Jone Dae- fflytwed --- 1T8 155 820 

f62) — • Granges £100 675 676 - 

?-9 - May OctGreenbauklBp_ 48m 17.4 dKU9 

K Tv Not - June Great's Bwn 65 17.4 424 

53 42 ^ Jan. tLKJt.O 261 17.4 1556 

2-3 — Aug. Jan. Bibit Fiectsioii 9p 33 lfi.1 dZO 

9-jj 50 Nov. June Haden Carrier— 96 155 7X0 

^-SH-2 Apr. Oct H2llEns.5Cp 107 14 4.43 

July Hail Mfitthei? 220 155 7.08 

Mar. Sept HaOifeSCp 138 133 T5.8 

5.0 M.6 Apr. SepL Hamnson__ 13 BJtdnO.68 
LL0 65 Jan. July airtto Marty. _ 23 25 IX 

— 311 Jan. July HsaterStd 216 155 4.08 

5.7 5.4 Oct Apr. mi* Smith 66 132 d2.19 

* Jane Dec. HopkinsouSOp. 104 25 5.06- 

2- 7 « Nov. Mar. Btnrarri Kachy_ 31 132 223 

Z7 4 May Oct Howdentamp— 59 3.4 3.65 

H Jaa - Mar HuntMtecrapap 26 3.4 tf-7 

3- 8 13.8 May OcL LIU -_1 57V 1 33 3.27 

|-9 4 Mar. Oct 
1L9 Sept Apr, 
2-7 ® 3 Fe ^ Aug. 
9-0 4 Dec. June 
93 4.7 jan_ 

^-8 ,96 Not. Joqo 

5"? Kn Jaa - - An *- 

43 1Z0 Jane Dec. 
52(62) _ 

0-2 - May Oct 
K T'i No7 - Jnne 

53 4Z May Jan. 

4 92 

4.0 7.9 
20 751 S3 
Z810X 53 



Z7 4 May Oct Howden tonp— 59 

9-1 32 Jan. May RmttMoscropSp 26 

3.8 13.8 May OcL LHJ 57 

- 1753 Aug. Mar. rwksnJ*HB5p_ 27 

4.414.6 July Jan. JenfcsiCatteB-I 73 

4.0 5.9 Jan. June Johnson* Filth- 65 

22 95 Dec. Jane tones Group lOp. ' 71 

— — Mny Oct Jones Shipman- 134 

hl3£ 83 Z 
44.69 ZU10. 

12 ?'" 
4.9 9.2 
6.4 7.9 
60 55 
Z9 9.1 
5.0 33 
i 7.4l 5.9 
10 . 



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53j 5 

22b S.4 S150 
19 k 212 92c 

13 s, 303 aoc 

UJ 11038 3.4 
27.2 15.96 25 
132 5.03 LI 

31 5.49 15 

330 0 5 4 

25 2.J9 34 

155 dl 76 1* 
155 dl.76 L* 
1‘ 13 2J 

474 — - 

175 - - 

55 d354 16 

9-'Sl,?-7 July Jan. Mothercare 

30ml 505] 1.75 

” 5-s Apr. Oct Williford Br.5p_ 
“ 2° May GibbsD'd/AlOp 
- 4.6 July Feb _ i^ondUjlOp- 

8 W 11.41 SJE- *•*»* Prtanjmn 4Xb55- (based on $2.0363 per £l July Oct GiossopW.*J _ 

IS S: 

Feb. Gkeswilijjlllp- 
Oct GliwsopW.iJ — 
Aug. G'gh CooperSOp- 

43m[ 7X5 11.84 

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10 **Aict fit’pc 75-78 

1J * 1 D.J.5i3X-77« 


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12A "Do Spc 7**) 

1£D ■'Dalfjpc TO88 

IN SiK AIncaS'Tpc’J'MJL 
1 0 Sth.Rhod.Zia>c b5-W) . 
1 -tJ Do.6pc7841. 

99b zb; 
92bd 3U 
83b za; 
97b«l 1U 
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Public Board and Ind. 

IJlAgric. ML 5pc ”59-89 — 59xd 15 

31 DpUcMlfljpc 39-94 81b«d 155 

lsT"MeLWtr.3pc*B” 28b L2 

31 DjD SALC 9pc 1982 13 Ld 155 

31 Enbo.wUiaoul Warrants. 89xd 155 


29 1160 Mridmrt | I l^l Kj L]™|„ J?n. jZ&ESZHi ft- 

2f7u». iffiferlSS ITOI=Ji|= 

558 961 Apr. 

5.82 1035 Slay 
668 1123 Oct. 

FLUB £32SU 28.41 t023b^l 2.5 4.! 

*053.00 — 5. 1 
11L13 53 5.: 


6X7 - 

1031 12.40 

30J **FF1 13pc XI 

ISM 1SN Da 14pclB '103 

.201 - SOD Da MW 103b3a! 

31 MraOSICFrfi'ipcDeb.XOX:- 81b 

TilMy 30N rnj.P,j>a>K81-« 75b 

11J llJDalrJiipcUnsLn.'W. . 90b 
HJ 11JDallpcllns.Ln.88... 91b 

1 U 1 1 J Do. llbpc Uns Ln. 110 _ 91b 

30 Je 31 D Ea 7-4pcAD*. »92- 66 

31 Mr 3t»5 Do WiprADb "91-94 63 

T'lMrtWS PaSbc-A 1 Hl-94 .74b 

28F 31 A [w3tpcU ' 92-ff7 - 71b I 


__ 103 

■eb. Sept 

H65 May 


1120 _ 
1380 . _ 

1230 ■_ 

1250 _ 

1549 June Dec. 

Nov, (Clive Dtfid20p_l 77 
SeptKTmil Atm. (SAIL I 208 

£1_ 290xd 305 1933 
30p_ 77 2.51 4.7B 
SAIL 20® 13itQ16c 


Interest } - • [ price I last DiVx Red. 

Tiue | steck | £ . | ri Gross TkU 

— Anttdasa-ta R!y.._. 19 8711 — — 

LI D DoSpcPref ;33nl 305 — — 

l.f 1J Chilean Mixed 98 3.1 3 f3.1< 

1J IDGennanVnc.4l2pc. 405xd 132 4b — , 

1M IN Greek Tpc .Ass. 54id 25 3b {641 

lr l.A Do6pc28SUb..4ss._ -51 12 6 f6« 

1A 10 D>4pc Mixed A*. 43 34 4 I4.7t 

May 1 Hunt 24 .to 55 25 4b 5« 

aw 3 ID Iceland ebperc® 67m 305 — 12.H 

mi mi irrisndjijpc ”81-83 • 843 4 1202 Vj 12.M 

1M IS PoWjptW-Sti 79b 152 9b 13X2 

668 1128 Oct. Apr. Alien Haney £1 . 295 133 bl9.2 - 9.9 - 

4.11 944 Dec. June Allied Irish-.- 1E6 155 7.5 ~ 6.1 — *™ r - 

651 10.99 Dec. June ArbuUtnocLtl.. 160 3J1 1925 - 8.8- -'Pf- 

9.09 1050 Mar. Sept Bank ABCT.S1565. £19b 35 094 c - 2.8- *;«• 

10.17 1184 July Jan. Bk. Ireland EL- . 365m 305 15.00 — 62 - Apr. 

— . _ Mar. Sept Da 10pcConv._ Q70 132 Q1IF6 — ffa.0 - ,ai 

_ — May Aug. Bk Leumi l£l_ IE 85 Q16»6 - 29 _ . . 

Aug. . Feb. BkLwunitUBEl 160 301 736 15 7.0 143 £pri 

Jan. July Bk.N.8W.$AZ._ 552 1212 ttJ30c - 3.4 - Apr. 
• . Nov. May Bank Scotland £1 290 U.4 10.89 3.6 5.7 7.4 f e . b - 

* A. J. O. Ja Bankers N.Y510. £29 303 QS3.1W — 5.9 — 

Apr.OcL Barclays £1 330 272 1L13 53 5.1 S.biJJff- 

8.41 1159 Jan. July BrownShipleyEl- 230 201 18.42 - 55 - 

12.88 3330 Jan. July Cater Ryder £1_ 290xd 305 1933 - 103 - Nov. 

10.71 1239 May Nov. CUveDMnt30p_ 77 25 4.78 — 9.8 — J “- 

6X7 - Feb. Sept Com! Aus. (SAIL 208 133 tQ16c 26 4.7 01 

1031 1Z40 May CamibkDMlOf- £16b 577 018% — 2.9 — Aug. 

March CTjeoUhtKrlOO £17i 4 7 3 012% - 6.7 _ *£■ 

,, JllJ.v ' Oct Connthian 10p_. 21 25 0.7 - 5.C - N°v. 

May Cred. France FT5 £21b 577Q9X7% - 3.1 - J “- 

1140 Jan. Apr. Dawes (a R-i 40 1810 - - - - Apr. 

Iff* - D«asd* teak DIED. £109b - Q18% - 2-1 - 

H-SS — F.C France — 60 25 ZOO * 5.0 <t , A P r - 

11.80. _ Fust NaL lOp — . 2b 974 - - - - J“; 

12^ •- Da Wrrts. 75-83. % - - - - - 

12J0 _ Fraser .Aas.lOp_ lib *76 0.03 - 0.4 - Dec- 

14-10 June Dec. Gerrard NatnL_ 173 25 8.17 - 7.2 - ^.ug. 

lf-40 May Nov. Gibbs IAI 50 25 220 _ 6.7 _ »«• 

13M Mar. Aug. Gillett Bros. £1_ 202 732 15.18 - 11.4 — Feb. 

June Goode DlMryXp 23 17.4 033 - OX - 

1Z90 13.45 Mov. April Grindlaj! 97 3.4 175 7.2 43 3.4 J“. 

April Oct Guinness Feat— 236 301 TlO.O - 6.4 - ^. b - 

ITT 6 Dec. July Bambros 187 2812 t952 — 7.7 — 

Dec. July HillSanmel 89 28U t4.32 - 7.4 - Ap. r > 

Red. - Do. Warrants— 462 - - — - - 2£ 

»« Vkdd ^ept Mar. HwigShagSlfiO. 264 233 hQ59c - Z6 _ Nov. 

• June Nov. Jessenpynbw_ 73 25 4X9 — 8.5 — J . an - 

— Jan. June Joseph i Leo i £1_ 190 2811 18.01 — 6.4 — -£ an - . 

- - Feh. Aug KeyserUUmann. 52al 305 0.66 - 19 - J“j* 

3 0.10 June Dec. Kins tShasaip. 59 155 3 39 - 8.7 - J . an - 

4*2 - 'May Nov. Stemwort BI„ 103 3.4 4.12 - bj - Aufi. 

3b f6.48 Aug. 'Apr. UogrdsEl 280 272 9.09 55 4.9 5.6 *Pr. 

6 f600 Jan. SepL UansOT Fin 20p. 45 30J 1Z79 -15 9.41L2gw- 

4 14.76 Sept MeranySecs — U2 E.7 339 — 4.6 - 

41, 5.00- July Apr. Midland El 360 25 14.75 43 62 5.6 {“■ 

- 12 BO Dec. June Do. iyi4 83-83- £B7 1411Q7i ? % 21.1 18 6 — -Ju"* 

7b 12.38 June Dec DallA%B3-98_ £83 155 Q105, B « 2L1 Ml — 

9b 13X2 Jan. July Minster Assets- 59m 305 355 <t> 9.1 * ? e , L 

ric. Jan. JuJv Do.ipcconv. — £Z7I 
_ - HevvdWm.50p_ 114 

_ Dec. June RiirgiirHiU 30 

90 Jan. July Rmeringham — 7B 

a l v Jan. July Do. Res.Vig..._ 
]l _ jMar. Sept, yotrart Shut lffp 

_ Apr. Dec.lLDC.20p u. 112 

‘Nov. ManlbstockJolwsen, 173 


17.4 0_L3 
3.4 Z75 
301 TlO.O 
2SJ1 t952 
aU 1432 

233 h059c - Z6l 
Z5 4X9 — 85 

an +8.01 - 6.4 
305 0.66 - 19 

155 339 - 8.7 

14 4.12 — Hi 

272 9.09 55 4.9 

_ £'•> _ Apr. 0“L laLTnnbe? 122 

310%) - fb.0 _ Jai July JX. EoidtngjSp. 75 

jIA^hI ?Q — J-( -E-li Z8 

1 Tj 7 0 145 April Sept. JarrisiJ.i 179 

_ 34 _ Apr. Sept Jemungf SAOSO, 1Z0 

3 6 S - 7 7 4 Feb - Aug. Johasoo-Rkhardi 94 

_1 in _ Jnly Dec. Jones Edw«L10p. 14 

5 3 51 5 b! Mar. Nov. Kent fMP.i]0p„ 38 

_ 55 _Dec. July Lafarge SAJI 00 £3Z7 B 

— 101 — Nov- - June LaingiJahnPA". 168 

9* _ Jan. Aug. Latham i J.tEl.—. 120 

Z6 4 7 81 ^7 Nov. LawreoreiW.l— 92- 
_ 5'9 _ Aug. Dec. LeechtWnuSOp- 76 

_ (. 7 Apr. Sept Le+land Paint— 71 

_ 50 _ Nov. June LifleyFJ.C 74 

_ Vi — Jan. July London Brick 71 

_ _ _ Apr. Nov. Lo+eli ( 1 J.i 86 

_ yj — Nov. HcNeill Group _ 59 

* 50 * Apr. Aug. Mac net &5l taut- 204 

_ _ — Jan. June Mauiafon-Denny 49 \ 

_ _ _ Nov. June Handers iHMfil- 84 

— 04 _ Dec. Apr. Marrh^ieL, — 293 

_ 7j _ Aug. Mar. Marler 74 

— a 7 _ Mar. Oct Marshal la fHTx> _ 99 

_ 11*4 _ Feh. Aug. May A Hassell 67 

— O R _ Mar. Aug Hears Bros.. — — 21 

77 n a a Jan. July Melville D & W. . 40 

60 1TJ0 5.76 * 10 

76 3015.28 1.410 

33 161 tL95 3.1 9. 

