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'LANN1NG A NEW FACTOR^ 


Ji\ 


1 


Build in the benefits o> an 


-rV : J— 


.; COWIE fetEETDIVISION 

-iMlLLHELB HOUSE: HYLTON ROAD 
^SUHOERLAZU SR47BA 
rau-awwauwioTwiimex: esrks 


No. 27.-577 


Tuesday June 6 1978 


J78 V^Vljp ft J ” ATCOST INDUSTRIAL DIVISION 

Ij l _ jii — "" irT 22 Old Band SI. London W1 TeL 01-493 0802 

-■ Kr.l.2S S SWITZERLAND fr.Z.fl; EIRE 15p , . 

. NErHERUVNM FI. 2.0; PORTUGAL 1*M: SPAIN_P^_.__^— t* 



STRUCTURAL FRA 


r ^ . coKmarai seluns prices; Austria s<h.is* Belgium Fr.jj; Denmark Kr.j.sj framce ft.a.oa Germany dhz-o: italt — *d?H: 


NEWS SIN 










BUSINESS 




TT^J 

'if! 



cut 


ia fibre j Investmen 

prices . jjgg plans 
to rise | n. 


nHiusn 


Gilts; 



from 


PETER RIDDELL. ECONOMICS CORRESPONDENT 


.... j-v 


weaker 


BY CUT DE JONQUIERES, COMMON MARKET CORRESPONDENT 


BRUSSELS, June 3. 


I capital spending mis >-ear _rai. Tht)p ha ; j ||jen jn indt-nn 


■ By Rhys David. . 

^ . . „T. oc cSwor for swineeintr cuts 1U production by Textiles Correspondent 

The European Commission » pressing for swingeing c ^ aniesi 


LilLlia I — r* ; - 

total investment almost back . 
um he levels of 1974. 


in recoin years in th- piractnv 
of obtaining capital 


dwner ST* ; prinitag. ^op 
«ia . 'fi»e . ptbfr 


The European unnnibuun « -- - half the companies i 

• GILTS were unsettled ahead EEC steel companies. It estimates that fewer tna \' C 'P* RK ? 

p f the mid-May banking figureiv honoured pledgCS tO limit deliveries in Ap y- ^ volunlary 3VMdance : ^ d l Nlrns e from July 1. i 

and falls of up to s were YJsco .. Bt El i enne Davlgnon. year without creating seve e JjJjJJ, f or commonly used ««vt[a r si general increase sine 

t the In- ustry Commissioner, is disruptions. products by 5 per cent from July beginning of la»i year. 


were 

yesterday wmi cwnpli* 
r . ln y tte: : , W*J«WanS. 

- of - Sg. :‘Ald° ; Moro, 

^ wnfe Priine .Minister. 

ier axQ^thefiiSt.to be form- 
ebarged-tn? connection -.with 
death -d£ :$i&L Moro. whose 
letriddle^awdy-.-was dumped 
toT-fte Bnd’Brigade's uroan guer- 
rillas grtmft in. KoiDe on 3iay 9 

after^5* ' taptivity; 

Sector One oif' ttie six people charged 
is jUU'J^luSB- The others were 
, p: Wi amstsct'Iast i isonXh. : 

moregj ■■ ';vv'% i --- : • • 

■; r Scots footballer 
^-to b0sent Horn e 


Visco -nt Elienne Davignun. year witnoui orta.... 0 pr j C es foi 

the In-'ustry Commissioner, is disruptions. products 

expected to warn foreign Demand usually weakens in 1 The p 
minister of the Nine in Luxem- the third quarter because or uH. which ^ 
bourq tomorrow’ that unless sun jtmr holidays. Export ouneu tQf minir 
ovcr-priduction is curbed the are likely to be more crampen aJsQ r j se 
lnductr*. s crisis will become a f ler the U.S. raises its triS^er bc gjnaH, 
even m re acute in the second prices for imports on Jui> i. olher pro 
hair of i his year. Viscount pavignon by miniii 

Viscount Davisnon is under- undoubtedly like to enlist me ^ ars an d 
«ood u be deeply concerned at political support of EEC uottrri- 
evident, that the Commission s nients i n implementing the m w 
attempt to Impose discipline on programme, which relies heavily member 
i he si>.-d‘ market have been on voluntary co-operatioii hi Eurofer. 
Houted y many companies. They Rtec j companies. Jt is aounutu ma kcrs. ; 


ing expenditure between 


together. On this 


r- and 197S. with a further, smaller spen ding this year o: --t-J-'b'” 

aid be fol- (unquantified i rise in 1979. Last ia70 prices, would be on *-' ‘7, ’ 
European y eaFi there was a rise oE about i es; thun in and —a.i 

company’s g ^ e r cent. . . . hip'ner than 

mde fibres The inquiry — conducted investment by ui-<nu. : .iu • jn- 
■ed. with i between the end of March and alone, however. J< 
in through j m id-May— confirm* the results of expected to be iliOm w.« • »»- 


F.T. Government, i 
Securities index J 

1111 197i 


have 1 * sh frply "boosted their out- S* he will secure the backing nesse s in the D -vmnon Warn j car. 
put «L*e the EEC concluded of the West German i.overnment They , n tend .r, C'.'-; Bru^e.^ to j 
l nrran>»»»ments u-hirh hn« been openly critical of he more residut** '.ur m.iinld.n . , 


import restraint arrangements which has been openly critical lot b e more '-«or mainta.n- 

vith a number of third country t he Commission’s moves to inter- mmimum price c.e..- ana 
supplk'i .earlier this year. vene directly in the »*«el providin3 proi«n..n agvmM low- 


cNet e - John^on has admitted 


I b5 „ ».v him I The i ommission estimates on industry. . . 

JAH FE B MAB apb mav junJ th a t production The Commission 

in the EEC could be as high as 

recorded. The Government 36m tonnes this quarter. This TT - __ 

Securities index closed °-57 would Le about 4in tonnes more (J HI OHS 3 .C 

anujnat68l79 its lowest in 1978. than tb- target level laid down v 

down at ns lowest |n ^ commission's quarterly by ALAN PIKE. I 


Continued on Back Page 


r, . -NmjiS-tfflSnS twO= «timulatinf! drugs ^ EQUITIES, which had drifted forward programme on the basis 

. N. ^'•'hefoTe Scotland’s World Cup ball-vear results of of expected demand. 

: ^-Sh against Peru tost Saturday, ^r 0 x were announced. The new forward programme 

: r :n!LMr; . Ernie Walker. Secretary of Metal Box w ere an« for the third quarter, which is 

dK'wie Scottish Football Association, recovered .to close LO down at _ [rawn up viscount 


Unions adamant on Sheiton 

BY ALAN PIKE, LABOUR CORRESPONDENT 


'.car." r'-STS^tmi A interprela- 'Tin of the explanation may be 

Uonot ,t' fSTt'S r S ,r Are U.ke, ,n vnew disjrib.non , 0 P Inn 

Demand « 52 

Aiihoujh « .. in«»sh! £ fe-S; 

under-reportinu m me previous ri , jn trt . nd - Together with expenditure. 

three month l ICl alio nope* that vjdenc<f of rifin! . cons umer Econonuc 

the rest of this y<f#J . ’* 1 d 6 demand and public spending, it ^ nc Jfg r ‘\ n cSse in inve?ii«e?.'r 

fuithcr increases m demand. )confirms expeeiauons of » .LL ihe intentions 


: r in - Argentina. He jald 474.5. 

-r^Wiimton wouldjate no further 


being drawn up uy 
Davignon, is believed to call for 


& "iSStttlon and •ST 
he- sent home as soon as down 


'^convenient. 


v ^!jrsv© nations hold 

- • ' ■* amWoHRA 


Five -Western powers met m -(5.91). 

• • ,r ... Paris yesterday to discus^ aid for fU)U> closed • down at 

Zaire and: an efEective response » 

■ J ' -mtervennon *1*2. I-ouaon. 

• ’ - : . m Africa. Moroccan soldiers ^ WALll gxitEET was 1451 up 

: *iW have at 86L75 just before the jdose. 

m. --Vi k replace French foreign legion ai4W J . 

■ ^ H -Uiarb «pr»t tB v- C in Pai^l-«Dd 


ou vuc lINl0N , paders Hill report to 

,rd programme the Brilish Steel Corporation 

irter. which is this week that their members 

i by Viscount remain determined to stop the 

^ _. f ved y to call for closure of Shelton steelworks, 

• STERLING closed- 25 points ^ ?Ks comparS S M^BiU Sirs.cltainiian or the 

aajaayftc ggSSSS 

SSSM-®® s^ B Vc%;s«r s refS 

and Hie dollar’s depreciation be sus taioed for the rest of this name 

narrowed to 5.40 : per cent 


ing at the plant. \ 

The committee had been left i 
In no doubt about the iery j 
strong feeling*, of the work- ( 


confirmed 


i been lei»s evident 


ig banks 


i Profits 


more anecdotal reports witn no thal tbe volume of private 
evidence of significant eancella- Q^Viufaclurins investment would 
lions or postponements of sp.nd- c0nlinue tfl , TfiW f rapidly until the 
inc plans. end of the 'third quarter of nu::t 

The CBI evidence suagest^ ^ by | lrtwcen 10 and 15. per 
that intentions are most buoyant ■ t L . oni1 . are d with the previo us 


Hr *2 Y= ■- 

ti i. w 




— "i'Vn in 7i.in to w w.nuu - - ■ . ■ o t a i :ip(i K.i rather tnao expum«*is includeu tn view ru i.i« ‘.mi?. ... 

‘ : jaw have Sn|fS i Q « a t 86L75 just before the .idose . | | bieher prices to return ii> pt ofit ' capacitv- investment by British Steel. 

, • •dififflcilAEL bUNDEN- • . ■ produced in the UK in the first th/UlSme of their expenditure 13 und 14 per cent. 

•: >.-«fraise :-.lirChUia • ; gL TuS A ^ t ' m mrent , cc0u „ O jns . -«4 ; ^ “y $'■ aiSr"S^ l, ^S.“«5S 1 m SStkr but «IU«U eummeut Pa 5 c IS 

■ : . vatl -- : *. Wnvember.- B*# .^ee - mwp. nfe banks are expected to me n „ anina hours, could he raised to L*P or up. b low _ ^ ; in 1973. *• 

• « ~vss »isl* -J2ir»£t2at£s a Mu ^ rr Z777 


bUnden 


7:n 4 



1I J W J - -•• 1. : ••' •-•V- ; .'-tt tttitVFi iffiv havo reject the - race commission * «ThfT MnL g not ruahfed to Aga lnst this, an offset couia k "^j lIcb of lhe market has since 

naad ChiM face a-COT^on •PH^®T^** P ; J[ )0Ut g suggestion that they should py ^ opportunity ^ increase ne ni3de ( n relat:on to ani bceQ lflSt because of Mg m-| 
rhmSS' Sft^ft^Sadding less than 1° per interest ^n tfaeir custome it is thought that balajlC0S i n the account which crej(Srs in imports, textiles andj 

^.: Mr 2?SS v e»U employment costs, current account balances. Lloyds may have submitted pro- wilJ he linked to w deposit c|othin „ imports. | 

^fence - spokesman, t> , p chancellor They ace fikely instead to adopt f commission which rate — norhaps at 1 per cent r«parch 


FT markets coveraj 



How 1C1 controls research 
centre. Page 15 


’ ‘-r/.i* sttiwiBBfi&agBg; } 

! • ■ * j . i . " -. • •/■r-= ■ '.•• *. . • • 


• western Ba " on ?’ down over -^JS. *?„iS ^55«r to have increases before tbe beginning oi 0tfa . r possibilities being eon-j- 

, ’ . je§ilatio V n before Confess which come e dowp jmlj ^S^nSS ^NaUoSal Wesurunster has not c^rgls^uanerly 'instead | 

; ..fail »T -result in a U.S. ban on p a yment of _\ nte r est ^;„r. c cn far disclosed its plans. ... „„ .. haif-vearlv basis, ^his 


in New York 


The Financial Tine* is front 
today bringing together its 
daily coverage of the intcr- 
natioual currency, money, and 
sold markets on lo a single 


«i J r£ Conforming to ’ioUowing discussions 

~hich could seriously [“g" fte inland Bevenue 


- on I cun* c UMT,,. — - — . - niirront National YV caillliwu.. - 

uStt lS discussions so far disclosed its plans. 


0 n a half-yearly basis. 'I hi* 
would make it easier for custo- 
mers to meet the requirements 


. sa^.w- S 5 ra Deposit rate 

. sjk and .sso Ua« SSS^SVS^ t0 ^d«^Wfr 
■’ ‘ - wnnlll flcht -fint n *£ 500m° V plan P toi iSS’SS to a Uiodest nersonal avenigl of £200 for free hanging. 


gold markets on lo a sin 0 te 
page <p 39). The moic reflects 
the increasing interdependence 

or these markets and will make 
the relevant reports and siaus- 


s..., fi.ks-: 2» Si/-?lo-:i20 the relevant report 

ini.iniH : y.s.w.?i , ti- . VfaV'i = 1i« lits easier lo find. 
iTs^lth-: »!?£s3i'in The new page t 


The new page will allow a 


substantially increased stailsti- 
cal coverage oF these markets, 
earning more dala on ibe *.o»- 
lar. on currency indices aim cn 
overseas money raltfS - The 
exchange cross rates lame uas 
been radically redesigned. 

On Saturdays and alonfl-j's 
there will be shortened ver- 
sions of Ibis page covering , at. 
the dala presented cn outer 
weekdays. _ 


■ rirvERAL and Municipal, mputq; ^ commis- a marseL-i™ ^ 0lber possible enanges cou.u 

ssWtete Sksst clD5C,y » s « « 




- •'V • ,S*Wv Fase 1 added .a number of_ ■WBgJJJf mee t the criteria for free bank- cheques. 

^-.^•-...-• 4 TuircWsTIONAL Energy for improving the system, — 

^Housing •SS^rtwa^ that Ae ; - • — 

'S&£&*i&2S. </«»»■ ■- w. : ■ - l*!J 


IIIMSMSHI sieiiiieco bid ‘inadequate- 




: !" 4y' james” Bartholomew and kev W done 

of Albright and several of the main T'^ ^Te k nnero a °tui L hopes 

fe^Hrup-.. - *0 UK car m jj a y TdE^BOA Hi4l in the industry have said they ..n a recommendation 


B ^tne. market recovereu rrt rr B f-. it , nAT rh of Albright aua bevn«u-i m. . v ifw- xenneco sun 

r UK car y^ nt ^ May its adviser, Hi4l in the industry have said they hl p a rcconin ieiulat 

: sUghtly^ to 211 pw but Thhwi «« • y that 4he do not want to see such an ^ nm u . h ,. Albright Board. 

&&£***> J - '. • the 27 per £97m^sb Jffer_£rom important compa oy—Brita id s Fear _. lhat the bid will bv 



-Tinucieu A ' . . .. icvpj at wuten an one*, ^ miu . shares "k . 

■“ Dt ‘ ^ gC ^ Access roade^cwild be recommended io Mr. Roger Lyons the national lg7p 

f or, Y« de ’ m BARCLAY CARD and Access . chemical officer of the Assocca So far. the Office nr Fair Trad- 

SUe^sclosed a ^^f^etrol This fallows earUer criticism ^ o£ scientific Technical and tag b-n not yet advise^ • * : 

>fh from thbCit, and Managcrial Staffs, has written to JMgrijOjfte hU 

'•r-- ■ ■. ■ ■ ■ • ctations who: discrinuu chmild umons. _ tv. ripnartments of Industry and wbetn-i t y, a r the 


against <£#* bid both from tne L«y Manageria i staffs, has ™ » XS the bids merits hU 

r ~i i’I 1 -*’* ~ Stations whOr^swinuBci^ ^ trades unions. . Mri _ nn the Departments of Industry and whetn- ^ ^rounds that the 

c - W gkifirffiir^ ~ -V • • •“ -m’ ‘.t’ credit sales d W jth the ^Tfeaneco, an * A ^?'“L n _<P nt v, prices, calling on it to block , nieres t°; s endangered. 

_ ,h* re . PU Se C SS^not 





.tb 


dm 


t ‘ -" 1V " 'i- • -J’ > credit, saies , w «h the - Tfisinec 


isrnfi 


. J»uiu . >nv.' 

7 era^h^s/ At -7 - ^6 ^4- 
■ '’Thotor cycle races; r ^ 1 


am of AlDngnwequuy f — ” relieved yesterday that the mieuu .y -- t 

Slgg ffi' e ° w b r„ U n” ^JSSf-?!i2 stock tor tne tl. 

, -nmutim- of ,®?. would! «hom.tcals consider the pnee m ^ fae ^ gides are likely to hems- 


T. CONTENTS OF TO-DAY’S ISSUE 

ich P&: twakv- •*« capital to European news VJJ Technical page J! 

»' 1 ' ^^inmrnatioliai helpia 5 toP 111 gcrip lsM;I ^. r ^ S .c Euromarkets - Z ’ ^ Management page — J® 

w»le. w?-. - rFr 933m.. Me M liZ’.’.- 1 U 


-Euromarkets 


.7. 2,34 


American news 


— labour 11 

Technical page "> 

Management page ** 

Arts page }i 


... 30 

Mining ; “U-36 

*„n (.nfflBaates 


Inti, tympanies 

wail Sireet * XX 


Wall Sirjft * Jo 

Furcimi Exchanges X- 

Farmin?- raw matenals ... ^ 
fctwck market 


* t5578m - ^ 

eaaifiES YESTEBBAY 


features 


a t is 

' : U iSS^aie antorm-- + j- 

‘ -• Panconttnen 1 ® 1 41 + 5 

; . Sabina l^S- . 12S + 4 

-v kU V: Vstviwiia " •' ’ Western . 


The Tories’ radical .^Bge 
. in regional policy — Z7 


German chmniealsi A giant 
at bay 15 


U.S. authorities tighten up 


on bi>"fc lending 


The Africans’ hunger for 

more land 31 

Bow I Cl controls its _ 

research centre 1» 

Australian fundraising: 

More states look overseas 35 
Indonesia’s showcase: The 
Asahan project 4 


ij| 1P runada-U5. fish war: 

Bones of contention ....-- 
Libera 1 - collapse bodes »“ 
r.c Tiimn coalition 


for Bonn coalition .. 
FT SURETY 


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r| Hyster’s J25-35Aseries consists of three ^ 

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.1 i 750kg, and a wide range of options ic h.| 

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Burop**" 

poncr.is 


veh ; cle “”'mb 


asm 


wm 




jr.lrf and wreiccd in Btiliio by: 


&|f ..j^*rS^ssi - \ 

- 1 

- ^ I 

.StilS . Glaxo fSO - {• 

TM-.+ I t^nrho. •“Xu mmmm - ..... 355 — |..- 
Bank 45 - S .• 


• 206 +.W 
-.18+3 , 
. 29 ^ ® 

•440 + J 
t 32T +. 5 


Apf M l nime E tr M 

ftnpoi« W >o«K Advt*. »» 

flUslunx OpMS- “ 

tnsomA ••---••r *? 

EMWtaMnnent G«Wte “ 

Euwoan opptt- - * 

FT-AcawHes iwflcas • 

Hook Cwtnctt ... > 

■■7.7:::: S 


Lomban) - 

Men and Matter* •-* 
Money Market — 

RBCiBfl 

Saleroom 


Whin 

World Value of £ ... 
Base Lending Rates 


Share lerormarion... 
Today’s Events — 2« 

TV and Radio « 

Unit Trasta “ 

Weather 45 


PROSPECTUS 
Thames Plywood ... 
(Comment Page M) 
Edlnbumh £5m *33 


’interim STATEMENT 


St. CBbaln 


ANNUAL STATEMENTS 
Anglo Amtrien Cnn 13 

W. and J. ClosioP ^ 

LaFargc C 

Metal BO* 2 

HeUoy Co f, 

Pretabail-Siceml ... * 

Sievlo Croud i, 

Tooial a 


- 



MM 


y- 



Barlow Handling limitod 

HfadOUtcciAiTlieWEsiaie. __ 
Maidenhead. Tet : Linlewick orewn - 1 5i 
Cjlcdonijrt Division : W jidpail Sculh, 
i iimheinautd.Tol : Cumbwnauld 25061 


Ireland : 

A. H. MPSsarLtd..Tel : Dublin 354511 
Belfast 61 7126. Ccuk 58624 > 


Bank 


For latest Share Index 'phone 0I-&6 80X6 








Jb L KUFfeAl> i> KWs 


NEW SCHEMEjTO REFINANCE OVERDUE DEBTS 


BY METIN MUNIR 

CITIBANK IS to make a SlOOm 
facility available to the Turkish 
Central Bank under what has 
been called the *’ constructive 
remittance scheme,” interna- 
tional banking officials told the 
Financial Times today. This is 
understood to be a new approach 
to tackling Turkeys foreign 
exchange crisis, and it is argued 
that The scheme could be used 
for other developing countries 
suffering similar difficulties. 

The money will go towards 
repaying overdue debts to 
foreign suppliers which could 
not he settled because of the 
country's lack of foreign o-v- 
change. Arrears in this cate- 
gory— some dating from as early 
as February. 1977. when normal 
import transfers were halted — 
total about Sl.Tbn. 

A large number of U.S. and 
European companies are 
involved in the new facility 

Companies bid 
for Oslo 
oil licences 

By Our Own Correspondent 
STOCKHOLM. June 5. 

THE Norwegian Oil Ministry had 
received 35 applications involv- 
ing 44 companies, when the dead- 
line for its fourth offshore 
licensing round was reached on 
June 1. The companies are 
competing for concessions in 15 
blocks on the Norwegian conti- 
nental shelf south of the 62nd 
Parallel. 

Among the major international 
oil companies applying are: BP. 
Esso, Mobil, Shell, and Texaco. 
Newcomers to the Norwegian 
exploratory scene include: 
Atlantic Richfield, Getty. His- 
panoi]. Occidental, and the West 
German Demines group. 

Phillips, which first discovered 
oil on the Norwegian shelf and 
is now’ operating the Ekofisk 
Field, is heading a group which 
includes Agip and Petrofina. The 
Murphy Oil Company is bidding 
together with Ocean. 

The less detailed of the bids 
was submitted by Volvo Petro- 
leum, the company formed only 
last month hy the Swedish auto- 
mobile manufacturer. But under ' 
the terms of its agreement to 
sell 40 per cent of its stock to 
Norway. Volvo must be among , 
the best placed to win a licence. 

The Oil Ministry intends to i 
hold preliminary talks with each 
group by the end of this month. , 
Detailed negotiations on indivi- i 
dual blocks are expected to start 
in August and the Ministry hopes i 
to announce the first licence in I 
the autumn. i 


which has already been over- 
subscribed by 50 per cent. 

The money is understood to 
carry a spread of 1.5 per cent 
over the London interbank 
offered rate {LIBOR) and is for 
seven years, with a three-year 
grace period. - 

The credit will be guaranteed 
dol only by the Turkish Finance 
Ministry but by the beneficiaries 
as well. In other words, if at 
the lime of maturity Turkey is 
unable to pay back the SlOOm 
then companies benefiting from 
It will repay Citibank. Benefi- 
ciaries will be asked to make a 
firm rnmmitment towards this. 
Hie officials said. 

Exactly how the money will 
be allocated to individual sup- 
pliers has not yet been decided, 
though Citibank would at least 
have the right to reject indivi- 
dual names whose credit was not 
acceptable to it. 

The constructive remittance 


scheme — in effect a euphemism 
for bad debt re-financing — has 

obvious advantages for ail con- 
cerned. To Turkey, it brings a 
certain degree of relief. Citi- 
bank has made a water-tight 
loan. Foreign suppliers will get 
their money, replacing bad debts 
on their balance-sheets with 
contingent liability. This is. of 
course, presuming that Turkey 
overcomes its economic difficul- 
ties in the next seven years and 
Improves its foreign exchange 
position. 

Norway's Eksport Finans will 
also provide a credit of NKr 
300ra to two Turkish State banks 
— the State Investment Bank and 
the Industrial Development 
Bank of Turkey, bank officials 
said. 

An exchange of letters will 
take place between Turkey and 
Norway on this subject during 
the visit of Mr. Per Kieppe, the 


ANKARA, June 5. 

Norwegian Finance Minister. 
wh«< will spend two days in 
Turkey at the end of ine month. 
The credit facility will i><? used 
Tor purchases from Norway. 

Talks are underway between 
the two States for the’ consolida- 
tion of Turkey's commercial 
debts to Norway totalling about 
NKr 100m. 

Although the SlOOm facility is 
a drop In the ocean compared 
with the amount owed by 
Turkish entities to their foreign 
suppliers, and although the loan 
negotiations on the fan lily are 
far from complete, ih- deal pro- 
vides a useful examp!*’ of how 
overdue suppliers' >-rcd:t could 
be refinanced. So long as thev 
can restrict the usaue nf such 
Facilities to top quality com- 
panies, such a scheme could be 
very attractive to lending banks 
in today's climate of low’ profit 
margins. 


Nordic GNP growth forecast 


BY WILLIAM DULLFORCE 

THE NORDIC economies are 
expected to achieve a “ modest ” 
growth in real GNP this year 
after their unexpected relapse 
into zero growth in 1077. The 
pay meats deficits should be a 
little smaller but unemployment 
will continue to grow and there 
should be no fubstamial change 
in inflation rates. 

These predictions are con- 
tained in the Nordic Economic 
Outlook, the semi-annual analysis 
published jointly by the econo- 
mic research departments of the 
Danish. Finnish, Norwegian and 
Swedish federations of indus- 
tries. 

Their predictions in Novem- 
ber, 1976, of a 3.5 per cent 
growth for the area as a whole 
in 1977 proved to he wrong 
when GNP stagnated at the 1976 
level. This is explained in the 


current issue as the result of 
"several coincidental factors." 
including a much lower increase 
in exports and a fall in total 
demand of over 1.5 per cent ia 
the Nordic area as a -whole. 

The Nordic countries increased 
their combined payments deficits 
by more than Slhn to S10.3bn 
last year. This corresponded to 
5.6 per cent of Nordic GNP. 
This year the federations’ experts 
anticipate “a certain revival of 
export growth " coupled with a 
decrease in imports which should 
reduce the current account 
deficits slightly. 

The Nordic countries’ compe- 
titiveness has been improved by 
recent currency devaluations. 
Preliminary estimates for 1979 
suggest that exports will con- 
tinue to grow more rapidly than 
imports and the deficits as a 
whole should be further reduced. 


STOCKHOLM, -June 5. f 

Domestic demand in the four I 
countries is forecast to grow by 
about 2 per cent in 1H79. 

The latest report notes that 
the length of the international 
recession and the negative 
effects of prolonged demand- 
stimulating policies have forced 
the Nordic countries to change 
their original counter-cyclical 
policies, which were designed to 
maintain employment. Finland 
reversed its policy In 1975. 
Denmark took similar steps to 
curb demand towards the end of 
1976 while Sweden followed suit 
in 1977. 

Norway alone showed an 
increase in total domestic 
demand last year but had to 
introduce more restrictive 
measures at the beginning of 
197S. This year only Finland 
will resort to "a- touch of 
cautious stimulation." 


Norway wage increases agrees 


BY OUR OWN CORRESPONDENT 


THE NORWEGLAN Government 
agreed at the week-end to an 
average 7.7 per cent increase in 
salaries for 210,000 State and 
local authority employees, in- 
cluding teachers. 

The settlement, arrived at after 
arbitration, will cost the State 
about Krl.lbn (£110m) a year. 

The Norwegian Prime 
Minister Mr. Odvar Nordli. re- 
turned early from the NATO 
meeting in Washington last week 


because of crises in the pay talks 
with the public employees and 
over farmers' incomes. The 
negotiations over prices for 
farm produce are still not 
settled. 

The agreement with the public 
employees assures thrice earning 
up to KrGS.OOO (£6.500) a year 
of unchanged purchasing power, 
provided that prices rise hv no 
more than S per cent in Norway 
this year. 


STOCKHOLM. June 5. 1 

After a poor export perform- 
ance last year and the delay in 
developing North Sea oil and 
gas resources forced it to adopt 
a more restrictive economic 
policy earlier this year, rv; 
Labour Government has tried lo 
restrict pay increases. A break- 
down in the pay talks in the 
private sector led to a compul- 
sory sett foment hy a wage settle- 


ment court 


r-vo 

■it • 


Denmark’s 
leader may 
broaden 
government 

By Hilary flames 

COPENHAGEN, June 5. 

MR. Anker Joergensen, 
Denmark’s Prime Minister, 
announced at the weekend that 
he is thinking of trying to 
broaden the base of his Social 
Democratic minority govern- 
ment by bringing in parties 
to the right of his own party. 

He revealed this in com- 
ments to the Press while dis- 
cussing his decision tem- 
porarily lo take over the job 
of Foreign Minister at the end 
of this month, when Mr. K. B. 
Andersen resigns from the 
posl. Mr. Andersen has been 
nominated by tlie Social Demo- 
cratic Party group as its candi- 
date to take over as speaker 
of the Folketing from next 
October when the present 
speaker, Mr. Karl Skytte, 
retires. 

The Prime Minister's plans 
came as a complete surprise to 
everyone, including many of 
his colleagues- Although the 
idea of a broadly-based coali- 
tion to steer the country 
through the economic crisis has 
often been mooted, this Is the 
first time that Mr. Joergensen 
has suggested It. The parties 
involved in contacts with the 
government will be the 
Liberals, Conservatives, Centre 
Democrats, Radicals and the 
Christian People's Party. 

The initial reaction from 
these parties was that they 
were prepared to discuss a 
coalition, but on condition, as 
the Liberal chairman, Henning 
Christoffersen, said, that they 
were given equal weight with 
the Social Democrats in a 
coalition. Most commentators, 
however, were unsure how 
seriously to take the Prime 
Minister’s initiative and they 
were sceptical about the out- 
come of the putative coalition 
talks. 

Kissinger urges 
loans curbs 

By Our Own Correspondent 

STOCKHOLM, June 5. 
DR. HENRY KISSINGER, 
former U.S. Secretary of State, 
suggested here today that 
Western lending to Communist 
states should be in some way 
linked to their political be- 
haviour abroad. Cuba's mili- 
tary operations in Africa 
coaid justify a halt to loans to 
that country, he said. 

The OECD could draw up 
simple guidelines for lending 
to countries related to their 
foreign political activities. 




iP§g|\ 


East 4rfermanf^ 


BY LESLIE COUTT IN&£RLJN 

THERE v WAS ' imie : 7ifes6nal. *' 
invective at last weekF . East : 
German Writers' Utiiot Con.- . 
gress; but perhaps 'thfr^ was 
because-, so - many dnt&mding 
East German writers werefebsenL 
Some, such as ReinprfKunze; ' 
Sarah ' Kirsch, and Jcrrgk (Becker 
have, been forced to- emigrate. to * 
the . West; others - hgvg been * 
muzzled and forced agaist- their 
will to. publish excl ua»ely_ In - 
West Germany. Among tl ise who.- W£~ 
have! voluntarily.- ataye '-away-' 

Jrora the Congress c : . been 
| excluded from it are Widely:' 
acclaimed 'authors 'such i -.Fran?'. 
1-Fuh'maniL Stefan- Heym Gunter! 
Kunert.: Uhactr.-4 , lenzsic f.' .’RoK by 
Schneider- and Christa : -Y If.?- 
East Germany's wri rs-are. 
still feeling the effect: of the, 
writers' protest - in N vember 
1976 against the expulsii i of the’ 


rs - are 
of the, «£ 
rember 



political poet and ballad ir Wolf 
Btensann to West ( irmanyr 
Never before had East Herman 
writers and .intellectual Joined 
together to call on- t » Com- SflVlIlff COSIUC 
munist Party leader up- to- u ® 

reverse a decision. KARLSRUHE, June 5. 

In the ensuing year a d a half 1 a FORMER woman - secretary 
the Party leadership ; is dealt' in Cha ncellor Helmut 
with the ungrateful auti rs in its Schmidt’s office was charged 
own oblique fashi a. Hr here today with spying for 
calculated that- --their jlidarity- ■ East Germany. 
was only skin deep, ax that It. Bamnar Kahllg-Scheffler-Ol) 
would be easy to di de and. '' 11 ^x!l llse d 0 r passing inf or- 

SSHf. “JW 4 " “’I* other 

dialogue, and instead < unanded an es ed East German agents, 
that the writers choos< between {iter and Gudrun Goslar, a 
real socialism "and it: enemies. J^rried couple said to have 

One wnter has bee . turned g| Ven her instructions and 
w! amSt ^, ther; endshij^; Sllyed her messages. T. . ' 

have ended m_ aenn iny had Federal chief prosecutor 
mutual nustmst perv ties the Kart Rebman announced 
atmosphere when Eas German re i a teii charges against the 
writers gather. In thi country also 31. The three have 

where writers enjoy aormous j,een un der arrest for more, 

popularity and respect ice they -JS , vear ' - - 

have struck a Tfiord n their 

readers, those authors who neaier _ ~ 

still (or, again), accept L by the 

Party are widely sus jeted' of Communist Party arid ' the 

valuing a secure inco; e above country’s President - 

literary independence They Herr Naumann said that some 
tn turn grumble a mt the authors still do not understand 
banned writers reapini rewards how to correct their “creative 
in the West for their t ssenL. '■ problems ” in accordance ' with 
The majority, of he 250 “our Party programme", .and 


Herr Erich Haneeker 


popularity and respect 
have struck a chord 
readers, those authors 
still (or, again), accept 
Party are widely sus 
valuing a secure inco; 
, literary independence 


in the West for their 
The majority, of 


delegates at theCorigrfts, which take to making “suggestions for 


took place in the East German improving real socialism ” . In 
Volkskammer, or- F riiament. East Germany which they then 
felt the enormous tex loo that “serve to us in the bourgeois 
has built up but refill d to! get Twang media. In return for this 
involved in the discuss ns of the they have a matching bank 
role of the write under account.” One of the dissenting 
socialism. They belies id in any authors comments that -Herr 
event that these- wou I change Naumann had matched the .tone 
nothing. The mood o the Con- of M Herr Goebbels against the 
gress was set a few d rs before Jews before the Crystal Night” 
it opened in a speed by East - This was the night in 193S when 
Berlin's tough Commit 1st -Party the Nazis burnt synagogues and 
First Secretary and! Potitb&ro attacked Jewish-owned shops. . 
member, Herr Konrad faumann. Another foretaste" of what was 
to a Central Committe meeting to come appeared on the culture 
presided over by H« it Erich page 6f the Party -newspaper 
Honecker, who Is the Secretary Neues Deutschland, where the 
| General of the East f Gepman newly-elected president of the 


involved in the discuss 
role of the writ* 
socialism. They beliei 
event that these wou 


; : iv - ' - ;■■■ •' j • • 

-!W^rs^- . .. 

antlior,!-. ^ : 

'replied' to; a; letter frewi^ 

; American publisher? irf -paiSfe ■- 
ingJhe exclusion of ; 

and Stefan ■= - 

^Congress-. - Herri VKantiri^it 

that Frau. Wolf farithw^flgQ . 
vernations Witti Christ4.-‘TSfcj ’ 
excluded herself by Suecefife®’ 
invitation! to-Swederi^&uiS^ .: 

- Congress.,. 

the Kiag!';-Da'vld;!r'Itepiu^< : i 
neither Ibeep. nmninat^iior'i 
his- name 'eyen.-’boeia'j^titiDf' 

- fer. . the 7Be:rKri 

.which - “«)ected..lt5- ddegials ' - 
the 'Gongress m ; 

-he said. - 

" The ' version. '. heard, 

Berlin, ' though; -ia that; - 
-Heym was proposeef^ ' 

beion^ug 

. hardliners ordered'- qS v 
removed—. ! ' 

The prodeedi^gs at 
gress. itself were J closeiirto^i - 
•Westerners ahd - Eaw=Geaaa ^ 
but .even the edited viersimtjl 
filled . the pages- - df -i fei . 
Deutschland - ^asciriat^i^ g - 
"Germans who normally- .. 
only the .weather aad'-t)ie’ij«j 
pages' of the Official journal - 
Delegates stood up to at6 
, unnamed wrif^ .who'jmrft 
“ books where only mistake^^ 
collected - and * Wheft reid%. t \ 
reflected in an 
.famous and distorted Jrifefe 1 i 
.'in the Words 
authoress, Ruth', Werner. '"'Fi 
Werner added that- 4 *.! chn.R 
a baker's bread anddStelt ev 
if he is a bit mudffie^ead 
but with an. author the first ^ 
ditxon is that he bave.a <3t 
and decisive" weltaashhauiiiig 
Writers’: Union Ijraade 
Herr Kant- spoke in his ?aSiS 
of the. “ freedom ’ of our'iite 
ture,” of “our friend. 
rade ” Herr • Honecker. ^4 
“ real, ' existing enehues \f- 
soctatism ”-in West-GerriianyTa- 
of “ those former mfcmWWro- 
the union” that .is, those.w' 
are now in West Gfermariy^-v'. 

In an - appeal to the majdB 
of writers still in East jGenuti 
Herr Kant told them riot. to' 
“■deceived,” to “ dispute.' -ri . 
within this union,' within R 
country." The reference 
the spate of articles, nrferVfei 
arid short stories by -Ei 
German authors', appearing' 

West German newspapers! «dii' - 
has assumed the proportions’. -- 
a toll-scale .'debate on, : E -- 
German literature. 

Ftiukic Times. nubUshed daily ann s 
dau and boUda'n. U.S. tuixenvOoe &200 
•-air froahil S3fi0.no (afr imili . tmii 
Second clan jMtuac raid, at New York. N 


7t“- : J-5 , 

• 1,V. > . *■ 


ir' '"'H- - ' 

'’"'Kv 

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Hdnk *»f % iiu’Wi'ji I kmilavff 
IVi-Mbin A Ii 


Ku"Jil V-A.h 

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' & 8 


!! ; ‘ The ; Na&na! ; <M^Hian6l^^|^n/s' ; 
contribution to Wortd. demand ; fs' greatly 
increased by tb ecomm iss io ni nrg of th e i r new 
Methanol plan t'at Brega. 

... - -.{ Opened in^ ^December 1977 v production 
has already reached^i^ific^nt levbls, and 


Y -w 








IW& 






- ; ¥ : ; PW- 

the quality and purity of the product has 
proved exfremely high and welt over accept®! 
I nternatfonat standards.! ; ' , : 7 ’ 

; . -The National; Methanol Company sirS|S; 
proud to take their place as leading producers 
of this important commodity. .-' " {.- ; 


’§mu 

i The Natrona! iviethan of Corn pany,!P;d. Box 53.24* Benghazi, Libya. Tel: 25897 / 27588 . Telex: -4CI059/50605. 

'•;i5k5 ; . 


s.’. * . / 


Were old hands at new ventures. 


Co-creators of first Eurobond. 

In iy57 Petrofina had briefed us on a special 
problem. One willi no standard .solution. 

So together with a stnal l sronp of international 
banks, we created a new solution; The world's first 
■Eurobond issue. . . 

Since then we've managed and co-nthnappd 
hundreds of Eurobond issues. Making us one of the 
world’s lending sponsors of this lype Of financial 
project. And the uucwiduhe longest experience. 

"Why new ventures appeal to us. 

Benuise all too bflen the old a nswers aren't 
the most precise solution to new financial problems. 

Or maybe it's because we’re snobs- and we 
prefer to custom -mil or solutions lo each customer. • 
Rather than force him into off-the-rack answers. 

Uutwedon'l innovate just for innovation's 
sakeAVhcn file standard sulul ion .still fits, we offer it. 


All the expected services. 

\\e have the same range of financial services 
as.Other international banks. And we back them up 
an intemationaJ network of subsidiaries, 
representatives, ••Ifiliatos.-asscxiwles.curresrajndciifs 

and blinking communiries like Sk'EandAsMxiiteri- 

Banks’ of Europe (ABECORJ. And willi 10GO retail .1 
brandies in Belgium. 

' K* 11 w} iai makes us different from other infer 
znriion al banks i> our individual atlenl inn toi-udi 
client’s iiidi yidiial problems; our reluctanccto stick- 

to the traditional ansu’cr.s; and ounvilljuio-ness to 

stick our neck out in new ventures. ° 

. Like the day we stuck our name on the world's 
first Eurobond. 

f^Banque Bruxelles Lambert 

banking, a matter of people 


We lire the ABECOR kink in Belgium. Mamixloun 24 , 1050 Brussel. Tel. 02 ‘ 513 . 81 . 8 t. Telex 26392 BBUN 





$ 










■.•-V Tuesday June & 197& 


' 7 r ' ■ 



A Y.y. r J V 11 




collapse bodes ill for Bonn coalition 


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HERR ■ • HAKS :. ; . ~ Dlg pnpW 
GENSCHER .• looked ' ». thunder- 
struck. His liberal Free Demo- 
cratic-Party (FDP)— long holder 
of the balance of power, in West 
German - politics — Had just 
suffered a shattering reverse.. In 
Sunday’s, provincial elections in 
tbe city state, of Ba&burg and 
the neigbhoarins state.- o£ Lower 
Saxony, tbe FDP failed to muster 
the 5 per cent - support needed 
for representation in. 'the' State 
Parliaments. Having. until now 
helped call the tone in- coalition 
Governments in both areas, the 
FDP is- no. longer even a Parlia- 
meoary opposition in either. 

- In marked contrast to Herr 
Genscher. the leaders of .the two 
big parties involved : in - the 
elections, looked almost- self- 
satisfied. Herr Willy Brandt had 
seen ■ the . Social. Democrats 
(SFD) recapture with 51.5 per 
cjsnt, the absolute majority in 
Hamburg which they had. lost 
four yeanrago. And' JDr.Hefout 
Kohl’s Christian- -Democrats 
(CDU) will now be able to form 
a Government in .Lower Saxony 
on their own. 

Yet self-satisfaction is mis- 
placed. If political life is now 
going to be very much harder 
for Herr Genscher, it vrfll he 
more anxiety-ridden for the 
SPD and CDU too. The reason' 
is that a coalition with "the FDP 
is crucial to the long-term 
strategy of both big parties. If. 
as in Hamburg and Lower 
Saxony, the liberals are going 


BY JONATHAN CARR IN BONN 


tg be extinguished as a parlia. 
sientery force, then West 
German politics will change pro- 
foundly. It is by no means clear 
who would profit 

TheSPD has the more imme- 
diate cause for concern. It has 
now formed the federal Govern- 
ment in Bonn with the FDP for 
nearly -nine years— first under 
Herr Brands then tinder Herr 
Helmut Schmidt In the last 
federal elections in October 1976. 
the .FDP. received 7.9 per cent 
of the vote and the SPD 42.6 per 
cent— enough ‘ to allow iheir 
alliance to continue, albeit with 
a .majority of only 10 in the 
Bundestag, the lower house of 
parliament. 

It thus needs relatively little 
loss or support countrywide to 
pull the FDP below the 5 per 
cent mark. In Hamburg, the 
liberals suffered- a much more 
sharp - reverse— collapsing from 
10.9 per cent in 1974 to 4.S per 
cent on Sunday. In Lower 
Saxony the fall was less bad — 
from 7 per cent in 1974 to 4.2 per 
cent But neither result bodes 
well for a continuation of a 
federal SPD-FDP alliance into 
the 1980s. And if the SPD loses 
its liberal partner — what ca n 
replace it? 

Herr Schmidt’s government 
also faces a more immediate pro- 
blem involving the balance of 
power in the Bundesrat. the 
upper chamber of the federal 
parliament, which consists of 
representatives of the Govern- 
ments of the federal states. The 





Big cut in Italy’s trade deficit 


BY OUR OWN CORRESPONDENT 


ROSIE, June 5. 


ITALY SUBSTANTIALLY re- 
duced Its trade deficit in the 


totalled L3S8bn as against 
JL1.88&bji during Lbe same 
period in 1977, according to 
provisional figures released by 


the official statistics bureau, 

istat. 

In April, Italy recorded its 
first monthly surplus of the 
current year totalling Lllbn :is 
against a deficit or L507ba In 
April 1977. 

During the first lour mouths, 
the oil deficit, which is 
Included in the overall figures, 
dropped from L2,4jL3bn In 1977 
to L2,256bn. The agricultural 
deficit, also included in the 
overall trade figures, totalled 


PENSION REFORM 


Hans Dietrich Genscher 


CDTJ and Us Bavarian sisler 
party, the Christian Social Union 
(CSX. ) have a majority in the 
Bundesrat, which has wide 
powers including veto rights over 
tax legislation "passed to it by 
the Bundestag. But the FDP has 
sometimes been able to use its 
coalition with Ihe CDU in Lower 
Saxony as a lever to help federal 
Government legislation through 
the Bundesrat. 

Herreforth, it will not be able 
to d-t this— and the federal 
Government’s parliamentary pro- 


blems are likely lo increase as a His own CSU at present exists, „„„„ ^ 

result. only in Havana. Herr Strauss! grsj four months ol this year 

So Tar so good lor the CDU. has long stressed how hard it| compared lo the same period 
But the disappearance of the will he for the CUU-CSU alone to i | aS | year following a 1-3 per 
Fx>P from the Government of come to power in Boon, if the cent fall In Imports and an 1 1.3 
Lower Saxony cubs across Ihe door to an alliance with the per cent increase in export 
strategy of Dr. Kohl who looked FDP Is closed ;<,o. then accord- performance, 
on ihe coalition Ihcrc as a mode! ins 1© csu A may be lime After the first four months 
for the kind of developments he for a new party aiming to scoop 0 f this year, the trade deficit 
wanted to s>e<? at federal level. In up every' last ri?ht-win" vote. j 
1974 the stale was ruled by an There seem to in? ilaws in the i 

i-h 0a H ti0 * n u 10 in the argument which the other 

197b the liberals threw i.v ifcejr . ■ u/ „ ct , 

lot with the CDU. Despite m ° m West , .. rm..n po.itical 
recurring problems over voting groups have been quick to point 
in the Bundesrat, this alliance out None the less, the prospect 
under the young. CDU Prime 0 f a fourth party emerging hangs 
Minister Ernst Albrecht worked over them all— and over the FDP 
well and both sides planned Jo j n particular — like a sword of 
continue it after Sunday’s elec- Damocles. Sunday's results show ' 
lion. Now Herr Albrecht will w by. The FDP would nut have • 
rule alone — making his task done so badly — indeed it might' 
easier and Dr. Kohl's life more still be represented in both) 
difficult. parliaments— had n»i new, so! 

In particular Dr. Kohl is likely called “green parlies” of! 
to come under 
rrom Herr Franz 
the CSU leader. 

rival lo Dr. ... ... . 

SiFlJSSVjTj&'S “iSSJiviU. » iw,U,bl. _appetiie, pensiop, A f«r reaching the^ge .1.,. ip 

“total opposition -1 to both SPD Saxony which is to bo the site j to tne 

and 
thou 
power 
roaJjti 
only 


same 


some 1.1,3001m in the 
period this year. 

The improved trade position 
is in part the result of the 
industrial recession in Italy. 
However, there are now con- 
crete signs or a recovery' in 

Industrial output. Sis. JRinaldo 
Ossola, the Foreign Trade 
Minister, has resumed overseas 
visits to promote Italian 
exports lo Middle East oil- 
producing countries Africa 
and Eastern Europe. 


Growing problems 


BY PAUL BETTS IN ROME 



_ _ regular employment. 

Treasury o[ 60 or 55 for womenT provided But when the Government tried 



'■ ■- J 
: • 'inp . 


Court rules on Renault’s grass 


JVU 1;V? h; 
I’-i'iiM'** 

-, r l. 

■- a.’.* i . 
: i’ni 

- :n •£• 


BY DAVID CURRY 


PARIS. .Tunc 5. 


Cautious union reaction 
to strikes at motor plants 


'duel last 
I crease to 
i war and 
; 1990. 


year. This would in- from about 5.7m to 33.5m com* Pensions and that it could only 
13-14 per cent next pared to a labour force of some start identifying them by 19*9. 
reach IS-20 per cent in 20m last year, while the expense What bas particularly o.vaeer- 


has increased from L1.000bn to baled ihe deficit ol the system 


At long last, however, there L lS.S00bn with the percentage has been the automatic indexa- 

of G.NP extended rising from 4.S5 lion of pensions, ini rod need 


i;-: 

!>:rj 


. .m 


FOR 20 YEARS .the name of 
Pierre Dreyfus was synonymous 
with that of Renault. Jt was 
Dreyfus who symbolised, that 
marriage between the state. and 
industry which made Renault 
into one of Europe’s leading 
motor manufacturers. . 

Pierre Dreyfus also had a 
reputation . of being a bit of a 
liberal in polities and eclectic in 
his art bastes. So. when Renault 
was ready to move into its 
sparkling, new office block along 
the Seine, he had the interiors 
decorated with brilliant motifs 
taking their, inspiration ..from 
motor components, and commis- 
sioned the .distinguished French 
sculptor. Jeaa _ Dubuffet, to pro- 
duce something ' original to sit 
outside the frontL gates in the 
courtyard-. 

Dubuffet was commissioned 
for FFr 400,000 to produce a 
model of his work which the 
company would then arrange 


to .’be constructed for 
FFr 4m- Dubuffet also received 
FFr 320.000 towards bis pre- 
liminary work. 

But the contract stated that it 
for any. reason the work could 
not be executed or was .delayed, 
Dubuffet would receive only his 
FFr 400,000. 

Work began in 2975 on the 
monumental sculpture- — “ A Sum- 
mer Garden" — in massive con- 
crete and polyester blocks 
around a pooh. .• 

By this time Pierre Dreyfus 
bad retired, and the new chair- 
man of Renault was the bulky 
and practical figure of Bernard 
Vernier-Pallez- It . Was quite 
clear -that 3E Vernier-Pallez did 
not enjoy the vieriesrat of bis 
office window, a,nd> when it 
became dean that extra money 
would have to be spent to pro- 
vide additional support for the 
pool of water ;Which would be 
the centre-piece’ of the ensemble. 


he ordered the work stopped. 

He then went one better and 
ordered the whole thing to be 
grassed over. Jean Dubuffet was 
not amused. He proposed to 
complete the work at his own 
expense and when that was not 
received with enthusiasm, he 
went io court seeking to protect 
the integrity of his work as his 
artistic property. When the 
judgment supported the com- 
pany’s right to stop and eventu- 
ally destroy the work, he 
appealed and Jast week the 
appeal count handed down its 
verdict. 

M. Vernier->Pai*lez can breathe 
easily: the court said 'that the 
clause in the contract setting 
down would happen if ihe 
work could not be finished, 
effectively prevented bis invok- 
ing the haw extending to artists 
the moral ownership of >tiheir 
work. 


BY OUR OWN CORRESPONDENT 


PARIS, .lime 5. 


1 jLp pours lo he a consensus among 

! political and social forces on the per vent to 10.93 per cent during eight years ago. Parliament has 

ineed to reform the pensions the same period. recently approved limitations at 

! system. While the immediate The financing and adn>ini$tT3- the highest levels, but it ib clear 
| short-term incentive is the need tion of pensions is widely re- that action will also have to be 
Mo coniajn the enlarged public garded as one of the principal taken for all other pensions. The 
BY THE middle of the week it other workers from oocraiing; sector deficit to a level acceptable shortcomings of the system, indexation has effectively seen 

* Monetary Subsidised pensions for a pensions increase by greater 

term the number of categories. like agri- percentages than those of eam- 

is crucial cultural workers and artisans, ings which have themselves risen 

ouL or w7ll assume the prepor- Flirts plant until Thursday ini for Italy if it is to reduce its currently cost the state some »t a higher rate than the cost 

lions of a challenge to the Gov 
eminent's incomes policy. 


BY THE middle of the week it other workers from operating- sector deficit to a level acj 
will be known whelher the them, on pam of being forcibly [ to the international A3 
strikes at two factories of the ejected. jKund. in the longer te 

Renault motor group will fizzle As the company has closed the] reform of the system is 

nnr nr will assume the nronnr- Flirts plant ucul Thursdav in I for Italy if it is to reL — -- - _ 

what it describes as a post pon- 1 high rate of inflation to respect- L3.2i5bn a year, or about 2 per of living. At the same time, 
ment of the shifts, the situation! able single digits. Yet tbc cent of GXP. Unless reforms are certain categories like the Civil 
U*m remain imriMr „mn the I difflcnllies are considerable. introduced, the indebtedness of Service and the banking system. 


difficulties are considerable. ... _ . 

Earlier piecemeal attempts the agricultural workers fund have enjoyed through the indexa- 
have been blocked bv the howls alone is expected to amount to tion system what have become 


v within little sympathy action elsewhere ! of protest the proposed modifies- as much as Llfi.OOObn by 19S0. known here as •* super pensions.' 
ient. the in the group.' though unions actions have aroused, despite the At the same time, disability The Government is proposing 


A Rouen court this morning will remain unclear until 
ordered strikers occupying the middle of thv v.eek. 
engine and gear-box plant at On the whole there has been 
Cleon to quit the factory 

48 hours. For the moment ... . 

strikers — who are in a small the Douai assemhlv plani have acceptance in principle by the pensions are paid regularly as to introduce later this week a 
minority — arc maintaining called a four-hour stoppage. [trade unions and the political a kind of indirect social welfare scries of provisions to contain 
Pickets across the entrance and The unions are treading care- ’parlies that something must be system, particularly jn the de- the enlarged public sector deficit 
the plant is shut-down. fully, apparent I v caught nlf;done. Not only is the system so pressed South where the level to between L'24.000bn and 

However, a court ai Versailles balance h; the strikes which complicated that few can under- of unemployment is especially L25.00Obn this year. After a 
refused Renault’s request for an grew in each case out of local {stand it. but it affects so many high. They are often much mini-package of tax and public 
order cotnpellin" several hundred incidents iihe dismissal of aipeoole that any changes are easier to get than old age pen- utility tariff increases announced 
striking press °shop workers— worker at Fhns for persistent I almost bound to have severe si ons. Indeed, the main Italian by the Cabinet at the end of last 
mainly immigrants — tr. ston their lateness, r.n.i regrading diftkul- 1 political repercussions. pensions institute. WPS. at pre- month, on triday the Cabinet is 

occupation of the Flins faemrv ties at Cleon*. At neither plant Ironically, the pension system sent pays more than 5m dis- expecled lo announce public 
west of Paris. The court warned, does the bulk of the workforce has been hailed as the most ability pensions a year. expenditure cuts by reducing 

however that the strikers must show much >5' r. of following the advanced in Western Europe. There are also very few re- 197S spending plans and post- 
not damage inachiuerv or prevent strikers’ lead. ' /Employed workers have the strictioos on the accumulation ing others to 1979. 


Ti- ■ 

'4- 




■sSJl 





. - r - •• JM 

• :• v: •*. i >: -• ■ - Y 




. y-rv'- ' -‘ 





Consider for a moment how much that effectiveness 


Coi 

mmMMmmm- • f4- : depends on you. 

: Put him in the wrong truck and chances are his real 

productivity will plummet. 

His truck win break down, gulp fuel and maybe spend 
four hours on what should be a three hour journey. 

Any of which will meanyou’re not getting your money’s 
worth. 

Put him in a Mercedes-Benz truck on the other hand 
and you’ll find he’s driving a truck that’s reliable, economical 
and durable. A truck that can be really hammered and 
: hammered hard. 

A truck that will spend less time off the road and more 
y time making deliveries. 

You may well find that as a result of investing in a 
, Mercedes-Benz fleet you’ll end up paying your drivers more. 
That’s no bad thing. 


Because your driver’s pay packet can be a direct 

ibintv. 


reflection of your profitability. 

Speak to your transport manager now. Check out your 
operating costs for yourself? 

And in the meantime, ask your 
secretary to clip this 


l>y 


U&*' ’ 


IS® - buying his time. You’re 


$tjs 




ad to your letterhead f r - 
and send it to us. 

By the time 

you’re in a position to realise 
the viability- of Mercedes-Benz 
trucks all the relevant information 

Mercedes-Benz. The way every truck should be built. 

Mercedes-Benz (UK) Ltd^r.O.Box 753, London SEL 5JZ. 


be on your desk. 



17 




: : *v -7^* ^ -pW;* je-.-. y . 







"©vebsSSS 'News 5 : 


f AMT S TAX VRVS J 



00 


BY OUR OWN CORRESPONDENT 


RABAT. Mini 5. 


AS THE U.S. Air Force started 
air i if tin's 1,500 Moroccan troops 
to Zaire over the weekend. Kin? 
Hassan announced a series of 
measures designed to solve 
financial difficulties caused partly 
by heavy military' spending. 

While five American C-141 
troop -transport planes Hew out 


Envoys face 
plan for 
observers 
in Rhodesia 



w; 




a series of lic a i su announced -that the Je October war on the Golan the situation in Zaire and PjH ifl KDUQCSla BY lUREK martin U< 

to solve n ew fivt-j ear .plan will he scrap- Heights, but it is undoubtedly vent -another repetition "t the; vw*^^*** BY jUREK MARTIN, US. 

aused partly pet j it' was due to be iinple- made necessary also by losses in Shaba affair. ! The British Government is to CALIFORNIA SEEMS rftai 

ending. mented this year but now it will ,h * W«tern Sahara, where -his However, the King said in hit! be invited to become an send a message toman 

rlcan C-141 be replaced by a ihree-year still battling against the speech he would fly to President I observer within Rhodesia $ multi- politicians all over the c 

es flew out “ tran-siunnai " plan which will Pohsano guerrillas based in Mobutu's assistance a third or J racial transitional Administration, it is that property taxe 

cs mrw uui _ . , Al'-pr.in over two wars after the pwn r. rm.rtv, :r I nationalist sources sairl here : J LJL.iL 


WTh li e five American C-141 be replace a Dy a ibree-year -r — ~ fueet-n u-- wuuia ny to rresiu^x " uu “ c “‘ 5 iu “ lu ' politicians aU over the .coi 

truon -transport planes flew out “tran-siunnai” plan which wil-l Po^sano guerrillas based in Mobutu’s assistance a third or, racial transitional Administration, it i s that property taxes 

Sr fiSrSp of troSw ?o rely for finance on a maximum A1 Sex-ta over two years after the even a fourth time if nectary natumali m sources aid tee American Equivalent -of. : 

of national savings instead of on |«a was ceded to Morocco by because it was not an internal; SSS^ ^SSS^ 5^t Sf»? ' *&' “£■ 

s-*-ld .in a broadcast on Sundav foreign aid. opain. _ affair out the consequents i. . the two An«lo-Ameriran official who thinks UllierwiSl 

night that Morocco would have The King made no secret of He a,so blamed financial rr " J " " envoys— Mr. John Grahaim of the 1116 f1 sk of losing p£ 

to cut down on foreign currency the fact that Morocco is in finan- troubles on a succession of Tour °PP^> e d io our spiritual ' ..V^rlrr Foreign Office and Mr. Steven support. . . 

spending, notably by reducing cial difficulties mainly because of poor harvests which Cost S200m ,» . L° w - U.S. Ambassador to The debate over the pre 

imports by 20 per cent. military pending. Security in cerea l imports, the increase Moroccan "onlipoencv one rail on. ^liS^n^m^ishurv ^ nown . “ 

To improve the inflow nf forew a J7 L yi.^ S e rh CL,U r^f£ J n ^ cost import '’ w $ich and stresses’ that’ Moroccan arc convinced that the British dwarfed the para31et° I pr 

foreign currency he announced STT^m *■» year and bad completely neutralised troops are being placed :H liio Government will reject the plan. elections th _ P 

a preferential rate for -the has just taken delivery of the income from phosphate exports disposal of the Organisation nfilt calls for the appointment of j^nrbmr nf Whteh iT?he 

Dirlian, putting it on a par with first Mirage F-l jet fighter— he despite doubling the price, and African Unity. British observers on both the a TiemihS™? 

the French Franc, tu derive has ordered 50 of them from investments in Sahara develop- However, he is against the four-man Executive Council and " on 01 ^ BepuDJiran 

increased benefits from -the France, reportedly at a cost of men t S260m this year. proposal for a permanent pan- he Ionian mimstenal council » -pfbv! 

ssssnttar -vars ..stMss tns raa sx. m saj*" - 

equivalent to a devaluation uf by W esun^house of the U.S. contributes to the financial bur- a cleavage in Africa with ihc ob^rrer tijoS the conSituUona! Proposition^, which wou 

3 bout 7.3 per cent but it applies According to the King den and the King is bopin 0 direst consequences. committee which is drafting the state’s tax revenues 


3bout 7.3 per cent but it applies According 


IRTfN, US, MTOR • . LOS ANGEj^' Ju« 5. ;. 5 

EEMS read to is in spite of opposition by tfie/*acked the ^measnxd; ihe; ; ittt^ 
e tomarrov fo . Governor, big business, organised with great fervour. - . The other 
irer the cou try .- labour,- the teaching profession two.-. Mr.:.' Ken • Maddy-.- ^ State 
erty taxes the and minority groups. . :• Assemblyman, and' -Mr.-'^te 

aJent of. r :esj -The movement -in support of Wilson,'. San Diegos jmSsjot 
1 that any p blic the initiative is being described, oppose^it ■ - r._ ; 

:s otherwise uns as a genuine grass-roots tax- ‘Mr. -Younger. tnefro 
losing po afar payers* revolt. As such, it -has took . careful -■counsel : - cbefofle ‘ 

. v*dde Implications for other states making his- stand. - But his lead 
rer the pro erty where similar .movements -are has been sparply an- .. 
known as Pro^- afoot,' for the federal Goven**, siapg^-.^o^j ' 
a as comp teiy'menL and for both nattonal uninhibited - .-ngbt^winger-^apd . 
arallei pr iary political parties as they look for- law -- and-- >ord$r-.:-. -ctod§te<£\ 
i. the nost ward to the 1880 Presidential 

ich is the elec 1 election. - . - position 13 -had mtt:r^lljr. taken, 

blican earn date Bnt the first impact is . likely off as a pOhUC issue, lt -app^a^ 
nbent Go? rnor to be felt by the four Repub- that >Ir. . Maady.^a, iaersetabg 
the Novi aber Hcans contesting -the state’s moderate. -was climbing-fast-irir 

-- gubernatorial primary tomorrow.' But, on his- own admisgUnV 
all local lolls, for their Fortunes seem tnextric- Mr. Maddy has been^gtievohs^ ' 

which wou cut ably tied to their position 'on damaged by his refusal to-.gup- \ 

revenues j as Proposition 13. ' port the projwrty . tax’- anecd. 


Desai leaves Left-wing party suspends activity 
f °J j f? s In protest against Sadat law 


the detailed constitution for much as S7bn in the flrsl year " Two - of thei four, - EveUe ment. = - - ■ --,>Kvr- 
Zimbabwe duo io come into and which would place itrlct Younger State Attorney-General. Mayor Wilson has suffered th« 
operation in December, to act as ceilings on future tax inci ases. : and Mr. Edward -Davis, former same fate, although 3& had ne»ec 
cess° schecTu 1 cd^ fo^DeSmber 31— wiU - P^s by a wide margin. This Los Angeles potice chief, -Save risen higher: .QSan^Ionjth^ ? 

Sand even for Britain to take up ■ - ■ ■ ■ ' . v~ ' .V 


a post as observer on the military- 
committee which is trying to 
implement a ceasefire in the 
51-year-old war. 


cairo. June 5. I Pakistan bank law 


By K. K. S harm a 


NEW DELHI. Juno 5. 
THE FUTURE of India’s 


nuclear energy programme wi 


l EGYPT'S left-wing Unionist Pro- paper AI-Ahali iThe People! experiment which was still m its, 

jgressive Party today suspended after next Wednesday’s edition infancy. IncreaS th? mi“mura SpSl o 

activities in protest aqainst the and is accepting no new mem- The measures approved >-y ll,e l mainlined bv a foreten hank 
I law purging from public Ufe bers. Peopie’s Assembly (Parii;-n.enl) - ?r 0 m 2m or 3 per ceK total 

• Goinmimisbi and other critics of The country s largest opposi- four days ago served tr. lighten : deposits m Pakistan to Rs 5m or 
j the Government. tion group, the conservative New one party rule, curb individual ; 75 per cent of the torsl demand 


Liberal leid $7bn gain expected 
in Colomllia . 




elections 


in value of exports 


By Santa Kendall 


BY JOHN WYUES 


MEW YORK^ Joatf i-S" 


The UPP said that u meeting Wafd. dissolved itself fur similar freedom 


be decided in fhe next two j of irs constituent assembly next reasons. 


threaten thCfnml time deposits, whichever is 


BOGOTA, Jui 


security of the individual, PARTY candid; 


weeks. By theu. Prime Minister Sunday would decide whether to The new law, approved by a UPP said. It argued that the law i f rom Karachi. 


Julio Cesar Turbay Ayala 


Morarji Desai will have held 
talks with President Jimmy 
Carter on supplies of enriched 
uranium for the U.S.-built 
Tarapur atomic plant near 
Bombay. 

Mr. Desai left here this 
morning on a 13-day lour that 
will lake hint to Tehran, 
Brussels, London and the li.S. 
The Iasi leg. it lien lie holds iwo 
rounds of ialks with Presideul 
Carter in Washington, will he 
the most important. 

Although President Carter 
has promised lo continue ship- 
ments of nuclear fuel lo the 
Tarapur plant that would 
enable it lo function 
for anolhrr IS monlbs. 
these supplies have been 
held np hv fhe Congress 
on the around* fha 1 India has 
not agreed lo sign the nuclear 
non-proliferation treaty and 
because the Indian Govern- 
ment is not willing In accept 
nucleiir safeguards sought hv 
tli« U.S. 

India has nwled sirnmlv 
to this d*’tav and is in p .W*ins 
that the U.S. fulfil rnniraciual 
obligations, ewctallv as Mr. 


THE U.S. .Govexxwnent. expects. In .the dollar ^are expected tij 
5- the dollar depreciataon ' of the. grow as. the 'year proceeds. ' 
e Sr. past nine months to add between:-, ihg by the end of the year to an . 
tas a S7tn to SSbn to the value of U^.. annual rate of , gain. of Sfcfcr 

fifiiiA . a j. j _ m ■* nnrt tKTWn '* kn' _*cvT>£_ . ^ - 


Oil prices may rise from 
eod of year, says Y amani 


I dissolve the party altogether. 9S per cent, vote in a referen- als.i contravened the Constitu-j The amendment to the ordinance small lead- over his Conse native exports by the end of 1970, $8bn,’* he' -told; ■ a ^sonmar 

“The party has decided to stop dum two weeks ago. was intro- turn. ■ v as approved at a meeting of the opponent Sr. Belisarip-Be aneur awmvtiiig jo a senior Treasury organised by the - Conference 

uiass political activity as long as duced after bitter criticism of Mr. Sadat has accused pro- council of advisers held in Rawai- i Q the Colombian presi ;ntial 0 « C j a i Board, the :biisiness. researrii 

this law exists,” it said. President Sadat's Government. Moscow Marxists of comrollins ■ pindi under the chairmanship of elections, according to fficial T _ ' vnaiv®i«'oF rr<! organisation. •' • 

| The party led by Khaled Today the UPP criticised the the UPP and has said he v-ained chief martial law administrator, results so far. More than 0 per ID * sweep in S , matys» w -o.. Qi ^ were die ’ 

i Mohieddin. will also cease ruling Centrist Parly, accusing Egyptian leftists to run the; General Zia Ul-Haq. The mini- cent of the votes have been coropepuveness - uns morning, majoY‘ and obvious ■corriribtitdr- 

. Dublication of its weekly news- it of liquidating the democratic party. neuter! mum prescribed capital must be counted, but the f-i.000 ™ r ’ Fred MM***"*-- Assistant , fae .* et8 jJ ora tIns ' US iraA* 

■ deposited with the State Bank of advantage of Sr. Turbay could Swretary for International ba]aQCC> 4 secondloajor fagS 

. Pakistan either m cash or uj still be overtaken, and both Affairs., argued that the trade had ae differing naTtf 

i * j • • p >f-i j ■ encumbered approved securities. Liberals and Conservative have deficit peaked in the first quarter economic reroverv amonv- tti i i 

Oil prices may rise from Terror count m ..kktk srjsus&! st KsSsadfsSiS-r : » w 

end of year, says Yamani I ? rael A‘fi esS i as- «*A.-sw 'TtOSSSSf. a SWTBW-Tsa its: WnasartSar^ .,., r 

: -A- waiiwiu empp 1967 'w hen a new foreign bank is per- night on Sunday. Sr. ffc ancur ^ 4 tiarter was a. -temporary cent. . . » * 4 * 

' RY mm fqdfign ctaff v ' ’milted to open a branch in declared be was Colombia i next aberration caused bya variety of.- Th5g should cease -to' be.sud*. 1 " . -u.i. 

I Bi UUK ruKEivn By David Lennon 1 Pakistan. president sf. Turbay chid rt him factors ranging from fear of new a depressant on the trade balance : - • 

HIL PRICES will remain frozen sudden shatp jump in oil prices > for acting out of turn, ai 1 said *-LS. import restrictions to the in the months ahead because of. 

for the rest of 1978. but after in the mid-1980s, when today’s! TEL AVIV. June 5 ) \JalaV Payments he hirnseIf would wait i r full possibility of a West Coast dock the convergence of growth rates 

December gradual price rises oil surplus is expected to become PALESTINIAN terrorist j tucks , vr ala r rc F_ J lir nm ..n official results before f maliy strike this summer. anticipated by the Carter 

would be in the best interests or an oil shortage. have killed more people in j c aD tain hMb^en jailed for^ tbreS announcing his own victi y. .. Mr. Bergsten indicated that the Administration. __ ■= j 

the U.S., Sheikh Ahmed Zaki If current economic conditions Israel in the first live months of ; „ ears f or payments involving the : Administration was tatang .spme.. Mr.. Bengsten said no dramatic 


BY OUR FOREIGN STAFF 


Israel highest 
since 1967 


UlL PRICES will remain frozen sudden shatp jump in oil prices 
for the rest of 1978. but after in the mid-1980s, when today's! 


By David Lennon 


I Yamani. Saudi Arabia's Oil prevail when OPEC meets in 
Minister, said m Riyadh over the December. Sheikh Yamani said 


If current economic conditions- Israel in the first hve months of : ,, ean! f or payments involving the 
prevail when OPEC meets ini year than in any cum parable j Malaysian Government’s S39m 
December. Sheikh Yamani said period since the 1967 war which: purchase of 1C vunersonic F-5E 


Savings issu] 
fears realised 


not agreed lu sign the nuclear Minister, said m Riyadh over the December. Sheikh Yamani said Period since the 1967 war v.nleli purchase of 1 C supersonic F-5E XStYlfBOfC ISSU * in exports in wia 

non-proliferation treaty and weekend. a price increase of more than 5 started 11 years ago today jets from the Northrop. Corpora- • o • which led to a 1 

because ihe Indian Govern- : On June 17. the members of per cent in 1979 would not be Fifty-three civilians have died i^on. Wong Sulong writes from rpolicpi ’ ’ Q . 1118 “f 4 

ment is nol willing In accept 'the Organisation of Petroleum justified. But he stressed that in Palestinian attacks so fur this Kualn Lumpur. ICilia lUuUavl • pick-up m growth 

nucleiir safeguards sought by Exporting Countries (OPEC), the wurld economic picture could year, only four less than tn the I ,. V’ te !‘, a Bv Our Own Correspond nt leading 

Hi" U.S. ; will he holding their regular change. | whole of 1974. the worst ye-ir •»* h Y Correspon, nt should benefit U 

India has r«-ncied si mini v biannual meet Ins in Geneva. “ By December we will cither , civilian deaths from terrorist ^oup Lapuain .Anmaa anan NEW YORK. J[ e 5. formance. The. elt 

to this di-'av and is insisting ; Sheikh Yamani said that Saudi decide for a freeze or an activities. also ordered him to pay the RESPONSE BY investors to the 

th»< Ihe U.S. fulfil rnnirai-ii’al Arabia would, as it did last increase, he said. If we decide The last two years wen- ivla- Government MS58.000 i £13.000) new six-month high-j elding XTX7/^< - 

oblication.s. esucrtallv as Mr. .December in Caracas, oppose Tor an increase, it would not he lively quiet as the Pakitmian hn had received from the local savings certificates whicl went Y I 1 

Dr-ai has declared ihnl India j calls hv Alseria. Libya. Iraq and more than 5 pur cent as things urbanisations were busy Hie a-em of Northrop. on sale last Thursday has Iroved X ^ I 

wi I! never man uracin re nuclear ‘oihers for a price increase this look nuw. Right now there is a civil war in Lebanon. >pu. since The hichly-publicised trial is disappointing so far according 

weapons or use nuclear expio- year. 50-50 chance of a freeze or of an that war ended the Pak-stinian another demonstration of the t0 man y commercial’ banks and ” 

*hcs either Tor military or \ But Sheikh Yamani did not increase.” guerrilla organisatinns have been i efforts of Datuk Hussein Onn. the gavings ^ loan associat ions j AFTER all-nieht 

peaceful purposes. This sland < make any such promise for 1979 The Saudi Oil Minister also rebuilding their forces tn Uracli- Prime- Minister to tackle cornip- The savines institutions' fears talks nn a new m 
remains unchanged and Mr. land beyond. He said gradual repeated bis country’s commit- occupied territory. j non in Malaysia feluk Hussein 100 , 8 


High Court here round retired °» r ° w n Correspond nt ’ 
Group Capitain Ahmad Shah. 54. wwvnnir t, an 

guilty of four corruption charges NEW iORK, Jt te 5. 

and also ordered him to pay the RESPONSE BY investors to t] 
Government MS58.000 (£13.000) new six-month high-j eldli 


ncur ***« Quarter was. a -temporary cenL . ' ■ i; . isi 

next aberration caused by^a variety of. - This should cease ta~ be/such' i_ 
him factors ranging from fear of new a depressant on the trade balance' . - 
gai n UJS. import restrictions to the in. the months ahead because of. 
full possibility of a West Coast dock the convergence of growth rates 
ially strike this summer. anticipated by the ' Carter 

Mr. Bergsten indicated that the Administration. -: f 

Administration was taking some. Mr. Bengsten said no dramatic 
comfort from a moderate pick-up. changes would be seen tmme- 
. in exports in March and. April diately but fundamental . im- 
. which led to a 10 per cent de- provements were under way. 
dine in the trade deficit A President Carter was committed 
pick-up in growth rates in other to making a major effort to iih- 
leading industrial countries prove (J.S. export performance 
should benefit U.S. export per- and hts programme was in the 1 
e formance. The effects of. the fall final planning stagesL ' 


III! t 9 


(■- i41 


NYC pay deal stumbles 


weapons or use nuclear e.vpio- 
slvcs either for military or 
peaceful purposes. This stand 
remains unchanged and Mr. 
Desai ’s view is (hat he will 
nol sign Ihc proliferation 
treaty, on the grounds that it 
is discriminatory as the 
nuclear powers are not bound 
by its terms. 

At stake arc nor only the 
7.5 tons of enriched uranium 
that are held up in (be U.S. hill 
India’s a op roach i» the nuclear 
i.ssin*. Mr. Desai has made it 
clear that if the U.S. dues nol 
send the supplies of fuel neces- 


NEW YORK, June 5.- 


^e b &s H ^e7 d «! as. ^ ’ssusfiss r 

jrw-uT^nss s* %%% jsk w “ r Y a " bren 5SM “ a 

industrialised economies from a happy with the weakened dollar, smuggling of arms and explosives u Q __„|_; a!r Jlcnnb TTie Bowery Savings Bank, cation that agreement would be Mr. Edward Koch. New York's; 

- ,n & occupied territories, ivaraciu air Uispuie New York's largestimutnal thrift reached ’• before tomorrow's mayor, needs an agreement 

' _ m T1,e effectiveness of this Pakistan's international airline institution, reported that first- Senate hearings on a newfederai before he testifies to the Senate. 

f| m nn orga'iisational work is apparent may come to a finding halt dav sales amounted to '813.5m. aid programme for the city. Banking Committee tomorrow in 

irdms V/iilMll ICUvlIS ^ the * ha n> r,sc ,n th ^ number following a deadlock in the pay A b ou t 75 per ceht of that repre- Last night both sides b&eved favour of the Carter Administra- 

. _ _ of deadly incidents originating dispute negotiations between -the sented transfer of funds from apparently that a deal was within lion’s plan to provide 15-year 

with inj the area under Israeli. have* been serious 5 1 P er cent savings accounts. reach, only to find that they v^ere $2bo loan guarantees. 

CU "n tr “l9f4 Ihero urn- 14 K \ V 

attacks in which 57 nennlff were r OperjltOHs for some time With u O riou Uf • n \ . . . 


vings and loan associations. . AFTER- all-night negotiations, stumbling . over . a . new issim.l 
The savings institutions' fears talks on a -new _p«y contract for There seem to he difficulties fa: 


I BY IHSAN HIJAZI BEIRUT. June 5 

THE MURDER or five Britons rebellion in Dhofar had been'. 
■ in Uman last week signals the crushed completely . ■ 

VIp ASoLhi ‘1 u«nn wit: h 


send ihe supplies of Tiiel neees- ; in Oman last week signals the i who was First a tU.cks in which 57 people were; 

sary to make Ihe Tarapur plant 'renewal of insurrection against M i n 7ct e r^F South Yemen before kiMed - Ei 8 h » « f lh«e attacks! J chedute P our“' 

run. lir will look elsewhere Sultan Qabous by rebels trained independence from the British' in werc - ,a “ nc 5 ed hy S r mtps from i Nl , rites rrom Karai... 

This could mean that India jo Aden by Cuban advisers, 1967 submitted a hole lo the ? cro , s * » he border. In the nine: A ir Marshal Nur Khan. Pia’s 

w 'll look 10 Russia for supplies accord i n g to South Yemeni Arab League last month char?- fatal attacks this i yeai -only ; one chairman, a ttribut 

and indications from Moscow ex j] es _ The exiles claim to have ing -that -the present regime in P* as carried out by a Palestinian to the "nonet 


! ( operations for some time with 


hours behind THE CANADA-U.S FISH WAR 

correspondent 


o South Yemeni Arab League last month char?-! Stacks this year only one chairman, attributed these delays 
xiles claim to have ing -that the present regime in r* as carried out by a Palestinian to the ” nonco-operation of 

■ . i • r-i. i i i .j i.i at... 2 TOlin pnl^rins Israel frrim nilt- nmiinrl pm'inpprc n-hn withmir 


are lhal the Bassians are eager heard' about large-scale infi lira- Aden had brought (he "country 8. r ® u P entering Israel from out-! ground engineers, who. without 
io sic n in in fill ihc iruti. I_, w.. v..i. i e n ..; A , side. I admitting it. arc- adoDtinrr so slow 


Bones of contention 


io step in lo fill the gap. Stions into Oman bv rebels from under Soviet and Cuban . .... _ , admitting iu arc- adopting^ go slow 

G banjay Gandhi, younger son south Yemen. The exiles, who domination. . Tl *f almost daily reports of and work to rule tactics. 

of Ihe former Indian Prime were en route lo Cairo to join According to the exiles. Mr. bombs in various parts of the 

Minister. Mrs. Indira Gandhi. t h e front led by Mr. Abdel-Qawi Makawi’s note said that about country appear to be tittle Burma refugees 

was today released from Jail Makawi. in opposition to Aden's 2.000 Cuban military advisers affected, by the periodic dts- ... inR r onara , e 7 , 3I1P w a hm an 


BY VICTOR MACK1E IN OTTAWA', 


CANADA IS now locked in a In their report of March 1978, danadian and U.S. experts dis: 

Ball mamma ma TT O I Bk nMn X»n 1 0.1 _ I At _ A < 1 1 ■ .1 ■ F m * 


after being imprisoned by the 
Supreme Court for inlimidat- 


Makawi, in opposition to Aden's 2.000 Cuban military advisers affected by the periodic dis- ,., JOR G ,® z « Rahman fls h war with the U.S. in coastal the speciaJ negotiators noted agreed on the existence of a con- 
Marxist regime, said the Popular have been training militias I covery f by the security forces of ^re-emphasised that ^the 150.000 of Atlantic and they had been unable to reach servation problem on Swiftsure- 


criminal conspiracy against 
him. He was released after the 
Sessions Jndge trying the case 
ordered that bail of Rupees 
5.009 he given lo Sanjay. He 
has been ordered not to leave 
Jndia witbo/Jt permission 


in a case of I Oman, which led the rebellion in and 


Liberation of belonging to the Aden regime! guerrilla cells. 


liberation 


^ ?^K?^'ia!r“/we!S >, 


j Dozens of West Bank residents frorn Bur7na in the has been looming for months, text of an interim fisheries agree- a very low proportion of salmon ‘ r .-Lr - t 

Dhofar, three years ago. has front ( have been arrested in recent raonths are Burmese nationals, S? ‘5 tt c e T.«r»«ti^S. e « ment t0 1,6 ®P pUed for 1978 wbile be!ow ^ legal size in the ||}i 

recruited a new Cuban-trained Recurring tension in the Ciulf months on charges of belonging Simon Henderson writes from uan “f uafl ana u*a- ne„ouaiors the long-term boundary/resource fishery, except in the inshore., 
army. region was believed lo be a to these cells. Two 0 f tije Dacca. Speaking- at his first ®®®H ne rail ”l ..irK 0 , Issues continued to be addressed, area. Most of Swiftsure Bartk ,‘:p *-. . . 

Sultan Qabous. now 37. seized principal motive behind Sultan organisers of the most deadly news conference since winning a Ur^F 1 - rioht- The 1978 interim, fisheries was. therefore left open to .'‘lii j j L" £•* / ft 

power in 1970 after ousting his Qabous's decision last month to cells were reported to have landslide victory in Saturday's 5" ® s . n ^ in t 'l agreement is modelled on the fishing. w ‘ 

fatiter, Sultan Said Ben Taymour. establish diplomatic relations escaped tu Jordan before the presidential elections he said i977 agreement and was provi- The U.S. disagreed, arguing^ 

He announced id 1975 that the with Peking. arrests. Burma must take them back. uK sionaUy applied, pending formal that the whole area, should hr. 


I Burma must take them back. 


David Housego, recently in Sumatra, profiles Indonesia’s showcase Asahan project 



ising costs a source of embarrassment 


THERE ARE certain projects, example of how Japan has come 
like Egypt's Aswan Dam. which to exploit the resources of the 


have :»n importance in their coun- count O' with little benefit to 


|S trail of l 
MALACCA! 


try's history going beyond their Indonesia. Paradoxically it has 
immediate economic value, also become a test case of Japan's 


Asahan — a hydropower and alu- political commitment to south 
minium smelter project that is east Asia. 


une of the largest foreign invest- 


ments in South East Asia — has Sumatra the Asahan river spills 
similar symbolic meaning for down through thick jungle to the 


- rr.-W 

... 5-oiwpubV 


lodoncsia. 


Malacca Straits — an overflow 


It is first or all a source of from a V0 Icanic crater 300J»0 
national pride because attempts years otd . From the air it looks 


JNDIA N, a 


to harness the Asahan river have jjj. e a t ongU e of mercury pointed rbCEAiJ' " 

hnen n ph.-illpn^p tn ■snrrp.ssive . ti-i i.j I 


been a challenge to successive sea Below, it explodes 


■PALEWBANG 


regimes both before and after t ^ r0U gjj narrow gorges and 
independence. Though engineer- . tc «. ni rfiv 


rapidly 


MTK.Mfr IS* a» 


plan was for a succession of 


given no commitment to pur- revenues from water fees and Before the extensions of fisheries 
ebase alumina from Britain, are taxes. Tlie number of jobs jurisdiction to a 200-mile zone 
now keener tu get it from created is small — about 6.000 at J” economic management bv 
Australia. ” -ihe height oT construction and 9 aDa< l? on -'anuary l. 1877 and 

o • , . ~ , , „ ■ . 2.200 once the project is in oucra- U.S- on March 1, 1977, 

.President Suharto still- wants i» on j n iq «3 P fisheries relations between the 

to push ahead with Bint am Tfa nrosoects or a domestic twU countries were governed hy 
though his economic ministers a |unif n iSm P t indiislrv ° have a reciprocal fishing privileges 
are anxious lu put off the project ^SVTbecause private investors a S reeme nt which permitted 
on the grounds that there are Jre for the moment shy of °oinE cenain fish . in P activity by each 
more important priorities for ? nt0 aiumini^rn fabrication country within the three to 

ssasn,*??! figsst a-sssssarfia! -*■ -- « £ <*»■ 

,esl - Ca « i ‘- e of , lie access to at most a third of the 1976 * wIth the realisation that, 

dent s determination to root out output ^ engineering feat when 200-mile zones were estab- 
corruption His credibility suf- indonesfan official the [ lsbed - the situation would 

fered a blow recently when an = iustificatlon for the nroiect become somewhat more complex, 
mtiml contract for Bin tan was 4 tha J t without ^he vemure J the Whon negotiation of a long-term 
awarded without -inlr-rnational agreement Droved imoossibln 


American flshermpn was held no AO “ a B iCClucllL “ u « Provi- me u.o. uisagreeu, argiuua* 

became both ^tne Mhliste? sionaUy applied, pending formal that the whole area, shooid be, 
Pierre Trudeau and External ?gP ro val by governments. The closed. The extra 197B pnvileg^ 
Affairs Minister Donald Jamieson 1978 agreement contains stronger for Canadian salmon fishing off 
were in Washington for the Provisions for consultation on Washington were withdrawn- 
TSfATn •siimmif mpptinvx management of fish stocks when the season along the U.S. 

“ I. 8 .' . than the X977 agreement it also coast opened on May 1. Under ; 

The Canadian authorities do contains provisions granting the terms of the agreement, ,the'_. 
not expect the dispute to more favourable access for Can- final conclusion is left to the U.S. ': 
escalate into the scale of the gun- adian salmon trotters to the area After numerous exchanges' 
bJJ^t er ™ „ between three and twelve miles between officials of the two 

over fishing rights a few years countries the U.S. and Canadian - 

ago between Britain and Iceland. : — ambn^rinr, ni»t nn Mnu 11 and 


site nf the dams and genera.. « s - _ 
stations. The Dutch initiated the Sumatra. Thi Russians built 
scheme while they still ruled lJ? 0St °f the access roads to 


Indonesia. It was briefly taken ,° u , ,? urj ia 

up by the Japanese* during the the falls are Sharpes 
occupation. Former President came to a halt whei 
Sukarno sought Russian collab- kicked out in 196! 
oration to build it. Now it is one Communist uprisin-j. 
of the economic monuments that The serious involve 


• II IllHprif - 1 ffM hpjjlD piiUl M db l MI A ?LIUC3?lUlft . of To — awarded without -ink- national w0Uld _ tilI __ tQ MSte .- agreement proved impossible. 

i-lkpii in t hei r hiindi-eri^ tn ihe djllls and five elccmc generating ^at could be shipped to Japan tender to ihe West German firm JL. J have been no other nfferq lhe !wo sr,des concluded an 

ssa »rJTi£JXrJl 

l0 tbe major banks and trading Krakaiau. Thl increase in cost of ma L ntenan « the status quo 

rp companies agreed to finance most wiihmt. r nN , V n ^ . ne '"crease in cosr ui Wlth resnect to the terms and 


THE FISHERIES dispute 
between Canada and the U.S. 
threatens to disrupt even 
game fishing in boundary 
waters. U.S. ant hori ties said 
they will crack down . on rec- 
reational as wen as commer- 
cial fishermen who stray 
across borders in tbe Great 
Lakes and off the Atlantic and 
Pacific coasts. Ottawa officials 
have indicated that they will 

retaliate. 

The deadline for barring 
U.S. fishermen from Canadian 
waters and Canadians from 
XJ.S. waters passed on Sunday 
without incident as patrol 
vessels and aircraft moved 
into position. 


countries the U.S. and Canadian. - 
ambassadors met on May 11 and 
12 to discuss the issue further. ■"*> 

The Canadians . said that the-' 
denial of favourable access t® ; 
the Washington grounds bad?, 
offset any problem caused by" 
Canada's not closing all of 
Swiftsure Bank. Canada said the - 
favoured access provisions should 
be restored and a meeting was 
arranged in Washington on May _• 
26 between the special negOtia-T. 
tors of each country- Swiftsure; 
Bank was closed entirely pend- ; 
ing the outcome o£ the talks. - , . 

But on the Atlantic Coast, . 
equally serious problems had . 
arisen. The U.S. scallop and 
pollock fisheries in the Georges 
Bank and lhe Gulf of Maine 
areas caused problems because . 
they were unrestricted and 
Canada believed the U.S. cod ‘1 
and haddock calch levels were --j 


S ? pr °K\-{ 


auKarno sousut Russian cqiiud- feedstock from Binlan. 

oration to build it. Now it is one Communist uprising. reeastuur iron am an. 

of lhe economic monuments that The serious involvement of the The Indonesian tiovernmen 
President Suharto would like to Japanese came in 1974 atter the was thus left to develop on it: 

leave us part of his legacy to increase of oil prices bad added own tbe. bauxite mines and ai 

the country. to the attractions of hydro- alumina smelting complex a 

The project is also — tike some electric power. As conceived in Bintan at an estimated cost thei 


, k ut a marginal between Japan and Indonesia. 

electricity The Japanese know that In 


other. fish off Canada smaller than the the consultative provisions in- 

It became clear in J977 that ! aw Bltows r fn * he U s However, corporal ed into the 1978 agree- 


The project is also — tike some electric power. As conceived in Bintan at an esumaiea cost men Sumatra — witti its rubber and pressing Indonesia hard to put ~ ,a - ' uaoe me cstanusument or a r rom Anril 15 to June 15 
of the grandiose projects of the discussions then, the project was of S400tn. For Indonesia the palm ail estates— is one of the up a share. The attraction of long-term fisheries agreement Canada was prepared to 


)m April 15 to June 15. that under U.S. legislation and .„ 
Canada was prepared to close administrative procedures, the 
e fishing ground only if stocks U.S. is not able to take any 
;rc endangered by too many action to restrict their scallop 


honey. Estimated to cost SS12m of a firm generating capacity of aluminium industry. tricity at Y1.82 per kilowatt- press that Japan might withdraw Thus. In mid-1977, the Prime u ie fishery . . . but Canada does Canada uSLrt itef e i?e B *h£Tt 

in 1974 when Japan signed the 426 MW. This would require as The -' major problem for hour, about a fifth of the" cost in. from the project. Politically Minister' and the President not do so, the U.S. shall have no has susnemterf iv». n^uiSnnal 

contract for the hydropower feedstock about SOO.000-1.000,000 Indonesia is that the bauxite Japan or a third of the cost of Japan is too committed and what- appointed special negotiators ( M. obligation to permit salmon fish- implementation «»« 

plants, the aluminium smelter un tons of bauxite a jear processed from Bintan has so far proved supply to a similar Japanese ever the economic returns, so is Marcel Cadieux for Canada and in E in its Pacific coast waters by interim r*einrnMt Behpries 

tbe coast and the infrastructure into alumina. of disappointingly low grade, smeller in New Zealand. Because the Indonesian Government. But Mr. Lloyd Cutler for the U.S.) nationals and vessels of Canada agreement while reaffin^tn^ iis 

works, the revised figure is now For the Japanese the attraction raising doubts whether the deve- the hydro-electricity is -the pro- doubts over Asahan and Krakatau whose mandate is to negotiate on more favourable terms than commitment to ne^niiate an 
between S1.5bn and S2bn. was the production of aluminium ment of the mines is at the petty of the project, the Indo- -have diminished Indonesia s an agreement on maritime boun- the terms of the 1977 reciprocal agreement on maritime boun- 

In the eyes of many ineois (aluminium smelting moment commercially worth- nesian Government cannot rtfise appetite for the mammoth pro- daries and related resource fisheries agreement." daries and related resource 

Indonesians it provides an being heavily energy-intensive; while. The Japanese, having its price. It will obtain some jccls of the past, questions, including fisheries. At the beginning Gf the season, arrangements. 


ition of 
reciprocal 


fisheries 


resource 


yj>\ u* i j 





■ a 


; Tuesday Jane 6 .1978 



— S' 


d*J\ a 9 O 




WORLD TRADE NEWS 


^ FurtherU.S. protest 



■ J iil|(. . 
Uif. . 



over 
finance 


Strong attack on Dell as 

‘wistful mercantilist’ 


BY DAVID FREUD 


r „ BY DAVID BEU. . , - . . WASHLNCTOM. June 

j!-: &THE U.S. shoiW move-, nrt V*r the ***** ! „ “A J S-MhSeteS ! Dw*» . “• 

■u £the “predatory 'practices" Of credit insurance £L-.h f £in«h wins for Kuroneun ! University Ci 

Os »• — 


wtoi- 


RT CONTROLS m *» 

I alternative to allowing tne u.n. , a %| oOS hips are "a riucsiion 
5. [labour market to function qJ . p0wer and goodwill" 

'correctly, according lu t>r. laJ we if a rc and are u 

l" in it i _ • i .uiMuiict hi . .. ... 


French win 
$30m Aqaba 

contract 


Bulk ship cartels 
plan 



question 
reduce 
unju.-t. 


I BY IAN HARGREAVES 

By Ram. G. Khoun^ ^ g ' STRONG SUPPORT 

SPIK BATIGNOLLES of France forn^n 


PIRAEUS. June 5. 


of 


economist at . # « r ivii-- -.^er- 

,,he "predatory "'practlces-^'of Vr.ui. 

^European govemmente which ^®J^ ro ^JJ d C 5^ r 'fess than industr; and losses Tor American | ln a full-scale critique of recent argument *" r,1JltK 

■ have recently provided extremely engines , itfwnm w industr.. But all things are nui hcs by lho Trade Secretary that international ti. 

nm^aiuattwe -Mg terms 1A half theiot^l conttactva Eastern purchased Air- E dmU n d Dell, whom he sum game. 

, V21 t^lielp persuade US- atrlmes to Mr. Bljunent&U said that it b ^ ses tl?Cimse it rece ived virtu- ”. r ‘ ..“J* 7." {_. fuI mercantilist," Reci 

?ur Abu, European jet engines or air- was imporftnt that ^nr/mter al,v lOb’pcr cent financing from j^heUed a istfu 

> bv A craft, anotherCougressmBO said there should; he much more inter- ^ and German govern- 1 P r - /“*?:!.. » M li.n a mi-,. ^ 

^a.vi« ¥ this week-end. .. ■ governmental co-operation to enW ^ Qur aircrafl c0)n . 

■ Congressman Mark Hanhatfbrd, avoid aiw- 1 ®*P0rt creai ■ panics simply could not compete 
c j*tii£of California, where the aero- i £ wife tiiawthe French or Uer- 

*- - major em, tne A man treasuries.” 


i.d.- 


' la ;er 

v a? 6 '^ space industry is a major em- the subjects discussed at toe man treasuries.” 

T'V •* plow saitf that the recent . sale J^nn economic summit J- applied, be went on. 

of the European Airbus to Caneressman Hannaford, who . tfl . hG Tp -. 

Eastern Airlines and Rolls-Royce-. ittachedSs comments to a piece aJ 1 British Expoi 

d TriSiars _<o Pan : Am afSUtftt that would mere iase 
"raise a few eyebrows the lending capacity of the U.S. v,,curu ’ ,ua ^ 

lot of questions.” Export Import : Bank to some Mt. Hinnafords’ comments ai 


adhiL should 

“ and a . . 

V:*} Last Thursday Mr. Miehaelf^ b . n - 
““ "ftit Blumenthai. the U.S. Treasury t ^ e T -°^ lc ^ r fi ia ^I ie ^rt 
Secretury, raised the issue with Sf ' thS^Sie 

v “"%Mr. James CaiUghan the British “ 

I "nu ** Prime Minister, while he was in '- BOt 
^ rih Washinfiion. The Secretary prcK ^ 

tested stronslv at the seale or te™ 1 * offered in Europe. « Has omy a nunuic snare m u.e 

British Government finance for Both the Airbus and the Rolls- U.S. market anti that the major 
the TriStar sale to Pan Am. Royce engines, he said, were America a manufacturers i receive 

a dc facto subsidy in the form 
<»f Pentagon research and 
developnient contracts and in the 
long production runs which the 
— T „__ c producti'iu of advanced aircrafl 

BY DAVID LASCEUE5 _ NEW VORK. June 5. U “Y W 


for the deadweight tonnes of tankers— 

'xssrxr** ^ 

to, »« . «» COBSHI » . .. 

ovi-rsi-e design. _ construction rrei ^ markets came No olficibl comment is awil- 

£iiuefvis:on. training, procure- do oo 1 An10n; Chand ns. able from the uree. owners who 

riicnt of materials and upera- . lu .^j d y nt af Lhe Union of Greek are. as ever, playing a cautious 

™ «?b!^ ai iiie rss '™e 

labelled a "wistful iiiercantilisl," ^ ^ ScS 11 " ^"Sfd *5 “^"uke lhe J.p>nae. »* 

lionahips. meteai ,,,| i™- >r- ll ,' ^ ,, r oie«. which will produce . between ‘“"’“"‘"V.SlYlM 'he 3 u ubt whether the oil companies 

The critique is carried in lhe if - l ,h ™"£r In 7nr ?2n trade, a ■ phosphoric acl J- if’mPflSd d?am- SSoSc over eapac.iv in these will permit owners to hoist rates 

quarterly journal of the Trade poly power 3 and .££ and seeing .ne prospects an d so albeit marginally, in- 

pSnm^rSh iMlitution. m " £«er £jrc ‘"when U ' ^The Scand^navianT declared 

Or. U, ^ 0 & - heuer o, 


AUv IV A 4 U J-UU. AWVkC » — — 

Record steel imports 

ry DAvin luour' ■ NEW YOF 


JIlUUVVU'iu VI *■ 

“* ««’.« ww«i*» - — ... / or the t'S. armed forces gives 

U.S. STEEL - imports snared to monlhs to ,come.^ despite i he them. 

a record 2^m tons in April, growth in demand for the metal. N evert iieless. the aircrafl deal 
• - us*; bringing total imports so far this Meanwhile, the Treasury is to is anoth r sign uf the frU-tion 
year to T.Pra ions compared with extend for three months its between the U.S. and other 
^N-peius 4.4m tons in the same period last investigation of steel dumping industria ised nations in the 
■•"•-‘■.tit, year. The special reason for this bv producers in six European search J-ir now orders. The 
"!■ "car* surge was the rush to beat the countries. The allegations were indications are that this friction 
if* (■[ ; trigger price mechanism intro- or igia^jiy made by National Jna y g« worse in the months 
.i duced in February to keep out g tee ] which claimed that cold ahead. 

. i.hc,nlv.nrirtBi< ctbdI Thorp 1 C J _.l„. n |«iul cKnpt -» ,,ie - * 


economy 'operated. one in which there was. 

The problems of the labour ^ . -ii iuol •> vlccnvo 

ssS£ c,r m . s ^ 

ssIsjssj 

j . hicher levels of economic < a s « ell js u»n. ui.ur 

Tv in :SdvClSncn; »:. J . 

foreign tiude. ..j . b j* would make ibc l-tn-j- 

**Tn believe that the iattu ■ struct ur.« I .niu^iim-nre 
(in the form of general or sehfc- " wr .. to i :: i-... av:»un; <■:' ‘he 

Mr. « ”■ -«= gr-^s; 

D Hi^cl^mfi^that the trading j^nl of the rn-.le 


uuceo in reurudiv cu deep uui Steel WDlCfl Ciainicu ui«\ vuiu 

’".<itii^. cheaply-priced *teeL There is M Bed and galvanized sheet was 
-s rK .. normally a three months delay being ' imported at less than 
" between order and delivexy of production cost from Belgium. 

s steel the Netherlands, West Germany. 

'..air® But though imports are now Italy. France . an d . 

; Ui. • ex peeled to decline sharp ly, .the National Jater changed its con- 
i.^jirfc U.S. steel industry is concerned tention to a claim that this neei 
v . that the high level so far will was being- sold below Up market 

affect the market^ for some prices. 


■>* r Ull. - — . 

nuncrel f ° r eKporI ; “{jjjjj ^whSi Si'S with liOoloQOdllt ’a'n^ul'coal would be 

^w^nBT. ^j«i;;lS?«K-.'^ r ^MiSSSiS 
l^c.'S'nS'SVJn'Sfg.n I J,l- 

National Engineering and Cnn- inow definitely in Savour of ITS it< . , „ hpll ,_ 

ir 3C iing Company to undertake | and wil | 111C et Scandinavian and Intcrcargu. a ! '.‘ n I , v 
■i’il L-ivil works for the throe i j ar , an o*;t' owners on Friday involving planned lay up and 
;m.dui-ti<in unils. and lor Ziiblin Mo p r „i n - [nr whai will lie critical conlrnllcd supply •» ' hc ™?l k “ 

n=- Ibci-r^nd,,,!^. W,a Bd?M iW 

■> * — 

ilSTS P l ~^ sZ«n T .. 

(lilallficalinn bids n. many . Kr]djv afternoon's Posidoma sriuarcly bemnd lbc Greek 
*• iurkeiinc nrganisations an< *'. rnm-n Governmeru s negotiations to- 

Vo narrow the li« down fO| fo ^‘ . , uccwd w ith- wards EEC membership. They 

is vr or six. who will be asked toi The P-Jn Q reek W ould lake into the community 

Album definite offers s , 00 £ .,^5 1 ??‘ U er r^ne?s nu.ublv the the largest merchant marmein 

hu'i- ennfirmed that several British hanker ( . n • • Niarchos the Common Market as Greece s 

p'.-.",;.:, colino’mca "ere amonc those | Llvarno^Onaa.,; .,nd N«rcto ; jn^ h>(| <ivertakpn 


nnmaf Mr. »5i. with its Pro- 

recdonist hlocs. where market Square. E C4. 


SSS5S™. ™ M ,^1 i" 

Co«ni. which have kiibmitted preqoah- , ".roops. Th ,n owncre of 30m size lhal of Br.ta.n, 

Scatinn documents. 1 aU| ^ — — 


j'.t'.W: 


•j\ j '. 


■ > - 


EEC urged to call for 
lower clothing tariffs 

BY RHYS DAVID, TEXTILES CORRESPONDENT 





•V’"V EUROPE'S CLOTHING industry growl h of ta wMl 

7 s pressing the EEC- io insist on textde producuon around the I 

parallel concessions by. the .U.S. world. • • f 

■ ' - before agreeing ; to any, .reduce Mr. Roberts said a. number of 

- tioD in clothing tariffs, at the grower and user coun tries had 

GATT multi-lateral trade hego- adopted the policy of pomotmg 

tiatitms. ■ and encouraging the creation of 

The US which operates much additional capacity in areas of 
hiSr tarfes than^Se EEC, has Hie world which' did not possess 

already been urged by the Sec-, raw wool as a raw material and . 
retarv for Trade, Mr. Edmund which were geographies? un- 
Dr-U " to ' improve its current suited to consumption oi t«cuie| 
offer, but indications are that products manufactured ..from 
American, manufacturers wul wool.;. , ’ ■ .■ 

resist strongly./ : “ The end. result of ^uch 

• The renewed-Eorupean calJ for aerations must surely a 

reciprSy by botb-fhe-U^. and sideraWe weakening of .tja ! 

i Japauesc.-which have .also- put textile-; audustry ' 
v.-.-ir. j n what fe^rpgarded -as - -where 4 t 4 s already .establi^ied 
" ..nV- isfactoryVoto^^-a^iVer^ at" ji 4 -tiius; a^ailul-efto generate 
a meeting belweejf-^ m^berar addffldpal deiiuu^jfor raw wooL 

V.. '' ; of the European. - he warned:; // 

" Industry. Assnciation . ■ it was also/a matter of con- 

- , w i.. and Vicpmte .Etienne Payignon, that raw wool 

the European Commissioner to * -.JJJrjgy Iwas continuing toi 
■ V >■: Industry... . • ..4. - j-eUna, especially in Australia, 

During .the- .dtaejussjons whlcir flock... numbers had now 

■nr 7.' took place at the Associations jheir. lowest point for 

congress iii > rijany years. 

aaay¥w®i? tig 

pSSring tirdpbeals^oh^ W was •••* ^tremi towards najurrf| 

national and- European, mdmg fibres, this had not beenrefiect^ 

policies as they aff ect elothing- ^ increased profiiatuhty by _ the 
At wool was 

i by ^ 


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KARACHI, June 5 




BY iQBAL'lttftZATii; .. .. , . 

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second to none. You get a 
whole stack of room, 
seats that are more like 
armchairs than seats, 
and the type of cuisine 
you’d expect in 
a fine restaurant 


ray, . . Duly ex] 

- ■. Araoia aad.Dhhai'ha.ye.^i^s™ permitted. ----- 

V -JT a desire n>-««l»tiUdK MMjMMto.gvte ta industries, baaed on raw 
:-prM>osedL^ ^£ree Judusttial_^r^ materials ■ from Pakistan pr 
- in iSraSS^^^S^^I-whietaEB' labour-intensive. Those 
*: ' even if half tiiose in^ors indude . electronics, light 
• • 1 up ventures, ‘ engineering, jeweHery,. 

. \T. i& nearly. Jtupees “'efil. ; garments, ^t^rie balte,| 

- Norway bas 'showu'interesr in ^hip-breakings- • ^tyres^, 

V, se*ttingr^.jp«rt ; eqitif®t^^bid^ lubricating and., agricultu 
' ‘v- ting step4>xeaki?ig: ; - industries. : 

West ‘ Thd Government Is considering 

there 

. The is tn fortigp exchange liabihg 

>■" . poses • to -v.'set -. i^-.'rj^Karachi ' to the Government; and. ftr S°o^ 



Because TWA gives you a good choice of 
daily flights to these US gateways together 
with convenient connections to atotal of 30 
American cities. Ask your travel agent for details. 




BY- ' RS 


W " " i 

BANGKOK,’ June 5- 


* — - re -ThaHaod ■ jSSiPw regional stand 


:^itrounding wortS. 

.•>•• eampment ,fedures - SistriaL estate shoold be worm 

;,.-v 4 and, easier , *ggSg f ^ ? V •. , -have , . 

■ ■ ■ ■ for. foreagn--Ti«?W®^: , -.,v^- il > h - fe v^The' •■■coinpantea •.«!“*" vPZ 

■ ; r ; : Tb«e:reE^J^ ; ^^^ of ;appa^ ^T^aiLin^s main : .. , j 

■ ' ■ . J 

1 $ ^ ^ c r ran0D -. 1 • ; ; : . ; v . 



Philadelphia, Chicago and Los Angeles. 

Because only TWA offers yon the ad^tage^of a Newark 

transatlantic 
airline uses. 

Because TWA’s 
people are simply 
terrific! Thai’s why 
they fly more scheduled 
passengers across the 
Atlantic than any other 
airline. 






^^aOB-g^NEWS- ■; 







plan "not 
the best’ 


BY ROBIN REEVES. WELSH CORRESPONDENT 


By Michael Dixon. 

Education Correspondent 

MOVES TO inert- a*'? parents/; 
choice by giving them vuuchcrsi 


BY ADRIENNE GLEE50N 


BY MICHAEL CASSELL 


| NEGOTIATIONS WHICH could at Lynemaulh 
... ... „ ... . result in Anglesey Aluminium and British A I 

■ W !L* J ,ra { s I doubling the capacity of its Holy- gordun. Scotland 

y. which closed ns | smelter arc reaching a cated an interest in expanding 
decisive stage. The company — output should cheaper power be 
one-third owned by Rio Tintn- available. 

Zinc and two-thirds by Kaiser Although nobody is saying so. 
Aluminium, of California — pro- conceivable, too. that a 


INVESTORS 
i >1 4; Soviel 
doors at Easter after the death 
of its chairman and the dis- 
closure of deficiencies or about 
17ni will have to wait one more 
month before they can draw their 
money. 

Th*-ir uccuunls have heen 
attracting interest while they 
have been frozen — investors had 
not previously been a hie to con- 
firm thi* 



|Sebag that those with large sums first place. 

I 10 ro deptwi . led 5n ^ati° na l Savings From January to Ocfo 

n .u ..aid they would rcfU»L tb Bank investment accounts should rear, whilp mnnnv mark. 


tinned 

teach under voucher schemes, 
as advised by the two main 
unions. 


poses vx l>a nd ins output from special power deal for aluminium ! Tll ' . fh , i lC , en 

100.000 to 200.000 tonnes a year couid be viewed in Brussels asl rtr ™ Iy Dr 

\n meet an antieioaied world tfee . advocated ur - 


tn meet an anticipated world infringement of EEC competition I rWcs rt n:,-*-.i .’nn 

$$5?** °' ,,an,u,, “ m Carl> ' rule. I®™”™ Jn USS-i 11 ®™" «“» ■»«<• 

\>r : lie final go-ahead for the . T hc .aluminium companies, Hnj» ; The results appear tu 


Bank investment accounts should year, while money markft 
prepare to withdraw their fell hand over fist, the 


money. 


the National Savings Bfak in- authorities. 


d v me nauuuu — . , • — . . — «=■: — ■« 

Office in the purchase of gilts- woula otherwise have been 
fe. last. Treasury Bills, and local; pass- - . 

{ rates authority securities, or placed, on- -• To . judge the extent . of j 
ate. on' short-term deposit with the. local canbon, ..the City will hare 


Sebag has not been alone in vestment account was st 
taking this view, though its P er cent, and. frony 


, await publication of the- NS 


exhortations have been more was better than suything 


tic at . To the extent feat they are 1977 accounts, now with i 
April, withdrawn for Investment else-UomptrolIer and Audttor-C 


hinges largely 


claim, however, that they are. The study concluded that been dramatic. 



that could be obtained 
have ni0Dth funds in the 
Rv the close of markets - 


k one-!. 

imoncy 


Wholesale 


As the gap developed! 


. points by May— the instjjuttons. 


to 2| 


Mr. W. II. Rate, the 
netv chairman. s.iid that an 


. finished ingots. 

society s ; Tall.- between Anglesey Alu- 
minium. i lie Central Electricity 


encouraged by their 
an to pour their liqufl 
into the NSB — tradition 
people’s bank." rather than a 

... ....... .city in the schools." briber : The brokers sjv that the home for wholesale funds. 

Government has had to intervene .vouchers were adopted nui. {National Savings Bank’s invest- .. B >' BeparUiJnt For 


Inkers,' 
funds 
lly a 


riPPlu-jtion for the i>n cranny ' Board” 'fh*? Depart- 15 ltni "I5 , 1 J2“ t, }IS lfcl . ! ; Th 5 Conservatives’ .til' in- j mcnTaecoTmVs’have ‘provid^d^n N > tiona . 1 Savings wks suflciently 


.-avh invovlor would nu sent T|RV .;. ive rnment is worried 
I.asxbr.nk for d epos us and with- fha| (iroviiton of CSkL . C pl tonally P 1 ^- 

cheap electricity for aluminium Expansion 


National Savings Bank’s invest- * 
in- men t accounts have provided an , . A .. - . 

iocal excellent home for the past year •"armed at fee size of 
for institutional money deposited J 50 '^ 0 ? 

before the £50.000 limit nn deter 'he institutional l 
individual boldines was intro- f^eSctlOll 

worried wnelWrs in the US. in the first . influence over their children’s j >,ucli investors^* detCr ^ Ui,t The fact remains lhat| despite 

T J h, f J ,,a i 0ril: ' ^ L \ ey 1 But they now argue that the \? ine . withdrawals sirfe. the where, the 

Ancle.-ioy ; would u»e a vouchci- tu transfer ■ r5 «» ln mfl ” 1 r ' — - 



Te 

14 

12 

/0 ONE MONTH 

L INTERBANK RATH 

\ NAT SAVINGS BANK 

i\ INVESTMENT " 

1 \ HP ACCOUNT RATE 

r 

TV ! 

TIL 





Jj_i 


u2 


6 

6 

4 

2 


|! wr 

il 

A 

LL 

3 



f 1 !!; 


r 

* 

-L 




] 

> 

i 

I ! ! 
i i j 

! 


i 

i 




J 


Til 



u 






1977 

1978 J 


eral, and due to be laid befi 
Parti ament In July. 

Fur the moment, however 
looks as though short-term da, 
sits and maturing Treasury i> 
will be sufficient to ' meet \ 
£l80m. of withdrawals, now sci 
duled for the beginning of j u 
without forcing the Nalioi 
Debt Office into substantia] 
and costly— ^-sales. of gilts. 

Whether a further substant 
tranche of withdrawals at the I 
ginning of the following calenc 
month, can. be met -with simjj 
ease — should another rise - 
money market rates tempt the 
Institutions which have not % 
given notice of withdrawal fc 
doing so— remains to be seen 


of 


unleash claims Aluminium would make the UK a child if the present M-lmolV j .,,V. n:,si fw'v-HplU mmns rhy» s&me £400m of the £1. 
cni from uther virtually -jclf-sufficient in , cducatiuna! standards sovincti lr> n,p r *> -,rp nr,x 


dr.twalh 

Mr. Rale -'aid the cum pen. sail on i >niclii'io cuulii 
fund sci up by the building i f„r (.qua! t realm 
s.iciettes in cover Grays- losses; | WaV v powor-usin, 
v-niild provide ihc lummy to en-] suc h’ .is rhcmicals. 

-uiv accounts wore credited w;lh| Brii.in's tv.-n uther aluminium tonne:* a year, of which 1 00.000- j 
i mere- 1 by the Vnulwlch nn Ihc . -Tmolroia — Alcan -Aith a s'lneller 150.000 lunnes is imporled. C-OStlV 
n«‘Xi inlercst dale after the 

! But only one in ever; 10 was; PppppWpnf 
' ; dissatisfied enough in want l0 • A 1C ^- CUCI11 

.*tS; ... 


V . ! rise in money market rates in r _ ecl 5? i s that to sell more gilts or find other 


transfer. 


Overstated 


The -harvholding** o! itrajs 
■ lirc’-i'Ts v-iiuld nm. hn-.vo'-er. be I 
rejiiilnM’-cd from Urn lyunpcnsa- 
iifin fund "or frum any other 
smir.:e." This will leave their 
own investments in the society 
reduced by more than half. 

Gray. s' accounts wore pub- 
lished yesltTil.iy. They- said that 
invcsticulinns indicated not 
a'sei“ t'l Ueivmher 31. 1975. Were 
rive iwl a led l*y t’K.27iu. In addi- 
Ji'»n. Grays had not received the 
benefit of ?H9.«77 in mortgages 
rcrioemed tail year and the sum 
was written ml as imvnveraHe. 
Tlu- direcUirs vvevc also aware 
nf .i rm-rhci- five i;a;-.es in Ihe 
fn-si qiiariiw nf fhi« year, 
intailirig CRVJ-J5. fur vihii-h no 
pro* isiim had !>*'**n marie in lli<* 
:ici-uuni.L “ Further materia] in- 
1'iini' lax liahilui.-s ” misht ahu 1 
CXIsI . | 

The auriums. Apple Uy English. ■ 
s.-ii-l in ihe report to members > 
ill" society failed to keep proper j 
honks nf account and also failed i 
in maintain a satisfactory system | 
of ronmil over us transactions | 
and r-.iords. h had not main-,' 
laim-d a svslem to ensure the • 
safe custody of all documents I 
i>I llilc .'.lelunginrj to the society j 
and nf deeds relating In moil-; 
s:i?crf property. ; 


V*- 


.. However, it is a reasonat 

iirTIU , lldl , now means of financing the borrow- assumption that 'the effects ■ 

...... . . , -- there are now more attractive > nv *» t * d through the National ing requireraent Neither course the gUt-edged market will not ' 

industries, aluminium. Consumption pre- be ratling, or its discipline were ( bonies eisewhf-e for such mnnev Savings Banks mfestment looks promising at the moment, dramatic unless lm private i 

iently amounts in 550.0004*00.090; weakening. i— notablv one-nionth interbank aL-,: * 0UDts is instittrtionajmoney. dividuals who liold investme 

deposit^'and one month sterling *L the “Oney wiich City Bearish accounts decide on a shall 

certificatps of denosii .'lockbrokers are saying Sught to . policy oT withdrawal. 

~ c be withdrawn. But if there are some bearish The Department for Nation 

The Department for ational implications jn this situation for Savings ought not to be able 

.... ~ . . . Savings, and the Commissioners gilts, they are not necessarily assume that that will not happe 

! niaki. 1 an immediate chance. tne extent llut interest f pr the National Debt (v to man- quite as bearish as the . stock- But it can. Apathy and the ti 

• The study also found that : continue to rii.e-— and the a gc investment of the Rational brokers maintain. incentives peculiar to this for 

voucher schemes would b\- vory ; brokers expect trial lo happen — Savings Bank’s deposit! , have Both the Department for of investment make that certid 
; hard in administer effectively. ■ the argument is strengthened. taken the news that t) ;re are National Savihgs and its invest- As it is, some of Ihe buildir 
I They " mild increase cosls in Hie | if precedent is any guide, a to he substantial wit irawals tnent managers at the National societies now withdrawing whol 

corresponding rise in the rale on philosophically but it ct mot be Debt Office maintain that their sale funds from the National Sa 

the National Savings Bank's welcome lo their mastej in the investment policy over the past ings Bank have noticed that the 

investment accounts will be slow Treasury'. ^ear has been conducted in the own depositors are making wifi 

enough in cumin? through for a The money invested through knowledge that the funds which drawals in turn— to pul tb 




Scandinavian 
joint terry 
service opens 

By Our Own Correspondent 
HIE OlMiNING of » new ferry J 


Ashford area alone bv between 
j £100.000 and £1.3m a year. 
■ depending on whether the 
scheme was confined to Uu> State 


! sccior nr extended to include i sizeable gap to develop. 


independent schools, 
fjf th. j parents with chihlri'n at ■ 
! Stale schools, 9 per cent so id j 
■ they would change to indepen- ’ 


It was the development of less directly, to finaice the from May to July 1977 might Certificates. 


National Savings goes, Store or flooded in during the period money into National Savin] 


J Idem schooling if the voucher 1 


could he offset against the fees. 

Education Voucher* in Knn l : ! 
Count rii education officer. Maid ' 
st tme: lull report £7.20. tiioin [ 
findings £1.25. 


Y orkshire 
buyer 
to revive 
Mull malt 


LeylasicPs share of market 
up slightly in May 

BY TERRY DODSWORTH. MOTOR INDUSTRY CORRESPONDENT 

of As lead- accept this position without a 
the Mini, 
north tfa 


Green Shield 
in store 
discount offer 


By Kenneth Gooding 


BRITISH LEYLAND'S market able slocks of most 

share recovered slightly last ing car lines, except the mm fi „ hr n k .imine tn nrpmif Vr 
month from the disastrous 17 per During the last month there 5^, hL „V, t, 5, Xj 2 P c “ . 
cent in April — but. at only a is also evidence that &panese "dmund Dell. Trade Secretary, 
little over 1*1 per cent. It was still importers have been exercising with a petition against Resuric- 
much lower than the target of some self-restraint, although this tions on shipments, which were 
~ 1 P £ ' r 5p t by executives does not appear to have helped agreed two months ago between 

“^rSnT r- preliminary aha re nf the and Japanese Go. 

figure'*, the State-owned com- market in May came to about , m , 5 ' 11 1S 


pany once again has been pushed 10.5 per cent against 11.3 per Planning a strong delegation to 
second place in the cent in April. The share of Tokvj to present a similar argu- 


. . firmly into ... w . _. 0 _ 

A WEST Yorkshire businessman. I market by Ford, which captured Datsun, which is the leading ment to the Japanese Ministry 


Mr. Stewart Joweu. has bought 22.5 per cent. Imports also did Japanese importer, and which of international Trade and 
the malt whisky distillery on the l well, with a little over 4S per had 8.7 per cent in January, i nf i„<trv 

Isiand of Mull. It will come into I cent. went down to 5.8 per cent. ’ r nausur *- 


By Our Consumer Affairs 

Correspondent 

INTERNATIONAL STORES an 
the Green Shield trading stain 
company are to launch a secoh 
“ Super Discount " campaigt 
Under the scheme customer 
con redeem stamps for goods a 
exceptionally low prices. 

Anybody who has collected 
enough stamps to fill a “Supei* 
Discount " booklet by spending 
around £8 will be able to cast 
it in at International for a ranp 
of goods costing 20p. Thus, 
customers will have to lay oir 
only lp for products such as P( 
Tips tea and broad which norm 
ally sell at 21p. 




% 1 
t 


Promtdtoo again in September. j The figures indicate that Ley- Japanese car shipments also 


AM it 


d'-hk-H .!>!>■ iivt 


THE PALAGE i»r Westminster shows the first signs of a 
cleaning operation, as seen front Westminster Bridge. But 
it is only a lest In give MPs an idea of the effect and possible 
disruption to Parliamentary work. The £3.5ni [aeelift 
sen icc- between jnc lyne yud ' proposals have mcl Parliamentary criticism, and in March the 

S a V”».oV™w «>!»<> . c™ia fi us.. 

start nf y new era ur co-operation I — 

between rival shipowners. 


At an inaugural lunch 


tlv’ DFDS A/S ship 


"VKi Young io bless warning 


The distillery, called Ledaig 
but to be renamed Tobermory, 
has had a chequered life. It was 
i bu ill iu 1S23 but closed for the 
1 first time in 1923 by the Distillers 
Company. 

In 1972. a consortium including! 
, the Domecrj sherry group and! 
! the Liverpool-based Larrinaga 
I Steam>hip Company, started I 
I distilling again ami added two I 
new stills. j 

Much of the mail whisky pro- 
duced went in Cliivas. the 
] Canadian Seagram Group off- 
1 shoot which makes the Chivas 
Regal brand. That contract was 
ended in 1973. 

In January 1974. Leduig went 
! into the hands of a receiver and 


land is still having to struggle are beginning to decline at pre- 
hard to sell now that dealers sent, so that later in the year 
are no longer being buoyed up by it is likely that sales will fall 
the large Superdc-al promolional even further 
effort. The company is reckoned But the ’Datsun dculershin 

by its competitors to have reason- organisation is refusing tb 


Top distributor to add 
Vauxhall/Bedford sales 


Nile victory mug 
sells for £7,000 


| he has now- sold il to Mr. Jowelt’sj Liverpool. 

1- i K i rLlpavinnti-m Pi'.nuriv Cnm. -r i 


WADHAM STRINGER, one of lakes the company, which is 
British Ley land’s largest dis- mainly sou them- based, into the 
tributors. has decided to take on west country at Worcester, 
a Vauxhall/Bedford main dealer* This suggests that it will aim 
ship vo add to the recent avquisi* to develop its Vauxhail and Ford 
tinn of a Ford franchise in businesses in these territories. 


rather than British Leyland. 


Kirkieavington Property Cora-j The move comes in a year which still prevents its dealers 


Tv W ,„Mn„Gh Ure h i Nw l ii s „i!“l> , ”‘ ,y r.j.ssiii.w » -* *3^|^S*i* r iir £gr l | EkJFSfSS. 

Lhurcniil will s.ul , politics. of society. \nung people were ; adapting the distillery and at its i i„j„ »r the Leyland Distributors’ Leyland outlets. 


ONE OF the celebrated Derby mouvhe and Columbine, iron 

Victory of the Nile mugs, in- the Italian comedy, after the 

scribed Rear Admiral Lord Meissen original ' bv J. J 

Nelson of the Nile, with the re- Handler. 

verse showing a picture of the The museum concentrates nr 

British Fleet offshore and in- Bow wares which were dis 

scribed Victory of the Nile, covered on the site of the Bow 

August X. 179S, set an auction factory nearby. 

record when it was sold at Other institutional nurchasc 

included the! bUSo'U" to" 
[dealer. Winifred Williams, in a ggg a “ Jg 

modelled by Andrew Plan die. 




I’.inc-'liice Twcck’ ^o GoThcnhTro I " Thf, > wiU n,l[ ^cepl I ! r T' ' ^ ‘ ™ I P™iu cl, on peaB it emp'oyea mne jcounctl. The company is also aiming to 

;in<! one*- a week to Esberg. in i ,hc s Se cundiirmi> as did m.v gent- 
addiimn in DFDSs ferry, the i rat * on -. 

England, which already operates | general pn 
a twice- weekly service from the ' stnnn a I conn* 

X\ no | f) | hi j DjiMish nnrt 1 n ii 1 t ninn t . . . • . . „ , - — — . — Q - — r .... » , 

‘ ' ' ., ' ' Knitwear Workers in Edinlnugh. cn !l tiea ,. n .' 7nip o - ni J ent '. , P ricc now paid for Ledaxg has i dealers have sought because of about SO per cent of its sales. 

Btiueen July -l and August - Mr. Gibson said that ihe not been disclosed . ihe recent problems faced by the Other Leyland dealers, such as 

ihc-re will he three sailings a' Unless somethin? is done to unions must maintain pressure; l\lr. Joweu said last night that ; companv. Appleyards and Caffyns have 

week in «..-ithenberg from the [ change the state or unemploy- on the Government for action ihe hoped to “ start distilling in j V/adham Stringers acquisition also moved into alternative 
i;ne and Llirc<‘ tu Esberg. menu voung people will turn to on unemployment a small way " in September. ' ts aKo significant because il franebisus recently. 



SALEROOM 

BY ANTONY THORNCROFT 


sale of English porcelain which 
realised £112,075. 

The same dealer paid £6.500. and Barr service painted in jd 


and the £1.600 paid by the 
Ulster Museum in Northern 
Ireland for a Worcester sable- 
decorated lulled circular dish 
pointed by Jeffry eS Harnett 
O'Neale. 

In port dinner and dessert 
services, a Worcester Flight Bar 


Imari palette with an oriental 








Mrs Castle s new state pension scheme goes so 
far. bui is that far enough? 

For most directors and higher paid employees, 
ihe answer is no. 

Because the suite scheme does not currently 
provide tax-free cash in hand atretirement. 
nor full security for your family if you should 
die before retire ment- important points when 
you look at the escalating cost of living. 

The solution to your problems could be 
MG Ms ‘Design lor Retirement’ 

MG Ms plan enables you to build on the 
foundations of the stale schcme-or your own 
private scheme -and create a tax-efficient package 
of fringe benefits for you and your employees. 

'Design for Retirement' is simple to run- 



and set another record, fur a 
rare while Derby Chinoiserie “8 ure w »p* » parasol outside i 
.roup of Sight, from a set of PfSoda in a wooded garden 
the Senses modelled by Andrew realised £4.500. It was bought 
Planchc. depicting :i Chindman anonymously, 
and companion in flowing rohes Chairs were in demand at a 
with long sleeves, both seated on Phillips furniture sale, which 
an nval ren-kv. nrk base. rotalled £34.169. A set of 12 

A coloured example or ihc William iV carved mahogany 
same work last sold at Christie's dining-chairs sold to Bishop lor 
in December. 1976. at £3,800. £2.200 and eight caned 

Christie’s said iater that it had mahogany dining-chairs in 
also been active nn behalf of Georgian style went tu Gordon 
East London's Passmore for £1.250 ( estimate £1.000). 
Edwards Museum. Il paid £4,200 A Phillips print sale totalled 
tor a rare Bow group of Scara- £11,400 and water-colours I9J30. 




1 v 

\ 

1 r, 

* \ r 1 




National Gallery move 
to save Canalettos 


J 


^Zr : r 


For further information contact your financial 
adviser or ring Malcolm Powell on 0H>23 821]. 
Alternatively, return the coupon at our expense. 


MGM ASSURANCE 


because MGM does all the paperwork -and is so 
flexible it can be tailored to suit your own specific 

circumstances. 

Why noiiind outmoie-you'U be glad you did. 


Established 1852 

Marine and General Mutual Life Assurance Society 


, West Sussex, BN11 3BR. 


To: MGM Assurance. Frccposi, Wonhinj 
(No stamp is needed I 
Rtv*c said me further details ufyuur 'Dtzt£ri for Kciiremi-ni’ Pension Finn. 

Name^ — 


Position. 


Company Name. 


Cum pany Address. 


FT 9 


THE National Gallery yesterday Professor .John Hale, of the 
stepped in to help stop the ex- gallery's Board of trustees, as 
port of two major art wurks — “ remarkably attractive paint- 
and criticises the Government ings." ere done hy tie Venetian 
for forcing il lo use a - begging artist during a visit tu England in 
bowl.” The tin precede n ted move the ISlb conlurv 
follows desperate attempts by They vient tin disnlav at ihe 
the Birmingham City Museums National Gullcrv verier day in the 
and Art Gallery m keep tv.o hype ihat their* exhibition would 
Canaletto original in Britain. prompt visitors lo pop a few 
Never before has the National in a large. anUquc wooden 

Gallery launched an appeal on c nost in front of the pictures 
behalf oE a regional gallery. The during the next month, 
works, both views of Warwick Prof. Hale, praising the efforts 
Castle, were sold last year for ° r Mr- Dennis Farr, director of 
£550.000 by Lord Brooke, soo and l h<? Birmigham City museums 
heir of the seventh Earl of War- art gallery, said: “ If even'- 
wick, to American collector Mr. body who comes to see the pic- 
Paul Mellon. lures put just 25p in the chest, 

The museum managed to raise wt :. -' h ° ul . d h . r c ea . ch ^rgc-L 
£275,000. including a £137.000 rh „ ,s " ot 10 •** *.*** 

Government grant via the Vic- £*£“*!£* a . * ohe Z 

toria and Albert Local Purchase J,eritase lil ?,! 

Fund, to save one, and has so ,'u? , art , lhal ! s s0 0,s , ? 

far raised £197.000 towards suv- \f}. . ^ r ced one of Ji 

Inc the other. Now. with the * ,r| d s greateM pamters to ban' 1 
deadline for export due on .July ^ 

II. the National Gallery has c,I 1 h 1 L ' r Canalettos of IJw 

helped the public appeal la ruse .,^ l h v '’ 1 , no1 slay in Briwjj- 

the remaining £77.500. U J?«iS a< ■?, ROnc ' 1,1 A,,,er ! Ca ? 

_ . , , ... another v.-tli the a Swiss col* 

Both works, described l»y lector in Ju^j-. 


I i . 

‘ I x-* 

; I l if 


1/ , 


JnP^I t> I j^P 





bi r:« As7f 7t Bii c 



k 


rf 

i 


i 

i 


■J 


‘The place is called 

t Milton Keynes, Harry! 
‘Sounds good. You 
think we should put 
theU.K.Operation there, 

right? Why?’ 

‘Well for a start, 

we can move into the new factory just a month from today. 
‘That’s fast’. 

‘There are places all ready and waiting from 1,500 square 

feet...’ 

‘Bit SfHClll?’ 

‘. ..to 100,000 square feet. And there are some very nice 

sites available to build on’. 

7 ‘You on commission?’ 

‘Then there’s communications. It’s right on the Ml, and 
thA imps ri ?ht through the place . so does the main rail link 


‘Hey, slow down, what’s all this afive?’ 

‘The Ml is the main motorway from London to Birmingham 

...... -ft!' 


okay\Highways, highways’. , , 

‘There’s nb problem with housing the staff. And I don t 
Ihihk we’ll have anything but compliments about the place. It s 
got good shopping, lots of schools, plenty of wide open spaces 
lots of good pubs. It’sjustafewmiles outside London. ? 

| ; 7 And Oxford, Stratford, Cambridge are all easy drives. 

Yeh Fine, fine 

it’s tlie perfect base for serving Northern Europe. 
Apparently that’s one of the reasons why Rank Xerox moved in! 

‘Americans there already?’ ■ AL.y •- 
‘Oh yes, Coca-Cola, 


M • 1 ■ • . 




pips, AllemBradley, Redken 

Laboratories, Southland 


ccc 


cinnn 


r%a 







iMEi 





i 


■'?4 


QO 

on 

(?TY 






ItfUjrTjITil 














I^vrtkv*.:' .;c*^ ■.• 

Tv' 


£3m expansion 


BY KENNETH GOODING 

BY JAMES MCDONALD I 

. n r „_ ltish 'TIIE BREWING GROUP. Fuller capacity Tor the first lime since 

J\b.AHLY bO |iei cent of Bntis» ! S|nilh Turner, which has 1975 when demand started rising 








;. ; j 


BY PAUL CHEESERICHT 


AH 




The main contractor for the 
second-stage development is 


But over 40 per cent <if l<ffj ^r^'hein finance the project S^linrlon d Dtf ^the^Undu* 
engineering companies surveyor !vhe g i W .'. a public but unquoted Vubsidiarv which is the nnlv 
la>i munUi by Manpower, the e0 ncem with about- 150 pubs and significant all British nianur-ic- 
inlcrnaticmai work contracts. off ., lce n«s. last April issued to ? Si *unuller oC blSierv 

i.i:ii<ni>ri that skilled workers inei.r.. n . n .. rTRnnnn turer ana supplier ol orewery 


BPll 


claimed that skilled workers E , e stnr insurance a 1750.000, p 

were chan-sins jobs more otten , -jo-ypar debenture carrying 131 equ, P D1 • 
as a result uf Phase Three wage [ pPr ,. pn t interest. ' Mr. Noel Cl 


sm 


[supported, • by- environinenl 
] interests, is likely folloWw-jf- 
TcbmpajjyV' application, to jniV 
fluorsp ar M : Conics bury 
. YonlfireaVe.- ; . . .V , .. ;[r* 

- Brewer , officials ■ fv/U], tgcL 

meet the .Youigreave - p&- V 
Council toi -£ explain. , tb«r j/p w 



as a result uf Phase Three wage , p0r ,. pnt interest. Mr. Noel Chambers. Fuller's 

restraint. [ Fuller has already spent £lm finance director, said yesterday 

More disturbing. ilic survey (on the initial expansion of the that his company, which is deter- 

adds. was that highly skilled brewery and by the time the mined to remain independent nr 

staff were not only leaving to 'second stage is com pie Led in the major groups, expected to 

improve their income bur often J three years, capacity will have be able to meet the rest of the 

to take up work in other fields. I been raised by 50 per cent, from £3m cost from cash How and. 

1576.000 pints to 8i4.000 pints a possibly, the sale of some pro- j 

Fljavihlo i week. perties subject to compulsory: 

r iCAiuic ■ jjjj s W nuld give Fuller spare purchase orders. ! 


.*£$SL 


pbsals. - Later this month, "thu- 
wifl be. a' public meeting 


dm* Cento 


The Gat wick-Heath row airports helicopter link starts on Friday, when the Prince if Wales ' flics on the. first service 


after inaugurating a iUtlUm modernisation programme at Gatwiek. The he 
comm uni catkins between the two airports and there will be 10 services each w: 
the two airports. The single fare will he £12. British Air ports Authority has b( 
copter for this service with the aim of encouraging more passengers to use G 


[ copter service will - provide rapid 
daily, taking 15 minutes between 
g ht the single S-61N 26-seat heli- 
twlck. British Caledonian will be 


Only 57 per cent, of the com- j 
panics questioned favoured "a 
return to free collective bargain- j 
mg in August. The remainder j 
believe that a Phase Four ua} ; 
pulley should be introduced. { 
with 75 per cent, uf this tutal ; 
.-a i ing that the policy should lie i 
compulsory. i 

Must of this large minority of i 
engineering cum panics would 


providing ground handling and cabin crews, while British Airways HelleoptcrsfwiJi provide flight crews. British 


Airports Authority hopes that the helicopter link will encourage more airliits to mose to Gatwiek. ‘where the 


modern i«i lion just completed has raised traffic capacity from 6m . to Il6m passengers a year. 


SOUS 


for gambling council 


BY CHRISTOPHER DUNN 


Midlands c«>- 


for flexible 


pay poliev 


A STAGE FOUR incuiu 


ovate house hi! 
70% of planning 


iers use 
ermits 


Will . UICCUU^-t^Qf “ - 

- the views expressed sre expecP - 
to influence zhe decisions : of-i 
Park’s Planning Boaid, ^, 
eqqld be made known, ip: July 
If .the planningv.^io&td rfije' fl 
the application,' Dresser 
appeal, to Mrjpeter Shore, Sec f 
tary for.^ihe Environment ,rj 
Garry Thielen, Dresser's manai i 
in Derbyshire, explained, thaii 
• company would be hurt if it j 
_ not have- access to the . fiuorsp 
although it would not be put t 
of business. . 

'•A -fairly large body of ore 
involved, which, he said, could , 
mined quickly with xelativi 
. little development. If access u 
denied, the -company would Ir 
one-and-arbalf years of prodi 
tion: 


BY MICHAEL CASSELL. BUILDING CORRESPONDENT 


. The needs of the comps 

inevitably clash with the pr 

local useful first approximation" of ® f 

land available for development £ee oE ?! ve 5 p ® e 


liciilar askcrl fur mure llexibility 
to restore differentials. Larger 
vm-js -.will user 1.000 cmpluyccs 


Council on Gambling to replace „ "* ,*p research pressed on Mr. Denis Kca ley. the ABOUT 70 per cent uf the sites permissions made b; local useful first approximation of cip‘ e ° r 

The statutory policy .should be uie 4fi-yejr-old Churches* Council gamWjn * s aQr{ act aS a pressurtf Chancellor. by Birmingham , In England which had planning authorities in 1975. land available for development. ™ f^rK! 

ure lh‘.\ible within these on rambling to be dissolved in group like the Churches" Council. Chamber of Industry-. permission for private housing It was based. on a stui y which The House Builders Federa- District Park ** that it cental 

vnuf ut I Fha»e F^r. * A “^‘ „ ..... The Home Office had deferred ^velojunent ,n 1975 had been £&?%*££ fii IS ’bfuatal about 60 per cent of the counb: 

Smaller companies in par- ^ 1 he UuirchesCounml. which any decision untii after puhl.ca- 5 _ vslf . m ^ v . jU re . inLrnduii . lbl , started or .. umpired by last of outstanding residen al per- ffiavailabilit>-said thereporl fluorspar reserves. 

:iilar asked fm- mure llexibility helped to form i Gambler* Anun^ hon next month of the Royal fi nanc - ial incentive to accept a^urulng tu a report m j tS jons is a reliable idicator told titl | e a hout the true land ... 

restore differentials. Larger JJ |0US 14 ' eaiS Coinmtssjon s report on -.am - 1 „ reat( . r responsibilities.** cj r : published y ole id ay of [ 3n( j available for levelop- 5Upp ]y position. - . Dividend Opinion 

because *; ,s, *b ®hj»rlages. the bling. Robert Booth, president of the; The report, prepared for the moot. It concluded th^f 7 per f „w.vnHr.n u »nnHnr>H*it> . - . 


jvelop- supply position. 


Department of the Emironment cent of sites covered 4by the . 


Vir'n iimi J.wv v. jji piu> llo | n .1 _ 1 *.- ..oiiHivi., I 1 n*. ^iLniuuiii m 

preferred a great llexibiliiy in Rt *'- Guidon ftiooaj, ietirin 3 Joseph R own tree Charit-i chamher. said. — ... — — 

terms uf turn panics' payroll, general secreiary, saia in a |j| e Trust, which already con-j Proposals Tor a twn-iier >> c tem ■ and the Housing Research Found- report had been o 

with most ul* them seeking more London ;> esleraay. tributes to the Churches’ Council. ;are made in the light of pressures. ution. tracer the progress of 1.UG0 Another 62 per cent 1 

flexibility within a pay limit The Home Office voluntary has promised to pay £6.000 a -caused by previous flat-rate ; individual development sites in- started but not finished, 

linked to productivity. services unit had been asked to year for the first three years. -increases. eluded in a counr of planning The two main reaso. 

landowners gave for f 


The federation is conducting 


Dividend opinion 

The UK is a net exporter 







KpW 0Wn t Sl . U h d e y inviSinn °of Ibe *W?*M*l£* * 
id beeo fvlSrfmpn?' and to reiiirt fluxin 5 base in metals - anelthj . 

I . ?„ p the™"um“ H?use bu.ld^rs ao f in aluminium proceorog. 

B which have consistently said lhat the ^ past, local opinion 

ilure to jaud supply situation is far more Youlgr^avc has been tor 
inissions ser]01iS than officials have been evenly divided, reflecting t 


- - 



to 



Belo .v is a briefguidetothe investment incentives Before you do anything, it could pay you to get 

available in the Areas. They apply to companies moving into, in touch first with your nearest Industrial Expansion Team, 

or already in, the Areas for Expansion. Oc tick the box(es) below for the information you want 

Are you planning your company's future now? and send in the complete coupon. 

Greater benefits are available in Northern Ireland. 


implement planning pejfoisskms ser ] OUS than officials have been evenly divided, reflecting t 
were planning difficultiSs and a pre pared to accept and that the classic clash of interests betw 
decline in the bousing* market, nosit ion is becoming worse. the desire to see new emplc 
_ .. fl- . j ment opportunities and the pi 

Comoonents -I “ Land .-tt-niUxotlit/i: A study, of s ervation of environment 

“ | land icith residential planning amenities. 

The Department said Jesterday.permission.'' produced bv the nr#»«pr a subsidiary of 


The Department sa|d jeslerday. perm m-iem.'' produced by .tfte DreS ser. a subsidiary of 
that the report shoifcd bow Econcnni.it Intelligence Unit [ Tp vac concern took over 
nuiiiiiets- of outs tan ding planning Room C14..DOE 2. Manham I tiuDrspar m ine* and process'll 


numbers. of outstandins^lanning Room C14. . DOE. 2,' Marsham Huorsoar mine’ and nrocessii E 
pentm.iOD$ could rquSat Street, S.WJ,aM. n"pToV SSul^ll I 

y . from Youlgreuve, earlier th S 

*'. * - year and made an investment < 

4 * • , about £4m. It now employs 1 

Dollar plot jury can I milF production over the pa 

- a *1 1411-66 weeks ' 

return separate verdicts j u « , 

approval for exploration an> '£ 
FINANCIAL TIMES REPORTER ■ development work. The site it i ® 

' now seeking to mine embract 

JUDGE BUZZARD QC. took in investment Currency between i aQ d f 0 r which its predecesso % 
the rare course of advising the 197S-76. ' C Guilini t Derbyshire ), ha i 

jury that they ■: could return The judge recoined the jury planning permission. 1 

verdicts separately on each that the Crown cas« was that if tv,,. jvi a H ftna i Park Plannin 3 



FINANCIAL TIMES REPORTER 


The National Park Plannin jj 1 


ital grants 


wm 


Manufacturers can obtain capital 
grants of 20% or 22% for new buildings; 
also for new plant and machinery in 
many Areas. 



Tki here 


yesterday. Uhs doUar premium reserves chemical Industries starting £ 

Defence counsel protested that being depleted by £Im. but n new ’ UmestOM SiarS nei ** 
lo spilt them up in this ny was " nipped in the bud " before Buxton It is particularly anxiou 
might lead to prejudicial nr in- it was completed. about ^ restoration or lau 

consistent verdicts. But the The defendants, who deny the after the raining— both opencas 

judge told the jury that It would charges, are Mr. Wales. 42. \ of and underground— has finished, 
be easier if they did it in the Chislehurst: Mr. Adrian James. There have been suggestion 
wa> he suggested. 32, solicitor; Mr. Leonard Ash. that the Board will seek frou 

Verdicts are expected this 39. panel beater; Mr. John Dresser bond to cover reston 
week on a!l five acciised. ‘nchid- Robson. 57. commodity trkder; “n llter. But tdis is oppose 

8 i ah n ^ artl r Y SS e T' 2 and Mr ' Reg,naI(1 Atkins. 50, Vigorously by the company. “Th- 
suspended Bank of England company director. D i| n we presented involved fill 

official who has faced charges of A sixth defendant Mr. Alfred restoration of the site," Mi 

plotting to obtain money dis- Taylor, 62, died while the trial Slen declared 
honestly from authorised dealers was on. tnieien aeciareu. 


Royal Dockyards study 


Interest-reliefgrants, or 
fav.ourable-terrn loans. 
Fixed-interest loans from European 
Community funds. 



BY MICHAEL DONJJ'E, DEFENCE CORRESPONDENT 


Rolls-Royce 
buys RM 
aircraft 


1/ 

1/ 

W-? 


arus as .a means of keeping Portsmouth have built several i RnT T «j.T*nvrF ic vine un&Ts* ’.V- 
» and dcvc,npm " 1 ■; 



wL - 1 ^ m 








Up to 2 years rent-free (exceptionally, 
5 years). 

Options to purchase on long lease. 
Wide range of new factories available. 



The last big ship to be built 


Security talks planned 


Rent-free offices 


Grants for office rentsforupto7years. 
Grants for new jobs created within 
5 years. 

G rants for staff moved . 



London tel: 01-211 6486 


-•'-Vijur in;Avr..<rK«<orbool'lcc 
Ol-bJ-i 20L6 


Scotland. 

CIJ 550 W. 

t*i:04i.;je28ss 

Wales. 

Tel- Cardiff o21. ; l 
(OTDcude 022 Jj 
Northern Region. 
Tel: Newcastle 
upon Tyne 24722 
1 STD code 0632) 
North West. 
Manchester. 

tel: 067-236 2171 
L'^erpool. 
tel-OSI-136 5756 
Yorkshire& 
Humberside. 

Tel: Leeds 4451 71 
iSTD code OS32) 

East Midlands. 

Tel: Nottingham 
56131 (STD code 0602) 


West Midlands. 
Birmingham, 
tel. 021-632 4111 
South West. 

Tel: Plymouth 
2 1891 (STD code 
0752) or 
B re, to) 291071 
ISTD code 0272) 
London & South 
East. 

London, 

tet: 01.603 2060 

E«i221 

Eastern Region. 

London. 

tel: 01-603 2070 
£«t. 359/360 
Northern Ireland. 
Tel: Belfast 34480 
(STD code 0232) 
or London 

01-49] 0601 


TKMUS 

• RW 
IXTUCSIOH 



To; The Industrial Expansion Team, Department of Industry, 
Millbank Tower. London SW1P 4QU. 

Pfeoae send me full details of the benefits available 
in the Areas for Expansion, as I have indicated above. 


THE Ministry of Defence is in one of the Royal Dockyards aircraft 
studying the possibility nf was the aircraft carrier Ea-^le I sum.% 

resuming const ruction of war- completed at Dovonport in 1964 i 

ships in its own Royal Duck- Since then both Devonpurt and' Financial Fim*a Reporter 

yards as a means of keeping Portsmouth have buili several i Rrw t L 7 ?nvrr ichnvine sevwB/ : . 

zsvsr and dcvel — 1 s^.tfsasa 

The four Royal Dockyards sh f” U S d C ?^ Cli ? n °f 7 7 r *l has not*been disclS^d. - ' / 
fDevonporl. Porlhsmuulh. Chat- “JJ* *® u,d * nvo,w formidabie; ^ j manufacturer .. v 

ham and Rosylhi work on ProWcma. such as union reactions ! in ® the^ SrcrafT far then V. 
repairs and refilling warships ln ngI ^ l a tlsh ShipbiuWcW yards, i ^" op xjne engines, to- ^ 
at present. and the need for substantial new i if man 

, investment in the Royal Dock - 1 sether . a quantity of spare 

The last big ship to be built vardf. s 10 meet a continual demand fo 

l these engines in other types oi 
i aircraft and for naval use. Thf 

C* _ ! airframes win be broken up and. 

Security t slks pl3!!]!16d p 5 The° \lmistry Of Defend 

i been trying to sell the Belfasts,'--- 

FINANCIAL TIMES REPORTER j for two years. A number of in- V; : . . 

i dependent airline operators were,. 

MR. MERLYN REES. »he The document, which is to be interested, including Transmen- : ■ , 
Home Secretary, is to publish a published soon, follows the intro- dian Air Cargo. Tradewintls. and v 
discussion document on duction of a private member’s IAS Cargo Airlines, either be- 1 
whether or not private security Bin into the Commons calling cause of their Tyne engines iff. . 
companies should be more for the registration of private as dying freighters in their own - ; 

closely controlled. security companies. right. *;■ 

Mr. Rees, speaking at the Inter- Mr Re ^ ^ t ij Cre CV1 . Ten Belfasls were built br 
national Professional Security , "V. 7 s c 1 ! Short Brothers snd Harland nf 

Association conference, in L»m. dence that security mcasotres . Belfas;t ion<»-rancc strjtejpc ^-O’ 
don. said the document would wcre a sood investment which ■ heavy freighters Tor the RAF-.- "" 
look at Ihe arguments fur and earned o rate of return al least 1 with the shrinkage in the U.K-'s 
against increased control. comparable to those on other in- . global role in defence, and the . 

It would also consider Mime ««f vestments. He cited one cum- i concentration on Europe a® 3 ' 

lb-.- "important issues'* Hint pany which had had its locks : \ATO. the Belfast became sur- ' 

greater control of security changed at a cost of £800 and j pin* to renuirements. 

organisations would — sin-h had stopped losses of approx i- ' Three Bel fasts have already 

as the disclosure by ihe ]»o1il-c uf mately £400 a week from .^aled ! heen sold, to a London-bas^ .. 

infunuatiun on individuals. containers as a result. I organisation. Eurnlatin. for u® 


Mr. Rees said there was evi- i Ten Belfasls were built bj 
Th:.« ' Short Brothers and Harland w • 


' VV * Hence Thai seruritv 1 » n ort tsroiners and uarianu 

conference, in Dm- aence inJl security measures- B t ion<».ranco stretejnc 

document would were a good investment which • htavy^ f rei eh °efs ro? the RAF- .- 
arguuients fur and earned a rate of return al least 'with the shrinkage in the U.K-'s 


organisation. Eurnlatin. for u® 
m cargu operations. 


POSITION IN COMPANY- 


COMPANY- 


ADDRESS. 


ion 



HOME CONTRACTS 


Hotpoint places £|m 
mobile radio order 


j FT business 
; diaries change 


FT 5/6G 


I.AJLli bi' IHLuLfAKIMLUT oi il-lL'JjTf.: vv: L k i»i:,RL.cntir.h:Pi4r.--aL>cp 


2f?lwS- 



mo one radio order \ a ■s-ss ' 

i its desk and pocket diaries.- 

AN ORDER worth over loQUjitin by over -in base stations to 41 ' and^lncorponitirm ^suggwtions 
h:is been placed with the mohiii.- depots via radios installed in their 1 resulting from a curve v of custo- 
radio division of MARCO Ml CUM. vehicles. The ^tem is expected . mers 1 oninionc 
iULNICATION SYSTEMS, a GEL.- to handle up to 10.000 messages ,1 „ , c . „ fh .> 

.Marconi Electronics enmpany. br day. ! Among several features in in . 

Hnl|iumt. also a member of (,'EC. * diarv- arc; a detachaoie • 

Tho contract, fur a nationwide \V. If. SMITH .VND CO. rWbit- address and telephone section: a \ 

radiu communication system, was church) last week won more ihan business vocabulary in English 
won in upon competitive Tender .Elm-worth of orders for a total of French and German: a sources of 

and is helieicd lo be one of the 1.T50 tonnes of steel. Largest is informal ion chapter covering 30 


largest single commercial orders Tor supplying tonnes nr steel 5 countries: a 4$-page fuli-colo'*^ 
fnr mobile radio otjuipmcnl ever north I3.j0.nuii to Kilt fur thelatbs: and information on travel 
i>l j cod in (lie UK. Nearly W0 new Ro-Ro terminal at Pembroke . — passnorts, visas health -and 
service engineer* w.H be bn W c d Dock ! insurance. 


■/ 


• \ 





















potato the 

: j | S e ! S& SSi P is contributingto British 

W^v Me * # fel<! ls ; ( Bn twgjmtxlMl . 

s s* \ . : ' ■-. •>.' •’’. • ?•:■ ' •:' i. ■ jil a a+u /nmverfiri h v its 


Of that,£64million-aImost a .^^ r '^ TK t 
earned overseas by production expor ted from th eUK — 

85 countries. I ~ 17U "° . 

•=■■ «-c ” ' ' • £175.6 =•' 


PRETAX 

-RETURN ON 

CAPITAL 

EMPLOYED 


£176.3 


£130.8 


■ 039.6 : 


Alcan products and interests: the expected and the unexpected. 

luminium ingots St n p for bo l ^ SiriploHithographic 

rtrndcd sections Ventilators and louvres s>ww 




■CAPITAL 

EMPLOYED 

Em 



- V.> 

dSS V? -Ss;.: J" $ V ( iO 
■3fyawji , ~ '^'VaV? 

' ... 1 .../ *;’*■ .- 


Aluminium ingots 
Extruded sections 
Household and 
catering foil 
Rooting and cladding 
Extrusions for tennis 
racquets 

Windows and double 
glazing 

bonded panels 


Concorde components 
Bullet proof glass 

Foil for bottle and 

yoghurt tops 
H'igh pressure gas 
< cylinders 
Wire for knitting 
needles 


printing 
yacht masts 
Armour plate 

Foil dishes 
Cable sheathing 
Van bodies 
Packaging laminates 


the totaMJK ^ nf our production has 


, The voiiune tod value wer& 


mm 

6$ L .. . : 


SS8SSS 




, WBia 1973 1974 1975 

In the last ten years we have invested £120 million 
and plan to spend a further £24 million m 1978. 

Where will Alcan bsi n 20 09? 

The future of the company is the future of 

the met ^appeare r Stless. New uses, new aPP u “tion* 
appear constantly. Increased demand increases production 
v/nich lowers costs. Which stimulates more growth. 


UWUUk.u - - , 

-these and counticss other actiFilics spread Ajcansjnjeivslsnrou^^ 0 Jj ier 

iranspon.cleclTial.coimmctioiupachaan^do incs t ^ tab i c growth. 

industries^ form of divcrsilication which contributes to smu k 


PROFIT (LOSS] BEFORE TAXATION 


Id*: 

A* £-i 

p**;V 

trim - 1 

¥**■'*'. ‘ - 
l '* f< x 

£ 

0 











If you would care to know of these matters in greater 

detail, please send for a copy of our p— 

Annual Report and Accounts for 19 / /■ 0 

Write to the Corporate | 

Akan°Ai™SuK)j^ jk —* 

Limited, Alcan House^gH § 1 § k 1 

30 Berkeley Square, I 

London WK6DPJg|ffl |i||h n 


1976 1977 


.ALCAN 


fc- 1 ‘ : 1*? f ■asS^v'SST/ • •• v 1 r. v. : • .. 


0976 ., 




hssswosw; 












10 


NOTICE of .REDEMPTION 

To the Holders of 

Continental Oil International Finance Corporation 

9 ! ',% Guaranteed Debentures Due 1985 Issued under Indenture dated as of July 1, 1970 

‘N'OTTCF. is HEREBY GIVEN iliat pnr-itant to ili*“ provision* of the above-mentioned Indenture, 53,750,000 priori pal amount of the above Jevriltwl 
Jt.-Ii.-I! lures have l«-n* nelme.1 for rr-demption on M' h 1978, through operation of the Sinking Fund, at the principal amount thereof, together ttith ac- 
crued interest to said date. a» lotions; 

DEBENTURES OF 31.000 EACH 

■M-n lose 2M6 MM 4058 50i5 6016 6078 7921 89® 9972 10959 11902 12847 13846 MM lMlt 18694 17566 18395 20017 21175 22151 23127 24033 

t infa m 35*5! 3™ sow! iSil 6993 . 7933 WJi 'J973 10965 11905 12854 13882 14938 15935 17020 17907 38996 20022 21121 22155 23126 24051 

' 3S2I ~r25 xHig ISSs f?52 2il| «« tmi save 9974 iua74 11907 12000 13887 14941 15942 17022 17993 isoos 2002 s 21129 22159 23120 24058 

lima ■>! 3040 4071 gnlt emf mn 7951 S? 79 W86 10801 11911 12877 13888 14W9 15945 17027 17996 39015 20040 21154 22166 23127 24068 

in*“ *{Sn SoS 4087 5044 70M 7904 8987 9933 10987 11910 32887 13900 14983 15953 17031 JT997 19017 200S3 31180 32171 23135 24070 

1U.|_ -IJ.J *1W>* nut* toto iuww onaO 99 B 4 10989 11923 1 2904 1391? 14M0 1SU7 17047 1B011 10023 20061 21181 2217B 23136 24084 



112 1224 2248 3179 
137 1227 2232 31 BS 
351 1233 22G3 3202 


79 4=03 31B3 6142 7128 8098 9110 10167 11125 12005 33028 14043 13078 26099 17125 38128 39119 20200 21279 22209 23242 24175 

BS 4*18 5 69 61® 7136 8099 911= 20171 11120 12009 33034 14050 15001 16110 37180 18134 19120 20203 21283 22270 23248 241 BO 

... „ ... Jo* 4**I |}S Tim 8100 9115 10173 11127 12018 130M 14050 15111 36111 17139 18143 19140 20204 21288 22274 23253 24188 

ivi v-'-Jc **«£ 3*13 422^ 5202 8179 7141 8107 9123 10174 31128 12033 13039 34068 2S12S 16113 17141 18143 19162 20205 21283 32276 23286 24189 

irT I23fi **77 3=16 4B7 52M 61 BO 7148 8110 9125 10177 11139 12036 33059 14073 15119 36118 37148 18170 39171 20231 21290 22283 33288 24191 

1-70 **87 6217 4M0 5*14 6181 7152 8217 9148 10178 11146 12066 23060 14075 15123 36132 17138 2B174 19175 20239 21295 2229B 23 SB 9 24193 

"?S1 iaii- *3DO a*i{ 4M7 5215 619- 7163 8119 9147 10181 11151 12DT6 13066 34077 1512B 16134 17180 38177 1 9177 20243 21300 22299 23391 24199 

466 1*84 *117 1224 4*4 * 3227 6197 71 TO 8120 9148 20183 11163 1MS7 33070 14083 15133 16143 37181 3B184 3 0203 30261 21313 23309 23=96 24=06 

•3"? r"? — ■!-« 1r’: “! oua iniM mu i«nM non iuu« 15149 iri.is mni im« ntnna wnw 'mi* niwa 





460 1497 =532 3472 4450 5491 6400 7419 8346 9369 10401 11386 12299 13283 14294 15383 36408 17389 -18409 39425 20508 21563 22536 23495 24400 
J..7 lf-fU =533 3475 4482 5494 6401 7422 8357 9371 10402 31391 12312 1 3299 34317 19387 IH16 17391 38435 394=6 20519 21580 22573 23497 24473 


‘:Tfl 

1338 

=397 


134= 

=398 

B87 

1347 

=404 

i&f 

1332 

=405 

n»i7 

1357 

2409 

■fl|H 

1389 

=4=5 

3=4 

130= 

=411 

34:i 

1=VL 

=440 

340 

1.193 

=44 1 


1396 

2449 

:IUC 

1398 

2456 

T.S5 

mm 

2480 

-art 

14IH 

2471 

;t«4 

1430 

=472 


14=7 

=470 

31>4 

3436 

24B2 

:i: j . 

1447 

=488 

411 

1430 

7.44:4 

-il'J 

1453 


43* » 

1470 

2500 

44S 

1471 

=503 


1472 

2507 

JS4 

1475 

2530 

JS-.0 

1497 

=532 

-i»i7 

lf-ni 

=533 


1507 

=550 

-?f-3 

ISIS 

2952 

4K.1 

1516 

=563 


1518 



15=1 

=376 

sas 

15=4 

258= 

r.u 

10=6 

2595 

31 s 

15=8 

1\W7 

W'l 

issn 

2599 

.■w :« 

155S 

=640 

F4H 

1505 

= 600 

S54 

1 373 

= 615 


1S75 

2617 

f 1.8 

1375 

2619 

577 

Jf70 

=R2l 

Mi 

1591 

=637 

l-HHl 

15'.M 

2C48 


16=1 

= 649 

tan 

I 6611 

2076 

fit'H 

1*>76 

=684 

fil= 

1661 

2691 

ei0 

1083 

*.H93 

«== 

1094 

= 706 

KTU 

1097 

5715 

««:< 

1698 

=717 


170= 

2720 

r.'.i 

17=0 

=7=7 

«iV 

1721 

2741 

«•« 

17=9 

274= 

6t?l 

1733 

=746 

6*H 

1736 

‘732 

m 7 

1746 

=753 

VIM 

174U 

=762 

VI 'l 

1754 

2707 


1763 

=770 

716 

376a 

27T2 

7:-h 

1771 

177.1 

7U7 

1776 

=773 

vn« 

1751 

278= 

74= 

1816 

27H.1 

746 

1816 2736 


5345 6317 7312 82=3 9=81 10324 11263 32220 13185 341B7 152TO 36284 


17286 182B1’ 19305 20393 21475 22449 23414 24364 
- - M82 2<371 
21488 22461 23418 24378 


3443 4406 5447 6382 7114(5 8296 ?3?' 


10300 11352 13269 13249 14269 35341 16353 37353 38378 39390 20472 21513 22302 23473 24423 
10365 313G3 12275 13252 14271 15342 36362 17353 18387 19391 S04B9 21514 32510 23477 24424 


15389 1 8444 17400 1 84=6 19430 20525 21585 22575 23507 =4484 
15414 16445 17401 1B42B 19433 20533 =1586 22583 23508 24488 


3497 4517 5518 6457 747 


8384 9400 10442 11436 12354 13344 34363 15434 36479 17431 38458 19 149 20566 21631 22600 23535 2451 1 

A3 86 9401. 10448 11440 1=357 1 3348 14370 35438 16408 17419 18468 19451 20570 21832 22604 23539 24513 

3510 4527 5530 6479 7486 8391 9406 10448 11449 32301 33352 14398 35440 104% 17430 18409 19457 20581 23G34 22020 23541 24524 

35=0 4531 5536 6480 74AB 8402 94=0 10449 11458 12364 13364 14402 15444 1S500 17438 1B475 19459 20590 21638 226=3 23556 24537 

3523 4536 554= 6490 75] 1 64=6 9431 1045 0 1I4G3 3 =368 3 3375 14409 15450 1 8503 17443 18486 194G2 20606 21039 22033 23564 24542 

35=4 4540 5543 6493 7513 8430 9438 1 0451 11489 1=372 13379 14423 15451 18505 17452 18498 19484 20611 21642 22847 23571 =4544 

3533 4546 5547 8900 75=1 8434 9448 10471 11475 12381 13381 144 28 15470 16907 1 7453 18515 19408 20613 2 1W8 22058 23578 24558 

3538 4549 5551 6517 75=7 8445 9461 10475 11476 12382 13383 14429 15479 185=8 17457 18517 19488 20617 21049 22681 23590 24559 

3540 4550 5581 0519 7529 8449 94H5 10478 11476 123H3 13386 14430 15485 16534 17461 18520 19503 20621 21056 22682 23607 24561 
3555 4562 5570 6529 7531 B456 9474 10485 114H2 12401 13301 14443 15487 16530 17472 18527 19519 206=3 21660 22883 23610 24563 

3504 4583 5583 6530 7534 8457 948U 10487 11495 12403 1 3394 14458 15488 16542 17489 18531 19520 20027 21077 22088 23613 24384 

3570 4592 5589 6532 7536 8458 9486 10493 11499 12411 13416 14466 15489 16544 17504 18545 19534 20840 21687 22696 23630 =4580 

5601 6536 7546 8463 9497 10494 11505 12417 13419 1446& 15505 16547 17510 18546 19539 =064= 21690 22700 23645 24586 


3809 4636 5627 6546 7559 8510 9528 10525 11522 12455 13455 14496 15515 16506 17537 18605 19577 20668 21722 22728 23675 24617 

36=2 4 GSR 5036 8543 7505 85=6 9532 10526 11527 12471 13462 14497 15516 16581 17533 18609 19585 20670 21716 22748 23884 24622 

3627 4639 5642 6549 7568 B535 9534 10527 11537 2=473 13463 14506 15523 16584 27534 1B615 19586 20679 21721 22750 23688 24628 

3G34 464? 5652 0551 7571 8547 9537 10529 11539 12474 1346S 14507 15530 16591 17541 1B817 19588 20684 21733 =2758 =3690 24632 

3B53 4650 5063 0563 7574 8551 9544 10530 11542 12463 13482 14910 15531 16995 1 7957 1 8643 19596 =0606 21734 227BR 33 SSL 2405O 

3057 465= 5664 6568 7584 8554 9548 10533 11545 12489 13489 14518 15548 16598 17571 18647 19608 20692 21738 22770 =3696 24670 

3*6L 4659 5076 6571 7589 8558 9558 10530 11548 1249L 13315 14534 15549 16015 17575 26055 19621 20094 21739 22772 23704 =4674 

366 L 4664 5687 6574 7391. 0561 9559 10552 11557 12496 13517 14536 15553 16625 17577 18656 19624 20702 =\749 22773 23717 =4681 

3683 4608 5690 6575 7593 8571 9561 10555 11583 12505 13518 14542 15555 16626 17582 18657 19028 20703 21760 22778 23719 24701 

3688 4679 5692 6377 7600 857= 9503 10578 11586 1=516 13521 14545 15572 16652 17587 1B660 19633 20714 21767 22764 23720 24705 

3098 4684 5698 0580 7606 8581 9587 10539 11567 12524 1.1527 14547 15573 1GG06 17590 18662 19636 20726 21788 22801 23723 247D6 

3699 4SH7 5701 6505 7018 6582 9602 10593 11573 12531 13541 14950 15574 1 6693 17594 18664 19637 207=9 21793 22803 23731 24709 

3705 4CBB 5704 6599 7634 6999 9603 10601 11574 1=536 23553 14554 15576 16607 17595 1 8071 19642 20741 21800 22809 23738 24711 

3707 4696 57 1U 6605 7636 8405 9604 10605 11579 12551 13554 14556 15581 16698 17601 18677 19643 20752 21808 22815 23753 24712 

3714 4700 5714 6A14 7638 8614 9C19 10608 11583 1=560 13558 14586 15583 16703 17615 18681 19647 20753 21823 =2823 33756 24732 

3717 4720 5717 6031 764 1 8617 96=0 10613 11588 12561 13562 14569 15593 16707 17626 18682 19648 20756 21824 22825 23708 24735 

=713 4727 5728 6636 7645 8618 0627 10627 11589 12569 13568 14576 15602 16712 17646 J8690 19650 20763 21830 22832 23772 24740 

3725 4728 5742 6637 7666 8619 962* 10629 11500 1=572 13569 14579 15610 16715 17672 18697 19851 20764 21632 22835 23778 24745 

fe39 7673 8627 9632 10633 11591 1=580 13570 14595 35616 16717 17676 18609 19659 20781 2L833 22831 23780 24746 

9634 10639 11595 12587 13594 1461)9 15619 16733 17882 18711 19666 20785 21834 22854 23784 24759 

9000 10642 11607 12589 13600 14626 15839 18740 17685 18712 19675 20700 21835 328BB 23 788 24760 

9663 10644 11008 12592 13601 14629 15636 16742 17690 18718 19877 20792 21838 =2873 23802 24771 

9609 10651 11635 12596 13607 14630 15639 16746 17695 18723 19705 =0703 21845 22877 23811 =4774 

9704 10655 11658 12599 13609 14634 15641 16756 17701 18724 19722 20809 21849 22879 2S812 24776 

9707 10660 11659 12603 13615 14650 15658 16762 17708 187=8 19728 20813 21851 2=880 23813 24778 

9715 10661 11664 12604 136=9 14653 15659 16765 17709 18731 19732 20821 21852 2=885 23822 24784 

9729 10865 11677 12606 13633 1466S 19665 16781 17717 18740 19736 20824 21859 =2889 23827 24794 

9740 10676 11679 12612 13644 14679 15667 1C789 17721 18760 19740 20840 21868 22891 23829 =4795 

9742 10678 11685 12628 13663 14888 15688 18703 17726 18765 19748 30841 21874 22897 23839 24600 

0744 10662 11667 12633 13664 11692 15674 16802 17752 18760 19753 20858 21886 22900 23845 24803 

9753 10696 11701 12644 13671 14701 15689 16805 17753 18772 19760 208E6 21888 22914 23850 24807 

11704 12647 13686 14707 15695 16807 17754 18784 19765 20890 21903 22918 23854 24815 
11715 12651 13689 14716 15722 18309 17787 18790 19775 20897 21906 22922 23864 24818 


__ 6647 7679 8636 
7i-‘ 1R‘!2 =791 3757 4758 6755 6648 TUBS 883? 

7S.-S 1R.I7 =752 37R0 4 759 5756 6659 7683 8642 

76= in 4= =798 :i7R= 4767 5738 6660 7097 8044 

76* 2*43 =800 3TB! 4771 5765 6667 77U1 8646 

774 1644 =80= 3790 4781 S771 6681 7716 8650 

799 1840 =6 Id 3794 4787 5772 6682 7717 8652 

S»t= ie50 =516 =815 47B8 5791 6704 7730 8684 

Air. IBM =823 3820 4700 5793 8721 7733 8687 

f.=6 1363 =H=6 58=7 4796 5794 6735 7734 8690 

82. IBt.. =8-73 3R41 48=0 5795 6736 7736 8716 

B32 1868 2839 3340 4823 5797 6742 7740 8722 

fc=4 168= =842 38 SO 4820 5WH 6754 7757 0728 9753 10700 

B38 1083 =8-50 3355 4831 5817 6759 7760 8746 9757 1070ft 


«l»3 H*5 2A52 3862 4836 5H20 6767 7761 8749 

867 1HH. =876 3«~ 4M7 5830 6773 7767 8750 

874 1693 2B80 3880 4851 5B3= 67BS 7775 8751 

375 ISjKJ =Hfil :m?I 4054 5833 6790 7780 8753 

5*7 IS 28 * 2 *•*« 4856 5836 6806 7793 8761 

f =** WV7 ,,8ST 5840 «15 "794 0787 

!0a 1932 2B9R 3898 4S63 5645 6820 7800 MOO 

££ MW 2M2 3900 4B71 5853 6823 7808 6805 

935 1951 =912 3»D4 4M7fi 5866 6831 7815 8019 

£3* I;'? 2 “W» 3tf0R 4879 WST 8837 7a:,B 8823 

JW) a9W 4804 5888 6842 7038 8830 

.532 “iSI 30, 4 4887 5890 6848 7851 8832 

**<{ J?*4 *93= a»IS 489= 5897 6M9 7854 8838 

!2i l , 7? 31 4904 5403 G857 7056 8843 

962 199= =343 30.(2 4900 5906 6862 7057 8848 

fit l*. i? H-H 7 3946 4322 5*.<10 6883 7860 8849 

-T S&i :W5 ' 4SM 5913 «871 7086 8050 

“9 lk * 7-57 3380 4 0.10 5324 6874 7871 8052 

?:5 S;*?V =950 :«*»bl 4936 5928 8083 7876 8809 

9-7 20.4 =9bU 3966 495= 5935 6R9S 7879 0e94 

97<* =019 =97H 3977 4057 5901 0904 7080 8897 

W0 =0=3 =b7: 4d ] 3 4956 5M9 6909 708 1 8899 

.995 20=5 =:>R5 4«.2tf 4959 5977 6321 7884 8903 

=2=8 =990 4021 4963 5982 6922 7890 8905 
2'*00 2031 2994 4U25 4972 5963 6930 WPS 8908 

1^5 “S 33 30,1 4U = 8 4M» WB4 6934 7899 8913 

J0IR =056 301= 41.127 4995 6003 6835 7904 8914 

3034 20b5 .1019 40=9 4998 6007 «Ml 7905 8932 

1^5 2U7R 30=3 4036 5014) 6008 «M 6 7910 6855 

SOM 2077 3ti=4 4055 5U03 6009 6960 7918 8961 


■758 10715 11744 12856 13700 14723 15723 16810 17774 18738 19784 20919 21915 22927 23871 24825 

9758 10720 11745 1288Q 13701 14730 15727 16811 17794 18798 19794 20927 21917 22947 23872 24841 

9782 10742 11762 12681 13717 14743 15730 1E814 17801 18801 19797 20933 21918 22948 =3075 24843 

978 9 10749 11753 1=689 13718 14745 15739 16816 17805 18812 19807 20948 21923 22956 23876 24849 

9780 10764 11754 12700 13723 14754 15753 16821 17809 18823 19613 20951 21929 22958 23878 24855 

9784 107B7 1I7W 12717 13724 14764 19755 16826 17B19 18839 19828 20874 21934 22985 23884 24856 

9809 . .. 

9811 10799 11 764 12725 13744 14777 15776 16850 17831 18865.29682 20997 21954 22976 23892 24880 




907? 

9880 

sg 

9945 

9046 

9952 

9960 


10792 11763 12720 13728 14707 15758 10841 17825 18840 19852 20980 21945 22970 23887 24809 
10794 11763 12724 33743 14774 15706 16842 17827 38861 19879 20984 21948 22972 23891 24877 

alJ154 229 _ 6 „ 3M2 2ttgJJ 
21055- 22980 =3903 24893 
21961 22992 23908 24896 
21981 22994 23925 24904 
21992 X 


10801 11770 12742 
10609 11777 12749 
10016 11782 12750 
10019 11789 12761 
10029 11793 12763 
10834 11797 12763 

10647 11801 12769 

10864 11802 12774 13796 
10666 11805 12778 13794 


10873 1IB12 
10034 11016 
10699 11032 
10900 11346 

10919 11854 

10920 11872 

10921 11078 
10923 11860 
10931 11SB8 

10938 11893 

10947 11B96 12336 
10951 11900 12843 


13765 14782 15779 16851 17854 18800 10883 21002 

13771 14790 15780 10875 17850 18872 19884 21005 

13772 14707 15783 16880 17809 18878 19886 21007 _ 

13780 14798 15789 20085 17875 18880 19894 21006 21992 22995 23941 24908 

13785 14790 15793 16888 17876 18888 19895 21024 21995 23009 23943 24917 

13788 14808 15810 16903 17892 18890 19906 21025 2IJ96 23012 23957 24918 

13792 14814 15812 18911 17890 18896 19913 21029 22009 23024 23950 24910 

14815 15813 10)16 17890 18899 19916 21044 220=2 23033 23964 34922 
14819 15820 16925 17902 18909 10932 21048 22023 23036 23373 24923 
13795 irWrjO 14822 15331 16930 17904 18916 19045 21050 2202* 23044 2397* 24928 

12797 13B02 14834 15837 10931 17907 1892* 19955 21054 2=046 23054 23982 24929 

1=801 13805 14859 15852 16936 17908 18932 19985 21060 22050 23073 23983 24933 

1=805 13607 14873 15878 10837 17908 18933 19908 21005 22058 23078 23984 24941 

12806 13808 14874 15880 18940 17913 18S37 19972 21068 2=063 23082 23989 24050 

12800 13809 14880 15881 16945 17920 18343 19974 21075 22074 23086 23995 24900 

12814 13B15 14887 15883 10961 17921 10944 19980 21080 2=081 23090 23998 24S64 

12B19 13829 14893 15900 18962 17936 18946 19987 21084 22088 23091 24005 24979 

1=825 13830 1489* 15902 16985 17938 18951 19992 21089 22109 23096 24017 24987 

12B30 13831 14916 15904 16975 17944 18962 19998 21090 22116 23)06 24021 24991 

13833 14922 15906 16879 17953 1097S 19995 21092 22120 23115 S402B 24992 

13834 14927 15908 16992 17963 1BB81 20016 21107 22132 23116 24032 29001 





EBTTED BY ARTHUR BEHNETT/UVDTH) SCHOETBB 


m SAFETY 

Heat sensitive cable 
gives fire warning 

ABOUT TO come on the market the temperature falls below 
is a fire detection system which trip temperature and will no 
is claimed to .be as simple to in- damaged by being heated to 
stal and operate as any of those trip temperature daring tea 

wl lts .> type “ d An attractive feature of 

bo more efficient and lower in system is that it is very ea.' 
cost. It is based on the use of carry* out tests" thp sim 
beat-sensing cable. method is ,o hot a* on' 

It IS suitable for all types of cable and this could be done 
industrial complex, building and a device like a hair dryer. 


# TEXTILES 

Fine st aple 
spun fast 

THERE : HAS W . - •Wen Jmuch 
research . and : deyeibpEuent' in 
short staple spinning^over recent 
years and most of this effort has 
' been directed towards producing 



Fiftratiory& Separation 


Imarine/offshore 

GENERAL INDUSTRY 
POWER GBIEBATIOM" ' ~ 


FRAM INDUSTRIAL - 

UffWBWtRjrtyglut; - . 

MdGbm.-£L(6443>. 223QCXV 


ft 

i L. 

: F 


;-V 


- l 


o^n-^d^6pTnriing .rnachi nes ~ ^ rin £ is °ow allpwed to 
an alternative to ring spinning, a ^ushion oT ^T- and ao _ca n ; 

The objective has been that of rotate at high . speed. ^ wtflRf. m 
eliminating ring and traveller place of the tradrtfenal trayefi er 
e and limitations on production there w what Btoraoh describes 
*® speeds and package sizes. Now. as a “rider Avhich : . ^.similar, ^ 
however, a completely new deve- in use to a traveler bnt.Qf. a 
J« lopment has been brought almost comp etely bew . . 

01 to fiUl commercial realisation by It Is claimed. By the .Italians 
a the Italian ring spinning that, very Jmieh Jrtpr ■■ 


SIS' *Sg2 C tn£E& SIS Sb'chtoTbHder M^liTBritibE S n bj 

ing plants where local overheat- has to he rmbccrf^.i S -j„ 5 n ' a ®* Dt: Geoffrey B.. Stacpberson, .there is less .tehsidTi.on .ffie^ania 
This latest challenger in the catSl SStoSdiftf fto* 1 Sd « ring spinning 

market is called Fire Sense. If initiating aa^Emivci t?-- Sj operates with a rising and 

comprises coaxial cables, the in- gramnwd to set in motio’ a faIlm e “g rail o 

sulation of which is of a special variety of safety measures s irh mounted, the rings 

formulation, linked to electronic as the automatic cinainJ rings., are mountt- . .. 

alarm units tmonitorsj contained doors and shutting down of^a -tn. thr ® u g l1 which the yarn is taken g^e ysrn 

io cabinets which may be located made SocS^ni^mSeSL *** which give it the necessary 32.4-25-0 Md . 

anywhere within the area being The cable is ctaimed tn cohesive twist. WHh the new minute yarn .counts ..df 

prorecteb. ebuSlly“s^.?e ^hStt.er“ >£: Diimona Tibi spinning frame the 7-12,. cc or 2«te cc., •; 

The cabinets house plug-in used for a distance of one m tre ^ r ^‘ 

cards for alarm logic, tempera- or 10 km, or more *" 

ture monitoring devices and i n addition to the two 
units which give audible and systems there is a third arrage- 

^Mara's gra- 

cab,e rise sbove preset limits. Z\ T SSeStor fi.'&t s^°a 

Two basic cable systems are current conducting line, 
available. There is Fire Sense 70 contained in one sheath. I 
and Fire Sense 200 representing thus be used additionally a 
upper temperature limits of 70 wiring for control circuits to 
and 200 degrees C. at which the or sirens and at the same 
cables may be installed and at the detector cores can be 
which they will endure for long to connect unmanned 
periods witbou degradation. The stations, smoke and fiame 
manufacturer says these tem- tors into a composite fire 
peratures can be exceeded by 30 system. If the heat de« 
degrees C. for brief periods with- core is destroyed, the cond 
out ill-effect. core vril! continue to 

The temperature at which the control circuits, 
system — cable plus monitor — is Manufacturer of the Fire Slnse 

set to trip an alarm can be above equipment is Fatal. P.O. Boi rtfi 
or below the rated temperatures. Reading, Berks. RGl 1PE «734 
The cable will reset itself when 522661 W 


© OFFICE EQUIPMENT 

Speeds the flow of work 


oxt 


THE USE oE dictating machines special strip of paper rw| 
has traditionally been viewed both sides of the cassctte^aong 
with hostility by top-flight secre- top edge and changes effour 
taries ... a girl using high f™ 11 ! t0 black faeH 

shorthand speeds resets £ “ SStt| W 

1S a stylus, the colour chang^will 


waste 


a girl using high 
speeds regrets the 
of her talents and 

resentful of the fact that a much appear as a black dot. 
less qualified colleague from the The strip is graduated to&oin- 
typing pool could usurp her cide with the fifteen iniEtnfta of 

labour. There is, too. the frus- recording time on each site of 

tration of transcribing tapes of the cassette and is divided into 
woolly-minded bosses whose an upper section to denote an 
dictations are not only less than end of letter marie or dotaThis 
perfect but very time-wasting in indicates the end of a fetter 

that they will add afterthoughts according to the numbeii: of 

and special instructions at the letters on that side oD the 
end of a dictated letter, causing cassette, and also their lengths, 
duplication of a secretary’s Any' special instructions appear 
efforts. as black dots on the lower section 

Now, with the introduction of of the strip and, as the :FOP' 
its “ mark and find ” mini indexing strip is integral with 
cassette, a system enabling a each cassette it cannot be lost 
secretary to find any special in transit between one 
instructions and identify the another. 



WHILE THE SUN SHINES . . . : . 

The canopy above this tricycle is not designed to keep off the rain \ 
mounted solar cells atop the vehicle wiff drive it as long as the sun 
shines. The Sofarmobil was introduced at a solar energy fair in Sasbach ' 
at the Kaisentuhl, West Germany. ' 


On July ]. lOTR. ihp Udmurt* iif*si;malcd al*ove will Wmne due and payable in such coin or currency of die United States of America as at the 
time of fiaymr lit shall Iv Ie=al tender for the payment of public and private dcliis. Said Debentures will l>e paid, upon presentation and surrender thereof 
with all •'qii]>ou^ .-i |.|K-rtjiiiin^ ihen.-in iiiaiiiriu:: after the redemption dale, at the option of theboldencilher la) at the corporate trust office of Morgan 
Coaranly Trust Company of New York, 15 Broad Street, New York. New York 10015. or (hi at the main offires of Murfiaii Guaranty Trust Com- 
pane of New York in Rrn.-wk. Frankfurt am Maim London. Pari< or Zurich, or Banca Vonwiller & C. S.p.A. in Milan or in Rome, or Bank Mees & Hope 
M r in .Ani'lenlam or Baiiqu** Internationale a l.nxendioiirg in T.usenilmnrg. Coupons flue July ], 1978 diouW he detached and collected in the usual 
manner. 1'aynn-ut.- at the offii-o- referred to in (JiJ above uill lie made by check drawn on a dollar account, or by a transfer to a dollar account main tabled 
by the payee, willi a New York Cily hank. 

: On and after July 1, 1978, intereit shall cease to accrue on ihe Dcheulures herein designated for redemption. 

COlSTEVEiYTAL OIL EN'TERIVATIONAL finance corporation 

Dated: May25, 1978 


NOTICE 

‘ The following Debentures previously called for redemption have not as yet- been presented for payment: 

M-44 



• COMPUTERS 

Low cost printer: : v ■■ ■ TCr 

Phitips Industries believe there pose/transcnptxon machine, the model 411 which sells for under pany also has a licence to tease 

Io “ ow a new c °ncept in 303 a de-luxe automatic dicta- f200 (one off) which can also be the system for use on customers’ 

office efficiency. tion/transcription machine and used in desk-top applications. ■ own machines. 

Based on a material relied the 304. the one the company It incorporates the company’s Areas covered hy FINAR iii- 

Partjcle Orientated Paper (POP) says is “built with today’s 245 electrasensitive printing elude cash planning, evaluation 

mechanism and has a single elec- of alternative investment plans, 
tronics board wfilch provides sensitivity analysis budget 
interfacing, control, character variance analysis, consolidation 
generation and drive circuits of subsidiary reporting, prepara- 
together with a mains power rion of corporate budgets and 
supply. An optional converter is several other requirements, 
available for operation from five More on 0908 565656. 
volt supplies. 

HADE. BY RION In ,J.p.» .„d burlng replant caa be ar J“' MATERIALS 

supplied in the U.K by Cora- undertaken at the next con- Ascn witii sfrial ch^acters 

mitfr F-noinscrino vtw/<i zv3t.il, wiui serial cnaraciers 

which will pnnt 20, 32 or 40 


by-product of the U.S. space secretary in mind." 
programme — the system's More on 040 7S3455. 

INSTRUMENTS 

Checks the bearings 


puter Engineering, the VM-24 venient shut-down. 

portable vibration meter is a The costs of routine main- charetfe^ 
compact and easily used mstru- tenance can be eliminated, since naSVl BCD lfi^otamSs ° 

mpnt .fnr <*hor-lrinn lha nnnrfi. n . p j nnlv Ko DKaU, iO COJ UHluS. 

need onl> be ^ character serial interface 


ment fnr checking the condi- replacement 

tion of bearings and other undertaken if there is definite is weti^iSd'o mi^precesso? 
r,p,dlv ™,m g machinery evidence of impending (ailnre 

A companion item, the VP-28 way is ^ l0 ^ster & e 

Koiin,.® information, while the BCD 

version is easily connected to CONDUCTIVE 


Resilient 

conductive 

sheeting 


parts. 

The instrument gives a direct is a continuously 

Of^'^piece^n^^eiod.!'™, If™" ■ «o. CONDUCTIVE ^ nnn.r.i rubber 

acceleration on a clearly marked at spot frequencies in the range meters . counters and material, which will be a boon 

meter scale. It will give 5 Hz to 5000 Hz. It then More on 061-941 *>361 in 

advanced warning of bearing becomes possible to relate the ore on UDi 


SCICON 
has an 
called 


in any situation where static, 
could pose serious problems,: 
such as in • circuit manufacture, 
is available in sheet form one 
metre w-ide for use on floors 'and. 
on benches. 

It is resilient and flexible and 
being volume conductive, does. 
Computer Services n °t. lose its anti-static properties 
interactive system as .i l w ears. 

FLMAJR (financial - ,jr °undioK is achieved using 


Planning 
made easy 


non-insulated cables (up to 2 Ins a multiplying factor, 
diameter) merely by clamping Accuracy for the basic ranges 
built-in tongs round the outside is about 2 per cent, assuming 
of the cable. a 50 to 60 H* sinusoidal wave- 

For voltage and resistance form. Protection for one minute 


This advertisement appears as a matter of record only. 
May, 1378 



CANADA 

DM 1,500,000,000 


DM 600,000,000 
DM 500,000,000 
DM 400,000,000 


comprising 

4%% Notes of 1978/1983 
5 % Notes of 1978/1984 
5 % Loan of 1978/1982 


Z Managed by • 

: Deutsche Bank : 

» Afctiengesellacfiaft • 

* ■ 

* • 


Univae 1100 -scries, with avail- NG-5 Stati-Ev rumes in lengths 
ability throughout the EEC and up tu 20 metres From Tcknis, 
some other European countries. Teknis House, Meadrow. Codalm- 
A bureau service is being ing. Surrey GU7 3HQ. 0486S 5432. 


failure by detecting increases in problem to specific parts of the 
known levels of vibration; then, machine under test, 
preventative measures including More on 0462 5273L 

Easy to check voltage 

THE Am probe ACD-1 ins t rumen tfrom 0.1 to 999. but accessaries 

offered by Havant Instruments can be supplied to read currents SJlhSh SSTV IarM ' “IZSto? “and 

saa .o 0 ? ssstjs SSTi 

operate a desk calculator. available adhesives. 

The system was originally For bench applications the 
marketed by Aristas Business standard material is lnun thick 
Systems for use on the DEC with flooring grade at 2mm. One' 

readings, tesf leads are provided, is provided against 50 per cent s, ” Qo1 ^ and l l’ c ot |. ,pr ^ aS 

In all cases the correct range overload. ^_ s . c “ nv . e .^ d _! t , for u ??. on The a mesh effect to prevent shppnue. 

is selected aulomatically and is Powered by a Mallory 9V 
shown on a 0.43 ins high digital battery, the unit weighs 425 
display in (he hase of the handle, grams (15 ok). 

This three digit display caters More from Unit 3, Westfields, 
for AC amperes, volts and ohms Horndean, Hants. (0705 596020;. 

• ELECTRONICS 

Producing a memory 

SIGNETICS HAS gone into possibilities are opened up for 
production with a 16k pro- the OEM user. It is now possible 
gramrnable read-only memory, to add user-defined routines in 
the 82S 190/191 — one nf the first PROM to a basic computer main- 
semiconductor makers to do so. frame. Especially useful in appli- 
Sample quantities of the device cations where speed and through- 
arc available in the UK Trom put are important this approach 
Milliard, and production is can take advantage of the faster 
planned to meet full-scale access time of PROM in cumpari- 
demand in 1979. The Timing is son with mass random access 
intended to give designers the storage. 

opportunity to evaluate the new More Trom Mu Hard on 01-580 
memory and demonstrate its cost 6633. 
effectiveness. _____ 

Access time of the device is a IN BRIEF 

Mi'lj'YlSnXlVSo" • F ' rr ““ h “ introduced » new 
seconds ^with* as ft'S "gf £ J-UI-n .™mld. Sr,d 
, effect transistor amplifiers cover- 

The power dissipated is also !T e thI 0 !? 1 ! ra, 2 i 8e of . 4 ‘. 4 *° ® ° 
similar to that or the earlier 4k £*• 

and 8k units, achieved by power a - ti - Mar ® on 061 09967 71611. 
predecoding ’’ in which the J28 • Assembled into ooe 16-pin 
rows of the array are predecoded package by Fairchild are all the 
into 16 blocks of eight rows active devices needed to provide 
each. Only one block is powered a switching regulator system, 
at pnv moment, providing the With the need Tor extra corn- 
needed reduction in current con- ponents kept to a minimum, the 
sumption. A 1:8 demultiplexer UA 78S40 can serve as step up, 
circuit then selects the appro- step down or Inverting switching 
pnale individual row. A simitar regulator. Potters Bar 51111. 
approach is used tn the 128 • From Distronic comes a tri- 
columns. slatellght emitting diode which 

Main use oF the BOM will be produces red or green emission 
fnr program storage in general according tn the polarity of the 
purpose computers and in mini- applied voltage. More about the 
computers. But in addition, new Xciron XC 5491 on Harlow 32947. 


When a careless 30 minutes 
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Die Ferranti Ma ■imum Demand Monitor not only ensi ires iliat 
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Ferranti keep a hawk eye on ele»:tricily costs. Send 
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Tel: Cifil-6812071 Telex: 667857 


F13^5■'f^i , 


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. i ¥&nes Tttesday June 3 137$ 


LABOUR NEWS 


u 9 1 j 




Textile 

onions 



backed 


Union urges higher 
public spending 

BY PAULINE CLARK. IN SCARBOROUGH 


Workers 
to vote 


-Bjr Rhys David 

SUPPORT FOR 


mergers 


.. . Municipal Workers’ Union, is county) '{ 'T ^ un\on ti.' a the roots of the problems which, 

: nrtoirinn a caujp-*iS^ ^ ■_» bu., pun front us cun wc sccui c incj 

!g!SS F «Slicc*pe»diwr*. “r^ical- ippraj* » » «»• SSSSMS*L«ry.“ 

l iu views became clear y ester- future* Mr. 1 ■ Tho Vail for j new dn\r ten 

d«uS union discussed un- sercrai accrutiT o[ the union Th a funds into thej 

unions' wilhin the «*, * 

textile, and footwear industry to « c ® a ° ,nl * ^ JL. al conference qu..htv of our lives depend on delegates. i*upp uneiif i 

create one large grouping capable! debates **£1? our commitment to the extension live cnunui motion on uneu 

of representing tec whole Sf^^ ^^ Sn’s^poUcy of fiyhlmg anu expansion of public pl<j>meni^ r „ r a . 

sw* a asSfi'a* “ — - « - -sr^,s.~:i 
’*>« »» VS 3 wS»*« aras, vfs t gu ■■fesrB.vsii 

president of the union, speaking i Sea o II revenues. Other sonety as a whole. beinK used jne oi k . sern.es. ! 

at its conference in Edinburgh, of North 5ea ou re rna-nly by society as a whole. lD J?*!?f n n p a Mr Easnetl :io-u-ed 

warned that small unions of] groups > Q in £^2 Vestment in “We are in the process of Earlier Mr. bjmcu 

under 200,000 members, such as* uniting see higher investment 
existed in textiles, were vuiiier- ! 
able in respect of the influence 
They could exert and the services 
they could give to their members. 

“ There should be' talks taking 
place between the unions in order 
to unify the trade union struc- 
ture and. to create a vibrant 
organisation for the present 
needs and times in which we 
live,” he urged. 

The trade union structure 
within textiles "is still very 

largely based on seographi cal ^malion “against women 
areas with separate unions - . 

covering cotton and man-made Caiims i®* 

twcSles' S YorksWre lr and knit! 'SSovbwnf, Miss Pai ^urncr i •• uirce-foid level. vd ' no’ union could ad m an 

wSr la*el? ^concentrated ini MUonaf officer in the General ^ . Turner attacked those ^ jl ^ rv Un Way because of their! 

and around Leicestershire and land Municipal .Workers ; who t;e a solution pru.cdu'rc.s and there were; 

Nrtti nshMtshire. Clothing is; said the commission bad failed men , in the return of married ^ ny t . fjurU of appeal , 

represented ibv- another' union,! to overcome or e\ en.se J.ious woin-n to the home. “It's u complete and absolute; 

thp National Union of Tailors! challenge the' sexual division of Thi* could lead to the collapse nonsen5P t 0 i-onjure up thci 
and Garment Workers- i labour through its or of x \ if . National Health Serving |l() ^ v of an attack on individual 

[economic promotion scheme. serve e industries jnd many |,i, v . r |y when there is an aiiud*; 



Equity rejects 
changes in 
uni on rules 

BY PHILIP BASSETT. LABOUR STAFF 


UCATT 

bars 



nariirr i»n. . r . 

Conservative leaders of in v n in 
conltict over the closed shop. 

While the Labour Parly and 
trade unions were trying w 

achieve a concensus on the issue. 
Mrs. Margaret Thatcher and her 
supporters were indulpinc m , 

political opportunism. 

Mr. Basnelt said the .nlvan- 
tages of the closed shop had. 


Discrimination blamed 
for jobless women 

IY OUR LABOUR STAFF ESJvrf too ' H..u” ^"YcS'.,™inT. j 

tht- Matmower Services Com- link . 4 to that limited number ®r u avo|dcd friction between! 
™«i«n -SSr accused vesterday wom-n’s industries and womens umons and non . tr ndc nmumst> ( 
mission j^, e jot, discri- jobs as they ever were. a „ well as inicr-union ullies. 

•kinrtworaen. In »7«. sa.d rcmalo J nd Jhore wrc advaninu., to 

.ainst uncr.rployment was rising twuc j nl rv collective bargaining 

for actmn to mlp as f as male unemployment. Th(i ^| 0SCr | s hop had ticcn 

■ing periods of nign ln l!l77 it ,- 0 sc u» thn “alarm- . . .. a muns i e r pt.-.vcr' - 

ent. Miss Pat Turner in{ ,- three fold level. 4 ! no un ion could act in an 

c— in thr» General uii u W-nd those -V. ,,u ,.r «i. n ;r 


. c 


and. Garment Woriccrs- 

Bigger units 

Some mergers - have taken 
place, but these have consistetL 
very largely of consolidation of 
smaller unions to form bigger 
units within these geographical 
areas. In Lancashire. 24 semi- 
independent associations, cover- 
ing separate districts have been 
federated to lontr the Asm) 
member Aihalgairiated Textile 
Workers Union. - In Yorkshire, 
the National-. Union of Dyers and 
Bleachers, the biggest union with 
about 60,000 members, is allied 
with other-smaller, mainly craft 
unions in the Nation al Associa- 
tion of Unions .in the textile 
trade ’ 

' Pressure for further groupings 
across traditional textile indus- 
try- • divisions - comes ■ - partly 

because of the increased Integra- 
tion of the industry but also 
because of the competitive threat 
posed by the general unions. The 
GMWU and the TGWU have 
been paying increased attention 
to textiles where both .Already 
have considerable membership. 
The engineering uni ons, tne 

AUEW and ? e •2pW 1l £L* 1 * 0 
represented the mdust gA . >. 

The Amalgamated Tftrtile 
Workers,': ini ««nce .ot Mr, 
Gibson’s wnmrks; have already 
held preliminary- talks with ^the 
National Umon- of t)yers : nna 
Bleachers* aimed at J 

possible merger, and the TUG 
has beeB asked to make m good 
offices available . .to assist.- ■ rne 
main obstacle encountered so far 

ture as a federation, and before 
any further moves are made the 
union is to . examine way* of 

uniting into a. angle body. 


She 

encc: 


1C pnuu«u»« iiiuuw.i.. -- - . • mn-fiy win'll iiivic . 

told the union's confer- seclo.s^ of the manufacturing the ^oJtec-tive liberty of trade i 

unions’ 


tutu UIC - J, . . . 

r Women remain as firmly mdii'iry* 


Our Laoaur Correspondent 

PROPOSALS for a return to 
work in a flispuu- which has 
halted all output at t hrvsler's 
jtyton, Coiculrj. fartnry will 

be put to a mass meeting or 
1,500 pruducliun workers 
today. 

A peace formula was reachrn 
during talks jL llu- weekend 
and put to set-tinn meetings of 
the men invnh e»l yesterday. 
This result eil in some groups 
accepting The pro|>osals and 
others rejcciiiis them and shop 
steward* will thU mnrniua f> 
to clarify the position. 

The dispute bes:in last 
Thursday when 6<i men 
objected to company proposals 
for transferrina M-al rectifica- 
tion work in another section of 
the factor!, other workers 
then joined the strike and hy 
last night prod union of 25ft 
cars had been lost. 

At the Perkins Di.-i-l Lngine 
plant in Pelerheroiigh 1.1W> 
workers were h«jme yes- 

terday heeau-e of a -trike liy 
maiiitenuiu-e men. 

The dispute started when 
the 24 main leua nee men -iagetl 
Uieir prolc-t out a company 
scheme u« !«-*• suii-eo n tractors 
for weekend niainieiiance. It 
disrupted ser. ire- at the main 
Eastfielri plant of the company, 
which i> the world's biggest 
manufacturer of diesel engines 
employing liLftnft workers. 


By Nick Garnett. Labour Staff 


. n _p ,irp MEMBFRS of up." and that the whole -process • 

MODERATE th(1 ril i es revision attempt. 

iSv“^^ U drfMl >e i a including a co a ]J ! CONSTRITTIOX NEWS 

"T J s « 

inns 1 he svstein of postal ballots, year. 19 1.-7R. i he union SO a ! Unl0n t ,f Construction. Allied 

1 \ special general meeting oi the a £100.000 deficit. {he ' Trades and Technicians after 

. union vnsTerday voted to reiam -Mr. Plouvtez -aid that nfm the of btawd reporting. 

ihe present structure. union could so ahead witn lO Tnv . iV( . eU!y trade paper issued 

: changes in union ru.es. mclud- . rg to improve the way it worked a li()(?| v:m earlu . r mis > ear after 
• mg those relating to fees and and encouraging more udioi lhe unillll journal. Viewpoint, 
suli-mations. membership quail- members to .play an ac “ v * If tI j . criticised its coverage of inft 
! q cations the objects of The in it . Member*, he said. . s nou ,a ; induslrv . mduding iis rcporlinR 
union, and the r:?h?s of members devo te iheir ener?ies_lo improvi of uca 'tt in relation to lhe con- 

in inspect the union’s finances, ing agreements, especially try in, t slrucl)on action oi thi- Transport 
were defeated in the last of .our 10 lin ii pay to employment i and Cieneral Workers’ U"‘«" 
meetings on revision of union p rosp ects 
rules by 201 to 194 votes. A two- The re: 


nion. 

.swsw -.i - - 

jcessary for any cnange. are expected I'iday ^“ re * Jj r.onstruction News had had its 

One of the improtant changes annual general meeting credentials withdrawn. 

’ ''” ,M “ oot ! partiv because of what the union 

'see- as an unwarranted anti- 
UGATT bins, but largely because 
the writ had made the w-nrkinK 
relationship between the uninn 
and the paper difficult. 

Mr. Albert Williams, the 
union's president, told delegates 
in Dunoun that lhe t*nvernmcnt 
had to correct ”h;. drasiic means 
if necessary" lhe faults in lhe 
ei-ononiv which cre.iieil wide 


Wolsingham 
‘stalemate’ 


Lilli U7< llldji'i'S* — 

necessary for any enaoge. 

hJ._. 

1 rejected yesterday would have week 
dispensed with the qualification 
i of 4ft week's experience for run 
i Eriuiic membership, which is 
necessary to work in London s 
! \Ve*i End ihcatres. Another 

• chan-e nl<o retecied. would have 

1 allnwH ihe union’s council in a STRIKE hy 1W manual 
hx subscriptions without putting workers at the tiolsinghjin 
the change to a general meeting, steel works which 

\t lhe weekend, the Left entered iLs third week is a stalc- 
• -uffered" a mji?r defeat when the mate." according to the mens 
union *.oted 5T7 to 546 13 rcjec-L un ion leader. , nn c disparities in v.calih. 

proposal- for a branch meeting The dispute which tiireaLn, mmmi - iR ttanI - sa id 

and delegate conference struc- production at .- 111 , ijards Uir - Williams, wuuld not stand by 

I lure u> re plate the present out Uie country i» • about a pa •- nllv fo , vvt . r whi i c whal they 
s.-tem of postal ba. Oltr.g. offer to n ‘ ,1 ,^. f . h e '/! P l 0> f „ c lion needed to satisfy their needs was 

he admitted that it was "hard builder- ltquin 


Tories told ‘hands 
off Post Office’ 

rnNstERV ATIVES must keep join ihe unions in the fight to 
Si? tend* ' off the telecom- save members jobs and told ti c 
their .Banos •> inhn nrsariisation' ‘ Aou must not rely 

muni cations to 5 v to protect you. 

Scott-Game r said . yesterday in oo u v . qu( aQd sell l0 

his presidential address at the . us i„mers and make sure 
Post Office Engineering Union s our ustomers -« lht . 

annual conference at Blackpool, e J f ^ sc „ iL 

The union president replied to wg wj[1 insla j aru j maintain it 
^ir Keith Joseph. *® r His message for the public was 

Conservative l^licy^^seftrcn that lhe ni a inten an ce^ forces at 

who, he said; had stated that tec 1hg 0 f the Post Office 

Torv Party would free Post Office werp vasl am j dU ii P incapable 
control over telecommunications. Qf bring matched hy any con- 
“T say to Sir Joseph, ceivable private enterprise. 

220.000 workers have hot given “ Y.> want to have a better 
their lives to tee lelecommuntca- service— you will not get 
Uons business to see .jou ruin Keith s way. 


When, it comes to correspondent banking, 
one bank has risen above the rest. 


' Turnover rises 

SS!5^tr« lAcatering 
Sng influstry 

... “The Tories want to get rw mousiry jo ceil t com- 

rtf _ vour job. 0“U with first 1977 quarter. , 

activities are totally in ' P U ™J weiured against the final quar-; 
ance of our need to protect and «euund ^ by 3 per| 

advance our interests as £ r nt ,a * c y “, ing lD lhc Depart-’ 

W Hc er aid the Post Offiee to ment of Trtde. 


APPOINTMEHTS 


Burtbn Group senior 

*•* ‘ r . niT'ral' 



^ " ■ ■ ;■'* ’ cMTTFt'* nresent a general manager, j 

SWS3K&£i£S Mr Peter Tmtier ho S[ b-j'-g^S Slffi ^ S= 1 

^^faSp^MaPotOr Robinson^ jnstbuMENT (t^ Holtogs ^ Join 

He SSSn European se^icondurtor Mr.^K.^ ^ responsible fori 

Board -ifSi«fv 7 L' ^ dSef executive eiviaon. , Formerly managing ^ corporate finance division. He 

I 0 0 !?!,! doctor " three years California. director, home 

bas socoesslo. to Mr. Gantblo. 

grouP:3omti genSa) ^manager and ^ peler UwHjn has been 

■ ° f UK ™ 1 ■gffiS8«| l ta < S2e-to n to Sir 

tiye chairo^of _ w T .infoit! has been . Bernard, who s a 

.TiES /nRD SSSno W, JS£ ? te £ 

by .gssStJSt. nt- ‘gs-SfSSJS. 

W. »-=»=£* SA5F *3 SSS SJStft P? 

SS Board.' MWP Incentivcs s 

IL- Fraier ^vOnie.^dyiser; . Kng> neenn g fHowmss' Consultants. 

mfes at 

• W ' ^finlrmah of .r.nnard Une. ■ VV Oi k 

mrn P.A.. limfL* rpfl 


eui'iOTT^:' '' 'COMMERCIAL 



Mr. «~] 




1 The noyai 

° f ‘ PHS~ (Power- Plant) ?JjS| Prevention of Accidents 

H o° pipework S produced a bookleiexptan- 
'SS^SteT ¥- nig the implications m. lt » 

^^“^SmS wntinue as joint ^ ime d. easily understood . lan- 

Yoti'W Ever t» 

Of c«gpaw«-. - 3f>£ MoUeit, wto K J? Abo ut Safety Reps.’.BoS® 

'' ' '' — Priory 

Board B. : ™w«r. £2.18 f or JO copte,. 

KV Bastabic. ^ Anti-vandal 

■J^'*Ssr exhibition' . . 

■WSa..JHB ^Mieficl Ram / atte , 


puhHshed :pn Way - 

- - •- ; 

. -- x . iBAb. AAAAflD' * 


public^V. -• gtpsi iocM- 

inclusive* » • j ... ... 

1 - ..-. p^ liaEsen&Q^f 
t. •y^^ete- r Ajjpti^ g ‘- - 


Most of you are familiar with lhe 

BankersTrust Pyramid. Whut >011 may not 
know is that no correspondeni m America 
offers more up-to-date services than we do. 

Our International Balance deponing 
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industry: This computerized service gives 
you confidential balance data » m a daily 
ia sis for all your North American 
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accounts more closely, consolidate your 
funds for short-term investments and min- 
imize your idle cash balances. 

As a pioneer in the development of fast, 
safe and reliable methods for transporting 


.."““.T-* *. " 

...• 

*i£.. v •* ■*rf* -^SS'VL-v -.v. 

checks and collection items, we am tailor- 
make transportation systems to your 
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Our Worldwide Cable Refiling System, 
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Given capabilities such as* these, you 
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- ■ ?■ 


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word, with the ability 10 
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Doing business with tne 
Pyramid can be a reward- 
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uroawn-v. manasemeni nnens xoaay 

general JJJSFilfS*! Ra msey * Tatfersall Castie. moored near 

•servicesratML ’—ana eer . insurj. charine Cross Pier. London. It 

“5“ orsanise ‘ ! C “ uncil 

I Rlr TR., cl . Ingram 01 Among the exhibitors is Bjyer. 

LmSoted a deputy yhich is Inviting visitors to tft 

T??>\3 nmS LyiBERT GROUP, dajnase windows and paini- 

wrk made tWftlir. «w 

ieSed tbeBpafd.. . materials. *the exhibition ends on 

't~- jjkJ.ij. . Kitehing, at- Friday. 



2S«l Park Axenue. N-.-x \orLN.V 1W17 


r m limil Binkiir SubsUi ric- in United Suiv>: Chicnc- 1 Los Angeles and Miami. Oxenwas Rr.in'-hc,. lONHC » v ® c , !nivc- m . ,v er 3U wtmnincs »«n b c*.^ntin*en is. 

«*r?EKE ^NAS^U ? P^N\MVc/p. .ind BAHRAIN. Au Intern at, ‘.'nal B.mkuij: Nctwurkol* fcriinchiL,alil»idi4nc> 1 .i 111 bales and repre>Lnl.Ui' l ullivx’. m - 

Sib G A PORE, NASSAU 1 , PANAMA ui Member Pcdcral De^U In-uranwc i.orp.'nuoa * Bankets &ust Uwnpansr ' 








BY MICHAEL DIXON 

“ WHAT can you da for us. “ You're going Into a pool, are highly liable to be jeopard- 
TonT" the telephone caller and you can be out of it again ised by colour-prejudice among 
asked the head of the Percy in a few hours if you swim employers. 

Coutts careers consultancy in properly. Arid Umes aren't bad " When prejudice exists— as 
London “We’re shutting 23 /or you. They re good because it does — and the person's need is 
bakeries and making 8,000 hardly anybody else in the pool to get a new job. there's no use 
people redundant." That was knows anything about job- in waiting for the prejudice to 
\ Wt > months ago. hunting, which you soon will. be abolished. Given an inter- 

“ what could I say to them?" This kind of oratory has clear view, the candidate has a fair 
the same Tom Carew asked me overtones of Sir Henry chance of overcoming it. But 
the other day. His question was Newbnit and “ Play up! play not when all he is to the em- 
purely rhetorical. "I said I'd up! and play the game!" But ployer is one of a lot of letters 
do the lot." anyone who pointed out the of application, most of which 

So he mustered four of his resemblance to Tom Carew. have to go in the waste bin 
staff, conscripted four of the would not displease him. Facing anyway. The need is to fore- 
■jobless executives whom his the facts and squaring the srall the prejudice until he gets 
consultancy trains to re-invade shoulders are in his view the through to the interview stage, 
the employment market, com- essential first steps to recovery “The ] as t person I pointed 
missioned 23 snappy posters from unemployment. (hat out to for instance, was an 

proclaiming " Coutts is here. a bit of inspirational help is Egyptian. He went away and 
and led his squad cm a tour of therefore worth any amount of changed his n.im» to an English 
Spillers' doomed bakeries. - We p jty. And if revitalising the middle-class one. and he’s doing 
couldn't deal with so many n pwly jobless requires Mr. D j ra i v now.” 
people individually,” he said, carew to behave like a some- 
“su we talked to them in w hat old-fashioned public T^nrAcfclll 
groups." school headmaster, then so be rUIWid.11 

, T M ,L The tactic of forestalling is 

SL 0U ‘cmrothtap rtf hii fin!! "Were entirely on their side, taught also to people whose 
™ rris much like but we dr>nt P andcr tn them, former job-title does not convey 
fhT fnitowt n o d W0FdS mUth ,,kC I'm hichiy autocratic. I don't the responsibility of the job 
■- Soy auveb-en told you are a,j0W them a f gue with me - they were doing. ‘If you've 
rerfimdanf Well I'm surrv ^'e're in a capitalist society, and been serving as financial direc- 
vS- snrn- But where are what the people who come to us tor for a region, say. but the 
going to s«. now— to the gr^ve hcre is to be made to company called you the 

ur something' 1 learn to look after Number regional accountant, then the 

- The truth is that you aren't ° ne ” only sensible thing to write in 

redundant. It's this business In teaching them. Coutt’s in application is that you were 
operation that is redundant, staff do not mince words. An working as financial director.’’ 
You are all valuable workers, unemployed manager whose Any customer of Coutts who 
And you’re not joining a long skin is not white is almost sure demurs at such tactics is sum- 
queue of unemplnyed. No m be mid -iTaphicaHy that his madly convicted of " negative 
queueing is necessary. chances of getting an interview thinking " and fined 30p. 


Join a Renowned Publishing company 

FINANCIAL CONTROLLER 


There are few worse offences. 
Only by saying or writing " I 
was made redundant" (50p). "I 
was involved in a dash of P er_ 
sonalities" (50pi, or “I am 
redundant" (40pJ can a cus- 
tomer iocur a heavier fine. The 
lightest is 10p for the wearing 
of each or any of a white shirt, 
a woollen scarf, a cardigan, nr 
a club tie. Last week's takings, 
paid to the Salvation Army, 
were £7.90. 

The system of fines works, 
Tom Carew believes, by remind- 
ing the jobless tt» be careful 
in promoting their own inter- 
ests. “ And generally they soon 
learn to do that, although I 
wish I could say the same 
about the companies that find 
themselves having to carry out 
redundancy exercises. 

“You know, an announce- 
ment that so-and-so is putting 
so many people out of work is 
likely to make the company's 
buyers go off and look for other 
suppliers, which increases the 
risk of having to make more 
people redundant in future. If 
a business is to avoid effects 
like that, then careful public 
relations as well as industrial 
relations planning is necessary. 
So I've lately started to extend 
nur services to advising com- 
panies on redundancy exercises 
so they can give the best pos- 
sible chance not only rn the 
employees' interests, but also 
their own." 


Spillers did not do this, he 
feels, with the result that 
Coutt’s possibilities were con- 
fined ia the main to first aid. 

** But you can still help a fair 
deal. For instance, ' most 
workers don't realise that 
employers tend to look very 
favourably on candidates who 
live close to the company site. 
Propinquity is a highly sale- 
able advantage, and people can 
be taught to make use of it in 
just a few minutes.” 

In general, however, the 
immediate stiffening of personal 
morale was the best Mr. Carew’s 
squad could do far the Spillers 
8.000, most of whom have now 
disappeared from his ken. The 
only exceptions are some 30 
managers of the closed bakeries 
who are training under Coutt’s 
tutelage for re-entry to the 
working world. The charge, 
usually paid by the former 
employer, is 74 per cent of 
salary, although discounts of up 
tn 50 per cent are available for 
bulk orders. 


‘Terrible’ , 


“Like almost everybody, 
they were terrible at the start 
It’s not just that they don't 
know how to sell themselves. 
They don’t even know that 
they can or should do. 

And it's going out and 
selling yourself that counts 


when you’ve lost your job. But 
that’s not what they think « ien 
they first .arrive here. . T eir 
typical- opening remark is hat 
they’re going to write to the >ig- 
gest 100 or, if need, be, : 000 
companies. Then we say bey 
might as well throw the le ere 
in the waste bin, because big 
organisations are getting ri [ of 
people probably, and cert nly 
not much interested in the 
unemployed. 

. “We tell them that it's the 
small companies they mus go 
to, companies that are too usy 
to get around to recruiting the 
extra manager they need, ven 
if theyVe realised yet that hey 
need onel ■ That’s where our 
people get their new Jobs and 
once they know how to IdoJ for 
the opportunities and ho - to 
market their abilities, they 
don’t need me. It .simple.” 

Even -so, I- doubt that the 
uphill task would be a all 
simple if Coutts's custc ners 
were not constantly backup by 
Tom Carew's headmasterly 'aith 
in -every pupil’s powers of self- 
regeneration. 

“ Look at this chap.” he said. 
“Hopeless. He comes fro i the 
gutter. No social amplot b at 
all. No idea how to pi sent 
himself. Appalling rareer 
record. . . . He’s going $ get 
himself a damn good jotf you 
know. He has absalutely*first- 
class ability underneath.”!? 


' : : Times Tuesday ' • 


' . . . r— . ■ -r. -»- L.X*. ^ 

’ .! - • . -•••• / : 

TERM P“ 

■■ a maior locally-owned bank in- a- 
reoS^K an-Officer fluent to -"Titten ajd 

/SS with detailed working . ■imfflideto'^t.juB 

' rf documentation for syndjca^W^^ 

-The position would suit someone 'betiTOen ^^^ 

35 years of age who is wffling to gjend . a lnnsterf# 
jLi^abSad 8 in order to adf depth to.his;carteis| 
; experience. • .] 

The individual should be prepared to Kve in 
Middle East for at least two yearsanfito traife§ 

. loral staff the support of the lending operation*^ 
of the bank. ■■■■ ’ ' 1 ; .. 

A university degree or 

oreferred but is not essential provided a thflrpugi&£ 
knowledge of the technical aspects of the ]ob,cart?g 
be demonstrated and the applicant Iras agop<£v 
^working knowledge of the English language. :-J-^ 

The bank, which is one of the : oldest Jn the area^ 
has an excellent reputation, both 
and international markets, together wig fost-das^ 
connections. The lending operations of the ban% 
have been developed to a point vyhere_ in order. 
sustain the development and expand this additional® 
capacity for growth, another specialist, in medi&Btegj 
term financing is now needed. V' 

A competitive salary will be offered in an incomi^ 
tax-free country together -with free account 
modation, a car and generous arrangements fc^ 
home leave. -. ^ 

•In the first instance please send a detaileffi 
curriculum vitae to Box A.6374, Financial; Time&l 
.10, Cannon Street, EC4P 4BY. - - -if 

‘.-IVv'SS 


London W.l. 


c. £8.500 


Long established and with a large range of non-fiction titles, our client has a 
current turnover of £2m. 

As part oi the management team, the successful candidate will control the finance 
function, and be responsible for the further development oi reporting procedures and 
computer based systems. 

Applicants should be chartered accountants probably aged around 30. They 
should ideally have experience of a relevant service industry and demonstrate the 
commitment to succeed in a challenging environment. 

Success in this position should lead to a Board appointment. 

For more detailed information and a personal history form please contact 
Nigel V. Smith, A.C.A. or Feter Dawson, S.A. quoting reference 2148. 

Coinmera'al/lndustnal Division 


London, W.l 


c. £10.000 


Our client is a major division of a specialist manufacturing company with a 
turnover oi £200m and is a world leader in its field. 

It is now planned to strengthen the central finance function through the 
appointment oi a Financial Controller who will report to the Financial Director. The 
parameters of the position are broad and encompass control over financial and 
management reporting, short and long range planning, and the extension oi 
computer based systems. In addition, the successful candidate will be expected to 
make a positive contribution to the company's development. 

Applicants must be qualified accountants, probably aged 30-40, who have 
developed broad experience in an industrial environment requiring the 
interpretation and analysis oi information. They should be able to successfully 
motivate staff and demonstrate the commitment and flexibility necessary to succeed 
ia a demanding senior management role. 

For more detailed information and a personal history farm please contact 

Nigel V. Smith, A.C.A. quoting reference 2151. 

commercial/ Division 

TAX CONSULTANT 

Hong Kong c. £10,000 
+ Accommodation and benefits. 

Our client, the Hong Kong Practice of a major international firm of Chartered 
Accountants, employs over 500 staff. Due to continuing expansion of the tax 
department the Practice now seeks to Tecruit a Tax Specialist to act in a 
consultative capacity and undertake a number of special assignments. 

As there is an international flavour to the work, candidates should be able to 
demonstrate an interest in this field. It is anticipated that the appointee will have 
gained a minimum of two years tax experience in the U.K. 

r or further information on this appointment and details of living conditions 
in Hong Kong please contact either Brian Marren B.A., or Richard Norman F.C A. 
quoting reference 2159. 

Overseas Division 


Douglas Llambias Associates Ltd. 

Accountancy & Management Recruitment Consultants, 
410, Strand, London WC2R 0NS. Tel:'01-S36950I 
121. St. Vincent Sheet, GlasqowG2 5HW. Tel: 041-226 3101 
3, Coates PLace, Edinburgh EH3 7 AA. Tel: 03 1 -225 7744 


DIR 


£14,000 p.a. 

Old established firm of chartered 
accountants have a vacancy for a tax 
specialist in their London office. 

The successful candidate will be a 
Chartered Accountant, preferably a 
graduate, between 30 and 40 years of 
age. Starting salary will be f 14,000 
per annum and there are partnership 
prospects. 

Please write giving full particulars to 
Box A. 6373, Financial Times, 

10, Cannon Street, EC4P 4BY. 


UNIVERSITY OF GLASGOW 
CHAIR OF ACCOUNTANCY 
APDlicauotw an? Ins-liod For appoint- 
ment to a Chair ot Accountancy ten- 
able rrom lat October. 197V or such 
later dale as mar be arranged Thu 
is one or three Chairs or Accountancy 
In liie University anil Falls vacant on 
the resignation ol Professor D. H. 
Pat*. 

Appointment win be tn the Depart- 
ment of Accountancy in which the 
present staff are Professor David 
Film. Professor J. C. Shaw. 3 Senior 
Lecturers and 9 Lecturers with the 
assistance of Dart-tune lecturers and 
tutors. 

The Professor vlD participate In tho 
teaching and research of the Depart- 
ment according to his special Interests 
which may be in any oF the areas of 
Financial accounting and reporting, 
managerial accounting or holiness 
finance It is Intended that the 
Professor will assume direction of ih" 
doctoral nrocramRic which has 
recently been approved and that be 
will lake a major part in developing 
research Interests. 

Persons with primary ouaL Brattons 
and experience of doctoral work and 
research id a cognate area and wub 
interests In accounting which they now 
wish to develop will be considered 
Farther particulars may be had 
from The Secretary of the University 
Tour* (Room is,. The University ot 
Glasgow. Glasgow. C12 CQO. w"h 
whom applies linns >L5 copies i. giving 
The names and addresses of three i 
referees., should lw lodged on or 
before Mttl June. 1376. ' 

Tn reply please quote Ref. No. i 
4l54Afi 


n 


01REGT0K ^ 
FINANCE & ADMINISTRATION 

London Area 


A successful U.S. company is establishing its Euro- 
pean headquarters in the London area, and is 
seeking a dynamic Director of Finance and 
Administration. 

If you have a recognised management record with 
an incernacioai company or accountancy firm, or 
have moved from accounancy into an inter- 
national role within industry, we are offering a 
responsible and challenging position. 

This Director will develop and implement written 
financial policy procedures, establish and maintain 
a forecasting system, and set up commercial and 
distribution systems by working with dealers and 
branch offices throughout Europe. In addition, this 
executive will develop and implement administra- 
tive and financial control systems and will inter- 
face with parent comp?ny finance, as well as make . 
financial policy appraisals, reports and audits. 

The potential candidate should have a firm under- 
standing of international cash management, col-’ 
lection procedures, payroll and corporate taxes.' 
as well as a well-rounded background in all areas 
of corporate accounting. We are looking for an 
experienced top manager, capable of self-motiva- 
tion as well as motivating others. We need a 
practical, mature, confident individual with an ‘ 
outgoing personality. A basic knowledge of 
German or French is desirable. 

Qualified applicants should send a resume includ- 
ing salary h'-story in confidence to: Box F.f022 
c inondal Times. 10. Cannon Street, EC4P 4BY 



Actuarial Student 

Leading mutual life office, Salisbury. 
Excellent salary/benefits 

We have a busy Actuarial Department, 
responsible for valuation, policy alteration and 
surrender value calculations, special quotations 
and actuarial investigations. 

A vacancy has arisen for a student who has 
passed 3 or 4 of the Group A examinations. The 
successful candidate will join our existing 
actuarial staff and will, in due course, be - 
involved in all aspects of departmental work * 
subject to progress and ability. 

In addition to an excellent salary and fringe 
benefits, including a generous allocation of 
study time, there is the opportunity of a 
progressive career. It is our policy to move 
students from time to time so as to enlarge their 
experience. 

Please write or telephone for an application 
form quoting reference No. HO/22to: 

® Miss J. E. Berry, 

Personnel & Training Manager, 
\ UK Provident, Dolphin House, 

I New Street, Salisbury, 

Wilts SP1 2QCL 

Tel.: Salisbury (0722) 6242 


CONTROLLER 

We are a subsidiary operation of a dynamic 
growth-oriented. U.S.-based oil service company 
seeking applicants for the position of Controller. 
Qualified applicants will posses at least five 
years’ experience in a senior accounting 
position. 

This is an excellent growth opportuni*y offering 
a competitive compensation and located in 
Montrose. Scotland. 

Please reply to: 

Mr. R. G. Ross, 

HydroTech Services U.K. Lld„ 

Sea Oil Support Base, 

Ferryden, 

Montrose DD10 9SL, Scotland. 


INVESTMENT ANALYST 

A young man or woman of proven ability is 
required as an Investment Analyst based in 
Douglas, Isle of Man which is a low tax area. 
There are no fringe benefits but a higher than 
average remuneration will be paid. 

Write Box A.6372, Financial Times, 

10, Cannon Street EC4P 4BY. 

















wS 1 



Kjl 


fS 

fj 7 



is required % the newly established “ Yemen-Kuwait Bank for 

Trade and Investment”. 

I 

In addition lo the normal management activities, the General 
. Manager wiS be deeply involved in the setting up of the banking, 
operations, and will be responsible for the rapid and profitable 
. growth of Bank’s business; 

Applicants ^aged 35 to 45 , should have a minimum of ten years' . 
comprehenslveretail fcanking experience, preferably in a devel- 
oping country, and^hould now. hold a senior position with a ~ ^ 
commercial bank. w '-j . . .. - - .- - 7 _- 

Salary will be around US$ 48,000 and benefits will include, 
accommodation, car, six weeks’ annual leave, and generous 
assistance with children’s education. • 

Please’write- in confidence -to A. R. Duncan ref.' B. 1074-1. 


Management Consultants 
Management Selection Limited 
1 7. Stratton Street London W1X6DB 


INSTITUTE OF ORTHOPAEDICS 

UNIVERSITY OF LONDON 

Applicati ons ar e invited for the post of 
INSTITUTE SECRETARY 

This Institute is a Postgraduate Medical School associated with the Royal 
National Orthopaedic Hospital. There are sections in London (Gt. Portland 
StJ and in Stanmore, Middx., where the Administrative offices are located. 
The salary is £5,954-£7,038, plus London Weighting £450 (University scale, 
under review). A job description and further details are available from the 
Secretary, Inst, of Orthopaedics, Royal National Hospital, Brockley Hill, 
Stanmore, Middx. Applications with names of three referees should be 
received by June 30th. 


INVESTMENT 

ANALYST 

The St andard Lite Assurance Company lias a 
vacancv tor an Investment Analyst ill the Head Office 
lit the Company in Edinbunji. The Company is the 
largest mutual fife office in Europe and has funds in 
excess ot £2 ulX) million puuiuK 

Ideally, candidates slmu l J have an accountancy 
qualification and previous investment experience would 
be ail advantage. 

A good salary will he paid, the level depending upon 
age and experience. Other benefits include non 
cdntrihutriry- pension scheme, staff bouse purchase 
scheme, (lining rouui facilities etc. 

Applications should be made in. writing to: 

The Staff Manager 


mum 

UCCTDOCD 


Standard Life 


3 George Street Edinburgh EH2 2XZ 


COUNCIL FOR NATIONAL ACADEMIC 
AWARDS 

Applications are invited for the post of Book-keeper. The 
applicaot should have considerable experience in book-keeping 
and must be capable of deputising for the Executive Officer 
i Finance! when necessary. 

The salary on appointment will be within the scale £3,852 — 
14,657 (under review) including London Weighting. 

Further particulars of the post may be obtained from: — 

K R Booth 
Assistant Secretary 

Council for National Academic Awards 
Mt/354 Gray's Inn Rond 
London IVUX SBP. 

to whom applications giving details of qualifications and 
experience and mentioning the names of two referees should 
be submitted by 16.6.78. 


I JOB I 

HUNTING? 

I OVER £5.000 I 

UNDER £25.000 | 

OVER 27 I 

UNDER 57 I 

If ’yes* load these, wo I 
aie 90% certain wc can ■ 
Wp voudMabatur job ■ 
quicker. W6 ere not an ■ 
agency but Europe's most ■ 
experienced executive and ■ 
profe ssi onal career H 
counsellors, so telephone I 
us now Tor more information ■ 
about our services. B 

Percy COUTTS & Co. 

1 01-839 2271 I 

140 Grand Buildings. I 
Trafalgar Square. WC2- fl 


AUDITORS AND 
BUDGET MANAGER 
FOR SAUDI ARABIA 

Group of eoiripuiM ft in immadlace 
n*ro or qualified and iiptrlinufl 
penonnel to fill above potidont. 
excellent ia I arias and working con- 
ditions. Please send resume itatiAf 
telephone number toe 

CONCORDIA 

30, Westboume Park Vflfas, 
London W2 SEA 


VERY* PROFITABLE 
HIRE COMPANY 
Requires 

ASSISTANT TO THE 
MANAGING DIRECTOR 

Rnponiipiudei wilt include port 
invauiftit.on of poiiiala acquis WKxn. 
and ihm actual setting up of new 
prancim with their continued 
management. Phone ar Write to.*— 

M-D- |. f. Havre, hwnttdi. 
Brendoa House. 1 Brandon Road, 
London N7 9AA. D1-CD7 M44 








jjjj.-iian-j 

»:<C3lcd 

IV 

v/i*j! the 

jt-v Hi!-- 
iould be 


IB J 


ni(rw»:iaC8tiiT4 



U.K, Staff in 


Field. 


A leading Korean construction company working 
in the international market is seeking to strengthen 
its existing staff to keep up with recent market 
expansion. 

We would be interested in talking to applicants 
wishing to work in England, Mideast, or Korea with 
experience in one or more of the following fields: 

• Civil or Architectural Engineering with 
specialization in Scheduling, Specification 
Preparation, Procurement Control, or Con- 
tract Coordination. 

• Mechanical Engineering with specialization 
in HVAC 

• Electric Engineering 

• Equipment, Materials Procurement and 
Expediting 

• Contract Administration 

• Applicants with U.K. nationality should preferably 
have 5-10 years of experience end hold professional 
Qualifications 

We will offer you a competitive salary to match 
your ability together with good fringe benefits, 
family accommodation in Mideast or Korea, packing 
•and removal expenses where necessary. 

* If you feel you have the right experience, please 
send a detailed resume of your background and 
experience with an indication of the salary and 
special conditions if any to: 


London 

New York 

Tokyo 

Saudi Arabia. 
Iran 
Qatar 
Hons Kong 

Singapore 


Korea 

(Head Office) 


DAELIM 


Mr. J.H. Kin?. Fiai 62, L&tymer Court, 
Hammersmith Road. London W6 
Tlx: 933S49 DAELIM G Tel: 01-741-3393 
Mr. P.H. Lee, 27t> Park Aee., Souih, 

New York. NY 10010 
Tlx: 425574 DNYB UT.Cabks: NYBUSA 
Tel: 260-6410, 260-641 1 
Mr. S.S. Yang, 4-3-2. Shfrnbashi, Minatoku, 
Tokyo Tlx: J27535 DAELIM TK 
Tel: 03-436-1826/7. 03-434-6339 
Mr. K.S. Lee, P.O. Box 2346 Dammam 
Tbc 601179 DAELIM SJ Tel: 20221. 27138 
Mr. U.M: Yoo. P.O. Box 1247 Ahwas 
Tlx: 612056 PDAT IR ' Tel: 20624 
Mr. M.S. Joo. P.O. Bax 3750 Doha 
Tlx : 4575 DAELJM DH Tel.: 325371 
. Mr. I.S. Park, 2606 American Inti Tower, 
16-18. Queen's Road, Central HKG 
Tfc*.: 73073 PARKT HX 
Cable: DAEUMIND HONG KONG ... 

Tel. : 5-227366. 5-239 939 
Mr. C.M. Kim, P.O. Box Newton 98 
Tlx.: DAELIM RS 23283 
Cable: DAELIM 2ND SINGAPORE 
Tel: 2523151/2 

Mr. O.S. Yoo. Overseas Business Dept 

C.P.O. Box 5505 Seoul 

Tlx. : DAELIM K23279 & K24387' 

Cable: DAEUMIND SEOUL 
Tel.; 70-8221, 9221 


INDUSTRIAL C0., Lift 


MANAGING 

DIRECTOR 

FOOD COMPANY 
Manchester/Liverpool 
Age 30-40 - Remuneration Negotiable 

<>ur client is a large, successful and fast growing company in 
lhe French food manufacturing industry with an established 
VK subsidiary in the North West. As part of the l»K 
expansion programme they wish 10 appoint a managing 
director whose task will be to: 

Plan and implement UK marketing of the Company's 
range of products 

Organise the aalts force and product distribution 
arrangements 

Interested candidates should have: 

Experience at marketing director level in a company 
retailing perishable foods 

A working knowledge of UK supermarket distribution 
Fluency in French 

Please reply with C.V. in confidence to: 

E. WeiJ 

EXPORT ASSISTANCE INTERNATIONAL 
87 Rue Saint Lazar e, 75009 Paris, France 


CARGILL SUGAR LTD. 

LONDON 

seek an 

ADMINISTRATION MANAGER 
for their CITY office 

T<> organise and control the administration of our world-wide 
su^ar trading activities. 

C.i neral areas of responsibility will include ensuring the 
coirect execution of contracts, forwarding, shipping, account- 
ing. inventory, letters of credit. 

H'/sbe win also be liaising with our overseas offices on 
administrative matters. 

Tli>? candidate should have previous experience (minimum 5 
yours) at a senior level in commodity administration 
(preferably sugar) with an international trading house. 

The manager will report it Director level. 

* Excellent salary 

4 Non-contributory pension 

* 4 weeks holiday 

Write tn confidence for application form to: 

Mr A L McDonald, Personnel Manager 

TRAD AX ENGLAND LIMITED 
Kcmpson House, 35/37 Camomile Street 
London EC3A 7AT 


SEMINARS 


CONTRACTS 


LIE DETECTOR SEMINAR 

27th JUNE, INN ON THE PARK, W.l. 
Communications Control Systems Inc., and 20th Century Security 
Education present the first seminar in Europe on the use of the 
Unique Voice Stress Analyser Mark IX-P. The seminar will cover 
the entire subject of lie detection from theory and development to 
applications, by explaining the techniques of interrogation, practical 
use and legal considerations. 

If you feel you should be part of this important seminar please apply 
to Communications Control Systems Inc.. 13 Wilton Mews. London. 
S1W.I. Telephone 01-235 9112. 


COMPANY 

NOTICES 


Sir. No. 8 announces: 

INTERNATIONAL COMPETITIVE BTODITO FOR ^SWgj-V W 
MATERIAL FOR WATER SlPPLY IN CACAK— YUGOSLAVIA 

PART FI 

.-. v;/ . Tender Documents Nos. 15/1 and 1-5/3 

W0RK TO'.; BE TENDERED: , _ " s « 

SuiW of equipment' (pipes and fittings) for Waterworks structures in Cacak. 

COST OF WORKS: * 

- : s Miss ftKWBSF SGM 33 

V 3,300 metres of. cast Iron pipes and appertaining fittings, as well as 1,350 m tr 
- ;■ pipeline of 0 150*^— all FOR Cacak Site. 

DiiaEVjEBY 'TERMS: .. .. 

froi- the date .of. receipt of Employer's order to commence the works. 

CLOSING BATSS. FOR RECEIPT- OF TENDERS: 

• .-rt;.-puiatataina the InyitaUoo for submission of tenders in 

''tbe.newspaper. . . j 

DECISION TO BE HADE: > .. . 

^The^easi6ti ^sai.rti 0 r. o£ ti?e Tenderer shall be made nthm 10 (ten) 

d^ysTrom the closing date for- receipt of tenders- 

TENDER DOCUMENTS: ' . ' ' • . " ... ... 

■ - *“■ T “ d *; 
Docxuitei^.-; -»« nf iooo 00 Dinars, payable to : the current account of 

, Government Audrlmt 

: tOffije^,/oi£lpca* .tenderers 

' - '‘j ' * 0 <L' t TTc^i in no navabJe to the current account of “Energo- 

pa 5 ^e^ or ^| 0 ^m^yao^ held wia the Yugoslav Bank For 

- ! for foreign tenderers can be 

offices. Department for Miinlripal and Industrial 

- ■ -i)rimber QH-627-522, ext 433- • . . 

■niriFF TO PARTICIPATE IN .TENDERING: 

■ mtfnber countries ofthe International Bank for Reconstruction 

^nd. from Switzerland. , , _ 

■ . ... • 

e V l0 '^f tolIowla * 

■ ^evr^osovoDv,^. • 

- w .**,■' 'Vojvod©. Stepe 5tr. No. ° 

-■; ; ^^^2 »cacak:- c - • ■ 

• ;;; /-T: Yugoslavia. ‘ 



C1E INTERNATIONALE 
DES WAGONS4JTS 
ET DU TOURtSME SA. 

The Mhmins Coupon, « f (be ibo«e- 

nrn cioncd ComPiny are feyabte on 
end after 6th June 1978. being the 
dividend for the hntKitl Yeir 1977. 

PREFERENCE SHARES 
Coupon Mo. 65 xc B.Fct. 35 eJch 
detached from aham of B.fci. 500 

,Kh ’ ORDINARY SHARES 
Coupon No. 65 it R.Fca. 35 enh 
decicficd from (foref of B.Fct. 500 
each. 

Coupon* from (bare wimnn re. 
golfr-ljr depoaited. which are owned 
bf rocidentt of the Scheduled 
Territorie*. will be paid it the current 
rate of exchange by the undermen- 
dmd Bank who require lodfemrnc 
three day* before payment, and who 
will tuppljr Itulnj form* if required. 
Coupon* from Preference share* and 
Ordinary there* must be listed on 
upincc form*. 

REGISTERED CERTIFICATES 
The above dividend it alto payable 
to holder* of rejittered certificates 
for shorn of Fes. 500 each. These 
certificate* may be presented at the 
undermentioned Bank for collection of 
the dividend in Bei|ium. 

Coupon* end certificates, the property 
of owners resident ouctide (he 1 
Scheduled Territories, should be pre- 
sented for payment in Belgium. 

Midland Rank L'-mited. 
International DiWiion. 

60 Graceehureh Street, 
LONDON. EC3P 3RN. 


STATE OF BAHIA 
5"» FUNDING LOAN 1938 
IS5UE OF NEW COUP ON SHEETS 

Holders ol Rond* are advised that on 
end alter i2th June 1978 new sheets ol 
coupon* No. im to 1 50 may be obtained. 
In exchange lor the talcum detached irom 
I he tend*', from Llayds Bank International 
Ltd.. IDS Pall Mall. London SWiY SUP. 
Securities Department. Listing lorms arc 
available at Llovd* Bank International. 
40-6G Queen Victoria Street. London ECS. 
Talons must be left an sooroorlate Period 
ror examination and will not be accemed 
through the Post. 


ART GALLERIES 



OBITUARY 


GAUtlCK HARRY SCHMEHL of 95 
London Rd, Braintree. Former Char- 
tered Accountant. Suddenly after a chon 
Illness on 3rd June 1 978 . Aged 74 
Tear*. Greatly loved husband of the late 
May Gvnfck and the dearest irlend and 
loved lather of Rlcnard. Funeral seivicc 
ot St Michaels church on Monday. 12 th 
June at 11 a.m. Followed by private 
cremation. Cut flowers only o lease, to 
L. R. Hum. SS Bradford Street. 
Brain mw- 


BONDD raw,NG 


T© HOLDERS OF LAND BONK 

fc#liSiSt yiffai 

XSSSSA tiS 


CLASSIFIED ADVERTISEMENT RATES 


Commercigl aad Indv^ttial propejty 4-50 

ResideatlRl Propfiat? 2.00 

Appointments 4^0 

Business & Investment Opportunities, 

Corporation Loans, Capacity, 

Businesses for Sele/Wante4 5^5 

Education, Motors, Contracts fie Tenders, 

Personal, Gardening 4-5 

Hotels and Travel 2.75 

Book Publishers ~ 

Premium positions available 
(Minimum size 40 column eras.) 

£1.50 per single column cm. extra. 
For further details write to: • 
Classified Advertisement Manager, 

, Financial Times* 10, Cannon Street. EC4P 


sinplc 

column 

cm. 

£ 

24.00 
S.00 

14.00 


ty i 




&\ 


American Corporation 
louth Africa Limited 


(incorporated in the Republic of Soulh Africa) 




{‘ifivisional annual iinancial statements for the fifteen months ended 31st March. lfi7«s 

The fdll.iv.-!!. ■ - ; e -»ho unaudited financial results of the Corporation and its subsidiaries for the fifteen 
month.- oi'.;!-...: ;.;ar:-h 1078 and au abridged consolidated balance sheet at that date. It should be 

noted that i. • a re-uii of i’nc change of the financial year end and of the merger of Rand Selection 
Corporal i> m Lmi.isd iPiSCi n'iih this Corporation and thus the inclusion with effect from 1st January, 
1977 i«f its - i.ud tiv.isc of other companies which by virtue of the merger became subsidiaries, the. 
figure-. ;».•.• :{*e months lu 31st .March. 197S are not comparable with tho&e for the twelve months 
ended ::i-l Dewtr, :;«?]■, 1070. 


:.\XdM£ STATEMENT 

Fiflern 

niunlhs 

ffidcri 

31.3.78 

ROOD'S 


■BALANCE SHEET 


Investn-.om -rcomc — ronertl :nvi?.*i- 

mcnb 

Inien-si, f.-.; ,r ■[ .iiii-.r less 

Wip'-P.* , 

Trr.din'4 ....... . 

Surplus «-n of mineral 

inv^.iu: 


Costs nf pr*' - - • i ■ c : ■ : : : 

provisiui: • ir.'.i.'.mra'f . .. . 

Pro\:.-i<»n ^ nn - . ; .■ 


Yeax^ndcd { Capital and resvries 
31.12.76 Ordinary shares .... 

ROQO's Share premium .... 


Ordinary shares 

Share premium 

Non-disrribution resen'c 
Distributable reserves ... 


Ordinary shareholders’ equity 

Preferred stuck 


r.RoiP 

r\\\r::\ 
Ta::aii u 




278 S61 

inis:; 

3cno 


258 (578 
IS 962 


GKOl V 


n::ij :r 


TAM . 


211 71C 

S9 218 

OUlr.ld- •j.-i.-.-S . ' 




priif.:- 


46 ::: r * 

2 940 ! 

Preierr-.ii 

... 

2X6 

2*6 - 

E.\n.\lM> ‘.TT’': - • 

t.w.l:: Tti 


I 

ORKiN ,?.Y MJAS 



l 

i.\t p.\ 



i 

iTi:-; 


105 mi 

S3 &D2 : 

Per mi:*' *•■■■ 1 

i b5.5 



ccn' < -i : • • *r. -! 2 

, 



Ordin.::-.. c : iv 

"• 

09 132 

4" 465 

RETA’.*::) Pns'TT 

Sf::or.E 



L'\T.: V.J.’UJi.V.'.flV 1 

T 1 "*3 

p.=S 

42 527 

Ex Ira I.'p;:;: ry i * • : i M 

: v -m 

7/t 443 

20 000 

BETAS PF.(»:-!1 

AFTER 



k.Y7:<.\' , R7>;.\'.\ry ; 


62 oUfi 

22 527 

Vnopi-mri.p'-t! pr.-'i!. 

;i..{ F>ec’:n>- 

: 


her it-7^ 


15 976 

15 8S4 l 

Retem -t! ; r.-rti.- - f 

•••fli-Muincs 

> 

■' ( 

.'C-i.'ir.ii it.innc -.he 

•rr* ri :'t'r:- 



bm.if.l:- i ! t 

•ir , i.irjlion'.N 


• 

former mm >rity inter 

est 

15 744 

~ : i 



31 720 

16 sw 

AdjllSMii--.. 1 t 

•i m e ffiiii 



i*l>;»!' n ivirlr r.'f- 


1-11) 

66 

Ad j' p; in r .. -.pev. 

pi jiri.-viMii.i 



year- : xatiurs 


(1 299 1 




l!l 

16 '750 J 



!‘2 U!7 

3.H 477 ] 

Tran-r- r- '.<< :i*= er. es . 


7.7 «25 

23 .“>01 

UW ?:'?•*: •-» *7 z:: ?r 

'•.'PIT. ;*st 



nr.rj::, ..*n» .... 


1 7 .722 

15 376 


— . Long lerm liabililies 

105412 1 Life insurance funds 

9497 i Outside shareholders' interests in 

"• find i subsidiary companies 

•"■750 I Loans — associated companies and 

— ~ : others 

1 - o4 ‘ i Deferred taxation 


Creditors 

Creditors, taxation and provisions 

Shareholders for dividends 

Bank overdrafts 


i Represented by: 

j Investments 

General Invest menfs: 

Listed — market value 
Itl 9°S 73 J 000 (1976: R934 221 000 > 
Unlisted — directors' valuation 
11272 296 000 (1976: Rib'S 059 000) 


Life insurance investments 


31.3.7* 

SW30\ 

51.12.7S 

RlfOU's 

22 29fi 

:1C.“.R19 
470 269 

13172 
202 
59 21-1 

367 104 

S.-.S 2,81 

4 7."!I 

469 6P2 

4 750 

563113 
106 541 
45U 707 

474 451 
60 03S 

32 23 ! 

00S 

410 13* 

2 220 

2S7 050 

~623Tt‘ 
55 741 

1 1 2C8 

1 20 335 i 

33 074 

Tss 38t; 

«>-f 001 

! 129 627 

998 654 


Fixed assets 
Leasing assets 


Instalment debtors less deferred 
income 

Loans — associated companies and 
others less provision 


713 779 

41 1 009 

J2I 7 PR 

114 679 

835 575 
572 057 

525 KS8 

1 407 632 
40178 

525 

11453 

10 401 

— 

17 030 

— 

210 437 

291 S5S 


Goodwill 


Other assets 

Stocks, stores and work in progress 

Debtors 

Cash on deposit, at call and short 
notice 


1. Th-:- IT. it, *jf l.ic.-rnr < . .-r'nrc’-il -roup higher lhan 

norma! in * i-juar.^r 3L:.i file : eh each year. The. 
rc*sul(i for the fifteen mimtlis under review, which 
include two 7.1 :■ r;h Muaiicrs, .tit enhanced accordingly. 
Earning- '>cr ^'u:u m f..* - • I**.- V-.T.ivc nonth period tn 31st 
Mireh. i 7.y >•:! Uiv i: i.;iii-.i.«r r>[ urOin:*r> shares 

eJTeeuvci; in r.:-iu *li-r:ii-^ th-- f**rio !. vnuki have been 
approxini-v* h 7i> ecn .s indii'.ar.. share. 

2. Th * issued ■•i<lin:»r;. F’iar..- irapu il i*t the Cnrporalion 

is 222 9i*-’. .VV - :t.i i ti n ■.•vt-r. *li>- ■warnings per share 
have In.-.-n n; • , <J en =:i - rlP.viivv nn-nnvr uf shares in 
issue i|i:< l:i< l*. ft.*L*ii iii'ir.iie to :'.‘st March calcululcd 
as : 

Issued i.-ditt:" ca’ si:*l ai Shai 'S 

!tm I *• 1*1. r : 7-i 131 725300 

Shares i-. 

In rcsp.fl '>( ih-- ••• -ul-iti-n »:f RS«2 \v*i!i 

i-iu-cl !'!•••’ . i-t .1-11' ary -77 69 9f'9R56 

In reft) • uf if.-- i' - ;:,;s in the 

IlSC -■} ■.: bidder, ■* 1 077—21 325 U7b 
ordin:*-; :i:il<-« m Any'-. Ani'-i 
L'cUT'*'. . ii'-u. re-.:’ '•■..■<! in f in 

the peri' ! ih 'si i: v i .• ;.i i-'-ue 
dm in u iii: t:ft-.i*n ..: -iuh> 3Ui Mjrcii 

107lj ' 15 22S826 

In tcir..v of llii; blMiv liH.vntivc -'irhcne 114 5(i0 

217068092 


Ordinary dividends comprise: 
Special interim dividend of 
8.25 cents per shore on 
201724 956 shares 
Interim dividend of 12 cents 
(1976: S ccntsi per share on 
222905 032 shares 
Final dividend of 25 ccnls 
( 1976: 25 cents) per share on 
222 564 532 shares 


4. The extraordinary item comprises: 
Provision aeainst invesiment 
in Societe Miniere dc Tenkc- 
Kungurume 

Provision against investment 
in Botswana R.S.T. Limited 


• 8 208 j 
| 100 640; 

• i 

j 335101 j 
443 949 

2 123 627 


197S 

ROOD'S 


1*7 9S1 1 
idl 175 

SMS 554 


Hoad Office: 

44 Main Street 
.Lihannesburg 2001 
6th June 197S 


Fnr and on behalf of lhe Board 

H. F. OPPENHE1UER \ n . rmnit rc 
</,. W. H RELLY ! D,rraors 


r:::.-\L KViDENn No. 84 on the ordinary sharks 

• I . ;i - h.i fV.CC: 25 ccntSl in secretaries on or about 27th .Inly 1 978. Regfstf-red share- 

V .-in', March 1978 has holders paid from the- United Kingdom will receive the 

h -i si!;-' Jt : 78 to .-hurHioldcrs United Kingdom currency eriuivaloni on 18th July 1978 of 

i.'vri'i’rii! : « -n :»t iV etiiM- of the rand value of their dividends (less appropriate taxes). 

“7*' :-m1 !'•: rsons prcsenticc Any such shareholders may. however, elect to he paid in 

ji’-i-n ,-n i.v v.anapis in bearer. South African currency, provided that the request is 

v.i : : tin- ■-r-ci.il -ind interim received at the unices of the Corporation's transfer 

d !2 -•- ;*i> -•■..•re. respecDielj. secretaries in Johannesburg or in the I'niied Kingdom on 

.itn! - i Linher 1077. make «*r before 23rd June 1978. 

• t"i •!»** :t month period The effective rale of non-resident shareholders' lax is 

;■■■■; :* f- ’ 1 si : uayiiUMt of this 1 1.0983 per cent. 

s.i.f v a mu I ; tu hearer will he The dividend is payable subject to conditions which can he 

■ L'lOdoii S'-- act ary nn or inspected at the head and London offices of the Corporation 

and at the offices of the Corporation's transfer secretaries, 
,! 1-. r-i < f imjriierx wilt l»c Consolidated Share Resistrars Limited. 62 Marshall Street, 
in 7:h Ul: 1978. both days Johannesburg 2001. and Charier Consolidated Limited, 

:i l.«: i>'istv-.r from ih-.' Johannes Charter House, Park Street. Ashford, Kent TM24 SEQ. 

inv.'.o.u oliiccx mi the transfer By order or tho Board 

-T. T. GOLDFINCH 
Managing Secretary 

Head Office: 
44 Main Street 
Johannesburg 2001 


A 

h’nal dsvi-iend nf ?“ 

■■ i a 

-h.iri> f 11*7*:; 25 cents! in 

re 

.-pvet nf ti> lit 1 . I T 1! 
■■-•I cu-cluri'il i 

j 

nd March 1078 has 

l .- 

M ’.Il 

-i si 1 ;• it : 78 lu >h:irrtliolders 

r- 

•:i-tcrei! >i> •••I. - 

ui" ::i • v 

.‘vrjii-rji! : < ■ i * at i’h- etiiM.- or 

i-l 

i-ir«-; i-it •_•••:.! •* .-ip- 

:■ 

mt persons j. resenting 

1 i ■ 

pi<uij Nn. » J*.- ■.■•■iv- 

! 

.-•n v. aria it's m bearer. 

T! 

i is divide:.-!, i ri • - 

v.i 

tin; ".r'-ci.ii and interim 


• idr-ntis "f ■■.-'5 

■ :itl 1 2 ■ 

■-.-i.v a re. respective!}. 

.1- 

. hired un :'«pl r 'i : • 

- |- rl j ■ 

"i '.'■*• L-mhor 1077. make 


I'll.'ll rtf •J5_ , 5 i-» If.- . 

•!». !’• 

>i .!»-■ Jirif :t month period 

»l 

77«: 33 ’ 

;■ 

■■lar-’tnc i.M.vi:HMt of this 

• t: 

: idend is* fpi!ii.-""i 

,,!m , •* v 


f 

■i dished : n i‘i” i ■■■■.■» 

!•;• il- 

Luntiiiii Secretary on or 

:.l< 

"Ut Kith .h-iiv t ‘T*-. 



Tl 

»■ transfer r ■ . - L ■ ■ • • 

.id VV-- 

i-b.T'i < im-iriier* wilt t»e 

.-1 

•>cU fruiii 24ih -’u-p 

i- in 7: 

:l> .If 1- 1!»7^. both days 

in 

' lusivo, and v. :rra:u- 

V •;[ I.e 

,eisl'.:f f faitl the Johannes- 

!.i 

irg and 1 'ie i 

J-.nc.'.u, 

n oliiccx mi the transfer 

l.< 

•ndon oni»— : 




/loihorn t 'e'jir.'t 



F.s 

..IP 1AJ 



ml 

’ June J/I7X 




$ 

'■if T-ftr 


J Confer i::cs? 

^ Company Silsedng? Reception? 
FM PT5VBSW? 
Advsnisini Presentation? 


ii: 

% 

i 


Theie’s no need to hunt around the West 
jL -3 End for a suitable venue or vie’virig theatre. 

& The FT Cinema, here in the City', oners seating 
‘ * in comfort for 5CH- people. Fuh.l6mm film 
projection facilities. Nations! Panasonic VS»" colour 
video tape and Piuiips 1501M video cassette 
g viewing. Electr oscnic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering i^ciiities. 


FINAI 


CINEMA 


'■i 


I 

I 

i 

7* •S : \ 

I 

i 

O ) ■' 

I 

r- 1 

1 


lUIT'S in l.!t*J F 


financial Times. fr.'i-: l ^n Hoi/re. 10 Camion otrucf, 
London EC 4 P 4 Bi .Tsl: 01 - 24 S SMC t. 7123 ). 


J* 

riiUTir* (TTlwr 


Wo British arc a peaceful people. When a war is 
mrr we like lo consign it lo the history books - and 
forcer it- 

But for some the tt an Jo c on. The disabled from 
! both World Wars and Irom leaser campaigns, now all 
; too easily I'orgoitcn : t he widows, fltc orphans and the 
children - for them their w or lives on, cvciy U.iy and 

In manv cases, of course, there h help from a 
pension. But there is a limit to what any Government 
Department can do. 

This is where Army Benevolence steps in. With 
undcrsia nding. Wit h a sense of wycncy . . . and with 
p radical, linaneial Jiclp- 

To us it is a privilege to help t hc« brave men -and 
women, too- Please will you help us lo do more ? We 
must not let our soldiers dowu. 




lit. 

Hit; 


for soldiers, ex-soldiers and (heir families in distress 
Dept. FT, Dul;c of York's HO, London SW.? 4SP 















fttfFgpp fe;: .;•::: ■ : ■ J- : j.: V : .;\;: : ^'i' 

f Ion ^nild ersl 



V;,. 


■filiii 


VSSM 



W'.XvOr: 5 • •,. 





Dredging and Reclamation? 1 / 
Civii Engineering ' , 

. Roads and Aspiia!* 

■■ Pipeiinss 

’ ■ ’ Housing arte Oormrai Works 


mzm 




t here's op.Iv t*ric wav Cf mJee an 
airline - r. v inciv;i>c\l passenger >uppur:. 
So its nice to know PI A -.have chalked 


up a 33 per cent passenger grow 


for the fourth year running, and in the 


in one year: 
Thank you for your patronage. 



■>.,r «•.;.»!' "-.ti*rr.. »!■.-, noi 
l >1 |'n 'pV • : • f K 'A I’ h. 



on overseas 



ali» ' 


' in 


BY STEWART FlfEMING in New York 


THE U.S. authorities have be- fact is, our commercial banlti o 
sun to tighten up their super- system is now firmly loci d 
vision of the foreign lending into a global banking systen - 
done by American banks. They a system dominated by v< y 
want to have a clearer idea of large foreign institutions ma y 
the risk involved in each debtor of them government-backed £ 
country. There is. however, evi- owned which compete i ir 
deuce that the regulatory business by means and stl 1 - 
auihorities intend to be supple dards not always in accordai e 
in tiieir handling of this im- with traditional Ament n 
portant matter, which reflects banking practices.” 
upon the external payments of ^ phehomenaI ^ . 

so many countries. foroiem 0£ 

roreign lending is . one rea >n 

Though the final pattern to be for the attention which l S 
adopted is not so far clear, a bank regulators are paying to 
number of senior officials insist foreign business. Another is 
that it need not inhibit the their previous lack of inte *st 
foreign lending of U.S. rammer- and lack of expertise in aha ra- 
cial banks, and at any rate some ing the significance of ■ iis 
senior bank executives share business for the institute ns 
that view. Fears among bankers they are supervising, 
that tighter regulations will , . 

automatically reduce their rpm , r |.pj ♦ ®jf dy 

ability to lend have been dis- wonh _ rharart«*ri*H m ° S F D 
pel led at least in part by a Worthy characterlstic ° [ 


(per cent) 


Bankamerk 


Citibank 


Chase Manhattan 42 


Bankers Trust 


Continental 

Illinois 


insurance- -Corporation have', 
been doing: g= 

SHARE OF FOREIGN -in . the.’ .-spring ..Quartet^ 
Review- of the - New. York 

EARNINGS IN MAJOR Federal Reserve . BoardP^iP 
rRDWI Mr,q article .entitled “a :hew.'^iaw;: 
-BANK EARNIPluo - yjggjy . approach '.to i.-ftaljj' 1 . 

— — lending,” outlined radical Initial ‘ 

r cent) fives in this field Key ■ element ■ 

1972 1975 1 977 in this approach include; a 'aovT 
21 48 34 for the first time to. ^prdiij^j: 

— the regulatory supervision ,,qL. 
54 7i 82 the three independent agencies,! ■ 

__ : — Including the development af^ i: 

i 42 64 65 common reporting tana.. -a£V 

— — . though this is only being- tat-,:' 

31 58 79 ployed on a trial basis ,hjr iSfewp 

— — — York- Fed, officials, '^inpha&a£- 

that the three: Agencies;:, 

17 13 17 reached a broad rrdeasmre:. v 

— ■' agreement ’ . ‘ y: 


Security Pacific 5 13 12 Other factors in -the. newt 

- alnmnn R — approach win be to ' lay empiKp 

Source, saiom sig on j ( je 0 gfyi n g concentrations'- 

of lending that. seem. relatively : 
large in relation to-- a ba^y^y 
recently this rule was written capital, and also to the econmaic 

* . ' - Unw An ivil itimil 'g'nri. e<n>ial 


new capital market . is tha 


is largely unregulated: 


troller of the Currency. Mr. “Jgeiy uuregtuaied: no stlgle 
John Heimann. Xch "iowed 


that he was aware of the peed h “ 

to apply banking regulations in . /J° 

this field with flexibility. Eecen.^e Fe^ Refee 

Some senior officials do how- and the Comptroller of |the 
ever suggest that part of the Currency (the two main STS 
emphasis in the new regulatory agencies) did not even lave 
policy expected to emerge will comprehensive statistics oitfthe 
be on a diversification of lend- foreign claims and Liabilities of 
ing overseas to ensure that no the overseas branches of jrj.S. 
bank has too high a concentra- banks.” % 

tion of its loans with a single _ ' ___ j? 


over a century ago. How do political /and social conditions £tl 3 
you apply it today to a bank the country concerned;;. The- 
making loans to a government, regulators intend -to pay day 
and agencies of that government attention to country, risk 
such as a state-controlled oil develop procedures for -aa&ys; 
company, or its export finance ing country risk. - ;_V?" 
bank? Are they one borrower Tihe regujatois will 4so- ^y 


or several? 


close attention to the' banks” 


The Comptroller issued de- own expertise. Thby'-wiai tooL' 
tailed guidelines setting however, attempt Jo ^draw" tip;" 


foreign borrower. Some big 


Over the past three 


out under what circum- lists of' countries that can ^ 
stances it would be legiti- cannot qualify tar loans; anti- 


American banks will find that £*«£** ' 

they must reduce what will be 5f™ 2 *'* 

deemed to be over-commitment “rt '"Pmjkidl ere 

. , committing themselves to li ms, 

to certain countries. particularly to develo ,mg 

_ _ _ countries, which were Ul-adwsed 

Heavy borrower and Which could threaten fieir 

““ ‘ financial stability. ? 

Thus there are suggestions 

that Mexican officials, whose P °J Jf ® 1 “**-&!* 

country has been a heavy bank *® *' 

borrower, are worried, although ® ,on ?I study focused on^ the 
perhaps less so than earlier this fore] fi° policy implication; of 
v&ar. No doubt other borrowers s0 “ e f f « eign *l e h “ d i n ?' 

will watch equallv anxiously. ® nd Ma ^ a l the Interil ^? al 

^ - . Monetary Conference in Mjsaco 

The new approach is a city, Dr. Henry Kissinger^sug- 
reavticn to the rapid srowth of g este d that bank lending to 
foreign lending by the banks, communist bloc countries — 
A c-ongres>ional study pub- which ha3 5 ^ 5,3 ^bstantfel — 
fished in the middle of last should be used as a bargaining 
year highlighted the extra- coun ter in East-West relations, 
ordinary speed of this growth. jj r _ Kissinger's comments fimnd 
It pointed out that in 1960 only support; from the chairman of 
eighr U.S. banks had overseas chase Manhattan bank;' Dri 
branches and that their assets Dav1d Rockefeller— and expres- 
totalled only S3.5bn. As Mr. s j ons of horror from some 
Heimar.n recently said of inter- European bankers, 
national banking department The concerns of the regula- 
executives. '* in those days. . . torj - agencies are less sweeping, 
their titles summed remoteness relating in the first instance to 
Trom the levers of command. financial risks to the insti- 

But by mid- 1976 U.S. banks’ tution involved from heavy 
foreign branches had assets of commitments to particular 
?n SI bn. according to the con- countries, particularly in the 
gressional study, and the case of banks that may not have 
“spectacular expansion of in- appreciated the important dlf- 
ternational lending has been ferences between granting 
critical to maintain a steady commercial credits and making 
growth of earning for major loans to Governments. 

U.S. banks." Earlier this year Mr. 

The result is that, as Mr. Heimann, recognising the im- 
Heimann put it. international portance of this distinction, 
lending activities of ten or more issued proposals for integrating 
of the largest banks in the one particular U.S. banking law 
country would eventually into the recently developed 
account not only for more than foreign lending pattern. The 
half their loan portfolios, but Comptroller is required to 
also for ihe lion's share of their ensure that no bank under his 
profits. Last year, for example, supervision lends more than 10 
Citibank earned over 80 per per cent, of its capital and sur- 
cent of its profits abroad. plus to a “ single borrower.” As 

Mr. Heimann went on: “The Mr. Heimann pointed out 


mate for a bank not to officials stress again the . 

lump together such loans to j^ty gf the new approach, - : T - 


government and government- 
related agencies when applying 
the 10 per cent rule. In prin- 
ciple a bank was going to be 
asked to justify loans by show- 


Feed back 


Bankers at tins stage 1 seen 


ing that the borrower would ready to give the propoafe 
have the means to service thfr cautious welcome in princfole.', 
loan, and also to explain the They say that they will watedmtf 
purpose to which the money the feed back which they ean 
was going to be puL expect from regulatory agencies - 

Earlier in the month, how- once they have developed' T 
ever before the detailed guide- sound understanding of . the - 
lines were brought into effect, foreign credit lending scene and 
he had stated that “ the Con- have the advantage of being 
gress has Imposed a 10 per cent able to see an industry-wide 
limit which by necessity must picture. Bankers are -hopeful 
be somewhat arbitrary. I think that the system, once working, 
our office can most productively will inhibit lending only in 
approach the principle of diver- those cases where loans oug^t 
sification within the constraints not to.be extended anyway... •• 
of the lfl per. cent legal limit -The catalogue of the bank 
through flexibility in interpret*. ^ 1 ^ 0 ^ concerns about 
tion of the ruling. Wnle legally f ore ign - lencling is a long one. 
he cannot ignore the 10 per Mr.- Heimann has cited the 
cent rule he is looking again recenl ganp^-g of rates « - 
at its detailed application to yptum 0Q these loans, lengthen- 

fD 5 S W th _ ing maturities of up to 10 years 

This move has eased the w hen measured against the com- 
anxieties of some bankers as lesit Qf nuntij 

well «Jhose of rome heavily ^ ^ of 

fpJTptTthat maturities of loa °s. 

md toe fundamental shift to a 

“f XTrnm relianCe 0n the ° f S0Verei S n 

b>r^ d rrp 5 it^nn rr-JI ^ nations on commercial banks for 

some large credit sources. , development and balance of 

_ \ payments financing. 

I nnrPfltlial Ironicaily.thepubUcexpres- 

sh)ng of concern by the yggyfc. 

But the Comptroller made It-, tors are coming at a time when 
clear that he was more international profits growth for 
aware that “ our office cannot the big banks has slumped from 
easily and unthinkingly apply the annual compound rate of 37 
conceptual devices, tested by per cent through 1970-75 to only 
tang domestic regulatory tradi- IB per cent in 1976 and 8 per 
tion. to international lending cent last year according to a 
activities." He added pointedly: Salomon Brothers study, and at 
“ We have to develop new a time when the big banks are 
ones." That is precisely what beginning to pay closer atten- 
ds office, and the Federal tion to their domestic market 
Reserve and the Federal Deposit profitability. 


iiimenta 


ANGLO AMERICAN CORPORATION OF 
SOUTH AFRICA LIMITED 


{ Uicorporated in. the Republic of South Africa ) 
DIVIDEND NO. 98 ON PREFERRED STOCK 
Dividend No. 98 of three per cent for the six months ending 
June CO. 1978, has been declared payable on July 21, 1978 to 
holders of the six per cent cumulative preferred stock who 
are registered in the books of the Corporation at the close 
of business on June 16, 1978. and to persons presenting 
coupon No. 99 detached from stock warrants to bearer. A’ 
notice regarding payment of this dividend upon presentation 
of coupon No. 99 detached from stock warrants to bearer will 
be published in the press by the London Secretary of the 
Corporation on or about June 16. 197S. 

The stock transfer registers and registers of stockholders will 
be closed from June 17. 1978 to June 30. 1978, bolb days 
inclusive, and warrants will be posted from the Johannesburg 
and United Kingdom offices of the transfer secretaries on nr 
about July 20, 1978. Registered stockholders paid from the 
United Kingdom will receive the United Kingdom currency 
equivalent on July 11. 1978 of the rand value of their dividends 
{less appropriate taxes). Any such stockholders may. how- 
ever. clccl to be paid in South African currency, provided 
that the request is received at the offices of the Corporation's 
transfer secretaries on or before June 16. 197S. 

The effective rale of non-resident shareholders' tax is 11.0983 
per cent. 

The dividend is payable subject to conditions whicb can be 
inspected at the head and London offices of the Corporation 
and at the offices of the Corporation’s transfer secretaries. 
Consolidated Share Registrars Limited. f>2 Marshal? Street, 
Johannesburg 2001, and Charter Consolidated Limited, Charter 
House, Park Street, Ashford, Kent, TN24 8EQ, England. 

By order of the Board 
Head Office: J. T. GOLDFINCH, 

44 Main Street Managing Secretary 

Johannesburg 2001 

London Office: 

40 Holborn Viaduct 

June 6. 1978 EC1P 1AJ 



SANYO ELECTRIC CO. LTD. 

For hulders of Curagao Depositary Receipts a limited 
number nr copies or the annua? report Tor the year ended 
November 30. 1977. of the above-mentioned company are 
available at 

The Sumitomo Bank, Limited 

11 Queen Victoria Street 
London GC4X 4TP; 

Bank Mees & Hope IW 

FelzcrsJra.sse 1. Hamburg; 

Banque do TUnion Ktiropccnne 
4 Rue Gniilon. Paris 2c; 

Morgan Guaranty Trust Company of N.Y. 

23 Wail Street, New York, NY 10015; 

Bank Mees & Hope NV 

Herengracht 54S, Amsterdam. 

29th May. 1978 


The strength of steel, the corrosion 
resistance of glass, that’s Howard 
Permag!as®lndustrial Storage Units. 


G l jss-i'used-i.>sux-i plates gi ve j ou ^ tec { scrcnuih 
plus internal proieviiun irnni comjsive liquids, -cMernal 
proLration Jrum indusiri.il utnvwphcres. Whether vou’rc storing 
powder or pellets, iihmus rruiicfials or liquids ni'anv \ iscosily 
we have a range of tanks up to 4H3.0* mi llions < l wjil cu 
metres) and dry sior.igii structures, up to 1 17U vu. metres 
J I > uu have .1 storage need -send icir our 
12 page lull colour hnvhure-you II almost 
certainly find your answer there. 


Ask your sccrcLuy to write to: 


HOWARD 

Howard Harvestore Ltd. 


ft rnr.n&cr Sl- ! l- v.we Gr 
Ev«. Buna* -K i Ths 

S / a £20 to.] w> & 




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edited by Christopher lorenz 



Putting distribution 
strategy under the 


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THE PROBLEMS of distribution 
nave seldom been high on the 
agenda at Board meetings. Yet 
there -is a .growing -band- -of' 
people who see it as air increas- 
ingly important area for atten- 
tion at the highest level. . 

. Hb champions of this cause, 
most notably the National 
Economic Development Office's 
economic development commit-' 
tee (Little Neddy) for: inter- 
national - freight .- - movement, 
believe that as companies find - 
it increasingly difficult to boost 
efficiency by trimming produc- 
tion and marketing costs still 
further, they should, as 'an' 
alternative, put distrihutibfi- 
under the microscope. 

■ Giving an idea of The potential 
benefits of improved distribu- 
tion, Lord Hayter, chairman of 
Chub b — and also chairman of a. 
NEDO conference on the sub- 
ject this month — points out.that 
the cost of - distributing .goods, 
including items such as insur- 
ance and packaging, can amount 
to up to one-third of the selling 
price. - 

The complexity of distribution 
in a large or medium sized 
company can be daunting, and 
rationalisation does ' not. lend 
itself to a piecemeal approach. 
Although- obvious bottlenecks 
and failings -can be tackled, 
experts advocate - 'a: long-term, 
scheme aimed at involving a 
wide range of departments— a 
strategy borne out by the 
experience 'of' Monsanto, the 
chemical company: r . - 7 ’ 

NEDO’s role in 1 , promoting 
the cause is based on its recent 
Little Neddy report . Trading 
with Europe: Through Transport 
and the Total Export .Concept . 
This document ,will .also-be, the 
basis . of its conference/ (aimed 
at senior executives), foJbe held 
in London on^Juhe. 8/. 

The report* * itself! covers . -. a 
confusing . array: Vof^isubjects, 
including marketing/ customer 
service, invoicing policy, educa- 
tion: ' shipping, 0 -Government 
policy 6a trab^rt, insurance, 
exchange- control: ' vehicle 
weights and even ' a standard 
dictionary Hjf ; trade .delivery 
terms. :A" r . 

But , the essence- of; the arepprt 
is. th 3£ . “Chaikin ep: t&d&Q anagr 
ing.drrectQrs 

assehjbieth bright of-nwn- 

agpment • tf^mak’e ; .up. 

The 1 dirtrftdtiyi&‘:? , eBponmhaify: 
is frequently left to :midcOe-or 
junior management' * 7 " 

“There is'stiU ajteadency to 
sell first and titihk abput^movei; 
merit later, but physical . distri.- . 
button should! enter • into .. the ; 


long and medium term planning 
of every export activity.” 

The right way tp go about 
selling abroad, it is suggested, 
is tb' set.up a system for in- 
tegrated . control and develop- 
ment : of -' production, selling, 
servicing, financing and distri- 
bution tinder the guidance of 
top management This so called 
Total Export Concept (coined 
by the freight industry Little 
Neddy) is now ooc of the many 
parts of the Government's in- 
dustrial strategy. 

One company which has been 
ahead of the game for some 


- 6 There is a 
tendency to 
sell first and 
think about 
movement later 9 


time is the British subsidiary 
of Monsanto, the fourth largest 
chemical company in the U.S. 
It introduced' a system -of this 
kind some .10 years ago, draw- 
ing .together all the threads 
of distribution (domestic and 
export)^ under a. distribution 
manager -who has a direct line 
to the chairman. 

Mr. Soy Maclnttisli, the com- 
pany's. present manager of dis- 
tribution operations (and de- 
puty chairman . of : the British 
Shippers .Council) believes dis- 
tribution to be one of a com- 
pany's most! complex areas of 
operation! It iajtifce'a watch. 
All the parts mist be correctly 
inter-connected, 'Otherwise it 
doesn't', work, 11 ftorsaysL 
'Monsanto's initial vpolicy on 
-distribution evolved .-from the 
fact -that shice it involved a lot 
oif expenditure onBfcying either 
transport services of Aquipment, 
it warranted more management 
time. Tt. was -also I'erognised 
that it involved * wide bulge of 
company sectors, 1 . " 

S lidke'-^riiMt ; camg$Wfe& , 'VSich 
have’ attempted’ fo'/inSaaiire/drsi- 
tribution costs! Mbnsahto Tdso. 
recogmsedthat.thisis extremely 
■dSfiScfdf berattore such costs arise 
in pwhy'p&tes and can be al- 
most impossible to identify: 
f lttherefore introduced, in the 
htyfe of - its D.& parent eom- 
pai»y,^a central distribution de- 
partment for Europe (where 


Mnnsanto has; subsidiaries in 
mtHt countries) embracing the 
distribution group which was 
already established in the UK. 

The first step was to discover 
how the then operating distrl- 
bubon system actually worked 
an*J what it cost, with the ulti- 
mate aim of achieving' an opti- 
mum service-cost mix. This 
then involved the production 
anc! marketing sides of the com- 
pany. 

klr. Macintosh and his team 
immediately discovered that 
many things were done in an 
irrational way. often because 
they had always been done that 
way. Duplication of effort was 
ai so found, particularly on data 
gathering. 

“An early objective was to 
capiure data for control pur- 
poses, so that central groups 
could define parameters for 
operating units. In this way we 
wer<- able to apply common 
sysi-ms and rules. Once we 
wen- all pointing in the same 
dire- lion it became easier," he 
sayi. 

An essential part of the 
prei-nt Monsanto system is 
information. It was regarded as 
vital that any delay be immedi- 
ately made known to the 
customer and a specially 
developed telex system— based 
on uniformity of practice — has 
proved to be the answer. 

This took several years to 
perfect but information on an 
order from production- units is 
now relayed through centres in 
London and Brussels to every- 
one who should be informed of 
its siatus, from far-flung agents 
to those in the local sales dis- 
tribution chain. . 

Another complex but essen- 
tial rationalisation took . place 
on alignment of documents and 
procedures for export orders, 
involving a complete integration 
of a large number of functions. 

Mainly because of their high 
costs, the first, companies really 
to. tackle distribution were 
those in the food industry. Mr. 
Macintosh said. Now he> believes 
the trend is gathering momen- 
tum. motivated by the need to 
improve- customer service, 
especially abroad and protect 
profits from continuing erosion. 

The ideal man for,: a distribu- 
tiGii job, he. believes, is the 
professional manager, a pack of 
all tmdesr someone who knows 
ah out\ exporting in. terms .of 
each of the many strands- of 
distribution from, production 
pidnningL . to banking, -and: 4s 
hiterested in solving problems. 

Xonie Barling 


A RESEARCH centre, in con- 
trast to say a processing plant 
or assembly line, is a highly 
flexible Industrial resource. Or 
rather, it should be. Often the 
problem is how to manage a 
research -centre tuned to 
medium- and long-term objec- 
tives in a way that responds 
readily to the changing demands 
of and pressures on industry. 

“ A lot more of uur science 
ought lo be seen and used as a 
company resource," believes Dr. 
Charles Suckling, general 
manager for research and tech- 
nology ■ of XCI. the £4.7bn. 
chemicals group. At a time 
when public expectations of a 
better way of life are running 
extremely high, says Dr. 
Suckling, industry is faced with 
dwindling resources. Science 
and scientists form one resource 
it must learn to use more 
efflcibntly. 

The testbed for his Ideas is 
ICI's Corporate Laboratory, a 
research centre near Runcorn 
set up* In the early 1960s. Dr. 
Suckling admits that in the early 
days, as research director cf 
Mnnd Division's laboratories 
nearby, he was a stern critic of 
the new laboratory, for wnat 
he then saw as poaching upon 
divisional preserves. 

Today the watchword is "rele- 
vance," The problem is hnw to 
keep some of ICI’s most creative 
minds — for which the Corporate 
Laboratory is praised by some 
divisions more than for its 
invemious. ps Dr. David .tones, 
its research director, ruefully 
admits, at work on problems 
relevant tn ICI. 

One way ICI management, 
tries to ensure that the Cor- 
porate Laboratory is no " ivory 
tower," Isolated from business 
problems, is tD have its top 
management visit regularly. Dr. 
Alfred Spinks and Mr. Robert 
Malpas, main Board directors 
responsible respectively frf 
research and engineering, are 
frequent visitors. Dr. Suckling 
himself,* recently elected a fel- 
low of the Royal Society, calls 
regularly once a month. Divi- 
sional deputy chairmen and 
engineering directors are en- 
couraged to keep closely in 
touch. 


David Fishlock reports on how ICI controls its 
research centre without stifling innovation 

Keeping innovative 



: -- S 


.-■j» . I 


t 


A** 


it &"! 




• fcv.. 
TtTTV Kiris 


Dr. David Jones — head of research at I GTs Runcorn Laboratory. 


Avuncular 


jNd sentimental journey for Geneen 

UNACCUSTOMED AS-ife 3s to Tnerital reasons that he is reino- of. them;” 
pubiic vmer^xM f omside share- Taut to sell what he calls A laudable principle cer- 
holders* I - mieAtfrigs)^ r HaroId “ iMeri”- t -• ... tainly * but ttere may be a 

Geneen, the legendaiy chairman- Geneen attributes his policy middle way between impatiently 
of InterhatiOiiai-Te^phone and to “ very hard-boiled. reasons selling off a business as soon as 
Tele£ raphii bbme' out / in his distaste for “dumping man- it starts to go soar, and hanging 
print tn'- d\spe5 J his ; -growing agement’s mistakes on the on to a chrome loser for far too 
roStatidn softy.” ^ stockholder." He prefers to try long. Much obviously depends 

Jn a l^^ th'-Busirie^'Week. to restore his lame ducks to bn whether one’s remwliaJ 
: G eoeCit' 'Shies *the T ma^zfiW’s good health and future earnings, .action looks like paying oU\as 
aUeg^iipHWtlS^ajti^icie he says,^ -“or; at worst, restore it : did in the case of ITTs 
on JTiC -• T: is.'jfotflBehti- them fo .value before disposing- Sheraton subsidiary. 


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ian ev^r ^>c£i: ^Ksues ^jntrpnal hy law 7 bnt avwdable losses 
-strike at every business in other ways than 
' 'through accidents andindustrial'disease. : 


r~ ; 7 . 'i ■•‘-f - V . ^ j ca n tn liW i W TigreeMhrtt ttpait an 

< ; .^tmn «. r *, ■- 

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pTiTITT^ 

?n^T I I 


But a more subtle way is 
through' “relevance groups" — 
small groups of divisional direc- 
tors set up as avuncular eritics 
of some portion of the research 
programme. They dissuade Dr. 
Joues and his scientist from 
chasing, for example, lines of 
research judged more suitable 
for' one of the other divisions: 
or to a company other than 
ICI. where to break in 
would • involve a costly com - 1 
mercial fight for perhaps] 
only a modest share of the] 
market. This -kind of. problem 
emerged starkly from the orig- 
inal concept of the research 
centre, which was essentially to 
discover or invent new products. 
Experience showed that the re-, 
sources which the research; 
centre would require to ex-' 
ploit a new invention would be 
far beyond any it could' reason- 
ably expect to command. There 
were, admits Suckling, a lot of 
flops. 

To-day the stress is on pro- 
cess technology rather than in- 
novative products; and cm the 
science needed to support sem- 
inal advances in the process 
area. David Jones has a quali- 
fied staff of 180, and a budget 
of just over £5m a year (out of 
ICI's total research and tech- 
nology budget of £150m this 
year.) 

. Scientifically it is still an ex- 
citing place to work.- What Jones 
calls the “fizzy" areas of science 
exciting the chemical industry's 
attention to-day include the 
possibilities of using light ray* 
electron beams, ions, etc. as 
parts of to-morrow's process 
technology. 

The idea of using a laser to 
“ zap ” a molecule and make it 
fail apart, by breaking parti- 
cular chemical bonds, is one 
which has exercised chemists 
seriously for only the past year 
or two. Hardnosed ICI divi- 
sional directors were none too 
enthusiastic about its prospects 
at first. But interest has grown 
rapidly as it became more 
widely appreciated that the 
laser might be a highly efficient 
way of injecting energy into a 
reaction at precisely the point it 
is needed, rather than at ran- 
dom, as is the case when heat 
is used to accelerate a reaction. 
-The Corporate Laboratory, 


working with laser engineers in 
the department of applied 
physics at Hull University, has 
set up a powerful infrared laser 
as a chemisi’s research tnoL 
One problem today is that the 
scientists cannot make a laser 
that is tunable across the range 
of infrared frequencies. So 
their choice of experiments is 
restricted to molecules which 
might be r Tinted by the fre- 
quencies available. 

The best prospects for laser 
chemistry at present seem to lie 
in two different directions. One 
is rhe purifying of small quan- 
tities of a highly-priced com- 
pound such as a drug, where an 
undesirable impurity that is 
hard lo remove might be con- 
verted by iafer energy into the 
product it.- elf. or into harmless 
or more rcadiiy removed impuri- 
ties. The other possibility is as 
an analytical tool for remotely 
assaying an impu-rity. perhaps 
continuous !y in controlling 
quality on a production plant: 
or for pinpointing leaks of a 
dangerous chemical at long 
range, anywhere within a 
factory fence. 

Sciential* have made immense 
strides in recent years in apply- 
ing novel, high-powered analy- 


tical techniques to chemists' 
problems. Problems of chemical 
structure and composition which 
15-20 years ago might well have 
taken three years to work out 
can now be solved in a week 
using the latest kinds of 
spectrophotometer. ICI even 
has some of these instruments 
on-line in its factories — for 
example, two X-ray fluorescence 
spectrometers search for toxic 
trace metals in a major plastic. 

In support of a technology of 
widespread and growing interest 
throughout ICI. the Corporate 
Laboratory has set up an 
advanced instrument section to 
explore the potential, and the 
science that underpins several 
of these complex and costly 
techniques. It is research which 
links them closely with univer- 
sities, where some of the most 
adventurous instruments are 
being developed. It is also 
research where the expert tends 
to move with his technique 
when it is adopted by a division 
—as was the case recently with 
ICI plastics division. 

The “plant-after-next” think- 
ing that goes on nowadays at 
board level in ICI requires a 
constant input of innovation 
from engineers as well as 


chemists. The laboratory’s 
engineers are embroiled in the 
complex relationships between 
man and computers, not just 
at business management level 
but for the plant manager and 
— still more important — the 
process operator. 

In the chemical industry the 
operator is highly skilled and 
accustomed to taking a lot of 
decisions. So they want to be 
able to give him; for instance, 
a pictorial view of his : = parish, 
which might show a man just 
arriving on shift* precisely 
where he has problems. As 
they see it, the need for the 
future is to get the operator 
still more closely involved with 
the process, by sharing the 
problems in a man-machine 
relationship, and not simply to 
try to solve his problems with 
machines. 

Inventors may be reassured 
to know, however, that the kind 
of science that might, lead to 
novel products still goes on in 
the Corporate Laboratory, as 
well as in divisional research 
centres. For several years the 
laboratory has been exploring 
the idea of making “2-D 
crystals "—extremely thin films 
of fatty acids embodying the 
Jtind of “activity" which 


characterises, say, a transistor, 
a drug or a pesticide. It 
has developed very elegant 
methods of automatically grow- 
ing films with intriguing 
electronic and biological pro? 
perries. 