35 14.9 *2.03 12 

74 155 436 4 8 

155 28117.54 Z3 7 

64 155 L29 * 3 

£270 1112 Q7% 4 £2 
114 *7« — - - 

30 25 3.45 5.8 6 

78 25Z08 4.1 4. 

73 15 Z08 4.1 4. . _ , 

,25 501 1L56 3X 95 43 Apr. Dec. I'ptoniDLV 30 17.4 225 O.B 13.- 

112 k^S 1 ?-* 8 S-Z m OCL May Vantona20? — 126 15J 515 53 6J 

175 .'4 614 3.8 5.4 6.5 jan. July Vernon Faso. 10p.. 136 155 307 65 x‘ 

122 132 1629 2.8 7.8 6.8 Dec. May Wades -.V20p_. 44 32 12.01 3X 6 .« 

75 i55 1.06 118 2.1 6.0 May Nov. WalierlJas.l 84 3.« g232 45 4J 

,32 ?# £■& ,1 M May Nov. DaN.V. E2 34 g23Z 45 4J 

179 13J 1860 25 7 3 6-4 June Jan. WallUlOp 88 3.3 251 4.4 4j 

^ May - Nov. Waring 4 Gillow. 200 3.4 h323 35 4.‘ 

?4 “iX 3 W-2,3-6 S-5 J“n- June WearwcllSp — 23t s 1375 - - - 

14 X5QJ2 18 10.0 85 Jan. Sept Wharf Mi 0 lOpf- 22 2111 144 15 9.' 

38 25 t2;06 18 8.2 103 May Nov. WUknsn Wartto. 6S 3.4 d5Jl 23 1H 

SI 7 * M H £2 $2 Apr. OctilWoolirorth 67 133|4.18 13| 9J 

168 JjJ 3.12 6.B Z-B 7.0 


76 M.13 5.08 1X10.1 8.6 June tree. AX. Electronic- 125 17.415X7 Zli 6J 

71 155 3.70 3.7 7.9 4.4 Apr. Oct .Allied Insulators 71 272 4.13 24 8.f 

74 17.4 2 5 4 3 5.1 6.9 January Audio Fidelity lllp. 27 28J1 d21 33 11.2 

71 17.4 3.23 3.7 fa9 55 Nov. May Auto'led Sec. lOp 79 25 132 3.1 2i 

86 30J 3.89 3.9 6.9 (4.1) July Jan. BICCSGp 112 155 7 05 15 95 

59 5177 *2.89 — i - Apr. Hov.BSRIOp 106 133 4 77 25 65 

204 50J 18.0 27 a.9 9.4 Oct Mar Best k May 10p_ 57 30 J 1274 24 7J 

49i; 155 279 2 8 8.5 63 Jan. June BmvthwpelOp- 52b 155 L62 43 4.7 

84 25 254 3 3 4.6 10.6 Jun Nov. Brocks life 72 155 3.40 LI 73 

293 32 f3.4 127 1.8 6.8 May Nov. Bukin ‘A r 5p 26 155 131 LB 7.7 

74 1 hi d249 3.4 52 6.4 Apr. Sept Cabldonnfi) — 76 212 133 123 66 

99 132 W5.24 2 8 8 0 6.7 June CampbeUlshad. 140m 3C5 290 103 33 

A-iJ2 Z JlJ y Feb. NS5Ne»s lOp — 133m 305 12.12 

9.8 10.7 j U ne Dec. Owen Owen E2 25 2X5 

IS ir laa - July Paradise iB. IO jl 26 1302 - 
M 5-f Apr. Oct Pawson (19J-I — 4Dj DJ 0X5 - 0.« 

J?', Z l Jan - Apr Peters Stores lOp 43 17.4tdl00 4X 3.f 

1 |-1 75 _ Polly Peck !0p_ 8l 2 175 - - _ 

S3 22 Feh. Sept Preedyi Alfred i_ 88 1212 12X5 52 4.« 

— - Dec. June Ramar Text 5p_ 6 17J9 fc0.21 4.8 5J 

— — Mar. Sept. EatnerslOp 75 303 hD38 126 Oi 

If 2 i 6 Mar. Oct Ray beck lOp 75 163 +3.03 2 3 6J 

f| f- Dec. July Readicutap 35bal 305 159 * 6.E 

|3 65 July Dec. Reed Anson ‘A’- 91 17.4 286 42 4.E 

?f 65 Apr. SeptRliliniIO*£'18pu 19 477 *119 OX 1 

65 fa6 _ r RosgtllSp— .— I 17 875 — 

lg-3 ♦ — SAU Stores 15ai 14 276 — — — 

105105 _ Da23%PL12tjp 14J 2 276 --- 

9-0 Feb. July Samuel (B.'.V- 280 163 10.0 

1 15.0 Dec. July Selincourt5p— 22b 2£31 122 

7.0 17 June Nov. 

aih£ Z 

13 ass 

— * Apr.- Dec. 
0.9 — Dec. An* 
35 8.9 Jan', July 

— — Janl July 
4.9 127 Mar. Sept 

5i ^l 1 A P r - Nov - 
0.8 7.6 January 

6J 13.6 Jan. Jnne 
6-8 * June Jan. 
4.8 7.7 Oct Apr. 

ini (knap.-— 





— Dec. Ao& Uoyd(FXl 72b 

8.9 Jan'. July Lotkcr(T15p 18 

— Jan. July Da'A'Sp. 18 

127 Mar. Sept LondonZlOdrd. 88 
(I*' Apr. Nov. ML Holdings— 115 

7.6 January Hangjin Bronze_ 83 
116 Jan. Jnne Martimairato— 170 

9, June Jnn. McKcchnie&ot 89 

7.7 Oct Apr. HegetttSp ■ 17 

073j Oct Apr. MetairtuS?.— . 47 

— Apr. July Midland Inds.Sp. 42bm 

— September Miring Sup. Up. 77 

— Mar. Sept ffitcbeUSomlto 65 • 

59 17A 3.28 

23b 31 1-45 

65m 305 143 
36 25 6250 

72b 2231 14-82, 

in -9 19 4fl7Q 

3.4 8.4 4 : 
L9 9.4 I 
L710X 1 

1.4 8.4 U. 
24103 fa 

— Sherman tS 1 )0p. 

Feb. JulypmlbW H'A'SOp. 

* May Nov. Stanley A.G.5p_| 125* 17.4 hi88 

— Sept Apr. Sum* Inset lOp 1 1B0 I 30 1| <14.06 

— Oct. Apr. SieiaherE lOp. — I 17b! BiJ d0.87 

— Oct. Apr.jaewbe 
JO Jan. JulylStunrie 
9-Z Jan. JulymmaPr 

— 27 
10p.. 150 

J-6 Feb. July! IDS Group 8Sri UPsiO 

_ Aug. Mar. Marler 74 

_ Mar. Oct Marshal la fHTxi _ 99 

_ Feh. Aug. Mari Hassell— 67 

_ Mar. Aug Meats Bros.. — _ 21 

Sal » 4 Jan. July Melville D & W. . 40 

64^ _ Feh. Sept McyenHodLLj- 84 

^ _ Oct Feb. MUbiny 108 

_ Apr. Nov. Tiller iStani JOp. 32 

__ OcL Apr. Mlsnucrete 65 

Nor, May Mud. Engineers. 37 

Jan. July Unnlt'A> 97 

_ Jan. July Uowtem'Ji 111 

— Jan. ' June N'ewarthiiiLl 149 

_ Jan. July MoUt 931 

— Aug. Feb. Non. Brick 50p_ 270 

5gApr. Ocl.OnneDm.lCip_ 48 

US ~ - Har. Sept ffitebeLSomlOp 65 

BO 163 10.0 * 5.6 * Nov. July UoleiM}20p 31 

22b 2211 122 * 82 * May N^.Molra„_ 131 

13 575 — — — — July Jan. Moss Eng's 

54 .35 220 63 2.2110 Apt Oct NmscadCZ: 44 

35* jj.A hlffl 25 5.1 23 Jane Nov.NelfftJasIHdgs- 98 
fO 301 d4.06 26 3.4 17.0 May Nov. Newman Tonks.- 60 

i? 2 i;- *-5 i-5111 Sept Feb. i lortcn !W. E.) 5p 38 

27 27.4 127 12 7.1 17.6 July Jan. Osborn i$l 99 

50 1232 168 6 17 6 Jan. Aug. Pegkr-Hatfrale+_ 176 

SS rt ian - June Porter Chad. £0p. 115 

30 l.< 225 0.813.4 17.5 Apr. Aue. Pra«(F>. 70 

« ^ If H 5.6 SepL Mar. Priest rBea) 73 

3* bi 307 65 j. 4 51 July Dec. Prxurl!fcpc«V33 £82) 

®5 j. 4 53 July Dec. Prjcorliysjaa £82) 

3X 6.9| 5.7 June Dec. BXJ.HwdlnES_ 3& 

45 4Xj 6.7 Dec. Apr. Raine Eng’s lOp_ M 

45 45 65 July Jaa. BJELP. 56; 

5-5 if Z? May Nov. R'nswnes Sim. £1 158 

35 W 83 Mar. Sept RahcfitTelnds— 70 

- - 231 Nov. May Ratcliffs 1G.B.1 87 

15 9.9103 Oct Apr. Beconi Ridgway. 77 

70 27, 

73 13 

£82ri 30, 

l^U 1 «-9 

I2U f476 27 85 
132 13.92 3.7 52 
■HU 188 95 34 

25 1554 3X 4X 
155 14.95 26 85 
27 J 0 A 5.4 35 
135 falX3 53 33 
305 r d0.99 75 35 
El 13 5.7 22 

mi flM 6.9 35 
3.4 0.41 83 20 

3.4 7.15 19 83 

305 436 2 2 9.0 

3.4 tZ94 17 102 
15JM6JS £8-9.9 
3.4 13.64 24 9.2 
[212 t0.62 5.7 25 
155 41357 3.4 55 
212 e7.68 3X 6.6 
155 5X7 4.0 6.9 

272 4.81 20 10.4 

132 65.28 23 10J 

an. An 
mil Au 

38d 3D5 t272 1410X10.41 

14 133 0X7 19 95 8. 

56m 3)55 3.84 20 105 73 f 

58 133 854 29 82 4. 

jlf 1 ! Apr. Oct] IT dam HTnan lOp 

L78 1 4.0l 63r 45 1 July Dec. 

27 1 4.13 
2811 dll 

25 132 
155 7.05 
133 4 77 
301 1Z74 
135 162 
155 3.40 
1 55 131 

272 135 

«d. 140m 38.3 290 

155 270 
31 1438 

31 t4X 

12 25 dO.75 12 95 12.7 Apr. Dec. Decca 

65 34 3.19 19 7.4 105 Apr. Dec. Pa 'A 1 

37 15 270 1.7110 8.0 Feb. July Dcm Iron 10p_. 

97 311h339 3.6 5.0 S.4 Sept Apr. Dewtnrrsl 'A‘ Wp 

31 25 65 33 8.9 5.1 May Dec. Dowding AM.Sp. 