One organic chemical 
fashioned in this way turns out 
to have unexpectedly powerful 
electronic properties — “far 
better than we’d hoped.” The 
techniques have fascinating pos^ 
abilities as sensors for many 
things ICI wants to measure and 
control. Exploitation— should 
it ever come to that point—* 
might' pose problems, however; 
for a company which so far has 
eschewed manufacture of thn 
special crystals of solid-state 
electronics, on the grounds that 
the profits lie farther down- 
stream. 

The Corporate Laboratory is 
also charged with the task of 
being the company's main inter- 
face with the universities. As 
one scientist puts it, ’* when our 
work leads us into an area 
of science novel to the company, 
we look round for assistance. 
The university people act as 
gatekeepers for us." Colloid 
sclenee is a good example of 
an area of science which only 
recently has been recognised as 
common to a great diversity of 
the company’s “ recipes "—for 
paints, dyestuffs, plant protec- 
tion. even the technology for 
fermenting protein feedstuffs, 
now well on the way to 
becoming a new ICI division. 

Under the company's joint 
research scheme of scientific 
projects, the cost of which is 
shared with the university, the 
Corporate Laboratory has been 
a partner in one out of every 
four projects since the scheme 
was launched in 3974. This 
year ICI will contribute about 
£350.000, to be matched by an- 
other £300,000 from the uni- 
versities. 


Scientists in industry, Charles 
Suckling told the Research and 
Development Society in London 
recently, were “trying to link 
the future with here and now.” 
He was certain, he said, that 
a better scientific understanding 
of some of industry’s problem 
areas was going to pay off. He 
advised his audience of research 
managers to try asking his three 
basic questions. First, is your 
research and technology pro- 
gramme relevant to your busi- 
ness objectives? Second, are 
your business plans ambitious 
enough? And finally, are you 
speculative enough— are you 
giving yourself the chance of 
making discoveries that could 
lead to a better business plan ? 



PKOHTS (STOOD) 1ST? 1976 

UOK Group aWi 24.687 

The Bank 1UOI5) Jl.3^5 17,713 


Increase 

3.622 


DIVIDENDS ^ , 

Final dividend of 7-1-% together with interim dividend of 5% , the total 
distribution of 12 - V % on the paid-up capital of S-Slay-T million would amount 
to SS11.7 million, an increase ol over 1^7(5. 

ROM’S ISSUE 

A bonu» issue . .f 1:10 by the capitalization of Si.15,565,264 from the shave 
premium account. 


BALANCE SHEET AS AT 31 DECEMBER 1077 
LIABILITIES Sr'mm ASSETS 


LIABILITIES 

Capital & Reserves 
Debentures 
Total Deposits 
Other Liabilities 
Acceptances. Guarantees 
& Other Obligations un 
behalf of customers 


S: mm 

; return 

iiKjipti 

L44.7^3 


Tot al Liabilities: 4.647.(507 Total Assets: 

A cefiy i\f the L 'uB It*?? An t ami fcfluil .v> <n *w fo/iAOt. 

_____ united Overseas Bank Group (comprising UOB. Chung Khiaw 

Bank and Lee Wah Bank/: over 40 years of experience in Southeast 
lOgg^i . Asia, with 77 branches in Singapore. Malaysia, Hong Kong, 
BSSSS 1 Tokyo, London and an Agency in New York. 

ymiiMni v ■ 

S BWfsnii' . ■ 
n nrrrti-'tv'. 

CBS .*. \ 

; RII8 


Cash. Balances with 
Bankers & Money At Call 
i iowmment Treasury 
Bills & Securities 
Investments 
Li <an$ & Advances 
C»lher Current Assets 
Fixed Assets 
Customers Liabilities for 
Acceptances, Guarantees 
& Other Obligations 

Total Assets: 


SS’OOO 

1 , 153.362 

303.354 
1 17.635 
1 , 868.917 
55.120 
115,576 


1.033.633 

4 . 617,607 




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16 

LOMBARD 



dine of the 


A wide variety from Down Under 


F&anc£^ I&sfag. i . 

Jnder ‘ 5 


SrNCE returning from Australia much short of 50 degrees north lo the wmery for crushing in the ductive life- So in., a-. from a widely-puhhased sugges- pei!sora 
some weeks ago. I have been and Bordeaux 45 degree- 1 - . the cool of the night within a couple wine country Tas Australia ram- ttou at a conference ' of hio- ipit>pnettfr^or^LSkes Pony,- 

asked a good many times, “what southernmost Lip of Australia, is of hours of picking. paritively is, one can fine! 90-y$ar- chemists a -few years ago that recently- written. a hook oft tfc- 

are Australian wines like?" It no more than 39 degrees soutn- Another consequence of the old vines hale and hearty. ? they contained histamines .pro- Cabe-niet-^ii coonewarra'and ij 

Is unfortunate that economic — Most of the vineyard areas are temperature is that many white A much more recent differs Ice dudtag after-effect.; ^J>SFZL3rj*t** ■' 

and, one must add, political — well north of that: nearer ihe v - es are bottled very early among consumers is the relative others' attributed they a ^ e j** a i e xte the wnth-wea 

circumstances have made- these equator than Algeria, not a i” d * ed- - "P_ nl I tasted many poularity of red and white v%ne. large amounts commonly w°J raea of Western Anstrali^, ]^nown- 5 


raise the question. (It can be wine. 

BY GEOFFREY OWEN answered in part at the Austra- Accordingly, while north of 

lian Wine Centre in Frith Street, the Alps and the Pyrenees the 

, . . . , =„ Wl.) Apart, however, from the growers' problem is often iu 

ONCE UPON a time chief execu- ^ t ^® *®° s k e limitations that a short if con- secure enough grape sugar to 

lives of companies were expected that thej ceotrated visit imposes on any transform into alcohol and to 

to devote all their energies to ing hard - answer, the question reveals a avoid an excess of acidity, in 


and, one must add, political — well north of that: nearer the y ] " es are bottled very early among consumers is 'the relsSve others' attributed they f . e x ^ g l b e Mnfh-wea 

circumstances have made- these equator than Algeria, not a indeed. In April I tasted many poularity of red. and white t#ne. large amounts commonly downed 0 f Western An^ralia, >nown- 5 
wines so unfamiliar here os to country producing exceptional l*”® wines already m bottle: In Europe, outside the specialist by Australian drinkers. the Ma rgar et River. L-.fafm 

raise the question. (It can be wine. ' ww*r is true is that majvy -jmme elegant e^sy-to^faik clai^ 

answered in part at the Austra- Accordingly, while north of - “•AuStrallan redwinesar&power- typ.e v^s anq.'TSs.^wifQr^ialtel, 

lian Wine Centre in Frith Street, the Alps and the Pyrenees the WINE • • ful and somewhat- aggressive the Gaberoet-SauVignml gtap^Y ' 

Wl.) Apart, however, from the growers' problem is often in when young and in this state-are a, sh y yielqer. .and .-^hfer^fjfe - 

limitations that a short if con- secure enough grape sugar to rnMinun DCNiuiMr dauicci i •• less acceptable in a hot elimate.- expensive th produce... , 7$ 

ceotrated visit imposes on any transform into alcohol and to C.UOTUWU 1-tUMmwia-KOWSaEJ-L. The* .most planted red-wine . ..y Tt iEmni in 0 frtn 

answer, the question reveals a avoid an excess of acidity, in . ■ ■ ■ . ~ZZ~~ *m„ 7 the Srrah of ' 

wider ignorance. For it is rather Australia the trouble is an • ^^h^n^ind'lt makes a tougfi Australian^ 

like being asked, “what are excess of heat and a deficiency Trammers, Semilions and and fine white wine areas. Jthe the .Rnune, it. ma - . . with superior to Ihe Teds. ' 

PrAn^h win« like?” The nniv of nririii v: thrmeh mn v he Cbenins. accent tends to be tin red vane.- wioe onless a^,ed -ww, n » the. former, are. of fen. -easiest? v 


and and fine white wine, areas,] 
accent tends to be tin red w 
in and the problem of selling vd 


',Z answer, me question reveals a avoia an excess of acidity, m . 

running lite business: as soon, as theclu wider ignorance. For it is rather Australia the trouble is an 

they started accepting part-time or cards, having a drink and uke heing agked, “what are excess of heat and a deficiency Trammers, Semillons and and fine white wine areas, 
government appointments or dinner. _“ pd 1 ” < S2 l, 2L -5* French wines like?” The only of acidity; though acid may be Cbenins. . accent tends to be cu red v 

playing an active role m pubbe the brieftasef^ y wort Weve reaaonabJe reply probably for added to balance the wine, which Irrigation, forbidden in and the problem of selling v 

K {,?» ®?iJ hl^cotl LoS»et^uV?ntib^ both is “varied, fortunately.” is not allowed in Europe. Then. Europe, is essential in areas for has led to replanting with- 

i £, W “E For Australian wines would be while in northern Europe the the most part originally pbmted wine grapes. In Australia 

d ^t nf » cnmnlifv's wSSiiSS " 1 h 1 pretty dull if they were similar vintage may be delared to obtain with grapes designed for dried rapid expansion of dry tatale ’ 

n_y * «peratipMh- is on tiie p s mmd. jqj ^ way frorn New South greater maturitv, j n Australia fruit The results are yields of drinking from the late Sr 

^ nt fcJ, LiLhi« It has b «'-; 0 ™ e a '? sa - v Wales “to We stem Australia. the moment when the grapes up to 100 hL per ha.— double that onwards was based on irad- v 

!nrf d h»ri,?, that lhe bottom -line is no ^ fact a considerable variety should be picked can be critical, for French quality wines and for Then as recently, as 1975 v 

2if, n pJISiSSS cannot ,QQ3er a c °“ p ® Qy ® s o'e concern, of wines is produced in this huge to prevent them becoming over- their own non-irrigated areas, wme demand ..suddenly . 

'-hi fS-reS »2 but «*»« Sh * p,ro a ° d others are country , though not in such ripe and turning into fiabby Drip-irrigation is allowed too in ahead to the demment of rej 

wav thise deci^oifare taken if advocat,D3 8 ®®®,. wel ' ^- vond sharply distinct, relatively near- wise. order to lubricate the parched the replanting there is goin 

thev want fheir 1 business tonros- social responsibility; they want together regions as in France. In the hot plains of the irri- soil: bur adding sugar is the opposite direction • 

iney warn weir uusi ness to pru* ,h«. business community to oarti- t. .v, ^ i7: . . fnrhiHrlpn ■ tw, i. 


Ite Sfe^praduct of.the-; Cabernet- ^ 


vfial 


forbidden.' 

Another 


of a "discreet word with a Min- to help shape tne decisions which js DOt on jy -down under,” but temperatures as high as 113 F European and. Australian viticul- in the hot months; e'spe 

ister or a Permanent Secretary: affect the future of society. a i so to some extent “upside (45 C). and risk being oxidised ture is that except for a small from the one-gallon son 

on some issues they have to Is 0,15 £ , b . ad? * n . br ? e down.” In other words, condi- even before being crushed. One part of Victoria, there is no casks” — in fact plastic 

brave the arena of public sense it reflects the fact that big tions arc faced that may be the solution to this is mechanical phylloxera, so the vines are with a tap. encased in a 


icu-M irauiy. W nur. ■ i„_„ Uituiuea LU .ue. B.-IUXie<-JeS&-lwnaur 

ne demand suddenly . aot encouraged wine-makers, large jjjjj — thalr other 'isfeadeatnr' ■ . 
ead to the detriment of ret so and small, to release meiivwines ^ ^ofbfitjde ^rldt-^ nw^^ • 

e replanting there is go in in on to the market assoon as ^ p^QctioQ 

e opposite direction. - possible. - Although ■ and if allowed to. fha^i^;?® 

This is partly attrihutab s' to fZ aSKS lieve that.they.-would i^fonna^ . 

difference between the attraction of cool white, rine wine coliectors nhvimislv l«ast.tne essential tpinpleirreiiHj 

the hot months; espet ally prepared to hold wi« s obviously ^ better white, vnnes^S 

im the ooe-gallon so-c lied tbe y w® a 511,811 nunoniy ' my part probably 5more.^atfaS 

?asks ” — in fact plastic >ags Much as I enjoyed mature ing. But then I, must ahMt3ja 
th a tap. encased in a box Shiraz and Shiraz blends. I liked general ta-pr^er.zed..ioVi^it4 


Aggression 


cannot any longer he regarded latitude of the Rhineland is not grapes and have them delivered vines have 
as private businesses. The men ^ ^ ^ ^ 


longer 


The red wines 'also 


The most striking change has w jj 0 run them are performing 
taken place in the U.S. Over the a p u p|i c responsibility: however 

fS^]E*£,S§ SSS Big Derby, small Oaks line-up 

new spirit ot aggression shown ^* w vr|lh raost Q ^ er powe rfu[ ° ** 7 Xr 

Pleadin” iteca C use te wSgtoS institutions, moreover, the role THERE COULD hardly be a Piggott) and Varishkina (Joe went so close 12 months ago. 

-nd elsewhere This is partly a and Intimacy of the oig cor- bigger contrast in terms of size Mercer). told me yesterday that he would 

matter of individual companies poration are increasingly ques- than in the respective fields for As is ^ case with th(X not be surprised to see her win. 

UlStobU i* M outstanding ex- tinned, The big. corporation is this year's Derby and Oaks. _ A niSJi ^ The Cecil filly apparently went 


including the Hunter vauey— gw* wu.« .wine .aauaia ^ 
red one of whose celebrated followed by nge of 


; n d elsewhere This is partly a and legitimacy of the big cor- bigger contrast in terms of size Mercer), 
matter of individual companies P® ra! J 0D “™ J* ue ?: *?" in the respective fields for As js , 

— Mobil is an outstanding ex- tinned. The big_ corporation is ibis years Derby and Oaks. A trainers 


ample — deciding to stand up and | n P o 1 i t i cs and it has to learn near maximum 29 are expected to s urpisinsly optimistic this vear, pxtrerae,y wel1 111 ber home work C Mros n bv e uISpISmt oPi? ihfYoJ 
finht niibliclv for the issues thev t0 P' ay t / ie p0 '. ,ca ' S ame - . Hoc nite fho nnconra r.t r.nnna'c on Saturday. ] nnn,, » mil m J 


As is the case with the Derby, 
trainers of Oaks candidates seem 


fight publicly for the issues they 10 P' ay s jme - . . 

believe m. But it has also in- The other side of the com is 
wived more effective use nf less, attractive. As more business 
trade associations and other re- de f, ls,on ?,. dr jr t to-wards White- 
nreseniative bodies. Having hall or Washington, the success 
thrown off their inhibitions about ?f a company depends increas- 
gettmg involved in politics, many 'naiy on its lobbying skills, 
chief executives seem positively When, for example, the Federal 
;p relish rhe bat tie. This is parti- Government effectively decides 


RACING 

BY DOMINIC WIGAN 


S' 6 'JarS 0f ^KS Cumam wU, a^n 

winner, and it will be interesting be . fePfesented. He sa^ ddl ® 5 
to see if anyone’s confidence sp f mg . m D^e p sea. who was 
proves justified. sickening for a virus when so 

_ . . , disappointing m. the Tote Free 

One handler who makes no Handicap, fnr which she was a 
secret of the enthusiasm with », ot f aT0U rite. Spring in Deen- 
which he views the race is H^nry j ea whose exc ess?ve count of 


OPERA & BALLET 


corporations. of the design engineer. w< ‘ Ra - ko. varmia m. am vrn m 

Chairman of the Roundtable Those with jockeys already finish third of nine behind 

is Irving Shapiro, chairman of ToloviCinn booked in the fillies’ classic are Princess of Man and Snfaia in 

Du Pont, who symbolises more 1 c1vtI 31UU the favourite. Dancing Maid the Musidora Stakes at York last 

iJiau any other executive the new n wmiin hp ni« m ihink that (Freddie Head). Fair Salinia month. nV.cr being hampered by 

«ppru»«h to public affairs. A , h e b “diu burLucracv co^ld fGrc.ille Starkey), Princes Eboli Swiss Maid =! furious out. 

lawyer with experience in JS but oerhaos its Growth ,Geoff Lewis), Seraphima (Pat Varishkina has been working 

government, he is very different b [' ea ' H c F err “ p ® demands Fddery). Sofala fPaul Cook), well ever since that race, and 
m background and approach from s ™ p ,- '®JJ tf J'®-*!,. Tartan pimneruel (Willie Car- fellow Newmarket trainer Luca 


Oaks. mo. Varmia ITT. did u*?l! to wav value at odds 0 f a haut 20-1. 

Those with jockeys already finish third of nine behind — : 

booked in the fillies’ classic are Princess of Man and Snfaia in SALISBURY 

the favourite. Dancing Maid the Musidora Stakes at York last 2.00— Mary's Bazaar** 


SALISBURY 

2.00— Mary's Bazaar** 

2.30 — Halatch 

3.D0 — Nortbangeri* 4 * 
,*).3fk — Siletle* 

4.00 — Sweet Relier 

4.30— Court Leet 


1,1 aim apiuuai-ii uurn Punnf.t ho cnllcRorl In nmr lanan '••"t iirivuw -.wc w uhuki V.OU 7 \ XiWV 

the traditional cliief executive of “ ®*" oc IJ "“SfJ?.. 10 Ji"? son). Upper Deck (Lester Cumani, whose Freeze the hecret 

America's largest chemical com- other way. If the people want 

pfe/Sni/the Government Tn . a. . 

as 'shiirdro^ ha^ p^t U,°that°"we standards. moui or minimum I j\| 0 ^ 0r show organisers optimistic 


as Shapiro has put it, that “we 


standards. 


need a different kind’of leader- Businessmen may have to ° 

ship, we want a leadership that accept that running a business gy oUR MIDLANDS STAFF 

unrii'r^Y^nds aiiici thu now h^s u new dirD 0 nsion^”uic . 

political conditions in the interface with government — and THE waiting list for October's home of the show,' is becoming cars, trucks, caravans* and corn- 

country and can address itself to ]«rn how to deal with the prob- international Motor Show exceed increasingly confident that the points andacM»or1es 

some of these issues” lews that this creates. But one - n All lm ft 1976 attendance of 466,m— the The 14.000 registerea iraae 

™ bp expUinedl'n a recent can't help wondering what 5 ? highest since 1971 - will be visitors to the 1976 motor and 

inUTviow Kib ■ the HarwS happens to the old-fashioned of space at the National Ex hi b!- cxceeded . commercial . vehicle shows 

Business Review. Shapiro is a skills of making and selling lion Centte near Birmingham has At ^ National ' ’Exhibition AM mSra 

strong opponent of the low pro- things if the chief executives of been taken. Centre the society is able for needed. About a 

file. “Most businessmen have the future are men who know The Societv of Motor Manufac- . _ , h l d c * ed ‘ in 

been afraid of the press, un- little about the business they are turers and Traders, which had the tJI J ,e ° d . held 3t two year intervals 

-.lilling to subject themselves to io but are experts in ibe corri- misgivings at leaving Earls simultaneous show for the tour rnon with other maior European 

public examination on what dors of power and guod per- Court. London, the traditional major elements of the industry — shows, 

they're lining and why. They’ve formers on television. 



j y ’ . - 


tHEATRES 


t. soxAt cpuBu 736 Jais:- 
t • Ton id rrt 1 Towor. 

E LuclrxM Childs. Robert N|)n^ 
I WAS SITTING ON MY ' MW? 1 



SADLER'S WELLS THEATRE, Rosebery 
A »e.. E.C.1 037 1672. Until 17 June. 

GONG -3 A WAN 
Music and dances from Ball. 

Eves. 7.30. Sat- Mats.. 2*^0. 


THEATRES ' 

ADEL PHI THEATRE. CC,' 01-836 7611. 
Ews. 7.30. Mats. Thurj. 3.0. Sats. 4.0. 

. THE BEST nSjsical 


HER MAJESTY'S. CC.. . 01 -33fk. 6&q6 
Eyjdlinqs'- ^ 

In LESLIE BIUCUSSE^nO’^r^-: 
ANTHONY ME wXIVSr, -• ' 

, .TRAVELLING MUSIC SHOW . 
will! Derek Grl«ltf» 

•'. Directed by BURT SHEVXLOVX. '. 
"It - It packed ta' bursRnQ point wlUi 
the personality and sheer energy -of Brbce 
Forsyth'" Sun. Express. “.The • audteoce 
cheered." Sunday Telegreph. • „ 


ON BON PALLADIUM. CC. 01-437-73^3 
p *io»L.i lues.. Ttours; and Fn.- at S.. -Wed. 

Sats. aj 6.10. and a.50s-.i-" 

■ » •- ' -THE TWO RONNIES - . '. 

Jn a Sp-clacular Comedy Revue 
-- ALSO- SKClAL SUNDAY PERF5. 
Sundays June 25 and July 16 at 5'&'B. 
Special Booking Hotline 01-437 2055. 


f indicates programme in 
clack and white. 

BBC 1 

fi.-Jfi-7.55 am Upon University, 
fi.fjx !W Schools. Colleges, ijjo 
pm Ragtime. 1.45 News. 2.00 
Yon ant! Me. 2.40 For Schools. 


Play School. f4JW) Champion the 
Wonder Horse. 4.45 Goober and 
the Ghost Chasers. 3.05 Stop- 
watch (series). 5.35 Roobarb. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 

6.20 Nationwide. 

6.45 The Standard. 


CoHcg?s. 3.5:1 Regional News for 7^3 The Goodies (BBC prize- 11 '00 World Cup Grandstand: 
England (except London). 3.55 winning show). ' sreentina v France and 


F.T. CROSSWORD PUZZLE No. 3,685 


THE BEST MUSICAL 
OF 1976.1977 and 197B 
IRENE 

LONDON S BEST NIGHT OUT.’* 

Sunday People, 

ALREADY SEEN BY OVER ONE 
MILLION HAPPY THEATREGOERS 

CREDIT CARD BOOKINGS 636 7611 . - „ . . 

MERMAID. 2«B 7656. Restaurant 249 

I ALBERY. 836 3878. Party Rates. Credit ZB 3S- Wed. to Sat 9.30. - 

|3 wiE c as f • h 

"A 5 T °%F£z£nl' n 

MIRACULOUS MUSIC AL" 'Fin. Times. W- MARK’S «»S«L 

OLIVER f 5un. at 7.3Q p.m. all scats sold/ 

with ROY HUDD and JOAN TURNER ? r **- „ J “2 e 14 .- 

•' CONSIDER YOURSELF LUCKY TO BE 


CRAMPUN 

i’-S a.m. First TTainB. I2JD P.m 


ABLE TO SEE IT AGAIN.” Daily Mirror EVERY GOOD BOY DESERVES FAVOUR 
DLB sct " M r r - > A Piece for Actors and Orchestra. 



«.00 Fawlty Towers (BBC prize- 9.00 New-s. H J'f W JS! 

winning show). 9-2a Living Un ine uana. News, l.oo a-m. .Commentalres « Pre- 

8J5 World Cup Grandstand! 9.50 The Old Urey Whistle Test visions .Meworoioeiaues. 

Italy v Hungary (high- 11.00 Late News On *2. 

lights]). Mexico v W. fll.05 ” Alexander's Ragtime rp aMPIAN r W «. «« 

-rr,™™ onri PnlanH u R-mri ’* <tfirrinw Tvrnnp \Ja%AIyiriAlT ALBERY. 836 3878. Party. 'Rales. Credit 2835. Wed. to Sat. 8.30.' ' Mats. WecL, 

Germany and Poland V oand, SiarTin^ lyrone - First Tti inn QJO p.m. card (kgs. 836 lailJ from 8. SO am. Frf. and Sat at S.4S. Last wnt. 

Tunisia (highlights), in- Power ^nd Alice Faye. Ml oiw M2 J?’ J*?"’ w»^e C ?,U' is^ /SV& r 

eluding 9 JO News Head- BBC-* Wales, only— 7.05-7 JO pm Focus 5.05 Grampian Tcdaj-. loo a.m. »a S thousand times welcome is ^tSmSm at b.is o.nV. 
lines. HeddiW. 12J0-1.15 am A Woman’s Reflreiinra. l.ns Grampian Uic i.niht UONii BAm st AI mark'^°gospel 

10.35 Tonight.. Place. VMtaKM. MIRACULOUS MUSICAL.- F,n. Timex. lSun OT& sold) 

11.00 World Cup Grandstand: with roy hudd and joan turner 4\'o-°K2 s o J !|? e 14- 

Argentina v Franco and TONDOIV GRANADA ab °e N to°Iee ag S au5.“ L d»1i J i^ror every good boy deserves favour 

lialv V Hunearv Mexico v LUIiUUil 17 pjt1 . Tins la Your Riaht. *as lua “ 11 uauyjviirro r. A p[oce for Artors anri orthenra. 

W Germany, Poland v 9J0 am Schools Programmes. w * ,a, a New SBtCl>L Cr “ 3dB Ne “ s ' b * TOfc \ s T e " A ^. lj A c? HE PREV,N 

Tunisia (highlights). 11.55 Beany and Cecil Cartoon. renertPFre. national theatre qn. 

1J5-L30 am Wcather/Regional 12 .OO IssL Nobo. 12.10 pm Stepping . HTV -ThJ imSIS^ mos t con- S*’*2HldiSr n iaSg? VSo mac^K" 

News. Stones. 12 JO News, plus FT UJO p.m. R«oari west Headlines. 1ZS5 sisteirt Shakes neare I have seen any- ryfreLTON ' (pr^^nhirri^^ta^f^^' 

index. 12 J5 Help! 1.00 Parents Hewn Wales HeadlH.es. 2M Hous^artv. «Jg. ^ # _ Ton - t 

All Regions as BBC-1 except at Day. 1.30 The Rocking Horse ”« >or : wpst - 8X6 Bow>n WaIei dance of death, rsc .i*o B »i the f^7r ESI 'a E lost' 1 wemms m & v Gaia'S 

the Following times: — Winner. 2.00 After Noon. 2J0 “ ^ tt “' Janc - , . ^ _ , ^S,Vi? US T E h^S °T r Pcir^NiVnoK 5 ? w,l,0n 

... ■ ... . I artp- rjnv iTnpp In 4 HTV Cymre/Wates — Aa HTV v.iCix-ral privates o*? parade. ^ w Many excellent : cheap seals all 3 theatres 

Wales— 5.5a -fi JO pm WaJes «ea Letter Day. Service olcopi; 32J0.12.55 p.m. Panawdau _ PWYATH on paraqe. of iwri. Car Pwk. Brsaurart 92B 

Today. IJ5 am News and Lifetime. 4.10 Cartoon Time. Kcu-yddron >- Dydd. U04.«5 Mordaitii. ambassadors. ot-bsb 1711 . 2 33m Credf card hhoe 028 *" 

Weather for Wales. 4 - 20 Paul-. 4.45 Magpie In France. 7404.05 y Djdd. 

- -ejs 7 n nR1 Bmnrt. ^.15 News. HTV West— AS HTV General Sen ice 

Scotland— 5.55-6J0 pm Report w or j d Cup <S: Italy v «repi: 12.5IM.00 p.m. Report Wear Head- 
ing Scotland. Ua am News and Hungary. fi* 1 '*- Report West. 

Weather for Scotland. • 740 Charlie’s Angels , . . 

Northern Ireland— 3 J3-3J5 pm g ; 4 „ WorJd Cup *^ 78: ' Poland v SCOTTISH 

Northern Ireland News. 5 jj 5-6JQ Tunisia. vlm p.m. News and Road ttopon. 


Scotland — 5.55-6J0 pm Report- 
ing Scotland. 1J5 am News and 
Weather for Scotland. 

Northern Ireland — 3.53-3.55 pm 
1 Northern Ireland News. 5J5-6JQ 


Many ncdlent cheao wju all 3 tnealres 
0*y Ol pert. Car Par*. Restaurant 92B 

AMBASSADORS. 01^.36 1711. fflfcffllf bl *»' -* r 

Nightly at 8.00. Mat. Wed. 2.45. w ’ 

PATRICK CARGI L and JONY ANHOLT COTTESLOE <smHI a-id^Ortumi: TonT. 

OT^ LOCT WORU>S bV WWSOn VOung Vic (near Oltf Via. ME 8383. 



uiier ana total loy.- ranen. seat rncos: gjfl 3033. CretHt card hVo^ «n« Tw, 

£2.00 lo £4.40. Dinner and Top-Price a|? conrfWonm? ” 8 9 ‘ 8 3D52 ' 

Scat £7. SO. 


Scene Around Six. 1J5 am News jyj News. 


Air condHoning. 
OLD VIC. 


Weather for Northern JL ' ig ...shamus,” starring Burt Today - a m ’ L * w Cal1 ' 


U0 IVhal’s Your Problem: 445 Scotland | APOLLO. 01-437 2663. Evenings 8 00. May nTjunc 3 


Mau. Thurv 3.00. Sat. 5.00 end 8.00. INTERNATIONAL SEASON 


Ireland. . . Reynolds. 

England 5 jo- 6J0 pm Look LW am CJose: A pain ting 
East (Norwich), Look North Remrandt with music 

l Leeds. Manchester. Newcastle); Beethoven. 

Midlands Today (Birmingham): All 1BA Regions as London 

Points West l Bristol!: South except at the following times 
Today (.Southampton): Spotlight 


Reynolds. SOIJTffFRN 

1.00 am Close: A painting by wUifiCRiT 

Rerarandl «i lh raus ic l>r ’i* JSuff Sir “ 


DONALD 5INDEN 
Actor ol thn Year. E». Standard, 
'■ IS SUPERB." N.o.W. 

SHUT YOUR EYES AND 
. THINK OF ENGLAND 
*’ Wickedly funny.” Time*. 


May %Janc 3 93 ® 7616 ABC 1 A 2, Slxltttbury Aw. 836 8861- 

T^l^SSSXi.^SSS Players ki ^ 

Turt'l^ EnwS? l ’bS'd 1a Sn * Sun™? Buf" fA> ‘ ^ ■"* 

Turkish Classic. Today at 2.20 & 7.30. -- ", JiS 5,-1 Q-tO- ■ .* 


ACROSS 7 Wrongly shut At gap (6) J ’- 25 *- 

1 Tncil'.’iucnt for professional to g 2iP use d to be enough for a „ , 5 
So to work ill) leather worker (6j 

7 4t 2fi Cover communist enmity , 4 Ab , e t0 take up but not 

0 Blister is rot or could be (5) [£S t £ ) accepl U “ l ° f ^ 
lf * Jiii us” C (ft) arLicI '' ms,lde ‘- un ig a bit of pork for Jean wife 
11 Seal from which it is simple 
to control meeting (4-5) 

A goddess to 10 (5) 


South West i Plymouth). 

BBC 2 

6.40 am Open University. 

10 JO Worktalk. 

il.00 Play School (as BBC-1 
3.55 pm). 

2J0 Having a Baby. 

6.10 Open University. 

7.00 News On 2 Headlines. 

7.05 A Woman’s Place ’.’ 

7 JO News On 2. 

7J5 Airport. 

8.25 The Owl Who Married A 
Goose lea noon). 


A vr r 1 4 isonn East News Hcaannos. i-^u p.m. 

AliULIA North Easi Ncwi and Loofcarnunrf. 4A5 

12.55 p.m. Anglia X- a,. 2.00 Hnuso- Nonhl ' ra LUc - l w a ‘ ,n ’ EpUoduc. 

Purtr 8A5 ^Vboui Alwl i. 1.00 Ain. „ 

Anmology. ULSTER 

l t\; 12J0 p.m. Lun^bilnift. 4A5 Lns Look 

^ * > al L'lMor. 5.05 Koports. UO a-m. News 

12 JO P.m. ATV Xtwvlrsk 4.0S Profes- as Eodomc 

r Bi "" a “ r - 4B " v WESTWARD 

BORDER i2Jt7 p.m. Gus Honuyhun's HlnhJasB. 


PROSPECT AT THE OLD VIC 
* «< Surdavs June 11-17 

»«'«■. j?»an Glover. Herolp Inno- 
John Rowe. Pm^crila 


ScJ'ey. Timothy Wnir Timothy vvJ il ' ' ' — LJl - - * ^ ^u ■ . 

Sydney Smith ,n Smith of Smiths^ M I 7- * S. 4. 


TYNE TEES art* 5TO p PARD ^- 8M 21 «■ » 

1JS a.m. The Good Word ToH^-ed by .. HHj| . Wlm*. T.mc, ° ' aw,,h5 ’ 

North Easi News HoadliiK-s. 12J0 p.m. Monday 'Thursday 8.30. Friday Bvran lf » 

North Easi Nc«rs and Loiofcarnunrt. 4^B Saturday at 7.0 and 9.15. The Lunatic. The Lover A The Pool. 


CAMDEN PLA2A! IOpp. 'Camden r«» 
Tube)- 4B5 2443. . BrMiittc Fosuv 19 
LES OIFANTS DU ^LACAHD^aAL 
3.05. 5.ne. . 7.00. 9.06. 11J30-. • 


Tho Grand Tour 


Oxford Strew . 


Tottenham Court Rd tube). 636" 031 IL 
Susannah York THE 
f*™T. (AAi. Progs. X30. 4 JS, Wtt 
«.4S. 


nor Bdllbaur. 4.0 ATV T>yday. 

BORDER 


ASTORIA THEATRE. Chj 
hilly licensed ResUuran< 
Ncorcsi lube Tottenham 
Tliurs. B OO o.m. Frl. A ; 
In&iant credit rar 
ELVIS 


... _ _ . 17cn U'ncrui-irri Vim-s Hpadlln>-s 7M I Thurs and Frl. 6.0D p.m. perform, only. 

+I2J0 P.m. Border NcWy. iW Honw- if”;. '’7,, BEST MUSICAL OF THE YEAR 


party, ais ‘ Lookarouod Tu.?sdar. tU» J!"*”!’ 1 Dl iT r '. 

Bonlur News Summary. ^ LU . Nt ' vs - L6ij! a,m ’ 

FaiU) Tor Life. 

CHANNEL YORKSHIRE 

LU pm Channel Liui-Jiuni- News and 

What's On Where. EJO Channel News LZJSB p.m. Calendar Nows. *45 Calendar. 


.——ni. HtifcN WEIR. ANTHONY SHARP ®-T°. . - 

ELVIS ^ : I 4. iqfin Part *? /VI Po^ 

■ ,n '” , ^V,.^; a r B > , ^S , . lna a,w B.f. y 

Seat aT S1.S0.^l§ i O r ^ r pr.e WWW’lrtffi 

BEST MUSICAL o'f^thT YEAR 0 " V- 1 THOUGHT o Futlv Alf Con dHioned Comfort:..' ' -J 

EVENING STANPAKO AWARD DELIGHT" %. Gl'nV!n‘,* L «oiSfS? SSSt RE OM 52527 

CONTI NUOU5 S LAUgT1tER '' L t l M "f*?! «>• Sep- piHkMi- 

AM BRIDGE. 836 GD56. Mon. lo Thurs. — _ Tim ea. sat. 1.30. 4 .48. 8.10. Son. 

8.00. Friday. Saturday S.45 and 8.30- PICCADILLY, at? jcnc i r,« ™* . . booked In ldnna W 


EVENING STANDARO AWARD 


IPI TOMB I 

Effdtlnp Black African Musical 
** The girls arc beautiful, bare and 
bouncing," S. Mirror. 

THIRD GREAT YEAR 
Dinner and top-price scat £8.75 Incl. 


DELIGHT 1 * 0 - ll! nd J!T Times " £Hr.y>° LEICESTER SQUARE THEATRE [930 52527 
^AUDDinrr axe uu Unn CONTINUOUS LAUGHTER"' TimcS 1 Sat^* L30 ^4^ 

CAMBRIDGE. 836 6056. Mon. to Thurs. — - Tim ea. sat. 1.30. 4 48. 8.10. Son. 3^0/7.45. 

8.00. Friday. Saturday 5.45 and H.30. PICCADILLY. 437 Jsnu J i b JZ27 »« booked In • bdrence W 

IPI TOMB I 836 197 1-3 a 30 C , £? n c iA d bltB *' S^cf^ 09 M»"--Frl. and -all progs. *«« 

Exciting Black AlnOan Musical Evas. T an. ^ SL 1 *? =. J0 . P m. I _ ,n “ 5 i!!L- . 

" Th,! gi^l aM CeSmnT IP I HjymartoT <930 273812770 

THIRD ’GREAT YlSSi E 0 . UT ?A G S?“? «_ U .*< T COMEDY feESSf' 'JSTVIS J5 **22 


Nichols ' 

■ PRIVATES ON PAPADE 


Ziniwmann film JULIA lAi. SdP- 
2.30. S.45. 845. Veatur 


QHICHESTEH. ' 0243 8! 3,7. . ■^"coBcSV'of " T &' *9®' j MO. -W W *1 

Tnnlnhr lun, «S .,nrf 1 0 Jl 7Jlft. I,„u, F». C,a 7 f™. J£AR I i 


D a run 1 247m Wurfe and Training. 7J0 The Art Serendipiir 5JS Weal her: protcramme 

KAUIU * of . . . Karl Erb. 8J» London arntphonj' ne«-s. *40 Nrv»s. *J0 Mior a Slip. 

(5> Stereophonic broadcast Orchestra pan 1, Brahms. Ltsa <Si. 7.60 News. 7.65 The Archers. 720 Time 

i, w ... , „ ,, ... 5JXJ a.m. As Radio 2. 7J02 Daw Lee |» . Promenade of R v ,nns part 3. Tor Verst. 720 Mahler Needs a Jumbo. 

11 S*:Jl iruni which il is simple mtH«ein«T ..hr.. it n,- ■» i< ’ rrav > s - ,J * Simon Bales. 1U1 Paul uorccambe. 8J0 London s«npln»ny 6.08 London Sjrmrihony Orrhenu^: as | comedy theatre 
til control meeting (4-a) ** Dithering about mixing malt Burnell Inclndma 12J0 pjn. Xcwsbcat. Orchestra part 2: Proknfil-v ISV 645 Radio 3 iS». 928 Kaleidoscope. 929 I For' a limited 

\ goddess to 10 (5) beer (Si ZOO Tony Rlachhurn. 421 Kid Jensen The Luna Ochs. ’’ to' DcamoiKi WnR-Bcle Weather. 164)0 The world Ton isht. 1020 I July 16 

v> T-L, . io urithmir onmini, iiidodinK 520 XeustK-ai. 720 Sports igj. joaS Kenneth U-i=hion cello and T* 10 New* Out* f S'. WL50 Siranpe 10 

13 The CU»t of iuddlllg Warrant 19 VVltnOUt enoU„h waraing (7) Desk .Joins Radio 2i. 10J12 John Peel tSi. piano rraial iSj. W-T* Srii-s 11 flft. 11 .as Rrlale. LLOO A Book al Bedtime. U-15 

i.inii'LT back in old transport 20 Father mixed svrup for l2.m>-2. Ml aan. As Radio :. ToplutH's Schubert Soon on r-i-ord Thc FlnaoeUI World Tonndii. 1120 

(7) ancient writing material (7) VHF **«»« 1 a "fi a-S-W a- m - Wuh VHF— too Am. Open LnU.-ryiir 7J » Tod!ur ln Partiameni. U4» News. 

15 Mother In the ocean |4> 21 Principal first-violinist has to EfiLJ , «S“niS fiSailS: 5? S BBC Radio London 

IN Land tn.it Jlfs badly (4) glance sideways to take in WiUiRadioS. PJB . Aram Khactiarurran roncpit l .pu , i l 206m and 94J VHF 

20 No quarts here i4-3) notice (6) I s '- 1 f° Newj rac Ans wortdwWe. ssa a-m , ^ RjnlD - 4J o Rn!rt! Ho iir. 

2:1 T^ e hy some of 22 N°sed round Pu | e an d forced RADIO 2 a “ d VHF g* ^EXrt^ro^Koi io a 83S^S?'rS“ mb 

lerror.bin 15) open (6) 5JM> «.m. Mwi Sammair. 5JB Ray Llltle Light Music tS». 44B Debosur Sl „ n r^wit i ■■■,.„ 7 » niairk Lt.nrlitnm 

24 Apt peeler possibly for fruit 25 Consumed some of meat end- 
producer (5-4) lessly (5) 

2fi Th<? painter’s illness? (9) 

27 Bear piwtically through band- SOLUTION TO PUZZLE 

leader (5» No. 3,684 

28 See ~ across 

29 Board accepts motive that is 
treacherous (11) 


•mndiplty SJB Weather: programme 1 TonlBht - Ju ™ J aP’z.OO- ** 7 -° 0- Ju ™' E *' S VuLI^VfR-cciiD*'T l ’fe C *iLo Award ' ] CP ETTf' Lelr«^f»F Sneare: fwao 61 ji g 

— ‘ NI R!m.^ 4-M Uanv XI S*lin I THE INCONSTANT COUPLE _ prTfP ^ £D CtOSE ENCOUNTERS OP THS ' THfM 

Jun« 7 b B Bl 7 00. Juiio 10 at 2.00. PRINCE EDWARD rr nt dn J™ ^A). Seo. proas.- Dfv- DO«WS OQ** 

A WOMAN OF NO IMPORTANCE Rnd. j 11B =S- °J *45. Late M- *-•* 

8.0. June 17 5 30 lm* n an “ 4° *t Door* Ottn TT.15 p.m. All ««** 

lOMEDY THEATRE. 01- 930 257H |.|ir°7l' d a,3D ’ 0oe,,1 lnav ^ 

jS;*16 mltCd cn * , * mw,t Junc 20 10 EVITA- 55»pE-My£i q -A rrti : .723 "g iuzT 

ALEC MCCDWEH In PRINCE OF WALK rr — „,„T ySi 5?.°' “ r OBB. Mon.-SaL 

ST. MARK'S GOSPEL Mnns.. 01-9S0 8681. J 32' ' 4 -* s -.. a - 1s - Al > seats bfcble eytept 


June 21. 
evita 


r Anrlan • criterion, crcoii Cards, sio 32*16 . 1 LO )f£ MV wife 

UUIIUUII I Ewenings 8.0. Sali. S.3Q. B.3Q. Tliurv. 3 Ci . .’J'T.’rJt. Pp3!N A^KWITH 

206m and 94J VHF I noW 'J* ES [H pSECOND year LL JUS D : iK J E« r CL . EAN FUt *-" 

lo 5. 6 JO Rusrtl Hour. I _ - VER lr n J’t'i* T«I CREOrr XABO bookings B3B 0847 

SECOND HILA RIOUS Y EAR. O.ltENIS THEATrL. CcT'^T^iiT^ 

IRURY LANE. 01-836 8108. E.rry *res 8.00. W-rt. | Jn s- 5.Q i JJO. 


n (6) 580 a.m. Xevs Somman'. 5J» Ray Lillie Light Music iSi. 446 Debussy Slfln *Laok i .Bt. n' 720 Dlach Lund'uik-r? N £. 1 .. 01-B36 8108. E.rr> 

isumed some of meat end- bjo ' .^Thif i^ iosa Lai-: Nirfii '® ht a 00 a “chorus C L iNe‘' ^ 3 00 fahth 

| v /Ki kl5 Pause for Thought. 7J2 Terry 545 Open Univcroiy. 72# Huh H/*)- London. X2JW As Radio 1 12.05 aon. A rare devastatinq. Joyous, astonishing 

'■ ' Wwtan 'Si including X27 Racing BolleUn QueNion ThDu Irom die House of Com- s.unner.'' Sunday Timas. 


PWJs. Dly. dm. Sun. i 12.15. 2.45. 6.15. 

s&J^uass. si? hu '' smb 

art galleries 


=-__ _ , _. _ Quesiion TltDu Irom Uie House .. — 

and 8.45 Pare for Thought HUB Jimmy D x nl rt a znon*. UBLciosr: .\s Radio S. 

Yoong iS.i 12JL5 p.m, Hagsoners' Walk KAU1U 4 ______ 

la*. Pew fw» isi 434m. 330m, 2S5m and vhf London Broadcasting 

including L« Spores Desk. 2J# ^ David fcjS a-m. News. 6.17 Farming Today. 261m and 97J VHF 

Ham 11(00 iS) inrinding 2-45 «utd 3«^5 t ^>c jjn fa «ka Tfour including vpiff licsd- . , l duke of vqrvc m rtk _ citT 

Spoirs Desk. Wacaoaers' Walk, wealber. papers, non and prwer ajn - Morniiw Music. 6.00 A.M.: I Evenings a.ao Mat. wed. sat. 3 85'- 


DOWN 

1 Vi'uy vard accordiny to a bit 

»f puetry (Si 

2 What's iefl uut is nothin; lo 

embassy (Si 

Eye f, n unusual topic (5) 

4 Mean to suygest ho" - old we 
are ('7) 

5 Bury one Frenchman in the 
meantime (7j 

6 Commentary about a RoLls- 

Kuycc in race (9) 


SQECinQ 

ra- b -a . b • n 0 

[EEBEE1BB 0ES!3a0E 
• ra n n h fg , n . n 
UHEnQEBHBB SGIEH 
| "0 - S ■ D •• n H • 

rannEan QaanasHE 

S ' d • B-^.n • m 

0SE0S5EBJEJ HHnnQ 
11 ' E • B'KH -.':E ■ 
BH3!3F>1 HflWSBHissaEi 
kra : H ' H- Q- B- H H 
HESESES SEnEEBH 


night 8.00. MJlInce WM und Sal. 3.00. _ ANTHOMy OlIAYLC. ^ 

•A rare deva start 5J! S loyouif astonishing a ®5°° ACtl “‘?.«5jy^rt^ LDR, DCE D * V, ?am«- l i R, 2J, l-, ¥i T l f L > ,s 0i,l cLSil 

s.unne r.' Sunday Timas. slim PFM*ierT-S 'i, SWI igjt, Century Frevcft 

IUCHESS _ 8 36 ~B24 3. Mon lo Thurs “ COUNTRY i.l z'JSV M^S?* H?* Scu'DtUf*. UJ: 

Evenings 8.00 Frl.. SJ16.I5 and g. 0 rf REjT Piav «- F T«I VffAB ” 1 f >0 * 5 - — 

.. _ .. OHf CALCUTTA! P',«V ,nd J’jjv-r,! C-i-i-. Award N /. w GRAvrurj GALLERY, 42 OM Bond 

The Nudity _ IS slunnlno," Oally Tel ni,«M^i x* r«.irF"en Y/iLLILMS St.._W_ l. 099 iboo. miiu NASH. 

8th Sensallonal Year. . . .... STUDIO MEMORIAL • F VMiniTrOluV^ 

SSLS ^55- ja«. 


Toor bouTcrars is*. boons uesx. tm,, catL io.ua ,\p«-s inrac Heroes jV „ 

IIW2 Three In a Row. ID JO Thc Sleptoe 10 JO DailTscrrS-V* KW« E*l r “ wl,h '' drtan Scon - 


Evcnines a.OO^Ma^Wre sal. 3.00'. ' ^UL 5 M RTYMONS m i;^^ U ' K, ‘ ,, ' 5 1 W.:ere^n^“ W lOtbjg 

,h J ftA # LF!Ll , FE Clra ‘ , tloftcA 1 - " ! -Ill Sl^^VV 

Ky., ,, « r «^S. , S , n n . ‘^Airss SoeSvTHgAfREr-- — T ^r." “ 


v m v V "sees 4 * MJ sa 

5pKJSsa‘°^pi airsa ' 7 s”J*z js, 7 j “ ,v - »■»- 

tcp-pricc teal E7.00 _ ia " 7-0 -nc! . 9 -° 1 ■ ■ - — 

~3T6~ 2238~ EvsT*~ 8'00 . ~ Thur. 3 ~ E eaJ,,t - "‘S&F'&Eff ’ W- * »«■» 19. Cork SL. wX 

Sal. 5.00 and 0,00 _ _ A new mus.taL IQ M.i? 0 --FrL 1 0 0O--5-3O. SaL 


Sa«a. U.B2 Sports Desk. LU5 Brian Moral UK Siory. lLOO News. 1UB Thirty- Partita) Ratlin 
incroduces Rond UldotuM. » UJS Prattle. l£« Mew*. «a(UO 

IncludliiK 12.00 and U5 un. Sports hip p jn. You and Yours. Desert I94m and 95.8 VHF 

Desk. 2J0-2JQ News Summanr. island Disw. 12J5 WeaihiYt procranniw (LBO a.m. Graham proo'B BreaMast _ ... . 

news. U» The World Al V» Show ifi>. 9AB Mlchavl A3RK-I 'SI. 12JW I & \*tRioT THEATRE — cc — 01-936 4604 ' 5 V.W ^ V-" ' ct - up _ t lv - 

n i Tllfl -a 464 tti Stereo & VHF 11,0 Ardtcrs. X«5 Woman's Hour todud- Dave Cash iSi. 386 pjot. Romr bcotl «Sj. I (}} ajMM wro. 5.30 if So' R Monda5TftiurSl* °Vno J c? 

RAD 10 J 464m, Stereo &\HF N tws . 1« Listen with 7J» Undoo Today .*». UP Sei Book t| mothy west gemma jones SlffWV 


9RTUNC. 536 7238 Evs. 8 00. Thur. 3 
Muriel P.ijlow 5 !*? mTsS 0 i?ARPLES in 

MURDER*™* THE ,S V||aRAGE 

Third Greal Ye.ir 


'• Ciurlic jnd Ce»nl£.- Times. ! 

Show, uores in vona-..” D Tel. 
“Llnga Ttwrren . . a ri-y-i n:in “ Tuwet 
" WELCOME TO THE CLUB " E.N. I 


CLUBS 


D 1T»TA -a JEJm Stereo Sr VHF Tne AreUcTS. 1.45 woman s Hour locum- uavc USB ISI. >*|un. nw:i ■ -o-. 

RADIO 3 ■*«ffl,!>tereoac>HF Jn , SU0 . 2K! Wtws . le Listcn witb 7JM London Today isi. 7 JO sci Buok 
6-S5 a.m. Weather. 7JXJ News. 7.B Mother. 3.00 News. 34Q ijucstiooa to Repeal i Si— “The Careiakcr. J, UO Adrian 
Overture (S*. 8.00 .News. 6J5 Monun; the Prime Minister “live" from the Lore’s Ooen Line iS>. 9 M Nicky Home'c 
Concert iS>. 9J0 News. 9J5 This Week's House o (j Commons. 3J5 Money Box Your MoUn-r Wouldn't Like II (Sv. XUO 
■ 'om poser: Srtiumunn 'Si. MS Richards 4J» .\cnn7 US Gardeners' Ou..vrien Tone. Tour Myall's Laie Show ' ““ *•"- 

Piano Quartet iS.i. 6J8 i. uplines: ajs Story Tjrae. SJ» PM Report*- 5-*° Duncan Johnson’s Main PUeta iSi. 


DANIELS in 


MICHAEL KITCHEN J J am, &S «■«.«» ‘Iff *"* 8 00 t ? £ » :b ‘ Be « r '« 5!. 734 0557. A U 

■-nujyCPSSPffi nm -JR fiflWL-, ■ 

L E>JTL y ACT ED P nnnLV T frfi? ■ ■ ^7 C tm" „ .Bror Musical o! 1 97T. _ mav c qi Jphi,ny Hi ntoTO tm FrIemK 

oar B r i - "4& »*!!,» d-S,r“ 


i. 





17 



% 


. J ; - r ^iiafte3M ; ^3mes Tuesday June 6 1978 


IE’s a Woman’s World 


$ 

v 4ter7 

o Ulh ^ 

>h 

lift*; 

*H. 


■•-•v f > 


by NIGEL ANDREWS 


a 


in«s 1 ^ 
Alii 

b,>«? 

-fes 

1 

*k I 
5 

a* 

nc,ff 

7 n| i JS 
tUr «, 1 \ 

vA 


■In ■ a. d£St>eritV attempt - to get 'mirried). career disappoint- villjge in Northern Italy (circa dazzline' Nvriter- 

lmposc order and lope op the meats (she is ao aspiring photo- ISO"'; .?, nd J^{}.^g e jJp S presen " director Esben Storm has taken 
cultural whirligig that is a film grapher) and an on-off affair da> villagers themselves. to heart Godard's famous dictum, 

festival, critics often try to disr with a young student. The film o-mi made his name in me t have a beginning, 

cent- prevailing. themes -that has a throwaway humour com- lSG(-s with such tender-austere middle and an end. but not 
only .Ip their Fevered pounded equally of.J^ish self- 5 Uci-s of life ns ll Posio and n( , rWlwlf || V in that order.” He 


exist only .ip their reveiea paunaea equaiiy “i./'"? . ,,, s,1 £" 3 Dt “ ‘ , ,CZ neicssarily in tnai order. ne 

imaginations: Black power will deprecation fa la Woody Allen) i FidanzaU. and he employs the „ 0 «_ cllts between different epl- 
he touted as the. common con- gad .the impromptu, spiralling same low-key realism here. But and different time levels, 

cern one 'year, gay liberation confusions of everyday living, it the length of the film. so as first to disorient the viewer, 

another.- Third - World-' unrest- asb has a wonderful perform- radium colour photography, ana then t0 stimulate him into seeing 
another still ance--tDUSled,and iolie*Imde— by the use of music by Bach and s and connections that 


Metropolitan Museum, New York 


Monet— The Last Years 


DENYS SUTTON. Editor of Apollo 


uiuuicr 9U11 ance— tousieU' auv uic uw ui »■»»>. , — — , . meanings ana comiecuvu* 

This, year,' for once, the pre- Melanie Mayron in the main role. Mozart give the simple subject more linear approach would 
-ailing theme did not have to cWfriends got the warmest a majestic resonance. There is blurred. The film's story 

'--I for . or invented— receoUon of any film m the nn i-entral story, rather an inter- chances before our eyes from a 

and begged; to be Directors’ Fortnight In the weaving of numerous small ones-. „ t £ e thriller-eum-Iove-story to 

annes 1978 was the competition, the most popular a widow who struggles against Antonionl-tike journey of toe 


■ l 

ld 

sound^J 
should { 



vailing 
be searched 
it- sat up 

noticed. Cannes »io m*«u» Comnetiuon. xnc a * iuu» ««.« -—.h-- an Aniomom-utvc juumw — 

Year of the Woman. All the was Ferreri's Ciao Maxhio. the economic necessity of send- . Bora Anna really exist? 
best films In the Directors' Fort- ferren last exercised his talent ing iwo of her six children to „ j^e , S | X -year “void" m the 
night were about women:.. many iQ outage in L'lTttttno Donna an .rphanage, an old man who her0 - g nf e left his needs and 
or most of the Competition films f...hirh featured Depardieu’s self- hide ‘i a stolen com under a , u _ s unchanced, or must he 
had a female leading character: Luitiiation). and before that he hone's hoof (and then screams d - ujrt t0 a new life and an 
and women even went so Car in made bis overblown hymn to “ Thief ” at the hon>c wnt-n he almost ne w identity? 
pome .films as to try' on the role i# Grande Bouffe i-anr.ut find it the next day), a ~ h a t Anna seemed to 

of sexual aggressor. In Mark 0 Jg? ai«Sito-is less aggrer- man who is banished from the In sea jm} purposefully ori- 
Rappoport’s The. Sronic floute, a .^ - ce ,: T o B hock than either: village by the local landlord- me tb «■ 

girl propositioned by a man on ia--»hip- Him. coidnur fnr cut tide. down a Rinai 

a. side walk' responds 
- her ' would-be seduce 

ground and returning __ 

interest- with a vengeanec. In SEStacktOSomeTort Golden pose but unlike Bcriolum’s law S^pV^' gives his period tale 
Marco Ferren’s Cwo -S? Depardieu, the hero, finds it d-es not stand over the ftlm- g C ^ h P , {(..Aborigine half-cast who 

YBue Bye MovkevK Gerard ^^.^P a ™^ anionS hip in a goer with a big stick telling him a wnne i... 


So much has been written 
about Impressionism lhal it 
seems bard to believe that any- 
thing m° rc ° r ''snificance can 
he sai d aboul ,h<? movement. 
This is far f[,0Tn hoin S lhe casc - 
fresh fa cls emerge about the 
lives of the main artists and 
new interpretations of their 
work * re advanced. The time 
will soon he to hand when the 
history of Impressionism, like 
rbat of 19th century art as a 
wbole. will require to be re- 
written. 

Claude Monet an exception- 
ally interesting example of an 

whose career and art 


film in Cannes. 


artist 


non ay me ionneuL?> ui uir — - 

site sex) is knocked out as a ^L^^erTously^al’Tie i'mm:'ouiately draws the picture ^^“‘impre^e" was Philip 
-prelude to sexual, assault^ by a Trade Centre, of an age. and the audience is N ™ . Netcsjronf. shown in the 

group of ■ actresses. And one »« £ ^i SSs of a Wax left o draw its own moral and s ^ tion 0 f the festival 

film. . by, Finnish director Jorn t0 Ancient politi-a! conclusions. “market." This is an energetic 

Doimer, even. boasted the title SgJJ?#^2j“Sardimi works Tb- collective revelation of a ^” a fascinatingly detailed 
—rashly provocative, one would History fwhe P nostalgic . (:anncs festival was the acpnunt 0 f the work of the news- 
have thought— Men . Cant be J} or y that was Australian entry. For the first a £ pl pomnanlcs in post-war Aus- 


-ftaped. 


WY 'SSf 


. a -S 
■5n 


V-- Eb.:* 


Amale critic obviously has to in the Mali 

tread carC£uny ' tiiropgh ■ the Italian lion (Fred Scheplsi’s 


And the ilme cverT an Australian director |rai‘j a Y"'of ' their ' camermen's 

Main Compel i- p0Mrage am j ruthlessness in pur- 


ureaa caxeiuny — . . *. - r ._. . n i_„ 

guerrilla country, of present-day troiamu, is an a King 



ru a 






The Chan( S nin oC scoop material, and of the 
gradiia! erosion of their profes- 
sional lives by the rise of tele- 



vision. , 

No festival round-up is com- 
plete without a short- l isl 0 [ 
curios and collector s pieces, 
those films that are not quite suc- 
cesses nor exactly fadures. . but 
which in a. perfect wovW would 
come to cinemas for curiosity 
value alone. 

Norway’s The Offering rambles 
through its minimal plot about 
? middle-aged married lady liv- 
ing through the heartaches and 
sexual insecurity of menopause, 
in disconcertingly degage a 
manner But the mixture of 
pathos and offhand comedy 
slowlv wins one round, and 
Marie Takvam's performance as 
the heroine is a masterpiece of 
plump, fuddled, touching bemuse- 
ment. 

Two exotic disasters came from 
French directors working in 
America. Louis Malles PrettS 
Bob ?! Is set in a New Orleans 
brothel at the turn of the century 
It tells the story of a sexy 
twelve-year-old (Brooke Shields) 
who Is the apple not only of her 
prostitute mother’s eye (Susan 
Sarandon) but of mostofthe 
brothel clients as well < ‘Deluding 
Keith Carrartme. who whtsks her 
off midway through the film *? 
live with him). The story is su£ 
sub-Tennessee Williams, and the 
_ Deep South accents deserve an 
ie Blacksmith), and at award for hideous tenacity, but 

a .dozen other films toe film \ B not without ijsintej 
„n Under made an m ;ttent — and often inadvertent 
ewhere in the festival. — moments. 

an was In Search Qi aude Chabrol's Blood 
intend to go on has one redeeming 

- ’f emihlst , tQ^ .quasi- the women; Depardieu s gri- v, a Tag sin B ' English distributors mer j^ only: the rangy, sombre 


seems t 50 familiar. In fact it is 
only relatively recently that the 
details of his life are becoming 
known. The fact of his mttacfje 
d trois with his wife and Mmo. 

Hoschcde only became properlv 
realised with ihc publication of 
the first volume of Dame! 

Wildenstcin’® honk on the artist. 

Much remains to be written, not 
only about his later life, hut 
about bis psychology. 

Monet's painting has been 
shown frequently in recent 
years As Tar as concerns the 
US_ Monet has always been a 
popular artist, and he was 
admired there in his lifetime 
For many New Endanders at 
the turn of the century. Monet 
held a position rather analosou* 
to that occupied by J. F. Millet 
a generation earlier. The nature 
i of the rapport _ herA-een 
I Americans and Monet's paint- 
ings may well lie in the sense 
of mysterious space that often 
characterises his works and 
which also occurs in American 
art— Whistler's nocturnes, for 
instance. 

A decade or so ago Monet was 

SStoMSlMlns. a ThL r ~S” D cH.im flowers tbst chansefl will i «>e ti0 "7 r ;; m - namr[ . Thls i5 evident processes: tne 

s Shown by seasons. The second contained ^ straig htforward pictures pressiomst in turn beiame a 
ibition do- ^ famous water-lilies and the Seine and even some of symbolist, an art nouveau 

voted to Monet at Giverny. now j apanese bridge and was thus a those representing the Japanese desi g ner a nd an “ expressionist : 

Museum of ^ contrived affair than the bridge: it is no less sojn_ those jn each instancet he turned to 
Art. New York and later to be * 


Claude Monet’s ‘ Waterlilies and Japanese Bridge ’ 


artistic 


Monet derived intense tospira- ^"t-garde im- 


on view at the St. Louis Art ^ Mirbeau . lhe 


at The Metropolitan Museum of " Z-l "contrived affair than the bridge: it is no less so m muse jn each instancei he turned to 

One of Monel’s friends, in which the ennfeml .Intioo. nnd [or 

Museum uciave Mirbeau. the journalist ™ em t ° rl ’ r ^ te N , 0 lour harmonie S Manet was also in accord with 

mie exhibition is clearly pre- and novelist, was also a keen m discords— powerful reds and uaduion. T“ e r0 Sndef Wo^er- 

S “w York show tantalus "MVCSinl- STl^jmuld^u^-n 

SfJhiT’Snta f.“r*™m Gardens’ arlS'oTo? wSfksp a^ed l^ s itoShln”; S plSJeriy undemood if, he J. 


is ana uujci k--_. — ;ru. ne a : i — ■ • ■ — .... 

effectively in New York than in from the ISSOs onwards. Thus Ho could produce exquisite mood placed m toe nradition of Vouet, 
SSr It has an excellent cata- it is possible to see the way in plctltres . such as those of the Boucher and Fragonard Monet 
2X w Vth a preface by Daniel which this fertile artist evolved g eine done in t he 1890s tbat the adventurer *m* « lso Monet 
■?®P? w !^r __j ...;u enrr.iv ..... an vears. and to assess bar k hack to the idyllic canvases the traditionalist. 


Artists — Waener and conscious that he was not quite £ uaSm ae (1902). Other more a l0U ch ». - 

dynamic arti. others— who such a spontaneous artist as v j b rant pictures have the ability to offer visual pleasure 

wereWPical of Victorian civilisa- might be suggested by the lyrical rfaytbm ical surge of The Rite i ay in his S ,fl 'jJ I1 f onv S f a 
weretypic quality of his early ".ork. Monet Spring . Some of his paintings passion for CO ™L ^ e , J* J 

ti He moved to Giverny in 18S3 was a typical French arbst^m ^ ^ Giverny , ardenS done in magician ^ h ° ic ‘ ea J ch U \ Q ‘f V 
and lived Uiere [for the rest ^ou Id 'control design the 19'20s possess the sort of eKpwted tones are presented for 

his life. .As time e • and \. 0 ) our this was even true intensity associated with land- l( . jr de i e ctation: we are made 
became m cr e a si n J > a t Ira cted J “ h 1 d of his long ca reer. capes of Soutine. free of floating colours. We can 

by n £w h hffol-?iuSo n in when his effects became exhibition shows that by Uix - ur i a te in this oasis, a a are 

#tSSr *** «' a ****** “ 


tion. 


OaoMasch 


|4* 





Jewish rSnd Prix winner, was also J^o the bands of the police. (Step hane Audran speaks fish- 

-SSSf ” oung " 8irL 



the scenes of violence. 






. . - : .'~ K ' 



I iHC-f 


1 p " i; 


P^it 


Chlri^5hu^ : 

•t^R01sSl:D ; CRI CHTO N 

i way that 
.dashes -in 
Coronation 

an^'^garly. isTnditlng ”). 

DiTit DomiraiS> 

RidmdvHJblw** ' 'tiimshaily .tdtog;-. 

-nnnoert& c -^otlay- -.yMM* . •• 'Bach (The- motet .Smget » 

-.a^agiSsSSisE’saysH 

vfehttire. -v'd.eseryes.r;. --.Sjlverthoiess:: the emotional cow 


Festival Hail 

LSO/Abbado 

by MAX L O P P E R T 

uiwr V ^om B Wamw I1 on E Suu^y a jolin ien Shiriey^Quirk^^dartJy 

iZ'!£jSS^JS » randidate for the role of Schoen- 
iSbadTharS^over the con- berg’s Moses) that the musical! 
ductorship of the London Sy^ -d^atic vdues of^e piece 

tbere^ums when 1* ^excufe 

saws S5 

conviction that all Schoenberg 9 entire i y idiomatic 


■ m tij e "Y. 

IA ■- i 

5 




'■ ■ ' v'iAr ^ ' Y':-' : 

Ck'| ^ "' r " ' _ 

" .. ■ i .rt. 1 

LE8 ,£ ! 


iCvtUAii . . . 

wwe“drawn ft™ 

' sounded. 

■--.i". The.^ 




Atlanta 

arcs. 

[And to New Orleans without changing planes.] 



.^asrs^Mfs-s &,sa 

'tfSSS SSTBff’SJiSlfffi ease 

®=^%?VS5 t&g&sSS 

4?S'i=al ” 5nc^ find ueily SSS «% on ^ ^ 

gvmtJ 1 and concentrated oddly withdrawn, 

jrrr. 

-mSSSrtoble 7 oue^ons at the In the A flat mum of *e last 
concert devoted to movement, the performance sud- 
■^Srt and Chaikovsky- It y™? donly fell into place-almost too 
rto.'the, credit- of Abbado, the LSO late 


as ^ 


DAVID MURRAY 


Budget or Standby Fare 

Peak APEX (Advance Purchase 
F.vrtirsiorO Fare* 


S260.00 £326.00, 


22-45 Day Peak Excursion Fare t 
Regular Peak Economy Fare t 


£307.00 S372.00 


S: 572 .00 £512.00 


& 735 00 £706.00 


Regular First Class Fare 

' Effective until June 30. Higher in summer, t EiTectiv? unUUune 14-Higlicr m summer. 


; % - "’Ij - " ir wa^l’s^ibrtinc her' the Nash players piano-part of Webern’s arrange- 
:.‘th^-:P>afiS^ -KSS ? £ * V * L discreet hud delicate as meat of the Schoenberg Rammer- 

{Stravinsky they had been symphonic J individual mentions 

aggressive. seem invidious. At least there 


Piaytng. Of is sufficient excuse for praising 



Delta Air Lines introduces the first daily _ 
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and Atlanta, Georgia, the capital of Americas 

You leave London at 12 :10pm and arrive in 
Atlanta at 4:25pm. After a brief stop, the flight goes 
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through service to New Orleans. 

Coming back. Delta leaves NewOrleans at 
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and arrives in London at 7:20aiu. (All times 

And you don’t pay apenny more for the 
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Except for Standby, you can select your seat at the 

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If you’re flying to other U.S. cities, no airline 


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You have Delta-to-Delta connections to 
America’s Southeast, Northeast, Midwest, 

Southwest and West Coast . TTnKmited 

Fly to 76 U.S. cities for £lb2 with Delta® Urumuted 

Travel Fare. For those wishing to 1 ? 

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srlp * con “ rt - 














IS 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams; Flnantimo, London PS4. Telex: 886341/2, S83897 
Telephone: 01-248 8000 


Tuesday June 6 1978 




financial. Times Tuesday, Jane 6.197S . 


Labour Costs of Chemical Industries 


»• 

i 


giant at 



Profits, wages 
and investment! 

THE RATHER satisfactory stocks, attracts 


investment rates- Corporation Tax. 


By KEVIN DONE, Chemicals ■ Correspondent ■. 

L EADERS of the West even harder hit, falling by some turned out to be the be& part .with losses in commodity '. 

German chemical industry 20 per cent in 1977- compared of the year and it was in the plastics of DM 20m and in re- 

have not yet begun read- with the year of real recovery later months that the rot really fining of . DM 155m Shared the 

ing the tea leaves in their in 1976. -The industry in recent set at This pattern went against general predicament,' ■ Buts two 

anxio us search to discover months has been characterised all t he p ast experiences of the factors have especially exacer- 

whatthe fu tur e holds for them, in important sectors by plants industry, - which has tradition- bated the German problems— 

But in recent months they have working well below capacity, ally enjoyed :a gradual increase the steady apreoation of; the 

I been pursuing the more normal heightened international compe- of business in the first half of D-Mark against most ether macentlcals. which now account marked 5700m. for capital ex- 
methods of forecasting ■ with tition, a steady erosion of prices, the year* a pause in the summer, currencies and particularly? the for some 16 per cent of its penditure in the U.S. alone over 

especial fervour looking for and rising costs. But perhaps a major pick-up in the autumn, dollar, and rapidly moux&ng sales. the next five years. The most 

- - - — - v ' * ~ * J ^ labour costs which have taken — ■ - - -- ... 



stewards at the weekend are certain to nse if profits Jo exjrorter mid impoiterof attracted by sales in a hard- £!???«{£ *e lab<mr cos **’ the ^.^ I1Be auMunting last year to M4400m. gives an idea of where invest- 

on the face of it contradictory recover. Unfortunately currency market. 5JS, benefits and social costs that are indeSfte industry's general ment is likely to flow. 

As BASF, 


developments — one a promise ment made in such circum- 


for the future, and the" others stances, which does not neces-' Germany has not been accus ‘ 
a warning. Both, however are sarily reflect an assessment of 

really aspects of ft. same thing: future prospects, may also pnm\^SLJrSa^^JSSnZ ££^~pru£rfly' 
the recovery of Industrial profite relatively unrewarding. The *** production b 


stanc^wKch 11 doS'not 0 nccei German y has not been* accus- -As BASF, another of the offteyw?” JSv research Md.di^opment eff ort To the end of 

sarily reflect an assessment of tomed to having to watch ner- German chemical At this point he is deeply Si ?, *** not flagged despite falling capital expen ditt 

furare orosnects. every decimal point of pou>t^_ out: In a number (rf yj mdiatrylabgy costeintetf profits. Cheimcalsncwacreunt- had totalled DM! 


overseas, 


Confidence 

The investment intentions 

figures themselves confirm _^_ L . „„ j a , 

those produced by a similar „i ,, p r 



SSWta" months ££ SToo the wbo.e Weetem 

nf l9/i, and suggest on the economy was suffering the 


^.SErSS, repeating flovenunent where this growth Easter was very early this ye« agreed 
.[the pattern first set in 1975. 


face of it that industrial confi- | xpectec i r k e of over ’ 2 q ~“"l wors t of the dislocation result- 


likely 

of 1977. BASF 
expenditure overseas 

of a — r — * ; rr^r* “r profits. Chemicals now account- had totalled DM258bn, equal 

- . . v -. growth of sales by more than 2 f° r aboxrt <*nt- 04 the to about 12 per cent, of BASF’s 

me icLu.nj u» inausin«i proms ~~r w growth. export prices had to be adjusted t West Germany zne figure had whole research and development total recital expenditure during 

from their dangerously low kT®*™* ^rEfiast « years have deli- to levels that ddd not provide p fL cenL or * tte 111081 3 P® rased to |*10.p. Direct Mp are West Gen nan industry, those rears. North 

levels of recent years. Profits “ 1 ** *“* ** *** vered a conriderable shock, adequate returns for us. These . ■ . ^ M^er in the UA. hut the It ^ ^ that the -industry's America^ad taken 81 per cent, 

finance investment: but they **??!: . imports last vear rose almost exports were maintained to hold And yet the industry is t a king West German industry is most increasingly lie and Latin America 14 per cent 

also, and especially in the 3 - trQngly . m twice as quickly as exports, the customers and to secure employ- breath. It cannot be put con- currently paying farther ^th j te technological skills. The For the future BASF says that 

absence of inflation accounting SS^o^a^'K/ixSEf ST Sn^fae 7 cS xuent in Germany where more Mfr yet,» rays Dr. Monde, amount «pnralent. Jry ^GmStKiS miy pruduS ^tti^frem 

provoke wage claims. If such welcome to me fact that invest- ember anythin? of the sort 111411 J** 1 * of jobs in our but the atmosphere is hrtter. quarters of the banc wage, in ^ te ^ around its three Germany will increasingly be 
claims were conceded, any ™nt « ■ i s «covenng ™ operations depend on exports.- There is the feeling that things fringe benefits and sodtl costs. JL “ wmpaS Hoeehst htth^L^SSiSm 
benefit From the profits recovery strongly. For manufacturing and Lodati^ tVCTliSt For 1978 the West Gennan have been as bad as they can be In the U-S. the addition a only an J° three offte ^sfworldSd?in ft??heSSJ 

zssn .Tszn, z 333SS sswszvszz sr sm SSSSS 

management an d nn.on, EZS. TCM 52LS E-St £=. tS. ‘=5^5=2 *S S^LSS£ tt%£V£!SSSSi 

have been importers 
low-cost exporters 

indyt ot yg WCAIiU1 J' me uiv. wigiuaiiy- ui cneijuudis. These moves “can 

usuy j ormed giant Gennan chem- only be offset by a continuous 
icc&ls company 2G Farben which flow of innovation in product 
was broken up after the Second development and process tech- 
World War. ' Just as Exxon, oology." according to Dr. Erich 
Socal, Mobil, and other parts of Henkel, the board member 
Standard Oil have grown up responsible for operations out- 
each to achieve a standing side Europe, 
rivalling that of the parent, so with major takeovers, such 
Hoeehst, Mayer, and BASF each M seer’s acquisition of Miles 
now play a i m*jor separet erole ln ^ pharmaceutical sector, it 

that -the German indus- 
To keep it up. they must tiy » s interest in the VS. has 

■iSL^S^SSLS 1 ’SSLm, « ached a new degree of inte «- 

m ° re sophisticated products, S |(y jjj f act t he interest is long 

‘ P fhiS *“'***. « Gerhard Bit* 
^teerlmd the eaunple they ma Bayer's board member for 

S North America, points out -W e 

ran * Slobal business and this 

rSSSi,? ihS? receives calls for a global stra- 

ro^odity produ^ of fibres, tegy . It ^nnot be based on 

changes of currency or labour 
f»m one week to the 

^ ur ®: next" Bayer now has 25 to 30 

Is the direction in which we ^ cent of ite oa tsjde 

diall go. It is no longer a qyes- G ennan y, more than its domestic 

SSASSS 0 ; competitors. But Dr. DHtrnar 

ftat the ™ hM n0t 

w ***? recent shift of invest- 

"SJ? h ? meat strategy- “We shaU con- 
smaller growth rates. I think ^ ® ^ 


trast between real growth and 
financial nervousness 
became marked. 


tty are closely affected by 
events in other branches of in- 
dustry both at home and abroad. 
““[For decades the chemicals see- 


growih is rather faster, with an * econom y 

dence, once restored, is a good cent^roz/tbe °1 976^^0 ln ” from ^ 0PEC oiI embargo, 
deal more robust than confi- £bJc 32 "«f “he Blrt f or an industry that con- 

dence in the financial markets. , companies-butthT^StaT sidered 1975 to be only a tera- 
Politicians have indeed indulged volume is^tiU weU below the pora iy aberration, the repeti- 
in a good deal of moralising on partiJ JecmSTIf tim of ^ »”e malaise “ 

little sign of outright expansion . L ^ 

but at ,east I >otentlal productive ftf ^5 n0 iS«?chSS^lI3S! 
1 Mr - efficiency chould heneflt of the German chemical mdus- 

Edward Heath was Prime efficien y snou,a benefit 

Minister: but there is much less Stability 
in the contrast than meets the _ a 

eye. Investment spending has . ^ e . ure . danger Df g ui ucvauca laic ui^uutaio ovv- 
become more and more a reflec- ^ de ^ 0 ass If s The nrevioM tor **** outperformed the gen- 
tion of the flow of investment “r e pr ^ 10 “f eral economy and has derived 

funds thrmivh retained earnings f “X, est ^. ot a disproportionate benefit from 

in an earlier period. The of ?n fl a«nn fl rS^S^ ** range of industries it 

market reflects estimates of the ]?. . serves. But there is another side 

same flow In future. Investment “ ®; ™ r *J ““{J °J“ S P 0 ?L^ to the coin. When the whole 
Innk. hack to the profit Sg £ ffi Wes,£rD ec0D0Injr fa,tered - tte 

reenveo’. the market senses the J^ter JSSrifflOB 1 inflation decline ^ as especially magnified 
inflationary dangers. and unem p loyinent seems to in the chemicals sector, which. 

In a healthier economy have undermined shop floor ™ ore ^ most * serves other 
industry's spending would be support for the sillier forms of “dustnes rather than the con- 
determined much more by its militancy, at least for the time sumerjUrectly 
own view of the future than by being: and thanks 
the availability of internally 0 il, real incomes 
generated funds; but inflation rather than falling 

and high nominal interest rates very limited comforts. 

have virtually cut industry off only be when financial stability development or is it the 


PERFORMANCES COMPARED: CHEMICAL INDUSTRY 


AND INDUSTRY AT LARGE IN W. 

GERMANY 


CHEMICAL INDUSTRY • - 





Jan/Feb 

lan/Feb 



1976 

• 1977 

% change • 

1977 

1978 

% change 

Sales (DM bn) 

843 

85.9 

+13 

14.1 

143 - 

+03- 

Exports (DM bn) 

34.6 

35.4 

+23 

SJ 

5J 

+03 

Imports (DM bn) 

173 

■ 183 

+43 

2.9 

33 

+13 . 

Production Index 


- 





(1970=100) 

1313 

1313 

+0.4 

■ 1335 

1353 

+15 

Output Price Index 







(1970=100) 

13X5 

- 133.1 

' “03 

1335 

131.4 

.-15 ' 



INDUSTRY AT LARGE 



- : • 





Jan/Feb 

Jan/Feb - 



1976 

1977 

% change 

1977 

1978 

% change 

. Sales (DM bn) 

804.1 

8443 

+53 

1295 

135.9. 

+43 ‘ 

Exports (DM bn) 

256.6 

2715 

+65 

403 

42.7 

+45.v 

Imports (DM .bn) •• 

2223 

. 235.1 

+53 

36.1 

383 

+53.. 

Production Index 





- 


(1970=100) 

110.1 

’ 1135 

+3.1 

1095 

1105 

+ii- 

Output Price Index 







(1970=100) 

140A 

144 A 

+25 

1435 

1453 

+13 

. Source: Awe. of W. German Chemical tat}. ■ ■ 



ten years.’ 

Investment within Germany 


in 


— uc llu-ui;iia aMWUll - - ^ According to Dr. Wolfgang the only straws to clutch at figure when on'a pubtic ptrt- become more specialised. 

from any external source of is restored, and when industrial start o f a Dew trend? Merely Munde, director-general of the “There is now an amazing fonp. But in private they agree tj .1 other inevitable wav auvcaiuiviu wiuuu uci iiuiuj' 
Jong term funds (except management can control its Poising the question throws the German ChemiMl Industry Asso- attention paid to small details,” tha$. th^ could hattDy. have f orwar i hurreasins invest- 1 ^P uId t Qta l D M 5hn to DM 6bn 
Government support for lame costs, take a long-term view of worries of this industry into nation, the industry is aiming says Dr. Munde. “Some years ‘hoped.’ for less. Settlements in ; Lnf nrarveas. Alreadv a eon. year, according to figures 

ducks). Inflation has also made its investment decisions, and shar P relief.” this year to match the growth ago ho one was interested, such ^ther sectdtsha^est^llshed the - x navai- .^ ^derives ■ froni the vt3 » and must 

the future real value of financial present accounts of its current So what is the current state ? f general economy.^- which figures were only for academies, politically acceptabte increase «« ___ certt of sa w frOTn be combined with the impres- 

securities highly uncertain, and performance in realistic terms, of the chemical industry, one of 15 not expected to be above S bat now it’s a question of of 4^ td 5 percent .and the TL,?zL J nd anofhS «ner cant riv? total spending on research 

securities can only be bought that it will be possible to take the traditional powerhouses of per cent But even tois modest security.” chemical companies were cotv ^L p „ overseas affiliates- Over development of DM 4bn to 

mu of raxed income: investment unraixed pleasure in good the West German economy. Last 8J“ ““JJ f™ ve u mmcnlt, con- Many of the dlfficnlties ex- tent to fell in with this pattern, n ast 18 months the overseas With one of most 

plant and, since 1974, in investment figures. year production grew by only sidenng that m the first quarter peT i e nced bv the chetaical Clearly, witii an industry as inv^nehr effort of ' all the- h ** h ^ rationalised chemical 

0.4 per cent compared with an * re yttmated to have fal- jadug^y are dot specific to West diverse as chemicals, the recet- chemical majors appears to have industries in' the world. West 

average growth for the rest of ) en some - per cent below the Germany. The rest of the sion has not hit all sectors been ^ epp ed m Germany will learn to live with 

manufacturing industry of 82 1 ™. *?- JJ-™ 6 first “^.industry in Western Europe equally. Particularly in the high hf \ h « mn L ^ sniaUAr growth just as it coped 

percent The sales performance months ,<|f 1977.. bas been equally hard hit by technology speciality products so successfully with high 

of chemicals fell well below the It V at this stage that the overcapacity, weak prices, and- West German companies are ~V ail Y® <*em and . “This. level of invest- 

indus trial average. Increasing niceties of statistics take over falling demand, particularly in more than holding their own. ® ent W^esta things are not so 

by a mere 1.9 per cent compared and tiieir interpretation depends the petrochemicals, plastics, Hoeehst* currently, the largest mvesnnenx, nas receuuy u o i black,” says Dr. Munde, “you 

with a rise of 5 per cent in as much oh the optimism of the and fibres sectors. Hoeehst chemicals company in the world ou * ®.° w ‘ Chemical s share in can be sure there will be a 

other sectors. individual as on definable trends, with worldwide losses in fibres in terms of sales, had consider- their former 50-50 joint venture, normal development an the long 

The industry's profits were fa 1977 the first three months Jast year of DM 241m, BASF able success last year with phar- Dow Badische, .and it has ear- run.” 


Price freedom 
in France 


M. RAYMOND BARRE, the 
French Prime Minister, has 
never made any secret of his 
belief that France couid only 
he restored to economic health 
by a steadfast policy of coun- 
tering inflation, and above all 
that such a policy could not 
he accomplished overnight His 
initial success in curbing the 
Tate of increase in the con- 
sumer price index was enough 
to give the government a solid 
victory in the March general 
elections. Since then however 
he has articulated a number of 
applications of his policy which 
are unlikely to seem, to the 
man in the street, to be com- 
patible with his anti-inflationary 
aims, and which also give a 
low priority to the reduction 
nf unemployment. The govern- 
ment's popularity will he on 
serious trial during the next 
few months; whether the Presi- 
dent will be prepared to stick 
to the present economic strategy 
long enongh to make it work is 
open to speculation. 

Centrepiece 

The decision to remove the 
price controls which has since 
time immemorial been a centre- 
piece of French economic prac- 
tice is reasonable from a num- 
ber of points of view. The 
prices of certain public services 
have been held down only at 
the cost of substantial state sub- 
sidies. while the controls on 
private sector prices have arti- 
ficially compressed business 
profit margins and may have 
prevented new productive 
investment Companies’ intern- 
ally generated investment funds 
have fallen steeply in recent 
years, while interest charges on 
company debt has risen equally 
steeply. Last year foreign sales 
accounted for 50 per _ cent of 
the nutput of St. Gnbain-Pont & 
Mousson. and 94 per cent, of 
its profits. There is an obvious 
case For gradually allowing the 
private sector to rebuild its 
profit margins, and for encour- 
aging equitv investment by 
ordinary shareholders. 

The French unions may not 
take quite same view of a policy 
intended to improve company 
profits, while a firm control is 


. kept of wage increases. Already 
the April price index has 
shown the first signs of a 
quicker upward movement, even 
before the removal of price con- 
trols started to bite, and there 
can be little doubt that the next 
five months will witness an 
acceleration. Mr. Barre's policy 
is that wages should keep pace 
with consumer prices, and that 
the underlying inflationary 
pressures should be kept in 
check by credit control. 

Unemployment 

Until recently the trades 
unions have been remarkably 
quiescent, but even such an out- 
standingly moderate leader as 
Andrd Bergeron has started 
warning the government that its 
policies are beginning to arouse 
opposition- The current rash of 
strikes, notably at Renault may 
die out, but it would not be sur- 
prising if the industrial situa- 
tion became rather more 
agitated after the return from 
the summer holidays. 

Left to himself, Mr. Barre 
would no doubt be prepared to 
ride out agitation and opposi- 
tion with his usual phlegm. Hie 
president, however, may feel 
that he must, sooner or later, 
give some concrete expression 
to his declared aim of reducing 
unemployment, as part of the 
“advanced liberal society,” and 
it will be interesting to see 
whether he decides that Mr. 
Barre's rigorous policy needs 
softening. 

But there are other, more 
fundamental questions which 
are raised by Mr. Barre's econ- 
omic policy. The removal of 
price controls, and the parallej 
decision not to rescue lame 
ducks or declining industries 
merely for the sake of 
maintaining employment, seems 
to suggest a Iaisser 
faire approach to economic 
policy which is novel in 
France. Does it also imply a 
fundamental shift away from the 
habit of state interventionism 
which dates back at least to 
Colbert? If so, it would be 
doubly interesting, in as much 
as the record of interventionism 
in France, though patchy, has 
been far more successful than 
in the UK 


MEN AND MAHERS 


that the analysts’ report talks df one who led in the. Loch Ness teaming up aganL.lt was- little 
selling water at 15p a pound. - Monster. But the premium on loved by -the critics. Mawkish 
It was explained to me that “ r ®P° rt edIy con- was o ne comment ;tb me today, 

the water was injected into the siderably higher. The film must “Cecil' B. de Mille twenty /years 
, , meat as brine, and that the bave c ° nvmced somebody, some- too late” was another, 

thing cut off a large shoulder essential virtue of de-fatted. where - 
by a chef in a tall hat. the time square-shaped ham. is its ease - • 

has come to revise your ideas, for cutting: “The market has . 

This news was given me yester- been developed for 15 years and A little average 
f by a spokesman for the the Dutch led the way.” • 


A long way 
off the bone 

If your vision of ham is some- 


day 

[ Bacon and Meat Manufacturers 


Muslims' condemn any attempt 
to personify -their venerated; 
There is a deep Islamic taboo 
about ■ this— and ' this .in."- port 


A word to embrace an £8m error . anger - today at 


to discuss the current excite- 
ment about the amount of water 


So if old-world ham should ^ bei gj ven a deal ^Ported- mova fa^dke^ film 

be waved^farewell we can per- play tfas week by Manufacturers 

baps look forward to a less Hanover in' New York. It Is a W att * I> ' 
that should be added to the pro- SS5JZ. overage.” An official of the ; ■ . . . . - 

duct sold in plastic wrappings. £££* ehidSn^ ?mifi ^is Jms 4,50 put !t more jSSS, 01 Is! ; 111 death 

Accordina to the Association of fdJ!, ♦ indu f try J* graphically, “Somebody goofed of Mohammed and presided over 

PUWAmM add the fasti- . a.mdssj ve expansion', of the lands 

tute of Trading Standards, in a other things declare tfaatrthf: The overage happened when . SSnE^^SiSc 
new report, the product should w?ter content must * notabove tte hank sent outon behalf of 
be given a new name because it 7.4 per pent. “Occasionally a American Home Products Corp- . JSSJ,? 8 
is so unlike the old-style York TO gue carcase will absorb mod eration, five^ cents a share too cKSf 'bt to£ Wq JtmS 
ham— and because it contains on while it is being chided,” I hiuch for the .latest .quarterly iSSS-gLuS? MnSSmnSfS 
average about 15 per cent water. was tn»d. “But that £ the dividend: Seeingthat there are 

l" Any suggestion that more than 150m shares, a con- gfiSSf SUS^SSS 


average about 15 per cent water, was told 

The very idea of searching for exception, mjy suggestion mat ■^ w ‘“ «««• * injure the feline< nf m m;nne 

a new name dearly pains the the chickens are “bounced si derable ’ tremor . has gone 

manufacturer’s association, around” to make them absorb through Manufacturers Han- mount to nra- meJitat^H 
“Modern ham is very different water during spin chilling, was over. Messages have gone out a _ d manif ju io W tn 
from ham on the bone,” I was clearly shocking to the mad at to all 78,000 happy redpients j^ t „ SrZv* wSSp 
firmly told. "When the house- the Federation. .of the unexpected largesse, 

wife thinks of ham, it is what One crumb of comfort fa-this h St^ lld b&Ck ** the' crime' only covers fairite to 

she buys in the supermarket.” watery debate: I wa s assured overage forthwith. ..the Christian faith. 

The association reckons that 18 that the water is always veiy •wiil they do it? ’ The- bank 

per cent water is acceptable, clean. At 15p a pound, you says it is rather early to judge, 

and regards it as “unfortunate” could almost regard it as a since the “ sendit' back “ pleas R!« h^llnf ‘ 

r — bargain. only went out at. the weekend. .**•_ . 

— - : : " There is confidence, however. Lest my .-note yesterdiy about 

^ . that tiie shareholders will Nigeria's plans for returning to 

Canny Scots accept it is only human to err, civilian rule may have sounded 

rw ..ruLTrm^tixji — . pven in the best-regulated bank, mildly sceptical, I hasten to add 

the 6 renseqaence of But Jf such hopes are ful- to my findings from browsing 

Jho ^lose ^Encounters of filled, regaining the overage will through the tender notices pub- 

_?__vL , _ rd _?! nd has b ce n „ to cost a fair bit in postage. lisbed in a journal called Africa 



raise inseraace rate, # u,,f., OT a tair “ t : Sn postage - 
The premium In question was ■■■■■■ *■■*' . 1 
for a policy taken out by the ■ 

Cutty Saric whisky firm in case UnWeiCOmC 
ararone should claim the £1 m _ ^ _ ■ 

prize which they are offering fflcSoagC 
to any finder of a UFO — nniden 


journal, called Africa 
Gazette. The Nigerian. Federal 
Electoral Commission is calling 
for the supply of 300m manila 
envelopes, measuring 10.5 by 9.5 
cm. It is. also looking for various 
other impedimenta of elections. 


“ His World Cap Fever seems 
to have been replaced by a 
touch of hay fever.” 


l ?-“ 7 “ n . der °£. a UFO— nniden- a wave of outrage greeted that including 150.000 rubber stamps 
ufiea flying object. The policy “ authoritative " American film and 3,000 Tilly lamps — “ usual 
is carefully worded confound-. 0 n The Prohphet 'Mohammed conventional tropical type”’ — 
lng a few lawyers and mast called “The Message.” But for. use in polling stations'way 
trickster*: the device must “be nothing daunted its makers are 'out in the jungle, 
proved Jo have been activated to now setting out to make a It a n m-fce- th<> nrwu „, im . g 
arrive on earth from beyond follow op— and are he“ff f 0r direct elections to^?EtSf 

^° S “ S^s ££Z iesb ^ by £dS2££?S£SiSS 

Some years ago Cutty Sark The Message saw that couple 
took out a sjmilar policy when of Zorba-the-Greek fame, Irene, 
it offered a similar prize tfl any-' Pappas and Anthony Quinn, 


puny. 


Observer 



Eleven years ago, Peterborough was designated a New 
Town. A very special New .Toro because Peterborough 
was a VteH established cathedral city with a history going 
back over 5000 years. Its population was 81 ,000 p«sple. 

Today over 11 1,000 people live in Peterborough. 
Thousands of houses have been built Miles of roads, 
footpaths and cycle-ways. Schools and health centres. 
Parks and playrag fields. New communities inside an old 

dtp _ 

There’s stiH along way to go. The huge building 

programme ensures a wide range of commercial and 

industrial property and siiea; 

Sing John Case 

Chief Estates S u rv ey or - 

0233-68931 

PeterfooxpughDevelopmentCozpozation 
PO Box 3 Peterborough 


Biddirig oalfslory 


V. 


I 





'8 



r 




FINANCIAL TIMES SURVEY 


Tuesday June 6 1978 






,art S 


ere 


*77. 



A rationalisation of the European components industry has been taking place over 
recent years with frequent takeovers, mergers and cross shareholdings. But this process is now 
under challenge and companies are increasingly expanding their activities in the U.S. 



Lucas 


asss*- 


Ba^ eS 


M World Service 




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By Terry Dodsworth 

THE EUROPEAN components 
industry, like the vehicle manu- 
facturing sector, has became 
roach more iwttesxated in the 
past d evade. Component cam 
panics which used, to be mainly 
national organisations have 
taken, -on a multinational com- 
plexion as their activities have 
grown to correspond to the 
increasing- flow of . vehicles 
across <the hid national frontiers. 
Overseas investment has become 
a significant characteristic of 
the larger component groups; 
and most, of jtheni have, became 
substantial exporters. ’ 

These changes . have been 
closely tied up with: the gradu- 
ally developing perception of 
Europeas a single market The 
vehicle producers now shop 
around for their parts supplies 
throughout the. EEC trading 
bloc, partly -to get the best 
pricei art partly to crisure 
aiternafive eourceS- should J o ne 
run out ^ At ^the;«nne 
bigger !Cdh^>qnerst f 1 iqaa ufac- ' 


hirers have been anxious to so 
overseas and move away from 
their tight relationships vr»tli 
single vehicle, assemblers. They, 
too. have seen the advantages of 
hiving a range of customers, 
and a more independent status. 

A great deal of this ration- 
alisation has. come about 
through takeovers, mergers, and 
cross shareholdings. Bosch, the 
German electrical company, for 
instance, has. invested in Ferodo 
of fime; -EeiVdo itself has 
become the focal point of the 
reorganisation of the French 
vehicle business following its 
link-up with SEV-Marchal-Cibie; 
and GKN has moved into Ger- 
many with the takeover of the 
Birfield Transmissions group 
which .brought with it the 
German-based Uni-Cardan busi- 
ness. These ere just a few of 
the many cross-frontier moves 
which have been made in the 
past few years. 

' This process of structural 
re-organisation, however, is now 
under challenge. The alarm was 
first sounded by the West 
German Cartel Office, when it 
decided, about 18 months ago. to 
fight a GKN bid to raise its 
stake in the Sachs Group from 
25 per cent to 75 per cent on the 
overall grounds that this would 
reduce competition within the 
market GKN. won support for 
its bid from the EEC .competi- 
tions department: but despite 
this, it was rejected by the 
German Supreme Court, which 
upheld the Cartel.. Office's 
decision. *;/ 

Since then. Lucas, the British 
electrical company, has njn into 
a similar problem in France. 
Once again, the issue Jws arisen 
over. .an attempt; to increase a 
share stake. .. Lu(»s wanted .to 
lift its interest io'DuceUier. an 


electn.rai parts manufacturer, to 
100 per cent by buying out the 

51 per L-ern held by DBA- a com- 
pany ‘tominated by Bendix. the 
U.S.-hiiicd brake manufacturer. 
Bm Ini* French Government, 
which has developed a policy for 
realm, luring us components 
i n dust -y in an attempt to. 
strengthen the local manufactur- 
ing lu.se, has bvsilaled about 
giving approval to the deal. 
Several French interests, 
headed apparently, by SEV- 
Mardial, which was itself 
created by Government prompt- 
ing. ::re believed to have 
opposed the deal. 


LEADING EUROPEAN COMPONENT COMPANIES, 
INCLUDING TYRE AND BATTERY CONCERNS 


Doubts 


The.-" two cases clearly raise 
doubts about how much further 
merger-based rationalisation can 
be taken. There is no doubt that 
over the last decade a great deal 
of anxK-ty has been raised about 
the monopolistic developments 
in certain markets. In Britain, 
the GKN takeover of Birficld 
was nut universally approved: 
and the dominant position of 
several component manufac- 
turers in some national markets 
— for example. Lucas in the U.K. 
electrical industry and Bosch in 
the same sector in Germany — 
have come in for muted 
criticism. But, on the whole, 
Europe's governments have 
accepted the argument that the 
sector was too fragmented and 
needed re-organisation: indeed. 
in France the Government has 
until now deliberately tried to 
help the restructuring process 
along. 

One of the problems facing 
the European components pro- 
ducers is that these monopolistic 
anxieties vary from country to 
country. In West Germany, the 
'CarteH Office has taken an, 
extremely tough line in its 




After- 





tax 

Em- 



Country Saks 

profits ployces 

Art i lilies 


« 

$ 



Dunloji-l’irvlli 

UK-llaly 4.2hn 

na 

164.(K>n 

T\ r»-x 

Michel in 

F ranee 3.4liu 

SI. 77m 

HO.Oim 

T;. ri- 

Robert lio^cb 

Germany 3.3b n 

SftDl 

Ild.t/UU 

Elnlric'/ 

■'liclrmiici 

GKN 

UK 2.7 hit 

ojm 

HiMbu 

Press in us: 
fur"in”s: 
iraiisinissiuii 
parts 

Lucah Inducts. 

UK l.lhn 

.7.7ni 

79.0011 

Elect rlcs/ 
eleci ronies 

Varla 

Continental 

Germany S38ni 

10m 

22,000 

tiaHerics 

Gumuii-UVrke Germam 7-1 Jn« 

4.7m 

24.WM) 

T) re< 

ZF 

Germany K45m 

7. i m 

17.0011 

Autunialic 

iransinissiims 

Fcrodo Croupe 

F ranee 3.i2ni 

23m 

20,000 

tTurcIu-s: 
brake lining* 

Assocfalvd 

UK -lXtlin 

21m 

29,000 

i'isiun*: 

Engineering 




pistmi rings: 

licariii^s 

DBA 

I'Tanre 4tiSm 

2.7 in 

18.000 

Brakes: electrics 

Chloride Group UK 457m 

22m 

21.000 

Batteries 

Sachs 

Gennanv 454tn 

1 9m 

J6.0IH) 

CJiUcIjps: shock 
absorbers 


* This list does not include American-controlled component 
companies in Europe. 

Source: Fortune — 5W largest industrial v») pvniiiunx outside 
the U.S., August, 1077. 


efforts to retain a high degree 
of market competition: most 
companies interpret its recent 
actions iti mean that virtually no 
group nr any significance can 
take over another in a similar 
line of business. France, on the 
other hand, has been reorganis- 
ing with far more concern for 
its national position in specific 
product lines than anything else. 
Italy is dominated by Fiat’s 
Interests, while in the U.K. the 


authorities h m\- taken a fairly 
neutral line 

These national differences of 
approach are an obviou.- irritant 
to the component companies. In- 
deed. an increasing number of 
manufacturers are nmv arguing 
that what Europe needs is a 
much mure co-ordinated 
approach within the EEC trad- 
ing bloc. ): would be helpful, 
they say. to encourage the 
creation of stronger. pan- 
Europeaft groups which would 


then be in a better position to 
break down s«nie of the 
national monopolies which now 
L-xi-il. Every European country 
iij> several of these semi- 
monopolies — crimp* with ai 
least 70 per cent of tile local 
marker — which o.*?ly v.ell- 
(.-snibli'iicd competitors from 
nut-tde will be aole to attack. 

At the same time, Lne com- 
ponent manufacturer.* argue 
tint in cc rial n sector* :he Euro- 
pean industry needs to worry 
j">x about local market 
power than about international 
■..impel: non. Thi* defence has 
ivon out up very strongly by 
• >otli rial and Mercedes ;n ar?u- 
inj tiie case tor their proposed 
lumi development and nianu- 
facttiriiig uf a heavy-duty auto- 
matic gearbox for urban buses. 
The German Cartel Office has 
i.iJurmally indicated that it 
would not be happy with such a 
project. But the two companies 
point uiir that at I he moment 
i hey are exposed to world-wide 
nominal iun in tin* particular 
area by Allison, the- General 
Motor* subsidiary. Allison would 
be very difficult to tight as 
individual businesses, they say, 
because neither of tile European 
groups is big enough on its own 
to pick up the cudgels and 
invest heavily m a limited pro- 
duction line. 

Together, on the other hand, 
they believe they can ensure 
better economies uf production, 
while establishing an operation 
which should be able in face 
up io the Americans in world 
market .*. 

In support of ibis project. 
Professor -loachim Zahn. the 
chairman of Mercedes, said re- 
cently lhai The way to head off 
protectionism in world markets 
was to create more competitive 
companies. In Europe, one of 


the means uf achieving this few years. The first is t« meet 
would be to ■* m eremite a cartel the rapid technical change de- 
practice which is ourelv nrien- rnJ, |ult-d by new iuel economy 
, . . . . * , * . and emission regulations. Gom- 

tated Towards oariml national pun ,. nls h3 ^ 1D gel , 1?hter> 

markets. Such a carte! practice ant j j n >omi . L -a<es smaller: and 

made it difficult i«» lake the [hey W ill have to opentie more 

necessary nteay-uv towards precisely io make the most etfj- 

raitonalisaiion. cient use of the world* depict- 

A similar prom lia* been made fuel reserves, 
by Sig. tiiovanu: A.enelh. who These demands will put eon- 
has argued fur >.»mo kind ni snleiable pressure on capital 
initiative at EE', level lo give resources, and will probably 
general guide fines towards the mu-nsify the trend lu wards 
creation r,f a sir-iiver and more re .^arcli collaboration with 
compel: live European cvmpon- vehicle manufacturers. But 
ents indu-tiy. in France, also, ^ e y 31^ pul ( j, e European eom- 
Renaulr has p. r, »v;ded sirong ponents sector info a much more 
backing f '-’ r . 1 ■ovcrmnoni s direct relationship with their 

effort. s to rational? <e this sector. 1: competitors — the point 

v Inch Dr. Zahn and Sig. Agnelli 
rniflO’^ were stressing. American coin- 

v? ai ponent groups are now working 

Despite these v .irmnss about on wry much the same lines as 
thi- need for nunc etmcentraJed iheir European eounrcrparls in 
production, however, liieru are order to cope with the new 
already certain product areas in demands for smaller ears in the 
which the European industry is U.S. Tills means that the bie 
split between only r.vo or three multinational groups which 
major producers. In electrical have invested in Europe are 
pans, for example. Bosch and now* able to use fheir European 
Lucas have a dominant position: technology in the U.S., thus 
in universal-joint technology for achieving design ecunnmies 
front-wheel drive cars. Hardy which are not available fo 
Spicer, the GKN subsidiary, is indigenous European companies, 
the major supplier 1 most of the Thc #nsil . cr lo this strategy is 
rest being taken up bv thc for t j ic . European companies In 
Peugeo [-Citroen vehicle manu- eX p an( j j n ti, e u.g. themselves, 
fatnmng group 1: -.11 precision f n 1 he last year or so. this trend 
engine parts. Associated Engin- j ias quite pronounced, 

eering (UK) and Mahle (G-r- Bost . h Lllt , us and GKN have a n 
many) have the majority of the esfablished. or are in the pro- 
market; instrumentation is split cess of sel ting up. manufaelur- 
between Smiths (L K i \DU (tier- in g operations in the U.S. 
many) and .la ever t France i. m Turner and Newail. the parent 
which V DO has a per cent tvn ipany of ihe Fcrodo brake 
slake; ami clutch manu fact unng jinin^* company in the UK. lias 
is dominated by Automotive squired an American group. 
Products Sachs iGer- an£j Associate Engineering and 

many) and Ferotlo ck ranee 1. Automotive Products are 
Two major challenges faee moving in the same direction 
these companies in tite next having strengthened their 
CONTINUED ON NEXT PAGE 


makers 




acompany 


dal*®* 

b 

ir? gv*> 

ppo? 1 ®’ 


Lix'iiiAnfirirt 1-nrflfi ■ 


H. 

oad 5 * 


sitreB- 


Sean 


a ft* 




with 


Girling-* : 

oh international leader in the field of 
braking and suspension systems, puts a 
safe stop to just about every type of 
powered vehicle and is the fitting choice of 
vehicle manufacturers all over the world. 




ieut needs and, to a 




CAV— 

diesel fuel injection systems meet over 30% 
of western world requirements and, as the 
economical diesel engine gains in 
popularity, the company is stepping up its 
world-wide production resources to meet 
rising deinand. 






Lucas Batteries — 

main tains a strong position in both the O.E. 
and replacement markets and is well 
known for its record uf technical 
innovation. 

Rists — 

provides a complete design and 
manufacturing service in automotive 
wiring harnesses. 3t is the UKs leading 
manufacturer and is rapidly growing in 
Continental Europe. 

Crosiand Filters is the largest all-British 
maker of air. oil, fuel and hydraulic filters. 
And Harlridge diesel fuel injection test 


equipment is the choice of diesel workshops 
all over the world. 

Lucas products are made all over the world, 
through a chain ot wholly owned and - 
partnership factories. At one end of the 
production spectrum, Lucas Group 
Research ensures technical advancement; 
at the other, Lucas World Service backs 
every product through a global network of 
5,600 service outlets. . 


I.J ’O 

c. I'r.is nE 
:ho. imjK 
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f r:.r urn 
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: a?' it w? 5 ' 
**;: r. ^ 

isTff- 

.•rp rO’.P 
ifliind:. "!* 
w*,!! be » 









20 


EUROPEAN VEHICLE COMPONENTS H 



the designer 




AS SPECIFICATIONS for ;he performance by as little as half the materials and component material in which the Aroeri- with successful results. The alloyed steel for such item 

n->w Generation of A rue ri- an a mile. On the other hand they makers Is bard to say in more cans are showing interest, for carbon fibre, or composite bumpers, door posts, "h 

vehicles to meet the tightening are saying that by the time than general terms. But it surely the full flowering of all- shafts are designed for trucks, chassis members, seat fra 

..nnifraints are drawn every car on the road in the means that product develop- aluminium engines in the and can be made in one piece and a range of other yet 

pLn^n materials and com- u S averages 425 lbs of ments that have been waiting volumes being considered is to replace two-piece steel shafts, parts including body" pm 

up. Eu.opean materials an - _ ...... «n th<* sidelinpc fur ins* such nrnhahiv nino. 1 ^ One truck has successfully throueh whir* it nlancr 


las steel if it has to comply with materials or weight -saving- iiayg 
ick stiff energy f crash) : absorption tended to come about fpr ot&s? 
les, regulations. Nor. may. assembly reasons. In- America now ^ 
de be helped if there Is incom- r»ce;ls pn . tQ deveTdpTBgkfey 
as, patibility of materials. But weight TOa^^s with-sp^gg 


Sun T« h«ominc aluminium instead of iron, there on the sidelines for just such probably nine-ten vears away. One truck has successfully through which it piansjto- metal is far from being the only properti^ froto.the KKif t»;t£i . 
“.SL'rn the inten- will be a saving of 13.5 bn a situation, in which the tech- The more immediate way ahead done more than 120.000 miles expand sales to the. U.S. snd material. Plastics and man tyres. For-when a tyre flesKs-iF 
iwJ rn „.i rf 7 Elions of petrol a vear. The age nology they express is worth points to aluminium alloy cy! in- The Americans are working on other motor industries ioojfng made fibres are well bn the way absarbs-energy, and : 4&-:tsfe - . 

» l rpnnireinpnts as well n£ the all-aluminium car could P a >' in 8 a premium over the der heads on SG blocks, with composite shafts, but GKN feels for high-strength, lightweEt to claiming 100 per cent of the makere are undw jtist^as 


™ f °7 n : C conioetition to saiisfr nations of petrol a year. The age nology they express is worth points to aluminium alloy cylin- The Americans are working on other motor industries iooli 

r rcQuirements as- well of the all-aluminium car could P®>'«ng a premium over the der heads on SG blocks, with composite shafts, but GKN feels for high-strength, lightwei 

techmtJ requirements. . annroachin^ market price for the next best, automated gravity or low-pres- that while tne price penalty for materials. BSC also prodc 

as the likely magnitude et De T Jl P fin Ure r hein* quoted wiU be beckoned on to the field, sure diecasting of the heads. In the alloy shafts is not prohibi- Hyform, used by specia 
opportunities. . 1 ; e .. Also it provides an unrepeatable nointins in The Hum pennomic, live, it will be some years makers of stabnlejs si 


f - functional as well as the visual pressure : as anyone 'tb'-desfaoi 
interior trim of cart and cabs, and make carcases: and "treads- 
Even glass, the increasing area, that will \^ve ;; ■ 
of which has been tending to rolling.-properttts. .In thereon*: 
put weight on to vehicles rather poneutfield-the- tfK'.Suppiiar 
than take it off, is becoming indusfry, which -has lecTEuxopg 
lighter. The glass in the Fiesta and the world &l ; so many 
doors and side windows .retains tical ways aha has mut^Ttf^om 
the necessary characteristics tribute,; has-; ralj ^ lun® 
but is 3mm thick instead of period- m whi ch. 

4mw and is 30 oer cent lighter, the new. opportunities. 


■ i7 VVriilV Within a three economy mat neips to sen a car. among ineir suppliers, ozieo siaerauie weignt savings can ne T 

weigiu n aienais wnnm a van or a truck. It also means specifying in detail their future achieved is in body panels for These developments in light However, despite these 

-■ L ' ar perioa it are i . cu'ilehinsr tn a different needs. Increasing rationalisation boot and hnnnet MHe •> nrf doors. n„ , 


r : r L innai fuel that in switching to a different needs. Increasing rationalisation boot and bonnet lids and doors, alloys have not gone unchal- tially promising developL.^^. . . 

nr~Ir technology the Americans are within the supply industry has In this area T1 Supra! has come leng9d by steeL British Steel weight is not necessarily sired' Because there have been he 

fcmouiy program mes increasingly coming to rely on belatedly enabled more sup- forward with a novel --,uper- corporation has developed the by using a lightweight, andfcos- positive governmental restrio 

M n their own European subsidiaries pliers to accelerate work in the plastic aluminium ahoy, winch promisiQg Hypress titanium sibly more ^enslrehlloy^n tihns on weight in Europe, 

made as to wnat inis means in gn( j on independent manufac- research and development de- is being used for the new Asron 


7 Savings in glass wei^its of up wish tt may fiid itself 
Sf-.- to 50 per cent are in prospect ■ reverse. . position- xA -boyim? 

. . - - ' - advanced- technology^ fhbta 

red Because there have been no. 

pos- positive governmental restrlc- . ' - '-7 


terms of weight .slimming ana turers atld component suppliers partments, and it is these that Martin Lagonda. Supra! has 
investment, and of the gains in ^ or sorae 0 f the answers. For customers are now seeking out. mechanical properties eouiva- 
f ue l economy, may be disproved un ] ess t hey can meet the regula- There is much to be learnt in lent tn NS 3/4 and elongates 
in the future, bill are worth t j l)ns 3S now framed the the UK, perhaps relatively more ten times, enabling thicknesses 


emoting tn show the immensity penalties could put them out of than in Europe. to be held in complex shapes ■ ' t. %/!/ 

of the problems. business. As one car manufac- of up to 15 inches deep. But » ▼ 

Some of the big American t U rer put it: “ They may make it ai two different primers are 

sedans will need to lose about a cheaper to use an exotic /\j 11 fill £ 11 II 111 needed in the painting process 

ton in weight, according to .me material like titanium, which is _ . , . . „ if steel is also used, and special 

estimate. Another puts at 51b;i a third of the weight of steel Lightweight aluminium techniques are required for [ 

the cost to one of the major but three times its price, rather ? re , a ,f a f e ‘ n point, ine uaid- WC ]ding aluminium ana steel. S 

vehicle producers of pushing up than pay the fines.- VTulJSfufm S,eel is l*ely to re- V^. 

tnc average miles per gallon What this all adds up to for “ / e . r t n h e m ,^ °1,? IT „ main the P ref erred metal for . 

and although it may have lost high-volume bodv pressings, 
its leadership in sorae respects, 

still knows instinctively how to But for cylinder heads. 

fashion it to most needs. There wh ^ls. manifolds. brakes WITH A steadily growing OEM 1 

M has seldom been the justiftca- calipers and a number of olher base and an aftermarket that 

tion for installing highly expen- components that represent has remained firmly in the 

WjL sive, tricky, high-pressure die- recent expansion areas, plus hands of the vehicle manufac- Company 

C? cast lines — that is an area lhe more familiar clutch turers, the German components Robert Bosch 

bdcviai ie dominated by the U.S. motor housings, sumps and smaller industry has not experienced 

continued prom previous page industry, almost solely for com- items, aluminium looks to have the same pressures and oppor- Varta 

ponents. Nor does it have the an assured future. One of the tunities. to merge or diversify 

North American sales organisa- ents, such as brakes, to smaller same experience as is to be latest, extremely interesting as in the UK. Sorae restructur- Rronprfnz 

lions. tTeves and Koni have dimensions. This will give found in France, Germany and developments, by GKN. is in ing has taken place, but this j^, Lhmint 

also established ihemselves in them the opportunity to Iral >’ in the production of a lu- drive, or propeller shafts for owes much to the acquisitive 
the U.S.. but these groups, of ... . thpm __, VPc . Amerira minium engines with iron liners tnicks as well as high revving entry of the U.S. majors, a 
ooursc. are under the wing of ? sta bhsh tnemseives in America fof ^ pistons. That is not to cars. Ford and Chrysler are trend that looks as if it has r ~T* 

ITT i. in the next ten years in the say tflat it 5 h ows up , n any j n . among the vehicle manu- been brought to an abrupt end N ^ 

The Europeans undoubtedly same way that the U.S. com- ferior way the Rolls-Royce and fachirers now studying the bv the present policies of the wyieman 

'■>ave considerable oppor- panies have put down roots in Rover V-forraation blocks, but potential, which GKN began Federal Cartel Office. The Ger- AifZLjTeves 

iitnities in the U.S. in some Europe during the last decade, output of aluminium engines in some four years ago. After man vehicle manufacturers are 

•ienificant product areas. They if successful, this transfer of the UK is limited to low volume, extensive rig and dynamo- reputed to have a lower „; G 

experts in .small diesel capital and technology should It has instead generally meter testing and practical bought-in content than their UK g_ F 

! tines and ignition equipment; do much to strengthen the free- plumped for lightweight trials at the Motor Industry counterparts, but volume growth „ * r h in 
•hey know more about front- trading concept in the trans- spheroidal graphite (SG) iron. Research Association with Ji-^ht- ^ as raore ^ an offset this dis- 

v.heel drive technology. - and Atlantic trading block, and case developed in collaboration with irtht * . a j„ m : - _ Z ni * advantage for the component »„=_ 

particularly the universal the protectionist pressures the British Cast Iron Research makers, who in consequence 

mints which transfer power to which have been increasingly Association in the Midlands. car bon fibre tube shafts. GKN have grown to include a number 

he front wheels: they are more visible in the European motor This is. even on weight con- began fitting them to customers’ of substantial companies within ™ 

•-'.sed to building many compnn- industry in the last few years, siderations. an alternative vehicles for further validation, their ranks. Remarkably few 

of these have any consumer f, ... 


Few 



•V. c . . Vf* 


THE GERMAN SECTOR 


if Product 

Hfehide electrics, spark plugs, fuel 
^injection equipment 
ftitteries 
£ctstnunents • 

Wheels - 

Pistons, thin wall bearings, steering 
~ wheels 
Pistons ’ 

Piston rings 
fistons 

Cylinder liners 
^Takes, piston rings, valves 
Thin wall bearings 
Bolling bearings 
Boning bearings 
Safety glass 


■ ^ 
Parent/ownership . 

• .. • - • ' *. 


Mannesmann ’ 
Metallgesellschaft 


Alcan ( Canada > 
ITT (U^.) 


rp-7% - - . 

■ 

V 1 **■' 

1 IT 

• - i 

--- A . 


2 F 

recognition, and after Bosch, . 

Continental and Varta. only the p- n, 'r a . rd: ™, „ . 
technically minded motorist is 3011 Sachs 

likely to recognise VDO or . 3r 
Boge. The substantial remainder _ 

are even less well known, prob- „ !/ ing BreTnsen 
ably due to a combination of 



a lack of aftermarket advertis- 
ing and a belated entry into 

nvarcoi.- m-inii(>inhi,mH nnlu KC1IK 


ten 

Gaskets 

halves 

▼elude; electrics 

Transmissions - 

Transmissions 

Transmissions 

Clutches, shock abso 

Brake linings 

Brake lining s 

Brakes 

Radiators 

Radiators 

Shock absorbers ; 

Transmissions . 

Truck brakes 

Spark plugs ' • • 

Tyres 

Tyres 

Tyres 

Book* seals 

Tyres 


SKF (Sweden) 

St. Gobain Pont at .ltXoussqB 
(France) . 


TRW (C.S.) - 
ITT (UA> • 
Zeppelin Group 


GKN (UK) . : 

.GKN (UK)— 25 per cent 
BBA (UK) 

Bendkr (UA) . ' 

Joseph Lucas (UK) 


overseas manufacturing, only JJFJ5 . / . ^Tansmissions . *. GHH 

then in the wake of German "ABCp-Standara Truck brakes American Standard (U.S.) 

vehicle assembly plants. Uiatnplon Zundkeraen Spark plugs . . ' Champion (U JS.) 

As in the UK, the large £on*«-Gummlweeke Tyres . — 

engineering groups have impor- Gummlwerke Tyres ; ,v - — 1 

taut motor component activities. ^“Cnwerke Tyres — - . .-'rMQdieliii (France) 

with Mannesmann a leading Book* seals . ' TLaird Group (UK) 

producer of wheels through its " UIllo P Tyres ' - Ihmlop (UK) 

Kronprinz subsidiary, plus Source: Grieveson, Grant ■ 

exhaust tube and axle shells, ' ‘ ' "r ' , ■ .. 

Metallse 5 tllschaft owning Karl 

Schmidt, a leading manufac- batteries, supplying Volks- brake patents, but on their ex- appointing results, .aad' :, »fiUe 

hirer of pistons and steering wagen. piry Lucas entered the market several con^panies ire tlq^ng 

wheels, and GHH's Renk sub- The UK industry also has from-, factories in -France and for a '''better--'. -1978^ 

sidiary, which is particularly considerable representation Germany, and after fighting off expected to ai^^^w^waavo^lg 

strong in automatic transmis- GKN controls Uni-Cardan, a Patent litigation initiated by profits. ’ Probably .the exception 

sions for buses. major producer of transmission Teves;-went on to take a slenifi- tn this iKMirhriinv.who<^vn<<hp. r 


^Michelin (France) 
.'Laird Group (UK) 
Bunlop (UK) - 



mm 


on? for buses. major producer of transmission Tevesj-wenton to take a signifi- to this isMiehdin; «dio$?ffi(9»e- r ^ 

On engine com ponents. piston components and constant vclo- cant share of the German mar- lin Reifenwerke k 

anufaclure is dominated by city joints, which in turn -has keL . Possibly encouraged- ' by the largest producer ^ 

ahlc I £20f)ni SHIPS) and Karl cilhcirlioriac in f.iiMc’c cilr'/'aec RanHiv n’vfnk ] 3 i_ 1 S-l * - ■ V. 


BEDFORDLEYLANDCHRYSLERERF 

SEDDON-ATKINSONFODENHESTAIR- 

DENNISVOLVOCOLESCRANESFIAT 

DAFMAGIRUSDAIMLER-BENZSAVIEM 

UNICBERLIETFORDMANSTEYRSISU 

and 


*u ujc [n e group with the acquisition not a success ano. it was subse- over. half, ■' 

UK. Ford Germany and Opel of Airfield, but since then its quently closed, although it con- the Federal 
both have in-house capacity for stake has increased to nearly tinues to supply Mercedes from size chines 
pistons and an important sup- 60 per cent and the business France. . then Goodyear, 

pher of large pistons for diesel has achieved substantial growth The German tyre industry has Phoenix, each accopa^^Mi'v 
engines is NURAI^ the vUcan through its expertise in con- not had a' notable record for. about It) ^ per cent--. 
sa bsid iary. The leader on P>^ n «ant velocity joints and the generating, profits, with major' The" gia^'ot^-the Gem^^a-v 4 . 
fnUnwpH hv ^° SU6 Sf 5? 04 wheeI drive losses by the main producers ponent industry 

(fh J '° m'Llnnf i^hMrinm 2 5 per ceot stakc regularly hitting the headlines, with about 60, 

JSSih? In ^* CbS en =S avours t0 The domestically owned pro- £2Bn sales generated 

? cquire ® further 50 per cent ducers, Conti and Phoenix, have components, . The' fcbm|^®5 

hvFArlnd^KF ^ S SSL"? ^ . C0 " sid « rab, « P ub “ been m this category,- but controlled "by q 
Ip^Hpts: nn onH through * e battle with attempts to achieve a merger dation. but tlris dofe-ribt ahpear - 

^iihn^oh 5 ^ ^.hpr | he . German authorities. Fol- that would permit ratlonalisa- 'to have imposed any 

countries this sector has a lone Sm.' rnnrt^rS by tinn have faUfid- DunJ °P and mercial restraints^ on tiie- bpsi- - 

xa Vissss PirciUh!iTe a,so producrf div —■*«««.. . 

valves are dominated by TRW but has now withdrawn from' CONTIHUgP ON NEXT PAGE -7 ; . 




■■/it 

sa- 





i 




Eaton makes major driveline 
components for virtually every 
truck maker in Europe and for 
some of the car builders too! From 
axle and transmission units for the 
largest trucks to engine valves for 
. passenger cars, Eaton can supply 

your needs. 

For detailed information on 


Eaton components, contact 
Mr G.J.Brook, Director of Marketing, 
Truck Components, at Eaton Limited, 
Eaton House, Staines Road, 
Hounslow, Middlesex TW4 5DX. 


f:T<NS 


Components 


and Eaton and the principal the battle, 
radiator manufacturers ace Sach's main operating com- 
Behr and KLR (Kuierfabrik pany, FichleJ and Sachs, holds 
Langerer Reich). about 70 per cent of the 

domestic clutch market and is 
A ilfAmq tip also a major producer of shock 

absorbers. BBA Group owns 
Commercial vehicles have a Textar. a major brake lining 
□umber of companies speciaiis- producer, and this product area 
ing in their requirements, saw some rearrangement two 
notably ZF Zahnradfabrik years ago when Bendix raised 

Friedrichshafen) with total sales *ts stake in Jurid from 50 to 
of £350m and a strong position -*00 per cent. In consequence, 
in automatic gearboxes and Bendix’s 25 per cent stake in 
truck transmissions. Not tiiat far Textar posed certain conflicts, 
behind is Voith, with sales of of interest and it was sold to' 
£200m, although its production BBA The Dunlop-Pirelli Union | 
of vehicle transmissions is com- has two tyre plants, together 
plemented by a large business accounting for about one-sixth 
in similar products for railway of German production. Laird 
rolling stock. The U.S. majors Group owns Draft ex, a highly 
are strongly represented in. this successful producer of door 
area, with Eaton manufacturing seals and other rubber corn- 
truck axles and American Stan- ponents. This company has 
rlard (who recently purchased achieved both high growth and 
Clayton Dewandre in the U.K.) profitability and Laird is now 
producin'* tr”rfc hrakes at its attempting to emulate this in 
iv.ABCO-Standard subsidiary. the UK. 

The total American presence Last but by no means least is 
is considerable. .As well as the Joseph Lucas, with its vehicle 
three already mentioned. ITT brake subsidiary Girting Brcm- 
contrnl Alfred Teves, the lead- sen. The post war development 
ing supplier of vehicle brakes, of vehicle brake manufacture in 
and SWF, which manufactures Germany has seen some interest- 
a big range of vehicle electrics, log changes; starting with the 
including wipers and lighting, initial build up of vehicle pro- 
Bendtx owns Jurid, one of the duction when ITT’s Alfred 
two big brake lining producers, Teves grew rapidly and became 
Champion has a spark plug sub- the dominant force in the 
sidiary, Champion Zundkerzen market Teves held the domestic 
and Globe Union manufacture licence from Dunlop on disc 


w* M&NGOTTli^m 
HCW CM A WVNDERBWZ 

GERMAN CAN LIKE you 
STOPSOBMty? 


MEIN OWNER 

f tSA SAVERKQAUT, N 
MEtN HERR. AU-2A TIME /'M 
^ BBNS FITTED MIT2A . 




Foreign cars go bettei; 
last longer with patis from 


DBA (U.KJ Limited 



OUtarlMilqMMWulBtata, 

IUiIM: -OBap -Mete: M 


J 


A 






'8 


Financial Times Tuesday June 6 1978 


EUROPEAN VEHICLE COMPONENTS HI 



21 







heavy <hxty9oz PVC 


.S. influence 


i> 

-r.'A 

'IJ £ 


■,S 






na n . A 
u, -0 


ft-, 

fii 

•Jon*; 

0^ 


3?!* in 
Of' ’H 


t *»fc 

i' 


uliv- 




. r rent 


d il'.S.) 


!' y_.Ler B* 

i'ir cent 

:n 0^‘ 

. ...sjpsff'; 

jw®*\ 

,0? d 1 ’’ 't- 

... i'.y 


INVESTMENT of Araen- 
ean component . companies in 
Europe is not a new pheno- 
menon. Some companies, like 

Carborundum, " or Timken, were 

involved, bn. ’this "side of the 
Atlantic • before 'the last war. 
Others came over soon after. 
But the big - flood of funds 
occurred ia the 2960s. when 
tnany U.S. companies began to 
look deliberately for growth out- 
side North America, where it 
was clear that the . pace of ex- 
pansion, in the. vehicle industry 
was slowing. Although the num- 
ber of new companies coming 
into Europe .has declined, since 
then, a steady stream of Invest- 
ment is still finding its way over 
from the U.S. components sector. 

There have been two signifi- 
cant developments in Britain 
alone, within, the last twelve 
months or so. American Stan- 
dard, one of the leaders in tTucfc 
hydraulic and air-brake systems, 
has bought Clayton Dewandre; 
and, more recently, Dana, 
among the biggest of the 
UJ5. . component groups, has 


bid " for control of Turner 
Manufacturing. >n which it 
already has a 35 per cent 
stake. On {be Continent. Eaton 
has opened a large truck trans- 
missions plant in France, and is 
expanding its valve manufactur- 
ing in Spam, while Tenncm 
Walker, a subsidiary of the 

Tenneco chemicals group. in 
expanding its exhaust business 
in Germany. 

Some of the lunger-established 
American groups in Europe have 
found a base on this side, or the 
Atlantic' because of their 
straightforward technical 
strength. Two classic-cases or 
this kind of company are 
Champion, the spark plug 
manufacturer, and Timken, the 
taper roller-bearing group. Both 
came over to Europe before the 
war. and both have established 
ah entirely dominant group as 
independent suppliers in their 
particular areas of business. 

Champion, for example, with 
plants in both Britain and 
Belgium, only has one. signifi- 
cant independent competitor, 


Bosch, allhuugh Kurd and 
Geiier.il Mutufs ( A Cl IJcfcu) have* 
very farge-.scalc m-hou.se produc- 
tion. '1 1 in ken is in an even mure 
uutsia-iding position. Few rival 
manul.iLTim-rs have found n 
possjh.o to master the complex 
technology tn making tapered 
bearings, and Timken ha* de- 
cided :o concentrate exclusively 
nu ti is field. Tuday. it has 
European plants in llic UK, 
Franei and Germany. 

Anmher company which falls 
into a similar category is Hoi’s 
Warner, the automatic gearbox 
manufacturer, m which Busch, 
the V.’ost German electrical 
coinpa.iy, now has a 10 per cent 
Make. Burg developed n* lech- 
nob.gy m the U.S. well ahead of 
European companies, largely 
becaus • there was a local 
demand for automatic (rans- 
unssini, when none existed un 
this M>I*? uf the Atlantic. The 
company was therefore able to 
bring ;!ie technology over Jo 
meet increaMiig European 
demand. It went on. of course, 
jo catch a distinct «dd when the 


CONTINUED FROM PREVIOUS PAGE 


been exceptional . 
aggressive posture 


MWinn 


in. Us siderably larger than Lucas in 
r towards ihe manufacture of auto elec- 

overseas manufacturing opera- f r ‘, ts ' 13111 t ^ lcir val j imes on / u ^ 

. .. injection are roughly equal, a 1- 

■uons in support of German t ^ough Bosch has a strong posi- 
assembly plants (Brazil,. ti on through licensees in the 

Par East) and in independent Japanese market. They have 
expansion, with for example the 1 some capacity on vehicle bal- 
rompany's U.S. subsidiary gen- teries. but this area is domin- 
erating sales ot$120m- Overseas ated by Varta, and VDO Adolf 
investments have 1 ' also been Schindiing has a similar position 
made, with the company .paying on vehicle instrumentation 
$63m in 1977 for a .near 10 per -generating -* 'sales of around 
cent stake in Borg Warner and £250m. 
purchasing a 51 per cent..con- 
trolling interesting ;for/S*22m in iJU Still V 
FEMSA. the leading manufac- . ^ 

turer of auto electrics" in 'Spain. The industry has an.dscerlent 
They already hold 30 per cent record for product quality and 
of SEV-MarchaL an important security of supply and this, eoni- 
French producer, of auto- bined. with at least some 
electrics. - national preference for domestic 

Bosch's position in- Itfi dom- ^ 

estic market is veri similar to lo - val ' ly *** enabled the hndpstry 
tbat of Lucas, with a dominant to grow in line with the motor 
position in the supply of igni- producers. This steady growth 
tion, generation and starting in an -established market, hum 
equipment, a strong position on at least part of the reason 
vehicle - lighting and - again. -a why the industry has not emu- 
dominant position on (net injec-v lated the aftermarket activ.liies 
tion systems. The; nelaiiversizes of its' opposite numbers in other 
of their - -jespective p, domestic countries ; ; but pressures for 
marketsmi^.ihirt'Bosdf^epD' -change are emejgij^. 


Few forecasts expect the 
European ear industry i» main- 
tain ii-4 histone rate of growth 
agains-i a background uf in- 
created price competition from 
Japanese and Third World pro- 
ducer;,, not to mention the new 
generations of sub-cimi pacts 
frurn Detroit. The pan-European 
operations of the U.S. motor 
assemblers art* showing an in- 
ereasfn;-’ preference for low cost 
sources of component supplies, 
and some people in the industry 
believe ihat only political pres- 
sure is restraining the Japanese 
component suppliers from 
making a determined sales effort 
in Europe. The massive world 
population of German cars 
generates an extremely attrac- 
tive aftermarket for spare parts, 
and -the passage uf time makes 
it increasingly surprising that 
the OEM suppliers have not 
made a determined bid fur a 
direct share of it. Maybe Alfred 
Teves* recent link with Quinton 
Hazel in the UK is a sign of 
•things* to come. 


ml crisis hit the automatic aval*- 
box un the head because of the 
extra fuel cost involved in 
running such systems. Bui it 
has now pulled through some 
n| these pruhlcms. seen its mam 
British rival. Automotive Pm- 
(lucls, retreat out of the Held 
altogether, and only has one 
serious independent competitor, 
ZF uf Germany. The compesi- 
tmn in (lus field comes from 
the I wo American vehicle manu- 
facturers, Ford and General 
Motor*. 

A number of uther American 
companies, while not operating 
in quite such special iscd areas 
uf lechnoloRy, have still man- 
aged to establish iluminam 
positions in the European mar- 
ket. A very larye proportion 
of the- indepcndi'nl iruck 
braking industry, for example, 
is coni rolled by American 
Standard, which owns Wcsltng- 
hoiise Air Brake (known a> 
Web cut m Hanover. West Ger- 
many. and has just huught C/ay. 
Tun DewamJre in the tiK. Some 
analysis pur its share uf the 
European market at about 45 
per cent. In addition, much uf 
the residue is snaked up by an- 
other American company. 
Bend ix -West mg house, whicli is 
based in Britain with ownership 
split equally between Bemiix. 
the large aerospace and elec- 
tronics con Khun crate t sales last 
year of $3.3hn). and Wcstlng- 
hnuse Brake and Signal, the 
specialist in brakes for railway 
roiling stock. 

Bemiix has become one of ihc 
must widely-spread forces 
among the American companies 
operating in Europe. Apart from 
tile Bendiv- Wes tinghouse busi- 
ness. turning over about £24 m. 
a year, it owns Jurid, the brake 
linings manufacturer in West 
Germany, which employs ahmii 
2.50U petipte. and Bendiberica in 
Spain, which makes ail the 
brakes for The Spanish Ford 
Fiesta and employs about 4,501). 


a poof profits performer. Lucas 
has bid for the xvsi nt Ducviuer. 
and Air JSquipemejii is jj id to 
be up for sale. 

Bvndix has had troubles 
before in Europe — uii.iiu three 
years ago if was Imxvd t o with- 
draw from a new f-raku niar.u- 
fa during projeei m West 
tiormanv because n lound the 

competition luo — I,u< :t i- 

now aiming lo rcaJmcture :!s :n- 
le rests. Il avna a- thmi-jh h 
will keep on I he brake i.usmcss 
in France, which !:a> a sound 

export order wiiJi Daiiiilor-B>-nr. 
and make a bid reiuru i«j the 
electronics Held n. part nei 'ship 
with Renault. th- French 
nationalised car group. Talks on 
a juini project io.-i -v n the iw. 
are now in pro^re?.-. 

Anodier pruduc; area m /:e:-r 
American conipan;*^ dominate \s 
in valve production. The iu e 


SWF; a variety of companies in 
Italy making brake linings. 
phsticy. shock absorbers, tail 
lights and servo systems: and :n 
Holland it has absorbed Koni. 
the specialist shock absorber 
group. Although there have 
been no new acquisitions for the 
group since the oil crisis. ITT 
has embarked on a big expan- 
sion and export drico for ail of 
Llio.M* companies. Teves. ior 
example, is well established in 
South America, has moved into 
The UK wilh a plant in .South 
Wales and :• distribution agree- 
ment with Quinton IlareU. and 
has pm down another lactory in 
the U.S. 


Base 


biggest com panic-. In-r-.- an: 


Turnover 


The centre of Bendix’s opera- 
tions. however, is DBA «»1 
Franco, formed Trum Duccllier. 
a vehicle electrics company, 
Bendixs own brake iutervsis, 
and Air Equipenient, an aero- 
space com pone «V. s business. This 
group, with a turnover uf about 
ioOt/m. a year, now appears i«» 
he breaking up. partly because 
Lucas, a partner in Duccllier. 
wants more control, and partly 
because it appears to have been 


TRW, a diversified gpiup i»jih 
European intcrivi.. m \ab.c-'. 
si curing gear-. •g*-i:..-ra 1 en- 
gineering and i-.-a: jmi 

Eaton, which al-u makci Trans- 
missions and axlc% Betwon 
them, these two cui:i panic.- ..re 
reckoned lo Iiji :< dominant 
position in thc-c product-.. v/;!:i 
TRW manuf:icl'ir:n-j ,n a :\ ur - 
ihern spher** uf lut -r-.--: >n thu 
UK. Cermany ami France, and 
Eaton in a sphere 

split bctttcc.i 1 a:nl Spain, 
where it h;i> fu-i made j larjt* 
new investmun i. 

These two groups a r.- anion c 
the largest :n in..- European 
components industry. TRW 
having sale- recl fined io be over 
S600m in the regom. and Eaton 
about $2()0m. Both haw pur- 
sued a policy u; -pr.admx tuc.'r 
investment from -irung bu-.*s in 
the UK. altiu>iu:i Eaion ha- -u 
fur not venturi'd inio Germany. 
where TRW i-. i cry -Irani l*. ;il.-o 
making slecrinj gear.-, and Rcpa 
seal hells. 

Seat behs is another area 
where U.S. eump.inks have a 
broad base, sinev Kan-j»l Magnet 
in the UK is also owned by an 
American group. 

The other Jaryv and widely, 
spread American croup is ITT. 
the telecommunication*; com- 
pany which a bo has u sizeable 
involvement in mofor com- 
ponents. In Europe ii.% opera- 
tions are ccinn. ;l on Teves. die 
German brakv manufacturing 
concern, whicii is probably the 
largest company in ihi> field 
within ihe KEG. But ITT also 
owns a Stuttgart-based electrical 
switchgear producer called 


Dana and Rockwell, fooih with 
their main industrial ba«v in 
Europe in commercial vehicle 
transmissions and ax:es. :-.re a. ? <u 
eniharkins un a drive to spread 
their activities tlirou-jhout t!ic 
EEC. Rockwell, lor instance, 
is moving into I’aly and Wesr 
Germany as well a> Ihe UK: and 
Dana, apart from the Turner 
bid. iias in'.cstcd in Switzerland 
and France, where it recently 
bung m Floquet .Mounpol. a 
major producer oT piston rings 
and cylinder liners. 

A similar prove-?- is being 
followed by Tenneco Walker, 
part of the big chemical grouo. 
which bought ff anno, one of i ho 
largest exhaust manufacturers 
in the UK. and has also acquired 
two small producers tn Germane 
and France, a.- ncll as !ite P:l 
Stop replacement business, 
other Amerivan groups in the 
EEC include Monrue. the shock 
absorber company (Belgium). 
1TW ihe fasteners producer 
which runs Fastex in the UK. 
Trico. (he windscreen wiper 
group, and Dayco. a fan-belt 
manufacturer which has a plant 
in Dundee and is looking -it 
further in vestments in Europe. 
Carborundum. an old-e.slab- 
lished company in Eritain. 
recently acquired Weybum 
Engineering, the diesel engine 
cunisbaft manufacturer. 

The weight of the American 
component companies in 
Europe, which is noth broadly 
2 -pread and highly concentrated 
in sumo ypccilic areas. h3.s 
caused considerable alarm in 
the indigenous, European 
industry. Some producers feel 
ihat there sltpuld be efforts to 
build more integrated European 
groups which would be able to 
compete on more equal terms. 


MAJOR U.S. COMPONENT MANUFACTURERS 

IN EUROPE 

Company 

Pmduets 

Location 

TRW 

halves 

UK f TRW Valves): Gy 
(Tcves-Thompson); France 
(Jcudy) 


Steering gears 

UK (Cam.); Gy (Ehrcn- 
reich); France (Gcmmcrl: 
ltalv (TRW Italia) 


Steering u heels. 
fa>teners 

UK (Clifford ) 


Seal bells 

Gy (Repa) 

ITT 

Brakes 

Ov (Teves): UK (Teves); 
France (Tevcsj 


Electric 

suiteltgear 

Gy (S1VF) 


Gasfcccs/lights 

Italy (1AO) 


Shuck absorbers 

Holland (Kuni) 

Bendix 

Brnkes/eleclrical 

France (DBA — jointly owned 


•‘((Uipmcnt 

with Lucas): Spain (Bendi- 
hcrica) 


Air brakes 

UTC (jointly ouned with 
Wcstinghousc Brake and 
Signal) 


Brake linings 

Gy (Jurid) 

Eatnn 

Truck 

transmissions 

UK; France 


Axles 

UK: Spain 


VstliCX 

Spain: llalv 

Dana 

Transmissions 

UK 


Pistim rinqs 

France (Floquet Monopol): 


Distribution 

UK (Brown Brothers) 

Itockwi-IJ 

Axels and axle 

UK (Rubcry Owen Rockwell 


housings 

— jointly owned with 
Rubcry Owen: Rockwell 
Thompson: Rockwell-Stan- 
dard) 


Window 

Gy (Goldc): Italy (Goldc 


regulators 

Itaiianai 


Autumotive 

seating 

Portugal (Moligal) 

Champion 

Spark plugs 

UK; Belgium 

Timken 

Taper bearings 

UK: France; Gy 

.American 

Air brakes 

Gy (Wehco); UK (Clavtou 

Standard 


Dewand re) 

Cnrhorundum 

Friction materials 

UK 


Diesel engine 
parts 

UK (Weyburn Engineering) 

Borg Warner 

Automatic 

transmissions 

UK 

Tenneco Walker 

Exhausts 

UK; Gy: France 


Distribution 

UK; Gy: Belgium (Pit Stop) 

Monroe 

Shock absorbers 

Belgium 

Trico 

Wipers 

UK 

ITIV 

Fasteners 

UK 

Dayco 

Kan belts 

UK 

Questor 

Shuck absorbers 

Spain 


particularly in world markets. 
For example, in the commercial 
vehicle field, the North 
Americans have established an 
extremely dominant position 
counting, alongside their com- 
ponent interests, truck manufac- 
turing (Ford. Bedford. Chrysler. 
International Harvester*, and 
diesel engines (Cummins, 
Perkins. Ford and Bedford i. 

In this field, European manu- 
facturers hare developed much 
more integrated organisations, 
manufacturing many more of 
their parts in-house. It could 
be argued that this has pul 
some of these European com- 


panies in a strong competitive 
position — both Mercedes and 
rVECO, for example, are big 
enough to manufacture a lot of 
commercial vehicle components 
in large volumes. But there are 
some obvious areas where 
American companies have estab- 
lished fairly dominant positions 
in Europe which are in no way 
compensated by European 
developments in the U.S. The 
challenge facing the Europeans 
now' is to take on the U.S. 
competitors in their home 
market. 


Terry Dods worth 


,. sid e-' 

- s:? :<-*■ 
i:>' :e* ?■ 
rcatfs* 

, wl: •*’ tf®" 
^*3j 
-,-r clo*'y fc 
r.-ri-'s SffCT 
1 "i5^ 

u- 

\?£r. 

ir-r Je» 5 
l t 


Brian Toms 


j » ‘.v. yH 




mi Hie protection of a van 
nd the reliability of fork. 


The York Curtainsider is an integrally built side loading trailer. Not a body-built add on. 

The l u 11 y -tensioned curtains and one-piece roof give the loadability of a platform and the protection of a van. 
And its all a one stop deal from York. One order, one delivery, one responsibility and one guarantee. 