.49 25 d4.84 7.D 4.9 4.4 Oct June Dreamland lQp_ 

93b Z6.ll 458 ♦ 7.7 6 Jan. July DubUierSp 

70 ltd 1155 3.4 6.5 5.4 July Jan.EMBp 

0.4 128 |74A. Aug. Feb. Comet B.Serv. 5p_ 127 
*102 * April Not. CrarETnowcJOii- 23 

35 7.6 4.9 Apr. Oct Crelhm lOp Z3* 

5.8 6.7 103 Dec. May Dale Elect. 10p_ 145 

2111 1467 23 

|| sajt Aqiss-ssiise 

n 5 in 2? Feb. Spooner I ads — 53m 

^ I Ifn 7 ! H ffJS&MOF Nov. SurtritcSOp — 78 
tlS-Z If HJH Jul ^ J»>. Sta+etey India 246 

9.4|12X Aug. Fob.Benolda 128 

June Nov. Richards of Leia 70 
[Q ' Feb. Aug.Pjdt‘MW«i.S«p_ 591 
7, — - Oct May Robin.™ Tiros.) 72 

63 110 Nov. June Botret 10p 127 

i5.4j July Jan. Sanderson Kayser. 65 
U.Sj 3.9 Mar. Oct SavilieG.(10p(f- 243; 
25(145) Nov. June Senior Eog'g lOp 231; 

ff Feb. Aug. Semi 89n 

6-g So Oct Apr. ShakKp're J,Sp_ 323. 
If K JaD - July Shaw Francis 3p- 28>s 
ll.frs Jan. Aug Shecpbridce— _ 73 

Zfjf-Z Jan. June SuvmEngg 223 

‘f Jf-9 Au ®- Jan - ®0CrtHip 83 

August Smith(WuLi5p_ 10. 
3-1 9 J j an - May Spear A Jackson. 134 
fag W*J July Mar. Spencer tit 20p. 31a 
2-B 1LJ J nn Julv Sncnre.- [>srs 5n 19>iH 

87 133 190 
77 132 4.5 

128 X " 28JJ t858 
70 17.4 3X1 

591; 17.4 4.53 
72 DA 358 
127 345 dZ37, 

65 17.41 4.38 

* 10.2 A I 

27 3J 

28 8.9 
Si 4.9 3.91 
17 102 ( 71 

32b 34 192 
28b 155 264 
73 1431 13.46 
23 155 7.77 

83 1232 13.71 
10 . 26.7 torn 

3im 3051 dZ39| 

d9J8 10|10-6j(13ii 

110.7 1 3.1| 37 132 Nov. May Stone-PbU-— 120 
fa® OcL MaySytaiHenryl— 96 

21 S I A P r - Oct TacelDp 29 

Z'? 1 2f J an - May Taj lor Pa I lister.. 93 

g-f.35 Jan. July rwaJenut 136 

If,! Fcb - Sept- Tct-Abrai 10p_ 66 
9.7 7.9 May TbjsMDDmlO— B95 

17 2831 1066 blM 5.9 6.8 OcL 

13b JO.U0.83 

July JanJ 

31W.99 1.5 

43 13.2 Apr. OcL, 
£ ? Jan. May| 
2-S-I5 Jan- Julyi 

Sykes 1 Henry 

30X 12.79 1 -15 4'a]n'?|Nov- Julyfeartar Timber- 1 100 

481; 273 1262 I O.W 8ai2J.ii Aug. FebTDoXVftConv.'Bl £97 

339 — 4.6 

14.75 45 6i 
Q7K%213 18 6 
Q1 (A 0 o 2L1 <?L’j 
355 * 93 

_ Feb. Aug. Phoenix Timber. 168 

5 1 Jan. July P whins . 145 

_ June Dec. ItSLC 127 

5.91544 35 82 53 Feb. Oct SerTHraps lOp. 404 2831 145 

33113-88 132 3.5 23 — Electronic Mach. 25 975 — 

'' hd4.62 53 4.0 6.2 Mar. Aug. Bee. Ren Iris JOp 124 121! t5.0 

5.77 Z9 6.9 73 Jan. Aug. Energy Sms. Bp~ 12 1 * 16.1 03 

13X1 3.4 43 93 July Jan. Ewr Ready I53*tf 505 4.28 

d45 22 8.0 (6X1 June Nov. Jbrnell Eire. 20p 276 155 6.6 

4.32 2 7 6.8 &2 July Jan. Fidelity Rad. IDp 78ri 305 5.13 

25 32 3.6 124 May Nov FontariT«h.50p 120 25 bfa7 

MZ23 8.9 3.2 53 Mar. OcL G EC 260 30 J t3.b 

150 23 6.210.2 January Highland EL TOp. 28 3110 dLO 

226 L9 9.4 8.7 Oct Apr. Jones Stroud— 85 272 4.24 

M3.9 25 7.9 7.8 Jan. Jun. Kodelnt. 131 3.4 47 

82 53 Feb. Oct EJerf comps 10 


Teles: Editorial S86341/3, 883897. Advertisements: 885033. Telegrams: F i aant i mo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Stnnmaiy- in London, Binning ham. 

Liverpool and Manchester, Teh 248 8028 


Amsterdam: P.O. Bax 1296. Amsterdaro-C. 

Telex 1UI7I Tel: 240 555 
Birmingham: George House. George Road. 

Telex 338S50 Tel: 021-454 0B22 
Bonn: Presshaus 1D104 Heussallee 2-10. 

Telex 8880542 Tel: 210009 
Brussels: 39 Rue DucaJc. 

Telex 23283 Tel: 512-9037 
Cairo. P.O. Box 2040. 

Tel; S3&5IO 

Dublin: 8 Ficwilliarn Square. 

Telex 5414 Tel; 785321 
jEdinburgh: 37 Georcc SlreeL 
Telex; 72484 Tel. U31-23S 4120 
Franlcfurt Jm Sachsenlaeer 13. 

Telex: 416353 Tel: 5K730 
JohanncsboTR- PO. Box 2128 
Telex 8JS257 Tel; 838-7545 
U.ibon: Praca Ua .-Uesria 58-lD. Lisbon Z 
Telex 12533 Tel: 362 508 
Zrindrtd: Espronceda 32. Madrid 3. 

Tel. +t I 67T2 


Birmingham: Oeor^c House. George Road. 

Telex 338650 Tel: OZ1-1S4 0922 
Edinburub- 37 Georcc Street 
■ Telex 72484 Tel: 031-226 4139 
Frankfurt fra Sachsetilagcr 13. 

Telex 16263 Tel: 554687 
Leeds. Permanent House. The Headrow. 

, Tel: 0532 454965 


Manchester: Queens House. Queens Street 
Telex 086813 Tel: 001-834 9301 
Moscow: Sadovo-Samoiechnaya 12-34, Apt 15. 

Telex 7900 Tel: 294 3748 
New Y’orfc 75 Rockefeller Plaza. N.Y. 10019. 

Telex 66390 Tel: (212' 541 4825 
Pons 38 Rue du Serttier. 75002. 

Telex 220044 Tel: 23&S7.43 
Rio de Janeiro; Avenida Pres. Vargas 415-10. 

Tel: 253 484S 

Rome; Via della Mercede 55. 

Telex 61032 Tel; 678 3314 
Stockholm: c/o Svenska Dj^bladcL Raalambs-.-agen 
Telex 17603 Tel: 50 BO 38 
Tehran; P.O. Bex 11-1879. 

Telex 213834 Tel: 882898 
Tokyo: 8!h Floor. Nihon Keizai Shucbun 
Building. 1-8-5 Olcxaachi. Chiyoda-ku. 

Telex J 27104 Tel: 241 2920 
tVaihinKUr.. 2nd Floor. 1325 E. Street 
■ N.W.. Washington I».C. 20004 
• Telex 440225 Tel: (^02) 347 8676 

M one hex lor: Queens Houao. Queens Street 
Telex 098813 Tel: 081-834 9381 
• New York: 75 Rockefeller Plaza. N.Y. 30019 
Telex 423025 Tel: (212i 489 8300 
Paris: 36 Rue du SerrtJer. 75002. 

Telex 220044 Tel: 23688.01 
Tokyo: Kasahara Buildtnft. 1-6-10 UchBanda, 
Chiyoda-ku. Telex J 27104 Tel: 295 4050 

Jan. OcL Rediand— — 133 28J1 13-8 
OcL May R'ch'ds. Wall 10p 86 17.< MS 

July Dec. Roberts AdianL. % 155 fi.32 

— Rohan Gnrap 85 — Z5 

Dec. July Rnwtinson l&p*_ 105 1ZJ2 Id 21 
ljuly Nov. SoycoGrocp — 36 bd 30J 130 

Nov. May Raberciri 38 17.4 Z26 1 

I Jan. June Rugby P. Cement 75 Z5 M3.9 1 

j Apr. OcL SGB Group — _ 1U B2 S2S 3. 

Dec. July Sshah Timber lOp. 36 155 L63 * 

Cict May Sharpe 6 Fisher. 43«d 50 J blA9 Z 

Dot June Smart ■/.) lOp — 48 >Ul td2JM 4 
OcL May Southern Con. Sp 61-477 — - 

Noi'. July Streeters lOp 29 3110 1hli3 4. 

July NovklbnnacflOp 260 15 980 Z 

July Oet. ravlorWoodrow. 378 17.* 7.60 5. 

May OcLrdbiu+CIfiEl.-. 297 17.4 20.04 Z 

May Oct Travis 6 Arnold- 134 Z5 d3.81 <P 

Fcb. Aur. Tunnel 350p 260 1222 19-9 Z 

Feb. Aug. UBM Group 69 3. W214J0 * 

Aug. Feb. Vectis Slone lOp. 25 32 L48 2. 

Mar. Oct Vibroplant 177 152 fd9i^ 

Apr. OcL WardHldgs.lOp. 35 272 025 

Dec. July Wsmnjaoa 48 Z5J 3-13 

July 'Nov Watts Blake— lW^ia 17.4 hZB 
Jan. July Westbrick Prods 3 f 12.12 *Z9 

Jan. -June WetternBror 97 13 6+2-0 

Apr. Sept WhatllnjsSp- 41 501 257 

Nov. May Whtl gh'mt^p- 33 34 0.99 

Mar. Oct. ffijxsuCon.lOp 24 132 tl-5 

OcL July WitaroConcoHyt 135 15 023 

May Oct. Wimpe.- iGeoi 79 | 2i|®-68 

Q8 ]pL 273 R.O - Apr. Oct 
14^6 65 2.7 13 5 Jan. Aug. 

ttO « fai fa9 M3 Juu? Ct ' 
t-, ?-Z J- Ape. NovJ 

kiuF.H.5p. 24 
lesFdnes. 78 
e Invests. £1- 384 

■ifT 65 

ickIWAUOp 22 

1 5i,?-S iu,y I7«- LUt.Eng'g I0p 

** .3 * 1L5 July Fcb. litd.Spriiw 10p_ 
i 1 o2 i?n Jui >' Jan - l - W *i»<Sl«ip. 

4.9 9.4 Mar. Oct Lao rente SwU.. 117 13, 

6.9 * June Oct. LecRcfriE 72 17. 

i 6.7 83 Jan. July 1LE. Qcctric 182 J 

6.4 5.7 Jan. Julr Mairhcxd 176m 30. 

— — Jan. July Newman fnds— 84m 30 
SO 3.9 Mnr. Oct Newmarfc Louis. 178 30 

9.3 7.6 July Jan. NonnandEL20p. 48 3. 

30 90 Mar. Sept Peitiii-Eliner4pc- £85 11 

10.2 5.9 Jan. July Petbow HMg IDp 204 3 

4 3 ♦ May Dec. Philips Fin. S»% £54 15. 

59 92 Dec. May Philips Lp. FID- 935 1Z1 

9.7 * Apr. Oct PlfroHklrt Sp, 94 17, 

flg-2*. July Jan. UldR-ire Group 1 : 64 

» 1 *^Li 3f 1 n2 Jan - June ttckersll 175 

?01 ta.64 72 2.1 9.9 Apr. Oct. VirLor Products 13&. 

1110 dL07 L8 5.8 14.4 Jag. Aur. 104 

32 4 24 3Z 7.6 63 Nov. Juno W*tlun» P __~ U3 

.{J 3.0 5.4 7.0 Mar. OcL Wagon I ndu sir L 128 

JM 55 0 3.0 6.5 7.9 Doc. May Walker iCAW.l- 119 

39d 305(222 
26 33L45 

!7-g 42.59 5 m 5.51 5 A Apr. JuTt Wart tT.W T._ 

11 L45 2J 
155 4.69 2.: 

155 9 81 Z! 
133 13.03 4.1 
1Z12 B5J Zl 
Z5 58& 3.' 

732 16.92 2.: 
155 6.00 « 

4 t f 4 DW - Atl *- 

4.6 54 Apr. Aug. 

1 4.0 7. 
fa3 10. 
5.7 &7 
fal 69 
83 tf 


86 6 
K5 72 
1L2 fal 
85 6.4 
0.4 9.6. 

Duple InL5p__ 

Dsrek Group IDp. 

3.1 b5.B0 
305 15.0 
30 5 5.0 
301 t6 02 
31 Z83 

4-§ ,f-2 Dee. JunoJffsmeWnrtUBp., 
43 12.8 sept Mar.lMTiwicfc hjigODp 
x'S Jan ‘ Apr lWrefcsAiSocJOp 

78b *272 458 
52b 39 264 

28 501 *23 

»-M 4.7l 5 8 Ja„. Mayiweir tiroup 1124 

* Mar. SeptWdlmanEnrtJ 46 

1 Weir Group I 124 

[411 430 * 9.7 * Apr. Oct PUroHldM.20p- 

H 2-0 ,£-7 Apr- Oct Da'A'aJp 

132fd951 15 8.2 103 July Jan. PlesseySJp 

2fl dZ64 LO U.4 (ILtl Apr. Nov. Pressac lOp 

W, S L ” 1*7 Z: aue! E58g=d 

rl ? Jan - JU| JT* S M. IDp I 

I Ju, F Fcb. ffmiand 

GJ6 -- Dec. Aug. Wel'B-EransWp- 

i o ¥ Ian. JutVf? Wh o«.-y>r 


313 * S-2 Apr. Oct fte Sides- 107 

hZ® 38 3710.7 Fcb. Aue. Racri Efmncs.- 238 

*296 LI i .KLSi Jan. July RrtJOuslon 92 

+2.07 0.7 32 91.9 Apr.OcL BotaHei GB. IDp 55 

ZJ7 3.0 9 5 S3 May Nov. ScholestCHl 270 

0.99 43 43 6.1 July Fcb. SonjrCaYM 627 

+155 32 9.8 7.0 October Sound Diflsn.5p. 46 

dZSO 103 ZB 5.4 Apr. Nov. Te)efuaon5p_— 36 

0.68 151 L3 7.7 Apr. Nov. Do.'A'NiVSp 34 

C>cc. June Tele Rentals 128 
Mar. Ocl Thorn Elect 326 

Js-Z 4.9 4.4 7.1 Jan. Aug Whewar WUaSp 16 
12-7 44 5-1 if - Wbltehoujc 50p. 91 

S? 1 3-S Z-S K Jan - Jaly WlUijrasiWri 1 211 

3-| 2'Z J-2 Jan. rim? & James- 77 

3-57 43 5.1 6.7 May Wolf ElecL Tools 88 

f3-88 5.0 2_5 11.7 July Jan. Wobl'yllushes.. 194 

30*d 205 LJ 4.7 6.6 
124 17.4 5 2 3 7 6A^ 
46 303 t2.17 2.6 72 

24 1431 hdQJ38 5.0 5.6 
473; 363 3.18 L0 loi 
96 33 1277 3.4 4.4 

74«d 305 14A 38 95 

16 1212 108 Z4 7.6 

Jsn. May 4KZO £Z0-=U ST. 

i3ct May .AlbnghtWilsra- 162 DJ 

July Dec. Ateinsieinds 260 15J 

Jan. June Alida Pack lOp— 93 28X 

Apr. Sept All d Colloid I0p 80 30.1 

July Nov. Anchor Che ta _ 72 2J 

July Nov. Bayer AG. D1L50. £52i 2 Ml 

Ocl Apr. Blagden Nukes 230 333.. — ,,, 

Nov. July Brent Chems lOp 185' 5.1MM332I 6.01 2.6115. 

+461 3J 
+113.96 Z 
632 * 

Apr. Dec. Th'rp'F.W.IOpr fee 

Apr. Ocl llnilechlflp 125 

— — Ocl. Apr. L'ld Scientific. 290 

43 51 Fcb. Oct Ward t Gold .. 92 

81 75 Jan. Aug H'cllroRIds.5p.. 25 

4 10.8 4 Mar. Oct Wcouishouse 50 

4.4 2.9 11.9 December Whilarorth £1 5p 17 
Z4 87 55 May OcL ftTilesalentailp- 132 

14 Z9 235 April [WigfaJJiHj 213 

L9 7“ 99 

3.4 12.7 3. 

3 4 3.57 4. 

1232 J35B 5. 

1212 4 J5 L 
27.2 1.6 3.1 

3.4 16.65 1J _ _ 

6 46 194 Sj-f” |l §'2 5 7 ^^e'r |Vcu^.Vs'n4Yj 83 22^+6301 

36 13i tl-37 36 49(62) . 

^ Si iU 7 IS li s® f00d - groceries, ] 

3 fc6 ^34 ?L4? 5 3 34 34 ?**■ Ju^puibSoRDWJl- 136 12J2IF65 

125 ' 13 ’ +3 62 +0 4 4+70 Jan ' ^"C Aw-EswunaOp, 84 155 3.19 

tot its la 31J17 ScpttoBnLFds^ 69 16112.1 

92 3JtM 37 3 6 ' Feb - Ocl. .to Dairies.-... 236 U h0 78 

II is 5 ,1 13 81 t'i CJ Apr. Ocl. An 54 132 3.0 

50 a? ill 3 3 fc4 \\ Feb. Sept. Arana G-oupSp 36^ 1411 10 « 

I? 17^0 0.66 3 7 H H .gjh.«dnW. 74 34 W36 

132 13 3 +4 79 Z9 5.5 9.6 A __ rjc[ Bartc^tUOP- Ml* 674 - 

2!3 ajNIM 2.9 961-1U. j A u P n r e ffi 6^,815: 6W MitQBil 

r+rriri nvttrr« i®?- Aur. Bassett uj«i 138 1212 515 

iElRING Fcb. Sept. Ballets Wk Uln 50 31 td331 

Ltn TAA7 a Oct April Bclam lOp 64 34 rhl « 

VE TOOLS May SepL Eibbj-IJ.iLl £3® 34 6 60 

ita iivi« ^ — | ■ — — — _ J*** 1 . July Bishop's Stares. 185 I2J2 +d|5fi 

ZH Hf U “ » Jan - July Do"A"N.\-c_ 15Z 12.12 td2J6 

Sit'S H L'P r - Oct. Bluebird Cent.. 170 34 462 

^ Fn 5 It «Wt Mar. BriUSmtarSOp. 13 155lh4.75 

m i7a mi. If il Mar. Nov. Brit VcnifKlOp- 301* 19.1 051 

IiSq lFii *1-2;° jll ft - 7,9 i“ n - June Brooke Bond -45 2i t£76 

4I 9 Sn x55 a SILI-4 r, nec - JuneCadboiySrt'?s_ 51 25 3JM 

H t'i « ? ? June Jan. Can's SlUUiu 47 11 1Z63 

V Vr Fig 2 || ” fag May Oct Clifford Dairwl 46 17.4 1.91 

^ f-5J2 ( ||$tay Oct D&“A"N‘V 38 17.4 1-91 

S J14 2j7 19 <, - ;j ,9 - 21 Dm- May Cullen* 20p HO 25 4-57' 

im 171 Jilt Ta 7i Vo P“- May Do.’A"3Bp 108 23 457 

Fk'rI 3 2-4 81 Z8i a “- May Danish Bra- ATl 112 H-J 6.64 

90 ^4 5 a 1 3? li Z-? J , an - J»*aS2m5jtSp » v« *« 

inS fi 2 ? 21 S? SJ Jan- OctF.MC 1 67 ZLB +ti.O 

7 2 1L4 Apr. Nov. Wbw?!l Fdy JOp 
4-4 7.7 Apr. Aur. Wocd'.SW <£0p.. 
9J127 OcL Apr W’h'seRivri 12Gp 
S'f ? - October Yeung A'st'n&Y 


155) MuO 1 S3 
3J|+h4 971 3.fJ 

2721 NU5 1 2.8 

136 1Z12IF65 4.' 

84 155 319 3J 

69 161 t2.1 0.1 

36 3i b0.78 W.i 

54 U2 3.0 3J 

36^ 1411 « 98 81 

tupies ubtauidblG from newsacenls and bookstalls worldwide or on regular subscription from 
Subscnpuon Department, Financial Times, London - 

Mar. Sept Enr. EecrollOp . 21 
Feb. Aug. Bn.TarPrd.10p 58 1 

Jan. July BurrellSp - loi; 

Jan. July CurlesitTajid Up_ 35 

Jan. May Catalin.. 47 

Dec. JuneCIbaG'gyTVioUj £92 
Mar. 5ept DoS'tftamw. £92 
Mar. Sept DoSfc‘Wbv.82<95 £91 

CMliceChem 72 

Jan. July Coates Bros 62 

Jan. Julr Da. 'A NY" 61 

5epL JuneCoiyiNuraceiSp. 20 
Jan. June Croda InL I0p._ 52); 

May Crystalaieop — ' 29 J « 

Jan. Aup. Enakra Ptafiics- 50 

Ian. July Formfeed- 40 

Ian. JulyiFl*ms£l 360 

May Nov. Halstead. J.i lap. 18 ij 
Aug. Feb. HfcstL Welch 50p. 2Z3 
Dec. May Hoechst DM5_ . 523 
June Dec. OoFillrtiC&LiJ CL23 

8J S3 S.6 i 3.1 Irl 

LD 1.64 Z9 4 2 125 MACHINE 

Kj 0,92 0.9 133 iUJi 

Zli 10-83 4Z 3-610.1 April ACE UachuetT- 110 

17.4 2.86 ♦ 9.2 * Oct June AP V.SOp 212 

3.4 QTli 4 702 — Apr. Sept Arrow 112 

31 08% 4 — Apr. Sept. Do. 'A' 83 

13JQff*% * *9.1 — May Nov. AdwesUiroup— 260 

Ik 1 2.78 4 fad 4 . June Dec. Alcan 9pc Car.... E15 1 

t0.66 62 

<51 12 

*3.62 U 

(9.1 — May Nov. AdaeitGnvp 260 17.4 

6.0 4 June Dec. Alcan 9pcCfiv.... £159 Mil 

5.7 7.0 Nm. Feb. Afire (EtBallmir 65 28.11 

5.8 69 Oct Apr. ABenW/i 54 77 J 

5-1 5-3 Jan. July Anul. Poot-r 133 25 

6J 6-3 Feb. Aufi. AndsaS'dyde— 62 31 

3.4 92 — Ando- Soils 40 475 

14.1 8.8 Oct. May Ash & Lacy 124 17.4 

* 10.6 — Ass British lZip. 7 966 

5.4 72 Jan. July Arsoc Ttuiuig— ■ 37 301 

27 illfc Ocl. Apr Astra lad'L I0p_ 21 30.1 

Z4 6.0 Mav Nov. Aurora H kb 90 3J 

4.0| 4 iMor. Sept AastintJamesi_[ 107 27 

31 fZ77 84 4.4 S2 
305 14A 38 95 42 

1222 102 Z4 7.6 8.4 
155 <£29 4 38 4 

155 1.13 4 B2 4 

3 4 2.45 4 9 4.8 6.4 

3.4 hi 27 7.6 Z2 92 
155 16.70 38 52 74 
17 4 1.2 Z9 83 63 

132 d3.37 Z4 15.4 42 

133 232 0j6 1 t 

42 72 102 
33 5 8 i5J 
4.6 4.6 6. 
19.4 0 515 
35 8.4 5. 
4.6 9.1 B_i| 
33 7.4 5 


83 161 h215 42| 3.' 
65m 38JIQ1324, L7I2Q ! 

38 1U2 515 3.D 5 

SO 11 1d331 L illO.1 

64 34 Ihl « 4.01 3j 

30 34 660 6 7| 4J 

+dZ2fi or - 

tdZ36 81 

4 62 4J 

th4.75 4.' 

051 7J 

3.9 9. 

20 5 4 

57(6_ . 


— 1 f8.S| — tDec. Juiy|Afco 

31 257 
475 - 
17.4 d653 
966 B— 
»J 25 
3ftl tIOl 
34 5.28 
VI »5J 
15i 5J1 

2alZir r * SeP*^ . FishenATflpL.. 
5- 9-6|Mar. Sept] Filch Lcr-eli Jte. 

21 3JM 
11 1Z63 
VA in 


25 457' 
23 <57 
17.4 6.64 

301 3.92 
474 — 
17 9 192 
ZUS **4.0 
101 064 

302 J9.p3 

6 7 45 4.4 1 
85 1.9 9. 