Deep rear door frame for extra 
rigidity and body strength. 


Extended rear door posts 
welded to anti-underrun 
bumper for strength and safely. 


*V roof bracing at front and . 
rear for extra strength. 


are 


: Rear-loading through optional container-type double doors,. 
{Note: raised rear header for extra i ntemal cube.) 


Quick refocjte straps 
and ratchet operated 
horizontal tensioning 
eliminates billowing. 


YorkQjrtainsider-ft^ 

1 


(XA 


York Trailer Company Limited, Northallerton, North Yorkshire DL7 8UE. 
Telephone: Northallerton (0609} 3155. Telex: 58600. 











22 


*: ' 

Si 

3 


EUROPEAN VEHICLE COMPONENTS IV { 


Financial Times Tu 






A CRUCIAL struggle is taking to sell only to each other. SEV-Marshal operations form The customers are ihe three banner that Ferodo is now in 

place at the moment whose Enter the leading French part of the group. groups which dominate the the middle of organising its 

outcome will probably establish components group SEV. SEV- When Lucas launched its bid French motor industry. On the operating companies. It is quite 

the broad structure of the Marshal is a subsidiary of a for Ducellier, SEV stepped in car side Renault and" Peugeot- possible that Ferodo itself 






THE FRENCH ELECTRICAL COMPONENTS SECTOft 


U | U U1 Vail auukiuit w* — — ^ — — ■ • mas* — - m 

French motor components in- holding company owned by the as a rival candidate, and the Citroen each make some 1.5 na anticipated making a move for umipany 


dustry at least into the 1980s. 


pany. 
range 

turnover of FFr 800m and a 
workforce of 7.000 it ranks as 
one of the leading concerns ia 
me electrical component sector 
in terms of both output and 
investment. 

Ducellier is owned 51 per 
cent 
DBA 


big French group Ferodo as to affair must now be sorted out cars a year while Chrysler/ Ducellier in a later phase of 
70 per cent and of the German by the Government Luca? has Simca makes about a third as expansion: if that were the case 

or 


At it fhf> Durellier com ’ H ua uie uciuiau uy uuraniusiu. ouuut aoDUt a uuiu « upousiuu. ii uiai were me ca 

lanv which make* most of the Bosch group ^ t0 30 P er L ' ent - ar 8 ued that it has made substan- many. Ail three manufac- then the Lucas bid came two 

L with a 11 went ,nt0 tte Ferodo group tial investments in France turers see output this year three years too soon for it 

ange ot tar eietmcs. wim a nc _ Dntn.ni^nt m i.-w.i,. * , i--*. 


French Government to 
a strong French presence in 


by 
which 


itself does some 


some rescue imperative. 


recently as a result of a series (Girling and Roto-DiescI in par- likely to top marginally last 
of moves sponsored by the ticulari; that the balance of year’s level, which would put 
create motor trade is heavily in production of cars in France at 
France's favour (the French around the 3.5m mark. In addi- 
ihc components field. In fact sell more than 12 times as many tion. the truck division of 
the financial plight of a number cars to Britain than vice-versa): Renault with its twin marques 
of concerns, including Paris- and that the terms of their of Saviem and Berliet is the 
the 3 BendbT offshoot aild Marshal, had made partnership with Bendix ex- leading commercial 

: eludes any solution other than client 

a Lucas purchase. 

It also points out more 
discreetly that if Ducellier went 
_ to SEV it would create a single 

itself, counting ils stakes pro alternators, projectors, starter dwninant group the component industry is the . Prospects for further regroup- 

rata. has a turnover of some motors and small motors gener- t f lls is something that the big tension — in this case tint par- in £ seem relatively remote, if 

FFr 1.2bn. The battle has been ally and employs some 15.500. three French car manufacturers Ocularly creative — between the on J- v 

launched by Lucas' agreed bid A number of well-known names are very uneasy about, 

for the remainder of the equity’, in the components business arc the m om*nt and V* e 

a bid which by any normal part of the group. The Cibie affair ]S reaching a decisive 


FFr 1.35bn business in France Tiirnnvor 
(including Ducellier). The 1 UlllUrCl 


remainder is owned by the The SEV group with a 


British Lucas group which FFr 2.2bn turnover is based on 


Factors 

One oF the factors influencing 


The other main interest in the 
sector at the moment is the in- 
itiative being taken by Renault _ 
to create a component supplier A,QceJUer 
to produce motor control equip- 
ment. Renault is seeking a UBA 
vehicle P artaer willing to tie its invest- 
ment specifically lo Renault's 

needs. The name most fre- Jaegar 
quently mentioned is tbat of 

Bendix, whose main interests 

are in the hydraulics sector. 


Company 

SEV 

: -• 

pftj 
: Fej 

lent company Turnover 1976 
Frs.rn. - 

[odo/Basch - 2 , 209 * 

Workforce - Main products 

Projectors, alterpafori ' 
15,500 . - ' start ersj Sanafl, motote "i 

Lucas-Francc 

’■-*1 

^iudustkies 

1,191 (a) 

— 7^00 -- IhJectibn eaaipmgirf; - 

"i;: ■ braking systems, ^ Y ** 

- ' 

DncelUer 

Llij 

as/DBA 

801 

. 7,099 ■ -ear, - '' 


Precision Meehanique 


Government’s ideas of iiuw the 


because the most Selma 
vulnerable companies have 


sector should be organised and already found new homes and 



1,357* (c) 


10,600 


r'aaff '■ y* 
■ air equipment 


lA * i 


filing 


625 




5,000 /tfasMaoqra& 


coimmifators 


544(d) 


5,350 


• electrical and ^ > - 

harness equipmettf - ^' 

■ ! :?% 3 5 • • 


390 


4,000 


standard should have been un- holding company has 30 per 


stage — the Government is 


those of 
facturers. 


the motor manu- stron 3 sales performance of Motorola 
The Government. the motor industry is being 


53 


469 


Lucas to reach j }road i y ' spea ]^ 1 " gf !a Anxious 'iu translated into healthy cash- Bosrfl . Franee 


atteniitork;.^;^ ; 


controversial since Bendix and cent of SEV itself while a encouraging 

Lucas were bound by the terras duster of Cibie companies as some arrangement which will _ ^ ' e mereen«i nf a ^nwerf>ii Sows for the components manu- 
of their partnership in Ducellier well as Paris Rhone and the quieten SEV fears and guaxan- p re _ c j. whirh enm facturers. For the moment it is 

tee in some way that Lucas will . srou P wnicn can com . _ ... 


B«sch 


250 


Products 

imported. 


alternators 


MAJOR COMPONENT MANUFACTURERS IN FRANCE 

Ferodo 

France 

Clutches (Verto trade name); 


(Turner and 

aluminium radiators (Sofica); 


New all of UK 
has 10%) 

brake linings 

SEV-JWarehai/ 

France 

Vehicle electrics; lights 

Parls-Rhonc-Cibie 

(70% Ferodo. 
30% Bosch) 

DBA 

U.S./UK 

Vehicle electrics: brakes 


Acicrs ct 

Bumpers: chains; steering 


Ontillage 

wheels 

France 

( Peugeot 
has 70%) 


Lucas 

UK 

Diesel equipment (Roto-Diesel); 
brakes ( F reins Girling) - 

Associated 

Engineering 

UK 

Pistons 

GKN 

UK 

Universal joints (Glenser- 
Spicer) 

Wilmot Breeden 

UK 

Door latches; plasties 

Automotive Prods. 

UK 

Clutch re manufacturing 

Eaton 

U.S. 

Commercial vehicle gearboxes 

ITT 

U.S. 

Brakes (Teves) 

Dana 

U.S. 

Piston rings (Floqnet Afonopoi) 

Jaeger 

France 
(45% VDOof 

Instruments 


Germany) 


Soles 

France 

Carburettors 

St. Gobain 

France 

Cylinder liners 

Bosch 

Germany 

Fuel injection equipment (Sigma 


way 

not pre-empt its expansion 
ambitions. One idea mooted is 
of a part of 


pete internationally — in other 
words, a French version of 
Lucas or Bosch. The motor 


the Ducellier case which is the * „ “ 77 : : 7 . ' • ^ •' 

main focus of interest. M9< 7 figures: (a) participations pro rata, (b) aerospace electronics via Thomson-Lucas; . 


Ducellier by Lucas to SEV. but manufacturers do not want to 
this idea is one which Lucas ® nd themselves with a single 


David Curry 


Ducellier. (d) Frs.307ni ln motor industry. 




would prefer to avoid since it supplier and if this were to 
feels that it needs complete con- come about would look overseas 
trol of Ducellier to continue its for a second supplier — the 
investment programme and inte- obvious candidate being the 
grate its production into its Bosch Spanish subsidiary. 
European pattern. The strength of the big three 

The stakes are big on both manufacturers in a sense was 
sides. For SEV the acquisition responsible for the continued 
would establish it -without fragmentation of suppliers, 
challenge as France’s dominant since all three had very strong 
electrical component manufac- design and development depurt- 
turer: in contrast arauisitinn by meats which issued verv care- 




group much more of an all- suppliers and encouraged 
round rival. suppliers to tie their production 

The rather fracmented nature a particular group. This 
of the sector shows why the fate railitated against formation 


__ ___ . . . . laigv UinOXIIbaU’ 

The French -T 10 : e< ’“ 1 P“ en 5 diversified markets, 
industry reeistered sales last 

year of FFr 21.7hn. It comprises j., 
no fewer than 360 companies 


This way of life continued 
there was significant 


with a total workforce of L V the “"‘V indU,t °'' 

around 130.000. Of the sales, but when .the tide of expansion 


the hrcnk-dnwn last year was 


started to recede a number of 
found themselves 

merit:* FFr n.Tbn for spa res' and financiaUy beached It was at 


FFr 5bn direct eroons. The this point 11131 **»• Government 


electrical equipment sector, on 
which this article concentrates 


launched the Ferodo lifeboat to 
refloat Paris Rhone and 


and which is the scene for the Marchal. 


Ducellier battle, accounts for A c0U P 1e of years ago the 


Diesel); electrical 
(Robert Bosch) 


FFr l.fihn is original component manufacturers and 




equipment, 
and the 
exports. 


FFr 1.2bn 
remainder 


spares the standardisation of equip-, 
direct ment began to emerge as a] 
theme, and it is under this! 


Ruberij-Owen’s axle housing plant at Darlas ton, which is now part of Eaton Axles Ltd. 




FINANCIAL TIMES. 


I - * 

L i 


i\ 


suppliers 


MOTOR INDUSTRY 


SACGE EJ-Etf! WHATi=>A 

r IMETl^ FRENCH CflfZ 

P&YOUDOtMS WITH SUCH A 
SAD SOUNDING SUSfENStON? 


OH'NGN&IBJU. 
MYMAgTERDOESNOT 
iCV£M£\ AUJETlMS HEtS 
FITTING ME VZITH 2 E 

•monGfW7S. 




Foreign cars go better 
last longer with parts from 


Bendix j DBA (U.KJ limited 



DSa3dmni Road Hird 


ifnlCvui*. 


HudadL IMH Mrraund*. W\l| MR, 
M. 0M2 TiKAfl 


THERE ARE many small com- of the smaller component com- 
panies in the Midlands who panics are now being more 
are totally dependent on one tightly managed and have a 
customer — British Leyland. It greater diversity of product than 
is difficult for them to make the for a long time — the crisis has 
leap and invest in the travel, stimulated the survival instinct 
time and people to develop suf- But in the long run the increas- 
ficient overseas markets tD in- ing integration of the motor 
sulate them from tbe risk of industry in Europe means that 
a collapse of the company. If the flows of cars, trucks and 
there is a further decline in components across frontiers can 
UK motor manufacturing you on ly expand. For example, in 
will see a gTeat increase in the brake linings industry, 
□umber of mergers and amal- dominated in Britain by Ferodo, 
gamations." Don and BBA, a number of East 

This is how a senior executive European and "West German 
in one of Britain’s largest com- parts are now entering the 
ponent groups sees the prob- country. 

lems facing the UK motor in- This line of thinking has I 
dustry. His comments come at underscored the strategy of the| 
a critical time for the smaller big British component manufac- 
Rritish component manufac- turers for at least a decade, and 
turers. They have had three more in some cases. Partly be- 
years of coping with the diffi- cause stagnation in Britain has 
culties of British Leyland, a meant looking elsewhere for 
period in which they have markets, they have changed 
trimmed their workforces, themselves into fully-fledged 
according to a recent survey, by multinationals. At home, they 
an average aE 25 per cent, and have absorbed other companies 
probably taken out a fair in a similar line of business in 
amount of capacity. At the same order to achieve the size and the 
time, they are now beginning spread of activity to finance out- 
to feel the full effects of the ward expansion. Overseas they 
drive which car importers, fol- have moved progressively from 
lowed by their own component Commonwealth markets, to I 
manufacturers, are beginning Europe and now to the U.S. 
to make into the UK market. The first aim of these moves | 
PI in, has been to jockey themselves 

aiUtt inl ° a position where they 

The latest fibres show that JHS 
component imports soared last ally every importar]t ^et in 
j ear by almost .0 per cent, out- ^ war j d Xhis means ^ 
stripping the growth in exporta component manufacturer is able 
far the first tune In many years, to hitch his products to a larger , 
mere were, it is _ tnie, some variety of vehicles, which may| 
abnormal factors which inflated bring any number of overseas 
this figure, including the series mar kets in their wake: Brazil, 
of strikes in the. industry last f or example, can best be tackled 
autumn, and the growing pro- by developing links with manu- 
pensity of the big multinational facturers like Volkswagen and 
car producers to import parts Fiat which produce vehicles 
for assembly in Britain. But there. Mr. Gordon Griffiths, 
the trend is unmistakable: as managing director of GKN’s 
more foreign cars establish component manufacturing divi-j 
themselves on British roads, sion. describes this process as 
more and more parts will come “building up an interface in the 
in from overseas ‘to service place where the products are i 
them. built. People are determined to 

Many executives in the in- manufacture aU over the world, 
dustry believe that these figures Therefore we need to set up 
are illustrative of a shift in the an entity in any area where 
total European industry which there is design parentage to 
is now irreversible. True, they keen close to developments.” 
say. the rot can be stopped to The second aim has been to 
some extent in Britain if the establish groups of sufficient 
reforms of the new Leyland size to be competitive in world 
management bear fruit Many markets. This strategy has been 
CONTINUED ON NEXT PAGE 


SORVEYS 1978 


The Financial Times will be publishing a number of Surveys relating to the motor 
industry, culminating with the Motor Industxy Survey on October 17 which coincides 
with the International Motor Show at the NEC. 


The full list of Surveys and publication dates are set out below. 


VANS AND LIGHT TRUCKS July 20 


COMMERCIAL VEHICLES September 25 


BATTERIES September 28 


. “ '/■ « . . 


THE MOTOR INDOSTRY October 1 7 


s£/- 


?*£ 


Detailed synopses are available prior to the publication date and for further details on 
these and advertising rates please contact Richard Willis, Financial Times, Bracken- 
House, 10 Cannon Street, London EC4P 4BY. Tel: 01-248 8000 Ext. 7063 Telex 
885033 FINTIM G. - 


FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


the* Editor? 1 ““ Pl "’ UC! ‘ ti0 ° d>, “ ° f surveys in 0X1 Fir ™™‘ are snbject to change at the discretion of 






to , 






23 


IT 


'8 


TUe'sSav 'ihzhe '6 "1978 

EUROPEAN VEHICLE COMPONENTS V 


taSSBS 




uipm** 


-ueas. 


oior 

ldtfS 


Fiat dominates 
in Italy 


ties 


"IF 1 WE . tray an engine. - 
-windows, tyres, -dutch and a 
gearshift. We can manufacture 
a car.*’- - This, with a touch of 
hyperbole*. is how ' one of the 
senior- directors in Fiat's com- 
ponents company describes the 
group's activities. It is a widely 
diversified organisation, which 
is probably; moire broadly spread. 
th*n._ the .strong component 
organi satrpas ' tun by the French 
Piotor manufacturers. It is also 
. large, .almost certainly compar- 
ing; iir.si&le with anything run 
by rival car .manufacturers such 
as- British Ley land, Citroen or 
Ford. It has 43 plants in Italy, 
tbree-overseas, more than 31,000 
employees, and sales last year 
of about £630m. . . 

; Flat hhs how established its 
. components- ; division - as a 
separate profit^centre charged 
. with, seeking .out new markets. 
This policy change is part of the 
new Fiat strategy to allow the 
satellite groups originaly estab- 
lished around the vehicle manu- 
facturing organisations much 
more’ freedom-pf action. • -The 

In '4-av-tMWr.il iVltA ‘I 


MAJOR COMPONENT MANUFACTURERS IN ITALY 1 


Italian 

I. Comind group: Plastic and rubber j 

Components 

Group 


components: lighting equipment; vice- , 
trlcal cables; Hectrlcal equipment. , 

S. Gilardini troup: Hoses; gaskets; fil- 
ters; pumps; transmission gears; body 
parts. 

3, Magnet! Merilii: Batteries; plugs; 
ignition systems; wipe regenerators; 
horns. 

4. Weber, carburettors; brakes. 

TFT 

UJS. - 

IAO Group: Bumpers; plastics; gaskets; 
tali lights, servo systems; shock absor- 



bers; exhausts. 

Ferodo 

France . 

Brakes; headlights; clutches, radiators. 

Associated 
' Engineering 

UK 

Pistons ; piston rings ; bearings. 

Eaten 

ui. 

Valves. 

TKW; 

vjs . ■■ 

. Steering gears: piston rings. 

Lucas 

UK 

Carello (40 per cent stake): Headlights; 


wipers. 

Trioxd 

Italy 

Plain bearings. 

Turner and 

UK 

Gaskets 

- Newall 


• ' 

‘ Bovihnee 

Italy. 

Brakes (Automotive Products has 28 per 


cent). 


rators. motors. scrcen- 
rs. horns, and somej 
-r ,JaIised sparking pin 
is also moving into tt 
developing area of eh 
equipment. 

5. Weber. The company, 

employing 2,600, has a daily out- 
put of 15.000 carburettors from 
its three factories, about 60 per 
cent of which is exported. 

6. — Fiat Lubriticanli is the 
group's lubricant manufacturer. 

7. — Industrie Verici Italians 
is involved in vehicle painting I 

techniques. 

S . — Sepa makes a varieLy of 
electronic systems, usually fori 
non-automotive uses. 


Abroad 


About 25 per cent of the sales 
of this group are- exported at 
present, with a target of about 
30 per cent this year. How- far 
Fiat wants to go in the export 
direction is not clear. It s3ys 
it will also consider joint pro- 
jects overseas, and it is likely 
that, like other divisions of the 
company, it will be looking out 
investment possibilities 



We provide the 
muscle to turn 

experience 
into results. 


^ raiS K til ShM e S-nS and headlights- 'ITT’s collection thing now is that we are a abroad. 

,-them .healthy profits and -.,_ d iaO. is supplier like any otner. For But however far they 

earners. - In. ^ thejr .own-i^hL -of diverse, any new product we stand at these , moves b y Fiat are yet 

like ° £ °“ sSZSSSSXBS 

^rSSSSfiS^ ajksmsu. . - ------ 

SE1SSSS «?warf5s: 

tniers mto caskets. ‘ - - small engine manufacturer, era- has come under attack, and so 

^Fiat sayS-fliatltlslOQking at paying 4.000. it is now turning its attentions 

SmLeh* all the Sis where M does not 2 .— Comind. a producer towards, the other markets con- 
2“^ ^the ^omponenis ^ M j D ^ji ve ment 4 p'COnsider Qf plastic and rubber com- trolled by its competitors, 
sector,. -: .r r - “ whether it SfaonJff.'move into pone nts, lighting equipment. One additional point about 

^ ----- - ^them. But its raidn : strategy at eIeetr i Ca i cables and switch- the Fiat approach may provide 

l^omnetmoil: !" present is to develop an inter- gear within these activi- a talking point in the years 

v national -perspective and scale u which - emp ioy 5,800, ahead. In recent months it has 

. yin -operation, ^hUe.^ng its Comind makes such pro 

I vtmn M: -level .of- te€hnoHDgy^ #»nipete wheels, ins 

has coine. from a. SMii . _* nA^i-iu- Yrtip -pmuD •»_ +nn 


Mon .of- teehhblDgy^'iCompet 6 steering wheels, instrument favour 0 f joint research and 

terests has qomd.Erom ft smau ^ ^ ]evel a ea rly, jibe group panelg bumpers, tanks and development projects with other 
Operatioa^t^Alfa^raqo Jgfv'facea-a considerable Challenge rariiafnr gr i]i s . European groups in areas of 

hund^ds; p£ ul pnreuing these .objectives, a.^ciardim: One of the w h tecbno i 0 gy. The indica- 

tiorts wEicfe'Stin^dkirageio.exiSt . gjugg/ji has been Hed.sd- closely eru uns in the division, nrp f 0r examnie, that »l 


high technology.. The indica 
tions are, for example, that 
would like to form links with 
another producer to tackle the 
field of 


hunareas: ot ^ pnrsuing these .oojecuves, 3 — Gilardini: One 01 me 

tions'wKictestxn ma^geto-.ex^ir' ^ has been tied ;sft. dpsely ^ er gruups j n the division, 

• In" therbpekstieet -workshops, oj- pa^nt car .mamrfictnnng Gilardini employs 9.200 men, 

Turin and. Milar^ Tbesasaialler ^, up ' ^ t fi e past. Out ol the amJ j^gg gaskets, fuel, oil and 

groups ate; •" 75 per cent of Its water pumps, transmission ijnportaI , t but expensive fl 

replacement *o into lhe -automotive ^lor, gears _ bumpers ,. handies, locks, vehjcle e i ec tronics. With Fiat’s 
* -.^ c roughly, half . and other body components. . lgatdt for pu mng off deals of 

^^^^^^.^ ^^The ^Weber -^.-^agneti Marelh: This ^ Wml it may be that the 

SL? e I2!fi ; B roireVrep r esents Fiafs elec- ^.h^ssed move towards 
piterests and employs ^ int European projects in the 
makes the standard coroponen ts field may receive 

of them emptying betw^ u^ ^hTSe^ma oSside SuSmenX— batteries, starter swnB j Q 

market. But ; in ;the test 10. ... • - . • 

years, or so, a -aamnljerj of . 

multinational .V' tnanulacturera p . I JX . 

have moved into. Italy as CONTINUED FROM PREVIOUS PAGE 

Mtposing the Fiat orgamsataon * 6 - ^ w 

Frame, Germany “^e, 

%!^e*es tore ^ ^ 

^^ton ?^rt ” e ThS i is e oartfc d ulSy "Mr 1>Ben consolidated during total componeIrt 

TRWTfJS.li mcasr<OKX products. -Thw ■ is pmucuiarty the past feiw years. Lucas, for * h ^ by 

years ago, and 

•: '■*' _ “ - 4a TUUI CflTTlP 111 - 

trying 


marked a real setback 

Uy expand- ness an trance m ret«w. j«us t in ne when imports rose 
comparues ajQJir.«ti the British companies by ^6 per cent from £455m to 

CoivtanexMi an recent are progressing steadily in Italy. £75 b n. This year, the signs are 

th^oXrs^ gnS^hW® 11 ' 3 ^ wajs!” GKN now has. strong Wither these ' developments that the flood of imports has 

n rtahi i Khed-^riPortant operations - ^£c : ir, both .Germany and cm go much further, foUowing levelled out to some extent. But 

•ISS.Sittto- joint ■ ^opposition which bu now it is exported to remain at a 

a #***>» SZLJSKSL S 2SlW£$U 


oartsV , 'and^.-Wicas' i :piHus_^fe The eflteot of -tneoe moves — ; — - - . 

Girling ■. ^cen to create a rapidly expand- nera an France in nc_ent yew, in the UK, when iroports_ rose 

tion : iefluigP-tffl^V' : i ?-■ . .-V •/- ' W presence for UK companies 
The prodimti^fthW*^^ 6 ?. on She An rppent 

'.dA.enoa oryMiTw'have ilOW ■ 


We«t ' Germany, is anyone s occurrea. c uici&ji 

jtgrae pausi • w ^ p1rptv A^ooiated Eingi- guess. But in the meantime, a turers are now accounting for 
. '“thi banSs" of 1 Associated F® 3 ^^ 1 ^ ^njin-iifactariiig in lot of ' the attention of these more of the British vehicle 

, - ^ valves, 17^ Ferkins. . the North Amemca. 


more parts from overseas for 
their vehicle building in Britain 


alsb; 

tion; 


, y6 *' . 




[is on 

: \ -J v’tTW' 

1’ . C J i ‘ i ^ 

icKeh 


-cles- 

•r : L3.; 




m 






v3,?V 

>.2>- AwrZ'&.iiL- ilv. ii, - - -V -r-' : 




J: 




- ' r 


- ... . Because or these changes the 

. .motor companies towards Qf British Leyland re . 

smajler. vehicles,^ which will . g^gmeiy important to 

re £S£- Sewmponents sector. It would 

comments,, ^or^ wiGi dierel ^ unrealistic to expect that 
epguies^: many of the smaller producers 

spemUtyj ^ ^ in the industry could protect 

UK^ 1 companies’ their posiUon by exporting. 
Tiie ' _ult 4 h™h, They do not have the resources 
is vestment ■ across the Atlantic These nroducers, there- 

is;beiag directed towarts ve^ 

^perafic fields Luca^in of couso Udation or expansion 
place, i s put ting down a pl« !within the British vehicle manu- 

facturing sector before they can 
me^go^li or West much future for themselves, 

tos - ^iready- done so), is 51^3^00 posed by these 
pla^gtadothes^efor ^ ppoblemB is apt] y summed up 

“5?*^ point J? by Wilmot Breeden, a big 

w^ch it u a world lwd^ M - dlailds su p plie r to BriUsh 
lijce Automoave Fro- Leyland wh}ch> although not in 
ducts ^dutches) and Associated ^ heavyweight league of pro- 

*5?.®®® -Jl-. greatly reduced its capacity in 
ahiiary, _is establishing a new g^ - u gj,- jj r John Given, 
distribution network for seQior direct0 rs. 

accessories. ; were encouraged io put 

These inoves have already led down facilities and anticipate 
-ta a slgnihcaiitr expansion of UK ^ j^yland would make more 
components . exports to North was like creating an 

A^pejica in .the last two years, appetite for dinner and then 
But^the main export growth has i eav ing us without a meal. If 
boen.to the EEC, -where manu- gpj^gjj Leyland wants that 
■'--♦-,-4*''’ «wAnt tended capacity j p future it will find 

it gone. Today our major effort 
is going into Europe.’' 

T.D. 


factoring investment has tended 
to help direct exports sis well, 
since - it .has established a base 
on whieh to expand a whole 
range of business. The manur 






AE AUTO PARTS INC. 

AE AUTO PARTS (PTE) 

AE EDMUNDS WALKER 
AE IMPORTED VEHICLE PARTS-] 
AE (SALES) 

AE SCANDINAVIA 
AE TRUCKS TRAILER 
COMPONENTS 
LANSAIR 

MOTOMATKOSTIC 


, f v Distribution of replacement 
engine and chassis componems 
y in UK. Austria . Canada. Portugal 
U Singapore, Sweden. USA. 



Manutacture and distribution of 
engine and chassis parts 
throughout South Africa. 



AE FRANCE 
AE ITALY 

AEROPLANES MOTOR '- 
ALUMINIUM CASTINGS ’3 
EP.IC0 ENGINEERING 
8R1C0 METALS 
HEPWORTH SiGRANDAGE 
WELLWORTHY 


it! 


^ Cylinder components - pistons, 

» piston rings, ferrous and 
aluminium castings, sintered 
v : components. 



> vehicle cruise control systems. 

I 



•i 


THE GLACIER METAL CO. 
GLACIER METAL BRUSSELS 
GLACIER METAL NEDERLAND. 
THE GLACIER METAL CO. USA 
\ GLACIER GmbH DEVAWERKE . 

Universal metallic packing 


Plain bearings for engines 
and chassis. 

Rotary seals and metallic 
packings. 


Worldwide distribution of 

AE AUTO PARTS if 'S""®" 6 




■I AE TURBINE COMPONENTS 
CANNONS STOKES 


| Turbine blades, nozzle guide 

■’ vanes. 


V 



y 

•> Heat enchangei s and precision 
pressworh. 


Associated Engineering Group Companies 
are specialists in anticipating and meeting the 
chaneingtechnical requirements of original 
equipment manufacturers and servicing the ever 
present demands of replacement parts. 

With much in common, each company 
nevertheless pursues its individual course. Each 
is able to extract the maximum benefit from the . 
mutual interdependence of an advanced 
technology group, yet retain its identity to its 
customers as a smaller, vital, specialist. The 
group contributes the financial muscle to ensure 
stability and growth. 

For the group's many varied products a 


number of interdependent technologies are 
applicable. The knowledge obtauied over th 
broadest spectrum becomes available to speed 
the solution of any problem - large or sma . 
Much of this knowledge was shared recently 
technical symposium, organised by the group, 
which was attended by 150 leading i engi _ e 
designers representing 81 engine building 
companies in 17 countries. 

Currently some 40 % of the group s sales are 
made overseas through direct exports or loca 
subsidiaries. Twenty-five manufacturi no ,cens 
in 16 countries reflect the high technical 
standing of the group's wide product range. 



Associated , . , .... 

Engineering- broader than you think 

60 Kenilworth Road Leamington Spa Warwickshire England 




BRAKE COMPONENTS STOPPING 
YOUR BUSINESS? 



Shortage of the correct parts- especially in the 
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But now you can stop worrying- and start 
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Bendix DBA (U.K.) Limited has a readily 
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Tins wide range of hydraulics fit most 
imported cars on the l T .K. market-the manufac- 
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Bendix-DBA parts range also includes disc 
pads, shock absorbers, clutch components, servo 
units, hoses, stop light switches and fluid warning 
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So if you want some of that lucrative foreign 
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Choose top-quality parts from Bendix^ DBA (U.K.) Limited 


The stale of Michigan has both the people 
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A new and comprehensive study 
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• We have available land and liberal 
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As many European companies have 
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Return the coupon for your copy of the 
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State of Michigan, European Office 
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Please forward my cap/ of "Thp Advantages of Michigan as 
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On this and the foHtiwing page, .Terry Dodsworth 
and Peter Cartwright profile four of the men wbQ run. 

the major Br^ish vehicle component 

•i •• ' _ • • 

manufacturers, and suppliers 


The meh in 



Germany, one of the fev 
tries where reaMy -higj 
driving is possible. His i 
in great racing marque 
found expression in tie^i 
ship of four vintage Be 
“ But I now do not get jj 
keep them as they desert 


j coon- Nevertheless Panks. does not 
jUpeed see either local manufacture in 
Merest Europe or selling into ft «»“- 
p also tlnuing indefinitely. - That is 
»wnear- one of the reasons for . going 
alleys: t0 America. Another is • to 
tme.to booome intimately involved 
p aTO > with the development of a 



I had to part with theri. \mv worId ^ ^ing brou Sh t . 
affection is transferredjto the largely, by the energy crisis. 
Ferrari, whit* I enjof . very He is also keenly sensitive to 
much, it has great character the opportunities in the afier- 
really unique.” 4 ' mar ^ et f° r spares and replice- 

This abiding interest ij racing ™ents, but is equally conscious 
and in great marques fe very that the unavoidable way in. 
much in keeping with ips mar- is t^ugh supplying original 
keiing philosophy antf. does e‘J“ i P meQ t either .*£* 

much to explain the chaie that conntr y or from <> verse « UI ^S- 
has brought AP fromTrather whichever the economics dic- 
staid performer to the firemost tates ' 

rows of the starting grid^-w*h- Such a full schedule of over- ' 
out. it may be said, beink-noisiiy seas visits sometimes . requires 
aggressive. The export 'race is e ® ort °f “But we 

still being run and the celebra- 03111101 expect to rely on reports 

John Panks 

LEFT TO his own devices John done when the new A meeting our 



IU His own unices jonn acme when me new American . -"T manufactarer, Othec.-than ■ g* 

Panks might well have been a subsidiary starts accelerating. sh ort I^pSiks w*lf be flyinf io erai Motors.'makea^^S 

iheJhfs theTbMs BUbMLortl) • ^ eQ , T met Panks '^ was. Japan, where AP- has g flve th . e n, J n ^ a ^ics -t« .. 

fa ,w lUl* just- back from Italy, cementing. licensees, “to make sure the m a h^otome.-a^ 

Rootes. heard that his dashin* a fresh and no ve j contract with -latest technology is being, used ' precisl0n P® 1 * 
managing director for North Fiat to supply front disc brakes :to best advantage.” establishing a fineihajada^ . 

.America had qualified for for its new medium truck tween .costs and 1 . low. iinit.p^jr 

Sebring, he cabled him to cancel range. AP has two 1 component « -. .I/.t.- which demands -a ^jifia^^ 

his entry- Though relegated to factories in Italy supplying Fiat ' ■ know-how and limits, tJier^jjs 

a spectator role Panks main- cars and trucks, and Ajfa .Suit- TrtKn PAlltraer* Vilifies for newcomers' 
tained his keenness in racing In France a second factory .was *» OJuJUl UOUyCaL break into the. induatiy: - 

and is a familiar figure on the opened near Orleans- jfcD r coin- Assort 4 tftv FNrTT\rBTrnrwr- theless. much of AKV.'Jnre 
circuits and occasionally at hill piement the clutch plant at ^,0 of th „ idreest mannfae' '•™ e “ t in .recent yfito&tii 
climbs. Angers. This drive ^develop pUZn been dire * ed - 

Indeed his move in 1968 from overseas markets, whiefr keeps. in *h e WO rld stands rieht in the plant ^efficiency aitdv^nfisv 
the managing directorship of Paoks abroad for one- day out centre of the revolution which productivity to stfengthenU . 

Rootes’ worldwide export bust- oF fhree ^ taken AR' io a “ taking nlac* fii the com - competitive position. ;. 

ness to become sales and 6040 per cent expdrt/hpme ponents industry today On the The biggest proportifla dfog 
marketing director of Automo- sales ratl0 ,n &*** . dne hand it is exposed to the ^vestment- has. however;^ 

tive Products the has since . “If we are to set our. sights- enormous pressures' which are pu * * n *®.*h® diesel engine ^ 
becooie chief executive and for’ a steady increase in "busi- being exerted to improve fuel A new diesel engine pistoiir&jf 
deputy chairman), put him even ness into the eighties: ancT nine- efficiency. On the other, it Is ^ bein 8 built; i.hr.tl “ 

more closely in touch with ties we must go. apioss the. having to respond to the equally ®*r.sea® 

racing, for AP clutches, brakes Channel and to other markets.” strong drive towards, diesel substannaJ supplies to the^ 
and steering components ride on he insists. “No other^couiitiy power plants. Meanwhile,.- ljke ‘^ 50 ™ e °L °'*T . E H rope ? 1 ® 
must entries and have helped bas subjected '.‘to ;. the all British companies in .the such as Perkins and GEtUra 

to win laurels for the draraatic chan S« in the'^ntio field, it is having to cope with g°J"* “tome U.S. t and we to 
manufacturers. of bome t0 foreign cars in’ the the continuing saga of the J 1 . 3 ® good relationa for .ajM 

“I like lechnoloav- and I like market 35 lhe As a result troubles at British Leyland and ^ [ie ^ ■ companies IdteCra . 

S of imporU from lack of growth throughout the ■ -j^i teniationjd ^Harywte •. 

expressed In S nute hi elsewhere - as we » 35 impo «s vehicle production industry. and Caterpiflar. which.ihas^ • 

t Zer Z k \Z Thegr ° UI, ' S s“A a - ,?n #■" ^ 

quicker — it is a "real hobbv ' eb ! c e producers, the UK t Q establish a spread ..of busf- 

?nd oT course Via heav.K- in- n ? market *>•* lev ^ I,ed ou }- ness which minimises the diffi- . Thisdoes not mean that J? 

, ’ is nea\ uj in Our base operations will remain in ariv spf .* nr * n rf “ going overboard on the dlea& 

velvet!, he says. hut cuities in any one sector and - 


voiveti. he says. here, but selective thaoufactur- a « ows t0 rate \advantaee of Col, y ear much more dowitfs 

- Pa nk*. also indulges his hobby in g W jj} 5 e carried out abroad. n ]T , an ' y oth^r 8 Its ea ^ h on Prospects 

. b : V . driV, ?.T. f ”lV Feri ^ ,S ;_ He 15 After a!I - »** Europe we have basic ^re Sts ^pistons’ pL m ™ y peopJe in 016 


Jeffrey Wilkinson 


now on his fifth, a V-S 308 cap- become accepted as being as ton rinos d n bear jn-s’ are ind ustxy today. He believes. fM 

I able «.r laO mph which he likes reliable a supplier as any of d ^ ec ^% 0 ^_ d rds Dea S S example, that the engine'i 

tn lake "' be " 116 «“ tu ihrtr home m .nt,factuier S .- p d e ^ nd Te‘d’ eog i^ *$£> PQtentW In .h« or 6eW 

Jeffrey Wilkinson zzx -W S 

ing director, commenting on ^ghwa^ vehicKs ^ 

, be push overseas which 

helped Associated Engineering . mari : Bt n j C hes ^ 

’ ™ P e with the slump at BriUsh m ^ e \r h „ e „ S w, AE has not 

Leyiana, invested in its own manufactim 

In the technical field, AETs ing XacUities in the U.S.— 
strategy is to concentrate on although it has a small stake d 
areas of high technology, says a company over there — because 
Collyear. The proportion of many of its products are light 
money spent on research and enough to export direct. ' But it 
development in recent years has is clearly watching the sitiui: 
gone up to cope with the tion, and looking at volunM?. 
changes being sought for the carefully. Collyear believe* 
new generation of engines. “ If firmly that the world corapop-' 
you are designing an engine ents industry will become much; 
and want to know the pressures more concentrated in tbe'yetfsj 
on the pistons we can do a ahead, mainly because 'the} 
computer analysis to show what vehicle manufacturers are then*-} 
the streses are. better than any- selves looking for a smaller 
one else. We think that these number of suppliers on .-*' 
considerable resources within worldwide scale. '■"?& . 

Ihe group give us first class Thus he argues in favour 

^ucas recently became involved. technology which we can exploit the process of amalgamating 

here is pressure to establish expects this project to be worth overseas - C ’*J _ has c .^ eated companies- 

ocai companies: but equally, £20m in sales by 1980. AE's areas of specialisation . e At. 10 Britain during recent 


THE MANUFACTURE of elec- 
trical and electronic car parts 
is well on the way to being 
rationalised on a world scale, 
with Lucas and Bosch emerging 
in Europe to contend with the 
American giants such as Bendix 
and Motorola. A great deal of 
Lucas’s activity in the past few 
years, therefore, has been over- 
seas in a bid to become one of 
these leading world companies. 

It has gradually strengthened 
its grip in Europe, while moving 
into the developing world and, 
now. into the U.S. 

Exports have risen sharply 
as well, but Mr. Jeffrey Wilkin- 
son, the head of the electrical 
division, believes firmly that, in 
many markets, there is no alter- 
native to direct investment. In 
Iran and the Philippines, for 

example, both countires where , _ , . . . 

Lucas recently became involved. technology which we can exploit I 

there is pressure to establish expects this project to be worth overseas - 

local companies: but equally, £20m in sales by 1980. AE's areas of specialisation . e . 

these countries are happy to buy T b e raa j n objective of ‘he are abo ohv iously difficult for yearsL 

technology in the form of future European investment C0fl, P etit0l ' s to break into. For 

licences, because this is a policy will be to ensure mure — - 

cheaper process than developing dual sourcing. Thus Lucas will r - 

parts for themselves. Similarly, dearly be trying to cxpdnd 

Lucas has set up shop wilh a jfi e ranges of products in iis 

workers co-operative, Zaslava, associate companies in France HBBBm iflSHH JfcJHT 

in Yugoslavia. (DuceIJicr) and Italy (Carellm. mPmk * 

At the many cuslo- while for majority stakes BHV M|MV 

iners want companies like Lucas and managerial control. The bid SBM Btff 

to have a variety oT manufactur- for the 51 per cent of Ducelher ■■■>. 0 MB ® 

ing bases in the hope that this which it docs not already own ■■■ _ 

will give a greater security nf was part of this strategy, and B UfAMnC 

supply during disputes — Lucas although it has been foiled so I MMBm IWlaP 

was able to make up some of far by French opposition, Lucas _ 

its losses during the toolmakers’ is likely to continue to pursue aA gm jb^ B B 5 J}j|A m M 

dispute in the UK last year hy this objective, along with a wluSt jKi ■ B M iO |i|KK| S 

importing from its overseas sub- similar policy at Carello. which, ■■■ M 

sidianes. ” We are finding in- at present, is mainly in the nw „ .. 

creasingly that you just cannot vehicle lighting business. u ™ fiilsra con reduce your mileoga per gallon by 14X. 

oi-por, direct trmi, this cucniry The t . unsoUdat ion of its Euro- Whan you lost armed you cor did yoi dwch the air nt»7 

in many parts of the world.” pean interests will also form an Dirty or blocked oH filters increase engine wear and the risk of 

says Wilkinson. "You have to important element in Lucas' j engine foflure. 

do it with a partner or with a attack on the extremely When you changed the oil did you also chanae the oil fitter? 

licensee. And in many countries, important area of vehicle elec- 

including parts of the Continent, ironies, which is expected to Ht tne world s best filters during your next service ond put the 

the UK will simply not be develop enormously in the next performance back in your cor. That means Titling Tram’ the world's 

accepted as a single source.” tcn years. Wilkinson believes Best selling filters. 

Combined with the overseas that this revolution can only be 
investment strategy (some ana- tackled by close co-operation 
lysts claim that this has reduced between the vehicle assemblers 
Lucas's reliance on Ley land's anc j tJic component suppliers, 
business from 40 per cent 10 12 simply because of the amount of 
pur cent of its total >. Lucas has manpower and investment 
also embarked on a sweeping re- required. 

'design programme. Ever}' pro- ...... . _ 

duct in the range has been * a i- an< * France the 

redeveloped within the Iasi three ,n th «- ? ast has 

years to metric standards, with *»"* “»' * ' an f «* m ’ 

the objective of making the £22. JWJJV tewM to be a 
dimensions, and the perform- Bu i w * h are n i ow 

ance characteristics, suitable fur !!“ s ' ,' <Tld J 11 j Cn .. e ec ' 

any European car. Alongside this } don J see 

redesign programme has gone a '* „ 1 ™ B . B " ractuw 1 ! fc bc,n « 
new ” al Intakes ” project aimed ^ J 
at developing a range 0 r pro- 10 ™ ko r ,T 

duct, suitable for the replace- JJ*" ’ “J” 1 *- There ore 

ment business on imporled cars. 0lirsetves ok 10 Supplier;s IlkL * B»MWimLm,iia«aaQrt.Ptw^ 

such as the Japanese. Marled Tstophom: Ltomnsom (0M3? 23 

three yc*ars ago, Wilkinson i.D. • . 


T.D; 



ourselves.” 


T.D. 


HIAM EUROPE LTD, Uontnsort. P0n*Klua Mid Pcmmunn. 6 <mS Brtoin CF7 BVU 
Ts^jtmw: iMnxM (0443? 223000. 


* 

mk 

- 







IfoesSay June 6' 1978 


EUROPEAN VEHICLE COMPONENTS VII 




I ur > j 






Growing after-market 


It 


COMPANIES WfilCH have trend and have daverafied to The company now expects to 
committed resources to develop- take advantage of it at atime of !" crease J* e _°I 1 ) lbis 

ing their disttibdtionand retail- stagnation in tite car and other lets ' to ' 15 pcr 

ini of motor eompowmtawUi be vehicle markets. The motor year, of vrtuch 12 to up cr 
encouraged by.a recent report manufacturers; contamie «« mil be » ^ail P-.t 

Commissioned l»y>: GEN DIstri- to see the components sector as Centres, and more ^ ic€ 
ibuiors; which- showed that the a high-turraver market where t0 h* placed on sell se 
io-it-yourseH car repair market good margins can be adjteved, Efforts are also being made to 
was valued at. £522m - . last year, direct their activities through Introduce more franchising 
This has confirmed the view organisations such as Unipart while at the same time nwntauj 

rf many companies in this (British Lcylaud) Mo to re raft mg standards of p 
iiai*^at1tSiBtr(m&-growti) (Ford). Mopar (Chrysler) and improving packaging. Another 
motorists, faced . A. CDeteb (General Motors), statistic which ^.ren-J^ens ihe 

nse°^rem^. At ^ pame tiie wholc martens* thatV estimated one 

structure of the components in six people now carry out some 

ȣS &S 132 work s fUr cars - 

ieSfci: ' . yeais. wUi a la^e mJmber Similarly, concentration on 

•_- - ... . component manufacturers estao- f - __ ma rket is partly 

.?2J*S5£SS justified tjr the feet that, thm 


a e ••fflotnrirts purchased rrr~ " number <*r imported cars uuusm 

^ bTKe JSrtasSr wb3< * **** dKi by individuals rather than com- 

Sm JSFt&JSL not ***”*' panies. and the market for all 

/3th an estimated 35 per _ ' , ’ pans for these cars >« estimated 

bear- owners, engaged fa Independent - t0 amount 10 £350m . thls r year - c 
3P vActlvily.i in 1971 and ■ The vast majority o£ parts 

cent .in 1976. -. GKN' is one: of Ihe newest supplied by Unipart for these 

li&ESfiis zrzsttrszrz 

job! 

ST ~ w * is E “ 01 ?-=* 

and ““J 3;Per cent over t* 1 * next It is faced with the already markel p]ace and Uniparl has 
i*.„ s u-fcw“ ec ^'^‘ - ’ well - established companies concentrated, through an aygres- 

ner thT' The .'main reasons for this which dominate the component s j v -e marketing policy, on achiev- 
tf , fr T’expanston/ the report says, lie suppliers- and an attempt to set ing high volume rather than 
' “^ih the cost of. motoring, which u p an independent distribution _ 

•■oiu 'has risen by 267 per cent in the arm with little bias towards its 
r, ^ past ’five years, nils has re- own products would create the 
‘ ' n ~ *s ulted" in consumer . resistance problem of'competing in dlstri- 
garage charges and a tend- button against suppliers. 

- !. !ni1 rency of motorists to retain their success of Unipart is 

a cars as long as possible rather dearly base( j. on its ability to 
‘ l> Hhan pay-sbarply higher prices, adapt tp changing market con- 
V^for; new cars. ditions. exemplified by its te- 

,< \V'* Last, year these motorists cent additions' of new products 
.Spent £289m on parts, account- such as oil, Which was intro- 
1 -^ ing for 55 per cent of the total dueed recently with some sue- 
J ~^DjY‘ after-market. Some 82 per C ess. This was prompted by 
.“ u .^cent . of all motorists bought the fact that an Increasing 
- i0 “ - ' electrical parts, while 43 per number of - motorist?;. bow 
. cent purchased at least" one change their own oiL , r : , 

^ brake and suspension- part.- A Another growth area, which 
'■’•‘further £76m was spent on ^jnlpart has exploited: -is the 
-’'•‘•k M aintenance, and repair equip- g^ e fart-moving : replace- 
^ £131m on accessories. mexrt parts or sendee items, 

- !,u 11 11 with car care equipment 5^ as filters, wiper’ blades 
■dy.\ ^accounting for the rest of the an d the like, for the increas- 
" -market. ; ing nienber of., foreign -care 

p &r gQjjjg time the major com- bei*£ soli Sales by Uhipart in 
' 3|, '{ -'"-ponent and Vehicle comps®**- this sector alone are eicpected 
.>.. a.:, been &ware of the'market io -reach £7m this - year*:-..... 

Gordon Griffiths \ 

aw®® 1 • 


hiq«h margins. " 

GKN's approach to ine c 
market will bo somewhat 1 
different and may be loosely t 
based on the type of indc- 1 
pendent components business \ 
which has developed in the j 
United States. Success There 1 
has been achieved almost j 
entirely through an improve- 
ment in distribution to levels 
not. seen hi the UK. 

Mr. Basil Woods. GKN's plan- : 
ning director, pointed out 
recently that in the U.S. there 
are national distribution systems 
which can offer 24 hours' service 
throughout the country. This 
sort of thing, be said, was 
standard in the U.S. and a 
similar approach in the U-K. 
■would create sufficient leeway 
; for GKN to break into the 
1 market late in the day. 

Although a copy of the U.S. 
svstem would probably not be 
. feasible in Britain or Europe 
. (due to the number of common 
i parts in American cars) the 
, principles of quick supply 
, would almost certainly .be 
i successful in the market place 
if they could be achieved. 

s The retailing aspects of coin- 
e ponent supply have in Td-ent 
s times become far more ini- 
i- porta nt to fhe manufacturers anti 
r- distributors and many of the 
n off main street factoring dism- 


hution centres run by the big 
companies *tve become more 
like shops, with . customers from 
the "eneral public almost as 
important- , as trade buyers. 
Unipart’s- packaging policy, 
which is .‘.still developing to 
provide easier handling, display 
and uniformity, has clearly 
been imports in its success. 
The natural extension of this 

is the appearance of retail 
shops catering wholly for the 
i)IY customer, and one com- 
nanv Armstrong Equipment, 
has” established a chain of 
these outlets with same success, 
although it has discovered tna- 
ihe correct location of these 
shops is crucial to their success. 

The range of parl< which is 
in demand from the retail 
1 customer has alsu changed 
considerably in past years. 

. continually extending from The 

■ simple items to pars* which 
. traditionally have been fitted 
1 bv garages. As car manufac- 
. turers continue 10 simplify 

■ replacement of parts ihis trend 
; is likely to go even further. 

? Similarly, the more inter- 
national the m.it«»r industry 
becomes, the more complex the 
t whole distribution system he- 
dimes for components, but at 
rt the same time the British parts 
e distribution system ha, become 
i. far less fragmenied. The major 








area of competition in Britain 
is now likely to be the supply 
ur components for imported 
cars, with Cuntinental com- 
panies likely in enter the 
battle even more aggressively. 

The competition which al- 
ready exists is largely a result 


of tbe difficult times motor 
manufacturers have been ex- 
periencing and the economic 
problems the country is experi- 
encing, but in terms uf service 
to the customer it has been a 

welcome development. 

Lome Barling 


This' high 73res.$nre die 
casting jor the Rouer. 
supplied by .Aeroplane and 
Motor Aluminium Castings, 
is the largest yet specified 
by a British car engine 
builder. 


^'. v Xy 1 - .■X.l ^ • -W '•••, .• •, . . 



M " ^GKN’s COMMERGIAL' strategy, 
in rec^it 




'■wtia**"*'* 
S^PKiiS'-. ..... 

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ndv'Bpri 

rtg; -ai 

. 4 ' AA- n l — 


;% MWS'ROS X&fTZs/ 




1 




AP are already well established 
in Europe. 

Infect, we supply original equip- 
ment to a great many maj or European 
vehicle manufacturers. 

Renault, Fiat, Peugeot, Saviem, 
Chrysler France, Unic, Magirus Deutz, 
Alfa Romeo, Lancia, Ferrari, Ford 

Germany, Lamborghini and DAF 
to name just a few. 

Naturally the fact that companies 
like these come to us, says a great deal 
about our products. 

Which is why we’ll continue 
to play an ever-increasing part in fhe 
European vehicle industry. 


T- 


Manufacturers of Lockheed brakes, 
rg & Beck dutches,Locklieed steering and suspension, AP silencers 
AP filters, and AP automatictransmissions. 


prodaeers/pr 








we are 











- __ jOt -4 0 , ^ n froin a main agent ^ten.feyek -1, Breakerless 

Sf __ i _1 __ ^ __ _ ,_ __ — I -1- long distances and toa*Iv- Con Ignition: Under this S^tem, PgJJg*.* means .*? ^evem 

I a n 1 in I /l IT T 7/^1 ^ I IJ O IT mg low discounts foe- his the current which causes igmtao^ , 

1 if \/ ^ ill ft I I 1 — 8 1 “ \/ ft 1 1 § I \ l j I I efforts” .says!. Geoffrey I? switched between; tbejM * --ff 

1 $£JL V l3 JL ^1. V/ X L V XXX kj WXX Butchers, director and general ferent plugs and triggered; a® &T 

. H. Jr -a- • _ J manager of IVP. *-la tbe ; fast electrical components, rather pendently regolate • 

** developing new situatum ^ than mechanic . breaSer points bj m^ns. of . «edraidc i ^ 

can now order by telephone which operates both as a trig- -f 

and expect fast deliveries ,':df . gering device and a current aMowed to ^ 

•■ wf arf in the sunnlv or Some smaller owner-run s a rages as owner drivers tried to econo- nised or franchise bidders, but keen eye to business could not identical to original equtjanenr switch. The advantage -of tmff me 
o, T/winll IZr vuu aLu offer facilities, like lifts to m.se on rising spares and repair it was a Canute-like gesture last in the Face of the gathering parts.” * ;.. / system is that ,.*ts 

, get to the underside of a car, costs. Modern cars arc ex- against the swelling tide of momentum oF foreign cars into If there is a dividing. ime'in. mechanical wear oi . y a. rans massi gin A 

call it Ihe after-market, .sen S p cri .,| i 00 | s j or suc j, things as treniely sophisticated pieces of entrepreneurial independent the market VW Beatles were this sector of the maxfcetjit is breaker points, produces bettffl adyMcfr^ .«■. '. 
to major factors, the High Street re pj at .j n o wheel bearings, and machinery in which it is fool- spares makers, the Quinton followed by Renaults. Fiats, that the motor manufacturers consistency, of ignition . tin^g.-CTomc^ 'm ^tho^^virf -^Bnt^ijff - 7 

business, cash and carry. Do- It- skilled help with engineering hardy, and possibly dangerous. Haze 11s of this world. The Peugeots, VoJvos. Saabs, Alfa tend to - concentrate 04 .fleet and gives higher voltages, wnicn . tbe. moagLy iQb ~jgt - 

Yourself or whale vcr." This was a nd electrical problems. for amateurs to meddle. Disrupt- trend to non-frauchised opera- Romeos and Japanese makes, owners while thesmaEei- parts is important la a penoa- wien. ; tne / 

from the marketing executive of *. f , ing an electrical connection may tions grew strongly during the Nor these days can the im- manufacturers go for thimore ^aner fuel mixtures are . -pnBB-npun^Muid-cfliv TOotsST 

f . lJK . 1 _ t reD i a cc- , T 5 ere n .° doubt that with t do much harm; but even sixties in response to the needs ports from their European specialist cars that, may not Increasingly .used. _ a ,«^^vit^ ; 5v6oia>^ ■ 

. the VK.tan^t I!,, dramas i„cre. S 0 in fuel and chansing hydra , llic brake ef VW B«tle and plant, by Ford. Cbrysler and have the same aparasMM^ -m„ sy«em eosts more. -lot ' 

ment part racers aad dlS)t ^ Mther n V* torin ® S 0 * 1 ®* .i. nfla £?v fluid could lead fand has done there are now a substantial General Motors fVauxhall and as the popular saloons. K is at -present, bat la virtually -main- usage^much- better-_ f toan^ 

butors and is probably as aod wa^e restraints, the Dn sol to total loss of braking number of VW “specialists” Opel) be overlooked. The 40 any rate a fairly conuncarv^iy tenance free,, and .is 

accurate an approximation of a sector ur the market has been power at a crucial moment mainly buying their replace- per cent of the UK market into the market.- -i- : . - to give higher fuel consumption- methods .txnus.it.w^ttt;'!^ 

market without defined hound- S™wms f'^ehane B DIY is confined to routine »mt parts from an import that imports have been taking AU new cars in the U^. now : 

"Bi^^hi^edavsto bi.rifis f aboftha“s k hl S di, ZX SZ 2 SSt' WMS 

and r “”'~ (rend ' no* great* bar in '.dir ffiS ooniPmcnr.o 1 ' Jhe .S like” Bridsh liyiand SUSTSJtSi h« ?3SS “e^puTeri^' “W : 

exes, accompanied by the appro- Ar^umeots as to how it will t h e more skilled maintenance '*jj| c | e Atones and then Uie Ford and Chrysler in uj at seems likely to develop This is a refinement of the - 0 t 0je y • ’ 

p'riate technical jargon. "We develop tend to go in rattier will be carried out by the trade, vehicle makers themselves. ,ot heavily m comprehensive ware- quite strongly is towards spe- brealcerless system, in which a Soraee facairieK^* 

have 45 percent of the market <'pp«»ji»o directions. There are Nevertheless there one or two j” on 4 , act ; many of housing and distribution faali- cialisation. The dajs of computer is used to - calculate : : 'S 

for dnuble actinu water hoses those who believe that DIY is areas where DIY could eat into 01 f . Pirates either supply ties and acquiring parts from retailers offering everything the optimum ignition timing for o • - _ j’ ^ ;r ' 

made bv UK after-niarkct sup- l" “"■** pretty steadily, and jhe business of fast-fit centres un ^ naf efluipment to ihe var many sources to service all from wellies to white wafl tyres every turn of the crankshaft ijpCCU. V. 

pliers 'may turn out to be only ihat tlu» temptation tor smaller hkc exhaust replacement. Those producers or to highlv recanted makes or vehicle. may be numbered. And while The idea is for the computer to 1*:^ . 

about 15 per cent of the total *-;ar.v;c and similar concerns tu offering DrY facilities could also chains of shops, and m»ve be- The Associated Engineenug scope 0 f jjjy wiU r 'almost get information about engine „ - H - , 

market after counting in the latch *m to the business, even take some business away from conie furlher respectable— and ?roup. winch in A. E. Edmunds certainly be limited, its Volume loads, heat, and engine speeds. - 

same products made by car by providing suitably equipped traditional sources, although one respected—by taking their ex- Walker has one of the biggest vviLl almost certainly increase and to calculate the timing of 

manufacturers, other sources mobile workshop* for hire— w „ u ld have thought that the PerUse and then- products into pares organisations ai cknow- from the present 25-30 per cent the ignition to optimise fuel tra°^s % 

and imports. afior Hie fashion of the increas- return on merely hiring would and further aweld. ledged the trend by setting up 0 f ^ retail market to : nearer consumption and control fumes, worth m caiB,_ ' ^ 

iiv;ly popular van hire business no t be sufficient to attract very J^ e upper lip with a separate company. Imported u, e u.S. figure of aroflnd 50 Micro-computers axe now being for ?» ‘ 

— will lie too difficult tn refuse. manv into the game. wh,dl ^ ti-aditionaiists tned Vehicle Paris -”In the past the ^ cent developed to take over the tasks tedmoiQ®y ; w2i 


It is fashionable these 
dress up mutton as laml 


free-for-all, with car "SS' urnte. poter eyafete . 

V1SS • _> .OwopotrtMd. .i#?W5i r«6K: 


and imports. 


Dependent 


■xtra turnover. 


ptMuwn u-i.ins u- >naien every prospect in the cquation . Vehicle manu- 

In fact some things have not l,t ,,jnra lurnovcr - facturers. and especially car 

changed all that much from the cithers point to the number of manufacturers, are vividly 
earliest days, even though the seriuus crossover and other aware of the need to reduce 
range of accessories and spares muinrway accidents in which maintenance to a bare minimum, 
has widened enormously with poorly maintained cars and- It has become a highly eompeli- 
the increasing engineering and other vehicles are involved, live feature. Tremendous pains 
electrical sophistication of cars. Britain lags behind other Euro- are taken at the design stage of 
Success is still dependent on the pean countries. particularly a new model to see that it goes 
ability to supply the required Sweden, in safety standards, and together easily on the assembly 
article on the instant and of a this is not a situation that can line and that replacements can 
quality to ensure consistency nf he allowed to continue indetin- easily and speedily be made for 
business. Thai is still the iiely. runs the argument, maintenance purposes. This, has 
touchstone For those handling Ministry of Transport tests are greatly helped to reduce thr* 
replacement parts and acces- becoming stricter, partly because time (and therefore cost) of 
series, however and to xvhoever su per cent defective parts that routine maintenance, 
distributed. And. it may be a re still operational can be 
added, to whatever market, passed by the less scrupulous. TT , ffrfci ,, i'c 
home or overseas. and partly to see that as far as 


The electronic 
revolution 


THE WORLD motor industry techniques. These will be also converted most Of its cars intake ports. 


auction at General Motors and the next decade, ami.-alpea^y i 
Chrysler. major corapanles^e 

3. Electronic injection. Direct ^ 43s ^ aon ' % * ' 

injection of fuel mixes into the “*®* s m ptea. positii 

cylinder is now being widely U-S-.-hoth-Be^fl 

used as an alternative to the 3^* Motorola ha^ejmade^^^ 
carburettor, because the system “Cant sfcqjs forward. .> At 4 | 
achieves a cleaner burn of the same time, Gemet^'MotorsV 
fuel, and tends to improve fuel Chrysler have also entered^ 
-economy. In countries where race and are now using' ^ 
there are tight controls in both designed wa 4hearT 5 cwni.\& 
these areas, such as the U.S., ponent subsidiaries. : 

Injection systems are therefore The mater mvihlem fer4^r^ 
gaining increasing acc^itance. these compairies Ja itiie- yetf - 
In some of these systems, dee- ahead is the " 

tronics are used to measure thq, devdopmeat lin, thas BdHLJiT 
air flow and determine when this reason,- it as being £ 
fuel shouto be deUvered to th e gested fliat( ^ euj^ ^ 


ti>r khTm- nornnr.'irn^i 7 , the iuad are safe That 18 fine 50 ^ 35 11 goes ’ stands today on the verge of designed to optimise the use of to electronic ignition systems. Bosch the West German 

Z olffi moJh£ but This tilhr nl„n h ^ own version of the electronic fuel and make it possible to run The probleL withT^se eleSl gtoup. hffdSS 

S" i? designed to seguiatetie £ %£L 


r „ 4 U1 f uu, « > ears - Th «y win play a part road towards achieving these industry where lightweight W gases. The sensor feeds infocma- 

One uf the mure recent tii. remainder. loyalty after the warranty e.\- the rap idJy accelerating pro- objectives. In America the new ponents which work to » high 14011 baek to t 116 electronic co»- 55?“*^. 

phenomena has been the gruwili Any movement towards P ires > tbls kind of loyalty has cess 0 f lightening and Cadillac Seville is running degree of accuracy are at a trol unit which then regulates Uwa 11 ®:;^ 

in DIY equipment and facilities, stricter testing seems bound to withered sometimes to the miniaturising parts in the around today with a complex premium But the sysfemi now t* 1 e iujectidn process to^ ^give Uie 

Far-oH with i-fnair lahr.iic ..h^rnow *U.-. nrv l. nmnt nf PTtini'tmn hnnall^P Of j ■ _ . “r ajawuiP mow 0 . TTS snu«n alnno mUAi - 




• moonlighting " garage fitK-rs. joint.--, it could get out of hand business only through recog- a variety of engine management accelerator pedal . Chrysler has activity are as follows: 

I" *• • : -\r? ■■■ j Professional craftsmen don’t forget 

^ ’ v . if / -ft their skills when they get home. 

/ f And Bosch power took can help them 
JOll . •’ get the most out of their skills- 

. -f ' . Here’s one reason why — 

^ Bosch fci All-insulation”. 


Before 1929, safe insulation of 
electric tools was hardly known. Then 
Bosch improved the situation, by 
introducing the first double insulated 
hand held power tool— an electric hair 
clipper with a Bakelite housing. 

Nowadays, the entire range of 
Bosch drills and hammer drills for 
the home handyman has housings made 
entirely of insulating material for “AU- 
insulation” — and this distinguishes 
Bosch from others. 

‘‘All-insulation” gives protection 
above the present safety standards. 
Even if you accidentally drill into a 
hidden live wire in the wall you 
receive no shock at all. That’s when 
“All-insulation” offers additional 
safety. 

Bosch have housings made entirely 
from polyamide reinforced with 
glass-fibre. It’s as tough as metal. 

But because of its low heat conduction 
you are well protected from the 
operating heat that the motor and gears 
generate. Even after long periods 
of use. 

“All-insulation” was just one of 
many Bosch innovations in power tool 
manufacture and development. 

Bosch introduced the first rotary 
hammers suitable for mass production. 
Together with Bosch jigsaws, the Bosch 
rotary hammer became a symbol of 
quality. 

More professionals in Europe 
prefer Bosch power tools. 

Today, Bosch power tools are at work 
in every branch of industry. For 
example, most car manufacturers 
throughout Europe rely on them. 

This professional experience and 
quality goes into every Bosch power 
tool. And if Bosch power tools are 


methodiof measuring the speed " 
of wheels under braking condi- 


- 

, c • 

•- C ■ 



good enough for the professionals, - 1 
they’re good enough for the home • ? | 
handyman an<f do-it-yourself enthusiast*^ 


There’s more to Bosch than you thinks 

Your car engine almost certainly : 
has some Bosch parts; and it may well 
be tested by Bosch equipment at its 
next service. 

Many of the goods people buy in . : 
their supermarkets have been packed 
with machines produced by Bosch. 
These provisions may be stored in 
a Bosch refrigerator or freezer in a 
Bosch kitchen. 

Television viewers will have seen 
the Olympic Games through Bosch 
eyes, as many of the sporting events 
were televised by Bosch Femseh 
cameras. News and entertainment in 
cars can be received with Blaupunkt 
auto sound systems. 

Bathrooms and kitchens are 
equipped with Bosch fittings and 
built-in units. Bosch design and supply, 
installations for assembly lines and 
production plants. Machine tools use 
Bosch numerical controls. Deep-cooled 
blood stored in many European hospital 
blood-banks is restored to body 
temperature with Bosch medical 
equipment. 

Bosch employs 5,700 people in 
research and development alone. Bosch 
have at present 10,000 patents 
throughout the world, with 15,000 
pending. 


Bosch UK: 

Robert Bosch Limited, Watford, Hertfordshire 


BOSCH 






' 




JSnancial Times- Tuesday June 6 1978 

THE TORIES’ RADICAL CHANGE IN REGIONAL POLICY 


BY ANTHONY MORET ON, REGIONAL AFFAIRS EDITOR 




4 


catalytic cracker 



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can 

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0 other 

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!n 

C! *8i£t 
ation <jj' 

Je One g.-' 

ev ^op d* 
^ufatuij, 
*nd adre^ 
are jo% 
3 Pt. Bgq 
^ Pcrtej^ 
•- ooih \ 
'"c aiaife E 
*»ri ^ 

’ai .Ur/iijjj. 

-'0 enJetfc 
Jlv U >-H3 : 
sir ov<-j . 

ies. 

•b]em 5j^- 
i in *j;» i 

ctir 

this f e!i _ 
*» bea* 
Eurajs. 

'UrtT52l> 
ni'.'ie C0!8JC 
>a -hn 
Tieoessaj ; 
: jni!y, a 
id ix rw 

ro.£ir<- 
a' rearer. . 
rrenvh f_ 
Reaaii!: 
;=i ’.aikis;; 
? w«di Bds 
; ri: a is 
•r veh;£* 
•c expetfi 


• OYEk-THS! Iasttwq^ears there 
tolteerr a radical shift' in ’Con- 
servative- thtjflcuig dq fe^jioha! 
poHQr.^'VWieh [ the Tories pro- 
4u^ fiteir.. policy . document, 
TheBigl^. Approach, in October 
1876,: jsv.eajfce most careful of 
readers had: to . delve for any 
mention' <#' fre^onal affairs. 
'Towards^^bb of page 82 
_ part of/a - ^ sentence stated that 
. “ fc -V thSpbwers of the Scottish 
and;3V elsj* -Development Agen- 

.taes:i» tmy Into profitable com- 
panies would be removed : ” 
-Otherwise, the far-flung parts of 
: Britain juight not have existed- 
By ihe- time T/ifi Bight Ap- 
r-proach to the Economy, the 
Policy ; document bearing the 
imprint ofi.Sit Keith' Joseph, 
’ Sir Geoffrey Howe, Mr. James 
Prior, ‘.Mr- Angus Maude and 
Mir- David*- RaweU, appeared a 
' yeat^-Iaiteri the party was more 
loquacious. Two whole pages 
were given to regional policy, 
the core of which indicated a 
■ significant change of emphasis 
: from Labour’s approach. 

■" 'The 'Tories conceded- that 
there were still serious econ- 
omic -differences between vari- 
ous parts of tiie country but 
argued that the cost of assisting 
those areas where dereliction or 
unemployment * was high was 
often- borne. by successful con- 
cerns- *whpse- growth’ may well 
have been curtailed” as a result 
J Tbey -Argued that pnmping 
huge : atpouhts; of money "into 
capital-intensive, labour saving 
plants did not help to ease un- 
employment in either a local 
ecoaoniy or the national econ- 
omy 'and so ' there would have 
‘to be. control over' total local 
expenditure in order to get 
better value for money spent 
The. intention, in the words of 
'the pamphlet, ,was to -introduce 
^changes in. the structure of 


regional grants, so that they are 
more effective in encouraging 
the generation of real jobs, job* 
that will. Ssi." 

The document was specific 
about one other area, industrial 
development certificates (iDCs). 
To prevent the decline of pros- 
perous areas^ such as the West 
Midlands, . and to reduce the 
stringency of government con- 
trols on ' industrial and office 
development the Conservatives 
suggested that the IDC threshold 
should be raised and the system 
ofuffice development permits 
ended. 


Higher figure 


There is some sympathy for 
this proposal within the Govern- 
ment It has already raised the 
threshold for IDCs from 12,500 
square feet to 15,000 square feet 
and while the Tories would prob- 
ably call this nibbling at tbe 
edges it is at least a step in the 
direction they want to go. They 
would certainly put the figure 
much higher, probably some- 
v/bere between 30,000 to 40,000 
square feet and if they come to 
power it is unlikely that Labour 
would spend mueh time opposing 
such a move. 

That the Conservatives felt 
able to devote two pages in their 
document to a discussion of 
regional- policy reflects a con- 
siderable shift in their think- 
ing. Two years ago. when hard- 
line positions were being taken, 
regional policy was a non- 
rentier.- Instituting • a fuller 
market economy was considered 
to be a better policy than tinker- 
ing with projects. 

Since then it has come to be 
accepted that (he Tory Party has 
to have a .view on what ought 
to be done in North Devon or 
tbe Grampians, oil Tyneside or 
Merseyside^ 


One man, Teddy Taylor MP, 
the Shadow spokesman for 
Scotland, has probably done 
more than any other to change 
party attitudes. He has argued 
strongly, not to say vociferously, 
behind dosed doors that the 
Parly in Scotland has to have 
something to put before the 
voters. He has been helped, 
in a quieter way, by Nicholas 
Edwards MP, his counterpart 
in Wales. Mr. Edwards accepts 
that something special has to 
be done to protect Wales, par- 
ticularly as it is now coins 
through a difficult time with 
closures in the steel industry. 

The support of these two 
MPs meant that the committees 
looking at regional policy, 
largely under the industry 
spokesman, Kenneth Clarke MP, 
were given fresh hope. 
Instead of being relegated tn a 
relatively routine exercise they 
began to feel that they were 
not some forgotten army of 
the Parly. 

They were determined to try 
la avoid some of the Party's 
excesses in adjacent fields. It 
is cum-eded now that the Party 
has «nl eg e on it s face nver 
the National Enterprise Board, 
for in.-tance. The first policy 
docunn-nt staled: “The NEB 
must he abolished, though we 
shall have retain some sort 
of administrative mechanism for 
selling off NEB shareholdings 
where this is possible and for 
administering those which can- 
not be sold off immediately. . . . 
Similarly, the powers of the 
Scottish and Welsh Develop- 
ment Agencies to buy into 
profitable companies shnuld be 
removed." 

A year later, while still genu- 
flecting to the theme that 4 ‘ ill- 
considered rescue schemes take 
money from the more efficient 
to give to the less efficient.” it 


was conceded that “of course 
we recognise too that there will 
be some exceptional cases 
where help may be justified in 
Ihc national interest." An 
embarrassed party did not 
actually say in so many words 
that such help would be given 


permits it is likely to resist 
strongly any tinkering with the 
concept of regional development 
grants- For it is here that the 
Conservatives see considerable 
scope for change. 

The Tory approach is that 
regional grants could be made 


instance, support grants for the 
£290m catalytic cracker being 
built by Texaco and Gulf at 
Milford Haven. But they would 
support projects such as Ford's 
£250m engine plant at Bridgend, 
in South Wales because this will 
not only create 2,500 jobs but 


previous IS months, Since the 
Industry Act was passed in 1972 
Section 1 grants (which exclude 
selective assistance under Sec- 
tions 7 and 8) have amounted 
to £1.4bn. 

Such grants would not be cut 
off altogether. Some cost- 
effective schemes would be 


REGIONAL DEVELOPMENT GRANTS 

CUMULATIVE TOTAL; FROM 7972 INDUSTRY ACT TO MARCH, 1977 
Pl am and machinery Building and WOrta 

"Special Special C 

develop- Develop- Total develop- Develop- Inter* 

ment ment plant and mret mens mediate de 

areas. areas machinery areas areas areas ai 


Inter- 

mediate 

areas 


Derelict 

land 

durance 

areas 


Total 

building 

and 

works 


Total 
plant and 
machinery 
building 
and works 


Great Britain 
North 

Yorkshire and Humberside 
East Midlands 
South West 
. West Midlands 

North West _ 

England 

Wales 

Scotland 


328,767 

113,593 


453,876 

185.070 

1.446 


782,643 

298.663 

1,446 


104,419 


55.573 

169,106" 

42,161 

117,500 


SU26 

250.721 

83,020 

120.134 


J 06.639 
Vl 9,828’ 
125,181 
237.634 


_ 6,123 35.370 — 53,121 159,71 

38,576 95,611 5^78 179,754 599,5* 

16,016 8 >45 — 32,663 157,* 

-29,110 663 — 65,563 303,11 

Source: Central Steziaieel Office, Rrtfonof Statistics. December 1 977 


277,920 
57J11 
55>52 
7,307 
4.142 
2>21 
53.121 
*179,754 * 
32,663 
65,563 


1,060,623 

355.974 

56,998 

7,307 

17.222 

2>21 

J59,76Q_ 

599,582 

157,844 

303,197 


by ihc NEB, bur the inference 
was- plain. 

Those devilling away in back- 
room committees on regional 
policy were partly saved from 
being too doctrinaire by a lack 
uf tactical direction from 
above. Now. however, the pres- 
sure is on them to produce a 
policy. Goaded on the one side 
by Mr. Taylor's persistence and 
on the other by the possibility 
of an October ejection, one of 
the Parly's leaders will make a 
pronouncement on regional 
policy sucm. 

The two issues discussed in 
The flight Approach will figure 
prominently. But while Labour 
might nut cavil too strenuously 
at abolishing office development 


much more cost-effective. They 
believe that what is known as 
the catalytic-cracker syndrome 
— in which a £30l)ni nroiect may 


— in which a £30i)m project may 
create relatively few jobs, say 
30 0 — will have itself ro be 
cracked. They hoi ‘eve. with 
some justification, that there 
ought to bo a ailing un the 
amount or aid .riven m rob lion 
to the number «»r‘ j.ib- created. 

In other wurd.-. Conservative 
policy makers arc against giving 
a 20 per cent grant automatic- 
ally to a project merely because 
it happens to be sited in a de- 
velopment area. They are par- 
ticularly opposed to giving such 
grants to companies which 
would have gone to the area in 
any case. So they would not, for 


might even have gone elsewhere 
outside the U.K. 

This approach suits the Con- 
servatives' determination to find 
areas of Government spending 
where economies can be made. 
If a Conservative administration 
is to meet its commitment to 
make tax cuts on the one hand 
ami increase some areas of 
public ^pending. such as 
defence, on the other, then it 
is looking for large savings in 
some parts of the pub. 1 ?'- sector. 
Regional development grants is 
one such area where it expects 
i«j make big savings. 

In the financial year to April. 
19TS. these grants amounted to 
around £350m, slightly below 
the figure of £407.7m in the 


helped, though the definition of 
cost-effectiveness has yet to be 
announced. They would pump 
some money into the assisted 
areas, though on a much 
reduced scale. Jr is also pos- 
sible that the Tories would offer 
a new form of grant for the 
regions on top of the reduced 
level of development grants. 
What is clear is that aid in this 
sector would be low-key com- 
pared with what is given now. 

Given the extent of such sav- 
ings— perhaps £2u0ra to £300m 
a year — the logical next step 
would be to redraw- the assisted 
areas map. These areas already 
cover half the country and there 
are considerable anomalies. But 
there is no intention to under- 


take this exercise before an 
election, because it is seen as 
more a matter of administra- 
tion than principle. Taking no 
action would also keep all the 
lobbyists away from the Shadow- 
Cabinet as a ay local authority 
which knew it was to Jose its 
development area status would 
immediately be up in arms- But 
it is a possible move for any 
Conservative minister to make. 

Attitudes towards both the 
Scottish and Welsh development 
agencies have softened recently 
and while it is still intended to 
discourage them from taking 
equity shares in companies their 
other roles, especially in the 
creation of advance factories, are 
accepted. There is. however, no 
chance of other areas of Britain, 
such as the north of England, 
getting their ow-n agencies des- 
pite the urging of this course by 
some sympathetic backbench 1 
Tory MPs. 

The other bia field likely to , 
feature in Tory regional policy 
is the European Economic Com- 
munity. The Tories believe 
Britain should act as “good 
Europeans” and that the present 
Government is merely using the 
Regional Fund to get money 
back from Brussels. 

These are aLl quite substantia! 
changes from present policy, 
which is somewhat surprising, 
because regional-airi policy has 
hardly proved a subject uf inter- . 
party controversy in the past. 
The Government has on the 
whole accepted the 1S»T2 Indus- 
try Act and the Tunes have 
taken on board previous Labour 
schemes. But the Conservatives 
befieee their chances will be . 
accepted by industry as neces- * 
sary moves and as pari of their 
strategy to bring down the over- 
all rate of taxation through a 
reductiion in public spending. 


Letters to the Editor 


MAhifnririn " " rr tbe Cnhzen'tfrr*/ Party is 

" ’ 1T10UUUHU& -.to develop a credible, policy in 

» i.' i 1 : r the area, of industrial. participa- 

• DUDllC HlOfleV tidn. Which indeed it. must, I 

• ’ - . - . • wduld suggest that the 'authors 

From the Comptroller and that policy examine 'current 

Auditor General 1 . • proposals aod experience more 

Sir.-^T&e' article Whitehall vriosely before dismissing them. 

3lIPs in the fight over monitoring R-.GoodaJl. •• 

public money" by" David Freud ' Sjo» htphom Pork Road, 

■in: your" issue -of today (June 5) Chisunefe, W4. ■ - - : .. v 

; makes only one incidental refer- , ^ 

ence to-my own substantialTObser- .A nf l wKn chftlllH 
various-: on, - -the . Expenditure . Y7 8lif • at* vllltl 

Committee's, report. „ori , ' f.The . 

Civil '^Seirvfce ** v last- =Sessioh. In AA^P TllPlll 

those commehtfi-.X sought 'ainbug 

aw' 1 iMrc. • 4 a : oi-nlnin +Ka ‘MriVllk ‘ m ‘ - ji *v ev-j ‘ ** ‘ — - . 


From! the Comptroller and - 
Auditor General • ' . . . 


iab\ 

>me 

nthusiasli 


muse .UVWfUkMJ .j-,; -i- .•?!.■ 

<n£er things - to explain tfie. y^^. Pjpm Jhe\Gehertd Secretary, - 

and *SI^X>eparhie«;^-d^n£: vv **£ the 
the earliest pioneer*, and the response of mjr umon to the 
issues involvedi-ih tearteij^ing ■ pur Government s^^roposais on a 
responsibm®~:Tittli4r^ ‘ the post - entry -^i&i on membership 
generar.:meii?tiC;^fficienc^ mid. .agreement^June 2) a- printers 

mu - r ' 1 '.. .t mu cop -mA tr» hp minniihlpn 


that “ihe increase in. the water 
charge . . . did not tie up with 
the council's statement that less 
would be payable now . . 

Tbe “Dear Ratepayer” letter 
which 1 received -from Mr. 
Nicholas Freeman, the Leader 
of the CouneiJ of the Royal 
Borough of Kensington and 
Chelsea together with my rate 
demand said: “I am happy to 
say that it is possible to make 
a very slight reduction . . and 
“Happily, this year our burden 
is a lighter one . ." But the 

rate, in the pound requirements 
were^and-are as follows •• 

- \ . 1S77/TB 187&r'it> 

Borough \p<roncfl vre- 
-cirininK'Ar amiioriiipa - : 

•wcludlidi. Tbaines 
Water Arahtirityi w- 

qulromemsV 45.7# 49 J# 

Varna Wain prwoi a JO — ■' 

Thames Water - Auth. ' ‘ ’ R.70 


effectiveness -auditing.- J pointed sliR. qauses me to .be misquoted 
out JhaL riu?Coim!niueo*s' impress in - R-rather. unfortunate way. in 
sion that E.& AD -devotes most of the report I am quoted as say- 
its resources nowadays to financial ing “The. moment a trade union, 
audit is jncorrect and that b large allowed , an employee to decide 
part of Vthe -Department , s-“when there should be a ballot 


S.7D 
plus ss 
Bland inir 
chanscs 


iu think 

tainly 
nay well 

at its 


resources devoted to value-fori on .any issue the union would 
. J:X- -’•-..-give up a crucial pari -of its 


May 1 suggest that before com- freedom and maependence 
^ Wend fmv underUnino). The article 


buy in 
packed 
)sch. 
d in 
: in a 


e seen 

Sosch 

events 

*eh 

lent in 
jpunkt 


menting ;jurthei; i>Dayid// F^ud ony underUninp;. The article 
should rieaif ^ repreaehtallve in . my union journal on which 
sjunpfe^t i, Bed-* T h»7y/;hel a. fa Wy rirls; report is based made it 
sraaU'^oner-oT^ ^■.the"C^& .AG's clear, that we were objecting 
operation*!- Mpenfe: in^-the 1 work- strongly to the employer 

of departments and* other poblic attempting to decide that there 
bodies covering, .say tire last "25 should be. a ballot. Any era- 
years, I am', sure- wht .there m:® .ploy ee- who is a member of the 
. important- -Issues I£Or‘ , idiscaswon 'unlon oF course has a complete 
about ^ ^ right to put forward a proposal 
scope of' tht? Department's work; riiat there ‘should be a ballot, 
but I4iope rite diec^dn'’WiU-be; j would be grateful if this 
based on . a ”sdi»hd' understanding imer could be - published in 
of What Ires fceqn' dbqe,-eo.:tar.> . order to put the record straight- 
(Sir) Douglas Henley ,• ll. H. Moody. 

Excheqtter.'dnrf'AOdft / v ;* <• J4-2J, Hatton WolC E-C.I. 

Department 

Audit ffonae,,' , ' .. . 

Victoria Stob&iftment^EC*^ /^l|0|*orpC jOf 


49.50 >'.0D 

I sent my cheque payable to 
Mr. Freeman on the understand: 
ing that he accept it on the 
basis of the accuracy of his 
statements. But he's sent it 
back, saying the cheque should 
not. -be -addressed - -to— -an ■ indi- 
vidual member of the Council. 

Thames Water sent me a 
pamphlet saying - their bill 
covered, amongst other things, 
land drainage. When I pointed 
out that the Borough rate also 
claimed an amount under this 
heading, they : replied, by letter, 
that the new charging and 
billing arrangements “ do not 
apply to land drainage." 

; Does Mr. Wolsey, like me. 
suspect that in the corridors of 
power they refer to us as 
“ suckers "? 

Richard Hatton. 

22,. Scarsdale.. Villas, W.S. 


wealth held in shares has fallen 
by two-thirds, the differential of 
incomes between the highest and 
lowest paid, up to the top tax 
rale, has halved, the value of 
fixed interest securities has 
plunged, the real value of all 
assets save property have fallen 
hugely iu the face of inflation. 

Now private wealth is in- 
creasingly tied up in the inflated 
values of private freeholds, most 
bought purely for living in and 
producing no income. Mr. Harris 
would do well lo consider why. 
notwithstanding tbe halving of 
the value of money, there are, 
now le6s “rich " people, i.e^ indi- 
viduals liabhr ta assessment on a 
future wealth tax starting at 
£100.000, than would have been 
liable in 1968-69. : 

■ It takes no economist’s training 
to work out that if one's wealth 
is less than it was five years ago 
(as is the experience of myself 
and nearly all my family and 
friends! and if. in that time, the 
money in which wealth is 
measured has halved in "value, 
and taxation on the income 
therefrom is largely unchanged, 
that the rich are only baJf as 
-well- off as they were only five 
years ago. Conversely, if those 
who have benefited from trades 
union monopoly power have 
doubled or trebled their incomes 
as a result, clearly there has 
been a huge, unjust and totally 
immoral " redistribution ” of 
wealth. 

Richard Elliot. 

7. Vernon Avenue, 

Hcmdsworth. Wood, 

Birmingham. 


Mr. Morarji Dc.-ai. Indian Prime 
Minister, arrive- in CK for three- 
day visit — lunch viih Foreign 
Press Associaiiun. Savoy Hotel, 
followed by taif- ar Downing 
Street. 

EEC Foreign Ministers meet. 
Luxembourg. 

Workers in di-puie at Bank of 
England’s hore-pri tiling factory. 
! Loughton, to decide 

whether to v-;U t»IT industrial 
action.. 

Post Office Ln^jnerr/ng Lnion 
I conference debate shorter week. 
.Winter Garden?. Blackpool, 
j Mr. Roben McNamara. President 
of World Bank, in Tokyo for 
I four-day talk*. 

Institute of Chartered 
Accountants in England and 


Today’s Events 


Wales annual meeting debates 
motion on local authority 
accountancy, Moorgaie Place. 
£C2. 

Mr. Eric Yarley. Industry 
Secretary, opens new Vickers 
factory, Svuiswood Road, New- 
castle upon Tyne 

Association of Chief Police 
officers, and Local Authorities 
conference opens. Palace Hotel. 
Torquay. 

Mr. Bruce MUlan. Scottish 
Secretary, in discussions with 
Orkney island officials on pro- 
posed Government amendment to 
Scotland Bill. 

Mr. Ernest Armstrong. Environ- 


ment Under Secretary, opens anti- 
vandal exhibition aboard paddle 
steamer Taitershall Castle. Vic- 
toria Embankment. London. 
PARLIAMENTARY BUSINESS 
House of Commons: Nuclear 
Safeguards and Electricity 
t Finance) Bill, remaining stages. 
Employment (Continental Shelf) 
Bill, second reading. TheFt Bill 
(Lords), second reading. 

House or Lords: Films Bill, 
report stage. Wales Bill, commit- 
tee stage. Internationally Pro- 
tected Persons Bid. 

OFFICIAL STATISTICS 
UK banks' eligible liabilities, 
reserve assets, reserve ratios and 


special deposits ( mid-May i. 
London clearing banks' monthly 
statement (mid-May). Hire pur- 
chase and other instalment credit 
business i April). Housing starts 
and completions (April). Retail 
sales (April— final). 

COMPANY RESULTS 
Charter Consolidated (full 
year). Comet Radiovwiion Ser- 
vices (half-year). De La Rue (full 
yean. London Securities Invest- 
ment Trust (full year). 
COMPANY MEETINGS 
Centrex. Sea burn Hotel. Sunder- 
land. 12. Eventrd. 73, Harborne 
Lv.-id. Birmingham. J-. Mettoy. 
Winchester House. EC. 12. York- 
shire Fine Woollen Spinners, 
George Hotel. Huddersfield. 11.30. 


Abbey National 



mm *fe®W Ji£ 



i 



t til p TfctfVii r ; ' j From the Director of Finnnce, 

, LUC ^ Thomus Water. 

From ' 5ir.—Mr. R. W. Thirkell in his 

Sir.^J -w^, -iiiterestwi iti- 'tbe letter to you (May 27) raised 
letter you jmblished ?May .3 ) the question as to £k* tl ? er !* 
from Mr eryao " Cassidy,- tbe statement jo our leaflet ^ on 

author of Conservative. Partycharges was, not -a disgraceful 

namnblet “ Wodtcre .' oU - tW example of deceit -of the pubiic. 

w ith -, thijr- pedigree I The- statement that charges 
woSd have' S S^cted'S^;to be far services ^will no longer be 
..thAB- an - the included with your general rate 

therefore you w.U 

his ■ tetter Hty -r-states ; thaT< tbe UMC?: eorrespondingiy less ra ?,!l e / 

"J* Inter* 

on air,- Thirttell has chosen To-mter- 

wMclFeitaploy^directots wjri he jret this as meaning that the 

_m the previous 

■ (1977-7&) to a iocoi 

ana net-insr aBftority would the amount 
union ■ -shottbi ^ actually charged in the cur _ I ^°p 

employed ^wilhin'^th^ ehteriirisel ‘“year. , X have no desire to. engage 
T tete Titt excep to^yith'-rth^s©- .pedaritfic dissertation as to 

hmy™he‘.-flu.if--lbe i-fiwemment iugly ’ but I do- oot accept that 
rironosala csQ' mtfcl* -^t r ddds '•wnrit thia- is- what he described as 

his own Pai^Tran ; “ untruthful' Public __ state* 

shot^^ riib eod^se subject:-^ the 

‘ ; anfl ■ before any 'increases^ 

' mSSJ? caa-be inade.fnce Coni- 

mission approval is requrred 
with a -eonsfder^hte The’ Pnce-^ Commission have 

recently .completed an 

Sid malS no recdrnmenaatiop. gation . into . Thames Waters 
indeei' the •' Govern meat ,s^tas charges aBd their report is 
tb** H- heTfeves'f tirlher consider^- for publication shortly. I would 

as a ~*Lboyow-sha cr ’ , TA)ec^e'^' e, J,, GiUiland. 
most- cases Ih'e repr^ntabves ^.^ River Hetxd, , 

■■ are - M union .;hacks.” The-^mog Avenue, E.CA- 


Charges for 

' ’ ** ’*.* 

sewerage 


Pension scheme 
pitfalls 


Buying a house 
in Scotland 


re 

ifld 

id supp 1 ) 
i and 
ioi> i 


ep' c0£, S 


. j 

hosp 


£> 


me.* 

iS n 

5.000 




From Mr. C. M. Jackson 
-Sir,— Tfie point made in Eric 
Short’s article "Pension Scheme 
Pitfalls” (May Si) concerning 
the. adverse effects on pensions 
of changing jobs becomes much 
more serious if inflation- is taken 
into account ■ 

-Using his example, hut assurn- 
iag (a) that the salary changes 
he shows are in real terms (b) 
that inflation is S per cent per 
annum for tbe. next 20 years 
giving 1657 per cent total infla- 
tion we get the following picture: 

Salary at retirement 
Compami A is £18,000 X inflation 
tion factor 2.65 

. - ;■ ■ per annum 

final salary =£47,760 

pension 40/80 • =£31,840 

Company B 

finat. salary ~ £21,000 

X 2.65 =£55,650 

pension' 20/60 =£18^50 

pins deferred pension 
from : Company A 
20/80 of £0.000... £3,000 


Total £21,550 


Thus by changing jobs fur a 
higher salary one tiitrd of the 
final pension is -lost. If inflation 
is greater, more is lost. 

C. M. Jackson. 

Medlars, • 

Oah Hill Road, 

Seuenoofts, - 

Kent ’ ■ 


Distribution 
of wealth 


Steel and Mr.- Cassidy •’ • t 

water- supply 

British. Steei-Ma.nqt heea That Ttaivi. J 

the workef-.aireetors r -b?en R Hatton- , 

^ ^ correspondent 




tbe ' worked, dire£tors^v^ -b?en. ^ f{m Mr R Hatton- , 

correspondent. Mr. 

contrary. .WolseV (June /2r. , raises an 

Smt -point when he says 


From Mr, Richard EJIiot . ' 

. Sir.— The article in to-day's 
Financial TiuresT (June l) by 
Anthony Harris ends with the 
extraordinary allegation that. 14 
years of socialism has done 
nothing to alter, the distribution 
of wealth. Not even Lord 
Diamond's commission (not 
exactly a Tory preserve) has 
been able to substantiate this 
popular myth. In the past l0 
years the proportion of private 


From Mr. George R. Cameron 

Sir,— With regard to your 
recent corespondence on “Buying 
a House in Scotland." 1 can con- 
arm the observations made by 
Iain Fraser (June I). 

Having lived in Scotland for 

25 years, prior to muving south 
last year, and having had during 
that period, as an owner- 
occupier. to buy. and seLl our 
individual property, in West 
Central Scotland (twice), in 
Aberdeen and subsequently, 
Glasgow, 2 have been more than 
a satisfied cllcnt/cgstomer of the 
way in which my own appointed 
solicitors have bandied the above 
transactions on each occasion. 

Mr. Fraser rightly says: “There 
is a great deal of merit that once 
an offer has been accepted in 
writing there Is then normally 
a binding contract." which all 
readers who have had similar 
experiences to ours, of buying 
and selling property in England, 
will recognise as a considerable 
blessing to both buyer and 
seller who are normally involved 
in a second simultaneous trans- 
action. 

The Scottish solicitors’ pro- 
perty centres, from persona] 
eiteerience, are also a great boon 
particularly to business people, 
having time as a scarce resource. 
For the centres allow the indi- 
vidual to focus on a local pro- 
perty market quickly, and to 
obtain a fairly good estimation 
at minimum cost, of the breadth 
of the market available, its geo- 
graphical preferences (of 
especial value to strangers to an 
area, as we were when we first 
moved to Aberdeen) and a repre- 
sentative spread of prices to suit 
almost any pocket. 

No. I would rather have . the 
Scoitish solicitor’s system uf 
marketing property, iu the efflu- 
ent manner in which they carry 
out their task on buhair of both 
buyer and seller than the un- 
reliable . systems that prevail in 
tbe South. 

George R. Caraeron. 

26 Dolphin Court, 

Cliff Rood. 

Meads, 

Eastbourne. 



itill a higher return 
onjtDur capital 


Ever since they -were first issued. 
Abbey National Bondshares have 
been highly recommended to the 
investor who can put money aside 
for 2 or 3 years. 

The latest issue of 2-year and 3-year 
Bondshares pay respectively 6.00% and 
6.50%.annually. (The equivalent of 
9.09% and 9.85% when income taxis 
paid at the basic rate of 34%.) 

While these rates can vary they 
will always pay 0.5% more than the 
share account rate for two year bonds 
and 1.0% more for three year bonds. 

Making them an ideal investment 
opportunity. Yet they still offer the 
investor real Building Society security. ■ 
These days that’s a very reassuring 
tying. 


The minimum investment is £500, 
the maximum £15,000 (£30,000 for 
joint accounts). A 

Call in at your Abbey J J 

branch or fill in the / C 

coupon for more / 
details. I 



witn 

ftBSEYNJVnOML 

Jbr the security jou need todays 


fro: Dept. BS,The Abbey Narionui Buildine Society”] 
[ A bbey House, Baker Street, London N\V 1 6XL. j 


NAME: 


ADDRESS: 


| | | I ;cm interested in kr. inline rru ’re.ihnur Abbey National 

I _ . Bondshares. Ple.^e se nd me derails. 


J ■" 1 arn interested in rbe full rnnijc ot savings schemes j 

| .. . .. Abbey Nation, il offer. Please send me details, ft 7 | 


£ 




COMPA 


MSjfr- 





Second 


+ C O .M MK N T 


leaves Metal Box at £56m 


" iss 


piSIS 

M0f. 

>.?>?•- iL 


MAINLY REFLECTING a down- 
turn in the UJC, second half 
profits of Metal Box fell from 
£3-1 .3m to £3Q.55m leaving the 
figure for the full year ended 
March 31. 1978 down by 4 per 
cent to £55.78 ra. 

In November the directors 
reported half-year profits ahead 
at £25.23m against £23. 79m but 
said that they saw no immediate 
improvement and that the full 
year's result was not expected to 
match the figure for 1978/77. 

Sir Alex Page, the chairman, 
says that the past year was a 
difficult one, not only because of 
the bad weather conditions for 
canned food and beverage cans, 
but also because of certain indus- 
trial unrest. These difficulties, he 
adds, resulted in lower profits for 
the period. 

Prospects for the economy do 
not appear to favour any sub- 
stantial increase in sales for the 
current year, but Sir AJex Teels 
there are opportunities for in- 
creasing efficiency and profits, if 
the group can overcome the in- 
dustrial relations problems. These 
problems cost the group several 
millions aE pounds in lost profits 
last year. 

There are signs that these prob- 
lems are being overcome, but 
until incentives can be given for, 
“ greater effort, skill and responsi- 
bility, which is difficult under the 
pay policy, problems arc bound to 
arise. 1 ' 

Earnings per ft share are 
stated at 645p <61p) and the divi- 
dend for the year is stepped up 
to 14.88B2p (13.4247p), the maxi- 
mum permitted, witb a final of 
8_2662p net. The directors intend 
to pay an additional dividend iT 
ACT is reduced. 

During the year, the group's 
shareholding in the metal con- 


KI 5 HTS 


As forecast at the half-way stage Metal Box failed to reach 
last year’s pre-tax profits but the shortfall was less than ihe 
market had anticipated. Lex also takes a look at the implica- 
tions on UK companies' results following the American 
IRS's change of policy on stock valuation. Also covered is the 
Albright Wilson rejection of the bid approach from Tenneco 
and the Edinburgh issue of £25m 5-year Variable rate stock. 
Elsewhere, Martin the Newsagent like NSS lost about £50,000 
during the newspaper wholesalers' dispute while William 
Reed looks poised for real growth in the second half once 
the recent acquisitions make their mark. 


tainer company, MetaJ Box 
Nigeria was reduced from W> per 
cent to. 40 per cent and this 
company is shown in the accounts 
as an associate. Excluding the 
turnover of this company, the in- 
crease in sales overseas was 12 


per eenL 

1STT-78 

19715-77 


moo 

£<HM 

Silk* 

S07.459 

705.173 

Homo .. . 

5^.597 

451.364 

•'■•'••recas .. . . . 

S74.SK 

ZV3.S09 

Profit before tax . ... 

55,777 

9MM 

llutDC ... ...... 

.11.141 

37.732 

nr-waj 

10.435 

19.935 

Assocuies 

l.UrtO 

419 

Tax . ............. .. 

10 777 

15263 

NVt profit ... ..... ... 

45.000 

3S.S23 

Miaoriti-’S . . ........ 

fi.112 

4.034 

Estrartrd drftlt 

4.172 

14.292 

.. 

34.590 

40 .Ml 

Pr« f.-renco d>v 

99 

99 

Ini' nm nnJinair 

4.002 

3.4S7 

Hoal ordinary ... 

4.9)7 

4 446 

RW.llflt'J . . ...... 

25 5Ali 

3? <149 

M'.ial r.rti 

34.421 

22.315 

Sufwi'llif.l 

494 

9. '.II 



653 

323 

i Crolit. 




Negotiations were completed 
with Continental Group for the 
termination of the group's agree- 
ment v.ith them insofar as it re- 


lated to continuing communica- 
tion and the licensing of each 
party by tbe other of patents and 
trade secrets relating to the manu- 
facture of cans, crown caps and 
machinery. 

The continued use of currently 
licensed technology has been 
dealt with by each party grant- 
ing to the other, subject to prior 
commitment, a world-wide licence 
on a non-exclusive basis. 

This allows a separate course 
to be undertaken for the develop- 
ment and exploitation of can 
making and crown making tech- 
nologies in a number of countries 
where previously Metal Box had 
no manufacturing facility. 

The first major project has been 
the formation, jointly with 
Standun Inc. of Compton. Los 
Angeles, of a company to manu- 
facture two-piece' beverage cans 
at a factory to be built in the 
Los Angeles area for the supply 
of cans to Pepsi Cola Bottling 
Croup for its Phoenix. Arrcona 
and Torrance, California, filling 
plants. 


The chairman says that the 
technology of can making is 
undergoing significant change and 
the group has made a substantial 
investment in two-piecc manufac- 
ture, which has not yet earned 
any return. 

TTie glass company in Nivena 
is well established and is making 
good profits he adds. 

As part of its diversification 
plans Metal Box is on the lookout 
for a possible major takeover deal. 
The next move is likely to be 
outside of heating and packaging, 
and the sort of figures that direc- 
tors are talking in terms of. on 
a takeover, move ranee between 
£20m and £100m. "There are a 
lot of places under careful 
scrutiny." says Sir Ales One 
area, in particular, that is attract- 
ing the group's attention is once 
again the UJS. 

The principles of ED 19 have 
been applied in arriving at the 
UK tax charge for the year, which 
accordingly has been reduced 
significantly from £lS.26m to 
£10.7Sm. 

Deferred tax in the balance- 
sheet has been reduced by £40.9m 
and has been transferred to 
reserves. 

Interest on borrowinss and loan 
stocks amounted to £9.7Sm during 
the year. Expenditure on fixed 
assets at home and overseas was 
£44_6m, which included £4J2m 
arising on acquisitions. 

On sales of £252 .3m against 
£240.6 m pre-tax profits of Metal 
Box Overseas rose from £J9.64ra 
to £20.92m for the year, subject 
to tax £6.5Sm (£8.68m >. minorities 
share £6 -21m (£3.99mL and an 
extraordinary debit of £4.71m 
<£4.01m credit). The attributable 
amount emerged at £3.4) m com- 
pared witb £10.98m and the 
dividend is increased from 15p 
to I6p. 

See Lex 




- r. - . 

Jr : '• & £4 % ■ ' 


-• •; v'-i; 

- ‘ V"- ' 

C *>v . ' 

> f ' - 





•Hie City of Edinburgh is raising 
mm by the Issue of variable rate 
stock With a life of five, years. 

The issue of 198S stock *p*iced 
at GOO per cent is payable .an 
fallen application. Interest ww» 
Is calculated , at i of a ■point over 
the rate at which the Baft.** 
■Whmri ja advised by the " refer- 
T interest on the stock ' b payable 
hatf-yearb- on June 9 and Dec- 
ember 9. The first payment wg 
. Be of £5.6559 gross per cent next 
■ December. • . 

- osie stock will' be redeemed ^on 
Jane 9, 1983, at par unless can- 
celled by purchase in the open 
market or by agreement with -the 
holders.- 


Ttelgunposi txfjise bsi»& 
nsa - > proceed*- to . fiQ - 
authorised capital - eme&dS 
ahd to replace -maturing 


on Thursday June 3 

the same day/. _■ 

. . ApiSScaitions . moat.-' be” ‘SA-. 
nrinaman_of f GOO 
.nmltqAes J thereof "dj*' 
Motions for jELOW to si- - 
must be. , for., multiples. of/E. 
of stock;.- above fSbOO'and^ 
exceeding- £20*000- hi -UbltfiiW 
G.0O0: /and v: abovfe;/Go . ■ 
mulfinJes jaf :£5J)0O; t 

Brokers "to:. the issue. : 
Tiipson- ' 

, ■! 


Slr Alex. Page, chairman of Metal Box— labour problems 
resulted in the loss of several million pounds in profits 
during the year. . 

*>. • • 

DIVIDENDS ANNOUNCED j . 


Macanie 


Wm. Reed 



Date 

Cone- 

Total P 

Current 

of spending 

for 

payment 

payment 

div. 

year* 

m. 25t 

July 28 

25 

4525- 

. Int. 0.75 

Sept 25 

0.75 


1.66 

July 28 

1.43 

1.98; 

1 Int 2.S4 

July 4 • 

2.19 • . 


8J27 

July 21 

7.48 

14J57v 

2.77 

— 

2.77 

4.4a ■{ 

lfi 

July 20 

1J!5 

2.1 v 


he Dividends shown pence per share net except where otherwise stated. 

Jp * Equivalent after allowing for scrip issue. t Oir\ capital 
increased by rights and/or acquisition issues, t South African, cents 
throughout. For 15 months. 


THE PROSPECTUS - is published £250,000 to £275.000 are being a ' 
today in connection with 

•ti lacing of Jm shares in Thames. .£232,000; last year..: 0n:that‘b» ' 
reJuoUtion for the -«anpuv 

SSSlr ^ S 

. . The placing will Idrg tt* stake; 

85 per Fg^ ted ^-"a^ .rocent 'ii 

85 per cent The shares offered J^ues- 

to the public are being greeted : ... "... ' •• .- • 

with the enthusiasm of a new U— ^ 
issue and there is alrrady quite Oft. r : > 

an amount of interest in - the - •_.• ~ .‘.j.-’. 

^ ”” to brisk Start; '■ 

The nlacing has been made to ■. -- • • •- - 3,.--- 1 . ' - 4 vV • 

eelS! requJremeat 

Thames Plywood's history dates ' ^f^75n 

at* sz is- tw 


. 3 ‘ * 

V+1 




Supplies upset but Martin the Newsagent expands 


DESPITE LOSSES arising directly 
from disruption in the news- 
paper industry taxable earnings 
moved ahead at Martin the News- 
agent in the half-year to April 2. 
197a by £277.000 to G.8S6.000 on 
sales, excluding VAT, up 18.8 per 
cent at £39m, against £32.S4m last 
time. 

The directors say that provid- 
ing prices of major products, 
particularly newspapers and 
cigarettes, rise during the summer 
in line with general inflation and 
the newspaper industry is not too 
severely disrupted, they expect a 
satisfactory full-time profit. For 
1976/77 the total was a record 
£2.02m. 

The first-half results this time 
ifidude the benefit from Easter 
trading, the larger part or which 
fell in the second- half last year. 
This gain, amounting to a profit 
of some £50,000. was wholly off-set 
by the loss arising from the 
disruption of newspaper supplies, 
the directors state. 

With lax at £695,000. against 
£280,000 restated in line with 
ED19. earnings per 25p share were 
depressed by 6.4p at 18.6p. The 
net Interim dividend is stepped up 


Bond St. Fabrics ahead 

to 2.S3Sp <2.189p). Last year's final the larger branches. Elsewhere. BumeH. the chairman of W. and J. 

was 4.4 lip. volume sales of confectionery Glossop. says the company will 1 . 1 1 1 f* 

Profit was struck after deprecia- show some improvement and now not only be able to take advantage I) Ilf WJimSl OH ilil IT 

tion and amortisation of £294 000 accounts for 15 per cent of group of any easing in the unsatisfactory KF Ul TV MIL U»J UII JVLullU UillX 

I £246,000) and retained earnings sales. Obviously the summer is trading climate but will also con- 

amounted to G.Olm (£L21m). somg to be important for soft tinue its course of profitable TURNOVER OF Bond Street dend payment is maintained at 
The number or branches drinks and ice cream sales, and growth both within the company Fabrics fell from £439m to £4 39m 0-75P per 10p share- costing 

operated by the group, which was any cover price rises 1 will benefit and by acquisition. b f ^ half vear £20.309— last year's flnal was L85p. 

4T« at half-time is likely to reach r.ewsM„er profits With 20 add.- JaDUJ ^ 31 . 1978 . , e ar 

49h by the October 1 year end. ^ lor,a ' -!L ,S , "' hen profit before tax advanced £151,000 to £248,000. n- r « AA 

Ten of these will be on new sites profits of around £3.am (£2.9m) from r 0 73 m to rnsttm Govern- (11111 

and will comprise five conven- are possible. At 247p. the shares rundc for road^inten^ice ,u Th !u f U I* cl 5? • 51316 ho J vever ; * ' ' 

tional newsagents, four larger are on a protective p/e of 7 j™* SES ^at the double jersey section of , - 

stores and a general store. taking a line through the interim fh | JJ2.. tolls veflr resulting in ^ company is going through a QOWIllIini •— 

tax charge or 93J ffullv taxed) H 16 nre^ous year, resuming ui particularly difficult period and U W1U 

© comment while the yield is 4.5 per cent] liall the foi T ar ^. order b ° ok .. is very at ]V/Iapanip 

Comparisons beween Martin the «.”Peted «ith NSS’s 9.9 p/e (on w!. .. iV13C ^ , U e 

an rt fh ,,. a full tax charge) and 2J per cent p * sa ^ “ “ 1° se ® ‘v e . Iul1 years As foreoa st at halfway when a 

both Tare been Effected to ^he yie,d - However, the reorganisation of results as high as last time. £38.000 profit against a 40,000 loss 

h!ne oF around £50 000 by the the company continued, and the Profit for the full 1976-77 year was reported, pre-tax profit at 

disputes i^ Fleet Street and the aK l uir ® d Quarrying and was a record £441.231 after a Macanie (London) fell front 

newspaper wholesalers Th?s and rpnntfVi fn bitumen heating and distribution GST.000 loss incurred by sub- £275.000 to £200,000 in 1977. 

lower P price mflation . hasreduced ^rOWlD tO operations made a signficant sidiary John Currie Son and Co. Directors of the clothing manu- 

Martin’s first half profits rise to ,• contribution. The directors state that the facturer said in December that 

17 per cent, while NSS's growth COIDflTlIlP At January 31 Anglo .American position at Currie has now im- the level of trading looked for in 

was around a fifth. On the Asphalt Company owned 26.95 per proved, and it is no longer in the second half had not materi- 

tobacco side (39 per cent or turn- _ a _ cent of shares and Sir Robert receipt of the Temporary aiised. They now say that the 

over), lower cigarette consump- 31 IjTOSSOD McAlpine and Sons 7.37 per cent. Employment Subsidy. early months of 1978 have seen 

tion has meant a small drop in r At May 15 Throgmorton Trust Available profit came out at a slightly firmer market enaMfng 

volume sales, but this has been Although trading conditions in held 5.16 per cent of capital. £119,040 compared writh £72.500 more profitable sales in the whole- 


£75,000 
downturn 
at Macanie 

As forecast at halfway when a 
£38.000 profit against a £3,000 loss 


tune of around £50.000 by the 
disputes in Fleet Street and the 
newspaper wholesalers. This, and 
lower price inflation, has reduced 
Martin’s first half profits rise to 
17 per cent, while NSS's growl h 
was around a fifth. On the 
Lob3Cco side (39 per cent or turn- 
over). lower cigarette consump- 
tion has meant a small drop in 
volume sales, but this has been 


Growth to 
continue 
at Glossop 


offset by expansion in leisure the current year do not appear Meeting, Halifax, June 28 at after tax took £128.960 against sallng sector. 


products (toys, records etc) in to be any better Mr. Digby 11.30 am. 


£78.500. The net interim divi- 


part of the fabric of life v. 


TOOTAL 

whoever you are 
and whatever you do . . . 


Turnover for the yea* declined 
-from £1 9.44m to £1 8.54m, reflect- 
ing the sale of loss making 
activities. 

The result is before a tax credit 
of £13.000 (£66.000 charge) and 
minority interests of £9,000 
(same). 

Earnings per 10p share are 
shown at 2.4Pp against 2.45p, and 
the final dividend of 1.662p net 
lirts the total from 1.791p to 
1.973p. 


World War when its; main ^ 

activities were orientated twuri* th^d^Sares 
the construction of composite a relaSvely thh^bmr vrfthH 
panels for use to commercial market Soi^Ttop^s 
vehicles and containers. and low of 89p • -“Jr? 

The placing with iMtitoitions Nevertheless Bramatt wasWi 
and individuals is of 500,000 second most active ' stock bn f 
shares of 25p each at a price of Exchange yesterday with jnsz 
34p per share. This drops the marks- and dealers lasVffi 
stake held by Mr. Choularton to where expecting some ' t-*® 

65 per cent; though M- and G through to today. 
remains a substantial" investor Meantime, dealings started-' 
with around 10 per cent. ' Alcan ' Alnminhnn (UK)^ .,T 

The company has „two .main shares .opened at 162p _ahd aft 
operating divisions. First the touching 168p closed the day ^ 
plywood operation is involved in I61p. ■■•■‘Av ■ 

the manufacture of high quality .... . . ■■.'’vav 

plywoo division, known as OXLEY PRINTOffe 
the Tbamesply Products sub- ^ . .. _ 

sidiary sells specialist , products --.Oxley Printing Group annorena . 
to the building industry both at * ias received, comply. - 

home and overseas. conversion notices, from,." if 

The profits record is erratic, holders of £360,679 ^of the co 
and in the latest year to April. P*ny*_.14 per rant convertfl . 
1977 profits are shown at £232,000 debenture stock 1983. The-issa 
pre-tax. The half-year figures to ordinary capital will t herein . 
end-October were profits of £71,000 from G^HJLOQOs/ 

compared with £74,000. . ^,751,679. - ; 

• An interim dividend of 0.75p . : r. -:-'s 

per share was paid to existing PATirWADt; r - ' 

shareholders and in the absence 1AA/V.JV YT/iivil 

of unforeseen circumstances .a To take advantage of tbej 
final of L25p will he proposed creasing international, traded 
making a total of 2p per share glass containers Rocfcware Grin 
.compared with l£15p last year. has formed a new subsidiary 
Brokers are Hailiday Simpson. Interver InteraationaL The mak 

a -Ammani " of tfae company vifflj' 

,* cummeni to develop export sates on baba, 

The requotatlon for Thames Ply- of Rockware Glass hi Europe® 
wood gives an opportunity to markets. 

develop, the local following which i — . .. . 

has built up. around the new chair- • ~~ r % 

man Mr. Choularton. Though the ■ Wf: 

placing is of only im shares in ■> m H ■ BB# 
a fairly small company, the H Hv.- -; 

market is confident that this will * . 

be another stagging IsAie. That ■ M it 

should ensure a certain- amount ■ ■ 

of euphoria when dealings start. " “ ™ ™ *<1 . 

but the profits in this year are 
not expected to show anything 
startling. Pre-tax profits^ of 


THE METTOY COMPANY 
LIMITED 

Results:yearending3IstDecl977 



Whoever you are, whatever you do and wherever 
you live, the chances are good that someway, some- 
how, Tootal will come into your life. 

Tootal is a lot more than a famous brand name. It is 
a multi-million pound business making a tremen- 
dous range of products, manufacturing and market- 
ing them in Britain and Overseas. 

Tootal is a business involved in all aspects of textiles 
and fashion from spinning threads through to 
retailing. From its UK headquarters, the Group 
controls over 150 manufacturing units and employs 
nearly 30,000 people. * 


TURNOVER: 

up from £23.8m to £27.5m 

EXPORTS: 

up from £I0m to £1 1 ,4m 

NET PRE-TAX 
PROFIT : 

up from £2.43m to £2.82m 

EARNINGS 
PER SHARE: 

up from 1 1 .7p to 1 4. 7p 


“Orders and despatches in the first quarter 
are substantially ahead of the comparable 
period of 1977 in value and volume. Subject to 
unforeseen circumstances I have every 
confidence that in the year ahead we will again 
leave 1 977 well behind us in both profit and 
turnover." 

A rth ur Ka Iz, C.B. E. Chairman 




profit before taxation 


£n.8m 


earnings on ordinary share capital £14. 3m 


* earnings per ordinary share 


dividends per ordinary share 


2.72 38p 


If yon would like to know more about us and what we do, please 
post this coupon to the Secretary, Tootal Limited, 56 Oxford 
Street, Manchester M60 1H j, for a copy of our 1977/78 Report 
and Accounts and oar Group Brochure. 


address 


$50,000,000 

Societe Financiere 
pour les Telecommunications 
et l’EIectronique S.A. 

Guaranteed Floating Rate Notes 1984 

unconditionally and irrevocably guaranteed ax to 
payment of principal, premium, if any, unj interest by 

STET 

SOCIETA FEVANZI ARIA TELEFONICA PER AZfOM 
a subsidiary oflstimui per la Ricostnizicmu Industrials C*1R1-) 


In accordance with Ihe terms of the Guaranteed Floating 
Rale Notes I9S4 issued by Socidtc Financiere pour les - 
Telecommunications ct rEIcctroniquc S.A. and guaran- 
teed by STET - SoeicLu Finanziaria Telefonica per 
Azioni the rale of interest for the interest period from 
7lh June, 1973 to 7lh December, 1978 has been fixed ai 
93% . 











Financial Times Tuesday June 6 1978 - 

Wm Reed tops £lm: change 
of trading emphasis planned 


Laird talks money 
with Government 








m 


n is 


ANNOUNCING a 37 3 per cent 
increase in sales to £I2.8w for the 
y®ar to March 25, Mr. Graham 
kacey. chairman of the 
VViUiarn Reed Group, said yester- 
day that his intention > as to 
create a broadly based non- 
fashion textile business." Over 
™ past year management 
changes .had been introduced 
vnth the plan of diverting 
emphasis away from the tradi- 
tional men’s clothing business, 
towards end product-users par- 
ticularly in household textiles. 

in the meantime, the traditional 
business continued to supply the 
bulk of the profits which, for the 
year under review rose from 
£S2LOOO to £ 1 . 0 9m pre-tax. 

Of Utc four acquisitions made in 
uie past 12 months only Rivington 
Carpets (bought from the 
cqRapsed Bond Worth group) con- 
tributed anything towards group 
profits — and that was only 
marginal. Nor were the results 
boosted by the two earlier acquisi- 
tions, William Uttley and Robert 
Famworth. According to Mr. John 
Blackburn, the new. chier execu- 
tive. neither of thefe two com- 
panies is yet trading satisfactorily, 
though the turn round is progress- 
ihg weH. Uttley accounted for 
losses of £200,000 Tor the year. 
The pre-tax profits do, however. 


Include £130.000 attributable to 
the surplus on the sale of 
rhe investment in the Lin croft 
KjJgour group in October. 

Depreciation charges of £338,000 
(£274,000) are based on a- change 
in the basis of depreciation from 
20 per cent to 10 per cent per 
annum in a straight line. If "the 

previous year’s figures had been 
adjusted to the same level they 
would have fallen to £189,000. 

Taxation charges of £128,000 
(£ 106,000 re-stated) have, also 
been adjusted to eliminate 
deferred tax. Mr. Lacey also 
confirmed that there remained 
accumulated tax losses of some 
£ljm in the group particularly 
relating to Barwick Carpets. 

Below the line extraordinary 

items of £ 262.000 (£62,000) 

included some £53,000 paid to 
directors for loss of office. The 
balance was attributable to the 
reorganisation costs of Uttley and 
Fa m worth, which have now 
largely been provided for. 

Earnings per share are shown 
at l&llp compared with 19.22p 
as a result of the dilution of 
equity as a result of. recent 
acquisitions. The final dividend is 
2.772p which together .with the 
interim of 1.65p amounts to a 10 
per cent increase. 

Mr. Lacey said th3t if dividend 
restraint is lifted he would con- 


sider an increase in the dividend 
to the point where earnings would 
be covered twice. 

• comment 

In a period in which William Reed 
has made four substantial acquisi- 
tions— the key question is about' 
the state of tbe balance sheet, due 
out at the beginning of July. The 
new management is all confidence 
and it is- certainly to its credit 
that the profit upturn in the year 
under review has come from the. 
traditional buslnessr the -pew 
acquisitions having -come hi- too ' 
late or not made a - contribution 
before the year end. It does 
begin to look as if the.- second 
half of the. current year and into 
next will show real profits growth.' 
once the acquisitions have been 
made -To work.- If that is the case 
the current p/e of just under five 
(on a share price of 8Bp and a 
low tax charge) could look 
attractive, especially with the 
promise of a dividend Increase to 
life the current yield of 7.S per 
cent. -Stiff. the main areas of 
business, tufted carpets and 
textiles, are by no means buoyant 
despite Qie company’s claim that 
it is trading well against the tide 
and has the right products (plain 
textured carpets and fabric 
velvets) .to , meet demand. 


Fleming Trust valued at £87m 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


THE £9.5m purchase of Tate anil 
Lyle's 75 per cent inlcrest in the 
102,200 square Tool Sugar Quay 
affice block in Lower Thames 
Street. EC3, takes the Fleming 
Property Unit Trust's net value 
~n £STi.8ni, that is £3fi.6m above its 
arch, 1977, valuation and sup- 
*rts a 6.77 per cent gross unit 
riribution for 1977-7S. 

Sugar Quay, which the fund 
ught to show an initial net yield 
just over 6.5 per cent, is the 
■gest of 13 new properties 
quired in the- year. And despite 
"rigs about the shortage ot 
.tie property investments 
.eming’s chairman. Mr. David 
•oarson, reports a constant 
ream of propositions crossing 
■is desk. No less than 150 of 
hose were investigated, and 45 
^nt as far as ihe negotiations 

\ strong' reversionary element 
earlier fund purchases provided 
e impetus behind a rise in the 
it price from £1,141 to £1.307 
'ing the year. And a £2m addi- 
ial revaluation since the March 
ir end. plus a £5.6m post year- 
id subscription for units, justi- 
es a Julie 25th issue, the 34th. 
£L325. 

rhe Fund, which is open to 
mpt pension funds and chari- 
. anticipates a (>.3 per cent net 
d in the current year. That 
mate backed by a further 40 
visions due to fall during the 
12 months on a portfolio now 
between 46.7 per cent offices, 
per cent industrial. 14J) per 
shop properties and 5.1 per 
agricultural. 

W. I. PAWSON 

Tbe^: fipancbl year end" of 
V.-' L. Pawson, the Halifax 
'■omen’s clothing group, is to be 
■anged from December 19 to 
binary 28. 


The company claims that the 
recent acquisition of substantial 
retail interests through the take- 
over of the Wilbelort group which 
has 14 retail outlets, makes it 
difficult to take stock during the 
middle of the Christmas season. 

The current accounting period 
will end on February 28 and in- 
terim figures will cover the 
period from December 20. 1977, 
to August 31. 1978. 

Some 54 per cent of Pawson 
was recently acquired by Quill- 
crown. a private company which 
made an offer for Pawson ‘in 
August. 


Modest growth “3 

J Mr. 

for Premier S 

tain 

Milling resi! 

Mr. Joe Blnnm. the chairman 
of Premier Milling,- the 51 per 
rent-owned subsidiary of Asso- 
ciated British Foods, predicts 
modest growth in the current 
year and implies in ‘bis annual 
report that on any improvement 
in the South African economy a 
more rapid rate of progress will 
be achieved. 

Outlining plans for capital 
spending of up to R16m. be says 
that this amount can be financed 
internally despite the need for 
additional working capital., flow- 
ing from higher prices' and 
increased coats. . s.*; .c< ** 

The rrading surplus Improved 
from R50.Sm to R55m last year 
and cash flow went ahead- from 
R2lm to R24m, and total assets 


Pritchard sees growth 


RESULTS AT Pritchard Services 
"roup are currently showing pro- 
-ess compared with the previous 
ir and barring unforeseeable 
- zumstaoces, Mr. P. R. Pritchard, 
chairman, expects an increase 
. irofits for the year, 
i the January 1 , 1978, year 
tax profit was £ 2 . 1 Sm. and the 
.rman says in his annual 
siew that it was a year of 
.onsolidation. Profit growth was 
largely organic with the exception 
of minor acquisitions in Germany 
and Peurto Rico. 

He says the mam ambition for 
•e future remains geared lo 
lablishing a strong presence in 
» U.S. 

Tie building cleaning services 
rations increased profits 13.05 
cent in 1977, providing a 
felon for other businesses which 
.*e developing for the future. The 
results Included the health care 
service operations. Mr. Pritchard 
-ays it is incomprehensible that 
cost effective service such as is 
•vided by the group is denied 
Treater opportunity, while in 
U.S. similar organisations 
oy a high rate of growth. 

On the stone cleaning and 
•storation side 1977 profits 
nowed considerable improvement 
•at there is still a requirement to 
Achieve more adequate margins. 

it is also imperative satisfactory 
margins be earned on the linen 
rental and dust control services 
activities to allow for replacement 
’f plant, machinery and stacks 



"Firmer base than ever’ 

—from the annual statement by the Chairman, 

Mr. Digby Burnet/. 

-4c Pre-tax profit up by 1 3 per cent to 
£830.91 5 against £733,796. 

j Dividend up to 3.762p compared with 
£ 3.469p for the previous year. 

-Jc ! arn confident that the Company which is 
on a firmer base than ever before will not 
only be able to take advantage of any 
easing of the unsatisfactory trading 
climate but will also continue on its 
course of profitable growth both within 
the Company and by acquisition. 

197S 1977 

Turnover £11,679,265 £9.539,922 

Profit before tax £830,915 £733,796 

Profit after tax £464,470 £409,801 

Dividends £176,429 £156,624 

Earnings per share lO.Op 9.3p 

Copies of the Annual Report may be obtained from the Secretary. 

Amisfieid House. Hipperholme. Halifax. West Yorkshire HX3 8NF 

W&J GLOSSOP LIMITED 

Britain's Premier Road Menders 


now exceed R310ml 

last year’s pressure oo profits 
came mainly from excess capa- 
city in various of the industries 
in which Premier is involved, 
ineluding animal feeds, poultry, 
egg and margarine. 

Latest .indications are that 
more stable conditions are 
returning - in these sectors, 
“ which if maintained will have 
a positive effect on the profit- 
ability of the group,” Mr. Bloom 
says. 

Offsetting this development 
however, is the prospect of 
reduced profits from the export 
of maize. Also the group cannot 
expect indefinitely ' to raise 
profits in recessionary conditions. 
Mr. Bloom says that the food 
industry is less insulated than 
generally supposed and “ is cer- 
tainly not immune to the effects 
of high unemployment and 
resistance to higher prices.” 


AFTER MORE than a year's delay 
negotiations have begun between 
Laird Group and -the Government 
concerning compensation for the 
nationalisation of its subsidiary, 
Scottish Aviation, but there are 
to be further delays in respect of 
the group’s 50 per .cent Interest 
In Caramel! Laird Shipbuilders. 

Announcing- this: at the -annual 
- meeting Sir lan . .Morrow; the 
chairman, said that since the start 
of . 1978 k demand for steel has 
shown some small Improvement, 
biit- -there has been no respite 'in 
ship re pairing-, Further losses were 
incurred in -the -initial months , of 
the current- sear, and over two 
months ago Western Shlprepafrers 
was placed on; a care and 
maintenance basis: 

Outside these two areas, as In 
1977.. fresh opportunities have 
become available and additiofaal 
manufacturing capacity is tiding 
installed. The Improvement in 
demand, is . already ’ reflected 1 in 
group profits.', which in the first 
four months of this -year .are 
running at a better level- than 
In 1977. 

The group's future lies In -its 
ability to compete mternationialTy 
audits strong, financial . position, 
enhanced- .ultimately by the 
compensation, will provide the 
powerful financial backing neces- 
sary to deal with these pressures. 
Sir Ian added. 

City of 

Westminster 

Assurance 

A highly successful year in 1977 
is reported for • City of ■West- 
minster Assurance, a member of 
the U.S.-based Sentry Insurance 
Group, by Mr. L. J. Weinberger, 
the chairman. A substantial 
growth of new business is 
reported writ in excess of the 
industry average, with new regular 
premium business up by 56 per 
cent to * £847,000 and single 
premium business 42 per cent 
higher at £23tn. 

* The accounts show that premium 
income more than doubled on the 
year to £6.9m and investment 
income rose by over 50 per- cent to 
£2.5m, while there was a realised 
profit on investments of nearly 
£lm. Claimc and expenses rose 
by 28 per cent to £S.9m. Taking 
into account a £2.9m increase in 
value . of investments and a 
£100,000 transfer to profit and 
loss, the fund at the end of 1977 


BOARD MEETINGS 

The follmrf HE fflmpfflicg ban notUfed 
daws of board meetings to the Stock 
EsehanfiB. Such meednsa are ttaaUj 
beld fw the onnxjst m -condderlna.drvt- 
dends. Official ladles Hons are not avail- 
able whether «via«Hs concerned 
interims or ttoafa aad fl» .sub-di visions 
shown below are based' mainly op. i» 
sear's timetable?. . . 

TTOAV * 

interims: — Aroumcdcj Investment TSt. 
Camel Radio? B m p, ■ g teon and 'Robbins 

Ftaals— Alklas Brothers (Hosiery t. Car- 
less Cuocl and Leonard, Charter Con- 
solidated. . Do La Rue .- Jame* Finlay 
J. and w. Henderson. : JertnytT Invest- 
tneni. ~Land Securities rnveonhnr Trust 
Parkland TuxUtc; ftewton Hauls. 
Scoictos. Standard Flrtrrocfcs, Samrte 
CkUhea, 

FUTURE DATS 

Interims— “ .... .. 

Camfort Fji gt c rortng Jm* 9 

Fenner <J. H.' . . .. j nm» 19 

Scottish American inresixnem — June ZL 
United States and General Trust. J aac 14 
tvurd rTbomas w.) ~ Jvoe 3 

Finals— ' " 

Bn-ebwood Cana run ion . - - - .i rni» w 
British Clncnuiutcraph .Theatres June l« 

British Steam Specialties :... Jam? 22 

nonunion and General Trtar ... June 13 
Electric and General '.I miMir aetB JBBe Jfl 
Electronic Rentals: Jane S 

Farm Feed ,, June 9 

Johnson. Mai UivJ — ^... _ Xmi- 13 

Lloyd iF. H.i I i ~ ... . Jttac 

■ Tbe Tinicu 1 Veocvr June”? 

Tr kfus J not? S 

tVarn-k-k Engineering Invysuscot Jmw is 


stood at £2S.6m compared with 
£19.3m at the beginning.' 

- On the profit and -loss account, 
investment- - mcofirie- after tax 
amounted to £37,000 and together 
with the transfer from the life 
fund of £100.000 tbe loss carried 
forward was wiped out and the 
account stands in profit of nearly' 
£100.000. j 

Mr. Weinberger : reports a 
successful year .for the perform- 
ance .of the unit-linked . f und s 
managed by the company. In par- 
ticular. - the Farmland Fund, stood 
out as the best performnlng 

property bond fund in the UK. 
During the year, the company 
entered the occupational pensions 
market with the latmch in October 
of the directors and executives 
pension scheme -whidh has been 
well received. - - • - . 

View Forth 

After lax of £49,926 against 
£38.015, profit of View Forth 
Investment Trust advanced from 
£66.500 to £SSA75--for tbe year to 
March 31. 1978J • 

Stated earnings per 25p shares 
were 2.769 p (2.206p) and -the net 
total dividend u is lifted- to 2.1p 
(L75p).\vith a final of ljp. 


senza pussoia 

(Doritput to sea without a compass) 

What is good advice for the mariner is equally 
sound forany cxganizationembarkitigon international 
trade or money transactions. In these, the guidance 
needed is that of a financial institution with both the 
worldwide experience and depth of resources which 
are essential for success^ 

‘ Credi to Italiano is high ly qiiplified for this role. 

It can bring to your business the special skills, the 
experience and the resources which make it one of 
Europe s top banks, and place it high on the world 
ranking list,. .......... 

All Credito Italiano’s comprehensive services ate 
readily available to you, simply by calling our London 
branch. 



™ Credito 
I Italiano 


17 Nfoomate, London ECZR6HX . 

Telephone: 01 -606 901 1 TelexrSS 3456/58807 5 Credit G 
; Head Olfice: Milan. 

Branches and repre«eniiiuve otticev, London . Hew York, Lc^ Angeles, 
Buenos Aires. Caracas. Chicago, Frankt’urr, Moscow, Paris, 

Sao Plaulo, Tokj’qjnJ Zurich. 




and to provide for future growth. 

Security service operations last 
year Eailed to attain overall profit- 
ability. although in the last few 
months a surplus was earned! 
Profits are currently in line with 
budget, and Mr. Pritchard sees 
this side contributing substantially 
to group results in the future. 

Now the initial establishment 
costs of the timber preservation 
subsidiary have been covered he 
is confident steady profitable 
growth will be achieved. 

In France, better results are 
expected this year now the teeth- 
ing problems on its cleaning con- 
tract at Charles de GuaDe airport 
have been overcome. 

There is considerable potential 
in the maintenance market in 
Germany, while in Portugal con- 
siderable effort will be required 
to keep operations profitable. ' 

The group's 40 per cent share in 
the 1140m Riyadh, Saudi Arabia, 
city cleansing contract should 
make a significant " impact on 
future group profitability, ' Mr. 
Prirchard says. 

Several large contracts are 
currently under negotiation in the 
Middle East, and directors see 
opportunities for expansion in- a 
number of areas. 

Elsewhere, the outlook is 
promising for the group’s 
Canadian and South African 
operations. 

The London Trust Company 
owns 5.7 per cent of shares. 

Meeting, London Wall, June 23 
at noon. 


Sales reach £807 million 


Sir Alex Page, Chairman, reports: 


“The Tear Under Review 


The past year has been a difficult one not only because of the unfavourable weather 
conditions for canned food and beverage cans but also because of certain industrial unrest. 

. and these difficulties have resulted in lower profits. The technology of can making is 
undergoing significant change and we have made a substantial investment in two-piece 
manufacture, which, has not yet earned any return. 

The Overseas Company, despite political problems in a number of territories, had a 
r e a s o n abl y good year. fa. particular, the Glass Company in Nigeria is well established and is 
making good profits. 

Sales at home were 18% higher than last year and overseas the increase was 7% : 
combined sales were 14% higher. During the year, our shareholding in the me tal container ‘ 
company, Metal Box Nigeria Limited, was reduced from 60% to 40% and this compa ny fa noyr 
shown in the Accounts as an associate company. Excluding thb turnover of this Nigerian. ' 
c ompa ny, the increase in sales oversees was ]j2%. - ; 

The home profit fen. by £3-4'miHiori (9-0%). Overseas, the profit of £20 -4 rmHidn was 
2-5% higher. Because of ffie changed status of Melal Box Nigeria £imited;fiiere has been 
includ e d in profits this year our proportion of the profits of associated com p a n ies. Including - 
associated companies, die combined profit of £5S -8 million was 4% less than fast year. 

Proposed Accounting Standard ED 19 

The principles of the proposed Ac c o untin g Standard (ED19) have been applied in ' 
arriving at the US fax charge for the year, which accordingly has been reduced significantly.' 
The tax charge for the previous year has been similarly amended. 

The Deferred Taxation Account in the balance sheet has been reduced by £40-9 rmTH on 
and this sum ha* been transferred to reserves. 

Continental Group Agreement 

Negotiations were completed with Continental Group for the termination of our 
agreement with diem insofar as it related to continuing communication and the licensing of 
each party by the other of patents and trade secrets relating to the manufacture of cans, 
crown caps and ma ch inery. The continued use of ran^nflylicon se d >«» v>oan . 

dealt with by each party granting to the other (subject to prior commitment) a world-wide 
licence on a naafadn rite basis- ' * 

This allows a separate course to be undertaken for the development and exploitation of 
can making and crown making technologies in a nmnber of comuriaawherepcteviouriy^ -. - - 
Metal Box had no manufacturing facility. The first major project has been the formation .jointly 
with Standun Inc. of Compton, Los Angeles, of a company to manufacture two-piece be verage" ' 
cans at a factory to be built in the Los Angeles area for the supply of ran* to Pepai Cola "7 
Bottling Group for its P ho e n i x . Arizona and Torrance, Califo rnia witf-n g- plants. . . - ■ -r - 

Outlook . 

The prospects for ffte economy do no! appear to favour any substantial general 
increase in sales this year. There are opportunities for increasing efficiency and profits if we _ 
can overcome the indust ri a l relations problems which affected us last year. There are signs 
that a noh problems are being overcome but until we can give incentives fbec- greater effort, 
akill and resp onsibility , which is difficult under the pay policy, problems are bound to arise." 


Sales 
.Home • 
Overseas 


Profit before taxation 
Home ' ' 

• Overseas 

Associated Companies 

Taxation • 

Profit after taxation* 

Interest of minority shareholders 

Profit before extraordinary items . 

Extraordinary items 

Interest of Metal Box Limited . 

Dividends 

On preference stocks 
Int e rim ordinary dividend of 6- Bp 

Final ordinary dividend of S-2882p— proposed 


Profit retained fit the business 
Metal Box Limited 
Subsidiaries - - - ’ 
Associated' Companies 


Earnings per £1 ordinary stock unit - 


532,897 

274^62 

807,459 


451,384 

258,809 

708,173 


-9-0 

' 34^41 

. 37,732 

+2-S 

- 20,438 

19,933 


1,000 

- 419 

•• -+0 

. S5.777 

58,088. 

. : -i i 

;l j; 10,777 ' 

18^63 . 

'■ " +13-07 

- 43,000 

39.823 

;-+545-- : 

- - . 6 J3& 

4,034 


.'-' r 38368 

35,789 


■'.tt ^ 

4,292 

—73-7. 

; i - ^<596 : 

■ ‘ J. 40,081 . 

3 l-’J - 

:'-.-: : :''--; r s9'" r . 

.99 

->V 

: . 4,002 ... 

^ -3,487 


•••> 4fi22 - 

.4,448 

-J-12-4; 

-■ 9,028 ' 

-3.032 • 


* 24,421 

-,V“4 I**.*'* 

• 853 * . 

■ ■ 64*9p^ .. 


22 J21S 
- 9, sir 
333 

32,049 

62-Op. 


, Interest on borrowings mid loan stocks amounted to £9-78 million.. 


- ; ; _ * — v uuu rrw umugvvhwo uv un . . 

Company and paid on 9th January 1978. The D irecto r s recommend fee payment of a fetal . ' ;- ./ 
dividend for fee year oE8-2662p, such dividend to be payable on aist-July XBTB to hdldarnbxr v 
- the register on- 23rd June 1878. *. .. : ' l \ : 

With the fax credits takan at 34/68ths oftfae amounte of feese twcT dividends, fee ; 

permitted u nder existing legislation over the dividends rniaim t tar r- T -orfft.! rrf jp-ey^nna 

yea£ Should the rale of Advance CcupojaiicaiTtoc.and of fee tax' tatedh attributable to fee 
final dividend be reduced below_34/8fehs, the Directors recommend that a /supplementary 
divid end shall also be paid, in respect of the year ended SlstMarch 1978 (subject tblhe- 
Gov ernment’s dividend Irrmfa tioripdlicy of wife the authority ofH-M. TreasuryJ- eqni valent 
with the tax credff attributable thereto, to' ihe amount of that rednctkm. payment tq" be made at 
;such date aridto the members on fee register at such time as fee Directors may determine. 

. Bxpendftnre tm gxett'areete inthe year at home and ovemskfas vrax£44-6mi71ion, whaqfr 

mrluded £4-2 rnffiton-ariumg-oin- . '■ '■ ~- 


28tb June 1978.1 : . . T . 

. * The Anmml General Meeting wiH be held an Thursday 20fiiT^y:19ZB aiThe 
Dorchester, Park Lane, London W1 ait 1&3Q pm. 


® Metal Box 


tJ 9 




BIDS AND DEALS 


£5m U.S. buy for 


■-Finandal Times- 


MINING NEWS 




Spooner likely to reject 




yy 


Ibslock Johnscu. Uw Leicester- 
shire brick maker vnloh ha* been 
ex pn nd im: into Holtond Bvi^iUW 
in- . the past ve.ff. yesterday 
announced Its first US. acquisi- 


Spooner Industries, the York- 
shire-baaed .plastics and lexises 
machinery company, is likely to 
reject the £2.8m cash bid an- 
nounced by Redman Iloenan 
yesterday. 

Tbe Spooner Board will meet 
today to officially decide its 
reaction but the indications last 
ni?ht were that it will find the 
65p per share offer inadequate. 

Redman Heenan wants to buy 
Spooner because its products arp 
complementary and it has over- 
seas offices in six countries from 
which Redman Heenan's products 
could also be distributed. 

Redman First approached the 
Spooner Board six to nine months 
ago and received a coo! response. 
It kept an eye on Spooner none- 
theless and uraduaily picked un 
2 per rent of the shares. Then 
Inst Friday. Redman bnncht 
enough shares to bring it im to 
11.4 per cent from an ex-chairman 
and the wife of the founder. 

Tt appears that the current 
Board, which claims to have 50 
per cent of the conmanv in its 
own or friendly hands, does not 
share the same views as some nf 
its previous members. Spnoner 
closed at 72p per share yesterday, 
up IPn on the day and 7p above 
the offer price. 


prior to scrip issue) — Four 
ordinary of Northern plus 315p 
cash, or 875p in cash. 


BANK SELLS VALOR 
Directors shares 

Valor announces that Mr. C. E. 
Bentley-Stevens has disposed of 
his interest in 30.682 Ordinary 
shares at 3flip per share. 

These shares have for some 
years past been charged to 
bankers as security for monies, 
advanced and were sold by ..the 
bank an May 26 as a result of the 
need to repay such borrowings; 
a further 25.335 shares in which 
Mr. M. J- Montague was interested, 
were also deposited with the bank 
under the same charge and on the 
same day were disposed of by the 
bank with -the above-mentioned 
shares at S84p per share. 

Mr. Montague has also ceased to 
have a cttsdosable interest in .a 
further 181750 shares. ' His benefi-" 
eial shareholding remains at 
40.057 shares. 


Montoya Investments— Mr. M. b. 
Gampcll holds 254130 shares. 

Bunzl Pulp iind Paper — Mr. 
G. G. Bunzl and Dr. F. A. G. 
Schoenberg, directors, have dis- 
posechof a non -beneficial interest 
of 50.000 shares from a joint 
holding. 

Avorys — Kuwait Investment 
Office, sold on May 24 25.000 
shares .leaving interest at 2.&75.UUU 
shares (8.06 per cent). 

British Petroleum Company — 
Phoenix Assurance Company is 
beneficial holder of £55.000 8 per 
cent cumulative first preference 
stock (7.67 per cent). 

-.Town and City Properties: 
Interest in T and C 7 per cent 
convertible cumulative preference 
shares are: Barclays Bank 
15.QS3.33S shares; Prudential 
Assurance 11,086.280 shares. 


lion. 

It has paid £“-m ff>r 

.Marion Brick, the brick making 

subsidiary of Medusa Corporation 
of Ohio. 

•Marion’s output from its seven 
facing brick factories tost year 
was lflfim bricks and deliveries 
uerc 212m. Total capicitr is said 
to lie 24pm, This ennu* ■ re*_wtlh a 
total L'K production of 24 im and 
deliveries of 220m for the same 
period and Dutch production of 
154m from six factories. 

The statement from Tbstnck 
Jobnsen yesterdav -aid that 
Marion produced p. profits 
of Sim (fl.iraj j 3S : v?ar and had 
net assets of So.Jt'm <£3-7m>. 
Brick .deliveries last year were 
Valued at £S.Pra. Ih>- fork's own 
profits fast year were o reenrd 
£4. 33m on a turnover of £35.7m. 


PRIMROSE DROPS 

ALOE BID 


Primrose Industries Holdings 
has decided not to nrnceed v!ih 
the acquisition of Aloe Minerals 
i Proprietary-). 

Early in May it was announced 
that agreement had been reached 
m principle for the purchase nf 
Aloe subject to certain conditions 
precedent. 

The directors of Primrose now 
say that within the time allowed 
by the vendors it has not been 
able to satisfv itself in full regard- 
ing these conditions precedent. 


ASSOCIATED ENG. 

Associated Engineering has 
completed the acquisition of 
Tempered Group, an unlisted 
public company situated in 
Sheffield which, carries on the 
business of precision spring and 
tool manufacture. 

Total consideration is £5,434,000 
which has been satisfied ns to 
£4.030.000 in cash and as to Ihe 
balance by 1.2m ordinary shares. 

Consolidated sales and pre-tax 
profits of TG for the year ended 
on April 1. 197S were £13.2m and 
£1.4m respectively and the net 
assets of TG on that date were 
£5.4 m. 


SHARE STAKES 


PORK FARMS 


Park Farms is proposing to 
make a scrip issue of 15 new 
shares for each ordinary share 
held, the formal document, in 
respect of the agreed nffer by 
Northern Foods, states. The issue 
will not affect the '-nine of the 
offer. As knonn. the terms are 
— for every K. ordinary in Pork 
Farms (equivalent to one ordinary 


llcwden Stuart Plant — Mr. M. E. 
Newby, director, has sold 30.000 
share®' Mr. 51. 7) Goodwin, direc- 
tor. 12.5(10; arid .Mr. Fi Jamieson, 
director. 12.500. AM at 62 !p. In 
.-Ivre slakes on June 1 this trans- 
ad ion -.Las incorrectly attributed 
io rho Crosby House Group. 

Wearw ell— London Trust, as a 
result of further purchases, has 

Increased its holding to noo.OlXJ 
shares (7.4 per cent 7 
Pndang Senang Rubber — Wan 
Hhi lu’-estments Sdn Berliad. 
holds 84.500 shares. Da to’ Lee 
!.«>■ SeiV2. u director of Wan Hin. 
holds 195.000 shares. 


A. Monk and Co.: On May 17. 
Saint Pirnn purchased 100.000 
ordinary and on May 22 pur- 
chased a further 25.000 ordinary 
shares. Total interest now 
3.045.000 shares. 

West Bromwich Spring Com- 
pany: Mr. F. A. Smilli has sold 
his beneficial interest (40.012 
shares) in the 11.5 per cent cumu- 
lative preference capital. 

Leisure Caravan Parks: Mr. 
P. \V. Harris has sold in.oon 

shares, and Sir. D. C. R. Alien 
sold 10.000 shares. 

Wellman Engineering Corpora- 
tion; Menteith Investment Tnisi 

and its subsidiary now have a 
total interest of 035.000 ordinary 
shares t5.fi per conn. 

ITaden Carrirr: London and 
Manchester Assurance Companv 
on May 24 purchased 1.700 a per 
cent (formerly S per cent? 
preference shares tfi.2 per cent 
of the class*. 

Juntar: Mr. E. S. Nas«ar has 
sold 25.000 stock units, rrdueina 
his total interest to 5G2.50O units 
or 2S.7 per cent or the capital. 

Federated Land ned Ruildinz 
Company: Mr. N. .1. Macaulay on 
ll.iv 25 sold 125.000 shares. 

Thomas Borfhwick and Sons: 
Sir John T. Rnrilr.i ick on May 31 
sniff 30.000 ordinary shares. 


KEY MEETING 
ON BtR BID 
FOR WORCESTER 


CORNERCROFT 


Armstrong Equipment bought 
on June 2 2,000 Cnrnercroft 

shares at 05 p— in addition In 
10.000 also bought on that day 
and already announced— making 
hnUling 085,160 shares 133.41 per 
cent.).’ 


\ key mcetinsr enneenirs the 
possible S-Jitti in-’mi take-over 
•'id by BTR. the British ■"nrineer- 
ing and transport •'.'.roup, for 
Worcester Controls Cnrpn ration, 
the I’S. group which owns ihe 
UK valve maker. Worcester Con- 
tents. iva<c hping held late yester- 
day in Boston. 

D emerged late on Sunday that 
FTR. which already has a sub- 
stantial U.S. business that 
accounted last yea*- tor £31 m oF 

its £24! m sales. had made an 
approach to Worcester Controls 
in the U.S. about a nmiecteff offer- 
nf £30 a share, com oared with 
Friday’s price of $1 r *. Ttos was 
i'nn'if!iona| on acceptances From 
holders of 30 per reni of the 

faulty. 

It was expected that vital 
decisions on rhe bid would be 
made at vpgtcrday evenin'* - * meet- 
in? in Boston of the Worcester 
Controls Corporation Board, 
wh'rh Includes laree shareholders 
such as the president. Mr. Robert 
.ITcCrav. 

Mr. Eric Norris who. wi’h his 
brothers Kenneth and Lewis, runs 
the British Worcester company 
unci finis 13 per cent nf the US. 
group’s schares. said on Sund-iv 
evening that, in the opinion of 
ihe British management, .sufficient 
time had not been al'e-.-.ed for the 
projected offer to be appraised or 
alternatives considered. He be- 
lieved other companies, not 
necessarily American, would bo 
prepared to pay a higher price. 


Mr. Kenneth Norris and Mr. 
Lewis Norris who. like their 
brother Eri. are vice-presidents 
nf the U.S. group, are now In 
Boston for the crucial meetinc. 

In Britain yesterday. Mr. Eric 
Norris, finance director of Wor- 
cester Controls of the UK — which 
in 1077 accounted with its 
domestic and European sales for 
527m. or the group's S51m turn- 
over. said: “There has been 
interest expressed by several sub- 
stantia 1 companies in this coun- 
try. I’ve had discussions this 
morning with chief executives of 
several British companies. IT 
sthere is time, they are very 
interested in discussing the 
mis t ter further.” 

It also appears that there is a 
possibility of other interest in 
the U.S. in Worcester Controls 
Oreorau'otL 

BTR. whose shares closed 2p 
down at 23$p last night, made 
£4.7 m nf its 1077 £29m of pre-tax 
profit in America, where its chief 
interests are in materials hand- 
ling. 

Among the new investment pro- 
jects it launched in 1977 was a 
roll plant In New Hampshire, the 
state where Worcester Controls 
Corpora tinn is based. 

BTR. whose chairman Is Sir 
David Nicholson and whose man- 
agin'.; director is Mr. Owen Green, 
has "shown rapid growth, with 
safes up from £3Sm in 1970 to 
£24!m in Wn. It has lately been 
active on the take-over front, and 
has acquired both Allied Polymer 
Group and Andrd Silentbloc 
within the fast year or so. 


at 25 cents 


by PAUL CHEESERJGHnr: 


ANGLO AMERICAN CORPORA- 
TION. the biggest. 'of the South 
African mining finance houses, : Is 
maintaining its final dividend at 
25 cents (I5.8p). This brings total 
payments for the 15 months ^ ;to 
March to 45225 cents, against' 33 
cents in the 12 -months Mo 
December, 1976. ■'_% : - 

The final was preceded- by two 
interims, while in 1976 there -was 
one interim and one finaL 

The dividend declaration, 
announced yesterday;* was 
accompanied by Primsiona! 
results which .showed -that - net 
profits in the 15 month s.ftr March 
were R341.7m t£152.9m)>. la 1976 
earnings were RS9.2m. 

The group' has been changing 
its financial year-end - ' . from 
December to March,. thus making 
comparisons between oneyear and 
the next invalid. At the: same 
time there are other -factors, 
which distort the 1977-18 'figures, 
wben set against those of 1976- 

In the first place, the most 
recent period incorporates for the 
first time the results ^of Rand 
Selection. which became a 


subsidiary In the spring of.lVfT: 

■ Rand Selection Is an investment 
bolding ’ company and the. addi- 
tion of its interests -to .thoM 
the parent .gave a March 1978 
market value of R71S.7m for listed 

investments, . compa red ' with 

R411m at the end of 1976. before 
the merger. Investments as a 
whole for the group at /the end 
of March were worth. . 'RL4on 
against R325.6Sm IS months 
before. 

In the second place. Anglo 
receives a particularly heavy Bow 
of investment revenue "ih the 
March quarter. • There have thus 
beet: two quarters of exceptional 
revenue in the figures for the 15 
months to March. ’ 

A breakdown of the resides 
shows that investment income for 
the ' 15 months was R213A7m.- or 
more than • double .the ' B871.m 
received in 1978. 

Despite the distortions,, how- 
ever, Anglo has been doing. weH 
In the areas where it is strongest 
GoJd and uranium account, for 
over a third of its investment 
income, while' diamonds account 


.for a fUriher_13 per cent.’ . 
. rltt both 

h ave 1 bee a' a pp recaably athmee 
.the most recent 15 - mantis 
' they were" lh 1976L. ■' -• • ' 

= Ohr thei* otheL-hamC 'Aagia'- 

haviqgTo .'make; provkkm^- aw 
base v '-mebik- 'ihvMEbents/^ 
extraordinary .-itetm; ’of;- 
covers . proyiabp. ; aigsdnst : 
Tehke-Fungurume cop^t veQf 
in Zaire and the- ? gdn tmj • 
troubles - of .-.thei' SeiebJ-Hi 
nickel-cop per '• operations 
Botswana- SST- ■ ; r 


V. The r. investment^' : . «ret ' 

Fmogurume bas*hdwl5een writ ' 

off by_the-*provisloD.^df ah & 

tiohal £u^tn.?dD^(vtng T aj>rovU 
of Rflm which 'tras -reported at - 
time xrT the ' interim figfoes. 
1976 there- wa^ a' iffo^sion 
B20m. . 

The '^rosisionvnadfr- .aga] 
Botswana 2RST is •Rgs tip ^’ 
company, tn which Anglo ia , 

of the twa r major -ihaMihdtd- 

recenHy amounced^ifliaa^aj 
'structuring; '. ; L 1;. ' : 

.. 'Anglo, shares- In I^tdon ves 
day. lost 2p. to 296p. 


GERMAN PURCHASE 
FROM MOORE 

Contracts have boon exchanged 
Mhr-reby. conditional upon the 
obtaining of any necessary 
Governmental consents, Gunther 
’.Vagner Pelikan-Werke of 
Hanover, v.-fll acquire the capital 
of Carifwnuni from Moore Busi- 
ness Forms with effect from 
-Jjnuary i, iy?S. 


Tara in trouble over loan!! 


A ARONSON BROS. 

Anrottson Bros, has completed 
the acquisition of Brine Veneer 
Mills. The aggregate purchase 
consideration of £550.000 was satis- 
fied by the payment of £1S6.607 in 
cash and the issue of 587,801 
ordinary shares in Aaronson. 

The principal activity of Erine 
is manufacture nf natural wood 
veneers, the market for which is 
showing increasing demand. Pre- 
tax profit of Brine for the year 
to September 30. 1977, was £79.292. 
Net tangible assets at that date 
w ere £>S3,$54. 





TARA EXPLORATION, jost a year 
after its Navan -zinc-wad mine 
came on stream in Ireland, has 
been forced .to n ego tia^a-'. with its 
bankers on a rescheduling of -debt 
repayments. 

A statement front -'--Toronto 
yesterday said that negotiations 
have started with the Toronto 
Dominion Bank. The -first repay- 
ment of 'principal is due qn July 
20 . - ' - . 

Last August Tara drew down 
SU2m (£61. 4m) from, i Toronto 
Dominion' -' loan Consortium. 
Start-up costs escalated' above the 
original budget, .but - financial 
difficulties since then have been 
compounded by the sluggishness 
of the metal markets. - 

At the beginning of June 1977, 
the London Meted Exchange cash 
zinc price was £325 a tonne, but 
since then has been as low as 
£235.25. Latterley there has been 
j some recovery and thte closing 
! price yesterday was £33525. 

Cash lead 3t the beginning of 
•June last year was £34$.5.a tonne. 
It fell to £2S0 last February, hut 
like zinc ■ has recently, been 
steadier, with yesterday's price at 
£322.5. 

The Irish Government holds 25 
per cent of the Navan jnlne. the 
largest zinc-lead operation . in 
Europe, but last ; month an 
assessment published in the 
annual report of the CentcilBank 
predicted that the state would 
have to wait until the mfd-TBSOs 
before- it 'received- a significanC 
flow of revenue. . 

Private shareholders in Tara 
include -Voranda, Cominco and 
Norihgate from Canada, and 
Charter Consolidated, the London 
arm of the Anglo American 
Corporal ton of South Africa. 

Tare shares have recently been 
showing a firmer tendency in line 
with other issues associated with 
Northgate. Yesterday they were 
£111. 


various official approvals, win be 
executed by Bnrns ?ty. the invest- 
ment bouse; on the floor of -the 
Toronto Stock Exchange. The 


price compares with a" .trading 
price of C$1355 before the Ajuax 
plans were made known. 

Should more than.800.000 shares 
Jbe tendered, tbe shares will be 
taken up by Am ax on a pro- rata 
basis, following the regulations of 
the Stock Exchange. 

Last year. Canada Tungsten, the 
only tungsten producer -in the 
country, had a net income of a 
record C$16Jm. In the. quarter 
to March, the profit was C$4. 7m 
f£2.3m). 

The company is doubling - Its 
mill capacity to 1.000 tons a day, 
but will be dealing with a lower 
ore grade. The operation Is in 
the Flat River area of the North 
West Territories. - . 


GO per cent -o£ the 1 6bfptrt [s. 
■gem quality; i an$itheUmariret- 
■feeen very firm:-, . . . 

This makes. the codptry-a a 
- producer by worid standards \ 
an output tossrtban^ ficartei 
that in NmhIhia- ; ^ (South u 
. Africa). ' . Mas! qf rtM mtoi % • 
from alluvial doposas and ' 
leading .' company ' -wax' ‘Sot 
Centrafricafne tCExptoltatton-l 
mantifere, in which Comlacg . 
Canada has- a 60 per cent stafc 


Selco worried 
about prices 


Central Africa 


diamond quest 


Amax builds up 


tungsten stake 






^----7-1- 


tAM 


.■Sm 






■^C : Vfg-iriT>l. , ?W 








AMAX. the diversified U.S. croup, 
wants to build up its 47 per cent 
«take in the profitable Canada 
Tungsten company to 62.5 per 
cent, if i.s considering making a 
block offer for sno.nno shares at 
a price of C$19 ( 933p) a share. 

The offer, which is subject to 


AN EXCLUSIVE diamond mining 
concession in the Central African 
Empire has been granted to 
Israeli reserve General Samual 
Gonen. reports L. Daniel from Tel 
Aviv. 

General Gotten baa put together 
a company of Israeli, Iranian and 
Swiss investors who are reportedly 
prepared to put 911m (£6m) into 
the. venture- , 

.-.The 'mining camp will be estab- 
lished, under General Gonen’s 
supervision, some 600 - km from 
the capital. Bangui. 

The concession, which, extends 
over 30.000 sq km;; is remote with 
access only by aircraft or dirt 
track. However, the first stage 
of the venture will "involve the 
emnioyment of about 100 people, 
including French and South 
African mining engineers and 
Israeli maintenance personnel. 

Any rough diamonds found will 
,be sold mainly to the Israeli cut- 
ting industry, and 30 per cent of 
the profits will be paid ta the 
state as a fee for the concession. 

Diamond production in the 
Central African Empire has been 
sagging in receDt years. In 1975 
it was 338,000 carats, down by 
2 ner cent From 1974. while in 
1P76. the last year for which 
figures are available, it was 286.000 
carats. But there has been little 
change in value, because about 


SELCO MINING, Hie feeter 
Trust Canadian unit;-, is giot 
about the financial prospects' 
year for its. South Bay -zutCrffop 
silver mine in north, west Onti 
writes John - Soganfch f\ 
Toronto. ■. ; W ■ 

. . "Because we- continue tie. rea 
low prices for -our .doncentn 
and because, in. common v 
many other producers^' we h 
had to cut buck - our prodtiri 
rate at South Bay, Hris'uolib 
that our operations wOf -give 
a positive cash- 'flow. 'during IF 
the management stated. ■'■' 

In ‘the nme : mbntlig to , 
December. Selcoltad an operat 
profit Of C?1.7hvhut -finished w 
a net loss of C9LSm <£884J' 
after taxation and depreclattor 
The company received 

interest-free Jcaa^of'^ C&i&a In' 
the. London parept to coy* ca 
tal and- non-operating exo^tdltt 
of CS4ibn. - . Out of tlris" so 
CS2.7rn' was spent on the -DeU 
copper-zinc-eold ioint venture 
north west Quebec. ' T 

mineralised zones are be- 
tested for possible production. 

Selco said that South B 
where mining has taken nl- 
since 1971.. proven and urtba 
reserves at the. end .of. 1977 » 
506,332 tons with average 'rre 
of I0S4 per cent zinc. 1.56 • 
cent copper and 2.2G ozs per 
of silver. . .. ■ 


MINING BRIEFS 


COLO AND BASE— Output of COD 
irate* (*:: por rent pradei for Auril - . 
C7 tonne t. rolumbiw 1 toniw. Foot mot 
ended Aurll 00; tin. IQS tonnes, eokm. 
1 tonne. Four monrhs ended Ajkt] 
1S7T. Un. UW I<innt«. eolumhlte Z roo 
PAHANG CONSOLIDATED— Ontint 
lode tin •'oneenimcs for May 142 tw 
lAprll 132 tonnesi. 


OIL AND GAS NEWS 


in $60m 


ex; 


Ui 


Can you name the iami.aij laces used on current or recent bank notes? 



en you've a foreign curre 





Reserve Gil and Gas and Union 
Gas have started a K0m. three- 
year joint venture asreement to 
exidore for oil and gas in western 
Canada. 

The primary exploration areas 
are in north-eastern British 
Columbia, the Alberta foothills 
und western Alberta basin and in 
the heavy erode oil areas of 
Albert a and Saskatchewan. 

In addition to the exploration 
coninii [merits the tun cmepames 
will finance develr-pmem i.f ihe 
reserve- discovered. 

Total twpenriiiurcN tor both 
exploration and dt-vi*lc|unenl 
could exceed ?Siim., according to 
Resun-e. 

■k * *■ 

Mesa Petroleum of Amarillo, as 
operator with a 25 per cent 
interest. has announced the 
awarding of various contracts for 
the development of the Beatrice 


field located off the north-east 
coast of Scotland in the U.K. 
sector of the North Sea. 

■ A revised development plan for 
the field was submitted to the 
Department of. Energy on May 15 
and approval is expected shortly. 

Contracts amounting :o £2tim. 
have been awarded for the 
purchase of steel plate, fabrics-, 
lion of jackets and pilings 
and project management and 
engineering design. 

Through UK subsidiaries, 
ownership in [his block is as 
follows: Mesa {25 per ccnti. Kerr 
McGee 125 per cent). Hiint Oil 
<20 per cent) and Creslenn f L'K i 
{ to per cent). P and O Petroleum 
also holds a 13 per cent interest. 


Natomas has announced Lbe 
completion or the Gita No. ti well 
in its 53 per cent owned south- 


■ . ■ M 

east Sumatra contract. -tR 
offshore Indonesia. ,’c 

’Hie Mull, located about rij 
miles from ihe currently p » 
ducing-Cinta field, was rested,! 
combined rates of about l.!n 
barrels of oil per day from till 
»"« fo the Talang Akar fotifl 
tion. Tho well also produced 
a rate of 2,250 barrels per Cr 
from the formation Batu RajaA, 
Gita No. 0 was drilled to a ufl 
depth of 6.2S0 reel. A secql 
M'eJi. Gita No. 8. is currently be 
drilled about 2,300 feel from ' 

bottom— hole location of G 

No. G for further revaluation 
the prn«i|>ecr’s potential. 

A Natomas subsidiary Is 1 
operator for a group of compao 
which holds the product 
sharing contract in the soolh-e 
Sumatra area with Pertamina. 
Indonesian State-owned petrold 
company. 


Do fluctuating exchange rates cause vou concern? 

Are you held up bv international transfers? 

Do your Euromoney transactions go through as quicklv an« l 
smoothly as you'd like? 

If you have problems in anv of these areas, then Ctedit«in>t.;lt- 
Bankverein can help. 

Creditanstalt-Bankverein is the leading Austrian Bank for the 
100 top Austrian companies. OH are our customers;, with real 
i international ca pa hi 1 i ty. 

We have the resources and experience to provide expert foreign 
currency services and are regularly engaged in the Euromoney 
market. 

And as an EB’IC bank — European Banks International —we can 
give you immediate access to a world-wide network of advice 
and assistance. 

To find out just how well your foreign exchange and transfer 
business could go (and fur B — * • • 

the answer to the fAi Creoitaristalt-Banlcveresn 

pr« thlem above), contact: ■ ! fl 

I SchotUms.isse b. A-UHO Vienna 

Telephone: I.OZ22) 6622 2589- Telex: 74793 


Progress indicated at Seiincour 


MR. LIONEL L. LEIGHTON, the 
chairman of Selincoun sa,v> it is 
loo early to forcL-:i>l lor the 
current year, but aclfta m his 
annual si.'ilcmenl. that at this 
time further progress is clearly 
indicated. 


As reported on May 11 pre-tax 
pro fils Tor rhe year to January 31. 
1H7S were up by .13 twr cent, from 
£3. 18m to E4.23m and the 
dividend is increased to 1.221 p 
{ O.Ptl}) i per share. On a CCA 
basis profit is adjusted lo £3.34jn 
(£2 09m) after depreciation 
£«!.43ni t£fl.-t«m). citsi or sales 
fO.nSni t£I.79mt less qcarine 
adjustment £(J.32m tfl.lfimj. 


Looking further ahead the 
chairman say« that the qrov-Ui 
pniL-ntial arising from the 
ex pans ii »n plans in hand. 

promises well for (liti ?ruiip. 

In April the croup entered into 
urrant'emcnis with the French 
couture house of Pierre Balmain 
lo /nanufacturc w France and to 
market in the UK the U.S. and 
other selected overseas markets a 


new ramie of products under the 
Balmain label. 

The Scottish knitwear company. 
MacDciupall. moved from a los* 
to ;) sulj-siantia) prolit and Filigree 
Textiles is non the market 
leader in curtain nets. 

T}ie eroup will be shortly 
commencing work on a torqc 
extension to the exiseme modern 
plant at South Normanton, 
Derbyshire. 

E. anri A. Richards’ results were 
disaimointin^. Mr. Lelnhton says, 
but durmq the year steps were 
taken to strerLgthen rhe manage- 
ment and ro instaTI four new 
Jacquard- Raschel . knitting 
machines in its factory at Bobbers 
MtU. Nottingham. Currently this 
is on tarser tor a much improved 
perform ince. he adds. 

.T. H. Walter, pile fabrics 
maker, had another excellent year, 
and additional premises were 
acuuired in Rawdon. Leeds, with 
a floor area of 76.00Q sq ft. 

Tbe merchant conrertinn 
subsidiary Walker and Rice, had 
a record year and was particu- 
r 


larly successful in the Mp 
field, the chairman adds. SlJ 
the year-end it is taking its J 
snare of a boom period. 

'Hie UK garment enmpan 
generally performed well. 

Meeting. Albany Street, N-’ 
June 30. li a.m. 


gpg/linfood 


Linfood Holdings has 
notified by Guinness Peat Grt 
that it ha*, acquired furL- 
ortlinarj’ shares in Linfood 
follows; — On May 5. so.ooo, on * 
10, 25.UOO and on May 25. 175. 
shares. In addition Guinness P 
has informed the company ih’J 
has accepted the company's o! 
for us 'holding or U'heatsh 
Distribution and Tradinc ordin 
shares as a result of which it 1 
acquired n further 150.000 ordin- 
shares m Linfood. 

Guinness Petti now has 
interest in Linfood total! 
4,836,186 ordinary shares- 


>L 

W ** 


I 


-*''L 


LJ 9 l ; 





31 




'^Financial Times Tuesday June 6 1978 



6r ttm 
» t 


NOTIg OF REDEMPTION 
To the Holders Gif 

Occidental Overseas Limited 

10% Gflaranieed Notes due 1981 

NOTICE IS HEREBY GIVEN that hi- accordance with the provisions of the Indenture doled as o£ 
July IB'S of Occidental Overseas Limited and Occidental Petroleum Corporation to Marine 
3iahtta Bank (formerly Marine Midland Bank-New York), as Tnis-tec, SlJBDujttl aggregate imn- 
dpal amount Notes trill iw redeemed flit July 1, 1978 (.herein called the “Redemption Date I 
m 100%. of the principal 8XD0UBC thereof without premium pemianl to the Sinking hillld provisions 
of- the laden tare. As provided in the Indenture, the Notes selected for ivdcmptiou )*y the Trustee 
hear the following distinctive niunberi: 

COUPON NOTES OP 82.000 PRINCIPAL AMOUNT OUT6TANDINCJ 


hand, 


■a 


r 

i 

« * 


e sj: 


m 

mw 

ston 

w 


in 


- 

,n s ■£- 

>p epfl£- 

sj- 


RSjj*'. 


IS 

ich 
ior S-. 


U-18 1867.3666 54SO 7146 
36 1882 3682 5469 7147 
■ BS .M99- 3697 5475 7175 
_ 73 23.Mr3715. 5434 7184 
89,1233 3731 5510 7312 
304. 1952 3746 5528 7213 

- J30 1972 3759 5544 7255 
336 1889 3775 5563 7356 
157 2005 3792 5584 7277 
175 2021 3808 5801 7293 

-■ 195 2037 3524 5619 73Z1 

- 214- -2054 .3841 5635 7322 
' -236 2073 3855 SS52 7343 

253 2089-3870 56C7 7383 
.370 2105 3887 5688 7379 
.;-2a9 2123 3304 S706 732Q 
sm 2140 3917 5736 7401 
329 215S.3933 5742 7400 
345 2171 3950 5799 7433 
353. 2189 3965 5774 7478 

:■ 373: 2206 3378 5792 7488 
"■ 397 2223 3994 5808 7498 
' .• 414 2238 4010 5826 7508 
431 2255 4028 5846 7535 
.448 2270 4045 5864 7536 

- - 1 -464 2288 4060 5870 7352 

- 484 2306 4075 5880 7589 
- 620 2324 4091 5888 7589 

538 2341- 4109 5906 7600 
' 652 2359 4125 5918 7618 
571 £378 4140 S925 7649 
589 2337 4158 5937 7659 
605 34X3 4181 5951 7679 


8886 10620 12385 14106 
8913 12428 14125. 
8934 10634 12436 14139 
8038 10556 13442 14147 
6957 10657 12454 14156 
8978 1066S 12468-14176 
8999 10680 12490 14230 
9001 10731 12537 142S3 
9030 10735 12546 14364 
9045 10747 12S51 1427B 
9056 10806 12364 14289 
9071 10611 12575 14300 
90BG 10818 12996 14307 
9114 10828 13617 14313 
9139 10831 12631 14326 
3153 10838 12646 14334 
9175 10841 12653 14349 
918110848 12663 14359 
9190 10856 12672 14379 
9208 10861 12633 14408 
9222 10866 12700 14440 
9249 10871 12757 14463 
9276 10925 12738 14433 
9296 10935 12736 14496 
93 U. 10940 12775 14502 
9330 11027 12791 14507 
9363 11028 12814 14520 
9391 11029 12622 14545 


15908 17EGS 19427 21208 22741 247GB 26503 28271 
15920 17882 19441 21224 227S2 34781 26518 282BS 
15936 17693 19451 21240 227*3 24791 26527 35iE 
15«45 *17707 19403 21SW 2177J 34800 28537 2832B 
1WSL 17718 19474 21280 227R3 24B48 26548 28341 
2 5975 17732 19515 212JC 22794 24BBS 2G563 28201. 
16011 17742 19528 21309 22821 24869 26*04 28372 
16027 17753 19542 21325 22331 2«82 26620 2B3Bb 
16026 17772 19552 21341 228*2 24892 26628 28417 

16051 17856 19564 213G5 =2053 S4809 =6638 284=0 

16057 27863 19575 21382 2286* 24906 26649 2844= 
16077 17874 19616 21297 22874 24911 2b6b& 28462 
1 =1*7 17882 19629 21410 22BB-I 24917 30705 -5473 
16157 17888 13644 21426 221595 24323 2*721 3H4B7 
iMfl 17894 19653 =1442 2=9= =4029 26729 28518 
10179 17839 196G& 21466 22932 =4934 26739 =8530 

16191 17903 19677 21483 22943 24950 26750 28543 

16200 1791= 19717 =1438 23354 24359 =67CC 2A5C3 

16=03 17924 19731 =1511 22963 =4970 2G806 285,4 

17332- 19743 21S27 =975 24983 MM2 28588 
1E39 17944 19754 =1543 22365 24093 26831 28*19 

16255 18011 1976C 21567 22996 2*998 26840 2W31 

16=71 18039 19778 21564 23006 25002 =6851 28*0 

1G2BS 18MI 19813 21600 23027 =5016 2DBC7 28665 

16313 18055 19332 21612 2304C 25031 2C907 2B67S 

1^5 18067 19846 21628 =3066 =5046 =6933 =8*89 

16^ 18087 23£55 21C44 =3107 2306L SC932 =8731 

i§§ uii? 152SS «££l =2i=£ S8K ^ 


9391 11029 126=2 14545 IMS* laiio F.5l4T ^OSB 30953 2H746 

ii§ 158SS S3 *§3 iim Sit siSs |&J as Ski 28769 

9400 11100 12868 

9401 11110 12884 

9411 11120 


K4ft!> -16390 18146 19319 31*90 

ill !£»ir»3g;ss£ira 


tlSl uSm is£5 3X9 21745 2324 R 28147 *»£ 288=3 
■623 5*5 SIS 6980 7691 . 9429 lliK 12938 14649 !§*» igSJS JS 2 S 9 ™An SfliW 27081 28847 


in U 
asp. 


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than a 
ibis ts5 
t of the 
■*.orx>su« f 
'<*ny vr;r i 
dT-rp!ot^ 

per cgj. - 


won* 

prices 

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=r. ur.u. 

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64L 2445 4=14 6975 7701 
658 2451 4331 5996 7702 
674 9*73 4249 6014 7718 
693 24904268 8030 7741 
708 2510 4285 6044 7759 
7=6 2&21 430* 6061 7781 
741 2S38 4320 6076 7782 
758 2556 4337 6092 7813 
774 2673 4354 6103 7824 
791 3584 4371 6121 7837 
807 2099 4388 6138 78S7 
823 2613 4406 6153 7873 
840.2632 4423 6170 7892 
857 2648 4*41 6183 7917 
' 876 2686 4457 6200 7937 
*894 2683 4474 6212 7961 
90S 2700 4493 6229 7964 
IS 2717 4512 6242 7981 
945 2734 4539 6262 7991 
964 2751 4549 6278 SOU 
980 2770 4567 6291 8019 
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A PROBLEM FOR RHODESIA 

The Africans’ hunger for more 

By MARTIN DICKSON, recently in Rhodesia 

MR. S. C. PARAFFIN, proprietor r . 

or the Progressive Store and 
village nelrnl station in the heart 
or the Zwimba tribal trust land, 
stands at the entrance to ms 
modest shop and talks of one of 
one ur (he most crucial questions 
that will face a black E nvem- 
mont of Zimbabwe — African land 
hunger. 

Mr. Paraffin is a local repre- 
sentative or Bishop Muzorewas 
United African National Council 
(UANC) and this, as well as his 
shop, should keep him in touch 
>.vhh local opinion. 

Whsl improvements do the 

people of Zwimba expect when a 

black government lakes over in 
Rhodesia? “More land, is Mr. 

Paraffin's immediate answer a* 
he looks out towards the mud hut 
homesteads, plots of stunted 
maize and overgrazed grassland 
that stretch away in an unudv 

J,f " There are people here who 
have been working the same few 
acres for 20 years." he says. -They 
can't get any good crops. ti*c- 
where there is land just lying 
about. You can't get enough food, 
not enough ror the school- 
children. not enough for the 
«*ranartes. Sometimes you don l 
have enough to buv a coffin for 

your wife." . . 

Some 20 miles to the north or 
Mr. Paraffin's store, not far from 
Sinoia. lies the farm of Mr. Hugh 
Meiklc. Since coming to 
Rhodesia from Britain in the 
early 1950's, he has built a pros- 
perous mixed estate of just over 
3,000 acres. He attributes his suc- 
cess to “ sheer hard work." 

Like most white farmers. Mr. 

Meiklc is apprehensive about ine 
future hut is trying to look on 
the bright side. He argues lhat 
the agricultural record of most 
governments in black Africa can- 
not inspire great confidence. 

“ But." he adds. “ with a Utile liH 
of sanity it will work, with a 
little hit of intelligence this 
country can go one way and 
that is up and forwards. Ann 
intelligence involves leaving 
white farmers to get on with 
their work.” 

As he speaks, the eve wanders 
across the manicured lawn in 
front of his beautiful thatched 
rooF farmhouse. Incongruously 
juxtaposed are a set of croquet 




Tobacco is an important cash crop for Rhodesians 


hoops and. beyond ihem. the 
barbed wire that tops ihe 
security fence around Mr. 
Mcikle : s home. 

The fence, designed in keep 
cut anv guerrillas moving 
through the neighbourhood, is a 
reminder lhat Rhodesia's hush 
war ia far frcin over and that if 
the Government of Zimbabwe 

were finally to cmerre from the 
battlefield, rather than ih* 
negotiating table, there wmild oe 
a inaior exodus or whiles and the 
possibility of a far more radical 
solution to the land nueslmn than 
those currently being worked on 

in Salisbury. . . 

Whatever the political comple- 
xion of the black government 
that finally takes over, n will 
he under irresistible pressure to 
distribute more land to »ne 
peasants of the «.ve r-po pula, cd 
Tribal Trust Lands CTTi.-i 
where some 60 per com. of the 
B5m Rhodesian Africans live, 
largely by subsistence farming. 
That will mean taking vime land 
out of the hands of whites who 
own some 46 nor cent, of tne 
land set aside for agru-ulmre. 

However, since Rhodesia s 
6,600 white farmers provide over 


75 per cent of Ihe country s mar- 
keted agricultural production 
and a major share of the eoun- 
irv's foreign exchange earnings, 
none of the redistribution 
themes currently being put for- 
ward inside the country foresee 
anv major shakc-up in white 
farming. Rather, the emphasis is 
on redistributing white farm 
land that is currently Deiog 
underutilised. 


Some form of redistribution is 
therefore accepted by most of 
the black and white special 
interest groups that have been 
putting forward agricultural blue- 
prints' for the future, many of 
them simitar io broad strategy. 
Over-population. poor suosistencc 
farming methods and lack or 
decent infrastructure have 
created severe ecological prob- 
lems in the TTLs. 


For instance. Mr. Entcst Bul.e. 
vice-president of ihe LANC ana 
row joint Minister of Finance, 
has assured white farmers that 
•• no sensible man would v.ant 
io disturb them." However, be 
adds that a UANC governmen, 
would try to buy up and redistri- 
bute land owned by absentee 
landlords and that not being 
used productively by resident 
fanners. 

Land redistribution will not 
me re I v be a political necessity 
for ‘ a black government 
Economic and humanitarian con- 
siderations also dictate it. to .ake 
nrc-'sure off the overcrowded 
TTL-. where land i* nciri p> 
the community and pints are dis- 
tributed io individuals by tribal 
authorities. 


In the words or the Whitsun 
Foundation, a development plan- 
ning agency backed by business, 
these factors have combined to 
produce “not oniv low produce 
tivitv and depressed human 
wel fare, they have also placed a 
devastating and 
burden on the rural environment 
which has led to a cumulative 
destruction or degradation ot 
natural resources in many areas, 
where already the ability to 
sustain a livelihood for an ever 
"rowing ponutation has became 
marginal.” When to this is lidded 
the growing disruption caused by 
the war to African rural life, 
the immensity or the problem 
bceins to be appreciated. 

Evervnne in Salisbury agrees 

that the new government should 


not redistribute land without 
careful thought. It must not 
merely export the poor farming 
methods of the subsistence pea- 
sant and destroy more resources. 

Common therefore to many 
blueprints is the idea that re- 
distributed land should go to 
the best African farmers ana 
that it should be held on a 
freehold basis to encourafte 
capital investment. 

What this boils down to is 
broadly an extension of the past 
system whereby a relatively 
small amount of land is n-t aside 
as so-called African purchase 
areas, where hlack farmers of 
proven ability can buy land free- 

^ However, there is not nearly 

enough under-utilised wnite 
farmland to distribute to the bet- 
ter African farmers for extensive 
farming. Many of tfie blueprints 
therefore stress th* need for in- 
tensive methods on much or the 
redistributed land, with small, 
well-irrigated plots producing 
high-yield crops. 

Along with this would -,o a 
massive development programme 
to help those peasants remaining 
in the TTLs. which in the long 
term would move towards a 
si's tern of individual rather than 
communal tenure — an idea which 
at present would be strong!* 
opposed by peasant tradition- 
alists. Some blueprints also fore- 
see the extension of Rhodesia s 
present system of limited Stale 
fanning. 

It is far from clear \vta3t chance 
these paper proposals have or 

becoming reality. The schemes 
would lake a considers ole time 
to implement and money wbicn 
Rhodesia's deteriorating econ- 
omy docs not now have— the sort 
of resources, in fact, that were 
envisaged as an integral part or 
the now rejected Anglo-American 
plan. Meanwhile, officials are 
planning and leaving the real 
political questions for » 
Zimbabwe Govern menu w til this 
new Government be prepared to 
proceed gradually in the face of 
peasant demands for immediate 
redress? How would it rea £L.)'' 
as some people fear, the TTLs 
hurst open and squatters moved 
in large numbers on to white 
farni« , .‘ No one knows now and 
no one will know until majority 
rule arrives. 



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g raph oa theltodempltottj^ 1 ® L^^ t Julv L 1978 should be detached and presented for 
'• ^Tittached therota. Interest cou^na payable July L « 

- paymentiu riie Paial manner. ... MARINE MIDIAND BANK, 


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^^^^^^re^^of^P» cntandrelief 

. • Vtojust^oyeara^^ ^^^tance, the cost of an 

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trti- 















Financial; Times 


READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE EEfORE ENTERING INTO COMMITMENTS 


FOR SALE OR MERGER WITH A QUOTED COMPANY 

TIMBER IMPORTING GROUP 

Vertically integrated with modern processing 
facilities just outside London 

FORECAST PROFITS FOR YEAR ENDED 30th SEPT., 1978 

£450,000 PRE-TAX 

Founded in 1970 with a capital of £33,000 increased in eight years to 
net assets at 30th September 1978 in excess of £1,400,000 
Young and energetic management team 

JV further details icriie to: ■ 

PHILIP SIMMONS 

SIMMONS COHEN FINE & PARTNERS 
27 John Street. 

London WC1N 2BL. 


FOR SALE 
IN FRANCE 

(Near Paris) 
Modem factory supply- 
ing sheet metai cabinets 
— panels and racks to 
electronics & telephone 
industries. 

100 employees — yearly 
turnover * £1.500,000 

Managers prepared to 
remain if required. 

Write to: 

Mr. G. Esculier — 

49, avenue 
F. Roosevelt — 

7 5008 — Paris — FRANCE 


An attractive opportunity arises in the centre of the 
CITY OF WAKEFIELD Metropolitan District Council's major 
distributive and industrial complex. WHITWOOD-NORMANTON, 
at junction 31 oF the M62 Trans-Pennine Motorway for the 
development of: 

(a) A hotel; 

(b) A drivers' hostel and associated secure lorry park; 

(c) A vehicle servicing and petrol filling station. 

These developments would be sited cer>"a Hy within the 250 acre complex lor 
which there are lonj.icrm plans lor iurther extensions. 

Whitwood/Normanton occupies an outstanding site midway between the Humber 
ind Mersey and between the Ml Motorway md A l trunk road. An additional 
attraction is chat no similar facilities lu«s been provided adioinmj the M62 
Motorway lor many miles. 

The Council would wrlcome enquiries (rom developers interested in undertaking 
provision ol such Facilities on land available lor lease (rom the Council. 

Enquiries should he oddrrsjtd to: 

The Chief Planning Officer. Cry of Wakefield Metropolitan District Council 
P O. Bor 56. Newton Ba". Wakefield WFI 2TIJ 
For the attention of E. A. Ashton. FP.ICS. Valuation and 
Industrial Development Officer 


Business Laws of Saudi Arabia 

Companies and Lawyers doing business with Saudi Arabia may have 
had difficulty in obtaining adequate English translations of the main 
Saudi Arabian business laws. Graham & Trotman have solved this 
problem with the only definitive translation of the business laws, with 
a quarterly updating service. " Business Laws of Saudi Arabia " is 
translated from the original Arabic by the experienced legal trans- 
lator N. H. Karam. 

For full details:— 

MISS VIKl THOMPSON. GRAHAM & TROTMAN LTD.. 

Bond Street House, 14 Clifford Street. London W1X IRD. 


JERSEY DEVELOPMENT COMPANY 

Residential Flat Development seeks maximum Finance in excess of 
£J-Jm commercial rates paid. Equity or combination acceptable. 
Ideal pension fund Investment. Replies in first instance to Box 
G2047, Financial Times. 10. Cannon Street. EC4P 4BY. 


EXECUTIVES WHO WANT TO 
START THEIR OWN BUSINESS 

I have substantial capital. income and TIME to devote to a 
venture whirls requires your skill and experience, plus my 
proven ca pa i»i lilies and con ncc lions. Strictest confidence — 
inilial contact iliroush third party if desired. 

Wrile Box r,. 21)53. Financial Times. 

If). Cannon Street EC4P 4 BY. 


ENGLISH COMPANY 
EXPORTING TO EEC 

Requires capital for expansion. 
Working directorship preferred 
if possible. 

Write Box G.2039, 
Financial Times. 

10. Cannon Street. EC4P 4BY. 


INVESTOR 
UP TO £200,000 

Seeks minority, active stake in 
Men banting Business. 

J. A. CRAWSHAW 
TO St. Maty's Place, Bury, Lancs. 


LIMITED- COMPANIES 
FR OM £69 

Form at. on in Bi'Auin and all major 
countries and off-lfiorc areas including 
ISLE OF MAN. PANAMA. LIBERIA 
and DELAWARE. 

Efficient Dcrionil »?r»icc. Concoct: 
CCM Ltd.. 3. Proipccc Hill. Douglas. 
IsV of Man. Tel: Douglas (0624) 
23733. Telex: 627*300 BALIOM G. 


CALIFORNIA 

Roup'd S.E. nicmh<T. now resident 
California, oltcrv perianal, ionfldcn- 
nal services to inJ ivirtic ti or com- 
panies ini’Ti Sicd m Hist area. In 
London mid-Jun>:. 

Write Box G.9M3. Kiiianctal Tiliu-s. 
Iti Cannon Sired. ECfi? 4BV. 


£1 A WEEK lor E.C.2 addrnl or Phone j 
mnug<s. Comoineq rates + icie« [ 
under C5 ■ «M*. Prestige offices near . 
Stock Exchange Message Minricrs Inter- 
national 01-618 0898. Telex UG1172S 

CROSS FUND requires Income m large! 
quantities. Any ideas welcomed Write I 
Bov G.2016. F.nanrl it Times. ID I 

Cannon Street. EC4P 4BY. . 

£15.000 PROPERTY LOAN required S *„ 
ottered private . investor. Ample ! 
security. Write Box C.20S7. Financial i 
Times, to. Cannon Street. EC4P 4BY. 

YOUR ADDRESS in Switzerland lor Stf.Fn. 

TO per monln thrrugn H. R. Bfckscr i 

Hauotstr. 372. CH-S2I2 Hausen. ' 


DIRECTOR WANTED 

Importers of household good! — not 
textiles — - over 50 rears — require 
director. On be resident anywhere 
in UK. Ample capital available for 
expansion Excel 1 ? nt salary. Prestige 
car. Participation in equity give... 
Mutt have goad selling connections. 

ALLBRUSH COMPANY 
11, MAJOR STREET, 
MANCHESTER 1 


RECEIVER HAS 
FOR SALE 

BURROUGHS 
B.702 COMPUTER 

Line Primer- Disk Drive 
and Console. 

Reply Box K971. Walter Judd 
Ltd., la. Bow Lane, London, 
EC4M 9EJ. 


BID PLATFORM 

Substantial minority stake for 
sale in £2m N.W. engineering 
group as investment or bid plat- 
form. 

Write Box G.2049, Financial 
Times, 10, Cannon Street, 

E CAP 4BY. 


CONTENTS OF 
FRINGE BANK 

< and f.-orr other sources > 
Exceptional quality office furniture, 
teak desks, hide chairs, ssrtvel chairs 
in tweed, hung cabinets, and filing 
cupboards. Adler and Olympia type- 
writers. 1 00s of other bargains. 

Phone for tfrCdtfs; 

Brian Nor-h o- Bill Raynor at 
"Commercial. ' 329 Gray! Inn Road. 

London. wr). f)|.fi37 9663. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30 City Road. ECI. 

0I-62E 5434/S/736I. 9936. 


Business and Investment 
Opportunities 
Businesses ForSal^&snted 

Every Tuesday and Thursday 

Rate: £'16 per single column centimetre. Minimum 
3 centimetres. For further information contact: 

Francis Phillips. Financial Times, 10 Cannon Street, 
EC4P4BY. Telex: 885033. 

01-248 4782 & 01-248 5161 

FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSPAPER 


FOR SALE BY TENDER 

UNIQUE OPPORTUNITY TO ACQUIRE THIS 
FREEHOLD HOTEL INVESTMENT AND LEISURE 
CENTRE COMPLEX 

in prime position of Bournemouth as a whole 


Finance 
for Growing 
Companies . 

If you ;ire .1 shareholder in an established and. 
grow i ng co mpany and you. or your company 
require between .00,000 and tf.UOU.OOO for any 
purpose, ring Dav id Wills, Charterhouse Development ' 
Investing in medium size companies as • ■ 
minority shareholders has been our exclusive, 
business for over forty years. We are prepared to 
invest in both quoted and unquoted companies 
currently making over .00,000 per annu ni ‘ 

P rc tax profits. . 


m CHARTERHOUSE 

Charterhouse Development. 1 Paternoster Row, Sl Pauls, 
London HCiM TDH. Telephone 01-248 59W. 


BUSINESSES FOR SALE 


pro 

V€ 

ero 

UJ 

g 

m 

;h 

T 


1) Linden Hall Hotel. Christchurch miiig pool. gymnasium. tquuh 

Rojd (is investment, let at courts. 2>*nc* roam ( vacant 

£32.500 per annum: S yrs. remain possession). 

on full repairing and insuring 3 ) Forecourt petrol fillinj station, 

lease). garage and workshops- Knyvewn 

Poid (vacant possession 1 ■ 

2) Linden Sports Club. Knole Road. 4) Staff housn and flats (vacant 

comprising bars, restaurant, swim- possession). 

Ideal at leisure centre and/or potential redevelopment. 

Closing date for Tenders. 12 noon Thursday. 20th July. 1 973. Sols Agents. 
Hotel Department, GOADSBY & HARDING, 

Borough Chambers, Fir Vale Road, 

Bournemouth Tel. 0202 23491 


Important manufacturer of tanks, special containers, transportable 
mixers, with many international patents and know-how. complete 
for sale: £750,000. Price includes land, buildings, offices, machines, 
materials, order book, etc. 

Industrial Estate, 60.000 sq.m., in best position for both Cologne 
and Dusseldorf. on the motorway system and arterial roads, ideal 
for warehouses carrying German and EEC stocks. 

Price: £1,000,000 

Robert R. Leysicffer, Ingenicur- und Unternehmensbcratung 
D 5653 Leichlingen 1 / Germany, Dicrath 2, Telex 8515737 baco d 


OLD ESTABLISHED BUSINESSES 

FOR SALE or TO RENT 

ALLIED TO THE MOTOR TRADE 

Rationalisation is allowing us to offer ^these 
businesses, which are spread throughout the UJC, 
at attractive prices with finance available. Talk to 
us, we are prepared to deal. Principals only. 

Write Box G.2037. Financial Times, 10, Cannon 
Street, EC4P 4BY. 


Entrepreneurial International Trader? 

International evading company wishes to licence companies to establish a division 
co trade under its name. Licences retains ownership. Company split into eight 
rradmg divisions: building materials: consumer goods: engineering products; 
electrical products: textiles and clothing: load and drink: medical: componena 
and raw materials. Licence offers benefit oF multinational company, new 
contacts, products and sales outlets. Size o> company not so important but 
telex and knowledge ol international trade are essential. Licences are available 
in rhe UK and some territories overseas. 

Writ? Box G. 2(146. Financial Times. Id. Cannon Street. EC *P 4 BY. 


TOUR OPERATORS 

Anslo-Portuguese development company have completed 
holiday village in ihe Algarve — 1 mile from Penina Golf 
Course. Superb accommodation, each unit fully furnished 
and equipped, landscaped areas, swimming pool, micro food 
market, own laundry, etc. 181 bed places. 

Write Box G.2051 Financial Times. 

10. Cannon Street, EC4P 4BY. 


STA 


.S.A. 


To assist U.K /European 
Mfrs.. eic.. to establish in 
America a complete service 
is offered. 

• Market Evaluation. 

• Location & Evaluation nf: 
Company Acquisitions. 
Distribution & Manufactg. 
facilities, etc. 

For brochure. eU\. contact: 
INDl'STRON consulting 
-70 Madison Avenue 
New York. N.V. 10016 
Telex: ITT 423057 


INVESTMENT 
OPPORTUNITIES 
IN THE UNITED STATES 

Top financial eveeuuve in major 
worldwide manufacturing company will 
act; at your agent in invetting in the 
U.S. Experienced in re*l estate, 
agribusiness. retail ttoret. and manu- 
facturing. Contacts in South, South- 
wett. and Win. Can assist you m 
finding opportunities to fit your needs, 
evaluating investments. managing 
investment*, monitoring progress on a 
frequent basis, and negotiating on your 
behalf. Will work on a very confiden- 
tial bans. 

Write Bax F.I021. Financial Timet, 
10. Cannon Street. EC4P 4BT. 


ENGINEERING GROUP 

FOR SALE 

As Whole or Individual Companies 
TOTAL T'O approx. £1.6m. p.a. 

Established reputation in manufacture of Special M/C Tools, 
Jigs, Presses, Tube Mills, etc 

FREEHOLD & LEASEHOLD PREMISES. PLANT, TOOLING 

Pull details from Box G.2055, 

Financial Times, 10. Cannon Street, E CAP 4 BY 


NORTH SEA OIL 

For sale, very successful company engaged in leasing of equipment 
to major oil companies and rig contractors. Management will stay 
on. Market share estimated at 65 High cash flow. Price £4m. 

Write Box GJ033. Financial Times, 10, Cannon Street, EC4P 4BY. 


export market in Iran for tne 
heating elements for samovars 
which could be worth as much 
as 14 m a year. The croup has 
recently received its first order 
of more than 1250,000. 

Huntleigh stays 
on target 

Continued development and 
new growth ventures should not 
affect the Huntleigh Group s in- 
crease in turnover and profit 
this year. Sir Joseph Hunt, 
chairman told the AGM. 

“TVe hope we have planned a 
good balance between the con- 
tinued development of the on- 


at Estates and General in- 
ments keeps the coaieanvV 
assets to 32p a share, despl 
£155.000 write-off and 
Josses from its abortive Nob 
bam Hotel venture: 

. Chairman Mr.- J. k. Laiir, 
looks forward to 1978 “With 
fidence,” hut he makes ho.i 
meat about a possible rene 
takeover approach from Mil p 
P rowting’s County and Sobm 
Holdings. County and Sobin 
look its shareholding in Est 
and Genera] to 39.9 pec • 
following further share acc 
tions sanctioned at Decemi 

EGM. - 

As reported, pre-tax profits 
the year increased from £SC 
to £331,590 and dividends ) 
been increased from 0£p to 
net. 


DEVELOPERS 

(Limited Company} 

FOR SALE 

owning land bank- with planning 
permission, valued at abou: 
£100.000 and nx losses of 
around £300.000. 

Principals only please apply to Box 
G.204Z. Financial Timet. 10. Cannon 
Street. £C4P 4BY. 


COAL 


Thorough engineering completed. 400 
acres. 20m tons recoverable. Medium 
to low sulphur. Strip and Deep Mine 
seams. Additional acreage being nego- 
tiated. R. Price. Box 1017. Oak Hill. 
West Virginia 25901 U5JL. Tel. 
304 469-2214. 


BUILDING 

MATERIALS 

Private Group of Companies manufac- 
turing plastic pipes wish to acquire or 
merge with manufacturer of other 
building products to maximise market- 
ing and distribution potofitial. 

Write Boa G.2043, Financial Timet, 
10. Cannon Street. EC4P 4BY. 


COMMERCIAL FUIVDS 
10 year mortgages and 
remortgages available at 3V 
4*^ over our bankers base 
rale secured on freehold nr 
long lease properties. Other 
facilities available. 

SKYPQKT Fir/ANCE 
542 London Road. Isleworth. 
M'ddlcscx. Tel: 01-560 5014.6 


CARAVAN MANUFACTURING 
COMPANY 

in Bristol area seeks £60.000 to 
finance expansion. Anticipated profits 
in 1978-79 m of Z50,000. 

Equity available. 

Writ* Bpx G.2<?aj, Financial Timet, 
10. Connen Street. EC4P 4BY. 


WIDELY BASED 

INDUSTRIAL GROUP 

wishes ta divest small division 
operating in the mechanical 
handling field, which is peri- 
pheral to its main activities. 
Division comprises manufactur- 
ing, marketing and distribution 
facilities. 

Write Box G.I957. Financial 
Times, 10. Cannon Street. 
EC4P 4BY. 


I pox Sons! 


A RESIDENTIAL MOBILE HOME PARK 
TROWBRIDGE. WILTSHIRE 
To DC Offered tjr Public Auction on 
ISth July. 197B at 3 00 p.m. 

The nrcoerty lies on tna cdoe ol 
Trowbridge set in very attractive wood- 
land and extending to approximately 
22 acres. Permanent Planning Permis- 
sion ler 100 residential caravans, with 
22 sites developed ol which 12 
Occuaied. 3 reserved. 

FREEHOLD. Sublect to existing 
tenancy agreements and with in option 
to acquire through a company with the 
benefit of Tax Losses estimated to 
amount to £140.000. 

22 Cathedral Yard. Exeter 
Tel. (03921 51571. 


MIDDLE EAST 

Highly experienced Commercial 
Sales Executive with 25 years 
practical working knowledge 
within the area offers services. 
Now available for meetings until 
August. 

Write Box G.2038, Flnonclaf Timei, 
10. Cannon Street. ZC4P 487. 


IBftl ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy, uve up to 40 p.c. 
Lease 3 years from £3.70 weekly. 
Rent from £29 per month. 
Phone: 01-641 2365 



PANAMA 

Companies formed with Swiss 
professional Management. The 
besr of both worlds. 

OFF5HORE BUSINESS SERVICES 
175. Piccadilly. London. Wl. 

Tel.: 01-491 ^559. 

Tele: B47777 Monex. 


OWNERS OF SUPERMARKETS 
IN 

BRITISH COLUMBIA 
requires distributorship for 
Western Canada in food — con- 
fectionery and drink products. 
Please vend deteifi to Bex G. 2032, 
Financial Times. 10. Cana on Street. 

£C<P 4B7. 


OLD ESTABLISHED 
MOTORCYCLE SALES 
& REPAIRS BUSINESS 

Leading Agencies. Located Wen of 
England Tourist Centre. 

FOR SALE AS GOING CONCERN 
Stoch. Debtors and Goodwill. 
Principals only. 

Write Box G.I96I. Finoneiof T«mes. 
10. Cannon Street. EC4P 4BY. 


COMPANY WITH TAX 
LOSSES FOR SALE 

A menswra: clothing company using 
CMT outworker* with accumulated 
fosses in excess of £100.000 wishes 
co discuss possibilities with established 
and successful Company or Group 
interested in utilising tax lassos. All 
outside creditors paid up. 

Further detoffs available an request fry 
writing to Sox G.2040, Financial 
Times. 10, Cannon Street, EC4P 4BT. 


Freehold Self-Contained 
SOLVENT ADHESIVE 
MANUFACTURING FACILITY 
FOR SALE 

Fully Dame-proofed equipment, bulk 
storage tank, laboratory and office!. 
Turnoeer half a million pound: per 
annum, with ample room for expan- 
sion. Principals only. 

Write Box C.704T. Financial Times. 
10. Connon Street. EC4P 4BY. 


PLASTIC EXTRUSION 
COMPANY FOR SALE 

Established 16 years. Sixteen 
extrusion lines. Profiles and 
pipes in Polypropylene, Poly- 
thene. A.&.S. and Rigid P.V.C. 
Principals only. 

Write Box G.20J6. Financial Times, 
10. Cannon Street, ZC4P 4BY. 


Teachers Assurance born 
rates stepped-up / 

Teachers Assurance Company is bulk of the amount ha$ fi 
maintaining its reversionary waived, 
bonus rate for the three years to latest year to Harch 

September 30. 1977, at 3-w per th e entitlement was iYS: 
cent per annum of the sum with directors taking 
assured. _ But it has more than £3 000 for the chairman and a 
doubled its termlMl bonus rotes eac h for the three otfierdirecj 
payable on death and maturity , ___ fBlrt of net Inc Am* ' 
claims- The new scale based on T per cem ot netJnc -r 

the sum assured varies from And U) .the last six .years- 
220 per cent for a ten-year con- entitlement has totalled 1375, 
tract to 450 per cent for a 20-year with all but £61,074 ol-'. 
contract to 550 per cent for a waived. , • 

25-year contract .compared with Thc dj recurs have called^ 
140 per cent, 200 per cent and EGM I0 fo]low ^ Junc 27 A 
200 per cent respectively on the l0 £11(M0> and ^ McLini 
previous scale. tiou to provide that their t 

Thus the company has made remuneration should not esc 
substantial increases in its 1 per cen of net Income. 

Sfed H ? rSSLXl r 

that the bonus paid at maturity a C j ns ^ t ^ era ^ e 

should represent a large portion S- 

of the ultimate maturity value. year ouil1 “ a ' e “C® 11 i2L438. 

The Teachers’ Provident Society, While their entitlement 0 
the friendly society managed by ““ Rowing 

Teachers’ Assurance, has also Unrealistic levels, the art 
maintained its reversionary bonus remuneration has remained 
and substantia Uy lifted the altered for 18 years, and it 
terminal bonus rate. The proposed to lift tiie amount p 
reversionary bonus rate for the to each director by £500. 
three years ending December 31, This will lift the total p«ynu 
1977. is kept at £6 per cent per t o to £1X000, and Mr. Mclintu 
annum of the sum assured. But says this will leave a margin 
the new terminal bonus scale accommodate the appointment 
varies from 360 per cent of the further directors if required^ 

sum assured at ten years to ,, _ _ - 

5S0 per cent at 20 years to 6S0 per ^J 0 ?"f c i? rs \l ir * D Co ™ vl i 
cent at 25 years, compared with ^ on&s . f nd _ 1 ' Tr : . w - R-.Govi 
220 per cent 300 per cent and have beneficial interests in Jo 
300 per cent respectively on the Govet t Co., which acts* 
previous scale. managers to the trust. Lake Vl 

_ .. .. . .. in turn owns 15.1 per cent- 

Both these organisations were ordlnarv shares in Gowti m *i 
originally established to .provide cent ^7 5 w r cem nSi! 
life assurance and friendly society shares and ^7 5 ner rinfnO 
services to the teaching pro- "*£! 

fession. But about seven or eight 10 p 1 p f nce ca P lt ^r 
years ago membership was made 
available to the general public, ... TTMI 

but only recently have the two r'nllin Hi II 
organisations sought to make x UL11 r * 

their services known. • l • 

National Mutual Life Assurance increases loan 

Society is to maintain, until 

further notice, its final bonus (Cm 

rate, payable on death or 41JUI 

maturity claims, at the present ... • 

level of 30 per cent of attaching Philip Hdi Investment Trusty 

reversionary bonuses. This bonus “ T f^ ed t0 '““ease an .eni 

rate is reviewed every six months ?l^ tl ' c H rrenc ? * oan 

and was last increased to its 

current level 12 months ago from September 30 1930. by an aj 

the previous rate of 25 per cent. l ? fi ? a . nc « w 

^ portfolio Investment m the Ua 

It is intended to draw the;: . 
crease in Euro-doUars but. ft 
I qLtp VlPW gradually as and when suua 

UillVt Y 1C tt investment opportunities - ad 

,, The repayment date has bean 

nirpornrc rn tended to May 31. 1982. but: 

uu vLiuio tu other terms and conditions jeiffi 

. . unchanged. 


ANTIQUE CENTRE set in fine Eliiatwrhan 
! biillamg new Strillord-On-Avon Price 
/ JU5.000 Freehold. TCI. 078 988 3452. 

ENGINEERING COMPANY lor ixle with 
lull Orw Book JrxJ long lease On 
7.000 so. It 25 ml lei wit ol London. 
Wri:t Bor G 2044. Flnln:lil Times. 10 
Cannon Street. EC4P 4BY. 


Lake View 
directors to 
cut their pay 

AGAINST A background of 
growing complaint about the lack 
of incentive offered to UK 
management by the tax rates, 
directors of Lake View Invest- 
ment Trust are moling 10 reduce 
thc amount of remuneration 
available to them. 

Since 1951 directors have been 
entitled to 3.5 per cent of thc 
company's, net income as re- 
muneration. But Mr. C. Alan 
McLintock. thc chairman, points 
out in a circular to shareholders 
that the growth in income has 
made the amount available un- 
realistic, with the results that the 


WANTED J. 

CANADIAN 

OIL & GAS 

PRODUCTION 

Contact: 

L. A. ARNETT 
3911 BRANDON STREET 
CALGARY ALBERTA T2G 4A5. 


BUSINESSES WANTED 


EUROPEAN OPTIONS EXCHANGE 


Taiwan and 
South East Asia 

JOINT VENTURES. ACQUISITIONS 
OR TRADING 

W'ltr Box G 2052. Financial Timei. 
10. Cannon Street. EC4P 4Bf. 


LONDON ENGINEERING 
& METALS BASED 
PRIVATE COMPANY 

Seeks reversal into Public Corn- 
pan/ with funds to expand 
present £1M Pre-Tax Profit to 
£2M. 

Write 8o* G.20S8. Financial Times. 
to. Cannon Street. EC4P 48* 


PLANT AND 
MACHINERY 


GENERATORS 

Over 400 sets in stock 
1kVA-700kVA 

Boy wisclr from the manufacturers 
with full after sales service 
CLARKE GROUP 
01-936 8231 
Telex 897784 


SUSSEX 

Family Engineering Business— 
Capital require*. 

Uairaraciemv dr-ueners own prtduct 
including rsponi for process industries. 
Equm- directorship eonirol available. 
Hcaiihr ordL-r book. £5.984 10 iiO.MO 
Uil-'cilon jcwptabic. 

Pr.ocioxis on'.y p|.a-j«. Write Box 
U 2035. Finaiicial Times. 18. Cannon 
Sin— I. ECIP 4BY. 


PLANT HIRE COIVTPANY 

A specialist sub-contractor in the Civil Engineering 
field is seeking to extend its activities by the 
acquisition of a Plant Hire Company. Ideally looking 
for: 

Existing management to remain; 

Turnover under £1 million; 

Wi thing 50-mile radius of Reading; 
Underutilised yard. 

Principals only. Replies invited to Box G.1J04S. 
Financial Times. 10, Cannon Street, EC4P 4BY. 


FORK LIFT TRUCK SAUE- W<J ton ». 
Id roc sclc-.iian ol JDprOTimauHv 120. 
Iru'.Vs :□ ciioose from Ring now lor our . 
list Trade iird e-rporl cnOuir.M Wljl- I 
iwre Larcc rodiKliCn on O.ilx our. 
■'liases. Dei.' cries irnngnl wcrWwiM 
K .wn.nolum Fcrk LIU True if LIU.. Hama 
Road 5nl:!c«. B.rin.nanam BS JOU. 

Td. 021-327 5944 Or 021-323 1705. 


Companies required with 
substantial tax liabilities 
Very attractive price offered. 
Write in complete 
confidence 

Box G2053, Financial Times, 
10. Cannon Street, 

EC4P 4BY. 


ATTENTION 

STOCKTAKING 

COMPANIES 

JOHN CHURCHILL & CO. 
the U.S. stocktakers. who 
have no connection with any 
other group, seek to acquire 
two or three medium to small 
sub-companies in the U.K. 
Existing owners/slaff to re- 
main or retire as preferred. 
Please communicate in first 
instance with Maurice Abra- 
hams, Head Office, 56. Hayes 
Street. Bromley, Kent. BR2 
7NX. Tel. 01-162 6237. Cnr 
rosprmclencc “ Private — Confi- 
dential."' 


LARGE INSURANCE 
BROKING GROUP 

lock* to acquire general insurance 
broking businesses throughout (he UK. 
Existing Management could be retained. 
Principals only write giving basic 
details of business and price required. 
Abo indicate desire for continued 
Involvement If required to: 

M.D.. Bo* G.703*. Fliumclor Times. 
10. Cannon Street, EC4P 4BT. 


SMALL SHIPPING 
AND FORWARDING FIRM 
OR COMPANY 
REQUIRED IN 
CENTRAL LONDON 

Please reply to Box G.2050. 

Financial Times, 

10. Cannon Street. EC4P 4P.Y 


ATT 
ATT 
ATT 
Citimrp 
Pitii-ni p 

K. Ko-lak 

F- Kodak 
K. k'-.lnk 
K. Kmlnk 
K*»«>n 
Rxvr-n 
liivo 

ft\l 

rtv 

r.v 

I HU 

I KM 

1HM 

Jnn 

Seori 

>«r» 

tlgmiffl* 

■llsrniHia 

AkKumeni- 

Alsemenr 

Amni 

Amro 

Alum 

KI.M 

K'LM 

KI.M 

KI.M 

Kf.M 

KLM 

Aat Xml 

,\«l Xwl 

Aal >.it 

r-fi!fi|uc 

flilllin 

Wllll,u 

R. U. .'hell 
If. l). rli. H 
i;. n. <wn 

lnil>-‘*-r 
i'-nn- ■ - 


July 

, Pru-c , Close Vnl. 


•S3 5 
560 
S65 
X20 
?25 
. *40 
! *43 
. S3J 
: 66-1 
540 
645 
; 350 
I 

36 J 
*7J 
I 5240 
1 3260 
>£8 J 

320 

X25 

A30 

rssj 

f’040 
f35i 
. FS60 
■ F1U 
• K7J 

re i 

I F160 
; PI70 

nao 

; FI90 
I F2QO 
< l'2Z0 
1 100 
FI 10 
F 120 
Fifjo 
FXo.OU 
>27.50 
KldO 
FI5U 
» 140 
• >' 
r i 
PI 


Cine \|>|. . I’ low VbL : dnae 


26.00 
18.50 
10.00 
. 6.20 
3.60 , 
1.50 I 
1.00 
2B.50 
21.00 
: 16.50 . 
‘ 11.00 
10.00 ' 


28.00 | 2& 
: a2.50 . 5 

• 15.00 9 

3.50 | S 
15.00 - — 

7.50 • - 

3. BO 1 1 

. S.20 
5.20 : 1 12 
1.60 18 
12.60 . S 
5.53 , 20 

2.50 — 

7.50 6 
«.03 
1.70 


r 113.30 





















33 


: Times Tuesday June 


6 1978 


• '"'j i*y: '^•‘T :£•••’''£-'■;>? 

• . '•■ -I ”-,■. JiAiVliJV ’r’’.V •■ :.. 


,. vartwuiars arc aittfn in compliance With ft* repulaliotts of the Council of The Stock Exchange for the purpose of fficmg in/omaticm to 

7 Pttotic Wth regard to Thames Plywood Manufacturers Limited ( u the Company I. The Directors collectively and individually accept fait 
for the accuracy of the information given and confirm, having made oil ‘reasonable enquiries, that to the best of their knowledge 
ana oelief there are no other facts the omission of which would make arm statement herein misleading. 

sippHc-aiion fras been mode to the Council of The Stock Exchange for the whole of the share capital of the Company to be admitted to the O^icinl 
List. Shares of die Company rank pari passu in all-respects including the right to receive nil dividends hereafter declared. 

A copy of this document and die documents hereinafter referred to have been delivered to the Registrar of Companies for ffepistration. 



, a _ U* 


4 {1*9: • 

ill r: - 





PLYWOOD MANUFACTURERS LIMITED 





(Incorporated in England under the Companies Act 1929 .Vo. 421037 ) 

A placing by 

HALLIDAY SIMPSON & 

of 500,000 shares of 25p each at 34p 


CO, 


The shares being placed are in registered form and subject therefore to the payment of ad valorem stamp duty by purchasers. 


5! 


SHARE CAPITAL 

Authorised 

£ 

600,000 in 2,400,000 shares of 25p each 


Issued and 
Fully Paid 

£ 

600,000 


,p 7ai * . . 

i rtiTidoj. > ' ; *; 


from 


* 


i boi 


At close of business on the 1st June 1978 neither the Company nor any of its subsidiaries had outstanding any borrowings 
or indebtedness in the nature of borrowings including loan capital, bank overdrafts, liabilities under acceptance (other than 
normal trade bills) or acceptance credits, hire purchase commitments, guarantees (apart from inter-company guarantees) 
or other material contingent liabilities. 

These particulars are issued in connection with an application for re-admission to the Official List of the Stock Exchange 
of the whole of the share capital of the Company. 


amount ' --"C--. • •. 

.7'* - ' DIRECTORS ' 

^ « L CtRILJOWEIiL -CHOULARTON— 94 Carrwood. Hale Bams, Cheshire (Chairman) 
1 'Sv^y'Stir HENRY ELLIS ISIDORE PHILLIPS. CALG., 34 Ross Coun, London. 

nairmj«e SUW-15 (Deputy 'Chairman) 

irue rjet&titlNkX ARTHUR HEWSON — 3 The Landwav, Bearstecf. Kent (Managing Director) 
n ;“ l ir,:<Ja - KENNETH DADD— 36 The Albany. Woodford Grecii, Essex 

ROBERT. STUART HARRIGAN— Burr Hou*>. Warren Road, Near Chatham. Kent 
i tsi’S " ttARTIN MANFRED HART— 17 Walhrook. London. E.18 
MAX-LiNDNERr-T The Beacons. Longhton. Essex 

L ' ■ ■ - 

>'■- >ir . * 

rfr . :J}1 ? fc.- ■ 

. ..... 

.r::us? . • 

H'lk-.i <■£•■ ‘ . — . .... • ; 

■-•i-terMSt* .- • 
ameur,-. »■/ .. "...' 

Sr?: ” * ■■ . -i 


SECRETARY AND REGISTERED O FI ICE 
KENNETH DADD. F.C.A.— 1S3 Harts Lane, Barking, E*sex 

BANKERS 

NATIONAL WESTMINSTER BANK LIMITED— 6 a Aldwytk London, WC2B 4DS 

STOCKBROKERS 

HALLIDAY SIMPSON & CO.. P.O. Box 412. 98 King Street. Manchester. M60 2HA 

and The Stock Exchange 


SOLICITORS 

ALEXANDER, TATHAM & CO., 30 St. Aon Street, Manchester 112 3DB 

AUDITORS 

DELOITTE HASKINS & SELLS (Chartered Accountants). 

128 Queen Victoria Street, London. E.C.4 

REGISTRARS AND TRANSFER OFFICE 
WARBURG REGISTRARS LIMITED, 34 Beckenham Road, Beckenham. Kent 


CHAIRMAN’S LETTER 

The following is a copy of a letter to Halliday Simpson & Co. from Mr. Cyril Choularton, Chairman of the Company 
The Partners. 1S3 Harts Lane, 


Barking. Essex. 
6th June 197S 


". -Ai IK' T 

r- 

cxs.:* :c. 
' * *t*~ 


.;cr 


*■* u ! \ • r- • ■■ ■* /... • — . • v - 

.. to Zi ’ l - ' -y ? A;;»r 

!’ - : ' ■ * ■ 

: 4 : - V ; " • 

-pH .Cobpuu^ va^\»con>orMwf .JB- Baalud oa 7th Octottcor 194« and on 
’■ .■• r ' "l7tn October. 1MI became a pobUc emmuuUF "toted - on- Tbe 'Jiock E*chanc<\ 

- J i.LomKm. From 1WB it* Company hau owned and occttpk-d trpeboia premise? in 
■> Bazfebau "Base*., where the main -actlvlxy. haa hrea Uw. manuiaciun- of (usb 

i (l ;t • ■ ** gnality Dfanvodd; 2 , • 

i • . vfljtfi- m jpgp the Company i formed 1 ^ wholly, ownetf ' BUfasWlary. Tcchmeal Pane/ 

. 1 1-,- UteiHatrtet Ltertted (TJPX>,.-u mwatfacture campasitc panels ai premise in 
pefiratatree, Emm*, for we »n iba- aUM Ofncg wi <rf mixmcrazl vch id^ ^ cs ana 
‘ - 7 'containers. TJ*J. bad an.lwoed.aod Wb paid share repitul of ni0.«0«. 

.t'/ 1 . ,ii 'jPitt-' ijj Atiffnu r 1077 a. suottastul offer war : tttadc lor ffle Whole of the share 
Stesptai of Uw Company. In. Sepiembw WT.,ibe .Campany > soid Ac comry of 
tir- it oaSSSSSa «f JBVhOM to M Lawr Uuf parchoiscre of ihe 
'• ‘ :Ucottsp«w-aoM>thete sharea. with the eweptloivof 25J«- Ui A^Ue* j 

• c - lt '-' i mnt Limited (Ashleyi. Ashley, which 1» a wboUy owned sidwvllary or my 
tawny company. CJ?. ffioalanon. Sow- 'Partners Limited (Cboalntooi had 
owned, az the tfcaa' of the Auaaat- offer. M-ITO of, the 
p Jjjj] r“S!Ti 


Halliday Simpson & Co., 

98 King Street, 

Manchester 2. ... 

Gentlemen. t , , 

In connection with the application for re-admission to the Official List of The Stock Exchange of the whole of the 
sfiare capital of the Company I am writing to provide you with information regarding the Company and its trading 
subsidiary. 


«> The 


(dl Thtr A™i«*r,iBuna«iia «-t ^or in pence occ share are based- on £«o.ow 
SbarcsYor 'pomsc's or comparison., i 

41 before ta*~lior Ihe neriod coded SOth APrtl. lWf, Include? OMJ50 

Ti-mporatir Emvlonuem Subsidy. No snub subsidy was reewstd In dtitviocb 
periods. • ..... 

On the Ulth March. 1978. I Issued an Interim Sttnomriit/or th» half, year ended 
SI* October. 1977. In which was set ont the following Ihrormjtlon.-.— 

The Directors of Thames Plywood Manufacturers Limited announce tbai the 
resulu for the ball year ended 31st October, 
u n audited accounts are as fallows 


18T7. on the basis of interim 


TurnoecT 

Profit before Ta ration 
Profit after Taxation — 


fi moottB to 

3L1Q.77 

r 

1JW.009 

71.000 

34.000 


of the Company to other members who bad been shareholders at , '* H; , ft, 

Aoenst Offer. . and the remalndac. lo Bankfirld Property Assoewies Lunlled. ana'hir 
' ally owned sntosidlalw op Cbowtaitoa. Chonlanoo are now the ulinuau- parent 
iba -C<wnpaiw li(Atinc- 8S.7^^f the Jssued Shire capltaL . . ' . ^ 

Tire nnmo unv now, hay-MWo .’.ratio dlslstons of activity both of Which are 
hared '.at .out BarWoR; ju^mlses. ' " 

^^ < ^oJd I ^^ N 'coatm«!S t6. manufacture histi quality Pi^«>bfljaj IIL CONSOLIDATED BALANCE SHEETS 
cbmmerChiL vehicle industries. K has exrendrtf 
e the Tnamif a ctur a of door, nnd panels, of varyins 


• months to 
31. 10.78 
£ 

846.000 
‘ 74.M0 

35.000 


Tear to 
30-4.77 
t 

LS3J.OOO 
232.000 
111, DOC 


All 6 cares have been sdibsted lo exclude the results of Technical Panel 
Industries Limited, a wholly-owned snbsldiary, which was sold In September. 1977. 

TTic six momhs' proflt before taxation includes Temporary Employment Subsidy 
of £47.000 is months to 3l.10.7b-t72.000). 


,;i mum. 


. ft» prwtatr nalya ,* 



Company 

- cownendedJo tauleao-lst Maj"-®77. n is eagageo m me —« wggj” 1 ** 

irir^jiate^S WWtas.tnfiuxtty .hottL at home, amt overseas.^ 

" -I '-tells doors, .window*, laminniod _paoAs s - wooden fitted units, prefabricated 
P ■- etc. : : Inaad!ttoaJ5c«rndn, of the products manufactured by the Pljruood 

H-r -:7i t‘) -‘."rjWrffifotr tt BcQs ^ -products *obl a naneher «f- maimtaciurers afiain both at borne 

.ill’: uuiiffftinn: * 'V 

.■’\.: : --V^- : '3^ E ^SaM'"owh8^ '.'tiifti-WetooW''-fltle to -fii* ’acres of land at Hans Lwt, 
'j ]- 5aiSSb Krembd on. Oils- sire ere sta afa. sto rey factory prerais»es sirri 
"• ! !•» two storer office ttfocK Totanma soiue lMJOQfi rtimns -feet. The. main bnlldinss 
■ \ • .. , ta-tB*r^Tlre land and. tartldbifisr were valued on a currmu ooen 

-- nirtat^ste on 2fith Mar, dfl77j at f 45^000. - The vahiation 

; of the Capital Haaorvo wht^fc.was ereatetf XollCwtas _a hteh^ 

on A rwncen Wn 1873 was incorporated in the Balance Sheet 

"trSii April 1S8T by shar^uMors. ■ . 

opinion tlai.. havtan r^nj to 

e* “ , u- , --- ---..ftna.r^dc-'fai^tlgefc-'^he Company »'%ad-. Its. subsidiary have suffiefenf 

eapltal . for .tbetr ; DWse?! reoalrenantx. 

'.bwsed on - the andUed acc mmts o f the 
Bucb odluotnMnii^ .as the IHrcctors consider appropriate. 

- in arrhrtng at the financial lnformnUon 

ljCT*"*t out tetoW.WB afi^Sows-.TV,-. , 

w : ( »y tpt i'ccbOttUi on -Ihe historical cost basis of accounting, 

nMKHfletfio liH^rTthe TevaWattoa of, -property.' 

i ^property- Deprecia 11 ^, “ 1 

tqrVlffpHsTmnal tnstaltneng to ‘Write off me con 


Ihe folio wins is a statement of ihe Consolidated balance sheets 'be m* 
Plywood Division and Thameaptr Products Limited) of tlw Company at 25th 
SeptemDcr 1971 to 30th Ann! 1977. The balance sheet at 30th April. 1977 
has b*i>n adjusted to show the effect or the disposal of the interest in T.P.t. 00 
2nd September - 1977 and the capitalisation Issue made on 25th August 1977. 

FIXED ASSETS 

Freeuold Property — _ 

Machinery and Plant ._.. 

Vehfefcs and 

Office ffouipmezn 


faresfment In T.PJ. ... 
investment In Assodated 
Company 



*os> 


CUHHENT ASSETS 
Slorics and Wort 

In fhunn 

Debtors . - 

Bank Balance 

and. -Cash ........ 


lessj current 
UAB tLITIES 

Creditors 

Bank Overdraft 
(unsecured) and loan 

Dividend . ‘ 

Taxatlim ■ •_ 


, r A ,w; 

L *• N rt . Jlfc- 

SjlAND 0 -. ; - *_ I;.'. 



irc»% 

-- S6SL. 

sox. 


NE£ CU8RBNT ASSETS 


^dacWnery and Plant 

-TOtideg^:. ! .. .. . *. 

'■•-*■ -■-rv’ :-oipco EdntppKot . ■. s ■■ 

SSSSSL 1_ 

5«? ^ tk* WBOtint ta * didmd bbmvot- 

^ lncnn.or.io * 

" spdtessbJoaL vaimtaon carried pat to J'eontary 

(di . lower * w * oem * 

fadOfy -netiTtalfgahte, vak»- . 

fl) ibe exasSLOt written^iown hoofc wh»J of fixefl asaeis over fte 
. 1 c ocrw pdhgfnff yr&a*-*a*u tax ^rafttea: , . 

Qi) dohns for xtoelr ap^ridwtot relief; * * * Nwpt 

UU) other ‘ ' ’ 


CAPITAL . RESERVE — 

DISTRIBUTABLE 

resehpes • . — 


DEFERRED 

TAXATION 


25.9.71 

30-9.72 

27.4.T4 

M.4.7S 

30.4.74 

30.4.77 

ims 

0KQS 

£0BOs 

£0005 

£000s 

£000* 

ot 

97 

746 

748 

748 

450 

50 

36 

S3 

43 

46 

42 

7 

10 

IS 

14 

17 

14 

154 

MS 

816 

805 

805 

506 

-• SOI 

312 

23 

242 

33* 

~ 

1 

1 

1 

- 

. - 

1 

358 

456 

1.040 

1.047 

1.629 

567 

350 

274 

556 

4S1 

440 

669 

197 

229 

35? 

314 

259 

353 

3 

1 

1 

1 

35 

156 

510 

504 

914 

796 

W 

1.199 

97 

116 

340 

347 

set 

no 

IM 

91 

107 

99 





12 

38 

to 

10 

22 

27 

— ’ 

23 

70 

23 

46 

39 

200 . . 

259 

SSS 

SSS 

330 

376 



310 

2S4 

3S6 

403 

404 

S23 

- . ota ■ 

no 

Lift - 

L45S 

1.453 

I4» 


■ ■■ 1 



mr v i ~*' 

r ~ i "‘ rai 

300 

300 

500 

‘300 

300 ' 

680 



647 

647 

.647 

40 

269 

4U 

476 

461 

460 

553 

689 

TIB 

1.423 

LAOS 

1,467 

1*202 


47 


2« 


719 1,428 L455 U33 


128 

TfflO 


(O There to a ^ 


wockl fW exceed 
ffnwrcr .ai ks . 


4" 


1 lucre in * w i n ' ww • . _ . 

iSAOOfi and w?l®»/wmi^'^n8e* pn diipoaal of u» 

Ap*o-wrL:.bai^*«a'«^ ;; 

n .PROFIT AND LOSS' AGC50UNT • 

st oat below:— v ' 

atoher of .Wedss 
ate Ended 


? s 


.4 

Tt 

5 

si 

i* 


' 41. 


s' 

% 

j y r 

- S' 

ii ^ 

it--.’ 

» - a”. 


tonover — — 

pat of Sdtos. 

refit befo^E TaxatfenJ 
station — »*-- 

xtrudrdlnaxy' Itc® ' -«-• 

nalt afte- Bsi^ordiMty 

tvay tMOtesds ffl»s 4 . 
« DtvWeoda PeP**- 
per cturo ••••- 

refit/ (Loss) BetnOed 


2fl0te 





*■ *», . ♦ 

82 

-. S7,<?4 
•: £00« . 
ZA33 
JA80 

St 

— ate tra 

•«00k 
WHS 
. .• L6S0 

06:4.7*. 

- J8OO3. • 
■■■0,W6 

.vm. 

52 

30.4 77 
moos 
L822 ■■ 

L580. . 

. - ITS 

w 

. •••« : 
12... 

‘.,.-17 

,1 ~A32 ■ 

. -121 • 

ia 

*-. 5 


~ 


made up as follows:— 


: Freehold P r o perty • 

Machinery and Plaht 

Vehicles and Office 
■* . gqnl pmmir ,- - — , 


aa adjusted for (be disposal of T.P.L were 

Co« or 

Accumulated 

Net 

Valuation 

Depreciation 

Boob Value 

£006* 

EWM 

IDOQs 

: 450 

— 

430 

446 

464 

42 

40 

35 

14 

945 

439 

506 


oto*: ; ■* y'-:’ orrtw j a , afi^' liafSiofi ihe. follovrtn* items 

l) Tte C06t ***** ¥. JUI ^“ ^ 33^ -M .Id 1» 

toMctodbir* ^ -.20 w - 3 8 


^roctotiw , t 
unrest P*T*ble 


a S- 



» 


ip ’ . ' - 13 

_ —1® 
„ to rtne« of trow om>r,ac tm 


A). As previoualy stated, deferred taxation, which would amount tb appnsxlmauly 

- £35, W8. Is nut provided ta respect of the surplus arising out or (h* revaluation 
■ ."-of ffie company's freehold property which has been incorporated into die 

• 1977 balance shay. 

Vo) Investment in aihsldlarles— the figures shown on each balance sheet from 
■■ : 1971 to 1B7S relate wholly 10 T.P.I, and represent 000,000 investment in share 
capital. n0C,WW loan phis- nonnal trading tndeWedncss. At 30lh April. 1077. 
ihe figure was £2tt,000. In September 1977 the Company sold T.P.I. and 
’. -rerttved is cash £200.000 tn wnaWeration for the tavasment in abare capital 
... and loan- Is the 1*77 .Balance Sheet the £290,000 has been treated bb cash 
. - at bank and Included mu.o» in- debtors, 

- fd> TTie in refitment la asaaefafed company consists of shares at cost of £50 plus 

- loan. The shares loid prise 30 per cent, of ihe issued share capital of 
.Barking- & Dfprd -Narlufkw Cft fISfil) LbhJIed The CotnpaDr's proportion 
of tbe associated compady^ undistributed profits carried forward at Slat July, 
W0. v» £137- 

(e> Tha- capita! reserve was created In 1974 at an amount or 2647.002 being the 
' increase- to vaJW of ftweMW property tacarportfed to tfte 1974 Balance Sheet 
. fnHowlnE a professional valuation carried out a 1973. This reserve wag 
• reduced by £797,600 being the deficit arising on mebatd property foUowlns 
• .- ■ (tat incorporation ta the 077 Balance Sheet of the valuation in May 1977. 

. This 1 werw has been further reduced, to me J9T7 Balance Sheet, by 
£S»,OO0 to take account of ihe one for one capitalisation Issue made on 
-25th August. 1977. 

iri'At- Mth AprtL 1077. future capita] expendilnra of the Company totalling 
m &0 bad buaa aotbqrfsed by the Directtrs- 


«C> There were oa marenal contingent nubilities of tbe Company 31 SOth April. 

, 1971. . • .. 

ih> AnOHr'd accounts of the Company have not been prepared for any period 
subseoucot to April 1977. 

Cl) Thi‘ . dlsulbulablr and retained profits shown above are doi identical by 
rva ion of adlostm-ms arising out of the deconsolidation of T.P.L from the 
Group, accounts. The adnfe'nienis are as follows-— 

30 S.72 27.4.T4 2A4.73 30-4.76 30.4.77 

A. Net Dividends recelred 

1 ram T-P-l. 

B. Wnii- barti ot provision 

for T.P.I. losses 


S 


28 


26 


50 


MANAGEMENT AND STAFF 

Is 64 and lias been 


SI 


a Director of the Company since 


Cyril f.hiinlanou 
Noveuibvr 1973. 

Sir li.-nr- Phillips is 6J and has been a Director of the Company since 1969. 

Koditcy flewsun 1- 45 and 1 toe Manasmi; Director of ihe Plywood Division. 
Rc 'limed ih> ''onipany in March 1D73 ai which time he was appointed a Dire nor. 

Kenm-'h L'add is 41 and i- j Chartered Accountant. Be joined the Company 
in Kuvviiibcr IPH ai which ume he was apoumted a Director. 

sru.-in flarritun Is :B9 and is the Managing Director of Thamespiy Products 
Limiud. IK- joiri'.-ti (be Company in Nav-.-mb'.-r 1971 and was appointed a Director 
in 7-Wmiarv isrj. 

Martin ll:irt Is 60 and has been a Director of the Company since 1953. 

;.Jjs Lin, liter is 67 and has been a Director of the Company since 1863- 

Tbe uuiiilwr of employees toiate 176 Of whom 23 are pan-ttme. I am 
pleiv<d in say relations wltb all levels or employees are 'good. 

There l- a non-oaotribuiory pension scheme for senior staff and a contributory 
pension vehi-me available for weekly and bonriy paid emjaoyeei 

DIVIDENDS AND PROSPECTS 

An lni'.-rim dlvideod o| O.TSp per Share compared to 0.BS5D last year 
(adiuried tor the increase in shares following the one tor one capitalisation issue 
in Aubu<i 1577) was paid oa tbe 25th APriL 1978 and in the absence of unforeseen 
circumstance- your Directors intend to recommend the payroeat ot a Boat 
dividend 01 T-3p per -diare in October 197S 0977: Lllpi making 3 total tor 
the year ol -Jp U977: i.&i5p). 

Turnover in 1979 was In line with tbat ot tbe preceding sear and Is currently 
proceeding at similar levels. 

Your Board (a currently considering tbe possibility of a more efficient use 
or the Company's Bite and premises at Barking by reorganising the processes 
of manufanure now carried our and It is the tnieotlon or your Dtrectori, 10 
increase rurnover in ihe snrrcm types of manufacture not only through the 
process of naioral growth but also If suitable opportunity arises by acquisition 
and mercer or other companies engaged In similar manufacturing tbe output of 
which could he transferred into the works. 

Yours faithfully. 

C. P. Choularton. 

STATUTORY AND GENERAL INFORMATION 

Share Capital 

At loth April. 1977. the authorised share capital of tbe Company was 
£300.000 divided into 1 .380. 000 shares of 25p each, all Of which were issued and 
fuffy paui ’*i these shares 1.179.898 bad (seen issued as fully paid tor consul erau on 
other than 1 jsh 

By an Ordinary Resolution passed on tbe 25tb August. 1977: 

ia> The authorised share capiral was increased from £200.000 to £600,009 
by the crealion of 1.200.000 new Shares of 25D each. 

tb» The oim of £300,000 1 being part ot rite capital reserve ol the Company 1 
was capitalised and the Board were authorised and directed lo appropriate 
such sum to and amongst rtic- holders of Shares mi ibe Register of Members 
at tile close of business on the 19U> August. >977 In the proportion in which they 
held such shares respectively on that day. on condition tbat such smn be 
anplled 10 pjvidk up m full of par i.-.'im.oon unissued Shares ot 25p each ranking 
purl passu m all respects wttb the existing Issued shares of ?5p each. 

At 30th April. 1977. ihe Issued and fully paid share capital of Tharp esply 
Products Limbed was 200 shares of £1 par value each. By an Ordinary Resolution 
passed on the 2Sth February. 197S. the issued and fully paid capital wax 
increased in .i.DM shares of II par value each- 

Save as disclosed hereto (n no unissued share or loan capital of the Company 
or any of its subsidiaries is under option or agreed conditionally or uncondillonally 
to to* nui under option ■ ii > no share or loan capital of the Company 
or any of Its subsidiaries has witiifn rup rears preceding the dare of these 
pann-ulare t»vD issued, agreed 10 De issued, or is now oroposed to be issued 
tor wish nr n/berwrac, and 'in* no -.’omfri'cstons discounts. hrokrrap*s or other 
special lerrns have been granted wiWa the said tw-o years by tile Company or 
by any of ns subsidiaries to connection with the issue or sale ot any part of 
their respective share or loan capitals. 

TAXATION 

Th- fitr-iore believe rhat immediately foUowinc tbe admission to the 
Official Lisi or the share capital of tbe Company, the Company should nor be 
> close company as defined in tbe income and Corporation Taxes Act, 1978. 

DIRECTORS AND OTHER INTERESTS 

fwtiwiq ,,f toe Directors and their families th the Shares of the Company 
ire as follows : 



Beoefiral 

NOB-befl 

c. P. Cboaiarton 

Nil 

400 

Sir Henry Phillips 

1600 

Nil 

R. a Hewson 

7.090 

Nil 

K. Dadd 

2.000 

Nil 

R s Harriett 

600 

Nil 

U M. Hart 

3,454 

Nil 

Id Lindner 

Nil 

4 110 


Bankfl- H Prnwrty Axmrtatml t .united nvrns 2.058.920 i$57 per ccnti shares 
of the Company and tg a wholly owned subsidiary company of C. P. Chonlanon 
Sons and P-nwva limited. ’ 

The only otaer shareholding In excess or & per cenl of the total issued share 
capliai Is iha- « Barclays Nominees >M and G Croon , Umited which holds 
240.000 sbar<s tld Mr cent of the issued share capital). 

ARTICLES OF ASSOCIATION 

The A mi-1'-' nf Assoc l.irion of to' company con! am provisions timer alia) to 
th*; follow m- -iivt'— 

Vou» of Mc"ta-»s 

Krerj .*.!■ niln’r vhp « 5,.-jnq an individual! Is present in person or (being a 
corporation) is ifesent by a rcpr-»niatjv« az proxy aoi being bnwceir a Member, 
shall h jvc nr. -oto. and an 3 poll, ■■wry Member who Is nrevar In person or by 
proxy shall h." r on>> vote for ■'v-.ry 4hare of which be Is the bolder. 

directors 

fai Th' nature ol any inn-hM 0 f jnv nirecior or Intending Director in any 
contract or arrangement wfih the Company either aa vendor, purchaser or 
oihcruise must be declared by him at a meeting of the Direct 01$ ai which 
toe auesuoo 01 entering into the contract or arrangement is first i^-n (mo 


couJdcretioa. or it the Director was nor at the oats of Oiaf meeting interested 
in the proposed contract or atTangcmcnt then at ihe next meertic of toe 
Directors held alter be became so interested, and w a case when the Director 
becomes interested In a contract or arrangemtni after It Is made then at tbe 
&rei meeting of the Directors held alter he becomes so interested: Provided 
nevertheless that a Director shall not vote In respect uf any contract or 
arrangement in which he is so Interested, and if he shall da so his vote shall 
not be counted. 

Ibi The Directors shall be entitled to remuneration at the raio of n.?ao per 
annum for tbe' Chairman, a. 000 per annum tor the Deputy Chairman and 
£500 per annum for each ol toe other non-cxecutive Directors. The Company 
in General Meeting may also vole extra remuneration to the Directors, which 
sbalL in derault of agreement to the contrary, be divided between the 
Directors eqnaffx. The Directors’ remuneration shall be deemed to accrue 
dally. 

The Directors including alternate Directors shall also be entitled to be paid 
all travelling, hotel and incidental expenses properly incurred by them in or 
with a view ro the performance ot their duties, or to attending meetings ot 
the Directors or of committees of the Directors or General Meetings. 

A ay Director who serves on any comminee or who devotes special alien! ion 
to tbe business of toe Company or who otherwise perforins services which 
in toe opinion of the Directors arc outside toe scope of toe ordinary dutu-s 
of a Director, may be paid such cxira remuneration by way of saiury. 
percentage of profits or oibenrtae as toe Directors may determine. 

Directors may establish and maintain an; pension, insurance and superannuation 
fund for their benefit and give or procure toe giving of donations, gratunjer. 
Pensions, allowances or emoluments to any persons who are or were at any 
time employees or servants ol the Company. ■ 
fc) The qualification of a Director is tbe holding in his own right alone nnd not 
Jointly with any other person of shares of toe company to the nominal amount 

of £100. 

(d) BorrawidB Powers • - 

(1) Tbe Directors may exercise all tbe powers uf ihe Company 10 borrow 
money, and to moruus? or chare*.- Us undertaking, properly and uncalled 
capilaJ. and to Issue debentures and other securities, wfw-ifu.-r otunght or 
as collateral security for an; debt liability or obligation of ibi- company 
or any third party. 

till The Directors shall restrict the borrowings of toe Compant and eiemse 
all voting and other rights or powers ot control cxerrisabh- by ihe Company 
In relation 10 Its subsidiaries 'll any* so as 10 secure rat regards subsi- 
diaries so far as by such exercise they can secure) that the segregate 
amount for toe time being remaining uudiseharced of all moneys borrowed 
f>T tiie Company and. or any ot Its subsidiaries u-xclnsivr of moneys 
borrowed by ihe Company from and for the nine beinc owing to any such 
subsidiary or by any such subsidiary from and tor ihe utne bi-ins owing 
to toe Company or another such subsidiary shall noi at anv nmc without 
toe previous consent or sanction of an Ordinary Resolution of (he Company, 
exceed twice the nominal amount of toe la*ued and paid-up Shan- Carnot 
lor the time being of ibi- Conipsny and >bc amounts .Standing 10 tiie credit 
of the consolidated capital and revenue reserves 'including any Share 
Premium Account and Capital Redemption Reserve Funr ana amount 
sr audios jo flic credif ot the Consolidated Profit nnd Loss Arvos HI but 
after deducting any amounts standing to tbe debit of the Consolidated 
Profit and Loss Account 1 ax abowp in the iaiesi yiubliatted Consolidated 
Balance Sheet of toe Company and ns subsidiaries but adiusu-d as may 
be necessary In rcspvei ol any variation m the pald-i.o Share Capital or 
Share Premlnm Acconni since ibe date of tbat Balance Sheet and excluding 
fn any sums set aside for future taxation assessable by reference 10 
profits earned down to tor said dale: <if« amounts atirfbmable ro outside- 
shareholders in subsidiaries-. ■ til > any Share Capital or reserves derived 
from any writing- up or revaluation uf fixed asseis aher Mth September. 
IBM >but In toe case of a subsidiary acauircd after TOih Seplc-mber. IBiM. 
Ibe date of it becoming a subsidiary, by toe Company or any of ns 
subsidiaries; and i|ei any amounts appearing upor (Le Mid consolidanou 
airributable lo goodwill. 

(a) Retirement aye 

Section 185 of tbe Companies Act jg« 1 relating to the appointment and retire- 
ment of Directors who have attained (he ace ol seventy 1 does nor apply to ihe 
Company. 

(f) Rermroeratimi ‘ 

The aggregate cmolmnems ot the Dlreciors of the CompRiiy ior I be rear 
ended 30to April 1978 amounted 10 £50- 55 No material chance is anticipated in 
ibe year coding April 1979. Certain Dlreciors hold service contracts bm-f 
particulars or which are as follows:— 

rued 

Annua) Solan 1 


R. A. Bewsoa 

K. Dadd IlJ.Ouf) 


Expiry Date 
3Is r December 1979 
2Sta February IPS! 


PLACING CONTRACT 

Halliday Simpson A Co. have agreed, snhlect to the whole of the _ issued share 
caoital Of the Company being readmitted to toe OIBoaf List bj J toe Council or ihe 
Stock Exchange not taler Own 1-th June. 1B7S. to place on behalf Bamtocld 
Property Associate^ Limited 'a who I; owned subsidiary of L. P, cnouianon. 
Son*, l- Partners Limlh-di aR'.Oflu Ordinary Shares at 3lp p- r share Mess a 
commissfon of I J per cent). 

CONTRACT 

The following contract noi betoR a conn-act in the wdiurr -mrrae of business 
has been entered into within 2 years immediate!; prvtedtas toe dale of law 
oanJuularS. 

A deed of tadenuiity dated 4th AuaUSt «« made between 1 1 1 > Cyril Powell 
Chuatanon 121 Owulnnon I3i AsUk'X 14 1 toe company tei Technical Pan^l 
Holdings Ltd. and iff) TJP.l. whereby the Company warranted tot- Dafante 
Sheet, as at Sth ilarrfi, 1977. of T.P.I. . and- agreed not lo tompetc with 
T.P.I. for a period of 2 years. 

GENERAL 

1. Nertbw U» Company nor Its subsidiary *s engasrd in any liticniion of rnalcnal 
importance or has any litigation or claim ol material importance pending or 
threatened against iu 

2. Save as dtsciused herein ih no Director has or has harf any interest in anr 
a&scts which have been, or are proposed to be. acnuired « disposed of b> or 
leased to toe Company or any of Us subsidiaries: and Mil to-ri an J™ 

or arranBemeot3 subsisting to which a Director is materially interested and vnuh 
arc significant ta relation to toe Company. , , . 

3. The expeiieeS of the Placing meludjna accountancy •"? 

of priming. Stock ExchansTTisUns tee and tbo fees or the Spunsortng Broker 
which arc estimated to anaouni 10 £18.000 will be paid by ihy Lompaiiv 
The fallowing 
Halliday Simpson 

cbesier 2. during usual business -- —■ ------- _ - ... „ 

a p*.-riod of fourteen days (oliovinu ihe day of publication ol thv« parricrilar£.— 
«|i The Memoraadum «ul Articles nf Aswelanoa ol Ha; Company. 
nil toe Deed or Indemnity dated 4to Align*. I9n. tlevrlbed ahovet 
Mill the audited accounts of toe Company for the financial penods ended «6tb 
April. 1976, and 30Ui AprU. 197?: and , _ . . 

mv) the Agreement with Rail Ida? Simpson & Co- referred to above. 

Further copies of these particulars may be obtained during business hours on 
Any vteeKdar 'Saturdays csccpfcd’ w ui aaJ June. 1S7S Jnuu; 

H alfWay Slmpcon & C*-. 73 Oteapsfde, London ECZV 6ES and 
P.O. Box 02, 9B King Street. Manchester. M60 ZHA- 
Dated : Eli) Jum?. 1973. 


ted to anaouni 10 £18.000 Will be paid by toy Lwapaiiy 
documenis or copies thereof may be liBWCted at hy tiffins or 
& Co.. 73 Cbeanride, London. E C.2. and W King Street. Mon- 
nsnal bbsiness hours on my wwhbr 1 Saturdays eMepredi for 




34 


AMERICAN NEWS 



Industries bid for 
Pet excludes Hardee’s 


ST. LOUIS, June 5 


PET [n purpura ted. the fond and 
dairy products retailer. ha* 
received an offer from 1C 
Industries proposing a cash 
merger of the iwn companies. 

Under lhu terms of ill*' pro- 
posed merger. Pet shareholders 
would receive .S54 cash for each 
share of Pet common held. In 
-June last year. Per hart 7.2iu 
common shares outstanding, 
which puls a total value of s:JS9ni 
on the offer. 

Alternatively. 1C Industries 
proposed a merger upon which 
ahoul 45 per cent of Pci's 
common would be converted into 
cash and t.hc Pet common not 
converted into cash would he 
converted into shares of an 
equity security of 1C Industries. 

According to Pet. 1C Industries 
in its letier noted that [be Boards 
of Pet and of Harden's Food 
System had approved a 
previously announced merger of 
Tet and Hardee's. 1C Industries 
saul that the terms of such a 
merger offers a substantia! 


premium over normal market 
price to the Hardee's share- 
holders. 

•‘Since our proposals herein 
also provide a substantial 
premium over the normal price 
uf the PeL common stuck, it is 
obvious that our proposals, if con- 
su mated after the passible con- 
sultation of the Hardee merger 
would result in a very costly com- 
pounding of premium.” 1C said. 
■■.Accordingly, wc must condition 
each of bur proposals upon such 
merger not being approved by 
shareholders of either Pet or 
Hardee, if any or our proposals 
results in a combination of Pet 
and 1C Industries we would will- 
ingly consider and negotiate in 
good faith with Hardee the pos- 
sibility uf Hardee becoming a 
part or 1C Industries” 

Meanwhile, from Rocky Mount, 
the Board of Hardee's Food 
System said it plans to move 
ahead with its proposed merger 
into Pet despite the move by 1C 
Industrie?. 


General Mills sees 16% rise 


MINNEAPOLIS. June 5. 


GENERAL MILLS reports that 
income fYotn continuing opera- 
tions fnr the fiscal year ended 
May 2S rose about 18 per cent 
to the $>129m range, or slightly 
helmv Sll.fiO a share, com pared 
with a restated Sill 4m or Sii.'JS 
a year ago. A gain of about 
S7m nr 14 cents a share from 
i he operation and sale of the 
company's chemicals business 
brought final net profit to about 
Sinfim. »r in the $12.70 to S2.75 
a share range. 

Sales rose about 16 per cent, 
the company said, to about 


gn.gybn from a restated SiS.TSbn 
in fiscal 19 < / - 

General Mills plans several 
new product introductions in 
i he coming months, and has 
promised aggretive promotional 
support for new and eisting 
jienw. Spending on advertising 
totalled between $165m and 
3170m in fiscal 1978. up from 
3145.6m a year earlier. 

When food prices suared a 
lew years ago. General Mills 
shifted some funds out of 
advertising, and into price pro- 
motions such as coupons. “ We 


Oceanic Finance in profit 


BY OUR SHIPPING CORRESPONDENT 

OCEANIC Finance Corporation, nf profound crisis in the shipping 
the Bermuda-based company industry. 

formed last year tu specialise in Mr. Paul Slater. Oceanic presi- 
ship finance, has ended its first dent and formerly with Grindlay 
year with a small profit and a Brandt, said he was upliniutk' 
si ’-.5 nt deal tu finance twy about ihe company’s future, 
refrigerated cargo ships. although worried about the 

This dp't! takes Oreanic's PWSpetl* far bulk shipping. 

man:,,., I par, folia .mi. K' wa rT,'urn' ” ** 

jHTording to :.n interim slate- ^ h " n,. w deal involves the 

ment from the company, has c jj ar { Cr 0 f two seven-ve-ir-old 
resulted in retained on-tax earn- , ol . seven year OKI 


re ; n a ' ned prt " lax e: ‘ rn - refrigerated cargo vessels io an 
in., d . ISO .lifJO. unnamed European company. 

Although still very small in the The ships will be managed by the 
>hip finance world, oceanic has Uiterwyk Corporation of Florida, 
attracted cun.-iderahie aitentinn The ioan was arranged in con- 
m its efforts fa establish itselF in junction with the Royal Bank of 
an unusual specialism at a time Canada. 


aren't planning to d« that this 
year, but we have the fieibilit.v 
to shift our promotional efforts 
if it becomes necessary” an 
eecutive said. 

He added that General Mills' 
products can benefit somewhat 
frnra higher meat prices. 
"Higher bacon prices usually 
help cereal sales, and higher 
hamburger prices are usually 
good for Hamburger helper 
heeause it makes hamburger go 
farther,” he said. 

The company's major res- 
taurant chain. Red Lobster Inns, 
specialises in seafood and thus 
will not be affected by higher 
beef prices as much as most res- 
taurants. That is not true for 
Yurk Steak House Systems, 
General Mills' second chain, but 
the company said that those res- 
taurants' shopping mall locations 
should help keep customer traffic 
healthy. 

General Mills is in build "a 
handful " of new Fcnnimore's 
Restaurants in the coming year. 
The company has been testing 
the concept, aimed mainly at 
breakfast, with one unit in 
Minneapolis. 

In all. the company will add 
more than 46 new restaurant 
units in fiscal 1979 to the more 
than 300 now existing. Some Red 
Lobster Inns will be enlarged 
by one-third to seat over 300 
people. 

AP-DJ 


Jt 




X 


/■- 


\ 


\. 


i 


from 


\ 


During 1977 Garanti Bank 
recorded the most dynamic growth 
in its 32 -year history. 

The number of new savings accounts 
opened ihis year increased fourfold 
as compared io 1976. 
Total corporate deposits 
showed an increase of 57“ '. 


Il all started in April 1977 
when the Bank entered 
a new era of lively development. 
Since then wc have been going through 
accelerated activities stemming 
from an increasing confidence 
in the professionalism- of Garanti Bank. 
Today with 244 branch offices. 
Correspondents in the four corners of 
the world, representative offices in 
Zurich and Siuiiyarc 
■ and two to be opened soon in London 
and Frankfurt-, Garanti is providing 
banking service of new dimensions. 

For the enterprising banker, 
Garanti Bank is a natural point of entry 
to ihe Turkish market. 

Its portfolio of corporate accounts 
attest Lo that with leaders in every sector 

and a broad base of domestic , 
as well as multinational 
industrial clients. 

For the bank that wishes 
to do business, in Turkey, 
the one bank to do it with is... 

ihe corporate one. 


Poor start 
for East 
Coast sea 


BY JOHN WYLES 


Last month's agreement be- 
tween Hardee and Pet offered 
Hardee's shareholders $20.60 in 
Pet common for each share of 
Hardee's. 

Hardee's has requested a tax 
ruling from the IRS and antici- 
pates that preliminary proxy 
materials concerning the merger 
with Pet will be fiied with the 
SEC within the next few days. 

IC said that should its pro- 
posed merger become effective 
if would expect that Pet would 
continue to. operate as a separate 
company with its own Board. ■'Wc 
anticipate appropriate repre- 
sentation on the Per Board of 
directors and we would invite 
Pet's representation on the 1C 
Industries Board." 

According lo Pet. 1C also said 
it was prepared to meet with 
Pet or a committee of its Board 
to discuss the proposals further. 
IC said it requested that Pet 
respond at “earliest conven- 
ience.” but in no event later than 
5 pm on June 6.” .AP-DJ 


By David Las cellos 

NEW YORK. June 3. 

THE U.S. has yet to discover 
its equivalent or North Sea ui!. 
Continental Oil Corporation 
iC'onucu) announced at the 
weekend that its e.vploratury 
hole in the Atlantic off -New 
Jersey, the first io he drilled 
in tlic area, turned out >u be 
dry. The com pan v drilled io a 
depth of 12.000 feet without 
finding any significant shows of 
either oil or natural gas. 

The announcement was dis- 
appointing. git en the intense 
national interest in Ihe quest 
for hydrocarbons off the East 
Coast, which is one uf the 
country's major refining and 
consumption areas- Bui both 
industry officials and oil 
experts said that a dry hole :«t 
ihis .stage was not surprising 
and did not affect the chances 
of oil or gas being di.-ctn ered 
luler. 

The chances of a major dis- 
covery have been put at about 
one in five. Significantly- the 
Government's Geological -Sur- 
vey has continued to harden 
its estimates or oil and gas 
deposits in the so-called Balti- 
more Canyon where drilling is 
presently canceuirau-d. 

Last week it revised it* oil 
estimates in the leaded tracts 
from 0.4-1. 4 bn barrels to O.Sbn, 
and its gas estimates from 2.6- 
9.4 trillion ( million million) 
cubic feet to 13.3 trillion. 

Apart from Conoco, four 
companies are operating drill- 
ing rigs off New Jersey. They 
are Exxon. Houston Oil and 
Minerals, Shell Oil and Texaco. 
Five other compaitic*., includ- 
ing Mobil and Guff are 
expected to join the *eanrh 
later this year. 


IN’ ITS first survey of attitudes 
since 1959 the New York Stock 
Exchange has found that 
Americans am deeply concerned 
with inflation and strongly 
aver.-e tu nuking •■risky" invest- 
ments. 

Characterising the survey con- 
ducted by Opinion Research Cor- 
poration as "deeply disturbing 
and challenging" Mr. William 
Batten, chairman of the ex- 
change. called today for decisive 
action lo ensure that “lack of 
knowledge and unrealistic public 
pulicics do not transform us 
from a nation of risk rakers into 
a nal'un of economically timid 
souls." 


The survey results follow in- 
depth interviews in late 1977 and 


early 197S of 2.74a households 
with annual incomes of -more 
than S10.000. The NYSE claims 
that the study represents' the 
views of "financial decision 
makers” of 49m. households or 
91 per cent of ail U.S^ house- 
holds. 

The NYSE was extremely dis- 
turbed to find from its 1975 
M census of shareowners " that 
there bad been a net decline of 
5{m individual owners of cor- 
porate stocks or mutual funds 
shares since 1970. On the evi- 
dence of the suivey there, is no 
significant resurgence of share 
ownership iu prospect since 
common stocks are considered a 
"moderately risky" investment, 
in comparison with cash, savings, 
real estate and life insurance. 


Only 9 per cent, of those sur-- 
veyed said they ^tended Ta. in- 
vest more in common stocks ana 
4' per cent, planned to reduce 
their holdings. Only 33 per 
of the households were current 
owners of stocks. ■ . 

The survey produced funner 
backing for the security indus- 
try’s ' demands for changes m. 
taxation of dividends and of capi- 
tal sains and losses. Some 47 per 
cent of current owners of stocks 
said they would add to their port- 
folios ir dividends were no 
longer taxed as personal income 
and 49 per cent of former owners 
of stocks said they would return 
to the market if this change was 
made. * 

It was also found that mis- 
understanding and lack of know- 


iedge appearedlto-B^Vis^S' 

■ able-, barrier to o wirin g >^5 
and other types WsmaS&eX' 
vestments- ’ y:...' 4.^ 

More than. SO per ctot^^. 
households - cited as . umftMt 
investment .goalsrthe- fibnerw 
of income to-meMV W 
expenses, peeping 


inflation, . protection, for—j 
family, income for: 


Bundesbank Expansion in Brazil steel 


xetirnu . 
and personal control of q&jSi, 

Fewer than tfialf regarded® 
term , - capital appreciaiidn,-^ 
term .profits or . 

money for large -purduag? , i : J t i ! 
important TOVestment'ObjeiXft If •' t * * 3 
Some 77 per cent '.•ini *' * 
sion makers heflwiveiF -~iagj£ p 
will Increase -in the tidtrtffesf 
and . 36 per cent iftpoa®, 
increase wou ld he shajp\_-j. '^ • 


U.S. 
CD issue 


RIO DE JANEIRO, June 5. 
The $3.71bn Investment to 


Gulf to pay 
cartel fine 


By Our Own Correspondent 
NEW YORK. June 5. 


GOLF OIL has decided not Id 
contest Federal allegalious or 
anti-truai violations arising 
from the uranium cartel ease 
in which il was implicated. 
Instead the company is pre- 
pared lo pay the SI 0.1:00 fine 
imposed by the Federal Court 
rather than pursue cosily 
litigation to obtain a fat Dur- 
able verdict. 

However, the company still 
faces several civil suits based 
on the cartel's aciiti lies, and 
aspects of the case are being 
appealed. 


By Our Own Correspondent 
NEW YORK, June 5. 

THE West German Bundesbank 
has prevailed upon the Deutsche 
GenussenschaTtsbank (DG Bank), 
ihe. Frankfurt-hased commercial 
bank, lo cancel an offering in 
the U.S. of D-Mark denominated 
certificates oF deposit (CDsj. hut 
nm before the bank bad managed 
to issue SlOni worth of the paper. 

The Bundesbank made the 
move because it is West German 
policy to prevent any expansion 
uf the D-Mark into a key or 
reserve currency role. According 
tu a bank spokesman, it has a 
general agreement with DG Bank 
in relation to D-Mark bonds and 
offerings abroad, and the pro- 
posed offering of CDs went 
against that agreement. 

However, the Bundesbank lias 
declined to comment in detail on 
the case. According to an agency 
report from Frankfurt today, it 
is proposing to make a statement 
on June 12. 

DG Bank apparently planned 
the issue as a “ trial balloon " to 
fast reaction to an instrument for 
which there was bound to he 
strong market demand. The CDs 
would have given US. corporate 
treasurers a lucrative resting 
place for idle D-Mark funds, par- 
ticularly those with subsidiaries 
in West Germany. 

The CDs have the advantage of 
offering high liquidity since un- 
like term deposits, they can be 
cashed in at will. 

However. DG Bank instructed 
Salomon Brothers, the New York 
investment hank to issue the DM 
CDs. apnarently without the prior 
knowledge and consent of the 
Bundesbank. Also, even though 
a high Bundesbank official, Herr 
Karl Otto Poehl, is on the DG 
Bank's Board, he apparently, was 
not consulted about the proposed 
i$?uc. 

Once the issue came to the 
notice of the Bundesbank, it dis- 
allowed the sale, and Salomons 
had to recall the SlOin worth it 
had already placed. 


BY DIANA SMITH 

BRAZIL'S National Steel Com- — — 

pany (CSN), one of the- which foreign resources, mclud- 
numerous steel mills controlled ing special credits from the 
by the State-owned ' holding Interamerican Development 
company Siderbras. made a Bank are contributing S470.4ra, 
Cruzeiros 271.3m <S15v3m) net is expected to he recouped with- 
proflt in 1977!. Operating and in 13 years, and to yield a return 
non-operating outlays Totalled of 7.9 per cent per annum. 
S7S.6CH. and gross sales totalled - rsv .p h _„ Three 

SS30m domestically- and 37m With the CSX PhaseTnree 
abroad, principally of-, metal other major steel lndujg- 
sheets (49.6 per cent) and hot- Projects. Brazils production 


Gen. Electriip 
Honeywell Bill 


JUCtW lid.u UCfc Lv Li L I emu UUl- * ' _ / 

rolled thick laminated plates opacity has risen from t 6.5m 
(12.3 per cent). tonnes in 1972 to ll^m tonnes 

CSN's phase three expansion in 1977 ” a 
programme of its Volta Redondo compared with d world average 
works in Rio de Janeiro State of 6.3 per t-ent. In the near 
is now under way, with:S4S0m future. Brazil hopes to become 
of a toral S3.71hn investment number 10 or 11 on the list of 
already applied in stepping up world steel producers, rising 
new equipment and construction from its present position of num- 
i-a parity from its present 2m her 15, thus overtaking Romania, 
tonnes to 4.6m tonnes per ahniinr Spain, Eelgium and Czechoslo- 
by 1982. vakia. 


‘ / ' FAIRFIELD, " 
GENERAL - . ELECTRIC-:::^ 
Honeywell have reached- j w - - 
meat in principle to comfeiiSl 
worldwide operations of ..'Geaei 
Electric's Inforinatkm ssfrrjt 
business division wift "B6& - 
well's timesharing 
operations in 'the UK,-.EurojjQ'S 
Australia. t. i * 

The new company .will *. * ?» 
per cent owned by Generat e -i ^ 
trie and 16 per cent ownetfH'' - 
HoneywelL ' .'/TTSj*, 

The new company is 
to begin operations November 
Honeywell Is the exchiave3 . 
tributor for GEV Marb Tn-^ ‘ 
puter services, in Britain, jg 
and ; Australia, with 7 “o® 

Western European .couhtij 
served jointly hy HbneyWeil | 
Compagnie des Machines -Bi^ 


EUROBONDS 

Prices firmer 
in quiet trading 




By Francis Ghiles 
THE Eurobond market was 
| quiet yesterday with prices stag- 
ing a slight technical recovery. 
(The straight bond for National 
Westminster continued firm 
while the recent Ontario Hydro 
bond edged up to close at 97J- 
971. Disappointing news came 
from New York later in the day 
'with indications that Sweden's 
I Yankee bond, having been 
released from syndicate, was 
| trading at 97J-97«\ 

The 850m private placement 
.for the European Coal and Steel 
Community was priced at 99, to 
1 yield S.79 per cent by lead man- 
I acer. Banco CommerciaJe 
llaliana. 

New Zealand is floating 
l-'l 75m private placement 
through a gruup of banks led by 
[Amsterdam Rotterdam Bank. The 
bullet issue, which carries 
coupon of 6, per cent and a 
j maturity uT six years, ha*, been 
I priced at par. 

imperial Chemical Industries 
i-c lluating a SwKr 100m 15-.vear 
bund through a group of banks 
led by Union Bank uf Switzer- 
land. This bullet issue cymes a 
coupon nf 4j per cent and has 
| been priced at par. 

Prices in Ihe Deutxchc-Marb 
[sector were seesawing yesterday. 
Ahead of the Sub-Committee on 
[Capital Markets meeting 
[scheduled for Wednesday, the 
: keynote is uncertain!*. In the 
[domestic bund market, prices 
were on average a quarter uf a 
point lower. 


TURK! YE GARANTI BANKAS! A.?. 
Statement of Condition at December 31 
(in thousands of Turkish Liras) 


ASSETS 


Cash and Due from Banks 
Investment Securities 
Loans 

Equity Participations 
Premises. Equipment and 
Other .Weis 


TOTAL ASSETS 
LIABILITIES AXD EQUITY 


Deposits 
Funds Borrowed 
Other Liabilities 
Equity 


TOTAL LIABILITIES 
AXD EQUITY 


fa77 

fa-fi 

2,8W,»WS 

90,113 

4.59X.457 

421,369 

I.fri'V'Wi 
3 T .9 n 2 
■4,4‘f'l.u] s 

i 1 0,4 33 

839.445 

^46i».527 

S.K43.0S2 

T.liO*.5<*K 

6.892,553 

69J.8S3 

927.295 

331,351 

5,620.0 IS 
729.535 
46U..-0S 
fa6.71» 

8.843.082 

7.006.56S 


Fotomat $25m 
Kodak suit 



GARANTI the corporate bank in Turkey. 


157, Istiklal Cadde&t, Istanbul -Turkey. Telex: 22957 gafo u: Tel: 43 W80 


STAMFORD. .Tune 5 
FOTOMAT has filed suiL in the 
■'odor a I District Court in San 
Diego against Eastman Kodak 
alleging violations oF ihe Sher- 
man Anli-Tru»t Act by Kodak I 
nd seeking single damages of | 
325 in. 

Mr. .John Lackland. Fulomat 
vice - president - general counsel, 
laid that in many respects the 
Fotnmal suit against Kodak is 
n add-on to the Berkey Photo 
cast* and is in many respects 
parallel. 

Fotomat buys paper, film. [ 
chemicals and equipment from 
Codak. 

In an anti-trust suit, single | 
damages arc trebled. Mr. Lack-| 
land noted. >o in effect the S25ni 
suit is really sucking a S75iu| 
settlement. 

In Rochester. New York. East- 
man Kodak declined to cunt muni 
on the suiL The. company said 
t was aware of the suit but has 
not seen the court documents. 
Reuter 









*. •.« 
"■H 


•V,« 


-.’0 


5£l£CTI 


1977 

FFOOO's 


1976 

FFOOO's 


Group turnover 

6.320.726 - 

.6,007,913 


T otal profit before taxation . 

358.027 

429,275 i 


Total profit after taxation 

181*527 , 

258,795 ; j 


Profit after taxation and before extraordinary items, 
attributable to members of the Company 

150,951 

: 184,098 

1 

Extraordinary items ^ 

8,764 

(14,506) ' 


Profit after taxation and extraordinary items, ' c ‘ 

attributable to members of the Company N 

159,715 

169,593 V 


Cash flow 

621,230 

618,835 ,? 


Earnings per share before extraordinary, items 

Earnings per share after extraordinary items 

FF 32.46 

FF 39.59 

FF 34.34 

FF 36.47 .? 

Dividend per share 

, FF 11.18 

FF 11.18 ^ 


Tax credit 

'. FF 5.59 

FF 5.59 j 


Total dividend 

FF 16.77 

FF 16.77 | 

- 


Salient points from the Report to Shareholders 


O The profits of the year have 
decreased with respect to 1976. This 
is principally due to : 

- the insufficiency of the selling price 
of cement in France. 

- the decrease of the refractory, 
products activity in connection with 
The worldwide crisis of the steel 
industry, 

- the unfavourable influence of the 
parity berween Canadian dollar and 


French franc, when converting the 
contribution of Canada Cement 
Lafarge in French francs (less 1 2% 
over 1976). 


O The operating groups : Aluminous 
Cements. Plaster and Engineering 
performed well during the year. 

• Government control of selling prices . 
is expected to be lifted in France and 
in Canada during the second half of' 
1978. 


Certain information required by The Stock Exchange io be made available may be inspected 
during usual business hours up to and including 23rd June. 1973. at the offices of K/einwort. 
Benson Limited. 20 Fcnchurrh Street. London EC3P303. from whom copies of the fuff Annual- 
Report ( both m English and French) maybe obtained. 


Lafarge 28, rue Emile Menier, Paris 16e. Tel: 727 97-89. Telex: 62804 F. 



Pretabail-Sicomi 

a French property leasing company 


The Annual General Meeting which was held on 17th May 1978. 
under the chairmanship of Mr. J.C. Genton, approved ail the 
proposed resolutions. 




The net profit of the company amounted to F.73,5 millions for the 
financial year ended 31st December 1977. 




The distribution of 85% of the fiscal profit allows the payment from 
19th May 1978 of a dividend of F.36,10 per share, rate of tax credited 
F.0,19 (F.31,30 for the financial year 1977). 


The process of the reduction of the share capital has begun on 
22nd May 197S. 



Pretabail - Sicomi 

Registered office: 24 rue Erlanger- 75016 Paris/France 


i 






35 


a \m 


nmwW XFWS 




’ZiZ£M:Z.:?4 


j^^oaRR rM 

i T-ta • 


«JNEWS 

iete Generate plans scrip issue 

■ ‘ paths. June 5. 


ceni r*£ a two-for-25 

e is- financing the. 

* out of re- 

. totid 


11 ffcMHf#***#** -■{ .; 
r i ■■inariKd . by the 

1 3^g^>^Fsay-Jpeat: economic ] 
^^ivrtfc^ffl^^Vjjesrndht on the 
Ja H &»* a gradual 

^^axatibn oa.tbemoney market, 
P'lrcw, jii T^v smadej'a Aet profit of 
B l <*£*«&»- :4Sfrm). of which 
ttna ncb|7 r f ^^ igaiEfe^roin -tire ex cep- 

'Sw 'vtS/SSf^- 

irti. hq^T® Banoues Arahes et 
■^nitJj^s^\t!K^:;Paris?based can- 
nil plSS 1>ahfe iiDpig;'Arab- and 
Cl * i]tm^^ar^Dld«ra, Js planning 
ELn r^er 1 -' Ahjectfous .“of capital 

^ -Title ftmV dver tbe. next two years. 
reac M *^'t6afi»eh<Slders! approval 
. Uj ^aibta >aeeyhM.^chedul«d for June 


tional profits from overseas 
activities. The 1976 net was 
FFr 232.4m. The bank is trans- 
ferring FFr 404m to reserves. 

The consolidated balance sheet 
of the group at the end of 1977 
was FFr223.7bn and the con- 
solidated profit FFr 794.9m 
<S173ml of which FFr 661 .7m 
represented the Soeiete 
Generated participation. 

The bank complains that 
general economic conditions 
made it difficult to maintain 
adequate profit margins, and the 
growth of the balance sheet total 


by 21.4 per cent, which was well 
above the growth or money in 
circulation, attested to its vitality 
and ivs geographic and sectoral 
diversification 

While clients’ deposits rose by 
almost IS per cent to FFriJOhn 
on January 3, with corporate and 
individual deposits improving 
equally strongly the FFrSObn 
in credits granted to customers 
represented a rise of little over 
10 per cent, which was well 
below the rate for the previous 
three years. The main bright 

spot was the 55 per cent 

advanced in long- and medium- 


PARIS. June 5. 

term export credits— these fall- 
ing outside the credit guide- 
lines. 

The report also highlights, the 
expansion of overseas activities, 
including the creation of the 
Korean-French Banking Corpo- 
ration in Seoul; the opening of 
representative offices in Manna 
and Sydney; the establishment 
of a joint venture commercial 
bank in Egypt; the creation of 
a hanking subsidiary in Nigeria; 
and the opening of branches in 
Amsterdam and Frankfurt and 

a representative office M! 

Stockholm. 


J ^anas ffleesmg-SCneayrea ior June 

DE °tcT Itr iS'tb- issue equity worth 
lion « tvw^ual tranches 
info nr JhlyTaid ■ {heart January. 

7 a&auiftlVlVi January 1980 and 
K.EtoJ^;i98ff:it j>lada' to issue three 
mfbesJS eaeh- qf FFr ■ 50m, o E 
ny >Tii iverKble'iJonds. 

■ , .. 

* M «*• 9 _ 


As with a two-tranche FFr 
100m issue which UBAF made a 
few years ago (and for which 
conversion rights occur in 19S1 
and 1982), the new shares and 
bonds would bo offered to share- 
holders pari passu with their 
existing holdings. 

Five years after the issue of 

the convertibles, shareholders 
would have three options: the 
right to convert into shares, or 
to be reimbursed for the bonds, 
or to decide to bold the bonds 
for a Further seven years. 

UBAF’s share capital currently 
stands at FFr 150m. 


Kredietbank dividend 


KREDTETBANK is proposing to 
increase its dividend from 
BFr 265 to BFr 290 per old share 
Tor the year ended March 31 
last, and to pay a dividend of 
BFr 145 per new share. 

The Belgian bank announced 
today that its balance sheet total 
rose BFr 43bn. or 15.2 per cent, 
to BFr 326 bn. The bank said 
this growth was due mainly to 
the increase in working funds 
made available which totalled 
BFr 296. 6hn or BFr 40.5bn more 
than a year ago. 


BRUSSELS. June 5. 

Deposits and medium-term 
bonds account for BFr 219.7bn. 
or 12.4 per cent more than at the 
end of March 1977. 

Total credits to the private 
sector increased 6.4 per cent to 
BFr 142.7bn, while those to the 
Belgian authorities rose almost 
6 per cent to BFr 107.2bn. 

Total gross income at 
BFr 12.9 bn (S395m) was 
BFr 973m. or S.l per cent above 
the previous year’s figure. Depre- 
ciations were 8.2 per cent lower 
at BFr 751.Sm. 

Reuter 


peiU-uw ; ■. ■ — 

iCtirkey’s 6 big five’ overcome depression 

' by MET1N MUN« IN ISTANBUL 


j * 

deltas".-- • - 

VT-jrk n'.-. -•* - ' 

BASKETS BTtfE.Wggest private 
w ith iks'^eiijbyed . an -'excellent year 

\n - ^An nanaral nAnnO- 


iks ^enjoyed . an^xceuepi year 

>n t^97j. despite" the general econo- 

iMen^.flepressioii- . ■ • 

dthina n^^ggest of- the ' five,"Turtaye 

‘^Bankast: noted" that’ its total 

pelts had reached 55bn Tur- 

i-adii-' jfiB-BW) “** P« r cent 
her tan in the previous year, 
h. household deposits growing 
26 per cent to .TL 30b n. 
j ^Bank’s total assets rose by 
jfcr-cent to TL 83bn and profits 
tax 1 were up 20 per cent 
m. 631x0- 

jfliank. owned by the power- 
Sabanci . group, rose from 
■A J) second place .in 1977. 
nging -places with Yapi Kredi 
toast: •* 


Akbank's total assets increased 
by about 50 per cent to TL 44-bn 
and total deposits by 30 per 
cent to TL 31bn. Pre-tax profits 
were TL 3Slm, 8 per cent higher 
than in the previous year. 

Yapi Kredi Bankasi recorded 
total deposits 15 per cent higher 
at TL30.9bn. Total assets rose by 
32 per cent to TL41.7bn, and pre- 
tax profits amounted to TL311m. 

Turk Ticaret Bankasi^ 1977 
deposits were TL12bn, 30.5 per 
cent higher than In the previous 
year. Its total assets grew by 51 
per cent to reach TL17bn and 
pre-tax profit by 13 per cent to 
TL203m. 

Caranti BakasL the smallest of 


the five, also recorded a high 
performance rate except in pro- 
fits which, at TL6m was the same 
as 1976. The bank, which is domi- 
nated by the KoC group. Tur- 
key's biggest private industrial 
concern, increased its total de- 
posits by 23 per cent to TL6.9bn. 
Its highest growth rale was in 
corporate deposits which in- 
creased by 56 per cent to TL-bn. 

Garanti's total assets at the 
end of 1977 were 26 per cent, 
higher than the previous year at 
TL8.Sbn , . .. 

The interbank deposits of all 
five were lower in 1977 than 
1976. while their liquidity grew 
by an average 50 per cent. The 
highest increase in liquidity was 


that of Garanti at 71 per cent. 

The growth in the loans of the 
five was lower: just over 2 per 
cent for Is Bank and Garanti. 
15 per cent for ^api Kredi. 20 
per cent, for Akbank and 34 per 
cent- for Turk Ticaret. 

The high growth in deposits 
in 1977 is attributed to the in-i 
crease in the number of bmM 
notes in circulation. Similarly 
high growth is expected this 
yenr. due to the sharp increase i 
in interest rates introduced by 
the Ecevit government to encour- 
age savings. A number of new 
taxes, which have been intro- 
duced to lower the high rate of 
inflation, may also encourage 
growth in deposits. 


d^-AnsiraBa Sipc USB 

# 8pc- IOT7 - - 

raSa Sfpe UK ! ... — 
nUaa M.4S. fllpc tS 
tays Bank 8lpc UK— 
tier 9ipc lBW . — 

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t«pc mas No v. 1 

— — 7>*kcs paper 8|pc— IVS*-’ ~ 
,m jQu efye . a p r -jaaa.^.. - 

"1 


SELECTED EURODOLLAR ROND PRICES 
" MID-DAY INDICATIONS 

Hirf Offer 


i ! *»:£d iSPmsspc « 

(WL tWB*- 
mar WsnniBtr. Sbc-'W 
-..o^onndtaad; Spfi' USB ■ 
liS-Ie Inv. Bank Stwo Ug^l. 

— Ko«»:3k. _ s»« u«r^ 
hrS-te. 3>PC IMP; _ 


Mi Norsk Hydro -Stpc IB92 - 
nt Oslo 9 pc MW , 2 

97 Ports Auiouom® 9wr U91 » 

an prov. Quebec 8pC-1995 . r* 1 

Si Prov. SAskaickua. Blpc W 

•” Rcc<l Internailonal Bpc u»7 « 

ogx RRM 9PC U®2 ... . ", 

' -D83 Setectton Tnw S*pc W®_- — m 

- ErisIriWi ’ 0PC I9BI - ^ 

^''*sasair & 

- 7iK UM ^ 

- S '. Bell Canada 7!pc. 1W7 _-»® 

Br. OfluraWa HliU. TlPC ^’ ^ 
' as Can. Pac. «« ^ 

95 'Dow Chemical Sue ■“ — . 
i(0 ECS 7Iac lM3 ; -. ; -.n qjl 

OT ..waupeuu — s; 

P7i EEC 7*PC IW3 "J 

■OTS EECTlpClSW,,; ^ 

"9fi; Etbo Gnlaeit Sipc IBS* — ”*■ 


Mi fiotavetfci-n Tlpr 18S2 ...... 

qa 1 »; Kockum* Snr t«w 

OT •• ot; Michelln S£pc 19S3 ■■ * 

«, Montreal Urtan SJpc »»l 

OT ss; N«*W Brunswick Spr UM WI 
SS New Bruns Prov. MPr '» 

9 - oti N**vr Zealand 6;wUM - 9"J 

M4 91* Nordic lnr. Bk. Tlgc UM »« 
-971 **8- NoretrHydro7lpcttW ... M 

a-aLSBSiiSar*" & 

^afiWpW'S 


95i Trnwco 7Ipc !^7 MBy ... -i 
931 Volkswagen 71 i>c>1SCT —. 

99 STERLING MWi 
98 allied anmmw ' «qpc ■» ^ 

ot; cinron>i®ncU33 gn 

9fi comtanlda 9fec 1999 — 

93i ECS 9*PC }W9 - 98 

97i ElB Pipe MSS ■ 


«pema.a>naHero(r«arfon^. ' 

US $18,350,000 

-ji^feHysian International Shipping 
Cojporation Berhad 

• Guaranteed by 

? ' ; The Government of Malaysia 

- v Initiated by 

!i®hhn Boeh Lehman Brothers Asia 

. Provided by 

;^^ical Bank International Limited 

Marck;t97S - . • •• 








FlMnc^for’nidi oiPC i»7 S» ^ 

Finance for Ird. IOpc 19S9 MJ »'< 

Finns lOipr 1M7 W « : 

Cfsielncr line ISM *>1 J-* 

Runmirre 1WPC ISM S7{ 

S'jars IDlpc 1938 . »*. 

Total OU 91pc 18S4 911 • «• 

DM BONDS ... 

A'tan Di-v. Bank Slpc 19M Ml 

BNDE H-pc 19S6 9.4 

Canada HIpc 1BK1 i- ® mI 

Deo Norsk r Id. B*. «nc ^ 

Druiwhe Bank 41pc 1983 . OT OS 

ECS aipc 1 m 

ElB Slpc 3 3M - - 9?J S' 

Elf Aouita Inr 5lp»V 19S8 ... 

Euratom SIpc 1M7 971 W1 , 

Finland sjpc twa "J 

Forsmarts 5!pc IBM OT, 

Nowtsn Slpc 1«» U® *“• 

Norway 4lpc IMS E? 

Norway 41pc 1OT3 ®R. 371 

PK Banken 3-"nc 19^ 95 Ba3 

Prov. Oiinhcc lipc WOT •• “J* 

RontannUtk' itpc 1OT8 Ji; 

Spain fine 1OT8 - 9;; 

'Trondheim S.uc 19BS — ... • - 

TVn Power Co. Hpi* 19® .. Ml 9J1 

VnoezuMa flpe W" E 

World Bank 51pc 19M 97} » 

FLOATING RATE NOTES 

Bank of Tokvo IBM Slpc .. 99, IMi 

BFCE IBM Slpc OT» ]E. 

WW flllfiDC lOTi lOTf 

BOE Worms 1985 ” 

CCF ISOT-RIpc OT* ot* 

i-flMF 19SS 75oc 99; J™ 1 

Crcditamnah 19R4 Slpc 9BI 1OT 

rut Bank 1982 7U|6PC JM* 

rtFR 1981 RlMPC 'g' 1 51, 

inti. Westmlnsn-r 19OT Spc 99 J OTJ 

Llnrds IBM 7Jpc tOTj 1»* 

I.Trn IBS* 8oc OTJ 

Midland 1997 89|«,pr ■.■ ■■ 

Nui. Wirominsior DU. 1999 » 99. 

flKB 3B«3 Tlpc 9«1 

ONCF 19S5 RlDC 

cm. and Chtrd. 'W 7U»PC M3 ]OTJ 

Wms. and niyn’s OT Sli«pr 99 - 10 °* 

Source: While Weld Securities. 

CONVERTIBLES 

American Exnr-ss 91pc »7 87} OT 

Ashland 5pc 19SS ■■ ■ *J 
Babcock * Wilcox Bltw Vi 1KJ W* 

Baarrire Foods 4ioc 1WJ . 97J OT 

H.-airin. Foods <»oc ISK... 1"7* 1 *™' 

Rrorham «3pr 103 

RnriJwi 5 pc 1993 . ■• •■■■■ 

Broadway HalP Alpc 1987.. 7S_ 79 

I |i » 

l^k 'OT to 

RrODOffllc Lat^ •»•!« 1W7 771 < 

Firrdonc tor 8* ^ 

rjnneral F-k>r»r«r Jlnc 1987 ^ 2 

niiintte 41on *987 

rtpntd Sno 1OT7 3]* 

rtuir and W-V-ni 3pc 19JW 87 ^ 

«-rr|S 5"C 1093 

Ponrwt-U noc 1988 Jl: 

»«; S! I 

fi'-v 19K 

ITT tine l« ,v 

inqno «OT 1903 {.’’t ji 

ron»nai I'm 1 INI' • ; ],»; ,o 

r p»v MrU'-i-'O-* *’•» ?7 * 

I9D0 j'* 1 

-- ?T , M^an” n . D c IW7 ".: »l , ’« 
Source: Kidder. Prahudy Bcmrillw 


State aid | B< 

for Svenska 
Varv and 
Kockums “ 

roti 

By William Dulltorce !j oc 

_ M 

STOCKHOLM, Juut- 5 :_. Acs 
THE Swedish parliament has ov; 
approved a graot of Kr 2bn I stu 
(S435m) to cover Uie losses Ion 
or Svenska \ari‘. H»c state | 
shipbuilding P°“P' in “ * : *vi 
Kr 340m loan to Kockums, the : Mj| 
last privately-owni-d Swedish t rel 
company operating a major j va| 

shlp>-ard. ^ 1 in 

In addition Svenska \arv ; Ff 
will benefit from extra state hi , 
credit guarantees or up to l( . 
Kr 600m and so-cu lied "Ucprc- ; Fr 

dalion loans " of Kr liSm for ; P r 

owners plaelng orders with ils i J 
vards. The “ depreciation • JT 
loans" arc In e"J«t direct j h 
slate subsidies and are not , J 
rcpavable. Parliamem also ;Ff 
approved the spending of a 
further Kr 250m to develop 
- alternative production” at 

Ihe yards- . , 

These measures are intended ; 
to tide the yards over until jJJ 
the autumn. Parliament will : 

1 then consider a new bill on ! ^ 
f the future of the shipbuilding 
■ Industry, which ihe Minister » 

' of Industry. Mr. Nils Aasline, 
is cxpeeled to publish at the j | 
end or June. , , I . 