8 5 22 7-. 
45 4.1 6 

4.9 6.4 3_. 
75 2j6 8 
32 92 3. 

1.9 9.0(72 
38 &7 3J 
45 6.3 52._ 
4 6 7.6 42 1 
12 7.418.5 , 
12 7.6182' 
3.4 9.0 48 
65 fa7 25'. 
— — 21 . 

21 7.4 6. 

28 i 3. 

L4 MU., 
L6 .9.4 102 1 

July Feb. 

JilfiC 5 1978 




39 -V 

i rrai I dmm 
fCttlGrtiWE ^ 

i im nk vmi . MMtotfs 

Sleek | Price d Vi Cn til's! RR | Paid Sort 

nJTiaWKIre "sr 

300 t 901II.U I 101 MU £*• \Z 

1 W. TRUSTS— Continued FINANCE. UANT)— Continued 

' i«j»lJ 1)1 v } :vH' | w^' nlls ! clBrfc • Priw^ : ! Vi 

“SE* ! ** i « I * *- IJ* . . 1 i - ! - i - i - » 

Serving: the world 

financial expertise. 

’-HI «| 

:-9t 9 b! 

Not. July 
Kay Nov. 


Tokyo. Japan 

MINES— Continued 

hS vdiK fiSfe: i 

5] “Sot. May ftgen03l5p_ 151 

Q67C HggyP 357 

SedaFtebwIOp. 395 

C tyStin BSe 98 

feaflABssseih 522 

Oet. ; Apr 

Q67c $ J 357 34 It 45 — 7.0 — — KcqIuii — 

th2.0 L311.7 HI 13^ o3!^F5bwi0p! 395 133 9.59 3 3 3.7 14.1 April Oct fU-tiranal Itop- 

U." 4 u H s? ■ gstp-f 5 g f. S& i 7 H - .r'.C tt'-i IKS 

tl|ja -S U M “■ ** BS52± 101 21 M - si" _ iSkiiIxt Mta- 

m. S SSEb# 883 a: SllK - 0.6 - Ja. Si.HOTO.ap 

&? HH8«?3bSSs &. lisLr It - »• !£SK r "’ p : 
s? aa»s?SBSsa»_ ««* « «» « dun... s 

5.82 22 S-2] 83 April. Utl. Minlw<i:>Iir- ; . 


S? is 77 4 0 Motors and Cycles Sf; $£. SSKS 'SiJt 


Price |*?| £ ic«|i“ 

185 3.41 Q50c 13 23.1 

16 17.4 ft* 73 53 

80 1274 — - - 

165 17 IP 10.00 f g.O 

90 HU ij?°o 16.4 6.0 

fiBIxE.Mll 16J 2 |U7i 


-K i 15 I - _ 

l 3 c 1.4 17.8. 

tZ-23 24 32 7 0 

2.91 Ta) 7 7 4.0 

737 33 731 6.4 . 

4.09 4.4 53 63 — - 

L82 « 6-3 5.4 urJe-S-D. 

71.62 2 a 4. 
327 S3 9. 

53 15 4 
4.48 « 5 
*» \ M2 

4.7 118 lan. Juld 

n fc 1 

8" Aug: Apr 

StlKSrttoUerlOP «* ■ m 3«I2.14 53l 4.41 5i[ BEfiS&*r “~ 

« 3.7 89) 3.4 _ . Components 

.8. AIRCRAFT TRADES § Taff £ SSS© f ^ W 


HrvA.Mnf'ril U - LOO IM 1.1 Hi - NruraeudlOc - - 

- - - -lr, 7 June Na\ Nwth B Inltoc... 

i- = “ - - - r™:- iVnlmacetajc-.l 

an. May|Vam«50p 

&0 63 
?? Mar. 

58 I 3011 <32 641 31 

3« 4J &3 « 6SS- --jSSsSi— 1J 3al 305 T4 69 3.9 63 6.2 May Twc ^wanoBn.-WP- 

!H ? x s Hi ^7 f.6 ii *. ssfeteu 

r Oct wb 

if- Not 

a,. Apt .NOT 

A13JB4 « 8.6 » Seotcnber Aatomome Wi 

fa 3.46 4> 1.6 11-6 BlW®dBjm-- 66 sJ3 

025 - 25 - Oct June Brown Bras. lOp. |5>z HI i 

2.64 3.7 64 63 May. Sept- D roCorp. |21‘2 2221/ 

K3J9 6 7.8 4 Apr. Sept OawWMp.- — 201 13.2 t 

4»d2.70 65 4J 64 j£j. J^b DonlopaJp.-— 74 25 

«A1 27 lit 4.9 Jiu^ tUsWfiefudlW- 129 2a 2 
4“ “ 13 1O.910.4 i nn. June anim5mahl(H»- 10 n 

_. . 4.7 84 3.0 ila » Dec- Laettlpfa. £!-.■■ 3H 34 1 

.02 33 7.1 5.0 oct 'July SrauOj»P 10p. 52 -5 i 

J» ~ 11 2 - July Feb mnierms.--- 130“ } 

'Q74.% 23 f7.8 — jan. July ffitartBreedM. 73i 2 25 3 
T436 4.0 55 57^. Xns WtodheadU U- % 161 » 

+L82 15113 57 May ^ZeatUrA' 50p_ 90 17.4 

n»ti35i *2 “I h ■ ■■ Garages and Distrih 

a a a S 1 

,11 6.4 9.7 Nov. 234 irp 

■tssssE g- » 

538 28 73 ^AT« lto^a«P5f- «2 

127 14: 158c 1-4 39 

94 97; — . — — 

230 14 j tjlQc 22 2.7 

J! 251 1.45 £l L7 

208 3 n: Q»C 1.7 -7 

36 — — — — 

51. — — — — 

119“ laa QBc L5 4.2 

159 I 7.4 tftllc 1.9 43 

47 - — — — 

£13l 2 - — - — • 

505 I” Q13r « \ 8 

124 54 **6c 1.4 % ■ 

60 - - — — 


Apr. Aral Nigeria - - 
Urt. AWr Huam5Hl — 
Cwt BoniltTtn ... — 

jiU> RerjunWiSHl 

Oct Getror . ... — 
_ bold S Base 15:P- 

* Dec. Gopeni; Cons 

_ Honcbong 

26 133 t; 51 3 6114.6 

350 U3$E|7c 5-2„i 

55 3 8 3.75 4.4110.8 

230 31 iljllOc * - 

1^ 1U h4.51 34l 5.0 

290 ‘ H 7 4 15.0 09 7.9 

1 sl “mi £d rta 

. - I - - -- - - Q15V - W - Ma> v Sov.ldnsUfc..- - » - ^ ^ - 

3 -i i « iiajssi = }&*■-**■**■ i to {-i - i-i- 1 - - a -w j 7 «. 

Ill 1 1?! ill? ■ OVERSEAS TRADERS ...... ™ % Si 5 i 

SmtRlHB&Mp- 5*2® * 

lynlAO- ■ 3U 341 18-22 £ 

SbjnGrouplOp. 52 a3tl-53 j 

rurog MlR-..-- 13b“ ^599 

ifitea Breeden. 73i 2 25|3.M ; 

ffoodheadU-U- % 16Uth3.41 ! 

ZeaiUrA'SOp — 90 17.4! 4.4 

Garages and Distributors 

nil 2 4 I 111 3.7 369 
Tit* 1.3i 27 45 6 
_ I _ i — I — — May- 
17-! 17 f 101 3.8 41 J June 

. OVERSEAS' TRADERS . ft^SBsSf . 5fg « H 

May \-± r ^^ r ^033^ ^ll *-5ar. Sept 2 10 mCoOJc 13 ^ 

i u ^ e octbi^v M? I is a 

as. a» A && « 13 e & sass^8£ S 48* « «. 


s m, i? ?] yss. ss 

14 U7» ^2 _ _ _ Jan. Jul 

67 23 1.00 0.9 23 07 A J an- Sep 

120' 30J 5.18 24 62 BJlJan- Jul 

50 25 33 2710.0 ♦ JML Aui 

S 272 L32 0-8 42 478 Jan. Jur 

£79 21 Q4 9t 11.9 £5J — Ian. Jul 

*83 22 3S 26 6.0 81 Augutt 

3OT 133 200 67 28 IS Jtorch 

^ 133 0.98 27 12.4 «*■•&? 

M n£ *_ — Jan. June 


1 133 iM 13 93 11-9 Dee. Jni 

uj£- Mar. ft*idGHWp5p- 
to Not. Brit Car AutlOp 

£f. JulyC&SKMp 

an. July CafrnsSOp 

an. Aug. DBrisGaftsy— 
an. June Uta ra d a . ■ ■ — 

ME * 

nFoohaw. 47 1 jW 

IP.GJ 5*z 

WdUwr.. 34 
erlora lOp. 44^2 
awi(TC-1— 117 


10 1 2.81 92l(6.lft 

Sept Mar 


Jan. June 

Haicrfr lr- 
Hill iPkiTip 

r»“E /5 

une Ituftiau'S* — .» 
line Da'^ 1 - .- • %t)Q 
June lndurfn:d«‘j---i 49i;i 
L Mar. Internal I in . . 7a 
Mar. laLliwt.* 177 

k Anr Im. in Silo’S*. . 

COPPER ( , w + 

June Dcc.|Me»ina KOSO 1 98 |1112|iO30c| 1.9? T 

S • miscellaneous . 

J — lEunna Mines ITijpl 15 1 57^1 1 piJ 7 6 
, Aug- Feh.lrons. Murct 10c — I 235 ^Q30c 2.W 7.6 

5 NovemberWormiaeCSl .._. 4M ^ „ UJ t.3 

11 3440.9 May Nov. tsune iway tup *V- irri' jc 47 7.0 . 

11 3.144.7 j an. July |4«1 Bros. 415 j 13.0 * ^ jan. jUne 

i 41 * Jan. JuneToaMie3S.2np. 57 ^>10 ® * - sS“5* s , ” 

_ Ueisc; r.- 1 

167 I 15.9| Q7c 

1 h B a 1 ™- Apr ssst I, * - = = “P- bbssi 4 5 

1 flf h H tigHg U& t- *$, £ iig DHttbflSItfSMtf 1 

2J 4§ 3-D 73 53 Mg <g 44 2 310 60.62 8.9 2.1 5| May Nov.U«c 62 ^ 

W 9S « Sfc £ % m « H 111 TEXTILES 

i Service QT>.. 


1i U Attfr - Apr ' 


,U J1 - : :rrr-7fcw 

<12.72 — 

^ JJ 

114 - JuwTNIW 
22 7.7 D«- 3u W 

g® ^ 310 60.62 69 2.^1 

. ( 3tSfc TC* 14 0.63 27.9 13 3.0 
ibaaar.lOp. «i a 155 *4 « 73 79| 

Nov. JulyludAill"' 
June Jan.Hnn6L.r 
681 63 Feb. iJetaoiLfcL- 

« i 1 M 3.71 3.4 Mar.lAUJed'Me^. 144 Md6j9| || || “ ^ %£{&««! 

bai Auc. Allans Btoa__ ^ * II « Mkr. Nov. lmf-^uc 

riee 1 a » • — — — . • 

90 25.7jr.54 24) 4.3 EninS^prict ^ewL ee. 

90 22.8 3.5 15 59 ^|“ «*>•£*?** 

501. T & L7 10 51 ngwj» 

™ & SB 

36 1 ' 3.4 hQ3.0 12 H5 Yield* are based oa maWle petee* j* *j** *- .*9r!ff^ — — and 

» its y SsSHSS^SSS? 5 ”- 

JJ as U i i . «H« —— ■*«* ‘“ a “ fc 

51 1312 3llic * 4.9 dollar premium. 

148 |l ♦«. 0 L6 4| - JTJP marked thus haw hs« itlust-d Wdknr 

*58; lo 

E » 19 

iss a 

2f 2J5. 
All mofr 

M 430- ' 

65 Oct ‘ 
(W Oet- 
'3 ^ Not. 

! .73 Not 

CP 'S Hi to 

135 161 65 
133 3A 12b 

Wz 153 436 

238 Vi 
195 - 25 5.99 

cSSTJ ma 


Feb. SepL Du'A' 

380 : 

9H^ w r ^ DaWrrtiLL'- 36 “ 

* 3«* — MooSayai£li~— M -r. rf, 7 ,■ 

ifetlt! I f ? 

lata ul 7-8 *.iv'ESSSS' T9 377 0.40 0. 

5.7 253 Hin Ju FOdes. lQp - 2*2 

7.7 192 Apr. Jalyghnen Fanis. 