Sir. Aasllng said on Saturday ■*» 
that be was still convinced thai : r 1 
one or two more Swedi>h : ‘ 
vards would have to he closed. • - 
but in contrast with his earlier ' < 
pronouncements, he stressed ;c 
the possibility that the >ards i; 
could develop new heavy t 
c enajineering producis. I 

r Svenska Varv has blue- ( i 
i prints for iloalinn pelro- ,i 
6 chemical and gas liiinefartion !; 
r plants, while Mr. Xils-IIueo y 
Hallenhorg. ihe newly 
is aopointed execulive chairman j 
l- Of Kockums. said at the week- • 
it- end that before ihe 1990s his j 
ly company’s yard won Id he pro i 
is ducinc mainly other producis 
* than ships. Kockums is rfeve- 
iy loping new large-scale agricnl- 
r- tural techniques, including one 
w for the treatment of si raw, and 
o- a new smelting process for 
°f steel production. 

S e Mr. Hallenhorg's optimism 
about the potential or these 
— and other techniques is under- 
stood to have been one factor 
|sr iD inducing Kockums annnal 
« general meeting to accept the 
Ml 1977 accounts last week. 
SJi although the auditors had 
m declined to approve them, 
ss: 

”* PLM raises forecast 

PLM, the Swedish metal can. 
packaging and ''^'e'reatroein 
ot: concern, reports a fall in pre- 

tax earnings during the first 
Si four months, hut .s raising its 
Ot! sales and profits forecast for 
m, the year as a whole. The four- 
m: month interim report shows 

9« pre-tax earnings of only 
.jjg Kr 0.5m IS109.000) against 

m Kr 6.4m, on a turnover of 
97t Kr 637m (S138m). writes 

||j William Dullforce from Stock- 

9« holm. . , . . 

9si Extraordinary income boosts 
1 the pre-tax figure to Kr 4^.m 


I BOUS5AC TEXTILES 


The race for solvency 


I MARCEL BOUSSAC won again 
{yesterday when his colt Acunas 
I romped home in the Pnx _ d 
^ Jockey-Club. Jt is the 12th ume 
! m Boussac has won the race and 
Acamas' victory brougnt hi3 
owner FFr900.000 ^d PUta 
| stud-price of more than FFr 20m 

] on himself. . 

I Winning horseraces is. how- 
ever. about the only part of 
; Marcel Boussac's life which still 
retains its old gloo'. | And .J°® 
i value of his horses is only a drop 


1 vaiue ui mo — , ... ,, 

1 in ihp ocean compared with the l€ 
; FFr 107m losses registered u> ss 
, his textile master group tt 
•Comptoir de Hndustne de 
l France tCITFI la« year or toe 
-FFr 266m of medium and Ion.- ( 

! term and FFr 571m of short-term 1 
, debts which appeared in the final { 
I hub nee sheet before jjecon 
! cern's affairs were placed in the 
| hands of the Paris commercial j 

! C °A n i'itt!e of the dust has seitled : 
! since the court last week ?ut -1 _ 
■ Boussac group companies under 
• its direct control. Enth tne , 
! Government and M. Bou"ac h.m- ; 
j ^elf have outlined briefly what 
; i may happen next 
1 The Industry Minister. M-. 

1 Andre Giraud. has emphasised 
; that it is not intended to d s- 
i mantle the group and that its 
. I activities wili continue while it 1^ 

; : under court control. He has 
listed the following tasks for tne 

j* 1 group’s administrators: 
r I O Examine the books of all the 
il j companies to sec what the 
s ! precise financial situation is. To 
V 1 this purpose some 15 accountants 
I have been at work for almost 
»- ' three weeks. 

)- ! a Find out exactly what 
n m. Boussac himself has in mind 
0 i when he speaks of being ready 
v 1 to “agree to make new sacrifices 
n ti.i save the group and lo install 
k- : ,a manauemcni team “enjoying 
is 1 the confidence of the Goycrn- 
0 intent and. dare I say it of the 
,s I shareholders ti.e. himself). 


BY DAVID CURRY IN PARIS 

6 Make preliminary soundings 
among companies who might he 
willing to lake over parts of the 
Boussac group if the group as a 
whole cannot be revived. 

• Probably prepare a revised 
list of redundancies, with the 
Government doing its best to 
steer alternative work to the 
Vosges valleys which depend on 

' e Th e key to all this is still, to 
a large extent, the S9-year-old 
M Boussac himself. It was ht^ 
letter offering to «a)ec ‘new 

sacrifices” and instal a new 
management which apparently 


Candidates for sale to help 
the Boussac empire raise 
funds to lighten its debt 
burden include the 
newspaper group 
L'Aurore, the Dior fashion 
business and a stud farm. 


ted the court to cancel the pro- 
vious decision of a few 
earlier to allow the group a , 
three-month grace penod from : 
creditors’ claims and 1 

di recti v under its own conttoL 
The’ two main targets tor 
speculation as to how M. Boussac 
could raise money arc his news- 
paper group L'Aurore and Pans 
Turf and his Dior fashion and 
cosmetics business. 

Journalists at LAurnre have 
been told that the newspaper is 
fnr sale but there is a lot of 
politicking about who should 
buv it The Elysee Palace in 
apparently determined that it 
should not go to an -'°7. e „ ‘S 
Ijau Uls ^ 5 e r ! i n r ^ 1 t J 0I1S m FU ‘ Marcel 

r“in>e b a»S aS .o«". 

. daily). Purchasers as various as 
1 Sir James Goldsniitb » who now 
> controls the pro-Giscard weeUy 
L'Express). M. Raymond 


Bourgine of the bourse-orientated 
Valeurs Actuellcs, ihe Empain- 
Schneider group, the Dietnch 
croup, and M. Robert Hersani. 

The owner of Lp Figaro, who was 
a defeated 'Gaullist candidate in 
ihe constituency of Neuill.y at 
the last elections, have been 
mentioned. 

The election result, mn.c 
cynical observers point out. did 
M. Boussac a poor turn: had th e 
Left won there would have been 
much more urgency among the 
capitalist classes to buy a right- 
wing newspaper to reinforce the 
combat against ibe Uvvrnmeni. 
With M- Bane safely back, too 
Left no longer has jn army m 

th The^other candidate is the 
Dior business: when its chairman 
M. Jacques Itouet went to New 
York in the midst nf the Boussac 
crisis it was assumed that he was 
K olnc to seek buyers for the com- 
pany. He has since said he was 
only reassuring dicnis that Dior 
was not involved in the problems 
of the group. 

Finally, there is still the 
s Boussac stud farm Les Haras de 
a Jardy for which M. Boussac now- 
li seems ready t«> settle for about 
tt FFr SOm. Its sale has been under 
discussion for more than a year, 
ir While realising these asset? 
c would come nowhere near 
s- wiping out the group debt, it 
s- would clear the way for the 
id Government to make new finance 
available (provided, of course, it 
re approved of the new manage- 
rs ment team) while an agreement 
of with the creditors on dent repay - 
Id mem would also make new coin- 
is mercial credits available. t\tn 
it so. the group is unlikely m eicape 
th without heing subslanuatly 
ut slimmed down. 

■el Boussac is only one of a crowd 
irs of textile concerns in trouble: no 
a fewer than six textile groups 
as went into bankruptcy last week, 
ow directly threatening some 3.ono 
dy jobs not counting sun- 
ind contractors. 


Volker-HVA link planned 

BY CHARLES BATCHELOR AMSTEMAM. June 5. 


ROYAL Adriaan Volker, the * 
construction and dredging corn- 
pan v. and HVA, a group with 
consultancy and agro-raduism-i i 
operations, have begun studying . 
I the possible integraiion of some . 
! activities. The study will in 
particular look ut HVA’. Mbvl- 
ties in the areas of consultancy. 

| management, engineenag and 
i contracting m the agro-industrial 
i sector, the two firms said in a 
'.joint statement released today 
! The studv is expected lo take 
'several months. V.\s FlsIOO 
nominal shares were suspended 
! before the start of trading i today 
on the Araterdam Stock Exchange 
at FI s4 1.50. 

Volker is a group with exten- 
sive dredging, hydraulic engin- 
eering, pipeline and construction 
interests. Foreign contracts 
accounted for 71 per cent of its 
Flslbn (S445m> turnover in 197*. 
! it was Erst lifted on the Amster- 
dam Stock Exchange m April 


although the company said 
today it had been looking for 
opportunities to expand for some 
time. It forecasts that it would 
at least maintain profits in 
after a 22 per cent increase last 
year to Fls40.1m fS17.9m). It 
has an order book of Flsl.5bn. 


HVA is a company with 
interests in plantations, consult- 
ancy. trading, chemical and agro- 
industrial projects. It is still 
readjusting to the nationalisation 
of its extensive operations in 
Ethiopia three years ago. Eecent 
fighting has delayed even further 
prospects of compensation and it 
recently reported making no 
nrnfits in the first months or this 
year. Profit fell to JWO H.W0 
(S356.000) from Fls2Jni while 
sales were also lower at Fls59lm 
(S263m) in 1977. against Fls609ra 
in 1976. 

“HVA has a lot of experience 
we could use. Volker 


Unilever plans 
capacity rise 

By Our Own Correspondent 
AMSTERDAM. June 5. 
UNILEVER will soon begin 
expansion of its capacity for 
Fractionating vegetable oil* m 
Holland. Construction of a new 
FI 45m (S20m) prnducUon divi- 
sion at its Croklaan subsidiarj 
in Wormerveer. north of Amrter- 
dam. will start shortly. Builain* 
work will take about two years 
This will t-onsiderahly broaden 
the basis for future development 
'of ihe company's activities up- 
grading oils and fat* for the food 
industry. In the short term the 
enlarged capacity is needed to 
supply the company s SO or so 

export markets but in . lh liable 
term, Unilever aims to be able 
to supply the potentially larger 
market in Europe following the 
possible harmonisation of EEC 
chocolate legislation. Croklaan 
specialises in the production or 
1 cocoa butter substitutes. 




: ^ - V - _> ^ i • '■ ■ ' ' ■■■ 





Est ^ te ^ Kuwait 

; ’-; V S: v ■ ' ■ v kb js^oopxiob 

. ‘ Medium Term Loan 

- r ■ : V- v . .' \ ' V • • '• >■ /- 1 . "Managed by v 1 . 

1 r ; • r • *' provided by - . 

■ e „„ International Bankins Corporation - Bahrain 
Chartered Bank, °BU Bahrain ^ ^ 

■ international Financial Advisers k.s.c . 


1978 News Bulletin No6 

AStrategyofVigour 

thr* aresent and audacity in preparing for the future 

WeTniend'o^sTvere in . 

present and audacity in preP ar . m 9 J° r :ne |iH d income j n 1 977, by putting an end to the 
SJhich contributed of packaging 

losses incurred by certain sectors ° , ^ nginear i n g activities. We will take whatever 

paper, household glassware and ‘several engine b restnJcturing 0 f lh ese sectors. The 
measures aie necessary to t insure t ^he roco' v ry for 52% of net consolidated sales. 

Group's operations outside ^France ^ which no resuHs , t wouJd thus suffice for the 

have continued foriheir part .to -chieve consolidated results to attain the same 

le«l « U th« mVd« by™perI.fons abroad, (or the Group’s overall results lo be s.gmf.ean.ly 

Our'forecasts. on ^|sis o^ourMjsling suucturM^and cunejlt ^^'Yhjs'hicrease^s^an 3 
to believe that net sales F 01 ^ “ ‘ . IQ effects of the continuing economic crisis, 

expression of the Group s made, our expenditures on capital 

Because of the importance of th fas ^ r than sales. Finally, it is quite certain that our 
equipment wi l increase some _h ^ Unjted gtates and in Germany, will once again in 19 

SrsrsSfi^ P ^rr,bu£.obu^ 

Over the longer term t ^ e a view to reinforcing the Group's financial 
which may arise. It is to this e ' . gre asking our shareholders to complete the 

situation. wh ' ch / em f! n , s _l!nfHed V in previous years to increase the share capital, or to issue 
authorisations already a ?9° r d® P f CO nvertible bonds with priority rights of 

no definite schedu,e for proceedin9 w 

these operations at the presenttime. 

confirmed by events. The a s q ■ osslb | e re fusal, France's vital forces would have 

Conscious as we are of \he Jo? over K pastTh^ w ® h ^ ve 

increased our expenditures ^ fibre technology and automobile safety glass , 

achieved recently, particularly in effort The Group has succeeded in maintaining its 

level in comparison with ha international oompatition. 

rftTTrrs 

SAIMT- GOBAIN - PONT- A- MOUSSON 










36 


$inaridal 


INTERNATIONAL FUNANCiAE 


COMPANY NEWS 


AUSTRALIAN FUND RAISING 


More states are lookin 



Br JAMES FORTH IN SYDNEY 


Loss at 
Sasebo HI 


as debts 



deferred 


and London’ His mission is to of iHe stales, throusb their will have to pay for some of the scheme 10 supply oorts in the, 
Dlace the state of Queensland on various slate authorities. The infrastructure. *I'l r , l i iei n part of l,lC sl i u * -l 10 ,? 

the international lending lists, sialc? have become increasingly The stales have been pressing A$40m to ASSOm for 
O^eeiSlSS aims to raise at least restive in recent years as the for at least 12 months for lure for the A I west l « u » t * 1 ! l ?2 
ASlbn over the next 20 vears. capital costs of new develop- changes in the Loan Council alumina project. Queensland 
Knox carries with him a 16- menls. such as power stations, system. Canberra began to take wants ASlbn over -0 years fur 
Tu Be nrosuectus outlining the 3nd rail and road facilities, have notice when tbe states began to unproved port facilities, water 
advantages of lending to Queens- risen dramaticaUy.but because of find ways around ^the system, supply and 
land. ’ ’ • ~ ' 


His tour is similar to those 
being made by other Australian 
states. The Premier of New- 
South Wales, Mr. Neville Wran 
recently returned from an over- 
seas trip where he canvassed the 
prospects of raisins at least 
ASSOOm for State projects, includ- 
ing a new coal loader, upgraded 
rail facilities and power station 
developments. 

The Premier nf Western 
Australia. Sir Charles Court is 


- - - a.G-d sewerage pro- 

budgetary limitations the Loan The Victorian Government s state grammes, irrigation and electri- 
fication of country railways. 

NSW wants up to A$lbn. 
largely for its new coal loader, 
power and rail wav works. South 


Western Australia, as reported in the Financial Australia is talking nr raising up 

j . - 1 « ■ a. to ARtnClm in nrnvlrin Ihp LH fta- 


Times yesterday, is seeking international finance. “ n ^ m “ 


Other Australian states are planning similar 
moves: James Forth explains 


project at Redcliffs. based on the 
liquids in the Cooper Basin 
natural gas fields, while Victoria 
required large sums for iLs 
power schemes. 

The states’ overseas sorties at 



1 B Victoria*™!! 1 South ^Australia where " large” scale “natural through tbe issue of promissory ings. and more importantly, the 

are also looking at overseas resources ventures ha vfr occurred notes for the Loy xang power amounts they can seek have noti 

markets to borrow large amounts in remote thinly populated areas, scheme, which cost A$400m to yet been decided, 

of funds ihe mining companies involved ASSOOm in tbe first stage and If the treasury has its way the 

It is all part of a fundamental have had to pay ror many normal ASIJSbo to A$2bn by tbe tunc it slates will still find themselves 

reshaping of the capital raising government services, such as is completed. in a relatively tight strait jacket, | 

arrangements between the water supplies, mads, railways, The SEC. backed by the State a maximum borrowing j 

Federal Government and the housing, and so on. The capital Government, maintained that ceiling for the combined stales . 
states. Since 1929. when a body escalation has been greatest in t ^j s f orm of fiaancing was not a about A$3D0m. The Treasury 

known as the Loan Council was those services and many large borrowing as such and therefore 1* concerned abour the Federal 

formed, the right io arrange ventures still on the drawing Loan Council approval was not Government's ability to control 

Australia the money supply and io manage j 


The Li* of Applications will open at 10 a.m. on Thursday, 8lh June, 1978 and will 
clou dp the same day- 

Ttns i'ffir t* made in wroidaur*: with ■( i!i - u«:m*I i ins will -i/'Ctt b-/ tin! Trcnsprv 
llnth ’ the ij'llml hi Bin r.irruw Order IJ.V-. 

Application has Dee n made in Ihi- Couin.il of Th-' Suwk ExihaUkc for int SlOifc boms 
issued 10 bo admiUc-i io ihi- t'Hicial List. 



CITY OF EDINBURGH 

district mmiR 


OF 


£25.000.000 Gty of Edinburgh Dislriei Council 
Variable Rate Redeemable Slock 1983 


luthtrrtxcd hi/ the Gift/ n J Ktitnh’iro'.i I'txlnel rm/m tl nml issue rf in ,i.vnr«f/IW'' >(7/h 
the proo sums of thr Lnml Cm' •tiiwiom i.Snillnnrt' ,KI 197.7. m.d ifu* Lnc/il Aullurilu 
Stocks rn/ri Ben-1 s -Srntlii mi' Bc’iuhiuons I97X 


Price of Issue £100 per cent. 

PAYABLE L\ KULI. *'X APPLICATIOr: 


Interest (less Income lax) will be payable hair yearly on 9th Jane and 9th Decem- 
ber. A first payment of ES.&5S9 (less income lax) per £1C8 Stock will be made an 
9th December. M7B. 

The M'Kfc is an unextment fttlWM Whin Purl If Ihe First Srboiitle fu the 
Trust re Inrcxinicuti .lei Wl. 


In li.cardaner v, i»h 3 R—ulu'ion ea ts, i| hv ibe- O'- of Ediuburah DiurlCl Council 
on ihe I9lh Mas. 1978. RANK OF SCOTLAND are aui*inri:-..rt id ri-i aPPli-.-al'ons 
for the above amount of Slock at l he to Issue Depariiiu-ni. F.«». Pox 35. :io Bi-shops- 
*aie. London EC1P -EH. 


1. SECURITY.— Th* Slack and iho mlun-si lh«*rr»n will he -cr/nred Ul»n lh— 
whole fundi, rules and revenue? of Ihe Council and will rank |«n jw.-.sn w:lh Iho 
■xtsiiny and fati/re debl nr ih.' Connell. 

•J. PR* 'VISION l-nn REPAYMF.T *'F L'iANS.— T ho Cnni.oi is r< cinir- *1 hr \> i 
nl Parliament to make annual provision inwards redemn“oii ol loans raist-d lor ca anal 
expenditure. 

n. mpPl/SE OF ISSUE.— Th- IK I proceeds 0[ rh«- nr-i.nl Mill" nr Stock will he 
applied io finance authorise r.ini:al •■cnendiinre and ir repl.n* ni.ilunn.: ilihi. 

4. REDEMPTION nl- RT'*CK.— Tbe Slock will h* n-Je.-nieri m pai rm !*ih .Inn.-. 
IWT. unli'ss ormouslv cancelled hy purchase in the np-n nurtn nr by asreenieni 
with the holders. 

5. REUISTRATinji— The Slock will be rvcisicred and iranslorahle free of vharse 
in multiples nr one pound, hy inctrumem in wnliaa in accerdam.v truh ih- Stock Tnutsfi'r 
Act I9«: at Rank of Scotland .to RLhoDseaic. London ECJP ?RM i- ih- R-Aitirar "*. 
In respe.-i or iranafers lodcM h- hand before noon. Siu* k CernRcalis mi lh> nauie 
nf the trarsfrreeisi will tv- .ivallaltle (or collection hy " pm. nn the sjm- dav. 
I'enifiraN'S m n-sp* rt or iranifere Indeed bv oosi trill hi s.-m br nr<Mnar>- pot' ji Ih 
n«k of the Sinckhnldenj/i in ihe iiirsi named' rculsured hold* r ai his her rcci-i.-rcd 
address unless msirueiions io ihe •■nnirary are siven in w rinnc. 

a. INTEREST —I meres i ik-.s income las* will he parahh hv half-scartv insial- 
menls m arrear on 9ih June and 9ih December /-* intrn-*i Paym-ni Dales”*. 

7. TRE HATE of INTEREST. — The Hrsi parm-m ■'! inOTesi will he made rm 

9ih December. 1978 ai tb" rare nf per -.enu *1' S9 income lax*, be i tut I^H ikljihs 

of ihe rale her annum determined hv Rank of Scoi land, aennu as an • xpen. to he 
equal to l per com. per annum ahnve ihe asrrauc < rounded un wards io iho nearest 
0.0001 per cent.) nf ihe rales ner annum .il which Bant or Scotland was advised by 
Barclays Bank Limited and Lloyds Associated Hankmc company Limned, a wholly- 
owned Mhsidiary of Llords Bank Limited '“the Refer, nee Banks ”i ihat sierUnc 
deposits in a marketable amount would b- Offered 'o I hem for a period Of Six 
months in ihe London Imer-hank market ai or about 1* a.m. un .Mh .June, I97S. The 
rale of interest payable *■• Inieresi Ra'e “i on egch inien-sr Pay men Dale jiibscquent 
to 9th December. 1978 in respect of the Imnicdlaielv orere-dlnn half year i" Interest 
Period ”> mil he the rai*- n*.T annum determined by Rank of Scotland act mu as an 
expert, io be -dual in ? dit eeni. per annum ab*ive I tat av-rauc > rounded upward io 
ihe nraresi 0.9091 ner cent i nf the rates p. r annum at which Bank of Scu'land is 

advisod br .-a-h or ihe Reference Banks ibat merlins -ieposiu j markciablc 

amount would he ofTered rn them far a period of six monihs in ih«? London ini*-r-banh 
market at or about 10 a.m. on Ihe business day fraracdiai. ly nre-cvlmc ihe comnu-oct.- 
meni of such Interesi Penori i” Rale Fixins Day "t. If either of uk Reference Banks 
•hall rail on reouesi io adii*** such rile to Rank or Scotland on airy Rile l-'lxfOK Day. 
the In'etrsi Rare- shall be di-'erminod by reference io ihe rate advised hy Ihe other 
Reference Bank. 1 1 both Reference Ranks shall so full Ihe luienst Ran- shall be 

that determined as hems fair and reasonable hy Fjnfc ol SeoTlan<1 a. inis a*- an 

expert. The Council will use ns he« endeavours 10 ensure that there '•'III at all 
limes be rwo Reference Bamcs. With iho agreement «r Bank nr Scotland ihe Council 
may appoint any lead me bank In the city of London a* a sul/sufiR* Reference Bank. 

A certificate or Bank of Scotland as io the Interest Rate pavahlc in icsvct ol 
any Interest Penod shall be conclnsnv and hindlnc on the Council and B'ockhoiden 
Ea*h deiermination of ihe Iniercsi Rale far Interest Periods oihcr than the first 
Inrercsi Penod shall be certified io the Council and M Th. Rtoek Evchnn-.-e not later 
than 9 '.lO a.m. on Uie first bufln<*v«i dav of the relecaie tnli-ri-M Period hr Rank of 
Scotland and ihe Council will cause such rate ro be published in two leading dally 
newspapers noi more than one business day later. 

8. PAYMENTS. — Payments of principal and in lore**! will he made by warrants 
available for Town Cl-arma in ihe City of London, who It will we sent hy post at ibr 
risk ol the Stockholder's-. In ihe case of .mint accnunLs tin* warrant will h- fnnvardrd 
io ih** person first named ill me ai-count unless liUtnK'Inns ID in- mmrarv are chvn 
in wniins. Payments or principal will be made a^oinsi .um-ndcr of Uk rek-taiu 
Stock Ccrii/fcaii-'s-. 

9 STATISTICS— Relal iiin m the C'tv of Edmhurch Disinct Conn-'il 

Popolaiion June. 1977 iRcaisirar rii-neral's csifni.il'" . ... . 

KaicaM" Value — im Apnl. 1973 'fsilmjied' . . 

FTort'wl nf a raw- of Ip In 1— April. ISIS *-sliliW<-il> 

Exclodlnc n-soiirr' ,, s cl?nwnr of Rale Snnnori Cram 

Inrladinx resources elem-.ni of Rale Support « Irani 

Pisirici Council Ram per £— I97S 79 .... 

.Net Inan deb' ft aret March. 197? 

D*’bi administered by the Distnu Council 

Less :D-.hi refannp io oihcr local authorities and 
bodies 


4'vi.9-r: 

£17 *'.mU.vOO 


n .l'T'.'.joo 

tl.S03.C.'4 

Up 


— -ia.T3.4l3 


m.ITJ.SOt 


Add: Dehi relatlns io Distrli-t Council services and 
adoumsiered by other local authorities 


r-ir-.TJi 


EU5S.-rei.5W) 


10. APPLfCATroX PROCEDlt R E. — Applications cm Ihe preserlhed farm, aeoirn- 
pamed by payment in fun will be received ai Bank of S-iulnnd. New Issue Dent.. 
P.O. Ros !S7. M BIshopfRaie. T-ondou ECJP 5EH on Thursday. Sih June. 1978. and 
must be for a minimum ot £100 Stock or for multiples [hereof up to £l.noo Slock. 

Larger applications must bo made in accordance with ih- fallow inc scale - — 

An plica' ions above £1.000 Siock and no! exceed! ns to.iwii Mock in multiples of DUO. 

Applications above 15.000 Stock and aot cxcccdmy iin.yuu Stock in muluplcs of 
n W». 

Applications above CO.OOO Stock in multiples uf DOOii 

A separale cheque made payabl.- io " Bank of Semlan-J ” and crossed " E-Ilnhnrrh 
Ijoaw '■ ri-pre«ew»ns *Ttnm ii» lull m ihe tsau*- uric- and >lrawn on a bank in and 
made payable In Scotland. England, or Wales, must atxi'inpauv - a >’h appltcaiion No 
anplicaiion will h.- considered uali u ihest ..ondmnns jri fulfilli rl. Payments of D.UOO 
nr ninre should be made bv Banker's draft or by lIk-oui- drawn an a Town Ch-anns 
hran-b or a Bank in ihe Cily or London. 

The Council n->TK Ihe r-rtlii in inytrucf Bank nf S-iul.niil -li in present all 
cheques for payment and to retain the d--Hnmve Sin-.k Ci r|,ficalcs and sorrlu-. 
appti--a'ion money ncndtnc clears lire nf ihe anpli--afii*' ■ h.-nucs a;i- J ■:’« io reject 
any apnbcauon or io ac-vpt any aopli-.'sllon In pan nnlv. if any .inplicaunn is run 
awopicd rhe amount naid on apnlication will ho rciurn-d hv po.i yi tbe applicants' 

risk and if attv applies' ion is aceepicd for a smaller am ol Sio*.k than lhat applied 

(nr. Hit balance of the amount paid on application will be returned likewise. All 
moneys will he re' U mod by Town CleariRK cheque exorpi ihai ihe Council reserve 
the rfnht to matroei Rank of Scotland to return 3urphis anpli-.-aiiun moneys hy m--ona 
of a choaue drawn on h Senttish branch of Bank of Scotland io any applte.xnl who?-- 
application u-jc pnt supported by n Banker's draft or by a cheque drawn on a Town 
ClearlnK branch nf a Bank in the City ol London. 

Each apolicanr in whom an allotment is made will he vm a definitive Stock 
t'oruficnic. Tr Is oxoerlcd that such certificate tril 1 he nusu-d on Sib June. 1878 and 
that dcaliiuts in the Stock will beam on 9th June. 187?. 

IT. Prospect uses and appbcallon forms can be ubialncd from: — 

BANK OF SCOTLAND 

New- Issue IX-paruTiL-nt. P.O Box 28/. OT Bishops cate, London EC2P 2EH and 
the pnnelpaf offlecA of the Bank. 

R. NIV1SON & CO. 

■15. Austin Friars. London EC2N 11 B. 

DIRECTOR OF FINANCE 

City of Edinhurab Distrul Council. Cur Oi.inib*:rx. Hiih Street. EJinbumh 
EH1 1YJ. 

by order ol Iho Council. 

LflVAKn ii. ilI.ENUINN'INR. 

, i'll ■ -1 i /'■vsiije.' 

rFX.ll. H STOUT. 

LH rerun r-f f inaece. 

ruy Chamber*. 


Hirt'Stwt- 

ihursh. : 


F.dlnhursh. EH1 1VJ. 
5vh June, i«9-* 


appruv 

needed. Western . . - - 

begao lookin? al an alternative amnestic monetary policy so as j 

fichemp. similar io leverage lo contain inflation if the borrow- j 
leasing, and which if imple- ms curbs on the stales are 
monied would enable its slate unduly relaxed, 
utilities, which do not pay taxes The Federal Government 
lu pass on depreciation and 'wishes intending borrowers to 
investment allowances to tax-pay. join a queue, and wait their 
ing lenders, thus reducing the turn to borrow rather ihan nave 
flow of company lax revenue to several state instrumentalities. 

and perhaps the Commonwealth 
itr-elf. actively borrowing on the 
that overseas “Pilal market at the 
same time. It also wants any 
borrowings to be for lonq 


Canberra. 
In May. 


the Prime Minister. 
Mr. Fraser, announced 
borrowing restrictions would be 
eased on semi-government and 
statutorv authorities. 


periods. 10 to 20 years, at fixed 
rates, and pronoses a “severe 
Borrowing proposals would embargo ” on the negotiability nf 
still need to be put before the securities issued by ;he authnri- 
Loan Council for approval. A ties, which would tend to eon- 
problem arose over the voting centra tc attention on the U.S. 
rules which Mr. Fraser described domestic market, 
as “ requiring a simple majority. Supplier credit arrangements 
including the Commonwealth. would generally be allowed hut 
This was his way of stating there would be restrictions on 
that the Commonwealth wanted buyer credit deals. It is also 
the right of veto over any proposed that credit arrange-, 
approaches overseas by state menls should relate to capital j 
instrumentalities. emuDment only where tbe net 

This differed from normal effects leads to nc. increase ini 
Loan Council voting, where the money supply. Exnorl credit \ 
although the Commonwealth has would be applied fn capital | 
greater voting powers, it can still equipmen l only where it is; 
be over-ruled if the Slates com- certain that it does not relate 
bined against il. The slates, tn services to construction in j 
anxious to start seeking -develop- Australia. The question of • 
ment funds abroad, finally agreed guarantees is -also yet to hei 
to the Commonwealth veto, pro- settled. At present borrowings 
vided this arrangement was by the utilities carry a state 
reviewed in three years' time. government guarantee. 

The states are now talking It is expected that these 
ambitiously of the sums they will matters will be thrashed out at 
raise. a meeting of the state premiers 

WA's Court is confidently talk- with the Prime Minister, on 
ing of raising ASlOOm. next year. .Tune 22 and 23. on Mr. Fraser s 
rising -to ASSOOin. by 1990. The return from his current overseas 
more immediate projects include trip. 


By Our Financial Staff 

SASEBO Heavy Industries, the 
Japanese shipbuilder, made an 
after-tax loss of YLlTbo. 
(S52Jm.) for the year to March 
:;i. compared with a profit of 
Y570m. in the previous year. 
The company also announced 
that, in the latest in a series 
of moves, its creditors — mainly 
Japanese trading booses — had 
agreed to defer repayment of 
some Y2hn. <$9m.) of Sasebo's 
trade bills which fell dae yes- 
terday. 

Meanwhile, another troubled 
Japanese shipbuilder. Hako- 
date Dock Company, made an 
afler-tax loss of Y13.75bn. 
(S62ra.) for the year to March 
31, compared with a deficit of 
Y298ni. id the previous year. 
The company's sales fell to 
Y3&99bn <S176m>. from 

Y54.48hn. It is again paying no 
diiidend. 

Sasebo reported a slight in- 
crease in sales, to Y 79.45 bn. 
(S358m). from Y79.07bn. The 
dividend is YI.5, against Y5 
the previous year. 

The company said that it 
could not make a forecast for 
the current financial year be- 
cause much depended on tbe 
resnlts of its rationalisation 
programme. It is thought, how- 
ever. that turnover this year 
may fall to around Y50bn. 
some 60 per cent, below the 
1975 peak. 

Orders received lact year fell 
37 per real, from the preced- 
ing year to Y35.6hn. most of 
which were for products other 
than ships. 

The backlog or shipbuilding 
orders would run oat by the 
cad of next month, it added. 

Sasebo is reducing iLs work- 
force by 1,600 to 5,000 under 
a three-year reconstruction pro- 
gramme, proposed by the 
Transport Ministry. It last 
month declared debts totalling 
Y 120 bn. 

The Japanese Government, 
along with the company's man- 
agement. shareholders and 
creditors, »< continuing efforts 
lo salvage Sasebo. 

Last week, tbe company 
obtained a special loan of 
Y500m from a Japanese bank- 
ing consortium, including Dai- 
Ichi Kangyo Bank, for its end- 
month settlements. 



BY YOKO SHIBATA 


DESPITE negative margins on 
procured funds at 10 out of the 
{ 13 Japanese City banks hi - the 
' latest six-month accounting- 
period. to March, combined; cur- 
rent profits of the banks gained 
6.8 per cent- over the- previous. 
September 1977, term. Improve- 
ments in profits were attributed 
to the bank's sharp.' gains' on 
securities, which rose to 
Y115.4bn (5520m) from Y57.72m 
previously. — 


Operating revenues aggregated 
Y2.99 trillion (mill iod ; million), 
down 3.2 per cent from thie Sep- 
tember term, as a result -of the 
sluggish lending pattern. Margins 
were squeezed by a series of 
i cuts in official discount rates. 
. Fuji. Sumitomo and Saitama 
Bank showed barely positive mar- 
gins on their procured funds. 


However, the banks put in 

l band various rationalisation mea- 
sures such as cutting jobs. Cur- 
rent expenses at the. .13 fell by 
Y116-2bn, as a result of reduced 


interest on calL loans and tower 
operating costs- . . 

During the six months, net 
sales of securities toy tbe -citf 
banks - totalled Y1.25 trillion, 
against Y1.17 trillion previously. 
According to b anking sour ces. 
City banks sold a large amount 
of securities in order to under- 
write a sharp increase in national 
and local bonds. • . 

The sales of securities were 
also linked with the toad .debts 
which the banks had to write on. 
Combined had debts at the 13 
totalled Yl03.7bn, compared 
with Y218bn in the. September 
term (including lhat oi Ataka 
and Co.) . Of tbe Y103.7bn, 
direct write-offs accounted for 
Y147bn. and the indirect variety 
(banks’ appropriated funds for 
writing off had debts in their 
special reserve) for Y89bn, which 
increased sharply, from. Y23.3bn 
in the previous six months. 

Both Sumitomo and Kyowa 
Bank wrote off bad debts related 
to Ataka in last Septembers 


- • : - TPKYb^'Jut| f ' 

term, -but they aSo- approis 
Y36bn and ,Y12hn 
. from their special reserve 

writing off: subsidiary bad 7 
related to Ataka . 
half-year. .Following, 
of T 3 dal last' February.? 
hanks (Fujk Bank crf ; ^ 
* Dai-Ichi . Kangyo - aad -4 
Bank) .wrote, off :Y2i2bn& 
- Bad -loans Jtpart. the-f 
moratoria orr .tnterest'.pa* 
for so-called r> * structural 1 ^ 
sion " Hit Industries, .also g 
bank earnings.. Recent ’r 
measures invol ving ; the-kh* 
of interest 'p&ymentirfor 
Industries arid Fuilaash $2 
Daiwa Bank '.(YTSQmL; 
Hakodate Dock toy Fuji 7 ? 
(Y400m) and" Hokkaido * 
shoku Bank-(Y30(tar) affe* 

' profit- outlook of 'these .ban 
the -September . term.--- - .- 


Combined net Jirofits'di 
13 banks increased by.: 4a 
cent, oyer the .- previous- 
months. ! T* - 


Wearne ahead at halfway 


BY H. F. LEE 

WEARNE BROTHERS, a leading 
motor trader in Singapore and 
Malaysia, has reported a 16 per 
cent increase in group pre-tax 
profit to S$25.44m t$US$£6m) 
for the half-year to March. 

Although this is substantially 
a slower rate of growth than the 
record S 2 per cent achieved in 
the previous first half-year, the 
increase, aparpentiy,. Is. broadly 
in lioe -with the groupjs expecta- 
tions. 

The group chairman. Tan Chin 
Tuan, in his last annual report 
warned shareholders against 
expecting the previous perform- 
ance to be maintained. 

Post-tax profit was 15 -per cent 
higher, at SS7.99m ($US$3.4m). 
while group turnover rose by -14 


SENAPORE, .June 5. 
per cent to S$161-6m (USS69m).- 

Wearne has decided to raise 
its interim gross dividend by 50 
per cent to 5 per cent . The, 
previous year’s interim dividend 
was 3J3 per cent after adjusting 
for the one-fop-two scrip issue 
last year. 

Touching on the motor vehicle 
market. Wearne expressed con- 
cern over its Singapore sales. 
The increase in additional regi- 
stration fees on new passenger 
cars introduced in February this 
year, it said, might retard sales 
in Singapore. 

In Malaysia, however, Wearne 
said, the market for vehicles 
remained buoyant, and sales are 
expected to be maintained at 
current levels. 


CCM reverses two-year slide 


BY WONG SULONG 


KUALA LUMPUR, June 5. 


Sanko Steamship 


Sanko Steamship Company net 
profit in the year to March 31 
fell .95.7 per cent, to Y168m 
($757,000). from Y3.89hn a 
year earlier, AP-DJ reports 
from Tokyo. 

Revenues decreased 6.8 per 
cent, to Y3X4.S2bn <S1.4bn). 
from Y337.66bn. 


Chemical Company of Malaysia 
(COM), an associate of ICI Inter- 
nationa]. has succeeded in revers- 
ing its slide in profits ol the past 
tivo. years and has reported a 
modest 7.3 per cent increase in 
pre tax profit to S.8ni Ringgits 
(U5$3.7m) for the first-half, to 
March 1978. 

Despite strong competition in 
the Malaysian market arising 
from the heavy imports of ferti- 
lisers. CCM's sales during the 
period rose by 15 per cent 
★ *■ * 

Pegi Malaysia Berhad, the elec- 


trical and marine engineering 
holding company, increased its 
pre-tax profits for last year by 
11 per cent to 3.07ra Ringgits 
<USS1.3m> and is increasing its 
dividend from 20 to 30 per cent. 
Wnrg Sulong writes from Kuala 
Lumpur. In addition, it is giving 
a qne-lor-five scrip issue whicto 
is made out from 1.24m Ringgits 
from its capital reserves and 
share premium account The 
new scrip, however, will not be 
eligible for the dividend 
declared. 


Africans look 


at credit and 


crop insurant: 


By John Worrall •; ^ 

NAIROBI Jo* 

A MAJOR problem for 4 * 

ante companies -in Africa 
their “ image.” the Sixth A£‘ jf *11 1 
Insurance Conference. being' - 

In Nairobi was told today^bj’ 

Simon NgwTn, mana^ng^dir 
of the Kenya National Assut 
company. 

’■ Only too often dpes one' 
that insurance companies 
only too happy to.?rei 
premiums bat 'most reluctsn 
settle, claims.” said Mr. Ng 
“I do not -wish -to say'tfi 
true, but to a lesser extent 
could be a fair allegation'” 
Educating Africans 
ance is likely, to be discuss? 
length. Opening the confer 
today, the Kenya Fin 
Minister, ML Mwai KT 
touching on this, called 
delegates to devote time to 
with such problems as hew 
to advise the rural people ir 
field of crop insurance. - 
On this question Mr. Nf 
said already African fan 
were making inquiries a 
crop insurance. 

Mr. Ngwiri said very few j 
panies undertook credit ir 
ance. “but African flnancia 
stitutions keep on remindin 
to do something about this 
so far nothing has happened 




THIS ANNOUNCEMENT APPEAHS AS A MATTER OF RECORD ONLY 


/• vi. pa; 51 


Tltc LiM. «l Apalicaiions will one n at 10 a.m. mi Ttaursdaj. t\h June, MTS and wttl 
close on Uic same day. 

APPLICATION FORM 
lor 


Gly of Edinburgh District Council 
Variable Rale Redeemable Stock 1983 


Issue (rf £25.0110.000 Slock al £100 per cent 



To: ISVfK 'ir S'.'OTl.AND 

New Issue Dvparuncot. P n. Bo* 2'?7. m CishouscaK'. London EC2P CEH. 


l ift hereby apply far 




■say 


.. puund.ii n| ciy ot F.illntaurch 

Disinci council VariAtalc Rare Re/hi-muMv S'Ock. 19S.1 a*um1inu io ihe tvodmons 
conuiri'.-d in ih<- Prom-jcl US daiod 3ih Jon.-. 197S and underlain 10 accent the same 
or any lew amount ibai may be alloili-d to me us and lo nay fo. ihi- same in cun 
Inrmtty with the terms or iho said ProsiK-ctus. I We rcqu*-M ihai any CrniOcaie in 
respect of Slock a doited IO me. us he sent m me us hy now ai niy/our risk io Ihe 
first under-meniloned address and Ihai such ‘'lock be renisivrvd in my.our name's). 

1 We enclose ihe required parmi-m nf £ berns payment 

In fall at the rale of flat per cent, on the nominal amount applied far. and irarrani 
that ihe cheque attached hereto will he honoured on first pn-K-ninnon and acrec ihai 
auy alfarntem of Slock is made sinclly on this undcrsiandm-. 

( We declare thai 1 am nol no one ol us resident outside ihe Scheduled 
Ten-nones' wirhin ihe ntpamne of ihe Eschanco Comrol Am. ;?47. and thar I we 
shall iwi be acoumne Ih" Sioek on behalf of or aa nomiiii-v'si 0 / any person's 
resident outside Ibos: T-.rrl tones. 


I97S. 


Xfil.V ITI’flF 


Ml 


First Xamctsi (in full' 


Surname 

■ Mr.. Mrs . Miss or Tnle 1 

Address nn lull Including postal code' 


Please use Block Lcuer> 

' In rhr case of joint a noli', a linns, further applicants must .i„n ond complete below 


First Xa me S‘ m tall 


Sumfim.’ mpf P**siSPMfN4; . 

■ Mr.. Mrs. Miss or TlUc' 
Address in full 


Please use Block Letters 

Sfanofu rc 


First .Vonf ■' 1 > m lull ... . 


Surname nrj t'rnjriirrnr 
■ Mr.. Mrs. Miss or Tnie* 
■ Iddri-as in full - .. — 


Please use Blech Letters 


+ Applications must be far a minimum of cuo Stock or in muiUplas Uwrcof bp Io 
El, ooa stock. 

Larger applications must be made In accordance with the following scale: — 
Applications above El.DQO Stock and not exceeding CL0M Slock in multiples of ES80 
Applications shore £5,099 Stock and nol exceeding £20.000 Slock m multiples of 0.000. 
Applica Lions above £29.000 Stock In mulliples ol £5.030. 

Instructions 

1 In ih" *av of jmnl applicam*. .ill must Men and. in ih- i-a^e of a Lqrporaiion. 
ihls f'lrn: m"*i !■■.■ omnli’icd under liand hy a duly auihnri^ j olflccr who should 
Male bis di ywnalion. 

C. Pkri»- 0111 the rh< nuc 10 ihi^ form. Siapl-^ should poi he uacd. 

A. A SEPARATE OHEDUE. WHICH MUST CE DRAWN 'IN A HANK OR BRANCH 
THEREOF IV SCOTLAND. ENGLAND OR WALES. ML ST \ccnMPANY EACH 
APPLICATION FORM. Nti APPLICATION WILL EE CONSIDERED UNLESS THIS 
CONDITION IS FULFILLED. Payments Of ta.ohO or mor. snould he made hr 
Banker's drali or l>v cheque drawn 011 a Town CS-annc branch of » Bank In th" 
Ci'r of London In this ooitnecion. attenUon is drawn 10 )0 l- rroetsloos of pArasraph 
3 below regarding the return of surplus application moneys. 

a. This farm should be compkr.d and sent in: — BANK Op SCOTLAND. NEW 
ISSUE DEPARTMENT. P.O. BOX 2S7. 30 BISROPSOATE. L"NDON. EC3P 2EH. 
with a cheque payable to Bank of Scotland for ihe amount of the payment- Cheques 
must be crossed " Edmbursfa Loan **. 

3. No receipt will be issued lor the amou/u said on appBealJon but an 
acimowl"dqcak.-ni will be forwarded ihrounh Ihe post at ih- risk of the applicant'?' 
either by a definllnv Slock Certificate »taqrlh._-r with, If applicable, a Town Clear I ns 
Cheque for any amount overpaid* nr bv re! urn or UK appliraiiuii moneys The rUhr 
is res-.-rwd »*» return surplus moneys by means of a cbeutie drawn on a ScotMsh 
branch or Bank of Scotland to any apnllcant whose apphea'ian was not supported by 
a Banker's draR -ir by a cheque drawn on a Town Clearing branch ol a Bank in 
the Cilv or London. , 

■ if th'« dcrHaration cannot be made, n sliould b.-- deleted ami refiwnre should oc 
mod.- 10 an Auihons-1 D-.-posiiary or. in the Republic nf In 1.1ml. an Approved Atcai. 
ihroneh whom lodanicm should be effected. Authorised Deiuxiuries arc listed in 
Iho B.mfc of En^landS Nllkr E C. I. and indu*je masi banks and SlOCkbnikin-s in and 
rolieiinrs practisitu In the I'clted Kinsdom. Ih'- Channel Islands at iho Isle of Man. 
Approved A-'*nis m the Republic Of Ireland are defined *n tho Bank of Enxland s 
Notho EC. fu. t . 

1 Th- SchodaJrd Term ones ai preieni lomnrts*-: ihe L'nurif Kingdom, .tho Channel 
Islands, the (ale nf Man. the Republic of Ireland and Gibraltar 


Saga Petrokjemi a.s. & co. 


U.S. $75,000,000 
MEDIUM TERM LOAN FACILITY 


- V' a \ 


i? '\t ) \ ■ 


MANAGED BY 


CHASE MARIHATTAIU LIMITED 


DEIU IUORSKE CREDITBA1UK 




f.> 

'Vl 


mm 


_ * * 
fly*- 




FUNDS PROVIDED BY 


THE CHASE MANHATTAN BANK. N-A. 
CDMPAGNIE FINANCIERE DE LA 
DEUTSCHE BANK AG 

DEN NORSKE CREDITBANK CLUXEMBOURG] S.A. 
MIDLAND BANK UMITED 
EUROPEAN BANKING COMPANY LIMITED 
BERGEN BANK INTERNATIONAL S.A. 
COMMERZBANK AKTIENGESELLSCHAFT 
UNION BANK OF NORWAY LTD 
THE BANK OF NOVA SCOTIA 
CHANNEL ISLANDS LIMITED 
DEUTSCHE GIROZENTRALE INTERNATIONAL S A 
FIRST NATIONAL BANK IN DALLAS 
NATIONAL WESTMINSTER BANK GROUP 
TORONTO DOMINION BANK 
WESTLB INTERNATIONAL S.A. 


CHEMICAL BANK 
RBC FINANCE B.V. 

ALGEMENE BANK NEDERLAND N.V. 

CREDIT LYONNAIS 

UNION BANK OF SWITZERLAND 

ANDRESENS BANK INTERNATIONAL S.A. 

BANK OF AMERICA NT & SA 
MANUFACTURERS HANOVER TRUST COMPANY 
BANK OF MONTREAL 

CANADIAN IMPERIAL BANK OF COMMERCE 
CONTINENTAL ILLINOIS NATIONAL BANK AND 
TRUST COMPANY OF CHICAGO 
KREDIETBANK S.A. LUXEMBOURGEOISE 
SKANDINAVISKA ENSK1LDA BANKEN 
WELLS FARGO BANK. N.A. 

CHRISTIANIA BANK OG KREDITKASSE 
INTERNATIONAL SA. 






AGENT 


THE CHASE MANHATTAN BANK, N.A. 




35 th MAY 1978 




u® 1 







■'■t.rslfi. 


:<Times Tuesday June 6 1978 



• f Correspondent 

•Ttl£&'ixlitE Oesefi Locust Con- 
rrfli' :0r2anjsatiQQ 0 f Eastern 
Africa (DLCOEA) has jane info 
aetiQfeVtQ >feni . what is feared to 
tie k thaKive 1 locust plague swopd- 
• in^Swnngh; Eastern Africa. Four 
aircrafOiitn spraying equipment 
havei been sent in Ethiopia and 
Sbro^Hr.from the DLCOEA air- 
craft base- in' Nairobi. 
■:HKt)pian. radio reports that 
swarm* of- desert locusts, which 
invaded the tfom of Africa last 
nstohlfc ares paging crops in the 
-•Goods?' region. Locusts are also 

- UjvadiHK Somalia .and have been 
>eportedJ ( though not jet eozi- 
'5'nnw};itrrtho Garissa region of 
KenyaVNorlhe rn province 
. CtWay, a -.team of Ministry of 
-Agriculture -:. .experts went’ io 
.GarisSa to confirm the presence 

locusts and estimate 
if tW. tfifl'Wa ; pf -tiie swarms and the 
.er n ^-djredtfon. ia whlcJa- they are mov- 

- ing. - ; ' , .-. 

■ SlaC £fricaa. nations, Ethiopia 
Somalia,,. Kenya, the Sudan, 
Djibouti and Tanzania are co** 
operating' Ip. operations m stop 
the swarms becoming a plague. 
DLCOEA officials in Addis 
Ababa, the headquarters, say the 
swarms' are Jarqer than ‘thev 
have been in <a d-'cade. The UN 
Food Valid. Ajpgculture Oreanisa- 
riob-is.^ndiDg. in large nuantl- 
tie.«rof insecticide to the affected 
rejiftoft . . 


RAW MATERIALS 


Copper market setback 
on Zaire report 


IT 


J u* ty 



37 


~4 - J. 


BY JOHN EDWARDS, COMMODITIES EDITOR 


r,f ofci 

J ’*4 t . 
,V ^ 

ns ]«,■ 

an 

nsurai 

rrjll 

■-n.fJ.osti. 

'■'■"'IcIQ ^ 
-\.‘ n ' * 
■ Oi :>;i, 

J - i-'jM % 

•• *>• jT:y‘^ 


I COPPER PRICES fell sharply on 
tn * London Metal Exchange 
yesterday following reports thai 
production had’ already been 
resumpd at the Ko-werj mines in 
Zaire. Cash wirebars dropped by 
£22 to dose at £756.5 a lonne. 

The market was shaken by a 
report from the official momma 
newspaper in Kinshasa that 
copper production ai the 
Kolwezi open cast mines had re- 
started last Thursdav and 
already reached 13.000 tonnes of 
ore a day — exceeding the 20.000 
tonnes daily produced before the 
invasion of the Sluihn province. 

The newspaper added that 
underground mines at Kolwezi, 
accounting for the remain ins 
25 per cent of total output, had 
been pumped out and would 
resume operations with in three 
weeks. 

U was also reported ibai the 
Kolwezi concentrator was work- 
ing normally with 12,000 tonnes 
of ore and 2.000 tonnes of con- 
centrate passing through daily. 

Later a spokesman fur 
Sozaeom. the Zaire tnculs trading 
company, told Reuter that ihe 
cutback in copper deliveries from 
July would not exceed the 50 per 
cent force majeurr already 
declared. He confirmed that pro- 


duction had resumed at Kolwezi 
but was unable to say at what 
rate. 

In France, there* wjs some 
ycyplisio about the Kcilwtvi pru- 
duct ion reports, particularly the 
PU.MlPm rcgarriihg the hkelihunri 
of whne technicians reluming to 
work. 

Bui the planned American atr- 

Hrt uf Myroccun troops to Shah* 
has raised hopes of a quicker 
than expected resumption of pro- 
duction at Koiwe/i, even though 
some London traders arc also 
sceptical about fulurc pmspiTls. 

It was felt that yesterday's 
reaction was partly technical 
after l he recent sharp prirc rise 
which had “overheated" the 
market. In these circumstances a 
bigger than expected decline in 
copper stocks— down hy -1,225 
lonnti to a total or “529,000 
tonnes — had little impact. 

Zinc prices recovered mine 
earlier losses following news that 
a leading US. producer. Si. .lot- 
Minerals, had raised its (Ininesnc 
sellin-j pnet fur zinc by 2 cents 
to 31 cents a pound. The company 
said ihp increase rellected 
improving demand, a strengthen- 
ing international market and 
rising costs. Cither U.S. producers 


arc expected lo follow St. Joe's- 
lead in view of the stronger Euro- 
pean market, which is lessening 
com petition from import?. 

The price increase comes 
quickly aflpr thp rejeclion bv lhe ' 
US international Tradn Cum-: 
tiil.xs'ion of pleas by the domes lie 
industry fur protect mil against ; 
imports. : 

U.S. zinc p nets 1 here J owe red 
in February this year. 

Tin prices moved higher.: 
relieving a strong rise in 
Penang over the weekend and. 
scaiTiiy cif supplies available in, 
lhe London market. The latest' 
fail in warehouse blocks of 200 ; 
lunnes has reduced total hold-- 
ings to 1.815 tonnes— lhe lowest 
level since September 2974. 

Standard grade cash tin closed. 
.T72.5 higher al iT\7l37.a a tonne.' 
after 1 rad inn at over £u,suo 
earlier in the day. while :)»»■ 
three months quotuimn was £35! 
up at £6.617.5. 

Lead was hit by prnfit-iaking 
sales, and the tlcelmc in eii|»|i-r. 
Tlie c:wh price closed £7 down 
al £122.5 a tonne 

Levd stocks fell hv J5U to 
56.975 tonnes, zinc hv toll in 
63.S25 tonnes and LUK 
holdings by 1 60.000 to 17.H5u.WU 
ounces. 


for EEC 
‘logic’ 


-7! d'*: 

r « 
- nd v. 


BY HILARY BARNE5 


THE- EEC problem of sugar im- 
ported from -the Lome Conven- 
tion countries should be solved 
between the Lome countries, 
which as a group have a sugar 
deficit, M. Henri Cayre, of 
France, president of the EEC 
beetgrowers, said at the Euro- 
pean' beet-growers’ annual con- 
ference here today.. - 
. The- EEC has no need for 
sugar from the Lomi> Convention 
countries, -and. when. the conven- 
tion rs revised in 2982. the EEC 
should! provide guarantees for 
Vit the ~ export of sugar from the 
... Lo m6 sugar-surplus countries to 
. . ‘ other Lomu countries which need 
. •“ fn Import sugar, he told a Press 

'conference. 

. _ M. Cayre said it was not a 
. question of expelling Lomd sugar 
which comes mainly front the 
; .^Cqmmonweahb countries— but 

• —of introducing some, logic into 
.*. _jthe system and . separating aid 

• —p olicy. . ifrnnOEEC. cultural 


• •• 

s? 


•••> lit 


■ r D 


•• '.Ul 


policy. 


COPENHAGEN. June 5. 

On another controversial ques- 
tion, M. Cayre said that isoglu- 
cose, the syrup sugar produced 
from maize starch, was an 
economic absurdity for Europe, 
a squatter • which. like ail 
squatters, fails to pay its keep. 

In a speech to the federation 
tomorrow, which will Form the 
bdsis of the beet-growers’ policy 
for coming years, he is expected 
to call for a straight ban on 
isoglucose sugar in Europe. 

- hi St George’s, Grenada, mean- 
while. an early resumption of 
negotiations to fix the EEC 1978- 
79 price for cane sugar produced 
by countries in the' Africa- 
Caribbean-Pacific f ACP) group 
was urged, reports Reuter. . 

The latest round of sugar price 
talks ended hn Brussels -last week 
with consuming West European 
states offering a 2 per cent 
increase to the ACP producers. 

The ACP wants an increase w 
29.71 units of account >.pcr 
hundred kilos while the-EEG-is 
.offering 27.8L _ ; _„*„ * • 


French seek ban on 
EEC pigmeat imports 


BY MARGARET VAN HATTEM 

FRANCE HAS asked lhe Euro- 
pean Commission to ban imports 
of piymeat into the EEC from 
! non-Com mu nily countries to pru- 
i tect Common Market producers 
'hit by depressed market prices. 

| The French have also asked for 
a reintroduction of subsidies for 
■ pigmeat held off the market in 
{ private cold stores and want 
I export rebates raised back in last 
I year's levels. 

I The Commission is expected in 
I reply tomorrow but is considered 
! unlikely to approve all the 
j French demands, 
j Market prices in the EEC over- 
I all currently average about 90 per 
! cent or the basic price and have 
I been near this leveL for some 
time. French prices are above 
the Community average in units- 
J of-account terms, comparing 
1 favourably from the producers' 

| point of view with Dutch and 
! German. British prices, in units 
j of account, at least, are the 
; higbesi in the Community. 

Though the French had been 
] agitating for several months for 
J rnoge protection for their pig jsro- 


B RUSSELS. June n. 

duccrs, the Com mis.-, ion is ex- 
pected to argue that the growth I 
in Community pig herds indi-j 
cates that production is still suf- 
ficiently profitable for farmers :o 
survive without further pmtce- 
tiumst measures. [ 

Any import ban would be{ 
likely to hit East Germane must I 
or all. Its exports to France: 
have risen sharply in past 
monihs. Exports lo the Com- 
munity in the first three months 
of this year totalled 20.000 
tonnes, of which 16.000 tonnes 
went to France, compared with. 
28.000 tonnes for the whole of! 
last year when 24.500 tonnes 
went to France. 

Our Commodities staff writes:! 
appealing for action front the 
Commission, M. Pierre Mehaig- 
nc-rie. French Minister of 
Agriculture, said that without 
protection "the acriniliural ' 
economy in many regions of! 
France will he dangerously and 
lastingly compromised, which the 
French Government will not be 
able to tolerate-".. 


Coffee 

upsurge 

continues 

By Richard Mooney 

COFFEE PRICES un lhe 
London futures market con- 
tinued to surge higher yi’Mer* 
day as a ni-i» mid front 
threatened the Brazilian culfee 
regions. September coffee 
finished the day at 11, 932 j a 
tonne, £113.5 iihnii- Friday's 
close and Hi*- highesi trw-l 
since Ual autumn. 

Fears had eased u\or lhe 
weekend as temperatures ruse 
in the foffpo-gruwmn ureas but 
as world markrt-i opened yes- 
terday morning reports D f a 

new eold wa^ moving in 
aenri's lhe Amies sent prices 
even hiffher. Dealers said cold 
waves from (hr Andes were 
more , likely to do serious 
damage than waves moving 
north from Argentina. a> did 
the from which raused last 
week’s scare. 

The world murk-is reacted 
dramatically and irutling on tie- 
laindon exchange her u me su 
hectic that a 1-vminiiie trading 
break had to be i-uMed in allow 
dealers to raleh up »n iheir 
paperwork. In Ww Vurk. 
meantime, price, miirkly regis- 
tered permissible limii rises. 

Last Thursday's trosi did 
minor damage i„ coffee trees 
in Parana. Brazil's main r»»lTe«- 
state, acriiniine t„ trade 
repurts' fnim >aiifus. Early 
rcptiris had said that m> aciual 
damage had been done. Tin- 
lips of sunn- trees were 
“ burned " by lhe Trosi lint 
traders said Hits uuuld not 
affect this ?e:,r‘s crop, which 
is estimated :i| ahouL 17m bags 
(60 kilos each). 


Sri Lanka 
granted tea 
industry loan 

t.iHjJMBu. June 5. 
THE WORLD RANH has agreed 
to give Sri L.mk.i a 52 tin sof: 
loan to aid it-. iy.i industry, a 
Plantation Industry Mmi^iry 
spokesman saul. reports Reuter. 

This year's i argot for tea pro- 
duction is srl j * a record 5tj7nv 
lb. sharply up fr-cii lhe 4H»m '!> 
produced Iasi year, and slightly 
above the n-iord W.lni M* prie 
duced in 1965. -.he Mini-try -aid. 

The loan will fund .« tea pro- 
ject in Maskcli; :• cvenns 44.460 
acres, and to i.r.- iihased over five 
years. 

• At to-day's l.’Cldnn b-a auctiun. 
prices were luio* changed from 
the i3st sale on Ma.« 22. Quality 
tea fetched l’un v kiln i against 
l.XSp>. mediii.n 125p tl27p» and 
plain 82p uin>. hanged i. 


INTERNATIONAL WHEAT AGREEMENT 

A sceptic attacks 
as talks re-open 


BY CHRISTOPHER PARKES 

AS TALKS re-opened in London 
vesterday in a fresh effort to 
resolve the considerable dif- 
ferences nf opinion over tee form 
o! a new International Wheat 
Agreement, the Trade Policy 
Research Centre published a 
n:iihl> sceptical report pouring 
cold water on the whole idea. 

Writing tn the ofWioia.t quar- 
ter!;.. The World Economy. Prof. 
U. Gale Johnson uf the University 
of Chicago says uluntly: " L do 
nut believe that it will oe pas- 
sible !f» 71(‘gotJ3lt- J *l‘l v! n.'if.s 
for lhe management of grain 
reserves under intern:, troaai 
auspices." 

Pr.if, Johnson thu; to suc- 
red an interna t it «r.al pact would 
first need agreement on a range 
nf international ;»rivi-«: agree- 
meet nn the shuring-ont or the 
costs of running the opera! ion: 
and agreement on h.iw much 
grain *hnuld l.e pui i r. *:««ro and 
field in re.-erve. The issue of 
n-.vm-rship of lhe stocks would 
ji>'» have jy be :v'o!'. c-:l. 

" Even if an agP einent can he 
reaen.-d '«n Ihe**e adds, 

•■then- is n-iihmc in pa«l history 
lu indicate thai the- terux wuld 
he .»dher»-d to f>»r a alzr.ificant 
penml of liiilr” 

;,tu-i JjM-UMion- about inter- 
n.iimnai -.■min stockpiles ignored 
the evn-ni to which such s»ocks 
won- substtuitod for those which 
would have been held tn any 
case, regardless of any inter- 
ni'imnal agreements. 


So if a group of coun'ries 
agreed to esiablish a stuck of. 
say, 50ni tonnes, the actual in- 
crease in the world's grain 
reserves would be unJy a fraction 
of this. Prof. Johnson claims. 

"American and Canadian ex- 
perience indicates ihai govern- 
mentally-held rexer. es replace 
most privately- held <)»a-ks.'" 

The main diliculties facing the 
negotiators at the i-..lks in Lon- 
don this week are largely con- 
cerned with the Ointlicis between 
the F.S. and the European Com- 
munity over the place, if an>. of 
coarse grains in :■ new pact, and 
the fixing of minimum and 
maximum prices. 

Delegates art* also confronted 
:jv sinnibling blinks hi^hlighied 
by Prof. Johnson — (he rights and 
obligations of lhe providers and 
holders of any "international'' 
5i»rk.< 

These problems prevented pro- 
«re.-s at the la si fntj negotiating 
session on the pact v.-nich closed 
in Geneva last March. Since 
then the U.S. and the Common 
Market have held bilateral talks 
at which, ii w as clau-ied. ontJinp 
agreement had own rcaehed 
between the tw«* par lies on how- 
to handle cuarse grams in the 
context nf a wheat agreement. 

Bin the views ihe niNvdd 
other countries involved in the 
overall negotiation-, which are 
due to rest an in Sc plumber, also 
have to be eonsiilm-il. 


'* If trade policies for gram#; 
were modified >o rhaf in all or 
must countries domestic grain 
prices varied proportionately 
with international prices, there 
would be hull: need for grain 
reserves." Pmf. J«hn>t«n points 
out. And it is nuv neecssarj thai 
government* -hould ■accept free 
trade in grain lu achieve sub- 
stantial price siubdiiy in inter- 
nal iu;ia! markets. 

But he warns ibai n-< nn«- 
shouid I*c» under any (Hustons 
about the pole tit la 1 intiuencc on 
the marker of grain reserves 
alone. Sunk.-, whether of 30m 
or 60m iimiu—. cuuld nut by 
themselves (ire Vent an Muta- 
tion uf prue- Mich as occurred 
between 1972 .md 1074. 

“If properly managed, re- 
serves of thi.« si/e cmi'd increase 
price si:ilulit>, Kul reserves of 
much larger <i/c arc required 
t«i uffsr-i (he pice deslabihsinc 
g(Tc--'. . <if lujih production varl- 
jhitiiy ami national price and 
trade puliciVM." Pruf. Johnson 
roni lude-«. 

• Conrad Lobe, the renowned 
■wop forecjOer. has. raised his 
fotvcasi nf wheat produi-Mnn in 
the I'.S. thi.- vc.ir His June 1 
estimate puls winter wheal out- 
put at l.;!15bn bushels com- 
pared with nis Jljv 1 fore cast of 
1 .:Ju5bn and the I'.S. Depart mem 
of Agriculture's . forecast, of 
1.284 t<n bushels. 

Wheat product ion last season 
wa> 1.527hn bushels. 


Outlook for wool ‘unpromising’ 


! THE OUTLOOK fur wool de- 
| IV: and for the- rest of Iff“S 
! remains unpromising according 
I to Mr. .M. -1. Godfrey, statistics 
: si -cr el ary nf the Iniernalional 
Wunl Tcxlile Orgamsalion. re- 
ports Reuter. 

In a speech prepared for de- 
liver in i he Organisation's con- 
ference in Munich this week. Mr. 
Godfrey said it seemed unlikely 
that the earlier round of siimula- 
lory measures taken by leading 
indu.siriulised countries were 
-irong enough to boost real ex- 
port growth rales sufficiently. 

Judging from the timing and 
extent of past downswings, he 
.-aid tho prospects were that wool 
cun.-u nipt ion would "hotli'iiti out" 
by the end »T this vear. fciliowed 
l»j some recovery in 1979 as 
mill activity inere;v-ed in major 
manufacturing countries. 

Consumption of raw wool by 19 
leading industrialised countries 
in 1977 rell S per cent, but in- 
dustry's inlake of competing 


fibres dropped only 2 per cent, 
he added. 

Despite the shift to lower- 
priced man-made fibres, the syn- 
thetic industry continued to be 
in trouble becasue uf its gross 
over-capacity. Mr. Godfrey said. 

New Zealand's exports nf wool 
fell l»v 19m kilos in the first 
nine months of the current 
season ending June 30. 197S. 
and were 20.5 per cent below 
the same period last year. Mr. 
Hugh Pnirse. managing director 
of lhe New- Zealand Wool Board, 
said. 

Mr. Peirse added thai sheep 
numbers in New Zealand, 
currently ahout 59tn. Increased 
4.5 per cent last year and he 
expected them io rise by about 
lm in each of the next two 
seasons. 

However, it was likely that 
increased wool production would 
be taken up by local nulls as 
they recovered from recession. 

The average price for the 


curreni season would he about 
190 cents a kilo, greasy. 30 per 
cent below last season's average, 
he noted. 

The Australian Wuo) Corpora- 
tion currently expects 
Australian shorn wool produc- 
tion in the 197S;/79 season, 
starting July 2. In rise 
marginally to around 620m kilos 
greasy, against 610m kilos in 
1977/75*. 

Malcolm Van«er. general 
marketing manager of the 
Corporation, said the forecast 
assumed an improved lambing 
rate coupled with better 
pasture conditions Jhati had 
oecn seen since 1974/75. 

Bui ihe forecast there would 
be a fairly dramatic movement 
in the composition of the 
Australian clip in the fulurc. 
The change, towards broader 
wool tyoes from finer types, will 
come with the return of normal 
seasonal conditions. 


rnitu: kerb Owing lo 
wrakacs? of sicrtini 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 

COPPER— Sharply lower bn the London' 

Mewl. Exchange- Repons Uui lhe 
Kotw ext, mines In .Zaire cuiiM shortly be 
ba<* in-pmducUon prompted prolii-iafcinR 
-m the early tirc-ourfcct. with fan-jirdr 
rnmal Jailing tram iTM to £773 at uiic 
noun. However. -Oe price rallied t» 

cii PT-k-r f ~ »■ m.”” !+ n h P-u'- it+o r 

lomffir piBrtft | rnn(Ti. tn( ■ - _■ 


- - ; • £ (• £ j £ 

Wirebars! • ••• t J - 

-Ail. -16:7} 766-7 

V UP(Ulhv. n . T7S-.P '-tS.bi 776.5 
wttl'm'nt ■ 759 -15.8; — 

>thode«.: 


£. 


—7* 


7SQ.5-1— 16. 

'. niourtit...* 770 6-l.L-IB.S -369.5-78 
MKtl.'m'nC-' 751 . —T6 . — V . . 

"a*: a'niL..- • — , *66^-68 


749.5 60.6 -ZU 
-21 


lTTBJ on .ibe- nmn 
short -vaverins. lhe 
Bfipinst ihe U'tDar- and a sIieW’j larerr 
than expcriiiJ ran ID wareh>»i--e slocks. 
In ihe afternnoq values were crraiic with 
smp-hns selling un Comcx depressing the 
price here u> £771 before shnn-rr.*erina 
pushed ii bade up to £774 un ihe lale 
kerb- Turnover 11.4M oinm-s. 

Aro3{««uiaied sieial Trjdmc ream-red 
that m (lie mnmius rash nlrebars iraik-n 
al nofi.5. three RiunUts I77S. 77. 78, 

75. <6. 73.5. »7. 78. ?7. 77.3. 7b. 78.3; 
7i Cathodes, ihrve months ETTt. 71.3. 
Kerb: Wirebars. three nn-uUt £779 3. 751. 
75 3. 78, JTj. AItcron.ui: tWrtbie'. lhr«! 
niMtirin £773. 74. 74.5. 73. 73.4 7S. 77. 
7fi, 76.S. Kerb: Wiretwr,. three months 
£776. to. rt. 13. 73.3 73. 71.3 

TtH— Higher again fnllnKina iho sharp 
rlae in ihe Peua/is price vtrrr ihe «-o.-k- 
cnd. FomcBnl siaodard moitd opened 
firmer at M.cna bur then dipped io f6.350. 
reflectinff the downturn In Conner. At 


ihi* level fra b basing and Kjwrt-coeeniw 
li ink it up vo lb-680 tn the murnliw rings 
before heavy p rn /if - raking In the after- 
noon pared Ihe price l»> IR.6V3 on ihe 
Uie kerb. The full In warehouse slocks 
caused the backwardation to widen io 
around £130. Turnover 1.100 tonnes. 


cents per Boaud t—Dulr price Jape 2; 
131.S0 1 1.72.60'. Indicator print June 5: 
Jj-day avert: ac J3J.42 ilVB.Jli; 3-da»- 
average 140 73 U4L32.. 


RUBBER 


COFFEE 


MEAT COMMISSION: Average faiRiock 
prw-es ji R-ptvwniaiiVtf markets on Mon.- 
Sai v •• June .*•: GS came 7n.S«p pit 
kx.l v. . > -■) :«•: UK sheep lis.np per Vb 
esi.de ». • -4.3-: CB Ki^s rSAp Mr 


PRICE CHANGES 


SLIGHTLY STEADIER or».vi In* on (be 
l^ndun nSu'iial nurt.i. IjoIl- in'ch-si 

ihro^hno: in- day. J^.s ^ , K En9l „ d and 


Prices 

smu-d. 


per loom nnlt-ss otherwise 


TIN 


-I a. in. 

I OMleial 


st- ,tr! p.m- |t+* 11 
i — i L'n.'.ntciai — 


mgh 

C«Sl.. 


_ Grade x • z : x 1 c 

.6810-20 1+100 6765-75 +67.5 


LC. Iudex JLi mited 01-351 3466. September Coffee 194S-V960 
29 Luninit-fiwd, London SW10 0HS. 

2. Tax-free trading on commodity futures. 

- 2L TQie. commodity futures market Tor tbc smaller Investor. 




YOU MISS 
THE BOAT ? 


31TBAW K 


COFF^F prices .have risen over £500 in the last month with 
jn any forecasters .;7tow suggesting £3,000 i-er tonne if frost 
’ should-occui; in BraziL 

While t blit -must iTematn no more than a possibility one thing 
is certaSrr rS- commodity price movement will continue to 
.present, excellent , opportunities to the well-informed futures 
'trader ^repiu^r t^/take the. high risks which undoubtedly 

exist.. -v ' • -V*;> -. ■ 

The first iitep isrto secure the services of a reUable broker, 
one wba .Ta prepared tn make firm but reasoned price 
predictiohs^'na.titwa- 'C.C:S.T. is that broker and wbethei 
you viash to opetr -accoun t of simp.ly receive the next tv 
-.issues '- : bf ' oim Market Report free of charge, plea* 

phone0i-48O.6S41qrrwrite'lo: 

C£^J. Commodities Ltd 

If ouse, 35 Seething Lane, 

|f&to ; kokfe4AH ■ ■ 





tvfv- 


5.. lQ- 'ifad j04iy.^av . J^AME - — 

ujidaxif \o • friivf^t -clatf-. ' ' ' v‘ .. ‘-ADDHESS . ■."**' 

Pluw : 


L- enefenf . cheqii«.*fpr £8S 3 


22 Psntoo CambrWjc. T«li*W|^[ 



zr-*. 

SiAL * 

* NK5" 


■■gr 


The Outlook for 1978/79 

Mter Commodities 


>Spedatisis ih Fundamental Research 

="* Iehrphone: tll*48i 11P1 ..... 

Pieaxesendmcyour yepoh off lhe outlook SorSo ydbea«r 
ittl978»79- - . . 


. 297«79 
XdBIC. — 
Address 




i nii-nt'ii. 16655 65 +75 6620 30 +30 
SnM.Vro-1.1 6820 +100' - 

Standard 1 

<V.b '6800- JO +100 676S-70 +72 S 

3 nr>ni'li«.i 6650-5 '+67.b- 6615-30 + 5S 
itcttlpm'l.! 6810 '+10D — 1 .. .. 
Staiits K..I (81703 1+31, — 

N+w Vf.rfc - _ _ .. .. 

Mornlnp: Standard. ca<Ui £6.810. Hire** 
months K.«4Q. 3*. M. SS. 30. Kerb: 
Standard, ihree mnnihs £6.533, 6u. j.». 
4S. 50. ‘ Afternoon.- XUHdMtH. casJt £6.770. 
ihree months JE6.63D. 23. -0. Is. Kerb: 
Standard, ihr« months £6-610. £6-000. 10. 

LEAD— Lower m sympathy with copwr. 
'Forward- metal Idl to CtS on lhe morning 
kerb following: proBl-Ukinc bui values 
recovered slightly io ihe afternoon with 
forward metal finally OSi.S on tbc laic 
kerb. Tnrnoeer. 7jao ioobcs. 


Robusuc npenid Miarpiy tuaher again 
nml tun ns of over noil u>r»- r.-wirdi d 
before ihi- nnrtei rru-rfd. firrm-l Euru- 
ham l.ambcrr r-pnri+d. In ih»- I*'o morn- 
inj! and early afternoon iars«--i--a)e (k-al» r 
profit- taking look valu< s in only Rl> In 
f.s) abovi- Friday’s Hois'.- bui ihi- inhrruu 
stn-ncih of ih<- markrt was flnnwnsirai-rt 
as new buying pu&h'-.i valinrs back m 
ihe hlahs at ih'- i-Im+>. D-.-al-rs said 
tradt-rs wrh- si til unwiUuu: m esiahUsh 
Shun nos 1 1 miiw in inn- al the mart-fj 
i-oldUDir and all reversals scvmcd u« 
bt- caused by lone -holder prolil-iakiDE. 

' Y«*ieni*> ’» 

coFrfiB ; u,,sc ' +^ ,r | 

• XperUiouc' l 


.md Piai r,wi.+l ih-si 
mark 1 1 wa.- J w '227« whir a kg • tmi ■. r . 
June 


•Wl 


s .-r..u,-v 

. r-i' 


I'lM I" 


Um-.iiii-— 

•it-n.- 


i.anli- nnuitv-r* Unwn r: 7 i«.-r ni". av-r- 
prk» 7t »7»i» ■ -n 7: •. Xht-p down 
1ST i»-r mil av-raci- pri'S' 1-17 T -P i-t> 3'. 
fisr tlotrn 77 J i«'-r ■•••ni .ii>-r<f i»rpv 
i-5.l' Scotland—' < oil!.- AUMk'IS 

U.>-t 1 1 h.7 |'»t «+•«;: ji'-ruc Tui+i 

■ - n.ir+ . Sh'-' p ih«-.,ti 47 ii i»-r . •»!. JSrr- 
nriii- 13J.7p ■ -1 S'. F'Sv '1»nn 


; 4-. 

. HI- I - 


V|"IIU| 

+ L .. 


Record U.S. 
soya exports 
forecast 


CHICAGO. June 2. 

1 A NUMBER or leading grain 

! market analysts estimate that 
168O :2J-S. snvahean exports in 19TT-7R 

r M nee 1WM a .. 325 odd : crop year endins August 31. will 

"heat commission— \ vitus* [dUimt i ••iiiwri-n-.ii \v.iter».i!756>5 — 22 o l’c N i-e3 t?asil> rojrh H0O111 hushcls and 


Metals 

Alum ii ii in i L6B0 

Kifr* -ii*i in% i S>. 520 3 



1,'illli llllllllKT- d’'»-n -.’S t 
2'3i luis of IS lonni'S and juraai* -ui i'o •— ■ To 


VJC.V11 


n.m. Lj. I - :+ irtr 

OQlvi»l 1 — l l-nollh-ialj — 


• . • 1 x . x I x ! i; 

U ah:..:...' 320.5 l -3.75' 322-5 r-7 
V mowbr..] 330- .5 -4 I 332 -.6 -7.56 

Seu’tm'iH/ 32 1 4 I — 

Ijaa -tipi' r j — i - . —i 3 1- &3 

Mamin*. Cash fiat .3. SU three monihs 
£330. 89-3. 31. 31.8. 31, M. 315. 31. 3U 5. 
Kerb: Three, months £Svl, 31. 3U3. dt. 
30. 29-5. 29. Afternoon: Three monihs 
1328. 29. 30. 30.5. 31. 30.S. 32. *A 33. 
32-5. 32. Kerb: Three nionllu £3no. 32, 
33. 3S. 3L5. 

ZINC— Easier In line whh th+ general 
trend Jn basr-meuls. Alter laUmu io 
U36.6 on Uw moruing kerb forward itictal 
picked un to Clone al £M4 on the late kerb 
following pews lhat St. Jon Minerals bad 
lifted, lu producer priw hy 2 cerns to 
31 coots. Turnover. OsOJO lonnes. 


Us,- 2058-2060 + IM.6 2068 - 1383 

July 1951-1954 +115.6, £954-1660 

•Sepuaulwr... 1905-1906-126.5 1910- IBID 
.VnremlMr...: 1B55-1860 +121.5' I860 1733 
Juuan-.....' 1790-1780 -B7.5 1 1800-1745 

Marcli.* 1 1735-1770 + 100.0 1750-17 10 

Alar i 1730-1760+ 112.5 1740-1700 


Sales: x.Sdfi m.69»' lolc of 4 lonii'-». 
ICO Indlcuar prices (nr J un-- 2. iU.S. 
(VO'S Per pimnd. CoIoruOi-in Mild 
Arjblcas 19k.OO '((MnOi; un<* ashed 
Arsbicas lTs.nu ii7u.mii. oihvr mild 
AniMvas 1*u*7 «174.*7i: Hubu* tan l.Vfi.OO 
1 1 4rl 50 • . Dally average: 16634 1 166.30 ■. 

ARABICAS were dull in lih nvorby pmi. 
Uuiw noi attract me any interest. Dn-scl 
Burnham Lamben rcfoPe d. 

Prices i in order buyer viler. • -banco, 
business- Juno 212.99-2 tfi.AU. -« 3.jW. 21Z.&I- 
311.60; AutiUSl 199 00-106 OH. +I.3U. un- 
iraded: Oil 1SX 50-1W Wi. J 2 00 u niradi+l: 
Dec. Ibf.50-1M.S1. +n.0h. Unlmdi-d: Teh. 
1N0.00-1IC.W. +3.35. I7S.IM. April 173.0 il 

153.00. +7.00, umradrd: June lTl.nh. 

185.00. 4 I2.n0. 176.00-174.00. bales 6 i23i 
tats, of tr^so kilos. 


C -i( ’* IHP0..-S. 

f’lUMui iii'N'nn nriL-s -tuir. r*< were- 
Spui .IT 7-i 1 1 ‘52.25<: July .**<p 1 3o i 1 1 
Auau»l 57 .Ip > 77.01. 

soyabean meal 

Th- in.ir,.t wn.-d ;tj.irr.-> lo-.'-r on 
smp-littji Ji<iu--'jow> iw)l"ni'i< iiniii te+v 
in i-h.' .ik, i ni..:!'-''. VjIiu* r- 'J-.-pr— -«i-il 
Inrih.-r in jiiIkinuimI' el •iii'viaii'i.illi- 
in>fr<- -iU." ■' III- -li arni.iU i'i It'illerdalli. 

Ai IP' el true, iiihslii-l v ih 'iis-'' 

i.f j*. in • l ■</ SiV ijiami+h:+ n-i—roti. 
'iiMnnun ■+’ M! 

i IliH 1 — N"'*'* 


TJ.u per e"iil .ivrraae prn+- ra ip ■ -l 
pi a* d-inn U3 per mui. av.-raae lire e 
min ■ -» 7. N'i Kuciand aim W-.t.-* 
niniiii' r ■ lia:i>'.- cw in li.'iiila-. U.i 'ii 'l' 
COVENT GARDEN 'iTiee- ill -lerluia 
net pjet j^i- «■■:« -ni wlKre -ijicI- 
Imponcd produce: Orangey— C- f'-u +" 

Vil. IH1+ |JI.“ 2d kiln* U W-4.06. 17 kit'i* 
2..7i>-4 00: .GllJ. ValelKlJ Lai-.- * 97-4. lie. 
M-if.i' I'dir nO-:: ”+»• Cat f email i» 
4 "A. X African Natit- 7 l5-i..'-7: Sjlliu 


estimates were around 6S0m. 
Department statistics show 
ina.i.vi....i ||”.- , N« , «M „ ■ v .]20.s j|j, a t 54^.5 m bushels c.f soyabeans 

ijuN-k -uia-i ■ /+iii.i-.» 137-iii .. . . 127 32 .bail been exported b> MJ.'-ti- 

— tviiii.A-'v :294j. -4.biJ77.6ji lumpared with the record 5o4m 

3oi.45i- -4.2 *83.6 i j for the whole of last year. 

Mr. Donald Krahro. American 


Jim 

Ai.”i-i . . 

« ii-(.il+ i 
1 l+i -r lip ni 
I'H'llinl \ . 

Jr:'. • 


• 2S.M 15.0 -C as 125.00 25.50 
124.70 24.8 2.3S 127.50-24 00 
i:s.70 25.1 2.0 r.S.SO i4.6U 
ili.M 2u.O 0. Si 125.40 ii JO 
126. IU 29.0 -0.20 
l.'s. 00-27.0 — 1 . ‘ 
i". J.M 18.5 - 5.8 

InOi lOIS ,»l* I'+l IjT.D-S. 


GRAINS 


XI xc 


> K.m. 
!• Official 


H- iwi p.m. 'T+or 
| — I VimllkM ] — 


Cnsli./ .(3 


WHEAT 


£ 

29.5-30 


S aniutba. j33SL9740 -B.B7j 344.5-5 '-4.76 


lYinwitiyV + i.r YM*"1 ij‘- + '«r 
335-. 6 ’-4,26 M'mli! 1 iut • — ■ iW,- — ■ 


X 


ynwdr~...l : 530 
ftni. H’aitr . — 


X“|iL 

39-32 J Vn. 

Jan. 

MiBulng: Cub £330. 29.5. three months jj pr . 
£34i; : *63. 40. 39. 39-5. Kerti: Three ji.y 
m oaths £340, 38, 59.3. 39. Aiiernoon. — 
Tbrer-monlhs 039. 40. <2. 44. 42. 42.0. 44. 

13. Kerb: .Three months CJ4L3. 42. *v 44. 

* Chats per omunf f On oremas 
officul dose, t SU per picut 


86.35 

— 0.26. 

80.70 

-0.15 

nun ««-r. 

88.75 

-■0.15 

83.40 

0.20 

O. Lea rni 

91.40 

.-0.20 

86.10 

-U.15 

IMiyu 

94.65 

—0.80 

88.40 

-0.30 

I'rrl. V. 

96.60 

1-0.80 

90.95 

—0.30 

( ■+■■■■■. . 


Sal. >: Jl- 1 

SUG A a 

LONDON DAILY PRICE inn su-ar • 
i mi. nn 'll"’ a loiin-- .it for I nit.--.liil? 
rhipin.nl. ' •wiaar daily 1+111- r.L 

lo-rt ji n.l'W ■damn. 

Thv mart •' iiP'.'iu if nb'iut ."u i«.:"i< 
I* nd k-i> li Mid ••:!*■ A lal> r 
aimMific+iis-ni al I'-iett r? 
•ni Li-Iir.v Lu:-*- ». 1 A lip in 
r r. iirri'-J -|||J 1-n.ll 'Ilinla. 
..mill ih.- lu-i s ul iti'. 

ri-noriod 


BARLEY lielriM lir- -. 

follou-m-: C 
h;- Triniil-i'i 
inn j vi ni* 


r ..(i-+..ia l.ii..» .Lay. mi. OriAninucs— l l, «l , rw» >5550600.. 

Jaiii-m-aii' i ad-4Ni Lemons — lulun- Qji s 

1‘ iH-a ■ r*.it i M+.i<n; Spam.i " i‘.«*4»ii il'hd, i*fi40>.- —30.0 .‘595 

ir.ip- .'4 ;n i :in.<.ri. s \rruj- i*u ■ ■ i I .i„<.iu l ii 'L749‘ ... . l‘744 

7"0-a.'«: Sjmnij iJ r +-.- kv: Mi. I HI.I. II ,..;E5B6 .. L'SW 

Crawli-wtl— |7 r.^y'.u*- 29 r«l„, 41 H In I nil >6105 -3.0 .-581 

III. ■ 2.VS-4HII. x \*rii-l|i r. .y ..l'*, , , 

Jana ,-n f ii'i- V.-m-T'iJ appIm— fTc-n-h- 
■ :ni4i ii D.H.+.." .uin ic ■ 2 .-.+2 7«. 72 - 
.. Tn.-.. *0. |.ir.->- 5 ii-» i..*‘i-T ih. Ta'-iiianun: 
j-in-iil'an- ‘ I'i liriiii. Xmiili S A. i:>ii.icn 
D-livi'iii- 7r*-7 7n. Katiau. Mmum K'-.miiv. 
j.-i ii-ilI'iiI U 17 'i'llik-n Drill I'l't- il 14- 
11 s Urn ai. Cranny Mmlli s .■*•«.«. Grains 
iVInii iVini.T iVarm tin 77*-7% Sfarruii Ihrln KM 
IMkI"U- '.io-.'.IIi. linMrii ri.tn.li.il- 7>n- 
■* W I'liini" . S.-ii1’iiij '■•.7.7-7. jn- i.'lnli-a'i: 

i-.rjini' .-nn 1*1 1 T.uii-7‘ai: Xu-a '.teslai+l: Pi in-n N... : An, 17105. 25 
S.urnn-r I-.uhu-. 1**! .'.7u. 17.7 k_’B. !\ ii«ni 

ii rp in.'- Sun'll '>■ i«. Lum-li Ivr 
;n.i|ii'J, S;,:,riaii. nll-uia Pears — X 

Airn.111 '.ari-ni-. I*a.Hi*lii'* Triiinii-ii 

,-,1. H.-iirr- 7 Tn.* mi Winter 

% ,i-}i* 7 S4+# *n- It'-lili ■■■ •' "iilcT" IK'' *1.1- 

ii 15 Dill-.+l <1.1-7 Apricoiy— S|iaiil-li- 4 

fci|n- Bananas— I renau-an’ f'--r 

Avocados— K-. isvj. Karri 


fin > + 72.5 ^6.475 

* m. mi li- ...- -L'6.617.0 + 35.0 '.6.575 

iimiiiKUR iim-h - l 29 .+4 -i o ■ i M-40 . So> a Mean Associat mn senior 

t-335. 85 - 4.241^98 ; i-mnoin ist. forecasts exports 

around 675in bushels, but said 

' 5oB '* w ;ihe total was unlikely to reach 
~0Um. 


lie predieicd lhat limited soya- 
bean exports frum Brazil would 
j continue and that Argentina 
, would have more soyabeans 
j available for export now that its 
I i.Tup had been harvested. 

I In Bucnns Aires, meanwhilr. 
I trade sources said they expected 

_ ! Ihi.s year's Argentinian soyabean 

ii,-nr*Ki iiiiiv^l”. 083.4 ' -0.2 LB0.65 ! crop to reach a record 2tn lu 2.5m 

— -tonnes, up from the 1977-7$ high 

,5| uf 1.4m. 

\... l Itoi Sj+.ifo. £96.25- - -0.5 L 94.25 [ Last month the Arjjonune 
-'—-Hoi 1 iV'inn ; ; Grain Board nrojcvied 21 -Jam 

fi'ulteli U'liLH-.-.. L-IC4.5 ... 1.102 : tonnec ,, 11 tout 

4|„|„ 1 ,„.i.....e 1.796 -Io.Ol2.M6 ' 1 


SeodB ' 

7 '1 1 1 J 1 ] >445v --IO.O -410 

-11.25 30Z.5 


Ki iMi-1-..Wfi C I.64.J -5.5 Cl. *54. 5 

l « >n»f hnliuc- 

t*+|4 V 1.952.5 T Jli.5 ■■1.396.3 


mil 'M3 Avocados— h.uvj. KtH-n.* , ..\- tll Vv . 7 U .65,- -O.X 69.9 • 

me --iH-a i4i s Af'.Ljn: 1 iKrrtc 'I s". u, |l-wi . tl|i . 57.7oi. - .5 52,Si> 

4 nn. Strawberries '. .+ (rf .rni/i. «5A-L*m , l:-14 , U 5 1 o s _ uu . 


k-r 


< ••nil. 


ltll-)ll>-». 

1 1. in- 
i' 


Ii all'll! I* W S;j.I|ii j n TO- 

J-'r»-;«-li: P>-r t>.n;iU 11 Ww 
n 7il OoinnP— Llulvaa; 


Cherries^- r4 . V-V„. 

tiinr. u h-v 

iUM.n": 


Pakistan rice 
export record 


SILVER 

Stiver was fi++d 4.55n an ounce lower 
for spot delivery tn the London bullion 
mantel yesterday at 3M.09 US. wm 
cttUKalests of the iixicB levels were: snor 
iMJc- down Iujic: inr'v-niomh +«.&•. 
down ujc: six-mohlb. S5S.ik-. down 11.V: 
12-mqnih 57^-fic. down IQJ*. ' Tite mciaf 
ooened' at 29I.4-1W.5P i432-5331ci and 
dosed _ii ^91 ( -295.1 b i5S7J-S23ic«. 


SILVER . BtilliiRl + «w L.M.K. 
' r per - | ' li.iloK ) — ”h*« 

IW,#:.] pnrliijc I 


j+ »i 


ijimt 294p — 4.K 292.95p —7.6 
i wonxlu_ | B0 1.45p . —4.2 300.4) > —7 .7 
Gmonlho.. . S09.5p — 5-Bj — ] ... . 

12 mou >1». I'327-6|> . — 3.4‘ — 1 

1ME— Turnover 164 >m> lots of J6.W0 
ms. - Morning. Three months 3(11.5, i.K. 
3BS, 2i - Kerbs: Three moitlbs 3C. 5,t, 
302. Affernoon: Three months 030.8, 309.7. 
306.6. 380.7, 300.9. 390.& 300-7. 3M.6. 30U.5. 
Three monihs 299.9. 93, 9.9, 3M, 300.1. 
3MX 3»- . 


COCOA 


. Values cosed with pressure on the near 
1 months as consumers remained sidelined. 
Cut -and Dnffns reported- 

T.'^Ye53nliiy>; + or ; Buaino**' 

_^OCO.\ ! Lime. ! — ; Uuu* 


XwJR.'qau-’r ■ ■ I 1 

July • .•.-.. JHW-65.0 -l7.25.1868Jl-4fl.fl 

»+pi. U29.O-4I-0 L-S.6 ; lb42.0-2D.il 

Uw 16M.9-21.D —5.5 1 1622.U4M.1J 

lUrcli - 1602,0 04,9 -9.6 1507.0-1590 

Hay- .-UMJMfiOO -3.5 ■ 1685. U- 85.0 

lute 1609.0-90.11 —3.0 1585.0-75.0 

H«pC . . 157tf.«-S6.0 + 2.5 J575JV8S.0 

Saieii " Sirin 9. wTlbls of 3 ionites. ~ 

laurnatieiiai Cocoa Orsanfrailon (U.S, 


HGCA — RrRioual and UK avcrauc 
ex-farm spot prices for mvk dMins 
Thursday. June t. Feed wheal: S. gast 
96.J8. S. West 9S.W>. Eastern #5.60. K. 
Midlands W. Midlands 99.10. N. EUsl 
97.68. N West 97.00. UK: 94.90, ubalKv- 
+ 00, tonnaite; 2.300. Other mllllag wheat: 
Eastern 181.30, K. Midland inu.pn. n. 
East 10130. N. West lWiQO. UK- i»i:o. 
chanfii': +60. lonnus*: 599. Feed barley: 
S. east 8128. S Wrsi 8)90. Rasiorn 
-8J.M. E. MWlanHs S2.70. w Midlands 
8L40. N. Easi 0I.9U. N Vrsi XI 70. Scot- 
land 83.10. UK: 42.70. liiantx': +4H. inn- 
oasci S.933. 

HGCA—Locaiinn cx-fnrm +por nrin-^ 
for June. S. Feed barley: East Suffolk 
isioo. NE Srodand M.;n. 

,UJL mcmeiBir ro-effirnnl (gr thi w+rtr 
Irom June 12 will n-m.ilii um-hanuc+J. 

The markin' upenc-d uncfwrw».-d and 111 
a feamrdwi nnirkt-i taw very IntTe iradi- 
enter mnrmne wvcmr. Sonic In+ia- •+•11- 
liw In Un- afternoon eased values .-luhiiy 
(o close 12-23 lover on u-br-at and t.T-.TO 
lower nn barley. AMt re, varied 
Burner.* done: Wheat: Sr pi. Sf.rJhShjS. 
Nnv. SS.SS'SK.SO. Jnn. 91 S0-91 43. Mar.-li 
MJb-» 4.(B. May w. 60-36 «. Sales- M lu'.. 
Imier: Sept. S0.90-M.i7.. Nnv. SS.TiJ-Jt3.4Cl. 
Jan. fi>.&$6.25. March umraded. May 
91.1M1.10. Sale^r 40 Inis. 

MARK MHE-Very quiet f radios with 
mainly ■riion i-nvemui on June basiifons 
amUnsr di'Jiver>’ orders. 

Milling wheal delivered London area: 
Junr rj04 5O, July 110G.0O. KcH. ӣ73. 
Dvnaturablc diciliiy wheat (J*.|iv..-ced Em 
A nuha: Jun.:- £9S 3fl, July Iini.Ou, ail-iih 
flK.Ou. Scdi. Oifl Jo. Barky dc-l'isr-.-d 
ti'M -oisliu Jutiu Cse.fiO, July ISs.im. Soiij. 
150.00. 

IMPARTED— WlKM: C1VRS Nn. I J.T* 
per ceOI June 596 23. Tilbury, l.S. Dart 
Northern Spnmt No. 2 14 tr-i rent Jui).- 
amt July IS7.00. Auaust ISJ.23 irsnslnp- 
nteni Easl Coast. 

Maize: US hriuch £ I H5.23. Jute 

flOiSU, AufiiKi run. so. Iranshlnm-m Hart 
Coast: SouUi African Vhii.- .Tuiu-Julv 
£St iu. rtius-smr: Smnh Ur lea 11 Yclluw 
Juiu.'stuty.ai.SO, Glassuw. 


.Irr.n-. . 3.7-lb O.tx. 
V.ii. mij. + ,m.| ■+• M a if. rcaf 3 mi; 
lifjiiir I. in. T»nui«« — Pul. Ii l.iu-J "J). 
Carrais— l'"-iicti ‘•Janie? Ss-lb b'wre I-W: 
I I nnt - . I.’e-n m Asparagus— i. jIi- 

fiinna n fi-r te'imd u5o-l.nu- Hutisaribh: 
n 7,1.11 7 lpiiucc — rni;- it 3.5k3.w. 

Imrw- r\ yni- . .'j-lh ”, ihi. 

English produce: Poia'nes — Ivr a'i-lh. 
IVIhii- n.-d 3.4U-2 74. Lciiuce— I'er 1: l «*- 
1 .J i>4 2 2U-2.4U. Beetrooi— Per ?5-lb 
Tale ami I; I- ■T-reHmrj prn+ (nr 3 jo-4 99. Carrots— IVr 11.SO-l.~v. 

iiranuLiiiil i..r& whn« a «^r :.'42 01 Omons-P.-r y.lh .WA "*“harh- 
i-Sinii*. :i •iilJU’ Fir lininv jraili j»n! i>"UIKl. , ni!d"i»r H.i'j. LUCiinillWt- 

£U5 Dll 1 (or i-zteiri. I' 1 " tea/ *3 24 - I rK' -M Mushrooms— 

iBternauonal Sugar Agreement: I'ruv, tvr !-«'«l Apples— fVr pnw>d 

(ur Juni- I '' >. 11+lls pi-r |»»i|iiJ Mh ami ti:ainle '* II hm .'l Tonwiocs— 1 yr l. Ib 

sl lined • aril'll .111 imri— fraih 7.T-1 
13 day ar t • • Ti iT.jo., 


X I it !■ >ll III 

Auk 10b.: • 05.5(1. 107.40 U7.60 IOE.OQ 06.70 
(VI. . 103.70 03. 50 1 18.2 j 10.50 I IO.70-Os.:S 
|w.. Ili..'3 i:.5D 113.40 la.5(n IS.2b. 12.23 
Mm>-I, . 120 .“.u :U.50 121.60 2I.SU 121.46 20.40 
Mm . . lEi.ir :s.J3 124.40-24 .50 124.00 
An".. . m 7 t 2. .00 ITT.40-. 1 .50' 

(tel. . .. IwJ.-aO Ml-51 iifl.00-iO.ii 

Sal,-s- j,».' • i-'iMi loiv uf 7u rminrs. 


INDICES 


WOOI. FUTliRES 

LONDON — "ill and I,-.iiuri-.se. bam-, 
n-pori ? 


28 1 ( . . 280| 

- .k. . , ♦„ , , , ! PAKISTAN EXPORTED rice 

■ “i. «. » ** »« •»« 

y,i 3 i,|.|i- -.ml. paiaioc-5— Kavpnan: 4 ia. June, ir July, u May -July, i Jiun.-July. ; lllullth. 

:,.ini' f.-nni- 3.". Jrr.n-. . 3.7-lb 8.14. 1 Per ion. j irhurul Huq. chainiun of the 

1 Rice Export Corporation of 
j Pakistan, said total rice exports 
j during (he 1 1 month* of the cur- 
! renl finuncuil year amounted to 
over Tml.flOO tons valued at Rs 
1 2.270m. 

1 In the correspond iny period 
' last vear ihe rice exported 
■ feu-hed Rs I.SSOm. 

I Uharal said nee worth ahnut 
. Rs 35tfni was expected to he 
'exported Ihis month. The 
revised tjryet of Rs 2.300m was 
therefore likely iu he exceeded, 

: he said. 


t'u. li-U 3 »-;.7o. ».*r RTB+rr 4.4U-1 7» 

Greens— l'«T crate. K< ul l.JP-1 4ii. Cauli- 
flowers — J 'i-r 12. J.i/ii »!a 1 l'u-J I'I K'-uJ 
1 usi.lu Celery— l’i-r 12 rt :iiiO-4..*ft 
AMWaous—IVr iniaiU'- ujuirm 2-lh 1.08- 
1.1" Slrawberrios — I Vr i-lh U 1-U 22. 


\h-l ihI.h 

t ;«»-» w. 


. f. Flu- prr hit'll 

■ -ter.i'Vj.-J- ...- 


JUTE 


Kti-uii-%. 
I •- -Ji- 


.IhIi. . . mO 23.9 

(I, |iJa-r i+O.OSS.O 1.0 — 

licivu'U ■ 2-0.9- SB .0 -0.5 

Mm-.li 2-S.0 46.ti .. .. 

Mm ::-!7.0 45.0 

-lull V-S.ll 46.0 

Ihl.il.i- .„-.fl«-47.a 

ow.u 

Saks: ■'■nim '»is nf » Tan l;s. 

S.urILA C el EASY— Micron Conirau: 

Mart. -1 <-i'i-' u tei him „r ii,. i.iuwn's 
birthday. 

MEAT VEGETABLES 

SMITHFtSLD .piii,.- ,„ r uuui.il— COTTON 

Beef: X.iim-J' t'N s«rt-* 74 H m 37. S. ^ v 1 w 

hiri 0 7.' « lun+iuari rs 

.pm in 2~i." Lamb: l'naljsli ■jd.iJJ j;, » 
s ,*. imiii ui" "• En-iijJ. iiiiiIiuii. ul a V. !■ Tai 
in 7H.4. fro7i.li *.< f'L li *1 lm iai-rjiici|i*. 


DUNDEE JUTE— Ouiei. Pric.-s c and t 
UK tor S. jn.-inbi-r '.iii'-nih.-r ‘ hinni'.-ru . 
BV.K HWC I2i4. r.WH 'Of. Tossa: 
KTK Clf-i l:T(t £273. LTD £24*. Calcutta 
goods steady, Qumaiimu lor prvnnn> 
shiiuin in 14-Minre Jn-mrfi L*».7T. 7(+>im.v 
£7*1 r*-r I nfi \ arris, .litis- !fl.S7. 7 73. 
.mb -Sort t“_sd 27 -r; *-B" (wills Hr.33. 
r;7 41. £37. 7 1 * (or lh«- r. sp-i-rit tblpmoiit 
pi-n.id Tarn and cloth sulct. 

VEGETABLE OILS 

LONDON PALM OIL— ri.ftlr.v-: lii-.i* 
mu nij-v'iii iW. Jub ’.-(ii. ittr* an. i-ie ::<in mi- 
'.ii un S' -pi 2thl ii | i-”ii.iui. '>< 1. IR,i nil- 22 11 .'ii. 
% ni . *a.9+--T5 W. li--- lie. no- -, in mi j jn . 
J t-'ilv uni|..»lud SaL-.; .Ml. 


FINANCIAL TIMES 

Jiinf 2 . Juiur 1 If. .cull n-i . 1. a< +-.'*■ 


252.46 250.34 1 24?. 88 ! 263.52 
•Base: July 1. 1852= I iln. 

REUTER'S 

■I .ill. S JlllM 2 ll -M. I, 4^., 1 .« 1 imi 

1515.41518.1 1465.9 ~;~1650.Q 
< BaM.-: Si-preinher 18. 10:11 = nun 


(■■■ii 
-I - in. 


DOW JONES 

■I mn- Jimju : ijiuiKc -3 ' 
'J l ] . +• 


LIVERPOOL COTTON— Finn .md sl.ii+ 
iMi-uJ <ali* aiiiuiinit+l in *J8 ion 1, 
Mite rt iKiri. <J. S'-flii.-r.-.l 
ni>-iii 1niM.1i <n iiussi.ui 


3S.I). I*’! -•"" 1-71.1 Pork; l-aiJisli. -.r..l mh- r Mui. II- haan-nt van. ii. %. R„ih si":ili n Wi ll .ill. +.k Hiu.-d du,n-li il-*r*i 

nirj-r Mi'll'- •' " }y if" i" | -i2 | 'll's fij.o ?..>r:n ami Swnr. .un. man qnjlii'ii al.u f* llfl ■ uam. l.-nion miIis i.-ir- 

lo 4::.M. l.'"-l''"S'*= *«'8 (u 4I.0- aiiraiscri aiuniiou. £e.uo. niL-riium iauu. &uihc il.4«*-t2 uu. 1 cOnl 11< ones. 


FARM MACHINES 
PUN BY CHINA 

WASHI:\y;TO.\’. June 5. 
CHINA MAY import substantia! 
I quantities of advanced fanning 
equipment within the next two 
years Fur use on experimental 
.state farms in the less developed 
m*rJh-vasrrrn and north' -western 
re ii ions nf the country, the 
National Council fur US.-Cbina 
Trade said here. 

I The Council, a private nnn- 
* jpndlfmatrina oryanisallon. in- 

! L’hteiina atunil -W>0 lj.S. enm- 
crimsby Fish — S upply, wd. demand. ' panics. Mini an agricultural 
fair. Hrhvs ai shiua 6»b- <wn>r<M--+«-4. ! nuchinery {icJei,'.irinn had jus! 
p. r si urn.-: siuif tU d rj.4n-ri.7u. mtUiiu-c ,-nmpleied a iWfi-v.et-k trip tn 

m^m^.-.irrsfl. i^Vr^Hrurt china during which fcchnical 
i.iai.s. 14 imujo m-.dium n :<u54..7ii. i« « seuttiiars wciv conducted and 

u+iis made to factories and 
RvuU-r 


-I-4 .. 355.06 355.74 364.4SJC 1.20 

[1 354. 6B 356.74 350.46 *87 3 / 

1 Average lSTL-JS-'/CrllHIi 

MOODY’S 

Join- -.linn- tl,.aii li- *1 ■ c 
71-Ml 2 i | I . , a 

922.8927.6 905.6 

'Tw*MnW aL lBrn = 1 no ■ 




38 




Frnaflctal'Ti 


Vt> 






**» 



all St. 8.9 higher in heavy early trading 


:’■ .r*'rt£*> 


INVESTMENT DOLLAR 
PREMIUM 

32.6ft lu i— 109^ (105;",, I 


that consumer prices rose at a on a 2.32m share volume i2.12mi. Dow Jones Average rose ft - 1 -. 10 buying orders, notably from Swiss 
double disit pace in April but [hat Rcsurls International “A." the i>.4ft5.28. with volume- amounting investors, petered out and gave 
the rise in wholesale prices slowed most active issue, advanced li to to 1210m shares. The Tokyo bE way to position covering. The 
in May. hinting that consumer $35. U-S- Filler, also active, picked index put on 1.22 to 410.74. Commerzbankmdex finished a net 


Johannesburg 


■ • .- 

NEW YORK-»ow jokes * •;***' • • . ; ••••£- 

. * .V • - • ~' r v ;•$ 


Effective lSL.820a) — 4b f % prices may ease also. And a up 3 to SloJ — the Flick Group. oX Vehicles and Motor Components 3.0 'down at 782.0 

A WIDESPREAD fresh advance surprise fall in the U.S. money Germany, said on Friday that it advanced after an easier open- Brokers said t 

occurred on Wall Street yestur- supply, reported last week, has has taken a flOOm stake in U.S. iny following report**, that io ine subseque 

day morning in heavy trading, cased concern of further imminent Filter. Japanese vehicle rcii-u ration* in were the result 

a move that analysis said monetary lightening, analysis May rose 17 per cent from a year Sunday in Hamt 

stemmed mainly from internal stated. g~^ j ago. Toyota Motor finished Y24 Saxony, where Cr 

fuciors but was also spurred by _ . . . . 1^30303 stronger at Y998 N'ivsan Motor Schmidts coaliti' 

a growing belie T that economic Glamour and Blue Lhip stocks . Yll up at YSOa and Honda Motor Free Democrati 

news will improve as the year were the centre of attendpn. Stocks continued to show a firm Y7 firmer a IY5S0 soundly defeated. 

nrn"ressos IBM rf,?,e to *2621- Smilhklinc disposition in active early trading. * 11 1 *'■ Hn „ hn i„h i p 


following report* 


easier? A SMSS 
Brokers said that contributing PJ ^ in „ 


June j^i^y 


pen- WlUhUlS hdlU lliai UUIIUIUUUUg -»1 ininrv vinnnninle *A 

that io the subsequent weaker tone JHWJ JSSU® 


£= s&ifesss SsKSseS=- avSESSK 

ago. Toyota Motor finished A -4 Saxony, where Chancellor Helmut cents to R3-35 awaiting the results t no i 10 - 7B 105 3 n uM.a;| mi.47. tMXfc -7 lDAB-.i tt&M IfflS-! 

stronger at Y9U8. Ni**n Motor Schmidts coalition partner, the ™ ™ ***** ,w ' 08 ; 1M ' 7B| -I (SS0 


Iodu.rrl.lJ 847.64; 840.7® 840.61 j 

-in n i n g rinanciais venoea 10 1 1 , j mu mM -iojS 1 uv ‘" 

follow the -gold producers’ lower 1 H*mc BaW B7.W 87.Wj 6B.cn M-14j, 88.19 W. , - so.W {4j6f ,-. : -rr-' 

Transport — | J — j «»|»* H S&' 'S : $%, 


progresses 
The Di 
Average w 


stronger at YUS Niv*n Motor avmnioio coauuoi 
Yll up at YSOa and Honda Motor Free Democratic 
Y7 firmer at Y5S0. soundly defeated. 


Other Mining. Issues edged 
lower, with dealers expecting 


-^-g 4feEjg ‘ 
I ' rtfiv-. : • • Jf.?? 


Hnw- innpw Industrial 3 rn $77. KLAI Royal Dutch 4; to the Toronto Composite Index 
uas go'" higher at Soli 4k S***- ^U'dbb 13 to SS-72J. Boeing adding 2.6 at 1.135.0 at noon, 
was e-.i- ni-ncr 31 j, lQ ^r. ^ Pont 2 , to sll8 - Metals and Minerals put on 4 2. 


Closing prices and market 
reports were not available 
for this edition. 


1*. lo Soli. Du Pont 21 to $1183. Metals and Minerals put on 4-2 
Fairchild Camera 1 to $34 J and to 9S6.fi. Oils and Gas 3.6 to 1.353.8. 
Avon 1! lo $55 j. Utilities 1.20 to 174.S1 and Banks 


-BA «. dm =“» 


.•wan im . tjiiiiues i.-w 10 1M.9L uuu djhiw - 7. — ■ - “■,. nll 7 „_j 

l-'ord Motor nicked no 1 10 S491 °-' 29 10 273.47. but Golds reacted 2 . and FaLs , \° ' it 1 , 1 - J . „ 
1 oru .wo tor picked up „ 10 . usso Tsudacoma Industries ■ to 

and Chrysler tacked on l to $12 , r^ Y372 

-Ford reported that late Alay car All-Can B rose 2o cents lo A3... 


All-Can -B - ' 


i to weaker in Steels, and Bayerlsche 
Ycrelnsbauik shed DAT 1.50 in 
Film Banks. 

and Public Authority Bonds were 


outpaced declines by a livo-tn-two _ . 

margin. Turnover expanded to Topping _ the actives list, Grum- 
24.7Sm shares from Inst Fnday s «> an c, ' ,T, b*d li 10 $20 1— it has 
1 pm level of 21.37m. received a S2.2m Navy award lo 

An analyst commented that “we ,lUlld l - 14 . fi * hler a,rcraft - 
sep institutions returning to the Also active. International Har- 
in.irkei for the first time in several Tester added ; at $35; — il has 
weeks." Portfolio managers had won a suit brought by a dealer 
hem wailing for .1 market pull- who had alleged anti-irusi activi- 


st l pm. while the XYSE A 1 1 , ” rose ^fi nrr crnl but CS5 — Hemisphere Investments However. Fuji Photo, *»■" J 

( inmmon Index had moved ahead chrvsIeF* sales were down 7 5 oer said il » considering an offer of retreated YI4 to A « nd . Pub ic Authority Bonds were 

r,it cents more iq $ 55.39 and gains *■ d0 p C$5.45 for each “B” share of All- Konistairoku Photo were also irregular, recording gains to 20 

Can. Canada Tungsten Mining weak, unsettled by a Press report pfennigs and losses to 35 pfennigs. 

Topping Lhe actives list, Gram- jumped S3j to $174— A max thal the Japanese Government is The Regulating Authorities bought 


Abercom moved ahead IT cents 
to RL73 in fairly active .dealings 
on further rumours of a take-over. 


1 l - - 1- • 1 1 J ■■ if. - I.- L~ 

in SPSS wL H *8.7*1 «.rc°j r 

. * Busin nl tmloi (iwn Au«urt2*. . ^ . v^' .•.-.i.V ". 

• 1 ! Mav SB Haj-18 YgM-TMP iia^ - 

if. aS&OuS L lD *’ -ir " yl<fM * j - 5-59 - -|: -5.48 .'j- . 6 ;1 : : *, 


Amsterdam 

Firmer — inclined 


STANDARD AND POORS. 


June ! Ma.v May 

1 I Sf S3 . 



hack that hasn’t occurred, 
added. 

Last week, investors lea 


*rai vester added ; at $35; — it has Tokyo declined. roReclu 

iart won a suit brought by a dealer J , 

ull- who had alleged anti-trust octivi- Share prices were Inclined 10 CxCrmSOV 
he ties and sought a $10m payment, gain ground in moderate trading, 

THE AMERICAN SE Market Value with sporadic buying spreading Market closed 


Paris 

PARIS — Shares, after opening 
with a weakly, showed some recovery in 


Hoogovens hardening . but 

Unilever. Philips, and Roytd Dutch . ... Inl . » 

all edging lower. uu. «n» . .» i«m-< % 

Trading in HVA shares was lud: piK Katin 


learned Indus rose ft.6S to 146.2!) at I pm over many sections. The Nikkei- slightly weaker bias afte 


NEW YORK 

- -lime 


.*>-<•41 frfil^. .. .. 42id 
.l-l-livv-vnHi . i 24-5 
A ■>[<«■ I .ali-4 !.»’>■ 401a 

Air IViUlm-l* 29<- 

AlM*. $0 

Aiinii Miiiiiiniiiin 2BL 

.li-.* 47 

All-i:. I .■ j .1 1 1 1 1 1 1 . . 1H'» 
Ail>--ii>.-ii\ I'i.iw'i 18<4 

Allit^l l'li«*liilml.. 4u-S< 

Alii— .1 Sinn- 237g 

A 1 1 1 - '. iMlmer-.. • 51'* 
A MAX 34 

AniHViU H-— ...| 4L ), 

Am, r. 12; 1 

Aiii.-r, Hra n.l-.. . 50 

ini-r. HuotiliH'l 495> 

Aim-r. 1 mi. 4 ' r 

Aiiwr. 1 "v mm nil. I i9 •* 

A nw”r. ki>v. I'i.v 22 Jh 
A m-r. K\|>r--v-... 28<j 

Aini*r.H>i<iiernhl 314a 

A <■■■/■ . IIaIi.di .. 24 ■>( 

Auit'r, U-iii4"*-.... 6U 

A ■HIT. Xrtl.laA-.. 43 
Ainpr. -MHii'lxnl. 46.*e 

Am-r.si.-n- . ... 54ii 

Ann-1. rH. .v 1 14. bli- 

A lilrki-l, 45 '* 

>1 K 19ii 

AMI* J24« 

Ani1«*v 17 

Ain Ii.-r H- ••'.in.- . 28-’j 

rl l!ii---li. 23Ji 

'.I mmSIW-l 3U4g 

A.-. \ i 20 

\-nni--ni <»ii 15 In 

16S* 

A-iilnn-i i'll 2oi2 

a>i. Hi- lilit-hi.... 51-n 

A 'il*, I >nl 4 I'r*. ... 51'i 

A\* PI- 

At -. it 1 * 

A»-h> 1*I«*»1. 1/ . S3> t 

I lull [|H» h.liD-l .... 235 m 

I'-ntik \iii>-i !-«.... 24<- 

Knukvi-. li. A.Y. 36 

J'.nK-r (til 20:3 

l«i .l**r 1 nitt*ii..l.. 42 
H.di h.-i- 25<j 

J*.- -kMIlMill bT.i 

8t-i| .% Hmui'H.... 191-. 

JIhu.ii 395n 

IVn-iK.l * II* 4 1,. 

U.-i|i>a>li«iM . 25_ 

I’llfk v I *1- ki-r .. 19 ^4 

Uit-ihi: 501,. 

il. .1 1. HDD-ir- 29:? 

ik-xleil 26-*i 

i>..,ij llnnn-r .. .. 5uh 

Jlimiiii Ini lai? 

l* 141* 

hri-t.4 1I«>.|- .. .. a6;- 

hrii. i'«i. \ in; . 15’-t 

iil»>.., 34i? 

Hn.n-tti. k 16 >4 

l'->l,-> III. Kl 191- 

I* u'Vhii-Ii.., 6! 4 

J4||'|||,SI..|| .Nllill 391, 

Ii1t1-n.1i.4l1-- 751? 

>. mill. l»-l: .-.-li|> 34<j 

I Him. I m 11 16-i 

l.mmi Uh 1 >.<■ ti )->■.. Ill; 

'. •irii4li..ii 29 

■.in ii.-i A 1 ■•■il". in. 12 
i hii-.t Uh 19 > 4 
1 hiit|-:uhi Iru-l- 

•.11** 

i.'finiii-Mf t.“> >r|.ii .. 42 1« 
i.hiiIihi .1 t.W... 16G 

iVriHii»e~< 25 

1 a--iirt ur- mil.. 51 ,'n 
1 Iihm- Mniilinllmi' 51^-1 
i iiainii-H, Mk. >V 40:g 
Ousel >n;li I'.iii-I.. 251? 

. 321* 

1 "liiiiis.. i'i'I-Il*-...' 55 1 ] 

i.'h n .ninll.iy IB -m ■ 

1 'lti\— Iw ill? 

• uiamiiM 4 Ah 

*.<i|.\ ' 28i^ 

t.Ul-.i»T 24 lg . 

OllOo seitlit.. . 51 

1 il v I live- 1 me.... 1 147^ 

l.'.aai Lulu -tii; 

<'..iaiif I'm 2i 1- > 

c.iiiuio Aiknmu.. 12<4 


. -I. i.riiin; 1 ■ mat... . Sol; 

1 : 1 IV tiii‘ii'iit.na. 491a 

AI4, If min* ■ 50, « 

y, J iLnt'kiTNti -S6tH 

1 I null, /.i..lli‘11at..J' AAifl 

nfl . ] ■ . 11 rimti 11- kiieiiii- 39''4 

4 q'' 1 1 nrl|a- Wri-lil.. 177g 

27ij ; 1'j.m •8 | n 

44 ■— | |inr» Iii.'ii-ln.— . 

18 -i ‘ I 't-t-M- 30*6 

18>4 I I H i M..IH. -S-As 

4u>h I Ik-il.ulH 127a 

25 I l>eiii-|>lt I ill i-> . 35 1 a 

317; 1 lieip.ii I-Hii-t.li .. 16U 

34 In | (.>■>• in. .il. ISItaii 11 k 26 1; 

il'l j l»|.-|«|l|."l|l- lOll 

12'4 j I'ljlln !-i|tli|- 49 1; 

50»« I Inanr-y 'Wnii,.... 4 1 1« 

qyjf ll-iw ( r.r j til . ... 46 

4-.y, I |lit» I. l.vniitDl ... 1£3>: 

28 >1 '*«»•• «**« 

L2<» lin~«-r 44 

37 lj I'li I 'will 1 16i< 

301- Mjm-i In.inalrit- 30*« 
i4;g Im(4ii. Pk’llar .... ilZI’ 

6 kart Airiiiii-* 10.-^ 

42 ,'i kAUnimi ktalnk.. Iblj 

46 Kaluii 40 

*4 ].. I,. *ii ti7 

61 , hi l'n*> ,\nl. i.n. 17 

*4*4 hum 35 

knit-rvii klnttw..' 4bt« 
l.»it'>«A|.-ki i^hi 23v» 
lY-'-fl k t>il.arl . ... .. 4>7.B 

2 fl’» i K.M.I. ... 2J(, 

! ktitte'lsml 23>4 

■»«'« I bsiiutik 301, 

Mln-I.. ^ 1 •; 

13l| Kkvn. 46-»4 

17 IhiivIiii.i 1 nii't-m oa-'* 
3S»; Iml. l>e|A. *».t-i- 371* 

0l-£ Kl rtsiotie lire. .. 15 

32 1 v »<- I*-- fit. 2« 

9»3 I ■«.-» 1 Inn ...... *2U 

26 jj Hn.ll.t-ie gala 

62 Fein. Is lAittei.. ■ 29i» 
2a7fl I'll*. .1 3hi 

3si? I.JI.I *£4>4 

2gi, j Kt-pl ll'tltti 49 Ih 

42m I i" r v , > , "*i Mra... 2> An 

24 5* i 17>i 

381* J Krmmun Mini.... 10 1^ 
19 ia I Kmeia-rl Mnifin. *3 

39 li I kniflunn 51 iff 

41* | Khijiui I 11.I- 1H-, 

H\‘ ['GAT. 13;d 

SO ' ■HlilWI 42; £ 

29ifl j '«■*"■ >"«'* r "'l-. 10 

24la I* >■.»-•-' 48 

" .11*11. Caltln 17 

l». Itell. IWilniiin->... 61>* 

I lieii.klot-iri.- au>s 


1 

M..-L 

June* 

June 

1 l 

J-<lin>M«iiiiim. 

30Sk 

; 307a 

■luliiinjn J-ilinvM 

80 

• 78 U 

■ ellll-oii I.ullln-I. 

30 

29 >4 

1 - - , ilaniilacli,i*i4 

34A| 

34A, 

s. Hun L--i|- 

■e5m 

. 24*3 

Kaivei Aiumiui in 

33 

' 32ff« 

Kai^r Iniiiisino 

i;» 

l’a 

Knisr-rsi+i'l 

2310 

23*4 

Kji> 

14U 

131; 

keliiin.41 

i4ff« 

24. a 

hen ,lt--(jea- 

48 1; 

• 481k 

K ill* If \\ iiiit, ■ .. . 

32U 

*2 

Klllilvm UkTk .. 

4 .''.0 

4734 

ki.^i-ei-k 

24'* 

'23/0 

hralt 

48i 4 

47a 8 

i» 1 • uei 1. 1 « 

337a 

33% 

| Len-e" m 1 nails.. 

34)0 

34% 

1 1--. 1 


35 34 

| Lll4a» Mu.K-K.I... 

2 6ffi 

26U 

1.1UBVI U—iiJ< | 

33 If. 

321, 

Lilli ;$lii 

45 l fl 

4433 

1 ,111a -II Inilll-I... ■ 

20 

19 

La^lhee-iAii.-r'ii 

k.4ig 

23 -e 

b.me Sim Inals . 

2OJ0 

' 19 5* 

Ijiiia l-inn-l I.m. 

lB’a 

19 

L-'in-iica Laini... 

2 3'. a 

23 >0 

I.tiloivjl 

40 U 

3«: : 

Liia-kv $h>ie>.. . 

Ibfffl 

15 1< 

L'ke Y'iiRS'I'mi 

7-v 

7i 2 

Ha -liman - 

12 'a 

121, 

Mac! It. H • 

411* 

4llff 

Mil*. Hrin-.-vcr... 

37a, 

37ffa 

H.lla-0 

36U 

35/ 8 

ilamllia-ll l.*la,„. 

461; 

45*4 

Marine 11 Mian.i . 


la 1; 

Mar-li-tll FipM 

20->* 

21* 

Mat l'e^+. '■ii-ri— 

25 1-.- 

24 '.'8 

MCA 

5 c Ae 

51-ij 

.Mcileiniaaii 

alig 

3u'? 

>1. INiUlll-ll L'a II hi. 

04 

34 1 a 

M dun 

£3>0 

2a !„ 

.Menu -ie* 

473; 

47 

llel+ 

39 % 

58 

-li-rila. l.l IK-L.... 

20 

19l 2 

llm IVlr.-lemu 

-4Jj 

33 1; 

Ml ..il 

34 

33.g 

Mum 11 iln: V Mix 

a3ts 


.'l-iiiH l * -rj ■ 

65i0 

64ff 4 

ll-<IISNIIIl- 

aie-e 

au 

.M-ruan J.l'. 

49Ai 

4914 

. .iliff-.rtun 

*»7'i 

4 6 >4 

lllirpln Ull 

405 8 

41 

\ 1 1 -1 SO ' 

2 iff. 

49* 

.Nhi saL'beim--n'.. 

£8 

2 7 iff 

Antii.iwi Lan 

lBifl 

18 14 

>01. Plslll'tfia... 

223a 

22 lj 

■Nil. 5erm c- lu-l. 

Ibv 

161, 

Nnli-.UOI ffiee>... ' 


3U4 

>Maa|||«> 

44 

43* 


M.Bl 

June 

June 

J 

l!u» lull 

49 

48h 

KlTlla tills .Me'.fllr. 

331* 

32Je 

KarV'inl'I-a It. -1 

56 is 

57 

Ki.7h'«ui Mfrrr-ll. 

25ij 

241- 


Sal* 

33*8 

It-JiniA Um>.... 

351; . 

35 . 

Uaaval 1 'Ul-.-ll 

56 • 

56Jr 

li 1 K 

17 


Hus. la-g. 

1214 

lain 


+2 

2b ff. 

10la*M0\ ffla-ar-... 

40 ir. 

40 10 

m. !■•- tliniials 

27', 

cl.? 

il. lire's I'mvr.. 

29 10 

29 30 

mula Fv 1 mis .... 

36 - 

ab'e 


laeuenti P-««-f ... 

32 

32 > 1 

IjhiikihI .Mill".... 

301.-, 

297,- 

'■■■ncral .Mni -m. . 

61L 

61 

• ■ I'M. Hula. fill... 

18i B 

lcij 

laa'll. isianal 

29 U 

291,4 

<••*11. |pl. hleil.. 

291- 

29 

i.ieu. I.vn- 

27's 

2 /Iff 

1 I a I|hs*--i 

D-i 

6:-; 

■•eaalffIM IVlbi- . 

25* 

2bij 


S4m 1 S4'a 


7 1 ?'-' 1 tel iv *.i|l 165 

11m itillrtir 28'i 

ZB l» ! ....111.!, B.K ; 21 « 

1 2 ' A I (i.aaiyiair Tiik... l/>4 

19'; 1 1 1. mill 29 In 

S6 jl.m.vW. I: 2<l a 

S4'; 1 l.l. Alim Put-Ion. 8 

41,3 1 lin. .Ni'ith ln>D..i 25 

J6'g Girt\ 1 m .iiii-I 1 la 

o„. '• i.itil A lVi T i*>rn..| 14i« 

, 83 :j 

,i J3 : Hilll-.rinii 1 b4 

in. Hmuw .U linn*.... 1 54 'n 
rCif I HHnin.-lnc“i*r. .. ' lo>* 

*o.i 1 li.nria l.'nrui 36lj 

HI: J Hriu^ tL4. _...! ;6 j 

18ii Hvniiieiu : s9Ae 

1JA| j Hen tell hneknnl.' 78ia 

4J« | H.tli.lnv lull- 17-4 

2£g| H-imerUUte 54 <; 


I'pliimliM I'lel. . ' t9»4 

• ■■ni.lnsl'ix.itl.liii 181; 

L.tiit>u>-ii..ti tuff. 4Qjii 
1 - -nil 11-1 it *ii hi| . 1 16Jfl 
I"|||*«'|1* I-Jli-'I||. 281; 
1 ‘ttni'n 'III I >11 Kel' *17 

• ••ilini.'vnlellil-v. 41.'j 

L.tiiiiml-rN-ien.-e 111- 
(.•mu. Itile tii:.. . 55 7^ 

I .lint- 1 23 

1 .-n. L-Ii .-ii 
C..H-..1 K'.h.I, ... 24 

1 ..iimiI XmI. Iih-..' 58^3 

■/.in .nine: I'.'tter Zlij 

('i-nliiieiiln. lirp. 30 

1 oniinmlMt.'il... i85| 

■'•tiuineiilHi li-li-. 16': 

> .inti..l LWib 33;^ 

Vihi|iei fit-iii- 531* 


24 1 0 

23*4 

51 

51ia 

147, 

14 -B 

437; 

42 >0 

2 Us 

alia 

12 1 4 

12'3 

27» 4 

26 7 9 

ldff* 

iyi; 

lblff 

18Je 

40 in 

40 

1630 

lb 

28 >4 

281, 

21? 

+ 1- 

41.j 

40i; 

111? 

11>J 

357e 

35ff; 

23 

24I U 

22 ^ 

221 4 

24 

2 37 8 

3870 

39 

ai; a 

aii, 

30 

3UIs 

b8i| 

29*8 

16': 

Ib'i 

3374 

32i; 

531? 

53ffs 


Hiinev<*ei' 57'i 36^4 

Hituvui ; 12 12 

Ha pAoiu-Ainffi .' a2i; o2aa 

II- iuslt'in Anl.Un-: 27 • 26>« 

HuiUIl'b.AlL'Iini. 10 Ag ' liis 
HntUni it.K.i.... I633 164a 

j I A.!. Iililn-.il lip ... 24 >4 24*8 

| iVA 41 41 

lni;<*im.|l Kslnl....- 611; ■ 61 lg 
In.iunl $ieei ' 39 < H 40'< 

III- l'C : 13AM 1E.4B 

liueret.nl K.iiem \ 1 8U 8 

I till ’ 259 87 257.12 

mil. Klnxinirs... *-4 53 45a 

lull. H*r\ e»lei ...' 45 ■ 334g 

Intr. -Mm A Uiem 4 jIi 4U»i 

■ ml. a.! a2>! t'£U> 

ini.. ‘ 18i* , 184a 

lull. I , «|«'l 42 4lV® ’ 

1 1 in.; a4ij j 4 

I ill. KeeliRer ‘ 15/? 1 1413 

1 111. lei. 3 'lei.... 1 ■ 3 1 

lineal 1 IU ; m 

Ii.kh Um#i 1 C6V3 • 3Sij 

II Interuni it mu I J ll's 11 *h 

-I ini WnilHi j 31 30 lg 


j M-Tt 5444 

Neitiinie I nt|. 18/3 

! .\c» hltiUuul Kl. Zll* 
J Net* Kiluwii'l lei 341; 
! Nufiini M'-iinuk 14 
| .Tlinte. .. lulf, 

I \. U llhimlni-. . IBm* 
j >ttii.nii\lVe,iein 26 
| .'i-rtl, .\nl. Im- . 40*4 

i Ainu tuii-s r*r' *.6;a 

I ' I II ntf-l Alrlnitr- i9lff 

l UbII an; Z64; 

I A 0H> -M . 19'* 

; Meinx IVl n .. z4Ia 
; "ail vi Millie' ... al-* 

• 1 ilii.i btiip.it 18 

j MUM 16 

j 'Wei-eHr Ml<|i*._. el 
j Uweui vtstniiiff .. 0OI4 
: "neu* llliiittu.... 4 133 

j 1'iUlli U»> 244a 

] I’m ini: Lleliliii^ . 19 <-j 
j I'm . I'm, A Ll... SSI 5a 
j I'miAm W.trl.t All’ 7 
Knrkei Hmimlin. 2:3)3 

■ Kenloll I III i47 a 

j IVli. I'w. \ U 21lj 

> IVriliy -I. C i8'« 

feilUZKII ■ *6Ia 

Hii>l>iet Mine • 10 

I’tatple* tin. • 354fl 

Pe^mhat.... 31 

IVrhm timer.... • 2« j* 

ivi ■ H2; a 

Kli.ei 334a 

fi.eijta |i>* l»e 25U 

I'bna.ti-lpliui kl*. 1 >08 

l'liili|i.\lt'trm 69 

Hlnlliinl'elnil'ni. 33 1; 

riMniy 37 

I'llnex 'Hi.» *•.... 234; 

r'l'lrl.in 22 

1‘lt-t.aev Lt'l AUK, 1 14* 


Snii- Invf.i 6 

Ttav.i, I ihl. c'r 

Willi. Hreniiie.. I4lg 

"vliltinila-i a*r.... 804g 

4l.il i94« 

Stan l*ti|tri laSa 

■vatni Jlr~ - 21U 


31 14 . 31 

7«u:iaiii £3l-i 2ali 

■jenritalj.li.i 151* . Mu 

3tw> Kt*l.ii'-lt 241; 241; 

iKlH-'U 36 1 a 361; 

Shell Oil 4 3 '■'£ 33 ‘e 

iliei 'linii-|-iri ... 4 <4 40-3 

Sunn- 43 la 43>a 

Sic II- . It. I.1.17. 34 <3 34 >4 

lit I’m... 13'; 13Jfl 

^2-»4 2V 4* 

Sniiinkxiie 74 70-* 

Snlilp.il 2/5 2 "g 

>"||||.|>»| II ....... 351; 34-n 

>aiitieiii M>. It *5:4 2513 

Sail nem L'.. ]6.<n 16'» 

lliii. Nil. Kr .... 35-8 3540 

aitiiiheni I'ii ill . 32 14 52 la 

Smii hem Kalina 1 494; 49*4 

fft-UllllNUn *81; 28ln 

V«T Umi-bau-. .6-4 i:6'g 

?|*nj Hnlt.-n... ltfi* 19 
i|*PV Kan-k. .. Ajij. 42 < 

314* 30 '? 

aiainlani Urnn-i-. c /'g t/i l; 
Tli|.(.<iiC4iilliiriiin 42:* 42 As 

•l.l.oit Ih.Immim.. 30-3 > 3vi 

ini. On Oiiui _... bo 627g 
•inufl CliemieM • 42' 4 423a 

iirriuiy Him:.... 15^ . lalj 

•lu-letaikei t9 frbia 

auu I'ti 40^1 41 1; 

-jiin-i- Liaii.i ; 4414 44Sa 

?i Ul ex <:87* 2b.» 

Lieimetanr. Ill* il»« 

lekin.nii 41 4 411* 

le>»line 1065; ldblg 

leies 64« 64a 

louivi »2ij 31 '4 

Feai.ni l"eipi|*i|tii II 14 1 1 <4 

letaeit 24 4a ^**1? 

L>\«h-itll 2H4 ' 214 B 

Le\a: iiirt.m .... 81'a : 78Js 

I'esa- On Jt It a-... ; 0U4 • 3lij 
I'esas Ol 1I11 ■»..... 2<-l? • 2i>i* 

lime I lie. 44'a . 431; 

I'mie* .Vlirnir 2913 1 29ib 

li'i'k-eu ’ aO-e sl'4 

I’ntue . 37 1; 37U 

! Irana111erv.11 1613 ; 157g 

lnmv.aj l«l 4 . 18>4 

Iran. Lni.ni 56 m 361* 

Iran-nav lillr'i- 26 1* ' 261* 
Iraui IVnrltl An 2v"i I 20 
Iravellei. 36i* , 36I3 

In Li4> iteii' am. 19l£ ' 19^1 


• weaker bias 

arid - 

si run: 


■ lull* 

June 

'lack 

;; 


lY.si.uatrlli. 

19-i 

19*4 

Writ 

4 •/ 

4; a 

Vrro» 

531; 

52i* 

2ar«l" 

13 *>t 

I5J« 

/.c-iu 111 Kulii-, . .. 

lbi-. 


1 .s. l'raa- Me 

. 

-.941 4 


;8 ff. 

: 80s* 

li.T.ftj Unrlai'.l-. 

6.66i. 

6.60+ 

CANADA 



ki-u il+ I'apei 

13 1 

127; 

•Vclllna ta-ffif. . . 

5.12 

5.12 

1 'ea 11 \ niuiiiiiuii* 

3 1 

aO'-i 

alee'... . 

Cl>: 

Zli-,. 

Artf-l-.e 

sa>" 

S9>7 

lUnka-i M.'-in ie« 

21S.. 

215; 

lUnk \a-ra Ss.iia 

21 

20 1; 

Hum- Itnamnisa. 

. - 1; 

SI4 

Kp,i fetb[-rinna-... 

58 

58ij 

Ua.w l 0ii e vln.i. 

19 

2b-e 

Itl* Cauaila 

13i; 

13*i 

Ur 11 jit 

'4.6 

■4.0, 

CaiKirt F-juei.... 

a7: 5 

£8 

I.JIIllllIH Ml lift.... 

14:, 

la 

Cma-la C«meni. 

1 l- 

10'* 

mi ui.MV Lja n 

1’ 'l 

10*4 

eaiiliii). b,ik! nut 

t 9 : ; 

Z&'-ff 

kjmaJh linlusl .... 

il9’3 

20 

•.mu Kan tic 

Idi; 

16*4 

'.an. I'd ihe 

2i iff; 

21 

Can. ■Nljarr Ull.. . 

55'- 

55'; 

sarunu«>'Ka.+le.. 

4.40 

4.35 

.+*«,l i'«l-» 

1- i; 

lC^'0 

•. ineiiam 

17..- 

177.: 


2 hesitant trading to end on a mixed suspended pending a company 


note. 

Brokers said sentiment was 
further depressed by news that 
strike action at two Renault 
plants had spread 10 two other 
factories, while the raising of the 
Call Money Rate to S per cent 


statement. 

State Loans Improved afresh. 


Iaidi' GitVt. Boat! yield 


6.01 4.85 k: " 6.04 | • 

9.39 j - . ' 9-16 

8.51 - i- .8.42 . t|„:8.43.. 


IWfrfcHjrf J, 

■ AMry 

- Jg.O tT?: 


Switzerland 


N.T.S.B. ATX COMMON 


from 7; was another adverse 35 to a new high- for the year of 


Fairly steady in listless activity. i I 

Oerfikon-Buehrle Bearer gained Juno j Jvrao May 2J»y j 


Blfih I U>t» 


influence. 

Banks. Porlfolios. Constructions, 


SwFr 2,330 in Financials. 
Domestic and Foreign Bonds 


Stores and Oils, however, were also showed little alteration in 
generally belter on balance, but quiet conditions. 


■toj .st-ttj M.M; M-itj •»* 


3 tinwuinri.Fa.nii '- '.V 

Jwue 3,1 June l-i 

IwmenxiarieiLl.i.J ’1-,B88-1 : -lSBjf; 

J, 850 l. Tllf-. 

LTUlu.....' : — :.'...! 'SaBi '. T3TJ 

r nvlmnyal .... — I ’• 421 J ■’ 46ij 
N on" Higher.. j- .j '— | 5S- 

J.ow».... — ;.j ' -1 ■ 5M.- 




KONTRZAL 


most Foods. Electricals. Motors, 
Rubbers. Mines, Public Services. 
Metals and Textiles recorded 
declines. 


June 1 Jung : Usv I 3Iav 


Milan 

Technical 


Hong Kong 


speculative 


IiiiIiiiIvIaI 

I.', million! 


i 181.5iiiaO.Sy 780-86“ fJSiSl . 

! 1B0.B9 m‘48 180.28] 130.07 19^88 fS© 

el 113Z3-: 1128.8] 1128.8; 1123^2 1138.3.(2315; 


.Market strengthened in active 
dealings, the Hang Seng index 


Firing 4-32 to 4W^7, its highest L979.5 and Flat 12 to L1332. 
level since December 5. 1973. . 

Hong Kong Bank put on 10 iSniSSCiS 
cents to HKS15.70. Hong Kong 

Land 5 cents to HK$7.‘J5, Jardinc Mixed to higher alter dull 
Matheson HI cents to HKS13.60. trading. - ... 

China Light 60 cents to HK52D.00. Among hi eels, Cock«n!l 


Anctrniin BFr 1,530. but easier Chemicals ,, 

h3d UCB down n t0 BPr 936 and Denmr] 

Markets were closed yesterday Soivay off 20 at BFr 2,-440. Oils France 
in observance of both Foundation finished little changed, as did 
Day and the Queen's Birthday. Holdings. Germai 


demand which prevailed through- ItoboNTO o».<i>«u« ns2jj n2B.« 1128.8; V123I2 
out in quiet trading left stock |_ — — !- — v— — — -- ->. 

- JOHAITHEBBURO , ^ ^ 

ImliMlriHlI [ 226.1 | 220-0 ( Wj J 226.0? 


prices mainly higher. 

Pirelli Spa appreciated . 9.5 to 


- lsuiaoiv 
k >. Wtt.t&s 


Day and the Queen's Birthday. 


L.K-H 39 

JAlivPKllir* 531ff 

U.4.U <9 

LAIttii* Z41 8 

1>“I • ZJ 

t"»' ■ Z1 

I • 111 -*vpi 371* 

I. Ill »v r i M . . 50 - a 

■ -lit. bnno n* - , 141* 

ink«i Uiliiiii....' 395a 
'.■iii'in l. (Hiiiimn 75a 
’. IIII.II I II tun.; 50 >4 
ink'll 48 

Inimnl ! fig 

'. illicit Uimi.u... 8ia 

HniHiiv. 32 

UtU« - 56 

■.■•I rh -r > 28 

1 i'T Met; 887 j 

I «... I ivtirii. •■*!». . 44 1 8 
' I. V lllil'lrt ne*. .. 2 j jg 

, • ITylliM k •*••<... Iff ■* 

'l i ffiein <1(614 

« •imi ■ k* .mu in ' 43 


36iB I <-n„iiiiiT, pfl.., 

521* I .-iiii' l!nlliur»i... ja 

49»4 | t<mMimerUn>. .. 183.. 

] *.V>«ka Kc* 8 iih-*i 5.37 

Z8I0 ! <.KMio liirti., tiai; 

fc6ig | i.'mi.u U*v. „,i 8 

lU I'-ul-on Alin*-... 70 <4 

42 < Hi .111 Miner t7'._ 

30'? l>"iw Heiroieiin, 61:* 

u! I* O, .imiiion L'rKlut- 24-'-. 

42ff5 Llninl«r.._ 16< » 

Ova i<u|.-Pi 15i<; 

6270 K«n,ii* t * XiL-ki*. 2=1; 

4ZJb K..ni Ur4<ir Cun.. 79U 

lulj 

tbi* I81.; 

mu (jWui Ui'u-kim, 1 2 >- 

44^ •-•'III Uil lina-la. ttl; 

2b. * Hji*k*i >i.i.c«ii. 61* 

4 1,, rl.ii. Incur. ' 135 

411* 1 Ionic Mil 'A'„ . 5b: e 

LU5<a iIo-'hiii Bc.v Uiu IVij 

Off* (IuImii !<■».. „ 19^4 

51,. IIUMXlUllali— 4'Jl-. 

1V.C. ^ ’ 191* 

llu aas * 

-a,, 1 "iix-rifll 4.iil 1^ 

n;-. "k- 20i, 


lll'UI-...^. 

■nuiM 3«i. In-. 

iuiV.»l'i|C L»:n . 

hmiw lle*rujrv».». 

l^unKm L«,i 

Md.W’J- l.41ll.*|<'„ 

yymnr.1 m-cn. 

Uccirv Fe-".iiu.i. 

Mi-lull > t 

*I.»ip- < • >:-«.. . 

JlvUUUill.TICttflN 

»-**ll •* >1 

-\oTV«1l Lllr'-v- 

Al Ini. Iclc '-M... 
Null «■; ill. Jill. 
Ilk lt.r.1 IV," in 

1 ■■«-<n.- ,\| 


Germany) iti 
Holland 1 ■ * > 


NOTES : Oi ors-jas pnccs &hcnru bfflmr and or scrip issue, c Per riimre. i Francs, 
cx'.'lihlc- S pn-miuni. beliuan dividends i> Cross, div. *1. fc Assumed dividend after 

arc after viihholdinc las. scrip and or risbts issue, fc After local 

6 DM50 do nom. unless oUjenvisv staled, uxes. m lax free, n francs: loclndlns t«»iy 
yields based on div-idcnds plus lax. Lnilac div. p Xom. 0 Share spill., s Dtv. 

9 Fi as -TOO denam. unless otherwise staled, and yield exclude special payment. I Indi- Japan 
A Kr.ino drnoni. unless o 1 hone 1 sc staled, caied die. u Unofficial trad ins. c Minority 

<5 Frs.aOu denom. and Bearer shares holders onl)'. u ilerger pending. * Ashed. Singa] 

unless oiberwise stan.-d. r Yen 50 denom. *’ Bid. J Traded. ; Seller.. 2 Assumed . 

unless otherwise naii-d. ; Pniv ai lime xr Ex rudus. xd Ex dividend, xc Ex 

of suspension « Klonns. I- Sdlilllngs senp Issue, xa Ex alL a Interim stow 
•■Cents. J Dividend a Per pendine rlghis incr e as ed . 


J 1 , ILC 

) r,v - ; 

: 1778] 

1676 

5 


[HlgbJ 

I/)W 

U1 

’497.71 i 

bOLOfi 

441 JJ 

1 

iSO/S) 

il/3i 

95.17 

1 95.77 

101.16 

95.43 


1 

i8/5> 

(23/5i 

K> 

J 96.23 

9S.13 

34.10 

i Id'll | 

i6/2i 

(U| 

I 69.2 ' 

1 7L2 1 

47.6 

1 1 

BOib) ! 

<3/2 

782.9 

765.7 ! 

81.27 ! 

7M.4 


' : 

1 10/21 ! 

! mit, 

85.5 

25.1 ; 

4 c -.5 I 

f 76.U 



fbrti ■ 

' (4(4) 

484.17 

479.F5 ! 

W.17 

-383.44 


! Jurm pPre- i lyffl .; .j^j 

1 s.- 

«i' -T { iffiaa at 


laruoiiai.' 
&») f 0/J 

Jaa-tJas! 

•iiRft.ijai 


Indices and base dates (all base-vali 
100 -xccpr NYSE Ad CnrmrwM - 

Siandards and Poors — 10 and Toro 
S00- 1,000. the Iasi named based op it) 
T-ExcJudlns bonds. 1 400 imhtstdi> 


. C JX , ^rr Bone W.17 47fl.?5 W.17-383.** S 400 Inds.. 40- PblMw. ”«»Vtaiaa*;-i 
. div. •>. fc Assumed dhrtlend after , : i5/6) ! (15U) SO Transport. (t> Sydney AIT - 0 1 

or rights issue, s Alter local .... .....inf*; r^rf. imsi.ViU -ih< bisim sn nnun ■" 


iii, $3.(K 67.G& I 64.25 I 65.45 (Hi Belgian SE 31/12/83- . (**7 CcDenh* 

: <22/5t 1 ilO/l) SE 1/1/73. • m> Pari* Borne ~ U 

I„. 410.74 409.52 J 4 16fll 364.0* • itti Commerzbank Dec^ 1853. fKiawun 

1 > 19/(1 ■ (4/hjj' dam-' Indusumi 1970; (|3> Ban* Si 


Singapore *16.20 517.64 1 3 IS.2S ; 262.0 . 
i/'l • llrti 


Bank 31/7/64. <HU) Milan 2/1/78. (aiW 
New SE 4/1/Cfi. fb) StraJK Times U - 
inclosed.- (d) Madrid SE J0/Q/-- 
»c> Siockhotm Indnsmal 1/1/58. " (/>*, 
Bank Corp. mi Unavailable. - 


GERMANY ♦ 




A >imii/ Vewjh... 


Pl'-|.-V r <J\ I Ull-. 
Men. 1 - 1 i 


81.30-0.10 - 
470 -r I-SOi 20 


; TOKYO 1 


1.9 l*n..n 


AUSTRALIA 


1.86 | 2.U5 

04 ia 1 £4 1* 


r,i,iiii.i-i ■ £0, 

rt.inmai- kf*i/ • (5 

l*n.i I ii.lu-l >iw.. kbl 
Kin-lei (>0inli<t..i b7 
Pul, i-r»i- i i\1 -! 22-i 
I'uiliimii Jl 

I'llH-N I I IS 

ijiutkei 1 Ml- 1 25 

liH|>'.l Aiiicrirau 121 
l;«nK.rtili ; 47 

KVA ea< 

liet>'ii’*i'' M0M....I 2hs 


•l+rllrl-UtnilMrl 1 

3.7g 

4 i-lc>3l-tri > lil+ii > ’ 

23. j 

-1- 

26 1& 

•V ilrrn Han »|- 

35iff 

It C-lfTIl >. Arih-i 

28i-_ 

*' r»lrrn 1 nmn.. 

17 

•V ■wlmKluH.* Khr' 

a 1*4 

fp ! 

26ff« 

lYxierlutiitei ...., 

2454 

Wlnr-j««>1 

231; 

W him 1. on. f ■*■>.. .’ 

2i: e 

IV 1 10111 1. a, 

19 iff 

11 isi>',nain fcl+1.. 

271? 


■u.-ltifl'elr>ni-iiii. 34>a > £41* 

ISO. L«i|. i'M'li. Als. • ffll; 

rtiluj." 16 . Hal? 

iVjjiiee lle|-..*... t*.35 4.1o 

.Imt I.ai> A •»!... .96 . 1. U 

-•ucerUevc'ii mi 2ni; 1 24?a 
it<w«r(.«-r 1* -rn'ii.' 16 , 16 

1‘lMr ' 14 14 

■jiwiici' *1 111 si*. 41. 1.35 1 1.35 

■Uiixei >/>< alst ' 33 ig 

ifeel Man 1- ig . 10 

Kii. Alp-in 32 [ 31*4 

Iii7.nl 1*4. ••> l«n. 3114 1 31’4 

iii*vii 'I ni-i 1873 ! 16>e 

veiffwli'-imy! 81* tlo 

.•engiuM* ab'a . 25ij 

?ne. lu»ii .. . 135g •' lol* 
•hern 1 1 li.Mir,.- 6ffg 6fffl 

-leoen, i» ■ 07 27 

iiii|nun>.. .. o >4 _ 3'4 

Jw w *. aim.iM. ffilj 86U 
mt'liiit li-i..: 2.90 , 2.85 
Ii-ucvI-iim-'i . 37 37*4 

Uuiinii. Mnni.rs. lylff 1 19'? 

tnan-4. nil (.1 J£jg • 13*'. 

I'm Mr *1 ■null II, • 9l| 9J« 

in--i-_ 121? tl2lff 

LIIHilil.0- .. .. 11 lu.g 

L-lil. l:,->-..\lll„- 8 7ij 

Wi.*ci Mil mi.... 3a'ff . 351; 
**H lm>i lr»-’ IU* j III5 
W«M.>nl.f-. ...1 161* | 16^4 

» Bid t l1»M. 1 Traded, t New 
I wnrk 


Cji\oi 139.90 *6.10 IB.75 6./ Dai Muon IVini; 529 

ImVi.Hiv- 37 3 id 20.12 S.2 Fun PIhv.i j 535 

baiii.leiein.iiv. 300.50* -1.50 18 3.U rhr«i-Ui> 249 

<.'ililiii.Ve.|.«wl- 165 — . - H.iPln Unu>n> 1 580 

IVini nicr/ieinic 2l9^0x>- — 1.00 17 7.7 ri>*iieFr<rti -.1,120 

L'.iu * ' 75.00^0.50' — — C. Itnh....*..-....-...-..- 224- 

lUnnh! U1.-11. 304.50 -0.50 2E. 15 4.6 Uo-Ynkar.. 1.320 

Utuu-a 2o0td 17 3.4 lan»„ 653 

Uemas 167.U 14 4.5 J-A.L i2.650 

Deiil.--lv» Uri'iv... 255.50m — 1.3 28.15 4.8 nnnwt tl<M. I'w. 1.140 

Orc-inei Bank... 234JMM -OJi 28.12 6.U Konmlm , 347 

Uu-lerl,..«/eiiil. 150.0 -0.5 9.3U 3.1 uui.n* 281 

(•uleb.-Ifiiinic Ib6.5 1.00. L£ 3.1 j •\it'l.-l'emniic...'3.910 

Haun-j Lj.-v-I 116.80 + 1.80 12 a.x ; lUlMi^iula lia;„ 729 


H-vr^-U 46.70-0.50 4 4.s> 

II. men 1*9 +4 9.o6 3.6 1 

kan uu-1 cni.*. ! 139.50—1.50 9 3.3 

iuir-u.il 3 U.BJ- 1.20 23.44 3.0 | 

Kaufiiol 217 —1 le./lff' 4.4 1 

K-->.H>nei Ull I-.*/.. »2 —2 - > — 1 


333 

1 

14 

24 

467 

;-2 

12 

1.6 

598 

'-*■5. 

2b 

2.1 

■340 

1+4’ 

-20 

2.9 

529 

—I 

18 

l.a 

555 

j — 14 

lb 

1.4 

249 


12 

2.4 

580 

:+7 

la 

1.6 

1.120 

|+ 10 

as 

1.6 

224 

j + 3 

1£ 

2 . 1 

1.320 

'..10 

SU 

1.1 



uiiild- a2.Q0— 2.00 - 

Livi+ 2*7 +1.50 lo 3.4 

I' weiilimi leu. .. l.45tjid do 0.8 

LiiiImu a 110.5 9.36. 4.2 

^IAA 1 183.00 +0-SO lc 3.2 

IMuue maim j 136.50— 2.00 17.18: 5.5 

'.l-riaitce I 207.8 1^ , e.H 

Muuciioier limn.' a30 ' 18 i 1 . 1 

v«ff-Lenn»nn j 126.50 — 2.10' — • — 

Kivu-a-. U.ll K0. 114.5' ' - 

.ilieiiiUVi.bic.iJ 187.70-0.50 2o • 6.7 

jckeniii; „.i 262.50 +0.50 10.12 3.4 

■eiuf-n- '^82.50— 1.50 lo ' 2.8 

?u.> Z.u-vei <42.00 + 1.50 26.56, 5. a 

liivveii \.l.i 117.70-1.10 U.18 7.2 

v »m I 1/0.80-1.00 14 ! 4.1 

' I- 1* \ 1105.30—0.50 12 a.7 

»c.-ii-in-x He-i Bt: 268«i+2 . la ; 3.. 
i ••<+■ i* i— *’i, '208.30—1.50 26 6.0 


J-A.U 

|2.b50 ;-r 20 

— 

' — 

itanwi tie-i. I'w 

1.140 1-10 

' 10 

' 4.3 

KordiInii 

347 I 

• 18 

2.6 

■culjalla 

281 

lb 

: 2.1 

i.vol.vi'^inniic.- 

■3.910 +10C 

35 

0.4 

■iltllll.lula 1 III/., 

729 >16 

2o 

. l.H 

Ill Isn't lehr hank. 

379 +1 

10 

l.fa 

>lllsu'-|s|u Hem 

130 i + 2 

12 

4.6 

•1 ib-nL-is.il ■ C" rji. 

425 ' 

la 

l.h 

•IUsui A i.ai. ia „„ 

32* :-z 

14 

2.2 

U UsuHirJu 

575 1+5 

40 

1.7 

'lp|0+i IlClist'—.. 

1.400 >50 

lb 

0.5 

Mpkann .Mi, u pin.. 

718 ; + 2 

12 

O.B 

'i nn Mulnr- 

805 ‘+11 

1C 

1.3 



1,830 1 + 10 

4a 

1.3 

Mllf" K- -.villa 

244 -2 

14 

2.5 

«Xu+ji Prv-lali.... 

871 i-l 

bo 

1.# 

-Iil-ehti. 

1.080 , + 10 

4 si 

o.v 

’■vii 

1.750 ' 

4 J 

1.4 

■ air-in-. Marine..., 

238 \tS 

11 

4 3 

Laaarla L'h+mteai. 
-UK 

380 !-5 

15 

19 

- eijiu 

122 

10 

4.1 

rtiktn Mxi m«L 

492 1+2 

11 

l.i 

■ i-khi Hieel Pim-'r 

1,040 1 

6 

4.8 

■ Ok Vat ffhlnal 

323 1 + 8 

12 

1.9 

.,4tVObhil«unr... 

144 +X 

1- 


• oni* 

147 1 

1 

3.4 

-t\.ap lf-+nr 

998 >24 

* 

1 2 


\iil|nl k\|,iMml(.ui 


A'eac. Pulp Pep^rSl tl.22 I 

l-bcc. Con. Iii-inrtrir~.-l,. tl.6a viiJil 

Au»C F-juudjilH-u Iti'-ert-.j 50.94 ‘ 

I AM 7 lni 1 1.45 j+«l.l>2 

Auillmco. • -. fJ.46 -iT...... 

lull. Oil & lis- jO-49 I 

dine Meta' Imi tl.ll -0.02 


+UJ 12 BRAZIL 


ken Rib Fmpnrmrv 


UmiOtf Klnnmn | 

■ '-cMalu AuMmiid 

Uiiiun). KutTl-er 1SI1 1 

bM-OK. • 

lilrtersSinllk 

$.£. liMusincx | 

(ienl Pi>i|«jir liuit ■ 

bbuncnlev - .] 

Hia.*cr ; j 

Id Australia 1 

f rrtcr-C. ipper 

Jennlri£S lu.lurtrlen ' 

Jouee iDavut]. ; 

Lannuu Oil ...1 

Metals Kxpinrsnou 

Mill HiiUfinn»_ | 


1 1.40 -1-0.02 
16.98 +0.02 


1 Prirc + nr Iliiv.'.'TT 
June & | I'm* — rCmij J" 

»i.-esiia i- -1.06 ' + U.0+J.1K iff- 

Jiuiim ,io I5nui>...| 2.23 I— 0.v31«.17 r.f 
banco 1 1 +u | 1.25 | ;0.37 HS. 


tlu5 't-'juI «JclK<i Minens 2.20 I + 0.02 u. 08 jlj- 
85 j U.^Amc.i'P... 3.34 {+O.0«ll^ ^ 

Jl.96 L’oVi lW,w.- PI* 2. 96 Lu.Mlu.13dJ 


td.u2 

12.95 I 

! 

c.58 +0.08 
11.60 1 ..... 


Pireiil 1.72 -O.0S0.16 

J*ii-a Inn <-• I* I 3.05 !— O.OSu.ES 71 

t'nip pk •. 10.10 ; ,V<3 ■* 

^flif^hi. IU. . +*J ! L30 1 i'.ia 

Voi. IXWJm. Shares 45,+m. 
Suurcv- RJo do Janeiro SE 


: + ’ 0 ; 0 2 JOHANNESBURG 


AMSTERDAM 


llmel 

M./../H.AH 


Source Nikko Securities. Tokyo 


BRUSSELS/LUXEMBOURG 


i - !V- 


Mcliola-- luleniatiunnl I 

.North Brnkco H'-luijpi R<W 

1+nMn-KlRC. 

Ull aearvh - L 

Oiler bsphtnilkm 

I'Hxina (.imiTvl>. 

Ileefeill t C-.lmnn J 

il. C. iieii:h J 

.MiiuMsn.l Minnie : 

>I*rs>» k'xirf.Malioii J 

fodfi f$, 

lVall<>n> > 


*1-56 ++i.'Jl NINES 

12.45 +0.13 Jnnv 5 

fo.73 | Anylo American Carpn. 

T d.25 Charter Consolidated .. 

*4-28 | Easi Drleluniein 

* 1 -35 Elsbum 

11.36 J+-J.U1 Harmony 

t0.30 ■ Kinross - 

t0.38 4- 1.1.2 Kloof 

td.28 1— o.fla Rusienburg Pfauinum .. 

f 1.72 ! SI. Helena 

12.35 I Soutbvaal - 

*0.86 I Cold Fields SA 

tl.33 —0.02 Onion Corporation 


5.10 T=V 

345 -ML 
1240 -l 


siork 


I’nee .-p lhi,iUi. i>i. Prx. IrtuiK.. <1.620 j+2 72 14.5 Wali.-ns 

h in. _ ■ i ii+Kerl "b" 4.960 +10 1 to j 3.9 'Vcwnii -iliuniy *.i! •■r-ui^i; 

: 1 ] 1.176fd' + 24 llOv- 8.5 W.miw.-.nli« 

106.0' + 0.2 -2J 3.4 «> trn ; 433 ; + 8 < - ■ 

30.9 -0.4 - — I - KUKr. I2.235(d +15 il7/ i 7.6 

6.8 PARIS 


t.xein Buv 1HHX1: 356-Oj— 1.5 A20.5 3.6 6.310 


L-4J ,43 j 

\tikv iFi.Kn Uo.2; + 1.4 -Ai44 5.4 Kabmuie Am 12.660 I -17b | 6.4 

Mm. .lank .K'.hml 74.5-0.1’ffff.i 6.. U.B. Iaun.8m>... 12.025 J+IO lldu I 7.4 

■ JitenV.-n 89.0 ;- 26 o.e bM«eri —.11.300x1 ]— 10 85 1 b.S 

Br«fco W'ral ’m il-linj lied b- 6.8 Ubbuken .2,230 f— 3 :17. I 7.6 

Lhirtinn leiiertMe 1 72.001—0.21 2b *.2 inrer i.m 11.750 5 |142 I 8.1 

bKvifTl iFl.3)i.I 279*01 '27.5.2.0 KreilirilMiik ,6.670 | 26313.7 

kiiiim N .V . Uc+rvr ' 141.6x1 1 37 .d, 5.1 L» li-d'Hli.- Ile<=e..;5,520 sa26i' 5.8 

KiikA'hhI'IPI.I'.', 63.-j«d' I94.t m.h i ‘km (-!■ ■■■tin— 42.580 1 + 20 'ULii' 3.1 

>ii-u Br»,..-K.i,-.rFI0 37.5' + 0.4 23 5 . m r*>niiWiiiK |3.84B | -1/4 .4.5 

Hvin+k+niKi.iffii. .! 105.1:— 0.6 1 14 3.4 a •• lien Um.|iie. .2.990 I <4 j4 6.8 

■ l'«i"Vrti iK ,'ffOi 3 3.1 +0.1 ! — I - *- Men Bi-iamm- 1.910 —I I4u J 7.4 

uiiiiei l/.iK . Itt>>- 26.9 +0.4, 12 * 4.5 '3.150 ]+30 ;3la 6.8 

+.!•«. iP-.LMi.. 179.5 * 4.0 1 - - -■*•> 2.440 1-2 ;\2ll 8.6 


APOLL 



10 85 1 6.5 Jtnu- 5 I r r*. 1 — 

Up 17- | 7.6 > 

-5 |l42 I 8.1 | 739 „l 

-jg, ! in AluqwUxvll'ii 396 —4 
=0 A.. Ui«i.l , 299.5 +1 


L4 1.6x1 ; 37.0 5.1 1* IM-Xlv Heine.. 5. 520 m26i' 5.6 . " . ,I " ! 

63.-/XI' |94.t 1*011 H.*uinj ^2.580 1 + 20 Sa.*;' 3.1 : 

37.5' + 0.4 £A S.n rvtiiwiibt |3.84B | -1/4 4.5 fj L — 

105.1:— 0.6 I 14 5.4 +-I >011 Uim.inr.. 2.990 I £ 0 4 6.B* b,,llv . , fT 


; 11.78 | De Beers Deferred 

— i' ru.13 | BJyvooruIlzjdK 

;0.41 ■+•.•* i-'.a»i Ham piv +i 

- .1 11-57 j-0.01 Free- Sfale Gednld 

»2,t»3 I-O.02 Hr.-sidenr Brand 

[ iO.75 President Stem 

; fJ.*5 SUJfomoin 

; tu.36 1 Wclkom 

H.88 :hj..jI W+.si DrieFonicin ; 

1 i'J-i5 1 1 Wesieni Moldlnss 

•«H‘<: 11.35 -0.01 Wes lorn I>+ep 

• .. ,l .'. 66 . INDUSTRIALS 

AECf 

Anglft-Amer. Industrial ... 
Barlou' Rand 

rice’ ! CM A ImeBtn+nia 

rl! : _ 1 ' ’ i ' Come Finance 

1 ' 1 Do beers industrial 

39 -1 ji- nci Ell * irs Consolidated inv. 

96 Zl u -' IV- EdK ' ir * Slores ; 

99 5^ s •' li, 1 Every Ready SA ..... . 

7s ! . f ® I K-dvrale VoiksbcU-upFnss 


299.5 +1.5 ' lb. a' 5.5 


Hvin+k+iiiKi.iSn. ., 105.1:— 0.6' 14 5.4 'i»- l»0»l Uiin.|iit-..2.990 | 5 j4 

-l->,i"Vrti iK ,'ffOi 3 3.1 +0.1 ! — I - *- Men Bi-i2'«i>it 1.910 ' — 1 I4u 

innlei l/.iK .HU> 26.9 +0.4 , 12 ' 4.5 '3.150 | + 30 ;5la 

a.I-M.iP .Iuj... 179.6 * 4.0 , - - - **y 2.440 t-2 ;\2|i 

mi. .Uiiiiciflai'.. 45.6^' + 0.I ; 26 , 8.2 'raii'»ir b-«-i ;2.775 

ini leu :P..lbi.. - 54.9+0.7* lb.i| 5.6 l 'l-'b 936 

>k(..\miIu jPiIi, 109 -2.2l4e;4.9 1 11 Mm. <1 lb» | 794 


• Mt..\e.rlu .iK'ili, 109 -2.2 1 4« 

.<.» i-l UkiP.26 53.3 k.' — 4.2 I e\ 
mi lli-i 111 iF-.rt 186.5 — l.U | £2 

^KrlKi. abi ■ 154.5x1 +0.3 1 30 

\ mi ‘.'nnneieii.... 154 +6. ; lb 


4.9 I n Mm. (I fbi | 794 

7.9 '"id, i*. iluUae ile.< 1.530 


Edited by Denys Sutton 


i‘>ikiii«<i ip., -i.'i.i 
< 1iiii(e, * Pi. I0|....| 
it rn-H'li* enPi.l'Xn 
IWto- 1K1 50; j 


42.8 + .1 1 — I - 
25.3 -0.3 •' 17 6.4 

87 1.5 ! - - 

io9.il \2bb f.6 

l«B.U; + 0.5 - - 

122.1x1.+ . .3 14 3.8 


6.2 SWITZERLAND • 


The world’s leading magazine of 
Arts and Antiques 


Kuiiiio.. ifi. 3W...: lcB.Oj + 0.5 — — 

luinuln [Kl. DU|...| 122.1(4+ . .3 ' 14 3.8 

ibiviUuichft'iau! 125.7x1 — .1 ba./e b.o 

-m-eniur^ ! 2a2.2uj — 3.- j 19 7.6 

Ic-rip Mi ui Pint'll 127.BXI; + 2.0 $71 +.3 

l.+.Vil're. 64>.»' lu6 a,'.. io J 0.7 

Lnileve, (Ki. 2 bi:; 112,701—0.3 '42.. 1 1,6 

Vlnlii^l.V'.llllNl | 4U.7 20 J 1.1 

H*e4 >kii*.Iu. Hk ill 1 400 —8 ! 33 I 4.0 


J line 5 

. I’rlre 
| P ps. 

♦ nr 

Oiv.,Yi ■ 

A.iimmiuin 

J 

(1,270 

— 5 

0 I 6.3 

aiic-A' 

i 1.6 1 5x1 

-5 

lu 1 3.0 

u’ll* laels*>f Fi .HA’f 1. J 30.*wr 

+ 15 

22 ! 1.9 

Uie I “art. »it. 

| 825*i 

-15 

42S , *.7 

Do. Itt«t — ... 

! 595*r 

—3 

24 . 3.-I 

kla^m Slll.1* 

12.130 

+ 15 

lb ■ *.7 

2ic*Ai«iw0ll 

U.67j 

+2j 

1- , 3. 

Pl-r-lia+ if!ein'!:i , i 

Boom 



b . b.9 


W«1"»MI- : 475.1 - 10.5 2o.i5 5.5 ri 

.•I 1 . 529 -fi 11 o e. ‘•rean-nrans Siorw 

UniltXbu- .. r.T "1 806 -2 . 42 5 3 : ■ Uiu!,nw 

b..-.N.I.ri*». SSt -7 4w.ff 7.3 !'?V 

Unto**. ., 1.542 —13 76 4.9 ! 7, 

C.U.K • 363.0-2.6 'Sir 8.6 ! ^0”^ Kod ‘ vay 

-'•• I *• >4.' 11. US — 5 76.50 6.2 . | 

vV banoii.e * 314.0-3.9 I2 3 8 ' 

So 6 3 409.1 -0.9 .Jl.,t>. 2.7 

5U . 6.3 L1C .»|, c ., n , 121.7 -- 1.6 12 9.8 I nT 1 ' ^V rapnT 

_ Ciru- b + f... . ■ 79 5 -1.1*. - - . » ., Ho UL '2' 

Uun.+r ' 78 j -1 'la 15 ? jn " Proocmes ... 

Pi. IVcrMN- 1 135.0 -3.5 14. Il 10 4 Cr0,lt ' 

»en. U MeniH . 168.5 -0 3 8A; 4.5 j . \ 

7— -77— niietn. ........ .... 67.9-0.6 5.7 8.4 1 SAPPI 

, *' , J«nue» uoi+i... ... 119 -3 - . , r, c. SnniD Shear . . 

..; 1+2.0 - J.S 18.77 B.7 ; $A Kivvenci 

L Ureal — 749 —1 Ii.97 1 2.2 Tmer Oals and Nall. Mia. 

- 1.687 - 7 3b. 7s 2.2 1 Um+ec 

Pbwus.. 1.020 +30 39. s 1 3.9 1 n ” 

Ulehelm “H“ 1.389 16 32.55 *3! SfCUritlPb RaUfl 1 


Mcmimeffc > 155.5 —2.5 

158.5-1.4 

Koclntiry ’ 92.7. +0.2 

Peti+»i- Itusinl > 268 


490 - 2 1 12.6 2.61 

155.5 -2.5] 3 1 1.9 i, 

158.5 -1.4 10.3a. 12.6 ! 
92.7. +0^' 7.» 8.1:, 


• * ze» 

In-Amer. Industrial ... 9.W 

low Rand 3^5 

t Invesamenia 1.T5 

no Finance O.BS 

beers Industrial 1B.S0 -■ 

are Consolidated Inv. 3.05 

ore Slorttt 25J0 

ry Ready SA ... _. . tl.US 

rralc VoiksbcleneFnes 1.5S 

aienran* sionn .... tin 

nlijo A+surxnco iSA» i*S • 

l'» - I.M ' 

: ••••— ua • 

arihy Kodway ......... tdju 

Bank - ;.«$ - 

fi Ai - 

x*ler 11 dlir-0 +3.40 1 

or«» Cement 7tS0 1 

+a Holdiiiui J.26 

Rjnd MiiK'i, Prooenies ... lid 

Rimbrandi Croup 3.53 

M - 1 <LJ4 

Holdings 1.44 

f 1 „ - 1J2 H 

;. Srniio Shear .— . . S-fc> ^ 

Kn-u-enci jjg 

r Oals and Nall. Mia. 9.40 

«* 1.05 

Secuntips Rand U550-73 
(Discount of 36.5%) 


r v «K£T 


Y.a SPAIN ♦ 


rl. 41 man IIL^ 3 IS^^ZZiaau Id!. 2S5T 1 ?'^ M 3* l 9 -g 1 'M* *».Ti June 3 


>aiiiaut....|7.b5i> ,— 85 | 6b 


COPENHAGEN * 


Pn-.-e . + .11 : L»IV. lY 
Kr>-uei ' — ! £ 1 


Published Monthly price £2.00 
Overseas Subscription £28.00 


Annual Subscription £25.00 (inland) 
USA & Canada Air Assisted S56 


tii ii-nhik-cii ...J 135 , — 1 11 , 8.1 l>». t\uta Ucrfw 

Ourm'+t W : +80 . + 11 1“. 15 i 3. 1 i Inn lieA'inKM 

Unii-ke fcbtnk - 12213' | 13 [ w.k. suiffur tin -P.IO ji 

tia-i .iiiaii l«i ... 169 m 1 + 2^i | 12 < 7.1 •Hin-+ii> fl’i. <X| 

Fiaaii lalik-u ,L241ivn + l0 j lo | lu.4 in, UnnktP.IvU 

.••V. Htffuenvr....| 3ol —1 ! 12 ,3.+ )0W (Hr. KJSH. 

Pit. I*it|.ir ! 74>*,— i- I D ,10.7 lUium llnnk 13.010 (0; 

llan Ue-laun. ■ 12^1* 12 j U.V .'.inlet) llvh. 1 


!iilen»p| U .. 3.o75 , + 75 

l.-iun.ll >Pr. IbJl .| 1.405 , + b 

AvnCMmPi-. IOJi... 3.67W® 1 

_ IVc lies 2.175m +5 

L*iv. | Y • ■ Urnik'ifiU.iP.m) 2.55 i ' + 35 

i 1 i Pirelli SIPlP.lO. 272 ' 

[ tiii Ioi iPr. mb».. 3,775 ' 

11 ,8.1 D». l^iita Cert* +B xr, 

lb i a.l i Inn HrrCcnMUl +80 i + 5 
13 [ w.^ suin-i tin -P.l'Xi 343 m + 1 

12 >7.1 .h 10-^11 tPi. tx, 836xK + 3 

Is | lli.4 ffll i LhmklP.ll>. 370 a 

12 , 3.4 3ii i«» the. FJhci. 4.700 - 


, -Z ! . riarimn _J 218 -5 — 

I ” 1 Mm r«hni,|iie. 435 -31 2/ 

i St I T'^ - 555 t2 ! 2/ 

• “■* aU+ne P«mlen-- ... 88.1'— 8.1 i 9 

r’Tffi *0 w.ffJiii. '148.5... 1 14.x 

'•'.Vi 6km meiML-n..- .... 1.580 + 12 1 3d 

1 13 I *-4 JU1-/ Pfit 13 : /> 


I l!i i -*.3 
I 14 1 4.1 


¥-7 1 ohiu. 


JUl-/ 

m u» w iiun»f- 

1 li. iii-r'i <-,.,n.n 


Ii.iN'i h'nH.iKi-+j>' 270 . + 2 I 1.2 
.ii.pi Ka>»*> 844m —Iff I 1 2 


VIENNA 


123 Iff 12 j U.v /.N.irtj Ir 

270 . + 2 I 12 4.. 

244m —Iff 12 ; 4.9 - " 

78 -Iff 12 - 

1301;! i ll • 0.1 MILAN 

388 +1 i 11 ! 3.1 

183l;. + 2lff . 12 6.5 


10 4.2 

l J 1 2. # 

4J 2.1 


STOCKHOLM 

2.1 


Irt) Iih_ JI0.125zri 1 44 


i.»n4*iirm 1 78 >a 

l‘rir«ii«iiih 189 ' 

I’n-i :ii-l«nk 13ol;< 

eo|Ji. Ucren-lH-u. 388 + 1 

183l;.‘ + 2iff 


nil it 832iri- 


ur I Uiv. ; 1 

Ln» ; 


:* 11 1 - - 


AM A .UikiMi... 209m +1 

Alla lai'ilViKrVJ 1 36 - 1 

Abl: \ ih’r. 83.5 m .. 

Vtbu (.'ulK.-uiKrSff, 122m - 

dlllc+11 84 | + 

IkKi-ra......... lloa.. 

L'nnlo— ,.! 187i. • + 

w*l-,llu-M..._ -ifl-,-- 

tiw-i’iMx >Ivj: 128m — 


iVt r - A*la«4 - 

435 —31 | 27 6.2 1 Ha nun nilr.au 

=5. ■’’5. 1 4.9 j Panto Ail-jnileo >1.0mn 

.88.1—8.1 V IC.Z U*nM Ceniral 

148.5 ... 1 14.» 9.8 kffnm Exterior 

580 + 12 1 3d . 2.3 1 lu>M General 

261 —19 | Ta.j' 9.8 Manor Cranadj M.OOOi 

755 —10 ; Ja.b. 3.4 1 Banco Hl'imnn 

190.0 -u.5 li. 13 B.O | Banco Iftrt. i'ji n.WNi 
23.9 —0.1 i — . — i". Ind. Mi+tllerrauen 

1 Hffllff. P.-L-iIar 

J koncn .Santander 
Banco I'rquiin «].ned) . 

... 1 H4f.iv VIIC4VJ, 

i'rcc » •[*>«» 1 .JRanc Zaras-iiano 

m«. — 1 iv-. ; • 1 Hjoininion 

1 tom* At+iainef j 

209a . j ! 3.3 . z.6 • '••b-.uefe Wileor . .... 

.36 -1 - 5>..i6t£tC 

13.5 m ' 5 6.u i Drau+tios 

l22m — 1 ■ o +9 •'’innbanif. 

84 i,4 ' 4 4.8; 5 1 'uwK'is 

1 lam -.+ s ? Z’nr 


Per cool 
114 
311 
1 2 js 
. 304 

. 268 


Apollo Magazine, Bracken House. 10 Cannon Street. 
London EC4P 4BY. Tel : 01-248 8000. 


■.nMiUm-ln-l * 342 ' !U . 2.* 

PcrniMi'v 262 9. j 3.+ 

cur li......... ..... 1 589 ■ — 2 38 i 8,1 

eit'ivm 9 1 .'—2 — I — 

miubcr_..i 191 ,+-l 8i 3.7 

Uaeneaii. 241 14 | 5.8 


c , '• 176.25 + 1.75, — — 

— i— .1-1, .imi.-, 33.200 + I 00 .-i.2UIi 3.6 

IU . AI.K-lH.lln 163. 23I + 4.C0 1 — ' - 

9. j 3 .h > ivom | Via- 1.064 j | _ ' - 

38(8.1 1‘irvlii H Cn 2,105 |+5 i 130: 6.2 

- - limn sw 979.5; +9.5 fli'l 8.2 


4 50 ■■0.2k — — ClnuiKCT -• 

d40 +229; den.; 1.6 dmi't-«-!"»iii.vii.. 

6.25 +1.75, — - ilun’.., 

.200 + lOOn.tflilr 3.6 ll.. *>+> I fc-in i- 

+ 4, CO — • - nanivtk A.n 

64 ; | - - +.K.P. lir 


MilnVi-cnn 701.50; —I - 


BUI 8.2 rxnd-aifc 'H - (in 

— i — L'ri'lr-bulin 

. Voi™ (Kr. atfi ; 


122 m - 1 

: 0 ; +.9 ; 

84 >4 

, 4 4.8 i 

Horn.. 


187*.;+ 3 

; 1- s.s : 

4 48-Si- - S 

. 1^ • +.4 1 

128m —4 

. n.a -».9 1 

139 <+ 1 

a , 4.5- 

•at 4 -3 1 

d : .. 1 

90 m 1 -2 . 

J r 1.4 

52 .-S 

— 

345-c; .3 

1 . 6 

100«C 

e 

64 


450 ! - 6 

a. a 2.3- 

62 BI — 1 

■*.£ 7.J ; 

159 *1 

c : 5.3 : 

75.5 - 0.5 

6.6 1 

51. S +0 5 


72mi-2 

0 . 8.3 ■ 


+ --n->* > . t i»in 

C:.il 










39 




Times Tuesday June 6 1978 


Curr ency, Money and Gold Markets 


Stand weaker 


5ta?ed a “ nt from 3.51 per cent on Friday. 
ma'^ l f rday 5 - Porvart sterling was also weak, 
r-SSfiSiSXE!?. "S*? ..ta 1 w,,h the Ihree-month diacount 


THE POUND SPOT 


at a , Wne ' asainst the dollar widening :o 
adverse 1.30c from 1.30c, hJnle the 12- 
?u Ult r a , rather monlh widened 10 6.171c From 
fdpono^ fiicture. The failure of o.£lic. 

tte-.yttthfltffiBS to /keep money The dollar improved against 
.supply 'fgrawrnj within target, most currencies, and the Swiss 
wages- and. ’expectations that fn- franc showed a noticeably easier 
WWKgSg- later this tendency with selling coming 

year tandhd. t° undermine corriz- from both Zurich and New- York 
det^There.was also uncertain^ In terms of the dollar it closed at 
{saiTOumUng. the timing of a UK S*Fr 1.83* against SwFr I.S810. 
general election and downward "'’hde the West German mark 
revisions tn forecasts o£ the trade to DM 2.0942$ from 


FORWARD AGAINST £ 


?U| 

jk3‘- 




tank 



•lime- 

b 

ralpf. 


1 



* 

Sfirtml 

’ t Mac 

l>. • 


7 

i 

& 

BQ 

l.STOfl 1.8210 

Cana, iir 

i. R 

8»: 

2.0340 2.0443 

2.0366-2.0575 

i 


4 

4.04 4.08 

; 4.B7 

nejtoi 

fr. 

51; 

69. 10- 39.45 

68.40 59.50 

lla-ij.l. 

hr. 

5 

ID, 19 10.25 

lD.24i-JD.24.' 

1) Mark 


S 

5.7 7»n 5-821; 

• 3.81-5.82 

Pi'll . I* 


IB 

I2.40-B4.0B 

B5.45-B5.S6 

si-aii.il 

r-. 

B 

146.65-146.20 

.145.7Q-I45.B0 

l-im 


111) 

1.58SA 1.574* 

'1-6*04 1.369; 

A.rtl* 

K» 

7 

9.78 9.856 

9.82 9.65 

P 

t. 

9': 

8.331; 8.59<;i 

kiBU 3.391.1 

S*»l«lli.! 

U r. 

7 

ft.57ua.4J 

'8.4 Us B 42i- 

Hu 


Si;- 

400 410 

i40|l c 4021; 

Au~ i r:. 

>.». 


27.15-27.45 

: 27.53 27.43 

S«»i*' p 

r. 


J. 4 1-8.54 

1 3.52 J.W 


Ufifi RHRlh j °« |*e. ifl/ftramnnilie 'o J .B. 


B-U 0 . 4 O'.|<ni’ 
O-MB-W'-.Jiin] 

v»u; 

J6-2I* *. 


ft 1.«5 ...li* 
ii- I IB .1.. ! 

l«i 3 tin' ill' 
l 4 iUhll'. 
li? I?r.)iiii | 

IiHii'|ini-.i»l-! 


3.87 

2 . 6 b ; I. 6 U- ). 50 i-.|Mi, 
b.6l 7-6 i .(iui 
fi.OS 30 7 a ' .!•■■■ 
~ 4 .ib ' 3 «-l 
7.47 3-7 JH pm 
- 15.05 IBft-SBO • • 

E.T 7 i|S 0 - 2 aDi .•>«. - 
1.14 2 5 I ii •■ 

S.66 '4; -6 .'ntvil'-i 
l .45 SUtM'Xi 
0.30 4.‘-2Ji.nr|i'« ' 


s.sa 

5.0* 
6.47 
5.55 
-4 10 
-7.3S 
14.44 
5.21 

0. 43 
-1.93 

f.7« 

1. /N 


IS 3 xn' |nn , 
pn'i 


5 . SO .32 22 s'.. HU 
6-92 .5 0 i*.|«m 


3.94 

9-tt 



. JwIaucell^r jlSTS. Consequently DM 2, 080 7 > on Friday. 

.taJAia’j!' iraRp. waishtaR Vrnntfnr*. TKn 


stcrung’-fi'- trade, weighted Index, Frankfurt: The dollar was Gxed 




whiSJ' i* calculated by the Bank at 2.0S08 in quiet trading, with 
of EagJafld, showed a fall in the Prof 1 * taking and commercial 
morning to' 61.1 from 612 bn F°sracss responsible for a slight 
E3i.d9y.- At-. noon, it fell again to improvement by the UJS. currency. 
655; 8 level not seen since July “improved to DM 2.0905 in terms 
jart jefir; y- However. the closin'* 2* “® D-mark, compared with 
‘Mctilatian - showed, a recover/ to ■ a -°® 00 Friday. Most other 
'. a----.: ' - currencies also gained against the 

. ' ■'Tctafing . during the morning r erman unlt * although the Swiss 
' W3V rather xfuIE with both the US fvff 10 sli Bht?y weaker, at 

■ h.m. ■!-'■■- DM 1.1006, compared w ith 

DM 1.038 on Friday. 

Brussels: The Danish krone 
rose to its intervention level of 
BFr 5.809 agaiusi ihe Belqian 
franc at the official fixing, but the 
Belgian centra] bank did not imer- 

vene. Both currencies are part of 
Uie ‘ European currency *‘ snake." 
and the Belgian franc has been 
weak against the Danish eurrenev 
over the last week, although it is 
probable that the authorities only 
intervened on Friday to support 
the Belgian franc against the 
krone. The franr was slight )y 
firmer against the D-mark, when 
it was fixed at BFr 15.061, com- 
pared with BFr 15.6615 on Friday. 
/Tokyo: The dollar dropped 
... . ,. . • sharply in nervous trading to 

dollar and sterling showing a close at Y2IH 75 against the yen. 
weaker 1 tendrocy. pje pound down from Y22i.97» at the dose 
opened at $15255-15265 and move- in Tokyo on Friday 
meat 'in the dollaE pushed the it opened at Y221.20, hut fell to 
rate down to $35165 during mid- a low of Y220.40 in the morning, 
monung. .Early afternoon saw and to Y219.70 in the afternoon. 
the, dollar in demand and it was This was the first time since 
tft&TBDre than, any fresh selling April 17. when the dollar fell to 
of sterling that led the Bank of Y21855 in Tokyo, that the cur- 
England ..to intervene in the rency has fallen below the Y220 
market qcdte heavily both to halt level. 

the pound's decline and to arrest Milan: The U S. dollar fell for 
any further improvement in the the sixth consecutive session 
dollar.';-. Sterling ended the day against the lira and was fixed at 
25 poibts easier at $15200-1.5210 1561. 4, a drop of nearly two points 
while.- the dollar’s trade weighted from LS63.2 on Friday. Trading 
average- 'depreciation since the was rather dull with only 86 ,4m 
"Washington Currency Agreement exchanged 3t the fixing. Else- 
of‘ December 1971, using Morgan where the lira also improved 
Guaranty- calculations at noon in against the West German mark 
JMew York, narrowed to 5.40 per and sterling 


THE DOLLAR-SPOT 


JUB 


Day" l 
spread 


Cion 



<-an.idi.in $ 

Gulld-r 
ftrinuui P‘r 
Danish Kr 
D-Mark 
Hin. es 
L ira 

i bivwi. Kr 
| 7 ranch Kr 
. Swi-di-Ji Kr 
i Vi*n 

I Amina V'ti 
• Su'iki Kr 


QJKfrMBI 

2.2255-2-2J1S 

3U4-&541 

S.H33-S.U93 

MTSS-iOMO 


86155-662.00 

5 JI 90 SJ 8 S 5 

45S4MJ4M 

<ua534.*is 
219 30 - 219 . R 


1J7SS-UK7 



FORWARD AGAINST S 

Dm rnonth 

T. 

PJu 

Three manlhi 

• a 

pa. 

Mr 

IV.fcS-a.WK pm 
B.0W.IW pm 

3.M 

300 

O.OM.ftT 

US-UHcpm 

0 pro 

0-35 

303 

209 

(JJT-flJEtC pnr 

4.72 

2-5P-5 45c pm 

402 

178-7 lira dl* 

-aj» 

9-9.75 lire dl» - 

-4.B2 

S JP4.4fc dir 

-Uft 

3.79-1.914 db ”1-53 

U3-9.3P pm 

509 

29-ZTOy nm 

5413 

1-lD-l.Kt pm 

7D3 

3j»30Sc pro 

fc.fcfc 


CURRENCY RATES 


I CURRENCY MOVEMENTS 


ope cj a. 
»rawm« 


Bigtitn. 
Juu<- 2 


European 

Don oi 


Account 

■I into . 


I f.1 (lniur : 

jCBOBila<n ... 

I \uMria •*•»» ... • 

Srijimu imiK- ' 

IwnSii hr., nr 
tHpilwfo-ni'rli ' 
Llul-;ll KliM-li-i 
Ktewn mw. i 
1 llO'iBil lira..,. | 

/Biounr ten. : 

VomBV kmne ; 

I '(Min ‘ 

[ niHllBltki.-Di j 

I »•*» Inn-., i 


0. 67.£-b0 

1. k .2476 

IJ694Z 

18.A535 

39.9833 

0.88516 

2.05491 

2 . ’<Xh 34 
5.01995 
lOiV.ie 
271.905 
b. 59978 
9 t. 053 O 
6 .C 5449 
2 31240 


U.b <5077 

1.233 1 1 

1.57482 

18.4655 

4 w .<548 

6.93339 

2.56938 

2 . 7 c 290 

5.65352 

lot 4. 00 

272 . 5 Z 6 

b .04436 

98 . 6(55 

S . 69214 

2.32546 


June 5 

Bank ol Mtnu 
England Guaraitlv 
Index cfaangcv'. 

St<.-ll|liu 

61.10 

— 42.0 

I'.S. nolljr 

99.44 

- 5.4 

uiuniiin iinn hi 

86.00 

-U .1 

Ao -in . hi Nilillliiu; 

141 A i 

■r 202 

ililituii Irani . . 

. m.aa 

•: 13 J 

Daiiu-h PwTdik . 

. lib 09 

• 7.3 

Pi-uisilii JIjrh 

. 14106 

•+J 6.0 


121.42 

- 10.9 

Pnvil Iran, . 

98.53 

- 49 

Urn 

54^4 

- 4 S .9 

Vi-n 

. 134.87 

t 3 JJ 

Da'ird un uaJi- a 

« lAtafcd diallers Iroili 

WjkhlHUoii atfi-'.'iii'.'iii D'-i. 

nlbvf . 1 S 71 1 

iRjnk uf Lnslnnd 

1 ud.'x=iuoi. 


OTHER MARKETS 



L > 

3 | 

£ 

l 


Niii>> lime 


, AtHMiiita 1 . 418 - 1.420 : 779-780 

| \ u vi ml,* U..llar. 1 . 6939 - 1.6 100 ! 0.8790 0 . 88*8 
KiulwM Markka... _ * “ 

| llra.-il < ni.-.-in- - 31.62 32.62 

>(ii*«v 1'nti hum ' 67.055 68.714 

■Hnn^ Ki'iin litJUr., 8 . 43 l*. 8 . 453 * 

I Inn Hu! I 135-131 

I Kuwait lunar lKU>i 0 . 5000.510 
Lns>‘iiiK,,iirt> Pimm- 59 . 40 - 59.60 
MaJavria ]Kil-ar....| 4 . 32904.34 15 
New Z«a lau.lihiUar) 1 . 7841 - 1^021 
Saudi Arabia Hlval, 6 . 24 - 8.34 
Simtap-r.: b..tia i ...! 4 . 2 200 4 . 232 5 1 2 . 3 230 - 2. 3 240 
Smith Aln.-an Kantf 1 . 5699 - 1 . 59530 - 8623 - 0.8763 


7 . 77 tj - 7.79 r 4 . 2720 - 4.2740 
17.37 17.82 
36 . 83 - 37.74 
4 . 64104.6430 
68 if -72 
0.2750 0.2800 
32 . 64 - 32.67 
i 2.3840 2.3830 
! 0 . 98300.9920 
I S 42 **- 3 . 48 1 « 


AuMrl* 

‘IMi.'itini 

(Jt-linuiik . . . 

■ Kraniv 

Mii'mwiiv 

Jllaly 

Ji|an ... 

;> I'tli.-rlninl .. . 

i.Vmia.V 

.I'xrtigal 



Swii/crlanil... 
!L‘mro1 Slate*. 


27 - 28 :, 
59 i? 6 1 
10.25 40 

8.30 B .45 

3.30 3.35 
1550 1610 

405415 
4 . 054.20 
9 . 85 - 10.05 
77 85 

1431 »- 146 i; 
3 . 303.45 
1 . 82 - 1.83 >a 


■ ' :ihlr . -’-j-,; ■ 

-• ■ - 


•MS' 

Lif' 


EXCHANGE CROSS-RATES 


---• !=■ 


?.t i 



.Pound Sterling 

U.S- Dolls r DriiLMiieMerh 

Japanese Yen 

FTmu-U Fiane 

MTiiu. Fram- 

Duli-li Cl Milder 

Italian Lira 

Cfciwlu duller 

Bel ;: in ii F >aiM- 

Pound Sitfrlimr 

uXSoOar TT -. . . . 

' 1 . 

0.648 

1 .B 21 

1 . ; 

• 3 . BIS 
2.096 

402.5 

221-1 

8.368 

4.607 

3.530 

1.939 

4.080 

2.241 

1569 . 

861.9 


2.037 

1.119 

59.45 

32.66 

Deutsche Uark. 
-JepenMe Yea LOOP . 

0.862 

2.484 

0.477 

4.523 

■KM 

105 ^ 

1000 . 

2.195 

20.84 

0.925 

B .770 

1.069 
' 10.14 

411.3 

3898 . 


0.534 

5.061 

15.58 

147.7 

T ranch Franc 10 . 
Sum Franc ' 

1 . 19 a ' 
0.283 ' 

” 2.176 
0 .S 16 

' 4 . 54 B 
1.081 

BKHISI 

10 . 

2.376 

4.209 

1 . 

4 .B 64 

3.156 

1871 . 

444.5 


2.429 

0.577 

70.88 

16.84 

Dutch GiiUder • . - 
.It* lien Tire 1,000 

0 . 245 ■ 
0.637 ' 

0.446 

1:160 

0.935 

2.431 

. f»a 65 
256 J.:-. 

2.056 

5.346 

0.865 

2.260 

1 . 

2.600 

384.6 

1000 . 


0.499 

1.298 

14.57 

37 .B 9 


0.491 " 
1.683 

0.894 
'. 3.062 

1 .B 73 

6.417 

197.6 '. 
677.0 • 

4.116 

14.11 

1.733 

5.928 

2.003 

6.863 

770.3 

2639 . 


1 - 

3.426 

29.19 

100 . 


r 


-v-; i" • .- ” r ■ ; : \ 


+ - : EURO-CURRENCY INTEREST RATES* 


■ V 


■ i -t-.V Vbbj »6 ■ 

SteHliut 

ttaitiisu 

Dollar 

U.S. DnUer 

Dutch Guilder 

Swlra Franc 

W. German 
Merit 

Preorb Trrnr j Julian Lira 

Avian S [ Jape line Yl-n 

• '* ' '.r^Tbraraunuhiu,. 
; - J Snr fhpntli 5 ..-._ 

•‘Oneyeer-i...’.... 

. 1 * 3,-1178 

12 is-l« 3 r 

7-3 . 

7 .-B . . ; 

7*<P>6 

Li;l 4 

8 li-BT, 

: 7 J*. 7 >« 

7 »s- 7 A, 

' 8 - 8 I 4 
8 - 8 U ' 

- Blg-SSs 
8 l 5 - 8»4 

47 «- 5 »a 

4 T,- 31 , 

43 * 5 

43 * 5 . 
51 »- 5 Jb . 
58 ,- 5 fcg 

lM-lta 

1 > 8-138 . 

ll 4 -l«« • 
X.-R-Jii 

thfli-S 

m 

Si e - 3 b, 

358 - 33 * 

10 - 101 * 

9 i«- 9 S« 

93 « 9«8 
9 A- 9 * 
10 - 101 * 
lOf.-lOtf 

0 . 100.12 

0 . 62 - 1.19 

0 . 94 - 2.0 

5 . 00 - 4.75 

8 . 50 - 11.75 

24 . 00 - 33.00 

7 .",- 7 : ; 1 lulu 

8 ls 8 i, I 8 Se- 23 « 

8 - 81 , 2 S*. 3 t* 

Bss-Bi* 1 3 J-/- 4 ,; 


.booff^enn EantdoDar depostm. two yean ver cwu; year* Si-s oer corn;, loor mn per real: 


Are 7 «rs 9 - 9 * dm rent. 


.W3<? 


INTERNATIONA!- MONEY MARKET 

New York rates steady 


GOLD 


:S 


■ TreasmyA : - W; rates’,' were 

ceheraUftMbiiher in early New 
•York traitor with -13-n’edc bills 
: quoted att-CSS per cent bid, com- 
pared . Wfth. 6,55 per cent lata on 
Friday.' \*-LoBger^terni maUinties 
were also : firmer, .wiH SB^week 
bills it ^33 4f«er ' cent, compared 
wtth' while one 

" year bills weje- unchangea; at 
l!w v 

-' - F^er^ -fusds^’ti'firB quoted at 
71' pec cexft.tddr^d dollar certi- 
ficates' _bf tiaptwt/u&e'&nerajto 

jmpt umg ed .-frtjm ylatfe Friday. The 

pne-montfcyas j quoted at J-SO y er 
. cent hid, ;tivo<months at 7.43 -per 
oent abd v l4«Jiwnu»ths at T.65 per 

• Wa^ilngtoRv The Federal 

MARKET 

'"■fC'.'v « . 


National Mortgage Association 
plans a debenture offering of 
$2bn. With maturities ranging up 
to seven years. 

Bong Kong: Conditions in the 
money market were .tight, with 
cail and overnight money com- 
manding 3it per cent. - 

London: Eurodollar deposit 

rates were fairly steady through- 
out, and dosed little changed 
from Friday’s levels. Trading was 
quiet, with little interest from the 
Far East and D:S. Rollover busi- 
ness was minimal at the start of 
the month. . 

Rabat: The Moroccan Dirham 

has been devalued by 73 

and will staod at par with the 

French franc. - 


Port Moresby: Papua New 
Guinea has changed the basis of 
calculation of the kina to a basket 
of currencies, and has dropped 
the former alignment with the 
Australian dollar. 

Munich: Foreign exchange 

dealers at International Forex 
Congress called for international 
standards to be introduced in the 
compilation and presentation of 
balance of payments statistics. 
President of the Bundesbank said 
that, financing of U.S. payments 
dafldt cannot continue this year 
on .the' same scale as last He 
told the Forex Congress that he 
Is confident the European joint 
float will continue, and believes 
it- may be enlarged. 


Market 

quiet 


Gold lost S2J an ounce to close 
at 21821-183 in the London bullion 
market yesterday. After opening 
at the same level, the metal was 
fixed during the morning at 

5182.5 and improved slightly to 

5153.05 at the afternoon fix. It 


Rights Offering 


<p 


Notice to shareholders 
of Canadian Imperial 
Bank of Commerce 


CANADIAN IMPERIAL 

BANK OF COMMERCE 


Offering of 4,355,000 Additional Shares 
Subscription Price: $24,00. per Share 


Canadian Imperial Bank of Commerce has offered to shareholders of record at the close of Business on 
May 12, 1978 the right to subscribe for additional shares of the capital stock of the Bank on the basis of 
one additional share for each eight shares held. The rights expire at the close of business on June 19, 197S. 


Recommendation 

The firms listed below have recommended the purchase of shares of CanadiaaBaperial Bank of Commerce 
through fhe exercise of the rights in light of the strong earnings performance over the past many years, 
the growth in earning 5 P* r share in the first quarter of fiscal 1978 and the anticipation of future growrh 
for the B ank both in Canada and abroad. 


Dominion Securities limited 


Richardson Securities of Canada 


PitfieJd Mackay Ross 

Limited 


McLeod Young Weir 

Limited. 

Walwyn Stodgell Cochran Murray 

Limited 


Wood Gundy 

Limbed 

Greenshields 

Incorporated 

Merrill Lynch. Royal Securities 

Limited 


Midland Doherty 

Limited 


Levesque, Beaubien 

Inc. 


Pemberton Securities 

Limned 


Mead & Co. 

limited 

Davidson Partners 

Limited 


A. E. Ames & Co. 

Limited 

Burns Fry 
Limited 

Nesbitt Thomson Securities 

Limited 

Bell, Gouinlock 

& Company, Limited 

Odium Brown & T. B. Read 

Lid. 


McLean, McCarthy & Company 

Limited 


R- A. Daly & Company 

Limited 


John Graham & Company 

Limited 


Casgrain & Compagnic 

Limiicc 


F. H. Deacon, Hodgson 

Inc. 


Equitable Securities 

Limited 

Burgess Graham Securities 

Limited 


A. E. Osier, Witts, Bickle 

Limited 


Houston Willoughby 

Limited 


Scotia Bond Company 

Limited 


Rene T. Leclerc 

Incorporce 

Bache Halsey Stuart 

Gmada Ltd. 

Research Securities of Canada 

Ltd. 

GeoSrion, Robert & Gelinas 

Ltd. 

Moss, Lauson & Co. 

Limited 


Molson, Rousseau & Co. 

Limi ted 


Kernaghan & Company- 

Limited 


Andros, Bartlett, Cayley 

Ltd. 


Brault, Guy, O’Brien 

Inc. 

Canarcst House 

Limited 

Brawley Cathers 

Limited 


Grenier, Ruel & Cie MacDougall, MacDougall & MacTier 

Inc. Ltd. 

Yorkton Securities Tassc & Associes 

Inc. limited 


Tne firms listed above constitute a Sponsoring Dealer Group which has formed a Facilitating Dealer Group, including 
c!l member firms of the Investment Dealers Association of Canada and the Montreal . Toronto , Winnipeg* Albert .i, 
Vancouver and London, England Stock Exchanges, for the purpose of facilitating the exercise of rights. These groups 
will be compensated in respect of the shares issued by Canadian Imperial Bank of Commerce resulting from die 
exercise of rights. 


Far full particulars reference should be made to the formed offer from the Batik to its shareholders dated May 16, 197S. 
Jn addition an Information Circular has been prepared by Dominion Securities Limited which describes the offering and 
comments on the current position of the Bank. 


This information is given by Dominion Securities Limited on beludfof Canadian Imperial Bank of Conunercc . 


World Value of the 


GOLD MARKET 


i Jimcd / JnneS 



liuli I Bui I Inn |a iluc. 

< Mince) 

draw..- SU2M8S 

(il«o1nz $lB2i-MI5 

Muming fix I iik 3 IB 2.50 

ill.' 100 . 502 ) 

AUeroivD usioa-. * 183.06 

,LI00.B77, 

G.ilrl Coins 

JnitifvIHellv , 

Knuiemifcl S IBS - 191 

uEIOI-lflSj 
.SWi-Mi 
"C234-MP 

*5Si-ee; 

.1X3142) 


6IB5-1BBJ 
S1B4- IB4i 
: S 184.60 
(01.079) 
l f* IB4.75 
■iCWI.SQ&i 


New 6nccrrlca» . 


>'<M Kin i-rpi^nn 

Gull] CulUb 


Bank or jajnlmam, conditions^^^^ienced 


■6190-192 
i2im;i06. 
IS55; 551 
|i»i-iO:) 
*56/ -SB; 

juai 52) 


throughout ™ 4 «» r-- 
.(ftotlam have abated somewhat 

., D 3 y-fti / dayWr t wss to short seem to have aw ^ ^ ^ 
*opnly v m ;1ha.> •London tnt 




iy -fo-dayxrecuf L was m snuu 

»ly- nv :1h&‘ -Lcmdon. tDoney umjeuiumf, •-**'- -- — 
market ^stod3y/and tbo aathori- conditions, the market was faced 
-lies assistance by buy?s \?- T7 a with a take-up o! • 


LVrfgrt afld funns WBWMM" “r 
Erour- rodayi’-ppbhcation a w rent although 63 per cent 

mid-May ^haakiri#: v ' figures, to s L D i ac ^ However, 

Sn?bateuces were tahen any- 
Tike^, cotrtinidBgj ^rot®hont::ti 1 . e , td ®^^ h ^ u , flen 7 per cent and S 
bot^M. vvhere between P« 

^reUin spmereluc&aceto hnld. per . cent. 


Ii» the hiterbank market, over- 
nigbt' .loans opened at 84-80 per 
cent and eased to 81-8} per cent 
before- finishing at around 5 per 
cent. Treasury bills showed little 
change with tile discount houses 

buying, rate for three-month bilk 

easing slightly to 83i-8iS per 
cent .from 83 - 8*3 per cent. 

.Bates for three-month sterling 
certificates of deposit were 
marginally firmer in. places*, 
closing at 9}Hi P«T cent, com- 
pared with 9J-9} per cent on 
Friday. 

' Rates in the table below are 
nominal in some cases. 


iatemaUiiuAlly 
KregemuJ 


Ken &»rereV. , iw.. 
GJd SorereijiM-. 


820 ksjrlps 

810 Ea«;li» 

36 Eagl® 


... SJ98-J90 !*190-1S2 

,i£105;-Ifl4i) -105;) 

...,8E2;.5«; (SSSi-6*; 

IIC28-30) |i±T2B-S0i 

UC51-52) |'r31-32) 

... 8278A-27H 1S278-281 
.Jsisa-165 [5155-1 JS 
...'593-102 '559-102 


was after this however, that a 
general improvement in the Its. 
dollar prompted an easier 
tendency. Trading was only on 
a moderate scale and the best 
level seen was around 11.30 a.m. 
When the initial easier tendency 
prompted .some demand which 
saw gold up to SlS2i-i83l. 


V'-I-Z 

lT^ : - 


ijv. 




Hi*- 
* .Vv 


•^r»- 


. vt-e- 

i* ■ 


j.. 


36«L 



MONEY RATES 

NEW YORK 


Prime Rale 

Kri Funds 

Treasury BUIs 'l 3 -ni»c)i> 
Treasury Bills i 26 -wceh> 


8 .S 

73 

t>5* 

741 


GERMANY 


Dfscooni Rate 

Oramtehr 

Ode month ... 
Three maiMhs 
Six mmuis ... 


3 

3-5 

J-6 

3.5 

3.7 


FRANCE 


Discount .Rate 

Overnfciln 

One moaib . 

Three months 

Six months 


4J 

7875 

7-75 


B -25 


JAPAN 


ntertmnj Bare 1 ..... 

OvrnuKbt 

Three menlhH .. 

Six months ... 

One rear 


U 

X 

2 

345 

4 


The table below gives the 
latest available rates of exchange 
for the uuund against various 
currencies on May 26. 1A7S. In 
some cases rates are nominal. 
Market rates are the average of 
buying and selling rates except 
where Ihey are >buvvn to be 
otherwise. In some cases market 
rates have been calculated from 


to 


those of furcign currencies 
which they are tied. 

Exchange in the UK and most 
of the countries listed is officially 
controlled and the raies shown 
should not be taken as being 
applicable to any particular 
transaction without reference to 
an authorised dealer. 

Abbreviations: (Si member of 


the sterling area other than 
Scheduled Territories; <ki 
Scheduled Territory; (r»f official 
rate; (F) free rate; (Ti tourist 
rate; (n.e.) Don-commercial rate: 
tn.a.'i not available; tA) approxi- 
mate rate no direct quotation 
available: fsg) selling rale; tbs) 
buying rate; Xnom.) nominal: 
(vkC) exchange certificate rale; 


basic 
rjic: 
i Ini 


iPt based on U.S. dollar parities 
and going sterling dollar rale; 
tBk) bankers’ rate: tBasj 
rale: temi commercial 
ten) convertible tale, 
financial rate. 

Sharp fluctuations haw 
seen lately in the foreign 
exchange market. Kales in the 
table below arc not in a!J eases 
closing rales on litc dales show n. 


l»wn 


Place and Local ffnit 


Valuv of 
£ Sterling 


Alghanisuni 'ia!«ui 
AH* m.i . f ."i. 


AIuii-m .. . 

AlHl.-rr, 


AuD'iSi 
AuHcim •- 


1'IIMI 

• Fim-h Fin'll- 


61.00 

ic.or- 

7.552 

8.53-: 


Place and Local Unit Value of £ 


Ecuador... . 

Kji |<i vfi in o - 


MS. 75 


] Kih:. |.'H illii->;idiii Uiri 
1 .)VI i ■ mu, l‘, in 




■r\ ,*J.H 
•• I.0.7 54 
. 1 • 1.275 
ii'iJ.775 
1-5.75 


Place and Local Unit 


. Value nf 
• £ Starling 


Place and local Unit 


Value ol 
£ Sterling 


Ar«v>iliuii 


I-. Co 1 114-i-an s 

\r. JV,.. t , w l;„ 


4.92 

1.412 


J'nll.Ui».| 


Aii>i (Him •- 
A ii - 1 no 
X .■ in.-- . 

Tta ■; 

Umi)iUi1i.>i.‘ 
iUlimtii I.’*. 
UaJinrii- I-)' 
UmiaiJi^ i" - 


tii-imiiflii s 
■'."lulllll" 

I'-irtiiB. K-ocl.. 

i I lal. 

• -•lilkJ. 

lunar 

- <|*. Pi-.+ni 
. . iSirt«<J'.m e'.i 


1.612 

27.58 

95.70 

I 5205 

23.025 

0.708 

115.75 

5.64 


Falkland Is. 

,g, 

l l/i'.-l-. .. lio".“li h|.>u<.' 
.lull- .. Fill ' 

I Kl'llOllll. . . 

1 I'mi-i- . .. Fi.-ii.. ii firw 

j F i4.“» Vlii \I- ' .-l.t. I'rn'ti' 

j f r.l iliiKun ... I r* f I Fit mi- 

I'i. l*di'. 1 - ... t .f.P. I'r.inc 


Belgium D. Fiane 


fleliio 

Bonin 

nenruirtfi 

Bliutau 

Bolivia ...... 


H5 

■ . 1 . 4 . Fthoc 
U- ta. S 

|i>>lian Ituuoe 
L’.'Iiyiaii l‘ni. 


I ■..•miM.SB 
I ill:tii59.4S 


1.0 

10 . 241 ; 

1.593 

7.34 

3 o 3 -'v 

419.1 

6o8:, 

152.5 


Gabon. .. l ram- 
i’i miiiiiN 'Oi... Liam.- 1 
liorn'aii.V 

I lih-l • 


419.1 

3.99 


I.", -Ill'll ,1 ll .. 

I. UM-lillhHll}l . 

I Macao 

; iiH'iemi 

Unlnua-y fn>. 

1 linin'.' I Iff.. 

' ')«)'!.( -!« 
i 'irtl.ll'O I —I 

, Mali j: 

1 Mu tin .Sj.. 

| Marltiihiin- 
MminiHuiH . . 
Mnnritiu- i'll. 
Uo.-l.-i. 

.Ml'pielivn 

II. >i 


S,» i«. ltuno 
Lua KmUi- 


5 55 
5445 


Mil "'Milt 


5.611; 


419.1 

1.S205 

15.285 

36.40 


Ufllrtarjii- i“' 

Brazil ». iu.-*it;' 

llrVir-ml- *■ 

Brniic-i 'S-.. 

UilIjrariK.... 


s 

liiiiuei s 


1.500 

32.12 

1.8206 

4.22b 

1.6471 


ttuillifl. 


Ill III 


burmj'li 


IXiiiin'li frni]i. 


I2.25S 
If, 2.87 


Camcro nEj» 1 •* • '• Fmin 

I'm mi In . . ' ml»ill«Ui S 

l nimn M> -l«u»L J'laciK 


419.; 
2.0570 
145 75 


1 ueniomy 
j «V'I 

r;iini)H iff..... 

| I'lLnirer i K'. 

jiilHn-n l> 

1 1 1 ri»>r 

l ■pf-iilmi'i.. .. 

J IiIvIIR'Ih '?■ . 
liliE'Inli'UK... 

f ■ UHlir 

Itii^inmnln. . 

lailllh'X I ■* | 

Haiti 

fli'lillliis- lii -1 . 
ll-4]-Ki'iii: 


LtnifciftMrk 


■ii 


Liil-raliRr C 
Ami. tivUar 
I'imHim"! 

l>Riii-li liP'iifr 

K. Csir?* , "li S 
Li.nl T i‘au'.- 
I s S 
i7i.vl -nl 
.-ii» 


fililniM- e ' 


( 1. II'IUI 

11. k. - 


liili^m-l .. 


L'lH 'Ll 


j.SIij 

2.051-s) 
1.00 
1.602 
67.885 
10.241; 
(.-.2 
S.S8i* 
1.0205 
1.8205 
57.541 
8i. 14 
4.642 
9.10 
o.fes 
'.4<o 

—■nil 7».o6 

T n m-.sb.55 


PhIR'-M 

ei'riii^'ceH^-uili 
M*' Frnm- 

K'lm-lin 

lill’Mil 
>lnl 

.Hull KmiK- 
MrIIix-E 
l**nl I’nuit- 

1 "imJ\» ; 

M. Uiqiee 
.'le-i.-Bii IV-v 

i .f.A. Fraui* 
fn-Ju-b t’niiii; 

Mi'iu;iiliM Tugrik 

UraiMWm K. C snHjcsna ' 4 - ; 2 

M»riici,f Dirham : 7.70I-S7 

\jaaRuiM'-)ue.. Moi. Escudo 


c. 12 

65.70 

419.1 

I . 3685 

J. 5j5 
; is 
958.75 
C ?:•» 
r.aB-o 
i3.i» 
11.435 
4 1.4b 

419.1 

8.59-M 

S-biWif. 


I l:,"i'N'ijn ... . 
i H-'ihiiIh .. 

Si. Christo- 
: pl.ev(S) . 

->l. 11 . Il-ILI... 

. -I. Ijii-k . . 

. M. I’li-lli- 
: 1 ni.TiiK.-, 

, ilin-li.r ki . 
i 4WUI--1 ' Vim.. 
: 'nil llnrl.ii- 
i I ■■iin 
| 'nl.h A i’ll- m 
1 -■■."-^,11 


Uimij-lH I'nnn- 


»-i"'B.49 
• TJ2.73 
169.19 


K. • -i ' 

M. Ilrk.'in JL 
K. I Ki'il'l, .<11 S 

i .r.\. 

i;. ■ "iii'iuii ff 


1-ln-ll 


61.1 


j Sii-m*lj."iw'> 
ff meal -'iv- 1?'. 
.S' 'll ] Mff 

ff.'Ui'id ii'i-c. 

Slli. Aire.-m'?' 

.■>. W . .vrt'tiii 

T*ml,*rK, ■>' 


L'.-. - 

|T4llHM I Ilf 

l.-cn-l" 

i: i «i 

* .1'. \. I'i njic 
— . i:.,).,,. 
Ij-'Iii- 

s muni * 

'•■■I. mi. in I-. S 
S.'1'l SlilUiu- 
li'aihl 


j 

1 . 0 * 

4 92 
424.25 
4. ?- 
4 55 
1.8205 
1.589 
64.70 
6.29 
Jib. I 
15.35 
20 
4.226 
i.6o: 

Ail J. 46 
1.584 


i 

Nauru 7s- tu*c. Dultar : 

N0|*l Nef*lcr« Ku)kv 

Vi'ilirrlrtii.lr. l.nlJrier I 

Aei I i.AiiI'Ivb. Auiillmu 0 ni 1.1. ■ 
Flam- 


V-rHelTHw , VuMl. Dollar 
\ N‘. /.i* In it. 1 1 .Si 2i.Z. Dollar 


. Ni'-ms-iu.... i. n'lliJ _ 

} Men I!)-, . * V. \. Fiani' 
i X'uriin (i»i.. Nuiw . 

I .V'l-vmv > i M-". K iv, i ip 


1602 

21.35 

4.08 

4.259 

145.6 

1.602 

1.793 

15.73 

4)9.1 
I. I3H8 
3.91': 


[3|um 

I >i«n. F»H' ai 
I Vuli Airun 

! >n U<ii1.h iS. 

' Sir Irk )■')( 

ffurni.iiii . 

»* >:• ii - 1 )»- )«l iff. 

j lull'll .. .. 
i.*e il.trlmi'i . 


ff. A. Iinjnl 
IV; -W 


1.565 

M5.75 


Pn i«i 

S. 1- lt'ij.-j 

"ii-4-iii V 


Ll )—ii— "in 
f. Kri'iin 

J .alii* 


■'•'HI 


| ( Iiiikii Sulinii- 
I iii... .J i-»i 


K in I CtniHuf 


fl.550 


i Pakistan - 

I’murii* .. . . 


W-I. i;u.«. 
Ha lima 


18. 10 
1.8205 


I \V>:: I. 

ItlllUlll I-~I 

Ceiil. AI .Hi*.. 
i.’Jiail ... . 


Chile 

China —j. — 
Colrunhia... • 
Ci'iniiro.'ll*- 
C"iu.i(i/B , l!' -■ 

C'u-U Bun... 

L'ulfl 

C,-|:ru» I’ll. . 


i a|» V K— it i.l. ■ 

■ iV. I, »: 

< .I'.A. t n.li.- 
I. .K.A, r«D V 
C. 1‘cau 

l.'iuiminhi Yuan 

r. 

i'.K.A. Franc 
'• -F-A_ Franc 

' 'I'JB 


■ UtMU i'i-bil 

i. yerut. £ 


L'aivhiv ] f . jifc. h-.inn* 


Denmark -• ,l * u,, l j Kwine 

tljlll.UII ... I‘- 

ll»l>iiuuii •■'i 1- *■ “nl'ln-Bii > 
Duliuu. Ill !■.. Ib'iiillIioiD Fl-, 


85.70 
1.517 
419.1 
i IS. I 

tBk; 49.05 
5-1254 
il l £3.40 

419.1 

418.1 

15.6G 

1.5695 

0.2015 

IniiinlQ.tP 
'■'■11.20 20 
,/ iT, 17.53 
! 10 241, 

t idfl 
! 4.92 

I 5205 


\ ' 


• Iceland'* • 

lin'til '*). . . 

! lu'trau-'a ..... 

I m ii 

t nt'i 

Iri'll lif-|l IK).. 

Urael 

truly 

Irtiiy L'i«tl... 

Jamaica 

Jh|mu 

■fun Inn (-4) 

Kampuchea- 

h'.'li.in '.**i 

Knli.1l (Nllli... 
ti"rcn i-Mln... 
Kliuali 191 til. 

Laos 

lfl«Jli >l| 

Irf-Mjl/". 

1. 1 1 STIR 

Will 


1 kri'in 
1ml. linin' 

If nt .inli 
l.lal 

lni. ( I ' i imr 

ln>li X 
I'Jni'l I 
Lira 

( .F.A. Frank 
imuui.-a itiflnr 
Yen 

JoniHn Dinar 
Kid 

Konya shitting 

tr.n 

KuiwliL Dinar 
h’*[i I'i i'i| 

l<d«ilK~e £ 

.T. ir.'Mii 1)11*1. 

I.ila't I all S 
Ltl.iali llJilfiv 


474.50 
15.285 
7555 
i A. 128 
0.5478 

1.05 
51.0954 
1.56S 

419.1 

2522 

4021 2 

0.654- 

215.5 
>4.3033 

I. 844911) 
662.45 

0.315 

564.1 

5.274 

J. 53S 
1.6205 

/IM1.539 


' r.l|(Uil.'..ti.*^l klllH 


1.5141 


/ Tiiiraa .. 
; l.in-HUin i 
, DiDlrii'l . 
. i’na>. i>|i . 

, r-Hgii I*. 

' I I II) I* 1 HI l I ' 

. J'lJIIl. 1.' 

' 1'nrkr, . . 

■ rn-j,'A ' 

llJ'llln . 

. Dsranda ■ 

; I iiiii.: ».! 


\i'V l.il-lllll 
I'an. MiiCiug 
Halil 

i .P.l. F -nn.- 

I’.i'rt'V" 

I 'in. A li-'nu" 

I m i i--in ii [ 1 inui 

I i;i kl.1i 1-1 Hi 


\ n- Mliluni t 
, 1 g. iliiHnij 

I. I ■•.•Hill 


(jilainui 


227.14 


, I’HragtlRI . 

K|4*- r».‘ K)< 

‘■I YellUiU iSl S. Yrnicu DinaM Ai0.f22 

Peru Si} ji.tet.1 1270-75 

11uiili|dnee... I'li. , 13.41 

1’iicainiIb.lSI 
Pnlauil ......... Zluly 


t'liiuunl .... l'rnguH IVn* 


[\>nugal 
I'.iri Tinna ... 
I 'i-l in -1 In- l«!e. 

I'licrtc IIh-i*.. 

I Si 

Ii 

III- Ai la... . 
Wi'ilt-.-m ... . 


Pgr e. Enrudn 
Tininr Ki-udS 
F)!Wf. lisl'Ullu 
L'.S. S 
iVhimt K \ nl 


Fi-wm'I) Fraiu- 

Kili.iiMHIl S 


. O'l.A'i'Eifiiv. 

! i'.K >.!!.. 

j l pl/VT Virtl it. 

; Vatican 

Yt'lr.'llds 


i'.a.k. I'uiwi.j 

Kill'll' 

C.F.A. Krauc 


146.73 
28.90 
,A0.63i3 
3.259 
1.5734 
8.42 
5 53 

■ a.7.143 
.l-E.fS 
14.31 
37.12 
419.1 
1.606 
4.57 
0.761' 
49.75 
1 8203 
1.502 
15.35 
1.8205 
iii. Ip. 55 
. ;iii'i 10.52 
7.02 
1 . 2 ? 
419.1 


■il 


1.793 

i iCnr.6i.an 
( 


(T/Sl.00 

35.70 

83.70 

93.70 
1.2205 

7.00 


IlhlWII l.uo 

Lt.Inar 


1.553 

;.8J 


Vk-runiiiiXlh) D-uS 


if»i4.a4fi 
rr.4.i&os -.ji 


V Mild ill fiil In 
Vua!lllr.l 
Veswrn 
Socioa 'Tv.. 


riH:iii' 

L'.S. li.illar 


0.3 60 
1.6205 


Sniiimii Filin 


1.103 


1f\.il 


8.S0 ; -i 

I.C53 


I Yemen ■ 

j 1 ii’ii-hili 

Zaire Rp - 

/ji till. IX .. I< iVf»i ),n 


Y 1‘iintr 


8.35.-I 

aC’S 

l.J90b2a 

I.J75 


rtui min u' »he Krcin.-h tuminunny in ■ . 'Hn' .UUBiva jus npuuil llie Cl-.'. 
.\irxc.T iirwrly i mn uf fni^h Voi | Irj w. Tn- i-wknur nas, uij-i-. .it 
.\iriva w 1 n, ' h kqiuuonal .urao mi- m CPA Fr i io uik unu uf ihi- 
i ltouvo l-r t'uufflj. | Mur current y. 


■ tiinTul r.ii'.*s of oil ,ind imii oMiurisi 
7C.1ZL 

r-i*'iJ un 'ro'.i riicv .it: jiii.il lius'ian 
rouble. 


It.*'- k ih-: Trausi.-r in.irk-1 reun- 

lpllll.il. 

1MI< HIIV.' hjV'll ■■!) ; li.irb.nli'S £ l» 
Hi.' Jnllur 

!■ v‘* wi«' uflti.u) rail.. 


^ \ * r -^-s. : -. 

















40 


•FiflaaciaVTlineS:.; 





Gats 





iking figures 

off at 474.5 


FINANCI AL -TIMES .STOCK INSicagg 

: U ■ 4- — ■ — — : ■ • • I" i 


Account Dealing Dales 

Option 

•Firsl Dee I a ra- I-asl Account 
Dealings tions Dealings Day 
.May 15 May 25 May 2b Jun. 7 
Slav no Jun. X Jun. 9 Jun. 20 
Jun. 12 Jun. 22 Jun. 23 July 4 

• ■■ New time " dealings may take Place 
from 9.30 a.m. two business days earlier. 

I' n certainly ahead uf todays 
announcement of lhe mid-May 
banking figures set the seal for a 
fresh setback in British Funds 
yesterday and made for unseUle- 

ment in the Industrial loaders. 
Further losses in the Funds 
ranged to i and the tiovem nieiil 
Securities index save up 0.57 
more to a lflTS low of Weak- 
ness in sterling and the in- 
flationary implications or the Ford 
workers' proposal to press for a 
25 per cent w nee increase •.■.ere 
also a drag on underlying senti- 
ment. 

Tho Industrial leaders drifted 
lower uni i I lunch time v- hen ihe 
announcement nf hettei-than- 
expccleri annual result^ from 
Mt'ial Bn\\ up fi at 3USp. came .t*. 
a sieatlvjng influence. Prices 
eventually picked up to close a 
few nencc ;ibovo the worst. :in<l 
l lie FT :tfi-share index, down ‘_M 
at iLs lowest of the day at noon, 
rallied to finish a point oil on 
balance at 474.5. 

Elsewhere. rather miicl jih! 
stiliriitcd l ratline session was 
enlivened he ill*- surprise hid for 
Snonner Industries, lip IP at 72|i. 
after 74n. from Redman Keenan, 
which in turn generated specula- 
irve demjnd for oilier hid 
favourites. Weekend Press enm- 
ment also met v ith a fairly ready 
response, hut the overall trend 
was one of mixed movements: 
rises were almost niaiehed bv 
fills in FT-qunted Industrials. 
There was a fail off in aciivity ns 
measured bv <i(Tici:d markings of 
4.K44 compared with 4.9‘JS la.st 
Friday. 

Gilts uncertain 

Scattered nervous offerings ami 
the virtual absence of support 
ahead of today's announcement 
of the mid-May banking figures 
were the prime factors behind a 
further setback in the Gilt-edged 
sector yesterday. The reaction in 
sterling and the possibility of pay 
problems following the Ford 
workers’ decision to press for a 
25 per cent increase also took its 
toll on sentiment. Once again, 
modest selling found the market 
unwilling and prices reacted 
throughout the list. Falls ranged 
to with War Loan recording a 
loss or that amount to 2Ji;. The 
long tap, fW-paid Exchequer 12 
per cenL 19flJ*. eased J more to 
«2i compared with the last 
operative price of i!3s. 

Yesterday was the quietest day 
in Traded Options since dealing* 
began on April 21 A modest 250 
contracts were done compared 
with 277 on Friday and the 
heaviest mini so far of PS:; 
achieved on May 5. ICI were the 
most active with 59 contracts. 


while Shell followed with 57. 

The investment dollar premium 
ope lied higher at lftGj per cent 
and, in thin conditions, Touched 
lii:>; per cent before closing SJ 
up on the day at )UH per cent". 
Vest e Ida y’s conversion factor was 
IMiSti* < H.fl958). 

Following the placing at Top, 
i he .'hares of vehicle distributor 
C. D. Cranial 1 opened 3t flop and 
touched 02p before closing at Sflp: 
i he brisk evenly-balanced nature 
of ihe business kept price move- 
ment t to the narrow range. 

Banks easier 

In front of today's publication 
of the oiid-May banking statistics, 
ihe major clearing Banks drifted 
gvn i ly lower in thin trading. Mid- 
land dosed 5 lower at "15 p. while 
Tkircia? s gave up lu to 32Si> as 
did Lloyds to 27Sp. NatWesl. how- 
ever. held at 27fl;> with .sentiment 
helped hy publicity given to a 
bullish broker's circular. Over- 
seas issues moved higher in places 
with AVZ up fl at 2P'lp and Hong 
Kong and Shanghai 7 l" tile dtiod 
:■! 271p. Merchant Banks were 
notnldc for a gain of 7 to 243 p 
in Guinness Posit. 

Insurances displayed nu s*et 
irciii! following a 'mall trade. 
Sedgwick Forbes firmed 7 to 4lC!p 
lull Liiiidnn United shed 4 to I72p. 

>1 a I’d ■ maid Martin i;ommued 
firmly in Distilleries, riving 111 10 
42rtp for *• two-day gain of 5»i on 
1 1 iv deal whereby Bavs Charring- 
inn will distribute its Highland 
iiuecii brand while, fo'luwinc 
FTl-v vonmeni. Burton wood .si null 
.*ur at I vjp, up 5. in qitictly firm 
Brew erics. 

Buildings traded quietly with 
price ni'ivements rarely exceeding 
a c.utplc of pence. Marcbwicl. 

.nut John I -Sling "A.” 17ri|>. 
added 5 and 2 respectively in thin 
market.? . but J. Smart cased 3 to 
45p in further response lo last 
week forecast of a slowdown in 
profit. s. Armilagc Shanks firmed 
v m liSp and Ibsiock Johnson 3 
tn I7fip. both mi Press comment, 
while renewed interest lifted 
firnwn and Jackson 3 tn 94p. 

The after-hours' announcement 
from the Board that the proposed 
offer from Tenneco was con- 
sidered inadequate made little 
impact on the share price of 
.Albright and Wilson, already 5 
easier at I37p. Elsewhere. Fisons 
drifted to close fi lower at 334p, 
but IIT picked up in late dealings 
to iinish only a penny cheaper on 
balance at SSSp, after 3Ffip. 
Alginate firmed 5 to 2ti5p after 
renewed interest, but Hickson and 
Welch eased 3 to 220p ahead of 
Thursday’s results. 

Ever Ready lower 

Ever Ready came on offer in 
Electricals failing 5 to 148p on 
adverse Press comment. Elec- 
tron Rentals hardened 2 lo I2tip 
in anticipation or Thursday's 
results while Highland Elec- 
tronics put on 3 to 3lp. 

Si ores drifted gently lower on 
lack of interest. Martin the News- 


agent finished a penny easier at 
247p on ihe reduced iin-l-half 
earnings. Blackman and Conrad 
improved 3 i« TSp in response in 
Pros comment. while i merest was 
alsu shown m Wcarwell. 2 belter 
at 25! p, and A. G. Stanley. 3 lu 

the good at 12»p. 

Spuoncr industries emerged as 
the clear feature or an otherwise 
lethargic Engineering sector, 
rising lfl to 72|i. after 74p. on the 
surprise cash bid nf flop per .share 
from Rodman tleenan which 
already holds about 11 per rent 
nf the Spooner equity. Hill and 
Smith encountered speculative 
support and touched 73 )« before 
closing 3 better at 69p. while Hall 


{•rumpled a gain <d 7 iu H»P ir} 
Ollico and Electronic. Dc l-' J Bur 
put on 5 ir, H”7|, m front of 
today's annual results nul Pent ns 
Ii.irdcnetl 2 more fi, 'Hi' •' iUi the 
help of Pre.>» ermiment- r, i ; ve 
found .support at 53p. up while 
tlroteheli added 3 at :'2p A dull 
market last week f«,l'*.v. mu the 
disappointing first-quarter figures. 
Morgan Crucible rallied 3 tn l"Wp 
and investment currency 
influences Jeff Jardine Matbesnn 
up 7 at 23Bp. 

Motors and Distributor* drifted 
in light trading. M.-ntnm-nt 
anparontiy little affected by Hie 
prospect of increa-ed prices for 
petroleum and the new* that Ford 



SEP OCT NOV DEC JAN FEB MAH APR MAY J 


followed last Friday's gain of fi 
with a fresh improvement oT 2 
lo lfltlp in rcs'ponse lo wc-ckcnd 
Press comment. Benjamin Priest 
added 3 at Sip and Dumnmilh 
Investments edged forward 1} lo 
l!l!p. Hawker gained 4 in 220p 
among uLherwise dull leaders. 

Spiilcrs returned in favour m 
Foods, rising to 3l)p in active 
trading- before closing It harder 
on balance at 2!Hp following a 
weekend Press mention. 
Associated British Foods, prelimi- 
nary results next Monday, edged 
forward a penny to 7(lp, while a 
speculative flurry raised Morgan 
Edward 4 lo a 1978 peak of 55p. 
Kraft moved up 1J to £3S"; 

City Hotels were again 
prominent and rose 7 tn a 1078 
peak of 140p in response to Press 
com men L 

Metal Box please 

Nervously sold down lo 2UBp 
immediately in front nf the pre- 
liminary results. Metal Box rallied 
smartly to 310p on Lhe announce- 
ment before closing 6 higher on 
the day at 30Sp. Apart from 
Unilever, which edged forward a 
couple of pence to olfip. miscel- 
laneous industrial leaders drifted 
lower iu sympathy with the fresh 
decline in gilt-edged. Glaxo 
ended 7 lower at 57$|» and 
Bowater receded 3 to !S8p. after 
1S7p. while PUkingtun cheapened 
2 lo 4S5p as did Turner and 
New all. to J75p. Elsewhere, a 
re.>ursence of cpcculative interest 


Development Corporation within 
the next thrc-c months. 

Investment Trusts were quiet 
and little changed. Jove Capital 
responded to Press comment with 
:i rise of l iu Gjp. while City and 
International, 99p, and Govctt 
Europe. 68p, put on 2 apiece. 

Shippings made another firm 
showing, sentiment helped by the 
continuing firmness of freight 
rales. P. and O. Deferred closed 
3 belter at flip following Press 
comment highlighting the poten- 
tial of its energy division, while 
late demand on Friday helped 
British and Commonwealth to 
finish S higher at 295p. 

Textiles rarely strayed from 
Fridays closing levels. William 
Reed closed without alteration at 
Slip despite the reduced earnings. 
Bond Street Fabrics eased It to 
32 jp on the gloomy statement 
which accompanied the interim 
figures, but small buying raised 
the lfalian-based Snia Viscosa 3 
to U7p. Following recent strength. 
Ruth m ans. International eased 2 
to 55 ip on light profit-taking in 
quietly dull Tobaccos. 

Reflecting firmer South African 
advice-!. Aberrnm rose J2 to 102p 
and OK Bazaars 15 to 2S0p. 

Australians firmer 

Renewed speculative and insti- 
tutional buying prompted further 
strong gains in Australian mining 
issues. Price.-, opened a shade 
firmed owing to favourable Press 
mention over ihe week-end. But 
the absence of any lead from 
overnight Sydney and Melbourne 
markets, which were closed for 
Foundation Day and the Queen's 
Birthday holidays, saw interest 
dry up towards mid-day. 

Towards ihe close of trading, 
however, some fairly aggressive 
buying developed and this carried 
over into after-hours’ business 
with prices moving ahead strongly 


shop stewards intend l iV" for 
wage increases of 25 jn-r cvm and 
shorter hours, or the rev firm 
spots. Do rad a hardened w Sip 
mid Phixton’s (Scarbumugli) 3 to 
7BP. 

AssiMriatcd Book I’ll bl i.-.hcrs 
featured the Newspaper .sector, 
rising 14 to 20fip for an improve- 
ment of 21 in the last two i railing 
days on investment deiPJfid in a 
thin market. A Pre*s mention 
prompted an increase of 3 to 75p. 
after 78p, in Bean Brnthers and 
Thomson ended similarly better 
at 24Sp. 

Properties drifted quieily lower 
before steadying awaiting today's 
figures from Land Securities 
which firmed 2 to 2J5p. English 
Properly eased a penny m 43p. 
Small buying lifted C'httrchbury 
Estates S to 245p. while the 
improvement of 5 t*i 149p in 
Properly Security investment 
reflected late demand on Friday. 

Trading remained at 3 low ebb 
in Oils with British Petroleum 
barely tested at Stib'p and Shell G 
easier ,n 554p. Burma h finished 
a penny lower at 6fip and Lltra- 
mar 4 cheaper at 2?0|». while Oil 
Exploration shed fi to 238p. 
Siebens UK met further (•mfit- 
taking and retreated 22 mnre lo 
35Sp. 

Overseas Traders were featured 
once again by the performance of 
l.unrho which gave up another 4 
at a 1978 low of 60p. .-aill reflect- 
ing news that the company must 
dispose of its Tanzanian interests 
to that country's National 


LONDON TRADED OPTIONS 


to close at the day’s best Prices 
were additionally boosted by. the 
firmness of the in vestment Cor-, 
rency premium. 

Among the base-metal pro- 
ducers BH South. 6 better at lOOp, 
and North Broken HID, 7. to Lhe 
good at a 1978 high of 126p, were 
both helped by Press comment, 
while UDM Holdings put bn 4 to 
2l2p. Western Mining ended a 
similar amount higher at 128p. 

The recent moves to bring: the 
Northern Territory ur anium 
mines into production enabled 
Pan continental to rise a half -point 
to a 1978 high of £14- 

Of the more speculative issues, 
gains of 2 were common., to 
Metals - Exploration. 3ff}p. . Mount 
LyeU, 38p and Faringa. 37p. The 
recent “high flyer" Northern 
alining were active and finally 
unchanged on balance at ll2p, 
after Hop. • -• 

The rise- in the -Investment 
premium enabled . South. African 
Golds to register margibaf gains 
despite the 5L75 decline , in the 
bullion price to S182.625'per ounce 
in front of tomorrow's Inter- 
national Monetary Fiind. gold 
auction. ' r 

After trading quietly for most 
of the day a modest Uii. inquiry 
in late dealings saw prices harden 
fractionally. ..The Gold Mines 
index, at 154.0, recouped L3 of 
Friday's 2.5 loss. 

Financials remained subdued. 
Anglo American eased 2 to 298p 
in front of the lotion tbs' results 
which were announced after 
market hours, wbile Press com- 
ment on the . possibility, of an 
increase in rough diamond prices 
saw De Beers dose 3 better at 
34flp. 

Elsewhere. Northgale advanced 
25 more to a 1978 high "of 440p 
in response to Canadian buying; 
while Press comment 'prompted 
a 5 rise in Sabina at 4Ip.‘ 


_ .- 67.96| ea.S3i- 64:6B; ; ' 

_ ^ 1 12.595' 14,5741 * 


UftI. Dir. VieW J '6.58i 5.56s . ***? 

jfc^.MN-ri.UPnllH-, 16.82' 16-17:- r -16.4ft : 16,59 **^ 0 $ 
WBICilotnetlCb:-:...; 8 .Sm| 8.isj +ML ^ • 

t.oaI,n iP r...a>Hed 4.6441-4.998, 4JI31-, 4.S42;. 4,579;; . 

K |U liy uirnuTW £uj ...j , - •! 67 : 9«S| 6B.M}- ; [ 40*4,-- M.QB; :$■ 

8 MU iivl*n ? i.»irtta../ _-^_U2.595' 14.574^14.264^.387; _* 

. ‘ » 4*4. u™™- ■: 

. Latest ■ Index OUtt BS3S. ' j • 

■Based on E X>vr eew oorpnratton. tax, : • 

Baas IDO Gan. Secs- . lS/Uk“- **»- j9& jUt(L ‘OaL -ttSS. : 

Stines 12/9-55. SE Activity Juty-Dec. 1W2..- • : •• 

highs: and 'lows : •> , 

(378 ' "'"7inee- Compilation ‘ 

_■ ' - i * ^ ■ 1 ■* ‘ T-' ■ 

Hijtti Dwr " 7 - 

"-***-•1 ts WjJSA. s. .SBSS^sSfe^ : 

*** 

Gold Mine*. I 168.6 '.130 J .44^3 gi«Mfcriy^ rf V.3B.Z. .. 4 *? t 


Govt. Secs... 


| (378 j-Jince Cota pi lotion j 

| High 

Dw Hqfh 

Lch* "I 

78.58- 

68.79 >i27.4 

' 4&18 • 

j till*. 

i6/€) OHltiB) 

[ill fltl* . 

I 81.27 

70.82 150.4 

50.53 

! wfii 

£f*3) jtDvtWTl 

tiilfl Si . 

1 497.3 

433.4 649^ = 

49.4 ■ 

} Wr>lj 

(2jSi i».*»I7» 

(2BI840) - 1 

168.6 

1303 442L3. 

. 43.5 1 

[ (Bill 

l6/3i . 'tSS'hHb, 

3h.to)ni4 


The fa I low I no securities ouotef* I n- th e-.- 
Share InformattaB Service wostcrdair . 
attained new Highland Lows, for 1 978. ■ - 


OPTIONS 

DEALCVG DATES Share Information Service 

{?2 nifoln stocks favoured for the call 

Deal- Deal- Declara- Settle- vrore Lonrho, Belhaven Brewery, 

togs togs tlon .. * nen *_ Premier Consolidated Oil, Morgan 

Jun. < Jun. 20 Aug. 31 Sep. 14 Edwards and Trust Houses Forte 

Jun. 20 July 4 Sep. 14 Sep. 28 Warrants, while doubles were 

Jul. 14 Jul.lS Sep. 28 OcL 12 arranged in English Property and 

For rate indications see end of Lonrho. 

ACTIVE STOCKS 

No. 


NEW HIGHS (81) . 

BANKS IZI „ 

Bank of NJ.W. Gulnncu Peat 

BEERS tai _ _ 

Bolhaven Browerv Young Co. Brew. A 
Irish Distillers 

BUILDINGS i7j 

British Dredging ttatock Johnson 

Brown A Jackson Lamg -(John) A 

Erlth Pochins 

Hewden-Stuart 

CHEMICALS m 

Wsrdle iB.I 

DRAPERY » STORES T4} 

Homo Charm Stanley I A. 6.1 1 

peters Stores Wcarwen 

ELECTRICALS : (4) 

Electrocomoonents Highland Elect 

Electronic Rentals Pethow 

ENGINEERING (Bl ' " 

Ash & Lacy Hill & Smith 

enck house Dudley Hopkiosohs 

Dennis (J. H.l Priest (B.J •.. 

Downicbrae Spooner Inds. 

POODS (7) 

Morgan Edwards 

HOTELS 131 

Cltv Hotels Savoy A. , 

Pc Vere Hotels 

INDUSTRIALS 1161 
British Vita Gro*ebeir 

pom Holdings Hyman (I. & J.l 

Downs Surgical Office A Elect. 


British Vita 
pom Holdings 
Downs Surgical 
Elect, tnd. Soc. 
find lav rA. R.) 
fitzwilton 
Franklin Mint 
Glass & Metal 


Prestige - 
Pritchard Services 
ScMumNrtir - 
Scottish Hcnutle 
To ve 


; • ...: .NEW tpWS (Sfl) 

' _ .' British funds? reji 
Trees. IHtPC TSTS Ext3wr?Ta_ 
Trees. 9pcM9SO Funds; EkI 
Tress. 3 ':pc i960 . Treas. . 1 
Fundg. S'aoc rF8-B0 Tress: 

Exchar- 13 pc 1980 -Exthar. 12 
Trees. lllspeigBI =f55SE 9 m ^ 

. Trees. J'lPc TS-Oir , 1 Ve*j. 12 pca 
Tress. SSJBCT9HI ' GbS 3 pc 
E xchor. BtUK 19BI SSW. 104 ^C 
Exctejr. 9 hoc 19B1 . Trwas; 4^*ibPi£ 
E*char. 3oc 1981. -Tr^. £$2 

Ekchor-. 12 knc 1 SBV E«htjr. IStlSi 
Trgas- 8 :y» 'BO-82 . T-rtBS-lfiisScji 
Tress. 3oC 1982 - .- tedioptiv. » 
Trees. 14oc 1982-.. Trens.. 13V« i? 
Trees. 8 ', pc 1982 .- Exchtir. i&J5k? 5- 
Exchar.-9LiPC 1982 TmdS. BApcm? 
|«hqr. 914 PC '82 a Trees. Wiwr i »S . 
Exdtor. 8 J< pc “198 3 Trees: JSi-pc TW 
E«tmr.. jpe 1983,-. Exthar. iSm>~ 
Trees. 1 2pc T9P3 l£65 caldi- - ^ . 
Treas. 9UPC-1953 Treas. BhM igw. 
Fupdg. 5I.-PC '82-84 Trws. - it. vpe 
Treas. Bijpc 'P4-B6 fundg. 3^oc’9K 
Fundg. 6 'iot " 8 S -BT. Trees. 8 uc 200 T j . 
Transot. 3oc Ta-BB Insa S%« 20 W 
Treas. ,7J<pc -85-80 -Trees. 73^c 
-Treas. Spc ’36-39 consols. 4 k 
T reas. 1 3pc 1990_ . , War Loan ? 

Treas- 8 UPC -87-90 Treas, Soc -Sfr 
Treas. IU, oc 1991 Ccmsoh 2irK 
Fundg. Si, pc -67-3 T Treasury. zr^jc ^ 

CMFORADOtt UMNs'l4i:% 
B'ham 9<jpc 75-61 -L’-DOot 3t}nc : lr»h 
G.L.C. 12ijpc_1982 .Warwick • 

. LOANS It)' . ; 

Agrfc. MorL 5oc ICfC.1Bin^7UC_ r 
1953-B9 1985 • ; ’-•"Tb- 

Met Water Soc B. -Do. -UbcUnfclo^ 
FPI 13pc 1981 DO-.'I.IApcUmXi 

- 1990 ^ 

BANKS (2t 

Grind lavs ~ ■ 


Denoatiaa- 

of 

Closing 

Change 

1978 

1978 

Stock 

lion 

marks 

price ip) 

on day 

high: 

low- 

TCI 

11 

14 

3SS 

- 1 

396 

328 

Bramall (C. D.) ... 

-5p 

32 

SB 

— 

92 

S9 

EATi Defd 

2>P 

10 

2SS 

— 2 

296 

227 

BP 

£1 

in 

see 

— 2 

892 

720 

Shell Transport... 

25p 

1(1 

5.14 

- 6 

586 

484 

Bowater 

£1 

S 

1SS 

- 3 

203 

163 

Lonrho 

-5p 

s 

60 

- 4 

78 

GO 

■Metal Bok 

ft 

s 

SOS 

+ 0 

320 - 

2S8 

Armitase Shanks 

25p 

7 

6S 

•+- 2 

731 

59 

Land Secs 

30 p 

7 

213 

4- 2 

22S 

- 190 

P. & O. Defd. ... 

£1 

7 

97 

+ 3 

US- 

91 

RT2 

23|> 

7 

22S 

— 

22S 

164 

Burmah Oil 

£1 

fi 

m 

- 1 

72 

42 

Lucas fjids 

fl 

fl 

314 

+ 1 

31S 

240' 

Repd IntL 

£1 

6 

124 

— 

143 

J02 


MOTORS >1) 

Dorada 

NEWSPAPERS 12* 

Assoc. Book PuM. Bonn Bros. 

PAPER ID 

Melody Mills 

PROPERTY (11 • 

Rush A Tomkins - 

SHOES (2} 

Stylo Shoes Turner (W. A EJ 

SOUTH AFRICANS (1) 

OK Bazaars 

TEXTILES fi) 

British Enkalon 

TRUSTS (131 

AltiHind Can. Scottish European 

Dravton Far Eastrn Scottish Utd. In*. 


T.C .Finance 


.. BUILDINGS 111."- 
ParLer-Timber 

ENGINEERING ID 
British Northrop 

FOODS 12J . • 

Barrow Milling Lockwoods 


Runcicnaa (.W.i 


SHIPPING til ■' 


Edinburgh Am. Tst. Scottish Western B 
Gen. Stockholders Slzewcll In*. 


RISES AND FAUS 
YESTERDAY .i;’ 


Gen. Stock holders Slzewcll in*. 

Govett European Charterhouse 

Mooloya Dawnay Day 

St. Andrew 

OVERSEAS TRADERS 111 

Lonrho 

TEAS m 

Blantvre 

MINE5 (Bl 

Zandoan • Vogels. . 

Middle Witt. North B. Hill 

Sllvermlnes. Pancentlncntal 

..Traitsvaal Cons. North sate - 


British -Funds 

Cerpocn- Dam. and 

Foreign Bowk 

Industrials 

Financial and Prop. ... 

Ofl, - 

Plantations 

Min* 

Recent Issues 

Totals , 4 - 


Up Down Si 

1 78; ; 

2 29 'i 

2TB 7rr“<» 
86 HE 3 . 

4 2D - 

5 S . 
62 2D - r 

2 1* -1 
440 5«£C 














A distinguished and authoritative panel of speakers 
will assess the outlook for the Scottish economy, 
appraise the country’s industrial performance and 
prospects and examine developments in the financial 
sector. Devolution and its consequences for the 
economy will be among the subjects to be considered 
as well as the North Sea, with particular reference to 
its place in the world oil context. 

The Chairmen of the four sessions will be: 

The R t Hon Lord Thomson of Monifiefh PC 
Mr Alan R. Devereux Chairman Scotland, 
Confederation of British Industry 
Mr Ian R. Clark Executive Member of the Board 
The British National Oil Corporation 
Mr John B. Burke Chairman 
The Committee of Scottish Clearing Bankers 


To The Financial Times Limited, Conference Organisation 

Bracken House, 10 Cannon Street, London EC4P 4 BY 

Tel: 01-236 43S2 Telex: 27347 FTCONF G 

Please send me further details of SCOTTISH FINANCE AND 

INDUSTRY 

Name (Block capitals please') 


Company 


“ "1 
/ 


Jurt 


* hi 

■I- 1 

■•HI 

IIHI 1 


Kjs’rvi-e 

1. ii-nnc: 


1 . 

■.•i<*»in 


t. ii*-:na 


l-quil 

. I.*.. 

Opu.-n 

l-rn-r 


V.M 

"ITi-i 

V... 

• *1 1 -1 

Vo., 

UP 

750 

128 

- 

13B 



160 



. BSflp 

111* 

300 

79 

2 

, 101 

— 

123 

— 

UP 

850 

40 

2 

• 66 

1 

91 



BP 

aOu 

15 

7 

1 38 

I 

62 

8 


L.. m. Uni.nn 

140 

12 

- - 

18 


22 

15 

147 1* 

tuin. 1 iihtn 

160 

3 


6I S 

-- 

121; 



1. nils. 1 fiil.l 

160 

20 

— 

29 


531; 

— 

176p 

0*u«. t'Mld 

180 

8 

3 

17 


211; 

— 

CntiriHiilik . 

100 

231; . 


27 


281; 

— 

123). 

L-itiiinnl.ls 

- no 

16‘u ‘ 

— • 

171; 

- 

2H; 

-- 

1. mirlHII.-lH 

iga 

9 

5 

13 

6 

16 

— 

.. 

1 ’isiriHuli.h , 

130 

5 ‘ 

— 

91; 


121; 

5 


t.; KC 

K'JO 

47 : 

-■ 

50 

- - 

57 


258). 

l*U' 

240 

17 

- - 

35:2 


43 

— 

t.W ; 

ZpQ 

121; . 

2 

22 

— 

30 

- 



280 

6 

24 

13 

— 

21 

1 


• •rmiil M»r. ' 

1 j-| 

18*2 1 

— 

21 

1 

23'* 

- . 

115p 

■ •inn>l JliH. 1 

no 

9i = , 

-- 

131; 

5 

171; 

— 

» 1 mud Met. • 

120 

51; ' 

- 

to 

’ 10 

13 

— 

. 

" l j 

33U 

67 

2 

72 

. 10 

74 

— 

3B7|. 

.. 

Kl 1 

36J 

37 

4 

421; 

5 

52 

- - 

l« I | 

390 

141; | 

37 

251: 

1 

S3 

— 


■-H 11-1 >Wi- 1 

160 

55ij : 

— 

38 

— 

41*; 

13 

214p 

Lhii -1 

2s-0 

17 1 

5 

221; 

— 

271; 

— 

Ull.1 'VS.-*...' 

240 

51; 1 

— 

13 


171; 

— ■ 


Marks .c 5p. 

120 

28 : 

— 

31 



54 

- . 

145p 

‘litrks .V *|i. 

14U 

101] 1 

— 

17 

— 

201; 

13 

ll.i rk-. i >p.- 

16J 

2J» | 

5 

8 


11 

— 


.■jlirit 

500 

69 | 

— 

91 

6 

98 J 

— 

555p 

■Sh.-ll [ 

55-J ' 

27 

— 

50 

2 

63 

— 

fliell 

600 

9 


21 

94 

35 I 



1 ■llH’d 



98 


97 


56 



FT-ACTU ARIES SHARE INDICES f 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 


_ 4na - A Fri. Thors. Wed. { Tura. 

Moil, June 5 , 1978 ^ -“v* “p “r 

— I Ji I "W 


GROUPS & SUB-SECTIONS T~7T T7T 

EsL Uross Efit 

EsnUnes Wv. P’E 

Figures in parentheses show number ol 1™** Vield% Yleld% Ratio Index Index Index Index 

stocks uer secUon N ° - ch J n « e 'ALT (NeL) No. No. No. No. 

stocks per se^uon % Corp ^ Co ~, 

[ TU5PL TixSM 


RECENT ISSUES 


EQUITIES 


J v ur : _r - z ? 


| M- 



1 

■ - n. j. 

T>inr 

1 

75 v.r. - 

£9 

IUn 1 l 111 .il .'.'.I 

iou K.r. z t 1 . , 

142 

jl-.ur.dbt'riM.. 


T ; ; i 1 

89 : ■ 14.5 3.1 7.7 4.8 

KfliS -lloA4.04,'4.u; 3.7, 14.1 


FIXED INTEREST STOCKS 



1 C.4PITAL GOODS 1 171 » 

2 Building Materials (28i 

3 Contracting. Construction f2Si . . 

4 Electricals I15i 

5 Engineering Contractors t Hi 

6 Mechanical Engineering 171 1 

8 Metals and Metal Forming 1 17,1 ........ 

CONSUMER GOODS 

11 (DURABLE) (5» 

12 Lt. Electronics, Radio TV(15i — 

13 Household Goods (1Z) 

14 Motors and Distributors (25) 

CONSUMER GOODS 

21 (NONDURABLE] 11751 

22 Breweries (14) 

23 Wines and Spirits (6) 

24 Entertainment, Catering 1 17» 

25 Food M anufa during (22i 

26 Food Retailing (15)... 

32 Newspapers. Publishing il3* ... ... 

33 Packaging and Paper i IS) 

34 Stores (39i- 

35 Textiles(25) 

36 Tobaccos (3) 

37 Toys and Games *61 — 

41 OTHER GROUPS 1*7) .., 

42 Chemicals (19 1 

43 Pharmaceutical Products (7). 

44 Office Equipment |6)_. 

45 SfaippingdOi 

46 Miscellaneous 1 551 

4P INPtiyrR l ALGROtrP 14951 

51 Oiis<5l 

SB 500 SHARE INDEX 

61 FINANCIAL GROUP! 1M) 

62 Baobsifli 

63 Discount Houses (10*. 

64 Hire Purchase >5*..- 

85 Insurance i lifejtiOi.. ...... . 

66 Insurar.»elCotnpositeit7i 

67 Insurance Brokers OOj.._. 

Merchant Banks 1 141 

Property (31i 

Miscellaneous (7). 


Investment Trusts ISO) 

Mining Finance (4) 

Overseas Traders M9i 


99 I ALL-SHARE INDEXI673). 


FIXED INTEREST PRICE LNDICES 


5.60 7.96 _ a4.16 

5.70 7.92 19615 

3.94 7.43 34481 

3.94 9.29 45055 

6.41 730 31938 

6.08 7.43 174.45 

8.58 7J82 164.25 


215.32 a4.70 21196. 

19136 190.89 189.66 

346.32 34263 33952 

454.31 455.62 444.48 

32034 31834 314.95 

175.08 173.98 17223 

165.05 165.12 163.73 


4.87 826 195.89 19726 195.94 19428 

3.77 9.22 228.99 23139 22926 227.02 

634 8.49 177.48 177.47. 17632 176J3 

6J7 731 125.02 125.45 125.04' 124.05 


267.4P 

1J772V 

154.91 
163* 





332.86 

323.44 

80J5 

W31 

23638 

234.44 

186.46 

105.M 


BiFfil 


FIXED INTEREST 
YIELDS 

Br. Govl Av. Gross Red. 


‘‘RIGHTS” OFFERS 


B Hijpi *>•" 


ItiOi j 'll 


IhtT'" Hit-m *. I.«'"i--»i! 

;il -*0 ri K-l.l 

>. ■“iKHi-i- Iimj—iw- 

W nt J Miii«i'**-i«fifiK— 

OSfilir Ssjl-Mt I *•••-• •!« r*»rl. Il«»- 

£Ui<ii' I'l-"- KI»m»I»ihimI • •••)•) .Mining. 

15|H»1 lUl'in IK»MU 

Jl£> 9t> ,H'ii-s ii *!».» HIM 

14|Miil "Jpin • \l»-xon.li*r, 

4)1) I 3b* 51 .; tin.-kMili.-li .. . 

4;-i4 -»«|.re 

: !♦" l urni-c X Nun»ll 

96*1: 231; 


■ lli-nin« 4 -iij 

i I’.k-v ' — 

' n: ! 

.. lt)8(-rn ^2 

P9 .. .. 

. . J2,m. -3 

32|>in‘-l 

. 2 7 1 r i H -I — •- 
• 20fni. 

■ < 13iuti, . . .. 
•• - » 

X ljnn — I 
410 . * B ' 
64 | 



Mon. 

June 

S 

-1 

Day's 

change 

% 

xd ad]. 
To-day 

10422 

-034 

- 1 

11282 

-063 

LOB 

11816 

-0.66 

— 

121 as 

-L60 

— 

11121 

-055 

0JL8 | 




to daLe 

-reii 

3 76 JL 

4.37 7 High 5 years 

S Coupons 15 yean 

630 _8 25 years 

434 10 1 Irredeemable? .... 


Mon. FTi. 
June June 
5 2 


9.04 890 

1132 1121 

12.96 1133 


11.70 1L49 

1233 1241 

12.62 1256 


1192 1175 UJW 

13.01 12.91 1113 

13.43 1332 1335 


12.01 1182 


Renunciation iiynally Ia« da * 'or deallnK free or stamp duly. bFtara . 
basn-d H.I urontM-nns .Minute- 0 AsMim-.d dividend .Tiul yield. « Fnu-eiiM dividend; 
LDii-r bused on nr-unns jear'S earuJnss. f Dividend and yield based on pres^.-cios 
or •w| l -r iifTK.liil , iw IbTO- « Cress, r i-ieurcs assum..d. J Lover jimm 

fur cun version ai >h,r.--. not now rani’ Inc (or dividend nr raukuiu only lor n^tticted 
•iiviiUivIs. ; Mak.in. nncu to ponllu. i* . Mlihv unless oilh:ru isc liid leal sd. i Issul-u 
iiy lend-.r. . uii.-nd m holders «r Ordinary Stares .is a rlnhu. |' s u*?*l 

li>- iva:. ul cawia’lhdii,.ii. ri Minimum l«-u*l<T urn-v >5 R.-iiiirotJurtti. _ SMied 
iu uoiiiu-Liimi •■riili r. -.raaillsalHm tmrij. r ur wk.-s.nT. i H im nnliiei tort. ,'J lwimi 
,a Inrnicr Prclm i.v. holders. ■Ailoini. nt Mi.-r. rer lulb-oaldi. • Pruvisloual 
ur p^rtl'-paij ali v ij>i--iii letter*- A M,, h w.irr.im*. 


.Mnortay. .time t Fr!.l. v Tl.«rs. j M'-l. J Twos. I FtMhv 1 Thur.. I Wed. You’ 

Jime Juno . .line | Mnv I Sl.se , J| av ! su,- . cl . 

- 1 ; 31 ; iu ; 26 ; ^ j y lz> 

15 U0-yr. Ked. Deb & Loans 1 15 1 57.E2j-12.97 st.z7 57.54 67.5* ' 57.35 i 57.37 j 57.55 87.39 55.B* 

16 Investment Tni«t Profs. (15) 52.23 j 13.55 5291 53.91 1 52.S1 si.75 1 51.70 j &1.70 51.75; 51.28 

17 Goml. and Indl. Prcfs. t20i 71.SE 12.95 71.52 71.56 7i,72 71.79 ■ 71.95 1 7i.a3 71,90' 70.30 

1 — ricld. Highs and lows record, haso dahu and values and const imem changes "are (iuhii^h.a in SaturdaY 

Sm/eS? t,am lhe ^ Wrt " ehri ^ h-SJ'cw *«•-. 


















































^ /g^aaicial- Times Tuesday June 



197S 



PROPERTY, /\TmjKjmgEP UNIT TRUSTS 



HMrrancp Co. Lid. 

st-'*- oiz-iaoi:: 
37* . 

SIB 
1546 
IM4 . 

• 92 5 

137. Q 
127 3 

U U 

87 5 
1423 
1847 
U5.fi 
lS2.fi 
339.4 
35.4 
117:6 

1149 

3D. Vilnuton normally TumIi;. 

ranee Co. Ltd. 


i — 


BONDS 


General Portfolio Life Ins. C. lad.* 

93 Cartholomcu : * l. K'jiihiei I nnv. W\3 1 97 1 

PwUolio K.ind 13b 1 ' . I -■ 

Portfolio '."spiUJ .141.7 43 8! . 4 — 

Gresham Life Ass. Soc. Ltd. 

1! tAbr.qe ol Rd . fl numth G'JK 

O i. fash t-'jnd . ._196 2 101J 1 . .. | - - 

1-1. FqulfvfMl'd . 383 8 104 1 J 

Li 1. 1 .fir buna £04 5 1153' , — 

■iUlnt) I'.ir.ii. . .1157 122.6! | - 

L l_ Ppty Fund [96 l 101 2j ! - 

Growth & Sec. Life ,\ss. Soc. Lid.* 

Weir Bank, Bra'.'-or.Thamr'. Vrrt'- flSSHSCM 
Flciiblr Flriar-rc. | £1.864 i 

I juidhaak Srrs . <55.00 -8.291 

iJuidbankS*- Aic'llfii 119 V 

*. &K Super Fd ! 17 954 ] 

Guardian Royal Exchange 


jAhhev toil THt.. MRPL. Ltd. .■* 

172 HO.iJatehOUW KJ , A»lif»k“*V Oa*** 
bl>o« t'ftpttnl 1J24 ** 


NPI Pensions Managemt-nl Ltd. 

38 Gra-r.-KurrhSI K'7|l*JilH n I K 

Marne***! Fund . il44 4 1S4 1' 

l<ri. June i \<**t deaiiee Jui. •• 

New Zr aland Ins. Co. )U.K.) Ud.¥ 

V j.liflml Kujkc I.rna S*l L'l-t IJ'.Ul!C9jj|Sihll*d fiiwta 


libber Illi'Oinr. 

L lAOhoirlo* TM.Fd U8 4 S3 

,. rl|10 |Abb«t-rn TM. .I«S • 

Allied Hambro Group* »■««> 


(K 
)M 
4 17 
342 


iH.mbre Hunm».»ITBlwWt. 
fl 1-388 2831 or Brentwood iPTTJi .11430 


Ksu.Kr- Int Plan |137 5 
.Lirali ' n* pit ilOl 3 
1 <-■ tir.'.i*i£ • Fd . JlM 4 
lAlrjin. hi 
ARicr:>*an Kd 
f'ji KUi«l Pd 
I -lit Kdit-iiKd 

i nn [ire'll pil 


100 5 
1046 
1106 6 
,1031 

|4fi2 

Norwich talon Insurance Group 

lii lion \on»i'-h MM .IMI 


141 fll ; 
10b ? - 0 : 
104 « >0.' 

105 81 -»7 

IKS-! 1 

114 5 >0.' 

106 5 

101 X 


Allied IM.. 

Tint Ind* Hind 
[Onh k Inf 
l EI**l 6 1 ml IV* 
lAJHedl'ftPiuI 
Hambro 1 und 
(HunOroArr Fd 
Imm FVmt. 
Illlsh Yield Fd 
Ofifh Inroroe 


1181 

69 6| 

-0 ! 

621 664a 

-0 7 

H7 

B2 

-01 

Sit 

MS 

-0 1 

710 

760 

-0 3 

ini 

111 la 

-01 

U81 

1264 

-01 





0L--OT&4Q Eichanco. L.C 3 


T ;r»T 

Property Bond.. . I174.B 162*. i -• 

Hambro Life Assurance Limited* 

Told Part, Lane Iordan ttl UI-4WU.UI 


Voi:ajLro 7 u.-.il 
hquilv K.ir.d 
l*nL'iprri i Fund 
7 ivrd i 111 r'lllid . 
I k'iuimi I iinri 

Sur I -.it Ma* IP 


into 216 4j 

3341 35fi9 

137 3 134 0 

145 7 153 Sj -D6 1 

“"abb 1108 ! 


iq 


Fixed |nt Hop 
Kriuily . _ 

Ptopem . 

Manaerili'an 

Uanopptl Awr . 
thcn«> . - 
Mill Edged 
Ameri.'»n A' - . 

/V«.F i.Dep.f.ap 
PetLFI.Uep.Acc. 

Pen. f'rop.i.'ap ■ 

Fen. Prop. Ak.. I2M3‘ 

Pen Man Tap. 2052 

Pen. Kan Aec 5 

Pen. Gill Kite Cap 1120 3 
Pec Gill Eric \ev.. l2fc4 
Pen. PS Top .!l23 9 
Pen. B.S Ait - 1140.7 
Pen. DA F. I Jp ' 101b 

Pen. D A.F. Ate .< 102 8 


024 4 
17b 0 
jUltk 
134.4 
1*720 
[1222 
■ 122 8 
*■5 
1273 
;14B2 
■203 b 


131 51 
ik> y 

170 

146 n 

161 ll 
128 7' 
124* 
103 7i 
134 ll 
1563 
213 
274 
716.0 

277.4i 
12b 7) 
1331 
1301 

147 


I 


Phoenix Assurance Co. Ltd. 

4 i Aina- V, iUiORi si . EC<I* 41 111 
LLVallt. A* : Jill 8 117 

KK r l*h \y* i , 77 7 
Kti’r IT. Kq K .1751 « 

Prop. Equity & Ulr Am. Co.¥ 

1 !t i rais-f.-irtl Mirrt. S 111 2.4S 


r«n:i2r-4U.K^ YA , nr 

llawrawiaul Puad* 
(inirrnaiioflnl 
Srr* el America 
IHkiIic b’und 
.Special 111 Fund* 
Smaller C'n iKd 
2nd Nnlr.'oil'd 


B 


b 

o 

>14 


546 
5 bl 

3 50 
SOI 

4 J7 
513 
4 55 

■ 04 
bkS 
691 


74U-D! 

wg -ail 

41 51 -0 ll 

eOM 246 
*07 191 
*0* 2 77 


Garimnre fVnd Mnna^. r* 

• .i Man .V*r *■"*- .. . 

: lPi-:i<4BT* : 

hr . i *r. l-l ' V 1 ' . 

. '..intneritl' > "* n 

... Kjrta« rr..'i 

>l..li |i...dw t«» 

In. um< F.II'U ' 

A.vr»'i*”_ . 

l-.il Eicrtpi ri. 

..tidllW' 

Gibhs lAntodvi l nil T\i 

■ii N . 

. i ■ ; ib.iiibi'' .2i : ’ 

a i?: 

i i.iar »■»•*'■ -r, H 

IVll-i'i lie 

t;ovett ijohm* 

T m . iomii ii'*“ 1, - > ' ' ,” a7 


: 

5»l 
1155 3 
;i?o 
55 J 
71 ? 
U<3b 
85 4 
>32 2 


bO J- 
IvM 
*4 i 

V 

zi"r j . 
r,i 
W h 


v lauRi Perpetual I’nii Trust Murom.* 
Pircailillv t nit T. >1*r« Ud.V 


OFFSHORE ANI 5 
OVERSEAS ' 


317 
: 7-5 
260 
044 

si: 

t '< 

5 24 

6 35 

: !b 


Ik* Ltd. 
<r? 
8 29 
I 5 0C 

: 7- DU 


1 .11 .1 

i N 


ir » .. It 


r r.d 


317 

4! > 
r»:o 
17 1 
j: » 
o* s 
S7 7 


<n 1 *’ .1 2s 4 

Practical Incest. t‘*». 

*< 1 ••lei t ■■•nr 2 

I 'O. !•• -I Vj. 34 


ir. W si: 

33 », 

44 3; 
50 3.; 
so i 
sa C; 

M 1 
61 9C 
341 
27 3 


420 

513 


.a 

\r.v iti«' i.^ •• 


1*2 0.7 
170 &' 


A] 

«2h 


|h. A 

f.ricirsou Manasement • 

Sp.. re- da". >! Kl-!‘2 - 


2 02 

: 2 02 


Ud 


•i. . .m • -i.» • 

Prut inrial 

Hi-. - ..- 

)‘rP* 


3i ’ Arbuthnot Securities «CM.» Llmiled_ 
auh* . |.I.«3U M Melii*; *• r e« 119.14 72: 

'^e y J !i.r-* » • [115 0 119 0-J _ .1 

q U 1 ,...l .1..^ •!<« "SM.* . ■ '!»■ • , 

164 • ' 1 ' 114D “*°l - 

j a: . •.«••! -.iii f 

5 r i Australian Seleciion y-und W 

3*6-4L.rte> .ipper tr.it e- . .' Ir •!. '•/Jl'h * 

1J4 „..*>, .i.-de. i-T Krrt*.! - . __ 

:M:i -li.sn-n.'*. 1 l - 

• 4Q ■ \..| n*."l * 1 .1 

!id.¥ i v hci : »Sank of America International S A. 

*• C ■ ‘4".' :..*• ibn.lf ai-1 l‘.i»^' *»;ee <■ i 1 - 

' tu,: 7 J 1 ' 

• 121 It. • 

u; -it >!» «»e»4“ 
llBJc 7 K 


KinK i Shaxsion Mjjrs. 

!*.•!.• - J- 


if - .•< * 

■.IV-tj sir.—’ 
>.■!! K..r*1 
i .in irj't l." “ 



tall I.PU .**er». 
Kir-: s!iTli::d 
I :r-t Sit: 1 


•10.' 7 
n9 71 


,15 17 


« 2t> 
10b 4.-1 
9 72i 

16 25' 


..t« rr - ar 

L'47-’d! 
AlJl «‘d 
i U3C 
! 12 00 
-I - M 


Klein wort Ber.vm Limited 


12 
117 0 
137 9 


fiSl 

:i ■!.*• Julie ~ 

S. America lit!- 

.. t ■ - 

ar: • i — 


JIM-* <■ 
hllRII'l 

• ,r . n: - 


U| (EflWTB Recovery SUi 

Mel.Min.iL diy 


I! Ml* prop Dd 
I in t/luil’. Hil 
K>v Monet Bd 


1764 

730 
147 7 


352 
434 
. 145 
103 

t Kerim Earnings H3 

“ Tiipi Smlt Co> 0l236* 

„ — Anderaon IWl Trust K»««n Ud. 

s=i* nji *« 


37 71 

4b 4 .HI 
1048 -0 2( 
4J 1 *0 
63 4 -0 3 
227 *17 


464 

513 

5*7 

5J1 

444 

52b 


ill* 1 . rt* - , 

llarrinsiwi ^ 31 l^f t 
. l. . nm i nil? 7 

HncindJar-el w 1 1 
\r. I.m l n:ts- -yii. 


\... nm '. an „ 
i.rr.rtLMr -lun^ - - 
• nn I'nlL 1 -- 

I.s&Elr*lL Ha * 1 * 

. *., .-uni t nil**- 

tiuardian R®>' a ' 


,]B$5 
*5 7 


213 

2i: 4. 

is* 

18 s 5' 


i l 
i 


4 30 
4 Ml 
7 85 
35 

1 77 


Prud!. Portfnliu^fnRrs.^d.* lanh'i* . i»«*l« 
tUi^Han.*; I.F .184. 1^-3178. 

1 ' 1 - ,S 1,4 ® ' ; Rarclavs I'nicorn lot. a h. 18.1 f Jti 


In. V. uni 

M. I.i-1. Fa 
K lil'il! 1 I 

hi’. l>i-;ir *■ •!!"! 
-. e. • - '•*•- I 
■.ir'.i'lll rni.i.u 

-i ...» i<m 


s3 3 

.73 7 


} 962 


s;:. 
ifC 
•t -11 32 , 

ii ' .-I’A 
' ;V .-11 *0*; 

• ;i *r,: 

•18 25 19 73 


•KK 


766 J-luyd 


Guiller .ManaRPment Co. Ltd* 

!...:*. ini' u!*m*. 


:;oi 

177 6 


VI Bi 
132 4i 
731' 


Unibacher I'nit Mgmi. Co. Ltd. 

i. ||| 1 1 . . _ Tj A. ffiiii 

Property Gruwlh Aisur. Co. Iid.¥ |{ nr Mun‘ihi. Kurd 11*50 175IH .3.0! »•« 

l.tmR H>r. Cro; Hnn CK3!I «. W BWIWM 


.”4 
2 7b 
4 12 
4 12 

'nil Mars tad. 

■*Kl: b!*e 

^.l.ujnililii »•' ' 1 514 N"»!«til' 1 '•■<• 

Henderson AdmlnistraiiunV ia»c»Bi Ridgefield Manafietnen: 

l-n-isier l"T JMImm j lu- !<■ -* ‘ •*;•,*« ■U-; - - p. , y< L -. .jt*< K-nn«:-- M.Va!.-afs!« 

Hn niaiwd.K'W* 




T’.* '■ k F. • r rani; 
yjl'.M-.t'H-r t,‘. -104= 109 1_ 

waad-ai'l !n< i-r.i. . 

Reliance I'nit Mrr. Ltd.* 

• live r.rrr..;...*tt-;’.* El 

l '’ iSr ! 45 0' -Oi 

•41 Q 43 * 

Ud. 


Barclays 

' : . rar.:i*i-rv^ .-= ' 

.iscrvi* lnvme 
: nooilar • ri*. 

. i yHieJ trjvr |1 *A.. 

] »>ij|i*i-ri f 1 " 1 *r.'\ *i. 

jssrr: I Barclays liiicom InUl- 11 

S SB ■ * Tr.vau* M . 



Bk. if.l.i i.r 'visrs. 

lu . u=5 - 

.1.1: |55S ,sa:_ 

*,.. ■ .t.-a 1 r.i- <1 >'•• • 


■j--. s.Vfl 

‘ 

■ 4 17 

! T’2 

. 0 53 
37* 
ib3 
3B5 


. 2 20 


l.lovds lniernalinnal Memnl. S.A. 


7 nur ' : Klt.-ni*. !‘< 

l.in.iShl '..rifA'.* 


i- i E 


"S, 

WNSi . 


rrlifc'' Assurance 

^n^rMBeRaad-W.liL 01-7468111 

SXRSfr - 

Barclays, life Asaur. Co. Ltd. 


Hearts of Oak Benefit Society 


Properiv r und 
|*r«pert* fund-A- 
Agrtculi.jral bund 
Apn- l urri i A • 
Arler Vat I 'und 
Atibev Nal Fd ' K> 
Invest men: fund 
InioMinenf Kd I \> 


^-^SSSSSSSSm. 



- is j 

r . §1 
- -V.^lMfinl^ — — — HI- 4 



-SI 


■Ml.l 


lM7.TawUxtriafe.«A 1H9SV 01387M30 yyiuit, Fund 

Heart; ot Linz. . ,.;36 4 3»JI . I - 

Hill Samuel Life Asanr. Ltd.* 

NLA Tut Addiwatube Rd.l-roi. 01 6864355 
ePropertv t int* . [152.9 160 61 

Fr o pony Serwx A _ilM 9 
Manased t 'nit* 16* 2 

Hunased Senes A 196.9 
Uatuced Series C. 194 B 

Mor.ry L'nil* 119 9 

Mon ev Senes A [969 
rived ini. Scr. A . 9L6 


106 3] 

177 J) -05^ 

jazi -o j 
— - -a i 


• I - 


98 H 

• 963 
10521 

. 10251 

-Currept. unit value June S» 

LUL* . 
018=11=88 
128J6 | | - 


7-jj ,.5 ; ' :;«Cufrept 

V' : t '^'^diivB LUe/As^ur- Co. 

I"*'- ‘ „ , 

I r r *i 4 h ';_ i:- ^fctioiaddaw 3 r l 

I cwnda Ufe jlsaorance.Co. 

-,' L - '*T! 1 J, u;.h ii.. pcAiefi Bar. Herti. P.Bar 51122 

■ i-d = 

7r-- - ' -CaE»ino : Assurance Ltd.* 

■•crV:' 5^ TWympmWv^Wopibley HAflONB 01-802 078 
J : ■ n<T : -ziqil 06.91 — *“* 

’ IS 

'OU L05jc t pqpbfcil Pop dw . r . \ .. w a> 


— Pit.. G imJ Cap . [105 1 

— PavO'trtd..\ii olOB 

— Pen; Equity Cap . W 7 

Pens Equity Aer -JJJ® 


— PnvFin tnt Cap 


Pn-. Fxd fm Af. 
r*rns Prop. Cap . 
7VU* Pri.p .Acc 


-i; 


i«0 


-i. 


iW.I 

|95 4 


1^2 
1021 
165 -0* 
1482 
1562 
110.7 
1167 
mail 
1GJ.2 
99.7 
1000 
100 1 
100*1 


7>!u:tv KulKt-A- 
Monr. K.ind . 

Men-' Fui.rt A' 
Al'I'janal Fund . 
l.lM-rdCed Fund 
".ill LdBed VJ .A 
•Retire Ar.null*'. 
• Im.ned Lri.tl* 


1B1 3 
174 • 
757 7 
7515 
153 4 
153 7 
67 5 
b7 J 
lb96 
169 7 
1345 
138S 
1122 
11B9 
116 4 

iai 7 

143 5 


Imperial Life Ass. Co. of Canada 


Prep Grn<-lh Prozlou; * Auullire Ud- 

Ml Wiher Ir L l* 1261 1156} 

• All Weal her Cap 122 0 _ 1284) 

•In-.Kd i lv IV 0 

Pension I'd Its J2J 7 

Con*. Per.-. Kd J*b 7 

An*'. 1*4: i ap. I L 13. 2 

Man fen- Fit ... J4J* 

Man Pm' i "an L i ;5! 

I'rop 3>ns In 2S! 

Prop Pens ' ap l !*• 132 4 

ndp; not Pen I t 1J0 6 

Ride ioe > ap Ll 120 1 

Provincial Life Assurance Co. Ud. 


Imperial IIikk. Guildlaid. 

Giouih K-l June! 172 3 78W ■ 

Pens Kd. June 2 $6 5 72 2i . ■ 

I'nit Linked Porttolio 
Managed F.jnd. 113.9 JO®! 

Fl vedlnt Fd. - IS 6 lOOg 

Secure i ' ap Kd. . '15 7 1J0^ 

Equity Fund.. - I1SJ 100 9i 

Irish Life Assurance Co. Ltd. 


-I2£g 222 Bi'-hujiN^alr. Et ” 


[Arbuthnot Securities Ltd. tiMei 
37. iTurcn at. I.ondr-n JjJ.HR 1M1 1,1 '■ a * 1 

lEaira Income H 
•HirIi Ini- Ki-nii 

*>■ Arrirm L nil " 
i B!..*« drill It 

■Prefcrenre 1 und 

■ Vr.'.int L'mlz* 

'■'zpilal Fiin.l 
t.limnmlilv Kiltiil 

. Ai'cuin l niti*. 

:ilU*iWdi »l i • 

[Fin fcProp I'd 
'.Giants Fund 

■ Arcuni I in*'' 1 

Growth Fund 
i Ar.-um I nils. 

Smaller I'.i -Id 

KaMrru& lull 1 • 

.18*. Wur*J I l*' 

Miroten Kd 
Is. Amt-r 4 Ini 1*1 

Archuar L n.t Tat. Mgs. l.td.¥ «ac» 

217 Hull" ll..ll...rn.VL.;iL 7%1 ft I 

7. '.Id 1 92 ^ 

l*rir.-. ji June I Sett nt d*> Jnni n 

i Bare lays I'oicom Ltd. «HKi¥lci 
1 nln.reHii 2iC! Ilonit-rd HU K? 01 KM -V-M 
Fob =“» lb but -Oil 111 


K. tun 



. «Jr*»iltlBi 
i 'an tir»<“*h Acr 
|..coitiefcAlwrl*- 


I - 
1 — 

1 - 


Pro* Manac.'d Fd 
Pro* Cash r’d . 
i lilt Fund in 
Prvpprl* bund 
HUjuitv Fund 
F\u Ini Fund. 



Prudential Penaloos limited* 

11 til bom Kuri. EC1S1MI 


HI J4T S.'sU.im .\i|>> ,\i 
l*r* MU In 
Ini i jpiljl 
is* Kn-iup* r-t 

111. f » IN ImrtHUe 

n>> hinai-.izl 
rvi son 
rsi.iVni.ral 
fs. Gri.ulti 


175 

. 02 *15 

•• >-sn 

amT^utw- — WS 
G r and Properly.-— '■ 

Sd Monzgrd- WtJ 

‘ .-4-tDd 

..-sAid 


117.01 


-0.D6 

-oin 
-0 01 
-1 


-i 

-0 4, 


.ilia u 

s't* :!;a i. 


todB»:?an«.’*cc..WA 
ntSf'Aee.. 11B6.0 
2nd Ugd. PeaWAccMB ^ 

2nd DrpiFnns'Acc.gj B 

“^"ESni f^oe Jiuie i 


-»■« 


98 Z 

109.a 
101.3 
1A2.M 
93« 
aeai 

1041-01 
1031 
9371 

40-1 

28.9 


-0 4 


11. Finshurv Square. EC2. 
BlueChp June 1 — [71-9 
Managed rued ....1228* 
Prop. Mod Junrl -}U7A 
Prop Mod.GLh — 1193J 

King dr Shaxson Ltd. 

52. Cumtult. EC3. 

Bond Fd. Eternal -.00638 


m I : H“ 


01-8288253 fc'quii Kd MzvJ7 . IC25C7 


Ftrt In: Stay II 
Prop K May IT 


[CUB 74 
£25.45 


Nexl de8M| ^te. June 


01-8235433 
107.751 .*. I - 


Reliance Mutual 

7 unbiidge Wells. Kent. 

Rel Prop Bd».. .1 1901 I 

Rothschild Asiel Managemenl 

Si SMiUitnsIduie. lontlmi, EC4 01 '888*358 


utAObKs: 

I ITtrr* at M* 

I I Hi Ite.-u.cr* 

1 — Do Trailer KUnrt 

Dll will* ide Ini 
_ HI'J In Kd Inr 
0802 22271 1 Ho A. Cum. 

I - 



IS SO 

11 32 I '.come k A»in* - 137 - 

909 lllgb 1WWW L un ®-„ . 

9 01 “aSftSSlr - *36 0 

Sll KSSTelMfin- 123 9 

i.iiANat nn— 1 

5K l"*?* 1 "*... ,«0 

ItS liTli'rnati.*n«l „ 1 

?“ Wrl.l WideJtur2 !»- 

7 1! Ilirnrli Fun* 

\ j.tralian • : 

f:'.r-'peb= 'd l 

I Jtr F— iii • ■ Uq <- 

North wr 

\ AitLtJrM M->=? bjV 

Hill Samuel Cnit T 

45 Heerh St . tVM' 

.h.Rritwh Trust- .I**!. 
<• Int't Tro»t 

S .pnliarTruil 

,i apilal Trurf 

ib'HnanctzlTra, 

.in Incomr Tni*i 
. I- Sr runt> JTlL't 
it.. I Inch \ield T'l 

Intel.* i3K(£' 

IS Oin .lopher Sir." • Ii • 
Intel ll>* Fund B8 7 
Key Fund Managers 
2%. Mi lb Si .BrtSVWK 
Key Kr.rrfi* In Kd !;■ 

Key Equity *‘jrn 
•KeyKjrmrS Kd 

Kcv Incnme Fund 

Ki-*- K i*ed Ini. r d 



37 5 
74 1 
•jl 4 
‘W : 
[2b 5 

[74 1 


15 

■bl B 
'U4 4 
I '.■6 b 
HI 


Mgrs.r iai 

ejiA: i : 
5 31 

72 

S. ;i3 
4b9 


5 r. 

G jb 


•i EkMf.pt 

' p-.. i" ..n «a* 

Rom an fnli Trust Mngl. 

« . ji •• I f *r Ki r.kti ..rs >•! . K> 'J 

Ji r.f : ib7 5 

>. -unl|. ■ '.la' ■<" 

li.gh ll. Id June t 


1162 3 
'54 5 
1 7b 8 

[15 0 


i; 5, 

Si 

mi: 

•17 

116 


Britannia 

'cjhj'p.-' >: ll.'.'iT Jer*. 

Ltd.Vlal HeaMUnoiMj Kd« 

CdC |.^6[i'.n.*:s laif'i H* - 
; 0 47 | K»t 

1 tU . IfSH. K.trrc' !i. 