0.8 U12 Sepimber|^i8iaiiw»£ l — — 

^6 * Sri Lanka 

111 13 t S*£S?Sr resumeV. 

!.0| 4.6 I tnieiim since reduced, passed or (Merced. 

L.9| 32 Tax-tree u> non- resident on applioaiion. 

« Fieures or report awaited, 
tt Unlisted security- 

ewer relates to previous dividend or lorecas. 

— Free of Stamp Duty- . 

59i 69 ♦ Merger bid or reorganuatum In pro8«» 

« J £2^TSS£!*™due«l Cnal and/or reduced renting.. 
L6 1L1 , ^S^dtaMHri: cover on ~miMS updated be lateat 

bl 67 T ^^^So-crsion or for - 

27 |8 dividends or ranMnfi for 

SaH * SE££?t ^^Hs^S.“ ,nuUy 

3 6 9.0 Y Evcludinc a Unal dividend declaratJon. 

47 8.1 i HegionxJ pci**- 

1 f = ti&fe g = ,5 = = i. Apr. SwUUMoil 1 » I « “ I « « 

U6 9ll . April . 5£ft2S""- I ^ 8.75 Africa - 

[tl-94 4 0 

33 1204 



5-3 w Apr. Jul 
r", ,7V Jan. Jnl 
ll S’? Dec. Jon 

1337 JgSf jS 

.64 bn vjot. 31 m 
Dec. Jun 


Ajboc. Paper — ** $&&&& 
DatogORK- ^ 12 ?|To| % 
AntttWtaR- 36 . 3.|L» 

s- -jasMv 

44I wl July ffiridBK 


£««■ £frBs£: 2, 

17.4)510 I * .140 
273130 1 * luJ 




_ iM»un»i..| w na - -.i- p 

l i *m 


■■' ^ ffifiS:--: '38 |j y ‘|| EB^LTbVr^ 

M a » ii-ijipffic 40 3.4 TWJc 9.3 0 | stock. 

I 55r' 49 2 674 ~ - - Abbreviation*: ale, dividend: trex scrip is*re: » e* riBbts; m« 

J-Feb. ,55 31 «.4 27.2 d ex capital d ^buUon. 

*■ SSSSEd • * M' - =\ - — and - Sights ^ Fage^ 

66 ' aril! 3-9 1 * 2 

87| 89 — MerSp— - 
93l(49)|Apr. DgJWa-— 



M - 3U1 3.8 * 9.4 * May Dec. MadmyHm 
97 hJ m 408 43 7.6 43 Apr. Ort-Kadoam, 


a-fcf ffia^^iqapfiWEfa: i m aaarf ' 3 s»;|s =, 

*ag& § | ^ u n aeseBtf®& 8 4E " « « i? s ^ h hsi 

tofu um%^ i m 

BS iBSIMflStefBSi® ili dafi 

WVirrmodalelL- 272 

If h 

, rnaus 103 
1 2741^5 mi 



i'.T - Ape. 

t ,• .Dee. 

Ian. Au&C 
Sept. M « 
June Not: 

. April 

Not. July 

Iw -Ww" 

2 Jan. Jane 

eastern rand 

39fr: 10 
236-: 28 
b&2S 4.4 
US' .63 

jiAUenSW “g 
>OTerr.l0p 1«_ 
»&1LS2.^ ^5®% 
Sp.Uiliattp M 

^ Print Gm- S?- - 

8T B 1 !]^l5e5S- e i|^ g 
iKsliSia^B'iu^ » s *«!Sr & -™s: S- 

WWDc 20 125 Apr. Aug. &££*}£$- K 

Q54c U 11.7 7.9 peb An& 

S? P I s ? 

1-133 257 4-0 4.7 43 Jbjj _ July 

‘13J 60." f; W ♦ Feb. A11& 
3d 3 678; f. M f not; May. 


.t 4, : 66 A1 • . _ • j 

® HW 3.7 U U* ^ 

Latt liteSsdn \ 30312.42 Sj\ 43 65 Jan. W 

9 .S AigmjMe-UM- « 

6.9] 23fre6 5§ 


sstfsd S 

ftfiia 4 68 4 Jan. May 

4$l * U.7 * Mar. SepL 

334 24 10 J 51 February 

327 33 9.7 4.8 Fe6 July 

F9i n ^4 7.7 ?2 April Oet 

335 3.4 69 66 Jan. ■ July 

Td 62 ^ Bank^OaulOp- ^ 

i 92 S 67 M 3 aSSMfc 

property - 

v«T«ndrail0pl 56rfl 30J9KL85 241 50)12^ 

21 2-9 243 

111 Cm 0-SK 

SSmwDfd- .» km 

3S5gk | wjy 

nrakbWHK— 55 1212 3.75 
>«i 52 21 272 


^ I li 


i&S i’ H " 2 i!“ KSS.: Ig- 3 S? JW 5 U FAR WEST RAND 

fclillliStefllS-Mt^.apis: i If 
£• ilSi-aSP i*ft * ?»a»BR& |-| 

3S5Sa 4-0 69 is li 2 iss 610 i.n 5.0 zb. 9 Feb.. HS 7b 

, ,, _ . I au-jii, EKcbanges Ihrongnaut u* v.-™™ 

^2 |j| fee of £400 per annum lor each security 

74 174 — — — 

299 3J tOISc 5.D 3.0 

748 31 Q78c Ul fe-2 

189 it _ — — , 

110 1212Q8 45c 13)4.6 

£12 7 b 3.3 NJ135c 13^ 63 

512 3.1 Q30c H 3-5 

gfi 7 4 | t?| if Dec. - June ig ‘ gj^ “ jr/ pg; 5 S ^ ll HI U REGIONAL MARKETS 

JS of 66 257 V^^tii-wdMijP" ?1C ^ L2 3^ ^2 37.8 Feb. aUb! LJmmJJj-- - |55 g ” Jg The 6’»o w «"^ 

kra i-sjivu »» ® h m y ^ 

Is H4i li SK. is ’rP M HS Kb: 4agOE!S= & 11 8 ««a>s»l 8 hi 8 1=1 

3 te JslSpfr T Sl «’ - * jftEsass,= §» 1 

11 tsss^- & * a 4.sioi Rt sat i-= i 

i Juife J* 4 glaf a 37 399 Feb! Aus.We^tepB2. 7g 

_ Sepiember J ^40- 13'j h475 11 7.718.4 Feb. Aue- tardpan R1 205 3. 

Siifis^Sa 11 1 2 ^ L - - Awe 

w«-a«- r^SaSiTZ 2S 305 438 10 9.6 15.7 . O.F.S. - 

L68 U 4.8 K.1 Jan. 

15 li 32 Z7.6 Nov. 

_ — — — Jun. 

dijn 13 66 Milan. 

IqB23c 24) 63 Bv-run ... — - “ 
|tQ22c| USi 6.4 »WM»P ‘2 

Sfe | 


. ■ , - ,i .. Evans Fr k-lup- */r 

lb. CapiUltl- 

rO20c 9.9 

ito 23 

ZZ Conv.8%'80.«E- EWj +, < 

Alliance Gas — 73 ■ v- 

AraoU. 346 +6 

CSnTpHt'PJ •'•-•• ^ 

Clondaltan— . » 

- Concrete Prods.. 

+5 ■HeiLontHMgs-i 41 .... 

ins. Cor? »» 

.. • Irish Ropes 130 

Jacob — “ 

m hr run ^ ■■ _■■ 

^ f 3>vTq Z5 W 53 Nov. 223. 

3J S 5 H 10-2 Ig oea BSSSS- ^ 

fpercyl— I'l®' 

tlo 5 f 

f? ’!1 -52 3an ^_ J - 

fabler jg; 
^n faatfc-. IB ; 
viGJUlltlK- 5'’ 
£ Warrants.- 

TZfci 1 M •al'i'ilfS;® : 

S ! %1 % ^ SSfc«- 

68 28 31 t3iS. i 7 53 Jan- Ax? 
. ^ ^ |g' ilwimJa^ J® 

JSSHM:® 1 MS ■ S 2 tS^lNOT^® 

& ffl IB» to iJLfffii -S 

i! ' :w 


'3s:ai SB 

j^Ss: MS 4.63 

SS“: “s- ISh? 

SSse s I® 

gBS ^-a 5, aij* 1 

u iU. 
» :« y « ‘j 2 

g-i’ .sa Mi 

J^.^3 r N e ffi r iSi^ 

* Sept «* was- ^ “3 I - - n_-jJ-.-««lhSu. JW fc — 

M bU4>ts-S3ge:j ?>?“ 

^ SSaiSE*fefc r “ i3 “ ^ 

«“ ^ I? |j SJT3SS 

Finance. Land, clc. 

1.0 fe.8 219 OcL Mat .]eAHimni!B2„- *16 m 

1- Mar. SepL CnUFxUfSASc.. Og» 132 

6 7.6) ♦ Feb. Oct Ii)'buretw».R2.- . i-l^a 

Aug. Feb. JEddleWii Sc .... 383 il 

_ MincorpUiJ) -— ,29*2 “ 

Mar. Oct MuwrroSBDHO... 1W 27-; 

Mar. Sc-trt. NbrVWWc—. — J» 7 

- PflbPoM FIs?.. .. £1 u 7 8 1175 

47113 4| 2.4 November Rand London lx -. " in 

» « Ibn .1 nl v SnlreiiAnTkusi - . 410 25 

jtd. Drapery., 

ackers — P 

^JffjpcCte.- - Nov. July Bankm br.^. 

1- ffl I s M SSSssr- 

« h & m la 17 SOT. Jobe 



20 ' 13-5 L 0 
ISfiro- 91 71 j tLOl 

100 28 H fMLm 

SS«f-5B 7 

v,“- LtEtf 

Samuel Props.. 1 9 j 

Town 6 City.-J 1^1 

214 272 Q»e 12 84 Uist'iivre . - T NJ£ , g nHs 

i \ikm w^r, P P «r fi 

) PLATINUM ■; ? ffiai.;- v: g 28 

£36^ 35Q600C Uj « S ^“V’. ? «-« • ,- 

84id 3flJtQ7-l c 10 5.0 i.iurdta" -■- Teseo._. _ — 4 charier Cons..] 12 

346 33 4.1 U r. .h a ' a Thom 22 cone. Cold. — 1 14 

ml- |ffite.SWMW u TrusL Houses- 15 RioT.Zinc..— 1 16 

iaiWi 5 * 

*i ■ 


efficient and 



NW1 0 6JP TELEPHONE 01-965 65B» 


Monday June 5 1978 

ttv-*. < + V si* /a ■+«*'■ t -^ v 't >> *-! 

Shortages of skills are 
growing, says industry 

Renault strikes 
challenge French 
incomes policy I 

MANY INDUSTRIAL coni- vey in the past four months investment also remains en- BY DAVID CURRY PARIS, June 4 An organisation with the title in the process of putting ./Wr- nrawissn® 

panics are now experiencing expect to make do with the couraging, with over half the Equity Capital for . Industry ward radical tax measures rady lo per cej^was^^ 

difficulties in recruiting staff, same or a smaller labour force latest all-industry sample expect- STRIKES wn sir-ins hv workers while the strike continued ' fe be a httle inore pre- designed to expand the role_ or tar oy __ juxxoa^i-jfjir • 

The complaints range from over the next 12 months. ing to spend more in volume I at two of 1 the^Rvnault motor Until they find out to what] 5“® e< * n *9( fe® small shareholder in. capitsi. 
management and senior execu- Apart from the level of duri ng the next 12 months. company's plants are threatening extent the grievances of the men 7 nanc *r £"£ wbat bas emerged Industry, , _ .But it is no t going- tb-S 

tive grades to manual labour demafU j and ^ Hiffinnitv nF This is in spite a uotice " to turn into the first big challenge on strike reflect wider discontent from the ECI annual report last The proposed measures fall turn the' pn»)Mta>rfl 
and are particularly prevalent firi - T J 'Jr able reduction in optimism to the French Government’s on the shop floor, the unions are week— though more- from the into three categories, Jffost a : ifeS^«r 

in the case of skilled factory p „ ai „ ■„ about the general business situa- post-election incomes policy. treading carefully. accompanying Press, briefing exciting perhaps is the propo- j^stors- 

skills, toe main factors in- « j fu- r « Wnrtdw 9 rp heine nrourf hv ikin UmMia :*uvts»rs. : pxesepfcOflE 

PARIS, June 4. 

An organisation with the title in the process: of putting for- of total new- issues 
Equity Capital for Industry ward radical tax measures only 16 per cejit:\«s :^j^ 
ought to be a little inore pre- tiesigned toexpand the role, of for by‘; ancreases-;.^ T 

OIVJ W*t juam LALLUia IU- a-I M _ -_J *U« 

fluencing forward manpower ?nr prnnnmv 

rsnii i r^lriMtc in he. UK eCOnOmy. 