7 58 U sik-l 5T*i sis 

" 7 58 |K:.rji Int Mis ™ ' 


73 0 
138 2 
£7 23 



>l--lir. M 

L.T /'■: 5 

Royal Tst. Fan. Fd. MRrs. Ltd 

M Ir-’ 1. »T-e« ytt : 

.•ap.l-IKd 'Uf 


‘ i.v.'jticl tnl TM * » V -1 Ml 


900 


S'jn li-r.. K.rrrit. 


lv. t. 1. 


■1 2 a 


Hi 0269252 
77 J . 3 bl 
76 9 


732 


:.e\: -l-a'.r.i .'■-•Be If 


45 i, 

l.td. ‘ i 


623 


lift' 

1 * * niih " 


S*?' 

iwi! 

33 

64 ;• 

414 


3 37 

4 75 
b 46 

5 25 
1147 

6 31 


Prop. Mar. 31 .lUAA J21 bid 
Nexl bub Hay June 30 


Capital Life Assurance* 

.'UiiWtmHouwCbapri^winn 
' : 1 


000228531 


Govt. Sec Bd . ...pi’f.oa 125 ni . . I - 
1 Bn gham Life Assurance Co. Ltd. 

LanghamHs. Holmhrook Itr. NW4. 01-W35211 

Langhnm'A'Ptan_|M2 -S"S I 

•Prop Bond.. -.MB* 1 

Wisp ISPI Man Fd P5.fi 7*M I - 

Legal ft General HJnit Aunt.! Lid. 

Kmgiwood Houk. King^ood s. u. 1. ■ 

fan.BP"'-..*. Wra| , ?‘ || 

— ISi?a ffillSa - —ISM SSI 

-o5 

~3.Zt 


Royal Insurance Group 

New Hall Place. Liverpool. 051 *422' 

Royal Shield Fd. ..[1331 118.81 -I — 

Save ft Prosper Group* 

4. Ct St.Helen'! Lndn. E13P 3EP. 01-8M 00» 


Equity Initial — ii™-* ^ 


Deposit Fdr ..BttJ 

Comp. Fern Fd r . .11998 


Ominkewe Magna Gp.* 

18. CbeqwnsSq . Uxbridge IW INE 

Thrthse Btksv? — 39-31 


180 5 
2158 

. 98A 

I»cpel.Pen.i.Fd t - 9B.8 


EquityPens Fd 
Prop Hens Kd 
Gilt Pena Fd 


Thrthse&tergy — . 
Money. 

.bribe BL»ai:ed-B32 
_-hrthsf Equity 


N u F.«SE, 


1 ii-* DA' 


1246 

150.0 


ItD.iI - 


SSI T0 S 

2272 
95.0 -0 7 
103.2| 

Prices on May 2* 
t Weekly dealing*. 


dagoa MapagW— 

c . ; ..3ly of Westminster Ass or. Co. 


Schroder Life Group* 
Enterprise House. PorlJBiOuUi. 
Equity May 10 
Equity 2 Mat 3 


LUL 


x ...bifio 

mi 

130 


'dpamah: 6 


Equity' 3 May 30 

Ftxeo lot.MavM... 

Fixed! nt-Mov 30. . 

inL irrMay aft. 


f Si 


— K i S Gilt May 300416 


leal Prop. Fuad.,. M4 
laiuutod Fund — 1735 
-tail ly Fund - — 

-Jatnuand Fund. ~ 736 
U taueyjrua4... .• .128.7 

-HU Fend... Mi 

tBlAFund 1«2 

Mngd.Cap-- m3 

MJlgtLAee .... U8.6 
- lft*neey»P— '®« 

« "MonteyAcq.— .I4B 

lyCyp.- 

•SSBodityAec.;.: 


63.51 

T 0 «-= 

*41 



¥ i-UC l k. 

Wfotm Dnite.: 







K&SSi'.MayM .. 
Mnfid Ft;. Mz'-W.. 

Managed May 30.... 


Do Aecum.. J205 - 

Fixed Initial 133.6 3M 

DO Accnm. ... 1136 

— Inti Initial 96.J 1HJ 

Do Aecum.. .... 96 9 M2 
Managed Initial — 115 7 IO. 

52181 Do. Aecum. 

Property Initial . g7.* 

Qdrraia-iJwMzs 

Ex crop: Cash Init .196.0 1 

Do. Aecum. . K 3 
Eiempt Eqty. InH-P2t5 

Do. Aecum. GST- 

Exempt Fixed lnitm*.6 

Do. Aecum — .|10fl 

Exempt Mngd. IniLhl66 
DO. ACCWB. ..-..-r— U182 
Exempt Prop UllL-gb-D 

Do Acrum- ~7~ . ' ... Managed May- au.— 

Legal ft General Prop. Fd. Mjrs, Ltd Mone> May 30 __ 

U. Queen VTrtOri. SL.EC4N4TP Ol-a^BOTB Money 3May X 

r . ■ RsgsteSf 

iis 

UCOPUniBU— ^1986 * a 3g*.— "J - MnJ*n^a5w» 

Uoyds Bk. Unit TsL - ndMfSa&itS. 

TfSSmrdarSa 4 l8i T«5 

v_-'. , r . Exempt. — __.__.I96J «o-"l • 

nty of Westminster Amur. Soc. ud. I JnjH h Assurance 

•tapboue 0J-OB4 880* _ . _ 

Z laessm^w . ■ W'='l - 86.IM&H: 

^oficlal Union Group ™ Sg-lfffiW!: B ^ 

i.iWeo'i.LtlBdiiilwft^Bra. ■ 01 '? 57500 oSls^t- J umI- ^ ... - - H 

onfedCratiiKt life Insurance Cn _ 1^, me Forbury. Reading 5TO51 1 Ked Fen. June 1264 

raam^IiBV W^lHE^.^ OJ-aeMW Mrae^Maiiager.--^ » 


Baring Brothers ft Co. Ltd.* tauxi 
88. Ix*»d«*nli3ll M . E • 3 rtl 

SiratlonTM. ... 1JM6 • 1 JJJ 

do Acc..m so ,.ia« 0i n^ ' ' *» 

BishopBgBte Progressive Mgml. Co.* 
,8. Bizbnpsgari'. Ht'2 ill B88Kaw 

\o\i a Ub dav -June 1^. 

Bridge Fund Managers*! anci 

King William St ■ BM_R»AR ^ ^ 

6M 
3 26 
326 
552 
366 
3 66 


|B4 1 
10b 0 
55 2 


us:. 

54 al 


:l! e;i aooo n vi: r. Heturo 

5 06 Income 
S“ 1. K. Fond* 


310 

310 

124 

124 


Ke* Small Cox Kd i43 1 
Kiri it wort Benson l'nil Managers* 

2n.FenehurchSt.E 

KH L'nil Fd. Inr 
■ KB I nllK'd.A" 

K.B Fd. IB* Tst- !S5Z 5t« *- •' " LKKVluU* 

Unit Trust Management Ltd.* lurnru Fuadnn 
The Stock Ethanfi . r.: 

LAC Inti 6 Llni Fd I^V 
Lawson Secs. Ltd. Wiaitci 
ID Lkorg' 1 St - Kdini.'ir. *• K.: !'J - ' 


M-* 

Sate ft Prosper Group 

* ..:^j -’I ||'!rn* Ixirdi.r KOP SEP 
- (j, *-■ ridiRnurgn KI15 4NX 
I.. L 1*SM 88K> or U3I W 
Sate ft Prosper Securities Ltd.* 

Inlrrnkltonal Fundi 

I i. t .; w :i! Ib6 * 

iBCrrwlDg InTOinc Fund 

H:C7..\ icl.t 153 1 

High IncBinr Fundi. 


l.-j Juno 12 
7. *•. tried i mg dale 


Ml -1 \ 
57 o; -o 


'65 9 
142 7 


1431 


70 6 
*5 9 -0 


. j ?. 

ci - > r -.'IOfe.1 %!a'. K 

Brown Shipley Tst. Co. i Jersey » Ud* 
I'.I *t..\1A s K> Melier ler»- ; .I"' 

.-lerGri: K-'fi*! F'1 |C9« 4 96i-0 ON 12 10 

Butterfield Management Fo. Ltd. 
t. 1 1 r... lpf. liamili.T, Mr-n. i.i.i. 
jk-iiri -• *.«,;■'•• j=33 2 551.... 

'By fire*.* Isivir." t 2 03 .«W .. 

j Hru*** .'.i Ma- B 
J?| | Capital Iniernaiionai S.A. 

5 53 1.17 ni.' N.dr.' I“ar. 1 <*' ■*a><~' >Ti 

!.,ap.ta! lir.Knrd : 51 M. 32 — 

7 30 1 Charterhouse Japhrt 

'* ,'„.'n* n *..r!«..v* K.4 

M3060 


Negii S.A. 

1UI K.-ill.-.a'ri It-- . 

NX"» Jur.. 2 - i 

Negil lad. 

Hark .‘f Hernw.lj ! 

N.\'. M... :p 

Phoenix luternatioRui 
III Ilf. 77 M I'.i.-r ■ >•- 
Inter luiUarK -r.l S2 33 2 51 

Properly Growth Overseas Ltd. 
■jfl Iri'1. 1 •...-.•f.-.r 

l Ii.-llir K , 5' ’^6' 34 , 

Sierl.r* 1 F itu i— 


276 
738 
June 12. 


Richmond Life Ass. I. id. 
43 VK...I Mrv>'' i • I"'! 


iv'Thc S|l..-r ' rvvl (1121 

P '.i".! !*7 100 3 

Ik. I'l^iinuni H*l ;I2n 5 
Im >;■•!.! 1 1.1 iI0o « 

Ik. tjn. X- ‘J2K.I 


1B«S — 1 b- 10 93 

- 

1-3 4 i U 72 


111 
6 7b 


*61) 


| 461 


JMfr 

isc; 


!>: .'*A SfllHi 
. 7h5 
2 24 


|8JB 
13 ■ 
75 8 


MU -CJI 
1 -1 ?! 


070527733 


111.6 

[130.1 

143.1 

106.9 

116.4 
1133 

154.4 
1521 
1203 

m 

1Ht\ 

16301 

s 


227.2 

227 51 
124 1* 
141.5 
151.1 
1423 
1*4.4 
1260 
1370 
1506 
ltt.b 

123.0 

119* 
1627 
1603 
3 

137.0 
2082 
2467 
9690 
993J 
1013 

1913* 
10030 
.100301 


3D 


Alien 

■pital Acr - 
omm 6- Ind .... 

Commodity 

Domeuir 

Exempt 

Fjtrn Ineome . .- 
FarEaM .. - ■ 

Financial sere 
Gold 6 General- . 

In? A Growth ! 


Scottish Widows' Group 

PO Box 802. Edinburgh KU IB 5BUJO 1-®® 9000 
luvJPhr.Srries 1-..- B#5 ■ 

Inv.Wy.SeriesS. — 199.9 3M 

Hw. Cash June a-.-K?. 


Invest. — 

sasakK.--, 

VcwUsuc.^ ... - • 

North African-. 

Professional. 

sstrgn- 

Status Changr 

Cniv Energv.. . .. 

IThe British Life Office LuL* la) 

Reliance Hsc Tunbridge WrfK KL 0B« S27I 

BL British Lilu_ M-5 S24I -011 6-61 

BL Balanced' - - W-g 
BL Dividend' ..,102.2 


'arfi sss t! 

roSfcWd In. 


227 3 
• 198.4" 

- M> J 

^ 130.6 
3740 




ILK flexible — — -mj-i «. 

TvSi MMChMMr'AK^J 

“ *>**«?**• *=!: . . . 03B f ISEfKis.:.:. 

I — Solar Cut) S — .- 


tap Growth FUnd- 
♦Prop. Eremin FcL , 


nr nhii) FroairantX^Co. Ltd- . 



2214 

1320 

■92 

117.4 
1107 
1330 

82.4 


0 Exempt Prop go. 

OExpt-' Inv. TsL Fa 
Fleubb Fund 

01-0283410 jnc.TVurt Ftrod — 

I — property Fluid — 

... . ^^ I T^Ki!' eCTRflBQ e! 8»*»B 

U-r iMit ft -Commerce ImmraB.ce Pen Penm mi M7* 

, ji: a^^&s&.rT 3 "gaffi=H ® 

; ;:s S=S^±SS 5 A«S- m 


Mgd. Pen.Jdne !..,. I2M.7 264.7J 

Z Solar life Assurance Limited 

— 1 0fl2 Ely Place London E-CMNOTT. 013JCM05 

In V Solar Managed S... [125 7 132. gj -031 

.Si 

Solar IntLS -MO-J 
Solar Managed P.. .025.4 


Soiar Property P-. 110J 
Solar Equity P-. — 


1X83 -03 — 
1061 . — 
1065 +10 - 
1323 -03 - 
1162 . — 
- 

§ 8 U Q - 


... 

«gK'^SSSaSl5:«5:. 

"V 5?aaiatT8vA«W'". SM - f 

r; : s tl 



Too safflSttt.'HD 


Amertczn Fd Bd.' T 
JOBMFtLDd.^ §p„ JU „ 


§3 


“June 2 


Jsran Mt 

investors Assurance Sun JLtre ot tanara iu.. 

- - ?^-xoJ^CronkHi • . 01-0800171 ULCoctepurSt.SWlY 5BR 


■J 'pi-8288082 
*3 T\ - -■ 


3M1 

& 

139.1 
1792 

328.2 
1393 
1839 
135.1 
1935 
1BZJ 


i£*«nbwRo«d,l 


125. High Street. Croydon 
Property--- 

Pro^eityPens 

Equity— •- 

Equity Pe na._ 

Money ttairket — • 

Money. MkL Pens. .. 

Depout. 

Deposit Proa 

Managed — — — 

Inti Managed. 

jjEL Pensltwis Ltfl- 
Milron 1 Court *’ UTe> ' i , « 

NeleaEQ-Cap. --- 120.0 -D.fl 
Nr J <fX &,S" UJ M5 ... 

^riombe OWW- 1 SI : 

SSfeliH r- .HHaflSsB^wS J 


Solar Equity P — B5JJ 
Solar Fzd-lnt P — D323 

Solar Cash P .199 6 

Solar IntL P ...p062 

Sun AQlaiice Fund Mangmf. Ltd 

Siro Alliance Hoe«r.1iOT»h am 0*03 641*1 

Sun Alliance Linked Life In*. Lid. 

Sun Alliance Houae. Horxbani (MDO 8*1*1 

013.8 111J 

5815 106, 

BBftl 113.' 

1073 urai *«J1 

tab 5 J® 1 
11070 11=-' 

Sun life of Canada fU.K.) LUL 

01-B305400 


525S&™.'.: 

DepoaUFnnd- — 
Managed Fund - 


Maple LLGrth.- — 
Maple LL Man gd. ...I 


199 6 
132.1 
1283 
199.* 


24 4 
499 

35 3 

S» 

St 


262 
54 3«! 
37 b 
41* 
1450 
166 
181 


111 RMIMT8 0479 


American * Gen t . 

Income" . . 

Capital Inr » - . 

Do. Aid . _ • 

KxempiT . . 
lntemtl. Inrt 

Deahng ,,- ruw" "tWeil tThur* f nc«-> Mj* 30.31 
June 1.3 

Britannia Trust Management tai tg) 

„ tendon Wall Building., tondonjvau 
lamdon 6>^!M 5tJL 

1713 
513 
55 9 
,76.6 
,37 2 
1108 
312 
14 7 
633 
■63 
783 
731 
510 
466 

»1 

PI 

5080 
U3 
45.4 
306 

32.3 


tRau Material* |M 0 
A- Acrum faux |*-5 
•Grow ■ h Fund |jr • 

•lAcvum l mix ,W- 

nr.ili andWarrem |34 f 
tAmenean Kd • 

t> \ ..-cu ii i 'nu«: l-j; * 
-IllUb 1'ield . |47 - 

— Acrum l mU' »- 

[Vat JMon Tu.-. nA«- 


4 - *1 
47 4! 
i'J2«U -0 >1 

bb 2i” -1 
J4 5 
:b i| 

s: 51 

72 C 

: ; 1 hur- 


-i: 2L-6 is*' ; 
61? 
b 37 
2 46 
2 46 

1 w 

0 SO 
050 
19 63 
10 60 
Kn. 


1M Bl, 

81 4. -: i! 

m2; < 

71 o! -0 5 
75 7 ft -0 bl 

264 9J -7 !| 
5a l! -0^1 


338 
1 16 
DB4 


76 71 -0.6] 
550 -03 
602 -07 
82«<a -03, 
40 Du -0 21 
11b 7d -*2 5' 

42.2 -0 1 
212 -»0 2| 

67 W -01 
12 8m *0 4 
84 iU -o: 
76 7 m -0 1 
63 5a -J.4 
411 *0.1 

38 6 -01 

827 -0 5 
87 9 -01 
KBa *04 
523 0 *0J| 

14.3 .... 
48.9 -0.21 
33.0 
34« 


5 24 
4 07 
440 
501 
4 63 
7 03 
436 
3 41 
454 
3 01 
410 

1-8 

» 

5S 

1SI 

262 

4.44 

462 

254 


Legal ft General Tyndail Fund*^ 

14 t'anynge Huad Bn •. 
ll. Apnl IS . 5t* “g ji 7 

■ Acrum Laitsi l”= , — • 517 

Neat ^u'. rta J'.nc 1 4 

Leenine Admlnistro'.iun Ltd. 

-UulieSL. Louden W!M CM' _ 0IA86MW 

' ir '; t, : : l( 463 

Lloyds Bt Unit Tm. Mngn. Ltd.* mi 


Europe 
Japan. 

Srclor Kuada 
t.'om mortilx . ... ./*“ 

K.r.ergv M \ 

Financial K«*c* I™ 4 

Higb-MJalmum Fundi 
Select Iniernai 12510 

xleel IneoBie .53* 

Scot bits Securities Ltd.¥ 

J38* « a -01j 3« 

Lwa 53 5, 6 96 

1961 60 3c. ... I **3 

1241 3 252 7*1 .1 2.M 

„ v !l6S6 173 5! I 727 

1T.CCJ a: Mbi IM. -Nrx! -UP dar Jute !*. 

Schlesinger Trust Mugrs. Ltd. Can*) 

.Incorporating Tndeni Tnuta. 

Irt South SI roet. Dorking 
Am Etc mol . |23 2 

Am Growti: |Z6 0 

Eaemi't High' Vld 1255 


Siothua . 
Sc»H neld 
Kcolfharc* 
Scol E« Glh‘6 
Srnl E* A Id 


399 
171 
3 08 

232 

7.50 



.Vliropa 
Adiwroa . . 

For.dak ... - 

Konili- 

SmpernrKiind 

Hi-paiio .. — 

Clive Investmeuts t Jersey Ltd. 

KM. Kvr JM Si Holier Jersey 
I'lucGiti Fd.".; i ' |»« •• 

i.'lncCi!l Kd 'Ja* ■ 1187 9 B1| . . I 

Cornhill Ins. tUuernseyi Ud. - 

157. s» IVirr IWl Guernsey 


551 

523 

604 

568 

23* 


053*37381. 
. . . I 11 00 
. n.oo 


155 Iai 
I34r 
155 b' 


Ruv 


]16B D 1B3 0| ... I - 


116*8 

Rothschild Asset Management iC.I.I 

P I • K»i St Jniiail'.' l.liuei-i-M 0A3I7S131 
33 7:. i 2 77 

tli Ini' KM iunc 1 . [147! 

CM. !*«' Kd ! ijt 77 

i M ‘ Sm> "nFd 'I) fl 1 ;J*6 3 
1"' > ointp-'dil"' 1HJS, 
in' Dlri'eiadta » |S25 B2 
•f*nc>* on Mat lit V)' 

UYlcr i.R MJ» — Ne*5 

Koval Trust iC!k Fd. 3lgt. Ltd. 

Pli Bo* 134 Koval T I Jt*rri*». nfr.4 27441 

ILTInllFd liiSWD 4.?e| 


! 7 51 

! sa 
fta ■ • 1 1 38 

rl.-jli r ;C June 14. 
dealing June •. 


3 00 


i0JMt' BB44I 


•S . ». 


53 7.1! 

73 1! 

55 2>i' ■ , 

a* 5| -0 3 

6?jl -0 5 

1195 -0 7 
62 6^ -01 


u! ICSI258 

4 4$ 


4*5 

in 

sa 

797 
7 97 


OI-flUOKTOi 


22911 -0 51 
285 5| *051 


52.41 -0 

is3' " . 

Prices May 31' Neat dealing June 7. 

Brown Shipley ft Co. Ltd.* 

Mngra- Founder* l1 . Ka- 
BSlnil> June 5. 1217 6 

Do. i Acc. i June 5 |Z7i.2 

Ocean I r Truat* iai 
Financial 
Ucrnvral . 

Growth Arc urn . 

Growth Income . 

High Income 

I .TIT 

Index — - 

Oversea* .. 

Performance.. .... 

Recovery _ . - 

ExmjA- Apnl 10 


5 63 

140 


Hrgntrar's Dew . «-*rr. 

Worthing. \teat S uj 
F irst 'Balncd.' - 5®u 

riO'Arcumi 64* 

Se.-vnd'L'BP' — 5*; 

las i Ac cum* • • Jr; 

Third 'lacumei— . 8!. 

I*, i Aecum. ■ •• J;*.* 

Fourth 'Kblnc * • . 5t a 
n.. I At cum... |S» » 

I .loa d s Life Unis Tst. Mng«.j3d. 

7'J.«l.Us.;eh u u*cRd . v.'.'-d.u- 
Lquiiv AC» nm- • 1138* lbb«! 

M ft G Group* fyHi'Hii 
Three Qua*'. Timer Kill. E "R 6PQ 01*10 T 5 ® 
See nlvs Slock Btcha.iKe_Dt-al^ 

Aid cm c ari l»3 

. Aei-um. I mi'i-.. [5J.3 

Ausiralasian [SLB 

. acrum inr- i«' 

i wDui.wiity 1*5? 
i urum lm! , “i 
i um pound i.r*."* ill l}05 3 
•■«.n»er*.i«'n t.r«v ilifbOJ 


F.-empi MW l*lrs 
Kv:m i-ic T« .- 

Income L.isi 
Inc HP.Wdrwl. 

r-.inl iJruwin 
In- Tm l nil* 
Market U-aders 
'Ml Yield 
m*r *ii.,l«Tru** 
Properly Share* 
Special Sil T*t 


25 4 
210 
38 2 
»0 
1*92 
125 2 
28 7 
127* 
23 9 

26 0 
27 2 


-0 41 
-05 


t'K. Grin Aecum. 214 
I’.K. Grth Dial - ... 118 9 


23 
30. 

271 
26 7 

415«J-i *[ 
315i.wl -16 
52 « -0 4| 

2nd -01 

30 13 -o : 

29 6j -0 5 

2551-01 
28 0 -01' 
29 2 

23 0d -01 
203 


204 

170 

823 

430 
960 
9 97 

257 

431 
462 

12 08 
229 

258 
532 
532 


J. Henry Schroder Wagg ft Co. Ltd.* 


M860IMI 

4 03 


£5 

36.6 

‘01 

IB 1 

110 

-01 

455 

36.2 

292 

483 

384 

31.B 

-0.) 

204 

216 

.. . 

246 

261 


19 7 

211 

-0 3 

57.2 

61 Bar 

-0.2 

21 7 

23.0* 


5*4 

60 Sri 



4 80 

4 80 

417 
310 
482 
482 
961 
386 
4 IS 
314 
440 
565 
440 


Cro*«ta Life Unit Tst. Mngrs. Ltd.* 
In-fl High SL. rotters Par. HrrtA P. Bar 51122 
Can Gen Did.. l-gl 
Do. Gen Acrum.. 46 J 
Do. Inc. DIM. IJ33 

Do. Inc. Arcuni |4J3 


40 y -0.11 4 35 i 
4flJl - 435 .' 

J4.9d-0l| 7 77 . 

45M -OJ 777 j 

Cape! (James) Mngt. Ltd.* 



£3 


B48| 


01-588 80 10 


100 Old Broad St- EC2N IH£| 

Capital 

'"prten on May I . Neat dealing June .. 
Cnrllol Unit Fd. Mgr*. Lid.* iaKc> 
Mllburn House. N ew cn*i le-u pon Tyrw = II « 
iCarliol . 7D54 


<72 

734 


^"-[KufAJlduscvTower. . 

l ^dEropoWWo'di^S^rT.. . 

Ass* ^ 

[ --- - 01-6881212 





_ Target Life Assurance Co. Ltd. 

~ Man. Fund Vnc ML0 Mtg 

jtan»aadA«e._-nH igj. 

„„ fKEfflm-is ffi! jg| 

w Dep. PU Acc.tac— 

— Ref Man Ac. P«. - ” ? 

— RelJ’lanCap.Pea-.. »3 

— RetPlanMan-Acc... 125 .4 

— Rec.PlanMan.Cai>.- I25-J 

— Gltt Pun. Act... _ . 130-0 

“ ClltPenCap. (123.Z 

— Life Ins* Co. IW* 

a Bream Bldgs- EC41 MV- 


Do.Accum. l-ntts 

Do. High Vield — 1*1 1 « 5 |rt . .. 

Do. Aecum. Unite |» z . n 

Next dealing dale June M 

Charities Official Invest. Fd* 

7TLondonWall.EC2.NIDB. 01 

Income Mai' I — 

in Bog'. Chanties. 


660 


-r*i.in In 
limrirn.l 
. uyiiip t ml— - 
Kiir..|'Cuii 

i ac. nm l nil • 

K.inlH I'l 
i \rciiin I'nit* 

K ar KaMorn 
. irfum Cnii 
Kunrtnf In. 'I I • 

' UP » nil. 

Ga-llaT.ll 
. %i < um I nl • 
irtk'l- lni«m.. 
lAc'-um I'nit- 
,Ta;>.in Tn..'P«' 
i.v-.-um L'nil.. 

Ma.'num 
i Ac. um Cn:L- . 

Mnll-md 
i \iTUm Lull* 

Hw-werv 
lAnun J. nil - - 
Se^uinlUrn 
Afiin l'nil- 

SprT|?( 

Arcini • nii.- 
SprrlallMd K““'.* 

Trustee , 
i Accnm 1. nil; 

I’harilvi'C "a 1 . j < 

Chanfd ril.iy.ut 
i Aecum V all* 

Pen- Kj. Jur..- • 

MsnuLife Managemenl Ltd. 

SLG,«rg*'*Wa M.cna-c. 

Growth I nit* 152.4 55-1 

Mav flower .Management Co. Lid. 

14'IB Grech am.*: M-dWroM ml, Fund 

ssa’St’S. W “t; i sib %sgi\sp* 

Mercury' Fund Manners Ltd 1 ^ 

m .--_.h--.in S, . JP2KB. 1 ji, T =”' < ’e! Pr 

H bl 


130.i-hcapMde.hi. 2 
Capital M«* 30 lOv* 
i Acrum.: _ .. 121.? 

Income Mx* flu . . 1657 
. Aecum. I Bit*'. . . 270- 
Gcoerol May 31 . ^ # 0 

£\ 

ii%i 

e tempi lund* "nl 

Scottish Equluble Fod. Mgrs. Ltd.* 

16 Kt Andrew; sq Filmburgh 
Income [.[ml* |*?8 rS HI ' I 5 zo 




Intrl M.in Kd 

Delta Group 

!*■ ■ ho* fl*JI-' Nacsou Habaiiw* 

Delia In* Ma»:«u IM75 1 Ml I “ 

Dculscber In veil men 1 -Trust 
Po-ilacft 'Jdflf. Bi'*ben:a-.'*6 loStwKraoiifurt. 

rmHra.rotnnft. "|K3S3 ”S| TI - 

Drevfus IntercooiinentaJ lav. Fd. 

pn. iJA* Nana. Na»*ao. Bahamas. 

N\V June l . . |St .1*33 15 -t| I 

Emson ft Dudley Tsl.Mgl.Jrey.LUL 

*s,w i ‘ t, “a. J r , ».« .rrs 

F. & C. Mgmt. Lid. Inv. Advisers 

_ Ijurcmr Pouniiicy Hill. L« 4Rt«BA. 

.1 »>co !’•« - 

Fidelity Mg ml- & Res. <Bda.i Ltd. 
Pd no*' 87V. Hamilton. Beroiuda. 

' SI. <25 12 
SIX212B 
51*844 02 

rlw „., St .914 36 

Fidelity Mgmt- Research (Jersey) Ud. 

Waterloo H*c . Tron Si. s' Helief. Jersey. 

0534 27381 
Scries. A'lnlnl 
SonovRiParifici 


irt imi jM.F't '91 , “5«S1 i a-l 

lYicc; .'t May I- J.rvi >!c-ling Jane J?. 

Save ft Prosper International 


iH-alinc U 1 * „ , 

37 Broad <1 M Urlier l*T-*-» 

I SL Poltar-dcaDinlnatojI Kunil* 
DlrK Artlnl-Ma' SI. II 53 M 

In'ern a L Gr *t ^2 7 -T 

FarKj.-l.m-t ,3751 4P5H 

\cuih Amrnran" |3 71_ * »*l 

Sepro”: 1 1 -' 


14 73 


693 


Strrling^lrBomlliatrd rund* , . .. . r- 

t'hanncl '.apilutC- fM9 SWft *10 

Channel island;* 146 3 154 lj -01 

Gommod June I Lbs Ji ' l «a 


Fidelity Am .A-* , 
Fidel.lv lm Mind 
Kiiielil. Kac Kd 
Fidelity W rid KM 


P13| - 


Sene* D 'Am As».i| 


£3 71 

AS , 


First Viking Commodity Trusts 
& St George's St . Douglas, to JL 
0824 4882 Idn \gw Dunbar. ft “fi 


.’ll- 930 7057 
230 


QJIS389I01 
1418 5301 . I 510 

Acrum I'niloi - 156 9 6031 

Dealinv da* Umiwm.*! 

Sebag Unit Tst. Managers Ltd.* ta» 

fu Bov 511. BckJhrv. HK. KC * *>'■ ^ ^ 

SSSilKSiM Bl M-.il « 

Security Selectiou Ltd. 

IR.I9. 1 ancula » Inn Fields WV72. 01 831 
■ninth I*. Aee [241 „25 7| “ 


258 

250 


03i 228 3271 


6811 . .. 141 

74.3 ... - 

55 ll I - 


153 a “251 

796 0 -C B| 

1 1M: . J 

144 5 146 7| 

179 1 181 « , 

1 134 4 141- 81 -131 


t riv! r.tnTst Inr .. 12L0 222 

Stewart Unit Tst. Managers Ud. fa) 

45. Charlotte Sq . Edmourgh 
tSirmart American Fund 
Standi r-i I'nils 164 6 
Aecum l'nil. I*? 7 

WiLKidrawal L mli i5J-b 
■Stewart Brill ah Capital Fund 
Standaro 12-33 0 IMS ... 

Actum, t nil> -i*w. D ' 

L<eal,ng tFn. -Wrd 

Sun .Alliance Fund MngL. Lid. 

Sun Alliance H*e. Hor»ham 0409 64 Ml 

8W-«I 

Target Tst. Mugrs. Ltd.* ia)IK> 


53 Tall Mall. LundonSW175JH 
K'd Vik Cm Tst .1378 >9*J 

F« l k.f 't> I "P Tyl 1 79.0 84 that 

Fleming Japan Fund S_\. 

31. rue Notre- name. laix<smbOUn{ 

Flm* Jure I | StiJ>46 46 | 

Free World Fund Ltd. 

B.uicrfi.-ld Blau . Hanulian. Bermuda. 

NAX XU: -1 .1 SKS17925 

G.T. Management Ud. 
firs Hu . 16 Finsbury ifr-rus, L*mdun rA ^ 
Tri (ll-fS!8 8131. TLX. 886100 
U-ndou ArciiI . to, 

Ancher L' ,1 nlla . 

Anchor 1 III' fc^ae.. 

'.nchorlr.t F.1 . 

Anchor In J«v Tsi 

Berr/ ll..' Kd 

fvcm PacSirlg. 
r. T Ana Kd 
,7 T A.«ta Sterling, 
f, r Bond Fur*o 
G.1 rmlturFd .. 
r,.T I'anlirFd 


ni sim 

• M 

-0 0? 

£160 

SJ.S407 

250 

966 

4M 

267 

SFS4L99 


246 00 257 93 


IHKB22 845. 
02.69 13.61 


5LS1Z45 

SIS710 

■ DO? 

5LS12.75 


120 


..I - 


.53*1 - 


184 
13 15 
186 
292 
015 
1 lb 
L73 
146 
5 07 
070 
1.21 


jjf Fib-dJiine 1 | HO * 

Prin# ">1 'Ma ' fl'!. * * xf ay ..1. 

:'.to'kh lieali'Ui... 

Schlesinger international Mngt. UdL 

4I,l.iM.4U-Sl S: ll.-her. JiT-c.. 0KMT1SW. 

3^ [,‘f. : [- • |?36 0 91-00: 

Gill Fid 1 22 0 Z2 21C -01 

ISii’K.Wy go 

* Far Ea-.l Kunrt |9» . thj .... 

■Neil sub. due Juo-j •• 

Schroder Life Gronp 

Knierpn**. - Ucm**? F»*rtc*«inh. 

tnirnuulonal Fund* 

£ Equity 

iFtxeffVntere'i 

$F1*edInieroM... 

E Managed . . 

SManagert 

J. Henrv Schroder Wagg ft Cn. Ud. 

Tm t heupude F.'. i 


1161 
1213 
135.1 
104 9 
1280 
112.8 


1190 
■June 1. 


8 33 
495 
1239 
334 

3^03 


07(627733 


125 

1210 

1437 

1115 

136.1 

120.0 


1 "heap S June 2 
Trnfalcar Apnl M 
Asian Fd Mai !5. . 
Dariinr Fnd 
Japan Fd June! 


V SU 74 
SCUM 06 I 
M -Ji* , 

SA1B6 2 
JVS6C 


*6 11 


1SW . 


3.20 

015 


Gar l nw re Invest. Ltd. Ldn. Agls. 

; SI Man Aw lam don. EO ,iiaufl*ll 

r, art more Fuad Magi. (Far Eaall lid 


Sentry Assurance International Ltd. 

pn Ho* XM Hamilton S. h.-rm-irf3 
Managed Fund ID al«M l***’*^ - 

Singer ft Friedlander Uln. -Agents 

2P. '-annun Si . EC4. 11'2« 

««??■«■:. .7: 1 t5» 

Stronghold Management Limited 

!■.* Bot :il.V>'i Heiier J«Wi. OC4H4® 

I'i.mmodiivTruri . 192 96 97 85| 1 

Surinvest (Jersey 1 Ltd. tx> 


queens IIm- Omi B<« S< llcl.cr J-. i'W=T34B 

.mer,eanlndTsl.|£B» H 

IWCT...* ra:!si| = 



3l.GteshWH.SI . K.'.TI 

ru-W WIUI Targei GpmmoU'i' 

I }U Tinsel Financial 

1 Tirpei Kquijv 

TargeiEv Mu 31 


z I Charterhouse Japhrt* 


Aecum. Units 

CJ. income 

l*J. Euro. Fin — 

Accnm. Unit* • ■■ 
CJ. Fd. Inv. Tst... - 
Aecum. Units . - - - 
Price May 31. 


1236 

25 21 


278 

29 6 

. ... 

340 

362 


26J 

28 1 




32.4 






321 


Ni-»t dealinR 

Juor 


01 -248 3900 
200 
200 
774 
428 
428 
382 
382 


Men. Gvn Mb' - !l 
Aec IT* 3'to 
Mere In; M;*' ■ 

vrem t'l - 
Merc Eat MJ- — .. 
Acrum 1 1* 


182.2 

193 91 

2367 

2514 

63.4 

67 4 

681 

72 4 

2141 

230 

255 3 

266 1 


4 61 
233 
2 33 

442 

4.42 



r f> 3c. 1 32. Douglai. li«M. 

r« 

Hambro Pacific Fund Mgmt. Lid. 

-Mil I'rtnnauchl iVnlrr. llooR Kon; 

Far E*»l May 31 . ItHOUT UM . - 

Japan fund. ... .. ISIS6 95 7J2] i 

Hambros (Guernsey) Ltd./ 

Hambro Fund Mgrs. (C.I.l Ud. 

pi, ttoi AS. Guernsey IM# ’ O*®* 


Tokyo Pacific Holdings S.V. 


I, ,11ml- Manaeen.1 r.t • 1 . v ; 

NAV per -.han- Mjy ->> SI S4P 1 — 


Tokyo Pecifie lifdgs 

l.-innu, Manacemeni N V i'urac3.». 
VAX' per »har«: .Xla.- 21' SI sJ?..— 


Seaboardi N.V. 

'uH?.W. 


Midland Bank Group 
Unit Trust .Xinnagers Ltd.* <a' 


Targe! Tr V»v 31 
Tcl Itic 
TR i.Pre/ 
i.ewne tiroulh r«l 
Target Tst. Mgrs. iScotlandi laMbl 
1 B Aihn! ■ 'r-M'enl. Kd:n 1 «n.2298(EI2 

assffltfr-BJ 'u*-_°A 573 



" 7* '•: ; "Alii ?4g*i 9 & 


Hill Samuel ^ f ^ 



■C. Hoare & Co 
Julian S. Hods® 

HonakQQg & Shanghai 
fistrilBk. or Scot. 
Kevser "U^juann .••• •• 

Knowsley & Co. Ltd. ... 

Liovds Bans — ;• 

London Mercantile 
EdwaTd J^son & 
.Midland BanK •— 
Samuel Montagu 


Co. 


ift-. - *; ' -/ BaitqUft.dU^bon^rV-y ; d Morgan Grenfell ..•••- J « 

VBdnOa^s^BaxiSr. B S a l Westminster 9 % 

2"‘" • ' iSb General Trust 9 % 




General 

p. S. Ref son. & 


10 % 
9 % 
9 % 
9 % 

m% 

9 % 
9 % 
10!% 
9 % 
9 % 
9 

9 % 
9 % 
9 t 'i» 
9 "S 


-v-; . ro p s, nnsvi. — , q PC 


Royal Bk. 



• ; >■„.-- ConeblMated- €wdrts, r - v | ■% Twentieth Centu y fl ^ 

- •:, CfMmepsftiva'Sank— *•- ? J5 . Un ted Bank oiinux. „ 


Seth Ce^tury Bk. JO o 
, Unlted^ ■.BjjkofJJJ"* 9J% 
Whfteawa> . 9 % 

Williams ; 9% 

vcwtshire Bank — 


r.; GbrihttrianSeranues,--; 

-ertdit iyomiajs vry X.«. 

■.•>TheCyjfe-?up^?^.f q* ...Yorkshire 

BtihcairT^wnU VV — ^ | «: m Members of * B . Accfi 
ESgil TEUSt ^ comminer. . tmbUi deposlia 

FnPlkh-TraflSCQtit. — t 1 ® g • Tday d£l»s"« «*• 1 

FiKt-L’cndon Secs^^-v 2 . 


Houses 


. jsg%. °Sp ~p£mV* 

Antontf ; GiWi6‘ • .. ...»«»< over £L8 


Antony 'Gih%.-.- . 

• Greyhouad[w^auW 
prind^y.s. “ ^ 


S over : » «■ 


Sr, 



Tulip Invest Fd.— B416 

Trident Lite Assurance Co. ud.* 
Rnulide House. Gloucester *“ 

'8MSf~:p' 


156.1 

90.9 -tOJl 
11Z2 -03f 
1447 -0.9J 

125.9 

1WU 

107! +031 

132.4 

153.4 
135 J 

m2'; 

107.9 
112.1 
U9.fi 
1242 

57.1 


I -oil 


158 

945 

324 

446 



TtUCT6taJMl_ — h®L* 

S5te=:i| 

Growth Acc 127.J 

Fras.Uood.Oap... 1130 
Pens. Mb£Ea«.— U7.J 
Petu.raftuep.CuP.. UL9 

S&ffi -JfS&B 

p«i*.p&. Act.,.. ... lira 
Tntt-Boad — ■■ — 

G -C^h a v d aiue lor £100 premium. 
T yndall A*8ULWUICe/P«rimiS* 
19 cuyiufe Hoad,TtrialnI 


Do Acrum. 
Income 
t*o Aecum 
Internal nm-1 

Po Aecum 

High Yield 

Du. Acrum 
EquiiyLtiir.;' 
Do Aecum ‘ 
■Prices a! 


415 
0 75 
*91 

4JK 


3-War WBtl.: — • 

Equity Jowl ' 

Bond June t .. .... - 

Property June! — 
Dcpcmi Jund 1 - - 

3-w*y Fen-May 18 
O'aeaalnv.JoTici. 
rtB.PoJ-WJuael... 
Bo.EquiijJuue !■- - 

Do. Bond . . ..' 

Do- Prop Mays. -- 


Si 

m 

1270 

1462 

747 

U9.fi 

2638 

174J 

85.4 


Vanbrugh Life Assurance 
4 1-43 Maddest Sl, ldn WIRM-A 

Managed —MM ® 


FiaedlntgjfFd..*. IMA 

fillSfrrdffl 

Vanbrugh Pensions limlfed 

*l^aM8ddo*St.,Idti-'«BM^ l 0I-4994B23 

Managed 

F&^Mterabi.'-_.^| 

^^Dirantoed aee - li»- Base fUtos 1 table. 


i'«in«c«i ll' - 
ShcffjcM M >1 
i.'ommnriil' — 'i 
Do Aecum. 
Growth 

- Do Acrum . 

Chieftain Trust Managers Ltd.*la«gi c&pnal 
1 INe* SL EC2M 4TP _ 

I* 2 ? 3 - 5 £% 

internal, onal Tm . f* ' 2* 2 2j | 

Basic Rcsrcc Tm |2b 3 

_ 0*5230041 1 Confederation Funds MgL Lid.* iai 

SO Chancery Lane. A 1 HE 0 1 242 0^! 

Growth Fund-. . ... 141-3 43 4) .... I 89 

C osmo politan Fund Managers. 

3a Punt Street. London SW1X 0, n ?f 5 ¥S5' 

C0UD0P0lu.Cth.Fd |17.9 19 2] -tO. | 75 

Crescent Unit Tst. Mgrs. Lid. laifgi 

4 MelvilleCnss-. Edinburgh 3. 031-226 4931 

SEffiS3fc.fi J0-“‘ 
SEgfeSSL-Bi “«* 

Discretionary Unit Fund Managers 

2- BlomfieldSt..EC2M7AL 
artlurome . Jlfi2 9 17384 1 521 

E. F. Winchester Fund Mngt. Ud. 

- T __. pr-o 01 fi0fl2lfl7 

Old JeuTj . cA. ^ i lm 

trm 97741 iGreuWjnrftartef U4 5'^ " | 4S 

, 32Z “lGl.Winch - er o'K8b|19.7 “»l* • 

Frozen ft Dudley’ Tri. Msgmnt. Ltd. 

20. Arlington Sl. S.W. I 0V< f®» ! £| 1 

Eason Dudley Tsi I64.B 69 7| ... .1 3 80 

Eqnitas Secs. Lid. fai lg> 

.dlBlihopsgait.EF-J 

Progrewiv*— - • -rD ■ I 4 M 

Equity ft Law Un. Tr. M-* <al|blic» 

AmonJiam Rd.. Hush' W%re«nbc 04 W ^71 

01480 *823 |Eqult»6: laa 1668 69 91 -0 11 4 12 

Fnuniington Unit Mgt. Ltd. iai 

5.7. Ireland V»rd, EC4B5DH. 


' Vci bTi2TP84fl Trades Union Unit TsL. Managers* 


Sil, er Sir*: 

164 0 

Ins 

1361 
39 6 
1279 
1301 
512 
50 3 
47.6 
50 1 
614 
155 2 
[103,6 

1103 6 , . 

■»1 ?:«>»» dealing June 30 


Targe: Thirile 
Fjttra Income K<1 


1594 


63 9| ■ 


1025 



01^38 mu 

53 <1 i 530 


j 00. K» «d S* red. E 1 2 
TVfTJ'iiwI I s * 1 
Transatlantic and Gen. Secs. Co.* 


pi -Bp *;o« Lcndrn Rd 
Bap*-icanJunc l . |7fc9 

1 Acc nm * 

Hart E»Trf 31 » S5 3 

Kucloa Juno 1 
. Acrum Lima- 
Cotomo Junct 
iAn.'iim i.'aiL* 

'.'umld 31 

■ Aecum. V. nils- 
•llcr. Mnv30 . 

■ Accnm- l'nil*' 


•hfrlmsf-rd 0245 51051 


1424 151 7c* 

104 64 107 B3 
10 61 1L02 
102 1.05 


J 90 
8 40 
2 50 
850 
250 


Minster r anti Managers Ltd 

MmncrHM. y u, rSI-SC, »«>1« -SS-** 1 

R? 1-51 ! ^ - 

MLA Unit Trust Mgemnt. Ltd. 

'mstsr' «"T 5 

Mutual Unit Trust ManagersVjaHgi 

I5.Vot4hall .v- r , | ^f ( j :BC 
Mutual Vc PI;- I? ,2 f? f*. 

Muiiiallno.T-- 2, if J 

Mutual Blue 'h" |*' 

Mutual High M .50 f 

National and Commercial 


46 5 I 
59 7) -o: 


Van GwUi. May 30 

i Aecum Ihita' 

V»n'Hj_ May3<J 

Vang.T « May 51 
■ Acrum l.'nita ■ ■ 

Wirk'r June 1 
_ lAicura. I n:Ls - 
0I «W4Bfi3 Wick Hi. June. 

tw Acrum. 

Tyndall Managere Ud.* 

6.48 


V I Fund .. 

Inlnl Etond Sl K 
Ini. Equity . SVS 

li.L Sees. 'A Sis 
InL Sie> 'B St Nt-08 J. 

I Tice* nn Ma> 31. Next dealt no J'*"'- ■ 
Henderson Baring Fund Mgrs. Ud. 
I'll IIm'MT 23. S'M^au Bahamas 
Japan Fd IS’ -1717 17JH 

Prire» i.n May fll Nevl dealing dale June 

Hill-Samuei ft Co. iGuernseyi Ud. 

S I<rFe«nre Sl. Koier Tort Gucmye*. ‘ I 
.;u.-rn*ryT.i 1148 6 159 0dL-0 1! 3 5< 

Hill Samuel Overseas Fund S.A. 

■it Ruv Dame. Luacmljouri: 

in sue iitfi-oiri 

International Pacific Inv. Mngt- 
H<1 Pin R2T7. .VS PHI SL S>dnr< I 
Ju-.elm Equip T-l. |U 09 21M ' 

J.E.T. Managers i Jersey l Ud. 
in Hov IM. Rtnal T*i Kl>e . Jcryetii- i 
Jerwi Klvlnii T.<i I1M.D 170.0! ! 

Ai nl .April -^8 \c\t mb. iLiv Mj' 
Jardine Fleming ft Co. Lui. 

4Ah Klni.r, i.'cnnouphl Venire Hmiy. 
Jurdin-E,ln T-l I SHlQ4p99 
lapJineJ pn Kd - I OHJOw 66 
Jarlme S E .a. 1 

.lardinr* FI* - m Ini | SHK9 46 
\'AV Max IB. 'Fqutvsleni S 
Wti Min. May 31 

Kevselrx Mngt.. Jersey Ud. 


Tx-ndall Group 

p ii Ro< liSfl Hurl I Ion i 

iMi-rwi* Mai 1*1 ft 

i.viim Lnii- 1 i;! 

;i iVayln, Mdt is ]5lh»S* 
•New Sl.M. Holier. 

T..K SI. June 1 f7» 

■ Vi nm Shan- • £11 <5 

Aill.TKUO JU-U' 1 J 

■ Alt UR1 hoi".* 

Jer*e« Fil Mae .11 194 b 

X« 1 L* ' 273 h 

c'.il, Fund MjvSI 
i Acrum ship 


Bermuda. !-!7W> 

1 2!| I 6 00 

I - 

0534 3733 W3 

7 951 
1230 


105 4 
1362 


87 0! 
87 0 
706 4 
210 2, 
107 4>d 
1388, 


600 

200 

700 

jll7 


Victor II»um' rtoJCla* l-lcMl M-n OSM24IU 
K..nae«lMa> 1ft 11210 135 81 •. — 

Utd. Inlnl. Mngntnt. fCM.i Ud. 


Ltd. 


14 Mulc'UT pin.t-1. .■*' Jer.'**. 

IIP K'un.l IK- 1 * 11 “IW 1 

United Stales Tst. Ir.tL Adv. Co. 

M. R ■> x!dr>n<cr. I jir.emhcurc 


616 


SI SlObl 

■■•1 June — 


1-0041 0 94 


870 !B.Van>TlgeKmd Brtriol 


Income Ma* 31 
lArcum. I'W 



i Actum I'nit • - . .. • > H 

National Provident Inv. Mugrs. Ud.* 

4Hi nn«Kuni:>' M"2P3.HH tM-WJ W*0 . AcculP 1'nilf- 

Nl'M ihVVl" |<5 0 47 M. I J* «rat'.>P.«^35 

allt.intn.i MB lay 4 00 

( Vi utn ' Hi' 2 60 

Y'"'Tn„: - 1329 140 7| 2 60 

\«n rinima ImS- 
•TYice* >*n «'.* 17 - ; c“ dealing V.a* 31 
National Wrt=i™nster*iai 

SEl'. <U B0®1 


. Aecum I’lillA' 
MiD Inc Mu> 31 


241.51 -02\ 

S| -h 

187 fi +0Jl - 
12431 


111-248 0971 


American- 

Capital Tst... 

IlneoowTri. . 
Int.Croulh Fd... 
Do. Actum. . ... 


_ ffisi 

104 8 

1084 
U16 


51 41 -0fl| 
125.fi 
1114a 
115.24 
118.801 . 


100 
387 
5 83 
2 W 
2J9 


Welfare Insuraoce Co. Ltd.* 

The Lma. FWkalw, Kent. 


030357333 


Friends' Frovdt. Unit Tr. Mgra * 

Pi xham End. PwUnfi. **» 

G.T, Unit Managers Ud* 

18. F!n*buryl'irrusEC2M7Dt' 


181. Ciicai**- 
■ Bplldl AlCU 
Etlra Inv . 

Fmancwl 

i.rnvdh In-. 

Income. 

Portfolio I n>j 

NKL^Tnisl .Managers Ltd.* langl 

nun I H.-v.T.fi. Surrey 

[60 9 .A4 1i-a..1 4 06 

<508 



,100 b 
180 2 
1125 D 
174.4 
107 6 
152 0 
98 8 
1122 fa 
244 4 

1272 2 
1318 
1166 4 

.'li2D 

London Will 'j»W'P 
Vapital tJrowih k» 
rm x.-vutu... M-8 
Kvirolnc wrowth.. *• S 
£>:■ xvrum I’f ; 

Kipspcial Pr rt’ i-| J 

n<j Actum 111* 

'lish lac. Pnonly 6* Z 
Ini-rnalinha 1 JJ» 

S penal SH» IM 4 
TSB Unit Trusts <yi 

"1 Vhaturvnai Ando.tr Huniv 
LValingv in 9284 RW3; 


02T2 33211 

BU 


Pl«U.'4:Vi5 
-0 0)1 - 
-901| - 


3M 
0 10 
2)3 


MB I') 


s. G. Warburg ftjCo. i2d. 

.in. i.ro* ham Street K'T. 

. t HdFd Jun-J } S'visTO 

Kn. rgtlnl I'lfw- Vl^Vci ' 

Warhcrg Invest. Mngt. Jrsy. Ud. 

; i'u;in"f 1 


FonM.1"". 
UnnH'd'-x 
Kej*d>*'. Inl’l 
KetNcl'*' F.un'ju' 
J ai'iii 1 1'.h Kui.il 
Ki-fi-lv* )jpnn 
. 1T.I.A — " ^ "P 


K:.1J» 

Lflit -ih 

K'r.IISM 



£640 

7161 


£3 89 

437 


WSJ 57 



£11 12 

1232 


£133 

33 

.308 


? no 


378 


• xirij. 

. f I id M.v -■ 
ll.-iul- r*t M-i* I® 
'I Vi X.J. ll 
I XI T ■ ' 


M ill-lie r.J'J- 1 ' 

XSaxJifi 


02 58 
iu;sb 
!' --j:i 
[ao jt 


J2 40 
12171 
1058) 
10 W [ 


v,a\ 11 

World Wide Growth VanaRfmenUf. 

Um K.".l. vard R *»l " 

Uorliivviiic Gth I'll 


51 >i4bfi - 


NOTES 

7 'r7^.Z^7,| ircir-tx nivur,l. J Mherwi'e 

Ip; In mu inclunvS premium w .x-p f J,Vll‘i*ii ir.t .-.j-nctf* " Jfjerpd pnci? 


SMf 

m , 

3l|"o.7| 
32.71 



0264 02188 


64 11-0-3 

53 4] -Q 2| *88 


4 27 
4 27 


G.T. Cap Inr 


I Lo "* rn * 

Manchefler Lroup. gJ^nL^.i 

WlndsOr Ufe Assur. LO. LW. *Oi rvnsCvJU— 

Windsor 88144 tl.T.l?,) pmd. .. 

C..T. Four\d*FiL... 


IfiiahStroiLWlBOmr 

rjIolnv'.PlAhP, 
Fuuiro.Aatd-Gtni 
^'nIareAvld.<Jrh,h , . 

EelJjad.Pwi* .• 
Fla.Hu-' Growth - 


1688 ■ 72.' 

^24 IS 
43-0 
£2461 

11 M .0 un, 


41 — C-.T. Knur 

Z G- ft A. 

— 5. Ha ilc is 

'3\ — — G.fit A.—. > 


183 5 
1802 
IbOfi 

1434 

S72.3 
1319 
1112 2 
.533 


88.81 
10b 6 
1709 
1525 
2866 
1395 
119 3 
56 6<4 


Dl.C28fll.ri 
340 
3 40 
7.80 
3.10 
L40 
400 
210 
720 


Milton' 

NelMnr 

NelsiarHiKr . . . ... 

For Sew 1 o“ rt Fuul Managers Ltd. 
lee'Roih-rhHd Asset ManatemenL 
Norwich Union Insurance Group ibi 
h. N'RI 3Sfl. (TOO 5K5SW 
.1343.5 361.6|-0 9| 4 19 


48.01 
60 fll 
63 4nq -01, 

87 2 -‘-0.?^ 
9J 4 -0 7 


582 
382 
7 » 
730 
2.69 
2t9 


Trust tang) 
Hat Irish IM-. Bronw-ud 


!•<.* Jtfrti 

Pearl Tni*it '‘lanagera Ltd. (aligns! 

V.nVTETU ti]^niR44l 

[^>.9 21*1 ‘ 4 94 

*27 2 
|J15 
•35 2 

,45 5 41 G| 

Admin. Ud. <gim 
h«*icr ;'*l SaaSMf' 


0232 35231 

40 2» -01| 5J17 


'252 High IW'"[ !! 
rvmrlwmuir. !',! 
.X.*cuml r.t' 
Pearl In*' „ 
j'-sri 1 n«t .*, 

. a. |.|im l -i,:- 

Pelican Unit 

.0277 227Wifl flt F*'iii'.to'l'. k ' 1 


=•8 « 

33fl -U' 

37 9* . 


494 
o 74 
5 07 
5 07 


34.34 -P-1J 4.M , 


^LvauLai:* '«-0 85.Z|-0.2| 5.09 


TSB General J4 8 

ib. D*i A''C , jm ... 56.8 
.bi TnB Incvmc »5 

ib* Uo Xvrum K l 

T?BS«!!irh 
.ft.Lw .‘n'runi '87 7 

Ulster Bank* tai 

"A ar 1 mi :-iP'i'i Rri !a -J 
>hiV'Kl* , rGn>uih 137 4 
Unit Trust Account ft Mgml. Ud 
KffigWIUan « EC4R3AH 91 B23W51 

rn.ir-HM* Fund 1152 0 
'A.-u-rGrth fa>: [29 3 
fv. ,.\.-vU.-p • ..|34 0 

Wider Growth Fund 

Ki nj; William St. t"' 41! P Alt 
Inci'inc Vn*L- .. ]29 3 

Avi-um-Unh — 134.0 


35 B 


301 


Bl- 823 485) 
30 O' I 4 36 
35 H 4.36 


CLIVE INVESTMENTS UMI™ 

, > pp»jV' I* I ok! 1 LUL. 

Buyal Exchange Avt\. LnnUun E -j ftl , a , 1.77) 

I lilies Guide as at 23rd .«»?• <Lase in " 4,1 *{%£ 


Olivo 

Clive 


Fixed I merest Capital 
Fixed lniercsl Income 


11 ".51 


CORAL INDEX: Uloso •»<---■ 


INSURANCE BASE RAaiS 

:i;"i 

U ' 

I .mil T tl>! 


t Property Growth 

t Vanbrugh Guaranteed 


Ai]>ln ss sh<‘« 11 iiml-r lusur.iM 1 • 


mrl 1'rnpcri:- 


42 


FOR YOUR COMPANY- 


INFORMATION SERVICE 


FiBMiciai 

— ' • .: v*. 4 '-trice 


ISTS 

meh Low 


contact-B. D. Kay 

INTERNATIONAL FACTORS 

Circus House, Newcngisnd Road, 

erishtnp. SHI 4GX Tel: (02731 60 6700 

Birmingham. Cardiff. Leeds 

Lon don. Manchester _____ 


**BR!TISH FUNDS 

| I. 0 r| Yield 

Sutrk £ _ im. ! ted. 


BONDS & BAILS— Cent. 


BANKS & HP— Continued CHEMICALS, PLASTICS-ConL ENGINEERING— Continued 


+ or Dir. r , Red 
— Crass lield 


in | . 1 

High Law | .Sock | 

375 265 (Jipon4pr ‘W As* 

87 70 l>o6pc «M8 

160 145 Pern Ass 3pc - - - 
7ip 75p «l.\l ffipclJW) . 
99 94b Tunn9pcl»I. 

PTCp 81 Turinfifyvr IBM. . 

94 94 i rueiu:- ^ipc ... 


U.S>. S & DM prices exclude im\ S premium 


low j Slock | Price 1 

35 1172 NalTO.VW :ai. 220 id ii>!4--c * 

CI (66 Njl Com urp- . 74 -l tJ 4.1 

254 SjiWe+Cl — 270 1149 41 

: Schroder? £l..„ 410 11.55 — 

Scc«mbeMC£l. 21 Od ij 34 — 

SnjilhSlAub . 82 . 9 01 — 

Stand'd L'iian £1 402 rl7 59 3.' 

1, Trade Uei.SLtt. SlOnl U&r t 

Union &i.~c El.— 300 . .. hi5.31 — 

V l< T -.36-2 - - 

15b UcUjFarsoSa.- £21 J* T i. si.40 — 

I 60 W'miruj JJp 62 .... 3.03 — 

Rire Purchase, etc. 

3&M 'ank Kdcs> LOpL 35 . h2.CS 1‘ 

■ leB-cf.n-JCW. £551-. .. ' qi ;» 0 — 

CredjitolalOp.. 8tf — — 

Uiwdsiynuap . 87 -1 13 95 2-* 

Lnd Srsx.Fin.Kki 42 .... ? 1.S7 3.1 

4oir;aie Merc 10p 10 ...... — — 

Prm Financial ..96 3 E7 2: 

33** 123 Suit Credit lOp. 26 .. htl? 21 

20b I 10'’ Slur] j Hides Kip 16 -1 2 — — 

48*3 | 391* Mason Finance .. 43 ... .. hlOo 2J 


AMERICANS 


"Shorts”! Lives up to Five Years* 

202 J I00,l|Trtviiir> |iu.nc Tart. 100 A .... 1J>48 
C «I W-s Eirft Spc T*S» . 98 * .5 Ob 

20513 101 ■< Treasury 1 1 ! .pc T9 U~ 101 IV - /. U-f* 

°7 94 u rnidiur H* 

97* 9515 □■Yinc+,pi 74-73. _ 951a -i 4 4.46 

1 Cl4 “* 100 Tteisur. W*»pc 1 TW - . 100,1 1° 

=•»»., «>0b HeviricW ?l > T6-7* „ 95', ->« 2 24, 

10-: $ 97»- Tre*.ur>9pr IMDS 97>s -b 9 S' 

IOl 1 ,, 98,1 TreasuijSCpiWe; . 98 ,V 9 69 

051 - ( r~ Treisun-^jpcTTflu 92-'*Ml 3.77 | 

931; Fundinitfa.pi 7W*S2 93* ; <d abl 

1 13', 103 ' Exchequer I2p.; !WC 103 A If 60 


?a*SI ' Bi&ltrt Slack 

!l 5» 8 82 17«, Ul; AS \ . . 

11131 9 05 60*i 60b AMF-Voi’orn ST- 

316 7 IB 31 ^2 AmaiSI. - 

446 811 31 '« 21ia Amencjn Express 

1048 1029 33 j; *1 Anw.JWie.lm- 

3 67 7.00 45** 969p Asareolne- — . _ 


# f SsfM " #? )B ill! St I®: BSafSK: 
VSrSSSfelS.- wSs-f In iH® § “a s - 

|{ I'/SiE' $4 41 fiig If !*£=? 

$$ |!= PtlraST' ’ll: 1 ; “m 

frm-Bist. fcl II 1 

«-’i 91b Troaifl'jpcaMa;. .. 91*j - J* 929 uu n* “ 

5§‘,>®SsalSs7gr- iSS TiS 3 S t K,T : 

i& R BSSflfe* 8 %5 =f: a SS S ^ ffiSfSisc 

g'Z+mmmB..- tM-j. J£ nj{ f 3 , g; SSSSSm. 

£& iSS -I; its JS g; = 


3 50 838 • 27*4 177 a Cha.» MhtaSlia. 

957 1023 21 ** 135 s nwsebrouehSl _.. 

1239 1169 11 765p Chrysler SR. 

929 1L42 21 ’« 13*; CilicorpSt— 

3 60 835 12 5 * 733p CiOlnv.SlS 

J13 1124 25 14S Pa Cm.Pkf.BSl-. 

6177 ia51 J8|2 Colwie-P.Sl 


?5i, Treas V ariable RSff . 95‘.'£d A *j 677 10.51 ^ UM s.» 

R ESSflfe* "as 3? 1 1 SS S ^ ffi gfif»= 

9?1 S Evch.BL.01: 1982 AO..... 92> s 10.04 11.63 ^ CmLIMK... 

IS ^ R ffiSSSar 

1 ® 4 its its gi g 4 gs«*5»~ 

Five to Fifteen Years w zb*, Enoaii 

“Ar.iTreasunSijpcW. ...| 93 ”e I-’* 110.24 1181 12 67 Op Firest one Tire 1_ 

321;. Fun4in».>^-COfc. 82b \-h 6.84 1017 18»: ^ nretCbaw..— 

Sbi. iTr»j.jLn ff'DC 84-?Wi±.l 86*ndl-4 9.78 10.99 32% 20*, FlixrLorpSj- - 


39S.' 32<; Fundin;->'P‘: , 82*li;. 82b -5* 

9o'. 8bi r Trea'4LT»;poW«t;. 86|«d -*j 

‘87f e 77*, rurKiinjtP^c HT-fiTii 77*, 

S9> ; 811 Treasury Tkpc-BMSlt: 81*, -h 

bO*j rraitponTpcTBSS.... 60*>»d - l « 

75'. 6J : , Treo«urj 5pcT!589 .. .. 64*, 

li?:, 10b7 c Treasury l5pc IfSOtJ. . 106*5 -5-, 

5°-? ii‘; Treaiun&jEfTSOti 77*;ra - 1 ; 

206b 92h Treasury 1 Pipe 1091- 92Urf -h 

7* : i 62*5 FundincS'iiie'Ji^l^- 6J% -5j 

112ij 103', Tre.vuryl2lpeTCS- 103*g -■* 

c t*z 89I; Tren;.ur® KTpc 1992— 85- 1 , — 'a 

L3 98% fiidl.LM.ff 1C 9Wa -b 

Over Fifteen Years 

\-H 


40 ZB 1 , Exxon II 

1024 1181 12 67 Op Firestone Tired 

684 1017 18*? 11*4 First Chicago 

9.7B 10.99 32% 2V» nuorCotpSSj- . 

8 48 10.62 41*4 265* Ford Motor 52 

9 B1 1139 25*4 16** GATS 

4.97 9A0 44J, 29*i iJon.EJertiSi 

787 1059 23*< 15*j Gillette D 

12.77 1258 47 s * 28 fkxieywell SI. SO — 
1062 11.76 M*; 750p Hutton EF. 


+ « IMv, 

£ — t-TO-A Cirltfs 

l6o) -1, SOc — 
60*;-ol .. .. 5®» - 

27*sni . . SL75 - 
SO*; -1 51-40 - 

19%*3 30c - 

13 , ,id 40c - 

20? a c - -g b4r - 
17*j«d - 1 * 90c — 

3l*a . .. . 52 28 — 

■ 2 the t?, 51.00 — 

10*2 40c - 

13 4 . 1 , 70c - 

58', *1*2 SI 00 - 
43*4 52.40 - 

39 1 a $2.50 — 

45b *lb SL80 — 

25*, **♦ 52.20 - 
2ftd -j-n 94c — 
946p<d +21 SLOO - 
19 U +h 51.06 — 

lib SI 00 — 

20*2 -b S2 — 

17b SLOO — 
42bxii +li« S3 15 — 

24 + b SL3Z - 
23a! -b SI. 40 — 

27*d +*b 51.90 - 
42bxd +lb SL40 — 

31 7, id +b S2JT5 — 

24 +b SL84 — 
37*4x4 +*s S3J!0 — 

lO'b S1.10 - 

16*4 SLOO - 

30b +b SL20 - 
■39b «n +' 4 S3.2Q - 



Price Nrt |Cn|W»!wl®Bh lain 


|+.«t Ky 
Price | - j Net 


26 12 jOnaGBserSp-. 24. .^J123 i 

5fl 44 CoHrdTWtota. ^4P F J ’ 5 ' 

66 56 Band’s K85l g 

M M 4; dSf 

T 9. 82SSSg:^i 


Nel . etrlCtfs! WE [l76 1^ jLuia^wfe^if 33®'.‘ {+iv.' 


BEERS. WINES AND SPIRITS 


LUlied Erews — ! 


W2 I-u 1353 


-i oJs tin 2% iff- tKcKgz: 

63b ~4 m I 1139 51b 34 tajgenon-RC^-- 


1292 22.951 17H |735p LnlSfsleniiiCpc.51 
1207 1265 1 976pl 705p L U. InternationalJI 


103b -b 1292 1295. ^ . 
85b -b 1207 1265 976p 
Wa -b 12-85 12.96 Vh 


110b 10: Treasury l2Kpc3B&_. 

7:- 60Ie FundiogtlpcISBai-- 
12 CU, 104U Treasury Eftpc JABK 

12E™; 112'j Treasunl-Pjpc'WS- 

13*L 97b iitch 13:DCUW 

F.T? "iv, Treasur, Opc WS 

]0->'4 97b TreasuiylScIB 

51"; S3*, iJisapc'SOlS 

c 5 85b t- h. NFipc 1995- - 
114b 98b T:casur,-12*,pc'954:. 

90*2 7ob Trcasur;-5^c£lS6S_. 
liiij 114'; TniJwityla'.pc'Kji-. 
217 =b 101% Excheouer IS, pc "SEw 
50 4ZU RedensLcnSpc ]9*-9b- 
115*, 1C?*: Treasury ISbw'ffiC— 

95% 86 Exchequer JIJKpc 1S8T. 
es 1 , 747, Treasury 8-',pc mu - 
72*, 60 TreaMiry»>Vpc'9^S8li. 

135% US', nTeas. - - 

65 62*i E‘di. Up? 98 i£65 pd* 

9-1*2 80" 3 Treavur; S*2pc iscs=;.. 

9c% 33b Treasury Wipe 1908 „ 

42*2 36 Funding WiprRWK-. 

SOV 67% Treasury 8pc'024)6t}._ 

5S* : 47*2 Treasury 

7b% 66% (Treasury TVpe '12 15ft 

Undated 

37% j 37; I'.XKcblpc 1 

37b 2^, WarLoanSjgcS 

39', ( 35 [• >irr- 3*a*eu1AR. ( 



1265 976p 705p L U. InternationaKI 
12.96 27^ 18 Kaiser AL S*i~.—. 
31*4 20 Manf.Han.1^750 
40*4 26% Morgan (JPiUSaS 

12.99 17*2 12 VonwiSiaujn tnc.SL 

11.78 18 13% Owens- 111. 52CS_ 

13.13 20% 14b Quaker Oats USSa - 

1328 26b 15b Re!iaoce502S 

13.08 27*j 16*, Rep. N.Y. Carp. So. 

12.41 17b U RexmrdSR 

13.02 22*4 14b Richdsn-MrrU^l*, 

10.13 576p 255pSauliRF.iSI_. - 

1284 28b 18*2 Shell Oil SI 

13.05 18b Hi Singer ISIO. 

1256 36 7lh SpemaandSaSO. 
1330 33b 18% IRW Jo:. Sib 

13.12 27b 18% Teaneco — 

9.99 161 131 Do. 103. InSlk 91-86. 

13.13 975p 505p Teson>Plt'^S)l6*^ 

1292 22 163 Texaco J82S 

1254 40 223 TUnellW. 

1224 13% 865p TransamerieaSl— 
1327 37*2 21U lhd.Tech.SUS5— 

13.06 24b 17*4 U S. Steel SI 

1262 17 lib Wool worths S3*; 

1290 44 283 Xerox Cerp. SI — 


22i> 51.50 — 

J5b«a +1 SI. 90 - 

L3bxd 50.68 - 

207 +4*2 S11.52 - 
49rd +3 53.00 — 




30 Anul DL-tPriOp. 42 -f 
137 Bass CJur'SUB— 166xd +1 
Bell .Arthur 50p. 252 .... 

BcIhatenBfwtij. 47 +1 

Boddineions 109xc .... 

Border Brews. _ 74 

Brown iMatthewi 118 
Buckleys Brew.. 47 ..... 

SitlmenHP.1 — 143 

Burtrmwac.i 153 +5 

City Lon f*ef. 61 

Clark CHanhewi. 138 +4 

Distillers 50p— 182 

ijordomL' lOp— 26 

tough BrosLaip. 49 

Greenall Whitley lUrd 

Greene Hog — 263 

Guinness 177 

HighTdTA<l20p. 140 

Imergordon 100 

Irish Distillers . 153 +1 

Macallan. Glen.. 315 .... 

Borland £1 _ .. 470sJ ... . 

■SonrlemaD 63-2 

Scon i New 20p_ 68 

Tonuttm 116 

94 Vane 124*d 


43 4 396 3ZB 

5.4 61 49 4M 
6 4 5.6 77 K 

4.3 - 107 91 

9.6 - £30*- £22* 

9.3 — 85 74 

b.b 5.2 190 140 

5.5 6 62 46 

8W - 65 55 

— 10.7 220 190 

3.7 - ISO 10B 

7.4} - 15 5b 

23 17*; 

205 162 
8.8110.2 99 I 80 

T.a 1.1 

«ifJiS ll 

77 85 <g ll 

25-2 1I2 

76*2 73 

ITS 5, % 

S3P? & & 


11 IBS" . Lodwods-.^-. 

Babcock* W— 330 .— 5^5 3.2 6.1 57 35 20 

Bailee ■. . 6 azi of 126 93 umn^sp- 

BufeerPertaip- 95 T3.?l Jf ‘H Ul 89 l*wW&--- 

Bnn*inJa2Dp_. 41 L76, 3.6 bS tW ^ 

BanroC(Ba2Dp. 62 U2J6 3.7 S3 7.7 91 75 ' MeatTrgtSrgL. 

Burtffli&Sous— 5 6bs MLT2 35 73 |-« 55 22 

BeadbntHto— 50 d334 HSd In 78 55 MdrrtsXW.) 10p, 

bewnttfrZ 17 Rip 2311.9 6.0 95 77 NortteaSiJfids- 

BumtdQnaSeasi. 62 b +b 446 15 10.8 9.0 ^ 77 NnrtfiAPtK^. 

BranshaSfiiX- 81. — . 4.42 0-9 £3 195 ^ a P uwjuEZi 

FhamPaDetlOp 98 5.6 H §o 668 393 PorUbxxmjS- 

BlacWdBod®. 90 2.90 4.7 p 6J x Pjto^JSlSZ 

EoosaEnfc^. 32 -1 L44 3.1 kS 73 20 14 RainseDlS^Bp 

BooTtouWnlftJ- 17ba: HiL09 21 6.6 iSD ^ 45b RHSL 5Z . 1 

BrahamUQUOp. 39 ■ — . fhL45 3-5 5.6 53 12a RobertsonFdadx 


108 ^2 SW 
a*<in — -3* -| 

(Wndaep- loo. ij A 

sajU — : 9a +1 • 

235 dig 
TradeSHJL r79 M mBk 
»QEds. UV: - 55 .RPHHP 

Badeu' 


■>7T' 




BraitbmdteCl- 130 — . Th3.87 92 ■ 45 3-7 345 jfj 

Bnoncayli^ 33 dtt52 b93 23 73. 207 161. |Si 

BlmiaeDacL'lOp 40 +1 1236 23 82 83 61 54 B( 

Bristol Channd; 6 -b hR26 0.5 6i 066) £5*2 M 

British NceArop 83 ' -1 6.00 * 31.£ * 39 34 £q 

Brt.STEain2ip_ 08' M.67 LJ 8.0 140 « 

Brocttwise— ■ 70b +3.62 25 83 (571 2x8 166 m 

axnisCaa5pf- 30 20 21 183 75 ^ yj- 

BmaxEng-Ulp- 30 157 43 J.9 45 m 33 m 

Bnx>keToal_— 39 LO .3.9 3.9 72 — 2 Jy, 

BrotbertrdP.30. 146 b6J5 21 86 70 H 


— 

u-m fil". 

^*2 +3% 135 

ttlZjp. -i. 154. 
Kuh)- MO 3S" 
e&L 370 -St; 33. 
UCSfe 98 d5« 


e 57b]—,. 

ffismiti- r '• 82 .- 1— 1; 




h261 25 3. to 


69 
61* 

.48 

70 
48 , 

76 61 

92 I 81 

40 


65 48 

24b Z1 
69 57 

38 29 

72b 67 
20b 14*2 
19*; 13*z 
88 74b 
133 88 



asst 3J! 3" as HH «•«> 

V « « H j| . •- h mnS'JaSD " 

Botwf»5dRci_ 59 1213 28 55 M2 . 

CanfonlEnx. lOp^ 67 6351 21 7.9 01} 4* |31b AddalaUQp— . «- 

Capjw-SSlfti 74 -2 211 f 4.4 * EOh £Ub BrrilpKiaL; ;BHre 

TSirdoRnp •_ 69 g3.12 41 6i 1 3 66 35 Brent Waftnr5jx. 56 [+! 

I’miHAi* Tlh. U hi AX 9 4 40 7.1 Tan I «7VU mtnlMokinn ' 140 - >+■ 


hotei ^ mb 


It W ! 


Cardoftif •_ 69 ...... g3.12 45 6i 63 (6 35 Brent Water5jr. 56 I* 

Canatti^tR.LDp, 61 h364 24 9.0 7.1 140 91b CStyHatetg2Xj_- 3«' 

Castings 41-1' Ji f 6.9 4_ 175 148 DeVereEateSI T35 

CheS5rfL_ 69 +L29 6.1 29 8.7 ^ 10 EpKnreBp_^_- .14 

44 ...... tZJl 5.9 |.t 53 U7b 87 G®xl«teSCbi 115, 

ClaytonBimSto- 75 459 33 8.9 4.4 % ‘ 75 SmsoIOnuiS -96 

ci3aniai£S; 92 -... — - — — ■■ M 215 16Z LadlrckeWp— J90 .r-* lit 

Cdsn(A)20p. — 160 _... +4.98 6.0 4.7 37 lg b 15, Mta«rk«ei0p OBb ^ 149 

romp Ah- . 94 3.62 33 S3 7.0 230 jbq BjsiflataBStoi. 225.’ Pt6_ 

OonwddclBp- 39xd +239 3.4 9.4 35 44 25- NocfottCapto- 39 ■ rft6-. 

CcoktShd^u. 27 +1 fdl55 29 9.8 6.0 ^ % NBtblltFyfe «■ -2 0.91 ■ 

(JuopertFOKta- 18» 2 fLQ 3.0 8.2 62 igS 76 Prince ofWale*- 160 -L_ 231 

Cooper tnds.lfipL 19*2 g0.9 4.6 63 33 33 21*2 Omen's MratSp; 36 033 

^cramru£t2(Si: 65 6379 L4 7.4 143 y# 138 - E&ttanHfltefe- 168 +2 "" 

CronjteGtoap 34b 242_ 12103116 03 58 SawB-A-lOp— .83 U, 


Cromte Group — 34b £« 12 MAilJ 23 58 Sotcj-A-IOp— C +1. 

CrowaHouse — 54b **3.03 L9 85 95 49 M staliCBcOJlto- ;4» 2 -Jr 

'"imams 7891— £100:3 Q3b% - 33 — 15* 2 9b 5raayml*£$a -15b 

68 DoukEComnon. 68 : 215 fg 2-| 218 1*6 ftustiForal" MS : >1-. 

16 DartmUlnv.Sp. 19b +1*2 U>8 28 6 2 9.5 39 22 KsafffMi'A’Ua. 36 

S M -1 y kl U 390 ^ . , 

18 Deism lQp 34 d!51 0.6 6.8(448 . . . 

67b Dehn Metal 72 +*2 5.02 17 105 84 . . '. : 

32 MJAiqp.' m +1 +Z3Z 22 103 63 . ; TNTITJRTRIAI^ 


Deritendajp 152x4 -1 9.97 * 9.9 * 

DeOTtWff__ 128 552 35 65 63 


INDUSTRIALS 

z iXJiK 1 SB t-|. 


® 1,30 DowtelOp. X -rl 271 L9 9J B3 ^ ^ ^ E 

134 1110 DurtfleSteeb— 117 +5.08 33 66 62 ^ 55 Aanw*nnBnjs.1ft» 64-' 197 

73b| 61 Eppnr t- 73* ltd 4.49 23 93 5.0 47 35 aMwtJii • ■ • ■■■ 34 ,- ' _ +OUI 

m “ Til ::::: tit li 11 U H £ a, ~ ^1 

WriK » Ti ft t | ;r : l| 

:::: Mk u U 11 S U. Ust&Xt- I f. ®al 


il U » « KsS 

b.O\ 0-3 J AA U IllnmlVIrfc 


w qmw A 07 TM 2-2 ?2 66 36 

75 EnfrOKflCIo*. 84 -1 12.66 5.7 4 J 4.9 3 ^. gg ■ 

87 Eva Industries— 90 +1 tfl .8 3.9 B .1 53 3 gf ^ 

55 ExpohdedMetaL . 67 ‘ 358 18 8 J B .6 S S 

LL 6 FannerlEW.y-. 121 d 5.05 35 63 63 g . i£, 

6 Finfidalire 500 6 ..... — — ■ — — * 77 * 

20 rirthtCMllOp- 25 44.03 0.9 1 7.1 ^ 

52 Fluid rifeaSpL- 77 413.32 27 U g -1 E 5 I 7 « 

20 FoUtesHtotth-Sp 23 b l 37 * * 2 * 

55 FrandSlnds 66 +1 337 4.0 7.7 33 i,« - 45 

65 GE 1 Intel 20 p—_ , 76 r t 3.77 2 C 7.5 101 ^ g 

82 Gam® Eng. Mp, 86 5.7 2310.0 53 .§g 

“ GeaEneSdWp 20 * 2 h 0.97 31 73,53 ^ 

raynwa . LOB*; -lb 870 V 2 1 L 4 113 ^ l g. 

SSSfc ‘S. 5i 

2 ® -3 M 1 XI li I e 


i 21Jj [Habit Pretinia 5p( 33 <12.0 


88 HadraCarao-- .95 -1 7.80 LdlZflOZI) 

81 HaUEnrS^i 109 +2 4.43 4.S fcj 6.0 

67 HallSSCa rT 218 -2 7.08 33 4.9] 91 6 (? 

15 HaIBe50p : 138 15.8 3.0 6.4 7.9 £ 


9S8e 

l Aai Asphalt- 53 +1 +2.42 j 

nscmCUI^- g t 1 . 

51 +1 238 t 
.T.Deid. 106 -2 T5A9 

rtHWaJO- 169 928 

2Mho +2 tOZScj 

riWAL'A' 90 3 J 2 I 

rew Hepburn 29 -1 138 i 
b&ftsttand. 65 -1' 334 
terTresend. £33>, +b Q285e 
(son dark 191. -1 5.16 1 


fyr S 203 152 BeatsstiOark— 191. -1 5.16 

In q? 678 533 Beectajn_ : 653 — _ 1348 

?! 70 16 12*2 BefiairCos.lOp_ 16 , 

S3 5I 28*2 24 Bertina ZZ 2Sb L71 


n* 2 18 LO 1? 0 ill 62 M Berlafadx- 

166 220 3“ 4*38 5.7 23 92 1 g' ^ 

32b HdlftSmitb 69 +3 d2l9 5.7 4.8 38 J S? *S 

73 Hop6fa»na50p. 105 +1 506 35 73 6.0 g " 

27 Howrtaado^. 31 273 C.8 10.9 0551 

| | || si is tan 

75 49*2 JrafaliHdfc 73 I'."!'. hl’.16 81 2.4 7.7 S m 2 ttjr 

68 59 fotasonimth.. 65 44.69 2.1 10.9 (5.4) M ■ 

87 71 JoaesCrmp H)p. 71 358 * 8.0 * iSZ iS 

134 106 laaesShifan’- 134 538 3.4 61 73 gf 

93 74b L*dGnjSp-— 91 194 . 35 4.9 (6.4) 

63 47*^ IakelBUSH S3 +1 351 1.4 10.0 10.9 Sb IZL 


tTuuM- -52? +2- 239, 

dL_l 163 -1 952 

HWa._. 82.. 667 ‘ 

ttedEng.. 4B 3 jOO 

(J.)10p_, 44 . il4. 

knowSOp- 36 10.8 

Mem50a 115 .. v _ 147 


5*. 115 

t: Sjaar 1 


erMeCSip. 250 -1 ^32 l 

wiftwSjlW SJJS.ij 

(Wy)30pl25Qrf +3 ^1»* 

-W nsSLfiO.I £24*-> +iT OH. 


197 125 
231 184 
£26b FITS. 




I 35 
13b 
54*: 

125 
58 
57 
-*5 

9b JR'dnnjffnanlOp 

55 
53 
62 
104 
60 
17b 

21 ISeiUorEng'glOp 
81 
31 
27b 
65 


BR.ACKEN HOUSE. 10, CANNON STREET. LONDON EC4P 4BT 
Trios: Editorial S8634UZ, 883897. Advertisements: 885033. Telegrams: Finantimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Bi r mingha m , 

Liverpool and Manchester, Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

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Teles. JU 171 Tel: MO 555 
BiTiicgHum ileoree Hcuso. Georxe Read. 

Tcl-.it 53 S»i 50 Tel: 0 ^ 1-154 0922 
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Teles. 8800542 Tel- 210039 
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Telv: 22280 Tel. 512-9037 
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Tel: 03 SSIO 

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Tele; 5414 Tel. 78 KCI 
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Telejc 416283 Tel- 555730 
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ADVERTISEMENT OFFICES 

Birmingham: Geonte House. Ucome Road. 
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SUBSCRIPTIONS 

Copies obtainable from newsagents and bookstalls -srorldwidc or on rccular subscription Iron: 
-- ^ Sulx.cripuon Depfliuneni. Financial Times, London 


| 46 lEnaJon Rastics. 
1 36 {Farm Feed 

325 


1 
3. 

+0.32 1 3. 
h3.4f>[ 8 
Qlb^t 0 


4 £159 £116 
7.0 65 55 

6.9 56 37 

53 134 108 

63 63 46 

43 32 

125 111 
8b 5b 
38 






























































































































LijfirrnrT^i 


PROPERTY— Continued 


LlltUllllIUil 




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1 a« riiMi-*- J *p 


dosdal* !rr. 


Da Far EiMcrr; 
Da Premier. . 


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b7 I 111 5 


10[ 5 4,Z7S 
10 S 2 29.0 


..^1 n 

. 'J- #5 A-Cf 

NOMURAi 

i The Nomura Securities Co., Ltd* 

! ^ 

i NOMURA EUROPE N.V. LONDON OFCICE: 

| Bj-trr Surneorj Ha 1 :, Mon l *cit Scujtc. London Wait. . 

[ LPntjpaEC.'i» BL ?*-on« IQ'.i EOa 341 1.CJS3 | 


MINES— Continued 
CENTRAL AFRICAN 


3.8{ 21} 8 3)‘*j> 



3 9a I 
r -9 901 
2 « 

<,0 55 I 

!?fi 

k i^vj 

l-i 

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; 1 1J 55.7 


In- tin* 
(hUiNihp- 

Hid'." i 75 
B' .. . I 74 

sat 4 

. - . j 600 

Industrial <t<ies J 49'-jqj 
Internall !n- . 75 

175 

nv.wsurtc.' . 127 
T-jp 51 
TA-re 2-Mnl 
Jap-m . 124 
*c.i!6I» 119 
EaL Pf lp 155 
r^nii 238 
line* .. 47 

Im I up 46 
Cp . b*; 

It. =vp 133a 
•In 1 5b 
wLr. .. 38 

s mn in; . 42 
Jebemisv . 102 
*96? i'l l? £11 V 
iv. in'--iip 33 1 ; 
ip. hp 241; 
lllolKll:.' 28 
vMi. f'M;.? 8 : j 

'aWif 60 

Un.l/.i 134 
■Car. . 61 
110 

been'-. . 73 «d 
Iji ! t> . 25 
.LftTuind. 70 
it .V'-.t,tr7:e 183 
iftot 108 
■Pnvientij) 73n) 
.fcS-tlr «le . 421’ 
■’■'•Did..— 194«d 

Inv 50 

Il&ill«illat.l4|p 191 
rnxCapilOp — 112 
t«c Sad ■•sriinc 10 b 83 

Dn. 'Jap ip 23m 

Mon. feum. Klip- 22t4 

Moldrunlnv. .. *4 

Mercantile tin ... 59 
Ve. r chartsTst_.. 71>j 
Mmik Intel — - 43*4 
Mont Poaon lOp 60 
l*. ■«Ma£U 36 
Muoloya-CIv, — 61 

MiiTfijleltic 02 1 

Jtrmrwfc Trust - 93 1 
NwitSASUSl. 770 
N*s Throe Inc- 19 
DnOifii. . .. 95 
hu. Sew Wins.. 16 
N V Artiaitmore 39 

1 £3 Invest 211 

«(h..A‘tjnticSec 91 
Sthn ‘tmerjcoE. 96>’«l 
KnUhorrSm... 103 
Oil c- V-soclnv- 53 

Ow-w.-li loi SO 1 ’if 

Pcn&ndlnt.. 120 

Pro: n- . Ini. 73 
/Vun.ft'ialOtrcs 25 

Rjcnera 123 

R«b:oulilin' 38 

Right -ilsLCip 29 

Rner It Merc 167 

Pj-.r Plate DeL- 139 
Ro+.;.-n(BriF150 £60U 
Do. .'ubSb's FI5 605 
P.d-.m’osvnso £46 
rxi.-Jh.SJlsn5_ 460 

hpmiWi-'Tnia 91 

Roy-i: room) Inc. 54 

PfcCa 73 

HnUL-i.hndlo.50p.. 185 
iSoicvuardlnd _ 71 
SL.-JvjrewTsL_ 121 
Scm. ;.ia lnr.50p_ £9 
H i: I.UCL Im _ 731- 

S^oLLiuesW— 163 
Sew £jLlai — 136iv 
betf European - 37 a 

Sa-Honlm 99 

Srt; 1VKL&T4. 110 

Sin.L r.aOtmal 140^; m 

Scci Vjnhem_ Sf« 

c.:im <'niarin 138 

Scot i'td. Ini 75 

i Western.... 93 
>’.'i 91i = 

o- : .-.lua« Tsl_ 134 
so- i .real NttID 841; 

r«i T ' 31>^ 

PfiU»:tie»T Sc_ lSEij 
-•'.in I k R ; j3 390 
Slrii- !m.SC|i... 134 

’.■!! lOp 71 

Sp’h- - Ini - . 108<d 
p.'l lw.Wj?,... 154 
irf-riop. 6o 
M > -Wp-|K , Jak- 105 
’SeMiiijlTa — . 1601’ 
is | i.i«nliii _ 92«n 

T-siitvIogj 94 

T«£2i<h.-Ear. 93 

jit*--: •:mnh_ 22'r 

li.-.ap £l. — 93 

jiTiiJSKCUm 69 

rs. iP;“.Loan-_ £106 
ur ln-.ea.Intw 73 

D.. Cap. 103 

>.'.osuuc. _ 264 
Tr.iainelmeri- 63 1 ; 
n i- iiilsciOp 61i; 
fsi •ap : .ial£l_ 13B 
• fnion _ ... lOOwl 
i-V>'.'ofp._ 129'.; 
■T-.ne«i«lnv . 120 


-l’ k4I ! 
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101 2 olllI9 
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11 i 0 261 

1.1 31.4 

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11 7.0 19 S 
1.0 6.J24.7 
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1.2 6.5 223 
11 6.7 213 

I 10 135 117 


290 124 

no?, ciaa 

415 2W 
|26 13 

306 178 

I I2! t 
C2b% £14?; 
1- 1m 
■45 CiStz 
b20 465 
Sfib 4iJ4 
h9 61 
444 226 
Lb4 ££5 
126 130 
29^ 194 

161 120 
2£5 8a 
185 86 

77 57 


w^ll" 14‘- 

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■jilEij! lJp_ -J 238 

fTenrer Ccnf ip 173 

.. . j £22\. | 

RfSWJldsDi-- lc * Im 
Rvl DuLr’i rl29 ! £45 
Sceptre Res - 1 B “ 1 
rival 7.-30.-. Fes . 
DoT'sK.Jl l 61 
n*.KKr T 51 : : 1 358 , 
jTeLScott'cCt- ) £5§i2i 
{Tricerci. 

Insnmar 

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j'AeeiLi .Sat lOctr 170 
Irt 7f: *jr ;jf i 170 
JftrvxlrjceAjCc ) 70 . 


2 i QliV 2 



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OV r ERSEAS TRADERS 


89 60 

136 % 

73 52 

39 2£lj 
346 250 
272 190 
£64 lj £44 
525 325 
BE 66 
445 350 
30 21 


49 40o 

275 220 
107 68 

235 175 
225 165 
54 27 

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57 40 

£92 £87 
73 41 

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60 -4 

421’ r»2 
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102 -1 
180 *3 

170 -5 

32 

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415 

57 .... 
£91 .. .. 
66 -1 
66 ... 


h3.52 19.0 2.0 2 6 
Q35c U 2.4 374 
84.13 4 7 4g 44 
62 U 17.8 <73- 
1.50 0 6.3 * 

*6 54 7.0 64 

871 32 49 52 

Q12"i 24 20214 
412183 3 8 7.4 10.0 
4.2o 21 7.4 7 9 

05.0 32 5.4103 
Z0.66 63 - " 

655 23 iZb f 

3.4 1.7 122 » 

13.2 * 6.3 

h2.5 35 3.7 8 

47 7 75 6.5 3. 

}7 7 75 6.9 2 

*4.43 13 4 5 

hL75 33 34 

13.0 4.4, 4.7 . 

3.10 * 871 0 

f9.2 107! £88 - 
ThO.75 11.0 1.7 

D.4 312 12.7 - 






. <11.5 
. 233 
30 

.. «0:5* 
. u»5 
-1 3 60 
.. .. 2.5 
-1 -KI42 
; ... 24 
-1 t525 
.. . . 3.40 
I... 285 
rl36 
fl 6o 
til 

1L35 

s.» 

::::.. +0 98 
. . .. 1.85 
- 1 * 125 
1-1; 26 
L6 
.. 0.B8 


+3.07 

.. • +4 75 
.... vine 
' . ... 154 
|-1 - 

!' C 40 
-1 8.75 
2.7 

|—1; 1B5 
. .. r3.Q5 
tl 56 
- 1 ? 153 
-j(; 4.05 
. 2 SO 

-■i 7155 
... . 3.70 

+1.06 

0.12 

8.13 

. ... 625 
-1 Q23 o°o 
-13 Q25b\ 
*“ 
+9 b— 
-i; 265 
. .. 4 18 
-1 - 

558 

. .. 3.6 
-1 4.15 

2.5 

.... 1.2 

8.0 

-1 4.05 
-!’ 15 

. . +256 
...330 
-i 2 t3.45 
. . 3M 
-h 410 
Iil.bO 
*U 220 
-li — 
-f +5.67 
-1 Tl 79 
-1 — 
-i» 610 
Q25e 
. 846 
-1 15 


* 7.B <S 

10 4.8 20 3 

3.0 iiiUH 
Q 50 4 

1.0 4 9 314 
14 26 425 

11 52 27.7 
2 0 4.4 34.0 

♦ 4.9 * 

*0 49 3^9 

11 bjziS 
10 9.0168 


♦ 6.7 4* 

1.0 6.4 22.9 
12 49 25.4 
1.0 55 270 
4 5.1 « 
12 22 55 3 


11 5.7 253 
20 77 19.2 
0.9 0.8 HU 
« 126 * 


197S 

: ffi&h Low 

45 75 

92 t5 
16 11!; 
51 31 

305 165 
I 4? 26 

3 Q 23-4 
12-4 

322 211 
705 65 

105 561; 

68 4,'s 

51 2? 

152 69 

94 4fi 
54 301; 

75 55 

B2 37 


213 1J5 
385 230 
118 104 
27 20J; 
306 212 
325 222 
245 180 
420 335 
25 22 

228 181 
172 138 


RUBBERS AND SISALS 

IW I Stock ( Price |*Z"j Ns |c 



vng[o-[rdor.e*‘n_ 
Serum Core lOp- 

Birdi.Afriroi 

BradwUl lOp 

CarJefieWISp. — 
Cr«wnese 10? — 
Cons Plants lOp - 
Grand Ceatral (t^- 

■jU’Jine£i. 

Hjry.TR 10.' Ea :ty. 
HieUaBdsM50c- . 
Kuala Kerens MSI. 
riKuI«nj!feX-_ .. 
Idn. Sumatra lOp. 

MalaioffMSl 

Must River 10p 
fljrjaiiocHld*..’Op 
Sungci KrianlCp.. 


92 -2 

90 

16 

50! z 

235 

42c 

37 +«; 
Ifll’ 

320 

90 

101 

65 

51 

148 

91 

48 -1 
70 -2); 
70 -2 


TEAS 

India and Bangladesh 

Assam Dwar: El _ 208 ♦" 

AssamFronUcTil. 305 hi 

Assam Invs.£l 118 1 

Empire PUtfsIOp. 27 ♦! 

lolai£i 305 #2 

Lungbourneil — 325 tl 

McLeod Basel £l. 233 U 

Moran £1- 385 II 

Sinjln Hides lOp . 24» 2 . .. ♦? 

Warm: Flatus..-- 222 -4 ^ 

Williamson £1 169 ' 


Sri Lanka 

210 |1Z3 |Lunuvn£I | 18fl { I 5.5 j 15( 4.6 

Africa 

5 £0 1390 |Bl3T.r.T*£! I 550 1-10150.0 | * 113.8 

175 [130 (Kuo Estates — I 175 | |i3.0 | * |ll.3 

MINES 

CENTRAL RAND 

385 140 DurtAntieepRl... 239 -5 — — — 

416 244 East Rand Prp Rl ■ 283 4Q5e 16.4 f 

£361; £2*>4 TUtaeU'tol'n Est Ri\ £34^ -Jr 0350 c IS 6-1 

178 781; West Ram* Rl-.... 120 *-Z Q13c 6.7 65 


+2.73 I 

5-3 

.. 035 j 

-1 h475 
LB8 ] 

ZZ 4 ie 

:::: ® 

0.49 

.... 5.0 

.... hi 3 
.... 4 39 

ZZ ifi 

+1; +4 0b | 


r>!'iviitn\ ... 58 
i !d r.nt :lech.._ lfli. -2. 
C.’.f ■-p.-tala — 19 . 

>i»'l | ’orp . 94 

«• ». .ivS+jaiT’! 182 

;Tr:)tt.rdIl 815 ... 

.Utile -maw-. 91 

I 1 M U; lw. 81 

£1. 292 -5 

. 192 

W’iji.kv . -1 

i- -f;~ eonf -i 

d.r^ittir.-. 165 .... 

.jri* A Lancs. 30'td 

1 t i:k.,urn lijp 16 .. 

.wri'ushni) 73id . .. 


.... 385 
. :I25 
-2!; M 03 
. . 0 W 
-h 3 52 
. 5.94 

■■ S 1 ?-- 

. 075 

-5 10 81 
‘ 6 

-1 25 

-1 0.06 

j7.*9 

■ RlJ 


1.1 4.4 315 

1 0 U.7 13.0 

12 4^280 
1.1 7.718.8 

1.0 5.3 27.8 

10 43 34.4 
jJl Z.5 45.7 

11 7518.4 

1.1 45 31.8 
ip 6.1 4> 

1.0 4 0 36.7 

10 4 5 33 9 

11 3.7 36.7 
10 52 29.3 
6 4.5 9 
10 3 2 46.7 
0 9 3.6 45.0 

10 47 315 

3.1 32 44.0 

To 5*0 2MJD 

— 4.0 - 

6 96 * 

1.2 32 33 3 

11 4.6 305 

1.0 9.E- 18 2 1 

14 7tJ26 7 
10 48302 
10 3.°45 8 

10 3 7 39.9 

11 77182 
0«12.71i7 1 

10 96 157 1 
20.6 f8.0 - : 

U 9.7 12-7 j 

— 0.8 - 

12 4 6 31.2 
U 3136.7 
10 10.3 14.0 

♦ M ♦ I 

1.1 46 30JI 

11 5.3 26.1! 
II 353071 
1.0 5P3051 
O 1 3 + 
IB 5 7 26.1 

11 4 3 271 
- 07 • • 

12 1 8 676 

15 1 4 73 9 

bll 5 6 243 
1.0 36408 
4> 4.2 o 

10 71288 

2 0 6.8,219 


EASTERN RAND 


, 93 571; 

33 28 

3th 235 
152 76 

391 271 
52'; 35 
104 67 

73!; 37 
60 37 

780 517 
I 63 31 


Bracken Rl 68 +2 

EdStEiacuaR] 25J; *6 

ER.GXi.So 50 355 -vf 

ilrc« tiler 30c 108 +4 

Kwrosi F.l 351 -5 

Lesliedbe 41*? -I 1 ? 

Marievaie HO 30 94 ~)j 

i .JJncao Ui Sc - 49*? -*? 

VbUtDMmRI . 55*; +*; 

WtnkeltoakKtl 623 *1 

WiL Nigel *5c 48 +2 


... - fnleu MterwUe LmficoiaL price* ami net tUvkJcndx are In 

54 2.4 4. b peace «n» denandnatieira are 55p. EMtmitd priee/earniwsa' 

55 15 5 9 ndaa and mten ai* Maetl on latest unoal m>eru and aecnmt* 

— — — juid. where pMiIUe. ate opdainl no taif-vrarij figures. R»Ta are 

1.7 1.0 5.1 nlculalad on the basis aS net dtstrihottoa-. bracketed fl lures 

18 1 0 18 tad Wale ID per cent. «w more dttfrrrace U ealealaled an “all" 

L38 12 5 0 dimtlmUan. Cavrru are txucmf an "ma t hna m " dtarihuka. 
j-j ri I ? 1?' 3 VieJd* arm hosed an BUiU3e pr+ce*. are grouv. adttuted la ALT of 
«■ A 7 Cl 34 ptr cent and allnt tor value of declared distributions and 
n -It ? p A C rights. Securities with denorainauows oilier lhaii Merlins 

14 0 _ C f,'l qQOted ‘I* investment dollar premium. 

SS-fltt — 4.4 A Sterlinc demaminHied secunues whirl) include miesMncnt 

f2*jc 15 4 2 dollar premium. 

HSc ♦ 44 n "T»p' Slock. 

t.4.0 16) 4 j Hlcha and Low* marked thus have been adjusted to allow 

• inr rtshta issues lor cash, 
t In-.cmn unce ineresaed or resumed 
t Interim since reduced, passed er deterred. 

J? To .-tree to non-rcaidenu on application. . 

4> J. - ! cures or report awaited, 
ft L'rJirtcd sccunfj. 

* Price al time Of suspension. 

9 Indicated dividend alter pending scrip andior rights uwue: 

rover relates to previous dividend or forecast. 

— Free of Sump Duty 
4 Merwer bid or reoreaoisstim in precress. 

4 Not cooipaniblc 

4> Same Interim; reduced final a Tutor reduced earning* 
indiaaied. 

j. Forecast dividend: cover on enrnincs updated by latest 
interim suitenenL 

j Omer allows for conversion of shares not now ranking for 
dividends or ranking only for restricted dividend 
t Lover doev not allow for shares which may at*o rank for 
dlwfond at a I uiurc date. No P:E ratio usually provided. 
V Excluding a tinol dividend declaration, 
i Ttcgionol price, 
p No par value. 

a Ta\ itve. 6 Figures based an prospectus or other af/lcin] 
cf.linuilc. c Cents, d Dividend rate paid or payable on part 
of Ciipiml: evrn’r based on dividend on lull capiinL 
c Kcdvmpuon yield, f Flat yield, g Assumed div idend and 
yield, h .V- Mimed dividend and yield oner scrip issue. 

J ttjmrnt from capital mukxv. h Kenya n Inienm hifiirr 
than previous total, n Rights issue pendlnn q Eanua£9 
based on prelinmiary figures r Australian currency. 
■ Di-.ii1e.-u1 nrd yield exclude a special payment, t Indicated 
dtvidend- eover rcluicv lo previoua dlvi<1eii(L P'E ratio bused 
cm lain annuo] sarnino n Forecast dividend' cover hosed 
on prv-vlou:- year's earnlnfi* * To* free up I u 3up In I he £. 
w Yield allows for currency clause, y Dividend and >u!1 
based on merycr terms * rmiefead and yield include a 
special payment: I'oi-er docs not apply in smeclal paymeni.- 
A Nei dividend and yield. B Preference dividend passed or 
deferred C Canadian. D Cover and P.E ratio exclude profits 
of U K aerospace subsidiaries. E Issue price. F Dividend 
and yi-.-W hajed on pr-ts pectus or other official esrirnstes for 
1FIT 78. t> Assumed dividend and yield oiler pending scrip 
and/or nghls irsue H Dividend und yield baaed on 
prospectus or other olficial esutaUes for 197&77. K Figures 
bayed on prospectus or other official ehtunnies for 1878. 
.If Dn idend and yield hosed on unwpectus or other official 
cstinulw for 1978. N Dividend and yield based on prospectus 
or other odiclal ertuntue* for 1879. P Dividend and yield 
breed on prospecius or other official estimates for 1877 
Q Ore:-- T Fipirvs assuraed. V No signillcant CorporuUon 
Tax juvnble Z liividend lotal to dale. J+ Yield based on 
assumption Treasury Bill Rale stays unchanged until maturity 
of siock. 

Abbreviation*' iSw dividend: «t ex scrip issue, a eot nchls: acx 
all; if « capital distribution 

(ooei s./i tut — ; — 1 

— 1 — 1 — •* Recent Issues ” and “ Rights " Page 40 


FAR WEST RAND 


445 2S3 
938 764 ' 
% 71*? 

513 214 ' 
768 589 
210 363 
153 <*2 

£13*5 
523 403 
562 432 
527 429 
282 20b 

£13*? £11 
289 123 
£22 £165, 

2H 152 
796 589 
208 163 


95 75 

£175, mi, 
121 59 ■ 

413 279 
134 66 

£UV* 4 t750 
789 532 
883 703 
199 144 
302 190 
U9Jc £13* : 


P.lynwiij . . . 
BuflflsRl.. . 
DeelkTjalfffl jj -. 
Cttynrfcsueiiifii . 
EaM DrwP.l ... 
ELwuUird GM.3K- 
3itnr* R! . ... 

H jr.er—va-i Rl _ 
Uikifi-oldRI . . 
.LhinoaRI. 

.vjtah'-aalaOv. 

aftL'i'nteinfrtc .. .. 

|Vaal Reels V.e .. 

Venter? jvwtRl — 

|W Dr;-Bl 

I'-esiem Areas Ri i 
iWescm Deep R2 . .1 
itihJpdnrtl , 


327 -i-4 i 

923 -131 
75 -1 1 
302 -3 I 
75B -10 

192 <r -v3 , 

110 

£12 7 e . 

519 *7 | 
559 +4 1 
459 *5 

233 i-l 
£127 t -i* 1 
223 -1 ! 
£Z17 S -*s 
369 .... 
778 ... 
208 t3 


O.F.S. 


Free SiaieDw. 50c 80 .... 

FS.rrfdiUd.Vi.’ . £15i s -i, 

rreSaaiplai- RT . 83 -1 

HaramitciA'. ... 303 -4 

UiraineBJ 86 — li 

Fns KnuuiaOc — 878 +i 

F+fci Sl-vnSUc 698 -3 

Si. Helena Rl . 808 -1 

L'mwl - — 163 +4 

'AfikOT.S**.' - . 259 -3 

W.HoidliijaSVc £17^s f*i 


808 -1 
163 +4 

259 -3 

£174 7*6 


QUc L«8.2 
iq240c 27 9i 

qssc ? 7 iir 

«.r 03 t 
4ftl30c 2.6 
«j20c 9.9 If 
iql!5c 2.5 83 


This sen-ire is available lo erer? Company dealt In on 
Stock Exchange? throughout the L'nited Kingdom Tor a 
fee u[ £400 per annum /or each security 


• REGIONAL MARKETS 

The following is a selection of London quotation? ui ’hares 
pre'.iousl'.' fisted only in regional markete Price* of Insft 
Issuer roi>st of wrh:cti are not officially lined in London, 
are .i- quoted i.n the ln>b eyclinnec , , . 

. hneff Refrlimi i 52 (..I 

Alban;. Inv tiup 23 Siodall lUjo ■ . | 85 I I 

Ash Spuming - 45 

Bertam. . . ■ • _t£ 'i 

J^ R ^r r ,^‘, P ^ -I IRISH 

I L lover t rofl. « 

Crate i nose £1 CO . Cr,nv. 9*'. SO 82 £W; . 

DiiaomW. A > A 37 . Alliance tias. ... 73 

Bill’ & HeHdy . M .. .vmcrtt .... 346 

EtereH 16i? i orroll (Y J. 90 .... 

Fife forte. . 50 . i iontfulkin 98 

FinliC 23 -l runcMtihvds.. 133 

(•raieShi p.£l... 150 Hcilo.i/HIdO ' 91 

Hii^ns Bivw . B? |i\p. , . , nrp ww, . . MB . • 

1.0 M Sun £1.. 150 ln».h Kopes . .. 130 

HolttJro- -HS|I Z65 Jacob - — M 

Jflhn.tii’Ii£y T '* ! 'i 54 Sunbeam .34 . . 

Pecriicf'. >1 > 158 - TMU 173 ... 

Peel Mill’ - 20 . L'nidare 90 

Sheffield BncK «6ui 


FINANCE 


tsnance. Land. etc. 


^lipr..JSmilher5 

£T;-’uin:j Irfou. 

•i; : .lk-ririrp5l 
'hu^vrMd* Cp 

i-nifii"'- 'Tkt Ip 

Ml-..r.il 

l*J‘- . . . 

iFcit. iiwii 

...n-HmiRe. 
,.nii r l«p . . 
.ri-'-'-'V op 
_. q'vr L *rfr 5i> 
;,’.a.V i I'*}' 


222 -3 :0.0 

11 - 

«i 2 .... - 
16 - 
16 s . 

14-9 

63 -1 .-3 

£121’ . Oo.fr 
280 +1176 

4filj -1? tIO 
29 

15 ^1 - 

59 .. ri 09* 
41 -1 1.72 
14 . 1 72 

26 -It, fiD 49 
120vfl . 4 94 
18 1,0 


4.71B7 24 

- - 38 

- - 53 


yn S.D 6 6 

1.4 7.612 4 
U 11 * 

2 0 6.4 '9 1> 
37 3.7 79 

Z Z 104 

6.5 15 9 2 
21 64122 
a 221 $ 
631 29 84 
1.2 6 2196 
L9 3.4 8 6 


MO VI Ans Aro'-'taJSfc- 330 -5 Q60c 34 

311 246 inelGAipet UK- 2% -2 +K/33c 2 0 

£17m £14*4 ADg..\irt*W)idR! £l6i* Qlbk 1.1 

750 621 Anc VmlaO 750 qi05r 3.4 

127 119 Ckamr^K. - 136 . . t7.5 15 

204 163 Core r .c4d Fit-Ids.. 176 -2 t9.05 2.6 

25 17*i EasRardCcn iOp 17 J 4 .. L05 13 

£161? £14 Gea MininefC 06*4 +'* Q225c 21 

U3 £10^4 'Told F:eld5?.L IV . £12 Ai .... QllOc 12 

£U*4 £20 loturtCm ft2 £13« 4 W 2 2 

186 138 Middle W. 25c _ . 186 t-3 V22*< U 

29*2 22 yincwblSm^ . 29l» U.i 1.9 

ia> 126 MinorrbSBDL* . 182 . .. Q12c 1.4 

122 95 NeaWitSCk 108 *2 Q15.: 0.6 

£113*860 PadnoNVrbi £10 7 a ... QCSOc 4 

58 50 Rend London 15c... 53 .... lOlOc 3.0 

412 375 Sdectlon Trust 410 - . 140 19 

213 161 SentmstlOc 211 -2 +Q28c 1.1 

59 • 29 SiheraintsLh®. 59-1 Z5 17 

£14 £11 rtaalCereldjn £14 -^'4 +Cft5c 34 

232 282 1C ImetfRI 215 -2 1.2 

292 238 riuom'oi?B.6i5c 256 -2 W3Ec l.S 

60 40 VxijaLvSijc 60 -2 Q7*iC 1.0 

DIAMOND AND PLATINUM 


3-month Call Rates 


£37*4 £50 Ando-.vnim yt 

90 64 a-viif^jM? m. iu-- 

?56 285 Beer.' M. - 


£361’ -i, Q600e 1.2 98 
83d -1 toll! 10 5.1 
349 +3 <M25r 33 9.0 


Itll*? 925 nn.WpcH.R5- till? .. Q2D0.; 5904 10.4 

I 74 54 LioenburjlLV- 63 -1 ?2fi7c IW * 

,98 70 RuhFlaUvC 33 -l tq2>2C 1.4| i, 


IrduMrlalu 
A Brew 
A R Cement 
BS.K. . . 
Katu.-oek 
Barcb.i iBank. 
Reei- ham 
bind.. In up. 

Biiwafrii- 

B. A T 

CnH.--b 1 | r wr. 

Brawn t-i • 
Rurtun'A'- 
I'.iillmr; < 

1 -iiirttiui'l- 
r*»jn-ub.ihi.’ 
lil’litlvjs • 

1 ’iiuh-i' 

K r-i 1 

i.a-n \i ■ fJ-.'i't 

*.i-n Kl» 

-.1 •>.- 
i-iM.i 

I. I V. V 
i.ii:nifi.i:i 

.1 

II. ill'll'! Mi!'' 

IlMU-’i'-d l-l.i'V-' I 


I 

41? "Impv" 

18 l‘U . 

g lmeresk 

U KC -\ . 

25 1 jdhroue 

35 Legal &Ce" . 

15 levSenuc 

16 Llcydi Bant... 
24 "L'.'fr”. .. 

6 Ln>ndon BncV 
20 LAmrhn . .. 
12 Luca* ludv. 

5 r. 5 -om.<J-] 

10 ■■Mamr" 

8 Mrk*.&Spncr 
15 Midland Bank 

7 N=l.l , 

11 ttw tuaft. 

14 L'h’. Warrant*; 

37 pa (i r*fd,. 

10 PlewK- ■ . 
43 B.ll M 
5 Kanf:'.h-4 *<V. 
20 Heed Inlnl. 

18 SpM»er> 

22 

20 Tironi 

12 Tru^l Houses 1 


20 Tube I roost ... 30 
6 Unilever 35 
20 Uid- Drapery . 7t’ 
8 Vickers 15 

3 Woolworths... 5 
17 __ 

14 Property 

L BriLL-and .. 3*a 

“ F*p. COUillie*. 41; 

5 Ef 5 

\ Intrcuropean 4 
i c Land Secs* 16 

mepc 12 

I" PMehev . . 8 
' Samuel Prop*.. 9 
“ Timn& City — 1U 

g Oil** 

j0 Bnt, f'Mreleum 45 
S BumaUMil. 5 
« Chortcrhall 3 
5 Shell . . 28 

jg UHramar. .... 20 

Mines 

4 Phnrier Cons- 12 
2 ConaA'tiW 14 

15 KiqT.Ziiu 1 . 16 


A ii'lnitoi) *4 "P u, ' a " traded I’ cn'en ->n the 
Lundon Stuck Exchanfic Report page , 






















































































































IJ„1f for ^dut next 
* expansion. 1 

NewDcvdopmerrt 
Opportunities brochure 
from: 

fanRlMfen. j 

! Director cf Industrial Dccdopmeit, 

R KingsKMUponHullCayCouiKil. 1 
77 Ltwgjjc-HalL HUJJHE 
Tdqtm 0482 223111 


HNANCIALTIMES 


[Tuesday June 6 1978 



U.S. shipping policy 
hits trade relations 


W LYNTON McLAlN 


Fulmar Field 
go-ahead for 
Shell and Esso 


THE LEX COLUMN 


DIFFERENCES over shipping U.S. ports if the proposed Bill U.S. down to firm discussions to 
policy have caused a deterioration becomes law. this end.” BY KEVIN DONE. 

In trade relations between, the Members of the Consultative Members of the shipping group ..... _ _ 

Ji*- *!“ d 13 Western^ nations, shipping Group wanted the anti- had also hoped that an. interim SHELL AND ESSO have been The. order for the ««»ti»r {turned out a little 
including Britain ana Japan, abating Bill suspended pending Penod could be agreed with pie given approval by the Govern- s ti act ure should be announced I generally expected, 
w e v- *5,® f . allure . ot taliiS 10 the outcome of a review by **.S. during which, no action ment for their £500m plan to - laterthis week and is expected .{was still a fall of al 
wastungton last week. president Carter of U.S. shipping would be taken to aggravate the exploit the North Sea Fulmar to go to the recently revamped 1 • 

The talks, organised by the policy. 'difficulties facing the- 13 shipping Field. .Redpztk De Groot Caledonian 

inter-governmental Consultative TTC . , nations. _ . a at its MethD yard In Fife. 

Shipping Group chaired by While agreeing to continue the field anprovafte Umited The order for the larger plat- 

Bntain. were aimed at resolving *.? hJS 6 B > and . it dialogue, the U.S. would not is®#***? ^3f°«as i n line • f ®nn, also expected to go to a 

a growing conflict over U-S. t0 Th b o ec0m I ? make a commitment to work £ t £“ d •'"uSt of UK yard, should be placed 

shipping poUcy. £T,£?£.J^L P 2 I i cy towards a mutual solution. The ®SS!?£ ail™- Uter totoe sSer, SheUsald 

Legislation now before Con- wj 1 ““JJ* completed for at least u.S. wanted to keep every option *JLESS.ta to' eo yesterday, 

gress could result in a ban in Six months. open, including taking unilateral ?n ^Saged tais! *nie Fulmar Field lies across 

OS. sorts on all shmoine which The eroun alsn nresented tho action. Mr Tjmchin ulri A u } fln ? swfi . two Mnrbs — 3A/1S ami SO/llh 


A troubled year 
at Metal Box 


Stetad .Box’s second half resisting the old IRS ruling. 

The. order for the (turned out a little better than fades fell 1.0 to 474.5 And though Reckitt and Colman 

ractareshould be announced (generally expected, but there was granted . an exemption by 

terthis week and is’ expected (was still a fall of almost* fifth the IRS one of the conditions 

— ; v 1 ■ - — for this was that the parent 


strocture should be announced generally expected,’ but there 
later' this week and is expected was still a fall of almost * fifth 
.to go to the recently revamped in uk pre-tax profits for the 
Groot Caledonian period, and despite slightly 
'* - ' better overseas returns the 

group total is down from £58.1 m 


at its Methfl yard In Fife. 

, The order for the larger plat- 


form, also expected to go tea group tomi Mavwn irom woam 
UK yard, shonJd be plaeed I to £55.8in. MB has been dogged 
later in the summer siu-ii mh I by various problems. Poor 

weather, hit demand for baver- 


U-5. ports on all shipping which The group also presented the action, Mr. Lanchin said. A — — - -^na^^ ^articlnat- 
did not conform with U.S. law. U.S. authorities with a list of further meeting may be held iiL, 

Mr. Gerald Lanchin. Under complaints about the spread of before Christmas. . ing in the development aiso 

Secretary, shipping policy div- unilateral U.S. jurisdiction Disagreements between the ■ 
ision, Department of Trade, said beyond its territory. U.S. Federal Maritime Commls- 

in London on his return from 7^ included references rion and the UJS. Department 
Washington that the anti-rebating us u o/closed^S^ro? of Transport, with the latter 
BUI before Congress could YefenlesZidsS^s^L^ more ^ favour of a lenient 
seriously harm the sovereignty stand towards the ‘interests of 

of Western-shipping nations. b ° *JL 0t P ermitted Europe, stopped the UAp» 

If the Bill became law, as he U S - senting a rorSSent case to the 

thought likely, it impact would Mr. Lanchin said yesterday delegates. “The U.S. now has 
spread far beyond shipping and that relations between the U.S. no coherent shipping policy," 
trade. and the 13 shipping group Mr. Lanchin claimed. 

Rebating oF freight rates is member states' were “ more un- Retaliation by European and 
practised by some members of satisfactory now than they have Japanese shipping interests is a 
Western shipping line con- ever been.” possibility and the U.S. State 

ferences. which share cargoes The meeting in Washington Department is known to be 
and pool revenue. It is not was not expected to produce a worried about the implications 
illegal in Europe but would definitive response hut the for U.S. foreign policy if the 
become so on all shipping using delegation had hoped to “ tie the anti-rebating Bill goes through. 


Energy Agency seeks greater _ _ 

Amerada, Texas Eastern and 

. . -m a « . # the British Gas Corporation. 

effort to limit oil imports 

■IT guarantees their right to pro- 

duce from die field until 1990. 

BY DAVID F1SHLOCK, SCIENCE EDITOR But the Government is insist- 

ing on Its right to review the 

__ .. , . _ development' programme after 

THE 19 nations of the Inter- ant are greater efforts at energy agency believes that its member- the initial balld-no of produc- 
national Energy Agency will fail conservation — all nations could nations may have over-estimated tion. ^ 

to meet their own target of limit- do more here— the replacement their capacity for reducing oil ft* is particularly keen to he 
mg oil imports to a total of 26m oF oil for electricity generation, demand is energy conservation, able to mon itor companies* 


I • \ I 

™a«\ i 

22 WDHEW 


T 5 IV 

"wnm£ 1»\ I I 

' I ’ I H 

[a -- > \ w ^u5fl ! 

1 usuauax 1 1 m '< 


The Fulmar Field lies across age c a ns last summer,’ and the 
two Mocks — 30/16 and 30/llb hig .fan in price of fresh veget- 
— about 200 miles east of Dun- demand for food 


— about 200 miles east of Dun- 
dee. It Is a small- to medium- 
sized discovery with recover- 


cans and also the group's frozen 



company could not guarantee a 
. U.S. subsidiary’s borrowings. 

While UK companies affected 
have been channelling their de- 
mands for a change in the U.S. 
requirement through the English 
Institute of Chartered Account- 
ants, it looks as though a- more 
recent initiative by a group of 
about a dozen of Switzerland's 
largest multinationals may have 
been the critical factor. They 
the shape of two-piece cans led employed firms of UJS. account- 

to a series of labour disputes, ^ ants and lawyers to put their 
the. worst of Ivhich the group . 'fNHHnmflK 0356 ^at, as multinationals, it 
cautiously hopes are now over. W j f[l rf would be unfair to expect them 

Overseas the picture has slightly ifm MwttMjMnP 6 7 °‘ 7 J to observe U.S. tax rules in their 

been more favourable, and sig- , own home accounts. The IRS 

nificantly a two-piece manufac- — and it- is still trailing ruling that foreign groups with 
■ hiring line has been installed in Tenneco's mooted' offer at I57p. at least 30 per cent of their oper- 
Itaiy without trouble. And Albright is on record with' ating assets outside their home 

There should be scope for a the view that its profits will be country can do what they like 
useful improvement in UK little changed this year in their consolidated accounts 


BY DAVID F1SHLOCK, SCIENCE EDITOR 


barrels a day in 1985 unless the increased use of steam coal where some have still not North Sea operations in the 
several nations— the U.S. most and natural gas, and no further adopted all the measures they later stages of a development 
conspicuously— greatly increase slippage in nuclear programmes, had planned. t* ensure the maximum 

their efforts. Without considerable nuclear -The second area is nuclear economic. recovery of oil from 

This is the conclusion of a P° wer - however, the target is power, where almost one-fifth of a field, 
report from the agency’s direct- seen 35 unattainable by any the stations planned for 1985 The Shell/Esso development 
orate of energv research, deve- raeans - have not yet been committed. plan calls for the construe- 

lopment and technology Present estimates— based on The third area is oil produc- tion of two steel platform, one 
application 2976 figures and 1977 energy tion, where leasing and pricing large structure and a smaller 

M policy data— suggest that the 19 policies in some countries may jacket which will incorporate 

ide report, to be puoiisiiea nations will collectively over- adversely affect projected levels four satellite wells. The two 


able reserves of oil estimated food cartons. Meanwhile the in- 
at abbot 70io. tonnes. troduction of new technology^ in 

The platforms are scheduled the shape of two-piece cans led 
for installation in 1980 and the to a series of labour disputes, 
flew is planned to begin pro- the. worst of -Which the group 
at nhS™ cautiously hopes are now over, 
should tial Overseas the picture has slightly 

output of about 100,000 barrels 
a day. 

Production will rise to a 
peak of about 180,000 barrels 
a day (8m. tonnes a year) and 

^ ni ? useful improvement In UK little changed this year: in their consolidated accounts 

otb^^s present daily oil profita this year, but the group However, Tenneco does not suggests that the Swiss were 

ThefieK is one of a number &■« not yet seen any significant want to look like a beastly very persuasive, 

of medium-sized discoveries, upturn in demand and it is multinational predator, • and a 

which should enter production plainly nervous about what seems anxious to keep talking JUHIlblirgu S floater 

hi early 1980s. With planned could happen in the next pay on a friendly basis. If it proves -p,,. . ir . . .. Clira . . _ 

development such as the round. The share price, of 308p impossible to^ ^ agree terms, its ISET* 

SBSyggg yfStfSMr-3 ! si « W g 

s ip— r * ” £ ssa» srr.ia wa-m 

srstoMd stored in aTESS ending of the 50year-old agree- T . , heanf eost in Edinburgh nest- 

super tanker (VLCC) moored ment with Continental Can will LIFO /FIFO Switch If . Mneiri >„ w - 

permanently at the field. It allow MB gradually to extend „ ____ _ . Although it is considerabl 

will be brought ashore by a fw, m lower Quality foreign BnUsh ““Pan** with UU.S. cheaper in terms of fees to rai»... 

shuttle of three smaller 70,000- markets (South Afrira, Nigeria* wiU n0 longer have a syndicated medium-term ban).- 

100,000 tonnes tankers. The Ita r v -A > to higher grade value U -S- inventories in loan, Edinburgh reckons that', 
moored tanker will be capable territories of which the first their consolidated accounts on on balance it is not losing out 

of holding about one week’s There ^ald^Jf the highly conservative last-in- since, unlike three months ago. 

production. _ rr 1 " firehJiut fT.TFOV basis follnwiTiV it would now hav- hart tn coo. ’ 


next month, warns toat, although shoot ffieir target b ; 3.^ G f output 

d-n 'F 8 ® 1 °* L“5 m *? v barrels a day in 1985. The study The fourth area is gas imports, 
still be reached, it will not be warns, however, that even this where the agency finds that 


possible with the present level of estimate could be 10 to 15 per -balances submitted are net an important boost for -the 


effort ~ cent too low. always supported by firm con- UK’s steel pfalTonn industry, 

Too many national energy pro- The agency's member-nations tracts. And the fifth area is coal, which Jjas been running short 
grammes still lacked political will be called to account for where a (comparatively small) of work, 
and legislative support as well their contribution towards the fraction could he at risk, and 
as the support of the public. target figure in another year’s where some countries are delay- 
The report singles out the U.S. time. Net oil import projections ing investment in toe necessary 
as an example of a country for 1985 have increased in com- infrastructure, 
which had not only failed to en- parison with the last (1976) re- The report says that Britain 
act its energy saving legislation view In the case of several has submitted ranges rather 
but whose efforts could do most countries, including the U.S. and than specific estimates for oil 
to help the agency meet its Italy- and gas production “ and only 

target The first of five areas, in order the lower end of toe range 

Other factors seen as import- of importance, in which the might be achieved.” 


Council revenue plans run 
£500m ahead of target 


w uMHutw cwuiHuiMs* — ■>««* natifornia There mnM hIsa the highly conservative last-in- since, unlike three months ago, 

2S**! opiums in toe Swe™ b e VSv^cSS (LIFO) basis following it wSuld now have had to \ 

the mSS in^deS^by a ceritfriS! nental into the UK EnLSS^ * within toe rede a sU^Uy higher margin . 

economic, recovery, of oil from authority before production is the group says it is happy with American Internal Revenue Ser- than the standard i of a pr 

a field. allowed to begin, the Depart- its central heating business, but vice - a resu ^^, companies rentage point on stock issr - 

The Shell/Esso development ment of Energy said yesterday, is looking for further diversifies- as BOG International, Even so toe syndicated to L 

plan calls for toe construe- It had been carefully examined tion in other sectors to the tune Stone-Platt Industries and loan still looks a far mu 

tion of two steel platform, one for safety and environmental of anywhere between £20m. and Tootal need, not face qualified flexible instrument. There is- 

large structure and a smaller protection. • rrnfim That ic miito k™ audit reports for toiling to no need to queue up at theM 

SUSSLT&n HE hSMSK Sr^^pSSl^g comply ^ «K‘ B«k .of England, ^e local ;4’ 

Platfi wUlte^hSt b^J Noito < sSt n Sfl^i?^ t ^v”li£ fOOm, and could imply a I?? ^ 

100-foot steel bridge. ments. degree of pessimism about 'L^»‘ if they vnto, m their US. down dates and deade to ^ 

The platforms will provide Fulmar is the sixth oil- dls- longer term profit prospects- in subsidiary accounts and adjust pay the loan ahead of sched. v 
an Important boost for toe covery by Shell /Esso In the toe packaging industry. to toe British first-In-first-out if it so chooses. More importan. 

UK's steel pfalTonn industry, last six years. Its fields account (FIFO) system for consolida- an authority can push out its 

which Sjas been running short for about 30 per cent of the AHlriplit & Wil^nn tion without any loss of U.S. maturity pattern bejund five 

of work. UK’s proven offshore reserves. “ w » 113011 tax advantages. The toangeover years hy raising a ban* loan. 

Albright :and Wilson says that should not have any dramatic The problem with floating ' 
Tenneco’s proposed cash offer impact on companies* reported rate corporation issues is tha . ..\ 
of 165p per share is way below profits provided opening stock none have been done for perio- \ 

anything that it could be per- values are also adjusted. of over five years, because dea. : 

suaded to support — but toe The IKS climb-down will be ing commissions for longer stock 
odds are still stacked in welcomed by more than toe are non-negotiable. A first-ever •! .*; 
Tenneco’s favour. It already handful of companies which seven-year floating rate stock,,? 

has 49.8 per cent of the equity, Have to suffer audit qualifier issue could make its debut in ; ? 

P h “ nversi0I l tdghts to an- tions. BAT Industries, where July but something will proto 

ABOUT 9.89m people have the Government expects the SSL 0 , 7 . S 1 > P CenL h ^fi brig ^r s North + i” erim - f , bu,3neiS ^ ^7 e J ? a ^ out: i 

accepted Phase Three pay deals final weeks of Phase Three to , P nc ® „° re * «* accounts for more than one- commission structure vf dealings 

which will add less than 10 per see any significant change in this •*PP r °® cn was just 123p^hich third of operating profits, has are not to short-circuit the 

cent to employment costs, the trend. waa 01056 t0 its. previous peaks had to devote much effort to stock market 

Confederation of British The CBI wants more flexibility 1 — 


Most pay deals within 
guidelines, says CRI 


BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


FINANCIAL TIMES REPORTER . 

THE FIRST comprehensive case fail to materialise if 
return of local authority ^ delays and other forms of 


budgets for 1978-79 shows that 
local councils in England and 
Wales have provided about 
£500m more on revenue 
account than the Government 
allowed for when this year’s 
rale support grant was set last 
November. 

This is equivalent to ao over- 
run of about 4 per cent 
Bnt local authority leaders 
do not expect ministers to call 
for compensatory 1 spending cuts 
as in toe past two years. 

This Is because part of the 
excess budgeting reflects extra 
provisions for cost inflation or 
increased revenue financing of 
capital spending, and the pros- 
pective orersboot in volume 
terms in revenue expenditure 
proper is relatively small- 
only about li per cent. 

They say that it could in any 


"slippage” again cause local 
authority revenue spending to 
undershoot, rather than over- 
shoot, as happened last year. 

An analysis of the figures, 
which are compiled annnally 
by the Department of the En- 
vironment and the Chartered 
Institute of Public Finance and 
Accountancy, shows that about 
£2 00m of the £500m excess 
budgeting is attributable to 
local councils’ caution about 
inflation. 

A further HOOm arises from 
a greater revenue contribution 
to capital spending than White- 
hall had assumed for toe rate 
support grant settlement. 

This leaves a prospective 
overspend iu volume terms of 
about £2 00m on total spending 


Confederation of British The CBI wants more flexibility . 

Industry wilt tell Mr. Denis in pay policy after Phase Three 

Healey, Chancellor of the ends on July 31, although it KjCTB y&y g 

Exchequer, today. stresses that moderation is |RV/W 1 1 $ 

The statistics, from toe CBTs essential. 

pay data bank, will provide some So far, it has not given any _ 

comfort for Mr. Healey in his particular percentage Increase It ' Ult 

discussions with the confedera- would like to see during the next CLOUDY with showers, 
tion about pay. stage of the pay policy. London, SE, Cent S England, 

for rate support grant purposes By ■ May 25 the CBI bad It believes any' “minimum'' E Anglia, Channel Islands 

nf inct over £i2^hn recorded L340 Phase Three figure tends to become the norm. Cloudy, outbreaks of rain. Max 

J settlements of which 88 per cent However, the CBI will demand 19C (66F). 

Co m m entin g on tnc latest were within the 10 per cent an end to government-imposed Midlands, E, Cent N England, 

figures, an editorial in Government guidelines. Another sanctions on companies in S Wales 

Municipal Review, the journal 13 per cent — involving roughly breach of a "voluntary” pay SW Engl an d 

of the Association of Metro- 15m people— y^re ln the 11 to policy. <Jtoudy, rain early. Max 18C 

Dolitan Authorities which 15 Per cent range. For the long-term, the CBI will (64F). 

represents local councils in Included in th e overall total return to its theme that a basic N Wales, NW England, Lakes, 

the big English cities, says that ^ 1111 workers covered by 458 reform of pay determination is Isle of Man, SW, NW Scotland, 

local authorities deserve a pat self-financing productivity deals needed and that as a start, it _ N Ireland 

on the back for Tnanugw to which generally add between 5 might be a good idea for a Select ,^ om ^_ ! ^ lowers - 14 tol7C 

get so close to toe Govern- and 10 per cent to earnings. Half Committee of Parliament to-be to 63 F). 

mentis targets. these productivity deals were set up to look at the subject NE En^aniL Borders, 

_ ... . linked to Phase Three settle- There have been unofficial in- Cent Highlands , 

But, while Ministers are not ments. ' die a tions that neither the Prime ..^oudy, bright intervals. Max 

e 5? eCt t*Li^ TWs leaVe * only 1 per cent of Minister, civil servants nor the cl 

aptvnn araiTfKf £D£TiatflITri lord I ...iv .*« r » -s _ xl _ _i .mm a. ... _ « NT! fvcatlsniV Arlmnv • 


PVSfe^v-- ■ ■ ’ 


expected 


take . punitive 


action against spendthrift local settlements wildly outside the unions -Would be in favour of I N?, Scotland, -Orkney, Shetland 

pAnDPilfi. inP firm res hBVft not* _ »h t .I- ■ • I ■qh/wuorc Ifov 1 0/ 


E oimc H!Li? e J? sl, 5fS guidelines. Neither the CBI nor this approach, 

been received with complete — 

unconcern. 

of the extra provisions against 

inflation seeping into actual T\_ 

pr ° riIi ' n,i Liavignon 


Cloudy, showers: Max 13C 
(55F).. 

Outlook: Sunny intervals and 
showers. 

The pollen count yesterday. 
Issued for the first time this 
year, was 17 (lew). 

BUSINESS CENTRES 


priced 

nations. 


imports 


third producers, and against low-cost 
steel imports which are still flnd- 


Vday 
Mid-day 
■C -F 


BY ELINOR GOODMAN. CONSUMER AFFAIRS CORRESPONDENT 


priced imports from third producers, and against low-cost ' yw V’day 

_ _ nations. steel imports which are still find- 

A AAAnn Dravtralrawrnnvil nnwilf When the Council of Ministers ing their way Into toe European Ammam. c is an Madrid p m 75 

51 ilfl 1" 1*1 J! \T 1*51 111 wlfll III 1 1 meets tomorrow, member market Athens s » si Manchatr. c 20 68 

ttUU UO.J vai U autuil WEZSPl W Hi Vi f C0 S? t ^ independent British steel- ISS* I I 5 ^ S B 

uayignon on behalf 01 the makers have been, suffering Beirut c m o Montreal r 10 50 

. ■« / 1 • beleaguered steel industries to particularly recent months 5*?*®**, £ ® moscw s 17 ga 

nQAf AVPr lipirnl , act l? n t0 from imports Of cheap Italian I Ha raw 

llwl C . I. IIYCJL lltll ill IS ^ E ^P®. aDd t0 steel whidi have been diverted Bbragu m - c w e Nw y«a c 24 73 

Mr stamp out underselling by some ^to the British market because Bristol c is u osu> . s at n 

_ • • ’ . toe Bresclani .have found other % | ^ c u S 

BY ELINOR GOODMAN. CONSUMER AFFAIRS CORRESPONDENT Brittia, ^iu'Sk'fpeciS^f Ge’SSy d I £ S I ^ £ 

... , action against Bresdani, the One British steel manager gf*** f JI S 5i°„ de JT ° J m n 

ACCESS AND Barclaycard, the CretUt Card Company, which came to tight daring this inquiry, small steelmakers of Northern said that in Ms opinion the EEC I a n Swrl za 79 

credit card companies owned by operates Access, have individual In March Barclaycaru volun- Italy. was as far as ever from finding comiiagn. s 22 re stockboixo gun 

the clearing banks, have admitted agreements with their garage tee red details of the agreement The unstable relationship be- a solution to the Bresclani DnhHn c M stradw*. f m- tb 

operating an agreement which customers prohibiting them from to the Fair Trading .Office. The tween prices and production in pressures on the British market. £ S SI k iJ S 

should have been registered with giving preferential treatment to pact was formally endfed but it the European steel market will The first signs of stronger c«eva s 24 re Tei Aviv saw 

the Office of Fair Trading- cash customers. still had to be put on the Register also be raised at a meeting on Community action against com- cutssmr c.i® ee Tokyo c 2s re 

Access and Barclay card made The joint agreement, dis- of Restrictive Practices. This Wednesday of the consultative panies which have been dis- S [J'S S Ji 2 

a pact that petrol stations which closed yesterday, was intended was done yesterday. ' committee of the European Coal regarding the~Davignon pricing I ^ re «nw Iren 

charged credit card customers to reinforce the individual The agrement, which was not and Steel Community in Luxem- rules came as recently as last London sun zartch care 

more than cash customers would agreement when petrol stations put in writing, was made in 1976 bourg. -week. The Community fined T ' UXBmftr «- czsn 

lose their franchises, as was were rebelling against this after the outset of the petrol The steel companies is Britain four ItaHan steelmakers and the uni in&v dwidw — : 

stipulated in their franchise clause in their contracts. price war. Barclay card and and in the Continental member French group USINOR for in- AT Rt5Utos ; 

contracts. T b e Monopolies Commission is Access had been receiving com- nations of the EEC are in broad fringements of minimum pricing c a 13 jmey h t- «s 

It contravenes restrictive already examining toe relation- plaints from card holders about agreement that the Davignon rules. -- aiaiere run Las'Pims. s 22 re 

practice legislation for competi- ship between the credit card petrol stations which were giving Plan, which has helped restore In the opinion of other EEC gj» r r Ig , £ 5 B f^? rno p *» it 

tots to agree terms without companies and their franchise big discounts on petrol only to a measure of stability into Euro- steelmakers the action was too s a Sr 'auwl? 5 S SJ 

registering the pact with the holders. motorists who paid with cash. pean steel trading in the last little and too late to rectify the soologM cum s s re 

competition authorities. Custo- The investigation was partly Petrol stations -have -long six months, is in danger of being, disarray in the steel market. CwMnca; f zd «s Nairobi c so ss 
jners who have lost money as a prompted by complaints from argued that with profit margins misdirected. Steelmakers are also pressing gff*?- ! 5." £2?®* J 2? S 

result of such an agreement can garages about the credit card under pressure, they cannot Steelmakers are saying that Brussels to insist on more Dabmuflc s n n MaUa s S re 
sue for damages in the civil companies' insistence on their afford to pay -the credit card toe Brussels officials are anxious vigilance by the customs and f»w Pan omm cum 

courts charging credit card customers companies a commission and to achieve results by holding excise officials of the Nine to g**"?* ? * JJ w R frxiea s .34 re 

The disclosure of the credit toe same price as cash buyers, charge card holders toe same down toe tonnages of steel made report on, abd take action c n ” c 2 ® 

card agreement is likely to be The commission is looking par- prices as cash customers. Many In the opinion of the steel- against, consignments of steel Gaemsey c m st Tenerife s 22 re 


c 14 ST 
S 26 w 

ran 
c a re 


.^secre^^ 

Mbelostwitooutl^ 


Sandy takes, down her boss’s dictation 
accurately, then types it outfrom her braille 
shorthand. Good speeds, good page layout 
Sandy says ; thereto nothing special about 
that-and she’s right The fact that she's blind 
. makes very little difference to her efficiency; 

Sandy got her job on ability And her 
ability won herpromotion to personal secretary 
in an important PostOffice department That's 
the point The RNIB trained Sandy at its 
Commercial College, and any firm that 
employs a qualified blind person will benefit 
framthe deman ding andprofessional training 
that wealths RNIB provide 

-.' If you happen totean employer, think it 
oven We'll bepleased to hear from you. 

Over and above that, the RNIB needs 
yourhelp, through legacies and donations, to 
enable us to trainothers like Sandy. 


HOLIDAY RESORTS 


ROVALNAIIONAL INSTITUTE 
sss - FORTHEBUND 

« % g . ■ 23t(^EAf PORTLAND STRKT^LDNMN WW6AA 

S M re Under Ihe Rnonce Act7975v batpiesls to cJwities up to a total of 

CUM . £100, OOOsraoscenipt from CapCaHtanrisr lax. 

f 'tt re fl c tfB i c red lnBa »riM ccii^the N^^ 

C ffl E 8 ' 

S 22 re ‘ - — 7 ■ 

S 27 81 ■ 1 'I — . 

C 23 B RejUKred flChw Post Office. Prtniefl by Sr. element'll Press for and nnUlstied 


more embarrassing than finan- ticularlv closely at this aspect, have in any case reneged on the makers Brussels should be act- being- sold in- Europe by third umatewfc f w re Tunin 
cially damaging to the banks. It is Moved the agreement agreement with the- credit card ing much more firmly against nations at prices ibelow toe < £ 5 v5Se“ 


Both Barclay card and Joint between Barckycard and' Access companies# 


pnce-cuitmg 


EEC Danrignou minima# 


Under Ihe HnaKe i*£t T975v baepnssts to chsritfes up to a total of 
£100, OOOsra exempt from Capital -ftafiBfer Hue. 

petfatcredhao ^ tdiin cc with Ihe^ ^tottonalAKistBnceAct^e4^ 


g™P°fr ~ - * » ST Inr t&B.Hmngal Times LBL, SrkOjaL-mae. Cannon atre«, Loudon, EC4P4SV] 

. jS— Sunns# C-donAxi F— -Fairj R— Raia.|v f ift Lid,w»