Over half of the corananies rennirementR are in ho UJtv economy. j launching a counter-offensive fee CGT to turn up at the Flit* — i s the c lai m that fee Equity tax relief until x»oa «r . 

iterriewed for the Financial plans to raise productivity a£d affSL*! ?&" ^tawtto* SLero ^ gprepat^ ^ex cotn-FFr 5,000 <£850) a, ^ , 

in : S5 French -1 

£JS“£ ==&= ^ fc-sr =. sagas sss*) 

Sa«iWi S.«{ h ^r. M0,her JiJTJT^^SS ^Wntah. Calms „ •SLSTi^L^.ffS 1' ' 

recruiting factory staff with the employment legislation, 
requisite skill and experience. nn Thic Iac , „ n - , 

' ing. cars and consumer durables, ea f. h 1 f act “ ry '. sympathy action P 3 rigbts issues which for small to be an additional-relief Tjtf 

e and stores and consumer ser- It has broken off the current jokers' main claims are companies may have to - be FFr 500 a year fOr eacir ofa. 

vices — are hoping for a further mLnrkSff' Ior a minimuD1 FFr 3,000 (£3601 launched on a discount' of 25 family’s first two difidieini and- T 1 * 0 *^?**^ 

CoZeT' Z ,t«e of the f lasI h POint - 'f is ““ i» P™«abUity. But ^on^« cm.Htion.jgd ZmTSS. i tSi Sr‘?S Per cent « mon to 

‘.w? ^ i” w h “ t0 be much the rest of indnstiy is much less Se FUnt^lnt whr rf- Lbout 400 wiUl 35 h ° urs for P^Ple on the ECI may be prepared to taSe 

^intheecMomr, theses cert^ of an jj«n worker, i a P the hearypres, shop fSiK.lSS i* ™ LA ot . !h *!« «» «►' 

The before taking on more labour, sectors are less optimistic about! are on strike the first three aT,nual P a ^ holiday and retire-J coant of under 10 per cent 
-- -- — - — — " - — - - - -■ 1 meat at 60. There are further! — 

fiom e «rf ShC,WS f ha J- c ? nsum *^ There is no sign as yet of a maintaining the recent growth days of the week. 

“ « f continuing to belief that inflation Hdll stai^ to e^ort volume The closure-desc, 

? U L liie uptur B ** accelerating again to the All in all, the outlook is company as a posti 
f’° w 11 - j , - mter autumn and winter. The dominated by the slow recovery work and bv the 

through to other industries. median forecast increases for of both the UK and other lock-out — will affect 

The slow rale of recovery wage costs, total unit costs, and industrial economies, plus grow- duciion workers at t 

does not hold out much promise output prices remain fairly tog uncertainty about the next t0 016 west of Paris, 

of an early reduction in the steady in the 10-12 per cent phase of pay policy and the ^be company is 

number of unemployed. Most range. approach of a general election. a court injunctio 

r,krt To-eipon "voiun,u.-- '•••; “Tb^u^scrinnd by ,bn “n iFoPSS £ ”*» ■ “»1 1 

the All in all. the outlook is company as a postponement of Kault if r i»aM P d a «s the year). v ■ ■ ^ 

•n* toaUMtea totta ,1«« »c«y«ry »»d by lh, ,-"'<«««» «,"SerlU o *tSS»W -But some, careful' Bunking Is _ 2 I IllltatrW 4 SSSSS^SSIS^ 

and kMI £A'%s dncion'workcr^'the SriS ««k-P ■&■*«« | W • useful 

■ifly log uncertainty about U.e next to <be west of Paris 'AS CJSSSfrt ta ^ cho'ice ■CflOpffllieS | W- reports. 

cent phase of pay policy and the ^be company is also seekiog but to offer battle if it wishes ; c t t, a . -g . **3-^1 S3: - . - • ..• 

approach of a general election. a court injunction ordering to make its wages policy — to riphtef H 16 ( ^ 6C0l *? t m Tn* 0 ™ S Gompany se<ic^r;.^- 

trlal Details, Page 28 evacuation of strikers at the permit the bulk of wage-earners f n ( S, tS ^ no J; a factor - r 

engine and gearbox factoir at t0 keep abreast of the rise in !“ cos * from fee share- _ - Brokers 

Cleon near Rouen for alleged the cost of living-stick. holder’s point of view, so long ■™£ba™>5s -are • trHte aSniS^l 

interference with the right to The next Few months will be as existing shareholders take H ‘bearish manner, 

work. About 300 workers are a critical period for the Govern- up their rights. That is why - latest eotnbanV 

iM — ^ im JSHigJW p,ant S”S *i» ’MTS SS h ,“ A* - s ,%SZ£m : !S%M 

nuc S S- Tf attitude of NwAQU V&3SS& 1 — ~ J ^ 1 

4 ar pei, c nB * g Durables Stores trade union eadership is tariffs to reduce state subsidies ;„ n Z: whl > h i non a vear for further -^ ~- a ■ s ? aTp . ■ 

% «?■ y <y equivocal. The Communist-led and the restoration to two com- £ sn “ fefe-need FFr 1.000 .a year tor turmw mdustrial and conmierddS 

§ ^ CGT, traditionally the most mill- panies of industrial price free- f ° T aadenimtmg. But any dis- children. sectQr defidtvfrtnti- 

firms interviewed for the sur- The outlook for industrial 

Details, Page 28 



4 monthly moving total 

Those expecting earnings during current 
year to : 


Remain the same 


No comment 



















A May 19 78 

Nov.- Elect. Consumer 
Feb. Eng*g. Durables Stores 
% % % % 

32 73 82 87 

1974 75 76 


in receaf-.yeara, 
less tftaa ' 

wider share. 

; cfaide draft- - : 

tog quoted oon^MQ^^iJ 

are already doing 50^^. - 

more - useful 

aaiHial repoirts. ‘ • 

.-• .,V 

Company seiJcfTji 

. Brokers 

rare a^ * tr^e annoy^j,"^i/; "J 
■ bearish ; manner. fe T %hfd*!P 
Ta'test company, sec^r 
/forecasts -have' Vbe^j- rset • 
For alffio^ghjthi^ ju^ p^ '• 

'-ui, uiuiuuniuiy me \uvm inm- ui muununi llw . , — — - — . _„i n ii nBK r * uahup- 

tant union at Renault, has called dom will result in sharp in- count, however small, -given Another proposal allows com tfcfj year td.fS^bn: ia jffi 

— — — | on the management to resume creases in the monthly cost of away to outsiders through' a panies to create preference, terms : thyy 

negotiations immediately, but the living index. 

company said it would not do so Turkish plans. Page 3 

Labour rebels demand veto 
on EEC decisions 

Banking figures test 
for new targets 


BY MICHAEL BLANDEN were to encourage management ZZZZ dua fieieo me extenf ^f infiatiir 

in the notion that offers a the fr^ years t^'a dt 

THE first test of the Govern- Indicators of the general health cheaper alternative ‘ when the JJ divideff^ into 01 tW? ProJcrted 

meat’s monetary policy under of the economy include the final conventional rights issue joute rr^' “ vr' “fr.* wou1 ^ only be about twffi 

the new targets set Tor the cur- April figures for retail sales to is open to a company — “V e f. “ or \ * r ^TafiJS as la ^ e *S fee 1974 defidi 
rent financial year will come be published tomorrow. So far especially as, to an ever increas- 'y ,eUl . snare aeaiuie, forms re ] a ^ on t0 money gir»tf iioV 
tomorrow with publication of the this year they have been showing inc extent ECTs own ' share- tte ma,n ' secondary, or merely tic prOduct So while 
mid-May banking figures. signs of a significant improve- holders are likely to be ^dental source of a person's implications for credit d&aS f 

The gilt-edged market has ™«it- important shareholder? in the feconm. Those in the first group net demand for m2:' 

remained unsettled since pub- The forecasts of industry's in- shareholders in the ^ be QQ ■ rt oen^d for mmw 

lication of the April money vestment intentions for the c °mpany- of their income- the ^emi-Dro- “P™? 1611 l ° nse from 

ny Hire, rney are convinced | sunolv fieures Thev showed current vear and next year, due - - , . . flbn in each of the years?!? 

."“‘JJ 6 , d ' vo ' uH “" 1 '-* ls, f i0 "' Sat ove^he year to tod,y. ciuM. however, X Ss French shares a ‘ 1877 and 1878 to £2.7to Inf 

for irtiich he said receotly he j l; , e ra ] e vaol period for Ule eocouroglog. These pointers Have tist raiP Of 3° pej Cent. whlIe — in rrllUviMerais fins i« » 

it womd is .2*“ •gars* 

LABOUR'S powerful anti-EEC 
faction is stepping up pres- 
sure to make sure that the 
party’s next election manifesto 
contains a commitment to en- 
sure a Commons right to veto 
Brussels decisions affecting the 

This threat of yet more 
wrangling over Europe inside 
Labour ranks became clear at 
the weekend after a series of 
meetings culminating in that 
of the Safeguard Britain Cam- 
paign-highlighted by an 
appeal From Mr. Enoch Powell 
in loter? to support only those 
candidates explicit? opposed to 
Community membership, what- 
ever their party. 

Mr. Powell's speech, in 
which he accused Labour of 
-cynicism and immorality’’ iu 
dropping its anti-Market line 
iu Government, was not 
thought likely by most MPs to 
be particularly significant iu 
electoral terms. 

Labour demands for a 

manifesto pledge could be 
awkward, however, since they 
stem from Mr. Callaghan’s 
peace-making letter last 
autumn to the National Execu- 
tive Committee, In which he 
promised a “ neo-Gaullist ” 
approach to the Community 
and eschewed federalism. 

To put this Into practice, 
the anti-marketeers are seek- 
ing the assurance of changes 
In the 1972 European Commu- 
nities Act that would involve 
a fundamental weakening of 
Brussels’ authority over West- 
minster, although they stop 
short of withdrawal. 

The Prime Minister will 
resist these demands, but even 
if he succeeds they are likely 
to crop up again when Labour 
tackles its separate manifesto 
for the first direct elections to 
the European Assembly. 

Speculation about the forth- 
coming general election will 
overshadow the final phase of 

the session of Parliament Brst te f l 

which opens tomorrow — almost PJ ent s ™ onel a 
certainly the last before Mr. toe nevc target 

Callaghan goes to the country. f ent “ naD, -j*v 
D . t „ . tomorrow with 

Rumours that the Prime mid-May bankii 
Minister might hold a snap poll Th» oiit-ode 
at the end of this month were remained i JnS 
heavily discounted yesterday of th 

hy MPS. They are convinced ^p ° y n a ^ re , 

that ik, 5uppiy ugureb. 

would “ go to the limit,” must 
first be safely on the statute 
book before a probable 
October polL 

The Scotland and Wales Bi3s 
are now being considered by 
the Lords. Amendments made 

are now Being consiuereu oy me uorernmem s target range 1X1 ““ „„ : nves come as part Of a maw ” ^ I . — - r V “ - - 

the Lords. Amendments made for the year of 9-13 per cent. ***** three months of this year, restrictions on the growth of G overrun cut effort to ne fds- fe fact, P. anc 

hy the Upper House will be For the new financial year the t 1)3 VI J ^d "*««« An at- dividends, and substantial tax A couirtrv’V todcSriS “* faeansh about 

examined by the Commons target has been slightly reduced tempt by back-bench MPs to win incentives directing savers Present, because they are 1C'. 

next month, probably under a to a range of S-12 per cent. Lhe m ^ a “ s °? overeeemg public towards the institutions. But b r^ n P e . where the ratio ing f or farther rises In inlet 

new guillotine procedure. Mr 

In the meantime the Prime warn S? 
Minister has the opportunity of growth 
two further by-elections at De f.u 
Penistone and Manchester m ° nUls 
Moss Side, to gauge public - r °.7™ 
opinion. Ior tne 

onths. ' rol e_ of the Comptroller and 

Tomorrow's banking figures Auditor General so that he be- 

for the first month of the new comes responsible for ensuring 
year will therefore be examined lt,e efficiency of most state-run 
with close Merest in the City, organisations. At the same time, 
with concern that the difficulties Joey want him to become a mem- 

T1 1 J? O Ajk J I with concern that the difficulties “ey want mm to oecome a mem- UK TODAY 

Europe seats plan for Scotland "7 . "hsa:^ 

r *T 'stocks may again produce a high Clash over the official audit I Loudon, b. bngianu, t,. angua, 

money supply growth figure. Page 16 


THE LABOUR PARTY could safe for Labour. 1974 General Election results the 

win as many as six oF the eight They are Glasgow, where the Nationalists would comfortably 
European parliamentary seats in party bolds 11 of the 13 West- take the remaining two se3ts: 
Scotland when direct elections minster seats. East and West North of Scotland, which in- 
are held next year. Strathclyde, and the Lothians, eludes most of the Highland area 

The Boundary Commission’s which includes Edinburgh. and the islands, and North-East 

proposals for the new European In addition. Labour has a good Scotland, 
constituencies were published chance of beating off the chat- But the recent slump in SNP 
yesterday. Those for England lenge of the Scottish National fortunes gives hope to the Tories 
and Wales were announced two Party in Mid-Scotland and Fife, here. 

weeks ago. and or taking South Scotland — Mr. George Reid, SNP MP for 

NEDC will discuss 
overseas investment 


weeks ago. and or taking South Scotland — Mr. George Reid, SNP MP for ^“r,’ •p 

Four European constituencies although that could produce a Clackmannan and East Stirling- OVERSEAS investment by L^K ployment prospects, or hit rinnHv r^in with 

in the central industrial boh of close contest between Labour, sbire said yesterday that Scot- companies is to be raised once exports — indeed exports can etntmcMav 7 rqi 

Scotland, where more than half the Conservatives and the SNP. land deserved more than eight more when Ministers, trade actually be stimulated by some - Ah*rrfrr n lWnnrvFi 

the electorate lives, are virtually On the basis of the October European seats. Among EEC unionists and managers meet at overseas investment projects. c^to«5 'nS* 

— members with smaller popula- the National Economic Develop- The NEDO study throws little f.r D l hw-nmW nK 

lions. Denmark had 16 seats, ment Council on Wednesday. light on the question of why so 

Continued from. Page 1 Ireland 15 and Luxembourg six. Tbe subject is o! interest to many UK concerns invest over- ra lr.rJ“£‘. , , i 

Mr. Russell Johnston. Liberal some trade unionists and NEDO seas compared with their com- ■ r“ M y K * i5t,Dwers 3X1(1 sunny | 

Alt London, S. England, E. Anglia, 
Midlands, S. Wales, Channel 
Sunny Intervals, scattered 

showers. Max. 19C (66F). 

E., Cent N. England. Borders 
Fog inland, clearing. Bright 
intervals with showers. Max. 16- 
18C (6I-84F). 

N. Wales, N.W. England, Lakes, 
1. of Man, S.W. Scotland, 

N. Ireland 

Cloudy, showers. Max. 17C 

Edinburgh, Dundee. Glasgow. 
Cent. Highlands, Argyll, N.W. 
. . Scotland 

“K Cloudy, rain with ibunder- 
5 a ° storms. Max. 15C (59FL 
)me • Aberdeen, Moray FirUi, NX. 
Scotland, Orkney. Shetland 
Dry. becoming cloudy with 

about § 




placing represents a real cost shares. Then, to encourage remotely compare witli> 
to existing shareholders unless companies to raise new capital, &L6bn deficit 
they are unwilling to put up dividends relating to new shares intimately connected 
the same aggregate sum through will be deductible from a com- investors’ minds Wife the-I 
a rights issue fat any price), pany’s own corporation ta* troiis - bear /marice t l 
So long as ECI - confines its HaWlity for a period of seven Sgures, incidentally, are P^v; ! 
attentions to situations where y 63 ^ 5 - instead of the present adjusted version- of 1 ’ 
conventional rights issues are. period of five years. For .new offi gar statistics! ^wftb Wnr%?.‘‘> 
difficult, there wffi be no coo- P rt ^ erence shares the deduction pyerseas item-; ellmfri 
flicts of Interest C ontrotitog Period runs to ten, years. as far as po^fele-to make 
families may not be able to put At „ tfae ^ a “ e - e * ° owe ^' numbers more ielevant to 
up new money for instance. B ut ?* e ^ rent * Government is tax- non^B UKcpxnpanysectdr.t ' 

TllFirlQ Oil 51 1 candidate for the European effects on domestic investment ‘Germany, 

JLWLJLflUlO VlflaAlLlI^L elections, said the proposals sup- and employment. Much of Wednesday’s meeting 

ported the Liberal assertion that During the latest stage, the will he taken up with a discus- 
estimates that by the end of 1977 sterling lending and about a Scotland snouid be one constitu- various tripartite sector working sion on UK energy POlicv. Mr 

■ - -- i uvuiw Liquw umumito UUU vuuiyuivu n iiu tUUU I j n 4 p — .«]■ 

MP for Inverness, a prospective! has been studying the possible petifors in Japan and West I 


exploration finance, on which the third of the foreign currency ency returning eight members by parties involved in their indus- Bernard Asher, at his last meet- ££ s ^ m ' 1 ^ | S 2 

chance of reward is now down to lending. pr ^° r ^ < ?SfL , i ep I e ^ n * t 2 tion 'tir . Jf ial st T a L egy Programme have ing be{ore mov in R back to s » u;u«BGhntr. san 

about 10 per cent will have The report also notes .fee 2 He Liberals hold three .West- been asked to give their views. i mriiwrra aetar . , Barceiooa s a tz j Mc’iboaroe pun 

Barcaloaa S 22 72 MonwnniB F IS 61 

aooui per cent, wui nave tue uwu» uic uv.u ^ bI>« lacir nnvif^ inrfuerr-u flftot- ^ nnrinrl *»rc»iooji a a uannu __ 

totalled £J.7bn sunk into some heavy front-end loading which minster seats m Scotland, but As with previous studies, the P nvare . inaustry aner a penoa bc^ p a ra Milan s 27 si I 

600 holes in the bed of the UK is a feature of oil development are unlikely to win any Euro- latest exercise has apparently as acting director general of ™ c 17 sal 

sector of the North Sea. UK financing— a lot of money has to pean seats there. The average shown that overseas investment NEDO. will present a paper on Berlin c 2s 77 j Munich 

C 25 77 Munich 

companies are thought to have he spent before any income size of each Scottish European | does not necessarily compete Industrial Implications of thejBrmghm. s 24 TCiNcvcastie s 19 a 

Alcan quoted in London today 

put up 37 per cent of this total, somes from the investment. It constituency is 473,000 voters. ‘with UK investment, damage em- Energy Policy. ggw n^ 

Most oF this money has come says that ib a typical North — Budapcs 

from the internal resources of Sea oil development the pay- b. Aires 

big companies, but the working hack period from the outset will . H e T ■* . -m r a Sm 

party identified equity issues be eight years and fee average A gOQH AllATOdS H I ATldifUl TaHoV 
totalling £S8m, whose primary length of time for which develop- I L^^XMl If B Bgi B Jm il i8I3 118 1. 1 111 rfB V coiowk- 

purpose was to fund oil explora- ment funds will be at risk is T V ■ m ~ aM -AJvaawva* WMUJ c«mh« 

tion in the North Sea. about three* years. 

Tn the development of oil It is in coping with these three BY JAMES BARTHOLOMEW Krankfu 

fields, the funds required are characteristics — the scale, the Geneva 

much larger, and the risk risk and the duration of North TODAY is the first day' that British aluminium industry had been “grateful to be able S 

smaller, than during the explora- Sea nnancinq-— that the report shares of Alcan Aluminium (UK) available to the public. to go ahead with such a big h. Kowc 

tion phase. The report estimates sees the achievement of UK will be quoted on the London Mr. Donald Main assistant project.” The conversion and 

That £5.6bn will have been spent financial systems. stock markeL This follows con- managing director ’of Alcan subsequent listing of the stock 


on development by the end of Its authors conclude that version by British holders of (UK)f said on Friday be was was a natural consequence of the 
1977, with another £3-2bn needed very substantial quantities of most of the 9 per cent con- “very pleased with toe response finance the stock market sub- 

Bristri K 17 S3 New York S CO SS 
Brussels 5 26 79 Oslo • S 23 77 

Budapest V 23 77 Rarts C 11 n 

B. Aires S 12 W Perth F IS if 

Cairo -5 30 S6 Prague S *js 79 

Cardiff C II «S Rejkiarflr C B 43 

Chicago C 23 74 RlOdeJ’O C 25 77 

Cologne S 27 81 Romo S 2* 7J 

COtmhaKD. S 24 73 Singapore 5 Zj 77 

Dublin R 14 37 Stockholm s 22 72 

Edinburch S 17 Ct Strastars, F 25 79 

Frank! urt F M 7» Sydney p 16 61 

Genova S 23 73 Tehran S 21 70 

Clnsgow S 23 73 Tel Aviv F 25 77 

Helsinki V SB 79 Tokyo k ib ei 

H. Kong S 28 84 Toronlo C IS Iti 

30‘tmra S 23 77 VUnna S 25 77 

Usbon F 19 « Warsaw S 24 73 

London C 25 77 Zurich S 23 73 

F 16 61 
S 21 70 
F 25 77 
K IB 61 
C IS Iti 
S 25 7! 
S 24 73 
S 23 73 

- - ^ _ . . _ - . . . —ost of the 9 per cent con- “very pleased with toe response finance the stock market sub- holiday resorts 

by the end of the decade lust for project finance can be raised vertible loan stock. of holders of toe convertible s °rtbcd at that time. vday 

..... ... “JS'MJS!:. S£SS£l5A«aS5 JSSST 'tslPJsJs* S I s § as* 

The working party was not The working party finds that 


•C • P 
S 20 68 

Q: In these days it. is hard to estimate what i vT 
may have to leave when the time comes. ’ - .. 
I want to be fair to close relatives; but I also 
want to benefit a cause close to my heart 5 
How can I best ensure both ? . -,j 

A: Most of us have a similar problem, with V.. 
inflation. The sensible course is probably to 
leave fixed proportions of your estate to the- *j 
individualsyou wish to remember — say 20% - 
to one, 15% to another and so on — and then. _• 

• the residue to the cause you wish to help. 

Q: I wish to remember old people, since they. '- . 
seem certain to be in continued need; but- 
their needs may change. How can 1 antici- T 
pate what they may be? 

A: Help the Aged has a justified reputation for 
keeping well abreast of the needs of old 
■ people; and has pioneered a great deal of - 
much-needed work for lonely, sick, hungry : V 
and despairing old people. Their trustees .. 
are especially careful to make maximum use V’ 1 , 
of volunteers in daily touch with the elderlv, 
thereby ensuring the most practical response 
to need and obtaining the utmost value for > { . 
each bequest. 'HJ 

The British subsidiary I Bomrs p u ts lmPIqu. s 22 tz 

the U.S. banks, had outstanding chance of a total loss." quoted this morning at more £1 nominal of stock. They was £24.7 m after £10m the year „ f » 1 to nio.- f a 75 1 

North Sea development loans to It says that lending institu- than 159p each, toe closing price might be forced to convert for before and a loss of £5.9m in | £ « {^?° 5 « S S 

Ibe equivalent of £1.65bn, of tions have not shown them- of the unconverted loan stock on their own interest." Mr. Main 1970. Demand has caught up pukiui f a n s«uburg f m ra 

which more than 60 por cent was selves to be looking only for a Friday. said. with capacity in the industry. Riura»«r v w sb Tawicr c 23 72 

in foreign currencies. There quick profit but Clearly have This would value the company Tbe convertible stock was The Alcan fUK) operation pm™ K ffc | ll “ 

were additional firm commit- been ready to “earn their profit at £67Jm and the British equity issued in 1969 to help to fin a n ce goes from the smelter to invoni-.-sa s ib 66 Valencia F "3 73 

ments of another £700m. British by building up a strong enter- interest at £I0.7m. It will be a new aluminium smelter. aluminium semi-fabrication and isk-ofMans u « Venice s h si 

banks accounted for half of the prise over the longer term." the largest direct stake in the Mr. Main said the company finished products. c— cioudr, f— fum. h-hub. s— Simas. 

They publish two useful guides for those con- 
siaermg their wills; and l often commend these 
to clients to study in advance of consulting me. 
Copies may be obtained free on request by- 
witlng to: Hon. Treasurer. The Rt. Hon. Lord 
Maybray-King, Help the Aged, Room FT5L, 
FREEPOST 30, London W1E 7JZ (No staSip 

. ... 

the largest direct stake in the Mr. Main said the company finished products. 

Guernsey V 16 Bl Tcncnfc S 18 « 1 .Vtj 

Innsbruck V 36 78 Tnnls S 2? gi | — — ■:! . 

lDvuravss s is 66 VaiciKla y ”3 73 '* ' ' — ^ 

UleOfMan S » 66 Venice S rt 81 llr'mSSSS 1 u 7 SL Clwnem's Pr en for and . 

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